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—December 31, 2019
Item 1: Reports to Shareholders
Annual Report | December 31, 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 | |
| | |
| A Note From Our Chairman | 1 |
| Your Fund’s Performance at a Glance | 2 |
| About Your Fund’s Expenses | 3 |
| Performance Summary | 5 |
| Financial Statements | 8 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
A Note From Our Chairman
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.
It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.
Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.
Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.
Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
January 23, 2020
Your Fund’s Performance at a Glance
· Vanguard Balanced Index Fund, which has about 60% of its assets invested in stocks and about 40% in bonds, returned more than 21% for the 12 months ended December 31, 2019.
· The fund closely tracked the performance of its target, the Balanced Composite Index.
· Stocks and bonds recorded their best results in years. While stocks benefited from three reductions of the Federal Reserve’s target for short-term interest rates during the year, safer assets including bonds also attracted investors as U.S.-China trade conflicts fueled global economic growth concerns.
· The equity portion of the fund, which offers investors exposure to every segment, size, and style of the U.S. equity market, returned more than 30%.
· The fund’s fixed income portfolio—which provides broad exposure to the U.S. bond market by investing in U.S. Treasury and agency bonds, government mortgage-backed securities, and investment-grade corporate bonds of all maturities—returned more than 8%.
· Over the past ten years, the fund posted an average annual return of more than 9%, in line with its benchmark average.
| Market Barometer | |
| | Average Annual Total Returns |
| | Periods Ended December 31, 2019 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 31.43% | 15.05% | 11.48% |
| Russell 2000 Index (Small-caps) | 25.53 | 8.59 | 8.23 |
| Russell 3000 Index (Broad U.S. market) | 31.02 | 14.57 | 11.24 |
| FTSE All-World ex US Index (International) | 21.81 | 9.96 | 5.83 |
| | | | |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 8.72% | 4.03% | 3.05% |
| Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 7.54 | 4.72 | 3.53 |
| FTSE Three-Month U.S. Treasury Bill Index | 2.25 | 1.65 | 1.04 |
| | | | |
| CPI | | | |
| Consumer Price Index | 2.29% | 2.10% | 1.82% |
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 compareongoingcosts only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
| Six Months Ended December 31, 2019 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Balanced Index Fund | 6/30/2019 | 12/31/2019 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $1,070.85 | $0.94 |
| Admiral™ Shares | 1,000.00 | 1,071.53 | 0.37 |
| Institutional Shares | 1,000.00 | 1,071.57 | 0.31 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,024.30 | $0.92 |
| Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
| Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.18% 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 (184/365).
Balanced Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2009, Through December 31, 2019
Initial Investment of $10,000
| | | Average Annual Total Returns | |
| | | Periods Ended December 31, 2019 | |
| | | | |
| | | | | | Final Value |
| | | One | Five | Ten | of a $10,000 |
| | | Year | Years | Years | Investment |
 | Balanced Index Fund Investor Shares | 21.67% | 7.93% | 9.54% | $24,875 |
 | Balanced Composite Index | 21.87 | 8.17 | 9.84 | 25,563 |
 | Bloomberg Barclays Capital U.S. Aggregate Float Adjusted Index | 8.87 | 3.07 | 3.78 | 14,486 |
 | Spliced Total Stock Market Index | 30.84 | 11.21 | 13.44 | 35,295 |
Balanced Composite Index: Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter.
Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter.
See Financial Highlights for dividend and capital gains information.
Balanced Index Fund
| | Average Annual Total Returns | |
| | Periods Ended December 31, 2019 | |
| | | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| Balanced Index Fund Admiral Shares | 21.79% | 8.05% | 9.68% | $25,204 |
| Balanced Composite Index | 21.87 | 8.17 | 9.84 | 25,563 |
| Bloomberg Barclays Capital U.S. Aggregate Float Adjusted Index | 8.87 | 3.07 | 3.78 | 14,486 |
| Spliced Total Stock Market Index | 30.84 | 11.21 | 13.44 | 35,295 |
| | | | | |
| | | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $5,000,000 |
| | Year | Years | Years | Investment |
| Balanced Index Fund Institutional Shares | 21.79% | 8.07% | 9.70% | $12,622,301 |
| Balanced Composite Index | 21.87 | 8.17 | 9.84 | 12,781,584 |
| Bloomberg Barclays Capital U.S. Aggregate Float Adjusted Index | 8.87 | 3.07 | 3.78 | 7,242,955 |
| Spliced Total Stock Market Index | 30.84 | 11.21 | 13.44 | 17,647,701 |
Balanced Index Fund
Sector Diversification
As of December 31, 2019
| Equity Exposure | |
| Basic Materials | 2.2% |
| Consumer Goods | 7.9 |
| Consumer Services | 13.3 |
| Financials | 19.5 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Oil & Gas | 4.0 |
| Technology | 21.8 |
| 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 | 2.6% |
| Finance | 8.2 |
| Foreign | 4.0 |
| Government Mortgage-Backed | 22.5 |
| Industrial | 16.1 |
| Treasury/Agency | 43.9 |
| Utilities | 2.0 |
| Other | 0.7 |
The table reflects the fund’s market exposure. Any holdings in short-term reserves are excluded. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
Balanced Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 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) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and 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 † | | | | | | | | 593,269 | | 1.3% | |
| | | | | | | | | | | | |
| Consumer Goods | | | | | | | | | | | |
| | Procter & Gamble Co. | | | | | | 2,137,069 | | 266,920 | | 0.6% | |
| | Coca-Cola Co. | | | | | | 3,304,409 | | 182,899 | | 0.4% | |
| | PepsiCo Inc. | | | | | | 1,193,929 | | 163,174 | | 0.4% | |
| | Philip Morris International Inc. | | | | | | 1,333,557 | | 113,472 | | 0.2% | |
| § | Consumer Goods—Other † | | | | | | | | 1,425,937 | | 3.2% | |
| | | | | | | | | | 2,152,402 | | 4.8% | |
| Consumer Services | | | | | | | | | | | |
| * | Amazon.com Inc. | | | | | | 361,155 | | 667,357 | | 1.5% | |
| | Walt Disney Co. | | | | | | 1,544,603 | | 223,396 | | 0.5% | |
| | Home Depot Inc. | | | | | | 934,301 | | 204,033 | | 0.5% | |
| | Comcast Corp. Class A | | | | | | 3,889,754 | | 174,922 | | 0.4% | |
| | Walmart Inc. | | | | | | 1,218,691 | | 144,829 | | 0.3% | |
| | McDonald’s Corp. | | | | | | 645,538 | | 127,565 | | 0.3% | |
| * | Netflix Inc. | | | | | | 375,686 | | 121,561 | | 0.3% | |
| | Costco Wholesale Corp. | | | | | | 376,697 | | 110,719 | | 0.2% | |
| § | Consumer Services—Other † | | | | | | | | 1,837,478 | | 4.0% | |
| | | | | | | | | | 3,611,860 | | 8.0% | |
| Financials | | | | | | | | | | | |
| | JPMorgan Chase & Co. | | | | | | 2,550,724 | | 355,571 | | 0.8% | |
| * | Berkshire Hathaway Inc. Class B | | | | | | 1,550,935 | | 351,287 | | 0.8% | |
| | Visa Inc. Class A | | | | | | 1,462,285 | | 274,763 | | 0.6% | |
| | Bank of America Corp. | | | | | | 6,924,449 | | 243,879 | | 0.5% | |
| | Mastercard Inc. Class A | | | | | | 768,238 | | 229,388 | | 0.5% | |
| | Wells Fargo & Co. | | | | | | 3,259,581 | | 175,365 | | 0.4% | |
| Citigroup Inc. | | | | | | 1,865,966 | | 149,072 | | 0.3% | |
| § | Financials—Other † | | | | | | | | 3,524,978 | | 7.8% | |
| | | | | | | | | | 5,304,303 | | 11.7% | |
Balanced Index Fund
| | | | | | | | | | Market | | Percentage | |
| | | | | | | | | | Value· | | of Net | |
| | | | | | | | Shares | | ($000 | ) | Assets | |
| Health Care | | | | | | | | | | | |
| | Johnson & Johnson | | | | | | 2,256,376 | | 329,138 | | 0.7% | |
| | UnitedHealth Group Inc. | | | | | | 812,068 | | 238,732 | | 0.5% | |
| | Merck & Co. Inc. | | | | | | 2,184,008 | | 198,636 | | 0.4% | |
| | Pfizer Inc. | | | | | | 4,744,549 | | 185,891 | | 0.4% | |
| | Abbott Laboratories | | | | | | 1,515,583 | | 131,644 | | 0.3% | |
| | Medtronic plc | | | | | | 1,148,880 | | 130,340 | | 0.3% | |
| | Bristol-Myers Squibb Co. | | | | | | 2,000,545 | | 128,415 | | 0.3% | |
| | Amgen Inc. | | | | | | 509,992 | | 122,944 | | 0.3% | |
| | AbbVie Inc. | | | | | | 1,268,235 | | 112,290 | | 0.3% | |
| | Thermo Fisher Scientific Inc. | | | | | | 343,786 | | 111,686 | | 0.3% | |
| § | Health Care—Other † | | | | | | | | 1,855,310 | | 4.1% | |
| | | | | | | | | | 3,545,026 | | 7.9% | |
| Industrials | | | | | | | | | | | |
| | Boeing Co. | | | | | | 457,039 | | 148,885 | | 0.3% | |
| | Accenture plc Class A | | | | | | 543,538 | | 114,453 | | 0.3% | |
| | United Technologies Corp. | | | | | | 740,111 | | 110,839 | | 0.2% | |
| § | Industrials—Other † | | | | | | | | 3,211,463 | | 7.1% | |
| | | | | | | | | | 3,585,640 | | 7.9% | |
| Oil & Gas | | | | | | | | | | | |
| | Exxon Mobil Corp. | | | | | | 3,625,967 | | 253,020 | | 0.6% | |
| | Chevron Corp. | | | | | | 1,620,371 | | 195,271 | | 0.4% | |
| § | Oil & Gas—Other † | | | | | | | | 662,043 | | 1.5% | |
| | | | | | | | | | 1,110,334 | | 2.5% | |
| Technology | | | | | | | | | | | |
| | Microsoft Corp. | | | | | | 6,536,357 | | 1,030,784 | | 2.3% | |
| | Apple Inc. | | | | | | 3,426,729 | | 1,006,259 | | 2.2% | |
| * | Facebook Inc. Class A | | | | | | 2,062,296 | | 423,286 | | 0.9% | |
| * | Alphabet Inc. Class C | | | | | | 254,161 | | 339,818 | | 0.8% | |
| * | Alphabet Inc. Class A | | | | | | 252,903 | | 338,736 | | 0.7% | |
| | Intel Corp. | | | | | | 3,726,406 | | 223,025 | | 0.5% | |
| | Cisco Systems Inc. | | | | | | 3,635,499 | | 174,359 | | 0.4% | |
| * | Adobe Inc. | | | | | | 414,434 | | 136,684 | | 0.3% | |
| | NVIDIA Corp. | | | | | | 498,055 | | 117,192 | | 0.3% | |
| * | salesforce.com Inc. | | | | | | 713,793 | | 116,091 | | 0.3% | |
| § | Technology—Other † | | | | | | | | 2,031,775 | | 4.5% | |
| | | | | | | | | | 5,938,009 | | 13.2% | |
| Telecommunications | | | | | | | | | | | |
| | AT&T Inc. | | | | | | 6,259,520 | | 244,622 | | 0.5% | |
| | Verizon Communications Inc. | | | | | | 3,543,472 | | 217,569 | | 0.5% | |
| § | Telecommunications—Other † | | | | | | | | 58,256 | | 0.1% | |
| | | | | | | | | | 520,447 | | 1.1% | |
| | | | | | | | | | | | | |
| Utilities † | | | | | | | | 871,550 | | 1.9% | |
| Total Common Stocks (Cost $11,060,773) | | | | | | | | 27,232,840 | | 60.3%1 | |
| U.S. Government and Agency Obligations | | | | | | | | | | | |
| U.S. Government Securities | | | | | | | | | | �� | |
| | United States Treasury Note/Bond | | 1.625% | | 11/15/22 | | 158,865 | | 158,914 | | 0.4% | |
| | United States Treasury Note/Bond | | 1.375% | | 10/15/22 | | 126,319 | | 125,490 | | 0.3% | |
Balanced Index Fund
| | | | | | | | Face | | Market | | Percentage | |
| | | | | | Maturity | | Amount | | Value· | | of Net | |
| | | | Coupon | | Date | | ($000 | ) | ($000 | ) | Assets | |
| | United States Treasury Note/Bond | | 2.500% | | 1/15/22 | | 112,131 | | 114,111 | | 0.3% | |
| | United States Treasury Note/Bond | | 2.625% | | 11/15/20 | | 108,941 | | 109,860 | | 0.2% | |
| | United States Treasury Note/Bond | | 1.125%–8.500% | | 2/15/20–11/15/49 | | 6,846,817 | | 7,131,550 | | 15.8% | |
| | | | | | | | | | 7,639,925 | | 17.0% | |
| Agency Bonds and Notes | | | | | | | | | | | |
| 2 | Federal Home Loan Mortgage Corp. | | 1.125%–6.750% | | 2/16/21–7/15/32 | | 22,211 | | 23,776 | | 0.1% | |
| 2 | Federal National Mortgage Assn. | | 1.250%–7.250% | | 2/26/21–7/15/37 | | 71,349 | | 76,776 | | 0.1% | |
| | Agency Bonds and Notes—Other † | | | | | | 85,526 | | 0.2% | |
| | | | | | | | | | 186,078 | | 0.4% | |
| Conventional Mortgage-Backed Securities | | | | | | | | | |
| 2,3,4 | Fannie Mae Pool | | 2.000%–9.500% | | 2/1/20–1/1/50 | | 1,553,859 | | 1,622,039 | | 3.6% | |
| 2,3 | Freddie Mac Gold Pool | | 2.000%–10.000% | | 1/1/20–1/1/49 | | 767,733 | | 802,846 | | 1.8% | |
| 3,4 | Ginnie Mae I Pool | | 3.000%–9.000% | | 5/15/20–1/1/49 | | 73,460 | | 78,363 | | 0.2% | |
| 3,4 | Ginnie Mae II Pool | | 2.500%–7.000% | | 9/20/25–1/1/50 | | 1,097,264 | | 1,143,967 | | 2.5% | |
| 2,3 | UMBS Pool | | 2.000%–5.000% | | 6/1/30–1/1/50 | | 314,011 | | 323,496 | | 0.7% | |
| 2,3,4 | UMBS TBA | | 2.500% | | 1/1/50 | | 13,175 | | 13,028 | | 0.0% | |
| | | | | | | | | | 3,983,739 | | 8.8% | |
| Nonconventional Mortgage-Backed Securities | | | | | | | |
| 2,3,5 | Fannie Mae Pool, 2M USD LIBOR + 1.290% | | 4.034% | | 12/1/41 | | 67 | | 69 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.310% | | 3.592% | | 9/1/37 | | 112 | | 115 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.509% | | 4.082% | | 7/1/36 | | 17 | | 17 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.553% | | 2.443% | | 9/1/43 | | 43 | | 43 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.560% | | 2.272% | | 7/1/43 | | 424 | | 425 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.609% | | 3.642% | | 12/1/33 | | 18 | | 19 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.623% | | 4.748% | | 2/1/36 | | 29 | | 30 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.625% | | 4.135% | | 8/1/35 | | 58 | | 61 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.627% | | 4.752% | | 3/1/38 | | 6 | | 6 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.635% | | 3.510% | | 11/1/36 | | 15 | | 16 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.643% | | 4.476% | | 1/1/37 | | 23 | | 24 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.660% | | 3.910% | | 9/1/40 | | 9 | | 9 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.665% | | 4.415% | | 6/1/36 | | 4 | | 4 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.679% | | 3.992% | | 1/1/42 | | 93 | | 96 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.682% | | 4.167% | | 10/1/37 | | 46 | | 47 | | 0.0% | |
Balanced Index Fund
| | | | | | | | Face | | Market | | Percentage | |
| | | | | | Maturity | | Amount | | Value· | | of Net | |
| | | | Coupon | | Date | | ($000 | ) | ($000 | ) | Assets | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.687% | | 4.498% | | 6/1/42 | | 233 | | 243 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.690% | | 3.706%–4.622% | | 10/1/39–9/1/42 | | 149 | | 156 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.695% | | 4.320% | | 7/1/39 | | 9 | | 9 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.698% | | 4.161% | | 8/1/40 | | 13 | | 14 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.700% | | 4.364% | | 12/1/40 | | 43 | | 45 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.701% | | 3.965% | | 10/1/42 | | 66 | | 69 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.705% | | 3.809% | | 11/1/39 | | 15 | | 15 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.726% | | 3.956% | | 9/1/34 | | 21 | | 22 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.734% | | 3.997% | | 11/1/39 | | 41 | | 42 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.746% | | 4.506% | | 7/1/41 | | 94 | | 100 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.750% | | 4.213% | | 10/1/40 | | 14 | | 15 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.767% | | 4.648% | | 6/1/41 | | 18 | | 19 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.771% | | 4.709% | | 5/1/42 | | 37 | | 39 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.780% | | 4.905% | | 2/1/41 | | 26 | | 27 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.793% | | 3.391% | | 8/1/42 | | 150 | | 150 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.795% | | 4.839% | | 3/1/42 | | 86 | | 90 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.798% | | 4.358% | | 3/1/42 | | 82 | | 88 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.804% | | 3.943% | | 12/1/39 | | 31 | | 32 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.805% | | 3.773% | | 11/1/41 | | 63 | | 67 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.810% | | 3.685%–4.810% | | 11/1/33–12/1/40 | | 82 | | 84 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.813% | | 3.978%–4.435% | | 11/1/41–1/1/42 | | 92 | | 97 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | | 3.690%–4.940% | | 11/1/40–12/1/41 | | 153 | | 161 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.819% | | 4.759% | | 3/1/41 | | 61 | | 64 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.820% | | 4.168% | | 12/1/40 | | 16 | | 17 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.822% | | 4.310% | | 9/1/40 | | 63 | | 66 | | 0.0% | |
Balanced Index Fund
| | | | | | | | Face | | Market | | Percentage | |
| | | | | | Maturity | | Amount | | Value· | | of Net | |
| | | | Coupon | | Date | | ($000) | | ($000) | | Assets | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.823% | | 4.902% | | 2/1/41 | | 25 | | 25 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.825% | | 4.825% | | 3/1/41 | | 41 | | 44 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.830% | | 3.451%–4.580% | | 4/1/41–6/1/41 | | 107 | | 110 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.835% | | 4.723% | | 1/1/40 | | 56 | | 59 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.840% | | 4.403% | | 8/1/39 | | 22 | | 23 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.861% | | 4.745% | | 5/1/40 | | 12 | | 13 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.880% | | 4.406% | | 11/1/34 | | 37 | | 40 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 12M USD LIBOR + 1.909% | | 4.784% | | 4/1/37 | | 38 | | 40 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 1Y CMT + 2.155% | | 4.780% | | 12/1/37 | | 63 | | 65 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 1Y CMT + 2.313% | | 4.845% | | 1/1/35 | | 30 | | 32 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.026% | | 3.206% | | 4/1/37 | | 27 | | 28 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.476% | | 2.242% | | 3/1/43 | | 320 | | 320 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.530% | | 3.662% | | 12/1/43 | | 163 | | 173 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.582% | | 2.743% | | 6/1/43 | | 196 | | 197 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.638% | | 4.339% | | 8/1/39 | | 76 | | 78 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.657% | | 4.260% | | 10/1/42 | | 90 | | 91 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.700% | | 4.531% | | 7/1/37 | | 17 | | 19 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.710% | | 3.371% | | 9/1/43 | | 187 | | 192 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.723% | | 4.720% | | 5/1/42 | | 164 | | 172 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.789% | | 4.572% | | 7/1/42 | | 76 | | 81 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.799% | | 4.620% | | 2/1/42 | | 313 | | 333 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.840% | | 4.157% | | 8/1/37 | | 33 | | 34 | | 0.0% | |
| 2,3,5 | Fannie Mae Pool, 6M USD LIBOR + 1.851% | | 4.434% | | 2/1/42 | | 85 | | 91 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 0.985% | | 3.235% | | 10/1/37 | | 4 | | 5 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.564% | | 4.420% | | 3/1/37 | | 5 | | 5 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.588% | | 3.921% | | 9/1/37 | | 47 | | 48 | | 0.0% | |
Balanced Index Fund
| | | | | | | | Face | | Market | | Percentage | |
| | | | | | Maturity | | Amount | | Value· | | of Net | |
| | | | Coupon | | Date | | ($000) | | ($000) | | Assets | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.625% | | 4.625% | | 1/1/38 | | 4 | | 4 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.640% | | 3.807%–4.515% | | 12/1/36–11/1/43 | | 180 | | 187 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.660% | | 3.711% | | 10/1/37 | | 22 | | 23 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.695% | | 4.767% | | 2/1/37 | | 17 | | 18 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.727% | | 4.738% | | 1/1/35 | | 4 | | 4 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.743% | | 3.865% | | 12/1/36 | | 15 | | 15 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.745% | | 4.713% | | 12/1/40 | | 71 | | 74 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.750% | | 4.287%–4.625% | | 5/1/38–12/1/41 | | 54 | | 57 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.796% | | 3.871% | | 12/1/34 | | 17 | | 18 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.833% | | 4.190% | | 3/1/42 | | 78 | | 83 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.834% | | 4.220% | | 12/1/35 | | 31 | | 32 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.864% | | 4.595% | | 2/1/42 | | 20 | | 21 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | | 4.005%–5.005% | | 5/1/40–6/1/41 | | 138 | | 144 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.889% | | 4.956% | | 2/1/42 | | 54 | | 55 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.895% | | 4.323% | | 9/1/40 | | 78 | | 82 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.900% | | 3.846%–4.705% | | 6/1/40–11/1/40 | | 42 | | 43 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.910% | | 4.825%–5.035% | | 1/1/41–2/1/41 | | 59 | | 62 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.977% | | 4.783% | | 5/1/37 | | 100 | | 103 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 2.000% | | 4.750% | | 7/1/35 | | 7 | | 7 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 2.085% | | 5.210% | | 3/1/38 | | 5 | | 5 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 1Y CMT + 2.250% | | 4.006%–4.991% | | 11/1/34–5/1/36 | | 72 | | 76 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 1Y CMT + 2.409% | | 4.964% | | 10/1/36 | | 30 | | 31 | | 0.0% | |
| 2,3,5 | Freddie Mac Non Gold Pool, 6M USD LIBOR + 1.665% | | 3.982% | | 1/1/37 | | 57 | | 60 | | 0.0% | |
| 3,5 | Ginnie Mae II Pool,1Y CMT + 1.500% | | 3.250%–4.125% | | 7/20/38–12/20/43 | | 2,440 | | 2,522 | | 0.0% | |
Balanced Index Fund
| | | | | | | | Face | | Market | | Percentage | |
| | | | | | Maturity | | Amount | | Value· | | of Net | |
| | | | Coupon | | Date | | ($000 | ) | ($000 | ) | Assets | |
| 3,5 | Ginnie Mae II Pool, 1Y CMT + 2.000% | | 4.375%–4.625% | | 11/20/40–5/20/41 | | 36 | | 38 | | 0.0% | |
| | | | | | | | | | 8,794 | | 0.0% | |
| Total U.S. Government and Agency Obligations (Cost $11,547,024) | | | | | | 11,818,536 | | 26.2% | |
| Asset-Backed/Commercial Mortgage-Backed Securities | | | | | | | | | |
| 3 | Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 | | 5.450% | | 1/12/45 | | 48 | | 48 | | 0.0% | |
| 3 | Chase Issuance Trust 2012-A7 | | 2.160% | | 9/15/24 | | 1,314 | | 1,323 | | 0.0% | |
| 3 | Chase Issuance Trust 2014-A2 | | 2.770% | | 3/15/23 | | 900 | | 910 | | 0.0% | |
| 3 | Chase Issuance Trust 2015-A4 | | 1.840% | | 4/15/22 | | 600 | | 600 | | 0.0% | |
| 3 | Chase Issuance Trust 2016-A4 | | 1.490% | | 7/15/22 | | 700 | | 699 | | 0.0% | |
| 6 | Asset-Backed/Commercial Mortgage-Backed Securities—Other † | | | | | | 463,643 | | 1.0% | |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $454,868) | | | | 467,223 | | 1.0% | |
| Corporate Bonds | | | | | | | | | | | |
| Finance | | | | | | | | | | | |
| | Banking | | | | | | | | | | | |
| 3 | JPMorgan Chase & Co. | | 2.295%–6.400% | | 3/1/21–11/15/48 | | 88,997 | | 97,214 | | 0.2% | |
| 6 | Banking—Other † | | | | | | | | 938,029 | | 2.1% | |
| | Brokerage † | | | | | | | | 41,609 | | 0.1% | |
| | Finance Companies † | | | | | | | | 41,335 | | 0.1% | |
| | Insurance † | | | | | | | | 208,756 | | 0.4% | |
| | Other Finance † | | | | | | | | 1,488 | | 0.0% | |
| | Real Estate Investment Trusts † | | | | | | | | 129,397 | | 0.3% | |
| | | | | | | | | | 1,457,828 | | 3.2% | |
| Industrial | | | | | | | | | | | |
| 6 | Basic Industry † | | | | | | | | 142,783 | | 0.3% | |
| 6 | Capital Goods † | | | | | | | | 240,596 | | 0.5% | |
| 6 | Communication † | | | | | | | | 419,426 | | 0.9% | |
| | Consumer Cyclical | | | | | | | | | | | |
| | Amazon.com Inc. | | 2.400%–5.200% | | 12/5/21–8/22/57 | | 16,759 | | 18,987 | | 0.0% | |
| 6 | Consumer Cyclical—Other † | | | | | | | | 312,586 | | 0.7% | |
| 6 | Consumer Noncyclical † | | | | | | | | 761,601 | | 1.7% | |
| 6 | Energy † | | | | | | | | 426,255 | | 1.0% | |
| | Other Industrial † | | | | | | | | 18,106 | | 0.0% | |
| | Technology | | | | | | | | | | | |
| | Alphabet Inc. | | 1.998%–3.625% | | 5/19/21–8/15/26 | | 1,850 | | 1,851 | | 0.0% | |
| | Apple Inc. | | 1.550%–4.650% | | 11/13/20–9/11/49 | | 60,100 | | 63,705 | | 0.2% | |
| | Microsoft Corp. | | 2.000%–4.875% | | 11/3/20–8/8/56 | | 52,832 | | 57,806 | | 0.1% | |
| 6 | Technology—Other † | | | | | | | | 277,924 | | 0.6% | |
| 6 | Transportation † | | | | | | | | 118,617 | | 0.3% | |
| | | | | | | | | | 2,860,243 | | 6.3% | |
| Utilities | | | | | | | | | | | |
| | Electric † | | | | | | | | 313,676 | | 0.7% | |
| | Natural Gas † | | | | | | | | 26,242 | | 0.1% | |
| | Other Utility † | | | | | | | | 7,154 | | 0.0% | |
| | | | | | | | | | 347,072 | | 0.8% | |
| Total Corporate Bonds (Cost $4,362,225) | | | | | | | | 4,665,143 | | 10.3% | |
Balanced Index Fund
| | | | | | | | | | Market | | Percentage | |
| | | | | | | | | | Value· | | of Net | |
| | | | | | | | | | ($000 | ) | Assets | |
| 6Sovereign Bonds (Cost $686,438) † | | | | | | | | 717,370 | | 1.6% | |
| Taxable Municipal Bonds (Cost $103,685) † | | | | | | 119,214 | | 0.3% | |
| Preferred Stocks (Cost $1) † | | | | | | | | 1 | | 0.0% | |
| Temporary Cash Investments | | | | | | | | | | | |
| 7U.S. Government and Agency Obligations † | | | | | | 4,691 | | 0.0% | |
| | | | | | | | | | | | | |
| | | | | | Coupon | | Shares | | | | | |
| Money Market Fund | | | | | | | | | | | |
| 8,9 | Vanguard Market Liquidity Fund | | | | 1.816% | | 4,760,656 | | 476,113 | | 1.1% | |
| Total Temporary Cash Investments (Cost $480,782) | | | | | | 480,804 | | 1.1%1 | |
| 10 | Total Investments (Cost $28,695,796) | | | | | | | | 45,501,131 | | 100.8% | |
| | | | | | | | | | | | | |
| | | | | | | | | | Amount | | | |
| | | �� | | | | | | | ($000) | | | |
| Other Assets and Liabilities | | | | | | | | | | | |
| Other Assets | | | | | | | | | | | |
| Investment in Vanguard | | | | | | | | 1,993 | | | |
| Receivables for Investment Securities Sold | | | | | | | | 48,986 | | | |
| Receivables for Accrued Income | | | | | | | | 134,815 | | | |
| Receivables for Capital Shares Issued | | | | | | | | 53,645 | | | |
| Variation Margin Receivable—Futures Contracts | | | | | | | | 41 | | | |
| Other Assets | | | | | | | | 628 | | | |
| Total Other Assets | | | | | | | | 240,108 | | 0.5% | |
| Liabilities | | | | | | | | | | | |
| Payables for Investment Securities Purchased | | | | | | | | (485,527) | | | |
| Collateral for Securities on Loan | | | | | | | | (60,076) | | | |
| Payables for Capital Shares Redeemed | | | | | | | | (59,866) | | | |
| Payables to Vanguard | | | | | | | | (10,424) | | | |
| Other Liabilities | | | | | | | | (1,049) | | | |
| Total Liabilities | | | | | | | | (616,942) | | (1.3% | ) |
| Net Assets | | | | | | | | 45,124,297 | | 100.0% | |
Balanced Index Fund
| At December 31, 2019, net assets consisted of: | | |
| | Amount | |
| | ($000 | ) |
| Paid-in Capital | 28,242,075 | |
| Total Distributable Earnings (Loss) | 16,882,222 | |
| Net Assets | 45,124,297 | |
| | | |
| Investor Shares—Net Assets | | |
| Applicable to 10,093,334 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 395,974 | |
| Net Asset Value Per Share—Investor Shares | $39.23 | |
| | | |
| Admiral Shares—Net Assets | | |
| Applicable to 856,013,812 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 33,585,070 | |
| Net Asset Value Per Share—Admiral Shares | $39.23 | |
| | | |
| Institutional Shares—Net Assets | | |
| Applicable to 283,970,949 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,143,253 | |
| Net Asset Value Per Share—Institutional Shares | $39.24 | |
| · | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| § | Security value determined using significant unobservable inputs. |
| † | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
| 1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 60.4% and 1.0%, respectively, of net assets. |
| 2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 3 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2019. |
| 5 | Adjustable-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. |
| 6 | Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the aggregate value of these securities was $148,063,000, representing 0.3% of net assets. |
| 7 | Securities with a value of $1,397,000 have been segregated as initial margin for open futures contracts. |
| 8 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 9 | Collateral of $60,076,000 was received for securities on loan. |
| 10 | The total value of securities on loan is $56,541,000. |
| | CMT—Constant Maturing Treasury Rate. |
| | LIBOR—London Interbank Offered Rate. |
| | TBA—To Be Announced. |
| | UMBS—Uniform Mortgage-Backed Securities. |
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 Russell 2000 Index | | March 2020 | | 282 | | 23,555 | | 368 | |
| E-mini S&P Mid-Cap 400 Index | | March 2020 | | 52 | | 10,737 | | 187 | |
| | | | | | | | | 555 | |
See accompanying Notes, which are an integral part of the Financial Statements.
Balanced Index Fund
Statement of Operations
| | Year Ended |
| | December 31, 2019 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends | 471,845 |
| Interest1 | 470,854 |
| Securities Lending—Net | 3,989 |
| Total Income | 946,688 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 3,471 |
| Management and Administrative—Investor Shares | 2,987 |
| Management and Administrative—Admiral Shares | 15,905 |
| Management and Administrative—Institutional Shares | 4,966 |
| Marketing and Distribution—Investor Shares | 185 |
| Marketing and Distribution—Admiral Shares | 1,597 |
| Marketing and Distribution—Institutional Shares | 282 |
| Custodian Fees | 297 |
| Auditing Fees | 21 |
| Shareholders’ Reports—Investor Shares | 15 |
| Shareholders’ Reports—Admiral Shares | 202 |
| Shareholders’ Reports—Institutional Shares | 52 |
| Trustees’ Fees and Expenses | 23 |
| Total Expenses | 30,003 |
| Net Investment Income | 916,685 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1,2 | 782,808 |
| Futures Contracts | 22,859 |
| Realized Net Gain (Loss) | 805,667 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities1 | 6,275,215 |
| Futures Contracts | 6,061 |
| Change in Unrealized Appreciation (Depreciation) | 6,281,276 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 8,003,628 |
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $9,059,000, ($23,000), and $8,000, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $591,401,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund. |
See accompanying Notes, which are an integral part of the Financial Statements.
Balanced Index Fund
Statement of Changes in Net Assets
| | | Year Ended December 31, | |
| | | 2019 | | | 2018 | |
| | | ($000 | ) | | ($000 | ) |
| Increase (Decrease) in Net Assets | | | | | | | | |
| Operations | | | | | | | | |
| Net Investment Income | | | 916,685 | | | | 853,584 | |
| Realized Net Gain (Loss) | | | 805,667 | | | | 259,748 | |
| Change in Unrealized Appreciation (Depreciation) | | | 6,281,276 | | | | (2,212,217 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 8,003,628 | | | | (1,098,885 | ) |
| Distributions | | | | | | | | |
| Net Investment Income | | | | | | | | |
| Investor Shares | | | (35,881 | ) | | | (68,482 | ) |
| Admiral Shares | | | (662,240 | ) | | | (537,134 | ) |
| Institutional Shares | | | (236,971 | ) | | | (222,294 | ) |
| Realized Capital Gain | | | | | | | | |
| Investor Shares | | | (658 | ) | | | — | |
| Admiral Shares | | | (55,728 | ) | | | — | |
| Institutional Shares | | | (18,498 | ) | | | — | |
| Total Distributions | | | (1,009,976 | ) | | | (827,910 | ) |
| Capital Share Transactions | | | | | | | | |
| Investor Shares | | | (3,029,367 | ) | | | (301,570 | ) |
| Admiral Shares | | | 4,865,964 | | | | 1,636,823 | |
| Institutional Shares | | | (174,824 | ) | | | (44,308 | ) |
| Net Increase (Decrease) from Capital Share Transactions | | | 1,661,773 | | | | 1,290,945 | |
| Total Increase (Decrease) | | | 8,655,425 | | | | (635,850 | ) |
| Net Assets | | | | | | | | |
| Beginning of Period | | | 36,468,872 | | | | 37,104,722 | |
| End of Period | | | 45,124,297 | | | | 36,468,872 | |
See accompanying Notes, which are an integral part of the Financial Statements.
Balanced Index Fund
Financial Highlights
Investor Shares
| For a Share Outstanding | | | Year Ended December 31, |
| Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
| Net Asset Value, Beginning of Period | $32.99 | $34.72 | $31.11 | $29.22 | $29.68 |
| Investment Operations | | | | | |
| Net Investment Income | .7551 | .7481 | .6471 | .613 | .570 |
| Net Realized and Unrealized Gain (Loss) on Investments | 6.345 | (1.753) | 3.600 | 1.889 | (.459) |
| Total from Investment Operations | 7.100 | (1.005) | 4.247 | 2.502 | .111 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.794) | (.725) | (.637) | (.612) | (.571) |
| Distributions from Realized Capital Gains | (.066) | — | — | — | — |
| Total Distributions | (.860) | (.725) | (.637) | (.612) | (.571) |
| Net Asset Value, End of Period | $39.23 | $32.99 | $34.72 | $31.11 | $29.22 |
| | | | | | |
| Total Return2 | 21.67% | -2.97% | 13.75% | 8.63% | 0.37% |
| | | | | | |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $396 | $3,014 | $3,474 | $3,343 | $3,090 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | 0.18% | 0.19% | 0.19% | 0.22% |
| Ratio of Net Investment Income to Average Net Assets | 2.11% | 2.15% | 1.97% | 2.06% | 1.92% |
| Portfolio Turnover Rate3 | 37%4 | 44%4 | 37%4 | 44%4 | 61% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes 6%, 10%, 11%, 12%, and 24%, attributable to mortgage-dollar-roll activity. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
Balanced Index Fund
Financial Highlights
Admiral Shares
| For a Share Outstanding | | | Year Ended December 31, |
| Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
| Net Asset Value, Beginning of Period | $32.99 | $34.72 | $31.11 | $29.22 | $29.68 |
| Investment Operations | | | | | |
| Net Investment Income | .8171 | .7911 | .6891 | .649 | .612 |
| Net Realized and Unrealized Gain (Loss) on Investments | 6.319 | (1.757) | 3.599 | 1.890 | (.460) |
| Total from Investment Operations | 7.136 | (.966) | 4.288 | 2.539 | .152 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.830) | (.764) | (.678) | (.649) | (.612) |
| Distributions from Realized Capital Gains | (.066) | — | — | — | — |
| Total Distributions | (.896) | (.764) | (.678) | (.649) | (.612) |
| Net Asset Value, End of Period | $39.23 | $32.99 | $34.72 | $31.11 | $29.22 |
| | | | | | |
| Total Return2 | 21.79% | -2.86% | 13.89% | 8.77% | 0.51% |
| | | | | | |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $33,585 | $23,913 | $23,556 | $18,695 | $15,726 |
| Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 2.22% | 2.26% | 2.09% | 2.18% | 2.06% |
| Portfolio Turnover Rate3 | 37%4 | 44%4 | 37%4 | 44%4 | 61% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes 6%, 10%, 11%, 12%, and 24%, attributable to mortgage-dollar-roll activity. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
Balanced Index Fund
Financial Highlights
Institutional Shares
| For a Share Outstanding | | | Year Ended December 31, |
| Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
| Net Asset Value, Beginning of Period | $33.00 | $34.72 | $31.12 | $29.22 | $29.68 |
| Investment Operations | | | | | |
| Net Investment Income | .8201 | .7931 | .6911 | .653 | .615 |
| Net Realized and Unrealized Gain (Loss) on Investments | 6.320 | (1.745) | 3.588 | 1.899 | (.460) |
| Total from Investment Operations | 7.140 | (.952) | 4.279 | 2.552 | .155 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.834) | (.768) | (.679) | (.652) | (.615) |
| Distributions from Realized Capital Gains | (.066) | — | — | — | — |
| Total Distributions | (.900) | (.768) | (.679) | (.652) | (.615) |
| Net Asset Value, End of Period | $39.24 | $33.00 | $34.72 | $31.12 | $29.22 |
| | | | | | |
| Total Return | 21.79% | -2.82% | 13.86% | 8.81% | 0.52% |
| | | | | | |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $11,143 | $9,543 | $10,075 | $8,495 | $7,452 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.07% |
| Ratio of Net Investment Income to Average Net Assets | 2.23% | 2.27% | 2.10% | 2.19% | 2.07% |
| Portfolio Turnover Rate2 | 37%3 | 44%3 | 37%3 | 44%3 | 61% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes 6%, 10%, 11%, 12%, and 24%, attributable to mortgage-dollar-roll activity. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
Balanced Index Fund
Notes to Financial Statements
Vanguard Balanced Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. Certain of the fund’s investments are in corporate debt instruments; the issuers’ abilities to meet their obligations may be affected by economic developments in their respective industries. The fund offers three classes of shares: Investor Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
Balanced Index Fund
During the year ended December 31, 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.
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, 2016–2019), 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.
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 December 31, 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.
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 and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2019, the fund had contributed to Vanguard capital in the amount of $1,993,000, representing less than 0.01% of the fund’s net assets and 0.80% of Vanguard’s capital received pursuant to the FSA. 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 and derivatives as of December 31, 2019, based on the inputs used to value them:
| | | Level 1 | | | Level 2 | | | Level 3 | |
| Investments | | ($000 | ) | | ($000 | ) | | ($000 | ) |
| Common Stocks | | | 27,232,697 | | | | — | | | | 143 | |
| Preferred Stocks | | | 1 | | | | — | | | | — | |
| U.S. Government and Agency Obligations | | | — | | | | 11,818,536 | | | | — | |
| Asset-Backed/Commercial Mortgage-Backed Securities | | | — | | | | 467,223 | | | | — | |
| Corporate Bonds | | | — | | | | 4,665,143 | | | | — | |
| Sovereign Bonds | | | — | | | | 717,370 | | | | — | |
| Taxable Municipal Bonds | | | — | | | | 119,214 | | | | — | |
| Temporary Cash Investments | | | 476,113 | | | | 4,691 | | | | — | |
| Futures Contracts—Assets1 | | | 41 | | | | — | | | | — | |
| Total | | | 27,708,852 | | | | 17,792,177 | | | | 143 | |
1 Represents variation margin on the last day of the reporting period.
Balanced Index Fund
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, passive foreign investment companies, and distributions in connection with fund share redemptions were reclassified between the following accounts:
| | | Amount | |
| | | ($000 | ) |
| Paid-in Capital | | | 609,675 | |
| Total Distributable Earnings (Loss) | | | (609,675 | ) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales; the realization of unrealized gains or losses on certain futures contracts; and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| | | Amount | |
| | | ($000 | ) |
| Undistributed Ordinary Income | | | 25,115 | |
| Undistributed Long-Term Gains | | | 61,744 | |
| Capital Loss Carryforwards* | | | — | |
| Net Unrealized Gains (Losses) | | | 16,804,423 | |
* The fund used capital loss carryforwards of $48,670,000 to offset taxable capital gains realized during the year ended December 31, 2019.
As of December 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| | | Amount | |
| | | ($000 | ) |
| Tax Cost | | | 28,696,708 | |
| Gross Unrealized Appreciation | | | 17,106,117 | |
| Gross Unrealized Depreciation | | | (301,694 | ) |
| Net Unrealized Appreciation (Depreciation) | | | 16,804,423 | |
E. During the year ended December 31, 2019, the fund purchased $8,605,928,000 of investment securities and sold $8,977,998,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $9,397,368,000 and $7,210,118,000, respectively. Total purchases and sales include $0 and $893,349,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
Balanced Index Fund
F. Capital share transactions for each class of shares were:
| | | | | | | | | Year Ended December 31, | |
| | | 2019 | | | 2018 | |
| | | Amount | | | Shares | | | Amount | | | Shares | |
| | | ($000 | ) | | (000 | ) | | ($000 | ) | | (000 | ) |
| Investor Shares | | | | | | | | | | | | | | | | |
| Issued | | | 742,234 | | | | 19,859 | | | | 704,768 | | | | 20,078 | |
| Issued in Lieu of Cash Distributions | | | 34,706 | | | | 953 | | | | 64,418 | | | | 1,871 | |
| Redeemed1 | | | (3,806,307 | ) | | | (102,062 | ) | | | (1,070,756 | ) | | | (30,660 | ) |
| Net Increase (Decrease)—Investor Shares | | | (3,029,367 | ) | | | (81,250 | ) | | | (301,570 | ) | | | (8,711 | ) |
| Admiral Shares | | | | | | | | | | | | | | | | |
| Issued1 | | | 8,720,739 | | | | 235,995 | | | | 5,680,871 | | | | 162,397 | |
| Issued in Lieu of Cash Distributions | | | 657,601 | | | | 17,550 | | | | 493,351 | | | | 14,338 | |
| Redeemed | | | (4,512,376 | ) | | | (122,359 | ) | | | (4,537,399 | ) | | | (130,393 | ) |
| Net Increase (Decrease)—Admiral Shares | | | 4,865,964 | | | | 131,186 | | | | 1,636,823 | | | | 46,342 | |
| Institutional Shares | | | | | | | | | | | | | | | | |
| Issued | | | 1,724,983 | | | | 46,811 | | | | 1,341,329 | | | | 38,571 | |
| Issued in Lieu of Cash Distributions | | | 250,446 | | | | 6,700 | | | | 217,850 | | | | 6,329 | |
| Redeemed | | | (2,150,253 | ) | | | (58,738 | ) | | | (1,603,487 | ) | | | (45,858 | ) |
| Net Increase (Decrease)—Institutional Shares | | | (174,824 | ) | | | (5,227 | ) | | | (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 76,541,000 and 76,545,000 shares, respectively, in the amount of $2,858,791,000 from the conversion during the year ended December 31, 2019. |
G. Management has determined that no events or transactions occurred subsequent to December 31, 2019, that would require recognition or disclosure in these financial statements.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Valley Forge Funds and Shareholders of Vanguard Balanced Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets–investments summary of Vanguard Balanced Index Fund (one of the funds constituting Vanguard Valley Forge Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 18, 2020
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
Special 2019 tax information (unaudited) for Vanguard Balanced Index Fund
This information for the fiscal year ended December 31, 2019, is included pursuant to provisions of the Internal Revenue Code.
For corporate shareholders, 45.1% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
The fund distributed $448,657,000 of qualified dividend income to shareholders during the fiscal year.
The fund distributed $28,894,000 of qualified business income to shareholders during the fiscal year.
The fund distributed $91,270,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays U.S. Aggregate Float Adjusted Index (the Index or Bloomberg Barclays Index).
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Balanced Index Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Balanced Index Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Balanced Index Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Balanced Index Fund or the owners of the Balanced Index Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Balanced Index Fund. Investors acquire the Balanced Index Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Balanced Index Fund. The Balanced Index Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Balanced Index Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Balanced Index Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Balanced Index Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Balanced Index Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Balanced Index Fund.
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Balanced Index Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Balanced Index Fund, investors or other third parties.
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© 2020 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.
The CRSP US Total Market Index (the “Index”) is a product of the Center for Research in Security Prices, LLC (“CRSP”), an affiliate of the University of Chicago (“University”), and has been licensed for use by Vanguard. CRSP® is a trademark of CRSP; and has been licensed by CRSP for use for certain purposes by Vanguard. Vanguard Balanced Index Fund is not sponsored, endorsed, sold or promoted by CRSP or University. Neither CRSP nor University makes any representation or warranty, express or implied, to the owners of Vanguard Balanced Index Fund or any member of the public regarding the advisability of investing in securities generally or in Vanguard Balanced Index Fund particularly or the ability of the Index to track general market performance. The Index is determined, composed, and calculated without regard to Vanguard or Vanguard Balanced Index Fund. Neither CRSP nor the University has any obligation to take the needs of Vanguard or the owners of Vanguard Balanced Index Fund into consideration in determining, composing, or calculating the Index. Neither CRSP nor the University is responsible for and has not participated in the determination of the prices and amount of Vanguard Balanced Index Fund or the timing of the issuance or sale of Vanguard Balanced Index Fund or in the determination or calculation of the equation by which Vanguard Balanced Index Fund is to be converted into cash, surrendered, or redeemed, as the case may be. Neither CRSP nor the University has any obligation or liability in connection with the administration, marketing or trading of Vanguard Balanced Index Fund. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. Neither CRSP nor the University is an investment advisor. Inclusion of a security within an index is not a recommendation by CRSP or the University to buy, sell, or hold such security, nor is it considered to be investment advice.
NEITHER CRSP NOR THE UNIVERSITY GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. NEITHER CRSP NOR THE UNIVERSITY SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. NEITHER CRSP NOR THE UNIVERSITY MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND CRSP AND THE UNIVERSITY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF VANGUARD BALANCED INDEX FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL CRSP OR THE UNIVERSITY BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CRSP AND VANGUARD, OTHER THAN THE LICENSORS, IF ANY, OF CRSP.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in theStatement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.
| 1 | Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds. |
Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.
| Vanguard Senior Management Team |
| | |
| Joseph Brennan | Chris D. McIsaac |
| Mortimer J. Buckley | James M. Norris |
| Gregory Davis | Thomas M. Rampulla |
| John James | Karin A. Risi |
| Martha G. King | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
|  |
| | |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information> 800-662-7447
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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.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.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 www.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.
| © 2020 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
| | |
| Q020 022020 |
Annual Report| December 31, 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
| A Note From Our Chairman | 1 |
| Your Fund’s Performance at a Glance | 2 |
| Advisor’s Report | 3 |
| About Your Fund’s Expenses | 6 |
| Performance Summary | 8 |
| Consolidated Financial Statements | 10 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
A Note From Our Chairman
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.
It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.
Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.
Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.
Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
January 23, 2020
Your Fund’s Performance at a Glance
· For the fiscal year ended December 31, 2019, Vanguard Managed Payout Fund returned 15.64%, less than its composite benchmark index but ahead of its long-term target of 4% plus inflation.
· The fund’s strong absolute returns were driven by the surprising strength of equity and bond markets. U.S. stocks returned more than 30%, and stocks outside the United States returned more than 20%. Global bonds returned nearly 7% for the 12 months.
· The fund added exposure to Vanguard Commodity Strategy Fund and Vanguard Ultra- Short-Term Bond Fund during the year. It now invests in 11 underlying Vanguard funds.
· Overweight positions in value stocks, which underperformed their growth peers, and stocks outside the United States, which lagged their U.S. counterparts, contributed to the fund’s underperformance. Exposure to Vanguard Market Neutral Fund, which posted negative returns, also hurt relative results.
· Please note that after the period ended, Vanguard announced that, expected sometime in the second quarter of 2020, the fund will remove its monthly payout feature. As a result, the fund will also change its name, investment objective, principal investment strategies, distribution schedules, and any other sections of the fund’s registration statement as appropriate. Once these changes are effective, the fund will be renamed Vanguard Managed Allocation Fund and will seek to deliver a targeted inflation-adjusted return through long-term capital appreciation and moderate income.
Market Barometer
| | Average Annual Total Returns
Periods Ended December 31, 2019 | |
| | One Year | Three Years | Five Years | |
| Stocks | | | | |
| Russell 1000 Index (Large-caps) | 31.43% | 15.05% | 11.48% | |
| Russell 2000 Index (Small-caps) | 25.53 | 8.59 | 8.23 | |
| Russell 3000 Index (Broad U.S. market) | 31.02 | 14.57 | 11.24 | |
| FTSE All-World ex US Index (International) | 21.81 | 9.96 | 5.83 | |
| | | | | |
| Bonds | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 8.72% | 4.03% | 3.05% | |
| Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 7.54 | 4.72 | 3.53 | |
| FTSE Three-Month U.S. Treasury Bill Index | 2.25 | 1.65 | 1.04 | |
| | | | | |
| CPI | | | | |
| Consumer Price Index | 2.29% | 2.10% | 1.82% | |
Advisor’s Report
For the year ended December 31, 2019, Vanguard Managed Payout Fund returned 15.64%, behind its composite benchmark but ahead of its long-term target of 4% plus inflation.
Stocks in the United States surged in 2019, outperforming their international counterparts. The Standard & Poor’s 500 Index returned 31.49%, while the FTSE Global All-Cap ex US Index returned 21.80%. Accommodative monetary policy by the U.S. Federal Reserve and an easing of geopolitical tensions near the end of the year drove the strong results. Reported corporate earnings changed little year-over-year, but investors nonetheless bid up stock valuations.
The year began with concerns about moderating economic growth, tightening fiscal policy, and geopolitical tensions. However, the market quickly pivoted and produced strong first-quarter results on more supportive Fed rhetoric and the perception of easing tensions between the U.S. and China. Concerns about corporate earnings and geopolitical risks grew mid-year. But the combination of stabilizing economic data, accommodative central banks, and an agreement on a U.S.-China “phase one” trade deal boosted equities at the end of the year.
The Fed reversed course from the previous year. After raising interest rates 25 basis points (0.25 percentage point) in December 2018, the Fed cut them three times, by a total of 75 basis points, in 2019. The U.S.-China trade deal provided additional certainty and helped produce a more supportive environment.
The broad fixed income markets generated positive returns, primarily because of stronger-than-expected growth, tame inflation, and continued central bank monetary support. Against this backdrop, U.S. Treasury yields fell. The Bloomberg Barclays U.S. Aggregate Float Adjusted Index, a measure of the broad market of taxable U.S. investment-grade bonds, returned 8.87% for the year.
Sovereign yields also declined in most markets following the injection of monetary stimulus by the Fed and the European Central Bank. Investment-grade bonds issued outside of the U.S., as measured by the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index Hedged, returned 8.06%.
Investment objective
The idea for the Managed Payout Fund originated with the success of the endowment and foundation investing model in the United States, dating to the 1970s. Many endowment pools seek to operate in perpetuity while preserving capital and regularly spending a certain percentage of assets. This is similar to what many investors, particularly in retirement, try to achieve. Broad asset-class diversification, a disciplined spending policy, and a focus on long-term performance have helped make endowments successful.
The Managed Payout Fund also has a dual objective. In any given year, we try to outperform the benchmark on a risk-adjusted basis, and in the long run we seek to provide a return that at least equals spending plus inflation. (If we spend 4% and inflation is 2%, the fund’s objective is to produce a return of 6% or more.) Meeting this objective is critical for making periodic distributions and preserving capital.
We believe that markets are generally efficient in the long term, but short-term inefficiencies should allow our prudent, fundamentally driven strategy to achieve superior risk-adjusted results by concentrating on systematic opportunities within and between asset classes and by managing investment risks.
To evaluate our success, we need an appropriate benchmark, so the fund’s strategic asset allocation benchmark considers the objective of making stable distributions to shareholders. We use this as a guide when making tactical decisions about specific investment vehicle allocations.
The fund’s benchmark consists of three asset classes: equities, fixed income, and commodities. As of December 31, 2019, the fund’s allocation was approximately 53% equities, 22% fixed income, 8% commodities, and 17% liquid alternatives. The fund currently invests in 11 underlying Vanguard funds. From time to time, we adjust our investment allocations, depending on market conditions.
Successes and challenges
Strong absolute returns were driven by the surprising strength of equity and bond markets. However, the fund’s overweight positions in value stocks and stocks outside the United States contributed to its underperformance. Exposure to the Market Neutral Fund, which posted negative returns, also hurt relative results, as did commodities, which posted solid results but trailed equities.
In June, the fund added a 5% allocation to ultra-short-term bonds, with the intention of lowering total risk, and reduced its exposure to equities and other parts of the fixed income market. This shift helped lower risk in the portfolio but held back relative returns.
The fund's positioning
As we continue to move into the latter stages of the economic expansion, we are positioning the portfolio to reduce risk and for long-term protection. As noted, we have added exposure to ultra-short-term bonds. Within the U.S. equity markets, we continue to tilt our exposure toward large- capitalization value stocks. We also plan to keep a portion of our equity allocation in the Global Minimum Volatility Fund.
We continue to overweight commodities to increase diversification and protect against inflation surprises. Although inflation shocks are unpredictable, we believe there is an increasing probability of higher-than-expected inflation driven by strong economic growth, tighter labor markets in the United States, and growing protectionism.
We do not anticipate robust fixed income returns to continue, so we remain committed to Vanguard Market Neutral Fund and Vanguard Alternative Strategies Fund, which provide access to returns that are uncorrelated to returns of other asset classes.
Valuations seem stretched in virtually all asset classes. Investors should not expect the double-digit returns they have seen in recent years. However, the fund’s portfolio is positioned for the long term, and we believe our approach will produce strong results over an extended time horizon.
We continue to monitor conditions and position the portfolio within our risk-controlled framework.
Thank you for entrusting us with your investments.
Portfolio Managers:
John Ameriks, Principal
Anatoly Shtekhman, CFA
Vanguard Quantitative Equity Group
January 24, 2020
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 compareongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
| Six Months Ended December 31, 2019 | | | |
| Managed Payout Fund | Beginning
Account Value
6/30/2019 | Ending
Account Value
12/31/2019 | Expenses
Paid During
Period |
| Based on Actual Fund Return | $1,000.00 | $1,055.17 | $1.61 |
| Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.64 | 1.58 |
The calculations are based on acquired fund fees and expenses charged by the underlying mutual funds in which the Managed Payout Fund invests. The Managed Payout Fund’s annualized expense figure for the period is 0.31%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized average weighted expense ratio for the underlying funds multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
Managed Payout Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2009, Through December 31, 2019
Initial Investment of $25,000
| | | | | Average Annual Total Returns | | |
| | | | | Periods Ended December 31, 2019 | | |
| | | | | | | | | | | Final Value |
| | | | | One | | Five | | Ten | | of a $25,000 |
| | | | | Year | | Years | | Years | | Investment |
 | | Managed Payout Fund | | 15.64% | | 5.70% | | 7.48% | | $51,441 |
 | | Managed Payout Composite Index | | 19.51 | | 6.53 | | 7.31 | | 50,606 |
 | | Dow Jones U.S. Total Stock Market Float Adjusted Index | | 30.90 | | 11.18 | | 13.43 | | 88,128 |
On January 17, 2014, Vanguard Managed Payout Growth Focus Fund and Vanguard Managed Payout Distribution Focus Fund were merged into Vanguard Managed Payout Growth and Distribution Fund, which was then renamed Vanguard Managed Payout Fund. Returns before the merger reflect the performance of the former Managed Payout Growth and Distribution Fund.
Managed Payout Composite Index: Weighted 36% CRSP US Total Market Index, 24.5% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 24% FTSE Global All Cap ex US Index, 10.5% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index as of May 1, 2015. In prior periods, the composite was 42% CRSP US Total Market Index, 28% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 18% FTSE Global All Cap ex US Index, 7% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index (Dow Jones-UBS Commodity Index through June 30, 2014) through April 30, 2015; and 35% CRSP US Total Market Index (MSCI US Broad Market Index through May 31, 2013), 12% Bloomberg Barclays U.S. Aggregate Float Adjusted Index (Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009), 15% FTSE Global All Cap ex US Index (MSCI All Country World ex USA Investable Market Index through May 31, 2013), 3% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), 15% Citigroup Three-Month U.S. Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% REIT Spliced Index (MSCI US REIT Index adjusted to include a 2% cash position through April 30, 2009) through January 31, 2014. International stock benchmark returns are adjusted for withholding taxes.
See Financial Highlights for dividend and capital gains information.
Managed Payout Fund
Underlying Vanguard Funds
As of December 31, 2019
| | |
| Vanguard Total International Stock Index Fund Investor Shares | 24.2% |
| Vanguard Alternative Strategies Fund | 12.4 |
| Vanguard Total Bond Market II Index Fund Investor Shares | 11.3 |
| Vanguard Total Stock Market Index Fund Investor Shares | 11.2 |
| Vanguard Commodity Strategy Fund | 7.6 |
| Vanguard Global Minimum Volatility Fund Investor Shares | 7.5 |
| Vanguard Total International Bond Index Fund Investor Shares | 5.9 |
| Vanguard Emerging Markets Stock Index Fund Investor Shares | 5.1 |
| Vanguard Value Index Fund Investor Shares | 5.1 |
| Vanguard Ultra-Short-Term Bond Fund Investor Shares | 4.9 |
| Vanguard Market Neutral Fund Investor Shares | 4.8 |
Managed Payout Fund
Consolidated Financial Statements
Consolidated Statement of Net Assets
As of December 31, 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 (16.3%) | | | | | |
| | Vanguard Total Stock Market Index Fund Investor Shares | | 2,618,221 | | 208,568 | |
| | Vanguard Value Index Fund Investor Shares | | 2,041,968 | | 95,523 | |
| | | | | 304,091 | |
| Global Stock Fund (7.5%) | | | | | |
| | Vanguard Global Minimum Volatility Fund Investor Shares | | 9,611,390 | | 139,654 | |
| | | | | | |
| International Stock Funds (29.3%) | | | | | |
| | Vanguard Total International Stock Index Fund Investor Shares | | 25,294,036 | | 451,751 | |
| | Vanguard Emerging Markets Stock Index Fund Investor Shares | | 3,408,020 | | 95,902 | |
| | | | | 547,653 | |
| U.S. Bond Funds (16.2%) | | | | | |
| 1 | Vanguard Total Bond Market II Index Fund Investor Shares | | 19,313,961 | | 212,647 | |
| | Vanguard Ultra-Short-Term Bond Fund Investor Shares | | 9,097,176 | | 91,244 | |
| | | | | 303,891 | |
| International Bond Fund (5.9%) | | | | | |
| | Vanguard Total International Bond Index Fund Investor Shares | | 9,733,931 | | 110,091 | |
| | | | | | |
| Alternative Funds (24.8%) | | | | | |
| | Vanguard Alternative Strategies Fund | | 11,004,990 | | 231,325 | |
| | Vanguard Commodity Strategy Fund | | 5,538,658 | | 141,734 | |
| | Vanguard Market Neutral Fund Investor Shares | | 8,830,674 | | 89,985 | |
| | | | | 463,044 | |
| Total Investment Companies (Cost $1,548,572) | | | | 1,868,424 | |
| Temporary Cash Investment (0.0%) | | | | | |
| Money Market Fund (0.0%) | | | | | |
| 1 | Vanguard Market Liquidity Fund, 1.816%(Cost $—) | | 4 | | — | |
| Total Investments (100.0%) (Cost $1,548,572) | | | | 1,868,424 | |
| Other Assets and Liabilities (0.0%) | | | | | |
| Other Assets | | | | 3,463 | |
| Liabilities | | | | (2,874 | ) |
| | | | | 589 | |
| Net Assets (100%) | | | | | |
| Applicable to 109,930,593 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | | | | 1,869,013 | |
| Net Asset Value Per Share | | | | $17.00 | |
Managed Payout Fund
| | Amount | |
| | ($000 | ) |
| Consolidated Statement of Assets and Liabilities | | |
| Assets | | |
| Investments in Securities, at Value—Affiliated Funds | 1,868,424 | |
| Receivables for Investment Securities Sold | 893 | |
| Receivables for Accrued Income | 465 | |
| Receivables for Capital Shares Issued | 2,105 | |
| Total Assets | 1,871,887 | |
| Liabilities | | |
| Payables for Investment Securities Purchased | 465 | |
| Payables for Capital Shares Redeemed | 1,668 | |
| Other Liabilities | 741 | |
| Total Liabilities | 2,874 | |
| Net Assets | 1,869,013 | |
At December 31, 2019, net assets consisted of:
| | Amount | |
| | ($000 | ) |
| Paid-in Capital | 1,549,161 | |
| Total Distributable Earnings (Loss) | 319,852 | |
| Net Assets | 1,869,013 | |
| | | | |
| • | See Note A in Notes to Consolidated 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.
Managed Payout Fund
Consolidated Statement of Operations
| | | |
| | Year Ended
December 31, 2019 | |
| | ($000 | ) |
| Investment Income | | |
| Income | | |
| Income Distributions Received from Affiliated Funds | 45,024 | |
| Interest—Unaffiliated Issuers | 1,576 | |
| Total Income | 46,600 | |
| Expenses—Note B | | |
| Management and Administrative | 264 | |
| Trustees’ Fees and Expenses | 7 | |
| Custodian Fees | 4 | |
| Total Expenses | 275 | |
| Net Investment Income | 46,325 | |
| Realized Net Gain (Loss) | | |
| Capital Gain Distributions Received from Affiliated Funds | 11,543 | |
| Investment Securities Sold—Unaffiliated Issuers | 26 | |
| Investment Securities Sold—Affiliated Funds | 33,530 | |
| Swap Contracts | 5,110 | |
| Realized Net Gain (Loss) | 50,209 | |
| Change in Unrealized Appreciation (Depreciation) | | |
| Investment Securities—Unaffiliated Issuers | (9 | ) |
| Investment Securities—Affiliated Funds | 165,975 | |
| Change in Unrealized Appreciation (Depreciation) | 165,966 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 262,500 | |
See accompanying Notes, which are an integral part of the Financial Statements.
Managed Payout Fund
Consolidated Statement of Changes in Net Assets
| | Year Ended December 31, | |
| | 2019
($000 | ) | 2018
($000 | ) |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net Investment Income | 46,325 | | 42,462 | |
| Realized Net Gain (Loss) | 50,209 | | 85,788 | |
| Change in Unrealized Appreciation (Depreciation) | 165,966 | | (237,818 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 262,500 | | (109,568 | ) |
| Distributions | | | | |
| Net Investment Income | (57,519 | ) | (42,378 | ) |
| Realized Capital Gain1 | (37,953 | ) | (101,486 | ) |
| Return of Capital | (22,064 | ) | (102,426 | ) |
| Total Distributions | (117,536 | ) | (246,290 | ) |
| Capital Share Transactions | | | | |
| Issued | 249,779 | | 331,833 | |
| Issued in Lieu of Cash Distributions | 73,347 | | 201,076 | |
| Redeemed | (359,128 | ) | (506,121 | ) |
| Net Increase (Decrease) from Capital Share Transactions | (36,002 | ) | 26,788 | |
| Total Increase (Decrease) | 108,962 | | (329,070 | ) |
| Net Assets | | | | |
| Beginning of Period | 1,760,051 | | 2,089,121 | |
| End of Period | 1,869,013 | | 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.
Managed Payout Fund
Consolidated Financial Highlights
| | | | | | |
| For a Share Outstanding | Year Ended December 31, |
| Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
| Net Asset Value, Beginning of Period | $15.68 | $19.11 | $17.54 | $17.33 | $18.90 |
| Investment Operations | | | | | |
| Net Investment Income | .4311 | .3951 | .3581 | .324 | .309 |
| Capital Gain Distributions Received | .1071 | .0561 | .0111 | .072 | .041 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.877 | (1.502) | 1.919 | .881 | (.464) |
| Total from Investment Operations | 2.415 | (1.051) | 2.288 | 1.277 | (.114) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.535) | (.394) | (.394) | (.480) | (.313) |
| Distributions from Realized Capital Gains2 | (.354) | (.996) | (.024) | (.266) | (.319) |
| Return of Capital | (.206) | (.989) | (.300) | (.321) | (.824) |
| Total Distributions | (1.095) | (2.379) | (.718) | (1.067) | (1.456) |
| Net Asset Value, End of Period | $17.00 | $15.68 | $19.11 | $17.54 | $17.33 |
| | | | | | |
| Total Return | 15.64% | -5.67% | 13.29% | 7.55% | -0.72% |
| | | | | | |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,869 | $1,760 | $2,089 | $1,698 | $1,585 |
| Ratio of Total Expenses to Average Net Assets | 0.02%3 | 0.03% | 0.02% | 0.02% | 0.02% |
| Acquired Fund Fees and Expenses | 0.30% | 0.29% | 0.32% | 0.32% | 0.32% |
| Ratio of Net Investment Income to Average Net Assets | 2.57% | 2.11% | 1.95% | 1.80% | 1.64% |
| Portfolio Turnover Rate | 19% | 17% | 8% | 19% | 29% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes $.354, $.975, $.009, $.237, and $.319 from long-term capital gains and $0, $.021, $.015, $.029, and $0 from short-term capital gains. Short-term gain distributions are treated as ordinary income for tax purposes. |
| 3 | The fund no longer held the subsidiary as of June 27, 2019. See the Notes to Consolidated Financial Statements. |
See accompanying Notes, which are an integral part of the Financial Statements.
Managed Payout Fund
Notes to Consolidated Financial Statements
Vanguard Managed Payout Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund combines a managed distribution policy with a strategy to invest across a wide spectrum of asset classes and investments that are expected to add diversification and result in a more consistent return pattern than a traditional balanced portfolio of stocks, bonds, and cash. Financial statements and other information about each underlying fund are available on vanguard.com.
The Consolidated Financial Statements include activity associated with Vanguard MPF Portfolio (“the subsidiary”), which commenced operations on February 23, 2015; the subsidiary was no longer held by the fund as of June 27, 2019, and ceased operations on September 20, 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 in 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.
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 subsidiary could not 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, determined the net amount owed by either party in accordance with its master netting arrangements, and sold or retained any collateral held up to the net amount owed to the subsidiary under the master netting arrangements. The swap contracts contained provisions whereby a counterparty could 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. The value of collateral received or pledged was 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, was adjusted and settled within two business days.
During the year ended December 31, 2019, the subsidiary’s average amount of investment in total return swaps represented 4% 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 December 31, 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 was classified as a foreign corporation for U.S. tax purposes, and because it did not carry on a U.S. trade or business, was generally not subject to U.S. federal income tax. The subsidiary also complied with the Foreign Account Tax Compliance Act (“FATCA”) and thus was not subject to 30% withholding under FATCA on any income from U.S. investments. In addition, the subsidiary was not subject to Cayman Islands income tax. The subsidiary was not required to distribute any earnings and profits to the fund. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2016–2019), 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. For 2019, the fund made monthly distributions of $.0544 per share, and also distributed $.4418 per share to shareholders of record on December 26, 2019. The portion of distributions that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. Distributions are reallocated at fiscal year-end to ordinary income, capital gain, and return of capital to reflect their tax character. Effective January 1, 2020, the monthly distribution rate is $.0543 per share.
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 included in Management and Administrative expenses on the fund’s Consolidated Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 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 year ended December 31, 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 provided 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 paid 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 invested are reflected in the Acquired Fund Fees and Expenses in the Consolidated Financial Highlights.
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.
Managed Payout Fund
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 December 31, 2019, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for operations of the subsidiary and reclassification of short-term capital gain distributions received from Affiliated Funds were reclassified between the individual components of total distributable earnings (loss).
| | Amount
($000 | ) |
| Paid-in Capital | — | |
| Total Distributable Earnings (Loss) | — | |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| | Amount
($000 | ) |
| Undistributed Ordinary Income | — | |
| Undistributed Long-Term Gains | — | |
| Capital Loss Carryforwards (Non-expiring) | — | |
| Net Unrealized Gains (Losses) | 319,852 | |
As of December 31, 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 | 1,548,572 | |
| Gross Unrealized Appreciation | 320,559 | |
| Gross Unrealized Depreciation | (707 | ) |
| Net Unrealized Appreciation (Depreciation) | 319,852 | |
Managed Payout Fund
E.Transactions during the period in affiliated underlying Vanguard funds were as follows:
| | | | | | | | | | Current Period Transactions | | | |
| | Dec. 31, | | | | Proceeds | | Realized | | | | | | | | Dec. 31, | |
| | 2018 | | | | from | | Net | | Change in | | | | Capital Gain | | 2019 | |
| | Market | | Purchases | | Securities | | Gain | | Unrealized | | | | Distributions | | Market | |
| | Value | | at Cost | | Sold | | (Loss | ) | App. (Dep. | ) | Income | | Received | | Value | |
| ($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) | ($000 | ) |
| Vanguard Alternative Strategies Fund | 216,656 | | 22,370 | | 14,897 | | 748 | | 6,448 | | 3,969 | | 9,108 | | 231,325 | |
| Vanguard Commodity Strategy Fund | — | | 138,399 | | — | | — | | 3,335 | | 852 | | — | | 141,734 | |
| Vanguard Emerging Markets Stock Index Fund | 89,887 | | 3,854 | | 11,940 | | (63 | ) | 14,164 | | 2,915 | | — | | 95,902 | |
| Vanguard Global Minimum Volatility Fund | 132,417 | | 6,081 | | 20,641 | | 3,932 | | 17,865 | | 3,645 | | 2,435 | | 139,654 | |
| Vanguard Market Liquidity Fund | — | | NA1 | | NA1 | | — | | — | | 4 | | — | | — | |
| Vanguard Market Neutral Fund | 89,155 | | 12,231 | | — | | — | | (11,401 | ) | 2,751 | | — | | 89,985 | |
| Vanguard Total Bond Market II Index Fund | 243,376 | | 46,464 | | 90,232 | | 884 | | 12,155 | | 6,267 | | — | | 212,647 | |
| Vanguard Total International Bond Index Fund | 108,727 | | 6,085 | | 9,248 | | 299 | | 4,228 | | 3,585 | | — | | 110,091 | |
| Vanguard Total International Stock Index Fund | 442,717 | | 30,804 | | 95,735 | | (5,728 | ) | 79,693 | | 13,617 | | — | | 451,751 | |
| Vanguard Total Stock Market Index Fund | 221,407 | | 11,922 | | 79,284 | | 31,698 | | 22,825 | | 3,766 | | — | | 208,568 | |
| Vanguard Ultra-Short-Term Bond Fund | — | | 94,561 | | 3,312 | | — | | (5 | ) | 1,319 | | — | | 91,244 | |
| Vanguard Value Index Fund | 84,756 | | 2,334 | | 9,995 | | 1,760 | | 16,668 | | 2,334 | | — | | 95,523 | |
| Total | 1,629,098 | | 375,105 | | 335,284 | | 33,530 | | 165,975 | | 45,024 | | 11,543 | | 1,868,424 | |
| 1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Managed Payout Fund
F.Capital shares issued and redeemed were:
| | Year Ended December 31, |
| | 2019 | | 2018 | |
| | Shares | | Shares | |
| | (000 | ) | (000 | ) |
| Issued | 14,947 | | 17,641 | |
| Issued in Lieu of Cash Distributions | 4,332 | | 12,527 | |
| Redeemed | (21,591 | ) | (27,238 | ) |
| Net Increase (Decrease) in Shares Outstanding | (2,312 | ) | 2,930 | |
G.In February 2020, the board of trustees approved the removal of the fund’s monthly payout feature. Additionally, the board approved changes to the fund’s investment objective, principal investment strategies, and distribution policy. Once these changes are effective, which is expected sometime in the second quarter of 2020, the fund will be renamed Vanguard Managed Allocation Fund.
Management has determined that, other than the aforementioned monthly per share distribution rate for 2020 and the above-referenced changes recently approved by the board of trustees, no other events or transactions occurred subsequent to December 31, 2019, that would require recognition or disclosure in these financial statements.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Valley Forge Funds and Shareholders of Vanguard Managed Payout Fund
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of net assets and consolidated statement of assets and liabilities of Vanguard Managed Payout Fund (one of the funds constituting Vanguard Valley Forge Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related consolidated statement of operations for the year ended December 31, 2019, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 24, 2020
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
Special 2019 tax information (unaudited) for Vanguard Managed Payout Fund
This information for the fiscal year ended December 31, 2019, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $37,953,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund distributed $21,828,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 14.2% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Aggregate Float Adjusted Index and Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged) (the Indices or Bloomberg Barclays Indices).
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Managed Payout Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Managed Payout Fund. The Indices are licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Managed Payout Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect to the Indices is the licensing of the Indices, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Managed Payout Fund or the owners of the Managed Payout Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with the Managed Payout Fund. Investors acquire the Managed Payout Fund from Vanguard and investors neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Managed Payout Fund. The Managed Payout Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Managed Payout Fund or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Managed Payout Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Managed Payout Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Managed Payout Fund or any other third party into consideration in determining, composing or calculating the Indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Managed Payout Fund.
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Managed Payout Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Managed Payout Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDICES. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDICES, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDICES. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE OF BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE MANAGED PAYOUT FUND.
None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.
© 2020 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in theStatement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.
| 1 | Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds. |
Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| Joseph Brennan | Chris D. McIsaac |
| Mortimer J. Buckley | James M. Norris |
| Gregory Davis | Thomas M. Rampulla |
| John James | Karin A. Risi |
| Martha G. King | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
| | |
| | |
| | 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
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Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.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 www.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.
Source for Bloomberg Barclays indexes: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.
CFA®is a registered trademark owned by CFA Institute.
| | © 2020 The Vanguard Group, Inc.
All rights reserved. |
| | U.S. Patent Nos. 8,180,695; 8,185,464; and 8,571,963.
Vanguard Marketing Corporation, Distributor.
|
| | |
| | Q14970 022020 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended December 31, 2019: $21,000
Fiscal Year Ended December 31, 2018: $22,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2019: $9,568,215
Fiscal Year Ended December 31, 2018: $9,734,277
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2019: $3,012,031
Fiscal Year Ended December 31, 2018: $5,581,336
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2019: $357,238
Fiscal Year Ended December 31, 2018: $347,985
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2019: $0
Fiscal Year Ended December 31, 2018: $0
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement werenot performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2019: $357,238
Fiscal Year Ended December 31, 2018: $347,985
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| Common Stocks (60.3%)1 |
| Basic Materials (1.3%) | | | | |
| | Linde plc | 460,075 | | 97,950 | |
| | Air Products & Chemicals Inc. | 188,978 | | 44,408 | |
| | Ecolab Inc. | 222,125 | | 42,868 | |
| | DuPont de Nemours Inc. | 635,447 | | 40,796 | |
| | Dow Inc. | 637,614 | | 34,897 | |
| | Newmont Goldcorp Corp. | 700,895 | | 30,454 | |
| | PPG Industries Inc. | 202,106 | | 26,979 | |
| | LyondellBasell Industries NV Class A | 214,173 | | 20,235 | |
| | Freeport-McMoRan Inc. | 1,183,497 | | 15,527 | |
| | International Paper Co. | 336,348 | | 15,489 | |
| | Nucor Corp. | 258,529 | | 14,550 | |
| | Celanese Corp. Class A | 103,343 | | 12,724 | |
| | International Flavors & Fragrances Inc. | 91,931 | | 11,861 | |
| | FMC Corp. | 111,261 | | 11,106 | |
| | Avery Dennison Corp. | 71,607 | | 9,368 | |
| | CF Industries Holdings Inc. | 186,995 | | 8,927 | |
| | RPM International Inc. | 110,894 | | 8,512 | |
| | Eastman Chemical Co. | 103,720 | | 8,221 | |
| | Royal Gold Inc. | 56,538 | | 6,912 | |
| | Albemarle Corp. | 91,098 | | 6,654 | |
| | Reliance Steel & Aluminum Co. | 54,045 | | 6,472 | |
| | Mosaic Co. | 292,460 | | 6,329 | |
| | Steel Dynamics Inc. | 175,398 | | 5,970 | |
| * | Axalta Coating Systems Ltd. | 179,746 | | 5,464 | |
| | Huntsman Corp. | 178,865 | | 4,321 | |
| | WR Grace & Co. | 56,948 | | 3,978 | |
| | Ashland Global Holdings Inc. | 51,705 | | 3,957 | |
| | NewMarket Corp. | 8,118 | | 3,950 | |
| | Scotts Miracle-Gro Co. | 33,707 | | 3,579 | |
| * | Univar Solutions Inc. | 145,968 | | 3,538 | |
| * | Alcoa Corp. | 159,094 | | 3,422 | |
| * | Ingevity Corp. | 36,739 | | 3,210 | |
| | Balchem Corp. | 27,823 | | 2,828 | |
| | Chemours Co. | 142,609 | | 2,580 | |
| | PolyOne Corp. | 67,308 | | 2,476 | |
| | Sensient Technologies Corp. | 36,808 | | 2,433 | |
| | Olin Corp. | 139,846 | | 2,412 | |
| | Westlake Chemical Corp. | 33,953 | | 2,382 | |
| | Commercial Metals Co. | 105,943 | | 2,359 | |
| | HB Fuller Co. | 42,553 | | 2,194 | |
| | Cabot Corp. | 46,071 | | 2,189 | |
| | Innospec Inc. | 20,746 | | 2,146 | |
| | Carpenter Technology Corp. | 42,039 | | 2,093 | |
| * | Element Solutions Inc. | 177,891 | | 2,078 | |
| ^ | Cleveland-Cliffs Inc. | 235,912 | | 1,982 | |
| | Domtar Corp. | 50,165 | | 1,918 | |
| | Stepan Co. | 18,011 | | 1,845 | |
| | Quaker Chemical Corp. | 11,123 | | 1,830 | |
| | Compass Minerals International Inc. | 29,591 | | 1,804 | |
| | Minerals Technologies Inc. | 30,203 | | 1,741 | |
| | United States Steel Corp. | 148,543 | | 1,695 | |
| * | Coeur Mining Inc. | 199,309 | | 1,610 | |
| | Kaiser Aluminum Corp. | 12,918 | | 1,432 | |
| | Hecla Mining Co. | 404,502 | | 1,371 | |
| | Worthington Industries Inc. | 29,467 | | 1,243 | |
| | Schweitzer-Mauduit International Inc. | 27,477 | | 1,154 | |
| * | GCP Applied Technologies Inc. | 49,406 | | 1,122 | |
| | Materion Corp. | 17,527 | | 1,042 | |
| * | Ferro Corp. | 65,826 | | 976 | |
| | CSW Industrials Inc. | 12,448 | | 958 | |
| | Neenah Inc. | 13,451 | | 947 | |
| | | | | | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| | Arch Coal Inc. Class A | 12,992 | | 932 | |
| | Warrior Met Coal Inc. | 41,115 | | 869 | |
| | Tronox Holdings plc Class A | 75,914 | | 867 | |
| * | Codexis Inc. | 53,417 | | 854 | |
| * | AK Steel Holding Corp. | 247,513 | | 814 | |
| * | PQ Group Holdings Inc. | 42,831 | | 736 | |
| * | Kraton Corp. | 28,322 | | 717 | |
| | PH Glatfelter Co. | 37,300 | | 683 | |
| | Chase Corp. | 5,628 | | 667 | |
| * | Koppers Holdings Inc. | 17,410 | | 665 | |
| | Peabody Energy Corp. | 64,994 | | 593 | |
| | Tredegar Corp. | 25,120 | | 561 | |
| | Innophos Holdings Inc. | 17,394 | | 556 | |
| | Schnitzer Steel Industries Inc. | 22,401 | | 486 | |
| | American Vanguard Corp. | 24,535 | | 478 | |
| * | AdvanSix Inc. | 23,829 | | 476 | |
| * | Verso Corp. | 26,268 | | 474 | |
| | SunCoke Energy Inc. | 75,864 | | 473 | |
| | Hawkins Inc. | 8,749 | | 401 | |
| | US Silica Holdings Inc. | 64,984 | | 400 | |
| | Haynes International Inc. | 9,967 | | 357 | |
| | Kronos Worldwide Inc. | 25,377 | | 340 | |
| * | OMNOVA Solutions Inc. | 33,580 | | 339 | |
| * | Century Aluminum Co. | 43,070 | | 324 | |
| * | Clearwater Paper Corp. | 14,637 | | 313 | |
| | FutureFuel Corp. | 24,751 | | 307 | |
| * | Veritiv Corp. | 15,038 | | 296 | |
| * | CONSOL Energy Inc. | 19,736 | | 286 | |
| | Gold Resource Corp. | 42,335 | | 234 | |
| * | Intrepid Potash Inc. | 74,282 | | 201 | |
| | Olympic Steel Inc. | 10,949 | | 196 | |
| * | Resolute Forest Products Inc. | 44,404 | | 186 | |
| * | TimkenSteel Corp. | 23,505 | | 185 | |
| | Rayonier Advanced Materials Inc. | 45,426 | | 174 | |
| *,^ | Energy Fuels Inc. | 89,046 | | 170 | |
| * | Ryerson Holding Corp. | 12,967 | | 153 | |
| * | Contura Energy Inc. | 14,878 | | 135 | |
| * | ChromaDex Corp. | 28,203 | | 121 | |
| * | Uranium Energy Corp. | 124,343 | | 114 | |
| * | Universal Stainless & Alloy Products Inc. | 7,642 | | 114 | |
| * | Synalloy Corp. | 7,617 | | 98 | |
| | Northern Technologies International Corp. | 5,764 | | 81 | |
| * | LSB Industries Inc. | 16,674 | | 70 | |
| * | Ur-Energy Inc. | 114,960 | | 68 | |
| *,^ | Hi-Crush Inc. | 74,500 | | 66 | |
| | United-Guardian Inc. | 2,067 | | 41 | |
| * | NL Industries Inc. | 9,161 | | 36 | |
| | Friedman Industries Inc. | 2,625 | | 16 | |
| | Hallador Energy Co. | 4,036 | | 12 | |
| * | Ramaco Resources Inc. | 2,725 | | 10 | |
| * | Centrus Energy Corp. Class A | 1,183 | | 8 | |
| * | General Moly Inc. | 34,508 | | 8 | |
| * | Marrone Bio Innovations Inc. | 7,464 | | 7 | |
| * | US Antimony Corp. | 19,099 | | 7 | |
| * | Golden Minerals Co. | 21,596 | | 7 | |
| * | Solitario Zinc Corp. | 21,690 | | 6 | |
| * | US Gold Corp. | 7,089 | | 6 | |
| * | Ampco-Pittsburgh Corp. | 1,874 | | 6 | |
| * | Paramount Gold Nevada Corp. | 1,148 | | 1 | |
| *,§ | American International Group Inc. Warrants Exp. 01/19/2021 | 14,331 | | — | |
| | | | | 593,269 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| Consumer Goods (4.8%) | | | | |
| | Procter & Gamble Co. | 2,137,069 | | 266,920 | |
| | Coca-Cola Co. | 3,304,409 | | 182,899 | |
| | PepsiCo Inc. | 1,193,929 | | 163,174 | |
| | Philip Morris International Inc. | 1,333,557 | | 113,472 | |
| | NIKE Inc. Class B | 1,066,816 | | 108,079 | |
| | Altria Group Inc. | 1,600,987 | | 79,905 | |
| | Mondelez International Inc. Class A | 1,231,485 | | 67,830 | |
| * | Tesla Inc. | 123,274 | | 51,569 | |
| | Colgate-Palmolive Co. | 733,885 | | 50,521 | |
| | Kimberly-Clark Corp. | 293,916 | | 40,428 | |
| | General Motors Co. | 1,098,180 | | 40,193 | |
| | Estee Lauder Cos. Inc. Class A | 190,384 | | 39,322 | |
| | Activision Blizzard Inc. | 658,093 | | 39,104 | |
| | Ford Motor Co. | 3,322,886 | | 30,903 | |
| | VF Corp. | 292,229 | | 29,124 | |
| | General Mills Inc. | 515,720 | | 27,622 | |
| * | Electronic Arts Inc. | 250,238 | | 26,903 | |
| | Constellation Brands Inc. Class A | 128,896 | | 24,458 | |
| * | Lululemon Athletica Inc. | 99,762 | | 23,112 | |
| | Tyson Foods Inc. Class A | 252,172 | | 22,958 | |
| | Archer-Daniels-Midland Co. | 476,653 | | 22,093 | |
| | Aptiv plc | 219,262 | | 20,823 | |
| * | Monster Beverage Corp. | 323,067 | | 20,531 | |
| | Corteva Inc. | 640,747 | | 18,940 | |
| | Hershey Co. | 126,770 | | 18,633 | |
| | Kraft Heinz Co. | 578,872 | | 18,599 | |
| | McCormick & Co. Inc. | 105,931 | | 17,980 | |
| | Brown-Forman Corp. Class B | 252,726 | | 17,084 | |
| | Clorox Co. | 107,048 | | 16,436 | |
| | DR Horton Inc. | 302,758 | | 15,970 | |
| | Kellogg Co. | 218,885 | | 15,138 | |
| | Church & Dwight Co. Inc. | 211,876 | | 14,903 | |
| | Conagra Brands Inc. | 418,685 | | 14,336 | |
| | Lennar Corp. Class A | 236,136 | | 13,174 | |
| | Genuine Parts Co. | 118,339 | | 12,571 | |
| | Garmin Ltd. | 123,493 | | 12,048 | |
| * | Take-Two Interactive Software Inc. | 97,156 | | 11,895 | |
| | Hasbro Inc. | 111,010 | | 11,724 | |
| * | NVR Inc. | 3,000 | | 11,425 | |
| | Lamb Weston Holdings Inc. | 125,333 | | 10,782 | |
| | Hormel Foods Corp. | 228,534 | | 10,309 | |
| | JM Smucker Co. | 93,134 | | 9,698 | |
| | PulteGroup Inc. | 222,080 | | 8,617 | |
| * | LKQ Corp. | 236,587 | | 8,446 | |
| | Campbell Soup Co. | 167,642 | | 8,285 | |
| | Molson Coors Brewing Co. Class B | 152,124 | | 8,199 | |
| | Whirlpool Corp. | 53,964 | | 7,961 | |
| * | US Foods Holding Corp. | 188,374 | | 7,891 | |
| | Fortune Brands Home & Security Inc. | 119,690 | | 7,821 | |
| | BorgWarner Inc. | 175,685 | | 7,621 | |
| | Keurig Dr Pepper Inc. | 244,477 | | 7,078 | |
| | Lear Corp. | 51,289 | | 7,037 | |
| | Pool Corp. | 32,687 | | 6,942 | |
| * | Mohawk Industries Inc. | 49,551 | | 6,758 | |
| | PVH Corp. | 63,438 | | 6,670 | |
| | Bunge Ltd. | 115,774 | | 6,663 | |
| | Tapestry Inc. | 238,037 | | 6,420 | |
| | Newell Brands Inc. | 326,408 | | 6,274 | |
| | Gentex Corp. | 215,710 | | 6,251 | |
| * | Post Holdings Inc. | 54,454 | | 5,941 | |
| * | WABCO Holdings Inc. | 42,900 | | 5,813 | |
| | Leggett & Platt Inc. | 113,372 | | 5,763 | |
| | Ingredion Inc. | 57,140 | | 5,311 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| * | Middleby Corp. | 47,929 | | 5,249 | |
| | Polaris Inc. | 49,437 | | 5,028 | |
| | Harley-Davidson Inc. | 135,030 | | 5,022 | |
| * | Skechers U.S.A. Inc. Class A | 116,151 | | 5,017 | |
| *,^ | Wayfair Inc. | 53,775 | | 4,860 | |
| | Ralph Lauren Corp. Class A | 40,434 | | 4,740 | |
| * | Capri Holdings Ltd. | 123,245 | | 4,702 | |
| | Hanesbrands Inc. | 309,836 | | 4,601 | |
| * | Zynga Inc. Class A | 719,960 | | 4,406 | |
| | Toll Brothers Inc. | 108,150 | | 4,273 | |
| | Brunswick Corp. | 69,981 | | 4,197 | |
| | Carter's Inc. | 38,132 | | 4,169 | |
| * | Deckers Outdoor Corp. | 24,156 | | 4,079 | |
| *,^ | Mattel Inc. | 297,837 | | 4,036 | |
| * | Helen of Troy Ltd. | 22,327 | | 4,014 | |
| * | Herbalife Nutrition Ltd. | 83,549 | | 3,983 | |
| * | Darling Ingredients Inc. | 141,774 | | 3,981 | |
| * | Under Armour Inc. Class A | 177,897 | | 3,843 | |
| * | Tempur Sealy International Inc. | 41,244 | | 3,591 | |
| | Valvoline Inc. | 160,788 | | 3,442 | |
| | Thor Industries Inc. | 46,263 | | 3,437 | |
| | Flowers Foods Inc. | 152,447 | | 3,314 | |
| | Goodyear Tire & Rubber Co. | 198,173 | | 3,083 | |
| | Sanderson Farms Inc. | 16,987 | | 2,993 | |
| | Coty Inc. Class A | 263,417 | | 2,963 | |
| * | Under Armour Inc. Class C | 145,893 | | 2,798 | |
| | Steven Madden Ltd. | 63,818 | | 2,745 | |
| | Lancaster Colony Corp. | 17,102 | | 2,738 | |
| | Energizer Holdings Inc. | 54,448 | | 2,734 | |
| * | Boston Beer Co. Inc. Class A | 7,217 | | 2,727 | |
| | Columbia Sportswear Co. | 26,452 | | 2,650 | |
| *,^ | Beyond Meat Inc. | 34,660 | | 2,620 | |
| | KB Home | 76,198 | | 2,611 | |
| | Spectrum Brands Holdings Inc. | 39,039 | | 2,510 | |
| | J&J Snack Foods Corp. | 13,256 | | 2,443 | |
| * | Crocs Inc. | 57,448 | | 2,406 | |
| * | TreeHouse Foods Inc. | 48,303 | | 2,343 | |
| | WD-40 Co. | 11,917 | | 2,314 | |
| | Wolverine World Wide Inc. | 67,785 | | 2,287 | |
| * | Fox Factory Holding Corp. | 32,583 | | 2,267 | |
| | Dana Inc. | 123,270 | | 2,244 | |
| | LCI Industries | 20,205 | | 2,165 | |
| | Kontoor Brands Inc. | 49,191 | | 2,066 | |
| | Nu Skin Enterprises Inc. Class A | 50,373 | | 2,064 | |
| | Herman Miller Inc. | 49,511 | | 2,062 | |
| * | Visteon Corp. | 23,634 | | 2,046 | |
| * | Meritage Homes Corp. | 32,809 | | 2,005 | |
| * | TRI Pointe Group Inc. | 126,085 | | 1,964 | |
| * | Taylor Morrison Home Corp. Class A | 88,158 | | 1,927 | |
| * | Welbilt Inc. | 113,684 | | 1,775 | |
| * | Dorman Products Inc. | 23,247 | | 1,760 | |
| * | Freshpet Inc. | 29,584 | | 1,748 | |
| | Callaway Golf Co. | 80,602 | | 1,709 | |
| * | Meritor Inc. | 65,018 | | 1,703 | |
| * | Hain Celestial Group Inc. | 64,315 | | 1,669 | |
| | MDC Holdings Inc. | 41,657 | | 1,590 | |
| * | Hostess Brands Inc. Class A | 100,485 | | 1,461 | |
| * | Edgewell Personal Care Co. | 47,128 | | 1,459 | |
| | Vector Group Ltd. | 107,635 | | 1,441 | |
| * | Pilgrim's Pride Corp. | 44,035 | | 1,441 | |
| | Steelcase Inc. Class A | 69,445 | | 1,421 | |
| * | Cavco Industries Inc. | 7,046 | | 1,377 | |
| | HNI Corp. | 36,277 | | 1,359 | |
| * | American Woodmark Corp. | 12,946 | | 1,353 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| | Winnebago Industries Inc. | 25,455 | | 1,349 | |
| * | Gentherm Inc. | 30,323 | | 1,346 | |
| * | Skyline Champion Corp. | 41,739 | | 1,323 | |
| * | Fitbit Inc. Class A | 191,795 | | 1,260 | |
| | Universal Corp. | 21,924 | | 1,251 | |
| | Cooper Tire & Rubber Co. | 42,970 | | 1,235 | |
| * | LGI Homes Inc. | 17,134 | | 1,211 | |
| | La-Z-Boy Inc. | 38,321 | | 1,206 | |
| *,^ | iRobot Corp. | 23,633 | | 1,197 | |
| * | G-III Apparel Group Ltd. | 35,576 | | 1,192 | |
| * | Sleep Number Corp. | 23,953 | | 1,179 | |
| | Calavo Growers Inc. | 12,932 | | 1,171 | |
| * | Central Garden & Pet Co. Class A | 39,468 | | 1,159 | |
| *,^ | YETI Holdings Inc. | 33,272 | | 1,157 | |
| | Coca-Cola Consolidated Inc. | 3,975 | | 1,129 | |
| ^ | B&G Foods Inc. | 59,882 | | 1,074 | |
| | Inter Parfums Inc. | 14,707 | | 1,069 | |
| | Acushnet Holdings Corp. | 32,592 | | 1,059 | |
| | Medifast Inc. | 9,137 | | 1,001 | |
| | Oxford Industries Inc. | 13,140 | | 991 | |
| | Cal-Maine Foods Inc. | 22,921 | | 980 | |
| | Knoll Inc. | 38,602 | | 975 | |
| * | American Axle & Manufacturing Holdings Inc. | 89,696 | | 965 | |
| | Fresh Del Monte Produce Inc. | 26,420 | | 924 | |
| * | Delphi Technologies plc | 71,188 | | 913 | |
| * | Sonos Inc. | 58,151 | | 908 | |
| | Lennar Corp. Class B | 20,188 | | 902 | |
| * | M/I Homes Inc. | 22,483 | | 885 | |
| * | USANA Health Sciences Inc. | 10,661 | | 837 | |
| | Interface Inc. Class A | 49,578 | | 822 | |
| | Seaboard Corp. | 189 | | 803 | |
| | Standard Motor Products Inc. | 15,045 | | 801 | |
| * | Stoneridge Inc. | 25,704 | | 754 | |
| | ACCO Brands Corp. | 72,800 | | 681 | |
| | Levi Strauss & Co. Class A | 34,722 | | 670 | |
| | Tenneco Inc. Class A | 50,673 | | 664 | |
| * | Malibu Boats Inc. Class A | 15,980 | | 654 | |
| * | BellRing Brands Inc. Class A | 29,808 | | 635 | |
| | Sturm Ruger & Co. Inc. | 13,398 | | 630 | |
| * | Universal Electronics Inc. | 11,838 | | 619 | |
| | John B Sanfilippo & Son Inc. | 6,629 | | 605 | |
| * | Glu Mobile Inc. | 98,047 | | 593 | |
| * | William Lyon Homes Class A | 29,337 | | 586 | |
| | Kimball International Inc. Class B | 28,351 | | 586 | |
| | Andersons Inc. | 22,775 | | 576 | |
| * | Century Communities Inc. | 20,940 | | 573 | |
| | Tootsie Roll Industries Inc. | 16,250 | | 555 | |
| * | Cooper-Standard Holdings Inc. | 16,107 | | 534 | |
| | MGP Ingredients Inc. | 10,702 | | 518 | |
| *,^ | National Beverage Corp. | 9,342 | | 477 | |
| * | elf Beauty Inc. | 29,114 | | 470 | |
| | Camping World Holdings Inc. Class A | 29,682 | | 437 | |
| * | Vista Outdoor Inc. | 55,818 | | 418 | |
| | Tupperware Brands Corp. | 48,405 | | 415 | |
| | Ethan Allen Interiors Inc. | 21,722 | | 414 | |
| * | American Outdoor Brands Corp. | 44,247 | | 411 | |
| * | GoPro Inc. Class A | 93,976 | | 408 | |
| | Phibro Animal Health Corp. Class A | 16,146 | | 401 | |
| | National Presto Industries Inc. | 4,444 | | 393 | |
| * | Arlo Technologies Inc. | 85,319 | | 359 | |
| * | Primo Water Corp. | 28,861 | | 324 | |
| * | Beazer Homes USA Inc. | 22,577 | | 319 | |
| | Johnson Outdoors Inc. Class A | 4,027 | | 309 | |
| | Limoneira Co. | 15,369 | | 296 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | Movado Group Inc. | | 13,282 | | 289 | |
| * | Motorcar Parts of America Inc. | | 12,876 | | 284 | |
| * | Fossil Group Inc. | | 35,826 | | 282 | |
| * | Modine Manufacturing Co. | | 36,636 | | 282 | |
| * | Vera Bradley Inc. | | 23,530 | | 278 | |
| | Hooker Furniture Corp. | | 10,600 | | 272 | |
| * | Seneca Foods Corp. Class A | | 6,515 | | 266 | |
| *,^ | Akoustis Technologies Inc. | | 32,901 | | 263 | |
| * | Funko Inc. Class A | | 14,941 | | 256 | |
| * | Unifi Inc. | | 9,207 | | 233 | |
| * | Farmer Brothers Co. | | 15,114 | | 228 | |
| * | MasterCraft Boat Holdings Inc. | | 14,207 | | 224 | |
| * | ZAGG Inc. | | 26,018 | | 211 | |
| | Clarus Corp. | | 15,469 | | 210 | |
| | Bassett Furniture Industries Inc. | | 11,270 | | 188 | |
| | Turning Point Brands Inc. | | 5,887 | | 168 | |
| * | Delta Apparel Inc. | | 5,328 | | 166 | |
| | Rocky Brands Inc. | | 5,601 | | 165 | |
| * | Hovnanian Enterprises Inc. Class A | | 7,200 | | 150 | |
| | Titan International Inc. | | 41,927 | | 152 | |
| | Flexsteel Industries Inc. | | 7,530 | | 150 | |
| | Culp Inc. | | 10,880 | | 148 | |
| | Oil-Dri Corp. of America | | 3,586 | | 130 | |
| | Weyco Group Inc. | | 4,901 | | 130 | |
| * | Central Garden & Pet Co. Class A | | 3,944 | | 123 | |
| * | Lifevantage Corp. | | 7,767 | | 121 | |
| * | Craft Brew Alliance Inc. | | 7,002 | | 116 | |
| *,^ | Pyxus International Inc. | | 12,656 | | 113 | |
| * | 22nd Century Group Inc. | | 102,339 | | 113 | |
| * | Eastman Kodak Co. | | 24,089 | | 112 | |
| | Superior Group of Cos. Inc. | | 8,001 | | 108 | |
| *,^ | Revlon Inc. Class A | | 5,042 | | 108 | |
| * | Lovesac Co. | | 6,163 | | 99 | |
| | Marine Products Corp. | | 6,508 | | 94 | |
| * | Veru Inc. | | 27,777 | | 93 | |
| | Alico Inc. | | 2,443 | | 88 | |
| *,^ | Celsius Holdings Inc. | | 16,554 | | 80 | |
| *,^ | New Age Beverages Corp. | | 39,754 | | 72 | |
| | Strattec Security Corp. | | 3,216 | | 71 | |
| | Acme United Corp. | | 2,909 | | 69 | |
| * | Nature's Sunshine Products Inc. | | 6,506 | | 58 | |
| * | Greenlane Holdings Inc. Class A | | 15,421 | | 50 | |
| * | XPEL Inc. | | 2,993 | | 44 | |
| | Escalade Inc. | | 4,321 | | 42 | |
| * | New Home Co. Inc. | | 8,756 | | 41 | |
| | Hamilton Beach Brands Holding Co. Class A | | 1,820 | | 35 | |
| | Lifetime Brands Inc. | | 4,913 | | 34 | |
| * | Shiloh Industries Inc. | | 9,553 | | 34 | |
| * | Garrett Motion Inc. | | 3,297 | | 33 | |
| | P&F Industries Inc. Class A | | 4,330 | | 30 | |
| * | US Auto Parts Network Inc. | | 12,416 | | 27 | |
| * | Centric Brands Inc. | | 11,911 | | 26 | |
| * | Core Molding Technologies Inc. | | 7,270 | | 24 | |
| | Rocky Mountain Chocolate Factory Inc. | | 2,502 | | 23 | |
| | Kewaunee Scientific Corp. | | 1,646 | | 22 | |
| *,^ | Blink Charging Co. | | 11,833 | | 22 | |
| * | Coffee Holding Co. Inc. | | 3,987 | | 18 | |
| * | Natural Alternatives International Inc. | | 2,268 | | 18 | |
| * | Lakeland Industries Inc. | | 1,557 | | 17 | |
| *,^ | cbdMD Inc. | | 7,102 | | 16 | |
| * | Reed's Inc. | | 17,454 | | 16 | |
| * | Charles & Colvard Ltd. | | 9,845 | | 14 | |
| * | LS Starrett Co. Class A | | 2,347 | | 13 | |
| * | Lipocine Inc. | | 34,514 | | 13 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| *,^ | Sequential Brands Group Inc. | | 38,662 | | 13 | |
| * | Lifeway Foods Inc. | | 6,292 | | 13 | |
| * | JAKKS Pacific Inc. | | 9,154 | | 9 | |
| * | Emerson Radio Corp. | | 10,209 | | 8 | |
| * | Willamette Valley Vineyards Inc. | | 1,146 | | 8 | |
| | Unique Fabricating Inc. | | 1,793 | | 7 | |
| * | Nautilus Inc. | | 3,296 | | 6 | |
| *,§ | NewStar Financial Inc. CVR | | 22,870 | | 6 | |
| * | RiceBran Technologies | | 3,756 | | 6 | |
| | Crown Crafts Inc. | | 868 | | 5 | |
| * | Nova Lifestyle Inc. | | 2,286 | | 4 | |
| *,§ | Corium CVR | | 24,181 | | 4 | |
| * | Zedge Inc. Class B | | 1,513 | | 2 | |
| * | Tandy Leather Factory Inc. | | 350 | | 2 | |
| | Mannatech Inc. | | 40 | | 1 | |
| * | Alpha Pro Tech Ltd. | | 135 | | — | |
| | | 2,152,402 | |
| Consumer Services (8.0%) | |
| * | Amazon.com Inc. | | 361,155 | | 667,357 | |
| | Walt Disney Co. | | 1,544,603 | | 223,396 | |
| | Home Depot Inc. | | 934,301 | | 204,033 | |
| | Comcast Corp. Class A | | 3,889,754 | | 174,922 | |
| | Walmart Inc. | | 1,218,691 | | 144,829 | |
| | McDonald's Corp. | | 645,538 | | 127,565 | |
| * | Netflix Inc. | | 375,686 | | 121,561 | |
| | Costco Wholesale Corp. | | 376,697 | | 110,719 | |
| | Starbucks Corp. | | 961,881 | | 84,569 | |
| | CVS Health Corp. | | 1,114,692 | | 82,810 | |
| | Lowe's Cos. Inc. | | 661,216 | | 79,187 | |
| * | Booking Holdings Inc. | | 35,939 | | 73,809 | |
| * | Charter Communications Inc. Class A | | 128,991 | | 62,571 | |
| | TJX Cos. Inc. | | 932,798 | | 56,957 | |
| | Target Corp. | | 434,351 | | 55,688 | |
| | Walgreens Boots Alliance Inc. | | 650,802 | | 38,371 | |
| | Ross Stores Inc. | | 310,333 | | 36,129 | |
| | Sysco Corp. | | 414,880 | | 35,489 | |
| | Dollar General Corp. | | 219,487 | | 34,236 | |
| | Marriott International Inc. Class A | | 224,501 | | 33,996 | |
| | Delta Air Lines Inc. | | 496,931 | | 29,061 | |
| * | O'Reilly Automotive Inc. | | 64,855 | | 28,423 | |
| | Hilton Worldwide Holdings Inc. | | 241,264 | | 26,759 | |
| * | Uber Technologies Inc. | | 877,371 | | 26,093 | |
| | Yum! Brands Inc. | | 258,763 | | 26,065 | |
| * | AutoZone Inc. | | 20,502 | | 24,424 | |
| | eBay Inc. | | 664,476 | | 23,994 | |
| | Las Vegas Sands Corp. | | 329,607 | | 22,756 | |
| | Southwest Airlines Co. | | 404,799 | | 21,851 | |
| | McKesson Corp. | | 154,316 | | 21,345 | |
| | Kroger Co. | | 688,569 | | 19,962 | |
| * | Chipotle Mexican Grill Inc. Class A | | 23,815 | | 19,936 | |
| | ViacomCBS Inc. Class B | | 465,829 | | 19,551 | |
| | Royal Caribbean Cruises Ltd. | | 144,002 | | 19,226 | |
| * | Dollar Tree Inc. | | 202,562 | | 19,051 | |
| | Carnival Corp. | | 337,237 | | 17,142 | |
| | Best Buy Co. Inc. | | 191,442 | | 16,809 | |
| * | Copart Inc. | | 178,909 | | 16,270 | |
| * | United Airlines Holdings Inc. | | 181,809 | | 16,016 | |
| | Omnicom Group Inc. | | 186,886 | | 15,142 | |
| * | Liberty Broadband Corp. | | 114,237 | | 14,365 | |
| | MGM Resorts International | | 400,230 | | 13,316 | |
| | Tiffany & Co. | | 97,797 | | 13,071 | |
| * | Burlington Stores Inc. | | 56,910 | | 12,977 | |
| | Expedia Group Inc. | | 119,014 | | 12,870 | |
| * | CarMax Inc. | | 141,638 | | 12,417 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Ulta Beauty Inc. | | 47,769 | | 12,092 | |
| | Darden Restaurants Inc. | | 104,497 | | 11,391 | |
| | Fox Corp. Class A | | 294,192 | | 10,906 | |
| | Wynn Resorts Ltd. | | 78,033 | | 10,836 | |
| * | Norwegian Cruise Line Holdings Ltd. | | 182,478 | | 10,659 | |
| | AmerisourceBergen Corp. Class A | | 123,942 | | 10,538 | |
| | Domino's Pizza Inc. | | 35,126 | | 10,319 | |
| * | Roku Inc. | | 73,948 | | 9,902 | |
| | American Airlines Group Inc. | | 337,068 | | 9,667 | |
| | Tractor Supply Co. | | 101,275 | | 9,463 | |
| | Aramark | | 212,099 | | 9,205 | |
| | Advance Auto Parts Inc. | | 56,586 | | 9,063 | |
| * | Discovery Communications Inc. | | 295,294 | | 9,004 | |
| * | Trade Desk Inc. Class A | | 34,298 | | 8,910 | |
| | FactSet Research Systems Inc. | | 32,376 | | 8,686 | |
| * | Live Nation Entertainment Inc. | | 120,263 | | 8,595 | |
| | Vail Resorts Inc. | | 34,690 | | 8,320 | |
| | Interpublic Group of Cos. Inc. | | 333,896 | | 7,713 | |
| * | Bright Horizons Family Solutions Inc. | | 50,039 | | 7,520 | |
| * | Lyft Inc. Class A | | 174,184 | | 7,493 | |
| * | Altice USA Inc. Class A | | 271,185 | | 7,414 | |
| * | Liberty Media Corp-Liberty Formula One | | 160,854 | | 7,394 | |
| * | DISH Network Corp. Class A | | 205,702 | | 7,296 | |
| | Alaska Air Group Inc. | | 106,276 | | 7,200 | |
| | Kohl's Corp. | | 136,549 | | 6,957 | |
| | Service Corp. International | | 149,687 | | 6,890 | |
| | Sirius XM Holdings Inc. | | 949,464 | | 6,789 | |
| | Cable One Inc. | | 4,376 | | 6,514 | |
| * | Liberty Media Corp-Liberty SiriusXM Class C | | 131,702 | | 6,340 | |
| * | Caesars Entertainment Corp. | | 463,349 | | 6,302 | |
| | Nielsen Holdings plc | | 307,655 | | 6,245 | |
| * | Five Below Inc. | | 48,246 | | 6,169 | |
| | News Corp. Class A | | 397,187 | | 5,616 | |
| | Dunkin' Brands Group Inc. | | 72,194 | | 5,454 | |
| * | IAA Inc. | | 114,263 | | 5,377 | |
| | Fox Corp. Class B | | 146,747 | | 5,342 | |
| | Sabre Corp. | | 234,679 | | 5,266 | |
| * | Performance Food Group Co. | | 101,547 | | 5,228 | |
| * | Planet Fitness Inc. Class A | | 69,571 | | 5,196 | |
| | Wyndham Hotels & Resorts Inc. | | 82,336 | | 5,172 | |
| | Casey's General Stores Inc. | | 31,658 | | 5,033 | |
| | Williams-Sonoma Inc. | | 67,686 | | 4,971 | |
| * | Madison Square Garden Co. Class A | | 16,227 | | 4,774 | |
| * | JetBlue Airways Corp. | | 244,496 | | 4,577 | |
| * | ServiceMaster Global Holdings Inc. | | 117,402 | | 4,539 | |
| * | Etsy Inc. | | 100,346 | | 4,445 | |
| | Macy's Inc. | | 259,333 | | 4,409 | |
| | Nexstar Media Group Inc. Class A | | 37,393 | | 4,384 | |
| | Gap Inc. | | 242,701 | | 4,291 | |
| | Rollins Inc. | | 127,360 | | 4,223 | |
| *,^ | Discovery Communications Inc. Class A | | 126,594 | | 4,145 | |
| * | Liberty Broadband Corp. Class A | | 32,485 | | 4,046 | |
| | Marriott Vacations Worldwide Corp. | | 31,424 | | 4,046 | |
| | H&R Block Inc. | | 171,946 | | 4,037 | |
| * | Carvana Co. Class A | | 43,683 | | 4,021 | |
| | Churchill Downs Inc. | | 29,247 | | 4,013 | |
| | Wyndham Destinations Inc. | | 76,754 | | 3,967 | |
| * | Grand Canyon Education Inc. | | 41,233 | | 3,950 | |
| | New York Times Co. Class A | | 120,668 | | 3,882 | |
| | Nordstrom Inc. | | 93,232 | | 3,816 | |
| * | GrubHub Inc. | | 77,880 | | 3,788 | |
| | Dolby Laboratories Inc. Class A | | 53,806 | | 3,702 | |
| * | Chegg Inc. | | 96,236 | | 3,648 | |
| * | Liberty Media Corp-Liberty SiriusXM Class A | | 75,013 | | 3,626 | |
| | | | | | | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | L Brands Inc. | | 197,220 | | 3,574 | |
| * | Floor & Decor Holdings Inc. Class A | | 69,676 | | 3,540 | |
| | Foot Locker Inc. | | 90,539 | | 3,530 | |
| | Wendy's Co. | | 156,479 | | 3,475 | |
| * | frontdoor Inc. | | 73,001 | | 3,462 | |
| * | AutoNation Inc. | | 68,385 | | 3,326 | |
| | Aaron's Inc. | | 57,511 | | 3,284 | |
| | Texas Roadhouse Inc. Class A | | 57,502 | | 3,239 | |
| | Choice Hotels International Inc. | | 31,148 | | 3,222 | |
| * | Eldorado Resorts Inc. | | 53,838 | | 3,211 | |
| | Cracker Barrel Old Country Store Inc. | | 20,665 | | 3,177 | |
| | TEGNA Inc. | | 187,590 | | 3,131 | |
| | Six Flags Entertainment Corp. | | 68,538 | | 3,092 | |
| | Cinemark Holdings Inc. | | 90,230 | | 3,054 | |
| * | Murphy USA Inc. | | 25,839 | | 3,023 | |
| * | Ollie's Bargain Outlet Holdings Inc. | | 45,740 | | 2,987 | |
| * | Qurate Retail Group Inc. QVC Group Class A | | 343,865 | | 2,899 | |
| | AMERCO | | 7,623 | | 2,865 | |
| | Strategic Education Inc. | | 17,978 | | 2,857 | |
| | TripAdvisor Inc. | | 93,479 | | 2,840 | |
| | Morningstar Inc. | | 18,722 | | 2,833 | |
| | SkyWest Inc. | | 43,094 | | 2,785 | |
| * | RH | | 12,988 | | 2,773 | |
| * | BJ's Wholesale Club Holdings Inc. | | 121,184 | | 2,756 | |
| * | LiveRamp Holdings Inc. | | 56,901 | | 2,735 | |
| | Hyatt Hotels Corp. Class A | | 29,949 | | 2,687 | |
| | Lithia Motors Inc. Class A | | 17,884 | | 2,629 | |
| | Dick's Sporting Goods Inc. | | 52,647 | | 2,605 | |
| | World Wrestling Entertainment Inc. Class A | | 40,156 | | 2,605 | |
| * | Penn National Gaming Inc. | | 98,666 | | 2,522 | |
| | KAR Auction Services Inc. | | 114,263 | | 2,490 | |
| * | Hilton Grand Vacations Inc. | | 72,272 | | 2,485 | |
| | Extended Stay America Inc. | | 165,146 | | 2,454 | |
| * | Spirit Airlines Inc. | | 60,401 | | 2,435 | |
| | Graham Holdings Co. Class B | | 3,722 | | 2,378 | |
| * | Cargurus Inc. | | 64,908 | | 2,283 | |
| | Wingstop Inc. | | 25,826 | | 2,227 | |
| * | National Vision Holdings Inc. | | 67,723 | | 2,196 | |
| * | Simply Good Foods Co. | | 74,469 | | 2,125 | |
| * | Yelp Inc. Class A | | 60,322 | | 2,101 | |
| | Monro Inc. | | 26,692 | | 2,087 | |
| | American Eagle Outfitters Inc. | | 137,058 | | 2,015 | |
| | John Wiley & Sons Inc. Class A | | 40,774 | | 1,978 | |
| | Boyd Gaming Corp. | | 65,480 | | 1,960 | |
| * | Sprouts Farmers Market Inc. | | 101,028 | | 1,955 | |
| | Hillenbrand Inc. | | 56,232 | | 1,873 | |
| * | Asbury Automotive Group Inc. | | 16,736 | | 1,871 | |
| | Allegiant Travel Co. Class A | | 10,742 | | 1,870 | |
| ^ | Bed Bath & Beyond Inc. | | 106,376 | | 1,840 | |
| * | Sally Beauty Holdings Inc. | | 99,277 | | 1,812 | |
| | Sinclair Broadcast Group Inc. Class A | | 53,386 | | 1,780 | |
| * | Laureate Education Inc. Class A | | 99,289 | | 1,748 | |
| * | Adtalem Global Education Inc. | | 49,263 | | 1,723 | |
| | Jack in the Box Inc. | | 21,148 | | 1,650 | |
| * | Gray Television Inc. | | 74,592 | | 1,599 | |
| * | Avis Budget Group Inc. | | 48,755 | | 1,572 | |
| | Bloomin' Brands Inc. | | 71,065 | | 1,568 | |
| * | WW International Inc. | | 40,903 | | 1,563 | |
| * | AMC Networks Inc. Class A | | 38,325 | | 1,514 | |
| | Group 1 Automotive Inc. | | 14,913 | | 1,491 | |
| | PriceSmart Inc. | | 20,278 | | 1,440 | |
| * | SeaWorld Entertainment Inc. | | 43,685 | | 1,385 | |
| * | Shake Shack Inc. Class A | | 23,099 | | 1,376 | |
| | Brinker International Inc. | | 32,625 | | 1,370 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Hertz Global Holdings Inc. | | 86,292 | | 1,359 | |
| | Red Rock Resorts Inc. Class A | | 56,182 | | 1,346 | |
| | Papa John's International Inc. | | 21,012 | | 1,327 | |
| | Penske Automotive Group Inc. | | 26,360 | | 1,324 | |
| * | Urban Outfitters Inc. | | 47,408 | | 1,317 | |
| | Cheesecake Factory Inc. | | 33,120 | | 1,287 | |
| | Viad Corp. | | 18,966 | | 1,280 | |
| | Rent-A-Center Inc. | | 44,241 | | 1,276 | |
| | Office Depot Inc. | | 459,951 | | 1,260 | |
| * | Scientific Games Corp. | | 45,616 | | 1,222 | |
| | Hawaiian Holdings Inc. | | 41,483 | | 1,215 | |
| * | Liberty Media Corp-Liberty Formula One Class A | | 26,954 | | 1,180 | |
| * | Chewy Inc. | | 39,850 | | 1,156 | |
| *,^ | Stitch Fix Inc. Class A | | 44,923 | | 1,153 | |
| | Dine Brands Global Inc. | | 13,779 | | 1,151 | |
| | Core-Mark Holding Co. Inc. | | 42,007 | | 1,142 | |
| * | Career Education Corp. | | 62,065 | | 1,141 | |
| | Dave & Buster's Entertainment Inc. | | 28,257 | | 1,135 | |
| *,^ | Lions Gate Entertainment Corp. Class A | | 106,011 | | 1,130 | |
| * | Stamps.com Inc. | | 13,204 | | 1,103 | |
| | Meredith Corp. | | 33,925 | | 1,102 | |
| | Signet Jewelers Ltd. | | 47,950 | | 1,042 | |
| * | Herc Holdings Inc. | | 20,604 | | 1,008 | |
| * | Boot Barn Holdings Inc. | | 22,619 | | 1,007 | |
| * | Denny's Corp. | | 49,923 | | 992 | |
| | Matthews International Corp. Class A | | 25,687 | | 980 | |
| | Abercrombie & Fitch Co. | | 55,938 | | 967 | |
| *,^ | Peloton Interactive Inc. Class A | | 33,610 | | 955 | |
| * | Groupon Inc. Class A | | 398,513 | | 952 | |
| * | Accel Entertainment Inc. | | 74,788 | | 935 | |
| * | Chefs' Warehouse Inc. | | 24,217 | | 923 | |
| | Big Lots Inc. | | 31,305 | | 899 | |
| * | Liberty Media Corp-Liberty Braves | | 30,197 | | 892 | |
| *,^ | Trupanion Inc. | | 23,408 | | 877 | |
| | Designer Brands Inc. Class A | | 55,521 | | 874 | |
| * | Grocery Outlet Holding Corp. | | 26,805 | | 870 | |
| * | Clear Channel Outdoor Holdings Inc. | | 299,813 | | 857 | |
| * | iHeartMedia Inc. Class A | | 49,759 | | 841 | |
| | Guess? Inc. | | 36,211 | | 810 | |
| | Children's Place Inc. | | 12,819 | | 801 | |
| | EW Scripps Co. Class A | | 50,961 | | 801 | |
| ^ | Rite Aid Corp. | | 50,098 | | 775 | |
| * | SP Plus Corp. | | 17,975 | | 763 | |
| | Caleres Inc. | | 31,977 | | 759 | |
| | Scholastic Corp. | | 19,291 | | 742 | |
| * | Cars.com Inc. | | 59,046 | | 722 | |
| * | QuinStreet Inc. | | 44,659 | | 684 | |
| ^ | Dillard's Inc. Class A | | 9,201 | | 676 | |
| * | K12 Inc. | | 33,139 | | 674 | |
| * | Upwork Inc. | | 62,807 | | 670 | |
| | Buckle Inc. | | 24,717 | | 668 | |
| * | MSG Networks Inc. | | 38,047 | | 662 | |
| * | Quotient Technology Inc. | | 65,116 | | 642 | |
| | Gannett Co. Inc. | | 99,725 | | 636 | |
| | Sonic Automotive Inc. Class A | | 20,175 | | 625 | |
| * | TechTarget Inc. | | 23,551 | | 615 | |
| | BJ's Restaurants Inc. | | 16,148 | | 613 | |
| * | Genesco Inc. | | 12,465 | | 597 | |
| | Ingles Markets Inc. Class A | | 12,459 | | 592 | |
| | Marcus Corp. | | 17,688 | | 562 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | News Corp. Class B | | 38,252 | | 555 | |
| * | ANGI Homeservices Inc. Class A | | 65,494 | | 555 | |
| * | Providence Service Corp. | | 9,261 | | 548 | |
| * | America's Car-Mart Inc. | | 4,944 | | 542 | |
| * | Zumiez Inc. | | 15,608 | | 539 | |
| | Entercom Communications Corp. Class A | | 115,505 | | 536 | |
| * | Michaels Cos. Inc. | | 63,012 | | 510 | |
| | Weis Markets Inc. | | 12,510 | | 507 | |
| * | HF Foods Group Inc. | | 25,487 | | 497 | |
| * | Lions Gate Entertainment Corp. Class B | | 49,508 | | 492 | |
| * | Digital Turbine Inc. | | 68,613 | | 489 | |
| | Ruth's Hospitality Group Inc. | | 22,138 | | 482 | |
| * | Houghton Mifflin Harcourt Co. | | 74,369 | | 465 | |
| | National CineMedia Inc. | | 63,500 | | 463 | |
| ^ | GameStop Corp. Class A | | 73,397 | | 446 | |
| * | Liberty TripAdvisor Holdings Inc. Class A | | 60,247 | | 443 | |
| * | TrueCar Inc. | | 89,707 | | 426 | |
| * | Monarch Casino & Resort Inc. | | 8,772 | | 426 | |
| * | BrightView Holdings Inc. | | 23,367 | | 394 | |
| | Winmark Corp. | | 1,972 | | 391 | |
| * | Lindblad Expeditions Holdings Inc. | | 23,729 | | 388 | |
| | PetMed Express Inc. | | 16,075 | | 378 | |
| | SpartanNash Co. | | 26,178 | | 373 | |
| * | Chuy's Holdings Inc. | | 14,128 | | 366 | |
| * | United Natural Foods Inc. | | 41,468 | | 363 | |
| * | Regis Corp. | | 20,143 | | 360 | |
| * | Hibbett Sports Inc. | | 12,690 | | 356 | |
| * | MarineMax Inc. | | 21,308 | | 356 | |
| * | American Public Education Inc. | | 12,468 | | 341 | |
| | Carriage Services Inc. Class A | | 13,106 | | 336 | |
| * | Rubicon Project Inc. | | 41,079 | | 335 | |
| * | Care.com Inc. | | 21,774 | | 327 | |
| * | Hemisphere Media Group Inc. Class A | | 22,025 | | 327 | |
| | Haverty Furniture Cos. Inc. | | 16,034 | | 323 | |
| | Cato Corp. Class A | | 18,491 | | 322 | |
| ^ | AMC Entertainment Holdings Inc. Class A | | 43,805 | | 317 | |
| | Chico's FAS Inc. | | 82,190 | | 313 | |
| * | Red Robin Gourmet Burgers Inc. | | 9,339 | | 308 | |
| | Shoe Carnival Inc. | | 7,865 | | 293 | |
| * | Sportsman's Warehouse Holdings Inc. | | 35,095 | | 282 | |
| *,^ | JC Penney Co. Inc. | | 251,014 | | 281 | |
| * | Clean Energy Fuels Corp. | | 119,319 | | 279 | |
| * | Express Inc. | | 55,300 | | 269 | |
| *,^ | RealReal Inc. | | 14,227 | | 268 | |
| * | Avid Technology Inc. | | 31,062 | | 267 | |
| | Twin River Worldwide Holdings Inc. | | 10,382 | | 266 | |
| * | Fiesta Restaurant Group Inc. | | 26,164 | | 259 | |
| * | Lumber Liquidators Holdings Inc. | | 26,322 | | 257 | |
| * | PlayAGS Inc. | | 21,026 | | 255 | |
| * | EverQuote Inc. Class A | | 7,354 | | 253 | |
| * | 1-800-Flowers.com Inc. Class A | | 17,410 | | 252 | |
| * | Titan Machinery Inc. | | 17,060 | | 252 | |
| | Emerald Expositions Events Inc. | | 23,449 | | 247 | |
| * | Conn's Inc. | | 19,922 | | 247 | |
| * | El Pollo Loco Holdings Inc. | | 16,271 | | 246 | |
| * | comScore Inc. | | 49,031 | | 242 | |
| * | Liberty Media Corp-Liberty Braves | | 8,013 | | 238 | |
| | Citi Trends Inc. | | 10,254 | | 237 | |
| * | Cumulus Media Inc. Class A | | 13,227 | | 232 | |
| * | Drive Shack Inc. | | 61,789 | | 226 | |
| * | Del Taco Restaurants Inc. | | 28,499 | | 225 | |
| * | Golden Entertainment Inc. | | 11,600 | | 223 | |
| * | At Home Group Inc. | | 39,996 | | 220 | |
| * | Century Casinos Inc. | | 27,263 | | 216 | |
| | | | | | | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Daily Journal Corp. | | 718 | | 209 | |
| * | Habit Restaurants Inc. Class A | | 19,624 | | 205 | |
| | Tribune Publishing Co. | | 15,297 | | 201 | |
| | Nathan's Famous Inc. | | 2,809 | | 199 | |
| | Entravision Communications Corp. Class A | | 74,703 | | 196 | |
| * | Mesa Air Group Inc. | | 21,400 | | 191 | |
| ^ | Tailored Brands Inc. | | 45,800 | | 190 | |
| * | Stage Stores Inc. | | 23,145 | | 188 | |
| *,^ | Revolve Group Inc. | | 10,070 | | 185 | |
| *,^ | Overstock.com Inc. | | 26,177 | | 185 | |
| * | Biglari Holdings Inc. Class B | | 1,592 | | 182 | |
| * | Carrols Restaurant Group Inc. | | 24,047 | | 170 | |
| | Village Super Market Inc. Class A | | 7,208 | | 167 | |
| | RCI Hospitality Holdings Inc. | | 7,914 | | 162 | |
| * | Boston Omaha Corp. Class A | | 7,295 | | 153 | |
| * | Lands' End Inc. | | 8,994 | | 151 | |
| * | GNC Holdings Inc. Class A | | 53,800 | | 145 | |
| * | Liquidity Services Inc. | | 24,357 | | 145 | |
| | Tilly's Inc. Class A | | 11,657 | | 143 | |
| | Saga Communications Inc. Class A | | 4,438 | | 135 | |
| * | Diplomat Pharmacy Inc. | | 33,700 | | 135 | |
| | Collectors Universe Inc. | | 5,764 | | 133 | |
| * | Select Interior Concepts Inc. Class A | | 13,592 | | 122 | |
| * | J Alexander's Holdings Inc. | | 12,226 | | 117 | |
| * | Barnes & Noble Education Inc. | | 25,380 | | 108 | |
| * | Party City Holdco Inc. | | 43,830 | | 103 | |
| * | Noodles & Co. Class A | | 18,267 | | 101 | |
| * | Purple Innovation Inc. | | 11,093 | | 97 | |
| * | Reading International Inc. Class A | | 8,634 | | 97 | |
| * | Tuesday Morning Corp. | | 50,795 | | 94 | |
| * | Duluth Holdings Inc. | | 8,908 | | 94 | |
| | Townsquare Media Inc. Class A | | 9,269 | | 92 | |
| | Natural Grocers by Vitamin Cottage Inc. | | 9,195 | | 91 | |
| * | Container Store Group Inc. | | 16,961 | | 72 | |
| * | Marchex Inc. Class B | | 18,637 | | 70 | |
| * | A-Mark Precious Metals Inc. | | 7,716 | | 64 | |
| * | Urban One Inc. | | 28,868 | | 55 | |
| * | Red Lion Hotels Corp. | | 13,715 | | 51 | |
| | AH Belo Corp. Class A | | 16,371 | | 46 | |
| * | Zovio Inc. Class A | | 22,039 | | 45 | |
| * | Travelzoo | | 3,978 | | 43 | |
| * | Fluent Inc. | | 16,860 | | 42 | |
| * | Leaf Group Ltd. | | 9,644 | | 39 | |
| * | MDC Partners Inc. Class A | | 12,687 | | 35 | |
| * | Destination XL Group Inc. | | 24,679 | | 32 | |
| * | Full House Resorts Inc. | | 9,186 | | 31 | |
| | Ark Restaurants Corp. | | 1,320 | | 29 | |
| * | Ascena Retail Group Inc. | | 3,600 | | 28 | |
| * | Gaia Inc. Class A | | 3,502 | | 28 | |
| * | Gray Television Inc. Class A | | 1,402 | | 28 | |
| * | Kura Sushi USA Inc. Class A | | 946 | | 24 | |
| * | Luby's Inc. | | 10,198 | | 22 | |
| * | Alkaline Water Co. Inc. | | 17,626 | | 22 | |
| * | RTW RetailWinds Inc. | | 27,323 | | 22 | |
| | CSS Industries Inc. | | 4,951 | | 22 | |
| | Educational Development Corp. | | 3,375 | | 21 | |
| *,^ | SRAX Inc. Class A | | 7,476 | | 19 | |
| | Big 5 Sporting Goods Corp. | | 5,818 | | 17 | |
| * | ONE Group Hospitality Inc. | | 4,720 | | 17 | |
| * | Youngevity International Inc. | | 5,128 | | 17 | |
| * | RealNetworks Inc. | | 13,821 | | 17 | |
| | Beasley Broadcast Group Inc. Class A | | 5,320 | | 16 | |
| *,^ | Waitr Holdings Inc. | | 48,625 | | 16 | |
| * | Global Eagle Entertainment Inc. | | 29,259 | | 15 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | iMedia Brands Inc. | | 3,665 | | 15 | |
| | J. Jill Inc. | | 12,524 | | 14 | |
| * | Stein Mart Inc. | | 19,335 | | 13 | |
| * | Interpace Diagnostics Group Inc. | | 25,300 | | 13 | |
| * | HyreCar Inc. | | 4,783 | | 13 | |
| * | Diversified Restaurant Holdings Inc. | | 11,044 | | 11 | |
| * | VistaGen Therapeutics Inc. | | 15,023 | | 10 | |
| * | Remark Holdings Inc. | | 18,525 | | 10 | |
| *,§ | A Schulman Inc. CVR | | 20,412 | | 9 | |
| * | AutoWeb Inc. | | 3,439 | | 8 | |
| * | Lee Enterprises Inc. | | 5,251 | | 7 | |
| * | FAT Brands Inc. | | 1,492 | | 7 | |
| * | Town Sports International Holdings Inc. | | 3,649 | | 6 | |
| * | Insignia Systems Inc. | | 8,283 | | 6 | |
| * | Blue Apron Holdings Inc. Class A | | 905 | | 6 | |
| * | BBQ Holdings Inc. | | 1,407 | | 6 | |
| * | Build-A-Bear Workshop Inc. | | 1,327 | | 4 | |
| * | LiveXLive Media Inc. | | 2,448 | | 4 | |
| * | Rave Restaurant Group Inc. | | 2,082 | | 3 | |
| * | Live Ventures Inc. | | 372 | | 3 | |
| * | Good Times Restaurants Inc. | | 1,675 | | 3 | |
| * | Chicken Soup For The Soul Entertainment Inc. | | 296 | | 2 | |
| | Salem Media Group Inc. Class A | | 1,621 | | 2 | |
| * | Emmis Communications Corp. Class A | | 575 | | 2 | |
| * | Profire Energy Inc. | | 1,221 | | 2 | |
| * | Harte-Hanks Inc. | | 400 | | 1 | |
| * | Eastside Distilling Inc. | | 329 | | 1 | |
| * | BioHiTech Global Inc. | | 490 | | 1 | |
| | | 3,611,860 | |
| Financials (11.7%) | |
| | JPMorgan Chase & Co. | | 2,550,724 | | 355,571 | |
| * | Berkshire Hathaway Inc. Class B | | 1,550,935 | | 351,287 | |
| | Visa Inc. Class A | | 1,462,285 | | 274,763 | |
| | Bank of America Corp. | | 6,924,449 | | 243,879 | |
| | Mastercard Inc. Class A | | 768,238 | | 229,388 | |
| | Wells Fargo & Co. | | 3,259,581 | | 175,365 | |
| | Citigroup Inc. | | 1,865,966 | | 149,072 | |
| | American Tower Corp. | | 380,105 | | 87,356 | |
| | US Bancorp | | 1,201,537 | | 71,239 | |
| | Goldman Sachs Group Inc. | | 287,335 | | 66,067 | |
| | American Express Co. | | 526,477 | | 65,541 | |
| | Truist Financial Corp. | | 1,148,556 | | 64,687 | |
| | CME Group Inc. | | 307,691 | | 61,760 | |
| | S&P Global Inc. | | 208,339 | | 56,887 | |
| | PNC Financial Services Group Inc. | | 337,329 | | 53,848 | |
| | Morgan Stanley | | 1,037,149 | | 53,019 | |
| | Chubb Ltd. | | 330,253 | | 51,407 | |
| | Crown Castle International Corp. | | 356,769 | | 50,715 | |
| | Marsh & McLennan Cos. Inc. | | 432,715 | | 48,209 | |
| | Prologis Inc. | | 540,711 | | 48,199 | |
| | Charles Schwab Corp. | | 986,734 | | 46,929 | |
| | BlackRock Inc. | | 92,669 | | 46,585 | |
| | Intercontinental Exchange Inc. | | 478,823 | | 44,315 | |
| | Equinix Inc. | | 73,171 | | 42,710 | |
| | Aon plc | | 201,213 | | 41,911 | |
| | Capital One Financial Corp. | | 398,374 | | 40,997 | |
| | American International Group Inc. | | 745,642 | | 38,274 | |
| | Simon Property Group Inc. | | 248,605 | | 37,032 | |
| | Progressive Corp. | | 499,295 | | 36,144 | |
| | Bank of New York Mellon Corp. | | 711,024 | | 35,786 | |
| | Moody's Corp. | | 137,522 | | 32,649 | |
| | Prudential Financial Inc. | | 342,543 | | 32,110 | |
| | Blackstone Group LP | | 563,706 | | 31,534 | |
| | Aflac Inc. | | 595,348 | | 31,494 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | Allstate Corp. | | 275,937 | | 31,029 | |
| | MetLife Inc. | | 581,684 | | 29,648 | |
| | Travelers Cos. Inc. | | 209,277 | | 28,660 | |
| | Welltower Inc. | | 348,499 | | 28,500 | |
| | Public Storage | | 126,676 | | 26,977 | |
| * | Berkshire Hathaway Inc. Class A | | 79 | | 26,828 | |
| | Equity Residential | | 318,127 | | 25,743 | |
| | AvalonBay Communities Inc. | | 119,773 | | 25,116 | |
| * | IHS Markit Ltd. | | 326,078 | | 24,570 | |
| | State Street Corp. | | 296,657 | | 23,466 | |
| | SBA Communications Corp. Class A | | 96,759 | | 23,318 | |
| | T. Rowe Price Group Inc. | | 190,390 | | 23,197 | |
| | Discover Financial Services | | 269,369 | | 22,848 | |
| | Digital Realty Trust Inc. | | 178,306 | | 21,350 | |
| | Realty Income Corp. | | 280,444 | | 20,649 | |
| | Weyerhaeuser Co. | | 641,033 | | 19,359 | |
| | Synchrony Financial | | 523,114 | | 18,837 | |
| | Hartford Financial Services Group Inc. | | 307,317 | | 18,676 | |
| | Fifth Third Bancorp | | 605,895 | | 18,625 | |
| | Ventas Inc. | | 319,038 | | 18,421 | |
| | Northern Trust Corp. | | 172,688 | | 18,346 | |
| | Boston Properties Inc. | | 132,735 | | 18,299 | |
| | M&T Bank Corp. | | 107,463 | | 18,242 | |
| | Ameriprise Financial Inc. | | 108,906 | | 18,142 | |
| | MSCI Inc. Class A | | 69,310 | | 17,894 | |
| | First Republic Bank | | 145,684 | | 17,111 | |
| | KeyCorp | | 843,590 | | 17,074 | |
| | Essex Property Trust Inc. | | 56,612 | | 17,032 | |
| * | CBRE Group Inc. Class A | | 270,872 | | 16,602 | |
| | Alexandria Real Estate Equities Inc. | | 98,941 | | 15,987 | |
| | Arthur J Gallagher & Co. | | 160,695 | | 15,303 | |
| | Healthpeak Properties Inc. | | 440,834 | | 15,196 | |
| | Citizens Financial Group Inc. | | 372,052 | | 15,109 | |
| | Cincinnati Financial Corp. | | 142,246 | | 14,957 | |
| | Equifax Inc. | | 104,619 | | 14,659 | |
| * | Arch Capital Group Ltd. | | 331,012 | | 14,197 | |
| | Regions Financial Corp. | | 823,777 | | 14,136 | |
| | Invitation Homes Inc. | | 460,983 | | 13,816 | |
| | Huntington Bancshares Inc. | | 881,631 | | 13,295 | |
| | Principal Financial Group Inc. | | 239,192 | | 13,156 | |
| | KKR & Co. Inc. Class A | | 447,237 | | 13,046 | |
| | Mid-America Apartment Communities Inc. | | 98,684 | | 13,012 | |
| * | Markel Corp. | | 11,368 | | 12,996 | |
| | Sun Communities Inc. | | 80,328 | | 12,057 | |
| | UDR Inc. | | 255,255 | | 11,920 | |
| | Annaly Capital Management Inc. | | 1,264,946 | | 11,916 | |
| | WP Carey Inc. | | 147,879 | | 11,836 | |
| | MarketAxess Holdings Inc. | | 31,005 | | 11,754 | |
| | TD Ameritrade Holding Corp. | | 231,462 | | 11,504 | |
| | Cboe Global Markets Inc. | | 95,603 | | 11,472 | |
| | Loews Corp. | | 217,884 | | 11,437 | |
| | Host Hotels & Resorts Inc. | | 604,948 | | 11,222 | |
| * | SVB Financial Group | | 44,541 | | 11,182 | |
| | Extra Space Storage Inc. | | 104,979 | | 11,088 | |
| | Duke Realty Corp. | | 311,684 | | 10,806 | |
| | Equity LifeStyle Properties Inc. | | 149,764 | | 10,542 | |
| | Nasdaq Inc. | | 98,180 | | 10,515 | |
| | Fidelity National Financial Inc. | | 222,242 | | 10,079 | |
| | Lincoln National Corp. | | 169,075 | | 9,977 | |
| | Ally Financial Inc. | | 325,404 | | 9,944 | |
| | VICI Properties Inc. | | 388,768 | | 9,933 | |
| | Everest Re Group Ltd. | | 34,985 | | 9,685 | |
| | Raymond James Financial Inc. | | 107,396 | | 9,608 | |
| | Vornado Realty Trust | | 142,687 | | 9,489 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Alleghany Corp. | | 11,856 | | 9,480 | |
| | Western Union Co. | | 352,983 | | 9,453 | |
| | Medical Properties Trust Inc. | | 442,696 | | 9,345 | |
| | Regency Centers Corp. | | 141,747 | | 8,943 | |
| | Comerica Inc. | | 123,215 | | 8,841 | |
| | AXA Equitable Holdings Inc. | | 356,313 | | 8,829 | |
| | Globe Life Inc. | | 83,437 | | 8,782 | |
| | E*TRADE Financial Corp. | | 193,239 | | 8,767 | |
| | Reinsurance Group of America Inc. Class A | | 53,518 | | 8,727 | |
| | Camden Property Trust | | 82,016 | | 8,702 | |
| | VEREIT Inc. | | 913,456 | | 8,440 | |
| | Federal Realty Investment Trust | | 64,454 | | 8,297 | |
| | AGNC Investment Corp. | | 466,299 | | 8,244 | |
| | WR Berkley Corp. | | 118,782 | | 8,208 | |
| | Apollo Global Management LLC | | 170,445 | | 8,132 | |
| | Liberty Property Trust | | 134,225 | | 8,060 | |
| | Brown & Brown Inc. | | 202,640 | | 8,000 | |
| | Omega Healthcare Investors Inc. | | 185,553 | | 7,858 | |
| | National Retail Properties Inc. | | 146,402 | | 7,850 | |
| | Iron Mountain Inc. | | 246,275 | | 7,849 | |
| | Jones Lang LaSalle Inc. | | 43,941 | | 7,650 | |
| | Kilroy Realty Corp. | | 90,813 | | 7,619 | |
| | Zions Bancorp NA | | 145,443 | | 7,551 | |
| | Gaming and Leisure Properties Inc. | | 175,049 | | 7,536 | |
| | SEI Investments Co. | | 114,191 | | 7,477 | |
| | RenaissanceRe Holdings Ltd. | | 37,576 | | 7,366 | |
| | Kimco Realty Corp. | | 337,154 | | 6,982 | |
| | Voya Financial Inc. | | 112,112 | | 6,837 | |
| | Assurant Inc. | | 51,926 | | 6,806 | |
| | American Financial Group Inc. | | 61,390 | | 6,731 | |
| | STORE Capital Corp. | | 177,096 | | 6,595 | |
| | Lamar Advertising Co. Class A | | 73,404 | | 6,552 | |
| | Apartment Investment & Management Co. | | 126,103 | | 6,513 | |
| | CyrusOne Inc. | | 97,550 | | 6,383 | |
| | LPL Financial Holdings Inc. | | 69,183 | | 6,382 | |
| | People's United Financial Inc. | | 375,847 | | 6,352 | |
| | Douglas Emmett Inc. | | 144,132 | | 6,327 | |
| | SL Green Realty Corp. | | 68,581 | | 6,301 | |
| | Franklin Resources Inc. | | 233,548 | | 6,068 | |
| | East West Bancorp Inc. | | 124,102 | | 6,044 | |
| | TCF Financial Corp. | | 129,125 | | 6,043 | |
| | Signature Bank | | 44,077 | | 6,021 | |
| * | GCI Liberty Inc. Class A | | 82,024 | | 5,811 | |
| | Commerce Bancshares Inc. | | 85,034 | | 5,777 | |
| | New Residential Investment Corp. | | 356,171 | | 5,738 | |
| | Americold Realty Trust | | 163,373 | | 5,728 | |
| * | Athene Holding Ltd. Class A | | 120,169 | | 5,652 | |
| | American Homes 4 Rent Class A | | 215,530 | | 5,649 | |
| | Invesco Ltd. | | 312,037 | | 5,610 | |
| | American Campus Communities Inc. | | 118,957 | | 5,595 | |
| | Starwood Property Trust Inc. | | 223,600 | | 5,559 | |
| | Prosperity Bancshares Inc. | | 76,580 | | 5,505 | |
| | Old Republic International Corp. | | 245,387 | | 5,489 | |
| | Brixmor Property Group Inc. | | 250,641 | | 5,416 | |
| | Healthcare Trust of America Inc. Class A | | 175,708 | | 5,320 | |
| | First American Financial Corp. | | 90,296 | | 5,266 | |
| | CubeSmart | | 166,828 | | 5,252 | |
| | Park Hotels & Resorts Inc. | | 201,808 | | 5,221 | |
| | Cousins Properties Inc. | | 126,634 | | 5,217 | |
| | Hudson Pacific Properties Inc. | | 130,545 | | 4,915 | |
| | Popular Inc. | | 82,883 | | 4,869 | |
| | Primerica Inc. | | 36,378 | | 4,750 | |
| | Cullen/Frost Bankers Inc. | | 48,347 | | 4,727 | |
| | Synovus Financial Corp. | | 120,490 | | 4,723 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | EPR Properties | | 66,692 | | 4,711 | |
| | Unum Group | | 158,653 | | 4,626 | |
| | Hanover Insurance Group Inc. | | 33,479 | | 4,576 | |
| | New York Community Bancorp Inc. | | 378,193 | | 4,546 | |
| | Western Alliance Bancorp | | 79,692 | | 4,542 | |
| * | Howard Hughes Corp. | | 35,770 | | 4,536 | |
| | First Industrial Realty Trust Inc. | | 107,508 | | 4,463 | |
| | Jefferies Financial Group Inc. | | 207,738 | | 4,439 | |
| | JBG SMITH Properties | | 110,528 | | 4,409 | |
| | Eaton Vance Corp. | | 94,237 | | 4,400 | |
| | First Horizon National Corp. | | 265,515 | | 4,397 | |
| | Radian Group Inc. | | 172,011 | | 4,328 | |
| | Life Storage Inc. | | 39,737 | | 4,303 | |
| | Rexford Industrial Realty Inc. | | 94,180 | | 4,301 | |
| *,^ | Zillow Group Inc. | | 93,417 | | 4,292 | |
| | EastGroup Properties Inc. | | 32,325 | | 4,289 | |
| | Highwoods Properties Inc. | | 87,663 | | 4,288 | |
| | Webster Financial Corp. | | 79,454 | | 4,240 | |
| | Kemper Corp. | | 54,448 | | 4,220 | |
| | MGIC Investment Corp. | | 295,857 | | 4,192 | |
| | Essent Group Ltd. | | 79,797 | | 4,149 | |
| | Spirit Realty Capital Inc. | | 83,836 | | 4,123 | |
| | Axis Capital Holdings Ltd. | | 68,505 | | 4,072 | |
| | First Financial Bankshares Inc. | | 114,376 | | 4,015 | |
| | Pinnacle Financial Partners Inc. | | 62,494 | | 4,000 | |
| * | Credit Acceptance Corp. | | 9,025 | | 3,992 | |
| | Blackstone Mortgage Trust Inc. Class A | | 105,833 | | 3,939 | |
| | PacWest Bancorp | | 102,401 | | 3,919 | |
| | Valley National Bancorp | | 332,863 | | 3,811 | |
| | Assured Guaranty Ltd. | | 77,459 | | 3,797 | |
| | Glacier Bancorp Inc. | | 82,152 | | 3,778 | |
| | Healthcare Realty Trust Inc. | | 112,615 | | 3,758 | |
| | CIT Group Inc. | | 81,884 | | 3,736 | |
| | Lazard Ltd. Class A | | 91,767 | | 3,667 | |
| | Ryman Hospitality Properties Inc. | | 42,301 | | 3,666 | |
| | CoreSite Realty Corp. | | 32,611 | | 3,656 | |
| | Erie Indemnity Co. Class A | | 22,016 | | 3,655 | |
| | Rayonier Inc. | | 110,644 | | 3,625 | |
| | Sterling Bancorp | | 171,769 | | 3,621 | |
| | Sabra Health Care REIT Inc. | | 166,993 | | 3,564 | |
| * | Brighthouse Financial Inc. | | 90,364 | | 3,545 | |
| | STAG Industrial Inc. | | 112,045 | | 3,537 | |
| | FNB Corp. | | 276,125 | | 3,507 | |
| | Stifel Financial Corp. | | 57,170 | | 3,467 | |
| | Wintrust Financial Corp. | | 48,445 | | 3,435 | |
| | Janus Henderson Group plc | | 140,303 | | 3,430 | |
| | Affiliated Managers Group Inc. | | 40,109 | | 3,399 | |
| | Outfront Media Inc. | | 126,411 | | 3,390 | |
| | Service Properties Trust | | 138,521 | | 3,370 | |
| | United Bankshares Inc. | | 87,111 | | 3,368 | |
| | Bank of Hawaii Corp. | | 35,224 | | 3,352 | |
| | Umpqua Holdings Corp. | | 188,697 | | 3,340 | |
| | Selective Insurance Group Inc. | | 50,801 | | 3,312 | |
| | IBERIABANK Corp. | | 44,186 | | 3,306 | |
| | Two Harbors Investment Corp. | | 226,059 | | 3,305 | |
| | First Hawaiian Inc. | | 114,527 | | 3,304 | |
| ^ | Macerich Co. | | 122,603 | | 3,300 | |
| | RLI Corp. | | 36,339 | | 3,271 | |
| | Hancock Whitney Corp. | | 73,877 | | 3,242 | |
| | Equity Commonwealth | | 98,555 | | 3,236 | |
| | Bank OZK | | 105,665 | | 3,223 | |
| | Chimera Investment Corp. | | 156,623 | | 3,220 | |
| | Weingarten Realty Investors | | 102,434 | | 3,200 | |
| | SLM Corp. | | 356,610 | | 3,177 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | Community Bank System Inc. | | 43,831 | | 3,109 | |
| | White Mountains Insurance Group Ltd. | | 2,763 | | 3,082 | |
| | Associated Banc-Corp | | 139,372 | | 3,072 | |
| | Terreno Realty Corp. | | 55,918 | | 3,027 | |
| | Physicians Realty Trust | | 158,961 | | 3,011 | |
| | BankUnited Inc. | | 82,334 | | 3,010 | |
| | Pebblebrook Hotel Trust | | 111,750 | | 2,996 | |
| | Interactive Brokers Group Inc. | | 64,033 | | 2,985 | |
| | Apple Hospitality REIT Inc. | | 176,885 | | 2,874 | |
| | FirstCash Inc. | | 35,599 | | 2,870 | |
| | QTS Realty Trust Inc. Class A | | 52,778 | | 2,864 | |
| | MFA Financial Inc. | | 373,851 | | 2,860 | |
| | National Health Investors Inc. | | 35,048 | | 2,856 | |
| | Corporate Office Properties Trust | | 96,813 | | 2,844 | |
| | CenterState Bank Corp. | | 112,938 | | 2,821 | |
| | Old National Bancorp | | 154,153 | | 2,819 | |
| | UMB Financial Corp. | | 40,497 | | 2,780 | |
| | Federated Investors Inc. Class B | | 85,271 | | 2,779 | |
| | OneMain Holdings Inc. | | 65,742 | | 2,771 | |
| | Sunstone Hotel Investors Inc. | | 195,912 | | 2,727 | |
| | Simmons First National Corp. Class A | | 101,183 | | 2,711 | |
| | PS Business Parks Inc. | | 16,438 | | 2,710 | |
| | BancorpSouth Bank | | 84,918 | | 2,667 | |
| | Home BancShares Inc. | | 135,239 | | 2,659 | |
| | Navient Corp. | | 192,361 | | 2,632 | |
| | Atlantic Union Bankshares Corp. | | 69,631 | | 2,615 | |
| | RLJ Lodging Trust | | 147,226 | | 2,609 | |
| | Fulton Financial Corp. | | 148,728 | | 2,592 | |
| | Legg Mason Inc. | | 71,592 | | 2,571 | |
| | Columbia Banking System Inc. | | 62,787 | | 2,554 | |
| | Paramount Group Inc. | | 182,184 | | 2,536 | |
| | Cathay General Bancorp | | 66,224 | | 2,520 | |
| | Independent Bank Corp. | | 30,198 | | 2,514 | |
| | Washington Federal Inc. | | 68,156 | | 2,498 | |
| | South State Corp. | | 28,713 | | 2,491 | |
| * | Texas Capital Bancshares Inc. | | 42,830 | | 2,431 | |
| | CVB Financial Corp. | | 112,295 | | 2,423 | |
| | Ameris Bancorp | | 56,926 | | 2,422 | |
| | Retail Properties of America Inc. | | 180,651 | | 2,421 | |
| | Piedmont Office Realty Trust Inc. Class A | | 108,236 | | 2,407 | |
| * | Cannae Holdings Inc. | | 64,342 | | 2,393 | |
| | American Equity Investment Life Holding Co. | | 79,841 | | 2,390 | |
| | Lexington Realty Trust Class B | | 223,811 | | 2,377 | |
| | CNO Financial Group Inc. | | 131,011 | | 2,375 | |
| | Agree Realty Corp. | | 33,733 | | 2,367 | |
| | PotlatchDeltic Corp. | | 54,598 | | 2,362 | |
| | Apollo Commercial Real Estate Finance Inc. | | 127,293 | | 2,328 | |
| | Ares Management Corp. Class A | | 64,500 | | 2,302 | |
| | Kennedy-Wilson Holdings Inc. | | 102,975 | | 2,296 | |
| | Brandywine Realty Trust | | 145,113 | | 2,286 | |
| | First Midwest Bancorp Inc. | | 98,905 | | 2,281 | |
| | Investors Bancorp Inc. | | 187,538 | | 2,235 | |
| | BOK Financial Corp. | | 25,271 | | 2,209 | |
| | Columbia Property Trust Inc. | | 104,276 | | 2,180 | |
| | Evercore Inc. Class A | | 29,059 | | 2,172 | |
| * | Enstar Group Ltd. | | 10,403 | | 2,152 | |
| | United Community Banks Inc. | | 69,530 | | 2,147 | |
| | Empire State Realty Trust Inc. | | 152,771 | | 2,133 | |
| | International Bancshares Corp. | | 49,234 | | 2,121 | |
| | WesBanco Inc. | | 55,852 | | 2,111 | |
| | First Financial Bancorp | | 82,727 | | 2,105 | |
| | Xenia Hotels & Resorts Inc. | | 97,330 | | 2,103 | |
| * | LendingTree Inc. | | 6,924 | | 2,101 | |
| * | Zillow Group Inc. Class A | | 45,805 | | 2,095 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | Invesco Mortgage Capital Inc. | | 125,013 | | 2,081 | |
| | Colony Capital Inc. | | 435,530 | | 2,069 | |
| | Washington REIT | | 70,667 | | 2,062 | |
| | First BanCorp | | 193,153 | | 2,045 | |
| | WSFS Financial Corp. | | 46,439 | | 2,043 | |
| | DiamondRock Hospitality Co. | | 179,760 | | 1,992 | |
| * | Cushman & Wakefield plc | | 97,316 | | 1,989 | |
| | Cadence BanCorp Class A | | 108,164 | | 1,961 | |
| | First Citizens BancShares Inc. Class A | | 3,657 | | 1,946 | |
| | First Merchants Corp. | | 46,615 | | 1,939 | |
| | American Assets Trust Inc. | | 41,997 | | 1,928 | |
| * | NMI Holdings Inc. Class A | | 57,570 | | 1,910 | |
| | Urban Edge Properties | | 99,481 | | 1,908 | |
| | PennyMac Mortgage Investment Trust | | 85,385 | | 1,903 | |
| | Acadia Realty Trust | | 73,314 | | 1,901 | |
| * | eHealth Inc. | | 19,751 | | 1,898 | |
| | Argo Group International Holdings Ltd. | | 28,702 | | 1,887 | |
| | SITE Centers Corp. | | 133,430 | | 1,871 | |
| * | Genworth Financial Inc. Class A | | 422,282 | | 1,858 | |
| | Trustmark Corp. | | 52,771 | | 1,821 | |
| | Senior Housing Properties Trust | | 214,485 | | 1,810 | |
| | CoreCivic Inc. | | 103,738 | | 1,803 | |
| | Kinsale Capital Group Inc. | | 17,342 | | 1,763 | |
| | Four Corners Property Trust Inc. | | 62,274 | | 1,756 | |
| | Essential Properties Realty Trust Inc. | | 70,756 | | 1,755 | |
| | Retail Opportunity Investments Corp. | | 98,971 | | 1,748 | |
| | Hannon Armstrong Sustainable Infrastructure Capital Inc. | | 54,030 | | 1,739 | |
| | National Storage Affiliates Trust | | 51,531 | | 1,732 | |
| | Houlihan Lokey Inc. Class A | | 35,039 | | 1,712 | |
| | Independent Bank Group Inc. | | 30,229 | | 1,676 | |
| | GEO Group Inc. | | 100,539 | | 1,670 | |
| | Ladder Capital Corp. Class A | | 92,501 | | 1,669 | |
| | Pacific Premier Bancorp Inc. | | 51,100 | | 1,666 | |
| | Banner Corp. | | 29,418 | | 1,665 | |
| | ProAssurance Corp. | | 46,045 | | 1,664 | |
| | Great Western Bancorp Inc. | | 47,641 | | 1,655 | |
| | Santander Consumer USA Holdings Inc. | | 70,791 | | 1,654 | |
| | Hope Bancorp Inc. | | 111,219 | | 1,653 | |
| | Newmark Group Inc. Class A | | 122,568 | | 1,649 | |
| | Renasant Corp. | | 46,460 | | 1,646 | |
| | CareTrust REIT Inc. | | 79,610 | | 1,642 | |
| | First Interstate BancSystem Inc. Class A | | 39,060 | | 1,637 | |
| | Westamerica Bancorporation | | 23,815 | | 1,614 | |
| | ServisFirst Bancshares Inc. | | 42,589 | | 1,605 | |
| | Walker & Dunlop Inc. | | 24,744 | | 1,600 | |
| | Capitol Federal Financial Inc. | | 116,460 | | 1,599 | |
| | Redwood Trust Inc. | | 96,468 | | 1,596 | |
| | Horace Mann Educators Corp. | | 36,526 | | 1,595 | |
| | Mack-Cali Realty Corp. | | 68,466 | | 1,584 | |
| | Taubman Centers Inc. | | 50,189 | | 1,560 | |
| | Towne Bank | | 55,932 | | 1,556 | |
| | New York Mortgage Trust Inc. | | 248,071 | | 1,545 | |
| | Hilltop Holdings Inc. | | 61,363 | | 1,530 | |
| | Northwest Bancshares Inc. | | 91,855 | | 1,528 | |
| * | PRA Group Inc. | | 42,050 | | 1,526 | |
| | Kite Realty Group Trust | | 77,745 | | 1,518 | |
| | LTC Properties Inc. | | 33,852 | | 1,516 | |
| | Global Net Lease Inc. | | 73,505 | | 1,491 | |
| | Easterly Government Properties Inc. | | 62,738 | | 1,489 | |
| | Artisan Partners Asset Management Inc. Class A | | 45,834 | | 1,481 | |
| | NBT Bancorp Inc. | | 36,000 | | 1,460 | |
| | Heartland Financial USA Inc. | | 29,083 | | 1,447 | |
| | Clearway Energy Inc. | | 72,253 | | 1,441 | |
| | S&T Bancorp Inc. | | 35,660 | | 1,437 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | FGL Holdings | | 134,259 | | 1,430 | |
| | BGC Partners Inc. Class A | | 238,143 | | 1,415 | |
| ^ | Broadmark Realty Capital Inc. | | 109,775 | | 1,400 | |
| | Cohen & Steers Inc. | | 21,933 | | 1,377 | |
| | National General Holdings Corp. | | 61,520 | | 1,360 | |
| * | Axos Financial Inc. | | 44,785 | | 1,356 | |
| * | Seacoast Banking Corp. of Florida | | 44,354 | | 1,356 | |
| | Provident Financial Services Inc. | | 54,648 | | 1,347 | |
| | Office Properties Income Trust | | 41,826 | | 1,344 | |
| *,^ | Redfin Corp. | | 62,945 | | 1,331 | |
| | American Finance Trust Inc. | | 99,800 | | 1,323 | |
| | Veritex Holdings Inc. | | 44,877 | | 1,307 | |
| | Eagle Bancorp Inc. | | 26,878 | | 1,307 | |
| | Moelis & Co. Class A | | 40,230 | | 1,284 | |
| | First Busey Corp. | | 46,499 | | 1,279 | |
| | First Commonwealth Financial Corp. | | 88,077 | | 1,278 | |
| ^ | Tanger Factory Outlet Centers Inc. | | 86,016 | | 1,267 | |
| | Industrial Logistics Properties Trust | | 55,767 | | 1,250 | |
| | Alexander & Baldwin Inc. | | 59,330 | | 1,244 | |
| | Uniti Group Inc. | | 150,597 | | 1,236 | |
| | Universal Health Realty Income Trust | | 10,489 | | 1,231 | |
| ^ | Arbor Realty Trust Inc. | | 84,363 | | 1,211 | |
| | Berkshire Hills Bancorp Inc. | | 36,800 | | 1,210 | |
| | Brookline Bancorp Inc. | | 73,198 | | 1,205 | |
| | Summit Hotel Properties Inc. | | 97,548 | | 1,204 | |
| | Monmouth Real Estate Investment Corp. | | 83,130 | | 1,204 | |
| | BancFirst Corp. | | 19,215 | | 1,200 | |
| | City Holding Co. | | 14,498 | | 1,188 | |
| | Park National Corp. | | 11,535 | | 1,181 | |
| | Mercury General Corp. | | 23,950 | | 1,167 | |
| | Hamilton Lane Inc. Class A | | 19,564 | | 1,166 | |
| | Seritage Growth Properties Class A | | 28,454 | | 1,140 | |
| | First Bancorp | | 28,478 | | 1,137 | |
| | Sandy Spring Bancorp Inc. | | 29,891 | | 1,132 | |
| | Flagstar Bancorp Inc. | | 29,476 | | 1,127 | |
| | OceanFirst Financial Corp. | | 44,029 | | 1,125 | |
| | Safety Insurance Group Inc. | | 12,100 | | 1,120 | |
| | OFG Bancorp | | 47,383 | | 1,119 | |
| | Meta Financial Group Inc. | | 30,553 | | 1,115 | |
| | Lakeland Financial Corp. | | 22,760 | | 1,114 | |
| | James River Group Holdings Ltd. | | 26,739 | | 1,102 | |
| | Nelnet Inc. Class A | | 18,916 | | 1,102 | |
| | Enterprise Financial Services Corp. | | 22,647 | | 1,092 | |
| | Tompkins Financial Corp. | | 11,757 | | 1,076 | |
| | AMERISAFE Inc. | | 16,217 | | 1,071 | |
| | Waddell & Reed Financial Inc. Class A | | 63,737 | | 1,066 | |
| | RPT Realty | | 70,559 | | 1,061 | |
| | Getty Realty Corp. | | 32,126 | | 1,056 | |
| | Employers Holdings Inc. | | 25,275 | | 1,055 | |
| | TPG RE Finance Trust Inc. | | 51,850 | | 1,051 | |
| | American National Insurance Co. | | 8,821 | | 1,038 | |
| | Independence Realty Trust Inc. | | 73,590 | | 1,036 | |
| | Southside Bancshares Inc. | | 27,860 | | 1,035 | |
| | Virtu Financial Inc. Class A | | 64,347 | | 1,029 | |
| | ARMOUR Residential REIT Inc. | | 57,149 | | 1,021 | |
| * | LendingClub Corp. | | 79,742 | | 1,006 | |
| | Colony Credit Real Estate Inc. | | 75,357 | | 992 | |
| | TFS Financial Corp. | | 50,380 | | 991 | |
| * | Green Dot Corp. Class A | | 42,399 | | 988 | |
| | National Bank Holdings Corp. Class A | | 27,571 | | 971 | |
| | Armada Hoffler Properties Inc. | | 52,430 | | 962 | |
| | Piper Jaffray Cos. | | 11,892 | | 951 | |
| | Boston Private Financial Holdings Inc. | | 78,736 | | 947 | |
| * | Encore Capital Group Inc. | | 25,884 | | 915 | |
| | | | | | | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | Realogy Holdings Corp. | | 93,800 | | 908 | |
| | Kearny Financial Corp. | | 65,417 | | 905 | |
| | PennyMac Financial Services Inc. | | 26,427 | | 900 | |
| | United Fire Group Inc. | | 20,202 | | 883 | |
| | PJT Partners Inc. | | 19,447 | | 878 | |
| | Carolina Financial Corp. | | 20,176 | | 872 | |
| | Heritage Financial Corp. | | 30,438 | | 861 | |
| | German American Bancorp Inc. | | 24,015 | | 855 | |
| | Brookfield Property REIT Inc. Class A | | 45,905 | | 847 | |
| | Franklin Street Properties Corp. | | 98,415 | | 842 | |
| | TriCo Bancshares | | 20,418 | | 833 | |
| * | Nicolet Bankshares Inc. | | 11,206 | | 828 | |
| * | Ambac Financial Group Inc. | | 37,777 | | 815 | |
| | Preferred Bank | | 13,521 | | 812 | |
| * | WillScot Corp. Class A | | 43,768 | | 809 | |
| | iStar Inc. | | 55,726 | | 809 | |
| * | HomeStreet Inc. | | 23,088 | | 785 | |
| | Heritage Commerce Corp. | | 60,971 | | 782 | |
| * | Marcus & Millichap Inc. | | 20,957 | | 781 | |
| | NexPoint Residential Trust Inc. | | 17,203 | | 774 | |
| | Investors Real Estate Trust | | 10,641 | | 771 | |
| * | Enova International Inc. | | 31,739 | | 764 | |
| | Granite Point Mortgage Trust Inc. | | 41,422 | | 761 | |
| * | Mr Cooper Group Inc. | | 60,343 | | 755 | |
| | Meridian Bancorp Inc. | | 37,362 | | 751 | |
| | Universal Insurance Holdings Inc. | | 26,318 | | 737 | |
| | Origin Bancorp Inc. | | 19,150 | | 725 | |
| | Central Pacific Financial Corp. | | 24,389 | | 721 | |
| | TrustCo Bank Corp. NY | | 82,939 | | 719 | |
| | Stewart Information Services Corp. | | 17,620 | | 719 | |
| * | Allegiance Bancshares Inc. | | 19,113 | | 719 | |
| | Chatham Lodging Trust | | 38,958 | | 714 | |
| * | Triumph Bancorp Inc. | | 18,637 | | 709 | |
| ^ | Innovative Industrial Properties Inc. | | 9,092 | | 690 | |
| * | MBIA Inc. | | 74,024 | | 688 | |
| * | Third Point Reinsurance Ltd. | | 65,400 | | 688 | |
| * | Focus Financial Partners Inc. Class A | | 23,279 | | 686 | |
| | Dime Community Bancshares Inc. | | 32,379 | | 676 | |
| | Virtus Investment Partners Inc. | | 5,523 | | 672 | |
| * | Columbia Financial Inc. | | 39,498 | | 669 | |
| ^ | Washington Prime Group Inc. | | 182,415 | | 664 | |
| * | Customers Bancorp Inc. | | 27,711 | | 660 | |
| | Brightsphere Investment Group Inc. | | 64,232 | | 656 | |
| | Stock Yards Bancorp Inc. | | 15,916 | | 654 | |
| | Banc of California Inc. | | 37,714 | | 648 | |
| | Capstead Mortgage Corp. | | 81,316 | | 644 | |
| | Lakeland Bancorp Inc. | | 36,616 | | 636 | |
| | Community Healthcare Trust Inc. | | 14,808 | | 635 | |
| | Northfield Bancorp Inc. | | 37,390 | | 634 | |
| | City Office REIT Inc. | | 46,610 | | 630 | |
| | New Senior Investment Group Inc. | | 82,301 | | 630 | |
| | Midland States Bancorp Inc. | | 21,539 | | 624 | |
| | National Western Life Group Inc. Class A | | 2,144 | | 624 | |
| | Alexander's Inc. | | 1,885 | | 623 | |
| | CBTX Inc. | | 19,652 | | 612 | |
| | Peapack Gladstone Financial Corp. | | 19,698 | | 609 | |
| | Bryn Mawr Bank Corp. | | 14,718 | | 607 | |
| | Univest Financial Corp. | | 22,507 | | 603 | |
| | RE/MAX Holdings Inc. Class A | | 15,637 | | 602 | |
| | First Bancshares Inc. | | 16,891 | | 600 | |
| | Federal Agricultural Mortgage Corp. | | 7,166 | | 598 | |
| | Hanmi Financial Corp. | | 29,756 | | 595 | |
| | RMR Group Inc. Class A | | 13,025 | | 594 | |
| | First of Long Island Corp. | | 23,251 | | 583 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | Opus Bank | | 22,425 | | 580 | |
| | Urstadt Biddle Properties Inc. Class A | | 23,329 | | 579 | |
| | FB Financial Corp. | | 14,542 | | 576 | |
| * | St. Joe Co. | | 28,982 | | 575 | |
| | WisdomTree Investments Inc. | | 118,321 | | 573 | |
| | ConnectOne Bancorp Inc. | | 22,262 | | 573 | |
| | Washington Trust Bancorp Inc. | | 10,612 | | 571 | |
| | CatchMark Timber Trust Inc. Class A | | 49,512 | | 568 | |
| * | INTL. FCStone Inc. | | 11,591 | | 566 | |
| | State Auto Financial Corp. | | 18,211 | | 565 | |
| | Gladstone Commercial Corp. | | 25,789 | | 564 | |
| | Republic Bancorp Inc.Class A | | 11,932 | | 558 | |
| | Great Southern Bancorp Inc. | | 8,698 | | 551 | |
| | Horizon Bancorp Inc. | | 28,865 | | 548 | |
| * | Carter Bank & Trust | | 23,054 | | 547 | |
| | Ellington Financial Inc. | | 29,800 | | 546 | |
| * | TriState Capital Holdings Inc. | | 20,232 | | 528 | |
| | Community Trust Bancorp Inc. | | 11,234 | | 524 | |
| | Saul Centers Inc. | | 9,891 | | 522 | |
| | QCR Holdings Inc. | | 11,892 | | 522 | |
| | People's Utah Bancorp | | 17,258 | | 520 | |
| | Retail Value Inc. | | 14,022 | | 516 | |
| | Preferred Apartment Communities Inc. Class A | | 38,542 | | 513 | |
| | Front Yard Residential Corp. | | 41,596 | | 513 | |
| * | Palomar Holdings Inc. Class A | | 10,149 | | 512 | |
| | UMH Properties Inc. | | 31,792 | | 500 | |
| | Safehold Inc. | | 12,197 | | 492 | |
| | Camden National Corp. | | 10,634 | | 490 | |
| | First Foundation Inc. | | 28,055 | | 488 | |
| | American National Bankshares Inc. | | 12,302 | | 487 | |
| * | World Acceptance Corp. | | 5,632 | | 487 | |
| | Clearway Energy Inc. Class A | | 25,327 | | 484 | |
| | Byline Bancorp Inc. | | 24,690 | | 483 | |
| | Whitestone REIT | | 35,347 | | 481 | |
| | Western Asset Mortgage Capital Corp. | | 46,368 | | 479 | |
| | AG Mortgage Investment Trust Inc. | | 31,006 | | 478 | |
| | Ready Capital Corp. | | 30,877 | | 476 | |
| * | Bancorp Inc. | | 36,113 | | 468 | |
| | First Defiance Financial Corp. | | 14,815 | | 467 | |
| | Flushing Financial Corp. | | 21,591 | | 466 | |
| | Waterstone Financial Inc. | | 24,139 | | 459 | |
| | FBL Financial Group Inc. Class A | | 7,741 | | 456 | |
| | Bridge Bancorp Inc. | | 13,560 | | 455 | |
| | Hersha Hospitality Trust Class A | | 30,464 | | 443 | |
| | Peoples Bancorp Inc. | | 12,777 | | 443 | |
| | CorEnergy Infrastructure Trust Inc. | | 9,866 | | 441 | |
| | Bank First Corp. | | 6,300 | | 441 | |
| | Bank of Marin Bancorp | | 9,648 | | 435 | |
| | Mercantile Bank Corp. | | 11,852 | | 432 | |
| | KKR Real Estate Finance Trust Inc. | | 21,141 | | 432 | |
| | First Financial Corp. | | 9,252 | | 423 | |
| | Global Medical REIT Inc. | | 31,940 | | 423 | |
| | United Community Financial Corp. | | 34,569 | | 403 | |
| | Goosehead Insurance Inc. Class A | | 9,479 | | 402 | |
| | Independent Bank Corp. | | 17,529 | | 397 | |
| | MidWestOne Financial Group Inc. | | 10,700 | | 388 | |
| * | Watford Holdings Ltd. | | 15,300 | | 385 | |
| | RBB Bancorp | | 18,000 | | 381 | |
| * | Cowen Inc. Class A | | 24,160 | | 381 | |
| | CorePoint Lodging Inc. | | 35,204 | | 376 | |
| | Alerus Financial Corp. | | 16,141 | | 369 | |
| | Arrow Financial Corp. | | 9,710 | | 367 | |
| | Victory Capital Holdings Inc. Class A | | 17,377 | | 364 | |
| | First Community Bankshares Inc. | | 11,537 | | 358 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Assetmark Financial Holdings Inc. | | 12,143 | | 352 | |
| | Franklin Financial Network Inc. | | 10,257 | | 352 | |
| * | BRP Group Inc. Class A | | 21,866 | | 351 | |
| | 1st Source Corp. | | 6,680 | | 347 | |
| | Jernigan Capital Inc. | | 18,034 | | 345 | |
| | Diamond Hill Investment Group Inc. | | 2,446 | | 344 | |
| | Sculptor Capital Management Inc. Class A | | 15,482 | | 342 | |
| * | Bridgewater Bancshares Inc. | | 24,367 | | 336 | |
| | Dynex Capital Inc. | | 19,751 | | 335 | |
| * | Amerant Bancorp Inc. | | 15,321 | | 334 | |
| | CNB Financial Corp. | | 10,149 | | 332 | |
| | Bar Harbor Bankshares | | 13,006 | | 330 | |
| | Live Oak Bancshares Inc. | | 17,311 | | 329 | |
| * | Baycom Corp. | | 14,250 | | 324 | |
| | Business First Bancshares Inc. | | 12,976 | | 323 | |
| | Financial Institutions Inc. | | 10,038 | | 322 | |
| | Ares Commercial Real Estate Corp. | | 20,282 | | 321 | |
| * | Equity Bancshares Inc. Class A | | 10,342 | | 319 | |
| *,^ | eXp World Holdings Inc. | | 27,949 | | 317 | |
| * | Atlantic Capital Bancshares Inc. | | 17,184 | | 315 | |
| | HomeTrust Bancshares Inc. | | 11,616 | | 312 | |
| | Westwood Holdings Group Inc. | | 10,426 | | 309 | |
| | Orchid Island Capital Inc. | | 52,315 | | 306 | |
| | First Mid Bancshares Inc. | | 8,667 | | 306 | |
| | Farmers National Banc Corp. | | 18,510 | | 302 | |
| | First Internet Bancorp | | 12,720 | | 302 | |
| | First Choice Bancorp | | 11,186 | | 302 | |
| | Orrstown Financial Services Inc. | | 13,332 | | 302 | |
| * | Forestar Group Inc. | | 14,329 | | 299 | |
| * | Metropolitan Bank Holding Corp. | | 6,188 | | 298 | |
| * | Randolph Bancorp Inc. | | 16,778 | | 296 | |
| | Cambridge Bancorp | | 3,671 | | 294 | |
| | HCI Group Inc. | | 6,410 | | 293 | |
| | Ladenburg Thalmann Financial Services Inc. | | 82,809 | | 288 | |
| | One Liberty Properties Inc. | | 10,579 | | 288 | |
| | Exantas Capital Corp. | | 24,347 | | 288 | |
| * | EZCORP Inc. Class A | | 41,670 | | 284 | |
| * | Spirit of Texas Bancshares Inc. | | 12,308 | | 283 | |
| | SB One Bancorp | | 11,084 | | 276 | |
| * | Greenlight Capital Re Ltd. Class A | | 27,050 | | 273 | |
| | Amalgamated Bank Class A | | 13,999 | | 272 | |
| | Old Second Bancorp Inc. | | 20,067 | | 270 | |
| | PCSB Financial Corp. | | 13,132 | | 266 | |
| ^ | Pennsylvania REIT | | 49,666 | | 265 | |
| | Heritage Insurance Holdings Inc. | | 19,766 | | 262 | |
| | Merchants Bancorp | | 13,172 | | 260 | |
| * | Pacific Mercantile Bancorp | | 31,645 | | 257 | |
| * | FRP Holdings Inc. | | 5,128 | | 255 | |
| | Cedar Realty Trust Inc. | | 86,316 | | 255 | |
| | Capstar Financial Holdings Inc. | | 15,265 | | 254 | |
| | Braemar Hotels & Resorts Inc. | | 28,386 | | 253 | |
| | Plymouth Industrial REIT Inc. | | 13,717 | | 252 | |
| * | PICO Holdings Inc. | | 22,524 | | 250 | |
| | Bluerock Residential Growth REIT Inc. Class A | | 20,718 | | 250 | |
| | Mid Penn Bancorp Inc. | | 8,647 | | 249 | |
| | Citizens & Northern Corp. | | 8,811 | | 249 | |
| | Safeguard Scientifics Inc. | | 22,542 | | 248 | |
| | Sierra Bancorp | | 8,494 | | 247 | |
| | West Bancorporation Inc. | | 9,617 | | 246 | |
| | BBX Capital Corp. Class A | | 50,915 | | 243 | |
| | Civista Bancshares Inc. | | 10,116 | | 243 | |
| | Cherry Hill Mortgage Investment Corp. | | 16,365 | | 239 | |
| * | Hallmark Financial Services Inc. | | 13,459 | | 236 | |
| | Anworth Mortgage Asset Corp. | | 67,152 | | 236 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Pioneer Bancorp Inc. | | 15,418 | | 236 | |
| * | Richmond Mutual Bancorporation Inc. | | 14,600 | | 233 | |
| | Greenhill & Co. Inc. | | 13,600 | | 232 | |
| | Oak Valley Bancorp | | 11,820 | | 230 | |
| * | PDL Community Bancorp | | 15,513 | | 228 | |
| | Home Bancorp Inc. | | 5,803 | | 227 | |
| * | Republic First Bancorp Inc. | | 54,003 | | 226 | |
| | Ashford Hospitality Trust Inc. | | 79,633 | | 222 | |
| | First Bancorp Inc. | | 7,333 | | 222 | |
| | Urstadt Biddle Properties Inc. | | 11,046 | | 219 | |
| * | Howard Bancorp Inc. | | 12,984 | | 219 | |
| | Southern National Bancorp of Virginia Inc. | | 13,308 | | 218 | |
| | Peoples Financial Services Corp. | | 4,308 | | 217 | |
| * | International Money Express Inc. | | 18,000 | | 217 | |
| * | Medallion Financial Corp. | | 29,600 | | 215 | |
| * | Citizens Inc. Class A | | 31,480 | | 212 | |
| | Community Financial Corp. | | 5,956 | | 212 | |
| | Global Indemnity Ltd. | | 7,114 | | 211 | |
| * | Tejon Ranch Co. | | 13,043 | | 208 | |
| * | MainStreet Bancshares Inc. | | 8,911 | | 205 | |
| | SmartFinancial Inc. | | 8,647 | | 205 | |
| | Gladstone Land Corp. | | 15,740 | | 204 | |
| | Enterprise Bancorp Inc. | | 6,024 | | 204 | |
| | Oppenheimer Holdings Inc. Class A | | 7,396 | | 203 | |
| | United Security Bancshares | | 18,866 | | 202 | |
| * | Coastal Financial Corp. | | 12,289 | | 202 | |
| | Hingham Institution for Savings | | 962 | | 202 | |
| | Franklin Financial Services Corp. | | 5,214 | | 202 | |
| | Central Valley Community Bancorp | | 9,286 | | 201 | |
| * | Regional Management Corp. | | 6,593 | | 198 | |
| | LCNB Corp. | | 10,252 | | 198 | |
| | Guaranty Bancshares Inc. | | 6,015 | | 198 | |
| | Ellington Residential Mortgage REIT | | 18,173 | | 197 | |
| | FS Bancorp Inc. | | 3,069 | | 196 | |
| * | MMA Capital Holdings Inc. | | 6,100 | | 194 | |
| | Hawthorn Bancshares Inc. | | 7,600 | | 194 | |
| | Summit Financial Group Inc. | | 7,124 | | 193 | |
| | Capital City Bank Group Inc. | | 6,319 | | 193 | |
| | Southern Missouri Bancorp Inc. | | 5,023 | | 193 | |
| | Farmers & Merchants Bancorp Inc. | | 6,384 | | 192 | |
| *,^ | Health Insurance Innovations Inc. Class A | | 9,960 | | 192 | |
| * | Southern First Bancshares Inc. | | 4,512 | | 192 | |
| * | On Deck Capital Inc. | | 46,277 | | 192 | |
| | FNCB Bancorp Inc. | | 22,643 | | 191 | |
| * | First Western Financial Inc. | | 11,600 | | 191 | |
| * | FVCBankcorp Inc. | | 10,750 | | 188 | |
| | National Bankshares Inc. | | 4,164 | | 187 | |
| | Consolidated-Tomoka Land Co. | | 3,057 | | 184 | |
| | PCB Bancorp | | 10,610 | | 183 | |
| * | HarborOne Bancorp Inc. | | 16,465 | | 181 | |
| | United Insurance Holdings Corp. | | 14,207 | | 179 | |
| | FedNat Holding Co. | | 10,699 | | 178 | |
| | Luther Burbank Corp. | | 15,347 | | 177 | |
| | ACNB Corp. | | 4,637 | | 175 | |
| | Protective Insurance Corp. Class B | | 10,856 | | 175 | |
| | Century Bancorp Inc. Class A | | 1,900 | | 171 | |
| | MutualFirst Financial Inc. | | 4,298 | | 171 | |
| | Arlington Asset Investment Corp. Class A | | 30,471 | | 170 | |
| | Fidelity D&D Bancorp Inc. | | 2,713 | | 169 | |
| | Northrim BanCorp Inc. | | 4,327 | | 166 | |
| | Level One Bancorp Inc. | | 6,551 | | 165 | |
| | Sterling Bancorp Inc. | | 20,200 | | 164 | |
| | Codorus Valley Bancorp Inc. | | 7,091 | | 163 | |
| | Marlin Business Services Corp. | | 7,373 | | 162 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| | Penns Woods Bancorp Inc. | | 4,312 | | 153 | |
| | Macatawa Bank Corp. | | 13,643 | | 152 | |
| | Great Ajax Corp. | | 10,143 | | 150 | |
| | Farmland Partners Inc. | | 21,975 | | 149 | |
| | Clipper Realty Inc. | | 14,042 | | 149 | |
| | Investar Holding Corp. | | 6,106 | | 147 | |
| | Investors Title Co. | | 915 | | 146 | |
| | Norwood Financial Corp. | | 3,727 | | 145 | |
| | Premier Financial Bancorp Inc. | | 7,891 | | 143 | |
| | BankFinancial Corp. | | 10,939 | | 143 | |
| | Western New England Bancorp Inc. | | 14,848 | | 143 | |
| * | Select Bancorp Inc. | | 11,590 | | 143 | |
| | Territorial Bancorp Inc. | | 4,529 | | 140 | |
| | Reliant Bancorp Inc. | | 6,284 | | 140 | |
| | First Northwest Bancorp | | 7,546 | | 137 | |
| | Standard AVB Financial Corp. | | 4,450 | | 133 | |
| * | Rafael Holdings Inc. Class B | | 7,468 | | 133 | |
| | Middlefield Banc Corp. | | 5,094 | | 133 | |
| | First Bank | | 11,738 | | 130 | |
| | Tiptree Inc. | | 15,559 | | 127 | |
| * | Entegra Financial Corp. | | 4,157 | | 125 | |
| | Pzena Investment Management Inc. Class A | | 14,523 | | 125 | |
| | South Plains Financial Inc. | | 5,944 | | 124 | |
| | CBL & Associates Properties Inc. | | 116,777 | | 123 | |
| | Riverview Bancorp Inc. | | 14,806 | | 122 | |
| | Northeast Bank | | 5,474 | | 120 | |
| | Independence Holding Co. | | 2,858 | | 120 | |
| | Mackinac Financial Corp. | | 6,869 | | 120 | |
| | BCB Bancorp Inc. | | 8,673 | | 120 | |
| * | Stratus Properties Inc. | | 3,856 | | 119 | |
| | Shore Bancshares Inc. | | 6,832 | | 119 | |
| | MVB Financial Corp. | | 4,743 | | 118 | |
| | Parke Bancorp Inc. | | 4,622 | | 117 | |
| | First Financial Northwest Inc. | | 7,628 | | 114 | |
| | First Business Financial Services Inc. | | 4,314 | | 114 | |
| | Bank of Princeton | | 3,544 | | 112 | |
| | Chemung Financial Corp. | | 2,549 | | 108 | |
| | First Community Corp. | | 4,821 | | 104 | |
| | Bank of Commerce Holdings | | 8,874 | | 103 | |
| * | Malvern Bancorp Inc. | | 4,442 | | 103 | |
| | Timberland Bancorp Inc. | | 3,406 | | 101 | |
| | Hunt Cos. Finance Trust Inc. | | 30,449 | | 98 | |
| | ESSA Bancorp Inc. | | 5,800 | | 98 | |
| | Community Bankers Trust Corp. | | 10,847 | | 96 | |
| | Prudential Bancorp Inc. | | 5,160 | | 96 | |
| | Evans Bancorp Inc. | | 2,377 | | 95 | |
| * | Esquire Financial Holdings Inc. | | 3,649 | | 95 | |
| | First Guaranty Bancshares Inc. | | 4,349 | | 95 | |
| | C&F Financial Corp. | | 1,671 | | 92 | |
| * | Curo Group Holdings Corp. | | 7,413 | | 90 | |
| * | NI Holdings Inc. | | 5,165 | | 89 | |
| | Donegal Group Inc. Class A | | 5,852 | | 87 | |
| | OP Bancorp | | 8,347 | | 87 | |
| | SB Financial Group Inc. | | 4,383 | | 86 | |
| | Associated Capital Group Inc. Class A | | 2,140 | | 84 | |
| * | Ocwen Financial Corp. | | 60,153 | | 82 | |
| | Bankwell Financial Group Inc. | | 2,772 | | 80 | |
| | Sachem Capital Corp. | | 17,836 | | 77 | |
| * | MoneyGram International Inc. | | 36,300 | | 76 | |
| | Greene County Bancorp Inc. | | 2,506 | | 72 | |
| | 1st Constitution Bancorp | | 3,259 | | 72 | |
| | Unity Bancorp Inc. | | 3,156 | | 71 | |
| | Provident Financial Holdings Inc. | | 3,235 | | 71 | |
| | BRT Apartments Corp. | | 4,134 | | 70 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Aspen Group Inc. | | 8,631 | | 69 | |
| | Sotherly Hotels Inc. | | 10,121 | | 69 | |
| | First United Corp. | | 2,828 | | 68 | |
| | GAIN Capital Holdings Inc. | | 16,918 | | 67 | |
| * | HBT Financial Inc. | | 3,343 | | 63 | |
| | Peoples Bancorp of North Carolina Inc. | | 1,927 | | 63 | |
| * | ProSight Global Inc. | | 3,869 | | 62 | |
| | Union Bankshares Inc. | | 1,684 | | 61 | |
| | Kingstone Cos. Inc. | | 7,803 | | 60 | |
| | CB Financial Services Inc. | | 2,000 | | 60 | |
| | Griffin Industrial Realty Inc. | | 1,523 | | 60 | |
| * | Impac Mortgage Holdings Inc. | | 10,822 | | 57 | |
| | Two River Bancorp | | 2,527 | | 57 | |
| * | Provident Bancorp Inc. | | 4,080 | | 51 | |
| * | Altisource Portfolio Solutions SA | | 2,562 | | 50 | |
| | Ohio Valley Banc Corp. | | 1,244 | | 49 | |
| | First Savings Financial Group Inc. | | 703 | | 47 | |
| | Global Self Storage Inc. | | 10,820 | | 47 | |
| * | Oportun Financial Corp. | | 1,884 | | 45 | |
| *,^,§ | Tobira Therapeutics CVR Exp. 12/31/2028 | | 9,469 | | 43 | |
| | Blue Capital Reinsurance Holdings Ltd. | | 6,006 | | 41 | |
| * | FlexShopper Inc. | | 16,024 | | 41 | |
| * | Ashford Inc. | | 1,665 | | 39 | |
| * | Security National Financial Corp. Class A | | 6,574 | | 38 | |
| | Old Point Financial Corp. | | 1,344 | | 37 | |
| | AmeriServ Financial Inc. | | 8,751 | | 37 | |
| | Manning & Napier Inc. | | 20,773 | | 36 | |
| | Federal Agricultural Mortgage Corp. Class A | | 484 | | 36 | |
| | Bank7 Corp. | | 1,874 | | 36 | |
| | Spirit MTA REIT | | 44,200 | | 34 | |
| | Silvercrest Asset Management Group Inc. Class A | | 2,679 | | 34 | |
| * | GWG Holdings Inc. | | 3,403 | | 33 | |
| | Plumas Bancorp | | 1,230 | | 32 | |
| | Severn Bancorp Inc. | | 2,872 | | 27 | |
| | Medley Management Inc. Class A | | 8,498 | | 25 | |
| * | Elevate Credit Inc. | | 5,276 | | 23 | |
| | Hennessy Advisors Inc. | | 2,219 | | 22 | |
| *,^ | Wheeler REIT Inc. | | 13,002 | | 21 | |
| * | Transcontinental Realty Investors Inc. | | 475 | | 19 | |
| * | Consumer Portfolio Services Inc. | | 5,489 | | 19 | |
| * | Maui Land & Pineapple Co. Inc. | | 1,478 | | 17 | |
| | US Global Investors Inc. Class A | | 9,831 | | 14 | |
| | Condor Hospitality Trust Inc. | | 1,282 | | 14 | |
| * | Meridian Corp. | | 591 | | 12 | |
| * | HV Bancorp Inc. | | 630 | | 11 | |
| | Manhattan Bridge Capital Inc. | | 1,586 | | 10 | |
| * | 1347 Property Insurance Holdings Inc. | | 1,775 | | 10 | |
| * | Capital Bancorp Inc. | | 594 | | 9 | |
| * | Nicholas Financial Inc. | | 983 | | 8 | |
| | Bank of South Carolina Corp. | | 430 | | 8 | |
| *,^ | Riot Blockchain Inc. | | 7,199 | | 8 | |
| * | Altisource Asset Management Corp. | | 592 | | 7 | |
| | Sound Financial Bancorp Inc. | | 195 | | 7 | |
| | Tremont Mortgage Trust | | 1,379 | | 7 | |
| | WVS Financial Corp. | | 394 | | 6 | |
| | County Bancorp Inc. | | 243 | | 6 | |
| * | Asta Funding Inc. | | 556 | | 6 | |
| * | Community First Bancshares Inc. | | 405 | | 5 | |
| * | Central Federal Corp. | | 164 | | 2 | |
| | Ottawa Bancorp Inc. | | 138 | | 2 | |
| * | National Holdings Corp. | | 672 | | 2 | |
| *,§ | Ambit Biosciences Corp. CVR | | 1,900 | | 1 | |
| * | Broadway Financial Corp. | | 546 | | 1 | |
| * | Conifer Holdings Inc. | | 99 | | — | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Rekor Systems Inc. | | 95 | | — | |
| * | CPI Card Group Inc. | | 296 | | — | |
| *,§ | Ditech Holding Corp. Warrants Exp. 02/09/2028 | | 2,008 | | — | |
| | | 5,304,303 | |
| Health Care (7.9%) | |
| | Johnson & Johnson | | 2,256,376 | | 329,138 | |
| | UnitedHealth Group Inc. | | 812,068 | | 238,732 | |
| | Merck & Co. Inc. | | 2,184,008 | | 198,636 | |
| | Pfizer Inc. | | 4,744,549 | | 185,891 | |
| | Abbott Laboratories | | 1,515,583 | | 131,644 | |
| | Medtronic plc | | 1,148,880 | | 130,340 | |
| | Bristol-Myers Squibb Co. | | 2,000,545 | | 128,415 | |
| | Amgen Inc. | | 509,992 | | 122,944 | |
| | AbbVie Inc. | | 1,268,235 | | 112,290 | |
| | Thermo Fisher Scientific Inc. | | 343,786 | | 111,686 | |
| | Eli Lilly & Co. | | 741,739 | | 97,487 | |
| | Gilead Sciences Inc. | | 1,083,033 | | 70,375 | |
| | Anthem Inc. | | 217,526 | | 65,699 | |
| | Cigna Corp. | | 320,452 | | 65,529 | |
| | Becton Dickinson and Co. | | 231,756 | | 63,031 | |
| * | Intuitive Surgical Inc. | | 99,172 | | 58,626 | |
| | Stryker Corp. | | 272,663 | | 57,243 | |
| | Zoetis Inc. | | 408,673 | | 54,088 | |
| * | Boston Scientific Corp. | | 1,195,251 | | 54,049 | |
| | Allergan plc | | 267,315 | | 51,103 | |
| * | Vertex Pharmaceuticals Inc. | | 220,851 | | 48,355 | |
| * | Biogen Inc. | | 154,317 | | 45,790 | |
| * | Illumina Inc. | | 126,164 | | 41,854 | |
| * | Edwards Lifesciences Corp. | | 178,780 | | 41,708 | |
| | Humana Inc. | | 113,175 | | 41,481 | |
| | Baxter International Inc. | | 437,709 | | 36,601 | |
| | HCA Healthcare Inc. | | 231,825 | | 34,266 | |
| | Zimmer Biomet Holdings Inc. | | 176,431 | | 26,408 | |
| * | Regeneron Pharmaceuticals Inc. | | 69,673 | | 26,161 | |
| * | IQVIA Holdings Inc. | | 141,004 | | 21,787 | |
| * | Centene Corp. | | 336,155 | | 21,134 | |
| * | Alexion Pharmaceuticals Inc. | | 181,224 | | 19,599 | |
| * | IDEXX Laboratories Inc. | | 73,549 | | 19,206 | |
| | ResMed Inc. | | 123,929 | | 19,205 | |
| * | DexCom Inc. | | 78,371 | | 17,143 | |
| * | Align Technology Inc. | | 60,929 | | 17,002 | |
| | Teleflex Inc. | | 39,975 | | 15,048 | |
| * | WellCare Health Plans Inc. | | 43,197 | | 14,264 | |
| * | Laboratory Corp. of America Holdings | | 83,497 | | 14,125 | |
| * | Incyte Corp. | | 158,134 | | 13,808 | |
| | Cooper Cos. Inc. | | 42,680 | | 13,713 | |
| * | BioMarin Pharmaceutical Inc. | | 154,743 | | 13,083 | |
| | Cardinal Health Inc. | | 252,390 | | 12,766 | |
| | Quest Diagnostics Inc. | | 115,364 | | 12,320 | |
| * | Hologic Inc. | | 230,440 | | 12,031 | |
| * | Seattle Genetics Inc. | | 103,845 | | 11,865 | |
| * | Exact Sciences Corp. | | 127,291 | | 11,772 | |
| * | Alnylam Pharmaceuticals Inc. | | 95,854 | | 11,039 | |
| * | Varian Medical Systems Inc. | | 77,613 | | 11,022 | |
| | STERIS plc | | 71,823 | | 10,947 | |
| | Dentsply Sirona Inc. | | 190,301 | | 10,769 | |
| | West Pharmaceutical Services Inc. | | 63,375 | | 9,527 | |
| * | Elanco Animal Health Inc. | | 323,199 | | 9,518 | |
| | Universal Health Services Inc. Class B | | 65,454 | | 9,390 | |
| * | Insulet Corp. | | 53,310 | | 9,127 | |
| * | Mylan NV | | 444,851 | | 8,941 | |
| * | Neurocrine Biosciences Inc. | | 79,048 | | 8,497 | |
| * | Henry Schein Inc. | | 126,145 | | 8,416 | |
| * | Sarepta Therapeutics Inc. | | 60,784 | | 7,844 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Molina Healthcare Inc. | | 54,186 | | 7,352 | |
| * | Catalent Inc. | | 128,010 | | 7,207 | |
| | Bio-Techne Corp. | | 32,556 | | 7,146 | |
| * | Jazz Pharmaceuticals plc | | 46,739 | | 6,977 | |
| * | Bio-Rad Laboratories Inc. Class A | | 18,205 | | 6,736 | |
| * | Ionis Pharmaceuticals Inc. | | 109,424 | | 6,610 | |
| * | Masimo Corp. | | 41,225 | | 6,516 | |
| | Hill-Rom Holdings Inc. | | 57,161 | | 6,489 | |
| * | Charles River Laboratories International Inc. | | 41,751 | | 6,378 | |
| * | ABIOMED Inc. | | 37,011 | | 6,314 | |
| | Chemed Corp. | | 13,898 | | 6,105 | |
| * | PRA Health Sciences Inc. | | 53,454 | | 5,941 | |
| | Encompass Health Corp. | | 84,473 | | 5,851 | |
| * | Horizon Therapeutics plc | | 160,800 | | 5,821 | |
| | Perrigo Co. plc | | 110,488 | | 5,708 | |
| * | Novocure Ltd. | | 67,264 | | 5,668 | |
| * | DaVita Inc. | | 73,262 | | 5,497 | |
| * | Avantor Inc. | | 296,159 | | 5,375 | |
| * | Arrowhead Pharmaceuticals Inc. | | 82,546 | | 5,236 | |
| * | Medicines Co. | | 60,650 | | 5,152 | |
| *,^ | Teladoc Health Inc. | | 61,395 | | 5,140 | |
| * | Haemonetics Corp. | | 43,520 | | 5,000 | |
| * | Amedisys Inc. | | 27,740 | | 4,630 | |
| * | Exelixis Inc. | | 262,035 | | 4,617 | |
| | Bruker Corp. | | 87,498 | | 4,460 | |
| * | HealthEquity Inc. | | 59,657 | | 4,419 | |
| * | Penumbra Inc. | | 26,656 | | 4,379 | |
| * | Syneos Health Inc. | | 72,544 | | 4,315 | |
| * | ACADIA Pharmaceuticals Inc. | | 98,026 | | 4,194 | |
| * | Reata Pharmaceuticals Inc. Class A | | 19,943 | | 4,077 | |
| * | Envista Holdings Corp. | | 136,738 | | 4,053 | |
| * | Global Blood Therapeutics Inc. | | 48,604 | | 3,864 | |
| * | Globus Medical Inc. | | 65,499 | | 3,857 | |
| * | Repligen Corp. | | 40,473 | | 3,744 | |
| * | Mirati Therapeutics Inc. | | 28,526 | | 3,676 | |
| * | Integra LifeSciences Holdings Corp. | | 62,580 | | 3,647 | |
| * | Tenet Healthcare Corp. | | 91,227 | | 3,469 | |
| * | NuVasive Inc. | | 44,796 | | 3,465 | |
| * | Moderna Inc. | | 176,824 | | 3,459 | |
| * | LHC Group Inc. | | 24,517 | | 3,377 | |
| * | Nektar Therapeutics Class A | | 155,890 | | 3,365 | |
| * | Blueprint Medicines Corp. | | 40,523 | | 3,246 | |
| * | Wright Medical Group NV | | 105,916 | | 3,228 | |
| * | Immunomedics Inc. | | 152,210 | | 3,221 | |
| * | Sage Therapeutics Inc. | | 44,547 | | 3,216 | |
| * | Guardant Health Inc. | | 40,995 | | 3,203 | |
| * | ICU Medical Inc. | | 16,629 | | 3,112 | |
| * | United Therapeutics Corp. | | 35,153 | | 3,096 | |
| * | Nevro Corp. | | 26,068 | | 3,064 | |
| * | Neogen Corp. | | 46,647 | | 3,044 | |
| * | Omnicell Inc. | | 37,070 | | 3,029 | |
| * | Bluebird Bio Inc. | | 33,462 | | 2,936 | |
| * | Tandem Diabetes Care Inc. | | 47,755 | | 2,847 | |
| | CONMED Corp. | | 25,034 | | 2,800 | |
| * | Alkermes plc | | 136,872 | | 2,792 | |
| * | FibroGen Inc. | | 63,446 | | 2,721 | |
| * | Intercept Pharmaceuticals Inc. | | 21,690 | | 2,688 | |
| * | Iovance Biotherapeutics Inc. | | 96,132 | | 2,661 | |
| * | MyoKardia Inc. | | 36,487 | | 2,659 | |
| * | Acadia Healthcare Co. Inc. | | 77,803 | | 2,585 | |
| * | PTC Therapeutics Inc. | | 52,283 | | 2,511 | |
| * | Agios Pharmaceuticals Inc. | | 52,103 | | 2,488 | |
| * | NeoGenomics Inc. | | 82,276 | | 2,407 | |
| *,^ | Axsome Therapeutics Inc. | | 22,737 | | 2,350 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Quidel Corp. | | 31,308 | | 2,349 | |
| * | HMS Holdings Corp. | | 75,632 | | 2,239 | |
| * | Halozyme Therapeutics Inc. | | 124,778 | | 2,212 | |
| *,^ | Allakos Inc. | | 22,945 | | 2,188 | |
| * | Audentes Therapeutics Inc. | | 36,430 | | 2,180 | |
| | Cantel Medical Corp. | | 30,053 | | 2,131 | |
| * | Amicus Therapeutics Inc. | | 218,337 | | 2,127 | |
| * | Select Medical Holdings Corp. | | 91,072 | | 2,126 | |
| * | Natera Inc. | | 61,289 | | 2,065 | |
| * | Emergent BioSolutions Inc. | | 37,636 | | 2,030 | |
| * | Medpace Holdings Inc. | | 24,010 | | 2,018 | |
| * | Acceleron Pharma Inc. | | 37,397 | | 1,983 | |
| * | Arena Pharmaceuticals Inc. | | 43,193 | | 1,962 | |
| * | Zogenix Inc. | | 37,155 | | 1,937 | |
| * | Momenta Pharmaceuticals Inc. | | 97,500 | | 1,924 | |
| | Ensign Group Inc. | | 42,194 | | 1,914 | |
| * | ArQule Inc. | | 95,332 | | 1,903 | |
| * | Ultragenyx Pharmaceutical Inc. | | 43,447 | | 1,856 | |
| * | MEDNAX Inc. | | 66,139 | | 1,838 | |
| * | Glaukos Corp. | | 33,656 | | 1,833 | |
| * | Insmed Inc. | | 73,855 | | 1,764 | |
| * | Deciphera Pharmaceuticals Inc. | | 27,920 | | 1,738 | |
| * | Prestige Consumer Healthcare Inc. | | 42,806 | | 1,734 | |
| * | Heron Therapeutics Inc. | | 72,949 | | 1,714 | |
| * | Myriad Genetics Inc. | | 62,856 | | 1,712 | |
| * | Ironwood Pharmaceuticals Inc. Class A | | 126,686 | | 1,686 | |
| * | Pacira BioSciences Inc. | | 36,556 | | 1,656 | |
| | Patterson Cos. Inc. | | 78,942 | | 1,617 | |
| * | Kodiak Sciences Inc. | | 22,318 | | 1,606 | |
| | Healthcare Services Group Inc. | | 65,206 | | 1,586 | |
| * | iRhythm Technologies Inc. | | 22,939 | | 1,562 | |
| * | Ligand Pharmaceuticals Inc. | | 14,652 | | 1,528 | |
| * | Xencor Inc. | | 44,264 | | 1,522 | |
| * | Portola Pharmaceuticals Inc. | | 63,492 | | 1,516 | |
| * | Epizyme Inc. | | 59,901 | | 1,474 | |
| * | Cardiovascular Systems Inc. | | 29,794 | | 1,448 | |
| * | ChemoCentryx Inc. | | 36,336 | | 1,437 | |
| * | Aimmune Therapeutics Inc. | | 42,727 | | 1,430 | |
| * | Magellan Health Inc. | | 18,156 | | 1,421 | |
| *,^ | Esperion Therapeutics Inc. | | 23,775 | | 1,418 | |
| * | Merit Medical Systems Inc. | | 45,365 | | 1,416 | |
| * | Avanos Medical Inc. | | 40,853 | | 1,377 | |
| * | Ra Pharmaceuticals Inc. | | 28,850 | | 1,354 | |
| * | STAAR Surgical Co. | | 37,759 | | 1,328 | |
| * | Apellis Pharmaceuticals Inc. | | 43,322 | | 1,326 | |
| * | BioTelemetry Inc. | | 28,455 | | 1,317 | |
| * | Turning Point Therapeutics Inc. | | 20,973 | | 1,306 | |
| * | Editas Medicine Inc. | | 44,019 | | 1,303 | |
| * | Invitae Corp. | | 76,504 | | 1,234 | |
| * | Intra-Cellular Therapies Inc. | | 35,784 | | 1,228 | |
| * | Veracyte Inc. | | 43,440 | | 1,213 | |
| * | REGENXBIO Inc. | | 29,422 | | 1,205 | |
| | US Physical Therapy Inc. | | 10,443 | | 1,194 | |
| * | Inspire Medical Systems Inc. | | 15,663 | | 1,162 | |
| * | AtriCure Inc. | | 34,870 | | 1,134 | |
| * | Principia Biopharma Inc. | | 20,621 | | 1,130 | |
| * | Brookdale Senior Living Inc. | | 154,032 | | 1,120 | |
| * | Inogen Inc. | | 16,147 | | 1,103 | |
| * | Addus HomeCare Corp. | | 11,313 | | 1,100 | |
| * | Tactile Systems Technology Inc. | | 16,140 | | 1,090 | |
| * | Dicerna Pharmaceuticals Inc. | | 48,024 | | 1,058 | |
| * | Corcept Therapeutics Inc. | | 87,262 | | 1,056 | |
| | National HealthCare Corp. | | 12,114 | | 1,047 | |
| * | Coherus Biosciences Inc. | | 57,822 | | 1,041 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Forty Seven Inc. | | 26,430 | | 1,041 | |
| * | Aerie Pharmaceuticals Inc. | | 42,008 | | 1,015 | |
| * | Fate Therapeutics Inc. | | 51,316 | | 1,004 | |
| * | Theravance Biopharma Inc. | | 38,179 | | 988 | |
| *,^ | Allogene Therapeutics Inc. | | 37,616 | | 977 | |
| * | Supernus Pharmaceuticals Inc. | | 40,632 | | 964 | |
| * | Natus Medical Inc. | | 29,200 | | 963 | |
| * | Constellation Pharmaceuticals Inc. | | 20,065 | | 945 | |
| * | Denali Therapeutics Inc. | | 52,996 | | 923 | |
| * | Varex Imaging Corp. | | 30,590 | | 912 | |
| * | R1 RCM Inc. | | 70,184 | | 911 | |
| * | Enanta Pharmaceuticals Inc. | | 14,615 | | 903 | |
| * | Karyopharm Therapeutics Inc. | | 46,624 | | 894 | |
| * | 10X Genomics Inc. Class A | | 11,553 | | 881 | |
| * | CryoLife Inc. | | 32,432 | | 879 | |
| | Atrion Corp. | | 1,168 | | 878 | |
| *,^ | ZIOPHARM Oncology Inc. | | 184,031 | | 869 | |
| * | Shockwave Medical Inc. | | 19,194 | | 843 | |
| * | Hanger Inc. | | 30,289 | | 836 | |
| * | Bridgebio Pharma Inc. | | 23,813 | | 835 | |
| * | Innoviva Inc. | | 58,815 | | 833 | |
| * | Sangamo Therapeutics Inc. | | 95,153 | | 796 | |
| * | Athenex Inc. | | 51,427 | | 785 | |
| | Luminex Corp. | | 33,538 | | 777 | |
| * | Endo International plc | | 164,335 | | 771 | |
| * | CareDx Inc. | | 35,265 | | 761 | |
| * | Tricida Inc. | | 20,121 | | 759 | |
| * | Revance Therapeutics Inc. | | 46,692 | | 758 | |
| * | NanoString Technologies Inc. | | 26,856 | | 747 | |
| * | Madrigal Pharmaceuticals Inc. | | 8,172 | | 745 | |
| * | Silk Road Medical Inc. | | 18,051 | | 729 | |
| * | Radius Health Inc. | | 35,967 | | 725 | |
| * | Change Healthcare Inc. | | 43,743 | | 717 | |
| * | CorVel Corp. | | 8,154 | | 712 | |
| * | Akebia Therapeutics Inc. | | 111,408 | | 704 | |
| * | Pennant Group Inc. | | 21,097 | | 698 | |
| * | TG Therapeutics Inc. | | 62,434 | | 693 | |
| * | Rocket Pharmaceuticals Inc. | | 30,380 | | 691 | |
| * | Lantheus Holdings Inc. | | 33,532 | | 688 | |
| * | Tivity Health Inc. | | 33,514 | | 682 | |
| * | Rhythm Pharmaceuticals Inc. | | 29,599 | | 680 | |
| * | Arvinas Inc. | | 16,494 | | 678 | |
| * | Achillion Pharmaceuticals Inc. | | 111,445 | | 672 | |
| * | Vanda Pharmaceuticals Inc. | | 40,286 | | 661 | |
| * | Orthofix Medical Inc. | | 14,269 | | 659 | |
| * | Collegium Pharmaceutical Inc. | | 31,542 | | 649 | |
| * | Intersect ENT Inc. | | 26,064 | | 649 | |
| * | Atara Biotherapeutics Inc. | | 38,860 | | 640 | |
| * | Kadmon Holdings Inc. | | 139,705 | | 633 | |
| * | HealthStream Inc. | | 23,165 | | 630 | |
| * | Amphastar Pharmaceuticals Inc. | | 32,577 | | 628 | |
| | LeMaitre Vascular Inc. | | 17,295 | | 622 | |
| * | RadNet Inc. | | 30,506 | | 619 | |
| *,^ | Omeros Corp. | | 43,920 | | 619 | |
| * | Cerus Corp. | | 145,208 | | 613 | |
| * | G1 Therapeutics Inc. | | 22,493 | | 594 | |
| *,^ | Karuna Therapeutics Inc. | | 7,825 | | 590 | |
| * | Vericel Corp. | | 33,818 | | 588 | |
| * | NextCure Inc. | | 10,414 | | 587 | |
| * | Gossamer Bio Inc. | | 37,385 | | 584 | |
| * | Y-mAbs Therapeutics Inc. | | 18,675 | | 584 | |
| * | Eagle Pharmaceuticals Inc. | | 9,445 | | 567 | |
| * | Cara Therapeutics Inc. | | 34,972 | | 563 | |
| * | Cytokinetics Inc. | | 52,353 | | 555 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | ImmunoGen Inc. | | 107,461 | | 549 | |
| * | Antares Pharma Inc. | | 116,010 | | 545 | |
| * | Flexion Therapeutics Inc. | | 26,189 | | 542 | |
| *,^ | Intellia Therapeutics Inc. | | 36,782 | | 540 | |
| * | Pacific Biosciences of California Inc. | | 104,978 | | 540 | |
| * | Heska Corp. | | 5,621 | | 539 | |
| * | Anika Therapeutics Inc. | | 10,392 | | 539 | |
| * | Adverum Biotechnologies Inc. | | 45,773 | | 527 | |
| * | Quanterix Corp. | | 22,160 | | 524 | |
| * | Axogen Inc. | | 29,257 | | 523 | |
| * | Assembly Biosciences Inc. | | 25,568 | | 523 | |
| * | Relmada Therapeutics Inc. | | 13,400 | | 523 | |
| * | Amneal Pharmaceuticals Inc. | | 108,315 | | 522 | |
| * | Adaptive Biotechnologies Corp. | | 17,348 | | 519 | |
| * | ANI Pharmaceuticals Inc. | | 8,394 | | 518 | |
| * | Dermira Inc. | | 34,101 | | 517 | |
| *,^ | Cortexyme Inc. | | 9,164 | | 514 | |
| * | OPKO Health Inc. | | 346,733 | | 510 | |
| * | AngioDynamics Inc. | | 31,392 | | 503 | |
| * | IGM Biosciences Inc. | | 13,061 | | 498 | |
| * | Viking Therapeutics Inc. | | 61,875 | | 496 | |
| * | Kura Oncology Inc. | | 35,894 | | 494 | |
| * | OraSure Technologies Inc. | | 61,357 | | 493 | |
| * | Krystal Biotech Inc. | | 8,667 | | 480 | |
| * | TherapeuticsMD Inc. | | 197,251 | | 477 | |
| *,^ | Dynavax Technologies Corp. Class A | | 81,661 | | 467 | |
| * | Retrophin Inc. | | 32,887 | | 467 | |
| *,^ | Clovis Oncology Inc. | | 44,663 | | 466 | |
| * | Durect Corp. | | 121,335 | | 461 | |
| * | Cutera Inc. | | 12,390 | | 444 | |
| * | BioCryst Pharmaceuticals Inc. | | 128,009 | | 442 | |
| * | Option Care Health Inc. | | 117,538 | | 438 | |
| *,^ | SmileDirectClub Inc. | | 50,004 | | 437 | |
| * | Triple-S Management Corp. Class B | | 23,594 | | 436 | |
| * | Ardelyx Inc. | | 57,223 | | 429 | |
| * | OrthoPediatrics Corp. | | 9,089 | | 427 | |
| * | Alector Inc. | | 24,647 | | 425 | |
| *,^ | PetIQ Inc. Class A | | 16,893 | | 423 | |
| *,^ | Sorrento Therapeutics Inc. | | 122,774 | | 415 | |
| * | ViewRay Inc. | | 97,296 | | 411 | |
| * | Stemline Therapeutics Inc. | | 38,488 | | 409 | |
| * | Avrobio Inc. | | 19,986 | | 402 | |
| * | MacroGenics Inc. | | 36,411 | | 396 | |
| * | Surmodics Inc. | | 9,546 | | 395 | |
| * | Applied Therapeutics Inc. | | 14,400 | | 393 | |
| * | Voyager Therapeutics Inc. | | 27,907 | | 389 | |
| * | SI-BONE Inc. | | 18,095 | | 389 | |
| * | Rigel Pharmaceuticals Inc. | | 180,640 | | 387 | |
| * | AnaptysBio Inc. | | 23,444 | | 381 | |
| * | Matinas BioPharma Holdings Inc. | | 164,758 | | 374 | |
| *,^ | Accelerate Diagnostics Inc. | | 21,795 | | 368 | |
| * | Arcus Biosciences Inc. | | 36,232 | | 366 | |
| * | AMAG Pharmaceuticals Inc. | | 29,843 | | 363 | |
| * | BioDelivery Sciences International Inc. | | 56,918 | | 360 | |
| * | Axonics Modulation Technologies Inc. | | 12,839 | | 356 | |
| *,^ | Intrexon Corp. | | 64,708 | | 355 | |
| * | Odonate Therapeutics Inc. | | 10,760 | | 349 | |
| * | Provention Bio Inc. | | 22,799 | | 340 | |
| * | Twist Bioscience Corp. | | 16,055 | | 337 | |
| * | Synthorx Inc. | | 4,819 | | 337 | |
| * | Crinetics Pharmaceuticals Inc. | | 13,349 | | 335 | |
| * | Avid Bioservices Inc. | | 43,517 | | 334 | |
| | Meridian Bioscience Inc. | | 34,159 | | 334 | |
| | Utah Medical Products Inc. | | 3,090 | | 333 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | Market | |
| | | | | Value | |
| | | Shares | | ($000 | ) |
| *,^ | XBiotech Inc. | | 17,497 | | 327 | |
| * | Agenus Inc. | | 78,117 | | 318 | |
| * | Spectrum Pharmaceuticals Inc. | | 87,309 | | 318 | |
| | Owens & Minor Inc. | | 59,333 | | 307 | |
| * | Apollo Medical Holdings Inc. | | 16,627 | | 306 | |
| * | PDL BioPharma Inc. | | 94,187 | | 306 | |
| * | Progenics Pharmaceuticals Inc. | | 59,856 | | 305 | |
| * | Molecular Templates Inc. | | 21,660 | | 303 | |
| * | SIGA Technologies Inc. | | 62,890 | | 300 | |
| * | Eiger BioPharmaceuticals Inc. | | 19,995 | | 298 | |
| * | Pfenex Inc. | | 26,926 | | 296 | |
| * | Eidos Therapeutics Inc. | | 4,913 | | 282 | |
| * | IVERIC bio Inc. | | 32,429 | | 278 | |
| * | Recro Pharma Inc. | | 15,149 | | 278 | |
| * | Homology Medicines Inc. | | 13,250 | | 274 | |
| *,^ | Corbus Pharmaceuticals Holdings Inc. | | 50,216 | | 274 | |
| * | CytomX Therapeutics Inc. | | 32,465 | | 270 | |
| * | Puma Biotechnology Inc. | | 30,809 | | 270 | |
| * | Catalyst Pharmaceuticals Inc. | | 71,517 | | 268 | |
| * | Accuray Inc. | | 95,072 | | 268 | |
| * | Verrica Pharmaceuticals Inc. | | 16,816 | | 267 | |
| * | Community Health Systems Inc. | | 91,956 | | 267 | |
| * | Lannett Co. Inc. | | 30,199 | | 266 | |
| | Invacare Corp. | | 29,423 | | 265 | |
| * | Cue Biopharma Inc. | | 16,688 | | 265 | |
| * | Sientra Inc. | | 29,552 | | 264 | |
| * | Joint Corp. | | 16,279 | | 263 | |
| * | SpringWorks Therapeutics Inc. | | 6,747 | | 260 | |
| * | BioSpecifics Technologies Corp. | | 4,422 | | 252 | |
| * | Surgery Partners Inc. | | 15,873 | | 248 | |
| * | Magenta Therapeutics Inc. | | 16,259 | | 246 | |
| *,^ | Rubius Therapeutics Inc. | | 25,885 | | 246 | |
| *,^ | Inovio Pharmaceuticals Inc. | | 74,416 | | 246 | |
| *,^ | Mallinckrodt plc | | 69,958 | | 244 | |
| * | Kindred Biosciences Inc. | | 28,450 | | 241 | |
| * | MEI Pharma Inc. | | 93,726 | | 232 | |
| * | Calithera Biosciences Inc. | | 39,928 | | 228 | |
| * | Evolus Inc. | | 18,308 | | 223 | |
| * | Fluidigm Corp. | | 62,559 | | 218 | |
| * | Jounce Therapeutics Inc. | | 24,864 | | 217 | |
| * | Scholar Rock Holding Corp. | | 16,294 | | 215 | |
| * | Alphatec Holdings Inc. | | 29,567 | | 210 | |
| * | Harpoon Therapeutics Inc. | | 14,100 | | 209 | |
| * | Replimune Group Inc. | | 14,443 | | 207 | |
| * | Optinose Inc. | | 21,780 | | 201 | |
| * | Progyny Inc. | | 7,148 | | 196 | |
| * | Pulse Biosciences Inc. | | 14,626 | | 196 | |
| * | Minerva Neurosciences Inc. | | 27,569 | | 196 | |
| *,^ | Ocular Therapeutix Inc. | | 49,571 | | 196 | |
| * | Precision BioSciences Inc. | | 13,780 | | 191 | |
| * | GenMark Diagnostics Inc. | | 39,688 | | 191 | |
| * | GlycoMimetics Inc. | | 35,424 | | 187 | |
| * | Palatin Technologies Inc. | | 238,694 | | 187 | |
| * | TransMedics Group Inc. | | 9,791 | | 186 | |
| *,^ | CEL-SCI Corp. | | 20,242 | | 185 | |
| *,^ | MannKind Corp. | | 142,720 | | 184 | |
| * | Xeris Pharmaceuticals Inc. | | 25,828 | | 182 | |
| * | Apyx Medical Corp. | | 21,359 | | 181 | |
| * | Vapotherm Inc. | | 14,711 | | 179 | |
| *,^ | Anavex Life Sciences Corp. | | 68,577 | | 178 | |
| * | Abeona Therapeutics Inc. | | 53,886 | | 176 | |
| * | Concert Pharmaceuticals Inc. | | 19,096 | | 176 | |
| * | Stoke Therapeutics Inc. | | 6,184 | | 175 | |
| *,^ | Geron Corp. | | 128,670 | | 175 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | TCR2 Therapeutics Inc. | | 12,240 | | 175 | |
| *,^ | Lexicon Pharmaceuticals Inc. | | 41,900 | | 174 | |
| *,^ | MediciNova Inc. | | 25,702 | | 173 | |
| * | Athersys Inc. | | 139,637 | | 172 | |
| *,^ | Zynex Inc. | | 21,558 | | 170 | |
| * | Agile Therapeutics Inc. | | 66,272 | | 166 | |
| * | Exicure Inc. | | 57,794 | | 165 | |
| * | Repro-Med Systems Inc. | | 25,122 | | 164 | |
| * | Gritstone Oncology Inc. | | 18,037 | | 162 | |
| * | Mersana Therapeutics Inc. | | 28,104 | | 161 | |
| * | Spero Therapeutics Inc. | | 16,700 | | 161 | |
| * | UNITY Biotechnology Inc. | | 22,000 | | 159 | |
| * | Syros Pharmaceuticals Inc. | | 22,782 | | 157 | |
| *,^ | Amyris Inc. | | 50,500 | | 156 | |
| * | Seres Therapeutics Inc. | | 44,375 | �� | 153 | |
| *,^ | Akcea Therapeutics Inc. | | 9,007 | | 153 | |
| * | CASI Pharmaceuticals Inc. | | 48,675 | | 150 | |
| * | Translate Bio Inc. | | 17,772 | | 145 | |
| * | X4 Pharmaceuticals Inc. | | 13,208 | | 141 | |
| * | BioLife Solutions Inc. | | 8,717 | | 141 | |
| * | Enzo Biochem Inc. | | 53,422 | | 140 | |
| * | RTI Surgical Holdings Inc. | | 51,207 | | 140 | |
| * | NGM Biopharmaceuticals Inc. | | 7,564 | | 140 | |
| * | Harrow Health Inc. | | 17,757 | | 138 | |
| * | Marinus Pharmaceuticals Inc. | | 63,734 | | 138 | |
| * | Eloxx Pharmaceuticals Inc. | | 18,556 | | 137 | |
| * | Misonix Inc. | | 7,331 | | 136 | |
| * | Chiasma Inc. | | 27,483 | | 136 | |
| * | Proteostasis Therapeutics Inc. | | 58,455 | | 133 | |
| * | Kala Pharmaceuticals Inc. | | 35,600 | | 131 | |
| * | Venus Concept Inc. | | 27,875 | | 131 | |
| * | Kiniksa Pharmaceuticals Ltd. Class A | | 11,665 | | 129 | |
| * | Ovid therapeutics Inc. | | 31,087 | | 129 | |
| * | SeaSpine Holdings Corp. | | 10,657 | | 128 | |
| * | Aeglea BioTherapeutics Inc. | | 16,581 | | 127 | |
| * | XOMA Corp. | | 4,561 | | 124 | |
| *,^ | Zynerba Pharmaceuticals Inc. | | 20,500 | | 124 | |
| * | Akorn Inc. | | 80,461 | | 121 | |
| * | Aravive Inc. | | 8,819 | | 121 | |
| * | Five Prime Therapeutics Inc. | | 26,099 | | 120 | |
| *,^ | Senseonics Holdings Inc. | | 130,659 | | 120 | |
| * | Bioxcel Therapeutics Inc. | | 8,111 | | 118 | |
| * | ADMA Biologics Inc. | | 29,471 | | 118 | |
| * | Stereotaxis Inc. | | 22,229 | | 118 | |
| *,^ | Novavax Inc. | | 29,477 | | 117 | |
| * | KalVista Pharmaceuticals Inc. | | 6,551 | | 117 | |
| * | Chimerix Inc. | | 57,135 | | 116 | |
| * | FONAR Corp. | | 5,825 | | 115 | |
| * | Cymabay Therapeutics Inc. | | 56,622 | | 111 | |
| *,^ | CorMedix Inc. | | 14,815 | | 108 | |
| * | Aldeyra Therapeutics Inc. | | 18,112 | | 105 | |
| * | Assertio Therapeutics Inc. | | 80,222 | | 100 | |
| * | Aprea Therapeutics Inc. | | 2,170 | | 100 | |
| *,^ | Marker Therapeutics Inc. | | 32,805 | | 94 | |
| * | Protagonist Therapeutics Inc. | | 13,165 | | 93 | |
| * | Dyadic International Inc. | | 17,910 | | 93 | |
| *,^ | AcelRx Pharmaceuticals Inc. | | 42,458 | | 90 | |
| *,^ | Bellicum Pharmaceuticals Inc. | | 69,323 | | 89 | |
| * | Solid Biosciences Inc. | | 20,000 | | 89 | |
| * | Fortress Biotech Inc. | | 34,017 | | 87 | |
| * | BioSig Technologies Inc. | | 14,502 | | 86 | |
| * | Cyclerion Therapeutics Inc. | | 30,978 | | 84 | |
| * | Millendo Therapeutics Inc. | | 12,217 | | 82 | |
| * | Rockwell Medical Inc. | | 33,134 | | 81 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| *,^ | Catasys Inc. | | 4,876 | | 80 | |
| * | Neuronetics Inc. | | 17,687 | | 79 | |
| * | La Jolla Pharmaceutical Co. | | 20,200 | | 79 | |
| * | Acorda Therapeutics Inc. | | 38,904 | | 79 | |
| * | Harvard Bioscience Inc. | | 25,649 | | 78 | |
| *,^ | Galectin Therapeutics Inc. | | 26,902 | | 77 | |
| * | Fulgent Genetics Inc. | | 5,918 | | 76 | |
| *,^ | Viela Bio Inc. | | 2,806 | | 76 | |
| * | Conformis Inc. | | 50,053 | | 75 | |
| * | Syndax Pharmaceuticals Inc. | | 8,486 | | 74 | |
| * | CytoSorbents Corp. | | 19,216 | | 74 | |
| * | Menlo Therapeutics Inc. | | 15,038 | | 70 | |
| * | Novan Inc. | | 20,925 | | 66 | |
| * | Atreca Inc. | | 4,274 | | 66 | |
| * | PhaseBio Pharmaceuticals Inc. | | 10,646 | | 65 | |
| * | Electromed Inc. | | 7,476 | | 65 | |
| * | Avenue Therapeutics Inc. | | 6,688 | | 64 | |
| * | iRadimed Corp. | | 2,691 | | 63 | |
| * | Sesen Bio Inc. | | 58,367 | | 61 | |
| * | Catalyst Biosciences Inc. | | 8,875 | | 60 | |
| * | Akero Therapeutics Inc. | | 2,716 | | 60 | |
| * | Aclaris Therapeutics Inc. | | 30,372 | | 57 | |
| * | EyePoint Pharmaceuticals Inc. | | 36,384 | | 56 | |
| * | Aquestive Therapeutics Inc. | | 9,542 | | 56 | |
| * | Lineage Cell Therapeutics Inc. | | 60,466 | | 54 | |
| * | Opiant Pharmaceuticals Inc. | | 3,628 | | 52 | |
| * | Oncocyte Corp. | | 23,057 | | 52 | |
| * | Clearside Biomedical Inc. | | 17,849 | | 52 | |
| *,§ | Alder BioPharmaceuticals CVR Exp. 12/31/2024 | | 57,977 | | 51 | |
| * | InfuSystem Holdings Inc. | | 5,867 | | 50 | |
| * | Paratek Pharmaceuticals Inc. | | 11,835 | | 48 | |
| * | Frequency Therapeutics Inc. | | 2,717 | | 48 | |
| * | Cumberland Pharmaceuticals Inc. | | 9,187 | | 47 | |
| * | AVEO Pharmaceuticals Inc. | | 74,700 | | 47 | |
| * | Celcuity Inc. | | 4,354 | | 46 | |
| * | Otonomy Inc. | | 11,898 | | 46 | |
| * | Applied Genetic Technologies Corp. | | 9,953 | | 45 | |
| * | Chembio Diagnostics Inc. | | 9,505 | | 43 | |
| * | Baudax Bio Inc. | | 6,059 | | 42 | |
| * | Anixa Biosciences Inc. | | 12,599 | | 41 | |
| * | Endologix Inc. | | 26,100 | | 41 | |
| * | Castle Biosciences Inc. | | 1,139 | | 39 | |
| * | BrainStorm Cell Therapeutics Inc. | | 8,854 | | 38 | |
| *,^ | Tyme Technologies Inc. | | 26,570 | | 37 | |
| * | Personalis Inc. | | 3,269 | | 36 | |
| * | Mirum Pharmaceuticals Inc. | | 1,437 | | 35 | |
| * | Kezar Life Sciences Inc. | | 8,751 | | 35 | |
| * | Champions Oncology Inc. | | 3,815 | | 32 | |
| * | Cabaletta Bio Inc. | | 2,224 | | 31 | |
| * | Genocea Biosciences Inc. | | 14,841 | | 31 | |
| * | Evelo Biosciences Inc. | | 7,520 | | 31 | |
| * | Organovo Holdings Inc. | | 84,939 | | 30 | |
| * | SCYNEXIS Inc. | | 32,901 | | 30 | |
| * | Synlogic Inc. | | 11,484 | | 30 | |
| * | Exagen Inc. | | 1,161 | | 29 | |
| | Merrimack Pharmaceuticals Inc. | | 9,104 | | 29 | |
| * | Sensus Healthcare Inc. | | 8,033 | | 28 | |
| * | Genesis Healthcare Inc. | | 16,934 | | 28 | |
| * | NewLink Genetics Corp. | | 10,738 | | 27 | |
| * | Checkpoint Therapeutics Inc. | | 15,425 | | 27 | |
| | Psychemedics Corp. | | 2,717 | | 25 | |
| * | ContraFect Corp. | | 39,895 | | 25 | |
| * | Liquidia Technologies Inc. | | 5,777 | | 25 | |
| * | CTI BioPharma Corp. | | 15,576 | | 25 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| * | Helius Medical Technologies Inc. Class A | | 25,343 | | 25 | |
| * | Adamas Pharmaceuticals Inc. | | 6,400 | | 24 | |
| * | Celsion Corp. | | 14,074 | | 24 | |
| * | Savara Inc. | | 5,343 | | 24 | |
| * | American Renal Associates Holdings Inc. | | 2,300 | | 24 | |
| *,^ | Verastem Inc. | | 17,640 | | 24 | |
| * | Mustang Bio Inc. | | 5,727 | | 23 | |
| * | Oyster Point Pharma Inc. | | 933 | | 23 | |
| * | Prevail Therapeutics Inc. | | 1,434 | | 23 | |
| * | Vermillion Inc. | | 27,757 | | 22 | |
| * | Satsuma Pharmaceuticals Inc. | | 1,113 | | 22 | |
| * | Apollo Endosurgery Inc. | | 7,315 | | 21 | |
| * | IRIDEX Corp. | | 8,974 | | 20 | |
| * | Catabasis Pharmaceuticals Inc. | | 3,351 | | 20 | |
| * | Alpine Immune Sciences Inc. | | 5,130 | | 20 | |
| * | Vir Biotechnology Inc. | | 1,529 | | 19 | |
| * | Galera Therapeutics Inc. | | 1,409 | | 19 | |
| * | Hookipa Pharma Inc. | | 1,430 | | 17 | |
| * | Strata Skin Sciences Inc. | | 8,329 | | 17 | |
| * | Spring Bank Pharmaceuticals Inc. | | 10,918 | | 17 | |
| * | Alimera Sciences Inc. | | 2,158 | | 16 | |
| * | Orgenesis Inc. | | 3,461 | | 16 | |
| *,^ | Enochian Biosciences Inc. | | 2,973 | | 15 | |
| * | Actinium Pharmaceuticals Inc. | | 68,434 | | 15 | |
| *,^ | Second Sight Medical Products Inc. | | 19,388 | | 14 | |
| *,^ | TransEnterix Inc. | | 9,423 | | 14 | |
| * | Sutro Biopharma Inc. | | 1,239 | | 14 | |
| * | T2 Biosystems Inc. | | 11,541 | | 13 | |
| * | Sunesis Pharmaceuticals Inc. | | 39,751 | | 13 | |
| * | Heat Biologics Inc. | | 28,258 | | 13 | |
| * | Ekso Bionics Holdings Inc. | | 33,062 | | 13 | |
| * | Soligenix Inc. | | 8,654 | | 13 | |
| * | Tela Bio Inc. | | 947 | | 12 | |
| * | Soleno Therapeutics Inc. | | 4,140 | | 12 | |
| * | AdaptHealth Corp. | | 1,101 | | 12 | |
| * | Curis Inc. | | 6,898 | | 12 | |
| * | AquaBounty Technologies Inc. | | 5,078 | | 11 | |
| * | resTORbio Inc. | | 7,227 | | 11 | |
| * | Xtant Medical Holdings Inc. | | 6,372 | | 10 | |
| * | Surface Oncology Inc. | | 5,374 | | 10 | |
| * | Aptevo Therapeutics Inc. | | 15,236 | | 10 | |
| * | Altimmune Inc. | | 4,971 | | 9 | |
| * | Moleculin Biotech Inc. | | 10,228 | | 9 | |
| * | Cocrystal Pharma Inc. | | 17,553 | | 9 | |
| * | AgeX Therapeutics Inc. | | 4,590 | | 8 | |
| * | Corvus Pharmaceuticals Inc. | | 1,535 | | 8 | |
| * | KemPharm Inc. | | 20,749 | | 8 | |
| * | Caladrius Biosciences Inc. | | 3,127 | | 8 | |
| * | Allena Pharmaceuticals Inc. | | 2,783 | | 8 | |
| * | OncoSec Medical Inc. | | 4,027 | | 7 | |
| * | Leap Therapeutics Inc. | | 6,443 | | 7 | |
| *,§ | OncoMed Pharmaceuticals Inc. CVR | | 23,234 | | 6 | |
| * | Sophiris Bio Inc. | | 17,225 | | 6 | |
| * | Miragen Therapeutics Inc. | | 12,976 | | 6 | |
| * | VIVUS Inc. | | 2,271 | | 6 | |
| * | Biolase Inc. | | 11,167 | | 6 | |
| * | Neon Therapeutics Inc. | | 5,120 | | 6 | |
| * | TFF Pharmaceuticals Inc. | | 1,124 | | 6 | |
| *,^ | ElectroCore Inc. | | 3,624 | | 6 | |
| * | American Shared Hospital Services | | 2,312 | | 6 | |
| *,^,§ | Oncternal Therapeutics Inc. CVR | | 2,749 | | 6 | |
| * | Ideaya Biosciences Inc. | | 667 | | 5 | |
| * | Aileron Therapeutics Inc. | | 8,322 | | 5 | |
| * | Evofem Biosciences Inc. | | 765 | | 5 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | Market | |
| | | | | | Value | |
| | | | Shares | | ($000 | ) |
| *,§ | Seventy Seven Energy Inc. Escrow Line | | 42,434 | | 5 | |
| * | Cohbar Inc. | | 2,678 | | 4 | |
| * | Five Star Senior Living Inc. | | 1,152 | | 4 | |
| * | Aptinyx Inc. | | 1,201 | | 4 | |
| *,^ | Trovagene Inc. | | 3,233 | | 4 | |
| * | Axcella Health Inc. | | 954 | | 4 | |
| * | PDS Biotechnology Corp. | | 1,394 | | 4 | |
| * | Ampio Pharmaceuticals Inc. | | 5,621 | | 3 | |
| * | Standard Diversified Inc. | | 217 | | 3 | |
| * | ImmuCell Corp. | | 596 | | 3 | |
| * | SELLAS Life Sciences Group Inc. | | 710 | | 3 | |
| * | Onconova Therapeutics Inc. | | 7,900 | | 3 | |
| * | Citius Pharmaceuticals Inc. | | 2,909 | | 3 | |
| *,^ | Outlook Therapeutics Inc. | | 4,964 | | 3 | |
| * | IsoRay Inc. | | 4,640 | | 3 | |
| * | PAVmed Inc. | | 2,130 | | 3 | |
| * | Teligent Inc. | | 5,503 | | 2 | |
| * | NanoViricides Inc. | | 905 | | 2 | |
| * | Equillium Inc. | | 668 | | 2 | |
| * | Brickell Biotech Inc. | | 1,319 | | 2 | |
| * | Conatus Pharmaceuticals Inc. | | 4,892 | | 2 | |
| * | Milestone Scientific Inc. | | 1,319 | | 2 | |
| * | PLx Pharma Inc. | | 410 | | 2 | |
| * | Evoke Pharma Inc. | | 920 | | 1 | |
| * | Obalon Therapeutics Inc. | | 747 | | 1 | |
| *,§ | Social Reality Inc. Rights | | 7,581 | | 1 | |
| * | LogicBio Therapeutics Inc. | | 135 | | 1 | |
| * | Eyenovia Inc. | | 206 | | 1 | |
| * | Kaleido Biosciences Inc. | | 157 | | 1 | |
| * | AzurRx BioPharma Inc. | | 680 | | 1 | |
| * | Aerpio Pharmaceuticals Inc. | | 1,017 | | 1 | |
| * | Aevi Genomic Medicine Inc. | | 3,622 | | 1 | |
| * | Bioanalytical Systems Inc. | | 94 | | — | |
| * | Bellerophon Therapeutics Inc. | | 972 | | — | |
| * | Zosano Pharma Corp. | | 190 | | — | |
| *,^,§ | Nobilis Health Corp. | | 2,169 | | — | |
| *,§ | OncoMed Pharmaceuticals Inc. CVR | | 23,234 | | — | |
| * | RA Medical Systems Inc. | | 189 | | — | |
| * | Predictive Oncology Inc. | | 60 | | — | |
| *,§ | Clinical Data CVR | | 9,500 | | — | |
| *,§ | NuPathe Inc. CVR | | 6,287 | | — | |
| | | 3,545,026 | |
| Industrials (7.9%) | |
| | Boeing Co. | | 457,039 | | 148,885 | |
| | Accenture plc Class A | | 543,538 | | 114,453 | |
| | United Technologies Corp. | | 740,111 | | 110,839 | |
| * | PayPal Holdings Inc. | | 1,006,584 | | 108,882 | |
| | Honeywell International Inc. | | 612,531 | | 108,418 | |
| | Union Pacific Corp. | | 594,729 | | 107,521 | |
| | 3M Co. | | 492,999 | | 86,975 | |
| | General Electric Co. | | 7,487,623 | | 83,562 | |
| | Danaher Corp. | | 539,321 | | 82,775 | |
| | Lockheed Martin Corp. | | 204,980 | | 79,815 | |
| | Fidelity National Information Services Inc. | | 525,721 | | 73,123 | |
| | United Parcel Service Inc. Class B | | 600,101 | | 70,248 | |
| | Caterpillar Inc. | | 472,877 | | 69,834 | |
| * | Fiserv Inc. | | 494,413 | | 57,169 | |
| | Automatic Data Processing Inc. | | 332,821 | | 56,746 | |
| | Raytheon Co. | | 238,763 | | 52,466 | |
| | Global Payments Inc. | | 257,529 | | 47,015 | |
| | Deere & Co. | | 269,938 | | 46,769 | |
| | CSX Corp. | | 634,984 | | 45,947 | |
| | Northrop Grumman Corp. | | 129,631 | | 44,589 | |
| | Illinois Tool Works Inc. | | 247,786 | | 44,510 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | Norfolk Southern Corp. | | 223,511 | | 43,390 | |
| | Sherwin-Williams Co. | | 71,230 | | 41,566 | |
| | Waste Management Inc. | | 363,514 | | 41,426 | |
| | Emerson Electric Co. | | 522,075 | | 39,813 | |
| | General Dynamics Corp. | | 209,832 | | 37,004 | |
| | Eaton Corp. plc | | 353,544 | | 33,488 | |
| | Roper Technologies Inc. | | 89,115 | | 31,567 | |
| | FedEx Corp. | | 200,253 | | 30,280 | |
| | Amphenol Corp. Class A | | 255,140 | | 27,614 | |
| | TE Connectivity Ltd. | | 286,567 | | 27,465 | |
| | Ingersoll-Rand plc | | 205,364 | | 27,297 | |
| | Johnson Controls International plc | | 663,900 | | 27,027 | |
| | TransDigm Group Inc. | | 43,703 | | 24,474 | |
| | Paychex Inc. | | 276,466 | | 23,516 | |
| | PACCAR Inc. | | 296,521 | | 23,455 | |
| | Cummins Inc. | | 130,633 | | 23,378 | |
| | Parker-Hannifin Corp. | | 110,471 | | 22,737 | |
| | Agilent Technologies Inc. | | 265,545 | | 22,654 | |
| | Willis Towers Watson plc | | 110,557 | | 22,326 | |
| | Stanley Black & Decker Inc. | | 130,501 | | 21,629 | |
| * | FleetCor Technologies Inc. | | 74,058 | | 21,308 | |
| | Verisk Analytics Inc. Class A | | 140,744 | | 21,019 | |
| | Waste Connections Inc. | | 226,900 | | 20,600 | |
| | Cintas Corp. | | 75,788 | | 20,393 | |
| | Rockwell Automation Inc. | | 98,759 | | 20,015 | |
| | AMETEK Inc. | | 196,307 | | 19,580 | |
| * | CoStar Group Inc. | | 31,440 | | 18,811 | |
| | Fortive Corp. | | 245,853 | | 18,781 | |
| * | Square Inc. | | 297,567 | | 18,616 | |
| | Fastenal Co. | | 491,666 | | 18,167 | |
| | Ball Corp. | | 280,766 | | 18,157 | |
| * | Mettler-Toledo International Inc. | | 20,834 | | 16,527 | |
| * | Keysight Technologies Inc. | | 160,307 | | 16,452 | |
| | Vulcan Materials Co. | | 113,286 | | 16,312 | |
| | Republic Services Inc. Class A | | 178,398 | | 15,990 | |
| | Martin Marietta Materials Inc. | | 53,592 | | 14,986 | |
| | Dover Corp. | | 124,742 | | 14,378 | |
| | TransUnion | | 161,423 | | 13,819 | |
| | WW Grainger Inc. | | 39,218 | | 13,276 | |
| | Kansas City Southern | | 85,188 | | 13,047 | |
| * | Waters Corp. | | 55,262 | | 12,912 | |
| | Xylem Inc. | | 156,168 | | 12,304 | |
| | Wabtec Corp. | | 156,823 | | 12,201 | |
| | Broadridge Financial Solutions Inc. | | 98,479 | | 12,166 | |
| * | Zebra Technologies Corp. | | 46,264 | | 11,818 | |
| | Masco Corp. | | 245,540 | | 11,783 | |
| | Old Dominion Freight Line Inc. | | 61,207 | | 11,616 | |
| | Expeditors International of Washington Inc. | | 144,204 | | 11,251 | |
| | IDEX Corp. | | 64,702 | | 11,129 | |
| * | Teledyne Technologies Inc. | | 31,261 | | 10,833 | |
| * | United Rentals Inc. | | 64,262 | | 10,717 | |
| | Jacobs Engineering Group Inc. | | 114,119 | | 10,251 | |
| | Arconic Inc. | | 333,087 | | 10,249 | |
| | Allegion plc | | 79,428 | | 9,892 | |
| | Jack Henry & Associates Inc. | | 65,444 | | 9,533 | |
| | Westrock Co. | | 221,038 | | 9,485 | |
| | PerkinElmer Inc. | | 95,246 | | 9,248 | |
| | Packaging Corp. of America | | 80,189 | | 8,980 | |
| | CH Robinson Worldwide Inc. | | 114,691 | | 8,969 | |
| * | Trimble Inc. | | 214,255 | | 8,932 | |
| | Huntington Ingalls Industries Inc. | | 35,018 | | 8,785 | |
| * | Fair Isaac Corp. | | 23,403 | | 8,769 | |
| | Textron Inc. | | 195,392 | | 8,714 | |
| | Booz Allen Hamilton Holding Corp. Class A | | 119,410 | | 8,494 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | JB Hunt Transport Services Inc. | | 72,654 | | 8,485 | |
| * | Crown Holdings Inc. | | 116,174 | | 8,427 | |
| | HEICO Corp. Class A | | 89,208 | | 7,987 | |
| | Snap-on Inc. | | 46,659 | | 7,904 | |
| | Carlisle Cos. Inc. | | 48,775 | | 7,894 | |
| | Cognex Corp. | | 139,905 | | 7,840 | |
| * | WEX Inc. | | 37,393 | | 7,832 | |
| | Lennox International Inc. | | 31,737 | | 7,743 | |
| | Universal Display Corp. | | 36,356 | | 7,492 | |
| | Graco Inc. | | 143,839 | | 7,480 | |
| * | Sensata Technologies Holding plc | | 136,360 | | 7,346 | |
| | Toro Co. | | 91,720 | | 7,307 | |
| | Nordson Corp. | | 44,754 | | 7,288 | |
| * | Euronet Worldwide Inc. | | 44,390 | | 6,994 | |
| | Hubbell Inc. Class B | | 46,852 | | 6,926 | |
| | Genpact Ltd. | | 163,798 | | 6,907 | |
| | Pentair plc | | 145,044 | | 6,653 | |
| | Spirit AeroSystems Holdings Inc. Class A | | 89,179 | | 6,499 | |
| | Donaldson Co. Inc. | | 110,501 | | 6,367 | |
| * | XPO Logistics Inc. | | 79,675 | | 6,350 | |
| | AptarGroup Inc. | | 54,905 | | 6,348 | |
| | Owens Corning | | 92,963 | | 6,054 | |
| | Woodward Inc. | �� | 50,972 | | 6,037 | |
| | FLIR Systems Inc. | | 115,587 | | 6,019 | |
| * | Arrow Electronics Inc. | | 70,597 | | 5,982 | |
| | Robert Half International Inc. | | 92,784 | | 5,859 | |
| | Xerox Holdings Corp. | | 156,689 | | 5,777 | |
| * | AECOM | | 131,840 | | 5,686 | |
| | AO Smith Corp. | | 118,884 | | 5,664 | |
| * | HD Supply Holdings Inc. | | 140,170 | | 5,638 | |
| | Flowserve Corp. | | 112,885 | | 5,618 | |
| | ITT Inc. | | 75,441 | | 5,576 | |
| | Oshkosh Corp. | | 58,385 | | 5,526 | |
| | Hexcel Corp. | | 73,626 | | 5,398 | |
| * | Generac Holdings Inc. | | 53,546 | | 5,386 | |
| * | Berry Global Group Inc. | | 112,949 | | 5,364 | |
| | Sealed Air Corp. | | 133,205 | | 5,306 | |
| | Sonoco Products Co. | | 85,771 | | 5,294 | |
| | Curtiss-Wright Corp. | | 36,913 | | 5,201 | |
| | Lincoln Electric Holdings Inc. | | 53,013 | | 5,128 | |
| | MDU Resources Group Inc. | | 172,301 | | 5,119 | |
| * | Stericycle Inc. | | 79,503 | | 5,073 | |
| | BWX Technologies Inc. | | 81,469 | | 5,058 | |
| | Watsco Inc. | | 27,744 | | 4,998 | |
| | Quanta Services Inc. | | 121,017 | | 4,927 | |
| | Jabil Inc. | | 118,055 | | 4,879 | |
| | ManpowerGroup Inc. | | 50,215 | | 4,876 | |
| | Allison Transmission Holdings Inc. | | 96,918 | | 4,683 | |
| | Acuity Brands Inc. | | 33,807 | | 4,665 | |
| | National Instruments Corp. | | 109,671 | | 4,643 | |
| * | Trex Co. Inc. | | 50,046 | | 4,498 | |
| * | Kirby Corp. | | 49,294 | | 4,413 | |
| * | IPG Photonics Corp. | | 30,283 | | 4,389 | |
| | Air Lease Corp. Class A | | 90,358 | | 4,294 | |
| | Alliance Data Systems Corp. | | 37,232 | | 4,177 | |
| * | Gardner Denver Holdings Inc. | | 113,015 | | 4,145 | |
| | EMCOR Group Inc. | | 47,931 | | 4,136 | |
| | Graphic Packaging Holding Co. | | 247,226 | | 4,116 | |
| | Tetra Tech Inc. | | 47,657 | | 4,106 | |
| | MAXIMUS Inc. | | 54,631 | | 4,064 | |
| | AGCO Corp. | | 52,466 | | 4,053 | |
| | Brink's Co. | | 43,994 | | 3,989 | |
| | MSA Safety Inc. | | 30,443 | | 3,847 | |
| | Armstrong World Industries Inc. | | 40,924 | | 3,846 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | Landstar System Inc. | | 33,581 | | 3,824 | |
| | Littelfuse Inc. | | 19,971 | | 3,820 | |
| | Crane Co. | | 43,907 | | 3,793 | |
| * | Axon Enterprise Inc. | | 51,756 | | 3,793 | |
| * | Clean Harbors Inc. | | 44,006 | | 3,774 | |
| | KBR Inc. | | 122,514 | | 3,737 | |
| | Knight-Swift Transportation Holdings Inc. | | 103,872 | | 3,723 | |
| * | Paylocity Holding Corp. | | 30,603 | | 3,697 | |
| | Avnet Inc. | | 85,645 | | 3,635 | |
| * | FTI Consulting Inc. | | 32,430 | | 3,589 | |
| * | MasTec Inc. | | 53,187 | | 3,412 | |
| * | Coherent Inc. | | 20,343 | | 3,384 | |
| | nVent Electric plc | | 130,467 | | 3,337 | |
| * | Mercury Systems Inc. | | 47,921 | | 3,312 | |
| * | RBC Bearings Inc. | | 20,801 | | 3,294 | |
| | Eagle Materials Inc. | | 35,983 | | 3,262 | |
| | Timken Co. | | 57,087 | | 3,215 | |
| * | SiteOne Landscape Supply Inc. | | 35,002 | | 3,173 | |
| | Exponent Inc. | | 45,731 | | 3,156 | |
| | Regal Beloit Corp. | | 36,061 | | 3,087 | |
| | MSC Industrial Direct Co. Inc. Class A | | 39,297 | | 3,084 | |
| * | ASGN Inc. | | 43,367 | | 3,078 | |
| | Louisiana-Pacific Corp. | | 103,445 | | 3,069 | |
| * | CoreLogic Inc. | | 69,925 | | 3,056 | |
| * | TopBuild Corp. | | 28,921 | | 2,981 | |
| | John Bean Technologies Corp. | | 26,298 | | 2,963 | |
| * | Colfax Corp. | | 75,651 | | 2,752 | |
| | Simpson Manufacturing Co. Inc. | | 34,187 | | 2,743 | |
| * | Aerojet Rocketdyne Holdings Inc. | | 59,951 | | 2,737 | |
| | Insperity Inc. | | 31,770 | | 2,733 | |
| | Valmont Industries Inc. | | 18,093 | | 2,710 | |
| * | Rexnord Corp. | | 82,775 | | 2,700 | |
| | Macquarie Infrastructure Corp. | | 62,224 | | 2,666 | |
| | EnerSys | | 35,438 | | 2,652 | |
| | Kennametal Inc. | | 71,830 | | 2,650 | |
| | UniFirst Corp. | | 13,112 | | 2,648 | |
| * | Itron Inc. | | 31,504 | | 2,645 | |
| * | Builders FirstSource Inc. | | 102,562 | | 2,606 | |
| * | Novanta Inc. | | 29,075 | | 2,571 | |
| | Ryder System Inc. | | 47,114 | | 2,559 | |
| | GATX Corp. | | 30,736 | | 2,546 | |
| | Tradeweb Markets Inc. Class A | | 54,937 | | 2,546 | |
| | Barnes Group Inc. | | 40,289 | | 2,496 | |
| * | II-VI Inc. | | 73,473 | | 2,474 | |
| | Watts Water Technologies Inc. Class A | | 24,453 | | 2,439 | |
| * | AMN Healthcare Services Inc. | | 38,839 | | 2,420 | |
| * | Anixter International Inc. | | 25,680 | | 2,365 | |
| * | Summit Materials Inc. Class A | | 98,808 | | 2,362 | |
| | Moog Inc. Class A | | 27,647 | | 2,359 | |
| | Vishay Intertechnology Inc. | | 109,825 | | 2,338 | |
| | Brady Corp. Class A | | 40,698 | | 2,330 | |
| | Universal Forest Products Inc. | | 48,710 | | 2,323 | |
| | World Fuel Services Corp. | | 53,203 | | 2,310 | |
| * | Integer Holdings Corp. | | 28,423 | | 2,286 | |
| * | Allegheny Technologies Inc. | | 109,434 | | 2,261 | |
| | Belden Inc. | | 41,034 | | 2,257 | |
| | HEICO Corp. | | 19,729 | | 2,252 | |
| | Fluor Corp. | | 118,923 | | 2,245 | |
| * | WESCO International Inc. | | 37,128 | | 2,205 | |
| * | Proto Labs Inc. | | 21,701 | | 2,204 | |
| | ABM Industries Inc. | | 58,179 | | 2,194 | |
| * | Fabrinet | | 33,335 | | 2,161 | |
| | Applied Industrial Technologies Inc. | | 32,337 | | 2,157 | |
| * | ExlService Holdings Inc. | | 29,488 | | 2,048 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | Albany International Corp. Class A | | 26,951 | | 2,046 | |
| | Altra Industrial Motion Corp. | | 56,276 | | 2,038 | |
| * | TriNet Group Inc. | | 35,953 | | 2,035 | |
| | Silgan Holdings Inc. | | 65,434 | | 2,034 | |
| * | Saia Inc. | | 21,820 | | 2,032 | |
| * | Plexus Corp. | | 26,255 | | 2,020 | |
| | Korn Ferry | | 47,173 | | 2,000 | |
| * | Sanmina Corp. | | 58,138 | | 1,991 | |
| | ESCO Technologies Inc. | | 21,269 | | 1,967 | |
| | ManTech International Corp. Class A | | 24,604 | | 1,965 | |
| * | Beacon Roofing Supply Inc. | | 60,628 | | 1,939 | |
| * | Rogers Corp. | | 15,527 | | 1,937 | |
| | Franklin Electric Co. Inc. | | 33,195 | | 1,903 | |
| * | SPX Corp. | | 36,701 | | 1,867 | |
| * | Advanced Disposal Services Inc. | | 55,686 | | 1,830 | |
| * | Casella Waste Systems Inc. Class A | | 39,589 | | 1,822 | |
| * | SPX FLOW Inc. | | 37,211 | | 1,819 | |
| | Federal Signal Corp. | | 55,378 | | 1,786 | |
| * | Cimpress plc | | 14,179 | | 1,783 | |
| | Trinity Industries Inc. | | 80,460 | | 1,782 | |
| | Otter Tail Corp. | | 34,472 | | 1,768 | |
| | Deluxe Corp. | | 35,305 | | 1,762 | |
| | EVERTEC Inc. | | 51,724 | | 1,761 | |
| | Terex Corp. | | 58,742 | | 1,749 | |
| | Triton International Ltd. | | 42,972 | | 1,727 | |
| | Badger Meter Inc. | | 26,177 | | 1,700 | |
| | Cubic Corp. | | 26,715 | | 1,698 | |
| | McGrath RentCorp | | 21,945 | | 1,680 | |
| | Forward Air Corp. | | 24,002 | | 1,679 | |
| | AAON Inc. | | 33,733 | | 1,667 | |
| | O-I Glass Inc. | | 138,982 | | 1,658 | |
| * | Harsco Corp. | | 71,901 | | 1,654 | |
| | Mueller Water Products Inc. Class A | | 137,707 | | 1,650 | |
| | Kaman Corp. | | 24,905 | | 1,642 | |
| * | Ambarella Inc. | | 27,095 | | 1,641 | |
| * | Knowles Corp. | | 77,220 | | 1,633 | |
| * | Kratos Defense & Security Solutions Inc. | | 89,899 | | 1,619 | |
| | Matson Inc. | | 39,089 | | 1,595 | |
| | Advanced Drainage Systems Inc. | | 40,965 | | 1,591 | |
| | Covanta Holding Corp. | | 106,118 | | 1,575 | |
| * | BMC Stock Holdings Inc. | | 54,861 | | 1,574 | |
| * | Atkore International Group Inc. | | 38,131 | | 1,543 | |
| *,^ | Verra Mobility Corp. Class A | | 109,765 | | 1,536 | |
| * | Masonite International Corp. | | 20,759 | | 1,499 | |
| | Comfort Systems USA Inc. | | 29,868 | | 1,489 | |
| | Mueller Industries Inc. | | 46,686 | | 1,482 | |
| | Aircastle Ltd. | | 46,092 | | 1,475 | |
| * | Hub Group Inc. Class A | | 28,069 | | 1,440 | |
| * | OSI Systems Inc. | | 14,271 | | 1,438 | |
| * | Gibraltar Industries Inc. | | 27,604 | | 1,392 | |
| | Mobile Mini Inc. | | 36,556 | | 1,386 | |
| | Rush Enterprises Inc. Class A | | 29,671 | | 1,380 | |
| | Werner Enterprises Inc. | | 37,897 | | 1,379 | |
| | ICF International Inc. | | 14,915 | | 1,367 | |
| * | Huron Consulting Group Inc. | | 19,807 | | 1,361 | |
| * | Cardtronics plc Class A | | 30,364 | | 1,356 | |
| * | Resideo Technologies Inc. | | 110,812 | | 1,322 | |
| * | TTM Technologies Inc. | | 87,416 | | 1,316 | |
| * | TriMas Corp. | | 41,810 | | 1,313 | |
| * | JELD-WEN Holding Inc. | | 55,889 | | 1,308 | |
| | Actuant Corp. Class A | | 49,872 | | 1,298 | |
| * | Sykes Enterprises Inc. | | 34,764 | | 1,286 | |
| * | Dycom Industries Inc. | | 26,504 | | 1,250 | |
| | AAR Corp. | | 27,447 | | 1,238 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | Methode Electronics Inc. | | 31,113 | | 1,224 | |
| | Boise Cascade Co. | | 33,040 | | 1,207 | |
| | US Ecology Inc. | | 20,743 | | 1,201 | |
| | EnPro Industries Inc. | | 17,905 | | 1,197 | |
| | Greif Inc. Class A | | 27,034 | | 1,195 | |
| | Tennant Co. | | 15,245 | | 1,188 | |
| | KEMET Corp. | | 43,831 | | 1,186 | |
| * | Installed Building Products Inc. | | 17,167 | | 1,182 | |
| * | Continental Building Products Inc. | | 32,437 | | 1,182 | |
| * | CBIZ Inc. | | 43,745 | | 1,179 | |
| | Douglas Dynamics Inc. | | 21,240 | | 1,168 | |
| * | Livent Corp. | | 136,585 | | 1,168 | |
| * | Navistar International Corp. | | 40,330 | | 1,167 | |
| * | Inovalon Holdings Inc. Class A | | 61,724 | | 1,162 | |
| | Alamo Group Inc. | | 9,126 | | 1,146 | |
| | Benchmark Electronics Inc. | | 33,290 | | 1,144 | |
| * | Pluralsight Inc. Class A | | 65,671 | | 1,130 | |
| | Helios Technologies Inc. | | 23,853 | | 1,103 | |
| * | Air Transport Services Group Inc. | | 47,003 | | 1,103 | |
| | AZZ Inc. | | 23,809 | | 1,094 | |
| * | Cardlytics Inc. | | 16,991 | | 1,068 | |
| * | AeroVironment Inc. | | 17,297 | | 1,068 | |
| | Granite Construction Inc. | | 38,200 | | 1,057 | |
| * | MACOM Technology Solutions Holdings Inc. | | 38,783 | | 1,032 | |
| | Raven Industries Inc. | | 29,881 | | 1,030 | |
| | Schneider National Inc. Class B | | 45,601 | | 995 | |
| | Triumph Group Inc. | | 37,942 | | 959 | |
| * | Everi Holdings Inc. | | 70,973 | | 953 | |
| * | GMS Inc. | | 34,624 | | 938 | |
| | Encore Wire Corp. | | 15,889 | | 912 | |
| | Kadant Inc. | | 8,634 | | 910 | |
| | Patrick Industries Inc. | | 17,198 | | 902 | |
| | CTS Corp. | | 29,987 | | 900 | |
| | H&E Equipment Services Inc. | | 26,864 | | 898 | |
| | Standex International Corp. | | 11,295 | | 896 | |
| | MTS Systems Corp. | | 18,298 | | 879 | |
| | Astec Industries Inc. | | 20,885 | | 877 | |
| | AVX Corp. | | 42,688 | | 874 | |
| | Mesa Laboratories Inc. | | 3,478 | | 867 | |
| * | TrueBlue Inc. | | 36,032 | | 867 | |
| * | Conduent Inc. | | 138,516 | | 859 | |
| | Greenbrier Cos. Inc. | | 26,444 | | 858 | |
| * | Evo Payments Inc. Class A | | 32,024 | | 846 | |
| | Lindsay Corp. | | 8,740 | | 839 | |
| | Primoris Services Corp. | | 36,767 | | 818 | |
| | Apogee Enterprises Inc. | | 24,629 | | 800 | |
| ^ | ADT Inc. | | 100,440 | | 796 | |
| | Heartland Express Inc. | | 37,643 | | 792 | |
| | National Research Corp. | | 11,993 | | 791 | |
| * | CIRCOR International Inc. | | 16,867 | | 780 | |
| | Marten Transport Ltd. | | 36,121 | | 776 | |
| * | SEACOR Holdings Inc. | | 17,439 | | 753 | |
| | Kforce Inc. | | 18,809 | | 747 | |
| * | FARO Technologies Inc. | | 14,778 | | 744 | |
| * | PGT Innovations Inc. | | 49,708 | | 741 | |
| | Maxar Technologies Inc. | | 45,740 | | 717 | |
| *,^ | Virgin Galactic Holdings Inc. | | 61,800 | | 714 | |
| | Griffon Corp. | | 34,716 | | 706 | |
| | Columbus McKinnon Corp. | | 17,429 | | 698 | |
| | Kelly Services Inc. Class A | | 30,890 | | 698 | |
| | GrafTech International Ltd. | | 58,375 | | 678 | |
| | Wabash National Corp. | | 46,065 | | 677 | |
| * | Parsons Corp. | | 16,359 | | 675 | |
| * | Thermon Group Holdings Inc. | | 25,165 | | 674 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| * | Vicor Corp. | | 14,344 | | 670 | |
| * | Aegion Corp. Class A | | 29,889 | | 669 | |
| * | Evolent Health Inc. Class A | | 71,499 | | 647 | |
| | TTEC Holdings Inc. | | 16,047 | | 636 | |
| * | Wesco Aircraft Holdings Inc. | | 56,244 | | 620 | |
| | Cass Information Systems Inc. | | 10,620 | | 613 | |
| | Gorman-Rupp Co. | | 16,080 | | 603 | |
| * | Veeco Instruments Inc. | | 40,235 | | 591 | |
| * | Gates Industrial Corp. plc | | 42,411 | | 584 | |
| * | US Concrete Inc. | | 13,840 | | 577 | |
| * | International Seaways Inc. | | 18,754 | | 558 | |
| | ArcBest Corp. | | 20,057 | | 554 | |
| * | Astronics Corp. | | 19,792 | | 553 | |
| | Barrett Business Services Inc. | | 6,077 | | 550 | |
| * | Atlas Air Worldwide Holdings Inc. | | 19,880 | | 548 | |
| * | Great Lakes Dredge & Dock Corp. | | 47,666 | | 540 | |
| | Argan Inc. | | 13,190 | | 529 | |
| * | Repay Holdings Corp. | | 35,967 | | 527 | |
| * | Tutor Perini Corp. | | 40,140 | | 516 | |
| * | CAI International Inc. | | 17,614 | | 510 | |
| * | DXP Enterprises Inc. | | 12,487 | | 497 | |
| | Ennis Inc. | | 22,944 | | 497 | |
| | Heidrick & Struggles International Inc. | | 15,142 | | 492 | |
| | Myers Industries Inc. | | 29,048 | | 485 | |
| * | CryoPort Inc. | | 29,397 | | 484 | |
| | DMC Global Inc. | | 10,595 | | 476 | |
| | Spartan Motors Inc. | | 26,295 | | 475 | |
| * | Energy Recovery Inc. | | 47,800 | | 468 | |
| * | Echo Global Logistics Inc. | | 22,509 | | 466 | |
| | Hyster-Yale Materials Handling Inc. | | 7,759 | | 457 | |
| * | Ducommun Inc. | | 8,885 | | 449 | |
| * | Heritage-Crystal Clean Inc. | | 14,261 | | 447 | |
| * | Manitowoc Co. Inc. | | 25,177 | | 441 | |
| * | MYR Group Inc. | | 13,120 | | 428 | |
| *,^ | GreenSky Inc. Class A | | 48,023 | | 427 | |
| | Quanex Building Products Corp. | | 24,669 | | 421 | |
| | NN Inc. | | 43,785 | | 405 | |
| | Resources Connection Inc. | | 24,685 | | 403 | |
| * | NV5 Global Inc. | | 7,889 | | 398 | |
| * | Team Inc. | | 24,450 | | 390 | |
| * | Cornerstone Building Brands Inc. | | 45,326 | | 386 | |
| | B. Riley Financial Inc. | | 14,844 | | 374 | |
| * | Kimball Electronics Inc. | | 20,481 | | 359 | |
| * | Cross Country Healthcare Inc. | | 30,721 | | 357 | |
| | Powell Industries Inc. | | 7,254 | | 355 | |
| * | Bill.Com Holdings Inc. | | 9,173 | | 349 | |
| | CRA International Inc. | | 5,930 | | 323 | |
| * | Sterling Construction Co. Inc. | | 22,643 | | 319 | |
| | Park Aerospace Corp. | | 19,093 | | 311 | |
| | Miller Industries Inc. | | 8,281 | | 307 | |
| * | Foundation Building Materials Inc. | | 15,621 | | 302 | |
| | Omega Flex Inc. | | 2,737 | | 294 | |
| * | Donnelley Financial Solutions Inc. | | 27,310 | | 286 | |
| | Insteel Industries Inc. | | 13,194 | | 284 | |
| | NVE Corp. | | 3,806 | | 272 | |
| | Allied Motion Technologies Inc. | | 5,591 | | 271 | |
| * | Franklin Covey Co. | | 8,348 | | 269 | |
| | Briggs & Stratton Corp. | | 39,405 | | 262 | |
| * | InnerWorkings Inc. | | 47,400 | | 261 | |
| * | Napco Security Technologies Inc. | | 8,832 | | 260 | |
| * | Mistras Group Inc. | | 18,068 | | 258 | |
| * | Willdan Group Inc. | | 8,086 | | 257 | |
| * | Blue Bird Corp. | | 11,011 | | 252 | |
| * | Landec Corp. | | 22,177 | | 251 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| * | Eagle Bulk Shipping Inc. | | 54,496 | | 251 | |
| | VSE Corp. | | 6,500 | | 247 | |
| * | Vishay Precision Group Inc. | | 7,260 | | 247 | |
| * | Construction Partners Inc. Class A | | 14,627 | | 247 | |
| | RR Donnelley & Sons Co. | | 62,200 | | 246 | |
| * | Northwest Pipe Co. | | 7,317 | | 244 | |
| | Park-Ohio Holdings Corp. | | 7,030 | | 237 | |
| * | Lydall Inc. | | 11,506 | | 236 | |
| * | ServiceSource International Inc. | | 139,400 | | 233 | |
| * | Ranpak Holdings Corp. | | 28,400 | | 231 | |
| * | Hill International Inc. | | 69,054 | | 218 | |
| * | UFP Technologies Inc. | | 4,245 | | 211 | |
| * | Era Group Inc. | | 20,437 | | 208 | |
| * | CECO Environmental Corp. | | 26,869 | | 206 | |
| * | Orion Group Holdings Inc. | | 38,600 | | 200 | |
| | Hurco Cos. Inc. | | 5,051 | | 194 | |
| * | US Xpress Enterprises Inc. Class A | | 37,700 | | 190 | |
| * | Universal Technical Institute Inc. | | 24,531 | | 189 | |
| * | Commercial Vehicle Group Inc. | | 29,386 | | 187 | |
| * | Radiant Logistics Inc. | | 33,408 | | 186 | |
| | Crawford & Co. Class A | | 16,065 | | 184 | |
| | Advanced Emissions Solutions Inc. | | 17,543 | | 184 | |
| * | DHI Group Inc. | | 60,119 | | 181 | |
| | REV Group Inc. | | 14,684 | | 180 | |
| | BG Staffing Inc. | | 8,185 | | 179 | |
| * | Target Hospitality Corp. | | 34,811 | | 174 | |
| | Quad/Graphics Inc. | | 36,770 | | 172 | |
| | Daktronics Inc. | | 27,019 | | 165 | |
| * | Covenant Transportation Group Inc. Class A | | 12,548 | | 162 | |
| * | GP Strategies Corp. | | 11,933 | | 158 | |
| * | ShotSpotter Inc. | | 6,113 | | 156 | |
| * | Transcat Inc. | | 4,840 | | 154 | |
| * | IES Holdings Inc. | | 5,998 | | 154 | |
| * | Iteris Inc. | | 30,071 | | 150 | |
| | Bel Fuse Inc. Class B | | 7,191 | | 147 | |
| * | Lawson Products Inc. | | 2,806 | | 146 | |
| | Eastern Co. | | 4,598 | | 140 | |
| | Graham Corp. | | 6,141 | | 134 | |
| | NACCO Industries Inc. Class A | | 2,823 | | 132 | |
| * | LB Foster Co. Class A | | 6,452 | | 125 | |
| * | CyberOptics Corp. | | 6,679 | | 123 | |
| * | Forterra Inc. | | 10,532 | | 122 | |
| | United States Lime & Minerals Inc. | | 1,281 | | 116 | |
| *,^ | Paysign Inc. | | 11,208 | | 114 | |
| * | Aspen Aerogels Inc. | | 14,402 | | 112 | |
| * | Intevac Inc. | | 15,339 | | 108 | |
| * | Concrete Pumping Holdings Inc. | | 19,696 | | 108 | |
| | Universal Logistics Holdings Inc. | | 5,573 | | 106 | |
| *,^ | EVI Industries Inc. | | 3,846 | | 104 | |
| * | Acacia Research Corp. | | 38,613 | | 103 | |
| * | OptimizeRx Corp. | | 9,639 | | 99 | |
| * | Twin Disc Inc. | | 8,834 | | 97 | |
| * | PAM Transportation Services Inc. | | 1,626 | | 94 | |
| * | Luna Innovations Inc. | | 11,973 | | 87 | |
| * | Manitex International Inc. | | 14,516 | | 86 | |
| * | Daseke Inc. | | 25,698 | | 81 | |
| * | BlueLinx Holdings Inc. | | 5,692 | | 81 | |
| * | Armstrong Flooring Inc. | | 18,628 | | 80 | |
| | Crawford & Co. Class B | | 7,813 | | 79 | |
| *,^ | Workhorse Group Inc. | | 26,033 | | 79 | |
| * | IntriCon Corp. | | 4,234 | | 76 | |
| *,^ | Turtle Beach Corp. | | 7,983 | | 75 | |
| * | Information Services Group Inc. | | 29,685 | | 75 | |
| * | PRGX Global Inc. | | 15,228 | | 75 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| * | Willis Lease Finance Corp. | | 1,168 | | 69 | |
| * | Energous Corp. | | 37,817 | | 67 | |
| * | Gencor Industries Inc. | | 5,230 | | 61 | |
| *,^ | ExOne Co. | | 7,987 | | 60 | |
| * | General Finance Corp. | | 5,355 | | 59 | |
| * | Goldfield Corp. | | 14,150 | | 50 | |
| * | Ultralife Corp. | | 6,533 | | 48 | |
| * | ARC Document Solutions Inc. | | 34,251 | | 48 | |
| * | USA Truck Inc. | | 6,111 | | 46 | |
| * | Orion Energy Systems Inc. | | 13,570 | | 45 | |
| | LSI Industries Inc. | | 6,879 | | 42 | |
| * | Image Sensing Systems Inc. | | 8,740 | | 39 | |
| *,^ | Hudson Technologies Inc. | | 38,729 | | 38 | |
| * | Air Industries Group | | 16,125 | | 37 | |
| | Global Water Resources Inc. | | 2,764 | | 36 | |
| * | YRC Worldwide Inc. | | 14,000 | | 36 | |
| *,^ | Aqua Metals Inc. | | 46,946 | | 35 | |
| * | Perceptron Inc. | | 5,605 | | 31 | |
| * | Babcock & Wilcox Enterprises Inc. | | 7,346 | | 27 | |
| | RF Industries Ltd. | | 3,910 | | 26 | |
| * | IEC Electronics Corp. | | 2,860 | | 26 | |
| * | CPI Aerostructures Inc. | | 3,789 | | 26 | |
| * | Charah Solutions Inc. | | 10,207 | | 25 | |
| * | Frequency Electronics Inc. | | 2,246 | | 23 | |
| * | Overseas Shipholding Group Inc. Class A | | 9,500 | | 22 | |
| * | LightPath Technologies Inc. Class A | | 30,132 | | 22 | |
| * | Broadwind Energy Inc. | | 12,171 | | 20 | |
| | Chicago Rivet & Machine Co. | | 710 | | 18 | |
| * | Mayville Engineering Co. Inc. | | 1,894 | | 18 | |
| * | Coda Octopus Group Inc. | | 2,088 | | 17 | |
| * | Steel Connect Inc. | | 11,951 | | 17 | |
| * | ALJ Regional Holdings Inc. | | 15,022 | | 17 | |
| * | Houston Wire & Cable Co. | | 3,866 | | 17 | |
| | Richardson Electronics Ltd. | | 2,700 | | 15 | |
| * | Capstone Turbine Corp. | | 4,635 | | 14 | |
| * | Fuel Tech Inc. | | 14,473 | | 13 | |
| * | PFSweb Inc. | | 3,353 | | 13 | |
| * | Sharps Compliance Corp. | | 2,867 | | 12 | |
| * | StarTek Inc. | | 1,506 | | 12 | |
| * | Issuer Direct Corp. | | 998 | | 12 | |
| * | Applied DNA Sciences Inc. | | 2,700 | | 11 | |
| * | Odyssey Marine Exploration Inc. | | 3,525 | | 11 | |
| * | Vertex Energy Inc. | | 7,299 | | 11 | |
| * | Air T Inc. | | 532 | | 11 | |
| | Espey Manufacturing & Electronics Corp. | | 486 | | 11 | |
| * | Lightbridge Corp. | | 2,095 | | 9 | |
| * | Usio Inc. | | 5,651 | | 9 | |
| * | ENGlobal Corp. | | 8,787 | | 9 | |
| * | Ballantyne Strong Inc. | | 2,465 | | 8 | |
| * | Volt Information Sciences Inc. | | 3,158 | | 8 | |
| * | Tecogen Inc. | | 3,246 | | 7 | |
| * | eMagin Corp. | | 16,532 | | 6 | |
| * | CUI Global Inc. | | 5,053 | | 6 | |
| * | Perma-Fix Environmental Services | | 605 | | 6 | |
| * | Huttig Building Products Inc. | | 3,194 | | 5 | |
| * | Digital Ally Inc. | | 4,794 | | 5 | |
| * | Innovative Solutions & Support Inc. | | 784 | | 5 | |
| * | Wireless Telecom Group Inc. | | 2,760 | | 4 | |
| | Bel Fuse Inc. Class A | | 197 | | 3 | |
| * | Boxlight Corp. Class A | | 2,246 | | 3 | |
| * | Polar Power Inc. | | 592 | | 1 | |
| * | MTBC Inc. | | 237 | | 1 | |
| * | Pioneer Power Solutions Inc. | | 407 | | 1 | |
| * | Verb Technology Co. Inc. | | 400 | | 1 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| * | SIFCO Industries Inc. | | 99 | | — | |
| * | Taylor Devices Inc. | | 34 | | — | |
| * | Patriot Transportation Holding Inc. | | 14 | | — | |
| | AMCON Distributing Co. | | 3 | | — | |
| *,§ | Patriot National Inc. | | 7,513 | | — | |
| * | Air T Inc. Warrants Exp. 06/07/2020 | | 1,476 | | — | |
| * | Sypris Solutions Inc. | | 92 | | — | |
| * | Continental Materials Corp. | | 9 | | — | |
| * | ClearSign Combustion Corp. | | 63 | | — | |
| | | 3,585,640 | |
| Oil & Gas (2.5%) | |
| | Exxon Mobil Corp. | | 3,625,967 | | 253,020 | |
| | Chevron Corp. | | 1,620,371 | | 195,271 | |
| | ConocoPhillips | | 942,028 | | 61,260 | |
| | Schlumberger Ltd. | | 1,186,137 | | 47,683 | |
| | Phillips 66 | | 380,503 | | 42,392 | |
| | EOG Resources Inc. | | 497,481 | | 41,669 | |
| | Kinder Morgan Inc. | | 1,646,500 | | 34,856 | |
| | Marathon Petroleum Corp. | | 556,806 | | 33,548 | |
| | Valero Energy Corp. | | 350,722 | | 32,845 | |
| | Occidental Petroleum Corp. | | 763,768 | | 31,475 | |
| | ONEOK Inc. | | 353,549 | | 26,753 | |
| | Williams Cos. Inc. | | 1,035,815 | | 24,570 | |
| | Pioneer Natural Resources Co. | | 142,367 | | 21,550 | |
| | Halliburton Co. | | 714,859 | | 17,493 | |
| | Hess Corp. | | 235,687 | | 15,746 | |
| | Concho Resources Inc. | | 172,623 | | 15,117 | |
| | Baker Hughes a GE Co. Class A | | 557,696 | | 14,294 | |
| | Diamondback Energy Inc. | | 137,508 | | 12,769 | |
| * | Cheniere Energy Inc. | | 196,675 | | 12,011 | |
| | Noble Energy Inc. | | 408,787 | | 10,154 | |
| | Marathon Oil Corp. | | 685,751 | | 9,312 | |
| | National Oilwell Varco Inc. | | 336,470 | | 8,429 | |
| | Apache Corp. | | 323,332 | | 8,274 | |
| | Targa Resources Corp. | | 200,150 | | 8,172 | |
| | Devon Energy Corp. | | 313,622 | | 8,145 | |
| | OGE Energy Corp. | | 169,708 | | 7,547 | |
| | HollyFrontier Corp. | | 124,362 | | 6,306 | |
| | Cabot Oil & Gas Corp. | | 350,784 | | 6,107 | |
| * | WPX Energy Inc. | | 359,634 | | 4,941 | |
| | Cimarex Energy Co. | | 87,600 | | 4,598 | |
| | Parsley Energy Inc. Class A | | 232,328 | | 4,393 | |
| | Helmerich & Payne Inc. | | 90,063 | | 4,092 | |
| * | First Solar Inc. | | 62,725 | | 3,510 | |
| | Murphy Oil Corp. | | 128,483 | | 3,443 | |
| * | Transocean Ltd. | | 495,540 | | 3,409 | |
| | PBF Energy Inc. Class A | | 88,260 | | 2,769 | |
| | EQT Corp. | | 216,404 | | 2,359 | |
| | Equitrans Midstream Corp. | | 175,404 | | 2,343 | |
| | Continental Resources Inc. | | 67,067 | | 2,300 | |
| * | Apergy Corp. | | 68,061 | | 2,299 | |
| | Delek US Holdings Inc. | | 63,249 | | 2,121 | |
| * | Chart Industries Inc. | | 30,287 | | 2,044 | |
| * | Enphase Energy Inc. | | 74,430 | | 1,945 | |
| ^ | Antero Midstream Corp. | | 238,747 | | 1,812 | |
| | Arcosa Inc. | | 39,851 | | 1,775 | |
| * | Matador Resources Co. | | 97,267 | | 1,748 | |
| | Patterson-UTI Energy Inc. | | 165,015 | | 1,733 | |
| * | Callon Petroleum Co. | | 336,398 | | 1,625 | |
| | Core Laboratories NV | | 39,018 | | 1,470 | |
| * | PDC Energy Inc. | | 55,189 | | 1,444 | |
| | Archrock Inc. | | 141,641 | | 1,422 | |
| *,^ | Chesapeake Energy Corp. | | 1,718,662 | | 1,419 | |
| * | Dril-Quip Inc. | | 29,581 | | 1,388 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | Cactus Inc. Class A | | 38,933 | | 1,336 | |
| * | Magnolia Oil & Gas Corp. Class A | | 95,915 | | 1,207 | |
| * | Oceaneering International Inc. | | 79,831 | | 1,190 | |
| * | Southwestern Energy Co. | | 477,311 | | 1,155 | |
| *,^ | Valaris plc Class A | | 176,049 | | 1,155 | |
| | CVR Energy Inc. | | 27,000 | | 1,092 | |
| * | Helix Energy Solutions Group Inc. | | 112,273 | | 1,081 | |
| | SM Energy Co. | | 91,115 | | 1,024 | |
| * | CNX Resources Corp. | | 114,362 | | 1,012 | |
| * | NOW Inc. | | 88,899 | | 999 | |
| * | MRC Global Inc. | | 69,170 | | 943 | |
| | Range Resources Corp. | | 191,904 | | 931 | |
| | NexTier Oilfield Solutions Inc. | | 134,558 | | 902 | |
| | QEP Resources Inc. | | 199,591 | | 898 | |
| | Nabors Industries Ltd. | | 302,834 | | 872 | |
| * | Par Pacific Holdings Inc. | | 36,939 | | 858 | |
| * | Oasis Petroleum Inc. | | 258,725 | | 843 | |
| * | Centennial Resource Development Inc. Class A | | 179,859 | | 831 | |
| * | ProPetro Holding Corp. | | 73,182 | | 823 | |
| *,^ | Plug Power Inc. | | 259,679 | | 821 | |
| * | Oil States International Inc. | | 50,192 | | 819 | |
| * | SRC Energy Inc. | | 193,563 | | 797 | |
| * | Renewable Energy Group Inc. | | 29,189 | | 787 | |
| * | Denbury Resources Inc. | | 459,744 | | 648 | |
| * | Antero Resources Corp. | | 222,018 | | 633 | |
| * | Tidewater Inc. | | 32,230 | | 621 | |
| * | Northern Oil and Gas Inc. | | 257,740 | | 603 | |
| *,^ | Tellurian Inc. | | 80,607 | | 587 | |
| * | Whiting Petroleum Corp. | | 79,024 | | 580 | |
| * | Matrix Service Co. | | 24,881 | | 569 | |
| * | Newpark Resources Inc. | | 89,606 | | 562 | |
| | Berry Petroleum Corp. | | 58,999 | | 556 | |
| * | SunPower Corp. Class A | | 70,936 | | 553 | |
| | Liberty Oilfield Services Inc. Class A | | 46,960 | | 522 | |
| *,^ | FuelCell Energy Inc. | | 202,502 | | 508 | |
| | Brigham Minerals Inc. | | 23,671 | | 507 | |
| * | TPI Composites Inc. | | 27,116 | | 502 | |
| * | Penn Virginia Corp. | | 15,808 | | 480 | |
| * | Talos Energy Inc. | | 15,133 | | 456 | |
| * | Select Energy Services Inc. Class A | | 48,447 | | 450 | |
| * | Gulfport Energy Corp. | | 140,396 | | 427 | |
| | Green Plains Inc. | | 27,480 | | 424 | |
| * | Jagged Peak Energy Inc. | | 49,273 | | 418 | |
| * | W&T Offshore Inc. | | 74,445 | | 414 | |
| * | Laredo Petroleum Inc. | | 142,394 | | 409 | |
| | Solaris Oilfield Infrastructure Inc. Class A | | 28,947 | | 405 | |
| * | Bonanza Creek Energy Inc. | | 16,011 | | 374 | |
| *,^ | Diamond Offshore Drilling Inc. | | 51,207 | | 368 | |
| * | REX American Resources Corp. | | 4,122 | | 338 | |
| * | Noble Corp. plc | | 262,053 | | 320 | |
| *,^ | California Resources Corp. | | 34,640 | | 313 | |
| * | Contango Oil & Gas Co. | | 76,990 | | 283 | |
| * | SEACOR Marine Holdings Inc. | | 18,456 | | 254 | |
| * | Parker Drilling Co. | | 10,894 | | 245 | |
| * | Ameresco Inc. Class A | | 13,932 | | 244 | |
| | Amplify Energy Corp. | | 31,443 | | 208 | |
| * | Altus Midstream Co. Class A | | 72,387 | | 207 | |
| * | TETRA Technologies Inc. | | 97,305 | | 191 | |
| | RPC Inc. | | 34,611 | | 181 | |
| * | SandRidge Energy Inc. | | 40,607 | | 172 | |
| * | Exterran Corp. | | 21,845 | | 171 | |
| * | Ring Energy Inc. | | 63,006 | | 166 | |
| * | Green Brick Partners Inc. | | 13,504 | | 155 | |
| | Panhandle Oil and Gas Inc. Class A | | 13,397 | | 150 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | Falcon Minerals Corp. | | 20,945 | | 148 | |
| * | American Superconductor Corp. | | 17,108 | | 134 | |
| * | Trecora Resources | | 18,356 | | 131 | |
| * | Nine Energy Service Inc. | | 16,307 | | 128 | |
| * | KLX Energy Services Holdings Inc. | | 19,692 | | 127 | |
| * | Forum Energy Technologies Inc. | | 75,240 | | 126 | |
| * | HighPoint Resources Corp. | | 72,833 | | 123 | |
| *,^ | Extraction Oil & Gas Inc. | | 54,995 | | 117 | |
| | Evolution Petroleum Corp. | | 20,558 | | 112 | |
| * | Flotek Industries Inc. | | 53,300 | | 107 | |
| * | VAALCO Energy Inc. | | 44,869 | | 100 | |
| * | Goodrich Petroleum Corp. | | 9,501 | | 95 | |
| *,^ | McDermott International Inc. | | 140,800 | | 95 | |
| * | Geospace Technologies Corp. | | 5,246 | | 88 | |
| * | ION Geophysical Corp. | | 9,097 | | 79 | |
| * | Covia Holdings Corp. | | 37,579 | | 77 | |
| * | National Energy Services Reunited Corp. | | 8,079 | | 74 | |
| * | Chaparral Energy Inc. Class A | | 36,289 | | 64 | |
| * | Natural Gas Services Group Inc. | | 5,139 | | 63 | |
| * | US Well Services Inc. | | 33,133 | | 63 | |
| * | SilverBow Resources Inc. | | 6,268 | | 62 | |
| | Adams Resources & Energy Inc. | | 1,461 | | 56 | |
| * | Mitcham Industries Inc. | | 16,294 | | 47 | |
| * | FTS International Inc. | | 43,389 | | 45 | |
| * | Ranger Energy Services Inc. | | 5,868 | | 38 | |
| * | Gulf Island Fabrication Inc. | | 7,334 | | 37 | |
| * | Montage Resources Corp. | | 4,250 | | 34 | |
| * | Abraxas Petroleum Corp. | | 91,412 | | 32 | |
| | Mammoth Energy Services Inc. | | 13,670 | | 30 | |
| * | Unit Corp. | | 42,727 | | 30 | |
| * | Lonestar Resources US Inc. Class A | | 11,097 | | 29 | |
| * | Quintana Energy Services Inc. | | 8,395 | | 24 | |
| * | Pacific Ethanol Inc. | | 31,856 | | 21 | |
| *,^ | Torchlight Energy Resources Inc. | | 25,734 | | 20 | |
| * | Rosehill Resources Inc. Class A | | 14,182 | | 18 | |
| * | Infrastructure and Energy Alternatives Inc. | | 4,720 | | 15 | |
| * | Superior Drilling Products Inc. | | 10,715 | | 9 | |
| * | Aemetis Inc. | | 8,969 | | 7 | |
| * | Independence Contract Drilling Inc. | | 4,135 | | 4 | |
| * | Zion Oil & Gas Inc. | | 12,607 | | 2 | |
| *,^ | Enservco Corp. | | 5,162 | | 1 | |
| * | Tidewater Inc. Warrants to Exp. 12/31/2049 | | 535 | | 1 | |
| * | Tidewater Inc. Warrants to Exp. 12/31/2049 | | 579 | | 1 | |
| * | Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020 | | 2,104 | | — | |
| *,§ | Harvest Natural Resources Inc. | | 20,906 | | — | |
| *,§ | Rex Energy Corp. | | 900 | | — | |
| | | 1,110,334 | |
| Technology (13.2%) | |
| | Microsoft Corp. | | 6,536,357 | | 1,030,784 | |
| | Apple Inc. | | 3,426,729 | | 1,006,259 | |
| * | Facebook Inc. Class A | | 2,062,296 | | 423,286 | |
| * | Alphabet Inc. Class C | | 254,161 | | 339,818 | |
| * | Alphabet Inc. Class A | | 252,903 | | 338,736 | |
| | Intel Corp. | | 3,726,406 | | 223,025 | |
| | Cisco Systems Inc. | | 3,635,499 | | 174,359 | |
| * | Adobe Inc. | | 414,434 | | 136,684 | |
| | NVIDIA Corp. | | 498,055 | | 117,192 | |
| * | salesforce.com Inc. | | 713,793 | | 116,091 | |
| | Texas Instruments Inc. | | 800,571 | | 102,705 | |
| | Broadcom Inc. | | 322,907 | | 102,045 | |
| | International Business Machines Corp. | | 758,974 | | 101,733 | |
| | Oracle Corp. | | 1,827,206 | | 96,805 | |
| | QUALCOMM Inc. | | 975,859 | | 86,100 | |
| | Intuit Inc. | | 211,044 | | 55,279 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | Shares | | Market
Value
($000 | ) |
| * | Micron Technology Inc. | | 945,774 | | 50,864 | |
| | Applied Materials Inc. | | 791,991 | | 48,343 | |
| * | ServiceNow Inc. | | 161,651 | | 45,637 | |
| * | Advanced Micro Devices Inc. | | 953,819 | | 43,742 | |
| | L3Harris Technologies Inc. | | 189,957 | | 37,587 | |
| | Analog Devices Inc. | | 315,025 | | 37,438 | |
| | Lam Research Corp. | | 124,309 | | 36,348 | |
| * | Autodesk Inc. | | 188,181 | | 34,524 | |
| | Cognizant Technology Solutions Corp. Class A | | 468,464 | | 29,054 | |
| | HP Inc. | | 1,264,663 | | 25,989 | |
| | KLA Corp. | | 135,005 | | 24,054 | |
| | Motorola Solutions Inc. | | 146,720 | | 23,642 | |
| * | Workday Inc. Class A | | 141,079 | | 23,200 | |
| | Microchip Technology Inc. | | 204,897 | | 21,457 | |
| | Xilinx Inc. | | 215,814 | | 21,100 | |
| * | Twitter Inc. | | 632,715 | | 20,279 | |
| * | Splunk Inc. | | 131,955 | | 19,763 | |
| | Corning Inc. | | 659,330 | | 19,193 | |
| | Cerner Corp. | | 254,918 | | 18,708 | |
| * | ANSYS Inc. | | 72,305 | | 18,612 | |
| * | Palo Alto Networks Inc. | | 79,968 | | 18,493 | |
| * | Synopsys Inc. | | 129,056 | | 17,965 | |
| | Skyworks Solutions Inc. | | 146,236 | | 17,677 | |
| | Hewlett Packard Enterprise Co. | | 1,112,851 | | 17,650 | |
| | CDW Corp. | | 123,328 | | 17,616 | |
| * | VeriSign Inc. | | 90,511 | | 17,440 | |
| * | IAC/InterActiveCorp | | 67,403 | | 16,791 | |
| * | Cadence Design Systems Inc. | | 240,831 | | 16,704 | |
| * | Veeva Systems Inc. Class A | | 112,981 | | 15,892 | |
| | Western Digital Corp. | | 242,066 | | 15,364 | |
| | Marvell Technology Group Ltd. | | 573,525 | | 15,233 | |
| | Maxim Integrated Products Inc. | | 231,542 | | 14,242 | |
| * | Snap Inc. | | 831,328 | | 13,576 | |
| * | Fortinet Inc. | | 125,128 | | 13,359 | |
| | NortonLifeLock Inc. | | 482,680 | | 12,318 | |
| | NetApp Inc. | | 195,856 | | 12,192 | |
| | Leidos Holdings Inc. | | 121,499 | | 11,894 | |
| * | Qorvo Inc. | | 99,568 | | 11,573 | |
| | Citrix Systems Inc. | | 103,933 | | 11,526 | |
| | Seagate Technology plc | | 191,435 | | 11,390 | |
| | SS&C Technologies Holdings Inc. | | 184,393 | | 11,322 | |
| * | Akamai Technologies Inc. | | 130,961 | | 11,312 | |
| * | Paycom Software Inc. | | 42,461 | | 11,242 | |
| * | Gartner Inc. | | 72,837 | | 11,224 | |
| * | RingCentral Inc. Class A | | 64,370 | | 10,857 | |
| * | Okta Inc. | | 91,834 | | 10,595 | |
| * | Twilio Inc. Class A | | 106,995 | | 10,515 | |
| * | Tyler Technologies Inc. | | 33,371 | | 10,012 | |
| * | GoDaddy Inc. Class A | | 146,248 | | 9,933 | |
| * | VMware Inc. Class A | | 65,428 | | 9,931 | |
| | Teradyne Inc. | | 143,958 | | 9,817 | |
| * | EPAM Systems Inc. | | 44,873 | | 9,520 | |
| * | Arista Networks Inc. | | 45,825 | | 9,321 | |
| * | Dell Technologies Inc. | | 178,946 | | 9,196 | |
| * | DocuSign Inc. Class A | | 121,330 | | 8,992 | |
| * | ON Semiconductor Corp. | | 352,933 | | 8,605 | |
| | DXC Technology Co. | | 219,020 | | 8,233 | |
| * | Coupa Software Inc. | | 53,942 | | 7,889 | |
| * | Black Knight Inc. | | 122,140 | | 7,876 | |
| * | Guidewire Software Inc. | | 71,125 | | 7,807 | |
| * | Zendesk Inc. | | 96,591 | | 7,402 | |
| | Cypress Semiconductor Corp. | | 313,736 | | 7,319 | |
| * | F5 Networks Inc. | | 52,294 | | 7,303 | |
| * | Aspen Technology Inc. | | 59,146 | | 7,153 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| | Juniper Networks Inc. | | 288,964 | | 7,117 | |
| * | PTC Inc. | | 88,883 | | 6,656 | |
| | Monolithic Power Systems Inc. | | 35,688 | | 6,353 | |
| * | Ceridian HCM Holding Inc. | | 86,862 | | 5,896 | |
| | Entegris Inc. | | 115,837 | | 5,802 | |
| * | Ciena Corp. | | 133,633 | | 5,705 | |
| | CDK Global Inc. | | 103,991 | | 5,686 | |
| * | Proofpoint Inc. | | 48,413 | | 5,557 | |
| * | HubSpot Inc. | | 34,379 | | 5,449 | |
| * | CACI International Inc. Class A | | 21,431 | | 5,358 | |
| * | MongoDB Inc. | | 40,474 | | 5,327 | |
| | MKS Instruments Inc. | | 47,603 | | 5,237 | |
| * | Lumentum Holdings Inc. | | 63,010 | | 4,997 | |
| * | Pinterest Inc. Class A | | 266,603 | | 4,969 | |
| * | Nutanix Inc. | | 149,564 | | 4,675 | |
| *,^ | Slack Technologies Inc. Class A | | 202,279 | | 4,547 | |
| | SYNNEX Corp. | | 34,876 | | 4,492 | |
| * | Anaplan Inc. | | 85,228 | | 4,466 | |
| * | Manhattan Associates Inc. | | 55,312 | | 4,411 | |
| * | Nuance Communications Inc. | | 243,919 | | 4,349 | |
| * | Tech Data Corp. | | 30,224 | | 4,340 | |
| * | Silicon Laboratories Inc. | | 37,333 | | 4,330 | |
| | Science Applications International Corp. | | 49,748 | | 4,329 | |
| * | Cree Inc. | | 91,394 | | 4,218 | |
| * | Avalara Inc. | | 56,468 | | 4,136 | |
| * | Cirrus Logic Inc. | | 49,239 | | 4,058 | |
| * | Alteryx Inc. Class A | | 39,964 | | 3,999 | |
| * | Smartsheet Inc. Class A | | 87,429 | | 3,927 | |
| * | NCR Corp. | | 109,494 | | 3,850 | |
| *,^ | Match Group Inc. | | 46,200 | | 3,793 | |
| * | RealPage Inc. | | 69,313 | | 3,726 | |
| | Cabot Microelectronics Corp. | | 25,553 | | 3,688 | |
| * | ViaSat Inc. | | 50,337 | | 3,684 | |
| | j2 Global Inc. | | 39,242 | | 3,677 | |
| | LogMeIn Inc. | | 42,203 | | 3,618 | |
| * | ACI Worldwide Inc. | | 95,096 | | 3,603 | |
| | Blackbaud Inc. | | 42,550 | | 3,387 | |
| * | Dropbox Inc. Class A | | 187,400 | | 3,356 | |
| * | Pure Storage Inc. Class A | | 195,317 | | 3,342 | |
| * | Five9 Inc. | | 49,027 | | 3,215 | |
| | Perspecta Inc. | | 120,006 | | 3,173 | |
| * | Verint Systems Inc. | | 56,072 | | 3,104 | |
| * | Semtech Corp. | | 58,620 | | 3,101 | |
| * | New Relic Inc. | | 46,820 | | 3,077 | |
| * | Viavi Solutions Inc. | | 204,350 | | 3,065 | |
| * | Q2 Holdings Inc. | | 36,534 | | 2,962 | |
| * | Cornerstone OnDemand Inc. | | 50,489 | | 2,956 | |
| * | Envestnet Inc. | | 42,382 | | 2,951 | |
| * | FireEye Inc. | | 174,355 | | 2,882 | |
| * | Inphi Corp. | | 38,722 | | 2,866 | |
| | Pegasystems Inc. | | 35,047 | | 2,791 | |
| * | Teradata Corp. | | 98,872 | | 2,647 | |
| * | Zscaler Inc. | | 56,714 | | 2,637 | |
| | Brooks Automation Inc. | | 60,235 | | 2,527 | |
| * | Advanced Energy Industries Inc. | | 34,307 | | 2,443 | |
| * | Qualys Inc. | | 29,236 | | 2,437 | |
| | Cogent Communications Holdings Inc. | | 36,975 | | 2,433 | |
| | Power Integrations Inc. | | 23,755 | | 2,350 | |
| * | CommScope Holding Co. Inc. | | 161,605 | | 2,293 | |
| * | Elastic NV | | 35,434 | | 2,278 | |
| * | Insight Enterprises Inc. | | 32,099 | | 2,256 | |
| * | Everbridge Inc. | | 28,541 | | 2,228 | |
| * | Lattice Semiconductor Corp. | | 115,354 | | 2,208 | |
| * | Premier Inc. Class A | | 57,281 | | 2,170 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | Shares | | Market
Value
($000 | ) |
| * | Acacia Communications Inc. | | 31,853 | | 2,160 | |
| * | Blackline Inc. | | 40,406 | | 2,083 | |
| * | Rapid7 Inc. | | 36,257 | | 2,031 | |
| * | Box Inc. | | 120,227 | | 2,017 | |
| * | Varonis Systems Inc. | | 25,783 | | 2,004 | |
| * | Diodes Inc. | | 35,330 | | 1,992 | |
| * | PROS Holdings Inc. | | 33,190 | | 1,989 | |
| * | Bottomline Technologies DE Inc. | | 36,991 | | 1,983 | |
| * | Cloudera Inc. | | 158,558 | | 1,844 | |
| * | LivePerson Inc. | | 49,435 | | 1,829 | |
| * | Synaptics Inc. | | 27,634 | | 1,817 | |
| * | SailPoint Technologies Holding Inc. | | 76,091 | | 1,796 | |
| * | EchoStar Corp. Class A | | 40,995 | | 1,775 | |
| * | SPS Commerce Inc. | | 31,526 | | 1,747 | |
| * | FormFactor Inc. | | 66,127 | | 1,717 | |
| * | SVMK Inc. | | 94,800 | | 1,694 | |
| * | CommVault Systems Inc. | | 36,654 | | 1,636 | |
| | Progress Software Corp. | | 38,573 | | 1,603 | |
| * | Appfolio Inc. | | 14,456 | | 1,589 | |
| * | NetScout Systems Inc. | | 63,766 | | 1,535 | |
| * | Dynatrace Inc. | | 60,472 | | 1,530 | |
| | InterDigital Inc. | | 27,932 | | 1,522 | |
| | CSG Systems International Inc. | | 27,816 | | 1,440 | |
| * | Allscripts Healthcare Solutions Inc. | | 144,864 | | 1,422 | |
| * | Instructure Inc. | | 29,308 | | 1,413 | |
| * | Alarm.com Holdings Inc. | | 31,458 | | 1,352 | |
| * | Rambus Inc. | | 94,671 | | 1,304 | |
| * | 2U Inc. | | 54,061 | | 1,297 | |
| * | Onto Innovation Inc. | | 34,317 | | 1,254 | |
| * | Avaya Holdings Corp. | | 91,917 | | 1,241 | |
| * | Workiva Inc. Class A | | 29,298 | | 1,232 | |
| * | Perficient Inc. | | 26,296 | | 1,211 | |
| * | Altair Engineering Inc. Class A | | 33,510 | | 1,203 | |
| | NIC Inc. | | 52,801 | | 1,180 | |
| * | Infinera Corp. | | 145,999 | | 1,159 | |
| * | MaxLinear Inc. | | 54,629 | | 1,159 | |
| * | Blucora Inc. | | 43,886 | | 1,147 | |
| * | Virtusa Corp. | | 24,759 | | 1,122 | |
| *,^ | Appian Corp. Class A | | 29,170 | | 1,115 | |
| * | ForeScout Technologies Inc. | | 33,895 | | 1,112 | |
| | Ubiquiti Inc. | | 5,764 | | 1,089 | |
| * | Covetrus Inc. | | 82,252 | | 1,086 | |
| * | Bandwidth Inc. Class A | | 15,539 | | 995 | |
| * | Yext Inc. | | 68,085 | | 982 | |
| * | Photronics Inc. | | 61,557 | | 970 | |
| * | MicroStrategy Inc. Class A | | 6,801 | | 970 | |
| * | Crowdstrike Holdings Inc. Class A | | 18,853 | | 940 | |
| * | Zuora Inc. Class A | | 65,045 | | 932 | |
| * | Eventbrite Inc. Class A | | 45,411 | | 916 | |
| * | ePlus Inc. | | 10,719 | | 904 | |
| * | Datadog Inc. Class A | | 23,801 | | 899 | |
| | Switch Inc. | | 60,426 | | 896 | |
| | TiVo Corp. | | 101,310 | | 859 | |
| * | 3D Systems Corp. | | 97,918 | | 857 | |
| * | Model N Inc. | | 23,977 | | 841 | |
| * | Tabula Rasa HealthCare Inc. | | 17,128 | | 834 | |
| * | ScanSource Inc. | | 21,947 | | 811 | |
| * | SolarWinds Corp. | | 42,400 | | 787 | |
| * | Tenable Holdings Inc. | | 32,655 | | 782 | |
| | Plantronics Inc. | | 28,479 | | 779 | |
| | Xperi Corp. | | 41,855 | | 774 | |
| * | NextGen Healthcare Inc. | | 46,830 | | 753 | |
| * | Ultra Clean Holdings Inc. | | 32,018 | | 751 | |
| * | Extreme Networks Inc. | | 100,915 | | 744 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Shares | | Market
Value
($000 | ) |
| * | Shutterstock Inc. | | 17,023 | | 730 | |
| * | Pagerduty Inc. | | 30,760 | | 719 | |
| * | Cerence Inc. | | 31,689 | | 717 | |
| * | Cision Ltd. | | 71,498 | | 713 | |
| * | Amkor Technology Inc. | | 51,830 | | 674 | |
| | Comtech Telecommunications Corp. | | 18,514 | | 657 | |
| | Pitney Bowes Inc. | | 158,199 | | 638 | |
| | Cohu Inc. | | 27,702 | | 633 | |
| * | Diebold Nixdorf Inc. | | 59,335 | | 627 | |
| | Ebix Inc. | | 18,036 | | 603 | |
| * | NETGEAR Inc. | | 24,562 | | 602 | |
| * | Upland Software Inc. | | 16,686 | | 596 | |
| * | Unisys Corp. | | 49,535 | | 587 | |
| * | Axcelis Technologies Inc. | | 23,659 | | 570 | |
| * | Ichor Holdings Ltd. | | 16,788 | | 559 | |
| * | Cloudflare Inc. Class A | | 31,753 | | 542 | |
| * | nLight Inc. | | 26,021 | | 528 | |
| * | Agilysys Inc. | | 20,731 | | 527 | |
| * | CEVA Inc. | | 19,501 | | 526 | |
| * | Harmonic Inc. | | 66,168 | | 516 | |
| *,^ | Livongo Health Inc. | | 20,350 | | 510 | |
| * | Vectrus Inc. | | 9,894 | | 507 | |
| * | Benefitfocus Inc. | | 22,819 | | 501 | |
| *,^ | Medallia Inc. | | 15,837 | | 493 | |
| * | Vocera Communications Inc. | | 23,450 | | 487 | |
| * | Fastly Inc. Class A | | 23,816 | | 478 | |
| * | MobileIron Inc. | | 93,864 | | 456 | |
| * | OneSpan Inc. | | 26,494 | | 454 | |
| | PC Connection Inc. | | 8,866 | | 440 | |
| * | Tucows Inc. Class A | | 7,007 | | 433 | |
| * | WideOpenWest Inc. | | 58,237 | | 432 | |
| * | Forrester Research Inc. | | 10,298 | | 429 | |
| | ADTRAN Inc. | | 43,334 | | 429 | |
| | QAD Inc. Class A | | 8,264 | | 421 | |
| * | Digi International Inc. | | 22,420 | | 397 | |
| * | Domo Inc. | | 17,480 | | 380 | |
| * | Brightcove Inc. | | 43,667 | | 379 | |
| | American Software Inc. Class A | | 25,420 | | 378 | |
| * | Limelight Networks Inc. | | 92,123 | | 376 | |
| * | Phreesia Inc. | | 13,968 | | 372 | |
| * | Boingo Wireless Inc. | | 32,924 | | 361 | |
| * | Loral Space & Communications Inc. | | 11,008 | | 356 | |
| * | Impinj Inc. | | 13,362 | | 346 | |
| * | Zix Corp. | | 50,588 | | 343 | |
| | Computer Programs & Systems Inc. | | 12,734 | | 336 | |
| * | I3 Verticals Inc. Class A | | 11,854 | | 335 | |
| * | Calix Inc. | | 41,340 | | 331 | |
| | Simulations Plus Inc. | | 10,935 | | 318 | |
| * | NeoPhotonics Corp. | | 35,595 | | 314 | |
| * | PDF Solutions Inc. | | 18,179 | | 307 | |
| * | Rosetta Stone Inc. | | 16,862 | | 306 | |
| | Systemax Inc. | | 11,984 | | 302 | |
| *,^ | Gogo Inc. | | 47,020 | | 301 | |
| * | Meet Group Inc. | | 59,975 | | 300 | |
| | Hackett Group Inc. | | 18,520 | | 299 | |
| * | Alpha & Omega Semiconductor Ltd. | | 21,156 | | 288 | |
| * | CalAmp Corp. | | 29,591 | | 283 | |
| *,^ | Applied Optoelectronics Inc. | | 22,599 | | 268 | |
| * | Digimarc Corp. | | 7,983 | | 268 | |
| * | DSP Group Inc. | | 16,810 | | 265 | |
| * | Ooma Inc. | | 19,530 | | 258 | |
| * | PAR Technology Corp. | | 8,286 | | 255 | |
| * | Endurance International Group Holdings Inc. | | 54,060 | | 254 | |
| * | A10 Networks Inc. | | 35,854 | | 246 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| * | Ping Identity Holding Corp. | 10,104 | | 246 | |
| * | Mitek Systems Inc. | 31,555 | | 241 | |
| * | Telaria Inc. | 26,650 | | 235 | |
| * | Synchronoss Technologies Inc. | 47,825 | | 227 | |
| * | Sciplay Corp. Class A | 18,478 | | 227 | |
| *,^ | Inseego Corp. | 30,662 | | 225 | |
| | PC-Tel Inc. | 26,127 | | 221 | |
| * | AXT Inc. | 50,500 | | 220 | |
| *,^ | Health Catalyst Inc. | 5,873 | | 204 | |
| * | Immersion Corp. | 24,728 | | 184 | |
| * | Intelligent Systems Corp. | 4,500 | | 180 | |
| * | ChannelAdvisor Corp. | 18,866 | | 171 | |
| * | ACM Research Inc. Class A | 9,080 | | 168 | |
| * | VirnetX Holding Corp. | 40,524 | | 154 | |
| * | Adesto Technologies Corp. | 17,692 | | 150 | |
| * | Smith Micro Software Inc. | 36,400 | | 145 | |
| * | Ribbon Communications Inc. | 46,727 | | 145 | |
| * | Casa Systems Inc. | 34,412 | | 141 | |
| * | SecureWorks Corp. Class A | 8,244 | | 137 | |
| * | Pixelworks Inc. | 32,934 | | 129 | |
| * | Icad Inc. | 15,233 | | 118 | |
| | GlobalSCAPE Inc. | 11,304 | | 111 | |
| | Preformed Line Products Co. | 1,703 | | 103 | |
| * | KVH Industries Inc. | 9,132 | | 102 | |
| * | Clearfield Inc. | 7,179 | | 100 | |
| * | Airgain Inc. | 8,585 | | 92 | |
| * | Telenav Inc. | 18,629 | | 91 | |
| * | EMCORE Corp. | 28,435 | | 86 | |
| * | Amtech Systems Inc. | 11,877 | | 85 | |
| * | DASAN Zhone Solutions Inc. | 9,587 | | 85 | |
| * | Castlight Health Inc. Class B | 63,860 | | 85 | |
| * | NetSol Technologies Inc. | 18,065 | | 72 | |
| | TESSCO Technologies Inc. | 6,292 | | 71 | |
| * | Seachange International Inc. | 16,682 | | 70 | |
| * | Great Elm Capital Group Inc. | 19,881 | | 66 | |
| * | GSI Technology Inc. | 9,342 | | 66 | |
| * | RigNet Inc. | 9,523 | | 63 | |
| * | Powerfleet Inc. | 9,595 | | 62 | |
| *,^ | Red Violet Inc. | 3,326 | | 62 | |
| * | eGain Corp. | 7,706 | | 61 | |
| * | inTEST Corp. | 10,157 | | 60 | |
| | TransAct Technologies Inc. | 5,458 | | 60 | |
| * | SharpSpring Inc. | 5,104 | | 59 | |
| * | Identiv Inc. | 10,179 | | 57 | |
| * | Park City Group Inc. | 9,689 | | 49 | |
| *,^ | Resonant Inc. | 19,073 | | 46 | |
| * | Sonim Technologies Inc. | 12,400 | | 45 | |
| * | LRAD Corp. | 13,190 | | 43 | |
| | CSP Inc. | 3,181 | | 42 | |
| * | Computer Task Group Inc. | 7,990 | | 41 | |
| * | Finjan Holdings Inc. | 17,449 | | 35 | |
| | AstroNova Inc. | 2,465 | | 34 | |
| * | QuickLogic Corp. | 5,365 | | 32 | |
| * | Intellicheck Inc. | 4,082 | | 31 | |
| * | Sprout Social Inc. Class A | 1,882 | | 30 | |
| | QAD Inc. Class B | 668 | | 25 | |
| * | RCM Technologies Inc. | 8,104 | | 24 | |
| * | Atomera Inc. | 7,854 | | 24 | |
| * | Rimini Street Inc. | 6,024 | | 23 | |
| * | Everspin Technologies Inc. | 4,413 | | 23 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| * | Qumu Corp. | 8,832 | | 23 | |
| * | Aehr Test Systems | 8,824 | | 18 | |
| | Wayside Technology Group Inc. | 1,052 | | 17 | |
| * | Synacor Inc. | 10,445 | | 16 | |
| * | Data I/O Corp. | 3,396 | | 14 | |
| * | Aviat Networks Inc. | 934 | | 13 | |
| * | Lantronix Inc. | 3,690 | | 13 | |
| * | VOXX International Corp. Class A | 2,911 | | 13 | |
| * | Key Tronic Corp. | 2,174 | | 12 | |
| | Communications Systems Inc. | 1,854 | | 11 | |
| | Support.com Inc. | 8,303 | | 9 | |
| * | CVD Equipment Corp. | 2,737 | | 9 | |
| * | GSE Systems Inc. | 5,300 | | 9 | |
| * | Majesco | 974 | | 8 | |
| * | Trio-Tech International | 2,004 | | 8 | |
| * | Evolving Systems Inc. | 8,822 | | 8 | |
| * | Xcel Brands Inc. | 5,202 | | 8 | |
| * | Veritone Inc. | 3,077 | | 8 | |
| * | CynergisTek Inc. | 2,223 | | 7 | |
| * | Kopin Corp. | 18,243 | | 7 | |
| * | ClearOne Inc. | 4,114 | | 7 | |
| * | BSQUARE Corp. | 4,685 | | 7 | |
| * | WidePoint Corp. | 15,997 | | 6 | |
| | Network-1 Technologies Inc. | 2,710 | | 6 | |
| * | Westell Technologies Inc. Class A | 5,802 | | 5 | |
| * | Streamline Health Solutions Inc. | 3,730 | | 5 | |
| * | RumbleON Inc. Class B | 4,623 | | 4 | |
| * | Marin Software Inc. | 2,599 | | 4 | |
| *,§ | Media General Inc. CVR | 82,296 | | 3 | |
| * | Optical Cable Corp. | 889 | | 3 | |
| * | Mastech Digital Inc. | 260 | | 3 | |
| * | Beyond Air Inc. | 442 | | 2 | |
| * | Innodata Inc. | 1,873 | | 2 | |
| * | SITO Mobile Ltd. | 6,908 | | 2 | |
| * | Exela Technologies Inc. | 4,182 | | 2 | |
| * | Cinedigm Corp. Class A | 1,775 | | 1 | |
| *,§ | Ocera Therapeutics CVR Line | 3,700 | | 1 | |
| *,§ | Aratana Therapeutics Inc. CVR | 37,378 | | 1 | |
| | BK Technologies Corp. | 244 | | 1 | |
| * | Inuvo Inc. | 1,578 | | — | |
| *,§ | Biosante Pharmaceutical Inc. CVR | 14,250 | | — | |
| *,§ | TheStreet CVR | 1,571 | | — | |
| | | | | 5,938,009 | |
| Telecommunications (1.1%) | | | | |
| | AT&T Inc. | 6,259,520 | | 244,622 | |
| | Verizon Communications Inc. | 3,543,472 | | 217,569 | |
| * | T-Mobile US Inc. | 255,256 | | 20,017 | |
| | CenturyLink Inc. | 941,590 | | 12,438 | |
| * | Zayo Group Holdings Inc. | 197,370 | | 6,839 | |
| * | Sprint Corp. | 536,466 | | 2,795 | |
| *,^ | Zoom Video Communications Inc. Class A | 39,653 | | 2,698 | |
| * | Iridium Communications Inc. | 99,491 | | 2,451 | |
| | Telephone & Data Systems Inc. | 84,916 | | 2,159 | |
| | Shenandoah Telecommunications Co. | 41,973 | | 1,747 | |
| * | 8x8 Inc. | 80,239 | | 1,468 | |
| * | Vonage Holdings Corp. | 191,265 | | 1,417 | |
| | ATN International Inc. | 9,908 | | 549 | |
| * | United States Cellular Corp. | 14,930 | | 541 | |
| * | Cincinnati Bell Inc. | 47,576 | | 498 | |
| * | Intelsat SA | 67,088 | | 472 | |
| * | Anterix Inc. | 9,008 | | 389 | |
| *,^ | GTT Communications Inc. | 24,690 | | 280 | |
| * | ORBCOMM Inc. | 61,407 | | 259 | |
| | Spok Holdings Inc. | 19,815 | | 242 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| | Consolidated Communications Holdings Inc. | 61,662 | | 239 | |
| *,^ | Globalstar Inc. | 447,307 | | 232 | |
| *,^ | Frontier Communications Corp. | 151,663 | | 135 | |
| * | IDT Corp. Class B | 18,097 | | 131 | |
| * | GTY Technology Holdings Inc. | 17,478 | | 103 | |
| * | Alaska Communications Systems Group Inc. | 57,396 | | 102 | |
| *,^ | Pareteum Corp. | 112,318 | | 49 | |
| *,§ | Omthera Pharmaceuticals Inc. CVR | 9,400 | | 6 | |
| | | | | 520,447 | |
| Utilities (1.9%) | | | | |
| | NextEra Energy Inc. | 419,360 | | 101,552 | |
| | Dominion Energy Inc. | 706,529 | | 58,515 | |
| | Southern Co. | 894,679 | | 56,991 | |
| | Duke Energy Corp. | 623,445 | | 56,864 | |
| | American Electric Power Co. Inc. | 422,836 | | 39,962 | |
| | Exelon Corp. | 830,381 | | 37,857 | |
| | Sempra Energy | 234,926 | | 35,587 | |
| | Xcel Energy Inc. | 456,953 | | 29,012 | |
| | Consolidated Edison Inc. | 284,935 | | 25,778 | |
| | Public Service Enterprise Group Inc. | 433,818 | | 25,617 | |
| | WEC Energy Group Inc. | 274,341 | | 25,303 | |
| | Eversource Energy | 277,172 | | 23,579 | |
| | Edison International | 307,777 | | 23,209 | |
| | FirstEnergy Corp. | 457,759 | | 22,247 | |
| | PPL Corp. | 616,295 | | 22,113 | |
| | DTE Energy Co. | 164,470 | | 21,360 | |
| | Entergy Corp. | 169,937 | | 20,358 | |
| | American Water Works Co. Inc. | 156,479 | | 19,223 | |
| | Ameren Corp. | 211,342 | | 16,231 | |
| | CMS Energy Corp. | 246,738 | | 15,505 | |
| | Evergy Inc. | 191,932 | | 12,493 | |
| | CenterPoint Energy Inc. | 431,426 | | 11,765 | |
| | Alliant Energy Corp. | 207,339 | | 11,346 | |
| | Atmos Energy Corp. | 101,235 | | 11,324 | |
| | AES Corp. | 566,142 | | 11,266 | |
| | NiSource Inc. | 311,609 | | 8,675 | |
| | Aqua America Inc. | 184,598 | | 8,665 | |
| | Pinnacle West Capital Corp. | 94,793 | | 8,525 | |
| | NRG Energy Inc. | 204,880 | | 8,144 | |
| | UGI Corp. | 179,125 | | 8,089 | |
| | Vistra Energy Corp. | 335,426 | | 7,711 | |
| * | PG&E Corp. | 449,589 | | 4,887 | |
| | IDACORP Inc. | 43,966 | | 4,696 | |
| | Hawaiian Electric Industries Inc. | 95,219 | | 4,462 | |
| | ONE Gas Inc. | 46,651 | | 4,365 | |
| | Portland General Electric Co. | 77,303 | | 4,313 | |
| | Black Hills Corp. | 51,588 | | 4,052 | |
| | New Jersey Resources Corp. | 82,196 | | 3,664 | |
| | ALLETE Inc. | 44,534 | | 3,615 | |
| | PNM Resources Inc. | 69,652 | | 3,532 | |
| | Spire Inc. | 41,876 | | 3,489 | |
| | National Fuel Gas Co. | 73,017 | | 3,398 | |
| | Southwest Gas Holdings Inc. | 43,377 | | 3,295 | |
| | NorthWestern Corp. | 44,229 | | 3,170 | |
| | Avangrid Inc. | 54,956 | | 2,812 | |
| | American States Water Co. | 31,874 | | 2,762 | |
| | Avista Corp. | 57,145 | | 2,748 | |
| | Ormat Technologies Inc. | 34,989 | | 2,607 | |
| | South Jersey Industries Inc. | 77,709 | | 2,563 | |
| | MGE Energy Inc. | 31,276 | | 2,465 | |
| | El Paso Electric Co. | 33,903 | | 2,302 | |
| | Pattern Energy Group Inc. Class A | 85,288 | | 2,282 | |
| | California Water Service Group | 42,055 | | 2,168 | |
| | Northwest Natural Holding Co. | 27,375 | | 2,018 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Shares | Market
Value
($000 | ) |
| | SJW Group | 25,517 | | 1,813 | |
| | Chesapeake Utilities Corp. | 14,522 | | 1,392 | |
| | TerraForm Power Inc. Class A | 77,784 | | 1,197 | |
| * | Evoqua Water Technologies Corp. | 61,019 | | 1,156 | |
| * | Sunrun Inc. | 77,932 | | 1,076 | |
| | Middlesex Water Co. | 14,699 | | 934 | |
| | Unitil Corp. | 13,864 | | 857 | |
| | York Water Co. | 10,380 | | 479 | |
| * | AquaVenture Holdings Ltd. | 13,377 | | 363 | |
| *,^ | Bloom Energy Corp. Class A | 42,395 | | 317 | |
| | Artesian Resources Corp. Class A | 6,216 | | 231 | |
| * | Vivint Solar Inc. | 30,588 | | 222 | |
| * | Atlantic Power Corp. | 88,794 | | 207 | |
| * | Pure Cycle Corp. | 15,148 | | 191 | |
| *,^ | Cadiz Inc. | 16,558 | | 182 | |
| | RGC Resources Inc. | 5,719 | | 163 | |
| | Genie Energy Ltd. Class B | 13,020 | | 101 | |
| | Spark Energy Inc. Class A | 9,045 | | 84 | |
| * | Sunnova Energy International Inc. | 4,838 | | 54 | |
| | | | | 871,550 | |
| Total Common Stocks (Cost $11,060,773) | | | 27,232,840 | |
| | | Coupon | | Maturity
Date | Face
Amount
($000 | ) | |
| U.S. Government and Agency Obligations (26.2%) | | | | | | | |
| U.S. Government Securities (17.0%) | | | | | | | |
| | United States Treasury Note/Bond | 8.500% | | 2/15/20 | | 1,869 | | 1,883 | |
| | United States Treasury Note/Bond | 2.000% | | 7/31/20 | | 3 | | 3 | |
| | United States Treasury Note/Bond | 2.625% | | 8/15/20 | | 640 | | 644 | |
| | United States Treasury Note/Bond | 1.375% | | 9/15/20 | | 2 | | 2 | |
| | United States Treasury Note/Bond | 1.625% | | 10/15/20 | | 1 | | 1 | |
| | United States Treasury Note/Bond | 1.375% | | 10/31/20 | | 4 | | 4 | |
| | United States Treasury Note/Bond | 1.750% | | 10/31/20 | | 1 | | 1 | |
| | United States Treasury Note/Bond | 2.625% | | 11/15/20 | | 108,941 | | 109,860 | |
| | United States Treasury Note/Bond | 2.000% | | 11/30/20 | | 19,950 | | 20,012 | |
| | United States Treasury Note/Bond | 2.750% | | 11/30/20 | | 2 | | 2 | |
| | United States Treasury Note/Bond | 1.875% | | 12/15/20 | | 4,095 | | 4,104 | |
| | United States Treasury Note/Bond | 1.750% | | 12/31/20 | | 7,347 | | 7,354 | |
| | United States Treasury Note/Bond | 2.375% | | 12/31/20 | | 20,452 | | 20,596 | |
| | United States Treasury Note/Bond | 2.500% | | 12/31/20 | | 58,060 | | 58,531 | |
| | United States Treasury Note/Bond | 1.375% | | 1/31/21 | | 24,657 | | 24,584 | |
| | United States Treasury Note/Bond | 2.125% | | 1/31/21 | | 19,996 | | 20,096 | |
| | United States Treasury Note/Bond | 2.500% | | 1/31/21 | | 16,603 | | 16,753 | |
| | 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 | | 36,376 | |
| | United States Treasury Note/Bond | 7.875% | | 2/15/21 | | 400 | | 427 | |
| | United States Treasury Note/Bond | 1.125% | | 2/28/21 | | 19,815 | | 19,697 | |
| | United States Treasury Note/Bond | 2.000% | | 2/28/21 | | 12,275 | | 12,327 | |
| | United States Treasury Note/Bond | 2.500% | | 2/28/21 | | 15,526 | | 15,679 | |
| | United States Treasury Note/Bond | 2.375% | | 3/15/21 | | 4,051 | | 4,085 | |
| | United States Treasury Note/Bond | 2.250% | | 3/31/21 | | 15,474 | | 15,590 | |
| | United States Treasury Note/Bond | 2.375% | | 4/15/21 | | 28,606 | | 28,879 | |
| | United States Treasury Note/Bond | 1.375% | | 4/30/21 | | 31,575 | | 31,477 | |
| | 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 | | 3,988 | |
| | United States Treasury Note/Bond | 3.125% | | 5/15/21 | | 12,687 | | 12,943 | |
| | United States Treasury Note/Bond | 1.375% | | 5/31/21 | | 26,790 | | 26,702 | |
| | United States Treasury Note/Bond | 2.000% | | 5/31/21 | | 19,227 | | 19,329 | |
| | United States Treasury Note/Bond | 2.125% | | 5/31/21 | | 46,004 | | 46,327 | |
| | United States Treasury Note/Bond | 2.625% | | 6/15/21 | | 16,380 | | 16,616 | |
| | United States Treasury Note/Bond | 1.125% | | 6/30/21 | | 39,072 | | 38,797 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | United States Treasury Note/Bond | 1.625% | | 6/30/21 | | 48,484 | | 48,492 | |
| | United States Treasury Note/Bond | 2.125% | | 6/30/21 | | 34,875 | | 35,142 | |
| | United States Treasury Note/Bond | 2.625% | | 7/15/21 | | 41,965 | | 42,607 | |
| | United States Treasury Note/Bond | 1.125% | | 7/31/21 | | 26,420 | | 26,218 | |
| | United States Treasury Note/Bond | 1.750% | | 7/31/21 | | 28,889 | | 28,952 | |
| | United States Treasury Note/Bond | 2.250% | | 7/31/21 | | 14,775 | | 14,920 | |
| | United States Treasury Note/Bond | 2.125% | | 8/15/21 | | 20,605 | | 20,772 | |
| | United States Treasury Note/Bond | 2.750% | | 8/15/21 | | 6,070 | | 6,179 | |
| | United States Treasury Note/Bond | 1.125% | | 8/31/21 | | 16,257 | | 16,127 | |
| | United States Treasury Note/Bond | 1.500% | | 8/31/21 | | 11,100 | | 11,081 | |
| | United States Treasury Note/Bond | 2.000% | | 8/31/21 | | 4,775 | | 4,806 | |
| | United States Treasury Note/Bond | 2.750% | | 9/15/21 | | 12,215 | | 12,448 | |
| | United States Treasury Note/Bond | 1.125% | | 9/30/21 | | 9,335 | | 9,258 | |
| | United States Treasury Note/Bond | 1.500% | | 9/30/21 | | 7,407 | | 7,394 | |
| | United States Treasury Note/Bond | 2.125% | | 9/30/21 | | 9,240 | | 9,321 | |
| | United States Treasury Note/Bond | 2.875% | | 10/15/21 | | 28,304 | | 28,932 | |
| | United States Treasury Note/Bond | 1.250% | | 10/31/21 | | 26,975 | | 26,806 | |
| | United States Treasury Note/Bond | 1.500% | | 10/31/21 | | 32,455 | | 32,404 | |
| | United States Treasury Note/Bond | 2.000% | | 10/31/21 | | 20,510 | | 20,657 | |
| | United States Treasury Note/Bond | 2.000% | | 11/15/21 | | 35,875 | | 36,150 | |
| | United States Treasury Note/Bond | 2.875% | | 11/15/21 | | 8,729 | | 8,934 | |
| | United States Treasury Note/Bond | 8.000% | | 11/15/21 | | 1,500 | | 1,674 | |
| | United States Treasury Note/Bond | 1.500% | | 11/30/21 | | 1,610 | | 1,608 | |
| | United States Treasury Note/Bond | 1.750% | | 11/30/21 | | 28,330 | | 28,410 | |
| | United States Treasury Note/Bond | 1.875% | | 11/30/21 | | 8,881 | | 8,930 | |
| | United States Treasury Note/Bond | 2.625% | | 12/15/21 | | 30,769 | | 31,370 | |
| | United States Treasury Note/Bond | 2.000% | | 12/31/21 | | 9,073 | | 9,144 | |
| | United States Treasury Note/Bond | 2.125% | | 12/31/21 | | 13,450 | | 13,587 | |
| | United States Treasury Note/Bond | 2.500% | | 1/15/22 | | 112,131 | | 114,111 | |
| | United States Treasury Note/Bond | 1.500% | | 1/31/22 | | 8,364 | | 8,350 | |
| | United States Treasury Note/Bond | 1.875% | | 1/31/22 | | 78,130 | | 78,569 | |
| | United States Treasury Note/Bond | 2.000% | | 2/15/22 | | 18,553 | | 18,701 | |
| | United States Treasury Note/Bond | 2.500% | | 2/15/22 | | 105,578 | | 107,558 | |
| | United States Treasury Note/Bond | 1.750% | | 2/28/22 | | 26,621 | | 26,708 | |
| | United States Treasury Note/Bond | 1.875% | | 2/28/22 | | 32,855 | | 33,050 | |
| | United States Treasury Note/Bond | 2.375% | | 3/15/22 | | 91,791 | | 93,340 | |
| | United States Treasury Note/Bond | 1.750% | | 3/31/22 | | 33,784 | | 33,900 | |
| | United States Treasury Note/Bond | 1.875% | | 3/31/22 | | 8,830 | | 8,884 | |
| | United States Treasury Note/Bond | 2.250% | | 4/15/22 | | 29,285 | | 29,706 | |
| | United States Treasury Note/Bond | 1.750% | | 4/30/22 | | 24,226 | | 24,309 | |
| | United States Treasury Note/Bond | 1.875% | | 4/30/22 | | 39,651 | | 39,899 | |
| | United States Treasury Note/Bond | 1.750% | | 5/15/22 | | 12,025 | | 12,064 | |
| | United States Treasury Note/Bond | 2.125% | | 5/15/22 | | 33,201 | | 33,600 | |
| | United States Treasury Note/Bond | 1.750% | | 5/31/22 | | 32,877 | | 32,995 | |
| | United States Treasury Note/Bond | 1.875% | | 5/31/22 | | 39,675 | | 39,935 | |
| | United States Treasury Note/Bond | 1.750% | | 6/15/22 | | 98,685 | | 99,039 | |
| | United States Treasury Note/Bond | 1.750% | | 6/30/22 | | 25,000 | | 25,094 | |
| | United States Treasury Note/Bond | 2.125% | | 6/30/22 | | 19,560 | | 19,811 | |
| | United States Treasury Note/Bond | 1.750% | | 7/15/22 | | 17,955 | | 18,016 | |
| | United States Treasury Note/Bond | 1.875% | | 7/31/22 | | 38,165 | | 38,415 | |
| | United States Treasury Note/Bond | 2.000% | | 7/31/22 | | 7,795 | | 7,872 | |
| | United States Treasury Note/Bond | 1.500% | | 8/15/22 | | 38,776 | | 38,673 | |
| | United States Treasury Note/Bond | 1.625% | | 8/15/22 | | 4,708 | | 4,710 | |
| | United States Treasury Note/Bond | 1.625% | | 8/31/22 | | 17,050 | | 17,055 | |
| | United States Treasury Note/Bond | 1.875% | | 8/31/22 | | 39,638 | | 39,911 | |
| | United States Treasury Note/Bond | 1.500% | | 9/15/22 | | 58,092 | | 57,929 | |
| | United States Treasury Note/Bond | 1.750% | | 9/30/22 | | 1,250 | | 1,255 | |
| | United States Treasury Note/Bond | 1.875% | | 9/30/22 | | 29,810 | | 30,024 | |
| | United States Treasury Note/Bond | 1.375% | | 10/15/22 | | 126,319 | | 125,490 | |
| | United States Treasury Note/Bond | 1.875% | | 10/31/22 | | 14,555 | | 14,655 | |
| | United States Treasury Note/Bond | 2.000% | | 10/31/22 | | 61,378 | | 62,021 | |
| | United States Treasury Note/Bond | 1.625% | | 11/15/22 | | 158,865 | | 158,914 | |
| | United States Treasury Note/Bond | 2.000% | | 11/30/22 | | 45,188 | | 45,668 | |
| | United States Treasury Note/Bond | 1.625% | | 12/15/22 | | 68,295 | | 68,327 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | United States Treasury Note/Bond | 2.125% | | 12/31/22 | | 90,180 | | 91,505 | |
| | United States Treasury Note/Bond | 1.750% | | 1/31/23 | | 25,218 | | 25,312 | |
| | United States Treasury Note/Bond | 2.375% | | 1/31/23 | | 975 | | 997 | |
| | United States Treasury Note/Bond | 2.000% | | 2/15/23 | | 11,203 | | 11,327 | |
| | United States Treasury Note/Bond | 7.125% | | 2/15/23 | | 1,100 | | 1,284 | |
| | United States Treasury Note/Bond | 1.500% | | 2/28/23 | | 3,327 | | 3,314 | |
| | United States Treasury Note/Bond | 2.625% | | 2/28/23 | | 13,695 | | 14,112 | |
| | United States Treasury Note/Bond | 1.500% | | 3/31/23 | | 28,975 | | 28,857 | |
| | United States Treasury Note/Bond | 2.500% | | 3/31/23 | | 28,451 | | 29,225 | |
| | United States Treasury Note/Bond | 1.625% | | 4/30/23 | | 22,585 | | 22,571 | |
| | United States Treasury Note/Bond | 2.750% | | 4/30/23 | | 19,480 | | 20,177 | |
| | United States Treasury Note/Bond | 1.750% | | 5/15/23 | | 16,293 | | 16,346 | |
| | United States Treasury Note/Bond | 1.625% | | 5/31/23 | | 18,985 | | 18,976 | |
| | United States Treasury Note/Bond | 2.750% | | 5/31/23 | | 5,895 | | 6,109 | |
| | United States Treasury Note/Bond | 1.375% | | 6/30/23 | | 30,610 | | 30,333 | |
| | United States Treasury Note/Bond | 2.625% | | 6/30/23 | | 14,541 | | 15,025 | |
| | United States Treasury Note/Bond | 1.250% | | 7/31/23 | | 11,234 | | 11,076 | |
| | United States Treasury Note/Bond | 2.750% | | 7/31/23 | | 40,739 | | 42,286 | |
| | United States Treasury Note/Bond | 2.500% | | 8/15/23 | | 39,835 | | 41,011 | |
| | United States Treasury Note/Bond | 6.250% | | 8/15/23 | | 32,780 | | 38,050 | |
| | United States Treasury Note/Bond | 1.375% | | 8/31/23 | | 12,820 | | 12,696 | |
| | United States Treasury Note/Bond | 2.750% | | 8/31/23 | | 2,380 | | 2,472 | |
| | United States Treasury Note/Bond | 1.375% | | 9/30/23 | | 20,585 | | 20,373 | |
| | United States Treasury Note/Bond | 2.875% | | 9/30/23 | | 3,149 | | 3,287 | |
| | United States Treasury Note/Bond | 1.625% | | 10/31/23 | | 1,251 | | 1,249 | |
| | United States Treasury Note/Bond | 2.875% | | 10/31/23 | | 10,678 | | 11,154 | |
| | United States Treasury Note/Bond | 2.750% | | 11/15/23 | | 281 | | 292 | |
| | United States Treasury Note/Bond | 2.125% | | 11/30/23 | | 16,145 | | 16,423 | |
| | United States Treasury Note/Bond | 2.875% | | 11/30/23 | | 9,162 | | 9,578 | |
| | United States Treasury Note/Bond | 2.250% | | 12/31/23 | | 16 | | 16 | |
| | United States Treasury Note/Bond | 2.625% | | 12/31/23 | | 47,276 | | 49,012 | |
| | United States Treasury Note/Bond | 2.250% | | 1/31/24 | | 41,830 | | 42,771 | |
| | 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 | | 31,248 | |
| | United States Treasury Note/Bond | 2.125% | | 2/29/24 | | 10,040 | | 10,219 | |
| | United States Treasury Note/Bond | 2.375% | | 2/29/24 | | 35,519 | | 36,507 | |
| | United States Treasury Note/Bond | 2.125% | | 3/31/24 | | 46,008 | | 46,842 | |
| | United States Treasury Note/Bond | 2.000% | | 4/30/24 | | 20,345 | | 20,612 | |
| | United States Treasury Note/Bond | 2.250% | | 4/30/24 | | 21,021 | | 21,514 | |
| | United States Treasury Note/Bond | 2.500% | | 5/15/24 | | 53,529 | | 55,352 | |
| | United States Treasury Note/Bond | 2.000% | | 5/31/24 | | 56,836 | | 57,581 | |
| | United States Treasury Note/Bond | 1.750% | | 6/30/24 | | 23,576 | | 23,635 | |
| | United States Treasury Note/Bond | 2.000% | | 6/30/24 | | 30,635 | | 31,037 | |
| | United States Treasury Note/Bond | 1.750% | | 7/31/24 | | 13,537 | | 13,573 | |
| | United States Treasury Note/Bond | 2.125% | | 7/31/24 | | 14,710 | | 14,986 | |
| | United States Treasury Note/Bond | 2.375% | | 8/15/24 | | 49,886 | | 51,375 | |
| | United States Treasury Note/Bond | 1.250% | | 8/31/24 | | 18,258 | | 17,899 | |
| | United States Treasury Note/Bond | 1.875% | | 8/31/24 | | 10,623 | | 10,708 | |
| | United States Treasury Note/Bond | 1.500% | | 9/30/24 | | 22,661 | | 22,463 | |
| | United States Treasury Note/Bond | 2.125% | | 9/30/24 | | 40,408 | | 41,191 | |
| | United States Treasury Note/Bond | 1.500% | | 10/31/24 | | 71,887 | | 71,258 | |
| | United States Treasury Note/Bond | 2.250% | | 10/31/24 | | 35,320 | | 36,225 | |
| | United States Treasury Note/Bond | 2.250% | | 11/15/24 | | 34,400 | | 35,276 | |
| | United States Treasury Note/Bond | 7.500% | | 11/15/24 | | 675 | | 857 | |
| | United States Treasury Note/Bond | 1.500% | | 11/30/24 | | 81,904 | | 81,200 | |
| | United States Treasury Note/Bond | 2.125% | | 11/30/24 | | 67,405 | | 68,732 | |
| | United States Treasury Note/Bond | 1.750% | | 12/31/24 | | 26,180 | | 26,250 | |
| | United States Treasury Note/Bond | 2.250% | | 12/31/24 | | 60,000 | | 61,565 | |
| | United States Treasury Note/Bond | 2.500% | | 1/31/25 | | 20,340 | | 21,122 | |
| | United States Treasury Note/Bond | 2.000% | | 2/15/25 | | 57,848 | | 58,661 | |
| | United States Treasury Note/Bond | 2.750% | | 2/28/25 | | 37,073 | | 38,962 | |
| | United States Treasury Note/Bond | 2.625% | | 3/31/25 | | 27,896 | | 29,156 | |
| | United States Treasury Note/Bond | 2.875% | | 4/30/25 | | 43,863 | | 46,412 | |
| | United States Treasury Note/Bond | 2.125% | | 5/15/25 | | 48,416 | | 49,369 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | United States Treasury Note/Bond | 2.875% | | 5/31/25 | | 25,340 | | 26,821 | |
| | United States Treasury Note/Bond | 2.750% | | 6/30/25 | | 42,295 | | 44,522 | |
| | United States Treasury Note/Bond | 2.875% | | 7/31/25 | | 34,960 | | 37,047 | |
| | United States Treasury Note/Bond | 2.000% | | 8/15/25 | | 52,747 | | 53,422 | |
| | United States Treasury Note/Bond | 6.875% | | 8/15/25 | | 1,943 | | 2,474 | |
| | United States Treasury Note/Bond | 2.750% | | 8/31/25 | | 15,520 | | 16,349 | |
| | United States Treasury Note/Bond | 3.000% | | 9/30/25 | | 8,524 | | 9,099 | |
| | United States Treasury Note/Bond | 2.250% | | 11/15/25 | | 6,372 | | 6,540 | |
| | United States Treasury Note/Bond | 2.875% | | 11/30/25 | | 5,070 | | 5,383 | |
| | United States Treasury Note/Bond | 2.625% | | 12/31/25 | | 67,595 | | 70,838 | |
| | United States Treasury Note/Bond | 2.625% | | 1/31/26 | | 56,474 | | 59,191 | |
| | United States Treasury Note/Bond | 1.625% | | 2/15/26 | | 59,937 | | 59,338 | |
| | United States Treasury Note/Bond | 2.500% | | 2/28/26 | | 30,393 | | 31,642 | |
| | United States Treasury Note/Bond | 2.250% | | 3/31/26 | | 25,535 | | 26,221 | |
| | United States Treasury Note/Bond | 2.375% | | 4/30/26 | | 44,065 | | 45,580 | |
| | United States Treasury Note/Bond | 1.625% | | 5/15/26 | | 50,598 | | 50,037 | |
| | United States Treasury Note/Bond | 2.125% | | 5/31/26 | | 17,795 | | 18,137 | |
| | United States Treasury Note/Bond | 1.875% | | 6/30/26 | | 16,182 | | 16,245 | |
| | United States Treasury Note/Bond | 1.875% | | 7/31/26 | | 15,760 | | 15,814 | |
| | United States Treasury Note/Bond | 1.500% | | 8/15/26 | | 54,545 | | 53,437 | |
| | United States Treasury Note/Bond | 6.750% | | 8/15/26 | | 3,095 | | 4,050 | |
| | United States Treasury Note/Bond | 1.375% | | 8/31/26 | | 18,441 | | 17,922 | |
| | United States Treasury Note/Bond | 1.625% | | 9/30/26 | | 36,675 | | 36,211 | |
| | United States Treasury Note/Bond | 1.625% | | 10/31/26 | | 29,445 | | 29,049 | |
| | United States Treasury Note/Bond | 2.000% | | 11/15/26 | | 60,040 | | 60,678 | |
| | United States Treasury Note/Bond | 6.500% | | 11/15/26 | | 910 | | 1,185 | |
| | United States Treasury Note/Bond | 1.625% | | 11/30/26 | | 64,885 | | 64,013 | |
| | United States Treasury Note/Bond | 1.750% | | 12/31/26 | | 15,030 | | 14,946 | |
| | United States Treasury Note/Bond | 2.250% | | 2/15/27 | | 52,872 | | 54,310 | |
| | United States Treasury Note/Bond | 2.375% | | 5/15/27 | | 39,155 | | 40,581 | |
| | United States Treasury Note/Bond | 2.250% | | 8/15/27 | | 44,310 | | 45,529 | |
| | United States Treasury Note/Bond | 2.250% | | 11/15/27 | | 49,833 | | 51,219 | |
| | United States Treasury Note/Bond | 6.125% | | 11/15/27 | | 775 | | 1,017 | |
| | United States Treasury Note/Bond | 2.750% | | 2/15/28 | | 50,868 | | 54,206 | |
| | United States Treasury Note/Bond | 2.875% | | 5/15/28 | | 53,665 | | 57,757 | |
| | United States Treasury Note/Bond | 2.875% | | 8/15/28 | | 53,510 | | 57,666 | |
| | United States Treasury Note/Bond | 5.500% | | 8/15/28 | | 895 | | 1,151 | |
| | United States Treasury Note/Bond | 3.125% | | 11/15/28 | | 52,149 | | 57,332 | |
| | United States Treasury Note/Bond | 5.250% | | 11/15/28 | | 14,810 | | 18,848 | |
| | United States Treasury Note/Bond | 2.625% | | 2/15/29 | | 60,308 | | 63,908 | |
| | United States Treasury Note/Bond | 5.250% | | 2/15/29 | | 15,313 | | 19,577 | |
| | United States Treasury Note/Bond | 2.375% | | 5/15/29 | | 58,859 | | 61,176 | |
| | United States Treasury Note/Bond | 1.625% | | 8/15/29 | | 68,681 | | 66,899 | |
| | United States Treasury Note/Bond | 6.125% | | 8/15/29 | | 4,420 | | 6,055 | |
| | United States Treasury Note/Bond | 1.750% | | 11/15/29 | | 51,522 | | 50,741 | |
| | United States Treasury Note/Bond | 6.250% | | 5/15/30 | | 570 | | 801 | |
| | United States Treasury Note/Bond | 5.375% | | 2/15/31 | | 8,005 | | 10,739 | |
| | United States Treasury Note/Bond | 4.500% | | 2/15/36 | | 16,587 | | 22,001 | |
| | United States Treasury Note/Bond | 4.750% | | 2/15/37 | | 3,892 | | 5,355 | |
| | United States Treasury Note/Bond | 5.000% | | 5/15/37 | | 11,388 | | 16,119 | |
| | United States Treasury Note/Bond | 4.375% | | 2/15/38 | | 5,592 | | 7,437 | |
| | United States Treasury Note/Bond | 4.500% | | 5/15/38 | | 9,044 | | 12,221 | |
| | United States Treasury Note/Bond | 3.500% | | 2/15/39 | | 11,403 | | 13,668 | |
| | United States Treasury Note/Bond | 4.250% | | 5/15/39 | | 10,883 | | 14,321 | |
| | United States Treasury Note/Bond | 4.500% | | 8/15/39 | | 14,684 | | 19,929 | |
| | United States Treasury Note/Bond | 4.375% | | 11/15/39 | | 11,686 | | 15,637 | |
| | United States Treasury Note/Bond | 4.625% | | 2/15/40 | | 22,135 | | 30,605 | |
| | United States Treasury Note/Bond | 4.375% | | 5/15/40 | | 14,750 | | 19,804 | |
| | United States Treasury Note/Bond | 3.875% | | 8/15/40 | | 15,490 | | 19,525 | |
| | United States Treasury Note/Bond | 4.250% | | 11/15/40 | | 10,317 | | 13,659 | |
| | United States Treasury Note/Bond | 4.750% | | 2/15/41 | | 15,338 | | 21,641 | |
| | United States Treasury Note/Bond | 4.375% | | 5/15/41 | | 14,450 | | 19,483 | |
| | United States Treasury Note/Bond | 3.750% | | 8/15/41 | | 12,000 | | 14,899 | |
| | United States Treasury Note/Bond | 3.125% | | 11/15/41 | | 13,128 | | 14,894 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | United States Treasury Note/Bond | 3.125% | | 2/15/42 | | 15,773 | | 17,895 | |
| | United States Treasury Note/Bond | 3.000% | | 5/15/42 | | 11,950 | | 13,298 | |
| | United States Treasury Note/Bond | 2.750% | | 8/15/42 | | 20,602 | | 22,002 | |
| | United States Treasury Note/Bond | 2.750% | | 11/15/42 | | 23,680 | | 25,278 | |
| | United States Treasury Note/Bond | 3.125% | | 2/15/43 | | 23,361 | | 26,500 | |
| | United States Treasury Note/Bond | 2.875% | | 5/15/43 | | 32,064 | | 34,950 | |
| | United States Treasury Note/Bond | 3.625% | | 8/15/43 | | 27,265 | | 33,447 | |
| | United States Treasury Note/Bond | 3.750% | | 11/15/43 | | 31,564 | | 39,489 | |
| | United States Treasury Note/Bond | 3.625% | | 2/15/44 | | 38,738 | | 47,636 | |
| | United States Treasury Note/Bond | 3.375% | | 5/15/44 | | 36,112 | | 42,753 | |
| | United States Treasury Note/Bond | 3.125% | | 8/15/44 | | 34,226 | | 38,953 | |
| | United States Treasury Note/Bond | 3.000% | | 11/15/44 | | 37,721 | | 42,071 | |
| | United States Treasury Note/Bond | 2.500% | | 2/15/45 | | 36,758 | | 37,533 | |
| | United States Treasury Note/Bond | 3.000% | | 5/15/45 | | 25,139 | | 28,085 | |
| | United States Treasury Note/Bond | 2.875% | | 8/15/45 | | 35,817 | | 39,163 | |
| | United States Treasury Note/Bond | 3.000% | | 11/15/45 | | 14,228 | | 15,918 | |
| | United States Treasury Note/Bond | 2.500% | | 2/15/46 | | 31,339 | | 32,005 | |
| | United States Treasury Note/Bond | 2.500% | | 5/15/46 | | 41,805 | | 42,687 | |
| | United States Treasury Note/Bond | 2.250% | | 8/15/46 | | 40,562 | | 39,427 | |
| | United States Treasury Note/Bond | 2.875% | | 11/15/46 | | 36,710 | | 40,272 | |
| | United States Treasury Note/Bond | 3.000% | | 2/15/47 | | 31,463 | | 35,357 | |
| | United States Treasury Note/Bond | 3.000% | | 5/15/47 | | 45,822 | | 51,478 | |
| | United States Treasury Note/Bond | 2.750% | | 8/15/47 | | 32,138 | | 34,468 | |
| | United States Treasury Note/Bond | 2.750% | | 11/15/47 | | 34,982 | | 37,512 | |
| | United States Treasury Note/Bond | 3.000% | | 2/15/48 | | 32,745 | | 36,807 | |
| | United States Treasury Note/Bond | 3.125% | | 5/15/48 | | 37,817 | | 43,537 | |
| | United States Treasury Note/Bond | 3.000% | | 8/15/48 | | 41,009 | | 46,192 | |
| | United States Treasury Note/Bond | 3.375% | | 11/15/48 | | 35,236 | | 42,509 | |
| | United States Treasury Note/Bond | 3.000% | | 2/15/49 | | 36,934 | | 41,666 | |
| | United States Treasury Note/Bond | 2.875% | | 5/15/49 | | 39,729 | | 43,808 | |
| | United States Treasury Note/Bond | 2.250% | | 8/15/49 | | 32,585 | | 31,623 | |
| | United States Treasury Note/Bond | 2.375% | | 11/15/49 | | 36,720 | | 36,611 | |
| | | | | | | | | 7,639,925 | |
| Agency Bonds and Notes (0.4%) | | | | | | | | |
| 2 | AID-Iraq | 2.149% | | 1/18/22 | | 1,100 | | 1,108 | |
| 2 | AID-Israel | 5.500% | | 12/4/23 | | 375 | | 427 | |
| 2 | AID-Israel | 5.500% | | 4/26/24 | | 1,400 | | 1,612 | |
| 2 | AID-Jordan | 2.578% | | 6/30/22 | | 320 | | 326 | |
| 2 | AID-Jordan | 3.000% | | 6/30/25 | | 400 | | 416 | |
| 2 | AID-Tunisia | 2.452% | | 7/24/21 | | 250 | | 253 | |
| 2 | AID-Tunisia | 1.416% | | 8/5/21 | | 200 | | 199 | |
| 2 | AID-Ukraine | 1.471% | | 9/29/21 | | 675 | | 672 | |
| | Federal Farm Credit Banks | 2.550% | | 3/11/21 | | 1,475 | | 1,491 | |
| | Federal Farm Credit Banks | 2.230% | | 4/5/21 | | 1,475 | | 1,486 | |
| | Federal Farm Credit Banks | 3.050% | | 11/15/21 | | 400 | | 410 | |
| | Federal Farm Credit Banks | 1.600% | | 12/28/21 | | 925 | | 925 | |
| | Federal Farm Credit Banks | 1.770% | | 6/26/23 | | 575 | | 577 | |
| | Federal Farm Credit Banks | 3.500% | | 12/20/23 | | 500 | | 534 | |
| | Federal Home Loan Banks | 1.375% | | 2/18/21 | | 1,600 | | 1,596 | |
| | Federal Home Loan Banks | 5.625% | | 6/11/21 | | 1,600 | | 1,691 | |
| | Federal Home Loan Banks | 1.875% | | 7/7/21 | | 3,610 | | 3,623 | |
| | Federal Home Loan Banks | 1.125% | | 7/14/21 | | 3,000 | | 2,977 | |
| | Federal Home Loan Banks | 3.000% | | 10/12/21 | | 7,000 | | 7,167 | |
| | Federal Home Loan Banks | 1.625% | | 11/19/21 | | 3,040 | | 3,040 | |
| | Federal Home Loan Banks | 1.875% | | 11/29/21 | | 6,000 | | 6,028 | |
| | Federal Home Loan Banks | 1.625% | | 12/20/21 | | 6,700 | | 6,700 | |
| | Federal Home Loan Banks | 2.125% | | 6/10/22 | | 700 | | 708 | |
| | Federal Home Loan Banks | 2.000% | | 9/9/22 | | 1,000 | | 1,009 | |
| | Federal Home Loan Banks | 2.125% | | 3/10/23 | | 3,155 | | 3,201 | |
| | Federal Home Loan Banks | 2.500% | | 2/13/24 | | 3,515 | | 3,623 | |
| | Federal Home Loan Banks | 2.875% | | 6/14/24 | | 2,000 | | 2,096 | |
| | Federal Home Loan Banks | 1.500% | | 8/15/24 | | 1,990 | | 1,968 | |
| | Federal Home Loan Banks | 5.375% | | 8/15/24 | | 815 | | 945 | |
| | Federal Home Loan Banks | 3.250% | | 11/16/28 | | 1,965 | | 2,149 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Federal Home Loan Banks | 5.500% | | 7/15/36 | | 2,775 | | 3,897 | |
| 3 | Federal Home Loan Mortgage Corp. | 2.375% | | 2/16/21 | | 5,000 | | 5,043 | |
| 3 | Federal Home Loan Mortgage Corp. | 1.125% | | 8/12/21 | | 7,200 | | 7,142 | |
| 3 | Federal Home Loan Mortgage Corp. | 2.375% | | 1/13/22 | | 2,800 | | 2,842 | |
| 3 | Federal Home Loan Mortgage Corp. | 2.750% | | 6/19/23 | | 4,000 | | 4,147 | |
| 3 | Federal Home Loan Mortgage Corp. | 6.750% | | 9/15/29 | | 270 | | 378 | |
| 3 | Federal Home Loan Mortgage Corp. | 6.250% | | 7/15/32 | | 2,941 | | 4,224 | |
| 3 | Federal National Mortgage Assn. | 1.375% | | 2/26/21 | | 1,900 | | 1,895 | |
| 3 | Federal National Mortgage Assn. | 2.500% | | 4/13/21 | | 3,000 | | 3,033 | |
| 3 | Federal National Mortgage Assn. | 2.750% | | 6/22/21 | | 2,672 | | 2,715 | |
| 3 | Federal National Mortgage Assn. | 1.250% | | 8/17/21 | | 2,000 | | 1,988 | |
| 3 | Federal National Mortgage Assn. | 1.375% | | 10/7/21 | | 3,000 | | 2,987 | |
| 3 | Federal National Mortgage Assn. | 2.000% | | 1/5/22 | | 6,000 | | 6,044 | |
| 3 | Federal National Mortgage Assn. | 2.625% | | 1/11/22 | | 720 | | 734 | |
| 3 | Federal National Mortgage Assn. | 1.875% | | 4/5/22 | | 5,000 | | 5,027 | |
| 3 | Federal National Mortgage Assn. | 2.250% | | 4/12/22 | | 4,762 | | 4,828 | |
| 3 | Federal National Mortgage Assn. | 1.375% | | 9/6/22 | | 1,425 | | 1,415 | |
| 3 | Federal National Mortgage Assn. | 2.000% | | 10/5/22 | | 4,200 | | 4,240 | |
| 3 | Federal National Mortgage Assn. | 2.375% | | 1/19/23 | | 8,174 | | 8,348 | |
| 3 | Federal National Mortgage Assn. | 2.875% | | 9/12/23 | | 2,000 | | 2,086 | |
| 3 | Federal National Mortgage Assn. | 2.500% | | 2/5/24 | | 3,881 | | 3,999 | |
| 3 | Federal National Mortgage Assn. | 1.750% | | 7/2/24 | | 2,055 | | 2,056 | |
| 3 | Federal National Mortgage Assn. | 2.625% | | 9/6/24 | | 660 | | 686 | |
| 3 | Federal National Mortgage Assn. | 1.625% | | 10/15/24 | | 3,890 | | 3,865 | |
| 3 | Federal National Mortgage Assn. | 2.125% | | 4/24/26 | | 2,100 | | 2,128 | |
| 3 | Federal National Mortgage Assn. | 1.875% | | 9/24/26 | | 2,900 | | 2,893 | |
| 3 | Federal National Mortgage Assn. | 7.125% | | 1/15/30 | | 1,405 | | 2,028 | |
| 3 | Federal National Mortgage Assn. | 7.250% | | 5/15/30 | | 2,025 | | 2,973 | |
| 3 | Federal National Mortgage Assn. | 6.625% | | 11/15/30 | | 6,320 | | 8,996 | |
| 3 | Federal National Mortgage Assn. | 5.625% | | 7/15/37 | | 1,260 | | 1,812 | |
| | Private Export Funding Corp. | 4.300% | | 12/15/21 | | 175 | | 184 | |
| | Private Export Funding Corp. | 2.800% | | 5/15/22 | | 200 | | 205 | |
| | Private Export Funding Corp. | 2.050% | | 11/15/22 | | 4,175 | | 4,195 | |
| | Private Export Funding Corp. | 3.550% | | 1/15/24 | | 725 | | 770 | |
| | Private Export Funding Corp. | 2.450% | | 7/15/24 | | 525 | | 536 | |
| | Private Export Funding Corp. | 1.750% | | 11/15/24 | | 280 | | 278 | |
| | Private Export Funding Corp. | 3.250% | | 6/15/25 | | 175 | | 186 | |
| | Tennessee Valley Authority | 3.875% | | 2/15/21 | | 905 | | 926 | |
| | Tennessee Valley Authority | 1.875% | | 8/15/22 | | 425 | | 426 | |
| | Tennessee Valley Authority | 2.875% | | 9/15/24 | | 954 | | 997 | |
| | Tennessee Valley Authority | 6.750% | | 11/1/25 | | 2,920 | | 3,693 | |
| | Tennessee Valley Authority | 2.875% | | 2/1/27 | | 1,000 | | 1,048 | |
| | Tennessee Valley Authority | 7.125% | | 5/1/30 | | 2,000 | | 2,883 | |
| | Tennessee Valley Authority | 4.700% | | 7/15/33 | | 575 | | 720 | |
| | Tennessee Valley Authority | 4.650% | | 6/15/35 | | 500 | | 618 | |
| | Tennessee Valley Authority | 5.880% | | 4/1/36 | | 285 | | 401 | |
| | Tennessee Valley Authority | 5.500% | | 6/15/38 | | 225 | | 312 | |
| | Tennessee Valley Authority | 5.250% | | 9/15/39 | | 1,312 | | 1,796 | |
| | Tennessee Valley Authority | 5.375% | | 4/1/56 | | 580 | | 880 | |
| | Tennessee Valley Authority | 4.625% | | 9/15/60 | | 519 | | 711 | |
| | Tennessee Valley Authority | 4.250% | | 9/15/65 | | 700 | | 907 | |
| | | | | | | | | 186,078 | |
| Conventional Mortgage-Backed Securities (8.8%) | | | | | | | | |
| 3,4 | Fannie Mae Pool | 2.000% | | 11/1/27–11/1/34 | | 6,382 | | 6,364 | |
| 3,4,5 | Fannie Mae Pool | 2.500% | | 1/1/27–1/1/50 | | 106,426 | | 107,294 | |
| 3,4,5 | Fannie Mae Pool | 3.000% | | 1/1/26–1/1/50 | | 374,038 | | 383,236 | |
| 3,4,5 | Fannie Mae Pool | 3.500% | | 9/1/25–1/1/50 | | 438,677 | | 456,743 | |
| 3,4,5 | Fannie Mae Pool | 4.000% | | 5/1/20–1/1/50 | | 379,679 | | 399,051 | |
| 3,4,5 | Fannie Mae Pool | 4.500% | | 3/1/20–1/1/50 | | 156,690 | | 167,268 | |
| 3,4,5 | Fannie Mae Pool | 5.000% | | 2/1/20–1/1/50 | | 50,082 | | 54,624 | |
| 3,4 | Fannie Mae Pool | 5.500% | | 8/1/20–4/1/40 | | 22,489 | | 25,310 | |
| 3,4 | Fannie Mae Pool | 6.000% | | 12/1/20–5/1/41 | | 13,814 | | 15,754 | |
| 3,4 | Fannie Mae Pool | 6.500% | | 10/1/23–10/1/39 | | 4,026 | | 4,625 | |
| 3,4 | Fannie Mae Pool | 7.000% | | 12/1/22–11/1/37 | | 1,392 | | 1,585 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 3,4 | Fannie Mae Pool | 7.500% | | 11/1/22–12/1/32 | | 117 | | 135 | |
| 3,4 | Fannie Mae Pool | 8.000% | | 12/1/22–10/1/30 | | 25 | | 27 | |
| 3,4 | Fannie Mae Pool | 8.500% | | 7/1/22–7/1/30 | | 15 | | 16 | |
| 3,4 | Fannie Mae Pool | 9.000% | | 7/1/22–6/1/26 | | 6 | | 6 | |
| 3,4 | Fannie Mae Pool | 9.500% | | 8/1/20–2/1/25 | | 1 | | 1 | |
| 3,4 | Freddie Mac Gold Pool | 2.000% | | 8/1/28–12/1/31 | | 2,959 | | 2,950 | |
| 3,4 | Freddie Mac Gold Pool | 2.500% | | 4/1/27–2/1/43 | | 56,178 | | 56,966 | |
| 3,4 | Freddie Mac Gold Pool | 3.000% | | 10/1/24–4/1/47 | | 192,281 | | 197,723 | |
| 3,4 | Freddie Mac Gold Pool | 3.500% | | 9/1/25–11/1/48 | | 248,146 | | 259,054 | |
| 3,4 | Freddie Mac Gold Pool | 4.000% | | 1/1/20–11/1/48 | | 169,361 | | 178,773 | |
| 3,4 | Freddie Mac Gold Pool | 4.500% | | 3/1/20–1/1/49 | | 61,527 | | 66,009 | |
| 3,4 | Freddie Mac Gold Pool | 5.000% | | 1/1/20–1/1/49 | | 16,700 | | 18,259 | |
| 3,4 | Freddie Mac Gold Pool | 5.500% | | 1/1/22–6/1/41 | | 11,892 | | 13,254 | |
| 3,4 | Freddie Mac Gold Pool | 6.000% | | 5/1/21–5/1/40 | | 6,441 | | 7,313 | |
| 3,4 | Freddie Mac Gold Pool | 6.500% | | 8/1/23–3/1/39 | | 1,647 | | 1,862 | |
| 3,4 | Freddie Mac Gold Pool | 7.000% | | 10/1/22–12/1/38 | | 466 | | 532 | |
| 3,4 | Freddie Mac Gold Pool | 7.500% | | 1/1/23–1/1/32 | | 71 | | 80 | |
| 3,4 | Freddie Mac Gold Pool | 8.000% | | 1/1/22–1/1/31 | | 52 | | 59 | |
| 3,4 | Freddie Mac Gold Pool | 8.500% | | 11/1/24–5/1/30 | | 7 | | 7 | |
| 3,4 | Freddie Mac Gold Pool | 9.000% | | 10/1/21–5/1/25 | | 5 | | 5 | |
| 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 | | 10,623 | | 10,932 | |
| 4,5 | Ginnie Mae I Pool | 3.500% | | 11/15/25–1/1/49 | | 12,184 | | 12,737 | |
| 4 | Ginnie Mae I Pool | 4.000% | | 10/15/24–1/1/49 | | 16,129 | | 17,014 | |
| 4,5 | Ginnie Mae I Pool | 4.500% | | 9/15/20–1/1/49 | | 16,304 | | 17,578 | |
| 4 | Ginnie Mae I Pool | 5.000% | | 5/15/20–4/15/41 | | 9,337 | | 10,259 | |
| 4 | Ginnie Mae I Pool | 5.500% | | 1/15/32–6/15/41 | | 4,595 | | 5,089 | |
| 4 | Ginnie Mae I Pool | 6.000% | | 12/15/23–12/15/40 | | 2,744 | | 3,054 | |
| 4 | Ginnie Mae I Pool | 6.500% | | 11/15/23–8/15/39 | | 952 | | 1,025 | |
| 4 | Ginnie Mae I Pool | 7.000% | | 1/15/23–8/15/32 | | 385 | | 443 | |
| 4 | Ginnie Mae I Pool | 7.500% | | 11/15/22–3/15/32 | | 110 | | 122 | |
| 4 | Ginnie Mae I Pool | 8.000% | | 8/15/22–3/15/32 | | 78 | | 88 | |
| 4 | Ginnie Mae I Pool | 8.500% | | 8/15/22–6/15/30 | | 13 | | 16 | |
| 4 | Ginnie Mae I Pool | 9.000% | | 5/15/25–10/15/26 | | 6 | | 6 | |
| 4,5 | Ginnie Mae II Pool | 2.500% | | 6/20/27–1/1/50 | | 38,631 | | 38,773 | |
| 4,5 | Ginnie Mae II Pool | 3.000% | | 2/20/27–1/1/50 | | 259,523 | | 267,610 | |
| 4,5 | Ginnie Mae II Pool | 3.500% | | 9/20/25–12/1/49 | | 382,218 | | 397,755 | |
| 4,5 | Ginnie Mae II Pool | 4.000% | | 9/20/25–1/1/50 | | 250,447 | | 262,007 | |
| 4,5 | Ginnie Mae II Pool | 4.500% | | 11/20/35–1/1/50 | | 119,525 | | 126,928 | |
| 4 | Ginnie Mae II Pool | 5.000% | | 6/20/33–5/20/49 | | 38,935 | | 41,922 | |
| 4 | Ginnie Mae II Pool | 5.500% | | 12/20/33–9/20/41 | | 5,143 | | 5,718 | |
| 4 | Ginnie Mae II Pool | 6.000% | | 3/20/33–7/20/39 | | 2,140 | | 2,443 | |
| 4 | Ginnie Mae II Pool | 6.500% | | 12/20/35–11/20/39 | | 619 | | 712 | |
| 4 | Ginnie Mae II Pool | 7.000% | | 4/20/38–8/20/38 | | 83 | | 99 | |
| 3,4 | UMBS Pool | 2.000% | | 1/1/32 | | 828 | | 819 | |
| 3,4 | UMBS Pool | 2.500% | | 11/1/34–12/1/49 | | 23,641 | | 23,474 | |
| 3,4 | UMBS Pool | 3.000% | | 6/1/30–1/1/50 | | 139,841 | | 142,126 | |
| 3,4 | UMBS Pool | 3.500% | | 8/1/33–10/1/49 | | 80,061 | | 82,729 | |
| 3,4 | UMBS Pool | 4.000% | | 5/1/47–9/1/49 | | 35,070 | | 37,328 | |
| 3,4 | UMBS Pool | 4.500% | | 8/1/48–8/1/49 | | 28,407 | | 30,264 | |
| 3,4 | UMBS Pool | 5.000% | | 3/1/49 | | 6,163 | | 6,756 | |
| 3,4,5 | UMBS TBA | 2.500% | | 1/1/50 | | 13,175 | | 13,028 | |
| | | | | | | | | 3,983,739 | |
| Nonconventional Mortgage-Backed Securities (0.0%) | | | | | | | | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.290% | 4.034% | | 12/1/41 | | 67 | | 69 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.310% | 3.592% | | 9/1/37 | | 112 | | 115 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.509% | 4.082% | | 7/1/36 | | 17 | | 17 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.553% | 2.443% | | 9/1/43 | | 43 | | 43 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.560% | 2.272% | | 7/1/43 | | 424 | | 425 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.609% | 3.642% | | 12/1/33 | | 18 | | 19 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.623% | 4.748% | | 2/1/36 | | 29 | | 30 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.625% | 4.135% | | 8/1/35 | | 58 | | 61 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 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 + 1.635% | 3.510% | | 11/1/36 | | 15 | | 16 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.643% | 4.476% | | 1/1/37 | | 23 | | 24 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.660% | 3.910% | | 9/1/40 | | 9 | | 9 | |
| 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 + 1.679% | 3.992% | | 1/1/42 | | 93 | | 96 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.682% | 4.167% | | 10/1/37 | | 46 | | 47 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.687% | 4.498% | | 6/1/42 | | 233 | | 243 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.690% | 3.706% | | 10/1/39 | | 29 | | 30 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.690% | 3.972% | | 9/1/42 | | 95 | | 99 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.690% | 4.622% | | 5/1/40 | | 25 | | 27 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.695% | 4.320% | | 7/1/39 | | 9 | | 9 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.698% | 4.161% | | 8/1/40 | | 13 | | 14 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.700% | 4.364% | | 12/1/40 | | 43 | | 45 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.701% | 3.965% | | 10/1/42 | | 66 | | 69 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.705% | 3.809% | | 11/1/39 | | 15 | | 15 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.726% | 3.956% | | 9/1/34 | | 21 | | 22 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.734% | 3.997% | | 11/1/39 | | 41 | | 42 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.746% | 4.506% | | 7/1/41 | | 94 | | 100 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.750% | 4.213% | | 10/1/40 | | 14 | | 15 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.767% | 4.648% | | 6/1/41 | | 18 | | 19 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.771% | 4.709% | | 5/1/42 | | 37 | | 39 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.780% | 4.905% | | 2/1/41 | | 26 | | 27 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.793% | 3.391% | | 8/1/42 | | 150 | | 150 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.795% | 4.839% | | 3/1/42 | | 86 | | 90 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.798% | 4.358% | | 3/1/42 | | 82 | | 88 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.804% | 3.943% | | 12/1/39 | | 31 | | 32 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.805% | 3.773% | | 11/1/41 | | 63 | | 67 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.810% | 3.685% | | 10/1/40 | | 34 | | 35 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.810% | 3.935% | | 11/1/33–11/1/39 | | 32 | | 33 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.810% | 4.810% | | 12/1/40 | | 16 | | 16 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.813% | 3.978% | | 11/1/41 | | 37 | | 39 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.813% | 4.435% | | 1/1/42 | | 55 | | 58 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 3.690% | | 11/1/40 | | 14 | | 14 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 3.809% | | 12/1/40 | | 14 | | 15 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 3.970% | | 12/1/41 | | 44 | | 46 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 4.693% | | 5/1/41 | | 54 | | 57 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.815% | 4.940% | | 2/1/41 | | 27 | | 29 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.819% | 4.759% | | 3/1/41 | | 61 | | 64 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.820% | 4.168% | | 12/1/40 | | 16 | | 17 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.822% | 4.310% | | 9/1/40 | | 63 | | 66 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.823% | 4.902% | | 2/1/41 | | 25 | | 25 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.825% | 4.825% | | 3/1/41 | | 41 | | 44 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.830% | 3.451% | | 4/1/41 | | 53 | | 53 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.830% | 4.580% | | 6/1/41 | | 54 | | 57 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.835% | 4.723% | | 1/1/40 | | 56 | | 59 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.840% | 4.403% | | 8/1/39 | | 22 | | 23 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.861% | 4.745% | | 5/1/40 | | 12 | | 13 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.880% | 4.406% | | 11/1/34 | | 37 | | 40 | |
| 3,4,6 | Fannie Mae Pool, 12M USD LIBOR + 1.909% | 4.784% | | 4/1/37 | | 38 | | 40 | |
| 3,4,6 | Fannie Mae Pool, 1Y CMT + 2.155% | 4.780% | | 12/1/37 | | 63 | | 65 | |
| 3,4,6 | Fannie Mae Pool, 1Y CMT + 2.313% | 4.845% | | 1/1/35 | | 30 | | 32 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.026% | 3.206% | | 4/1/37 | | 27 | | 28 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.476% | 2.242% | | 3/1/43 | | 320 | | 320 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.530% | 3.662% | | 12/1/43 | | 163 | | 173 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.582% | 2.743% | | 6/1/43 | | 196 | | 197 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.638% | 4.339% | | 8/1/39 | | 76 | | 78 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.657% | 4.260% | | 10/1/42 | | 90 | | 91 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.700% | 4.531% | | 7/1/37 | | 17 | | 19 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.710% | 3.371% | | 9/1/43 | | 187 | | 192 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.723% | 4.720% | | 5/1/42 | | 164 | | 172 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.789% | 4.572% | | 7/1/42 | | 76 | | 81 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.799% | 4.620% | | 2/1/42 | | 313 | | 333 | |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.840% | 4.157% | | 8/1/37 | | 33 | | 34 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 3,4,6 | Fannie Mae Pool, 6M USD LIBOR + 1.851% | 4.434% | | 2/1/42 | | 85 | | 91 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 0.985% | 3.235% | | 10/1/37 | | 4 | | 5 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.564% | 4.420% | | 3/1/37 | | 5 | | 5 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.588% | 3.921% | | 9/1/37 | | 47 | | 48 | |
| 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 + 1.640% | 3.807% | | 11/1/43 | | 141 | | 146 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.640% | 3.830% | | 12/1/36 | | 24 | | 26 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.640% | 4.515% | | 5/1/42 | | 15 | | 15 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.660% | 3.711% | | 10/1/37 | | 22 | | 23 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.695% | 4.767% | | 2/1/37 | | 17 | | 18 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.727% | 4.738% | | 1/1/35 | | 4 | | 4 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.743% | 3.865% | | 12/1/36 | | 15 | | 15 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.745% | 4.713% | | 12/1/40 | | 71 | | 74 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.750% | 4.287% | | 12/1/41 | | 51 | | 54 | |
| 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 + 1.796% | 3.871% | | 12/1/34 | | 17 | | 18 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.833% | 4.190% | | 3/1/42 | | 78 | | 83 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.834% | 4.220% | | 12/1/35 | | 31 | | 32 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.864% | 4.595% | | 2/1/42 | | 20 | | 21 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.005% | | 11/1/40 | | 3 | | 3 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.630% | | 6/1/40 | | 23 | | 24 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.713% | | 6/1/41 | | 18 | | 19 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.755% | | 5/1/40 | | 22 | | 22 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.756% | | 6/1/40 | | 11 | | 12 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.880% | | 12/1/40 | | 6 | | 6 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 4.979% | | 1/1/41 | | 42 | | 44 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.880% | 5.005% | | 3/1/41 | | 13 | | 14 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.889% | 4.956% | | 2/1/42 | | 54 | | 55 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.895% | 4.323% | | 9/1/40 | | 78 | | 82 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.900% | 3.846% | | 11/1/40 | | 23 | | 24 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.900% | 4.705% | | 6/1/40 | | 19 | | 19 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.910% | 4.825% | | 1/1/41 | | 10 | | 10 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.910% | 5.035% | | 2/1/41 | | 49 | | 52 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.977% | 4.783% | | 5/1/37 | | 100 | | 103 | |
| 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, 1Y CMT + 2.250% | 4.006% | | 11/1/34 | | 31 | | 33 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 1Y CMT + 2.250% | 4.750% | | 5/1/36 | | 18 | | 19 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 1Y CMT + 2.250% | 4.991% | | 2/1/36 | | 23 | | 24 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 1Y CMT + 2.409% | 4.964% | | 10/1/36 | | 30 | | 31 | |
| 3,4,6 | Freddie Mac Non Gold Pool, 6M USD LIBOR + 1.665% | 3.982% | | 1/1/37 | | 57 | | 60 | |
| 4,6 | Ginnie Mae II Pool, 1Y CMT + 1.500% | 3.250% | | 7/20/38–8/20/41 | | 299 | | 309 | |
| 4,6 | Ginnie Mae II Pool, 1Y CMT + 1.500% | 3.875% | | 4/20/41–6/20/43 | | 479 | | 496 | |
| 4,6 | Ginnie Mae II Pool, 1Y CMT + 1.500% | 4.000% | | 1/20/41–3/20/43 | | 772 | | 800 | |
| 4,6 | Ginnie Mae II Pool, 1Y CMT + 1.500% | 4.125% | | 10/20/38–12/20/43 | | 890 | | 917 | |
| 4,6 | Ginnie Mae II Pool, 1Y CMT + 2.000% | 4.375% | | 5/20/41 | | 31 | | 32 | |
| 4,6 | Ginnie Mae II Pool, 1Y CMT + 2.000% | 4.625% | | 11/20/40 | | 5 | | 6 | |
|
| | | 8,794 | |
Total U.S. Government and Agency Obligations (Cost $11,547,024) | | 11,818,536 | |
Asset-Backed/Commercial Mortgage-Backed Securities (1.0%) | |
| 4 | Ally Auto Receivables Trust 2018-1 | 2.350% | | 6/15/22 | | 328 | | 328 | |
| 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 | | 151 | |
| 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 Auto Receivables Trust 2019-4 | 1.840% | | 6/17/24 | | 940 | | 939 | |
| 4 | Ally Auto Receivables Trust 2019-4 | 1.920% | | 1/15/25 | | 125 | | 125 | |
| 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 | | 483 | |
| 4 | American Express Credit Account Master Trust 2017-1 | 1.930% | | 9/15/22 | | 1,075 | | 1,075 | |
| 4 | American Express Credit Account Master Trust 2017-3 | 1.770% | | 11/15/22 | | 2,600 | | 2,599 | |
| 4 | American Express Credit Account Master Trust 2017-6 | 2.040% | | 5/15/23 | | 1,600 | | 1,602 | |
| 4 | American Express Credit Account Master Trust 2017-7 | 2.350% | | 5/15/25 | | 975 | | 987 | |
| 4 | American Express Credit Account Master Trust 2018-1 | 2.670% | | 10/17/22 | | 1,200 | | 1,202 | |
| 4 | American Express Credit Account Master Trust 2018-2 | 3.010% | | 10/15/25 | | 1,075 | | 1,111 | |
| 4 | American Express Credit Account Master Trust 2018-4 | 2.990% | | 12/15/23 | | 1,350 | | 1,370 | |
| 4 | American Express Credit Account Master Trust 2018-8 | 3.180% | | 4/15/24 | | 500 | | 511 | |
| 4 | AmeriCredit Automobile Receivables Trust 2017-3 | 1.900% | | 3/18/22 | | 160 | | 159 | |
| 4 | AmeriCredit Automobile Receivables Trust 2018-1 | 3.070% | | 12/19/22 | | 400 | | 402 | |
| 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 | | 379 | |
| 4 | BA Credit Card Trust 2017-A1 | 1.950% | | 8/15/22 | | 1,075 | | 1,075 | |
| 4 | BA Credit Card Trust 2018-A1 | 2.700% | | 7/17/23 | | 2,000 | | 2,019 | |
| 4 | BA Credit Card Trust 2018-A2 | 3.000% | | 9/15/23 | | 1,750 | | 1,775 | |
| 4 | BA Credit Card Trust 2019-A1 | 1.740% | | 1/15/25 | | 750 | | 748 | |
| 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 | | 319 | |
| 4 | Banc of America Commercial Mortgage Trust 2017-BNK3 | 3.574% | | 2/15/50 | | 1,080 | | 1,154 | |
| 4 | Banc of America Commercial Mortgage Trust 2017-BNK3 | 3.748% | | 2/15/50 | | 420 | | 440 | |
| 4 | BANK 2017 - BNK4 | 3.625% | | 5/15/50 | | 800 | | 858 | |
| 4 | BANK 2017 - BNK5 | 3.390% | | 6/15/60 | | 700 | | 740 | |
| 4 | BANK 2017 - BNK5 | 3.624% | | 6/15/60 | | 350 | | 366 | |
| 4 | BANK 2017 - BNK6 | 3.518% | | 7/15/60 | | 980 | | 1,045 | |
| 4 | BANK 2017 - BNK6 | 3.741% | | 7/15/60 | | 780 | | 833 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | BANK 2017 - BNK7 | 3.175% | | 9/15/60 | | 450 | | 467 | |
| 4 | BANK 2017 - BNK7 | 3.435% | | 9/15/60 | | 275 | | 292 | |
| 4 | BANK 2017 - BNK7 | 3.748% | | 9/15/60 | | 300 | | 318 | |
| 4 | BANK 2017 - BNK8 | 3.488% | | 11/15/50 | | 600 | | 638 | |
| 4 | BANK 2017 - BNK8 | 3.731% | | 11/15/50 | | 100 | | 106 | |
| 4 | BANK 2017 - BNK9 | 3.279% | | 11/15/54 | | 600 | | 628 | |
| 4 | BANK 2017 - BNK9 | 3.538% | | 11/15/54 | | 600 | | 640 | |
| 4 | BANK 2018 - BN10 | 3.641% | | 2/15/61 | | 125 | | 133 | |
| 4 | BANK 2018 - BN10 | 3.688% | | 2/15/61 | | 850 | | 917 | |
| 4 | BANK 2018 - BN10 | 3.898% | | 2/15/61 | | 150 | | 161 | |
| 4 | BANK 2018 - BN11 | 4.046% | | 3/15/61 | | 400 | | 442 | |
| 4 | BANK 2018 - BN12 | 4.255% | | 5/15/61 | | 500 | | 560 | |
| 4 | BANK 2018 - BN12 | 4.359% | | 5/15/61 | | 150 | | 169 | |
| 4 | BANK 2018 - BN13 | 4.217% | | 8/15/61 | | 225 | | 252 | |
| 4 | BANK 2018 - BN14 | 4.128% | | 9/15/60 | | 350 | | 372 | |
| 4 | BANK 2018 - BN14 | 4.231% | | 9/15/60 | | 650 | | 728 | |
| 4 | BANK 2018 - BN14 | 4.481% | | 9/15/60 | | 175 | | 194 | |
| 4 | BANK 2018 - BN15 | 4.407% | | 11/15/61 | | 470 | | 534 | |
| 4 | BANK 2019 - BN16 | 4.005% | | 2/15/52 | | 275 | | 304 | |
| 4 | BANK 2019 - BN17 | 3.714% | | 4/15/52 | | 360 | | 390 | |
| 4 | BANK 2019 - BN17 | 3.976% | | 4/15/52 | | 75 | | 80 | |
| 4 | BANK 2019 - BN18 | 3.584% | | 5/15/62 | | 1,565 | | 1,683 | |
| 4 | BANK 2019 - BN18 | 3.826% | | 5/15/62 | | 200 | | 213 | |
| 4 | BANK 2019 - BN19 | 3.183% | | 8/15/61 | | 1,150 | | 1,200 | |
| 4 | BANK 2019 - BN20 | 3.011% | | 9/15/61 | | 725 | | 746 | |
| 4 | BANK 2019 - BN21 | 2.851% | | 10/17/52 | | 1,520 | | 1,544 | |
| 4 | BANK 2019 - BN21 | 3.093% | | 10/17/52 | | 300 | | 301 | |
| 4 | BANK 2019 - BN22 | 2.978% | | 11/15/62 | | 1,165 | | 1,196 | |
| 4 | BANK 2019 - BN23 | 2.920% | | 12/15/52 | | 735 | | 751 | |
| 4 | BANK 2019 - BN23 | 3.203% | | 12/15/52 | | 275 | | 278 | |
| 4 | BANK 2019 - BN24 | 2.960% | | 11/15/62 | | 575 | | 589 | |
| 4 | BANK 2019 - BN24 | 3.283% | | 11/15/62 | | 275 | | 280 | |
| | Bank of Nova Scotia | 1.875% | | 4/26/21 | | 600 | | 600 | |
| 4 | BBCMS Mortgage Trust 2017-C1 | 3.674% | | 2/15/50 | | 1,175 | | 1,261 | |
| 4 | BBCMS Mortgage Trust 2017-C1 | 3.898% | | 2/15/50 | | 325 | | 346 | |
| 4 | BBCMS Mortgage Trust 2018-C2 | 4.314% | | 12/15/51 | | 500 | | 563 | |
| 4 | BBCMS Mortgage Trust 2019-C3 | 3.583% | | 5/15/52 | | 225 | | 239 | |
| 4 | BBCMS Mortgage Trust 2019-C4 | 2.919% | | 8/15/52 | | 1,150 | | 1,168 | |
| 4 | BBCMS Mortgage Trust 2019-C4 | 3.171% | | 8/15/52 | | 100 | | 101 | |
| 4 | BBCMS Mortgage Trust 2019-C5 | 3.063% | | 11/15/52 | | 625 | | 640 | |
| 4 | BBCMS Mortgage Trust 2019-C5 | 3.366% | | 11/15/52 | | 375 | | 383 | |
| 4 | Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 | 5.450% | | 1/12/45 | | 48 | | 48 | |
| 4 | BENCHMARK 2018-B1 Mortgage Trust | 3.666% | | 1/15/51 | | 450 | | 485 | |
| 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 | | 467 | |
| 4 | BENCHMARK 2018-B2 Mortgage Trust | 3.882% | | 2/15/51 | | 980 | | 1,063 | |
| 4 | BENCHMARK 2018-B2 Mortgage Trust | 4.084% | | 2/15/51 | | 625 | | 679 | |
| 4 | BENCHMARK 2018-B3 Mortgage Trust | 3.848% | | 4/10/51 | | 400 | | 417 | |
| 4 | BENCHMARK 2018-B3 Mortgage Trust | 4.025% | | 4/10/51 | | 1,000 | | 1,103 | |
| 4 | BENCHMARK 2018-B4 Mortgage Trust | 4.121% | | 7/15/51 | | 2,000 | | 2,220 | |
| 4 | BENCHMARK 2018-B4 Mortgage Trust | 4.311% | | 7/15/51 | | 500 | | 549 | |
| 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 | | 398 | |
| 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 | | 138 | |
| 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 | | 674 | |
| 4 | BENCHMARK 2018-B8 Mortgage Trust | 4.532% | | 1/15/52 | | 200 | | 224 | |
| 4 | BENCHMARK 2019-B10 Mortgage Trust | 3.717% | | 3/15/62 | | 300 | | 326 | |
| 4 | BENCHMARK 2019-B10 Mortgage Trust | 3.979% | | 3/15/62 | | 125 | | 134 | |
| 4 | BENCHMARK 2019-B11 Mortgage Trust | 3.542% | | 5/15/52 | | 1,175 | | 1,261 | |
| 4 | BENCHMARK 2019-B11 Mortgage Trust | 3.784% | | 5/15/52 | | 310 | | 332 | |
| 4 | BENCHMARK 2019-B13 Mortgage Trust | 2.952% | | 8/15/57 | | 1,150 | | 1,174 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | BENCHMARK 2019-B15 Mortgage Trust | 2.928% | | 12/15/72 | | 940 | | 951 | |
| 4 | BENCHMARK 2019-B9 Mortgage Trust | 4.016% | | 3/15/52 | | 261 | | 289 | |
| 4 | BENCHMARK 2019-B14 Mortgage Trust | 3.049% | | 12/15/62 | | 950 | | 981 | |
| 4 | BMW Vehicle Lease Trust 2017-2 | 2.070% | | 10/20/20 | | 86 | | 86 | |
| 4 | BMW Vehicle Owner Trust 2018-A | 2.350% | | 4/25/22 | | 542 | | 543 | |
| 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 | Cantor Commercial Real Estate Lending 2019-CF2 | 2.874% | | 11/15/52 | | 550 | | 553 | |
| 4 | Cantor Commercial Real Estate Lending 2019-CF3 | 3.006% | | 1/15/53 | | 560 | | 571 | |
| 4 | Cantor Commercial Real Estate Lending 2019-CF3 | 3.298% | | 1/15/53 | | 240 | | 241 | |
| 4 | Capital One Auto Receivables Trust 2019-1 | 2.510% | | 11/15/23 | | 475 | | 479 | |
| 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 | | 876 | |
| 4 | Capital One Multi-Asset Execution Trust 2015-A8 | 2.050% | | 8/15/23 | | 600 | | 601 | |
| 4 | Capital One Multi-Asset Execution Trust 2017-A1 | 2.000% | | 1/17/23 | | 700 | | 700 | |
| 4 | Capital One Multi-Asset Execution Trust 2017-A3 | 2.430% | | 1/15/25 | | 700 | | 706 | |
| 4 | Capital One Multi-Asset Execution Trust 2017-A4 | 1.990% | | 7/17/23 | | 1,125 | | 1,126 | |
| 4 | Capital One Multi-Asset Execution Trust 2017-A6 | 2.290% | | 7/15/25 | | 925 | | 936 | |
| 4 | Capital One Multi-Asset Execution Trust 2018-A1 | 3.010% | | 2/15/24 | | 500 | | 507 | |
| 4 | Capital One Multi-Asset Execution Trust 2019-A1 | 2.840% | | 12/15/24 | | 325 | | 332 | |
| 4 | CarMax Auto Owner Trust 2016-3 | 1.390% | | 5/17/21 | | 30 | | 30 | |
| 4 | CarMax Auto Owner Trust 2016-3 | 1.600% | | 1/18/22 | | 115 | | 115 | |
| 4 | CarMax Auto Owner Trust 2017-4 | 2.110% | | 10/17/22 | | 273 | | 273 | |
| 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 | | 351 | |
| 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 | | 303 | |
| 4 | CarMax Auto Owner Trust 2018-2 | 3.160% | | 7/17/23 | | 200 | | 204 | |
| 4 | CarMax Auto Owner Trust 2019-4 | 2.020% | | 11/15/24 | | 750 | | 751 | |
| 4 | CarMax Auto Owner Trust 2019-4 | 2.130% | | 7/15/25 | | 100 | | 100 | |
| 4 | CD 2016-CD1 Commercial Mortgage Trust | 2.724% | | 8/10/49 | | 625 | | 631 | |
| 4 | CD 2016-CD2 Commercial Mortgage Trust | 3.526% | | 11/10/49 | | 600 | | 639 | |
| 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 | | 539 | |
| 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 | | 530 | |
| 4 | CD 2017-CD4 Commercial Mortgage Trust | 3.747% | | 5/10/50 | | 300 | | 318 | |
| 4 | CD 2017-CD6 Commercial Mortgage Trust | 3.332% | | 11/13/50 | | 250 | | 262 | |
| 4 | CD 2017-CD6 Commercial Mortgage Trust | 3.456% | | 11/13/50 | | 475 | | 500 | |
| 4 | CD 2017-CD6 Commercial Mortgage Trust | 3.709% | | 11/13/50 | | 275 | | 290 | |
| 4 | CD 2018-CD7 Commercial Mortgage Trust | 4.279% | | 8/15/51 | | 575 | | 646 | |
| 4 | CD 2019-CD8 Commercial Mortgage Trust | 2.912% | | 8/15/57 | | 775 | | 791 | |
| 4 | CenterPoint Energy Transition Bond Co. IV LLC 2012-1 | 3.028% | | 10/15/25 | | 800 | | 819 | |
| 4 | CFCRE Commercial Mortgage Trust 2016-C3 | 3.865% | | 1/10/48 | | 425 | | 453 | |
| 4 | CFCRE Commercial Mortgage Trust 2016-C4 | 3.283% | | 5/10/58 | | 550 | | 570 | |
| 4 | CFCRE Commercial Mortgage Trust 2016-C4 | 3.691% | | 5/10/58 | | 400 | | 416 | |
| 4 | CFCRE Commercial Mortgage Trust 2016-C6 | 3.217% | | 11/10/49 | | 950 | | 982 | |
| 4 | CFCRE Commercial Mortgage Trust 2017-C8 | 3.572% | | 6/15/50 | | 300 | | 319 | |
| 4 | Chase Issuance Trust 2012-A7 | 2.160% | | 9/15/24 | | 1,314 | | 1,323 | |
| 4 | Chase Issuance Trust 2014-A2 | 2.770% | | 3/15/23 | | 900 | | 910 | |
| 4 | Chase Issuance Trust 2015-A4 | 1.840% | | 4/15/22 | | 600 | | 600 | |
| 4 | Chase Issuance Trust 2016-A4 | 1.490% | | 7/15/22 | | 700 | | 699 | |
| 4 | Citibank Credit Card Issuance Trust 2014-A1 | 2.880% | | 1/23/23 | | 2,350 | | 2,374 | |
| 4 | Citibank Credit Card Issuance Trust 2014-A5 | 2.680% | | 6/7/23 | | 750 | | 759 | |
| 4 | Citibank Credit Card Issuance Trust 2016-A2 | 2.190% | | 11/20/23 | | 775 | | 779 | |
| 4 | Citibank Credit Card Issuance Trust 2018-A1 | 2.490% | | 1/20/23 | | 1,900 | | 1,912 | |
| 4 | Citibank Credit Card Issuance Trust 2018-A3 | 3.290% | | 5/23/25 | | 2,000 | | 2,086 | |
| 4 | Citigroup Commercial Mortgage Trust 2012-GC8 | 3.024% | | 9/10/45 | | 574 | | 585 | |
| 4 | Citigroup Commercial Mortgage Trust 2013-GC11 | 3.093% | | 4/10/46 | | 100 | | 102 | |
| 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 | | 240 | |
| 4 | Citigroup Commercial Mortgage Trust 2013-GC15 | 4.649% | | 9/10/46 | | 350 | | 375 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | Citigroup Commercial Mortgage Trust 2013-GC17 | 3.675% | | 11/10/46 | | 59 | | 61 | |
| 4 | Citigroup Commercial Mortgage Trust 2013-GC17 | 4.131% | | 11/10/46 | | 275 | | 292 | |
| 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 | | 65 | | 66 | |
| 4 | Citigroup Commercial Mortgage Trust 2014-GC19 | 4.023% | | 3/10/47 | | 125 | | 133 | |
| 4 | Citigroup Commercial Mortgage Trust 2014-GC19 | 4.345% | | 3/10/47 | | 125 | | 133 | |
| 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 | | 317 | |
| 4 | Citigroup Commercial Mortgage Trust 2014-GC25 | 3.635% | | 10/10/47 | | 650 | | 685 | |
| 4 | Citigroup Commercial Mortgage Trust 2015-GC27 | 3.137% | | 2/10/48 | | 800 | | 828 | |
| 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 | | 129 | | 129 | |
| 4 | Citigroup Commercial Mortgage Trust 2015-GC29 | 3.192% | | 4/10/48 | | 650 | | 675 | |
| 4 | Citigroup Commercial Mortgage Trust 2015-GC29 | 3.758% | | 4/10/48 | | 318 | | 328 | |
| 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 | | 453 | |
| 4 | Citigroup Commercial Mortgage Trust 2016-C1 | 3.003% | | 5/10/49 | | 225 | | 231 | |
| 4 | Citigroup Commercial Mortgage Trust 2016-C1 | 3.209% | | 5/10/49 | | 425 | | 442 | |
| 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 | | 844 | |
| 4 | Citigroup Commercial Mortgage Trust 2017-B1 | 3.711% | | 8/15/50 | | 200 | | 210 | |
| 4 | Citigroup Commercial Mortgage Trust 2017-C4 | 3.471% | | 10/12/50 | | 600 | | 638 | |
| 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 | | 157 | |
| 4 | Citigroup Commercial Mortgage Trust 2018-B2 | 4.009% | | 3/10/51 | | 1,200 | | 1,312 | |
| 4 | Citigroup Commercial Mortgage Trust 2019-GC41 | 2.869% | | 8/10/56 | | 975 | | 989 | |
| 4 | Citigroup Commercial Mortgage Trust 2019-GC43 | 3.038% | | 11/10/52 | | 1,125 | | 1,155 | |
| 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 | | 194 | |
| 4,7 | COMM 2012-CCRE3 Mortgage Trust | 3.416% | | 10/15/45 | | 227 | | 231 | |
| 4 | COMM 2012-CCRE4 Mortgage Trust | 2.853% | | 10/15/45 | | 348 | | 352 | |
| 4 | COMM 2013-CCRE10 Mortgage Trust | 4.210% | | 8/10/46 | | 160 | | 170 | |
| 4 | COMM 2013-CCRE11 Mortgage Trust | 3.660% | | 8/10/50 | | 162 | | 166 | |
| 4 | COMM 2013-CCRE11 Mortgage Trust | 3.983% | | 8/10/50 | | 260 | | 274 | |
| 4 | COMM 2013-CCRE11 Mortgage Trust | 4.258% | | 8/10/50 | | 330 | | 353 | |
| 4 | COMM 2013-CCRE11 Mortgage Trust | 4.715% | | 8/10/50 | | 200 | | 215 | |
| 4 | COMM 2013-CCRE12 Mortgage Trust | 2.904% | | 10/10/46 | | 5 | | 5 | |
| 4 | COMM 2013-CCRE12 Mortgage Trust | 3.623% | | 10/10/46 | | 99 | | 101 | |
| 4 | COMM 2013-CCRE12 Mortgage Trust | 3.765% | | 10/10/46 | | 175 | | 180 | |
| 4 | COMM 2013-CCRE12 Mortgage Trust | 4.046% | | 10/10/46 | | 125 | | 132 | |
| 4 | COMM 2013-CCRE12 Mortgage Trust | 4.300% | | 10/10/46 | | 75 | | 79 | |
| 4 | COMM 2013-CCRE12 Mortgage Trust | 4.762% | | 10/10/46 | | 50 | | 52 | |
| 4 | COMM 2013-CCRE13 Mortgage Trust | 3.706% | | 11/10/46 | | 41 | | 42 | |
| 4 | COMM 2013-CCRE13 Mortgage Trust | 4.194% | | 11/10/46 | | 450 | | 480 | |
| 4 | COMM 2013-CCRE13 Mortgage Trust | 4.449% | | 11/10/46 | | 150 | | 160 | |
| 4 | COMM 2013-CCRE6 Mortgage Trust | 3.101% | | 3/10/46 | | 183 | | 187 | |
| 4 | COMM 2013-CCRE7 Mortgage Trust | 3.213% | | 3/10/46 | | 111 | | 114 | |
| 4 | COMM 2013-CCRE8 Mortgage Trust | 3.612% | | 6/10/46 | | 223 | | 232 | |
| 4 | COMM 2013-CCRE9 Mortgage Trust | 4.222% | | 7/10/45 | | 365 | | 387 | |
| 4 | COMM 2013-LC13 Mortgage Trust | 4.205% | | 8/10/46 | | 230 | | 245 | |
| 4 | COMM 2013-LC6 Mortgage Trust | 2.941% | | 1/10/46 | | 277 | | 282 | |
| 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 | | 294 | |
| 4 | COMM 2014-CCRE14 Mortgage Trust | 4.526% | | 2/10/47 | | 325 | | 349 | |
| 4 | COMM 2014-CCRE14 Mortgage Trust | 4.638% | | 2/10/47 | | 175 | | 190 | |
| 4 | COMM 2014-CCRE15 Mortgage Trust | 2.928% | | 2/10/47 | | 96 | | 96 | |
| 4 | COMM 2014-CCRE15 Mortgage Trust | 3.595% | | 2/10/47 | | 96 | | 98 | |
| 4 | COMM 2014-CCRE15 Mortgage Trust | 4.074% | | 2/10/47 | | 209 | | 223 | |
| 4 | COMM 2014-CCRE15 Mortgage Trust | 4.697% | | 2/10/47 | | 105 | | 114 | |
| 4 | COMM 2014-CCRE17 Mortgage Trust | 3.598% | | 5/10/47 | | 88 | | 91 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | COMM 2014-CCRE17 Mortgage Trust | 3.977% | | 5/10/47 | | 275 | | 292 | |
| 4 | COMM 2014-CCRE17 Mortgage Trust | 4.377% | | 5/10/47 | | 100 | | 105 | |
| 4 | COMM 2014-CCRE18 Mortgage Trust | 3.452% | | 7/15/47 | | 151 | | 155 | |
| 4 | COMM 2014-CCRE18 Mortgage Trust | 3.828% | | 7/15/47 | | 125 | | 132 | |
| 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 | | 690 | |
| 4 | COMM 2014-CCRE19 Mortgage Trust | 4.080% | | 8/10/47 | | 150 | | 159 | |
| 4 | COMM 2014-CCRE21 Mortgage Trust | 3.528% | | 12/10/47 | | 584 | | 612 | |
| 4 | COMM 2014-LC15 Mortgage Trust | 4.006% | | 4/10/47 | | 325 | | 346 | |
| 4 | COMM 2014-LC17 Mortgage Trust | 3.164% | | 10/10/47 | | 43 | | 43 | |
| 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 | | 66 | | 67 | |
| 4 | COMM 2014-UBS2 Mortgage Trust | 3.961% | | 3/10/47 | | 202 | | 214 | |
| 4 | COMM 2014-UBS2 Mortgage Trust | 4.199% | | 3/10/47 | | 57 | | 60 | |
| 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 | | 370 | |
| 4 | COMM 2014-UBS4 Mortgage Trust | 3.694% | | 8/10/47 | | 225 | | 237 | |
| 4 | COMM 2014-UBS4 Mortgage Trust | 3.968% | | 8/10/47 | | 167 | | 175 | |
| 4 | COMM 2014-UBS5 Mortgage Trust | 3.838% | | 9/10/47 | | 500 | | 530 | |
| 4 | COMM 2014-UBS6 Mortgage Trust | 2.935% | | 12/10/47 | | 81 | | 81 | |
| 4 | COMM 2014-UBS6 Mortgage Trust | 3.387% | | 12/10/47 | | 425 | | 436 | |
| 4 | COMM 2014-UBS6 Mortgage Trust | 3.644% | | 12/10/47 | | 800 | | 840 | |
| 4 | COMM 2014-UBS6 Mortgage Trust | 4.048% | | 12/10/47 | | 225 | | 238 | |
| 4 | COMM 2015-CCRE22 Mortgage Trust | 2.856% | | 3/10/48 | | 78 | | 78 | |
| 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 | | 394 | |
| 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 | | 899 | |
| 4 | COMM 2015-CCRE27 Mortgage Trust | 3.404% | | 10/10/48 | | 400 | | 413 | |
| 4 | COMM 2015-CCRE27 Mortgage Trust | 3.612% | | 10/10/48 | | 400 | | 423 | |
| 4 | COMM 2015-LC19 Mortgage Trust | 3.040% | | 2/10/48 | | 75 | | 76 | |
| 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 | | 640 | |
| 4 | COMM 2016-DC2 Mortgage Trust | 3.550% | | 2/10/49 | | 500 | | 520 | |
| 4 | COMM 2019-G44 Mortgage Trust | 2.950% | | 8/15/57 | | 450 | | 459 | |
| 4 | CSAIL 2015-C1 Commercial Mortgage Trust | 3.505% | | 4/15/50 | | 400 | | 421 | |
| 4 | CSAIL 2015-C1 Commercial Mortgage Trust | 3.791% | | 4/15/50 | | 200 | | 210 | |
| 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 | | 235 | |
| 4 | CSAIL 2015-C3 Commercial Mortgage Trust | 3.448% | | 8/15/48 | | 327 | | 337 | |
| 4 | CSAIL 2015-C3 Commercial Mortgage Trust | 3.718% | | 8/15/48 | | 425 | | 449 | |
| 4 | CSAIL 2015-C3 Commercial Mortgage Trust | 4.104% | | 8/15/48 | | 200 | | 208 | |
| 4 | CSAIL 2015-C4 Commercial Mortgage Trust | 3.617% | | 11/15/48 | | 200 | | 207 | |
| 4 | CSAIL 2015-C4 Commercial Mortgage Trust | 3.808% | | 11/15/48 | | 325 | | 348 | |
| 4 | CSAIL 2016-C7 Commercial Mortgage Trust | 3.502% | | 11/15/49 | | 800 | | 839 | |
| 4 | CSAIL 2017-C8 Commercial Mortgage Trust | 3.392% | | 6/15/50 | | 800 | | 845 | |
| 4 | CSAIL 2017-CX10 Commercial Mortgage Trust | 3.458% | | 11/15/50 | | 575 | | 605 | |
| 4 | CSAIL 2017-CX9 Commercial Mortgage Trust | 3.446% | | 9/15/50 | | 250 | | 262 | |
| 4 | CSAIL 2018-CX11 Commercial Mortgage Trust | 4.033% | | 4/15/51 | | 1,200 | | 1,317 | |
| 4 | CSAIL 2018-CX12 Commercial Mortgage Trust | 4.224% | | 8/15/51 | | 250 | | 274 | |
| 4 | CSAIL 2019-C15 Commercial Mortgage Trust | 4.053% | | 3/15/52 | | 975 | | 1,072 | |
| 4 | CSAIL 2019-C16 Commercial Mortgage Trust | 3.329% | | 6/15/52 | | 1,125 | | 1,180 | |
| 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 | | 332 | |
| 4 | DBJPM 17-C6 Mortgage Trust | 3.328% | | 6/10/50 | | 600 | | 627 | |
| 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 | | 1,050 | |
| 4 | Discover Card Execution Note Trust 2015-A4 | 2.190% | | 4/17/23 | | 825 | | 827 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | Discover Card Execution Note Trust 2017-A2 | 2.390% | | 7/15/24 | | 800 | | 808 | |
| 4 | Discover Card Execution Note Trust 2018-A1 | 3.030% | | 8/15/25 | | 1,000 | | 1,027 | |
| 4 | Discover Card Execution Note Trust 2019-A3 | 1.890% | | 10/15/24 | | 1,100 | | 1,099 | |
| 4 | Drive Auto Receivables Trust 2018-2 | 3.630% | | 8/15/24 | | 451 | | 453 | |
| 3,4 | Fannie Mae-Aces 2011-M2 | 3.764% | | 4/25/21 | | 402 | | 409 | |
| 3,4 | Fannie Mae-Aces 2011-M4 | 3.726% | | 6/25/21 | | 650 | | 662 | |
| 3,4 | Fannie Mae-Aces 2013-M12 | 2.406% | | 3/25/23 | | 715 | | 721 | |
| 3,4 | Fannie Mae-Aces 2013-M4 | 2.608% | | 3/25/22 | | 6 | | 6 | |
| 3,4 | Fannie Mae-Aces 2013-M7 | 2.280% | | 12/27/22 | | 297 | | 299 | |
| 3,4 | Fannie Mae-Aces 2014-M1 | 3.188% | | 7/25/23 | | 1,310 | | 1,356 | |
| 3,4 | Fannie Mae-Aces 2014-M12 | 2.614% | | 10/25/21 | | 810 | | 817 | |
| 3,4 | Fannie Mae-Aces 2014-M13 | 2.566% | | 8/25/24 | | 33 | | 33 | |
| 3,4 | Fannie Mae-Aces 2014-M13 | 3.021% | | 8/25/24 | | 475 | | 488 | |
| 3,4 | Fannie Mae-Aces 2014-M3 | 3.480% | | 1/25/24 | | 465 | | 485 | |
| 3,4 | Fannie Mae-Aces 2014-M4 | 3.346% | | 3/25/24 | | 625 | | 652 | |
| 3,4 | Fannie Mae-Aces 2014-M6 | 2.679% | | 5/25/21 | | 652 | | 657 | |
| 3,4 | Fannie Mae-Aces 2014-M7 | 3.275% | | 6/25/24 | | 976 | | 1,026 | |
| 3,4 | Fannie Mae-Aces 2014-M8 | 2.346% | | 6/25/24 | | 82 | | 82 | |
| 3,4 | Fannie Mae-Aces 2014-M8 | 3.056% | | 6/25/24 | | 650 | | 673 | |
| 3,4 | Fannie Mae-Aces 2014-M9 | 3.103% | | 7/25/24 | | 775 | | 804 | |
| 3,4 | Fannie Mae-Aces 2015-M1 | 2.532% | | 9/25/24 | | 1,075 | | 1,086 | |
| 3,4 | Fannie Mae-Aces 2015-M10 | 3.092% | | 4/25/27 | | 350 | | 366 | |
| 3,4 | Fannie Mae-Aces 2015-M12 | 2.796% | | 5/25/25 | | 850 | | 871 | |
| 3,4 | Fannie Mae-Aces 2015-M15 | 2.923% | | 10/25/25 | | 1,025 | | 1,060 | |
| 3,4 | Fannie Mae-Aces 2015-M2 | 2.620% | | 12/25/24 | | 694 | | 711 | |
| 3,4 | Fannie Mae-Aces 2015-M3 | 2.723% | | 10/25/24 | | 400 | | 408 | |
| 3,4 | Fannie Mae-Aces 2015-M4 | 2.509% | | 7/25/22 | | 413 | | 416 | |
| 3,4 | Fannie Mae-Aces 2015-M7 | 2.590% | | 12/25/24 | | 743 | | 755 | |
| 3,4 | Fannie Mae-Aces 2015-M8 | 2.344% | | 1/25/25 | | 272 | | 274 | |
| 3,4 | Fannie Mae-Aces 2015-M8 | 2.900% | | 1/25/25 | | 825 | | 847 | |
| 3,4 | Fannie Mae-Aces 2016-M11 | 2.369% | | 7/25/26 | | 900 | | 905 | |
| 3,4 | Fannie Mae-Aces 2016-M12 | 2.444% | | 9/25/26 | | 950 | | 963 | |
| 3,4 | Fannie Mae-Aces 2016-M2 | 2.152% | | 1/25/23 | | 661 | | 661 | |
| 3,4 | Fannie Mae-Aces 2016-M3 | 2.702% | | 2/25/26 | | 400 | | 410 | |
| 3,4 | Fannie Mae-Aces 2016-M4 | 2.576% | | 3/25/26 | | 400 | | 406 | |
| 3,4 | Fannie Mae-Aces 2016-M5 | 2.469% | | 4/25/26 | | 800 | | 802 | |
| 3,4 | Fannie Mae-Aces 2016-M6 | 2.488% | | 5/25/26 | | 600 | | 609 | |
| 3,4 | Fannie Mae-Aces 2016-M7 | 2.157% | | 10/25/23 | | 196 | | 196 | |
| 3,4 | Fannie Mae-Aces 2016-M7 | 2.499% | | 9/25/26 | | 300 | | 301 | |
| 3,4 | Fannie Mae-Aces 2016-M9 | 2.292% | | 6/25/26 | | 1,300 | | 1,290 | |
| 3,4 | Fannie Mae-Aces 2017-M1 | 2.417% | | 10/25/26 | | 1,200 | | 1,212 | |
| 3,4 | Fannie Mae-Aces 2017-M10 | 2.561% | | 7/25/24 | | 440 | | 448 | |
| 3,4 | Fannie Mae-Aces 2017-M11 | 2.980% | | 8/25/29 | | 500 | | 521 | |
| 3,4 | Fannie Mae-Aces 2017-M12 | 3.079% | | 6/25/27 | | 1,250 | | 1,298 | |
| 3,4 | Fannie Mae-Aces 2017-M15 | 3.136% | | 11/25/27 | | 1,150 | | 1,197 | |
| 3,4 | Fannie Mae-Aces 2017-M2 | 2.801% | | 2/25/27 | | 1,200 | | 1,240 | |
| 3,4 | Fannie Mae-Aces 2017-M3 | 2.483% | | 12/25/26 | | 1,500 | | 1,524 | |
| 3,4 | Fannie Mae-Aces 2017-M4 | 2.586% | | 12/25/26 | | 1,200 | | 1,212 | |
| 3,4 | Fannie Mae-Aces 2017-M7 | 2.961% | | 2/25/27 | | 675 | | 700 | |
| 3,4 | Fannie Mae-Aces 2017-M8 | 3.061% | | 5/25/27 | | 1,563 | | 1,636 | |
| 3,4 | Fannie Mae-Aces 2018-M12 | 3.640% | | 8/25/30 | | 850 | | 931 | |
| 3,4 | Fannie Mae-Aces 2018-M14 | 3.578% | | 8/25/28 | | 475 | | 514 | |
| 3,4 | Fannie Mae-Aces 2018-M18 | 2.469% | | 8/25/29 | | 1,000 | | 1,000 | |
| 3,4 | Fannie Mae-Aces 2018-M2 | 2.902% | | 1/25/28 | | 1,425 | | 1,468 | |
| 3,4 | Fannie Mae-Aces 2018-M4 | 3.045% | | 3/25/28 | | 720 | | 748 | |
| 3,4 | Fannie Mae-Aces 2018-M7 | 3.052% | | 3/25/28 | | 400 | | 418 | |
| 3,4 | Fannie Mae-Aces 2018-M8 | 3.610% | | 2/25/31 | | 900 | | 975 | |
| 3,4 | Fannie Mae-Aces 2019-M1 | 3.555% | | 9/25/28 | | 575 | | 623 | |
| 3,4 | Fannie Mae-Aces 2019-M2 | 3.631% | | 11/25/28 | | 875 | | 954 | |
| 3,4 | Fannie Mae-Aces 2019-M22 | 2.522% | | 8/25/29 | | 1,475 | | 1,479 | |
| 3,4 | Fannie Mae-Aces 2019-M5 | 3.273% | | 1/25/29 | | 775 | | 822 | |
| 3,4 | Fannie Mae-Aces 2019-M7 | 3.143% | | 4/25/29 | | 975 | | 1,024 | |
| 3,4 | Fannie Mae-Aces 2019-M9 | 2.937% | | 4/25/29 | | 475 | | 492 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K011 | 4.084% | | 11/25/20 | | 1,682 | | 1,706 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K012 | 4.185% | | 12/25/20 | | 800 | | 812 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K014 | 3.871% | | 4/25/21 | | 507 | | 516 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K017 | 2.873% | | 12/25/21 | | 1,352 | | 1,371 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K019 | 2.272% | | 3/25/22 | | 1,136 | | 1,141 | |
| 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 | | 921 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K026 | 2.510% | | 11/25/22 | | 1,275 | | 1,291 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K027 | 2.637% | | 1/25/23 | | 1,275 | | 1,296 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K029 | 3.320% | | 2/25/23 | | 1,250 | | 1,296 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K030 | 2.779% | | 9/25/22 | | 479 | | 483 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K031 | 3.300% | | 4/25/23 | | 1,260 | | 1,309 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K032 | 3.016% | | 2/25/23 | | 545 | | 554 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K033 | 2.871% | | 2/25/23 | | 644 | | 653 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K034 | 3.531% | | 7/25/23 | | 1,208 | | 1,266 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K036 | 3.527% | | 10/25/23 | | 1,375 | | 1,442 | |
| 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 | | 168 | | 169 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K038 | 3.389% | | 3/25/24 | | 1,275 | | 1,333 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K039 | 2.683% | | 12/25/23 | | 151 | | 152 | |
| 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 | | 286 | | 290 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K040 | 3.241% | | 9/25/24 | | 1,025 | | 1,076 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K041 | 3.171% | | 10/25/24 | | 1,000 | | 1,045 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K042 | 2.267% | | 6/25/24 | | 141 | | 142 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K042 | 2.670% | | 12/25/24 | | 700 | | 716 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K043 | 2.532% | | 10/25/23 | | 143 | | 144 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K043 | 3.062% | | 12/25/24 | | 600 | | 626 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K045 | 2.493% | | 11/25/24 | | 329 | | 332 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K045 | 3.023% | | 1/25/25 | | 675 | | 701 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K046 | 3.205% | | 3/25/25 | | 650 | | 682 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K047 | 2.827% | | 12/25/24 | | 170 | | 173 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K047 | 3.329% | | 5/25/25 | | 525 | | 554 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K048 | 3.284% | | 6/25/25 | | 825 | | 871 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K049 | 3.010% | | 7/25/25 | | 450 | | 469 | |
| 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 | | 472 | |
| 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 | | 720 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K055 | 2.673% | | 3/25/26 | | 1,000 | | 1,023 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K056 | 2.525% | | 5/25/26 | | 575 | | 584 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K057 | 2.570% | | 7/25/26 | | 1,025 | | 1,042 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K058 | 2.653% | | 8/25/26 | | 500 | | 512 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K059 | 3.120% | | 9/25/26 | | 800 | | 840 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K060 | 3.300% | | 10/25/26 | | 1,000 | | 1,061 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K061 | 3.347% | | 11/25/26 | | 2,000 | | 2,129 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K062 | 3.413% | | 12/25/26 | | 2,400 | | 2,570 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K063 | 3.430% | | 1/25/27 | | 1,775 | | 1,902 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K064 | 3.224% | | 3/25/27 | | 1,300 | | 1,376 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K065 | 3.243% | | 4/25/27 | | 915 | | 969 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K066 | 3.117% | | 6/25/27 | | 600 | | 632 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K068 | 3.244% | | 8/25/27 | | 500 | | 530 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K069 | 3.187% | | 9/25/27 | | 875 | | 919 | |
| 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 | | 1,741 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K081 | 3.900% | | 8/25/28 | | 700 | | 773 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K082 | 3.920% | | 9/25/28 | | 550 | | 610 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K084 | 3.780% | | 10/25/28 | | 1,250 | | 1,365 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K085 | 4.060% | | 10/25/28 | | 625 | | 700 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K087 | 3.591% | | 10/25/27 | | 97 | | 103 | |
| 3,4 | FHLMC Multifamily Structured Pass Through
Certificates K088 | 3.690% | | 1/25/29 | | 1,175 | | 1,286 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 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 | | 1,041 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K094 | 2.903% | | 6/25/29 | | 1,150 | | 1,193 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K095 | 2.785% | | 6/25/29 | | 1,150 | | 1,182 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K096 | 2.519% | | 7/25/29 | | 1,000 | | 1,010 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K098 | 2.425% | | 8/25/29 | | 1,850 | | 1,849 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K099 | 2.595% | | 9/25/29 | | 850 | | 855 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K103 | 2.651% | | 12/25/51 | | 1,100 | | 1,118 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K1511 | 3.470% | | 3/25/31 | | 375 | | 406 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K1511 | 3.542% | | 3/25/34 | | 950 | | 1,029 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K1513 | 2.797% | | 8/25/34 | | 830 | | 838 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K152 | 3.080% | | 1/25/31 | | 400 | | 412 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K153 | 3.294% | | 3/25/29 | | 1,600 | | 1,712 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K153 | 3.117% | | 10/25/31 | | 900 | | 931 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K155 | 3.750% | | 11/25/32 | | 400 | | 439 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K155 | 3.750% | | 4/25/33 | | 850 | | 939 | |
| 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 | | 424 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K504 | 2.566% | | 9/25/20 | | 151 | | 151 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K713 | 2.313% | | 3/25/20 | | 818 | | 817 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K714 | 3.034% | | 10/25/20 | | 1,584 | | 1,590 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K716 | 2.413% | | 1/25/21 | | 13 | | 13 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K716 | 3.130% | | 6/25/21 | | 1,400 | | 1,415 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K717 | 2.991% | | 9/25/21 | | 1,298 | | 1,312 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K718 | 2.375% | | 9/25/21 | | 299 | | 300 | |
| 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 | | 293 | | 293 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K731 | 3.600% | | 2/25/25 | | 1,000 | | 1,060 | |
| 3,4 | FHLMC Multifamily Structured Pass Through Certificates K734 | 3.208% | | 2/25/26 | | 1,565 | | 1,644 | |
| 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 | | 534 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K074 | 3.600% | | 1/25/28 | | 1,000 | | 1,085 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K078 | 3.854% | | 6/25/28 | | 500 | | 550 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K079 | 3.926% | | 6/25/28 | | 1,000 | | 1,108 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K080 | 3.736% | | 4/25/28 | | 292 | | 313 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K080 | 3.926% | | 7/25/28 | | 800 | | 887 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K087 | 3.771% | | 12/25/28 | | 800 | | 877 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K087 | 2.537% | | 10/25/29 | | 1,400 | | 1,417 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K090 | 3.422% | | 2/25/29 | | 900 | | 966 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K101 | 2.524% | | 10/25/29 | | 1,500 | | 1,511 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K15-14 | 2.859% | | 10/25/34 | | 950 | | 961 | |
| 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 | | 216 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K1510 | 3.718% | | 1/25/31 | | 300 | | 330 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K1510 | 3.794% | | 1/25/34 | | 500 | | 555 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K715 | 2.856% | | 1/25/21 | | 464 | | 466 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K720 | 2.716% | | 6/25/22 | | 525 | | 532 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K723 | 2.454% | | 8/25/23 | | 500 | | 506 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K724 | 3.062% | | 11/25/23 | | 1,000 | | 1,033 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K725 | 3.002% | | 1/25/24 | | 1,200 | | 1,237 | |
| 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 | | 818 | |
| 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 | | 96 | | 98 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K730 | 3.590% | | 1/25/25 | | 1,200 | | 1,270 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K732 | 3.700% | | 5/25/25 | | 1,000 | | 1,062 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates K735 | 2.862% | | 5/25/26 | | 2,000 | | 2,063 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates KC02 | 3.370% | | 7/25/25 | | 800 | | 834 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates KC02 | 3.505% | | 3/25/29 | | 300 | | 324 | |
| 3,4 | FHLMC Multifamily Structures Pass Through Certificates KC02 | 2.982% | | 5/25/29 | | 1,650 | | 1,719 | |
| 4 | Fifth Third Auto Trust 2019-1 | 2.640% | | 12/15/23 | | 550 | | 554 | |
| 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 | | 551 | |
| 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 | | 806 | |
| 4 | Ford Credit Auto Lease Trust 2018-B | 3.300% | | 2/15/22 | | 250 | | 253 | |
| 4 | Ford Credit Auto Lease Trust 2019-A | 2.900% | | 5/15/22 | | 250 | | 252 | |
| 4 | Ford Credit Auto Lease Trust 2019-A | 2.980% | | 6/15/22 | | 125 | | 127 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | Ford Credit Auto Owner Trust 2017-A | 1.670% | | 6/15/21 | | 105 | | 105 | |
| 4 | Ford Credit Auto Owner Trust 2017-A | 1.920% | | 4/15/22 | | 275 | | 275 | |
| 4 | Ford Credit Auto Owner Trust 2017-B | 1.690% | | 11/15/21 | | 286 | | 286 | |
| 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 | | 1,055 | | 1,055 | |
| 4 | Ford Credit Auto Owner Trust 2019-A | 2.780% | | 9/15/23 | | 675 | | 684 | |
| 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 | | 701 | |
| 4 | Ford Credit Floorplan Master Owner Trust A Series 2017-3 | 2.480% | | 9/15/24 | | 720 | | 726 | |
| 4 | Ford Credit Floorplan Master Owner Trust A Series 2018-1 | 2.950% | | 5/15/23 | | 1,000 | | 1,012 | |
| 4 | Ford Credit Floorplan Master Owner Trust A Series 2018-2 | 3.170% | | 3/15/25 | | 900 | | 925 | |
| 4 | GM Financial Automobile Leasing Trust 2018-1 | 2.610% | | 1/20/21 | | 280 | | 280 | |
| 4 | GM Financial Automobile Leasing Trust 2018-1 | 2.680% | | 12/20/21 | | 125 | | 125 | |
| 4 | GM Financial Automobile Leasing Trust 2018-2 | 3.060% | | 6/21/21 | | 179 | | 179 | |
| 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 | | 277 | |
| 4 | GM Financial Automobile Leasing Trust 2019-2 | 2.720% | | 3/20/23 | | 125 | | 126 | |
| 4 | GM Financial Consumer Automobile 2018-2 | 2.810% | | 12/16/22 | | 475 | | 479 | |
| 4 | GM Financial Consumer Automobile 2018-2 | 3.020% | | 12/18/23 | | 400 | | 407 | |
| 4 | GS Mortgage Securities Corporation II 2013-GC10 | 2.943% | | 2/10/46 | | 246 | | 250 | |
| 4 | GS Mortgage Securities Trust 2011-GC5 | 3.707% | | 8/10/44 | | 145 | | 147 | |
| 4 | GS Mortgage Securities Trust 2012-GC6 | 3.482% | | 1/10/45 | | 747 | | 761 | |
| 4 | GS Mortgage Securities Trust 2012-GCJ7 | 3.377% | | 5/10/45 | | 352 | | 357 | |
| 4 | GS Mortgage Securities Trust 2012-GCJ9 | 2.773% | | 11/10/45 | | 321 | | 325 | |
| 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 | | 282 | |
| 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 | | 98 | | 101 | |
| 4 | GS Mortgage Securities Trust 2013-GCJ14 | 4.243% | | 8/10/46 | | 675 | | 718 | |
| 4 | GS Mortgage Securities Trust 2013-GCJ16 | 3.813% | | 11/10/46 | | 81 | | 84 | |
| 4 | GS Mortgage Securities Trust 2013-GCJ16 | 4.271% | | 11/10/46 | | 125 | | 133 | |
| 4 | GS Mortgage Securities Trust 2014-GC18 | 4.074% | | 1/10/47 | | 1,025 | | 1,090 | |
| 4 | GS Mortgage Securities Trust 2014-GC18 | 4.383% | | 1/10/47 | | 275 | | 291 | |
| 4 | GS Mortgage Securities Trust 2014-GC22 | 3.467% | | 6/10/47 | | 156 | | 160 | |
| 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 | | 507 | |
| 4 | GS Mortgage Securities Trust 2014-GC24 | 4.511% | | 9/10/47 | | 125 | | 130 | |
| 4 | GS Mortgage Securities Trust 2014-GC26 | 3.365% | | 11/10/47 | | 246 | | 253 | |
| 4 | GS Mortgage Securities Trust 2014-GC26 | 3.629% | | 11/10/47 | | 800 | | 846 | |
| 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 | | 523 | |
| 4 | GS Mortgage Securities Trust 2015-GC30 | 2.726% | | 5/10/50 | | 259 | | 259 | |
| 4 | GS Mortgage Securities Trust 2015-GC30 | 3.382% | | 5/10/50 | | 450 | | 471 | |
| 4 | GS Mortgage Securities Trust 2015-GC32 | 3.513% | | 7/10/48 | | 425 | | 441 | |
| 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 | | 412 | |
| 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 | | 310 | |
| 4 | GS Mortgage Securities Trust 2016-GS3 | 2.850% | | 10/10/49 | | 775 | | 792 | |
| 4 | GS Mortgage Securities Trust 2016-GS4 | 3.442% | | 11/10/49 | | 275 | | 291 | |
| 4 | GS Mortgage Securities Trust 2016-GS4 | 3.645% | | 11/10/49 | | 200 | | 209 | |
| 4 | GS Mortgage Securities Trust 2017-GS5 | 3.674% | | 3/10/50 | | 625 | | 670 | |
| 4 | GS Mortgage Securities Trust 2017-GS5 | 3.826% | | 3/10/50 | | 250 | | 265 | |
| 4 | GS Mortgage Securities Trust 2017-GS6 | 3.433% | | 5/10/50 | | 600 | | 634 | |
| 4 | GS Mortgage Securities Trust 2017-GS7 | 3.430% | | 8/10/50 | | 983 | | 1,032 | |
| 4 | GS Mortgage Securities Trust 2017-GS7 | 3.663% | | 8/10/50 | | 262 | | 276 | |
| 4 | GS Mortgage Securities Trust 2019-GC39 | 3.567% | | 5/10/52 | | 400 | | 428 | |
| 4 | GS Mortgage Securities Trust 2019-GC4 | 3.212% | | 9/1/52 | | 275 | | 280 | |
| 4 | GS Mortgage Securities Trust 2019-GC40 | 3.160% | | 7/10/52 | | 550 | | 572 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | GS Mortgage Securities Trust 2019-GS4 | 3.000% | | 9/1/52 | | 1,125 | | 1,152 | |
| 4 | GS Mortgage Securities Trust 2019-GSA1 | 3.048% | | 11/10/52 | | 500 | | 512 | |
| 4 | Honda Auto Receivables 2017-2 Owner Trust | 1.680% | | 8/16/21 | | 511 | | 511 | |
| 4 | Honda Auto Receivables 2017-2 Owner Trust | 1.870% | | 9/15/23 | | 279 | | 279 | |
| 4 | Honda Auto Receivables 2017-4 Owner Trust | 2.050% | | 11/22/21 | | 236 | | 237 | |
| 4 | Honda Auto Receivables 2018-1 Owner Trust | 2.640% | | 2/15/22 | | 671 | | 673 | |
| 4 | Honda Auto Receivables 2018-1 Owner Trust | 2.830% | | 5/15/24 | | 275 | | 278 | |
| 4 | Honda Auto Receivables 2018-2 Owner Trust | 3.010% | | 5/18/22 | | 275 | | 277 | |
| 4 | Honda Auto Receivables 2018-2 Owner Trust | 3.160% | | 8/19/24 | | 200 | | 204 | |
| 4 | Honda Auto Receivables 2018-4 Owner Trust | 2.520% | | 6/21/23 | | 665 | | 671 | |
| 4 | Honda Auto Receivables 2018-4 Owner Trust | 2.540% | | 3/21/25 | | 125 | | 127 | |
| 4 | Hyundai Auto Receivables Trust 2016-B | 1.290% | | 4/15/21 | | 35 | | 35 | |
| 4 | Hyundai Auto Receivables Trust 2016-B | 1.450% | | 11/15/22 | | 250 | | 249 | |
| 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 | | 330 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 | 3.507% | | 5/15/45 | | 394 | | 405 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 | 2.829% | | 10/15/45 | | 1,338 | | 1,357 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX | 3.483% | | 6/15/45 | | 418 | | 426 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 | 3.142% | | 12/15/47 | | 144 | | 148 | |
| 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 | | 113 | | 116 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 | 3.881% | | 12/15/46 | | 200 | | 211 | |
| 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 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 | 4.962% | | 12/15/46 | | 150 | | 162 | |
| 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 | 3.805% | | 7/15/47 | | 75 | | 79 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1 | 3.914% | | 1/15/49 | | 325 | | 349 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP3 | 2.870% | | 8/15/49 | | 975 | | 994 | |
| 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 | | 345 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2017-JP6 | 3.050% | | 7/15/50 | | 142 | | 143 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2017-JP6 | 3.744% | | 7/15/50 | | 400 | | 422 | |
| 4 | JP Morgan Chase Commercial Mortgage Securities Trust 2019-COR4 | 4.029% | | 3/10/52 | | 1,400 | | 1,548 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C12 | 3.664% | | 7/15/45 | | 122 | | 128 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C12 | 4.039% | | 7/15/45 | | 81 | | 85 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C14 | 3.761% | | 8/15/46 | | 173 | | 178 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C14 | 4.133% | | 8/15/46 | | 790 | | 837 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C14 | 4.409% | | 8/15/46 | | 220 | | 232 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C15 | 3.659% | | 11/15/45 | | 49 | | 50 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C15 | 4.131% | | 11/15/45 | | 435 | | 464 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C15 | 4.420% | | 11/15/45 | | 275 | | 293 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C17 | 3.705% | | 1/15/47 | | 151 | | 156 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C17 | 4.199% | | 1/15/47 | | 625 | | 670 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C17 | 4.458% | | 1/15/47 | | 125 | | 134 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2013-C17 | 4.892% | | 1/15/47 | | 188 | | 202 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C18 | 4.079% | | 2/15/47 | | 474 | | 506 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C18 | 4.439% | | 2/15/47 | | 93 | | 99 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C18 | 4.810% | | 2/15/47 | | 113 | | 120 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C19 | 3.046% | | 4/15/47 | | 2 | | 2 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C19 | 3.669% | | 4/15/47 | | 225 | | 229 | |
| 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 | | 187 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C21 | 3.428% | | 8/15/47 | | 96 | | 99 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C21 | 3.775% | | 8/15/47 | | 100 | | 106 | |
| 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 | | 691 | |
| 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 | | 340 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C23 | 4.202% | | 9/15/47 | | 188 | | 201 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C24 | 2.940% | | 11/15/47 | | 50 | | 50 | |
| 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 | | 315 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C25 | 3.672% | | 11/15/47 | | 750 | | 792 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C25 | 4.065% | | 11/15/47 | | 200 | | 211 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C26 | 3.018% | | 1/15/48 | | 26 | | 26 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2014-C26 | 3.494% | | 1/15/48 | | 360 | | 377 | |
| 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 | | 209 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2015-C27 | 2.734% | | 2/15/48 | | 41 | | 41 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2015-C27 | 3.017% | | 2/15/48 | | 409 | | 417 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 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 | | 155 | | 156 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2015-C28 | 3.227% | | 10/15/48 | | 500 | | 519 | |
| 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 | | 271 | | 271 | |
| 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 | | 439 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2015-C30 | 3.822% | | 7/15/48 | | 425 | | 453 | |
| 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 | | 210 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2015-C31 | 3.801% | | 8/15/48 | | 218 | | 232 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2015-C32 | 3.358% | | 11/15/48 | | 425 | | 438 | |
| 4 | JPMBB Commercial Mortgage Securities Trust 2015-C32 | 3.598% | | 11/15/48 | | 425 | | 449 | |
| 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 | | 335 | |
| 4 | JPMCC Commercial Mortgage Securities Trust 2017-JP5 | 3.723% | | 3/15/50 | | 1,250 | | 1,343 | |
| 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 | | 79 | |
| 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 | | 2,144 | |
| 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 | | 291 | |
| 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 | | 1,106 | |
| 4 | JPMDB Commercial Mortgage Securities Trust 2018-C8 | 4.421% | | 6/15/51 | | 125 | | 138 | |
| 4 | JPMDB Commerical Mortgage Securities Trust 2019-COR6 | 3.056% | | 11/13/52 | | 750 | | 763 | |
| 4 | Mercedes-Benz Auto Lease Trust 2018-A | 2.410% | | 2/16/21 | | 183 | | 183 | |
| 4 | Mercedes-Benz Auto Lease Trust 2018-A | 2.510% | | 10/16/23 | | 75 | | 75 | |
| 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 | 4.081% | | 7/15/46 | | 1,600 | | 1,692 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 | 4.153% | | 8/15/46 | | 240 | | 254 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 | 4.353% | | 8/15/46 | | 120 | | 127 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 | 4.259% | | 10/15/46 | | 445 | | 473 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | 2.936% | | 11/15/46 | | 1 | | 1 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | 4.039% | | 11/15/46 | | 300 | | 317 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | 4.755% | | 11/15/46 | | 150 | | 160 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 | 2.918% | | 2/15/46 | | 179 | | 182 | |
| 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 | | 230 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 | 3.376% | | 12/15/48 | | 100 | | 102 | |
| 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 | | 272 | | 275 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 | 4.064% | | 2/15/47 | | 375 | | 399 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 | 4.745% | | 2/15/47 | | 150 | | 161 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16 | 3.477% | | 6/15/47 | | 67 | | 69 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16 | 3.892% | | 6/15/47 | | 325 | | 344 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16 | 4.337% | | 6/15/47 | | 125 | | 132 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 | 3.194% | | 10/15/47 | | 20 | | 20 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 | 3.923% | | 10/15/47 | | 100 | | 106 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 | 4.478% | | 10/15/47 | | 125 | | 133 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19 | 3.326% | | 12/15/47 | | 225 | | 231 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19 | 3.526% | | 12/15/47 | | 275 | | 288 | |
| 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 | | 751 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 | 3.040% | | 4/15/48 | | 425 | | 434 | |
| 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 | | 222 | | 222 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 | 3.398% | | 7/15/50 | | 150 | | 154 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 | 3.719% | | 7/15/50 | | 450 | | 477 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 | 3.383% | | 10/15/48 | | 475 | | 491 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 | 3.635% | | 10/15/48 | | 250 | | 264 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 | 3.323% | | 10/15/48 | | 275 | | 284 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 | 3.531% | | 10/15/48 | | 300 | | 315 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 | 3.557% | | 12/15/47 | | 200 | | 207 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 | 3.753% | | 12/15/47 | | 250 | | 266 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 | 3.288% | | 1/15/49 | | 300 | | 310 | |
| 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 | | 812 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 | 3.102% | | 11/15/49 | | 950 | | 980 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 | 3.720% | | 12/15/49 | | 800 | | 853 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 | 3.994% | | 12/15/49 | | 325 | | 347 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33 | 3.599% | | 5/15/50 | | 1,000 | | 1,065 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33 | 3.852% | | 5/15/50 | | 400 | | 425 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 | 3.276% | | 11/15/52 | | 400 | | 416 | |
| 4 | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 | 3.536% | | 11/15/52 | | 575 | | 610 | |
| 4 | Morgan Stanley Capital I Trust 2012-C4 | 3.244% | | 3/15/45 | | 650 | | 660 | |
| 4 | Morgan Stanley Capital I Trust 2012-C4 | 3.773% | | 3/15/45 | | 225 | | 231 | |
| 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 | | 414 | |
| 4 | Morgan Stanley Capital I Trust 2016-BNK2 | 3.282% | | 11/15/49 | | 317 | | 327 | |
| 4 | Morgan Stanley Capital I Trust 2016-UB11 | 2.782% | | 8/15/49 | | 800 | | 809 | |
| 4 | Morgan Stanley Capital I Trust 2016-UBS12 | 3.596% | | 12/15/49 | | 825 | | 880 | |
| 4 | Morgan Stanley Capital I Trust 2017-H1 | 3.530% | | 6/15/50 | | 550 | | 581 | |
| 4 | Morgan Stanley Capital I Trust 2019-H6 | 3.417% | | 6/15/52 | | 1,050 | | 1,108 | |
| 4 | Morgan Stanley Capital I Trust 2019-H6 | 3.700% | | 6/15/52 | | 125 | | 131 | |
| 4 | Morgan Stanley Capital I Trust 2019-L2 | 4.071% | | 3/15/52 | | 625 | | 694 | |
| 4 | Morgan Stanley Capital I Trust 2019-L3 | 3.127% | | 11/15/29 | | 775 | | 800 | |
| 7 | National Australia Bank Ltd. | 2.250% | | 3/16/21 | | 625 | | 628 | |
| 4 | Nissan Auto Lease Trust 2017-B | 2.050% | | 9/15/20 | | 32 | | 32 | |
| 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 | | 14 | | 14 | |
| 4 | Nissan Auto Receivables 2015-C Owner Trust | 1.670% | | 2/15/22 | | 56 | | 55 | |
| 4 | Nissan Auto Receivables 2016-C Owner Trust | 1.180% | | 1/15/21 | | 22 | | 22 | |
| 4 | Nissan Auto Receivables 2016-C Owner Trust | 1.380% | | 1/17/23 | | 275 | | 274 | |
| 4 | Nissan Auto Receivables 2017-B Owner Trust | 1.750% | | 10/15/21 | | 337 | | 337 | |
| 4 | Nissan Auto Receivables 2017-B Owner Trust | 1.950% | | 10/16/23 | | 259 | | 259 | |
| 4 | Nissan Auto Receivables 2018-A Owner Trust | 2.650% | | 5/16/22 | | 516 | | 518 | |
| 4 | Nissan Auto Receivables 2018-A Owner Trust | 2.890% | | 6/17/24 | | 400 | | 406 | |
| 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 | | 152 | |
| 4 | Nissan Auto Receivables 2019-C | 1.930% | | 7/15/24 | | 650 | | 650 | |
| 4 | Nissan Auto Receivables 2019-C | 1.950% | | 5/15/26 | | 150 | | 149 | |
| 4 | Public Service New Hampshire Funding LLC 2018-1 | 3.094% | | 2/1/26 | | 156 | | 159 | |
| 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 | | 245 | |
| | Royal Bank of Canada | 2.100% | | 10/14/20 | | 3,950 | | 3,952 | |
| | Royal Bank of Canada | 2.300% | | 3/22/21 | | 650 | | 653 | |
| 4 | Santander Drive Auto Receivables Trust 2018-2 | 3.030% | | 9/15/22 | | 178 | | 179 | |
| 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 | | 2 | | 2 | |
| 4 | Santander Drive Auto Receivables Trust 2018-3 | 3.290% | | 10/17/22 | | 150 | | 150 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 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 | | 1,227 | |
| 4 | Synchrony Credit Card Master Note Trust 2016-2 | 2.210% | | 5/15/24 | | 1,162 | | 1,167 | |
| 4 | Synchrony Credit Card Master Note Trust 2017-2 | 2.620% | | 10/15/25 | | 675 | | 685 | |
| 4 | Synchrony Credit Card Master Note Trust 2018-1 | 2.970% | | 3/15/24 | | 1,200 | | 1,214 | |
| 4 | Synchrony Credit Card Master Note Trust 2018-2 | 3.470% | | 5/15/26 | | 1,175 | | 1,227 | |
| 7 | Toronto-Dominion Bank | 2.250% | | 3/15/21 | | 2,000 | | 2,006 | |
| 4 | Toyota Auto Receivables 2016-B Owner Trust | 1.520% | | 8/16/21 | | 93 | | 93 | |
| 4 | Toyota Auto Receivables 2016-C Owner Trust | 1.320% | | 11/15/21 | | 132 | | 132 | |
| 4 | Toyota Auto Receivables 2017-D Owner Trust | 1.930% | | 1/18/22 | | 754 | | 754 | |
| 4 | Toyota Auto Receivables 2018-A Owner Trust | 2.350% | | 5/16/22 | | 518 | | 519 | |
| 4 | Toyota Auto Receivables 2018-A Owner Trust | 2.520% | | 5/15/23 | | 175 | | 176 | |
| 4 | Toyota Auto Receivables 2018-B Owner Trust | 2.960% | | 9/15/22 | | 475 | | 480 | |
| 4 | Toyota Auto Receivables 2018-B Owner Trust | 3.110% | | 11/15/23 | | 100 | | 102 | |
| 4 | UBS Commercial Mortgage Trust 2017-C1 | 3.460% | | 6/15/50 | | 800 | | 849 | |
| 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 | | 156 | |
| 4 | UBS Commercial Mortgage Trust 2017-C3 | 3.426% | | 8/15/50 | | 725 | | 763 | |
| 4 | UBS Commercial Mortgage Trust 2017-C3 | 3.739% | | 8/15/50 | | 300 | | 316 | |
| 4 | UBS Commercial Mortgage Trust 2017-C4 | 3.301% | | 10/15/50 | | 475 | | 499 | |
| 4 | UBS Commercial Mortgage Trust 2017-C4 | 3.563% | | 10/15/50 | | 600 | | 640 | |
| 4 | UBS Commercial Mortgage Trust 2017-C4 | 3.836% | | 10/15/50 | | 262 | | 276 | |
| 4 | UBS Commercial Mortgage Trust 2017-C5 | 3.474% | | 11/15/50 | | 400 | | 425 | |
| 4 | UBS Commercial Mortgage Trust 2017-C7 | 3.679% | | 12/15/50 | | 600 | | 643 | |
| 4 | UBS Commercial Mortgage Trust 2017-C7 | 4.061% | | 12/15/50 | | 325 | | 348 | |
| 4 | UBS Commercial Mortgage Trust 2018-C11 | 4.241% | | 6/15/51 | | 1,000 | | 1,109 | |
| 4 | UBS Commercial Mortgage Trust 2018-C12 | 4.296% | | 8/15/51 | | 475 | | 535 | |
| 4 | UBS Commercial Mortgage Trust 2018-C13 | 4.208% | | 10/15/51 | | 175 | | 185 | |
| 4 | UBS Commercial Mortgage Trust 2018-C13 | 4.334% | | 10/15/51 | | 600 | | 678 | |
| 4 | UBS Commercial Mortgage Trust 2018-C13 | 4.585% | | 10/15/51 | | 100 | | 112 | |
| 4 | UBS Commercial Mortgage Trust 2018-C14 | 4.448% | | 12/15/51 | | 975 | | 1,111 | |
| 4 | UBS Commercial Mortgage Trust 2018-C15 | 4.341% | | 12/15/51 | | 575 | | 643 | |
| 4 | UBS Commercial Mortgage Trust 2018-C8 | 3.720% | | 2/15/51 | | 600 | | 647 | |
| 4 | UBS Commercial Mortgage Trust 2018-C8 | 3.983% | | 2/15/51 | | 1,200 | | 1,317 | |
| 4 | UBS Commercial Mortgage Trust 2018-C8 | 4.215% | | 2/15/51 | | 325 | | 349 | |
| 4 | UBS Commercial Mortgage Trust 2019-C16 | 3.605% | | 4/15/52 | | 400 | | 426 | |
| 4 | UBS Commercial Mortgage Trust 2019-C17 | 2.921% | | 10/15/52 | | 450 | | 456 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2012-C4 | 2.850% | | 12/10/45 | | 1,000 | | 1,015 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2013-C5 | 3.185% | | 3/10/46 | | 290 | | 298 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2013-C6 | 3.244% | | 4/10/46 | | 175 | | 180 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2013-C6 | 3.469% | | 4/10/46 | | 75 | | 77 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2018-C10 | 4.313% | | 5/15/51 | | 800 | | 891 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2018-C9 | 4.117% | | 3/15/51 | | 1,200 | | 1,330 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2019-C16 | 3.887% | | 4/15/52 | | 125 | | 134 | |
| 4 | UBS-Barclays Commercial Mortgage Trust 2019-C18 | 3.035% | | 12/15/52 | | 275 | | 282 | |
| 4 | Volkswagen Auto Loan Enhanced Trust 2018-1 | 3.020% | | 11/21/22 | | 200 | | 202 | |
| 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 | | 216 | | 219 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2014-LC16 | 2.819% | | 8/15/50 | | 2 | | 2 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2014-LC16 | 3.477% | | 8/15/50 | | 91 | | 93 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2014-LC16 | 3.817% | | 8/15/50 | | 900 | | 954 | |
| 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 | | 102 | | 102 | |
| 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 | | 419 | |
| 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 | | 910 | | 938 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2015-C28 | 3.540% | | 5/15/48 | | 625 | | 660 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2015-C28 | 3.872% | | 5/15/48 | | 117 | | 122 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 4 | Wells Fargo Commercial Mortgage Trust 2015-C29 | 3.400% | | 6/15/48 | | 255 | | 263 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2015-C29 | 3.637% | | 6/15/48 | | 625 | | 664 | |
| 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 | | 886 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2015-LC20 | 3.719% | | 4/15/50 | | 200 | | 206 | |
| 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 | | 73 | | 73 | |
| 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 | | 182 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2015-P2 | 3.656% | | 12/15/48 | | 325 | | 340 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2015-P2 | 3.809% | | 12/15/48 | | 200 | | 215 | |
| 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 | | 529 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.324% | | 1/15/59 | | 218 | | 225 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.560% | | 1/15/59 | | 475 | | 503 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2016-C33 | 3.426% | | 3/15/59 | | 150 | | 158 | |
| 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 | | 351 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2016-LC24 | 2.825% | | 10/15/49 | | 350 | | 357 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2016-LC24 | 2.942% | | 10/15/49 | | 614 | | 630 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-C38 | 3.453% | | 7/15/50 | | 854 | | 905 | |
| 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 | | 766 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-C39 | 3.702% | | 9/15/50 | | 400 | | 421 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-C40 | 3.317% | | 10/15/50 | | 400 | | 417 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-C40 | 3.581% | | 10/15/50 | | 600 | | 641 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-C40 | 3.854% | | 10/15/50 | | 150 | | 158 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-C41 | 3.472% | | 11/15/50 | | 1,000 | | 1,060 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-RB1 | 3.635% | | 3/15/50 | | 1,200 | | 1,284 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2017-RC1 | 3.631% | | 1/15/60 | | 1,200 | | 1,283 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2018-C43 | 4.012% | | 3/15/51 | | 1,200 | | 1,317 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2018-C43 | 4.152% | | 3/15/51 | | 200 | | 216 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2018-C44 | 4.212% | | 5/15/51 | | 775 | | 862 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2018-C45 | 4.184% | | 6/15/51 | | 1,000 | | 1,112 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2018-C46 | 4.152% | | 8/15/51 | | 475 | | 527 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2019-C49 | 4.023% | | 3/15/52 | | 975 | | 1,077 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2019-C50 | 3.729% | | 5/15/52 | | 575 | | 623 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2019-C52 | 3.143% | | 8/15/52 | | 350 | | 351 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2019-C53 | 3.040% | | 10/15/52 | | 750 | | 771 | |
| 4 | Wells Fargo Commercial Mortgage Trust 2019-C54 | 3.146% | | 12/15/52 | | 450 | | 466 | |
| 4 | Wells Fargo Commercial Mortgate Trust 2018-C47 | 4.442% | | 9/15/61 | | 1,075 | | 1,219 | |
| 4 | Wells Fargo Commercial Mortgate Trust 2019-C51 | 3.311% | | 6/15/52 | | 780 | | 819 | |
| 4 | Wells Fargo Commercial Mortgate Trust 2019-C52 | 2.892% | | 8/15/52 | | 1,150 | | 1,168 | |
| 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 | | 458 | |
| 4 | WFRBS Commercial Mortgage Trust 2012-C7 | 3.431% | | 6/15/45 | | 300 | | 308 | |
| 4 | WFRBS Commercial Mortgage Trust 2012-C7 | 4.090% | | 6/15/45 | | 250 | | 258 | |
| 4 | WFRBS Commercial Mortgage Trust 2012-C8 | 3.001% | | 8/15/45 | | 175 | | 178 | |
| 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 | | 413 | |
| 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 | | 124 | | 127 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C15 | 4.153% | | 8/15/46 | | 650 | | 689 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C15 | 4.358% | | 8/15/46 | | 160 | | 169 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C16 | 3.963% | | 9/15/46 | | 138 | | 143 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C16 | 4.415% | | 9/15/46 | | 180 | | 193 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C16 | 4.668% | | 9/15/46 | | 290 | | 310 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | WFRBS Commercial Mortgage Trust 2013-C17 | 3.558% | | 12/15/46 | | 79 | | 81 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C17 | 4.023% | | 12/15/46 | | 100 | | 106 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C17 | 4.255% | | 12/15/46 | | 100 | | 107 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C17 | 4.788% | | 12/15/46 | | 100 | | 107 | |
| 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 | | 201 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C18 | 4.162% | | 12/15/46 | | 1,436 | | 1,534 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C18 | 4.387% | | 12/15/46 | | 50 | | 54 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-C18 | 4.692% | | 12/15/46 | | 75 | | 81 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-UBS1 | 2.927% | | 3/15/46 | | 2 | | 2 | |
| 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 | | 186 | |
| 4 | WFRBS Commercial Mortgage Trust 2013-UBS1 | 4.739% | | 3/15/46 | | 50 | | 54 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-C19 | 3.618% | | 3/15/47 | | 43 | | 44 | |
| 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 | | 187 | |
| 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 | | 89 | | 91 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-C20 | 3.995% | | 5/15/47 | | 125 | | 133 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-C20 | 4.176% | | 5/15/47 | | 125 | | 132 | |
| 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 | | 688 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-C22 | 4.371% | | 9/15/57 | | 100 | | 106 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-C23 | 3.636% | | 10/15/57 | | 241 | | 249 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-C23 | 3.917% | | 10/15/57 | | 125 | | 133 | |
| 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 | | 250 | | 256 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-LC14 | 4.045% | | 3/15/47 | | 725 | | 772 | |
| 4 | WFRBS Commercial Mortgage Trust 2014-LC14 | 4.351% | | 3/15/47 | | 300 | | 318 | |
| 4 | World Financial Network Credit Card Master Note Trust Series 2017-C | 2.310% | | 8/15/24 | | 625 | | 626 | |
| 4 | World Financial Network Credit Card Master Note Trust Series 2018-A | 3.070% | | 12/16/24 | | 775 | | 783 | |
| 4 | World Omni Auto Receivables Trust 2019-C | 1.960% | | 12/16/24 | | 475 | | 475 | |
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $454,868) | | 467,223 | |
Corporate Bonds (10.3%) | |
| Finance (3.2%) | |
| | Banking (2.3%) | |
| | Ally Financial Inc. | 4.250% | | 4/15/21 | | 500 | | 513 | |
| | Ally Financial Inc. | 4.125% | | 2/13/22 | | 510 | | 526 | |
| | Ally Financial Inc. | 3.875% | | 5/21/24 | | 200 | | 209 | |
| | Ally Financial Inc. | 5.125% | | 9/30/24 | | 550 | | 606 | |
| | Ally Financial Inc. | 4.625% | | 3/30/25 | | 1,000 | | 1,081 | |
| | Ally Financial Inc. | 8.000% | | 11/1/31 | | 1,600 | | 2,210 | |
| | 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 | | 1,017 | |
| | American Express Co. | 2.500% | | 8/1/22 | | 2,400 | | 2,427 | |
| | American Express Co. | 2.650% | | 12/2/22 | | 1,500 | | 1,528 | |
| | American Express Co. | 3.400% | | 2/27/23 | | 1,200 | | 1,243 | |
| | American Express Co. | 3.700% | | 8/3/23 | | 1,500 | | 1,579 | |
| | American Express Co. | 3.400% | | 2/22/24 | | 1,000 | | 1,045 | |
| | American Express Co. | 2.500% | | 7/30/24 | | 900 | | 909 | |
| | American Express Co. | 3.000% | | 10/30/24 | | 1,200 | | 1,238 | |
| | American Express Co. | 3.625% | | 12/5/24 | | 1,404 | | 1,480 | |
| | American Express Co. | 3.125% | | 5/20/26 | | 1,200 | | 1,245 | |
| | American Express Co. | 4.050% | | 12/3/42 | | 121 | | 142 | |
| | American Express Credit Corp. | 2.250% | | 5/5/21 | | 1,060 | | 1,065 | |
| | American Express Credit Corp. | 2.700% | | 3/3/22 | | 1,350 | | 1,371 | |
| | American Express Credit Corp. | 3.300% | | 5/3/27 | | 1,960 | | 2,085 | |
| | Associated Bank NA | 3.500% | | 8/13/21 | | 250 | | 254 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Australia & New Zealand Banking Group Ltd. | 2.300% | | 6/1/21 | | 2,300 | | 2,308 | |
| | Australia & New Zealand Banking Group Ltd. | 2.550% | | 11/23/21 | | 300 | | 303 | |
| | Australia & New Zealand Banking Group Ltd. | 2.625% | | 5/19/22 | | 250 | | 254 | |
| | Australia & New Zealand Banking Group Ltd. | 2.625% | | 11/9/22 | | 1,750 | | 1,781 | |
| | Australia & New Zealand Banking Group Ltd. | 3.700% | | 11/16/25 | | 750 | | 806 | |
| | Banco Santander SA | 3.848% | | 4/12/23 | | 1,200 | | 1,248 | |
| | Banco Santander SA | 2.706% | | 6/27/24 | | 400 | | 405 | |
| | Banco Santander SA | 5.179% | | 11/19/25 | | 1,700 | | 1,890 | |
| | Banco Santander SA | 4.250% | | 4/11/27 | | 1,600 | | 1,721 | |
| | Banco Santander SA | 3.800% | | 2/23/28 | | 200 | | 210 | |
| | Banco Santander SA | 4.379% | | 4/12/28 | | 1,200 | | 1,309 | |
| | Banco Santander SA | 3.306% | | 6/27/29 | | 500 | | 515 | |
| | Bank of America Corp. | 2.625% | | 4/19/21 | | 2,090 | | 2,108 | |
| 4 | Bank of America Corp. | 2.369% | | 7/21/21 | | 1,155 | | 1,157 | |
| 4 | Bank of America Corp. | 2.328% | | 10/1/21 | | 2,500 | | 2,503 | |
| 4 | Bank of America Corp. | 2.738% | | 1/23/22 | | 1,300 | | 1,309 | |
| 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 | | 1,866 | |
| | Bank of America Corp. | 3.300% | | 1/11/23 | | 5,400 | | 5,585 | |
| 4 | Bank of America Corp. | 3.124% | | 1/20/23 | | 410 | | 417 | |
| 4 | Bank of America Corp. | 2.881% | | 4/24/23 | | 1,375 | | 1,394 | |
| 4 | Bank of America Corp. | 2.816% | | 7/21/23 | | 3,000 | | 3,041 | |
| | Bank of America Corp. | 4.100% | | 7/24/23 | | 1,425 | | 1,517 | |
| | Bank of America Corp. | 3.004% | | 12/20/23 | | 6,882 | | 7,032 | |
| | Bank of America Corp. | 4.125% | | 1/22/24 | | 1,400 | | 1,506 | |
| 4 | Bank of America Corp. | 3.550% | | 3/5/24 | | 2,935 | | 3,036 | |
| | Bank of America Corp. | 4.000% | | 4/1/24 | | 1,316 | | 1,409 | |
| 4 | Bank of America Corp. | 3.864% | | 7/23/24 | | 625 | | 658 | |
| | Bank of America Corp. | 4.200% | | 8/26/24 | | 3,425 | | 3,674 | |
| | Bank of America Corp. | 4.000% | | 1/22/25 | | 4,240 | | 4,507 | |
| 4 | Bank of America Corp. | 3.458% | | 3/15/25 | | 2,000 | | 2,082 | |
| | Bank of America Corp. | 3.950% | | 4/21/25 | | 1,500 | | 1,597 | |
| 4 | Bank of America Corp. | 3.093% | | 10/1/25 | | 2,500 | | 2,575 | |
| 4 | Bank of America Corp. | 2.456% | | 10/22/25 | | 1,175 | | 1,179 | |
| 4 | Bank of America Corp. | 3.366% | | 1/23/26 | | 1,300 | | 1,356 | |
| | Bank of America Corp. | 4.450% | | 3/3/26 | | 1,650 | | 1,808 | |
| | Bank of America Corp. | 3.500% | | 4/19/26 | | 830 | | 878 | |
| | Bank of America Corp. | 4.250% | | 10/22/26 | | 1,700 | | 1,847 | |
| 4 | Bank of America Corp. | 3.559% | | 4/23/27 | | 2,275 | | 2,398 | |
| | Bank of America Corp. | 3.248% | | 10/21/27 | | 2,025 | | 2,101 | |
| | Bank of America Corp. | 4.183% | | 11/25/27 | | 1,690 | | 1,829 | |
| 4 | Bank of America Corp. | 3.824% | | 1/20/28 | | 2,450 | | 2,626 | |
| 4 | Bank of America Corp. | 3.705% | | 4/24/28 | | 1,400 | | 1,494 | |
| 4 | Bank of America Corp. | 3.593% | | 7/21/28 | | 2,250 | | 2,389 | |
| 4 | Bank of America Corp. | 3.419% | | 12/20/28 | | 5,357 | | 5,611 | |
| 4 | Bank of America Corp. | 3.970% | | 3/5/29 | | 1,425 | | 1,549 | |
| 4 | Bank of America Corp. | 4.271% | | 7/23/29 | | 4,275 | | 4,734 | |
| 4 | Bank of America Corp. | 3.974% | | 2/7/30 | | 500 | | 544 | |
| 4 | Bank of America Corp. | 3.194% | | 7/23/30 | | 2,000 | | 2,068 | |
| 4 | Bank of America Corp. | 2.884% | | 10/22/30 | | 1,175 | | 1,187 | |
| | Bank of America Corp. | 6.110% | | 1/29/37 | | 1,010 | | 1,361 | |
| 4 | Bank of America Corp. | 4.244% | | 4/24/38 | | 2,525 | | 2,897 | |
| | Bank of America Corp. | 7.750% | | 5/14/38 | | 2,075 | | 3,263 | |
| 4 | Bank of America Corp. | 4.078% | | 4/23/40 | | 3,000 | | 3,403 | |
| | Bank of America Corp. | 5.875% | | 2/7/42 | | 1,350 | | 1,915 | |
| | Bank of America Corp. | 5.000% | | 1/21/44 | | 1,950 | | 2,546 | |
| | Bank of America Corp. | 4.875% | | 4/1/44 | | 550 | | 703 | |
| | Bank of America Corp. | 4.750% | | 4/21/45 | | 350 | | 426 | |
| 4 | Bank of America Corp. | 4.443% | | 1/20/48 | | 1,625 | | 1,978 | |
| 4 | Bank of America Corp. | 3.946% | | 1/23/49 | | 1,175 | | 1,331 | |
| 4 | Bank of America Corp. | 4.330% | | 3/15/50 | | 1,700 | | 2,039 | |
| | Bank of America NA | 6.000% | | 10/15/36 | | 600 | | 826 | |
| | Bank of Montreal | 3.100% | | 4/13/21 | | 1,545 | | 1,567 | |
| | Bank of Montreal | 1.900% | | 8/27/21 | | 1,500 | | 1,502 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Bank of Montreal | 2.900% | | 3/26/22 | | 2,350 | | 2,393 | |
| | Bank of Montreal | 2.350% | | 9/11/22 | | 137 | | 138 | |
| | Bank of Montreal | 2.550% | | 11/6/22 | | 313 | | 318 | |
| | Bank of Montreal | 3.300% | | 2/5/24 | | 1,000 | | 1,041 | |
| | Bank of Montreal | 2.500% | | 6/28/24 | | 800 | | 807 | |
| 4 | Bank of Montreal | 4.338% | | 10/5/28 | | 400 | | 422 | |
| 4 | Bank of Montreal | 3.803% | | 12/15/32 | | 2,400 | | 2,505 | |
| | Bank of New York Mellon Corp. | 2.050% | | 5/3/21 | | 2,000 | | 2,005 | |
| | 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 | | 1,394 | |
| | Bank of New York Mellon Corp. | 2.950% | | 1/29/23 | | 850 | | 872 | |
| | Bank of New York Mellon Corp. | 3.500% | | 4/28/23 | | 625 | | 655 | |
| 4 | Bank of New York Mellon Corp. | 2.661% | | 5/16/23 | | 1,275 | | 1,294 | |
| | Bank of New York Mellon Corp. | 3.450% | | 8/11/23 | | 525 | | 550 | |
| | Bank of New York Mellon Corp. | 2.200% | | 8/16/23 | | 825 | | 834 | |
| | Bank of New York Mellon Corp. | 3.650% | | 2/4/24 | | 150 | | 159 | |
| | Bank of New York Mellon Corp. | 3.250% | | 9/11/24 | | 600 | | 630 | |
| | Bank of New York Mellon Corp. | 2.100% | | 10/24/24 | | 600 | | 600 | |
| | Bank of New York Mellon Corp. | 2.800% | | 5/4/26 | | 1,200 | | 1,231 | |
| | Bank of New York Mellon Corp. | 2.450% | | 8/17/26 | | 500 | | 502 | |
| | Bank of New York Mellon Corp. | 3.250% | | 5/16/27 | | 1,500 | | 1,576 | |
| | Bank of New York Mellon Corp. | 3.400% | | 1/29/28 | | 600 | | 638 | |
| 4 | Bank of New York Mellon Corp. | 3.442% | | 2/7/28 | | 1,200 | | 1,267 | |
| | Bank of New York Mellon Corp. | 3.000% | | 10/30/28 | | 1,000 | | 1,027 | |
| | Bank of New York Mellon Corp. | 3.300% | | 8/23/29 | | 500 | | 521 | |
| | Bank of Nova Scotia | 4.375% | | 1/13/21 | | 105 | | 108 | |
| | Bank of Nova Scotia | 2.800% | | 7/21/21 | | 1,375 | | 1,394 | |
| | Bank of Nova Scotia | 2.700% | | 3/7/22 | | 3,000 | | 3,049 | |
| | Bank of Nova Scotia | 2.375% | | 1/18/23 | | 2,250 | | 2,274 | |
| | Bank of Nova Scotia | 3.400% | | 2/11/24 | | 500 | | 522 | |
| | Bank of Nova Scotia | 4.500% | | 12/16/25 | | 1,250 | | 1,368 | |
| | Bank of Nova Scotia | 2.700% | | 8/3/26 | | 425 | | 432 | |
| | Barclays Bank plc | 2.650% | | 1/11/21 | | 1,000 | | 1,006 | |
| | Barclays plc | 3.250% | | 1/12/21 | | 1,000 | | 1,007 | |
| | Barclays plc | 3.200% | | 8/10/21 | | 850 | | 860 | |
| | Barclays plc | 3.684% | | 1/10/23 | | 950 | | 973 | |
| 4 | Barclays plc | 4.610% | | 2/15/23 | | 1,000 | | 1,042 | |
| 4 | Barclays plc | 4.338% | | 5/16/24 | | 1,000 | | 1,049 | |
| | Barclays plc | 3.650% | | 3/16/25 | | 3,000 | | 3,123 | |
| 4 | Barclays plc | 3.932% | | 5/7/25 | | 800 | | 840 | |
| | Barclays plc | 4.375% | | 1/12/26 | | 1,200 | | 1,299 | |
| | Barclays plc | 4.337% | | 1/10/28 | | 1,000 | | 1,071 | |
| 4 | Barclays plc | 4.972% | | 5/16/29 | | 1,200 | | 1,348 | |
| | Barclays plc | 5.250% | | 8/17/45 | | 775 | | 934 | |
| | Barclays plc | 4.950% | | 1/10/47 | | 675 | | 790 | |
| | BBVA USA | 3.500% | | 6/11/21 | | 625 | | 635 | |
| | BBVA USA | 2.875% | | 6/29/22 | | 1,550 | | 1,571 | |
| | BNP Paribas SA | 5.000% | | 1/15/21 | | 2,810 | | 2,892 | |
| | BNP Paribas SA | 3.250% | | 3/3/23 | | 675 | | 699 | |
| | BNP Paribas SA | 4.250% | | 10/15/24 | | 500 | | 533 | |
| | BPCE SA | 2.650% | | 2/3/21 | | 825 | | 830 | |
| | BPCE SA | 2.750% | | 12/2/21 | | 500 | | 507 | |
| 7 | BPCE SA | 3.000% | | 5/22/22 | | 1,000 | | 1,017 | |
| | BPCE SA | 4.000% | | 4/15/24 | | 1,200 | | 1,284 | |
| | BPCE SA | 3.375% | | 12/2/26 | | 250 | | 262 | |
| | Canadian Imperial Bank of Commerce | 2.700% | | 2/2/21 | | 500 | | 504 | |
| | Canadian Imperial Bank of Commerce | 2.550% | | 6/16/22 | | 1,700 | | 1,720 | |
| | Canadian Imperial Bank of Commerce | 3.500% | | 9/13/23 | | 1,000 | | 1,050 | |
| | Canadian Imperial Bank of Commerce | 3.100% | | 4/2/24 | | 800 | | 824 | |
| | Capital One Bank USA NA | 3.375% | | 2/15/23 | | 1,140 | | 1,174 | |
| | Capital One Financial Corp. | 4.750% | | 7/15/21 | | 280 | | 291 | |
| | Capital One Financial Corp. | 3.050% | | 3/9/22 | | 675 | | 689 | |
| | Capital One Financial Corp. | 3.200% | | 1/30/23 | | 2,000 | | 2,056 | |
| | Capital One Financial Corp. | 3.500% | | 6/15/23 | | 82 | | 85 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Capital One Financial Corp. | 3.900% | | 1/29/24 | | 250 | | 265 | |
| | Capital One Financial Corp. | 3.750% | | 4/24/24 | | 2,575 | | 2,702 | |
| | Capital One Financial Corp. | 3.300% | | 10/30/24 | | 1,050 | | 1,083 | |
| | Capital One Financial Corp. | 4.200% | | 10/29/25 | | 500 | | 537 | |
| | Capital One Financial Corp. | 3.750% | | 7/28/26 | | 250 | | 262 | |
| | Capital One Financial Corp. | 3.750% | | 3/9/27 | | 1,075 | | 1,141 | |
| | Capital One Financial Corp. | 3.800% | | 1/31/28 | | 2,000 | | 2,148 | |
| | Capital One NA | 2.950% | | 7/23/21 | | 510 | | 517 | |
| | Capital One NA | 2.250% | | 9/13/21 | | 675 | | 677 | |
| | Capital One NA | 2.650% | | 8/8/22 | | 2,550 | | 2,588 | |
| | Citibank NA | 2.850% | | 2/12/21 | | 830 | | 837 | |
| | Citibank NA | 3.400% | | 7/23/21 | | 1,000 | | 1,020 | |
| 4 | Citibank NA | 3.165% | | 2/19/22 | | 2,500 | | 2,531 | |
| 4 | Citibank NA | 2.844% | | 5/20/22 | | 2,500 | | 2,531 | |
| | Citigroup Inc. | 2.700% | | 3/30/21 | | 2,500 | | 2,518 | |
| | Citigroup Inc. | 2.350% | | 8/2/21 | | 600 | | 603 | |
| | Citigroup Inc. | 2.900% | | 12/8/21 | | 2,000 | | 2,030 | |
| | Citigroup Inc. | 4.500% | | 1/14/22 | | 2,000 | | 2,095 | |
| | Citigroup Inc. | 2.750% | | 4/25/22 | | 1,125 | | 1,143 | |
| | Citigroup Inc. | 4.050% | | 7/30/22 | | 2,225 | | 2,324 | |
| | Citigroup Inc. | 2.700% | | 10/27/22 | | 1,550 | | 1,575 | |
| 4 | Citigroup Inc. | 2.312% | | 11/4/22 | | 750 | | 752 | |
| 4 | Citigroup Inc. | 3.142% | | 1/24/23 | | 2,000 | | 2,034 | |
| | Citigroup Inc. | 3.500% | | 5/15/23 | | 450 | | 466 | |
| | Citigroup Inc. | 3.875% | | 10/25/23 | | 1,725 | | 1,832 | |
| | Citigroup Inc. | 3.750% | | 6/16/24 | | 2,975 | | 3,159 | |
| | Citigroup Inc. | 4.000% | | 8/5/24 | | 725 | | 773 | |
| | Citigroup Inc. | 3.875% | | 3/26/25 | | 1,100 | | 1,159 | |
| 4 | Citigroup Inc. | 3.352% | | 4/24/25 | | 3,000 | | 3,120 | |
| | Citigroup Inc. | 3.300% | | 4/27/25 | | 275 | | 289 | |
| | Citigroup Inc. | 4.400% | | 6/10/25 | | 1,975 | | 2,145 | |
| | Citigroup Inc. | 5.500% | | 9/13/25 | | 1,000 | | 1,142 | |
| | Citigroup Inc. | 3.700% | | 1/12/26 | | 400 | | 426 | |
| | Citigroup Inc. | 4.600% | | 3/9/26 | | 975 | | 1,074 | |
| | Citigroup Inc. | 3.400% | | 5/1/26 | | 750 | | 783 | |
| | Citigroup Inc. | 3.200% | | 10/21/26 | | 3,000 | | 3,103 | |
| | Citigroup Inc. | 4.300% | | 11/20/26 | | 775 | | 842 | |
| | Citigroup Inc. | 4.450% | | 9/29/27 | | 3,450 | | 3,794 | |
| 4 | Citigroup Inc. | 3.887% | | 1/10/28 | | 2,075 | | 2,224 | |
| | Citigroup Inc. | 6.625% | | 1/15/28 | | 800 | | 1,002 | |
| 4 | Citigroup Inc. | 3.668% | | 7/24/28 | | 1,975 | | 2,097 | |
| | Citigroup Inc. | 4.125% | | 7/25/28 | | 425 | | 461 | |
| 4 | Citigroup Inc. | 3.520% | | 10/27/28 | | 3,760 | | 3,948 | |
| 4 | Citigroup Inc. | 4.075% | | 4/23/29 | | 550 | | 601 | |
| 4 | Citigroup Inc. | 3.980% | | 3/20/30 | | 2,000 | | 2,185 | |
| 4 | Citigroup Inc. | 2.976% | | 11/5/30 | | 1,175 | | 1,193 | |
| | Citigroup Inc. | 5.875% | | 2/22/33 | | 200 | | 245 | |
| | Citigroup Inc. | 6.000% | | 10/31/33 | | 525 | | 675 | |
| | Citigroup Inc. | 6.125% | | 8/25/36 | | 1,699 | | 2,198 | |
| 4 | Citigroup Inc. | 3.878% | | 1/24/39 | | 1,100 | | 1,203 | |
| | Citigroup Inc. | 8.125% | | 7/15/39 | | 1,099 | | 1,834 | |
| | Citigroup Inc. | 5.875% | | 1/30/42 | | 800 | | 1,128 | |
| | Citigroup Inc. | 5.300% | | 5/6/44 | | 750 | | 951 | |
| | Citigroup Inc. | 4.650% | | 7/30/45 | | 1,000 | | 1,228 | |
| | Citigroup Inc. | 4.750% | | 5/18/46 | | 2,550 | | 3,053 | |
| | Citigroup Inc. | 4.650% | | 7/23/48 | | 2,230 | | 2,780 | |
| | Citizens Bank NA | 2.650% | | 5/26/22 | | 600 | | 608 | |
| | Citizens Bank NA | 3.700% | | 3/29/23 | | 250 | | 261 | |
| | Citizens Bank NA | 3.250% | | 2/14/22 | | 400 | | 409 | |
| | Citizens Bank NA | 3.750% | | 2/18/26 | | 500 | | 534 | |
| | Citizens Financial Group Inc. | 4.300% | | 12/3/25 | | 400 | | 429 | |
| | Citizens Financial Group Inc. | 2.850% | | 7/27/26 | | 1,775 | | 1,803 | |
| | Comerica Bank | 4.000% | | 7/27/25 | | 200 | | 214 | |
| | Comerica Inc. | 3.700% | | 7/31/23 | | 750 | | 787 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Commonwealth Bank of Australia | 2.550% | | 3/15/21 | | 625 | | 629 | |
| 7 | Commonwealth Bank of Australia | 2.750% | | 3/10/22 | | 2,000 | | 2,034 | |
| | Cooperatieve Rabobank UA | 4.500% | | 1/11/21 | | 635 | | 650 | |
| | Cooperatieve Rabobank UA | 2.500% | | 1/19/21 | | 1,775 | | 1,783 | |
| | Cooperatieve Rabobank UA | 2.750% | | 1/10/22 | | 300 | | 304 | |
| | Cooperatieve Rabobank UA | 3.875% | | 2/8/22 | | 2,075 | | 2,161 | |
| | Cooperatieve Rabobank UA | 3.950% | | 11/9/22 | | 975 | | 1,017 | |
| | Cooperatieve Rabobank UA | 4.625% | | 12/1/23 | | 2,675 | | 2,900 | |
| | Cooperatieve Rabobank UA | 3.375% | | 5/21/25 | | 1,025 | | 1,083 | |
| | Cooperatieve Rabobank UA | 4.375% | | 8/4/25 | | 750 | | 811 | |
| | Cooperatieve Rabobank UA | 3.750% | | 7/21/26 | | 1,500 | | 1,561 | |
| | Cooperatieve Rabobank UA | 5.250% | | 5/24/41 | | 335 | | 456 | |
| | Cooperatieve Rabobank UA | 5.750% | | 12/1/43 | | 700 | | 921 | |
| | Cooperatieve Rabobank UA | 5.250% | | 8/4/45 | | 1,950 | | 2,449 | |
| | Credit Suisse AG | 3.000% | | 10/29/21 | | 800 | | 815 | |
| | Credit Suisse AG | 2.100% | | 11/12/21 | | 400 | | 401 | |
| | Credit Suisse AG | 3.625% | | 9/9/24 | | 2,325 | | 2,468 | |
| 7 | Credit Suisse Group AG | 3.574% | | 1/9/23 | | 1,175 | | 1,206 | |
| | Credit Suisse Group Funding Guernsey Ltd. | 3.125% | | 12/10/20 | | 800 | | 807 | |
| | Credit Suisse Group Funding Guernsey Ltd. | 3.450% | | 4/16/21 | | 2,630 | | 2,669 | |
| | Credit Suisse Group Funding Guernsey Ltd. | 3.800% | | 9/15/22 | | 4,000 | | 4,157 | |
| | Credit Suisse Group Funding Guernsey Ltd. | 3.800% | | 6/9/23 | | 2,335 | | 2,443 | |
| | Credit Suisse Group Funding Guernsey Ltd. | 3.750% | | 3/26/25 | | 1,500 | | 1,585 | |
| | Credit Suisse Group Funding Guernsey Ltd. | 4.550% | | 4/17/26 | | 1,300 | | 1,442 | |
| | Credit Suisse Group Funding Guernsey Ltd. | 4.875% | | 5/15/45 | | 950 | | 1,193 | |
| | Credit Suisse USA Inc. | 7.125% | | 7/15/32 | | 465 | | 682 | |
| | Deutsche Bank AG | 3.125% | | 1/13/21 | | 325 | | 326 | |
| | Deutsche Bank AG | 3.150% | | 1/22/21 | | 1,500 | | 1,506 | |
| | Deutsche Bank AG | 3.375% | | 5/12/21 | | 650 | | 654 | |
| | Deutsche Bank AG | 4.250% | | 10/14/21 | | 2,700 | | 2,776 | |
| | Deutsche Bank AG | 3.300% | | 11/16/22 | | 2,500 | | 2,524 | |
| | Deutsche Bank AG | 3.950% | | 2/27/23 | | 1,300 | | 1,329 | |
| | Deutsche Bank AG | 4.100% | | 1/13/26 | | 400 | | 408 | |
| | Deutsche Bank AG | 3.700% | | 5/30/24 | | 1,775 | | 1,812 | |
| | Deutsche Bank AG | 4.250% | | 2/4/21 | | 475 | | 481 | |
| | Discover Bank | 3.200% | | 8/9/21 | | 350 | | 356 | |
| | Discover Bank | 3.350% | | 2/6/23 | | 600 | | 618 | |
| | Discover Bank | 2.450% | | 9/12/24 | | 600 | | 597 | |
| | Discover Bank | 4.250% | | 3/13/26 | | 1,125 | | 1,215 | |
| | Discover Bank | 3.450% | | 7/27/26 | | 500 | | 519 | |
| 4 | Discover Bank | 4.682% | | 8/9/28 | | 425 | | 443 | |
| | Discover Bank | 4.650% | | 9/13/28 | | 1,000 | | 1,121 | |
| | Discover Financial Services | 3.850% | | 11/21/22 | | 225 | | 235 | |
| | Discover Financial Services | 3.950% | | 11/6/24 | | 350 | | 371 | |
| | Discover Financial Services | 3.750% | | 3/4/25 | | 425 | | 449 | |
| | Discover Financial Services | 4.500% | | 1/30/26 | | 1,000 | | 1,094 | |
| | Discover Financial Services | 4.100% | | 2/9/27 | | 1,175 | | 1,259 | |
| | Fifth Third Bancorp | 3.500% | | 3/15/22 | | 950 | | 979 | |
| | Fifth Third Bancorp | 4.300% | | 1/16/24 | | 475 | | 510 | |
| | Fifth Third Bancorp | 3.650% | | 1/25/24 | | 500 | | 526 | |
| | Fifth Third Bancorp | 2.375% | | 1/28/25 | | 600 | | 600 | |
| | Fifth Third Bancorp | 3.950% | | 3/14/28 | | 300 | | 329 | |
| | Fifth Third Bancorp | 8.250% | | 3/1/38 | | 710 | | 1,091 | |
| | Fifth Third Bank | 2.250% | | 6/14/21 | | 500 | | 502 | |
| | Fifth Third Bank | 2.875% | | 10/1/21 | | 1,435 | | 1,456 | |
| | Fifth Third Bank | 3.850% | | 3/15/26 | | 1,500 | | 1,593 | |
| | Fifth Third Bank | 3.350% | | 7/26/21 | | 625 | | 638 | |
| | Fifth Third Bank | 3.950% | | 7/28/25 | | 625 | | 678 | |
| | First Horizon National Corp. | 3.500% | | 12/15/20 | | 425 | | 429 | |
| | First Republic Bank | 2.500% | | 6/6/22 | | 1,400 | | 1,413 | |
| | First Republic Bank | 4.375% | | 8/1/46 | | 200 | | 217 | |
| | First Republic Bank | 4.625% | | 2/13/47 | | 375 | | 433 | |
| | FirstMerit Bank NA | 4.270% | | 11/25/26 | | 450 | | 482 | |
| | Goldman Sachs Capital I | 6.345% | | 2/15/34 | | 975 | | 1,266 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Goldman Sachs Group Inc. | 2.875% | | 2/25/21 | | 1,275 | | 1,287 | |
| | Goldman Sachs Group Inc. | 2.625% | | 4/25/21 | | 500 | | 503 | |
| | Goldman Sachs Group Inc. | 5.250% | | 7/27/21 | | 1,825 | | 1,913 | |
| | Goldman Sachs Group Inc. | 2.350% | | 11/15/21 | | 2,000 | | 2,007 | |
| | Goldman Sachs Group Inc. | 5.750% | | 1/24/22 | | 2,375 | | 2,542 | |
| | Goldman Sachs Group Inc. | 3.000% | | 4/26/22 | | 3,450 | | 3,495 | |
| 4 | Goldman Sachs Group Inc. | 2.876% | | 10/31/22 | | 2,547 | | 2,578 | |
| | Goldman Sachs Group Inc. | 3.625% | | 1/22/23 | | 1,825 | | 1,895 | |
| | Goldman Sachs Group Inc. | 3.200% | | 2/23/23 | | 2,705 | | 2,781 | |
| 4 | Goldman Sachs Group Inc. | 2.908% | | 6/5/23 | | 3,650 | | 3,707 | |
| 4 | Goldman Sachs Group Inc. | 2.905% | | 7/24/23 | | 2,726 | | 2,768 | |
| | Goldman Sachs Group Inc. | 3.625% | | 2/20/24 | | 5,000 | | 5,248 | |
| | Goldman Sachs Group Inc. | 4.000% | | 3/3/24 | | 1,750 | | 1,858 | |
| | Goldman Sachs Group Inc. | 3.500% | | 1/23/25 | | 4,929 | | 5,174 | |
| | Goldman Sachs Group Inc. | 3.750% | | 5/22/25 | | 1,000 | | 1,058 | |
| 4 | Goldman Sachs Group Inc. | 3.272% | | 9/29/25 | | 2,100 | | 2,167 | |
| | Goldman Sachs Group Inc. | 3.750% | | 2/25/26 | | 2,450 | | 2,595 | |
| | Goldman Sachs Group Inc. | 3.500% | | 11/16/26 | | 2,665 | | 2,780 | |
| | Goldman Sachs Group Inc. | 5.950% | | 1/15/27 | | 1,030 | | 1,229 | |
| | Goldman Sachs Group Inc. | 3.850% | | 1/26/27 | | 1,100 | | 1,169 | |
| 4 | Goldman Sachs Group Inc. | 3.691% | | 6/5/28 | | 2,550 | | 2,705 | |
| 4 | Goldman Sachs Group Inc. | 3.814% | | 4/23/29 | | 1,200 | | 1,284 | |
| 4 | Goldman Sachs Group Inc. | 4.223% | | 5/1/29 | | 2,150 | | 2,362 | |
| | Goldman Sachs Group Inc. | 6.450% | | 5/1/36 | | 975 | | 1,290 | |
| | Goldman Sachs Group Inc. | 6.750% | | 10/1/37 | | 3,620 | | 5,018 | |
| 4 | Goldman Sachs Group Inc. | 4.017% | | 10/31/38 | | 2,000 | | 2,163 | |
| 4 | Goldman Sachs Group Inc. | 4.411% | | 4/23/39 | | 2,550 | | 2,894 | |
| | Goldman Sachs Group Inc. | 6.250% | | 2/1/41 | | 2,090 | | 2,917 | |
| | Goldman Sachs Group Inc. | 4.800% | | 7/8/44 | | 1,750 | | 2,118 | |
| | Goldman Sachs Group Inc. | 5.150% | | 5/22/45 | | 3,475 | | 4,254 | |
| | Goldman Sachs Group Inc. | 4.750% | | 10/21/45 | | 225 | | 274 | |
| | HSBC Bank USA NA | 7.000% | | 1/15/39 | | 650 | | 947 | |
| | HSBC Holdings plc | 3.400% | | 3/8/21 | | 2,151 | | 2,183 | |
| | HSBC Holdings plc | 5.100% | | 4/5/21 | | 1,560 | | 1,616 | |
| | HSBC Holdings plc | 2.950% | | 5/25/21 | | 1,959 | | 1,983 | |
| | HSBC Holdings plc | 2.650% | | 1/5/22 | | 1,775 | | 1,794 | |
| | HSBC Holdings plc | 4.875% | | 1/14/22 | | 160 | | 169 | |
| | HSBC Holdings plc | 4.000% | | 3/30/22 | | 440 | | 458 | |
| 4 | HSBC Holdings plc | 3.262% | | 3/13/23 | | 3,325 | | 3,397 | |
| | HSBC Holdings plc | 3.600% | | 5/25/23 | | 1,525 | | 1,586 | |
| 4 | HSBC Holdings plc | 3.033% | | 11/22/23 | | 1,050 | | 1,072 | |
| | HSBC Holdings plc | 4.250% | | 3/14/24 | | 1,000 | | 1,061 | |
| 4 | HSBC Holdings plc | 3.950% | | 5/18/24 | | 2,500 | | 2,622 | |
| 4 | HSBC Holdings plc | 3.803% | | 3/11/25 | | 3,900 | | 4,093 | |
| 4 | HSBC Holdings plc | 2.633% | | 11/7/25 | | 1,300 | | 1,297 | |
| | HSBC Holdings plc | 4.300% | | 3/8/26 | | 4,070 | | 4,422 | |
| | HSBC Holdings plc | 3.900% | | 5/25/26 | | 1,950 | | 2,076 | |
| 4 | HSBC Holdings plc | 4.292% | | 9/12/26 | | 3,500 | | 3,759 | |
| | HSBC Holdings plc | 4.375% | | 11/23/26 | | 1,000 | | 1,081 | |
| 4 | HSBC Holdings plc | 4.041% | | 3/13/28 | | 1,000 | | 1,067 | |
| 4 | HSBC Holdings plc | 4.583% | | 6/19/29 | | 2,300 | | 2,566 | |
| 4 | HSBC Holdings plc | 3.973% | | 5/22/30 | | 1,000 | | 1,074 | |
| | HSBC Holdings plc | 7.625% | | 5/17/32 | | 400 | | 553 | |
| | HSBC Holdings plc | 7.350% | | 11/27/32 | | 400 | | 555 | |
| | HSBC Holdings plc | 6.500% | | 5/2/36 | | 2,485 | | 3,379 | |
| | HSBC Holdings plc | 6.500% | | 9/15/37 | | 660 | | 900 | |
| | HSBC Holdings plc | 6.800% | | 6/1/38 | | 1,450 | | 2,062 | |
| | HSBC Holdings plc | 6.100% | | 1/14/42 | | 200 | | 284 | |
| | HSBC Holdings plc | 5.250% | | 3/14/44 | | 1,200 | | 1,519 | |
| | HSBC USA Inc. | 3.500% | | 6/23/24 | | 400 | | 423 | |
| | Huntington Bancshares Inc. | 7.000% | | 12/15/20 | | 450 | | 470 | |
| | Huntington Bancshares Inc. | 3.150% | | 3/14/21 | | 650 | | 657 | |
| | Huntington Bancshares Inc. | 2.300% | | 1/14/22 | | 325 | | 326 | |
| | Huntington Bancshares Inc. | 4.000% | | 5/15/25 | | 400 | | 431 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | 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 | | 607 | |
| | Huntington National Bank | 3.550% | | 10/6/23 | | 650 | | 680 | |
| | ING Groep NV | 3.150% | | 3/29/22 | | 700 | | 714 | |
| | ING Groep NV | 4.100% | | 10/2/23 | | 1,500 | | 1,590 | |
| | ING Groep NV | 3.550% | | 4/9/24 | | 400 | | 419 | |
| | ING Groep NV | 3.950% | | 3/29/27 | | 1,300 | | 1,398 | |
| | ING Groep NV | 4.550% | | 10/2/28 | | 1,000 | | 1,134 | |
| | ING Groep NV | 4.050% | | 4/9/29 | | 610 | | 669 | |
| | JPMorgan Chase & Co. | 2.550% | | 3/1/21 | | 800 | | 804 | |
| | JPMorgan Chase & Co. | 4.625% | | 5/10/21 | | 835 | | 865 | |
| | JPMorgan Chase & Co. | 2.400% | | 6/7/21 | | 975 | | 981 | |
| | JPMorgan Chase & Co. | 2.295% | | 8/15/21 | | 1,925 | | 1,928 | |
| | JPMorgan Chase & Co. | 4.350% | | 8/15/21 | | 1,005 | | 1,042 | |
| | JPMorgan Chase & Co. | 4.500% | | 1/24/22 | | 2,675 | | 2,805 | |
| 4 | JPMorgan Chase & Co. | 3.514% | | 6/18/22 | | 800 | | 817 | |
| | JPMorgan Chase & Co. | 3.250% | | 9/23/22 | | 2,425 | | 2,506 | |
| | JPMorgan Chase & Co. | 2.972% | | 1/15/23 | | 650 | | 663 | |
| | JPMorgan Chase & Co. | 3.200% | | 1/25/23 | | 5,375 | | 5,544 | |
| 4 | JPMorgan Chase & Co. | 2.776% | | 4/25/23 | | 1,500 | | 1,518 | |
| | JPMorgan Chase & Co. | 3.375% | | 5/1/23 | | 3,425 | | 3,556 | |
| | JPMorgan Chase & Co. | 2.700% | | 5/18/23 | | 2,000 | | 2,037 | |
| | JPMorgan Chase & Co. | 3.875% | | 2/1/24 | | 1,220 | | 1,305 | |
| 4 | JPMorgan Chase & Co. | 3.559% | | 4/23/24 | | 2,930 | | 3,054 | |
| | JPMorgan Chase & Co. | 3.625% | | 5/13/24 | | 872 | | 922 | |
| 4 | JPMorgan Chase & Co. | 3.797% | | 7/23/24 | | 725 | | 764 | |
| | JPMorgan Chase & Co. | 3.875% | | 9/10/24 | | 5,200 | | 5,561 | |
| 4 | JPMorgan Chase & Co. | 4.023% | | 12/5/24 | | 1,000 | | 1,065 | |
| | JPMorgan Chase & Co. | 3.125% | | 1/23/25 | | 1,600 | | 1,669 | |
| 4 | JPMorgan Chase & Co. | 3.220% | | 3/1/25 | | 1,480 | | 1,529 | |
| | JPMorgan Chase & Co. | 3.900% | | 7/15/25 | | 2,194 | | 2,367 | |
| 4 | JPMorgan Chase & Co. | 2.301% | | 10/15/25 | | 2,000 | | 1,998 | |
| | JPMorgan Chase & Co. | 3.300% | | 4/1/26 | | 2,550 | | 2,673 | |
| | JPMorgan Chase & Co. | 3.200% | | 6/15/26 | | 1,125 | | 1,171 | |
| | JPMorgan Chase & Co. | 2.950% | | 10/1/26 | | 3,950 | | 4,060 | |
| | JPMorgan Chase & Co. | 4.125% | | 12/15/26 | | 1,650 | | 1,805 | |
| 4 | JPMorgan Chase & Co. | 3.960% | | 1/29/27 | | 1,125 | | 1,217 | |
| | JPMorgan Chase & Co. | 3.625% | | 12/1/27 | | 1,000 | | 1,050 | |
| 4 | JPMorgan Chase & Co. | 3.782% | | 2/1/28 | | 3,521 | | 3,781 | |
| 4 | JPMorgan Chase & Co. | 3.540% | | 5/1/28 | | 1,775 | | 1,880 | |
| 4 | JPMorgan Chase & Co. | 3.509% | | 1/23/29 | | 2,200 | | 2,332 | |
| 4 | JPMorgan Chase & Co. | 4.005% | | 4/23/29 | | 1,700 | | 1,861 | |
| 4 | JPMorgan Chase & Co. | 4.203% | | 7/23/29 | | 1,025 | | 1,141 | |
| 4 | JPMorgan Chase & Co. | 4.452% | | 12/5/29 | | 1,950 | | 2,218 | |
| 4 | JPMorgan Chase & Co. | 3.702% | | 5/6/30 | | 1,600 | | 1,723 | |
| 4 | JPMorgan Chase & Co. | 2.739% | | 10/15/30 | | 2,000 | | 2,000 | |
| | JPMorgan Chase & Co. | 6.400% | | 5/15/38 | | 3,010 | | 4,340 | |
| 4 | JPMorgan Chase & Co. | 3.882% | | 7/24/38 | | 1,980 | | 2,189 | |
| | JPMorgan Chase & Co. | 5.500% | | 10/15/40 | | 1,875 | | 2,507 | |
| | JPMorgan Chase & Co. | 5.600% | | 7/15/41 | | 850 | | 1,164 | |
| | JPMorgan Chase & Co. | 5.400% | | 1/6/42 | | 1,200 | | 1,623 | |
| | JPMorgan Chase & Co. | 5.625% | | 8/16/43 | | 2,900 | | 3,889 | |
| | JPMorgan Chase & Co. | 4.950% | | 6/1/45 | | 250 | | 315 | |
| 4 | JPMorgan Chase & Co. | 4.260% | | 2/22/48 | | 1,275 | | 1,494 | |
| 4 | JPMorgan Chase & Co. | 4.032% | | 7/24/48 | | 1,375 | | 1,557 | |
| 4 | JPMorgan Chase & Co. | 3.964% | | 11/15/48 | | 3,500 | | 3,924 | |
| | KeyBank NA | 3.350% | | 6/15/21 | | 325 | | 332 | |
| | KeyBank NA | 2.500% | | 11/22/21 | | 300 | | 303 | |
| | KeyBank NA | 2.400% | | 6/9/22 | | 1,000 | | 1,011 | |
| | KeyBank NA | 2.300% | | 9/14/22 | | 500 | | 505 | |
| | KeyBank NA | 3.375% | | 3/7/23 | | 500 | | 520 | |
| | KeyBank NA | 3.300% | | 6/1/25 | | 500 | | 527 | |
| 4 | KeyBank NA | 3.180% | | 10/15/27 | | 250 | | 255 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | KeyCorp | 5.100% | | 3/24/21 | | 1,310 | | 1,359 | |
| | KeyCorp | 4.150% | | 10/29/25 | | 850 | | 930 | |
| | KeyCorp | 4.100% | | 4/30/28 | | 1,400 | | 1,528 | |
| | KeyCorp | 2.550% | | 10/1/29 | | 600 | | 587 | |
| | Lloyds Bank plc | 6.375% | | 1/21/21 | | 1,875 | | 1,951 | |
| | Lloyds Bank plc | 3.300% | | 5/7/21 | | 800 | | 813 | |
| | Lloyds Banking Group plc | 3.000% | | 1/11/22 | | 1,000 | | 1,015 | |
| 4 | Lloyds Banking Group plc | 2.858% | | 3/17/23 | | 975 | | 984 | |
| | Lloyds Banking Group plc | 4.050% | | 8/16/23 | | 3,300 | | 3,482 | |
| 4 | Lloyds Banking Group plc | 2.907% | | 11/7/23 | | 1,200 | | 1,217 | |
| | Lloyds Banking Group plc | 3.900% | | 3/12/24 | | 800 | | 843 | |
| | Lloyds Banking Group plc | 4.500% | | 11/4/24 | | 1,000 | | 1,066 | |
| | Lloyds Banking Group plc | 4.450% | | 5/8/25 | | 500 | | 545 | |
| | Lloyds Banking Group plc | 4.582% | | 12/10/25 | | 3,050 | | 3,291 | |
| | Lloyds Banking Group plc | 4.650% | | 3/24/26 | | 1,000 | | 1,082 | |
| | Lloyds Banking Group plc | 3.750% | | 1/11/27 | | 1,000 | | 1,049 | |
| | Lloyds Banking Group plc | 4.375% | | 3/22/28 | | 1,025 | | 1,128 | |
| | Lloyds Banking Group plc | 4.550% | | 8/16/28 | | 575 | | 642 | |
| 4 | Lloyds Banking Group plc | 3.574% | | 11/7/28 | | 1,000 | | 1,040 | |
| | Lloyds Banking Group plc | 5.300% | | 12/1/45 | | 200 | | 243 | |
| | Lloyds Banking Group plc | 4.344% | | 1/9/48 | | 2,000 | | 2,161 | |
| | M&T Bank Corp. | 3.550% | | 7/26/23 | | 550 | | 578 | |
| | Manufacturers & Traders Trust Co. | 2.625% | | 1/25/21 | | 500 | | 502 | |
| | Manufacturers & Traders Trust Co. | 2.900% | | 2/6/25 | | 1,425 | | 1,464 | |
| | Manufacturers & Traders Trust Co. | 3.400% | | 8/17/27 | | 250 | | 265 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.950% | | 3/1/21 | | 1,466 | | 1,480 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.535% | | 7/26/21 | | 600 | | 613 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.190% | | 9/13/21 | | 1,750 | | 1,753 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.998% | | 2/22/22 | | 750 | | 764 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.218% | | 3/7/22 | | 800 | | 819 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.623% | | 7/18/22 | | 2,575 | | 2,608 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.665% | | 7/25/22 | | 1,000 | | 1,014 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.455% | | 3/2/23 | | 1,000 | | 1,036 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.761% | | 7/26/23 | | 1,500 | | 1,576 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.527% | | 9/13/23 | | 200 | | 201 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.407% | | 3/7/24 | | 1,200 | | 1,251 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.801% | | 7/18/24 | | 800 | | 815 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.777% | | 3/2/25 | | 1,000 | | 1,063 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.850% | | 3/1/26 | | 1,800 | | 1,931 | |
| | Mitsubishi UFJ Financial Group Inc. | 2.757% | | 9/13/26 | | 700 | | 704 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.677% | | 2/22/27 | | 3,300 | | 3,502 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.287% | | 7/25/27 | | 1,000 | | 1,036 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.961% | | 3/2/28 | | 2,625 | | 2,850 | |
| | Mitsubishi UFJ Financial Group Inc. | 4.050% | | 9/11/28 | | 500 | | 551 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.741% | | 3/7/29 | | 1,290 | | 1,386 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.195% | | 7/18/29 | | 825 | | 853 | |
| | Mitsubishi UFJ Financial Group Inc. | 4.286% | | 7/26/38 | | 200 | | 230 | |
| | Mitsubishi UFJ Financial Group Inc. | 3.751% | | 7/18/39 | | 1,000 | | 1,095 | |
| | Mizuho Financial Group Inc. | 2.953% | | 2/28/22 | | 500 | | 509 | |
| | Mizuho Financial Group Inc. | 3.549% | | 3/5/23 | | 425 | | 443 | |
| 4 | Mizuho Financial Group Inc. | 2.721% | | 7/16/23 | | 1,625 | | 1,641 | |
| 4 | Mizuho Financial Group Inc. | 3.922% | | 9/11/24 | | 800 | | 839 | |
| 4 | Mizuho Financial Group Inc. | 2.839% | | 7/16/25 | | 1,625 | | 1,639 | |
| 4 | Mizuho Financial Group Inc. | 2.555% | | 9/13/25 | | 400 | | 399 | |
| | Mizuho Financial Group Inc. | 3.663% | | 2/28/27 | | 250 | | 264 | |
| | Mizuho Financial Group Inc. | 4.018% | | 3/5/28 | | 1,400 | | 1,524 | |
| 4 | Mizuho Financial Group Inc. | 4.254% | | 9/11/29 | | 1,000 | | 1,107 | |
| 4 | Mizuho Financial Group Inc. | 3.153% | | 7/16/30 | | 2,200 | | 2,247 | |
| 4 | Mizuho Financial Group Inc. | 2.869% | | 9/13/30 | | 400 | | 403 | |
| | Morgan Stanley | 5.750% | | 1/25/21 | | 1,335 | | 1,384 | |
| | Morgan Stanley | 2.500% | | 4/21/21 | | 1,950 | | 1,959 | |
| | Morgan Stanley | 5.500% | | 7/28/21 | | 2,025 | | 2,132 | |
| | Morgan Stanley | 2.625% | | 11/17/21 | | 200 | | 202 | |
| | Morgan Stanley | 2.750% | | 5/19/22 | | 2,547 | | 2,591 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Morgan Stanley | 4.875% | | 11/1/22 | | 1,575 | | 1,687 | |
| | Morgan Stanley | 3.125% | | 1/23/23 | | 2,000 | | 2,054 | |
| | Morgan Stanley | 3.750% | | 2/25/23 | | 4,000 | | 4,178 | |
| | Morgan Stanley | 4.100% | | 5/22/23 | | 2,025 | | 2,131 | |
| 4 | Morgan Stanley | 3.737% | | 4/24/24 | | 1,600 | | 1,666 | |
| | Morgan Stanley | 3.875% | | 4/29/24 | | 2,700 | | 2,864 | |
| | Morgan Stanley | 3.700% | | 10/23/24 | | 2,550 | | 2,701 | |
| | Morgan Stanley | 4.000% | | 7/23/25 | | 2,330 | | 2,520 | |
| | Morgan Stanley | 5.000% | | 11/24/25 | | 1,100 | | 1,235 | |
| | Morgan Stanley | 3.875% | | 1/27/26 | | 1,800 | | 1,931 | |
| | Morgan Stanley | 3.125% | | 7/27/26 | | 3,150 | | 3,242 | |
| | Morgan Stanley | 6.250% | | 8/9/26 | | 975 | | 1,184 | |
| | Morgan Stanley | 4.350% | | 9/8/26 | | 2,780 | | 3,035 | |
| | Morgan Stanley | 3.625% | | 1/20/27 | | 2,135 | | 2,267 | |
| | Morgan Stanley | 3.950% | | 4/23/27 | | 745 | | 796 | |
| 4 | Morgan Stanley | 3.591% | | 7/22/28 | | 3,040 | | 3,221 | |
| 4 | Morgan Stanley | 3.772% | | 1/24/29 | | 2,850 | | 3,061 | |
| 4 | Morgan Stanley | 4.431% | | 1/23/30 | | 1,220 | | 1,377 | |
| | Morgan Stanley | 7.250% | | 4/1/32 | | 705 | | 1,012 | |
| 4 | Morgan Stanley | 3.971% | | 7/22/38 | | 600 | | 665 | |
| 4 | Morgan Stanley | 4.457% | | 4/22/39 | | 1,250 | | 1,471 | |
| | Morgan Stanley | 6.375% | | 7/24/42 | | 2,400 | | 3,533 | |
| | Morgan Stanley | 4.300% | | 1/27/45 | | 3,350 | | 3,934 | |
| | Morgan Stanley | 4.375% | | 1/22/47 | | 750 | | 896 | |
| | MUFG Americas Holdings Corp. | 3.500% | | 6/18/22 | | 275 | | 285 | |
| | MUFG Americas Holdings Corp. | 3.000% | | 2/10/25 | | 280 | | 284 | |
| | MUFG Union Bank NA | 3.150% | | 4/1/22 | | 3,000 | | 3,067 | |
| | MUFG Union Bank NA | 2.100% | | 12/9/22 | | 1,945 | | 1,949 | |
| | National Australia Bank Ltd. | 2.625% | | 1/14/21 | | 200 | | 201 | |
| | National Australia Bank Ltd. | 1.875% | | 7/12/21 | | 900 | | 899 | |
| | National Australia Bank Ltd. | 3.375% | | 9/20/21 | | 1,000 | | 1,024 | |
| | National Australia Bank Ltd. | 3.700% | | 11/4/21 | | 500 | | 516 | |
| | National Australia Bank Ltd. | 2.800% | | 1/10/22 | | 1,000 | | 1,016 | |
| | National Australia Bank Ltd. | 2.500% | | 5/22/22 | | 1,800 | | 1,821 | |
| | National Australia Bank Ltd. | 3.000% | | 1/20/23 | | 755 | | 773 | |
| | National Australia Bank Ltd. | 3.625% | | 6/20/23 | | 250 | | 262 | |
| | National Australia Bank Ltd. | 3.375% | | 1/14/26 | | 150 | | 157 | |
| | National Australia Bank Ltd. | 2.500% | | 7/12/26 | | 950 | | 954 | |
| | Northern Trust Corp. | 2.375% | | 8/2/22 | | 745 | | 751 | |
| | Northern Trust Corp. | 3.950% | | 10/30/25 | | 600 | | 646 | |
| | Northern Trust Corp. | 3.650% | | 8/3/28 | | 325 | | 351 | |
| | Northern Trust Corp. | 3.150% | | 5/3/29 | | 500 | | 526 | |
| 4 | Northern Trust Corp. | 3.375% | | 5/8/32 | | 275 | | 279 | |
| | People's United Bank NA | 4.000% | | 7/15/24 | | 275 | | 286 | |
| | People's United Financial Inc. | 3.650% | | 12/6/22 | | 413 | | 429 | |
| | PNC Bank NA | 2.150% | | 4/29/21 | | 525 | | 526 | |
| | PNC Bank NA | 2.550% | | 12/9/21 | | 2,400 | | 2,420 | |
| | PNC Bank NA | 2.625% | | 2/17/22 | | 1,200 | | 1,212 | |
| | PNC Bank NA | 2.450% | | 7/28/22 | | 400 | | 404 | |
| 4 | PNC Bank NA | 2.028% | | 12/9/22 | | 590 | | 590 | |
| | PNC Bank NA | 2.950% | | 1/30/23 | | 1,100 | | 1,122 | |
| | PNC Bank NA | 3.800% | | 7/25/23 | | 700 | | 733 | |
| | PNC Bank NA | 3.300% | | 10/30/24 | | 887 | | 922 | |
| | PNC Bank NA | 2.950% | | 2/23/25 | | 500 | | 511 | |
| | PNC Bank NA | 3.250% | | 6/1/25 | | 825 | | 864 | |
| | PNC Bank NA | 4.200% | | 11/1/25 | | 825 | | 897 | |
| | PNC Bank NA | 3.100% | | 10/25/27 | | 250 | | 261 | |
| | PNC Bank NA | 3.250% | | 1/22/28 | | 600 | | 630 | |
| | PNC Bank NA | 4.050% | | 7/26/28 | | 1,000 | | 1,098 | |
| | PNC Bank NA | 2.700% | | 10/22/29 | | 300 | | 298 | |
| | PNC Financial Services Group Inc. | 2.854% | | 11/9/22 | | 400 | | 407 | |
| | PNC Financial Services Group Inc. | 3.500% | | 1/23/24 | | 200 | | 210 | |
| | PNC Financial Services Group Inc. | 3.900% | | 4/29/24 | | 500 | | 525 | |
| | PNC Financial Services Group Inc. | 3.150% | | 5/19/27 | | 700 | | 723 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | PNC Financial Services Group Inc. | 3.450% | | 4/23/29 | | 2,880 | | 3,060 | |
| | PNC Funding Corp. | 3.300% | | 3/8/22 | | 1,280 | | 1,315 | |
| | Regions Bank | 6.450% | | 6/26/37 | | 500 | | 642 | |
| 4 | Regions Bank | 3.374% | | 8/13/21 | | 525 | | 529 | |
| | Regions Financial Corp. | 2.750% | | 8/14/22 | | 775 | | 788 | |
| | Regions Financial Corp. | 3.800% | | 8/14/23 | | 650 | | 685 | |
| | Regions Financial Corp. | 7.375% | | 12/10/37 | | 500 | | 706 | |
| | Royal Bank of Canada | 2.500% | | 1/19/21 | | 800 | | 803 | |
| | Royal Bank of Canada | 3.200% | | 4/30/21 | | 2,700 | | 2,748 | |
| | Royal Bank of Canada | 2.750% | | 2/1/22 | | 1,400 | | 1,423 | |
| | Royal Bank of Canada | 2.800% | | 4/29/22 | | 1,000 | | 1,019 | |
| | Royal Bank of Canada | 3.700% | | 10/5/23 | | 1,050 | | 1,107 | |
| | Royal Bank of Canada | 2.550% | | 7/16/24 | | 975 | | 990 | |
| | Royal Bank of Canada | 2.250% | | 11/1/24 | | 1,250 | | 1,256 | |
| | Royal Bank of Canada | 4.650% | | 1/27/26 | | 750 | | 832 | |
| | Royal Bank of Scotland Group plc | 6.125% | | 12/15/22 | | 600 | | 656 | |
| 4 | Royal Bank of Scotland Group plc | 3.498% | | 5/15/23 | | 1,400 | | 1,430 | |
| | Royal Bank of Scotland Group plc | 6.100% | | 6/10/23 | | 900 | | 989 | |
| | Royal Bank of Scotland Group plc | 3.875% | | 9/12/23 | | 2,500 | | 2,613 | |
| | Royal Bank of Scotland Group plc | 6.000% | | 12/19/23 | | 600 | | 667 | |
| | Royal Bank of Scotland Group plc | 5.125% | | 5/28/24 | | 1,890 | | 2,046 | |
| 4 | Royal Bank of Scotland Group plc | 4.519% | | 6/25/24 | | 1,000 | | 1,060 | |
| 4 | Royal Bank of Scotland Group plc | 4.269% | | 3/22/25 | | 2,100 | | 2,227 | |
| | Royal Bank of Scotland Group plc | 4.800% | | 4/5/26 | | 225 | | 249 | |
| 4 | Royal Bank of Scotland Group plc | 4.892% | | 5/18/29 | | 2,000 | | 2,255 | |
| 4 | Royal Bank of Scotland Group plc | 3.754% | | 11/1/29 | | 200 | | 204 | |
| 4 | Royal Bank of Scotland Group plc | 5.076% | | 1/27/30 | | 2,900 | | 3,327 | |
| 4 | Royal Bank of Scotland Group plc | 4.445% | | 5/8/30 | | 1,550 | | 1,706 | |
| | Santander Holdings USA Inc. | 3.400% | | 1/18/23 | | 850 | | 871 | |
| | Santander Holdings USA Inc. | 4.500% | | 7/17/25 | | 500 | | 538 | |
| 7 | Santander Holdings USA Inc. | 3.244% | | 10/5/26 | | 4,850 | | 4,872 | |
| | Santander Holdings USA Inc. | 4.400% | | 7/13/27 | | 2,900 | | 3,125 | |
| | Santander UK Group Holdings plc | 3.125% | | 1/8/21 | | 1,775 | | 1,790 | |
| | Santander UK Group Holdings plc | 2.875% | | 8/5/21 | | 825 | | 833 | |
| | Santander UK Group Holdings plc | 3.571% | | 1/10/23 | | 700 | | 716 | |
| 4 | Santander UK Group Holdings plc | 3.823% | | 11/3/28 | | 500 | | 525 | |
| | Santander UK plc | 3.400% | | 6/1/21 | | 2,000 | | 2,040 | |
| | Santander UK plc | 4.000% | | 3/13/24 | | 1,200 | | 1,278 | |
| | Santander UK plc | 2.875% | | 6/18/24 | | 750 | | 765 | |
| | Skandinaviska Enskilda Banken AB | 2.625% | | 3/15/21 | | 1,000 | | 1,007 | |
| | Skandinaviska Enskilda Banken AB | 1.875% | | 9/13/21 | | 1,000 | | 996 | |
| | Skandinaviska Enskilda Banken AB | 2.800% | | 3/11/22 | | 500 | | 507 | |
| | State Street Corp. | 4.375% | | 3/7/21 | | 615 | | 633 | |
| | State Street Corp. | 1.950% | | 5/19/21 | | 400 | | 400 | |
| 4 | State Street Corp. | 2.653% | | 5/15/23 | | 2,000 | | 2,031 | |
| | State Street Corp. | 3.100% | | 5/15/23 | | 550 | | 565 | |
| 4 | State Street Corp. | 3.776% | | 12/3/24 | | 1,000 | | 1,054 | |
| | State Street Corp. | 3.300% | | 12/16/24 | | 1,325 | | 1,397 | |
| | State Street Corp. | 3.550% | | 8/18/25 | | 635 | | 682 | |
| 4 | State Street Corp. | 2.354% | | 11/1/25 | | 550 | | 551 | |
| | State Street Corp. | 2.650% | | 5/19/26 | | 500 | | 508 | |
| 4 | State Street Corp. | 4.141% | | 12/3/29 | | 800 | | 893 | |
| 4 | State Street Corp. | 3.031% | | 11/1/34 | | 550 | | 549 | |
| | Sumitomo Mitsui Banking Corp. | 3.200% | | 7/18/22 | | 325 | | 334 | |
| | Sumitomo Mitsui Banking Corp. | 3.950% | | 7/19/23 | | 75 | | 79 | |
| | Sumitomo Mitsui Banking Corp. | 3.950% | | 1/10/24 | | 725 | | 767 | |
| | Sumitomo Mitsui Banking Corp. | 3.400% | | 7/11/24 | | 3,925 | | 4,098 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.934% | | 3/9/21 | | 275 | | 278 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.058% | | 7/14/21 | | 975 | | 976 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.442% | | 10/19/21 | | 1,275 | | 1,284 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.846% | | 1/11/22 | | 1,000 | | 1,014 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.778% | | 10/18/22 | | 800 | | 812 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.102% | | 1/17/23 | | 1,500 | | 1,534 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.748% | | 7/19/23 | | 1,000 | | 1,048 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Sumitomo Mitsui Financial Group Inc. | 3.936% | | 10/16/23 | | 2,000 | | 2,115 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.696% | | 7/16/24 | | 2,500 | | 2,534 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.448% | | 9/27/24 | | 500 | | 501 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.784% | | 3/9/26 | | 975 | | 1,038 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.632% | | 7/14/26 | | 800 | | 801 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.010% | | 10/19/26 | | 650 | | 662 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.446% | | 1/11/27 | | 1,000 | | 1,046 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.364% | | 7/12/27 | | 2,000 | | 2,083 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.544% | | 1/17/28 | | 1,600 | | 1,689 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.944% | | 7/19/28 | | 650 | | 709 | |
| | Sumitomo Mitsui Financial Group Inc. | 4.306% | | 10/16/28 | | 250 | | 279 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.040% | | 7/16/29 | | 1,000 | | 1,018 | |
| | Sumitomo Mitsui Financial Group Inc. | 3.202% | | 9/17/29 | | 600 | | 606 | |
| | Sumitomo Mitsui Financial Group Inc. | 2.724% | | 9/27/29 | | 400 | | 395 | |
| | SVB Financial Group | 3.500% | | 1/29/25 | | 225 | | 235 | |
| | Svenska Handelsbanken AB | 2.450% | | 3/30/21 | | 650 | | 654 | |
| | Svenska Handelsbanken AB | 3.350% | | 5/24/21 | | 2,000 | | 2,037 | |
| | Svenska Handelsbanken AB | 1.875% | | 9/7/21 | | 925 | | 923 | |
| | Synchrony Bank | 3.650% | | 5/24/21 | | 1,250 | | 1,275 | |
| | Synchrony Bank | 3.000% | | 6/15/22 | | 350 | | 356 | |
| | Synchrony Financial | 3.750% | | 8/15/21 | | 300 | | 307 | |
| | Synchrony Financial | 2.850% | | 7/25/22 | | 300 | | 304 | |
| | Synchrony Financial | 4.375% | | 3/19/24 | | 500 | | 531 | |
| | Synchrony Financial | 4.250% | | 8/15/24 | | 1,000 | | 1,067 | |
| | Synchrony Financial | 3.700% | | 8/4/26 | | 500 | | 515 | |
| | Synchrony Financial | 3.950% | | 12/1/27 | | 1,125 | | 1,181 | |
| | Synovus Financial Corp. | 3.125% | | 11/1/22 | | 250 | | 253 | |
| | Toronto-Dominion Bank | 2.500% | | 12/14/20 | | 2,200 | | 2,212 | |
| | Toronto-Dominion Bank | 2.550% | | 1/25/21 | | 3,000 | | 3,017 | |
| | Toronto-Dominion Bank | 2.125% | | 4/7/21 | | 2,000 | | 2,007 | |
| | Toronto-Dominion Bank | 3.250% | | 6/11/21 | | 500 | | 510 | |
| | Toronto-Dominion Bank | 1.800% | | 7/13/21 | | 650 | | 650 | |
| | Toronto-Dominion Bank | 1.900% | | 12/1/22 | | 900 | | 900 | |
| 4 | Toronto-Dominion Bank | 3.625% | | 9/15/31 | | 500 | | 523 | |
| | Truist Bank | 2.625% | | 1/15/22 | | 1,000 | | 1,012 | |
| 4 | Truist Bank | 3.502% | | 8/2/22 | | 425 | | 434 | |
| | Truist Bank | 3.000% | | 2/2/23 | | 450 | | 461 | |
| | Truist Bank | 2.750% | | 5/1/23 | | 250 | | 254 | |
| | Truist Bank | 3.200% | | 4/1/24 | | 3,000 | | 3,114 | |
| 4 | Truist Bank | 3.689% | | 8/2/24 | | 725 | | 759 | |
| | Truist Bank | 2.150% | | 12/6/24 | | 1,300 | | 1,297 | |
| | Truist Bank | 3.625% | | 9/16/25 | | 2,600 | | 2,766 | |
| | Truist Bank | 3.300% | | 5/15/26 | | 725 | | 754 | |
| | Truist Bank | 3.800% | | 10/30/26 | | 400 | | 429 | |
| | Truist Financial Corp. | 2.150% | | 2/1/21 | | 550 | | 551 | |
| | Truist Financial Corp. | 2.900% | | 3/3/21 | | 300 | | 303 | |
| | Truist Financial Corp. | 2.050% | | 5/10/21 | | 800 | | 801 | |
| | Truist Financial Corp. | 3.200% | | 9/3/21 | | 750 | | 765 | |
| | Truist Financial Corp. | 2.700% | | 1/27/22 | | 500 | | 507 | |
| | Truist Financial Corp. | 2.750% | | 4/1/22 | | 750 | | 763 | |
| | Truist Financial Corp. | 2.800% | | 5/17/22 | | 2,000 | | 2,035 | |
| | Truist Financial Corp. | 3.050% | | 6/20/22 | | 1,000 | | 1,020 | |
| | Truist Financial Corp. | 3.750% | | 12/6/23 | | 900 | | 951 | |
| | Truist Financial Corp. | 2.500% | | 8/1/24 | | 100 | | 101 | |
| | Truist Financial Corp. | 2.850% | | 10/26/24 | | 791 | | 817 | |
| | Truist Financial Corp. | 3.700% | | 6/5/25 | | 850 | | 916 | |
| | Truist Financial Corp. | 3.875% | | 3/19/29 | | 600 | | 646 | |
| 7 | UBS AG | 2.450% | | 12/1/20 | | 820 | | 823 | |
| | US Bancorp | 2.350% | | 1/29/21 | | 600 | | 603 | |
| | US Bancorp | 4.125% | | 5/24/21 | | 915 | | 941 | |
| | US Bancorp | 2.625% | | 1/24/22 | | 2,000 | | 2,030 | |
| | US Bancorp | 3.000% | | 3/15/22 | | 575 | | 588 | |
| | US Bancorp | 2.950% | | 7/15/22 | | 375 | | 384 | |
| | US Bancorp | 3.700% | | 1/30/24 | | 650 | | 691 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | US Bancorp | 3.375% | | 2/5/24 | | 1,000 | | 1,047 | |
| | US Bancorp | 2.400% | | 7/30/24 | | 825 | | 835 | |
| | US Bancorp | 3.600% | | 9/11/24 | | 150 | | 159 | |
| | US Bancorp | 3.950% | | 11/17/25 | | 150 | | 165 | |
| | US Bancorp | 3.100% | | 4/27/26 | | 1,500 | | 1,561 | |
| | US Bancorp | 3.150% | | 4/27/27 | | 1,250 | | 1,308 | |
| | US Bancorp | 3.900% | | 4/26/28 | | 525 | | 589 | |
| | US Bancorp | 3.000% | | 7/30/29 | | 600 | | 614 | |
| | US Bank NA | 2.850% | | 1/23/23 | | 600 | | 616 | |
| | US Bank NA | 3.400% | | 7/24/23 | | 850 | | 889 | |
| | US Bank NA | 2.800% | | 1/27/25 | | 1,550 | | 1,597 | |
| | US Bank NA | 3.450% | | 11/16/21 | | 300 | | 309 | |
| | US Bank NA | 2.650% | | 5/23/22 | | 1,250 | | 1,272 | |
| | US Bank NA | 1.950% | | 1/9/23 | | 1,220 | | 1,221 | |
| | Wachovia Corp. | 6.605% | | 10/1/25 | | 1,000 | | 1,181 | |
| | Wachovia Corp. | 7.500% | | 4/15/35 | | 150 | | 210 | |
| | Wachovia Corp. | 5.500% | | 8/1/35 | | 325 | | 411 | |
| | Wachovia Corp. | 6.550% | | 10/15/35 | | 100 | | 128 | |
| | Wells Fargo & Co. | 2.550% | | 12/7/20 | | 1,500 | | 1,507 | |
| | Wells Fargo & Co. | 3.000% | | 1/22/21 | | 2,050 | | 2,073 | |
| | Wells Fargo & Co. | 4.600% | | 4/1/21 | | 6,310 | | 6,503 | |
| | Wells Fargo & Co. | 2.100% | | 7/26/21 | | 3,300 | | 3,305 | |
| | Wells Fargo & Co. | 3.500% | | 3/8/22 | | 600 | | 618 | |
| | Wells Fargo & Co. | 2.625% | | 7/22/22 | | 3,475 | | 3,522 | |
| | Wells Fargo & Co. | 3.069% | | 1/24/23 | | 4,650 | | 4,730 | |
| | Wells Fargo & Co. | 3.450% | | 2/13/23 | | 3,500 | | 3,620 | |
| | Wells Fargo & Co. | 4.125% | | 8/15/23 | | 1,675 | | 1,776 | |
| | Wells Fargo & Co. | 3.750% | | 1/24/24 | | 1,000 | | 1,053 | |
| | Wells Fargo & Co. | 3.000% | | 2/19/25 | | 2,125 | | 2,192 | |
| | Wells Fargo & Co. | 3.550% | | 9/29/25 | | 1,700 | | 1,796 | |
| 4 | Wells Fargo & Co. | 2.406% | | 10/30/25 | | 2,400 | | 2,394 | |
| | Wells Fargo & Co. | 3.000% | | 4/22/26 | | 4,025 | | 4,140 | |
| | Wells Fargo & Co. | 4.100% | | 6/3/26 | | 1,925 | | 2,069 | |
| | Wells Fargo & Co. | 3.000% | | 10/23/26 | | 2,275 | | 2,325 | |
| | Wells Fargo & Co. | 4.300% | | 7/22/27 | | 2,000 | | 2,183 | |
| 4 | Wells Fargo & Co. | 3.584% | | 5/22/28 | | 1,350 | | 1,431 | |
| | Wells Fargo & Co. | 4.150% | | 1/24/29 | | 700 | | 778 | |
| 4 | Wells Fargo & Co. | 2.879% | | 10/30/30 | | 11,000 | | 11,065 | |
| | Wells Fargo & Co. | 5.375% | | 11/2/43 | | 1,550 | | 1,953 | |
| | Wells Fargo & Co. | 5.606% | | 1/15/44 | | 1,900 | | 2,513 | |
| | Wells Fargo & Co. | 4.650% | | 11/4/44 | | 2,175 | | 2,547 | |
| | Wells Fargo & Co. | 3.900% | | 5/1/45 | | 650 | | 738 | |
| | Wells Fargo & Co. | 4.900% | | 11/17/45 | | 1,300 | | 1,587 | |
| | Wells Fargo & Co. | 4.400% | | 6/14/46 | | 1,375 | | 1,577 | |
| | Wells Fargo & Co. | 4.750% | | 12/7/46 | | 3,175 | | 3,782 | |
| | Wells Fargo Bank NA | 2.600% | | 1/15/21 | | 2,000 | | 2,011 | |
| 4 | Wells Fargo Bank NA | 3.325% | | 7/23/21 | | 1,050 | | 1,057 | |
| | Wells Fargo Bank NA | 3.625% | | 10/22/21 | | 2,000 | | 2,058 | |
| 4 | Wells Fargo Bank NA | 2.897% | | 5/27/22 | | 900 | | 910 | |
| | Wells Fargo Bank NA | 3.550% | | 8/14/23 | | 2,500 | | 2,612 | |
| | Wells Fargo Bank NA | 5.950% | | 8/26/36 | | 550 | | 729 | |
| | Wells Fargo Bank NA | 5.850% | | 2/1/37 | | 425 | | 564 | |
| | Wells Fargo Bank NA | 6.600% | | 1/15/38 | | 605 | | 870 | |
| 4 | Wells Fargo Capital X | 5.950% | | 12/1/86 | | 425 | | 522 | |
| | Westpac Banking Corp. | 2.100% | | 5/13/21 | | 1,200 | | 1,201 | |
| | Westpac Banking Corp. | 2.000% | | 8/19/21 | | 1,000 | | 1,000 | |
| | Westpac Banking Corp. | 2.500% | | 6/28/22 | | 2,400 | | 2,425 | |
| | Westpac Banking Corp. | 2.750% | | 1/11/23 | | 800 | | 813 | |
| | Westpac Banking Corp. | 3.650% | | 5/15/23 | | 400 | | 419 | |
| | Westpac Banking Corp. | 3.300% | | 2/26/24 | | 1,000 | | 1,040 | |
| | Westpac Banking Corp. | 2.350% | | 2/19/25 | | 2,500 | | 2,505 | |
| | Westpac Banking Corp. | 2.850% | | 5/13/26 | | 450 | | 459 | |
| | Westpac Banking Corp. | 2.700% | | 8/19/26 | | 650 | | 657 | |
| | Westpac Banking Corp. | 3.350% | | 3/8/27 | | 1,800 | | 1,903 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Westpac Banking Corp. | 4.110% | | 7/24/34 | | 1,750 | | 1,822 | |
| | Westpac Banking Corp. | 4.421% | | 7/24/39 | | 400 | | 438 | |
| | Zions Bancorp NA | 3.500% | | 8/27/21 | | 950 | | 968 | |
| | Zions Bancorp NA | 3.250% | | 10/29/29 | | 250 | | 245 | |
| | Brokerage (0.1%) | |
| | Affiliated Managers Group Inc. | 4.250% | | 2/15/24 | | 350 | | 373 | |
| | Affiliated Managers Group Inc. | 3.500% | | 8/1/25 | | 725 | | 757 | |
| | Ameriprise Financial Inc. | 3.000% | | 3/22/22 | | 100 | | 102 | |
| | Ameriprise Financial Inc. | 4.000% | | 10/15/23 | | 1,575 | | 1,680 | |
| | Ameriprise Financial Inc. | 3.700% | | 10/15/24 | | 350 | | 374 | |
| | BGC Partners Inc. | 5.125% | | 5/27/21 | | 200 | | 206 | |
| | BGC Partners Inc. | 3.750% | | 10/1/24 | | 425 | | 424 | |
| | BlackRock Inc. | 4.250% | | 5/24/21 | | 475 | | 491 | |
| | 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 | | 634 | |
| | BlackRock Inc. | 3.250% | | 4/30/29 | | 500 | | 534 | |
| | Brookfield Asset Management Inc. | 4.000% | | 1/15/25 | | 550 | | 590 | |
| | Brookfield Finance Inc. | 4.250% | | 6/2/26 | | 150 | | 163 | |
| | Brookfield Finance Inc. | 3.900% | | 1/25/28 | | 500 | | 537 | |
| | Brookfield Finance Inc. | 4.850% | | 3/29/29 | | 600 | | 687 | |
| | Brookfield Finance Inc. | 4.700% | | 9/20/47 | | 750 | | 859 | |
| | Brookfield Finance LLC | 4.000% | | 4/1/24 | | 725 | | 777 | |
| | Cboe Global Markets Inc. | 3.650% | | 1/12/27 | | 490 | | 526 | |
| | Charles Schwab Corp. | 3.250% | | 5/21/21 | | 525 | | 535 | |
| | Charles Schwab Corp. | 3.225% | | 9/1/22 | | 1,225 | | 1,263 | |
| | Charles Schwab Corp. | 2.650% | | 1/25/23 | | 400 | | 408 | |
| | Charles Schwab Corp. | 3.550% | | 2/1/24 | | 420 | | 443 | |
| | Charles Schwab Corp. | 3.850% | | 5/21/25 | | 100 | | 108 | |
| | Charles Schwab Corp. | 3.200% | | 3/2/27 | | 1,100 | | 1,154 | |
| | Charles Schwab Corp. | 3.200% | | 1/25/28 | | 400 | | 418 | |
| | Charles Schwab Corp. | 4.000% | | 2/1/29 | | 465 | | 515 | |
| | Charles Schwab Corp. | 3.250% | | 5/22/29 | | 450 | | 475 | |
| | CME Group Inc. | 3.000% | | 9/15/22 | | 850 | | 874 | |
| | CME Group Inc. | 3.000% | | 3/15/25 | | 300 | | 310 | |
| | CME Group Inc. | 5.300% | | 9/15/43 | | 720 | | 963 | |
| | CME Group Inc. | 4.150% | | 6/15/48 | | 575 | | 687 | |
| | E*TRADE Financial Corp. | 3.800% | | 8/24/27 | | 325 | | 339 | |
| | E*TRADE Financial Corp. | 4.500% | | 6/20/28 | | 330 | | 359 | |
| | Eaton Vance Corp. | 3.625% | | 6/15/23 | | 275 | | 288 | |
| | Eaton Vance Corp. | 3.500% | | 4/6/27 | | 300 | | 317 | |
| | Franklin Resources Inc. | 2.800% | | 9/15/22 | | 500 | | 513 | |
| | Franklin Resources Inc. | 2.850% | | 3/30/25 | | 250 | | 257 | |
| | Intercontinental Exchange Inc. | 2.750% | | 12/1/20 | | 1,200 | | 1,208 | |
| | Intercontinental Exchange Inc. | 3.450% | | 9/21/23 | | 450 | | 471 | |
| | Intercontinental Exchange Inc. | 4.000% | | 10/15/23 | | 290 | | 309 | |
| | Intercontinental Exchange Inc. | 3.750% | | 12/1/25 | | 1,100 | | 1,184 | |
| | Intercontinental Exchange Inc. | 3.100% | | 9/15/27 | | 200 | | 209 | |
| | Intercontinental Exchange Inc. | 3.750% | | 9/21/28 | | 500 | | 546 | |
| | Intercontinental Exchange Inc. | 4.250% | | 9/21/48 | | 400 | | 473 | |
| | Invesco Finance plc | 3.125% | | 11/30/22 | | 500 | | 514 | |
| | Invesco Finance plc | 4.000% | | 1/30/24 | | 650 | | 688 | |
| | Invesco Finance plc | 5.375% | | 11/30/43 | | 900 | | 1,085 | |
| | Janus Capital Group Inc. | 4.875% | | 8/1/25 | | 250 | | 269 | |
| | Jefferies Financial Group Inc. | 5.500% | | 10/18/23 | | 475 | | 517 | |
| | Jefferies Group LLC | 6.875% | | 4/15/21 | | 520 | | 549 | |
| | Jefferies Group LLC | 5.125% | | 1/20/23 | | 500 | | 539 | |
| | Jefferies Group LLC | 4.850% | | 1/15/27 | | 1,100 | | 1,217 | |
| | Jefferies Group LLC | 6.250% | | 1/15/36 | | 320 | | 380 | |
| | Jefferies Group LLC | 6.500% | | 1/20/43 | | 350 | | 416 | |
| | Jefferies Group LLC / Jefferies Group Capital Finance Inc. | 4.150% | | 1/23/30 | | 1,100 | | 1,159 | |
| | Lazard Group LLC | 3.750% | | 2/13/25 | | 100 | | 105 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Lazard Group LLC | 3.625% | | 3/1/27 | | 1,350 | | 1,380 | |
| | Lazard Group LLC | 4.500% | | 9/19/28 | | 425 | | 472 | |
| | Legg Mason Inc. | 4.750% | | 3/15/26 | | 425 | | 466 | |
| | Legg Mason Inc. | 5.625% | | 1/15/44 | | 450 | | 511 | |
| | Nasdaq Inc. | 4.250% | | 6/1/24 | | 125 | | 135 | |
| | Nasdaq Inc. | 3.850% | | 6/30/26 | | 675 | | 722 | |
| | Raymond James Financial Inc. | 3.625% | | 9/15/26 | | 375 | | 396 | |
| | Raymond James Financial Inc. | 4.950% | | 7/15/46 | | 875 | | 1,037 | |
| | Stifel Financial Corp. | 3.500% | | 12/1/20 | | 125 | | 126 | |
| | Stifel Financial Corp. | 4.250% | | 7/18/24 | | 400 | | 421 | |
| | TD Ameritrade Holding Corp. | 2.950% | | 4/1/22 | | 850 | | 868 | |
| | TD Ameritrade Holding Corp. | 3.625% | | 4/1/25 | | 450 | | 477 | |
| | TD Ameritrade Holding Corp. | 3.300% | | 4/1/27 | | 700 | | 731 | |
| | TD Ameritrade Holding Corp. | 2.750% | | 10/1/29 | | 300 | | 302 | |
| | Finance Companies (0.1%) | |
| | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.450% | | 10/1/25 | | 500 | | 538 | |
| | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.650% | | 7/21/27 | | 775 | | 794 | |
| | 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 | | 130 | |
| | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.950% | | 2/1/22 | | 675 | | 697 | |
| | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.500% | | 5/26/22 | | 1,150 | | 1,180 | |
| | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.625% | | 7/1/22 | | 475 | | 502 | |
| | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.300% | | 1/23/23 | | 650 | | 665 | |
| | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.875% | | 1/23/28 | | 1,000 | | 1,035 | |
| | Air Lease Corp. | 3.875% | | 4/1/21 | | 1,875 | | 1,912 | |
| | Air Lease Corp. | 3.375% | | 6/1/21 | | 25 | | 25 | |
| | Air Lease Corp. | 3.750% | | 2/1/22 | | 3,150 | | 3,241 | |
| | Air Lease Corp. | 2.250% | | 1/15/23 | | 200 | | 200 | |
| | Air Lease Corp. | 2.750% | | 1/15/23 | | 400 | | 405 | |
| | Air Lease Corp. | 3.875% | | 7/3/23 | | 425 | | 446 | |
| | Air Lease Corp. | 4.250% | | 2/1/24 | | 550 | | 589 | |
| | Air Lease Corp. | 4.250% | | 9/15/24 | | 475 | | 509 | |
| | Air Lease Corp. | 3.250% | | 3/1/25 | | 600 | | 617 | |
| | Air Lease Corp. | 3.625% | | 4/1/27 | | 200 | | 208 | |
| | Air Lease Corp. | 4.625% | | 10/1/28 | | 300 | | 331 | |
| | Air Lease Corp. | 3.250% | | 10/1/29 | | 595 | | 592 | |
| | Aircastle Ltd. | 4.400% | | 9/25/23 | | 550 | | 583 | |
| | Aircastle Ltd. | 4.125% | | 5/1/24 | | 1,625 | | 1,704 | |
| | Aircastle Ltd. | 4.250% | | 6/15/26 | | 500 | | 527 | |
| | Ares Capital Corp. | 3.500% | | 2/10/23 | | 600 | | 610 | |
| | Ares Capital Corp. | 4.200% | | 6/10/24 | | 825 | | 866 | |
| | Ares Capital Corp. | 4.250% | | 3/1/25 | | 800 | | 835 | |
| | FS KKR Capital Corp. | 4.750% | | 5/15/22 | | 100 | | 103 | |
| | FS KKR Capital Corp. | 4.625% | | 7/15/24 | | 100 | | 104 | |
| | FS KKR Capital Corp. | 4.125% | | 2/1/25 | | 500 | | 507 | |
| | GATX Corp. | 3.250% | | 3/30/25 | | 375 | | 385 | |
| | GATX Corp. | 3.850% | | 3/30/27 | | 250 | | 261 | |
| | GATX Corp. | 3.500% | | 3/15/28 | | 200 | | 204 | |
| | GATX Corp. | 4.550% | | 11/7/28 | | 600 | | 655 | |
| | GATX Corp. | 4.700% | | 4/1/29 | | 275 | | 306 | |
| | GATX Corp. | 5.200% | | 3/15/44 | | 150 | | 175 | |
| | GATX Corp. | 4.500% | | 3/30/45 | | 150 | | 155 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | GE Capital International Funding Co. Unlimited Co. | 3.373% | | 11/15/25 | | 1,087 | | 1,127 | |
| | GE Capital International Funding Co. Unlimited Co. | 4.418% | | 11/15/35 | | 9,432 | | 10,019 | |
| | International Lease Finance Corp. | 8.250% | | 12/15/20 | | 825 | | 871 | |
| | International Lease Finance Corp. | 4.625% | | 4/15/21 | | 325 | | 335 | |
| | International Lease Finance Corp. | 8.625% | | 1/15/22 | | 3,150 | | 3,542 | |
| | International Lease Finance Corp. | 5.875% | | 8/15/22 | | 615 | | 670 | |
| | Owl Rock Capital Corp. | 5.250% | | 4/15/24 | | 100 | | 106 | |
| | Owl Rock Capital Corp. | 4.000% | | 3/30/25 | | 100 | | 100 | |
| | Prospect Capital Corp. | 5.875% | | 3/15/23 | | 150 | | 159 | |
| | TPG Specialty Lending Inc. | 3.875% | | 11/1/24 | | 225 | | 226 | |
| | Insurance (0.4%) | |
| | ACE Capital Trust II | 9.700% | | 4/1/30 | | 75 | | 113 | |
| | AEGON Funding Co. LLC | 5.750% | | 12/15/20 | | 524 | | 542 | |
| 4 | Aegon NV | 5.500% | | 4/11/48 | | 585 | | 635 | |
| | Aetna Inc. | 2.750% | | 11/15/22 | | 650 | | 660 | |
| | Aetna Inc. | 2.800% | | 6/15/23 | | 950 | | 965 | |
| | Aetna Inc. | 3.500% | | 11/15/24 | | 495 | | 517 | |
| | Aetna Inc. | 6.625% | | 6/15/36 | | 500 | | 668 | |
| | Aetna Inc. | 6.750% | | 12/15/37 | | 350 | | 470 | |
| | Aetna Inc. | 4.500% | | 5/15/42 | | 375 | | 400 | |
| | Aetna Inc. | 4.125% | | 11/15/42 | | 325 | | 333 | |
| | Aetna Inc. | 3.875% | | 8/15/47 | | 1,000 | | 1,011 | |
| | Aflac Inc. | 4.000% | | 2/15/22 | | 325 | | 339 | |
| | Aflac Inc. | 3.625% | | 6/15/23 | | 575 | | 605 | �� |
| | Aflac Inc. | 3.625% | | 11/15/24 | | 580 | | 620 | |
| | Aflac Inc. | 3.250% | | 3/17/25 | | 325 | | 341 | |
| | Aflac Inc. | 2.875% | | 10/15/26 | | 600 | | 617 | |
| | Aflac Inc. | 4.000% | | 10/15/46 | | 150 | | 163 | |
| | Aflac Inc. | 4.750% | | 1/15/49 | | 325 | | 387 | |
| | Alleghany Corp. | 4.950% | | 6/27/22 | | 425 | | 452 | |
| | Alleghany Corp. | 4.900% | | 9/15/44 | | 300 | | 350 | |
| | Allied World Assurance Co. Holdings Ltd. | 4.350% | | 10/29/25 | | 350 | | 363 | |
| | Allstate Corp. | 3.150% | | 6/15/23 | | 1,700 | | 1,764 | |
| | Allstate Corp. | 3.280% | | 12/15/26 | | 400 | | 422 | |
| | Allstate Corp. | 5.550% | | 5/9/35 | | 105 | | 132 | |
| | Allstate Corp. | 4.500% | | 6/15/43 | | 725 | | 866 | |
| | Allstate Corp. | 4.200% | | 12/15/46 | | 400 | | 460 | |
| | Allstate Corp. | 3.850% | | 8/10/49 | | 200 | | 222 | |
| 4 | Allstate Corp. | 5.750% | | 8/15/53 | | 90 | | 97 | |
| 4 | Allstate Corp. | 6.500% | | 5/15/67 | | 650 | | 803 | |
| | American Equity Investment Life Holding Co. | 5.000% | | 6/15/27 | | 400 | | 428 | |
| | American Financial Group Inc. | 3.500% | | 8/15/26 | | 300 | | 308 | |
| | American Financial Group Inc. | 4.500% | | 6/15/47 | | 500 | | 540 | |
| | American International Group Inc. | 6.400% | | 12/15/20 | | 570 | | 593 | |
| | American International Group Inc. | 3.300% | | 3/1/21 | | 1,500 | | 1,520 | |
| | American International Group Inc. | 4.875% | | 6/1/22 | | 1,425 | | 1,521 | |
| | American International Group Inc. | 4.125% | | 2/15/24 | | 650 | | 696 | |
| | American International Group Inc. | 3.750% | | 7/10/25 | | 950 | | 1,016 | |
| | American International Group Inc. | 3.900% | | 4/1/26 | | 500 | | 535 | |
| | American International Group Inc. | 4.200% | | 4/1/28 | | 750 | | 822 | |
| | American International Group Inc. | 4.250% | | 3/15/29 | | 200 | | 222 | |
| | American International Group Inc. | 3.875% | | 1/15/35 | | 800 | | 849 | |
| | American International Group Inc. | 4.700% | | 7/10/35 | | 325 | | 375 | |
| | American International Group Inc. | 6.250% | | 5/1/36 | | 600 | | 801 | |
| | American International Group Inc. | 4.500% | | 7/16/44 | | 2,025 | | 2,321 | |
| | American International Group Inc. | 4.800% | | 7/10/45 | | 500 | | 599 | |
| | American International Group Inc. | 4.750% | | 4/1/48 | | 925 | | 1,107 | |
| 4 | American International Group Inc. | 5.750% | | 4/1/48 | | 525 | | 569 | |
| | American International Group Inc. | 4.375% | | 1/15/55 | | 625 | | 683 | |
| 4 | American International Group Inc. | 8.175% | | 5/15/68 | | 400 | | 544 | |
| | Anthem Inc. | 3.700% | | 8/15/21 | | 495 | | 506 | |
| | Anthem Inc. | 3.125% | | 5/15/22 | | 350 | | 359 | |
| | Anthem Inc. | 2.950% | | 12/1/22 | | 600 | | 615 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Anthem Inc. | 3.300% | | 1/15/23 | | 771 | | 797 | |
| | Anthem Inc. | 3.500% | | 8/15/24 | | 975 | | 1,021 | |
| | Anthem Inc. | 3.350% | | 12/1/24 | | 1,801 | | 1,879 | |
| | Anthem Inc. | 2.375% | | 1/15/25 | | 400 | | 400 | |
| | Anthem Inc. | 3.650% | | 12/1/27 | | 1,250 | | 1,318 | |
| | Anthem Inc. | 4.101% | | 3/1/28 | | 1,280 | | 1,387 | |
| | Anthem Inc. | 2.875% | | 9/15/29 | | 250 | | 249 | |
| | Anthem Inc. | 5.850% | | 1/15/36 | | 300 | | 366 | |
| | Anthem Inc. | 6.375% | | 6/15/37 | | 300 | | 388 | |
| | Anthem Inc. | 4.625% | | 5/15/42 | | 1,275 | | 1,430 | |
| | Anthem Inc. | 4.650% | | 1/15/43 | | 1,850 | | 2,083 | |
| | Anthem Inc. | 5.100% | | 1/15/44 | | 1,200 | | 1,419 | |
| | Anthem Inc. | 4.650% | | 8/15/44 | | 525 | | 583 | |
| | Anthem Inc. | 4.375% | | 12/1/47 | | 1,100 | | 1,206 | |
| | Anthem Inc. | 4.550% | | 3/1/48 | | 660 | | 740 | |
| | Anthem Inc. | 4.850% | | 8/15/54 | | 175 | | 189 | |
| | Aon Corp. | 8.205% | | 1/1/27 | | 150 | | 191 | |
| | Aon Corp. | 4.500% | | 12/15/28 | | 600 | | 672 | |
| | Aon Corp. | 3.750% | | 5/2/29 | | 380 | | 406 | |
| | Aon Corp. | 6.250% | | 9/30/40 | | 150 | | 205 | |
| | Aon plc | 2.800% | | 3/15/21 | | 350 | | 353 | |
| | Aon plc | 4.000% | | 11/27/23 | | 100 | | 106 | |
| | Aon plc | 3.500% | | 6/14/24 | | 425 | | 444 | |
| | Aon plc | 3.875% | | 12/15/25 | | 475 | | 509 | |
| | Aon plc | 4.600% | | 6/14/44 | | 625 | | 709 | |
| | Aon plc | 4.750% | | 5/15/45 | | 425 | | 497 | |
| | Arch Capital Finance LLC | 4.011% | | 12/15/26 | | 350 | | 385 | |
| | Arch Capital Finance LLC | 5.031% | | 12/15/46 | | 100 | | 125 | |
| | Arch Capital Group Ltd. | 7.350% | | 5/1/34 | | 500 | | 706 | |
| | Arch Capital Group US Inc. | 5.144% | | 11/1/43 | | 275 | | 334 | |
| | Aspen Insurance Holdings Ltd. | 4.650% | | 11/15/23 | | 1,985 | | 2,125 | |
| | Assurant Inc. | 4.000% | | 3/15/23 | | 225 | | 235 | |
| | Assurant Inc. | 4.200% | | 9/27/23 | | 200 | | 209 | |
| | Assurant Inc. | 4.900% | | 3/27/28 | | 400 | | 439 | |
| | Assurant Inc. | 6.750% | | 2/15/34 | | 92 | | 110 | |
| | Assured Guaranty US Holdings Inc. | 5.000% | | 7/1/24 | | 400 | | 445 | |
| | Athene Holding Ltd. | 4.125% | | 1/12/28 | | 835 | | 862 | |
| | AXA Equitable Holdings Inc. | 3.900% | | 4/20/23 | | 400 | | 419 | |
| | AXA Equitable Holdings Inc. | 7.000% | | 4/1/28 | | 600 | | 728 | |
| | AXA Equitable Holdings Inc. | 4.350% | | 4/20/28 | | 3,960 | | 4,296 | |
| | AXA Equitable Holdings Inc. | 5.000% | | 4/20/48 | | 1,200 | | 1,282 | |
| | AXA SA | 8.600% | | 12/15/30 | | 830 | | 1,213 | |
| | AXIS Specialty Finance LLC | 3.900% | | 7/15/29 | | 1,840 | | 1,928 | |
| 4 | AXIS Specialty Finance LLC | 4.900% | | 1/15/40 | | 250 | | 254 | |
| | AXIS Specialty Finance plc | 4.000% | | 12/6/27 | | 1,500 | | 1,582 | |
| | Berkshire Hathaway Finance Corp. | 4.250% | | 1/15/21 | | 480 | | 492 | |
| | Berkshire Hathaway Finance Corp. | 3.000% | | 5/15/22 | | 800 | | 822 | |
| | Berkshire Hathaway Finance Corp. | 5.750% | | 1/15/40 | | 130 | | 178 | |
| | Berkshire Hathaway Finance Corp. | 4.400% | | 5/15/42 | | 400 | | 472 | |
| | Berkshire Hathaway Finance Corp. | 4.300% | | 5/15/43 | | 550 | | 629 | |
| | Berkshire Hathaway Finance Corp. | 4.200% | | 8/15/48 | | 1,825 | | 2,136 | |
| | Berkshire Hathaway Finance Corp. | 4.250% | | 1/15/49 | | 2,300 | | 2,717 | |
| | Berkshire Hathaway Inc. | 2.200% | | 3/15/21 | | 1,000 | | 1,005 | |
| | Berkshire Hathaway Inc. | 3.000% | | 2/11/23 | | 225 | | 233 | |
| | Berkshire Hathaway Inc. | 2.750% | | 3/15/23 | | 1,675 | | 1,720 | |
| | Berkshire Hathaway Inc. | 3.125% | | 3/15/26 | | 1,975 | | 2,084 | |
| | Berkshire Hathaway Inc. | 4.500% | | 2/11/43 | | 1,325 | | 1,611 | |
| | Brighthouse Financial Inc. | 3.700% | | 6/22/27 | | 1,111 | | 1,104 | |
| | Brighthouse Financial Inc. | 4.700% | | 6/22/47 | | 1,200 | | 1,111 | |
| | Brown & Brown Inc. | 4.200% | | 9/15/24 | | 400 | | 423 | |
| | Brown & Brown Inc. | 4.500% | | 3/15/29 | | 275 | | 300 | |
| | Chubb Corp. | 6.000% | | 5/11/37 | | 375 | | 514 | |
| | Chubb INA Holdings Inc. | 2.875% | | 11/3/22 | | 1,085 | | 1,113 | |
| | Chubb INA Holdings Inc. | 2.700% | | 3/13/23 | | 350 | | 358 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Chubb INA Holdings Inc. | 3.350% | | 5/15/24 | | 275 | | 289 | |
| | Chubb INA Holdings Inc. | 3.150% | | 3/15/25 | | 700 | | 735 | |
| | Chubb INA Holdings Inc. | 3.350% | | 5/3/26 | | 2,200 | | 2,335 | |
| | Chubb INA Holdings Inc. | 6.700% | | 5/15/36 | | 180 | | 258 | |
| | Chubb INA Holdings Inc. | 4.150% | | 3/13/43 | | 225 | | 261 | |
| | Chubb INA Holdings Inc. | 4.350% | | 11/3/45 | | 1,300 | | 1,561 | |
| | Cigna Holding Co. | 4.375% | | 12/15/20 | | 150 | | 152 | |
| | Cincinnati Financial Corp. | 6.920% | | 5/15/28 | | 300 | | 387 | |
| | Cincinnati Financial Corp. | 6.125% | | 11/1/34 | | 275 | | 365 | |
| | CNA Financial Corp. | 5.750% | | 8/15/21 | | 175 | | 185 | |
| | CNA Financial Corp. | 3.950% | | 5/15/24 | | 1,100 | | 1,174 | |
| | CNA Financial Corp. | 3.450% | | 8/15/27 | | 400 | | 417 | |
| | CNA Financial Corp. | 3.900% | | 5/1/29 | | 800 | | 860 | |
| | Enstar Group Ltd. | 4.500% | | 3/10/22 | | 225 | | 233 | |
| | Enstar Group Ltd. | 4.950% | | 6/1/29 | | 400 | | 428 | |
| | Everest Reinsurance Holdings Inc. | 4.868% | | 6/1/44 | | 300 | | 332 | |
| | Fairfax Financial Holdings Ltd. | 4.850% | | 4/17/28 | | 400 | | 435 | |
| | First American Financial Corp. | 4.600% | | 11/15/24 | | 340 | | 361 | |
| | Globe Life Inc | 3.800% | | 9/15/22 | | 200 | | 205 | |
| | Globe Life Inc. | 4.550% | | 9/15/28 | | 385 | | 427 | |
| | Hanover Insurance Group Inc. | 4.500% | | 4/15/26 | | 490 | | 529 | |
| | Hartford Financial Services Group Inc. | 2.800% | | 8/19/29 | | 200 | | 202 | |
| | Hartford Financial Services Group Inc. | 5.950% | | 10/15/36 | | 25 | | 33 | |
| | Hartford Financial Services Group Inc. | 6.100% | | 10/1/41 | | 600 | | 820 | |
| | Hartford Financial Services Group Inc. | 4.300% | | 4/15/43 | | 500 | | 556 | |
| | Hartford Financial Services Group Inc. | 3.600% | | 8/19/49 | | 500 | | 513 | |
| | Humana Inc. | 3.150% | | 12/1/22 | | 400 | | 410 | |
| | Humana Inc. | 2.900% | | 12/15/22 | | 600 | | 611 | |
| | Humana Inc. | 3.850% | | 10/1/24 | | 861 | | 914 | |
| | Humana Inc. | 3.950% | | 3/15/27 | | 950 | | 1,019 | |
| | Humana Inc. | 4.625% | | 12/1/42 | | 375 | | 408 | |
| | Humana Inc. | 4.950% | | 10/1/44 | | 400 | | 473 | |
| | Humana Inc. | 4.800% | | 3/15/47 | | 200 | | 232 | |
| | Kemper Corp. | 4.350% | | 2/15/25 | | 150 | | 159 | |
| | Lincoln National Corp. | 4.200% | | 3/15/22 | | 440 | | 459 | |
| | Lincoln National Corp. | 4.000% | | 9/1/23 | | 225 | | 238 | |
| | Lincoln National Corp. | 3.350% | | 3/9/25 | | 300 | | 312 | |
| | Lincoln National Corp. | 3.625% | | 12/12/26 | | 250 | | 264 | |
| | Lincoln National Corp. | 3.800% | | 3/1/28 | | 850 | | 904 | |
| | Lincoln National Corp. | 3.050% | | 1/15/30 | | 500 | | 497 | |
| | Lincoln National Corp. | 6.300% | | 10/9/37 | | 1,025 | | 1,332 | |
| | Loews Corp. | 2.625% | | 5/15/23 | | 425 | | 433 | |
| | Loews Corp. | 3.750% | | 4/1/26 | | 695 | | 745 | |
| | Loews Corp. | 6.000% | | 2/1/35 | | 250 | | 322 | |
| | Loews Corp. | 4.125% | | 5/15/43 | | 275 | | 302 | |
| | Manulife Financial Corp. | 4.150% | | 3/4/26 | | 575 | | 628 | |
| 4 | Manulife Financial Corp. | 4.061% | | 2/24/32 | | 760 | | 780 | |
| | Manulife Financial Corp. | 5.375% | | 3/4/46 | | 850 | | 1,116 | |
| | Markel Corp. | 4.900% | | 7/1/22 | | 525 | | 559 | |
| | Markel Corp. | 3.500% | | 11/1/27 | | 200 | | 204 | |
| | Markel Corp. | 3.350% | | 9/17/29 | | 250 | | 255 | |
| | Markel Corp. | 5.000% | | 4/5/46 | | 350 | | 397 | |
| | Markel Corp. | 4.300% | | 11/1/47 | | 200 | | 209 | |
| | Markel Corp. | 5.000% | | 5/20/49 | | 200 | | 231 | |
| | Markel Corp. | 4.150% | | 9/17/50 | | 500 | | 514 | |
| | Marsh & McLennan Cos. Inc. | 4.800% | | 7/15/21 | | 420 | | 435 | |
| | Marsh & McLennan Cos. Inc. | 2.750% | | 1/30/22 | | 375 | | 381 | |
| | Marsh & McLennan Cos. Inc. | 3.300% | | 3/14/23 | | 222 | | 229 | |
| | Marsh & McLennan Cos. Inc. | 4.050% | | 10/15/23 | | 350 | | 371 | |
| | Marsh & McLennan Cos. Inc. | 3.875% | | 3/15/24 | | 1,600 | | 1,702 | |
| | Marsh & McLennan Cos. Inc. | 3.500% | | 3/10/25 | | 425 | | 447 | |
| | Marsh & McLennan Cos. Inc. | 3.750% | | 3/14/26 | | 375 | | 402 | |
| | Marsh & McLennan Cos. Inc. | 4.375% | | 3/15/29 | | 825 | | 940 | |
| | Marsh & McLennan Cos. Inc. | 5.875% | | 8/1/33 | | 1,050 | | 1,345 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Marsh & McLennan Cos. Inc. | 4.750% | | 3/15/39 | | 100 | | 121 | |
| | Marsh & McLennan Cos. Inc. | 4.350% | | 1/30/47 | | 200 | | 226 | |
| | Marsh & McLennan Cos. Inc. | 4.900% | | 3/15/49 | | 1,650 | | 2,087 | |
| | Mercury General Corp. | 4.400% | | 3/15/27 | | 315 | | 331 | |
| | MetLife Inc. | 3.048% | | 12/15/22 | | 484 | | 501 | |
| | MetLife Inc. | 4.368% | | 9/15/23 | | 500 | | 541 | |
| | MetLife Inc. | 3.600% | | 4/10/24 | | 750 | | 799 | |
| | MetLife Inc. | 3.000% | | 3/1/25 | | 500 | | 520 | |
| | MetLife Inc. | 6.500% | | 12/15/32 | | 250 | | 346 | |
| | MetLife Inc. | 6.375% | | 6/15/34 | | 505 | | 720 | |
| | MetLife Inc. | 5.700% | | 6/15/35 | | 425 | | 570 | |
| | MetLife Inc. | 5.875% | | 2/6/41 | | 645 | | 873 | |
| | MetLife Inc. | 4.125% | | 8/13/42 | | 525 | | 595 | |
| | MetLife Inc. | 4.875% | | 11/13/43 | | 750 | | 928 | |
| | MetLife Inc. | 4.721% | | 12/15/44 | | 1,150 | | 1,394 | |
| | MetLife Inc. | 4.050% | | 3/1/45 | | 1,000 | | 1,148 | |
| | MetLife Inc. | 4.600% | | 5/13/46 | | 530 | | 648 | |
| 4 | MetLife Inc. | 6.400% | | 12/15/66 | | 1,505 | | 1,834 | |
| | Old Republic International Corp. | 4.875% | | 10/1/24 | | 465 | | 509 | |
| | Old Republic International Corp. | 3.875% | | 8/26/26 | | 425 | | 450 | |
| | PartnerRe Finance B LLC | 3.700% | | 7/2/29 | | 390 | | 405 | |
| | Principal Financial Group Inc. | 3.125% | | 5/15/23 | | 200 | | 205 | |
| | Principal Financial Group Inc. | 3.400% | | 5/15/25 | | 300 | | 314 | |
| | Principal Financial Group Inc. | 3.100% | | 11/15/26 | | 300 | | 310 | |
| | Principal Financial Group Inc. | 3.700% | | 5/15/29 | | 500 | | 544 | |
| | Principal Financial Group Inc. | 4.350% | | 5/15/43 | | 240 | | 271 | |
| | Principal Financial Group Inc. | 4.300% | | 11/15/46 | | 235 | | 265 | |
| | Progressive Corp. | 3.750% | | 8/23/21 | | 445 | | 458 | |
| | Progressive Corp. | 2.450% | | 1/15/27 | | 350 | | 352 | |
| | Progressive Corp. | 6.625% | | 3/1/29 | | 150 | | 195 | |
| | Progressive Corp. | 3.700% | | 1/26/45 | | 250 | | 267 | |
| | Progressive Corp. | 4.125% | | 4/15/47 | | 1,585 | | 1,848 | |
| | Progressive Corp. | 4.200% | | 3/15/48 | | 465 | | 533 | |
| | Prudential Financial Inc. | 3.500% | | 5/15/24 | | 450 | | 478 | |
| | Prudential Financial Inc. | 5.750% | | 7/15/33 | | 345 | | 440 | |
| | Prudential Financial Inc. | 5.700% | | 12/14/36 | | 505 | | 686 | |
| | Prudential Financial Inc. | 6.625% | | 12/1/37 | | 300 | | 414 | |
| | Prudential Financial Inc. | 6.625% | | 6/21/40 | | 250 | | 352 | |
| 4 | Prudential Financial Inc. | 5.875% | | 9/15/42 | | 675 | | 726 | |
| 4 | Prudential Financial Inc. | 5.625% | | 6/15/43 | | 1,275 | | 1,371 | |
| | Prudential Financial Inc. | 5.100% | | 8/15/43 | | 225 | | 266 | |
| | Prudential Financial Inc. | 4.600% | | 5/15/44 | | 1,100 | | 1,297 | |
| 4 | Prudential Financial Inc. | 5.375% | | 5/15/45 | | 650 | | 691 | |
| | Prudential Financial Inc. | 3.905% | | 12/7/47 | | 1,282 | | 1,368 | |
| 4 | Prudential Financial Inc. | 5.700% | | 9/15/48 | | 1,150 | | 1,307 | |
| | Prudential Financial Inc. | 3.935% | | 12/7/49 | | 985 | | 1,073 | |
| | Prudential Financial Inc. | 4.350% | | 2/25/50 | | 765 | | 880 | |
| | Prudential Financial Inc. | 3.700% | | 3/13/51 | | 1,150 | | 1,204 | |
| | Reinsurance Group of America Inc. | 5.000% | | 6/1/21 | | 1,200 | | 1,245 | |
| | Reinsurance Group of America Inc. | 4.700% | | 9/15/23 | | 250 | | 271 | |
| | Reinsurance Group of America Inc. | 3.950% | | 9/15/26 | | 100 | | 106 | |
| | Reinsurance Group of America Inc. | 3.900% | | 5/15/29 | | 300 | | 320 | |
| | RenaissanceRe Finance Inc. | 3.450% | | 7/1/27 | | 225 | | 233 | |
| | RenaissanceRe Holdings Ltd. | 3.600% | | 4/15/29 | | 200 | | 210 | |
| | Selective Insurance Group Inc. | 5.375% | | 3/1/49 | | 240 | | 283 | |
| | Sompo International Holdings Ltd. | 4.700% | | 10/15/22 | | 350 | | 371 | |
| | Swiss Re Solutions Holding Corp. | 7.000% | | 2/15/26 | | 250 | | 311 | |
| | Transatlantic Holdings Inc. | 8.000% | | 11/30/39 | | 625 | | 917 | |
| | Travelers Cos. Inc. | 6.750% | | 6/20/36 | | 475 | | 685 | |
| | Travelers Cos. Inc. | 6.250% | | 6/15/37 | | 230 | | 318 | |
| | Travelers Cos. Inc. | 5.350% | | 11/1/40 | | 130 | | 169 | |
| | Travelers Cos. Inc. | 4.600% | | 8/1/43 | | 1,000 | | 1,210 | |
| | Travelers Cos. Inc. | 4.300% | | 8/25/45 | | 250 | | 293 | |
| | Travelers Cos. Inc. | 4.000% | | 5/30/47 | | 550 | | 617 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Travelers Cos. Inc. | 4.050% | | 3/7/48 | | 250 | | 278 | |
| | Travelers Cos. Inc. | 4.100% | | 3/4/49 | | 500 | | 579 | |
| | Trinity Acquisition plc | 4.400% | | 3/15/26 | | 450 | | 487 | |
| | UnitedHealth Group Inc. | 4.700% | | 2/15/21 | | 165 | | 169 | |
| | 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 | | 637 | |
| | UnitedHealth Group Inc. | 2.875% | | 3/15/22 | | 525 | | 535 | |
| | UnitedHealth Group Inc. | 3.350% | | 7/15/22 | | 1,325 | | 1,369 | |
| | UnitedHealth Group Inc. | 2.375% | | 10/15/22 | | 1,100 | | 1,113 | |
| | UnitedHealth Group Inc. | 2.750% | | 2/15/23 | | 400 | | 407 | |
| | UnitedHealth Group Inc. | 2.875% | | 3/15/23 | | 1,330 | | 1,361 | |
| | UnitedHealth Group Inc. | 3.500% | | 6/15/23 | | 500 | | 523 | |
| | UnitedHealth Group Inc. | 2.375% | | 8/15/24 | | 725 | | 734 | |
| | UnitedHealth Group Inc. | 3.750% | | 7/15/25 | | 2,750 | | 2,969 | |
| | UnitedHealth Group Inc. | 3.700% | | 12/15/25 | | 200 | | 216 | |
| | UnitedHealth Group Inc. | 3.100% | | 3/15/26 | | 750 | | 782 | |
| | UnitedHealth Group Inc. | 3.450% | | 1/15/27 | | 600 | | 643 | |
| | UnitedHealth Group Inc. | 3.375% | | 4/15/27 | | 1,525 | | 1,620 | |
| | UnitedHealth Group Inc. | 2.950% | | 10/15/27 | | 400 | | 413 | |
| | UnitedHealth Group Inc. | 3.850% | | 6/15/28 | | 400 | | 438 | |
| | UnitedHealth Group Inc. | 3.875% | | 12/15/28 | | 500 | | 551 | |
| | UnitedHealth Group Inc. | 2.875% | | 8/15/29 | | 300 | | 307 | |
| | UnitedHealth Group Inc. | 4.625% | | 7/15/35 | | 300 | | 363 | |
| | UnitedHealth Group Inc. | 6.500% | | 6/15/37 | | 200 | | 284 | |
| | UnitedHealth Group Inc. | 6.625% | | 11/15/37 | | 325 | | 463 | |
| | UnitedHealth Group Inc. | 6.875% | | 2/15/38 | | 1,405 | | 2,083 | |
| | UnitedHealth Group Inc. | 3.500% | | 8/15/39 | | 1,010 | | 1,056 | |
| | UnitedHealth Group Inc. | 5.950% | | 2/15/41 | | 240 | | 326 | |
| | UnitedHealth Group Inc. | 4.625% | | 11/15/41 | | 1,180 | | 1,399 | |
| | UnitedHealth Group Inc. | 4.375% | | 3/15/42 | | 325 | | 374 | |
| | UnitedHealth Group Inc. | 3.950% | | 10/15/42 | | 800 | | 871 | |
| | UnitedHealth Group Inc. | 4.250% | | 3/15/43 | | 75 | | 85 | |
| | UnitedHealth Group Inc. | 4.750% | | 7/15/45 | | 1,315 | | 1,606 | |
| | UnitedHealth Group Inc. | 4.200% | | 1/15/47 | | 775 | | 888 | |
| | UnitedHealth Group Inc. | 4.250% | | 4/15/47 | | 950 | | 1,094 | |
| | UnitedHealth Group Inc. | 3.750% | | 10/15/47 | | 400 | | 426 | |
| | UnitedHealth Group Inc. | 4.250% | | 6/15/48 | | 1,200 | | 1,392 | |
| | UnitedHealth Group Inc. | 4.450% | | 12/15/48 | | 500 | | 595 | |
| | UnitedHealth Group Inc. | 3.700% | | 8/15/49 | | 810 | | 862 | |
| | UnitedHealth Group Inc. | 3.875% | | 8/15/59 | | 1,010 | | 1,084 | |
| | Unum Group | 4.000% | | 3/15/24 | | 200 | | 211 | |
| | Unum Group | 4.000% | | 6/15/29 | | 210 | | 221 | |
| | Unum Group | 5.750% | | 8/15/42 | | 400 | | 441 | |
| | Unum Group | 4.500% | | 12/15/49 | | 350 | | 341 | |
| | Voya Financial Inc. | 3.125% | | 7/15/24 | | 650 | | 668 | |
| | Voya Financial Inc. | 3.650% | | 6/15/26 | | 750 | | 790 | |
| | Voya Financial Inc. | 5.700% | | 7/15/43 | | 350 | | 443 | |
| | Voya Financial Inc. | 4.800% | | 6/15/46 | | 125 | | 143 | |
| | Willis North America Inc. | 3.600% | | 5/15/24 | | 600 | | 626 | |
| | Willis North America Inc. | 4.500% | | 9/15/28 | | 500 | | 548 | |
| | Willis North America Inc. | 2.950% | | 9/15/29 | | 1,260 | | 1,251 | |
| | Willis North America Inc. | 5.050% | | 9/15/48 | | 200 | | 234 | |
| | Willis North America Inc. | 3.875% | | 9/15/49 | | 2,250 | | 2,243 | |
| | Willis Towers Watson plc | 5.750% | | 3/15/21 | | 265 | | 276 | |
| | WR Berkley Corp. | 4.625% | | 3/15/22 | | 225 | | 237 | |
| | WR Berkley Corp. | 4.750% | | 8/1/44 | | 290 | | 324 | |
| | XLIT Ltd. | 4.450% | | 3/31/25 | | 200 | | 216 | |
| | XLIT Ltd. | 5.250% | | 12/15/43 | | 100 | | 128 | |
| | XLIT Ltd. | 5.500% | | 3/31/45 | | 450 | | 567 | |
| | Other Finance (0.0%) | | | | | | | | |
| | ORIX Corp. | 2.900% | | 7/18/22 | | 300 | | 305 | |
| | ORIX Corp. | 3.250% | | 12/4/24 | | 275 | | 285 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | ORIX Corp. | 3.700% | | 7/18/27 | | 850 | | 898 | |
| | Real Estate Investment Trusts (0.3%) | | | | | | | | |
| | Alexandria Real Estate Equities Inc. | 3.900% | | 6/15/23 | | 75 | | 79 | |
| | Alexandria Real Estate Equities Inc. | 4.000% | | 1/15/24 | | 725 | | 771 | |
| | Alexandria Real Estate Equities Inc. | 3.450% | | 4/30/25 | | 500 | | 524 | |
| | Alexandria Real Estate Equities Inc. | 4.300% | | 1/15/26 | | 300 | | 329 | |
| | Alexandria Real Estate Equities Inc. | 3.800% | | 4/15/26 | | 200 | | 214 | |
| | Alexandria Real Estate Equities Inc. | 3.950% | | 1/15/27 | | 250 | | 267 | |
| | Alexandria Real Estate Equities Inc. | 3.950% | | 1/15/28 | | 350 | | 376 | |
| | Alexandria Real Estate Equities Inc. | 4.500% | | 7/30/29 | | 200 | | 226 | |
| | Alexandria Real Estate Equities Inc. | 2.750% | | 12/15/29 | | 329 | | 324 | |
| | Alexandria Real Estate Equities Inc. | 4.700% | | 7/1/30 | | 500 | | 574 | |
| | Alexandria Real Estate Equities Inc. | 3.375% | | 8/15/31 | | 600 | | 624 | |
| | Alexandria Real Estate Equities Inc. | 4.850% | | 4/15/49 | | 200 | | 243 | |
| | Alexandria Real Estate Equities Inc. | 4.000% | | 2/1/50 | | 565 | | 619 | |
| | American Campus Communities Operating Partnership LP | 3.750% | | 4/15/23 | | 225 | | 234 | |
| | American Campus Communities Operating Partnership LP | 4.125% | | 7/1/24 | | 250 | | 266 | |
| | American Campus Communities Operating Partnership LP | 3.300% | | 7/15/26 | | 100 | | 103 | |
| | American Campus Communities Operating Partnership LP | 3.625% | | 11/15/27 | | 300 | | 312 | |
| | American Homes 4 Rent LP | 4.900% | | 2/15/29 | | 325 | | 364 | |
| | AvalonBay Communities Inc. | 2.850% | | 3/15/23 | | 200 | | 204 | |
| | AvalonBay Communities Inc. | 4.200% | | 12/15/23 | | 865 | | 929 | |
| | AvalonBay Communities Inc. | 3.500% | | 11/15/24 | | 250 | | 263 | |
| | AvalonBay Communities Inc. | 3.450% | | 6/1/25 | | 425 | | 448 | |
| | AvalonBay Communities Inc. | 2.950% | | 5/11/26 | | 250 | | 257 | |
| | AvalonBay Communities Inc. | 2.900% | | 10/15/26 | | 50 | | 51 | |
| | AvalonBay Communities Inc. | 3.350% | | 5/15/27 | | 300 | | 316 | |
| | AvalonBay Communities Inc. | 3.200% | | 1/15/28 | | 350 | | 365 | |
| | AvalonBay Communities Inc. | 3.300% | | 6/1/29 | | 1,000 | | 1,056 | |
| | AvalonBay Communities Inc. | 4.350% | | 4/15/48 | | 250 | | 294 | |
| | Boston Properties LP | 4.125% | | 5/15/21 | | 190 | | 194 | |
| | Boston Properties LP | 3.850% | | 2/1/23 | | 950 | | 995 | |
| | Boston Properties LP | 3.125% | | 9/1/23 | | 1,375 | | 1,416 | |
| | Boston Properties LP | 3.800% | | 2/1/24 | | 3,021 | | 3,190 | |
| | Boston Properties LP | 3.200% | | 1/15/25 | | 550 | | 570 | |
| | Boston Properties LP | 2.750% | | 10/1/26 | | 475 | | 479 | |
| | Brandywine Operating Partnership LP | 3.950% | | 2/15/23 | | 270 | | 280 | |
| | Brandywine Operating Partnership LP | 3.950% | | 11/15/27 | | 1,950 | | 2,043 | |
| | Brixmor Operating Partnership LP | 3.875% | | 8/15/22 | | 25 | | 26 | |
| | Brixmor Operating Partnership LP | 3.650% | | 6/15/24 | | 300 | | 312 | |
| | Brixmor Operating Partnership LP | 3.850% | | 2/1/25 | | 550 | | 577 | |
| | Brixmor Operating Partnership LP | 4.125% | | 6/15/26 | | 400 | | 425 | |
| | Brixmor Operating Partnership LP | 3.900% | | 3/15/27 | | 300 | | 313 | |
| | Brixmor Operating Partnership LP | 4.125% | | 5/15/29 | | 888 | | 951 | |
| | Camden Property Trust | 4.100% | | 10/15/28 | | 250 | | 278 | |
| | Camden Property Trust | 3.150% | | 7/1/29 | | 100 | | 104 | |
| | Camden Property Trust | 3.350% | | 11/1/49 | | 800 | | 800 | |
| | Columbia Property Trust Operating Partnership LP | 4.150% | | 4/1/25 | | 100 | | 105 | |
| | Columbia Property Trust Operating Partnership LP | 3.650% | | 8/15/26 | | 1,125 | | 1,146 | |
| | Corporate Office Properties LP | 3.700% | | 6/15/21 | | 200 | | 202 | |
| | Corporate Office Properties LP | 3.600% | | 5/15/23 | | 600 | | 616 | |
| | CubeSmart LP | 4.375% | | 12/15/23 | | 500 | | 532 | |
| | CubeSmart LP | 4.000% | | 11/15/25 | | 160 | | 170 | |
| | CubeSmart LP | 3.125% | | 9/1/26 | | 425 | | 431 | |
| | CubeSmart LP | 4.375% | | 2/15/29 | | 150 | | 164 | |
| | CubeSmart LP | 3.000% | | 2/15/30 | | 300 | | 296 | |
| | CyrusOne LP / CyrusOne Finance Corp. | 2.900% | | 11/15/24 | | 505 | | 507 | |
| | CyrusOne LP / CyrusOne Finance Corp. | 3.450% | | 11/15/29 | | 1,500 | | 1,501 | |
| | Digital Realty Trust LP | 3.950% | | 7/1/22 | | 900 | | 937 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Digital Realty Trust LP | 3.625% | | 10/1/22 | | 1,555 | | 1,607 | |
| | Digital Realty Trust LP | 3.700% | | 8/15/27 | | 400 | | 420 | |
| | Digital Realty Trust LP | 4.450% | | 7/15/28 | | 1,000 | | 1,105 | |
| | Digital Realty Trust LP | 3.600% | | 7/1/29 | | 700 | | 731 | |
| | Duke Realty LP | 3.625% | | 4/15/23 | | 275 | | 286 | |
| | Duke Realty LP | 3.750% | | 12/1/24 | | 202 | | 214 | |
| | Duke Realty LP | 3.250% | | 6/30/26 | | 75 | | 77 | |
| | Duke Realty LP | 3.375% | | 12/15/27 | | 250 | | 261 | |
| | Duke Realty LP | 4.000% | | 9/15/28 | | 500 | | 539 | |
| | Duke Realty LP | 2.875% | | 11/15/29 | | 250 | | 249 | |
| | EPR Properties | 5.250% | | 7/15/23 | | 400 | | 429 | |
| | EPR Properties | 4.500% | | 4/1/25 | | 300 | | 318 | |
| | EPR Properties | 4.750% | | 12/15/26 | | 500 | | 541 | |
| | EPR Properties | 4.950% | | 4/15/28 | | 300 | | 326 | |
| | EPR Properties | 3.750% | | 8/15/29 | | 400 | | 403 | |
| | ERP Operating LP | 4.625% | | 12/15/21 | | 69 | | 72 | |
| | ERP Operating LP | 3.000% | | 4/15/23 | | 625 | | 643 | |
| | ERP Operating LP | 3.375% | | 6/1/25 | | 350 | | 368 | |
| | ERP Operating LP | 2.850% | | 11/1/26 | | 1,300 | | 1,328 | |
| | ERP Operating LP | 3.500% | | 3/1/28 | | 500 | | 532 | |
| | ERP Operating LP | 4.150% | | 12/1/28 | | 300 | | 336 | |
| | ERP Operating LP | 3.000% | | 7/1/29 | | 250 | | 258 | |
| | ERP Operating LP | 2.500% | | 2/15/30 | | 300 | | 297 | |
| | ERP Operating LP | 4.500% | | 7/1/44 | | 550 | | 648 | |
| | ERP Operating LP | 4.500% | | 6/1/45 | | 350 | | 414 | |
| | Essex Portfolio LP | 5.200% | | 3/15/21 | | 175 | | 180 | |
| | Essex Portfolio LP | 3.250% | | 5/1/23 | | 50 | | 51 | |
| | Essex Portfolio LP | 3.875% | | 5/1/24 | | 275 | | 290 | |
| | Essex Portfolio LP | 3.500% | | 4/1/25 | | 200 | | 210 | |
| | Essex Portfolio LP | 3.375% | | 4/15/26 | | 300 | | 312 | |
| | Essex Portfolio LP | 3.625% | | 5/1/27 | | 350 | | 370 | |
| | Essex Portfolio LP | 4.000% | | 3/1/29 | | 280 | | 305 | |
| | Essex Portfolio LP | 3.000% | | 1/15/30 | | 405 | | 409 | |
| | Essex Portfolio LP | 4.500% | | 3/15/48 | | 1,000 | | 1,139 | |
| | Federal Realty Investment Trust | 2.750% | | 6/1/23 | | 325 | | 330 | |
| | Federal Realty Investment Trust | 3.250% | | 7/15/27 | | 225 | | 233 | |
| | Federal Realty Investment Trust | 3.200% | | 6/15/29 | | 75 | | 77 | |
| | Federal Realty Investment Trust | 4.500% | | 12/1/44 | | 425 | | 486 | |
| | Healthcare Realty Trust Inc. | 3.625% | | 1/15/28 | | 300 | | 310 | |
| | Healthcare Trust of America Holdings LP | 3.700% | | 4/15/23 | | 100 | | 103 | |
| | Healthcare Trust of America Holdings LP | 3.500% | | 8/1/26 | | 625 | | 652 | |
| | Healthcare Trust of America Holdings LP | 3.750% | | 7/1/27 | | 400 | | 421 | |
| | Healthcare Trust of America Holdings LP | 3.100% | | 2/15/30 | | 395 | | 392 | |
| | Healthpeak Properties Inc | 3.150% | | 8/1/22 | | 250 | | 254 | |
| | Healthpeak Properties Inc | 4.250% | | 11/15/23 | | 478 | | 510 | |
| | Healthpeak Properties Inc | 4.200% | | 3/1/24 | | 1,700 | | 1,813 | |
| | Healthpeak Properties Inc | 3.400% | | 2/1/25 | | 400 | | 416 | |
| | Healthpeak Properties Inc | 3.250% | | 7/15/26 | | 150 | | 155 | |
| | Healthpeak Properties Inc | 3.500% | | 7/15/29 | | 500 | | 520 | |
| | Healthpeak Properties Inc | 6.750% | | 2/1/41 | | 175 | | 243 | |
| | Healthpeak Properties Inc. | 3.000% | | 1/15/30 | | 605 | | 604 | |
| | Highwoods Realty LP | 3.200% | | 6/15/21 | | 425 | | 430 | |
| | Highwoods Realty LP | 4.125% | | 3/15/28 | | 850 | | 898 | |
| | Highwoods Realty LP | 4.200% | | 4/15/29 | | 250 | | 269 | |
| | Host Hotels & Resorts LP | 3.750% | | 10/15/23 | | 240 | | 250 | |
| | Host Hotels & Resorts LP | 3.875% | | 4/1/24 | | 300 | | 316 | |
| | Host Hotels & Resorts LP | 4.000% | | 6/15/25 | | 175 | | 187 | |
| | Host Hotels & Resorts LP | 3.375% | | 12/15/29 | | 400 | | 403 | |
| | Hudson Pacific Properties Inc. | 4.650% | | 4/1/29 | | 200 | | 220 | |
| | Hudson Pacific Properties LP | 3.950% | | 11/1/27 | | 250 | | 262 | |
| | Hudson Pacific Properties LP | 3.250% | | 1/15/30 | | 240 | | 237 | |
| | Kilroy Realty LP | 3.800% | | 1/15/23 | | 250 | | 260 | |
| | Kilroy Realty LP | 3.450% | | 12/15/24 | | 850 | | 883 | |
| | Kilroy Realty LP | 4.750% | | 12/15/28 | | 350 | | 395 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Kilroy Realty LP | 3.050% | | 2/15/30 | | 1,200 | | 1,184 | |
| | Kimco Realty Corp. | 3.200% | | 5/1/21 | | 500 | | 507 | |
| | Kimco Realty Corp. | 3.125% | | 6/1/23 | | 550 | | 562 | |
| | Kimco Realty Corp. | 2.800% | | 10/1/26 | | 1,294 | | 1,291 | |
| | Kimco Realty Corp. | 3.800% | | 4/1/27 | | 300 | | 317 | |
| | Kimco Realty Corp. | 4.250% | | 4/1/45 | | 425 | | 448 | |
| | Kimco Realty Corp. | 4.450% | | 9/1/47 | | 250 | | 273 | |
| | Kite Realty Group LP | 4.000% | | 10/1/26 | | 725 | | 718 | |
| | Liberty Property LP | 3.375% | | 6/15/23 | | 575 | | 597 | |
| | Liberty Property LP | 4.400% | | 2/15/24 | | 1,120 | | 1,209 | |
| | Liberty Property LP | 3.750% | | 4/1/25 | | 975 | | 1,042 | |
| | Liberty Property LP | 4.375% | | 2/1/29 | | 50 | | 56 | |
| | Life Storage LP | 3.875% | | 12/15/27 | | 100 | | 105 | |
| | Life Storage LP | 4.000% | | 6/15/29 | | 125 | | 133 | |
| | Life Storage LP | 3.500% | | 7/1/26 | | 475 | | 488 | |
| | Mid-America Apartments LP | 4.300% | | 10/15/23 | | 350 | | 373 | |
| | Mid-America Apartments LP | 3.750% | | 6/15/24 | | 325 | | 343 | |
| | Mid-America Apartments LP | 3.600% | | 6/1/27 | | 1,000 | | 1,062 | |
| | Mid-America Apartments LP | 3.950% | | 3/15/29 | | 455 | | 496 | |
| | Mid-America Apartments LP | 2.750% | | 3/15/30 | | 295 | | 293 | |
| | National Retail Properties Inc. | 3.800% | | 10/15/22 | | 500 | | 519 | |
| | National Retail Properties Inc. | 3.900% | | 6/15/24 | | 275 | | 290 | |
| | National Retail Properties Inc. | 4.000% | | 11/15/25 | | 450 | | 481 | |
| | National Retail Properties Inc. | 3.500% | | 10/15/27 | | 550 | | 574 | |
| | National Retail Properties Inc. | 4.300% | | 10/15/28 | | 300 | | 331 | |
| | National Retail Properties Inc. | 4.800% | | 10/15/48 | | 250 | | 301 | |
| | Office Properties Income Trust | 4.000% | | 7/15/22 | | 275 | | 281 | |
| | Omega Healthcare Investors Inc. | 4.375% | | 8/1/23 | | 725 | | 770 | |
| | Omega Healthcare Investors Inc. | 4.950% | | 4/1/24 | | 275 | | 301 | |
| | Omega Healthcare Investors Inc. | 4.500% | | 1/15/25 | | 175 | | 187 | |
| | Omega Healthcare Investors Inc. | 5.250% | | 1/15/26 | | 525 | | 584 | |
| | Omega Healthcare Investors Inc. | 4.500% | | 4/1/27 | | 1,000 | | 1,079 | |
| | Omega Healthcare Investors Inc. | 4.750% | | 1/15/28 | | 300 | | 326 | |
| | Omega Healthcare Investors Inc. | 3.625% | | 10/1/29 | | 2,000 | | 2,008 | |
| | Physicians Realty LP | 4.300% | | 3/15/27 | | 350 | | 370 | |
| | Physicians Realty LP | 3.950% | | 1/15/28 | | 300 | | 310 | |
| | Piedmont Operating Partnership LP | 3.400% | | 6/1/23 | | 300 | | 307 | |
| | Piedmont Operating Partnership LP | 4.450% | | 3/15/24 | | 275 | | 292 | |
| | Prologis LP | 3.875% | | 9/15/28 | | 300 | | 329 | |
| | Prologis LP | 4.375% | | 9/15/48 | | 300 | | 358 | |
| | Public Storage | 2.370% | | 9/15/22 | | 250 | | 253 | |
| | Public Storage | 3.094% | | 9/15/27 | | 300 | | 312 | |
| | Public Storage | 3.385% | | 5/1/29 | | 175 | | 185 | |
| | Realty Income Corp. | 3.250% | | 10/15/22 | | 1,300 | | 1,339 | |
| | Realty Income Corp. | 3.875% | | 7/15/24 | | 250 | | 266 | |
| | Realty Income Corp. | 3.875% | | 4/15/25 | | 200 | | 215 | |
| | Realty Income Corp. | 4.125% | | 10/15/26 | | 775 | | 846 | |
| | Realty Income Corp. | 3.000% | | 1/15/27 | | 400 | | 412 | |
| | Realty Income Corp. | 3.650% | | 1/15/28 | | 790 | | 846 | |
| | Realty Income Corp. | 3.250% | | 6/15/29 | | 700 | | 742 | |
| | Realty Income Corp. | 4.650% | | 3/15/47 | | 820 | | 987 | |
| | Regency Centers LP | 3.600% | | 2/1/27 | | 340 | | 355 | |
| | Regency Centers LP | 4.125% | | 3/15/28 | | 250 | | 271 | |
| | Regency Centers LP | 2.950% | | 9/15/29 | | 400 | | 399 | |
| | Regency Centers LP | 4.400% | | 2/1/47 | | 400 | | 450 | |
| | Regency Centers LP | 4.650% | | 3/15/49 | | 325 | | 384 | |
| | Sabra Health Care LP | 5.125% | | 8/15/26 | | 100 | | 108 | |
| | Sabra Health Care LP | 3.900% | | 10/15/29 | | 600 | | 599 | |
| | Sabra Health Care LP / Sabra Capital Corp. | 4.800% | | 6/1/24 | | 240 | | 255 | |
| | Select Income REIT | 4.150% | | 2/1/22 | | 225 | | 230 | |
| | Select Income REIT | 4.250% | | 5/15/24 | | 500 | | 519 | |
| | Select Income REIT | 4.500% | | 2/1/25 | | 250 | | 260 | |
| | Service Properties Trust | 4.500% | | 6/15/23 | | 394 | | 408 | |
| | Service Properties Trust | 4.650% | | 3/15/24 | | 200 | | 208 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Service Properties Trust | 4.350% | | 10/1/24 | | 929 | | 953 | |
| | Service Properties Trust | 4.500% | | 3/15/25 | | 125 | | 128 | |
| | Service Properties Trust | 5.250% | | 2/15/26 | | 225 | | 237 | |
| | Service Properties Trust | 4.750% | | 10/1/26 | | 315 | | 323 | |
| | Service Properties Trust | 4.950% | | 2/15/27 | | 325 | | 335 | |
| | Service Properties Trust | 3.950% | | 1/15/28 | | 500 | | 488 | |
| | Service Properties Trust | 4.950% | | 10/1/29 | | 850 | | 855 | |
| | Service Properties Trust | 4.375% | | 2/15/30 | | 325 | | 319 | |
| | Simon Property Group LP | 2.350% | | 1/30/22 | | 500 | | 504 | |
| | Simon Property Group LP | 2.625% | | 6/15/22 | | 450 | | 457 | |
| | Simon Property Group LP | 2.750% | | 2/1/23 | | 400 | | 408 | |
| | Simon Property Group LP | 2.750% | | 6/1/23 | | 3,400 | | 3,471 | |
| | Simon Property Group LP | 3.750% | | 2/1/24 | | 500 | | 530 | |
| | Simon Property Group LP | 2.000% | | 9/13/24 | | 595 | | 587 | |
| | Simon Property Group LP | 3.500% | | 9/1/25 | | 200 | | 212 | |
| | Simon Property Group LP | 3.300% | | 1/15/26 | | 195 | | 204 | |
| | Simon Property Group LP | 3.250% | | 11/30/26 | | 300 | | 314 | |
| | Simon Property Group LP | 3.375% | | 6/15/27 | | 820 | | 866 | |
| | Simon Property Group LP | 3.375% | | 12/1/27 | | 1,000 | | 1,057 | |
| | Simon Property Group LP | 2.450% | | 9/13/29 | | 595 | | 584 | |
| | Simon Property Group LP | 6.750% | | 2/1/40 | | 500 | | 731 | |
| | Simon Property Group LP | 4.750% | | 3/15/42 | | 350 | | 418 | |
| | Simon Property Group LP | 4.250% | | 11/30/46 | | 425 | | 484 | |
| | Simon Property Group LP | 3.250% | | 9/13/49 | | 1,000 | | 966 | |
| | SITE Centers Corp. | 4.625% | | 7/15/22 | | 212 | | 221 | |
| | SITE Centers Corp. | 4.250% | | 2/1/26 | | 250 | | 263 | |
| | SITE Centers Corp. | 4.700% | | 6/1/27 | | 1,000 | | 1,081 | |
| | SL Green Operating Partnership LP | 3.250% | | 10/15/22 | | 350 | | 358 | |
| | Spirit Realty LP | 3.200% | | 1/15/27 | | 315 | | 315 | |
| | Spirit Realty LP | 4.000% | | 7/15/29 | | 245 | | 256 | |
| | Spirit Realty LP | 3.400% | | 1/15/30 | | 315 | | 316 | |
| | STORE Capital Corp. | 4.500% | | 3/15/28 | | 275 | | 299 | |
| | STORE Capital Corp. | 4.625% | | 3/15/29 | | 300 | | 331 | |
| | Tanger Properties LP | 3.750% | | 12/1/24 | | 200 | | 204 | |
| | Tanger Properties LP | 3.125% | | 9/1/26 | | 375 | | 372 | |
| | Tanger Properties LP | 3.875% | | 7/15/27 | | 250 | | 255 | |
| | UDR Inc. | 3.750% | | 7/1/24 | | 236 | | 249 | |
| | UDR Inc. | 2.950% | | 9/1/26 | | 600 | | 608 | |
| | UDR Inc. | 3.500% | | 7/1/27 | | 150 | | 157 | |
| | UDR Inc. | 3.500% | | 1/15/28 | | 50 | | 52 | |
| | UDR Inc. | 3.200% | | 1/15/30 | | 240 | | 245 | |
| | UDR Inc. | 3.100% | | 11/1/34 | | 265 | | 264 | |
| | Ventas Realty LP | 3.100% | | 1/15/23 | | 1,243 | | 1,272 | |
| | Ventas Realty LP | 3.125% | | 6/15/23 | | 1,240 | | 1,269 | |
| | Ventas Realty LP | 3.500% | | 4/15/24 | | 325 | | 339 | |
| | Ventas Realty LP | 3.750% | | 5/1/24 | | 200 | | 210 | |
| | Ventas Realty LP | 2.650% | | 1/15/25 | | 325 | | 328 | |
| | Ventas Realty LP | 3.850% | | 4/1/27 | | 275 | | 291 | |
| | Ventas Realty LP | 3.000% | | 1/15/30 | | 325 | | 322 | |
| | Ventas Realty LP | 5.700% | | 9/30/43 | | 325 | | 407 | |
| | Ventas Realty LP | 4.375% | | 2/1/45 | | 250 | | 269 | |
| | Ventas Realty LP | 4.875% | | 4/15/49 | | 250 | | 293 | |
| | Ventas Realty LP / Ventas Capital Corp. | 3.250% | | 8/15/22 | | 500 | | 512 | |
| | VEREIT Operating Partnership LP | 4.600% | | 2/6/24 | | 375 | | 404 | |
| | VEREIT Operating Partnership LP | 4.625% | | 11/1/25 | | 400 | | 437 | |
| | VEREIT Operating Partnership LP | 4.875% | | 6/1/26 | | 350 | | 385 | |
| | VEREIT Operating Partnership LP | 3.950% | | 8/15/27 | | 1,375 | | 1,442 | |
| | VEREIT Operating Partnership LP | 3.100% | | 12/15/29 | | 500 | | 491 | |
| | Vornado Realty LP | 3.500% | | 1/15/25 | | 425 | | 442 | |
| | Washington REIT | 3.950% | | 10/15/22 | | 100 | | 103 | |
| | Weingarten Realty Investors | 3.375% | | 10/15/22 | | 200 | | 204 | |
| | Weingarten Realty Investors | 3.500% | | 4/15/23 | | 200 | | 205 | |
| | Weingarten Realty Investors | 4.450% | | 1/15/24 | | 75 | | 79 | |
| | Welltower Inc. | 3.750% | | 3/15/23 | | 1,985 | | 2,066 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Welltower Inc. | 4.500% | | 1/15/24 | | 125 | | 134 | |
| | Welltower Inc. | 3.625% | | 3/15/24 | | 225 | | 236 | |
| | Welltower Inc. | 4.000% | | 6/1/25 | | 1,125 | | 1,208 | |
| | Welltower Inc. | 4.250% | | 4/1/26 | | 450 | | 488 | |
| | Welltower Inc. | 2.700% | | 2/15/27 | | 400 | | 402 | |
| | Welltower Inc. | 4.250% | | 4/15/28 | | 250 | | 274 | |
| | Welltower Inc. | 4.125% | | 3/15/29 | | 500 | | 544 | |
| | Welltower Inc. | 3.100% | | 1/15/30 | | 250 | | 253 | |
| | Welltower Inc. | 6.500% | | 3/15/41 | | 200 | | 267 | |
| | Welltower Inc. | 4.950% | | 9/1/48 | | 400 | | 479 | |
| | WP Carey Inc. | 4.600% | | 4/1/24 | | 550 | | 589 | |
| | WP Carey Inc. | 4.000% | | 2/1/25 | | 200 | | 210 | |
| | WP Carey Inc. | 4.250% | | 10/1/26 | | 300 | | 321 | |
| | WP Carey Inc. | 3.850% | | 7/15/29 | | 200 | | 212 | |
| | | 1,457,828 | |
| Industrial (6.3%) | |
| | Basic Industry (0.3%) | |
| | Air Products & Chemicals Inc. | 3.000% | | 11/3/21 | | 190 | | 194 | |
| | Air Products & Chemicals Inc. | 2.750% | | 2/3/23 | | 200 | | 204 | |
| | Air Products & Chemicals Inc. | 3.350% | | 7/31/24 | | 1,200 | | 1,263 | |
| | Airgas Inc. | 3.650% | | 7/15/24 | | 494 | | 524 | |
| | Albemarle Corp. | 4.150% | | 12/1/24 | | 532 | | 568 | |
| | Albemarle Corp. | 5.450% | | 12/1/44 | | 325 | | 370 | |
| 7 | Albemarle Wodgina Pty Ltd. | 3.450% | | 11/15/29 | | 175 | | 175 | |
| | ArcelorMittal | 6.250% | | 2/25/22 | | 100 | | 108 | |
| | ArcelorMittal | 3.600% | | 7/16/24 | | 500 | | 512 | |
| | ArcelorMittal | 6.125% | | 6/1/25 | | 425 | | 489 | |
| | ArcelorMittal | 4.550% | | 3/11/26 | | 2,500 | | 2,651 | |
| | ArcelorMittal | 4.250% | | 7/16/29 | | 200 | | 209 | |
| | Barrick Gold Corp. | 6.450% | | 10/15/35 | | 375 | | 480 | |
| | Barrick Gold Corp. | 5.250% | | 4/1/42 | | 500 | | 595 | |
| | Barrick North America Finance LLC | 5.700% | | 5/30/41 | | 670 | | 805 | |
| | Barrick North America Finance LLC | 5.750% | | 5/1/43 | | 750 | | 958 | |
| | Barrick PD Australia Finance Pty Ltd. | 5.950% | | 10/15/39 | | 675 | | 852 | |
| | BHP Billiton Finance USA Ltd. | 2.875% | | 2/24/22 | | 802 | | 816 | |
| | BHP Billiton Finance USA Ltd. | 3.850% | | 9/30/23 | | 475 | | 505 | |
| | BHP Billiton Finance USA Ltd. | 4.125% | | 2/24/42 | | 1,200 | | 1,357 | |
| | BHP Billiton Finance USA Ltd. | 5.000% | | 9/30/43 | | 2,150 | | 2,742 | |
| | Braskem Finance Ltd. | 6.450% | | 2/3/24 | | 238 | | 265 | |
| | Cabot Corp. | 3.700% | | 7/15/22 | | 50 | | 51 | |
| | Cabot Corp. | 4.000% | | 7/1/29 | | 240 | | 252 | |
| | Celanese US Holdings LLC | 3.500% | | 5/8/24 | | 400 | | 413 | |
| | Celulosa Arauco y Constitucion SA | 3.875% | | 11/2/27 | | 300 | | 303 | |
| | Celulosa Arauco y Constitucion SA | 5.500% | | 11/2/47 | | 850 | | 880 | |
| | Dow Chemical Co. | 3.000% | | 11/15/22 | | 1,000 | | 1,023 | |
| | Dow Chemical Co. | 3.150% | | 5/15/24 | | 400 | | 413 | |
| | Dow Chemical Co. | 3.500% | | 10/1/24 | | 881 | | 923 | |
| | Dow Chemical Co. | 4.550% | | 11/30/25 | | 250 | | 275 | |
| | Dow Chemical Co. | 3.625% | | 5/15/26 | | 600 | | 631 | |
| | Dow Chemical Co. | 4.800% | | 11/30/28 | | 250 | | 283 | |
| | Dow Chemical Co. | 7.375% | | 11/1/29 | | 100 | | 132 | |
| | Dow Chemical Co. | 4.250% | | 10/1/34 | | 350 | | 385 | |
| | Dow Chemical Co. | 9.400% | | 5/15/39 | | 960 | | 1,574 | |
| | Dow Chemical Co. | 5.250% | | 11/15/41 | | 375 | | 434 | |
| | Dow Chemical Co. | 4.375% | | 11/15/42 | | 1,300 | | 1,387 | |
| | Dow Chemical Co. | 4.625% | | 10/1/44 | | 500 | | 550 | |
| | Dow Chemical Co. | 5.550% | | 11/30/48 | | 700 | | 872 | |
| | Dow Chemical Co. | 4.800% | | 5/15/49 | | 600 | | 692 | |
| | DuPont de Nemours Inc. | 4.205% | | 11/15/23 | | 2,050 | | 2,191 | |
| | DuPont de Nemours Inc. | 4.493% | | 11/15/25 | | 1,500 | | 1,649 | |
| | DuPont de Nemours Inc. | 4.725% | | 11/15/28 | | 1,825 | | 2,070 | |
| | DuPont de Nemours Inc. | 5.319% | | 11/15/38 | | 1,350 | | 1,604 | |
| | DuPont de Nemours Inc. | 5.419% | | 11/15/48 | | 1,895 | | 2,333 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Eastman Chemical Co. | 3.600% | | 8/15/22 | | 317 | | 328 | |
| | Eastman Chemical Co. | 4.800% | | 9/1/42 | | 400 | | 435 | |
| | Eastman Chemical Co. | 4.650% | | 10/15/44 | | 1,300 | | 1,409 | |
| | Ecolab Inc. | 4.350% | | 12/8/21 | | 378 | | 395 | |
| | Ecolab Inc. | 2.375% | | 8/10/22 | | 400 | | 404 | |
| | Ecolab Inc. | 3.250% | | 1/14/23 | | 393 | | 406 | |
| | Ecolab Inc. | 2.700% | | 11/1/26 | | 600 | | 616 | |
| | Ecolab Inc. | 3.250% | | 12/1/27 | | 400 | | 421 | |
| | Ecolab Inc. | 5.500% | | 12/8/41 | | 85 | | 111 | |
| | Ecolab Inc. | 3.950% | | 12/1/47 | | 693 | | 777 | |
| | Fibria Overseas Finance Ltd. | 5.250% | | 5/12/24 | | 1,125 | | 1,218 | |
| | Fibria Overseas Finance Ltd. | 4.000% | | 1/14/25 | | 250 | | 259 | |
| | Fibria Overseas Finance Ltd. | 5.500% | | 1/17/27 | | 150 | | 165 | |
| | FMC Corp. | 3.950% | | 2/1/22 | | 150 | | 155 | |
| | FMC Corp. | 4.100% | | 2/1/24 | | 750 | | 790 | |
| | FMC Corp. | 3.200% | | 10/1/26 | | 300 | | 307 | |
| | FMC Corp. | 3.450% | | 10/1/29 | | 200 | | 207 | |
| | FMC Corp. | 4.500% | | 10/1/49 | | 300 | | 329 | |
| | Georgia-Pacific LLC | 8.875% | | 5/15/31 | | 1,175 | | 1,824 | |
| | Huntsman International LLC | 4.500% | | 5/1/29 | | 250 | | 266 | |
| | International Flavors & Fragrances Inc. | 3.200% | | 5/1/23 | | 100 | | 101 | |
| | International Flavors & Fragrances Inc. | 4.450% | | 9/26/28 | | 215 | | 235 | |
| | International Flavors & Fragrances Inc. | 4.375% | | 6/1/47 | | 550 | | 564 | |
| | International Flavors & Fragrances Inc. | 5.000% | | 9/26/48 | | 500 | | 560 | |
| | International Paper Co. | 7.500% | | 8/15/21 | | 617 | | 669 | |
| | International Paper Co. | 3.650% | | 6/15/24 | | 400 | | 421 | |
| | International Paper Co. | 3.800% | | 1/15/26 | | 350 | | 373 | |
| | International Paper Co. | 3.000% | | 2/15/27 | | 1,500 | | 1,534 | |
| | International Paper Co. | 5.000% | | 9/15/35 | | 150 | | 176 | |
| | International Paper Co. | 7.300% | | 11/15/39 | | 805 | | 1,115 | |
| | International Paper Co. | 6.000% | | 11/15/41 | | 300 | | 373 | |
| | International Paper Co. | 4.800% | | 6/15/44 | | 500 | | 548 | |
| | International Paper Co. | 5.150% | | 5/15/46 | | 625 | | 719 | |
| | International Paper Co. | 4.400% | | 8/15/47 | | 1,000 | | 1,060 | |
| | International Paper Co. | 4.350% | | 8/15/48 | | 475 | | 505 | |
| | Kinross Gold Corp. | 5.125% | | 9/1/21 | | 200 | | 208 | |
| | Kinross Gold Corp. | 5.950% | | 3/15/24 | | 400 | | 445 | |
| | Kinross Gold Corp. | 4.500% | | 7/15/27 | | 100 | | 105 | |
| | LYB International Finance BV | 4.000% | | 7/15/23 | | 500 | | 533 | |
| | LYB International Finance BV | 5.250% | | 7/15/43 | | 500 | | 587 | |
| | LYB International Finance BV | 4.875% | | 3/15/44 | | 1,035 | | 1,164 | |
| | LYB International Finance II BV | 3.500% | | 3/2/27 | | 400 | | 419 | |
| | LYB International Finance III LLC | 4.200% | | 10/15/49 | | 485 | | 504 | |
| | LyondellBasell Industries NV | 6.000% | | 11/15/21 | | 775 | | 824 | |
| | LyondellBasell Industries NV | 4.625% | | 2/26/55 | | 1,160 | | 1,224 | |
| | Meadwestvaco Corp. | 7.950% | | 2/15/31 | | 975 | | 1,316 | |
| | Methanex Corp. | 4.250% | | 12/1/24 | | 233 | | 239 | |
| | Methanex Corp. | 5.650% | | 12/1/44 | | 440 | | 422 | |
| | Mosaic Co. | 3.750% | | 11/15/21 | | 865 | | 885 | |
| | Mosaic Co. | 3.250% | | 11/15/22 | | 650 | | 666 | |
| | Mosaic Co. | 4.250% | | 11/15/23 | | 3,600 | | 3,836 | |
| | Mosaic Co. | 4.050% | | 11/15/27 | | 700 | | 725 | |
| | Mosaic Co. | 5.450% | | 11/15/33 | | 100 | | 113 | |
| | Mosaic Co. | 4.875% | | 11/15/41 | | 130 | | 135 | |
| | Mosaic Co. | 5.625% | | 11/15/43 | | 325 | | 385 | |
| | Newmont Corp. | 3.625% | | 6/9/21 | | 450 | | 459 | |
| | Newmont Corp. | 3.700% | | 3/15/23 | | 2,825 | | 2,954 | |
| | Newmont Corp. | 2.800% | | 10/1/29 | | 550 | | 544 | |
| | Newmont Corp. | 5.875% | | 4/1/35 | | 325 | | 414 | |
| | Newmont Corp. | 6.250% | | 10/1/39 | | 500 | | 661 | |
| | Newmont Corp. | 4.875% | | 3/15/42 | | 950 | | 1,107 | |
| | Newmont Corp. | 5.450% | | 6/9/44 | | 350 | | 433 | |
| | Nucor Corp. | 4.125% | | 9/15/22 | | 200 | | 210 | |
| | Nucor Corp. | 4.000% | | 8/1/23 | | 325 | | 344 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Nucor Corp. | 6.400% | | 12/1/37 | | 1,300 | | 1,757 | |
| | Nucor Corp. | 5.200% | | 8/1/43 | | 375 | | 466 | |
| | Nucor Corp. | 4.400% | | 5/1/48 | | 500 | | 566 | |
| | Nutrien Ltd. | 3.150% | | 10/1/22 | | 410 | | 418 | |
| | Nutrien Ltd. | 3.500% | | 6/1/23 | | 275 | | 284 | |
| | Nutrien Ltd. | 3.375% | | 3/15/25 | | 550 | | 570 | |
| | Nutrien Ltd. | 3.000% | | 4/1/25 | | 250 | | 254 | |
| | Nutrien Ltd. | 4.000% | | 12/15/26 | | 300 | | 319 | |
| | Nutrien Ltd. | 4.200% | | 4/1/29 | | 275 | | 302 | |
| | Nutrien Ltd. | 4.125% | | 3/15/35 | | 1,250 | | 1,305 | |
| | Nutrien Ltd. | 5.875% | | 12/1/36 | | 300 | | 360 | |
| | Nutrien Ltd. | 5.625% | | 12/1/40 | | 385 | | 450 | |
| | Nutrien Ltd. | 4.900% | | 6/1/43 | | 125 | | 140 | |
| | Nutrien Ltd. | 5.250% | | 1/15/45 | | 750 | | 883 | |
| | Nutrien Ltd. | 5.000% | | 4/1/49 | | 450 | | 531 | |
| | Packaging Corp. of America | 4.500% | | 11/1/23 | | 1,640 | | 1,764 | |
| | Packaging Corp. of America | 3.650% | | 9/15/24 | | 500 | | 524 | |
| | Packaging Corp. of America | 3.400% | | 12/15/27 | | 400 | | 416 | |
| | Packaging Corp. of America | 3.000% | | 12/15/29 | | 300 | | 301 | |
| | Packaging Corp. of America | 4.050% | | 12/15/49 | | 200 | | 208 | |
| | PPG Industries Inc. | 2.400% | | 8/15/24 | | 300 | | 302 | |
| | Praxair Inc. | 4.050% | | 3/15/21 | | 825 | | 847 | |
| | Praxair Inc. | 3.000% | | 9/1/21 | | 325 | | 331 | |
| | Praxair Inc. | 2.450% | | 2/15/22 | | 3,275 | | 3,313 | |
| | Praxair Inc. | 2.650% | | 2/5/25 | | 500 | | 513 | |
| | Praxair Inc. | 3.550% | | 11/7/42 | | 300 | | 313 | |
| | Rayonier Inc. | 3.750% | | 4/1/22 | | 125 | | 126 | |
| | Reliance Steel & Aluminum Co. | 4.500% | | 4/15/23 | | 360 | | 379 | |
| | Rio Tinto Alcan Inc. | 6.125% | | 12/15/33 | | 325 | | 440 | |
| | Rio Tinto Alcan Inc. | 5.750% | | 6/1/35 | | 450 | | 564 | |
| | Rio Tinto Finance USA Ltd. | 3.750% | | 6/15/25 | | 1,700 | | 1,824 | |
| | Rio Tinto Finance USA Ltd. | 7.125% | | 7/15/28 | | 225 | | 300 | |
| | Rio Tinto Finance USA Ltd. | 5.200% | | 11/2/40 | | 565 | | 737 | |
| | Rio Tinto Finance USA plc | 4.750% | | 3/22/42 | | 600 | | 732 | |
| | Rio Tinto Finance USA plc | 4.125% | | 8/21/42 | | 975 | | 1,116 | |
| | Rohm & Haas Co. | 7.850% | | 7/15/29 | | 300 | | 399 | |
| | RPM International Inc. | 3.450% | | 11/15/22 | | 250 | | 256 | |
| | RPM International Inc. | 3.750% | | 3/15/27 | | 150 | | 154 | |
| | RPM International Inc. | 4.550% | | 3/1/29 | | 275 | | 297 | |
| | RPM International Inc. | 5.250% | | 6/1/45 | | 50 | | 55 | |
| | RPM International Inc. | 4.250% | | 1/15/48 | | 1,200 | | 1,164 | |
| | Sasol Financing International Ltd. | 4.500% | | 11/14/22 | | 895 | | 924 | |
| | Sasol Financing USA LLC | 5.875% | | 3/27/24 | | 1,200 | | 1,301 | |
| | Sasol Financing USA LLC | 6.500% | | 9/27/28 | | 625 | | 695 | |
| | Sherwin-Williams Co. | 4.200% | | 1/15/22 | | 25 | | 26 | |
| | Sherwin-Williams Co. | 2.750% | | 6/1/22 | | 689 | | 701 | |
| | Sherwin-Williams Co. | 3.125% | | 6/1/24 | | 925 | | 955 | |
| | Sherwin-Williams Co. | 3.450% | | 8/1/25 | | 900 | | 945 | |
| | Sherwin-Williams Co. | 3.950% | | 1/15/26 | | 600 | | 641 | |
| | Sherwin-Williams Co. | 3.450% | | 6/1/27 | | 300 | | 316 | |
| | Sherwin-Williams Co. | 2.950% | | 8/15/29 | | 300 | | 304 | |
| | Sherwin-Williams Co. | 4.000% | | 12/15/42 | | 200 | | 205 | |
| | Sherwin-Williams Co. | 4.550% | | 8/1/45 | | 270 | | 297 | |
| | Sherwin-Williams Co. | 4.500% | | 6/1/47 | | 1,550 | | 1,760 | |
| | Sherwin-Williams Co. | 3.800% | | 8/15/49 | | 500 | | 509 | |
| | Southern Copper Corp. | 3.500% | | 11/8/22 | | 600 | | 619 | |
| | Southern Copper Corp. | 3.875% | | 4/23/25 | | 650 | | 682 | |
| | Southern Copper Corp. | 7.500% | | 7/27/35 | | 425 | | 585 | |
| | Southern Copper Corp. | 6.750% | | 4/16/40 | | 450 | | 599 | |
| | Southern Copper Corp. | 5.875% | | 4/23/45 | | 2,705 | | 3,362 | |
| | Steel Dynamics Inc. | 2.800% | | 12/15/24 | | 175 | | 176 | |
| | Steel Dynamics Inc. | 4.125% | | 9/15/25 | | 275 | | 283 | |
| | Steel Dynamics Inc. | 3.450% | | 4/15/30 | | 525 | | 531 | |
| | Suzano Austria GmbH | 6.000% | | 1/15/29 | | 1,050 | | 1,185 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Suzano Austria GmbH | 5.000% | | 1/15/30 | | 1,200 | | 1,259 | |
| | Teck Resources Ltd. | 6.125% | | 10/1/35 | | 475 | | 553 | |
| | Teck Resources Ltd. | 6.000% | | 8/15/40 | | 150 | | 167 | |
| | Teck Resources Ltd. | 6.250% | | 7/15/41 | | 1,125 | | 1,285 | |
| | Vale Canada Ltd. | 7.200% | | 9/15/32 | | 100 | | 123 | |
| | Vale Overseas Ltd. | 6.250% | | 8/10/26 | | 700 | | 821 | |
| | Vale Overseas Ltd. | 8.250% | | 1/17/34 | | 375 | | 525 | |
| | Vale Overseas Ltd. | 6.875% | | 11/21/36 | | 1,587 | | 2,059 | |
| | Vale Overseas Ltd. | 6.875% | | 11/10/39 | | 1,410 | | 1,829 | |
| | Vale SA | 5.625% | | 9/11/42 | | 923 | | 1,080 | |
| | Westlake Chemical Corp. | 3.600% | | 8/15/26 | | 200 | | 206 | |
| | Westlake Chemical Corp. | 5.000% | | 8/15/46 | | 825 | | 875 | |
| | Westrock MWV LLC | 8.200% | | 1/15/30 | | 475 | | 649 | |
| | WestRock RKT Co. | 4.900% | | 3/1/22 | | 250 | | 264 | |
| | Weyerhaeuser Co. | 4.700% | | 3/15/21 | | 275 | | 282 | |
| | Weyerhaeuser Co. | 8.500% | | 1/15/25 | | 150 | | 189 | |
| | Weyerhaeuser Co. | 4.000% | | 11/15/29 | | 750 | | 813 | |
| | Weyerhaeuser Co. | 7.375% | | 3/15/32 | | 625 | | 866 | |
| | Weyerhaeuser Co. | 6.875% | | 12/15/33 | | 125 | | 165 | |
| | WRKCo Inc. | 3.000% | | 9/15/24 | | 525 | | 536 | |
| | WRKCo Inc. | 4.650% | | 3/15/26 | | 600 | | 663 | |
| | WRKCo Inc. | 3.375% | | 9/15/27 | | 425 | | 434 | |
| | WRKCo Inc. | 3.900% | | 6/1/28 | | 200 | | 211 | |
| | WRKCo Inc. | 4.900% | | 3/15/29 | | 2,625 | | 2,985 | |
| | WRKCo Inc. | 4.200% | | 6/1/32 | | 700 | | 765 | |
| | Capital Goods (0.5%) | |
| | 3M Co. | 1.625% | | 9/19/21 | | 450 | | 449 | |
| | 3M Co. | 2.750% | | 3/1/22 | | 375 | | 382 | |
| | 3M Co. | 1.750% | | 2/14/23 | | 500 | | 497 | |
| | 3M Co. | 2.250% | | 3/15/23 | | 1,325 | | 1,336 | |
| | 3M Co. | 3.250% | | 2/14/24 | | 400 | | 418 | |
| | 3M Co. | 2.000% | | 2/14/25 | | 600 | | 595 | |
| | 3M Co. | 3.000% | | 8/7/25 | | 425 | | 443 | |
| | 3M Co. | 2.250% | | 9/19/26 | | 800 | | 798 | |
| | 3M Co. | 2.875% | | 10/15/27 | | 525 | | 547 | |
| | 3M Co. | 3.375% | | 3/1/29 | | 650 | | 689 | |
| | 3M Co. | 2.375% | | 8/26/29 | | 775 | | 761 | |
| | 3M Co. | 3.125% | | 9/19/46 | | 500 | | 479 | |
| | 3M Co. | 3.625% | | 10/15/47 | | 450 | | 463 | |
| | 3M Co. | 4.000% | | 9/14/48 | | 925 | | 1,015 | |
| | 3M Co. | 3.250% | | 8/26/49 | | 950 | | 924 | |
| | ABB Finance USA Inc. | 2.875% | | 5/8/22 | | 1,000 | | 1,020 | |
| | ABB Finance USA Inc. | 3.375% | | 4/3/23 | | 250 | | 260 | |
| | ABB Finance USA Inc. | 3.800% | | 4/3/28 | | 600 | | 655 | |
| | ABB Finance USA Inc. | 4.375% | | 5/8/42 | | 625 | | 750 | |
| | Allegion plc | 3.500% | | 10/1/29 | | 325 | | 331 | |
| | Allegion US Holding Co. Inc. | 3.200% | | 10/1/24 | | 128 | | 131 | |
| | Allegion US Holding Co. Inc. | 3.550% | | 10/1/27 | | 325 | | 335 | |
| 7 | Bemis Co. Inc. | 3.100% | | 9/15/26 | | 300 | | 293 | |
| | Boeing Co. | 2.300% | | 8/1/21 | | 200 | | 201 | |
| | Boeing Co. | 2.125% | | 3/1/22 | | 800 | | 801 | |
| | Boeing Co. | 2.700% | | 5/1/22 | | 425 | | 431 | |
| | Boeing Co. | 2.800% | | 3/1/23 | | 250 | | 255 | |
| | Boeing Co. | 1.875% | | 6/15/23 | | 100 | | 99 | |
| | Boeing Co. | 2.800% | | 3/1/24 | | 450 | | 459 | |
| | Boeing Co. | 2.850% | | 10/30/24 | | 450 | | 461 | |
| | Boeing Co. | 2.600% | | 10/30/25 | | 300 | | 302 | |
| | Boeing Co. | 3.100% | | 5/1/26 | | 400 | | 412 | |
| | Boeing Co. | 2.250% | | 6/15/26 | | 250 | | 246 | |
| | Boeing Co. | 2.700% | | 2/1/27 | | 715 | | 721 | |
| | Boeing Co. | 2.800% | | 3/1/27 | | 200 | | 203 | |
| | Boeing Co. | 3.250% | | 3/1/28 | | 275 | | 285 | |
| | Boeing Co. | 3.450% | | 11/1/28 | | 200 | | 211 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Boeing Co. | 3.200% | | 3/1/29 | | 900 | | 938 | |
| | Boeing Co. | 2.950% | | 2/1/30 | | 500 | | 511 | |
| | Boeing Co. | 6.125% | | 2/15/33 | | 325 | | 424 | |
| | Boeing Co. | 3.600% | | 5/1/34 | | 675 | | 720 | |
| | Boeing Co. | 3.250% | | 2/1/35 | | 600 | | 611 | |
| | Boeing Co. | 6.625% | | 2/15/38 | | 100 | | 139 | |
| | Boeing Co. | 3.500% | | 3/1/39 | | 200 | | 205 | |
| | Boeing Co. | 6.875% | | 3/15/39 | | 1,035 | | 1,512 | |
| | Boeing Co. | 5.875% | | 2/15/40 | | 545 | | 721 | |
| | Boeing Co. | 3.375% | | 6/15/46 | | 450 | | 436 | |
| | Boeing Co. | 3.650% | | 3/1/47 | | 300 | | 304 | |
| | Boeing Co. | 3.625% | | 3/1/48 | | 350 | | 358 | |
| | Boeing Co. | 3.850% | | 11/1/48 | | 200 | | 210 | |
| | Boeing Co. | 3.900% | | 5/1/49 | | 650 | | 696 | |
| | Boeing Co. | 3.750% | | 2/1/50 | | 500 | | 527 | |
| | Boeing Co. | 3.825% | | 3/1/59 | | 575 | | 597 | |
| | Boeing Co. | 3.950% | | 8/1/59 | | 500 | | 534 | |
| | Carlisle Cos. Inc. | 3.750% | | 11/15/22 | | 175 | | 180 | |
| | Carlisle Cos. Inc. | 3.500% | | 12/1/24 | | 150 | | 156 | |
| | Carlisle Cos. Inc. | 3.750% | | 12/1/27 | | 650 | | 680 | |
| | Caterpillar Financial Services Corp. | 2.900% | | 3/15/21 | | 800 | | 810 | |
| | Caterpillar Financial Services Corp. | 2.650% | | 5/17/21 | | 380 | | 384 | |
| | Caterpillar Financial Services Corp. | 1.700% | | 8/9/21 | | 800 | | 797 | |
| | Caterpillar Financial Services Corp. | 2.750% | | 8/20/21 | | 200 | | 203 | |
| | Caterpillar Financial Services Corp. | 3.150% | | 9/7/21 | | 900 | | 918 | |
| | Caterpillar Financial Services Corp. | 1.931% | | 10/1/21 | | 875 | | 876 | |
| | Caterpillar Financial Services Corp. | 2.950% | | 2/26/22 | | 825 | | 843 | |
| | Caterpillar Financial Services Corp. | 2.400% | | 6/6/22 | | 200 | | 202 | |
| | Caterpillar Financial Services Corp. | 2.550% | | 11/29/22 | | 1,000 | | 1,018 | |
| | Caterpillar Financial Services Corp. | 3.450% | | 5/15/23 | | 1,400 | | 1,464 | |
| | Caterpillar Financial Services Corp. | 3.650% | | 12/7/23 | | 400 | | 424 | |
| | Caterpillar Financial Services Corp. | 2.850% | | 5/17/24 | | 325 | | 336 | |
| | Caterpillar Financial Services Corp. | 3.300% | | 6/9/24 | | 730 | | 768 | |
| | Caterpillar Financial Services Corp. | 2.150% | | 11/8/24 | | 400 | | 401 | |
| | Caterpillar Financial Services Corp. | 3.250% | | 12/1/24 | | 1,270 | | 1,339 | |
| | Caterpillar Financial Services Corp. | 2.400% | | 8/9/26 | | 200 | | 201 | |
| | Caterpillar Inc. | 3.900% | | 5/27/21 | | 720 | | 739 | |
| | Caterpillar Inc. | 2.600% | | 6/26/22 | | 125 | | 127 | |
| | Caterpillar Inc. | 3.400% | | 5/15/24 | | 750 | | 793 | |
| | Caterpillar Inc. | 2.600% | | 9/19/29 | | 400 | | 403 | |
| | Caterpillar Inc. | 6.050% | | 8/15/36 | | 720 | | 980 | |
| | Caterpillar Inc. | 5.200% | | 5/27/41 | | 475 | | 613 | |
| | Caterpillar Inc. | 3.803% | | 8/15/42 | | 1,429 | | 1,598 | |
| | Caterpillar Inc. | 4.300% | | 5/15/44 | | 375 | | 434 | |
| | Caterpillar Inc. | 3.250% | | 9/19/49 | | 800 | | 798 | |
| | CNH Industrial Capital LLC | 4.375% | | 4/5/22 | | 150 | | 156 | |
| | CNH Industrial Capital LLC | 4.200% | | 1/15/24 | | 3,525 | | 3,731 | |
| | CNH Industrial NV | 3.850% | | 11/15/27 | | 500 | | 521 | |
| | Crane Co. | 4.450% | | 12/15/23 | | 400 | | 426 | |
| | Crane Co. | 4.200% | | 3/15/48 | | 500 | | 500 | |
| | CRH America Inc. | 5.750% | | 1/15/21 | | 985 | | 1,020 | |
| | Deere & Co. | 2.600% | | 6/8/22 | | 700 | | 711 | |
| | Deere & Co. | 5.375% | | 10/16/29 | | 455 | | 563 | |
| | Deere & Co. | 7.125% | | 3/3/31 | | 400 | | 565 | |
| | Deere & Co. | 3.900% | | 6/9/42 | | 1,000 | | 1,124 | |
| | Dover Corp. | 2.950% | | 11/4/29 | | 575 | | 576 | |
| | Dover Corp. | 6.600% | | 3/15/38 | | 350 | | 467 | |
| | Dover Corp. | 5.375% | | 3/1/41 | | 280 | | 340 | |
| | Eaton Corp. | 2.750% | | 11/2/22 | | 1,075 | | 1,097 | |
| | Eaton Corp. | 3.103% | | 9/15/27 | | 665 | | 690 | |
| | Eaton Corp. | 4.000% | | 11/2/32 | | 565 | | 640 | |
| | Eaton Corp. | 4.150% | | 11/2/42 | | 75 | | 83 | |
| | Eaton Corp. | 3.915% | | 9/15/47 | | 550 | | 585 | |
| | Embraer Netherlands Finance BV | 5.050% | | 6/15/25 | | 650 | | 715 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Embraer Netherlands Finance BV | 5.400% | | 2/1/27 | | 500 | | 562 | |
| 7 | Embraer Overseas Ltd. | 5.696% | | 9/16/23 | | 350 | | 384 | |
| | Embraer SA | 5.150% | | 6/15/22 | | 900 | | 949 | |
| | Emerson Electric Co. | 2.625% | | 12/1/21 | | 450 | | 458 | |
| | Emerson Electric Co. | 2.625% | | 2/15/23 | | 300 | | 307 | |
| | Emerson Electric Co. | 3.150% | | 6/1/25 | | 450 | | 471 | |
| | Emerson Electric Co. | 5.250% | | 11/15/39 | | 135 | | 169 | |
| | Flowserve Corp. | 3.500% | | 9/15/22 | | 225 | | 227 | |
| | Flowserve Corp. | 4.000% | | 11/15/23 | | 375 | | 384 | |
| | Fortive Corp. | 2.350% | | 6/15/21 | | 700 | | 702 | |
| | Fortive Corp. | 3.150% | | 6/15/26 | | 585 | | 599 | |
| | Fortive Corp. | 4.300% | | 6/15/46 | | 425 | | 437 | |
| | Fortune Brands Home & Security Inc. | 4.000% | | 9/21/23 | | 600 | | 634 | |
| | Fortune Brands Home & Security Inc. | 4.000% | | 6/15/25 | | 400 | | 427 | |
| | General Dynamics Corp. | 3.000% | | 5/11/21 | | 1,400 | | 1,422 | |
| | General Dynamics Corp. | 3.875% | | 7/15/21 | | 250 | | 257 | |
| | General Dynamics Corp. | 2.250% | | 11/15/22 | | 900 | | 909 | |
| | General Dynamics Corp. | 3.375% | | 5/15/23 | | 600 | | 626 | |
| | General Dynamics Corp. | 1.875% | | 8/15/23 | | 500 | | 500 | |
| | General Dynamics Corp. | 2.375% | | 11/15/24 | | 500 | | 508 | |
| | General Dynamics Corp. | 3.500% | | 5/15/25 | | 1,500 | | 1,606 | |
| | General Dynamics Corp. | 2.125% | | 8/15/26 | | 250 | | 247 | |
| | General Dynamics Corp. | 2.625% | | 11/15/27 | | 500 | | 511 | |
| | General Dynamics Corp. | 3.750% | | 5/15/28 | | 780 | | 859 | |
| | General Dynamics Corp. | 3.600% | | 11/15/42 | | 625 | | 707 | |
| | General Electric Co. | 4.625% | | 1/7/21 | | 455 | | 465 | |
| | General Electric Co. | 5.300% | | 2/11/21 | | 1,099 | | 1,134 | |
| | General Electric Co. | 4.650% | | 10/17/21 | | 1,304 | | 1,358 | |
| | General Electric Co. | 3.150% | | 9/7/22 | | 318 | | 325 | |
| | General Electric Co. | 2.700% | | 10/9/22 | | 1,100 | | 1,115 | |
| | General Electric Co. | 3.100% | | 1/9/23 | | 4,149 | | 4,235 | |
| | General Electric Co. | 3.375% | | 3/11/24 | | 500 | | 517 | |
| | General Electric Co. | 3.450% | | 5/15/24 | | 425 | | 441 | |
| | General Electric Co. | 6.750% | | 3/15/32 | | 2,185 | | 2,799 | |
| | General Electric Co. | 6.150% | | 8/7/37 | | 673 | | 831 | |
| | General Electric Co. | 5.875% | | 1/14/38 | | 2,512 | | 3,028 | |
| | General Electric Co. | 6.875% | | 1/10/39 | | 1,555 | | 2,073 | |
| | General Electric Co. | 4.125% | | 10/9/42 | | 702 | | 726 | |
| | General Electric Co. | 4.500% | | 3/11/44 | | 913 | | 995 | |
| | Honeywell International Inc. | 4.250% | | 3/1/21 | | 805 | | 829 | |
| | Honeywell International Inc. | 1.850% | | 11/1/21 | | 1,235 | | 1,237 | |
| | Honeywell International Inc. | 2.150% | | 8/8/22 | | 500 | | 505 | |
| | Honeywell International Inc. | 3.350% | | 12/1/23 | | 1,175 | | 1,235 | |
| | Honeywell International Inc. | 2.300% | | 8/15/24 | | 800 | | 811 | |
| | Honeywell International Inc. | 2.500% | | 11/1/26 | | 50 | | 51 | |
| | Honeywell International Inc. | 2.700% | | 8/15/29 | | 350 | | 359 | |
| | Honeywell International Inc. | 5.700% | | 3/15/36 | | 300 | | 400 | |
| | Honeywell International Inc. | 5.700% | | 3/15/37 | | 305 | | 413 | |
| | Honeywell International Inc. | 5.375% | | 3/1/41 | | 855 | | 1,151 | |
| | Hubbell Inc. | 3.350% | | 3/1/26 | | 300 | | 307 | |
| | Hubbell Inc. | 3.150% | | 8/15/27 | | 275 | | 274 | |
| | Hubbell Inc. | 3.500% | | 2/15/28 | | 400 | | 413 | |
| | Huntington Ingalls Industries Inc. | 3.483% | | 12/1/27 | | 1,000 | | 1,042 | |
| | Illinois Tool Works Inc. | 3.375% | | 9/15/21 | | 90 | | 92 | |
| | Illinois Tool Works Inc. | 3.500% | | 3/1/24 | | 1,145 | | 1,212 | |
| | Illinois Tool Works Inc. | 2.650% | | 11/15/26 | | 1,100 | | 1,130 | |
| | Illinois Tool Works Inc. | 4.875% | | 9/15/41 | | 305 | | 383 | |
| | Illinois Tool Works Inc. | 3.900% | | 9/1/42 | | 1,500 | | 1,729 | |
| | Ingersoll-Rand Global Holding Co. Ltd. | 4.250% | | 6/15/23 | | 900 | | 961 | |
| | Ingersoll-Rand Global Holding Co. Ltd. | 5.750% | | 6/15/43 | | 325 | | 409 | |
| | Ingersoll-Rand Luxembourg Finance SA | 3.550% | | 11/1/24 | | 1,350 | | 1,415 | |
| | Ingersoll-Rand Luxembourg Finance SA | 3.500% | | 3/21/26 | | 325 | | 340 | |
| | Ingersoll-Rand Luxembourg Finance SA | 3.800% | | 3/21/29 | | 975 | | 1,044 | |
| | Ingersoll-Rand Luxembourg Finance SA | 4.650% | | 11/1/44 | | 150 | | 169 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Ingersoll-Rand Luxembourg Finance SA | 4.500% | | 3/21/49 | | 275 | | 307 | |
| | 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 | | 511 | |
| | John Deere Capital Corp. | 3.150% | | 10/15/21 | | 305 | | 312 | |
| | John Deere Capital Corp. | 2.650% | | 1/6/22 | | 450 | | 457 | |
| | John Deere Capital Corp. | 2.750% | | 3/15/22 | | 75 | | 76 | |
| | John Deere Capital Corp. | 1.950% | | 6/13/22 | | 850 | | 851 | |
| | John Deere Capital Corp. | 2.150% | | 9/8/22 | | 550 | | 553 | |
| | John Deere Capital Corp. | 2.700% | | 1/6/23 | | 425 | | 434 | |
| | John Deere Capital Corp. | 2.800% | | 1/27/23 | | 275 | | 282 | |
| | John Deere Capital Corp. | 2.800% | | 3/6/23 | | 1,500 | | 1,538 | |
| | John Deere Capital Corp. | 3.450% | | 6/7/23 | | 200 | | 209 | |
| | John Deere Capital Corp. | 3.650% | | 10/12/23 | | 200 | | 212 | |
| | John Deere Capital Corp. | 2.600% | | 3/7/24 | | 300 | | 306 | |
| | John Deere Capital Corp. | 3.350% | | 6/12/24 | | 700 | | 737 | |
| | John Deere Capital Corp. | 3.450% | | 3/13/25 | | 1,225 | | 1,300 | |
| | John Deere Capital Corp. | 3.400% | | 9/11/25 | | 325 | | 344 | |
| | John Deere Capital Corp. | 2.650% | | 6/10/26 | | 300 | | 306 | |
| | John Deere Capital Corp. | 2.250% | | 9/14/26 | | 1,250 | | 1,250 | |
| | John Deere Capital Corp. | 2.800% | | 9/8/27 | | 250 | | 257 | |
| | John Deere Capital Corp. | 3.050% | | 1/6/28 | | 600 | | 625 | |
| | John Deere Capital Corp. | 3.450% | | 3/7/29 | | 300 | | 326 | |
| | John Deere Capital Corp. | 2.800% | | 7/18/29 | | 490 | | 502 | |
| | Johnson Controls International plc | 3.625% | | 7/2/24 | | 442 | | 459 | |
| | Johnson Controls International plc | 3.900% | | 2/14/26 | | 219 | | 233 | |
| | Johnson Controls International plc | 6.000% | | 1/15/36 | | 210 | | 258 | |
| | Johnson Controls International plc | 4.625% | | 7/2/44 | | 800 | | 872 | |
| | Johnson Controls International plc | 5.125% | | 9/14/45 | | 80 | | 93 | |
| | Johnson Controls International plc | 4.500% | | 2/15/47 | | 700 | | 753 | |
| | Johnson Controls International plc | 4.950% | | 7/2/64 | | 286 | | 296 | |
| | Kennametal Inc. | 3.875% | | 2/15/22 | | 125 | | 129 | |
| | Kennametal Inc. | 4.625% | | 6/15/28 | | 1,000 | | 1,067 | |
| 7 | L3Harris Technologies Inc. | 4.950% | | 2/15/21 | | 575 | | 589 | |
| 7 | L3Harris Technologies Inc. | 3.850% | | 6/15/23 | | 775 | | 816 | |
| 7 | L3Harris Technologies Inc. | 3.950% | | 5/28/24 | | 270 | | 286 | |
| | L3Harris Technologies Inc. | 3.832% | | 4/27/25 | | 550 | | 585 | |
| 7 | L3Harris Technologies Inc. | 3.850% | | 12/15/26 | | 200 | | 215 | |
| 7 | L3Harris Technologies Inc. | 4.400% | | 6/15/28 | | 750 | | 835 | |
| | L3Harris Technologies Inc. | 2.900% | | 12/15/29 | | 450 | | 456 | |
| | L3Harris Technologies Inc. | 4.854% | | 4/27/35 | | 100 | | 118 | |
| | L3Harris Technologies Inc. | 6.150% | | 12/15/40 | | 425 | | 577 | |
| | L3Harris Technologies Inc. | 5.054% | | 4/27/45 | | 375 | | 465 | |
| | Leggett & Platt Inc. | 3.800% | | 11/15/24 | | 550 | | 575 | |
| | Leggett & Platt Inc. | 3.500% | | 11/15/27 | | 700 | | 718 | |
| | Leggett & Platt Inc. | 4.400% | | 3/15/29 | | 325 | | 355 | |
| | Legrand France SA | 8.500% | | 2/15/25 | | 300 | | 387 | |
| | Lennox International Inc. | 3.000% | | 11/15/23 | | 100 | | 102 | |
| | Lockheed Martin Corp. | 3.350% | | 9/15/21 | | 875 | | 897 | |
| | Lockheed Martin Corp. | 3.100% | | 1/15/23 | | 270 | | 279 | |
| | Lockheed Martin Corp. | 2.900% | | 3/1/25 | | 375 | | 390 | |
| | Lockheed Martin Corp. | 3.550% | | 1/15/26 | | 1,200 | | 1,285 | |
| | Lockheed Martin Corp. | 3.600% | | 3/1/35 | | 550 | | 602 | |
| | Lockheed Martin Corp. | 4.500% | | 5/15/36 | | 450 | | 533 | |
| | Lockheed Martin Corp. | 6.150% | | 9/1/36 | | 1,715 | | 2,328 | |
| | Lockheed Martin Corp. | 5.720% | | 6/1/40 | | 316 | | 426 | |
| | Lockheed Martin Corp. | 4.070% | | 12/15/42 | | 175 | | 200 | |
| | Lockheed Martin Corp. | 3.800% | | 3/1/45 | | 750 | | 827 | |
| | Lockheed Martin Corp. | 4.700% | | 5/15/46 | | 1,050 | | 1,326 | |
| | Lockheed Martin Corp. | 4.090% | | 9/15/52 | | 972 | | 1,136 | |
| | Martin Marietta Materials Inc. | 4.250% | | 7/2/24 | | 1,150 | | 1,230 | |
| | Martin Marietta Materials Inc. | 3.450% | | 6/1/27 | | 500 | | 516 | |
| | Martin Marietta Materials Inc. | 3.500% | | 12/15/27 | | 150 | | 156 | |
| | Martin Marietta Materials Inc. | 4.250% | | 12/15/47 | | 600 | | 628 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Masco Corp. | 3.500% | | 4/1/21 | | 300 | | 304 | |
| | Masco Corp. | 5.950% | | 3/15/22 | | 228 | | 245 | |
| | Masco Corp. | 4.450% | | 4/1/25 | | 550 | | 599 | |
| | Masco Corp. | 4.375% | | 4/1/26 | | 400 | | 432 | |
| | Masco Corp. | 3.500% | | 11/15/27 | | 100 | | 103 | |
| | Masco Corp. | 7.750% | | 8/1/29 | | 94 | | 122 | |
| | Masco Corp. | 4.500% | | 5/15/47 | | 425 | | 433 | |
| | Mohawk Industries Inc. | 3.850% | | 2/1/23 | | 550 | | 573 | |
| | Northrop Grumman Corp. | 3.500% | | 3/15/21 | | 225 | | 229 | |
| | Northrop Grumman Corp. | 2.550% | | 10/15/22 | | 1,500 | | 1,522 | |
| | Northrop Grumman Corp. | 3.250% | | 8/1/23 | | 500 | | 520 | |
| | Northrop Grumman Corp. | 2.930% | | 1/15/25 | | 1,300 | | 1,339 | |
| | Northrop Grumman Corp. | 3.250% | | 1/15/28 | | 1,650 | | 1,719 | |
| | Northrop Grumman Corp. | 5.050% | | 11/15/40 | | 475 | | 579 | |
| | Northrop Grumman Corp. | 4.750% | | 6/1/43 | | 850 | | 1,015 | |
| | Northrop Grumman Corp. | 4.030% | | 10/15/47 | | 360 | | 400 | |
| | Nvent Finance Sarl | 3.950% | | 4/15/23 | | 220 | | 223 | |
| | Nvent Finance Sarl | 4.550% | | 4/15/28 | | 300 | | 311 | |
| | Oshkosh Corp. | 4.600% | | 5/15/28 | | 400 | | 428 | |
| | Owens Corning | 4.200% | | 12/1/24 | | 250 | | 265 | |
| | Owens Corning | 3.400% | | 8/15/26 | | 500 | | 506 | |
| | Owens Corning | 3.950% | | 8/15/29 | | 375 | | 389 | |
| | Owens Corning | 7.000% | | 12/1/36 | | 18 | | 22 | |
| | Owens Corning | 4.300% | | 7/15/47 | | 700 | | 664 | |
| | Owens Corning | 4.400% | | 1/30/48 | | 325 | | 314 | |
| | Parker-Hannifin Corp. | 3.500% | | 9/15/22 | | 975 | | 1,009 | |
| | Parker-Hannifin Corp. | 2.700% | | 6/14/24 | | 475 | | 481 | |
| | Parker-Hannifin Corp. | 3.300% | | 11/21/24 | | 467 | | 488 | |
| | Parker-Hannifin Corp. | 3.250% | | 3/1/27 | | 1,600 | | 1,659 | |
| | Parker-Hannifin Corp. | 3.250% | | 6/14/29 | | 285 | | 296 | |
| | Parker-Hannifin Corp. | 4.200% | | 11/21/34 | | 200 | | 221 | |
| | Parker-Hannifin Corp. | 6.250% | | 5/15/38 | | 575 | | 762 | |
| | Parker-Hannifin Corp. | 4.100% | | 3/1/47 | | 500 | | 541 | |
| | Parker-Hannifin Corp. | 4.000% | | 6/14/49 | | 575 | | 622 | |
| | Precision Castparts Corp. | 2.500% | | 1/15/23 | | 1,075 | | 1,094 | |
| | Precision Castparts Corp. | 3.250% | | 6/15/25 | | 675 | | 711 | |
| | Precision Castparts Corp. | 3.900% | | 1/15/43 | | 375 | | 406 | |
| | Precision Castparts Corp. | 4.375% | | 6/15/45 | | 775 | | 896 | |
| | Raytheon Co. | 2.500% | | 12/15/22 | | 845 | | 862 | |
| | Raytheon Co. | 3.150% | | 12/15/24 | | 225 | | 236 | |
| | Raytheon Co. | 7.200% | | 8/15/27 | | 75 | | 98 | |
| | Raytheon Co. | 4.875% | | 10/15/40 | | 225 | | 281 | |
| | Raytheon Co. | 4.700% | | 12/15/41 | | 925 | | 1,150 | |
| | Republic Services Inc. | 5.250% | | 11/15/21 | | 625 | | 663 | |
| | Republic Services Inc. | 3.550% | | 6/1/22 | | 1,300 | | 1,343 | |
| | Republic Services Inc. | 2.500% | | 8/15/24 | | 60 | | 61 | |
| | Republic Services Inc. | 3.200% | | 3/15/25 | | 500 | | 519 | |
| | Republic Services Inc. | 6.200% | | 3/1/40 | | 475 | | 647 | |
| | Republic Services Inc. | 5.700% | | 5/15/41 | | 500 | | 650 | |
| | Rockwell Automation Inc. | 3.500% | | 3/1/29 | | 350 | | 376 | |
| | Rockwell Automation Inc. | 4.200% | | 3/1/49 | | 475 | | 552 | |
| | Rockwell Collins Inc. | 3.100% | | 11/15/21 | | 675 | | 687 | |
| | Rockwell Collins Inc. | 2.800% | | 3/15/22 | | 750 | | 763 | |
| | Rockwell Collins Inc. | 3.200% | | 3/15/24 | | 775 | | 806 | |
| | Rockwell Collins Inc. | 3.500% | | 3/15/27 | | 1,000 | | 1,064 | |
| | Rockwell Collins Inc. | 4.800% | | 12/15/43 | | 235 | | 287 | |
| | Rockwell Collins Inc. | 4.350% | | 4/15/47 | | 775 | | 906 | |
| | Roper Technologies Inc. | 2.800% | | 12/15/21 | | 400 | | 406 | |
| | Roper Technologies Inc. | 2.350% | | 9/15/24 | | 500 | | 503 | |
| | Roper Technologies Inc. | 3.850% | | 12/15/25 | | 250 | | 269 | |
| | Roper Technologies Inc. | 3.800% | | 12/15/26 | | 500 | | 537 | |
| | Roper Technologies Inc. | 4.200% | | 9/15/28 | | 650 | | 711 | |
| | Roper Technologies Inc. | 2.950% | | 9/15/29 | | 475 | | 478 | |
| | Snap-on Inc. | 6.125% | | 9/1/21 | | 300 | | 321 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Snap-on Inc. | 3.250% | | 3/1/27 | | 225 | | 234 | |
| | Snap-on Inc. | 4.100% | | 3/1/48 | | 275 | | 307 | |
| | Sonoco Products Co. | 5.750% | | 11/1/40 | | 490 | | 600 | |
| | Spirit AeroSystems Inc. | 3.950% | | 6/15/23 | | 2,200 | | 2,264 | |
| | Spirit AeroSystems Inc. | 3.850% | | 6/15/26 | | 335 | | 344 | |
| | Spirit AeroSystems Inc. | 4.600% | | 6/15/28 | | 500 | | 526 | |
| | Stanley Black & Decker Inc. | 3.400% | | 12/1/21 | | 450 | | 460 | |
| | Stanley Black & Decker Inc. | 2.900% | | 11/1/22 | | 500 | | 512 | |
| | Stanley Black & Decker Inc. | 3.400% | | 3/1/26 | | 225 | | 237 | |
| | Stanley Black & Decker Inc. | 5.200% | | 9/1/40 | | 300 | | 372 | |
| | Stanley Black & Decker Inc. | 4.850% | | 11/15/48 | | 400 | | 494 | |
| | Textron Inc. | 4.300% | | 3/1/24 | | 625 | | 667 | |
| | Textron Inc. | 3.875% | | 3/1/25 | | 200 | | 212 | |
| | Textron Inc. | 4.000% | | 3/15/26 | | 300 | | 320 | |
| | Textron Inc. | 3.650% | | 3/15/27 | | 1,025 | | 1,072 | |
| | Textron Inc. | 3.375% | | 3/1/28 | | 325 | | 334 | |
| | Textron Inc. | 3.900% | | 9/17/29 | | 600 | | 640 | |
| | Timken Co. | 3.875% | | 9/1/24 | | 200 | | 209 | |
| | Timken Co. | 4.500% | | 12/15/28 | | 400 | | 431 | |
| | United Technologies Corp. | 3.350% | | 8/16/21 | | 1,000 | | 1,023 | |
| | United Technologies Corp. | 1.950% | | 11/1/21 | | 900 | | 901 | |
| | United Technologies Corp. | 3.100% | | 6/1/22 | | 1,800 | | 1,848 | |
| | United Technologies Corp. | 3.650% | | 8/16/23 | | 1,700 | | 1,791 | |
| | United Technologies Corp. | 2.800% | | 5/4/24 | | 500 | | 514 | |
| | United Technologies Corp. | 3.950% | | 8/16/25 | | 1,525 | | 1,660 | |
| | United Technologies Corp. | 2.650% | | 11/1/26 | | 1,075 | | 1,100 | |
| | United Technologies Corp. | 6.700% | | 8/1/28 | | 150 | | 194 | |
| | United Technologies Corp. | 4.125% | | 11/16/28 | | 3,220 | | 3,620 | |
| | United Technologies Corp. | 7.500% | | 9/15/29 | | 900 | | 1,266 | |
| | United Technologies Corp. | 5.400% | | 5/1/35 | | 500 | | 640 | |
| | United Technologies Corp. | 6.050% | | 6/1/36 | | 285 | | 384 | |
| | United Technologies Corp. | 6.125% | | 7/15/38 | | 925 | | 1,279 | |
| | United Technologies Corp. | 4.450% | | 11/16/38 | | 1,000 | | 1,174 | |
| | United Technologies Corp. | 5.700% | | 4/15/40 | | 625 | | 836 | |
| | United Technologies Corp. | 4.500% | | 6/1/42 | | 3,225 | | 3,862 | |
| | United Technologies Corp. | 4.150% | | 5/15/45 | | 325 | | 372 | |
| | United Technologies Corp. | 3.750% | | 11/1/46 | | 900 | | 981 | |
| | United Technologies Corp. | 4.050% | | 5/4/47 | | 800 | | 908 | |
| | United Technologies Corp. | 4.625% | | 11/16/48 | | 975 | | 1,214 | |
| | Valmont Industries Inc. | 5.000% | | 10/1/44 | | 475 | | 485 | |
| | Valmont Industries Inc. | 5.250% | | 10/1/54 | | 300 | | 304 | |
| | Vulcan Materials Co. | 4.500% | | 4/1/25 | | 250 | | 270 | |
| | Vulcan Materials Co. | 4.500% | | 6/15/47 | | 950 | | 1,040 | |
| | Wabtec Corp. | 4.400% | | 3/15/24 | | 1,100 | | 1,166 | |
| | Wabtec Corp. | 3.450% | | 11/15/26 | | 625 | | 628 | |
| | Wabtec Corp. | 4.950% | | 9/15/28 | | 750 | | 824 | |
| | Waste Connections Inc. | 3.500% | | 5/1/29 | | 950 | | 1,001 | |
| | Waste Management Inc. | 4.600% | | 3/1/21 | | 275 | | 282 | |
| | Waste Management Inc. | 2.900% | | 9/15/22 | | 191 | | 195 | |
| | Waste Management Inc. | 2.400% | | 5/15/23 | | 1,100 | | 1,110 | |
| | Waste Management Inc. | 3.500% | | 5/15/24 | | 750 | | 787 | |
| | Waste Management Inc. | 2.950% | | 6/15/24 | | 600 | | 619 | |
| | Waste Management Inc. | 3.125% | | 3/1/25 | | 250 | | 261 | |
| | Waste Management Inc. | 3.200% | | 6/15/26 | | 600 | | 629 | |
| | Waste Management Inc. | 3.150% | | 11/15/27 | | 1,600 | | 1,672 | |
| | Waste Management Inc. | 3.450% | | 6/15/29 | | 775 | | 828 | |
| | Waste Management Inc. | 3.900% | | 3/1/35 | | 250 | | 277 | |
| | Waste Management Inc. | 4.000% | | 7/15/39 | | 425 | | 475 | |
| | Waste Management Inc. | 4.100% | | 3/1/45 | | 500 | | 561 | |
| | Waste Management Inc. | 4.150% | | 7/15/49 | | 825 | | 940 | |
| | WW Grainger Inc. | 4.600% | | 6/15/45 | | 825 | | 977 | |
| | WW Grainger Inc. | 3.750% | | 5/15/46 | | 325 | | 336 | |
| | WW Grainger Inc. | 4.200% | | 5/15/47 | | 350 | | 390 | |
| | Xylem Inc. | 3.250% | | 11/1/26 | | 300 | | 311 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Xylem Inc. | 4.375% | | 11/1/46 | | 475 | | 519 | |
| | Communication (0.9%) | | | | | | | | |
| | Activision Blizzard Inc. | 2.300% | | 9/15/21 | | 500 | | 502 | |
| | Activision Blizzard Inc. | 2.600% | | 6/15/22 | | 350 | | 354 | |
| | Activision Blizzard Inc. | 3.400% | | 9/15/26 | | 1,047 | | 1,097 | |
| | Activision Blizzard Inc. | 4.500% | | 6/15/47 | | 325 | | 369 | |
| | America Movil SAB de CV | 3.125% | | 7/16/22 | | 1,060 | | 1,081 | |
| | America Movil SAB de CV | 3.625% | | 4/22/29 | | 700 | | 742 | |
| | America Movil SAB de CV | 6.375% | | 3/1/35 | | 800 | | 1,073 | |
| | America Movil SAB de CV | 6.125% | | 11/15/37 | | 300 | | 391 | |
| | America Movil SAB de CV | 6.125% | | 3/30/40 | | 1,900 | | 2,546 | |
| | America Movil SAB de CV | 4.375% | | 7/16/42 | | 950 | | 1,058 | |
| | America Movil SAB de CV | 4.375% | | 4/22/49 | | 800 | | 917 | |
| | American Tower Corp. | 3.300% | | 2/15/21 | | 600 | | 607 | |
| | American Tower Corp. | 5.900% | | 11/1/21 | | 3,099 | | 3,311 | |
| | American Tower Corp. | 2.250% | | 1/15/22 | | 350 | | 351 | |
| | American Tower Corp. | 3.500% | | 1/31/23 | | 1,075 | | 1,114 | |
| | American Tower Corp. | 5.000% | | 2/15/24 | | 1,900 | | 2,090 | |
| | American Tower Corp. | 3.375% | | 5/15/24 | | 500 | | 518 | |
| | American Tower Corp. | 2.950% | | 1/15/25 | | 475 | | 487 | |
| | American Tower Corp. | 3.375% | | 10/15/26 | | 1,669 | | 1,734 | |
| | American Tower Corp. | 2.750% | | 1/15/27 | | 2,500 | | 2,499 | |
| | American Tower Corp. | 3.125% | | 1/15/27 | | 575 | | 586 | |
| | American Tower Corp. | 3.950% | | 3/15/29 | | 475 | | 511 | |
| | American Tower Corp. | 3.800% | | 8/15/29 | | 1,075 | | 1,148 | |
| | American Tower Corp. | 3.700% | | 10/15/49 | | 400 | | 397 | |
| | AT&T Inc. | 4.600% | | 2/15/21 | | 900 | | 921 | |
| | AT&T Inc. | 4.000% | | 1/15/22 | | 205 | | 213 | |
| | AT&T Inc. | 3.000% | | 2/15/22 | | 2,000 | | 2,038 | |
| | AT&T Inc. | 3.200% | | 3/1/22 | | 1,175 | | 1,204 | |
| | AT&T Inc. | 3.400% | | 6/15/22 | | 400 | | 412 | |
| | AT&T Inc. | 3.000% | | 6/30/22 | | 1,750 | | 1,789 | |
| | AT&T Inc. | 3.600% | | 2/17/23 | | 1,485 | | 1,549 | |
| | AT&T Inc. | 4.050% | | 12/15/23 | | 375 | | 401 | |
| | AT&T Inc. | 3.800% | | 3/1/24 | | 525 | | 554 | |
| | AT&T Inc. | 4.450% | | 4/1/24 | | 825 | | 893 | |
| | AT&T Inc. | 3.550% | | 6/1/24 | | 525 | | 552 | |
| | AT&T Inc. | 3.950% | | 1/15/25 | | 1,000 | | 1,071 | |
| | AT&T Inc. | 3.400% | | 5/15/25 | | 3,975 | | 4,166 | |
| | AT&T Inc. | 3.600% | | 7/15/25 | | 825 | | 871 | |
| | AT&T Inc. | 3.875% | | 1/15/26 | | 965 | | 1,033 | |
| | AT&T Inc. | 4.125% | | 2/17/26 | | 2,044 | | 2,215 | |
| | AT&T Inc. | 3.800% | | 2/15/27 | | 2,570 | | 2,740 | |
| | AT&T Inc. | 4.100% | | 2/15/28 | | 2,904 | | 3,152 | |
| | AT&T Inc. | 4.350% | | 3/1/29 | | 2,700 | | 2,994 | |
| | AT&T Inc. | 4.300% | | 2/15/30 | | 2,949 | | 3,277 | |
| | AT&T Inc. | 4.500% | | 5/15/35 | | 1,330 | | 1,479 | |
| | AT&T Inc. | 5.250% | | 3/1/37 | | 2,325 | | 2,777 | |
| | AT&T Inc. | 4.900% | | 8/15/37 | | 3,405 | | 3,906 | |
| | AT&T Inc. | 4.850% | | 3/1/39 | | 1,600 | | 1,838 | |
| | AT&T Inc. | 6.200% | | 3/15/40 | | 300 | | 375 | |
| | AT&T Inc. | 6.350% | | 3/15/40 | | 525 | | 684 | |
| | AT&T Inc. | 6.100% | | 7/15/40 | | 375 | | 477 | |
| | AT&T Inc. | 5.350% | | 9/1/40 | | 2,205 | | 2,637 | |
| | AT&T Inc. | 6.375% | | 3/1/41 | | 862 | | 1,136 | |
| | AT&T Inc. | 5.550% | | 8/15/41 | | 410 | | 502 | |
| | AT&T Inc. | 5.375% | | 10/15/41 | | 405 | | 476 | |
| | AT&T Inc. | 5.150% | | 3/15/42 | | 1,000 | | 1,165 | |
| | AT&T Inc. | 4.900% | | 6/15/42 | | 900 | | 1,012 | |
| | AT&T Inc. | 4.300% | | 12/15/42 | | 1,523 | | 1,628 | |
| | AT&T Inc. | 5.350% | | 12/15/43 | | 1,000 | | 1,198 | |
| | AT&T Inc. | 4.650% | | 6/1/44 | | 725 | | 799 | |
| | AT&T Inc. | 4.800% | | 6/15/44 | | 2,050 | | 2,329 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | AT&T Inc. | 4.350% | | 6/15/45 | | 1,575 | | 1,685 | |
| | AT&T Inc. | 4.750% | | 5/15/46 | | 2,725 | | 3,060 | |
| | AT&T Inc. | 5.150% | | 11/15/46 | | 5,485 | | 6,529 | |
| | AT&T Inc. | 4.500% | | 3/9/48 | | 700 | | 769 | |
| | AT&T Inc. | 4.550% | | 3/9/49 | | 3,562 | | 3,949 | |
| | AT&T Inc. | 5.150% | | 2/15/50 | | 1,350 | | 1,626 | |
| | AT&T Inc. | 5.300% | | 8/15/58 | | 1,301 | | 1,603 | |
| | Bell Canada Inc. | 4.300% | | 7/29/49 | | 400 | | 447 | |
| | British Telecommunications plc | 4.500% | | 12/4/23 | | 500 | | 538 | |
| | British Telecommunications plc | 5.125% | | 12/4/28 | | 650 | | 747 | |
| | British Telecommunications plc | 9.625% | | 12/15/30 | | 2,000 | | 3,078 | |
| | CC Holdings GS V LLC / Crown Castle GS III Corp. | 3.849% | | 4/15/23 | | 1,000 | | 1,047 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 4.464% | | 7/23/22 | | 2,415 | | 2,538 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 4.500% | | 2/1/24 | | 1,030 | | 1,108 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 4.908% | | 7/23/25 | | 3,500 | | 3,851 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 3.750% | | 2/15/28 | | 1,880 | | 1,943 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 5.050% | | 3/30/29 | | 1,000 | | 1,131 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 6.384% | | 10/23/35 | | 1,964 | | 2,469 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 6.484% | | 10/23/45 | | 2,760 | | 3,440 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 5.375% | | 5/1/47 | | 2,050 | | 2,298 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 5.750% | | 4/1/48 | | 2,200 | | 2,567 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 5.125% | | 7/1/49 | | 1,350 | | 1,465 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 4.800% | | 3/1/50 | | 2,250 | | 2,356 | |
| | Charter Communications Operating LLC / Charter
Communications Operating Capital | 6.834% | | 10/23/55 | | 325 | | 409 | |
| | Comcast Cable Communications Holdings Inc. | 9.455% | | 11/15/22 | | 1,108 | | 1,338 | |
| | Comcast Corp. | 3.450% | | 10/1/21 | | 2,575 | | 2,648 | |
| | Comcast Corp. | 3.125% | | 7/15/22 | | 800 | | 825 | |
| | Comcast Corp. | 2.750% | | 3/1/23 | | 2,350 | | 2,402 | |
| | Comcast Corp. | 3.000% | | 2/1/24 | | 3,000 | | 3,108 | |
| | Comcast Corp. | 3.600% | | 3/1/24 | | 350 | | 371 | |
| | Comcast Corp. | 3.375% | | 8/15/25 | | 2,725 | | 2,891 | |
| | Comcast Corp. | 3.950% | | 10/15/25 | | 700 | | 763 | |
| | Comcast Corp. | 3.150% | | 3/1/26 | | 2,000 | | 2,090 | |
| | Comcast Corp. | 2.350% | | 1/15/27 | | 1,930 | | 1,924 | |
| | Comcast Corp. | 3.300% | | 2/1/27 | | 1,075 | | 1,136 | |
| | Comcast Corp. | 3.150% | | 2/15/28 | | 1,275 | | 1,335 | |
| | Comcast Corp. | 4.150% | | 10/15/28 | | 4,425 | | 4,980 | |
| | Comcast Corp. | 2.650% | | 2/1/30 | | 1,550 | | 1,551 | |
| | Comcast Corp. | 4.250% | | 10/15/30 | | 1,000 | | 1,137 | |
| | Comcast Corp. | 4.250% | | 1/15/33 | | 1,275 | | 1,462 | |
| | Comcast Corp. | 7.050% | | 3/15/33 | | 1,025 | | 1,465 | |
| | Comcast Corp. | 5.650% | | 6/15/35 | | 1,080 | | 1,417 | |
| | Comcast Corp. | 4.400% | | 8/15/35 | | 1,000 | | 1,170 | |
| | Comcast Corp. | 3.200% | | 7/15/36 | | 700 | | 712 | |
| | Comcast Corp. | 6.450% | | 3/15/37 | | 1,350 | | 1,884 | |
| | Comcast Corp. | 6.950% | | 8/15/37 | | 1,020 | | 1,493 | |
| | Comcast Corp. | 3.900% | | 3/1/38 | | 725 | | 800 | |
| | Comcast Corp. | 6.400% | | 5/15/38 | | 868 | | 1,205 | |
| | Comcast Corp. | 4.600% | | 10/15/38 | | 1,100 | | 1,305 | |
| | Comcast Corp. | 6.550% | | 7/1/39 | | 350 | | 500 | |
| | Comcast Corp. | 3.250% | | 11/1/39 | | 1,075 | | 1,081 | |
| | Comcast Corp. | 6.400% | | 3/1/40 | | 450 | | 630 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Comcast Corp. | 4.650% | | 7/15/42 | | 2,065 | | 2,455 | |
| | Comcast Corp. | 4.500% | | 1/15/43 | | 250 | | 292 | |
| | Comcast Corp. | 4.750% | | 3/1/44 | | 400 | | 485 | |
| | Comcast Corp. | 4.600% | | 8/15/45 | | 1,175 | | 1,401 | |
| | Comcast Corp. | 3.400% | | 7/15/46 | | 1,700 | | 1,707 | |
| | Comcast Corp. | 4.000% | | 8/15/47 | | 700 | | 766 | |
| | Comcast Corp. | 3.969% | | 11/1/47 | | 1,871 | | 2,042 | |
| | Comcast Corp. | 4.000% | | 3/1/48 | | 322 | | 354 | |
| | Comcast Corp. | 4.700% | | 10/15/48 | | 3,200 | | 3,939 | |
| | Comcast Corp. | 3.999% | | 11/1/49 | | 1,803 | | 1,992 | |
| | Comcast Corp. | 3.450% | | 2/1/50 | | 1,400 | | 1,428 | |
| | Comcast Corp. | 4.049% | | 11/1/52 | | 317 | | 357 | |
| | Comcast Corp. | 4.950% | | 10/15/58 | | 2,300 | | 2,991 | |
| | Crown Castle International Corp. | 3.400% | | 2/15/21 | | 1,375 | | 1,395 | |
| | Crown Castle International Corp. | 2.250% | | 9/1/21 | | 2,050 | | 2,052 | |
| | Crown Castle International Corp. | 4.875% | | 4/15/22 | | 550 | | 582 | |
| | Crown Castle International Corp. | 5.250% | | 1/15/23 | | 375 | | 407 | |
| | Crown Castle International Corp. | 3.150% | | 7/15/23 | | 625 | | 641 | |
| | Crown Castle International Corp. | 3.200% | | 9/1/24 | | 525 | | 541 | |
| | Crown Castle International Corp. | 4.450% | | 2/15/26 | | 1,405 | | 1,533 | |
| | Crown Castle International Corp. | 3.700% | | 6/15/26 | | 975 | | 1,031 | |
| | Crown Castle International Corp. | 3.650% | | 9/1/27 | | 1,190 | | 1,254 | |
| | Crown Castle International Corp. | 3.800% | | 2/15/28 | | 1,525 | | 1,620 | |
| | Crown Castle International Corp. | 4.750% | | 5/15/47 | | 300 | | 346 | |
| | Crown Castle International Corp. | 5.200% | | 2/15/49 | | 1,030 | | 1,261 | |
| | Deutsche Telekom International Finance BV | 8.750% | | 6/15/30 | | 3,450 | | 5,062 | |
| | Discovery Communications LLC | 4.375% | | 6/15/21 | | 655 | | 675 | |
| | Discovery Communications LLC | 3.500% | | 6/15/22 | | 625 | | 641 | |
| | Discovery Communications LLC | 2.950% | | 3/20/23 | | 600 | | 611 | |
| | Discovery Communications LLC | 3.250% | | 4/1/23 | | 475 | | 488 | |
| | Discovery Communications LLC | 3.800% | | 3/13/24 | | 210 | | 221 | |
| | Discovery Communications LLC | 3.900% | | 11/15/24 | | 400 | | 424 | |
| | Discovery Communications LLC | 3.450% | | 3/15/25 | | 1,350 | | 1,397 | |
| | Discovery Communications LLC | 3.950% | | 6/15/25 | | 375 | | 398 | |
| | Discovery Communications LLC | 4.900% | | 3/11/26 | | 2,550 | | 2,848 | |
| | Discovery Communications LLC | 3.950% | | 3/20/28 | | 1,475 | | 1,573 | |
| | Discovery Communications LLC | 5.000% | | 9/20/37 | | 1,050 | | 1,185 | |
| | Discovery Communications LLC | 6.350% | | 6/1/40 | | 705 | | 889 | |
| | Discovery Communications LLC | 4.950% | | 5/15/42 | | 1,200 | | 1,312 | |
| | Discovery Communications LLC | 5.200% | | 9/20/47 | | 1,230 | | 1,424 | |
| | Discovery Communications LLC | 5.300% | | 5/15/49 | | 589 | | 697 | |
| | Electronic Arts Inc. | 3.700% | | 3/1/21 | | 725 | | 738 | |
| | Electronic Arts Inc. | 4.800% | | 3/1/26 | | 275 | | 310 | |
| 7 | Fox Corp. | 3.666% | | 1/25/22 | | 675 | | 697 | |
| 7 | Fox Corp. | 4.030% | | 1/25/24 | | 1,475 | | 1,571 | |
| 7 | Fox Corp. | 4.709% | | 1/25/29 | | 1,300 | | 1,478 | |
| 7 | Fox Corp. | 5.476% | | 1/25/39 | | 950 | | 1,155 | |
| 7 | Fox Corp. | 5.576% | | 1/25/49 | | 1,700 | | 2,139 | |
| | Grupo Televisa SAB | 6.625% | | 3/18/25 | | 450 | | 528 | |
| | Grupo Televisa SAB | 4.625% | | 1/30/26 | | 550 | | 592 | |
| | Grupo Televisa SAB | 8.500% | | 3/11/32 | | 50 | | 68 | |
| | Grupo Televisa SAB | 6.625% | | 1/15/40 | | 500 | | 628 | |
| | Grupo Televisa SAB | 5.000% | | 5/13/45 | | 1,640 | | 1,729 | |
| | Grupo Televisa SAB | 5.250% | | 5/24/49 | | 400 | | 432 | |
| | Interpublic Group of Cos. Inc. | 3.750% | | 10/1/21 | | 250 | | 256 | |
| | Interpublic Group of Cos. Inc. | 3.750% | | 2/15/23 | | 750 | | 783 | |
| | Interpublic Group of Cos. Inc. | 4.200% | | 4/15/24 | | 350 | | 376 | |
| | Interpublic Group of Cos. Inc. | 4.650% | | 10/1/28 | | 425 | | 477 | |
| | Interpublic Group of Cos. Inc. | 5.400% | | 10/1/48 | | 550 | | 673 | |
| | Koninklijke KPN NV | 8.375% | | 10/1/30 | | 500 | | 694 | |
| | Moody's Corp. | 2.750% | | 12/15/21 | | 375 | | 380 | |
| | Moody's Corp. | 4.500% | | 9/1/22 | | 335 | | 354 | |
| | Moody's Corp. | 4.875% | | 2/15/24 | | 425 | | 468 | |
| | Moody's Corp. | 4.875% | | 12/17/48 | | 300 | | 367 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | NBCUniversal Media LLC | 4.375% | | 4/1/21 | | 205 | | 211 | |
| | NBCUniversal Media LLC | 2.875% | | 1/15/23 | | 1,932 | | 1,983 | |
| | NBCUniversal Media LLC | 6.400% | | 4/30/40 | | 480 | | 671 | |
| | NBCUniversal Media LLC | 5.950% | | 4/1/41 | | 925 | | 1,271 | |
| | NBCUniversal Media LLC | 4.450% | | 1/15/43 | | 800 | | 928 | |
| | Omnicom Group Inc. / Omnicom Capital Inc. | 3.625% | | 5/1/22 | | 1,100 | | 1,138 | |
| | Omnicom Group Inc. / Omnicom Capital Inc. | 3.650% | | 11/1/24 | | 650 | | 684 | |
| | Omnicom Group Inc. / Omnicom Capital Inc. | 3.600% | | 4/15/26 | | 1,150 | | 1,209 | |
| | Orange SA | 4.125% | | 9/14/21 | | 802 | | 831 | |
| | Orange SA | 9.000% | | 3/1/31 | | 2,260 | | 3,496 | |
| | Orange SA | 5.375% | | 1/13/42 | | 700 | | 897 | |
| | RELX Capital Inc. | 3.125% | | 10/15/22 | | 705 | | 729 | |
| | RELX Capital Inc. | 3.500% | | 3/16/23 | | 575 | | 597 | |
| | RELX Capital Inc. | 4.000% | | 3/18/29 | | 300 | | 325 | |
| | Rogers Communications Inc. | 3.000% | | 3/15/23 | | 230 | | 236 | |
| | Rogers Communications Inc. | 4.100% | | 10/1/23 | | 300 | | 320 | |
| | Rogers Communications Inc. | 3.625% | | 12/15/25 | | 475 | | 503 | |
| | Rogers Communications Inc. | 4.500% | | 3/15/43 | | 540 | | 592 | |
| | Rogers Communications Inc. | 5.000% | | 3/15/44 | | 500 | | 605 | |
| | Rogers Communications Inc. | 4.350% | | 5/1/49 | | 2,000 | | 2,222 | |
| | Rogers Communications Inc. | 3.700% | | 11/15/49 | | 600 | | 603 | |
| | S&P Global Inc. | 4.000% | | 6/15/25 | | 550 | | 595 | |
| | S&P Global Inc. | 4.400% | | 2/15/26 | | 750 | | 833 | |
| | S&P Global Inc. | 2.500% | | 12/1/29 | | 375 | | 376 | |
| | S&P Global Inc. | 4.500% | | 5/15/48 | | 500 | | 606 | |
| | S&P Global Inc. | 3.250% | | 12/1/49 | | 1,150 | | 1,174 | |
| | Telefonica Emisiones SAU | 5.213% | | 3/8/47 | | 2,500 | | 2,968 | |
| | Telefonica Emisiones SAU | 5.462% | | 2/16/21 | | 1,350 | | 1,401 | |
| | Telefonica Emisiones SAU | 4.570% | | 4/27/23 | | 675 | | 725 | |
| | Telefonica Emisiones SAU | 4.103% | | 3/8/27 | | 1,175 | | 1,269 | |
| | Telefonica Emisiones SAU | 7.045% | | 6/20/36 | | 1,535 | | 2,159 | |
| | Telefonica Emisiones SAU | 4.665% | | 3/6/38 | | 600 | | 677 | |
| | Telefonica Emisiones SAU | 4.895% | | 3/6/48 | | 1,000 | | 1,145 | |
| | Telefonica Emisiones SAU | 5.520% | | 3/1/49 | | 1,200 | | 1,501 | |
| | Telefonica Europe BV | 8.250% | | 9/15/30 | | 780 | | 1,121 | |
| | TELUS Corp. | 2.800% | | 2/16/27 | | 500 | | 500 | |
| | TELUS Corp. | 4.300% | | 6/15/49 | | 1,000 | | 1,103 | |
| | Thomson Reuters Corp. | 4.300% | | 11/23/23 | | 560 | | 601 | |
| | Thomson Reuters Corp. | 3.350% | | 5/15/26 | | 400 | | 411 | |
| | Thomson Reuters Corp. | 5.500% | | 8/15/35 | | 350 | | 391 | |
| | Thomson Reuters Corp. | 5.850% | | 4/15/40 | | 400 | | 478 | |
| | Time Warner Cable LLC | 4.125% | | 2/15/21 | | 500 | | 508 | |
| | Time Warner Cable LLC | 4.000% | | 9/1/21 | | 775 | | 793 | |
| | Time Warner Cable LLC | 6.550% | | 5/1/37 | | 1,300 | | 1,593 | |
| | Time Warner Cable LLC | 7.300% | | 7/1/38 | | 1,435 | | 1,877 | |
| | Time Warner Cable LLC | 6.750% | | 6/15/39 | | 1,350 | | 1,704 | |
| | Time Warner Cable LLC | 5.875% | | 11/15/40 | | 950 | | 1,088 | |
| | Time Warner Cable LLC | 5.500% | | 9/1/41 | | 1,325 | | 1,478 | |
| | Time Warner Cable LLC | 4.500% | | 9/15/42 | | 1,350 | | 1,368 | |
| | Time Warner Entertainment Co. LP | 8.375% | | 3/15/23 | | 825 | | 974 | |
| | Time Warner Entertainment Co. LP | 8.375% | | 7/15/33 | | 650 | | 912 | |
| | Verizon Communications Inc. | 3.450% | | 3/15/21 | | 300 | | 306 | |
| | Verizon Communications Inc. | 4.600% | | 4/1/21 | | 1,500 | | 1,550 | |
| | Verizon Communications Inc. | 2.946% | | 3/15/22 | | 800 | | 816 | |
| | Verizon Communications Inc. | 3.125% | | 3/16/22 | | 1,550 | | 1,589 | |
| | Verizon Communications Inc. | 2.450% | | 11/1/22 | | 875 | | 886 | |
| | Verizon Communications Inc. | 5.150% | | 9/15/23 | | 3,390 | | 3,758 | |
| | Verizon Communications Inc. | 4.150% | | 3/15/24 | | 500 | | 538 | |
| | Verizon Communications Inc. | 3.500% | | 11/1/24 | | 1,475 | | 1,561 | |
| | Verizon Communications Inc. | 3.376% | | 2/15/25 | | 2,426 | | 2,565 | |
| | Verizon Communications Inc. | 2.625% | | 8/15/26 | | 2,437 | | 2,470 | |
| | Verizon Communications Inc. | 4.125% | | 3/16/27 | | 1,550 | | 1,714 | |
| | Verizon Communications Inc. | 4.329% | | 9/21/28 | | 5,207 | | 5,902 | |
| | Verizon Communications Inc. | 4.016% | | 12/3/29 | | 3,624 | | 4,034 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Verizon Communications Inc. | 4.500% | | 8/10/33 | | 3,575 | | 4,150 | |
| | Verizon Communications Inc. | 4.400% | | 11/1/34 | | 2,200 | | 2,545 | |
| | Verizon Communications Inc. | 4.272% | | 1/15/36 | | 2,359 | | 2,658 | |
| | Verizon Communications Inc. | 5.250% | | 3/16/37 | | 3,500 | | 4,392 | |
| | Verizon Communications Inc. | 4.812% | | 3/15/39 | | 1,675 | | 2,025 | |
| | Verizon Communications Inc. | 4.750% | | 11/1/41 | | 700 | | 846 | |
| | Verizon Communications Inc. | 3.850% | | 11/1/42 | | 850 | | 910 | |
| | Verizon Communications Inc. | 4.125% | | 8/15/46 | | 980 | | 1,104 | |
| | Verizon Communications Inc. | 4.862% | | 8/21/46 | | 5,311 | | 6,575 | |
| | Verizon Communications Inc. | 4.522% | | 9/15/48 | | 2,600 | | 3,104 | |
| | Verizon Communications Inc. | 5.012% | | 4/15/49 | | 2,100 | | 2,685 | |
| | Verizon Communications Inc. | 4.672% | | 3/15/55 | | 2,500 | | 3,068 | |
| | ViacomCBS Inc. | 4.300% | | 2/15/21 | | 550 | | 560 | |
| | ViacomCBS Inc. | 3.875% | | 12/15/21 | | 495 | | 512 | |
| | ViacomCBS Inc. | 3.375% | | 3/1/22 | | 725 | | 742 | |
| | ViacomCBS Inc. | 2.500% | | 2/15/23 | | 750 | | 758 | |
| | ViacomCBS Inc. | 2.900% | | 6/1/23 | | 325 | | 331 | |
| | ViacomCBS Inc. | 4.250% | | 9/1/23 | | 1,175 | | 1,251 | |
| | ViacomCBS Inc. | 3.875% | | 4/1/24 | | 388 | | 410 | |
| | ViacomCBS Inc. | 3.700% | | 8/15/24 | | 575 | | 606 | |
| | ViacomCBS Inc. | 3.500% | | 1/15/25 | | 500 | | 523 | |
| | ViacomCBS Inc. | 4.000% | | 1/15/26 | | 500 | | 535 | |
| | ViacomCBS Inc. | 2.900% | | 1/15/27 | | 2,133 | | 2,132 | |
| | ViacomCBS Inc. | 3.375% | | 2/15/28 | | 375 | | 386 | |
| | ViacomCBS Inc. | 3.700% | | 6/1/28 | | 400 | | 417 | |
| | ViacomCBS Inc. | 7.875% | | 7/30/30 | | 375 | | 519 | |
| | ViacomCBS Inc. | 5.500% | | 5/15/33 | | 350 | | 418 | |
| | ViacomCBS Inc. | 6.875% | | 4/30/36 | | 940 | | 1,258 | |
| | ViacomCBS Inc. | 4.850% | | 7/1/42 | | 675 | | 745 | |
| | ViacomCBS Inc. | 4.375% | | 3/15/43 | | 1,337 | | 1,415 | |
| | ViacomCBS Inc. | 5.850% | | 9/1/43 | | 1,075 | | 1,347 | |
| | ViacomCBS Inc. | 4.900% | | 8/15/44 | | 700 | | 791 | |
| | Vodafone Group plc | 3.750% | | 1/16/24 | | 1,750 | | 1,846 | |
| | Vodafone Group plc | 4.125% | | 5/30/25 | | 3,170 | | 3,425 | |
| | Vodafone Group plc | 4.375% | | 5/30/28 | | 3,495 | | 3,864 | |
| | Vodafone Group plc | 7.875% | | 2/15/30 | | 625 | | 866 | |
| | Vodafone Group plc | 6.250% | | 11/30/32 | | 425 | | 538 | |
| | Vodafone Group plc | 5.000% | | 5/30/38 | | 1,630 | | 1,899 | |
| | Vodafone Group plc | 4.375% | | 2/19/43 | | 1,125 | | 1,209 | |
| | Vodafone Group plc | 5.250% | | 5/30/48 | | 2,745 | | 3,317 | |
| | Vodafone Group plc | 4.875% | | 6/19/49 | | 1,450 | | 1,669 | |
| | Vodafone Group plc | 4.250% | | 9/17/50 | | 1,600 | | 1,662 | |
| | Walt Disney Co. | 4.500% | | 2/15/21 | | 1,546 | | 1,591 | |
| | Walt Disney Co. | 2.550% | | 2/15/22 | | 932 | | 946 | |
| | Walt Disney Co. | 2.450% | | 3/4/22 | | 375 | | 381 | |
| | Walt Disney Co. | 1.650% | | 9/1/22 | | 400 | | 399 | |
| | Walt Disney Co. | 3.000% | | 9/15/22 | | 825 | | 850 | |
| | Walt Disney Co. | 1.750% | | 8/30/24 | | 500 | | 494 | |
| | Walt Disney Co. | 3.700% | | 9/15/24 | | 1,000 | | 1,069 | |
| | Walt Disney Co. | 3.150% | | 9/17/25 | | 600 | | 637 | |
| | Walt Disney Co. | 3.700% | | 10/15/25 | | 500 | | 541 | |
| | Walt Disney Co. | 1.850% | | 7/30/26 | | 1,415 | | 1,388 | |
| | Walt Disney Co. | 3.375% | | 11/15/26 | | 281 | | 301 | |
| | Walt Disney Co. | 2.000% | | 9/1/29 | | 1,600 | | 1,551 | |
| | Walt Disney Co. | 7.000% | | 3/1/32 | | 50 | | 72 | |
| | Walt Disney Co. | 6.550% | | 3/15/33 | | 392 | | 552 | |
| | Walt Disney Co. | 6.200% | | 12/15/34 | | 975 | | 1,360 | |
| | Walt Disney Co. | 6.400% | | 12/15/35 | | 1,550 | | 2,216 | |
| | Walt Disney Co. | 6.150% | | 3/1/37 | | 800 | | 1,113 | |
| | Walt Disney Co. | 6.650% | | 11/15/37 | | 600 | | 891 | |
| | Walt Disney Co. | 4.375% | | 8/16/41 | | 325 | | 387 | |
| | Walt Disney Co. | 4.125% | | 12/1/41 | | 485 | | 559 | |
| | Walt Disney Co. | 3.700% | | 12/1/42 | | 400 | | 436 | |
| | Walt Disney Co. | 5.400% | | 10/1/43 | | 1,400 | | 1,897 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | | | | | | | | |
| | Walt Disney Co. | 4.750% | | 9/15/44 | | 690 | | 869 | |
| | Walt Disney Co. | 2.750% | | 9/1/49 | | 1,500 | | 1,409 | |
| | Weibo Corp. | 3.500% | | 7/5/24 | | 625 | | 637 | |
| | WPP Finance 2010 | 3.625% | | 9/7/22 | | 400 | | 414 | |
| | WPP Finance 2010 | 3.750% | | 9/19/24 | | 525 | | 552 | |
| | Consumer Cyclical (0.7%) | |
| | Advance Auto Parts Inc. | 4.500% | | 1/15/22 | | 175 | | 182 | |
| | Advance Auto Parts Inc. | 4.500% | | 12/1/23 | | 400 | | 429 | |
| | Alibaba Group Holding Ltd. | 3.125% | | 11/28/21 | | 700 | | 714 | |
| | Alibaba Group Holding Ltd. | 2.800% | | 6/6/23 | | 200 | | 203 | |
| | Alibaba Group Holding Ltd. | 3.600% | | 11/28/24 | | 1,625 | | 1,707 | |
| | Alibaba Group Holding Ltd. | 3.400% | | 12/6/27 | | 2,600 | | 2,710 | |
| | Alibaba Group Holding Ltd. | 4.500% | | 11/28/34 | | 600 | | 679 | |
| | Alibaba Group Holding Ltd. | 4.000% | | 12/6/37 | | 700 | | 752 | |
| | Alibaba Group Holding Ltd. | 4.200% | | 12/6/47 | | 1,400 | | 1,553 | |
| | Alibaba Group Holding Ltd. | 4.400% | | 12/6/57 | | 700 | | 800 | |
| | Amazon.com Inc. | 3.300% | | 12/5/21 | | 775 | | 797 | |
| | Amazon.com Inc. | 2.500% | | 11/29/22 | | 475 | | 484 | |
| | Amazon.com Inc. | 2.400% | | 2/22/23 | | 1,150 | | 1,167 | |
| | Amazon.com Inc. | 2.800% | | 8/22/24 | | 908 | | 940 | |
| | Amazon.com Inc. | 3.800% | | 12/5/24 | | 1,501 | | 1,622 | |
| | Amazon.com Inc. | 5.200% | | 12/3/25 | | 875 | | 1,016 | |
| | Amazon.com Inc. | 3.150% | | 8/22/27 | | 2,350 | | 2,483 | |
| | Amazon.com Inc. | 4.800% | | 12/5/34 | | 975 | | 1,228 | |
| | Amazon.com Inc. | 3.875% | | 8/22/37 | | 2,290 | | 2,602 | |
| | Amazon.com Inc. | 4.950% | | 12/5/44 | | 1,275 | | 1,668 | |
| | Amazon.com Inc. | 4.050% | | 8/22/47 | | 2,400 | | 2,811 | |
| | Amazon.com Inc. | 4.250% | | 8/22/57 | | 1,785 | | 2,169 | |
| | American Honda Finance Corp. | 3.150% | | 1/8/21 | | 600 | | 607 | |
| | American Honda Finance Corp. | 2.650% | | 2/12/21 | | 1,300 | | 1,312 | |
| | American Honda Finance Corp. | 1.650% | | 7/12/21 | | 500 | | 498 | |
| | American Honda Finance Corp. | 1.700% | | 9/9/21 | | 800 | | 798 | |
| | American Honda Finance Corp. | 3.375% | | 12/10/21 | | 400 | | 412 | |
| | American Honda Finance Corp. | 1.950% | | 5/20/22 | | 275 | | 276 | |
| | American Honda Finance Corp. | 2.600% | | 11/16/22 | | 500 | | 510 | |
| | American Honda Finance Corp. | 2.050% | | 1/10/23 | | 200 | | 201 | |
| | American Honda Finance Corp. | 3.450% | | 7/14/23 | | 400 | | 418 | |
| | American Honda Finance Corp. | 3.625% | | 10/10/23 | | 400 | | 422 | |
| | American Honda Finance Corp. | 2.900% | | 2/16/24 | | 1,725 | | 1,775 | |
| | American Honda Finance Corp. | 2.400% | | 6/27/24 | | 400 | | 405 | |
| | American Honda Finance Corp. | 2.150% | | 9/10/24 | | 475 | | 475 | |
| | American Honda Finance Corp. | 2.300% | | 9/9/26 | | 250 | | 249 | |
| | American Honda Finance Corp. | 3.500% | | 2/15/28 | | 400 | | 430 | |
| | Aptiv Corp. | 4.150% | | 3/15/24 | | 575 | | 608 | |
| | Aptiv plc | 4.250% | | 1/15/26 | | 700 | | 754 | |
| | Aptiv plc | 4.350% | | 3/15/29 | | 150 | | 163 | |
| | Aptiv plc | 4.400% | | 10/1/46 | | 225 | | 215 | |
| | Aptiv plc | 5.400% | | 3/15/49 | | 305 | | 344 | |
| | Automatic Data Processing Inc. | 3.375% | | 9/15/25 | | 825 | | 876 | |
| | AutoNation Inc. | 3.350% | | 1/15/21 | | 500 | | 504 | |
| | AutoNation Inc. | 3.500% | | 11/15/24 | | 762 | | 785 | |
| | AutoNation Inc. | 4.500% | | 10/1/25 | | 500 | | 537 | |
| | AutoNation Inc. | 3.800% | | 11/15/27 | | 250 | | 252 | |
| | AutoZone Inc. | 3.700% | | 4/15/22 | | 700 | | 722 | |
| | AutoZone Inc. | 2.875% | | 1/15/23 | | 250 | | 254 | |
| | AutoZone Inc. | 3.125% | | 7/15/23 | | 275 | | 282 | |
| | AutoZone Inc. | 3.125% | | 4/18/24 | | 430 | | 447 | |
| | AutoZone Inc. | 3.250% | | 4/15/25 | | 260 | | 271 | |
| | AutoZone Inc. | 3.125% | | 4/21/26 | | 300 | | 309 | |
| | AutoZone Inc. | 3.750% | | 6/1/27 | | 700 | | 746 | |
| | AutoZone Inc. | 3.750% | | 4/18/29 | | 350 | | 374 | |
| | Best Buy Co. Inc. | 5.500% | | 3/15/21 | | 125 | | 129 | |
| | Best Buy Co. Inc. | 4.450% | | 10/1/28 | | 850 | | 930 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Block Financial LLC | 5.500% | | 11/1/22 | | 500 | | 535 | |
| | Block Financial LLC | 5.250% | | 10/1/25 | | 350 | | 383 | |
| | Booking Holdings Inc. | 2.750% | | 3/15/23 | | 400 | | 408 | |
| | Booking Holdings Inc. | 3.650% | | 3/15/25 | | 400 | | 427 | |
| | Booking Holdings Inc. | 3.600% | | 6/1/26 | | 1,330 | | 1,421 | |
| | Booking Holdings Inc. | 3.550% | | 3/15/28 | | 450 | | 479 | |
| | BorgWarner Inc. | 3.375% | | 3/15/25 | | 250 | | 261 | |
| | BorgWarner Inc. | 4.375% | | 3/15/45 | | 500 | | 509 | |
| | Costco Wholesale Corp. | 2.150% | | 5/18/21 | | 350 | | 352 | |
| | Costco Wholesale Corp. | 2.250% | | 2/15/22 | | 300 | | 303 | |
| | Costco Wholesale Corp. | 2.300% | | 5/18/22 | | 900 | | 911 | |
| | Costco Wholesale Corp. | 2.750% | | 5/18/24 | | 1,075 | | 1,109 | |
| | Costco Wholesale Corp. | 3.000% | | 5/18/27 | | 800 | | 844 | |
| | Cummins Inc. | 3.650% | | 10/1/23 | | 350 | | 370 | |
| | Cummins Inc. | 7.125% | | 3/1/28 | | 150 | | 199 | |
| | Cummins Inc. | 4.875% | | 10/1/43 | | 400 | | 488 | |
| | Daimler Finance North America LLC | 8.500% | | 1/18/31 | | 905 | | 1,346 | |
| | Darden Restaurants Inc. | 3.850% | | 5/1/27 | | 750 | | 785 | |
| | Darden Restaurants Inc. | 4.550% | | 2/15/48 | | 250 | | 253 | |
| | Dollar General Corp. | 3.250% | | 4/15/23 | | 1,300 | | 1,342 | |
| | Dollar General Corp. | 4.150% | | 11/1/25 | | 500 | | 543 | |
| | Dollar General Corp. | 3.875% | | 4/15/27 | | 150 | | 161 | |
| | Dollar General Corp. | 4.125% | | 5/1/28 | | 400 | | 438 | |
| | Dollar Tree Inc. | 3.700% | | 5/15/23 | | 475 | | 494 | |
| | Dollar Tree Inc. | 4.000% | | 5/15/25 | | 1,450 | | 1,550 | |
| | Dollar Tree Inc. | 4.200% | | 5/15/28 | | 1,145 | | 1,227 | |
| | DR Horton Inc. | 4.375% | | 9/15/22 | | 150 | | 157 | |
| | DR Horton Inc. | 4.750% | | 2/15/23 | | 700 | | 745 | |
| | DR Horton Inc. | 5.750% | | 8/15/23 | | 325 | | 359 | |
| | DR Horton Inc. | 2.500% | | 10/15/24 | | 500 | | 500 | |
| | eBay Inc. | 2.875% | | 8/1/21 | | 450 | | 455 | |
| | eBay Inc. | 3.800% | | 3/9/22 | | 500 | | 517 | |
| | eBay Inc. | 2.600% | | 7/15/22 | | 250 | | 252 | |
| | eBay Inc. | 2.750% | | 1/30/23 | | 625 | | 634 | |
| | eBay Inc. | 3.450% | | 8/1/24 | | 800 | | 833 | |
| | eBay Inc. | 3.600% | | 6/5/27 | | 650 | | 678 | |
| | eBay Inc. | 4.000% | | 7/15/42 | | 600 | | 591 | |
| | Expedia Group Inc. | 4.500% | | 8/15/24 | | 435 | | 465 | |
| | Expedia Group Inc. | 5.000% | | 2/15/26 | | 600 | | 658 | |
| | Expedia Group Inc. | 3.800% | | 2/15/28 | | 800 | | 815 | |
| 7 | Expedia Group Inc. | 3.250% | | 2/15/30 | | 1,025 | | 985 | |
| | Ford Motor Co. | 4.346% | | 12/8/26 | | 650 | | 669 | |
| | Ford Motor Co. | 6.625% | | 10/1/28 | | 500 | | 551 | |
| | Ford Motor Co. | 6.375% | | 2/1/29 | | 275 | | 294 | |
| | Ford Motor Co. | 7.450% | | 7/16/31 | | 2,110 | | 2,490 | |
| | Ford Motor Co. | 4.750% | | 1/15/43 | | 1,600 | | 1,418 | |
| | Ford Motor Co. | 7.400% | | 11/1/46 | | 300 | | 337 | |
| | Ford Motor Co. | 5.291% | | 12/8/46 | | 900 | | 851 | |
| | Ford Motor Credit Co. LLC | 2.343% | | 11/2/20 | | 775 | | 773 | |
| | Ford Motor Credit Co. LLC | 3.200% | | 1/15/21 | | 1,050 | | 1,054 | |
| | Ford Motor Credit Co. LLC | 3.336% | | 3/18/21 | | 1,500 | | 1,511 | |
| | Ford Motor Credit Co. LLC | 5.875% | | 8/2/21 | | 1,675 | | 1,751 | |
| | Ford Motor Credit Co. LLC | 3.813% | | 10/12/21 | | 1,000 | | 1,017 | |
| | Ford Motor Credit Co. LLC | 5.596% | | 1/7/22 | | 750 | | 789 | |
| | Ford Motor Credit Co. LLC | 3.219% | | 1/9/22 | | 3,126 | | 3,145 | |
| | Ford Motor Credit Co. LLC | 3.339% | | 3/28/22 | | 850 | | 857 | |
| | Ford Motor Credit Co. LLC | 2.979% | | 8/3/22 | | 2,700 | | 2,701 | |
| | Ford Motor Credit Co. LLC | 4.250% | | 9/20/22 | | 775 | | 800 | |
| | Ford Motor Credit Co. LLC | 3.350% | | 11/1/22 | | 900 | | 908 | |
| | Ford Motor Credit Co. LLC | 4.375% | | 8/6/23 | | 850 | | 881 | |
| | Ford Motor Credit Co. LLC | 5.584% | | 3/18/24 | | 1,800 | | 1,941 | |
| | Ford Motor Credit Co. LLC | 3.664% | | 9/8/24 | | 500 | | 500 | |
| | Ford Motor Credit Co. LLC | 4.063% | | 11/1/24 | | 1,000 | | 1,020 | |
| | Ford Motor Credit Co. LLC | 4.687% | | 6/9/25 | | 500 | | 518 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Ford Motor Credit Co. LLC | 4.134% | | 8/4/25 | | 900 | | 911 | |
| | Ford Motor Credit Co. LLC | 4.389% | | 1/8/26 | | 688 | | 699 | |
| | Ford Motor Credit Co. LLC | 4.542% | | 8/1/26 | | 900 | | 920 | |
| | Ford Motor Credit Co. LLC | 3.815% | | 11/2/27 | | 550 | | 531 | |
| | Ford Motor Credit Co. LLC | 5.113% | | 5/3/29 | | 975 | | 1,002 | |
| | General Motors Co. | 4.875% | | 10/2/23 | | 1,955 | | 2,098 | |
| | General Motors Co. | 4.000% | | 4/1/25 | | 325 | | 338 | |
| | General Motors Co. | 5.000% | | 10/1/28 | | 900 | | 975 | |
| | General Motors Co. | 5.000% | | 4/1/35 | | 680 | | 701 | |
| | General Motors Co. | 6.600% | | 4/1/36 | | 600 | | 706 | |
| | General Motors Co. | 5.150% | | 4/1/38 | | 825 | | 845 | |
| | General Motors Co. | 6.250% | | 10/2/43 | | 935 | | 1,045 | |
| | General Motors Co. | 5.200% | | 4/1/45 | | 1,245 | | 1,249 | |
| | General Motors Co. | 6.750% | | 4/1/46 | | 665 | | 779 | |
| | General Motors Co. | 5.400% | | 4/1/48 | | 675 | | 695 | |
| | General Motors Co. | 5.950% | | 4/1/49 | | 750 | | 830 | |
| | General Motors Financial Co. Inc. | 4.200% | | 3/1/21 | | 625 | | 638 | |
| | General Motors Financial Co. Inc. | 3.550% | | 4/9/21 | | 625 | | 635 | |
| | General Motors Financial Co. Inc. | 3.200% | | 7/6/21 | | 1,600 | | 1,619 | |
| | General Motors Financial Co. Inc. | 4.375% | | 9/25/21 | | 375 | | 388 | |
| | General Motors Financial Co. Inc. | 4.200% | | 11/6/21 | | 400 | | 414 | |
| | General Motors Financial Co. Inc. | 3.450% | | 1/14/22 | | 900 | | 921 | |
| | General Motors Financial Co. Inc. | 3.450% | | 4/10/22 | | 2,508 | | 2,565 | |
| | General Motors Financial Co. Inc. | 3.150% | | 6/30/22 | | 300 | | 306 | |
| | General Motors Financial Co. Inc. | 3.550% | | 7/8/22 | | 800 | | 823 | |
| | General Motors Financial Co. Inc. | 3.250% | | 1/5/23 | | 750 | | 765 | |
| | General Motors Financial Co. Inc. | 3.700% | | 5/9/23 | | 1,000 | | 1,031 | |
| | General Motors Financial Co. Inc. | 4.250% | | 5/15/23 | | 1,295 | | 1,363 | |
| | General Motors Financial Co. Inc. | 4.150% | | 6/19/23 | | 900 | | 946 | |
| | General Motors Financial Co. Inc. | 5.100% | | 1/17/24 | | 600 | | 651 | |
| | General Motors Financial Co. Inc. | 3.950% | | 4/13/24 | | 800 | | 836 | |
| | General Motors Financial Co. Inc. | 3.500% | | 11/7/24 | | 900 | | 926 | |
| | General Motors Financial Co. Inc. | 4.000% | | 1/15/25 | | 650 | | 683 | |
| | General Motors Financial Co. Inc. | 4.350% | | 4/9/25 | | 1,500 | | 1,605 | |
| | General Motors Financial Co. Inc. | 5.250% | | 3/1/26 | | 575 | | 638 | |
| | General Motors Financial Co. Inc. | 4.000% | | 10/6/26 | | 400 | | 418 | |
| | General Motors Financial Co. Inc. | 4.350% | | 1/17/27 | | 1,210 | | 1,274 | |
| | General Motors Financial Co. Inc. | 3.850% | | 1/5/28 | | 400 | | 406 | |
| | General Motors Financial Co. Inc. | 5.650% | | 1/17/29 | | 625 | | 709 | |
| | GLP Capital LP / GLP Financing II Inc. | 4.375% | | 4/15/21 | | 100 | | 102 | |
| | GLP Capital LP / GLP Financing II Inc. | 5.375% | | 11/1/23 | | 500 | | 543 | |
| | GLP Capital LP / GLP Financing II Inc. | 3.350% | | 9/1/24 | | 300 | | 306 | |
| | GLP Capital LP / GLP Financing II Inc. | 5.250% | | 6/1/25 | | 625 | | 681 | |
| | GLP Capital LP / GLP Financing II Inc. | 5.375% | | 4/15/26 | | 800 | | 874 | |
| | GLP Capital LP / GLP Financing II Inc. | 5.750% | | 6/1/28 | | 100 | | 113 | |
| | GLP Capital LP / GLP Financing II Inc. | 5.300% | | 1/15/29 | | 825 | | 919 | |
| | GLP Capital LP / GLP Financing II Inc. | 4.000% | | 1/15/30 | | 570 | | 580 | |
| | Harley-Davidson Inc. | 3.500% | | 7/28/25 | | 300 | | 311 | |
| | Harley-Davidson Inc. | 4.625% | | 7/28/45 | | 500 | | 514 | |
| | Harman International Industries Inc. | 4.150% | | 5/15/25 | | 275 | | 292 | |
| | Home Depot Inc. | 2.000% | | 4/1/21 | | 1,175 | | 1,178 | |
| | Home Depot Inc. | 4.400% | | 4/1/21 | | 825 | | 846 | |
| | Home Depot Inc. | 3.250% | | 3/1/22 | | 700 | | 723 | |
| | Home Depot Inc. | 2.625% | | 6/1/22 | | 990 | | 1,010 | |
| | Home Depot Inc. | 2.700% | | 4/1/23 | | 600 | | 614 | |
| | Home Depot Inc. | 3.750% | | 2/15/24 | | 3,085 | | 3,297 | |
| | Home Depot Inc. | 3.350% | | 9/15/25 | | 500 | | 534 | |
| | Home Depot Inc. | 3.000% | | 4/1/26 | | 1,750 | | 1,827 | |
| | Home Depot Inc. | 2.800% | | 9/14/27 | | 825 | | 855 | |
| | Home Depot Inc. | 3.900% | | 12/6/28 | | 400 | | 446 | |
| | Home Depot Inc. | 2.950% | | 6/15/29 | | 700 | | 727 | |
| | Home Depot Inc. | 5.875% | | 12/16/36 | | 2,495 | | 3,434 | |
| | Home Depot Inc. | 5.400% | | 9/15/40 | | 400 | | 524 | |
| | Home Depot Inc. | 5.950% | | 4/1/41 | | 775 | | 1,089 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Home Depot Inc. | 4.200% | | 4/1/43 | | 975 | | 1,133 | |
| | Home Depot Inc. | 4.875% | | 2/15/44 | | 1,050 | | 1,329 | |
| | Home Depot Inc. | 4.400% | | 3/15/45 | | 500 | | 595 | |
| | Home Depot Inc. | 4.250% | | 4/1/46 | | 1,320 | | 1,555 | |
| | Home Depot Inc. | 3.900% | | 6/15/47 | | 900 | | 1,014 | |
| | Home Depot Inc. | 4.500% | | 12/6/48 | | 1,175 | | 1,447 | |
| | Home Depot Inc. | 3.500% | | 9/15/56 | | 700 | | 733 | |
| | Hyatt Hotels Corp. | 3.375% | | 7/15/23 | | 800 | | 822 | |
| | Hyatt Hotels Corp. | 4.850% | | 3/15/26 | | 100 | | 111 | |
| | Hyatt Hotels Corp. | 4.375% | | 9/15/28 | | 350 | | 380 | |
| | IHS Markit Ltd. | 3.625% | | 5/1/24 | | 900 | | 934 | |
| | IHS Markit Ltd. | 4.750% | | 8/1/28 | | 600 | | 667 | |
| | IHS Markit Ltd. | 4.250% | | 5/1/29 | | 400 | | 431 | |
| | JD.com Inc. | 3.125% | | 4/29/21 | | 200 | | 201 | |
| | JD.com Inc. | 3.875% | | 4/29/26 | | 400 | | 415 | |
| | Kohl's Corp. | 4.250% | | 7/17/25 | | 625 | | 665 | |
| | Kohl's Corp. | 5.550% | | 7/17/45 | | 350 | | 356 | |
| | Las Vegas Sands Corp. | 3.200% | | 8/8/24 | | 500 | | 516 | |
| | Las Vegas Sands Corp. | 2.900% | | 6/25/25 | | 425 | | 429 | |
| | Las Vegas Sands Corp. | 3.500% | | 8/18/26 | | 900 | | 925 | |
| | Las Vegas Sands Corp. | 3.900% | | 8/8/29 | | 290 | | 303 | |
| | Lear Corp. | 5.250% | | 1/15/25 | | 700 | | 721 | |
| | Lear Corp. | 3.800% | | 9/15/27 | | 500 | | 506 | |
| | Lear Corp. | 4.250% | | 5/15/29 | | 400 | | 412 | |
| | Lear Corp. | 5.250% | | 5/15/49 | | 400 | | 416 | |
| | 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 | | 461 | |
| | Lowe's Cos. Inc. | 3.875% | | 9/15/23 | | 300 | | 317 | |
| | Lowe's Cos. Inc. | 3.125% | | 9/15/24 | | 400 | | 415 | |
| | Lowe's Cos. Inc. | 3.375% | | 9/15/25 | | 975 | | 1,025 | |
| | Lowe's Cos. Inc. | 2.500% | | 4/15/26 | | 1,700 | | 1,712 | |
| | Lowe's Cos. Inc. | 3.100% | | 5/3/27 | | 642 | | 663 | |
| | Lowe's Cos. Inc. | 3.650% | | 4/5/29 | | 1,200 | | 1,281 | |
| | Lowe's Cos. Inc. | 4.650% | | 4/15/42 | | 575 | | 654 | |
| | Lowe's Cos. Inc. | 4.250% | | 9/15/44 | | 225 | | 243 | |
| | Lowe's Cos. Inc. | 4.375% | | 9/15/45 | | 1,225 | | 1,340 | |
| | Lowe's Cos. Inc. | 3.700% | | 4/15/46 | | 1,080 | | 1,098 | |
| | Lowe's Cos. Inc. | 4.050% | | 5/3/47 | | 1,200 | | 1,294 | |
| | Lowe's Cos. Inc. | 4.550% | | 4/5/49 | | 900 | | 1,050 | |
| | Macy's Retail Holdings Inc. | 3.450% | | 1/15/21 | | 310 | | 313 | |
| | Macy's Retail Holdings Inc. | 3.875% | | 1/15/22 | | 84 | | 86 | |
| | Macy's Retail Holdings Inc. | 2.875% | | 2/15/23 | | 530 | | 528 | |
| | Macy's Retail Holdings Inc. | 3.625% | | 6/1/24 | | 415 | | 419 | |
| | Macy's Retail Holdings Inc. | 4.500% | | 12/15/34 | | 325 | | 308 | |
| | Magna International Inc. | 3.625% | | 6/15/24 | | 825 | | 867 | |
| | Magna International Inc. | 4.150% | | 10/1/25 | | 300 | | 322 | |
| | Marriott International Inc. | 2.875% | | 3/1/21 | | 500 | | 505 | |
| | Marriott International Inc. | 3.125% | | 10/15/21 | | 350 | | 356 | |
| | Marriott International Inc. | 2.300% | | 1/15/22 | | 400 | | 402 | |
| | Marriott International Inc. | 3.750% | | 3/15/25 | | 525 | | 554 | |
| | Marriott International Inc. | 3.750% | | 10/1/25 | | 200 | | 212 | |
| | Marriott International Inc. | 3.125% | | 6/15/26 | | 595 | | 616 | |
| | Marriott International Inc. | 4.000% | | 4/15/28 | | 925 | | 997 | |
| | Marriott International Inc. | 2.125% | | 10/3/22 | | 300 | | 300 | |
| | Marriott International Inc. | 3.600% | | 4/15/24 | | 500 | | 525 | |
| | Mastercard Inc. | 2.000% | | 11/21/21 | | 350 | | 352 | |
| | Mastercard Inc. | 3.375% | | 4/1/24 | | 1,000 | | 1,060 | |
| | Mastercard Inc. | 2.000% | | 3/3/25 | | 1,200 | | 1,193 | |
| | Mastercard Inc. | 2.950% | | 11/21/26 | | 510 | | 532 | |
| | Mastercard Inc. | 3.500% | | 2/26/28 | | 450 | | 487 | |
| | Mastercard Inc. | 2.950% | | 6/1/29 | | 825 | | 860 | |
| | Mastercard Inc. | 3.800% | | 11/21/46 | | 350 | | 392 | |
| | Mastercard Inc. | 3.950% | | 2/26/48 | | 550 | | 634 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Mastercard Inc. | 3.650% | | 6/1/49 | | 1,100 | | 1,212 | |
| | McDonald's Corp. | 2.750% | | 12/9/20 | | 725 | | 730 | |
| | McDonald's Corp. | 2.625% | | 1/15/22 | | 2,092 | | 2,120 | |
| | McDonald's Corp. | 3.350% | | 4/1/23 | | 650 | | 677 | |
| | McDonald's Corp. | 3.375% | | 5/26/25 | | 2,680 | | 2,828 | |
| | McDonald's Corp. | 3.700% | | 1/30/26 | | 1,125 | | 1,207 | |
| | McDonald's Corp. | 3.500% | | 3/1/27 | | 200 | | 213 | |
| | McDonald's Corp. | 3.800% | | 4/1/28 | | 700 | | 759 | |
| | McDonald's Corp. | 2.625% | | 9/1/29 | | 800 | | 798 | |
| | McDonald's Corp. | 4.700% | | 12/9/35 | | 675 | | 802 | |
| | McDonald's Corp. | 6.300% | | 3/1/38 | | 100 | | 136 | |
| | McDonald's Corp. | 5.700% | | 2/1/39 | | 375 | | 476 | |
| | McDonald's Corp. | 3.700% | | 2/15/42 | | 1,225 | | 1,249 | |
| | McDonald's Corp. | 3.625% | | 5/1/43 | | 400 | | 401 | |
| | McDonald's Corp. | 4.600% | | 5/26/45 | | 925 | | 1,061 | |
| | McDonald's Corp. | 4.875% | | 12/9/45 | | 1,225 | | 1,477 | |
| | McDonald's Corp. | 4.450% | | 3/1/47 | | 450 | | 516 | |
| | McDonald's Corp. | 4.450% | | 9/1/48 | | 900 | | 1,025 | |
| | McDonald's Corp. | 3.625% | | 9/1/49 | | 800 | | 812 | |
| | NIKE Inc. | 2.250% | | 5/1/23 | | 50 | | 51 | |
| | NIKE Inc. | 2.375% | | 11/1/26 | | 1,000 | | 1,016 | |
| | NIKE Inc. | 3.625% | | 5/1/43 | | 525 | | 572 | |
| | NIKE Inc. | 3.875% | | 11/1/45 | | 1,000 | | 1,138 | |
| | NIKE Inc. | 3.375% | | 11/1/46 | | 650 | | 685 | |
| | Nordstrom Inc. | 4.000% | | 10/15/21 | | 585 | | 600 | |
| | Nordstrom Inc. | 4.000% | | 3/15/27 | | 400 | | 415 | |
| | Nordstrom Inc. | 6.950% | | 3/15/28 | | 200 | | 242 | |
| | Nordstrom Inc. | 4.375% | | 4/1/30 | | 375 | | 382 | |
| | Nordstrom Inc. | 5.000% | | 1/15/44 | | 772 | | 749 | |
| | NVR Inc. | 3.950% | | 9/15/22 | | 200 | | 208 | |
| | O'Reilly Automotive Inc. | 4.875% | | 1/14/21 | | 50 | | 51 | |
| | O'Reilly Automotive Inc. | 4.625% | | 9/15/21 | | 150 | | 155 | |
| | O'Reilly Automotive Inc. | 3.800% | | 9/1/22 | | 255 | | 265 | |
| | O'Reilly Automotive Inc. | 3.850% | | 6/15/23 | | 300 | | 314 | |
| | O'Reilly Automotive Inc. | 3.550% | | 3/15/26 | | 200 | | 210 | |
| | O'Reilly Automotive Inc. | 3.600% | | 9/1/27 | | 1,300 | | 1,388 | |
| | PACCAR Financial Corp. | 2.050% | | 11/13/20 | | 400 | | 400 | |
| | PACCAR Financial Corp. | 2.250% | | 2/25/21 | | 200 | | 201 | |
| | PACCAR Financial Corp. | 2.800% | | 3/1/21 | | 325 | | 329 | |
| | PACCAR Financial Corp. | 3.150% | | 8/9/21 | | 300 | | 306 | |
| | PACCAR Financial Corp. | 2.850% | | 3/1/22 | | 250 | | 255 | |
| | PACCAR Financial Corp. | 2.650% | | 5/10/22 | | 475 | | 484 | |
| | PACCAR Financial Corp. | 2.300% | | 8/10/22 | | 250 | | 253 | |
| | PACCAR Financial Corp. | 2.000% | | 9/26/22 | | 200 | | 201 | |
| | PACCAR Financial Corp. | 3.400% | | 8/9/23 | | 300 | | 313 | |
| | PACCAR Financial Corp. | 2.150% | | 8/15/24 | | 250 | | 249 | |
| | QVC Inc. | 5.125% | | 7/2/22 | | 25 | | 26 | |
| | QVC Inc. | 4.375% | | 3/15/23 | | 75 | | 77 | |
| | QVC Inc. | 4.850% | | 4/1/24 | | 975 | | 1,023 | |
| | QVC Inc. | 4.450% | | 2/15/25 | | 300 | | 310 | |
| | QVC Inc. | 5.950% | | 3/15/43 | | 325 | | 309 | |
| | Ralph Lauren Corp. | 3.750% | | 9/15/25 | | 100 | | 107 | |
| | Royal Caribbean Cruises Ltd. | 5.250% | | 11/15/22 | | 475 | | 512 | |
| | Royal Caribbean Cruises Ltd. | 3.700% | | 3/15/28 | | 700 | | 724 | |
| | Sands China Ltd. | 4.600% | | 8/8/23 | | 1,495 | | 1,572 | |
| | Sands China Ltd. | 5.125% | | 8/8/25 | | 1,500 | | 1,652 | |
| | Sands China Ltd. | 5.400% | | 8/8/28 | | 1,400 | | 1,575 | |
| | Starbucks Corp. | 2.100% | | 2/4/21 | | 625 | | 626 | |
| | Starbucks Corp. | 2.700% | | 6/15/22 | | 725 | | 739 | |
| | Starbucks Corp. | 3.100% | | 3/1/23 | | 1,350 | | 1,393 | |
| | Starbucks Corp. | 3.850% | | 10/1/23 | | 585 | | 620 | |
| | Starbucks Corp. | 3.800% | | 8/15/25 | | 1,150 | | 1,239 | |
| | Starbucks Corp. | 2.450% | | 6/15/26 | | 665 | | 671 | |
| | Starbucks Corp. | 3.500% | | 3/1/28 | | 500 | | 534 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Starbucks Corp. | 4.000% | | 11/15/28 | | 250 | | 277 | |
| | Starbucks Corp. | 4.300% | | 6/15/45 | | 175 | | 193 | |
| | Starbucks Corp. | 3.750% | | 12/1/47 | | 600 | | 614 | |
| | Starbucks Corp. | 4.500% | | 11/15/48 | | 1,600 | | 1,837 | |
| | Tapestry Inc. | 3.000% | | 7/15/22 | | 450 | | 456 | |
| | Tapestry Inc. | 4.250% | | 4/1/25 | | 450 | | 474 | |
| | Tapestry Inc. | 4.125% | | 7/15/27 | | 475 | | 484 | |
| | Target Corp. | 2.900% | | 1/15/22 | | 850 | | 870 | |
| | Target Corp. | 3.500% | | 7/1/24 | | 775 | | 830 | |
| | Target Corp. | 2.500% | | 4/15/26 | | 775 | | 793 | |
| | Target Corp. | 3.375% | | 4/15/29 | | 850 | | 922 | |
| | Target Corp. | 6.350% | | 11/1/32 | | 363 | | 507 | |
| | Target Corp. | 6.500% | | 10/15/37 | | 450 | | 666 | |
| | Target Corp. | 7.000% | | 1/15/38 | | 300 | | 466 | |
| | Target Corp. | 4.000% | | 7/1/42 | | 1,225 | | 1,402 | |
| | Target Corp. | 3.625% | | 4/15/46 | | 775 | | 847 | |
| | Target Corp. | 3.900% | | 11/15/47 | | 600 | | 689 | |
| | TJX Cos. Inc. | 2.750% | | 6/15/21 | | 625 | | 633 | |
| | TJX Cos. Inc. | 2.500% | | 5/15/23 | | 800 | | 815 | |
| | TJX Cos. Inc. | 2.250% | | 9/15/26 | | 1,400 | | 1,400 | |
| | Toyota Motor Corp. | 3.183% | | 7/20/21 | | 850 | | 867 | |
| | Toyota Motor Corp. | 2.157% | | 7/2/22 | | 400 | | 403 | |
| | Toyota Motor Corp. | 3.419% | | 7/20/23 | | 895 | | 938 | |
| | Toyota Motor Corp. | 2.358% | | 7/2/24 | | 300 | | 305 | |
| | Toyota Motor Corp. | 3.669% | | 7/20/28 | | 500 | | 549 | |
| | Toyota Motor Corp. | 2.760% | | 7/2/29 | | 400 | | 412 | |
| | Toyota Motor Credit Corp. | 4.250% | | 1/11/21 | | 300 | | 307 | |
| | Toyota Motor Credit Corp. | 1.900% | | 4/8/21 | | 1,000 | | 1,001 | |
| | Toyota Motor Credit Corp. | 2.950% | | 4/13/21 | | 850 | | 862 | |
| | Toyota Motor Credit Corp. | 2.750% | | 5/17/21 | | 500 | | 506 | |
| | Toyota Motor Credit Corp. | 3.400% | | 9/15/21 | | 305 | | 313 | |
| | Toyota Motor Credit Corp. | 1.800% | | 10/7/21 | | 280 | | 280 | |
| | Toyota Motor Credit Corp. | 2.600% | | 1/11/22 | | 700 | | 710 | |
| | Toyota Motor Credit Corp. | 3.300% | | 1/12/22 | | 950 | | 976 | |
| | Toyota Motor Credit Corp. | 2.650% | | 4/12/22 | | 2,100 | | 2,134 | |
| | Toyota Motor Credit Corp. | 2.800% | | 7/13/22 | | 700 | | 716 | |
| | Toyota Motor Credit Corp. | 2.150% | | 9/8/22 | | 650 | | 655 | |
| | Toyota Motor Credit Corp. | 2.625% | | 1/10/23 | | 550 | | 561 | |
| | Toyota Motor Credit Corp. | 2.700% | | 1/11/23 | | 750 | | 765 | |
| | Toyota Motor Credit Corp. | 2.900% | | 4/17/24 | | 950 | | 983 | |
| | Toyota Motor Credit Corp. | 3.400% | | 4/14/25 | | 100 | | 106 | |
| | Toyota Motor Credit Corp. | 3.200% | | 1/11/27 | | 750 | | 793 | |
| | Toyota Motor Credit Corp. | 3.050% | | 1/11/28 | | 850 | | 891 | |
| | Toyota Motor Credit Corp. | 3.650% | | 1/8/29 | | 450 | | 495 | |
| | VF Corp. | 3.500% | | 9/1/21 | | 305 | | 312 | |
| | VF Corp. | 6.450% | | 11/1/37 | | 300 | | 417 | |
| | Visa Inc. | 2.200% | | 12/14/20 | | 2,200 | | 2,208 | |
| | Visa Inc. | 2.150% | | 9/15/22 | | 500 | | 505 | |
| | Visa Inc. | 2.800% | | 12/14/22 | | 1,500 | | 1,541 | |
| | Visa Inc. | 3.150% | | 12/14/25 | | 3,840 | | 4,054 | |
| | Visa Inc. | 2.750% | | 9/15/27 | | 785 | | 819 | |
| | Visa Inc. | 4.150% | | 12/14/35 | | 1,300 | | 1,532 | |
| | Visa Inc. | 4.300% | | 12/14/45 | | 3,030 | | 3,731 | |
| | Visa Inc. | 3.650% | | 9/15/47 | | 655 | | 734 | |
| | Walgreen Co. | 3.100% | | 9/15/22 | | 800 | | 816 | |
| | Walgreen Co. | 4.400% | | 9/15/42 | | 610 | | 606 | |
| | Walgreens Boots Alliance Inc. | 3.300% | | 11/18/21 | | 400 | | 407 | |
| | Walgreens Boots Alliance Inc. | 3.800% | | 11/18/24 | | 1,525 | | 1,587 | |
| | Walgreens Boots Alliance Inc. | 3.450% | | 6/1/26 | | 1,475 | | 1,497 | |
| | Walgreens Boots Alliance Inc. | 4.500% | | 11/18/34 | | 625 | | 643 | |
| | Walgreens Boots Alliance Inc. | 4.800% | | 11/18/44 | | 1,205 | | 1,226 | |
| | Walgreens Boots Alliance Inc. | 4.650% | | 6/1/46 | | 350 | | 351 | |
| | Walmart Inc. | 1.900% | | 12/15/20 | | 965 | | 966 | |
| | Walmart Inc. | 3.125% | | 6/23/21 | | 1,325 | | 1,352 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Walmart Inc. | 2.350% | | 12/15/22 | | 975 | | 991 | |
| | Walmart Inc. | 2.550% | | 4/11/23 | | 575 | | 587 | |
| | Walmart Inc. | 3.400% | | 6/26/23 | | 1,650 | | 1,733 | |
| | Walmart Inc. | 3.300% | | 4/22/24 | | 1,225 | | 1,286 | |
| | Walmart Inc. | 2.850% | | 7/8/24 | | 1,975 | | 2,044 | |
| | Walmart Inc. | 2.650% | | 12/15/24 | | 875 | | 902 | |
| | Walmart Inc. | 3.550% | | 6/26/25 | | 1,275 | | 1,364 | |
| | Walmart Inc. | 3.050% | | 7/8/26 | | 1,700 | | 1,785 | |
| | Walmart Inc. | 5.875% | | 4/5/27 | | 335 | | 413 | |
| | Walmart Inc. | 3.700% | | 6/26/28 | | 2,050 | | 2,257 | |
| | Walmart Inc. | 3.250% | | 7/8/29 | | 1,633 | | 1,751 | |
| | Walmart Inc. | 2.375% | | 9/24/29 | | 500 | | 500 | |
| | Walmart Inc. | 7.550% | | 2/15/30 | | 480 | | 695 | |
| | Walmart Inc. | 5.250% | | 9/1/35 | | 1,640 | | 2,150 | |
| | Walmart Inc. | 6.200% | | 4/15/38 | | 570 | | 830 | |
| | Walmart Inc. | 3.950% | | 6/28/38 | | 1,175 | | 1,364 | |
| | Walmart Inc. | 5.625% | | 4/1/40 | | 625 | | 867 | |
| | Walmart Inc. | 5.000% | | 10/25/40 | | 235 | | 306 | |
| | Walmart Inc. | 5.625% | | 4/15/41 | | 750 | | 1,069 | |
| | Walmart Inc. | 4.000% | | 4/11/43 | | 1,120 | | 1,289 | |
| | Walmart Inc. | 4.300% | | 4/22/44 | | 616 | | 736 | |
| | Walmart Inc. | 3.625% | | 12/15/47 | | 1,300 | | 1,439 | |
| | Walmart Inc. | 4.050% | | 6/29/48 | | 1,675 | | 1,972 | |
| | Walmart Inc. | 2.950% | | 9/24/49 | | 1,500 | | 1,468 | |
| | Western Union Co. | 3.600% | | 3/15/22 | | 1,100 | | 1,135 | |
| | Western Union Co. | 2.850% | | 1/10/25 | | 400 | | 401 | |
| | Western Union Co. | 6.200% | | 11/17/36 | | 410 | | 465 | |
| | Western Union Co. | 6.200% | | 6/21/40 | | 440 | | 485 | |
| | Consumer Noncyclical (1.7%) | |
| | Abbott Laboratories | 2.550% | | 3/15/22 | | 675 | | 686 | |
| | Abbott Laboratories | 3.400% | | 11/30/23 | | 1,225 | | 1,287 | |
| | Abbott Laboratories | 2.950% | | 3/15/25 | | 100 | | 104 | |
| | Abbott Laboratories | 3.875% | | 9/15/25 | | 375 | | 408 | |
| | Abbott Laboratories | 3.750% | | 11/30/26 | | 1,502 | | 1,639 | |
| | Abbott Laboratories | 4.750% | | 11/30/36 | | 1,675 | | 2,087 | |
| | Abbott Laboratories | 6.150% | | 11/30/37 | | 425 | | 595 | |
| | Abbott Laboratories | 6.000% | | 4/1/39 | | 250 | | 356 | |
| | Abbott Laboratories | 5.300% | | 5/27/40 | | 310 | | 405 | |
| | Abbott Laboratories | 4.750% | | 4/15/43 | | 550 | | 691 | |
| | Abbott Laboratories | 4.900% | | 11/30/46 | | 2,625 | | 3,427 | |
| | AbbVie Inc. | 2.300% | | 5/14/21 | | 1,600 | | 1,605 | |
| | AbbVie Inc. | 3.375% | | 11/14/21 | | 1,000 | | 1,025 | |
| 7 | AbbVie Inc. | 2.150% | | 11/19/21 | | 500 | | 501 | |
| | AbbVie Inc. | 2.900% | | 11/6/22 | | 2,500 | | 2,550 | |
| | AbbVie Inc. | 3.200% | | 11/6/22 | | 1,075 | | 1,105 | |
| 7 | AbbVie Inc. | 2.300% | | 11/21/22 | | 1,625 | | 1,631 | |
| | AbbVie Inc. | 2.850% | | 5/14/23 | | 1,025 | | 1,045 | |
| | AbbVie Inc. | 3.750% | | 11/14/23 | | 1,250 | | 1,315 | |
| 7 | AbbVie Inc. | 2.600% | | 11/21/24 | | 3,025 | | 3,045 | |
| | AbbVie Inc. | 3.600% | | 5/14/25 | | 3,170 | | 3,346 | |
| | AbbVie Inc. | 3.200% | | 5/14/26 | | 1,625 | | 1,681 | |
| 7 | AbbVie Inc. | 2.950% | | 11/21/26 | | 2,990 | | 3,032 | |
| | AbbVie Inc. | 4.250% | | 11/14/28 | | 1,650 | | 1,824 | |
| 7 | AbbVie Inc. | 3.200% | | 11/21/29 | | 4,510 | | 4,591 | |
| | AbbVie Inc. | 4.500% | | 5/14/35 | | 2,030 | | 2,282 | |
| | AbbVie Inc. | 4.300% | | 5/14/36 | | 1,125 | | 1,235 | |
| 7 | AbbVie Inc. | 4.050% | | 11/21/39 | | 3,200 | | 3,343 | |
| | AbbVie Inc. | 4.400% | | 11/6/42 | | 2,469 | | 2,662 | |
| | AbbVie Inc. | 4.700% | | 5/14/45 | | 2,407 | | 2,687 | |
| | AbbVie Inc. | 4.450% | | 5/14/46 | | 1,560 | | 1,679 | |
| | AbbVie Inc. | 4.875% | | 11/14/48 | | 1,625 | | 1,866 | |
| 7 | AbbVie Inc. | 4.250% | | 11/21/49 | | 3,865 | | 4,069 | |
| | Actavis Inc. | 3.250% | | 10/1/22 | | 1,400 | | 1,431 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Adventist Health System | 2.952% | | 3/1/29 | | 350 | | 345 | |
| | Adventist Health System | 3.630% | | 3/1/49 | | 375 | | 365 | |
| | Advocate Health & Hospitals Corp. | 3.829% | | 8/15/28 | | 225 | | 244 | |
| | Advocate Health & Hospitals Corp. | 4.272% | | 8/15/48 | | 375 | | 427 | |
| | Advocate Health & Hospitals Corp. | 3.387% | | 10/15/49 | | 250 | | 249 | |
| | Agilent Technologies Inc. | 3.200% | | 10/1/22 | | 1,000 | | 1,023 | |
| | Agilent Technologies Inc. | 3.875% | | 7/15/23 | | 400 | | 419 | |
| | Agilent Technologies Inc. | 3.050% | | 9/22/26 | | 450 | | 459 | |
| | Agilent Technologies Inc. | 2.750% | | 9/15/29 | | 393 | | 389 | |
| | AHS Hospital Corp. | 5.024% | | 7/1/45 | | 325 | | 403 | |
| | Allergan Finance LLC | 4.625% | | 10/1/42 | | 930 | | 968 | |
| | Allergan Funding SCS | 3.450% | | 3/15/22 | | 1,957 | | 2,002 | |
| | Allergan Funding SCS | 3.850% | | 6/15/24 | | 975 | | 1,021 | |
| | Allergan Funding SCS | 3.800% | | 3/15/25 | | 2,407 | | 2,521 | |
| | Allergan Funding SCS | 4.550% | | 3/15/35 | | 1,400 | | 1,487 | |
| | Allergan Funding SCS | 4.850% | | 6/15/44 | | 945 | | 1,049 | |
| | Allergan Funding SCS | 4.750% | | 3/15/45 | | 250 | | 272 | |
| | Allergan Inc. | 2.800% | | 3/15/23 | | 225 | | 227 | |
| | Allina Health System | 3.887% | | 4/15/49 | | 325 | | 346 | |
| | Altria Group Inc. | 4.750% | | 5/5/21 | | 900 | | 931 | |
| | Altria Group Inc. | 3.490% | | 2/14/22 | | 800 | | 823 | |
| | Altria Group Inc. | 2.850% | | 8/9/22 | | 2,300 | | 2,342 | |
| | Altria Group Inc. | 2.950% | | 5/2/23 | | 200 | | 202 | |
| | Altria Group Inc. | 4.000% | | 1/31/24 | | 1,300 | | 1,377 | |
| | Altria Group Inc. | 3.800% | | 2/14/24 | | 550 | | 578 | |
| | Altria Group Inc. | 4.400% | | 2/14/26 | | 1,200 | | 1,303 | |
| | Altria Group Inc. | 2.625% | | 9/16/26 | | 350 | | 346 | |
| | Altria Group Inc. | 4.800% | | 2/14/29 | | 2,325 | | 2,582 | |
| | Altria Group Inc. | 5.800% | | 2/14/39 | | 1,925 | | 2,251 | |
| | Altria Group Inc. | 4.250% | | 8/9/42 | | 710 | | 706 | |
| | Altria Group Inc. | 4.500% | | 5/2/43 | | 675 | | 685 | |
| | Altria Group Inc. | 5.375% | | 1/31/44 | | 1,325 | | 1,492 | |
| | Altria Group Inc. | 3.875% | | 9/16/46 | | 675 | | 627 | |
| | Altria Group Inc. | 5.950% | | 2/14/49 | | 2,175 | | 2,630 | |
| | Altria Group Inc. | 6.200% | | 2/14/59 | | 400 | | 473 | |
| | AmerisourceBergen Corp. | 3.500% | | 11/15/21 | | 850 | | 871 | |
| | AmerisourceBergen Corp. | 3.400% | | 5/15/24 | | 400 | | 415 | |
| | AmerisourceBergen Corp. | 3.250% | | 3/1/25 | | 325 | | 336 | |
| | AmerisourceBergen Corp. | 3.450% | | 12/15/27 | | 600 | | 622 | |
| | AmerisourceBergen Corp. | 4.250% | | 3/1/45 | | 100 | | 102 | |
| | AmerisourceBergen Corp. | 4.300% | | 12/15/47 | | 725 | | 743 | |
| | Amgen Inc. | 4.100% | | 6/15/21 | | 1,360 | | 1,395 | |
| | Amgen Inc. | 1.850% | | 8/19/21 | | 500 | | 499 | |
| | Amgen Inc. | 3.875% | | 11/15/21 | | 1,365 | | 1,408 | |
| | Amgen Inc. | 2.700% | | 5/1/22 | | 225 | | 228 | |
| | Amgen Inc. | 2.650% | | 5/11/22 | | 1,200 | | 1,217 | |
| | Amgen Inc. | 3.625% | | 5/15/22 | | 625 | | 646 | |
| | Amgen Inc. | 2.250% | | 8/19/23 | | 800 | | 807 | |
| | Amgen Inc. | 3.625% | | 5/22/24 | | 1,150 | | 1,214 | |
| | Amgen Inc. | 3.125% | | 5/1/25 | | 300 | | 313 | |
| | Amgen Inc. | 2.600% | | 8/19/26 | | 1,845 | | 1,864 | |
| | Amgen Inc. | 4.950% | | 10/1/41 | | 500 | | 594 | |
| | Amgen Inc. | 5.150% | | 11/15/41 | | 900 | | 1,089 | |
| | Amgen Inc. | 4.400% | | 5/1/45 | | 2,100 | | 2,354 | |
| | Amgen Inc. | 4.563% | | 6/15/48 | | 1,656 | | 1,910 | |
| | Amgen Inc. | 4.663% | | 6/15/51 | | 2,989 | | 3,515 | |
| | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.700% | | 2/1/36 | | 5,320 | | 6,135 | |
| | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 3.650% | | 2/1/26 | | 2,744 | | 2,921 | |
| | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.900% | | 2/1/46 | | 10,315 | | 12,214 | |
| | Anheuser-Busch InBev Finance Inc. | 2.625% | | 1/17/23 | | 647 | | 658 | |
| | Anheuser-Busch InBev Finance Inc. | 3.300% | | 2/1/23 | | 2,322 | | 2,402 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Anheuser-Busch InBev Finance Inc. | 3.700% | | 2/1/24 | | 384 | | 407 | |
| | Anheuser-Busch InBev Finance Inc. | 4.000% | | 1/17/43 | | 1,000 | | 1,055 | |
| | Anheuser-Busch InBev Finance Inc. | 4.625% | | 2/1/44 | | 675 | | 760 | |
| | Anheuser-Busch InBev Finance Inc. | 4.900% | | 2/1/46 | | 1,100 | | 1,297 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.375% | | 2/15/21 | | 587 | | 600 | |
| | Anheuser-Busch InBev Worldwide Inc. | 2.500% | | 7/15/22 | | 377 | | 383 | |
| | Anheuser-Busch InBev Worldwide Inc. | 3.500% | | 1/12/24 | | 1,612 | | 1,698 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.150% | | 1/23/25 | | 1,965 | | 2,138 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.000% | | 4/13/28 | | 2,520 | | 2,767 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.750% | | 1/23/29 | | 3,730 | | 4,320 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.900% | | 1/23/31 | | 650 | | 773 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.375% | | 4/15/38 | | 1,225 | | 1,374 | |
| | Anheuser-Busch InBev Worldwide Inc. | 8.200% | | 1/15/39 | | 735 | | 1,152 | |
| | Anheuser-Busch InBev Worldwide Inc. | 5.450% | | 1/23/39 | | 500 | | 629 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.950% | | 1/15/42 | | 1,075 | | 1,267 | |
| | Anheuser-Busch InBev Worldwide Inc. | 3.750% | | 7/15/42 | | 1,425 | | 1,442 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.600% | | 4/15/48 | | 1,900 | | 2,159 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.439% | | 10/6/48 | | 1,912 | | 2,136 | |
| | Anheuser-Busch InBev Worldwide Inc. | 5.550% | | 1/23/49 | | 2,700 | | 3,500 | |
| | Anheuser-Busch InBev Worldwide Inc. | 4.750% | | 4/15/58 | | 2,200 | | 2,568 | |
| | Anheuser-Busch InBev Worldwide Inc. | 5.800% | | 1/23/59 | | 505 | | 688 | |
| | Archer-Daniels-Midland Co. | 4.479% | | 3/1/21 | | 631 | | 649 | |
| | Archer-Daniels-Midland Co. | 3.375% | | 3/15/22 | | 350 | | 360 | |
| | Archer-Daniels-Midland Co. | 2.500% | | 8/11/26 | | 825 | | 838 | |
| | Archer-Daniels-Midland Co. | 5.935% | | 10/1/32 | | 280 | | 366 | |
| | Archer-Daniels-Midland Co. | 4.535% | | 3/26/42 | | 350 | | 415 | |
| | Archer-Daniels-Midland Co. | 4.016% | | 4/16/43 | | 600 | | 665 | |
| | Archer-Daniels-Midland Co. | 3.750% | | 9/15/47 | | 900 | | 980 | |
| | Archer-Daniels-Midland Co. | 4.500% | | 3/15/49 | | 525 | | 640 | |
| | Ascension Health | 2.532% | | 11/15/29 | | 556 | | 549 | |
| | Ascension Health | 3.106% | | 11/15/39 | | 300 | | 295 | |
| | Ascension Health | 3.945% | | 11/15/46 | | 650 | | 718 | |
| 4 | Ascension Health | 4.847% | | 11/15/53 | | 250 | | 315 | |
| | AstraZeneca plc | 2.375% | | 11/16/20 | | 1,300 | | 1,305 | |
| | AstraZeneca plc | 2.375% | | 6/12/22 | | 900 | | 907 | |
| | AstraZeneca plc | 3.500% | | 8/17/23 | | 590 | | 617 | |
| | AstraZeneca plc | 3.375% | | 11/16/25 | | 1,750 | | 1,854 | |
| | AstraZeneca plc | 3.125% | | 6/12/27 | | 775 | | 806 | |
| | AstraZeneca plc | 4.000% | | 1/17/29 | | 675 | | 748 | |
| | AstraZeneca plc | 6.450% | | 9/15/37 | | 2,105 | | 2,947 | |
| | AstraZeneca plc | 4.000% | | 9/18/42 | | 670 | | 739 | |
| | AstraZeneca plc | 4.375% | | 11/16/45 | | 1,175 | | 1,376 | |
| | AstraZeneca plc | 4.375% | | 8/17/48 | | 605 | | 720 | |
| | BAT Capital Corp. | 2.764% | | 8/15/22 | | 1,135 | | 1,151 | |
| | BAT Capital Corp. | 3.222% | | 8/15/24 | | 3,350 | | 3,422 | |
| | BAT Capital Corp. | 2.789% | | 9/6/24 | | 800 | | 804 | |
| | BAT Capital Corp. | 3.215% | | 9/6/26 | | 800 | | 804 | |
| | BAT Capital Corp. | 3.557% | | 8/15/27 | | 2,725 | | 2,774 | |
| | BAT Capital Corp. | 3.462% | | 9/6/29 | | 425 | | 431 | |
| | BAT Capital Corp. | 4.390% | | 8/15/37 | | 1,725 | | 1,749 | |
| | BAT Capital Corp. | 4.540% | | 8/15/47 | | 1,525 | | 1,525 | |
| | BAT Capital Corp. | 4.758% | | 9/6/49 | | 875 | | 903 | |
| | Baxalta Inc. | 3.600% | | 6/23/22 | | 97 | | 99 | |
| | Baxalta Inc. | 4.000% | | 6/23/25 | | 417 | | 447 | |
| | Baxalta Inc. | 5.250% | | 6/23/45 | | 415 | | 529 | |
| | Baxter International Inc. | 1.700% | | 8/15/21 | | 400 | | 399 | |
| | Baxter International Inc. | 2.600% | | 8/15/26 | | 400 | | 403 | |
| | Baxter International Inc. | 3.500% | | 8/15/46 | | 375 | | 362 | |
| | Baylor Scott & White Holdings | 4.185% | | 11/15/45 | | 400 | | 447 | |
| | Beam Suntory Inc. | 3.250% | | 5/15/22 | | 25 | | 25 | |
| | Beam Suntory Inc. | 3.250% | | 6/15/23 | | 50 | | 51 | |
| | Becton Dickinson & Co. | 3.125% | | 11/8/21 | | 440 | | 448 | |
| | Becton Dickinson & Co. | 2.894% | | 6/6/22 | | 1,475 | | 1,499 | |
| | Becton Dickinson & Co. | 3.300% | | 3/1/23 | | 225 | | 229 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Becton Dickinson & Co. | 3.363% | | 6/6/24 | | 1,775 | | 1,845 | |
| | Becton Dickinson & Co. | 3.734% | | 12/15/24 | | 1,808 | | 1,916 | |
| | Becton Dickinson & Co. | 3.700% | | 6/6/27 | | 1,630 | | 1,733 | |
| | Becton Dickinson & Co. | 4.875% | | 5/15/44 | | 88 | | 101 | |
| | Becton Dickinson & Co. | 4.685% | | 12/15/44 | | 769 | | 892 | |
| | Becton Dickinson & Co. | 4.669% | | 6/6/47 | | 1,100 | | 1,302 | |
| | Bio-Rad Laboratories Inc. | 4.875% | | 12/15/20 | | 325 | | 333 | |
| | Biogen Inc. | 3.625% | | 9/15/22 | | 1,125 | | 1,170 | |
| | Biogen Inc. | 4.050% | | 9/15/25 | | 1,225 | | 1,331 | |
| | Biogen Inc. | 5.200% | | 9/15/45 | | 1,395 | | 1,678 | |
| | Boston Scientific Corp. | 3.375% | | 5/15/22 | | 200 | | 206 | |
| | Boston Scientific Corp. | 3.450% | | 3/1/24 | | 500 | | 523 | |
| | Boston Scientific Corp. | 3.850% | | 5/15/25 | | 306 | | 328 | |
| | Boston Scientific Corp. | 3.750% | | 3/1/26 | | 600 | | 643 | |
| | Boston Scientific Corp. | 4.000% | | 3/1/29 | | 675 | | 745 | |
| | Boston Scientific Corp. | 7.000% | | 11/15/35 | | 325 | | 454 | |
| | Boston Scientific Corp. | 4.550% | | 3/1/39 | | 750 | | 880 | |
| | Boston Scientific Corp. | 7.375% | | 1/15/40 | | 225 | | 343 | |
| | Boston Scientific Corp. | 4.700% | | 3/1/49 | | 800 | | 968 | |
| 7 | Bristol-Myers Squibb Co. | 2.875% | | 2/19/21 | | 525 | | 530 | |
| 7 | Bristol-Myers Squibb Co. | 2.550% | | 5/14/21 | | 900 | | 909 | |
| 7 | Bristol-Myers Squibb Co. | 2.250% | | 8/15/21 | | 300 | | 302 | |
| 7 | Bristol-Myers Squibb Co. | 2.600% | | 5/16/22 | | 1,225 | | 1,244 | |
| | Bristol-Myers Squibb Co. | 2.000% | | 8/1/22 | | 700 | | 704 | |
| 7 | Bristol-Myers Squibb Co. | 3.250% | | 8/15/22 | | 750 | | 773 | |
| 7 | Bristol-Myers Squibb Co. | 3.550% | | 8/15/22 | | 625 | | 646 | |
| 7 | Bristol-Myers Squibb Co. | 2.750% | | 2/15/23 | | 575 | | 584 | |
| 7 | Bristol-Myers Squibb Co. | 3.250% | | 2/20/23 | | 700 | | 719 | |
| 7 | Bristol-Myers Squibb Co. | 4.000% | | 8/15/23 | | 450 | | 480 | |
| | Bristol-Myers Squibb Co. | 3.250% | | 11/1/23 | | 125 | | 131 | |
| 7 | Bristol-Myers Squibb Co. | 3.625% | | 5/15/24 | | 975 | | 1,026 | |
| 7 | Bristol-Myers Squibb Co. | 2.900% | | 7/26/24 | | 2,700 | | 2,783 | |
| 7 | Bristol-Myers Squibb Co. | 3.875% | | 8/15/25 | | 2,195 | | 2,370 | |
| 7 | Bristol-Myers Squibb Co. | 3.200% | | 6/15/26 | | 1,785 | | 1,870 | |
| 7 | Bristol-Myers Squibb Co. | 3.450% | | 11/15/27 | | 395 | | 420 | |
| 7 | Bristol-Myers Squibb Co. | 3.900% | | 2/20/28 | | 1,200 | | 1,308 | |
| 7 | Bristol-Myers Squibb Co. | 3.400% | | 7/26/29 | | 3,485 | | 3,723 | |
| 7 | Bristol-Myers Squibb Co. | 4.125% | | 6/15/39 | | 1,630 | | 1,880 | |
| 7 | Bristol-Myers Squibb Co. | 5.700% | | 10/15/40 | | 75 | | 100 | |
| | Bristol-Myers Squibb Co. | 3.250% | | 8/1/42 | | 390 | | 392 | |
| 7 | Bristol-Myers Squibb Co. | 5.250% | | 8/15/43 | | 850 | | 1,083 | |
| | Bristol-Myers Squibb Co. | 4.500% | | 3/1/44 | | 480 | | 564 | |
| 7 | Bristol-Myers Squibb Co. | 4.625% | | 5/15/44 | | 750 | | 902 | |
| 7 | Bristol-Myers Squibb Co. | 5.000% | | 8/15/45 | | 1,600 | | 2,021 | |
| 7 | Bristol-Myers Squibb Co. | 4.350% | | 11/15/47 | | 1,000 | | 1,190 | |
| 7 | Bristol-Myers Squibb Co. | 4.550% | | 2/20/48 | | 750 | | 921 | |
| 7 | Bristol-Myers Squibb Co. | 4.250% | | 10/26/49 | | 3,055 | | 3,601 | |
| | Brown-Forman Corp. | 3.500% | | 4/15/25 | | 350 | | 373 | |
| | Brown-Forman Corp. | 4.500% | | 7/15/45 | | 395 | | 486 | |
| | Bunge Ltd. Finance Corp. | 3.000% | | 9/25/22 | | 475 | | 482 | |
| | Bunge Ltd. Finance Corp. | 4.350% | | 3/15/24 | | 625 | | 656 | |
| | Bunge Ltd. Finance Corp. | 3.250% | | 8/15/26 | | 650 | | 647 | |
| | Bunge Ltd. Finance Corp. | 3.750% | | 9/25/27 | | 500 | | 514 | |
| | Campbell Soup Co. | 3.300% | | 3/15/21 | | 500 | | 507 | |
| | Campbell Soup Co. | 3.650% | | 3/15/23 | | 975 | | 1,015 | |
| | Campbell Soup Co. | 3.950% | | 3/15/25 | | 900 | | 955 | |
| | Campbell Soup Co. | 3.300% | | 3/19/25 | | 700 | | 720 | |
| | Campbell Soup Co. | 4.150% | | 3/15/28 | | 825 | | 892 | |
| | Campbell Soup Co. | 3.800% | | 8/2/42 | | 200 | | 196 | |
| | Campbell Soup Co. | 4.800% | | 3/15/48 | | 500 | | 578 | |
| | Cardinal Health Inc. | 4.625% | | 12/15/20 | | 415 | | 426 | |
| | Cardinal Health Inc. | 2.616% | | 6/15/22 | | 825 | | 833 | |
| | Cardinal Health Inc. | 3.200% | | 3/15/23 | | 325 | | 333 | |
| | Cardinal Health Inc. | 3.079% | | 6/15/24 | | 1,105 | | 1,136 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Cardinal Health Inc. | 3.750% | | 9/15/25 | | 225 | | 238 | |
| | Cardinal Health Inc. | 3.410% | | 6/15/27 | | 885 | | 905 | |
| | Cardinal Health Inc. | 4.600% | | 3/15/43 | | 400 | | 399 | |
| | Cardinal Health Inc. | 4.500% | | 11/15/44 | | 250 | | 246 | |
| | Cardinal Health Inc. | 4.900% | | 9/15/45 | | 375 | | 388 | |
| | Cardinal Health Inc. | 4.368% | | 6/15/47 | | 500 | | 495 | |
| | Children's Hospital Corp. | 4.115% | | 1/1/47 | | 200 | | 227 | |
| | Children's Hospital Medical Center | 4.268% | | 5/15/44 | | 150 | | 168 | |
| | CHRISTUS Health | 4.341% | | 7/1/28 | | 425 | | 468 | |
| | Church & Dwight Co. Inc. | 2.450% | | 8/1/22 | | 100 | | 101 | |
| | Church & Dwight Co. Inc. | 3.150% | | 8/1/27 | | 350 | | 364 | |
| | Church & Dwight Co. Inc. | 3.950% | | 8/1/47 | | 325 | | 354 | |
| 7 | Cigna Corp. | 3.300% | | 2/25/21 | | 675 | | 683 | |
| 7 | Cigna Corp. | 4.750% | | 11/15/21 | | 975 | | 1,022 | |
| 7 | Cigna Corp. | 3.900% | | 2/15/22 | | 815 | | 841 | |
| 7 | Cigna Corp. | 4.000% | | 2/15/22 | | 290 | | 299 | |
| 7 | Cigna Corp. | 3.050% | | 11/30/22 | | 500 | | 509 | |
| 7 | Cigna Corp. | 3.000% | | 7/15/23 | | 1,375 | | 1,394 | |
| | Cigna Corp. | 3.750% | | 7/15/23 | | 950 | | 991 | |
| 7 | Cigna Corp. | 3.500% | | 6/15/24 | | 1,775 | | 1,848 | |
| 7 | Cigna Corp. | 3.250% | | 4/15/25 | | 1,175 | | 1,209 | |
| | Cigna Corp. | 4.125% | | 11/15/25 | | 1,150 | | 1,244 | |
| 7 | Cigna Corp. | 4.500% | | 2/25/26 | | 1,655 | | 1,791 | |
| 7 | Cigna Corp. | 3.400% | | 3/1/27 | | 1,350 | | 1,397 | |
| 7 | Cigna Corp. | 3.050% | | 10/15/27 | | 1,110 | | 1,115 | |
| | Cigna Corp. | 4.375% | | 10/15/28 | | 2,625 | | 2,905 | |
| | Cigna Corp. | 4.800% | | 8/15/38 | | 1,520 | | 1,749 | |
| 7 | Cigna Corp. | 6.125% | | 11/15/41 | | 334 | | 421 | |
| 7 | Cigna Corp. | 4.800% | | 7/15/46 | | 1,250 | | 1,438 | |
| 7 | Cigna Corp. | 3.875% | | 10/15/47 | | 775 | | 778 | |
| | Cigna Corp. | 4.900% | | 12/15/48 | | 2,340 | | 2,775 | |
| | City of Hope | 5.623% | | 11/15/43 | | 250 | | 331 | |
| | City of Hope | 4.378% | | 8/15/48 | | 500 | | 574 | |
| | Cleveland Clinic Foundation | 4.858% | | 1/1/14 | | 325 | | 404 | |
| | Clorox Co. | 3.800% | | 11/15/21 | | 1,125 | | 1,162 | |
| | Clorox Co. | 3.500% | | 12/15/24 | | 600 | | 634 | |
| | Clorox Co. | 3.100% | | 10/1/27 | | 150 | | 156 | |
| | Clorox Co. | 3.900% | | 5/15/28 | | 400 | | 439 | |
| | Coca-Cola Co. | 1.550% | | 9/1/21 | | 900 | | 899 | |
| | Coca-Cola Co. | 3.300% | | 9/1/21 | | 1,210 | | 1,239 | |
| | Coca-Cola Co. | 2.200% | | 5/25/22 | | 400 | | 404 | |
| | Coca-Cola Co. | 3.200% | | 11/1/23 | | 1,650 | | 1,732 | |
| | Coca-Cola Co. | 1.750% | | 9/6/24 | | 775 | | 772 | |
| | Coca-Cola Co. | 2.875% | | 10/27/25 | | 1,225 | | 1,276 | |
| | Coca-Cola Co. | 2.550% | | 6/1/26 | | 325 | | 332 | |
| | Coca-Cola Co. | 2.250% | | 9/1/26 | | 1,400 | | 1,409 | |
| | Coca-Cola Co. | 2.125% | | 9/6/29 | | 500 | | 486 | |
| | Coca-Cola Consolidated Inc. | 3.800% | | 11/25/25 | | 350 | | 367 | |
| | Coca-Cola Femsa SAB de CV | 3.875% | | 11/26/23 | | 1,200 | | 1,268 | |
| | Coca-Cola Femsa SAB de CV | 5.250% | | 11/26/43 | | 650 | | 800 | |
| | Colgate-Palmolive Co. | 2.450% | | 11/15/21 | | 340 | | 344 | |
| | Colgate-Palmolive Co. | 1.950% | | 2/1/23 | | 400 | | 402 | |
| | Colgate-Palmolive Co. | 2.100% | | 5/1/23 | | 275 | | 277 | |
| | Colgate-Palmolive Co. | 3.250% | | 3/15/24 | | 825 | | 872 | |
| | Colgate-Palmolive Co. | 4.000% | | 8/15/45 | | 450 | | 536 | |
| | Colgate-Palmolive Co. | 3.700% | | 8/1/47 | | 350 | | 403 | |
| | CommonSpirit Health | 2.950% | | 11/1/22 | | 200 | | 203 | |
| | CommonSpirit Health | 2.760% | | 10/1/24 | | 500 | | 503 | |
| | CommonSpirit Health | 3.347% | | 10/1/29 | | 725 | | 729 | |
| 4 | CommonSpirit Health | 4.350% | | 11/1/42 | | 1,015 | | 1,042 | |
| | CommonSpirit Health | 3.817% | | 10/1/49 | | 225 | | 219 | |
| | CommonSpirit Health | 4.187% | | 10/1/49 | | 730 | | 728 | |
| | Conagra Brands Inc. | 3.800% | | 10/22/21 | | 950 | | 979 | |
| | Conagra Brands Inc. | 3.250% | | 9/15/22 | | 750 | | 767 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Conagra Brands Inc. | 3.200% | | 1/25/23 | | 683 | | 704 | |
| | Conagra Brands Inc. | 4.300% | | 5/1/24 | | 625 | | 671 | |
| | Conagra Brands Inc. | 4.600% | | 11/1/25 | | 650 | | 716 | |
| | Conagra Brands Inc. | 7.000% | | 10/1/28 | | 100 | | 124 | |
| | Conagra Brands Inc. | 4.850% | | 11/1/28 | | 1,025 | | 1,170 | |
| | Conagra Brands Inc. | 8.250% | | 9/15/30 | | 250 | | 344 | |
| | Conagra Brands Inc. | 5.300% | | 11/1/38 | | 825 | | 978 | |
| | Conagra Brands Inc. | 5.400% | | 11/1/48 | | 775 | | 943 | |
| | Constellation Brands Inc. | 3.750% | | 5/1/21 | | 350 | | 357 | |
| | Constellation Brands Inc. | 2.700% | | 5/9/22 | | 475 | | 481 | |
| | Constellation Brands Inc. | 2.650% | | 11/7/22 | | 1,150 | | 1,165 | |
| | Constellation Brands Inc. | 3.200% | | 2/15/23 | | 750 | | 770 | |
| | Constellation Brands Inc. | 4.250% | | 5/1/23 | | 900 | | 953 | |
| | Constellation Brands Inc. | 4.750% | | 11/15/24 | | 375 | | 414 | |
| | Constellation Brands Inc. | 4.400% | | 11/15/25 | | 400 | | 436 | |
| | Constellation Brands Inc. | 4.750% | | 12/1/25 | | 500 | | 556 | |
| | Constellation Brands Inc. | 3.700% | | 12/6/26 | | 550 | | 584 | |
| | Constellation Brands Inc. | 3.500% | | 5/9/27 | | 450 | | 469 | |
| | Constellation Brands Inc. | 3.600% | | 2/15/28 | | 700 | | 735 | |
| | Constellation Brands Inc. | 4.650% | | 11/15/28 | | 250 | | 280 | |
| | Constellation Brands Inc. | 3.150% | | 8/1/29 | | 875 | | 884 | |
| | Constellation Brands Inc. | 4.500% | | 5/9/47 | | 375 | | 403 | |
| | Constellation Brands Inc. | 4.100% | | 2/15/48 | | 275 | | 287 | |
| | Constellation Brands Inc. | 5.250% | | 11/15/48 | | 360 | | 437 | |
| | Covidien International Finance SA | 3.200% | | 6/15/22 | | 1,500 | | 1,536 | |
| | Covidien International Finance SA | 2.950% | | 6/15/23 | | 250 | | 256 | |
| | CVS Health Corp. | 3.350% | | 3/9/21 | | 1,685 | | 1,710 | |
| | CVS Health Corp. | 2.125% | | 6/1/21 | | 1,700 | | 1,701 | |
| | CVS Health Corp. | 3.500% | | 7/20/22 | | 975 | | 1,006 | |
| | CVS Health Corp. | 2.750% | | 12/1/22 | | 975 | | 990 | |
| | CVS Health Corp. | 4.750% | | 12/1/22 | | 775 | | 825 | |
| | CVS Health Corp. | 3.700% | | 3/9/23 | | 4,615 | | 4,803 | |
| | CVS Health Corp. | 4.000% | | 12/5/23 | | 100 | | 106 | |
| | CVS Health Corp. | 3.375% | | 8/12/24 | | 360 | | 375 | |
| | CVS Health Corp. | 4.100% | | 3/25/25 | | 6,335 | | 6,790 | |
| | CVS Health Corp. | 3.875% | | 7/20/25 | | 2,182 | | 2,324 | |
| | CVS Health Corp. | 2.875% | | 6/1/26 | | 1,450 | | 1,470 | |
| | CVS Health Corp. | 3.000% | | 8/15/26 | | 1,000 | | 1,019 | |
| | CVS Health Corp. | 4.300% | | 3/25/28 | | 6,890 | | 7,509 | |
| | CVS Health Corp. | 3.250% | | 8/15/29 | | 1,150 | | 1,167 | |
| | CVS Health Corp. | 4.875% | | 7/20/35 | | 525 | | 598 | |
| | CVS Health Corp. | 4.780% | | 3/25/38 | | 4,125 | | 4,664 | |
| | CVS Health Corp. | 6.125% | | 9/15/39 | | 375 | | 481 | |
| | CVS Health Corp. | 5.300% | | 12/5/43 | | 650 | | 770 | |
| | CVS Health Corp. | 5.125% | | 7/20/45 | | 3,375 | | 3,974 | |
| | CVS Health Corp. | 5.050% | | 3/25/48 | | 6,540 | | 7,734 | |
| | Danaher Corp. | 3.350% | | 9/15/25 | | 500 | | 531 | |
| | Dartmouth-Hitchcock Health | 4.178% | | 8/1/48 | | 300 | | 332 | |
| | Delhaize America LLC | 9.000% | | 4/15/31 | | 475 | | 699 | |
| | DH Europe Finance II Sarl | 2.050% | | 11/15/22 | | 950 | | 949 | |
| | DH Europe Finance II Sarl | 2.200% | | 11/15/24 | | 950 | | 947 | |
| | DH Europe Finance II Sarl | 2.600% | | 11/15/29 | | 650 | | 647 | |
| | DH Europe Finance II Sarl | 3.250% | | 11/15/39 | | 725 | | 731 | |
| | DH Europe Finance II Sarl | 3.400% | | 11/15/49 | | 1,000 | | 1,022 | |
| | Diageo Capital plc | 2.625% | | 4/29/23 | | 2,000 | | 2,033 | |
| | Diageo Capital plc | 2.125% | | 10/24/24 | | 600 | | 599 | |
| | Diageo Capital plc | 2.375% | | 10/24/29 | | 450 | | 443 | |
| | Diageo Capital plc | 5.875% | | 9/30/36 | | 250 | | 340 | |
| | Diageo Capital plc | 3.875% | | 4/29/43 | | 25 | | 28 | |
| | Diageo Investment Corp. | 2.875% | | 5/11/22 | | 1,400 | | 1,426 | |
| | Diageo Investment Corp. | 7.450% | | 4/15/35 | | 325 | | 486 | |
| | Diageo Investment Corp. | 4.250% | | 5/11/42 | | 650 | | 749 | |
| | Dignity Health | 3.125% | | 11/1/22 | | 150 | | 153 | |
| | Dignity Health | 3.812% | | 11/1/24 | | 100 | | 105 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Dignity Health | 4.500% | | 11/1/42 | | 550 | | 572 | |
| | Dignity Health | 5.267% | | 11/1/64 | | 225 | | 257 | |
| | Duke University Health System Inc. | 3.920% | | 6/1/47 | | 450 | | 501 | |
| | Edwards Lifesciences Corp. | 4.300% | | 6/15/28 | | 475 | | 526 | |
| | Eli Lilly & Co. | 2.350% | | 5/15/22 | | 200 | | 203 | |
| | Eli Lilly & Co. | 2.750% | | 6/1/25 | | 380 | | 392 | |
| | Eli Lilly & Co. | 3.375% | | 3/15/29 | | 825 | | 888 | |
| | Eli Lilly & Co. | 3.950% | | 3/15/49 | | 1,560 | | 1,796 | |
| | Eli Lilly & Co. | 4.150% | | 3/15/59 | | 1,502 | | 1,762 | |
| | Estee Lauder Cos. Inc. | 1.700% | | 5/10/21 | | 400 | | 399 | |
| | Estee Lauder Cos. Inc. | 3.150% | | 3/15/27 | | 400 | | 423 | |
| | Estee Lauder Cos. Inc. | 2.375% | | 12/1/29 | | 75 | | 75 | |
| | Estee Lauder Cos. Inc. | 6.000% | | 5/15/37 | | 150 | | 206 | |
| | Estee Lauder Cos. Inc. | 4.375% | | 6/15/45 | | 375 | | 445 | |
| | Estee Lauder Cos. Inc. | 4.150% | | 3/15/47 | | 675 | | 785 | |
| | Estee Lauder Cos. Inc. | 3.125% | | 12/1/49 | | 525 | | 523 | |
| | Flowers Foods Inc. | 4.375% | | 4/1/22 | | 175 | | 182 | |
| | Flowers Foods Inc. | 3.500% | | 10/1/26 | | 350 | | 359 | |
| | Fomento Economico Mexicano SAB de CV | 4.375% | | 5/10/43 | | 551 | | 614 | |
| | General Mills Inc. | 3.150% | | 12/15/21 | | 775 | | 791 | |
| | General Mills Inc. | 2.600% | | 10/12/22 | | 450 | | 456 | |
| | General Mills Inc. | 3.700% | | 10/17/23 | | 2,250 | | 2,370 | |
| | General Mills Inc. | 3.650% | | 2/15/24 | | 325 | | 341 | |
| | General Mills Inc. | 3.200% | | 2/10/27 | | 375 | | 393 | |
| | General Mills Inc. | 4.200% | | 4/17/28 | | 1,100 | | 1,223 | |
| | General Mills Inc. | 4.550% | | 4/17/38 | | 400 | | 464 | |
| | General Mills Inc. | 5.400% | | 6/15/40 | | 420 | | 516 | |
| | General Mills Inc. | 4.150% | | 2/15/43 | | 375 | | 403 | |
| | General Mills Inc. | 4.700% | | 4/17/48 | | 475 | | 566 | |
| | Gilead Sciences Inc. | 4.500% | | 4/1/21 | | 775 | | 794 | |
| | Gilead Sciences Inc. | 4.400% | | 12/1/21 | | 2,902 | | 3,026 | |
| | Gilead Sciences Inc. | 3.250% | | 9/1/22 | | 625 | | 646 | |
| | Gilead Sciences Inc. | 2.500% | | 9/1/23 | | 1,025 | | 1,040 | |
| | Gilead Sciences Inc. | 3.700% | | 4/1/24 | | 1,375 | | 1,460 | |
| | Gilead Sciences Inc. | 3.500% | | 2/1/25 | | 1,345 | | 1,427 | |
| | Gilead Sciences Inc. | 3.650% | | 3/1/26 | | 3,215 | | 3,456 | |
| | Gilead Sciences Inc. | 2.950% | | 3/1/27 | | 175 | | 181 | |
| | Gilead Sciences Inc. | 4.600% | | 9/1/35 | | 700 | | 837 | |
| | Gilead Sciences Inc. | 4.000% | | 9/1/36 | | 200 | | 222 | |
| | Gilead Sciences Inc. | 5.650% | | 12/1/41 | | 800 | | 1,050 | |
| | Gilead Sciences Inc. | 4.800% | | 4/1/44 | | 1,450 | | 1,734 | |
| | Gilead Sciences Inc. | 4.500% | | 2/1/45 | | 1,400 | | 1,616 | |
| | Gilead Sciences Inc. | 4.750% | | 3/1/46 | | 2,125 | | 2,538 | |
| | Gilead Sciences Inc. | 4.150% | | 3/1/47 | | 1,425 | | 1,576 | |
| | GlaxoSmithKline Capital Inc. | 2.800% | | 3/18/23 | | 75 | | 77 | |
| | GlaxoSmithKline Capital Inc. | 3.375% | | 5/15/23 | | 1,050 | | 1,093 | |
| | GlaxoSmithKline Capital Inc. | 3.625% | | 5/15/25 | | 1,350 | | 1,444 | |
| | GlaxoSmithKline Capital Inc. | 3.875% | | 5/15/28 | | 1,375 | | 1,514 | |
| | GlaxoSmithKline Capital Inc. | 5.375% | | 4/15/34 | | 180 | | 229 | |
| | GlaxoSmithKline Capital Inc. | 6.375% | | 5/15/38 | | 2,245 | | 3,210 | |
| | GlaxoSmithKline Capital Inc. | 4.200% | | 3/18/43 | | 500 | | 580 | |
| | GlaxoSmithKline Capital plc | 3.125% | | 5/14/21 | | 1,700 | | 1,727 | |
| | GlaxoSmithKline Capital plc | 2.850% | | 5/8/22 | | 450 | | 460 | |
| | GlaxoSmithKline Capital plc | 2.875% | | 6/1/22 | | 2,000 | | 2,043 | |
| | GlaxoSmithKline Capital plc | 3.000% | | 6/1/24 | | 775 | | 803 | |
| | GlaxoSmithKline Capital plc | 3.375% | | 6/1/29 | | 775 | | 829 | |
| | Hackensack Meridian Health | 4.500% | | 7/1/57 | | 225 | | 265 | |
| | Hackensack Meridian Health | 4.211% | | 7/1/48 | | 500 | | 561 | |
| | Hasbro Inc. | 3.150% | | 5/15/21 | | 200 | | 202 | |
| | Hasbro Inc. | 3.900% | | 11/19/29 | | 725 | | 729 | |
| | Hasbro Inc. | 6.350% | | 3/15/40 | | 400 | | 467 | |
| | Hasbro Inc. | 5.100% | | 5/15/44 | | 350 | | 348 | |
| | HCA Inc. | 4.750% | | 5/1/23 | | 1,075 | | 1,150 | |
| | HCA Inc. | 5.000% | | 3/15/24 | | 1,625 | | 1,773 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | HCA Inc. | 5.250% | | 4/15/25 | | 1,350 | | 1,509 | |
| | HCA Inc. | 5.250% | | 6/15/26 | | 1,150 | | 1,288 | |
| | HCA Inc. | 4.500% | | 2/15/27 | | 125 | | 135 | |
| | HCA Inc. | 4.125% | | 6/15/29 | | 1,645 | | 1,744 | |
| | HCA Inc. | 5.125% | | 6/15/39 | | 925 | | 1,024 | |
| | HCA Inc. | 5.500% | | 6/15/47 | | 1,350 | | 1,559 | |
| | HCA Inc. | 5.250% | | 6/15/49 | | 1,600 | | 1,800 | |
| | Hershey Co. | 4.125% | | 12/1/20 | | 215 | | 219 | |
| | Hershey Co. | 3.100% | | 5/15/21 | | 400 | | 406 | |
| | Hershey Co. | 2.625% | | 5/1/23 | | 250 | | 254 | |
| | Hershey Co. | 3.375% | | 5/15/23 | | 825 | | 865 | |
| | Hershey Co. | 2.050% | | 11/15/24 | | 246 | | 246 | |
| | Hershey Co. | 3.200% | | 8/21/25 | | 245 | | 257 | |
| | Hershey Co. | 2.300% | | 8/15/26 | | 425 | | 429 | |
| | Hershey Co. | 2.450% | | 11/15/29 | | 504 | | 504 | |
| | Hershey Co. | 3.125% | | 11/15/49 | | 575 | | 567 | |
| | Indiana University Health Inc. Obligated Group | 3.970% | | 11/1/48 | | 500 | | 561 | |
| | Ingredion Inc. | 3.200% | | 10/1/26 | | 400 | | 406 | |
| | JM Smucker Co. | 3.500% | | 10/15/21 | | 735 | | 754 | |
| | JM Smucker Co. | 3.000% | | 3/15/22 | | 250 | | 255 | |
| | JM Smucker Co. | 3.500% | | 3/15/25 | | 700 | | 734 | |
| | JM Smucker Co. | 3.375% | | 12/15/27 | | 500 | | 521 | |
| | JM Smucker Co. | 4.250% | | 3/15/35 | | 400 | | 434 | |
| | JM Smucker Co. | 4.375% | | 3/15/45 | | 535 | | 581 | |
| | Johns Hopkins Health System Corp. | 3.837% | | 5/15/46 | | 350 | | 382 | |
| | Johnson & Johnson | 1.950% | | 11/10/20 | | 400 | | 400 | |
| | Johnson & Johnson | 1.650% | | 3/1/21 | | 750 | | 748 | |
| | Johnson & Johnson | 2.450% | | 12/5/21 | | 200 | | 203 | |
| | Johnson & Johnson | 2.250% | | 3/3/22 | | 1,425 | | 1,440 | |
| | Johnson & Johnson | 2.050% | | 3/1/23 | | 600 | | 603 | |
| | Johnson & Johnson | 6.730% | | 11/15/23 | | 245 | | 287 | |
| | Johnson & Johnson | 3.375% | | 12/5/23 | | 650 | | 689 | |
| | Johnson & Johnson | 2.625% | | 1/15/25 | | 600 | | 618 | |
| | Johnson & Johnson | 2.450% | | 3/1/26 | | 1,600 | | 1,625 | |
| | Johnson & Johnson | 2.900% | | 1/15/28 | | 800 | | 834 | |
| | Johnson & Johnson | 6.950% | | 9/1/29 | | 250 | | 350 | |
| | Johnson & Johnson | 4.950% | | 5/15/33 | | 550 | | 687 | |
| | Johnson & Johnson | 4.375% | | 12/5/33 | | 900 | | 1,070 | |
| | Johnson & Johnson | 3.550% | | 3/1/36 | | 425 | | 465 | |
| | Johnson & Johnson | 3.625% | | 3/3/37 | | 1,250 | | 1,379 | |
| | Johnson & Johnson | 5.950% | | 8/15/37 | | 645 | | 917 | |
| | Johnson & Johnson | 3.400% | | 1/15/38 | | 800 | | 856 | |
| | Johnson & Johnson | 5.850% | | 7/15/38 | | 325 | | 460 | |
| | Johnson & Johnson | 4.500% | | 9/1/40 | | 419 | | 509 | |
| | Johnson & Johnson | 4.850% | | 5/15/41 | | 225 | | 287 | |
| | Johnson & Johnson | 4.500% | | 12/5/43 | | 550 | | 676 | |
| | Johnson & Johnson | 3.700% | | 3/1/46 | | 1,650 | | 1,862 | |
| | Johnson & Johnson | 3.750% | | 3/3/47 | | 975 | | 1,109 | |
| | Johnson & Johnson | 3.500% | | 1/15/48 | | 750 | | 810 | |
| | Kaiser Foundation Hospitals | 3.500% | | 4/1/22 | | 175 | | 181 | |
| | Kaiser Foundation Hospitals | 3.150% | | 5/1/27 | | 475 | | 495 | |
| | Kaiser Foundation Hospitals | 4.875% | | 4/1/42 | | 925 | | 1,134 | |
| | Kaiser Foundation Hospitals | 4.150% | | 5/1/47 | | 675 | | 770 | |
| | Kaiser Foundation Hospitals | 3.266% | | 11/1/49 | | 800 | | 803 | |
| | Kellogg Co. | 4.000% | | 12/15/20 | | 93 | | 95 | |
| | Kellogg Co. | 2.650% | | 12/1/23 | | 209 | | 213 | |
| | Kellogg Co. | 3.250% | | 4/1/26 | | 950 | | 986 | |
| | Kellogg Co. | 3.400% | | 11/15/27 | | 950 | | 993 | |
| | Kellogg Co. | 4.300% | | 5/15/28 | | 375 | | 418 | |
| | Kellogg Co. | 7.450% | | 4/1/31 | | 200 | | 280 | |
| | Kellogg Co. | 4.500% | | 4/1/46 | | 610 | | 679 | |
| | Keurig Dr Pepper Inc. | 3.551% | | 5/25/21 | | 850 | | 867 | |
| | Keurig Dr Pepper Inc. | 4.057% | | 5/25/23 | | 1,600 | | 1,687 | |
| | Keurig Dr Pepper Inc. | 3.130% | | 12/15/23 | | 1,350 | | 1,386 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Keurig Dr Pepper Inc. | 4.417% | | 5/25/25 | | 775 | | 846 | |
| | Keurig Dr Pepper Inc. | 3.400% | | 11/15/25 | | 250 | | 259 | |
| | Keurig Dr Pepper Inc. | 2.550% | | 9/15/26 | | 325 | | 323 | |
| | Keurig Dr Pepper Inc. | 3.430% | | 6/15/27 | | 375 | | 392 | |
| | Keurig Dr Pepper Inc. | 4.597% | | 5/25/28 | | 1,300 | | 1,460 | |
| | Keurig Dr Pepper Inc. | 7.450% | | 5/1/38 | | 41 | | 56 | |
| | Keurig Dr Pepper Inc. | 4.985% | | 5/25/38 | | 425 | | 501 | |
| | Keurig Dr Pepper Inc. | 4.500% | | 11/15/45 | | 1,000 | | 1,091 | |
| | Keurig Dr Pepper Inc. | 4.420% | | 12/15/46 | | 325 | | 351 | |
| | Kimberly-Clark Corp. | 3.875% | | 3/1/21 | | 560 | | 572 | |
| | Kimberly-Clark Corp. | 2.400% | | 3/1/22 | | 250 | | 253 | |
| | Kimberly-Clark Corp. | 2.400% | | 6/1/23 | | 150 | | 153 | |
| | Kimberly-Clark Corp. | 3.050% | | 8/15/25 | | 100 | | 105 | |
| | Kimberly-Clark Corp. | 2.750% | | 2/15/26 | | 350 | | 359 | |
| | Kimberly-Clark Corp. | 3.950% | | 11/1/28 | | 100 | | 111 | |
| | Kimberly-Clark Corp. | 3.200% | | 4/25/29 | | 575 | | 612 | |
| | Kimberly-Clark Corp. | 5.300% | | 3/1/41 | | 700 | | 920 | |
| | Kimberly-Clark Corp. | 3.700% | | 6/1/43 | | 175 | | 181 | |
| | Kimberly-Clark Corp. | 3.200% | | 7/30/46 | | 950 | | 958 | |
| | Kimberly-Clark Corp. | 3.900% | | 5/4/47 | | 100 | | 112 | |
| | Koninklijke Ahold Delhaize NV | 5.700% | | 10/1/40 | | 153 | | 187 | |
| | Koninklijke Philips NV | 6.875% | | 3/11/38 | | 300 | | 420 | |
| | Koninklijke Philips NV | 5.000% | | 3/15/42 | | 785 | | 939 | |
| | Kraft Foods Group Inc. | 6.875% | | 1/26/39 | | 775 | | 969 | |
| | Kraft Foods Group Inc. | 6.500% | | 2/9/40 | | 600 | | 727 | |
| | Kraft Foods Group Inc. | 5.000% | | 6/4/42 | | 1,055 | | 1,129 | |
| | Kraft Heinz Foods Co. | 3.375% | | 6/15/21 | | 200 | | 203 | |
| | Kraft Heinz Foods Co. | 3.500% | | 7/15/22 | | 576 | | 593 | |
| | Kraft Heinz Foods Co. | 4.000% | | 6/15/23 | | 1,022 | | 1,074 | |
| | Kraft Heinz Foods Co. | 3.950% | | 7/15/25 | | 1,625 | | 1,718 | |
| | Kraft Heinz Foods Co. | 3.000% | | 6/1/26 | | 1,625 | | 1,624 | |
| | Kraft Heinz Foods Co. | 4.625% | | 1/30/29 | | 1,025 | | 1,121 | |
| 7 | Kraft Heinz Foods Co. | 3.750% | | 4/1/30 | | 800 | | 822 | |
| | Kraft Heinz Foods Co. | 5.000% | | 7/15/35 | | 825 | | 916 | |
| 7 | Kraft Heinz Foods Co. | 4.625% | | 10/1/39 | | 405 | | 420 | |
| | Kraft Heinz Foods Co. | 5.200% | | 7/15/45 | | 1,850 | | 1,998 | |
| | Kraft Heinz Foods Co. | 4.375% | | 6/1/46 | | 2,600 | | 2,560 | |
| 7 | Kraft Heinz Foods Co. | 4.875% | | 10/1/49 | | 1,200 | | 1,250 | |
| | Kroger Co. | 3.300% | | 1/15/21 | | 700 | | 707 | |
| | Kroger Co. | 2.600% | | 2/1/21 | | 200 | | 201 | |
| | Kroger Co. | 2.950% | | 11/1/21 | | 1,935 | | 1,964 | |
| | Kroger Co. | 3.850% | | 8/1/23 | | 325 | | 343 | |
| | Kroger Co. | 4.000% | | 2/1/24 | | 400 | | 425 | |
| | Kroger Co. | 2.650% | | 10/15/26 | | 750 | | 751 | |
| | Kroger Co. | 3.700% | | 8/1/27 | | 100 | | 107 | |
| | Kroger Co. | 7.700% | | 6/1/29 | | 200 | | 267 | |
| | Kroger Co. | 8.000% | | 9/15/29 | | 750 | | 1,027 | |
| | Kroger Co. | 6.900% | | 4/15/38 | | 300 | | 401 | |
| | Kroger Co. | 5.400% | | 7/15/40 | | 250 | | 289 | |
| | Kroger Co. | 5.000% | | 4/15/42 | | 350 | | 389 | |
| | Kroger Co. | 5.150% | | 8/1/43 | | 350 | | 393 | |
| | Kroger Co. | 3.875% | | 10/15/46 | | 325 | | 316 | |
| | Kroger Co. | 4.450% | | 2/1/47 | | 850 | | 900 | |
| | Kroger Co. | 4.650% | | 1/15/48 | | 775 | | 844 | |
| | Laboratory Corp. of America Holdings | 3.200% | | 2/1/22 | | 375 | | 383 | |
| | Laboratory Corp. of America Holdings | 3.750% | | 8/23/22 | | 225 | | 233 | |
| | Laboratory Corp. of America Holdings | 3.250% | | 9/1/24 | | 500 | | 519 | |
| | Laboratory Corp. of America Holdings | 2.300% | | 12/1/24 | | 425 | | 423 | |
| | Laboratory Corp. of America Holdings | 3.600% | | 2/1/25 | | 825 | | 868 | |
| | Laboratory Corp. of America Holdings | 3.600% | | 9/1/27 | | 450 | | 474 | |
| | Laboratory Corp. of America Holdings | 2.950% | | 12/1/29 | | 525 | | 526 | |
| | Laboratory Corp. of America Holdings | 4.700% | | 2/1/45 | | 800 | | 897 | |
| 4 | Mayo Clinic | 3.774% | | 11/15/43 | | 625 | | 672 | |
| 4 | Mayo Clinic | 4.000% | | 11/15/47 | | 150 | | 167 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 4 | Mayo Clinic | 4.128% | | 11/15/52 | | 125 | | 140 | |
| | McCormick & Co. Inc. | 3.900% | | 7/15/21 | | 100 | | 102 | |
| | McCormick & Co. Inc. | 3.150% | | 8/15/24 | | 600 | | 622 | |
| | McCormick & Co. Inc. | 3.400% | | 8/15/27 | | 600 | | 625 | |
| | McCormick & Co. Inc. | 4.200% | | 8/15/47 | | 75 | | 82 | |
| | McKesson Corp. | 2.700% | | 12/15/22 | | 2,370 | | 2,397 | |
| | McKesson Corp. | 3.796% | | 3/15/24 | | 100 | | 105 | |
| | McKesson Corp. | 3.950% | | 2/16/28 | | 475 | | 502 | |
| | Mead Johnson Nutrition Co. | 3.000% | | 11/15/20 | | 500 | | 504 | |
| | Mead Johnson Nutrition Co. | 4.125% | | 11/15/25 | | 475 | | 520 | |
| | Mead Johnson Nutrition Co. | 5.900% | | 11/1/39 | | 390 | | 523 | |
| | Mead Johnson Nutrition Co. | 4.600% | | 6/1/44 | | 750 | | 900 | |
| | Medtronic Inc. | 3.150% | | 3/15/22 | | 1,159 | | 1,192 | |
| | Medtronic Inc. | 3.500% | | 3/15/25 | | 1,340 | | 1,435 | |
| | Medtronic Inc. | 4.375% | | 3/15/35 | | 2,508 | | 2,960 | |
| | Medtronic Inc. | 4.625% | | 3/15/45 | | 1,554 | | 1,946 | |
| | Memorial Health Services | 3.447% | | 11/1/49 | | 500 | | 491 | |
| | Memorial Sloan-Kettering Cancer Center | 5.000% | | 7/1/42 | | 100 | | 126 | |
| | Memorial Sloan-Kettering Cancer Center | 4.125% | | 7/1/52 | | 450 | | 519 | |
| | Memorial Sloan-Kettering Cancer Center | 4.200% | | 7/1/55 | | 150 | | 174 | |
| | Merck & Co. Inc. | 3.875% | | 1/15/21 | | 625 | | 636 | |
| | Merck & Co. Inc. | 2.350% | | 2/10/22 | | 1,100 | | 1,114 | |
| | Merck & Co. Inc. | 2.400% | | 9/15/22 | | 925 | | 938 | |
| | Merck & Co. Inc. | 2.800% | | 5/18/23 | | 2,000 | | 2,061 | |
| | Merck & Co. Inc. | 2.900% | | 3/7/24 | | 800 | | 832 | |
| | Merck & Co. Inc. | 2.750% | | 2/10/25 | | 2,250 | | 2,324 | |
| | Merck & Co. Inc. | 3.400% | | 3/7/29 | | 1,625 | | 1,755 | |
| | Merck & Co. Inc. | 6.500% | | 12/1/33 | | 525 | | 739 | |
| | Merck & Co. Inc. | 3.900% | | 3/7/39 | | 600 | | 685 | |
| | Merck & Co. Inc. | 3.600% | | 9/15/42 | | 375 | | 404 | |
| | Merck & Co. Inc. | 4.150% | | 5/18/43 | | 980 | | 1,158 | |
| | Merck & Co. Inc. | 3.700% | | 2/10/45 | | 1,995 | | 2,205 | |
| | Merck & Co. Inc. | 4.000% | | 3/7/49 | | 1,600 | | 1,862 | |
| | Mercy Health | 4.302% | | 7/1/28 | | 175 | | 193 | |
| | Molson Coors Beverage Co. | 2.100% | | 7/15/21 | | 775 | | 775 | |
| | Molson Coors Beverage Co. | 3.500% | | 5/1/22 | | 75 | | 77 | |
| | Molson Coors Beverage Co. | 3.000% | | 7/15/26 | | 1,650 | | 1,667 | |
| | Molson Coors Beverage Co. | 5.000% | | 5/1/42 | | 900 | | 980 | |
| | Molson Coors Beverage Co. | 4.200% | | 7/15/46 | | 1,535 | | 1,528 | |
| 7 | Mondelez International Holdings Netherlands BV | 2.125% | | 9/19/22 | | 350 | | 350 | |
| | Mondelez International Inc. | 3.625% | | 2/13/26 | | 350 | | 375 | |
| | Mondelez International Inc. | 4.625% | | 5/7/48 | | 250 | | 290 | |
| 4 | Montefiore Obligated Group | 5.246% | | 11/1/48 | | 600 | | 673 | |
| 4 | Mount Sinai Hospitals Group Inc. | 3.981% | | 7/1/48 | | 200 | | 206 | |
| 4 | Mount Sinai Hospitals Group Inc. | 3.737% | | 7/1/49 | | 450 | | 446 | |
| | Mylan Inc. | 4.200% | | 11/29/23 | | 705 | | 744 | |
| | Mylan Inc. | 4.550% | | 4/15/28 | | 625 | | 672 | |
| | Mylan Inc. | 5.400% | | 11/29/43 | | 550 | | 597 | |
| | Mylan Inc. | 5.200% | | 4/15/48 | | 575 | | 636 | |
| | Mylan NV | 3.150% | | 6/15/21 | | 975 | | 985 | |
| | Mylan NV | 3.950% | | 6/15/26 | | 1,100 | | 1,141 | |
| | Mylan NV | 5.250% | | 6/15/46 | | 800 | | 892 | |
| | New York & Presbyterian Hospital | 4.024% | | 8/1/45 | | 480 | | 534 | |
| | New York & Presbyterian Hospital | 4.063% | | 8/1/56 | | 425 | | 459 | |
| | New York & Presbyterian Hospital | 3.954% | | 8/1/19 | | 400 | | 400 | |
| | Northwell Healthcare Inc. | 3.979% | | 11/1/46 | | 525 | | 535 | |
| | Northwell Healthcare Inc. | 4.260% | | 11/1/47 | | 850 | | 909 | |
| | Northwell Healthcare Inc. | 3.809% | | 11/1/49 | | 375 | | 377 | |
| | Novartis Capital Corp. | 2.400% | | 5/17/22 | | 1,500 | | 1,520 | |
| | Novartis Capital Corp. | 3.400% | | 5/6/24 | | 2,735 | | 2,894 | |
| | Novartis Capital Corp. | 3.000% | | 11/20/25 | | 1,400 | | 1,467 | |
| | Novartis Capital Corp. | 3.100% | | 5/17/27 | | 800 | | 841 | |
| | Novartis Capital Corp. | 3.700% | | 9/21/42 | | 525 | | 577 | |
| | Novartis Capital Corp. | 4.400% | | 5/6/44 | | 1,450 | | 1,760 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Novartis Capital Corp. | 4.000% | | 11/20/45 | | 975 | | 1,130 | |
| | NYU Hospitals Center | 4.784% | | 7/1/44 | | 325 | | 389 | |
| 4 | NYU Hospitals Center | 4.368% | | 7/1/47 | | 425 | | 474 | |
| | Orlando Health Obligated Group | 4.089% | | 10/1/48 | | 225 | | 246 | |
| | Partners Healthcare System Inc. | 3.765% | | 7/1/48 | | 150 | | 157 | |
| | Partners Healthcare System Inc. | 4.117% | | 7/1/55 | | 275 | | 305 | |
| | PeaceHealth Obligated Group | 4.787% | | 11/15/48 | | 300 | | 367 | |
| | PepsiCo Inc. | 2.000% | | 4/15/21 | | 100 | | 100 | |
| | PepsiCo Inc. | 3.000% | | 8/25/21 | | 1,070 | | 1,090 | |
| | PepsiCo Inc. | 1.700% | | 10/6/21 | | 300 | | 300 | |
| | PepsiCo Inc. | 2.750% | | 3/5/22 | | 1,650 | | 1,683 | |
| | PepsiCo Inc. | 2.250% | | 5/2/22 | | 275 | | 278 | |
| | PepsiCo Inc. | 2.750% | | 3/1/23 | | 1,000 | | 1,027 | |
| | PepsiCo Inc. | 3.600% | | 3/1/24 | | 1,675 | | 1,781 | |
| | PepsiCo Inc. | 2.750% | | 4/30/25 | | 1,725 | | 1,784 | |
| | PepsiCo Inc. | 3.500% | | 7/17/25 | | 1,425 | | 1,528 | |
| | PepsiCo Inc. | 3.000% | | 10/15/27 | | 1,225 | | 1,292 | |
| | PepsiCo Inc. | 2.625% | | 7/29/29 | | 1,425 | | 1,451 | |
| | PepsiCo Inc. | 4.000% | | 3/5/42 | | 541 | | 616 | |
| | PepsiCo Inc. | 3.600% | | 8/13/42 | | 725 | | 775 | |
| | PepsiCo Inc. | 4.250% | | 10/22/44 | | 875 | | 1,029 | |
| | PepsiCo Inc. | 4.600% | | 7/17/45 | | 435 | | 537 | |
| | PepsiCo Inc. | 4.450% | | 4/14/46 | | 1,200 | | 1,475 | |
| | PepsiCo Inc. | 3.450% | | 10/6/46 | | 1,175 | | 1,240 | |
| | PepsiCo Inc. | 4.000% | | 5/2/47 | | 450 | | 520 | |
| | PepsiCo Inc. | 3.375% | | 7/29/49 | | 850 | | 890 | |
| | PepsiCo Inc. | 2.875% | | 10/15/49 | | 775 | | 742 | |
| | PerkinElmer Inc. | 3.300% | | 9/15/29 | | 650 | | 661 | |
| | Perrigo Finance Unlimited Co. | 3.500% | | 12/15/21 | | 811 | | 821 | |
| | Perrigo Finance Unlimited Co. | 3.900% | | 12/15/24 | | 600 | | 617 | |
| | Perrigo Finance Unlimited Co. | 4.375% | | 3/15/26 | | 375 | | 386 | |
| | Perrigo Finance Unlimited Co. | 4.900% | | 12/15/44 | | 278 | | 256 | |
| | Pfizer Inc. | 1.950% | | 6/3/21 | | 900 | | 902 | |
| | Pfizer Inc. | 3.000% | | 9/15/21 | | 600 | | 611 | |
| | Pfizer Inc. | 2.200% | | 12/15/21 | | 825 | | 831 | |
| | Pfizer Inc. | 2.800% | | 3/11/22 | | 750 | | 764 | |
| | Pfizer Inc. | 3.000% | | 6/15/23 | | 1,136 | | 1,179 | |
| | Pfizer Inc. | 3.200% | | 9/15/23 | | 475 | | 495 | |
| | Pfizer Inc. | 2.950% | | 3/15/24 | | 500 | | 519 | |
| | Pfizer Inc. | 3.400% | | 5/15/24 | | 200 | | 211 | |
| | Pfizer Inc. | 2.750% | | 6/3/26 | | 800 | | 825 | |
| | Pfizer Inc. | 3.000% | | 12/15/26 | | 1,595 | | 1,672 | |
| | Pfizer Inc. | 3.600% | | 9/15/28 | | 600 | | 655 | |
| | Pfizer Inc. | 3.450% | | 3/15/29 | | 1,425 | | 1,532 | |
| | Pfizer Inc. | 4.000% | | 12/15/36 | | 1,050 | | 1,196 | |
| | Pfizer Inc. | 4.100% | | 9/15/38 | | 600 | | 685 | |
| | Pfizer Inc. | 3.900% | | 3/15/39 | | 1,250 | | 1,407 | |
| | Pfizer Inc. | 7.200% | | 3/15/39 | | 1,015 | | 1,590 | |
| | Pfizer Inc. | 4.300% | | 6/15/43 | | 780 | | 917 | |
| | Pfizer Inc. | 4.400% | | 5/15/44 | | 925 | | 1,104 | |
| | Pfizer Inc. | 4.125% | | 12/15/46 | | 1,175 | | 1,355 | |
| | Pfizer Inc. | 4.200% | | 9/15/48 | | 875 | | 1,025 | |
| | Pfizer Inc. | 4.000% | | 3/15/49 | | 1,000 | | 1,156 | |
| | Pharmacia LLC | 6.600% | | 12/1/28 | | 500 | | 657 | |
| | Philip Morris International Inc. | 1.875% | | 2/25/21 | | 475 | | 474 | |
| | Philip Morris International Inc. | 4.125% | | 5/17/21 | | 195 | | 201 | |
| | Philip Morris International Inc. | 2.375% | | 8/17/22 | | 550 | | 555 | |
| | Philip Morris International Inc. | 2.500% | | 11/2/22 | | 1,600 | | 1,624 | |
| | Philip Morris International Inc. | 2.625% | | 3/6/23 | | 550 | | 559 | |
| | Philip Morris International Inc. | 2.125% | | 5/10/23 | | 450 | | 450 | |
| | Philip Morris International Inc. | 3.600% | | 11/15/23 | | 940 | | 988 | |
| | Philip Morris International Inc. | 2.875% | | 5/1/24 | | 1,000 | | 1,028 | |
| | Philip Morris International Inc. | 3.250% | | 11/10/24 | | 875 | | 916 | |
| | Philip Morris International Inc. | 3.375% | | 8/11/25 | | 675 | | 709 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Philip Morris International Inc. | 2.750% | | 2/25/26 | | 1,005 | | 1,016 | |
| | Philip Morris International Inc. | 3.125% | | 8/17/27 | | 425 | | 439 | |
| | Philip Morris International Inc. | 3.125% | | 3/2/28 | | 400 | | 410 | |
| | Philip Morris International Inc. | 3.375% | | 8/15/29 | | 425 | | 445 | |
| | Philip Morris International Inc. | 6.375% | | 5/16/38 | | 575 | | 799 | |
| | Philip Morris International Inc. | 4.375% | | 11/15/41 | | 1,175 | | 1,301 | |
| | Philip Morris International Inc. | 4.500% | | 3/20/42 | | 550 | | 617 | |
| | Philip Morris International Inc. | 3.875% | | 8/21/42 | | 75 | | 78 | |
| | Philip Morris International Inc. | 4.125% | | 3/4/43 | | 850 | | 916 | |
| | Philip Morris International Inc. | 4.875% | | 11/15/43 | | 775 | | 912 | |
| | Philip Morris International Inc. | 4.250% | | 11/10/44 | | 960 | | 1,058 | |
| 4 | Procter & Gamble - Esop | 9.360% | | 1/1/21 | | 201 | | 211 | |
| | Procter & Gamble Co. | 1.900% | | 10/23/20 | | 675 | | 675 | |
| | Procter & Gamble Co. | 1.850% | | 2/2/21 | | 400 | | 400 | |
| | Procter & Gamble Co. | 1.700% | | 11/3/21 | | 1,000 | | 1,003 | |
| | Procter & Gamble Co. | 3.100% | | 8/15/23 | | 1,025 | | 1,071 | |
| | Procter & Gamble Co. | 2.700% | | 2/2/26 | | 300 | | 312 | |
| | Procter & Gamble Co. | 2.450% | | 11/3/26 | | 800 | | 823 | |
| | Procter & Gamble Co. | 3.500% | | 10/25/47 | | 600 | | 674 | |
| | Providence St. Joseph Health Obligated Group | 2.746% | | 10/1/26 | | 125 | | 126 | |
| | Providence St. Joseph Health Obligated Group | 2.532% | | 10/1/29 | | 500 | | 489 | |
| 4 | Providence St. Joseph Health Obligated Group | 3.744% | | 10/1/47 | | 325 | | 339 | |
| 4 | Providence St. Joseph Health Obligated Group | 3.930% | | 10/1/48 | | 400 | | 428 | |
| | Quest Diagnostics Inc. | 4.250% | | 4/1/24 | | 300 | | 322 | |
| | Quest Diagnostics Inc. | 3.500% | | 3/30/25 | | 250 | | 263 | |
| | Quest Diagnostics Inc. | 3.450% | | 6/1/26 | | 425 | | 446 | |
| | Quest Diagnostics Inc. | 4.200% | | 6/30/29 | | 350 | | 386 | |
| | Quest Diagnostics Inc. | 2.950% | | 6/30/30 | | 700 | | 701 | |
| | Quest Diagnostics Inc. | 5.750% | | 1/30/40 | | 61 | | 67 | |
| | Quest Diagnostics Inc. | 4.700% | | 3/30/45 | | 200 | | 222 | |
| | Reynolds American Inc. | 4.000% | | 6/12/22 | | 600 | | 624 | |
| | Reynolds American Inc. | 4.850% | | 9/15/23 | | 250 | | 271 | |
| | Reynolds American Inc. | 4.450% | | 6/12/25 | | 2,231 | | 2,399 | |
| | Reynolds American Inc. | 5.700% | | 8/15/35 | | 575 | | 663 | |
| | Reynolds American Inc. | 7.250% | | 6/15/37 | | 325 | | 417 | |
| | Reynolds American Inc. | 8.125% | | 5/1/40 | | 400 | | 519 | |
| | Reynolds American Inc. | 7.000% | | 8/4/41 | | 150 | | 186 | |
| | Reynolds American Inc. | 6.150% | | 9/15/43 | | 400 | | 466 | |
| | Reynolds American Inc. | 5.850% | | 8/15/45 | | 1,785 | | 2,044 | |
| | RWJ Barnabas Health Inc. | 3.949% | | 7/1/46 | | 350 | | 370 | |
| | RWJ Barnabas Health Inc. | 3.477% | | 7/1/49 | | 100 | | 99 | |
| | Sanofi | 4.000% | | 3/29/21 | | 1,360 | | 1,395 | |
| | Sanofi | 3.375% | | 6/19/23 | | 1,050 | | 1,100 | |
| | Sanofi | 3.625% | | 6/19/28 | | 1,000 | | 1,109 | |
| | Shire Acquisitions Investments Ireland DAC | 2.400% | | 9/23/21 | | 2,650 | | 2,663 | |
| | Shire Acquisitions Investments Ireland DAC | 2.875% | | 9/23/23 | | 2,350 | | 2,392 | |
| | Shire Acquisitions Investments Ireland DAC | 3.200% | | 9/23/26 | | 2,435 | | 2,507 | |
| | Spectrum Health System Obligated Group | 3.487% | | 7/15/49 | | 275 | | 275 | |
| | SSM Health Care Corp. | 3.688% | | 6/1/23 | | 725 | | 754 | |
| | SSM Health Care Corp. | 3.823% | | 6/1/27 | | 375 | | 396 | |
| | Stanford Health Care | 3.795% | | 11/15/48 | | 450 | | 484 | |
| | Stryker Corp. | 2.625% | | 3/15/21 | | 625 | | 629 | |
| | Stryker Corp. | 3.375% | | 5/15/24 | | 475 | | 498 | |
| | Stryker Corp. | 3.375% | | 11/1/25 | | 500 | | 526 | |
| | Stryker Corp. | 3.500% | | 3/15/26 | | 890 | | 945 | |
| | Stryker Corp. | 3.650% | | 3/7/28 | | 450 | | 483 | |
| | Stryker Corp. | 4.100% | | 4/1/43 | | 325 | | 350 | |
| | Stryker Corp. | 4.375% | | 5/15/44 | | 275 | | 311 | |
| | Stryker Corp. | 4.625% | | 3/15/46 | | 155 | | 186 | |
| | Sutter Health | 3.695% | | 8/15/28 | | 300 | | 321 | |
| | Sutter Health | 4.091% | | 8/15/48 | | 375 | | 417 | |
| | Sysco Corp. | 2.500% | | 7/15/21 | | 300 | | 302 | |
| | Sysco Corp. | 2.600% | | 6/12/22 | | 346 | | 351 | |
| | Sysco Corp. | 3.750% | | 10/1/25 | | 425 | | 456 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Sysco Corp. | 3.300% | | 7/15/26 | | 975 | | 1,027 | |
| | Sysco Corp. | 3.250% | | 7/15/27 | | 925 | | 967 | |
| | Sysco Corp. | 4.850% | | 10/1/45 | | 125 | | 150 | |
| | Sysco Corp. | 4.500% | | 4/1/46 | | 550 | | 630 | |
| | Sysco Corp. | 4.450% | | 3/15/48 | | 425 | | 485 | |
| | Takeda Pharmaceutical Co. Ltd. | 4.000% | | 11/26/21 | | 850 | | 878 | |
| | Takeda Pharmaceutical Co. Ltd. | 4.400% | | 11/26/23 | | 850 | | 911 | |
| | Takeda Pharmaceutical Co. Ltd. | 5.000% | | 11/26/28 | | 1,460 | | 1,699 | |
| 4 | Texas Health Resources | 4.330% | | 11/15/55 | | 100 | | 117 | |
| | Thermo Fisher Scientific Inc. | 3.000% | | 4/15/23 | | 475 | | 488 | |
| | Thermo Fisher Scientific Inc. | 3.650% | | 12/15/25 | | 300 | | 320 | |
| | Thermo Fisher Scientific Inc. | 2.950% | | 9/19/26 | | 800 | | 822 | |
| | Thermo Fisher Scientific Inc. | 3.200% | | 8/15/27 | | 650 | | 679 | |
| | Thermo Fisher Scientific Inc. | 2.600% | | 10/1/29 | | 1,165 | | 1,151 | |
| | Thermo Fisher Scientific Inc. | 5.300% | | 2/1/44 | | 350 | | 443 | |
| | Thermo Fisher Scientific Inc. | 4.100% | | 8/15/47 | | 400 | | 448 | |
| | Toledo Hospital | 5.325% | | 11/15/28 | | 275 | | 295 | |
| | Trinity Health Corp. | 4.125% | | 12/1/45 | | 450 | | 494 | |
| | Tyson Foods Inc. | 2.250% | | 8/23/21 | | 50 | | 50 | |
| | Tyson Foods Inc. | 4.500% | | 6/15/22 | | 725 | | 763 | |
| | Tyson Foods Inc. | 3.900% | | 9/28/23 | | 475 | | 504 | |
| | Tyson Foods Inc. | 3.950% | | 8/15/24 | | 4,525 | | 4,836 | |
| | Tyson Foods Inc. | 3.550% | | 6/2/27 | | 1,025 | | 1,087 | |
| | Tyson Foods Inc. | 4.350% | | 3/1/29 | | 1,145 | | 1,295 | |
| | Tyson Foods Inc. | 4.875% | | 8/15/34 | | 425 | | 497 | |
| | Tyson Foods Inc. | 5.150% | | 8/15/44 | | 550 | | 665 | |
| | Tyson Foods Inc. | 4.550% | | 6/2/47 | | 450 | | 510 | |
| | Tyson Foods Inc. | 5.100% | | 9/28/48 | | 1,200 | | 1,510 | |
| | Unilever Capital Corp. | 4.250% | | 2/10/21 | | 805 | | 826 | |
| | Unilever Capital Corp. | 2.750% | | 3/22/21 | | 500 | | 505 | |
| | Unilever Capital Corp. | 1.375% | | 7/28/21 | | 400 | | 397 | |
| | Unilever Capital Corp. | 3.000% | | 3/7/22 | | 450 | | 461 | |
| | Unilever Capital Corp. | 3.250% | | 3/7/24 | | 2,600 | | 2,722 | |
| | Unilever Capital Corp. | 2.600% | | 5/5/24 | | 1,150 | | 1,175 | |
| | Unilever Capital Corp. | 3.100% | | 7/30/25 | | 550 | | 575 | |
| | Unilever Capital Corp. | 2.000% | | 7/28/26 | | 550 | | 545 | |
| | Unilever Capital Corp. | 3.500% | | 3/22/28 | | 1,050 | | 1,135 | |
| | Unilever Capital Corp. | 2.125% | | 9/6/29 | | 600 | | 581 | |
| | Unilever Capital Corp. | 5.900% | | 11/15/32 | | 800 | | 1,084 | |
| | Whirlpool Corp. | 4.850% | | 6/15/21 | | 200 | | 208 | |
| | Whirlpool Corp. | 4.700% | | 6/1/22 | | 775 | | 820 | |
| | Whirlpool Corp. | 4.000% | | 3/1/24 | | 275 | | 291 | |
| | Whirlpool Corp. | 3.700% | | 5/1/25 | | 400 | | 420 | |
| | Whirlpool Corp. | 4.750% | | 2/26/29 | | 600 | | 667 | |
| | Whirlpool Corp. | 4.500% | | 6/1/46 | | 488 | | 504 | |
| 4 | Willis-Knighton Medical Center | 4.813% | | 9/1/48 | | 200 | | 239 | |
| | Wyeth LLC | 7.250% | | 3/1/23 | | 350 | | 404 | |
| | Wyeth LLC | 6.450% | | 2/1/24 | | 780 | | 909 | |
| | Wyeth LLC | 6.500% | | 2/1/34 | | 500 | | 698 | |
| | Wyeth LLC | 6.000% | | 2/15/36 | | 410 | | 545 | |
| | Wyeth LLC | 5.950% | | 4/1/37 | | 1,605 | | 2,186 | |
| | Zeneca Wilmington Inc. | 7.000% | | 11/15/23 | | 600 | | 696 | |
| | Zimmer Biomet Holdings Inc. | 3.375% | | 11/30/21 | | 770 | | 785 | |
| | Zimmer Biomet Holdings Inc. | 3.150% | | 4/1/22 | | 650 | | 664 | |
| | Zimmer Biomet Holdings Inc. | 3.700% | | 3/19/23 | | 225 | | 234 | |
| | Zimmer Biomet Holdings Inc. | 3.550% | | 4/1/25 | | 1,375 | | 1,445 | |
| | Zimmer Biomet Holdings Inc. | 5.750% | | 11/30/39 | | 200 | | 237 | |
| | Zimmer Biomet Holdings Inc. | 4.450% | | 8/15/45 | | 730 | | 765 | |
| | Zoetis Inc. | 3.450% | | 11/13/20 | | 325 | | 328 | |
| | Zoetis Inc. | 3.250% | | 8/20/21 | | 250 | | 254 | |
| | Zoetis Inc. | 3.250% | | 2/1/23 | | 1,475 | | 1,521 | |
| | Zoetis Inc. | 4.500% | | 11/13/25 | | 350 | | 387 | |
| | Zoetis Inc. | 3.000% | | 9/12/27 | | 700 | | 716 | |
| | Zoetis Inc. | 3.900% | | 8/20/28 | | 400 | | 433 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Zoetis Inc. | 4.700% | | 2/1/43 | | 900 | | 1,068 | |
| | Zoetis Inc. | 3.950% | | 9/12/47 | | 400 | | 434 | |
| | Zoetis Inc. | 4.450% | | 8/20/48 | | 325 | | 379 | |
| | Energy (1.0%) | |
| | Apache Corp. | 3.625% | | 2/1/21 | | 60 | | 61 | |
| | Apache Corp. | 3.250% | | 4/15/22 | | 348 | | 353 | |
| | 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 | | 1,132 | |
| | Apache Corp. | 5.250% | | 2/1/42 | | 475 | | 493 | |
| | Apache Corp. | 4.750% | | 4/15/43 | | 1,125 | | 1,076 | |
| | Apache Corp. | 4.250% | | 1/15/44 | | 1,000 | | 922 | |
| | Baker Hughes a GE Co. LLC | 5.125% | | 9/15/40 | | 820 | | 966 | |
| | Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 2.773% | | 12/15/22 | | 1,340 | | 1,366 | |
| | Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 3.337% | | 12/15/27 | | 550 | | 573 | |
| | Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 3.138% | | 11/7/29 | | 450 | | 461 | |
| | Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 4.080% | | 12/15/47 | | 1,370 | | 1,403 | |
| | Boardwalk Pipelines LP | 3.375% | | 2/1/23 | | 310 | | 316 | |
| | Boardwalk Pipelines LP | 4.950% | | 12/15/24 | | 525 | | 567 | |
| | Boardwalk Pipelines LP | 5.950% | | 6/1/26 | | 700 | | 783 | |
| | Boardwalk Pipelines LP | 4.450% | | 7/15/27 | | 300 | | 308 | |
| | Boardwalk Pipelines LP | 4.800% | | 5/3/29 | | 700 | | 745 | |
| | BP Capital Markets America Inc. | 4.742% | | 3/11/21 | | 1,010 | | 1,044 | |
| | BP Capital Markets America Inc. | 2.112% | | 9/16/21 | | 1,000 | | 1,004 | |
| | BP Capital Markets America Inc. | 3.245% | | 5/6/22 | | 1,076 | | 1,111 | |
| | BP Capital Markets America Inc. | 2.520% | | 9/19/22 | | 450 | | 457 | |
| | BP Capital Markets America Inc. | 2.750% | | 5/10/23 | | 1,825 | | 1,865 | |
| | BP Capital Markets America Inc. | 3.216% | | 11/28/23 | | 1,850 | | 1,922 | |
| | BP Capital Markets America Inc. | 3.796% | | 9/21/25 | | 575 | | 622 | |
| | BP Capital Markets America Inc. | 3.410% | | 2/11/26 | | 800 | | 849 | |
| | BP Capital Markets America Inc. | 3.119% | | 5/4/26 | | 2,800 | | 2,918 | |
| | BP Capital Markets America Inc. | 3.937% | | 9/21/28 | | 800 | | 883 | |
| | BP Capital Markets America Inc. | 4.234% | | 11/6/28 | | 800 | | 902 | |
| | BP Capital Markets plc | 3.561% | | 11/1/21 | | 1,775 | | 1,829 | |
| | BP Capital Markets plc | 3.062% | | 3/17/22 | | 450 | | 461 | |
| | BP Capital Markets plc | 2.500% | | 11/6/22 | | 889 | | 905 | |
| | BP Capital Markets plc | 3.994% | | 9/26/23 | | 350 | | 373 | |
| | BP Capital Markets plc | 3.535% | | 11/4/24 | | 1,335 | | 1,421 | |
| | BP Capital Markets plc | 3.506% | | 3/17/25 | | 750 | | 798 | |
| | BP Capital Markets plc | 3.279% | | 9/19/27 | | 1,750 | | 1,840 | |
| | BP Capital Markets plc | 3.723% | | 11/28/28 | | 610 | | 663 | |
| | Burlington Resources Finance Co. | 7.400% | | 12/1/31 | | 600 | | 854 | |
| | Canadian Natural Resources Ltd. | 3.450% | | 11/15/21 | | 2,175 | | 2,222 | |
| | Canadian Natural Resources Ltd. | 2.950% | | 1/15/23 | | 800 | | 815 | |
| | Canadian Natural Resources Ltd. | 3.800% | | 4/15/24 | | 400 | | 418 | |
| | Canadian Natural Resources Ltd. | 3.850% | | 6/1/27 | | 1,100 | | 1,171 | |
| | Canadian Natural Resources Ltd. | 7.200% | | 1/15/32 | | 475 | | 643 | |
| | Canadian Natural Resources Ltd. | 6.450% | | 6/30/33 | | 400 | | 511 | |
| | Canadian Natural Resources Ltd. | 5.850% | | 2/1/35 | | 475 | | 584 | |
| | Canadian Natural Resources Ltd. | 6.500% | | 2/15/37 | | 500 | | 652 | |
| | Canadian Natural Resources Ltd. | 6.250% | | 3/15/38 | | 750 | | 971 | |
| | Canadian Natural Resources Ltd. | 6.750% | | 2/1/39 | | 325 | | 438 | |
| | Canadian Natural Resources Ltd. | 4.950% | | 6/1/47 | | 300 | | 364 | |
| | Cenovus Energy Inc. | 4.250% | | 4/15/27 | | 2,000 | | 2,109 | |
| | Cenovus Energy Inc. | 5.250% | | 6/15/37 | | 500 | | 550 | |
| | Cenovus Energy Inc. | 6.750% | | 11/15/39 | | 1,100 | | 1,399 | |
| | Cenovus Energy Inc. | 5.400% | | 6/15/47 | | 1,025 | | 1,197 | |
| | Cheniere Corpus Christi Holdings LLC | 7.000% | | 6/30/24 | | 1,200 | | 1,383 | |
| | Cheniere Corpus Christi Holdings LLC | 5.875% | | 3/31/25 | | 750 | | 844 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Cheniere Corpus Christi Holdings LLC | 5.125% | | 6/30/27 | | 1,575 | | 1,744 | |
| 7 | Cheniere Corpus Christi Holdings LLC | 3.700% | | 11/15/29 | | 1,250 | | 1,278 | |
| | Chevron Corp. | 2.100% | | 5/16/21 | | 1,200 | | 1,205 | |
| | Chevron Corp. | 2.498% | | 3/3/22 | | 400 | | 407 | |
| | Chevron Corp. | 2.355% | | 12/5/22 | | 5,995 | | 6,074 | |
| | Chevron Corp. | 3.191% | | 6/24/23 | | 1,175 | | 1,222 | |
| | Chevron Corp. | 2.895% | | 3/3/24 | | 100 | | 103 | |
| | Chevron Corp. | 3.326% | | 11/17/25 | | 200 | | 213 | |
| | Chevron Corp. | 2.954% | | 5/16/26 | | 1,175 | | 1,227 | |
| | Cimarex Energy Co. | 4.375% | | 6/1/24 | | 500 | | 527 | |
| | Cimarex Energy Co. | 3.900% | | 5/15/27 | | 600 | | 620 | |
| | Cimarex Energy Co. | 4.375% | | 3/15/29 | | 400 | | 422 | |
| | Columbia Pipeline Group Inc. | 4.500% | | 6/1/25 | | 1,045 | | 1,141 | |
| | Columbia Pipeline Group Inc. | 5.800% | | 6/1/45 | | 350 | | 444 | |
| | Concho Resources Inc. | 3.750% | | 10/1/27 | | 1,750 | | 1,835 | |
| | Concho Resources Inc. | 4.875% | | 10/1/47 | | 875 | | 1,019 | |
| | Concho Resources Inc. | 4.850% | | 8/15/48 | | 500 | | 579 | |
| | ConocoPhillips | 5.900% | | 10/15/32 | | 400 | | 523 | |
| | ConocoPhillips | 5.900% | | 5/15/38 | | 1,555 | | 2,111 | |
| | ConocoPhillips | 6.500% | | 2/1/39 | | 2,150 | | 3,115 | |
| | ConocoPhillips Canada Funding Co. I | 5.950% | | 10/15/36 | | 400 | | 536 | |
| | ConocoPhillips Co. | 4.950% | | 3/15/26 | | 2,693 | | 3,091 | |
| | ConocoPhillips Co. | 4.300% | | 11/15/44 | | 695 | | 813 | |
| | ConocoPhillips Holding Co. | 6.950% | | 4/15/29 | | 875 | | 1,187 | |
| | Continental Resources Inc. | 4.500% | | 4/15/23 | | 450 | | 471 | |
| | Continental Resources Inc. | 3.800% | | 6/1/24 | | 765 | | 791 | |
| | Continental Resources Inc. | 4.375% | | 1/15/28 | | 900 | | 956 | |
| | Continental Resources Inc. | 4.900% | | 6/1/44 | | 670 | | 714 | |
| | Devon Energy Corp. | 5.850% | | 12/15/25 | | 400 | | 473 | |
| | Devon Energy Corp. | 7.950% | | 4/15/32 | | 245 | | 347 | |
| | Devon Energy Corp. | 5.600% | | 7/15/41 | | 1,260 | | 1,530 | |
| | Devon Energy Corp. | 4.750% | | 5/15/42 | | 750 | | 839 | |
| | Devon Financing Co. LLC | 7.875% | | 9/30/31 | | 1,000 | | 1,375 | |
| | Diamondback Energy Inc. | 2.875% | | 12/1/24 | | 800 | | 807 | |
| | Diamondback Energy Inc. | 3.250% | | 12/1/26 | | 700 | | 708 | |
| | Diamondback Energy Inc. | 3.500% | | 12/1/29 | | 1,500 | | 1,523 | |
| | Dominion Energy Gas Holdings LLC | 3.550% | | 11/1/23 | | 250 | | 259 | |
| | Dominion Energy Gas Holdings LLC | 2.500% | | 11/15/24 | | 400 | | 402 | |
| | Dominion Energy Gas Holdings LLC | 3.600% | | 12/15/24 | | 250 | | 262 | |
| | Dominion Energy Gas Holdings LLC | 3.000% | | 11/15/29 | | 500 | | 496 | |
| | Dominion Energy Gas Holdings LLC | 4.800% | | 11/1/43 | | 325 | | 360 | |
| | Dominion Energy Gas Holdings LLC | 4.600% | | 12/15/44 | | 400 | | 434 | |
| | Enable Midstream Partners LP | 3.900% | | 5/15/24 | | 625 | | 636 | |
| | Enable Midstream Partners LP | 4.400% | | 3/15/27 | | 800 | | 786 | |
| | Enable Midstream Partners LP | 4.950% | | 5/15/28 | | 300 | | 303 | |
| | Enable Midstream Partners LP | 4.150% | | 9/15/29 | | 400 | | 378 | |
| | Enable Midstream Partners LP | 5.000% | | 5/15/44 | | 450 | | 404 | |
| | Enbridge Energy Partners LP | 4.200% | | 9/15/21 | | 325 | | 335 | |
| | Enbridge Energy Partners LP | 5.875% | | 10/15/25 | | 400 | | 466 | |
| | Enbridge Energy Partners LP | 7.500% | | 4/15/38 | | 300 | | 428 | |
| | Enbridge Energy Partners LP | 5.500% | | 9/15/40 | | 75 | | 89 | |
| | Enbridge Energy Partners LP | 7.375% | | 10/15/45 | | 800 | | 1,189 | |
| | Enbridge Inc. | 2.900% | | 7/15/22 | | 450 | | 458 | |
| | Enbridge Inc. | 2.500% | | 1/15/25 | | 400 | | 403 | |
| | Enbridge Inc. | 3.700% | | 7/15/27 | | 800 | | 841 | |
| | Enbridge Inc. | 3.125% | | 11/15/29 | | 1,000 | | 1,009 | |
| | Enbridge Inc. | 4.500% | | 6/10/44 | | 625 | | 686 | |
| | Enbridge Inc. | 4.000% | | 11/15/49 | | 650 | | 677 | |
| | Encana Corp. | 7.375% | | 11/1/31 | | 500 | | 611 | |
| | Encana Corp. | 6.500% | | 8/15/34 | | 1,250 | | 1,467 | |
| | Encana Corp. | 6.625% | | 8/15/37 | | 350 | | 414 | |
| | Encana Corp. | 6.500% | | 2/1/38 | | 475 | | 558 | |
| | Energy Transfer Operating LP | 4.650% | | 6/1/21 | | 620 | | 636 | |
| | Energy Transfer Operating LP | 5.200% | | 2/1/22 | | 800 | | 838 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Energy Transfer Operating LP | 4.250% | | 3/15/23 | | 1,600 | | 1,671 | |
| | Energy Transfer Operating LP | 4.200% | | 9/15/23 | | 100 | | 105 | |
| | Energy Transfer Operating LP | 4.050% | | 3/15/25 | | 2,000 | | 2,097 | |
| | Energy Transfer Operating LP | 4.750% | | 1/15/26 | | 300 | | 323 | |
| | Energy Transfer Operating LP | 4.200% | | 4/15/27 | | 300 | | 314 | |
| | Energy Transfer Operating LP | 5.500% | | 6/1/27 | | 1,120 | | 1,258 | |
| | Energy Transfer Operating LP | 5.250% | | 4/15/29 | | 1,200 | | 1,345 | |
| | Energy Transfer Operating LP | 6.250% | | 4/15/49 | | 1,400 | | 1,685 | |
| | Energy Transfer Partners LP | 3.600% | | 2/1/23 | | 825 | | 845 | |
| | Energy Transfer Partners LP | 4.950% | | 6/15/28 | | 1,030 | | 1,126 | |
| | Energy Transfer Partners LP | 4.900% | | 3/15/35 | | 250 | | 261 | |
| | Energy Transfer Partners LP | 6.625% | | 10/15/36 | | 350 | | 416 | |
| | Energy Transfer Partners LP | 5.800% | | 6/15/38 | | 1,580 | | 1,783 | |
| | Energy Transfer Partners LP | 7.500% | | 7/1/38 | | 500 | | 637 | |
| | Energy Transfer Partners LP | 6.050% | | 6/1/41 | | 575 | | 645 | |
| | Energy Transfer Partners LP | 6.500% | | 2/1/42 | | 300 | | 356 | |
| | Energy Transfer Partners LP | 5.150% | | 2/1/43 | | 425 | | 437 | |
| | Energy Transfer Partners LP | 5.150% | | 3/15/45 | | 150 | | 158 | |
| | Energy Transfer Partners LP | 6.125% | | 12/15/45 | | 1,350 | | 1,561 | |
| | Energy Transfer Partners LP | 5.300% | | 4/15/47 | | 1,300 | | 1,388 | |
| | Energy Transfer Partners LP | 6.000% | | 6/15/48 | | 850 | | 986 | |
| | Enterprise Products Operating LLC | 2.800% | | 2/15/21 | | 400 | | 404 | |
| | Enterprise Products Operating LLC | 3.500% | | 2/1/22 | | 300 | | 309 | |
| | Enterprise Products Operating LLC | 4.050% | | 2/15/22 | | 175 | | 182 | |
| | Enterprise Products Operating LLC | 3.350% | | 3/15/23 | | 1,650 | | 1,705 | |
| | Enterprise Products Operating LLC | 3.900% | | 2/15/24 | | 750 | | 797 | |
| | Enterprise Products Operating LLC | 3.750% | | 2/15/25 | | 650 | | 692 | |
| | Enterprise Products Operating LLC | 3.700% | | 2/15/26 | | 600 | | 639 | |
| | Enterprise Products Operating LLC | 3.950% | | 2/15/27 | | 200 | | 216 | |
| | Enterprise Products Operating LLC | 4.150% | | 10/16/28 | | 750 | | 827 | |
| | Enterprise Products Operating LLC | 3.125% | | 7/31/29 | | 2,300 | | 2,361 | |
| | Enterprise Products Operating LLC | 6.875% | | 3/1/33 | | 1,375 | | 1,874 | |
| | Enterprise Products Operating LLC | 7.550% | | 4/15/38 | | 300 | | 431 | |
| | Enterprise Products Operating LLC | 5.950% | | 2/1/41 | | 470 | | 605 | |
| | Enterprise Products Operating LLC | 4.850% | | 8/15/42 | | 850 | | 979 | |
| | Enterprise Products Operating LLC | 4.450% | | 2/15/43 | | 600 | | 656 | |
| | Enterprise Products Operating LLC | 4.850% | | 3/15/44 | | 1,780 | | 2,060 | |
| | Enterprise Products Operating LLC | 5.100% | | 2/15/45 | | 979 | | 1,172 | |
| | Enterprise Products Operating LLC | 4.900% | | 5/15/46 | | 1,750 | | 2,050 | |
| | Enterprise Products Operating LLC | 4.250% | | 2/15/48 | | 950 | | 1,024 | |
| | Enterprise Products Operating LLC | 4.800% | | 2/1/49 | | 600 | | 704 | |
| | Enterprise Products Operating LLC | 4.200% | | 1/31/50 | | 1,400 | | 1,502 | |
| | Enterprise Products Operating LLC | 4.950% | | 10/15/54 | | 200 | | 231 | |
| 4 | Enterprise Products Operating LLC | 5.250% | | 8/16/77 | | 400 | | 399 | |
| 4 | Enterprise Products Operating LLC | 5.375% | | 2/15/78 | | 1,225 | | 1,210 | |
| | EOG Resources Inc. | 4.100% | | 2/1/21 | | 350 | | 358 | |
| | EOG Resources Inc. | 2.625% | | 3/15/23 | | 2,900 | | 2,951 | |
| | EOG Resources Inc. | 4.150% | | 1/15/26 | | 600 | | 660 | |
| | EQM Midstream Partners LP | 4.750% | | 7/15/23 | | 1,225 | | 1,228 | |
| | EQM Midstream Partners LP | 4.000% | | 8/1/24 | | 400 | | 389 | |
| | EQM Midstream Partners LP | 4.125% | | 12/1/26 | | 500 | | 469 | |
| | EQM Midstream Partners LP | 5.500% | | 7/15/28 | | 700 | | 686 | |
| | EQM Midstream Partners LP | 6.500% | | 7/15/48 | | 465 | | 437 | |
| | EQT Corp. | 4.875% | | 11/15/21 | | 600 | | 616 | |
| | EQT Corp. | 3.000% | | 10/1/22 | | 600 | | 587 | |
| | EQT Corp. | 3.900% | | 10/1/27 | | 875 | | 813 | |
| | Exxon Mobil Corp. | 2.222% | | 3/1/21 | | 1,500 | | 1,508 | |
| | Exxon Mobil Corp. | 2.397% | | 3/6/22 | | 1,250 | | 1,266 | |
| | Exxon Mobil Corp. | 1.902% | | 8/16/22 | | 250 | | 252 | |
| | Exxon Mobil Corp. | 2.726% | | 3/1/23 | | 2,930 | | 2,999 | |
| | Exxon Mobil Corp. | 2.019% | | 8/16/24 | | 250 | | 251 | |
| | Exxon Mobil Corp. | 2.709% | | 3/6/25 | | 1,100 | | 1,137 | |
| | Exxon Mobil Corp. | 3.043% | | 3/1/26 | | 1,350 | | 1,416 | |
| | Exxon Mobil Corp. | 2.275% | | 8/16/26 | | 400 | | 401 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Exxon Mobil Corp. | 2.440% | | 8/16/29 | | 1,000 | | 1,005 | |
| | Exxon Mobil Corp. | 2.995% | | 8/16/39 | | 500 | | 501 | |
| | Exxon Mobil Corp. | 3.567% | | 3/6/45 | | 750 | | 802 | |
| | Exxon Mobil Corp. | 4.114% | | 3/1/46 | | 1,500 | | 1,756 | |
| | Exxon Mobil Corp. | 3.095% | | 8/16/49 | | 1,669 | | 1,655 | |
| | Halliburton Co. | 3.250% | | 11/15/21 | | 1,085 | | 1,105 | |
| | Halliburton Co. | 3.500% | | 8/1/23 | | 950 | | 987 | |
| | Halliburton Co. | 3.800% | | 11/15/25 | | 1,500 | | 1,600 | |
| | Halliburton Co. | 4.850% | | 11/15/35 | | 1,000 | | 1,128 | |
| | Halliburton Co. | 6.700% | | 9/15/38 | | 1,070 | | 1,411 | |
| | Halliburton Co. | 4.500% | | 11/15/41 | | 675 | | 721 | |
| | Halliburton Co. | 4.750% | | 8/1/43 | | 725 | | 797 | |
| | Halliburton Co. | 5.000% | | 11/15/45 | | 1,175 | | 1,338 | |
| | Helmerich & Payne Inc. | 4.650% | | 3/15/25 | | 300 | | 327 | |
| | Hess Corp. | 3.500% | | 7/15/24 | | 245 | | 251 | |
| | Hess Corp. | 4.300% | | 4/1/27 | | 500 | | 533 | |
| | Hess Corp. | 7.875% | | 10/1/29 | | 375 | | 488 | |
| | Hess Corp. | 7.300% | | 8/15/31 | | 35 | | 44 | |
| | Hess Corp. | 7.125% | | 3/15/33 | | 415 | | 525 | |
| | Hess Corp. | 6.000% | | 1/15/40 | | 1,265 | | 1,490 | |
| | Hess Corp. | 5.600% | | 2/15/41 | | 1,000 | | 1,168 | |
| | Hess Corp. | 5.800% | | 4/1/47 | | 175 | | 213 | |
| | HollyFrontier Corp. | 5.875% | | 4/1/26 | | 760 | | 853 | |
| | Husky Energy Inc. | 3.950% | | 4/15/22 | | 450 | | 465 | |
| | Husky Energy Inc. | 4.000% | | 4/15/24 | | 500 | | 526 | |
| | Husky Energy Inc. | 4.400% | | 4/15/29 | | 1,000 | | 1,076 | |
| | Husky Energy Inc. | 6.800% | | 9/15/37 | | 300 | | 393 | |
| | Kinder Morgan Energy Partners LP | 5.800% | | 3/1/21 | | 750 | | 781 | |
| | Kinder Morgan Energy Partners LP | 5.000% | | 10/1/21 | | 1,923 | | 2,004 | |
| | 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 | | 482 | |
| | Kinder Morgan Energy Partners LP | 4.300% | | 5/1/24 | | 1,625 | | 1,736 | |
| | Kinder Morgan Energy Partners LP | 4.250% | | 9/1/24 | | 850 | | 909 | |
| | Kinder Morgan Energy Partners LP | 7.300% | | 8/15/33 | | 175 | | 231 | |
| | Kinder Morgan Energy Partners LP | 5.800% | | 3/15/35 | | 300 | | 355 | |
| | Kinder Morgan Energy Partners LP | 6.500% | | 2/1/37 | | 400 | | 499 | |
| | Kinder Morgan Energy Partners LP | 6.950% | | 1/15/38 | | 335 | | 443 | |
| | Kinder Morgan Energy Partners LP | 6.500% | | 9/1/39 | | 1,000 | | 1,264 | |
| | Kinder Morgan Energy Partners LP | 6.550% | | 9/15/40 | | 990 | | 1,256 | |
| | Kinder Morgan Energy Partners LP | 7.500% | | 11/15/40 | | 300 | | 407 | |
| | Kinder Morgan Energy Partners LP | 5.000% | | 8/15/42 | | 1,175 | | 1,274 | |
| | Kinder Morgan Energy Partners LP | 4.700% | | 11/1/42 | | 1,322 | | 1,398 | |
| | Kinder Morgan Energy Partners LP | 5.000% | | 3/1/43 | | 500 | | 547 | |
| | Kinder Morgan Energy Partners LP | 5.500% | | 3/1/44 | | 500 | | 576 | |
| | Kinder Morgan Inc. | 3.150% | | 1/15/23 | | 300 | | 307 | |
| | Kinder Morgan Inc. | 4.300% | | 6/1/25 | | 1,000 | | 1,083 | |
| | Kinder Morgan Inc. | 4.300% | | 3/1/28 | | 1,500 | | 1,632 | |
| | Kinder Morgan Inc. | 7.800% | | 8/1/31 | | 330 | | 451 | |
| | Kinder Morgan Inc. | 7.750% | | 1/15/32 | | 1,025 | | 1,405 | |
| | Kinder Morgan Inc. | 5.300% | | 12/1/34 | | 825 | | 972 | |
| | Kinder Morgan Inc. | 5.550% | | 6/1/45 | | 1,075 | | 1,286 | |
| | Kinder Morgan Inc. | 5.050% | | 2/15/46 | | 978 | | 1,094 | |
| | Magellan Midstream Partners LP | 5.000% | | 3/1/26 | | 450 | | 507 | |
| | Magellan Midstream Partners LP | 5.150% | | 10/15/43 | | 350 | | 407 | |
| | Magellan Midstream Partners LP | 4.250% | | 9/15/46 | | 300 | | 318 | |
| | Magellan Midstream Partners LP | 4.200% | | 10/3/47 | | 800 | | 842 | |
| | Magellan Midstream Partners LP | 4.850% | | 2/1/49 | | 530 | | 610 | |
| | Magellan Midstream Partners LP | 3.950% | | 3/1/50 | | 200 | | 205 | |
| | Marathon Oil Corp. | 2.800% | | 11/1/22 | | 785 | | 797 | |
| | Marathon Oil Corp. | 3.850% | | 6/1/25 | | 710 | | 750 | |
| | Marathon Oil Corp. | 4.400% | | 7/15/27 | | 750 | | 814 | |
| | Marathon Oil Corp. | 6.800% | | 3/15/32 | | 1,080 | | 1,369 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Marathon Oil Corp. | 6.600% | | 10/1/37 | | 200 | | 254 | |
| | Marathon Oil Corp. | 5.200% | | 6/1/45 | | 400 | | 464 | |
| | Marathon Petroleum Corp. | 3.400% | | 12/15/20 | | 700 | | 708 | |
| | Marathon Petroleum Corp. | 5.125% | | 3/1/21 | | 800 | | 827 | |
| | Marathon Petroleum Corp. | 5.375% | | 10/1/22 | | 50 | | 51 | |
| | Marathon Petroleum Corp. | 4.750% | | 12/15/23 | | 1,000 | | 1,085 | |
| | Marathon Petroleum Corp. | 5.125% | | 12/15/26 | | 735 | | 830 | |
| | Marathon Petroleum Corp. | 3.800% | | 4/1/28 | | 800 | | 836 | |
| | Marathon Petroleum Corp. | 6.500% | | 3/1/41 | | 1,200 | | 1,554 | |
| | Marathon Petroleum Corp. | 4.750% | | 9/15/44 | | 250 | | 272 | |
| | Marathon Petroleum Corp. | 4.500% | | 4/1/48 | | 375 | | 395 | |
| | Marathon Petroleum Corp. | 5.000% | | 9/15/54 | | 500 | | 538 | |
| 7 | MPLX LP | 3.500% | | 12/1/22 | | 150 | | 154 | |
| | MPLX LP | 3.375% | | 3/15/23 | | 400 | | 410 | |
| | MPLX LP | 4.500% | | 7/15/23 | | 1,200 | | 1,274 | |
| | MPLX LP | 4.875% | | 12/1/24 | | 1,738 | | 1,885 | |
| | MPLX LP | 4.875% | | 6/1/25 | | 600 | | 655 | |
| | MPLX LP | 4.125% | | 3/1/27 | | 1,000 | | 1,046 | |
| 7 | MPLX LP | 4.250% | | 12/1/27 | | 1,510 | | 1,584 | |
| | MPLX LP | 4.000% | | 3/15/28 | | 1,450 | | 1,502 | |
| | MPLX LP | 4.500% | | 4/15/38 | | 1,275 | | 1,297 | |
| | MPLX LP | 5.200% | | 3/1/47 | | 1,700 | | 1,825 | |
| 7 | MPLX LP | 5.200% | | 12/1/47 | | 400 | | 420 | |
| | MPLX LP | 4.700% | | 4/15/48 | | 1,000 | | 1,008 | |
| | MPLX LP | 5.500% | | 2/15/49 | | 1,225 | | 1,388 | |
| | MPLX LP | 4.900% | | 4/15/58 | | 550 | | 560 | |
| | National Fuel Gas Co. | 3.750% | | 3/1/23 | | 375 | | 385 | |
| | National Fuel Gas Co. | 3.950% | | 9/15/27 | | 200 | | 202 | |
| | National Fuel Gas Co. | 4.750% | | 9/1/28 | | 650 | | 691 | |
| | National Oilwell Varco Inc. | 2.600% | | 12/1/22 | | 450 | | 454 | |
| | National Oilwell Varco Inc. | 3.600% | | 12/1/29 | | 500 | | 500 | |
| | National Oilwell Varco Inc. | 3.950% | | 12/1/42 | | 700 | | 657 | |
| | Newfield Exploration Co. | 5.750% | | 1/30/22 | | 600 | | 638 | |
| | Newfield Exploration Co. | 5.625% | | 7/1/24 | | 600 | | 660 | |
| | Newfield Exploration Co. | 5.375% | | 1/1/26 | | 1,000 | | 1,084 | |
| | Noble Energy Inc. | 3.850% | | 1/15/28 | | 450 | | 473 | |
| | Noble Energy Inc. | 3.250% | | 10/15/29 | | 500 | | 504 | |
| | Noble Energy Inc. | 6.000% | | 3/1/41 | | 1,210 | | 1,447 | |
| | Noble Energy Inc. | 5.250% | | 11/15/43 | | 450 | | 507 | |
| | Noble Energy Inc. | 5.050% | | 11/15/44 | | 250 | | 276 | |
| | Noble Energy Inc. | 4.950% | | 8/15/47 | | 550 | | 611 | |
| | Noble Energy Inc. | 4.200% | | 10/15/49 | | 500 | | 503 | |
| | Occidental Petroleum Corp. | 4.100% | | 2/1/21 | | 1,700 | | 1,726 | |
| | Occidental Petroleum Corp. | 4.850% | | 3/15/21 | | 160 | | 165 | |
| | Occidental Petroleum Corp. | 2.600% | | 8/13/21 | | 600 | | 604 | |
| | Occidental Petroleum Corp. | 3.125% | | 2/15/22 | | 650 | | 661 | |
| | Occidental Petroleum Corp. | 2.600% | | 4/15/22 | | 1,377 | | 1,386 | |
| | Occidental Petroleum Corp. | 2.700% | | 8/15/22 | | 800 | | 809 | |
| | Occidental Petroleum Corp. | 6.950% | | 7/1/24 | | 1,000 | | 1,173 | |
| | Occidental Petroleum Corp. | 2.900% | | 8/15/24 | | 3,000 | | 3,047 | |
| | Occidental Petroleum Corp. | 3.500% | | 6/15/25 | | 600 | | 619 | |
| | Occidental Petroleum Corp. | 5.550% | | 3/15/26 | | 1,325 | | 1,501 | |
| | Occidental Petroleum Corp. | 3.400% | | 4/15/26 | | 425 | | 434 | |
| | Occidental Petroleum Corp. | 3.500% | | 8/15/29 | | 2,500 | | 2,549 | |
| | Occidental Petroleum Corp. | 7.500% | | 5/1/31 | | 500 | | 649 | |
| | Occidental Petroleum Corp. | 7.875% | | 9/15/31 | | 150 | | 199 | |
| | Occidental Petroleum Corp. | 6.450% | | 9/15/36 | | 1,000 | | 1,218 | |
| | Occidental Petroleum Corp. | 7.950% | | 6/15/39 | | 125 | | 172 | |
| | Occidental Petroleum Corp. | 4.300% | | 8/15/39 | | 300 | | 304 | |
| | Occidental Petroleum Corp. | 6.200% | | 3/15/40 | | 1,390 | | 1,653 | |
| | Occidental Petroleum Corp. | 4.500% | | 7/15/44 | | 1,275 | | 1,274 | |
| | Occidental Petroleum Corp. | 4.625% | | 6/15/45 | | 725 | | 741 | |
| | Occidental Petroleum Corp. | 4.400% | | 4/15/46 | | 1,126 | | 1,137 | |
| | Occidental Petroleum Corp. | 4.100% | | 2/15/47 | | 850 | | 824 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Occidental Petroleum Corp. | 4.200% | | 3/15/48 | | 800 | | 792 | |
| | Occidental Petroleum Corp. | 4.400% | | 8/15/49 | | 600 | | 618 | |
| | ONEOK Inc. | 7.500% | | 9/1/23 | | 1,425 | | 1,658 | |
| | ONEOK Inc. | 2.750% | | 9/1/24 | | 200 | | 201 | |
| | ONEOK Inc. | 4.000% | | 7/13/27 | | 150 | | 158 | |
| | ONEOK Inc. | 4.550% | | 7/15/28 | | 750 | | 822 | |
| | ONEOK Inc. | 3.400% | | 9/1/29 | | 2,155 | | 2,179 | |
| | ONEOK Inc. | 4.950% | | 7/13/47 | | 600 | | 657 | |
| | ONEOK Inc. | 5.200% | | 7/15/48 | | 425 | | 481 | |
| | ONEOK Inc. | 4.450% | | 9/1/49 | | 800 | | 821 | |
| | ONEOK Partners LP | 3.375% | | 10/1/22 | | 2,150 | | 2,212 | |
| | ONEOK Partners LP | 4.900% | | 3/15/25 | | 450 | | 494 | |
| | ONEOK Partners LP | 6.650% | | 10/1/36 | | 360 | | 454 | |
| | ONEOK Partners LP | 6.125% | | 2/1/41 | | 1,340 | | 1,608 | |
| | Patterson-UTI Energy Inc. | 3.950% | | 2/1/28 | | 425 | | 410 | |
| | Patterson-UTI Energy Inc. | 5.150% | | 11/15/29 | | 300 | | 306 | |
| | Petro-Canada | 5.350% | | 7/15/33 | | 450 | | 555 | |
| | Petro-Canada | 5.950% | | 5/15/35 | | 500 | | 649 | |
| | Petro-Canada | 6.800% | | 5/15/38 | | 700 | | 997 | |
| | Phillips 66 | 4.300% | | 4/1/22 | | 1,105 | | 1,159 | |
| | Phillips 66 | 3.900% | | 3/15/28 | | 1,300 | | 1,413 | |
| | Phillips 66 | 4.650% | | 11/15/34 | | 300 | | 350 | |
| | Phillips 66 | 4.875% | | 11/15/44 | | 2,240 | | 2,698 | |
| | Phillips 66 Partners LP | 2.450% | | 12/15/24 | | 250 | | 249 | |
| | Phillips 66 Partners LP | 3.605% | | 2/15/25 | | 350 | | 365 | |
| | Phillips 66 Partners LP | 3.550% | | 10/1/26 | | 400 | | 418 | |
| | Phillips 66 Partners LP | 3.750% | | 3/1/28 | | 100 | | 104 | |
| | Phillips 66 Partners LP | 3.150% | | 12/15/29 | | 250 | | 248 | |
| | Phillips 66 Partners LP | 4.680% | | 2/15/45 | | 830 | | 894 | |
| | Pioneer Natural Resources Co. | 3.950% | | 7/15/22 | | 1,075 | | 1,118 | |
| | Pioneer Natural Resources Co. | 4.450% | | 1/15/26 | | 390 | | 428 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 5.000% | | 2/1/21 | | 625 | | 639 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 3.650% | | 6/1/22 | | 100 | | 103 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 2.850% | | 1/31/23 | | 1,200 | | 1,213 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 3.600% | | 11/1/24 | | 2,155 | | 2,211 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 4.650% | | 10/15/25 | | 450 | | 481 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 4.500% | | 12/15/26 | | 350 | | 372 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 3.550% | | 12/15/29 | | 750 | | 737 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 6.650% | | 1/15/37 | | 500 | | 588 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 4.300% | | 1/31/43 | | 1,250 | | 1,139 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | 4.900% | | 2/15/45 | | 500 | | 496 | |
| | Regency Energy Partners LP / Regency Energy Finance Corp. | 5.875% | | 3/1/22 | | 700 | | 743 | |
| | Regency Energy Partners LP / Regency Energy Finance Corp. | 5.000% | | 10/1/22 | | 1,050 | | 1,112 | |
| | Regency Energy Partners LP / Regency Energy Finance Corp. | 4.500% | | 11/1/23 | | 475 | | 502 | |
| | Sabine Pass Liquefaction LLC | 5.625% | | 2/1/21 | | 2,600 | | 2,673 | |
| | Sabine Pass Liquefaction LLC | 6.250% | | 3/15/22 | | 1,465 | | 1,574 | |
| | Sabine Pass Liquefaction LLC | 5.625% | | 4/15/23 | | 1,200 | | 1,305 | |
| | Sabine Pass Liquefaction LLC | 5.750% | | 5/15/24 | | 1,570 | | 1,751 | |
| | Sabine Pass Liquefaction LLC | 5.625% | | 3/1/25 | | 1,525 | | 1,714 | |
| | Sabine Pass Liquefaction LLC | 5.875% | | 6/30/26 | | 2,000 | | 2,298 | |
| | Sabine Pass Liquefaction LLC | 5.000% | | 3/15/27 | | 600 | | 661 | |
| | Sabine Pass Liquefaction LLC | 4.200% | | 3/15/28 | | 600 | | 635 | |
| | Schlumberger Investment SA | 3.650% | | 12/1/23 | | 1,190 | | 1,253 | |
| | Shell International Finance BV | 1.875% | | 5/10/21 | | 1,475 | | 1,474 | |
| | Shell International Finance BV | 1.750% | | 9/12/21 | | 1,000 | | 999 | |
| | Shell International Finance BV | 2.375% | | 8/21/22 | | 975 | | 987 | |
| | Shell International Finance BV | 2.250% | | 1/6/23 | | 800 | | 806 | |
| | Shell International Finance BV | 3.400% | | 8/12/23 | | 400 | | 419 | |
| | Shell International Finance BV | 2.000% | | 11/7/24 | | 1,000 | | 998 | |
| | Shell International Finance BV | 3.250% | | 5/11/25 | | 2,490 | | 2,631 | |
| | Shell International Finance BV | 2.875% | | 5/10/26 | | 2,300 | | 2,385 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Shell International Finance BV | 2.500% | | 9/12/26 | | 400 | | 406 | |
| | Shell International Finance BV | 3.875% | | 11/13/28 | | 500 | | 554 | |
| | Shell International Finance BV | 2.375% | | 11/7/29 | | 2,200 | | 2,178 | |
| | Shell International Finance BV | 4.125% | | 5/11/35 | | 2,025 | | 2,363 | |
| | Shell International Finance BV | 6.375% | | 12/15/38 | | 820 | | 1,196 | |
| | Shell International Finance BV | 5.500% | | 3/25/40 | | 1,075 | | 1,455 | |
| | Shell International Finance BV | 3.625% | | 8/21/42 | | 477 | | 510 | |
| | Shell International Finance BV | 4.550% | | 8/12/43 | | 1,000 | | 1,207 | |
| | Shell International Finance BV | 4.375% | | 5/11/45 | | 2,700 | | 3,215 | |
| | Shell International Finance BV | 4.000% | | 5/10/46 | | 1,900 | | 2,164 | |
| | Shell International Finance BV | 3.125% | | 11/7/49 | | 2,450 | | 2,416 | |
| | Southern Natural Gas Co. LLC / Southern Natural Issuing Corp. | 4.400% | | 6/15/21 | | 345 | | 354 | |
| | Spectra Energy Partners LP | 4.750% | | 3/15/24 | | 800 | | 870 | |
| | Spectra Energy Partners LP | 3.500% | | 3/15/25 | | 800 | | 836 | |
| | Spectra Energy Partners LP | 3.375% | | 10/15/26 | | 950 | | 983 | |
| | Spectra Energy Partners LP | 4.500% | | 3/15/45 | | 1,275 | | 1,402 | |
| | Suncor Energy Inc. | 6.500% | | 6/15/38 | | 1,540 | | 2,138 | |
| | Suncor Energy Inc. | 6.850% | | 6/1/39 | | 810 | | 1,171 | |
| | Suncor Energy Inc. | 4.000% | | 11/15/47 | | 700 | | 760 | |
| | Sunoco Logistics Partners Operations LP | 4.400% | | 4/1/21 | | 1,875 | | 1,920 | |
| | Sunoco Logistics Partners Operations LP | 4.650% | | 2/15/22 | | 250 | | 261 | |
| | Sunoco Logistics Partners Operations LP | 4.250% | | 4/1/24 | | 900 | | 944 | |
| | Sunoco Logistics Partners Operations LP | 5.950% | | 12/1/25 | | 300 | | 344 | |
| | Sunoco Logistics Partners Operations LP | 4.000% | | 10/1/27 | | 500 | | 515 | |
| | Sunoco Logistics Partners Operations LP | 4.950% | | 1/15/43 | | 300 | | 298 | |
| | Sunoco Logistics Partners Operations LP | 5.300% | | 4/1/44 | | 950 | | 1,001 | |
| | Sunoco Logistics Partners Operations LP | 5.350% | | 5/15/45 | | 725 | | 773 | |
| | Sunoco Logistics Partners Operations LP | 5.400% | | 10/1/47 | | 700 | | 756 | |
| | TC PipeLines LP | 3.900% | | 5/25/27 | | 200 | | 209 | |
| | TechnipFMC plc | 3.450% | | 10/1/22 | | 350 | | 356 | |
| | Tennessee Gas Pipeline Co. LLC | 7.000% | | 3/15/27 | | 260 | | 320 | |
| | Texas Eastern Transmission LP | 7.000% | | 7/15/32 | | 500 | | 670 | |
| | Total Capital Canada Ltd. | 2.750% | | 7/15/23 | | 825 | | 844 | |
| | Total Capital International SA | 2.750% | | 6/19/21 | | 2,000 | | 2,026 | |
| | Total Capital International SA | 2.218% | | 7/12/21 | | 600 | | 603 | |
| | Total Capital International SA | 2.875% | | 2/17/22 | | 1,400 | | 1,428 | |
| | Total Capital International SA | 2.700% | | 1/25/23 | | 1,025 | | 1,047 | |
| | Total Capital International SA | 3.700% | | 1/15/24 | | 975 | | 1,035 | |
| | Total Capital International SA | 2.434% | | 1/10/25 | | 700 | | 708 | |
| | Total Capital International SA | 3.455% | | 2/19/29 | | 925 | | 999 | |
| | Total Capital International SA | 2.829% | | 1/10/30 | | 850 | | 871 | |
| | Total Capital International SA | 3.461% | | 7/12/49 | | 700 | | 736 | |
| | Total Capital SA | 4.125% | | 1/28/21 | | 512 | | 524 | |
| | Total Capital SA | 4.250% | | 12/15/21 | | 300 | | 314 | |
| | Total Capital SA | 3.883% | | 10/11/28 | | 525 | | 585 | |
| | TransCanada PipeLines Ltd. | 2.500% | | 8/1/22 | | 920 | | 924 | |
| | TransCanada PipeLines Ltd. | 3.750% | | 10/16/23 | | 500 | | 524 | |
| | TransCanada PipeLines Ltd. | 4.250% | | 5/15/28 | | 1,700 | | 1,881 | |
| | TransCanada PipeLines Ltd. | 4.625% | | 3/1/34 | | 1,500 | | 1,714 | |
| | TransCanada PipeLines Ltd. | 5.600% | | 3/31/34 | | 800 | | 968 | |
| | TransCanada PipeLines Ltd. | 5.850% | | 3/15/36 | | 125 | | 151 | |
| | TransCanada PipeLines Ltd. | 6.200% | | 10/15/37 | | 1,350 | | 1,750 | |
| | TransCanada PipeLines Ltd. | 4.750% | | 5/15/38 | | 700 | | 799 | |
| | TransCanada PipeLines Ltd. | 6.100% | | 6/1/40 | | 1,030 | | 1,337 | |
| | TransCanada PipeLines Ltd. | 5.000% | | 10/16/43 | | 1,000 | | 1,159 | |
| | TransCanada PipeLines Ltd. | 4.875% | | 5/15/48 | | 1,355 | | 1,592 | |
| | TransCanada PipeLines Ltd. | 5.100% | | 3/15/49 | | 750 | | 908 | |
| | Transcontinental Gas Pipe Line Co. LLC | 4.000% | | 3/15/28 | | 300 | | 319 | |
| | Transcontinental Gas Pipe Line Co. LLC | 4.600% | | 3/15/48 | | 400 | | 426 | |
| | Valero Energy Corp. | 3.400% | | 9/15/26 | | 1,520 | | 1,593 | |
| | Valero Energy Corp. | 4.350% | | 6/1/28 | | 2,515 | | 2,760 | |
| | Valero Energy Corp. | 7.500% | | 4/15/32 | | 925 | | 1,284 | |
| | Valero Energy Corp. | 6.625% | | 6/15/37 | | 855 | | 1,131 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Valero Energy Corp. | 4.900% | | 3/15/45 | | 500 | | 577 | |
| | Valero Energy Partners LP | 4.375% | | 12/15/26 | | 200 | | 218 | |
| | Valero Energy Partners LP | 4.500% | | 3/15/28 | | 400 | | 438 | |
| | Western Midstream Operating LP | 5.375% | | 6/1/21 | | 1,350 | | 1,386 | |
| | Western Midstream Operating LP | 3.950% | | 6/1/25 | | 400 | | 400 | |
| | Western Midstream Operating LP | 4.650% | | 7/1/26 | | 500 | | 513 | |
| | Western Midstream Operating LP | 4.500% | | 3/1/28 | | 100 | | 96 | |
| | Western Midstream Operating LP | 4.750% | | 8/15/28 | | 225 | | 223 | |
| | Western Midstream Operating LP | 5.450% | | 4/1/44 | | 885 | | 770 | |
| | Western Midstream Operating LP | 5.300% | | 3/1/48 | | 525 | | 451 | |
| | Williams Cos. Inc. | 4.000% | | 11/15/21 | | 425 | | 437 | |
| | Williams Cos. Inc. | 3.600% | | 3/15/22 | | 750 | | 771 | |
| | Williams Cos. Inc. | 3.350% | | 8/15/22 | | 500 | | 512 | |
| | 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 | | 2,500 | | 2,696 | |
| | Williams Cos. Inc. | 3.900% | | 1/15/25 | | 1,200 | | 1,257 | |
| | Williams Cos. Inc. | 4.000% | | 9/15/25 | | 1,100 | | 1,164 | |
| | Williams Cos. Inc. | 3.750% | | 6/15/27 | | 700 | | 727 | |
| | Williams Cos. Inc. | 6.300% | | 4/15/40 | | 475 | | 589 | |
| | Williams Cos. Inc. | 5.800% | | 11/15/43 | | 700 | | 834 | |
| | Williams Cos. Inc. | 5.400% | | 3/4/44 | | 500 | | 561 | |
| | Williams Cos. Inc. | 5.750% | | 6/24/44 | | 450 | | 531 | |
| | Williams Cos. Inc. | 4.900% | | 1/15/45 | | 325 | | 351 | |
| | Williams Cos. Inc. | 5.100% | | 9/15/45 | | 1,850 | | 2,057 | |
| | Williams Cos. Inc. | 4.850% | | 3/1/48 | | 775 | | 850 | |
| | Other Industrial (0.0%) | |
| 4 | American University | 3.672% | | 4/1/49 | | 325 | | 348 | |
| | Board of Trustees of The Leland Stanford Junior University | 3.647% | | 5/1/48 | | 725 | | 810 | |
| 4 | Boston University | 4.061% | | 10/1/48 | | 220 | | 252 | |
| | California Institute of Technology | 4.700% | | 11/1/11 | | 950 | | 1,154 | |
| | California Institute of Technology | 3.650% | | 9/1/19 | | 200 | | 193 | |
| | CBRE Services Inc. | 5.250% | | 3/15/25 | | 350 | | 392 | |
| | CBRE Services Inc. | 4.875% | | 3/1/26 | | 625 | | 699 | |
| | Cintas Corp. No 2 | 2.900% | | 4/1/22 | | 400 | | 408 | |
| | Cintas Corp. No 2 | 3.250% | | 6/1/22 | | 150 | | 154 | |
| | Cintas Corp. No 2 | 3.700% | | 4/1/27 | | 825 | | 893 | |
| | Fluor Corp. | 3.500% | | 12/15/24 | | 1,000 | | 1,019 | |
| | Fluor Corp. | 4.250% | | 9/15/28 | | 500 | | 504 | |
| | Georgetown University | 4.315% | | 4/1/49 | | 278 | | 333 | |
| | Georgetown University | 5.215% | | 10/1/18 | | 243 | | 312 | |
| | Hillenbrand Inc. | 4.500% | | 9/15/26 | | 275 | | 285 | |
| 4 | Johns Hopkins University | 4.083% | | 7/1/53 | | 490 | | 566 | |
| | Massachusetts Institute of Technology | 2.989% | | 7/1/50 | | 370 | | 366 | |
| | Massachusetts Institute of Technology | 5.600% | | 7/1/11 | | 610 | | 931 | |
| | Massachusetts Institute of Technology | 4.678% | | 7/1/14 | | 700 | | 903 | |
| | Massachusetts Institute of Technology | 3.885% | | 7/1/16 | | 350 | | 381 | |
| 4 | Northwestern University | 4.643% | | 12/1/44 | | 350 | | 435 | |
| 4 | Northwestern University | 3.662% | | 12/1/57 | | 200 | | 221 | |
| | President & Fellows of Harvard College | 3.619% | | 10/1/37 | | 500 | | 532 | |
| | President & Fellows of Harvard College | 4.875% | | 10/15/40 | | 250 | | 318 | |
| | President & Fellows of Harvard College | 3.150% | | 7/15/46 | | 400 | | 406 | |
| | Steelcase Inc. | 5.125% | | 1/18/29 | | 335 | | 378 | |
| 4 | Trustees of Boston College | 3.129% | | 7/1/52 | | 300 | | 291 | |
| 4 | University of Chicago | 4.003% | | 10/1/53 | | 390 | | 444 | |
| 4 | University of Notre Dame du Lac | 3.438% | | 2/15/45 | | 890 | | 946 | |
| | University of Notre Dame du Lac | 3.394% | | 2/15/48 | | 325 | | 345 | |
| | University of Pennsylvania | 4.674% | | 9/1/12 | | 600 | | 785 | |
| | University of Pennsylvania | 3.610% | | 2/15/19 | | 250 | | 256 | |
| 4 | University of Southern California | 3.028% | | 10/1/39 | | 525 | | 527 | |
| 4 | University of Southern California | 3.841% | | 10/1/47 | | 500 | | 556 | |
| 4 | William Marsh Rice University | 3.574% | | 5/15/45 | | 715 | | 763 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Technology (0.9%) | |
| | Adobe Inc. | 3.250% | | 2/1/25 | | 800 | | 844 | |
| | Alphabet Inc. | 3.625% | | 5/19/21 | | 350 | | 359 | |
| | Alphabet Inc. | 1.998% | | 8/15/26 | | 1,500 | | 1,492 | |
| | Altera Corp. | 4.100% | | 11/15/23 | | 750 | | 808 | |
| | Amphenol Corp. | 3.200% | | 4/1/24 | | 200 | | 207 | |
| | Amphenol Corp. | 2.800% | | 2/15/30 | | 750 | | 738 | |
| | Analog Devices Inc. | 2.500% | | 12/5/21 | | 300 | | 302 | |
| | Analog Devices Inc. | 2.875% | | 6/1/23 | | 1,375 | | 1,402 | |
| | Analog Devices Inc. | 3.125% | | 12/5/23 | | 400 | | 413 | |
| | Analog Devices Inc. | 3.900% | | 12/15/25 | | 50 | | 54 | |
| | Analog Devices Inc. | 3.500% | | 12/5/26 | | 1,225 | | 1,284 | |
| | Apple Inc. | 2.000% | | 11/13/20 | | 950 | | 952 | |
| | Apple Inc. | 2.250% | | 2/23/21 | | 2,835 | | 2,849 | |
| | Apple Inc. | 2.850% | | 5/6/21 | | 1,975 | | 2,005 | |
| | Apple Inc. | 1.550% | | 8/4/21 | | 1,400 | | 1,397 | |
| | Apple Inc. | 2.150% | | 2/9/22 | | 1,300 | | 1,311 | |
| | Apple Inc. | 2.500% | | 2/9/22 | | 1,250 | | 1,269 | |
| | Apple Inc. | 2.300% | | 5/11/22 | | 1,025 | | 1,038 | |
| | Apple Inc. | 2.700% | | 5/13/22 | | 1,725 | | 1,762 | |
| | Apple Inc. | 2.100% | | 9/12/22 | | 500 | | 504 | |
| | Apple Inc. | 2.400% | | 1/13/23 | | 725 | | 736 | |
| | Apple Inc. | 2.850% | | 2/23/23 | | 1,634 | | 1,678 | |
| | Apple Inc. | 2.400% | | 5/3/23 | | 3,790 | | 3,852 | |
| | Apple Inc. | 3.000% | | 2/9/24 | | 1,375 | | 1,423 | |
| | Apple Inc. | 3.450% | | 5/6/24 | | 930 | | 988 | |
| | Apple Inc. | 2.850% | | 5/11/24 | | 2,500 | | 2,584 | |
| | Apple Inc. | 1.800% | | 9/11/24 | | 1,500 | | 1,486 | |
| | Apple Inc. | 2.750% | | 1/13/25 | | 2,500 | | 2,580 | |
| | Apple Inc. | 3.250% | | 2/23/26 | | 3,805 | | 4,024 | |
| | Apple Inc. | 2.450% | | 8/4/26 | | 500 | | 507 | |
| | Apple Inc. | 2.050% | | 9/11/26 | | 750 | | 742 | |
| | Apple Inc. | 3.350% | | 2/9/27 | | 200 | | 213 | |
| | Apple Inc. | 3.200% | | 5/11/27 | | 2,700 | | 2,844 | |
| | Apple Inc. | 2.900% | | 9/12/27 | | 4,300 | | 4,471 | |
| | Apple Inc. | 3.000% | | 11/13/27 | | 25 | | 26 | |
| | Apple Inc. | 2.200% | | 9/11/29 | | 2,250 | | 2,207 | |
| | Apple Inc. | 4.500% | | 2/23/36 | | 1,475 | | 1,789 | |
| | Apple Inc. | 3.850% | | 5/4/43 | | 1,975 | | 2,206 | |
| | Apple Inc. | 4.450% | | 5/6/44 | | 825 | | 1,008 | |
| | Apple Inc. | 3.450% | | 2/9/45 | | 1,644 | | 1,726 | |
| | Apple Inc. | 4.375% | | 5/13/45 | | 1,775 | | 2,137 | |
| | Apple Inc. | 4.650% | | 2/23/46 | | 3,370 | | 4,209 | |
| | Apple Inc. | 3.850% | | 8/4/46 | | 1,850 | | 2,076 | |
| | Apple Inc. | 4.250% | | 2/9/47 | | 1,200 | | 1,423 | |
| | Apple Inc. | 3.750% | | 9/12/47 | | 1,842 | | 2,031 | |
| | Apple Inc. | 2.950% | | 9/11/49 | | 1,700 | | 1,652 | |
| | Applied Materials Inc. | 4.300% | | 6/15/21 | | 1,000 | | 1,034 | |
| | Applied Materials Inc. | 3.900% | | 10/1/25 | | 550 | | 599 | |
| | Applied Materials Inc. | 3.300% | | 4/1/27 | | 865 | | 918 | |
| | Applied Materials Inc. | 5.100% | | 10/1/35 | | 400 | | 504 | |
| | Applied Materials Inc. | 5.850% | | 6/15/41 | | 250 | | 341 | |
| | Applied Materials Inc. | 4.350% | | 4/1/47 | | 775 | | 935 | |
| | Arrow Electronics Inc. | 3.500% | | 4/1/22 | | 325 | | 333 | |
| | Arrow Electronics Inc. | 4.500% | | 3/1/23 | | 400 | | 419 | |
| | Arrow Electronics Inc. | 3.250% | | 9/8/24 | | 509 | | 522 | |
| | Arrow Electronics Inc. | 4.000% | | 4/1/25 | | 300 | | 311 | |
| | Arrow Electronics Inc. | 3.875% | | 1/12/28 | | 250 | | 256 | |
| | Autodesk Inc. | 3.600% | | 12/15/22 | | 100 | | 103 | |
| | Autodesk Inc. | 4.375% | | 6/15/25 | | 250 | | 272 | |
| | Autodesk Inc. | 3.500% | | 6/15/27 | | 375 | | 392 | |
| | Avnet Inc. | 4.875% | | 12/1/22 | | 400 | | 424 | |
| | Avnet Inc. | 4.625% | | 4/15/26 | | 450 | | 477 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Baidu Inc. | 2.875% | | 7/6/22 | | 1,050 | | 1,060 | |
| | Baidu Inc. | 3.500% | | 11/28/22 | | 1,500 | | 1,542 | |
| | Baidu Inc. | 3.875% | | 9/29/23 | | 800 | | 834 | |
| | Baidu Inc. | 4.375% | | 5/14/24 | | 400 | | 426 | |
| | Baidu Inc. | 3.625% | | 7/6/27 | | 575 | | 593 | |
| | Baidu Inc. | 4.375% | | 3/29/28 | | 400 | | 434 | |
| | Baidu Inc. | 4.875% | | 11/14/28 | | 300 | | 337 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 2.200% | | 1/15/21 | | 575 | | 574 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.000% | | 1/15/22 | | 2,685 | | 2,727 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 2.650% | | 1/15/23 | | 925 | | 930 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.625% | | 1/15/24 | | 2,525 | | 2,614 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.125% | | 1/15/25 | | 1,925 | | 1,948 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.875% | | 1/15/27 | | 4,050 | | 4,201 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.500% | | 1/15/28 | | 1,000 | | 1,010 | |
| 7 | Broadcom Inc. | 3.125% | | 4/15/21 | | 1,500 | | 1,518 | |
| 7 | Broadcom Inc. | 3.125% | | 10/15/22 | | 1,200 | | 1,221 | |
| 7 | Broadcom Inc. | 3.625% | | 10/15/24 | | 1,721 | | 1,784 | |
| 7 | Broadcom Inc. | 4.250% | | 4/15/26 | | 2,000 | | 2,123 | |
| 7 | Broadcom Inc. | 4.750% | | 4/15/29 | | 3,825 | | 4,176 | |
| | Broadridge Financial Solutions Inc. | 3.400% | | 6/27/26 | | 320 | | 333 | |
| | Broadridge Financial Solutions Inc. | 2.900% | | 12/1/29 | | 375 | | 374 | |
| | CA Inc. | 3.600% | | 8/15/22 | | 500 | | 511 | |
| | Cadence Design Systems Inc. | 4.375% | | 10/15/24 | | 279 | | 299 | |
| | Cisco Systems Inc. | 2.200% | | 2/28/21 | | 3,250 | | 3,264 | |
| | Cisco Systems Inc. | 2.600% | | 2/28/23 | | 250 | | 255 | |
| | Cisco Systems Inc. | 2.200% | | 9/20/23 | | 500 | | 504 | |
| | Cisco Systems Inc. | 3.625% | | 3/4/24 | | 2,000 | | 2,137 | |
| | Cisco Systems Inc. | 2.950% | | 2/28/26 | | 550 | | 577 | |
| | Cisco Systems Inc. | 2.500% | | 9/20/26 | | 1,150 | | 1,172 | |
| | Cisco Systems Inc. | 5.900% | | 2/15/39 | | 1,150 | | 1,612 | |
| | Cisco Systems Inc. | 5.500% | | 1/15/40 | | 1,925 | | 2,621 | |
| | Citrix Systems Inc. | 4.500% | | 12/1/27 | | 500 | | 540 | |
| | Corning Inc. | 2.900% | | 5/15/22 | | 625 | | 638 | |
| | Corning Inc. | 4.700% | | 3/15/37 | | 750 | | 826 | |
| | Corning Inc. | 5.750% | | 8/15/40 | | 665 | | 828 | |
| | Corning Inc. | 4.750% | | 3/15/42 | | 500 | | 564 | |
| | Corning Inc. | 4.375% | | 11/15/57 | | 650 | | 654 | |
| | Corning Inc. | 5.450% | | 11/15/79 | | 500 | | 548 | |
| 7 | Dell International LLC / EMC Corp. | 5.450% | | 6/15/23 | | 2,850 | | 3,088 | |
| 7 | Dell International LLC / EMC Corp. | 4.000% | | 7/15/24 | | 625 | | 654 | |
| 7 | Dell International LLC / EMC Corp. | 6.020% | | 6/15/26 | | 4,500 | | 5,179 | |
| 7 | Dell International LLC / EMC Corp. | 4.900% | | 10/1/26 | | 1,000 | | 1,100 | |
| 7 | Dell International LLC / EMC Corp. | 5.300% | | 10/1/29 | | 1,400 | | 1,574 | |
| 7 | Dell International LLC / EMC Corp. | 8.100% | | 7/15/36 | | 1,300 | | 1,705 | |
| 7 | Dell International LLC / EMC Corp. | 8.350% | | 7/15/46 | | 1,700 | | 2,330 | |
| 7 | Dell International LLC / EMC Corp. | 4.420% | | 6/15/21 | | 3,575 | | 3,674 | |
| | DXC Technology Co. | 4.250% | | 4/15/24 | | 1,050 | | 1,111 | |
| | Equifax Inc. | 2.300% | | 6/1/21 | | 875 | | 878 | |
| | Equifax Inc. | 3.600% | | 8/15/21 | | 125 | | 128 | |
| | Equifax Inc. | 3.950% | | 6/15/23 | | 225 | | 237 | |
| | Equifax Inc. | 2.600% | | 12/1/24 | | 200 | | 201 | |
| | Equinix Inc. | 2.625% | | 11/18/24 | | 800 | | 803 | |
| | Equinix Inc. | 5.875% | | 1/15/26 | | 500 | | 531 | |
| | Equinix Inc. | 2.900% | | 11/18/26 | | 500 | | 501 | |
| | Equinix Inc. | 5.375% | | 5/15/27 | | 500 | | 542 | |
| | Equinix Inc. | 3.200% | | 11/18/29 | | 1,000 | | 1,003 | |
| | Fidelity National Information Services Inc. | 3.500% | | 4/15/23 | | 530 | | 552 | |
| | Fidelity National Information Services Inc. | 3.875% | | 6/5/24 | | 588 | | 624 | |
| | Fidelity National Information Services Inc. | 3.000% | | 8/15/26 | | 993 | | 1,025 | |
| | Fidelity National Information Services Inc. | 3.750% | | 5/21/29 | | 500 | | 546 | |
| | Fiserv Inc. | 3.800% | | 10/1/23 | | 1,000 | | 1,054 | |
| | Fiserv Inc. | 2.750% | | 7/1/24 | | 1,600 | | 1,628 | |
| | Fiserv Inc. | 3.850% | | 6/1/25 | | 700 | | 745 | |
| | Fiserv Inc. | 3.200% | | 7/1/26 | | 1,600 | | 1,656 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Fiserv Inc. | 3.500% | | 7/1/29 | | 2,905 | | 3,054 | |
| | Fiserv Inc. | 4.400% | | 7/1/49 | | 1,650 | | 1,871 | |
| | Flex Ltd. | 5.000% | | 2/15/23 | | 500 | | 533 | |
| | Flex Ltd. | 4.750% | | 6/15/25 | | 25 | | 27 | |
| | Flex Ltd. | 4.875% | | 6/15/29 | | 200 | | 217 | |
| | FLIR Systems Inc. | 3.125% | | 6/15/21 | | 200 | | 201 | |
| | Global Payments Inc. | 2.650% | | 2/15/25 | | 650 | | 653 | |
| | Global Payments Inc. | 3.200% | | 8/15/29 | | 1,100 | | 1,120 | |
| | Global Payments Inc. | 4.150% | | 8/15/49 | | 200 | | 213 | |
| | Hewlett Packard Enterprise Co. | 3.600% | | 10/15/20 | | 2,525 | | 2,552 | |
| | Hewlett Packard Enterprise Co. | 3.500% | | 10/5/21 | | 1,890 | | 1,934 | |
| | Hewlett Packard Enterprise Co. | 4.400% | | 10/15/22 | | 1,151 | | 1,215 | |
| | Hewlett Packard Enterprise Co. | 2.250% | | 4/1/23 | | 300 | | 300 | |
| | Hewlett Packard Enterprise Co. | 4.900% | | 10/15/25 | | 2,000 | | 2,217 | |
| | Hewlett Packard Enterprise Co. | 6.200% | | 10/15/35 | | 950 | | 1,137 | |
| | Hewlett Packard Enterprise Co. | 6.350% | | 10/15/45 | | 1,150 | | 1,386 | |
| | 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 | | 672 | |
| | IBM Credit LLC | 3.450% | | 11/30/20 | | 425 | | 432 | |
| | IBM Credit LLC | 1.800% | | 1/20/21 | | 525 | | 524 | |
| | IBM Credit LLC | 3.600% | | 11/30/21 | | 425 | | 439 | |
| | IBM Credit LLC | 2.200% | | 9/8/22 | | 750 | | 755 | |
| | IBM Credit LLC | 3.000% | | 2/6/23 | | 850 | | 874 | |
| | Intel Corp. | 1.700% | | 5/19/21 | | 500 | | 499 | |
| | Intel Corp. | 3.300% | | 10/1/21 | | 1,425 | | 1,462 | |
| | Intel Corp. | 3.100% | | 7/29/22 | | 625 | | 645 | |
| | Intel Corp. | 2.700% | | 12/15/22 | | 1,768 | | 1,811 | |
| | Intel Corp. | 2.875% | | 5/11/24 | | 2,675 | | 2,774 | |
| | Intel Corp. | 3.700% | | 7/29/25 | | 2,005 | | 2,166 | |
| | Intel Corp. | 2.600% | | 5/19/26 | | 1,140 | | 1,166 | |
| | Intel Corp. | 2.450% | | 11/15/29 | | 700 | | 696 | |
| | Intel Corp. | 4.000% | | 12/15/32 | | 1,125 | | 1,303 | |
| | Intel Corp. | 4.800% | | 10/1/41 | | 665 | | 823 | |
| | Intel Corp. | 4.100% | | 5/19/46 | | 1,050 | | 1,207 | |
| | Intel Corp. | 4.100% | | 5/11/47 | | 800 | | 916 | |
| | Intel Corp. | 3.734% | | 12/8/47 | | 2,200 | | 2,404 | |
| | Intel Corp. | 3.250% | | 11/15/49 | | 1,200 | | 1,202 | |
| | International Business Machines Corp. | 2.800% | | 5/13/21 | | 1,100 | | 1,115 | |
| | International Business Machines Corp. | 2.900% | | 11/1/21 | | 200 | | 204 | |
| | International Business Machines Corp. | 2.850% | | 5/13/22 | | 2,200 | | 2,247 | |
| | International Business Machines Corp. | 1.875% | | 8/1/22 | | 1,900 | | 1,901 | |
| | International Business Machines Corp. | 2.875% | | 11/9/22 | | 1,150 | | 1,179 | |
| | International Business Machines Corp. | 3.375% | | 8/1/23 | | 1,100 | | 1,151 | |
| | International Business Machines Corp. | 3.625% | | 2/12/24 | | 1,400 | | 1,481 | |
| | International Business Machines Corp. | 3.000% | | 5/15/24 | | 2,500 | | 2,589 | |
| | International Business Machines Corp. | 3.450% | | 2/19/26 | | 1,700 | | 1,809 | |
| | International Business Machines Corp. | 3.300% | | 5/15/26 | | 3,200 | | 3,371 | |
| | International Business Machines Corp. | 3.500% | | 5/15/29 | | 2,725 | | 2,925 | |
| | International Business Machines Corp. | 4.150% | | 5/15/39 | | 2,400 | | 2,696 | |
| | International Business Machines Corp. | 5.600% | | 11/30/39 | | 1,114 | | 1,451 | |
| | International Business Machines Corp. | 4.000% | | 6/20/42 | | 1,500 | | 1,654 | |
| | International Business Machines Corp. | 4.250% | | 5/15/49 | | 3,700 | | 4,208 | |
| | Jabil Inc. | 5.625% | | 12/15/20 | | 250 | | 257 | |
| | Jabil Inc. | 3.950% | | 1/12/28 | | 400 | | 410 | |
| | Juniper Networks Inc. | 4.350% | | 6/15/25 | | 250 | | 266 | |
| | Juniper Networks Inc. | 3.750% | | 8/15/29 | | 1,000 | | 1,040 | |
| | Juniper Networks Inc. | 5.950% | | 3/15/41 | | 150 | | 169 | |
| | Keysight Technologies Inc. | 4.550% | | 10/30/24 | | 734 | | 797 | |
| | Keysight Technologies Inc. | 4.600% | | 4/6/27 | | 575 | | 637 | |
| | Keysight Technologies Inc. | 3.000% | | 10/30/29 | | 425 | | 426 | |
| | KLA Corp. | 4.125% | | 11/1/21 | | 1,800 | | 1,861 | |
| | KLA Corp. | 4.650% | | 11/1/24 | | 1,175 | | 1,288 | |
| | KLA Corp. | 4.100% | | 3/15/29 | | 1,050 | | 1,150 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | KLA Corp. | 5.000% | | 3/15/49 | | 800 | | 979 | |
| | Lam Research Corp. | 2.800% | | 6/15/21 | | 450 | | 455 | |
| | Lam Research Corp. | 3.800% | | 3/15/25 | | 425 | | 452 | |
| | Lam Research Corp. | 3.750% | | 3/15/26 | | 600 | | 643 | |
| | Lam Research Corp. | 4.000% | | 3/15/29 | | 1,100 | | 1,209 | |
| | Lam Research Corp. | 4.875% | | 3/15/49 | | 700 | | 873 | |
| | Marvell Technology Group Ltd. | 4.200% | | 6/22/23 | | 425 | | 446 | |
| | Marvell Technology Group Ltd. | 4.875% | | 6/22/28 | | 300 | | 331 | |
| | Maxim Integrated Products Inc. | 3.375% | | 3/15/23 | | 400 | | 410 | |
| | Maxim Integrated Products Inc. | 3.450% | | 6/15/27 | | 450 | | 464 | |
| | Microchip Technology Inc. | 3.922% | | 6/1/21 | | 500 | | 511 | |
| | Microchip Technology Inc. | 4.333% | | 6/1/23 | | 500 | | 528 | |
| | Micron Technology Inc. | 4.640% | | 2/6/24 | | 275 | | 297 | |
| | Micron Technology Inc. | 4.975% | | 2/6/26 | | 375 | | 415 | |
| | Micron Technology Inc. | 4.185% | | 2/15/27 | | 750 | | 801 | |
| | Micron Technology Inc. | 5.327% | | 2/6/29 | | 575 | | 656 | |
| | Micron Technology Inc. | 4.663% | | 2/15/30 | | 800 | | 880 | |
| | Microsoft Corp. | 2.000% | | 11/3/20 | | 4,075 | | 4,083 | |
| | Microsoft Corp. | 2.400% | | 2/6/22 | | 3,055 | | 3,098 | |
| | Microsoft Corp. | 2.375% | | 2/12/22 | | 1,600 | | 1,622 | |
| | Microsoft Corp. | 2.650% | | 11/3/22 | | 1,000 | | 1,023 | |
| | Microsoft Corp. | 2.375% | | 5/1/23 | | 250 | | 254 | |
| | Microsoft Corp. | 2.000% | | 8/8/23 | | 1,900 | | 1,911 | |
| | Microsoft Corp. | 2.875% | | 2/6/24 | | 1,713 | | 1,776 | |
| | Microsoft Corp. | 3.125% | | 11/3/25 | | 2,270 | | 2,399 | |
| | Microsoft Corp. | 2.400% | | 8/8/26 | | 6,000 | | 6,060 | |
| | Microsoft Corp. | 3.300% | | 2/6/27 | | 5,300 | | 5,657 | |
| | Microsoft Corp. | 3.500% | | 2/12/35 | | 1,325 | | 1,457 | |
| | Microsoft Corp. | 4.200% | | 11/3/35 | | 1,000 | | 1,180 | |
| | Microsoft Corp. | 3.450% | | 8/8/36 | | 1,350 | | 1,476 | |
| | Microsoft Corp. | 4.100% | | 2/6/37 | | 2,350 | | 2,768 | |
| | Microsoft Corp. | 4.500% | | 10/1/40 | | 169 | | 209 | |
| | Microsoft Corp. | 3.500% | | 11/15/42 | | 1,510 | | 1,640 | |
| | Microsoft Corp. | 3.750% | | 5/1/43 | | 610 | | 674 | |
| | Microsoft Corp. | 4.875% | | 12/15/43 | | 705 | | 920 | |
| | Microsoft Corp. | 3.750% | | 2/12/45 | | 1,650 | | 1,872 | |
| | Microsoft Corp. | 4.450% | | 11/3/45 | | 2,125 | | 2,647 | |
| | Microsoft Corp. | 3.700% | | 8/8/46 | | 4,225 | | 4,767 | |
| | Microsoft Corp. | 4.250% | | 2/6/47 | | 2,300 | | 2,807 | |
| | Microsoft Corp. | 4.000% | | 2/12/55 | | 5,750 | | 6,796 | |
| | Microsoft Corp. | 3.950% | | 8/8/56 | | 600 | | 710 | |
| | Motorola Solutions Inc. | 3.750% | | 5/15/22 | | 338 | | 349 | |
| | Motorola Solutions Inc. | 3.500% | | 3/1/23 | | 1,200 | | 1,237 | |
| | Motorola Solutions Inc. | 4.000% | | 9/1/24 | | 500 | | 529 | |
| | Motorola Solutions Inc. | 4.600% | | 2/23/28 | | 550 | | 595 | |
| | Motorola Solutions Inc. | 4.600% | | 5/23/29 | | 1,000 | | 1,098 | |
| | Motorola Solutions Inc. | 5.500% | | 9/1/44 | | 300 | | 329 | |
| | NetApp Inc. | 3.375% | | 6/15/21 | | 850 | | 863 | |
| | NetApp Inc. | 3.300% | | 9/29/24 | | 300 | | 310 | |
| | NVIDIA Corp. | 2.200% | | 9/16/21 | | 815 | | 818 | |
| | NVIDIA Corp. | 3.200% | | 9/16/26 | | 764 | | 799 | |
| 7 | NXP BV / NXP Funding LLC | 4.875% | | 3/1/24 | | 800 | | 869 | |
| 7 | NXP BV / NXP Funding LLC | 5.350% | | 3/1/26 | | 787 | | 883 | |
| 7 | NXP BV / NXP Funding LLC | 5.550% | | 12/1/28 | | 675 | | 789 | |
| 7 | NXP BV / NXP Funding LLC / NXP USA Inc. | 3.875% | | 6/18/26 | | 300 | | 317 | |
| 7 | NXP BV / NXP Funding LLC / NXP USA Inc. | 4.300% | | 6/18/29 | | 1,750 | | 1,890 | |
| | Oracle Corp. | 1.900% | | 9/15/21 | | 6,800 | | 6,809 | |
| | Oracle Corp. | 2.500% | | 5/15/22 | | 2,537 | | 2,573 | |
| | Oracle Corp. | 2.400% | | 9/15/23 | | 1,720 | | 1,748 | |
| | Oracle Corp. | 3.400% | | 7/8/24 | | 2,600 | | 2,743 | |
| | Oracle Corp. | 2.950% | | 11/15/24 | | 2,010 | | 2,084 | |
| | Oracle Corp. | 2.650% | | 7/15/26 | | 5,000 | | 5,104 | |
| | Oracle Corp. | 3.250% | | 5/15/30 | | 275 | | 292 | |
| | Oracle Corp. | 4.300% | | 7/8/34 | | 1,350 | | 1,576 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Oracle Corp. | 3.900% | | 5/15/35 | | 1,375 | | 1,529 | |
| | Oracle Corp. | 3.850% | | 7/15/36 | | 1,580 | | 1,729 | |
| | Oracle Corp. | 3.800% | | 11/15/37 | | 1,425 | | 1,552 | |
| | Oracle Corp. | 6.125% | | 7/8/39 | | 500 | | 699 | |
| | Oracle Corp. | 5.375% | | 7/15/40 | | 2,660 | | 3,447 | |
| | Oracle Corp. | 4.500% | | 7/8/44 | | 785 | | 926 | |
| | Oracle Corp. | 4.125% | | 5/15/45 | | 2,825 | | 3,175 | |
| | Oracle Corp. | 4.000% | | 7/15/46 | | 2,340 | | 2,595 | |
| | Oracle Corp. | 4.000% | | 11/15/47 | | 775 | | 865 | |
| | Oracle Corp. | 4.375% | | 5/15/55 | | 950 | | 1,123 | |
| | PayPal Holdings Inc. | 2.200% | | 9/26/22 | | 800 | | 805 | |
| | PayPal Holdings Inc. | 2.400% | | 10/1/24 | | 600 | | 606 | |
| | PayPal Holdings Inc. | 2.650% | | 10/1/26 | | 900 | | 912 | |
| | PayPal Holdings Inc. | 2.850% | | 10/1/29 | | 1,700 | | 1,703 | |
| | QUALCOMM Inc. | 3.000% | | 5/20/22 | | 1,625 | | 1,664 | |
| | QUALCOMM Inc. | 2.600% | | 1/30/23 | | 1,250 | | 1,272 | |
| | QUALCOMM Inc. | 2.900% | | 5/20/24 | | 1,225 | | 1,262 | |
| | QUALCOMM Inc. | 3.450% | | 5/20/25 | | 2,230 | | 2,351 | |
| | QUALCOMM Inc. | 3.250% | | 5/20/27 | | 1,150 | | 1,204 | |
| | QUALCOMM Inc. | 4.650% | | 5/20/35 | | 800 | | 947 | |
| | QUALCOMM Inc. | 4.800% | | 5/20/45 | | 1,000 | | 1,222 | |
| | QUALCOMM Inc. | 4.300% | | 5/20/47 | | 1,375 | | 1,577 | |
| | salesforce.com Inc. | 3.250% | | 4/11/23 | | 825 | | 857 | |
| | salesforce.com Inc. | 3.700% | | 4/11/28 | | 1,175 | | 1,288 | |
| | Seagate HDD Cayman | 4.250% | | 3/1/22 | | 175 | | 181 | |
| | Seagate HDD Cayman | 4.750% | | 6/1/23 | | 244 | | 258 | |
| | Seagate HDD Cayman | 4.875% | | 3/1/24 | | 375 | | 399 | |
| | Seagate HDD Cayman | 4.750% | | 1/1/25 | | 771 | | 818 | |
| | Seagate HDD Cayman | 5.750% | | 12/1/34 | | 400 | | 421 | |
| | Tech Data Corp. | 3.700% | | 2/15/22 | | 425 | | 434 | |
| | Tech Data Corp. | 4.950% | | 2/15/27 | | 375 | | 386 | |
| | Texas Instruments Inc. | 2.750% | | 3/12/21 | | 250 | | 253 | |
| | Texas Instruments Inc. | 1.850% | | 5/15/22 | | 500 | | 501 | |
| | Texas Instruments Inc. | 2.625% | | 5/15/24 | | 225 | | 231 | |
| | Texas Instruments Inc. | 2.900% | | 11/3/27 | | 400 | | 418 | |
| | Texas Instruments Inc. | 2.250% | | 9/4/29 | | 600 | | 591 | |
| | Texas Instruments Inc. | 3.875% | | 3/15/39 | | 600 | | 674 | |
| | Texas Instruments Inc. | 4.150% | | 5/15/48 | | 1,225 | | 1,448 | |
| | Total System Services Inc. | 3.800% | | 4/1/21 | | 725 | | 738 | |
| | Total System Services Inc. | 3.750% | | 6/1/23 | | 500 | | 522 | |
| | Total System Services Inc. | 4.000% | | 6/1/23 | | 475 | | 500 | |
| | Total System Services Inc. | 4.800% | | 4/1/26 | | 600 | | 667 | |
| | Total System Services Inc. | 4.450% | | 6/1/28 | | 300 | | 327 | |
| | Trimble Inc. | 4.150% | | 6/15/23 | | 100 | | 105 | |
| | Trimble Inc. | 4.750% | | 12/1/24 | | 300 | | 325 | |
| | Trimble Inc. | 4.900% | | 6/15/28 | | 400 | | 436 | |
| | Tyco Electronics Group SA | 3.500% | | 2/3/22 | | 725 | | 746 | |
| | Tyco Electronics Group SA | 3.450% | | 8/1/24 | | 1,000 | | 1,042 | |
| | Tyco Electronics Group SA | 3.125% | | 8/15/27 | | 450 | | 461 | |
| | Tyco Electronics Group SA | 7.125% | | 10/1/37 | | 550 | | 808 | |
| | Verisk Analytics Inc. | 5.800% | | 5/1/21 | | 325 | | 340 | |
| | Verisk Analytics Inc. | 4.125% | | 9/12/22 | | 1,300 | | 1,359 | |
| | Verisk Analytics Inc. | 4.000% | | 6/15/25 | | 750 | | 807 | |
| | Verisk Analytics Inc. | 4.125% | | 3/15/29 | | 900 | | 982 | |
| | Verisk Analytics Inc. | 5.500% | | 6/15/45 | | 600 | | 739 | |
| | VMware Inc. | 2.950% | | 8/21/22 | | 1,310 | | 1,334 | |
| | VMware Inc. | 3.900% | | 8/21/27 | | 1,050 | | 1,095 | |
| | Xilinx Inc. | 3.000% | | 3/15/21 | | 1,300 | | 1,315 | |
| | Xilinx Inc. | 2.950% | | 6/1/24 | | 500 | | 513 | |
| | Transportation (0.3%) | |
| 4 | American Airlines 2013-1 Class A Pass Through Trust | 4.000% | | 1/15/27 | | 157 | | 165 | |
| 4 | American Airlines 2013-2 Class A Pass Through Trust | 4.950% | | 7/15/24 | | 608 | | 636 | |
| 4 | American Airlines 2014-1 Class A Pass Through Trust | 3.700% | | 4/1/28 | | 363 | | 379 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| 4 | American Airlines 2015-1 Class A Pass Through Trust | 3.375% | | 11/1/28 | | 700 | | 718 | |
| 4 | American Airlines 2015-1 Class B Pass Through Trust | 3.700% | | 11/1/24 | | 90 | | 91 | |
| 4 | American Airlines 2015-2 Class AA Pass Through Trust | 3.600% | | 9/22/27 | | 238 | | 250 | |
| 4 | American Airlines 2016-1 Class AA Pass Through Trust | 3.575% | | 1/15/28 | | 386 | | 404 | |
| 4 | American Airlines 2016-2 Class AA Pass Through Trust | 3.200% | | 12/15/29 | | 855 | | 880 | |
| 4 | American Airlines 2016-3 Class A Pass Through Trust | 3.250% | | 4/15/30 | | 131 | | 134 | |
| 4 | American Airlines 2016-3 Class AA Pass Through Trust | 3.000% | | 10/15/28 | | 196 | | 200 | |
| 4 | American Airlines 2017-1 Class AA Pass Through Trust | 3.650% | | 8/15/30 | | 438 | | 459 | |
| 4 | American Airlines 2017-2 Class AA Pass Through Trust | 3.350% | | 10/15/29 | | 368 | | 375 | |
| 4 | American Airlines 2019-1 Class AA Pass Through Trust | 3.150% | | 8/15/33 | | 220 | | 223 | |
| 4 | BNSF Funding Trust I | 6.613% | | 12/15/55 | | 325 | | 357 | |
| | Burlington Northern Santa Fe LLC | 4.100% | | 6/1/21 | | 410 | | 421 | |
| | Burlington Northern Santa Fe LLC | 3.450% | | 9/15/21 | | 410 | | 419 | |
| | 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 | | 642 | |
| | Burlington Northern Santa Fe LLC | 3.850% | | 9/1/23 | | 625 | | 664 | |
| | Burlington Northern Santa Fe LLC | 3.750% | | 4/1/24 | | 400 | | 427 | |
| | Burlington Northern Santa Fe LLC | 3.400% | | 9/1/24 | | 400 | | 423 | |
| | Burlington Northern Santa Fe LLC | 3.000% | | 4/1/25 | | 250 | | 260 | |
| | Burlington Northern Santa Fe LLC | 3.650% | | 9/1/25 | | 275 | | 296 | |
| | Burlington Northern Santa Fe LLC | 7.000% | | 12/15/25 | | 700 | | 880 | |
| | Burlington Northern Santa Fe LLC | 3.250% | | 6/15/27 | | 1,225 | | 1,309 | |
| | Burlington Northern Santa Fe LLC | 6.200% | | 8/15/36 | | 125 | | 173 | |
| | Burlington Northern Santa Fe LLC | 6.150% | | 5/1/37 | | 400 | | 562 | |
| | Burlington Northern Santa Fe LLC | 5.750% | | 5/1/40 | | 625 | | 844 | |
| | Burlington Northern Santa Fe LLC | 5.050% | | 3/1/41 | | 375 | | 466 | |
| | Burlington Northern Santa Fe LLC | 5.400% | | 6/1/41 | | 925 | | 1,192 | |
| | Burlington Northern Santa Fe LLC | 4.950% | | 9/15/41 | | 200 | | 245 | |
| | Burlington Northern Santa Fe LLC | 4.400% | | 3/15/42 | | 575 | | 664 | |
| | Burlington Northern Santa Fe LLC | 4.375% | | 9/1/42 | | 500 | | 581 | |
| | Burlington Northern Santa Fe LLC | 4.450% | | 3/15/43 | | 850 | | 989 | |
| | Burlington Northern Santa Fe LLC | 5.150% | | 9/1/43 | | 500 | | 637 | |
| | Burlington Northern Santa Fe LLC | 4.900% | | 4/1/44 | | 800 | | 990 | |
| | Burlington Northern Santa Fe LLC | 4.550% | | 9/1/44 | | 600 | | 715 | |
| | Burlington Northern Santa Fe LLC | 4.150% | | 4/1/45 | | 500 | | 575 | |
| | Burlington Northern Santa Fe LLC | 4.700% | | 9/1/45 | | 300 | | 365 | |
| | Burlington Northern Santa Fe LLC | 3.900% | | 8/1/46 | | 550 | | 602 | |
| | Burlington Northern Santa Fe LLC | 4.125% | | 6/15/47 | | 850 | | 960 | |
| | Burlington Northern Santa Fe LLC | 4.050% | | 6/15/48 | | 850 | | 958 | |
| | Burlington Northern Santa Fe LLC | 4.150% | | 12/15/48 | | 575 | | 656 | |
| | Burlington Northern Santa Fe LLC | 3.550% | | 2/15/50 | | 800 | | 830 | |
| | Canadian National Railway Co. | 2.850% | | 12/15/21 | | 525 | | 532 | |
| | Canadian National Railway Co. | 2.950% | | 11/21/24 | | 288 | | 295 | |
| | Canadian National Railway Co. | 2.750% | | 3/1/26 | | 375 | | 383 | |
| | Canadian National Railway Co. | 6.250% | | 8/1/34 | | 350 | | 483 | |
| | Canadian National Railway Co. | 6.200% | | 6/1/36 | | 350 | | 483 | |
| | Canadian National Railway Co. | 6.375% | | 11/15/37 | | 350 | | 499 | |
| | Canadian National Railway Co. | 3.650% | | 2/3/48 | | 1,925 | | 2,100 | |
| | Canadian Pacific Railway Co. | 4.450% | | 3/15/23 | | 430 | | 456 | |
| | 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 | | 533 | |
| | Canadian Pacific Railway Co. | 5.950% | | 5/15/37 | | 775 | | 1,027 | |
| | Canadian Pacific Railway Co. | 4.800% | | 8/1/45 | | 175 | | 218 | |
| | Canadian Pacific Railway Co. | 6.125% | | 9/15/15 | | 730 | | 1,063 | |
| | CH Robinson Worldwide Inc. | 4.200% | | 4/15/28 | | 100 | | 109 | |
| 4 | Continental Airlines 2012-1 Class A Pass Through Trust | 4.150% | | 10/11/25 | | 612 | | 640 | |
| 4 | Continental Airlines 2012-2 Class A Pass Through Trust | 4.000% | | 4/29/26 | | 455 | | 480 | |
| | CSX Corp. | 4.250% | | 6/1/21 | | 900 | | 923 | |
| | CSX Corp. | 3.700% | | 11/1/23 | | 200 | | 211 | |
| | CSX Corp. | 3.350% | | 11/1/25 | | 400 | | 423 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | CSX Corp. | 3.250% | | 6/1/27 | | 1,500 | | 1,573 | |
| | CSX Corp. | 3.800% | | 3/1/28 | | 1,275 | | 1,387 | |
| | CSX Corp. | 4.250% | | 3/15/29 | | 900 | | 1,010 | |
| | CSX Corp. | 2.400% | | 2/15/30 | | 1,525 | | 1,489 | |
| | CSX Corp. | 6.220% | | 4/30/40 | | 174 | | 236 | |
| | CSX Corp. | 5.500% | | 4/15/41 | | 425 | | 534 | |
| | CSX Corp. | 4.750% | | 5/30/42 | | 1,310 | | 1,534 | |
| | CSX Corp. | 4.400% | | 3/1/43 | | 93 | | 104 | |
| | CSX Corp. | 4.100% | | 3/15/44 | | 800 | | 868 | |
| | CSX Corp. | 4.300% | | 3/1/48 | | 1,000 | | 1,124 | |
| | CSX Corp. | 4.500% | | 3/15/49 | | 900 | | 1,043 | |
| | CSX Corp. | 3.350% | | 9/15/49 | | 500 | | 492 | |
| | CSX Corp. | 3.950% | | 5/1/50 | | 650 | | 701 | |
| | CSX Corp. | 4.250% | | 11/1/66 | | 500 | | 534 | |
| | CSX Corp. | 4.650% | | 3/1/68 | | 500 | | 570 | |
| 4 | Delta Air Lines 2007-1 Class A Pass Through Trust | 6.821% | | 2/10/24 | | 247 | | 269 | |
| 4 | Delta Air Lines 2015-1 Class AA Pass Through Trust | 3.625% | | 7/30/27 | | 310 | | 327 | |
| 4 | Delta Air Lines 2019-1 Class AA Pass Through Trust | 3.204% | | 4/25/24 | | 430 | | 447 | |
| | Delta Air Lines Inc. | 2.600% | | 12/4/20 | | 300 | | 301 | |
| | Delta Air Lines Inc. | 3.400% | | 4/19/21 | | 500 | | 506 | |
| | Delta Air Lines Inc. | 3.625% | | 3/15/22 | | 750 | | 768 | |
| | Delta Air Lines Inc. | 3.800% | | 4/19/23 | | 625 | | 648 | |
| | Delta Air Lines Inc. | 2.900% | | 10/28/24 | | 700 | | 702 | |
| | Delta Air Lines Inc. | 4.375% | | 4/19/28 | | 475 | | 498 | |
| | Delta Air Lines Inc. | 3.750% | | 10/28/29 | | 375 | | 373 | |
| | FedEx Corp. | 2.625% | | 8/1/22 | | 1,470 | | 1,491 | |
| | FedEx Corp. | 4.000% | | 1/15/24 | | 450 | | 481 | |
| | FedEx Corp. | 3.250% | | 4/1/26 | | 500 | | 518 | |
| | FedEx Corp. | 3.300% | | 3/15/27 | | 350 | | 360 | |
| | FedEx Corp. | 3.400% | | 2/15/28 | | 1,000 | | 1,016 | |
| | FedEx Corp. | 3.900% | | 2/1/35 | | 200 | | 202 | |
| | FedEx Corp. | 3.875% | | 8/1/42 | | 200 | | 192 | |
| | FedEx Corp. | 4.100% | | 4/15/43 | | 300 | | 293 | |
| | FedEx Corp. | 5.100% | | 1/15/44 | | 600 | | 657 | |
| | FedEx Corp. | 4.750% | | 11/15/45 | | 975 | | 1,026 | |
| | FedEx Corp. | 4.550% | | 4/1/46 | | 1,150 | | 1,175 | |
| | FedEx Corp. | 4.400% | | 1/15/47 | | 800 | | 804 | |
| | FedEx Corp. | 4.050% | | 2/15/48 | | 1,500 | | 1,440 | |
| | FedEx Corp. | 4.950% | | 10/17/48 | | 300 | | 326 | |
| | FedEx Corp. | 4.500% | | 2/1/65 | | 150 | | 135 | |
| | JB Hunt Transport Services Inc. | 3.300% | | 8/15/22 | | 400 | | 411 | |
| | JB Hunt Transport Services Inc. | 3.875% | | 3/1/26 | | 150 | | 160 | |
| 4 | JetBlue 2019-1 Class AA Pass Through Trust | 2.750% | | 5/15/32 | | 500 | | 504 | |
| | Kansas City Southern | 3.000% | | 5/15/23 | | 400 | | 409 | |
| | Kansas City Southern | 2.875% | | 11/15/29 | | 350 | | 349 | |
| | Kansas City Southern | 4.300% | | 5/15/43 | | 250 | | 272 | |
| | Kansas City Southern | 4.950% | | 8/15/45 | | 400 | | 469 | |
| | Kansas City Southern | 4.700% | | 5/1/48 | | 1,500 | | 1,734 | |
| | Kirby Corp. | 4.200% | | 3/1/28 | | 1,200 | | 1,265 | |
| 4 | Latam Airlines 2015-1 Pass Through Trust A | 4.200% | | 8/15/29 | | 195 | | 201 | |
| | Norfolk Southern Corp. | 3.250% | | 12/1/21 | | 325 | | 332 | |
| | Norfolk Southern Corp. | 3.000% | | 4/1/22 | | 475 | | 485 | |
| | Norfolk Southern Corp. | 2.903% | | 2/15/23 | | 780 | | 797 | |
| | Norfolk Southern Corp. | 3.850% | | 1/15/24 | | 200 | | 212 | |
| | Norfolk Southern Corp. | 5.590% | | 5/17/25 | | 164 | | 189 | |
| | Norfolk Southern Corp. | 3.650% | | 8/1/25 | | 75 | | 80 | |
| | Norfolk Southern Corp. | 7.800% | | 5/15/27 | | 100 | | 131 | |
| | Norfolk Southern Corp. | 3.150% | | 6/1/27 | | 125 | | 130 | |
| | Norfolk Southern Corp. | 3.800% | | 8/1/28 | | 450 | | 494 | |
| | Norfolk Southern Corp. | 2.550% | | 11/1/29 | | 700 | | 695 | |
| | Norfolk Southern Corp. | 4.837% | | 10/1/41 | | 565 | | 669 | |
| | Norfolk Southern Corp. | 3.950% | | 10/1/42 | | 425 | | 450 | |
| | Norfolk Southern Corp. | 4.450% | | 6/15/45 | | 275 | | 315 | |
| | Norfolk Southern Corp. | 4.650% | | 1/15/46 | | 200 | | 236 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Norfolk Southern Corp. | 3.942% | | 11/1/47 | | 150 | | 161 | |
| | Norfolk Southern Corp. | 4.150% | | 2/28/48 | | 50 | | 56 | |
| | Norfolk Southern Corp. | 4.100% | | 5/15/49 | | 315 | | 346 | |
| | Norfolk Southern Corp. | 3.400% | | 11/1/49 | | 330 | | 326 | |
| | Norfolk Southern Corp. | 4.050% | | 8/15/52 | | 1,723 | | 1,890 | |
| | Norfolk Southern Corp. | 6.000% | | 3/15/05 | | 160 | | 211 | |
| | Norfolk Southern Corp. | 5.100% | | 8/1/18 | | 820 | | 965 | |
| | 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 | | 356 | |
| | Ryder System Inc. | 3.400% | | 3/1/23 | | 350 | | 361 | |
| | Ryder System Inc. | 3.750% | | 6/9/23 | | 1,490 | | 1,555 | |
| | Ryder System Inc. | 3.650% | | 3/18/24 | | 550 | | 577 | |
| | Ryder System Inc. | 2.500% | | 9/1/24 | | 250 | | 251 | |
| | Ryder System Inc. | 2.900% | | 12/1/26 | | 325 | | 327 | |
| | Southwest Airlines Co. | 2.750% | | 11/16/22 | | 100 | | 101 | |
| | Southwest Airlines Co. | 3.000% | | 11/15/26 | | 400 | | 409 | |
| | Southwest Airlines Co. | 3.450% | | 11/16/27 | | 240 | | 251 | |
| 4 | Southwest Airlines Co. 2007-1 Pass Through Trust | 6.150% | | 2/1/24 | | 60 | | 63 | |
| 4 | Spirit Airlines Class A Pass Through Certificates Series
2015-1 | 4.100% | | 10/1/29 | | 249 | | 259 | |
| | Union Pacific Corp. | 3.200% | | 6/8/21 | | 600 | | 610 | |
| | Union Pacific Corp. | 2.950% | | 3/1/22 | | 400 | | 409 | |
| | Union Pacific Corp. | 4.163% | | 7/15/22 | | 100 | | 105 | |
| | Union Pacific Corp. | 2.950% | | 1/15/23 | | 650 | | 666 | |
| | Union Pacific Corp. | 2.750% | | 4/15/23 | | 200 | | 204 | |
| | Union Pacific Corp. | 3.500% | | 6/8/23 | | 600 | | 628 | |
| | Union Pacific Corp. | 3.646% | | 2/15/24 | | 2,375 | | 2,500 | |
| | Union Pacific Corp. | 3.150% | | 3/1/24 | | 400 | | 415 | |
| | Union Pacific Corp. | 3.250% | | 1/15/25 | | 400 | | 417 | |
| | Union Pacific Corp. | 3.750% | | 7/15/25 | | 600 | | 643 | |
| | Union Pacific Corp. | 3.250% | | 8/15/25 | | 900 | | 947 | |
| | Union Pacific Corp. | 2.750% | | 3/1/26 | | 648 | | 662 | |
| | Union Pacific Corp. | 3.000% | | 4/15/27 | | 240 | | 250 | |
| | Union Pacific Corp. | 3.950% | | 9/10/28 | | 800 | | 882 | |
| | Union Pacific Corp. | 3.700% | | 3/1/29 | | 800 | | 871 | |
| | Union Pacific Corp. | 3.375% | | 2/1/35 | | 900 | | 928 | |
| | Union Pacific Corp. | 3.600% | | 9/15/37 | | 708 | | 738 | |
| | Union Pacific Corp. | 4.375% | | 9/10/38 | | 625 | | 713 | |
| | Union Pacific Corp. | 4.250% | | 4/15/43 | | 400 | | 443 | |
| | Union Pacific Corp. | 4.150% | | 1/15/45 | | 400 | | 438 | |
| | Union Pacific Corp. | 4.050% | | 11/15/45 | | 250 | | 270 | |
| | Union Pacific Corp. | 3.350% | | 8/15/46 | | 550 | | 537 | |
| | Union Pacific Corp. | 4.300% | | 3/1/49 | | 800 | | 915 | |
| | Union Pacific Corp. | 3.799% | | 10/1/51 | | 1,082 | | 1,148 | |
| | Union Pacific Corp. | 3.875% | | 2/1/55 | | 400 | | 419 | |
| | Union Pacific Corp. | 3.950% | | 8/15/59 | | 100 | | 105 | |
| 7 | Union Pacific Corp. | 3.839% | | 3/20/60 | | 1,506 | | 1,507 | |
| | Union Pacific Corp. | 4.375% | | 11/15/65 | | 800 | | 877 | |
| | Union Pacific Corp. | 4.100% | | 9/15/67 | | 350 | | 361 | |
| 4 | United Airlines 2013-1 Class A Pass Through Trust | 4.300% | | 2/15/27 | | 527 | | 565 | |
| 4 | United Airlines 2014-1 Class A Pass Through Trust | 4.000% | | 10/11/27 | | 563 | | 596 | |
| 4 | United Airlines 2015-1 Class A Pass Through Trust | 3.700% | | 6/1/24 | | 200 | | 205 | |
| 4 | United Airlines 2015-1 Class AA Pass Through Trust | 3.450% | | 12/1/27 | | 228 | | 236 | |
| 4 | United Airlines 2016-1 Class A Pass Through Trust | 3.450% | | 1/7/30 | | 358 | | 367 | |
| 4 | United Airlines 2016-1 Class AA Pass Through Trust | 3.100% | | 7/7/28 | | 492 | | 503 | |
| 4 | United Airlines 2019-1 Class AA Pass Through Trust | 4.150% | | 8/25/31 | | 500 | | 540 | |
| 4 | United Airlines 2019-2 Class AA Pass Through Trust | 2.700% | | 11/1/33 | | 475 | | 475 | |
| | United Parcel Service Inc. | 3.125% | | 1/15/21 | | 990 | | 1,003 | |
| | United Parcel Service Inc. | 2.050% | | 4/1/21 | | 500 | | 501 | |
| | United Parcel Service Inc. | 2.450% | | 10/1/22 | | 800 | | 813 | |
| | United Parcel Service Inc. | 2.500% | | 4/1/23 | | 870 | | 884 | |
| | United Parcel Service Inc. | 2.800% | | 11/15/24 | | 950 | | 980 | |
| | United Parcel Service Inc. | 2.400% | | 11/15/26 | | 1,575 | | 1,588 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | United Parcel Service Inc. | 3.050% | | 11/15/27 | | 750 | | 787 | |
| | United Parcel Service Inc. | 3.400% | | 3/15/29 | | 500 | | 535 | |
| | United Parcel Service Inc. | 2.500% | | 9/1/29 | | 400 | | 399 | |
| | United Parcel Service Inc. | 6.200% | | 1/15/38 | | 820 | | 1,151 | |
| | United Parcel Service Inc. | 4.875% | | 11/15/40 | | 350 | | 425 | |
| | United Parcel Service Inc. | 3.625% | | 10/1/42 | | 175 | | 181 | |
| | United Parcel Service Inc. | 3.400% | | 11/15/46 | | 390 | | 390 | |
| | United Parcel Service Inc. | 3.750% | | 11/15/47 | | 1,000 | | 1,072 | |
| | United Parcel Service Inc. | 4.250% | | 3/15/49 | | 600 | | 694 | |
| 4 | US Airways 2013-1 Class A Pass Through Trust | 3.950% | | 5/15/27 | | 130 | | 137 | |
| | | 2,860,243 | |
| Utilities (0.8%) | |
| | Electric (0.7%) | |
| | AEP Texas Inc. | 2.400% | | 10/1/22 | | 300 | | 302 | |
| | AEP Texas Inc. | 3.950% | | 6/1/28 | | 400 | | 436 | |
| | AEP Texas Inc. | 3.800% | | 10/1/47 | | 250 | | 261 | |
| | AEP Texas Inc. | 3.450% | | 1/15/50 | | 500 | | 500 | |
| | AEP Transmission Co. LLC | 3.100% | | 12/1/26 | | 200 | | 206 | |
| | AEP Transmission Co. LLC | 4.000% | | 12/1/46 | | 325 | | 359 | |
| | AEP Transmission Co. LLC | 3.750% | | 12/1/47 | | 950 | | 1,018 | |
| | AEP Transmission Co. LLC | 4.250% | | 9/15/48 | | 325 | | 373 | |
| | AEP Transmission Co. LLC | 3.800% | | 6/15/49 | | 270 | | 289 | |
| | AEP Transmission Co. LLC | 3.150% | | 9/15/49 | | 70 | | 68 | |
| | Alabama Power Co. | 2.450% | | 3/30/22 | | 975 | | 987 | |
| | Alabama Power Co. | 3.550% | | 12/1/23 | | 700 | | 737 | |
| | Alabama Power Co. | 6.000% | | 3/1/39 | | 100 | | 139 | |
| | Alabama Power Co. | 3.850% | | 12/1/42 | | 125 | | 133 | |
| | Alabama Power Co. | 4.150% | | 8/15/44 | | 300 | | 333 | |
| | Alabama Power Co. | 3.750% | | 3/1/45 | | 570 | | 598 | |
| | Alabama Power Co. | 4.300% | | 1/2/46 | | 300 | | 341 | |
| | Alabama Power Co. | 3.700% | | 12/1/47 | | 325 | | 340 | |
| | Alabama Power Co. | 4.300% | | 7/15/48 | | 500 | | 576 | |
| | Alabama Power Co. | 3.450% | | 10/1/49 | | 1,000 | | 1,023 | |
| | Ameren Corp. | 3.650% | | 2/15/26 | | 440 | | 460 | |
| | Ameren Illinois Co. | 2.700% | | 9/1/22 | | 250 | | 254 | |
| | Ameren Illinois Co. | 3.250% | | 3/1/25 | | 275 | | 288 | |
| | Ameren Illinois Co. | 3.800% | | 5/15/28 | | 350 | | 381 | |
| | Ameren Illinois Co. | 4.150% | | 3/15/46 | | 475 | | 540 | |
| | Ameren Illinois Co. | 3.700% | | 12/1/47 | | 475 | | 503 | |
| | Ameren Illinois Co. | 3.250% | | 3/15/50 | | 240 | | 242 | |
| | American Electric Power Co. Inc. | 3.650% | | 12/1/21 | | 425 | | 438 | |
| | American Electric Power Co. Inc. | 3.200% | | 11/13/27 | | 400 | | 410 | |
| | American Electric Power Co. Inc. | 4.300% | | 12/1/28 | | 500 | | 554 | |
| | Appalachian Power Co. | 3.400% | | 6/1/25 | | 400 | | 419 | |
| | Appalachian Power Co. | 7.000% | | 4/1/38 | | 260 | | 364 | |
| | Appalachian Power Co. | 4.400% | | 5/15/44 | | 825 | | 927 | |
| | Appalachian Power Co. | 4.500% | | 3/1/49 | | 400 | | 464 | |
| | Arizona Public Service Co. | 3.150% | | 5/15/25 | | 500 | | 518 | |
| | Arizona Public Service Co. | 2.950% | | 9/15/27 | | 300 | | 307 | |
| | Arizona Public Service Co. | 5.050% | | 9/1/41 | | 525 | | 639 | |
| | Arizona Public Service Co. | 4.500% | | 4/1/42 | | 325 | | 374 | |
| | Arizona Public Service Co. | 4.350% | | 11/15/45 | | 50 | | 57 | |
| | Arizona Public Service Co. | 3.750% | | 5/15/46 | | 415 | | 432 | |
| | Arizona Public Service Co. | 4.250% | | 3/1/49 | | 500 | | 564 | |
| | Arizona Public Service Co. | 3.500% | | 12/1/49 | | 240 | | 240 | |
| | Avangrid Inc. | 3.150% | | 12/1/24 | | 957 | | 986 | |
| | Avangrid Inc. | 3.800% | | 6/1/29 | | 400 | | 423 | |
| | Avista Corp. | 4.350% | | 6/1/48 | | 300 | | 339 | |
| | Baltimore Gas & Electric Co. | 3.350% | | 7/1/23 | | 900 | | 934 | |
| | Baltimore Gas & Electric Co. | 2.400% | | 8/15/26 | | 225 | | 226 | |
| | Baltimore Gas & Electric Co. | 6.350% | | 10/1/36 | | 725 | | 999 | |
| | Baltimore Gas & Electric Co. | 3.500% | | 8/15/46 | | 700 | | 715 | |
| | Baltimore Gas & Electric Co. | 3.750% | | 8/15/47 | | 250 | | 267 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Baltimore Gas & Electric Co. | 4.250% | | 9/15/48 | | 250 | | 289 | |
| | Baltimore Gas & Electric Co. | 3.200% | | 9/15/49 | | 315 | | 308 | |
| | 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 | | 264 | |
| | Berkshire Hathaway Energy Co. | 3.250% | | 4/15/28 | | 500 | | 522 | |
| | Berkshire Hathaway Energy Co. | 6.125% | | 4/1/36 | | 1,325 | | 1,824 | |
| | Berkshire Hathaway Energy Co. | 5.950% | | 5/15/37 | | 1,225 | | 1,655 | |
| | Berkshire Hathaway Energy Co. | 6.500% | | 9/15/37 | | 170 | | 235 | |
| | Berkshire Hathaway Energy Co. | 5.150% | | 11/15/43 | | 1,350 | | 1,696 | |
| | Berkshire Hathaway Energy Co. | 4.500% | | 2/1/45 | | 575 | | 677 | |
| | Berkshire Hathaway Energy Co. | 3.800% | | 7/15/48 | | 250 | | 265 | |
| | Berkshire Hathaway Energy Co. | 4.450% | | 1/15/49 | | 350 | | 410 | |
| | Black Hills Corp. | 4.250% | | 11/30/23 | | 500 | | 530 | |
| | Black Hills Corp. | 3.950% | | 1/15/26 | | 250 | | 263 | |
| | Black Hills Corp. | 3.150% | | 1/15/27 | | 325 | | 328 | |
| | Black Hills Corp. | 3.050% | | 10/15/29 | | 170 | | 170 | |
| | Black Hills Corp. | 4.350% | | 5/1/33 | | 350 | | 383 | |
| | Black Hills Corp. | 4.200% | | 9/15/46 | | 250 | | 260 | |
| | Black Hills Corp. | 3.875% | | 10/15/49 | | 240 | | 240 | |
| | CenterPoint Energy Houston Electric LLC | 1.850% | | 6/1/21 | | 1,625 | | 1,625 | |
| | CenterPoint Energy Houston Electric LLC | 2.250% | | 8/1/22 | | 250 | | 251 | |
| | CenterPoint Energy Houston Electric LLC | 2.400% | | 9/1/26 | | 150 | | 148 | |
| | CenterPoint Energy Houston Electric LLC | 3.000% | | 2/1/27 | | 200 | | 204 | |
| | CenterPoint Energy Houston Electric LLC | 3.550% | | 8/1/42 | | 700 | | 722 | |
| | CenterPoint Energy Houston Electric LLC | 3.950% | | 3/1/48 | | 325 | | 360 | |
| | CenterPoint Energy Houston Electric LLC | 4.250% | | 2/1/49 | | 100 | | 117 | |
| | CenterPoint Energy Inc. | 3.600% | | 11/1/21 | | 300 | | 307 | |
| | CenterPoint Energy Inc. | 2.500% | | 9/1/22 | | 400 | | 403 | |
| | CenterPoint Energy Inc. | 3.850% | | 2/1/24 | | 500 | | 525 | |
| | CenterPoint Energy Inc. | 2.500% | | 9/1/24 | | 400 | | 400 | |
| | CenterPoint Energy Inc. | 4.250% | | 11/1/28 | | 375 | | 404 | |
| | CenterPoint Energy Inc. | 2.950% | | 3/1/30 | | 100 | | 98 | |
| | CenterPoint Energy Inc. | 3.700% | | 9/1/49 | | 100 | | 98 | |
| | Cleco Corporate Holdings LLC | 3.743% | | 5/1/26 | | 425 | | 439 | |
| | Cleco Corporate Holdings LLC | 4.973% | | 5/1/46 | | 275 | | 305 | |
| | Cleveland Electric Illuminating Co. | 5.500% | | 8/15/24 | | 1,275 | | 1,455 | |
| | Cleveland Electric Illuminating Co. | 5.950% | | 12/15/36 | | 325 | | 406 | |
| | CMS Energy Corp. | 5.050% | | 3/15/22 | | 500 | | 527 | |
| | CMS Energy Corp. | 3.000% | | 5/15/26 | | 250 | | 254 | |
| | CMS Energy Corp. | 3.450% | | 8/15/27 | | 300 | | 313 | |
| | CMS Energy Corp. | 4.875% | | 3/1/44 | | 275 | | 327 | |
| | Commonwealth Edison Co. | 2.950% | | 8/15/27 | | 275 | | 283 | |
| | Commonwealth Edison Co. | 5.900% | | 3/15/36 | | 500 | | 662 | |
| | Commonwealth Edison Co. | 6.450% | | 1/15/38 | | 1,005 | | 1,428 | |
| | Commonwealth Edison Co. | 4.700% | | 1/15/44 | | 825 | | 995 | |
| | Commonwealth Edison Co. | 3.700% | | 3/1/45 | | 1,100 | | 1,169 | |
| | Commonwealth Edison Co. | 4.350% | | 11/15/45 | | 400 | | 464 | |
| | Commonwealth Edison Co. | 3.650% | | 6/15/46 | | 300 | | 315 | |
| | Commonwealth Edison Co. | 3.750% | | 8/15/47 | | 500 | | 540 | |
| | Commonwealth Edison Co. | 4.000% | | 3/1/48 | | 275 | | 306 | |
| | Commonwealth Edison Co. | 4.000% | | 3/1/49 | | 700 | | 787 | |
| | Commonwealth Edison Co. | 3.200% | | 11/15/49 | | 250 | | 248 | |
| | Connecticut Light & Power Co. | 2.500% | | 1/15/23 | | 1,310 | | 1,326 | |
| | Connecticut Light & Power Co. | 3.200% | | 3/15/27 | | 250 | | 262 | |
| | Connecticut Light & Power Co. | 4.300% | | 4/15/44 | | 375 | | 440 | |
| | Connecticut Light & Power Co. | 4.150% | | 6/1/45 | | 75 | | 87 | |
| | Connecticut Light & Power Co. | 4.000% | | 4/1/48 | | 625 | | 716 | |
| | Consolidated Edison Co. of New York Inc. | 3.125% | | 11/15/27 | | 275 | | 286 | |
| | Consolidated Edison Co. of New York Inc. | 5.300% | | 3/1/35 | | 300 | | 368 | |
| | Consolidated Edison Co. of New York Inc. | 5.850% | | 3/15/36 | | 860 | | 1,118 | |
| | Consolidated Edison Co. of New York Inc. | 6.200% | | 6/15/36 | | 300 | | 403 | |
| | Consolidated Edison Co. of New York Inc. | 6.750% | | 4/1/38 | | 400 | | 572 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Consolidated Edison Co. of New York Inc. | 5.700% | | 6/15/40 | | 950 | | 1,244 | |
| | Consolidated Edison Co. of New York Inc. | 3.950% | | 3/1/43 | | 550 | | 594 | |
| | Consolidated Edison Co. of New York Inc. | 4.450% | | 3/15/44 | | 1,530 | | 1,762 | |
| | Consolidated Edison Co. of New York Inc. | 4.500% | | 12/1/45 | | 375 | | 437 | |
| | Consolidated Edison Co. of New York Inc. | 3.850% | | 6/15/46 | | 340 | | 365 | |
| | Consolidated Edison Co. of New York Inc. | 3.875% | | 6/15/47 | | 750 | | 809 | |
| | Consolidated Edison Co. of New York Inc. | 4.125% | | 5/15/49 | | 500 | | 565 | |
| | Consolidated Edison Co. of New York Inc. | 4.300% | | 12/1/56 | | 75 | | 84 | |
| | Consolidated Edison Co. of New York Inc. | 4.000% | | 11/15/57 | | 375 | | 396 | |
| | Consolidated Edison Co. of New York Inc. | 4.500% | | 5/15/58 | | 500 | | 578 | |
| | Consolidated Edison Inc. | 2.000% | | 5/15/21 | | 300 | | 300 | |
| | Consumers Energy Co. | 2.850% | | 5/15/22 | | 250 | | 255 | |
| | Consumers Energy Co. | 3.375% | | 8/15/23 | | 225 | | 235 | |
| | Consumers Energy Co. | 3.800% | | 11/15/28 | | 250 | | 276 | |
| | Consumers Energy Co. | 3.250% | | 8/15/46 | | 550 | | 546 | |
| | Consumers Energy Co. | 3.950% | | 7/15/47 | | 500 | | 562 | |
| | Consumers Energy Co. | 4.050% | | 5/15/48 | | 500 | | 572 | |
| | Consumers Energy Co. | 4.350% | | 4/15/49 | | 530 | | 640 | |
| | Consumers Energy Co. | 3.100% | | 8/15/50 | | 300 | | 301 | |
| | Delmarva Power & Light Co. | 3.500% | | 11/15/23 | | 125 | | 131 | |
| | Delmarva Power & Light Co. | 4.150% | | 5/15/45 | | 600 | | 670 | |
| | Dominion Energy Inc. | 2.715% | | 8/15/21 | | 250 | | 252 | |
| | Dominion Energy Inc. | 2.750% | | 1/15/22 | | 350 | | 354 | |
| | Dominion Energy Inc. | 2.750% | | 9/15/22 | | 100 | | 101 | |
| | Dominion Energy Inc. | 3.071% | | 8/15/24 | | 500 | | 508 | |
| | Dominion Energy Inc. | 3.900% | | 10/1/25 | | 425 | | 452 | |
| | Dominion Energy Inc. | 2.850% | | 8/15/26 | | 500 | | 504 | |
| | Dominion Energy Inc. | 4.250% | | 6/1/28 | | 725 | | 798 | |
| | Dominion Energy Inc. | 6.300% | | 3/15/33 | | 500 | | 650 | |
| | Dominion Energy Inc. | 5.250% | | 8/1/33 | | 200 | | 240 | |
| | Dominion Energy Inc. | 7.000% | | 6/15/38 | | 300 | | 415 | |
| | Dominion Energy Inc. | 4.900% | | 8/1/41 | | 790 | | 917 | |
| | Dominion Energy Inc. | 4.050% | | 9/15/42 | | 400 | | 419 | |
| | Dominion Energy Inc. | 4.600% | | 3/15/49 | | 1,000 | | 1,161 | |
| 4 | Dominion Energy Inc. | 5.750% | | 10/1/54 | | 375 | | 404 | |
| | Dominion Energy South Carolina Inc. | 6.625% | | 2/1/32 | | 375 | | 506 | |
| | Dominion Energy South Carolina Inc. | 6.050% | | 1/15/38 | | 450 | | 605 | |
| | Dominion Energy South Carolina Inc. | 5.450% | | 2/1/41 | | 250 | | 322 | |
| | Dominion Energy South Carolina Inc. | 4.600% | | 6/15/43 | | 325 | | 383 | |
| | Dominion Energy South Carolina Inc. | 5.100% | | 6/1/65 | | 425 | | 552 | |
| | DTE Electric Co. | 3.650% | | 3/15/24 | | 825 | | 871 | |
| | DTE Electric Co. | 3.375% | | 3/1/25 | | 150 | | 158 | |
| | DTE Electric Co. | 4.000% | | 4/1/43 | | 300 | | 334 | |
| | DTE Electric Co. | 3.700% | | 3/15/45 | | 200 | | 215 | |
| | DTE Electric Co. | 3.700% | | 6/1/46 | | 550 | | 591 | |
| | DTE Electric Co. | 3.750% | | 8/15/47 | | 450 | | 489 | |
| | DTE Electric Co. | 4.050% | | 5/15/48 | | 500 | | 573 | |
| | DTE Electric Co. | 3.950% | | 3/1/49 | | 500 | | 571 | |
| | DTE Energy Co. | 2.600% | | 6/15/22 | | 200 | | 201 | |
| | DTE Energy Co. | 3.300% | | 6/15/22 | | 250 | | 256 | |
| | DTE Energy Co. | 2.250% | | 11/1/22 | | 300 | | 300 | |
| | DTE Energy Co. | 3.700% | | 8/1/23 | | 500 | | 520 | |
| | DTE Energy Co. | 3.500% | | 6/1/24 | | 525 | | 547 | |
| | DTE Energy Co. | 2.850% | | 10/1/26 | | 675 | | 676 | |
| | DTE Energy Co. | 3.800% | | 3/15/27 | | 2,500 | | 2,635 | |
| | DTE Energy Co. | 3.400% | | 6/15/29 | | 150 | | 153 | |
| | DTE Energy Co. | 2.950% | | 3/1/30 | | 235 | | 232 | |
| | DTE Energy Co. | 6.375% | | 4/15/33 | | 100 | | 130 | |
| | Duke Energy Carolinas LLC | 3.900% | | 6/15/21 | | 980 | | 1,004 | |
| | Duke Energy Carolinas LLC | 6.000% | | 12/1/28 | | 300 | | 373 | |
| | Duke Energy Carolinas LLC | 2.450% | | 8/15/29 | | 75 | | 74 | |
| | Duke Energy Carolinas LLC | 6.100% | | 6/1/37 | | 425 | | 576 | |
| | Duke Energy Carolinas LLC | 6.000% | | 1/15/38 | | 325 | | 436 | |
| | Duke Energy Carolinas LLC | 6.050% | | 4/15/38 | | 25 | | 34 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Duke Energy Carolinas LLC | 5.300% | | 2/15/40 | | 710 | | 914 | |
| | Duke Energy Carolinas LLC | 4.250% | | 12/15/41 | | 1,000 | | 1,139 | |
| | Duke Energy Carolinas LLC | 4.000% | | 9/30/42 | | 675 | | 743 | |
| | Duke Energy Carolinas LLC | 3.875% | | 3/15/46 | | 380 | | 421 | |
| | Duke Energy Carolinas LLC | 3.700% | | 12/1/47 | | 425 | | 455 | |
| | Duke Energy Carolinas LLC | 3.950% | | 3/15/48 | | 400 | | 442 | |
| | Duke Energy Carolinas LLC | 3.200% | | 8/15/49 | | 100 | | 99 | |
| | Duke Energy Corp. | 2.400% | | 8/15/22 | | 1,000 | | 1,007 | |
| | Duke Energy Corp. | 3.950% | | 10/15/23 | | 225 | | 238 | |
| | Duke Energy Corp. | 3.750% | | 4/15/24 | | 775 | | 821 | |
| | Duke Energy Corp. | 2.650% | | 9/1/26 | | 595 | | 595 | |
| | Duke Energy Corp. | 3.150% | | 8/15/27 | | 550 | | 564 | |
| | Duke Energy Corp. | 4.800% | | 12/15/45 | | 700 | | 827 | |
| | Duke Energy Corp. | 3.750% | | 9/1/46 | | 1,206 | | 1,232 | |
| | Duke Energy Florida LLC | 3.200% | | 1/15/27 | | 450 | | 468 | |
| | Duke Energy Florida LLC | 3.800% | | 7/15/28 | | 425 | | 462 | |
| | Duke Energy Florida LLC | 2.500% | | 12/1/29 | | 1,800 | | 1,795 | |
| | Duke Energy Florida LLC | 6.350% | | 9/15/37 | | 525 | | 729 | |
| | Duke Energy Florida LLC | 6.400% | | 6/15/38 | | 800 | | 1,138 | |
| | Duke Energy Florida LLC | 3.400% | | 10/1/46 | | 400 | | 405 | |
| | Duke Energy Florida LLC | 4.200% | | 7/15/48 | | 425 | | 489 | |
| 4 | Duke Energy Florida Project Finance LLC | 1.731% | | 9/1/22 | | 200 | | 199 | |
| 4 | Duke Energy Florida Project Finance LLC | 2.538% | | 9/1/29 | | 400 | | 398 | |
| | Duke Energy Indiana LLC | 6.120% | | 10/15/35 | | 1,175 | | 1,548 | |
| | Duke Energy Indiana LLC | 4.900% | | 7/15/43 | | 250 | | 309 | |
| | Duke Energy Indiana LLC | 3.750% | | 5/15/46 | | 1,075 | | 1,145 | |
| | Duke Energy Indiana LLC | 3.250% | | 10/1/49 | | 2,000 | | 2,005 | |
| | Duke Energy Ohio Inc. | 3.650% | | 2/1/29 | | 325 | | 353 | |
| | Duke Energy Ohio Inc. | 3.700% | | 6/15/46 | | 650 | | 685 | |
| | Duke Energy Ohio Inc. | 4.300% | | 2/1/49 | | 1,000 | | 1,167 | |
| | Duke Energy Progress LLC | 3.000% | | 9/15/21 | | 750 | | 764 | |
| | 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 | | 1,650 | | 1,732 | |
| | Duke Energy Progress LLC | 3.700% | | 9/1/28 | | 425 | | 464 | |
| | Duke Energy Progress LLC | 3.450% | | 3/15/29 | | 1,000 | | 1,071 | |
| | Duke Energy Progress LLC | 6.300% | | 4/1/38 | | 300 | | 414 | |
| | Duke Energy Progress LLC | 4.375% | | 3/30/44 | | 525 | | 609 | |
| | Duke Energy Progress LLC | 4.150% | | 12/1/44 | | 425 | | 476 | |
| | Duke Energy Progress LLC | 4.200% | | 8/15/45 | | 525 | | 594 | |
| | Duke Energy Progress LLC | 3.700% | | 10/15/46 | | 950 | | 1,000 | |
| | Edison International | 2.400% | | 9/15/22 | | 550 | | 546 | |
| | Edison International | 2.950% | | 3/15/23 | | 750 | | 749 | |
| | Edison International | 5.750% | | 6/15/27 | | 100 | | 112 | |
| | El Paso Electric Co. | 6.000% | | 5/15/35 | | 175 | | 214 | |
| | El Paso Electric Co. | 5.000% | | 12/1/44 | | 250 | | 293 | |
| | Emera US Finance LP | 2.700% | | 6/15/21 | | 625 | | 630 | |
| | Emera US Finance LP | 3.550% | | 6/15/26 | | 325 | | 337 | |
| | Emera US Finance LP | 4.750% | | 6/15/46 | | 1,485 | | 1,714 | |
| | Enel Americas SA | 4.000% | | 10/25/26 | | 700 | | 723 | |
| | Enel Chile SA | 4.875% | | 6/12/28 | | 600 | | 665 | |
| | Entergy Arkansas Inc. | 3.750% | | 2/15/21 | | 1,250 | | 1,270 | |
| | Entergy Arkansas Inc. | 3.500% | | 4/1/26 | | 150 | | 158 | |
| | Entergy Corp. | 4.000% | | 7/15/22 | | 550 | | 573 | |
| | Entergy Corp. | 2.950% | | 9/1/26 | | 625 | | 634 | |
| | Entergy Gulf States Louisiana LLC | 5.590% | | 10/1/24 | | 1,417 | | 1,624 | |
| | Entergy Louisiana LLC | 5.400% | | 11/1/24 | | 238 | | 272 | |
| | Entergy Louisiana LLC | 2.400% | | 10/1/26 | | 200 | | 199 | |
| | Entergy Louisiana LLC | 3.120% | | 9/1/27 | | 350 | | 362 | |
| | Entergy Louisiana LLC | 3.250% | | 4/1/28 | | 300 | | 313 | |
| | Entergy Louisiana LLC | 3.050% | | 6/1/31 | | 1,375 | | 1,406 | |
| | Entergy Louisiana LLC | 4.000% | | 3/15/33 | | 625 | | 702 | |
| | Entergy Louisiana LLC | 4.950% | | 1/15/45 | | 400 | | 431 | |
| | Entergy Louisiana LLC | 4.200% | | 9/1/48 | | 650 | | 750 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Entergy Mississippi Inc. | 2.850% | | 6/1/28 | | 750 | | 761 | |
| | Entergy Mississippi LLC | 3.850% | | 6/1/49 | | 250 | | 271 | |
| | Entergy Texas Inc. | 3.550% | | 9/30/49 | | 705 | | 719 | |
| | Evergy Inc. | 2.450% | | 9/15/24 | | 850 | | 854 | |
| | Evergy Inc. | 2.900% | | 9/15/29 | | 300 | | 298 | |
| | Eversource Energy | 2.750% | | 3/15/22 | | 350 | | 355 | |
| | Eversource Energy | 3.800% | | 12/1/23 | | 350 | | 366 | |
| | Eversource Energy | 2.900% | | 10/1/24 | | 275 | | 280 | |
| | Eversource Energy | 3.150% | | 1/15/25 | | 1,475 | | 1,518 | |
| | Eversource Energy | 3.300% | | 1/15/28 | | 200 | | 206 | |
| | Eversource Energy | 4.250% | | 4/1/29 | | 625 | | 690 | |
| | Exelon Corp. | 5.150% | | 12/1/20 | | 495 | | 505 | |
| | Exelon Corp. | 2.450% | | 4/15/21 | | 250 | | 251 | |
| | Exelon Corp. | 3.497% | | 6/1/22 | | 500 | | 513 | |
| | Exelon Corp. | 3.950% | | 6/15/25 | | 600 | | 645 | |
| | Exelon Corp. | 3.400% | | 4/15/26 | | 1,500 | | 1,564 | |
| | Exelon Corp. | 4.950% | | 6/15/35 | | 800 | | 922 | |
| | Exelon Corp. | 5.625% | | 6/15/35 | | 415 | | 512 | |
| | Exelon Corp. | 5.100% | | 6/15/45 | | 180 | | 215 | |
| | Exelon Corp. | 4.450% | | 4/15/46 | | 500 | | 564 | |
| | Exelon Generation Co. LLC | 3.400% | | 3/15/22 | | 1,050 | | 1,075 | |
| | Exelon Generation Co. LLC | 4.250% | | 6/15/22 | | 400 | | 418 | |
| | Exelon Generation Co. LLC | 5.750% | | 10/1/41 | | 325 | | 374 | |
| | Exelon Generation Co. LLC | 5.600% | | 6/15/42 | | 1,121 | | 1,251 | |
| | FirstEnergy Corp. | 2.850% | | 7/15/22 | | 450 | | 457 | |
| | FirstEnergy Corp. | 4.250% | | 3/15/23 | | 200 | | 211 | |
| | FirstEnergy Corp. | 3.900% | | 7/15/27 | | 1,150 | | 1,227 | |
| | FirstEnergy Corp. | 7.375% | | 11/15/31 | | 1,325 | | 1,863 | |
| | FirstEnergy Corp. | 4.850% | | 7/15/47 | | 2,033 | | 2,413 | |
| | Florida Power & Light Co. | 5.625% | | 4/1/34 | | 225 | | 295 | |
| | Florida Power & Light Co. | 4.950% | | 6/1/35 | | 50 | | 61 | |
| | Florida Power & Light Co. | 5.650% | | 2/1/37 | | 325 | | 434 | |
| | Florida Power & Light Co. | 5.950% | | 2/1/38 | | 175 | | 240 | |
| | Florida Power & Light Co. | 5.960% | | 4/1/39 | | 225 | | 317 | |
| | Florida Power & Light Co. | 4.125% | | 2/1/42 | | 1,675 | | 1,901 | |
| | Florida Power & Light Co. | 4.050% | | 6/1/42 | | 475 | | 535 | |
| | Florida Power & Light Co. | 3.800% | | 12/15/42 | | 925 | | 1,016 | |
| | Florida Power & Light Co. | 4.050% | | 10/1/44 | | 450 | | 515 | |
| | Florida Power & Light Co. | 3.700% | | 12/1/47 | | 550 | | 606 | |
| | Florida Power & Light Co. | 3.950% | | 3/1/48 | | 800 | | 905 | |
| | Florida Power & Light Co. | 4.125% | | 6/1/48 | | 500 | | 580 | |
| | Florida Power & Light Co. | 3.990% | | 3/1/49 | | 500 | | 570 | |
| | Florida Power & Light Co. | 3.150% | | 10/1/49 | | 630 | | 628 | |
| | Fortis Inc. | 3.055% | | 10/4/26 | | 1,254 | | 1,278 | |
| | Georgia Power Co. | 2.400% | | 4/1/21 | | 1,150 | | 1,154 | |
| | Georgia Power Co. | 2.850% | | 5/15/22 | | 300 | | 305 | |
| | Georgia Power Co. | 2.200% | | 9/15/24 | | 395 | | 388 | |
| | Georgia Power Co. | 3.250% | | 4/1/26 | | 256 | | 265 | |
| | Georgia Power Co. | 3.250% | | 3/30/27 | | 550 | | 566 | |
| | Georgia Power Co. | 4.750% | | 9/1/40 | | 625 | | 708 | |
| | Georgia Power Co. | 4.300% | | 3/15/42 | | 575 | | 622 | |
| | Georgia Power Co. | 4.300% | | 3/15/43 | | 250 | | 270 | |
| | Great Plains Energy Inc. | 4.850% | | 6/1/21 | | 295 | | 304 | |
| | Gulf Power Co. | 3.300% | | 5/30/27 | | 250 | | 261 | |
| | Iberdrola International BV | 6.750% | | 7/15/36 | | 175 | | 242 | |
| | Indiana Michigan Power Co. | 3.850% | | 5/15/28 | | 1,000 | | 1,083 | |
| | Indiana Michigan Power Co. | 3.750% | | 7/1/47 | | 550 | | 575 | |
| | Indiana Michigan Power Co. | 4.250% | | 8/15/48 | | 500 | | 568 | |
| | Interstate Power & Light Co. | 3.250% | | 12/1/24 | | 1,096 | | 1,142 | |
| | Interstate Power & Light Co. | 4.100% | | 9/26/28 | | 450 | | 491 | |
| | Interstate Power & Light Co. | 3.600% | | 4/1/29 | | 240 | | 255 | |
| | Interstate Power & Light Co. | 6.250% | | 7/15/39 | | 250 | | 329 | |
| | Interstate Power & Light Co. | 3.700% | | 9/15/46 | | 250 | | 255 | |
| | ITC Holdings Corp. | 2.700% | | 11/15/22 | | 400 | | 405 | |
| | | | | | | | | | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | ITC Holdings Corp. | 3.650% | | 6/15/24 | | 300 | | 313 | |
| | ITC Holdings Corp. | 3.350% | | 11/15/27 | | 400 | | 416 | |
| | ITC Holdings Corp. | 5.300% | | 7/1/43 | | 900 | | 1,098 | |
| 4 | John Sevier Combined Cycle Generation LLC | 4.626% | | 1/15/42 | | 156 | | 181 | |
| | Kansas City Power & Light Co. | 3.150% | | 3/15/23 | | 220 | | 226 | |
| | Kansas City Power & Light Co. | 5.300% | | 10/1/41 | | 480 | | 606 | |
| | Kansas City Power & Light Co. | 4.200% | | 6/15/47 | | 225 | | 258 | |
| | Kentucky Utilities Co. | 3.250% | | 11/1/20 | | 200 | | 201 | |
| | Kentucky Utilities Co. | 5.125% | | 11/1/40 | | 625 | | 778 | |
| | Louisville Gas & Electric Co. | 3.300% | | 10/1/25 | | 250 | | 261 | |
| | Louisville Gas & Electric Co. | 4.250% | | 4/1/49 | | 150 | | 171 | |
| | MidAmerican Energy Co. | 3.100% | | 5/1/27 | | 450 | | 467 | |
| | MidAmerican Energy Co. | 6.750% | | 12/30/31 | | 725 | | 1,010 | |
| | MidAmerican Energy Co. | 4.800% | | 9/15/43 | | 275 | | 336 | |
| | MidAmerican Energy Co. | 3.650% | | 8/1/48 | | 575 | | 620 | |
| | MidAmerican Energy Co. | 4.250% | | 7/15/49 | | 2,500 | | 2,997 | |
| | Mississippi Power Co. | 4.250% | | 3/15/42 | | 375 | | 400 | |
| | National Rural Utilities Cooperative Finance Corp. | 2.300% | | 11/1/20 | | 300 | | 301 | |
| | 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 | | 1,427 | |
| | National Rural Utilities Cooperative Finance Corp. | 2.950% | | 2/7/24 | | 1,600 | | 1,650 | |
| | National Rural Utilities Cooperative Finance Corp. | 3.250% | | 11/1/25 | | 75 | | 79 | |
| | 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 | | 1,672 | |
| | National Rural Utilities Cooperative Finance Corp. | 4.023% | | 11/1/32 | | 1,014 | | 1,143 | |
| 4 | National Rural Utilities Cooperative Finance Corp. | 4.750% | | 4/30/43 | | 100 | | 104 | |
| 4 | National Rural Utilities Cooperative Finance Corp. | 5.250% | | 4/20/46 | | 325 | | 344 | |
| | National Rural Utilities Cooperative Finance Corp. | 4.400% | | 11/1/48 | | 1,000 | | 1,191 | |
| | National Rural Utilities Cooperative Finance Corp. | 4.300% | | 3/15/49 | | 400 | | 475 | |
| | Nevada Power Co. | 3.700% | | 5/1/29 | | 500 | | 540 | |
| | Nevada Power Co. | 6.650% | | 4/1/36 | | 410 | | 562 | |
| | NextEra Energy Capital Holdings Inc. | 4.500% | | 6/1/21 | | 140 | | 144 | |
| | NextEra Energy Capital Holdings Inc. | 2.403% | | 9/1/21 | | 500 | | 502 | |
| | NextEra Energy Capital Holdings Inc. | 2.900% | | 4/1/22 | | 850 | | 864 | |
| | NextEra Energy Capital Holdings Inc. | 2.800% | | 1/15/23 | | 650 | | 660 | |
| | NextEra Energy Capital Holdings Inc. | 3.150% | | 4/1/24 | | 500 | | 516 | |
| | NextEra Energy Capital Holdings Inc. | 3.250% | | 4/1/26 | | 200 | | 208 | |
| | NextEra Energy Capital Holdings Inc. | 3.550% | | 5/1/27 | | 700 | | 742 | |
| | NextEra Energy Capital Holdings Inc. | 3.500% | | 4/1/29 | | 350 | | 370 | |
| | NextEra Energy Capital Holdings Inc. | 2.750% | | 11/1/29 | | 300 | | 300 | |
| 4 | NextEra Energy Capital Holdings Inc. | 4.800% | | 12/1/77 | | 450 | | 460 | |
| 4 | NextEra Energy Capital Holdings Inc. | 5.650% | | 5/1/79 | | 300 | | 333 | |
| | Northern States Power Co. | 6.250% | | 6/1/36 | | 325 | | 446 | |
| | Northern States Power Co. | 6.200% | | 7/1/37 | | 250 | | 346 | |
| | Northern States Power Co. | 5.350% | | 11/1/39 | | 375 | | 488 | |
| | Northern States Power Co. | 3.400% | | 8/15/42 | | 410 | | 426 | |
| | Northern States Power Co. | 4.000% | | 8/15/45 | | 200 | | 222 | |
| | Northern States Power Co. | 2.900% | | 3/1/50 | | 1,890 | | 1,802 | |
| | NorthWestern Corp. | 4.176% | | 11/15/44 | | 250 | | 275 | |
| | NSTAR Electric Co. | 2.375% | | 10/15/22 | | 125 | | 126 | |
| | NSTAR Electric Co. | 3.200% | | 5/15/27 | | 550 | | 574 | |
| | NSTAR Electric Co. | 3.250% | | 5/15/29 | | 300 | | 313 | |
| | NSTAR Electric Co. | 5.500% | | 3/15/40 | | 540 | | 689 | |
| | NV Energy Inc. | 6.250% | | 11/15/20 | | 225 | | 233 | |
| | Oglethorpe Power Corp. | 5.950% | | 11/1/39 | | 100 | | 125 | |
| | Oglethorpe Power Corp. | 5.375% | | 11/1/40 | | 630 | | 760 | |
| | Ohio Power Co. | 5.375% | | 10/1/21 | | 575 | | 609 | |
| | Ohio Power Co. | 4.000% | | 6/1/49 | | 500 | | 562 | |
| | Oklahoma Gas & Electric Co. | 3.800% | | 8/15/28 | | 300 | | 324 | |
| | Oklahoma Gas & Electric Co. | 4.150% | | 4/1/47 | | 225 | | 243 | |
| | Oklahoma Gas & Electric Co. | 3.850% | | 8/15/47 | | 250 | | 259 | |
| | Oncor Electric Delivery Co. LLC | 4.100% | | 6/1/22 | | 575 | | 600 | |
| | Oncor Electric Delivery Co. LLC | 2.750% | | 6/1/24 | | 400 | | 406 | |
| | Oncor Electric Delivery Co. LLC | 2.950% | | 4/1/25 | | 275 | | 284 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Oncor Electric Delivery Co. LLC | 3.700% | | 11/15/28 | | 150 | | 164 | |
| | Oncor Electric Delivery Co. LLC | 7.250% | | 1/15/33 | | 1,000 | | 1,454 | |
| | Oncor Electric Delivery Co. LLC | 5.250% | | 9/30/40 | | 400 | | 510 | |
| | Oncor Electric Delivery Co. LLC | 4.550% | | 12/1/41 | | 500 | | 589 | |
| | Oncor Electric Delivery Co. LLC | 5.300% | | 6/1/42 | | 400 | | 519 | |
| | Oncor Electric Delivery Co. LLC | 3.800% | | 9/30/47 | | 250 | | 275 | |
| | Oncor Electric Delivery Co. LLC | 4.100% | | 11/15/48 | | 400 | | 464 | |
| | Oncor Electric Delivery Co. LLC | 3.800% | | 6/1/49 | | 865 | | 946 | |
| | Oncor Electric Delivery Co. LLC | 3.100% | | 9/15/49 | | 550 | | 544 | |
| | PacifiCorp | 2.950% | | 2/1/22 | | 1,000 | | 1,019 | |
| | PacifiCorp | 3.600% | | 4/1/24 | | 500 | | 527 | |
| | PacifiCorp | 3.500% | | 6/15/29 | | 600 | | 646 | |
| | PacifiCorp | 5.250% | | 6/15/35 | | 475 | | 585 | |
| | PacifiCorp | 6.100% | | 8/1/36 | | 500 | | 672 | |
| | PacifiCorp | 5.750% | | 4/1/37 | | 410 | | 536 | |
| | PacifiCorp | 6.250% | | 10/15/37 | | 500 | | 700 | |
| | PacifiCorp | 6.350% | | 7/15/38 | | 250 | | 351 | |
| | PacifiCorp | 4.100% | | 2/1/42 | | 1,650 | | 1,829 | |
| | PacifiCorp | 4.125% | | 1/15/49 | | 575 | | 655 | |
| | PacifiCorp | 4.150% | | 2/15/50 | | 1,000 | | 1,147 | |
| | PECO Energy Co. | 2.375% | | 9/15/22 | | 225 | | 228 | |
| | PECO Energy Co. | 3.900% | | 3/1/48 | | 275 | | 305 | |
| | Pinnacle West Capital Corp. | 2.250% | | 11/30/20 | | 325 | | 326 | |
| | PNM Resources Inc. | 3.250% | | 3/9/21 | | 250 | | 253 | |
| | Potomac Electric Power Co. | 6.500% | | 11/15/37 | | 400 | | 565 | |
| | Potomac Electric Power Co. | 4.150% | | 3/15/43 | | 550 | | 617 | |
| | PPL Capital Funding Inc. | 3.500% | | 12/1/22 | | 375 | | 387 | |
| | PPL Capital Funding Inc. | 3.400% | | 6/1/23 | | 25 | | 26 | |
| | PPL Capital Funding Inc. | 3.950% | | 3/15/24 | | 225 | | 237 | |
| | PPL Capital Funding Inc. | 3.100% | | 5/15/26 | | 25 | | 25 | |
| | PPL Capital Funding Inc. | 4.700% | | 6/1/43 | | 465 | | 515 | |
| | PPL Capital Funding Inc. | 5.000% | | 3/15/44 | | 1,450 | | 1,664 | |
| | PPL Electric Utilities Corp. | 3.000% | | 9/15/21 | | 1,360 | | 1,383 | |
| | PPL Electric Utilities Corp. | 6.250% | | 5/15/39 | | 300 | | 419 | |
| | PPL Electric Utilities Corp. | 4.125% | | 6/15/44 | | 700 | | 782 | |
| | PPL Electric Utilities Corp. | 4.150% | | 10/1/45 | | 300 | | 337 | |
| | PPL Electric Utilities Corp. | 3.950% | | 6/1/47 | | 350 | | 384 | |
| | PPL Electric Utilities Corp. | 4.150% | | 6/15/48 | | 300 | | 343 | |
| | Progress Energy Inc. | 3.150% | | 4/1/22 | | 1,500 | | 1,530 | |
| | Progress Energy Inc. | 7.750% | | 3/1/31 | | 625 | | 874 | |
| | Progress Energy Inc. | 7.000% | | 10/30/31 | | 200 | | 270 | |
| | Progress Energy Inc. | 6.000% | | 12/1/39 | | 480 | | 623 | |
| | PSEG Power LLC | 3.000% | | 6/15/21 | | 325 | | 329 | |
| | PSEG Power LLC | 3.850% | | 6/1/23 | | 575 | | 602 | |
| | Public Service Co. of Colorado | 3.200% | | 11/15/20 | | 700 | | 703 | |
| | Public Service Co. of Colorado | 3.700% | | 6/15/28 | | 300 | | 326 | |
| | Public Service Co. of Colorado | 3.600% | | 9/15/42 | | 225 | | 236 | |
| | Public Service Co. of Colorado | 4.300% | | 3/15/44 | | 200 | | 233 | |
| | Public Service Co. of Colorado | 4.100% | | 6/15/48 | | 300 | | 341 | |
| | 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 | | 264 | |
| | Public Service Electric & Gas Co. | 1.900% | | 3/15/21 | | 200 | | 200 | |
| | Public Service Electric & Gas Co. | 2.375% | | 5/15/23 | | 225 | | 227 | |
| | Public Service Electric & Gas Co. | 3.000% | | 5/15/25 | | 500 | | 519 | |
| | Public Service Electric & Gas Co. | 3.000% | | 5/15/27 | | 250 | | 258 | |
| | Public Service Electric & Gas Co. | 3.200% | | 5/15/29 | | 300 | | 317 | |
| | Public Service Electric & Gas Co. | 3.950% | | 5/1/42 | | 1,525 | | 1,684 | |
| | Public Service Electric & Gas Co. | 3.800% | | 3/1/46 | | 1,000 | | 1,089 | |
| | Public Service Electric & Gas Co. | 3.600% | | 12/1/47 | | 275 | | 295 | |
| | Public Service Electric & Gas Co. | 3.850% | | 5/1/49 | | 350 | | 389 | |
| | Public Service Enterprise Group Inc. | 2.650% | | 11/15/22 | | 475 | | 482 | |
| | Puget Energy Inc. | 6.500% | | 12/15/20 | | 375 | | 390 | |
| | Puget Energy Inc. | 6.000% | | 9/1/21 | | 400 | | 424 | |
| | Puget Energy Inc. | 5.625% | | 7/15/22 | | 400 | | 429 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | �� | | | | Face | | Market | |
| | | | | Maturity | | Amount | | Value | |
| | | Coupon | | Date | | ($000 | ) | ($000 | ) |
| | Puget Energy Inc. | 3.650% | | 5/15/25 | | 1,500 | | 1,555 | |
| | Puget Sound Energy Inc. | 6.274% | | 3/15/37 | | 450 | | 608 | |
| | Puget Sound Energy Inc. | 5.757% | | 10/1/39 | | 495 | | 656 | |
| | Puget Sound Energy Inc. | 5.638% | | 4/15/41 | | 390 | | 505 | |
| | Puget Sound Energy Inc. | 4.300% | | 5/20/45 | | 350 | | 404 | |
| | Puget Sound Energy Inc. | 4.223% | | 6/15/48 | | 500 | | 567 | |
| | Puget Sound Energy Inc. | 3.250% | | 9/15/49 | | 350 | | 349 | |
| | 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 | | 347 | |
| | San Diego Gas & Electric Co. | 6.000% | | 6/1/39 | | 250 | | 320 | |
| | San Diego Gas & Electric Co. | 4.500% | | 8/15/40 | | 505 | | 559 | |
| | San Diego Gas & Electric Co. | 3.750% | | 6/1/47 | | 325 | | 332 | |
| | San Diego Gas & Electric Co. | 4.150% | | 5/15/48 | | 325 | | 356 | |
| | Sierra Pacific Power Co. | 2.600% | | 5/1/26 | | 300 | | 302 | |
| | Southern California Edison Co. | 2.900% | | 3/1/21 | | 340 | | 344 | |
| | Southern California Edison Co. | 3.875% | | 6/1/21 | | 350 | | 357 | |
| 4 | Southern California Edison Co. | 1.845% | | 2/1/22 | | 125 | | 123 | |
| | Southern California Edison Co. | 2.400% | | 2/1/22 | | 225 | | 226 | |
| | Southern California Edison Co. | 3.400% | | 6/1/23 | | 475 | | 490 | |
| | Southern California Edison Co. | 3.500% | | 10/1/23 | | 300 | | 312 | |
| | Southern California Edison Co. | 3.700% | | 8/1/25 | | 200 | | 211 | |
| | Southern California Edison Co. | 3.650% | | 3/1/28 | | 1,000 | | 1,071 | |
| | Southern California Edison Co. | 4.200% | | 3/1/29 | | 200 | | 221 | |
| | Southern California Edison Co. | 6.650% | | 4/1/29 | | 1,625 | | 1,951 | |
| | Southern California Edison Co. | 2.850% | | 8/1/29 | | 325 | | 324 | |
| | Southern California Edison Co. | 5.750% | | 4/1/35 | | 508 | | 617 | |
| | Southern California Edison Co. | 5.350% | | 7/15/35 | | 1,135 | | 1,346 | |
| | Southern California Edison Co. | 5.625% | | 2/1/36 | | 500 | | 606 | |
| | Southern California Edison Co. | 5.500% | | 3/15/40 | | 400 | | 486 | |
| | Southern California Edison Co. | 4.500% | | 9/1/40 | | 205 | | 224 | |
| | Southern California Edison Co. | 4.050% | | 3/15/42 | | 1,845 | | 1,903 | |
| | Southern California Edison Co. | 3.900% | | 3/15/43 | | 475 | | 483 | |
| | Southern California Edison Co. | 3.600% | | 2/1/45 | | 150 | | 146 | |
| | Southern California Edison Co. | 4.000% | | 4/1/47 | | 1,420 | | 1,483 | |
| | Southern California Edison Co. | 4.125% | | 3/1/48 | | 1,020 | | 1,079 | |
| | Southern California Edison Co. | 4.875% | | 3/1/49 | | 400 | | 471 | |
| | Southern Co. | 2.950% | | 7/1/23 | | 525 | | 535 | |
| | Southern Co. | 3.250% | | 7/1/26 | | 1,500 | | 1,554 | |
| | Southern Co. | 4.250% | | 7/1/36 | | 575 | | 619 | |
| | Southern Co. | 4.400% | | 7/1/46 | | 1,135 | | 1,254 | |
| | Southern Power Co. | 2.500% | | 12/15/21 | | 300 | | 302 | |
| | Southern Power Co. | 4.150% | | 12/1/25 | | 375 | | 406 | |
| | Southern Power Co. | 5.150% | | 9/15/41 | | 660 | | 750 | |
| | Southern Power Co. | 5.250% | | 7/15/43 | | 500 | | 567 | |
| | Southern Power Co. | 4.950% | | 12/15/46 | | 300 | | 330 | |
| | Southwestern Electric Power Co. | 2.750% | | 10/1/26 | | 300 | | 298 | |
| | Southwestern Electric Power Co. | 4.100% | | 9/15/28 | | 550 | | 599 | |
| | Southwestern Electric Power Co. | 3.900% | | 4/1/45 | | 1,200 | | 1,239 | |
| | Southwestern Electric Power Co. | 3.850% | | 2/1/48 | | 375 | | 385 | |
| | Southwestern Public Service Co. | 3.300% | | 6/15/24 | | 1,100 | | 1,143 | |
| | Southwestern Public Service Co. | 4.500% | | 8/15/41 | | 350 | | 408 | |
| | Southwestern Public Service Co. | 3.400% | | 8/15/46 | | 1,450 | | 1,445 | |
| | Southwestern Public Service Co. | 3.700% | | 8/15/47 | | 525 | | 549 | |
| | Southwestern Public Service Co. | 3.750% | | 6/15/49 | | 250 | | 266 | |
| | Tampa Electric Co. | 4.350% | | 5/15/44 | | 250 | | 283 | |
| | Tampa Electric Co. | 4.300% | | 6/15/48 | | 300 | | 347 | |
| | Tampa Electric Co. | 4.450% | | 6/15/49 | | 700 | | 829 | |
| | Tampa Electric Co. | 3.625% | | 6/15/50 | | 250 | | 265 | |
| | Toledo Edison Co. | 6.150% | | 5/15/37 | | 250 | | 338 | |
| | Tucson Electric Power Co. | 3.050% | | 3/15/25 | | 200 | | 206 | |
| | Tucson Electric Power Co. | 4.850% | | 12/1/48 | | 490 | | 598 | |
| | Union Electric Co. | 3.500% | | 4/15/24 | | 990 | | 1,040 | |
| | Union Electric Co. | 2.950% | | 6/15/27 | | 300 | | 307 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Union Electric Co. | 3.500% | | 3/15/29 | | 350 | | 375 | |
| | Union Electric Co. | 3.900% | | 9/15/42 | | 425 | | 460 | |
| | Union Electric Co. | 3.650% | | 4/15/45 | | 575 | | 602 | |
| | Union Electric Co. | 4.000% | | 4/1/48 | | 350 | | 392 | |
| | Union Electric Co. | 3.250% | | 10/1/49 | | 100 | | 99 | |
| | Virginia Electric & Power Co. | 2.950% | | 1/15/22 | | 750 | | 762 | |
| | Virginia Electric & Power Co. | 3.450% | | 2/15/24 | | 500 | | 522 | |
| | Virginia Electric & Power Co. | 3.100% | | 5/15/25 | | 500 | | 519 | |
| | Virginia Electric & Power Co. | 2.950% | | 11/15/26 | | 300 | | 308 | |
| | Virginia Electric & Power Co. | 3.500% | | 3/15/27 | | 1,250 | | 1,327 | |
| | Virginia Electric & Power Co. | 3.800% | | 4/1/28 | | 2,800 | | 3,026 | |
| | Virginia Electric & Power Co. | 2.875% | | 7/15/29 | | 800 | | 815 | |
| | Virginia Electric & Power Co. | 6.000% | | 1/15/36 | | 375 | | 490 | |
| | Virginia Electric & Power Co. | 6.000% | | 5/15/37 | | 500 | | 662 | |
| | Virginia Electric & Power Co. | 6.350% | | 11/30/37 | | 375 | | 519 | |
| | Virginia Electric & Power Co. | 8.875% | | 11/15/38 | | 1,200 | | 2,022 | |
| | Virginia Electric & Power Co. | 4.000% | | 1/15/43 | | 400 | | 435 | |
| | Virginia Electric & Power Co. | 4.450% | | 2/15/44 | | 700 | | 811 | |
| | Virginia Electric & Power Co. | 4.200% | | 5/15/45 | | 255 | | 290 | |
| | Virginia Electric & Power Co. | 4.000% | | 11/15/46 | | 1,000 | | 1,098 | |
| | Virginia Electric & Power Co. | 3.800% | | 9/15/47 | | 425 | | 459 | |
| | Virginia Electric & Power Co. | 4.600% | | 12/1/48 | | 650 | | 789 | |
| | Virginia Electric & Power Co. | 3.300% | | 12/1/49 | | 1,000 | | 1,008 | |
| | WEC Energy Group Inc. | 3.550% | | 6/15/25 | | 750 | | 793 | |
| | Westar Energy Inc. | 2.550% | | 7/1/26 | | 575 | | 576 | |
| | Westar Energy Inc. | 3.100% | | 4/1/27 | | 425 | | 439 | |
| | Westar Energy Inc. | 4.125% | | 3/1/42 | | 425 | | 474 | |
| | Westar Energy Inc. | 4.100% | | 4/1/43 | | 325 | | 362 | |
| | Westar Energy Inc. | 4.250% | | 12/1/45 | | 100 | | 114 | |
| | Wisconsin Electric Power Co. | 2.950% | | 9/15/21 | | 635 | | 644 | |
| | Wisconsin Electric Power Co. | 2.050% | | 12/15/24 | | 300 | | 300 | |
| | Wisconsin Electric Power Co. | 5.625% | | 5/15/33 | | 200 | | 255 | |
| | Wisconsin Electric Power Co. | 4.300% | | 10/15/48 | | 250 | | 288 | |
| | Wisconsin Power & Light Co. | 6.375% | | 8/15/37 | | 300 | | 408 | |
| | Wisconsin Public Service Corp. | 3.350% | | 11/21/21 | | 850 | | 874 | |
| | Wisconsin Public Service Corp. | 3.671% | | 12/1/42 | | 75 | | 78 | |
| | Xcel Energy Inc. | 2.600% | | 3/15/22 | | 275 | | 278 | |
| | Xcel Energy Inc. | 3.300% | | 6/1/25 | | 100 | | 104 | |
| | Xcel Energy Inc. | 3.350% | | 12/1/26 | | 275 | | 287 | |
| | Xcel Energy Inc. | 4.000% | | 6/15/28 | | 650 | | 709 | |
| | Xcel Energy Inc. | 2.600% | | 12/1/29 | | 540 | | 534 | |
| | Xcel Energy Inc. | 6.500% | | 7/1/36 | | 610 | | 831 | |
| | Xcel Energy Inc. | 3.500% | | 12/1/49 | | 400 | | 407 | |
| | Natural Gas (0.1%) | |
| | Atmos Energy Corp. | 3.000% | | 6/15/27 | | 375 | | 387 | |
| | Atmos Energy Corp. | 2.625% | | 9/15/29 | | 150 | | 151 | |
| | Atmos Energy Corp. | 5.500% | | 6/15/41 | | 800 | | 1,029 | |
| | Atmos Energy Corp. | 4.125% | | 10/15/44 | | 500 | | 561 | |
| | Atmos Energy Corp. | 4.125% | | 3/15/49 | | 900 | | 1,034 | |
| | Atmos Energy Corp. | 3.375% | | 9/15/49 | | 320 | | 323 | |
| | CenterPoint Energy Resources Corp. | 4.500% | | 1/15/21 | | 265 | | 270 | |
| | CenterPoint Energy Resources Corp. | 3.550% | | 4/1/23 | | 250 | | 258 | |
| | CenterPoint Energy Resources Corp. | 4.000% | | 4/1/28 | | 450 | | 483 | |
| | CenterPoint Energy Resources Corp. | 5.850% | | 1/15/41 | | 675 | | 852 | |
| | CenterPoint Energy Resources Corp. | 4.100% | | 9/1/47 | | 250 | | 261 | |
| | KeySpan Corp. | 5.803% | | 4/1/35 | | 250 | | 302 | |
| | NiSource Finance Corp. | 3.490% | | 5/15/27 | | 1,100 | | 1,154 | |
| | NiSource Finance Corp. | 5.950% | | 6/15/41 | | 500 | | 639 | |
| | NiSource Finance Corp. | 4.800% | | 2/15/44 | | 200 | | 229 | |
| | NiSource Finance Corp. | 5.650% | | 2/1/45 | | 500 | | 638 | |
| | NiSource Finance Corp. | 4.375% | | 5/15/47 | | 1,175 | | 1,311 | |
| | NiSource Inc. | 2.650% | | 11/17/22 | | 300 | | 304 | |
| | NiSource Inc. | 3.650% | | 6/15/23 | | 300 | | 313 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | NiSource Inc. | 2.950% | | 9/1/29 | | 500 | | 497 | |
| | ONE Gas Inc. | 4.658% | | 2/1/44 | | 507 | | 604 | |
| | ONE Gas Inc. | 4.500% | | 11/1/48 | | 400 | | 476 | |
| | Piedmont Natural Gas Co. Inc. | 3.500% | | 6/1/29 | | 480 | | 511 | |
| | Piedmont Natural Gas Co. Inc. | 4.650% | | 8/1/43 | | 150 | | 169 | |
| | Piedmont Natural Gas Co. Inc. | 3.640% | | 11/1/46 | | 350 | | 346 | |
| | Sempra Energy | 2.900% | | 2/1/23 | | 425 | | 431 | |
| | Sempra Energy | 4.050% | | 12/1/23 | | 775 | | 820 | |
| | Sempra Energy | 3.750% | | 11/15/25 | | 1,330 | | 1,402 | |
| | Sempra Energy | 3.250% | | 6/15/27 | | 575 | | 589 | |
| | Sempra Energy | 3.400% | | 2/1/28 | | 650 | | 671 | |
| | Sempra Energy | 3.800% | | 2/1/38 | | 850 | | 885 | |
| | Sempra Energy | 6.000% | | 10/15/39 | | 705 | | 916 | |
| | Sempra Energy | 4.000% | | 2/1/48 | | 675 | | 701 | |
| | Southern California Gas Co. | 3.150% | | 9/15/24 | | 425 | | 442 | |
| | Southern California Gas Co. | 2.600% | | 6/15/26 | | 725 | | 724 | |
| | Southern California Gas Co. | 3.750% | | 9/15/42 | | 300 | | 313 | |
| | Southern California Gas Co. | 4.125% | | 6/1/48 | | 325 | | 359 | |
| | Southern California Gas Co. | 4.300% | | 1/15/49 | | 500 | | 566 | |
| | Southern California Gas Co. | 3.950% | | 2/15/50 | | 300 | | 336 | |
| | Southern Co. Gas Capital Corp. | 3.500% | | 9/15/21 | | 1,000 | | 1,021 | |
| | Southern Co. Gas Capital Corp. | 2.450% | | 10/1/23 | | 75 | | 75 | |
| | Southern Co. Gas Capital Corp. | 3.250% | | 6/15/26 | | 375 | | 385 | |
| | Southern Co. Gas Capital Corp. | 5.875% | | 3/15/41 | | 125 | | 157 | |
| | Southern Co. Gas Capital Corp. | 4.400% | | 6/1/43 | | 125 | | 136 | |
| | Southern Co. Gas Capital Corp. | 3.950% | | 10/1/46 | | 450 | | 460 | |
| | Southern Co. Gas Capital Corp. | 4.400% | | 5/30/47 | | 500 | | 546 | |
| | Southwest Gas Corp. | 3.700% | | 4/1/28 | | 250 | | 265 | |
| | Southwest Gas Corp. | 3.800% | | 9/29/46 | | 250 | | 256 | |
| | Southwest Gas Corp. | 4.150% | | 6/1/49 | | 200 | | 219 | |
| | Washington Gas Light Co. | 3.796% | | 9/15/46 | | 350 | | 364 | |
| | Washington Gas Light Co. | 3.650% | | 9/15/49 | | 100 | | 101 | |
| | Other Utility (0.0%) | |
| | American Water Capital Corp. | 3.850% | | 3/1/24 | | 1,545 | | 1,631 | |
| | American Water Capital Corp. | 3.400% | | 3/1/25 | | 450 | | 471 | |
| | American Water Capital Corp. | 2.950% | | 9/1/27 | | 1,025 | | 1,044 | |
| | American Water Capital Corp. | 6.593% | | 10/15/37 | | 700 | | 994 | |
| | American Water Capital Corp. | 4.300% | | 12/1/42 | | 125 | | 140 | |
| | American Water Capital Corp. | 4.000% | | 12/1/46 | | 500 | | 541 | |
| | American Water Capital Corp. | 3.750% | | 9/1/47 | | 475 | | 500 | |
| | American Water Capital Corp. | 4.200% | | 9/1/48 | | 450 | | 507 | |
| | American Water Capital Corp. | 4.150% | | 6/1/49 | | 400 | | 448 | |
| | Aqua America Inc. | 3.566% | | 5/1/29 | | 275 | | 290 | |
| | Aqua America Inc. | 4.276% | | 5/1/49 | | 375 | | 416 | |
| | Veolia Environnement SA | 6.750% | | 6/1/38 | | 125 | | 172 | |
| | | 347,072 | |
| Total Corporate Bonds (Cost $4,362,225) | | 4,665,143 | |
| Sovereign Bonds (1.6%) | |
| | African Development Bank | 2.625% | | 3/22/21 | | 1,000 | | 1,011 | |
| | African Development Bank | 1.250% | | 7/26/21 | | 1,080 | | 1,073 | |
| | African Development Bank | 2.375% | | 9/23/21 | | 1,850 | | 1,871 | |
| | African Development Bank | 1.625% | | 9/16/22 | | 1,300 | | 1,298 | |
| | African Development Bank | 2.125% | | 11/16/22 | | 2,000 | | 2,024 | |
| | 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 | | 2,946 | |
| | Asian Development Bank | 1.750% | | 6/8/21 | | 2,700 | | 2,702 | |
| | Asian Development Bank | 2.000% | | 2/16/22 | | 4,330 | | 4,361 | |
| | Asian Development Bank | 1.875% | | 2/18/22 | | 2,850 | | 2,864 | |
| | Asian Development Bank | 1.875% | | 7/19/22 | | 2,800 | | 2,812 | |
| | Asian Development Bank | 1.875% | | 8/10/22 | | 2,200 | | 2,207 | |
| | Asian Development Bank | 1.750% | | 9/13/22 | | 2,000 | | 2,003 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Asian Development Bank | 2.750% | | 3/17/23 | | 3,000 | | 3,097 | |
| | Asian Development Bank | 2.625% | | 1/30/24 | | 3,000 | | 3,102 | |
| | Asian Development Bank | 1.500% | | 10/18/24 | | 1,000 | | 988 | |
| | Asian Development Bank | 2.000% | | 1/22/25 | | 1,000 | | 1,011 | |
| | Asian Development Bank | 2.000% | | 4/24/26 | | 400 | | 402 | |
| | Asian Development Bank | 2.625% | | 1/12/27 | | 800 | | 836 | |
| | Asian Development Bank | 2.500% | | 11/2/27 | | 2,985 | | 3,105 | |
| | Asian Development Bank | 2.750% | | 1/19/28 | | 1,000 | | 1,060 | |
| | Asian Development Bank | 3.125% | | 9/26/28 | | 1,600 | | 1,746 | |
| | Asian Development Bank | 1.750% | | 9/19/29 | | 200 | | 195 | |
| | Asian Infrastructure Investment Bank | 2.250% | | 5/16/24 | | 2,000 | | 2,038 | |
| | Canada | 2.625% | | 1/25/22 | | 2,500 | | 2,548 | |
| | Canada | 2.000% | | 11/15/22 | | 860 | | 868 | |
| | CNOOC Finance 2013 Ltd. | 3.000% | | 5/9/23 | | 3,100 | | 3,159 | |
| | CNOOC Finance 2013 Ltd. | 2.875% | | 9/30/29 | | 800 | | 799 | |
| | CNOOC Finance 2013 Ltd. | 4.250% | | 5/9/43 | | 500 | | 554 | |
| | CNOOC Finance 2013 Ltd. | 3.300% | | 9/30/49 | | 650 | | 615 | |
| | CNOOC Finance 2015 USA LLC | 3.500% | | 5/5/25 | | 1,800 | | 1,882 | |
| | CNOOC Finance 2015 USA LLC | 4.375% | | 5/2/28 | | 2,000 | | 2,215 | |
| | CNOOC Nexen Finance 2014 ULC | 4.250% | | 4/30/24 | | 1,000 | | 1,068 | |
| | CNOOC Nexen Finance 2014 ULC | 4.875% | | 4/30/44 | | 400 | | 489 | |
| | Corp. Andina de Fomento | 3.750% | | 11/23/23 | | 1,250 | | 1,308 | |
| | Corp. Andina de Fomento | 4.375% | | 6/15/22 | | 1,140 | | 1,194 | |
| | Corp. Andina de Fomento | 2.750% | | 1/6/23 | | 1,465 | | 1,478 | |
| | Council of Europe Development Bank | 1.625% | | 3/16/21 | | 600 | | 599 | |
| | Council of Europe Development Bank | 1.750% | | 9/26/22 | | 600 | | 601 | |
| | Council of Europe Development Bank | 2.625% | | 2/13/23 | | 1,900 | | 1,953 | |
| | Council of Europe Development Bank | 2.500% | | 2/27/24 | | 50 | | 51 | |
| | Ecopetrol SA | 5.875% | | 9/18/23 | | 1,425 | | 1,582 | |
| | Ecopetrol SA | 4.125% | | 1/16/25 | | 1,475 | | 1,551 | |
| | Ecopetrol SA | 5.375% | | 6/26/26 | | 1,575 | | 1,766 | |
| | Ecopetrol SA | 7.375% | | 9/18/43 | | 700 | | 945 | |
| | Ecopetrol SA | 5.875% | | 5/28/45 | | 1,275 | | 1,498 | |
| | Equinor ASA | 2.750% | | 11/10/21 | | 900 | | 915 | |
| | Equinor ASA | 3.150% | | 1/23/22 | | 125 | | 128 | |
| | Equinor ASA | 2.450% | | 1/17/23 | | 2,960 | | 3,005 | |
| | Equinor ASA | 2.650% | | 1/15/24 | | 3,240 | | 3,314 | |
| | Equinor ASA | 3.250% | | 11/10/24 | | 550 | | 579 | |
| | Equinor ASA | 3.625% | | 9/10/28 | | 1,200 | | 1,323 | |
| | Equinor ASA | 5.100% | | 8/17/40 | | 300 | | 382 | |
| | Equinor ASA | 4.250% | | 11/23/41 | | 325 | | 376 | |
| | Equinor ASA | 3.950% | | 5/15/43 | | 175 | | 195 | |
| | Equinor ASA | 4.800% | | 11/8/43 | | 1,015 | | 1,279 | |
| | Equinor ASA | 3.250% | | 11/18/49 | | 500 | | 502 | |
| | European Bank for Reconstruction & Development | 2.000% | | 2/1/21 | | 1,200 | | 1,203 | |
| | European Bank for Reconstruction & Development | 1.875% | | 7/15/21 | | 2,200 | | 2,205 | |
| | European Bank for Reconstruction & Development | 1.500% | | 11/2/21 | | 800 | | 798 | |
| | European Bank for Reconstruction & Development | 1.875% | | 2/23/22 | | 1,300 | | 1,306 | |
| | European Bank for Reconstruction & Development | 2.750% | | 3/7/23 | | 2,400 | | 2,478 | |
| | European Bank for Reconstruction & Development | 1.625% | | 9/27/24 | | 500 | | 496 | |
| | European Investment Bank | 4.000% | | 2/16/21 | | 4,650 | | 4,764 | |
| | European Investment Bank | 2.000% | | 3/15/21 | | 6,100 | | 6,120 | |
| | European Investment Bank | 2.500% | | 4/15/21 | | 3,650 | | 3,685 | |
| | European Investment Bank | 2.375% | | 5/13/21 | | 500 | | 504 | |
| | European Investment Bank | 1.375% | | 9/15/21 | | 300 | | 299 | |
| | European Investment Bank | 2.125% | | 10/15/21 | | 1,350 | | 1,361 | |
| | European Investment Bank | 2.875% | | 12/15/21 | | 4,800 | | 4,910 | |
| | European Investment Bank | 2.250% | | 3/15/22 | | 3,800 | | 3,848 | |
| | European Investment Bank | 2.625% | | 5/20/22 | | 2,500 | | 2,556 | |
| | European Investment Bank | 2.375% | | 6/15/22 | | 4,130 | | 4,198 | |
| | European Investment Bank | 2.250% | | 8/15/22 | | 685 | | 695 | |
| | European Investment Bank | 1.375% | | 9/6/22 | | 2,500 | | 2,480 | |
| | European Investment Bank | 2.000% | | 12/15/22 | | 7,525 | | 7,592 | |
| | European Investment Bank | 2.500% | | 3/15/23 | | 625 | | 641 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | European Investment Bank | 2.875% | | 8/15/23 | | 3,300 | | 3,437 | |
| | European Investment Bank | 3.125% | | 12/14/23 | | 700 | | 737 | |
| | European Investment Bank | 3.250% | | 1/29/24 | | 3,210 | | 3,399 | |
| | European Investment Bank | 2.625% | | 3/15/24 | | 3,660 | | 3,790 | |
| | European Investment Bank | 2.250% | | 6/24/24 | | 2,010 | | 2,054 | |
| | European Investment Bank | 2.500% | | 10/15/24 | | 864 | | 893 | |
| | European Investment Bank | 1.875% | | 2/10/25 | | 2,600 | | 2,615 | |
| | European Investment Bank | 2.125% | | 4/13/26 | | 1,000 | | 1,015 | |
| | European Investment Bank | 2.375% | | 5/24/27 | | 800 | | 826 | |
| | European Investment Bank | 1.625% | | 10/9/29 | | 350 | | 339 | |
| | European Investment Bank | 4.875% | | 2/15/36 | | 1,300 | | 1,745 | |
| | Export Development Canada | 1.500% | | 5/26/21 | | 1,625 | | 1,619 | |
| | Export Development Canada | 1.375% | | 10/21/21 | | 1,900 | | 1,888 | |
| | Export Development Canada | 1.750% | | 7/18/22 | | 800 | | 803 | |
| | 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 | | 825 | |
| | Export-Import Bank of Korea | 4.000% | | 1/29/21 | | 1,000 | | 1,019 | |
| | Export-Import Bank of Korea | 2.500% | | 5/10/21 | | 1,000 | | 1,005 | |
| | Export-Import Bank of Korea | 1.875% | | 10/21/21 | | 1,000 | | 997 | |
| | Export-Import Bank of Korea | 3.500% | | 11/27/21 | | 300 | | 308 | |
| | Export-Import Bank of Korea | 2.750% | | 1/25/22 | | 1,500 | | 1,523 | |
| | Export-Import Bank of Korea | 5.000% | | 4/11/22 | | 1,475 | | 1,571 | |
| | Export-Import Bank of Korea | 3.000% | | 11/1/22 | | 1,000 | | 1,026 | |
| | Export-Import Bank of Korea | 3.625% | | 11/27/23 | | 600 | | 632 | |
| | Export-Import Bank of Korea | 4.000% | | 1/14/24 | | 2,100 | | 2,245 | |
| | Export-Import Bank of Korea | 3.250% | | 11/10/25 | | 300 | | 315 | |
| | Export-Import Bank of Korea | 2.625% | | 5/26/26 | | 600 | | 605 | |
| | FMS Wertmanagement AoeR | 2.000% | | 8/1/22 | | 4,040 | | 4,071 | |
| | Hydro-Quebec | 8.400% | | 1/15/22 | | 1,235 | | 1,387 | |
| | Hydro-Quebec | 8.050% | | 7/7/24 | | 2,665 | | 3,320 | |
| | Industrial & Commercial Bank of China Ltd. | 2.635% | | 5/26/21 | | 600 | | 602 | |
| | Industrial & Commercial Bank of China Ltd. | 2.452% | | 10/20/21 | | 350 | | 350 | |
| | Industrial & Commercial Bank of China Ltd. | 3.538% | | 11/8/27 | | 750 | | 775 | |
| | Inter-American Development Bank | 1.875% | | 3/15/21 | | 500 | | 501 | |
| | Inter-American Development Bank | 2.625% | | 4/19/21 | | 3,000 | | 3,033 | |
| | Inter-American Development Bank | 1.875% | | 7/23/21 | | 800 | | 803 | |
| | Inter-American Development Bank | 2.125% | | 1/18/22 | | 3,000 | | 3,027 | |
| | Inter-American Development Bank | 1.750% | | 4/14/22 | | 3,500 | | 3,506 | |
| | Inter-American Development Bank | 1.750% | | 9/14/22 | | 3,300 | | 3,306 | |
| | Inter-American Development Bank | 3.000% | | 9/26/22 | | 3,300 | | 3,407 | |
| | Inter-American Development Bank | 2.500% | | 1/18/23 | | 5,330 | | 5,458 | |
| | Inter-American Development Bank | 2.625% | | 1/16/24 | | 2,500 | | 2,583 | |
| | Inter-American Development Bank | 3.000% | | 2/21/24 | | 3,700 | | 3,875 | |
| | Inter-American Development Bank | 2.125% | | 1/15/25 | | 1,000 | | 1,015 | |
| | Inter-American Development Bank | 7.000% | | 6/15/25 | | 250 | | 312 | |
| | Inter-American Development Bank | 2.000% | | 6/2/26 | | 1,915 | | 1,926 | |
| | Inter-American Development Bank | 2.000% | | 7/23/26 | | 1,200 | | 1,207 | |
| | Inter-American Development Bank | 2.375% | | 7/7/27 | | 800 | | 826 | |
| | Inter-American Development Bank | 3.125% | | 9/18/28 | | 2,200 | | 2,401 | |
| | Inter-American Development Bank | 3.875% | | 10/28/41 | | 1,600 | | 1,962 | |
| | Inter-American Development Bank | 3.200% | | 8/7/42 | | 50 | | 56 | |
| | Inter-American Development Bank | 4.375% | | 1/24/44 | | 450 | | 595 | |
| | International Bank for Reconstruction & Development | 1.625% | | 3/9/21 | | 600 | | 599 | |
| | International Bank for Reconstruction & Development | 1.375% | | 5/24/21 | | 4,500 | | 4,478 | |
| | International Bank for Reconstruction & Development | 2.250% | | 6/24/21 | | 1,700 | | 1,713 | |
| | International Bank for Reconstruction & Development | 2.750% | | 7/23/21 | | 3,600 | | 3,659 | |
| | International Bank for Reconstruction & Development | 1.375% | | 9/20/21 | | 4,500 | | 4,479 | |
| | International Bank for Reconstruction & Development | 2.125% | | 12/13/21 | | 1,130 | | 1,139 | |
| | International Bank for Reconstruction & Development | 2.000% | | 1/26/22 | | 7,200 | | 7,248 | |
| | International Bank for Reconstruction & Development | 1.625% | | 2/10/22 | | 4,025 | | 4,022 | |
| | International Bank for Reconstruction & Development | 2.125% | | 7/1/22 | | 1,600 | | 1,617 | |
| | International Bank for Reconstruction & Development | 7.625% | | 1/19/23 | | 25 | | 29 | |
| | International Bank for Reconstruction & Development | 1.875% | | 6/19/23 | | 6,000 | | 6,029 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | International Bank for Reconstruction & Development | 3.000% | | 9/27/23 | | 5,750 | | 6,017 | |
| | International Bank for Reconstruction & Development | 2.500% | | 3/19/24 | | 3,600 | | 3,710 | |
| | International Bank for Reconstruction & Development | 1.500% | | 8/28/24 | | 2,770 | | 2,739 | |
| | International Bank for Reconstruction & Development | 2.500% | | 11/25/24 | | 5,500 | | 5,686 | |
| | International Bank for Reconstruction & Development | 2.500% | | 7/29/25 | | 4,600 | | 4,771 | |
| | International Bank for Reconstruction & Development | 3.125% | | 11/20/25 | | 2,000 | | 2,146 | |
| | International Bank for Reconstruction & Development | 1.750% | | 10/23/29 | | 1,500 | | 1,464 | |
| | International Bank for Reconstruction & Development | 4.750% | | 2/15/35 | | 450 | | 587 | |
| | International Finance Corp. | 2.250% | | 1/25/21 | | 4,000 | | 4,021 | |
| | International Finance Corp. | 2.875% | | 7/31/23 | | 1,400 | | 1,456 | |
| | International Finance Corp. | 1.375% | | 10/16/24 | | 1,400 | | 1,373 | |
| | International Finance Corp. | 2.125% | | 4/7/26 | | 1,505 | | 1,528 | |
| 8 | Japan Bank for International Cooperation | 3.125% | | 7/20/21 | | 730 | | 745 | |
| 8 | Japan Bank for International Cooperation | 1.500% | | 7/21/21 | | 2,600 | | 2,588 | |
| 8 | Japan Bank for International Cooperation | 2.000% | | 11/4/21 | | 700 | | 702 | |
| 8 | Japan Bank for International Cooperation | 2.500% | | 6/1/22 | | 700 | | 710 | |
| 8 | Japan Bank for International Cooperation | 2.375% | | 7/21/22 | | 1,000 | | 1,011 | |
| 8 | Japan Bank for International Cooperation | 1.625% | | 10/17/22 | | 750 | | 743 | |
| 8 | Japan Bank for International Cooperation | 2.375% | | 11/16/22 | | 2,420 | | 2,450 | |
| 8 | Japan Bank for International Cooperation | 3.250% | | 7/20/23 | | 3,225 | | 3,349 | |
| 8 | Japan Bank for International Cooperation | 3.375% | | 10/31/23 | | 1,600 | | 1,683 | |
| 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 | | 675 | |
| 8 | Japan Bank for International Cooperation | 1.750% | | 10/17/24 | | 600 | | 591 | |
| 8 | Japan Bank for International Cooperation | 2.125% | | 2/10/25 | | 2,400 | | 2,405 | |
| 8 | Japan Bank for International Cooperation | 2.500% | | 5/28/25 | | 500 | | 510 | |
| 8 | Japan Bank for International Cooperation | 2.875% | | 6/1/27 | | 1,500 | | 1,568 | |
| 8 | Japan Bank for International Cooperation | 2.875% | | 7/21/27 | | 500 | | 522 | |
| 8 | Japan Bank for International Cooperation | 2.750% | | 11/16/27 | | 3,700 | | 3,846 | |
| 8 | Japan Bank for International Cooperation | 3.250% | | 7/20/28 | | 1,300 | | 1,400 | |
| 8 | Japan Bank for International Cooperation | 3.500% | | 10/31/28 | | 1,500 | | 1,647 | |
| 8 | Japan Bank for International Cooperation | 2.000% | | 10/17/29 | | 300 | | 292 | |
| 8 | Japan International Cooperation Agency | 2.750% | | 4/27/27 | | 700 | | 722 | |
| 8 | Japan International Cooperation Agency | 3.375% | | 6/12/28 | | 550 | | 597 | |
| 9 | KFW | 1.625% | | 3/15/21 | | 2,800 | | 2,798 | |
| 9 | KFW | 2.375% | | 3/24/21 | | 5,400 | | 5,439 | |
| 9 | KFW | 2.625% | | 4/12/21 | | 4,200 | | 4,249 | |
| 9 | KFW | 1.500% | | 6/15/21 | | 7,100 | | 7,088 | |
| 9 | KFW | 2.375% | | 8/25/21 | | 2,710 | | 2,741 | |
| 9 | KFW | 1.750% | | 9/15/21 | | 1,220 | | 1,222 | |
| 9 | KFW | 2.625% | | 1/25/22 | | 2,500 | | 2,549 | |
| 9 | KFW | 2.500% | | 2/15/22 | | 3,800 | | 3,862 | |
| 9 | KFW | 2.125% | | 3/7/22 | | 7,150 | | 7,215 | |
| 9 | KFW | 2.125% | | 6/15/22 | | 6,400 | | 6,467 | |
| 9 | KFW | 1.750% | | 8/22/22 | | 2,200 | | 2,204 | |
| 9 | KFW | 2.000% | | 10/4/22 | | 2,150 | | 2,168 | |
| 9 | KFW | 2.375% | | 12/29/22 | | 5,100 | | 5,205 | |
| 9 | KFW | 2.125% | | 1/17/23 | | 1,750 | | 1,776 | |
| 9 | KFW | 1.375% | | 8/5/24 | | 500 | | 491 | |
| 9 | KFW | 2.500% | | 11/20/24 | | 5,750 | | 5,939 | |
| 9 | KFW | 2.000% | | 5/2/25 | | 1,250 | | 1,263 | |
| 9 | KFW | 2.875% | | 4/3/28 | | 2,100 | | 2,249 | |
| 9 | KFW | 1.750% | | 9/14/29 | | 900 | | 881 | |
| 9 | KFW | 0.000% | | 4/18/36 | | 600 | | 409 | |
| 9 | KFW | 0.000% | | 6/29/37 | | 1,700 | | 1,132 | |
| | Korea Development Bank | 4.625% | | 11/16/21 | | 825 | | 862 | |
| | Korea Development Bank | 2.625% | | 2/27/22 | | 1,300 | | 1,317 | |
| | Korea Development Bank | 3.000% | | 9/14/22 | | 1,500 | | 1,536 | |
| | Korea Development Bank | 3.375% | | 3/12/23 | | 3,200 | | 3,319 | |
| | Korea Development Bank | 2.750% | | 3/19/23 | | 600 | | 610 | |
| | Korea Development Bank | 3.750% | | 1/22/24 | | 1,500 | | 1,590 | |
| | Korea Development Bank | 2.125% | | 10/1/24 | | 400 | | 398 | |
| 9 | Landwirtschaftliche Rentenbank | 1.750% | | 9/24/21 | | 350 | | 351 | |
| 9 | Landwirtschaftliche Rentenbank | 2.250% | | 10/1/21 | | 975 | | 984 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| 9 | Landwirtschaftliche Rentenbank | 2.000% | | 12/6/21 | | 1,175 | | 1,181 | |
| 9 | Landwirtschaftliche Rentenbank | 3.125% | | 11/14/23 | | 1,300 | | 1,369 | |
| 9 | Landwirtschaftliche Rentenbank | 2.000% | | 1/13/25 | | 2,500 | | 2,523 | |
| 9 | Landwirtschaftliche Rentenbank | 2.375% | | 6/10/25 | | 975 | | 1,003 | |
| 9 | Landwirtschaftliche Rentenbank | 1.750% | | 7/27/26 | | 825 | | 817 | |
| 9 | Landwirtschaftliche Rentenbank | 2.500% | | 11/15/27 | | 1,595 | | 1,665 | |
| | Nexen Energy ULC | 7.875% | | 3/15/32 | | 250 | | 361 | |
| | Nexen Energy ULC | 5.875% | | 3/10/35 | | 410 | | 521 | |
| | Nexen Energy ULC | 6.400% | | 5/15/37 | | 800 | | 1,101 | |
| | Nexen Energy ULC | 7.500% | | 7/30/39 | | 625 | | 971 | |
| | Nordic Investment Bank | 2.250% | | 2/1/21 | | 1,000 | | 1,005 | |
| | Nordic Investment Bank | 2.125% | | 2/1/22 | | 1,500 | | 1,513 | |
| | Nordic Investment Bank | 1.375% | | 10/17/22 | | 700 | | 694 | |
| | Nordic Investment Bank | 2.875% | | 7/19/23 | | 950 | | 987 | |
| | Nordic Investment Bank | 2.250% | | 5/21/24 | | 600 | | 610 | |
| | North American Development Bank | 2.400% | | 10/26/22 | | 350 | | 351 | |
| 10 | Oesterreichische Kontrollbank AG | 1.875% | | 1/20/21 | | 800 | | 801 | |
| 10 | Oesterreichische Kontrollbank AG | 2.875% | | 9/7/21 | | 600 | | 611 | |
| 10 | Oesterreichische Kontrollbank AG | 2.375% | | 10/1/21 | | 1,000 | | 1,010 | |
| 10 | Oesterreichische Kontrollbank AG | 2.625% | | 1/31/22 | | 400 | | 407 | |
| 10 | Oesterreichische Kontrollbank AG | 1.625% | | 9/17/22 | | 500 | | 499 | |
| 10 | Oesterreichische Kontrollbank AG | 2.875% | | 3/13/23 | | 1,500 | | 1,553 | |
| 10 | Oesterreichische Kontrollbank AG | 3.125% | | 11/7/23 | | 600 | | 630 | |
| 4 | Oriental Republic of Uruguay | 8.000% | | 11/18/22 | | 325 | | 362 | |
| 4 | Oriental Republic of Uruguay | 4.500% | | 8/14/24 | | 1,129 | | 1,221 | |
| 4 | Oriental Republic of Uruguay | 4.375% | | 10/27/27 | | 1,175 | | 1,297 | |
| 4 | Oriental Republic of Uruguay | 4.375% | | 1/23/31 | | 1,940 | | 2,170 | |
| 4 | Oriental Republic of Uruguay | 7.625% | | 3/21/36 | | 885 | | 1,310 | |
| 4 | Oriental Republic of Uruguay | 4.125% | | 11/20/45 | | 1,029 | | 1,105 | |
| 4 | Oriental Republic of Uruguay | 5.100% | | 6/18/50 | | 2,615 | | 3,145 | |
| 4 | Oriental Republic of Uruguay | 4.975% | | 4/20/55 | | 1,600 | | 1,884 | |
| | Petroleos Mexicanos | 5.500% | | 1/21/21 | | 1,030 | | 1,058 | |
| | Petroleos Mexicanos | 6.375% | | 2/4/21 | | 369 | | 376 | |
| | Petroleos Mexicanos | 4.875% | | 1/24/22 | | 935 | | 971 | |
| | Petroleos Mexicanos | 5.375% | | 3/13/22 | | 630 | | 660 | |
| | Petroleos Mexicanos | 3.500% | | 1/30/23 | | 620 | | 626 | |
| | Petroleos Mexicanos | 4.625% | | 9/21/23 | | 511 | | 533 | |
| | Petroleos Mexicanos | 4.875% | | 1/18/24 | | 740 | | 776 | |
| 4 | Petroleos Mexicanos | 2.290% | | 2/15/24 | | 90 | | 91 | |
| | Petroleos Mexicanos | 4.250% | | 1/15/25 | | 310 | | 313 | |
| | Petroleos Mexicanos | 2.378% | | 4/15/25 | | 110 | | 111 | |
| | Petroleos Mexicanos | 4.500% | | 1/23/26 | | 250 | | 248 | |
| | Petroleos Mexicanos | 6.875% | | 8/4/26 | | 2,116 | | 2,322 | |
| 7 | Petroleos Mexicanos | 6.490% | | 1/23/27 | | 3,498 | | 3,713 | |
| | Petroleos Mexicanos | 6.500% | | 3/13/27 | | 4,656 | | 4,927 | |
| | Petroleos Mexicanos | 5.350% | | 2/12/28 | | 2,817 | | 2,798 | |
| | Petroleos Mexicanos | 6.500% | | 1/23/29 | | 1,575 | | 1,652 | |
| 7 | Petroleos Mexicanos | 6.840% | | 1/23/30 | | 4,003 | | 4,286 | |
| | Petroleos Mexicanos | 6.625% | | 6/15/35 | | 1,475 | | 1,499 | |
| | Petroleos Mexicanos | 6.625% | | 6/15/38 | | 965 | | 944 | |
| | Petroleos Mexicanos | 6.500% | | 6/2/41 | | 520 | | 516 | |
| | Petroleos Mexicanos | 5.500% | | 6/27/44 | | 289 | | 258 | |
| | Petroleos Mexicanos | 6.375% | | 1/23/45 | | 1,005 | | 970 | |
| | Petroleos Mexicanos | 5.625% | | 1/23/46 | | 1,783 | | 1,604 | |
| | Petroleos Mexicanos | 6.750% | | 9/21/47 | | 5,480 | | 5,484 | |
| | Petroleos Mexicanos | 6.350% | | 2/12/48 | | 3,830 | | 3,695 | |
| 7 | Petroleos Mexicanos | 7.690% | | 1/23/50 | | 5,755 | | 6,282 | |
| | Province of Alberta | 2.200% | | 7/26/22 | | 2,000 | | 2,017 | |
| | Province of Alberta | 3.350% | | 11/1/23 | | 1,700 | | 1,790 | |
| | Province of Alberta | 2.950% | | 1/23/24 | | 600 | | 623 | |
| | Province of Alberta | 1.875% | | 11/13/24 | | 1,800 | | 1,794 | |
| | Province of Alberta | 3.300% | | 3/15/28 | | 1,100 | | 1,187 | |
| | Province of British Columbia | 2.650% | | 9/22/21 | | 500 | | 507 | |
| | Province of British Columbia | 2.000% | | 10/23/22 | | 300 | | 302 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Province of British Columbia | 2.250% | | 6/2/26 | | 1,500 | | 1,514 | |
| | Province of British Columbia | 1.750% | | 9/27/24 | | 600 | | 594 | |
| | Province of Manitoba | 2.100% | | 9/6/22 | | 300 | | 302 | |
| | Province of Manitoba | 2.600% | | 4/16/24 | | 1,250 | | 1,284 | |
| | Province of Manitoba | 3.050% | | 5/14/24 | | 500 | | 522 | |
| | Province of Manitoba | 2.125% | | 6/22/26 | | 850 | | 848 | |
| | Province of New Brunswick | 2.500% | | 12/12/22 | | 400 | | 406 | |
| | Province of New Brunswick | 3.625% | | 2/24/28 | | 500 | | 546 | |
| | Province of Ontario | 2.550% | | 2/12/21 | | 6,700 | | 6,754 | |
| | Province of Ontario | 2.400% | | 2/8/22 | | 700 | | 709 | |
| | Province of Ontario | 2.550% | | 4/25/22 | | 1,000 | | 1,017 | |
| | Province of Ontario | 2.250% | | 5/18/22 | | 2,900 | | 2,928 | |
| | Province of Ontario | 2.450% | | 6/29/22 | | 100 | | 101 | |
| | Province of Ontario | 2.200% | | 10/3/22 | | 500 | | 505 | |
| | Province of Ontario | 3.400% | | 10/17/23 | | 3,130 | | 3,304 | |
| | Province of Ontario | 3.050% | | 1/29/24 | | 2,000 | | 2,084 | |
| | Province of Ontario | 3.200% | | 5/16/24 | | 1,000 | | 1,051 | |
| | Province of Ontario | 2.500% | | 4/27/26 | | 1,000 | | 1,024 | |
| | Province of Ontario | 2.300% | | 6/15/26 | | 2,000 | | 2,024 | |
| | Province of Ontario | 2.000% | | 10/2/29 | | 1,700 | | 1,670 | |
| | Province of Quebec | 2.750% | | 8/25/21 | | 1,375 | | 1,397 | |
| | Province of Quebec | 2.375% | | 1/31/22 | | 500 | | 505 | |
| | Province of Quebec | 2.625% | | 2/13/23 | | 2,050 | | 2,100 | |
| | Province of Quebec | 7.125% | | 2/9/24 | | 3,050 | | 3,647 | |
| | Province of Quebec | 2.875% | | 10/16/24 | | 700 | | 729 | |
| | Province of Quebec | 2.500% | | 4/20/26 | | 700 | | 716 | |
| | Province of Quebec | 2.750% | | 4/12/27 | | 3,250 | | 3,379 | |
| | Province of Quebec | 7.500% | | 9/15/29 | | 1,075 | | 1,548 | |
| | Province of Saskatchewan | 8.500% | | 7/15/22 | | 244 | | 282 | |
| | Republic of Chile | 3.250% | | 9/14/21 | | 285 | | 290 | |
| | 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 | | 743 | |
| 4 | Republic of Chile | 3.240% | | 2/6/28 | | 3,110 | | 3,259 | |
| | Republic of Chile | 3.860% | | 6/21/47 | | 875 | | 971 | |
| 4 | Republic of Chile | 3.500% | | 1/25/50 | | 400 | | 414 | |
| | Republic of Colombia | 4.375% | | 7/12/21 | | 1,330 | | 1,373 | |
| 4 | Republic of Colombia | 2.625% | | 3/15/23 | | 2,250 | | 2,264 | |
| | Republic of Colombia | 4.000% | | 2/26/24 | | 1,690 | | 1,780 | |
| | Republic of Colombia | 8.125% | | 5/21/24 | | 400 | | 491 | |
| 4 | Republic of Colombia | 4.500% | | 1/28/26 | | 919 | | 999 | |
| 4 | Republic of Colombia | 3.875% | | 4/25/27 | | 3,100 | | 3,274 | |
| 4 | Republic of Colombia | 4.500% | | 3/15/29 | | 3,100 | | 3,429 | |
| | Republic of Colombia | 10.375% | | 1/28/33 | | 500 | | 804 | |
| | Republic of Colombia | 7.375% | | 9/18/37 | | 1,000 | | 1,423 | |
| | Republic of Colombia | 6.125% | | 1/18/41 | | 600 | | 772 | |
| 4 | Republic of Colombia | 5.625% | | 2/26/44 | | 2,233 | | 2,754 | |
| 4 | Republic of Colombia | 5.000% | | 6/15/45 | | 4,444 | | 5,130 | |
| | Republic of Colombia | 5.200% | | 5/15/49 | | 1,600 | | 1,909 | |
| | Republic of Hungary | 6.375% | | 3/29/21 | | 3,030 | | 3,197 | |
| | Republic of Hungary | 5.375% | | 2/21/23 | | 2,000 | | 2,192 | |
| | Republic of Hungary | 5.750% | | 11/22/23 | | 1,000 | | 1,127 | |
| | Republic of Hungary | 5.375% | | 3/25/24 | | 1,600 | | 1,803 | |
| | Republic of Hungary | 7.625% | | 3/29/41 | | 1,050 | | 1,720 | |
| | Republic of Indonesia | 2.950% | | 1/11/23 | | 350 | | 356 | |
| | Republic of Indonesia | 4.450% | | 2/11/24 | | 300 | | 323 | |
| | Republic of Indonesia | 3.850% | | 7/18/27 | | 200 | | 213 | |
| | Republic of Indonesia | 3.500% | | 1/11/28 | | 1,300 | | 1,355 | |
| | Republic of Indonesia | 4.100% | | 4/24/28 | | 1,000 | | 1,086 | |
| | Republic of Indonesia | 4.750% | | 2/11/29 | | 600 | | 687 | |
| | Republic of Indonesia | 3.400% | | 9/18/29 | | 200 | | 208 | |
| 7 | Republic of Indonesia | 4.750% | | 7/18/47 | | 300 | | 346 | |
| | Republic of Indonesia | 4.350% | | 1/11/48 | | 1,150 | | 1,272 | |
| | Republic of Indonesia | 5.350% | | 2/11/49 | | 900 | | 1,160 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Republic of Indonesia | 3.700% | | 10/30/49 | | 825 | | 837 | |
| | Republic of Italy | 6.875% | | 9/27/23 | | 2,300 | | 2,614 | |
| | Republic of Italy | 2.375% | | 10/17/24 | | 1,950 | | 1,908 | |
| | Republic of Italy | 2.875% | | 10/17/29 | | 1,350 | | 1,275 | |
| | Republic of Italy | 5.375% | | 6/15/33 | | 1,925 | | 2,205 | |
| | Republic of Italy | 4.000% | | 10/17/49 | | 1,900 | | 1,802 | |
| | Republic of Korea | 2.750% | | 1/19/27 | | 3,800 | | 3,881 | |
| | Republic of Korea | 4.125% | | 6/10/44 | | 305 | | 371 | |
| | Republic of Korea | 3.875% | | 9/20/48 | | 390 | | 465 | |
| 4 | Republic of Panama | 4.000% | | 9/22/24 | | 600 | | 641 | |
| 4 | Republic of Panama | 3.750% | | 3/16/25 | | 1,450 | | 1,539 | |
| | Republic of Panama | 8.875% | | 9/30/27 | | 368 | | 525 | |
| 4 | Republic of Panama | 3.875% | | 3/17/28 | | 2,480 | | 2,697 | |
| | Republic of Panama | 9.375% | | 4/1/29 | | 870 | | 1,326 | |
| 4 | Republic of Panama | 3.160% | | 1/23/30 | | 200 | | 206 | |
| 4 | Republic of Panama | 6.700% | | 1/26/36 | | 2,044 | | 2,864 | |
| 4 | Republic of Panama | 4.500% | | 4/16/50 | | 2,110 | | 2,500 | |
| 4 | Republic of Panama | 4.300% | | 4/29/53 | | 1,250 | | 1,458 | |
| 4 | Republic of Panama | 3.870% | | 7/23/60 | | 200 | | 215 | |
| | Republic of Peru | 4.125% | | 8/25/27 | | 250 | | 280 | |
| | Republic of Peru | 2.844% | | 6/20/30 | | 500 | | 517 | |
| | Republic of Peru | 8.750% | | 11/21/33 | | 2,535 | | 4,180 | |
| 4 | Republic of Peru | 6.550% | | 3/14/37 | | 600 | | 876 | |
| | Republic of Peru | 5.625% | | 11/18/50 | | 2,450 | | 3,555 | |
| | Republic of Poland | 5.125% | | 4/21/21 | | 1,475 | | 1,536 | |
| | Republic of Poland | 5.000% | | 3/23/22 | | 1,415 | | 1,510 | |
| | Republic of Poland | 3.000% | | 3/17/23 | | 3,100 | | 3,192 | |
| | Republic of Poland | 4.000% | | 1/22/24 | | 625 | | 673 | |
| | Republic of Poland | 3.250% | | 4/6/26 | | 1,150 | | 1,218 | |
| | Republic of the Philippines | 4.000% | | 1/15/21 | | 2,225 | | 2,266 | |
| | Republic of the Philippines | 4.200% | | 1/21/24 | | 1,400 | | 1,508 | |
| | Republic of the Philippines | 9.500% | | 10/21/24 | | 550 | | 733 | |
| | Republic of the Philippines | 10.625% | | 3/16/25 | | 425 | | 600 | |
| | Republic of the Philippines | 5.500% | | 3/30/26 | | 1,500 | | 1,779 | |
| | Republic of the Philippines | 3.000% | | 2/1/28 | | 1,800 | | 1,870 | |
| | Republic of the Philippines | 3.750% | | 1/14/29 | | 1,000 | | 1,103 | |
| | Republic of the Philippines | 9.500% | | 2/2/30 | | 1,525 | | 2,432 | |
| | Republic of the Philippines | 7.750% | | 1/14/31 | | 775 | | 1,145 | |
| | Republic of the Philippines | 6.375% | | 1/15/32 | | 600 | | 817 | |
| | Republic of the Philippines | 6.375% | | 10/23/34 | | 3,175 | | 4,508 | |
| | Republic of the Philippines | 5.000% | | 1/13/37 | | 400 | | 511 | |
| | Republic of the Philippines | 3.950% | | 1/20/40 | | 1,900 | | 2,168 | |
| | Republic of the Philippines | 3.700% | | 3/1/41 | | 1,584 | | 1,794 | |
| | Republic of the Philippines | 3.700% | | 2/2/42 | | 1,085 | | 1,222 | |
| | State of Israel | 4.000% | | 6/30/22 | | 900 | | 946 | |
| | State of Israel | 3.150% | | 6/30/23 | | 1,100 | | 1,144 | |
| | State of Israel | 2.875% | | 3/16/26 | | 1,100 | | 1,147 | |
| | State of Israel | 3.250% | | 1/17/28 | | 1,000 | | 1,072 | |
| | State of Israel | 4.500% | | 1/30/43 | | 900 | | 1,072 | |
| | State of Israel | 4.125% | | 1/17/48 | | 1,200 | | 1,369 | |
| | Svensk Exportkredit AB | 1.750% | | 3/10/21 | | 1,000 | | 1,000 | |
| | Svensk Exportkredit AB | 2.375% | | 4/9/21 | | 400 | | 403 | |
| | Svensk Exportkredit AB | 2.875% | | 5/22/21 | | 500 | | 508 | |
| | Svensk Exportkredit AB | 1.625% | | 9/12/21 | | 200 | | 200 | |
| | Svensk Exportkredit AB | 3.125% | | 11/8/21 | | 500 | | 513 | |
| | Svensk Exportkredit AB | 2.000% | | 8/30/22 | | 1,775 | | 1,787 | |
| | Svensk Exportkredit AB | 1.625% | | 11/14/22 | | 1,500 | | 1,497 | |
| | Svensk Exportkredit AB | 2.875% | | 3/14/23 | | 1,400 | | 1,450 | |
| | Syngenta Finance NV | 3.125% | | 3/28/22 | | 450 | | 453 | |
| | United Mexican States | 3.625% | | 3/15/22 | | 1,845 | | 1,900 | |
| | United Mexican States | 4.000% | | 10/2/23 | | 269 | | 283 | |
| | United Mexican States | 3.600% | | 1/30/25 | | 2,270 | | 2,372 | |
| | United Mexican States | 4.125% | | 1/21/26 | | 3,468 | | 3,692 | |
| | United Mexican States | 4.150% | | 3/28/27 | | 3,920 | | 4,189 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | United Mexican States | | 3.750% | | 1/11/28 | | 1,375 | | 1,425 | |
| | United Mexican States | | 4.500% | | 4/22/29 | | 3,600 | | 3,945 | |
| | United Mexican States | | 8.300% | | 8/15/31 | | 1,000 | | 1,480 | |
| | United Mexican States | | 7.500% | | 4/8/33 | | 400 | | 564 | |
| | United Mexican States | | 6.750% | | 9/27/34 | | 200 | | 273 | |
| | United Mexican States | | 6.050% | | 1/11/40 | | 2,321 | | 3,007 | |
| | United Mexican States | | 4.750% | | 3/8/44 | | 3,822 | | 4,208 | |
| | United Mexican States | | 5.550% | | 1/21/45 | | 1,000 | | 1,225 | |
| | United Mexican States | | 4.600% | | 1/23/46 | | 2,530 | | 2,727 | |
| | United Mexican States | | 4.350% | | 1/15/47 | | 1,880 | | 1,968 | |
| | United Mexican States | | 4.600% | | 2/10/48 | | 2,410 | | 2,615 | |
| 4 | United Mexican States | | 4.500% | | 1/31/50 | | 1,100 | | 1,190 | |
| | United Mexican States | | 5.750% | | 10/12/10 | | 2,914 | | 3,427 | |
| Total Sovereign Bonds (Cost $686,438) | | | | | | | | 717,370 | |
| Taxable Municipal Bonds (0.3%) | | | | | | | | | |
| | Alabama Economic Settlement Authority BP Settlement Revenue | | 3.163% | | 9/15/25 | | 235 | | 240 | |
| | Alameda County CA Joint Powers Authority Lease Revenue | | 7.046% | | 12/1/44 | | 100 | | 157 | |
| | American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) | | 6.449% | | 2/15/44 | | 225 | | 313 | |
| | American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project) | | 7.834% | | 2/15/41 | | 100 | | 156 | |
| | 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 | | 1,276 | |
| | American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project) | | 6.270% | | 2/15/50 | | 160 | | 214 | |
| | American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project) | | 8.084% | | 2/15/50 | | 175 | | 300 | |
| | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | | 6.918% | | 4/1/40 | | 175 | | 256 | |
| | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | | 6.263% | | 4/1/49 | | 985 | | 1,505 | |
| | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | | 7.043% | | 4/1/50 | | 125 | | 203 | |
| | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | | 6.907% | | 10/1/50 | | 1,200 | | 1,937 | |
| | California Department of Water Resources Power Supply Revenue | | 2.000% | | 5/1/22 | | 1,000 | | 1,005 | |
| | California GO | | 2.800% | | 4/1/21 | | 425 | | 430 | |
| | California GO | | 5.700% | | 11/1/21 | | 1,000 | | 1,070 | |
| | California GO | | 2.367% | | 4/1/22 | | 600 | | 608 | |
| | California GO | | 3.375% | | 4/1/25 | | 400 | | 425 | |
| | California GO | | 2.650% | | 4/1/26 | | 250 | | 256 | |
| | California GO | | 3.500% | | 4/1/28 | | 400 | | 431 | |
| | California GO | | 4.500% | | 4/1/33 | | 850 | | 956 | |
| | California GO | | 7.500% | | 4/1/34 | | 2,270 | | 3,418 | |
| | California GO | | 4.600% | | 4/1/38 | | 1,350 | | 1,496 | |
| | California GO | | 7.550% | | 4/1/39 | | 2,005 | | 3,216 | |
| | California GO | | 7.300% | | 10/1/39 | | 850 | | 1,298 | |
| | California GO | | 7.350% | | 11/1/39 | | 1,725 | | 2,650 | |
| | California GO | | 7.625% | | 3/1/40 | | 1,100 | | 1,761 | |
| | California GO | | 7.600% | | 11/1/40 | | 350 | | 578 | |
| | California State University Systemwide Revenue | | 3.899% | | 11/1/47 | | 250 | | 274 | |
| | 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 | | 219 | |
| | Chicago IL GO | | 7.375% | | 1/1/33 | | 540 | | 647 | |
| | Chicago IL GO | | 6.314% | | 1/1/44 | | 350 | | 398 | |
| | Chicago IL Metropolitan Water Reclamation District GO | | 5.720% | | 12/1/38 | | 500 | | 654 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| | | | Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Chicago IL O'Hare International Airport Revenue | | 6.395% | | 1/1/40 | | 405 | | 582 | |
| | Chicago IL O'Hare International Airport Revenue | | 4.472% | | 1/1/49 | | 325 | | 392 | |
| | Chicago IL Transit Authority Sales Tax Receipts Revenue | | 6.200% | | 12/1/40 | | 200 | | 262 | |
| | Chicago IL Transit Authority Transfer Tax Receipts Revenue | | 6.899% | | 12/1/40 | | 765 | | 1,033 | |
| | Clark County NV Airport System Revenue | | 6.820% | | 7/1/45 | | 325 | | 512 | |
| | Commonwealth Financing Authority Pennslyvania Revenue | | 3.807% | | 6/1/41 | | 225 | | 240 | |
| | Commonwealth Financing Authority Pennsylvania Revenue | | 3.864% | | 6/1/38 | | 500 | | 536 | |
| | Connecticut GO | | 5.090% | | 10/1/30 | | 575 | | 661 | |
| | Connecticut GO | | 5.850% | | 3/15/32 | | 610 | | 786 | |
| | Cook County IL GO | | 6.229% | | 11/15/34 | | 400 | | 524 | |
| | Dallas County TX Hospital District Revenue | | 5.621% | | 8/15/44 | | 100 | | 132 | |
| | Dallas TX Area Rapid Transit Revenue | | 5.999% | | 12/1/44 | | 200 | | 285 | |
| | Dallas TX Area Rapid Transit Revenue | | 5.022% | | 12/1/48 | | 75 | | 99 | |
| | Dallas TX Convention Center Hotel Development Corp. Hotel Revenue | | 7.088% | | 1/1/42 | | 1,210 | | 1,679 | |
| | Dallas TX Independent School District GO | | 6.450% | | 2/15/35 | | 150 | | 157 | |
| | Dallas-Fort Worth TX International Airport Revenue | | 2.994% | | 11/1/38 | | 240 | | 237 | |
| | Dallas-Fort Worth TX International Airport Revenue | | 3.144% | | 11/1/45 | | 325 | | 322 | |
| | District of Columbia Income Tax Revenue | | 5.591% | | 12/1/34 | | 50 | | 62 | |
| | District of Columbia Water & Sewer Authority Public Utility Revenue | | 4.814% | | 10/1/14 | | 1,025 | | 1,347 | |
| | East Bay CA Municipal Utility District Water System Revenue | | 5.874% | | 6/1/40 | | 250 | | 343 | |
| | Florida Board of Administration Finance Corp Revenue | | 2.638% | | 7/1/21 | | 500 | | 506 | |
| | George Washington University District of Columbia | | 4.300% | | 9/15/44 | | 400 | | 463 | |
| | George Washington University District of Columbia | | 4.126% | | 9/15/48 | | 675 | | 778 | |
| | Georgia Municipal Electric Power Authority Revenue | | 6.637% | | 4/1/57 | | 607 | | 817 | |
| | Georgia Municipal Electric Power Authority Revenue | | 6.655% | | 4/1/57 | | 1,141 | | 1,572 | |
| | Georgia Municipal Electric Power Authority Revenue | | 7.055% | | 4/1/57 | | 149 | | 201 | |
| | Houston TX GO | | 6.290% | | 3/1/32 | | 835 | | 1,007 | |
| | Illinois GO | | 4.950% | | 6/1/23 | | 1,265 | | 1,321 | |
| | Illinois GO | | 5.100% | | 6/1/33 | | 4,520 | | 4,873 | |
| | Illinois GO | | 6.630% | | 2/1/35 | | 480 | | 563 | |
| | Illinois GO | | 6.725% | | 4/1/35 | | 475 | | 557 | |
| | Illinois GO | | 7.350% | | 7/1/35 | | 1,100 | | 1,335 | |
| | Illinois Toll Highway Authority Revenue | | 6.184% | | 1/1/34 | | 350 | | 465 | |
| | JobsOhio Beverage System Statewide Liquor Profits Revenue | | 3.985% | | 1/1/29 | | 375 | | 407 | |
| | 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 | | 177 | |
| | Los Angeles CA Community College District GO | | 6.750% | | 8/1/49 | | 235 | | 386 | |
| | Los Angeles CA Department of Water & Power Revenue | | 5.716% | | 7/1/39 | | 100 | | 135 | |
| | Los Angeles CA Department of Water & Power Revenue | | 6.166% | | 7/1/40 | | 100 | | 102 | |
| | Los Angeles CA Department of Water & Power Revenue | | 6.574% | | 7/1/45 | | 410 | | 641 | |
| | Los Angeles CA Department of Water & Power Revenue | | 6.603% | | 7/1/50 | | 500 | | 802 | |
| | Los Angeles CA Unified School District GO | | 5.750% | | 7/1/34 | | 1,560 | | 1,998 | |
| | Los Angeles CA Unified School District GO | | 6.758% | | 7/1/34 | | 100 | | 138 | |
| | Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue | | 5.735% | | 6/1/39 | | 400 | | 516 | |
| | Los Angeles County CA Public Works Financing Authority Lease Revenue | | 7.618% | | 8/1/40 | | 50 | | 77 | |
| | Maryland Transportation Authority Facilities Projects Revenue | | 5.888% | | 7/1/43 | | 100 | | 133 | |
| | Massachusetts GO | | 4.200% | | 12/1/21 | | 1,235 | | 1,272 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Massachusetts GO | 5.456% | | 12/1/39 | | 845 | | 1,097 | |
| | Massachusetts GO | 2.813% | | 9/1/43 | | 300 | | 286 | |
| | Massachusetts GO | 2.900% | | 9/1/49 | | 300 | | 283 | |
| | Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.715% | | 8/15/39 | | 500 | | 660 | |
| | Massachusetts School Building Authority Dedicated Sales Tax Revenue | 3.395% | | 10/15/40 | | 50 | | 50 | |
| | Massachusetts Transportation Fund Revenue | 5.731% | | 6/1/40 | | 50 | | 65 | |
| | Metropolitan Government of Nashville & Davidson County TN Convention Center Authority Tourism Tax Revenue | 6.731% | | 7/1/43 | | 100 | | 143 | |
| | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue | 7.462% | | 10/1/46 | | 575 | | 926 | |
| | Miami-Dade County FL Aviation Revenue (Miami International Airport) | 4.280% | | 10/1/41 | | 575 | | 616 | |
| | Michigan Finance Authority Revenue (Trinity Health Credit Group) | 3.084% | | 12/1/34 | | 250 | | 249 | |
| | Michigan Finance Authority Revenue (Trinity Health Credit Group) | 3.384% | | 12/1/40 | | 650 | | 649 | |
| | Michigan State University Revenue | 4.496% | | 8/15/48 | | 200 | | 220 | |
| | Mississippi GO | 5.245% | | 11/1/34 | | 250 | | 310 | |
| | 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 | | 1,799 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.081% | | 6/15/39 | | 250 | | 249 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 4.131% | | 6/15/42 | | 400 | | 397 | |
| | 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 | | 1,195 | |
| | New Jersey Transportation Trust Fund Authority Transportation System Revenue | 6.561% | | 12/15/40 | | 450 | | 594 | |
| | New Jersey Turnpike Authority Revenue | 7.414% | | 1/1/40 | | 375 | | 588 | |
| | New Jersey Turnpike Authority Revenue | 7.102% | | 1/1/41 | | 1,905 | | 2,905 | |
| | New York City NY GO | 6.246% | | 6/1/35 | | 100 | | 102 | |
| | New York City NY GO | 5.517% | | 10/1/37 | | 400 | | 514 | |
| | New York City NY GO | 6.271% | | 12/1/37 | | 700 | | 971 | |
| | 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 | 5.952% | | 6/15/42 | | 100 | | 144 | |
| | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 6.011% | | 6/15/42 | | 75 | | 109 | |
| | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.440% | | 6/15/43 | | 530 | | 729 | |
| | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.882% | | 6/15/44 | | 1,200 | | 1,748 | |
| | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.790% | | 6/15/41 | | 30 | | 31 | |
| | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.790% | | 6/15/41 | | 120 | | 122 | |
| | New York City NY Transitional Finance Authority Future Tax Revenue | 5.767% | | 8/1/36 | | 300 | | 373 | |
| | New York City NY Transitional Finance Authority Future Tax Revenue | 5.508% | | 8/1/37 | | 150 | | 190 | |
| | New York City NY Transitional Finance Authority Future Tax Revenue | 5.572% | | 11/1/38 | | 625 | | 789 | |
| | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 7.336% | | 11/15/39 | | 1,515 | | 2,370 | |
| | New York Metropolitan Transportation Authority Revenue (Transit Revenue) | 5.871% | | 11/15/39 | | 100 | | 129 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | New York State Dormitory Authority Revenue | 3.142% | | 7/1/43 | | 625 | | 620 | |
| | New York State Dormitory Authority Revenue (Personal Income Tax) | 3.110% | | 2/15/39 | | 200 | | 200 | |
| | New York State Dormitory Authority Revenue (Personal Income Tax) | 5.628% | | 3/15/39 | | 95 | | 117 | |
| | New York State Dormitory Authority Revenue (Personal Income Tax) | 3.190% | | 2/15/43 | | 200 | | 201 | |
| | New York State Thruway Authority | 3.500% | | 1/1/42 | | 200 | | 199 | |
| | New York State Urban Development Corp. Revenue (Personal Income Tax) | 3.900% | | 3/15/33 | | 300 | | 322 | |
| | New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.770% | | 3/15/39 | | 450 | | 546 | |
| | North Texas Tollway Authority System Revenue | 6.718% | | 1/1/49 | | 700 | | 1,098 | |
| | NTE Mobility Partners LLC | 3.922% | | 12/31/49 | | 550 | | 553 | |
| | NYU Langone Hospitals | 5.750% | | 7/1/43 | | 375 | | 498 | |
| | Ohio State University General Receipts Revenue | 4.910% | | 6/1/40 | | 175 | | 223 | |
| | Ohio State University General Receipts Revenue | 3.798% | | 12/1/46 | | 100 | | 111 | |
| | Ohio State University General Receipts Revenue | 4.800% | | 6/1/11 | | 615 | | 780 | |
| | 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 | | 300 | |
| | Oregon GO | 5.762% | | 6/1/23 | | 338 | | 363 | |
| | Oregon GO | 5.892% | | 6/1/27 | | 375 | | 444 | |
| 12 | Oregon School Boards Association GO | 5.528% | | 6/30/28 | | 125 | | 147 | |
| | Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) | 5.000% | | 9/15/27 | | 250 | | 289 | |
| | Pennsylvania Turnpike Commission Revenue | 5.511% | | 12/1/45 | | 375 | | 495 | |
| | Port Authority of New York & New Jersey Revenue | 6.040% | | 12/1/29 | | 125 | | 161 | |
| | Port Authority of New York & New Jersey Revenue | 5.647% | | 11/1/40 | | 800 | | 1,068 | |
| | Port Authority of New York & New Jersey Revenue | 4.960% | | 8/1/46 | | 975 | | 1,259 | |
| | 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 | | 198 | |
| | Port Authority of New York & New Jersey Revenue | 4.926% | | 10/1/51 | | 535 | | 693 | |
| | Port Authority of New York & New Jersey Revenue | 4.458% | | 10/1/62 | | 1,780 | | 2,182 | |
| | Port Authority of New York & New Jersey Revenue | 4.810% | | 10/15/65 | | 550 | | 693 | |
| | Port Authority of New York & New Jersey Revenue | 3.287% | | 8/1/69 | | 400 | | 380 | |
| | Princeton University New Jersey | 5.700% | | 3/1/39 | | 800 | | 1,110 | |
| | Regents of the University of California Revenue | 3.063% | | 7/1/25 | | 400 | | 419 | |
| | Regional Transportation District of Colorado Sales Tax Revenue | 5.844% | | 11/1/50 | | 150 | | 218 | |
| | Rutgers The State University of New Jersey | 5.665% | | 5/1/40 | | 325 | | 424 | |
| | Rutgers The State University of New Jersey | 3.270% | | 5/1/43 | | 100 | | 99 | |
| | Rutgers The State University of New Jersey | 3.915% | | 5/1/19 | | 150 | | 148 | |
| | Sales Tax Securitization Corp. Illinois Revenue | 3.587% | | 1/1/43 | | 350 | | 345 | |
| | Sales Tax Securitization Corp. Illinois Revenue | 3.820% | | 1/1/48 | | 250 | | 252 | |
| | Sales Tax Securitization Corp. Illinois Revenue | 4.787% | | 1/1/48 | | 400 | | 465 | |
| | Salt River Project Arizona Agricultural Improvement & Power District Revenue | 4.839% | | 1/1/41 | | 370 | | 460 | |
| | San Antonio TX Electric & Gas Systems Revenue | 5.985% | | 2/1/39 | | 225 | | 310 | |
| | San Antonio TX Electric & Gas Systems Revenue | 5.808% | | 2/1/41 | | 490 | | 674 | |
| | San Antonio TX Electric & Gas Systems Revenue | 4.427% | | 2/1/42 | | 450 | | 522 | |
| | San Diego County CA Water Authority Revenue | 6.138% | | 5/1/49 | | 1,000 | | 1,419 | |
| | San Francisco CA City & County Public Utilities Commission Water Revenue | 6.950% | | 11/1/50 | | 500 | | 760 | |
| | San Jose CA Redevelopment Agency Successor Agency Tax Allocation | 3.375% | | 8/1/34 | | 375 | | 385 | |
| | Santa Clara Valley CA Transportation Authority Sales Tax Revenue | 5.876% | | 4/1/32 | | 645 | | 789 | |
| | South Carolina Public Service Authority Revenue | 2.388% | | 12/1/23 | | 135 | | 135 | |
| | South Carolina Public Service Authority Revenue | 6.454% | | 1/1/50 | | 475 | | 699 | |
| | Texas A&M University System Revenue Financing System Revenue | 3.100% | | 7/1/49 | | 275 | | 268 | |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| Coupon | | Maturity
Date | | Face
Amount
($000 | ) | Market
Value
($000 | ) |
| | Texas GO | 5.517% | | 4/1/39 | | 660 | | 891 | |
| | Texas GO | 3.211% | | 4/1/44 | | 425 | | 429 | |
| | Texas Transportation Commission Revenue | 5.178% | | 4/1/30 | | 275 | | 331 | |
| | Texas Transportation Commission Revenue | 4.681% | | 4/1/40 | | 100 | | 122 | |
| | University of California Regents Medical Center Revenue | 6.548% | | 5/15/48 | | 1,550 | | 2,238 | |
| | University of California Regents Medical Center Revenue | 6.583% | | 5/15/49 | | 125 | | 180 | |
| | University of California Revenue | 4.601% | | 5/15/31 | | 500 | | 571 | |
| | University of California Revenue | 5.770% | | 5/15/43 | | 410 | | 543 | |
| | University of California Revenue | 5.946% | | 5/15/45 | | 275 | | 369 | |
| | University of California Revenue | 4.858% | | 5/15/12 | | 330 | | 407 | |
| | University of California Revenue | 4.767% | | 5/15/15 | | 50 | | 60 | |
| | University of Nebraska Student Fee Revenue | 3.037% | | 10/1/49 | | 175 | | 169 | |
| | University of Pittsburgh-of the Commonwealth System of Higher Education | 3.555% | | 9/15/19 | | 1,025 | | 994 | |
| | University of Southern California | 5.250% | | 10/1/11 | | 275 | | 387 | |
| | University of Texas Permanent University Fund Revenue | 3.376% | | 7/1/47 | | 400 | | 421 | |
| | University of Texas Revenue | 3.354% | | 8/15/47 | | 200 | | 208 | |
| | University of Texas System Revenue Financing System Revenue | 4.794% | | 8/15/46 | | 100 | | 124 | |
| | University of Virginia Revenue | 4.179% | | 9/1/17 | | 250 | | 295 | |
| | Utah GO | 4.554% | | 7/1/24 | | 125 | | 132 | |
| | Utah GO | 3.539% | | 7/1/25 | | 340 | | 357 | |
| | Washington GO | 5.140% | | 8/1/40 | | 480 | | 613 | |
| | Wisconsin Annual Appropriation Revenue | 3.954% | | 5/1/36 | | 1,000 | | 1,069 | |
| | Wisconsin General Fund Annual Appropriation Revenue | 3.154% | | 5/1/27 | | 300 | | 311 | |
| 12 | Wisconsin GO | 5.700% | | 5/1/26 | | 300 | | 337 | |
Total Taxable Municipal Bonds (Cost $103,685) | 119,214 |
| | | | | | | Shares | | | |
| Preferred Stocks (0.0%) | | | | | | | | |
| | Air T Funding Pfd.(Cost $1) | | | | | 281 | | 1 | |
| Temporary Cash Investments (1.1%)1 | | | | | | | | |
| Money Market Fund (1.1%) | | | | | | | | |
| 13, 14 | Vanguard Market Liquidity Fund | 1.816% | | | | 4,760,656 | | 476,113 | |
| | | | | | | Face Amount ($000 | ) | | |
| U.S. Government and Agency Obligations (0.0%) | | | | | | | | |
| 15 | United States Treasury Bill | 1,873% | | 2/20/20 | | 4,700 | | 4,691 | |
| Total Temporary Cash Investments (Cost $480,782) | | | | | | | 480,804 | |
| Total Investments (100.8%) (Cost $28,695,796) | | | | | | | 45,501,131 | |
| Other Assets and Liabilities—Net (-0.8%) | | | | | | | (376,834 | ) |
| Net Assets (100%) | | | | | | | 45,124,297 | |
| * | Non-income-producing security. |
| ^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $56,541,000. |
| § | Security value determined using significant unobservable inputs. |
| 1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 60.4% and 1.0%, respectively, of net assets. |
| 2 | U.S. government-guaranteed. |
| 3 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
Vanguard®Balanced Index Fund
Schedule of Investments
December 31, 2019
| 4 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 5 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2019. |
| 6 | Adjustable-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. |
| 7 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the aggregate value of these securities was $148,063,000, representing 0.3% of net assets. |
| 8 | Guaranteed by the Government of Japan. |
| 9 | Guaranteed by the Federal Republic of Germany. |
| 10 | Guaranteed by the Republic of Austria. |
| 11 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 12 | Scheduled principal and interest payments are guaranteed by AGM (Assured Guaranty Municipal Corporation). |
| 13 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 14 | Collateral of $60,076,000 was received for securities on loan. |
| 15 | Securities with a value of $1,397,000 have been segregated as initial margin for open futures contracts. |
| | CMT—Constant Maturing Treasury Rate. |
| | CVR—Contingent Value Rights. |
| | GO—General Obligation Bond. |
| | LIBOR—London Interbank Offered Rate. |
| | REIT—Real Estate Investment Trust. |
| | TBA—To Be Announced. |
| | UMBS—Uniform Mortgage-Backed Securities. |
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| | © 2020 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| | |
| | SNA020 022020 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Valley Forge Funds and Shareholders of Vanguard Balanced Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets–investments summary of Vanguard Balanced Index Fund (one of the funds constituting Vanguard Valley Forge Funds, referred to hereafter as the "Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our proceduresincluded confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
February 18, 2020
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
| PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, F: (267) 330 3300,www.pwc.com/us |
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| | VANGUARD VALLEY FORGE FUNDS | |
| | |
| BY: | /s/ MORTIMER J. BUCKLEY* | |
| | | |
| | MORTIMER J. BUCKLEY | |
| | CHIEF EXECUTIVE OFFICER | |
Date: February 19, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | VANGUARD VALLEY FORGE FUNDS | |
| | |
| BY: | /s/ MORTIMER J. BUCKLEY* | |
| | | |
| | MORTIMER J. BUCKLEY | |
| | CHIEF EXECUTIVE OFFICER | |
Date: February 19, 2020
| | VANGUARD VALLEY FORGE FUNDS | |
| | |
| BY: | /s/ JOHN BENDL* | |
| | | |
| | JOHN BENDL | |
| | CHIEF FINANCIAL OFFICER | |
Date: February 19, 2020
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.
