Vanguard Valley Forge Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF

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, 2019—June 30, 2019

Item 1: Reports to Shareholders

Semiannual Report  |  June 30, 2019

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

About Your Fund’s Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	22

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.

1

Six Months Ended June 30, 2019
Balanced Index Fund	Beginning Account Value 12/31/2018	Ending Account Value 6/30/2019	Expenses Paid During Period
Based on Actual Fund Return
Investor Shares	$1,000.00	$1,136.21	$0.95
Admiral™ Shares	1,000.00	1,136.58	0.37
Institutional Shares	1,000.00	1,136.60	0.32
Based on Hypothetical 5% Yearly Return
Investor Shares	$1,000.00	$1,023.90	$0.90
Admiral Shares	1,000.00	1,024.45	0.35
Institutional Shares	1,000.00	1,024.50	0.30

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 0.18% 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 (181/365).

2

Balanced Index Fund

Sector Diversification

As of June 30, 2019

Equity Exposure
Basic Materials	2.3	%
Consumer Goods	7.8
Consumer Services	13.8
Financials	19.4
Health Care	12.9
Industrials	13.6
Oil & Gas	4.7
Other	0.0
Technology	20.4
Telecommunications	1.9
Utilities	3.2

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	8.3
Foreign	4.2
Government Mortgage-Backed	21.3
Industrial	16.2
Treasury/Agency	44.5
Utilities	1.9
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.

3

Balanced Index Fund

Financial Statements (unaudited)

Statement of Net Assets—Investments Summary

As of June 30, 2019

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 files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

			Market	Percentage
			Value·	of Net
		Shares	($000)	Assets
Common Stocks
§Basic Materials †			584,141	1.4%
Consumer Goods
	Procter & Gamble Co.	2,148,569	235,591	0.6%
	Coca-Cola Co.	3,294,309	167,746	0.4%
	PepsiCo Inc.	1,200,629	157,438	0.4%
	Philip Morris International Inc.	1,335,057	104,842	0.2%
§	Consumer Goods—Other †		1,300,007	3.1%
			1,965,624	4.7%
Consumer Services
*	Amazon.com Inc.	359,455	680,675	1.6%
	Walt Disney Co.	1,545,703	215,842	0.5%
	Home Depot Inc.	944,801	196,490	0.5%
	Comcast Corp. Class A	3,891,154	164,518	0.4%
*	Netflix Inc.	376,586	138,328	0.3%
	McDonald’s Corp.	655,138	136,046	0.3%
	Walmart Inc.	1,229,191	135,813	0.3%
	Costco Wholesale Corp.	378,497	100,022	0.3%
§	Consumer Services—Other †		1,702,195	4.1%
			3,469,929	8.3%
Financials
*	Berkshire Hathaway Inc. Class B	1,547,535	329,888	0.8%
	JPMorgan Chase & Co.	2,637,724	294,898	0.7%
	Visa Inc. Class A	1,490,285	258,639	0.6%
	Bank of America Corp.	7,342,249	212,925	0.5%
	Mastercard Inc. Class A	779,738	206,264	0.5%
	Wells Fargo & Co.	3,464,981	163,963	0.4%
	Citigroup Inc.	1,987,766	139,203	0.3%
§	Financials—Other †		3,264,401	7.8%
			4,870,181	11.6%

4

Balanced Index Fund

			Market	Percentage
			Value·	of Net
		Shares	($000)	Assets
Health Care
	Johnson & Johnson	2,277,776	317,249	0.8%
	Pfizer Inc.	4,774,649	206,838	0.5%
	UnitedHealth Group Inc.	816,168	199,153	0.5%
	Merck & Co. Inc.	2,209,808	185,292	0.4%
	Abbott Laboratories	1,516,483	127,536	0.3%
	Medtronic plc	1,149,880	111,987	0.3%
	Thermo Fisher Scientific Inc.	344,486	101,169	0.2%
	Amgen Inc.	526,192	96,967	0.2%
§	Health Care—Other †		1,899,738	4.5%
			3,245,929	7.7%
Industrials
	Boeing Co.	459,139	167,131	0.4%
*	PayPal Holdings Inc.	960,884	109,983	0.3%
	Honeywell International Inc.	622,531	108,688	0.3%
	Union Pacific Corp.	608,029	102,824	0.2%
	Accenture plc Class A	546,938	101,058	0.2%
§	Industrials—Other †		2,826,745	6.7%
			3,416,429	8.1%
Oil & Gas
	Exxon Mobil Corp.	3,634,667	278,525	0.7%
	Chevron Corp.	1,637,271	203,742	0.5%
§	Oil & Gas—Other †		711,111	1.7%
			1,193,378	2.9%
Technology
	Microsoft Corp.	6,579,157	881,344	2.1%
	Apple Inc.	3,555,729	703,750	1.7%
*	Facebook Inc. Class A	2,064,096	398,371	0.9%
*	Alphabet Inc. Class A	257,703	279,041	0.7%
*	Alphabet Inc. Class C	253,761	274,293	0.7%
	Cisco Systems Inc.	3,679,999	201,406	0.5%
	Intel Corp.	3,844,306	184,027	0.4%
*	Adobe Inc.	420,534	123,910	0.3%
	Oracle Corp.	1,906,506	108,614	0.3%
	International Business Machines Corp.	760,574	104,883	0.2%
§	Technology—Other †		1,864,342	4.4%
			5,123,981	12.2%
Telecommunications
	AT&T Inc.	6,268,020	210,041	0.5%
	Verizon Communications Inc.	3,551,572	202,901	0.5%
§	Telecommunications—Other †		55,786	0.1%
			468,728	1.1%
Utilities †			808,449	1.9%
Total Common Stocks (Cost $11,049,016)			25,146,769	59.9%1

5

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	1.750%	6/15/22	117,476	117,604	0.3%
	United States Treasury Note/Bond	2.500%	1/15/22	114,531	116,660	0.3%
	United States Treasury Note/Bond	2.750%	8/15/21	108,665	110,889	0.3%
	United States Treasury Note/Bond	2.500%	2/15/22	105,578	107,624	0.2%
	United States Treasury Note/Bond	1.125%–8.500%	2/15/20–5/15/49	6,504,302	6,756,735	16.1%
					7,209,512	17.2%
Agency Bonds and Notes
2	Federal Home Loan Mortgage Corp.	1.125%–6.750%	9/29/20–7/15/32	34,937	36,427	0.1%
2	Federal National Mortgage Assn.	1.250%–7.250%	7/30/20–7/15/37	73,643	78,994	0.2%
	Agency Bonds and Notes—Other †				84,230	0.2%
					199,651	0.5%
Conventional Mortgage-Backed Securities
2,3,4	Fannie Mae Pool	2.000%–10.000%	7/1/19–5/1/49	1,394,204	1,442,589	3.4%
2,3	Freddie Mac Gold Pool	2.000%–10.000%	9/1/19–5/1/49	852,477	880,608	2.1%
3,4	Ginnie Mae I Pool	3.000%–9.500%	1/15/20–7/1/49	79,940	84,141	0.2%
3,4	Ginnie Mae II Pool	2.500%–7.000%	9/20/25–8/1/49	996,488	1,034,823	2.5%
2,3,4	UMBS TBA	3.000%–5.000%	6/1/34–7/1/49	146,300	151,164	0.3%
					3,593,325	8.5%
Nonconventional Mortgage-Backed Securities
2,3	Fannie Mae Pool	2.133%–3.451%	4/1/41–9/1/43	1,153	1,152	0.0%
2,3,5	Fannie Mae Pool,
	1 YR CMT +
	2.155%–2.313%	4.780%–5.029%	1/1/35–12/1/37	114	119	0.0%
2,3,5	Fannie Mae Pool,
	12M USD LIBOR +
	1.290%–1.909%	2.172%–4.940%	12/1/33–10/1/42	2,898	3,044	0.0%
2,3,5	Fannie Mae Pool,
	6M USD LIBOR +
	1.057%–1.859%	2.176%–4.720%	4/1/37–12/1/43	1,784	1,860	0.0%
2,3	Freddie Mac Non
	Gold Pool	4.515%	5/1/42	23	23	0.0%
2,3,5	Freddie Mac Non
	Gold Pool, 1 YR CMT +
	2.250%–2.409%	4.744%–5.061%	11/1/34–10/1/36	113	118	0.0%
2,3,5	Freddie Mac Non
	Gold Pool,
	12M USD LIBOR +
	0.985%–2.085%	3.735%–5.210%	12/1/34–11/1/43	1,254	1,303	0.0%
2,3,5	Freddie Mac Non
	Gold Pool,
	6M USD LIBOR + 1.665%	4.447%	1/1/37	59	62	0.0%

6

Balanced Index Fund

				Face	Market	Percentage
			Maturity	Amount	Value·	of Net
		Coupon	Date	($000)	($000)	Assets
3,5	Ginnie Mae II Pool,
	1 YR CMT +
	1.500%–2.000%	3.625%–4.625%	7/20/38–12/20/43	2,930	3,033	0.0%
					10,714	0.0%
Total U.S. Government and Agency Obligations (Cost $10,776,633)					11,013,202	26.2%
§,6Asset-Backed/Commercial Mortgage-Backed Securities (Cost $429,424) †					441,564	1.1%
Corporate Bonds
Finance
6	Banking †				985,828	2.3%
	Brokerage †				40,466	0.1%
	Finance Companies †				43,188	0.1%
	Insurance †				199,397	0.5%
	Other Finance †				1,476	0.0%
	Real Estate Investment Trusts †				118,529	0.3%
					1,388,884	3.3%
Industrial
6	Basic Industry †				137,838	0.3%
6	Capital Goods †				225,994	0.5%
6	Communication †				397,549	1.0%
	Consumer Cyclical
	Amazon.com Inc.	1.900%–5.200%	8/21/20–8/22/57	16,475	18,231	0.1%
	Consumer Cyclical—Other †				302,373	0.7%
6	Consumer Noncyclical †				727,386	1.7%
	Energy †				389,863	0.9%
	Other Industrial †				15,023	0.0%
	Technology
	Alphabet Inc.	1.998%–3.625%	5/19/21–8/15/26	1,850	1,822	0.0%
	Apple Inc.	1.550%–4.650%	11/13/20–11/13/47	55,418	58,015	0.2%
	Microsoft Corp.	2.000%–5.300%	10/1/20–2/6/57	48,712	52,586	0.1%
6	Technology—Other †				255,376	0.6%
	Transportation †				109,562	0.3%
					2,691,618	6.4%
Utilities
6	Electric †				284,254	0.7%
	Natural Gas †				25,070	0.1%
	Other Utility †				7,233	0.0%
					316,557	0.8%
Total Corporate Bonds (Cost $4,183,675)					4,397,059	10.5%
6Sovereign Bonds (Cost $668,099) †					690,128	1.6%
Taxable Municipal Bonds (Cost $99,937) †					114,465	0.3%
Preferred Stocks (Cost $1) †					1	0.0%

7

Balanced Index Fund

			Market		Percentage
			Value·		of Net
			($000)		Assets
Temporary Cash Investments
7U.S. Government and Agency Obligations †			11,954		0.0%
	Coupon	Shares
Money Market Fund
8,9Vanguard Market Liquidity Fund	2.499%	5,181,474	518,251		1.3%
Total Temporary Cash Investments (Cost $530,145)			530,205		1.3%1
10Total Investments (Cost $27,736,930)			42,333,393		100.9%
4Conventional Mortgage-Backed Securities—Liability for Sale Commitments
(Proceeds $15,380) †			(15,428	)	(0.0%)

	Amount
	($000	)
Other Assets and Liabilities
Other Assets
Investment in Vanguard	1,999
Receivables for Investment Securities Sold	95,123
Receivables for Accrued Income	124,444
Receivables for Capital Shares Issued	699,402
Variation Margin Receivable—Futures Contracts	488
Other Assets	9,746
Total Other Assets	931,202		2.2%
Liabilities
Payables for Investment Securities Purchased	(781,551	)
Collateral for Securities on Loan	(92,773	)
Payables for Capital Shares Redeemed	(409,323	)
Payables for Distributions	(2	)
Payables to Vanguard	(10,528	)
Total Liabilities	(1,294,177	)	(3.1%)
Net Assets	41,954,990		100.0%

8

Balanced Index Fund

At June 30, 2019, net assets consisted of:

	Amount
	($000)
Paid-in Capital	27,379,861
Total Distributable Earnings (Loss)	14,575,129
Net Assets	41,954,990
Investor Shares—Net Assets
Applicable to 72,465,840 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	2,686,766
Net Asset Value Per Share—Investor Shares	$37.08
Admiral Shares—Net Assets
Applicable to 771,580,931 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	28,604,198
Net Asset Value Per Share—Admiral Shares	$37.07
Institutional Shares—Net Assets
Applicable to 287,606,243 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	10,664,026
Net Asset Value Per Share—Institutional Shares	$37.08

·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.

1The 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 1.1%, respectively, of net assets.

2The 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.

3The 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.

4Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2019.

5Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.

6Certain 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 June 30, 2019, the aggregate value of these securities was $105,989,000, representing 0.3% of net assets.

7Securities with a value of $2,914,000 have been segregated as initial margin for open futures contracts.

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

9Includes $92,773,000 of collateral received for securities on loan.

10 The total value of securities on loan is $88,363,000.

CMT—Constant Maturing Treasury Rate.

LIBOR—London Interbank Offered Rate.

9

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	September 2019		204		30,031	502
E-mini Russell 2000 Index	September 2019		276		21,626	534
E-mini S&P Mid-Cap 400 Index	September 2019		50		9,750	228
						1,264

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

10

Balanced Index Fund

Statement of Operations

	Six Months Ended
	June 30, 2019
	($000	)
Investment Income
Income
Dividends1	221,504
Interest2	234,850
Securities Lending—Net	1,492
Total Income	457,846
Expenses
The Vanguard Group—Note B
Investment Advisory Services	1,466
Management and Administrative—Investor Shares	2,392
Management and Administrative—Admiral Shares	7,411
Management and Administrative—Institutional Shares	2,443
Marketing and Distribution—Investor Shares	156
Marketing and Distribution—Admiral Shares	635
Marketing and Distribution—Institutional Shares	118
Custodian Fees	196
Shareholders’ Reports—Investor Shares	21
Shareholders’ Reports—Admiral Shares	72
Shareholders’ Reports—Institutional Shares	24
Trustees’ Fees and Expenses	11
Total Expenses	14,945
Net Investment Income	442,901
Realized Net Gain (Loss)
Investment Securities Sold2,3	469,438
Futures Contracts	12,611
Realized Net Gain (Loss)	482,049
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	4,066,343
Sale Commitments	(48	)
Futures Contracts	6,770
Change in Unrealized Appreciation (Depreciation)	4,073,065
Net Increase (Decrease) in Net Assets Resulting from Operations	4,998,015

1Dividends are net of foreign withholding taxes of $23,000.

2Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,879,000, ($4,000), and $41,000, respectively. Purchases and sales are for temporary cash investment purposes.

3Includes $459,226,000 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.

11

Balanced Index Fund

Statement of Changes in Net Assets

	Six Months Ended	Year Ended
	June 30,	December 31,
	2019	2018
	($000)	($000	)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	442,901	853,584
Realized Net Gain (Loss)	482,049	259,748
Change in Unrealized Appreciation (Depreciation)	4,073,065	(2,212,217	)
Net Increase (Decrease) in Net Assets Resulting from Operations	4,998,015	(1,098,885	)
Distributions
Net Investment Income
Investor Shares	(31,823)	(68,482	)
Admiral Shares	(311,619)	(537,134	)
Institutional Shares	(118,463)	(222,294	)
Realized Capital Gain
Investor Shares	—	—
Admiral Shares	—	—
Institutional Shares	—	—
Total Distributions	(461,905)	(827,910	)
Capital Share Transactions
Investor Shares	(678,374)	(301,570	)
Admiral Shares	1,673,967	1,636,823
Institutional Shares	(45,585)	(44,308	)
Net Increase (Decrease) from Capital Share Transactions	950,008	1,290,945
Total Increase (Decrease)	5,486,118	(635,850	)
Net Assets
Beginning of Period	36,468,872	37,104,722
End of Period	41,954,990	36,468,872

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

12

Balanced Index Fund

Financial Highlights

Investor Shares

For a Share Outstanding	Six Months Ended June 30,		Year Ended December 31,
Throughout Each Period	2019		2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$32.99		$34.72		$31.11		$29.22		$29.68		$27.52
Investment Operations
Net Investment Income	.378	1	.748	1	.647	1	.613		.570		.531
Net Realized and Unrealized Gain (Loss) on Investments	4.105		(1.753	)	3.600		1.889		(.459	)	2.160
Total from Investment Operations	4.483		(1.005	)	4.247		2.502		.111		2.691
Distributions
Dividends from Net Investment Income	(.393	)	(.725	)	(.637	)	(.612	)	(.571	)	(.531	)
Distributions from Realized Capital Gains	—		—		—		—		—		—
Total Distributions	(.393	)	(.725	)	(.637	)	(.612	)	(.571	)	(.531	)
Net Asset Value, End of Period	$37.08		$32.99		$34.72		$31.11		$29.22		$29.68
Total Return2	13.62%		-2.97%		13.75%		8.63%		0.37%		9.84%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$2,687		$3,014		$3,474		$3,343		$3,090		$3,174
Ratio of Total Expenses to Average Net Assets	0.18%		0.18%		0.19%		0.19%		0.22%		0.23%
Ratio of Net Investment Income to Average Net Assets	2.14%		2.15%		1.97%		2.06%		1.92%		1.87%
Portfolio Turnover Rate3	50%4		44%4		37%4		44%4		61%		53%

The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.

1Calculated based on average shares outstanding.

2Total 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.

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

4Excludes 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.

13

Balanced Index Fund

Financial Highlights

Admiral Shares

For a Share Outstanding	Six Months Ended June 30,		Year Ended December 31,
Throughout Each Period	2019		2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$32.99		$34.72		$31.11		$29.22		$29.68		$27.52
Investment Operations
Net Investment Income	.399	1	.791	1	.689	1	.649		.612		.572
Net Realized and Unrealized Gain (Loss) on Investments	4.095		(1.757	)	3.599		1.890		(.460	)	2.158
Total from Investment Operations	4.494		(.966	)	4.288		2.539		.152		2.730
Distributions
Dividends from Net Investment Income	(.414	)	(.764	)	(.678	)	(.649	)	(.612	)	(.570	)
Distributions from Realized Capital Gains	—		—		—		—		—		—
Total Distributions	(.414	)	(.764	)	(.678	)	(.649	)	(.612	)	(.570	)
Net Asset Value, End of Period	$37.07		$32.99		$34.72		$31.11		$29.22		$29.68
Total Return2	13.66%		-2.86%		13.89%		8.77%		0.51%		9.99%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$28,604		$23,913		$23,556		$18,695		$15,726		$14,112
Ratio of Total Expenses to Average Net Assets	0.07%		0.07%		0.07%		0.07%		0.08%		0.09%
Ratio of Net Investment Income to Average Net Assets	2.25%		2.26%		2.09%		2.18%		2.06%		2.01%
Portfolio Turnover Rate3	50%4		44%4		37%4		44%4		61%		53%

The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.

1Calculated based on average shares outstanding.

2Total 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.

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

4Excludes 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.

14

Balanced Index Fund

Financial Highlights

Institutional Shares

For a Share Outstanding	Six Months Ended June 30,		Year Ended December 31,
Throughout Each Period	2019		2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$33.00		$34.72		$31.12		$29.22		$29.68		$27.52
Investment Operations
Net Investment Income	.401	1	.793	1	.691	1	.653		.615		.574
Net Realized and Unrealized Gain (Loss) on Investments	4.095		(1.745	)	3.588		1.899		(.460	)	2.159
Total from Investment Operations	4.496		(.952	)	4.279		2.552		.155		2.733
Distributions
Dividends from Net Investment Income	(.416	)	(.768	)	(.679	)	(.652	)	(.615	)	(.573	)
Distributions from Realized Capital Gains	—		—		—		—		—		—
Total Distributions	(.416	)	(.768	)	(.679	)	(.652	)	(.615	)	(.573	)
Net Asset Value, End of Period	$37.08		$33.00		$34.72		$31.12		$29.22		$29.68
Total Return	13.66%		-2.82%		13.86%		8.81%		0.52%		10.00%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$10,664		$9,543		$10,075		$8,495		$7,452		$7,392
Ratio of Total Expenses to Average Net Assets	0.06%		0.06%		0.06%		0.06%		0.07%		0.08%
Ratio of Net Investment Income to Average Net Assets	2.26%		2.27%		2.10%		2.19%		2.07%		2.02%
Portfolio Turnover Rate2	50%3		44%3		37%3		44%3		61%		53%

The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.

1Calculated based on average shares outstanding.

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

3Excludes 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.

15

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.

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 clearing house 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).

16

Balanced Index Fund

During the six months ended June 30, 2019, 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 June 30, 2019, a counterparty had deposited in segregated accounts cash with a value of $40,000 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 for the period ended June 30, 2019, 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.

17

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 $4.3 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 June 30, 2019, 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 are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.

18

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 June 30, 2019, the fund had contributed to Vanguard capital in the amount of $1,999,000, representing 0.00% 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 June 30, 2019, based on the inputs used to value them:

Investments	Level 1 ($000	)	Level 2 ($000	)	Level 3 ($000	)
Common Stocks	25,146,593		—		176
Preferred Stocks	1		—		—
U.S. Government and Agency Obligations	—		11,013,202		—
Asset-Backed/Commercial Mortgage-Backed Securities	—		440,998		566
Corporate Bonds	—		4,397,059		—
Sovereign Bonds	—		690,128		—
Taxable Municipal Bonds	—		114,465		—
Temporary Cash Investments	518,251		11,954		—
Conventional Mortgage-Backed Securities—Liability for Sale Commitments	—		(15,428	)	—
Futures Contracts—Assets1	488		—		—
Total	25,665,333		16,652,378		742

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

19

Balanced Index Fund

D.As of June 30, 2019, gross unrealized appreciation and depreciation for investments, derivatives, and sale commitments based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000	)
Tax Cost	27,736,930
Gross Unrealized Appreciation	14,896,084
Gross Unrealized Depreciation	(298,405	)
Net Unrealized Appreciation (Depreciation)	14,597,679

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2018, the fund had available capital losses totaling $49,363,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2019; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

E.During the six months ended June 30, 2019, the fund purchased $3,237,295,000 of investment securities and sold $3,537,591,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $6,896,236,000 and $5,512,481,000, respectively. Total purchases and sales include $0 and $547,490,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

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

	Six Months Ended				Year Ended
	June 30, 2019				December 31, 2018
	Amount		Shares		Amount		Shares
	($000	)	(000)		($000	)	(000	)
Investor Shares
Issued	130,806		3,676		704,768		20,078
Issued in Lieu of Cash Distributions	29,992		830		64,418		1,871
Redeemed1	(839,172	)	(23,384	)	(1,070,756	)	(30,660	)
Net Increase (Decrease)—Investor Shares	(678,374	)	(18,878	)	(301,570	)	(8,711	)
Admiral Shares
Issued1	3,516,599		98,397		5,680,871		162,397
Issued in Lieu of Cash Distributions	285,410		7,889		493,351		14,338
Redeemed	(2,128,042	)	(59,533	)	(4,537,399	)	(130,393	)
Net Increase (Decrease)—Admiral Shares	1,673,967		46,753		1,636,823		46,342

20

Balanced Index Fund

	Six Months Ended				Year Ended
	June 30, 2019				December 31, 2018
	Amount		Shares		Amount		Shares
	($000	)	(000)		($000	)	(000	)
Institutional Shares
Issued	1,096,298		30,295		1,341,329		38,571
Issued in Lieu of Cash Distributions	116,628		3,225		217,850		6,329
Redeemed	(1,258,511	)	(35,112	)	(1,603,487	)	(45,858	)
Net Increase (Decrease)—Institutional Shares	(45,585	)	(1,592	)	(44,308	)	(958	)

1 In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares— Redeemed and Admiral Shares—Issued include $529,772,000 from the conversion during the six months ended June 30, 2019.

G.Management has determined that no events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in these financial statements.

21

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard Balanced Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index and Fixed Income Groups. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services

The board reviewed the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. Both the Equity Index Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each group’s management team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

Cost

The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average.

22

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The board concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

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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.

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.

Q022 082019

Semiannual Report  |   June 30, 2019

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

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

About Your Fund’s Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	15

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. 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:

·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.

1

Six Months Ended June 30, 2019

	Beginning	Ending	Expenses
	Account Value	Account Value	Paid During
Managed Payout Fund	12/31/2018	6/30/2019	Period
Based on Actual Fund Return	$1,000.00	$1,095.96	$1.56
Based on Hypothetical 5% Yearly Return	1,000.00	1,023.31	1.51

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 0.30%. 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 (181/365).

2

Managed Payout Fund

Underlying Vanguard Funds

As of June 30, 2019

Vanguard Total International Stock Index Fund Investor Shares	24.3%
Vanguard Alternative Strategies Fund	12.5
Vanguard Total Bond Market II Index Fund Investor Shares	11.5
Vanguard Total Stock Market Index Fund Investor Shares	11.1
Vanguard Global Minimum Volatility Fund Investor Shares	7.6
Vanguard Commodity Strategy Fund	7.3
Vanguard Total International Bond Index Fund Investor Shares	6.0
Vanguard Value Index Fund Investor Shares	5.1
Vanguard Emerging Markets Stock Index Fund Investor Shares	5.1
Vanguard Ultra-Short-Term Bond Fund Investor Shares	5.0
Vanguard Market Neutral Fund Investor Shares	4.5

3

Managed Payout Fund

Consolidated Financial Statements (unaudited)

Consolidated Statement of Net Assets

As of June 30, 2019

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

		Shares	Market Value· ($000	)
Investment Companies (100.0%)
U.S. Stock Funds (16.2%)
	Vanguard Total Stock Market Index Fund Investor Shares	2,731,922	199,458
	Vanguard Value Index Fund Investor Shares	2,127,936	92,182
			291,640
Global Stock Fund (7.6%)
	Vanguard Global Minimum Volatility Fund Investor Shares	9,691,809	137,817
International Stock Funds (29.4%)
	Vanguard Total International Stock Index Fund Investor Shares	25,875,286	438,069
	Vanguard Emerging Markets Stock Index Fund Investor Shares	3,385,828	91,045
			529,114
U.S. Bond Funds (16.5%)
1	Vanguard Total Bond Market II Index Fund Investor Shares	19,115,675	208,170
	Vanguard Ultra-Short-Term Bond Fund Investor Shares	8,981,201	90,081
			298,251
International Bond Fund (6.0%)
	Vanguard Total International Bond Index Fund Investor Shares	9,371,119	107,206
Alternative Funds (24.3%)
	Vanguard Alternative Strategies Fund	10,484,409	225,205
	Vanguard Commodity Strategy Fund	5,295,439	132,068
	Vanguard Market Neutral Fund Investor Shares	7,850,294	81,486
			438,759
Total Investment Companies (Cost $1,528,938)			1,802,787
Temporary Cash Investment (0.0%)
Money Market Fund (0.0%)
1	Vanguard Market Liquidity Fund, 2.499%	3	—
Total Investments (100.0%) (Cost $1,528,938)			1,802,787
Other Assets and Liabilities (0.0%)
Other Assets			1,328
Liabilities			(1,466	)
			(138	)
Net Assets (100%)
Applicable to 106,958,884 outstanding $.001 par value shares of beneficial interest (unlimited authorization)			1,802,649
Net Asset Value Per Share			$16.85

4

Managed Payout Fund

	Amount ($000	)
Consolidated Statement of Assets and Liabilities
Assets
Investments in Securities, at Value—Affiliated Funds	1,802,787
Receivables for Investment Securities Sold	159
Receivables for Accrued Income	812
Receivables for Capital Shares Issued	357
Total Assets	1,804,115
Liabilities
Payables for Investment Securities Purchased	812
Payables for Capital Shares Redeemed	483
Other Liabilities	171
Total Liabilities	1,466
Net Assets	1,802,649

At June 30, 2019, net assets consisted of:

	Amount
	($000	)
Paid-in Capital	1,520,254
Total Distributable Earnings (Loss)	282,395
Net Assets	1,802,649

·  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.

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

5

Managed Payout Fund

Consolidated Statement of Operations

	Six Months Ended June 30, 2019
	($000	)
Investment Income
Income
Income Distributions Received from Affiliated Funds	14,365
Interest—Unaffiliated Issuers	1,573
Total Income	15,938
Expenses—Note B
Management and Administrative	264
Trustees’ Fees and Expenses	7
Custodian Fees	4
Total Expenses	275
Net Investment Income	15,663
Realized Net Gain (Loss)
Capital Gain Distributions Received from Affiliated Funds	—
Investment Securities Sold—Unaffiliated Issuers	26
Investment Securities Sold—Affiliated Issuers	24,285
Swap Contracts	5,110
Realized Net Gain (Loss)	29,421
Change in Unrealized Appreciation (Depreciation)
Investment Securities—Unaffiliated Issuers	(9	)
Investment Securities—Affiliated Funds	119,972
Change in Unrealized Appreciation (Depreciation)	119,963
Net Increase (Decrease) in Net Assets Resulting from Operations	165,047

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

6

Managed Payout Fund

Consolidated Statement of Changes in Net Assets

	Six Months Ended June 30, 2019	Year Ended December 31, 2018
	($000)	($000	)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	15,663	42,462
Realized Net Gain (Loss)	29,421	85,788
Change in Unrealized Appreciation (Depreciation)	119,963	(237,818	)
Net Increase (Decrease) in Net Assets Resulting from Operations	165,047	(109,568	)
Distributions
Net Investment Income	(35,476)	(42,378	)
Realized Capital Gain1	—	(101,486	)
Return of Capital	—	(102,426	)
Total Distributions	(35,476)	(246,290	)
Capital Share Transactions
Issued	125,886	331,833
Issued in Lieu of Cash Distributions	13,599	201,076
Redeemed	(226,458)	(506,121	)
Net Increase (Decrease) from Capital Share Transactions	(86,973)	26,788
Total Increase (Decrease)	42,598	(329,070	)
Net Assets
Beginning of Period	1,760,051	2,089,121
End of Period	1,802,649	1,760,051

1 Includes fiscal 2019 and 2018 short-term gain distributions totaling $0 and $2,310,000, 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.

7

Managed Payout Fund

Consolidated Financial Highlights

For a Share Outstanding	Six Months Ended June 30,		Year Ended December 31,
Throughout Each Period	2019		2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$15.68		$19.11		$17.54		$17.33		$18.90		$18.54
Investment Operations
Net Investment Income	.144	1	.3951		.3581		.324		.309		.3841
Capital Gain Distributions Received	.000	1	.0561		.0111		.072		.041		.1521
Net Realized and Unrealized Gain (Loss) on Investments	1.352		(1.502	)	1.919		.881		(.464	)	.530
Total from Investment Operations	1.496		(1.051	)	2.288		1.277		(.114	)	1.066
Distributions
Dividends from Net Investment Income	(.326	)	(.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	(.326	)	(2.379	)	(.718	)	(1.067	)	(1.456	)	(.706	)
Net Asset Value, End of Period	$16.85		$15.68		$19.11		$17.54		$17.33		$18.90
Total Return	9.60%		-5.67%		13.29%		7.55%		-0.72%		5.83%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,803		$1,760		$2,089		$1,698		$1,585		$1,567
Ratio of Total Expenses to Average Net Assets	0.02%3		0.03%		0.02%		0.02%		0.02%		0.01%
Acquired Fund Fees and Expenses	0.28%		0.29%		0.32%		0.32%		0.32%		0.37%
Ratio of Net Investment Income to Average Net Assets	1.40%		2.11%		1.95%		1.80%		1.64%		1.99%
Portfolio Turnover Rate	21%		17%		8%		19%		29%		23%

The acquired fund fees and expenses, net investment income ratio, and turnover rate for the current period have been annualized.

1 Calculated based on average shares outstanding.

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

3 Expense ratio has not been annualized due to the fund no longer holding the subsidiary on June 27, 2019. See the Notes to Consolidated Financial Statements.

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

8

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, and was no longer held by the fund on June 27, 2019. The subsidiary was wholly owned by the fund and was a unit trust established in the Cayman Islands under the Trusts Law (2011 Revision) of the Cayman Islands, which was 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 were subject to the same risks that apply to similar investments if held directly by the fund. 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.

Beginning on June 25, 2019, the fund gained exposure to the commodities markets by investing the Vanguard Commodity Strategy Fund.

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: 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 gained 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 received 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 paid a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the subsidiary invested 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 Net Assets. 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.

9

Managed Payout Fund

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 was the unrealized appreciation on the swap contract. The subsidiary mitigated 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 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 could have terminated 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 declined below a certain level, triggering a payment by the subsidiary if the subsidiary was in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the subsidiary had 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 six months ended June 30, 2019, 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.

The fund had no open swap positions at June 30, 2019.

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 for the period ended June 30, 2019, 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. Effective January 1, 2019, the monthly distribution rate is $.0544 per share. 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.

10

Managed Payout Fund

5.Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 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 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 June 30, 2019, 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 are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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 six months ended June 30, 2019, 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.

11

Managed Payout Fund

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 Consolidated Statement of Net Assets.

At June 30, 2019, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.

D.As of June 30, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

	Amount
	($000	)
Tax Cost	1,528,938
Gross Unrealized Appreciation	276,933
Gross Unrealized Depreciation	(3,084	)
Net Unrealized Appreciation (Depreciation)	273,849

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2018, the fund had available capital losses totaling $79,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2019; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

12

Managed Payout Fund

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

			Current Period Transactions
	Dec. 31, 2018 Market Value		Purchases at Cost		Proceeds from Securities Sold		Realized Net Gain (Loss	)	Change in Unrealized App. (Dep.	)	Income		Capital Gain Distributions Received		June 30, 2019 Market Value
	($000	)	($000	)	($000	)	($000	)	($000	)	($000	)	($000	)	($000	)
Vanguard Alternative Strategies Fund	216,656		4,501		7,783		283		11,548		—		—		225,205
Vanguard Commodity Strategy Fund	—		132,400		—		—		(332	)	—		—		132,068
Vanguard Emerging Markets Stock Index Fund	89,887		850		9,411		(180	)	9,899		702		—		91,045
Vanguard Global Minimum Volatility Fund	132,417		—		13,408		1,708		17,100		—		—		137,817
Vanguard Market Liquidity Fund	—		NA1		NA1		1		—		2		—		—
Vanguard Market Neutral Fund	89,155		1,955		—		—		(9,624	)	79		—		81,486
Vanguard Total Bond Market II Index Fund	243,376		26,652		72,537		363		10,316		3,535		—		208,170
Vanguard Total International Bond Index Fund	108,727		952		8,222		237		5,512		581		—		107,206
Vanguard Total International Stock Index Fund	442,717		12,016		66,318		(5,080	)	54,734		6,301		—		438,069
Vanguard Total Stock Market Index Fund	221,407		3,456		61,894		26,152		10,337		1,839		—		199,458
Vanguard Ultra-Short-Term Bond Fund	—		90,083		—		—		(2	)	195		—		90,081
Vanguard Value Index Fund	84,756		1,130		4,989		801		10,484		1,131		—		92,182
Total	1,629,098		273,995		244,562		24,285		119,972		14,365		—		1,802,787

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

13

Managed Payout Fund

F.Capital shares issued and redeemed were:

	Six Months Ended June 30, 2019	Year Ended December 31, 2018
	Shares (000)	Shares (000	)
Issued	7,627	17,641
Issued in Lieu of Cash Distributions	821	12,527
Redeemed	(13,732)	(27,238	)
Net Increase (Decrease) in Shares Outstanding	(5,284)	2,930

G.Management has determined that no events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in these financial statements.

14

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard Managed Payout Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services

The board reviewed the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index. The board concluded that the performance was such that the advisory arrangement should continue.

Cost

The board concluded that the fund’s acquired fund fees and expenses were well below the average expense ratio charged by funds in its peer group. The fund does not incur advisory expenses directly; however, the board considered the advisory expenses of each of the underlying funds in which the fund invests—including any portion of those expenses that are attributable to the fund’s investment in a wholly owned subsidiary—and noted that each of the underlying funds has advisory expenses well below the peer-group average.

15

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The board concluded that Vanguard’s arrangement with the fund and its underlying funds ensures that the fund will realize economies of scale as the assets of the underlying funds grow, with the cost to shareholders declining as assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

16

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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.

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.

Q14972 082019

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

(a)       Audit Fees.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Market
				Value
		Shares		($000	)
Common Stocks (59.9%)1
Basic Materials (1.4%)
	Linde plc	466,375		93,648
	DuPont de Nemours Inc.	646,848		48,559
	Ecolab Inc.	223,525		44,133
	Air Products & Chemicals Inc.	189,378		42,870
	Dow Inc.	638,814		31,500
	Newmont Goldcorp Corp.	691,521		26,603
	PPG Industries Inc.	201,806		23,553
	LyondellBasell Industries NV Class A	252,673		21,763
	International Paper Co.	340,948		14,770
	Nucor Corp.	261,429		14,405
	Freeport-McMoRan Inc.	1,176,097		13,654
^	International Flavors & Fragrances Inc.	90,831		13,179
	Celanese Corp. Class A	108,543		11,701
	FMC Corp.	112,261		9,312
	CF Industries Holdings Inc.	187,995		8,781
	Eastman Chemical Co.	107,420		8,361
	Avery Dennison Corp.	72,007		8,330
	Mosaic Co.	295,260		7,390
	RPM International Inc.	111,494		6,813
	Albemarle Corp.	90,598		6,379
	Royal Gold Inc.	56,538		5,795
	Steel Dynamics Inc.	181,098		5,469
*	Axalta Coating Systems Ltd.	179,946		5,357
	Reliance Steel & Aluminum Co.	54,045		5,114
	Versum Materials Inc.	91,269		4,708
	Ashland Global Holdings Inc.	54,305	��	4,343
	WR Grace & Co.	56,948		4,334
*	Ingevity Corp.	36,739		3,864
*	Alcoa Corp.	155,694		3,645
	Huntsman Corp.	173,065		3,537
	Chemours Co.	142,609		3,423
	Scotts Miracle-Gro Co.	31,207		3,074
*	Univar Inc.	137,968		3,041
	NewMarket Corp.	7,518		3,014
	Olin Corp.	136,846		2,998
	Balchem Corp.	27,823		2,781
	Sensient Technologies Corp.	36,808		2,705
^	Cleveland-Cliffs Inc.	235,912		2,517
	Domtar Corp.	55,265		2,461
	Westlake Chemical Corp.	33,953		2,358
	United States Steel Corp.	148,543		2,274
	Quaker Chemical Corp.	11,123		2,257
	Cabot Corp.	46,071		2,198
	PolyOne Corp.	67,308		2,113
*	Element Solutions Inc.	195,591		2,022
	Carpenter Technology Corp.	42,039		2,017
	HB Fuller Co.	42,553		1,974
	Commercial Metals Co.	105,043		1,875
	Innospec Inc.	20,446		1,865
	Stepan Co.	18,011		1,655
	Compass Minerals International Inc.	29,591		1,626
	Minerals Technologies Inc.	30,203		1,616
	Peabody Energy Corp.	64,994		1,566
	Worthington Industries Inc.	34,367		1,384
	Kaiser Aluminum Corp.	12,918		1,261
	Arch Coal Inc. Class A	12,992		1,224
*	GCP Applied Technologies Inc.	49,406		1,119
	Materion Corp.	16,115		1,093
	Neenah Inc.	16,151		1,091
*	Ferro Corp.	65,826		1,040
	Warrior Met Coal Inc.	39,389		1,029

1

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Tronox Holdings plc Class A	75,914	970
*	Kraton Corp.	28,322	880
	CSW Industrials Inc.	12,448	848
	US Silica Holdings Inc.	64,984	831
	Schweitzer-Mauduit International Inc.	24,177	802
*	Contura Energy Inc.	14,878	772
*	Codexis Inc.	39,817	734
	Hecla Mining Co.	404,502	728
*	Coeur Mining Inc.	162,609	706
*	PQ Group Holdings Inc.	42,831	679
	PH Glatfelter Co.	37,300	630
*	AK Steel Holding Corp.	247,513	587
	Schnitzer Steel Industries Inc.	22,401	586
*	AdvanSix Inc.	23,829	582
	Chase Corp.	5,403	582
*	CONSOL Energy Inc.	19,736	525
*	Koppers Holdings Inc.	17,410	511
	Innophos Holdings Inc.	17,394	506
*	Verso Corp.	26,268	500
*	SunCoke Energy Inc.	54,018	480
	Tredegar Corp.	25,120	418
	Kronos Worldwide Inc.	25,377	389
	Hawkins Inc.	8,749	380
	American Vanguard Corp.	24,535	378
	Resolute Forest Products Inc.	44,404	320
	Haynes International Inc.	9,967	317
*	Century Aluminum Co.	43,070	298
	Rayonier Advanced Materials Inc.	45,426	295
*	Veritiv Corp.	15,038	292
	FutureFuel Corp.	24,751	289
^,*	Energy Fuels Inc.	89,046	279
*	Clearwater Paper Corp.	14,637	271
*	Intrepid Potash Inc.	74,282	250
*	OMNOVA Solutions Inc.	33,580	209
*	TimkenSteel Corp.	23,505	191
*	Hi-Crush Inc.	74,500	183
^,*	Uranium Energy Corp.	124,343	170
	Olympic Steel Inc.	10,949	149
	Gold Resource Corp.	42,335	143
*	ChromaDex Corp.	28,203	131
*	Universal Stainless & Alloy Products Inc.	7,642	122
	Synalloy Corp.	7,617	119
*	Ryerson Holding Corp.	12,967	108
^,*	Ur-Energy Inc.	114,960	108
	Northern Technologies International Corp.	2,882	70
*	LSB Industries Inc.	16,674	65
	United-Guardian Inc.	2,067	39
*	NL Industries Inc.	9,161	33
*	Ramaco Resources Inc.	5,253	28
	Hallador Energy Co.	4,036	23
	Friedman Industries Inc.	2,625	18
*	General Moly Inc.	34,508	12
*	Marrone Bio Innovations Inc.	7,464	11
*	US Antimony Corp.	19,099	11
*	Westwater Resources Inc.	1,563	9
*	Ampco-Pittsburgh Corp.	1,874	8
^,*	US Gold Corp.	7,089	7
*	Solitario Zinc Corp.	21,690	7
^,*	Golden Minerals Co.	21,596	6
*	Centrus Energy Corp. Class A	1,183	4
*	Paramount Gold Nevada Corp.	1,148	1
*	Dynasil Corp. of America	78	—
*,§	American International Group Inc. Warrants Exp. 01/19/2021	14,331	—
			584,141

2

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
Consumer Goods (4.7%)
	Procter & Gamble Co.	2,148,569	235,591
	Coca-Cola Co.	3,294,309	167,746
	PepsiCo Inc.	1,200,629	157,438
	Philip Morris International Inc.	1,335,057	104,842
	NIKE Inc. Class B	1,082,616	90,886
	Altria Group Inc.	1,606,387	76,062
	Mondelez International Inc. Class A	1,239,085	66,787
	Colgate-Palmolive Co.	737,885	52,884
	General Motors Co.	1,105,380	42,590
	Kimberly-Clark Corp.	296,416	39,506
	Estee Lauder Cos. Inc. Class A	187,984	34,422
	Ford Motor Co.	3,353,486	34,306
	Activision Blizzard Inc.	657,193	31,020
	General Mills Inc.	520,120	27,317
*	Electronic Arts Inc.	254,138	25,734
^,*	Tesla Inc.	114,674	25,625
	Constellation Brands Inc. Class A	128,196	25,247
	VF Corp.	272,329	23,788
*	Monster Beverage Corp.	324,667	20,724
	Tyson Foods Inc. Class A	252,872	20,417
	Archer-Daniels-Midland Co.	481,153	19,631
*	Corteva Inc.	640,547	18,941
	Aptiv plc	221,062	17,868
*	Lululemon Athletica Inc.	94,662	17,059
	Hershey Co.	126,470	16,951
	Clorox Co.	109,048	16,696
	McCormick & Co. Inc.	105,431	16,343
	Kraft Heinz Co.	516,972	16,047
	Church & Dwight Co. Inc.	211,376	15,443
	Brown-Forman Corp. Class B	251,026	13,914
	DR Horton Inc.	304,358	13,127
	Genuine Parts Co.	119,239	12,351
	Kellogg Co.	218,485	11,704
	Lennar Corp. Class A	238,036	11,535
	Conagra Brands Inc.	415,786	11,027
*	Take-Two Interactive Software Inc.	96,356	10,939
	Hasbro Inc.	102,710	10,854
	JM Smucker Co.	92,134	10,613
	Hormel Foods Corp.	228,434	9,261
*	NVR Inc.	2,740	9,234
	Garmin Ltd.	114,093	9,105
	Molson Coors Brewing Co. Class B	150,824	8,446
	Lamb Weston Holdings Inc.	124,033	7,859
	Tapestry Inc.	247,337	7,848
	Whirlpool Corp.	54,064	7,697
*	Wayfair Inc.	52,175	7,618
	BorgWarner Inc.	177,885	7,468
	Lear Corp.	53,589	7,463
*	Mohawk Industries Inc.	49,551	7,307
	Keurig Dr Pepper Inc.	243,477	7,036
	Fortune Brands Home & Security Inc.	119,690	6,838
	PulteGroup Inc.	215,880	6,826
*	US Foods Holding Corp.	188,374	6,736
*	LKQ Corp.	252,887	6,729
	Campbell Soup Co.	167,542	6,713
	Bunge Ltd.	115,774	6,450
*	Middleby Corp.	47,529	6,450
	Pool Corp.	32,687	6,243
*	Post Holdings Inc.	59,554	6,192
	PVH Corp.	63,238	5,985
*	WABCO Holdings Inc.	44,600	5,914
	Hanesbrands Inc.	309,836	5,335
	Gentex Corp.	216,610	5,331

3

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Newell Brands Inc.	326,408	5,033
*	Under Armour Inc. Class A	192,497	4,880
	Harley-Davidson Inc.	135,030	4,838
	Ralph Lauren Corp. Class A	41,834	4,752
	Ingredion Inc.	55,840	4,606
	Polaris Industries Inc.	49,437	4,510
*	Zynga Inc. Class A	713,560	4,374
	Leggett & Platt Inc.	113,372	4,350
*	Deckers Outdoor Corp.	24,456	4,304
*	Capri Holdings Ltd.	120,745	4,187
	Toll Brothers Inc.	113,250	4,147
	Flowers Foods Inc.	165,647	3,855
	Carter’s Inc.	39,032	3,807
*	Skechers U.S.A. Inc. Class A	116,151	3,658
*	Herbalife Nutrition Ltd.	85,349	3,650
	Coty Inc. Class A	263,417	3,530
	Brunswick Corp.	74,581	3,423
^,*	Mattel Inc.	304,937	3,418
	Valvoline Inc.	160,788	3,140
	Goodyear Tire & Rubber Co.	194,073	2,969
*	Under Armour Inc. Class C	130,193	2,890
*	Darling Ingredients Inc.	141,774	2,820
*	Tempur Sealy International Inc.	38,344	2,813
*	Boston Beer Co. Inc. Class A	7,217	2,726
*	Helen of Troy Ltd.	20,827	2,720
*	TreeHouse Foods Inc.	48,303	2,613
	Thor Industries Inc.	43,563	2,546
	Lancaster Colony Corp.	17,102	2,541
*	Fox Factory Holding Corp.	30,183	2,490
	Dana Inc.	123,270	2,458
	Columbia Sportswear Co.	24,052	2,409
	Steven Madden Ltd.	69,418	2,357
	Sanderson Farms Inc.	16,987	2,320
	Nu Skin Enterprises Inc. Class A	45,873	2,262
^,*	iRobot Corp.	23,633	2,166
	Herman Miller Inc.	47,811	2,137
	J&J Snack Foods Corp.	13,256	2,134
	Energizer Holdings Inc.	54,448	2,104
	Wolverine World Wide Inc.	74,085	2,040
*	Dorman Products Inc.	23,247	2,026
*	Taylor Morrison Home Corp. Class A	95,958	2,011
	KB Home	76,198	1,961
*	Welbilt Inc.	113,684	1,899
	WD-40 Co.	11,917	1,895
	LCI Industries	20,205	1,818
*	Meritor Inc.	71,218	1,727
*	Meritage Homes Corp.	32,809	1,684
^,*	Beyond Meat Inc.	10,160	1,633
	Spectrum Brands Holdings Inc.	29,667	1,595
*	Visteon Corp.	26,134	1,531
*	TRI Pointe Group Inc.	126,085	1,509
	MDC Holdings Inc.	44,957	1,474
	Delphi Technologies plc	71,188	1,424
*	American Woodmark Corp.	16,546	1,400
*	Hain Celestial Group Inc.	63,215	1,384
*	Freshpet Inc.	29,584	1,346
	Universal Corp.	21,924	1,332
*	Gentherm Inc.	31,523	1,319
	Callaway Golf Co.	75,802	1,301
	HNI Corp.	36,277	1,283
*	Hostess Brands Inc. Class A	88,585	1,279
	Vector Group Ltd.	130,386	1,271
*	Edgewell Personal Care Co.	47,128	1,270
	Cooper Tire & Rubber Co.	40,131	1,266

4

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Calavo Growers Inc.	12,932	1,251
*	G-III Apparel Group Ltd.	41,776	1,229
^,*	LGI Homes Inc.	17,134	1,224
	Coca-Cola Consolidated Inc.	3,975	1,190
	Steelcase Inc. Class A	69,445	1,188
	La-Z-Boy Inc.	38,321	1,175
	Medifast Inc.	9,137	1,172
*	American Axle & Manufacturing Holdings Inc.	89,696	1,145
*	Skyline Champion Corp.	41,739	1,143
*	Pilgrim’s Pride Corp.	44,035	1,118
*	Cavco Industries Inc.	6,846	1,079
*	Kontoor Brands Inc.	38,232	1,071
*	USANA Health Sciences Inc.	13,461	1,069
^	B&G Foods Inc.	49,582	1,031
*	Crocs Inc.	51,748	1,022
	Oxford Industries Inc.	13,140	996
	Winnebago Industries Inc.	25,455	984
	Inter Parfums Inc.	14,707	978
*	Central Garden & Pet Co. Class A	39,468	972
*	Sleep Number Corp.	23,953	967
	Cal-Maine Foods Inc.	22,921	956
*	Fitbit Inc. Class A	213,095	938
*	Garrett Motion Inc.	58,799	903
	Knoll Inc.	38,602	887
	Acushnet Holdings Corp.	32,592	856
	Standard Motor Products Inc.	18,845	854
*	Stoneridge Inc.	25,704	811
	Lennar Corp. Class B	20,188	777
	Seaboard Corp.	184	761
	Interface Inc. Class A	49,578	760
*	Cooper-Standard Holdings Inc.	16,107	738
	ACCO Brands Corp.	93,200	733
	Sturm Ruger & Co. Inc.	13,398	730
	Fresh Del Monte Produce Inc.	26,420	712
	MGP Ingredients Inc.	10,702	710
*	Glu Mobile Inc.	98,047	704
	Tupperware Brands Corp.	35,169	669
*	Levi Strauss & Co. Class A	30,840	644
*	M/I Homes Inc.	22,483	642
*	Malibu Boats Inc. Class A	15,980	621
^,*	YETI Holdings Inc.	21,372	619
	Andersons Inc.	21,975	599
*	Century Communities Inc.	20,940	557
*	William Lyon Homes Class A	29,337	535
	John B Sanfilippo & Son Inc.	6,629	528
*	Modine Manufacturing Co.	36,636	524
*	Sonos Inc.	45,551	517
*	GoPro Inc. Class A	93,976	513
	Phibro Animal Health Corp. Class A	16,146	513
	Tootsie Roll Industries Inc.	13,650	504
*	Vista Outdoor Inc.	55,818	496
	Kimball International Inc. Class B	28,351	494
*	Universal Electronics Inc.	11,838	486
*	Motorcar Parts of America Inc.	21,976	471
	Ethan Allen Interiors Inc.	21,722	457
	Tower International Inc.	21,891	427
^	National Beverage Corp.	9,342	417
	National Presto Industries Inc.	4,444	415
*	Fossil Group Inc.	35,826	412
	Tenneco Inc. Class A	36,473	404
*	American Outdoor Brands Corp.	44,247	399
^	Camping World Holdings Inc. Class A	29,682	369
	Movado Group Inc.	13,282	359
*	Primo Water Corp.	28,861	355

5

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Arlo Technologies Inc.	85,319	342
	Limoneira Co.	15,369	306
	Johnson Outdoors Inc. Class A	4,027	300
	Turning Point Brands Inc.	5,887	288
*	Vera Bradley Inc.	23,530	282
*	MasterCraft Boat Holdings Inc.	14,207	278
*	Craft Brew Alliance Inc.	19,202	269
*	Farmer Brothers Co.	15,114	247
	Clarus Corp.	15,469	223
	Hooker Furniture Corp.	10,600	219
*	elf Beauty Inc.	15,414	217
^,*	22nd Century Group Inc.	102,339	214
^,*	Akoustis Technologies Inc.	32,901	211
	Culp Inc.	10,880	207
	Titan International Inc.	41,927	205
^,*	Pyxus International Inc.	12,656	192
*	Lovesac Co.	6,163	191
*	Funko Inc. Class A	7,841	190
^,*	New Age Beverages Corp.	39,754	185
*	Seneca Foods Corp. Class A	6,515	181
*	ZAGG Inc.	26,018	181
	Bassett Furniture Industries Inc.	11,270	172
^,*	Revlon Inc. Class A	8,742	169
*	Unifi Inc.	9,207	167
*	Beazer Homes USA Inc.	17,277	166
	Rocky Brands Inc.	5,601	153
*	Greenlane Holdings Inc. Class A	15,421	148
	Superior Group of Cos. Inc.	8,001	137
	Weyco Group Inc.	4,901	131
	Flexsteel Industries Inc.	7,530	128
*	Delta Apparel Inc.	5,328	124
	Oil-Dri Corp. of America	3,586	122
*	Lifevantage Corp.	7,767	101
	Marine Products Corp.	6,508	100
	Strattec Security Corp.	3,216	78
	Alico Inc.	2,443	74
*	Central Garden & Pet Co. Class A	2,620	71
*	Lipocine Inc.	34,514	67
^,*	Reed’s Inc.	17,454	66
	Acme United Corp.	2,909	66
*	Nature’s Sunshine Products Inc.	6,506	60
*	Veru Inc.	27,777	59
^,*	Eastman Kodak Co.	24,089	58
^,*	Celsius Holdings Inc.	12,523	56
*	Core Molding Technologies Inc.	7,270	54
^,*	Castle Brands Inc.	109,557	51
	Escalade Inc.	4,321	50
*	Centric Brands Inc.	11,911	49
*	Shiloh Industries Inc.	9,553	47
	Lifetime Brands Inc.	4,913	46
^,*	cbdMD Inc.	7,102	42
	P&F Industries Inc. Class A	4,330	36
	Hamilton Beach Brands Holding Co. Class A	1,820	35
*	New Home Co. Inc.	8,756	34
^,*	Blink Charging Co.	11,833	32
	Kewaunee Scientific Corp.	1,646	32
*	Natural Alternatives International Inc.	2,268	26
*	Lifeway Foods Inc.	6,292	23
*	Sequential Brands Group Inc.	38,662	21
	Rocky Mountain Chocolate Factory Inc.	2,502	21
*	Lakeland Industries Inc.	1,557	17
*	Coffee Holding Co. Inc.	3,987	16
*	Charles & Colvard Ltd.	9,845	16
*	LS Starrett Co. Class A	2,347	16

6

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	US Auto Parts Network Inc.	12,416	16
*	RiceBran Technologies	3,756	11
*	Emerson Radio Corp.	10,209	11
*	Nova Lifestyle Inc.	11,428	8
*	Willamette Valley Vineyards Inc.	1,146	8
*	Dixie Group Inc.	13,246	8
*	Nautilus Inc.	3,296	7
*	JAKKS Pacific Inc.	9,154	6
*,§	NewStar Financial Inc. CVR	22,870	6
	Unique Fabricating Inc.	1,793	5
*,§	Corium CVR	24,181	4
	Crown Crafts Inc.	868	4
*	Zedge Inc. Class B	1,513	3
*	CTI Industries Corp.	691	2
*	Tandy Leather Factory Inc.	350	2
	Dean Foods Co.	1,981	2
*	Summer Infant Inc.	2,523	1
	Mannatech Inc.	40	1
*	Alpha Pro Tech Ltd.	135	—
			1,965,624
Consumer Services (8.3%)
*	Amazon.com Inc.	359,455	680,675
	Walt Disney Co.	1,545,703	215,842
	Home Depot Inc.	944,801	196,490
	Comcast Corp. Class A	3,891,154	164,518
*	Netflix Inc.	376,586	138,328
	McDonald’s Corp.	655,138	136,046
	Walmart Inc.	1,229,191	135,813
	Costco Wholesale Corp.	378,497	100,022
	Starbucks Corp.	989,381	82,940
*	Booking Holdings Inc.	37,339	70,000
	Lowe’s Cos. Inc.	687,616	69,387
	CVS Health Corp.	1,118,792	60,963
*	Charter Communications Inc. Class A	134,891	53,306
	TJX Cos. Inc.	988,198	52,256
	Target Corp.	443,051	38,373
	Walgreens Boots Alliance Inc.	664,902	36,350
	Marriott International Inc. Class A	242,401	34,006
	Ross Stores Inc.	320,133	31,732
	Dollar General Corp.	223,887	30,261
	Sysco Corp.	423,080	29,920
	Yum! Brands Inc.	264,563	29,279
	Delta Air Lines Inc.	505,031	28,661
	eBay Inc.	710,476	28,064
*	O’Reilly Automotive Inc.	68,055	25,134
	Hilton Worldwide Holdings Inc.	249,264	24,363
*	AutoZone Inc.	21,302	23,421
	McKesson Corp.	164,216	22,069
*	Dollar Tree Inc.	204,562	21,968
	Southwest Airlines Co.	426,299	21,647
	Las Vegas Sands Corp.	330,907	19,553
*	Chipotle Mexican Grill Inc. Class A	23,815	17,454
	Royal Caribbean Cruises Ltd.	143,802	17,430
*	United Airlines Holdings Inc.	191,909	16,802
*	Ulta Beauty Inc.	47,469	16,467
	Carnival Corp.	338,337	15,750
	Omnicom Group Inc.	188,286	15,430
	Kroger Co.	689,669	14,973
	CBS Corp. Class B	297,697	14,855
	Best Buy Co. Inc.	195,042	13,600
	Expedia Group Inc.	98,610	13,118
	Darden Restaurants Inc.	105,197	12,806
*	Copart Inc.	166,109	12,415
*	CarMax Inc.	142,938	12,411

7

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Liberty Broadband Corp.	113,737	11,854
	AmerisourceBergen Corp. Class A	134,342	11,454
	Tractor Supply Co.	103,775	11,291
	MGM Resorts International	391,230	11,177
	American Airlines Group Inc.	341,968	11,152
	Fox Corp. Class A	284,092	10,409
*	Norwegian Cruise Line Holdings Ltd.	184,378	9,888
	Domino’s Pizza Inc.	35,126	9,775
	Wynn Resorts Ltd.	78,333	9,713
*	Burlington Stores Inc.	57,010	9,700
	FactSet Research Systems Inc.	32,476	9,306
	Tiffany & Co.	99,297	9,298
	Viacom Inc. Class B	310,811	9,284
	Advance Auto Parts Inc.	58,786	9,061
*	Discovery Communications Inc.	291,394	8,290
*	Live Nation Entertainment Inc.	118,163	7,828
	Vail Resorts Inc.	34,690	7,742
	Interpublic Group of Cos. Inc.	333,896	7,543
*	Bright Horizons Family Solutions Inc.	49,939	7,534
	Aramark	208,099	7,504
*	DISH Network Corp. Class A	188,420	7,237
*	Altice USA Inc. Class A	295,385	7,193
*	Trade Desk Inc. Class A	31,298	7,129
	Service Corp. International	149,687	7,002
	Nielsen Holdings plc	307,655	6,953
	Alaska Air Group Inc.	105,076	6,715
	Kohl’s Corp.	140,649	6,688
^	Sirius XM Holdings Inc.	1,182,264	6,597
*	Liberty Media Corp-Liberty Formula One	175,954	6,582
^,*	Uber Technologies Inc.	141,591	6,567
*	ServiceMaster Global Holdings Inc.	115,802	6,032
*	GrubHub Inc.	77,280	6,027
*	Etsy Inc.	97,546	5,986
	Macy’s Inc.	268,633	5,765
*	Roku Inc.	63,148	5,720
*	Caesars Entertainment Corp.	481,949	5,697
	Fox Corp. Class B	155,747	5,689
*	Five Below Inc.	47,346	5,682
	Dunkin’ Brands Group Inc.	70,094	5,584
	News Corp. Class A	397,187	5,358
*	Planet Fitness Inc. Class A	72,371	5,243
*	Liberty Media Corp-Liberty SiriusXM Class C	136,502	5,184
	L Brands Inc.	197,420	5,153
	Sabre Corp.	231,679	5,143
	Cable One Inc.	4,376	5,124
	Rollins Inc.	140,560	5,042
	H&R Block Inc.	171,046	5,012
	Casey’s General Stores Inc.	31,658	4,938
*	Grand Canyon Education Inc.	41,233	4,825
*	JetBlue Airways Corp.	253,596	4,689
	Wyndham Hotels & Resorts Inc.	83,836	4,673
*	IAA Inc.	114,263	4,431
^	Williams-Sonoma Inc.	67,686	4,400
	Gap Inc.	242,701	4,361
*	TripAdvisor Inc.	93,479	4,327
*	Madison Square Garden Co. Class A	15,327	4,291
*	Qurate Retail Group Inc. QVC Group Class A	343,865	4,261
*	Discovery Communications Inc. Class A	130,794	4,015
	Foot Locker Inc.	95,739	4,013
*	Ollie’s Bargain Outlet Holdings Inc.	45,340	3,950
	New York Times Co. Class A	120,668	3,936
	Nexstar Media Group Inc. Class A	36,993	3,736
*	Chegg Inc.	96,236	3,714
	Cracker Barrel Old Country Store Inc.	20,665	3,528

8

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Aaron’s Inc.	56,511	3,470
*	Performance Food Group Co.	85,061	3,405
*	Liberty Broadband Corp. Class A	32,485	3,341
	Dolby Laboratories Inc. Class A	51,406	3,321
	Wyndham Destinations Inc.	75,454	3,312
	Marriott Vacations Worldwide Corp.	34,135	3,291
	Churchill Downs Inc.	28,547	3,285
	Cinemark Holdings Inc.	90,230	3,257
	Strategic Education Inc.	17,978	3,200
	Six Flags Entertainment Corp.	62,938	3,127
*	frontdoor Inc.	71,101	3,096
	Tribune Media Co. Class A	66,840	3,089
	Texas Roadhouse Inc. Class A	57,502	3,086
	Wendy’s Co.	153,179	2,999
	Nordstrom Inc.	93,232	2,970
*	Spirit Airlines Inc.	60,401	2,883
	Sinclair Broadcast Group Inc. Class A	53,386	2,863
	KAR Auction Services Inc.	114,263	2,857
	TEGNA Inc.	187,590	2,842
*	BJ’s Wholesale Club Holdings Inc.	107,084	2,827
*	AutoNation Inc.	66,585	2,793
	Extended Stay America Inc.	165,146	2,789
	Choice Hotels International Inc.	32,048	2,789
*	LiveRamp Holdings Inc.	56,901	2,759
	World Wrestling Entertainment Inc. Class A	37,456	2,705
	SkyWest Inc.	43,094	2,615
*	Liberty Media Corp-Liberty SiriusXM Class A	67,613	2,556
	AMERCO	6,723	2,545
*	Hilton Grand Vacations Inc.	78,172	2,487
	Hyatt Hotels Corp. Class A	32,349	2,463
	Wingstop Inc.	25,826	2,447
*	Carvana Co. Class A	38,883	2,434
	Morningstar Inc.	16,788	2,428
^,*	Lyft Inc. Class A	36,093	2,372
	Graham Holdings Co. Class B	3,422	2,361
^,*	Eldorado Resorts Inc.	50,838	2,342
	American Eagle Outfitters Inc.	137,058	2,316
	Monro Inc.	26,692	2,277
*	Yelp Inc. Class A	65,622	2,243
*	Adtalem Global Education Inc.	49,263	2,219
*	Floor & Decor Holdings Inc. Class A	52,476	2,199
*	Liberty Expedia Holdings Inc. Class A	45,289	2,164
*	Murphy USA Inc.	25,339	2,129
	Lithia Motors Inc. Class A	17,884	2,124
*	Cargurus Inc.	58,281	2,105
*	AMC Networks Inc. Class A	38,325	2,088
*	Sotheby’s	35,330	2,054
	Dick’s Sporting Goods Inc.	55,847	1,934
*	Sprouts Farmers Market Inc.	101,028	1,908
*	Penn National Gaming Inc.	98,666	1,900
	Meredith Corp.	33,925	1,868
	Hillenbrand Inc.	47,045	1,862
*	National Vision Holdings Inc.	59,223	1,820
	Boyd Gaming Corp.	65,480	1,764
*	RH	14,988	1,733
	John Wiley & Sons Inc. Class A	37,574	1,723
	Jack in the Box Inc.	21,148	1,721
*	Avis Budget Group Inc.	48,755	1,714
	Core-Mark Holding Co. Inc.	42,007	1,669
*	Shake Shack Inc. Class A	21,499	1,552
*	Shutterfly Inc.	30,596	1,547
	Allegiant Travel Co. Class A	10,742	1,542
	Bloomin’ Brands Inc.	80,665	1,525
*	Simply Good Foods Co.	60,269	1,451

9

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Cheesecake Factory Inc.	33,120	1,448
*	Laureate Education Inc. Class A	90,999	1,430
*	Groupon Inc. Class A	398,513	1,427
	Penske Automotive Group Inc.	30,060	1,422
*	Asbury Automotive Group Inc.	16,736	1,412
*	Chewy Inc.	39,850	1,395
*	SeaWorld Entertainment Inc.	43,685	1,354
	Dave & Buster’s Entertainment Inc.	33,057	1,338
*	Sally Beauty Holdings Inc.	99,277	1,324
	Dine Brands Global Inc.	13,779	1,316
	Lions Gate Entertainment Corp. Class A	105,619	1,294
	Brinker International Inc.	32,625	1,284
*	Urban Outfitters Inc.	54,708	1,245
	Bed Bath & Beyond Inc.	106,376	1,236
	Children’s Place Inc.	12,819	1,223
	Group 1 Automotive Inc.	14,913	1,221
	Red Rock Resorts Inc. Class A	56,182	1,207
*	Career Education Corp.	62,065	1,184
*	Cars.com Inc.	59,046	1,164
*	Clear Channel Outdoor Holdings Inc.	246,113	1,162
^,*	Stitch Fix Inc. Class A	35,623	1,140
	Hawaiian Holdings Inc.	41,483	1,138
*	Gray Television Inc.	68,792	1,128
	Viad Corp.	16,266	1,077
	PriceSmart Inc.	20,916	1,069
	Designer Brands Inc. Class A	55,521	1,064
*	Rent-A-Center Inc.	39,179	1,043
*	Denny’s Corp.	49,923	1,025
*	MSG Networks Inc.	49,247	1,021
*	K12 Inc.	33,139	1,008
*	Liberty Media Corp-Liberty Formula One Class A	26,954	967
	Office Depot Inc.	459,951	948
*	Herc Holdings Inc.	20,604	944
*	Upwork Inc.	56,348	906
	Abercrombie & Fitch Co.	55,938	897
	Big Lots Inc.	31,305	896
	Matthews International Corp. Class A	25,687	895
*	Scientific Games Corp.	44,316	878
	International Speedway Corp. Class A	19,386	870
	Signet Jewelers Ltd.	47,950	857
*	ANGI Homeservices Inc. Class A	65,494	852
*	Chefs’ Warehouse Inc.	24,217	849
*	Liberty Media Corp-Liberty Braves	30,197	845
	Papa John’s International Inc.	18,712	837
*	Weight Watchers International Inc.	42,403	810
^,*	Trupanion Inc.	22,008	795
	EW Scripps Co. Class A	50,961	779
*	Boot Barn Holdings Inc.	21,819	778
	Gannett Co. Inc.	95,028	775
	Guess? Inc.	46,911	758
*	Liberty TripAdvisor Holdings Inc. Class A	60,247	747
^,*	Hertz Global Holdings Inc.	46,670	745
*	Stamps.com Inc.	15,804	715
	BJ’s Restaurants Inc.	16,148	710
*	QuinStreet Inc.	44,659	708
*	Quotient Technology Inc.	65,116	699
	Entercom Communications Corp. Class A	115,505	670
*	Genesco Inc.	15,565	658
	Scholastic Corp.	19,291	641
	Caleres Inc.	31,977	637
*	Houghton Mifflin Harcourt Co.	108,669	626
^	Dillard’s Inc. Class A	10,001	623
*	Twin River Worldwide Holdings Inc.	18,659	555
*	Michaels Cos. Inc.	63,012	548

10

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	SP Plus Corp.	16,957	541
	Marcus Corp.	16,388	540
	News Corp. Class B	38,252	534
*	Providence Service Corp.	9,261	531
	Ruth’s Hospitality Group Inc.	22,138	503
*	TechTarget Inc.	23,551	500
*	TrueCar Inc.	89,707	490
^	GameStop Corp. Class A	86,894	475
	Sonic Automotive Inc. Class A	20,175	471
	Weis Markets Inc.	12,510	456
	New Media Investment Group Inc.	48,154	455
	Chico’s FAS Inc.	130,290	439
*	BrightView Holdings Inc.	23,367	437
*	Regis Corp.	26,267	436
	Buckle Inc.	24,717	428
*	Lindblad Expeditions Holdings Inc.	23,729	426
*	America’s Car-Mart Inc.	4,944	426
*	Diplomat Pharmacy Inc.	69,300	422
	National CineMedia Inc.	63,500	417
*	PlayAGS Inc.	21,026	409
	AMC Entertainment Holdings Inc. Class A	43,805	409
*	Zumiez Inc.	15,608	407
^	Rite Aid Corp.	50,099	401
*	Grocery Outlet Holding Corp.	11,856	390
	Ingles Markets Inc. Class A	12,459	388
*	Monarch Casino & Resort Inc.	8,772	375
*	United Natural Foods Inc.	41,468	372
*	American Public Education Inc.	12,468	369
*	Del Taco Restaurants Inc.	28,499	365
^,*	Overstock.com Inc.	26,177	356
*	Titan Machinery Inc.	17,060	351
*	MarineMax Inc.	21,308	350
*	Revolve Group Inc.	10,070	347
*	Fiesta Restaurant Group Inc.	26,164	344
	Winmark Corp.	1,972	341
	Carriage Services Inc. Class A	17,895	340
*	1-800-Flowers.com Inc. Class A	17,410	329
*	Chuy’s Holdings Inc.	14,128	324
*	Party City Holdco Inc.	43,830	321
*	Clean Energy Fuels Corp.	119,319	319
^,*	Waitr Holdings Inc.	48,625	306
^,*	Lumber Liquidators Holdings Inc.	26,322	304
	SpartanNash Co.	25,954	303
*	Rubicon Project Inc.	46,279	294
	Speedway Motorsports Inc.	15,861	294
*	Drive Shack Inc.	61,789	290
^,*	JC Penney Co. Inc.	251,014	286
	Shoe Carnival Inc.	10,365	286
*	Red Robin Gourmet Burgers Inc.	9,339	286
*	Hemisphere Media Group Inc. Class A	22,025	285
*	Avid Technology Inc.	31,062	283
	Haverty Furniture Cos. Inc.	16,034	273
*	At Home Group Inc.	39,996	266
*	Century Casinos Inc.	27,263	264
	Tailored Brands Inc.	45,800	264
	Emerald Expositions Events Inc.	23,449	261
*	PCM Inc.	7,316	256
*	comScore Inc.	49,031	253
^	PetMed Express Inc.	16,075	252
	Lions Gate Entertainment Corp. Class B	21,408	249
*	Cumulus Media Inc. Class A	13,227	245
*	Care.com Inc.	21,774	239
	Entravision Communications Corp. Class A	74,703	233
*	Hibbett Sports Inc.	12,690	231

11

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Conn’s Inc.	12,922	230
	Cato Corp. Class A	18,491	228
*	Liberty Media Corp-Liberty Braves	8,013	223
*	MDC Partners Inc. Class A	87,287	220
	Nathan’s Famous Inc.	2,809	219
	Tilly’s Inc. Class A	28,157	215
*	Express Inc.	75,700	207
*	Habit Restaurants Inc. Class A	19,624	206
*	Potbelly Corp.	39,800	203
*	Digital Turbine Inc.	39,213	196
*	GNC Holdings Inc. Class A	130,700	196
*	Mesa Air Group Inc.	21,400	196
	Barnes & Noble Inc.	28,823	193
*	Carrols Restaurant Group Inc.	21,342	193
	Village Super Market Inc. Class A	7,208	191
*	El Pollo Loco Holdings Inc.	16,271	173
*	Daily Journal Corp.	718	171
*	Boston Omaha Corp. Class A	7,295	169
*	Biglari Holdings Inc. Class B	1,592	165
*	Golden Entertainment Inc.	11,600	162
*	Select Interior Concepts Inc. Class A	13,592	158
	Citi Trends Inc.	10,254	150
*	Liquidity Services Inc.	24,357	148
*	Noodles & Co. Class A	18,267	144
	Tile Shop Holdings Inc.	35,549	142
	Saga Communications Inc. Class A	4,438	139
	RCI Hospitality Holdings Inc.	7,914	139
*	J Alexander’s Holdings Inc.	12,226	137
*	Sportsman’s Warehouse Holdings Inc.	35,095	133
*	Del Frisco’s Restaurant Group Inc.	16,513	131
*	Container Store Group Inc.	16,961	124
	Collectors Universe Inc.	5,764	123
	Tribune Publishing Co.	15,297	122
*	Duluth Holdings Inc.	8,908	121
*	Reading International Inc. Class A	8,634	112
*	Lands’ End Inc.	8,994	110
*	A-Mark Precious Metals Inc.	7,716	101
*	Red Lion Hotels Corp.	13,715	98
*	Natural Grocers by Vitamin Cottage Inc.	9,195	92
^,*	Hertz Global Holdings Inc. Rights Exp. 07/12/2019	46,670	91
*	Fluent Inc.	16,860	91
*	Marchex Inc. Class B	18,637	88
*	Tuesday Morning Corp.	50,795	86
*	Barnes & Noble Education Inc.	25,380	85
*	Zovio Inc. Class A	22,039	79
^,*	HF Foods Group Inc.	2,087	73
*	Leaf Group Ltd.	9,644	71
*	Vitamin Shoppe Inc.	17,858	70
*	Travelzoo	3,978	61
	AH Belo Corp. Class A	16,371	60
*	Urban One Inc.	28,868	57
	Townsquare Media Inc. Class A	9,269	50
*	RealReal Inc.	1,627	47
*	RTW RetailWinds Inc.	27,323	46
*	Ascena Retail Group Inc.	72,000	44
*	Destination XL Group Inc.	24,679	43
*	Alkaline Water Co. Inc.	17,626	38
^,*	Social Reality Inc. Class A	7,476	35
^,*	Youngevity International Inc.	5,128	29
	Ark Restaurants Corp.	1,320	27
*	Gaia Inc. Class A	3,502	27
*	RealNetworks Inc.	13,821	26
	J. Jill Inc.	12,524	25
	CSS Industries Inc.	4,951	24

12

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Educational Development Corp.	3,375	24
*	Gray Television Inc. Class A	1,402	22
*	HyreCar Inc.	4,783	20
*	Global Eagle Entertainment Inc.	29,259	19
*	Interpace Diagnostics Group Inc.	25,300	18
^	Stage Stores Inc.	23,145	18
*	Full House Resorts Inc.	9,186	17
	Beasley Broadcast Group Inc. Class A	5,320	17
*	Stein Mart Inc.	19,335	17
^,*	Fred’s Inc. Class A	33,823	17
*	EVINE Live Inc.	36,650	16
*	Remark Holdings Inc.	18,525	16
*	ONE Group Hospitality Inc.	4,720	15
^,*	Net Element Inc.	2,722	12
*	EverQuote Inc. Class A	954	12
*	AutoWeb Inc.	3,439	12
*	Sears Hometown and Outlet Stores Inc.	5,059	12
*	Lee Enterprises Inc.	5,251	12
	Big 5 Sporting Goods Corp.	5,818	11
*	Luby’s Inc.	10,198	11
*	VistaGen Therapeutics Inc.	15,023	11
*	LiveXLive Media Inc.	2,448	10
	TheStreet Inc.	1,572	10
*	Purple Innovation Inc.	1,381	9
*,§	A Schulman Inc. CVR	20,412	9
*	Insignia Systems Inc.	8,283	9
*	Diversified Restaurant Holdings Inc.	11,044	8
*	Town Sports International Holdings Inc.	3,649	8
	Peak Resorts Inc.	1,574	8
*	Build-A-Bear Workshop Inc.	1,327	7
^,*	Ifresh Inc.	5,622	7
*	McClatchy Co. Class A	2,498	7
*	Rave Restaurant Group Inc.	2,082	6
*	Famous Dave’s of America Inc.	1,407	6
	FAT Brands Inc.	1,492	6
^,*	Blue Apron Holdings Inc. Class A	906	6
	Salem Media Group Inc. Class A	1,621	4
*	Good Times Restaurants Inc.	1,675	3
*	Emmis Communications Corp. Class A	575	3
*	Live Ventures Inc.	372	3
	Chicken Soup For The Soul Entertainment Inc.	296	2
*	Genius Brands International Inc.	1,479	2
*	Profire Energy Inc.	1,221	2
*	Valeritas Holdings Inc.	644	2
*	Eastside Distilling Inc.	329	2
*	SPAR Group Inc.	1,965	1
*	Destination Maternity Corp.	888	1
*	Harte-Hanks Inc.	400	1
*	BioHiTech Global Inc.	490	1
*	Urban One Inc. Class A	200	—
	Dover Motorsports Inc.	87	—
*,§	Adolor Corp. Rights Exp. 07/01/2019	34,581	—
			3,469,929
Financials (11.6%)
*	Berkshire Hathaway Inc. Class B	1,547,535	329,888
	JPMorgan Chase & Co.	2,637,724	294,898
	Visa Inc. Class A	1,490,285	258,639
	Bank of America Corp.	7,342,249	212,925
	Mastercard Inc. Class A	779,738	206,264
	Wells Fargo & Co.	3,464,981	163,963
	Citigroup Inc.	1,987,766	139,203
	American Tower Corp.	379,305	77,549
	American Express Co.	540,477	66,716
	US Bancorp	1,226,537	64,271

13

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Goldman Sachs Group Inc.	299,335	61,244
	CME Group Inc.	307,491	59,687
	Chubb Ltd.	334,453	49,262
	S&P Global Inc.	211,439	48,164
	PNC Financial Services Group Inc.	349,529	47,983
	Morgan Stanley	1,092,949	47,882
	Crown Castle International Corp.	357,369	46,583
	Marsh & McLennan Cos. Inc.	439,515	43,842
	BlackRock Inc.	93,169	43,724
	Prologis Inc.	544,911	43,647
	Charles Schwab Corp.	1,039,934	41,795
	Intercontinental Exchange Inc.	485,823	41,752
	Simon Property Group Inc.	252,505	40,340
	Progressive Corp.	502,395	40,156
	Aon plc	207,313	40,007
	American International Group Inc.	745,642	39,728
	Capital One Financial Corp.	403,074	36,575
	Equinix Inc.	72,071	36,345
	Aflac Inc.	640,248	35,092
	Prudential Financial Inc.	346,943	35,041
	BB&T Corp.	663,962	32,620
	Bank of New York Mellon Corp.	737,024	32,540
	Travelers Cos. Inc.	212,977	31,844
	MetLife Inc.	614,884	30,541
	Public Storage	127,176	30,290
	Allstate Corp.	286,837	29,168
	Welltower Inc.	352,399	28,731
	Moody’s Corp.	137,622	26,879
*	Berkshire Hathaway Inc. Class A	79	25,150
	Equity Residential	321,227	24,388
	AvalonBay Communities Inc.	119,373	24,254
	SunTrust Banks Inc.	379,091	23,826
*	SBA Communications Corp. Class A	96,659	21,733
	Ventas Inc.	316,838	21,656
	Discover Financial Services	277,569	21,537
	T. Rowe Price Group Inc.	192,290	21,096
*	IHS Markit Ltd.	329,878	21,020
	Digital Realty Trust Inc.	178,406	21,014
	Synchrony Financial	559,614	19,402
	M&T Bank Corp.	110,863	18,854
	Realty Income Corp.	271,044	18,694
	Fifth Third Bancorp	625,295	17,446
	Hartford Financial Services Group Inc.	307,817	17,152
	Boston Properties Inc.	131,735	16,994
	State Street Corp.	303,057	16,989
	Weyerhaeuser Co.	636,433	16,764
	Ameriprise Financial Inc.	114,706	16,651
	Essex Property Trust Inc.	56,312	16,439
	MSCI Inc. Class A	68,410	16,336
	Northern Trust Corp.	176,988	15,929
	KeyCorp	858,290	15,235
*	CBRE Group Inc. Class A	272,772	13,993
	Equifax Inc.	103,219	13,959
	First Republic Bank	142,284	13,894
	Principal Financial Group Inc.	239,592	13,877
	Arthur J Gallagher & Co.	157,895	13,830
	Citizens Financial Group Inc.	390,352	13,803
	Cincinnati Financial Corp.	132,846	13,772
	Alexandria Real Estate Equities Inc.	96,741	13,649
	HCP Inc.	411,334	13,154
	Regions Financial Corp.	860,377	12,854
	Huntington Bancshares Inc.	888,231	12,275
*	Arch Capital Group Ltd.	330,012	12,237
*	Markel Corp.	11,218	12,223

14

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Loews Corp.	222,184	12,147
	WP Carey Inc.	146,579	11,899
	TD Ameritrade Holding Corp.	237,262	11,844
	Mid-America Apartment Communities Inc.	98,784	11,633
	Host Hotels & Resorts Inc.	630,948	11,496
	Annaly Capital Management Inc.	1,244,546	11,363
	UDR Inc.	252,155	11,319
	KKR & Co. Inc. Class A	441,637	11,160
	Lincoln National Corp.	172,175	11,097
	Extra Space Storage Inc.	104,179	11,053
	Ally Financial Inc.	339,404	10,518
	Cboe Global Markets Inc.	95,603	9,907
*	SVB Financial Group	44,041	9,891
	Duke Realty Corp.	309,484	9,783
	MarketAxess Holdings Inc.	30,405	9,773
	Invitation Homes Inc.	359,783	9,617
	Nasdaq Inc.	99,780	9,596
	Regency Centers Corp.	143,347	9,567
	Comerica Inc.	130,115	9,452
	Vornado Realty Trust	146,287	9,377
	E*TRADE Financial Corp.	208,539	9,301
	Sun Communities Inc.	72,428	9,285
	Raymond James Financial Inc.	107,896	9,123
	Fidelity National Financial Inc.	225,742	9,097
	VICI Properties Inc.	399,668	8,809
	Everest Re Group Ltd.	34,585	8,549
	Camden Property Trust	81,816	8,541
	Reinsurance Group of America Inc. Class A	54,118	8,444
	Franklin Resources Inc.	241,048	8,388
	Equity LifeStyle Properties Inc.	68,932	8,364
	Federal Realty Investment Trust	63,754	8,209
*	Alleghany Corp.	11,656	7,939
	WR Berkley Corp.	117,282	7,732
	Iron Mountain Inc.	244,975	7,668
	VEREIT Inc.	847,156	7,633
	Torchmark Corp.	83,937	7,509
	AGNC Investment Corp.	446,099	7,503
	National Retail Properties Inc.	139,702	7,406
	Western Union Co.	372,283	7,405
	Zions Bancorp NA	153,243	7,046
	Invesco Ltd.	342,437	7,006
	Gaming and Leisure Properties Inc.	175,049	6,823
	Brown & Brown Inc.	203,140	6,805
	RenaissanceRe Holdings Ltd.	38,076	6,778
	Voya Financial Inc.	122,412	6,769
	Omega Healthcare Investors Inc.	181,353	6,665
	Kilroy Realty Corp.	86,313	6,371
	Kimco Realty Corp.	341,954	6,319
	SEI Investments Co.	112,391	6,305
	Liberty Property Trust	125,525	6,281
	Apartment Investment & Management Co.	121,089	6,069
	American Financial Group Inc.	57,790	5,922
	Lamar Advertising Co. Class A	73,204	5,908
	Medical Properties Trust Inc.	336,196	5,863
	East West Bancorp Inc.	124,102	5,804
	SL Green Realty Corp.	72,181	5,801
	STORE Capital Corp.	173,596	5,762
*	Athene Holding Ltd. Class A	132,169	5,691
	People’s United Financial Inc.	334,029	5,605
	Erie Indemnity Co. Class A	22,016	5,598
	CyrusOne Inc.	96,750	5,584
	Douglas Emmett Inc.	139,332	5,551
	LPL Financial Holdings Inc.	67,983	5,545
	Assurant Inc.	51,826	5,513

15

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Old Republic International Corp.	245,387	5,492
	New Residential Investment Corp.	356,171	5,481
	Jones Lang LaSalle Inc.	38,827	5,463
	Unum Group	162,253	5,444
	CubeSmart	162,428	5,432
	Signature Bank	44,877	5,423
	American Campus Communities Inc.	117,457	5,422
	American Homes 4 Rent Class A	221,730	5,390
	AXA Equitable Holdings Inc.	255,813	5,347
	Americold Realty Trust	163,373	5,297
	Starwood Property Trust Inc.	229,800	5,221
	Commerce Bancshares Inc.	84,939	5,067
*	Credit Acceptance Corp.	10,455	5,058
*	GCI Liberty Inc. Class A	82,024	5,041
*	Howard Hughes Corp.	39,370	4,876
	First American Financial Corp.	90,496	4,860
	Healthcare Trust of America Inc. Class A	174,508	4,787
	EPR Properties	64,092	4,781
	Park Hotels & Resorts Inc.	173,406	4,779
	Brixmor Property Group Inc.	262,641	4,696
	Kemper Corp.	53,148	4,586
	Cousins Properties Inc.	126,636	4,580
	Cullen/Frost Bankers Inc.	48,347	4,528
	Popular Inc.	82,883	4,496
	Hanover Insurance Group Inc.	34,579	4,436
	Synovus Financial Corp.	125,490	4,392
	Primerica Inc.	36,378	4,364
	Hudson Pacific Properties Inc.	130,545	4,343
^,*	Zillow Group Inc.	93,417	4,334
	CIT Group Inc.	81,884	4,302
	JBG SMITH Properties	108,528	4,270
	Affiliated Managers Group Inc.	44,709	4,119
	Macerich Co.	122,603	4,106
	Axis Capital Holdings Ltd.	68,505	4,086
	Radian Group Inc.	178,111	4,070
	Eaton Vance Corp.	94,237	4,064
*	MGIC Investment Corp.	303,157	3,983
	PacWest Bancorp	102,401	3,976
	First Horizon National Corp.	265,515	3,964
	First Industrial Realty Trust Inc.	107,508	3,950
	Jefferies Financial Group Inc.	202,438	3,893
	Life Storage Inc.	40,637	3,864
	Blackstone Mortgage Trust Inc. Class A	108,333	3,854
	Webster Financial Corp.	79,454	3,796
	Prosperity Bancshares Inc.	57,171	3,776
	Sterling Bancorp	176,469	3,755
	New York Community Bancorp Inc.	375,793	3,750
*	Essent Group Ltd.	79,797	3,750
	Selective Insurance Group Inc.	49,901	3,737
*	Brighthouse Financial Inc.	99,564	3,653
*	Western Alliance Bancorp	81,392	3,640
	Lazard Ltd. Class A	105,736	3,636
	Highwoods Properties Inc.	87,663	3,620
	Pinnacle Financial Partners Inc.	62,494	3,592
	IBERIABANK Corp.	47,286	3,587
	CoreSite Realty Corp.	31,111	3,583
	Spirit Realty Capital Inc.	83,736	3,572
	EastGroup Properties Inc.	30,725	3,563
	FirstCash Inc.	35,599	3,561
	Wintrust Financial Corp.	48,445	3,544
	Rexford Industrial Realty Inc.	87,680	3,540
	Assured Guaranty Ltd.	84,059	3,537
	Healthcare Realty Trust Inc.	112,615	3,527
	Hospitality Properties Trust	138,521	3,463

16

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	First Financial Bankshares Inc.	110,376	3,398
	SLM Corp.	349,110	3,393
	Rayonier Inc.	110,644	3,353
	Stifel Financial Corp.	56,470	3,335
	Ryman Hospitality Properties Inc.	40,501	3,284
	FNB Corp.	276,125	3,250
	Interactive Brokers Group Inc.	59,833	3,243
	United Bankshares Inc.	87,111	3,231
	STAG Industrial Inc.	104,945	3,174
	Equity Commonwealth	97,355	3,166
	Pebblebrook Hotel Trust	111,750	3,149
	Umpqua Holdings Corp.	188,697	3,130
	Outfront Media Inc.	120,811	3,116
	Sabra Health Care REIT Inc.	157,493	3,101
	Bank OZK	102,665	3,089
	RLI Corp.	35,539	3,046
	Glacier Bancorp Inc.	74,152	3,007
	Janus Henderson Group plc	140,303	3,002
	Hancock Whitney Corp.	74,536	2,986
	First Hawaiian Inc.	114,527	2,963
	Chimera Investment Corp.	156,623	2,955
	Associated Banc-Corp	139,372	2,946
	Weingarten Realty Investors	107,134	2,938
	TCF Financial Corp.	139,505	2,900
	Two Harbors Investment Corp.	226,059	2,864
	Community Bank System Inc.	43,431	2,860
	Bank of Hawaii Corp.	34,224	2,838
	Navient Corp.	207,261	2,829
	Valley National Bancorp	260,562	2,809
	Apple Hospitality REIT Inc.	176,685	2,802
	BankUnited Inc.	82,334	2,778
	Physicians Realty Trust	158,961	2,772
	Federated Investors Inc. Class B	85,271	2,771
	PS Business Parks Inc.	16,438	2,770
	Legg Mason Inc.	71,592	2,741
	National Health Investors Inc.	35,048	2,735
	Terreno Realty Corp.	55,556	2,724
	White Mountains Insurance Group Ltd.	2,663	2,720
	MFA Financial Inc.	377,251	2,709
*	LendingTree Inc.	6,424	2,698
	Sunstone Hotel Investors Inc.	195,912	2,686
*	Texas Capital Bancshares Inc.	43,430	2,665
	UMB Financial Corp.	40,397	2,659
	RLJ Lodging Trust	147,226	2,612
	Home BancShares Inc.	135,239	2,605
	CenterState Bank Corp.	112,938	2,601
	Chemical Financial Corp.	63,143	2,596
	Evercore Inc. Class A	29,059	2,574
	Old National Bancorp	154,153	2,557
	CVB Financial Corp.	121,495	2,555
	Corporate Office Properties Trust	96,813	2,553
	Paramount Group Inc.	182,184	2,552
	Fulton Financial Corp.	148,728	2,435
	BancorpSouth Bank	83,818	2,434
	Washington Federal Inc.	68,156	2,381
	Cathay General Bancorp	66,224	2,378
	CNO Financial Group Inc.	141,711	2,364
	Apollo Commercial Real Estate Finance Inc.	127,293	2,341
	Atlantic Union Bankshares Corp.	65,603	2,318
	Independent Bank Corp.	30,198	2,300
	South State Corp.	31,013	2,285
	Empire State Realty Trust Inc.	152,771	2,263
	Cadence BanCorp Class A	108,164	2,250
	OneMain Holdings Inc.	65,742	2,223

17

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	International Bancshares Corp.	58,834	2,219
	First Financial Bancorp	90,627	2,195
	Columbia Banking System Inc.	60,187	2,178
	American Equity Investment Life Holding Co.	79,841	2,168
	Columbia Property Trust Inc.	104,276	2,163
	Piedmont Office Realty Trust Inc. Class A	108,236	2,157
	CoreCivic Inc.	103,738	2,154
	First BanCorp	193,153	2,132
	PotlatchDeltic Corp.	54,598	2,128
	QTS Realty Trust Inc. Class A	46,078	2,128
	Argo Group International Holdings Ltd.	28,702	2,125
	Retail Properties of America Inc.	180,651	2,124
	Kennedy-Wilson Holdings Inc.	102,975	2,118
	Santander Consumer USA Holdings Inc.	88,165	2,112
	GEO Group Inc.	100,539	2,112
*	Zillow Group Inc. Class A	45,805	2,096
	Investors Bancorp Inc.	187,538	2,091
	Brandywine Realty Trust	145,113	2,078
*	Green Dot Corp. Class A	42,399	2,073
	Senior Housing Properties Trust	248,085	2,052
	Taubman Centers Inc.	50,189	2,049
	WesBanco Inc.	52,951	2,041
	Xenia Hotels & Resorts Inc.	97,330	2,029
	Colony Capital Inc.	405,130	2,026
	First Midwest Bancorp Inc.	98,905	2,025
	Acadia Realty Trust	73,314	2,007
	American Assets Trust Inc.	41,997	1,979
	First Citizens BancShares Inc. Class A	4,370	1,968
	Agree Realty Corp.	30,333	1,943
	BOK Financial Corp.	25,271	1,907
	CareTrust REIT Inc.	79,610	1,893
	Ameris Bancorp	47,885	1,877
	United Community Banks Inc.	65,130	1,860
	DiamondRock Hospitality Co.	179,760	1,859
*	Enstar Group Ltd.	10,403	1,813
	WSFS Financial Corp.	43,839	1,811
	Lexington Realty Trust	191,237	1,800
*	Cannae Holdings Inc.	61,792	1,791
	Invesco Mortgage Capital Inc.	110,013	1,773
	LegacyTexas Financial Group Inc.	43,389	1,766
	Trustmark Corp.	52,771	1,755
	Washington REIT	64,767	1,731
	Ladder Capital Corp. Class A	104,201	1,731
	Simmons First National Corp. Class A	74,384	1,730
	Urban Edge Properties	99,481	1,724
	Towne Bank	62,816	1,714
	Four Corners Property Trust Inc.	62,274	1,702
	Great Western Bancorp Inc.	47,641	1,702
	Retail Opportunity Investments Corp.	98,971	1,695
	Renasant Corp.	46,460	1,670
	ProAssurance Corp.	46,045	1,663
	First Merchants Corp.	43,862	1,662
	Independent Bank Group Inc.	30,229	1,661
*	NMI Holdings Inc. Class A	57,570	1,634
	Northwest Bancshares Inc.	91,855	1,618
	Capitol Federal Financial Inc.	116,460	1,604
	Mack-Cali Realty Corp.	68,466	1,595
	Banner Corp.	29,418	1,593
	SITE Centers Corp.	120,230	1,592
	Pacific Premier Bancorp Inc.	51,100	1,578
	Kinsale Capital Group Inc.	17,242	1,577
*	Genworth Financial Inc. Class A	422,282	1,567
	Hannon Armstrong Sustainable Infrastructure Capital Inc.	55,530	1,565
	First Interstate BancSystem Inc. Class A	39,060	1,547

18

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	LTC Properties Inc.	33,852	1,546
	Ares Management Corp.	58,700	1,536
	Hope Bancorp Inc.	111,219	1,533
*	eHealth Inc.	17,651	1,520
	Mercury General Corp.	23,950	1,497
	National Storage Affiliates Trust	51,531	1,491
	Heartland Financial USA Inc.	33,183	1,484
	Horace Mann Educators Corp.	36,526	1,472
	Westamerica Bancorporation	23,815	1,467
*	Cushman & Wakefield plc	81,914	1,465
	ServisFirst Bancshares Inc.	42,589	1,459
	Eagle Bancorp Inc.	26,878	1,455
	Global Net Lease Inc.	73,505	1,442
	Uniti Group Inc.	150,597	1,431
	National General Holdings Corp.	61,520	1,411
	Moelis & Co. Class A	40,230	1,406
	Virtu Financial Inc. Class A	64,347	1,401
	HFF Inc. Class A	30,663	1,395
	Brookfield Property REIT Inc. Class A	72,905	1,377
	Alexander & Baldwin Inc.	59,330	1,371
	Houlihan Lokey Inc. Class A	30,539	1,360
	NBT Bancorp Inc.	35,530	1,333
	PennyMac Mortgage Investment Trust	60,985	1,331
	Redwood Trust Inc.	80,168	1,325
	Tanger Factory Outlet Centers Inc.	81,316	1,318
	Walker & Dunlop Inc.	24,744	1,317
	Chesapeake Lodging Trust	46,182	1,313
*	LendingClub Corp.	398,720	1,308
	Hilltop Holdings Inc.	61,363	1,305
	Newmark Group Inc. Class A	141,868	1,274
	BGC Partners Inc. Class A	238,143	1,245
*	Axos Financial Inc.	44,785	1,220
	First Busey Corp.	44,999	1,188
	Provident Financial Services Inc.	48,995	1,188
	First Commonwealth Financial Corp.	88,077	1,186
	Kite Realty Group Trust	77,745	1,176
	Colony Credit Real Estate Inc.	75,357	1,168
	Artisan Partners Asset Management Inc. Class A	42,434	1,168
	Veritex Holdings Inc.	44,877	1,165
	Park National Corp.	11,709	1,164
	Industrial Logistics Properties Trust	55,767	1,161
	Safety Insurance Group Inc.	12,173	1,158
	Berkshire Hills Bancorp Inc.	36,800	1,155
	Easterly Government Properties Inc.	62,738	1,136
*	Redfin Corp.	62,945	1,132
*	Seacoast Banking Corp. of Florida	44,354	1,128
	Cohen & Steers Inc.	21,933	1,128
	FGL Holdings	134,259	1,128
	Monmouth Real Estate Investment Corp.	83,130	1,126
	OFG Bancorp	47,383	1,126
	Summit Hotel Properties Inc.	97,548	1,119
^	Seritage Growth Properties Class A	25,754	1,106
	City Holding Co.	14,498	1,106
	Office Properties Income Trust	41,826	1,099
	Clearway Energy Inc.	64,953	1,095
	American Finance Trust Inc.	99,800	1,088
	New York Mortgage Trust Inc.	175,071	1,085
	BancFirst Corp.	19,215	1,070
	OceanFirst Financial Corp.	43,029	1,069
	Employers Holdings Inc.	25,275	1,068
	Waddell & Reed Financial Inc. Class A	63,737	1,063
	James River Group Holdings Ltd.	22,639	1,062
	Kearny Financial Corp.	79,717	1,059
	Hamilton Lane Inc. Class A	18,564	1,059

19

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	First Bancorp	28,478	1,037
^	Innovative Industrial Properties Inc.	8,392	1,037
	American National Insurance Co.	8,821	1,027
	AMERISAFE Inc.	16,017	1,021
	Lakeland Financial Corp.	21,460	1,005
	TPG RE Finance Trust Inc.	51,850	1,000
*	PRA Group Inc.	34,750	978
	S&T Bancorp Inc.	25,952	973
	Tompkins Financial Corp.	11,757	959
	Sandy Spring Bancorp Inc.	27,375	955
	Boston Private Financial Holdings Inc.	78,736	950
	Enterprise Financial Services Corp.	22,647	942
*	World Acceptance Corp.	5,632	924
	ARMOUR Residential REIT Inc.	49,384	921
	Southside Bancshares Inc.	27,860	902
	Brookline Bancorp Inc.	58,565	901
	Heritage Financial Corp.	30,438	899
	Universal Health Realty Income Trust	10,489	891
	Piper Jaffray Cos.	11,892	883
*	Encore Capital Group Inc.	25,884	877
	Armada Hoffler Properties Inc.	52,430	868
	Meta Financial Group Inc.	30,553	857
	RPT Realty	70,559	854
	United Fire Group Inc.	17,602	853
	Independence Realty Trust Inc.	73,590	851
	Virtus Investment Partners Inc.	7,823	840
^	Arbor Realty Trust Inc.	67,563	819
	TFS Financial Corp.	44,789	809
	Getty Realty Corp.	26,247	807
*	Focus Financial Partners Inc. Class A	29,468	805
	Essential Properties Realty Trust Inc.	39,956	801
	PJT Partners Inc.	19,447	788
	Granite Point Mortgage Trust Inc.	40,457	776
	TriCo Bancshares	20,418	772
	Flagstar Bancorp Inc.	22,976	761
	Chatham Lodging Trust	38,958	735
	Central Pacific Financial Corp.	24,389	731
	WisdomTree Investments Inc.	118,321	730
	Franklin Street Properties Corp.	98,415	726
	National Bank Holdings Corp. Class A	19,804	719
	Stewart Information Services Corp.	17,620	713
	German American Bancorp Inc.	23,558	710
	Washington Prime Group Inc.	182,415	697
	Flushing Financial Corp.	31,291	695
	iStar Inc.	55,726	692
*	MBIA Inc.	74,024	689
*	HomeStreet Inc.	23,088	684
	United Financial Bancorp Inc.	48,214	684
	Realogy Holdings Corp.	93,800	679
*	Third Point Reinsurance Ltd.	65,400	675
	Meridian Bancorp Inc.	37,362	668
	Hanmi Financial Corp.	29,756	663
	Universal Insurance Holdings Inc.	23,623	659
*	WillScot Corp. Class A	43,768	658
	TrustCo Bank Corp. NY	82,939	657
	Capstead Mortgage Corp.	78,255	653
*	Marcus & Millichap Inc.	20,957	647
	Preferred Bank	13,521	639
	State Auto Financial Corp.	18,211	637
*	Allegiance Bancshares Inc.	19,113	637
*	Ambac Financial Group Inc.	37,777	637
	Investors Real Estate Trust	10,541	618
	NexPoint Residential Trust Inc.	14,857	615
	Dime Community Bancshares Inc.	32,379	615

20

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Origin Bancorp Inc.	18,561	613
	RMR Group Inc. Class A	13,025	612
	Fidelity Southern Corp.	19,346	599
*	Columbia Financial Inc.	39,498	596
	QCR Holdings Inc.	17,092	596
	Oritani Financial Corp.	33,376	592
	Republic Bancorp Inc. Class A	11,888	591
	Lakeland Bancorp Inc.	36,616	591
	Univest Financial Corp.	22,507	591
	Alexander’s Inc.	1,585	587
	PennyMac Financial Services Inc.	26,427	586
	Northfield Bancorp Inc.	37,390	584
	Community Healthcare Trust Inc.	14,808	584
*	Customers Bancorp Inc.	27,711	582
	Preferred Apartment Communities Inc. Class A	38,542	576
	Midland States Bancorp Inc.	21,539	576
	Stock Yards Bancorp Inc.	15,916	575
	Carolina Financial Corp.	15,876	557
	Saul Centers Inc.	9,891	555
	Peapack Gladstone Financial Corp.	19,698	554
	Washington Trust Bancorp Inc.	10,612	554
	New Senior Investment Group Inc.	82,301	553
	CBTX Inc.	19,652	553
	National Western Life Group Inc. Class A	2,144	551
	Bryn Mawr Bank Corp.	14,718	549
	Gladstone Commercial Corp.	25,789	547
*	Enova International Inc.	23,539	543
*	Triumph Bancorp Inc.	18,637	541
	Ellington Financial Inc.	29,600	532
	Banc of California Inc.	37,714	527
	Federal Agricultural Mortgage Corp.	7,166	521
	Great Southern Bancorp Inc.	8,698	521
	CatchMark Timber Trust Inc. Class A	49,512	517
	First Bancshares Inc.	16,891	512
	Front Yard Residential Corp.	41,596	508
	People’s Utah Bancorp	17,258	507
	1st Source Corp.	10,880	505
	ConnectOne Bancorp Inc.	22,262	504
	Hersha Hospitality Trust Class A	30,464	504
*	St. Joe Co.	28,982	501
	FBL Financial Group Inc. Class A	7,741	494
	AG Mortgage Investment Trust Inc.	31,006	493
	Urstadt Biddle Properties Inc. Class A	23,329	490
	Camden National Corp.	10,634	488
	RE/MAX Holdings Inc. Class A	15,637	481
	Nelnet Inc. Class A	8,068	478
	American National Bankshares Inc.	12,302	477
	Amalgamated Bank Class A	27,248	475
	MidWestOne Financial Group Inc.	17,000	475
	Community Trust Bancorp Inc.	11,234	475
	Live Oak Bancshares Inc.	27,611	474
	Opus Bank	22,425	473
*	Byline Bancorp Inc.	24,690	472
	Horizon Bancorp Inc.	28,865	472
	Anworth Mortgage Asset Corp.	122,835	466
	Western Asset Mortgage Capital Corp.	46,368	463
*	INTL. FCStone Inc.	11,591	459
*	Carter Bank & Trust	23,054	455
*	Equity Bancshares Inc. Class A	16,942	452
	Whitestone REIT	35,347	449
	FB Financial Corp.	12,226	447
*	Mr Cooper Group Inc.	55,000	441
	CorePoint Lodging Inc.	35,204	436
	Bank First National Corp.	6,300	434

21

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	First of Long Island Corp.	21,619	434
*	TriState Capital Holdings Inc.	20,232	432
	First Defiance Financial Corp.	14,815	423
	KKR Real Estate Finance Trust Inc.	21,141	421
*	Cowen Inc. Class A	24,160	415
	Peoples Bancorp Inc.	12,777	412
	Waterstone Financial Inc.	24,139	412
	Goosehead Insurance Inc. Class A	8,427	403
	Bridge Bancorp Inc.	13,560	399
	Bank of Marin Bancorp	9,648	396
*	EZCORP Inc. Class A	41,670	395
	UMH Properties Inc.	31,792	395
	CorEnergy Infrastructure Trust Inc.	9,866	391
	First Community Bankshares Inc.	11,537	389
	Ready Capital Corp.	26,095	389
	Clearway Energy Inc. Class A	23,992	388
	Mercantile Bank Corp.	11,852	386
	Independent Bank Corp.	17,529	382
	First Financial Corp.	9,435	379
	First Foundation Inc.	28,055	377
*	Nicolet Bankshares Inc.	6,016	373
	Jernigan Capital Inc.	18,034	370
	Spirit MTA REIT	44,200	369
	Westwood Holdings Group Inc.	10,426	367
	Retail Value Inc.	10,293	358
	RBB Bancorp	18,000	348
	Diamond Hill Investment Group Inc.	2,446	347
	Bar Harbor Bankshares	13,006	346
	Heritage Commerce Corp.	27,671	339
	Citizens & Northern Corp.	12,845	338
	Orchid Island Capital Inc.	52,315	333
	Dynex Capital Inc.	19,752	331
	United Community Financial Corp.	34,569	331
	Arrow Financial Corp.	9,428	327
	Pennsylvania REIT	49,666	323
*	Bancorp Inc.	36,113	322
	City Office REIT Inc.	26,810	321
	Business First Bancshares Inc.	12,590	320
	MutualFirst Financial Inc.	9,398	320
*	Och-Ziff Capital Management Group Inc. Class A	13,804	317
*	Target Hospitality Corp.	34,811	317
^,*	eXp World Holdings Inc.	27,949	311
	Safehold Inc.	10,265	310
	One Liberty Properties Inc.	10,579	306
	Heritage Insurance Holdings Inc.	19,766	305
	First Mid Bancshares Inc.	8,667	303
	Ares Commercial Real Estate Corp.	20,282	301
	Global Medical REIT Inc.	28,211	296
*	Atlantic Capital Bancshares Inc.	17,184	294
	Orrstown Financial Services Inc.	13,332	293
	Financial Institutions Inc.	10,038	293
	HomeTrust Bancshares Inc.	11,616	292
	CNB Financial Corp.	10,149	287
*	FRP Holdings Inc.	5,128	286
	Franklin Financial Network Inc.	10,257	286
	Ladenburg Thalmann Financial Services Inc.	82,809	284
*	Bridgewater Bancshares Inc.	24,367	281
	Braemar Hotels & Resorts Inc.	28,386	281
*	Forestar Group Inc.	14,329	280
*	Spirit of Texas Bancshares Inc.	12,308	277
	Exantas Capital Corp.	24,347	275
	Farmers National Banc Corp.	18,510	275
	First Internet Bancorp	12,720	274
*	Metropolitan Bank Holding Corp.	6,188	272

22

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Independence Holding Co.	7,031	272
*	Safeguard Scientifics Inc.	22,542	272
	Cambridge Bancorp	3,289	268
	PCSB Financial Corp.	13,132	266
*	Republic First Bancorp Inc.	54,003	265
*	Baycom Corp.	12,053	264
	Cherry Hill Mortgage Investment Corp.	16,365	262
*	PICO Holdings Inc.	22,524	262
*	Pacific Mercantile Bancorp	31,645	261
	HCI Group Inc.	6,410	259
^,*	Health Insurance Innovations Inc. Class A	9,960	258
	Old Second Bancorp Inc.	20,067	256
	First Choice Bancorp	11,186	254
*	International Money Express Inc.	18,000	254
	BBX Capital Corp. Class A	50,915	250
	SB One Bancorp	11,084	248
	Bluerock Residential Growth REIT Inc. Class A	20,718	243
	Plymouth Industrial REIT Inc.	12,787	242
	Provident Financial Holdings Inc.	11,435	240
	Ashford Hospitality Trust Inc.	79,633	237
*	Palomar Holdings Inc.	9,749	234
	Capstar Financial Holdings Inc.	15,265	231
	Sierra Bancorp	8,494	230
^,*	Citizens Inc. Class A	31,480	230
*	Greenlight Capital Re Ltd. Class A	27,050	230
	Cedar Realty Trust Inc.	86,316	229
	Civista Bancshares Inc.	10,116	227
*	Curo Group Holdings Corp.	20,513	227
	Merchants Bancorp	13,172	224
	Old Line Bancshares Inc.	8,397	223
	Home Bancorp Inc.	5,803	223
*	PDL Community Bancorp	15,513	222
	Global Indemnity Ltd.	7,114	220
^	CBL & Associates Properties Inc.	209,977	218
*	Tejon Ranch Co.	13,043	216
	Mid Penn Bancorp Inc.	8,647	216
	United Security Bancshares	18,866	215
*	Rafael Holdings Inc. Class B	7,468	215
	EMC Insurance Group Inc.	5,919	213
	Arlington Asset Investment Corp. Class A	30,471	210
*	FVCBankcorp Inc.	10,750	209
	CB Financial Services Inc.	8,600	204
*	MMA Capital Holdings Inc.	6,100	204
	West Bancorporation Inc.	9,617	204
	Southern National Bancorp of Virginia Inc.	13,309	204
	Hawthorn Bancshares Inc.	7,600	204
*	MainStreet Bancshares Inc.	8,911	203
	United Insurance Holdings Corp.	14,207	203
	Sterling Bancorp Inc.	20,200	201
	Oppenheimer Holdings Inc. Class A	7,396	201
*	Medallion Financial Corp.	29,600	200
	Central Valley Community Bancorp	9,286	199
	First Bancorp Inc.	7,333	197
*	Franklin Financial Services Corp.	5,148	196
	Ellington Residential Mortgage REIT	18,173	196
	Peoples Financial Services Corp.	4,308	194
*	On Deck Capital Inc.	46,277	192
	Summit Financial Group Inc.	7,124	191
	Enterprise Bancorp Inc.	6,024	191
	LCNB Corp.	10,040	191
	Hingham Institution for Savings	962	190
	Protective Insurance Corp. Class B	10,856	189
*	SmartFinancial Inc.	8,647	188
	Guaranty Bancshares Inc.	6,015	187

23

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Farmers & Merchants Bancorp Inc.	6,384	186
	Greenhill & Co. Inc.	13,600	185
	Marlin Business Services Corp.	7,373	184
*	Altisource Portfolio Solutions SA	9,349	184
	ACNB Corp.	4,637	183
	Consolidated-Tomoka Land Co.	3,057	183
	Fidelity D&D Bancorp Inc.	2,713	182
	Gladstone Land Corp.	15,740	181
	Pacific City Financial Corp.	10,610	181
*	Southern First Bancshares Inc.	4,512	177
	FNCB Bancorp Inc.	22,643	175
	Southern Missouri Bancorp Inc.	5,023	175
*	Regional Management Corp.	6,593	174
*	HarborOne Bancorp Inc.	9,171	172
*	Hallmark Financial Services Inc.	12,060	172
	Century Bancorp Inc. Class A	1,900	167
	Luther Burbank Corp.	15,247	166
*	Howard Bancorp Inc.	10,867	165
	Level One Bancorp Inc.	6,551	164
	National Bankshares Inc.	4,164	162
	FS Bancorp Inc.	3,069	159
	Capital City Bank Group Inc.	6,319	157
	Clipper Realty Inc.	14,042	157
	Codorus Valley Bancorp Inc.	6,754	155
	Farmland Partners Inc.	21,975	155
	Northrim BanCorp Inc.	4,327	154
	BankFinancial Corp.	10,939	153
	Investors Title Co.	915	153
	FedNat Holding Co.	10,699	153
	Northeast Bank	5,474	151
	Reliant Bancorp Inc.	6,284	148
	MBT Financial Corp.	14,741	148
	Investar Holding Corp.	6,106	146
*	Amerant Bancorp Inc.	7,281	144
	Great Ajax Corp.	10,143	142
*	Victory Capital Holdings Inc. Class A	8,177	140
	Macatawa Bank Corp.	13,643	140
	Territorial Bancorp Inc.	4,529	140
	Western New England Bancorp Inc.	14,848	139
	First Bank	11,738	138
	DNB Financial Corp.	3,016	134
*	Select Bancorp Inc.	11,590	133
	Penns Woods Bancorp Inc.	2,875	130
	Norwood Financial Corp.	3,727	130
	Riverview Bancorp Inc.	14,806	126
*	Entegra Financial Corp.	4,157	125
	Pzena Investment Management Inc. Class A	14,523	125
*	Ocwen Financial Corp.	60,153	125
	Chemung Financial Corp.	2,549	123
	First Northwest Bancorp	7,546	123
	Standard AVB Financial Corp.	4,450	122
	BCB Bancorp Inc.	8,673	120
	Premier Financial Bancorp Inc.	7,891	118
	MidSouth Bancorp Inc.	9,625	114
	Shore Bancshares Inc.	6,832	112
	Parke Bancorp Inc.	4,622	111
	Mackinac Financial Corp.	6,869	109
	First Financial Northwest Inc.	7,628	108
	Bank of Princeton	3,544	106
	Middlefield Banc Corp.	2,547	104
	Hunt Cos. Finance Trust Inc.	30,449	104
	Timberland Bancorp Inc.	3,406	102
	First Business Financial Services Inc.	4,314	101
	Tiptree Inc.	15,559	98

24

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Malvern Bancorp Inc.	4,442	98
	Prudential Bancorp Inc.	5,160	98
	Bank of Commerce Holdings	8,874	95
	Sachem Capital Corp.	17,836	95
	Community Bankers Trust Corp.	10,847	92
*	Esquire Financial Holdings Inc.	3,649	92
	C&F Financial Corp.	1,671	91
*	NI Holdings Inc.	5,165	91
	OP Bancorp	8,347	90
	Evans Bancorp Inc.	2,377	90
*	Stratus Properties Inc.	2,756	89
	Donegal Group Inc. Class A	5,852	89
	First Community Corp.	4,821	89
	ESSA Bancorp Inc.	5,800	88
*,§	Herbalife Ltd. CVR	8,750	85
	First Guaranty Bancshares Inc.	3,954	82
	MVB Financial Corp.	4,743	80
	Associated Capital Group Inc. Class A	2,140	80
	Bankwell Financial Group Inc.	2,772	80
	Greene County Bancorp Inc.	2,506	74
	SB Financial Group Inc.	4,383	72
	Unity Bancorp Inc.	3,156	72
	Sotherly Hotels Inc.	10,121	70
	GAIN Capital Holdings Inc.	16,918	70
	HopFed Bancorp Inc.	3,649	69
	Kingstone Cos. Inc.	7,803	68
	Union Bankshares Inc.	1,684	62
	1st Constitution Bancorp	3,259	60
	BRT Apartments Corp.	4,134	58
	Peoples Bancorp of North Carolina Inc.	1,927	58
*	Provident Bancorp Inc.	2,019	57
	First United Corp.	2,828	56
	Global Self Storage Inc.	14,569	55
	Griffin Industrial Realty Inc.	1,523	54
	Community Financial Corp.	1,493	50
	Ohio Valley Banc Corp.	1,244	48
*	Ashford Inc.	1,399	44
^,*,§	Tobira Therapeutics CVR Exp. 12/31/2028	9,469	43
	First Savings Financial Group Inc.	703	42
	Blue Capital Reinsurance Holdings Ltd.	6,006	40
	Silvercrest Asset Management Group Inc. Class A	2,679	38
	Manning & Napier Inc.	20,773	36
	AmeriServ Financial Inc.	8,751	36
	Two River Bancorp	2,527	36
*	Bank7 Corp.	1,874	35
*	Impac Mortgage Holdings Inc.	10,822	34
*	Security National Financial Corp. Class A	6,574	33
*	Aspen Group Inc.	8,631	33
	Federal Agricultural Mortgage Corp. Class A	484	31
	Plumas Bancorp	1,230	30
	Old Point Financial Corp.	1,344	30
	Severn Bancorp Inc.	2,872	25
	GWG Holdings Inc.	3,403	24
^,*	Riot Blockchain Inc.	7,199	23
*	Elevate Credit Inc.	5,276	22
	Hennessy Advisors Inc.	2,219	22
	Medley Management Inc. Class A	8,498	21
*	Consumer Portfolio Services Inc.	5,489	21
	American River Bankshares	1,591	20
*	Wheeler REIT Inc.	13,002	18
	US Global Investors Inc. Class A	9,831	18
	Citizens First Corp.	690	18
*	FlexShopper Inc.	16,024	18
*	Maui Land & Pineapple Co. Inc.	1,478	15

25

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Transcontinental Realty Investors Inc.	542	14
	Oak Valley Bancorp	602	12
	Condor Hospitality Trust Inc.	1,282	12
*	Performant Financial Corp.	10,494	11
	Manhattan Bridge Capital Inc.	1,586	10
*	Meridian Corp.	591	10
*	Nicholas Financial Inc.	983	9
*	HV Bancorp Inc.	630	9
*	1347 Property Insurance Holdings Inc.	1,775	9
	Bank of South Carolina Corp.	430	8
*	Jason Industries Inc.	11,841	8
*	Capital Bancorp Inc.	594	7
	WVS Financial Corp.	394	7
*	Altisource Asset Management Corp.	592	7
	Sound Financial Bancorp Inc.	195	7
	Tremont Mortgage Trust	1,379	6
*	Coastal Financial Corp.	330	5
*	HMN Financial Inc.	200	4
*	Community First Bancshares Inc.	405	4
*	Asta Funding Inc.	556	4
	Southwest Georgia Financial Corp.	99	2
	Central Federal Corp.	164	2
*	National Holdings Corp.	672	2
	Ottawa Bancorp Inc.	138	2
	Bank of the James Financial Group Inc.	108	2
*,§	Ambit Biosciences Corp. CVR	1,900	1
*	Atlas Financial Holdings Inc.	1,088	1
*	Broadway Financial Corp.	546	1
*	CPI Card Group Inc.	296	1
*	Conifer Holdings Inc.	99	—
*	Rekor Systems Inc.	95	—
*	Ditech Holding Corp Series B Warrants Exp. 01/31/2028	2,008	—
*	Ditech Holding Corp. Warrants Exp.  01/31/2028	2,531	—
			4,870,181
Health Care (7.7%)
	Johnson & Johnson	2,277,776	317,249
	Pfizer Inc.	4,774,649	206,838
	UnitedHealth Group Inc.	816,168	199,153
	Merck & Co. Inc.	2,209,808	185,292
	Abbott Laboratories	1,516,483	127,536
	Medtronic plc	1,149,880	111,987
	Thermo Fisher Scientific Inc.	344,486	101,169
	Amgen Inc.	526,192	96,967
	AbbVie Inc.	1,271,935	92,495
	Eli Lilly & Co.	751,840	83,296
	Gilead Sciences Inc.	1,098,033	74,183
	Bristol-Myers Squibb Co.	1,409,303	63,912
	Anthem Inc.	221,826	62,602
	Becton Dickinson and Co.	232,856	58,682
*	Celgene Corp.	608,642	56,263
	Stryker Corp.	257,706	52,979
*	Intuitive Surgical Inc.	100,172	52,545
*	Boston Scientific Corp.	1,205,251	51,802
	Cigna Corp.	328,252	51,716
	Allergan plc	283,115	47,402
*	Illumina Inc.	127,364	46,889
	Zoetis Inc.	409,573	46,482
*	Vertex Pharmaceuticals Inc.	219,051	40,170
*	Biogen Inc.	165,817	38,780
	Baxter International Inc.	419,309	34,341
*	Edwards Lifesciences Corp.	178,780	33,028
	HCA Healthcare Inc.	236,925	32,025
	Humana Inc.	115,575	30,662
*	Alexion Pharmaceuticals Inc.	181,824	23,815

26

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	IQVIA Holdings Inc.	143,339	23,063
*	Regeneron Pharmaceuticals Inc.	69,173	21,651
	Zimmer Biomet Holdings Inc.	174,831	20,585
*	IDEXX Laboratories Inc.	73,749	20,305
*	Centene Corp.	335,355	17,586
*	Align Technology Inc.	61,529	16,840
	ResMed Inc.	123,629	15,086
*	Laboratory Corp. of America Holdings	84,297	14,575
	Cooper Cos. Inc.	42,280	14,244
*	Incyte Corp.	156,334	13,282
*	BioMarin Pharmaceutical Inc.	153,743	13,168
	Teleflex Inc.	39,575	13,105
*	Exact Sciences Corp.	111,001	13,103
*	WellCare Health Plans Inc.	43,097	12,286
	Cardinal Health Inc.	253,690	11,949
	Quest Diagnostics Inc.	115,964	11,806
	Dentsply Sirona Inc.	200,501	11,701
*	DexCom Inc.	77,871	11,668
*	Hologic Inc.	228,140	10,955
	STERIS plc	72,123	10,738
*	Elanco Animal Health Inc.	313,064	10,582
*	Varian Medical Systems Inc.	77,513	10,552
*	ABIOMED Inc.	36,611	9,537
*	Sarepta Therapeutics Inc.	60,784	9,236
*	Henry Schein Inc.	127,645	8,922
*	Array BioPharma Inc.	190,090	8,807
	Universal Health Services Inc. Class B	66,654	8,691
*	Mylan NV	441,151	8,400
*	Sage Therapeutics Inc.	44,147	8,083
	West Pharmaceutical Services Inc.	62,975	7,881
*	Molina Healthcare Inc.	51,386	7,355
*	Ionis Pharmaceuticals Inc.	109,424	7,033
*	Catalent Inc.	125,010	6,777
	Bio-Techne Corp.	32,056	6,683
*	Alnylam Pharmaceuticals Inc.	91,554	6,643
*	Jazz Pharmaceuticals plc	46,139	6,578
*	Neurocrine Biosciences Inc.	77,648	6,556
*	Seattle Genetics Inc.	90,945	6,294
*	Masimo Corp.	41,025	6,105
*	Insulet Corp.	51,010	6,090
*	Charles River Laboratories International Inc.	42,351	6,010
*	DaVita Inc.	106,754	6,006
	Hill-Rom Holdings Inc.	57,161	5,980
*	Bio-Rad Laboratories Inc. Class A	17,705	5,534
*	Exelixis Inc.	257,035	5,493
*	Nektar Therapeutics Class A	147,790	5,258
*	Haemonetics Corp.	43,520	5,237
	Encompass Health Corp.	80,173	5,080
*	PRA Health Sciences Inc.	50,754	5,032
	Chemed Corp.	13,598	4,907
	Perrigo Co. plc	102,788	4,895
	Bruker Corp.	86,298	4,311
*	Penumbra Inc.	26,656	4,265
*	Bluebird Bio Inc.	33,462	4,256
*	ICU Medical Inc.	16,629	4,189
*	Novocure Ltd.	64,764	4,095
*	Horizon Therapeutics plc	160,800	3,869
*	Teladoc Health Inc.	57,795	3,838
*	Blueprint Medicines Corp.	40,523	3,823
*	Syneos Health Inc.	72,544	3,706
*	Avantor Inc.	194,129	3,706
*	Amedisys Inc.	28,240	3,429
*	HealthEquity Inc.	51,357	3,359
*	Integra LifeSciences Holdings Corp.	58,880	3,288

27

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Wright Medical Group NV	105,916	3,158
*	LHC Group Inc.	26,217	3,135
*	Spark Therapeutics Inc.	30,594	3,132
*	Alkermes plc	136,872	3,085
*	Tandem Diabetes Care Inc.	47,755	3,081
*	Ultragenyx Pharmaceutical Inc.	48,147	3,057
*	FibroGen Inc.	67,646	3,056
*	Repligen Corp.	35,373	3,040
*	United Therapeutics Corp.	37,253	2,908
*	Omnicell Inc.	33,670	2,897
*	Mirati Therapeutics Inc.	27,726	2,856
*	Neogen Corp.	44,147	2,742
*	Globus Medical Inc.	63,999	2,707
*	Merit Medical Systems Inc.	45,365	2,702
	Ensign Group Inc.	46,194	2,629
*	Amicus Therapeutics Inc.	210,437	2,626
*	NuVasive Inc.	44,796	2,622
*	Global Blood Therapeutics Inc.	48,604	2,557
*	Arena Pharmaceuticals Inc.	43,193	2,532
*	Acadia Healthcare Co. Inc.	70,303	2,457
*	HMS Holdings Corp.	75,632	2,450
	Cantel Medical Corp.	30,053	2,423
*	Iovance Biotherapeutics Inc.	96,132	2,357
*	Guardant Health Inc.	27,095	2,339
*	Glaukos Corp.	29,781	2,245
*	Medicines Co.	60,650	2,212
*	ACADIA Pharmaceuticals Inc.	82,726	2,211
*	Agios Pharmaceuticals Inc.	43,703	2,180
	CONMED Corp.	25,034	2,142
*	PTC Therapeutics Inc.	46,083	2,074
*	Halozyme Therapeutics Inc.	118,078	2,029
^,*	Arrowhead Pharmaceuticals Inc.	75,619	2,004
^	Healthcare Services Group Inc.	65,206	1,977
*	Insmed Inc.	73,855	1,891
^,*	Immunomedics Inc.	133,910	1,857
*	Quidel Corp.	31,308	1,857
*	MEDNAX Inc.	73,239	1,848
*	MyoKardia Inc.	36,487	1,829
*	Emergent BioSolutions Inc.	37,636	1,818
*	Xencor Inc.	44,264	1,812
*	NeoGenomics Inc.	82,228	1,804
*	Avanos Medical Inc.	40,853	1,782
*	Zogenix Inc.	37,155	1,775
*	WageWorks Inc.	34,810	1,768
*	Intercept Pharmaceuticals Inc.	21,690	1,726
*	iRhythm Technologies Inc.	21,439	1,695
*	Tenet Healthcare Corp.	81,327	1,680
*	Ligand Pharmaceuticals Inc.	14,652	1,673
*	Reata Pharmaceuticals Inc. Class A	17,143	1,617
*	Invitae Corp.	68,404	1,607
*	Portola Pharmaceuticals Inc.	59,192	1,606
*	Myriad Genetics Inc.	57,456	1,596
	Patterson Cos. Inc.	68,242	1,563
*	Acceleron Pharma Inc.	37,397	1,536
*	Nevro Corp.	23,568	1,528
*	REGENXBIO Inc.	29,422	1,511
*	Cambrex Corp.	31,246	1,463
*	Select Medical Holdings Corp.	91,072	1,445
*	Medpace Holdings Inc.	21,410	1,401
*	Natera Inc.	50,289	1,387
*	Ironwood Pharmaceuticals Inc. Class A	126,686	1,386
*	Pacira BioSciences Inc.	31,756	1,381
*	Audentes Therapeutics Inc.	36,430	1,379
*	BioTelemetry Inc.	28,455	1,370

28

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Prestige Consumer Healthcare Inc.	42,806	1,356
*	Supernus Pharmaceuticals Inc.	40,632	1,345
*	Genomic Health Inc.	22,839	1,329
*	Magellan Health Inc.	17,556	1,303
	US Physical Therapy Inc.	10,443	1,280
*	Cardiovascular Systems Inc.	29,794	1,279
*	Aerie Pharmaceuticals Inc.	42,008	1,241
*	Enanta Pharmaceuticals Inc.	14,615	1,233
*	Heron Therapeutics Inc.	65,749	1,222
*	Brookdale Senior Living Inc.	154,032	1,111
*	STAAR Surgical Co.	37,759	1,109
^,*	Esperion Therapeutics Inc.	23,775	1,106
*	Editas Medicine Inc.	44,019	1,089
*	Inogen Inc.	16,147	1,078
*	Denali Therapeutics Inc.	51,296	1,065
*	AnaptysBio Inc.	18,844	1,063
*	AtriCure Inc.	34,870	1,041
*	Sangamo Therapeutics Inc.	95,153	1,025
*	Radius Health Inc.	42,067	1,025
*	Athenex Inc.	51,427	1,018
*	Veracyte Inc.	35,640	1,016
^,*	Allogene Therapeutics Inc.	37,616	1,010
*	Coherus Biosciences Inc.	45,122	997
	Atrion Corp.	1,168	996
*	Momenta Pharmaceuticals Inc.	78,100	972
*	CryoLife Inc.	32,432	971
*	Inspire Medical Systems Inc.	15,663	950
*	Lantheus Holdings Inc.	33,532	949
*	CareDx Inc.	26,265	945
*	ArQule Inc.	85,132	937
*	Varex Imaging Corp.	29,990	919
*	Tactile Systems Technology Inc.	16,140	919
*	Corcept Therapeutics Inc.	81,944	914
*	R1 RCM Inc.	70,184	883
*	Ra Pharmaceuticals Inc.	28,850	868
*	Apellis Pharmaceuticals Inc.	34,122	865
*	G1 Therapeutics Inc.	27,993	858
*	Fate Therapeutics Inc.	42,216	857
*	Innoviva Inc.	58,815	856
*	NanoString Technologies Inc.	26,856	815
*	Madrigal Pharmaceuticals Inc.	7,641	801
*	Tricida Inc.	20,121	794
*	Addus HomeCare Corp.	10,413	780
*	Amneal Pharmaceuticals Inc.	108,315	777
*	Fluidigm Corp.	62,559	771
*	Voyager Therapeutics Inc.	27,907	760
*	Orthofix Medical Inc.	14,269	755
*	Epizyme Inc.	59,901	752
*	Spectrum Pharmaceuticals Inc.	87,309	752
*	Natus Medical Inc.	29,200	750
*	OPKO Health Inc.	303,462	740
^,*	ZIOPHARM Oncology Inc.	126,031	735
*	Tivity Health Inc.	43,914	722
^,*	Allakos Inc.	16,645	721
*	CorVel Corp.	8,154	709
*	Kura Oncology Inc.	35,894	707
	National HealthCare Corp.	8,668	703
*	Aimmune Therapeutics Inc.	33,427	696
	Luminex Corp.	33,538	692
*	ANI Pharmaceuticals Inc.	8,394	690
*	Amphastar Pharmaceuticals Inc.	32,577	688
*	Alder Biopharmaceuticals Inc.	57,977	682
*	Atara Biotherapeutics Inc.	33,760	679
*	Endo International plc	164,335	677

29

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Clovis Oncology Inc.	44,663	664
*	Retrophin Inc.	32,887	661
^,*	ViewRay Inc.	72,996	643
*	Mallinckrodt plc	69,958	642
*	Vericel Corp.	33,818	639
*	Pacific Biosciences of California Inc.	104,978	635
*	Theravance Biopharma Inc.	38,179	623
*	AngioDynamics Inc.	31,392	618
*	MacroGenics Inc.	36,411	618
^,*	Omeros Corp.	38,820	609
*	Revance Therapeutics Inc.	46,692	606
*	Intellia Therapeutics Inc.	36,782	602
^,*	Cara Therapeutics Inc.	27,872	599
*	Intersect ENT Inc.	26,064	593
*	Stemline Therapeutics Inc.	38,488	590
*	Cytokinetics Inc.	52,353	589
*	Hanger Inc.	30,289	580
*	Dicerna Pharmaceuticals Inc.	36,824	580
*	Axogen Inc.	29,257	579
*	Anika Therapeutics Inc.	14,092	572
*	OraSure Technologies Inc.	61,357	569
*	Vanda Pharmaceuticals Inc.	40,286	568
*	Cerus Corp.	100,208	563
*	PetIQ Inc. Class A	16,893	557
*	Adverum Biotechnologies Inc.	45,773	544
*	TG Therapeutics Inc.	62,434	540
*	Akebia Therapeutics Inc.	111,408	539
*	Triple-S Management Corp. Class B	22,447	535
^,*	Axsome Therapeutics Inc.	20,635	531
*	Eagle Pharmaceuticals Inc.	9,445	526
*	HealthStream Inc.	19,981	517
^,*	Viking Therapeutics Inc.	61,875	514
^,*	Accelerate Diagnostics Inc.	21,795	499
^,*	Intrexon Corp.	64,708	496
*	Heska Corp.	5,621	479
*	Dermira Inc.	49,601	474
*	Rigel Pharmaceuticals Inc.	180,640	471
*	Twist Bioscience Corp.	16,055	466
*	Intra-Cellular Therapies Inc.	35,784	464
^,*	Akcea Therapeutics Inc.	19,307	453
*	Gossamer Bio Inc.	19,989	443
*	Principia Biopharma Inc.	13,221	439
*	PDL BioPharma Inc.	136,187	428
*	Rhythm Pharmaceuticals Inc.	19,399	427
*	GlycoMimetics Inc.	35,424	422
*	RadNet Inc.	30,506	421
*	Akorn Inc.	80,461	414
*	Surmodics Inc.	9,546	412
^,*	TherapeuticsMD Inc.	158,451	412
^,*	Rubius Therapeutics Inc.	25,885	407
	Meridian Bioscience Inc.	34,159	406
*	Cymabay Therapeutics Inc.	56,622	405
*	Catalyst Pharmaceuticals Inc.	103,017	396
*	Puma Biotechnology Inc.	30,809	392
*	Translate Bio Inc.	30,777	389
*	Antares Pharma Inc.	116,010	382
*	Syros Pharmaceuticals Inc.	40,182	372
*	Progenics Pharmaceuticals Inc.	59,856	369
*	SI-BONE Inc.	18,095	368
*	Accuray Inc.	95,072	368
*	CytomX Therapeutics Inc.	32,465	364
^,*	Shockwave Medical Inc.	6,328	361
*	ImmunoGen Inc.	166,461	361
*	SIGA Technologies Inc.	62,890	357

30

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Rocket Pharmaceuticals Inc.	23,780	357
*	Cyclerion Therapeutics Inc.	30,978	355
*	Odonate Therapeutics Inc.	9,652	354
*	Krystal Biotech Inc.	8,667	349
^,*	Corbus Pharmaceuticals Holdings Inc.	50,216	348
*	Axonics Modulation Technologies Inc.	8,332	341
*	BioCryst Pharmaceuticals Inc.	90,009	341
*	Crinetics Pharmaceuticals Inc.	13,349	334
*	Dynavax Technologies Corp.	81,661	326
*	Avrobio Inc.	19,986	325
*	Flexion Therapeutics Inc.	26,189	322
*	Karyopharm Therapeutics Inc.	53,124	318
*	Assembly Biosciences Inc.	23,568	318
*	Kadmon Holdings Inc.	151,605	312
	LeMaitre Vascular Inc.	11,044	309
*	BioScrip Inc.	117,538	306
*	Acorda Therapeutics Inc.	38,904	298
	Utah Medical Products Inc.	3,090	296
*	Xeris Pharmaceuticals Inc.	25,828	295
*	Syndax Pharmaceuticals Inc.	31,086	289
*	OrthoPediatrics Corp.	7,342	286
*	TransMedics Group Inc.	9,791	284
*	Arvinas Inc.	12,694	279
*	Collegium Pharmaceutical Inc.	21,142	278
^,*	Zynerba Pharmaceuticals Inc.	20,500	278
^,*	Palatin Technologies Inc.	238,694	277
*	Assertio Therapeutics Inc.	80,222	277
^,*	Provention Bio Inc.	22,799	276
*	Silk Road Medical Inc.	5,623	272
*	Apollo Medical Holdings Inc.	16,297	272
*	Y-mAbs Therapeutics Inc.	11,841	271
*	Rockwell Medical Inc.	89,409	269
^,*	Senseonics Holdings Inc.	130,659	267
	Owens & Minor Inc.	82,833	265
*	Constellation Pharmaceuticals Inc.	21,565	265
*	BioDelivery Sciences International Inc.	56,918	265
*	BioSpecifics Technologies Corp.	4,422	264
*	Lexicon Pharmaceuticals Inc.	41,900	264
^,*	Marker Therapeutics Inc.	32,805	260
*	Homology Medicines Inc.	13,250	259
*	Scholar Rock Holding Corp.	16,294	258
*	GenMark Diagnostics Inc.	39,688	258
*	Cutera Inc.	12,390	257
*	Quanterix Corp.	7,461	252
^,*	MediciNova Inc.	25,702	248
^,*	Cortexyme Inc.	5,808	247
*	Chimerix Inc.	57,135	247
*	Community Health Systems Inc.	91,956	246
*	Avid Bioservices Inc.	43,517	244
*	ChemoCentryx Inc.	26,036	242
*	Magenta Therapeutics Inc.	16,259	240
*	Deciphera Pharmaceuticals Inc.	10,620	239
*	Kindred Biosciences Inc.	28,450	237
^,*	Corindus Vascular Robotics Inc.	79,184	236
*	Athersys Inc.	139,637	235
*	Agenus Inc.	78,117	234
*	MEI Pharma Inc.	93,726	234
*	Kodiak Sciences Inc.	19,918	233
^,*	Anavex Life Sciences Corp.	68,577	231
*	Concert Pharmaceuticals Inc.	19,096	229
*	Achillion Pharmaceuticals Inc.	84,945	228
*	Kala Pharmaceuticals Inc.	35,600	227
*	Pfenex Inc.	33,526	226
*	Enzo Biochem Inc.	66,118	223

31

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Optinose Inc.	31,280	221
*	Neuronetics Inc.	17,687	221
^,*	Inovio Pharmaceuticals Inc.	74,416	219
*	Cue Biopharma Inc.	24,288	218
*	Turning Point Therapeutics Inc.	5,363	218
*	Conformis Inc.	50,053	218
^,*	Ocular Therapeutix Inc.	49,571	218
*	RTI Surgical Holdings Inc.	51,207	218
*	Capital Senior Living Corp.	42,796	215
	Invacare Corp.	40,923	212
*	Eiger BioPharmaceuticals Inc.	19,995	212
*	Replimune Group Inc.	14,443	212
*	UNITY Biotechnology Inc.	22,000	209
*	AMAG Pharmaceuticals Inc.	20,319	203
^,*	Paratek Pharmaceuticals Inc.	50,735	202
*	Gritstone Oncology Inc.	18,037	201
*	Zynex Inc.	21,558	194
*	Pulse Biosciences Inc.	14,626	193
*	Spero Therapeutics Inc.	16,700	192
*	Endologix Inc.	26,100	189
*	La Jolla Pharmaceutical Co.	20,200	187
^,*	AVEO Pharmaceuticals Inc.	276,400	186
^,*	Evolus Inc.	12,708	186
*	Eloxx Pharmaceuticals Inc.	18,556	185
*	Lannett Co. Inc.	30,199	183
*	Sientra Inc.	29,552	182
^,*	Geron Corp.	128,670	181
^,*	Amyris Inc.	50,500	180
^,*	Sorrento Therapeutics Inc.	66,974	179
^,*	Dova Pharmaceuticals Inc.	12,543	177
*	Vapotherm Inc.	7,461	172
*	Marinus Pharmaceuticals Inc.	40,923	170
*	Aratana Therapeutics Inc.	32,261	166
^,*	MannKind Corp.	142,720	164
*	Protagonist Therapeutics Inc.	13,165	159
*	Kiniksa Pharmaceuticals Ltd. Class A	11,665	158
*	Five Prime Therapeutics Inc.	26,099	157
^,*	CEL-SCI Corp.	18,616	156
^,*	CASI Pharmaceuticals Inc.	48,675	156
*	Calithera Biosciences Inc.	39,928	156
*	Minerva Neurosciences Inc.	27,569	155
*	Harrow Health Inc.	17,757	154
*	Recro Pharma Inc.	15,149	154
*	Alector Inc.	7,976	152
*	BioLife Solutions Inc.	8,717	148
*	KalVista Pharmaceuticals Inc.	6,551	145
*	Apyx Medical Corp.	21,359	144
^,*	Seres Therapeutics Inc.	44,375	143
*	SeaSpine Holdings Corp.	10,657	141
*	PhaseBio Pharmaceuticals Inc.	10,646	140
^,*	BioSig Technologies Inc.	14,502	136
*	Chiasma Inc.	17,909	134
*	Abeona Therapeutics Inc.	27,986	134
^,*	CorMedix Inc.	14,815	133
*	XBiotech Inc.	17,497	133
*	Surgery Partners Inc.	15,873	129
*	CytoSorbents Corp.	19,216	127
*	FONAR Corp.	5,825	125
*	Bellicum Pharmaceuticals Inc.	69,323	118
^,*	ADMA Biologics Inc.	29,471	114
*	Mersana Therapeutics Inc.	28,104	114
*	Aeglea BioTherapeutics Inc.	16,581	114
*	Tocagen Inc.	16,929	113
^,*	Galectin Therapeutics Inc.	26,902	112

32

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Dyadic International Inc.	17,714	111
*	Celcuity Inc.	4,354	109
*	Aldeyra Therapeutics Inc.	18,112	109
*	X4 Pharmaceuticals Inc.	7,209	108
^,*	AcelRx Pharmaceuticals Inc.	42,458	107
*	Arcus Biosciences Inc.	13,203	105
*	Synlogic Inc.	11,484	105
*	Misonix Inc.	4,061	103
*	Adaptive Biotechnologies Corp.	2,063	100
*	Agile Therapeutics Inc.	66,272	97
^,*	Catasys Inc.	4,876	94
*	Menlo Therapeutics Inc.	15,038	90
^,*	Sesen Bio Inc.	58,367	88
*	Joint Corp.	4,679	85
*	Millendo Therapeutics Inc.	7,110	82
^,*	Eidos Therapeutics Inc.	2,613	81
*	resTORbio Inc.	7,227	74
*	Evelo Biosciences Inc.	7,520	68
*	Kezar Life Sciences Inc.	8,751	67
*	Aclaris Therapeutics Inc.	30,372	67
*	BioTime Inc.	60,466	67
*	Ardelyx Inc.	24,523	66
*	Catalyst Biosciences Inc.	8,875	65
^,*	XOMA Corp.	4,275	64
*	EyePoint Pharmaceuticals Inc.	36,384	60
*	Cumberland Pharmaceuticals Inc.	9,187	59
^,*	Genocea Biosciences Inc.	14,841	58
*	Chembio Diagnostics Inc.	9,505	58
*	Oncocyte Corp.	23,057	57
*	Novan Inc.	20,925	56
*	Moderna Inc.	3,810	56
^,*	Helius Medical Technologies Inc. Class A	25,343	56
*	Stoke Therapeutics Inc.	1,907	56
*	Merrimack Pharmaceuticals Inc.	9,104	55
*	iRadimed Corp.	2,691	55
*	Atreca Inc.	2,869	54
*	Harvard Bioscience Inc.	25,649	51
*	Fortress Biotech Inc.	34,017	51
*	Tetraphase Pharmaceuticals Inc.	102,638	49
*	Opiant Pharmaceuticals Inc.	3,628	48
*	Checkpoint Therapeutics Inc.	15,425	47
*	Liquidia Technologies Inc.	5,777	46
*	Anixa Biosciences Inc.	12,599	46
*	Sensus Healthcare Inc.	8,033	45
^,*	Organovo Holdings Inc.	84,939	44
^,*	SCYNEXIS Inc.	32,901	43
*	Avenue Therapeutics Inc.	6,688	42
^,*	Ekso Bionics Holdings Inc.	33,062	42
*	Cocrystal Pharma Inc.	17,553	41
*	IRIDEX Corp.	8,974	41
*	Electromed Inc.	7,476	41
*	Molecular Templates Inc.	4,859	41
*	Spring Bank Pharmaceuticals Inc.	10,918	40
*	Fulgent Genetics Inc.	5,918	40
*	Verrica Pharmaceuticals Inc.	3,316	39
*	Applied Genetic Technologies Corp.	9,953	38
*	Aravive Inc.	6,119	37
*	KemPharm Inc.	20,749	36
^,*	BrainStorm Cell Therapeutics Inc.	8,854	35
*	Forty Seven Inc.	3,230	34
*	Personalis Inc.	1,239	34
*	Otonomy Inc.	11,898	33
^,*	Matinas BioPharma Holdings Inc.	38,158	33
^,*	Tyme Technologies Inc.	26,570	32

33

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Ovid therapeutics Inc.	16,387	30
*	Champions Oncology Inc.	3,815	30
*	Alphatec Holdings Inc.	6,567	30
*	Morphic Holding Inc.	1,455	29
*	Alimera Sciences Inc.	32,384	29
*	IVERIC bio Inc.	22,096	29
*	Bioxcel Therapeutics Inc.	2,570	28
	Psychemedics Corp.	2,717	27
*	Catabasis Pharmaceuticals Inc.	3,351	27
^,*	Verastem Inc.	17,640	27
*	Miragen Therapeutics Inc.	12,976	27
*	Celsion Corp.	14,074	26
*	InfuSystem Holdings Inc.	5,867	25
*	Karuna Therapeutics Inc.	1,252	25
*	Vermillion Inc.	27,757	25
^,*	Novavax Inc.	4,165	24
*	Neon Therapeutics Inc.	5,120	24
*	Apollo Endosurgery Inc.	7,315	24
*	Precision BioSciences Inc.	1,777	24
*	Onconova Therapeutics Inc.	7,900	23
*	Alpine Immune Sciences Inc.	5,130	22
*	Mustang Bio Inc.	5,727	21
*	Genesis Healthcare Inc.	16,934	21
*	Strata Skin Sciences Inc.	8,329	21
*	ContraFect Corp.	39,895	20
*	Zosano Pharma Corp.	6,164	20
^,*	T2 Biosystems Inc.	11,541	19
^,*	Heat Biologics Inc.	28,258	19
*	Xtant Medical Holdings Inc.	6,372	19
*	Prevail Therapeutics Inc.	1,434	19
*	Bridgebio Pharma Inc.	695	19
*	AzurRx BioPharma Inc.	10,545	18
^,*	Clearside Biomedical Inc.	17,849	17
*	Achieve Life Sciences Inc.	8,755	17
*	NGM Biopharmaceuticals Inc.	1,152	17
*	AgeX Therapeutics Inc.	4,590	17
*	Actinium Pharmaceuticals Inc.	68,434	17
*	NextCure Inc.	1,114	17
*	Biolase Inc.	11,167	16
*	NewLink Genetics Corp.	10,738	16
*	Jounce Therapeutics Inc.	3,164	16
*	AquaBounty Technologies Inc.	5,078	16
^,*	Second Sight Medical Products Inc.	19,388	16
*	Orgenesis Inc.	3,461	15
*	Surface Oncology Inc.	5,374	15
^,*	Fibrocell Science Inc.	7,830	15
^,*	Sophiris Bio Inc.	17,225	15
	Digirad Corp.	2,095	14
*	Sutro Biopharma Inc.	1,239	14
*	Aquestive Therapeutics Inc.	3,344	14
*	Titan Pharmaceuticals Inc.	10,563	14
*	Aptevo Therapeutics Inc.	15,236	14
*	CTI BioPharma Corp.	15,576	13
^,*	Enochian Biosciences Inc.	2,973	13
*	Curis Inc.	6,898	13
*	Moleculin Biotech Inc.	10,228	13
*	Savara Inc.	5,343	13
	Altimmune Inc.	4,971	12
*	Leap Therapeutics Inc.	6,443	12
*	Allena Pharmaceuticals Inc.	2,783	11
*	Akero Therapeutics Inc.	576	11
^,*	AAC Holdings Inc.	12,819	11
^,*	Outlook Therapeutics Inc.	4,965	10
*	OncoSec Medical Inc.	4,028	10

34

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Hookipa Pharma Inc.	1,430	10
*	Proteostasis Therapeutics Inc.	9,655	9
*	Acer Therapeutics Inc.	2,387	9
*	Axcella Health Inc.	954	9
*	Soleno Therapeutics Inc.	3,169	9
*	VIVUS Inc.	2,271	9
*	PDS Biotechnology Corp.	1,395	8
*	Viveve Medical Inc.	21,973	8
*	NanoViricides Inc.	33,859	8
^,*	Trovagene Inc.	3,233	8
*	Vical Inc.	9,238	8
*	aTyr Pharma Inc.	20,330	7
*	Tracon Pharmaceuticals Inc.	10,884	7
^,*	ElectroCore Inc.	3,624	7
*	Caladrius Biosciences Inc.	3,127	7
*	Conatus Pharmaceuticals Inc.	26,615	7
*	Ideaya Biosciences Inc.	667	7
*	American Shared Hospital Services	2,312	7
*,§	OncoMed Pharmaceuticals Inc. CVR	23,234	6
*	Soligenix Inc.	8,654	6
*	Aileron Therapeutics Inc.	8,322	6
*	Corvus Pharmaceuticals Inc.	1,535	6
*	Rexahn Pharmaceuticals Inc.	1,111	6
^,*,§	Oncternal Therapeutics Inc. CVR	2,749	6
*	Bellerophon Therapeutics Inc.	9,328	6
*	Five Star Senior Living Inc.	11,520	5
^,*	iBio Inc.	7,387	5
*	Obalon Therapeutics Inc.	7,454	5
*	Sunesis Pharmaceuticals Inc.	7,041	5
*	Evofem Biosciences Inc.	765	5
*,§	Seventy Seven Energy Inc. Escrow Line	42,434	5
^,*	Cohbar Inc.	2,678	5
*	Evoke Pharma Inc.	6,755	4
*	Standard Diversified Inc.	217	4
*	Sienna Biopharmaceuticals Inc.	4,685	4
*	Aptinyx Inc.	1,201	4
^,*	SELLAS Life Sciences Group Inc.	35,500	4
*	Novus Therapeutics Inc.	3,914	4
*	ImmuCell Corp.	596	4
*	Myomo Inc.	5,475	4
*	Equillium Inc.	668	4
^,*	Teligent Inc.	5,503	3
^,*	Co-Diagnostics Inc.	4,193	3
*	Aevi Genomic Medicine Inc.	20,633	3
^,*	Navidea Biopharmaceuticals Inc.	4,969	3
*	PLx Pharma Inc.	410	3
*	Vaxart Inc.	4,318	3
*	Citius Pharmaceuticals Inc.	2,909	3
*	Synthorx Inc.	193	3
*	PAVmed Inc.	2,130	2
^,*	Ampio Pharmaceuticals Inc.	5,621	2
*	Aethlon Medical Inc.	5,601	2
*	IsoRay Inc.	4,640	2
*	Kaleido Biosciences Inc.	157	2
*	Gemphire Therapeutics Inc.	2,169	2
*	LogicBio Therapeutics Inc.	135	2
*	Babcock & Wilcox Enterprises Inc. Rights Exp. 07/18/2019	36,976	2
*,§	Social Reality Inc. Rights Exp. 12/31/2019	7,581	1
^,*	Akers Biosciences Inc.	2,888	1
*	Diffusion Pharmaceuticals Inc.	368	1
*	Aerpio Pharmaceuticals Inc.	1,017	1
*	Eyenovia Inc.	206	1
	Diversicare Healthcare Services Inc.	234	1
*	RA Medical Systems Inc.	189	1

35

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Milestone Scientific Inc.	1,319	—
*	Predictive Oncology Inc.	600	—
*	Nobilis Health Corp.	2,169	—
*,§	OncoMed Pharmaceuticals Inc. CVR	23,234	—
*	Advaxis Inc.	99	—
*	Bioanalytical Systems Inc.	94	—
*	Bio-Path Holdings Inc.	1	—
*,§	Clinical Data CVR	9,500	—
*	Sonoma Pharmaceuticals Inc.	1	—
^,*	Oncternal Therapeutics Inc.	1	—
*	Capricor Therapeutics Inc.	1	—
^,*	BioPharmX Corp.	1	—
*	MannKind Corp. Warrants Exp. 12/26/2019	17,136	—
*,§	NuPathe Inc. CVR	6,287	—
			3,245,929
Industrials (8.1%)
	Boeing Co.	459,139	167,131
*	PayPal Holdings Inc.	960,884	109,983
	Honeywell International Inc.	622,531	108,688
	Union Pacific Corp.	608,029	102,824
	Accenture plc Class A	546,938	101,058
	United Technologies Corp.	740,011	96,349
	3M Co.	495,099	85,820
	Danaher Corp.	554,220	79,209
	General Electric Co.	7,506,623	78,820
	Lockheed Martin Corp.	206,280	74,991
	Caterpillar Inc.	492,477	67,120
	United Parcel Service Inc. Class B	599,701	61,931
	Automatic Data Processing Inc.	356,521	58,944
	CSX Corp.	663,784	51,357
	Northrop Grumman Corp.	146,331	47,281
	Norfolk Southern Corp.	231,011	46,047
	Deere & Co.	273,338	45,295
	Waste Management Inc.	366,814	42,319
	Raytheon Co.	240,863	41,881
	General Dynamics Corp.	212,132	38,570
	Illinois Tool Works Inc.	253,286	38,198
	Emerson Electric Co.	531,975	35,493
	Fidelity National Information Services Inc.	281,748	34,565
	Sherwin-Williams Co.	72,030	33,011
	FedEx Corp.	200,253	32,880
*	Worldpay Inc. Class A	266,258	32,630
	Roper Technologies Inc.	89,015	32,603
*	Fiserv Inc.	342,505	31,223
	Eaton Corp. plc	365,644	30,451
	TE Connectivity Ltd.	294,667	28,223
	Johnson Controls International plc	679,900	28,087
	Ingersoll-Rand plc	206,564	26,165
	Amphenol Corp. Class A	256,040	24,564
	Cummins Inc.	134,633	23,068
	Paychex Inc.	276,666	22,767
	Waste Connections Inc.	225,900	21,592
	Global Payments Inc.	134,726	21,574
	PACCAR Inc.	299,621	21,471
*	FleetCor Technologies Inc.	75,458	21,192
	Willis Towers Watson plc	110,457	21,157
*	Square Inc.	287,567	20,857
*	TransDigm Group Inc.	41,903	20,273
	Agilent Technologies Inc.	270,445	20,194
	Ball Corp.	285,566	19,987
	Fortive Corp.	244,253	19,911
	Verisk Analytics Inc. Class A	132,644	19,427
	Stanley Black & Decker Inc.	129,301	18,698
	Parker-Hannifin Corp.	109,971	18,696

36

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Cintas Corp.	76,188	18,079
*	Mettler-Toledo International Inc.	21,234	17,837
	AMETEK Inc.	195,107	17,724
	Total System Services Inc.	135,747	17,412
*	CoStar Group Inc.	31,240	17,309
	L3 Technologies Inc.	68,413	16,773
	Rockwell Automation Inc.	101,159	16,573
	Fastenal Co.	492,266	16,043
	Republic Services Inc. Class A	179,698	15,569
	Vulcan Materials Co.	112,586	15,459
*	Keysight Technologies Inc.	160,107	14,379
	Xylem Inc.	154,668	12,936
	Broadridge Financial Solutions Inc.	99,279	12,676
*	First Data Corp. Class A	464,713	12,580
	Dover Corp.	124,842	12,509
	Martin Marietta Materials Inc.	53,492	12,309
*	Waters Corp.	56,162	12,088
	TransUnion	159,223	11,704
	IDEX Corp.	64,602	11,121
	Expeditors International of Washington Inc.	146,404	11,106
	WW Grainger Inc.	40,318	10,814
	Kansas City Southern	86,988	10,597
	Textron Inc.	198,792	10,544
	Wabtec Corp.	137,623	9,876
	CH Robinson Worldwide Inc.	116,991	9,868
	Jacobs Engineering Group Inc.	116,619	9,841
	Masco Corp.	248,640	9,757
*	Trimble Inc.	216,155	9,751
*	Zebra Technologies Corp.	46,264	9,692
	Old Dominion Freight Line Inc.	63,107	9,419
	Jack Henry & Associates Inc.	69,244	9,273
	HEICO Corp. Class A	89,208	9,221
	PerkinElmer Inc.	94,346	9,089
*	United Rentals Inc.	67,462	8,947
	Allegion plc	80,128	8,858
	Lennox International Inc.	31,737	8,728
*	Teledyne Technologies Inc.	31,061	8,507
	Arconic Inc.	310,987	8,030
	Westrock Co.	217,138	7,919
	Snap-on Inc.	47,359	7,845
*	WEX Inc.	37,093	7,719
	Packaging Corp. of America	80,789	7,701
	Huntington Ingalls Industries Inc.	33,718	7,578
	Booz Allen Hamilton Holding Corp. Class A	114,410	7,575
*	Fair Isaac Corp.	23,403	7,349
	Spirit AeroSystems Holdings Inc. Class A	88,379	7,191
	Graco Inc.	143,139	7,183
*	Euronet Worldwide Inc.	42,390	7,132
*	Crown Holdings Inc.	114,374	6,988
	Carlisle Cos. Inc.	49,275	6,919
*	Sensata Technologies Holding plc	140,160	6,868
	Universal Display Corp.	36,456	6,856
	Cognex Corp.	141,605	6,794
	JB Hunt Transport Services Inc.	74,254	6,788
	AptarGroup Inc.	54,405	6,765
	Nordson Corp.	46,654	6,593
	AO Smith Corp.	134,884	6,361
	FLIR Systems Inc.	117,387	6,351
	Hubbell Inc. Class B	45,952	5,992
	Hexcel Corp.	73,626	5,955
	Flowserve Corp.	112,885	5,948
*	HD Supply Holdings Inc.	147,570	5,944
	Sonoco Products Co.	90,971	5,944
*	Berry Global Group Inc.	111,549	5,866

37

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Toro Co.	86,420	5,781
	Xerox Corp.	162,989	5,771
	Sealed Air Corp.	133,205	5,698
	Alliance Data Systems Corp.	39,632	5,554
	Donaldson Co. Inc.	108,401	5,513
	Woodward Inc.	48,172	5,451
	Pentair plc	145,544	5,414
	Robert Half International Inc.	94,784	5,404
	Owens Corning	90,963	5,294
	Genpact Ltd.	136,598	5,203
*	AECOM	137,140	5,191
*	Arrow Electronics Inc.	71,897	5,124
	Oshkosh Corp.	60,085	5,016
	ManpowerGroup Inc.	51,415	4,967
	ITT Inc.	75,441	4,940
*	Genesee & Wyoming Inc. Class A	47,846	4,785
	Allison Transmission Holdings Inc.	103,218	4,784
	Curtiss-Wright Corp.	36,913	4,693
	Acuity Brands Inc.	34,007	4,690
*	IPG Photonics Corp.	30,283	4,671
^,*	XPO Logistics Inc.	79,675	4,606
	National Instruments Corp.	109,671	4,605
	Quanta Services Inc.	119,917	4,580
	Watsco Inc.	27,444	4,488
	MDU Resources Group Inc.	172,301	4,445
	EMCOR Group Inc.	49,531	4,364
	BWX Technologies Inc.	81,269	4,234
	Insperity Inc.	34,170	4,174
	Lincoln Electric Holdings Inc.	50,613	4,166
	Avnet Inc.	90,145	4,081
	AGCO Corp.	52,466	4,070
	MAXIMUS Inc.	55,931	4,057
	Fluor Corp.	118,923	4,007
	Armstrong World Industries Inc.	40,924	3,978
*	Gardner Denver Holdings Inc.	113,015	3,910
*	Kirby Corp.	49,294	3,894
*	Generac Holdings Inc.	54,446	3,779
	Tetra Tech Inc.	47,657	3,743
	Air Lease Corp. Class A	90,358	3,735
	Jabil Inc.	116,755	3,689
	Crane Co.	43,907	3,664
*	Stericycle Inc.	76,603	3,658
	Landstar System Inc.	33,781	3,648
	Eagle Materials Inc.	38,183	3,540
	Graphic Packaging Holding Co.	253,026	3,537
	Littelfuse Inc.	19,971	3,533
*	Trex Co. Inc.	49,146	3,524
*	RBC Bearings Inc.	20,901	3,486
	nVent Electric plc	134,267	3,328
*	Axon Enterprise Inc.	51,756	3,323
	Brink’s Co.	40,894	3,320
	Knight-Swift Transportation Holdings Inc.	100,872	3,313
	MSC Industrial Direct Co. Inc. Class A	44,597	3,312
	MSA Safety Inc.	30,443	3,208
	John Bean Technologies Corp.	26,298	3,185
*	Clean Harbors Inc.	44,006	3,129
*	Mercury Systems Inc.	43,721	3,076
	KBR Inc.	122,514	3,055
	Timken Co.	57,087	2,931
	Regal Beloit Corp.	35,861	2,930
*	CoreLogic Inc.	69,925	2,925
	Louisiana-Pacific Corp.	106,945	2,804
*	Coherent Inc.	20,343	2,774
*	Allegheny Technologies Inc.	109,434	2,758

38

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Novanta Inc.	29,075	2,742
*	MasTec Inc.	53,187	2,741
*	ASGN Inc.	44,667	2,707
*	FTI Consulting Inc.	32,230	2,702
*	Aerojet Rocketdyne Holdings Inc.	59,951	2,684
*	Rogers Corp.	15,527	2,680
	Exponent Inc.	45,731	2,677
	Kennametal Inc.	71,830	2,657
*	Paylocity Holding Corp.	27,703	2,599
	Moog Inc. Class A	27,647	2,588
	Ryder System Inc.	44,114	2,572
	Macquarie Infrastructure Corp.	62,224	2,523
*	Proto Labs Inc.	21,701	2,518
*	Rexnord Corp.	82,775	2,501
*	TriNet Group Inc.	36,453	2,471
	Silgan Holdings Inc.	80,434	2,461
	Barnes Group Inc.	43,489	2,450
*	SiteOne Landscape Supply Inc.	35,002	2,426
	Owens-Illinois Inc.	138,982	2,400
	UniFirst Corp.	12,712	2,397
*	Integer Holdings Corp.	28,423	2,385
*	TopBuild Corp.	28,821	2,385
	GATX Corp.	29,936	2,374
	EnerSys	33,838	2,318
	Watts Water Technologies Inc. Class A	24,453	2,279
	Simpson Manufacturing Co. Inc.	34,187	2,272
	Albany International Corp. Class A	26,951	2,234
*	Beacon Roofing Supply Inc.	60,628	2,226
*	Resideo Technologies Inc.	100,895	2,212
	ABM Industries Inc.	55,279	2,211
	Valmont Industries Inc.	17,193	2,180
*	Colfax Corp.	75,651	2,120
*	AMN Healthcare Services Inc.	38,839	2,107
	Altra Industrial Motion Corp.	56,274	2,019
*	Advanced Disposal Services Inc.	62,986	2,010
	Brady Corp. Class A	40,698	2,007
	Belden Inc.	33,434	1,992
*	Pluralsight Inc. Class A	65,671	1,991
*	Harsco Corp.	71,901	1,973
*	Itron Inc.	31,504	1,971
*	ExlService Holdings Inc.	29,488	1,950
*	II-VI Inc.	52,759	1,929
	Applied Industrial Technologies Inc.	31,337	1,928
	World Fuel Services Corp.	53,203	1,913
*	Summit Materials Inc. Class A	98,808	1,902
	Covanta Holding Corp.	106,118	1,901
	Korn Ferry	47,173	1,890
*	WESCO International Inc.	37,128	1,881
	Universal Forest Products Inc.	48,710	1,854
	Terex Corp.	58,742	1,844
	Granite Construction Inc.	38,200	1,840
	Otter Tail Corp.	34,472	1,820
	Vishay Intertechnology Inc.	109,825	1,814
	Trinity Industries Inc.	84,760	1,759
	ESCO Technologies Inc.	21,269	1,757
	Tradeweb Markets Inc. Class A	39,737	1,741
*	Builders FirstSource Inc.	102,562	1,729
	Cubic Corp.	26,715	1,723
	HEICO Corp.	12,729	1,703
*	Cimpress NV	18,406	1,673
	AAON Inc.	33,302	1,671
*	Kratos Defense & Security Solutions Inc.	72,853	1,668
*	Fabrinet	33,335	1,656
*	Sanmina Corp.	54,538	1,651

39

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	ManTech International Corp. Class A	24,604	1,620
*	OSI Systems Inc.	14,271	1,607
	Triton International Ltd.	48,572	1,591
	Kaman Corp.	24,905	1,586
	Franklin Electric Co. Inc.	33,195	1,577
	Badger Meter Inc.	26,177	1,562
*	Dycom Industries Inc.	26,504	1,560
*	SPX FLOW Inc.	37,211	1,558
*	Saia Inc.	23,920	1,547
*	Anixter International Inc.	25,680	1,533
*	Plexus Corp.	26,255	1,532
	Comfort Systems USA Inc.	29,868	1,523
	EVERTEC Inc.	46,476	1,520
	Matson Inc.	39,089	1,519
	Federal Signal Corp.	55,378	1,481
	Deluxe Corp.	35,605	1,448
*	Casella Waste Systems Inc. Class A	36,307	1,439
	Forward Air Corp.	24,002	1,420
	Mueller Industries Inc.	46,686	1,366
*	Navistar International Corp.	39,630	1,365
	McGrath RentCorp	21,945	1,364
*	Knowles Corp.	73,920	1,353
*	Conduent Inc.	138,516	1,328
^,*	Verra Mobility Corp. Class A	96,365	1,261
	Mueller Water Products Inc. Class A	127,472	1,252
	Actuant Corp. Class A	49,872	1,237
*	SPX Corp.	36,701	1,212
*	Ambarella Inc.	27,095	1,196
*	JELD-WEN Holding Inc.	55,889	1,187
	Werner Enterprises Inc.	37,897	1,178
*	TriMas Corp.	37,464	1,160
*	Air Transport Services Group Inc.	47,003	1,147
*	BMC Stock Holdings Inc.	53,961	1,144
	EnPro Industries Inc.	17,905	1,143
	Rush Enterprises Inc. Class A	30,771	1,124
*	Gibraltar Industries Inc.	27,604	1,114
	Mobile Mini Inc.	36,556	1,112
*	Masonite International Corp.	20,759	1,094
*	Hub Group Inc. Class A	25,892	1,087
	ICF International Inc.	14,915	1,086
	Raven Industries Inc.	29,881	1,072
	Apogee Enterprises Inc.	24,629	1,070
	Helios Technologies Inc.	22,985	1,067
	Aircastle Ltd.	49,992	1,063
	US Ecology Inc.	17,794	1,059
*	Installed Building Products Inc.	17,167	1,017
	AAR Corp.	27,447	1,010
	Advanced Drainage Systems Inc.	30,765	1,009
*	Huron Consulting Group Inc.	19,807	998
*	Atkore International Group Inc.	38,131	986
*	AeroVironment Inc.	17,297	982
	AZZ Inc.	21,009	967
	Encore Wire Corp.	16,489	966
*	Sykes Enterprises Inc.	34,764	955
*	Livent Corp.	136,585	945
	Tennant Co.	15,245	933
	Boise Cascade Co.	33,040	929
*	Inovalon Holdings Inc. Class A	61,724	896
*	TTM Technologies Inc.	87,416	892
	Methode Electronics Inc.	31,113	889
*	Atlas Air Worldwide Holdings Inc.	19,880	887
	Greif Inc. Class A	27,034	880
	MTS Systems Corp.	14,798	866
*	Continental Building Products Inc.	32,437	862

40

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Market
				Value
		Shares		($000	)
	Mesa Laboratories Inc.	3,478		850
	Triumph Group Inc.	37,042		848
*	Patrick Industries Inc.	17,198		846
	Schneider National Inc. Class B	45,601		832
*	PGT Innovations Inc.	49,708		831
*	Cardtronics plc Class A	30,364		830
*	SEACOR Holdings Inc.	17,439		829
	Standex International Corp.	11,295		826
	KEMET Corp.	43,831		824
*	CBIZ Inc.	41,545		814
	Greenbrier Cos. Inc.	26,444		804
*	Astronics Corp.	19,792		796
*	TrueBlue Inc.	36,032		795
*	Milacron Holdings Corp.	56,997		787
*	Evo Payments Inc. Class A	24,924	��	786
	Kadant Inc.	8,634		784
	H&E Equipment Services Inc.	26,864		781
*	CIRCOR International Inc.	16,867		776
	Alamo Group Inc.	7,726		772
	Primoris Services Corp.	36,767		770
	Benchmark Electronics Inc.	30,490		766
	Wabash National Corp.	46,065		749
	Global Brass & Copper Holdings Inc.	16,950		741
	Navigant Consulting Inc.	31,609		733
	Columbus McKinnon Corp.	17,429		731
	Lindsay Corp.	8,740		719
	AVX Corp.	42,688		709
*	FARO Technologies Inc.	13,388		704
*	Everi Holdings Inc.	58,673		700
	National Research Corp.	11,993		691
	Griffon Corp.	40,709		689
*	US Concrete Inc.	13,840		688
	Heartland Express Inc.	37,643		680
	Astec Industries Inc.	20,885		680
	DMC Global Inc.	10,595		671
	Kelly Services Inc. Class A	25,590		670
	CTS Corp.	24,287		670
	Douglas Dynamics Inc.	16,740		666
	Kforce Inc.	18,809		660
	Quanex Building Products Corp.	34,869		659
*	Manitowoc Co. Inc.	36,777		655
*	Thermon Group Holdings Inc.	25,165		645
*	NV5 Global Inc.	7,889		642
	TTEC Holdings Inc.	13,647		636
	Multi-Color Corp.	12,479		624
^	ADT Inc.	100,440		615
*	Parsons Corp.	16,359		603
*	GMS Inc.	27,224		599
*	Control4 Corp.	25,134		597
	GrafTech International Ltd.	51,475		592
^,*	GreenSky Inc. Class A	48,023		590
*	Evolent Health Inc. Class A	71,499		568
	ArcBest Corp.	20,057		564
	Myers Industries Inc.	29,048		560
*	Tutor Perini Corp.	40,140		557
*	MACOM Technology Solutions Holdings Inc.	35,898		543
^,*	CryoPort Inc.	29,397		539
	Marten Transport Ltd.	29,621		538
	Argan Inc.	13,190		535
	Gorman-Rupp Co.	16,080		528
	Cass Information Systems Inc.	10,620		515
	Barrett Business Services Inc.	6,077		502
*	Veeco Instruments Inc.	40,235		492
*	MYR Group Inc.	13,120		490

41

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Wesco Aircraft Holdings Inc.	44,014	489
*	Aegion Corp. Class A	26,523	488
*	Gates Industrial Corp. plc	42,411	484
*	Great Lakes Dredge & Dock Corp.	43,760	483
*	DXP Enterprises Inc.	12,487	473
	Ennis Inc.	22,944	471
*	Echo Global Logistics Inc.	22,509	470
	Heidrick & Struggles International Inc.	15,142	454
*	Vicor Corp.	14,344	445
*	CAI International Inc.	17,614	437
	Hyster-Yale Materials Handling Inc.	7,759	429
	NN Inc.	43,785	427
	Briggs & Stratton Corp.	39,405	403
*	Ducommun Inc.	8,885	400
*	Cornerstone Building Brands Inc.	68,626	400
	Resources Connection Inc.	24,685	395
*	Heritage-Crystal Clean Inc.	14,261	375
*	Team Inc.	24,450	375
*	Paysign Inc.	27,870	373
*	Donnelley Financial Solutions Inc.	27,310	364
	Maxar Technologies Inc.	45,740	358
*	International Seaways Inc.	18,754	356
*	Kimball Electronics Inc.	20,481	333
	Park Electrochemical Corp.	19,093	319
*	Sterling Construction Co. Inc.	22,643	304
*	Willdan Group Inc.	8,086	301
*	Vishay Precision Group Inc.	7,260	295
^,*	Energy Recovery Inc.	28,300	295
	Quad/Graphics Inc.	36,770	291
	Spartan Motors Inc.	26,295	288
*	Cross Country Healthcare Inc.	30,721	288
*	Eagle Bulk Shipping Inc.	54,496	286
*	Franklin Covey Co.	8,348	284
*	Foundation Building Materials Inc.	15,621	278
	Powell Industries Inc.	7,254	276
*	ShotSpotter Inc.	6,113	270
	NVE Corp.	3,806	265
*	Napco Security Technologies Inc.	8,832	262
	Insteel Industries Inc.	12,557	261
*	Mistras Group Inc.	18,068	260
*	CECO Environmental Corp.	26,869	258
	Miller Industries Inc.	8,281	255
*	Ranpak Holdings Corp.	28,400	251
	B. Riley Financial Inc.	11,544	241
*	Commercial Vehicle Group Inc.	29,386	236
^,*	BlueLinx Holdings Inc.	11,892	236
*	Lydall Inc.	11,506	232
	Park-Ohio Holdings Corp.	7,030	229
*	Overseas Shipholding Group Inc. Class A	121,200	228
	CRA International Inc.	5,930	227
	Advanced Emissions Solutions Inc.	17,543	222
*	Construction Partners Inc. Class A	14,627	220
*	Blue Bird Corp.	11,011	217
*	DHI Group Inc.	60,119	215
	Allied Motion Technologies Inc.	5,591	212
	REV Group Inc.	14,684	212
*	Landec Corp.	22,177	208
*	Radiant Logistics Inc.	33,408	205
	Omega Flex Inc.	2,665	205
*	YRC Worldwide Inc.	49,000	197
*	US Xpress Enterprises Inc. Class A	37,700	194
*	Northwest Pipe Co.	7,317	189
*	Cardlytics Inc.	7,191	187
	VSE Corp.	6,500	186

42

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Covenant Transportation Group Inc. Class A	12,548	185
*	Armstrong Flooring Inc.	18,628	183
*	InnerWorkings Inc.	47,400	181
*	GP Strategies Corp.	11,933	180
	Hurco Cos. Inc.	5,051	180
*	UFP Technologies Inc.	4,245	177
*	LB Foster Co. Class A	6,452	176
*	Era Group Inc.	20,437	170
	Crawford & Co. Class A	16,065	169
	Daktronics Inc.	27,019	167
^,*	Energous Corp.	37,817	165
*	OptimizeRx Corp.	9,639	156
*	Iteris Inc.	30,071	155
	BG Staffing Inc.	8,185	155
^	EVI Industries Inc.	3,846	147
	NACCO Industries Inc. Class A	2,823	147
	LSC Communications Inc.	39,923	147
*	Twin Disc Inc.	8,834	133
	Eastern Co.	4,598	129
	Universal Logistics Holdings Inc.	5,573	125
	Graham Corp.	6,141	124
*	Transcat Inc.	4,840	124
	Bel Fuse Inc. Class B	7,191	123
	RR Donnelley & Sons Co.	62,200	123
*	Acacia Research Corp.	38,613	114
*	IES Holdings Inc.	5,998	113
*	CyberOptics Corp.	6,679	108
*	Lawson Products Inc.	2,806	103
*	Aspen Aerogels Inc.	14,402	103
	United States Lime & Minerals Inc.	1,281	102
*	PRGX Global Inc.	15,228	102
*	Concrete Pumping Holdings Inc.	19,696	101
*	PAM Transportation Services Inc.	1,626	101
*	IntriCon Corp.	4,234	99
*	Information Services Group Inc.	29,685	94
*	Daseke Inc.	25,698	92
^,*	Turtle Beach Corp.	7,983	92
	Greif Inc. Class B	2,101	92
*	Manitex International Inc.	14,516	89
^,*	Aqua Metals Inc.	46,946	78
^,*	Workhorse Group Inc.	26,033	77
*	ExOne Co.	7,987	74
*	Intevac Inc.	15,339	74
*	Universal Technical Institute Inc.	21,283	73
	Crawford & Co. Class B	7,813	73
*	ARC Document Solutions Inc.	34,251	70
*	UQM Technologies Inc.	41,712	69
*	Willis Lease Finance Corp.	1,168	68
*	Gencor Industries Inc.	5,230	68
*	USA Truck Inc.	6,111	62
*	Charah Solutions Inc.	10,207	56
*	Luna Innovations Inc.	11,973	54
^,*	Forterra Inc.	10,532	52
*	Ultralife Corp.	6,533	52
*	General Finance Corp.	5,355	45
*	Lincoln Educational Services Corp.	19,309	45
*	Image Sensing Systems Inc.	8,740	44
*	Orion Energy Systems Inc.	13,570	40
*	ASV Holdings Inc.	5,560	38
^,*	Capstone Turbine Corp.	46,350	36
*	Hudson Technologies Inc.	38,729	33
	RF Industries Ltd.	3,910	33
*	Goldfield Corp.	14,150	33
*	CPI Aerostructures Inc.	3,789	32

43

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Nuvectra Corp.	8,905	30
	Global Water Resources Inc.	2,764	29
*	LightPath Technologies Inc. Class A	30,132	27
*	Coda Octopus Group Inc.	2,088	27
*	Broadwind Energy Inc.	12,171	27
*	Mayville Engineering Co. Inc.	1,894	26
*	Frequency Electronics Inc.	2,246	26
	LSI Industries Inc.	6,879	25
*	Perceptron Inc.	5,605	25
*	ALJ Regional Holdings Inc.	15,022	23
*	Steel Connect Inc.	11,951	22
^,*	Odyssey Marine Exploration Inc.	3,525	20
*	Fuel Tech Inc.	14,473	20
*	Houston Wire & Cable Co.	3,866	20
	Chicago Rivet & Machine Co.	710	20
*	Payment Data Systems Inc.	5,651	20
*	IEC Electronics Corp.	2,860	18
*	Air Industries Group	16,125	18
*	Lightbridge Corp.	25,146	17
*	Tecogen Inc.	4,375	16
	Richardson Electronics Ltd.	2,700	15
*	Volt Information Sciences Inc.	3,158	14
*	PFSweb Inc.	3,353	14
*	Babcock & Wilcox Enterprises Inc.	36,976	13
*	Arotech Corp.	6,359	13
*	StarTek Inc.	1,506	12
	Espey Manufacturing & Electronics Corp.	486	12
	Issuer Direct Corp.	998	11
*	Vertex Energy Inc.	7,299	11
*	Sharps Compliance Corp.	2,867	10
*	Air T Inc.	532	9
*	Huttig Building Products Inc.	3,194	8
*	Ballantyne Strong Inc.	2,465	8
*	ENGlobal Corp.	8,787	8
*	eMagin Corp.	16,532	8
*	Digital Ally Inc.	4,794	7
^,*	Boxlight Corp. Class A	2,246	7
*	MTBC Inc.	1,328	7
*	Wireless Telecom Group Inc.	2,760	4
*	CUI Global Inc.	5,053	4
*	Innovative Solutions & Support Inc.	784	4
*	Revolution Lighting Technologies Inc.	12,778	3
	Bel Fuse Inc. Class A	197	3
*	Polar Power Inc.	592	2
*	Perma-Fix Environmental Services	605	2
*	Pioneer Power Solutions Inc.	407	2
*	Taylor Devices Inc.	136	1
*	Energy Focus Inc.	3,108	1
*	Bio-key International Inc.	832	1
*	Verb Technology Co. Inc.	400	1
*	Applied DNA Sciences Inc.	1,316	1
	AMCON Distributing Co.	3	—
*	SIFCO Industries Inc.	99	—
*	Patriot Transportation Holding Inc.	14	—
*,§	Patriot National Inc.	7,513	—
*	GEE Group Inc.	197	—
*	Continental Materials Corp.	9	—
*	Air T Inc. Warrants Exp. 06/07/2020	1,476	—
*	ClearSign Combustion Corp.	63	—
*	Sypris Solutions Inc.	92	—
*	AeroCentury Corp.	6	—
*	Roadrunner Transportation Systems Inc.	1	—
			3,416,429

44

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
Oil & Gas (2.9%)
	Exxon Mobil Corp.	3,634,667	278,525
	Chevron Corp.	1,637,271	203,742
	ConocoPhillips	981,428	59,867
	EOG Resources Inc.	506,981	47,230
	Schlumberger Ltd.	1,185,537	47,113
	Phillips 66	388,703	36,359
	Kinder Morgan Inc.	1,676,300	35,001
	Occidental Petroleum Corp.	641,435	32,251
	Marathon Petroleum Corp.	567,506	31,712
	Valero Energy Corp.	357,422	30,599
	Anadarko Petroleum Corp.	428,951	30,267
	Williams Cos. Inc.	1,059,715	29,714
	ONEOK Inc.	354,649	24,403
	Pioneer Natural Resources Co.	144,567	22,243
	Concho Resources Inc.	172,023	17,749
	Halliburton Co.	706,026	16,055
	Diamondback Energy Inc.	141,408	15,409
	Hess Corp.	233,687	14,855
*	Cheniere Energy Inc.	197,175	13,497
	Baker Hughes a GE Co. Class A	442,596	10,901
	Marathon Oil Corp.	696,551	9,898
	Devon Energy Corp.	340,322	9,706
	Apache Corp.	323,332	9,367
	Noble Energy Inc.	406,687	9,110
	Cabot Oil & Gas Corp.	363,184	8,339
	Targa Resources Corp.	197,250	7,744
	OGE Energy Corp.	170,408	7,253
	National Oilwell Varco Inc.	325,770	7,242
	HollyFrontier Corp.	133,262	6,167
	Cimarex Energy Co.	85,500	5,073
	Helmerich & Payne Inc.	90,063	4,559
*	Parsley Energy Inc. Class A	232,328	4,417
*	WPX Energy Inc.	359,634	4,139
*	First Solar Inc.	62,725	4,120
	Murphy Oil Corp.	145,483	3,586
*	Continental Resources Inc.	82,167	3,458
	Equitrans Midstream Corp.	175,404	3,457
	EQT Corp.	216,404	3,421
*	Transocean Ltd.	495,540	3,176
	PBF Energy Inc. Class A	88,260	2,763
	Antero Midstream Corp.	240,747	2,759
	Delek US Holdings Inc.	63,349	2,567
*	Chart Industries Inc.	30,287	2,328
*	Apergy Corp.	68,061	2,283
^,*	Chesapeake Energy Corp.	1,069,662	2,086
	Core Laboratories NV	39,018	2,040
*	PDC Energy Inc.	55,189	1,990
*	Matador Resources Co.	97,867	1,946
	Patterson-UTI Energy Inc.	165,015	1,899
*	Oceaneering International Inc.	79,831	1,628
	Range Resources Corp.	230,604	1,610
^,*	Enphase Energy Inc.	85,130	1,552
*	ProPetro Holding Corp.	73,182	1,515
*	Southwestern Energy Co.	477,311	1,508
	Ensco Rowan plc Class A	176,049	1,502
*	Whiting Petroleum Corp.	79,024	1,476
*	Oasis Petroleum Inc.	258,725	1,470
	Arcosa Inc.	38,951	1,466
*	QEP Resources Inc.	199,591	1,443
*	Dril-Quip Inc.	29,581	1,420
*	McDermott International Inc.	140,800	1,360
	CVR Energy Inc.	27,000	1,350
*	NOW Inc.	88,899	1,312

45

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Market
				Value
		Shares		($000	)
*	Cactus Inc. Class A	38,933		1,289
	Archrock Inc.	119,241		1,264
*	Callon Petroleum Co.	187,616		1,236
*	Antero Resources Corp.	222,018		1,228
*	MRC Global Inc.	69,170		1,184
*	Centennial Resource Development Inc. Class A	151,959		1,153
	SM Energy Co.	91,115		1,141
*	Magnolia Oil & Gas Corp. Class A	91,215		1,056
*	Helix Energy Solutions Group Inc.	112,273		969
*	SRC Energy Inc.	193,563		960
*	Oil States International Inc.	50,192		919
	Nabors Industries Ltd.	302,834		878
	SemGroup Corp. Class A	69,838		838
*	CNX Resources Corp.	114,362		836
*	Tidewater Inc.	32,230		757
*	Gulfport Energy Corp.	140,396		689
*	Carrizo Oil & Gas Inc.	68,047		682
^,*	California Resources Corp.	34,640		682
*	TPI Composites Inc.	27,116		670
*	C&J Energy Services Inc.	56,656		667
^,*	Tellurian Inc.	80,607		633
	Berry Petroleum Corp.	58,999		625
^,*	SunPower Corp. Class A	54,036		578
*	Select Energy Services Inc. Class A	48,447		562
*	Par Pacific Holdings Inc.	26,739	��	549
^,*	Plug Power Inc.	237,379		534
	Liberty Oilfield Services Inc. Class A	31,260		506
*	Matrix Service Co.	24,881		504
*	Northern Oil and Gas Inc.	257,740		497
*	Renewable Energy Group Inc.	29,189		463
^,*	Diamond Offshore Drilling Inc.	51,207		454
^,*	Extraction Oil & Gas Inc.	103,195		447
*	Newpark Resources Inc.	59,106		439
	Solaris Oilfield Infrastructure Inc. Class A	28,947		434
*	Laredo Petroleum Inc.	142,394		413
*	Denbury Resources Inc.	331,544		411
*	Jagged Peak Energy Inc.	49,273		407
*	KLX Energy Services Holdings Inc.	19,692		402
*	Unit Corp.	42,727		380
*	W&T Offshore Inc.	74,445		369
*	Talos Energy Inc.	15,133		364
*	Brigham Minerals Inc.	16,371		351
*	Bonanza Creek Energy Inc.	16,011		334
*	Penn Virginia Corp.	10,308		316
*	Exterran Corp.	21,845		311
*	REX American Resources Corp.	4,122		300
	Green Plains Inc.	27,480		296
*	Noble Corp. plc	155,053		290
*	Keane Group Inc.	43,065		289
*	Nine Energy Service Inc.	16,307		283
*	SandRidge Energy Inc.	40,607		281
*	SEACOR Marine Holdings Inc.	18,456		276
*	Green Brick Partners Inc.	33,004		274
*	Altus Midstream Co. Class A	72,387		269
*	Geospace Technologies Corp.	17,746		268
*	Forum Energy Technologies Inc.	75,240		257
^,*	National Energy Services Reunited Corp.	28,937		252
	RPC Inc.	34,611		250
*	FTS International Inc.	43,389		242
*	Parker Drilling Co.	10,894		221
*	Montage Resources Corp.	33,950		207
*	Ameresco Inc. Class A	13,932		205
*	Ring Energy Inc.	63,006		205
*	Superior Energy Services Inc.	147,324		192

46

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Gulf Island Fabrication Inc.	25,659	182
	Evolution Petroleum Corp.	25,075	179
*	Flotek Industries Inc.	53,300	176
	Falcon Minerals Corp.	20,945	176
*	Trecora Resources	18,356	176
	Panhandle Oil and Gas Inc. Class A	13,397	175
^,*	Chaparral Energy Inc. Class A	36,289	171
*	US Well Services Inc.	33,133	160
^,*	American Superconductor Corp.	17,108	159
*	TETRA Technologies Inc.	97,305	159
*	HighPoint Resources Corp.	72,833	133
*	Goodrich Petroleum Corp.	9,501	123
*	Isramco Inc.	839	99
*	Abraxas Petroleum Corp.	91,412	94
	Mammoth Energy Services Inc.	13,670	94
*	SilverBow Resources Inc.	6,268	87
*	Natural Gas Services Group Inc.	5,139	85
*	VAALCO Energy Inc.	44,869	75
*	Covia Holdings Corp.	37,579	74
*	ION Geophysical Corp.	9,097	73
*	Mitcham Industries Inc.	16,294	64
*	Rosehill Resources Inc. Class A	14,182	52
	Adams Resources & Energy Inc.	1,461	50
*	Ranger Energy Services Inc.	5,868	47
*	Roan Resources Inc.	22,329	39
^,*	Torchlight Energy Resources Inc.	25,734	37
*	Contango Oil & Gas Co.	16,918	29
*	Lonestar Resources US Inc. Class A	11,097	25
*	Pacific Ethanol Inc.	31,856	24
^,*	SAExploration Holdings Inc.	5,749	21
*	Ultra Petroleum Corp.	92,745	17
*	Quintana Energy Services Inc.	8,395	14
^,*	Key Energy Services Inc.	4,827	11
*	Superior Drilling Products Inc.	10,715	11
*	Infrastructure and Energy Alternatives Inc.	4,720	10
*	Midstates Petroleum Co. Inc.	1,443	9
^,*	Aemetis Inc.	8,969	8
*	Independence Contract Drilling Inc.	4,135	7
^,*	Zion Oil & Gas Inc.	12,607	4
^,*	Enservco Corp.	10,392	4
^,*	Approach Resources Inc.	9,209	3
*	Tidewater Inc. Warrants Exp. 12/31/2049	535	2
^,*	Houston American Energy Corp.	7,940	2
*	Tidewater Inc. Warrants Exp. 12/31/2049	579	2
^,*	FuelCell Energy Inc.	4,706	1
^,*	Basic Energy Services Inc. Warrants Exp. 12/23/2023	2,067	—
^,*,§	Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020	2,104	—
*,§	Harvest Natural Resources Inc.	20,906	—
*,§	Rex Energy Corp.	900	—
			1,193,378
Technology (12.2%)
	Microsoft Corp.	6,579,157	881,344
	Apple Inc.	3,555,729	703,750
*	Facebook Inc. Class A	2,064,096	398,371
*	Alphabet Inc. Class A	257,703	279,041
*	Alphabet Inc. Class C	253,761	274,293
	Cisco Systems Inc.	3,679,999	201,406
	Intel Corp.	3,844,306	184,027
*	Adobe Inc.	420,534	123,910
	Oracle Corp.	1,906,506	108,614
	International Business Machines Corp.	760,574	104,883
*	salesforce.com Inc.	635,683	96,452
	Broadcom Inc.	323,407	93,096
	Texas Instruments Inc.	806,871	92,597

47

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	NVIDIA Corp.	498,455	81,861
	QUALCOMM Inc.	1,045,359	79,520
	Intuit Inc.	213,044	55,675
*	ServiceNow Inc.	161,451	44,330
*	Micron Technology Inc.	958,374	36,984
	Applied Materials Inc.	813,091	36,516
	Analog Devices Inc.	317,125	35,794
	Cognizant Technology Solutions Corp. Class A	486,464	30,837
*	Autodesk Inc.	188,581	30,720
*	Workday Inc. Class A	137,879	28,345
*	Red Hat Inc.	146,061	27,424
	HP Inc.	1,311,663	27,269
	Xilinx Inc.	216,814	25,567
*	Advanced Micro Devices Inc.	832,519	25,284
	Lam Research Corp.	127,909	24,026
	Motorola Solutions Inc.	141,120	23,529
	Corning Inc.	672,530	22,348
*	Twitter Inc.	622,715	21,733
	Harris Corp.	102,421	19,371
	Cerner Corp.	263,918	19,345
*	VeriSign Inc.	91,911	19,224
*	Veeva Systems Inc. Class A	109,381	17,732
	Microchip Technology Inc.	202,397	17,548
	Hewlett Packard Enterprise Co.	1,152,451	17,229
*	Cadence Design Systems Inc.	240,731	17,046
*	Synopsys Inc.	128,556	16,544
	KLA-Tencor Corp.	138,005	16,312
*	Splunk Inc.	127,773	16,067
*	Palo Alto Networks Inc.	77,968	15,887
*	ANSYS Inc.	71,805	14,707
*	IAC/InterActiveCorp	67,403	14,662
	Maxim Integrated Products Inc.	233,342	13,959
	CDW Corp.	124,628	13,834
	NetApp Inc.	210,956	13,016
*	Twilio Inc. Class A	95,395	13,007
	Marvell Technology Group Ltd.	537,925	12,840
	DXC Technology Co.	228,220	12,586
*	Arista Networks Inc.	45,625	11,845
*	Gartner Inc.	73,537	11,835
	Western Digital Corp.	240,466	11,434
	Skyworks Solutions Inc.	147,836	11,423
	VMware Inc. Class A	66,328	11,091
*	Okta Inc.	89,034	10,997
	Symantec Corp.	502,680	10,938
	Citrix Systems Inc.	110,933	10,887
*	Tableau Software Inc. Class A	64,833	10,764
*	GoDaddy Inc. Class A	151,748	10,645
*	Akamai Technologies Inc.	132,361	10,607
	SS&C Technologies Holdings Inc.	183,993	10,600
	Seagate Technology plc	213,135	10,043
	Leidos Holdings Inc.	123,299	9,845
*	Paycom Software Inc.	42,761	9,695
*	Fortinet Inc.	124,328	9,552
*	Snap Inc.	592,828	8,477
*	Zendesk Inc.	93,391	8,315
*	PTC Inc.	87,983	7,897
	Juniper Networks Inc.	293,264	7,810
*	EPAM Systems Inc.	44,173	7,646
*	F5 Networks Inc.	50,794	7,397
*	Aspen Technology Inc.	59,046	7,338
*	Black Knight Inc.	121,740	7,323
*	ON Semiconductor Corp.	356,833	7,212
*	Guidewire Software Inc.	69,925	7,089
	Teradyne Inc.	146,358	7,012

48

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Cypress Semiconductor Corp.	311,836	6,935
*	Dell Technologies Inc.	133,963	6,805
*	Qorvo Inc.	101,668	6,772
*	Tyler Technologies Inc.	31,271	6,755
*	Coupa Software Inc.	52,742	6,678
*	RingCentral Inc. Class A	57,270	6,581
*	HubSpot Inc.	34,379	5,862
*	Proofpoint Inc.	47,513	5,713
*	Ciena Corp.	132,733	5,459
	CDK Global Inc.	104,291	5,156
*	Cree Inc.	89,894	5,050
	Monolithic Power Systems Inc.	35,688	4,846
*	Medidata Solutions Inc.	51,656	4,675
*	MongoDB Inc.	30,374	4,620
*	DocuSign Inc. Class A	89,130	4,431
	Science Applications International Corp.	50,848	4,401
*	CACI International Inc. Class A	21,431	4,385
	Entegris Inc.	115,037	4,293
*	RealPage Inc.	69,313	4,079
*	ViaSat Inc.	50,337	4,068
*	Nuance Communications Inc.	253,519	4,049
*	Alteryx Inc. Class A	35,964	3,924
*	Dropbox Inc. Class A	155,500	3,895
*	Silicon Laboratories Inc.	37,333	3,860
*	Anaplan Inc.	76,228	3,847
*	Manhattan Associates Inc.	55,012	3,814
*	New Relic Inc.	43,120	3,730
	MKS Instruments Inc.	47,603	3,708
*	Zscaler Inc.	48,014	3,680
*	Smartsheet Inc. Class A	75,029	3,631
	j2 Global Inc.	40,242	3,577
*	Lumentum Holdings Inc.	66,410	3,547
*	Teradata Corp.	97,272	3,487
	Blackbaud Inc.	41,350	3,453
	SYNNEX Corp.	34,876	3,432
*	Slack Technologies Inc. Class A	87,256	3,272
*	Tech Data Corp.	30,924	3,235
*	Avalara Inc.	44,668	3,225
*	NCR Corp.	100,494	3,125
*	Nutanix Inc.	120,164	3,117
	LogMeIn Inc.	42,203	3,110
^	Match Group Inc.	46,200	3,108
*	ACI Worldwide Inc.	88,096	3,025
*	Verint Systems Inc.	56,072	3,016
*	Ceridian HCM Holding Inc.	59,562	2,990
*	Pure Storage Inc. Class A	195,317	2,982
*	Envestnet Inc.	42,382	2,898
*	Semtech Corp.	58,620	2,817
	Cabot Microelectronics Corp.	25,553	2,813
	Perspecta Inc.	120,006	2,809
*	Q2 Holdings Inc.	36,534	2,790
*	Cornerstone OnDemand Inc.	46,989	2,722
*	FireEye Inc.	174,355	2,582
*	Everbridge Inc.	28,541	2,552
*	Qualys Inc.	29,236	2,546
*	Viavi Solutions Inc.	190,950	2,538
*	CommScope Holding Co. Inc.	160,905	2,531
*	Five9 Inc.	49,027	2,515
	Pegasystems Inc.	35,047	2,496
^,*	Finisar Corp.	101,653	2,325
	Brooks Automation Inc.	59,635	2,311
*	Box Inc.	120,227	2,117
*	Rapid7 Inc.	36,257	2,097
*	Cirrus Logic Inc.	47,539	2,077

49

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	2U Inc.	54,061	2,035
	Cogent Communications Holdings Inc.	34,186	2,029
*	Premier Inc. Class A	51,781	2,025
*	Covetrus Inc.	82,252	2,012
*	Pinterest Inc. Class A	73,652	2,005
*	Inphi Corp.	38,722	1,940
*	Advanced Energy Industries Inc.	34,307	1,930
	Power Integrations Inc.	23,755	1,905
*	Insight Enterprises Inc.	32,099	1,868
*	Blackline Inc.	34,606	1,852
*	EchoStar Corp. Class A	40,995	1,817
*	PROS Holdings Inc.	28,516	1,804
	InterDigital Inc.	27,932	1,799
*	Allscripts Healthcare Solutions Inc.	144,864	1,685
*	Lattice Semiconductor Corp.	115,354	1,683
*	Alarm.com Holdings Inc.	31,458	1,683
	Progress Software Corp.	38,573	1,683
*	CommVault Systems Inc.	33,454	1,660
*	Elastic NV	22,134	1,653
*	Bottomline Technologies DE Inc.	36,991	1,636
*	NetScout Systems Inc.	63,766	1,619
*	SPS Commerce Inc.	15,763	1,611
^	Ubiquiti Networks Inc.	11,964	1,573
*	SailPoint Technologies Holding Inc.	76,091	1,525
*	Acacia Communications Inc.	31,853	1,502
*	Varonis Systems Inc.	23,486	1,455
*	Workiva Inc.	24,798	1,441
*	LivePerson Inc.	49,435	1,386
*	Yext Inc.	68,085	1,368
*	Electronics For Imaging Inc.	37,058	1,368
	CSG Systems International Inc.	27,816	1,358
*	Cray Inc.	38,210	1,330
*	Diodes Inc.	35,330	1,285
*	MaxLinear Inc.	54,629	1,280
*	Instructure Inc.	29,308	1,246
*	SVMK Inc.	73,632	1,216
*	Appfolio Inc.	11,756	1,202
*	ForeScout Technologies Inc.	33,895	1,148
*	Rambus Inc.	94,671	1,140
*	Altair Engineering Inc. Class A	27,710	1,119
*	Blucora Inc.	36,286	1,102
*	Virtusa Corp.	24,759	1,100
*	Avaya Holdings Corp.	91,917	1,095
*	Crowdstrike Holdings Inc. Class A	15,453	1,055
	Plantronics Inc.	28,479	1,055
*	FormFactor Inc.	66,127	1,036
*	Cloudera Inc.	193,658	1,019
*	Zuora Inc. Class A	65,045	996
	NIC Inc.	62,001	994
*	MicroStrategy Inc. Class A	6,801	975
*	Bandwidth Inc. Class A	12,739	956
*	NextGen Healthcare Inc.	46,830	932
*	ePlus Inc.	13,219	911
	Ebix Inc.	18,036	906
*	Perficient Inc.	26,296	902
	Xperi Corp.	41,855	862
*	Tabula Rasa HealthCare Inc.	17,128	855
*	Cision Ltd.	71,498	839
*	Synaptics Inc.	27,634	805
*	3D Systems Corp.	88,293	803
*	SolarWinds Corp.	42,400	778
*	Carbonite Inc.	29,841	777
*	Upland Software Inc.	16,686	760
*	Pivotal Software Inc. Class A	71,705	757

50

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Vocera Communications Inc.	23,450	749
	TiVo Corp.	101,310	747
*	Rudolph Technologies Inc.	26,860	742
*	ScanSource Inc.	21,947	715
*	Nanometrics Inc.	20,216	702
*	Tenable Holdings Inc.	24,348	695
	Pitney Bowes Inc.	158,199	677
	Monotype Imaging Holdings Inc.	39,884	672
	ADTRAN Inc.	43,334	661
*	Extreme Networks Inc.	100,915	653
	Switch Inc.	47,826	626
*	NETGEAR Inc.	24,562	621
*	Carbon Black Inc.	37,078	620
*	Benefitfocus Inc.	22,819	620
*	Diebold Nixdorf Inc.	67,363	617
*	Amkor Technology Inc.	80,330	599
*	Boingo Wireless Inc.	32,924	592
	Shutterstock Inc.	14,989	587
^,*	Appian Corp. Class A	16,070	580
*	Ultra Clean Holdings Inc.	38,618	538
	Comtech Telecommunications Corp.	18,514	520
	Presidio Inc.	38,069	520
*	Eventbrite Inc. Class A	31,670	513
*	Photronics Inc.	61,557	505
*	nLight Inc.	26,021	500
	Forrester Research Inc.	10,298	484
*	Axcelis Technologies Inc.	32,159	484
*	CEVA Inc.	19,501	475
*	Pagerduty Inc.	10,040	472
*	Zix Corp.	50,588	460
*	Brightcove Inc.	43,667	451
*	Agilysys Inc.	20,731	445
	Cohu Inc.	28,149	434
^,*	Tucows Inc. Class A	7,007	428
*	Infinera Corp.	145,999	425
*	A10 Networks Inc.	61,554	420
*	Model N Inc.	20,930	408
*	Vectrus Inc.	9,894	401
*	Domo Inc.	14,580	398
*	Ichor Holdings Ltd.	16,788	397
^,*	USA Technologies Inc.	52,626	391
*	MobileIron Inc.	63,064	391
*	Rosetta Stone Inc.	16,862	386
*	Unisys Corp.	39,635	385
*	Impinj Inc.	13,362	382
*	Aquantia Corp.	29,261	381
*	Loral Space & Communications Inc.	11,008	380
*	OneSpan Inc.	26,494	375
*	Harmonic Inc.	66,168	367
	Computer Programs & Systems Inc.	12,734	354
*	I3 Verticals Inc. Class A	11,854	349
*	CalAmp Corp.	29,591	346
	American Software Inc. Class A	25,420	334
*	Digimarc Corp.	7,158	318
*	Mitek Systems Inc.	31,555	314
	Simulations Plus Inc.	10,935	312
	Hackett Group Inc.	18,520	311
	PC Connection Inc.	8,866	310
	QAD Inc. Class A	7,677	309
*	Digi International Inc.	22,420	284
*	Calix Inc.	41,340	271
	Systemax Inc.	11,984	266
*	Endurance International Group Holdings Inc.	54,060	259
*	Sciplay Corp. Class A	18,478	253

51

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
^,*	VirnetX Holding Corp.	40,524	252
*	Limelight Networks Inc.	92,123	249
*	DSP Group Inc.	16,810	241
*	PDF Solutions Inc.	18,179	239
*	PAR Technology Corp.	8,286	234
*	Applied Optoelectronics Inc.	22,599	232
*	Ribbon Communications Inc.	46,727	228
*	Casa Systems Inc.	34,412	221
*	Amber Road Inc.	16,845	220
*	Meet Group Inc.	59,975	209
*	Castlight Health Inc. Class B	63,860	206
*	Ooma Inc.	19,530	205
*	Telaria Inc.	26,650	200
*	AXT Inc.	50,500	200
*	Alpha & Omega Semiconductor Ltd.	21,156	198
*	Fastly Inc. Class A	9,516	193
*	Immersion Corp.	24,728	188
*	WideOpenWest Inc.	24,837	180
^,*	TransEnterix Inc.	122,495	167
*	ChannelAdvisor Corp.	18,866	165
*	Sonim Technologies Inc.	12,400	158
*	Telenav Inc.	18,629	149
*	NeoPhotonics Corp.	35,595	149
^,*	Inseego Corp.	30,662	147
*	Adesto Technologies Corp.	17,692	144
^,*	Gogo Inc.	34,666	138
*	DASAN Zhone Solutions Inc.	9,587	125
*	Synchronoss Technologies Inc.	15,425	122
*	Airgain Inc.	8,585	121
*	Aerohive Networks Inc.	27,289	121
	GlobalSCAPE Inc.	11,304	116
	TESSCO Technologies Inc.	6,292	112
*	SecureWorks Corp. Class A	8,244	110
*	NetSol Technologies Inc.	18,065	101
*	KVH Industries Inc.	9,132	99
*	Pixelworks Inc.	32,934	97
*	Icad Inc.	15,233	97
*	RigNet Inc.	9,523	96
*	Clearfield Inc.	7,179	95
	Preformed Line Products Co.	1,703	95
*	EMCORE Corp.	28,435	94
*	Great Elm Capital Group Inc.	19,881	85
*	GSI Technology Inc.	9,342	80
*	Change Healthcare Inc.	5,295	77
*	ACM Research Inc. Class A	4,280	67
*	SharpSpring Inc.	5,104	66
*	Amtech Systems Inc.	11,877	65
	AstroNova Inc.	2,465	64
*	eGain Corp.	7,706	63
	TransAct Technologies Inc.	5,458	61
*	ID Systems Inc.	9,595	56
*	Identiv Inc.	10,179	52
*	Park City Group Inc.	9,689	52
*	inTEST Corp.	10,157	49
	CSP Inc.	3,181	49
*	Resonant Inc.	19,073	45
*	LRAD Corp.	13,190	43
*	QuickLogic Corp.	75,104	43
^,*	Red Violet Inc.	3,326	41
*	Atomera Inc.	7,854	39
*	Finjan Holdings Inc.	17,449	39
*	Qumu Corp.	8,832	37
*	RCM Technologies Inc.	8,104	32
*	Computer Task Group Inc.	7,990	32

52

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Neurotrope Inc.	3,987	32
*	Rimini Street Inc.	6,024	32
*	Everspin Technologies Inc.	4,413	29
*	Aware Inc.	8,050	27
*	Veritone Inc.	3,077	26
*	ADDvantage Technologies Group Inc.	15,602	25
*	Seachange International Inc.	16,682	24
*	Intellicheck Inc.	4,082	24
*	RumbleON Inc. Class B	4,623	21
*	Kopin Corp.	18,243	20
	QAD Inc. Class B	668	20
*	Synacor Inc.	10,445	16
*	Data I/O Corp.	3,396	15
*	Aehr Test Systems	8,824	15
*	Support.com Inc.	8,303	13
*	Intermolecular Inc.	11,438	13
*	Aviat Networks Inc.	934	13
*	GSE Systems Inc.	5,300	12
*	Lantronix Inc.	3,690	12
*	VOXX International Corp. Class A	2,911	12
	Wayside Technology Group Inc.	1,052	12
*	Westell Technologies Inc. Class A	5,802	11
*	Key Tronic Corp.	2,174	11
*	CynergisTek Inc.	2,223	11
*	CVD Equipment Corp.	2,737	10
^,*	NXT-ID Inc.	13,320	10
*	ClearOne Inc.	4,114	9
*	Exela Technologies Inc.	4,182	9
*	Majesco	974	9
*	SITO Mobile Ltd.	11,176	9
*	Marin Software Inc.	3,099	8
*	Xcel Brands Inc.	5,202	8
*	Evolving Systems Inc.	8,822	7
	Network-1 Technologies Inc.	2,710	7
*	WidePoint Corp.	15,997	7
*	Trio-Tech International	2,004	6
*	Streamline Health Solutions Inc.	3,730	6
	Communications Systems Inc.	1,854	6
*	BSQUARE Corp.	4,685	5
*	Optical Cable Corp.	889	4
^,*	Sunworks Inc.	6,482	4
*,§	Media General Inc. CVR	82,296	3
*	AIT Therapeutics Inc.	442	2
*	Cinedigm Corp. Class A	1,775	2
*	Qualstar Corp.	394	2
*	Innodata Inc.	1,873	2
	PC-Tel Inc.	286	1
*	Mastech Digital Inc.	260	1
	BK Technologies Corp.	244	1
*,§	Ocera Therapeutics CVR Line	3,700	1
*	Inuvo Inc.	1,578	1
*	FTE Networks Inc.	311	—
*	Socket Mobile Inc.	99	—
*	ARC Group Worldwide Inc.	394	—
*,§	Biosante Pharmaceutical Inc. CVR	14,250	—
			5,123,981
Telecommunications (1.1%)
	AT&T Inc.	6,268,020	210,041
	Verizon Communications Inc.	3,551,572	202,901
*	T-Mobile US Inc.	255,556	18,947
	CenturyLink Inc.	848,790	9,982
*	Zayo Group Holdings Inc.	172,999	5,693
*	Sprint Corp.	536,466	3,525
	Telephone & Data Systems Inc.	78,716	2,393

53

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
*	Vonage Holdings Corp.	191,265	2,167
*	Iridium Communications Inc.	83,775	1,949
*	8x8 Inc.	80,239	1,934
	Shenandoah Telecommunications Co.	41,973	1,617
^,*	Zoom Video Communications Inc. Class A	16,953	1,505
*	Intelsat SA	67,088	1,305
^,*	GTT Communications Inc.	38,351	675
*	United States Cellular Corp.	14,930	667
	ATN International Inc.	9,908	572
*	pdvWireless Inc.	9,908	466
*	ORBCOMM Inc.	61,407	445
	Consolidated Communications Holdings Inc.	61,662	304
	Spok Holdings Inc.	19,815	298
*	Cincinnati Bell Inc.	59,331	294
^,*	Pareteum Corp.	112,318	293
^,*	Frontier Communications Corp.	151,663	265
^,*	Globalstar Inc.	447,307	215
*	IDT Corp. Class B	18,097	171
*	Alaska Communications Systems Group Inc.	57,396	98
*,§	Omthera Pharmaceuticals Inc. CVR	9,400	6
			468,728
Utilities (1.9%)
	NextEra Energy Inc.	408,760	83,739
	Duke Energy Corp.	620,345	54,739
	Dominion Energy Inc.	690,229	53,368
	Southern Co.	893,279	49,380
	Exelon Corp.	834,681	40,015
	American Electric Power Co. Inc.	428,136	37,680
	Sempra Energy	235,726	32,398
	Xcel Energy Inc.	438,953	26,113
	Public Service Enterprise Group Inc.	435,218	25,599
	Consolidated Edison Inc.	284,535	24,948
	WEC Energy Group Inc.	270,941	22,588
	Eversource Energy	274,272	20,779
	DTE Energy Co.	157,170	20,099
	FirstEnergy Corp.	454,759	19,468
	PPL Corp.	615,995	19,102
	Edison International	277,677	18,718
	American Water Works Co. Inc.	156,979	18,210
	Entergy Corp.	161,237	16,596
	Ameren Corp.	210,642	15,821
	CMS Energy Corp.	246,738	14,289
	Evergy Inc.	219,032	13,175
	CenterPoint Energy Inc.	429,826	12,306
*	PG&E Corp.	453,089	10,385
	Atmos Energy Corp.	98,335	10,380
	Alliant Energy Corp.	205,839	10,103
	AES Corp.	566,742	9,499
	NiSource Inc.	317,909	9,156
	Pinnacle West Capital Corp.	94,993	8,938
	UGI Corp.	147,025	7,853
	NRG Energy Inc.	219,980	7,726
	Aqua America Inc.	184,798	7,645
	Vistra Energy Corp.	329,098	7,451
	IDACORP Inc.	43,966	4,415
	ONE Gas Inc.	46,651	4,213
	Portland General Electric Co.	77,303	4,187
	Hawaiian Electric Industries Inc.	93,419	4,068
	Black Hills Corp.	51,588	4,033
	Southwest Gas Holdings Inc.	43,377	3,887
	National Fuel Gas Co.	73,017	3,852
	New Jersey Resources Corp.	75,996	3,782
	ALLETE Inc.	44,534	3,706
	PNM Resources Inc.	69,652	3,546

54

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Market
			Value
		Shares	($000	)
	Spire Inc.	41,876	3,514
	NorthWestern Corp.	41,829	3,018
	Avangrid Inc.	53,556	2,705
	South Jersey Industries Inc.	77,709	2,621
	Avista Corp.	54,845	2,446
	American States Water Co.	31,874	2,398
	El Paso Electric Co.	35,303	2,309
	MGE Energy Inc.	31,276	2,286
	Ormat Technologies Inc.	34,989	2,218
	California Water Service Group	42,055	2,129
	Pattern Energy Group Inc. Class A	85,288	1,969
	Northwest Natural Holding Co.	27,375	1,902
*	Sunrun Inc.	89,530	1,680
	SJW Group	25,517	1,551
	Chesapeake Utilities Corp.	13,692	1,301
*	Evoqua Water Technologies Corp.	61,019	869
	TerraForm Power Inc. Class A	56,984	815
	Connecticut Water Service Inc.	11,525	803
	Middlesex Water Co.	12,399	735
	Unitil Corp.	11,164	669
^,*	Bloom Energy Corp. Class A	42,395	520
	York Water Co.	10,380	371
*	AquaVenture Holdings Ltd.	11,777	235
	Artesian Resources Corp. Class A	6,216	231
*	Vivint Solar Inc.	30,588	223
^,*	Atlantic Power Corp.	88,794	215
^,*	Cadiz Inc.	16,558	186
	RGC Resources Inc.	5,719	174
*	Pure Cycle Corp.	15,148	161
	Genie Energy Ltd. Class B	13,020	139
	Spark Energy Inc. Class A	9,045	101
			808,449
Total Common Stocks (Cost $11,049,016)			25,146,769

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
U.S. Government and Agency Obligations (26.2%)
U.S. Government Securities (17.2%)
	United States Treasury Note/Bond	8.500%	2/15/20	1,869		1,943
	United States Treasury Note/Bond	1.125%	4/30/20	810		804
	United States Treasury Note/Bond	1.500%	5/15/20	60,832		60,557
	United States Treasury Note/Bond	1.375%	5/31/20	18,815		18,706
	United States Treasury Note/Bond	1.500%	5/31/20	29,462		29,324
	United States Treasury Note/Bond	2.500%	5/31/20	16,705		16,778
	United States Treasury Note/Bond	1.500%	6/15/20	15,000		14,932
	United States Treasury Note/Bond	1.625%	6/30/20	26,710		26,618
	United States Treasury Note/Bond	1.875%	6/30/20	21,525		21,505
	United States Treasury Note/Bond	2.500%	6/30/20	22,810		22,928
	United States Treasury Note/Bond	1.500%	7/15/20	44,330		44,122
	United States Treasury Note/Bond	1.625%	7/31/20	16,115		16,060
	United States Treasury Note/Bond	2.000%	7/31/20	6,268		6,272
	United States Treasury Note/Bond	2.625%	7/31/20	18,660		18,794
	United States Treasury Note/Bond	1.500%	8/15/20	9,880		9,834
	United States Treasury Note/Bond	2.625%	8/15/20	13,775		13,883
	United States Treasury Note/Bond	1.375%	8/31/20	19,177		19,057
	United States Treasury Note/Bond	2.625%	8/31/20	17,106		17,245
	United States Treasury Note/Bond	1.375%	9/15/20	2,482		2,467
	United States Treasury Note/Bond	1.375%	9/30/20	1,045		1,038
	United States Treasury Note/Bond	2.750%	9/30/20	18,875		19,073
	United States Treasury Note/Bond	1.625%	10/15/20	18,791		18,729
	United States Treasury Note/Bond	1.375%	10/31/20	34,129		33,905

55

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
United States Treasury Note/Bond	1.750%	10/31/20	23,411		23,367
United States Treasury Note/Bond	2.875%	10/31/20	14,425		14,612
United States Treasury Note/Bond	1.750%	11/15/20	17,515		17,488
United States Treasury Note/Bond	2.625%	11/15/20	57,771		58,358
United States Treasury Note/Bond	1.625%	11/30/20	38,750		38,623
United States Treasury Note/Bond	2.000%	11/30/20	19,950		19,988
United States Treasury Note/Bond	2.750%	11/30/20	14,837		15,020
United States Treasury Note/Bond	1.875%	12/15/20	4,095		4,096
United States Treasury Note/Bond	1.750%	12/31/20	7,347		7,336
United States Treasury Note/Bond	2.375%	12/31/20	20,452		20,609
United States Treasury Note/Bond	2.500%	12/31/20	73,060		73,756
United States Treasury Note/Bond	1.375%	1/31/21	34,657		34,408
United States Treasury Note/Bond	2.125%	1/31/21	19,996		20,084
United States Treasury Note/Bond	2.500%	1/31/21	16,603		16,774
United States Treasury Note/Bond	2.250%	2/15/21	44,653		44,946
United States Treasury Note/Bond	3.625%	2/15/21	35,603		36,616
United States Treasury Note/Bond	7.875%	2/15/21	400		438
United States Treasury Note/Bond	1.125%	2/28/21	19,815		19,589
United States Treasury Note/Bond	2.000%	2/28/21	12,275		12,309
United States Treasury Note/Bond	2.500%	2/28/21	13,526		13,674
United States Treasury Note/Bond	2.375%	3/15/21	4,051		4,090
United States Treasury Note/Bond	2.250%	3/31/21	17,099		17,227
United States Treasury Note/Bond	2.375%	4/15/21	28,606		28,892
United States Treasury Note/Bond	1.375%	4/30/21	31,575		31,333
United States Treasury Note/Bond	2.250%	4/30/21	5,125		5,167
United States Treasury Note/Bond	2.625%	5/15/21	3,935		3,995
United States Treasury Note/Bond	3.125%	5/15/21	27,687		28,358
United States Treasury Note/Bond	1.375%	5/31/21	26,790		26,585
United States Treasury Note/Bond	2.000%	5/31/21	19,227		19,305
United States Treasury Note/Bond	2.125%	5/31/21	46,004		46,306
United States Treasury Note/Bond	2.625%	6/15/21	16,380		16,651
United States Treasury Note/Bond	1.125%	6/30/21	39,072		38,584
United States Treasury Note/Bond	1.625%	6/30/21	50,980		50,853
United States Treasury Note/Bond	2.125%	6/30/21	34,875		35,120
United States Treasury Note/Bond	2.625%	7/15/21	57,280		58,255
United States Treasury Note/Bond	1.125%	7/31/21	26,420		26,073
United States Treasury Note/Bond	2.250%	7/31/21	19,600		19,790
United States Treasury Note/Bond	2.125%	8/15/21	20,605		20,753
United States Treasury Note/Bond	2.750%	8/15/21	108,665		110,889
United States Treasury Note/Bond	1.125%	8/31/21	16,257		16,036
United States Treasury Note/Bond	2.000%	8/31/21	10,075		10,124
United States Treasury Note/Bond	2.750%	9/15/21	12,215		12,482
United States Treasury Note/Bond	1.125%	9/30/21	15,860		15,647
United States Treasury Note/Bond	2.125%	9/30/21	9,240		9,315
United States Treasury Note/Bond	2.875%	10/15/21	35,480		36,373
United States Treasury Note/Bond	1.250%	10/31/21	40,150		39,686
United States Treasury Note/Bond	2.000%	10/31/21	20,510		20,625
United States Treasury Note/Bond	2.000%	11/15/21	35,875		36,099
United States Treasury Note/Bond	2.875%	11/15/21	8,729		8,957
United States Treasury Note/Bond	8.000%	11/15/21	12,500		14,285
United States Treasury Note/Bond	1.750%	11/30/21	28,330		28,330
United States Treasury Note/Bond	1.875%	11/30/21	8,881		8,906
United States Treasury Note/Bond	2.625%	12/15/21	65,769		67,198
United States Treasury Note/Bond	2.000%	12/31/21	10,723		10,792
United States Treasury Note/Bond	2.125%	12/31/21	20,200		20,386
United States Treasury Note/Bond	2.500%	1/15/22	114,531		116,660
United States Treasury Note/Bond	1.500%	1/31/22	8,364		8,314
United States Treasury Note/Bond	1.875%	1/31/22	78,130		78,374
United States Treasury Note/Bond	2.000%	2/15/22	18,553		18,675
United States Treasury Note/Bond	2.500%	2/15/22	105,578		107,624
United States Treasury Note/Bond	1.750%	2/28/22	26,621		26,629
United States Treasury Note/Bond	1.875%	2/28/22	32,855		32,968
United States Treasury Note/Bond	2.375%	3/15/22	91,791		93,397
United States Treasury Note/Bond	1.750%	3/31/22	33,784		33,789

56

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
United States Treasury Note/Bond	1.875%	3/31/22	8,830		8,866
United States Treasury Note/Bond	2.250%	4/15/22	19,685		19,956
United States Treasury Note/Bond	1.750%	4/30/22	24,226		24,237
United States Treasury Note/Bond	1.875%	4/30/22	39,651		39,800
United States Treasury Note/Bond	1.750%	5/15/22	12,025		12,029
United States Treasury Note/Bond	2.125%	5/15/22	33,201		33,564
United States Treasury Note/Bond	1.750%	5/31/22	32,877		32,892
United States Treasury Note/Bond	1.875%	5/31/22	39,675		39,836
United States Treasury Note/Bond	1.750%	6/15/22	117,476		117,604
United States Treasury Note/Bond	2.125%	6/30/22	19,560		19,786
United States Treasury Note/Bond	1.875%	7/31/22	54,815		55,038
United States Treasury Note/Bond	2.000%	7/31/22	7,795		7,856
United States Treasury Note/Bond	1.625%	8/15/22	4,708		4,692
United States Treasury Note/Bond	1.625%	8/31/22	2,050		2,043
United States Treasury Note/Bond	1.750%	9/30/22	1,250		1,250
United States Treasury Note/Bond	1.875%	9/30/22	33,210		33,360
United States Treasury Note/Bond	1.875%	10/31/22	14,555		14,619
United States Treasury Note/Bond	2.000%	10/31/22	17,810		17,960
United States Treasury Note/Bond	1.625%	11/15/22	16,150		16,089
United States Treasury Note/Bond	2.000%	11/30/22	45,188		45,583
United States Treasury Note/Bond	2.125%	12/31/22	72,580		73,544
United States Treasury Note/Bond	1.750%	1/31/23	25,218		25,225
United States Treasury Note/Bond	2.375%	1/31/23	975		996
United States Treasury Note/Bond	2.000%	2/15/23	11,203		11,304
United States Treasury Note/Bond	7.125%	2/15/23	1,100		1,306
United States Treasury Note/Bond	1.500%	2/28/23	3,327		3,299
United States Treasury Note/Bond	2.625%	2/28/23	8,010		8,260
United States Treasury Note/Bond	1.500%	3/31/23	30,625		30,357
United States Treasury Note/Bond	2.500%	3/31/23	28,451		29,233
United States Treasury Note/Bond	1.625%	4/30/23	22,585		22,486
United States Treasury Note/Bond	2.750%	4/30/23	23,480		24,349
United States Treasury Note/Bond	1.750%	5/15/23	16,293		16,296
United States Treasury Note/Bond	1.625%	5/31/23	18,985		18,902
United States Treasury Note/Bond	2.750%	5/31/23	5,895		6,118
United States Treasury Note/Bond	1.375%	6/30/23	30,610		30,170
United States Treasury Note/Bond	2.625%	6/30/23	14,541		15,036
United States Treasury Note/Bond	1.250%	7/31/23	18,385		18,023
United States Treasury Note/Bond	2.750%	7/31/23	33,800		35,126
United States Treasury Note/Bond	2.500%	8/15/23	39,835		41,024
United States Treasury Note/Bond	6.250%	8/15/23	32,780		38,609
United States Treasury Note/Bond	1.375%	8/31/23	12,820		12,628
United States Treasury Note/Bond	2.750%	8/31/23	2,380		2,475
United States Treasury Note/Bond	1.375%	9/30/23	20,585		20,270
United States Treasury Note/Bond	2.875%	9/30/23	3,149		3,293
United States Treasury Note/Bond	1.625%	10/31/23	3,251		3,233
United States Treasury Note/Bond	2.875%	10/31/23	10,678		11,175
United States Treasury Note/Bond	2.750%	11/15/23	15,281		15,919
United States Treasury Note/Bond	2.125%	11/30/23	16,145		16,397
United States Treasury Note/Bond	2.875%	11/30/23	5,037		5,277
United States Treasury Note/Bond	2.250%	12/31/23	16		16
United States Treasury Note/Bond	2.625%	12/31/23	54,501		56,528
United States Treasury Note/Bond	2.250%	1/31/24	41,830		42,719
United States Treasury Note/Bond	2.500%	1/31/24	37,219		38,428
United States Treasury Note/Bond	2.750%	2/15/24	29,974		31,285
United States Treasury Note/Bond	2.125%	2/29/24	47,435		48,191
United States Treasury Note/Bond	2.375%	2/29/24	35,519		36,507
United States Treasury Note/Bond	2.125%	3/31/24	51,208		52,040
United States Treasury Note/Bond	2.000%	4/30/24	35,345		35,720
United States Treasury Note/Bond	2.250%	4/30/24	21,021		21,487
United States Treasury Note/Bond	2.500%	5/15/24	59,029		61,031
United States Treasury Note/Bond	2.000%	5/31/24	60,086		60,771
United States Treasury Note/Bond	1.750%	6/30/24	62,245		62,196
United States Treasury Note/Bond	2.000%	6/30/24	30,635		30,951
United States Treasury Note/Bond	2.125%	7/31/24	14,710		14,951

57

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
United States Treasury Note/Bond	2.375%	8/15/24	21,710		22,331
United States Treasury Note/Bond	1.875%	8/31/24	10,623		10,670
United States Treasury Note/Bond	2.125%	9/30/24	69,058		70,191
United States Treasury Note/Bond	2.250%	10/31/24	35,320		36,126
United States Treasury Note/Bond	2.250%	11/15/24	26,400		26,998
United States Treasury Note/Bond	7.500%	11/15/24	675		870
United States Treasury Note/Bond	2.125%	11/30/24	70,805		71,978
United States Treasury Note/Bond	2.250%	12/31/24	60,000		61,387
United States Treasury Note/Bond	2.500%	1/31/25	20,340		21,084
United States Treasury Note/Bond	2.000%	2/15/25	57,848		58,409
United States Treasury Note/Bond	2.750%	2/28/25	37,073		38,927
United States Treasury Note/Bond	2.625%	3/31/25	27,896		29,108
United States Treasury Note/Bond	2.875%	4/30/25	43,863		46,392
United States Treasury Note/Bond	2.125%	5/15/25	48,416		49,211
United States Treasury Note/Bond	2.875%	5/31/25	25,340		26,817
United States Treasury Note/Bond	2.750%	6/30/25	42,295		44,489
United States Treasury Note/Bond	2.875%	7/31/25	34,960		37,036
United States Treasury Note/Bond	2.000%	8/15/25	52,747		53,224
United States Treasury Note/Bond	6.875%	8/15/25	1,943		2,505
United States Treasury Note/Bond	2.750%	8/31/25	15,520		16,335
United States Treasury Note/Bond	3.000%	9/30/25	8,524		9,101
United States Treasury Note/Bond	2.250%	11/15/25	9,772		10,001
United States Treasury Note/Bond	2.875%	11/30/25	5,070		5,382
United States Treasury Note/Bond	2.625%	12/31/25	72,595		75,975
United States Treasury Note/Bond	2.625%	1/31/26	56,474		59,121
United States Treasury Note/Bond	1.625%	2/15/26	59,937		59,028
United States Treasury Note/Bond	2.500%	2/28/26	32,093		33,357
United States Treasury Note/Bond	2.250%	3/31/26	25,535		26,146
United States Treasury Note/Bond	2.375%	4/30/26	44,065		45,476
United States Treasury Note/Bond	1.625%	5/15/26	50,598		49,760
United States Treasury Note/Bond	2.125%	5/31/26	17,795		18,079
United States Treasury Note/Bond	1.875%	6/30/26	36,110		36,110
United States Treasury Note/Bond	1.500%	8/15/26	51,545		50,200
United States Treasury Note/Bond	6.750%	8/15/26	3,095		4,094
United States Treasury Note/Bond	2.000%	11/15/26	52,355		52,723
United States Treasury Note/Bond	6.500%	11/15/26	910		1,196
United States Treasury Note/Bond	2.250%	2/15/27	44,372		45,447
United States Treasury Note/Bond	2.375%	5/15/27	39,155		40,458
United States Treasury Note/Bond	2.250%	8/15/27	44,099		45,133
United States Treasury Note/Bond	2.250%	11/15/27	30,003		30,697
United States Treasury Note/Bond	6.125%	11/15/27	775		1,024
United States Treasury Note/Bond	2.750%	2/15/28	50,868		54,055
United States Treasury Note/Bond	2.875%	5/15/28	53,665		57,589
United States Treasury Note/Bond	2.875%	8/15/28	53,510		57,473
United States Treasury Note/Bond	5.500%	8/15/28	895		1,157
United States Treasury Note/Bond	3.125%	11/15/28	52,149		57,168
United States Treasury Note/Bond	5.250%	11/15/28	14,810		18,924
United States Treasury Note/Bond	2.625%	2/15/29	60,543		63,816
United States Treasury Note/Bond	5.250%	2/15/29	15,313		19,656
United States Treasury Note/Bond	2.375%	5/15/29	81,354		84,023
United States Treasury Note/Bond	6.125%	8/15/29	4,420		6,080
United States Treasury Note/Bond	6.250%	5/15/30	570		804
United States Treasury Note/Bond	5.375%	2/15/31	18,975		25,462
United States Treasury Note/Bond	4.500%	2/15/36	15,955		21,036
United States Treasury Note/Bond	4.750%	2/15/37	7,525		10,298
United States Treasury Note/Bond	5.000%	5/15/37	403		568
United States Treasury Note/Bond	4.375%	2/15/38	3,592		4,745
United States Treasury Note/Bond	4.500%	5/15/38	6,100		8,187
United States Treasury Note/Bond	3.500%	2/15/39	8,461		10,042
United States Treasury Note/Bond	4.250%	5/15/39	10,883		14,226
United States Treasury Note/Bond	4.500%	8/15/39	8,684		11,720
United States Treasury Note/Bond	4.375%	11/15/39	11,686		15,526
United States Treasury Note/Bond	4.625%	2/15/40	23,860		32,733
United States Treasury Note/Bond	4.375%	5/15/40	19,975		26,579

58

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	United States Treasury Note/Bond	3.875%	8/15/40	10,115		12,623
	United States Treasury Note/Bond	4.250%	11/15/40	10,317		13,527
	United States Treasury Note/Bond	4.750%	2/15/41	15,338		21,444
	United States Treasury Note/Bond	4.375%	5/15/41	7,450		9,939
	United States Treasury Note/Bond	3.750%	8/15/41	12,000		14,721
	United States Treasury Note/Bond	3.125%	11/15/41	13,128		14,679
	United States Treasury Note/Bond	3.125%	2/15/42	15,773		17,621
	United States Treasury Note/Bond	3.000%	5/15/42	11,950		13,070
	United States Treasury Note/Bond	2.750%	8/15/42	30,075		31,522
	United States Treasury Note/Bond	2.750%	11/15/42	26,933		28,204
	United States Treasury Note/Bond	3.125%	2/15/43	30,422		33,897
	United States Treasury Note/Bond	2.875%	5/15/43	41,060		43,870
	United States Treasury Note/Bond	3.625%	8/15/43	36,516		44,036
	United States Treasury Note/Bond	3.750%	11/15/43	41,084		50,540
	United States Treasury Note/Bond	3.625%	2/15/44	36,238		43,746
	United States Treasury Note/Bond	3.375%	5/15/44	33,107		38,435
	United States Treasury Note/Bond	3.125%	8/15/44	26,001		28,979
	United States Treasury Note/Bond	3.000%	11/15/44	24,069		26,269
	United States Treasury Note/Bond	2.500%	2/15/45	34,008		33,844
	United States Treasury Note/Bond	3.000%	5/15/45	20,139		21,999
	United States Treasury Note/Bond	2.875%	8/15/45	35,817		38,240
	United States Treasury Note/Bond	3.000%	11/15/45	5,078		5,551
	United States Treasury Note/Bond	2.500%	2/15/46	31,339		31,133
	United States Treasury Note/Bond	2.500%	5/15/46	41,805		41,517
	United States Treasury Note/Bond	2.250%	8/15/46	40,562		38,268
	United States Treasury Note/Bond	2.875%	11/15/46	36,710		39,240
	United States Treasury Note/Bond	3.000%	2/15/47	9,150		10,021
	United States Treasury Note/Bond	3.000%	5/15/47	45,822		50,132
	United States Treasury Note/Bond	2.750%	8/15/47	32,138		33,488
	United States Treasury Note/Bond	2.750%	11/15/47	34,982		36,457
	United States Treasury Note/Bond	3.000%	2/15/48	41,704		45,614
	United States Treasury Note/Bond	3.125%	5/15/48	37,817		42,373
	United States Treasury Note/Bond	3.000%	8/15/48	41,009		44,898
	United States Treasury Note/Bond	3.375%	11/15/48	35,236		41,413
	United States Treasury Note/Bond	3.000%	2/15/49	38,037		41,716
	United States Treasury Note/Bond	2.875%	5/15/49	32,915		35,250
						7,209,512
Agency Bonds and Notes (0.5%)
2	AID-Iraq	2.149%	1/18/22	1,100		1,105
2	AID-Israel	5.500%	12/4/23	375		431
2	AID-Israel	5.500%	4/26/24	1,400		1,626
2	AID-Jordan	2.503%	10/30/20	750		755
2	AID-Jordan	2.578%	6/30/22	320		325
2	AID-Jordan	3.000%	6/30/25	400		418
2	AID-Tunisia	2.452%	7/24/21	250		253
2	AID-Tunisia	1.416%	8/5/21	200		197
2	AID-Ukraine	1.471%	9/29/21	675		666
	Federal Farm Credit Banks	1.680%	10/13/20	825		823
	Federal Farm Credit Banks	2.550%	3/11/21	1,475		1,493
	Federal Farm Credit Banks	2.230%	4/5/21	1,475		1,485
	Federal Farm Credit Banks	3.050%	11/15/21	400		412
	Federal Farm Credit Banks	1.770%	6/26/23	575		573
	Federal Farm Credit Banks	3.500%	12/20/23	500		535
	Federal Home Loan Banks	1.375%	9/28/20	1,950		1,937
	Federal Home Loan Banks	2.625%	10/1/20	8,000		8,070
	Federal Home Loan Banks	5.250%	12/11/20	1,000		1,048
	Federal Home Loan Banks	1.375%	2/18/21	1,600		1,588
	Federal Home Loan Banks	5.625%	6/11/21	1,600		1,717
	Federal Home Loan Banks	1.875%	7/7/21	3,610		3,616
	Federal Home Loan Banks	1.125%	7/14/21	3,000		2,960
	Federal Home Loan Banks	3.000%	10/12/21	7,000		7,186
	Federal Home Loan Banks	1.875%	11/29/21	6,000		6,012
	Federal Home Loan Banks	2.125%	6/10/22	700		706
	Federal Home Loan Banks	2.125%	3/10/23	3,155		3,190

59

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Federal Home Loan Banks	2.500%	2/13/24	3,515		3,618
	Federal Home Loan Banks	2.875%	6/14/24	2,000		2,095
	Federal Home Loan Banks	5.375%	8/15/24	815		954
	Federal Home Loan Banks	3.250%	11/16/28	1,965		2,136
	Federal Home Loan Banks	5.500%	7/15/36	2,775		3,842
3	Federal Home Loan Mortgage Corp.	1.625%	9/29/20	4,000		3,986
3	Federal Home Loan Mortgage Corp.	1.875%	11/17/20	8,726		8,726
3	Federal Home Loan Mortgage Corp.	2.375%	2/16/21	5,000		5,042
3	Federal Home Loan Mortgage Corp.	1.125%	8/12/21	7,200		7,099
3	Federal Home Loan Mortgage Corp.	2.375%	1/13/22	2,800		2,840
3	Federal Home Loan Mortgage Corp.	2.750%	6/19/23	4,000		4,139
3	Federal Home Loan Mortgage Corp.	6.750%	9/15/29	270		379
3	Federal Home Loan Mortgage Corp.	6.250%	7/15/32	2,941		4,216
3	Federal National Mortgage Assn.	1.500%	7/30/20	3,000		2,985
3	Federal National Mortgage Assn.	2.875%	10/30/20	1,890		1,914
3	Federal National Mortgage Assn.	1.500%	11/30/20	2,774		2,760
3	Federal National Mortgage Assn.	1.875%	12/28/20	2,000		2,001
3	Federal National Mortgage Assn.	1.375%	2/26/21	1,900		1,885
3	Federal National Mortgage Assn.	2.500%	4/13/21	3,000		3,035
3	Federal National Mortgage Assn.	2.750%	6/22/21	2,672		2,721
3	Federal National Mortgage Assn.	1.250%	8/17/21	2,000		1,977
3	Federal National Mortgage Assn.	1.375%	10/7/21	3,000		2,972
3	Federal National Mortgage Assn.	2.000%	1/5/22	6,000		6,031
3	Federal National Mortgage Assn.	2.625%	1/11/22	720		735
3	Federal National Mortgage Assn.	1.875%	4/5/22	5,000		5,010
3	Federal National Mortgage Assn.	2.250%	4/12/22	4,762		4,820
3	Federal National Mortgage Assn.	2.000%	10/5/22	4,200		4,226
3	Federal National Mortgage Assn.	2.375%	1/19/23	8,174		8,339
3	Federal National Mortgage Assn.	2.875%	9/12/23	2,000		2,083
3	Federal National Mortgage Assn.	2.500%	2/5/24	3,881		3,994
3	Federal National Mortgage Assn.	2.625%	9/6/24	660		685
3	Federal National Mortgage Assn.	2.125%	4/24/26	2,100		2,116
3	Federal National Mortgage Assn.	1.875%	9/24/26	2,900		2,869
3	Federal National Mortgage Assn.	7.125%	1/15/30	1,405		2,037
3	Federal National Mortgage Assn.	7.250%	5/15/30	2,025		2,985
3	Federal National Mortgage Assn.	6.625%	11/15/30	6,320		9,036
3	Federal National Mortgage Assn.	5.625%	7/15/37	1,260		1,778
	Private Export Funding Corp.	2.300%	9/15/20	175		176
	Private Export Funding Corp.	4.300%	12/15/21	175		185
	Private Export Funding Corp.	2.800%	5/15/22	200		205
	Private Export Funding Corp.	2.050%	11/15/22	4,175		4,190
	Private Export Funding Corp.	3.550%	1/15/24	725		774
	Private Export Funding Corp.	2.450%	7/15/24	525		535
	Private Export Funding Corp.	3.250%	6/15/25	175		186
	Tennessee Valley Authority	3.875%	2/15/21	905		934
	Tennessee Valley Authority	1.875%	8/15/22	425		424
	Tennessee Valley Authority	2.875%	9/15/24	954		992
	Tennessee Valley Authority	6.750%	11/1/25	2,920		3,724
	Tennessee Valley Authority	2.875%	2/1/27	1,000		1,042
	Tennessee Valley Authority	7.125%	5/1/30	2,000		2,886
	Tennessee Valley Authority	4.700%	7/15/33	575		713
	Tennessee Valley Authority	4.650%	6/15/35	500		618
	Tennessee Valley Authority	5.880%	4/1/36	285		393
	Tennessee Valley Authority	5.500%	6/15/38	225		309
	Tennessee Valley Authority	5.250%	9/15/39	1,312		1,744
	Tennessee Valley Authority	5.375%	4/1/56	580		857
	Tennessee Valley Authority	4.625%	9/15/60	519		691
	Tennessee Valley Authority	4.250%	9/15/65	700		880
						199,651
Conventional Mortgage-Backed Securities (8.5%)
3,4	Fannie Mae Pool	2.000%	11/1/27–11/1/31	6,009		5,976
3,4	Fannie Mae Pool	2.500%	1/1/27–10/1/46	84,234		84,895
3,4,5	Fannie Mae Pool	3.000%	1/1/26–2/1/47	293,069		297,630
3,4,5	Fannie Mae Pool	3.500%	9/1/25–5/1/49	407,923		420,552

60

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4	Fannie Mae Pool	4.000%	12/1/19–5/1/49	373,749		388,994
3,4	Fannie Mae Pool	4.500%	8/1/19–5/1/49	144,044		152,135
3,4	Fannie Mae Pool	5.000%	11/1/19–5/1/49	39,550		42,437
3,4	Fannie Mae Pool	5.500%	8/1/19–4/1/40	24,590		26,747
3,4	Fannie Mae Pool	6.000%	7/1/19–5/1/41	15,040		16,565
3,4	Fannie Mae Pool	6.500%	10/1/23–10/1/39	4,310		4,720
3,4	Fannie Mae Pool	7.000%	12/1/22–11/1/37	1,510		1,741
3,4	Fannie Mae Pool	7.500%	11/1/22–12/1/32	127		142
3,4	Fannie Mae Pool	8.000%	12/1/22–10/1/30	26		29
3,4	Fannie Mae Pool	8.500%	7/1/22–7/1/30	15		18
3,4	Fannie Mae Pool	9.000%	7/1/22–6/1/26	7		7
3,4	Fannie Mae Pool	9.500%	8/1/20–2/1/25	1		1
3,4	Fannie Mae Pool	10.000%	1/1/20	—		—
3,4	Freddie Mac Gold Pool	2.000%	8/1/28–12/1/31	3,010		2,986
3,4	Freddie Mac Gold Pool	2.500%	4/1/27–10/1/46	63,641		64,168
3,4	Freddie Mac Gold Pool	3.000%	10/1/24–3/1/47	201,527		204,561
3,4	Freddie Mac Gold Pool	3.500%	9/1/25–11/1/48	254,005		262,124
3,4	Freddie Mac Gold Pool	4.000%	12/1/19–5/1/49	205,023		213,336
3,4	Freddie Mac Gold Pool	4.500%	10/1/19–5/1/49	83,170		87,716
3,4	Freddie Mac Gold Pool	5.000%	9/1/19–5/1/49	18,949		20,315
3,4	Freddie Mac Gold Pool	5.500%	1/1/22–6/1/41	13,434		14,683
3,4	Freddie Mac Gold Pool	6.000%	5/1/21–5/1/40	7,264		8,016
3,4	Freddie Mac Gold Pool	6.500%	8/1/23–3/1/39	1,792		1,960
3,4	Freddie Mac Gold Pool	7.000%	10/1/22–12/1/38	508		570
3,4	Freddie Mac Gold Pool	7.500%	1/1/23–1/1/32	80		91
3,4	Freddie Mac Gold Pool	8.000%	1/1/22–1/1/31	61		67
3,4	Freddie Mac Gold Pool	8.500%	11/1/24–5/1/30	7		8
3,4	Freddie Mac Gold Pool	9.000%	10/1/21–5/1/25	6		7
3,4	Freddie Mac Gold Pool	9.500%	8/1/20–4/1/25	—		—
3,4	Freddie Mac Gold Pool	10.000%	4/1/25	—		—
4	Ginnie Mae I Pool	3.000%	1/15/26–5/15/45	11,567		11,847
4,5	Ginnie Mae I Pool	3.500%	11/15/25–7/1/49	11,952		12,381
4	Ginnie Mae I Pool	4.000%	10/15/24–7/1/49	18,302		19,172
4,5	Ginnie Mae I Pool	4.500%	9/15/20–7/1/49	18,224		19,414
4	Ginnie Mae I Pool	5.000%	1/15/20–4/15/41	10,313		10,988
4	Ginnie Mae I Pool	5.500%	1/15/32–6/15/41	4,938		5,277
4	Ginnie Mae I Pool	6.000%	12/15/23–12/15/40	2,998		3,277
4	Ginnie Mae I Pool	6.500%	11/15/23–8/15/39	1,003		1,068
4	Ginnie Mae I Pool	7.000%	1/15/23–8/15/32	416		470
4	Ginnie Mae I Pool	7.500%	11/15/22–3/15/32	119		134
4	Ginnie Mae I Pool	8.000%	8/15/22–3/15/32	87		90
4	Ginnie Mae I Pool	8.500%	8/15/22–6/15/30	15		17
4	Ginnie Mae I Pool	9.000%	1/15/20–10/15/26	6		6
4	Ginnie Mae I Pool	9.500%	8/15/20	—		—
4	Ginnie Mae II Pool	2.500%	6/20/27–12/20/46	8,642		8,713
4	Ginnie Mae II Pool	3.000%	2/20/27–7/1/49	193,851		198,655
4,5	Ginnie Mae II Pool	3.500%	9/20/25–7/1/49	349,813		362,367
4,5	Ginnie Mae II Pool	4.000%	9/20/25–7/1/49	250,227		261,037
4,5	Ginnie Mae II Pool	4.500%	11/20/35–8/1/49	136,566		143,192
4,5	Ginnie Mae II Pool	5.000%	6/20/33–7/1/49	48,738		51,493
4	Ginnie Mae II Pool	5.500%	12/20/33–9/20/41	5,635		6,026
4	Ginnie Mae II Pool	6.000%	3/20/33–7/20/39	2,252		2,464
4	Ginnie Mae II Pool	6.500%	12/20/35–11/20/39	664		757
4	Ginnie Mae II Pool	7.000%	4/20/38–8/20/38	100		119
4,5	UMBS TBA	3.000%	6/1/34–7/1/49	17,150		17,292
4,5	UMBS TBA	3.500%	7/1/49	36,685		37,505
4,5	UMBS TBA	4.000%	7/1/34–7/1/49	40,790		42,187
4,5	UMBS TBA	4.500%	6/1/49–7/1/49	35,925		37,536
4,5	UMBS TBA	5.000%	7/1/49	15,750		16,644
						3,593,325
Nonconventional Mortgage-Backed Securities (0.0%)
3,4	Fannie Mae Pool	2.133%	3/1/43	404		403
3,4	Fannie Mae Pool	2.272%	7/1/43	464		464

61

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4	Fannie Mae Pool	2.433%	9/1/43	49		49
3,4	Fannie Mae Pool	3.366%	8/1/42	182		181
3,4	Fannie Mae Pool	3.451%	4/1/41	54		55
3,4,6	Fannie Mae Pool, 1 YR CMT + 2.155%	4.780%	12/1/37	64		66
3,4,6	Fannie Mae Pool, 1 YR CMT + 2.313%	5.029%	1/1/35	50		53
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.290%	4.256%	12/1/41	76		78
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.310%	4.080%	9/1/37	124		127
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.533%	4.321%	7/1/36	19		20
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.553%	4.428%	12/1/33	24		26
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.623%	4.748%	2/1/36	33		34
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.627%	4.752%	3/1/38	6		6
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.634%	4.385%	8/1/35	67		71
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.635%	4.510%	11/1/36	46		48
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.660%	4.410%	9/1/40	9		10
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.665%	4.415%	6/1/36	4		4
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.673%	4.423%	10/1/37	57		59
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.687%	4.490%	6/1/42	311		325
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.687%	4.579%	1/1/42	139		144
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.690%	4.440%	9/1/42	115		120
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.690%	4.525%	10/1/39	31		32
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.690%	4.622%	5/1/40	26		28
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.695%	4.445%	7/1/39	9		9
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.698%	4.476%	8/1/40	13		14
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.700%	4.644%	12/1/40	53		56
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.705%	4.570%	11/1/39	15		16
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.717%	4.752%	1/1/37	42		45
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.718%	2.172%	10/1/42	106		113
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.728%	4.581%	9/1/34	22		22
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.744%	4.593%	11/1/39	42		44
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.746%	4.533%	7/1/41	106		112
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.750%	4.548%	10/1/40	26		27
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.770%	4.779%	5/1/42	46		48
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.778%	4.655%	6/1/41	22		23
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.780%	4.905%	2/1/41	49		51
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.795%	4.850%	3/1/42	130		137
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.799%	4.599%	3/1/42	94		101
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.805%	4.680%	11/1/41	74		79
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.810%	4.685%	11/1/39–10/1/40	58		61
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.810%	4.810%	11/1/33–12/1/40	50		54
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.813%	4.646%	11/1/41	55		58
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.813%	4.779%	1/1/42	63		67
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.815%	4.688%	12/1/41	50		53
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.815%	4.690%	11/1/40–12/1/40	54		57
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.815%	4.693%	5/1/41	55		58
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.815%	4.940%	2/1/41	28		29
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.820%	4.724%	12/1/40	26		27
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.820%	4.887%	3/1/41	74		78
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.822%	4.902%	2/1/41	27		27
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.823%	4.609%	9/1/40	70		74
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.825%	4.672%	12/1/39	44		46
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.825%	4.825%	3/1/41	52		56
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.830%	4.580%	6/1/41	68		72
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.835%	4.859%	1/1/40	68		71
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.840%	4.590%	8/1/39	24		25
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.860%	4.743%	5/1/40	13		14
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.880%	4.733%	11/1/34	44		47
3,4,6	Fannie Mae Pool, 12M USD LIBOR + 1.909%	4.784%	4/1/37	39		41
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.057%	3.766%	4/1/37	33		34
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.530%	4.410%	12/1/43	213		229
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.590%	2.176%	6/1/43	263		265
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.643%	4.488%	8/1/39	85		87
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.661%	2.452%	10/1/42	170		172
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.700%	4.472%	7/1/37	18		19
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.703%	3.392%	9/1/43	227		232

62

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.720%	4.720%	5/1/42	195		204
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.786%	4.693%	7/1/42	84		90
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.801%	4.700%	2/1/42	360		383
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.840%	4.715%	8/1/37	33		35
3,4,6	Fannie Mae Pool, 6M USD LIBOR + 1.859%	4.703%	2/1/42	103		110
3,4	Freddie Mac Non Gold Pool	4.515%	5/1/42	23		23
3,4,6	Freddie Mac Non Gold Pool, 1 YR CMT + 2.250%	4.744%	11/1/34	35		37
3,4,6	Freddie Mac Non Gold Pool, 1 YR CMT + 2.250%	4.750%	5/1/36	23		24
3,4,6	Freddie Mac Non Gold Pool, 1 YR CMT + 2.250%	4.991%	2/1/36	24		25
3,4,6	Freddie Mac Non Gold Pool, 1 YR CMT + 2.409%	5.061%	10/1/36	31		32
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 0.985%	3.735%	10/1/37	5		5
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.625%	4.625%	1/1/38	4		4
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.630%	4.655%	3/1/37	6		6
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.640%	4.257%	11/1/43	167		173
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.640%	4.528%	12/1/36	31		33
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.660%	4.476%	10/1/37	23		24
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.695%	4.768%	2/1/37	17		18
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.709%	4.556%	9/1/37	98		100
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.727%	4.741%	1/1/35	4		5
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.743%	4.617%	12/1/36	15		16
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.745%	4.738%	12/1/40	84		88
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.750%	4.625%	5/1/38	3		3
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.750%	4.684%	12/1/41	56		59
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.796%	4.703%	12/1/34	18		18
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.834%	4.689%	12/1/35	38		40
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.849%	4.606%	3/1/42	99		104
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.862%	4.826%	2/1/42	24		25
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880%	4.630%	6/1/40	24		24
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880%	4.722%	6/1/41	23		24
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880%	4.755%	5/1/40–11/1/40	38		40
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880%	4.756%	6/1/40	16		17
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880%	4.880%	12/1/40	9		9
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880%	4.981%	1/1/41	46		48
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880%	5.005%	3/1/41	15		16
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.889%	4.983%	2/1/42	61		61
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.894%	4.648%	9/1/40	88		92
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.900%	4.730%	6/1/40	30		31

63

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.900%	4.775%	11/1/40	27		28
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.910%	4.939%	1/1/41	13		13
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.910%	5.035%	2/1/41	58		61
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.977%	4.851%	5/1/37	102		106
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 2.000%	4.750%	7/1/35	7		7
3,4,6	Freddie Mac Non Gold Pool, 12M USD LIBOR + 2.085%	5.210%	3/1/38	5		5
3,4,6	Freddie Mac Non Gold Pool, 6M USD LIBOR + 1.665%	4.447%	1/1/37	59		62
4,6	Ginnie Mae II Pool, 1 YR CMT + 1.500%	3.625%	4/20/41–6/20/43	544		562
4,6	Ginnie Mae II Pool, 1 YR CMT + 1.500%	3.750%	7/20/41–8/20/41	340		352
4,6	Ginnie Mae II Pool, 1 YR CMT + 1.500%	4.000%	7/20/38–3/20/43	948		983
4,6	Ginnie Mae II Pool, 1 YR CMT + 1.500%	4.125%	10/20/38–12/20/43	1,056		1,092
4,6	Ginnie Mae II Pool, 1 YR CMT + 2.000%	4.125%	5/20/41	11		12
4,6	Ginnie Mae II Pool, 1 YR CMT + 2.000%	4.250%	5/20/41	20		21
4,6	Ginnie Mae II Pool, 1 YR CMT + 2.000%	4.625%	11/20/40	11		11
						10,714
Total U.S. Government and Agency Obligations (Cost $10,776,633)						11,013,202
Asset-Backed/Commercial Mortgage-Backed Securities (1.1%)
4	Ally Auto Receivables Trust 2018-1	2.350%	6/15/22	450		451
4	Ally Auto Receivables Trust 2018-1	2.530%	2/15/23	125		126
4	Ally Auto Receivables Trust 2018-3	3.000%	1/17/23	150		152
4	Ally Auto Receivables Trust 2018-3	3.120%	7/17/23	150		153
4	Ally Auto Receivables Trust 2019-2	2.230%	1/16/24	1,125		1,129
4	Ally Auto Receivables Trust 2019-2	2.260%	8/15/24	125		126
4	Ally Master Owner Trust Series 2018-1	2.700%	1/17/23	1,800		1,813
4	Ally Master Owner Trust Series 2018-2	3.290%	5/15/23	475		486
4	American Express Credit Account Master Trust 2017-1	1.930%	9/15/22	1,075		1,073
4	American Express Credit Account Master Trust 2017-3	1.770%	11/15/22	2,600		2,590
4	American Express Credit Account Master Trust 2017-6	2.040%	5/15/23	1,600		1,599
4	American Express Credit Account Master Trust 2017-7	2.350%	5/15/25	975		985
4	American Express Credit Account Master Trust 2018-1	2.670%	10/17/22	1,200		1,204
4	American Express Credit Account Master Trust 2018-2	3.010%	10/15/25	1,075		1,116
4	American Express Credit Account Master Trust 2018-4	2.990%	12/15/23	1,350		1,373
4	American Express Credit Account Master Trust 2018-8	3.180%	4/15/24	500		513
4	AmeriCredit Automobile Receivables Trust 2016-3	1.460%	5/10/21	17		17
4	AmeriCredit Automobile Receivables Trust 2017-3	1.900%	3/18/22	320		319
4	AmeriCredit Automobile Receivables Trust 2018-1	3.070%	12/19/22	400		403
4	AmeriCredit Automobile Receivables Trust 2018-1	3.260%	1/18/24	244		248
4	AmeriCredit Automobile Receivables Trust 2018-1	3.500%	1/18/24	150		154
4	AmeriCredit Automobile Receivables Trust 2019-1	2.970%	11/20/23	375		380
4	BA Credit Card Trust 2017-A1	1.950%	8/15/22	1,075		1,073
4	BA Credit Card Trust 2018-A1	2.700%	7/17/23	2,000		2,018
4	Banc of America Commercial Mortgage Trust 2015-UBS7	3.429%	9/15/48	175		182
4	Banc of America Commercial Mortgage Trust 2015-UBS7	3.705%	9/15/48	300		320
4	Banc of America Commercial Mortgage Trust 2017-BNK3	3.574%	2/15/50	1,080		1,147
4	Banc of America Commercial Mortgage Trust 2017-BNK3	3.748%	2/15/50	420		439
4	BANK 2017 - BNK4	3.625%	5/15/50	800		853
4	BANK 2017 - BNK5	3.390%	6/15/60	700		735
4	BANK 2017 - BNK5	3.624%	6/15/60	350		364
4	BANK 2017 - BNK6	3.518%	7/15/60	980		1,038
4	BANK 2017 - BNK6	3.741%	7/15/60	780		809
4	BANK 2017 - BNK7	3.175%	9/15/60	450		465
4	BANK 2017 - BNK7	3.435%	9/15/60	275		290

64

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	BANK 2017 - BNK7	3.748%	9/15/60	300		315
4	BANK 2017 - BNK8	3.488%	11/15/50	600		635
4	BANK 2017 - BNK8	3.731%	11/15/50	100		106
4	BANK 2017 - BNK9	3.279%	11/15/54	600		625
4	BANK 2017 - BNK9	3.538%	11/15/54	600		636
4	BANK 2018 - BN10	3.641%	2/15/61	125		133
4	BANK 2018 - BN10	3.688%	2/15/61	850		913
4	BANK 2018 - BN10	3.898%	2/15/61	150		159
4	BANK 2018 - BN11	4.046%	3/15/61	400		441
4	BANK 2018 - BN12	4.255%	5/15/61	500		559
4	BANK 2018 - BN12	4.491%	5/15/61	150		165
4	BANK 2018 - BN13	4.217%	8/15/61	225		251
4	BANK 2018 - BN14	4.128%	9/15/60	350		375
4	BANK 2018 - BN14	4.231%	9/15/60	650		727
4	BANK 2018 - BN14	4.481%	9/15/60	175		194
4	BANK 2018 - BN15	4.407%	11/15/61	470		533
4	BANK 2019 - BN16	4.005%	2/15/52	275		303
4	BANK 2019 - BN17	3.714%	4/15/52	360		388
4	BANK 2019 - BN17	3.976%	4/15/52	75		80
4	BANK 2019 - BN18	3.584%	5/15/62	1,565		1,669
4	BANK 2019 - BN18	3.826%	5/15/62	200		211
4	Bank Of America Credit Card Trust 2018-A2	3.000%	9/15/23	1,750		1,781
	Bank of Nova Scotia	1.875%	4/26/21	600		599
4	Barclays Dryrock Issuance Trust 2016-1	1.520%	5/16/22	525		525
4	BBCMS Mortgage Trust 2017-C1	3.674%	2/15/50	1,175		1,252
4	BBCMS Mortgage Trust 2017-C1	3.898%	2/15/50	325		341
4	BBCMS Mortgage Trust 2018-C2	4.314%	12/15/51	500		560
4	BBCMS Mortgage Trust 2019-C3	3.583%	5/15/52	225		238
4	Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26	5.513%	1/12/45	60		61
4	BENCHMARK 2018-B1 Mortgage Trust	3.666%	1/15/51	450		482
4	BENCHMARK 2018-B1 Mortgage Trust	3.878%	1/15/51	200		213
4	BENCHMARK 2018-B2 Mortgage Trust	3.662%	2/15/51	450		470
4	BENCHMARK 2018-B2 Mortgage Trust	3.882%	2/15/51	980		1,065
4	BENCHMARK 2018-B2 Mortgage Trust	4.084%	2/15/51	625		677
4	BENCHMARK 2018-B3 Mortgage Trust	3.848%	4/10/51	400		421
4	BENCHMARK 2018-B3 Mortgage Trust	4.025%	4/10/51	1,000		1,099
4	BENCHMARK 2018-B4 Mortgage Trust	4.121%	7/15/51	2,000		2,214
4	BENCHMARK 2018-B4 Mortgage Trust	4.311%	7/15/51	500		551
4	BENCHMARK 2018-B5 Mortgage Trust	4.208%	7/15/51	675		753
4	BENCHMARK 2018-B6 Mortgage Trust	4.203%	10/10/51	375		402
4	BENCHMARK 2018-B6 Mortgage Trust	4.261%	10/10/51	450		504
4	BENCHMARK 2018-B6 Mortgage Trust	4.441%	10/10/51	125		139
4	BENCHMARK 2018-B7 Mortgage Trust	4.510%	5/15/53	25		29
4	BENCHMARK 2018-B8 Mortgage Trust	4.232%	1/15/52	600		672
4	BENCHMARK 2018-B8 Mortgage Trust	4.532%	1/15/52	200		225
4	BENCHMARK 2019-B10 Mortgage Trust	3.717%	3/15/62	300		324
4	BENCHMARK 2019-B10 Mortgage Trust	3.979%	3/15/62	125		135
4	BENCHMARK 2019-B11 Mortgage Trust	3.542%	5/15/52	1,175		1,250
4	BENCHMARK 2019-B11 Mortgage Trust	3.784%	5/15/52	310		329
4	BENCHMARK 2019-B9 Mortgage Trust	4.016%	3/15/52	261		288
4	BMW Vehicle Lease Trust 2017-2	2.070%	10/20/20	265		264
4	BMW Vehicle Owner Trust 2018-A	2.350%	4/25/22	650		651
4	BMW Vehicle Owner Trust 2018-A	2.510%	6/25/24	125		126
4	Cantor Commercial Real Estate Lending 2019-CF1	3.786%	5/15/52	65		70
4	Capital Auto Receivables Asset Trust 2016-3	1.690%	3/20/21	146		146
4	Capital One Auto Receivables Trust 2019-1	2.510%	11/15/23	475		480
4	Capital One Auto Receivables Trust 2019-1	2.560%	10/15/24	150		152
4	Capital One Multi-Asset Execution Trust 2015-A2	2.080%	3/15/23	875		874
4	Capital One Multi-Asset Execution Trust 2015-A8	2.050%	8/15/23	600		600
4	Capital One Multi-Asset Execution Trust 2016-A4	1.330%	6/15/22	775		774
4	Capital One Multi-Asset Execution Trust 2016-A6	1.820%	9/15/22	650		649
4	Capital One Multi-Asset Execution Trust 2017-A1	2.000%	1/17/23	700		699
4	Capital One Multi-Asset Execution Trust 2017-A3	2.430%	1/15/25	700		707

65

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Capital One Multi-Asset Execution Trust 2017-A4	1.990%	7/17/23	1,125		1,123
4	Capital One Multi-Asset Execution Trust 2017-A6	2.290%	7/15/25	925		933
4	Capital One Multi-Asset Execution Trust 2018-A1	3.010%	2/15/24	500		509
4	Capital One Multi-Asset Execution Trust 2019-A1	2.840%	12/15/24	325		331
4	CarMax Auto Owner Trust 2015-2	1.800%	3/15/21	31		31
4	CarMax Auto Owner Trust 2015-3	1.980%	2/16/21	64		64
4	CarMax Auto Owner Trust 2015-4	1.830%	6/15/21	150		150
4	CarMax Auto Owner Trust 2016-3	1.390%	5/17/21	108		107
4	CarMax Auto Owner Trust 2016-3	1.600%	1/18/22	115		114
4	CarMax Auto Owner Trust 2017-4	2.110%	10/17/22	325		325
4	CarMax Auto Owner Trust 2017-4	2.330%	5/15/23	225		226
4	CarMax Auto Owner Trust 2018-1	2.480%	11/15/22	350		352
4	CarMax Auto Owner Trust 2018-1	2.640%	6/15/23	100		101
4	CarMax Auto Owner Trust 2018-2	2.980%	1/17/23	300		304
4	CarMax Auto Owner Trust 2018-2	3.160%	7/17/23	200		205
4	CD 2016-CD1 Commercial Mortgage Trust	2.724%	8/10/49	625		629
4	CD 2016-CD2 Commercial Mortgage Trust	3.526%	11/10/49	600		636
4	CD 2017-CD3 Commercial Mortgage Trust	3.453%	2/10/50	66		69
4	CD 2017-CD3 Commercial Mortgage Trust	3.631%	2/10/50	503		537
4	CD 2017-CD3 Commercial Mortgage Trust	3.833%	2/10/50	131		138
4	CD 2017-CD4 Commercial Mortgage Trust	3.514%	5/10/50	500		529
4	CD 2017-CD4 Commercial Mortgage Trust	3.747%	5/10/50	300		315
4	CD 2017-CD6 Commercial Mortgage Trust	3.332%	11/13/50	250		260
4	CD 2017-CD6 Commercial Mortgage Trust	3.456%	11/13/50	475		501
4	CD 2017-CD6 Commercial Mortgage Trust	3.709%	11/13/50	275		289
4	CD 2018-CD7 Commercial Mortgage Trust	4.279%	8/15/51	575		643
4	CenterPoint Energy Transition Bond Co. II LLC 2005-A	5.302%	8/1/20	17		17
4	CenterPoint Energy Transition Bond Co. IV LLC 2012-1	3.028%	10/15/25	800		821
4	CFCRE Commercial Mortgage Trust 2016-C3	3.865%	1/10/48	425		455
4	CFCRE Commercial Mortgage Trust 2016-C4	3.283%	5/10/58	550		569
4	CFCRE Commercial Mortgage Trust 2016-C4	3.691%	5/10/58	400		420
4	CFCRE Commercial Mortgage Trust 2016-C6	3.217%	11/10/49	950		981
4	CFCRE Commercial Mortgage Trust 2017-C8	3.572%	6/15/50	300		316
4	Chase Issuance Trust 2012-A4	1.580%	8/15/21	600		599
4	Chase Issuance Trust 2012-A7	2.160%	9/15/24	1,314		1,318
4	Chase Issuance Trust 2014-A2	2.770%	3/15/23	900		911
4	Chase Issuance Trust 2015-A4	1.840%	4/15/22	600		598
4	Chase Issuance Trust 2016-A4	1.490%	7/15/22	700		695
4	Chase Issuance Trust 2016-A5	1.270%	7/15/21	775		775
4	Citibank Credit Card Issuance Trust 2014-A1	2.880%	1/23/23	2,350		2,378
4	Citibank Credit Card Issuance Trust 2014-A5	2.680%	6/7/23	750		759
4	Citibank Credit Card Issuance Trust 2014-A6	2.150%	7/15/21	2,100		2,100
4	Citibank Credit Card Issuance Trust 2016-A2	2.190%	11/20/23	775		777
4	Citibank Credit Card Issuance Trust 2018-A1	2.490%	1/20/23	1,900		1,909
4	Citibank Credit Card Issuance Trust 2018-A3	3.290%	5/23/25	2,000		2,094
4	Citigroup Commercial Mortgage Trust 2012-GC8	3.024%	9/10/45	582		593
4	Citigroup Commercial Mortgage Trust 2013-GC11	3.093%	4/10/46	100		103
4	Citigroup Commercial Mortgage Trust 2013-GC11	3.422%	4/10/46	100		103
4	Citigroup Commercial Mortgage Trust 2013-GC15	4.371%	9/10/46	225		242
4	Citigroup Commercial Mortgage Trust 2013-GC15	4.649%	9/10/46	350		377
4	Citigroup Commercial Mortgage Trust 2013-GC17	3.675%	11/10/46	67		69
4	Citigroup Commercial Mortgage Trust 2013-GC17	4.131%	11/10/46	275		294
4	Citigroup Commercial Mortgage Trust 2013-GC17	4.544%	11/10/46	100		108
4	Citigroup Commercial Mortgage Trust 2013-GC17	5.095%	11/10/46	100		109
4	Citigroup Commercial Mortgage Trust 2014-GC19	3.552%	3/10/47	71		73
4	Citigroup Commercial Mortgage Trust 2014-GC19	4.023%	3/10/47	125		134
4	Citigroup Commercial Mortgage Trust 2014-GC19	4.345%	3/10/47	125		134
4	Citigroup Commercial Mortgage Trust 2014-GC21	3.855%	5/10/47	200		212
4	Citigroup Commercial Mortgage Trust 2014-GC21	4.328%	5/10/47	150		158
4	Citigroup Commercial Mortgage Trust 2014-GC23	3.622%	7/10/47	300		316
4	Citigroup Commercial Mortgage Trust 2014-GC25	3.635%	10/10/47	650		686
4	Citigroup Commercial Mortgage Trust 2015-GC27	3.137%	2/10/48	800		824
4	Citigroup Commercial Mortgage Trust 2015-GC27	3.571%	2/10/48	325		337
4	Citigroup Commercial Mortgage Trust 2015-GC29	2.674%	4/10/48	138		138

66

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Citigroup Commercial Mortgage Trust 2015-GC29	3.192%	4/10/48	650		672
4	Citigroup Commercial Mortgage Trust 2015-GC29	3.758%	4/10/48	318		327
4	Citigroup Commercial Mortgage Trust 2015-GC31	3.762%	6/10/48	350		373
4	Citigroup Commercial Mortgage Trust 2015-GC33	3.778%	9/10/58	425		454
4	Citigroup Commercial Mortgage Trust 2016-C1	3.003%	5/10/49	225		230
4	Citigroup Commercial Mortgage Trust 2016-C1	3.209%	5/10/49	425		441
4	Citigroup Commercial Mortgage Trust 2016-GC36	3.616%	2/10/49	800		849
4	Citigroup Commercial Mortgage Trust 2016-P4	2.902%	7/10/49	250		255
4	Citigroup Commercial Mortgage Trust 2017-B1	3.458%	8/15/50	800		841
4	Citigroup Commercial Mortgage Trust 2017-B1	3.711%	8/15/50	200		209
4	Citigroup Commercial Mortgage Trust 2017-C4	3.471%	10/12/50	600		633
4	Citigroup Commercial Mortgage Trust 2017-C4	3.764%	10/12/50	150		159
4	Citigroup Commercial Mortgage Trust 2018-B2	3.788%	3/10/51	150		158
4	Citigroup Commercial Mortgage Trust 2018-B2	4.009%	3/10/51	1,200		1,316
4	COMM 2012-CCRE2 Mortgage Trust	3.147%	8/15/45	144		147
4	COMM 2012-CCRE2 Mortgage Trust	3.791%	8/15/45	189		195
4,7	COMM 2012-CCRE3 Mortgage Trust	3.416%	10/15/45	227		232
4	COMM 2012-CCRE4 Mortgage Trust	2.853%	10/15/45	350		356
4	COMM 2013-CCRE10 Mortgage Trust	4.210%	8/10/46	160		171
4	COMM 2013-CCRE11 Mortgage Trust	3.660%	8/10/50	183		188
4	COMM 2013-CCRE11 Mortgage Trust	3.983%	8/10/50	260		277
4	COMM 2013-CCRE11 Mortgage Trust	4.258%	8/10/50	330		355
4	COMM 2013-CCRE11 Mortgage Trust	4.715%	8/10/50	200		216
4	COMM 2013-CCRE12 Mortgage Trust	2.904%	10/10/46	9		9
4	COMM 2013-CCRE12 Mortgage Trust	3.623%	10/10/46	111		114
4	COMM 2013-CCRE12 Mortgage Trust	3.765%	10/10/46	175		184
4	COMM 2013-CCRE12 Mortgage Trust	4.046%	10/10/46	125		133
4	COMM 2013-CCRE12 Mortgage Trust	4.300%	10/10/46	75		80
4	COMM 2013-CCRE12 Mortgage Trust	4.762%	10/10/46	50		53
4	COMM 2013-CCRE13 Mortgage Trust	3.039%	11/10/46	1		2
4	COMM 2013-CCRE13 Mortgage Trust	3.706%	11/10/46	45		47
4	COMM 2013-CCRE13 Mortgage Trust	4.194%	11/10/46	450		483
4	COMM 2013-CCRE13 Mortgage Trust	4.449%	11/10/46	150		161
4	COMM 2013-CCRE6 Mortgage Trust	3.101%	3/10/46	183		187
4	COMM 2013-CCRE7 Mortgage Trust	3.213%	3/10/46	141		145
4	COMM 2013-CCRE8 Mortgage Trust	3.612%	6/10/46	223		233
4	COMM 2013-CCRE9 Mortgage Trust	4.374%	7/10/45	365		391
4	COMM 2013-LC13 Mortgage Trust	4.205%	8/10/46	230		246
4	COMM 2013-LC6 Mortgage Trust	2.941%	1/10/46	277		283
4	COMM 2013-LC6 Mortgage Trust	3.282%	1/10/46	154		158
4	COMM 2014-CCRE14 Mortgage Trust	3.147%	2/10/47	118		118
4	COMM 2014-CCRE14 Mortgage Trust	4.236%	2/10/47	275		296
4	COMM 2014-CCRE14 Mortgage Trust	4.526%	2/10/47	325		348
4	COMM 2014-CCRE14 Mortgage Trust	4.788%	2/10/47	175		187
4	COMM 2014-CCRE15 Mortgage Trust	2.928%	2/10/47	96		97
4	COMM 2014-CCRE15 Mortgage Trust	3.595%	2/10/47	106		109
4	COMM 2014-CCRE15 Mortgage Trust	4.074%	2/10/47	209		224
4	COMM 2014-CCRE15 Mortgage Trust	4.849%	2/10/47	105		114
4	COMM 2014-CCRE17 Mortgage Trust	3.598%	5/10/47	98		101
4	COMM 2014-CCRE17 Mortgage Trust	3.977%	5/10/47	275		294
4	COMM 2014-CCRE17 Mortgage Trust	4.377%	5/10/47	100		105
4	COMM 2014-CCRE18 Mortgage Trust	3.452%	7/15/47	171		175
4	COMM 2014-CCRE18 Mortgage Trust	3.828%	7/15/47	125		133
4	COMM 2014-CCRE18 Mortgage Trust	4.103%	7/15/47	150		159
4	COMM 2014-CCRE19 Mortgage Trust	3.796%	8/10/47	650		691
4	COMM 2014-CCRE19 Mortgage Trust	4.080%	8/10/47	150		159
4	COMM 2014-CCRE21 Mortgage Trust	3.528%	12/10/47	622		652
4	COMM 2014-LC15 Mortgage Trust	4.006%	4/10/47	325		348
4	COMM 2014-LC17 Mortgage Trust	3.164%	10/10/47	185		185
4	COMM 2014-LC17 Mortgage Trust	3.917%	10/10/47	175		187
4	COMM 2014-UBS2 Mortgage Trust	2.820%	3/10/47	18		18
4	COMM 2014-UBS2 Mortgage Trust	3.472%	3/10/47	73		75
4	COMM 2014-UBS2 Mortgage Trust	3.961%	3/10/47	202		215
4	COMM 2014-UBS2 Mortgage Trust	4.199%	3/10/47	57		60

67

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	COMM 2014-UBS2 Mortgage Trust	4.701%	3/10/47	36		38
4	COMM 2014-UBS3 Mortgage Trust	3.819%	6/10/47	350		372
4	COMM 2014-UBS4 Mortgage Trust	3.694%	8/10/47	225		238
4	COMM 2014-UBS4 Mortgage Trust	3.968%	8/10/47	167		176
4	COMM 2014-UBS5 Mortgage Trust	3.838%	9/10/47	500		533
4	COMM 2014-UBS6 Mortgage Trust	2.935%	12/10/47	271		271
4	COMM 2014-UBS6 Mortgage Trust	3.387%	12/10/47	425		439
4	COMM 2014-UBS6 Mortgage Trust	3.644%	12/10/47	800		846
4	COMM 2014-UBS6 Mortgage Trust	4.048%	12/10/47	225		236
4	COMM 2015-CCRE22 Mortgage Trust	2.856%	3/10/48	195		195
4	COMM 2015-CCRE22 Mortgage Trust	3.309%	3/10/48	575		600
4	COMM 2015-CCRE22 Mortgage Trust	3.603%	3/10/48	200		208
4	COMM 2015-CCRE23 Mortgage Trust	3.257%	5/10/48	250		257
4	COMM 2015-CCRE23 Mortgage Trust	3.497%	5/10/48	375		395
4	COMM 2015-CCRE23 Mortgage Trust	3.801%	5/10/48	175		184
4	COMM 2015-CCRE25 Mortgage Trust	3.759%	8/10/48	425		454
4	COMM 2015-CCRE26 Mortgage Trust	3.630%	10/10/48	850		902
4	COMM 2015-CCRE27 Mortgage Trust	3.404%	10/10/48	400		415
4	COMM 2015-CCRE27 Mortgage Trust	3.612%	10/10/48	400		424
4	COMM 2015-LC19 Mortgage Trust	3.040%	2/10/48	75		77
4	COMM 2015-LC19 Mortgage Trust	3.183%	2/10/48	425		441
4	COMM 2015-LC19 Mortgage Trust	3.527%	2/10/48	200		208
4	COMM 2016-CCRE28 Mortgage Trust	3.762%	2/10/49	600		641
4	COMM 2016-DC2 Mortgage Trust	3.550%	2/10/49	500		522
4	CSAIL 2015-C1 Commercial Mortgage Trust	3.505%	4/15/50	400		420
4	CSAIL 2015-C1 Commercial Mortgage Trust	3.791%	4/15/50	200		211
4	CSAIL 2015-C1 Commercial Mortgage Trust	4.044%	4/15/50	175		183
4	CSAIL 2015-C2 Commercial Mortgage Trust	3.504%	6/15/57	550		575
4	CSAIL 2015-C2 Commercial Mortgage Trust	3.849%	6/15/57	225		237
4	CSAIL 2015-C3 Commercial Mortgage Trust	3.448%	8/15/48	327		338
4	CSAIL 2015-C3 Commercial Mortgage Trust	3.718%	8/15/48	425		450
4	CSAIL 2015-C3 Commercial Mortgage Trust	4.250%	8/15/48	200		209
4	CSAIL 2015-C4 Commercial Mortgage Trust	3.617%	11/15/48	200		209
4	CSAIL 2015-C4 Commercial Mortgage Trust	3.808%	11/15/48	325		347
4	CSAIL 2016-C7 Commercial Mortgage Trust	3.502%	11/15/49	800		837
4	CSAIL 2017-C8 Commercial Mortgage Trust	3.392%	6/15/50	800		833
4	CSAIL 2017-CX10 Commercial Mortgage Trust	3.458%	11/15/50	575		604
4	CSAIL 2017-CX9 Commercial Mortgage Trust	3.446%	9/15/50	250		263
4	CSAIL 2018-CX11 Commercial Mortgage Trust	4.033%	4/15/51	1,200		1,311
4	CSAIL 2018-CX12 Commercial Mortgage Trust	4.224%	8/15/51	250		276
4	CSAIL 2019-C15 Commercial Mortgage Trust	4.053%	3/15/52	975		1,070
4	CSAIL 2019-C16 Commercial Mortgage Trust	3.329%	6/15/52	1,125		1,166
4	DBJPM 16-C1 Mortgage Trust	3.276%	5/10/49	300		313
4	DBJPM 16-C3 Mortgage Trust	2.890%	8/10/49	325		331
4	DBJPM 17-C6 Mortgage Trust	3.328%	6/10/50	600		628
4	DBJPM 17-C6 Mortgage Trust	3.561%	6/10/50	150		156
4	Discover Card Execution Note Trust 2015-A2	1.900%	10/17/22	1,050		1,047
4	Discover Card Execution Note Trust 2015-A4	2.190%	4/17/23	825		826
4	Discover Card Execution Note Trust 2017-A2	2.390%	7/15/24	800		807
4	Discover Card Execution Note Trust 2018-A1	3.030%	8/15/25	1,000		1,032
4	Drive Auto Receivables Trust 2018-2	3.220%	4/15/22	335		336
4	Drive Auto Receivables Trust 2018-2	3.630%	8/15/24	475		479
3,4	Fannie Mae-Aces 2010-M1	4.450%	9/25/19	24		24
3,4	Fannie Mae-Aces 2011-M2	3.764%	4/25/21	428		437
3,4	Fannie Mae-Aces 2011-M4	3.726%	6/25/21	1,084		1,113
3,4	Fannie Mae-Aces 2013-M12	2.485%	3/25/23	724		731
3,4	Fannie Mae-Aces 2013-M4	2.608%	3/25/22	25		25
3,4	Fannie Mae-Aces 2013-M7	2.280%	12/27/22	350		351
3,4	Fannie Mae-Aces 2014-M1	3.319%	7/25/23	1,503		1,564
3,4	Fannie Mae-Aces 2014-M12	2.614%	10/25/21	1,018		1,027
3,4	Fannie Mae-Aces 2014-M13	2.566%	8/25/24	121		122
3,4	Fannie Mae-Aces 2014-M13	3.021%	8/25/24	475		492
3,4	Fannie Mae-Aces 2014-M3	3.501%	1/25/24	574		605
3,4	Fannie Mae-Aces 2014-M4	3.346%	3/25/24	625		655

68

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4	Fannie Mae-Aces 2014-M6	2.679%	5/25/21	763		770
3,4	Fannie Mae-Aces 2014-M7	3.384%	6/25/24	1,066		1,120
3,4	Fannie Mae-Aces 2014-M8	2.346%	6/25/24	127		127
3,4	Fannie Mae-Aces 2014-M8	3.056%	6/25/24	650		674
3,4	Fannie Mae-Aces 2014-M9	3.103%	7/25/24	775		806
3,4	Fannie Mae-Aces 2015-M1	2.532%	9/25/24	1,075		1,089
3,4	Fannie Mae-Aces 2015-M10	3.092%	4/25/27	350		365
3,4	Fannie Mae-Aces 2015-M12	2.889%	5/25/25	850		874
3,4	Fannie Mae-Aces 2015-M15	2.923%	10/25/25	1,025		1,058
3,4	Fannie Mae-Aces 2015-M2	2.620%	12/25/24	699		713
3,4	Fannie Mae-Aces 2015-M3	2.723%	10/25/24	400		409
3,4	Fannie Mae-Aces 2015-M4	2.509%	7/25/22	439		443
3,4	Fannie Mae-Aces 2015-M7	2.590%	12/25/24	750		762
3,4	Fannie Mae-Aces 2015-M8	2.344%	1/25/25	292		293
3,4	Fannie Mae-Aces 2015-M8	2.900%	1/25/25	825		850
3,4	Fannie Mae-Aces 2016-M11	2.369%	7/25/26	900		896
3,4	Fannie Mae-Aces 2016-M12	2.527%	9/25/26	950		937
3,4	Fannie Mae-Aces 2016-M2	2.152%	1/25/23	725		726
3,4	Fannie Mae-Aces 2016-M3	2.702%	2/25/26	400		408
3,4	Fannie Mae-Aces 2016-M4	2.576%	3/25/26	400		404
3,4	Fannie Mae-Aces 2016-M5	2.469%	4/25/26	800		803
3,4	Fannie Mae-Aces 2016-M6	2.488%	5/25/26	600		603
3,4	Fannie Mae-Aces 2016-M7	2.157%	10/25/23	200		200
3,4	Fannie Mae-Aces 2016-M7	2.499%	9/25/26	300		302
3,4	Fannie Mae-Aces 2016-M9	2.292%	6/25/26	1,300		1,289
3,4	Fannie Mae-Aces 2017-M1	2.496%	10/25/26	1,200		1,199
3,4	Fannie Mae-Aces 2017-M10	2.646%	7/25/24	440		447
3,4	Fannie Mae-Aces 2017-M11	2.980%	8/25/29	500		517
3,4	Fannie Mae-Aces 2017-M12	3.184%	6/25/27	1,250		1,302
3,4	Fannie Mae-Aces 2017-M15	3.196%	11/25/27	1,150		1,195
3,4	Fannie Mae-Aces 2017-M2	2.878%	2/25/27	1,200		1,228
3,4	Fannie Mae-Aces 2017-M3	2.567%	12/25/26	1,500		1,503
3,4	Fannie Mae-Aces 2017-M4	2.672%	12/25/26	1,200		1,210
3,4	Fannie Mae-Aces 2017-M7	2.961%	2/25/27	675		696
3,4	Fannie Mae-Aces 2017-M8	3.061%	5/25/27	1,563		1,622
3,4	Fannie Mae-Aces 2018-M12	3.776%	8/25/30	850		927
3,4	Fannie Mae-Aces 2018-M14	3.578%	8/25/28	475		514
3,4	Fannie Mae-Aces 2018-M2	2.999%	1/25/28	1,425		1,469
3,4	Fannie Mae-Aces 2018-M4	3.144%	3/25/28	720		750
3,4	Fannie Mae-Aces 2018-M7	3.150%	3/25/28	400		417
3,4	Fannie Mae-Aces 2018-M8	3.610%	2/25/31	900		976
3,4	Fannie Mae-Aces 2019-M1	3.673%	9/25/28	575		623
3,4	Fannie Mae-Aces 2019-M2	3.753%	11/25/28	875		953
3,4	Fannie Mae-Aces 2019-M5	3.273%	1/25/29	775		820
3,4	Fannie Mae-Aces 2019-M7	3.143%	4/25/29	975		1,025
3,4	Fannie Mae-Aces 2019-M9	2.937%	4/25/29	475		489
3,4	FHLMC Multifamily Structured Pass Through Certificates K011	4.084%	11/25/20	1,707		1,744
3,4	FHLMC Multifamily Structured Pass Through Certificates K012	4.186%	12/25/20	800		820
3,4	FHLMC Multifamily Structured Pass Through Certificates K014	3.871%	4/25/21	512		525
3,4	FHLMC Multifamily Structured Pass Through Certificates K017	2.873%	12/25/21	1,404		1,428
3,4	FHLMC Multifamily Structured Pass Through Certificates K019	2.272%	3/25/22	1,140		1,144
3,4	FHLMC Multifamily Structured Pass Through Certificates K020	2.373%	5/25/22	100		101
3,4	FHLMC Multifamily Structured Pass Through Certificates K021	2.396%	6/25/22	915		923
3,4	FHLMC Multifamily Structured Pass Through Certificates K026	2.510%	11/25/22	1,275		1,292
3,4	FHLMC Multifamily Structured Pass Through Certificates K027	2.637%	1/25/23	1,275		1,297

69

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4	FHLMC Multifamily Structured Pass Through Certificates K029	3.320%	2/25/23	1,250		1,301
3,4	FHLMC Multifamily Structured Pass Through Certificates K030	2.779%	9/25/22	584		590
3,4	FHLMC Multifamily Structured Pass Through Certificates K031	3.300%	4/25/23	1,260		1,313
3,4	FHLMC Multifamily Structured Pass Through Certificates K032	3.016%	2/25/23	624		635
3,4	FHLMC Multifamily Structured Pass Through Certificates K033	2.871%	2/25/23	718		727
3,4	FHLMC Multifamily Structured Pass Through Certificates K034	3.531%	7/25/23	1,208		1,270
3,4	FHLMC Multifamily Structured Pass Through Certificates K036	3.527%	10/25/23	1,375		1,449
3,4	FHLMC Multifamily Structured Pass Through Certificates K037	3.490%	1/25/24	50		53
3,4	FHLMC Multifamily Structured Pass Through Certificates K038	2.604%	10/25/23	245		247
3,4	FHLMC Multifamily Structured Pass Through Certificates K038	3.389%	3/25/24	1,275		1,341
3,4	FHLMC Multifamily Structured Pass Through Certificates K039	2.683%	12/25/23	181		183
3,4	FHLMC Multifamily Structured Pass Through Certificates K039	3.303%	7/25/24	850		893
3,4	FHLMC Multifamily Structured Pass Through Certificates K040	2.768%	4/25/24	305		311
3,4	FHLMC Multifamily Structured Pass Through Certificates K040	3.241%	9/25/24	1,025		1,075
3,4	FHLMC Multifamily Structured Pass Through Certificates K041	3.171%	10/25/24	1,000		1,046
3,4	FHLMC Multifamily Structured Pass Through Certificates K042	2.267%	6/25/24	151		151
3,4	FHLMC Multifamily Structured Pass Through Certificates K042	2.670%	12/25/24	700		715
3,4	FHLMC Multifamily Structured Pass Through Certificates K043	2.532%	10/25/23	154		156
3,4	FHLMC Multifamily Structured Pass Through Certificates K043	3.062%	12/25/24	600		625
3,4	FHLMC Multifamily Structured Pass Through Certificates K045	2.493%	11/25/24	345		349
3,4	FHLMC Multifamily Structured Pass Through Certificates K045	3.023%	1/25/25	675		702
3,4	FHLMC Multifamily Structured Pass Through Certificates K046	3.205%	3/25/25	650		683
3,4	FHLMC Multifamily Structured Pass Through Certificates K047	2.827%	12/25/24	177		180
3,4	FHLMC Multifamily Structured Pass Through Certificates K047	3.329%	5/25/25	525		555
3,4	FHLMC Multifamily Structured Pass Through Certificates K048	3.284%	6/25/25	825		870
3,4	FHLMC Multifamily Structured Pass Through Certificates K049	3.010%	7/25/25	450		468
3,4	FHLMC Multifamily Structured Pass Through Certificates K050	3.334%	8/25/25	750		793
3,4	FHLMC Multifamily Structured Pass Through Certificates K052	3.151%	11/25/25	450		471
3,4	FHLMC Multifamily Structured Pass Through Certificates K053	2.995%	12/25/25	275		286
3,4	FHLMC Multifamily Structured Pass Through Certificates K054	2.745%	1/25/26	700		717
3,4	FHLMC Multifamily Structured Pass Through Certificates K055	2.673%	3/25/26	1,000		1,020
3,4	FHLMC Multifamily Structured Pass Through Certificates K056	2.525%	5/25/26	575		581

70

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4	FHLMC Multifamily Structured Pass Through Certificates K057	2.570%	7/25/26	1,025		1,038
3,4	FHLMC Multifamily Structured Pass Through Certificates K058	2.653%	8/25/26	500		509
3,4	FHLMC Multifamily Structured Pass Through Certificates K059	3.120%	9/25/26	800		838
3,4	FHLMC Multifamily Structured Pass Through Certificates K060	3.300%	10/25/26	1,000		1,060
3,4	FHLMC Multifamily Structured Pass Through Certificates K061	3.347%	11/25/26	2,000		2,126
3,4	FHLMC Multifamily Structured Pass Through Certificates K062	3.413%	12/25/26	2,400		2,563
3,4	FHLMC Multifamily Structured Pass Through Certificates K063	3.430%	1/25/27	1,775		1,897
3,4	FHLMC Multifamily Structured Pass Through Certificates K064	3.224%	3/25/27	1,300		1,371
3,4	FHLMC Multifamily Structured Pass Through Certificates K065	3.243%	4/25/27	915		966
3,4	FHLMC Multifamily Structured Pass Through Certificates K066	3.117%	6/25/27	600		629
3,4	FHLMC Multifamily Structured Pass Through Certificates K068	3.244%	8/25/27	500		528
3,4	FHLMC Multifamily Structured Pass Through Certificates K069	3.187%	9/25/27	875		921
3,4	FHLMC Multifamily Structured Pass Through Certificates K070	3.303%	11/25/27	275		292
3,4	FHLMC Multifamily Structured Pass Through Certificates K071	3.286%	11/25/27	400		424
3,4	FHLMC Multifamily Structured Pass Through Certificates K072	3.444%	12/25/27	450		483
3,4	FHLMC Multifamily Structured Pass Through Certificates K075	3.650%	2/25/28	675		734
3,4	FHLMC Multifamily Structured Pass Through Certificates K076	3.900%	4/25/28	1,575		1,745
3,4	FHLMC Multifamily Structured Pass Through Certificates K081	3.900%	8/25/28	700		777
3,4	FHLMC Multifamily Structured Pass Through Certificates K082	3.920%	9/25/28	550		612
3,4	FHLMC Multifamily Structured Pass Through Certificates K084	3.780%	10/25/28	1,250		1,377
3,4	FHLMC Multifamily Structured Pass Through Certificates K085	4.060%	10/25/28	625		702
3,4	FHLMC Multifamily Structured Pass Through Certificates K087	3.591%	10/25/27	99		105
3,4	FHLMC Multifamily Structured Pass Through Certificates K088	3.690%	1/25/29	1,175		1,287
3,4	FHLMC Multifamily Structured Pass Through Certificates K089	3.563%	1/25/29	475		515
3,4	FHLMC Multifamily Structured Pass Through Certificates K092	3.298%	4/25/29	975		1,037
3,4	FHLMC Multifamily Structured Pass Through Certificates K1511	3.470%	3/25/31	375		405
3,4	FHLMC Multifamily Structured Pass Through Certificates K1511	3.542%	3/25/34	950		1,027
3,4	FHLMC Multifamily Structured Pass Through Certificates K152	3.080%	1/25/31	400		414
3,4	FHLMC Multifamily Structured Pass Through Certificates K153	3.294%	3/25/29	1,600		1,698
3,4	FHLMC Multifamily Structured Pass Through Certificates K153	3.117%	10/25/31	900		934
3,4	FHLMC Multifamily Structured Pass Through Certificates K155	3.750%	11/25/32	400		440
3,4	FHLMC Multifamily Structured Pass Through Certificates K155	3.750%	4/25/33	850		939

71

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4	FHLMC Multifamily Structured Pass Through Certificates K157	3.990%	5/25/33	275		308
3,4	FHLMC Multifamily Structured Pass Through Certificates K157	3.990%	8/25/33	375		422
3,4	FHLMC Multifamily Structured Pass Through Certificates K503	2.456%	8/25/19	37		37
3,4	FHLMC Multifamily Structured Pass Through Certificates K504	2.566%	9/25/20	382		382
3,4	FHLMC Multifamily Structured Pass Through Certificates K711	1.730%	7/25/19	160		160
3,4	FHLMC Multifamily Structured Pass Through Certificates K712	1.869%	11/25/19	448		447
3,4	FHLMC Multifamily Structured Pass Through Certificates K713	2.313%	3/25/20	1,928		1,925
3,4	FHLMC Multifamily Structured Pass Through Certificates K714	3.034%	10/25/20	1,602		1,614
3,4	FHLMC Multifamily Structured Pass Through Certificates K716	2.413%	1/25/21	95		95
3,4	FHLMC Multifamily Structured Pass Through Certificates K716	3.130%	6/25/21	1,400		1,420
3,4	FHLMC Multifamily Structured Pass Through Certificates K717	2.991%	9/25/21	1,300		1,319
3,4	FHLMC Multifamily Structured Pass Through Certificates K718	2.375%	9/25/21	515		517
3,4	FHLMC Multifamily Structured Pass Through Certificates K718	2.791%	1/25/22	800		811
3,4	FHLMC Multifamily Structured Pass Through Certificates K722	2.183%	5/25/22	307		308
3,4	FHLMC Multifamily Structured Pass Through Certificates K731	3.600%	2/25/25	1,000		1,065
3,4	FHLMC Multifamily Structured Pass Through Certificates K734	3.208%	2/25/26	1,565		1,647
3,4	FHLMC Multifamily Structured Pass Through Certificates KW01	2.853%	1/25/26	800		826
3,4	FHLMC Multifamily Structures Pass Through Certificates K073	3.350%	1/25/28	500		533
3,4	FHLMC Multifamily Structures Pass Through Certificates K074	3.600%	1/25/28	1,000		1,084
3,4	FHLMC Multifamily Structures Pass Through Certificates K078	3.854%	6/25/28	500		552
3,4	FHLMC Multifamily Structures Pass Through Certificates K079	3.926%	6/25/28	1,000		1,111
3,4	FHLMC Multifamily Structures Pass Through Certificates K080	3.736%	4/25/28	295		318
3,4	FHLMC Multifamily Structures Pass Through Certificates K080	3.926%	7/25/28	800		889
3,4	FHLMC Multifamily Structures Pass Through Certificates K087	3.771%	12/25/28	800		881
3,4	FHLMC Multifamily Structures Pass Through Certificates K090	3.422%	2/25/29	900		966
3,4	FHLMC Multifamily Structures Pass Through Certificates K1504	3.424%	4/25/32	150		161
3,4	FHLMC Multifamily Structures Pass Through Certificates K1504	3.459%	11/25/32	200		215
3,4	FHLMC Multifamily Structures Pass Through Certificates K1510	3.718%	1/25/31	300		328
3,4	FHLMC Multifamily Structures Pass Through Certificates K1510	3.794%	1/25/34	500		552
3,4	FHLMC Multifamily Structures Pass Through Certificates K715	2.856%	1/25/21	469		472
3,4	FHLMC Multifamily Structures Pass Through Certificates K720	2.716%	6/25/22	525		533
3,4	FHLMC Multifamily Structures Pass Through Certificates K723	2.454%	8/25/23	500		505

72

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
3,4	FHLMC Multifamily Structures Pass Through Certificates K724	3.062%	11/25/23	1,000		1,034
3,4	FHLMC Multifamily Structures Pass Through Certificates K725	3.002%	1/25/24	1,200		1,239
3,4	FHLMC Multifamily Structures Pass Through Certificates K725	2.946%	7/25/24	1,500		1,547
3,4	FHLMC Multifamily Structures Pass Through Certificates K726	2.905%	4/25/24	800		823
3,4	FHLMC Multifamily Structures Pass Through Certificates K728	3.064%	8/25/24	1,175		1,218
3,4	FHLMC Multifamily Structures Pass Through Certificates K730	3.452%	9/25/24	97		100
3,4	FHLMC Multifamily Structures Pass Through Certificates K730	3.590%	1/25/25	1,200		1,278
3,4	FHLMC Multifamily Structures Pass Through Certificates K732	3.700%	5/25/25	1,000		1,072
3,4	FHLMC Multifamily Structures Pass Through Certificates KC02	3.370%	7/25/25	800		843
3,4	FHLMC Multifamily Structures Pass Through Certificates KC02	3.505%	3/25/29	300		325
3,4	FHLMC Multifamily Structures Pass Through Certificates KC02	2.982%	5/25/29	1,650		1,716
4	Fifth Third Auto Trust 2019-1	2.640%	12/15/23	550		557
4	Fifth Third Auto Trust 2019-1	2.690%	11/16/26	175		178
4	Ford Credit Auto Lease Trust 2018-A	2.930%	6/15/21	550		553
4	Ford Credit Auto Lease Trust 2018-A	3.050%	8/15/21	100		101
4	Ford Credit Auto Lease Trust 2018-B	3.190%	12/15/21	800		808
4	Ford Credit Auto Lease Trust 2018-B	3.300%	2/15/22	250		255
4	Ford Credit Auto Lease Trust 2019-A	2.900%	5/15/22	250		253
4	Ford Credit Auto Lease Trust 2019-A	2.980%	6/15/22	125		127
4	Ford Credit Auto Owner Trust 2015-C	1.740%	2/15/21	31		31
4	Ford Credit Auto Owner Trust 2017-A	1.670%	6/15/21	260		259
4	Ford Credit Auto Owner Trust 2017-A	1.920%	4/15/22	275		274
4	Ford Credit Auto Owner Trust 2017-B	1.690%	11/15/21	503		502
4	Ford Credit Auto Owner Trust 2017-B	1.870%	9/15/22	80		80
4	Ford Credit Auto Owner Trust 2017-C	2.010%	3/15/22	1,575		1,573
4	Ford Credit Auto Owner Trust 2019-A	2.780%	9/15/23	675		683
4	Ford Credit Auto Owner Trust 2019-A	2.850%	8/15/24	275		281
4	Ford Credit Floorplan Master Owner Trust A Series 2017-2	2.160%	9/15/22	700		699
4	Ford Credit Floorplan Master Owner Trust A Series 2017-3	2.480%	9/15/24	720		729
4	Ford Credit Floorplan Master Owner Trust A Series 2018-1	2.950%	5/15/23	1,000		1,015
4	Ford Credit Floorplan Master Owner Trust A Series 2018-2	3.170%	3/15/25	900		929
4	GE Capital Credit Card Master Note Trust 2012-7	1.760%	9/15/22	409		408
4	GM Financial Automobile Leasing Trust 2018-1	2.610%	1/20/21	550		551
4	GM Financial Automobile Leasing Trust 2018-1	2.680%	12/20/21	125		126
4	GM Financial Automobile Leasing Trust 2018-2	3.060%	6/21/21	200		201
4	GM Financial Automobile Leasing Trust 2018-2	3.160%	4/20/22	75		76
4	GM Financial Automobile Leasing Trust 2019-2	2.670%	3/21/22	275		278
4	GM Financial Automobile Leasing Trust 2019-2	2.720%	3/20/23	125		127
4	GM Financial Consumer Automobile 2018-2	2.810%	12/16/22	475		481
4	GM Financial Consumer Automobile 2018-2	3.020%	12/18/23	400		410
4	GS Mortgage Securities Corporation II 2013-GC10	2.943%	2/10/46	246		251
4	GS Mortgage Securities Trust 2011-GC5	3.707%	8/10/44	145		148
4	GS Mortgage Securities Trust 2012-GC6	3.482%	1/10/45	747		765
4	GS Mortgage Securities Trust 2012-GCJ7	3.377%	5/10/45	352		358
4	GS Mortgage Securities Trust 2012-GCJ9	2.773%	11/10/45	322		326
4	GS Mortgage Securities Trust 2013-GC10	3.279%	2/10/46	92		94
4	GS Mortgage Securities Trust 2013-GCJ12	3.135%	6/10/46	275		283
4	GS Mortgage Securities Trust 2013-GCJ12	3.375%	6/10/46	118		121
4	GS Mortgage Securities Trust 2013-GCJ14	3.817%	8/10/46	112		116

73

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	GS Mortgage Securities Trust 2013-GCJ14	4.243%	8/10/46	675		723
4	GS Mortgage Securities Trust 2013-GCJ16	3.813%	11/10/46	90		93
4	GS Mortgage Securities Trust 2013-GCJ16	4.271%	11/10/46	125		134
4	GS Mortgage Securities Trust 2014-GC18	4.074%	1/10/47	1,025		1,093
4	GS Mortgage Securities Trust 2014-GC18	4.383%	1/10/47	275		288
4	GS Mortgage Securities Trust 2014-GC22	3.467%	6/10/47	173		177
4	GS Mortgage Securities Trust 2014-GC22	3.862%	6/10/47	150		159
4	GS Mortgage Securities Trust 2014-GC24	3.931%	9/10/47	475		508
4	GS Mortgage Securities Trust 2014-GC24	4.650%	9/10/47	125		130
4	GS Mortgage Securities Trust 2014-GC26	2.902%	11/10/47	60		60
4	GS Mortgage Securities Trust 2014-GC26	3.365%	11/10/47	250		258
4	GS Mortgage Securities Trust 2014-GC26	3.629%	11/10/47	800		844
4	GS Mortgage Securities Trust 2014-GC26	3.964%	11/10/47	125		132
4	GS Mortgage Securities Trust 2014-GC26	4.215%	11/10/47	125		131
4	GS Mortgage Securities Trust 2015-GC28	3.396%	2/10/48	500		522
4	GS Mortgage Securities Trust 2015-GC30	2.726%	5/10/50	300		300
4	GS Mortgage Securities Trust 2015-GC30	3.382%	5/10/50	450		470
4	GS Mortgage Securities Trust 2015-GC32	3.513%	7/10/48	425		444
4	GS Mortgage Securities Trust 2015-GC32	3.764%	7/10/48	175		187
4	GS Mortgage Securities Trust 2015-GC34	3.278%	10/10/48	400		414
4	GS Mortgage Securities Trust 2015-GC34	3.506%	10/10/48	400		421
4	GS Mortgage Securities Trust 2016-GS2	3.050%	5/10/49	300		309
4	GS Mortgage Securities Trust 2016-GS3	2.850%	10/10/49	775		789
4	GS Mortgage Securities Trust 2016-GS4	3.442%	11/10/49	275		289
4	GS Mortgage Securities Trust 2016-GS4	3.645%	11/10/49	200		208
4	GS Mortgage Securities Trust 2017-GS5	3.674%	3/10/50	625		668
4	GS Mortgage Securities Trust 2017-GS5	3.826%	3/10/50	250		264
4	GS Mortgage Securities Trust 2017-GS6	3.433%	5/10/50	600		631
4	GS Mortgage Securities Trust 2017-GS7	3.430%	8/10/50	983		1,031
4	GS Mortgage Securities Trust 2017-GS7	3.663%	8/10/50	262		273
4	GS Mortgage Securities Trust 2019-GC39	3.567%	5/10/52	400		426
§,4	GS Mortgage Securities Trust 2019-GC40	3.160%	7/10/52	550		566
4	Honda Auto Receivables 2017-2 Owner Trust	1.680%	8/16/21	889		886
4	Honda Auto Receivables 2017-2 Owner Trust	1.870%	9/15/23	279		278
4	Honda Auto Receivables 2017-4 Owner Trust	2.050%	11/22/21	381		380
4	Honda Auto Receivables 2018-1 Owner Trust	2.640%	2/15/22	825		828
4	Honda Auto Receivables 2018-1 Owner Trust	2.830%	5/15/24	275		279
4	Honda Auto Receivables 2018-2 Owner Trust	3.010%	5/18/22	275		279
4	Honda Auto Receivables 2018-2 Owner Trust	3.160%	8/19/24	200		205
4	Honda Auto Receivables 2018-4 Owner Trust	2.520%	6/21/23	665		672
4	Honda Auto Receivables 2018-4 Owner Trust	2.540%	3/21/25	125		127
4	Hyundai Auto Receivables Trust 2015-C	1.780%	11/15/21	27		27
4	Hyundai Auto Receivables Trust 2016-B	1.290%	4/15/21	135		135
4	Hyundai Auto Receivables Trust 2016-B	1.450%	11/15/22	250		248
4	Hyundai Auto Receivables Trust 2018-A	2.790%	7/15/22	250		252
4	Hyundai Auto Receivables Trust 2018-A	2.940%	6/17/24	325		332
4	JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6	3.507%	5/15/45	420		433
4	JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8	2.829%	10/15/45	1,399		1,422
4	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX	3.483%	6/15/45	433		443
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10	3.142%	12/15/47	146		150
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10	3.372%	12/15/47	109		112
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	3.674%	12/15/46	127		130
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	3.881%	12/15/46	200		212
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	4.166%	12/15/46	300		321
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	4.517%	12/15/46	150		161

74

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	5.130%	12/15/46	150		163
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11	2.960%	4/15/46	673		688
4	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20	2.872%	7/15/47	19		19
4	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20	3.805%	7/15/47	75		80
4	JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1	3.914%	1/15/49	325		351
4	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP3	2.870%	8/15/49	975		991
4	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4	3.648%	12/15/49	400		426
4	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4	3.870%	12/15/49	325		344
4	JP Morgan Chase Commercial Mortgage Securities Trust 2017-JP6	3.050%	7/15/50	400		407
4	JP Morgan Chase Commercial Mortgage Securities Trust 2017-JP6	3.744%	7/15/50	400		420
4	JP Morgan Chase Commercial Mortgage Securities Trust 2019-COR4	4.029%	3/10/52	1,400		1,537
4	JPMBB Commercial Mortgage Securities Trust 2013-C12	3.664%	7/15/45	122		128
4	JPMBB Commercial Mortgage Securities Trust 2013-C12	4.176%	7/15/45	81		85
4	JPMBB Commercial Mortgage Securities Trust 2013-C14	3.761%	8/15/46	195		201
4	JPMBB Commercial Mortgage Securities Trust 2013-C14	4.133%	8/15/46	790		843
4	JPMBB Commercial Mortgage Securities Trust 2013-C14	4.409%	8/15/46	220		234
4	JPMBB Commercial Mortgage Securities Trust 2013-C15	3.659%	11/15/45	55		56
4	JPMBB Commercial Mortgage Securities Trust 2013-C15	4.131%	11/15/45	435		465
4	JPMBB Commercial Mortgage Securities Trust 2013-C15	4.420%	11/15/45	275		294
4	JPMBB Commercial Mortgage Securities Trust 2013-C17	3.705%	1/15/47	167		172
4	JPMBB Commercial Mortgage Securities Trust 2013-C17	4.199%	1/15/47	625		671
4	JPMBB Commercial Mortgage Securities Trust 2013-C17	4.458%	1/15/47	125		134
4	JPMBB Commercial Mortgage Securities Trust 2013-C17	5.054%	1/15/47	188		203
4	JPMBB Commercial Mortgage Securities Trust 2014-C18	4.079%	2/15/47	474		507
4	JPMBB Commercial Mortgage Securities Trust 2014-C18	4.439%	2/15/47	93		100
4	JPMBB Commercial Mortgage Securities Trust 2014-C18	4.978%	2/15/47	113		122
4	JPMBB Commercial Mortgage Securities Trust 2014-C19	3.046%	4/15/47	8		8
4	JPMBB Commercial Mortgage Securities Trust 2014-C19	3.669%	4/15/47	225		230
4	JPMBB Commercial Mortgage Securities Trust 2014-C19	3.996%	4/15/47	225		240
4	JPMBB Commercial Mortgage Securities Trust 2014-C19	4.243%	4/15/47	175		186
4	JPMBB Commercial Mortgage Securities Trust 2014-C21	3.428%	8/15/47	106		109
4	JPMBB Commercial Mortgage Securities Trust 2014-C21	3.775%	8/15/47	100		106

75

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	JPMBB Commercial Mortgage Securities Trust 2014-C21	3.996%	8/15/47	75		79
4	JPMBB Commercial Mortgage Securities Trust 2014-C22	3.801%	9/15/47	650		690
4	JPMBB Commercial Mortgage Securities Trust 2014-C22	4.110%	9/15/47	175		185
4	JPMBB Commercial Mortgage Securities Trust 2014-C23	3.934%	9/15/47	319		341
4	JPMBB Commercial Mortgage Securities Trust 2014-C23	4.202%	9/15/47	188		200
4	JPMBB Commercial Mortgage Securities Trust 2014-C24	2.940%	11/15/47	94		94
4	JPMBB Commercial Mortgage Securities Trust 2014-C24	3.638%	11/15/47	150		158
4	JPMBB Commercial Mortgage Securities Trust 2014-C24	3.914%	11/15/47	300		316
4	JPMBB Commercial Mortgage Securities Trust 2014-C25	3.672%	11/15/47	750		793
4	JPMBB Commercial Mortgage Securities Trust 2014-C25	4.065%	11/15/47	200		212
4	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.018%	1/15/48	252		252
4	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.494%	1/15/48	360		378
4	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.800%	1/15/48	200		210
4	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.951%	1/15/48	200		208
4	JPMBB Commercial Mortgage Securities Trust 2015-C27	2.734%	2/15/48	325		325
4	JPMBB Commercial Mortgage Securities Trust 2015-C27	3.017%	2/15/48	409		418
4	JPMBB Commercial Mortgage Securities Trust 2015-C27	3.179%	2/15/48	218		225
4	JPMBB Commercial Mortgage Securities Trust 2015-C28	2.773%	10/15/48	335		336
4	JPMBB Commercial Mortgage Securities Trust 2015-C28	3.227%	10/15/48	500		518
4	JPMBB Commercial Mortgage Securities Trust 2015-C28	3.532%	10/15/48	100		103
4	JPMBB Commercial Mortgage Securities Trust 2015-C29	2.921%	5/15/48	297		298
4	JPMBB Commercial Mortgage Securities Trust 2015-C29	3.304%	5/15/48	215		221
4	JPMBB Commercial Mortgage Securities Trust 2015-C29	3.611%	5/15/48	350		370
4	JPMBB Commercial Mortgage Securities Trust 2015-C30	3.559%	7/15/48	425		441
4	JPMBB Commercial Mortgage Securities Trust 2015-C30	3.822%	7/15/48	425		455
4	JPMBB Commercial Mortgage Securities Trust 2015-C30	4.226%	7/15/48	200		214
4	JPMBB Commercial Mortgage Securities Trust 2015-C31	3.540%	8/15/48	203		211
4	JPMBB Commercial Mortgage Securities Trust 2015-C31	3.801%	8/15/48	218		233
4	JPMBB Commercial Mortgage Securities Trust 2015-C32	3.358%	11/15/48	425		439
4	JPMBB Commercial Mortgage Securities Trust 2015-C32	3.598%	11/15/48	425		450
4	JPMBB Commercial Mortgage Securities Trust 2015-C33	3.770%	12/15/48	300		321
4	JPMBB Commercial Mortgage Securities Trust 2016-C1	3.316%	3/15/49	325		337

76

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	JPMCC Commercial Mortgage Securities Trust 2017-JP5	3.723%	3/15/50	1,250		1,337
4	JPMCC Commercial Mortgage Securities Trust 2019-COR5	3.386%	6/13/52	850		890
4	JPMCC Commercial Mortgage Securities Trust 2019-COR5	3.669%	6/13/52	75		78
4	JPMDB Commercial Mortgage Securities Trust 2016-C2	3.144%	6/15/49	300		310
4	JPMDB Commercial Mortgage Securities Trust 2016-C2	3.484%	6/15/49	150		155
4	JPMDB Commercial Mortgage Securities Trust 2017-C5	3.694%	3/15/50	2,000		2,143
4	JPMDB Commercial Mortgage Securities Trust 2017-C5	3.858%	3/15/50	425		450
4	JPMDB Commercial Mortgage Securities Trust 2017-C7	3.409%	10/15/50	275		289
4	JPMDB Commercial Mortgage Securities Trust 2017-C7	3.712%	10/15/50	175		184
4	JPMDB Commercial Mortgage Securities Trust 2018-C8	4.211%	6/15/51	1,000		1,111
4	JPMDB Commercial Mortgage Securities Trust 2018-C8	4.421%	6/15/51	125		138
4	Mercedes-Benz Auto Lease Trust 2017-A	1.790%	4/15/20	89		89
4	Mercedes-Benz Auto Lease Trust 2017-A	2.010%	1/17/23	500		500
4	Mercedes-Benz Auto Lease Trust 2018-A	2.410%	2/16/21	350		350
4	Mercedes-Benz Auto Lease Trust 2018-A	2.510%	10/16/23	75		75
4	Mercedes-Benz Auto Receivables Trust 2015-1	1.750%	12/15/21	31		31
4	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5	3.176%	8/15/45	175		179
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10	4.218%	7/15/46	1,600		1,703
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11	4.299%	8/15/46	240		256
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11	4.499%	8/15/46	120		127
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12	4.259%	10/15/46	445		477
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13	2.936%	11/15/46	15		15
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13	4.039%	11/15/46	300		321
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13	4.920%	11/15/46	150		161
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7	2.918%	2/15/46	179		183
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7	3.214%	2/15/46	36		37
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8	3.134%	12/15/48	225		231
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8	3.376%	12/15/48	100		103
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9	3.102%	5/15/46	150		154
4	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9	3.456%	5/15/46	125		129
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14	3.669%	2/15/47	334		341
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14	4.064%	2/15/47	375		401
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14	4.912%	2/15/47	150		162
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	2.849%	6/15/47	1		1

77

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	3.477%	6/15/47	75		77
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	3.892%	6/15/47	325		346
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	4.497%	6/15/47	125		133
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	3.194%	10/15/47	265		265
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	3.923%	10/15/47	100		107
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	4.582%	10/15/47	125		133
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19	3.101%	12/15/47	390		390
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19	3.326%	12/15/47	225		232
4	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19	3.526%	12/15/47	275		289
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20	3.069%	2/15/48	200		204
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20	3.249%	2/15/48	725		752
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22	3.040%	4/15/48	425		435
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22	3.306%	4/15/48	325		338
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22	3.883%	4/15/48	200		207
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23	2.982%	7/15/50	225		225
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23	3.398%	7/15/50	150		155
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23	3.719%	7/15/50	450		479
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25	3.383%	10/15/48	475		489
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25	3.635%	10/15/48	250		265
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26	3.323%	10/15/48	275		285
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26	3.531%	10/15/48	300		317
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27	3.557%	12/15/47	200		208
4	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27	3.753%	12/15/47	250		267
4	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28	3.288%	1/15/49	300		311
4	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28	3.544%	1/15/49	800		847
4	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30	2.860%	9/15/49	800		810
4	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31	3.102%	11/15/49	950		976
4	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32	3.720%	12/15/49	800		855
4	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32	3.994%	12/15/49	325		348
4	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33	3.599%	5/15/50	1,000		1,062
4	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33	3.852%	5/15/50	400		423
4	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34	3.276%	11/15/52	400		414

78

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34	3.536%	11/15/52	575		609
4	Morgan Stanley Capital I Trust 2012-C4	3.244%	3/15/45	650		664
4	Morgan Stanley Capital I Trust 2012-C4	3.773%	3/15/45	225		232
4	Morgan Stanley Capital I Trust 2015-UBS8	3.809%	12/15/48	300		321
4	Morgan Stanley Capital I Trust 2016-BNK2	3.049%	11/15/49	400		411
4	Morgan Stanley Capital I Trust 2016-BNK2	3.282%	11/15/49	317		324
4	Morgan Stanley Capital I Trust 2016-UB11	2.782%	8/15/49	800		805
4	Morgan Stanley Capital I Trust 2016-UBS12	3.596%	12/15/49	825		874
4	Morgan Stanley Capital I Trust 2017-H1	3.530%	6/15/50	550		580
4	Morgan Stanley Capital I Trust 2019-H6	3.417%	6/15/52	1,050		1,099
4	Morgan Stanley Capital I Trust 2019-H6	3.700%	6/15/52	125		130
4	Morgan Stanley Capital I Trust 2019-L2	4.071%	3/15/52	625		690
7	National Australia Bank Ltd.	2.250%	3/16/21	625		626
4	Nissan Auto Lease Trust 2017-B	2.050%	9/15/20	280		280
4	Nissan Auto Lease Trust 2017-B	2.170%	12/15/21	75		75
4	Nissan Auto Receivables 2015-B Owner Trust	1.790%	1/17/22	74		74
4	Nissan Auto Receivables 2015-C Owner Trust	1.670%	2/15/22	178		177
4	Nissan Auto Receivables 2016-C Owner Trust	1.180%	1/15/21	107		106
4	Nissan Auto Receivables 2016-C Owner Trust	1.380%	1/17/23	275		273
4	Nissan Auto Receivables 2017-B Owner Trust	1.750%	10/15/21	566		564
4	Nissan Auto Receivables 2017-B Owner Trust	1.950%	10/16/23	259		258
4	Nissan Auto Receivables 2018-A Owner Trust	2.650%	5/16/22	525		528
4	Nissan Auto Receivables 2018-A Owner Trust	2.890%	6/17/24	400		407
4	Nissan Auto Receivables 2019-B Owner Trust	2.500%	11/15/23	550		556
4	Nissan Auto Receivables 2019-B Owner Trust	2.540%	12/15/25	150		153
4	Public Service New Hampshire Funding LLC 2018-1	3.094%	2/1/26	174		177
4	Public Service New Hampshire Funding LLC 2018-1	3.506%	8/1/28	100		106
4	Public Service New Hampshire Funding LLC 2018-1	3.814%	2/1/35	225		246
	Royal Bank of Canada	2.100%	10/14/20	3,950		3,951
	Royal Bank of Canada	2.300%	3/22/21	650		652
4	Santander Drive Auto Receivables Trust 2018-1	2.320%	8/16/21	58		58
4	Santander Drive Auto Receivables Trust 2018-2	2.750%	9/15/21	197		197
4	Santander Drive Auto Receivables Trust 2018-2	3.030%	9/15/22	250		251
4	Santander Drive Auto Receivables Trust 2018-2	3.350%	7/17/23	250		252
4	Santander Drive Auto Receivables Trust 2018-3	3.030%	2/15/22	150		150
4	Santander Drive Auto Receivables Trust 2018-3	3.290%	10/17/22	150		151
4	Santander Drive Auto Receivables Trust 2018-3	3.510%	8/15/23	250		253
4	Synchrony Card Issuance Trust 2018-A1	3.380%	9/15/24	1,200		1,230
4	Synchrony Credit Card Master Note Trust 2016-2	2.210%	5/15/24	1,162		1,165
4	Synchrony Credit Card Master Note Trust 2016-3	1.580%	9/15/22	550		549
4	Synchrony Credit Card Master Note Trust 2017-2	2.620%	10/15/25	675		686
4	Synchrony Credit Card Master Note Trust 2018-1	2.970%	3/15/24	1,200		1,215
4	Synchrony Credit Card Master Note Trust 2018-2	3.470%	5/15/26	1,175		1,231
4	TIAA Seasoned Commercial Mortgage Trust 2007-C4	5.483%	8/15/39	7		7
7	Toronto-Dominion Bank	2.250%	3/15/21	2,000		2,005
4	Toyota Auto Receivables 2016-B Owner Trust	1.300%	4/15/20	2		2
4	Toyota Auto Receivables 2016-B Owner Trust	1.520%	8/16/21	250		249
4	Toyota Auto Receivables 2016-C Owner Trust	1.140%	8/17/20	43		43
4	Toyota Auto Receivables 2016-C Owner Trust	1.320%	11/15/21	175		174
4	Toyota Auto Receivables 2017-D Owner Trust	1.930%	1/18/22	950		948
4	Toyota Auto Receivables 2018-A Owner Trust	2.350%	5/16/22	550		551
4	Toyota Auto Receivables 2018-A Owner Trust	2.520%	5/15/23	175		177
4	Toyota Auto Receivables 2018-B Owner Trust	2.960%	9/15/22	475		481
4	Toyota Auto Receivables 2018-B Owner Trust	3.110%	11/15/23	100		103
4	UBS Commercial Mortgage Trust 2017-C1	3.460%	6/15/50	800		843
4	UBS Commercial Mortgage Trust 2017-C1	3.724%	6/15/50	350		367
4	UBS Commercial Mortgage Trust 2017-C2	3.487%	8/15/50	600		633
4	UBS Commercial Mortgage Trust 2017-C2	3.740%	8/15/50	150		157
4	UBS Commercial Mortgage Trust 2017-C3	3.426%	8/15/50	725		761
4	UBS Commercial Mortgage Trust 2017-C3	3.739%	8/15/50	300		315
4	UBS Commercial Mortgage Trust 2017-C4	3.301%	10/15/50	475		495
4	UBS Commercial Mortgage Trust 2017-C4	3.563%	10/15/50	600		635
4	UBS Commercial Mortgage Trust 2017-C4	3.836%	10/15/50	262		275

79

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	UBS Commercial Mortgage Trust 2017-C5	3.474%	11/15/50	400		421
4	UBS Commercial Mortgage Trust 2017-C7	3.679%	12/15/50	600		640
4	UBS Commercial Mortgage Trust 2017-C7	4.061%	12/15/50	325		346
4	UBS Commercial Mortgage Trust 2018-C11	4.241%	6/15/51	1,000		1,111
4	UBS Commercial Mortgage Trust 2018-C12	4.296%	8/15/51	475		530
4	UBS Commercial Mortgage Trust 2018-C13	4.208%	10/15/51	175		188
4	UBS Commercial Mortgage Trust 2018-C13	4.334%	10/15/51	600		672
4	UBS Commercial Mortgage Trust 2018-C13	4.585%	10/15/51	100		111
4	UBS Commercial Mortgage Trust 2018-C14	4.448%	12/15/51	975		1,102
4	UBS Commercial Mortgage Trust 2018-C15	4.341%	12/15/51	575		644
4	UBS Commercial Mortgage Trust 2018-C8	3.720%	2/15/51	600		643
4	UBS Commercial Mortgage Trust 2018-C8	3.983%	2/15/51	1,200		1,309
4	UBS Commercial Mortgage Trust 2018-C8	4.215%	2/15/51	325		348
4	UBS Commercial Mortgage Trust 2019-C16	3.605%	4/15/52	400		424
4	UBS-Barclays Commercial Mortgage Trust 2012-C4	2.850%	12/10/45	1,000		1,018
4	UBS-Barclays Commercial Mortgage Trust 2013-C5	3.185%	3/10/46	290		299
4	UBS-Barclays Commercial Mortgage Trust 2013-C6	3.244%	4/10/46	175		181
4	UBS-Barclays Commercial Mortgage Trust 2013-C6	3.469%	4/10/46	75		78
4	UBS-Barclays Commercial Mortgage Trust 2018-C10	4.313%	5/15/51	800		894
4	UBS-Barclays Commercial Mortgage Trust 2018-C9	4.117%	3/15/51	1,200		1,321
4	UBS-Barclays Commercial Mortgage Trust 2019-C16	3.887%	4/15/52	125		133
4	Volkswagen Auto Loan Enhanced Trust 2018-1	3.020%	11/21/22	200		203
4	Volkswagen Auto Loan Enhanced Trust 2018-1	3.150%	7/22/24	100		102
4	Wells Fargo Commercial Mortgage Trust 2012-LC5	2.918%	10/15/45	222		227
4	Wells Fargo Commercial Mortgage Trust 2014-LC16	2.819%	8/15/50	12		12
4	Wells Fargo Commercial Mortgage Trust 2014-LC16	3.477%	8/15/50	100		103
4	Wells Fargo Commercial Mortgage Trust 2014-LC16	3.817%	8/15/50	900		955
4	Wells Fargo Commercial Mortgage Trust 2014-LC16	4.020%	8/15/50	50		53
4	Wells Fargo Commercial Mortgage Trust 2014-LC18	2.954%	12/15/47	175		175
4	Wells Fargo Commercial Mortgage Trust 2014-LC18	3.271%	12/15/47	300		303
4	Wells Fargo Commercial Mortgage Trust 2014-LC18	3.405%	12/15/47	400		418
4	Wells Fargo Commercial Mortgage Trust 2014-LC18	3.808%	12/15/47	200		209
4	Wells Fargo Commercial Mortgage Trust 2015-C26	2.991%	2/15/48	400		408
4	Wells Fargo Commercial Mortgage Trust 2015-C26	3.166%	2/15/48	200		207
4	Wells Fargo Commercial Mortgage Trust 2015-C26	3.580%	2/15/48	175		182
4	Wells Fargo Commercial Mortgage Trust 2015-C27	3.190%	2/15/48	941		975
4	Wells Fargo Commercial Mortgage Trust 2015-C28	3.540%	5/15/48	625		659
4	Wells Fargo Commercial Mortgage Trust 2015-C28	3.872%	5/15/48	117		123
4	Wells Fargo Commercial Mortgage Trust 2015-C29	3.400%	6/15/48	255		264
4	Wells Fargo Commercial Mortgage Trust 2015-C29	3.637%	6/15/48	625		663
4	Wells Fargo Commercial Mortgage Trust 2015-LC20	2.978%	4/15/50	112		114
4	Wells Fargo Commercial Mortgage Trust 2015-LC20	3.184%	4/15/50	853		883
4	Wells Fargo Commercial Mortgage Trust 2015-LC20	3.719%	4/15/50	200		205
4	Wells Fargo Commercial Mortgage Trust 2015-LC22	3.571%	9/15/58	175		182
4	Wells Fargo Commercial Mortgage Trust 2015-LC22	3.839%	9/15/58	275		295
4	Wells Fargo Commercial Mortgage Trust 2015-LC22	4.207%	9/15/58	225		241
4	Wells Fargo Commercial Mortgage Trust 2015-NXS1	2.632%	5/15/48	175		175
4	Wells Fargo Commercial Mortgage Trust 2015-NXS1	2.934%	5/15/48	125		127
4	Wells Fargo Commercial Mortgage Trust 2015-NXS1	3.148%	5/15/48	175		181
4	Wells Fargo Commercial Mortgage Trust 2015-P2	3.656%	12/15/48	325		341
4	Wells Fargo Commercial Mortgage Trust 2015-P2	3.809%	12/15/48	200		214
4	Wells Fargo Commercial Mortgage Trust 2015-SG1	3.789%	9/15/48	770		821
4	Wells Fargo Commercial Mortgage Trust 2016-BNK1	2.652%	8/15/49	525		526
4	Wells Fargo Commercial Mortgage Trust 2016-C32	3.324%	1/15/59	218		226
4	Wells Fargo Commercial Mortgage Trust 2016-C32	3.560%	1/15/59	475		502
4	Wells Fargo Commercial Mortgage Trust 2016-C33	3.426%	3/15/59	150		157
4	Wells Fargo Commercial Mortgage Trust 2016-C34	3.096%	6/15/49	325		334
4	Wells Fargo Commercial Mortgage Trust 2016-C37	3.794%	12/15/49	325		350
4	Wells Fargo Commercial Mortgage Trust 2016-LC24	2.825%	10/15/49	350		356
4	Wells Fargo Commercial Mortgage Trust 2016-LC24	2.942%	10/15/49	614		625
4	Wells Fargo Commercial Mortgage Trust 2017-C38	3.453%	7/15/50	854		898
4	Wells Fargo Commercial Mortgage Trust 2017-C38	3.665%	7/15/50	242		254
4	Wells Fargo Commercial Mortgage Trust 2017-C39	3.418%	9/15/50	725		760
4	Wells Fargo Commercial Mortgage Trust 2017-C39	3.702%	9/15/50	400		419

80

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Wells Fargo Commercial Mortgage Trust 2017-C40	3.317%	10/15/50	400		416
4	Wells Fargo Commercial Mortgage Trust 2017-C40	3.581%	10/15/50	600		637
4	Wells Fargo Commercial Mortgage Trust 2017-C40	3.854%	10/15/50	150		159
4	Wells Fargo Commercial Mortgage Trust 2017-C41	3.472%	11/15/50	1,000		1,054
4	Wells Fargo Commercial Mortgage Trust 2017-RB1	3.635%	3/15/50	1,200		1,278
4	Wells Fargo Commercial Mortgage Trust 2017-RC1	3.631%	1/15/60	1,200		1,276
4	Wells Fargo Commercial Mortgage Trust 2018-C43	4.012%	3/15/51	1,200		1,314
4	Wells Fargo Commercial Mortgage Trust 2018-C43	4.152%	3/15/51	200		215
4	Wells Fargo Commercial Mortgage Trust 2018-C44	4.212%	5/15/51	775		861
4	Wells Fargo Commercial Mortgage Trust 2018-C45	4.184%	6/15/51	1,000		1,109
4	Wells Fargo Commercial Mortgage Trust 2018-C46	4.152%	8/15/51	475		526
4	Wells Fargo Commercial Mortgage Trust 2019-C49	4.023%	3/15/52	975		1,071
4	Wells Fargo Commercial Mortgage Trust 2019-C50	3.729%	5/15/52	575		615
4	Wells Fargo Commercial Mortgate Trust 2018-C47	4.442%	9/15/61	1,075		1,215
4	Wells Fargo Commercial Mortgate Trust 2019-C51	3.311%	6/15/52	780		807
4	WFRBS Commercial Mortgage Trust 2012-C10	2.875%	12/15/45	600		610
4	WFRBS Commercial Mortgage Trust 2012-C6	3.440%	4/15/45	450		460
4	WFRBS Commercial Mortgage Trust 2012-C7	3.431%	6/15/45	300		309
4	WFRBS Commercial Mortgage Trust 2012-C7	4.090%	6/15/45	250		259
4	WFRBS Commercial Mortgage Trust 2012-C8	3.001%	8/15/45	175		179
4	WFRBS Commercial Mortgage Trust 2012-C9	2.870%	11/15/45	319		324
4	WFRBS Commercial Mortgage Trust 2013-C11	3.071%	3/15/45	251		257
4	WFRBS Commercial Mortgage Trust 2013-C12	3.198%	3/15/48	109		112
4	WFRBS Commercial Mortgage Trust 2013-C12	3.560%	3/15/48	52		54
4	WFRBS Commercial Mortgage Trust 2013-C13	3.001%	5/15/45	222		227
4	WFRBS Commercial Mortgage Trust 2013-C13	3.345%	5/15/45	44		45
4	WFRBS Commercial Mortgage Trust 2013-C14	3.337%	6/15/46	400		414
4	WFRBS Commercial Mortgage Trust 2013-C14	3.488%	6/15/46	200		206
4	WFRBS Commercial Mortgage Trust 2013-C15	3.720%	8/15/46	138		142
4	WFRBS Commercial Mortgage Trust 2013-C15	4.153%	8/15/46	650		693
4	WFRBS Commercial Mortgage Trust 2013-C15	4.358%	8/15/46	160		170
4	WFRBS Commercial Mortgage Trust 2013-C16	3.963%	9/15/46	155		161
4	WFRBS Commercial Mortgage Trust 2013-C16	4.415%	9/15/46	180		195
4	WFRBS Commercial Mortgage Trust 2013-C16	4.668%	9/15/46	290		312
4	WFRBS Commercial Mortgage Trust 2013-C17	3.558%	12/15/46	89		91
4	WFRBS Commercial Mortgage Trust 2013-C17	4.023%	12/15/46	100		107
4	WFRBS Commercial Mortgage Trust 2013-C17	4.255%	12/15/46	100		106
4	WFRBS Commercial Mortgage Trust 2013-C17	4.788%	12/15/46	100		106
4	WFRBS Commercial Mortgage Trust 2013-C18	3.027%	12/15/46	1		1
4	WFRBS Commercial Mortgage Trust 2013-C18	3.651%	12/15/46	200		203
4	WFRBS Commercial Mortgage Trust 2013-C18	4.162%	12/15/46	1,436		1,543
4	WFRBS Commercial Mortgage Trust 2013-C18	4.387%	12/15/46	50		53
4	WFRBS Commercial Mortgage Trust 2013-C18	4.851%	12/15/46	75		82
4	WFRBS Commercial Mortgage Trust 2013-UBS1	2.927%	3/15/46	6		6
4	WFRBS Commercial Mortgage Trust 2013-UBS1	3.591%	3/15/46	150		152
4	WFRBS Commercial Mortgage Trust 2013-UBS1	4.079%	3/15/46	175		187
4	WFRBS Commercial Mortgage Trust 2013-UBS1	4.898%	3/15/46	50		54
4	WFRBS Commercial Mortgage Trust 2014-C19	3.618%	3/15/47	48		49
4	WFRBS Commercial Mortgage Trust 2014-C19	3.660%	3/15/47	64		65
4	WFRBS Commercial Mortgage Trust 2014-C19	4.101%	3/15/47	175		188
4	WFRBS Commercial Mortgage Trust 2014-C19	4.723%	3/15/47	50		53
4	WFRBS Commercial Mortgage Trust 2014-C20	3.638%	5/15/47	98		101
4	WFRBS Commercial Mortgage Trust 2014-C20	3.995%	5/15/47	125		134
4	WFRBS Commercial Mortgage Trust 2014-C20	4.176%	5/15/47	125		133
4	WFRBS Commercial Mortgage Trust 2014-C21	3.678%	8/15/47	425		449
4	WFRBS Commercial Mortgage Trust 2014-C22	3.752%	9/15/57	650		690
4	WFRBS Commercial Mortgage Trust 2014-C22	4.371%	9/15/57	100		104
4	WFRBS Commercial Mortgage Trust 2014-C23	3.636%	10/15/57	249		258
4	WFRBS Commercial Mortgage Trust 2014-C23	3.917%	10/15/57	125		134
4	WFRBS Commercial Mortgage Trust 2014-C23	4.210%	10/15/57	75		80
4	WFRBS Commercial Mortgage Trust 2014-LC14	2.862%	3/15/47	3		3
4	WFRBS Commercial Mortgage Trust 2014-LC14	3.522%	3/15/47	280		287
4	WFRBS Commercial Mortgage Trust 2014-LC14	4.045%	3/15/47	725		775
4	WFRBS Commercial Mortgage Trust 2014-LC14	4.351%	3/15/47	300		319

81

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	World Financial Network Credit Card Master Note Trust Series 2017-C	2.310%	8/15/24	625		625
4	World Financial Network Credit Card Master Note Trust Series 2018-A	3.070%	12/16/24	775		784
4	World Omni Auto Receivables Trust 2015-B	1.840%	1/17/22	172		172
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $429,424)						441,564
Corporate Bonds (10.5%)
Finance (3.3%)
	Banking (2.3%)
	American Express Co.	2.200%	10/30/20	800		799
	American Express Co.	3.000%	2/22/21	600		606
	American Express Co.	3.700%	11/5/21	1,000		1,030
	American Express Co.	2.750%	5/20/22	1,000		1,011
	American Express Co.	2.500%	8/1/22	2,400		2,410
	American Express Co.	2.650%	12/2/22	1,500		1,510
	American Express Co.	3.400%	2/27/23	1,200		1,242
	American Express Co.	3.700%	8/3/23	1,500		1,575
	American Express Co.	3.400%	2/22/24	1,000		1,041
	American Express Co.	3.000%	10/30/24	1,200		1,226
	American Express Co.	3.625%	12/5/24	750		786
	American Express Co.	3.125%	5/20/26	1,200		1,232
	American Express Co.	4.050%	12/3/42	121		131
	American Express Credit Corp.	2.600%	9/14/20	650		652
	American Express Credit Corp.	2.250%	5/5/21	1,060		1,060
	American Express Credit Corp.	2.700%	3/3/22	1,350		1,365
	American Express Credit Corp.	3.300%	5/3/27	1,960		2,052
	Associated Bank NA	3.500%	8/13/21	250		255
	Australia & New Zealand Banking Group Ltd.	2.125%	8/19/20	1,000		998
	Australia & New Zealand Banking Group Ltd.	2.250%	11/9/20	1,000		1,000
	Australia & New Zealand Banking Group Ltd.	2.700%	11/16/20	800		805
	Australia & New Zealand Banking Group Ltd.	2.300%	6/1/21	2,300		2,296
	Australia & New Zealand Banking Group Ltd.	2.550%	11/23/21	300		302
	Australia & New Zealand Banking Group Ltd.	2.625%	5/19/22	250		252
	Australia & New Zealand Banking Group Ltd.	2.625%	11/9/22	1,750		1,758
	Australia & New Zealand Banking Group Ltd.	3.700%	11/16/25	750		796
	Banco Bilbao Vizcaya Argentaria SA	3.000%	10/20/20	1,950		1,963
	Banco Santander SA	3.848%	4/12/23	1,200		1,243
	Banco Santander SA	2.706%	6/27/24	400		401
	Banco Santander SA	5.179%	11/19/25	1,700		1,845
	Banco Santander SA	4.250%	4/11/27	1,600		1,678
	Banco Santander SA	3.800%	2/23/28	200		203
	Banco Santander SA	4.379%	4/12/28	200		212
	Banco Santander SA	3.306%	6/27/29	500		502
	Bank of America Corp.	2.625%	10/19/20	550		552
	Bank of America Corp.	2.151%	11/9/20	500		498
	Bank of America Corp.	2.625%	4/19/21	2,090		2,103
4	Bank of America Corp.	2.369%	7/21/21	2,275		2,272
4	Bank of America Corp.	2.328%	10/1/21	2,500		2,495
4	Bank of America Corp.	2.738%	1/23/22	1,300		1,306
4	Bank of America Corp.	3.499%	5/17/22	1,000		1,019
	Bank of America Corp.	2.503%	10/21/22	1,850		1,852
	Bank of America Corp.	3.300%	1/11/23	5,400		5,564
4	Bank of America Corp.	3.124%	1/20/23	410		416
4	Bank of America Corp.	2.881%	4/24/23	1,375		1,388
4	Bank of America Corp.	2.816%	7/21/23	3,000		3,029
	Bank of America Corp.	4.100%	7/24/23	1,425		1,520
	Bank of America Corp.	3.004%	12/20/23	6,882		7,006
	Bank of America Corp.	4.125%	1/22/24	1,400		1,494
4	Bank of America Corp.	3.550%	3/5/24	2,820		2,920
	Bank of America Corp.	4.000%	4/1/24	1,596		1,703
4	Bank of America Corp.	3.864%	7/23/24	625		656
	Bank of America Corp.	4.200%	8/26/24	2,500		2,655

82

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Bank of America Corp.	4.000%	1/22/25	4,240		4,453
4	Bank of America Corp.	3.458%	3/15/25	2,000		2,072
	Bank of America Corp.	3.950%	4/21/25	1,500		1,572
4	Bank of America Corp.	3.093%	10/1/25	2,500		2,561
4	Bank of America Corp.	3.366%	1/23/26	1,300		1,340
	Bank of America Corp.	4.450%	3/3/26	1,650		1,777
	Bank of America Corp.	3.500%	4/19/26	830		868
	Bank of America Corp.	4.250%	10/22/26	1,700		1,815
4	Bank of America Corp.	3.559%	4/23/27	3,000		3,119
	Bank of America Corp.	3.248%	10/21/27	2,025		2,069
	Bank of America Corp.	4.183%	11/25/27	1,690		1,789
4	Bank of America Corp.	3.824%	1/20/28	2,450		2,589
4	Bank of America Corp.	3.705%	4/24/28	1,525		1,597
4	Bank of America Corp.	3.593%	7/21/28	1,500		1,559
	Bank of America Corp.	3.419%	12/20/28	5,357		5,515
4	Bank of America Corp.	3.970%	3/5/29	1,200		1,281
4	Bank of America Corp.	4.271%	7/23/29	4,500		4,892
4	Bank of America Corp.	3.974%	2/7/30	500		534
	Bank of America Corp.	6.110%	1/29/37	1,010		1,286
4	Bank of America Corp.	4.244%	4/24/38	2,525		2,748
	Bank of America Corp.	7.750%	5/14/38	2,075		3,060
4	Bank of America Corp.	4.078%	4/23/40	3,000		3,191
	Bank of America Corp.	5.875%	2/7/42	1,350		1,792
	Bank of America Corp.	5.000%	1/21/44	1,950		2,362
	Bank of America Corp.	4.875%	4/1/44	550		657
	Bank of America Corp.	4.750%	4/21/45	350		398
4	Bank of America Corp.	4.443%	1/20/48	625		704
4	Bank of America Corp.	3.946%	1/23/49	1,175		1,235
4	Bank of America Corp.	4.330%	3/15/50	1,700		1,898
	Bank of America NA	6.000%	10/15/36	600		791
	Bank of Montreal	3.100%	7/13/20	850		856
	Bank of Montreal	3.100%	4/13/21	1,545		1,568
	Bank of Montreal	1.900%	8/27/21	1,500		1,489
	Bank of Montreal	2.900%	3/26/22	2,350		2,387
	Bank of Montreal	2.350%	9/11/22	137		137
	Bank of Montreal	2.550%	11/6/22	313		315
	Bank of Montreal	3.300%	2/5/24	1,000		1,037
	Bank of Montreal	2.500%	6/28/24	800		800
4	Bank of Montreal	4.338%	10/5/28	400		418
4	Bank of Montreal	3.803%	12/15/32	2,400		2,431
	Bank of New York Mellon Corp.	2.600%	8/17/20	375		377
	Bank of New York Mellon Corp.	2.450%	11/27/20	750		753
	Bank of New York Mellon Corp.	2.050%	5/3/21	2,000		1,995
	Bank of New York Mellon Corp.	3.550%	9/23/21	125		128
	Bank of New York Mellon Corp.	2.600%	2/7/22	1,375		1,389
	Bank of New York Mellon Corp.	2.950%	1/29/23	850		867
	Bank of New York Mellon Corp.	3.500%	4/28/23	625		650
4	Bank of New York Mellon Corp.	2.661%	5/16/23	1,275		1,284
	Bank of New York Mellon Corp.	3.450%	8/11/23	525		547
	Bank of New York Mellon Corp.	2.200%	8/16/23	825		822
	Bank of New York Mellon Corp.	3.650%	2/4/24	150		158
	Bank of New York Mellon Corp.	3.250%	9/11/24	600		621
	Bank of New York Mellon Corp.	2.800%	5/4/26	1,200		1,210
	Bank of New York Mellon Corp.	2.450%	8/17/26	500		494
	Bank of New York Mellon Corp.	3.250%	5/16/27	1,500		1,552
	Bank of New York Mellon Corp.	3.400%	1/29/28	600		629
4	Bank of New York Mellon Corp.	3.442%	2/7/28	1,200		1,246
	Bank of New York Mellon Corp.	3.000%	10/30/28	1,000		1,010
	Bank of New York Mellon Corp.	3.300%	8/23/29	500		518
	Bank of Nova Scotia	2.150%	7/14/20	1,200		1,199
	Bank of Nova Scotia	2.350%	10/21/20	250		250
	Bank of Nova Scotia	4.375%	1/13/21	105		108
	Bank of Nova Scotia	2.800%	7/21/21	1,375		1,390
	Bank of Nova Scotia	2.700%	3/7/22	3,000		3,037

83

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Bank of Nova Scotia	3.400%	2/11/24	500		520
	Bank of Nova Scotia	4.500%	12/16/25	1,250		1,347
	Barclays Bank plc	5.140%	10/14/20	105		108
	Barclays Bank plc	2.650%	1/11/21	1,000		1,000
	Barclays plc	3.250%	1/12/21	1,000		1,008
	Barclays plc	3.200%	8/10/21	850		856
	Barclays plc	3.684%	1/10/23	950		963
4	Barclays plc	4.610%	2/15/23	1,000		1,036
4	Barclays plc	4.338%	5/16/24	1,000		1,028
	Barclays plc	3.650%	3/16/25	3,000		3,014
4	Barclays plc	3.932%	5/7/25	800		814
	Barclays plc	4.375%	1/12/26	1,200		1,242
	Barclays plc	4.337%	1/10/28	1,000		1,022
4	Barclays plc	4.972%	5/16/29	1,200		1,275
	Barclays plc	5.250%	8/17/45	450		491
	Barclays plc	4.950%	1/10/47	1,000		1,057
	BB&T Corp.	2.150%	2/1/21	550		549
	BB&T Corp.	2.050%	5/10/21	800		796
	BB&T Corp.	3.200%	9/3/21	750		763
	BB&T Corp.	2.750%	4/1/22	750		758
	BB&T Corp.	3.050%	6/20/22	1,000		1,021
	BB&T Corp.	3.750%	12/6/23	900		953
	BB&T Corp.	2.850%	10/26/24	475		485
	BB&T Corp.	3.700%	6/5/25	850		905
	BB&T Corp.	3.875%	3/19/29	600		641
	BNP Paribas SA	5.000%	1/15/21	2,810		2,922
	BNP Paribas SA	3.250%	3/3/23	675		697
	BNP Paribas SA	4.250%	10/15/24	500		523
	BPCE SA	2.650%	2/3/21	825		829
	BPCE SA	2.750%	12/2/21	500		504
7	BPCE SA	3.000%	5/22/22	1,000		1,006
	BPCE SA	4.000%	4/15/24	1,200		1,275
	BPCE SA	3.375%	12/2/26	250		257
	Branch Banking & Trust Co.	2.625%	1/15/22	1,000		1,005
	Branch Banking & Trust Co.	3.625%	9/16/25	2,600		2,728
	Branch Banking & Trust Co.	3.800%	10/30/26	400		426
	Canadian Imperial Bank of Commerce	2.100%	10/5/20	1,000		999
	Canadian Imperial Bank of Commerce	2.700%	2/2/21	500		504
	Canadian Imperial Bank of Commerce	2.550%	6/16/22	1,700		1,715
	Canadian Imperial Bank of Commerce	3.500%	9/13/23	1,000		1,044
	Canadian Imperial Bank of Commerce	3.100%	4/2/24	800		818
	Capital One Bank USA NA	3.375%	2/15/23	1,140		1,160
	Capital One Financial Corp.	2.400%	10/30/20	500		500
	Capital One Financial Corp.	4.750%	7/15/21	280		293
	Capital One Financial Corp.	3.050%	3/9/22	675		686
	Capital One Financial Corp.	3.200%	1/30/23	2,000		2,050
	Capital One Financial Corp.	3.500%	6/15/23	82		85
	Capital One Financial Corp.	3.900%	1/29/24	250		262
	Capital One Financial Corp.	3.750%	4/24/24	2,575		2,701
	Capital One Financial Corp.	3.300%	10/30/24	1,050		1,076
	Capital One Financial Corp.	4.200%	10/29/25	500		525
	Capital One Financial Corp.	3.750%	7/28/26	250		254
	Capital One Financial Corp.	3.750%	3/9/27	1,075		1,107
	Capital One Financial Corp.	3.800%	1/31/28	2,000		2,066
	Capital One NA	2.950%	7/23/21	510		515
	Capital One NA	2.250%	9/13/21	675		672
	Capital One NA	2.650%	8/8/22	2,550		2,563
	Citibank NA	2.125%	10/20/20	3,200		3,193
	Citibank NA	2.850%	2/12/21	830		836
	Citibank NA	3.400%	7/23/21	1,000		1,020
4	Citibank NA	3.165%	2/19/22	2,500		2,530
4	Citibank NA	2.844%	5/20/22	2,500		2,515
	Citigroup Inc.	5.375%	8/9/20	470		485
	Citigroup Inc.	2.650%	10/26/20	3,000		3,011

84

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Citigroup Inc.	2.700%	3/30/21	2,500		2,512
	Citigroup Inc.	2.350%	8/2/21	600		599
	Citigroup Inc.	2.900%	12/8/21	2,000		2,019
	Citigroup Inc.	4.500%	1/14/22	2,000		2,102
	Citigroup Inc.	2.750%	4/25/22	1,125		1,136
	Citigroup Inc.	4.050%	7/30/22	2,225		2,313
	Citigroup Inc.	2.700%	10/27/22	1,550		1,560
4	Citigroup Inc.	3.142%	1/24/23	2,000		2,033
	Citigroup Inc.	3.500%	5/15/23	450		462
	Citigroup Inc.	3.875%	10/25/23	1,725		1,820
	Citigroup Inc.	3.750%	6/16/24	2,975		3,133
	Citigroup Inc.	4.000%	8/5/24	725		761
	Citigroup Inc.	3.875%	3/26/25	1,100		1,145
4	Citigroup Inc.	3.352%	4/24/25	3,000		3,081
	Citigroup Inc.	3.300%	4/27/25	425		438
	Citigroup Inc.	4.400%	6/10/25	1,975		2,109
	Citigroup Inc.	5.500%	9/13/25	1,000		1,128
	Citigroup Inc.	3.700%	1/12/26	400		420
	Citigroup Inc.	4.600%	3/9/26	975		1,054
	Citigroup Inc.	3.400%	5/1/26	1,200		1,237
	Citigroup Inc.	3.200%	10/21/26	2,425		2,468
	Citigroup Inc.	4.300%	11/20/26	775		819
	Citigroup Inc.	4.450%	9/29/27	2,900		3,113
4	Citigroup Inc.	3.887%	1/10/28	2,275		2,400
	Citigroup Inc.	6.625%	1/15/28	800		988
4	Citigroup Inc.	3.668%	7/24/28	1,775		1,849
	Citigroup Inc.	4.125%	7/25/28	975		1,027
4	Citigroup Inc.	3.520%	10/27/28	3,760		3,868
4	Citigroup Inc.	4.075%	4/23/29	550		589
4	Citigroup Inc.	3.980%	3/20/30	2,000		2,130
	Citigroup Inc.	5.875%	2/22/33	200		241
	Citigroup Inc.	6.000%	10/31/33	525		646
	Citigroup Inc.	6.125%	8/25/36	1,699		2,095
4	Citigroup Inc.	3.878%	1/24/39	1,100		1,143
	Citigroup Inc.	8.125%	7/15/39	1,099		1,749
	Citigroup Inc.	5.875%	1/30/42	800		1,051
	Citigroup Inc.	5.300%	5/6/44	750		897
	Citigroup Inc.	4.650%	7/30/45	1,000		1,144
	Citigroup Inc.	4.750%	5/18/46	2,550		2,866
	Citigroup Inc.	4.650%	7/23/48	2,230		2,573
	Citizens Bank NA	2.250%	10/30/20	600		599
	Citizens Bank NA	2.650%	5/26/22	600		603
	Citizens Bank NA	3.700%	3/29/23	250		260
	Citizens Bank NA	3.250%	2/14/22	400		407
	Citizens Bank NA	3.750%	2/18/26	500		525
	Citizens Financial Group Inc.	4.300%	12/3/25	400		423
	Comerica Bank	4.000%	7/27/25	200		211
	Comerica Inc.	3.700%	7/31/23	750		785
	Commonwealth Bank of Australia	2.400%	11/2/20	650		651
	Commonwealth Bank of Australia	2.550%	3/15/21	625		626
7	Commonwealth Bank of Australia	2.750%	3/10/22	2,000		2,020
	Compass Bank	3.500%	6/11/21	625		637
	Compass Bank	2.875%	6/29/22	1,550		1,565
	Cooperatieve Rabobank UA	4.500%	1/11/21	635		655
	Cooperatieve Rabobank UA	2.500%	1/19/21	1,775		1,779
	Cooperatieve Rabobank UA	2.750%	1/10/22	300		303
	Cooperatieve Rabobank UA	3.875%	2/8/22	2,075		2,157
	Cooperatieve Rabobank UA	3.950%	11/9/22	975		1,009
	Cooperatieve Rabobank UA	4.625%	12/1/23	2,675		2,852
	Cooperatieve Rabobank UA	3.375%	5/21/25	1,025		1,072
	Cooperatieve Rabobank UA	4.375%	8/4/25	750		800
	Cooperatieve Rabobank UA	3.750%	7/21/26	1,500		1,529
	Cooperatieve Rabobank UA	5.250%	5/24/41	335		430
	Cooperatieve Rabobank UA	5.750%	12/1/43	700		887

85

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Cooperatieve Rabobank UA	5.250%	8/4/45	1,950		2,341
	Credit Suisse AG	3.000%	10/29/21	800		812
	Credit Suisse AG	3.625%	9/9/24	2,325		2,446
7	Credit Suisse Group AG	3.574%	1/9/23	1,500		1,528
	Credit Suisse Group Funding Guernsey Ltd.	3.125%	12/10/20	800		806
	Credit Suisse Group Funding Guernsey Ltd.	3.450%	4/16/21	2,630		2,665
	Credit Suisse Group Funding Guernsey Ltd.	3.800%	9/15/22	4,000		4,144
	Credit Suisse Group Funding Guernsey Ltd.	3.800%	6/9/23	2,085		2,162
	Credit Suisse Group Funding Guernsey Ltd.	3.750%	3/26/25	1,500		1,559
	Credit Suisse Group Funding Guernsey Ltd.	4.550%	4/17/26	1,300		1,413
	Credit Suisse Group Funding Guernsey Ltd.	4.875%	5/15/45	950		1,106
	Credit Suisse USA Inc.	7.125%	7/15/32	465		659
	Deutsche Bank AG	2.700%	7/13/20	1,400		1,390
	Deutsche Bank AG	2.950%	8/20/20	400		398
	Deutsche Bank AG	3.125%	1/13/21	325		322
	Deutsche Bank AG	3.150%	1/22/21	1,500		1,490
	Deutsche Bank AG	3.375%	5/12/21	650		647
	Deutsche Bank AG	4.250%	10/14/21	3,000		3,037
	Deutsche Bank AG	3.300%	11/16/22	2,500		2,452
	Deutsche Bank AG	3.950%	2/27/23	1,300		1,301
	Deutsche Bank AG	4.100%	1/13/26	400		393
	Deutsche Bank AG	3.700%	5/30/24	1,775		1,739
	Discover Bank	3.200%	8/9/21	350		355
	Discover Bank	3.350%	2/6/23	600		612
	Discover Bank	4.250%	3/13/26	1,125		1,192
	Discover Bank	3.450%	7/27/26	500		508
4	Discover Bank	4.682%	8/9/28	425		439
	Discover Bank	4.650%	9/13/28	1,000		1,091
	Discover Financial Services	3.850%	11/21/22	225		235
	Discover Financial Services	3.950%	11/6/24	400		421
	Discover Financial Services	3.750%	3/4/25	375		388
	Discover Financial Services	4.500%	1/30/26	1,000		1,070
	Discover Financial Services	4.100%	2/9/27	1,175		1,220
	Fifth Third Bancorp	3.500%	3/15/22	950		976
	Fifth Third Bancorp	4.300%	1/16/24	475		506
	Fifth Third Bancorp	3.650%	1/25/24	500		525
	Fifth Third Bancorp	3.950%	3/14/28	300		323
	Fifth Third Bancorp	8.250%	3/1/38	710		1,048
	Fifth Third Bank	2.250%	6/14/21	500		500
	Fifth Third Bank	2.875%	10/1/21	1,435		1,451
	Fifth Third Bank	3.850%	3/15/26	1,500		1,579
	Fifth Third Bank	3.350%	7/26/21	625		638
	Fifth Third Bank	3.950%	7/28/25	625		672
	First Horizon National Corp.	3.500%	12/15/20	425		430
	First Republic Bank	2.500%	6/6/22	1,400		1,400
	First Republic Bank	4.375%	8/1/46	200		204
	First Republic Bank	4.625%	2/13/47	375		400
	FirstMerit Bank NA	4.270%	11/25/26	450		470
	Goldman Sachs Capital I	6.345%	2/15/34	975		1,219
	Goldman Sachs Group Inc.	2.750%	9/15/20	975		979
	Goldman Sachs Group Inc.	2.875%	2/25/21	1,275		1,283
	Goldman Sachs Group Inc.	2.625%	4/25/21	500		502
	Goldman Sachs Group Inc.	5.250%	7/27/21	1,825		1,928
	Goldman Sachs Group Inc.	2.350%	11/15/21	2,000		1,996
	Goldman Sachs Group Inc.	5.750%	1/24/22	2,375		2,557
	Goldman Sachs Group Inc.	3.000%	4/26/22	3,450		3,480
4	Goldman Sachs Group Inc.	2.876%	10/31/22	2,547		2,560
	Goldman Sachs Group Inc.	3.625%	1/22/23	1,825		1,892
	Goldman Sachs Group Inc.	3.200%	2/23/23	2,705		2,765
4	Goldman Sachs Group Inc.	2.908%	6/5/23	3,650		3,684
4	Goldman Sachs Group Inc.	2.905%	7/24/23	2,726		2,751
	Goldman Sachs Group Inc.	3.625%	2/20/24	5,000		5,209
	Goldman Sachs Group Inc.	4.000%	3/3/24	1,900		2,013
	Goldman Sachs Group Inc.	3.850%	7/8/24	1,145		1,199

86

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Goldman Sachs Group Inc.	3.500%	1/23/25	1,050		1,082
	Goldman Sachs Group Inc.	3.750%	5/22/25	1,000		1,044
4	Goldman Sachs Group Inc.	3.272%	9/29/25	2,100		2,143
	Goldman Sachs Group Inc.	3.750%	2/25/26	2,450		2,554
	Goldman Sachs Group Inc.	3.500%	11/16/26	2,665		2,727
	Goldman Sachs Group Inc.	5.950%	1/15/27	1,030		1,202
	Goldman Sachs Group Inc.	3.850%	1/26/27	1,100		1,148
4	Goldman Sachs Group Inc.	3.691%	6/5/28	2,000		2,059
4	Goldman Sachs Group Inc.	3.814%	4/23/29	1,000		1,038
4	Goldman Sachs Group Inc.	4.223%	5/1/29	2,850		3,045
	Goldman Sachs Group Inc.	6.450%	5/1/36	975		1,224
	Goldman Sachs Group Inc.	6.750%	10/1/37	3,620		4,705
4	Goldman Sachs Group Inc.	4.017%	10/31/38	2,000		2,052
4	Goldman Sachs Group Inc.	4.411%	4/23/39	2,550		2,757
	Goldman Sachs Group Inc.	6.250%	2/1/41	2,090		2,793
	Goldman Sachs Group Inc.	4.800%	7/8/44	1,625		1,873
	Goldman Sachs Group Inc.	5.150%	5/22/45	3,475		3,968
	Goldman Sachs Group Inc.	4.750%	10/21/45	350		402
	HSBC Bank USA NA	4.875%	8/24/20	950		975
	HSBC Bank USA NA	5.875%	11/1/34	675		849
	HSBC Bank USA NA	5.625%	8/15/35	625		754
	HSBC Bank USA NA	7.000%	1/15/39	650		915
	HSBC Holdings plc	3.400%	3/8/21	2,151		2,182
	HSBC Holdings plc	5.100%	4/5/21	1,560		1,630
	HSBC Holdings plc	2.950%	5/25/21	1,959		1,976
	HSBC Holdings plc	2.650%	1/5/22	2,000		2,007
	HSBC Holdings plc	4.875%	1/14/22	160		169
	HSBC Holdings plc	4.000%	3/30/22	765		796
4	HSBC Holdings plc	3.262%	3/13/23	3,100		3,152
	HSBC Holdings plc	3.600%	5/25/23	1,300		1,351
4	HSBC Holdings plc	3.033%	11/22/23	1,050		1,058
	HSBC Holdings plc	4.250%	3/14/24	1,000		1,055
4	HSBC Holdings plc	3.950%	5/18/24	2,500		2,603
4	HSBC Holdings plc	3.803%	3/11/25	4,225		4,382
	HSBC Holdings plc	4.250%	8/18/25	750		788
	HSBC Holdings plc	4.300%	3/8/26	4,070		4,343
	HSBC Holdings plc	3.900%	5/25/26	1,950		2,035
4	HSBC Holdings plc	4.292%	9/12/26	3,500		3,718
	HSBC Holdings plc	4.375%	11/23/26	1,000		1,053
4	HSBC Holdings plc	4.041%	3/13/28	1,000		1,047
4	HSBC Holdings plc	4.583%	6/19/29	2,300		2,511
4	HSBC Holdings plc	3.973%	5/22/30	1,000		1,045
	HSBC Holdings plc	7.625%	5/17/32	400		557
	HSBC Holdings plc	7.350%	11/27/32	400		543
	HSBC Holdings plc	6.500%	5/2/36	2,485		3,214
	HSBC Holdings plc	6.500%	9/15/37	660		860
	HSBC Holdings plc	6.800%	6/1/38	1,450		1,953
	HSBC Holdings plc	6.100%	1/14/42	200		273
	HSBC Holdings plc	5.250%	3/14/44	3,500		4,088
	HSBC USA Inc.	2.750%	8/7/20	500		502
	HSBC USA Inc.	5.000%	9/27/20	645		664
	HSBC USA Inc.	3.500%	6/23/24	600		623
	Huntington Bancshares Inc.	7.000%	12/15/20	450		479
	Huntington Bancshares Inc.	3.150%	3/14/21	650		658
	Huntington Bancshares Inc.	2.300%	1/14/22	325		325
	Huntington Bancshares Inc.	4.000%	5/15/25	400		427
	Huntington National Bank	2.875%	8/20/20	800		804
	Huntington National Bank	3.250%	5/14/21	1,050		1,067
	Huntington National Bank	3.125%	4/1/22	400		408
	Huntington National Bank	2.500%	8/7/22	600		603
	Huntington National Bank	3.550%	10/6/23	650		680
	ING Groep NV	3.150%	3/29/22	700		713
	ING Groep NV	4.100%	10/2/23	1,500		1,584
	ING Groep NV	3.550%	4/9/24	400		412

87

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	ING Groep NV	3.950%	3/29/27	1,300		1,361
	ING Groep NV	4.550%	10/2/28	1,000		1,100
	ING Groep NV	4.050%	4/9/29	610		648
	JPMorgan Chase & Co.	4.400%	7/22/20	1,130		1,155
	JPMorgan Chase & Co.	4.250%	10/15/20	1,175		1,204
	JPMorgan Chase & Co.	2.550%	10/29/20	2,135		2,140
	JPMorgan Chase & Co.	2.550%	3/1/21	800		801
	JPMorgan Chase & Co.	4.625%	5/10/21	835		868
	JPMorgan Chase & Co.	2.400%	6/7/21	975		977
	JPMorgan Chase & Co.	2.295%	8/15/21	1,925		1,922
	JPMorgan Chase & Co.	4.350%	8/15/21	1,005		1,045
	JPMorgan Chase & Co.	4.500%	1/24/22	2,675		2,818
4	JPMorgan Chase & Co.	3.514%	6/18/22	800		817
	JPMorgan Chase & Co.	3.250%	9/23/22	2,425		2,489
	JPMorgan Chase & Co.	2.972%	1/15/23	650		658
	JPMorgan Chase & Co.	3.200%	1/25/23	5,375		5,513
4	JPMorgan Chase & Co.	2.776%	4/25/23	1,500		1,514
	JPMorgan Chase & Co.	3.375%	5/1/23	3,425		3,518
	JPMorgan Chase & Co.	2.700%	5/18/23	2,000		2,019
	JPMorgan Chase & Co.	3.875%	2/1/24	1,575		1,671
4	JPMorgan Chase & Co.	3.559%	4/23/24	2,500		2,594
	JPMorgan Chase & Co.	3.625%	5/13/24	955		1,005
4	JPMorgan Chase & Co.	3.797%	7/23/24	725		760
	JPMorgan Chase & Co.	3.875%	9/10/24	5,200		5,459
4	JPMorgan Chase & Co.	4.023%	12/5/24	1,000		1,060
	JPMorgan Chase & Co.	3.125%	1/23/25	1,600		1,645
4	JPMorgan Chase & Co.	3.220%	3/1/25	1,480		1,520
	JPMorgan Chase & Co.	3.900%	7/15/25	2,125		2,268
	JPMorgan Chase & Co.	3.300%	4/1/26	2,550		2,639
	JPMorgan Chase & Co.	3.200%	6/15/26	1,125		1,158
	JPMorgan Chase & Co.	2.950%	10/1/26	3,950		3,996
	JPMorgan Chase & Co.	4.125%	12/15/26	1,650		1,760
4	JPMorgan Chase & Co.	3.960%	1/29/27	1,600		1,707
	JPMorgan Chase & Co.	3.625%	12/1/27	1,000		1,030
4	JPMorgan Chase & Co.	3.782%	2/1/28	3,521		3,719
4	JPMorgan Chase & Co.	3.540%	5/1/28	1,775		1,847
4	JPMorgan Chase & Co.	3.509%	1/23/29	1,825		1,892
4	JPMorgan Chase & Co.	4.005%	4/23/29	1,700		1,824
4	JPMorgan Chase & Co.	4.203%	7/23/29	750		819
4	JPMorgan Chase & Co.	4.452%	12/5/29	2,200		2,439
4	JPMorgan Chase & Co.	3.702%	5/6/30	1,600		1,681
	JPMorgan Chase & Co.	6.400%	5/15/38	3,010		4,147
4	JPMorgan Chase & Co.	3.882%	7/24/38	3,230		3,368
	JPMorgan Chase & Co.	5.500%	10/15/40	1,875		2,374
	JPMorgan Chase & Co.	5.600%	7/15/41	850		1,098
	JPMorgan Chase & Co.	5.400%	1/6/42	1,200		1,519
	JPMorgan Chase & Co.	5.625%	8/16/43	2,900		3,696
	JPMorgan Chase & Co.	4.950%	6/1/45	250		295
4	JPMorgan Chase & Co.	4.260%	2/22/48	1,275		1,403
4	JPMorgan Chase & Co.	4.032%	7/24/48	1,375		1,474
4	JPMorgan Chase & Co.	3.964%	11/15/48	3,500		3,675
	KeyBank NA	3.350%	6/15/21	325		332
	KeyBank NA	2.500%	11/22/21	300		301
	KeyBank NA	2.400%	6/9/22	1,000		1,003
	KeyBank NA	2.300%	9/14/22	500		500
	KeyBank NA	3.375%	3/7/23	500		518
	KeyBank NA	3.300%	6/1/25	500		522
4	KeyBank NA	3.180%	10/15/27	250		254
	KeyCorp	5.100%	3/24/21	1,310		1,370
	KeyCorp	4.150%	10/29/25	850		919
	KeyCorp	4.100%	4/30/28	1,400		1,521
	Lloyds Bank plc	6.375%	1/21/21	1,875		1,983
	Lloyds Bank plc	3.300%	5/7/21	800		812
	Lloyds Banking Group plc	3.000%	1/11/22	1,000		1,007

88

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Lloyds Banking Group plc	4.050%	8/16/23	3,300		3,444
4	Lloyds Banking Group plc	2.907%	11/7/23	1,200		1,197
	Lloyds Banking Group plc	3.900%	3/12/24	800		834
	Lloyds Banking Group plc	4.500%	11/4/24	1,000		1,041
	Lloyds Banking Group plc	4.450%	5/8/25	500		531
	Lloyds Banking Group plc	4.582%	12/10/25	3,050		3,175
	Lloyds Banking Group plc	4.650%	3/24/26	1,000		1,041
	Lloyds Banking Group plc	3.750%	1/11/27	1,000		1,017
	Lloyds Banking Group plc	4.375%	3/22/28	800		848
	Lloyds Banking Group plc	4.550%	8/16/28	800		861
4	Lloyds Banking Group plc	3.574%	11/7/28	1,000		998
	Lloyds Banking Group plc	5.300%	12/1/45	200		224
	Lloyds Banking Group plc	4.344%	1/9/48	2,000		1,942
	M&T Bank Corp.	3.550%	7/26/23	550		579
	Manufacturers & Traders Trust Co.	2.625%	1/25/21	500		504
	Manufacturers & Traders Trust Co.	2.900%	2/6/25	1,425		1,453
	Manufacturers & Traders Trust Co.	3.400%	8/17/27	250		263
	Mitsubishi UFJ Financial Group Inc.	2.950%	3/1/21	1,466		1,478
	Mitsubishi UFJ Financial Group Inc.	3.535%	7/26/21	600		613
	Mitsubishi UFJ Financial Group Inc.	2.190%	9/13/21	1,750		1,739
	Mitsubishi UFJ Financial Group Inc.	2.998%	2/22/22	750		759
	Mitsubishi UFJ Financial Group Inc.	3.218%	3/7/22	800		816
	Mitsubishi UFJ Financial Group Inc.	2.665%	7/25/22	1,000		1,004
	Mitsubishi UFJ Financial Group Inc.	3.455%	3/2/23	1,000		1,028
	Mitsubishi UFJ Financial Group Inc.	3.761%	7/26/23	1,500		1,570
	Mitsubishi UFJ Financial Group Inc.	2.527%	9/13/23	200		199
	Mitsubishi UFJ Financial Group Inc.	3.407%	3/7/24	1,200		1,245
	Mitsubishi UFJ Financial Group Inc.	3.777%	3/2/25	1,000		1,055
	Mitsubishi UFJ Financial Group Inc.	3.850%	3/1/26	1,800		1,914
	Mitsubishi UFJ Financial Group Inc.	2.757%	9/13/26	700		698
	Mitsubishi UFJ Financial Group Inc.	3.677%	2/22/27	3,300		3,494
	Mitsubishi UFJ Financial Group Inc.	3.287%	7/25/27	1,000		1,031
	Mitsubishi UFJ Financial Group Inc.	3.961%	3/2/28	2,625		2,840
	Mitsubishi UFJ Financial Group Inc.	4.050%	9/11/28	500		546
	Mitsubishi UFJ Financial Group Inc.	3.741%	3/7/29	1,290		1,380
	Mitsubishi UFJ Financial Group Inc.	4.286%	7/26/38	200		221
	Mizuho Financial Group Inc.	2.953%	2/28/22	500		505
	Mizuho Financial Group Inc.	3.549%	3/5/23	425		440
4	Mizuho Financial Group Inc.	3.922%	9/11/24	800		839
	Mizuho Financial Group Inc.	3.663%	2/28/27	250		263
	Mizuho Financial Group Inc.	4.018%	3/5/28	1,400		1,527
4	Mizuho Financial Group Inc.	4.254%	9/11/29	1,000		1,089
	Morgan Stanley	5.500%	7/24/20	650		671
	Morgan Stanley	5.750%	1/25/21	1,335		1,402
	Morgan Stanley	2.500%	4/21/21	1,950		1,953
	Morgan Stanley	5.500%	7/28/21	2,025		2,149
	Morgan Stanley	2.625%	11/17/21	200		201
	Morgan Stanley	2.750%	5/19/22	2,547		2,571
	Morgan Stanley	4.875%	11/1/22	1,575		1,685
	Morgan Stanley	3.125%	1/23/23	2,000		2,044
	Morgan Stanley	3.750%	2/25/23	4,000		4,174
	Morgan Stanley	4.100%	5/22/23	2,025		2,124
4	Morgan Stanley	3.737%	4/24/24	1,600		1,667
	Morgan Stanley	3.875%	4/29/24	2,700		2,860
	Morgan Stanley	3.700%	10/23/24	2,550		2,687
	Morgan Stanley	4.000%	7/23/25	1,900		2,032
	Morgan Stanley	5.000%	11/24/25	1,100		1,218
	Morgan Stanley	3.875%	1/27/26	1,800		1,911
	Morgan Stanley	3.125%	7/27/26	3,150		3,198
	Morgan Stanley	6.250%	8/9/26	975		1,172
	Morgan Stanley	4.350%	9/8/26	2,780		2,976
	Morgan Stanley	3.625%	1/20/27	2,135		2,230
	Morgan Stanley	3.950%	4/23/27	745		778
4	Morgan Stanley	3.591%	7/22/28	2,700		2,800

89

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Morgan Stanley	3.772%	1/24/29	575		604
4	Morgan Stanley	4.431%	1/23/30	3,500		3,862
	Morgan Stanley	7.250%	4/1/32	705		989
4	Morgan Stanley	3.971%	7/22/38	600		625
4	Morgan Stanley	4.457%	4/22/39	1,250		1,385
	Morgan Stanley	6.375%	7/24/42	2,400		3,356
	Morgan Stanley	4.300%	1/27/45	3,350		3,666
	Morgan Stanley	4.375%	1/22/47	750		834
	MUFG Americas Holdings Corp.	3.500%	6/18/22	275		283
	MUFG Americas Holdings Corp.	3.000%	2/10/25	280		283
	MUFG Union Bank NA	3.150%	4/1/22	3,000		3,065
	National Australia Bank Ltd.	2.625%	1/14/21	200		201
	National Australia Bank Ltd.	1.875%	7/12/21	900		891
	National Australia Bank Ltd.	3.375%	9/20/21	1,000		1,022
	National Australia Bank Ltd.	3.700%	11/4/21	500		516
	National Australia Bank Ltd.	2.800%	1/10/22	1,000		1,010
	National Australia Bank Ltd.	2.500%	5/22/22	1,800		1,811
	National Australia Bank Ltd.	3.000%	1/20/23	755		771
	National Australia Bank Ltd.	3.625%	6/20/23	250		261
	National Australia Bank Ltd.	3.375%	1/14/26	150		156
	National Australia Bank Ltd.	2.500%	7/12/26	950		934
	National Bank of Canada	2.200%	11/2/20	775		774
	Northern Trust Corp.	3.450%	11/4/20	300		305
	Northern Trust Corp.	2.375%	8/2/22	745		750
	Northern Trust Corp.	3.950%	10/30/25	600		647
	Northern Trust Corp.	3.650%	8/3/28	325		350
	Northern Trust Corp.	3.150%	5/3/29	500		516
4	Northern Trust Corp.	3.375%	5/8/32	275		278
	People’s United Bank NA	4.000%	7/15/24	275		284
	People’s United Financial Inc.	3.650%	12/6/22	413		425
	PNC Bank NA	2.600%	7/21/20	270		271
	PNC Bank NA	2.450%	11/5/20	800		802
	PNC Bank NA	2.150%	4/29/21	650		649
	PNC Bank NA	2.550%	12/9/21	2,400		2,416
	PNC Bank NA	2.625%	2/17/22	1,200		1,210
	PNC Bank NA	2.950%	1/30/23	1,100		1,121
	PNC Bank NA	3.800%	7/25/23	700		734
	PNC Bank NA	3.300%	10/30/24	350		364
	PNC Bank NA	2.950%	2/23/25	500		510
	PNC Bank NA	3.250%	6/1/25	825		854
	PNC Bank NA	4.200%	11/1/25	825		894
	PNC Bank NA	3.100%	10/25/27	250		257
	PNC Bank NA	3.250%	1/22/28	600		626
	PNC Bank NA	4.050%	7/26/28	1,000		1,087
	PNC Financial Services Group Inc.	2.854%	11/9/22	400		406
	PNC Financial Services Group Inc.	3.500%	1/23/24	200		210
	PNC Financial Services Group Inc.	3.900%	4/29/24	500		526
	PNC Financial Services Group Inc.	3.150%	5/19/27	700		720
	PNC Financial Services Group Inc.	3.450%	4/23/29	2,880		3,020
	PNC Funding Corp.	4.375%	8/11/20	800		817
	PNC Funding Corp.	3.300%	3/8/22	1,680		1,726
	Regions Bank	6.450%	6/26/37	500		632
4	Regions Bank	3.374%	8/13/21	525		529
	Regions Financial Corp.	3.200%	2/8/21	200		202
	Regions Financial Corp.	2.750%	8/14/22	775		779
	Regions Financial Corp.	3.800%	8/14/23	650		678
	Regions Financial Corp.	7.375%	12/10/37	500		684
	Royal Bank of Canada	2.150%	10/26/20	429		429
	Royal Bank of Canada	2.350%	10/30/20	1,271		1,273
	Royal Bank of Canada	2.500%	1/19/21	800		803
	Royal Bank of Canada	3.200%	4/30/21	2,700		2,747
	Royal Bank of Canada	2.750%	2/1/22	1,400		1,421
	Royal Bank of Canada	2.800%	4/29/22	1,000		1,012
	Royal Bank of Canada	3.700%	10/5/23	1,050		1,105

90

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Royal Bank of Canada	4.650%	1/27/26	750		815
	Royal Bank of Scotland Group plc	6.125%	12/15/22	600		645
4	Royal Bank of Scotland Group plc	3.498%	5/15/23	1,400		1,410
	Royal Bank of Scotland Group plc	6.100%	6/10/23	900		974
	Royal Bank of Scotland Group plc	3.875%	9/12/23	2,500		2,555
	Royal Bank of Scotland Group plc	6.000%	12/19/23	600		652
	Royal Bank of Scotland Group plc	5.125%	5/28/24	1,890		1,993
4	Royal Bank of Scotland Group plc	4.519%	6/25/24	1,000		1,040
4	Royal Bank of Scotland Group plc	4.269%	3/22/25	2,100		2,168
	Royal Bank of Scotland Group plc	4.800%	4/5/26	225		240
4	Royal Bank of Scotland Group plc	4.892%	5/18/29	2,000		2,134
4	Royal Bank of Scotland Group plc	5.076%	1/27/30	2,900		3,135
4	Royal Bank of Scotland Group plc	4.445%	5/8/30	1,550		1,603
	Santander Holdings USA Inc.	4.450%	12/3/21	500		520
	Santander Holdings USA Inc.	3.700%	3/28/22	4,350		4,446
	Santander Holdings USA Inc.	3.400%	1/18/23	850		861
	Santander Holdings USA Inc.	4.500%	7/17/25	500		530
	Santander Holdings USA Inc.	4.400%	7/13/27	900		938
	Santander UK Group Holdings plc	3.125%	1/8/21	1,775		1,783
	Santander UK Group Holdings plc	2.875%	8/5/21	825		826
	Santander UK Group Holdings plc	3.571%	1/10/23	700		711
4	Santander UK Group Holdings plc	3.823%	11/3/28	500		504
	Santander UK plc	2.125%	11/3/20	900		895
	Santander UK plc	3.400%	6/1/21	2,000		2,031
	Santander UK plc	4.000%	3/13/24	1,200		1,263
	Santander UK plc	2.875%	6/18/24	750		754
	Skandinaviska Enskilda Banken AB	2.625%	3/15/21	1,000		1,005
	Skandinaviska Enskilda Banken AB	1.875%	9/13/21	1,000		987
	Skandinaviska Enskilda Banken AB	2.800%	3/11/22	500		505
	State Street Corp.	4.375%	3/7/21	615		638
	State Street Corp.	1.950%	5/19/21	500		498
4	State Street Corp.	2.653%	5/15/23	2,000		2,018
	State Street Corp.	3.100%	5/15/23	550		564
4	State Street Corp.	3.776%	12/3/24	1,000		1,051
	State Street Corp.	3.300%	12/16/24	1,000		1,041
	State Street Corp.	3.550%	8/18/25	635		672
	State Street Corp.	2.650%	5/19/26	500		501
4	State Street Corp.	4.141%	12/3/29	800		883
	Sumitomo Mitsui Banking Corp.	2.450%	10/20/20	300		300
	Sumitomo Mitsui Banking Corp.	3.200%	7/18/22	325		333
	Sumitomo Mitsui Banking Corp.	3.950%	7/19/23	75		79
	Sumitomo Mitsui Banking Corp.	3.950%	1/10/24	725		768
	Sumitomo Mitsui Banking Corp.	3.400%	7/11/24	925		956
	Sumitomo Mitsui Financial Group Inc.	2.934%	3/9/21	275		277
	Sumitomo Mitsui Financial Group Inc.	2.058%	7/14/21	975		967
	Sumitomo Mitsui Financial Group Inc.	2.442%	10/19/21	1,275		1,276
	Sumitomo Mitsui Financial Group Inc.	2.846%	1/11/22	1,000		1,008
	Sumitomo Mitsui Financial Group Inc.	2.778%	10/18/22	800		807
	Sumitomo Mitsui Financial Group Inc.	3.102%	1/17/23	1,500		1,532
	Sumitomo Mitsui Financial Group Inc.	3.748%	7/19/23	1,000		1,045
	Sumitomo Mitsui Financial Group Inc.	3.936%	10/16/23	2,000		2,112
	Sumitomo Mitsui Financial Group Inc.	3.784%	3/9/26	975		1,033
	Sumitomo Mitsui Financial Group Inc.	2.632%	7/14/26	800		796
	Sumitomo Mitsui Financial Group Inc.	3.010%	10/19/26	650		658
	Sumitomo Mitsui Financial Group Inc.	3.446%	1/11/27	1,000		1,038
	Sumitomo Mitsui Financial Group Inc.	3.364%	7/12/27	2,000		2,074
	Sumitomo Mitsui Financial Group Inc.	3.544%	1/17/28	1,600		1,682
	Sumitomo Mitsui Financial Group Inc.	3.944%	7/19/28	500		542
	Sumitomo Mitsui Financial Group Inc.	4.306%	10/16/28	400		444
	SunTrust Bank	3.000%	2/2/23	450		458
	SunTrust Bank	2.750%	5/1/23	250		252
	SunTrust Bank	3.300%	5/15/26	725		737
	SunTrust Bank	2.800%	5/17/22	2,000		2,025
4	SunTrust Bank	3.502%	8/2/22	425		434

91

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	SunTrust Bank	3.200%	4/1/24	3,000		3,091
4	SunTrust Bank	3.689%	8/2/24	725		755
	SunTrust Banks Inc.	2.900%	3/3/21	300		303
	SunTrust Banks Inc.	2.700%	1/27/22	500		503
	SVB Financial Group	3.500%	1/29/25	225		229
	Svenska Handelsbanken AB	1.950%	9/8/20	1,000		997
	Svenska Handelsbanken AB	2.450%	3/30/21	650		652
	Svenska Handelsbanken AB	3.350%	5/24/21	2,000		2,037
	Svenska Handelsbanken AB	1.875%	9/7/21	925		915
	Synchrony Bank	3.650%	5/24/21	1,250		1,272
	Synchrony Bank	3.000%	6/15/22	350		352
	Synchrony Financial	3.750%	8/15/21	300		306
	Synchrony Financial	4.375%	3/19/24	500		523
	Synchrony Financial	4.250%	8/15/24	1,000		1,040
	Synchrony Financial	3.700%	8/4/26	500		496
	Synchrony Financial	3.950%	12/1/27	1,125		1,120
	Synovus Financial Corp.	3.125%	11/1/22	250		251
	Toronto-Dominion Bank	3.150%	9/17/20	1,500		1,516
	Toronto-Dominion Bank	2.500%	12/14/20	2,200		2,212
	Toronto-Dominion Bank	2.550%	1/25/21	3,000		3,014
	Toronto-Dominion Bank	2.125%	4/7/21	2,000		1,997
	Toronto-Dominion Bank	3.250%	6/11/21	500		510
	Toronto-Dominion Bank	1.800%	7/13/21	650		644
4	Toronto-Dominion Bank	3.625%	9/15/31	500		508
	UBS AG	4.875%	8/4/20	250		257
7	UBS AG	2.450%	12/1/20	820		822
	US Bancorp	2.350%	1/29/21	600		602
	US Bancorp	4.125%	5/24/21	915		946
	US Bancorp	2.625%	1/24/22	2,000		2,022
	US Bancorp	3.000%	3/15/22	575		587
	US Bancorp	2.950%	7/15/22	375		382
	US Bancorp	3.700%	1/30/24	650		688
	US Bancorp	3.375%	2/5/24	1,000		1,045
	US Bancorp	3.600%	9/11/24	150		158
	US Bancorp	3.950%	11/17/25	400		435
	US Bancorp	3.100%	4/27/26	1,500		1,530
	US Bancorp	3.150%	4/27/27	1,250		1,296
	US Bancorp	3.900%	4/26/28	700		771
	US Bank NA	3.050%	7/24/20	850		857
	US Bank NA	2.050%	10/23/20	550		549
	US Bank NA	2.850%	1/23/23	600		611
	US Bank NA	3.400%	7/24/23	850		886
	US Bank NA	2.800%	1/27/25	1,050		1,072
	US Bank NA	3.450%	11/16/21	300		308
	US Bank NA	2.650%	5/23/22	1,250		1,266
	Wachovia Corp.	6.605%	10/1/25	1,000		1,184
	Wachovia Corp.	7.500%	4/15/35	150		201
	Wachovia Corp.	5.500%	8/1/35	325		389
	Wachovia Corp.	6.550%	10/15/35	100		126
	Wells Fargo & Co.	2.600%	7/22/20	2,150		2,157
	Wells Fargo & Co.	2.550%	12/7/20	1,500		1,503
	Wells Fargo & Co.	3.000%	1/22/21	2,050		2,068
	Wells Fargo & Co.	4.600%	4/1/21	6,310		6,548
	Wells Fargo & Co.	2.100%	7/26/21	3,300		3,283
	Wells Fargo & Co.	3.500%	3/8/22	600		617
	Wells Fargo & Co.	2.625%	7/22/22	3,475		3,493
	Wells Fargo & Co.	3.069%	1/24/23	4,650		4,718
	Wells Fargo & Co.	3.450%	2/13/23	3,500		3,593
	Wells Fargo & Co.	4.125%	8/15/23	1,675		1,763
	Wells Fargo & Co.	3.750%	1/24/24	1,000		1,050
	Wells Fargo & Co.	3.000%	2/19/25	2,125		2,148
	Wells Fargo & Co.	3.550%	9/29/25	1,700		1,772
	Wells Fargo & Co.	3.000%	4/22/26	4,025		4,071
	Wells Fargo & Co.	4.100%	6/3/26	1,925		2,035

92

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Wells Fargo & Co.	3.000%	10/23/26	2,275		2,290
	Wells Fargo & Co.	4.300%	7/22/27	2,000		2,154
4	Wells Fargo & Co.	3.584%	5/22/28	1,350		1,409
	Wells Fargo & Co.	4.150%	1/24/29	700		762
	Wells Fargo & Co.	5.375%	11/2/43	1,550		1,866
	Wells Fargo & Co.	5.606%	1/15/44	1,900		2,370
	Wells Fargo & Co.	4.650%	11/4/44	2,175		2,405
	Wells Fargo & Co.	3.900%	5/1/45	650		697
	Wells Fargo & Co.	4.900%	11/17/45	1,300		1,505
	Wells Fargo & Co.	4.400%	6/14/46	1,375		1,487
	Wells Fargo & Co.	4.750%	12/7/46	3,175		3,612
	Wells Fargo Bank NA	2.600%	1/15/21	2,000		2,008
4	Wells Fargo Bank NA	3.325%	7/23/21	1,050		1,060
	Wells Fargo Bank NA	3.625%	10/22/21	2,000		2,055
4	Wells Fargo Bank NA	2.897%	5/27/22	900		908
	Wells Fargo Bank NA	3.550%	8/14/23	2,500		2,609
	Wells Fargo Bank NA	5.950%	8/26/36	550		702
	Wells Fargo Bank NA	5.850%	2/1/37	425		545
	Wells Fargo Bank NA	6.600%	1/15/38	605		840
4	Wells Fargo Capital X	5.950%	12/1/86	425		501
	Westpac Banking Corp.	2.600%	11/23/20	975		980
	Westpac Banking Corp.	2.100%	5/13/21	1,200		1,197
	Westpac Banking Corp.	2.000%	8/19/21	1,000		993
	Westpac Banking Corp.	2.500%	6/28/22	2,400		2,412
	Westpac Banking Corp.	2.750%	1/11/23	800		810
	Westpac Banking Corp.	3.650%	5/15/23	400		417
	Westpac Banking Corp.	3.300%	2/26/24	1,000		1,032
	Westpac Banking Corp.	2.850%	5/13/26	450		453
	Westpac Banking Corp.	2.700%	8/19/26	650		648
	Westpac Banking Corp.	3.350%	3/8/27	1,800		1,870
	Zions Bancorp NA	3.500%	8/27/21	950		970
	Brokerage (0.1%)
	Affiliated Managers Group Inc.	4.250%	2/15/24	350		371
	Affiliated Managers Group Inc.	3.500%	8/1/25	750		770
	Ameriprise Financial Inc.	3.000%	3/22/22	100		102
	Ameriprise Financial Inc.	4.000%	10/15/23	1,575		1,676
	Ameriprise Financial Inc.	3.700%	10/15/24	350		371
	BGC Partners Inc.	5.125%	5/27/21	200		205
	BlackRock Inc.	4.250%	5/24/21	475		494
	BlackRock Inc.	3.375%	6/1/22	700		725
	BlackRock Inc.	3.500%	3/18/24	1,000		1,062
	BlackRock Inc.	3.200%	3/15/27	600		626
	BlackRock Inc.	3.250%	4/30/29	500		523
	Brookfield Asset Management Inc.	4.000%	1/15/25	550		577
	Brookfield Finance Inc.	4.250%	6/2/26	150		158
	Brookfield Finance Inc.	3.900%	1/25/28	500		508
	Brookfield Finance Inc.	4.850%	3/29/29	600		654
	Brookfield Finance Inc.	4.700%	9/20/47	750		776
	Brookfield Finance LLC	4.000%	4/1/24	725		759
	Cboe Global Markets Inc.	3.650%	1/12/27	490		516
	Charles Schwab Corp.	3.250%	5/21/21	525		535
	Charles Schwab Corp.	3.225%	9/1/22	1,225		1,256
	Charles Schwab Corp.	2.650%	1/25/23	400		404
	Charles Schwab Corp.	3.550%	2/1/24	420		442
	Charles Schwab Corp.	3.850%	5/21/25	100		106
	Charles Schwab Corp.	3.200%	3/2/27	1,100		1,134
	Charles Schwab Corp.	3.200%	1/25/28	400		413
	Charles Schwab Corp.	4.000%	2/1/29	465		507
	Charles Schwab Corp.	3.250%	5/22/29	450		465
	CME Group Inc.	3.000%	9/15/22	875		896
	CME Group Inc.	3.000%	3/15/25	300		312
	CME Group Inc.	5.300%	9/15/43	720		920
	CME Group Inc.	4.150%	6/15/48	575		646

93

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
E*TRADE Financial Corp.	3.800%	8/24/27	325		326
E*TRADE Financial Corp.	4.500%	6/20/28	330		345
Eaton Vance Corp.	3.625%	6/15/23	275		286
Eaton Vance Corp.	3.500%	4/6/27	350		360
Franklin Resources Inc.	2.800%	9/15/22	575		584
Franklin Resources Inc.	2.850%	3/30/25	250		256
Intercontinental Exchange Inc.	2.750%	12/1/20	1,200		1,208
Intercontinental Exchange Inc.	3.450%	9/21/23	450		470
Intercontinental Exchange Inc.	4.000%	10/15/23	290		308
Intercontinental Exchange Inc.	3.750%	12/1/25	1,100		1,175
Intercontinental Exchange Inc.	3.100%	9/15/27	200		205
Intercontinental Exchange Inc.	3.750%	9/21/28	500		539
Intercontinental Exchange Inc.	4.250%	9/21/48	400		446
Invesco Finance plc	3.125%	11/30/22	500		511
Invesco Finance plc	4.000%	1/30/24	650		687
Invesco Finance plc	5.375%	11/30/43	900		1,017
Janus Capital Group Inc.	4.875%	8/1/25	250		267
Jefferies Financial Group Inc.	5.500%	10/18/23	475		512
Jefferies Group LLC	6.875%	4/15/21	620		664
Jefferies Group LLC	5.125%	1/20/23	500		538
Jefferies Group LLC	4.850%	1/15/27	1,100		1,138
Jefferies Group LLC	6.250%	1/15/36	320		345
Jefferies Group LLC	6.500%	1/20/43	350		375
Jefferies Group LLC / Jefferies Group Capital Finance Inc.	4.150%	1/23/30	1,100		1,050
Lazard Group LLC	3.750%	2/13/25	100		104
Lazard Group LLC	3.625%	3/1/27	1,350		1,360
Lazard Group LLC	4.500%	9/19/28	425		452
Legg Mason Inc.	4.750%	3/15/26	425		454
Legg Mason Inc.	5.625%	1/15/44	450		488
Nasdaq Inc.	4.250%	6/1/24	125		134
Nasdaq Inc.	3.850%	6/30/26	675		709
Owl Rock Capital Corp.	5.250%	4/15/24	100		103
Raymond James Financial Inc.	3.625%	9/15/26	375		384
Raymond James Financial Inc.	4.950%	7/15/46	875		975
Stifel Financial Corp.	3.500%	12/1/20	125		127
Stifel Financial Corp.	4.250%	7/18/24	575		602
TD Ameritrade Holding Corp.	2.950%	4/1/22	850		863
TD Ameritrade Holding Corp.	3.625%	4/1/25	450		471
TD Ameritrade Holding Corp.	3.300%	4/1/27	700		719
Finance Companies (0.1%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.450%	10/1/25	500		525
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.650%	7/21/27	775		768
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.250%	7/1/20	650		660
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.625%	10/30/20	826		846
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.500%	5/15/21	780		804
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	5.000%	10/1/21	745		780
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.450%	12/16/21	125		129
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.950%	2/1/22	675		694
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.500%	5/26/22	1,150		1,170
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.625%	7/1/22	475		498
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.300%	1/23/23	650		656

94

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.875%	1/23/28	1,000		1,001
	Air Lease Corp.	3.875%	4/1/21	1,875		1,915
	Air Lease Corp.	3.375%	6/1/21	25		25
	Air Lease Corp.	3.750%	2/1/22	3,150		3,234
	Air Lease Corp.	2.750%	1/15/23	400		399
	Air Lease Corp.	3.875%	7/3/23	425		441
	Air Lease Corp.	4.250%	2/1/24	550		580
	Air Lease Corp.	4.250%	9/15/24	75		80
	Air Lease Corp.	3.250%	3/1/25	400		402
	Air Lease Corp.	3.625%	4/1/27	200		201
	Air Lease Corp.	4.625%	10/1/28	300		319
	Aircastle Ltd.	4.400%	9/25/23	550		571
	Aircastle Ltd.	4.125%	5/1/24	1,625		1,663
	Aircastle Ltd.	4.250%	6/15/26	500		505
	Ares Capital Corp.	3.500%	2/10/23	600		597
	Ares Capital Corp.	4.200%	6/10/24	300		304
	Ares Capital Corp.	4.250%	3/1/25	800		808
	GATX Corp.	3.250%	3/30/25	375		374
	GATX Corp.	3.850%	3/30/27	250		255
	GATX Corp.	3.500%	3/15/28	200		200
	GATX Corp.	4.550%	11/7/28	600		645
	GATX Corp.	4.700%	4/1/29	275		303
	GATX Corp.	5.200%	3/15/44	150		165
	GATX Corp.	4.500%	3/30/45	150		150
	GE Capital International Funding Co. Unlimited Co.	2.342%	11/15/20	5,095		5,066
	GE Capital International Funding Co. Unlimited Co.	3.373%	11/15/25	1,087		1,099
	GE Capital International Funding Co. Unlimited Co.	4.418%	11/15/35	8,832		8,710
	International Lease Finance Corp.	8.250%	12/15/20	825		890
	International Lease Finance Corp.	4.625%	4/15/21	325		336
	International Lease Finance Corp.	8.625%	1/15/22	3,150		3,595
	International Lease Finance Corp.	5.875%	8/15/22	615		669
	Prospect Capital Corp.	5.875%	3/15/23	150		156
	Insurance (0.5%)
	ACE Capital Trust II	9.700%	4/1/30	75		106
	AEGON Funding Co. LLC	5.750%	12/15/20	524		549
4	Aegon NV	5.500%	4/11/48	585		609
	Aetna Inc.	4.125%	6/1/21	320		330
	Aetna Inc.	2.750%	11/15/22	650		653
	Aetna Inc.	2.800%	6/15/23	950		953
	Aetna Inc.	3.500%	11/15/24	495		510
	Aetna Inc.	6.625%	6/15/36	500		616
	Aetna Inc.	6.750%	12/15/37	350		438
	Aetna Inc.	4.500%	5/15/42	375		371
	Aetna Inc.	4.125%	11/15/42	325		306
	Aetna Inc.	3.875%	8/15/47	1,000		903
	Aflac Inc.	4.000%	2/15/22	325		340
	Aflac Inc.	3.625%	6/15/23	575		603
	Aflac Inc.	3.625%	11/15/24	580		613
	Aflac Inc.	3.250%	3/17/25	325		335
	Aflac Inc.	2.875%	10/15/26	600		601
	Aflac Inc.	4.000%	10/15/46	150		156
	Aflac Inc.	4.750%	1/15/49	325		380
	Alleghany Corp.	4.950%	6/27/22	425		455
	Alleghany Corp.	4.900%	9/15/44	300		327
	Allied World Assurance Co. Holdings Ltd.	4.350%	10/29/25	350		357
	Allstate Corp.	3.150%	6/15/23	1,700		1,752
	Allstate Corp.	3.280%	12/15/26	400		417
	Allstate Corp.	5.550%	5/9/35	105		130
	Allstate Corp.	4.500%	6/15/43	725		820
	Allstate Corp.	4.200%	12/15/46	400		447
	Allstate Corp.	3.850%	8/10/49	200		210
4	Allstate Corp.	5.750%	8/15/53	90		94

95

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Allstate Corp.	6.500%	5/15/67	650		738
	Alterra Finance LLC	6.250%	9/30/20	95		99
	American Financial Group Inc.	3.500%	8/15/26	300		302
	American Financial Group Inc.	4.500%	6/15/47	500		500
	American International Group Inc.	3.375%	8/15/20	425		430
	American International Group Inc.	6.400%	12/15/20	570		602
	American International Group Inc.	3.300%	3/1/21	1,500		1,520
	American International Group Inc.	4.875%	6/1/22	1,425		1,526
	American International Group Inc.	4.125%	2/15/24	650		688
	American International Group Inc.	3.750%	7/10/25	950		993
	American International Group Inc.	3.900%	4/1/26	500		522
	American International Group Inc.	4.200%	4/1/28	750		800
	American International Group Inc.	4.250%	3/15/29	200		214
	American International Group Inc.	3.875%	1/15/35	800		801
	American International Group Inc.	4.700%	7/10/35	325		353
	American International Group Inc.	6.250%	5/1/36	600		740
	American International Group Inc.	4.500%	7/16/44	2,025		2,125
	American International Group Inc.	4.750%	4/1/48	1,200		1,320
4	American International Group Inc.	5.750%	4/1/48	525		531
	American International Group Inc.	4.375%	1/15/55	625		630
4	American International Group Inc.	8.175%	5/15/68	400		504
	Anthem Inc.	4.350%	8/15/20	450		460
	Anthem Inc.	2.500%	11/21/20	700		701
	Anthem Inc.	3.700%	8/15/21	495		507
	Anthem Inc.	3.125%	5/15/22	350		355
	Anthem Inc.	2.950%	12/1/22	600		609
	Anthem Inc.	3.300%	1/15/23	771		793
	Anthem Inc.	3.500%	8/15/24	975		1,010
	Anthem Inc.	3.350%	12/1/24	675		698
	Anthem Inc.	3.650%	12/1/27	1,250		1,296
	Anthem Inc.	4.101%	3/1/28	1,280		1,365
	Anthem Inc.	5.850%	1/15/36	300		363
	Anthem Inc.	6.375%	6/15/37	300		382
	Anthem Inc.	4.625%	5/15/42	1,275		1,387
	Anthem Inc.	4.650%	1/15/43	650		708
	Anthem Inc.	5.100%	1/15/44	400		461
	Anthem Inc.	4.650%	8/15/44	525		571
	Anthem Inc.	4.375%	12/1/47	1,175		1,244
	Anthem Inc.	4.550%	3/1/48	660		721
	Anthem Inc.	4.850%	8/15/54	175		186
	Aon Corp.	5.000%	9/30/20	990		1,022
	Aon Corp.	8.205%	1/1/27	150		184
	Aon Corp.	4.500%	12/15/28	600		660
	Aon Corp.	3.750%	5/2/29	380		396
	Aon Corp.	6.250%	9/30/40	150		191
	Aon plc	2.800%	3/15/21	350		352
	Aon plc	4.000%	11/27/23	100		105
	Aon plc	3.500%	6/14/24	425		442
	Aon plc	3.875%	12/15/25	475		507
	Aon plc	4.600%	6/14/44	625		681
	Aon plc	4.750%	5/15/45	425		466
	Arch Capital Finance LLC	4.011%	12/15/26	350		375
	Arch Capital Finance LLC	5.031%	12/15/46	100		119
	Arch Capital Group Ltd.	7.350%	5/1/34	500		699
	Arch Capital Group US Inc.	5.144%	11/1/43	275		326
	Aspen Insurance Holdings Ltd.	4.650%	11/15/23	1,985		2,099
	Assurant Inc.	4.000%	3/15/23	225		233
	Assurant Inc.	4.200%	9/27/23	200		208
	Assurant Inc.	4.900%	3/27/28	400		429
	Assurant Inc.	6.750%	2/15/34	550		655
	Assured Guaranty US Holdings Inc.	5.000%	7/1/24	375		409
	Athene Holding Ltd.	4.125%	1/12/28	835		841
	AXA Equitable Holdings Inc.	3.900%	4/20/23	400		416
	AXA Equitable Holdings Inc.	7.000%	4/1/28	600		714

96

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
AXA Equitable Holdings Inc.	4.350%	4/20/28	3,960		4,153
AXA Equitable Holdings Inc.	5.000%	4/20/48	1,500		1,538
AXA SA	8.600%	12/15/30	830		1,176
AXIS Specialty Finance LLC	3.900%	7/15/29	230		234
AXIS Specialty Finance plc	4.000%	12/6/27	1,500		1,541
Berkshire Hathaway Finance Corp.	2.900%	10/15/20	425		429
Berkshire Hathaway Finance Corp.	4.250%	1/15/21	480		496
Berkshire Hathaway Finance Corp.	3.000%	5/15/22	800		822
Berkshire Hathaway Finance Corp.	5.750%	1/15/40	130		171
Berkshire Hathaway Finance Corp.	4.400%	5/15/42	400		454
Berkshire Hathaway Finance Corp.	4.300%	5/15/43	550		616
Berkshire Hathaway Finance Corp.	4.200%	8/15/48	1,875		2,082
Berkshire Hathaway Finance Corp.	4.250%	1/15/49	2,300		2,576
Berkshire Hathaway Inc.	2.200%	3/15/21	1,000		1,003
Berkshire Hathaway Inc.	3.000%	2/11/23	225		232
Berkshire Hathaway Inc.	2.750%	3/15/23	1,675		1,701
Berkshire Hathaway Inc.	3.125%	3/15/26	1,975		2,043
Berkshire Hathaway Inc.	4.500%	2/11/43	1,325		1,525
Brighthouse Financial Inc.	3.700%	6/22/27	1,111		1,051
Brighthouse Financial Inc.	4.700%	6/22/47	700		582
Brown & Brown Inc.	4.200%	9/15/24	400		420
Brown & Brown Inc.	4.500%	3/15/29	275		290
Chubb Corp.	6.000%	5/11/37	375		504
Chubb INA Holdings Inc.	2.300%	11/3/20	1,250		1,250
Chubb INA Holdings Inc.	2.875%	11/3/22	1,085		1,105
Chubb INA Holdings Inc.	2.700%	3/13/23	350		356
Chubb INA Holdings Inc.	3.350%	5/15/24	275		289
Chubb INA Holdings Inc.	3.150%	3/15/25	700		729
Chubb INA Holdings Inc.	3.350%	5/3/26	2,200		2,300
Chubb INA Holdings Inc.	6.700%	5/15/36	180		255
Chubb INA Holdings Inc.	4.150%	3/13/43	225		251
Chubb INA Holdings Inc.	4.350%	11/3/45	1,300		1,508
Cigna Holding Co.	4.375%	12/15/20	150		154
Cigna Holding Co.	4.500%	3/15/21	385		396
Cigna Holding Co.	4.000%	2/15/22	290		299
Cigna Holding Co.	3.250%	4/15/25	1,175		1,193
Cigna Holding Co.	3.050%	10/15/27	1,110		1,096
Cigna Holding Co.	5.375%	2/15/42	190		216
Cigna Holding Co.	3.875%	10/15/47	775		722
Cincinnati Financial Corp.	6.920%	5/15/28	300		386
Cincinnati Financial Corp.	6.125%	11/1/34	275		348
CNA Financial Corp.	5.750%	8/15/21	175		187
CNA Financial Corp.	3.950%	5/15/24	1,100		1,160
CNA Financial Corp.	3.450%	8/15/27	400		406
CNA Financial Corp.	3.900%	5/1/29	300		314
Coventry Health Care Inc.	5.450%	6/15/21	890		934
Enstar Group Ltd.	4.500%	3/10/22	225		231
Enstar Group Ltd.	4.950%	6/1/29	400		405
Everest Reinsurance Holdings Inc.	4.868%	6/1/44	300		319
Fairfax Financial Holdings Ltd.	4.850%	4/17/28	400		422
First American Financial Corp.	4.600%	11/15/24	350		371
Hanover Insurance Group Inc.	4.500%	4/15/26	500		529
Hartford Financial Services Group Inc.	5.125%	4/15/22	625		670
Hartford Financial Services Group Inc.	5.950%	10/15/36	25		31
Hartford Financial Services Group Inc.	6.100%	10/1/41	600		758
Hartford Financial Services Group Inc.	4.300%	4/15/43	500		529
Humana Inc.	3.150%	12/1/22	400		408
Humana Inc.	2.900%	12/15/22	600		608
Humana Inc.	3.850%	10/1/24	450		469
Humana Inc.	3.950%	3/15/27	950		989
Humana Inc.	4.625%	12/1/42	375		395
Humana Inc.	4.950%	10/1/44	400		442
Humana Inc.	4.800%	3/15/47	200		220
Kemper Corp.	4.350%	2/15/25	150		157

97

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Lincoln National Corp.	4.200%	3/15/22	440		460
	Lincoln National Corp.	4.000%	9/1/23	225		238
	Lincoln National Corp.	3.350%	3/9/25	300		308
	Lincoln National Corp.	3.625%	12/12/26	250		260
	Lincoln National Corp.	3.800%	3/1/28	850		892
	Lincoln National Corp.	6.150%	4/7/36	24		30
	Lincoln National Corp.	6.300%	10/9/37	1,025		1,300
	Loews Corp.	2.625%	5/15/23	425		428
	Loews Corp.	3.750%	4/1/26	750		796
	Loews Corp.	6.000%	2/1/35	250		314
	Loews Corp.	4.125%	5/15/43	275		284
	Manulife Financial Corp.	4.900%	9/17/20	475		488
	Manulife Financial Corp.	4.150%	3/4/26	575		619
4	Manulife Financial Corp.	4.061%	2/24/32	760		775
	Manulife Financial Corp.	5.375%	3/4/46	850		1,043
	Markel Corp.	4.900%	7/1/22	575		612
	Markel Corp.	3.500%	11/1/27	200		197
	Markel Corp.	5.000%	4/5/46	350		374
	Markel Corp.	4.300%	11/1/47	200		194
	Markel Corp.	5.000%	5/20/49	200		216
	Marsh & McLennan Cos. Inc.	4.800%	7/15/21	420		438
	Marsh & McLennan Cos. Inc.	2.750%	1/30/22	375		378
	Marsh & McLennan Cos. Inc.	3.300%	3/14/23	222		228
	Marsh & McLennan Cos. Inc.	4.050%	10/15/23	350		368
	Marsh & McLennan Cos. Inc.	3.875%	3/15/24	1,650		1,748
	Marsh & McLennan Cos. Inc.	3.500%	3/10/25	425		441
	Marsh & McLennan Cos. Inc.	3.750%	3/14/26	375		397
	Marsh & McLennan Cos. Inc.	4.375%	3/15/29	825		909
	Marsh & McLennan Cos. Inc.	5.875%	8/1/33	1,050		1,315
	Marsh & McLennan Cos. Inc.	4.750%	3/15/39	100		114
	Marsh & McLennan Cos. Inc.	4.350%	1/30/47	200		216
	Marsh & McLennan Cos. Inc.	4.900%	3/15/49	1,650		1,967
	Mercury General Corp.	4.400%	3/15/27	325		332
	MetLife Inc.	3.048%	12/15/22	484		491
	MetLife Inc.	4.368%	9/15/23	500		540
	MetLife Inc.	3.600%	4/10/24	750		795
	MetLife Inc.	3.000%	3/1/25	500		513
	MetLife Inc.	6.500%	12/15/32	250		339
	MetLife Inc.	6.375%	6/15/34	505		693
	MetLife Inc.	5.700%	6/15/35	675		861
	MetLife Inc.	5.875%	2/6/41	440		577
	MetLife Inc.	4.125%	8/13/42	525		565
	MetLife Inc.	4.875%	11/13/43	750		885
	MetLife Inc.	4.721%	12/15/44	1,150		1,321
	MetLife Inc.	4.050%	3/1/45	1,000		1,070
	MetLife Inc.	4.600%	5/13/46	80		92
4	MetLife Inc.	6.400%	12/15/66	1,505		1,716
	Old Republic International Corp.	4.875%	10/1/24	350		379
	Old Republic International Corp.	3.875%	8/26/26	425		436
	PartnerRe Finance B LLC	5.500%	6/1/20	1,050		1,080
	PartnerRe Finance B LLC	3.700%	7/2/29	400		405
	Principal Financial Group Inc.	3.125%	5/15/23	200		203
	Principal Financial Group Inc.	3.400%	5/15/25	300		312
	Principal Financial Group Inc.	3.100%	11/15/26	300		301
	Principal Financial Group Inc.	3.700%	5/15/29	500		522
	Principal Financial Group Inc.	4.350%	5/15/43	125		133
	Principal Financial Group Inc.	4.300%	11/15/46	350		369
	Progressive Corp.	3.750%	8/23/21	445		459
	Progressive Corp.	2.450%	1/15/27	350		344
	Progressive Corp.	6.625%	3/1/29	150		193
	Progressive Corp.	3.700%	1/26/45	250		258
	Progressive Corp.	4.125%	4/15/47	1,500		1,649
	Progressive Corp.	4.200%	3/15/48	550		614
	Prudential Financial Inc.	4.500%	11/15/20	75		77

98

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Prudential Financial Inc.	3.500%	5/15/24	450		474
	Prudential Financial Inc.	5.750%	7/15/33	395		487
	Prudential Financial Inc.	5.700%	12/14/36	505		631
	Prudential Financial Inc.	6.625%	12/1/37	300		409
	Prudential Financial Inc.	6.625%	6/21/40	250		348
4	Prudential Financial Inc.	5.875%	9/15/42	1,675		1,784
4	Prudential Financial Inc.	5.625%	6/15/43	1,275		1,347
	Prudential Financial Inc.	5.100%	8/15/43	225		255
	Prudential Financial Inc.	4.600%	5/15/44	1,100		1,251
4	Prudential Financial Inc.	5.375%	5/15/45	650		677
	Prudential Financial Inc.	3.905%	12/7/47	1,282		1,328
4	Prudential Financial Inc.	5.700%	9/15/48	1,150		1,238
	Prudential Financial Inc.	3.935%	12/7/49	385		401
	Prudential Financial Inc.	4.350%	2/25/50	765		850
	Reinsurance Group of America Inc.	5.000%	6/1/21	1,200		1,254
	Reinsurance Group of America Inc.	4.700%	9/15/23	250		270
	Reinsurance Group of America Inc.	3.950%	9/15/26	100		104
	Reinsurance Group of America Inc.	3.900%	5/15/29	300		311
	RenaissanceRe Finance Inc.	3.450%	7/1/27	225		228
	RenaissanceRe Holdings Ltd.	3.600%	4/15/29	200		205
	Selective Insurance Group Inc.	5.375%	3/1/49	250		276
	Sompo International Holdings Ltd.	4.700%	10/15/22	350		369
	Swiss Re Solutions Holding Corp.	7.000%	2/15/26	250		306
	Torchmark Corp.	3.800%	9/15/22	200		206
	Torchmark Corp.	4.550%	9/15/28	385		420
	Transatlantic Holdings Inc.	8.000%	11/30/39	625		895
	Travelers Cos. Inc.	3.900%	11/1/20	330		337
	Travelers Cos. Inc.	6.750%	6/20/36	475		667
	Travelers Cos. Inc.	6.250%	6/15/37	230		315
	Travelers Cos. Inc.	5.350%	11/1/40	130		166
	Travelers Cos. Inc.	4.600%	8/1/43	1,000		1,164
	Travelers Cos. Inc.	4.300%	8/25/45	250		283
	Travelers Cos. Inc.	4.000%	5/30/47	550		600
	Travelers Cos. Inc.	4.050%	3/7/48	250		276
	Travelers Cos. Inc.	4.100%	3/4/49	500		555
	Trinity Acquisition plc	4.400%	3/15/26	450		477
	UnitedHealth Group Inc.	2.700%	7/15/20	950		954
	UnitedHealth Group Inc.	1.950%	10/15/20	650		647
	UnitedHealth Group Inc.	4.700%	2/15/21	165		170
	UnitedHealth Group Inc.	3.150%	6/15/21	300		305
	UnitedHealth Group Inc.	3.375%	11/15/21	1,580		1,617
	UnitedHealth Group Inc.	2.875%	12/15/21	625		634
	UnitedHealth Group Inc.	2.875%	3/15/22	525		532
	UnitedHealth Group Inc.	3.350%	7/15/22	1,325		1,366
	UnitedHealth Group Inc.	2.375%	10/15/22	1,100		1,102
	UnitedHealth Group Inc.	2.750%	2/15/23	400		405
	UnitedHealth Group Inc.	2.875%	3/15/23	1,330		1,356
	UnitedHealth Group Inc.	3.500%	6/15/23	500		522
	UnitedHealth Group Inc.	3.750%	7/15/25	2,750		2,935
	UnitedHealth Group Inc.	3.700%	12/15/25	200		213
	UnitedHealth Group Inc.	3.100%	3/15/26	750		768
	UnitedHealth Group Inc.	3.450%	1/15/27	600		629
	UnitedHealth Group Inc.	3.375%	4/15/27	1,525		1,587
	UnitedHealth Group Inc.	2.950%	10/15/27	400		407
	UnitedHealth Group Inc.	3.850%	6/15/28	400		432
	UnitedHealth Group Inc.	3.875%	12/15/28	500		542
	UnitedHealth Group Inc.	4.625%	7/15/35	300		344
	UnitedHealth Group Inc.	6.500%	6/15/37	200		276
	UnitedHealth Group Inc.	6.625%	11/15/37	325		455
	UnitedHealth Group Inc.	6.875%	2/15/38	1,405		2,022
	UnitedHealth Group Inc.	5.950%	2/15/41	240		316
	UnitedHealth Group Inc.	4.625%	11/15/41	1,180		1,338
	UnitedHealth Group Inc.	4.375%	3/15/42	325		360
	UnitedHealth Group Inc.	3.950%	10/15/42	800		840

99

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
UnitedHealth Group Inc.	4.250%	3/15/43	75		82
UnitedHealth Group Inc.	4.750%	7/15/45	1,315		1,558
UnitedHealth Group Inc.	4.200%	1/15/47	775		841
UnitedHealth Group Inc.	4.250%	4/15/47	950		1,045
UnitedHealth Group Inc.	3.750%	10/15/47	400		407
UnitedHealth Group Inc.	4.250%	6/15/48	1,200		1,328
UnitedHealth Group Inc.	4.450%	12/15/48	500		574
Unum Group	5.625%	9/15/20	50		52
Unum Group	3.000%	5/15/21	275		277
Unum Group	4.000%	3/15/24	200		208
Unum Group	4.000%	6/15/29	210		215
Unum Group	5.750%	8/15/42	400		460
Voya Financial Inc.	3.125%	7/15/24	650		659
Voya Financial Inc.	3.650%	6/15/26	750		769
Voya Financial Inc.	5.700%	7/15/43	350		429
Voya Financial Inc.	4.800%	6/15/46	125		138
Willis North America Inc.	3.600%	5/15/24	600		620
Willis North America Inc.	4.500%	9/15/28	500		534
Willis North America Inc.	5.050%	9/15/48	200		219
Willis Towers Watson plc	5.750%	3/15/21	265		279
WR Berkley Corp.	5.375%	9/15/20	50		52
WR Berkley Corp.	4.625%	3/15/22	225		238
WR Berkley Corp.	4.750%	8/1/44	300		324
XLIT Ltd.	4.450%	3/31/25	200		215
XLIT Ltd.	5.250%	12/15/43	100		122
XLIT Ltd.	5.500%	3/31/45	450		532
Other Finance (0.0%)
ORIX Corp.	2.900%	7/18/22	300		303
ORIX Corp.	3.250%	12/4/24	275		282
ORIX Corp.	3.700%	7/18/27	850		891
Real Estate Investment Trusts (0.3%)
Alexandria Real Estate Equities Inc.	4.600%	4/1/22	300		317
Alexandria Real Estate Equities Inc.	3.900%	6/15/23	75		79
Alexandria Real Estate Equities Inc.	4.000%	1/15/24	725		765
Alexandria Real Estate Equities Inc.	3.450%	4/30/25	500		514
Alexandria Real Estate Equities Inc.	4.300%	1/15/26	300		322
Alexandria Real Estate Equities Inc.	3.800%	4/15/26	200		210
Alexandria Real Estate Equities Inc.	3.950%	1/15/27	250		263
Alexandria Real Estate Equities Inc.	3.950%	1/15/28	350		367
Alexandria Real Estate Equities Inc.	4.500%	7/30/29	200		221
Alexandria Real Estate Equities Inc.	4.700%	7/1/30	500		562
Alexandria Real Estate Equities Inc.	4.850%	4/15/49	200		227
American Campus Communities Operating Partnership LP	3.350%	10/1/20	250		252
American Campus Communities Operating Partnership LP	3.750%	4/15/23	225		233
American Campus Communities Operating Partnership LP	4.125%	7/1/24	250		263
American Campus Communities Operating Partnership LP	3.300%	7/15/26	100		101
American Campus Communities Operating Partnership LP	3.625%	11/15/27	300		306
American Homes 4 Rent LP	4.900%	2/15/29	325		354
AvalonBay Communities Inc.	2.850%	3/15/23	200		203
AvalonBay Communities Inc.	4.200%	12/15/23	865		924
AvalonBay Communities Inc.	3.500%	11/15/24	250		262
AvalonBay Communities Inc.	3.450%	6/1/25	425		445
AvalonBay Communities Inc.	2.950%	5/11/26	250		253
AvalonBay Communities Inc.	2.900%	10/15/26	50		51
AvalonBay Communities Inc.	3.350%	5/15/27	300		312
AvalonBay Communities Inc.	3.200%	1/15/28	350		362
AvalonBay Communities Inc.	3.300%	6/1/29	1,000		1,036
AvalonBay Communities Inc.	4.350%	4/15/48	250		282

100

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Boston Properties LP	5.625%	11/15/20	325		337
Boston Properties LP	4.125%	5/15/21	190		195
Boston Properties LP	3.850%	2/1/23	950		992
Boston Properties LP	3.125%	9/1/23	1,375		1,405
Boston Properties LP	3.800%	2/1/24	3,021		3,162
Boston Properties LP	3.200%	1/15/25	550		561
Boston Properties LP	2.750%	10/1/26	475		466
Brandywine Operating Partnership LP	3.950%	2/15/23	270		280
Brandywine Operating Partnership LP	3.950%	11/15/27	1,950		1,999
Brixmor Operating Partnership LP	3.875%	8/15/22	25		26
Brixmor Operating Partnership LP	3.650%	6/15/24	300		307
Brixmor Operating Partnership LP	3.850%	2/1/25	550		566
Brixmor Operating Partnership LP	4.125%	6/15/26	400		416
Brixmor Operating Partnership LP	3.900%	3/15/27	300		307
Brixmor Operating Partnership LP	4.125%	5/15/29	788		815
Camden Property Trust	4.100%	10/15/28	250		273
Camden Property Trust	3.150%	7/1/29	100		101
Columbia Property Trust Operating Partnership LP	4.150%	4/1/25	100		103
Columbia Property Trust Operating Partnership LP	3.650%	8/15/26	1,125		1,107
Corporate Office Properties LP	3.700%	6/15/21	200		202
Corporate Office Properties LP	3.600%	5/15/23	600		609
CubeSmart LP	4.375%	12/15/23	500		530
CubeSmart LP	4.000%	11/15/25	160		168
CubeSmart LP	3.125%	9/1/26	425		421
CubeSmart LP	4.375%	2/15/29	150		159
Digital Realty Trust LP	3.950%	7/1/22	900		935
Digital Realty Trust LP	3.625%	10/1/22	1,555		1,592
Digital Realty Trust LP	3.700%	8/15/27	400		411
Digital Realty Trust LP	4.450%	7/15/28	1,000		1,082
Digital Realty Trust LP	3.600%	7/1/29	700		707
Duke Realty LP	3.625%	4/15/23	275		284
Duke Realty LP	3.250%	6/30/26	75		76
Duke Realty LP	3.375%	12/15/27	250		255
Duke Realty LP	4.000%	9/15/28	500		533
EPR Properties	5.750%	8/15/22	375		402
EPR Properties	5.250%	7/15/23	400		428
EPR Properties	4.500%	4/1/25	300		313
EPR Properties	4.750%	12/15/26	500		529
EPR Properties	4.950%	4/15/28	300		320
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		639
ERP Operating LP	3.375%	6/1/25	350		366
ERP Operating LP	2.850%	11/1/26	1,300		1,313
ERP Operating LP	3.500%	3/1/28	500		525
ERP Operating LP	4.150%	12/1/28	300		331
ERP Operating LP	3.000%	7/1/29	250		253
ERP Operating LP	4.500%	7/1/44	550		627
ERP Operating LP	4.500%	6/1/45	350		399
Essex Portfolio LP	5.200%	3/15/21	175		182
Essex Portfolio LP	3.250%	5/1/23	50		51
Essex Portfolio LP	3.875%	5/1/24	275		289
Essex Portfolio LP	3.500%	4/1/25	200		206
Essex Portfolio LP	3.375%	4/15/26	300		305
Essex Portfolio LP	3.625%	5/1/27	350		362
Essex Portfolio LP	4.000%	3/1/29	280		297
Essex Portfolio LP	4.500%	3/15/48	1,000		1,079
Federal Realty Investment Trust	2.750%	6/1/23	325		327
Federal Realty Investment Trust	3.250%	7/15/27	225		230
Federal Realty Investment Trust	4.500%	12/1/44	425		469
HCP Inc.	3.150%	8/1/22	250		254
HCP Inc.	4.000%	12/1/22	460		480
HCP Inc.	4.250%	11/15/23	650		689
HCP Inc.	4.200%	3/1/24	1,700		1,798

101

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
HCP Inc.	3.400%	2/1/25	400		408
HCP Inc.	3.250%	7/15/26	150		150
HCP Inc.	3.500%	7/15/29	500		501
HCP Inc.	6.750%	2/1/41	175		233
Healthcare Realty Trust Inc.	3.625%	1/15/28	300		303
Healthcare Trust of America Holdings LP	3.375%	7/15/21	175		177
Healthcare Trust of America Holdings LP	2.950%	7/1/22	300		302
Healthcare Trust of America Holdings LP	3.700%	4/15/23	100		102
Healthcare Trust of America Holdings LP	3.500%	8/1/26	475		480
Healthcare Trust of America Holdings LP	3.750%	7/1/27	400		411
Highwoods Realty LP	3.200%	6/15/21	425		428
Highwoods Realty LP	4.125%	3/15/28	850		885
Highwoods Realty LP	4.200%	4/15/29	250		261
Hospitality Properties Trust	4.500%	6/15/23	524		542
Hospitality Properties Trust	4.650%	3/15/24	200		206
Hospitality Properties Trust	4.500%	3/15/25	125		124
Hospitality Properties Trust	5.250%	2/15/26	225		229
Hospitality Properties Trust	4.950%	2/15/27	325		325
Hospitality Properties Trust	3.950%	1/15/28	500		466
Hospitality Properties Trust	4.375%	2/15/30	625		591
Host Hotels & Resorts LP	6.000%	10/1/21	1,100		1,167
Host Hotels & Resorts LP	5.250%	3/15/22	500		528
Host Hotels & Resorts LP	3.750%	10/15/23	240		245
Host Hotels & Resorts LP	3.875%	4/1/24	300		308
Host Hotels & Resorts LP	4.000%	6/15/25	175		181
Hudson Pacific Properties Inc.	4.650%	4/1/29	200		214
Hudson Pacific Properties LP	3.950%	11/1/27	250		255
Kilroy Realty LP	3.800%	1/15/23	250		258
Kilroy Realty LP	3.450%	12/15/24	850		874
Kilroy Realty LP	4.750%	12/15/28	350		386
Kimco Realty Corp.	3.200%	5/1/21	500		506
Kimco Realty Corp.	3.125%	6/1/23	550		557
Kimco Realty Corp.	2.800%	10/1/26	1,294		1,268
Kimco Realty Corp.	3.800%	4/1/27	300		313
Kimco Realty Corp.	4.450%	9/1/47	250		260
Kite Realty Group LP	4.000%	10/1/26	725		702
Liberty Property LP	3.375%	6/15/23	575		590
Liberty Property LP	4.400%	2/15/24	1,120		1,198
Liberty Property LP	3.750%	4/1/25	975		1,011
Liberty Property LP	4.375%	2/1/29	50		54
Life Storage LP	3.875%	12/15/27	100		102
Life Storage LP	4.000%	6/15/29	125		128
Life Storage LP	3.500%	7/1/26	475		472
Mid-America Apartments LP	4.300%	10/15/23	350		372
Mid-America Apartments LP	3.750%	6/15/24	325		336
Mid-America Apartments LP	3.600%	6/1/27	1,000		1,030
Mid-America Apartments LP	3.950%	3/15/29	455		480
National Retail Properties Inc.	3.800%	10/15/22	500		518
National Retail Properties Inc.	3.900%	6/15/24	275		287
National Retail Properties Inc.	4.000%	11/15/25	450		476
National Retail Properties Inc.	3.500%	10/15/27	550		560
National Retail Properties Inc.	4.300%	10/15/28	300		325
National Retail Properties Inc.	4.800%	10/15/48	250		284
Office Properties Income Trust	4.000%	7/15/22	275		278
Omega Healthcare Investors Inc.	4.375%	8/1/23	775		806
Omega Healthcare Investors Inc.	4.950%	4/1/24	275		291
Omega Healthcare Investors Inc.	4.500%	1/15/25	175		182
Omega Healthcare Investors Inc.	5.250%	1/15/26	525		570
Omega Healthcare Investors Inc.	4.500%	4/1/27	1,000		1,043
Omega Healthcare Investors Inc.	4.750%	1/15/28	300		317
Physicians Realty LP	4.300%	3/15/27	350		361
Physicians Realty LP	3.950%	1/15/28	300		301
Piedmont Operating Partnership LP	3.400%	6/1/23	300		301
Piedmont Operating Partnership LP	4.450%	3/15/24	275		287

102

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Prologis LP	3.875%	9/15/28	300		325
Prologis LP	4.375%	9/15/48	300		343
Public Storage	2.370%	9/15/22	250		251
Public Storage	3.094%	9/15/27	300		306
Public Storage	3.385%	5/1/29	175		183
Realty Income Corp.	3.250%	10/15/22	1,300		1,333
Realty Income Corp.	3.875%	7/15/24	250		265
Realty Income Corp.	3.875%	4/15/25	200		212
Realty Income Corp.	4.125%	10/15/26	775		838
Realty Income Corp.	3.000%	1/15/27	400		403
Realty Income Corp.	3.650%	1/15/28	790		827
Realty Income Corp.	3.250%	6/15/29	400		406
Realty Income Corp.	4.650%	3/15/47	820		952
Regency Centers LP	3.600%	2/1/27	340		352
Regency Centers LP	4.125%	3/15/28	250		268
Regency Centers LP	4.400%	2/1/47	400		430
Regency Centers LP	4.650%	3/15/49	325		359
Sabra Health Care LP	5.125%	8/15/26	100		104
Sabra Health Care LP / Sabra Capital Corp.	4.800%	6/1/24	240		247
Select Income REIT	4.150%	2/1/22	225		228
Select Income REIT	4.250%	5/15/24	500		500
Select Income REIT	4.500%	2/1/25	250		251
Simon Property Group LP	4.375%	3/1/21	555		572
Simon Property Group LP	4.125%	12/1/21	525		545
Simon Property Group LP	2.350%	1/30/22	500		500
Simon Property Group LP	3.375%	3/15/22	250		256
Simon Property Group LP	2.625%	6/15/22	450		453
Simon Property Group LP	2.750%	2/1/23	400		404
Simon Property Group LP	2.750%	6/1/23	3,400		3,445
Simon Property Group LP	3.750%	2/1/24	500		526
Simon Property Group LP	3.500%	9/1/25	200		209
Simon Property Group LP	3.300%	1/15/26	195		201
Simon Property Group LP	3.250%	11/30/26	300		309
Simon Property Group LP	3.375%	6/15/27	820		851
Simon Property Group LP	3.375%	12/1/27	1,000		1,038
Simon Property Group LP	6.750%	2/1/40	300		429
Simon Property Group LP	4.750%	3/15/42	350		407
Simon Property Group LP	4.250%	11/30/46	425		466
SITE Centers Corp.	4.625%	7/15/22	212		221
SITE Centers Corp.	4.250%	2/1/26	250		262
SITE Centers Corp.	4.700%	6/1/27	1,000		1,070
SL Green Operating Partnership LP	3.250%	10/15/22	350		355
Spirit Realty LP	4.000%	7/15/29	245		248
STORE Capital Corp.	4.500%	3/15/28	275		290
STORE Capital Corp.	4.625%	3/15/29	300		320
Tanger Properties LP	3.750%	12/1/24	200		202
Tanger Properties LP	3.125%	9/1/26	375		356
Tanger Properties LP	3.875%	7/15/27	250		249
UDR Inc.	3.700%	10/1/20	150		152
UDR Inc.	4.625%	1/10/22	2,575		2,695
UDR Inc.	2.950%	9/1/26	600		595
UDR Inc.	3.500%	7/1/27	150		154
UDR Inc.	3.500%	1/15/28	50		51
Ventas Realty LP	3.100%	1/15/23	1,243		1,265
Ventas Realty LP	3.125%	6/15/23	1,240		1,264
Ventas Realty LP	3.500%	4/15/24	325		337
Ventas Realty LP	3.750%	5/1/24	200		208
Ventas Realty LP	2.650%	1/15/25	325		323
Ventas Realty LP	3.850%	4/1/27	275		286
Ventas Realty LP	5.700%	9/30/43	325		394
Ventas Realty LP	4.375%	2/1/45	250		256
Ventas Realty LP	4.875%	4/15/49	250		273
Ventas Realty LP / Ventas Capital Corp.	4.250%	3/1/22	140		146
Ventas Realty LP / Ventas Capital Corp.	3.250%	8/15/22	500		511

103

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	VEREIT Operating Partnership LP	4.125%	6/1/21	325		334
	VEREIT Operating Partnership LP	4.600%	2/6/24	375		397
	VEREIT Operating Partnership LP	4.625%	11/1/25	400		428
	VEREIT Operating Partnership LP	4.875%	6/1/26	350		379
	VEREIT Operating Partnership LP	3.950%	8/15/27	1,375		1,417
	Vornado Realty LP	3.500%	1/15/25	425		436
	Washington REIT	4.950%	10/1/20	125		127
	Washington REIT	3.950%	10/15/22	100		104
	Weingarten Realty Investors	3.375%	10/15/22	200		203
	Weingarten Realty Investors	3.500%	4/15/23	275		280
	Weingarten Realty Investors	4.450%	1/15/24	75		79
	Welltower Inc.	4.950%	1/15/21	750		773
	Welltower Inc.	5.250%	1/15/22	1,601		1,704
	Welltower Inc.	3.750%	3/15/23	1,985		2,063
	Welltower Inc.	4.500%	1/15/24	125		133
	Welltower Inc.	4.000%	6/1/25	1,125		1,190
	Welltower Inc.	4.250%	4/1/26	450		479
	Welltower Inc.	4.250%	4/15/28	250		267
	Welltower Inc.	4.125%	3/15/29	500		530
	Welltower Inc.	6.500%	3/15/41	200		253
	Welltower Inc.	4.950%	9/1/48	400		445
	WP Carey Inc.	4.600%	4/1/24	550		581
	WP Carey Inc.	4.000%	2/1/25	200		207
	WP Carey Inc.	4.250%	10/1/26	300		312
	WP Carey Inc.	3.850%	7/15/29	200		203
						1,388,884
Industrial (6.4%)
	Basic Industry (0.3%)
	Air Products & Chemicals Inc.	3.000%	11/3/21	190		193
	Air Products & Chemicals Inc.	2.750%	2/3/23	200		203
	Air Products & Chemicals Inc.	3.350%	7/31/24	1,200		1,254
	Airgas Inc.	3.650%	7/15/24	1,025		1,075
	Albemarle Corp.	4.150%	12/1/24	300		316
	Albemarle Corp.	5.450%	12/1/44	325		347
	ArcelorMittal	6.250%	2/25/22	100		108
	ArcelorMittal	6.125%	6/1/25	425		481
	ArcelorMittal	4.550%	3/11/26	2,500		2,631
	Barrick Gold Corp.	6.450%	10/15/35	375		458
	Barrick Gold Corp.	5.250%	4/1/42	500		585
	Barrick North America Finance LLC	5.700%	5/30/41	750		896
	Barrick North America Finance LLC	5.750%	5/1/43	750		934
	Barrick PD Australia Finance Pty Ltd.	5.950%	10/15/39	675		828
	BHP Billiton Finance USA Ltd.	2.875%	2/24/22	802		815
	BHP Billiton Finance USA Ltd.	3.850%	9/30/23	575		611
	BHP Billiton Finance USA Ltd.	4.125%	2/24/42	1,200		1,320
	BHP Billiton Finance USA Ltd.	5.000%	9/30/43	2,150		2,668
	Braskem Finance Ltd.	6.450%	2/3/24	238		262
	Cabot Corp.	3.700%	7/15/22	50		51
	Cabot Corp.	4.000%	7/1/29	240		243
	Celanese US Holdings LLC	3.500%	5/8/24	400		410
	Celulosa Arauco y Constitucion SA	4.750%	1/11/22	1,000		1,037
	Celulosa Arauco y Constitucion SA	3.875%	11/2/27	300		305
	Celulosa Arauco y Constitucion SA	5.500%	11/2/47	850		904
	Domtar Corp.	6.750%	2/15/44	400		432
	Dow Chemical Co.	4.125%	11/15/21	2,035		2,105
	Dow Chemical Co.	3.000%	11/15/22	1,000		1,013
7	Dow Chemical Co.	3.150%	5/15/24	400		408
	Dow Chemical Co.	3.500%	10/1/24	600		621
7	Dow Chemical Co.	4.550%	11/30/25	250		272
7	Dow Chemical Co.	3.625%	5/15/26	600		619
7	Dow Chemical Co.	4.800%	11/30/28	250		280
	Dow Chemical Co.	7.375%	11/1/29	100		132
	Dow Chemical Co.	4.250%	10/1/34	350		363

104

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Dow Chemical Co.	9.400%	5/15/39	960		1,524
	Dow Chemical Co.	5.250%	11/15/41	375		415
	Dow Chemical Co.	4.375%	11/15/42	1,300		1,309
	Dow Chemical Co.	4.625%	10/1/44	500		519
7	Dow Chemical Co.	5.550%	11/30/48	700		828
7	Dow Chemical Co.	4.800%	5/15/49	600		646
	DuPont de Nemours Inc.	3.766%	11/15/20	1,100		1,121
	DuPont de Nemours Inc.	4.205%	11/15/23	2,050		2,192
	DuPont de Nemours Inc.	4.493%	11/15/25	1,500		1,660
	DuPont de Nemours Inc.	4.725%	11/15/28	1,825		2,056
	DuPont de Nemours Inc.	5.319%	11/15/38	1,350		1,578
	DuPont de Nemours Inc.	5.419%	11/15/48	1,895		2,299
	Eastman Chemical Co.	3.600%	8/15/22	317		325
	Eastman Chemical Co.	4.800%	9/1/42	400		420
	Eastman Chemical Co.	4.650%	10/15/44	1,000		1,029
	Ecolab Inc.	4.350%	12/8/21	378		397
	Ecolab Inc.	2.375%	8/10/22	400		400
	Ecolab Inc.	3.250%	1/14/23	393		402
	Ecolab Inc.	2.700%	11/1/26	600		604
	Ecolab Inc.	3.250%	12/1/27	400		417
	Ecolab Inc.	5.500%	12/8/41	85		108
	Ecolab Inc.	3.950%	12/1/47	693		743
	Fibria Overseas Finance Ltd.	5.250%	5/12/24	1,125		1,194
	Fibria Overseas Finance Ltd.	4.000%	1/14/25	250		252
	Fibria Overseas Finance Ltd.	5.500%	1/17/27	150		161
	FMC Corp.	3.950%	2/1/22	150		154
	FMC Corp.	4.100%	2/1/24	750		776
	Georgia-Pacific LLC	8.875%	5/15/31	1,175		1,819
	Huntsman International LLC	4.500%	5/1/29	250		257
	International Flavors & Fragrances Inc.	3.400%	9/25/20	250		253
	International Flavors & Fragrances Inc.	3.200%	5/1/23	100		102
	International Flavors & Fragrances Inc.	4.450%	9/26/28	215		234
	International Flavors & Fragrances Inc.	4.375%	6/1/47	550		555
	International Flavors & Fragrances Inc.	5.000%	9/26/48	500		552
	International Paper Co.	7.500%	8/15/21	617		682
	International Paper Co.	4.750%	2/15/22	868		916
	International Paper Co.	3.650%	6/15/24	400		418
	International Paper Co.	3.800%	1/15/26	350		366
	International Paper Co.	3.000%	2/15/27	1,500		1,485
	International Paper Co.	5.000%	9/15/35	150		165
	International Paper Co.	7.300%	11/15/39	805		1,048
	International Paper Co.	6.000%	11/15/41	300		350
	International Paper Co.	4.800%	6/15/44	500		511
	International Paper Co.	5.150%	5/15/46	625		668
	International Paper Co.	4.400%	8/15/47	1,000		969
	International Paper Co.	4.350%	8/15/48	475		463
	Kinross Gold Corp.	5.125%	9/1/21	200		207
	Kinross Gold Corp.	5.950%	3/15/24	400		437
	Kinross Gold Corp.	4.500%	7/15/27	100		101
	LYB International Finance BV	4.000%	7/15/23	500		526
	LYB International Finance BV	5.250%	7/15/43	500		552
	LYB International Finance BV	4.875%	3/15/44	650		692
	LYB International Finance II BV	3.500%	3/2/27	400		407
	LyondellBasell Industries NV	6.000%	11/15/21	775		827
	LyondellBasell Industries NV	4.625%	2/26/55	950		947
	Meadwestvaco Corp.	7.950%	2/15/31	975		1,312
	Methanex Corp.	5.650%	12/1/44	200		193
	Mosaic Co.	3.750%	11/15/21	865		886
	Mosaic Co.	3.250%	11/15/22	650		663
	Mosaic Co.	4.250%	11/15/23	3,600		3,812
	Mosaic Co.	4.050%	11/15/27	700		722
	Mosaic Co.	5.450%	11/15/33	100		113
	Mosaic Co.	4.875%	11/15/41	130		128
	Mosaic Co.	5.625%	11/15/43	325		357

105

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
7	Newmont Goldcorp Corp.	3.625%	6/9/21	450		458
7	Newmont Goldcorp Corp.	3.700%	3/15/23	2,825		2,923
	Newmont Goldcorp Corp.	5.875%	4/1/35	325		389
	Newmont Goldcorp Corp.	6.250%	10/1/39	500		638
	Newmont Goldcorp Corp.	4.875%	3/15/42	950		1,057
7	Newmont Goldcorp Corp.	5.450%	6/9/44	350		420
	Nucor Corp.	4.125%	9/15/22	200		210
	Nucor Corp.	4.000%	8/1/23	325		344
	Nucor Corp.	6.400%	12/1/37	1,300		1,712
	Nucor Corp.	5.200%	8/1/43	400		470
	Nucor Corp.	4.400%	5/1/48	500		540
	Nutrien Ltd.	3.150%	10/1/22	410		416
	Nutrien Ltd.	3.500%	6/1/23	275		282
	Nutrien Ltd.	3.375%	3/15/25	550		563
	Nutrien Ltd.	3.000%	4/1/25	250		251
	Nutrien Ltd.	4.000%	12/15/26	300		313
	Nutrien Ltd.	4.200%	4/1/29	275		297
	Nutrien Ltd.	4.125%	3/15/35	1,250		1,233
	Nutrien Ltd.	5.875%	12/1/36	300		348
	Nutrien Ltd.	5.625%	12/1/40	385		441
	Nutrien Ltd.	4.900%	6/1/43	125		135
	Nutrien Ltd.	5.250%	1/15/45	750		845
	Nutrien Ltd.	5.000%	4/1/49	450		510
	Packaging Corp. of America	2.450%	12/15/20	400		400
	Packaging Corp. of America	3.900%	6/15/22	275		285
	Packaging Corp. of America	4.500%	11/1/23	1,640		1,754
	Packaging Corp. of America	3.650%	9/15/24	500		517
	Packaging Corp. of America	3.400%	12/15/27	400		404
	PPG Industries Inc.	3.600%	11/15/20	27		27
	Praxair Inc.	4.050%	3/15/21	825		851
	Praxair Inc.	3.000%	9/1/21	325		331
	Praxair Inc.	2.450%	2/15/22	3,275		3,301
	Praxair Inc.	2.650%	2/5/25	500		508
	Praxair Inc.	3.550%	11/7/42	300		305
	Rayonier Inc.	3.750%	4/1/22	125		127
	Reliance Steel & Aluminum Co.	4.500%	4/15/23	360		377
	Rio Tinto Alcan Inc.	6.125%	12/15/33	325		431
	Rio Tinto Alcan Inc.	5.750%	6/1/35	450		555
	Rio Tinto Finance USA Ltd.	3.750%	6/15/25	1,700		1,821
	Rio Tinto Finance USA Ltd.	7.125%	7/15/28	225		300
	Rio Tinto Finance USA Ltd.	5.200%	11/2/40	565		700
	Rio Tinto Finance USA plc	4.750%	3/22/42	600		709
	Rio Tinto Finance USA plc	4.125%	8/21/42	975		1,085
	Rohm & Haas Co.	7.850%	7/15/29	300		400
	RPM International Inc.	3.450%	11/15/22	250		254
	RPM International Inc.	3.750%	3/15/27	150		151
	RPM International Inc.	4.550%	3/1/29	275		290
	RPM International Inc.	5.250%	6/1/45	50		52
	RPM International Inc.	4.250%	1/15/48	1,200		1,092
	Sasol Financing International Ltd.	4.500%	11/14/22	895		921
	SASOL Financing USA LLC	5.875%	3/27/24	1,200		1,296
	SASOL Financing USA LLC	6.500%	9/27/28	625		700
	Sherwin-Williams Co.	4.200%	1/15/22	25		26
	Sherwin-Williams Co.	2.750%	6/1/22	950		958
	Sherwin-Williams Co.	3.125%	6/1/24	925		945
	Sherwin-Williams Co.	3.450%	8/1/25	900		928
	Sherwin-Williams Co.	3.950%	1/15/26	600		629
	Sherwin-Williams Co.	3.450%	6/1/27	300		307
	Sherwin-Williams Co.	4.000%	12/15/42	200		193
	Sherwin-Williams Co.	4.550%	8/1/45	270		281
	Sherwin-Williams Co.	4.500%	6/1/47	1,050		1,118
	Southern Copper Corp.	3.500%	11/8/22	600		611
	Southern Copper Corp.	3.875%	4/23/25	650		672
	Southern Copper Corp.	7.500%	7/27/35	425		556

106

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Southern Copper Corp.	6.750%	4/16/40	250		314
	Southern Copper Corp.	5.875%	4/23/45	2,705		3,186
7	Suzano Austria GmbH	6.000%	1/15/29	1,050		1,143
7	Suzano Austria GmbH	5.000%	1/15/30	600		606
	Teck Resources Ltd.	6.125%	10/1/35	475		542
	Teck Resources Ltd.	6.000%	8/15/40	150		162
	Teck Resources Ltd.	6.250%	7/15/41	1,125		1,249
	Vale Canada Ltd.	7.200%	9/15/32	100		114
	Vale Overseas Ltd.	4.375%	1/11/22	1,202		1,238
	Vale Overseas Ltd.	6.250%	8/10/26	700		795
	Vale Overseas Ltd.	8.250%	1/17/34	375		488
	Vale Overseas Ltd.	6.875%	11/21/36	1,837		2,202
	Vale Overseas Ltd.	6.875%	11/10/39	1,410		1,694
	Vale SA	5.625%	9/11/42	923		991
	Westlake Chemical Corp.	3.600%	8/15/26	200		203
	Westlake Chemical Corp.	5.000%	8/15/46	575		592
	Westrock MWV LLC	8.200%	1/15/30	475		646
	WestRock RKT Co.	4.900%	3/1/22	250		264
	Weyerhaeuser Co.	4.700%	3/15/21	275		284
	Weyerhaeuser Co.	8.500%	1/15/25	150		193
	Weyerhaeuser Co.	4.000%	11/15/29	750		797
	Weyerhaeuser Co.	7.375%	3/15/32	625		873
	Weyerhaeuser Co.	6.875%	12/15/33	125		163
	WRKCo Inc.	3.000%	9/15/24	525		529
	WRKCo Inc.	4.650%	3/15/26	600		651
	WRKCo Inc.	3.375%	9/15/27	425		426
	WRKCo Inc.	3.900%	6/1/28	200		205
	WRKCo Inc.	4.900%	3/15/29	625		681
	WRKCO Inc.	4.200%	6/1/32	400		413
	Yamana Gold Inc.	4.950%	7/15/24	640		674
	Yamana Gold Inc.	4.625%	12/15/27	150		153
	Capital Goods (0.5%)
	3M Co.	2.000%	8/7/20	325		325
	3M Co.	1.625%	9/19/21	450		445
	3M Co.	2.750%	3/1/22	375		381
	3M Co.	2.250%	3/15/23	1,325		1,324
	3M Co.	3.250%	2/14/24	400		418
	3M Co.	3.000%	8/7/25	425		437
	3M Co.	2.250%	9/19/26	800		781
	3M Co.	2.875%	10/15/27	525		535
	3M Co.	3.375%	3/1/29	650		685
	3M Co.	3.125%	9/19/46	500		459
	3M Co.	3.625%	10/15/47	450		451
	3M Co.	4.000%	9/14/48	925		998
	ABB Finance USA Inc.	2.875%	5/8/22	375		381
	ABB Finance USA Inc.	3.375%	4/3/23	250		259
	ABB Finance USA Inc.	3.800%	4/3/28	300		324
	ABB Finance USA Inc.	4.375%	5/8/42	625		713
	Allegion US Holding Co. Inc.	3.200%	10/1/24	100		101
	Allegion US Holding Co. Inc.	3.550%	10/1/27	325		319
7	Bemis Co. Inc.	3.100%	9/15/26	300		290
	Boeing Co.	1.650%	10/30/20	350		347
	Boeing Co.	2.125%	3/1/22	800		797
	Boeing Co.	2.700%	5/1/22	425		432
	Boeing Co.	2.800%	3/1/23	250		254
	Boeing Co.	1.875%	6/15/23	100		98
	Boeing Co.	2.800%	3/1/24	450		457
	Boeing Co.	2.850%	10/30/24	200		204
	Boeing Co.	2.600%	10/30/25	300		300
	Boeing Co.	3.100%	5/1/26	400		412
	Boeing Co.	2.250%	6/15/26	250		244
	Boeing Co.	2.800%	3/1/27	200		201
	Boeing Co.	3.250%	3/1/28	275		286

107

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Boeing Co.	3.450%	11/1/28	200		209
	Boeing Co.	3.200%	3/1/29	900		931
	Boeing Co.	6.125%	2/15/33	325		428
	Boeing Co.	3.600%	5/1/34	675		704
	Boeing Co.	6.625%	2/15/38	100		139
	Boeing Co.	3.500%	3/1/39	200		200
	Boeing Co.	6.875%	3/15/39	1,035		1,493
	Boeing Co.	5.875%	2/15/40	545		713
	Boeing Co.	3.375%	6/15/46	450		415
	Boeing Co.	3.650%	3/1/47	300		302
	Boeing Co.	3.625%	3/1/48	350		348
	Boeing Co.	3.850%	11/1/48	200		207
	Boeing Co.	3.900%	5/1/49	650		681
	Boeing Co.	3.825%	3/1/59	250		253
	Carlisle Cos. Inc.	3.750%	11/15/22	175		180
	Carlisle Cos. Inc.	3.500%	12/1/24	150		153
	Carlisle Cos. Inc.	3.750%	12/1/27	650		665
	Caterpillar Financial Services Corp.	1.850%	9/4/20	1,300		1,295
	Caterpillar Financial Services Corp.	2.500%	11/13/20	500		501
	Caterpillar Financial Services Corp.	2.900%	3/15/21	800		809
	Caterpillar Financial Services Corp.	2.650%	5/17/21	380		383
	Caterpillar Financial Services Corp.	1.700%	8/9/21	800		791
	Caterpillar Financial Services Corp.	2.750%	8/20/21	200		202
	Caterpillar Financial Services Corp.	3.150%	9/7/21	900		917
	Caterpillar Financial Services Corp.	1.931%	10/1/21	875		868
	Caterpillar Financial Services Corp.	2.950%	2/26/22	825		842
	Caterpillar Financial Services Corp.	2.400%	6/6/22	200		202
	Caterpillar Financial Services Corp.	2.550%	11/29/22	1,000		1,011
	Caterpillar Financial Services Corp.	3.450%	5/15/23	1,400		1,460
	Caterpillar Financial Services Corp.	3.650%	12/7/23	400		422
	Caterpillar Financial Services Corp.	2.850%	5/17/24	325		332
	Caterpillar Financial Services Corp.	3.300%	6/9/24	730		761
	Caterpillar Financial Services Corp.	3.250%	12/1/24	700		729
	Caterpillar Financial Services Corp.	2.400%	8/9/26	200		196
	Caterpillar Inc.	3.900%	5/27/21	720		743
	Caterpillar Inc.	2.600%	6/26/22	125		127
	Caterpillar Inc.	3.400%	5/15/24	750		786
	Caterpillar Inc.	6.050%	8/15/36	720		948
	Caterpillar Inc.	5.200%	5/27/41	475		598
	Caterpillar Inc.	3.803%	8/15/42	1,454		1,551
	Caterpillar Inc.	4.300%	5/15/44	375		424
	CNH Industrial Capital LLC	4.375%	11/6/20	500		510
	CNH Industrial Capital LLC	4.375%	4/5/22	150		155
	CNH Industrial Capital LLC	4.200%	1/15/24	3,525		3,683
	CNH Industrial NV	3.850%	11/15/27	500		498
	Crane Co.	4.450%	12/15/23	400		424
	Crane Co.	4.200%	3/15/48	500		489
	CRH America Inc.	5.750%	1/15/21	985		1,023
	Deere & Co.	2.600%	6/8/22	700		708
	Deere & Co.	5.375%	10/16/29	455		554
	Deere & Co.	7.125%	3/3/31	400		563
	Deere & Co.	3.900%	6/9/42	1,000		1,100
	Dover Corp.	4.300%	3/1/21	145		149
	Dover Corp.	6.600%	3/15/38	350		460
	Dover Corp.	5.375%	3/1/41	480		564
	Eaton Corp.	2.750%	11/2/22	1,075		1,087
	Eaton Corp.	3.103%	9/15/27	665		674
	Eaton Corp.	4.000%	11/2/32	565		625
	Eaton Corp.	4.150%	11/2/42	75		79
	Eaton Corp.	3.915%	9/15/47	400		405
	Embraer Netherlands Finance BV	5.050%	6/15/25	650		701
	Embraer Netherlands Finance BV	5.400%	2/1/27	500		554
7	Embraer Overseas Ltd.	5.696%	9/16/23	350		383
	Embraer SA	5.150%	6/15/22	900		949

108

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Emerson Electric Co.	4.250%	11/15/20	25		26
Emerson Electric Co.	2.625%	12/1/21	450		455
Emerson Electric Co.	2.625%	2/15/23	300		306
Emerson Electric Co.	3.150%	6/1/25	450		466
Emerson Electric Co.	5.250%	11/15/39	135		167
FLIR Systems Inc.	3.125%	6/15/21	200		201
Flowserve Corp.	3.500%	9/15/22	225		227
Flowserve Corp.	4.000%	11/15/23	375		381
Fortive Corp.	2.350%	6/15/21	700		698
Fortive Corp.	3.150%	6/15/26	585		584
Fortive Corp.	4.300%	6/15/46	425		428
Fortune Brands Home & Security Inc.	4.000%	9/21/23	600		631
Fortune Brands Home & Security Inc.	4.000%	6/15/25	400		419
General Dynamics Corp.	3.000%	5/11/21	1,400		1,423
General Dynamics Corp.	3.875%	7/15/21	250		258
General Dynamics Corp.	2.250%	11/15/22	900		903
General Dynamics Corp.	3.375%	5/15/23	600		627
General Dynamics Corp.	1.875%	8/15/23	500		492
General Dynamics Corp.	2.375%	11/15/24	500		502
General Dynamics Corp.	3.500%	5/15/25	1,500		1,595
General Dynamics Corp.	2.125%	8/15/26	250		243
General Dynamics Corp.	2.625%	11/15/27	500		501
General Dynamics Corp.	3.750%	5/15/28	780		848
General Dynamics Corp.	3.600%	11/15/42	625		657
General Electric Co.	4.375%	9/16/20	796		814
General Electric Co.	4.625%	1/7/21	455		468
General Electric Co.	5.300%	2/11/21	1,099		1,140
General Electric Co.	4.650%	10/17/21	1,304		1,358
General Electric Co.	3.150%	9/7/22	318		322
General Electric Co.	2.700%	10/9/22	1,100		1,097
General Electric Co.	3.100%	1/9/23	4,149		4,190
General Electric Co.	3.375%	3/11/24	500		511
General Electric Co.	3.450%	5/15/24	425		434
General Electric Co.	6.750%	3/15/32	2,185		2,687
General Electric Co.	6.150%	8/7/37	673		782
General Electric Co.	5.875%	1/14/38	2,337		2,645
General Electric Co.	6.875%	1/10/39	1,655		2,073
General Electric Co.	4.125%	10/9/42	1,650		1,518
General Electric Co.	4.500%	3/11/44	1,825		1,761
Honeywell International Inc.	4.250%	3/1/21	805		833
Honeywell International Inc.	1.850%	11/1/21	735		730
Honeywell International Inc.	3.350%	12/1/23	1,175		1,224
Honeywell International Inc.	2.500%	11/1/26	50		50
Honeywell International Inc.	5.700%	3/15/36	300		387
Honeywell International Inc.	5.700%	3/15/37	305		397
Honeywell International Inc.	5.375%	3/1/41	855		1,083
Hubbell Inc.	3.350%	3/1/26	300		300
Hubbell Inc.	3.150%	8/15/27	275		271
Hubbell Inc.	3.500%	2/15/28	400		403
Huntington Ingalls Industries Inc.	3.483%	12/1/27	1,000		1,015
Illinois Tool Works Inc.	3.375%	9/15/21	90		92
Illinois Tool Works Inc.	3.500%	3/1/24	1,145		1,205
Illinois Tool Works Inc.	2.650%	11/15/26	1,100		1,108
Illinois Tool Works Inc.	4.875%	9/15/41	305		368
Illinois Tool Works Inc.	3.900%	9/1/42	1,825		2,006
Ingersoll-Rand Global Holding Co. Ltd.	4.250%	6/15/23	900		957
Ingersoll-Rand Global Holding Co. Ltd.	5.750%	6/15/43	325		401
Ingersoll-Rand Luxembourg Finance SA	3.550%	11/1/24	1,350		1,404
Ingersoll-Rand Luxembourg Finance SA	3.500%	3/21/26	325		335
Ingersoll-Rand Luxembourg Finance SA	3.800%	3/21/29	975		1,020

109

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Ingersoll-Rand Luxembourg Finance SA	4.650%	11/1/44	150		161
Ingersoll-Rand Luxembourg Finance SA	4.500%	3/21/49	400		430
John Deere Capital Corp.	2.450%	9/11/20	275		276
John Deere Capital Corp.	2.875%	3/12/21	550		556
John Deere Capital Corp.	3.900%	7/12/21	125		129
John Deere Capital Corp.	3.125%	9/10/21	500		509
John Deere Capital Corp.	3.150%	10/15/21	305		311
John Deere Capital Corp.	2.650%	1/6/22	450		455
John Deere Capital Corp.	2.750%	3/15/22	75		76
John Deere Capital Corp.	2.150%	9/8/22	550		549
John Deere Capital Corp.	2.700%	1/6/23	425		432
John Deere Capital Corp.	2.800%	1/27/23	275		280
John Deere Capital Corp.	2.800%	3/6/23	1,500		1,535
John Deere Capital Corp.	3.450%	6/7/23	200		209
John Deere Capital Corp.	3.650%	10/12/23	200		211
John Deere Capital Corp.	2.600%	3/7/24	300		303
John Deere Capital Corp.	3.350%	6/12/24	700		733
John Deere Capital Corp.	3.450%	3/13/25	1,225		1,290
John Deere Capital Corp.	3.400%	9/11/25	325		343
John Deere Capital Corp.	2.650%	6/10/26	300		301
John Deere Capital Corp.	2.800%	9/8/27	250		253
John Deere Capital Corp.	3.050%	1/6/28	600		618
John Deere Capital Corp.	3.450%	3/7/29	400		425
Johnson Controls International plc	3.750%	12/1/21	1		1
Johnson Controls International plc	3.625%	7/2/24	442		459
Johnson Controls International plc	3.900%	2/14/26	219		229
Johnson Controls International plc	6.000%	1/15/36	210		247
Johnson Controls International plc	4.625%	7/2/44	800		819
Johnson Controls International plc	5.125%	9/14/45	80		88
Johnson Controls International plc	4.500%	2/15/47	700		706
Johnson Controls International plc	4.950%	7/2/64	286		279
Kennametal Inc.	3.875%	2/15/22	125		128
Kennametal Inc.	4.625%	6/15/28	1,000		1,042
L3 Harris Technologies Inc.	3.832%	4/27/25	550		577
L3 Harris Technologies Inc.	4.854%	4/27/35	100		110
L3 Harris Technologies Inc.	6.150%	12/15/40	425		548
L3 Harris Technologies Inc.	5.054%	4/27/45	375		436
L3 Technologies Inc.	4.950%	2/15/21	575		594
L3 Technologies Inc.	3.850%	6/15/23	775		808
L3 Technologies Inc.	3.950%	5/28/24	270		282
L3 Technologies Inc.	3.850%	12/15/26	200		209
L3 Technologies Inc.	4.400%	6/15/28	750		812
Leggett & Platt Inc.	3.800%	11/15/24	550		563
Leggett & Platt Inc.	3.500%	11/15/27	700		692
Leggett & Platt Inc.	4.400%	3/15/29	400		418
Legrand France SA	8.500%	2/15/25	300		389
Lennox International Inc.	3.000%	11/15/23	100		100
Lockheed Martin Corp.	2.500%	11/23/20	655		658
Lockheed Martin Corp.	3.350%	9/15/21	875		896
Lockheed Martin Corp.	3.100%	1/15/23	270		277
Lockheed Martin Corp.	2.900%	3/1/25	375		386
Lockheed Martin Corp.	3.550%	1/15/26	1,200		1,273
Lockheed Martin Corp.	3.600%	3/1/35	550		568
Lockheed Martin Corp.	4.500%	5/15/36	450		516
Lockheed Martin Corp.	6.150%	9/1/36	1,715		2,299
Lockheed Martin Corp.	5.720%	6/1/40	316		408
Lockheed Martin Corp.	3.800%	3/1/45	100		106
Lockheed Martin Corp.	4.700%	5/15/46	1,700		2,051
Lockheed Martin Corp.	4.090%	9/15/52	972		1,070
Martin Marietta Materials Inc.	3.450%	6/1/27	500		496
Martin Marietta Materials Inc.	3.500%	12/15/27	425		423
Martin Marietta Materials Inc.	4.250%	12/15/47	600		560
Masco Corp.	3.500%	4/1/21	300		304
Masco Corp.	5.950%	3/15/22	228		246

110

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Masco Corp.	4.450%	4/1/25	550		583
Masco Corp.	4.375%	4/1/26	400		419
Masco Corp.	3.500%	11/15/27	100		98
Masco Corp.	7.750%	8/1/29	94		118
Masco Corp.	4.500%	5/15/47	425		399
Mohawk Industries Inc.	3.850%	2/1/23	550		572
Northrop Grumman Corp.	2.080%	10/15/20	800		799
Northrop Grumman Corp.	3.500%	3/15/21	225		229
Northrop Grumman Corp.	2.550%	10/15/22	1,500		1,507
Northrop Grumman Corp.	3.250%	8/1/23	500		513
Northrop Grumman Corp.	2.930%	1/15/25	1,300		1,324
Northrop Grumman Corp.	3.250%	1/15/28	1,650		1,689
Northrop Grumman Corp.	5.050%	11/15/40	475		557
Northrop Grumman Corp.	4.750%	6/1/43	850		984
Northrop Grumman Corp.	4.030%	10/15/47	260		277
Nvent Finance Sarl	3.950%	4/15/23	220		223
Nvent Finance Sarl	4.550%	4/15/28	300		313
Oshkosh Corp.	4.600%	5/15/28	400		420
Owens Corning	4.200%	12/15/22	1,000		1,043
Owens Corning	4.200%	12/1/24	250		260
Owens Corning	3.400%	8/15/26	500		490
Owens Corning	7.000%	12/1/36	35		41
Owens Corning	4.300%	7/15/47	700		590
Owens Corning	4.400%	1/30/48	325		275
Parker-Hannifin Corp.	3.500%	9/15/22	975		1,005
Parker-Hannifin Corp.	2.700%	6/14/24	350		355
Parker-Hannifin Corp.	3.250%	3/1/27	1,600		1,653
Parker-Hannifin Corp.	3.250%	6/14/29	285		295
Parker-Hannifin Corp.	6.250%	5/15/38	575		763
Parker-Hannifin Corp.	4.100%	3/1/47	500		518
Parker-Hannifin Corp.	4.000%	6/14/49	575		600
Precision Castparts Corp.	2.500%	1/15/23	1,075		1,082
Precision Castparts Corp.	3.250%	6/15/25	700		725
Precision Castparts Corp.	3.900%	1/15/43	375		392
Precision Castparts Corp.	4.375%	6/15/45	325		365
Raytheon Co.	3.125%	10/15/20	425		429
Raytheon Co.	2.500%	12/15/22	845		850
Raytheon Co.	3.150%	12/15/24	225		233
Raytheon Co.	7.200%	8/15/27	75		98
Raytheon Co.	4.875%	10/15/40	225		267
Raytheon Co.	4.700%	12/15/41	925		1,086
Republic Services Inc.	5.250%	11/15/21	1,625		1,730
Republic Services Inc.	3.550%	6/1/22	1,300		1,333
Republic Services Inc.	3.200%	3/15/25	500		516
Republic Services Inc.	6.200%	3/1/40	475		625
Republic Services Inc.	5.700%	5/15/41	500		631
Rockwell Automation Inc.	3.500%	3/1/29	400		425
Rockwell Automation Inc.	4.200%	3/1/49	475		532
Rockwell Collins Inc.	3.100%	11/15/21	675		685
Rockwell Collins Inc.	2.800%	3/15/22	750		757
Rockwell Collins Inc.	3.200%	3/15/24	775		793
Rockwell Collins Inc.	3.500%	3/15/27	1,000		1,043
Rockwell Collins Inc.	4.800%	12/15/43	235		268
Rockwell Collins Inc.	4.350%	4/15/47	775		849
Roper Technologies Inc.	2.800%	12/15/21	400		403
Roper Technologies Inc.	3.850%	12/15/25	250		263
Roper Technologies Inc.	3.800%	12/15/26	500		518
Roper Technologies Inc.	4.200%	9/15/28	650		694
Snap-on Inc.	6.125%	9/1/21	300		325
Snap-on Inc.	3.250%	3/1/27	225		233
Snap-on Inc.	4.100%	3/1/48	275		297
Sonoco Products Co.	5.750%	11/1/40	490		562
Spirit AeroSystems Inc.	3.950%	6/15/23	2,200		2,269
Spirit AeroSystems Inc.	3.850%	6/15/26	335		335

111

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Spirit AeroSystems Inc.	4.600%	6/15/28	500		526
Stanley Black & Decker Inc.	3.400%	12/1/21	450		459
Stanley Black & Decker Inc.	2.900%	11/1/22	500		508
Stanley Black & Decker Inc.	3.400%	3/1/26	225		235
Stanley Black & Decker Inc.	5.200%	9/1/40	300		354
Stanley Black & Decker Inc.	4.850%	11/15/48	400		472
Textron Inc.	4.300%	3/1/24	625		667
Textron Inc.	3.875%	3/1/25	200		208
Textron Inc.	4.000%	3/15/26	300		315
Textron Inc.	3.650%	3/15/27	1,025		1,055
Textron Inc.	3.375%	3/1/28	325		326
Textron Inc.	3.900%	9/17/29	600		627
Timken Co.	3.875%	9/1/24	200		206
Timken Co.	4.500%	12/15/28	400		417
United Technologies Corp.	3.350%	8/16/21	1,000		1,022
United Technologies Corp.	1.950%	11/1/21	900		891
United Technologies Corp.	3.100%	6/1/22	1,800		1,840
United Technologies Corp.	3.650%	8/16/23	1,700		1,779
United Technologies Corp.	2.800%	5/4/24	500		507
United Technologies Corp.	3.950%	8/16/25	1,525		1,642
United Technologies Corp.	2.650%	11/1/26	1,075		1,071
United Technologies Corp.	6.700%	8/1/28	150		193
United Technologies Corp.	4.125%	11/16/28	2,420		2,646
United Technologies Corp.	7.500%	9/15/29	900		1,239
United Technologies Corp.	5.400%	5/1/35	500		606
United Technologies Corp.	6.050%	6/1/36	285		365
United Technologies Corp.	6.125%	7/15/38	925		1,225
United Technologies Corp.	4.450%	11/16/38	1,000		1,117
United Technologies Corp.	5.700%	4/15/40	625		796
United Technologies Corp.	4.500%	6/1/42	3,225		3,633
United Technologies Corp.	4.150%	5/15/45	50		54
United Technologies Corp.	3.750%	11/1/46	900		911
United Technologies Corp.	4.050%	5/4/47	800		857
United Technologies Corp.	4.625%	11/16/48	1,375		1,601
Valmont Industries Inc.	5.000%	10/1/44	510		511
Valmont Industries Inc.	5.250%	10/1/54	300		295
Vulcan Materials Co.	4.500%	4/1/25	250		267
Vulcan Materials Co.	4.500%	6/15/47	950		915
Wabtec Corp.	4.400%	3/15/24	1,100		1,163
Wabtec Corp.	3.450%	11/15/26	625		605
Wabtec Corp.	4.950%	9/15/28	750		800
Waste Connections Inc.	3.500%	5/1/29	950		987
Waste Management Inc.	4.600%	3/1/21	275		284
Waste Management Inc.	2.900%	9/15/22	191		194
Waste Management Inc.	2.400%	5/15/23	1,100		1,101
Waste Management Inc.	3.500%	5/15/24	750		785
Waste Management Inc.	2.950%	6/15/24	600		613
Waste Management Inc.	3.125%	3/1/25	250		258
Waste Management Inc.	3.200%	6/15/26	400		415
Waste Management Inc.	3.150%	11/15/27	1,600		1,648
Waste Management Inc.	3.450%	6/15/29	775		813
Waste Management Inc.	3.900%	3/1/35	250		264
Waste Management Inc.	4.000%	7/15/39	425		454
Waste Management Inc.	4.100%	3/1/45	500		539
Waste Management Inc.	4.150%	7/15/49	825		906
WW Grainger Inc.	4.600%	6/15/45	900		996
WW Grainger Inc.	3.750%	5/15/46	325		320
WW Grainger Inc.	4.200%	5/15/47	350		371
Xylem Inc.	3.250%	11/1/26	300		303
Xylem Inc.	4.375%	11/1/46	475		493
Communication (1.0%)
Activision Blizzard Inc.	2.300%	9/15/21	500		499
Activision Blizzard Inc.	2.600%	6/15/22	350		352

112

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Activision Blizzard Inc.	3.400%	9/15/26	1,047		1,059
Activision Blizzard Inc.	4.500%	6/15/47	325		336
America Movil SAB de CV	3.125%	7/16/22	1,060		1,078
America Movil SAB de CV	3.625%	4/22/29	700		726
America Movil SAB de CV	6.375%	3/1/35	800		1,042
America Movil SAB de CV	6.125%	11/15/37	300		384
America Movil SAB de CV	6.125%	3/30/40	1,900		2,473
America Movil SAB de CV	4.375%	7/16/42	950		1,016
America Movil SAB de CV	4.375%	4/22/49	600		645
American Tower Corp.	3.300%	2/15/21	600		607
American Tower Corp.	5.900%	11/1/21	3,099		3,333
American Tower Corp.	2.250%	1/15/22	350		348
American Tower Corp.	3.500%	1/31/23	1,075		1,109
American Tower Corp.	5.000%	2/15/24	1,900		2,089
American Tower Corp.	4.000%	6/1/25	450		474
American Tower Corp.	3.375%	10/15/26	1,669		1,695
American Tower Corp.	3.125%	1/15/27	575		569
American Tower Corp.	3.950%	3/15/29	475		495
American Tower Corp.	3.800%	8/15/29	1,075		1,106
AT&T Corp.	8.750%	11/15/31	1,031		1,430
AT&T Inc.	4.600%	2/15/21	900		926
AT&T Inc.	4.000%	1/15/22	205		213
AT&T Inc.	3.000%	2/15/22	2,000		2,029
AT&T Inc.	3.200%	3/1/22	1,175		1,198
AT&T Inc.	3.400%	6/15/22	400		411
AT&T Inc.	3.000%	6/30/22	1,750		1,781
AT&T Inc.	3.600%	2/17/23	1,735		1,797
AT&T Inc.	4.050%	12/15/23	375		397
AT&T Inc.	3.800%	3/1/24	525		551
AT&T Inc.	4.450%	4/1/24	575		619
AT&T Inc.	3.550%	6/1/24	525		545
AT&T Inc.	3.950%	1/15/25	2,225		2,349
AT&T Inc.	3.400%	5/15/25	3,975		4,080
AT&T Inc.	3.600%	7/15/25	825		855
AT&T Inc.	3.875%	1/15/26	965		1,012
AT&T Inc.	4.125%	2/17/26	3,044		3,238
AT&T Inc.	3.800%	2/15/27	2,570		2,670
AT&T Inc.	4.250%	3/1/27	1,475		1,574
AT&T Inc.	4.100%	2/15/28	1,574		1,667
AT&T Inc.	4.350%	3/1/29	2,000		2,140
AT&T Inc.	4.300%	2/15/30	2,949		3,141
AT&T Inc.	4.500%	5/15/35	1,330		1,392
AT&T Inc.	5.250%	3/1/37	2,325		2,607
AT&T Inc.	4.900%	8/15/37	3,405		3,676
AT&T Inc.	4.850%	3/1/39	1,600		1,708
AT&T Inc.	6.200%	3/15/40	300		358
AT&T Inc.	6.350%	3/15/40	525		646
AT&T Inc.	6.100%	7/15/40	375		449
AT&T Inc.	5.350%	9/1/40	2,205		2,474
AT&T Inc.	6.375%	3/1/41	862		1,074
AT&T Inc.	5.550%	8/15/41	410		474
AT&T Inc.	5.375%	10/15/41	405		449
AT&T Inc.	5.150%	3/15/42	1,000		1,091
AT&T Inc.	4.900%	6/15/42	900		953
AT&T Inc.	4.300%	12/15/42	1,523		1,504
AT&T Inc.	5.350%	12/15/43	1,000		1,099
AT&T Inc.	4.650%	6/1/44	725		747
AT&T Inc.	4.800%	6/15/44	2,050		2,162
AT&T Inc.	4.350%	6/15/45	1,575		1,567
AT&T Inc.	4.750%	5/15/46	2,850		3,004
AT&T Inc.	5.150%	11/15/46	6,000		6,625
AT&T Inc.	4.550%	3/9/49	2,962		3,023
AT&T Inc.	5.150%	2/15/50	2,000		2,202
AT&T Inc.	5.300%	8/15/58	1,301		1,441

113

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Bell Canada Inc.	4.300%	7/29/49	400		431
British Telecommunications plc	4.500%	12/4/23	500		535
British Telecommunications plc	5.125%	12/4/28	650		725
British Telecommunications plc	9.625%	12/15/30	2,000		3,012
CBS Corp.	4.300%	2/15/21	550		564
CBS Corp.	3.375%	3/1/22	725		741
CBS Corp.	2.500%	2/15/23	750		745
CBS Corp.	2.900%	6/1/23	325		328
CBS Corp.	3.700%	8/15/24	575		595
CBS Corp.	3.500%	1/15/25	500		511
CBS Corp.	4.000%	1/15/26	500		524
CBS Corp.	2.900%	1/15/27	2,133		2,068
CBS Corp.	3.375%	2/15/28	375		373
CBS Corp.	4.200%	6/1/29	400		422
CBS Corp.	7.875%	7/30/30	375		511
CBS Corp.	5.500%	5/15/33	350		400
CBS Corp.	4.850%	7/1/42	675		720
CBS Corp.	4.900%	8/15/44	700		745
CC Holdings GS V LLC / Crown Castle GS III Corp.	3.849%	4/15/23	1,000		1,046
Charter Communications Operating LLC / Charter Communications Operating Capital	3.579%	7/23/20	1,600		1,614
Charter Communications Operating LLC / Charter Communications Operating Capital	4.464%	7/23/22	2,415		2,535
Charter Communications Operating LLC / Charter Communications Operating Capital	4.500%	2/1/24	1,030		1,096
Charter Communications Operating LLC / Charter Communications Operating Capital	4.908%	7/23/25	3,975		4,314
Charter Communications Operating LLC / Charter Communications Operating Capital	3.750%	2/15/28	1,880		1,887
Charter Communications Operating LLC / Charter Communications Operating Capital	5.050%	3/30/29	1,000		1,101
Charter Communications Operating LLC / Charter Communications Operating Capital	6.384%	10/23/35	1,675		1,956
Charter Communications Operating LLC / Charter Communications Operating Capital	6.484%	10/23/45	2,760		3,265
Charter Communications Operating LLC / Charter Communications Operating Capital	5.375%	5/1/47	2,050		2,157
Charter Communications Operating LLC / Charter Communications Operating Capital	5.750%	4/1/48	3,025		3,344
Charter Communications Operating LLC / Charter Communications Operating Capital	5.125%	7/1/49	1,500		1,523
Charter Communications Operating LLC / Charter Communications Operating Capital	6.834%	10/23/55	325		385
Comcast Cable Communications Holdings Inc.	9.455%	11/15/22	1,108		1,365
Comcast Corp.	3.300%	10/1/20	1,000		1,013
Comcast Corp.	3.450%	10/1/21	2,575		2,649
Comcast Corp.	3.125%	7/15/22	800		822
Comcast Corp.	2.750%	3/1/23	2,350		2,378
Comcast Corp.	3.000%	2/1/24	3,325		3,418
Comcast Corp.	3.600%	3/1/24	350		369
Comcast Corp.	3.375%	8/15/25	2,225		2,326
Comcast Corp.	3.950%	10/15/25	700		754
Comcast Corp.	3.150%	3/1/26	2,000		2,064
Comcast Corp.	2.350%	1/15/27	1,930		1,878
Comcast Corp.	3.300%	2/1/27	1,075		1,111
Comcast Corp.	3.150%	2/15/28	1,275		1,306
Comcast Corp.	4.150%	10/15/28	4,425		4,876
Comcast Corp.	4.250%	10/15/30	1,000		1,110
Comcast Corp.	4.250%	1/15/33	1,275		1,429
Comcast Corp.	7.050%	3/15/33	1,025		1,427
Comcast Corp.	4.200%	8/15/34	400		442
Comcast Corp.	5.650%	6/15/35	1,080		1,348
Comcast Corp.	4.400%	8/15/35	600		668
Comcast Corp.	3.200%	7/15/36	700		680

114

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Comcast Corp.	6.450%	3/15/37	1,350		1,822
	Comcast Corp.	6.950%	8/15/37	1,020		1,446
	Comcast Corp.	3.900%	3/1/38	725		763
	Comcast Corp.	6.400%	5/15/38	468		630
	Comcast Corp.	4.600%	10/15/38	1,100		1,251
	Comcast Corp.	6.550%	7/1/39	350		476
	Comcast Corp.	6.400%	3/1/40	450		610
	Comcast Corp.	4.650%	7/15/42	2,065		2,372
	Comcast Corp.	4.500%	1/15/43	250		279
	Comcast Corp.	4.750%	3/1/44	400		464
	Comcast Corp.	4.600%	8/15/45	1,175		1,326
	Comcast Corp.	3.400%	7/15/46	2,810		2,675
	Comcast Corp.	4.000%	8/15/47	700		737
	Comcast Corp.	3.969%	11/1/47	1,871		1,956
	Comcast Corp.	4.700%	10/15/48	3,200		3,719
	Comcast Corp.	3.999%	11/1/49	1,803		1,883
	Comcast Corp.	4.049%	11/1/52	317		334
	Comcast Corp.	4.950%	10/15/58	2,000		2,416
	Crown Castle International Corp.	3.400%	2/15/21	1,375		1,394
	Crown Castle International Corp.	2.250%	9/1/21	2,050		2,039
	Crown Castle International Corp.	4.875%	4/15/22	550		584
	Crown Castle International Corp.	5.250%	1/15/23	375		407
	Crown Castle International Corp.	3.150%	7/15/23	625		635
	Crown Castle International Corp.	3.200%	9/1/24	525		535
	Crown Castle International Corp.	4.450%	2/15/26	1,405		1,517
	Crown Castle International Corp.	3.700%	6/15/26	975		1,008
	Crown Castle International Corp.	3.650%	9/1/27	1,190		1,225
	Crown Castle International Corp.	3.800%	2/15/28	1,125		1,165
	Crown Castle International Corp.	4.750%	5/15/47	300		323
	Crown Castle International Corp.	5.200%	2/15/49	300		341
	Deutsche Telekom International Finance BV	8.750%	6/15/30	3,450		4,961
	Discovery Communications LLC	4.375%	6/15/21	655		677
	Discovery Communications LLC	3.500%	6/15/22	625		639
	Discovery Communications LLC	2.950%	3/20/23	600		605
	Discovery Communications LLC	3.250%	4/1/23	475		482
	Discovery Communications LLC	3.800%	3/13/24	210		217
	Discovery Communications LLC	3.900%	11/15/24	400		417
	Discovery Communications LLC	3.450%	3/15/25	1,350		1,367
	Discovery Communications LLC	3.950%	6/15/25	375		389
	Discovery Communications LLC	4.900%	3/11/26	650		711
	Discovery Communications LLC	3.950%	3/20/28	1,375		1,417
	Discovery Communications LLC	5.000%	9/20/37	950		992
	Discovery Communications LLC	6.350%	6/1/40	705		831
	Discovery Communications LLC	4.950%	5/15/42	1,033		1,041
	Discovery Communications LLC	5.200%	9/20/47	1,230		1,288
	Discovery Communications LLC	5.300%	5/15/49	589		632
	Electronic Arts Inc.	3.700%	3/1/21	1,725		1,758
	Electronic Arts Inc.	4.800%	3/1/26	275		306
7	Fox Corp.	3.666%	1/25/22	675		697
7	Fox Corp.	4.030%	1/25/24	1,475		1,563
7	Fox Corp.	4.709%	1/25/29	1,550		1,727
7	Fox Corp.	5.476%	1/25/39	950		1,117
7	Fox Corp.	5.576%	1/25/49	2,000		2,434
	Grupo Televisa SAB	6.625%	3/18/25	450		522
	Grupo Televisa SAB	4.625%	1/30/26	550		576
	Grupo Televisa SAB	8.500%	3/11/32	50		66
	Grupo Televisa SAB	6.625%	1/15/40	500		598
	Grupo Televisa SAB	5.000%	5/13/45	1,640		1,655
	Grupo Televisa SAB	5.250%	5/24/49	200		206
	Interpublic Group of Cos. Inc.	3.500%	10/1/20	200		202
	Interpublic Group of Cos. Inc.	3.750%	10/1/21	250		257
	Interpublic Group of Cos. Inc.	3.750%	2/15/23	750		779
	Interpublic Group of Cos. Inc.	4.200%	4/15/24	350		377
	Interpublic Group of Cos. Inc.	4.650%	10/1/28	425		464

115

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Interpublic Group of Cos. Inc.	5.400%	10/1/48	550		611
Koninklijke KPN NV	8.375%	10/1/30	650		852
Moody’s Corp.	5.500%	9/1/20	500		517
Moody’s Corp.	2.750%	12/15/21	375		378
Moody’s Corp.	4.500%	9/1/22	335		354
Moody’s Corp.	4.875%	2/15/24	425		464
Moody’s Corp.	4.875%	12/17/48	300		350
NBCUniversal Media LLC	4.375%	4/1/21	205		213
NBCUniversal Media LLC	2.875%	1/15/23	1,932		1,972
NBCUniversal Media LLC	6.400%	4/30/40	480		650
NBCUniversal Media LLC	5.950%	4/1/41	1,075		1,414
NBCUniversal Media LLC	4.450%	1/15/43	1,000		1,091
Omnicom Group Inc./ Omnicom Capital Inc.	4.450%	8/15/20	500		511
Omnicom Group Inc./ Omnicom Capital Inc.	3.625%	5/1/22	1,100		1,136
Omnicom Group Inc./ Omnicom Capital Inc.	3.650%	11/1/24	650		680
Omnicom Group Inc./ Omnicom Capital Inc.	3.600%	4/15/26	1,150		1,174
Orange SA	4.125%	9/14/21	802		834
Orange SA	9.000%	3/1/31	2,260		3,429
Orange SA	5.375%	1/13/42	700		849
RELX Capital Inc.	3.125%	10/15/22	705		717
RELX Capital Inc.	3.500%	3/16/23	575		593
RELX Capital Inc.	4.000%	3/18/29	300		316
Rogers Communications Inc.	3.000%	3/15/23	230		234
Rogers Communications Inc.	4.100%	10/1/23	300		318
Rogers Communications Inc.	3.625%	12/15/25	475		498
Rogers Communications Inc.	4.500%	3/15/43	540		590
Rogers Communications Inc.	5.000%	3/15/44	950		1,099
Rogers Communications Inc.	4.350%	5/1/49	2,000		2,159
S&P Global Inc.	3.300%	8/14/20	575		581
S&P Global Inc.	4.000%	6/15/25	550		597
S&P Global Inc.	4.400%	2/15/26	750		826
S&P Global Inc.	6.550%	11/15/37	350		473
S&P Global Inc.	4.500%	5/15/48	500		571
Telefonica Emisiones SAU	5.213%	3/8/47	2,000		2,199
Telefonica Emisiones SAU	5.462%	2/16/21	1,350		1,414
Telefonica Emisiones SAU	4.570%	4/27/23	675		726
Telefonica Emisiones SAU	4.103%	3/8/27	1,175		1,246
Telefonica Emisiones SAU	7.045%	6/20/36	1,535		2,005
Telefonica Emisiones SAU	4.665%	3/6/38	600		622
Telefonica Emisiones SAU	4.895%	3/6/48	1,000		1,049
Telefonica Emisiones SAU	5.520%	3/1/49	1,000		1,147
Telefonica Europe BV	8.250%	9/15/30	780		1,092
TELUS Corp.	2.800%	2/16/27	500		491
TELUS Corp.	4.300%	6/15/49	1,000		1,060
Thomson Reuters Corp.	4.300%	11/23/23	560		595
Thomson Reuters Corp.	3.350%	5/15/26	400		401
Thomson Reuters Corp.	5.500%	8/15/35	350		384
Thomson Reuters Corp.	5.850%	4/15/40	895		1,029
Time Warner Cable LLC	4.125%	2/15/21	500		510
Time Warner Cable LLC	4.000%	9/1/21	775		795
Time Warner Cable LLC	6.550%	5/1/37	1,300		1,489
Time Warner Cable LLC	7.300%	7/1/38	1,435		1,744
Time Warner Cable LLC	6.750%	6/15/39	1,350		1,559
Time Warner Cable LLC	5.875%	11/15/40	950		1,033
Time Warner Cable LLC	5.500%	9/1/41	1,325		1,387
Time Warner Cable LLC	4.500%	9/15/42	950		887
Time Warner Entertainment Co. LP	8.375%	3/15/23	825		976
Time Warner Entertainment Co. LP	8.375%	7/15/33	650		875
Verizon Communications Inc.	3.450%	3/15/21	300		306
Verizon Communications Inc.	4.600%	4/1/21	2,165		2,252
Verizon Communications Inc.	2.946%	3/15/22	800		816
Verizon Communications Inc.	3.125%	3/16/22	1,550		1,588
Verizon Communications Inc.	2.450%	11/1/22	875		881
Verizon Communications Inc.	5.150%	9/15/23	3,390		3,783

116

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Verizon Communications Inc.	4.150%	3/15/24	500		537
	Verizon Communications Inc.	3.500%	11/1/24	1,475		1,548
	Verizon Communications Inc.	3.376%	2/15/25	2,626		2,737
	Verizon Communications Inc.	2.625%	8/15/26	2,437		2,416
	Verizon Communications Inc.	4.125%	3/16/27	50		54
	Verizon Communications Inc.	4.329%	9/21/28	5,207		5,753
7	Verizon Communications Inc.	4.016%	12/3/29	3,624		3,919
	Verizon Communications Inc.	4.500%	8/10/33	2,325		2,608
	Verizon Communications Inc.	4.400%	11/1/34	2,200		2,431
	Verizon Communications Inc.	4.272%	1/15/36	2,359		2,545
	Verizon Communications Inc.	5.250%	3/16/37	3,500		4,187
	Verizon Communications Inc.	4.812%	3/15/39	1,325		1,519
	Verizon Communications Inc.	4.750%	11/1/41	700		788
	Verizon Communications Inc.	3.850%	11/1/42	950		965
	Verizon Communications Inc.	4.125%	8/15/46	980		1,018
	Verizon Communications Inc.	4.862%	8/21/46	3,707		4,311
	Verizon Communications Inc.	5.500%	3/16/47	1,245		1,569
	Verizon Communications Inc.	4.522%	9/15/48	3,816		4,267
	Verizon Communications Inc.	5.012%	4/15/49	2,000		2,388
	Verizon Communications Inc.	5.012%	8/21/54	1,200		1,432
	Verizon Communications Inc.	4.672%	3/15/55	3,500		3,970
	Viacom Inc.	3.875%	12/15/21	495		508
	Viacom Inc.	4.250%	9/1/23	1,175		1,242
	Viacom Inc.	3.875%	4/1/24	388		404
	Viacom Inc.	6.875%	4/30/36	940		1,187
	Viacom Inc.	4.375%	3/15/43	1,337		1,306
	Viacom Inc.	5.850%	9/1/43	1,075		1,267
	Vodafone Group plc	3.750%	1/16/24	1,750		1,829
	Vodafone Group plc	4.125%	5/30/25	1,170		1,246
	Vodafone Group plc	4.375%	5/30/28	3,995		4,300
	Vodafone Group plc	7.875%	2/15/30	625		842
	Vodafone Group plc	6.250%	11/30/32	425		525
	Vodafone Group plc	5.000%	5/30/38	1,630		1,758
	Vodafone Group plc	4.375%	2/19/43	1,125		1,112
	Vodafone Group plc	5.250%	5/30/48	2,325		2,571
	Vodafone Group plc	4.875%	6/19/49	1,000		1,049
7	Walt Disney Co.	5.650%	8/15/20	500		519
	Walt Disney Co.	2.150%	9/17/20	1,200		1,201
	Walt Disney Co.	2.300%	2/12/21	650		652
7	Walt Disney Co.	4.500%	2/15/21	846		878
	Walt Disney Co.	2.750%	8/16/21	50		51
	Walt Disney Co.	2.550%	2/15/22	932		941
	Walt Disney Co.	2.450%	3/4/22	375		378
7	Walt Disney Co.	3.000%	9/15/22	825		842
7	Walt Disney Co.	3.700%	9/15/24	1,000		1,064
	Walt Disney Co.	3.150%	9/17/25	600		630
7	Walt Disney Co.	3.700%	10/15/25	500		534
	Walt Disney Co.	1.850%	7/30/26	1,415		1,371
7	Walt Disney Co.	3.375%	11/15/26	281		295
	Walt Disney Co.	7.000%	3/1/32	50		71
7	Walt Disney Co.	6.550%	3/15/33	392		541
7	Walt Disney Co.	6.200%	12/15/34	975		1,313
7	Walt Disney Co.	6.400%	12/15/35	1,550		2,123
7	Walt Disney Co.	6.150%	3/1/37	800		1,085
7	Walt Disney Co.	6.900%	8/15/39	485		719
7	Walt Disney Co.	6.150%	2/15/41	1,280		1,766
	Walt Disney Co.	4.375%	8/16/41	325		374
	Walt Disney Co.	4.125%	12/1/41	485		538
	Walt Disney Co.	3.700%	12/1/42	400		423
7	Walt Disney Co.	5.400%	10/1/43	2,000		2,603
7	Walt Disney Co.	4.750%	9/15/44	690		837
	WPP Finance 2010	4.750%	11/21/21	625		655
	WPP Finance 2010	3.625%	9/7/22	400		412
	WPP Finance 2010	3.750%	9/19/24	525		542

117

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Consumer Cyclical (0.8%)
Advance Auto Parts Inc.	4.500%	1/15/22	175		183
Advance Auto Parts Inc.	4.500%	12/1/23	400		429
Alibaba Group Holding Ltd.	3.125%	11/28/21	700		710
Alibaba Group Holding Ltd.	2.800%	6/6/23	200		201
Alibaba Group Holding Ltd.	3.600%	11/28/24	1,625		1,694
Alibaba Group Holding Ltd.	3.400%	12/6/27	2,600		2,631
Alibaba Group Holding Ltd.	4.500%	11/28/34	600		656
Alibaba Group Holding Ltd.	4.000%	12/6/37	700		713
Alibaba Group Holding Ltd.	4.200%	12/6/47	1,400		1,463
Alibaba Group Holding Ltd.	4.400%	12/6/57	700		742
Amazon.com Inc.	1.900%	8/21/20	625		623
Amazon.com Inc.	3.300%	12/5/21	775		800
Amazon.com Inc.	2.500%	11/29/22	475		479
Amazon.com Inc.	2.400%	2/22/23	1,150		1,161
Amazon.com Inc.	2.800%	8/22/24	500		514
Amazon.com Inc.	3.800%	12/5/24	1,000		1,077
Amazon.com Inc.	5.200%	12/3/25	875		1,022
Amazon.com Inc.	3.150%	8/22/27	2,350		2,469
Amazon.com Inc.	4.800%	12/5/34	975		1,198
Amazon.com Inc.	3.875%	8/22/37	2,290		2,522
Amazon.com Inc.	4.950%	12/5/44	1,275		1,605
Amazon.com Inc.	4.050%	8/22/47	2,400		2,709
Amazon.com Inc.	4.250%	8/22/57	1,785		2,052
American Honda Finance Corp.	1.950%	7/20/20	600		599
American Honda Finance Corp.	2.450%	9/24/20	725		726
American Honda Finance Corp.	3.150%	1/8/21	600		608
American Honda Finance Corp.	2.650%	2/12/21	1,300		1,308
American Honda Finance Corp.	1.650%	7/12/21	500		494
American Honda Finance Corp.	1.700%	9/9/21	1,725		1,704
American Honda Finance Corp.	3.375%	12/10/21	400		410
American Honda Finance Corp.	2.600%	11/16/22	500		505
American Honda Finance Corp.	3.450%	7/14/23	400		417
American Honda Finance Corp.	3.625%	10/10/23	400		420
American Honda Finance Corp.	2.900%	2/16/24	1,725		1,756
American Honda Finance Corp.	2.400%	6/27/24	400		398
American Honda Finance Corp.	2.300%	9/9/26	250		242
American Honda Finance Corp.	3.500%	2/15/28	400		420
Aptiv plc	4.250%	1/15/26	700		732
Aptiv plc	4.350%	3/15/29	150		158
Aptiv plc	4.400%	10/1/46	225		209
Aptiv plc	5.400%	3/15/49	305		320
Automatic Data Processing Inc.	2.250%	9/15/20	575		575
Automatic Data Processing Inc.	3.375%	9/15/25	675		712
AutoNation Inc.	3.350%	1/15/21	500		503
AutoNation Inc.	3.500%	11/15/24	600		596
AutoNation Inc.	4.500%	10/1/25	500		518
AutoNation Inc.	3.800%	11/15/27	250		244
AutoZone Inc.	3.700%	4/15/22	700		721
AutoZone Inc.	2.875%	1/15/23	250		253
AutoZone Inc.	3.125%	7/15/23	275		281
AutoZone Inc.	3.125%	4/18/24	430		440
AutoZone Inc.	3.250%	4/15/25	260		265
AutoZone Inc.	3.125%	4/21/26	300		302
AutoZone Inc.	3.750%	6/1/27	700		730
AutoZone Inc.	3.750%	4/18/29	350		364
Best Buy Co. Inc.	5.500%	3/15/21	125		130
Best Buy Co. Inc.	4.450%	10/1/28	850		896
Block Financial LLC	4.125%	10/1/20	313		318
Block Financial LLC	5.500%	11/1/22	500		533
Block Financial LLC	5.250%	10/1/25	350		375
Booking Holdings Inc.	2.750%	3/15/23	400		405
Booking Holdings Inc.	3.650%	3/15/25	400		423

118

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Booking Holdings Inc.	3.600%	6/1/26	1,330		1,402
Booking Holdings Inc.	3.550%	3/15/28	450		470
BorgWarner Inc.	4.625%	9/15/20	50		51
BorgWarner Inc.	3.375%	3/15/25	250		257
BorgWarner Inc.	4.375%	3/15/45	500		490
Carnival Corp.	3.950%	10/15/20	450		459
Costco Wholesale Corp.	2.150%	5/18/21	350		350
Costco Wholesale Corp.	2.250%	2/15/22	300		301
Costco Wholesale Corp.	2.300%	5/18/22	900		905
Costco Wholesale Corp.	2.750%	5/18/24	1,075		1,104
Costco Wholesale Corp.	3.000%	5/18/27	800		827
Cummins Inc.	3.650%	10/1/23	350		370
Cummins Inc.	7.125%	3/1/28	150		197
Cummins Inc.	4.875%	10/1/43	400		478
Daimler Finance North America LLC	8.500%	1/18/31	905		1,344
Darden Restaurants Inc.	3.850%	5/1/27	750		774
Darden Restaurants Inc.	4.550%	2/15/48	250		249
Delphi Corp.	4.150%	3/15/24	575		603
Dollar General Corp.	3.250%	4/15/23	1,300		1,333
Dollar General Corp.	4.150%	11/1/25	500		538
Dollar General Corp.	3.875%	4/15/27	150		155
Dollar General Corp.	4.125%	5/1/28	400		426
Dollar Tree Inc.	3.700%	5/15/23	475		492
Dollar Tree Inc.	4.000%	5/15/25	1,450		1,506
Dollar Tree Inc.	4.200%	5/15/28	1,145		1,184
DR Horton Inc.	4.375%	9/15/22	150		156
DR Horton Inc.	4.750%	2/15/23	700		740
DR Horton Inc.	5.750%	8/15/23	325		356
eBay Inc.	3.250%	10/15/20	125		126
eBay Inc.	2.875%	8/1/21	450		453
eBay Inc.	3.800%	3/9/22	500		517
eBay Inc.	2.600%	7/15/22	1,000		1,002
eBay Inc.	2.750%	1/30/23	425		427
eBay Inc.	3.450%	8/1/24	800		823
eBay Inc.	3.600%	6/5/27	650		665
eBay Inc.	4.000%	7/15/42	600		555
Expedia Group Inc.	5.950%	8/15/20	1,750		1,813
Expedia Group Inc.	4.500%	8/15/24	435		462
Expedia Group Inc.	5.000%	2/15/26	200		217
Expedia Group Inc.	3.800%	2/15/28	600		609
Ford Motor Co.	4.346%	12/8/26	650		655
Ford Motor Co.	6.625%	10/1/28	375		422
Ford Motor Co.	6.375%	2/1/29	275		297
Ford Motor Co.	7.450%	7/16/31	2,110		2,490
Ford Motor Co.	4.750%	1/15/43	950		824
Ford Motor Co.	7.400%	11/1/46	300		333
Ford Motor Co.	5.291%	12/8/46	900		831
Ford Motor Credit Co. LLC	3.157%	8/4/20	1,400		1,405
Ford Motor Credit Co. LLC	2.343%	11/2/20	775		769
Ford Motor Credit Co. LLC	3.200%	1/15/21	1,050		1,052
Ford Motor Credit Co. LLC	3.336%	3/18/21	1,500		1,506
Ford Motor Credit Co. LLC	5.875%	8/2/21	1,675		1,765
Ford Motor Credit Co. LLC	3.813%	10/12/21	400		405
Ford Motor Credit Co. LLC	5.596%	1/7/22	750		794
Ford Motor Credit Co. LLC	3.219%	1/9/22	3,126		3,128
Ford Motor Credit Co. LLC	3.339%	3/28/22	850		853
Ford Motor Credit Co. LLC	2.979%	8/3/22	2,700		2,669
Ford Motor Credit Co. LLC	4.250%	9/20/22	775		793
Ford Motor Credit Co. LLC	4.375%	8/6/23	850		872
Ford Motor Credit Co. LLC	5.584%	3/18/24	1,800		1,927
Ford Motor Credit Co. LLC	3.664%	9/8/24	500		492
Ford Motor Credit Co. LLC	4.687%	6/9/25	500		514
Ford Motor Credit Co. LLC	4.134%	8/4/25	900		899
Ford Motor Credit Co. LLC	4.389%	1/8/26	688		689

119

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Ford Motor Credit Co. LLC	3.815%	11/2/27	550		524
Ford Motor Credit Co. LLC	5.113%	5/3/29	1,450		1,476
General Motors Co.	4.875%	10/2/23	1,955		2,070
General Motors Co.	4.000%	4/1/25	325		330
General Motors Co.	5.000%	10/1/28	900		942
General Motors Co.	5.000%	4/1/35	680		665
General Motors Co.	6.600%	4/1/36	600		660
General Motors Co.	5.150%	4/1/38	825		810
General Motors Co.	6.250%	10/2/43	935		985
General Motors Co.	5.200%	4/1/45	1,245		1,191
General Motors Co.	6.750%	4/1/46	665		741
General Motors Co.	5.400%	4/1/48	675		654
General Motors Co.	5.950%	4/1/49	750		781
General Motors Financial Co. Inc.	3.200%	7/13/20	1,150		1,155
General Motors Financial Co. Inc.	2.450%	11/6/20	1,300		1,295
General Motors Financial Co. Inc.	3.700%	11/24/20	975		987
General Motors Financial Co. Inc.	4.200%	3/1/21	625		638
General Motors Financial Co. Inc.	3.550%	4/9/21	625		632
General Motors Financial Co. Inc.	3.200%	7/6/21	1,600		1,609
General Motors Financial Co. Inc.	4.375%	9/25/21	375		387
General Motors Financial Co. Inc.	4.200%	11/6/21	400		412
General Motors Financial Co. Inc.	3.450%	1/14/22	900		911
General Motors Financial Co. Inc.	3.450%	4/10/22	3,640		3,685
General Motors Financial Co. Inc.	3.150%	6/30/22	300		301
General Motors Financial Co. Inc.	3.550%	7/8/22	800		813
General Motors Financial Co. Inc.	3.250%	1/5/23	750		753
General Motors Financial Co. Inc.	3.700%	5/9/23	1,000		1,012
General Motors Financial Co. Inc.	4.250%	5/15/23	1,295		1,336
General Motors Financial Co. Inc.	4.150%	6/19/23	900		926
General Motors Financial Co. Inc.	5.100%	1/17/24	600		641
General Motors Financial Co. Inc.	3.950%	4/13/24	800		816
General Motors Financial Co. Inc.	3.500%	11/7/24	900		894
General Motors Financial Co. Inc.	4.000%	1/15/25	650		659
General Motors Financial Co. Inc.	4.350%	4/9/25	1,500		1,547
General Motors Financial Co. Inc.	5.250%	3/1/26	575		616
General Motors Financial Co. Inc.	4.000%	10/6/26	400		403
General Motors Financial Co. Inc.	4.350%	1/17/27	1,210		1,229
General Motors Financial Co. Inc.	3.850%	1/5/28	400		390
General Motors Financial Co. Inc.	5.650%	1/17/29	625		686
GLP Capital LP / GLP Financing II Inc.	4.875%	11/1/20	825		839
GLP Capital LP / GLP Financing II Inc.	4.375%	4/15/21	100		101
GLP Capital LP / GLP Financing II Inc.	5.375%	11/1/23	500		539
GLP Capital LP / GLP Financing II Inc.	5.250%	6/1/25	625		669
GLP Capital LP / GLP Financing II Inc.	5.375%	4/15/26	800		863
GLP Capital LP / GLP Financing II Inc.	5.750%	6/1/28	100		110
GLP Capital LP / GLP Financing II Inc.	5.300%	1/15/29	825		890
Harley-Davidson Inc.	3.500%	7/28/25	300		304
Harley-Davidson Inc.	4.625%	7/28/45	500		504
Harman International Industries Inc.	4.150%	5/15/25	275		290
Home Depot Inc.	2.000%	4/1/21	1,175		1,174
Home Depot Inc.	4.400%	4/1/21	825		853
Home Depot Inc.	3.250%	3/1/22	700		722
Home Depot Inc.	2.625%	6/1/22	990		1,006
Home Depot Inc.	2.700%	4/1/23	600		613
Home Depot Inc.	3.750%	2/15/24	3,085		3,290
Home Depot Inc.	3.350%	9/15/25	500		529
Home Depot Inc.	3.000%	4/1/26	500		516
Home Depot Inc.	2.800%	9/14/27	75		76
Home Depot Inc.	3.900%	12/6/28	400		440
Home Depot Inc.	2.950%	6/15/29	700		715
Home Depot Inc.	5.875%	12/16/36	2,495		3,297
Home Depot Inc.	5.400%	9/15/40	400		510
Home Depot Inc.	5.950%	4/1/41	775		1,046
Home Depot Inc.	4.200%	4/1/43	975		1,082

120

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Home Depot Inc.	4.875%	2/15/44	1,050		1,267
Home Depot Inc.	4.400%	3/15/45	500		574
Home Depot Inc.	4.250%	4/1/46	1,320		1,480
Home Depot Inc.	3.900%	6/15/47	900		973
Home Depot Inc.	4.500%	12/6/48	1,175		1,376
Home Depot Inc.	3.500%	9/15/56	700		686
Hyatt Hotels Corp.	3.375%	7/15/23	800		818
Hyatt Hotels Corp.	4.850%	3/15/26	100		109
Hyatt Hotels Corp.	4.375%	9/15/28	350		370
IHS Markit Ltd.	3.625%	5/1/24	400		412
IHS Markit Ltd.	4.750%	8/1/28	600		655
IHS Markit Ltd.	4.250%	5/1/29	400		421
JD.com Inc.	3.125%	4/29/21	200		201
JD.com Inc.	3.875%	4/29/26	400		399
Kohl’s Corp.	4.250%	7/17/25	625		648
Kohl’s Corp.	5.550%	7/17/45	350		348
Lear Corp.	5.250%	1/15/25	700		725
Lear Corp.	3.800%	9/15/27	500		495
Lear Corp.	4.250%	5/15/29	400		403
Lear Corp.	5.250%	5/15/49	500		494
Lowe’s Cos. Inc.	3.750%	4/15/21	205		209
Lowe’s Cos. Inc.	3.800%	11/15/21	250		257
Lowe’s Cos. Inc.	3.120%	4/15/22	450		458
Lowe’s Cos. Inc.	3.875%	9/15/23	300		316
Lowe’s Cos. Inc.	3.125%	9/15/24	400		411
Lowe’s Cos. Inc.	3.375%	9/15/25	975		1,011
Lowe’s Cos. Inc.	2.500%	4/15/26	1,700		1,666
Lowe’s Cos. Inc.	3.100%	5/3/27	642		648
Lowe’s Cos. Inc.	3.650%	4/5/29	1,200		1,253
Lowe’s Cos. Inc.	4.650%	4/15/42	575		609
Lowe’s Cos. Inc.	4.250%	9/15/44	225		226
Lowe’s Cos. Inc.	4.375%	9/15/45	1,225		1,269
Lowe’s Cos. Inc.	3.700%	4/15/46	2,330		2,185
Lowe’s Cos. Inc.	4.050%	5/3/47	1,200		1,184
Lowe’s Cos. Inc.	4.550%	4/5/49	900		963
Macy’s Retail Holdings Inc.	3.450%	1/15/21	310		312
Macy’s Retail Holdings Inc.	3.875%	1/15/22	150		152
Macy’s Retail Holdings Inc.	2.875%	2/15/23	530		519
Macy’s Retail Holdings Inc.	4.375%	9/1/23	595		608
Macy’s Retail Holdings Inc.	3.625%	6/1/24	415		408
Macy’s Retail Holdings Inc.	4.500%	12/15/34	325		299
Magna International Inc.	3.625%	6/15/24	825		858
Magna International Inc.	4.150%	10/1/25	300		319
Marriott International Inc.	3.375%	10/15/20	850		858
Marriott International Inc.	2.875%	3/1/21	500		503
Marriott International Inc.	3.125%	10/15/21	350		354
Marriott International Inc.	2.300%	1/15/22	400		398
Marriott International Inc.	3.750%	3/15/25	525		545
Marriott International Inc.	3.750%	10/1/25	200		208
Marriott International Inc.	3.125%	6/15/26	595		595
Marriott International Inc.	4.000%	4/15/28	425		447
Marriott International Inc.	3.600%	4/15/24	500		521
Mastercard Inc.	2.000%	11/21/21	350		349
Mastercard Inc.	3.375%	4/1/24	1,000		1,053
Mastercard Inc.	2.950%	11/21/26	510		525
Mastercard Inc.	3.500%	2/26/28	450		485
Mastercard Inc.	2.950%	6/1/29	400		411
Mastercard Inc.	3.800%	11/21/46	350		374
Mastercard Inc.	3.950%	2/26/48	550		611
Mastercard Inc.	3.650%	6/1/49	900		948
McDonald’s Corp.	2.750%	12/9/20	725		729
McDonald’s Corp.	2.625%	1/15/22	2,092		2,113
McDonald’s Corp.	3.350%	4/1/23	650		674
McDonald’s Corp.	3.375%	5/26/25	2,680		2,800

121

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
McDonald’s Corp.	3.700%	1/30/26	1,125		1,197
McDonald’s Corp.	3.500%	3/1/27	200		210
McDonald’s Corp.	3.800%	4/1/28	700		749
McDonald’s Corp.	4.700%	12/9/35	575		655
McDonald’s Corp.	6.300%	3/1/38	100		130
McDonald’s Corp.	5.700%	2/1/39	375		461
McDonald’s Corp.	3.700%	2/15/42	1,225		1,189
McDonald’s Corp.	3.625%	5/1/43	400		384
McDonald’s Corp.	4.600%	5/26/45	925		1,013
McDonald’s Corp.	4.875%	12/9/45	1,225		1,409
McDonald’s Corp.	4.450%	3/1/47	450		489
McDonald’s Corp.	4.450%	9/1/48	900		978
NIKE Inc.	2.250%	5/1/23	50		50
NIKE Inc.	2.375%	11/1/26	1,000		1,000
NIKE Inc.	3.625%	5/1/43	125		129
NIKE Inc.	3.875%	11/1/45	1,000		1,061
NIKE Inc.	3.375%	11/1/46	650		640
Nordstrom Inc.	4.000%	10/15/21	585		601
Nordstrom Inc.	4.000%	3/15/27	400		403
Nordstrom Inc.	6.950%	3/15/28	200		233
Nordstrom Inc.	5.000%	1/15/44	672		626
NVR Inc.	3.950%	9/15/22	200		207
O’Reilly Automotive Inc.	4.875%	1/14/21	50		52
O’Reilly Automotive Inc.	4.625%	9/15/21	150		156
O’Reilly Automotive Inc.	3.800%	9/1/22	255		264
O’Reilly Automotive Inc.	3.850%	6/15/23	300		313
O’Reilly Automotive Inc.	3.550%	3/15/26	200		205
O’Reilly Automotive Inc.	3.600%	9/1/27	700		717
PACCAR Financial Corp.	2.500%	8/14/20	225		226
PACCAR Financial Corp.	2.050%	11/13/20	400		400
PACCAR Financial Corp.	2.250%	2/25/21	200		200
PACCAR Financial Corp.	2.800%	3/1/21	325		328
PACCAR Financial Corp.	3.150%	8/9/21	300		305
PACCAR Financial Corp.	2.850%	3/1/22	250		254
PACCAR Financial Corp.	2.650%	5/10/22	475		481
PACCAR Financial Corp.	2.300%	8/10/22	250		250
PACCAR Financial Corp.	3.400%	8/9/23	300		311
QVC Inc.	5.125%	7/2/22	25		26
QVC Inc.	4.375%	3/15/23	75		76
QVC Inc.	4.850%	4/1/24	975		1,006
QVC Inc.	4.450%	2/15/25	300		303
QVC Inc.	5.950%	3/15/43	325		312
Ralph Lauren Corp.	2.625%	8/18/20	225		225
Ralph Lauren Corp.	3.750%	9/15/25	100		106
Royal Caribbean Cruises Ltd.	2.650%	11/28/20	175		175
Royal Caribbean Cruises Ltd.	5.250%	11/15/22	475		514
Royal Caribbean Cruises Ltd.	3.700%	3/15/28	700		701
Sands China Ltd.	4.600%	8/8/23	1,495		1,570
Sands China Ltd.	5.125%	8/8/25	1,500		1,612
Sands China Ltd.	5.400%	8/8/28	1,600		1,744
Starbucks Corp.	2.200%	11/22/20	275		275
Starbucks Corp.	2.100%	2/4/21	350		349
Starbucks Corp.	2.700%	6/15/22	725		731
Starbucks Corp.	3.100%	3/1/23	750		768
Starbucks Corp.	3.850%	10/1/23	585		616
Starbucks Corp.	3.800%	8/15/25	1,150		1,227
Starbucks Corp.	2.450%	6/15/26	665		658
Starbucks Corp.	3.500%	3/1/28	500		524
Starbucks Corp.	4.000%	11/15/28	250		271
Starbucks Corp.	4.300%	6/15/45	175		184
Starbucks Corp.	3.750%	12/1/47	600		586
Starbucks Corp.	4.500%	11/15/48	800		870
Tapestry Inc.	3.000%	7/15/22	450		451
Tapestry Inc.	4.250%	4/1/25	450		471

122

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Tapestry Inc.	4.125%	7/15/27	475		479
Target Corp.	3.875%	7/15/20	370		376
Target Corp.	2.900%	1/15/22	850		869
Target Corp.	3.500%	7/1/24	1,325		1,406
Target Corp.	2.500%	4/15/26	775		779
Target Corp.	3.375%	4/15/29	850		899
Target Corp.	6.350%	11/1/32	363		491
Target Corp.	6.500%	10/15/37	450		636
Target Corp.	7.000%	1/15/38	300		447
Target Corp.	4.000%	7/1/42	1,225		1,319
Target Corp.	3.625%	4/15/46	1,300		1,325
Target Corp.	3.900%	11/15/47	600		642
TJX Cos. Inc.	2.750%	6/15/21	625		631
TJX Cos. Inc.	2.500%	5/15/23	800		810
TJX Cos. Inc.	2.250%	9/15/26	1,400		1,372
Toyota Motor Corp.	3.183%	7/20/21	850		870
Toyota Motor Corp.	2.157%	7/2/22	400		400
Toyota Motor Corp.	3.419%	7/20/23	895		933
Toyota Motor Corp.	2.358%	7/2/24	400		400
Toyota Motor Corp.	3.669%	7/20/28	500		541
Toyota Motor Corp.	2.760%	7/2/29	400		402
Toyota Motor Credit Corp.	4.250%	1/11/21	300		310
Toyota Motor Credit Corp.	1.900%	4/8/21	1,000		995
Toyota Motor Credit Corp.	2.950%	4/13/21	850		861
Toyota Motor Credit Corp.	2.750%	5/17/21	500		505
Toyota Motor Credit Corp.	3.400%	9/15/21	305		313
Toyota Motor Credit Corp.	2.600%	1/11/22	700		707
Toyota Motor Credit Corp.	3.300%	1/12/22	950		976
Toyota Motor Credit Corp.	2.650%	4/12/22	2,100		2,125
Toyota Motor Credit Corp.	2.800%	7/13/22	700		712
Toyota Motor Credit Corp.	2.150%	9/8/22	650		649
Toyota Motor Credit Corp.	2.625%	1/10/23	550		557
Toyota Motor Credit Corp.	2.700%	1/11/23	750		761
Toyota Motor Credit Corp.	2.900%	4/17/24	950		971
Toyota Motor Credit Corp.	3.400%	4/14/25	100		105
Toyota Motor Credit Corp.	3.200%	1/11/27	750		779
Toyota Motor Credit Corp.	3.050%	1/11/28	850		874
Toyota Motor Credit Corp.	3.650%	1/8/29	450		485
VF Corp.	3.500%	9/1/21	305		313
VF Corp.	6.450%	11/1/37	300		401
Visa Inc.	2.200%	12/14/20	2,200		2,203
Visa Inc.	2.150%	9/15/22	500		501
Visa Inc.	2.800%	12/14/22	1,500		1,535
Visa Inc.	3.150%	12/14/25	3,725		3,909
Visa Inc.	2.750%	9/15/27	875		892
Visa Inc.	4.150%	12/14/35	1,300		1,488
Visa Inc.	4.300%	12/14/45	3,030		3,581
Visa Inc.	3.650%	9/15/47	655		704
Walgreen Co.	3.100%	9/15/22	800		813
Walgreen Co.	4.400%	9/15/42	610		576
Walgreens Boots Alliance Inc.	3.300%	11/18/21	400		408
Walgreens Boots Alliance Inc.	3.800%	11/18/24	1,525		1,584
Walgreens Boots Alliance Inc.	3.450%	6/1/26	975		984
Walgreens Boots Alliance Inc.	4.500%	11/18/34	625		640
Walgreens Boots Alliance Inc.	4.800%	11/18/44	955		951
Walgreens Boots Alliance Inc.	4.650%	6/1/46	350		346
Walmart Inc.	3.250%	10/25/20	1,635		1,661
Walmart Inc.	1.900%	12/15/20	965		964
Walmart Inc.	3.125%	6/23/21	1,325		1,354
Walmart Inc.	2.350%	12/15/22	975		984
Walmart Inc.	2.550%	4/11/23	575		583
Walmart Inc.	3.400%	6/26/23	1,650		1,732
Walmart Inc.	3.300%	4/22/24	1,225		1,287
Walmart Inc.	2.850%	7/8/24	2,275		2,347

123

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Walmart Inc.	2.650%	12/15/24	875		894
Walmart Inc.	3.550%	6/26/25	1,275		1,360
Walmart Inc.	3.050%	7/8/26	1,700		1,780
Walmart Inc.	5.875%	4/5/27	335		415
Walmart Inc.	3.700%	6/26/28	2,050		2,237
Walmart Inc.	3.250%	7/8/29	1,485		1,565
Walmart Inc.	7.550%	2/15/30	480		684
Walmart Inc.	5.250%	9/1/35	1,640		2,091
Walmart Inc.	6.200%	4/15/38	570		812
Walmart Inc.	3.950%	6/28/38	1,350		1,506
Walmart Inc.	5.625%	4/1/40	625		839
Walmart Inc.	5.000%	10/25/40	235		294
Walmart Inc.	5.625%	4/15/41	750		1,012
Walmart Inc.	4.000%	4/11/43	1,120		1,242
Walmart Inc.	4.300%	4/22/44	616		712
Walmart Inc.	3.625%	12/15/47	800		854
Walmart Inc.	4.050%	6/29/48	1,675		1,915
Western Union Co.	3.600%	3/15/22	1,100		1,126
Western Union Co.	6.200%	11/17/36	410		444
Western Union Co.	6.200%	6/21/40	440		474
Consumer Noncyclical (1.7%)
Abbott Laboratories	2.900%	11/30/21	2,700		2,743
Abbott Laboratories	2.550%	3/15/22	675		681
Abbott Laboratories	3.400%	11/30/23	1,225		1,276
Abbott Laboratories	2.950%	3/15/25	100		103
Abbott Laboratories	3.875%	9/15/25	375		403
Abbott Laboratories	3.750%	11/30/26	1,502		1,618
Abbott Laboratories	4.750%	11/30/36	1,675		1,977
Abbott Laboratories	6.150%	11/30/37	425		574
Abbott Laboratories	6.000%	4/1/39	250		328
Abbott Laboratories	5.300%	5/27/40	310		377
Abbott Laboratories	4.750%	4/15/43	550		622
Abbott Laboratories	4.900%	11/30/46	2,525		3,099
AbbVie Inc.	2.300%	5/14/21	1,600		1,595
AbbVie Inc.	3.375%	11/14/21	1,000		1,020
AbbVie Inc.	2.900%	11/6/22	2,500		2,527
AbbVie Inc.	3.200%	11/6/22	1,075		1,095
AbbVie Inc.	2.850%	5/14/23	1,025		1,034
AbbVie Inc.	3.750%	11/14/23	1,250		1,302
AbbVie Inc.	3.600%	5/14/25	3,170		3,281
AbbVie Inc.	3.200%	5/14/26	1,625		1,637
AbbVie Inc.	4.250%	11/14/28	1,650		1,760
AbbVie Inc.	4.500%	5/14/35	1,945		1,994
AbbVie Inc.	4.300%	5/14/36	1,125		1,127
AbbVie Inc.	4.400%	11/6/42	2,189		2,148
AbbVie Inc.	4.700%	5/14/45	2,507		2,551
AbbVie Inc.	4.450%	5/14/46	1,560		1,522
AbbVie Inc.	4.875%	11/14/48	900		941
Actavis Inc.	3.250%	10/1/22	1,400		1,421
Advocate Health & Hospitals Corp.	3.829%	8/15/28	225		244
Advocate Health & Hospitals Corp.	4.272%	8/15/48	375		421
Agilent Technologies Inc.	5.000%	7/15/20	275		282
Agilent Technologies Inc.	3.200%	10/1/22	1,000		1,016
Agilent Technologies Inc.	3.875%	7/15/23	400		417
Agilent Technologies Inc.	3.050%	9/22/26	450		453
AHS Hospital Corp.	5.024%	7/1/45	325		404
Allergan Finance LLC	4.625%	10/1/42	930		929
Allergan Funding SCS	3.450%	3/15/22	1,957		1,996
Allergan Funding SCS	3.850%	6/15/24	975		1,014
Allergan Funding SCS	3.800%	3/15/25	2,407		2,494
Allergan Funding SCS	4.550%	3/15/35	1,650		1,680
Allergan Funding SCS	4.850%	6/15/44	845		876
Allergan Inc.	3.375%	9/15/20	525		531

124

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Allergan Inc.	2.800%	3/15/23	225		224
Allina Health System	3.887%	4/15/49	325		343
Altria Group Inc.	4.750%	5/5/21	1,200		1,250
Altria Group Inc.	3.490%	2/14/22	500		513
Altria Group Inc.	2.850%	8/9/22	2,300		2,320
Altria Group Inc.	2.950%	5/2/23	200		201
Altria Group Inc.	4.000%	1/31/24	1,300		1,367
Altria Group Inc.	3.800%	2/14/24	550		573
Altria Group Inc.	4.400%	2/14/26	1,200		1,281
Altria Group Inc.	2.625%	9/16/26	350		336
Altria Group Inc.	4.800%	2/14/29	2,325		2,504
Altria Group Inc.	5.800%	2/14/39	1,925		2,148
Altria Group Inc.	4.250%	8/9/42	785		722
Altria Group Inc.	4.500%	5/2/43	575		547
Altria Group Inc.	5.375%	1/31/44	1,325		1,419
Altria Group Inc.	3.875%	9/16/46	675		599
Altria Group Inc.	5.950%	2/14/49	2,000		2,262
Altria Group Inc.	6.200%	2/14/59	400		452
AmerisourceBergen Corp.	3.500%	11/15/21	850		867
AmerisourceBergen Corp.	3.400%	5/15/24	400		411
AmerisourceBergen Corp.	3.250%	3/1/25	325		331
AmerisourceBergen Corp.	3.450%	12/15/27	800		815
AmerisourceBergen Corp.	4.250%	3/1/45	100		96
AmerisourceBergen Corp.	4.300%	12/15/47	725		698
Amgen Inc.	3.450%	10/1/20	275		278
Amgen Inc.	4.100%	6/15/21	1,360		1,401
Amgen Inc.	1.850%	8/19/21	500		495
Amgen Inc.	3.875%	11/15/21	1,365		1,407
Amgen Inc.	2.700%	5/1/22	225		227
Amgen Inc.	2.650%	5/11/22	1,200		1,209
Amgen Inc.	3.625%	5/15/22	625		644
Amgen Inc.	2.250%	8/19/23	800		795
Amgen Inc.	3.625%	5/22/24	1,150		1,208
Amgen Inc.	3.125%	5/1/25	300		307
Amgen Inc.	2.600%	8/19/26	1,845		1,809
Amgen Inc.	4.950%	10/1/41	100		112
Amgen Inc.	5.150%	11/15/41	775		888
Amgen Inc.	4.400%	5/1/45	2,100		2,225
Amgen Inc.	4.563%	6/15/48	1,231		1,336
Amgen Inc.	4.663%	6/15/51	3,739		4,068
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc.	4.700%	2/1/36	5,320		5,805
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.	3.650%	2/1/26	2,494		2,616
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.	4.900%	2/1/46	11,540		12,818
Anheuser-Busch InBev Finance Inc.	2.650%	2/1/21	721		725
Anheuser-Busch InBev Finance Inc.	2.625%	1/17/23	647		653
Anheuser-Busch InBev Finance Inc.	3.300%	2/1/23	2,322		2,394
Anheuser-Busch InBev Finance Inc.	3.700%	2/1/24	384		405
Anheuser-Busch InBev Finance Inc.	4.000%	1/17/43	1,000		981
Anheuser-Busch InBev Finance Inc.	4.625%	2/1/44	675		717
Anheuser-Busch InBev Worldwide Inc.	4.375%	2/15/21	587		604
Anheuser-Busch InBev Worldwide Inc.	2.500%	7/15/22	1,425		1,435
Anheuser-Busch InBev Worldwide Inc.	3.500%	1/12/24	612		638
Anheuser-Busch InBev Worldwide Inc.	4.150%	1/23/25	1,535		1,661
Anheuser-Busch InBev Worldwide Inc.	4.000%	4/13/28	2,020		2,175
Anheuser-Busch InBev Worldwide Inc.	4.750%	1/23/29	3,730		4,213
Anheuser-Busch InBev Worldwide Inc.	4.900%	1/23/31	700		806
Anheuser-Busch InBev Worldwide Inc.	4.375%	4/15/38	1,225		1,296
Anheuser-Busch InBev Worldwide Inc.	8.200%	1/15/39	735		1,100
Anheuser-Busch InBev Worldwide Inc.	5.450%	1/23/39	500		593
Anheuser-Busch InBev Worldwide Inc.	4.950%	1/15/42	1,075		1,190
Anheuser-Busch InBev Worldwide Inc.	3.750%	7/15/42	1,750		1,668

125

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Anheuser-Busch InBev Worldwide Inc.	4.600%	4/15/48	1,900		2,019
	Anheuser-Busch InBev Worldwide Inc.	4.439%	10/6/48	1,412		1,474
	Anheuser-Busch InBev Worldwide Inc.	5.550%	1/23/49	3,200		3,887
	Anheuser-Busch InBev Worldwide Inc.	4.750%	4/15/58	1,200		1,277
	Anheuser-Busch InBev Worldwide Inc.	5.800%	1/23/59	505		630
	Archer-Daniels-Midland Co.	4.479%	3/1/21	631		655
	Archer-Daniels-Midland Co.	3.375%	3/15/22	350		361
	Archer-Daniels-Midland Co.	2.500%	8/11/26	825		825
	Archer-Daniels-Midland Co.	5.935%	10/1/32	280		361
	Archer-Daniels-Midland Co.	4.535%	3/26/42	350		395
	Archer-Daniels-Midland Co.	4.016%	4/16/43	600		637
	Archer-Daniels-Midland Co.	3.750%	9/15/47	900		921
	Archer-Daniels-Midland Co.	4.500%	3/15/49	525		609
	Ascension Health	3.945%	11/15/46	650		701
4	Ascension Health	4.847%	11/15/53	250		307
	AstraZeneca plc	2.375%	11/16/20	1,300		1,300
	AstraZeneca plc	2.375%	6/12/22	900		906
	AstraZeneca plc	3.500%	8/17/23	590		614
	AstraZeneca plc	3.375%	11/16/25	1,500		1,566
	AstraZeneca plc	3.125%	6/12/27	775		792
	AstraZeneca plc	4.000%	1/17/29	675		736
	AstraZeneca plc	6.450%	9/15/37	1,705		2,293
	AstraZeneca plc	4.000%	9/18/42	670		702
	AstraZeneca plc	4.375%	11/16/45	1,175		1,296
	AstraZeneca plc	4.375%	8/17/48	330		368
	BAT Capital Corp.	2.297%	8/14/20	1,825		1,820
	BAT Capital Corp.	2.764%	8/15/22	1,950		1,953
	BAT Capital Corp.	3.222%	8/15/24	1,625		1,638
	BAT Capital Corp.	3.557%	8/15/27	2,725		2,711
	BAT Capital Corp.	4.390%	8/15/37	1,950		1,853
	BAT Capital Corp.	4.540%	8/15/47	1,525		1,409
	Baxalta Inc.	3.600%	6/23/22	97		99
	Baxalta Inc.	4.000%	6/23/25	417		444
	Baxalta Inc.	5.250%	6/23/45	265		321
	Baxter International Inc.	1.700%	8/15/21	400		395
	Baxter International Inc.	2.600%	8/15/26	400		395
	Baxter International Inc.	3.500%	8/15/46	375		350
	Baylor Scott & White Holdings	4.185%	11/15/45	400		437
	Beam Suntory Inc.	3.250%	5/15/22	25		25
	Beam Suntory Inc.	3.250%	6/15/23	50		50
	Becton Dickinson & Co.	3.250%	11/12/20	1,140		1,151
	Becton Dickinson & Co.	3.125%	11/8/21	440		446
	Becton Dickinson & Co.	2.894%	6/6/22	1,475		1,494
	Becton Dickinson & Co.	3.300%	3/1/23	225		227
	Becton Dickinson & Co.	3.363%	6/6/24	3,775		3,894
	Becton Dickinson & Co.	3.734%	12/15/24	1,386		1,453
	Becton Dickinson & Co.	3.700%	6/6/27	1,630		1,702
	Becton Dickinson & Co.	4.875%	5/15/44	88		95
	Becton Dickinson & Co.	4.685%	12/15/44	919		1,017
	Becton Dickinson & Co.	4.669%	6/6/47	1,100		1,230
	Bio-Rad Laboratories Inc.	4.875%	12/15/20	325		334
	Biogen Inc.	2.900%	9/15/20	1,460		1,467
	Biogen Inc.	3.625%	9/15/22	1,125		1,161
	Biogen Inc.	4.050%	9/15/25	1,225		1,314
	Biogen Inc.	5.200%	9/15/45	1,545		1,725
	Boston Scientific Corp.	3.375%	5/15/22	200		206
	Boston Scientific Corp.	4.125%	10/1/23	125		133
	Boston Scientific Corp.	3.450%	3/1/24	500		523
	Boston Scientific Corp.	3.850%	5/15/25	600		638
	Boston Scientific Corp.	3.750%	3/1/26	600		636
	Boston Scientific Corp.	4.000%	3/1/28	825		888
	Boston Scientific Corp.	4.000%	3/1/29	675		728
	Boston Scientific Corp.	7.000%	11/15/35	325		434
	Boston Scientific Corp.	4.550%	3/1/39	750		830

126

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

					Face		Market
			Maturity		Amount		Value
		Coupon	Date		($000	)	($000	)
	Boston Scientific Corp.	7.375%	1/15/40		225		319
	Boston Scientific Corp.	4.700%	3/1/49		800		917
7	Bristol-Myers Squibb Co.	2.550%	5/14/21		900		906
7	Bristol-Myers Squibb Co.	2.600%	5/16/22		1,225		1,239
	Bristol-Myers Squibb Co.	2.000%	8/1/22		1,200		1,193
	Bristol-Myers Squibb Co.	3.250%	11/1/23		125		130
7	Bristol-Myers Squibb Co.	2.900%	7/26/24		2,700		2,758
7	Bristol-Myers Squibb Co.	3.200%	6/15/26		1,785		1,850
7	Bristol-Myers Squibb Co.	3.400%	7/26/29		2,800		2,920
7	Bristol-Myers Squibb Co.	4.125%	6/15/39		1,555		1,683
	Bristol-Myers Squibb Co.	3.250%	8/1/42		390		363
	Bristol-Myers Squibb Co.	4.500%	3/1/44		405		454
7	Bristol-Myers Squibb Co.	4.250%	10/26/49		2,855		3,142
	Brown-Forman Corp.	3.500%	4/15/25		350		369
	Brown-Forman Corp.	4.500%	7/15/45		395		456
	Bunge Ltd. Finance Corp.	3.000%	9/25/22		475		477
	Bunge Ltd. Finance Corp.	4.350%	3/15/24		625		650
	Bunge Ltd. Finance Corp.	3.250%	8/15/26		650		629
	Bunge Ltd. Finance Corp.	3.750%	9/25/27		500		491
	Campbell Soup Co.	3.300%	3/15/21		500		506
	Campbell Soup Co.	3.650%	3/15/23		975		1,003
	Campbell Soup Co.	3.950%	3/15/25		950		988
	Campbell Soup Co.	3.300%	3/19/25		700		701
	Campbell Soup Co.	4.150%	3/15/28		1,000		1,044
	Campbell Soup Co.	3.800%	8/2/42		200		174
	Campbell Soup Co.	4.800%	3/15/48		550		557
	Cardinal Health Inc.	4.625%	12/15/20		415		426
	Cardinal Health Inc.	2.616%	6/15/22		1,075		1,079
	Cardinal Health Inc.	3.200%	3/15/23	��	325		330
	Cardinal Health Inc.	3.079%	6/15/24		950		956
	Cardinal Health Inc.	3.750%	9/15/25		225		233
	Cardinal Health Inc.	3.410%	6/15/27		885		879
	Cardinal Health Inc.	4.600%	3/15/43		400		377
	Cardinal Health Inc.	4.500%	11/15/44		250		230
	Cardinal Health Inc.	4.900%	9/15/45		450		439
	Cardinal Health Inc.	4.368%	6/15/47		500		457
4	Catholic Health Initiatives	4.350%	11/1/42		650		652
	Celgene Corp.	2.875%	8/15/20		1,225		1,231
	Celgene Corp.	3.950%	10/15/20		800		816
	Celgene Corp.	2.875%	2/19/21		525		529
	Celgene Corp.	2.250%	8/15/21		300		299
	Celgene Corp.	3.250%	8/15/22		750		771
	Celgene Corp.	3.550%	8/15/22		625		647
	Celgene Corp.	2.750%	2/15/23		575		581
	Celgene Corp.	3.250%	2/20/23		700		719
	Celgene Corp.	4.000%	8/15/23		450		476
	Celgene Corp.	3.625%	5/15/24		975		1,019
	Celgene Corp.	3.875%	8/15/25		2,195		2,348
	Celgene Corp.	3.450%	11/15/27		395		408
	Celgene Corp.	3.900%	2/20/28		1,200		1,274
	Celgene Corp.	5.700%	10/15/40		75		88
	Celgene Corp.	5.250%	8/15/43		850		1,004
	Celgene Corp.	4.625%	5/15/44		650		736
	Celgene Corp.	5.000%	8/15/45		1,600		1,889
	Celgene Corp.	4.350%	11/15/47		1,000		1,102
	Celgene Corp.	4.550%	2/20/48		750		851
	Children’s Hospital Medical Center	4.268%	5/15/44		150		167
	Children’s Hospital Medical Center	4.115%	1/1/47		200		219
	CHRISTUS Health	4.341%	7/1/28		425		471
	Church & Dwight Co. Inc.	2.450%	8/1/22		100		100
	Church & Dwight Co. Inc.	3.150%	8/1/27		350		353
	Church & Dwight Co. Inc.	3.950%	8/1/47		325		326
7	Cigna Corp.	3.200%	9/17/20		1,500		1,513
7	Cigna Corp.	3.750%	7/15/23		950		987

127

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
7	Cigna Corp.	4.125%	11/15/25	1,150		1,221
7	Cigna Corp.	4.375%	10/15/28	2,625		2,821
7	Cigna Corp.	4.800%	8/15/38	1,520		1,630
7	Cigna Corp.	4.900%	12/15/48	2,490		2,703
	City of Hope	5.623%	11/15/43	250		327
	City of Hope	4.378%	8/15/48	500		546
	Cleveland Clinic Foundation	4.858%	1/1/14	325		390
	Clorox Co.	3.800%	11/15/21	1,125		1,166
	Clorox Co.	3.500%	12/15/24	600		628
	Clorox Co.	3.100%	10/1/27	150		153
	Clorox Co.	3.900%	5/15/28	400		432
	Coca-Cola Co.	1.875%	10/27/20	1,200		1,197
	Coca-Cola Co.	2.450%	11/1/20	800		803
	Coca-Cola Co.	3.150%	11/15/20	1,052		1,067
	Coca-Cola Co.	1.550%	9/1/21	900		890
	Coca-Cola Co.	3.300%	9/1/21	1,210		1,242
	Coca-Cola Co.	2.200%	5/25/22	400		402
	Coca-Cola Co.	3.200%	11/1/23	1,650		1,717
	Coca-Cola Co.	2.875%	10/27/25	1,225		1,267
	Coca-Cola Co.	2.550%	6/1/26	325		329
	Coca-Cola Co.	2.250%	9/1/26	1,400		1,388
	Coca-Cola Consolidated Inc.	3.800%	11/25/25	350		367
	Coca-Cola European Partners plc	3.500%	9/15/20	600		607
	Coca-Cola Femsa SAB de CV	3.875%	11/26/23	1,200		1,258
	Coca-Cola Femsa SAB de CV	5.250%	11/26/43	650		780
	Colgate-Palmolive Co.	2.450%	11/15/21	340		344
	Colgate-Palmolive Co.	1.950%	2/1/23	400		400
	Colgate-Palmolive Co.	2.100%	5/1/23	275		274
	Colgate-Palmolive Co.	3.250%	3/15/24	750		786
	Colgate-Palmolive Co.	4.000%	8/15/45	450		498
	Colgate-Palmolive Co.	3.700%	8/1/47	350		372
	CommonSpirit Health	2.950%	11/1/22	200		202
	Conagra Brands Inc.	3.800%	10/22/21	950		976
	Conagra Brands Inc.	3.250%	9/15/22	750		761
	Conagra Brands Inc.	3.200%	1/25/23	683		697
	Conagra Brands Inc.	4.300%	5/1/24	625		662
	Conagra Brands Inc.	4.600%	11/1/25	150		163
	Conagra Brands Inc.	7.000%	10/1/28	100		123
	Conagra Brands Inc.	4.850%	11/1/28	1,025		1,133
	Conagra Brands Inc.	8.250%	9/15/30	250		340
	Conagra Brands Inc.	5.300%	11/1/38	825		896
	Conagra Brands Inc.	5.400%	11/1/48	825		899
	Constellation Brands Inc.	2.250%	11/6/20	400		399
	Constellation Brands Inc.	3.750%	5/1/21	350		358
	Constellation Brands Inc.	2.700%	5/9/22	475		478
	Constellation Brands Inc.	2.650%	11/7/22	1,150		1,153
	Constellation Brands Inc.	3.200%	2/15/23	750		766
	Constellation Brands Inc.	4.250%	5/1/23	900		954
	Constellation Brands Inc.	4.750%	11/15/24	375		413
	Constellation Brands Inc.	4.400%	11/15/25	400		438
	Constellation Brands Inc.	4.750%	12/1/25	500		552
	Constellation Brands Inc.	3.700%	12/6/26	550		577
	Constellation Brands Inc.	3.500%	5/9/27	450		462
	Constellation Brands Inc.	3.600%	2/15/28	800		824
	Constellation Brands Inc.	4.650%	11/15/28	375		417
	Constellation Brands Inc.	4.500%	5/9/47	375		388
	Constellation Brands Inc.	4.100%	2/15/48	525		517
	Constellation Brands Inc.	5.250%	11/15/48	400		463
	Covidien International Finance SA	3.200%	6/15/22	1,500		1,541
	Covidien International Finance SA	2.950%	6/15/23	250		255
	CVS Health Corp.	2.800%	7/20/20	1,775		1,780
	CVS Health Corp.	3.350%	3/9/21	2,200		2,231
	CVS Health Corp.	2.125%	6/1/21	1,700		1,688
	CVS Health Corp.	3.500%	7/20/22	2,975		3,052

128

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
CVS Health Corp.	2.750%	12/1/22	975		978
CVS Health Corp.	4.750%	12/1/22	775		823
CVS Health Corp.	3.700%	3/9/23	4,315		4,453
CVS Health Corp.	4.000%	12/5/23	100		105
CVS Health Corp.	3.375%	8/12/24	360		368
CVS Health Corp.	4.100%	3/25/25	3,835		4,044
CVS Health Corp.	3.875%	7/20/25	2,182		2,279
CVS Health Corp.	2.875%	6/1/26	1,450		1,421
CVS Health Corp.	4.300%	3/25/28	7,190		7,560
CVS Health Corp.	4.875%	7/20/35	525		550
CVS Health Corp.	4.780%	3/25/38	3,925		4,058
CVS Health Corp.	6.125%	9/15/39	375		437
CVS Health Corp.	5.300%	12/5/43	650		700
CVS Health Corp.	5.125%	7/20/45	2,775		2,955
CVS Health Corp.	5.050%	3/25/48	6,840		7,239
Danaher Corp.	2.400%	9/15/20	400		400
Danaher Corp.	3.350%	9/15/25	500		522
Danaher Corp.	4.375%	9/15/45	325		362
Dartmouth-Hitchcock Health	4.178%	8/1/48	300		320
Delhaize America LLC	9.000%	4/15/31	475		685
Diageo Capital plc	4.828%	7/15/20	500		513
Diageo Capital plc	2.625%	4/29/23	2,000		2,024
Diageo Capital plc	5.875%	9/30/36	250		327
Diageo Capital plc	3.875%	4/29/43	25		27
Diageo Investment Corp.	2.875%	5/11/22	1,400		1,424
Diageo Investment Corp.	7.450%	4/15/35	325		469
Diageo Investment Corp.	4.250%	5/11/42	650		724
Dignity Health	3.125%	11/1/22	150		152
Dignity Health	4.500%	11/1/42	550		559
Dignity Health	5.267%	11/1/64	225		254
Dignity Health	3.812%	11/1/24	100		105
Duke University Health System Inc.	3.920%	6/1/47	450		484
Edwards Lifesciences Corp.	4.300%	6/15/28	375		403
Eli Lilly & Co.	2.350%	5/15/22	200		202
Eli Lilly & Co.	2.750%	6/1/25	805		821
Eli Lilly & Co.	3.100%	5/15/27	500		520
Eli Lilly & Co.	3.375%	3/15/29	925		985
Eli Lilly & Co.	3.875%	3/15/39	825		889
Eli Lilly & Co.	3.700%	3/1/45	1,200		1,246
Eli Lilly & Co.	3.950%	5/15/47	225		242
Eli Lilly & Co.	3.950%	3/15/49	1,200		1,296
Eli Lilly & Co.	4.150%	3/15/59	850		929
Estee Lauder Cos. Inc.	1.700%	5/10/21	400		396
Estee Lauder Cos. Inc.	3.150%	3/15/27	400		414
Estee Lauder Cos. Inc.	6.000%	5/15/37	150		197
Estee Lauder Cos. Inc.	4.375%	6/15/45	375		431
Estee Lauder Cos. Inc.	4.150%	3/15/47	675		755
Express Scripts Holding Co.	2.600%	11/30/20	1,500		1,503
Express Scripts Holding Co.	3.300%	2/25/21	675		684
Express Scripts Holding Co.	4.750%	11/15/21	975		1,022
Express Scripts Holding Co.	3.900%	2/15/22	815		842
Express Scripts Holding Co.	3.050%	11/30/22	500		507
Express Scripts Holding Co.	3.000%	7/15/23	1,375		1,391
Express Scripts Holding Co.	3.500%	6/15/24	1,775		1,823
Express Scripts Holding Co.	4.500%	2/25/26	1,655		1,787
Express Scripts Holding Co.	3.400%	3/1/27	1,350		1,367
Express Scripts Holding Co.	6.125%	11/15/41	334		405
Express Scripts Holding Co.	4.800%	7/15/46	1,250		1,314
Flowers Foods Inc.	4.375%	4/1/22	175		183
Flowers Foods Inc.	3.500%	10/1/26	350		352
Fomento Economico Mexicano SAB de CV	4.375%	5/10/43	551		595
Genentech Inc.	5.250%	7/15/35	200		241
General Mills Inc.	3.150%	12/15/21	775		788
General Mills Inc.	2.600%	10/12/22	450		452

129

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
General Mills Inc.	3.700%	10/17/23	2,250		2,354
General Mills Inc.	3.650%	2/15/24	325		339
General Mills Inc.	3.200%	2/10/27	375		380
General Mills Inc.	4.200%	4/17/28	1,150		1,236
General Mills Inc.	4.550%	4/17/38	400		423
General Mills Inc.	5.400%	6/15/40	345		399
General Mills Inc.	4.150%	2/15/43	375		369
General Mills Inc.	4.700%	4/17/48	475		512
Gilead Sciences Inc.	2.550%	9/1/20	975		978
Gilead Sciences Inc.	4.500%	4/1/21	775		801
Gilead Sciences Inc.	4.400%	12/1/21	2,902		3,034
Gilead Sciences Inc.	3.250%	9/1/22	625		642
Gilead Sciences Inc.	2.500%	9/1/23	1,025		1,032
Gilead Sciences Inc.	3.700%	4/1/24	2,350		2,481
Gilead Sciences Inc.	3.500%	2/1/25	1,345		1,409
Gilead Sciences Inc.	3.650%	3/1/26	3,215		3,401
Gilead Sciences Inc.	2.950%	3/1/27	175		177
Gilead Sciences Inc.	4.600%	9/1/35	650		729
Gilead Sciences Inc.	4.000%	9/1/36	200		209
Gilead Sciences Inc.	5.650%	12/1/41	825		1,027
Gilead Sciences Inc.	4.800%	4/1/44	1,400		1,588
Gilead Sciences Inc.	4.500%	2/1/45	1,025		1,122
Gilead Sciences Inc.	4.750%	3/1/46	2,100		2,374
Gilead Sciences Inc.	4.150%	3/1/47	1,925		2,018
GlaxoSmithKline Capital Inc.	2.800%	3/18/23	75		76
GlaxoSmithKline Capital Inc.	3.375%	5/15/23	1,050		1,093
GlaxoSmithKline Capital Inc.	3.625%	5/15/25	1,350		1,432
GlaxoSmithKline Capital Inc.	3.875%	5/15/28	1,750		1,910
GlaxoSmithKline Capital Inc.	5.375%	4/15/34	180		226
GlaxoSmithKline Capital Inc.	6.375%	5/15/38	2,220		3,083
GlaxoSmithKline Capital Inc.	4.200%	3/18/43	300		334
GlaxoSmithKline Capital plc	3.125%	5/14/21	1,700		1,728
GlaxoSmithKline Capital plc	2.850%	5/8/22	450		457
GlaxoSmithKline Capital plc	2.875%	6/1/22	2,000		2,035
GlaxoSmithKline Capital plc	3.000%	6/1/24	900		927
GlaxoSmithKline Capital plc	3.375%	6/1/29	775		819
Hackensack Meridian Health	4.500%	7/1/57	225		254
Hackensack Meridian Health	4.211%	7/1/48	500		545
Hasbro Inc.	3.150%	5/15/21	200		202
Hasbro Inc.	6.350%	3/15/40	400		467
Hasbro Inc.	5.100%	5/15/44	350		358
HCA Inc.	5.875%	3/15/22	400		437
HCA Inc.	4.750%	5/1/23	1,075		1,149
HCA Inc.	5.000%	3/15/24	1,625		1,767
HCA Inc.	5.250%	4/15/25	1,350		1,495
HCA Inc.	5.250%	6/15/26	1,200		1,324
HCA Inc.	4.500%	2/15/27	125		133
HCA Inc.	4.125%	6/15/29	1,595		1,639
HCA Inc.	5.125%	6/15/39	800		834
HCA Inc.	5.500%	6/15/47	1,225		1,312
HCA Inc.	5.250%	6/15/49	1,600		1,664
Hershey Co.	4.125%	12/1/20	215		221
Hershey Co.	3.100%	5/15/21	400		407
Hershey Co.	2.625%	5/1/23	250		254
Hershey Co.	3.375%	5/15/23	825		862
Hershey Co.	3.200%	8/21/25	245		256
Hershey Co.	2.300%	8/15/26	425		416
Hillshire Brands Co.	4.100%	9/15/20	175		177
Indiana University Health Inc. Obligated Group	3.970%	11/1/48	500		540
Ingredion Inc.	4.625%	11/1/20	50		51
Ingredion Inc.	3.200%	10/1/26	400		397
JM Smucker Co.	3.500%	10/15/21	735		752
JM Smucker Co.	3.000%	3/15/22	250		253
JM Smucker Co.	3.500%	3/15/25	700		725

130

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
JM Smucker Co.		3.375%	12/15/27	500		509
JM Smucker Co.		4.250%	3/15/35	400		408
JM Smucker Co.		4.375%	3/15/45	635		641
Johns Hopkins Health System Corp.		3.837%	5/15/46	350		370
Johnson & Johnson		2.950%	9/1/20	400		404
Johnson & Johnson		1.950%	11/10/20	400		400
Johnson & Johnson		1.650%	3/1/21	750		745
Johnson & Johnson		2.450%	12/5/21	200		202
Johnson & Johnson		2.250%	3/3/22	1,425		1,434
Johnson & Johnson		2.050%	3/1/23	800		800
Johnson & Johnson		6.730%	11/15/23	245		291
Johnson & Johnson		3.375%	12/5/23	650		687
Johnson & Johnson		2.625%	1/15/25	600		611
Johnson & Johnson		2.450%	3/1/26	1,600		1,604
Johnson & Johnson		2.950%	3/3/27	875		906
Johnson & Johnson		2.900%	1/15/28	800		826
Johnson & Johnson		6.950%	9/1/29	250		342
Johnson & Johnson		4.950%	5/15/33	550		683
Johnson & Johnson		4.375%	12/5/33	700		821
Johnson & Johnson		3.550%	3/1/36	350		370
Johnson & Johnson		3.625%	3/3/37	1,250		1,337
Johnson & Johnson		5.950%	8/15/37	645		895
Johnson & Johnson		3.400%	1/15/38	900		936
Johnson & Johnson		5.850%	7/15/38	325		437
Johnson & Johnson		4.500%	9/1/40	419		489
Johnson & Johnson		4.500%	12/5/43	550		653
Johnson & Johnson		3.700%	3/1/46	1,650		1,790
Johnson & Johnson		3.750%	3/3/47	975		1,067
Johnson & Johnson		3.500%	1/15/48	900		942
Kaiser Foundation Hospitals		3.500%	4/1/22	175		181
Kaiser Foundation Hospitals		3.150%	5/1/27	475		488
Kaiser Foundation Hospitals		4.875%	4/1/42	925		1,105
Kaiser Foundation Hospitals		4.150%	5/1/47	675		750
Kellogg Co.		4.000%	12/15/20	570		583
Kellogg Co.		3.250%	5/14/21	325		331
Kellogg Co.		2.650%	12/1/23	250		253
Kellogg Co.	��	3.250%	4/1/26	950		964
Kellogg Co.		3.400%	11/15/27	950		963
Kellogg Co.		4.300%	5/15/28	375		406
Kellogg Co.		7.450%	4/1/31	200		268
Kellogg Co.		4.500%	4/1/46	625		620
Keurig Dr Pepper Inc.		3.551%	5/25/21	850		866
Keurig Dr Pepper Inc.		4.057%	5/25/23	1,600		1,676
Keurig Dr Pepper Inc.		3.130%	12/15/23	1,350		1,369
Keurig Dr Pepper Inc.		4.417%	5/25/25	775		825
Keurig Dr Pepper Inc.		3.400%	11/15/25	250		255
Keurig Dr Pepper Inc.		2.550%	9/15/26	325		310
Keurig Dr Pepper Inc.		3.430%	6/15/27	475		479
Keurig Dr Pepper Inc.		4.597%	5/25/28	1,300		1,422
Keurig Dr Pepper Inc.		7.450%	5/1/38	41		55
Keurig Dr Pepper Inc.		4.985%	5/25/38	425		467
Keurig Dr Pepper Inc.		4.500%	11/15/45	825		832
Keurig Dr Pepper Inc.		4.420%	12/15/46	325		322
Keurig Dr Pepper Inc.		5.085%	5/25/48	375		416
Kimberly-Clark Corp.		3.625%	8/1/20	250		254
Kimberly-Clark Corp.		3.875%	3/1/21	560		575
Kimberly-Clark Corp.		2.400%	3/1/22	250		252
Kimberly-Clark Corp.		2.400%	6/1/23	150		150
Kimberly-Clark Corp.		3.050%	8/15/25	100		104
Kimberly-Clark Corp.		2.750%	2/15/26	350		357
Kimberly-Clark Corp.		3.950%	11/1/28	100		110
Kimberly-Clark Corp.		3.200%	4/25/29	275		289
Kimberly-Clark Corp.		5.300%	3/1/41	700		886
Kimberly-Clark Corp.		3.700%	6/1/43	175		178

131

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Kimberly-Clark Corp.	3.200%	7/30/46	600		575
	Kimberly-Clark Corp.	3.900%	5/4/47	100		107
	Koninklijke Ahold Delhaize NV	5.700%	10/1/40	153		176
	Koninklijke Philips NV	6.875%	3/11/38	300		413
	Koninklijke Philips NV	5.000%	3/15/42	710		825
	Kraft Foods Group Inc.	6.875%	1/26/39	825		986
	Kraft Foods Group Inc.	6.500%	2/9/40	600		701
	Kraft Foods Group Inc.	5.000%	6/4/42	1,755		1,805
	Kraft Heinz Foods Co.	2.800%	7/2/20	2,500		2,504
	Kraft Heinz Foods Co.	3.375%	6/15/21	200		203
	Kraft Heinz Foods Co.	3.500%	7/15/22	720		735
	Kraft Heinz Foods Co.	4.000%	6/15/23	1,278		1,336
	Kraft Heinz Foods Co.	3.950%	7/15/25	1,625		1,685
	Kraft Heinz Foods Co.	3.000%	6/1/26	1,625		1,580
	Kraft Heinz Foods Co.	4.625%	1/30/29	1,025		1,099
	Kraft Heinz Foods Co.	5.000%	7/15/35	825		867
	Kraft Heinz Foods Co.	5.200%	7/15/45	1,850		1,935
	Kraft Heinz Foods Co.	4.375%	6/1/46	1,975		1,866
	Kroger Co.	3.300%	1/15/21	700		709
	Kroger Co.	2.600%	2/1/21	200		201
	Kroger Co.	2.950%	11/1/21	1,935		1,957
	Kroger Co.	3.850%	8/1/23	325		340
	Kroger Co.	4.000%	2/1/24	400		421
	Kroger Co.	2.650%	10/15/26	750		723
	Kroger Co.	3.700%	8/1/27	100		103
	Kroger Co.	7.700%	6/1/29	200		255
	Kroger Co.	8.000%	9/15/29	750		994
	Kroger Co.	6.900%	4/15/38	300		376
	Kroger Co.	5.400%	7/15/40	250		269
	Kroger Co.	5.000%	4/15/42	350		360
	Kroger Co.	5.150%	8/1/43	350		369
	Kroger Co.	3.875%	10/15/46	325		289
	Kroger Co.	4.450%	2/1/47	850		828
	Kroger Co.	4.650%	1/15/48	775		778
	Laboratory Corp. of America Holdings	3.200%	2/1/22	375		381
	Laboratory Corp. of America Holdings	3.750%	8/23/22	225		232
	Laboratory Corp. of America Holdings	3.250%	9/1/24	500		509
	Laboratory Corp. of America Holdings	3.600%	2/1/25	825		852
	Laboratory Corp. of America Holdings	3.600%	9/1/27	450		462
	Laboratory Corp. of America Holdings	4.700%	2/1/45	750		773
	Life Technologies Corp.	5.000%	1/15/21	375		387
4	Mayo Clinic	3.774%	11/15/43	625		658
4	Mayo Clinic	4.000%	11/15/47	150		162
4	Mayo Clinic	4.128%	11/15/52	125		139
	McCormick & Co. Inc.	3.900%	7/15/21	100		103
	McCormick & Co. Inc.	3.150%	8/15/24	600		612
	McCormick & Co. Inc.	3.400%	8/15/27	600		612
	McKesson Corp.	3.650%	11/30/20	725		736
	McKesson Corp.	2.700%	12/15/22	2,370		2,375
	McKesson Corp.	3.796%	3/15/24	100		105
	McKesson Corp.	3.950%	2/16/28	150		155
	Mead Johnson Nutrition Co.	3.000%	11/15/20	500		504
	Mead Johnson Nutrition Co.	4.125%	11/15/25	475		511
	Mead Johnson Nutrition Co.	5.900%	11/1/39	390		509
	Mead Johnson Nutrition Co.	4.600%	6/1/44	425		489
	Medco Health Solutions Inc.	4.125%	9/15/20	410		418
	Medtronic Global Holdings SCA	3.350%	4/1/27	200		212
	Medtronic Inc.	4.125%	3/15/21	410		422
	Medtronic Inc.	3.125%	3/15/22	500		513
	Medtronic Inc.	3.150%	3/15/22	2,950		3,031
	Medtronic Inc.	3.625%	3/15/24	850		901
	Medtronic Inc.	3.500%	3/15/25	3,010		3,203
	Medtronic Inc.	4.375%	3/15/35	2,667		3,063
	Medtronic Inc.	5.550%	3/15/40	275		354

132

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

					Face		Market
			Maturity		Amount		Value
		Coupon	Date		($000	)	($000	)
	Medtronic Inc.	4.625%	3/15/45		1,577		1,901
	Memorial Sloan-Kettering Cancer Center	5.000%	7/1/42		100		126
	Memorial Sloan-Kettering Cancer Center	4.125%	7/1/52		450		504
	Memorial Sloan-Kettering Cancer Center	4.200%	7/1/55		150		170
	Merck & Co. Inc.	3.875%	1/15/21		625		639
	Merck & Co. Inc.	2.350%	2/10/22		100		101
	Merck & Co. Inc.	2.400%	9/15/22		925		934
	Merck & Co. Inc.	2.800%	5/18/23		2,000		2,051
	Merck & Co. Inc.	2.900%	3/7/24		800		826
	Merck & Co. Inc.	2.750%	2/10/25		2,250		2,309
	Merck & Co. Inc.	3.400%	3/7/29		1,625		1,729
	Merck & Co. Inc.	6.500%	12/1/33		525		734
	Merck & Co. Inc.	3.900%	3/7/39		600		653
	Merck & Co. Inc.	3.600%	9/15/42		375		387
	Merck & Co. Inc.	4.150%	5/18/43		1,105		1,231
	Merck & Co. Inc.	3.700%	2/10/45		1,420		1,496
	Merck & Co. Inc.	4.000%	3/7/49		1,600		1,773
	Mercy Health	4.302%	7/1/28		175		193
	Molson Coors Brewing Co.	2.100%	7/15/21		775		770
	Molson Coors Brewing Co.	3.500%	5/1/22		75		77
	Molson Coors Brewing Co.	3.000%	7/15/26		1,650		1,630
	Molson Coors Brewing Co.	5.000%	5/1/42		700		738
	Molson Coors Brewing Co.	4.200%	7/15/46		1,635		1,568
	Mondelez International Inc.	3.625%	2/13/26		350		367
	Mondelez International Inc.	4.625%	5/7/48		250		270
4	Montefiore Obligated Group	5.246%	11/1/48		500		550
4	Mount Sinai Hospitals Group Inc.	3.981%	7/1/48		200		203
	Mylan Inc.	4.200%	11/29/23		705		709
	Mylan Inc.	4.550%	4/15/28		600		587
	Mylan Inc.	5.400%	11/29/43		550		509
	Mylan Inc.	5.200%	4/15/48		600		553
	Mylan NV	3.150%	6/15/21		975		975
	Mylan NV	3.950%	6/15/26		1,100		1,061
	Mylan NV	5.250%	6/15/46		775		724
	New York & Presbyterian Hospital	4.024%	8/1/45		480		532
	New York & Presbyterian Hospital	4.063%	8/1/56		425		460
	Newell Brands Inc.	3.850%	4/1/23		1,435		1,456
	Newell Brands Inc.	4.000%	12/1/24		400		401
	Newell Brands Inc.	4.200%	4/1/26		1,525		1,513
	Newell Brands Inc.	5.375%	4/1/36		887		870
	Newell Brands Inc.	5.500%	4/1/46		435		421
	Northwell Healthcare Inc.	3.979%	11/1/46		525		535
	Northwell Healthcare Inc.	4.260%	11/1/47		850		909
	Novartis Capital Corp.	2.400%	5/17/22		1,500		1,511
	Novartis Capital Corp.	2.400%	9/21/22		1,150		1,159
	Novartis Capital Corp.	3.400%	5/6/24		1,000		1,056
	Novartis Capital Corp.	3.000%	11/20/25		1,400		1,446
	Novartis Capital Corp.	3.100%	5/17/27		800		835
	Novartis Capital Corp.	3.700%	9/21/42		525		551
	Novartis Capital Corp.	4.400%	5/6/44		1,450		1,688
	Novartis Capital Corp.	4.000%	11/20/45		1,025		1,131
	NYU Hospitals Center	4.784%	7/1/44		325		390
4	NYU Hospitals Center	4.368%	7/1/47	��	425		479
	Orlando Health Obligated Group	4.089%	10/1/48		225		237
	Partners Healthcare System Inc.	3.765%	7/1/48		150		153
	Partners Healthcare System Inc.	4.117%	7/1/55		275		296
	PeaceHealth Obligated Group	4.787%	11/15/48		300		359
	PepsiCo Inc.	2.150%	10/14/20		1,075		1,077
	PepsiCo Inc.	3.125%	11/1/20		30		30
	PepsiCo Inc.	2.000%	4/15/21		100		100
	PepsiCo Inc.	3.000%	8/25/21		1,070		1,093
	PepsiCo Inc.	1.700%	10/6/21		300		297
	PepsiCo Inc.	2.750%	3/5/22		1,650		1,684
	PepsiCo Inc.	2.250%	5/2/22		275		276

133

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	PepsiCo Inc.	2.750%	3/1/23	1,000		1,024
	PepsiCo Inc.	3.600%	3/1/24	1,675		1,775
	PepsiCo Inc.	2.750%	4/30/25	1,725		1,770
	PepsiCo Inc.	3.500%	7/17/25	1,425		1,513
	PepsiCo Inc.	3.000%	10/15/27	1,800		1,864
	PepsiCo Inc.	4.000%	3/5/42	541		595
	PepsiCo Inc.	3.600%	8/13/42	725		750
	PepsiCo Inc.	4.250%	10/22/44	875		994
	PepsiCo Inc.	4.600%	7/17/45	435		521
	PepsiCo Inc.	4.450%	4/14/46	1,075		1,279
	PepsiCo Inc.	3.450%	10/6/46	1,175		1,206
	PepsiCo Inc.	4.000%	5/2/47	450		506
	PerkinElmer Inc.	5.000%	11/15/21	540		566
	Perrigo Finance Unlimited Co.	3.500%	12/15/21	811		804
	Perrigo Finance Unlimited Co.	3.900%	12/15/24	600		597
	Perrigo Finance Unlimited Co.	4.375%	3/15/26	375		375
	Perrigo Finance Unlimited Co.	4.900%	12/15/44	278		242
	Pfizer Inc.	1.950%	6/3/21	900		897
	Pfizer Inc.	3.000%	9/15/21	600		612
	Pfizer Inc.	2.200%	12/15/21	825		827
	Pfizer Inc.	2.800%	3/11/22	750		771
	Pfizer Inc.	3.000%	6/15/23	1,136		1,169
	Pfizer Inc.	3.200%	9/15/23	475		494
	Pfizer Inc.	2.950%	3/15/24	500		516
	Pfizer Inc.	3.400%	5/15/24	200		211
	Pfizer Inc.	2.750%	6/3/26	800		809
	Pfizer Inc.	3.000%	12/15/26	1,375		1,415
	Pfizer Inc.	3.600%	9/15/28	600		645
	Pfizer Inc.	3.450%	3/15/29	1,200		1,267
	Pfizer Inc.	4.000%	12/15/36	1,050		1,144
	Pfizer Inc.	4.100%	9/15/38	600		661
	Pfizer Inc.	3.900%	3/15/39	1,250		1,346
	Pfizer Inc.	7.200%	3/15/39	1,015		1,542
	Pfizer Inc.	4.300%	6/15/43	780		879
	Pfizer Inc.	4.400%	5/15/44	925		1,056
	Pfizer Inc.	4.125%	12/15/46	1,175		1,299
	Pfizer Inc.	4.200%	9/15/48	875		983
	Pfizer Inc.	4.000%	3/15/49	1,600		1,740
	Philip Morris International Inc.	1.875%	2/25/21	475		472
	Philip Morris International Inc.	4.125%	5/17/21	195		201
	Philip Morris International Inc.	2.375%	8/17/22	550		551
	Philip Morris International Inc.	2.500%	11/2/22	1,600		1,605
	Philip Morris International Inc.	2.625%	3/6/23	550		554
	Philip Morris International Inc.	2.125%	5/10/23	450		445
	Philip Morris International Inc.	3.600%	11/15/23	940		980
	Philip Morris International Inc.	2.875%	5/1/24	800		811
	Philip Morris International Inc.	3.250%	11/10/24	875		902
	Philip Morris International Inc.	3.375%	8/11/25	675		701
	Philip Morris International Inc.	2.750%	2/25/26	1,205		1,210
	Philip Morris International Inc.	3.125%	8/17/27	425		434
	Philip Morris International Inc.	3.125%	3/2/28	400		405
	Philip Morris International Inc.	3.375%	8/15/29	750		770
	Philip Morris International Inc.	6.375%	5/16/38	575		757
	Philip Morris International Inc.	4.375%	11/15/41	1,175		1,231
	Philip Morris International Inc.	4.500%	3/20/42	575		616
	Philip Morris International Inc.	3.875%	8/21/42	75		74
	Philip Morris International Inc.	4.125%	3/4/43	850		866
	Philip Morris International Inc.	4.875%	11/15/43	775		878
	Philip Morris International Inc.	4.250%	11/10/44	1,050		1,094
4	Procter & Gamble - Esop	9.360%	1/1/21	262		282
	Procter & Gamble Co.	1.900%	10/23/20	675		674
	Procter & Gamble Co.	1.850%	2/2/21	400		399
	Procter & Gamble Co.	1.700%	11/3/21	1,000		993
	Procter & Gamble Co.	3.100%	8/15/23	1,025		1,066

134

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Procter & Gamble Co.	2.700%	2/2/26	300		305
	Procter & Gamble Co.	2.450%	11/3/26	800		801
	Procter & Gamble Co.	3.500%	10/25/47	600		639
	Providence St. Joseph Health Obligated Group	2.746%	10/1/26	125		125
4	Providence St. Joseph Health Obligated Group	3.744%	10/1/47	325		333
4	Providence St. Joseph Health Obligated Group	3.930%	10/1/48	400		424
	Quest Diagnostics Inc.	4.250%	4/1/24	300		318
	Quest Diagnostics Inc.	3.500%	3/30/25	250		258
	Quest Diagnostics Inc.	3.450%	6/1/26	425		434
	Quest Diagnostics Inc.	4.200%	6/30/29	1,000		1,070
	Quest Diagnostics Inc.	5.750%	1/30/40	61		68
	Quest Diagnostics Inc.	4.700%	3/30/45	200		207
	Reynolds American Inc.	4.000%	6/12/22	600		622
	Reynolds American Inc.	4.850%	9/15/23	250		268
	Reynolds American Inc.	4.450%	6/12/25	2,231		2,363
	Reynolds American Inc.	5.700%	8/15/35	650		713
	Reynolds American Inc.	8.125%	5/1/40	400		507
	Reynolds American Inc.	7.000%	8/4/41	150		178
	Reynolds American Inc.	6.150%	9/15/43	400		435
	Reynolds American Inc.	5.850%	8/15/45	1,785		1,900
	RWJ Barnabas Health Inc.	3.949%	7/1/46	350		363
	Sanofi	4.000%	3/29/21	1,360		1,401
	Sanofi	3.375%	6/19/23	1,050		1,094
	Sanofi	3.625%	6/19/28	1,000		1,071
	Shire Acquisitions Investments Ireland DAC	2.400%	9/23/21	2,650		2,645
	Shire Acquisitions Investments Ireland DAC	2.875%	9/23/23	2,350		2,371
	Shire Acquisitions Investments Ireland DAC	3.200%	9/23/26	2,435		2,455
	SSM Health Care Corp.	3.688%	6/1/23	725		759
	SSM Health Care Corp.	3.823%	6/1/27	375		398
	Stanford Health Care	3.795%	11/15/48	450		482
	Stryker Corp.	2.625%	3/15/21	625		628
	Stryker Corp.	3.375%	5/15/24	1,000		1,038
	Stryker Corp.	3.375%	11/1/25	500		526
	Stryker Corp.	3.500%	3/15/26	890		930
	Stryker Corp.	3.650%	3/7/28	450		473
	Stryker Corp.	4.100%	4/1/43	325		338
	Stryker Corp.	4.375%	5/15/44	275		297
	Stryker Corp.	4.625%	3/15/46	455		518
	Sutter Health	3.695%	8/15/28	300		320
	Sutter Health	4.091%	8/15/48	375		400
	Sysco Corp.	2.600%	10/1/20	425		426
	Sysco Corp.	2.500%	7/15/21	300		301
	Sysco Corp.	2.600%	6/12/22	346		349
	Sysco Corp.	3.750%	10/1/25	425		451
	Sysco Corp.	3.300%	7/15/26	975		1,001
	Sysco Corp.	3.250%	7/15/27	1,675		1,712
	Sysco Corp.	4.850%	10/1/45	125		140
	Sysco Corp.	4.500%	4/1/46	550		596
	Sysco Corp.	4.450%	3/15/48	425		462
7	Takeda Pharmaceutical Co. Ltd.	3.800%	11/26/20	800		814
7	Takeda Pharmaceutical Co. Ltd.	4.000%	11/26/21	850		878
7	Takeda Pharmaceutical Co. Ltd.	4.400%	11/26/23	850		906
7	Takeda Pharmaceutical Co. Ltd.	5.000%	11/26/28	1,460		1,656
4	Texas Health Resources	4.330%	11/15/55	100		111
	Thermo Fisher Scientific Inc.	4.500%	3/1/21	500		517
	Thermo Fisher Scientific Inc.	3.600%	8/15/21	700		716
	Thermo Fisher Scientific Inc.	3.300%	2/15/22	600		614
	Thermo Fisher Scientific Inc.	3.150%	1/15/23	2,575		2,638
	Thermo Fisher Scientific Inc.	3.000%	4/15/23	475		486
	Thermo Fisher Scientific Inc.	3.650%	12/15/25	300		316
	Thermo Fisher Scientific Inc.	2.950%	9/19/26	800		803
	Thermo Fisher Scientific Inc.	3.200%	8/15/27	650		663
	Thermo Fisher Scientific Inc.	5.300%	2/1/44	350		426
	Thermo Fisher Scientific Inc.	4.100%	8/15/47	400		425

135

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Toledo Hospital	5.325%	11/15/28	275		300
Trinity Health Corp.	4.125%	12/1/45	450		486
Tupperware Brands Corp.	4.750%	6/1/21	430		441
Tyson Foods Inc.	2.250%	8/23/21	50		50
Tyson Foods Inc.	4.500%	6/15/22	725		765
Tyson Foods Inc.	3.900%	9/28/23	475		500
Tyson Foods Inc.	3.950%	8/15/24	1,125		1,185
Tyson Foods Inc.	3.550%	6/2/27	1,025		1,062
Tyson Foods Inc.	4.350%	3/1/29	970		1,060
Tyson Foods Inc.	4.875%	8/15/34	425		478
Tyson Foods Inc.	5.150%	8/15/44	350		384
Tyson Foods Inc.	4.550%	6/2/47	450		469
Tyson Foods Inc.	5.100%	9/28/48	1,250		1,408
Unilever Capital Corp.	2.100%	7/30/20	725		724
Unilever Capital Corp.	4.250%	2/10/21	805		831
Unilever Capital Corp.	2.750%	3/22/21	500		505
Unilever Capital Corp.	1.375%	7/28/21	400		394
Unilever Capital Corp.	3.000%	3/7/22	450		460
Unilever Capital Corp.	3.250%	3/7/24	2,600		2,689
Unilever Capital Corp.	2.600%	5/5/24	875		880
Unilever Capital Corp.	3.100%	7/30/25	550		567
Unilever Capital Corp.	2.000%	7/28/26	550		530
Unilever Capital Corp.	3.500%	3/22/28	1,250		1,332
Unilever Capital Corp.	5.900%	11/15/32	200		265
Whirlpool Corp.	4.850%	6/15/21	200		208
Whirlpool Corp.	4.700%	6/1/22	775		816
Whirlpool Corp.	4.000%	3/1/24	275		288
Whirlpool Corp.	3.700%	5/1/25	400		413
Whirlpool Corp.	4.750%	2/26/29	600		644
Whirlpool Corp.	4.500%	6/1/46	488		464
Wyeth LLC	7.250%	3/1/23	350		410
Wyeth LLC	6.450%	2/1/24	780		921
Wyeth LLC	6.500%	2/1/34	500		695
Wyeth LLC	6.000%	2/15/36	410		542
Wyeth LLC	5.950%	4/1/37	1,605		2,127
Zeneca Wilmington Inc.	7.000%	11/15/23	600		703
Zimmer Biomet Holdings Inc.	3.375%	11/30/21	770		784
Zimmer Biomet Holdings Inc.	3.150%	4/1/22	650		660
Zimmer Biomet Holdings Inc.	3.700%	3/19/23	225		232
Zimmer Biomet Holdings Inc.	3.550%	4/1/25	1,375		1,417
Zimmer Biomet Holdings Inc.	5.750%	11/30/39	200		230
Zimmer Biomet Holdings Inc.	4.450%	8/15/45	730		733
Zoetis Inc.	3.450%	11/13/20	325		329
Zoetis Inc.	3.250%	8/20/21	250		254
Zoetis Inc.	3.250%	2/1/23	1,475		1,514
Zoetis Inc.	4.500%	11/13/25	350		381
Zoetis Inc.	3.000%	9/12/27	700		701
Zoetis Inc.	3.900%	8/20/28	400		427
Zoetis Inc.	4.700%	2/1/43	825		930
Zoetis Inc.	3.950%	9/12/47	450		454
Zoetis Inc.	4.450%	8/20/48	325		356
			��
Energy (0.9%)
Anadarko Finance Co.	7.500%	5/1/31	500		657
Anadarko Petroleum Corp.	4.850%	3/15/21	160		166
Anadarko Petroleum Corp.	5.550%	3/15/26	1,325		1,486
Anadarko Petroleum Corp.	6.450%	9/15/36	1,000		1,222
Anadarko Petroleum Corp.	7.950%	6/15/39	125		171
Anadarko Petroleum Corp.	6.200%	3/15/40	1,290		1,545
Anadarko Petroleum Corp.	4.500%	7/15/44	1,275		1,293
Andeavor Logistics LP / Tesoro Logistics Finance Corp.	3.500%	12/1/22	150		154
Andeavor Logistics LP / Tesoro Logistics Finance Corp.	4.250%	12/1/27	1,510		1,593
Andeavor Logistics LP / Tesoro Logistics Finance Corp.	5.200%	12/1/47	400		427
Apache Corp.	3.625%	2/1/21	60		61

136

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Apache Corp.	3.250%	4/15/22	348		354
Apache Corp.	4.375%	10/15/28	850		886
Apache Corp.	7.750%	12/15/29	75		95
Apache Corp.	5.100%	9/1/40	1,115		1,124
Apache Corp.	5.250%	2/1/42	475		483
Apache Corp.	4.750%	4/15/43	1,100		1,065
Apache Corp.	4.250%	1/15/44	1,000		903
Baker Hughes a GE Co. LLC	5.125%	9/15/40	820		901
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc.	2.773%	12/15/22	1,340		1,353
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc.	3.337%	12/15/27	550		553
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc.	4.080%	12/15/47	1,370		1,324
Boardwalk Pipelines LP	3.375%	2/1/23	310		312
Boardwalk Pipelines LP	4.950%	12/15/24	525		559
Boardwalk Pipelines LP	5.950%	6/1/26	700		777
Boardwalk Pipelines LP	4.450%	7/15/27	300		307
Boardwalk Pipelines LP	4.800%	5/3/29	1,200		1,250
BP Capital Markets America Inc.	4.500%	10/1/20	1,225		1,258
BP Capital Markets America Inc.	4.742%	3/11/21	1,010		1,051
BP Capital Markets America Inc.	2.112%	9/16/21	1,000		998
BP Capital Markets America Inc.	3.245%	5/6/22	1,076		1,106
BP Capital Markets America Inc.	2.520%	9/19/22	450		452
BP Capital Markets America Inc.	2.750%	5/10/23	1,825		1,847
BP Capital Markets America Inc.	3.216%	11/28/23	2,000		2,059
BP Capital Markets America Inc.	3.796%	9/21/25	575		613
BP Capital Markets America Inc.	3.410%	2/11/26	800		840
BP Capital Markets America Inc.	3.119%	5/4/26	2,800		2,857
BP Capital Markets America Inc.	3.937%	9/21/28	800		868
BP Capital Markets America Inc.	4.234%	11/6/28	800		886
BP Capital Markets plc	3.561%	11/1/21	1,775		1,831
BP Capital Markets plc	3.062%	3/17/22	450		460
BP Capital Markets plc	2.500%	11/6/22	889		894
BP Capital Markets plc	3.994%	9/26/23	350		372
BP Capital Markets plc	3.535%	11/4/24	1,335		1,402
BP Capital Markets plc	3.506%	3/17/25	750		787
BP Capital Markets plc	3.279%	9/19/27	1,750		1,806
BP Capital Markets plc	3.723%	11/28/28	610		654
Buckeye Partners LP	3.950%	12/1/26	1,250		1,106
Buckeye Partners LP	5.850%	11/15/43	350		292
Burlington Resources Finance Co.	7.400%	12/1/31	600		851
Canadian Natural Resources Ltd.	3.450%	11/15/21	1,175		1,200
Canadian Natural Resources Ltd.	2.950%	1/15/23	800		806
Canadian Natural Resources Ltd.	3.800%	4/15/24	400		416
Canadian Natural Resources Ltd.	3.850%	6/1/27	900		932
Canadian Natural Resources Ltd.	7.200%	1/15/32	500		653
Canadian Natural Resources Ltd.	6.450%	6/30/33	400		496
Canadian Natural Resources Ltd.	5.850%	2/1/35	475		551
Canadian Natural Resources Ltd.	6.500%	2/15/37	500		622
Canadian Natural Resources Ltd.	6.250%	3/15/38	750		922
Canadian Natural Resources Ltd.	6.750%	2/1/39	700		902
Canadian Natural Resources Ltd.	4.950%	6/1/47	300		341
Cenovus Energy Inc.	5.700%	10/15/19	135		136
Cenovus Energy Inc.	4.250%	4/15/27	2,000		2,070
Cenovus Energy Inc.	5.250%	6/15/37	500		520
Cenovus Energy Inc.	6.750%	11/15/39	900		1,075
Cenovus Energy Inc.	5.400%	6/15/47	725		783
Chevron Corp.	2.419%	11/17/20	600		603
Chevron Corp.	2.100%	5/16/21	1,200		1,200
Chevron Corp.	2.498%	3/3/22	400		404
Chevron Corp.	2.355%	12/5/22	5,995		6,041
Chevron Corp.	3.191%	6/24/23	1,175		1,219
Chevron Corp.	2.895%	3/3/24	100		103

137

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Chevron Corp.	3.326%	11/17/25	200		211
Chevron Corp.	2.954%	5/16/26	1,175		1,209
Cimarex Energy Co.	4.375%	6/1/24	500		530
Cimarex Energy Co.	3.900%	5/15/27	600		616
Cimarex Energy Co.	4.375%	3/15/29	400		423
Columbia Pipeline Group Inc.	4.500%	6/1/25	1,155		1,241
Columbia Pipeline Group Inc.	5.800%	6/1/45	350		411
Concho Resources Inc.	3.750%	10/1/27	1,100		1,133
Concho Resources Inc.	4.300%	8/15/28	575		620
Concho Resources Inc.	4.875%	10/1/47	675		756
Concho Resources Inc.	4.850%	8/15/48	500		562
ConocoPhillips	5.900%	10/15/32	200		259
ConocoPhillips	5.900%	5/15/38	1,555		2,038
ConocoPhillips	6.500%	2/1/39	2,150		3,019
ConocoPhillips Canada Funding Co. I	5.950%	10/15/36	400		519
ConocoPhillips Co.	4.950%	3/15/26	2,693		3,063
ConocoPhillips Co.	4.150%	11/15/34	90		97
ConocoPhillips Co.	4.300%	11/15/44	695		779
ConocoPhillips Holding Co.	6.950%	4/15/29	875		1,181
Continental Resources Inc.	4.500%	4/15/23	450		473
Continental Resources Inc.	3.800%	6/1/24	765		786
Continental Resources Inc.	4.375%	1/15/28	900		948
Continental Resources Inc.	4.900%	6/1/44	670		709
Devon Energy Corp.	4.000%	7/15/21	300		312
Devon Energy Corp.	3.250%	5/15/22	500		516
Devon Energy Corp.	7.950%	4/15/32	245		347
Devon Energy Corp.	5.600%	7/15/41	1,260		1,496
Devon Energy Corp.	4.750%	5/15/42	750		815
Devon Financing Co. LLC	7.875%	9/30/31	1,000		1,386
Dominion Energy Gas Holdings LLC	2.800%	11/15/20	500		502
Dominion Energy Gas Holdings LLC	3.550%	11/1/23	250		258
Dominion Energy Gas Holdings LLC	3.600%	12/15/24	250		260
Dominion Energy Gas Holdings LLC	4.800%	11/1/43	500		568
Dominion Energy Gas Holdings LLC	4.600%	12/15/44	400		449
Enable Midstream Partners LP	3.900%	5/15/24	625		633
Enable Midstream Partners LP	4.400%	3/15/27	800		804
Enable Midstream Partners LP	4.950%	5/15/28	300		313
Enable Midstream Partners LP	5.000%	5/15/44	350		327
Enbridge Energy Partners LP	4.200%	9/15/21	325		335
Enbridge Energy Partners LP	5.875%	10/15/25	400		461
Enbridge Energy Partners LP	7.500%	4/15/38	300		419
Enbridge Energy Partners LP	5.500%	9/15/40	75		87
Enbridge Energy Partners LP	7.375%	10/15/45	800		1,172
Enbridge Inc.	2.900%	7/15/22	450		455
Enbridge Inc.	4.250%	12/1/26	650		704
Enbridge Inc.	3.700%	7/15/27	800		828
Enbridge Inc.	4.500%	6/10/44	625		661
Encana Corp.	7.375%	11/1/31	500		641
Encana Corp.	6.500%	8/15/34	1,400		1,725
Encana Corp.	6.625%	8/15/37	350		429
Encana Corp.	6.500%	2/1/38	475		577
Energy Transfer Operating LP	4.150%	10/1/20	1,125		1,144
Energy Transfer Operating LP	4.650%	6/1/21	620		641
Energy Transfer Operating LP	5.200%	2/1/22	800		845
Energy Transfer Operating LP	4.250%	3/15/23	1,600		1,670
Energy Transfer Operating LP	4.200%	9/15/23	100		105
Energy Transfer Operating LP	4.050%	3/15/25	2,000		2,080
Energy Transfer Operating LP	4.750%	1/15/26	300		320
Energy Transfer Operating LP	4.200%	4/15/27	300		312
Energy Transfer Operating LP	5.500%	6/1/27	1,120		1,249
Energy Transfer Operating LP	5.250%	4/15/29	1,200		1,337
Energy Transfer Operating LP	6.250%	4/15/49	1,300		1,529
Energy Transfer Partners LP	3.600%	2/1/23	825		836
Energy Transfer Partners LP	4.950%	6/15/28	1,030		1,122

138

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Energy Transfer Partners LP	4.900%	3/15/35	250		252
	Energy Transfer Partners LP	6.625%	10/15/36	150		174
	Energy Transfer Partners LP	5.800%	6/15/38	1,230		1,366
	Energy Transfer Partners LP	7.500%	7/1/38	500		634
	Energy Transfer Partners LP	6.050%	6/1/41	575		641
	Energy Transfer Partners LP	6.500%	2/1/42	300		354
	Energy Transfer Partners LP	5.150%	2/1/43	425		428
	Energy Transfer Partners LP	5.150%	3/15/45	150		152
	Energy Transfer Partners LP	6.125%	12/15/45	1,650		1,870
	Energy Transfer Partners LP	5.300%	4/15/47	1,300		1,355
	Energy Transfer Partners LP	6.000%	6/15/48	850		967
	Enterprise Products Operating LLC	5.200%	9/1/20	435		449
	Enterprise Products Operating LLC	2.800%	2/15/21	400		402
	Enterprise Products Operating LLC	3.500%	2/1/22	300		308
	Enterprise Products Operating LLC	4.050%	2/15/22	175		182
	Enterprise Products Operating LLC	3.350%	3/15/23	350		360
	Enterprise Products Operating LLC	3.900%	2/15/24	2,050		2,172
	Enterprise Products Operating LLC	3.750%	2/15/25	650		685
	Enterprise Products Operating LLC	3.700%	2/15/26	600		634
	Enterprise Products Operating LLC	3.950%	2/15/27	200		213
	Enterprise Products Operating LLC	4.150%	10/16/28	300		325
	Enterprise Products Operating LLC	3.125%	7/31/29	800		802
	Enterprise Products Operating LLC	6.875%	3/1/33	1,375		1,833
	Enterprise Products Operating LLC	7.550%	4/15/38	300		415
	Enterprise Products Operating LLC	5.950%	2/1/41	470		578
	Enterprise Products Operating LLC	4.850%	8/15/42	850		928
	Enterprise Products Operating LLC	4.450%	2/15/43	600		627
	Enterprise Products Operating LLC	4.850%	3/15/44	1,780		1,964
	Enterprise Products Operating LLC	5.100%	2/15/45	699		799
	Enterprise Products Operating LLC	4.900%	5/15/46	2,260		2,527
	Enterprise Products Operating LLC	4.250%	2/15/48	900		923
	Enterprise Products Operating LLC	4.800%	2/1/49	600		667
	Enterprise Products Operating LLC	4.200%	1/31/50	1,400		1,438
	Enterprise Products Operating LLC	4.950%	10/15/54	200		221
4	Enterprise Products Operating LLC	5.250%	8/16/77	400		380
4	Enterprise Products Operating LLC	5.375%	2/15/78	1,225		1,135
	EOG Resources Inc.	4.100%	2/1/21	350		359
	EOG Resources Inc.	2.625%	3/15/23	4,000		4,043
	EOG Resources Inc.	4.150%	1/15/26	600		652
	EQM Midstream Partners LP	4.125%	12/1/26	500		482
	EQM Midstream Partners LP	5.500%	7/15/28	700		736
	EQT Corp.	2.500%	10/1/20	200		199
	EQT Corp.	4.875%	11/15/21	600		628
	EQT Corp.	3.000%	10/1/22	600		593
	EQT Corp.	3.900%	10/1/27	875		826
	EQT Midstream Partners LP	4.750%	7/15/23	1,225		1,268
	EQT Midstream Partners LP	6.500%	7/15/48	465		488
	Exxon Mobil Corp.	2.222%	3/1/21	1,500		1,503
	Exxon Mobil Corp.	2.397%	3/6/22	1,250		1,259
	Exxon Mobil Corp.	2.726%	3/1/23	2,930		2,992
	Exxon Mobil Corp.	2.709%	3/6/25	1,100		1,123
	Exxon Mobil Corp.	3.043%	3/1/26	1,350		1,396
	Exxon Mobil Corp.	3.567%	3/6/45	750		789
	Exxon Mobil Corp.	4.114%	3/1/46	1,900		2,175
	Halliburton Co.	3.250%	11/15/21	1,085		1,105
	Halliburton Co.	3.500%	8/1/23	950		981
	Halliburton Co.	3.800%	11/15/25	1,500		1,572
	Halliburton Co.	4.850%	11/15/35	1,000		1,065
	Halliburton Co.	6.700%	9/15/38	580		738
	Halliburton Co.	7.450%	9/15/39	450		616
	Halliburton Co.	4.500%	11/15/41	675		681
	Halliburton Co.	4.750%	8/1/43	725		757
	Halliburton Co.	5.000%	11/15/45	1,075		1,166
	Helmerich & Payne Inc.	4.650%	3/15/25	300		318

139

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Hess Corp.	3.500%	7/15/24	245		247
Hess Corp.	4.300%	4/1/27	500		517
Hess Corp.	7.875%	10/1/29	375		473
Hess Corp.	7.300%	8/15/31	35		43
Hess Corp.	7.125%	3/15/33	415		507
Hess Corp.	6.000%	1/15/40	1,265		1,379
Hess Corp.	5.600%	2/15/41	1,000		1,072
Hess Corp.	5.800%	4/1/47	175		194
HollyFrontier Corp.	5.875%	4/1/26	760		831
Husky Energy Inc.	3.950%	4/15/22	450		466
Husky Energy Inc.	4.000%	4/15/24	500		525
Husky Energy Inc.	4.400%	4/15/29	1,000		1,054
Husky Energy Inc.	6.800%	9/15/37	300		369
Kerr-McGee Corp.	6.950%	7/1/24	1,000		1,172
Kerr-McGee Corp.	7.875%	9/15/31	150		203
Kinder Morgan Energy Partners LP	5.800%	3/1/21	750		789
Kinder Morgan Energy Partners LP	5.000%	10/1/21	1,923		2,015
Kinder Morgan Energy Partners LP	4.150%	3/1/22	105		109
Kinder Morgan Energy Partners LP	3.950%	9/1/22	725		755
Kinder Morgan Energy Partners LP	3.500%	9/1/23	465		477
Kinder Morgan Energy Partners LP	4.300%	5/1/24	1,625		1,726
Kinder Morgan Energy Partners LP	4.250%	9/1/24	850		902
Kinder Morgan Energy Partners LP	7.300%	8/15/33	175		230
Kinder Morgan Energy Partners LP	5.800%	3/15/35	300		345
Kinder Morgan Energy Partners LP	6.500%	2/1/37	400		478
Kinder Morgan Energy Partners LP	6.950%	1/15/38	335		428
Kinder Morgan Energy Partners LP	6.500%	9/1/39	1,575		1,936
Kinder Morgan Energy Partners LP	6.550%	9/15/40	990		1,214
Kinder Morgan Energy Partners LP	7.500%	11/15/40	300		401
Kinder Morgan Energy Partners LP	5.000%	8/15/42	1,175		1,244
Kinder Morgan Energy Partners LP	4.700%	11/1/42	1,122		1,145
Kinder Morgan Energy Partners LP	5.000%	3/1/43	500		524
Kinder Morgan Energy Partners LP	5.500%	3/1/44	500		562
Kinder Morgan Inc.	3.150%	1/15/23	300		305
Kinder Morgan Inc.	4.300%	6/1/25	1,000		1,067
Kinder Morgan Inc.	4.300%	3/1/28	1,500		1,602
Kinder Morgan Inc.	7.800%	8/1/31	330		444
Kinder Morgan Inc.	7.750%	1/15/32	1,025		1,399
Kinder Morgan Inc.	5.300%	12/1/34	825		926
Kinder Morgan Inc.	5.550%	6/1/45	1,075		1,242
Kinder Morgan Inc.	5.050%	2/15/46	928		1,007
Magellan Midstream Partners LP	5.000%	3/1/26	450		501
Magellan Midstream Partners LP	5.150%	10/15/43	350		395
Magellan Midstream Partners LP	4.250%	9/15/46	300		302
Magellan Midstream Partners LP	4.200%	10/3/47	800		806
Magellan Midstream Partners LP	4.850%	2/1/49	530		598
Marathon Oil Corp.	2.800%	11/1/22	785		787
Marathon Oil Corp.	3.850%	6/1/25	710		735
Marathon Oil Corp.	4.400%	7/15/27	750		794
Marathon Oil Corp.	6.800%	3/15/32	1,080		1,341
Marathon Oil Corp.	5.200%	6/1/45	400		443
Marathon Petroleum Corp.	3.400%	12/15/20	700		708
Marathon Petroleum Corp.	5.125%	3/1/21	800		835
Marathon Petroleum Corp.	5.375%	10/1/22	50		51
Marathon Petroleum Corp.	4.750%	12/15/23	1,920		2,068
Marathon Petroleum Corp.	5.125%	12/15/26	735		806
Marathon Petroleum Corp.	3.800%	4/1/28	800		811
Marathon Petroleum Corp.	6.500%	3/1/41	1,200		1,492
Marathon Petroleum Corp.	4.750%	9/15/44	250		258
Marathon Petroleum Corp.	4.500%	4/1/48	375		377
Marathon Petroleum Corp.	5.000%	9/15/54	500		510
MPLX LP	3.375%	3/15/23	400		409
MPLX LP	4.500%	7/15/23	1,200		1,272
MPLX LP	4.875%	12/1/24	1,000		1,088

140

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
MPLX LP	4.875%	6/1/25	600		652
MPLX LP	4.125%	3/1/27	1,000		1,045
MPLX LP	4.000%	3/15/28	1,000		1,034
MPLX LP	4.800%	2/15/29	450		494
MPLX LP	4.500%	4/15/38	1,275		1,282
MPLX LP	5.200%	3/1/47	1,700		1,834
MPLX LP	4.700%	4/15/48	1,000		1,010
MPLX LP	5.500%	2/15/49	625		705
MPLX LP	4.900%	4/15/58	550		555
National Fuel Gas Co.	3.750%	3/1/23	375		384
National Fuel Gas Co.	3.950%	9/15/27	200		200
National Fuel Gas Co.	4.750%	9/1/28	650		676
National Oilwell Varco Inc.	2.600%	12/1/22	1,575		1,570
National Oilwell Varco Inc.	3.950%	12/1/42	700		605
Newfield Exploration Co.	5.750%	1/30/22	600		642
Newfield Exploration Co.	5.625%	7/1/24	600		663
Newfield Exploration Co.	5.375%	1/1/26	1,000		1,095
Noble Energy Inc.	4.150%	12/15/21	875		903
Noble Energy Inc.	3.850%	1/15/28	450		459
Noble Energy Inc.	6.000%	3/1/41	1,210		1,382
Noble Energy Inc.	5.250%	11/15/43	450		482
Noble Energy Inc.	4.950%	8/15/47	950		1,008
Occidental Petroleum Corp.	4.100%	2/1/21	1,700		1,736
Occidental Petroleum Corp.	3.125%	2/15/22	650		658
Occidental Petroleum Corp.	2.600%	4/15/22	1,377		1,380
Occidental Petroleum Corp.	3.500%	6/15/25	600		618
Occidental Petroleum Corp.	3.400%	4/15/26	425		432
Occidental Petroleum Corp.	4.625%	6/15/45	725		773
Occidental Petroleum Corp.	4.400%	4/15/46	725		746
Occidental Petroleum Corp.	4.100%	2/15/47	1,400		1,365
ONEOK Inc.	7.500%	9/1/23	1,425		1,665
ONEOK Inc.	4.000%	7/13/27	150		156
ONEOK Inc.	4.550%	7/15/28	600		651
ONEOK Inc.	4.950%	7/13/47	600		633
ONEOK Inc.	5.200%	7/15/48	425		467
ONEOK Partners LP	3.375%	10/1/22	2,150		2,184
ONEOK Partners LP	4.900%	3/15/25	450		489
ONEOK Partners LP	6.650%	10/1/36	360		438
ONEOK Partners LP	6.125%	2/1/41	1,340		1,568
Patterson-UTI Energy Inc.	3.950%	2/1/28	425		418
Petro-Canada	5.350%	7/15/33	450		534
Petro-Canada	5.950%	5/15/35	500		621
Petro-Canada	6.800%	5/15/38	250		341
Phillips 66	4.300%	4/1/22	1,105		1,163
Phillips 66	3.900%	3/15/28	1,300		1,364
Phillips 66	4.650%	11/15/34	300		332
Phillips 66	5.875%	5/1/42	900		1,110
Phillips 66	4.875%	11/15/44	1,615		1,802
Phillips 66 Partners LP	3.605%	2/15/25	350		359
Phillips 66 Partners LP	3.550%	10/1/26	400		406
Phillips 66 Partners LP	3.750%	3/1/28	100		102
Phillips 66 Partners LP	4.680%	2/15/45	250		257
Phillips 66 Partners LP	4.900%	10/1/46	550		582
Pioneer Natural Resources Co.	3.950%	7/15/22	1,075		1,118
Pioneer Natural Resources Co.	4.450%	1/15/26	865		937
Plains All American Pipeline LP / PAA Finance Corp.	5.000%	2/1/21	625		644
Plains All American Pipeline LP / PAA Finance Corp.	3.650%	6/1/22	100		102
Plains All American Pipeline LP / PAA Finance Corp.	2.850%	1/31/23	1,200		1,195
Plains All American Pipeline LP / PAA Finance Corp.	3.600%	11/1/24	2,155		2,184
Plains All American Pipeline LP / PAA Finance Corp.	4.650%	10/15/25	400		426
Plains All American Pipeline LP / PAA Finance Corp.	4.500%	12/15/26	350		372
Plains All American Pipeline LP / PAA Finance Corp.	6.650%	1/15/37	350		406
Plains All American Pipeline LP / PAA Finance Corp.	4.300%	1/31/43	1,250		1,124
Plains All American Pipeline LP / PAA Finance Corp.	4.900%	2/15/45	500		499

141

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Regency Energy Partners LP / Regency Energy Finance Corp.	5.875%	3/1/22	700		751
Regency Energy Partners LP / Regency Energy Finance Corp.	5.000%	10/1/22	1,050		1,113
Regency Energy Partners LP / Regency Energy Finance Corp.	4.500%	11/1/23	475		501
Sabine Pass Liquefaction LLC	5.625%	2/1/21	2,600		2,700
Sabine Pass Liquefaction LLC	6.250%	3/15/22	1,465		1,586
Sabine Pass Liquefaction LLC	5.625%	4/15/23	1,200		1,303
Sabine Pass Liquefaction LLC	5.750%	5/15/24	1,700		1,889
Sabine Pass Liquefaction LLC	5.625%	3/1/25	1,525		1,708
Sabine Pass Liquefaction LLC	5.875%	6/30/26	2,400		2,733
Sabine Pass Liquefaction LLC	5.000%	3/15/27	600		657
Sabine Pass Liquefaction LLC	4.200%	3/15/28	600		628
Schlumberger Investment SA	3.650%	12/1/23	1,190		1,250
Shell International Finance BV	2.250%	11/10/20	400		400
Shell International Finance BV	1.875%	5/10/21	1,475		1,468
Shell International Finance BV	1.750%	9/12/21	1,000		991
Shell International Finance BV	2.375%	8/21/22	975		980
Shell International Finance BV	2.250%	1/6/23	800		800
Shell International Finance BV	3.400%	8/12/23	400		417
Shell International Finance BV	3.250%	5/11/25	2,490		2,601
Shell International Finance BV	2.875%	5/10/26	2,300		2,343
Shell International Finance BV	2.500%	9/12/26	400		397
Shell International Finance BV	3.875%	11/13/28	500		545
Shell International Finance BV	4.125%	5/11/35	2,025		2,237
Shell International Finance BV	6.375%	12/15/38	820		1,157
Shell International Finance BV	5.500%	3/25/40	1,075		1,387
Shell International Finance BV	3.625%	8/21/42	477		491
Shell International Finance BV	4.550%	8/12/43	1,000		1,166
Shell International Finance BV	4.375%	5/11/45	2,700		3,092
Shell International Finance BV	4.000%	5/10/46	1,900		2,084
Shell International Finance BV	3.750%	9/12/46	1,000		1,050
Southern Natural Gas Co. LLC / Southern Natural Issuing Corp.	4.400%	6/15/21	345		356
Spectra Energy Partners LP	4.750%	3/15/24	800		866
Spectra Energy Partners LP	3.500%	3/15/25	800		821
Spectra Energy Partners LP	3.375%	10/15/26	275		280
Spectra Energy Partners LP	4.500%	3/15/45	1,325		1,399
Suncor Energy Inc.	6.500%	6/15/38	1,540		2,062
Suncor Energy Inc.	6.850%	6/1/39	810		1,123
Suncor Energy Inc.	4.000%	11/15/47	700		725
Sunoco Logistics Partners Operations LP	4.400%	4/1/21	2,550		2,623
Sunoco Logistics Partners Operations LP	4.650%	2/15/22	250		261
Sunoco Logistics Partners Operations LP	4.250%	4/1/24	900		933
Sunoco Logistics Partners Operations LP	5.950%	12/1/25	300		339
Sunoco Logistics Partners Operations LP	4.000%	10/1/27	500		516
Sunoco Logistics Partners Operations LP	4.950%	1/15/43	300		295
Sunoco Logistics Partners Operations LP	5.300%	4/1/44	950		975
Sunoco Logistics Partners Operations LP	5.350%	5/15/45	725		756
Sunoco Logistics Partners Operations LP	5.400%	10/1/47	700		740
TC PipeLines LP	3.900%	5/25/27	200		204
TechnipFMC plc	3.450%	10/1/22	350		357
Tennessee Gas Pipeline Co. LLC	7.000%	3/15/27	260		316
Texas Eastern Transmission LP	7.000%	7/15/32	500		652
Total Capital Canada Ltd.	2.750%	7/15/23	825		839
Total Capital International SA	2.750%	6/19/21	2,000		2,023
Total Capital International SA	2.875%	2/17/22	1,400		1,424
Total Capital International SA	2.700%	1/25/23	1,025		1,042
Total Capital International SA	3.700%	1/15/24	725		769
Total Capital International SA	3.750%	4/10/24	250		266
Total Capital International SA	3.455%	2/19/29	925		983
Total Capital SA	4.125%	1/28/21	512		528
Total Capital SA	4.250%	12/15/21	300		315

142

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Total Capital SA	3.883%	10/11/28	525		575
	TransCanada PipeLines Ltd.	3.800%	10/1/20	2,400		2,433
	TransCanada PipeLines Ltd.	2.500%	8/1/22	920		917
	TransCanada PipeLines Ltd.	3.750%	10/16/23	500		520
	TransCanada PipeLines Ltd.	4.250%	5/15/28	700		755
	TransCanada PipeLines Ltd.	4.625%	3/1/34	1,000		1,090
	TransCanada PipeLines Ltd.	5.600%	3/31/34	800		951
	TransCanada PipeLines Ltd.	5.850%	3/15/36	125		150
	TransCanada PipeLines Ltd.	6.200%	10/15/37	1,775		2,211
	TransCanada PipeLines Ltd.	4.750%	5/15/38	700		753
	TransCanada PipeLines Ltd.	7.250%	8/15/38	430		590
	TransCanada PipeLines Ltd.	6.100%	6/1/40	600		746
	TransCanada PipeLines Ltd.	5.000%	10/16/43	1,000		1,109
	TransCanada PipeLines Ltd.	4.875%	5/15/48	1,355		1,511
	TransCanada PipeLines Ltd.	5.100%	3/15/49	750		862
	Transcontinental Gas Pipe Line Co. LLC	4.000%	3/15/28	300		316
	Transcontinental Gas Pipe Line Co. LLC	4.600%	3/15/48	400		421
	Valero Energy Corp.	3.400%	9/15/26	1,520		1,549
	Valero Energy Corp.	4.350%	6/1/28	1,515		1,618
	Valero Energy Corp.	4.000%	4/1/29	1,000		1,042
	Valero Energy Corp.	7.500%	4/15/32	675		921
	Valero Energy Corp.	6.625%	6/15/37	855		1,081
	Valero Energy Corp.	4.900%	3/15/45	200		219
	Valero Energy Partners LP	4.375%	12/15/26	200		213
	Valero Energy Partners LP	4.500%	3/15/28	400		429
	Western Midstream Operating LP	5.375%	6/1/21	1,350		1,395
	Western Midstream Operating LP	3.950%	6/1/25	400		396
	Western Midstream Operating LP	4.650%	7/1/26	500		507
	Western Midstream Operating LP	4.500%	3/1/28	100		100
	Western Midstream Operating LP	4.750%	8/15/28	225		228
	Western Midstream Operating LP	5.450%	4/1/44	885		831
	Western Midstream Operating LP	5.300%	3/1/48	525		486
	Williams Cos. Inc.	4.000%	11/15/21	425		439
	Williams Cos. Inc.	3.600%	3/15/22	750		769
	Williams Cos. Inc.	3.350%	8/15/22	500		509
	Williams Cos. Inc.	3.700%	1/15/23	885		913
	Williams Cos. Inc.	4.500%	11/15/23	560		598
	Williams Cos. Inc.	4.550%	6/24/24	2,550		2,742
	Williams Cos. Inc.	3.900%	1/15/25	1,200		1,245
	Williams Cos. Inc.	4.000%	9/15/25	1,100		1,160
	Williams Cos. Inc.	3.750%	6/15/27	700		723
	Williams Cos. Inc.	6.300%	4/15/40	475		576
	Williams Cos. Inc.	5.800%	11/15/43	700		812
	Williams Cos. Inc.	5.400%	3/4/44	300		331
	Williams Cos. Inc.	5.750%	6/24/44	650		758
	Williams Cos. Inc.	4.900%	1/15/45	325		339
	Williams Cos. Inc.	5.100%	9/15/45	1,850		2,006
	Williams Cos. Inc.	4.850%	3/1/48	775		828
	Other Industrial (0.0%)
4	American University	3.672%	4/1/49	325		335
	Board of Trustees of The Leland Stanford Junior University	3.647%	5/1/48	725		774
4	Boston University	4.061%	10/1/48	220		246
	California Institute of Technology	4.700%	11/1/11	950		1,144
	CBRE Services Inc.	5.250%	3/15/25	350		385
	CBRE Services Inc.	4.875%	3/1/26	625		679
	Cintas Corp. No 2	2.900%	4/1/22	400		406
	Cintas Corp. No 2	3.250%	6/1/22	150		154
	Cintas Corp. No 2	3.700%	4/1/27	825		877
	Fluor Corp.	3.500%	12/15/24	1,000		1,025
	Fluor Corp.	4.250%	9/15/28	500		516
4	Johns Hopkins University	4.083%	7/1/53	500		552
	Massachusetts Institute of Technology	5.600%	7/1/11	610		916

143

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Massachusetts Institute of Technology	4.678%	7/1/14	700		892
	Massachusetts Institute of Technology	3.885%	7/1/16	350		372
4	Northwestern University	4.643%	12/1/44	350		418
4	Northwestern University	3.662%	12/1/57	200		216
	President & Fellows of Harvard College	3.619%	10/1/37	500		532
	Steelcase Inc.	5.125%	1/18/29	335		365
4	University of Chicago	4.003%	10/1/53	400		438
4	University of Notre Dame du Lac	3.438%	2/15/45	900		924
	University of Notre Dame du Lac	3.394%	2/15/48	325		328
	University of Pennsylvania	4.674%	9/1/12	600		724
4	University of Southern California	3.028%	10/1/39	525		513
4	University of Southern California	3.841%	10/1/47	500		544
4	William Marsh Rice University	3.574%	5/15/45	715		748
	Technology (0.9%)
	Adobe Inc.	3.250%	2/1/25	800		834
	Alphabet Inc.	3.625%	5/19/21	350		360
	Alphabet Inc.	1.998%	8/15/26	1,500		1,462
	Altera Corp.	4.100%	11/15/23	750		806
	Amphenol Corp.	3.125%	9/15/21	250		254
	Amphenol Corp.	4.000%	2/1/22	75		78
	Amphenol Corp.	3.200%	4/1/24	200		205
	Amphenol Corp.	4.350%	6/1/29	75		81
	Analog Devices Inc.	2.500%	12/5/21	300		301
	Analog Devices Inc.	2.875%	6/1/23	1,375		1,393
	Analog Devices Inc.	3.125%	12/5/23	400		409
	Analog Devices Inc.	3.900%	12/15/25	50		53
	Analog Devices Inc.	3.500%	12/5/26	1,225		1,252
	Apple Inc.	2.000%	11/13/20	950		949
	Apple Inc.	2.250%	2/23/21	2,835		2,843
	Apple Inc.	2.850%	5/6/21	1,975		2,005
	Apple Inc.	1.550%	8/4/21	1,400		1,385
	Apple Inc.	2.150%	2/9/22	1,300		1,304
	Apple Inc.	2.500%	2/9/22	1,250		1,262
	Apple Inc.	2.300%	5/11/22	1,025		1,031
	Apple Inc.	2.700%	5/13/22	1,725		1,756
	Apple Inc.	2.400%	1/13/23	725		731
	Apple Inc.	2.850%	2/23/23	1,384		1,417
	Apple Inc.	2.400%	5/3/23	3,790		3,831
	Apple Inc.	3.000%	2/9/24	1,375		1,420
	Apple Inc.	3.450%	5/6/24	930		983
	Apple Inc.	2.850%	5/11/24	4,915		5,054
	Apple Inc.	2.750%	1/13/25	2,500		2,555
	Apple Inc.	3.250%	2/23/26	3,805		3,976
	Apple Inc.	2.450%	8/4/26	500		499
	Apple Inc.	3.350%	2/9/27	200		210
	Apple Inc.	3.200%	5/11/27	2,700		2,815
	Apple Inc.	2.900%	9/12/27	4,300		4,398
	Apple Inc.	3.000%	11/13/27	25		26
	Apple Inc.	4.500%	2/23/36	1,475		1,731
	Apple Inc.	3.850%	5/4/43	1,975		2,095
	Apple Inc.	4.450%	5/6/44	825		946
	Apple Inc.	3.450%	2/9/45	1,444		1,436
	Apple Inc.	4.375%	5/13/45	1,775		2,019
	Apple Inc.	4.650%	2/23/46	4,430		5,242
	Apple Inc.	3.850%	8/4/46	2,050		2,174
	Apple Inc.	3.750%	9/12/47	860		900
	Apple Inc.	3.750%	11/13/47	975		1,022
	Applied Materials Inc.	2.625%	10/1/20	400		402
	Applied Materials Inc.	4.300%	6/15/21	1,000		1,042
	Applied Materials Inc.	3.900%	10/1/25	550		589
	Applied Materials Inc.	3.300%	4/1/27	865		900
	Applied Materials Inc.	5.100%	10/1/35	400		486
	Applied Materials Inc.	5.850%	6/15/41	250		322

144

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Applied Materials Inc.	4.350%	4/1/47	775		859
	Arrow Electronics Inc.	3.500%	4/1/22	325		331
	Arrow Electronics Inc.	4.500%	3/1/23	400		417
	Arrow Electronics Inc.	3.250%	9/8/24	400		396
	Arrow Electronics Inc.	4.000%	4/1/25	300		307
	Arrow Electronics Inc.	3.875%	1/12/28	250		247
	Autodesk Inc.	3.600%	12/15/22	100		103
	Autodesk Inc.	4.375%	6/15/25	250		267
	Autodesk Inc.	3.500%	6/15/27	375		378
	Avnet Inc.	4.875%	12/1/22	400		423
	Avnet Inc.	4.625%	4/15/26	450		475
	Baidu Inc.	2.875%	7/6/22	1,050		1,051
	Baidu Inc.	3.500%	11/28/22	1,500		1,534
	Baidu Inc.	3.875%	9/29/23	800		831
	Baidu Inc.	4.375%	5/14/24	400		423
	Baidu Inc.	3.625%	7/6/27	575		579
	Baidu Inc.	4.375%	3/29/28	400		421
	Baidu Inc.	4.875%	11/14/28	300		328
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	2.200%	1/15/21	575		570
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.000%	1/15/22	2,685		2,695
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	2.650%	1/15/23	1,425		1,404
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.625%	1/15/24	2,025		2,044
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.125%	1/15/25	1,525		1,485
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.875%	1/15/27	4,050		3,964
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.500%	1/15/28	1,000		944
7	Broadcom Inc.	3.125%	4/15/21	1,500		1,509
7	Broadcom Inc.	3.125%	10/15/22	1,200		1,206
7	Broadcom Inc.	3.625%	10/15/24	1,400		1,406
7	Broadcom Inc.	4.250%	4/15/26	3,500		3,541
7	Broadcom Inc.	4.750%	4/15/29	950		970
	Broadridge Financial Solutions Inc.	3.950%	9/1/20	250		254
	Broadridge Financial Solutions Inc.	3.400%	6/27/26	320		325
	CA Inc.	3.600%	8/1/20	800		805
	CA Inc.	3.600%	8/15/22	500		507
	Cadence Design Systems Inc.	4.375%	10/15/24	275		293
	Cisco Systems Inc.	2.200%	2/28/21	3,250		3,253
	Cisco Systems Inc.	2.600%	2/28/23	250		254
	Cisco Systems Inc.	2.200%	9/20/23	500		501
	Cisco Systems Inc.	3.625%	3/4/24	2,000		2,130
	Cisco Systems Inc.	2.950%	2/28/26	550		566
	Cisco Systems Inc.	2.500%	9/20/26	1,150		1,161
	Cisco Systems Inc.	5.900%	2/15/39	1,000		1,358
	Cisco Systems Inc.	5.500%	1/15/40	1,530		2,016
	Citrix Systems Inc.	4.500%	12/1/27	500		517
	Corning Inc.	2.900%	5/15/22	625		633
	Corning Inc.	4.700%	3/15/37	250		271
	Corning Inc.	5.750%	8/15/40	665		788
	Corning Inc.	4.375%	11/15/57	650		633
7	Dell International LLC / EMC Corp.	5.450%	6/15/23	2,850		3,070
7	Dell International LLC / EMC Corp.	4.000%	7/15/24	400		409
7	Dell International LLC / EMC Corp.	6.020%	6/15/26	4,500		4,959
7	Dell International LLC / EMC Corp.	4.900%	10/1/26	1,000		1,043
7	Dell International LLC / EMC Corp.	5.300%	10/1/29	1,400		1,471
7	Dell International LLC / EMC Corp.	8.100%	7/15/36	1,300		1,594
7	Dell International LLC / EMC Corp.	8.350%	7/15/46	1,500		1,891
7	Dell International LLC / EMC Corp.	4.420%	6/15/21	3,575		3,682
	DXC Technology Co.	4.250%	4/15/24	1,050		1,097
	Equifax Inc.	2.300%	6/1/21	875		870
	Equifax Inc.	3.600%	8/15/21	125		127
	Equifax Inc.	3.950%	6/15/23	225		234
	Fidelity National Information Services Inc.	3.625%	10/15/20	2,250		2,282
	Fidelity National Information Services Inc.	3.500%	4/15/23	530		547
	Fidelity National Information Services Inc.	3.875%	6/5/24	588		619
	Fidelity National Information Services Inc.	3.000%	8/15/26	993		1,003

145

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Fidelity National Information Services Inc.	4.500%	8/15/46	425		441
Fidelity National Information Services Inc.	4.750%	5/15/48	500		553
Fiserv Inc.	3.800%	10/1/23	1,000		1,049
Fiserv Inc.	2.750%	7/1/24	1,600		1,611
Fiserv Inc.	3.850%	6/1/25	700		739
Fiserv Inc.	3.200%	7/1/26	1,600		1,632
Fiserv Inc.	4.200%	10/1/28	1,150		1,241
Fiserv Inc.	3.500%	7/1/29	2,500		2,560
Fiserv Inc.	4.400%	7/1/49	1,300		1,353
Flex Ltd.	5.000%	2/15/23	500		523
Flex Ltd.	4.750%	6/15/25	25		26
Flex Ltd.	4.875%	6/15/29	200		203
Hewlett Packard Enterprise Co.	3.600%	10/15/20	2,525		2,558
Hewlett Packard Enterprise Co.	3.500%	10/5/21	1,890		1,934
Hewlett Packard Enterprise Co.	4.400%	10/15/22	1,151		1,213
Hewlett Packard Enterprise Co.	4.900%	10/15/25	2,000		2,200
Hewlett Packard Enterprise Co.	6.200%	10/15/35	600		672
Hewlett Packard Enterprise Co.	6.350%	10/15/45	1,150		1,264
HP Inc.	3.750%	12/1/20	113		115
HP Inc.	4.050%	9/15/22	401		419
HP Inc.	6.000%	9/15/41	610		674
IBM Credit LLC	3.450%	11/30/20	425		432
IBM Credit LLC	1.800%	1/20/21	525		522
IBM Credit LLC	3.600%	11/30/21	425		438
IBM Credit LLC	2.200%	9/8/22	750		748
IBM Credit LLC	3.000%	2/6/23	850		869
Intel Corp.	2.450%	7/29/20	1,250		1,254
Intel Corp.	1.700%	5/19/21	500		496
Intel Corp.	3.300%	10/1/21	1,425		1,467
Intel Corp.	3.100%	7/29/22	625		643
Intel Corp.	2.700%	12/15/22	1,768		1,801
Intel Corp.	2.875%	5/11/24	2,675		2,747
Intel Corp.	3.700%	7/29/25	1,505		1,607
Intel Corp.	2.600%	5/19/26	1,140		1,147
Intel Corp.	4.000%	12/15/32	1,125		1,265
Intel Corp.	4.800%	10/1/41	665		778
Intel Corp.	4.100%	5/19/46	1,050		1,136
Intel Corp.	3.734%	12/8/47	3,000		3,134
International Business Machines Corp.	2.800%	5/13/21	1,100		1,113
International Business Machines Corp.	2.900%	11/1/21	200		203
International Business Machines Corp.	2.850%	5/13/22	2,200		2,237
International Business Machines Corp.	1.875%	8/1/22	3,465		3,426
International Business Machines Corp.	2.875%	11/9/22	1,150		1,174
International Business Machines Corp.	3.375%	8/1/23	1,100		1,137
International Business Machines Corp.	3.625%	2/12/24	1,400		1,470
International Business Machines Corp.	3.000%	5/15/24	2,500		2,568
International Business Machines Corp.	3.450%	2/19/26	1,700		1,772
International Business Machines Corp.	3.300%	5/15/26	3,200		3,309
International Business Machines Corp.	3.500%	5/15/29	2,725		2,837
International Business Machines Corp.	4.150%	5/15/39	1,600		1,699
International Business Machines Corp.	5.600%	11/30/39	1,114		1,400
International Business Machines Corp.	4.000%	6/20/42	1,500		1,533
International Business Machines Corp.	4.250%	5/15/49	2,700		2,888
Jabil Inc.	5.625%	12/15/20	250		260
Jabil Inc.	3.950%	1/12/28	400		391
Juniper Networks Inc.	4.600%	3/15/21	360		372
Juniper Networks Inc.	4.350%	6/15/25	250		266
Juniper Networks Inc.	5.950%	3/15/41	150		163
Keysight Technologies Inc.	4.550%	10/30/24	475		507
Keysight Technologies Inc.	4.600%	4/6/27	575		613
KLA Corp.	4.125%	11/1/21	1,800		1,863
KLA Corp.	4.650%	11/1/24	1,175		1,284
KLA Corp.	4.100%	3/15/29	650		686
KLA Corp.	5.000%	3/15/49	300		335

146

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Lam Research Corp.	2.800%	6/15/21	450		453
	Lam Research Corp.	3.800%	3/15/25	425		449
	Lam Research Corp.	3.750%	3/15/26	600		629
	Lam Research Corp.	4.000%	3/15/29	1,100		1,168
	Lam Research Corp.	4.875%	3/15/49	700		768
	Marvell Technology Group Ltd.	4.200%	6/22/23	425		441
	Marvell Technology Group Ltd.	4.875%	6/22/28	300		318
	Maxim Integrated Products Inc.	3.375%	3/15/23	400		407
	Maxim Integrated Products Inc.	3.450%	6/15/27	450		451
	Micron Technology Inc.	4.640%	2/6/24	275		286
	Micron Technology Inc.	4.975%	2/6/26	375		396
	Micron Technology Inc.	5.327%	2/6/29	575		610
	Microsoft Corp.	3.000%	10/1/20	250		253
	Microsoft Corp.	2.000%	11/3/20	4,075		4,074
	Microsoft Corp.	2.400%	2/6/22	1,500		1,516
	Microsoft Corp.	2.375%	2/12/22	1,600		1,617
	Microsoft Corp.	2.650%	11/3/22	2,555		2,605
	Microsoft Corp.	2.375%	5/1/23	250		253
	Microsoft Corp.	2.000%	8/8/23	1,900		1,899
	Microsoft Corp.	2.875%	2/6/24	1,713		1,774
	Microsoft Corp.	3.125%	11/3/25	2,270		2,388
	Microsoft Corp.	2.400%	8/8/26	3,000		3,014
	Microsoft Corp.	3.300%	2/6/27	5,300		5,626
	Microsoft Corp.	3.500%	2/12/35	1,325		1,412
	Microsoft Corp.	4.200%	11/3/35	1,000		1,143
	Microsoft Corp.	3.450%	8/8/36	1,000		1,058
	Microsoft Corp.	4.100%	2/6/37	2,350		2,678
	Microsoft Corp.	4.500%	10/1/40	169		201
	Microsoft Corp.	5.300%	2/8/41	600		782
	Microsoft Corp.	3.500%	11/15/42	850		887
	Microsoft Corp.	3.750%	5/1/43	110		119
	Microsoft Corp.	4.875%	12/15/43	705		884
	Microsoft Corp.	3.750%	2/12/45	1,550		1,686
	Microsoft Corp.	4.450%	11/3/45	2,125		2,549
	Microsoft Corp.	3.700%	8/8/46	3,650		3,959
	Microsoft Corp.	4.250%	2/6/47	2,300		2,724
	Microsoft Corp.	4.000%	2/12/55	4,615		5,185
	Microsoft Corp.	3.950%	8/8/56	600		664
	Microsoft Corp.	4.500%	2/6/57	1,350		1,636
	Motorola Solutions Inc.	3.750%	5/15/22	338		347
	Motorola Solutions Inc.	3.500%	3/1/23	1,200		1,221
	Motorola Solutions Inc.	4.000%	9/1/24	500		519
	Motorola Solutions Inc.	4.600%	2/23/28	550		576
	Motorola Solutions Inc.	5.500%	9/1/44	300		304
	NetApp Inc.	3.375%	6/15/21	850		860
	NetApp Inc.	3.300%	9/29/24	300		305
	NVIDIA Corp.	2.200%	9/16/21	815		812
	NVIDIA Corp.	3.200%	9/16/26	764		780
7	NXP BV / NXP Funding LLC	4.875%	3/1/24	800		855
7	NXP BV / NXP Funding LLC	5.350%	3/1/26	787		870
7	NXP BV / NXP Funding LLC	5.550%	12/1/28	675		757
7	NXP BV / NXP Funding LLC / NXP USA Inc.	3.875%	6/18/26	300		307
7	NXP BV / NXP Funding LLC / NXP USA Inc.	4.300%	6/18/29	1,000		1,028
	Oracle Corp.	1.900%	9/15/21	6,800		6,763
	Oracle Corp.	2.500%	5/15/22	2,537		2,562
	Oracle Corp.	2.400%	9/15/23	1,720		1,730
	Oracle Corp.	3.400%	7/8/24	2,425		2,537
	Oracle Corp.	2.950%	11/15/24	2,010		2,069
	Oracle Corp.	2.650%	7/15/26	6,500		6,526
	Oracle Corp.	3.250%	5/15/30	275		288
	Oracle Corp.	4.300%	7/8/34	1,350		1,535
	Oracle Corp.	3.900%	5/15/35	1,375		1,489
	Oracle Corp.	3.850%	7/15/36	1,580		1,670
	Oracle Corp.	3.800%	11/15/37	1,425		1,512

147

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Oracle Corp.	6.125%	7/8/39	1,000		1,363
	Oracle Corp.	5.375%	7/15/40	2,160		2,739
	Oracle Corp.	4.500%	7/8/44	785		886
	Oracle Corp.	4.125%	5/15/45	2,825		3,057
	Oracle Corp.	4.000%	7/15/46	3,115		3,333
	Oracle Corp.	4.375%	5/15/55	950		1,061
	QUALCOMM Inc.	3.000%	5/20/22	1,625		1,653
	QUALCOMM Inc.	2.600%	1/30/23	1,250		1,252
	QUALCOMM Inc.	2.900%	5/20/24	1,225		1,241
	QUALCOMM Inc.	3.450%	5/20/25	2,230		2,311
	QUALCOMM Inc.	3.250%	5/20/27	1,150		1,170
	QUALCOMM Inc.	4.650%	5/20/35	800		888
	QUALCOMM Inc.	4.800%	5/20/45	1,585		1,768
	QUALCOMM Inc.	4.300%	5/20/47	1,000		1,048
	salesforce.com Inc.	3.250%	4/11/23	825		854
	salesforce.com Inc.	3.700%	4/11/28	1,175		1,263
	Seagate HDD Cayman	4.250%	3/1/22	500		508
	Seagate HDD Cayman	4.750%	6/1/23	725		747
	Seagate HDD Cayman	4.875%	3/1/24	375		385
	Seagate HDD Cayman	4.750%	1/1/25	1,575		1,591
	Seagate HDD Cayman	5.750%	12/1/34	400		393
	Tech Data Corp.	3.700%	2/15/22	425		432
	Tech Data Corp.	4.950%	2/15/27	375		391
	Texas Instruments Inc.	2.750%	3/12/21	250		253
	Texas Instruments Inc.	1.850%	5/15/22	500		497
	Texas Instruments Inc.	2.625%	5/15/24	225		228
	Texas Instruments Inc.	2.900%	11/3/27	400		410
	Texas Instruments Inc.	3.875%	3/15/39	600		648
	Texas Instruments Inc.	4.150%	5/15/48	1,225		1,387
	Total System Services Inc.	3.800%	4/1/21	725		738
	Total System Services Inc.	3.750%	6/1/23	500		516
	Total System Services Inc.	4.000%	6/1/23	475		495
	Total System Services Inc.	4.800%	4/1/26	600		659
	Total System Services Inc.	4.450%	6/1/28	300		321
	Trimble Inc.	4.150%	6/15/23	100		103
	Trimble Inc.	4.750%	12/1/24	225		239
	Trimble Inc.	4.900%	6/15/28	400		428
	Tyco Electronics Group SA	3.500%	2/3/22	725		743
	Tyco Electronics Group SA	3.450%	8/1/24	1,596		1,650
	Tyco Electronics Group SA	3.125%	8/15/27	450		450
	Tyco Electronics Group SA	7.125%	10/1/37	700		950
	Verisk Analytics Inc.	5.800%	5/1/21	325		344
	Verisk Analytics Inc.	4.125%	9/12/22	1,300		1,365
	Verisk Analytics Inc.	4.000%	6/15/25	750		801
	Verisk Analytics Inc.	4.125%	3/15/29	600		645
	Verisk Analytics Inc.	5.500%	6/15/45	600		703
	VMware Inc.	2.300%	8/21/20	1,030		1,027
	VMware Inc.	2.950%	8/21/22	1,310		1,319
	VMware Inc.	3.900%	8/21/27	1,050		1,059
	Xilinx Inc.	3.000%	3/15/21	1,300		1,311
	Xilinx Inc.	2.950%	6/1/24	500		507
	Transportation (0.3%)
4	American Airlines 2013-1 Class A Pass Through Trust	4.000%	1/15/27	162		170
4	American Airlines 2013-2 Class A Pass Through Trust	4.950%	7/15/24	625		654
4	American Airlines 2014-1 Class A Pass Through Trust	3.700%	4/1/28	376		388
4	American Airlines 2015-1 Class A Pass Through Trust	3.375%	11/1/28	723		734
4	American Airlines 2015-1 Class B Pass Through Trust	3.700%	11/1/24	96		96
4	American Airlines 2015-2 Class AA Pass Through Trust	3.600%	9/22/27	245		253
4	American Airlines 2016-1 Class AA Pass Through Trust	3.575%	1/15/28	396		409
4	American Airlines 2016-2 Class AA Pass Through Trust	3.200%	12/15/29	877		884
4	American Airlines 2016-3 Class A Pass Through Trust	3.250%	4/15/30	135		134
4	American Airlines 2016-3 Class AA Pass Through Trust	3.000%	10/15/28	202		201
4	American Airlines 2017-1 Class AA Pass Through Trust	3.650%	8/15/30	450		467

148

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	American Airlines 2017-2 Class AA Pass Through Trust	3.350%	10/15/29	378		381
4	BNSF Funding Trust I	6.613%	12/15/55	325		357
	Burlington Northern Santa Fe LLC	3.600%	9/1/20	275		279
	Burlington Northern Santa Fe LLC	4.100%	6/1/21	410		421
	Burlington Northern Santa Fe LLC	3.450%	9/15/21	410		420
	Burlington Northern Santa Fe LLC	3.050%	3/15/22	425		434
	Burlington Northern Santa Fe LLC	3.050%	9/1/22	240		246
	Burlington Northern Santa Fe LLC	3.000%	3/15/23	625		640
	Burlington Northern Santa Fe LLC	3.850%	9/1/23	625		660
	Burlington Northern Santa Fe LLC	3.750%	4/1/24	400		423
	Burlington Northern Santa Fe LLC	3.400%	9/1/24	400		421
	Burlington Northern Santa Fe LLC	3.000%	4/1/25	250		256
	Burlington Northern Santa Fe LLC	3.650%	9/1/25	275		292
	Burlington Northern Santa Fe LLC	7.000%	12/15/25	700		879
	Burlington Northern Santa Fe LLC	3.250%	6/15/27	975		1,022
	Burlington Northern Santa Fe LLC	6.200%	8/15/36	125		166
	Burlington Northern Santa Fe LLC	6.150%	5/1/37	400		534
	Burlington Northern Santa Fe LLC	5.750%	5/1/40	625		820
	Burlington Northern Santa Fe LLC	5.050%	3/1/41	375		453
	Burlington Northern Santa Fe LLC	5.400%	6/1/41	925		1,165
	Burlington Northern Santa Fe LLC	4.950%	9/15/41	200		241
	Burlington Northern Santa Fe LLC	4.400%	3/15/42	575		647
	Burlington Northern Santa Fe LLC	4.375%	9/1/42	500		562
	Burlington Northern Santa Fe LLC	4.450%	3/15/43	850		970
	Burlington Northern Santa Fe LLC	5.150%	9/1/43	500		616
	Burlington Northern Santa Fe LLC	4.900%	4/1/44	800		968
	Burlington Northern Santa Fe LLC	4.550%	9/1/44	600		694
	Burlington Northern Santa Fe LLC	4.150%	4/1/45	500		555
	Burlington Northern Santa Fe LLC	4.700%	9/1/45	300		354
	Burlington Northern Santa Fe LLC	3.900%	8/1/46	550		584
	Burlington Northern Santa Fe LLC	4.125%	6/15/47	850		940
	Burlington Northern Santa Fe LLC	4.050%	6/15/48	850		936
	Burlington Northern Santa Fe LLC	4.150%	12/15/48	575		645
	Canadian National Railway Co.	2.850%	12/15/21	525		531
	Canadian National Railway Co.	2.750%	3/1/26	375		377
	Canadian National Railway Co.	6.250%	8/1/34	350		478
	Canadian National Railway Co.	6.200%	6/1/36	350		474
	Canadian National Railway Co.	6.375%	11/15/37	350		490
	Canadian National Railway Co.	3.650%	2/3/48	650		677
	Canadian Pacific Railway Co.	4.450%	3/15/23	430		453
	Canadian Pacific Railway Co.	2.900%	2/1/25	100		102
	Canadian Pacific Railway Co.	7.125%	10/15/31	225		312
	Canadian Pacific Railway Co.	5.750%	3/15/33	425		524
	Canadian Pacific Railway Co.	5.950%	5/15/37	775		986
	Canadian Pacific Railway Co.	4.800%	8/1/45	175		205
	Canadian Pacific Railway Co.	6.125%	9/15/15	530		716
	CH Robinson Worldwide Inc.	4.200%	4/15/28	100		107
4	Continental Airlines 2009-2 Class A Pass Through Trust	7.250%	5/10/21	738		747
4	Continental Airlines 2012-1 Class A Pass Through Trust	4.150%	10/11/25	634		664
4	Continental Airlines 2012-2 Class A Pass Through Trust	4.000%	4/29/26	326		340
	CSX Corp.	3.700%	10/30/20	205		208
	CSX Corp.	4.250%	6/1/21	900		929
	CSX Corp.	3.700%	11/1/23	200		210
	CSX Corp.	3.350%	11/1/25	400		419
	CSX Corp.	3.250%	6/1/27	1,500		1,544
	CSX Corp.	3.800%	3/1/28	1,275		1,364
	CSX Corp.	4.250%	3/15/29	900		998
	CSX Corp.	6.220%	4/30/40	174		226
	CSX Corp.	5.500%	4/15/41	425		511
	CSX Corp.	4.750%	5/30/42	1,310		1,476
	CSX Corp.	4.400%	3/1/43	93		101
	CSX Corp.	4.100%	3/15/44	800		833
	CSX Corp.	4.300%	3/1/48	1,000		1,072
	CSX Corp.	4.500%	3/15/49	900		1,010

149

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	CSX Corp.	3.950%	5/1/50	650		658
	CSX Corp.	4.250%	11/1/66	500		496
	CSX Corp.	4.650%	3/1/68	500		535
4	Delta Air Lines 2007-1 Class A Pass Through Trust	6.821%	2/10/24	257		282
4	Delta Air Lines 2015-1 Class AA Pass Through Trust	3.625%	7/30/27	318		334
4	Delta Air Lines 2019-1 Class AA Pass Through Trust	3.204%	4/25/24	430		444
	Delta Air Lines Inc.	2.600%	12/4/20	300		300
	Delta Air Lines Inc.	3.400%	4/19/21	500		508
	Delta Air Lines Inc.	3.625%	3/15/22	750		763
	Delta Air Lines Inc.	3.800%	4/19/23	625		641
	Delta Air Lines Inc.	4.375%	4/19/28	475		483
	FedEx Corp.	2.625%	8/1/22	1,470		1,479
	FedEx Corp.	4.000%	1/15/24	450		481
	FedEx Corp.	3.250%	4/1/26	500		514
	FedEx Corp.	3.300%	3/15/27	350		359
	FedEx Corp.	3.400%	2/15/28	1,000		1,029
	FedEx Corp.	3.900%	2/1/35	200		201
	FedEx Corp.	3.875%	8/1/42	200		188
	FedEx Corp.	4.100%	4/15/43	300		288
	FedEx Corp.	5.100%	1/15/44	600		659
	FedEx Corp.	4.750%	11/15/45	975		1,014
	FedEx Corp.	4.550%	4/1/46	1,150		1,175
	FedEx Corp.	4.400%	1/15/47	800		796
	FedEx Corp.	4.050%	2/15/48	1,500		1,430
	FedEx Corp.	4.950%	10/17/48	300		326
	FedEx Corp.	4.500%	2/1/65	150		137
	JB Hunt Transport Services Inc.	3.300%	8/15/22	400		408
	JB Hunt Transport Services Inc.	3.875%	3/1/26	150		157
	Kansas City Southern	3.000%	5/15/23	400		406
	Kansas City Southern	4.300%	5/15/43	250		258
	Kansas City Southern	4.950%	8/15/45	400		444
	Kansas City Southern	4.700%	5/1/48	1,500		1,677
	Kirby Corp.	4.200%	3/1/28	1,200		1,242
4	Latam Airlines 2015-1 Pass Through Trust A	4.200%	8/15/29	203		205
	Norfolk Southern Corp.	3.250%	12/1/21	325		331
	Norfolk Southern Corp.	3.000%	4/1/22	1,875		1,911
	Norfolk Southern Corp.	2.903%	2/15/23	780		788
	Norfolk Southern Corp.	3.850%	1/15/24	200		211
	Norfolk Southern Corp.	5.590%	5/17/25	164		187
	Norfolk Southern Corp.	3.650%	8/1/25	75		79
	Norfolk Southern Corp.	7.800%	5/15/27	100		132
	Norfolk Southern Corp.	3.150%	6/1/27	125		128
	Norfolk Southern Corp.	3.800%	8/1/28	450		485
	Norfolk Southern Corp.	4.837%	10/1/41	565		647
	Norfolk Southern Corp.	3.950%	10/1/42	425		438
	Norfolk Southern Corp.	4.450%	6/15/45	275		304
	Norfolk Southern Corp.	4.650%	1/15/46	200		229
	Norfolk Southern Corp.	3.942%	11/1/47	150		156
	Norfolk Southern Corp.	4.150%	2/28/48	50		54
	Norfolk Southern Corp.	4.100%	5/15/49	315		334
	Norfolk Southern Corp.	4.050%	8/15/52	1,723		1,788
	Norfolk Southern Corp.	6.000%	3/15/05	160		199
	Norfolk Southern Corp.	5.100%	8/1/18	820		928
4	Northwest Airlines 2007-1 Class A Pass Through Trust	7.027%	5/1/21	139		141
	Ryder System Inc.	2.875%	9/1/20	125		126
	Ryder System Inc.	3.500%	6/1/21	300		306
	Ryder System Inc.	2.250%	9/1/21	100		100
	Ryder System Inc.	2.875%	6/1/22	350		354
	Ryder System Inc.	3.400%	3/1/23	350		359
	Ryder System Inc.	3.750%	6/9/23	1,490		1,549
	Ryder System Inc.	3.650%	3/18/24	550		573
	Southwest Airlines Co.	2.650%	11/5/20	540		542
	Southwest Airlines Co.	2.750%	11/16/22	100		100
	Southwest Airlines Co.	3.000%	11/15/26	400		399

150

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Southwest Airlines Co.	3.450%	11/16/27	240		247
4	Southwest Airlines Co. 2007-1 Pass Through Trust	6.150%	2/1/24	69		73
4	Spirit Airlines Class A Pass Through Certificates Series 2015-1	4.100%	10/1/29	259		271
	Union Pacific Corp.	3.200%	6/8/21	600		611
	Union Pacific Corp.	2.950%	3/1/22	400		407
	Union Pacific Corp.	4.163%	7/15/22	100		105
	Union Pacific Corp.	2.950%	1/15/23	650		662
	Union Pacific Corp.	2.750%	4/15/23	200		203
	Union Pacific Corp.	3.500%	6/8/23	600		624
	Union Pacific Corp.	3.646%	2/15/24	2,375		2,485
	Union Pacific Corp.	3.150%	3/1/24	400		412
	Union Pacific Corp.	3.250%	1/15/25	400		414
	Union Pacific Corp.	3.750%	7/15/25	600		636
	Union Pacific Corp.	3.250%	8/15/25	900		935
	Union Pacific Corp.	2.750%	3/1/26	648		653
	Union Pacific Corp.	3.000%	4/15/27	240		244
	Union Pacific Corp.	3.950%	9/10/28	800		875
	Union Pacific Corp.	3.700%	3/1/29	800		857
	Union Pacific Corp.	3.375%	2/1/35	900		888
	Union Pacific Corp.	3.600%	9/15/37	708		714
	Union Pacific Corp.	4.375%	9/10/38	625		687
	Union Pacific Corp.	4.250%	4/15/43	400		424
	Union Pacific Corp.	4.821%	2/1/44	250		288
	Union Pacific Corp.	4.150%	1/15/45	400		414
	Union Pacific Corp.	4.050%	11/15/45	250		260
	Union Pacific Corp.	3.350%	8/15/46	550		517
	Union Pacific Corp.	4.500%	9/10/48	400		451
	Union Pacific Corp.	4.300%	3/1/49	900		991
	Union Pacific Corp.	3.799%	10/1/51	1,082		1,085
	Union Pacific Corp.	3.875%	2/1/55	400		397
	Union Pacific Corp.	4.375%	11/15/65	800		839
	Union Pacific Corp.	4.100%	9/15/67	350		349
4	United Airlines 2013-1 Class A Pass Through Trust	4.300%	2/15/27	544		578
4	United Airlines 2014-1 Class A Pass Through Trust	4.000%	10/11/27	584		613
4	United Airlines 2015-1 Class A Pass Through Trust	3.700%	6/1/24	200		204
4	United Airlines 2015-1 Class AA Pass Through Trust	3.450%	12/1/27	235		241
4	United Airlines 2016-1 Class A Pass Through Trust	3.450%	1/7/30	368		372
4	United Airlines 2016-1 Class AA Pass Through Trust	3.100%	7/7/28	506		509
4	United Airlines 2019-1 Class AA Pass Through Trust	4.150%	8/25/31	500		534
	United Parcel Service Inc.	3.125%	1/15/21	990		1,005
	United Parcel Service Inc.	2.050%	4/1/21	500		499
	United Parcel Service Inc.	2.450%	10/1/22	800		812
	United Parcel Service Inc.	2.500%	4/1/23	870		878
	United Parcel Service Inc.	2.800%	11/15/24	950		967
	United Parcel Service Inc.	2.400%	11/15/26	1,575		1,561
	United Parcel Service Inc.	3.050%	11/15/27	750		772
	United Parcel Service Inc.	3.400%	3/15/29	500		526
	United Parcel Service Inc.	6.200%	1/15/38	820		1,110
	United Parcel Service Inc.	4.875%	11/15/40	350		407
	United Parcel Service Inc.	3.625%	10/1/42	175		175
	United Parcel Service Inc.	3.400%	11/15/46	340		325
	United Parcel Service Inc.	3.750%	11/15/47	1,000		1,009
	United Parcel Service Inc.	4.250%	3/15/49	600		653
4	US Airways 2013-1 Class A Pass Through Trust	3.950%	5/15/27	137		144
						2,691,618
Utilities (0.8%)
	Electric (0.7%)
	AEP Texas Inc.	2.400%	10/1/22	300		301
	AEP Texas Inc.	3.950%	6/1/28	400		429
	AEP Texas Inc.	3.800%	10/1/47	250		253
	AEP Transmission Co. LLC	3.100%	12/1/26	200		204
	AEP Transmission Co. LLC	4.000%	12/1/46	325		344

151

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
AEP Transmission Co. LLC	3.750%	12/1/47	400		410
AEP Transmission Co. LLC	4.250%	9/15/48	325		358
AEP Transmission Co. LLC	3.800%	6/15/49	270		279
Alabama Power Co.	2.450%	3/30/22	975		979
Alabama Power Co.	3.550%	12/1/23	700		735
Alabama Power Co.	6.000%	3/1/39	100		132
Alabama Power Co.	3.850%	12/1/42	125		130
Alabama Power Co.	4.150%	8/15/44	300		324
Alabama Power Co.	3.750%	3/1/45	850		871
Alabama Power Co.	4.300%	1/2/46	300		333
Alabama Power Co.	3.700%	12/1/47	325		330
Alabama Power Co.	4.300%	7/15/48	500		558
Ameren Corp.	2.700%	11/15/20	825		828
Ameren Corp.	3.650%	2/15/26	440		458
Ameren Illinois Co.	2.700%	9/1/22	250		253
Ameren Illinois Co.	3.250%	3/1/25	275		284
Ameren Illinois Co.	3.800%	5/15/28	350		378
Ameren Illinois Co.	4.150%	3/15/46	475		516
Ameren Illinois Co.	3.700%	12/1/47	475		486
American Electric Power Co. Inc.	2.150%	11/13/20	250		249
American Electric Power Co. Inc.	3.650%	12/1/21	425		438
American Electric Power Co. Inc.	3.200%	11/13/27	400		406
American Electric Power Co. Inc.	4.300%	12/1/28	500		546
Appalachian Power Co.	3.400%	6/1/25	400		415
Appalachian Power Co.	7.000%	4/1/38	260		355
Appalachian Power Co.	4.400%	5/15/44	825		897
Appalachian Power Co.	4.500%	3/1/49	1,400		1,569
Arizona Public Service Co.	3.150%	5/15/25	500		518
Arizona Public Service Co.	2.950%	9/15/27	300		304
Arizona Public Service Co.	5.050%	9/1/41	575		670
Arizona Public Service Co.	4.500%	4/1/42	325		358
Arizona Public Service Co.	4.350%	11/15/45	50		55
Arizona Public Service Co.	3.750%	5/15/46	425		423
Arizona Public Service Co.	4.250%	3/1/49	500		546
Avangrid Inc.	3.150%	12/1/24	545		554
Avangrid Inc.	3.800%	6/1/29	400		418
Avista Corp.	4.350%	6/1/48	300		329
Baltimore Gas & Electric Co.	3.350%	7/1/23	900		929
Baltimore Gas & Electric Co.	2.400%	8/15/26	225		219
Baltimore Gas & Electric Co.	3.500%	8/15/46	700		693
Baltimore Gas & Electric Co.	3.750%	8/15/47	250		253
Baltimore Gas & Electric Co.	4.250%	9/15/48	250		277
Berkshire Hathaway Energy Co.	2.375%	1/15/21	1,250		1,254
Berkshire Hathaway Energy Co.	2.800%	1/15/23	150		153
Berkshire Hathaway Energy Co.	3.750%	11/15/23	250		264
Berkshire Hathaway Energy Co.	3.500%	2/1/25	250		262
Berkshire Hathaway Energy Co.	3.250%	4/15/28	500		514
Berkshire Hathaway Energy Co.	6.125%	4/1/36	1,325		1,764
Berkshire Hathaway Energy Co.	5.950%	5/15/37	1,225		1,593
Berkshire Hathaway Energy Co.	6.500%	9/15/37	170		226
Berkshire Hathaway Energy Co.	5.150%	11/15/43	1,375		1,682
Berkshire Hathaway Energy Co.	4.500%	2/1/45	575		643
Berkshire Hathaway Energy Co.	3.800%	7/15/48	250		254
Berkshire Hathaway Energy Co.	4.450%	1/15/49	850		960
Black Hills Corp.	4.250%	11/30/23	500		528
Black Hills Corp.	3.950%	1/15/26	250		260
Black Hills Corp.	3.150%	1/15/27	325		322
Black Hills Corp.	4.350%	5/1/33	350		386
Black Hills Corp.	4.200%	9/15/46	250		249
CenterPoint Energy Houston Electric LLC	1.850%	6/1/21	1,625		1,612
CenterPoint Energy Houston Electric LLC	2.250%	8/1/22	250		250
CenterPoint Energy Houston Electric LLC	2.400%	9/1/26	150		147
CenterPoint Energy Houston Electric LLC	3.000%	2/1/27	200		203
CenterPoint Energy Houston Electric LLC	3.550%	8/1/42	700		697

152

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
CenterPoint Energy Houston Electric LLC	3.950%	3/1/48	325		349
CenterPoint Energy Houston Electric LLC	4.250%	2/1/49	100		113
CenterPoint Energy Inc.	3.600%	11/1/21	300		308
CenterPoint Energy Inc.	2.500%	9/1/22	400		400
CenterPoint Energy Inc.	3.850%	2/1/24	350		367
CenterPoint Energy Inc.	4.250%	11/1/28	375		404
Cleco Corporate Holdings LLC	3.743%	5/1/26	425		429
Cleco Corporate Holdings LLC	4.973%	5/1/46	275		291
Cleveland Electric Illuminating Co.	5.500%	8/15/24	1,275		1,445
Cleveland Electric Illuminating Co.	5.950%	12/15/36	325		395
CMS Energy Corp.	5.050%	3/15/22	500		531
CMS Energy Corp.	3.000%	5/15/26	250		250
CMS Energy Corp.	3.450%	8/15/27	300		308
CMS Energy Corp.	4.875%	3/1/44	275		315
Commonwealth Edison Co.	2.950%	8/15/27	275		278
Commonwealth Edison Co.	5.900%	3/15/36	500		642
Commonwealth Edison Co.	6.450%	1/15/38	1,030		1,422
Commonwealth Edison Co.	4.700%	1/15/44	825		964
Commonwealth Edison Co.	3.700%	3/1/45	1,100		1,117
Commonwealth Edison Co.	3.650%	6/15/46	300		304
Commonwealth Edison Co.	3.750%	8/15/47	500		516
Commonwealth Edison Co.	4.000%	3/1/48	275		296
Commonwealth Edison Co.	4.000%	3/1/49	700		754
Connecticut Light & Power Co.	2.500%	1/15/23	1,310		1,323
Connecticut Light & Power Co.	3.200%	3/15/27	250		258
Connecticut Light & Power Co.	4.300%	4/15/44	375		420
Connecticut Light & Power Co.	4.150%	6/1/45	75		83
Connecticut Light & Power Co.	4.000%	4/1/48	650		708
Consolidated Edison Co. of New York Inc.	3.125%	11/15/27	275		281
Consolidated Edison Co. of New York Inc.	5.300%	3/1/35	300		358
Consolidated Edison Co. of New York Inc.	5.850%	3/15/36	860		1,088
Consolidated Edison Co. of New York Inc.	6.200%	6/15/36	300		392
Consolidated Edison Co. of New York Inc.	6.750%	4/1/38	400		565
Consolidated Edison Co. of New York Inc.	5.700%	6/15/40	1,000		1,291
Consolidated Edison Co. of New York Inc.	3.950%	3/1/43	550		576
Consolidated Edison Co. of New York Inc.	4.450%	3/15/44	1,530		1,690
Consolidated Edison Co. of New York Inc.	4.500%	12/1/45	375		422
Consolidated Edison Co. of New York Inc.	3.850%	6/15/46	340		350
Consolidated Edison Co. of New York Inc.	3.875%	6/15/47	750		775
Consolidated Edison Co. of New York Inc.	4.125%	5/15/49	500		539
Consolidated Edison Co. of New York Inc.	4.300%	12/1/56	75		82
Consolidated Edison Co. of New York Inc.	4.000%	11/15/57	375		384
Consolidated Edison Co. of New York Inc.	4.500%	5/15/58	500		561
Consolidated Edison Inc.	2.000%	5/15/21	300		298
Consumers Energy Co.	2.850%	5/15/22	250		255
Consumers Energy Co.	3.375%	8/15/23	225		234
Consumers Energy Co.	3.250%	8/15/46	550		526
Consumers Energy Co.	3.950%	7/15/47	500		540
Consumers Energy Co.	4.050%	5/15/48	500		550
Delmarva Power & Light Co.	3.500%	11/15/23	125		131
Delmarva Power & Light Co.	4.150%	5/15/45	600		642
Dominion Energy Inc.	2.715%	8/15/21	250		250
Dominion Energy Inc.	2.750%	1/15/22	350		352
Dominion Energy Inc.	2.750%	9/15/22	100		101
Dominion Energy Inc.	3.071%	8/15/24	500		503
Dominion Energy Inc.	3.900%	10/1/25	425		453
Dominion Energy Inc.	2.850%	8/15/26	500		495
Dominion Energy Inc.	4.250%	6/1/28	750		811
Dominion Energy Inc.	6.300%	3/15/33	500		640
Dominion Energy Inc.	5.250%	8/1/33	200		235
Dominion Energy Inc.	7.000%	6/15/38	300		400
Dominion Energy Inc.	4.900%	8/1/41	790		891
Dominion Energy Inc.	4.050%	9/15/42	400		406
Dominion Energy Inc.	4.600%	3/15/49	1,000		1,110

153

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
4	Dominion Energy Inc.	5.750%	10/1/54	375		389
	Dominion Energy South Carolina Inc.	6.625%	2/1/32	400		522
	Dominion Energy South Carolina Inc.	6.050%	1/15/38	450		581
	Dominion Energy South Carolina Inc.	5.450%	2/1/41	250		309
	Dominion Energy South Carolina Inc.	4.350%	2/1/42	182		198
	Dominion Energy South Carolina Inc.	4.600%	6/15/43	325		369
	Dominion Energy South Carolina Inc.	5.100%	6/1/65	425		533
7	DPL Inc.	4.350%	4/15/29	275		278
	DTE Electric Co.	3.450%	10/1/20	410		415
	DTE Electric Co.	3.650%	3/15/24	825		869
	DTE Electric Co.	3.375%	3/1/25	150		157
	DTE Electric Co.	4.000%	4/1/43	300		322
	DTE Electric Co.	3.700%	3/15/45	200		207
	DTE Electric Co.	3.700%	6/1/46	550		570
	DTE Electric Co.	3.750%	8/15/47	450		473
	DTE Electric Co.	4.050%	5/15/48	500		553
	DTE Energy Co.	2.600%	6/15/22	200		201
	DTE Energy Co.	3.300%	6/15/22	250		255
	DTE Energy Co.	3.700%	8/1/23	500		522
	DTE Energy Co.	3.500%	6/1/24	525		544
	DTE Energy Co.	2.850%	10/1/26	675		666
	DTE Energy Co.	3.800%	3/15/27	2,500		2,606
	DTE Energy Co.	3.400%	6/15/29	150		153
	DTE Energy Co.	6.375%	4/15/33	100		129
	Duke Energy Carolinas LLC	3.900%	6/15/21	980		1,011
	Duke Energy Carolinas LLC	6.000%	12/1/28	300		370
	Duke Energy Carolinas LLC	6.100%	6/1/37	425		564
	Duke Energy Carolinas LLC	6.000%	1/15/38	325		430
	Duke Energy Carolinas LLC	6.050%	4/15/38	25		33
	Duke Energy Carolinas LLC	5.300%	2/15/40	710		885
	Duke Energy Carolinas LLC	4.250%	12/15/41	1,000		1,095
	Duke Energy Carolinas LLC	4.000%	9/30/42	675		723
	Duke Energy Carolinas LLC	3.875%	3/15/46	380		399
	Duke Energy Carolinas LLC	3.700%	12/1/47	425		436
	Duke Energy Carolinas LLC	3.950%	3/15/48	400		424
	Duke Energy Corp.	2.400%	8/15/22	1,000		999
	Duke Energy Corp.	3.950%	10/15/23	225		237
	Duke Energy Corp.	3.750%	4/15/24	775		817
	Duke Energy Corp.	2.650%	9/1/26	595		588
	Duke Energy Corp.	3.150%	8/15/27	550		558
	Duke Energy Corp.	4.800%	12/15/45	700		790
	Duke Energy Corp.	3.750%	9/1/46	1,206		1,175
	Duke Energy Florida LLC	3.200%	1/15/27	450		464
	Duke Energy Florida LLC	3.800%	7/15/28	425		456
	Duke Energy Florida LLC	6.350%	9/15/37	525		717
	Duke Energy Florida LLC	6.400%	6/15/38	800		1,119
	Duke Energy Florida LLC	3.400%	10/1/46	400		389
	Duke Energy Florida LLC	4.200%	7/15/48	425		468
4	Duke Energy Florida Project Finance LLC	1.731%	9/1/22	200		198
4	Duke Energy Florida Project Finance LLC	2.538%	9/1/29	400		394
4	Duke Energy Florida Project Finance LLC	2.858%	3/1/33	200		200
4	Duke Energy Florida Project Finance LLC	3.112%	9/1/36	325		315
	Duke Energy Indiana LLC	6.120%	10/15/35	1,175		1,531
	Duke Energy Indiana LLC	4.900%	7/15/43	250		295
	Duke Energy Indiana LLC	3.750%	5/15/46	1,100		1,112
	Duke Energy Ohio Inc.	3.650%	2/1/29	325		349
	Duke Energy Ohio Inc.	3.700%	6/15/46	1,225		1,251
	Duke Energy Ohio Inc.	4.300%	2/1/49	1,000		1,114
	Duke Energy Progress LLC	3.000%	9/15/21	750		762
	Duke Energy Progress LLC	2.800%	5/15/22	350		356
	Duke Energy Progress LLC	3.375%	9/1/23	150		157
	Duke Energy Progress LLC	3.250%	8/15/25	1,725		1,791
	Duke Energy Progress LLC	3.700%	9/1/28	425		455
	Duke Energy Progress LLC	3.450%	3/15/29	1,000		1,051

154

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Duke Energy Progress LLC	6.300%	4/1/38	300		408
Duke Energy Progress LLC	4.375%	3/30/44	525		587
Duke Energy Progress LLC	4.150%	12/1/44	425		460
Duke Energy Progress LLC	4.200%	8/15/45	525		574
Duke Energy Progress LLC	3.700%	10/15/46	175		178
Edison International	2.400%	9/15/22	550		520
Edison International	2.950%	3/15/23	750		717
Edison International	5.750%	6/15/27	100		107
El Paso Electric Co.	6.000%	5/15/35	175		213
El Paso Electric Co.	5.000%	12/1/44	250		273
Emera US Finance LP	2.700%	6/15/21	625		627
Emera US Finance LP	3.550%	6/15/26	325		332
Emera US Finance LP	4.750%	6/15/46	1,375		1,480
Enel Americas SA	4.000%	10/25/26	700		721
Enel Chile SA	4.875%	6/12/28	600		655
Entergy Arkansas Inc.	3.750%	2/15/21	1,250		1,276
Entergy Arkansas Inc.	3.500%	4/1/26	150		157
Entergy Corp.	4.000%	7/15/22	550		571
Entergy Corp.	2.950%	9/1/26	625		624
Entergy Gulf States Louisiana LLC	5.590%	10/1/24	500		573
Entergy Louisiana LLC	5.400%	11/1/24	175		200
Entergy Louisiana LLC	2.400%	10/1/26	200		195
Entergy Louisiana LLC	3.120%	9/1/27	350		357
Entergy Louisiana LLC	3.250%	4/1/28	300		309
Entergy Louisiana LLC	3.050%	6/1/31	1,025		1,028
Entergy Louisiana LLC	4.000%	3/15/33	625		686
Entergy Louisiana LLC	4.950%	1/15/45	400		423
Entergy Louisiana LLC	4.200%	9/1/48	650		714
Entergy Mississippi Inc.	2.850%	6/1/28	750		749
Eversource Energy	2.750%	3/15/22	350		354
Eversource Energy	3.800%	12/1/23	350		368
Eversource Energy	2.900%	10/1/24	275		279
Eversource Energy	3.150%	1/15/25	1,575		1,617
Eversource Energy	3.300%	1/15/28	200		204
Eversource Energy	4.250%	4/1/29	625		684
Exelon Corp.	5.150%	12/1/20	495		510
Exelon Corp.	2.450%	4/15/21	250		250
Exelon Corp.	3.497%	6/1/22	500		512
Exelon Corp.	3.950%	6/15/25	600		637
Exelon Corp.	3.400%	4/15/26	1,500		1,538
Exelon Corp.	4.950%	6/15/35	800		894
Exelon Corp.	5.625%	6/15/35	415		501
Exelon Corp.	5.100%	6/15/45	200		233
Exelon Corp.	4.450%	4/15/46	500		525
Exelon Generation Co. LLC	4.000%	10/1/20	575		583
Exelon Generation Co. LLC	3.400%	3/15/22	1,050		1,076
Exelon Generation Co. LLC	4.250%	6/15/22	400		418
Exelon Generation Co. LLC	5.750%	10/1/41	300		332
Exelon Generation Co. LLC	5.600%	6/15/42	1,071		1,184
FirstEnergy Corp.	2.850%	7/15/22	450		455
FirstEnergy Corp.	4.250%	3/15/23	200		210
FirstEnergy Corp.	3.900%	7/15/27	1,150		1,202
FirstEnergy Corp.	7.375%	11/15/31	1,325		1,808
FirstEnergy Corp.	4.850%	7/15/47	2,033		2,306
Florida Power & Light Co.	5.625%	4/1/34	225		289
Florida Power & Light Co.	4.950%	6/1/35	50		59
Florida Power & Light Co.	5.650%	2/1/37	325		417
Florida Power & Light Co.	5.950%	2/1/38	175		235
Florida Power & Light Co.	5.960%	4/1/39	225		304
Florida Power & Light Co.	4.125%	2/1/42	1,675		1,850
Florida Power & Light Co.	4.050%	6/1/42	475		517
Florida Power & Light Co.	3.800%	12/15/42	925		976
Florida Power & Light Co.	4.050%	10/1/44	500		549
Florida Power & Light Co.	3.700%	12/1/47	550		568

155

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Florida Power & Light Co.	3.950%	3/1/48	800		875
	Florida Power & Light Co.	4.125%	6/1/48	500		560
	Florida Power & Light Co.	3.990%	3/1/49	500		547
	Fortis Inc.	2.100%	10/4/21	450		445
	Fortis Inc.	3.055%	10/4/26	1,254		1,243
	Georgia Power Co.	2.000%	9/8/20	300		298
	Georgia Power Co.	2.400%	4/1/21	1,150		1,151
	Georgia Power Co.	2.850%	5/15/22	300		303
	Georgia Power Co.	3.250%	4/1/26	1,800		1,827
	Georgia Power Co.	3.250%	3/30/27	550		555
	Georgia Power Co.	4.750%	9/1/40	625		685
	Georgia Power Co.	4.300%	3/15/42	575		606
	Georgia Power Co.	4.300%	3/15/43	250		261
	Great Plains Energy Inc.	4.850%	6/1/21	295		305
	Gulf Power Co.	3.300%	5/30/27	250		259
	Iberdrola International BV	6.750%	7/15/36	175		229
	Indiana Michigan Power Co.	3.850%	5/15/28	1,000		1,068
	Indiana Michigan Power Co.	3.750%	7/1/47	550		554
	Indiana Michigan Power Co.	4.250%	8/15/48	500		550
	Interstate Power & Light Co.	3.250%	12/1/24	400		412
	Interstate Power & Light Co.	4.100%	9/26/28	450		487
	Interstate Power & Light Co.	3.600%	4/1/29	240		251
	Interstate Power & Light Co.	6.250%	7/15/39	250		325
	Interstate Power & Light Co.	3.700%	9/15/46	250		242
	ITC Holdings Corp.	2.700%	11/15/22	400		401
	ITC Holdings Corp.	3.650%	6/15/24	300		311
	ITC Holdings Corp.	3.350%	11/15/27	400		410
	ITC Holdings Corp.	5.300%	7/1/43	900		1,077
4	John Sevier Combined Cycle Generation LLC	4.626%	1/15/42	157		184
	Kansas City Power & Light Co.	3.150%	3/15/23	220		226
	Kansas City Power & Light Co.	6.050%	11/15/35	200		252
	Kansas City Power & Light Co.	5.300%	10/1/41	480		578
	Kansas City Power & Light Co.	4.200%	6/15/47	225		245
	Kentucky Utilities Co.	3.250%	11/1/20	200		201
	Kentucky Utilities Co.	5.125%	11/1/40	625		764
	LG&E & KU Energy LLC	3.750%	11/15/20	1,150		1,167
	Louisville Gas & Electric Co.	3.300%	10/1/25	250		261
	Louisville Gas & Electric Co.	4.250%	4/1/49	150		168
	MidAmerican Energy Co.	3.100%	5/1/27	450		461
	MidAmerican Energy Co.	6.750%	12/30/31	725		988
	MidAmerican Energy Co.	4.800%	9/15/43	275		324
	MidAmerican Energy Co.	3.650%	8/1/48	575		591
	MidAmerican Energy Co.	4.250%	7/15/49	500		567
	Mississippi Power Co.	4.250%	3/15/42	375		378
	National Rural Utilities Cooperative Finance Corp.	2.300%	11/1/20	300		300
	National Rural Utilities Cooperative Finance Corp.	2.900%	3/15/21	250		253
	National Rural Utilities Cooperative Finance Corp.	2.700%	2/15/23	1,400		1,420
	National Rural Utilities Cooperative Finance Corp.	2.950%	2/7/24	1,600		1,639
	National Rural Utilities Cooperative Finance Corp.	3.250%	11/1/25	75		78
	National Rural Utilities Cooperative Finance Corp.	3.900%	11/1/28	250		272
	National Rural Utilities Cooperative Finance Corp.	3.700%	3/15/29	1,533		1,645
	National Rural Utilities Cooperative Finance Corp.	4.023%	11/1/32	1,014		1,122
4	National Rural Utilities Cooperative Finance Corp.	4.750%	4/30/43	100		97
4	National Rural Utilities Cooperative Finance Corp.	5.250%	4/20/46	325		329
	National Rural Utilities Cooperative Finance Corp.	4.400%	11/1/48	500		564
	National Rural Utilities Cooperative Finance Corp.	4.300%	3/15/49	400		447
	Nevada Power Co.	3.700%	5/1/29	500		534
	Nevada Power Co.	6.650%	4/1/36	410		553
	NextEra Energy Capital Holdings Inc.	4.500%	6/1/21	140		145
	NextEra Energy Capital Holdings Inc.	2.900%	4/1/22	850		863
	NextEra Energy Capital Holdings Inc.	2.800%	1/15/23	650		656
	NextEra Energy Capital Holdings Inc.	3.150%	4/1/24	500		513
	NextEra Energy Capital Holdings Inc.	3.250%	4/1/26	200		205
	NextEra Energy Capital Holdings Inc.	3.550%	5/1/27	700		730

156

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	NextEra Energy Capital Holdings Inc.	3.500%	4/1/29	350		363
4	NextEra Energy Capital Holdings Inc.	4.800%	12/1/77	450		423
4	NextEra Energy Capital Holdings Inc.	5.650%	5/1/79	300		310
	Northern States Power Co.	2.200%	8/15/20	200		200
	Northern States Power Co.	6.250%	6/1/36	325		439
	Northern States Power Co.	6.200%	7/1/37	250		340
	Northern States Power Co.	5.350%	11/1/39	375		471
	Northern States Power Co.	3.400%	8/15/42	410		405
	Northern States Power Co.	4.000%	8/15/45	200		216
	NorthWestern Corp.	4.176%	11/15/44	250		269
	NSTAR Electric Co.	2.375%	10/15/22	125		126
	NSTAR Electric Co.	3.200%	5/15/27	550		567
	NSTAR Electric Co.	3.250%	5/15/29	300		311
	NSTAR Electric Co.	5.500%	3/15/40	550		686
	NV Energy Inc.	6.250%	11/15/20	225		237
	Oglethorpe Power Corp.	5.950%	11/1/39	100		123
	Oglethorpe Power Corp.	5.375%	11/1/40	630		744
	Ohio Power Co.	5.375%	10/1/21	575		614
	Ohio Power Co.	4.000%	6/1/49	500		537
	Oklahoma Gas & Electric Co.	3.800%	8/15/28	300		316
	Oklahoma Gas & Electric Co.	4.150%	4/1/47	225		237
	Oklahoma Gas & Electric Co.	3.850%	8/15/47	250		254
	Oncor Electric Delivery Co. LLC	4.100%	6/1/22	575		603
7	Oncor Electric Delivery Co. LLC	2.750%	6/1/24	400		407
	Oncor Electric Delivery Co. LLC	2.950%	4/1/25	275		278
7	Oncor Electric Delivery Co. LLC	3.700%	11/15/28	150		161
	Oncor Electric Delivery Co. LLC	7.250%	1/15/33	1,000		1,448
	Oncor Electric Delivery Co. LLC	5.250%	9/30/40	400		498
	Oncor Electric Delivery Co. LLC	4.550%	12/1/41	500		575
	Oncor Electric Delivery Co. LLC	5.300%	6/1/42	400		504
	Oncor Electric Delivery Co. LLC	3.800%	9/30/47	250		264
	Oncor Electric Delivery Co. LLC	4.100%	11/15/48	400		447
7	Oncor Electric Delivery Co. LLC	3.800%	6/1/49	500		534
	PacifiCorp	2.950%	2/1/22	1,000		1,017
	PacifiCorp	3.600%	4/1/24	500		524
	PacifiCorp	3.500%	6/15/29	600		637
	PacifiCorp	5.250%	6/15/35	475		567
	PacifiCorp	6.100%	8/1/36	500		656
	PacifiCorp	5.750%	4/1/37	410		522
	PacifiCorp	6.250%	10/15/37	500		668
	PacifiCorp	6.350%	7/15/38	250		335
	PacifiCorp	4.100%	2/1/42	1,650		1,783
	PacifiCorp	4.125%	1/15/49	575		631
	PacifiCorp	4.150%	2/15/50	1,000		1,112
	PECO Energy Co.	2.375%	9/15/22	225		226
	PECO Energy Co.	3.900%	3/1/48	275		292
	Pinnacle West Capital Corp.	2.250%	11/30/20	325		324
	PNM Resources Inc.	3.250%	3/9/21	250		252
	Potomac Electric Power Co.	6.500%	11/15/37	400		549
	Potomac Electric Power Co.	4.150%	3/15/43	550		592
	PPL Capital Funding Inc.	3.500%	12/1/22	375		385
	PPL Capital Funding Inc.	3.400%	6/1/23	25		26
	PPL Capital Funding Inc.	3.950%	3/15/24	225		236
	PPL Capital Funding Inc.	3.100%	5/15/26	25		25
	PPL Capital Funding Inc.	4.700%	6/1/43	465		494
	PPL Capital Funding Inc.	5.000%	3/15/44	1,450		1,610
	PPL Electric Utilities Corp.	3.000%	9/15/21	1,485		1,506
	PPL Electric Utilities Corp.	6.250%	5/15/39	1,600		2,186
	PPL Electric Utilities Corp.	4.150%	10/1/45	300		329
	PPL Electric Utilities Corp.	3.950%	6/1/47	350		372
	PPL Electric Utilities Corp.	4.150%	6/15/48	300		331
	Progress Energy Inc.	3.150%	4/1/22	1,500		1,528
	Progress Energy Inc.	7.750%	3/1/31	625		875
	Progress Energy Inc.	7.000%	10/30/31	200		268

157

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Progress Energy Inc.	6.000%	12/1/39	480		598
	PSEG Power LLC	3.000%	6/15/21	325		328
	PSEG Power LLC	3.850%	6/1/23	575		598
	Public Service Co. of Colorado	3.200%	11/15/20	700		708
	Public Service Co. of Colorado	3.700%	6/15/28	300		323
	Public Service Co. of Colorado	3.600%	9/15/42	225		225
	Public Service Co. of Colorado	4.300%	3/15/44	200		221
	Public Service Co. of Colorado	4.100%	6/15/48	300		328
	Public Service Co. of New Hampshire	3.500%	11/1/23	150		157
	Public Service Co. of New Hampshire	3.600%	7/1/49	250		255
	Public Service Electric & Gas Co.	1.900%	3/15/21	200		199
	Public Service Electric & Gas Co.	2.375%	5/15/23	225		226
	Public Service Electric & Gas Co.	3.000%	5/15/25	500		512
	Public Service Electric & Gas Co.	3.000%	5/15/27	250		255
	Public Service Electric & Gas Co.	3.200%	5/15/29	300		310
	Public Service Electric & Gas Co.	3.950%	5/1/42	1,525		1,639
	Public Service Electric & Gas Co.	3.800%	3/1/46	1,000		1,053
	Public Service Electric & Gas Co.	3.600%	12/1/47	275		281
	Public Service Electric & Gas Co.	3.850%	5/1/49	350		374
	Public Service Enterprise Group Inc.	2.650%	11/15/22	475		476
	Puget Energy Inc.	6.500%	12/15/20	375		395
	Puget Energy Inc.	6.000%	9/1/21	400		428
	Puget Energy Inc.	5.625%	7/15/22	400		429
	Puget Energy Inc.	3.650%	5/15/25	1,500		1,530
	Puget Sound Energy Inc.	6.274%	3/15/37	450		594
	Puget Sound Energy Inc.	5.757%	10/1/39	495		637
	Puget Sound Energy Inc.	5.638%	4/15/41	390		488
	Puget Sound Energy Inc.	4.300%	5/20/45	350		384
	Puget Sound Energy Inc.	4.223%	6/15/48	500		557
	San Diego Gas & Electric Co.	3.000%	8/15/21	150		152
	San Diego Gas & Electric Co.	3.600%	9/1/23	75		78
	San Diego Gas & Electric Co.	2.500%	5/15/26	350		339
	San Diego Gas & Electric Co.	6.000%	6/1/39	250		306
	San Diego Gas & Electric Co.	4.500%	8/15/40	505		543
	San Diego Gas & Electric Co.	3.750%	6/1/47	325		316
	San Diego Gas & Electric Co.	4.150%	5/15/48	325		338
	Sierra Pacific Power Co.	2.600%	5/1/26	300		297
	Southern California Edison Co.	2.900%	3/1/21	340		341
	Southern California Edison Co.	3.875%	6/1/21	350		356
4	Southern California Edison Co.	1.845%	2/1/22	150		148
	Southern California Edison Co.	2.400%	2/1/22	225		223
	Southern California Edison Co.	3.400%	6/1/23	475		482
	Southern California Edison Co.	3.500%	10/1/23	300		308
	Southern California Edison Co.	3.700%	8/1/25	200		207
	Southern California Edison Co.	3.650%	3/1/28	1,000		1,021
	Southern California Edison Co.	4.200%	3/1/29	200		212
	Southern California Edison Co.	6.650%	4/1/29	225		257
	Southern California Edison Co.	5.750%	4/1/35	508		588
	Southern California Edison Co.	5.350%	7/15/35	1,135		1,267
	Southern California Edison Co.	5.625%	2/1/36	500		574
	Southern California Edison Co.	5.500%	3/15/40	400		461
	Southern California Edison Co.	4.500%	9/1/40	205		215
	Southern California Edison Co.	4.050%	3/15/42	870		857
	Southern California Edison Co.	3.900%	3/15/43	475		461
	Southern California Edison Co.	3.600%	2/1/45	150		139
	Southern California Edison Co.	4.000%	4/1/47	550		547
	Southern California Edison Co.	4.125%	3/1/48	1,500		1,510
	Southern California Edison Co.	4.875%	3/1/49	400		449
	Southern Co.	2.950%	7/1/23	525		532
	Southern Co.	3.250%	7/1/26	1,500		1,523
	Southern Co.	4.250%	7/1/36	575		590
	Southern Co.	4.400%	7/1/46	1,135		1,195
	Southern Power Co.	2.500%	12/15/21	300		300
	Southern Power Co.	4.150%	12/1/25	375		399

158

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Southern Power Co.	5.150%	9/15/41	685		748
Southern Power Co.	5.250%	7/15/43	500		552
Southern Power Co.	4.950%	12/15/46	300		321
Southwestern Electric Power Co.	2.750%	10/1/26	300		293
Southwestern Electric Power Co.	4.100%	9/15/28	550		593
Southwestern Electric Power Co.	3.900%	4/1/45	1,250		1,237
Southwestern Electric Power Co.	3.850%	2/1/48	1,575		1,550
Southwestern Public Service Co.	3.300%	6/15/24	1,100		1,142
Southwestern Public Service Co.	4.500%	8/15/41	350		390
Southwestern Public Service Co.	3.400%	8/15/46	1,450		1,399
Southwestern Public Service Co.	3.700%	8/15/47	550		555
Southwestern Public Service Co.	3.750%	6/15/49	250		252
Tampa Electric Co.	4.350%	5/15/44	250		270
Tampa Electric Co.	4.300%	6/15/48	300		325
Tampa Electric Co.	4.450%	6/15/49	700		784
Toledo Edison Co.	6.150%	5/15/37	250		320
Tucson Electric Power Co.	3.050%	3/15/25	200		202
Tucson Electric Power Co.	4.850%	12/1/48	500		580
UIL Holdings Corp.	4.625%	10/1/20	300		307
Union Electric Co.	3.500%	4/15/24	990		1,037
Union Electric Co.	2.950%	6/15/27	300		304
Union Electric Co.	3.500%	3/15/29	350		370
Union Electric Co.	3.900%	9/15/42	425		447
Union Electric Co.	3.650%	4/15/45	575		584
Union Electric Co.	4.000%	4/1/48	350		370
Virginia Electric & Power Co.	2.950%	1/15/22	750		761
Virginia Electric & Power Co.	3.450%	2/15/24	500		521
Virginia Electric & Power Co.	3.100%	5/15/25	500		514
Virginia Electric & Power Co.	2.950%	11/15/26	300		304
Virginia Electric & Power Co.	3.500%	3/15/27	1,250		1,316
Virginia Electric & Power Co.	3.800%	4/1/28	800		855
Virginia Electric & Power Co.	6.000%	1/15/36	450		569
Virginia Electric & Power Co.	6.000%	5/15/37	500		645
Virginia Electric & Power Co.	6.350%	11/30/37	375		502
Virginia Electric & Power Co.	8.875%	11/15/38	450		732
Virginia Electric & Power Co.	4.000%	1/15/43	700		735
Virginia Electric & Power Co.	4.450%	2/15/44	700		779
Virginia Electric & Power Co.	4.200%	5/15/45	255		273
Virginia Electric & Power Co.	4.000%	11/15/46	1,000		1,054
Virginia Electric & Power Co.	3.800%	9/15/47	425		436
Virginia Electric & Power Co.	4.600%	12/1/48	650		752
WEC Energy Group Inc.	3.550%	6/15/25	750		786
Westar Energy Inc.	2.550%	7/1/26	575		557
Westar Energy Inc.	3.100%	4/1/27	425		435
Westar Energy Inc.	4.125%	3/1/42	425		454
Westar Energy Inc.	4.100%	4/1/43	325		349
Westar Energy Inc.	4.250%	12/1/45	100		110
Wisconsin Electric Power Co.	2.950%	9/15/21	635		643
Wisconsin Electric Power Co.	5.625%	5/15/33	200		250
Wisconsin Electric Power Co.	4.300%	10/15/48	250		278
Wisconsin Power & Light Co.	6.375%	8/15/37	300		407
Wisconsin Public Service Corp.	3.350%	11/21/21	850		871
Wisconsin Public Service Corp.	3.671%	12/1/42	75		76
Xcel Energy Inc.	2.600%	3/15/22	275		277
Xcel Energy Inc.	3.300%	6/1/25	100		103
Xcel Energy Inc.	3.350%	12/1/26	275		282
Xcel Energy Inc.	4.000%	6/15/28	650		698
Xcel Energy Inc.	6.500%	7/1/36	610		796
Natural Gas (0.1%)
Atmos Energy Corp.	3.000%	6/15/27	375		382
Atmos Energy Corp.	5.500%	6/15/41	800		1,007
Atmos Energy Corp.	4.125%	10/15/44	500		545
Atmos Energy Corp.	4.125%	3/15/49	400		438

159

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

					Face		Market
				Maturity	Amount		Value
		Coupon		Date	($000	)	($000	)
	CenterPoint Energy Resources Corp.	4.500%		1/15/21	265		272
	CenterPoint Energy Resources Corp.	3.550%		4/1/23	250		257
	CenterPoint Energy Resources Corp.	4.000%		4/1/28	450		478
	CenterPoint Energy Resources Corp.	5.850%		1/15/41	675		830
	CenterPoint Energy Resources Corp.	4.100%		9/1/47	250		254
	KeySpan Corp.	5.803%		4/1/35	250		294
	NiSource Finance Corp.	3.490%		5/15/27	1,100		1,135
	NiSource Finance Corp.	5.950%		6/15/41	500		612
	NiSource Finance Corp.	4.800%		2/15/44	200		220
	NiSource Finance Corp.	5.650%		2/1/45	500		603
	NiSource Finance Corp.	4.375%		5/15/47	1,175		1,244
	NiSource Inc.	2.650%		11/17/22	300		302
	NiSource Inc.	3.650%		6/15/23	300		310
	ONE Gas Inc.	4.658%		2/1/44	507		588
	ONE Gas Inc.	4.500%		11/1/48	400		454
	Piedmont Natural Gas Co. Inc.	3.500%		6/1/29	480		501
	Piedmont Natural Gas Co. Inc.	4.650%		8/1/43	150		167
	Piedmont Natural Gas Co. Inc.	3.640%		11/1/46	350		335
	Sempra Energy	2.850%		11/15/20	1,225		1,230
	Sempra Energy	2.900%		2/1/23	425		428
	Sempra Energy	4.050%		12/1/23	775		815
	Sempra Energy	3.750%		11/15/25	1,330		1,371
	Sempra Energy	3.250%		6/15/27	575		574
	Sempra Energy	3.400%		2/1/28	650		647
	Sempra Energy	3.800%		2/1/38	850		821
	Sempra Energy	6.000%		10/15/39	705		852
	Sempra Energy	4.000%		2/1/48	675		659
	Southern California Gas Co.	3.150%		9/15/24	425		439
	Southern California Gas Co.	2.600%		6/15/26	725		712
	Southern California Gas Co.	3.750%		9/15/42	300		303
	Southern California Gas Co.	4.125%		6/1/48	325		346
	Southern California Gas Co.	4.300%		1/15/49	500		545
	Southern California Gas Co.	3.950%		2/15/50	300		310
	Southern Co. Gas Capital Corp.	3.500%		9/15/21	1,000		1,022
	Southern Co. Gas Capital Corp.	2.450%		10/1/23	75		74
	Southern Co. Gas Capital Corp.	3.250%		6/15/26	375		378
	Southern Co. Gas Capital Corp.	5.875%		3/15/41	125		152
	Southern Co. Gas Capital Corp.	4.400%		6/1/43	125		131
	Southern Co. Gas Capital Corp.	3.950%		10/1/46	450		443
	Southern Co. Gas Capital Corp.	4.400%		5/30/47	500		528
	Southwest Gas Corp.	3.700%		4/1/28	250		261
	Southwest Gas Corp.	3.800%		9/29/46	250		244
	Southwest Gas Corp.	4.150%		6/1/49	200		208
	Washington Gas Light Co.	3.796%		9/15/46	350		349
	Other Utility (0.0%)
	American Water Capital Corp.	3.850%		3/1/24	1,545		1,623
	American Water Capital Corp.	3.400%		3/1/25	450		467
	American Water Capital Corp.	2.950%	��	9/1/27	1,025		1,031
	American Water Capital Corp.	6.593%		10/15/37	700		950
	American Water Capital Corp.	4.300%		12/1/42	125		135
	American Water Capital Corp.	4.000%		12/1/46	500		517
	American Water Capital Corp.	3.750%		9/1/47	475		478
	American Water Capital Corp.	4.200%		9/1/48	450		485
	American Water Capital Corp.	4.150%		6/1/49	400		429
	Aqua America Inc.	3.566%		5/1/29	275		286
	Aqua America Inc.	4.276%		5/1/49	375		404
	Veolia Environnement SA	6.750%		6/1/38	325		428
							316,557
Total Corporate Bonds (Cost $4,183,675)							4,397,059
Sovereign Bonds (1.6%)
	African Development Bank	2.625%		3/22/21	1,000		1,013
	African Development Bank	1.250%		7/26/21	1,080		1,067

160

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
African Development Bank	2.375%	9/23/21	1,850		1,871
African Development Bank	2.125%	11/16/22	2,000		2,019
African Development Bank	3.000%	9/20/23	1,600		1,673
Asian Development Bank	2.250%	1/20/21	2,220		2,232
Asian Development Bank	1.625%	3/16/21	2,950		2,938
Asian Development Bank	1.750%	6/8/21	2,700		2,695
Asian Development Bank	2.000%	2/16/22	3,500		3,519
Asian Development Bank	1.875%	2/18/22	2,850		2,856
Asian Development Bank	1.875%	8/10/22	2,200		2,205
Asian Development Bank	1.750%	9/13/22	2,000		1,997
Asian Development Bank	2.750%	3/17/23	3,000		3,100
Asian Development Bank	2.625%	1/30/24	3,000		3,101
Asian Development Bank	2.000%	1/22/25	1,000		1,006
Asian Development Bank	2.000%	4/24/26	400		401
Asian Development Bank	2.625%	1/12/27	800		836
Asian Development Bank	2.500%	11/2/27	2,985		3,089
Asian Development Bank	2.750%	1/19/28	1,000		1,051
Asian Development Bank	3.125%	9/26/28	1,600		1,736
Asian Infrastructure Investment Bank	2.250%	5/16/24	800		812
Canada	2.625%	1/25/22	2,500		2,552
Canada	2.000%	11/15/22	860		866
CNOOC Finance 2013 Ltd.	3.000%	5/9/23	3,100		3,123
CNOOC Finance 2013 Ltd.	4.250%	5/9/43	500		535
CNOOC Finance 2015 Australia Pty Ltd.	2.625%	5/5/20	1,500		1,501
CNOOC Finance 2015 USA LLC	3.500%	5/5/25	1,800		1,852
CNOOC Finance 2015 USA LLC	4.375%	5/2/28	2,000		2,172
CNOOC Nexen Finance 2014 ULC	4.250%	4/30/24	1,000		1,061
CNOOC Nexen Finance 2014 ULC	4.875%	4/30/44	400		471
Corp. Andina de Fomento	3.750%	11/23/23	1,250		1,305
Corp. Andina de Fomento	2.200%	7/18/20	1,515		1,509
Corp. Andina de Fomento	4.375%	6/15/22	1,140		1,199
Corp. Andina de Fomento	2.750%	1/6/23	1,465		1,471
Council Of Europe Development Bank	1.625%	3/16/21	600		597
Council Of Europe Development Bank	2.625%	2/13/23	1,900		1,950
Council Of Europe Development Bank	2.500%	2/27/24	50		51
Ecopetrol SA	5.875%	9/18/23	1,425		1,576
Ecopetrol SA	4.125%	1/16/25	1,475		1,527
Ecopetrol SA	5.375%	6/26/26	1,575		1,734
Ecopetrol SA	7.375%	9/18/43	700		898
Ecopetrol SA	5.875%	5/28/45	1,075		1,184
Emirates Telecommunications Group Co. PJSC	3.500%	6/18/24	200		205
Equinor ASA	2.900%	11/8/20	150		152
Equinor ASA	2.750%	11/10/21	900		912
Equinor ASA	3.150%	1/23/22	125		128
Equinor ASA	2.450%	1/17/23	2,960		2,985
Equinor ASA	2.650%	1/15/24	3,240		3,288
Equinor ASA	3.250%	11/10/24	550		574
Equinor ASA	3.625%	9/10/28	1,200		1,290
Equinor ASA	5.100%	8/17/40	300		371
Equinor ASA	4.250%	11/23/41	325		362
Equinor ASA	3.950%	5/15/43	175		188
Equinor ASA	4.800%	11/8/43	1,015		1,229
European Bank for Reconstruction & Development	2.000%	2/1/21	1,200		1,202
European Bank for Reconstruction & Development	1.875%	7/15/21	2,200		2,200
European Bank for Reconstruction & Development	1.500%	11/2/21	800		794
European Bank for Reconstruction & Development	1.875%	2/23/22	1,300		1,302
European Bank for Reconstruction & Development	2.750%	3/7/23	2,400		2,479
European Investment Bank	1.375%	6/15/20	3,100		3,080
European Investment Bank	1.625%	8/14/20	3,600		3,586
European Investment Bank	2.875%	9/15/20	4,490		4,538
European Investment Bank	1.625%	12/15/20	2,500		2,488
European Investment Bank	4.000%	2/16/21	4,000		4,134
European Investment Bank	2.000%	3/15/21	6,100		6,112
European Investment Bank	2.500%	4/15/21	3,650		3,690

161

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
European Investment Bank	1.375%	9/15/21	300		297
European Investment Bank	2.125%	10/15/21	350		352
European Investment Bank	2.875%	12/15/21	4,800		4,922
European Investment Bank	2.250%	3/15/22	2,800		2,834
European Investment Bank	2.625%	5/20/22	2,500		2,558
European Investment Bank	2.375%	6/15/22	4,130		4,198
European Investment Bank	2.250%	8/15/22	685		694
European Investment Bank	2.000%	12/15/22	7,525		7,572
European Investment Bank	2.500%	3/15/23	625		640
European Investment Bank	2.875%	8/15/23	3,300		3,434
European Investment Bank	3.125%	12/14/23	700		738
European Investment Bank	3.250%	1/29/24	3,210		3,405
European Investment Bank	2.625%	3/15/24	3,660		3,786
European Investment Bank	2.250%	6/24/24	1,500		1,527
European Investment Bank	1.875%	2/10/25	2,600		2,598
European Investment Bank	2.125%	4/13/26	1,000		1,011
European Investment Bank	2.375%	5/24/27	800		823
European Investment Bank	4.875%	2/15/36	1,200		1,579
Export Development Canada	2.000%	11/30/20	2,240		2,240
Export Development Canada	1.500%	5/26/21	1,625		1,613
Export Development Canada	1.375%	10/21/21	1,900		1,881
Export Development Canada	2.500%	1/24/23	60		61
Export Development Canada	2.750%	3/15/23	1,200		1,239
Export Development Canada	2.625%	2/21/24	800		824
Export-Import Bank of Korea	2.500%	11/1/20	700		702
Export-Import Bank of Korea	4.000%	1/29/21	1,000		1,025
Export-Import Bank of Korea	2.500%	5/10/21	1,000		1,002
Export-Import Bank of Korea	1.875%	10/21/21	1,000		991
Export-Import Bank of Korea	3.500%	11/27/21	300		308
Export-Import Bank of Korea	2.750%	1/25/22	1,500		1,515
Export-Import Bank of Korea	5.000%	4/11/22	1,475		1,578
Export-Import Bank of Korea	3.000%	11/1/22	1,000		1,021
Export-Import Bank of Korea	3.625%	11/27/23	600		631
Export-Import Bank of Korea	4.000%	1/14/24	2,100		2,241
Export-Import Bank of Korea	3.250%	11/10/25	300		313
Export-Import Bank of Korea	2.625%	5/26/26	600		593
FMS Wertmanagement AoeR	2.000%	8/1/22	4,040		4,059
Hydro-Quebec	8.400%	1/15/22	1,235		1,417
Hydro-Quebec	8.050%	7/7/24	1,175		1,487
Industrial & Commercial Bank of China Ltd.	2.635%	5/26/21	600		600
Industrial & Commercial Bank of China Ltd.	2.452%	10/20/21	350		348
Industrial & Commercial Bank of China Ltd.	3.538%	11/8/27	750		769
Inter-American Development Bank	1.875%	6/16/20	1,600		1,597
Inter-American Development Bank	2.125%	11/9/20	1,515		1,519
Inter-American Development Bank	2.625%	4/19/21	3,000		3,041
Inter-American Development Bank	2.125%	1/18/22	3,000		3,023
Inter-American Development Bank	1.750%	4/14/22	3,500		3,494
Inter-American Development Bank	1.750%	9/14/22	3,300		3,293
Inter-American Development Bank	3.000%	9/26/22	3,300		3,420
Inter-American Development Bank	2.500%	1/18/23	5,025		5,141
Inter-American Development Bank	3.000%	2/21/24	3,700		3,884
Inter-American Development Bank	7.000%	6/15/25	250		314
Inter-American Development Bank	2.000%	6/2/26	1,915		1,917
Inter-American Development Bank	2.375%	7/7/27	800		820
Inter-American Development Bank	3.125%	9/18/28	2,200		2,387
Inter-American Development Bank	3.875%	10/28/41	1,600		1,912
Inter-American Development Bank	3.200%	8/7/42	50		54
Inter-American Development Bank	4.375%	1/24/44	450		579
International Bank for Reconstruction & Development	1.625%	9/4/20	4,435		4,418
International Bank for Reconstruction & Development	1.625%	3/9/21	600		597
International Bank for Reconstruction & Development	1.375%	5/24/21	4,000		3,965
International Bank for Reconstruction & Development	2.250%	6/24/21	1,700		1,713
International Bank for Reconstruction & Development	2.750%	7/23/21	2,100		2,139
International Bank for Reconstruction & Development	1.375%	9/20/21	4,500		4,457

162

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	International Bank for Reconstruction & Development	2.125%	12/13/21	1,130		1,138
	International Bank for Reconstruction & Development	2.000%	1/26/22	7,200		7,237
	International Bank for Reconstruction & Development	1.625%	2/10/22	2,025		2,016
	International Bank for Reconstruction & Development	2.125%	7/1/22	1,600		1,616
	International Bank for Reconstruction & Development	7.625%	1/19/23	25		30
	International Bank for Reconstruction & Development	1.875%	6/19/23	6,000		6,013
	International Bank for Reconstruction & Development	3.000%	9/27/23	5,750		6,026
	International Bank for Reconstruction & Development	2.500%	3/19/24	2,800		2,884
	International Bank for Reconstruction & Development	2.500%	11/25/24	4,500		4,648
	International Bank for Reconstruction & Development	2.500%	7/29/25	4,600		4,751
	International Bank for Reconstruction & Development	3.125%	11/20/25	2,000		2,144
	International Bank for Reconstruction & Development	4.750%	2/15/35	450		580
	International Finance Corp.	1.625%	7/16/20	1,500		1,496
	International Finance Corp.	2.250%	1/25/21	2,500		2,513
	International Finance Corp.	2.875%	7/31/23	1,400		1,457
	International Finance Corp.	2.125%	4/7/26	1,505		1,519
8	Japan Bank for International Cooperation	2.125%	7/21/20	1,270		1,270
8	Japan Bank for International Cooperation	2.125%	11/16/20	3,050		3,053
8	Japan Bank for International Cooperation	3.125%	7/20/21	250		256
8	Japan Bank for International Cooperation	1.500%	7/21/21	2,600		2,576
8	Japan Bank for International Cooperation	2.000%	11/4/21	700		699
8	Japan Bank for International Cooperation	2.500%	6/1/22	700		709
8	Japan Bank for International Cooperation	2.375%	7/21/22	1,000		1,010
8	Japan Bank for International Cooperation	2.375%	11/16/22	2,420		2,444
8	Japan Bank for International Cooperation	3.250%	7/20/23	625		653
8	Japan Bank for International Cooperation	3.375%	10/31/23	1,600		1,684
8	Japan Bank for International Cooperation	2.500%	5/23/24	400		407
8	Japan Bank for International Cooperation	3.000%	5/29/24	650		676
8	Japan Bank for International Cooperation	2.125%	2/10/25	2,400		2,392
8	Japan Bank for International Cooperation	2.500%	5/28/25	500		508
8	Japan Bank for International Cooperation	2.875%	6/1/27	1,500		1,557
8	Japan Bank for International Cooperation	2.875%	7/21/27	500		518
8	Japan Bank for International Cooperation	2.750%	11/16/27	3,700		3,801
8	Japan Bank for International Cooperation	3.250%	7/20/28	1,300		1,389
8	Japan Bank for International Cooperation	3.500%	10/31/28	1,500		1,636
8	Japan International Cooperation Agency	2.750%	4/27/27	700		716
8	Japan International Cooperation Agency	3.375%	6/12/28	550		590
9	KFW	1.875%	6/30/20	1,000		999
9	KFW	2.750%	7/15/20	3,200		3,224
9	KFW	2.750%	9/8/20	3,000		3,027
9	KFW	2.750%	10/1/20	3,200		3,231
9	KFW	1.875%	12/15/20	3,045		3,041
9	KFW	1.625%	3/15/21	2,800		2,789
9	KFW	2.375%	3/24/21	5,400		5,446
9	KFW	2.625%	4/12/21	2,600		2,634
9	KFW	1.500%	6/15/21	7,100		7,054
9	KFW	2.375%	8/25/21	2,710		2,742
9	KFW	1.750%	9/15/21	1,220		1,218
9	KFW	2.625%	1/25/22	2,500		2,551
9	KFW	2.125%	3/7/22	7,150		7,210
9	KFW	2.125%	6/15/22	6,400		6,457
9	KFW	2.000%	10/4/22	2,150		2,163
9	KFW	2.375%	12/29/22	5,100		5,197
9	KFW	2.125%	1/17/23	1,750		1,768
9	KFW	2.500%	11/20/24	5,300		5,468
9	KFW	2.000%	5/2/25	1,250		1,257
9	KFW	2.875%	4/3/28	2,100		2,232
9	KFW	0.000%	4/18/36	600		390
9	KFW	0.000%	6/29/37	1,700		1,071
	Korea Development Bank	4.625%	11/16/21	825		867
	Korea Development Bank	2.625%	2/27/22	1,300		1,311
	Korea Development Bank	3.000%	9/14/22	1,500		1,529
	Korea Development Bank	3.375%	3/12/23	3,200		3,315
	Korea Development Bank	2.750%	3/19/23	600		608

163

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Korea Development Bank	3.750%	1/22/24	1,500		1,588
9	Kreditanstalt fuer Wiederaufbau	2.500%	2/15/22	3,800		3,866
9	Landwirtschaftliche Rentenbank	2.250%	10/1/21	975		983
9	Landwirtschaftliche Rentenbank	2.000%	12/6/21	1,175		1,179
9	Landwirtschaftliche Rentenbank	3.125%	11/14/23	1,300		1,368
9	Landwirtschaftliche Rentenbank	2.000%	1/13/25	2,500		2,511
9	Landwirtschaftliche Rentenbank	2.375%	6/10/25	975		999
9	Landwirtschaftliche Rentenbank	1.750%	7/27/26	825		811
9	Landwirtschaftliche Rentenbank	2.500%	11/15/27	1,595		1,645
	Nexen Energy ULC	7.875%	3/15/32	250		361
	Nexen Energy ULC	5.875%	3/10/35	410		511
	Nexen Energy ULC	6.400%	5/15/37	800		1,065
	Nexen Energy ULC	7.500%	7/30/39	625		945
	Nordic Investment Bank	1.625%	11/20/20	1,600		1,593
	Nordic Investment Bank	2.250%	2/1/21	1,000		1,005
	Nordic Investment Bank	2.125%	2/1/22	1,500		1,512
	Nordic Investment Bank	2.875%	7/19/23	950		988
	Nordic Investment Bank	2.250%	5/21/24	600		611
	North American Development Bank	2.400%	10/26/22	350		351
10	Oesterreichische Kontrollbank AG	1.500%	10/21/20	1,885		1,872
10	Oesterreichische Kontrollbank AG	1.875%	1/20/21	800		799
10	Oesterreichische Kontrollbank AG	2.875%	9/7/21	600		613
10	Oesterreichische Kontrollbank AG	2.375%	10/1/21	1,000		1,011
10	Oesterreichische Kontrollbank AG	2.625%	1/31/22	400		408
10	Oesterreichische Kontrollbank AG	3.125%	11/7/23	600		630
4	Oriental Republic of Uruguay	8.000%	11/18/22	325		366
4	Oriental Republic of Uruguay	4.500%	8/14/24	1,129		1,205
4	Oriental Republic of Uruguay	4.375%	10/27/27	1,175		1,269
4	Oriental Republic of Uruguay	4.375%	1/23/31	1,940		2,100
4	Oriental Republic of Uruguay	7.625%	3/21/36	885		1,259
4	Oriental Republic of Uruguay	4.125%	11/20/45	1,029		1,048
4	Oriental Republic of Uruguay	5.100%	6/18/50	3,015		3,392
4	Oriental Republic of Uruguay	4.975%	4/20/55	800		882
	Petroleos Mexicanos	5.500%	1/21/21	2,580		2,613
	Petroleos Mexicanos	6.375%	2/4/21	929		953
	Petroleos Mexicanos	4.875%	1/24/22	3,515		3,500
	Petroleos Mexicanos	5.375%	3/13/22	1,810		1,819
	Petroleos Mexicanos	3.500%	1/30/23	1,350		1,282
	Petroleos Mexicanos	4.625%	9/21/23	1,121		1,096
	Petroleos Mexicanos	4.875%	1/18/24	1,750		1,713
4	Petroleos Mexicanos	2.290%	2/15/24	100		100
	Petroleos Mexicanos	4.250%	1/15/25	450		416
	Petroleos Mexicanos	2.378%	4/15/25	120		121
	Petroleos Mexicanos	4.500%	1/23/26	250		228
	Petroleos Mexicanos	6.875%	8/4/26	2,116		2,138
	Petroleos Mexicanos	6.500%	3/13/27	5,456		5,395
	Petroleos Mexicanos	5.350%	2/12/28	3,017		2,739
	Petroleos Mexicanos	6.500%	1/23/29	2,100		2,032
	Petroleos Mexicanos	6.625%	6/15/35	1,000		924
	Petroleos Mexicanos	6.625%	6/15/38	965		858
	Petroleos Mexicanos	6.500%	6/2/41	790		700
	Petroleos Mexicanos	5.500%	6/27/44	579		464
	Petroleos Mexicanos	6.375%	1/23/45	1,675		1,439
	Petroleos Mexicanos	5.625%	1/23/46	1,583		1,275
	Petroleos Mexicanos	6.750%	9/21/47	5,780		5,142
	Petroleos Mexicanos	6.350%	2/12/48	3,830		3,288
	Province of Alberta	2.200%	7/26/22	2,000		2,012
	Province of Alberta	3.350%	11/1/23	1,700		1,791
	Province of Alberta	2.950%	1/23/24	600		619
	Province of Alberta	3.300%	3/15/28	1,100		1,177
	Province of British Columbia	2.650%	9/22/21	500		508
	Province of British Columbia	2.000%	10/23/22	300		301
	Province of British Columbia	2.250%	6/2/26	1,500		1,511
	Province of Manitoba	2.100%	9/6/22	300		301

164

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Province of Manitoba	2.600%	4/16/24	1,250		1,280
	Province of Manitoba	3.050%	5/14/24	500		523
	Province of Manitoba	2.125%	6/22/26	850		842
	Province of New Brunswick	2.500%	12/12/22	400		406
	Province of New Brunswick	3.625%	2/24/28	500		544
	Province of Ontario	2.550%	2/12/21	6,700		6,758
	Province of Ontario	2.400%	2/8/22	700		708
	Province of Ontario	2.550%	4/25/22	1,000		1,016
	Province of Ontario	2.250%	5/18/22	2,900		2,925
	Province of Ontario	2.450%	6/29/22	100		101
	Province of Ontario	2.200%	10/3/22	500		504
	Province of Ontario	3.400%	10/17/23	3,130		3,301
	Province of Ontario	3.050%	1/29/24	2,000		2,073
	Province of Ontario	3.200%	5/16/24	1,000		1,052
	Province of Ontario	2.500%	4/27/26	1,000		1,017
	Province of Ontario	2.300%	6/15/26	2,000		2,008
	Province of Quebec	3.500%	7/29/20	1,530		1,553
	Province of Quebec	2.750%	8/25/21	1,375		1,396
	Province of Quebec	2.375%	1/31/22	500		506
	Province of Quebec	2.625%	2/13/23	2,050		2,091
	Province of Quebec	7.125%	2/9/24	3,050		3,699
	Province of Quebec	2.875%	10/16/24	700		724
	Province of Quebec	2.500%	4/20/26	700		715
	Province of Quebec	2.750%	4/12/27	3,250		3,345
	Province of Quebec	7.500%	9/15/29	1,075		1,551
	Republic of Chile	3.875%	8/5/20	200		204
	Republic of Chile	3.250%	9/14/21	285		292
	Republic of Chile	2.250%	10/30/22	225		226
	Republic of Chile	3.125%	3/27/25	200		208
	Republic of Chile	3.125%	1/21/26	710		739
4	Republic of Chile	3.240%	2/6/28	3,110		3,258
	Republic of Chile	3.860%	6/21/47	1,075		1,161
4	Republic of Chile	3.500%	1/25/50	200		202
	Republic of Colombia	4.375%	7/12/21	1,330		1,377
4	Republic of Colombia	2.625%	3/15/23	2,250		2,243
	Republic of Colombia	4.000%	2/26/24	1,690		1,768
	Republic of Colombia	8.125%	5/21/24	400		493
4	Republic of Colombia	4.500%	1/28/26	919		993
4	Republic of Colombia	3.875%	4/25/27	2,800		2,918
4	Republic of Colombia	4.500%	3/15/29	3,100		3,387
	Republic of Colombia	10.375%	1/28/33	500		783
	Republic of Colombia	7.375%	9/18/37	1,000		1,358
	Republic of Colombia	6.125%	1/18/41	600		742
4	Republic of Colombia	5.625%	2/26/44	1,533		1,813
4	Republic of Colombia	5.000%	6/15/45	4,544		5,015
	Republic of Colombia	5.200%	5/15/49	1,600		1,816
	Republic of Hungary	6.375%	3/29/21	4,530		4,841
	Republic of Hungary	5.375%	2/21/23	2,000		2,203
	Republic of Hungary	5.750%	11/22/23	1,000		1,134
	Republic of Hungary	5.375%	3/25/24	1,600		1,803
	Republic of Hungary	7.625%	3/29/41	950		1,522
	Republic of Indonesia	2.950%	1/11/23	350		352
	Republic of Indonesia	4.450%	2/11/24	300		318
	Republic of Indonesia	3.850%	7/18/27	200		207
	Republic of Indonesia	3.500%	1/11/28	1,300		1,305
	Republic of Indonesia	4.100%	4/24/28	800		844
	Republic of Indonesia	4.750%	2/11/29	400		443
	Republic of Indonesia	3.400%	9/18/29	200		200
7	Republic of Indonesia	4.750%	7/18/47	300		323
	Republic of Indonesia	4.350%	1/11/48	1,150		1,186
	Republic of Indonesia	5.350%	2/11/49	900		1,072
	Republic of Italy	6.875%	9/27/23	2,300		2,597
	Republic of Italy	5.375%	6/15/33	1,625		1,772
	Republic of Korea	2.750%	1/19/27	3,800		3,858

165

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Republic of Korea	4.125%	6/10/44	305		356
	Republic of Korea	3.875%	9/20/48	390		444
4	Republic of Panama	4.000%	9/22/24	600		638
4	Republic of Panama	3.750%	3/16/25	1,450		1,528
	Republic of Panama	8.875%	9/30/27	368		521
4	Republic of Panama	3.875%	3/17/28	2,480		2,648
	Republic of Panama	9.375%	4/1/29	870		1,303
4	Republic of Panama	6.700%	1/26/36	2,084		2,837
4	Republic of Panama	4.500%	4/16/50	2,110		2,369
4	Republic of Panama	4.300%	4/29/53	450		495
	Republic of Peru	2.844%	6/20/30	700		702
	Republic of Peru	8.750%	11/21/33	2,735		4,415
4	Republic of Peru	6.550%	3/14/37	600		845
	Republic of Peru	5.625%	11/18/50	2,450		3,370
	Republic of Poland	5.125%	4/21/21	1,475		1,551
	Republic of Poland	5.000%	3/23/22	1,415		1,519
	Republic of Poland	3.000%	3/17/23	3,100		3,181
	Republic of Poland	4.000%	1/22/24	1,625		1,747
	Republic of Poland	3.250%	4/6/26	150		159
	Republic of the Philippines	4.000%	1/15/21	2,225		2,280
	Republic of the Philippines	4.200%	1/21/24	1,400		1,506
	Republic of the Philippines	9.500%	10/21/24	550		739
	Republic of the Philippines	10.625%	3/16/25	425		608
	Republic of the Philippines	5.500%	3/30/26	1,500		1,764
	Republic of the Philippines	3.000%	2/1/28	1,800		1,846
	Republic of the Philippines	3.750%	1/14/29	1,000		1,086
	Republic of the Philippines	9.500%	2/2/30	1,525		2,434
	Republic of the Philippines	7.750%	1/14/31	775		1,139
	Republic of the Philippines	6.375%	1/15/32	600		809
	Republic of the Philippines	6.375%	10/23/34	3,175		4,421
	Republic of the Philippines	5.000%	1/13/37	400		501
	Republic of the Philippines	3.950%	1/20/40	700		778
	Republic of the Philippines	3.700%	3/1/41	2,834		3,068
	Republic of the Philippines	3.700%	2/2/42	850		920
	State of Israel	4.000%	6/30/22	900		948
	State of Israel	3.150%	6/30/23	1,100		1,140
	State of Israel	2.875%	3/16/26	1,100		1,136
	State of Israel	3.250%	1/17/28	1,000		1,057
	State of Israel	4.500%	1/30/43	900		1,032
	State of Israel	4.125%	1/17/48	1,300		1,425
	Svensk Exportkredit AB	1.875%	6/23/20	600		599
	Svensk Exportkredit AB	2.750%	10/7/20	2,325		2,346
	Svensk Exportkredit AB	1.750%	3/10/21	800		797
	Svensk Exportkredit AB	2.375%	4/9/21	400		403
	Svensk Exportkredit AB	2.875%	5/22/21	500		509
	Svensk Exportkredit AB	3.125%	11/8/21	500		514
	Svensk Exportkredit AB	2.000%	8/30/22	1,775		1,780
	Svensk Exportkredit AB	2.875%	3/14/23	1,400		1,448
	Syngenta Finance NV	3.125%	3/28/22	450		449
	United Mexican States	3.500%	1/21/21	290		294
	United Mexican States	3.625%	3/15/22	1,845		1,888
	United Mexican States	4.000%	10/2/23	269		280
	United Mexican States	3.600%	1/30/25	2,270		2,321
	United Mexican States	4.125%	1/21/26	3,468		3,628
	United Mexican States	4.150%	3/28/27	3,920		4,100
	United Mexican States	3.750%	1/11/28	1,375		1,399
	United Mexican States	4.500%	4/22/29	3,300		3,536
	United Mexican States	8.300%	8/15/31	1,000		1,404
	United Mexican States	6.050%	1/11/40	2,321		2,769
	United Mexican States	4.750%	3/8/44	4,322		4,505
	United Mexican States	5.550%	1/21/45	1,000		1,164
	United Mexican States	4.600%	1/23/46	2,330		2,379
	United Mexican States	4.350%	1/15/47	1,980		1,965
	United Mexican States	4.600%	2/10/48	2,110		2,176

166

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	United Mexican States	5.750%	10/12/10	2,964		3,234
Total Sovereign Bonds (Cost $668,099)						690,128
Taxable Municipal Bonds (0.3%)
	Alabama Economic Settlement Authority BP Settlement Revenue	3.163%	9/15/25	270		276
	Alameda County CA Joint Powers Authority Lease Revenue	7.046%	12/1/44	100		155
	American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects)	6.449%	2/15/44	225		317
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	7.834%	2/15/41	100		159
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	6.053%	2/15/43	50		69
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	5.939%	2/15/47	925		1,252
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	6.270%	2/15/50	160		215
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	8.084%	2/15/50	175		304
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	6.918%	4/1/40	175		252
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	6.263%	4/1/49	985		1,477
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	7.043%	4/1/50	125		202
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	6.907%	10/1/50	1,210		1,958
	California Department of Water Resources Power Supply Revenue	2.000%	5/1/22	1,000		1,001
	California GO	2.800%	4/1/21	425		432
	California GO	5.700%	11/1/21	1,000		1,086
	California GO	2.367%	4/1/22	600		607
	California GO	3.375%	4/1/25	400		426
	California GO	3.500%	4/1/28	400		432
	California GO	4.500%	4/1/33	850		961
	California GO	7.500%	4/1/34	2,270		3,426
	California GO	4.600%	4/1/38	1,350		1,474
	California GO	7.550%	4/1/39	2,005		3,174
	California GO	7.300%	10/1/39	850		1,278
	California GO	7.350%	11/1/39	1,725		2,608
	California GO	7.625%	3/1/40	1,100		1,736
	California GO	7.600%	11/1/40	350		568
	California State University Systemwide Revenue	3.899%	11/1/47	250		271
	Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue	5.491%	11/1/39	100		132
	Chicago IL GO	7.045%	1/1/29	200		222
	Chicago IL GO	7.375%	1/1/33	550		654
	Chicago IL GO	6.314%	1/1/44	350		378
	Chicago IL Metropolitan Water Reclamation District GO	5.720%	12/1/38	500		648
	Chicago IL O’Hare International Airport Revenue	6.395%	1/1/40	405		573
	Chicago IL O’Hare International Airport Revenue	4.472%	1/1/49	325		381
	Chicago IL Transit Authority Sales Tax Receipts Revenue	6.200%	12/1/40	200		261
	Chicago IL Transit Authority Transfer Tax Receipts Revenue	6.899%	12/1/40	765		1,033
	Clark County NV Airport System Revenue	6.881%	7/1/42	75		75
	Clark County NV Airport System Revenue	6.820%	7/1/45	325		510
	Commonwealth Financing Authority Pennsylvania Revenue	3.807%	6/1/41	225		236
	Commonwealth Financing Authority Pennsylvania Revenue	3.864%	6/1/38	500		526
	Connecticut GO	5.090%	10/1/30	575		663

167

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

			Face		Market
		Maturity	Amount		Value
	Coupon	Date	($000	)	($000	)
Connecticut GO	5.850%	3/15/32	610		785
Cook County IL GO	6.229%	11/15/34	400		534
Dallas County TX Hospital District Revenue	5.621%	8/15/44	100		131
Dallas TX Area Rapid Transit Revenue	5.999%	12/1/44	200		282
Dallas TX Area Rapid Transit Revenue	5.022%	12/1/48	75		96
Dallas TX Convention Center Hotel Development Corp. Hotel Revenue	7.088%	1/1/42	1,220		1,690
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		63
District of Columbia Water & Sewer Authority Public Utility Revenue	4.814%	10/1/14	1,025		1,311
East Bay CA Municipal Utility District Water System Revenue	5.874%	6/1/40	250		340
Florida Board of Administration Finance Corp. Revenue	2.638%	7/1/21	500		504
Florida Hurricane Catastrophe Fund Finance Corp. Revenue	2.995%	7/1/20	1,900		1,912
George Washington University District of Columbia GO	4.300%	9/15/44	400		454
George Washington University District of Columbia GO	4.126%	9/15/48	675		757
Georgetown University District of Columbia GO	4.315%	4/1/49	278		322
Georgetown University District of Columbia GO	5.215%	10/1/18	243		302
Georgia Municipal Electric Power Authority Revenue	6.637%	4/1/57	607		729
Georgia Municipal Electric Power Authority Revenue	6.655%	4/1/57	1,141		1,491
Georgia Municipal Electric Power Authority Revenue	7.055%	4/1/57	149		189
Houston TX GO	6.290%	3/1/32	835		1,024
Illinois GO	4.950%	6/1/23	1,265		1,325
Illinois GO	5.100%	6/1/33	4,520		4,760
Illinois GO	6.630%	2/1/35	480		554
Illinois GO	6.725%	4/1/35	475		549
Illinois GO	7.350%	7/1/35	1,100		1,297
Illinois Toll Highway Authority Revenue	6.184%	1/1/34	350		471
JobsOhio Beverage System Statewide Liquor Profits Revenue	3.985%	1/1/29	375		408
JobsOhio Beverage System Statewide Liquor Profits Revenue	4.532%	1/1/35	225		264
Kansas Department of Transportation Highway Revenue	4.596%	9/1/35	150		174
Los Angeles CA Community College District GO	6.750%	8/1/49	235		372
Los Angeles CA Department of Water & Power Revenue	5.716%	7/1/39	100		134
Los Angeles CA Department of Water & Power Revenue	6.166%	7/1/40	100		104
Los Angeles CA Department of Water & Power Revenue	6.574%	7/1/45	410		623
Los Angeles CA Department of Water & Power Revenue	6.603%	7/1/50	500		787
Los Angeles CA Unified School District GO	5.750%	7/1/34	1,560		1,991
Los Angeles CA Unified School District GO	6.758%	7/1/34	100		137
Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue	5.735%	6/1/39	400		519
Los Angeles County CA Public Works Financing Authority Lease Revenue	7.618%	8/1/40	50		78
Maryland Transportation Authority Facilities Projects Revenue	5.888%	7/1/43	100		133
Massachusetts GO	4.200%	12/1/21	1,375		1,423
Massachusetts GO	5.456%	12/1/39	845		1,078
Massachusetts School Building Authority Dedicated Sales Tax Revenue	5.715%	8/15/39	500		654
Massachusetts Transportation Fund Revenue	5.731%	6/1/40	50		66
Metropolitan Government of Nashville & Davidson County TN Convention Center Authority Tourism Tax Revenue	6.731%	7/1/43	100		142
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue	7.462%	10/1/46	575		911

168

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Miami-Dade County FL Aviation Revenue (Miami International Airport)	4.280%	10/1/41	575		614
	Michigan State University Revenue	4.496%	8/15/48	200		218
	Mississippi GO	5.245%	11/1/34	250		305
	Missouri Health & Educational Facilities Authority Revenue (Washington University)	3.652%	8/15/57	350		368
11	New Jersey Economic Development Authority Revenue (State Pension Funding)	7.425%	2/15/29	1,435		1,813
	New Jersey Transportation Trust Fund Authority Transportation System Revenue	5.754%	12/15/28	460		529
	New Jersey Transportation Trust Fund Authority Transportation System Revenue	6.104%	12/15/28	1,150		1,197
	New Jersey Transportation Trust Fund Authority Transportation System Revenue	6.561%	12/15/40	450		608
	New Jersey Turnpike Authority Revenue	7.414%	1/1/40	375		580
	New Jersey Turnpike Authority Revenue	7.102%	1/1/41	1,905		2,867
	New York City NY GO	6.246%	6/1/35	100		103
	New York City NY GO	5.517%	10/1/37	400		519
	New York City NY GO	6.271%	12/1/37	700		974
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.750%	6/15/41	100		140
	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		140
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	6.011%	6/15/42	75		107
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.440%	6/15/43	530		706
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.882%	6/15/44	1,210		1,709
	New York City NY Transitional Finance Authority Future Tax Revenue	5.767%	8/1/36	300		374
	New York City NY Transitional Finance Authority Future Tax Revenue	5.508%	8/1/37	150		192
	New York City NY Transitional Finance Authority Future Tax Revenue	5.572%	11/1/38	625		794
	New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund)	7.336%	11/15/39	1,525		2,335
	New York Metropolitan Transportation Authority Revenue (Transit Revenue)	5.871%	11/15/39	100		129
	New York State Dormitory Authority Revenue  (Personal Income Tax)	5.628%	3/15/39	95		118
	New York State Urban Development Corp. Revenue (Personal Income Tax)	5.770%	3/15/39	450		546
	New York State Urban Development Corp. Revenue(Personal Income Tax)	3.900%	3/15/33	300		322
	North Texas Tollway Authority System Revenue	6.718%	1/1/49	700		1,086
	NYU Langone Hospitals	5.750%	7/1/43	375		509
	Ohio State University General Receipts Revenue	4.910%	6/1/40	175		217
	Ohio State University General Receipts Revenue	3.798%	12/1/46	100		109
	Ohio State University General Receipts Revenue	4.800%	6/1/11	615		756
	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue	4.879%	12/1/34	100		117
	Oregon Department of Transportation Highway User Tax Revenue	5.834%	11/15/34	225		297
	Oregon GO	5.762%	6/1/23	338		369
	Oregon GO	5.892%	6/1/27	375		453
12	Oregon School Boards Association GO	5.528%	6/30/28	125		148
	Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia)	5.000%	9/15/27	250		287
	Pennsylvania Turnpike Commission Revenue	5.511%	12/1/45	375		494
	Port Authority of New York & New Jersey Revenue	6.040%	12/1/29	125		163
	Port Authority of New York & New Jersey Revenue	5.647%	11/1/40	800		1,058

169

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
	Port Authority of New York & New Jersey Revenue	4.960%	8/1/46	975		1,245
	Port Authority of New York & New Jersey Revenue	5.310%	8/1/46	375		415
	Port Authority of New York & New Jersey Revenue	4.031%	9/1/48	175		197
	Port Authority of New York & New Jersey Revenue	4.926%	10/1/51	535		674
	Port Authority of New York & New Jersey Revenue	4.458%	10/1/62	1,780		2,130
	Port Authority of New York & New Jersey Revenue	4.810%	10/15/65	550		686
	President & Fellows of Harvard College Massachusetts	4.875%	10/15/40	275		340
	President & Fellows of Harvard College Massachusetts	3.150%	7/15/46	400		399
	Princeton University New Jersey	5.700%	3/1/39	800		1,078
	Regents of the University of California Revenue	3.063%	7/1/25	400		415
	Regional Transportation District of Colorado Sales Tax Revenue	5.844%	11/1/50	150		214
	Rutgers State University New Jersey Revenue	5.665%	5/1/40	325		422
	Sales Tax Securitization Corp. Illinois Revenue	3.587%	1/1/43	350		339
	Sales Tax Securitization Corp. Illinois Revenue	3.820%	1/1/48	250		246
	Sales Tax Securitization Corp. Illinois Revenue	4.787%	1/1/48	400		455
	Salt River Project Arizona Agricultural Improvement & Power District Revenue	4.839%	1/1/41	370		458
	San Antonio TX Electric & Gas Systems Revenue	5.985%	2/1/39	225		304
	San Antonio TX Electric & Gas Systems Revenue	5.808%	2/1/41	500		687
	San Antonio TX Electric & Gas Systems Revenue	4.427%	2/1/42	450		519
	San Diego County CA Water Authority Revenue	6.138%	5/1/49	1,000		1,420
	San Francisco CA City & County Public Utilities Commission Water Revenue	6.950%	11/1/50	500		770
	San Jose CA Redevelopment Agency Successor Agency Tax Allocation	3.375%	8/1/34	375		386
	Santa Clara Valley CA Transportation Authority Sales Tax Revenue	5.876%	4/1/32	645		795
	South Carolina Public Service Authority Revenue	2.388%	12/1/23	250		248
	South Carolina Public Service Authority Revenue	6.454%	1/1/50	475		708
	Texas GO	5.517%	4/1/39	660		876
	Texas Transportation Commission Revenue	5.178%	4/1/30	275		332
	Texas Transportation Commission Revenue	4.681%	4/1/40	100		120
	University of California Regents Medical Center Revenue	6.548%	5/15/48	1,550		2,225
	University of California Regents Medical Center Revenue	6.583%	5/15/49	125		179
	University of California Revenue	4.601%	5/15/31	500		571
	University of California Revenue	5.770%	5/15/43	410		539
	University of California Revenue	5.946%	5/15/45	275		368
	University of California Revenue	4.858%	5/15/12	330		401
	University of California Revenue	4.767%	5/15/15	50		59
	University of Southern California	5.250%	10/1/11	275		375
	University of Texas Permanent University Fund Revenue	3.376%	7/1/47	400		412
	University of Texas Revenue	3.354%	8/15/47	200		203
	University of Texas System Revenue Financing System Revenue	6.276%	8/15/41	75		75
	University of Texas System Revenue Financing System Revenue	4.794%	8/15/46	100		122
	University of Virginia Revenue	4.179%	9/1/17	250		283
	Utah GO	4.554%	7/1/24	125		133
	Utah GO	3.539%	7/1/25	340		356
	Washington GO	5.140%	8/1/40	480		604
	Wisconsin Annual Appropriation Revenue	3.954%	5/1/36	1,000		1,062
	Wisconsin General Fund Annual Appropriation Revenue	3.154%	5/1/27	300		314
12	Wisconsin GO	5.700%	5/1/26	300		343
Total Taxable Municipal Bonds (Cost $99,937)						114,465

170

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

				Shares
Preferred Stocks (0.0%)
*	Air T Funding Pfd. (Cost $1)			421		1
				Face		Market
			Maturity	Amount		Value
		Coupon	Date	($000	)	($000	)
Temporary Cash Investments (1.3%)1
U.S. Government and Agency Obligations (0.0%)
13	United States Treasury Bill	2.450%	9/5/19	12,000		11,954
				Shares
Money Market Fund (1.3%)
14,15	Vanguard Market Liquidity Fund	2.499%		5,181,474		518,251
Total Temporary Cash Investments (Cost $530,145)						530,205
Total Investments (100.9%) (Cost $27,736,930)						42,333,393
Conventional Mortgage-Backed Securities – Liability for Sale Commitments (0.0%)
4	UMBS TBA	2.500%	7/1/34	(15,325)		(15,428	)
Total Conventional Mortgage-Backed Securities – Liability for Sale Commitments (Proceeds $15,380)						(15,428	)
Other Assets and Liabilities—Net (-0.9%)						(362,975	)
Net Assets (100%)						41,954,990

^Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $88,363,000.

*Non-income-producing security.

§Security value determined using significant unobservable inputs.

1The 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 1.1%, respectively, of net assets.

2U.S. government-guaranteed.

3The 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 re0ceives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.

4The 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.

5Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2019.

6Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.

7Security 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 June 30, 2019, the aggregate value of these securities was $105,989,000, representing 0.3% of net assets.

8Guaranteed by the Government of Japan.

9Guaranteed by the Federal Republic of Germany.

10Guaranteed by the Republic of Austria.

11Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.

12Scheduled principal and interest payments are guaranteed by AGM (Assured Guaranty Municipal Corporation).

13Securities with a value of $2,914,000 have been segregated as initial margin for open futures contracts.

14Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

15Includes $92,773,000 of collateral received for securities on loan.

CMT—Constant Maturing Treasury Rate.

CVR—Contingent Value Rights.

GO—General Obligation Bond.

LIBOR—London Interbank Offered Rate.

171

Vanguard® Balanced Index Fund

Schedule of Investments

June 30, 2019

REIT—Real Estate Investment Trust.

TBA—To Be Announced.

172

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© 2019 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SNA022 082019

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)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:  August 16, 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: August 16, 2019

	VANGUARD VALLEY FORGE FUNDS
BY:	/s/ THOMAS J. HIGGINS*
	THOMAS J. HIGGINS
	CHIEF FINANCIAL OFFICER

Date: August 16, 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.