Vanguard Balanced Index Fund Annual Report December 31, 2016

Annual Report | December 31, 2016
Vanguard Balanced Index Fund
A new format, unwavering commitment
As you begin reading this report, you’ll notice that we’ve made some improvements
to the opening sections—based on feedback from you, our clients.
Page 1 starts with a new ”Your Fund’s Performance at a Glance,” a concise, handy
summary of how your fund performed during the period.
In the renamed ”Chairman’s Perspective,” Bill McNabb will focus on enduring
principles and investment insights.
We’ve modified some tables, and eliminated some redundancy, but we haven’t
removed any information.
At Vanguard, we’re always looking for better ways to communicate and to help you
make sound investment decisions. Thank you for entrusting your assets to us.
Contents
Your Fund’s Performance at a Glance. . . . . . . . . . . . . . . . . . 1
Chairman’s Perspective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Fund Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Your Fund’s After-Tax Returns. . . . . . . . . . . . . . . . . . . . . . . 30
About Your Fund’s Expenses. . . . . . . . . . . . . . . . . . . . . . . . 31
Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
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.
See the Glossary for definitions of investment terms used in this report.
About the cover: No matter what language you speak, Vanguard has one consistent message and set of principles. Our primary
focus is on you, our clients. We conduct our business with integrity as a faithful steward of your assets. This message is shown
translated into seven languages, reflecting our expanding global presence.
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 almost 9% for the 12 months ended December 31, 2016.
• The fund closely tracked its composite index and easily outpaced the average return
of its mixed-asset target growth fund peers.
• The equity portion of the fund, which offers investors exposure to every segment,
size, and style of the U.S. equity market, returned 12.63%.
• 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 2.55%.
• Over the past ten years, the fund posted an average annual return of about 6%, in line
with its benchmark and nearly 2 percentage points higher than its peer-fund average.
Total Returns: Fiscal Year Ended December 31, 2016
Total
Returns
Vanguard Balanced Index Fund
Investor Shares
8.63%
Admiral™ Shares
8.77
Institutional Shares
8.81
Balanced Composite Index
8.89
Mixed-Asset Target Allocation Growth Funds Average
7.04
For a benchmark description, see the Glossary.
Mixed-Asset Target Allocation Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares are
available to certain institutional investors who meet specific administrative, service, and account-size criteria.
1
Total Returns: Ten Years Ended December 31, 2016
Average
Annual Return
Balanced Index Fund Investor Shares
6.27%
Balanced Composite Index
6.52
Mixed-Asset Target Allocation Growth Funds Average
4.43
For a benchmark description, see the Glossary.
Mixed-Asset Target Allocation Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
The figures shown represent past performance, which is not a guarantee of future results. (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.
Expense Ratios
Your Fund Compared With Its Peer Group
Balanced Index Fund
Investor
Shares
Admiral
Shares
Institutional
Shares
Peer Group
Average
0.22%
0.08%
0.07%
0.90%
The fund expense ratios shown are from the prospectus dated April 26, 2016, and represent estimated costs for the current fiscal year. For the
fiscal year ended December 31, 2016, the fund’s expense ratios were 0.19% for Investor Shares, 0.07% for Admiral Shares, and 0.06% for
Institutional Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures
information through year-end 2015.
Peer group: Mixed-Asset Target Allocation Growth Funds.
2
Chairman’s Perspective
Dear Shareholder,
If you’re like most investors, a big question
on your mind is: What’s in store for the
markets and the economy in 2017?
Bill McNabb
Chairman and Chief Executive Officer
At Vanguard, we’re just as curious about
the immediate future. But our curiosity
is tempered by our belief that forecasts
should give a range of possible outcomes,
not pinpoint predictions. After all, there
are bound to be occurrences the experts
won’t see coming.
What really matters for investors
In 2016, we saw two cases in point:
The United Kingdom’s June vote to exit
the European Union and the November
election of Donald Trump as U.S. president.
Both unexpected outcomes triggered
swift market reactions. But despite some
short-term volatility, the markets’ 12-month
performance as of December 31, 2016,
proved to be less dramatic. U.S. stocks
posted healthy returns, and U.S. bonds
provided returns close to their long-term
averages. International stocks and bonds
also advanced, although returns for U.S.
investors were reduced by the strength
of the U.S. dollar.
The surprises of 2016 remind us to be
skeptical of overly precise short-term
predictions about 2017. At the cusp of a
new year, market prognosticators forecast
where the Standard & Poor’s 500 Index
or the yield on the 10-year Treasury note
will end up in 12 months. Such predictions
can be attention-getting. They can also be
dead wrong.
3
Investors are better off taking note of
long-term trends that stand to influence
our economies and markets. We’re
watching these trends closely, and we
discuss our latest assessment in our 2017
economic and market outlook, which you
can read at vanguard.com/research.
Our global economic outlook:
Expect stabilization, not stagnation
One phenomenon in particular that we’re
watching is the low-growth, low-interestrate environment that has marked the global
economy since the 2008–09 financial crisis.
We don’t think this economic backdrop is
simply the result of cyclically weak demand
or long-term stagnation. Instead, certain
structural forces are contributing: Falling
technology costs are restraining the
amounts businesses are spending on
capital investment, an aging population
is weighing on growth in the developed
world, and the free movement of capital
and products across the globe has
restrained prices and wages.
In the near term, these forces will continue
to dampen growth, inflation, and interest
rates. They also make it unlikely that further
monetary stimulus from central banks will
do much to spur growth.
I realize this all may sound gloomy, but
that’s not how we see it. We expect global
growth to stabilize at more modest levels,
not stagnate. The world isn’t headed for
Japanese-style deflation, in which a widespread sustained drop in prices puts
economic activity into hibernation.
Market Barometer
Average Annual Total Returns
Periods Ended December 31, 2016
One
Year
Three
Years
Five
Years
Stocks
Russell 1000 Index (Large-caps)
12.05%
8.59%
14.69%
Russell 2000 Index (Small-caps)
21.31
6.74
14.46
Russell 3000 Index (Broad U.S. market)
12.74
8.43
14.67
4.80
-1.16
5.52
2.65%
3.03%
2.23%
FTSE All-World ex US Index (International)
Bonds
Bloomberg Barclays U.S. Aggregate Bond Index
(Broad taxable market)
Bloomberg Barclays Municipal Bond Index
(Broad tax-exempt market)
0.25
4.14
3.28
Citigroup Three-Month U.S. Treasury Bill Index
0.27
0.09
0.08
2.07%
1.18%
1.36%
CPI
Consumer Price Index
4
In fact, we believe that global growth
could pick up modestly over time. Our
expectation is based on a potential
rebound in productivity as new digital
technologies are used more effectively.
We also anticipate a slight recovery in the
labor force as the baby boom generation
finishes its transition to retirement,
nudging up demand for workers.
Put expansion in perspective
Looking to the United States, the world’s
largest economy remains firmly on a longterm-growth path of about 2% per year.
That’s lower than the historical average of
3.25% since 1950. We see such growth
at this level as fundamentally sound, rather
than abnormally low. Our evaluation takes
into account lower U.S. population growth
and the reality that the economic expansion
from the 1980s until the financial crisis was
fueled by debt, distorting the numbers.
Turning to prices, we think that core U.S.
inflation should modestly exceed 2% in
2017. That, in turn, will support further
interest rate hikes by the Federal Reserve,
similar to the one at the end of 2016.
We expect the Fed to raise rates in 2017
before taking an extended pause, and we
see the federal funds rate staying below
2% through at least 2018.
Prepare for muted returns
And what about prospects for the markets?
Vanguard’s outlook for global stocks and
bonds remains the most guarded in ten
years, given fairly high stock valuations
Expect more modest returns, rely on time-tested principles
In Vanguard’s economic and market outlook for 2017, Global Chief Economist Joseph Davis
and his team offer a projection of more modest returns from the global stock and bond
markets. They caution that, over the next decade, returns for a balanced portfolio are likely
to be moderately below long-run historical averages.
The team’s simulations indicate that for the decade ending in 2026, the average annualized
return of a 60% stock/40% bond portfolio is likely to be centered in the 3%–5% range after
inflation. That’s below the actual average after-inflation return of 6% for the same portfolio
for the nine decades since 1926.
Ultimately, our global market outlook points toward a somewhat more challenging environment,
yet one in which, over time, investors with an appropriate level of discipline, diversification, and
patience are likely to be rewarded with reasonable inflation-adjusted returns.
For more information about our expectations and the probability of various outcomes, see 2017
Economic and Market Outlook: Stabilization, Not Stagnation, available at vanguard.com/research.
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model® (VCMM)
regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment
results, and are not guarantees of future results. Distribution of return outcomes from the VCMM are derived
from 10,000 simulations for each modeled asset class. Simulations as of September 30, 2016. Results from the
model may vary with each use and over time. For more information, see the note at the end of this letter.
5
and the low-interest-rate environment. We
don’t expect global bond yields to increase
materially from year-end 2016 levels.
Our outlook for global equities is annualized
returns of 5%–8% over the next decade.
This outlook isn’t bearish, but is actually
fairly positive when you take into account
the current low-rate environment. (See
the box titled Expect more modest returns,
rely on time-tested principles for more.)
Focus on the four keys to
investment success
Significant trends often happen gradually.
Like shifting tides, they’re sometimes barely
noticeable at first but ultimately can change
the landscape entirely. Other times, apparent
trends can end up receding before they
have much of a long-term impact. Given
the future’s inherent unpredictability, it’s
not reasonable to expect a surefire blockbuster revelation from any prognosticator
or investment firm.
What to conclude, then? No matter what
scenario plays out, we believe investors
have the best chance for success if they
stay focused on what they can control:
their goals, asset allocation, and investment
costs, along with the discipline to stick to a
plan. As Tim Buckley, our chief investment
officer, likes to say, this can be easy to say
but harder to do, especially in times of
uncertainty. Investors who can stay focused
on those four keys will find themselves
well-positioned to weather any market.
As always, thank you for investing
with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 16, 2017
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding
the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results,
and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the
historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios
unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s Investment Strategy Group.
The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset classes include U.S.
and international equity markets, several maturities of the U.S. Treasury and corporate fixed income markets, international
fixed income markets, U.S. money markets, commodities, and certain alternative investment strategies. The theoretical and
empirical foundation for the Vanguard Capital Markets Model is that the returns of various asset classes reflect the compensation
investors require for bearing different types of systematic risk (beta). At the core of the model are estimates of the dynamic
statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available monthly
financial and economic data. Using a system of estimated equations, the model then applies a Monte Carlo simulation method
to project the estimated interrelationships among risk factors and asset classes as well as uncertainty and randomness over
time. The model generates a large set of simulated outcomes for each asset class over several time horizons. Forecasts are
obtained by computing measures of central tendency in these simulations. Results produced by the tool will vary with each
use and over time.
6
Balanced Index Fund
Fund Profile
As of December 31, 2016
Total Fund Volatility Measures
Share-Class Characteristics
Investor
Shares
Admiral
Shares
Institutional
Shares
Balanced
Composite
Index
CRSP US
Total
Market
Index
Ticker Symbol
VBINX
VBIAX
VBAIX
Expense Ratio1
0.22%
0.08%
0.07%
R-Squared
1.00
0.96
30-Day SEC Yield
1.99%
2.08%
2.09%
Beta
1.00
0.58
These measures show the degree and timing of the fund’s
fluctuations compared with the indexes over 36 months.
Equity and Portfolio Characteristics
Fund
CRSP US
Total Market
Index
3,347
3,589
Median Market Cap
$54.1B
$54.1B
Price/Earnings Ratio
Number of Stocks
24.4x
24.4x
Price/Book Ratio
2.8x
2.8x
Return on Equity
16.7%
16.4%
Earnings Growth
Rate
8.1%
Ten Largest Stocks (% of equity portfolio)
Apple Inc.
Computer Hardware
Alphabet Inc.
Internet
2.0
Microsoft Corp.
Software
2.0
Exxon Mobil Corp.
Integrated Oil & Gas
1.6
Johnson & Johnson
Pharmaceuticals
1.4
Berkshire Hathaway Inc. Reinsurance
1.3
8.3%
Amazon.com Inc.
Broadline Retailers
1.3
1.2
2.0%
2.0%
General Electric Co.
Diversified Industrials
Foreign Holdings
0.0%
0.0%
Facebook Inc.
Internet
Turnover Rate
44%
—
Top Ten
1.3%
—
Top Ten as % of Total Net Assets
1.1
15.8%
9.5%
The holdings listed exclude any temporary cash investments and
equity index products.
Fixed Income Characteristics
Number of Bonds
1.4
JPMorgan Chase & Co. Banks
Dividend Yield
Short-Term Reserves
2.5%
Fund
Bloomberg
Barclays U.S.
Aggregate
Float Adjusted
Index
6,884
10,054
Yield to Maturity
(before expenses)
2.6%
2.6%
Average Coupon
3.0%
3.0%
Average Duration
6.0 years
6.0 years
Average Effective
Maturity
8.3 years
8.2 years
Fund Asset Allocation
59.2% Stocks
39.5% Bonds
1.3% Short-Term Reserves
1 The expense ratios shown are from the prospectus dated April 26, 2016, and represent estimated costs for the current fiscal year. For the fiscal
year ended December 31, 2016, the expense ratios were 0.19% for Investor Shares, 0.07% for Admiral Shares, and 0.06% for Institutional Shares.
7
Balanced Index Fund
Sector Diversification (% of equity exposure)
Basic Materials
Consumer Goods
Consumer Services
Fund
CRSP US
Total Market
Index
2.5%
2.6%
9.6
9.6
13.1
13.0
Financials
20.7
20.7
Health Care
12.3
12.3
Industrials
13.0
12.9
Oil & Gas
6.9
7.0
16.3
16.3
Telecommunications
2.4
2.4
Utilities
3.2
3.2
Technology
Equity Investment Focus
Style
Value Blend Growth
Market Cap
Large
Medium
Small
Fixed Income Investment Focus
Sector Diversification (% of fixed income
portfolio)
Asset-Backed
2.5%
Finance
8.7
Foreign
Government Mortgage-Backed
4.9
17.0
Treasury/Agency
43.1
Utilities
2.1
Other
0.9
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.
Distribution by Credit Quality (% of fixed
income portfolio)
63.9%
Aaa
5.1
Aa
4.4
A
11.8
Baa
14.8
Credit-quality ratings are obtained from Barclays and are from
Moody's, Fitch, and S&P. When ratings from all three agencies are
used, the median rating is shown. When ratings from two of the
agencies are used, the lower rating for each issue is shown. "Not
Rated" is used to classify securities for which a rating is not
available. For more information about these ratings, see the
Glossary entry for Credit Quality.
8
Credit Quality
Treasury/
Agency
Investment-Grade
Corporate
20.8
Industrial
U.S. Government
Short Med.
Average Maturity
Below
Investment-Grade
Long
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, 2006, Through December 31, 2016
Initial Investment of $10,000
$25,000
18,363
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2,000
Average Annual Total Returns
Periods Ended December 31, 2016
One
Year
Five
Years
Ten
Years
Final Value
of a $10,000
Investment
Balanced Index Fund Investor Shares
8.63%
9.47%
6.27%
$18,363
Balanced Composite Index
8.89
9.79
6.52
18,804
– – – – Mixed-Asset Target Allocation Growth
Funds Average
7.04
8.42
4.43
15,428
Spliced Bloomberg Barclays U.S.
-----Aggregate Float Adjusted Index
2.75
2.24
4.36
15,323
12.68
14.64
7.23
20,093
• • • • • • • •
________
Spliced Total Stock Market Index
For a benchmark description, see the Glossary.
Mixed-Asset Target Allocation Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
One
Year
Five
Years
Ten
Years
Final Value
of a $10,000
Investment
Balanced Index Fund Admiral Shares
8.77%
9.62%
6.40%
$18,599
Balanced Composite Index
8.89
9.79
6.52
Spliced Bloomberg Barclays U.S. Aggregate
Float Adjusted Index
Spliced Total Stock Market Index
18,804
2.75
2.24
4.36
15,323
12.68
14.64
7.23
20,093
See Financial Highlights for dividend and capital gains information.
9
Balanced Index Fund
Average Annual Total Returns
Periods Ended December 31, 2016
One
Year
Five
Years
Ten
Years
Final Value
of a $5,000,000
Investment
Balanced Index Fund Institutional Shares
8.81%
9.64%
6.43%
$9,324,661
Balanced Composite Index
8.89
9.79
6.52
9,401,954
Spliced Bloomberg Barclays U.S. Aggregate
Float Adjusted Index
2.75
2.24
4.36
7,661,602
12.68
14.64
7.23
10,046,266
Spliced Total Stock Market Index
Fiscal-Year Total Returns (%): December 31, 2006, Through December 31, 2016
2007
2008
2010
2009
20.05
13.45
6.29
11.33
4.14
–22.21 –22.04
Balanced Index Fund Investor Shares
Balanced Composite Index
For a benchmark description, see the Glossary.
10
2012
2013
17.91
13.13
6.16
2011
19.82
11.72
2014
2015
2016
18.25
9.84
10.06
8.63
4.65
0.37
0.76
8.89
Balanced Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2016
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the
fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more
than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount
within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at
the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings
is available electronically on vanguard.com and on the Securities and Exchange Commission’s website
(sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and
third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the
fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s
Public Reference Room (see the back cover of this report for further information).
Shares
Market
Value•
($000)
Percentage
of Net
Assets
465,016
1.5%
169,344
126,443
118,176
105,316
104,889
1,124,830
0.6%
0.4%
0.4%
0.3%
0.3%
3.7%
1,748,998
5.7%
236,302
129,487
128,947
117,617
80,551
76,542
1,613,332
0.8%
0.4%
0.4%
0.4%
0.3%
0.2%
5.3%
2,382,778
7.8%
244,163
227,488
195,165
168,155
130,853
114,913
78,396
2,623,375
0.8%
0.7%
0.6%
0.6%
0.4%
0.4%
0.3%
8.6%
3,782,508
12.4%
Common Stocks
Basic Materials †
Consumer Goods
Procter & Gamble Co.
Coca-Cola Co.
PepsiCo Inc.
Philip Morris International Inc.
Altria Group Inc.
Consumer Goods—Other †
Consumer Services
*
Amazon.com Inc.
Comcast Corp. Class A
Home Depot Inc.
Walt Disney Co.
McDonald’s Corp.
Wal-Mart Stores Inc.
Consumer Services—Other †
Financials
JPMorgan Chase & Co.
*
Berkshire Hathaway Inc. Class B
Wells Fargo & Co.
Bank of America Corp.
Citigroup Inc.
Visa Inc. Class A
Mastercard Inc. Class A
Financials—Other †
2,014,086
3,049,763
1,129,470
1,151,117
1,551,149
315,124
1,875,263
961,716
1,128,542
661,769
1,107,374
2,829,566
1,395,805
3,541,371
7,608,839
2,201,807
1,472,869
759,286
11
Balanced Index Fund
Shares
Health Care
Johnson & Johnson
Pfizer Inc.
Merck & Co. Inc.
UnitedHealth Group Inc.
Amgen Inc.
AbbVie Inc.
Medtronic plc
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
*
Celgene Corp.
Health Care—Other †
Industrials
General Electric Co.
3M Co.
Boeing Co.
Honeywell International Inc.
Industrials—Other †
Oil & Gas
Exxon Mobil Corp.
Chevron Corp.
Schlumberger Ltd.
Oil & Gas—Other †
Technology
Apple Inc.
Microsoft Corp.
*
Facebook Inc. Class A
*
Alphabet Inc. Class A
*
Alphabet Inc.
Intel Corp.
Cisco Systems Inc.
International Business Machines Corp.
Oracle Corp.
QUALCOMM Inc.
Technology—Other †
Telecommunications
AT&T Inc.
Verizon Communications Inc.
Telecommunications—Other †
Utilities †
Total Common Stocks (Cost $9,018,338)
12
2,142,573
4,762,361
2,165,907
744,656
583,589
1,271,598
1,091,776
1,306,933
1,029,570
605,932
6,989,620
474,668
463,141
596,518
3,242,584
1,477,783
1,087,887
3,981,868
5,781,277
1,819,218
227,904
232,031
3,704,855
3,932,691
672,258
2,419,948
1,153,957
4,846,692
3,033,601
Market
Value•
($000)
Percentage
of Net
Assets
246,846
154,681
127,507
119,175
85,327
79,627
77,767
76,377
73,727
70,137
1,135,069
0.8%
0.5%
0.4%
0.4%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
3.7%
2,246,240
7.4%
220,872
84,761
72,102
69,107
1,924,985
0.7%
0.3%
0.3%
0.2%
6.3%
2,371,827
7.8%
292,676
173,935
91,328
708,424
1.0%
0.6%
0.3%
2.3%
1,266,363
4.2%
461,180
359,249
209,301
180,603
179,086
134,375
118,846
111,588
93,047
75,238
1,048,958
1.5%
1.2%
0.7%
0.6%
0.6%
0.4%
0.4%
0.4%
0.3%
0.2%
3.4%
2,971,471
9.7%
206,130
161,934
69,912
0.7%
0.5%
0.2%
437,976
1.4%
577,003
1.9%
18,250,180
59.8%1
Balanced Index Fund
Maturity
Date
Coupon
Face
Amount
($000)
Market
Value•
($000)
Percentage
of Net
Assets
158,585
139,961
76,767
156,628
139,698
76,359
0.5%
0.5%
0.2%
U.S. Government and Agency Obligations
U.S. Government Securities
United States Treasury Note/Bond
1.000%
11/15/19
2
United States Treasury Note/Bond
0.875%
5/31/18
United States Treasury Note/Bond
1.000%
3/15/19
United States Treasury
Note/Bond
0.625%–9.125% 1/31/18–11/15/46
Agency Bonds and Notes
3
Federal Home Loan
Mortgage Corp.
0.750%–6.750%
3
Federal National Mortgage
Assn.
0.000%–7.250%
Agency Bonds and Notes—Other †
Conventional Mortgage-Backed Securities
3,4,5 Fannie Mae Pool
2.000%–9.500%
3,4,5 Freddie Mac Gold Pool
2.000%–9.000%
4,5 Ginnie Mae I Pool
3.000%–9.500%
4,5 Ginnie Mae II Pool
2.500%–7.000%
4,524,675
4,561,133
14.9%
4,933,818
16.1%
1/12/18–7/15/32
64,560
65,510
0.2%
2/8/18–7/15/37
101,811
105,670
102,968
0.4%
0.3%
274,148
0.9%
1,069,695
675,939
111,272
674,991
3.5%
2.2%
0.4%
2.2%
2,531,897
8.3%
16,167
4,123
6,545
0.1%
0.0%
0.0%
1/1/17–1/1/47
1/1/17–1/1/47
5/15/17–1/1/47
3/20/18–1/1/47
Nonconventional Mortgage-Backed Securities
3,5,6 Fannie Mae Pool
2.102%–5.860% 11/1/33–12/1/43
3,5,6 Freddie Mac Non Gold Pool 2.235%–5.791%
11/1/34–11/1/43
5,6 Ginnie Mae II Pool
2.000%–4.000% 7/20/38–12/20/43
1,031,225
654,501
103,584
646,671
15,613
3,962
6,341
Total U.S. Government and Agency Obligations (Cost $7,799,449)
26,835
0.1%
7,766,698
25.4%
Asset-Backed/Commercial Mortgage-Backed Securities
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
Bear Stearns Commercial Mortgage
Securities Trust 2007-PWR18
5.700%
Bear Stearns Commercial
Mortgage Securities Trust
2007-TOP26
5.471%–5.513%
Bear Stearns Commercial
Mortgage Securities Trust
2007-TOP28
5.742%
Chase Issuance Trust 2012-A4
1.580%
Chase Issuance Trust 2012-A7
2.160%
Chase Issuance Trust 2013-A1
1.300%
Chase Issuance Trust 2014-A1
1.150%
Chase Issuance Trust 2014-A2
2.770%
Chase Issuance Trust 2014-A6
1.260%
Chase Issuance Trust 2014-A7
1.380%
Chase Issuance Trust 2015-A2
1.590%
Chase Issuance Trust 2015-A4
1.840%
Chase Issuance Trust 2015-A5
1.360%
Chase Issuance Trust 2016-A2
1.370%
Chase Issuance Trust 2016-A4
1.490%
Chase Issuance Trust 2016-A5
1.270%
JP Morgan Chase Commercial
Mortgage Securities Trust
2006-LDP7
5.925%
6/11/50
903
922
0.0%
1/12/45
486
488
0.0%
9/11/42
8/16/21
9/16/24
2/18/20
1/15/19
3/15/23
7/15/19
11/15/19
2/18/20
4/15/22
4/15/20
6/15/21
7/15/22
7/15/21
1,082
600
1,314
1,050
2,450
900
1,075
800
1,830
600
1,225
775
700
775
1,098
596
1,291
1,049
2,450
920
1,076
801
1,834
597
1,224
767
686
765
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
4/17/45
15
15
0.0%
13
Balanced Index Fund
Coupon
5
5
5
5
5
5
5
5
5
5
5
5
7
Maturity
Date
JP Morgan Chase Commercial
Mortgage Securities Trust
2007-CIBC20
5.794%
2/12/51
JP Morgan Chase Commercial
Mortgage Securities Trust
2007-LDP12
5.882%
2/15/51
JP Morgan Chase Commercial
Mortgage Securities Trust
2012-C6
3.507%
5/15/45
JP Morgan Chase Commercial
Mortgage Securities Trust
2012-C8
2.829%
10/15/45
JP Morgan Chase Commercial
Mortgage Securities Trust
2012-CIBX
3.483%
6/15/45
JP Morgan Chase Commercial
Mortgage Securities Trust
2013-C10
3.142%–3.372%
12/15/47
JP Morgan Chase
Commercial Mortgage
Securities Trust
2013-C16
3.674%–4.910%
12/15/46
JP Morgan Chase
Commercial Mortgage
Securities Trust 2013-LC11
2.960%
4/15/46
JP Morgan Chase
Commercial Mortgage
Securities Trust
2014-C20
2.872%–3.805%
7/15/47
JP Morgan Chase
Commercial Mortgage
Securities Trust 2016-JP3
2.870%
8/15/49
JP Morgan Chase
Commercial Mortgage
Securities Trust 2016-JP4 3.648%–3.870%
12/15/49
JPMCC Commercial
Mortgage Securities Trust
2015-JP1
3.914%
1/15/49
Asset-Backed/Commercial Mortgage-Backed Securities—Other †
Face
Amount
($000)
Market
Value•
($000)
Percentage
of Net
Assets
958
973
0.0%
1,393
1,407
0.0%
550
574
0.0%
1,735
1,757
0.0%
433
448
0.0%
255
257
0.0%
950
1,014
0.0%
673
672
0.0%
250
258
0.0%
975
944
0.0%
725
740
0.0%
325
340
281,367
0.0%
1.0%
307,330
1.0%
3,594
67,533
2,847
664,258
26,295
39,933
165,059
84,658
0.0%
0.2%
0.0%
2.2%
0.1%
0.1%
0.6%
0.3%
1,054,177
3.5%
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $306,995)
Corporate Bonds
Finance
Banking
Bear Stearns Cos. LLC
4.650%–7.250%
JPMorgan Chase & Co.
1.625%–6.400%
JPMorgan Chase Bank NA 1.450%–6.000%
7
Banking—Other †
Brokerage †
7
Finance Companies †
Insurance †
7
Real Estate Investment Trusts †
14
10/2/17–7/2/18
1/15/18–6/1/45
10/1/17–9/23/19
3,425
65,440
2,805
Balanced Index Fund
Maturity
Date
Coupon
Industrial
7
Basic Industry †
7
Capital Goods †
7
Communication †
Consumer Cyclical †
7
Consumer Noncyclical †
Energy
Exxon Mobil Corp.
XTO Energy Inc.
Energy—Other †
Other Industrial †
Technology
Alphabet Inc.
Apple Inc.
Microsoft Corp.
7
Technology—Other †
Transportation †
Face
Amount
($000)
Percentage
of Net
Assets
116,671
171,012
319,656
250,140
548,173
0.4%
0.6%
1.1%
0.8%
1.8%
1.305%–4.114%
5.500%
3/1/18–3/1/46
6/15/18
15,300
400
15,286
422
306,005
11,117
0.1%
0.0%
1.0%
0.0%
1.998%–3.625%
1.000%–4.650%
1.000%–5.300%
5/19/21–8/15/26
5/3/18–8/4/46
5/1/18–8/8/56
1,350
41,795
38,824
1,284
41,747
38,303
174,529
74,785
0.0%
0.1%
0.1%
0.6%
0.2%
2,069,130
6.8%
237,530
18,513
3,400
0.7%
0.1%
0.0%
Utilities
7
Electric †
Natural Gas †
Other Utility †
Total Corporate Bonds (Cost $3,336,809)
7Sovereign
Market
Value•
($000)
Bonds (Cost $601,073) †
Taxable Municipal Bonds (Cost $102,961) †
Convertible Bonds (Cost $0) †
259,443
0.8%
3,382,750
11.1%
598,314
1.9%
111,346
0.4%
55
0.0%
2,296
0.0%
Temporary Cash Investments
U.S. Government and Agency Obligations
8
United States Treasury Bill 0.454%–0.607%
3/9/17–5/25/17
2,300
Shares
Money Market Funds
9,10 Vanguard Market Liquidity Fund
0.823%
Total Temporary Cash Investments (Cost $452,239)
11Total
Investments (Cost $21,617,864)
4,499,340
449,979
1.5%
452,275
1.5%1
30,868,948
101.1%
15
Balanced Index Fund
Amount
($000)
Percentage
of Net
Assets
Other Assets and Liabilities
Other Assets
Investment in Vanguard
Receivables for Investment Securities Sold
Receivables for Accrued Income
Receivables for Capital Shares Issued
Other Assets
2,257
105,507
99,453
130,517
7,246
Total Other Assets
344,980
Liabilities
Payables for Investment Securities Purchased
Collateral for Securities on Loan
Payables for Capital Shares Redeemed
Payables to Vanguard
Other Liabilities
(409,296)
(42,574)
(207,757)
(19,558)
(1,598)
Total Liabilities
Net Assets
(680,783)
30,533,145
1.1%
(2.2%)
100.0%
At December 31, 2016, net assets consisted of:
Amount
($000)
16
Paid-in Capital
Overdistributed Net Investment Income
Accumulated Net Realized Losses
Unrealized Appreciation (Depreciation)
Investment Securities
Futures Contracts
21,447,301
(14,503)
(150,385)
Net Assets
30,533,145
9,251,084
(352)
Balanced Index Fund
Amount
($000)
Investor Shares—Net Assets
Applicable to 107,458,197 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
Net Asset Value Per Share—Investor Shares
3,343,366
$31.11
Admiral Shares—Net Assets
Applicable to 600,873,972 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
Net Asset Value Per Share—Admiral Shares
18,695,074
$31.11
Institutional Shares—Net Assets
Applicable to 273,001,938 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
Net Asset Value Per Share—Institutional Shares
8,494,705
$31.12
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† 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 59.8% and 1.5%,
respectively, of net assets.
2 Securities with a value of $693,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions.
3 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed
by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth,
in exchange for senior preferred stock.
4 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of
December 31, 2016.
5 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.
6 Adjustable-rate security.
7 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, 2016, the aggregate value
of these securities was $61,689,000, representing 0.2% of net assets.
8 Securities with a value of $2,296,000 have been segregated as initial margin for open futures contracts.
9 Includes $42,574,000 of collateral received for securities on loan.
10 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is
the 7-day yield.
11 The total value of securities on loan is $39,640,000.
See accompanying Notes, which are an integral part of the Financial Statements.
17
Balanced Index Fund
Statement of Operations
Year Ended
December 31, 2016
($000)
Investment Income
Income
Dividends1
356,739
Interest2
272,017
Securities Lending—Net
3,278
Total Income
632,034
Expenses
The Vanguard Group—Note B
Investment Advisory Services
3,054
Management and Administrative—Investor Shares
4,868
Management and Administrative—Admiral Shares
8,124
Management and Administrative—Institutional Shares
3,507
Marketing and Distribution—Investor Shares
765
Marketing and Distribution—Admiral Shares
1,651
Marketing and Distribution—Institutional Shares
166
Custodian Fees
390
Auditing Fees
25
Shareholders’ Reports—Investor Shares
56
Shareholders’ Reports—Admiral Shares
93
Shareholders’ Reports—Institutional Shares
55
Trustees’ Fees and Expenses
23
Total Expenses
22,777
Net Investment Income
609,257
Realized Net Gain (Loss)
Investment Securities Sold2
6,018
Futures Contracts
13,279
Realized Net Gain (Loss)
19,297
Change in Unrealized Appreciation (Depreciation)
Investment Securities
1,753,795
Futures Contracts
(1,009)
Change in Unrealized Appreciation (Depreciation)
1,752,786
Net Increase (Decrease) in Net Assets Resulting from Operations
2,381,340
1 Dividends are net of foreign withholding taxes of $32,000.
2 Interest income and realized net gain (loss) from an affiliated company of the fund were $2,610,000 and $14,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
18
Balanced Index Fund
Statement of Changes in Net Assets
Year Ended December 31,
2016
($000)
2015
($000)
609,257
531,943
Increase (Decrease) in Net Assets
Operations
Net Investment Income
Realized Net Gain (Loss)
19,297
191,247
Change in Unrealized Appreciation (Depreciation)
1,752,786
(612,511)
Net Increase (Decrease) in Net Assets Resulting from Operations
2,381,340
110,679
Distributions
Net Investment Income
Investor Shares
(65,129)
(60,568)
Admiral Shares
(371,977)
(315,875)
Institutional Shares
(172,637)
(156,644)
Investor Shares
—
—
Admiral Shares
—
—
Institutional Shares
—
—
(609,743)
(533,087)
Realized Capital Gain
Total Distributions
Capital Share Transactions
Investor Shares
50,339
(34,234)
Admiral Shares
1,896,999
1,868,658
546,339
177,768
Net Increase (Decrease) from Capital Share Transactions
Institutional Shares
2,493,677
2,012,192
Total Increase (Decrease)
4,265,274
1,589,784
Net Assets
Beginning of Period
26,267,871
24,678,087
End of Period1
30,533,145
26,267,871
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($14,503,000) and ($14,017,000).
See accompanying Notes, which are an integral part of the Financial Statements.
19
Balanced Index Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period
Net Asset Value, Beginning of Period
Year Ended December 31,
2016
2015
2014
2013
2012
$29.22
$29.68
$27.52
$23.76
$21.78
Investment Operations
.613
.570
Net Realized and Unrealized Gain (Loss)
on Investments
Net Investment Income
.531
.473
1.889
Total from Investment Operations
2.502
(.612)
.486
(.459)
2.160
3.754
1.971
.111
2.691
4.227
2.457
(.571)
(.531)
(.467)
(.477)
Distributions
Dividends from Net Investment Income
Distributions from Realized Capital Gains
Total Distributions
—
(.612)
—
(.571)
—
(.531)
—
(.467)
—
(.477)
Net Asset Value, End of Period
$31.11
$29.22
$29.68
$27.52
$23.76
Total Return1
8.63%
0.37%
9.84%
17.91%
11.33%
$3,343
$3,090
$3,174
$2,974
$2,844
0.19%
0.22%
0.23%
0.24%
0.24%
Ratio of Net Investment Income to
Average Net Assets
2.06%
1.92%
1.87%
1.84%
2.13%
Portfolio Turnover Rate
44%2,3
61%2
53%2
47%2
43%2
Ratios/Supplemental Data
Net Assets, End of Period (Millions)
Ratio of Total Expenses to Average Net Assets
1 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.
2 Includes 12%, 24%, 27%, 27%, and 25% 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.
20
Balanced Index Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period
Net Asset Value, Beginning of Period
Year Ended December 31,
2016
2015
2014
2013
2012
$29.22
$29.68
$27.52
$23.76
$21.78
Investment Operations
.649
.612
Net Realized and Unrealized Gain (Loss)
on Investments
Net Investment Income
.572
.513
1.890
Total from Investment Operations
2.539
(.649)
.520
(.460)
2.158
3.755
1.970
.152
2.730
4.268
2.490
(.612)
(.570)
(.508)
(.510)
Distributions
Dividends from Net Investment Income
Distributions from Realized Capital Gains
Total Distributions
—
—
(.649)
(.612)
—
(.570)
—
(.508)
—
(.510)
Net Asset Value, End of Period
$31.11
$29.22
$29.68
$27.52
$23.76
Total Return1
8.77%
0.51%
9.99%
18.10%
11.49%
$18,695
$15,726
$14,112
$9,688
$7,407
0.07%
0.08%
0.09%
0.09%
0.10%
Ratio of Net Investment Income to
Average Net Assets
2.18%
2.06%
2.01%
1.99%
2.27%
Portfolio Turnover Rate
44%2,3
61%2
53%2
47%2
43%2
Ratios/Supplemental Data
Net Assets, End of Period (Millions)
Ratio of Total Expenses to Average Net Assets
1 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.
2 Includes 12%, 24%, 27%, 27%, and 25% 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.
21
Balanced Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding
Throughout Each Period
Net Asset Value, Beginning of Period
Year Ended December 31,
2016
2015
2014
2013
2012
$29.22
$29.68
$27.52
$23.76
$21.78
Investment Operations
.653
.615
Net Realized and Unrealized Gain (Loss)
on Investments
Net Investment Income
.574
.515
1.899
Total from Investment Operations
2.552
(.652)
.523
(.460)
2.159
3.755
1.971
.155
2.733
4.270
2.494
(.615)
(.573)
(.510)
(.514)
Distributions
Dividends from Net Investment Income
Distributions from Realized Capital Gains
Total Distributions
—
(.652)
—
(.615)
—
(.573)
—
(.510)
—
(.514)
Net Asset Value, End of Period
$31.12
$29.22
$29.68
$27.52
$23.76
Total Return
8.81%
0.52%
10.00%
18.11%
11.51%
Net Assets, End of Period (Millions)
$8,495
$7,452
$7,392
$6,938
$5,554
Ratio of Total Expenses to Average Net Assets
0.06%
0.07%
0.08%
0.08%
0.08%
Ratio of Net Investment Income to
Average Net Assets
2.19%
2.07%
2.02%
2.00%
2.29%
Portfolio Turnover Rate
44%1,2
61%1
53%1
47%1
43%1
Ratios/Supplemental Data
1 Includes 12%, 24%, 27%, 27%, and 25% attributable to mortgage-dollar-roll activity.
2 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.
22
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. Investor Shares are available to any investor who meets the
fund’s minimum purchase requirements. Admiral Shares and Institutional Shares are designed for
investors who meet certain administrative, service, and account-size criteria.
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, enhancing returns, 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 fund may seek to enhance
returns by using futures contracts instead of the underlying securities when futures are believed to
be priced more attractively than the underlying securities. 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values
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).
23
Balanced Index Fund
During the year ended December 31, 2016, 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
aggregate settlement values at each quarter-end during the period.
3. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgagebacked 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 mortgagebacked securities market or in order to sell mortgage-backed securities it owns under delayeddelivery 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, 2013–2016), 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.
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 on the next business
day. The fund further mitigates its counterparty risk by entering into securities lending transactions
24
Balanced Index Fund
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 absence of a default the fund may
experience delays and costs in recovering the securities loaned. The fund invests cash collateral
received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets
for the return of the collateral, during the period the securities are on loan. Securities lending income
represents fees charged to borrowers plus income earned on invested cash collateral, less expenses
associated with the loan. During the term of the loan, the fund is entitled to all distributions made on
or in respect of the loaned securities.
8. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”)
participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a
credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if
any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and
are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are
charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the
facility; these fees are allocated to the funds based on a method approved by the fund’s board of
trustees and included in Management and Administrative expenses on the fund’s Statement of
Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the
one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding
rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2016, or at any time during the period
then ended.
9. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income
distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and
discounts on debt securities purchased are amortized and accreted, respectively, to interest income
over the lives of the respective securities. Security transactions are accounted for on the date
securities are bought or sold. Costs used to determine realized gains (losses) on the sale of
investment securities are those of the specific securities sold.
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.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and
the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative,
marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These
costs of operations are allocated to the fund based on methods and guidelines approved by the
board of trustees. Vanguard does not require reimbursement in the current period for certain costs
of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability
for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
25
Balanced Index Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in
Vanguard. At December 31, 2016, the fund had contributed to Vanguard capital in the amount of
$2,257,000, representing 0.01% of the fund’s net assets and 0.90% of Vanguard’s capitalization.
The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are
summarized in three broad levels for financial statement purposes. The inputs or methodologies
used to value securities are not necessarily an indication of the risk associated with investing in
those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine
the fair value of investments).
The following table summarizes the market value of the fund’s investments as of December 31, 2016,
based on the inputs used to value them:
Level 1
($000)
Investments
Common Stocks
Level 2
($000)
Level 3
($000)
18,249,786
3
391
U.S. Government and Agency Obligations
—
7,766,698
—
Asset-Backed/Commercial Mortgage-Backed Securities
—
307,330
—
Corporate Bonds
—
3,382,750
—
Sovereign Bonds
—
598,314
—
Taxable Municipal Bonds
—
111,346
—
—
Convertible Bonds
Temporary Cash Investments
Futures Contracts—Liabilities1
Total
—
55
449,979
2,296
—
(208)
—
—
18,699,557
12,168,792
391
1 Represents variation margin on the last day of the reporting period.
D. At December 31, 2016, the aggregate settlement value of open futures contracts and the related
unrealized appreciation (depreciation) were:
($000)
Aggregate
Settlement
Value
Long (Short)
Unrealized
Appreciation
(Depreciation)
(199)
Expiration
Number of
Long (Short)
Contracts
E-mini Russell 2000 Index
March 2017
134
9,091
E-mini S&P MidCap 400 Index
March 2017
48
7,964
Futures Contracts
(153)
(352)
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
26
Balanced Index Fund
E. Distributions are determined on a tax basis and may differ from net investment income and
realized capital gains for financial reporting purposes. Differences may be permanent or temporary.
Permanent differences are reclassified among capital accounts in the financial statements to reflect
their tax character. Temporary differences arise when certain items of income, expense, gain, or loss
are recognized in different periods for financial statement and tax purposes. These differences will
reverse at some time in the future. Differences in classification may also result from the treatment
of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2016, the fund realized $114,656,000 of net capital gains
resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities
held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not
distributed to shareholders, they have been reclassified from accumulated net realized losses to
paid-in capital.
For tax purposes, at December 31, 2016, the fund had $4,176,000 of ordinary income available for
distribution. At December 31, 2016, the fund had available capital losses totaling $150,736,000 to
offset future net capital gains. Of this amount, $15,654,000 is subject to expiration and may be used
to offset future net capital gains through December 31, 2017. Capital losses of $135,082,000 realized
beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company
Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2016, the cost of investment securities for tax purposes was $21,618,133,000. Net
unrealized appreciation of investment securities for tax purposes was $9,250,815,000, consisting of
unrealized gains of $9,438,395,000 on securities that had risen in value since their purchase and
$187,580,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2016, the fund purchased $3,909,673,000 of investment
securities and sold $2,559,204,000 of investment securities, other than U.S. government securities
and temporary cash investments. Purchases and sales of U.S. government securities were
$11,194,452,000 and $9,954,667,000, respectively. Total purchases and sales include $0 and
$200,413,000, respectively, in connection with in-kind purchases and redemptions of the fund’s
capital shares.
27
Balanced Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31,
2016
2015
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
848,157
28,237
818,847
27,504
62,207
2,051
58,336
1,976
(860,025)
(28,588)
(911,417)
(30,665)
50,339
1,700
(34,234)
(1,185)
4,359,328
144,656
4,007,705
134,626
347,026
11,437
295,192
10,002
(2,809,355)
(93,372)
(2,434,239)
(81,938)
1,896,999
62,721
1,868,658
62,690
1,372,138
45,563
936,232
31,483
168,133
5,541
152,359
5,160
Redeemed
(993,932)
(33,085)
(910,823)
(30,700)
Net Increase (Decrease)—Institutional Shares
546,339
18,019
177,768
5,943
Investor Shares
Issued
Issued in Lieu of Cash Distributions
Redeemed
Net Increase (Decrease)—Investor Shares
Admiral Shares
Issued
Issued in Lieu of Cash Distributions
Redeemed
Net Increase (Decrease)—Admiral Shares
Institutional Shares
Issued
Issued in Lieu of Cash Distributions
H. Management has determined that no material events or transactions occurred subsequent to
December 31, 2016, that would require recognition or disclosure in these financial statements.
28
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Valley Forge Funds and the Shareholders of Vanguard Balanced
Index Fund:
In our opinion, the accompanying statement of net assets—investments summary and the related
statements of operations and of changes in net assets and the financial highlights present fairly, in
all material respects, the financial position of Vanguard Balanced Index Fund (constituting a separate
portfolio of Vanguard Valley Forge Funds, hereafter referred to as the “Fund”) at December 31, 2016,
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 then ended, and the financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as “financial statements”)
are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these financial statements in
accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits, which included confirmation
of securities at December 31, 2016 by correspondence with the custodian and brokers and by
agreement to the underlying ownership records of the transfer agent, provide a reasonable basis
for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2017
Special 2016 tax information (unaudited) for Vanguard Balanced Index Fund
This information for the fiscal year ended December 31, 2016, is included pursuant to provisions of
the Internal Revenue Code.
The fund distributed $324,688,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 50.7% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
29
Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown
in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes
on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions
and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in
effect at the times of the distributions and the hypothetical sales. State and local taxes were not
considered. After-tax returns reflect any qualified dividend income. (In the example, returns after the
sale of fund shares may be higher than those assuming no sale. This occurs when the sale would
have produced a capital loss. The calculation assumes that the investor received a tax deduction for
the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please
note that your actual after-tax returns will depend on your tax situation and may differ from those
shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement
account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to
current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee
future results.
Average Annual Total Returns: Balanced Index Fund Investor Shares
Periods Ended December 31, 2016
One
Year
30
Five
Years
Ten
Years
Returns Before Taxes
8.63%
9.47%
6.27%
Returns After Taxes on Distributions
7.92
8.83
5.57
Returns After Taxes on Distributions and Sale of Fund Shares
5.09
7.29
4.78
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management,
administrative services, and shareholder reports (like this one), among others. Operating expenses,
which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the
expense ratio. The following examples are intended to help you understand the ongoing costs (in
dollars) of investing in your fund and to compare these costs with those of other mutual funds. The
examples are based on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid
over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the
third column shows the dollar amount that would have been paid by an investor who started with
$1,000 in the fund. You may use the information here, together with the amount you invested, to
estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by
$1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses
Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s
costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before
expenses, but that the expense ratio is unchanged. In this case—because the return used is not the
fund’s actual return—the results do not apply to your investment. The example is useful in making
comparisons because the Securities and Exchange Commission requires all mutual funds to calculate
expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical
example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing
costs only and do not reflect transaction costs incurred by the fund for buying and selling securities.
Further, the expenses do not include any purchase, redemption, or account service fees described in
the fund prospectus. If such fees were applied to your account, your costs would be higher. Your
fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may
have been higher or lower, depending on the amount of your investment and the timing of any
purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the
Financial Statements section of this report. For additional information on operating expenses and
other shareholder costs, please refer to your fund’s current prospectus.
31
Six Months Ended December 31, 2016
Balanced Index Fund
Beginning
Account Value
6/30/2016
Ending
Account Value
12/31/2016
Expenses
Paid During
Period
Based on Actual Fund Return
Investor Shares
$1,000.00
$1,039.35
$0.87
Admiral Shares
1,000.00
1,039.92
0.31
Institutional Shares
1,000.00
1,040.32
0.26
Investor Shares
$1,000.00
$1,024.28
$0.87
Admiral Shares
1,000.00
1,024.83
0.31
Institutional Shares
1,000.00
1,024.89
0.25
Based on Hypothetical 5% Yearly Return
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that
period are 0.17% for Investor Shares, 0.06% for Admiral Shares, and 0.05% 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 (184/366).
32
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S.
Securities and Exchange Commission. Under the formula, data related to the fund’s security
holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that
period, which is then annualized and divided by the fund’s estimated average net assets over the
calculation period. For the purposes of this calculation, a security’s income is based on its current
market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected
dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will
differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income
distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is
expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in
response to a change in interest rates. To see how the value could change, multiply the average
duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in
a fund with an average duration of five years would decline by about 5%. If rates decrease by a
percentage point, the value would rise by 5%.
Average Effective Maturity. The average length of time until fixed income securities held by a fund
reach maturity and are repaid, taking into consideration the possibility that the issuer may call the
bond before its maturity date. The figure reflects the proportion of fund assets represented by each
security; it also reflects any futures contracts held. In general, the longer the average effective
maturity, the more a fund’s share price will fluctuate in response to changes in market interest
rates.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and
downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index,
a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the
index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both
the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared
(see definition). The lower the R-squared, the less correlation there is between the fund and the
index, and the less reliable beta is as an indicator of volatility.
Credit Quality. Credit-quality ratings are measured on a scale that generally ranges from AAA
(highest) to D (lowest). U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities
appear under “U.S. Government.” Credit-quality ratings are obtained from Barclays and are from
Moody’s, Fitch, and S&P. When ratings from all three agencies are used, the median rating is
shown. When ratings from two of the agencies are used, the lower rating for each issue is shown.
“Not Rated” is used to classify securities for which a rating is not available.
Dividend Yield. The current, annualized rate of dividends paid on a share of stock, divided by its
current share price. For a fund, the weighted average yield for stocks it holds. The index yield is
based on the current annualized rate of dividends paid on stocks in the index.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for
the stocks now in a fund.
33
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any
holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s
average net assets. The expense ratio includes management and administrative expenses, but does
not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of
companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first
invested in accordance with the fund’s investment objective. For funds with a subscription period,
the inception date is the day after that period ends. Investment performance is measured from the
inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of
market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the
proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets
have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a
fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past
year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market
expectations about corporate prospects; the higher the P/E, the greater the expectations for a
company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from
the market in general, as measured by a given index. If a fund’s total returns were precisely
synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no
relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on
returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five
years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund,
the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that
can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur
higher transaction costs and may be more likely to distribute capital gains (which may be taxable to
investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by
a fund were held to their maturity dates.
34
Benchmark Information
Balanced Composite Index: Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly
known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond
Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S.
Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40%
Bloomberg Barclays U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP
US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index
thereafter.
Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index: Bloomberg Barclays U.S.
Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float
Adjusted Index thereafter.
Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as
the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through
June 2, 2013; and CRSP US Total Market Index thereafter.
35
Vanguard Balanced Index Fund is not sponsored, endorsed, issued, sold or promoted by Barclays Risk Analytics and Index
Solutions Limited or any of its affiliates (“Barclays”). Barclays makes no representation or warranty, express or implied, to the
owners or purchasers 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 Barclays Index to track general
bond market performance. Barclays has not passed on the legality or suitability of Vanguard Balanced Index Fund with respect
to any person or entity. Barclays’ only relationship to Vanguard and Vanguard Balanced Index Fund is the licensing of the
Barclays Index which is determined, composed and calculated by Barclays without regard to Vanguard or Vanguard Balanced
Index Fund or any owners or purchasers of the Vanguard Balanced Index Fund. Barclays has no obligation to take the needs
of Vanguard, Vanguard Balanced Index Fund or the owners of Vanguard Balanced Index Fund into consideration in determining,
composing or calculating the Barclays Index. Barclays is not responsible for and has not participated in the determination of
the timing of, prices at, or quantities of Vanguard Balanced Index Fund to be issued. Barclays has no obligation or liability in
connection with the administration, marketing or trading of Vanguard Balanced Index Fund.
BARCLAYS SHALL HAVE NO LIABILITY TO THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE
INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. BARCLAYS MAKES NO
WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF VANGUARD BALANCED INDEX FUND
OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION
WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS RESERVES THE RIGHT TO CHANGE THE
METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG
BARCLAYS U.S. AGGREGATE FLOAT ADJUSTED INDEX, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION
OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS
U.S. AGGREGATE FLOAT ADJUSTED INDEX. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY
EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE
WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES,
INCLUDING, WITHOUT LIMITATION, ANY INDIRECT OR CONSEQUENTIAL DAMAGES RESULTING FROM THE USE OF THE
INDEX OR ANY DATA INCLUDED THEREIN.
© 2017 Barclays. Used with Permission.
Source: Barclays Global Family of Indices. Copyright 2017, Barclays. All rights reserved.
36
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 on an at-cost basis.
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 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. The mailing
address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about
the trustees is in the Statement of Additional Information, which can be obtained, without charge, by
contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of
the Board. Principal Occupation(s) During the Past
Five Years and Other Experience: Chairman of the
Board of The Vanguard Group, Inc., and of each of
the investment companies served by The Vanguard
Group, since January 2010; Director of The Vanguard
Group since 2008; Chief Executive Officer and
President of The Vanguard Group, and of each of
the investment companies served by The Vanguard
Group, since 2008; Director of Vanguard Marketing
Corporation; Managing Director of The Vanguard
Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 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); Executive in Residence
and 2009–2010 Distinguished Minett Professor at
the Rochester Institute of Technology; Lead Director
of SPX FLOW, Inc. (multi-industry manufacturing);
Director of the United Way of Rochester, the University
of Rochester Medical Center, Monroe Community
College Foundation, North Carolina A&T University,
and Roberts Wesleyan College.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001. 2 Principal
Occupation(s) During the Past Five Years and Other
Experience: Chairman and Chief Executive Officer
(retired 2009) and President (2006–2008) of
Rohm and Haas Co. (chemicals); Director of Tyco
International plc (diversified manufacturing and
services), HP Inc. (printer and personal computer
manufacturing), and Delphi Automotive plc
(automotive components); Senior Advisor at
New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal
Occupation(s) During the Past Five Years and
Other Experience: President 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; Chair of the Presidential
Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal
Occupation(s) During the Past Five Years and
Other Experience: Corporate Vice President and
Chief Global Diversity Officer (retired 2008) and
Member of the Executive Committee (1997–2008)
of Johnson & Johnson (pharmaceuticals/medical
devices/consumer products); Director of Skytop
Lodge Corporation (hotels) and the Robert Wood
Johnson Foundation; Member of the Advisory
Board of the Institute for Women’s Leadership
at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal
Occupation(s) During the Past Five Years and Other
Experience: President and Chief Operating Officer
(retired 2009) of Cummins Inc. (industrial machinery);
Chairman of the Board of Hillenbrand, Inc. (specialized
consumer services), and of Oxfam America; Director
of SKF AB (industrial machinery), Hyster-Yale Materials
Handling, Inc. (forklift trucks), the Lumina Foundation
for Education, and the V Foundation for Cancer
Research; Member of the Advisory Council for the
College of Arts and Letters and of the Advisory Board
to the Kellogg Institute for International Studies, both
at the University of Notre Dame.
Mark Loughridge
Born 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) at IBM (information technology
services); Fiduciary Member of IBM’s Retirement Plan
Committee (2004–2013); Director of the Dow Chemical
Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal
Occupation(s) During the Past Five Years and Other
Experience: Chief Investment Officer and Vice
President at the University of Notre Dame; Assistant
Professor of Finance at the Mendoza College of
Business at Notre Dame; Member of the Notre Dame
403(b) Investment Committee, the Board of Advisors
for Spruceview Capital Partners, and the Investment
Advisory Committee of Major League Baseball; Board
Member of TIFF Advisory Services, Inc., and Catholic
Investment Services, Inc. (investment advisors).
André F. Perold
Born 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 Managing
Partner of HighVista Strategies LLC (private investment
firm); Director of Rand Merchant Bank; Overseer of
the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 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); Chairman of the
Board of Trustees of Colby-Sawyer College;
Member of the Advisory Board of the Norris
Cotton Cancer Center.
Executive Officers
Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal
Occupation(s) During the Past Five Years and
Other Experience: Principal of The Vanguard Group,
Inc.; Treasurer of each of the investment companies
served by The Vanguard Group; Controller of each of
the investment companies served by The Vanguard
Group (2010–2015); Assistant Controller of each of
the investment companies served by The Vanguard
Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September
2008. Principal Occupation(s) During the Past Five
Years and Other Experience: Principal of The Vanguard
Group, Inc.; Chief Financial Officer of each of the
investment companies served by The Vanguard Group;
Treasurer of each of the investment companies served
by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal
Occupation(s) During the Past Five Years and Other
Experience: Head of Global Fund Accounting at The
Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group;
Head of International Fund Services at The Vanguard
Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal
Occupation(s) During the Past Five Years and Other
Experience: Managing Director of The Vanguard Group,
Inc.; General Counsel of The Vanguard Group; Secretary
of The Vanguard Group and of each of the investment
companies served by The Vanguard Group; Director
and Senior Vice President of Vanguard Marketing
Corporation; Managing Director and General Counsel
of Global Cards and Consumer Services at Citigroup
(2014–2016); Counsel at American Express (2003–2014).
Vanguard Senior Management Team
Mortimer J. Buckley
Martha G. King
John T. Marcante
Chris D. McIsaac
James M. Norris
Thomas M. Rampulla
Glenn W. Reed
Karin A. Risi
Michael Rollings
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600
Valley Forge, PA 19482-2600
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction
with the offering of shares of any Vanguard
fund only if preceded or accompanied by
the fund’s current prospectus.
All comparative mutual fund data are from Lipper, a
Thomson Reuters Company, or Morningstar, Inc., unless
otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting
guidelines by visiting vanguard.com/proxyreporting or by
calling Vanguard at 800-662-2739. The guidelines are
also available from the SEC’s website, sec.gov. In
addition, you may obtain a free report on how your fund
voted the proxies for securities it owned during the 12
months ended June 30. To get the report, visit either
vanguard.com/proxyreporting or sec.gov.
You can review and copy information about your fund at
the SEC’s Public Reference Room in Washington, D.C. To
find out more about this public service, call the SEC at
202-551-8090. Information about your fund is also
available on the SEC’s website, and you can receive
copies of this information, for a fee, by sending a
request in either of two ways: via email addressed to
publicinfo@sec.gov or via regular mail addressed to the
Public Reference Section, Securities and Exchange
Commission, Washington, DC 20549-1520.
© 2017 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q020 022017
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
891,925
692,369
214,280
174,418
199,811
261,321
186,548
326,838
252,595
418,827
938,573
115,811
279,767
89,490
98,655
62,553
183,572
104,839
106,324
50,814
161,364
70,164
57,961
130,334
36,525
60,449
133,764
7,924
118,064
143,000
162,785
45,839
37,548
44,204
237,900
85,814
47,248
73,564
126,221
29,192
25,971
26,745
73,690
43,039
52,574
93,031
35,026
33,227
50,608
88,418
34,333
164,268
72,516
301,211
97,874
55,723
121,400
26,265
10,739
86,200
161,655
51,036
50,820
25,118
25,085
23,416
22,416
17,677
17,342
15,034
14,269
12,380
9,119
8,206
7,703
7,420
7,371
6,532
5,930
5,723
5,553
5,080
4,927
4,610
4,302
3,490
3,426
3,426
3,359
3,315
3,159
3,106
3,101
2,951
2,800
2,429
2,409
2,388
2,357
2,301
2,255
2,180
2,095
2,091
2,079
2,052
2,026
1,961
1,823
1,680
1,639
1,629
1,611
1,599
1,578
1,577
1,491
1,431
1,417
1,374
1,373
1,360
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Common Stocks (59.8%)1
Basic Materials (1.5%)
Dow Chemical Co.
EI du Pont de Nemours & Co.
Ecolab Inc.
Air Products & Chemicals Inc.
Praxair Inc.
LyondellBasell Industries NV Class A
PPG Industries Inc.
International Paper Co.
Nucor Corp.
Newmont Mining Corp.
*
Freeport-McMoRan Inc.
Celanese Corp. Class A
Mosaic Co.
Albemarle Corp.
Eastman Chemical Co.
International Flavors & Fragrances Inc.
Steel Dynamics Inc.
FMC Corp.
RPM International Inc.
Ashland Global Holdings Inc.
CF Industries Holdings Inc.
Avery Dennison Corp.
Reliance Steel & Aluminum Co.
United States Steel Corp.
Scotts Miracle-Gro Co. Class A
US Silica Holdings Inc.
Olin Corp.
NewMarket Corp.
*
Alcoa Corp.
Chemours Co.
Huntsman Corp.
WR Grace & Co.
Sensient Technologies Corp.
Royal Gold Inc.
*
AK Steel Holding Corp.
*
Versum Materials Inc.
Cabot Corp.
PolyOne Corp.
CONSOL Energy Inc.
Minerals Technologies Inc.
*
Balchem Corp.
Compass Minerals International Inc.
*
Univar Inc.
HB Fuller Co.
Domtar Corp.
Commercial Metals Co.
Westlake Chemical Corp.
*
Ingevity Corp.
*
Chemtura Corp.
Arconic Inc.
Worthington Industries Inc.
*
Platform Specialty Products Corp.
KapStone Paper and Packaging Corp.
Hecla Mining Co.
*
Stillwater Mining Co.
*
GCP Applied Technologies Inc.
*
Fairmount Santrol Holdings Inc.
*
Cambrex Corp.
Quaker Chemical Corp.
Allegheny Technologies Inc.
*,^
Cliffs Natural Resources Inc.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
16,616
19,307
127,100
13,838
66,664
13,682
10,188
34,514
15,510
22,116
45,480
26,421
21,712
16,605
8,477
28,851
26,465
40,771
52,479
55,079
15,318
11,934
6,079
9,372
22,266
24,911
7,808
14,420
41,600
8,999
25,100
34,053
60,241
34,503
13,266
9,300
17,870
27,500
20,920
32,623
37,790
33,679
11,350
68,500
8,432
13,347
7,900
28,600
11,473
7,724
12,514
65,085
25,934
2,000
13,459
79,380
2,196
399
30,720
69,405
21,996
21,900
900
300
1,354
1,323
1,155
1,075
955
897
868
825
811
800
773
752
726
669
653
639
635
630
595
568
564
513
508
506
489
477
420
392
356
350
349
341
338
321
234
225
213
195
176
175
164
155
152
142
141
121
109
95
94
85
76
73
64
51
44
42
34
31
30
17
14
13
6
4
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*,^
*
*
*,^
*
*
Stepan Co.
Innospec Inc.
Coeur Mining Inc.
Kaiser Aluminum Corp.
Ferro Corp.
Clearwater Paper Corp.
Neenah Paper Inc.
PH Glatfelter Co.
Innophos Holdings Inc.
Carpenter Technology Corp.
Calgon Carbon Corp.
Kraton Corp.
A Schulman Inc.
Koppers Holdings Inc.
Deltic Timber Corp.
AdvanSix Inc.
Tredegar Corp.
Rayonier Advanced Materials Inc.
SunCoke Energy Inc.
Tronox Ltd. Class A
CSW Industrials Inc.
Haynes International Inc.
Chase Corp.
Hawkins Inc.
Aceto Corp.
American Vanguard Corp.
Veritiv Corp.
Axalta Coating Systems Ltd.
Century Aluminum Co.
KMG Chemicals Inc.
FutureFuel Corp.
OMNOVA Solutions Inc.
Cloud Peak Energy Inc.
Nexeo Solutions Inc.
Westmoreland Coal Co.
Olympic Steel Inc.
Kronos Worldwide Inc.
Verso Corp.
LSB Industries Inc.
Resolute Forest Products Inc.
Gold Resource Corp.
Codexis Inc.
Ryerson Holding Corp.
Intrepid Potash Inc.
Ampco-Pittsburgh Corp.
Hallador Energy Co.
Northern Technologies International Corp.
ChromaDex Corp.
NL Industries Inc.
Synalloy Corp.
Real Industry Inc.
Uranium Energy Corp.
Rentech Inc.
Handy & Harman Ltd.
Pershing Gold Corp.
Ur-Energy Inc.
United-Guardian Inc.
Arch Coal Inc. Class A
Uni-Pixel Inc.
General Moly Inc.
Solitario Exploration & Royalty Corp.
Golden Minerals Co.
Centrus Energy Corp. Class A
Universal Stainless & Alloy Products Inc.
2
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
1,700
8,295
3,395
4
2
___________1
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
Marrone Bio Innovations Inc.
Comstock Mining Inc.
US Antimony Corp.
465,016
Consumer Goods (5.7%)
Procter & Gamble Co.
Coca-Cola Co.
PepsiCo Inc.
Philip Morris International Inc.
Altria Group Inc.
NIKE Inc. Class B
Mondelez International Inc. Class A
Colgate-Palmolive Co.
Kraft Heinz Co.
Reynolds American Inc.
General Motors Co.
Monsanto Co.
Kimberly-Clark Corp.
General Mills Inc.
Ford Motor Co.
Archer-Daniels-Midland Co.
Constellation Brands Inc. Class A
*
Electronic Arts Inc.
Activision Blizzard Inc.
Newell Brands Inc.
*
Monster Beverage Corp.
Delphi Automotive plc
Tyson Foods Inc. Class A
Kellogg Co.
Estee Lauder Cos. Inc. Class A
Conagra Brands Inc.
Stanley Black & Decker Inc.
Molson Coors Brewing Co. Class B
Dr Pepper Snapple Group Inc.
VF Corp.
Clorox Co.
*,^
Tesla Motors Inc.
JM Smucker Co.
Hershey Co.
Whirlpool Corp.
Genuine Parts Co.
Mead Johnson Nutrition Co.
*
Mohawk Industries Inc.
Campbell Soup Co.
Church & Dwight Co. Inc.
Harley-Davidson Inc.
McCormick & Co. Inc.
Bunge Ltd.
Lear Corp.
Snap-on Inc.
DR Horton Inc.
Coach Inc.
Mattel Inc.
*
WhiteWave Foods Co. Class A
Hormel Foods Corp.
Hasbro Inc.
Ingredion Inc.
Lennar Corp. Class A
*
LKQ Corp.
BorgWarner Inc.
Goodyear Tire & Rubber Co.
Hanesbrands Inc.
Brown-Forman Corp. Class B
Leucadia National Corp.
2,014,086
3,049,763
1,129,470
1,151,117
1,551,149
1,052,197
1,157,570
703,011
480,961
672,811
1,058,580
345,189
282,682
470,047
2,333,648
455,955
132,995
224,840
488,768
377,573
338,483
216,282
232,667
193,017
180,275
345,425
118,330
137,467
146,023
246,540
102,297
56,702
87,932
106,628
59,072
111,232
145,857
49,644
157,890
204,672
148,626
89,403
110,439
59,853
46,234
285,417
215,909
274,426
134,656
210,945
90,525
56,304
160,785
225,170
169,912
213,204
297,213
138,878
267,633
3
169,344
126,443
118,176
105,316
104,889
53,483
51,315
46,005
41,997
37,704
36,881
36,317
32,260
29,035
28,307
20,814
20,389
17,708
17,649
16,859
15,008
14,567
14,351
14,227
13,789
13,662
13,571
13,377
13,240
13,153
12,278
12,117
11,261
11,028
10,737
10,627
10,321
9,913
9,548
9,044
8,671
8,344
7,978
7,923
7,918
7,800
7,561
7,560
7,487
7,343
7,042
7,036
6,902
6,901
6,701
6,582
6,411
6,238
6,222
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
54,185
45,454
63,452
125,251
102,756
92,345
248,483
73,944
2,723
246,212
44,775
41,606
113,375
49,558
140,460
44,523
49,857
71,434
206,250
148,173
118,548
47,989
67,529
44,745
37,161
79,442
48,456
150,760
27,513
58,334
39,294
106,378
30,357
62,927
126,616
53,577
18,899
20,222
29,162
62,549
47,429
43,821
107,652
87,105
35,188
13,653
49,650
51,646
100,828
22,288
361,727
48,485
127,868
68,586
74,416
15,658
26,156
72,347
29,544
11,583
42,837
587,169
53,880
15,063
6,023
5,855
5,726
5,383
5,023
4,936
4,893
4,806
4,545
4,525
4,480
4,416
4,291
4,083
4,080
4,021
4,008
3,896
3,776
3,729
3,675
3,503
3,328
3,230
3,210
3,101
3,027
3,011
2,871
2,808
2,683
2,615
2,439
2,413
2,403
2,347
2,312
2,179
2,131
2,127
2,116
2,094
2,081
1,981
1,968
1,930
1,929
1,906
1,882
1,882
1,823
1,658
1,651
1,649
1,633
1,619
1,586
1,576
1,555
1,545
1,531
1,509
1,481
1,420
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
^
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Harman International Industries Inc.
Middleby Corp.
PVH Corp.
Michael Kors Holdings Ltd.
Leggett & Platt Inc.
Pinnacle Foods Inc.
Gentex Corp.
Lululemon Athletica Inc.
NVR Inc.
PulteGroup Inc.
Thor Industries Inc.
WABCO Holdings Inc.
Lamb Weston Holdings Inc.
Polaris Industries Inc.
Under Armour Inc. Class A
Ralph Lauren Corp. Class A
Post Holdings Inc.
Brunswick Corp.
Coty Inc. Class A
Under Armour Inc.
Toll Brothers Inc.
Edgewell Personal Care Co.
Take-Two Interactive Software Inc.
TreeHouse Foods Inc.
Carter's Inc.
Hain Celestial Group Inc.
Tenneco Inc.
Flowers Foods Inc.
Pool Corp.
Herbalife Ltd.
Tempur Sealy International Inc.
Skechers U.S.A. Inc. Class A
Visteon Corp.
Snyder's-Lance Inc.
Dana Inc.
B&G Foods Inc.
Spectrum Brands Holdings Inc.
LCI Industries
Dorman Products Inc.
CalAtlantic Group Inc.
Energizer Holdings Inc.
Nu Skin Enterprises Inc. Class A
Manitowoc Foodservice Inc.
Vector Group Ltd.
HNI Corp.
Lancaster Colony Corp.
Cooper Tire & Rubber Co.
Vista Outdoor Inc.
Kate Spade & Co.
Helen of Troy Ltd.
Avon Products Inc.
Herman Miller Inc.
Darling Ingredients Inc.
Blue Buffalo Pet Products Inc.
Wolverine World Wide Inc.
Cooper-Standard Holdings Inc.
Fresh Del Monte Produce Inc.
Dean Foods Co.
Tupperware Brands Corp.
J&J Snack Foods Corp.
Steven Madden Ltd.
Zynga Inc. Class A
US Foods Holding Corp.
Sanderson Farms Inc.
4
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
123,573
25,089
20,325
40,485
66,092
70,228
38,861
7,084
35,382
20,452
20,249
25,842
32,645
20,747
84,063
68,195
37,546
55,198
33,733
23,244
22,283
8,517
38,647
26,416
49,273
30,366
33,090
76,870
111,100
203
34,864
22,376
27,200
12,425
19,682
11,612
10,955
24,507
30,814
3,739
24,947
42,756
10,228
30,300
65,000
19,103
16,744
20,366
5,396
21,070
7,257
17,000
26,236
9,474
24,664
42,219
63,284
15,079
15,044
22,426
45,614
18,424
14,365
9,955
1,419
1,390
1,296
1,281
1,276
1,257
1,207
1,203
1,198
1,192
1,184
1,177
1,136
1,104
1,097
1,078
1,049
1,048
1,042
1,027
996
996
992
926
914
898
856
842
813
802
789
775
755
747
725
713
707
695
686
669
657
637
626
584
566
560
548
548
539
531
511
506
485
484
436
435
434
433
432
427
426
423
419
396
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
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*
^
*,^
*
*
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*
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*
*,^
*
*
*
*
*
*
*
*,^
*
*
*
^
TRI Pointe Group Inc.
Deckers Outdoor Corp.
Universal Corp.
Winnebago Industries Inc.
American Axle & Manufacturing Holdings Inc.
Steelcase Inc. Class A
La-Z-Boy Inc.
Boston Beer Co. Inc. Class A
Gentherm Inc.
Columbia Sportswear Co.
iRobot Corp.
Schweitzer-Mauduit International Inc.
Meritage Homes Corp.
Standard Motor Products Inc.
ACCO Brands Corp.
KB Home
Knoll Inc.
Pilgrim's Pride Corp.
Central Garden & Pet Co. Class A
Cal-Maine Foods Inc.
Andersons Inc.
WD-40 Co.
MDC Holdings Inc.
Wayfair Inc.
Interface Inc. Class A
G-III Apparel Group Ltd.
Fossil Group Inc.
Callaway Golf Co.
Fitbit Inc. Class A
Seaboard Corp.
Select Comfort Corp.
Nutrisystem Inc.
Fox Factory Holding Corp.
Oxford Industries Inc.
Ethan Allen Interiors Inc.
Calavo Growers Inc.
Universal Electronics Inc.
Tower International Inc.
Briggs & Stratton Corp.
Coca-Cola Bottling Co. Consolidated
Superior Industries International Inc.
Modine Manufacturing Co.
USANA Health Sciences Inc.
Taylor Morrison Home Corp. Class A
GoPro Inc. Class A
Phibro Animal Health Corp. Class A
Inter Parfums Inc.
Motorcar Parts of America Inc.
Cavco Industries Inc.
M/I Homes Inc.
John B Sanfilippo & Son Inc.
AdvancePierre Foods Holdings Inc.
Nautilus Inc.
National Beverage Corp.
Stoneridge Inc.
Federal-Mogul Holdings Corp.
Crocs Inc.
Movado Group Inc.
LGI Homes Inc.
William Lyon Homes Class A
Iconix Brand Group Inc.
Metaldyne Performance Group Inc.
Revlon Inc. Class A
Tootsie Roll Industries Inc.
5
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
16,871
29,534
3,662
34,500
11,745
8,607
9,219
6,948
5,296
20,574
15,729
11,680
8,299
14,763
6,951
12,438
8,483
10,120
26,110
15,286
6,119
8,653
47,974
16,420
16,600
99,428
70,309
16,875
8,600
23,585
4,375
7,825
3,637
6,819
8,934
3,125
7,254
22,300
5,294
3,470
5,200
6,025
9,605
3,661
8,078
6,088
7,785
4,501
10,687
111,100
11,300
2,950
18,246
3,900
23,600
3,018
5,180
1,567
3,957
4,289
4,880
48,100
1,790
13,400
396
393
390
387
383
358
350
347
327
319
306
293
290
282
278
261
258
252
230
230
227
227
224
202
195
193
192
171
169
167
161
153
139
131
130
124
123
115
114
109
108
107
101
99
93
91
91
89
87
84
77
75
74
67
67
65
63
63
61
57
56
52
52
49
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
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*
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*
*
*,^
*
^
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*
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*
*,^
*
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*
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*
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*
*,^
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*
*,^
*
*
WCI Communities Inc.
Beazer Homes USA Inc.
National Presto Industries Inc.
Titan International Inc.
Unifi Inc.
Medifast Inc.
Hooker Furniture Corp.
MGP Ingredients Inc.
Flexsteel Industries Inc.
Eastman Kodak Co.
Libbey Inc.
Omega Protein Corp.
Nutraceutical International Corp.
Malibu Boats Inc. Class A
Seneca Foods Corp. Class A
Century Communities Inc.
Bassett Furniture Industries Inc.
Perry Ellis International Inc.
Amplify Snack Brands Inc.
Arctic Cat Inc.
Culp Inc.
Orchids Paper Products Co.
Sequential Brands Group Inc.
Primo Water Corp.
Vera Bradley Inc.
Glu Mobile Inc.
Hovnanian Enterprises Inc. Class A
Freshpet Inc.
Superior Uniform Group Inc.
ZAGG Inc.
Farmer Brothers Co.
A-Mark Precious Metals Inc.
Oil-Dri Corp. of America
Alliance One International Inc.
MCBC Holdings Inc.
Johnson Outdoors Inc. Class A
Craft Brew Alliance Inc.
JAKKS Pacific Inc.
Limoneira Co.
Weyco Group Inc.
Delta Apparel Inc.
Lifetime Brands Inc.
Cherokee Inc.
Alico Inc.
Lifeway Foods Inc.
Nature's Sunshine Products Inc.
New Home Co. Inc.
Acushnet Holdings Corp.
Lifevantage Corp.
Castle Brands Inc.
Vuzix Corp.
Acme United Corp.
Vince Holding Corp.
Core Molding Technologies Inc.
Fenix Parts Inc.
Valvoline Inc.
Turning Point Brands Inc.
Strattec Security Corp.
Skyline Corp.
Escalade Inc.
Rocky Brands Inc.
22nd Century Group Inc.
elf Beauty Inc.
Lipocine Inc.
6
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
41,588
4,185
4,580
13,400
1,900
2,300
7,290
700
1,121
10,371
2,947
1,187
673
2,858
1,300
1,300
42,434
362
501
1,542
2,359
2,123
14,500
46
39
38
31
28
26
26
23
11
11
11
8
7
5
5
5
5
3
2
1
—
—
—
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*
*
*
*
Charles & Colvard Ltd.
LS Starrett Co. Class A
P&F Industries Inc. Class A
Differential Brands Group Inc.
Unique Fabricating Inc.
Natural Alternatives International Inc.
US Auto Parts Network Inc.
Central Garden & Pet Co.
Inventure Foods Inc.
Emerson Radio Corp.
Dixie Group Inc.
Shiloh Industries Inc.
Lakeland Industries Inc.
Nova Lifestyle Inc.
Long Island Iced Tea Corp.
Reed's Inc.
Seventy Seven Energy Inc Escrow Line
Willamette Valley Vineyards Inc.
Zedge Inc. Class B
Crystal Rock Holdings Inc.
Seventy Seven Energy Inc Warrants Expire 8/1/21
Seventy Seven Energy Inc Warrants Expire 8/1/23
Cubist Pharmaceuticals, Inc. CVR
1,748,998
Consumer Services (7.8%)
*
Amazon.com Inc.
Comcast Corp. Class A
Home Depot Inc.
Walt Disney Co.
McDonald's Corp.
Wal-Mart Stores Inc.
Starbucks Corp.
Walgreens Boots Alliance Inc.
CVS Health Corp.
*
Priceline Group Inc.
Time Warner Inc.
Costco Wholesale Corp.
Lowe's Cos. Inc.
*
Charter Communications Inc. Class A
*
Netflix Inc.
TJX Cos. Inc.
Target Corp.
Delta Air Lines Inc.
Kroger Co.
*
eBay Inc.
McKesson Corp.
Southwest Airlines Co.
Twenty-First Century Fox Inc. Class A
Sysco Corp.
Ross Stores Inc.
*
O'Reilly Automotive Inc.
CBS Corp. Class B
American Airlines Group Inc.
Marriott International Inc. Class A
*
AutoZone Inc.
Cardinal Health Inc.
Yum! Brands Inc.
Las Vegas Sands Corp.
Omnicom Group Inc.
Carnival Corp.
*
United Continental Holdings Inc.
Dollar General Corp.
*
Dollar Tree Inc.
L Brands Inc.
315,124
1,875,263
961,716
1,128,542
661,769
1,107,374
1,087,629
723,356
739,934
38,542
577,368
345,822
691,529
159,058
318,566
489,744
450,065
585,029
751,095
839,465
176,564
484,580
820,494
398,045
309,592
70,435
305,968
404,997
228,431
23,028
250,393
269,838
310,646
185,411
301,575
214,225
198,399
176,318
192,841
7
236,302
129,487
128,947
117,617
80,551
76,542
60,385
59,865
58,388
56,505
55,733
55,370
49,182
45,796
39,438
36,794
32,508
28,778
25,920
24,924
24,798
24,151
23,007
22,040
20,309
19,610
19,466
18,909
18,887
18,187
18,021
17,089
16,592
15,780
15,700
15,613
14,695
13,608
12,697
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
463,553
46,269
266,981
134,556
97,227
377,105
138,479
281,136
169,757
151,668
55,004
214,508
327,979
241,685
22,894
96,883
104,447
257,208
105,042
313,790
144,656
839,550
93,622
190,065
332,431
85,146
82,472
1,327,732
37,079
61,537
255,614
64,353
125,468
31,142
187,099
139,547
412,550
55,734
115,550
108,903
511,245
63,627
94,458
27,567
76,715
146,383
89,452
109,081
177,335
59,156
158,610
172,605
32,233
72,391
173,377
17,215
65,452
28,149
56,870
82,211
54,388
113,792
18,506
114,944
12,609
11,796
11,200
11,039
11,014
10,872
10,828
9,868
9,834
9,766
9,302
9,153
8,937
8,655
8,638
8,596
7,918
7,912
7,446
7,346
7,143
6,918
6,808
6,789
6,642
6,503
6,386
5,908
5,904
5,800
5,731
5,567
5,336
5,090
5,011
4,733
4,728
4,723
4,696
4,641
4,627
4,541
4,527
4,447
4,251
4,157
4,148
4,109
4,077
4,061
3,957
3,873
3,832
3,796
3,709
3,531
3,476
3,415
3,410
3,154
3,147
3,119
3,090
3,037
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
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*
^
*
Hilton Worldwide Holdings Inc.
Ulta Salon Cosmetics & Fragrance Inc.
Nielsen Holdings plc
Royal Caribbean Cruises Ltd.
Expedia Inc.
MGM Resorts International
AmerisourceBergen Corp. Class A
Viacom Inc. Class B
DISH Network Corp. Class A
CarMax Inc.
Advance Auto Parts Inc.
Best Buy Co. Inc.
Twenty-First Century Fox Inc.
Macy's Inc.
Chipotle Mexican Grill Inc. Class A
Alaska Air Group Inc.
Tractor Supply Co.
Whole Foods Market Inc.
Foot Locker Inc.
Interpublic Group of Cos. Inc.
Kohl's Corp.
Rite Aid Corp.
Darden Restaurants Inc.
Aramark
Liberty Interactive Corp. QVC Group Class A
Wyndham Worldwide Corp.
Tiffany & Co.
Sirius XM Holdings Inc.
Domino's Pizza Inc.
Signet Jewelers Ltd.
JetBlue Airways Corp.
Wynn Resorts Ltd.
Norwegian Cruise Line Holdings Ltd.
FactSet Research Systems Inc.
Discovery Communications Inc.
Liberty Media Corp-Liberty SiriusXM
News Corp. Class A
Burlington Stores Inc.
Bed Bath & Beyond Inc.
KAR Auction Services Inc.
Staples Inc.
Scripps Networks Interactive Inc. Class A
Nordstrom Inc.
Vail Resorts Inc.
Copart Inc.
Service Corp. International
TripAdvisor Inc.
ServiceMaster Global Holdings Inc.
H&R Block Inc.
VCA Inc.
Sabre Corp.
Gap Inc.
Casey's General Stores Inc.
Dunkin' Brands Group Inc.
TEGNA Inc.
Panera Bread Co. Class A
Dick's Sporting Goods Inc.
Dun & Bradstreet Corp.
Six Flags Entertainment Corp.
Cinemark Holdings Inc.
Spirit Airlines Inc.
Discovery Communications Inc. Class A
Cracker Barrel Old Country Store Inc.
Sally Beauty Holdings Inc.
8
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
60,521
59,336
25,020
103,010
15,411
75,316
48,972
74,172
66,500
35,697
49,259
63,710
48,452
66,052
49,972
173,252
161,876
14,166
43,785
38,024
36,975
113,026
83,956
35,904
34,786
82,963
3,266
52,100
437,974
127,980
232,526
40,123
35,085
55,330
32,705
23,938
56,492
11,228
4,847
3,486
28,999
87,097
18,309
38,330
83,304
43,091
10,248
42,667
59,797
28,624
33,082
19,176
42,566
89,794
30,741
82,296
56,893
94,045
29,982
34,424
36,828
12,588
9,493
22,376
2,929
2,887
2,793
2,740
2,643
2,600
2,563
2,506
2,502
2,500
2,376
2,337
2,333
2,311
2,302
2,259
2,189
2,187
2,169
2,167
2,165
2,138
2,121
2,099
2,083
2,036
2,031
1,987
1,980
1,941
1,932
1,915
1,912
1,845
1,841
1,840
1,807
1,801
1,791
1,785
1,783
1,781
1,773
1,732
1,716
1,709
1,705
1,705
1,703
1,693
1,661
1,641
1,632
1,619
1,594
1,550
1,525
1,519
1,486
1,483
1,468
1,443
1,428
1,416
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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Williams-Sonoma Inc.
AutoNation Inc.
Jack in the Box Inc.
Live Nation Entertainment Inc.
Madison Square Garden Co. Class A
Liberty Media Corp-Liberty SiriusXM
AMC Networks Inc. Class A
Rollins Inc.
GrubHub Inc.
Bright Horizons Family Solutions Inc.
Texas Roadhouse Inc. Class A
Avis Budget Group Inc.
CST Brands Inc.
Tribune Media Co. Class A
Beacon Roofing Supply Inc.
Pandora Media Inc.
Wendy's Co.
Buffalo Wild Wings Inc.
Brinker International Inc.
Hawaiian Holdings Inc.
Cabela's Inc.
Sprouts Farmers Market Inc.
GameStop Corp. Class A
Grand Canyon Education Inc.
Cheesecake Factory Inc.
Lions Gate Entertainment Corp. Class B
Cable One Inc.
Yelp Inc. Class A
Office Depot Inc.
American Eagle Outfitters Inc.
JC Penney Co. Inc.
United Natural Foods Inc.
John Wiley & Sons Inc. Class A
Sinclair Broadcast Group Inc. Class A
Dave & Buster's Entertainment Inc.
Matthews International Corp. Class A
Aaron's Inc.
Chemed Corp.
AMERCO
Graham Holdings Co. Class B
Murphy USA Inc.
Michaels Cos. Inc.
Lithia Motors Inc. Class A
Dolby Laboratories Inc. Class A
Regal Entertainment Group Class A
Liberty Expedia Holdings Inc. Class A
Allegiant Travel Co. Class A
Five Below Inc.
Urban Outfitters Inc.
Meredith Corp.
Big Lots Inc.
Papa John's International Inc.
Hillenbrand Inc.
Bloomin' Brands Inc.
Penske Automotive Group Inc.
Media General Inc.
Acxiom Corp.
Extended Stay America Inc.
WebMD Health Corp.
Core-Mark Holding Co. Inc.
Sotheby's
Stamps.com Inc.
Churchill Downs Inc.
Nexstar Broadcasting Group Inc. Class A
9
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
97,894
24,602
38,466
44,212
101,534
16,041
73,952
15,518
23,469
23,800
72,219
12,830
16,423
61,417
24,078
54,485
86,169
51,096
35,473
334,894
101,751
35,171
27,391
13,939
228,173
32,428
48,661
38,568
16,489
33,100
42,247
16,075
53,000
31,205
38,507
68,841
36,826
49,439
12,883
151,649
96,367
23,229
32,519
78,300
15,087
18,751
14,338
62,393
24,559
61,955
53,962
16,772
23,925
78,484
20,999
8,460
11,040
56,699
49,100
64,500
13,020
43,032
34,175
54,622
1,409
1,407
1,402
1,379
1,350
1,339
1,320
1,317
1,315
1,315
1,312
1,295
1,280
1,239
1,208
1,175
1,163
1,157
1,120
1,112
1,104
1,102
1,083
1,073
1,066
1,064
1,046
1,037
1,017
1,016
1,014
1,008
1,003
995
984
978
976
956
948
939
936
933
925
922
912
890
890
860
842
827
812
807
805
777
773
743
738
727
705
694
693
688
687
655
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
Chico's FAS Inc.
Monro Muffler Brake Inc.
SkyWest Inc.
DeVry Education Group Inc.
New York Times Co. Class A
PriceSmart Inc.
Time Inc.
Marriott Vacations Worldwide Corp.
Choice Hotels International Inc.
Hyatt Hotels Corp. Class A
ILG Inc.
Children's Place Inc.
Group 1 Automotive Inc.
Boyd Gaming Corp.
Shutterfly Inc.
Hertz Global Holdings Inc.
Caesars Acquisition Co. Class A
DSW Inc. Class A
comScore Inc.
Groupon Inc. Class A
Houghton Mifflin Harcourt Co.
Liberty Media Corp-Liberty Media
SpartanNash Co.
DineEquity Inc.
SUPERVALU Inc.
Caleres Inc.
MSG Networks Inc.
Lions Gate Entertainment Corp. Class A
Asbury Automotive Group Inc.
Restoration Hardware Holdings Inc.
Performance Food Group Co.
Dillard's Inc. Class A
SeaWorld Entertainment Inc.
Rush Enterprises Inc. Class A
Tailored Brands Inc.
La Quinta Holdings Inc.
Sonic Corp.
EW Scripps Co. Class A
Morningstar Inc.
Ascena Retail Group Inc.
Gannett Co. Inc.
Herc Holdings Inc.
Ollie's Bargain Outlet Holdings Inc.
Etsy Inc.
Popeyes Louisiana Kitchen Inc.
Scholastic Corp.
Genesco Inc.
Penn National Gaming Inc.
HSN Inc.
Belmond Ltd. Class A
Liberty TripAdvisor Holdings Inc. Class A
Ingles Markets Inc. Class A
AMC Entertainment Holdings Inc.
Apollo Education Group Inc.
International Speedway Corp. Class A
Capella Education Co.
Weis Markets Inc.
Denny's Corp.
ClubCorp Holdings Inc.
Express Inc.
Bob Evans Farms Inc.
New Media Investment Group Inc.
Planet Fitness Inc. Class A
Abercrombie & Fitch Co.
10
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
16,675
21,926
28,233
52,863
58,680
16,889
32,793
29,620
7,490
54,200
41,213
19,785
20,112
25,989
10,421
39,743
40,626
40,780
24,601
52,200
64,848
15,900
42,700
29,200
16,179
20,688
24,906
43,508
27,937
25,085
11,912
40,063
44,493
28,976
34,644
38,568
29,537
14,737
16,673
20,857
16,953
850
55,671
20,980
10,859
19,961
22,734
51,790
20,750
14,369
39,700
21,367
10,362
23,384
115,300
48,714
22,300
20,538
27,183
14,000
9,559
7,300
18,575
45,259
655
654
647
640
637
630
617
610
604
598
598
595
595
593
588
585
573
571
571
561
554
552
534
526
507
491
487
481
479
462
453
451
449
442
437
430
429
415
412
406
404
402
390
389
389
386
385
382
380
345
337
336
336
332
330
319
315
314
312
306
301
297
293
292
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
^
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
BJ's Restaurants Inc.
Fiesta Restaurant Group Inc.
Sonic Automotive Inc. Class A
Guess? Inc.
Gray Television Inc.
Hibbett Sports Inc.
Finish Line Inc. Class A
Liberty Media Corp-Liberty Braves
Strayer Education Inc.
GNC Holdings Inc. Class A
Pinnacle Entertainment Inc.
Cato Corp. Class A
Wingstop Inc.
Buckle Inc.
Red Robin Gourmet Burgers Inc.
National CineMedia Inc.
Smart & Final Stores Inc.
Scientific Games Corp. Class A
Red Rock Resorts Inc. Class A
Quotient Technology Inc.
Pier 1 Imports Inc.
SiteOne Landscape Supply Inc.
TrueCar Inc.
Francesca's Holdings Corp.
Liberty Media Corp-Liberty Media Class A
Vitamin Shoppe Inc.
Tile Shop Holdings Inc.
Bankrate Inc.
K12 Inc.
World Wrestling Entertainment Inc. Class A
Providence Service Corp.
Rent-A-Center Inc.
Career Education Corp.
Carrols Restaurant Group Inc.
Diplomat Pharmacy Inc.
Barnes & Noble Inc.
Regis Corp.
SP Plus Corp.
Isle of Capri Casinos Inc.
XO Group Inc.
FTD Cos. Inc.
Biglari Holdings Inc.
Entravision Communications Corp. Class A
Fred's Inc. Class A
Shake Shack Inc. Class A
MarineMax Inc.
Eldorado Resorts Inc.
Chegg Inc.
Ruth's Hospitality Group Inc.
Zoe's Kitchen Inc.
Caesars Entertainment Corp.
Lumber Liquidators Holdings Inc.
Chuy's Holdings Inc.
Party City Holdco Inc.
Clean Energy Fuels Corp.
MDC Partners Inc. Class A
Del Taco Restaurants Inc.
Entercom Communications Corp. Class A
Barnes & Noble Education Inc.
Zumiez Inc.
Marcus Corp.
Blue Nile Inc.
Chefs' Warehouse Inc.
Global Eagle Entertainment Inc.
11
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
12,601
31,200
34,490
10,511
27,828
11,395
6,119
19,200
22,900
27,499
23,555
14,300
14,476
13,578
15,522
7,310
7,702
14,700
16,694
8,000
16,500
8,100
26,700
10,398
10,456
16,080
35,281
10,886
23,047
7,201
19,500
14,050
17,724
40,500
7,100
8,106
20,502
16,389
68,459
15,700
17,400
8,610
11,900
33,723
5,470
12,142
42,530
25,400
33,500
11,698
19,400
7,443
27,724
13,720
21,111
5,626
43,400
8,330
4,598
67,500
33,725
6,200
6,826
5,362
291
290
284
284
271
270
268
266
262
258
252
247
246
236
235
226
221
214
211
203
203
199
198
196
195
191
191
191
190
186
184
181
180
177
176
176
175
172
164
163
162
154
149
148
148
147
137
128
126
126
123
121
118
118
116
115
115
112
103
102
98
96
94
89
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*,^
*
*
*
*
*,^
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
PetMed Express Inc.
RetailMeNot Inc.
Angie's List Inc.
Shoe Carnival Inc.
Liquidity Services Inc.
Haverty Furniture Cos. Inc.
America's Car-Mart Inc.
tronc Inc.
Weight Watchers International Inc.
Sportsman's Warehouse Holdings Inc.
1-800-Flowers.com Inc. Class A
Habit Restaurants Inc. Class A
Del Frisco's Restaurant Group Inc.
Big 5 Sporting Goods Corp.
Lands' End Inc.
Village Super Market Inc. Class A
Carriage Services Inc. Class A
Titan Machinery Inc.
Conn's Inc.
Duluth Holdings Inc.
El Pollo Loco Holdings Inc.
American Public Education Inc.
Rubicon Project Inc.
Citi Trends Inc.
Bojangles' Inc.
Natural Grocers by Vitamin Cottage Inc.
Tuesday Morning Corp.
Overstock.com Inc.
Century Casinos Inc.
Monarch Casino & Resort Inc.
Lindblad Expeditions Holdings Inc.
Potbelly Corp.
Bridgepoint Education Inc.
Stage Stores Inc.
Natural Health Trends Corp.
Speedway Motorsports Inc.
TechTarget Inc.
West Marine Inc.
Full House Resorts Inc.
Townsquare Media Inc. Class A
Sears Holdings Corp.
Intrawest Resorts Holdings Inc.
Boot Barn Holdings Inc.
Avid Technology Inc.
CSS Industries Inc.
Golden Entertainment Inc.
Ruby Tuesday Inc.
Clear Channel Outdoor Holdings Inc. Class A
QuinStreet Inc.
J Alexander's Holdings Inc.
Container Store Group Inc.
Ascent Capital Group Inc. Class A
Destination XL Group Inc.
Care.com Inc.
Stein Mart Inc.
Liberty Media Corp-Liberty Braves
Marchex Inc. Class B
Liberty Tax Inc.
PCM Inc.
Harte-Hanks Inc.
Lee Enterprises Inc.
Trupanion Inc.
Build-A-Bear Workshop Inc.
Reading International Inc. Class A
12
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
6,554
5,386
328
6,005
7,700
20,055
27,708
39,820
14,727
18,899
8,480
800
5,786
10,342
2,633
1,339
500
5,110
3,551
22,183
5,138
1,511
36,287
9,200
396
5,231
6,621
901
34,581
3,409
4,100
11,200
1,300
600
2,620
800
3,700
5,700
551
2,796
1,001
600
215
6,263
1,300
2,111
706
580
1,878
300
1,000
1,685
100
754
400
200
100
100
16,800
88
84
79
79
72
72
63
60
58
56
56
52
48
44
35
32
32
32
31
31
27
26
25
22
20
20
19
19
18
17
17
16
15
14
13
9
9
8
8
7
6
6
6
5
4
4
3
3
2
2
1
1
1
1
1
—
—
—
—
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
Autobytel Inc.
Kirkland's Inc.
Daily Journal Corp.
Tilly's Inc. Class A
Travelzoo Inc.
YuMe Inc.
New York & Co. Inc.
EVINE Live Inc.
Remark Media Inc.
CafePress Inc.
Leaf Group Ltd.
CBS Corp. Class A
Red Lion Hotels Corp.
Luby's Inc.
McClatchy Co. Class A
Ark Restaurants Corp.
Nathan's Famous Inc.
A H Belo Corp. Class A
Gaia Inc. Class A
Profire Energy Inc.
Destination Maternity Corp.
RCI Hospitality Holdings Inc.
Digital Turbine Inc.
Insignia Systems Inc.
Saga Communications Inc. Class A
Bravo Brio Restaurant Group Inc.
Radio One Inc.
Collectors Universe Inc.
Adolor Corp. Rights Exp. 07/01/2019
Famous Dave's of America Inc.
Noodles & Co. Class A
Diversified Restaurant Holdings Inc.
Hemisphere Media Group Inc. Class A
Live Ventures Inc.
Cambium Learning Group Inc.
Gaming Partners International Corp.
Town Sports International Holdings Inc.
hhgregg Inc.
At Home Group Inc.
FunctionX Inc.
Salem Media Group Inc. Class A
Educational Development Corp.
Trade Desk Inc. Class A
TheStreet Inc.
Good Times Restaurants Inc.
Rave Restaurant Group Inc.
RealNetworks Inc.
bebe stores inc
Cumulus Media Inc. Class A
Peak Resorts Inc.
Bon-Ton Stores Inc.
Spark Networks Inc.
NTN Buzztime Inc.
SPAR Group Inc.
WeCast Network Inc.
ONE Group Hospitality Inc.
Radio One Inc. Class A
National American University Holdings Inc.
Gerber Scientific Inc. CVR
2,382,778
Financials (12.4%)
JPMorgan Chase & Co.
*
Berkshire Hathaway Inc. Class B
Wells Fargo & Co.
2,829,566
1,395,805
3,541,371
13
244,163
227,488
195,165
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
7,608,839
2,201,807
1,472,869
759,286
282,489
1,292,844
801,221
1,119,632
348,514
391,776
617,019
247,814
795,523
689,180
933,399
409,175
342,102
334,533
83,290
653,741
252,970
226,788
401,282
116,660
446,620
331,652
207,559
266,583
637,069
322,228
205,497
399,782
413,048
293,466
274,820
56,073
79
108,358
587,611
112,332
279,382
614,600
456,271
859,462
229,363
120,814
169,528
419,154
302,575
993,756
133,902
125,774
185,394
223,577
199,192
102,839
183,166
128,137
209,215
51,642
873,627
115,938
94,515
580,392
168,155
130,853
114,913
78,396
67,642
66,413
52,328
47,304
46,046
45,822
45,709
44,029
37,692
37,140
36,841
35,696
35,599
35,353
31,695
30,739
29,180
27,763
27,123
26,074
25,198
23,909
23,149
23,131
23,107
22,427
22,099
21,928
21,805
21,752
21,359
20,041
19,286
19,196
17,681
17,572
17,467
16,576
16,198
15,702
15,351
15,196
15,096
14,934
14,418
14,270
13,975
13,953
13,953
12,936
12,820
12,575
12,138
12,079
12,026
12,007
11,549
11,392
11,175
10,935
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
Bank of America Corp.
Citigroup Inc.
Visa Inc. Class A
Mastercard Inc. Class A
Goldman Sachs Group Inc.
US Bancorp
American International Group Inc.
Morgan Stanley
Chubb Ltd.
PNC Financial Services Group Inc.
American Express Co.
Simon Property Group Inc.
Bank of New York Mellon Corp.
MetLife Inc.
Charles Schwab Corp.
Capital One Financial Corp.
Prudential Financial Inc.
American Tower Corporation
BlackRock Inc.
BB&T Corp.
CME Group Inc.
Travelers Cos. Inc.
Marsh & McLennan Cos. Inc.
Public Storage
Intercontinental Exchange Inc.
Discover Financial Services
Aon plc
Crown Castle International Corp.
Synchrony Financial
Aflac Inc.
S&P Global Inc.
SunTrust Banks Inc.
Prologis Inc.
Allstate Corp.
State Street Corp.
Equinix Inc.
Berkshire Hathaway Inc. Class A
AvalonBay Communities Inc.
Weyerhaeuser Co.
M&T Bank Corp.
Ventas Inc.
Fifth Third Bancorp
Progressive Corp.
KeyCorp
Welltower Inc.
Boston Properties Inc.
Northern Trust Corp.
Citizens Financial Group Inc.
Hartford Financial Services Group Inc.
Regions Financial Corp.
Vornado Realty Trust
Ameriprise Financial Inc.
T. Rowe Price Group Inc.
Principal Financial Group Inc.
Equity Residential
Willis Towers Watson plc
Lincoln National Corp.
Moody's Corp.
Realty Income Corp.
Essex Property Trust Inc.
Huntington Bancshares Inc.
Digital Realty Trust Inc.
Equifax Inc.
Host Hotels & Resorts Inc.
14
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
273,800
117,277
230,383
421,362
283,286
133,223
323,513
10,531
137,228
122,171
89,537
80,311
863,078
383,810
186,798
184,772
320,941
215,595
55,879
215,773
90,693
109,267
239,486
215,795
95,798
170,746
273,371
41,209
134,836
32,332
11,503
100,534
204,410
160,272
60,772
790,489
196,760
158,876
84,376
42,695
389,779
48,709
40,717
90,590
248,527
68,813
111,526
113,494
81,193
122,067
70,148
107,719
72,185
289,512
88,718
117,126
159,652
257,016
90,018
91,851
72,170
53,925
152,505
62,689
10,837
10,806
10,789
10,526
10,031
9,868
9,815
9,525
9,347
9,254
8,767
8,637
8,605
8,336
8,144
8,117
8,075
8,033
7,941
7,871
7,826
7,740
7,541
7,477
7,399
7,287
7,261
7,074
7,006
6,997
6,995
6,964
6,942
6,898
6,754
6,688
6,391
6,231
6,224
6,204
6,201
6,129
6,116
6,080
6,069
5,785
5,669
5,602
5,598
5,548
5,526
5,361
5,285
5,249
5,242
5,177
4,991
4,976
4,901
4,830
4,800
4,752
4,670
4,632
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
Franklin Resources Inc.
First Republic Bank
Loews Corp.
General Growth Properties Inc.
IHS Markit Ltd.
Liberty Broadband Corp.
Invesco Ltd.
Markel Corp.
Comerica Inc.
Cincinnati Financial Corp.
Mid-America Apartment Communities Inc.
SL Green Realty Corp.
Annaly Capital Management Inc.
Western Union Co.
TD Ameritrade Holding Corp.
Unum Group
Kimco Realty Corp.
XL Group Ltd.
Federal Realty Investment Trust
UDR Inc.
Arch Capital Group Ltd.
Macerich Co.
CBRE Group Inc. Class A
E*TRADE Financial Corp.
Extra Space Storage Inc.
CIT Group Inc.
Duke Realty Corp.
SVB Financial Group
Arthur J Gallagher & Co.
Everest Re Group Ltd.
Alleghany Corp.
Raymond James Financial Inc.
FNF Group
Zions Bancorporation
Alexandria Real Estate Equities Inc.
VEREIT Inc.
Iron Mountain Inc.
Voya Financial Inc.
Torchmark Corp.
Affiliated Managers Group Inc.
New York Community Bancorp Inc.
Reinsurance Group of America Inc. Class A
Signature Bank
Nasdaq Inc.
Brixmor Property Group Inc.
Camden Property Trust
East West Bancorp Inc.
SEI Investments Co.
Regency Centers Corp.
Apartment Investment & Management Co.
MSCI Inc. Class A
American Campus Communities Inc.
Kilroy Realty Corp.
AGNC Investment Corp.
WP Carey Inc.
National Retail Properties Inc.
Omega Healthcare Investors Inc.
People's United Financial Inc.
PacWest Bancorp
Bank of the Ozarks Inc.
WR Berkley Corp.
American Financial Group Inc.
Gaming and Leisure Properties Inc.
CBOE Holdings Inc.
15
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
70,668
48,761
151,508
205,017
48,174
112,681
60,572
64,340
396,659
254,152
100,050
29,971
52,852
194,060
109,351
27,155
260,477
125,299
76,988
146,215
103,580
44,094
67,145
53,823
189,850
69,784
84,188
341,970
268,573
37,065
196,415
90,533
190,401
73,721
170,976
80,700
49,099
65,196
91,318
29,952
180,033
70,422
45,519
80,110
96,178
59,290
90,741
110,952
87,283
128,532
37,216
201,100
126,642
57,649
339,178
120,639
247,341
83,417
169,126
38,338
32,867
338,017
96,446
34,611
4,613
4,506
4,503
4,500
4,473
4,451
4,367
4,326
4,308
4,176
4,111
4,083
4,049
4,044
3,998
3,990
3,977
3,977
3,927
3,914
3,912
3,890
3,882
3,863
3,799
3,788
3,777
3,769
3,747
3,745
3,732
3,719
3,604
3,591
3,587
3,536
3,524
3,502
3,442
3,418
3,381
3,372
3,365
3,355
3,345
3,262
3,248
3,230
3,197
3,175
3,173
3,161
3,129
3,124
3,114
3,104
3,042
3,042
3,041
3,006
2,991
2,948
2,917
2,899
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
Axis Capital Holdings Ltd.
Endurance Specialty Holdings Ltd.
HCP Inc.
Starwood Property Trust Inc.
Assurant Inc.
Liberty Property Trust
Equity LifeStyle Properties Inc.
Lamar Advertising Co. Class A
Spirit Realty Capital Inc.
Navient Corp.
Lazard Ltd. Class A
RenaissanceRe Holdings Ltd.
Sun Communities Inc.
Forest City Realty Trust Inc. Class A
Douglas Emmett Inc.
MarketAxess Holdings Inc.
DDR Corp.
Hospitality Properties Trust
Highwoods Properties Inc.
CubeSmart
Assured Guaranty Ltd.
Cullen/Frost Bankers Inc.
Commerce Bancshares Inc.
Prosperity Bancshares Inc.
First Horizon National Corp.
Webster Financial Corp.
Brown & Brown Inc.
SLM Corp.
Investors Bancorp Inc.
Jones Lang LaSalle Inc.
Old Republic International Corp.
Synovus Financial Corp.
Senior Housing Properties Trust
Western Alliance Bancorp
American Homes 4 Rent Class A
Popular Inc.
EPR Properties
Allied World Assurance Co. Holdings AG
BankUnited Inc.
Howard Hughes Corp.
Umpqua Holdings Corp.
DCT Industrial Trust Inc.
Taubman Centers Inc.
Eaton Vance Corp.
Hudson Pacific Properties Inc.
Validus Holdings Ltd.
Weingarten Realty Investors
Healthcare Trust of America Inc. Class A
First American Financial Corp.
Associated Banc-Corp
Life Storage Inc.
New Residential Investment Corp.
STORE Capital Corp.
PrivateBancorp Inc.
Gramercy Property Trust
Realogy Holdings Corp.
Medical Properties Trust Inc.
Zillow Group Inc.
Radian Group Inc.
Texas Capital Bancshares Inc.
Hanover Insurance Group Inc.
Two Harbors Investment Corp.
Equity Commonwealth
IBERIABANK Corp.
16
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
187,086
39,359
93,716
51,600
111,250
63,142
174,082
64,508
51,250
60,012
271,106
30,779
141,632
88,973
75,286
157,755
107,718
56,609
133,569
170,791
339,903
58,939
75,035
220,826
33,108
91,152
50,647
119,361
36,049
82,710
88,004
57,945
92,111
34,541
64,637
116,294
124,807
153,359
61,006
2,760
98,553
143,905
76,761
74,740
116,567
103,892
104,288
91,971
90,793
62,839
259,969
132,642
38,932
69,406
29,152
66,095
59,960
33,641
68,072
46,718
140,109
26,297
5,867
73,241
2,868
2,856
2,841
2,838
2,827
2,824
2,791
2,780
2,776
2,776
2,763
2,730
2,712
2,711
2,694
2,685
2,679
2,674
2,669
2,605
2,593
2,589
2,577
2,570
2,553
2,531
2,530
2,496
2,493
2,487
2,469
2,451
2,450
2,394
2,383
2,348
2,346
2,323
2,320
2,308
2,306
2,301
2,296
2,294
2,284
2,274
2,253
2,252
2,221
2,213
2,212
2,190
2,188
2,167
2,162
2,160
2,154
2,120
2,114
2,112
2,090
2,087
2,083
2,071
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
^
*
*
*
*
Retail Properties of America Inc.
Wintrust Financial Corp.
Healthcare Realty Trust Inc.
Aspen Insurance Holdings Ltd.
Communications Sales & Leasing Inc.
CyrusOne Inc.
FNB Corp.
Hancock Holding Co.
Chemical Financial Corp.
United Bankshares Inc.
MGIC Investment Corp.
Bank of Hawaii Corp.
CNO Financial Group Inc.
LaSalle Hotel Properties
Tanger Factory Outlet Centers Inc.
Chimera Investment Corp.
Outfront Media Inc.
MB Financial Inc.
Apple Hospitality REIT Inc.
Sunstone Hotel Investors Inc.
MFA Financial Inc.
DuPont Fabros Technology Inc.
Washington Federal Inc.
Valley National Bancorp
UMB Financial Corp.
Home BancShares Inc.
Stifel Financial Corp.
Piedmont Office Realty Trust Inc. Class A
Primerica Inc.
Blackstone Mortgage Trust Inc. Class A
First Industrial Realty Trust Inc.
Education Realty Trust Inc.
Rayonier Inc.
Pinnacle Financial Partners Inc.
Liberty Ventures Class A
Empire State Realty Trust Inc.
Fulton Financial Corp.
NorthStar Realty Finance Corp.
Cathay General Bancorp
White Mountains Insurance Group Ltd.
Sterling Bancorp
Paramount Group Inc.
Legg Mason Inc.
Equity One Inc.
TCF Financial Corp.
Hope Bancorp Inc.
Columbia Property Trust Inc.
RLJ Lodging Trust
CoreCivic Inc.
LPL Financial Holdings Inc.
Cousins Properties Inc.
Brandywine Realty Trust
ProAssurance Corp.
Corporate Office Properties Trust
National Health Investors Inc.
Acadia Realty Trust
GEO Group Inc.
Ryman Hospitality Properties Inc.
BancorpSouth Inc.
First Financial Bankshares Inc.
NorthStar Asset Management Group Inc.
CoreSite Realty Corp.
First Citizens BancShares Inc. Class A
Federated Investors Inc. Class B
17
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
74,962
56,601
106,000
31,824
16,083
110,147
46,409
93,592
54,266
53,772
31,727
44,551
47,268
83,352
65,082
92,684
62,227
159,910
39,123
55,718
97,321
72,083
40,075
21,540
64,809
46,862
54,300
74,329
19,796
57,538
103,770
37,726
165,198
24,282
143,785
156,462
150,631
79,207
32,690
83,427
7,316
61,762
69,016
406,111
116,348
13,717
41,550
22,950
24,785
101,990
36,716
58,837
35,017
23,397
33,443
19,467
36,640
131,842
270,600
104,858
12,135
29,603
7,130
89,983
2,062
2,018
2,010
2,009
2,004
1,999
1,998
1,978
1,966
1,963
1,960
1,942
1,929
1,911
1,889
1,877
1,854
1,844
1,839
1,821
1,815
1,802
1,791
1,789
1,774
1,766
1,758
1,745
1,730
1,712
1,708
1,693
1,690
1,668
1,654
1,629
1,627
1,624
1,623
1,623
1,591
1,558
1,556
1,547
1,544
1,542
1,527
1,512
1,511
1,489
1,488
1,483
1,478
1,454
1,440
1,437
1,433
1,427
1,421
1,416
1,414
1,412
1,410
1,400
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*,^
*
*
*
*
*
*
*
*
*
Urban Edge Properties
Trustmark Corp.
Physicians Realty Trust
RLI Corp.
American National Insurance Co.
Old National Bancorp
Selective Insurance Group Inc.
Retail Opportunity Investments Corp.
Glacier Bancorp Inc.
Interactive Brokers Group Inc.
Community Bank System Inc.
Great Western Bancorp Inc.
International Bancshares Corp.
CVB Financial Corp.
Mack-Cali Realty Corp.
Colony Capital Inc. Class A
Hilltop Holdings Inc.
DiamondRock Hospitality Co.
FirstCash Inc.
Washington REIT
Astoria Financial Corp.
Care Capital Properties Inc.
Columbia Banking System Inc.
BOK Financial Corp.
AmTrust Financial Services Inc.
Blackhawk Network Holdings Inc.
Essent Group Ltd.
Kite Realty Group Trust
South State Corp.
Pebblebrook Hotel Trust
Capitol Federal Financial Inc.
Alexander & Baldwin Inc.
BGC Partners Inc. Class A
Evercore Partners Inc. Class A
CBL & Associates Properties Inc.
Washington Prime Group Inc.
Lexington Realty Trust
Kennedy-Wilson Holdings Inc.
QTS Realty Trust Inc. Class A
EverBank Financial Corp.
Credit Acceptance Corp.
First Midwest Bancorp Inc.
American Equity Investment Life Holding Co.
Genworth Financial Inc. Class A
Janus Capital Group Inc.
Erie Indemnity Co. Class A
Financial Engines Inc.
Argo Group International Holdings Ltd.
Eagle Bancorp Inc.
Invesco Mortgage Capital Inc.
HealthEquity Inc.
Select Income REIT
Renasant Corp.
Simmons First National Corp. Class A
WesBanco Inc.
EastGroup Properties Inc.
PRA Group Inc.
Monogram Residential Trust Inc.
LendingClub Corp.
Santander Consumer USA Holdings Inc.
PS Business Parks Inc.
FCB Financial Holdings Inc. Class A
Enstar Group Ltd.
HRG Group Inc.
18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
32,165
29,299
31,970
30,603
56,629
31,375
37,054
23,694
130,264
67,452
45,666
43,399
49,633
18,131
44,724
30,320
64,635
36,676
20,823
44,016
43,365
65,578
37,509
50,966
29,310
34,055
10,146
112,717
154,772
37,306
31,565
74,379
24,835
81,042
75,038
87,651
145,038
50,346
67,103
58,428
17,407
57,418
21,372
24,524
11,288
66,182
45,281
93,383
62,865
26,318
56,735
61,066
26,858
8,526
52,150
32,757
96,564
58,752
38,370
33,620
58,847
30,500
24,421
58,200
1,385
1,376
1,368
1,356
1,352
1,352
1,351
1,322
1,318
1,310
1,292
1,285
1,284
1,277
1,277
1,270
1,261
1,257
1,254
1,252
1,249
1,247
1,247
1,245
1,221
1,217
1,214
1,206
1,196
1,190
1,188
1,153
1,151
1,149
1,141
1,136
1,136
1,115
1,113
1,108
1,095
1,095
1,085
1,069
1,067
1,061
1,050
1,040
1,029
1,027
1,023
1,015
1,006
1,004
993
991
984
972
959
958
915
907
900
894
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
LegacyTexas Financial Group Inc.
LTC Properties Inc.
Horace Mann Educators Corp.
Kemper Corp.
STAG Industrial Inc.
American Assets Trust Inc.
Zillow Group Inc. Class A
Banner Corp.
New York REIT Inc.
Xenia Hotels & Resorts Inc.
Provident Financial Services Inc.
United Community Banks Inc.
Chesapeake Lodging Trust
Independent Bank Corp.
BofI Holding Inc.
NBT Bancorp Inc.
Waddell & Reed Financial Inc. Class A
Yadkin Financial Corp.
Mercury General Corp.
First Financial Bancorp
Colony Starwood Homes
Ally Financial Inc.
Towne Bank
Sabra Health Care REIT Inc.
Potlatch Corp.
Union Bankshares Corp.
Park National Corp.
MBIA Inc.
CYS Investments Inc.
BNC Bancorp
First Merchants Corp.
Quality Care Properties Inc.
WSFS Financial Corp.
First Commonwealth Financial Corp.
Redwood Trust Inc.
Franklin Street Properties Corp.
Global Net Lease Inc.
OneMain Holdings Inc. Class A
Ramco-Gershenson Properties Trust
Pennsylvania REIT
Westamerica Bancorporation
Government Properties Income Trust
Nelnet Inc. Class A
Ameris Bancorp
Tompkins Financial Corp.
Summit Hotel Properties Inc.
Rexford Industrial Realty Inc.
WisdomTree Investments Inc.
PennyMac Mortgage Investment Trust
S&T Bancorp Inc.
Northwest Bancshares Inc.
Apollo Commercial Real Estate Finance Inc.
ServisFirst Bancshares Inc.
Navigators Group Inc.
TFS Financial Corp.
HFF Inc. Class A
Capstead Mortgage Corp.
Boston Private Financial Holdings Inc.
National General Holdings Corp.
Terreno Realty Corp.
Kearny Financial Corp.
Artisan Partners Asset Management Inc. Class A
Berkshire Hills Bancorp Inc.
NRG Yield Inc. Class A
19
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
24,581
55,524
47,418
21,792
84,956
35,233
38,217
45,505
17,865
102,484
23,458
16,997
60,881
65,017
21,024
57,656
38,538
29,325
19,886
50,138
47,590
44,637
10,732
16,338
12,291
106,895
39,898
13,509
30,016
114,108
19,679
26,161
16,108
18,337
42,099
1,706
32,496
52,566
22,991
21,705
31,476
22,966
14,600
36,558
25,622
23,366
19,424
31,582
7,431
42,330
18,845
6,276
31,385
15,125
36,875
14,817
121,510
80,755
41,116
2,004
20,735
9,308
12,945
21,177
880
877
872
855
832
830
829
826
823
821
819
816
807
804
792
791
791
788
787
787
780
779
778
774
766
762
758
757
756
754
744
743
742
733
730
728
723
720
717
712
708
707
701
694
690
687
687
679
653
649
648
646
645
644
641
633
628
627
627
623
623
620
608
607
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
^
*
Customers Bancorp Inc.
NRG Yield Inc.
Beneficial Bancorp Inc.
Capital Bank Financial Corp.
New Senior Investment Group Inc.
Green Dot Corp. Class A
ARMOUR Residential REIT Inc.
United Financial Bancorp Inc.
Agree Realty Corp.
FelCor Lodging Trust Inc.
Hanmi Financial Corp.
Heartland Financial USA Inc.
KCG Holdings Inc. Class A
iStar Inc.
Southside Bancshares Inc.
Ladder Capital Corp. Class A
Four Corners Property Trust Inc.
State Bank Financial Corp.
Employers Holdings Inc.
MTGE Investment Corp.
Brookline Bancorp Inc.
Maiden Holdings Ltd.
Piper Jaffray Cos.
Lakeland Financial Corp.
AMERISAFE Inc.
Investors Real Estate Trust
St. Joe Co.
RE/MAX Holdings Inc. Class A
CenterState Banks Inc.
First BanCorp
Black Knight Financial Services Inc. Class A
Universal Insurance Holdings Inc.
Stewart Information Services Corp.
Sandy Spring Bancorp Inc.
Banc of California Inc.
Alexander's Inc.
Parkway Inc.
FNFV Group
Walker & Dunlop Inc.
Cardinal Financial Corp.
Ambac Financial Group Inc.
First Busey Corp.
Athene Holding Ltd. Class A
Hannon Armstrong Sustainable Infrastructure Capital Inc.
Flagstar Bancorp Inc.
Flushing Financial Corp.
Pacific Premier Bancorp Inc.
Hersha Hospitality Trust Class A
Infinity Property & Casualty Corp.
CareTrust REIT Inc.
MainSource Financial Group Inc.
Meta Financial Group Inc.
Chatham Lodging Trust
First Interstate BancSystem Inc. Class A
Tier REIT Inc.
Seritage Growth Properties Class A
Anworth Mortgage Asset Corp.
Ashford Hospitality Trust Inc.
Monmouth Real Estate Investment Corp.
National Western Life Group Inc. Class A
OceanFirst Financial Corp.
Saul Centers Inc.
Stock Yards Bancorp Inc.
Encore Capital Group Inc.
20
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
5,965
30,008
31,918
39,965
54,314
26,959
8,753
89,300
29,510
30,132
18,571
22,576
13,618
52,800
89,229
28,569
14,401
4,779
19,753
17,383
19,456
15,491
9,560
17,240
46,083
49,900
12,506
23,027
8,369
10,618
26,214
10,390
7,857
28,600
9,732
29,792
26,688
22,685
55,927
56,157
37,200
6,229
44,938
17,155
8,604
27,199
19,619
10,417
13,571
13,459
12,019
18,764
2,134
10,700
27,700
10,402
24,010
31,395
42,800
11,286
14,529
12,478
25,839
13,400
605
603
598
596
596
595
592
589
589
588
587
586
586
583
583
572
570
564
564
554
545
539
536
533
532
531
527
525
522
522
517
515
515
512
512
511
504
500
499
491
487
487
479
475
470
465
464
463
460
460
453
452
449
445
442
435
434
431
431
428
421
419
415
403
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
LendingTree Inc.
Dime Community Bancshares Inc.
Oritani Financial Corp.
Preferred Apartment Communities Inc. Class A
First Potomac Realty Trust
National Storage Affiliates Trust
City Holding Co.
New York Mortgage Trust Inc.
Northfield Bancorp Inc.
Lakeland Bancorp Inc.
HomeStreet Inc.
ConnectOne Bancorp Inc.
Enterprise Financial Services Corp.
Altisource Residential Corp.
Cedar Realty Trust Inc.
Easterly Government Properties Inc.
INTL. FCStone Inc.
Virtus Investment Partners Inc.
First of Long Island Corp.
National Bank Holdings Corp. Class A
Horizon Bancorp
First Hawaiian Inc.
Washington Trust Bancorp Inc.
Univest Corp. of Pennsylvania
Third Point Reinsurance Ltd.
NMI Holdings Inc. Class A
Bryn Mawr Bank Corp.
Greenlight Capital Re Ltd. Class A
Independent Bank Group Inc.
United Fire Group Inc.
Investment Technology Group Inc.
Community Trust Bancorp Inc.
Universal Health Realty Income Trust
InfraREIT Inc.
German American Bancorp Inc.
Silver Bay Realty Trust Corp.
Meridian Bancorp Inc.
Seacoast Banking Corp. of Florida
Independence Realty Trust Inc.
TrustCo Bank Corp. NY
OFG Bancorp
FBL Financial Group Inc. Class A
EZCORP Inc. Class A
Greenhill & Co. Inc.
Great Southern Bancorp Inc.
AG Mortgage Investment Trust Inc.
Fidelity Southern Corp.
Camden National Corp.
Moelis & Co. Class A
TriCo Bancshares
Mercantile Bank Corp.
Urstadt Biddle Properties Inc. Class A
Diamond Hill Investment Group Inc.
James River Group Holdings Ltd.
Virtu Financial Inc. Class A
Franklin Financial Network Inc.
Nationstar Mortgage Holdings Inc.
Ares Commercial Real Estate Corp.
Western Asset Mortgage Capital Corp.
Bridge Bancorp Inc.
Southwest Bancorp Inc.
Cohen & Steers Inc.
OneBeacon Insurance Group Ltd. Class A
Opus Bank
21
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
74,400
41,362
15,175
9,005
24,494
35,438
55,517
6,611
20,100
28,000
9,337
11,714
4,920
21,315
23,140
3,846
13,101
9,829
10,757
6,606
12,950
6,712
11,246
15,066
21,986
11,941
28,950
95,092
31,923
8,582
22,600
11,780
7,700
26,945
12,389
19,680
5,576
39,133
21,010
24,360
22,835
34,325
7,609
8,307
16,850
31,306
12,557
10,486
10,289
18,700
18,254
9,900
169,546
10,322
18,800
9,100
8,200
102,733
7,971
7,436
9,395
12,198
3,495
9,698
401
391
391
386
384
382
379
379
377
372
369
365
363
360
359
358
356
352
349
349
346
341
339
337
326
320
320
320
313
310
308
305
304
303
300
298
292
292
288
288
287
286
286
284
281
280
278
276
274
269
266
266
263
262
261
259
252
251
246
246
246
245
244
244
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
2
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Ocwen Financial Corp.
Bank Mutual Corp.
Heritage Financial Corp.
Suffolk Bancorp
Heritage Insurance Holdings Inc.
Park Sterling Corp.
Dynex Capital Inc.
Federal Agricultural Mortgage Corp.
Blue Hills Bancorp Inc.
Forestar Group Inc.
Republic Bancorp Inc.
Houlihan Lokey Inc.
Safety Insurance Group Inc.
CoBiz Financial Inc.
Cowen Group Inc. Class A
BancFirst Corp.
First Bancorp
CU Bancorp
Peoples Bancorp Inc.
First Financial Corp.
Marcus & Millichap Inc.
First Defiance Financial Corp.
First Community Bancshares Inc.
NexPoint Residential Trust Inc.
Arlington Asset Investment Corp. Class A
State Auto Financial Corp.
Old Second Bancorp Inc.
RAIT Financial Trust
Citizens Inc. Class A
Allegiance Bancshares Inc.
Ashford Hospitality Prime Inc.
HomeTrust Bancshares Inc.
HCI Group Inc.
CatchMark Timber Trust Inc. Class A
Guaranty Bancorp
PICO Holdings Inc.
Preferred Bank
Arbor Realty Trust Inc.
Bluerock Residential Growth REIT Inc. Class A
MoneyGram International Inc.
Enova International Inc.
Resource Capital Corp.
Enterprise Bancorp Inc.
Financial Institutions Inc.
PennyMac Financial Services Inc. Class A
United Community Financial Corp.
TriState Capital Holdings Inc.
Regional Management Corp.
Altisource Portfolio Solutions SA
Whitestone REIT
Armada Hoffler Properties Inc.
People's Utah Bancorp
WMIH Corp.
Tejon Ranch Co.
State National Cos. Inc.
First Foundation Inc.
Carolina Financial Corp.
Ladenburg Thalmann Financial Services Inc.
Peapack Gladstone Financial Corp.
First Bancorp Inc.
Triumph Bancorp Inc.
Gladstone Commercial Corp.
Bank of Marin Bancorp
One Liberty Properties Inc.
22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
5,396
17,815
10,100
8,629
14,900
9,152
9,800
6,621
20,500
33,658
3,430
6,205
23,231
8,016
13,700
3,373
5,318
25,430
6,054
23,859
12,894
6,397
4,672
12,328
12,856
3,941
9,936
4,932
14,150
4,900
11,543
8,354
9,200
3,263
15,748
4,828
9,560
28,500
13,758
24,886
6,440
14,741
4,113
35,023
6,000
3,808
8,694
12,039
3,644
3,301
6,920
2,900
5,800
5,807
40,726
7,735
5,320
4,366
31,512
21,370
7,746
4,000
12,230
4,902
241
240
239
231
226
226
226
225
222
221
220
216
215
210
206
202
200
200
200
199
199
198
195
195
195
192
189
188
186
182
181
181
178
177
176
174
173
170
170
169
167
167
167
166
165
160
160
160
158
157
155
155
155
154
153
153
150
148
146
145
145
145
142
142
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
1st Source Corp.
Safeguard Scientifics Inc.
Fidelity & Guaranty Life
CNB Financial Corp.
Green Bancorp Inc.
West Bancorporation Inc.
Community Healthcare Trust Inc.
Kinsale Capital Group Inc.
Orchid Island Capital Inc.
GAIN Capital Holdings Inc.
World Acceptance Corp.
CorEnergy Infrastructure Trust Inc.
NewStar Financial Inc.
Citizens & Northern Corp.
UMH Properties Inc.
Westwood Holdings Group Inc.
MidWestOne Financial Group Inc.
Bancorp Inc.
Ames National Corp.
Republic First Bancorp Inc.
SI Financial Group Inc.
PJT Partners Inc.
Stonegate Bank
AV Homes Inc.
United Insurance Holdings Corp.
Peoples Financial Services Corp.
Atlantic Capital Bancshares Inc.
Global Indemnity Ltd.
City Office REIT Inc.
National Commerce Corp.
ESSA Bancorp Inc.
Independent Bank Corp.
HarborOne Bancorp Inc.
Merchants Bancshares Inc.
Farmland Partners Inc.
Southern First Bancshares Inc.
Atlas Financial Holdings Inc.
Stonegate Mortgage Corp.
Heritage Oaks Bancorp
Atlantic Coast Financial Corp.
Sun Bancorp Inc.
MBT Financial Corp.
Arrow Financial Corp.
Walter Investment Management Corp.
First Bancshares Inc.
Farmers Capital Bank Corp.
Waterstone Financial Inc.
Great Ajax Corp.
National Bankshares Inc.
Nicolet Bankshares Inc.
Orrstown Financial Services Inc.
Consolidated-Tomoka Land Co.
Veritex Holdings Inc.
Sierra Bancorp
Drive Shack Inc.
First Financial Northwest Inc.
Xenith Bankshares Inc.
First Mid-Illinois Bancshares Inc.
On Deck Capital Inc.
Sotherly Hotels Inc.
Federated National Holding Co.
Midland States Bancorp Inc.
Hallmark Financial Services Inc.
BSB Bancorp Inc.
23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
6,412
4,388
5,764
16,888
9,700
18,500
3,570
3,900
13,768
6,402
2,951
2,107
6,320
3,935
25,250
9,567
2,387
16,500
4,773
610
5,700
6,580
3,601
6,917
15,067
6,100
12,214
3,239
13,696
4,875
11,976
3,226
4,900
4,514
5,193
4,669
9,700
6,522
4,937
4,080
25,974
2,022
5,917
53,200
2,711
5,858
3,700
1,595
5,633
2,300
12,203
4,038
1,200
1,513
2,382
2,374
15,460
15,600
12,245
2,977
3,400
4,115
78,953
2,088
140
139
138
137
136
135
135
131
129
129
128
126
126
126
126
124
121
120
120
120
120
120
118
117
114
113
113
113
109
108
107
107
107
106
106
106
103
102
100
97
96
96
94
90
85
85
81
80
76
75
75
75
73
72
71
66
64
64
63
62
61
55
54
53
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
2
^
*
*
*
Pacific Continental Corp.
Northrim BanCorp Inc.
Old Line Bancshares Inc.
Cascade Bancorp
Impac Mortgage Holdings Inc.
First NBC Bank Holding Co.
FRP Holdings Inc.
Equity Bancshares Inc. Class A
Western New England Bancorp Inc.
Premier Financial Bancorp Inc.
QCR Holdings Inc.
Century Bancorp Inc. Class A
Central Valley Community Bancorp
First Internet Bancorp
Five Oaks Investment Corp.
FBR & Co.
Penns Woods Bancorp Inc.
Pacific Mercantile Bancorp
Baldwin & Lyons Inc.
Hingham Institution for Savings
Jernigan Capital Inc.
Cherry Hill Mortgage Investment Corp.
Associated Capital Group Inc. Class A
Clifton Bancorp Inc.
Manning & Napier Inc.
Oppenheimer Holdings Inc. Class A
Trinity Place Holdings Inc.
American National Bankshares Inc.
American Farmland Co.
Reis Inc.
Global Medical REIT Inc.
MutualFirst Financial Inc.
Commerce Union Bancshares Inc.
Lake Sunapee Bank Group
Capital City Bank Group Inc.
First Connecticut Bancorp Inc.
eHealth Inc.
Coastway Bancorp Inc.
Provident Financial Holdings Inc.
First Business Financial Services Inc.
AmeriServ Financial Inc.
Bar Harbor Bankshares
First United Corp.
Wheeler REIT Inc.
Central Pacific Financial Corp.
Heritage Commerce Corp.
United Bancshares Inc.
C&F Financial Corp.
United Bancorp Inc.
Stratus Properties Inc.
Tiptree Financial Inc. Class A
Owens Realty Mortgage Inc.
Federal Agricultural Mortgage Corp. Class A
First Savings Financial Group Inc.
EMC Insurance Group Inc.
Access National Corp.
CPI Card Group Inc.
Atlantic American Corp.
Consumer Portfolio Services Inc.
Marlin Business Services Corp.
Health Insurance Innovations Inc. Class A
HopFed Bancorp Inc.
RMG Networks Holding Corp.
Getty Realty Corp.
24
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
3,400
3,207
3,800
1,500
3,241
3,351
1,973
2,500
4,546
2,900
2,661
3,563
3,288
600
669
1,800
1,967
1,521
1,400
1,104
1,800
1,432
1,600
1,033
6,364
1,800
1,083
700
2,900
985
1,499
500
1,500
1,500
8,936
400
422
964
400
400
600
134
84
100
12
104
77
900
1,100
800
1,900
200
100
9
9,500
1,400
3,200
52
48
48
48
44
44
40
39
39
38
36
35
34
32
30
29
29
25
23
22
20
19
16
16
15
14
13
13
12
12
11
11
11
10
9
7
7
6
6
4
3
3
2
2
2
2
2
2
2
1
1
1
1
—
—
—
—
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Shore Bancshares Inc.
American River Bankshares
CardConnect Corp.
Hennessy Advisors Inc.
MidSouth Bancorp Inc.
Northeast Bancorp
Parke Bancorp Inc.
Unity Bancorp Inc.
Calamos Asset Management Inc. Class A
Ellington Residential Mortgage REIT
Sutherland Asset Management Corp.
Asta Funding Inc.
Eastern Virginia Bankshares Inc.
Altisource Asset Management Corp.
Ashford Inc.
Southern National Bancorp of Virginia Inc.
BankFinancial Corp.
Charter Financial Corp.
United Community Bancorp
SmartFinancial Inc.
Gladstone Land Corp.
Silvercrest Asset Management Group Inc. Class A
Bear State Financial Inc.
California First National Bancorp
Performant Financial Corp.
1347 Property Insurance Holdings Inc.
UCP Inc.
Citizens First Corp.
Intersections Inc.
First Community Financial Partners Inc.
Maui Land & Pineapple Co. Inc.
Malvern Bancorp Inc.
FXCM Inc. Class A
Fifth Street Asset Management Inc.
First Acceptance Corp.
Investar Holding Corp.
Donegal Group Inc. Class A
Security National Financial Corp. Class A
WVS Financial Corp.
Medley Management Inc. Class A
ITUS Corp.
1st Constitution Bancorp
Carolina Bank Holdings Inc.
Entegra Financial Corp.
Investors Title Co.
Sunshine Bancorp Inc.
Centrue Financial Corp.
Jason Industries Inc.
ZAIS Group Holdings Inc.
Connecture Inc.
Ambit Biosciences Corp. CVR Rights
American Realty Investors Inc.
Conifer Holdings Inc.
Landmark Bancorp Inc.
Clinical Data Contingent Value Rights
Allen Organ Co. Escrow Shares
ClearSign Combustion Corp Rights Expire 1/13/2017
3,782,508
Health Care (7.4%)
Johnson & Johnson
Pfizer Inc.
Merck & Co. Inc.
UnitedHealth Group Inc.
Amgen Inc.
2,142,573
4,762,361
2,165,907
744,656
583,589
25
246,846
154,681
127,507
119,175
85,327
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
1,271,598
1,091,776
1,306,933
1,029,570
605,932
781,846
266,868
170,714
1,161,798
310,742
274,647
490,602
207,080
235,138
167,619
200,833
116,616
1,070,513
60,805
392,992
166,833
30,207
247,794
224,053
383,251
166,956
149,938
114,941
195,321
58,070
125,123
183,231
127,529
80,811
107,387
63,785
109,857
218,437
129,706
69,870
60,466
105,954
71,259
127,839
109,529
37,859
119,029
71,899
93,163
153,182
34,527
55,179
47,161
73,484
33,986
56,402
34,046
95,589
66,929
86,081
76,574
29,598
63,353
30,161
79,627
77,767
76,377
73,727
70,137
57,505
56,045
48,411
44,625
43,846
34,059
33,748
29,772
28,172
27,749
26,789
23,793
23,155
22,321
21,037
20,412
19,156
18,342
17,967
16,993
15,644
15,474
14,717
14,389
13,046
12,546
10,578
10,564
10,374
9,869
9,677
9,143
8,764
8,327
8,194
8,126
8,058
7,581
7,224
6,796
6,623
6,616
6,455
5,896
5,844
5,564
5,304
5,142
4,898
4,875
4,785
4,667
4,572
4,510
4,289
4,041
3,980
3,782
3,399
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
AbbVie Inc.
Medtronic plc
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Celgene Corp.
Eli Lilly & Co.
Allergan plc
Biogen Inc.
Abbott Laboratories
Thermo Fisher Scientific Inc.
Aetna Inc.
Express Scripts Holding Co.
Anthem Inc.
Stryker Corp.
Becton Dickinson and Co.
Cigna Corp.
Humana Inc.
Boston Scientific Corp.
Regeneron Pharmaceuticals Inc.
Zoetis Inc.
Alexion Pharmaceuticals Inc.
Intuitive Surgical Inc.
HCA Holdings Inc.
St. Jude Medical Inc.
Baxter International Inc.
Edwards Lifesciences Corp.
Zimmer Biomet Holdings Inc.
Illumina Inc.
Vertex Pharmaceuticals Inc.
CR Bard Inc.
Incyte Corp.
Dentsply Sirona Inc.
BioMarin Pharmaceutical Inc.
Laboratory Corp. of America Holdings
Quest Diagnostics Inc.
Henry Schein Inc.
Perrigo Co. plc
Hologic Inc.
DaVita Inc.
IDEXX Laboratories Inc.
Waters Corp.
Quintiles IMS Holdings Inc.
Universal Health Services Inc. Class B
Centene Corp.
ResMed Inc.
Cooper Cos. Inc.
Alkermes plc
Varian Medical Systems Inc.
Envision Healthcare Corp.
Mylan NV
Teleflex Inc.
Align Technology Inc.
Jazz Pharmaceuticals plc
MEDNAX Inc.
United Therapeutics Corp.
West Pharmaceutical Services Inc.
WellCare Health Plans Inc.
Ionis Pharmaceuticals Inc.
STERIS plc
Mallinckrodt plc
Seattle Genetics Inc.
TESARO Inc.
DexCom Inc.
ABIOMED Inc.
26
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
28,882
108,857
15,943
36,915
41,664
66,095
69,304
69,652
163,268
64,729
39,076
174,480
49,586
45,449
260,243
53,239
76,078
58,165
31,833
53,625
39,465
126,368
28,792
23,062
57,921
31,810
34,553
58,979
24,705
84,517
152,269
34,534
28,282
31,634
81,884
136,393
44,848
11,206
65,917
74,539
45,065
126,903
38,202
96,316
14,301
18,946
31,592
12,700
37,063
53,739
50,272
19,500
24,342
68,186
27,800
16,645
91,155
62,860
26,500
127,460
83,666
29,100
39,679
26,079
2,970
2,935
2,906
2,813
2,738
2,712
2,701
2,696
2,689
2,669
2,632
2,601
2,583
2,551
2,420
2,313
2,194
2,178
2,146
2,100
2,076
2,045
2,024
1,978
1,966
1,963
1,963
1,952
1,945
1,942
1,891
1,874
1,867
1,744
1,734
1,697
1,690
1,651
1,650
1,627
1,590
1,557
1,536
1,473
1,453
1,426
1,417
1,380
1,371
1,333
1,318
1,244
1,243
1,238
1,210
1,209
1,208
1,185
1,177
1,120
1,118
1,107
1,088
1,088
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
Bio-Techne Corp.
Catalent Inc.
Bio-Rad Laboratories Inc. Class A
Charles River Laboratories International Inc.
PAREXEL International Corp.
Patterson Cos. Inc.
Alere Inc.
Neurocrine Biosciences Inc.
Endo International plc
HealthSouth Corp.
NuVasive Inc.
Exelixis Inc.
Prestige Brands Holdings Inc.
Hill-Rom Holdings Inc.
OPKO Health Inc.
Team Health Holdings Inc.
ACADIA Pharmaceuticals Inc.
Alnylam Pharmaceuticals Inc.
Masimo Corp.
Healthcare Services Group Inc.
INC Research Holdings Inc. Class A
Horizon Pharma plc
Ultragenyx Pharmaceutical Inc.
Integra LifeSciences Holdings Corp.
Medicines Co.
Bluebird Bio Inc.
LifePoint Health Inc.
Acadia Healthcare Co. Inc.
Cantel Medical Corp.
Wright Medical Group NV
Brookdale Senior Living Inc.
Molina Healthcare Inc.
Neogen Corp.
PRA Health Sciences Inc.
Bruker Corp.
ARIAD Pharmaceuticals Inc.
Insulet Corp.
ICU Medical Inc.
VWR Corp.
Akorn Inc.
Owens & Minor Inc.
Nektar Therapeutics Class A
Haemonetics Corp.
Ironwood Pharmaceuticals Inc. Class A
Ligand Pharmaceuticals Inc.
Magellan Health Inc.
Kite Pharma Inc.
Intercept Pharmaceuticals Inc.
Halyard Health Inc.
Globus Medical Inc.
NxStage Medical Inc.
Penumbra Inc.
Sage Therapeutics Inc.
HMS Holdings Corp.
Zeltiq Aesthetics Inc.
Nevro Corp.
Select Medical Holdings Corp.
Juno Therapeutics Inc.
Clovis Oncology Inc.
Array BioPharma Inc.
Exact Sciences Corp.
Radius Health Inc.
Sarepta Therapeutics Inc.
Agios Pharmaceuticals Inc.
27
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
16,109
22,969
21,000
32,821
40,674
41,757
31,353
23,114
54,274
25,700
63,859
26,859
55,482
26,611
27,303
17,901
90,218
41,602
28,954
16,612
24,831
65,207
19,509
38,640
38,100
26,835
31,728
18,158
77,213
39,362
141,259
132,700
25,766
9,555
52,300
29,602
40,091
24,343
29,826
54,938
75,811
28,073
30,512
33,036
10,727
23,476
22,870
74,109
24,729
29,542
111,869
18,935
11,633
26,967
29,645
48,479
14,470
93,387
70,798
25,037
10,700
21,033
8,269
10,221
1,082
1,063
1,052
1,046
1,027
1,015
1,013
985
978
973
948
935
925
902
897
893
891
890
878
877
864
864
862
858
855
855
841
828
826
819
815
808
794
793
787
779
754
747
731
727
672
619
617
608
602
590
584
582
563
559
556
533
532
528
525
524
523
522
514
512
511
509
501
500
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*,^
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Inogen Inc.
Surgical Care Affiliates Inc.
Five Prime Therapeutics Inc.
Theravance Biopharma Inc.
Supernus Pharmaceuticals Inc.
Intrexon Corp.
Pacira Pharmaceuticals Inc.
Amedisys Inc.
Depomed Inc.
Aerie Pharmaceuticals Inc.
Tenet Healthcare Corp.
AMAG Pharmaceuticals Inc.
Myriad Genetics Inc.
Omnicell Inc.
Emergent BioSolutions Inc.
Spark Therapeutics Inc.
Halozyme Therapeutics Inc.
FibroGen Inc.
Dermira Inc.
Abaxis Inc.
Natus Medical Inc.
Impax Laboratories Inc.
CONMED Corp.
Ensign Group Inc.
Portola Pharmaceuticals Inc.
Air Methods Corp.
Merit Medical Systems Inc.
Cynosure Inc. Class A
Innoviva Inc.
Alder Biopharmaceuticals Inc.
TherapeuticsMD Inc.
Synergy Pharmaceuticals Inc.
Repligen Corp.
Analogic Corp.
Momenta Pharmaceuticals Inc.
Xencor Inc.
Acorda Therapeutics Inc.
Puma Biotechnology Inc.
Spectranetics Corp.
Insmed Inc.
MiMedx Group Inc.
Lannett Co. Inc.
Luminex Corp.
Amphastar Pharmaceuticals Inc.
Vascular Solutions Inc.
PharMerica Corp.
Acceleron Pharma Inc.
Kindred Healthcare Inc.
Healthways Inc.
Retrophin Inc.
Amicus Therapeutics Inc.
Coherus Biosciences Inc.
LHC Group Inc.
AtriCure Inc.
Meridian Bioscience Inc.
SciClone Pharmaceuticals Inc.
Orthofix International NV
Community Health Systems Inc.
Corcept Therapeutics Inc.
MacroGenics Inc.
Avexis Inc.
Cardiovascular Systems Inc.
ANI Pharmaceuticals Inc.
Anika Therapeutics Inc.
28
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
57,826
17,800
6,270
19,723
90,393
31,825
934
29,107
23,566
32,614
20,812
51,749
21,300
21,120
16,052
20,928
34,376
22,217
20,417
5,700
12,174
69,516
11,551
17,700
32,600
59,503
95,989
24,900
92,603
12,975
22,580
20,000
29,000
23,380
84,520
27,107
4,771
51,999
29,075
55,423
34,863
17,367
39,271
26,000
4,806
19,886
32,828
40,818
45,910
7,164
21,460
16,373
18,700
22,746
27,000
83,210
14,346
49,939
231,600
140,600
8,957
201,701
62,149
134,400
500
499
497
494
484
480
474
464
451
451
446
443
441
438
436
433
421
417
409
408
408
398
396
396
394
393
392
383
382
381
381
380
378
375
368
367
362
361
353
351
346
346
345
341
337
328
327
320
319
316
305
304
297
296
295
295
293
293
292
291
288
286
286
285
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*,^
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*,^
*,^
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*,^
*
*
*
Progenics Pharmaceuticals Inc.
Blueprint Medicines Corp.
Eagle Pharmaceuticals Inc.
HealthStream Inc.
ZIOPHARM Oncology Inc.
Intra-Cellular Therapies Inc. Class A
Atrion Corp.
Vanda Pharmaceuticals Inc.
CryoLife Inc.
Lexicon Pharmaceuticals Inc.
Quidel Corp.
NeoGenomics Inc.
Revance Therapeutics Inc.
Accelerate Diagnostics Inc.
Aclaris Therapeutics Inc.
Triple-S Management Corp. Class B
GenMark Diagnostics Inc.
Albany Molecular Research Inc.
K2M Group Holdings Inc.
Heska Corp.
Enanta Pharmaceuticals Inc.
Endologix Inc.
Glaukos Corp.
BioTelemetry Inc.
Epizyme Inc.
Teligent Inc.
Merrimack Pharmaceuticals Inc.
Paratek Pharmaceuticals Inc.
Achillion Pharmaceuticals Inc.
Genomic Health Inc.
AngioDynamics Inc.
Flexion Therapeutics Inc.
Invacare Corp.
Capital Senior Living Corp.
Cerus Corp.
Sucampo Pharmaceuticals Inc. Class A
National HealthCare Corp.
Inovio Pharmaceuticals Inc.
Zogenix Inc.
BioCryst Pharmaceuticals Inc.
Omeros Corp.
Civitas Solutions Inc.
OraSure Technologies Inc.
Heron Therapeutics Inc.
US Physical Therapy Inc.
Teladoc Inc.
Universal American Corp.
Novocure Ltd.
Lion Biotechnologies Inc.
Almost Family Inc.
Ardelyx Inc.
REGENXBIO Inc.
Otonomy Inc.
Achaogen Inc.
PTC Therapeutics Inc.
Celldex Therapeutics Inc.
Aimmune Therapeutics Inc.
Keryx Biopharmaceuticals Inc.
Novavax Inc.
Geron Corp.
Loxo Oncology Inc.
Arena Pharmaceuticals Inc.
Accuray Inc.
PDL BioPharma Inc.
29
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
11,200
18,140
91,411
7,554
10,580
37,400
18,516
22,000
40,599
21,900
23,178
19,028
15,800
109,944
16,097
66,498
56,800
17,586
61,500
59,500
72,222
41,311
16,133
20,500
22,912
18,100
6,400
19,800
27,092
21,070
111,687
31,051
21,309
6,320
69,687
12,513
25,800
29,379
22,042
11,526
30,936
27,700
130,900
53,187
42,146
26,400
38,947
12,100
8,760
19,700
22,713
14,300
73,761
19,288
22,400
13,585
46,244
7,479
260,700
6,075
9,465
17,300
21,403
12,400
284
282
282
276
269
269
268
267
266
265
264
259
256
256
255
253
252
250
248
245
245
243
240
240
236
234
233
233
229
229
228
226
222
221
213
211
209
204
203
202
200
198
196
195
194
192
191
189
186
185
180
179
176
175
171
170
167
167
166
166
164
161
158
158
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*,^
*
*,^
*,^
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*
*
*,^
*
*
*
*,^
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
LeMaitre Vascular Inc.
Collegium Pharmaceutical Inc.
Curis Inc.
CorVel Corp.
Surmodics Inc.
Aratana Therapeutics Inc.
Global Blood Therapeutics Inc.
Cytokinetics Inc.
Rockwell Medical Inc.
Intersect ENT Inc.
Aduro Biotech Inc.
Bellicum Pharmaceuticals Inc.
Editas Medicine Inc.
Antares Pharma Inc.
Surgery Partners Inc.
Pacific Biosciences of California Inc.
Spectrum Pharmaceuticals Inc.
Atara Biotherapeutics Inc.
Tetraphase Pharmaceuticals Inc.
Agenus Inc.
Organovo Holdings Inc.
Trevena Inc.
Versartis Inc.
Natera Inc.
NewLink Genetics Corp.
MyoKardia Inc.
CoLucid Pharmaceuticals Inc.
Minerva Neurosciences Inc.
Corbus Pharmaceuticals Holdings Inc.
STAAR Surgical Co.
ImmunoGen Inc.
Fluidigm Corp.
Akebia Therapeutics Inc.
Addus HomeCare Corp.
Sangamo BioSciences Inc.
Adamas Pharmaceuticals Inc.
ConforMIS Inc.
Enzo Biochem Inc.
Insys Therapeutics Inc.
La Jolla Pharmaceutical Co.
RadNet Inc.
Advaxis Inc.
Idera Pharmaceuticals Inc.
Immunomedics Inc.
Chimerix Inc.
Quorum Health Corp.
Sorrento Therapeutics Inc.
Zynerba Pharmaceuticals Inc.
American Renal Associates Holdings Inc.
Karyopharm Therapeutics Inc.
Invitae Corp.
Esperion Therapeutics Inc.
Rigel Pharmaceuticals Inc.
Pfenex Inc.
Egalet Corp.
Edge Therapeutics Inc.
BioTime Inc.
NanoString Technologies Inc.
MannKind Corp.
Exactech Inc.
Cutera Inc.
Cara Therapeutics Inc.
ChemoCentryx Inc.
Voyager Therapeutics Inc.
30
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
15,700
16,800
8,473
111,845
18,184
12,498
13,568
29,500
12,398
17,102
24,115
15,120
26,152
10,200
31,250
6,496
14,300
26,916
20,200
12,800
89,476
22,600
22,500
25,293
60,658
76,772
32,300
25,900
32,500
40,026
31,405
19,572
8,245
9,800
35,791
1,792
16,100
11,400
12,399
6,700
4,900
148,802
34,496
8,825
6,200
16,400
14,960
81,000
72,900
10,400
20,054
1,130
13,500
36,400
29,180
35,385
13,976
20,173
46,244
12,124
39,500
2,755
30,200
9,100
155
151
150
150
141
137
137
137
133
132
128
127
126
124
123
123
123
119
116
114
113
110
107
106
106
104
103
103
102
102
102
101
101
101
100
100
98
97
95
94
94
93
93
92
89
86
85
84
84
84
83
82
81
78
76
74
73
72
72
71
69
68
68
66
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*,^
*
*
*,^
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*
*
*
*
*
Seres Therapeutics Inc.
AxoGen Inc.
Foundation Medicine Inc.
Durect Corp.
Veracyte Inc.
CytomX Therapeutics Inc.
XBiotech Inc.
TG Therapeutics Inc.
Stemline Therapeutics Inc.
OncoMed Pharmaceuticals Inc.
Ignyta Inc.
Ocular Therapeutix Inc.
Ophthotech Corp.
Assembly Biosciences Inc.
Dynavax Technologies Corp.
Entellus Medical Inc.
Lantheus Holdings Inc.
Aralez Pharmaceuticals Inc.
NantKwest Inc.
Clearside Biomedical Inc.
ArQule Inc.
Abeona Therapeutics Inc.
Mirati Therapeutics Inc.
InVivo Therapeutics Holdings Corp.
BioDelivery Sciences International Inc.
Bio-Path Holdings Inc.
SCYNEXIS Inc.
Anavex Life Sciences Corp.
Adamis Pharmaceuticals Corp.
Endocyte Inc.
RTI Surgical Inc.
Aevi Genomic Medicine Inc.
Proteostasis Therapeutics Inc.
Concert Pharmaceuticals Inc.
Cempra Inc.
BioSpecifics Technologies Corp.
Inotek Pharmaceuticals Corp.
Sientra Inc.
Adeptus Health Inc. Class A
IRIDEX Corp.
FONAR Corp.
Navidea Biopharmaceuticals Inc.
Fortress Biotech Inc.
Cidara Therapeutics Inc.
Corvus Pharmaceuticals Inc.
T2 Biosystems Inc.
Agile Therapeutics Inc.
BioScrip Inc.
VIVUS Inc.
Recro Pharma Inc.
Genocea Biosciences Inc.
Utah Medical Products Inc.
MediciNova Inc.
Tandem Diabetes Care Inc.
AcelRx Pharmaceuticals Inc.
Nobilis Health Corp.
Derma Sciences Inc.
Bovie Medical Corp.
Arrowhead Pharmaceuticals Inc.
Neos Therapeutics Inc.
ContraFect Corp.
Psychemedics Corp.
Regulus Therapeutics Inc.
AAC Holdings Inc.
31
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
3,600
5,000
61,000
10,900
29,620
5,600
112,100
31,000
50,300
6,300
13,541
13,400
54,227
19,300
80,300
12,929
9,300
14,581
33,680
10,437
9,069
9,200
9,063
56,800
9,032
64,604
31,600
44,600
17,200
7,087
5,808
5,954
14,385
12,607
14,884
9,200
14,100
31,860
16,400
24,301
2,620
12,520
7,706
15,451
8,640
59,283
25,446
24,313
21,730
10,825
60,300
13,300
71,319
1,037
87,515
3,778
2,118
8,876
7,624
4,500
3,382
10,145
5,203
12,800
66
66
65
63
62
62
61
60
60
59
58
58
57
57
56
55
55
54
52
51
51
50
50
50
50
49
48
48
48
48
47
47
46
46
45
42
42
42
41
40
39
39
38
38
35
34
34
34
33
31
31
31
28
28
27
27
25
24
24
24
23
23
23
22
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*,^
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Audentes Therapeutics Inc.
Intellia Therapeutics Inc.
NanoViricides Inc.
Invuity Inc.
Trovagene Inc.
iRadimed Corp.
AVEO Pharmaceuticals Inc.
Tenax Therapeutics Inc.
ContraVir Pharmaceuticals Inc.
Applied Genetic Technologies Corp.
Cascadian Therapeutics Inc.
Dimension Therapeutics Inc.
Catalyst Pharmaceuticals Inc.
KemPharm Inc.
Corindus Vascular Robotics Inc.
Genesis Healthcare Inc.
Kura Oncology Inc.
Avinger Inc.
CorMedix Inc.
Osiris Therapeutics Inc.
Juniper Pharmaceuticals Inc.
CytoSorbents Corp.
Cumberland Pharmaceuticals Inc.
Actinium Pharmaceuticals Inc.
Immune Design Corp.
Synthetic Biologics Inc.
OvaScience Inc.
Alimera Sciences Inc.
Sophiris Bio Inc.
Axsome Therapeutics Inc.
Daxor Corp.
SeaSpine Holdings Corp.
Zafgen Inc.
Sunesis Pharmaceuticals Inc.
Harvard Bioscience Inc.
Asterias Biotherapeutics Inc.
Vericel Corp.
Repros Therapeutics Inc.
Imprimis Pharmaceuticals Inc.
EyeGate Pharmaceuticals Inc.
Madrigal Pharmaceuticals Inc.
VBI Vaccines Inc.
Digirad Corp.
Aptevo Therapeutics Inc.
Titan Pharmaceuticals Inc.
IsoRay Inc.
Infinity Pharmaceuticals Inc.
Biolase Inc.
Athersys Inc.
Adverum Biotechnologies Inc.
Palatin Technologies Inc.
Unilife Corp.
iBio Inc.
Novan Inc.
Peregrine Pharmaceuticals Inc.
Oncocyte Corp.
Eiger BioPharmaceuticals Inc.
Five Star Quality Care Inc.
ViewRay Inc.
Conatus Pharmaceuticals Inc.
Chembio Diagnostics Inc.
Nivalis Therapeutics Inc.
Vital Therapies Inc.
Cymabay Therapeutics Inc.
32
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
11,000
31,200
7,800
6,723
9,700
12,700
4,204
2,300
750
9,260
5,850
860
11,147
2,699
47,133
4,700
2,457
706
8,500
2,876
1,896
4,300
2,200
60,200
10,800
14,300
19,400
252
8,500
6,900
3,700
19,046
3,400
5,675
653
1,870
4,800
9,400
2,068
7,100
500
4,900
2,300
27,600
6,000
435
800
3,100
3,600
1,200
890
600
3,200
1,100
200
600
400
700
1,607
1,000
500
300
800
2,200
21
20
20
19
19
19
18
16
16
16
15
15
15
14
13
13
13
13
12
12
12
11
11
11
11
10
10
9
9
8
8
7
7
7
6
6
6
6
6
6
5
5
5
4
4
4
4
3
3
3
3
3
3
3
2
2
2
2
1
1
1
1
1
1
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
Proteon Therapeutics Inc.
Anthera Pharmaceuticals Inc.
Fate Therapeutics Inc.
Dicerna Pharmaceuticals Inc.
Second Sight Medical Products Inc.
Ohr Pharmaceutical Inc.
Kindred Biosciences Inc.
Syndax Pharmaceuticals Inc.
Reata Pharmaceuticals Inc. Class A
Orexigen Therapeutics Inc.
InfuSystem Holdings Inc.
Selecta Biosciences Inc.
Wright Medical Group Inc. CVR Exp. 12/31/2049
Aldeyra Therapeutics Inc.
Neuralstem Inc.
Ritter Pharmaceuticals Inc.
ADMA Biologics Inc.
Albireo Pharma Inc.
MEI Pharma Inc.
Corium International Inc.
GlycoMimetics Inc.
Senseonics Holdings Inc.
Sonoma Pharmaceuticals Inc.
Immune Pharmaceuticals Inc.
Tokai Pharmaceuticals Inc.
Cerulean Pharma Inc.
OncoGenex Pharmaceuticals Inc.
Medpace Holdings Inc.
Marinus Pharmaceuticals Inc.
Aviragen Therapeutics Inc.
Ocera Therapeutics Inc.
CytRx Corp.
Evoke Pharma Inc.
CASI Pharmaceuticals Inc.
Alliance HealthCare Services Inc.
Alphatec Holdings Inc.
OncoSec Medical Inc.
Omthera Pharmaceuticals Inc. CVR
CareDx Inc.
Biocept Inc.
Misonix Inc.
Galectin Therapeutics Inc.
Cogentix Medical Inc.
Rexahn Pharmaceuticals Inc.
Amedica Corp.
Novelion Therapeutics Inc.
Aeglea BioTherapeutics Inc.
Verastem Inc.
Ampio Pharmaceuticals Inc.
Capricor Therapeutics Inc.
Presbia plc
Viveve Medical Inc.
Cerecor Inc.
Champions Oncology Inc.
Diversicare Healthcare Services Inc.
Caladrius Biosciences Inc.
Aethlon Medical Inc.
Onconova Therapeutics Inc.
Vermillion Inc.
Cytori Therapeutics Inc.
Oncobiologics Inc.
Tracon Pharmaceuticals Inc.
Mirna Therapeutics Inc.
Fibrocell Science Inc.
33
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
617
220
400
1,300
1,600
600
12,500
500
1,300
1,300
90
411
200
200
14,250
2,068
6,287
1
1
1
1
1
1
1
1
1
1
1
1
—
—
—
—
—
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
ImmunoCellular Therapeutics Ltd.
GTx Inc.
Joint Corp.
Hemispherx Biopharma Inc.
Xtant Medical Holdings Inc.
AdCare Health Systems Inc.
CEL-SCI Corp.
Histogenics Corp.
Alliqua BioMedical Inc.
TearLab Corp. Class A
Microbot Medical Inc.
Apricus Biosciences Inc.
Milestone Scientific Inc.
Arcadia Biosciences Inc.
Biosante Pharmaceutical Inc CVR
Basic Energy Services Warrants Expire 12/31/49
NuPathe Inc. CVR
2,246,240
Industrials (7.8%)
General Electric Co.
3M Co.
Boeing Co.
Honeywell International Inc.
Union Pacific Corp.
United Technologies Corp.
United Parcel Service Inc. Class B
Accenture plc Class A
Lockheed Martin Corp.
Caterpillar Inc.
Danaher Corp.
*
PayPal Holdings Inc.
General Dynamics Corp.
Automatic Data Processing Inc.
FedEx Corp.
Raytheon Co.
Northrop Grumman Corp.
Illinois Tool Works Inc.
Emerson Electric Co.
CSX Corp.
Norfolk Southern Corp.
Waste Management Inc.
Eaton Corp. plc
Deere & Co.
Johnson Controls International plc
Fidelity National Information Services Inc.
TE Connectivity Ltd.
*
Fiserv Inc.
Cummins Inc.
PACCAR Inc.
Amphenol Corp. Class A
Sherwin-Williams Co.
Paychex Inc.
Ingersoll-Rand plc
Parker-Hannifin Corp.
Roper Technologies Inc.
Rockwell Automation Inc.
Vulcan Materials Co.
Fortive Corp.
Agilent Technologies Inc.
Martin Marietta Materials Inc.
Waste Connections Inc.
Republic Services Inc. Class A
Fastenal Co.
WestRock Co.
6,989,620
474,668
463,141
596,518
649,088
612,478
539,870
487,350
195,457
458,303
488,957
898,336
204,570
340,617
187,405
232,438
140,235
249,692
509,174
739,199
230,537
350,014
359,393
233,580
537,249
257,967
280,379
172,988
131,494
274,753
241,525
58,423
254,698
203,016
105,297
79,940
102,674
105,819
243,878
256,579
50,321
137,077
188,267
226,196
198,665
34
220,872
84,761
72,102
69,107
67,297
67,140
61,891
57,083
48,853
42,503
38,060
35,457
35,321
35,009
34,895
33,006
32,616
30,577
28,386
26,559
24,914
24,819
24,112
24,068
22,129
19,513
19,425
18,385
17,971
17,557
16,230
15,701
15,506
15,234
14,742
14,635
13,799
13,243
13,079
11,690
11,148
10,773
10,741
10,627
10,086
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
40,321
69,341
119,162
103,473
195,049
40,436
122,417
186,989
269,246
55,502
121,300
19,847
34,979
109,830
106,498
64,920
32,521
139,958
123,292
129,415
84,797
132,119
66,829
154,569
138,692
36,571
68,831
156,660
130,875
74,022
93,169
699,897
196,673
57,186
101,472
110,835
110,851
122,286
68,071
98,806
50,181
60,913
135,350
34,096
100,727
72,713
67,275
56,803
43,119
78,043
104,897
103,193
134,555
25,811
53,985
96,459
57,464
95,479
54,142
86,338
80,168
74,347
122,235
39,189
10,038
9,813
9,672
9,598
9,472
9,391
9,173
9,088
8,514
8,442
8,419
8,307
8,075
8,046
7,995
7,502
7,431
7,412
7,351
7,256
7,195
7,063
7,056
7,008
6,868
6,736
6,681
6,660
6,417
6,279
6,177
6,110
5,930
5,925
5,921
5,827
5,822
5,790
5,651
5,632
5,534
5,408
5,272
5,222
5,193
5,184
5,183
5,116
5,032
4,995
4,994
4,958
4,921
4,865
4,798
4,705
4,695
4,653
4,645
4,503
4,485
4,475
4,444
4,391
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
TransDigm Group Inc.
FleetCor Technologies Inc.
Verisk Analytics Inc. Class A
Rockwell Collins Inc.
Textron Inc.
WW Grainger Inc.
Dover Corp.
AMETEK Inc.
Masco Corp.
L-3 Communications Holdings Inc.
Global Payments Inc.
Mettler-Toledo International Inc.
Acuity Brands Inc.
CH Robinson Worldwide Inc.
Ball Corp.
Cintas Corp.
Alliance Data Systems Corp.
Expeditors International of Washington Inc.
Vantiv Inc. Class A
Pentair plc
Kansas City Southern
Fortune Brands Home & Security Inc.
United Rentals Inc.
Sealed Air Corp.
Xylem Inc.
Huntington Ingalls Industries Inc.
JB Hunt Transport Services Inc.
HD Supply Holdings Inc.
Total System Services Inc.
Packaging Corp. of America
Broadridge Financial Solutions Inc.
Xerox Corp.
Trimble Inc.
Valspar Corp.
Spirit AeroSystems Holdings Inc. Class A
Crown Holdings Inc.
Fluor Corp.
AO Smith Corp.
Wabtec Corp.
Jacobs Engineering Group Inc.
Carlisle Cos. Inc.
Jack Henry & Associates Inc.
Sensata Technologies Holding NV
Lennox International Inc.
Owens Corning
Arrow Electronics Inc.
Stericycle Inc.
IDEX Corp.
Hubbell Inc. Class B
Allegion plc
Avnet Inc.
Flowserve Corp.
Keysight Technologies Inc.
CoStar Group Inc.
ManpowerGroup Inc.
Robert Half International Inc.
Macquarie Infrastructure Corp.
Berry Plastics Group Inc.
Old Dominion Freight Line Inc.
PerkinElmer Inc.
Toro Co.
B/E Aerospace Inc.
AECOM
Nordson Corp.
35
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
102,581
146,985
77,769
116,795
46,094
62,974
109,989
278,482
106,972
74,500
111,826
57,021
49,894
47,324
43,219
74,746
36,090
48,520
79,253
30,341
121,082
47,920
38,589
35,508
259,924
54,992
42,402
31,373
37,280
128,529
20,465
43,161
23,669
51,645
71,423
38,400
80,741
40,082
71,133
37,613
86,614
40,077
109,338
17,510
31,143
26,890
36,854
57,392
19,030
37,619
70,636
89,758
80,914
33,553
17,663
31,852
67,697
41,584
132,905
74,232
33,210
53,579
54,974
28,800
4,317
4,229
4,098
4,070
4,044
4,006
3,967
3,952
3,871
3,832
3,767
3,684
3,665
3,628
3,591
3,574
3,556
3,433
3,421
3,386
3,361
3,326
3,309
3,281
3,244
3,182
3,156
3,086
3,074
3,042
3,031
2,931
2,911
2,881
2,835
2,781
2,772
2,768
2,744
2,713
2,669
2,665
2,661
2,657
2,656
2,654
2,639
2,635
2,614
2,605
2,602
2,592
2,551
2,509
2,489
2,488
2,432
2,314
2,314
2,296
2,210
2,183
2,182
2,088
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Donaldson Co. Inc.
MDU Resources Group Inc.
Sonoco Products Co.
Quanta Services Inc.
Orbital ATK Inc.
Cognex Corp.
Booz Allen Hamilton Holding Corp. Class A
First Data Corp. Class A
FLIR Systems Inc.
Hexcel Corp.
Allison Transmission Holdings Inc.
Oshkosh Corp.
AptarGroup Inc.
Lincoln Electric Holdings Inc.
Graco Inc.
Bemis Co. Inc.
Eagle Materials Inc.
EMCOR Group Inc.
XPO Logistics Inc.
WEX Inc.
Trinity Industries Inc.
Genesee & Wyoming Inc. Class A
Zebra Technologies Corp.
MSC Industrial Direct Co. Inc. Class A
Graphic Packaging Holding Co.
AGCO Corp.
Ryder System Inc.
Curtiss-Wright Corp.
CLARCOR Inc.
Jabil Circuit Inc.
Watsco Inc.
HEICO Corp. Class A
Teledyne Technologies Inc.
MAXIMUS Inc.
BWX Technologies Inc.
Euronet Worldwide Inc.
Air Lease Corp. Class A
Woodward Inc.
ITT Inc.
Crane Co.
National Instruments Corp.
Kirby Corp.
Genpact Ltd.
Littelfuse Inc.
Landstar System Inc.
IPG Photonics Corp.
Deluxe Corp.
World Fuel Services Corp.
Coherent Inc.
Regal Beloit Corp.
CoreLogic Inc.
USG Corp.
Terex Corp.
Belden Inc.
Valmont Industries Inc.
EnerSys
Colfax Corp.
Clean Harbors Inc.
Owens-Illinois Inc.
TransUnion
WESCO International Inc.
Generac Holdings Inc.
Timken Co.
WageWorks Inc.
36
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
56,876
32,895
22,577
43,880
63,245
51,483
117,265
41,035
100,424
34,783
33,551
28,553
66,465
22,898
36,102
21,229
32,888
75,387
17,447
41,214
28,179
26,692
18,607
24,576
69,336
18,295
38,016
41,884
103,238
27,467
40,343
27,478
36,578
37,793
65,614
34,783
10,894
117,058
78,990
99,004
62,238
23,368
45,067
38,506
43,959
34,982
50,357
26,076
24,765
35,669
20,592
55,058
19,771
74,961
35,357
31,617
38,700
24,061
40,912
41,192
28,436
45,167
24,340
24,901
2,085
2,026
2,014
1,979
1,977
1,969
1,957
1,946
1,901
1,898
1,889
1,875
1,861
1,856
1,848
1,825
1,809
1,793
1,783
1,778
1,771
1,756
1,705
1,704
1,703
1,698
1,679
1,674
1,672
1,665
1,648
1,632
1,600
1,580
1,569
1,568
1,565
1,558
1,547
1,544
1,516
1,505
1,489
1,481
1,468
1,443
1,443
1,397
1,341
1,339
1,316
1,295
1,289
1,253
1,251
1,230
1,214
1,214
1,213
1,212
1,176
1,172
1,153
1,152
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Sanmina Corp.
GATX Corp.
Esterline Technologies Corp.
KLX Inc.
Kennametal Inc.
MasTec Inc.
KBR Inc.
Barnes Group Inc.
Louisiana-Pacific Corp.
Cardtronics plc Class A
Universal Display Corp.
Moog Inc. Class A
Joy Global Inc.
Anixter International Inc.
Silgan Holdings Inc.
John Bean Technologies Corp.
Granite Construction Inc.
Summit Materials Inc. Class A
Universal Forest Products Inc.
Tetra Tech Inc.
Itron Inc.
Masonite International Corp.
Cimpress NV
MSA Safety Inc.
Convergys Corp.
RBC Bearings Inc.
On Assignment Inc.
Mueller Industries Inc.
Vishay Intertechnology Inc.
CEB Inc.
ABM Industries Inc.
Applied Industrial Technologies Inc.
Simpson Manufacturing Co. Inc.
Armstrong World Industries Inc.
LifeLock Inc.
FTI Consulting Inc.
UniFirst Corp.
Mueller Water Products Inc. Class A
Rexnord Corp.
Covanta Holding Corp.
Swift Transportation Co.
Trex Co. Inc.
Knight Transportation Inc.
AMN Healthcare Services Inc.
NeuStar Inc. Class A
Brink's Co.
DigitalGlobe Inc.
Apogee Enterprises Inc.
Ambarella Inc.
Brady Corp. Class A
AZZ Inc.
Headwaters Inc.
Watts Water Technologies Inc. Class A
Knowles Corp.
Matson Inc.
Franklin Electric Co. Inc.
Navistar International Corp.
ExlService Holdings Inc.
II-VI Inc.
Korn/Ferry International
Methode Electronics Inc.
Actuant Corp. Class A
Forward Air Corp.
MACOM Technology Solutions Holdings Inc.
37
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
22,062
27,543
34,521
14,859
18,665
11,463
27,027
41,233
21,128
51,876
35,435
14,040
26,535
29,919
35,040
31,592
23,773
15,322
30,768
31,838
21,102
61,429
14,671
38,299
34,811
18,023
13,680
20,829
53,723
39,465
18,600
36,077
32,218
18,471
39,802
68,452
43,887
34,243
22,181
12,224
23,900
34,954
23,203
27,194
38,744
30,844
11,627
18,045
10,093
12,287
70,387
79,357
35,029
62,616
42,990
14,780
28,423
47,131
36,655
10,675
12,589
15,487
19,300
17,607
1,151
1,147
1,141
1,131
1,126
1,106
1,103
1,093
1,084
1,082
1,081
1,078
1,069
1,065
1,060
1,050
1,040
1,032
1,025
1,021
1,012
1,003
990
981
975
974
971
964
964
957
955
944
939
936
935
933
925
923
922
920
918
916
911
899
895
890
887
887
887
875
874
871
863
852
838
837
837
837
835
828
817
816
815
777
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Atlas Air Worldwide Holdings Inc.
Gibraltar Industries Inc.
AAON Inc.
OSI Systems Inc.
Exponent Inc.
G&K Services Inc. Class A
Otter Tail Corp.
Triumph Group Inc.
Greif Inc. Class A
Aircastle Ltd.
Benchmark Electronics Inc.
Rogers Corp.
Fabrinet
TopBuild Corp.
Mobile Mini Inc.
Advisory Board Co.
Hub Group Inc. Class A
EnPro Industries Inc.
Comfort Systems USA Inc.
SPX FLOW Inc.
Cubic Corp.
RR Donnelley & Sons Co.
Astec Industries Inc.
TriNet Group Inc.
Tutor Perini Corp.
Plexus Corp.
Insperity Inc.
Albany International Corp.
Aerojet Rocketdyne Holdings Inc.
TASER International Inc.
Proto Labs Inc.
Navigant Consulting Inc.
Veeco Instruments Inc.
Huron Consulting Group Inc.
TriMas Corp.
TTM Technologies Inc.
Smith & Wesson Holding Corp.
Werner Enterprises Inc.
Greenbrier Cos. Inc.
American Woodmark Corp.
Imperva Inc.
Griffon Corp.
Team Inc.
AAR Corp.
Continental Building Products Inc.
Sykes Enterprises Inc.
Patrick Industries Inc.
US Ecology Inc.
Standex International Corp.
Tennant Co.
Meritor Inc.
Builders FirstSource Inc.
TrueBlue Inc.
Harsco Corp.
BMC Stock Holdings Inc.
ESCO Technologies Inc.
Integer Holdings Corp.
EVERTEC Inc.
Primoris Services Corp.
Multi-Color Corp.
CIRCOR International Inc.
Sturm Ruger & Co. Inc.
ManTech International Corp. Class A
Saia Inc.
38
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
51,893
17,850
48,874
13,685
20,344
48,147
39,375
49,470
11,344
11,506
34,633
33,901
9,579
40,238
31,220
21,844
16,337
39,988
26,897
27,304
16,187
11,188
24,535
13,956
27,399
16,394
15,094
22,233
37,587
36,828
28,163
24,851
22,117
20,105
92,952
7,447
23,414
18,468
48,104
15,434
16,304
52,852
13,159
11,059
39,419
27,820
22,519
18,888
25,296
6,796
13,577
14,054
25,033
14,120
13,286
17,755
27,164
19,045
11,666
13,737
12,121
17,483
37,900
17,000
776
774
773
755
752
752
750
750
743
712
703
698
676
668
652
648
647
638
637
635
634
634
618
615
614
605
603
598
594
576
573
570
568
556
556
556
555
554
551
550
549
544
543
541
540
531
517
507
504
500
489
482
482
476
450
445
441
440
440
425
421
420
409
406
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Wesco Aircraft Holdings Inc.
Encore Wire Corp.
Wabash National Corp.
ICF International Inc.
Badger Meter Inc.
Federal Signal Corp.
General Cable Corp.
PHH Corp.
US Concrete Inc.
Lydall Inc.
Quanex Building Products Corp.
Advanced Drainage Systems Inc.
Argan Inc.
Babcock & Wilcox Enterprises Inc.
Essendant Inc.
LSC Communications Inc.
Materion Corp.
Air Transport Services Group Inc.
Aegion Corp. Class A
H&E Equipment Services Inc.
McGrath RentCorp
MTS Systems Corp.
Raven Industries Inc.
Viad Corp.
CTS Corp.
Altra Industrial Motion Corp.
Sun Hydraulics Corp.
Quad/Graphics Inc.
Triton International Ltd.
NCI Building Systems Inc.
Heartland Express Inc.
Kelly Services Inc. Class A
Schnitzer Steel Industries Inc.
ArcBest Corp.
Manitowoc Co. Inc.
Lindsay Corp.
SPX Corp.
Paylocity Holding Corp.
PGT Innovations Inc.
Insteel Industries Inc.
Douglas Dynamics Inc.
Inovalon Holdings Inc. Class A
Installed Building Products Inc.
Kaman Corp.
CBIZ Inc.
Thermon Group Holdings Inc.
Donnelley Financial Solutions Inc.
Aerovironment Inc.
Armstrong Flooring Inc.
Cass Information Systems Inc.
FARO Technologies Inc.
Global Brass & Copper Holdings Inc.
Resources Connection Inc.
Engility Holdings Inc.
Astronics Corp.
Echo Global Logistics Inc.
Ply Gem Holdings Inc.
Kforce Inc.
MYR Group Inc.
Gorman-Rupp Co.
DXP Enterprises Inc.
Horizon Global Corp.
RPX Corp.
Atkore International Group Inc.
39
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
6,368
22,950
21,032
16,050
14,143
17,803
21,318
6,037
23,836
11,973
23,347
36,647
48,634
10,150
26,166
7,386
21,243
26,416
11,233
65,552
12,356
22,044
33,165
21,277
7,129
28,699
27,400
15,647
19,470
68,477
20,276
19,788
73,401
2,276
48,600
19,722
2,300
13,952
12,156
15,100
31,470
40,300
10,709
37,973
16,344
42,174
23,000
6,092
6,054
12,970
30,786
4,103
26,800
13,176
6,014
4,500
6,400
8,059
13,596
20,279
2,471
2,568
8,545
35,257
406
403
401
388
382
374
370
369
369
365
364
361
360
349
347
335
332
328
321
318
317
308
307
304
304
297
293
292
288
288
285
282
281
279
276
272
267
260
259
254
252
252
250
247
247
245
239
237
236
236
229
229
227
224
220
216
214
206
203
198
188
183
183
179
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
Hyster-Yale Materials Handling Inc.
Kimball International Inc. Class B
NN Inc.
Heidrick & Struggles International Inc.
Columbus McKinnon Corp.
Novanta Inc.
Ennis Inc.
Kadant Inc.
TimkenSteel Corp.
TeleTech Holdings Inc.
Cross Country Healthcare Inc.
InnerWorkings Inc.
Kratos Defense & Security Solutions Inc.
Cotiviti Holdings Inc.
YRC Worldwide Inc.
American Railcar Industries Inc.
AVX Corp.
Casella Waste Systems Inc. Class A
GP Strategies Corp.
Bazaarvoice Inc.
Mistras Group Inc.
CECO Environmental Corp.
Spartan Motors Inc.
Myers Industries Inc.
Park-Ohio Holdings Corp.
Energy Recovery Inc.
Daktronics Inc.
Park Electrochemical Corp.
Evolent Health Inc. Class A
Great Lakes Dredge & Dock Corp.
International Seaways Inc.
Multi Packaging Solutions International Ltd.
Overseas Shipholding Group Inc. Class A
Mesa Laboratories Inc.
ServiceSource International Inc.
Landec Corp.
AEP Industries Inc.
Milacron Holdings Corp.
MINDBODY Inc. Class A
Energous Corp.
Hudson Technologies Inc.
DHI Group Inc.
Marten Transport Ltd.
Acacia Research Corp.
Vicor Corp.
Lionbridge Technologies Inc.
Roadrunner Transportation Systems Inc.
VSE Corp.
Powell Industries Inc.
Kimball Electronics Inc.
Textainer Group Holdings Ltd.
Omega Flex Inc.
Sterling Construction Co. Inc.
Era Group Inc.
CRA International Inc.
Landauer Inc.
NV5 Global Inc.
Ducommun Inc.
FreightCar America Inc.
LSI Industries Inc.
Alamo Group Inc.
NVE Corp.
Allied Motion Technologies Inc.
ARC Document Solutions Inc.
40
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
29,640
26,148
8,466
8,813
5,800
10,812
23,724
16,911
7,300
17,790
2,491
6,073
1,723
2,303
9,400
14,232
35,142
4,639
7,362
5,792
61,700
17,700
3,886
32,300
17,800
24,300
8,000
31,060
20,434
27,630
10,908
21,300
4,524
6,083
7,400
5,223
5,986
80,185
14,720
7,088
7,923
1,299
5,697
6,200
8,885
15,988
4,103
24,291
6,700
3,007
2,292
16,841
38,180
6,894
8,261
3,665
2,593
12,579
8,956
7,098
6,486
5,155
5,155
16,200
178
173
171
170
170
170
170
168
165
164
160
159
156
156
149
145
143
143
139
138
134
131
131
126
126
124
122
121
121
120
119
118
118
116
116
116
110
101
101
100
100
98
98
97
94
94
91
90
88
77
76
74
73
73
72
70
69
64
62
61
61
60
57
57
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*
*
*
*
^
*
*
*
*
*
*
*
*
*
*
*,^
*
*
EnerNOC Inc.
Kemet Corp.
Franklin Covey Co.
Covenant Transportation Group Inc. Class A
GMS Inc.
Heritage-Crystal Clean Inc.
Celadon Group Inc.
Orion Group Holdings Inc.
Willdan Group Inc.
Advanced Emissions Solutions Inc.
Barrett Business Services Inc.
CyberOptics Corp.
NACCO Industries Inc. Class A
Greif Inc. Class B
DMC Global Inc.
Control4 Corp.
Planet Payment Inc.
Bel Fuse Inc. Class B
Vishay Precision Group Inc.
Sparton Corp.
Everi Holdings Inc.
CDI Corp.
Astronics Corp. Class B
Radiant Logistics Inc.
Workhorse Group Inc.
Maxwell Technologies Inc.
Black Box Corp.
Perma-Fix Environmental Services
Electro Scientific Industries Inc.
Hill International Inc.
Layne Christensen Co.
Commercial Vehicle Group Inc.
PAM Transportation Services Inc.
IES Holdings Inc.
Supreme Industries Inc. Class A
Graham Corp.
B. Riley Financial Inc.
MicroVision Inc.
Manitex International Inc.
Neff Corp. Class A
Crawford & Co. Class B
United States Lime & Minerals Inc.
Northwest Pipe Co.
BG Staffing Inc.
TRC Cos. Inc.
Eagle Bulk Shipping Inc.
Advanced Disposal Services Inc.
Mattersight Corp.
Aqua Metals Inc.
UFP Technologies Inc.
Hurco Cos. Inc.
ALJ Regional Holdings Inc.
Lincoln Educational Services Corp.
Ecology and Environment Inc.
USA Truck Inc.
National Research Corp. Class A
Miller Industries Inc.
Goldfield Corp.
CUI Global Inc.
Intevac Inc.
ExOne Co.
Key Technology Inc.
Hardinge Inc.
Arotech Corp.
41
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
2,290
4,000
6,000
6,100
8,704
1,997
2,182
8,663
30,559
8,078
1,963
12,125
32,782
2,640
4,540
2,445
9,563
6,952
7,513
1,952
720
7,200
8,116
3,307
4,000
5,625
3,574
30,512
2,277
10,132
3,914
2,500
10,444
443
15,677
2,048
2,300
16,709
3,900
21,779
1,800
632
1,572
608
9,231
566
3,200
4,989
5,630
2,900
2,564
1,426
600
1,100
4,328
1,880
11,600
5,216
25,428
1,400
353
3,800
630
1,600
55
54
52
52
51
51
50
48
47
44
44
44
43
41
39
38
35
35
35
32
30
30
30
29
28
28
27
25
25
22
22
20
19
18
18
17
17
17
16
16
15
15
15
14
13
12
11
11
11
10
10
9
9
8
8
8
8
8
7
6
5
5
5
5
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
Lawson Products Inc.
LB Foster Co. Class A
CAI International Inc.
Asure Software Inc.
PRGX Global Inc.
Willis Lease Finance Corp.
Air T Inc.
General Finance Corp.
LightPath Technologies Inc. Class A
Ameresco Inc. Class A
Boise Cascade Co.
Iteris Inc.
Vertex Energy Inc.
Blue Bird Corp.
PFSweb Inc.
Gencor Industries Inc.
Image Sensing Systems Inc.
Nuvectra Corp.
Patriot National Inc.
Universal Logistics Holdings Inc.
Chicago Rivet & Machine Co.
Aspen Aerogels Inc.
Information Services Group Inc.
LMI Aerospace Inc.
Cenveo Inc.
Ultralife Corp.
AMREP Corp.
Rand Logistics Inc.
Frequency Electronics Inc.
eMagin Corp.
Revolution Lighting Technologies Inc.
Ballantyne Strong Inc.
Research Frontiers Inc.
National Research Corp. Class B
Fuel Tech Inc.
Napco Security Technologies Inc.
Cemtrex Inc.
Synthesis Energy Systems Inc.
Broadwind Energy Inc.
EnSync Inc.
StarTek Inc.
Continental Materials Corp.
CPI Aerostructures Inc.
Patriot Transportation Holding Inc.
Hudson Global Inc.
Forterra Inc.
ClearSign Combustion Corp.
Orion Energy Systems Inc.
Wireless Telecom Group Inc.
IEC Electronics Corp.
Sharps Compliance Corp.
Perceptron Inc.
EnviroStar Inc.
Power Solutions International Inc.
Applied DNA Sciences Inc.
Energy Focus Inc.
Capstone Turbine Corp.
ModusLink Global Solutions Inc.
American DG Energy Inc.
Digital Ally Inc.
Twin Disc Inc.
Turtle Beach Corp.
BlueLinx Holdings Inc.
Universal Technical Institute Inc.
42
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
1,300
600
156
469
1,400
300
1,000
200
100
300
11,200
200
400
4
4
3
3
3
2
1
1
1
1
1
1
___________1
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*,^
*
*
*
*
*
*
*
*
*
*
Odyssey Marine Exploration Inc.
Volt Information Sciences Inc.
Eastern Co.
Houston Wire & Cable Co.
Payment Data Systems Inc.
IntriCon Corp.
Luna Innovations Inc.
GEE Group Inc.
SIFCO Industries Inc.
ENGlobal Corp.
Bagger Dave's Burger Tavern Inc.
CryoPort Inc.
Astrotech Corp.
2,371,827
Oil & Gas (4.2%)
Exxon Mobil Corp.
Chevron Corp.
Schlumberger Ltd.
ConocoPhillips
EOG Resources Inc.
Occidental Petroleum Corp.
Halliburton Co.
Anadarko Petroleum Corp.
Phillips 66
Valero Energy Corp.
Pioneer Natural Resources Co.
Spectra Energy Corp.
Kinder Morgan Inc.
Baker Hughes Inc.
Marathon Petroleum Corp.
Apache Corp.
Williams Cos. Inc.
Devon Energy Corp.
*
Concho Resources Inc.
Hess Corp.
Noble Energy Inc.
Marathon Oil Corp.
National Oilwell Varco Inc.
Cimarex Energy Co.
EQT Corp.
Cabot Oil & Gas Corp.
Tesoro Corp.
Targa Resources Corp.
*
Diamondback Energy Inc.
*
Cheniere Energy Inc.
*
Newfield Exploration Co.
*
FMC Technologies Inc.
Helmerich & Payne Inc.
Range Resources Corp.
OGE Energy Corp.
HollyFrontier Corp.
*
Energen Corp.
*
Parsley Energy Inc. Class A
*
Southwestern Energy Co.
*
Transocean Ltd.
Murphy Oil Corp.
Core Laboratories NV
*
Chesapeake Energy Corp.
*
WPX Energy Inc.
*,^
Continental Resources Inc.
*
Antero Resources Corp.
*
QEP Resources Inc.
*
RSP Permian Inc.
*
Weatherford International plc
3,242,584
1,477,783
1,087,887
978,289
434,960
496,868
643,283
437,118
350,979
360,237
134,838
552,544
1,076,611
334,518
416,337
300,808
593,097
393,027
113,258
228,126
343,926
671,166
299,490
76,326
138,732
373,638
94,138
126,960
69,222
163,213
162,005
175,815
79,026
169,946
153,664
142,709
80,081
128,965
395,370
284,010
133,369
34,308
564,007
270,831
76,369
165,709
198,167
80,981
709,400
43
292,676
173,935
91,328
49,051
43,974
35,392
34,795
30,480
30,328
24,611
24,280
22,704
22,297
21,734
20,963
19,092
18,469
17,950
15,018
14,210
13,090
11,618
11,213
10,373
9,073
8,728
8,232
7,119
6,996
6,762
6,561
6,247
6,117
5,839
5,140
4,675
4,618
4,545
4,278
4,186
4,152
4,118
3,959
3,946
3,936
3,919
3,648
3,613
3,540
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
215,115
45,254
108,970
127,500
179,786
77,456
218,388
64,458
157,121
243,692
84,495
80,228
121,981
103,276
75,124
45,828
51,083
29,136
119,515
77,167
80,152
39,195
71,617
156,595
185,149
209,202
333,007
49,619
43,329
50,000
55,736
13,266
32,876
21,832
81,555
52,611
52,627
32,442
33,929
27,246
37,152
68,953
3,988
93,154
60,200
47,200
45,166
20,538
16,521
343,155
32,202
18,160
9,867
155,294
41,500
3,880
32,440
134,400
48,200
13,386
47,235
35,637
8,711
51,670
3,528
3,285
2,933
2,722
2,722
2,671
2,625
2,440
2,415
2,369
2,356
2,263
2,059
1,951
1,935
1,913
1,908
1,750
1,690
1,670
1,641
1,529
1,451
1,395
1,368
1,238
1,225
1,194
1,164
1,100
987
946
916
786
719
694
691
691
672
651
540
482
476
468
452
426
424
421
419
419
418
412
406
404
403
383
369
345
330
315
312
294
280
258
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
^
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Nabors Industries Ltd.
PDC Energy Inc.
Patterson-UTI Energy Inc.
Rice Energy Inc.
Oasis Petroleum Inc.
SM Energy Co.
Whiting Petroleum Corp.
Western Refining Inc.
Callon Petroleum Co.
Ensco plc Class A
PBF Energy Inc. Class A
Oceaneering International Inc.
Superior Energy Services Inc.
Rowan Cos. plc Class A
Matador Resources Co.
SemGroup Corp. Class A
Carrizo Oil & Gas Inc.
Dril-Quip Inc.
Laredo Petroleum Inc.
Gulfport Energy Corp.
NOW Inc.
Oil States International Inc.
MRC Global Inc.
Synergy Resources Corp.
McDermott International Inc.
Noble Corp. plc
Denbury Resources Inc.
Delek US Holdings Inc.
Unit Corp.
Forum Energy Technologies Inc.
Diamond Offshore Drilling Inc.
SEACOR Holdings Inc.
Green Plains Inc.
Chart Industries Inc.
Helix Energy Solutions Group Inc.
Archrock Inc.
Atwood Oceanics Inc.
California Resources Corp.
RPC Inc.
Exterran Corp.
Par Pacific Holdings Inc.
Bill Barrett Corp.
Clayton Williams Energy Inc.
TETRA Technologies Inc.
Newpark Resources Inc.
Sanchez Energy Corp.
Flotek Industries Inc.
Bristow Group Inc.
CVR Energy Inc.
Cobalt International Energy Inc.
Ring Energy Inc.
Matrix Service Co.
Resolute Energy Corp.
Parker Drilling Co.
Renewable Energy Group Inc.
REX American Resources Corp.
Alon USA Energy Inc.
Abraxas Petroleum Corp.
Pioneer Energy Services Corp.
Panhandle Oil and Gas Inc. Class A
SunPower Corp. Class A
Tesco Corp.
Natural Gas Services Group Inc.
Jones Energy Inc. Class A
44
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
18,615
25,428
93,800
25,200
36,211
11,790
30,100
21,731
18,900
28,650
146,760
5,262
58,526
46,100
55,700
97,512
6,800
21,550
13,380
12,800
6,743
129,720
33,400
13,044
31,800
129,000
7,619
5,300
3,769
63,574
55,501
1,582
26,140
40,786
9,033
56,200
3,500
2,100
15,401
141
15,700
4,400
3,000
2,230
75
300
500
600
1,100
600
258
254
250
239
237
236
217
203
198
192
176
169
161
157
154
151
138
133
132
129
122
113
112
105
103
94
91
85
74
65
64
63
46
41
30
27
21
20
16
8
7
5
4
3
3
3
2
2
2
___________1
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*,^
*
*
*
*
*
*,^
*
*
*
*,^
*
*
*,^
^
*
*
*
*
*
*
*,^
*
*
*,^
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
Trecora Resources
Evolution Petroleum Corp.
Eclipse Resources Corp.
Pacific Ethanol Inc.
EP Energy Corp. Class A
Extraction Oil & Gas Inc.
Hornbeck Offshore Services Inc.
Contango Oil & Gas Co.
CARBO Ceramics Inc.
Independence Contract Drilling Inc.
Plug Power Inc.
First Solar Inc.
Northern Oil and Gas Inc.
Tidewater Inc.
W&T Offshore Inc.
Gastar Exploration Inc.
Geospace Technologies Corp.
Harvest Natural Resources Inc.
Comstock Resources Inc.
Green Brick Partners Inc.
PHI Inc.
EXCO Resources Inc.
Approach Resources Inc.
Dawson Geophysical Co.
Willbros Group Inc.
Amyris Inc.
Gulf Island Fabrication Inc.
TPI Composites Inc.
Centennial Resource Development Inc. Class A
Bonanza Creek Energy Inc.
TerraVia Holdings Inc.
Adams Resources & Energy Inc.
FuelCell Energy Inc.
Enphase Energy Inc.
PetroQuest Energy Inc.
Rex Energy Corp.
ION Geophysical Corp.
Halcon Resources Corp.
VAALCO Energy Inc.
PrimeEnergy Corp.
MagneGas Corp.
Torchlight Energy Resources Inc.
Superior Drilling Products Inc.
Zion Oil & Gas Inc.
Basic Energy Services Inc.
Lonestar Resources US Inc. Class A
Mitcham Industries Inc.
Ideal Power Inc.
Aemetis Inc.
Eco-Stim Energy Solutions Inc.
1,266,363
Technology (9.7%)
Apple Inc.
Microsoft Corp.
*
Facebook Inc. Class A
*
Alphabet Inc. Class A
*
Alphabet Inc.
Intel Corp.
Cisco Systems Inc.
International Business Machines Corp.
Oracle Corp.
QUALCOMM Inc.
Texas Instruments Inc.
Broadcom Ltd.
3,981,868
5,781,277
1,819,218
227,904
232,031
3,704,855
3,932,691
672,258
2,419,948
1,153,957
787,335
295,034
45
461,180
359,249
209,301
180,603
179,086
134,375
118,846
111,588
93,047
75,238
57,452
52,153
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
396,801
391,569
506,866
1,307,454
847,161
475,867
679,275
189,368
1,343,493
796,744
814,036
242,864
221,472
127,790
166,857
198,659
483,132
185,077
239,540
147,689
170,211
129,434
115,689
143,240
96,691
122,631
173,378
123,190
233,453
130,661
223,393
67,487
286,975
247,729
219,443
51,418
117,148
114,221
595,828
129,010
109,941
62,343
67,605
88,592
226,748
152,529
72,907
108,327
105,912
102,263
61,115
88,878
151,127
318,104
348,278
332,111
131,059
89,840
162,439
97,567
60,908
21,628
80,866
136,256
42,355
40,312
34,700
30,254
27,338
26,663
26,268
21,703
19,937
19,337
17,844
17,637
15,049
13,511
12,349
11,993
11,542
11,540
11,347
11,026
10,919
10,729
10,332
9,984
9,908
9,649
9,531
9,158
8,911
8,712
8,616
8,439
8,110
7,870
7,740
7,441
6,895
6,818
6,757
6,720
6,533
6,301
6,253
5,855
5,719
5,674
5,546
5,540
5,417
5,392
4,812
4,797
4,553
4,412
4,350
4,238
4,173
4,157
4,126
3,957
3,946
3,944
3,921
3,897
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
NVIDIA Corp.
Adobe Systems Inc.
salesforce.com Inc.
Hewlett Packard Enterprise Co.
Applied Materials Inc.
Cognizant Technology Solutions Corp. Class A
Yahoo! Inc.
Intuit Inc.
HP Inc.
Corning Inc.
Micron Technology Inc.
Analog Devices Inc.
Western Digital Corp.
Lam Research Corp.
Autodesk Inc.
Xilinx Inc.
Symantec Corp.
Linear Technology Corp.
Cerner Corp.
Skyworks Solutions Inc.
Microchip Technology Inc.
Motorola Solutions Inc.
Citrix Systems Inc.
Red Hat Inc.
Harris Corp.
KLA-Tencor Corp.
Dell Technologies Inc. Class V
ServiceNow Inc.
Seagate Technology plc
Akamai Technologies Inc.
Maxim Integrated Products Inc.
Palo Alto Networks Inc.
Juniper Networks Inc.
CA Inc.
NetApp Inc.
F5 Networks Inc.
Synopsys Inc.
CDK Global Inc.
Advanced Micro Devices Inc.
CDW Corp.
Computer Sciences Corp.
Gartner Inc.
ANSYS Inc.
Workday Inc. Class A
Cadence Design Systems Inc.
CommScope Holding Co. Inc.
VeriSign Inc.
Leidos Holdings Inc.
Splunk Inc.
Qorvo Inc.
VMware Inc. Class A
Microsemi Corp.
ARRIS International plc
Marvell Technology Group Ltd.
Brocade Communications Systems Inc.
ON Semiconductor Corp.
CSRA Inc.
PTC Inc.
Teradyne Inc.
NCR Corp.
IAC/InterActiveCorp
Ultimate Software Group Inc.
Garmin Ltd.
SS&C Technologies Holdings Inc.
46
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
26,292
117,367
62,159
224,255
31,561
83,757
57,374
31,094
36,769
24,128
103,648
57,007
48,869
41,620
67,444
43,785
22,856
24,992
109,354
232,612
86,879
41,842
28,943
38,050
102,656
37,630
19,256
27,422
25,028
31,391
99,253
26,453
42,922
67,290
79,857
24,200
30,884
110,458
24,080
45,200
90,555
123,586
99,637
18,597
49,123
40,365
38,617
37,703
160,339
39,423
41,474
97,100
34,756
88,298
29,123
49,318
29,746
28,627
121,827
7,317
56,993
66,245
166,621
24,769
3,754
3,535
3,399
3,341
3,319
3,090
3,043
3,009
3,008
2,920
2,816
2,812
2,763
2,756
2,745
2,734
2,725
2,678
2,669
2,661
2,630
2,485
2,454
2,447
2,419
2,408
2,394
2,322
2,286
2,218
2,213
2,167
2,132
2,120
2,107
2,025
2,007
1,977
1,933
1,905
1,893
1,877
1,808
1,796
1,732
1,708
1,694
1,666
1,637
1,630
1,603
1,583
1,581
1,566
1,560
1,556
1,529
1,471
1,450
1,444
1,433
1,404
1,363
1,356
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Tyler Technologies Inc.
Fortinet Inc.
Aspen Technology Inc.
Nuance Communications Inc.
athenahealth Inc.
Mentor Graphics Corp.
Manhattan Associates Inc.
Arista Networks Inc.
j2 Global Inc.
SYNNEX Corp.
Teradata Corp.
Guidewire Software Inc.
Cirrus Logic Inc.
ViaSat Inc.
Veeva Systems Inc. Class A
Cavium Inc.
Fair Isaac Corp.
DST Systems Inc.
Ciena Corp.
Cypress Semiconductor Corp.
Finisar Corp.
MKS Instruments Inc.
Science Applications International Corp.
EPAM Systems Inc.
Integrated Device Technology Inc.
Blackbaud Inc.
CACI International Inc. Class A
Tech Data Corp.
InterDigital Inc.
Proofpoint Inc.
Intersil Corp. Class A
Monolithic Power Systems Inc.
Medidata Solutions Inc.
NetScout Systems Inc.
Cree Inc.
Ellie Mae Inc.
Silicon Laboratories Inc.
Entegris Inc.
Dycom Industries Inc.
Tableau Software Inc. Class A
TiVo Corp.
Pitney Bowes Inc.
ACI Worldwide Inc.
LogMeIn Inc.
Verint Systems Inc.
Cornerstone OnDemand Inc.
Electronics For Imaging Inc.
Tessera Holding Corp.
Allscripts Healthcare Solutions Inc.
Cogent Communications Holdings Inc.
Lumentum Holdings Inc.
Twitter Inc.
Paycom Software Inc.
VeriFone Systems Inc.
Synaptics Inc.
Semtech Corp.
CommVault Systems Inc.
EchoStar Corp. Class A
FireEye Inc.
MicroStrategy Inc. Class A
Diebold Nixdorf Inc.
Zendesk Inc.
Viavi Solutions Inc.
Advanced Energy Industries Inc.
47
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
38,342
19,625
23,376
23,314
28,270
41,727
31,565
88,604
86,714
49,827
24,456
24,991
85,970
32,295
27,701
24,500
17,507
120,823
14,231
31,025
45,138
26,972
23,445
38,803
31,802
112,300
16,454
31,201
52,970
41,782
54,869
42,852
15,452
67,600
50,193
30,131
37,233
20,238
26,538
28,454
30,676
29,643
31,544
15,200
22,028
32,867
22,752
61,999
57,874
56,663
24,920
36,306
83,927
30,818
44,100
62,343
28,088
66,959
40,422
16,076
33,900
43,887
19,633
4,220
1,340
1,332
1,280
1,267
1,261
1,252
1,209
1,208
1,194
1,191
1,184
1,175
1,143
1,138
1,120
1,116
1,106
1,081
995
991
984
971
967
961
959
953
951
943
890
884
883
883
882
865
857
845
832
817
806
804
787
742
723
722
697
680
656
654
654
635
626
621
618
612
580
575
556
552
546
539
507
496
492
486
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*
*
*
*
*
GoDaddy Inc. Class A
Power Integrations Inc.
Plantronics Inc.
NETGEAR Inc.
Inphi Corp.
RealPage Inc.
Synchronoss Technologies Inc.
Square Inc.
Rambus Inc.
NIC Inc.
CSG Systems International Inc.
HubSpot Inc.
3D Systems Corp.
Envestnet Inc.
Insight Enterprises Inc.
Gigamon Inc.
Cabot Microelectronics Corp.
Oclaro Inc.
SPS Commerce Inc.
Progress Software Corp.
MaxLinear Inc.
Pegasystems Inc.
BroadSoft Inc.
West Corp.
2U Inc.
Infinera Corp.
Ubiquiti Networks Inc.
Mercury Systems Inc.
Callidus Software Inc.
Web.com Group Inc.
Ixia
RingCentral Inc. Class A
Ebix Inc.
InvenSense Inc.
Brooks Automation Inc.
Super Micro Computer Inc.
ADTRAN Inc.
ScanSource Inc.
Premier Inc. Class A
New Relic Inc.
Diodes Inc.
Bottomline Technologies de Inc.
Inteliquent Inc.
Shutterstock Inc.
Qualys Inc.
Cray Inc.
Q2 Holdings Inc.
Amkor Technology Inc.
Photronics Inc.
FormFactor Inc.
Virtusa Corp.
Match Group Inc.
Lattice Semiconductor Corp.
Monotype Imaging Holdings Inc.
Quality Systems Inc.
Gogo Inc.
Syntel Inc.
Applied Micro Circuits Corp.
Intralinks Holdings Inc.
CEVA Inc.
Unisys Corp.
Pure Storage Inc. Class A
Nanometrics Inc.
ePlus Inc.
48
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
34,058
26,666
7,350
20,464
55,295
30,830
17,803
30,581
28,677
14,436
38,335
28,088
18,600
42,720
55,087
27,773
75,374
12,755
23,797
67,100
18,781
23,843
26,577
42,755
24,200
11,350
13,876
22,736
13,100
28,296
40,013
18,212
35,813
19,745
15,966
25,000
12,550
36,592
33,822
19,132
23,122
12,823
6,599
22,464
7,540
8,814
20,216
11,300
16,900
9,500
20,949
17,553
72,876
4,801
3,527
10,200
8,238
30,000
23,361
26,591
23,649
36,749
7,260
16,647
483
466
454
440
438
432
427
424
423
416
413
407
399
397
394
386
379
379
346
335
332
325
324
323
322
316
313
313
306
306
306
299
298
297
295
295
294
282
281
275
274
273
271
267
266
264
264
262
231
224
223
214
207
206
205
199
196
189
188
187
186
181
173
172
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*,^
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*,^
Five9 Inc.
Perficient Inc.
Acacia Communications Inc.
PROS Holdings Inc.
Nimble Storage Inc.
Actua Corp.
Ultratech Inc.
Box Inc.
Blucora Inc.
Twilio Inc. Class A
Exar Corp.
CalAmp Corp.
Barracuda Networks Inc.
Endurance International Group Holdings Inc.
ShoreTel Inc.
Cohu Inc.
Extreme Networks Inc.
Benefitfocus Inc.
Axcelis Technologies Inc.
Harmonic Inc.
Hackett Group Inc.
VASCO Data Security International Inc.
Boingo Wireless Inc.
LivePerson Inc.
Silver Spring Networks Inc.
Alarm.com Holdings Inc.
PDF Solutions Inc.
Digi International Inc.
Rudolph Technologies Inc.
NeoPhotonics Corp.
Xcerra Corp.
Carbonite Inc.
A10 Networks Inc.
CommerceHub Inc.
Vocera Communications Inc.
KEYW Holding Corp.
Applied Optoelectronics Inc.
Calix Inc.
Hortonworks Inc.
ChannelAdvisor Corp.
Comtech Telecommunications Corp.
Alpha & Omega Semiconductor Ltd.
Loral Space & Communications Inc.
IXYS Corp.
Impinj Inc.
Digimarc Corp.
DSP Group Inc.
RigNet Inc.
Workiva Inc.
Computer Programs & Systems Inc.
Immersion Corp.
Rapid7 Inc.
Kopin Corp.
Forrester Research Inc.
Preformed Line Products Co.
Instructure Inc.
Vectrus Inc.
Sonus Networks Inc.
Brightcove Inc.
Telenav Inc.
Tangoe Inc.
MeetMe Inc.
Appfolio Inc.
American Software Inc. Class A
49
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
15,300
27,100
27,700
5,891
18,881
5,320
194,228
64,725
32,571
15,596
9,972
59,092
24,827
15,800
31,673
15,525
36,400
9,469
8,351
9,825
112,113
27,955
11,474
23,900
13,000
24,300
9,261
64,042
23,506
21,900
39,632
18,460
13,385
40,800
18,320
10,986
38,200
9,960
7,500
8,096
40,926
13,813
33,108
51,440
6,028
26,921
14,054
8,642
23,098
89,345
14,200
15,633
2,785
10,521
6,200
29,427
12,631
34,300
21,112
15,448
5,349
24,575
1,528
48,677
168
167
166
165
164
162
162
161
161
151
150
149
141
141
138
137
136
130
128
125
124
124
119
118
118
117
109
106
101
101
100
100
99
96
95
86
84
82
79
78
78
77
76
71
68
68
66
65
65
58
58
58
58
56
54
54
54
53
51
50
46
43
41
40
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*
*,^
*
Xactly Corp.
Mitek Systems Inc.
Sigma Designs Inc.
PC Connection Inc.
EMCORE Corp.
QAD Inc. Class A
Quantum Corp.
Tremor Video Inc.
Zix Corp.
Ultra Clean Holdings Inc.
CommerceHub Inc. Class A
GigPeak Inc.
Aerohive Networks Inc.
Rosetta Stone Inc.
Jive Software Inc.
Model N Inc.
MobileIron Inc.
Tobira Therapeutics Inc. CVR
Exa Corp.
Park City Group Inc.
Dyax Corp CVR Exp. 12/31/2019
Radisys Corp.
Agilysys Inc.
Castlight Health Inc. Class B
Amber Road Inc.
AXT Inc.
KVH Industries Inc.
iPass Inc.
USA Technologies Inc.
inTEST Corp.
Leap Wireless International Inc. CVR
ARI Network Services Inc.
Numerex Corp. Class A
Marin Software Inc.
NetSol Technologies Inc.
Key Tronic Corp.
VirnetX Holding Corp.
Rightside Group Ltd.
SecureWorks Corp. Class A
Simulations Plus Inc.
Covisint Corp.
PAR Technology Corp.
Seachange International Inc.
QuickLogic Corp.
Datalink Corp.
Limelight Networks Inc.
VOXX International Corp. Class A
Edgewater Technology Inc.
Pixelworks Inc.
Westell Technologies Inc. Class A
GlobalSCAPE Inc.
SITO Mobile Ltd.
Clearfield Inc.
Concurrent Computer Corp.
Systemax Inc.
Neonode Inc.
Amtech Systems Inc.
Internap Corp.
Inseego Corp.
Icad Inc.
CVD Equipment Corp.
ADDvantage Technologies Group Inc.
Nutanix Inc.
Imation Corp.
50
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
58,200
6,670
2,500
20,800
33,001
2,404
4,266
6,500
1,439
28,938
4,000
12,197
9,333
43,535
3,554
4,181
1,998
2,874
76,876
677
3,300
630
3,774
8,400
7,203
4,800
6,651
6,576
11,600
700
3,500
318
1,848
481
2,500
3,802
6,600
900
4,187
600
1,600
434
1,600
1,800
300
1,000
400
400
400
200
700
100
100
37
36
36
36
34
34
30
27
27
25
23
23
22
20
20
19
18
18
18
17
17
16
15
15
15
15
14
13
11
10
10
9
7
6
6
6
5
5
4
3
3
3
3
3
2
2
2
2
1
1
1
1
—
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*,^
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Ciber Inc.
PC-Tel Inc.
AstroNova Inc.
Rocket Fuel Inc.
Netlist Inc.
NCI Inc. Class A
Guidance Software Inc.
Computer Task Group Inc.
Apptio Inc. Class A
Support.com Inc.
BSQUARE Corp.
Determine Inc.
Qumu Corp.
FalconStor Software Inc.
Datawatch Corp.
BroadVision Inc.
Ooma Inc.
GSI Technology Inc.
MoSys Inc.
QAD Inc. Class B
Resonant Inc.
Coupa Software Inc.
Evolving Systems Inc.
ParkerVision Inc.
FORM Holdings Corp.
Synacor Inc.
eGain Corp.
Sunworks Inc.
Intermolecular Inc.
Aviat Networks Inc.
NXT-ID Inc.
Blackline Inc.
Great Elm Capital Group Inc.
TESSCO Technologies Inc.
Aehr Test Systems
Smith Micro Software Inc.
WidePoint Corp.
ID Systems Inc.
DASAN Zhone Solutions Inc.
SharpSpring Inc.
Adesto Technologies Corp.
Pendrell Corp.
Inuvo Inc.
Cinedigm Corp. Class A
MRV Communications Inc.
Xplore Technologies Corp.
ARC Group Worldwide Inc.
Data I/O Corp.
Identiv Inc.
Communications Systems Inc.
Streamline Health Solutions Inc.
TransAct Technologies Inc.
RELM Wireless Corp.
2,971,471
Telecommunications (1.4%)
AT&T Inc.
Verizon Communications Inc.
*
T-Mobile US Inc.
*
Level 3 Communications Inc.
*
SBA Communications Corp. Class A
CenturyLink Inc.
*,^
Sprint Corp.
*
Zayo Group Holdings Inc.
Telephone & Data Systems Inc.
4,846,692
3,033,601
231,140
231,481
106,176
236,853
481,773
116,988
96,186
51
206,130
161,934
13,293
13,046
10,964
5,632
4,057
3,844
2,777
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
60,498
176,477
53,572
14,028
112,464
24,597
36,882
134,728
67,972
39,543
89,671
35,320
98,600
18,991
21,042
21,156
24,680
208,132
7,678
9,405
37,800
9,248
63,120
58,205
3,022
53,188
4,900
1,624
1,209
1,197
1,124
1,080
1,075
1,007
988
972
769
742
660
556
546
437
392
385
329
260
233
224
209
169
95
10
6
___________1
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Consolidated Communications Holdings Inc.
Vonage Holdings Corp.
Cincinnati Bell Inc.
ATN International Inc.
Iridium Communications Inc.
United States Cellular Corp.
Shenandoah Telecommunications Co.
Windstream Holdings Inc.
8x8 Inc.
General Communication Inc. Class A
ORBCOMM Inc.
FairPoint Communications Inc.
EarthLink Holdings Corp.
GTT Communications Inc.
Spok Holdings Inc.
IDT Corp. Class B
Lumos Networks Corp.
Globalstar Inc.
Straight Path Communications Inc. Class B
Hawaiian Telcom Holdco Inc.
HC2 Holdings Inc.
pdvWireless Inc.
Intelsat SA
Alaska Communications Systems Group Inc.
Frontier Communications Corp.
Chelsea Therapeutics International Ltd. CVR Exp.12/31/2016
Pareteum Corp.
437,976
Utilities (1.9%)
Duke Energy Corp.
NextEra Energy Inc.
Southern Co.
Dominion Resources Inc.
American Electric Power Co. Inc.
PG&E Corp.
Edison International
Exelon Corp.
Consolidated Edison Inc.
PPL Corp.
Public Service Enterprise Group Inc.
Xcel Energy Inc.
Sempra Energy
WEC Energy Group Inc.
Eversource Energy
DTE Energy Co.
Entergy Corp.
FirstEnergy Corp.
American Water Works Co. Inc.
Ameren Corp.
ONEOK Inc.
CMS Energy Corp.
CenterPoint Energy Inc.
SCANA Corp.
AES Corp.
Pinnacle West Capital Corp.
Alliant Energy Corp.
UGI Corp.
Atmos Energy Corp.
Westar Energy Inc. Class A
NiSource Inc.
Great Plains Energy Inc.
Aqua America Inc.
National Fuel Gas Co.
NRG Energy Inc.
577,118
368,224
790,513
493,932
405,058
402,042
259,653
522,135
251,478
534,733
398,699
426,696
164,616
256,002
260,871
140,481
150,192
344,505
141,804
193,351
166,739
227,757
316,863
99,374
616,786
85,646
176,286
135,317
80,091
104,603
263,103
163,052
144,500
61,612
282,230
52
44,796
43,988
38,885
37,830
25,502
24,432
18,692
18,531
18,529
18,208
17,495
17,367
16,567
15,015
14,408
13,839
11,035
10,669
10,261
10,143
9,572
9,479
7,808
7,282
7,167
6,683
6,679
6,235
5,939
5,894
5,825
4,459
4,341
3,490
3,460
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Shares
Market
Value
($000)
62,126
72,963
41,210
38,485
87,320
73,672
40,797
33,921
42,134
70,210
36,740
35,011
41,778
54,014
37,935
55,546
61,194
24,118
30,336
28,718
36,932
20,607
86,401
13,051
23,203
11,883
10,526
68,555
7,314
7,146
103,002
4,514
6,304
10,257
19,761
12,877
2,204
14,479
700
280
3,240
3,161
3,144
3,100
2,888
2,615
2,609
2,599
2,585
2,408
2,372
2,247
2,240
2,160
2,157
2,104
2,062
1,575
1,411
1,308
1,252
1,232
1,107
874
791
665
452
364
332
273
258
252
201
128
109
74
65
59
21
___________4
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
Vectren Corp.
Portland General Electric Co.
WGL Holdings Inc.
IDACORP Inc.
Hawaiian Electric Industries Inc.
New Jersey Resources Corp.
ONE Gas Inc.
Southwest Gas Holdings Inc.
Black Hills Corp.
PNM Resources Inc.
Spire Inc.
ALLETE Inc.
Ormat Technologies Inc.
Avista Corp.
NorthWestern Corp.
Avangrid Inc.
South Jersey Industries Inc.
MGE Energy Inc.
El Paso Electric Co.
American States Water Co.
California Water Service Group
Northwest Natural Gas Co.
TerraForm Power Inc. Class A
Chesapeake Utilities Corp.
Empire District Electric Co.
SJW Group
Middlesex Water Co.
Sunrun Inc.
Unitil Corp.
York Water Co.
Atlantic Power Corp.
Connecticut Water Service Inc.
Artesian Resources Corp. Class A
Cadiz Inc.
Pure Cycle Corp.
Genie Energy Ltd. Class B
Delta Natural Gas Co. Inc.
US Geothermal Inc.
Spark Energy Inc. Class A
Gas Natural Inc.
577,003
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Common Stocks (Cost $9,018,338)
18,250,180
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,465
26,000
31,600
64,755
5,000
18,403
18,062
6,159
23,024
26,028
4,649
3,675
139,961
28,887
1,464
26,008
32,479
64,583
5,101
18,409
18,039
6,302
22,952
25,898
4,634
4,076
139,698
28,873
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
U.S. Government and Agency Obligations (25.4%)
U.S. Government Securities (16.1%)
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
3
United States Treasury Note/Bond
United States Treasury Note/Bond
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
0.875%
1.000%
3.500%
0.750%
2.750%
1.000%
0.875%
2.875%
0.750%
0.625%
0.750%
9.125%
0.875%
1.000%
53
1/31/18
2/15/18
2/15/18
2/28/18
2/28/18
3/15/18
3/31/18
3/31/18
4/15/18
4/30/18
4/30/18
5/15/18
5/31/18
5/31/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
885
2,769
1,443
10,285
14,935
14,505
68,425
251
6,701
9,110
575
5,468
10,194
35,100
18,750
16,844
32,800
8,553
671
31,866
8,275
1,488
10,000
6,100
6,375
11,530
4,041
10,475
8,425
52,566
5,220
1,850
17,375
32,590
76,767
22,250
7,755
56,330
10,297
36,004
20,496
19,835
5,525
26,796
17,000
6,502
25,287
54,930
32,592
32,861
12,451
18,900
5,535
14,175
9,946
16,055
15,000
19,330
13,655
3,800
55,715
158,585
24,504
26,025
901
2,772
1,434
10,333
15,222
14,457
68,051
252
6,822
9,053
579
5,456
10,125
35,232
18,659
16,870
33,148
8,566
703
31,761
8,285
1,493
10,011
6,107
6,395
11,595
4,033
10,478
8,471
52,040
5,383
2,149
17,421
32,768
76,359
22,361
7,816
55,811
10,287
36,280
20,294
20,672
5,500
26,917
16,819
6,450
25,473
54,132
32,210
33,087
12,258
19,996
6,491
14,038
10,013
15,847
14,841
19,514
13,508
3,783
55,845
156,628
25,844
25,704
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
2.375%
1.125%
0.625%
1.375%
2.375%
0.875%
0.750%
1.375%
2.250%
0.750%
1.500%
1.000%
0.750%
1.375%
0.875%
1.250%
1.750%
1.250%
3.750%
1.000%
1.250%
1.375%
1.250%
1.250%
1.375%
1.500%
1.125%
1.250%
1.500%
0.750%
2.750%
8.875%
1.375%
1.500%
1.000%
1.500%
1.625%
0.875%
1.250%
1.625%
0.875%
3.125%
1.125%
1.500%
0.875%
1.000%
1.625%
0.750%
0.875%
1.625%
0.750%
3.625%
8.125%
1.000%
1.625%
0.875%
1.000%
1.750%
1.000%
1.250%
1.500%
1.000%
3.375%
1.000%
54
5/31/18
6/15/18
6/30/18
6/30/18
6/30/18
7/15/18
7/31/18
7/31/18
7/31/18
8/31/18
8/31/18
9/15/18
9/30/18
9/30/18
10/15/18
10/31/18
10/31/18
11/15/18
11/15/18
11/30/18
11/30/18
11/30/18
12/15/18
12/31/18
12/31/18
12/31/18
1/15/19
1/31/19
1/31/19
2/15/19
2/15/19
2/15/19
2/28/19
2/28/19
3/15/19
3/31/19
3/31/19
4/15/19
4/30/19
4/30/19
5/15/19
5/15/19
5/31/19
5/31/19
6/15/19
6/30/19
6/30/19
7/15/19
7/31/19
7/31/19
8/15/19
8/15/19
8/15/19
8/31/19
8/31/19
9/15/19
9/30/19
9/30/19
10/15/19
10/31/19
10/31/19
11/15/19
11/15/19
11/30/19
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
35,106
1,075
28,033
2,700
8,270
3,269
14,143
11,000
20,250
18,800
25,267
3,560
18,815
25,018
26,710
23,525
1,115
6,268
15,775
14,177
44,079
32,911
56,233
22,750
19,950
10,644
22,442
27,457
19,996
12,358
400
19,237
12,275
52,060
12,000
1,039
12,075
29,512
18,030
27,003
51,329
38,700
29,345
19,600
23,005
16,257
6,175
21,860
17,325
43,150
20,510
54,050
10,770
53,980
15,600
15,000
22,700
8,475
6,453
26,621
17,879
10,100
5,400
18,550
35,166
1,064
28,160
2,690
8,797
3,963
14,072
10,854
20,139
18,536
25,097
3,782
18,686
24,928
26,706
23,742
1,114
6,346
16,300
14,022
43,507
32,957
58,087
22,643
20,146
10,636
22,975
27,006
20,252
13,256
496
18,708
12,363
50,815
12,212
1,019
12,281
31,075
17,661
27,151
49,653
39,087
28,346
19,891
23,203
15,698
6,194
21,074
17,463
41,815
20,549
54,152
13,781
53,542
15,542
15,042
22,874
8,276
6,457
26,280
17,628
9,952
5,316
18,385
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
1.500%
1.125%
1.625%
1.375%
3.625%
8.500%
1.375%
1.125%
1.375%
1.125%
1.375%
3.500%
1.375%
1.500%
1.625%
1.875%
1.625%
2.000%
2.625%
1.375%
1.375%
1.750%
2.625%
1.625%
2.000%
1.750%
2.375%
1.375%
2.125%
3.625%
7.875%
1.125%
2.000%
1.250%
2.250%
1.375%
2.250%
3.125%
1.375%
2.000%
1.125%
2.125%
1.125%
2.250%
2.125%
1.125%
2.000%
1.125%
2.125%
1.250%
2.000%
2.000%
8.000%
1.750%
1.875%
2.000%
2.125%
1.500%
2.000%
1.750%
1.750%
1.750%
1.750%
1.875%
55
11/30/19
12/31/19
12/31/19
1/31/20
2/15/20
2/15/20
2/29/20
3/31/20
3/31/20
4/30/20
4/30/20
5/15/20
5/31/20
5/31/20
6/30/20
6/30/20
7/31/20
7/31/20
8/15/20
8/31/20
10/31/20
10/31/20
11/15/20
11/30/20
11/30/20
12/31/20
12/31/20
1/31/21
1/31/21
2/15/21
2/15/21
2/28/21
2/28/21
3/31/21
3/31/21
4/30/21
4/30/21
5/15/21
5/31/21
5/31/21
6/30/21
6/30/21
7/31/21
7/31/21
8/15/21
8/31/21
8/31/21
9/30/21
9/30/21
10/31/21
10/31/21
11/15/21
11/15/21
11/30/21
11/30/21
12/31/21
12/31/21
1/31/22
2/15/22
2/28/22
3/31/22
4/30/22
5/15/22
5/31/22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
19,560
13,095
11,985
10,439
14,600
18,380
17,550
5,080
23,429
27,583
14,085
1,100
29,080
28,225
4,285
36,043
23,885
25,610
26,360
34,410
16,980
22,170
20,410
58,585
26,256
54,445
15,000
10,774
65,279
33,710
36,046
675
61,048
41,761
23,772
1,163
30,347
16,105
4,345
50,448
71,545
3,095
49,950
5,910
3,275
15,445
9,875
11,313
4,420
9,570
18,200
21,000
11,925
4,403
20,742
8,000
14,301
8,883
8,684
11,686
13,760
5,950
11,185
10,317
19,609
13,034
11,680
10,309
14,310
18,119
17,067
5,042
23,392
26,928
13,957
1,415
27,939
27,096
4,140
35,063
23,053
24,302
24,787
34,985
21,201
20,985
19,307
56,297
27,089
54,028
14,991
11,117
66,187
33,831
35,787
928
59,350
40,893
22,995
1,571
29,920
15,025
5,610
46,980
65,709
4,232
47,991
7,992
4,389
19,965
12,552
14,438
6,098
13,515
24,197
26,535
15,493
5,903
25,733
10,086
15,610
10,768
10,889
14,401
17,557
7,338
12,823
12,503
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
2.125%
2.000%
1.625%
1.875%
1.750%
1.875%
1.625%
2.000%
2.125%
1.750%
2.000%
7.125%
1.500%
1.500%
1.625%
1.750%
1.625%
1.375%
1.250%
2.500%
6.250%
1.375%
1.375%
1.625%
2.750%
2.125%
2.250%
2.750%
2.500%
2.375%
2.250%
7.500%
2.000%
2.125%
2.000%
6.875%
2.250%
1.625%
6.000%
1.625%
1.500%
6.750%
2.000%
6.500%
6.125%
5.500%
5.250%
5.250%
6.125%
6.250%
5.375%
4.500%
4.750%
5.000%
4.375%
4.500%
3.500%
4.250%
4.500%
4.375%
4.625%
4.375%
3.875%
4.250%
56
6/30/22
7/31/22
8/15/22
8/31/22
9/30/22
10/31/22
11/15/22
11/30/22
12/31/22
1/31/23
2/15/23
2/15/23
2/28/23
3/31/23
4/30/23
5/15/23
5/31/23
6/30/23
7/31/23
8/15/23
8/15/23
8/31/23
9/30/23
10/31/23
11/15/23
11/30/23
12/31/23
2/15/24
5/15/24
8/15/24
11/15/24
11/15/24
2/15/25
5/15/25
8/15/25
8/15/25
11/15/25
2/15/26
2/15/26
5/15/26
8/15/26
8/15/26
11/15/26
11/15/26
11/15/27
8/15/28
11/15/28
2/15/29
8/15/29
5/15/30
2/15/31
2/15/36
2/15/37
5/15/37
2/15/38
5/15/38
2/15/39
5/15/39
8/15/39
11/15/39
2/15/40
5/15/40
8/15/40
11/15/40
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
15,588
12,450
9,000
13,128
7,773
6,425
23,725
73,183
1,942
28,760
36,486
23,554
29,063
11,816
13,001
16,069
36,593
20,139
27,867
5,078
39,339
51,805
30,445
22,050
20,289
15,382
10,122
13,302
7,876
6,361
22,372
68,975
1,964
27,731
40,397
26,664
32,160
12,512
13,133
15,843
32,533
19,831
26,765
4,999
34,895
45,953
25,550
21,244
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
4.750%
4.375%
3.750%
3.125%
3.125%
3.000%
2.750%
2.750%
3.125%
2.875%
3.625%
3.750%
3.625%
3.375%
3.125%
3.000%
2.500%
3.000%
2.875%
3.000%
2.500%
2.500%
2.250%
2.875%
2/15/41
5/15/41
8/15/41
11/15/41
2/15/42
5/15/42
8/15/42
11/15/42
2/15/43
5/15/43
8/15/43
11/15/43
2/15/44
5/15/44
8/15/44
11/15/44
2/15/45
5/15/45
8/15/45
11/15/45
2/15/46
5/15/46
8/15/46
11/15/46
4,933,818
Agency Bonds and Notes (0.9%)
4
AID-Israel
4
AID-Israel
4
AID-Jordan
4
AID-Jordan
4
AID-Jordan
4
AID-Tunisia
4
AID-Tunisia
4
AID-Ukraine
4
AID-Ukraine
4
AID-Ukraine
2
Federal Farm Credit Banks
2
Federal Farm Credit Banks
2
Federal Farm Credit Banks
2
Federal Farm Credit Banks
2
Federal Farm Credit Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
2
Federal Home Loan Banks
5.500%
5.500%
1.945%
2.503%
2.578%
2.452%
1.416%
1.844%
1.847%
1.471%
1.110%
0.750%
1.100%
5.150%
3.500%
1.375%
0.875%
1.125%
2.750%
0.875%
0.625%
5.375%
0.875%
1.250%
1.125%
0.875%
1.000%
1.375%
1.875%
4.125%
3.375%
5.250%
1.375%
5.625%
1.125%
1.875%
2.125%
2.875%
57
12/4/23
4/26/24
6/23/19
10/30/20
6/30/22
7/24/21
8/5/21
5/16/19
5/29/20
9/29/21
2/20/18
4/18/18
6/1/18
11/15/19
12/20/23
3/9/18
3/19/18
4/25/18
6/8/18
6/29/18
8/7/18
8/15/18
10/1/18
1/16/19
6/21/19
8/5/19
9/26/19
11/15/19
3/13/20
3/13/20
6/12/20
12/11/20
2/18/21
6/11/21
7/14/21
11/29/21
3/10/23
6/14/24
375
1,400
600
750
320
250
200
350
700
675
425
1,500
400
3,000
500
2,200
3,550
2,000
1,625
3,950
2,000
225
6,000
5,000
4,300
2,000
4,000
1,575
500
2,075
1,825
1,000
1,600
1,600
3,000
6,000
3,155
2,000
446
1,677
605
765
324
253
192
351
694
655
426
1,494
400
3,305
534
2,210
3,545
2,002
1,663
3,935
1,983
240
5,967
4,998
4,272
1,971
3,951
1,569
504
2,237
1,930
1,130
1,568
1,847
2,892
5,957
3,129
2,047
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
815
2,775
1,800
3,629
6,000
2,720
10,000
1,625
5,000
2,900
2,837
1,163
10,975
1,900
8,000
2,800
270
2,941
4,290
2,000
1,490
3,000
9,997
3,000
4,370
4,119
2,000
4,000
1,875
4,000
2,000
6,350
7,000
1,110
2,500
1,800
2,000
4,000
4,000
2,000
1,900
2,000
3,000
2,000
2,100
2,900
1,405
2,025
6,320
1,260
500
475
300
350
350
650
175
175
200
4,175
725
525
175
655
973
3,629
1,796
3,625
5,977
2,866
9,944
1,712
4,975
2,926
2,798
1,157
10,904
1,884
7,693
2,840
373
4,040
4,287
1,997
1,485
2,999
10,115
2,996
4,403
4,110
2,004
4,049
1,863
4,034
1,971
6,276
7,055
1,057
2,466
1,812
2,004
3,977
3,955
2,004
1,862
1,934
2,915
2,015
1,981
2,664
2,011
2,930
8,763
1,676
553
546
302
372
349
659
177
192
205
4,100
769
517
181
682
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2
2
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
2
2
2
Federal Home Loan Banks
Federal Home Loan Banks
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Corp.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Federal National Mortgage Assn.
Financing Corp.
Financing Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Private Export Funding Corp.
Tennessee Valley Authority
5.375%
5.500%
0.750%
0.875%
0.750%
4.875%
0.875%
3.750%
1.125%
1.750%
0.875%
1.250%
1.250%
1.375%
1.125%
2.375%
6.750%
6.250%
0.875%
0.875%
0.875%
1.125%
1.875%
1.125%
1.625%
1.125%
1.375%
1.875%
1.000%
1.750%
0.875%
1.000%
1.750%
0.000%
1.000%
1.750%
1.625%
1.500%
1.500%
1.875%
1.375%
1.250%
1.375%
2.625%
2.125%
1.875%
7.125%
7.250%
6.625%
5.625%
9.800%
9.650%
1.875%
4.375%
1.450%
2.250%
2.300%
4.300%
2.800%
2.050%
3.550%
2.450%
3.250%
4.500%
58
8/15/24
7/15/36
1/12/18
3/7/18
4/9/18
6/13/18
10/12/18
3/27/19
4/15/19
5/30/19
7/19/19
8/1/19
10/2/19
5/1/20
8/12/21
1/13/22
9/15/29
7/15/32
2/8/18
3/28/18
5/21/18
7/20/18
9/18/18
10/19/18
11/27/18
12/14/18
1/28/19
2/19/19
2/26/19
6/20/19
8/2/19
8/28/19
9/12/19
10/9/19
10/24/19
11/26/19
1/21/20
6/22/20
11/30/20
12/28/20
2/26/21
8/17/21
10/7/21
9/6/24
4/24/26
9/24/26
1/15/30
5/15/30
11/15/30
7/15/37
4/6/18
11/2/18
7/15/18
3/15/19
8/15/19
3/15/20
9/15/20
12/15/21
5/15/22
11/15/22
1/15/24
7/15/24
6/15/25
4/1/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
600
905
425
954
3,520
2,000
500
285
225
425
950
580
519
700
606
976
416
971
4,601
2,822
583
371
286
528
924
725
572
713
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2
2
2
2
2
2
2
2
2
2
2
2
2
2
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
Tennessee Valley Authority
1.750%
3.875%
1.875%
2.875%
6.750%
7.125%
4.650%
5.880%
5.500%
5.250%
3.500%
5.375%
4.625%
4.250%
10/15/18
2/15/21
8/15/22
9/15/24
11/1/25
5/1/30
6/15/35
4/1/36
6/15/38
9/15/39
12/15/42
4/1/56
9/15/60
9/15/65
274,148
Conventional Mortgage-Backed Securities (8.3%)
5,6
Fannie Mae Pool
5,6,7
Fannie Mae Pool
5,6,7
Fannie Mae Pool
5,6,7
Fannie Mae Pool
5,6,7
Fannie Mae Pool
5,6,7
Fannie Mae Pool
5,6,7
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Freddie Mac Gold Pool
5,6,7
Freddie Mac Gold Pool
5,6,7
Freddie Mac Gold Pool
5,6,7
Freddie Mac Gold Pool
5,6,7
Freddie Mac Gold Pool
5,6,7
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
5,6
Freddie Mac Gold Pool
6
Ginnie Mae I Pool
6,7
Ginnie Mae I Pool
6,7
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
6
Ginnie Mae I Pool
2.000%
2.500%
3.000%
3.500%
4.000%
4.500%
5.000%
5.500%
6.000%
6.500%
7.000%
7.500%
8.000%
8.500%
9.000%
9.500%
2.000%
2.500%
3.000%
3.500%
4.000%
4.500%
5.000%
5.500%
6.000%
6.500%
7.000%
7.500%
8.000%
8.500%
9.000%
3.000%
3.500%
4.000%
4.500%
5.000%
5.500%
6.000%
6.500%
7.000%
7.500%
8.000%
8.500%
9.000%
9.500%
59
10/1/28–8/1/31
3/1/27–10/1/46
1/1/26–1/1/47
9/1/25–1/1/47
7/1/18–1/1/47
1/1/18–1/1/47
3/1/17–1/1/47
8/1/17–4/1/40
1/1/17–5/1/41
3/1/17–10/1/39
12/1/22–11/1/37
11/1/22–12/1/32
12/1/22–10/1/30
11/1/18–7/1/30
7/1/22–6/1/26
8/1/20–2/1/25
8/1/28–1/1/29
4/1/27–10/1/46
10/1/26–1/1/47
9/1/25–1/1/47
7/1/18–1/1/47
1/1/18–1/1/47
4/1/17–10/1/41
5/1/17–6/1/41
1/1/17–5/1/40
5/1/17–3/1/39
10/1/22–12/1/38
1/1/23–1/1/32
1/1/22–1/1/31
4/1/20–5/1/30
10/1/21–5/1/25
1/15/26–5/15/45
11/15/25–1/1/47
10/15/24–1/1/47
8/15/18–1/15/42
1/15/18–4/15/41
6/15/18–6/15/41
5/15/17–12/15/40
11/15/23–8/15/39
1/15/23–8/15/32
10/15/22–3/15/32
3/15/22–3/15/32
8/15/22–6/15/30
11/15/19–2/15/30
8/15/20–1/15/25
3,615
92,492
286,269
279,607
176,567
82,473
42,395
33,765
24,358
6,780
2,605
209
48
31
10
1
2,387
65,258
194,978
176,862
106,126
48,517
25,037
19,316
11,835
3,077
851
136
96
16
9
13,735
14,498
22,052
23,149
14,820
7,533
5,300
1,518
621
198
123
19
17
1
3,535
92,798
287,626
288,067
186,374
88,860
46,149
37,595
27,656
7,676
3,022
235
51
38
11
2
2,339
65,430
195,731
181,936
111,691
52,068
27,165
21,443
13,388
3,462
991
156
111
19
9
13,949
15,140
23,471
25,186
16,268
8,450
6,009
1,688
710
217
141
21
20
2
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
4,986
186,444
254,742
115,147
48,741
24,240
7,653
3,466
1,068
184
4,960
189,327
265,366
122,574
52,621
26,340
8,461
3,901
1,222
219
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6,7
6,7
6,7
6,7
6
6
6
6
6
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
2.500%
3.000%
3.500%
4.000%
4.500%
5.000%
5.500%
6.000%
6.500%
7.000%
6/20/27–11/20/46
2/20/27–1/1/47
9/20/25–1/1/47
9/20/25–1/1/47
11/20/35–1/1/47
3/20/18–7/20/44
12/20/33–9/20/41
3/20/33–7/20/39
12/20/35–11/20/39
4/20/38–8/20/38
2,531,897
Nonconventional Mortgage-Backed Securities (0.1%)
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
5,6,8
Fannie Mae Pool
2.102%
2.179%
2.188%
2.197%
2.207%
2.241%
2.258%
2.420%
2.428%
2.441%
2.444%
2.551%
2.552%
2.639%
2.685%
2.715%
2.738%
2.743%
2.748%
2.754%
2.779%
2.783%
2.801%
2.802%
2.842%
2.846%
2.854%
2.901%
2.910%
2.915%
2.917%
2.941%
2.945%
2.950%
2.958%
2.963%
2.969%
2.972%
2.982%
3.000%
3.033%
3.041%
3.064%
3.074%
3.076%
3.090%
3.108%
3.110%
3.112%
3.130%
3.190%
60
3/1/43
6/1/42
6/1/43
10/1/42
9/1/42
4/1/37
7/1/43
5/1/42
5/1/43
9/1/43
10/1/42
12/1/41
9/1/37
2/1/36
12/1/40
8/1/37–12/1/43
12/1/40
1/1/42
1/1/37
2/1/41
1/1/40
3/1/42
1/1/35
7/1/42
5/1/42
5/1/40
8/1/35
3/1/41
9/1/40–12/1/40
6/1/36
1/1/42
9/1/43
7/1/39
7/1/37
2/1/42
8/1/40
3/1/41
3/1/42
9/1/34
5/1/41
12/1/33
5/1/40
2/1/41
2/1/41
7/1/36
8/1/39
11/1/34
11/1/36
10/1/40
10/1/39
2/1/42
627
985
483
287
337
55
644
624
1,165
78
480
207
173
84
67
978
180
333
180
62
119
442
159
185
112
51
153
194
146
5
178
545
20
27
850
61
151
249
56
124
41
28
166
59
28
37
77
202
103
53
195
632
1,022
489
291
350
57
645
648
1,176
79
487
213
184
85
70
1,001
189
343
193
62
124
454
170
199
117
53
163
204
153
5
187
548
21
28
902
64
161
267
59
131
43
29
174
62
28
40
82
214
109
55
208
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
34
72
177
89
108
148
176
53
48
312
51
115
350
46
242
59
189
170
95
12
111
111
5
79
30
470
84
14
175
35
96
237
62
154
135
53
15
44
42
9
274
83
47
41
39
42
130
45
53
28
44
112
52
68
44
66
30
270
85
220
181
96
173
2,456
36
76
187
93
113
158
186
55
51
317
55
118
365
48
254
62
200
176
99
13
117
118
5
80
32
478
89
15
181
37
100
243
64
160
142
56
15
47
44
10
286
88
49
43
41
45
138
47
57
29
46
116
54
72
46
68
31
280
90
231
187
101
180
2,536
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6
5,6,8
5,6
5,6
5,6
5,6
5,6,8
5,6,8
5,6,8
5,6,8
5,6
5,6
5,6
5,6,8
5,6
5,6,8
5,6
5,6,8
5,6,8
5,6,8
5,6,8
5,6
5,6
5,6,8
5,6
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6,8
5,6
5,6
5,6
5,6
5,6
5,6
6,8
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Fannie Mae Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Freddie Mac Non Gold Pool
Ginnie Mae II Pool
3.195%
3.222%
3.285%
3.286%
3.289%
3.290%
3.301%
3.310%
3.315%
3.345%
3.435%
3.583%
3.587%
3.612%
3.760%
3.768%
3.780%
3.796%
4.429%
5.188%
5.541%
5.860%
2.235%
2.353%
2.500%
2.543%
2.590%
2.602%
2.643%
2.652%
2.695%
2.740%
2.755%
2.762%
2.770%
2.797%
2.799%
2.813%
2.852%
2.875%
2.901%
2.967%
2.972%
2.984%
3.005%
3.022%
3.035%
3.051%
3.054%
3.074%
3.076%
3.130%
3.131%
3.212%
3.224%
3.363%
3.380%
3.428%
3.580%
3.696%
4.506%
5.233%
5.791%
2.000%
61
11/1/39
12/1/40
11/1/41
10/1/40
12/1/39
11/1/41
12/1/41
11/1/39
11/1/40
8/1/42
11/1/33
4/1/41
7/1/41
6/1/41
6/1/41
11/1/39
9/1/40
8/1/39
10/1/37
3/1/38
4/1/37
12/1/37
10/1/37
5/1/42
1/1/38
11/1/43
7/1/35
1/1/35
12/1/40
2/1/37
2/1/42
2/1/42
12/1/40
1/1/41
1/1/37
11/1/34
3/1/37
10/1/36
5/1/36
5/1/38
12/1/41
12/1/35
2/1/36
3/1/41
5/1/40
2/1/41
2/1/41
1/1/41
12/1/36
5/1/40
10/1/37
6/1/40–6/1/41
6/1/40
12/1/34
12/1/36
11/1/40
11/1/40
3/1/42
6/1/40
9/1/40
9/1/37
3/1/38
5/1/37
10/20/38–3/20/43
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
792
1,117
73
1,271
561
71
816
1,143
75
1,316
585
74
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6,8
6,8
6,8
6,8
6,8
6,8
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
Ginnie Mae II Pool
2.125%
2.500%
2.625%
3.000%
3.500%
4.000%
7/20/38–6/20/43
1/20/41–1/20/42
5/20/41
11/20/40–11/20/41
10/20/41–12/20/43
10/20/41
26,835
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total U.S. Government and Agency Obligations (Cost $7,799,449)
7,766,698
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Asset-Backed/Commercial Mortgage-Backed Securities (1.0%)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
AEP Texas Central Transition Funding II LLC 2006-A
Ally Auto Receivables Trust 2013-2
Ally Auto Receivables Trust 2014-1
Ally Auto Receivables Trust 2014-1
Ally Auto Receivables Trust 2014-3
Ally Auto Receivables Trust 2014-3
Ally Auto Receivables Trust 2014-SN2
Ally Auto Receivables Trust 2015-1
Ally Auto Receivables Trust 2015-1
Ally Auto Receivables Trust 2015-2
Ally Auto Receivables Trust 2015-2
Ally Master Owner Trust Series 2014-4
Ally Master Owner Trust Series 2015-3
American Express Credit Account Master Trust 2014-3
American Express Credit Account Master Trust 2014-4
AmeriCredit Automobile Receivables Trust 2014-1
AmeriCredit Automobile Receivables Trust 2014-1
AmeriCredit Automobile Receivables Trust 2014-2
AmeriCredit Automobile Receivables Trust 2014-3
AmeriCredit Automobile Receivables Trust 2015-2
AmeriCredit Automobile Receivables Trust 2016-3
Banc of America Commercial Mortgage Trust 2006-2
Banc of America Commercial Mortgage Trust 2008-1
Banc of America Commercial Mortgage Trust 2015UBS7
Banc of America Commercial Mortgage Trust 2015UBS7
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Barclays Dryrock Issuance Trust 2015-2
Barclays Dryrock Issuance Trust 2016-1
Bear Stearns Commercial Mortgage Securities Trust
2007-PWR18
Bear Stearns Commercial Mortgage Securities Trust
2007-TOP26
Bear Stearns Commercial Mortgage Securities Trust
2007-TOP26
Bear Stearns Commercial Mortgage Securities Trust
2007-TOP28
BMW Vehicle Lease Trust 2015-1
BMW Vehicle Lease Trust 2015-2
BMW Vehicle Lease Trust 2015-2
BMW Vehicle Owner Trust 2014-A
BMW Vehicle Owner Trust 2014-A
Capital Auto Receivables Asset Trust 2014-1
Capital Auto Receivables Asset Trust 2014-1
Capital Auto Receivables Asset Trust 2014-2
Capital Auto Receivables Asset Trust 2014-2
Capital Auto Receivables Asset Trust 2014-3
Capital Auto Receivables Asset Trust 2015-1
Capital Auto Receivables Asset Trust 2015-1
Capital Auto Receivables Asset Trust 2015-2
5.170%
1.240%
0.970%
1.530%
1.280%
1.720%
1.210%
1.390%
1.750%
1.490%
1.840%
1.430%
1.630%
1.490%
1.430%
0.900%
1.680%
0.940%
1.150%
1.270%
1.460%
5.667%
6.235%
1/1/18
11/15/18
10/15/18
4/15/19
6/17/19
3/16/20
2/20/19
9/16/19
5/15/20
11/15/19
6/15/20
6/17/19
5/15/20
4/15/20
6/15/20
2/8/19
7/8/19
2/8/19
6/10/19
1/8/20
5/10/21
5/10/45
2/10/51
110
80
90
150
237
150
178
125
125
325
175
425
550
625
325
8
50
44
117
273
300
19
941
113
80
90
150
238
150
178
125
125
326
175
425
550
626
326
8
50
44
117
273
299
19
963
3.429%
9/15/48
175
182
3.705%
2.125%
1.850%
1.875%
1.560%
1.520%
9/15/48
9/11/19
4/14/20
4/26/21
3/15/21
5/16/22
300
900
1,800
600
300
525
311
902
1,770
585
300
520
5.700%
6/11/50
903
922
5.471%
1/12/45
151
152
5.513%
1/12/45
335
336
5.742%
1.240%
1.400%
1.550%
0.970%
1.500%
1.690%
2.220%
1.260%
1.620%
1.830%
1.610%
1.860%
1.730%
9/11/42
12/20/17
9/20/18
2/20/19
11/26/18
2/25/21
10/22/18
1/22/19
5/21/18
10/22/18
4/22/19
6/20/19
10/21/19
9/20/19
1,082
291
400
125
155
250
125
95
11
75
100
800
150
425
1,098
291
400
125
155
250
125
95
11
75
100
801
151
426
62
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
225
225
325
200
225
550
150
525
875
400
600
575
775
650
71
11
50
120
143
125
250
100
100
150
325
115
1,215
625
600
32
81
800
425
550
400
950
600
1,314
1,050
2,450
900
1,075
800
1,830
600
1,225
775
700
775
550
1,048
2,350
875
750
2,100
1,250
775
1,141
1,099
600
100
100
225
225
226
226
325
200
223
567
150
526
876
400
599
568
765
649
71
11
50
120
143
125
250
100
100
150
323
113
1,232
599
615
33
86
813
441
544
399
934
596
1,291
1,049
2,450
920
1,076
801
1,834
597
1,224
767
686
765
567
1,092
2,411
876
762
2,118
1,255
769
1,151
1,122
614
102
102
231
245
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Capital Auto Receivables Asset Trust 2015-2
Capital Auto Receivables Asset Trust 2015-3
Capital Auto Receivables Asset Trust 2015-4
Capital Auto Receivables Asset Trust 2015-4
Capital Auto Receivables Asset Trust 2016-3
Capital One Multi-asset Execution Trust 2007-A7
Capital One Multi-Asset Execution Trust 2014-A2
Capital One Multi-Asset Execution Trust 2014-A5
Capital One Multi-Asset Execution Trust 2015-A2
Capital One Multi-asset Execution Trust 2015-A5
Capital One Multi-asset Execution Trust 2015-A8
Capital One Multi-Asset Execution Trust 2016-A3
Capital One Multi-Asset Execution Trust 2016-A4
Capital One Multi-Asset Execution Trust 2016-A6
Carmax Auto Owner Trust 2013-2
Carmax Auto Owner Trust 2013-4
Carmax Auto Owner Trust 2013-4
Carmax Auto Owner Trust 2014-1
Carmax Auto Owner Trust 2014-3
Carmax Auto Owner Trust 2014-3
Carmax Auto Owner Trust 2015-2
Carmax Auto Owner Trust 2015-2
Carmax Auto Owner Trust 2015-3
Carmax Auto Owner Trust 2015-4
CarMax Auto Owner Trust 2016-3
CarMax Auto Owner Trust 2016-3
CD 2007-CD5 Commercial Mortgage Trust
CD 2016-CD1 Commercial Mortgage Trust
CD 2016-CD2 Commercial Mortgage Trust
CenterPoint Energy Transition Bond Co. II LLC 2005-A
CenterPoint Energy Transition Bond Co. II LLC 2005-A
CenterPoint Energy Transition Bond Co. IV LLC 2012-1
CFCRE Commercial Mortgage Trust 2016-C3
CFCRE Commercial Mortgage Trust 2016-C4
CFCRE Commercial Mortgage Trust 2016-C4
CFCRE Commercial Mortgage Trust 2016-C6
Chase Issuance Trust 2012-A4
Chase Issuance Trust 2012-A7
Chase Issuance Trust 2013-A1
Chase Issuance Trust 2014-A1
Chase Issuance Trust 2014-A2
Chase Issuance Trust 2014-A6
Chase Issuance Trust 2014-A7
Chase Issuance Trust 2015-A2
Chase Issuance Trust 2015-A4
Chase Issuance Trust 2015-A5
Chase Issuance Trust 2016-A2
Chase Issuance Trust 2016-A4
Chase Issuance Trust 2016-A5
Citibank Credit Card Issuance Trust 2007-A8
Citibank Credit Card Issuance Trust 2008-A1
Citibank Credit Card Issuance Trust 2014-A1
Citibank Credit Card Issuance Trust 2014-A4
Citibank Credit Card Issuance Trust 2014-A5
Citibank Credit Card Issuance Trust 2014-A6
Citibank Credit Card Issuance Trust 2014-A8
Citibank Credit Card Issuance Trust 2016-A2
Citigroup Commercial Mortgage Trust 2007-C6
Citigroup Commercial Mortgage Trust 2008-C7
Citigroup Commercial Mortgage Trust 2012-GC8
Citigroup Commercial Mortgage Trust 2013-GC11
Citigroup Commercial Mortgage Trust 2013-GC11
Citigroup Commercial Mortgage Trust 2013-GC15
Citigroup Commercial Mortgage Trust 2013-GC15
1.970%
2.130%
1.830%
2.010%
1.690%
5.750%
1.260%
1.480%
2.080%
1.600%
2.050%
1.340%
1.330%
1.820%
0.840%
0.800%
1.280%
1.320%
1.160%
1.730%
1.370%
1.800%
1.980%
1.830%
1.390%
1.600%
5.886%
2.724%
3.526%
5.170%
5.302%
3.028%
3.865%
3.283%
3.691%
3.217%
1.580%
2.160%
1.300%
1.150%
2.770%
1.260%
1.380%
1.590%
1.840%
1.360%
1.370%
1.490%
1.270%
5.650%
5.350%
2.880%
1.230%
2.680%
2.150%
1.730%
2.190%
5.711%
6.136%
3.024%
3.093%
3.422%
3.161%
4.371%
63
1/21/20
5/20/20
3/20/20
7/20/20
3/20/21
7/15/20
1/15/20
7/15/20
3/15/23
5/17/21
8/15/23
4/15/22
6/15/22
9/15/22
11/15/18
7/16/18
5/15/19
7/15/19
6/17/19
2/18/20
3/16/20
3/15/21
2/16/21
6/15/21
5/17/21
1/18/22
11/15/44
8/10/49
11/10/49
8/1/19
8/1/20
10/15/25
1/10/48
5/10/58
5/10/58
11/10/49
8/16/21
9/16/24
2/18/20
1/15/19
3/15/23
7/15/19
11/15/19
2/18/20
4/15/22
4/15/20
6/15/21
7/15/22
7/15/21
9/20/19
2/7/20
1/23/23
4/24/19
6/7/23
7/15/21
4/9/20
11/20/23
12/10/49
12/10/49
9/10/45
4/10/46
4/10/46
9/10/46
9/10/46
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
350
75
275
100
100
129
75
125
125
200
150
300
650
800
325
150
650
318
350
425
225
425
800
250
692
144
189
227
350
160
200
200
260
330
200
125
125
175
125
75
50
75
50
450
150
183
150
223
365
230
230
277
154
350
275
325
175
327
113
209
105
225
100
175
383
79
294
108
111
131
78
133
134
210
157
311
670
797
328
152
649
316
364
443
225
416
820
242
694
148
197
232
353
172
204
211
275
355
216
128
132
184
133
79
54
77
53
485
160
186
153
233
395
234
248
280
155
359
296
348
189
333
119
223
114
230
105
185
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6,9
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Citigroup Commercial Mortgage Trust 2013-GC15
Citigroup Commercial Mortgage Trust 2013-GC17
Citigroup Commercial Mortgage Trust 2013-GC17
Citigroup Commercial Mortgage Trust 2013-GC17
Citigroup Commercial Mortgage Trust 2013-GC17
Citigroup Commercial Mortgage Trust 2014-GC19
Citigroup Commercial Mortgage Trust 2014-GC19
Citigroup Commercial Mortgage Trust 2014-GC19
Citigroup Commercial Mortgage Trust 2014-GC19
Citigroup Commercial Mortgage Trust 2014-GC21
Citigroup Commercial Mortgage Trust 2014-GC21
Citigroup Commercial Mortgage Trust 2014-GC23
Citigroup Commercial Mortgage Trust 2014-GC25
Citigroup Commercial Mortgage Trust 2015-GC27
Citigroup Commercial Mortgage Trust 2015-GC27
Citigroup Commercial Mortgage Trust 2015-GC29
Citigroup Commercial Mortgage Trust 2015-GC29
Citigroup Commercial Mortgage Trust 2015-GC29
Citigroup Commercial Mortgage Trust 2015-GC31
Citigroup Commercial Mortgage Trust 2015-GC33
Citigroup Commercial Mortgage Trust 2016-C1
Citigroup Commercial Mortgage Trust 2016-C1
Citigroup Commercial Mortgage Trust 2016-GC36
Citigroup Commercial Mortgage Trust 2016-P4
COBALT CMBS Commercial Mortgage Trust 2007-C2
COMM 2012-CCRE2 Mortgage Trust
COMM 2012-CCRE2 Mortgage Trust
COMM 2012-CCRE3 Mortgage Trust
COMM 2012-CCRE4 Mortgage Trust
COMM 2013-CCRE10 Mortgage Trust
COMM 2013-CCRE11 Mortgage Trust
COMM 2013-CCRE11 Mortgage Trust
COMM 2013-CCRE11 Mortgage Trust
COMM 2013-CCRE11 Mortgage Trust
COMM 2013-CCRE11 Mortgage Trust
COMM 2013-CCRE12 Mortgage Trust
COMM 2013-CCRE12 Mortgage Trust
COMM 2013-CCRE12 Mortgage Trust
COMM 2013-CCRE12 Mortgage Trust
COMM 2013-CCRE12 Mortgage Trust
COMM 2013-CCRE12 Mortgage Trust
COMM 2013-CCRE13 Mortgage Trust
COMM 2013-CCRE13 Mortgage Trust
COMM 2013-CCRE13 Mortgage Trust
COMM 2013-CCRE13 Mortgage Trust
COMM 2013-CCRE6 Mortgage Trust
COMM 2013-CCRE7 Mortgage Trust
COMM 2013-CCRE8 Mortgage Trust
COMM 2013-CCRE9 Mortgage Trust
COMM 2013-LC13 Mortgage Trust
COMM 2013-LC13 Mortgage Trust
COMM 2013-LC6 Mortgage Trust
COMM 2013-LC6 Mortgage Trust
COMM 2014-CCRE14 Mortgage Trust
COMM 2014-CCRE14 Mortgage Trust
COMM 2014-CCRE14 Mortgage Trust
COMM 2014-CCRE14 Mortgage Trust
COMM 2014-CCRE15 Mortgage Trust
COMM 2014-CCRE15 Mortgage Trust
COMM 2014-CCRE15 Mortgage Trust
COMM 2014-CCRE15 Mortgage Trust
COMM 2014-CCRE17 Mortgage Trust
COMM 2014-CCRE17 Mortgage Trust
COMM 2014-CCRE17 Mortgage Trust
4.649%
3.675%
4.131%
4.544%
5.095%
2.790%
3.552%
4.023%
4.345%
3.855%
4.328%
3.622%
3.635%
3.137%
3.571%
2.674%
3.192%
3.758%
3.762%
3.778%
3.003%
3.209%
3.616%
2.902%
5.484%
3.147%
3.791%
3.416%
2.853%
4.210%
3.047%
3.660%
3.983%
4.258%
4.715%
2.904%
3.623%
3.765%
4.046%
4.300%
4.762%
3.039%
3.706%
4.194%
4.449%
3.101%
3.213%
3.612%
4.232%
3.009%
4.205%
2.941%
3.282%
3.147%
4.236%
4.526%
4.602%
2.928%
3.595%
4.074%
4.711%
3.012%
3.598%
3.977%
64
9/10/46
11/10/46
11/10/46
11/10/46
11/10/46
3/10/47
3/10/47
3/10/47
3/10/47
5/10/47
5/10/47
7/10/47
10/10/47
2/10/48
2/10/48
4/10/48
4/10/48
4/10/48
6/10/48
9/10/58
5/10/49
5/10/49
2/10/49
7/10/49
4/15/47
8/15/45
8/15/45
10/15/45
10/15/45
8/10/46
10/10/46
10/10/46
10/10/46
10/10/46
10/10/46
10/10/46
10/10/46
10/10/46
10/10/46
10/10/46
10/10/46
12/10/18
10/10/23
11/10/23
12/10/23
3/10/46
3/10/46
6/10/46
7/10/45
8/10/46
8/10/46
1/10/46
1/10/46
2/10/47
2/10/47
2/10/47
2/10/47
2/10/47
2/10/47
2/10/47
2/10/47
5/10/47
5/10/47
5/10/47
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
100
175
125
150
650
150
320
625
125
325
425
175
90
78
202
57
36
125
350
225
167
500
425
425
800
225
200
575
200
250
375
175
425
850
400
400
75
425
200
600
500
400
200
175
244
550
225
327
425
200
200
325
800
300
325
860
1,350
1,175
1,050
825
825
1,200
144
600
105
183
131
157
680
155
328
642
128
345
436
184
91
82
212
59
39
127
364
232
169
520
434
440
822
230
204
581
201
258
383
178
443
873
412
411
77
427
203
622
518
410
205
182
243
561
233
335
440
205
206
337
800
302
316
886
1,351
1,177
1,046
823
825
1,199
153
632
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
5,6
5,6
COMM 2014-CCRE17 Mortgage Trust
COMM 2014-CCRE18 Mortgage Trust
COMM 2014-CCRE18 Mortgage Trust
COMM 2014-CCRE18 Mortgage Trust
COMM 2014-CCRE19 Mortgage Trust
COMM 2014-CCRE19 Mortgage Trust
COMM 2014-CCRE21 Mortgage Trust
COMM 2014-CCRE21 Mortgage Trust
COMM 2014-LC15 Mortgage Trust
COMM 2014-LC15 Mortgage Trust
COMM 2014-LC17 Mortgage Trust
COMM 2014-LC17 Mortgage Trust
COMM 2014-UBS2 Mortgage Trust
COMM 2014-UBS2 Mortgage Trust
COMM 2014-UBS2 Mortgage Trust
COMM 2014-UBS2 Mortgage Trust
COMM 2014-UBS2 Mortgage Trust
COMM 2014-UBS3 Mortgage Trust
COMM 2014-UBS3 Mortgage Trust
COMM 2014-UBS4 Mortgage Trust
COMM 2014-UBS4 Mortgage Trust
COMM 2014-UBS5 Mortgage Trust
COMM 2014-UBS6 Mortgage Trust
COMM 2014-UBS6 Mortgage Trust
COMM 2014-UBS6 Mortgage Trust
COMM 2014-UBS6 Mortgage Trust
COMM 2015-CCRE22 Mortgage Trust
COMM 2015-CCRE22 Mortgage Trust
COMM 2015-CCRE22 Mortgage Trust
COMM 2015-CCRE23 Mortgage Trust
COMM 2015-CCRE23 Mortgage Trust
COMM 2015-CCRE23 Mortgage Trust
COMM 2015-CCRE25 Mortgage Trust
COMM 2015-CCRE26 Mortgage Trust
COMM 2015-CCRE27 Mortgage Trust
COMM 2015-CCRE27 Mortgage Trust
COMM 2015-LC19 Mortgage Trust
COMM 2015-LC19 Mortgage Trust
COMM 2015-LC19 Mortgage Trust
COMM 2016-CCRE28 Mortgage Trust
Comm 2016-DC2 Mortgage Trust
CSAIL 2015-C1 Commercial Mortgage Trust
CSAIL 2015-C1 Commercial Mortgage Trust
CSAIL 2015-C1 Commercial Mortgage Trust
CSAIL 2015-C2 Commercial Mortgage Trust
CSAIL 2015-C2 Commercial Mortgage Trust
CSAIL 2015-C2 Commercial Mortgage Trust
CSAIL 2015-C3 Commercial Mortgage Trust
CSAIL 2015-C3 Commercial Mortgage Trust
CSAIL 2015-C3 Commercial Mortgage Trust
CSAIL 2015-C4 Commercial Mortgage Trust
CSAIL 2015-C4 Commercial Mortgage Trust
CSAIL 2016-C7 Commercial Mortgage Trust
DBJPM 16-C1 Mortgage Trust
DBJPM 16-C3 Mortgage Trust
Discover Card Execution Note Trust 2007-A1
Discover Card Execution Note Trust 2014-A3
Discover Card Execution Note Trust 2014-A5
Discover Card Execution Note Trust 2015-A2
Discover Card Execution Note Trust 2015-A3
Discover Card Execution Note Trust 2015-A4
Discover Card Execution Note Trust 2016-A1
Fannie Mae-Aces 2010-M1
Fannie Mae-Aces 2011-M2
4.377%
3.452%
3.828%
4.103%
3.796%
4.080%
3.095%
3.528%
2.840%
4.006%
3.164%
3.917%
2.820%
3.472%
3.961%
4.199%
4.701%
2.844%
3.819%
3.694%
3.968%
3.838%
2.935%
3.387%
3.644%
4.048%
2.856%
3.309%
3.603%
3.257%
3.497%
3.801%
3.759%
3.630%
3.404%
3.612%
3.040%
3.183%
3.527%
3.762%
3.550%
3.505%
3.791%
4.044%
1.454%
3.504%
3.849%
3.448%
3.718%
4.110%
3.617%
3.808%
3.502%
3.276%
2.890%
5.650%
1.220%
1.390%
1.900%
1.450%
2.190%
1.640%
4.450%
3.764%
65
5/10/47
7/15/47
7/15/47
7/15/47
8/10/47
8/10/47
12/10/47
12/10/47
4/10/47
4/10/47
10/10/47
10/10/47
3/10/47
3/10/47
3/10/47
3/10/47
3/10/47
6/10/47
6/10/47
8/10/47
8/10/47
9/10/47
12/10/47
12/10/47
12/10/47
12/10/47
3/10/48
3/10/48
3/10/48
5/10/48
5/10/48
5/10/48
8/10/48
10/10/48
10/10/48
10/10/48
2/10/48
2/10/48
2/10/48
2/10/49
2/10/49
4/15/50
4/15/50
4/15/50
6/15/57
6/15/57
6/15/57
8/15/48
8/15/48
8/15/48
11/15/48
11/15/48
11/15/49
5/10/49
9/10/49
3/16/20
10/15/19
4/15/20
10/17/22
3/15/21
4/17/23
7/15/21
9/25/19
4/25/21
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
Fannie Mae-Aces 2011-M4
Fannie Mae-Aces 2012-M9
Fannie Mae-Aces 2013-M12
Fannie Mae-Aces 2013-M4
Fannie Mae-Aces 2013-M7
Fannie Mae-Aces 2014-M1
Fannie Mae-Aces 2014-M1
Fannie Mae-Aces 2014-M10
Fannie Mae-Aces 2014-M12
Fannie Mae-Aces 2014-M13
Fannie Mae-Aces 2014-M13
Fannie Mae-Aces 2014-M13
Fannie Mae-Aces 2014-M3
Fannie Mae-Aces 2014-M3
Fannie Mae-Aces 2014-M4
Fannie Mae-Aces 2014-M6
Fannie Mae-Aces 2014-M7
Fannie Mae-Aces 2014-M8
Fannie Mae-Aces 2014-M8
Fannie Mae-Aces 2014-M9
Fannie Mae-Aces 2014-M9
Fannie Mae-Aces 2015-M1
Fannie Mae-Aces 2015-M1
Fannie Mae-Aces 2015-M10
Fannie Mae-Aces 2015-M12
Fannie Mae-Aces 2015-M15
Fannie Mae-Aces 2015-M2
Fannie Mae-Aces 2015-M3
Fannie Mae-Aces 2015-M4
Fannie Mae-Aces 2015-M7
Fannie Mae-Aces 2015-M7
Fannie Mae-Aces 2015-M8
Fannie Mae-Aces 2015-M8
Fannie Mae-Aces 2016-M11
Fannie Mae-Aces 2016-M12
Fannie Mae-Aces 2016-M2
Fannie Mae-Aces 2016-M3
Fannie Mae-Aces 2016-M4
Fannie Mae-Aces 2016-M5
Fannie Mae-Aces 2016-M6
Fannie Mae-Aces 2016-M7
Fannie Mae-Aces 2016-M7
FHLMC Multifamily Structured Pass Through
Certificates K005
FHLMC Multifamily Structured Pass Through
Certificates K006
FHLMC Multifamily Structured Pass Through
Certificates K007
FHLMC Multifamily Structured Pass Through
Certificates K009
FHLMC Multifamily Structured Pass Through
Certificates K010
FHLMC Multifamily Structured Pass Through
Certificates K011
FHLMC Multifamily Structured Pass Through
Certificates K012
FHLMC Multifamily Structured Pass Through
Certificates K014
FHLMC Multifamily Structured Pass Through
Certificates K017
FHLMC Multifamily Structured Pass Through
Certificates K019
FHLMC Multifamily Structured Pass Through
Certificates K020
3.726%
1.553%
2.399%
2.608%
2.280%
2.323%
3.251%
2.171%
2.614%
1.637%
2.566%
3.021%
2.613%
3.472%
3.346%
2.679%
3.248%
2.346%
3.056%
1.462%
3.103%
1.626%
2.532%
3.092%
2.792%
2.923%
2.620%
2.723%
2.509%
1.550%
2.590%
2.344%
2.900%
2.369%
2.449%
2.152%
2.702%
2.576%
2.469%
2.488%
2.157%
2.499%
6/25/21
4/25/22
3/25/23
3/25/22
12/27/22
11/25/18
7/25/23
9/25/19
10/25/21
11/25/17
8/25/24
8/25/24
1/25/24
1/25/24
3/25/24
5/25/21
6/25/24
6/25/24
6/25/24
4/25/17
7/25/24
2/25/18
9/25/24
4/25/27
5/25/25
10/25/25
12/25/24
10/25/24
7/25/22
4/25/18
12/25/24
1/25/25
1/25/25
7/25/26
9/25/26
1/25/23
2/25/26
3/25/26
4/25/26
5/25/26
10/25/23
9/25/26
1,250
94
983
74
450
1,284
1,675
825
1,250
122
160
475
441
600
625
1,175
1,258
184
650
196
775
294
1,075
350
850
1,025
765
400
500
225
750
386
425
900
950
725
400
400
800
600
200
300
1,313
93
967
74
442
1,302
1,721
828
1,253
123
162
482
447
619
650
1,195
1,306
185
655
196
777
295
1,054
351
833
1,024
741
389
499
225
735
386
423
865
921
710
392
388
769
577
194
289
3.484%
4/25/19
319
326
3.398%
7/25/19
374
383
3.342%
12/25/19
306
307
2.757%
5/25/20
606
611
3.320%
7/25/20
685
693
4.084%
11/25/20
1,775
1,881
4.184%
12/25/20
800
861
3.871%
4/25/21
524
560
2.873%
12/25/21
1,450
1,480
2.272%
3/25/22
585
581
2.373%
5/25/22
100
100
66
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
FHLMC Multifamily Structured Pass Through
Certificates K021
FHLMC Multifamily Structured Pass Through
Certificates K026
FHLMC Multifamily Structured Pass Through
Certificates K027
FHLMC Multifamily Structured Pass Through
Certificates K029
FHLMC Multifamily Structured Pass Through
Certificates K030
FHLMC Multifamily Structured Pass Through
Certificates K031
FHLMC Multifamily Structured Pass Through
Certificates K032
FHLMC Multifamily Structured Pass Through
Certificates K033
FHLMC Multifamily Structured Pass Through
Certificates K034
FHLMC Multifamily Structured Pass Through
Certificates K036
FHLMC Multifamily Structured Pass Through
Certificates K037
FHLMC Multifamily Structured Pass Through
Certificates K038
FHLMC Multifamily Structured Pass Through
Certificates K038
FHLMC Multifamily Structured Pass Through
Certificates K039
FHLMC Multifamily Structured Pass Through
Certificates K039
FHLMC Multifamily Structured Pass Through
Certificates K040
FHLMC Multifamily Structured Pass Through
Certificates K040
FHLMC Multifamily Structured Pass Through
Certificates K041
FHLMC Multifamily Structured Pass Through
Certificates K042
FHLMC Multifamily Structured Pass Through
Certificates K042
FHLMC Multifamily Structured Pass Through
Certificates K043
FHLMC Multifamily Structured Pass Through
Certificates K043
FHLMC Multifamily Structured Pass Through
Certificates K045
FHLMC Multifamily Structured Pass Through
Certificates K045
FHLMC Multifamily Structured Pass Through
Certificates K046
FHLMC Multifamily Structured Pass Through
Certificates K047
FHLMC Multifamily Structured Pass Through
Certificates K047
FHLMC Multifamily Structured Pass Through
Certificates K048
FHLMC Multifamily Structured Pass Through
Certificates K049
FHLMC Multifamily Structured Pass Through
Certificates K050
FHLMC Multifamily Structured Pass Through
Certificates K052
FHLMC Multifamily Structured Pass Through
Certificates K053
2.396%
6/25/22
915
918
2.510%
11/25/22
1,275
1,287
2.637%
1/25/23
1,275
1,293
3.320%
2/25/23
1,250
1,308
2.779%
9/25/22
974
996
3.300%
4/25/23
1,260
1,317
3.016%
2/25/23
1,001
1,027
2.871%
2/25/23
1,057
1,086
3.531%
7/25/23
1,208
1,276
3.527%
10/25/23
1,375
1,464
3.490%
1/25/24
50
53
2.604%
10/25/23
361
369
3.389%
3/25/24
1,475
1,545
2.683%
12/25/23
257
260
3.303%
7/25/24
850
881
2.768%
4/25/24
369
373
3.241%
9/25/24
1,025
1,055
3.171%
10/25/24
1,000
1,027
2.267%
6/25/24
186
185
2.670%
12/25/24
700
694
2.532%
10/25/23
189
190
3.062%
12/25/24
600
610
2.493%
11/25/24
404
408
3.023%
1/25/25
675
683
3.205%
3/25/25
650
668
2.827%
12/25/24
219
221
3.329%
5/25/25
525
543
3.284%
6/25/25
825
849
3.010%
7/25/25
450
455
3.334%
8/25/25
750
777
3.151%
11/25/25
450
457
2.995%
12/25/25
275
277
67
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
5,6
6
6
FHLMC Multifamily Structured Pass Through
Certificates K054
FHLMC Multifamily Structured Pass Through
Certificates K055
FHLMC Multifamily Structured Pass Through
Certificates K056
FHLMC Multifamily Structured Pass Through
Certificates K057
FHLMC Multifamily Structured Pass Through
Certificates K058
FHLMC Multifamily Structured Pass Through
Certificates K059
FHLMC Multifamily Structured Pass Through
Certificates K060
FHLMC Multifamily Structured Pass Through
Certificates K152
FHLMC Multifamily Structured Pass Through
Certificates K503
FHLMC Multifamily Structured Pass Through
Certificates K503
FHLMC Multifamily Structured Pass Through
Certificates K504
FHLMC Multifamily Structured Pass Through
Certificates K702
FHLMC Multifamily Structured Pass Through
Certificates K704
FHLMC Multifamily Structured Pass Through
Certificates K706
FHLMC Multifamily Structured Pass Through
Certificates K707
FHLMC Multifamily Structured Pass Through
Certificates K710
FHLMC Multifamily Structured Pass Through
Certificates K711
FHLMC Multifamily Structured Pass Through
Certificates K711
FHLMC Multifamily Structured Pass Through
Certificates K712
FHLMC Multifamily Structured Pass Through
Certificates K713
FHLMC Multifamily Structured Pass Through
Certificates K714
FHLMC Multifamily Structured Pass Through
Certificates K716
FHLMC Multifamily Structured Pass Through
Certificates K716
FHLMC Multifamily Structured Pass Through
Certificates K717
FHLMC Multifamily Structured Pass Through
Certificates K718
FHLMC Multifamily Structured Pass Through
Certificates K718
FHLMC Multifamily Structured Pass Through
Certificates K722
FHLMC Multifamily Structured Pass Through
Certificates KW01
FHLMC Multifamily Structures Pass Through
Certificates K715
FHLMC Multifamily Structures Pass Through
Certificates K720
FHLMC Multifamily Structures Pass Through
Certificates K723
Fifth Third Auto Trust 2014-1
Fifth Third Auto Trust 2014-1
2.745%
1/25/26
700
692
2.673%
3/25/26
1,000
977
2.525%
5/25/26
575
557
2.570%
7/25/26
1,025
990
2.653%
9/25/49
500
488
3.120%
9/25/26
800
809
3.300%
10/25/26
1,000
1,027
3.080%
1/25/31
400
385
1.384%
1/25/19
473
471
2.456%
8/25/19
1,250
1,271
2.566%
9/25/20
400
407
3.154%
2/25/18
1,739
1,769
2.412%
8/25/18
246
250
2.323%
10/25/18
374
379
2.220%
12/25/18
575
580
1.883%
5/25/19
100
100
1.321%
12/25/18
554
552
1.730%
7/25/19
1,675
1,663
1.869%
11/25/19
800
798
2.313%
3/25/20
2,000
2,013
3.034%
10/25/20
1,630
1,688
3.130%
6/25/21
1,400
1,454
2.413%
8/25/47
229
231
2.991%
9/25/21
1,300
1,345
2.375%
9/25/21
790
794
2.791%
1/25/22
800
819
2.183%
5/25/22
397
394
2.853%
1/25/26
800
798
2.856%
1/25/21
475
486
2.716%
6/25/22
525
537
2.454%
0.680%
1.140%
8/25/23
4/16/18
10/15/20
500
6
175
497
6
175
68
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Fifth Third Auto Trust 2014-2
Fifth Third Auto Trust 2014-2
Fifth Third Auto Trust 2015-1
Ford Credit Auto Lease Trust 2015-A
Ford Credit Auto Lease Trust 2015-A
Ford Credit Auto Lease Trust 2015-B
Ford Credit Auto Lease Trust 2015-B
Ford Credit Auto Owner Trust 2013-B
Ford Credit Auto Owner Trust 2013-C
Ford Credit Auto Owner Trust 2013-D
Ford Credit Auto Owner Trust 2013-D
Ford Credit Auto Owner Trust 2014-A
Ford Credit Auto Owner Trust 2014-A
Ford Credit Auto Owner Trust 2014-B
Ford Credit Auto Owner Trust 2014-B
Ford Credit Auto Owner Trust 2015-A
Ford Credit Auto Owner Trust 2015-A
Ford Credit Auto Owner Trust 2015-B
Ford Credit Auto Owner Trust 2015-B
Ford Credit Auto Owner Trust 2015-C
Ford Credit Auto Owner Trust 2015-C
Ford Credit Floorplan Master Owner Trust A Series
2014-1
Ford Credit Floorplan Master Owner Trust A Series
2014-4
Ford Credit Floorplan Master Owner Trust A Series
2016-1
GM Financial Automobile Leasing Trust 2015-2
GM Financial Automobile Leasing Trust 2015-2
GM Financial Automobile Leasing Trust 2015-3
GM Financial Automobile Leasing Trust 2015-3
GM Financial Automobile Leasing Trust 2016-1
GM Financial Automobile Leasing Trust 2016-2
GM Financial Automobile Leasing Trust 2016-3
GS Mortgage Securities Trust 2011-GC5
GS Mortgage Securities Trust 2012-GC6
GS Mortgage Securities Trust 2012-GCJ7
GS Mortgage Securities Trust 2012-GCJ9
GS Mortgage Securities Trust 2013-GC10
GS Mortgage Securities Trust 2013-GC10
GS Mortgage Securities Trust 2013-GCJ12
GS Mortgage Securities Trust 2013-GCJ12
GS Mortgage Securities Trust 2013-GCJ14
GS Mortgage Securities Trust 2013-GCJ14
GS Mortgage Securities Trust 2013-GCJ14
GS Mortgage Securities Trust 2013-GCJ16
GS Mortgage Securities Trust 2013-GCJ16
GS Mortgage Securities Trust 2013-GCJ16
GS Mortgage Securities Trust 2014-GC18
GS Mortgage Securities Trust 2014-GC18
GS Mortgage Securities Trust 2014-GC22
GS Mortgage Securities Trust 2014-GC22
GS Mortgage Securities Trust 2014-GC24
GS Mortgage Securities Trust 2014-GC24
GS Mortgage Securities Trust 2014-GC26
GS Mortgage Securities Trust 2014-GC26
GS Mortgage Securities Trust 2014-GC26
GS Mortgage Securities Trust 2014-GC26
GS Mortgage Securities Trust 2014-GC26
GS Mortgage Securities Trust 2015-GC28
GS Mortgage Securities Trust 2015-GC30
GS Mortgage Securities Trust 2015-GC30
GS Mortgage Securities Trust 2015-GC32
GS Mortgage Securities Trust 2015-GC32
0.890%
1.380%
1.420%
1.130%
1.310%
1.380%
1.540%
0.760%
1.250%
0.670%
1.110%
0.790%
1.290%
0.900%
1.420%
1.280%
1.640%
1.160%
1.580%
1.410%
1.740%
11/15/18
12/15/20
3/16/20
6/15/18
8/15/18
12/15/18
2/15/19
8/15/18
10/15/18
4/15/18
2/15/19
5/15/18
4/15/19
10/15/18
8/15/19
9/15/19
6/15/20
11/15/19
8/15/20
2/15/20
2/15/21
53
100
425
306
75
300
200
48
49
16
100
38
100
117
75
174
50
270
100
200
100
53
100
425
306
75
300
200
48
49
16
100
38
100
117
75
174
50
270
100
200
100
1.200%
2/15/19
450
450
1.400%
8/15/19
850
851
1.760%
1.680%
1.850%
1.690%
1.810%
1.790%
1.620%
1.610%
3.707%
3.482%
3.377%
2.773%
2.943%
3.279%
3.135%
3.375%
2.995%
3.817%
4.243%
3.033%
3.813%
4.271%
4.074%
4.383%
3.467%
3.862%
3.931%
4.507%
2.902%
3.365%
3.629%
3.964%
4.215%
3.396%
2.726%
3.382%
3.513%
3.764%
2/15/21
12/20/18
7/22/19
3/20/19
11/20/19
3/20/20
9/20/19
12/20/19
8/10/44
1/10/45
5/10/45
11/10/45
2/10/46
2/10/46
6/10/46
6/10/46
8/10/46
8/10/46
8/10/46
11/10/46
11/10/46
11/10/46
1/10/47
1/10/47
6/10/47
6/10/47
9/10/47
9/10/47
11/10/47
11/10/47
11/10/47
11/10/47
11/10/47
2/10/48
5/10/50
5/10/50
7/10/48
7/10/48
800
400
200
200
200
425
375
275
145
747
440
325
246
92
275
118
191
135
675
210
100
125
825
275
175
150
475
125
125
250
800
125
125
500
300
450
425
175
798
401
201
200
200
424
374
274
153
782
458
327
249
93
278
119
194
141
730
215
106
135
875
291
182
157
499
132
128
258
832
129
131
507
305
455
439
183
69
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
GS Mortgage Securities Trust 2015-GC34
GS Mortgage Securities Trust 2015-GC34
GS Mortgage Securities Trust 2016-GS2
GS Mortgage Securities Trust 2016-GS3
GS Mortgage Securities Trust 2016-GS4
GS Mortgage Securities Trust 2016-GS4
Honda Auto Receivables 2013-4 Owner Trust
Honda Auto Receivables 2014-1 Owner Trust
Honda Auto Receivables 2014-1 Owner Trust
Honda Auto Receivables 2014-2 Owner Trust
Honda Auto Receivables 2014-2 Owner Trust
Honda Auto Receivables 2014-3 Owner Trust
Honda Auto Receivables 2015-1 Owner Trust
Honda Auto Receivables 2015-3 Owner Trust
Honda Auto Receivables 2015-4 Owner Trust
Huntington Auto Trust 2015-1
Hyundai Auto Receivables Trust 2013-A
Hyundai Auto Receivables Trust 2013-B
Hyundai Auto Receivables Trust 2013-C
Hyundai Auto Receivables Trust 2014-A
Hyundai Auto Receivables Trust 2014-B
Hyundai Auto Receivables Trust 2014-B
Hyundai Auto Receivables Trust 2015-A
Hyundai Auto Receivables Trust 2015-C
Hyundai Auto Receivables Trust 2015-C
Hyundai Auto Receivables Trust 2016-B
Hyundai Auto Receivables Trust 2016-B
JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP7
JP Morgan Chase Commercial Mortgage Securities
Trust 2007-CIBC20
JP Morgan Chase Commercial Mortgage Securities
Trust 2007-LDP12
JP Morgan Chase Commercial Mortgage Securities
Trust 2012-C6
JP Morgan Chase Commercial Mortgage Securities
Trust 2012-C8
JP Morgan Chase Commercial Mortgage Securities
Trust 2012-CIBX
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-C10
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-C10
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-C16
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-C16
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-C16
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-C16
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-C16
JP Morgan Chase Commercial Mortgage Securities
Trust 2013-LC11
JP Morgan Chase Commercial Mortgage Securities
Trust 2014-C20
JP Morgan Chase Commercial Mortgage Securities
Trust 2014-C20
JP Morgan Chase Commercial Mortgage Securities
Trust 2016-JP3
JP Morgan Chase Commercial Mortgage Securities
Trust 2016-JP4
3.278%
3.506%
3.050%
2.850%
3.442%
3.645%
1.040%
0.670%
1.040%
0.770%
1.180%
0.880%
1.050%
1.560%
1.230%
1.240%
0.750%
1.010%
1.550%
0.790%
0.900%
1.460%
1.370%
1.460%
1.780%
1.290%
1.450%
10/10/48
10/10/48
5/10/49
10/10/49
11/10/49
11/10/49
2/18/20
11/21/17
2/21/20
3/19/18
5/18/20
6/15/18
10/15/18
10/18/21
9/23/19
9/16/19
9/17/18
2/15/19
3/15/19
7/16/18
12/17/18
11/15/19
7/15/20
2/18/20
11/15/21
4/15/21
11/15/22
400
400
300
775
275
200
131
18
135
54
100
145
257
100
400
351
43
57
277
32
118
90
125
150
100
325
250
408
406
297
751
279
203
131
18
135
54
100
145
257
100
399
350
43
57
277
32
117
90
125
150
100
322
245
5.925%
4/17/45
15
15
5.794%
2/12/51
958
973
5.882%
2/15/51
1,393
1,407
3.507%
5/15/45
550
574
2.829%
10/15/45
1,735
1,757
3.483%
6/15/45
433
448
3.142%
12/15/47
146
147
3.372%
12/15/47
109
110
3.674%
12/15/46
150
157
3.881%
12/15/46
200
210
4.166%
12/15/46
300
322
4.517%
12/15/46
150
161
4.910%
12/15/46
150
164
2.960%
4/15/46
673
672
2.872%
7/15/47
175
179
3.805%
7/15/47
75
79
2.870%
8/15/49
975
944
3.648%
12/15/49
400
408
70
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
JP Morgan Chase Commercial Mortgage Securities
Trust 2016-JP4
JPMBB Commercial Mortgage Securities Trust 2013C12
JPMBB Commercial Mortgage Securities Trust 2013C12
JPMBB Commercial Mortgage Securities Trust 2013C14
JPMBB Commercial Mortgage Securities Trust 2013C14
JPMBB Commercial Mortgage Securities Trust 2013C14
JPMBB Commercial Mortgage Securities Trust 2013C15
JPMBB Commercial Mortgage Securities Trust 2013C15
JPMBB Commercial Mortgage Securities Trust 2013C15
JPMBB Commercial Mortgage Securities Trust 2013C15
JPMBB Commercial Mortgage Securities Trust 2013C17
JPMBB Commercial Mortgage Securities Trust 2013C17
JPMBB Commercial Mortgage Securities Trust 2013C17
JPMBB Commercial Mortgage Securities Trust 2013C17
JPMBB Commercial Mortgage Securities Trust 2013C17
JPMBB Commercial Mortgage Securities Trust 2014C18
JPMBB Commercial Mortgage Securities Trust 2014C18
JPMBB Commercial Mortgage Securities Trust 2014C18
JPMBB Commercial Mortgage Securities Trust 2014C19
JPMBB Commercial Mortgage Securities Trust 2014C19
JPMBB Commercial Mortgage Securities Trust 2014C19
JPMBB Commercial Mortgage Securities Trust 2014C19
JPMBB Commercial Mortgage Securities Trust 2014C21
JPMBB Commercial Mortgage Securities Trust 2014C21
JPMBB Commercial Mortgage Securities Trust 2014C21
JPMBB Commercial Mortgage Securities Trust 2014C22
JPMBB Commercial Mortgage Securities Trust 2014C22
JPMBB Commercial Mortgage Securities Trust 2014C23
JPMBB Commercial Mortgage Securities Trust 2014C23
JPMBB Commercial Mortgage Securities Trust 2014C24
JPMBB Commercial Mortgage Securities Trust 2014C24
JPMBB Commercial Mortgage Securities Trust 2014C24
3.870%
12/15/49
325
332
3.664%
7/15/45
122
127
4.025%
7/15/45
81
85
3.761%
8/15/46
240
253
4.133%
8/15/46
790
845
4.409%
8/15/46
220
236
2.977%
11/15/45
507
517
3.659%
11/15/45
65
68
4.131%
11/15/45
435
465
4.420%
11/15/45
275
293
3.003%
1/15/47
250
255
3.705%
1/15/47
188
198
4.199%
1/15/47
625
671
4.458%
1/15/47
125
134
4.887%
1/15/47
188
204
4.079%
2/15/47
474
506
4.439%
2/15/47
93
99
4.814%
2/15/47
113
123
3.046%
4/15/47
175
179
3.669%
4/15/47
225
234
3.996%
4/15/47
225
239
4.243%
4/15/47
175
184
3.428%
8/15/47
109
113
3.775%
8/15/47
100
105
3.996%
8/15/47
75
78
3.801%
9/15/47
650
676
4.110%
9/15/47
175
181
3.934%
9/15/47
319
337
4.202%
9/15/47
188
197
2.940%
11/15/47
200
205
3.638%
11/15/47
150
155
3.914%
11/15/47
300
309
71
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
JPMBB Commercial Mortgage Securities Trust 2014C25
JPMBB Commercial Mortgage Securities Trust 2014C25
JPMBB Commercial Mortgage Securities Trust 2014C26
JPMBB Commercial Mortgage Securities Trust 2014C26
JPMBB Commercial Mortgage Securities Trust 2014C26
JPMBB Commercial Mortgage Securities Trust 2014C26
JPMBB Commercial Mortgage Securities Trust 2015C27
JPMBB Commercial Mortgage Securities Trust 2015C27
JPMBB Commercial Mortgage Securities Trust 2015C27
JPMBB Commercial Mortgage Securities Trust 2015C28
JPMBB Commercial Mortgage Securities Trust 2015C28
JPMBB Commercial Mortgage Securities Trust 2015C28
JPMBB Commercial Mortgage Securities Trust 2015C29
JPMBB Commercial Mortgage Securities Trust 2015C29
JPMBB Commercial Mortgage Securities Trust 2015C29
JPMBB Commercial Mortgage Securities Trust 2015C30
JPMBB Commercial Mortgage Securities Trust 2015C30
JPMBB Commercial Mortgage Securities Trust 2015C30
JPMBB Commercial Mortgage Securities Trust 2015C31
JPMBB Commercial Mortgage Securities Trust 2015C31
JPMBB Commercial Mortgage Securities Trust 2015C32
JPMBB Commercial Mortgage Securities Trust 2015C32
JPMBB Commercial Mortgage Securities Trust 2015C33
JPMBB Commercial Mortgage Securities Trust 2016C1
JPMCC Commercial Mortgage Securities Trust 2015JP1
JPMDB Commercial Mortgage Securities Trust 2016C2
JPMDB Commercial Mortgage Securities Trust 2016C2
LB-UBS Commercial Mortgage Trust 2007-C2
LB-UBS Commercial Mortgage Trust 2008-C1
Mercedes-Benz Auto Lease Trust 2015-A
Mercedes-Benz Auto Lease Trust 2015-B
Mercedes-Benz Auto Lease Trust 2015-B
Mercedes-Benz Auto Receivables Trust 2014-1
Mercedes-Benz Auto Receivables Trust 2014-1
Mercedes-Benz Auto Receivables Trust 2015-1
Mercedes-Benz Auto Receivables Trust 2015-1
Merrill Lynch Mortgage Trust 2007-C1
3.672%
11/15/47
750
778
4.065%
11/15/47
200
208
3.018%
1/15/48
400
410
3.494%
1/15/48
600
615
3.800%
1/15/48
200
205
3.951%
1/15/48
200
204
2.734%
2/15/48
325
330
3.017%
2/15/48
409
416
3.179%
2/15/48
218
218
2.773%
10/15/48
400
408
3.227%
10/15/48
500
500
3.532%
10/15/48
100
100
2.921%
5/15/48
400
407
3.304%
5/15/48
215
222
3.611%
5/15/48
350
359
3.559%
7/15/48
425
441
3.822%
7/15/48
425
441
4.226%
7/15/48
200
209
3.540%
8/15/48
203
211
3.801%
8/15/48
218
226
3.358%
11/15/48
425
437
3.598%
11/15/48
425
435
3.770%
12/15/48
300
311
3.316%
3/15/49
325
332
3.914%
1/15/49
325
340
3.144%
6/15/49
300
298
3.484%
5.430%
6.113%
1.210%
1.340%
1.530%
0.870%
1.310%
1.340%
1.750%
5.826%
6/15/49
2/15/40
4/15/41
10/15/20
7/16/18
5/17/21
10/15/18
11/16/20
12/16/19
12/15/21
6/12/50
150
277
927
625
200
125
76
75
250
75
1,763
151
277
962
625
200
125
76
75
250
75
1,784
72
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Morgan Stanley Bank of America Merrill Lynch Trust
2012-C5
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C10
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C11
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C11
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C12
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C12
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C13
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C13
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C13
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C7
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C7
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C8
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C8
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C14
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C14
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C14
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C14
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C16
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C16
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C16
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C16
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C18
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C18
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C18
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C19
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C19
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C19
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C20
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C20
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C22
3.176%
8/15/45
175
181
4.084%
7/15/46
2,000
2,129
4.170%
8/15/46
240
256
4.370%
8/15/46
120
129
3.001%
10/15/46
320
326
4.259%
10/15/46
445
478
2.936%
11/15/46
150
153
4.039%
11/15/46
300
318
4.739%
11/15/46
150
164
2.918%
2/15/46
179
181
3.214%
2/15/46
36
36
3.134%
12/15/48
225
229
3.376%
12/15/48
100
103
3.102%
5/15/46
150
152
3.456%
5/15/46
125
127
2.916%
2/15/47
175
179
3.669%
2/15/47
394
411
4.064%
2/15/47
375
399
4.640%
2/15/47
150
162
2.849%
6/15/47
75
76
3.477%
6/15/47
75
78
3.892%
6/15/47
325
341
4.323%
6/15/47
125
133
3.194%
10/15/47
400
411
3.923%
10/15/47
100
105
4.443%
10/15/47
125
132
3.101%
12/15/47
400
410
3.326%
12/15/47
225
233
3.526%
12/15/47
275
281
3.069%
2/15/48
200
201
3.249%
2/15/48
725
726
3.040%
4/15/48
425
432
73
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
9
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C22
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C22
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C23
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C23
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C23
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C25
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C25
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C26
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C26
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C28
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C28
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C30
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C31
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C32
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C32
Morgan Stanley Capital I Trust 2005-IQ9
Morgan Stanley Capital I Trust 2006-HQ9
Morgan Stanley Capital I Trust 2007-IQ14
Morgan Stanley Capital I Trust 2007-IQ16
Morgan Stanley Capital I Trust 2007-TOP25
Morgan Stanley Capital I Trust 2007-TOP27
Morgan Stanley Capital I Trust 2012-C4
Morgan Stanley Capital I Trust 2012-C4
Morgan Stanley Capital I Trust 2015-UBS8
Morgan Stanley Capital I Trust 2016-BNK2
Morgan Stanley Capital I Trust 2016-BNK2
Morgan Stanley Capital I Trust 2016-UB11
Morgan Stanley Capital I Trust 2016-UB12
National Australia Bank Ltd.
Nissan Auto Lease Trust 2014-B
Nissan Auto Lease Trust 2015-B
Nissan Auto Lease Trust 2015-B
Nissan Auto Lease Trust 2016-B
Nissan Auto Receivables 2013-A Owner Trust
Nissan Auto Receivables 2013-B Owner Trust
Nissan Auto Receivables 2013-C Owner Trust
Nissan Auto Receivables 2013-C Owner Trust
Nissan Auto Receivables 2014-A Owner Trust
Nissan Auto Receivables 2014-A Owner Trust
Nissan Auto Receivables 2014-B Owner Trust
Nissan Auto Receivables 2015-A Owner Trust
Nissan Auto Receivables 2015-B Owner Trust
Nissan Auto Receivables 2015-B Owner Trust
Nissan Auto Receivables 2015-C Owner Trust
Nissan Auto Receivables 2015-C Owner Trust
3.306%
4/15/48
325
327
3.883%
4/15/48
200
198
2.982%
7/15/50
225
230
3.398%
7/15/50
150
155
3.719%
7/15/50
450
464
3.383%
10/15/48
475
486
3.635%
10/15/48
250
258
3.323%
10/15/48
275
285
3.531%
10/15/48
300
308
3.557%
12/15/47
200
209
3.753%
12/15/47
250
259
3.288%
1/15/49
300
306
3.544%
1/15/49
800
815
2.860%
9/15/49
800
769
3.102%
11/15/49
950
927
3.720%
12/15/49
800
818
3.994%
4.770%
5.793%
5.692%
5.809%
5.544%
5.643%
3.244%
3.773%
3.809%
3.049%
3.282%
2.782%
3.596%
2.250%
1.120%
1.540%
1.700%
1.610%
0.750%
1.310%
0.670%
1.300%
0.720%
1.340%
1.110%
1.050%
1.340%
1.790%
1.370%
1.670%
12/15/49
7/15/56
7/12/44
4/15/49
12/12/49
11/12/49
6/11/42
3/15/45
3/15/45
12/15/48
11/15/49
11/15/49
8/15/49
12/15/49
3/16/21
9/15/17
4/16/18
4/15/21
1/18/22
7/15/19
10/15/19
8/15/18
6/15/20
8/15/18
8/17/20
5/15/19
10/15/19
3/16/20
1/17/22
5/15/20
2/15/22
325
71
3
1,027
1,285
96
1,080
650
225
300
400
317
800
825
625
37
300
200
350
179
96
41
225
39
200
131
320
250
125
125
200
333
71
3
1,029
1,307
96
1,093
670
233
313
394
309
767
839
620
37
301
200
348
179
96
41
225
39
200
131
319
250
125
125
199
74
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
9
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Nissan Auto Receivables 2016-C Owner Trust
Nissan Auto Receivables 2016-C Owner Trust
Nissan Master Owner Trust Receivables Series 2016-A
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Canada
Synchrony Capital Credit Card Master Note Trust Series
2012-7
Synchrony Credit Card Master Note Trust 2014-1
Synchrony Credit Card Master Note Trust 2015-2
Synchrony Credit Card Master Note Trust 2016-2
Synchrony Credit Card Master Note Trust 2016-3
TIAA Seasoned Commercial Mortgage Trust 2007-C4
Toronto-Dominion Bank
Toyota Auto Receivables 2014-A Owner Trust
Toyota Auto Receivables 2014-B Owner Trust
Toyota Auto Receivables 2014-B Owner Trust
Toyota Auto Receivables 2015-B Owner Trust
Toyota Auto Receivables 2015-B Owner Trust
Toyota Auto Receivables 2015-C Owner Trust
Toyota Auto Receivables 2015-C Owner Trust
Toyota Auto Receivables 2016-B Owner Trust
Toyota Auto Receivables 2016-B Owner Trust
Toyota Auto Receivables 2016-C Owner Trust
Toyota Auto Receivables 2016-C Owner Trust
UBS-Barclays Commercial Mortgage Trust 2013-C5
UBS-Barclays Commercial Mortgage Trust 2013-C6
UBS-Barclays Commercial Mortgage Trust 2013-C6
USAA Auto Owner Trust 2014-1
Volkswagen Auto Loan Enhanced Trust 2013-2
Volkswagen Auto Loan Enhanced Trust 2013-2
Volkswagen Auto Loan Enhanced Trust 2014-1
Volkswagen Auto Loan Enhanced Trust 2014-1
Volkswagen Auto Loan Enhanced Trust 2014-2
Volkswagen Auto Loan Enhanced Trust 2014-2
Wachovia Bank Commercial Mortgage Trust Series
2005-C21
Wells Fargo Commercial Mortgage Trust 2012-LC5
Wells Fargo Commercial Mortgage Trust 2014-LC16
Wells Fargo Commercial Mortgage Trust 2014-LC16
Wells Fargo Commercial Mortgage Trust 2014-LC16
Wells Fargo Commercial Mortgage Trust 2014-LC16
Wells Fargo Commercial Mortgage Trust 2014-LC18
Wells Fargo Commercial Mortgage Trust 2014-LC18
Wells Fargo Commercial Mortgage Trust 2014-LC18
Wells Fargo Commercial Mortgage Trust 2014-LC18
Wells Fargo Commercial Mortgage Trust 2015-C26
Wells Fargo Commercial Mortgage Trust 2015-C26
Wells Fargo Commercial Mortgage Trust 2015-C26
Wells Fargo Commercial Mortgage Trust 2015-C27
Wells Fargo Commercial Mortgage Trust 2015-C28
Wells Fargo Commercial Mortgage Trust 2015-C28
Wells Fargo Commercial Mortgage Trust 2015-C29
Wells Fargo Commercial Mortgage Trust 2015-C29
Wells Fargo Commercial Mortgage Trust 2015-LC20
Wells Fargo Commercial Mortgage Trust 2015-LC20
Wells Fargo Commercial Mortgage Trust 2015-LC20
Wells Fargo Commercial Mortgage Trust 2015-LC22
Wells Fargo Commercial Mortgage Trust 2015-LC22
Wells Fargo Commercial Mortgage Trust 2015-LC22
Wells Fargo Commercial Mortgage Trust 2015-NXS1
Wells Fargo Commercial Mortgage Trust 2015-NXS1
1.180%
1.380%
1.540%
2.200%
2.000%
2.100%
1.875%
2.300%
1/15/21
1/17/23
6/15/21
9/23/19
10/1/19
10/14/20
2/5/21
3/22/21
350
275
375
1,800
2,000
3,950
475
650
346
269
372
1,810
2,003
3,928
471
645
1.760%
1.610%
1.600%
2.210%
1.580%
5.474%
2.250%
1.180%
0.760%
1.310%
1.270%
1.740%
1.340%
1.690%
1.300%
1.520%
1.140%
1.320%
3.185%
3.244%
3.469%
0.940%
0.700%
1.160%
0.910%
1.450%
0.950%
1.390%
9/15/22
11/15/20
4/15/21
5/15/24
9/15/22
8/15/39
3/15/21
6/17/19
3/15/18
9/16/19
5/15/19
9/15/20
6/17/19
12/15/20
4/15/20
8/16/21
8/17/20
11/15/21
3/10/46
4/10/46
4/10/46
5/15/19
4/20/18
3/20/20
10/22/18
9/21/20
4/22/19
5/20/21
409
250
225
362
550
25
2,000
100
25
100
625
400
400
350
200
250
300
175
290
175
75
57
20
75
105
225
435
200
406
251
225
360
543
25
1,988
100
25
100
625
401
400
350
199
248
298
172
295
178
76
57
20
75
105
225
433
199
5.290%
2.918%
2.819%
3.477%
3.817%
4.020%
2.954%
3.271%
3.405%
3.808%
2.991%
3.166%
3.580%
3.190%
3.540%
3.872%
3.400%
3.637%
2.978%
3.184%
3.719%
3.571%
3.839%
4.207%
2.632%
2.934%
10/15/44
10/15/45
8/15/50
8/15/50
8/15/50
8/15/50
12/15/47
12/15/47
12/15/47
12/15/47
2/15/48
2/15/48
2/15/48
2/15/48
5/15/48
5/15/48
6/15/48
6/15/48
4/15/50
4/15/50
4/15/50
9/15/58
9/15/58
9/15/58
5/15/48
5/15/48
4
225
125
100
300
50
250
300
400
200
400
200
175
1,025
625
117
425
625
112
825
200
175
275
225
175
125
4
229
127
104
313
52
256
307
406
205
404
199
179
1,030
639
122
437
644
113
823
203
181
287
240
178
126
75
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
175
325
200
300
525
218
475
150
325
325
350
614
450
300
250
175
365
251
109
52
222
44
400
200
160
650
160
290
180
180
290
100
100
100
100
100
100
200
1,436
50
75
250
150
175
50
50
75
175
50
100
100
125
125
425
600
100
249
125
75
120
300
725
300
13
175
338
208
312
501
222
486
152
318
337
345
594
470
313
264
179
370
255
111
53
224
45
411
206
168
696
172
296
191
196
318
102
105
107
106
108
102
209
1,538
53
82
255
156
187
55
52
78
186
53
102
105
132
133
440
625
105
260
132
80
122
312
769
319
13
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
Wells Fargo Commercial Mortgage Trust 2015-NXS1
Wells Fargo Commercial Mortgage Trust 2015-P2
Wells Fargo Commercial Mortgage Trust 2015-P2
Wells Fargo Commercial Mortgage Trust 2015-SG1
Wells Fargo Commercial Mortgage Trust 2016-BNK1
Wells Fargo Commercial Mortgage Trust 2016-C32
Wells Fargo Commercial Mortgage Trust 2016-C32
Wells Fargo Commercial Mortgage Trust 2016-C33
Wells Fargo Commercial Mortgage Trust 2016-C34
Wells Fargo Commercial Mortgage Trust 2016-C37
Wells Fargo Commercial Mortgage Trust 2016-LC24
Wells Fargo Commercial Mortgage Trust 2016-LC24
WFRBS Commercial Mortgage Trust 2012-C6
WFRBS Commercial Mortgage Trust 2012-C7
WFRBS Commercial Mortgage Trust 2012-C7
WFRBS Commercial Mortgage Trust 2012-C8
WFRBS Commercial Mortgage Trust 2012-C9
WFRBS Commercial Mortgage Trust 2013-C11
WFRBS Commercial Mortgage Trust 2013-C12
WFRBS Commercial Mortgage Trust 2013-C12
WFRBS Commercial Mortgage Trust 2013-C13
WFRBS Commercial Mortgage Trust 2013-C13
WFRBS Commercial Mortgage Trust 2013-C14
WFRBS Commercial Mortgage Trust 2013-C14
WFRBS Commercial Mortgage Trust 2013-C15
WFRBS Commercial Mortgage Trust 2013-C15
WFRBS Commercial Mortgage Trust 2013-C15
WFRBS Commercial Mortgage Trust 2013-C16
WFRBS Commercial Mortgage Trust 2013-C16
WFRBS Commercial Mortgage Trust 2013-C16
WFRBS Commercial Mortgage Trust 2013-C16
WFRBS Commercial Mortgage Trust 2013-C17
WFRBS Commercial Mortgage Trust 2013-C17
WFRBS Commercial Mortgage Trust 2013-C17
WFRBS Commercial Mortgage Trust 2013-C17
WFRBS Commercial Mortgage Trust 2013-C17
WFRBS Commercial Mortgage Trust 2013-C18
WFRBS Commercial Mortgage Trust 2013-C18
WFRBS Commercial Mortgage Trust 2013-C18
WFRBS Commercial Mortgage Trust 2013-C18
WFRBS Commercial Mortgage Trust 2013-C18
WFRBS Commercial Mortgage Trust 2013-UBS1
WFRBS Commercial Mortgage Trust 2013-UBS1
WFRBS Commercial Mortgage Trust 2013-UBS1
WFRBS Commercial Mortgage Trust 2013-UBS1
WFRBS Commercial Mortgage Trust 2014-C19
WFRBS Commercial Mortgage Trust 2014-C19
WFRBS Commercial Mortgage Trust 2014-C19
WFRBS Commercial Mortgage Trust 2014-C19
WFRBS Commercial Mortgage Trust 2014-C20
WFRBS Commercial Mortgage Trust 2014-C20
WFRBS Commercial Mortgage Trust 2014-C20
WFRBS Commercial Mortgage Trust 2014-C20
WFRBS Commercial Mortgage Trust 2014-C21
WFRBS Commercial Mortgage Trust 2014-C22
WFRBS Commercial Mortgage Trust 2014-C22
WFRBS Commercial Mortgage Trust 2014-C23
WFRBS Commercial Mortgage Trust 2014-C23
WFRBS Commercial Mortgage Trust 2014-C23
WFRBS Commercial Mortgage Trust 2014-LC14
WFRBS Commercial Mortgage Trust 2014-LC14
WFRBS Commercial Mortgage Trust 2014-LC14
WFRBS Commercial Mortgage Trust 2014-LC14
World Omni Auto Receivables Trust 2013-B
3.148%
3.656%
3.809%
3.789%
2.652%
3.324%
3.560%
3.426%
3.096%
3.794%
2.825%
2.942%
3.440%
3.431%
4.090%
3.001%
2.870%
3.071%
3.198%
3.560%
3.001%
3.345%
3.337%
3.488%
3.720%
4.153%
4.358%
3.223%
3.963%
4.415%
4.668%
2.921%
3.558%
4.023%
4.255%
4.788%
3.027%
3.651%
4.162%
4.387%
4.664%
2.927%
3.591%
4.079%
4.627%
3.618%
3.660%
4.101%
4.723%
3.036%
3.638%
3.995%
4.176%
3.678%
3.752%
4.371%
3.636%
3.917%
4.210%
2.862%
3.522%
4.045%
4.351%
0.830%
76
5/15/48
12/15/48
12/15/48
12/15/47
8/15/49
1/15/59
1/15/59
3/15/59
6/15/49
12/15/49
10/15/49
10/15/49
4/15/45
6/15/45
6/15/45
8/15/45
11/15/45
3/15/45
3/15/48
3/15/48
5/15/45
5/15/45
6/15/46
6/15/46
8/15/46
8/15/46
8/15/46
9/15/46
9/15/46
9/15/46
9/15/46
12/15/46
12/15/46
12/15/46
12/15/46
12/15/46
12/15/46
12/15/46
12/15/46
12/15/46
12/15/46
3/15/46
3/15/46
3/15/46
3/15/46
3/15/47
3/15/47
3/15/47
3/15/47
5/15/47
5/15/47
5/15/47
5/15/47
8/15/47
9/15/57
9/15/57
10/15/57
10/15/57
10/15/57
3/15/47
3/15/47
3/15/47
3/15/47
8/15/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
World Omni Auto Receivables Trust 2013-B
World Omni Auto Receivables Trust 2014-A
World Omni Auto Receivables Trust 2014-A
World Omni Auto Receivables Trust 2015-B
World Omni Auto Receivables Trust 2015-B
World Omni Automobile Lease Securitization Trust
2014-A
World Omni Automobile Lease Securitization Trust
2014-A
World Omni Automobile Lease Securitization Trust
2015-A
1.320%
0.940%
1.530%
1.490%
1.840%
1/15/20
4/15/19
6/15/20
12/15/20
1/17/22
75
69
200
200
200
75
69
200
200
200
1.160%
9/15/17
83
83
1.370%
1/15/20
50
50
1.540%
10/15/18
225
225
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $306,995)
307,330
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Corporate Bonds (11.1%)
Finance (3.5%)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Banking (2.4%)
American Express Co.
American Express Co.
American Express Co.
American Express Co.
American Express Credit Corp.
American Express Credit Corp.
American Express Credit Corp.
American Express Credit Corp.
American Express Credit Corp.
American Express Credit Corp.
American Express Credit Corp.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Australia & New Zealand Banking Group Ltd.
Banco Bilbao Vizcaya Argentaria SA
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
7.000%
2.650%
3.625%
4.050%
2.375%
2.125%
2.125%
2.250%
2.375%
2.600%
2.250%
1.450%
2.000%
2.250%
1.600%
2.050%
2.700%
2.300%
2.550%
3.700%
3.000%
6.000%
5.750%
2.000%
6.875%
5.650%
2.600%
5.490%
2.650%
7.625%
2.250%
5.625%
2.625%
2.151%
5.875%
2.625%
5.000%
5.700%
2.503%
3.300%
4.100%
4.125%
4.000%
4.200%
4.000%
3.950%
3.875%
77
3/19/18
12/2/22
12/5/24
12/3/42
3/24/17
7/27/18
3/18/19
8/15/19
5/26/20
9/14/20
5/5/21
5/15/18
11/16/18
6/13/19
7/15/19
9/23/19
11/16/20
6/1/21
11/23/21
11/16/25
10/20/20
9/1/17
12/1/17
1/11/18
4/25/18
5/1/18
1/15/19
3/15/19
4/1/19
6/1/19
4/21/20
7/1/20
10/19/20
11/9/20
1/5/21
4/19/21
5/13/21
1/24/22
10/21/22
1/11/23
7/24/23
1/22/24
4/1/24
8/26/24
1/22/25
4/21/25
8/1/25
2,200
800
750
121
825
550
2,200
300
1,485
650
735
1,650
800
300
250
300
800
2,300
300
750
950
376
785
2,650
4,330
4,450
5,369
200
2,450
1,124
1,000
1,460
550
500
145
2,500
1,205
500
1,300
5,400
1,000
1,400
1,750
1,500
3,240
1,500
2,500
2,339
787
753
117
827
553
2,205
301
1,487
655
726
1,644
802
301
246
299
801
2,262
297
776
953
387
813
2,655
4,598
4,671
5,414
212
2,475
1,262
993
1,605
549
493
161
2,478
1,309
561
1,256
5,403
1,044
1,449
1,801
1,525
3,236
1,486
2,539
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
725
1,225
1,000
1,200
910
2,000
1,150
3,200
550
350
2,375
1,350
1,000
350
500
850
1,000
400
575
1,200
675
1,500
450
200
1,100
325
225
350
1,900
400
300
750
2,000
625
825
150
600
1,200
500
1,000
1,625
500
450
625
550
300
105
3,100
1,375
1,250
105
350
475
750
1,000
850
950
3,000
1,200
1,300
950
450
550
350
745
1,233
953
1,196
1,062
2,762
1,388
3,474
595
354
2,375
1,350
1,005
421
499
848
1,001
398
580
1,184
675
1,452
444
201
1,100
326
226
377
1,916
427
302
747
1,953
652
785
154
602
1,151
463
944
1,620
500
452
625
550
297
112
3,078
1,383
1,282
111
350
473
744
1,000
841
935
2,903
1,216
1,323
1,020
451
549
352
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America Corp.
Bank of America NA
Bank of America NA
Bank of America NA
Bank of America NA
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of New York Mellon Corp.
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Bank of Nova Scotia
Barclays Bank plc
Barclays plc
Barclays plc
Barclays plc
Barclays plc
Barclays plc
Barclays plc
Barclays plc
Barclays plc
Barclays plc
Barclays plc
BB&T Corp.
BB&T Corp.
BB&T Corp.
4.450%
4.250%
3.248%
4.183%
6.110%
7.750%
5.875%
5.000%
4.875%
4.750%
1.650%
1.750%
2.050%
6.000%
1.450%
1.400%
1.800%
1.350%
2.375%
1.500%
2.100%
1.900%
2.550%
1.969%
1.300%
2.100%
2.200%
5.450%
2.300%
4.600%
2.600%
2.450%
2.050%
3.550%
2.200%
3.650%
3.250%
2.800%
2.450%
3.000%
1.450%
1.700%
2.050%
1.950%
2.050%
1.650%
4.375%
2.450%
2.800%
4.500%
5.140%
2.000%
2.750%
2.875%
3.250%
3.200%
4.375%
3.650%
4.375%
5.200%
5.250%
2.150%
1.450%
2.050%
78
3/3/26
10/22/26
10/21/27
11/25/27
1/29/37
5/14/38
2/7/42
1/21/44
4/1/44
4/21/45
3/26/18
6/5/18
12/7/18
10/15/36
4/9/18
4/10/18
7/31/18
8/28/18
1/25/19
7/18/19
12/12/19
8/27/21
11/6/22
6/20/17
1/25/18
1/15/19
3/4/19
5/15/19
9/11/19
1/15/20
8/17/20
11/27/20
5/3/21
9/23/21
8/16/23
2/4/24
9/11/24
5/4/26
8/17/26
10/30/28
4/25/18
6/11/18
10/30/18
1/15/19
6/5/19
6/14/19
1/13/21
3/22/21
7/21/21
12/16/25
10/14/20
3/16/18
11/8/19
6/8/20
1/12/21
8/10/21
9/11/24
3/16/25
1/12/26
5/12/26
8/17/45
3/22/17
1/12/18
6/19/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
200
2,125
800
1,300
2,085
40
150
875
600
1,000
2,810
675
500
650
700
675
825
500
1,200
250
650
2,600
400
700
550
300
900
625
1,140
1,800
280
82
1,000
500
250
2,000
600
350
825
510
675
1,700
800
1,500
1,406
1,750
1,825
4,850
225
650
575
675
470
2,650
1,300
1,300
125
475
725
2,975
725
1,100
1,000
4,475
201
2,351
785
1,347
2,205
42
152
882
603
992
3,051
678
500
656
704
669
824
496
1,245
246
643
2,638
411
692
550
301
903
716
1,128
1,813
302
82
1,013
500
242
1,996
598
351
814
512
658
1,951
800
1,495
1,483
1,756
1,841
4,848
227
648
579
673
512
2,641
1,269
1,287
129
473
745
3,025
725
1,090
979
4,554
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6,9
BB&T Corp.
BB&T Corp.
BB&T Corp.
Bear Stearns Cos. LLC
Bear Stearns Cos. LLC
Bear Stearns Cos. LLC
BNP Paribas SA
BNP Paribas SA
BNP Paribas SA
BNP Paribas SA
BNP Paribas SA
BNP Paribas SA
BNP Paribas SA
BPCE SA
BPCE SA
BPCE SA
BPCE SA
BPCE SA
BPCE SA
BPCE SA
Branch Banking & Trust Co.
Branch Banking & Trust Co.
Branch Banking & Trust Co.
Canadian Imperial Bank of Commerce
Capital One Bank USA NA
Capital One Bank USA NA
Capital One Bank USA NA
Capital One Bank USA NA
Capital One Bank USA NA
Capital One Financial Corp.
Capital One Financial Corp.
Capital One Financial Corp.
Capital One Financial Corp.
Capital One Financial Corp.
Capital One Financial Corp.
Capital One NA
Capital One NA
Capital One NA
Capital One NA
Capital One NA
Capital One NA
Citicorp Lease Pass-Through Trust 1999-1
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
2.250%
6.850%
2.050%
6.400%
7.250%
4.650%
2.700%
2.400%
2.450%
2.375%
5.000%
3.250%
4.250%
2.500%
2.500%
2.250%
2.650%
2.750%
4.000%
3.375%
1.450%
3.625%
3.800%
1.600%
1.300%
2.150%
2.300%
8.800%
3.375%
2.450%
4.750%
3.500%
3.750%
4.200%
3.750%
1.650%
1.500%
2.400%
1.850%
2.950%
2.250%
8.040%
1.800%
1.700%
6.125%
2.150%
2.500%
2.050%
2.550%
2.050%
2.500%
2.400%
5.375%
2.700%
2.350%
2.900%
4.050%
3.500%
3.875%
3.750%
4.000%
3.875%
3.300%
4.400%
79
2/1/19
4/30/19
5/10/21
10/2/17
2/1/18
7/2/18
8/20/18
12/12/18
3/17/19
5/21/20
1/15/21
3/3/23
10/15/24
12/10/18
7/15/19
1/27/20
2/3/21
12/2/21
4/15/24
12/2/26
5/10/19
9/16/25
10/30/26
9/6/19
6/5/17
11/21/18
6/5/19
7/15/19
2/15/23
4/24/19
7/15/21
6/15/23
4/24/24
10/29/25
7/28/26
2/5/18
3/22/18
9/5/19
9/13/19
7/23/21
9/13/21
12/15/19
2/5/18
4/27/18
5/15/18
7/30/18
9/26/18
12/7/18
4/8/19
6/7/19
7/29/19
2/18/20
8/9/20
3/30/21
8/2/21
12/8/21
7/30/22
5/15/23
10/25/23
6/16/24
8/5/24
3/26/25
4/27/25
6/10/25
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,000
1,000
975
975
1,300
1,250
2,275
800
975
425
1,149
1,099
1,100
725
1,000
325
500
1,000
325
400
200
250
2,225
900
650
225
475
500
650
625
225
225
1,025
1,000
2,825
635
1,775
1,225
1,975
1,675
1,025
750
1,300
335
700
950
975
1,300
3,450
475
200
800
1,825
800
2,630
2,000
1,185
1,500
1,300
950
465
2,360
800
650
1,098
993
1,003
946
1,236
1,260
2,314
950
958
481
1,333
1,624
1,298
775
1,052
325
502
1,008
326
405
198
251
2,223
910
649
226
474
501
645
622
225
223
1,025
1,004
2,813
681
1,772
1,291
2,021
1,761
1,037
768
1,270
392
810
1,031
1,013
1,297
3,459
512
214
807
1,838
797
2,657
2,015
1,174
1,464
1,347
972
606
2,416
795
645
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citigroup Inc.
Citizens Bank NA
Citizens Bank NA
Citizens Bank NA
Citizens Bank NA
Citizens Financial Group Inc.
Comerica Bank
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Commonwealth Bank of Australia
Compass Bank
Compass Bank
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Cooperatieve Rabobank UA
Credit Suisse AG
Credit Suisse AG
Credit Suisse AG
Credit Suisse AG
Credit Suisse AG
Credit Suisse AG
Credit Suisse AG
Credit Suisse Group Funding Guernsey Ltd.
Credit Suisse Group Funding Guernsey Ltd.
Credit Suisse Group Funding Guernsey Ltd.
Credit Suisse Group Funding Guernsey Ltd.
Credit Suisse Group Funding Guernsey Ltd.
Credit Suisse Group Funding Guernsey Ltd.
Credit Suisse Group Funding Guernsey Ltd.
Credit Suisse USA Inc.
Deutsche Bank AG
Deutsche Bank AG
Deutsche Bank AG
5.500%
3.700%
4.600%
3.400%
3.200%
4.300%
4.450%
6.625%
4.125%
6.000%
6.125%
8.125%
5.875%
5.300%
4.650%
1.600%
2.300%
2.500%
2.450%
4.300%
4.000%
1.900%
1.625%
2.500%
1.750%
2.250%
2.050%
2.300%
2.400%
2.550%
1.850%
2.750%
1.700%
2.250%
2.250%
4.500%
2.500%
3.875%
3.950%
4.625%
3.375%
4.375%
3.750%
5.250%
5.750%
5.250%
6.000%
1.700%
2.300%
5.300%
5.400%
3.000%
3.625%
3.125%
3.450%
3.800%
3.800%
3.750%
4.550%
4.875%
7.125%
6.000%
1.875%
2.500%
80
9/13/25
1/12/26
3/9/26
5/1/26
10/21/26
11/20/26
9/29/27
1/15/28
7/25/28
10/31/33
8/25/36
7/15/39
1/30/42
5/6/44
7/30/45
12/4/17
12/3/18
3/14/19
12/4/19
12/3/25
7/27/25
9/18/17
3/12/18
9/20/18
11/2/18
3/13/19
3/15/19
9/6/19
11/2/20
3/15/21
9/29/17
9/29/19
3/19/18
1/14/19
1/14/20
1/11/21
1/19/21
2/8/22
11/9/22
12/1/23
5/21/25
8/4/25
7/21/26
5/24/41
12/1/43
8/4/45
2/15/18
4/27/18
5/28/19
8/13/19
1/14/20
10/29/21
9/9/24
12/10/20
4/16/21
9/15/22
6/9/23
3/26/25
4/17/26
5/15/45
7/15/32
9/1/17
2/13/18
2/13/19
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
725
400
325
650
1,100
875
400
1,100
1,200
250
350
1,125
500
225
350
375
825
475
710
500
500
600
500
500
1,435
1,500
300
725
200
450
125
900
2,285
1,225
100
3,425
1,600
2,020
4,250
1,350
1,310
3,125
2,590
975
500
1,675
2,000
3,925
1,000
3,400
1,325
3,225
2,600
1,500
630
1,320
1,125
2,770
2,090
2,975
2,500
500
950
675
723
393
319
642
1,103
847
393
1,100
1,209
277
352
1,139
483
228
347
364
846
489
995
503
502
604
494
494
1,448
1,505
302
817
182
450
126
1,063
2,381
1,232
105
3,472
1,616
2,238
4,276
1,348
1,418
3,122
2,871
979
496
1,834
1,942
4,388
1,018
3,511
1,347
3,178
2,602
1,469
717
1,594
1,328
3,394
2,588
3,119
2,618
525
1,007
780
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
Deutsche Bank AG
Deutsche Bank AG
Deutsche Bank AG
Deutsche Bank AG
Deutsche Bank AG
Deutsche Bank AG
Deutsche Bank AG
Discover Bank
Discover Bank
Discover Bank
Discover Bank
Discover Bank
Discover Bank
Discover Financial Services
Discover Financial Services
Discover Financial Services
Fifth Third Bancorp
Fifth Third Bancorp
Fifth Third Bancorp
Fifth Third Bank
Fifth Third Bank
Fifth Third Bank
Fifth Third Bank
Fifth Third Bank
Fifth Third Bank
Fifth Third Bank
First Horizon National Corp.
First Niagara Financial Group Inc.
First Republic Bank
FirstMerit Bank NA
FirstMerit Corp.
Goldman Sachs Capital I
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
Goldman Sachs Group Inc.
HSBC Bank USA NA
HSBC Bank USA NA
2.850%
2.950%
3.125%
3.375%
4.250%
3.700%
4.100%
2.000%
2.600%
7.000%
3.200%
4.250%
3.450%
3.850%
3.950%
3.750%
3.500%
4.300%
8.250%
2.150%
2.300%
2.375%
1.625%
2.250%
2.875%
3.850%
3.500%
6.750%
4.375%
4.270%
4.350%
6.345%
5.950%
2.375%
6.150%
2.900%
2.625%
7.500%
2.550%
2.300%
5.375%
2.600%
6.000%
2.750%
2.625%
5.250%
2.350%
5.750%
3.625%
4.000%
3.850%
3.500%
3.750%
3.500%
5.950%
6.125%
6.450%
6.750%
6.250%
4.800%
5.150%
4.750%
4.875%
5.875%
81
5/10/19
8/20/20
1/13/21
5/12/21
10/14/21
5/30/24
1/13/26
2/21/18
11/13/18
4/15/20
8/9/21
3/13/26
7/27/26
11/21/22
11/6/24
3/4/25
3/15/22
1/16/24
3/1/38
8/20/18
3/15/19
4/25/19
9/27/19
6/14/21
10/1/21
3/15/26
12/15/20
3/19/20
8/1/46
11/25/26
2/4/23
2/15/34
1/18/18
1/22/18
4/1/18
7/19/18
1/31/19
2/15/19
10/23/19
12/13/19
3/15/20
4/23/20
6/15/20
9/15/20
4/25/21
7/27/21
11/15/21
1/24/22
1/22/23
3/3/24
7/8/24
1/23/25
2/25/26
11/16/26
1/15/27
2/15/33
5/1/36
10/1/37
2/1/41
7/8/44
5/22/45
10/21/45
8/24/20
11/1/34
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
625
300
1,651
3,560
2,000
1,800
225
700
800
1,000
750
4,070
2,000
1,000
400
400
1,485
2,160
550
200
3,000
2,175
975
850
1,300
1,175
500
645
175
450
650
325
1,100
250
500
250
800
525
1,600
625
4,240
75
1,620
1,785
775
1,465
2,285
3,825
3,615
730
1,175
800
835
400
1,000
1,005
2,675
2,425
1,300
4,625
3,325
2,000
1,575
275
706
395
1,677
3,852
1,992
1,759
242
724
803
1,013
752
4,201
2,003
1,004
518
495
1,806
2,683
692
247
3,202
2,171
975
860
1,301
1,165
500
687
177
509
659
315
1,100
250
501
249
808
532
1,629
653
4,423
75
1,620
1,782
781
1,460
2,492
3,816
3,643
775
1,241
795
898
396
981
1,071
2,878
2,451
1,294
4,660
3,313
1,948
1,631
279
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
HSBC Bank USA NA
HSBC Bank USA NA
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC Holdings plc
HSBC USA Inc.
HSBC USA Inc.
HSBC USA Inc.
HSBC USA Inc.
HSBC USA Inc.
HSBC USA Inc.
HSBC USA Inc.
Huntington Bancshares Inc.
Huntington Bancshares Inc.
Huntington Bancshares Inc.
Huntington Bancshares Inc.
Huntington National Bank
Huntington National Bank
Huntington National Bank
Huntington National Bank
Huntington National Bank
Intesa Sanpaolo SPA
Intesa Sanpaolo SPA
Intesa Sanpaolo SPA
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
5.625%
7.000%
3.400%
5.100%
2.950%
2.650%
4.875%
4.000%
3.600%
4.250%
4.250%
4.300%
3.900%
4.375%
7.625%
7.350%
6.500%
6.500%
6.800%
6.100%
5.250%
1.625%
2.000%
2.625%
2.375%
2.350%
2.750%
5.000%
2.600%
7.000%
3.150%
2.300%
1.375%
2.000%
2.200%
2.400%
2.875%
3.875%
3.875%
5.250%
6.000%
1.800%
1.700%
1.625%
2.350%
1.850%
6.300%
2.250%
2.750%
4.400%
4.250%
2.550%
4.625%
2.400%
2.295%
4.350%
4.500%
3.250%
2.972%
3.200%
3.375%
2.700%
3.875%
3.625%
82
8/15/35
1/15/39
3/8/21
4/5/21
5/25/21
1/5/22
1/14/22
3/30/22
5/25/23
3/14/24
8/18/25
3/8/26
5/25/26
11/23/26
5/17/32
11/27/32
5/2/36
9/15/37
6/1/38
1/14/42
3/14/44
1/16/18
8/7/18
9/24/18
11/13/19
3/5/20
8/7/20
9/27/20
8/2/18
12/15/20
3/14/21
1/14/22
4/24/17
6/30/18
11/6/18
4/1/20
8/20/20
1/16/18
1/15/19
1/12/24
1/15/18
1/25/18
3/1/18
5/15/18
1/28/19
3/22/19
4/23/19
1/23/20
6/23/20
7/22/20
10/15/20
3/1/21
5/10/21
6/7/21
8/15/21
8/15/21
1/24/22
9/23/22
1/15/23
1/25/23
5/1/23
5/18/23
2/1/24
5/13/24
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
2,000
1,600
3,800
1,125
1,950
3,475
1,000
2,410
950
950
1,200
900
250
1,660
145
1,000
450
500
500
300
500
300
500
400
1,310
400
800
125
1,875
500
3,050
200
1,550
800
475
1,425
2,550
1,750
200
1,800
700
1,110
1,100
3,235
2,925
500
1,675
1,390
2,500
1,715
525
1,600
3,600
650
1,335
1,600
1,575
2,200
875
950
2,025
4,700
2,550
1,900
2,018
1,558
3,729
1,094
1,859
3,533
966
3,116
1,115
1,137
1,405
1,033
267
1,713
144
990
450
500
503
303
497
298
496
402
1,428
403
804
124
2,136
507
3,068
206
1,557
806
472
1,387
2,552
1,697
192
1,843
656
1,155
1,102
3,417
2,937
502
1,688
1,549
2,507
1,856
569
1,607
3,621
710
1,478
1,581
1,745
2,167
937
972
2,076
4,807
2,576
1,939
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase Bank NA
JPMorgan Chase Bank NA
JPMorgan Chase Bank NA
KeyBank NA
KeyBank NA
KeyBank NA
KeyBank NA
KeyBank NA
KeyBank NA
KeyBank NA
KeyCorp
KeyCorp
Lloyds Bank plc
Lloyds Bank plc
Lloyds Bank plc
Lloyds Bank plc
Lloyds Banking Group plc
Lloyds Banking Group plc
Lloyds Banking Group plc
Manufacturers & Traders Trust Co.
Manufacturers & Traders Trust Co.
Manufacturers & Traders Trust Co.
Manufacturers & Traders Trust Co.
Mitsubishi UFJ Financial Group Inc.
Mitsubishi UFJ Financial Group Inc.
Mitsubishi UFJ Financial Group Inc.
Mitsubishi UFJ Financial Group Inc.
Mitsubishi UFJ Financial Group Inc.
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
3.875%
3.125%
3.300%
3.200%
2.950%
4.125%
3.625%
6.400%
5.500%
5.600%
5.400%
5.625%
4.950%
6.000%
1.450%
1.650%
1.650%
1.700%
2.350%
2.500%
2.250%
2.500%
3.300%
2.300%
5.100%
4.200%
2.300%
2.400%
6.375%
4.500%
4.582%
5.300%
2.300%
2.250%
2.100%
2.900%
2.950%
2.190%
2.527%
3.850%
2.757%
5.950%
1.875%
6.625%
2.125%
2.200%
2.500%
7.300%
2.375%
5.625%
5.500%
2.650%
2.800%
5.500%
5.750%
2.500%
5.500%
2.625%
4.875%
3.750%
4.100%
3.875%
3.700%
4.000%
83
9/10/24
1/23/25
4/1/26
6/15/26
10/1/26
12/15/26
12/1/27
5/15/38
10/15/40
7/15/41
1/6/42
8/16/43
6/1/45
10/1/17
9/21/18
9/23/19
2/1/18
6/1/18
3/8/19
12/15/19
3/16/20
11/22/21
6/1/25
12/13/18
3/24/21
3/28/17
11/27/18
3/17/20
1/21/21
11/4/24
12/10/25
12/1/45
1/30/19
7/25/19
2/6/20
2/6/25
3/1/21
9/13/21
9/13/23
3/1/26
9/13/26
12/28/17
1/5/18
4/1/18
4/25/18
12/7/18
1/24/19
5/13/19
7/23/19
9/23/19
1/26/20
1/27/20
6/16/20
7/24/20
1/25/21
4/21/21
7/28/21
11/17/21
11/1/22
2/25/23
5/22/23
4/29/24
10/23/24
7/23/25
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,000
1,800
1,650
2,780
745
705
1,200
2,500
850
750
275
350
125
1,200
300
425
750
300
650
200
650
325
150
950
225
310
75
300
825
525
275
350
425
500
500
1,000
400
300
600
200
600
630
270
800
650
400
1,100
700
350
750
575
825
1,800
1,450
50
770
800
1,680
500
200
1,375
2,375
1,000
650
1,067
1,813
1,565
2,833
736
953
1,533
2,475
847
741
281
336
125
1,213
301
426
756
300
638
200
628
323
149
878
225
340
81
313
813
550
271
351
425
499
501
1,001
399
300
604
197
605
629
272
801
641
399
1,091
724
352
733
573
872
1,786
1,479
55
833
850
1,726
554
203
1,378
2,392
1,003
652
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
Morgan Stanley
MUFG Americas Holdings Corp.
MUFG Americas Holdings Corp.
MUFG Americas Holdings Corp.
MUFG Americas Holdings Corp.
MUFG Union Bank NA
MUFG Union Bank NA
MUFG Union Bank NA
National Australia Bank Ltd.
National Australia Bank Ltd.
National Australia Bank Ltd.
National Australia Bank Ltd.
National Australia Bank Ltd.
National Australia Bank Ltd.
National Australia Bank Ltd.
National Australia Bank Ltd.
National Australia Bank Ltd.
National Bank of Canada
National City Corp.
Northern Trust Co.
Northern Trust Corp.
Northern Trust Corp.
Northern Trust Corp.
People's United Bank NA
People's United Financial Inc.
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Bank NA
PNC Financial Services Group Inc.
PNC Financial Services Group Inc.
PNC Funding Corp.
PNC Funding Corp.
PNC Funding Corp.
PNC Funding Corp.
Regions Bank
Regions Financial Corp.
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Canada
5.000%
3.875%
3.125%
4.350%
3.950%
7.250%
6.375%
4.300%
1.625%
2.250%
3.500%
3.000%
2.125%
2.625%
2.250%
2.750%
2.300%
2.000%
1.375%
2.625%
1.875%
3.000%
3.375%
2.500%
1.450%
6.875%
6.500%
3.450%
2.375%
3.950%
4.000%
3.650%
1.500%
1.600%
1.850%
1.800%
1.700%
1.950%
2.250%
1.450%
2.400%
2.300%
2.600%
2.450%
2.150%
2.550%
2.950%
3.800%
3.300%
2.950%
3.250%
4.200%
2.854%
3.900%
6.700%
5.125%
4.375%
3.300%
6.450%
3.200%
1.500%
2.200%
1.800%
2.000%
84
11/24/25
1/27/26
7/27/26
9/8/26
4/23/27
4/1/32
7/24/42
1/27/45
2/9/18
2/10/20
6/18/22
2/10/25
6/16/17
9/26/18
5/6/19
3/9/17
7/25/18
1/14/19
7/12/19
1/14/21
7/12/21
1/20/23
1/14/26
7/12/26
11/7/17
5/15/19
8/15/18
11/4/20
8/2/22
10/30/25
7/15/24
12/6/22
2/23/18
6/1/18
7/20/18
11/5/18
12/7/18
3/4/19
7/2/19
7/29/19
10/18/19
6/1/20
7/21/20
11/5/20
4/29/21
12/9/21
1/30/23
7/25/23
10/30/24
2/23/25
6/1/25
11/1/25
11/9/22
4/29/24
6/10/19
2/8/20
8/11/20
3/8/22
6/26/37
2/8/21
1/16/18
7/27/18
7/30/18
12/10/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
600
950
800
750
2,500
225
375
625
1,225
250
500
1,700
975
800
825
800
525
2,350
675
750
1,200
1,000
2,500
750
1,025
150
615
500
400
1,000
385
500
1,075
3,000
400
525
650
300
325
75
725
925
1,275
975
1,275
975
1,800
650
75
250
725
475
1,000
300
500
225
1,375
775
850
925
650
925
650
200
592
948
800
797
2,398
224
374
633
1,224
246
496
1,711
966
799
816
800
533
2,360
675
743
1,246
999
2,414
759
1,053
150
662
489
400
1,008
392
474
1,071
2,997
398
528
649
297
327
78
755
931
1,279
943
1,253
995
1,666
620
80
243
699
479
1,008
303
500
216
1,374
783
853
909
645
896
653
202
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Canada
Royal Bank of Scotland Group plc
Royal Bank of Scotland Group plc
Santander Bank NA
Santander Holdings USA Inc.
Santander Holdings USA Inc.
Santander Holdings USA Inc.
Santander Holdings USA Inc.
Santander Issuances SAU
Santander UK Group Holdings plc
Santander UK Group Holdings plc
Santander UK Group Holdings plc
Santander UK plc
Santander UK plc
Santander UK plc
Santander UK plc
Santander UK plc
Santander UK plc
Skandinaviska Enskilda Banken AB
Skandinaviska Enskilda Banken AB
Societe Generale SA
State Street Corp.
State Street Corp.
State Street Corp.
State Street Corp.
State Street Corp.
State Street Corp.
State Street Corp.
State Street Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Financial Group Inc.
Sumitomo Mitsui Financial Group Inc.
Sumitomo Mitsui Financial Group Inc.
Sumitomo Mitsui Financial Group Inc.
Sumitomo Mitsui Financial Group Inc.
Sumitomo Mitsui Financial Group Inc.
SunTrust Bank
SunTrust Bank
SunTrust Bank
SunTrust Banks Inc.
SunTrust Banks Inc.
SunTrust Banks Inc.
SunTrust Banks Inc.
SVB Financial Group
Svenska Handelsbanken AB
Svenska Handelsbanken AB
Svenska Handelsbanken AB
Svenska Handelsbanken AB
Svenska Handelsbanken AB
Svenska Handelsbanken AB
Synchrony Financial
Synchrony Financial
1.500%
2.350%
2.500%
4.650%
3.875%
4.800%
2.000%
3.450%
2.700%
2.650%
4.500%
5.179%
2.875%
3.125%
2.875%
1.375%
3.050%
2.500%
2.350%
2.375%
4.000%
2.625%
1.875%
2.625%
4.956%
1.350%
4.375%
1.950%
3.100%
3.300%
3.550%
2.650%
1.500%
1.950%
1.762%
2.450%
2.250%
2.450%
3.200%
3.950%
3.950%
3.400%
2.934%
2.058%
2.442%
3.784%
2.632%
3.010%
7.250%
2.750%
3.300%
2.350%
2.500%
2.900%
2.700%
3.500%
1.625%
2.500%
2.250%
1.500%
2.450%
1.875%
2.600%
3.000%
85
7/29/19
10/30/20
1/19/21
1/27/26
9/12/23
4/5/26
1/12/18
8/27/18
5/24/19
4/17/20
7/17/25
11/19/25
10/16/20
1/8/21
8/5/21
3/13/17
8/23/18
3/14/19
9/10/19
3/16/20
3/13/24
3/15/21
9/13/21
10/1/18
3/15/18
5/15/18
3/7/21
5/19/21
5/15/23
12/16/24
8/18/25
5/19/26
1/18/18
7/23/18
10/19/18
1/10/19
7/11/19
10/20/20
7/18/22
7/19/23
1/10/24
7/11/24
3/9/21
7/14/21
10/19/21
3/9/26
7/14/26
10/19/26
3/15/18
5/1/23
5/15/26
11/1/18
5/1/19
3/3/21
1/27/22
1/29/25
3/21/18
1/25/19
6/17/19
9/6/19
3/30/21
9/7/21
1/15/19
8/15/19
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,050
300
2,750
500
500
2,675
1,550
500
650
1,350
400
2,000
650
825
2,700
135
380
350
250
1,100
600
915
575
375
150
1,500
900
500
1,000
1,050
425
985
1,000
150
200
100
1,725
500
2,150
1,500
2,050
6,310
3,300
1,600
1,675
1,550
4,025
4,875
2,275
1,600
1,000
1,500
1,225
2,350
1,300
1,300
3,500
625
975
2,000
550
605
425
1,850
1,046
308
2,798
480
501
2,670
1,551
501
640
1,356
401
1,968
630
825
2,700
142
382
348
270
1,109
600
980
584
376
153
1,456
899
495
1,003
1,021
496
1,026
1,154
193
221
120
1,723
504
2,162
1,498
2,078
6,775
3,207
1,644
1,685
1,602
3,814
4,936
2,159
1,644
1,102
1,686
1,206
2,200
1,326
1,238
3,533
625
969
1,991
643
773
442
1,848
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Synchrony Financial
Synchrony Financial
Synchrony Financial
Synchrony Financial
Toronto-Dominion Bank
Toronto-Dominion Bank
Toronto-Dominion Bank
Toronto-Dominion Bank
Toronto-Dominion Bank
Toronto-Dominion Bank
Toronto-Dominion Bank
Toronto-Dominion Bank
Toronto-Dominion Bank
UBS AG
UBS AG
UBS AG
UBS AG
UBS AG
UBS AG
US Bancorp
US Bancorp
US Bancorp
US Bancorp
US Bancorp
US Bancorp
US Bancorp
US Bank NA
US Bank NA
US Bank NA
US Bank NA
Wachovia Bank NA
Wachovia Corp.
Wachovia Corp.
Wachovia Corp.
Wachovia Corp.
Wachovia Corp.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo & Co.
Wells Fargo Bank NA
Wells Fargo Bank NA
Wells Fargo Bank NA
Wells Fargo Bank NA
Wells Fargo Bank NA
Wells Fargo Capital X
Westpac Banking Corp.
2.700%
3.750%
4.250%
3.700%
1.625%
1.400%
1.750%
2.125%
1.450%
2.250%
2.500%
2.125%
1.800%
1.375%
1.800%
5.750%
2.375%
2.350%
4.875%
2.200%
2.350%
4.125%
3.000%
2.950%
3.600%
3.100%
1.350%
1.400%
2.125%
2.800%
5.850%
5.750%
6.605%
7.500%
5.500%
6.550%
1.500%
2.150%
2.600%
2.550%
3.000%
4.600%
2.100%
3.500%
3.450%
4.125%
3.000%
4.100%
3.000%
4.300%
5.375%
5.606%
4.650%
3.900%
4.900%
4.400%
4.750%
1.650%
1.750%
2.150%
5.950%
6.600%
5.950%
1.600%
86
2/3/20
8/15/21
8/15/24
8/4/26
3/13/18
4/30/18
7/23/18
7/2/19
8/13/19
11/5/19
12/14/20
4/7/21
7/13/21
6/1/17
3/26/18
4/25/18
8/14/19
3/26/20
8/4/20
4/25/19
1/29/21
5/24/21
3/15/22
7/15/22
9/11/24
4/27/26
1/26/18
4/26/19
10/28/19
1/27/25
2/1/37
2/1/18
10/1/25
4/15/35
8/1/35
10/15/35
1/16/18
1/15/19
7/22/20
12/7/20
1/22/21
4/1/21
7/26/21
3/8/22
2/13/23
8/15/23
4/22/26
6/3/26
10/23/26
7/22/27
11/2/43
1/15/44
11/4/44
5/1/45
11/17/45
6/14/46
12/7/46
1/22/18
5/24/19
12/6/19
8/26/36
1/15/38
12/1/86
1/12/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
Westpac Banking Corp.
2.250%
1.950%
2.250%
1.650%
1.600%
4.875%
2.600%
2.100%
2.000%
2.850%
2.700%
4.322%
7/30/18
11/23/18
1/17/19
5/13/19
8/19/19
11/19/19
11/23/20
5/13/21
8/19/21
5/13/26
8/19/26
11/23/31
250
1,000
875
725
975
930
975
3,100
1,000
2,450
650
1,500
252
1,002
879
718
963
997
976
3,029
969
2,341
613
1,499
Brokerage (0.1%)
Affiliated Managers Group Inc.
Affiliated Managers Group Inc.
Ameriprise Financial Inc.
Ameriprise Financial Inc.
Ameriprise Financial Inc.
Ameriprise Financial Inc.
Apollo Investment Corp.
BGC Partners Inc.
BGC Partners Inc.
BlackRock Inc.
BlackRock Inc.
BlackRock Inc.
BlackRock Inc.
Brookfield Asset Management Inc.
Brookfield Asset Management Inc.
Brookfield Finance Inc.
Charles Schwab Corp.
CME Group Inc.
CME Group Inc.
CME Group Inc.
E*TRADE Financial Corp.
E*TRADE Financial Corp.
Eaton Vance Corp.
Franklin Resources Inc.
Franklin Resources Inc.
Franklin Resources Inc.
Intercontinental Exchange Inc.
Intercontinental Exchange Inc.
Intercontinental Exchange Inc.
Intercontinental Exchange Inc.
Invesco Finance plc
Invesco Finance plc
Invesco Finance plc
Janus Capital Group Inc.
Jefferies Group LLC
Jefferies Group LLC
Jefferies Group LLC
Jefferies Group LLC
Jefferies Group LLC
Jefferies Group LLC
Lazard Group LLC
Lazard Group LLC
Lazard Group LLC
Legg Mason Inc.
Legg Mason Inc.
Legg Mason Inc.
Legg Mason Inc.
Leucadia National Corp.
Leucadia National Corp.
Nasdaq Inc.
4.250%
3.500%
7.300%
5.300%
4.000%
3.700%
5.250%
5.375%
5.125%
5.000%
4.250%
3.375%
3.500%
4.000%
7.375%
4.250%
3.225%
3.000%
3.000%
5.300%
5.375%
4.625%
3.625%
4.625%
2.800%
2.850%
2.500%
2.750%
4.000%
3.750%
3.125%
4.000%
5.375%
4.875%
5.125%
8.500%
6.875%
5.125%
6.250%
6.500%
4.250%
3.750%
3.625%
2.700%
3.950%
4.750%
5.625%
5.500%
6.625%
5.550%
2/15/24
8/1/25
6/28/19
3/15/20
10/15/23
10/15/24
3/3/25
12/9/19
5/27/21
12/10/19
5/24/21
6/1/22
3/18/24
1/15/25
3/1/33
6/2/26
9/1/22
9/15/22
3/15/25
9/15/43
11/15/22
9/15/23
6/15/23
5/20/20
9/15/22
3/30/25
10/15/18
12/1/20
10/15/23
12/1/25
11/30/22
1/30/24
11/30/43
8/1/25
4/13/18
7/15/19
4/15/21
1/20/23
1/15/36
1/20/43
11/14/20
2/13/25
3/1/27
7/15/19
7/15/24
3/15/26
1/15/44
10/18/23
10/23/43
1/15/20
350
750
200
125
825
350
200
175
200
475
475
475
1,000
550
150
150
1,225
875
300
425
350
300
200
225
575
125
425
1,200
350
1,000
500
650
900
250
320
455
620
300
320
250
75
100
350
175
150
150
450
475
125
650
353
714
225
135
860
357
196
182
203
516
512
491
1,030
535
178
149
1,243
894
298
491
371
306
203
241
577
121
430
1,212
366
1,020
503
675
977
256
330
517
706
310
324
257
78
98
333
176
151
154
440
502
123
701
87
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Nasdaq Inc.
Nomura Holdings Inc.
Nomura Holdings Inc.
OM Asset Management plc
Raymond James Financial Inc.
Stifel Financial Corp.
Stifel Financial Corp.
TD Ameritrade Holding Corp.
TD Ameritrade Holding Corp.
TD Ameritrade Holding Corp.
9
3.850%
2.750%
6.700%
4.800%
4.950%
3.500%
4.250%
5.600%
2.950%
3.625%
6/30/26
3/19/19
3/4/20
7/27/26
7/15/46
12/1/20
7/18/24
12/1/19
4/1/22
4/1/25
300
625
900
200
250
175
575
100
600
450
297
631
1,007
189
236
175
569
110
605
456
3.750%
5/15/19
808
823
4.250%
7/1/20
650
670
4.625%
10/30/20
651
679
4.500%
5/15/21
780
805
5.000%
10/1/21
745
790
Finance Companies (0.1%)
AerCap Ireland Capital Ltd. / AerCap Global Aviation
Trust
AerCap Ireland Capital Ltd. / AerCap Global Aviation
Trust
AerCap Ireland Capital Ltd. / AerCap Global Aviation
Trust
AerCap Ireland Capital Ltd. / AerCap Global Aviation
Trust
AerCap Ireland Capital Ltd. / AerCap Global Aviation
Trust
AerCap Ireland Capital Ltd. / AerCap Global Aviation
Trust
AerCap Ireland Capital Ltd. / AerCap Global Aviation
Trust
Air Lease Corp.
Air Lease Corp.
Air Lease Corp.
Air Lease Corp.
Air Lease Corp.
Air Lease Corp.
Air Lease Corp.
Ares Capital Corp.
Ares Capital Corp.
FS Investment Corp.
FS Investment Corp.
GATX Corp.
GATX Corp.
GATX Corp.
GATX Corp.
GATX Corp.
GATX Corp.
GE Capital International Funding Co.
GE Capital International Funding Co.
GE Capital International Funding Co.
HSBC Finance Corp.
International Lease Finance Corp.
International Lease Finance Corp.
International Lease Finance Corp.
International Lease Finance Corp.
International Lease Finance Corp.
International Lease Finance Corp.
International Lease Finance Corp.
International Lease Finance Corp.
Prospect Capital Corp.
Prospect Capital Corp.
3.950%
2/1/22
675
682
4.625%
2.125%
3.375%
4.750%
3.875%
3.375%
3.750%
4.250%
4.875%
3.875%
4.000%
4.750%
2.375%
2.500%
4.750%
3.250%
5.200%
4.500%
2.342%
3.373%
4.418%
6.676%
3.875%
7.125%
5.875%
6.250%
8.250%
4.625%
8.625%
5.875%
5.000%
5.875%
7/1/22
1/15/18
1/15/19
3/1/20
4/1/21
6/1/21
2/1/22
9/15/24
11/30/18
1/15/20
7/15/19
5/15/22
7/30/18
7/30/19
6/15/22
3/30/25
3/15/44
3/30/45
11/15/20
11/15/25
11/15/35
1/15/21
4/15/18
9/1/18
4/1/19
5/15/19
12/15/20
4/15/21
1/15/22
8/15/22
7/15/19
3/15/23
475
300
425
275
1,875
25
1,975
75
875
1,425
250
150
150
150
275
375
150
150
8,120
2,212
6,907
2,811
415
829
488
613
775
325
450
540
175
150
489
300
431
291
1,934
25
2,027
76
906
1,443
250
149
151
150
294
360
148
135
8,110
2,241
7,229
3,158
423
894
519
658
903
337
541
585
176
151
Insurance (0.6%)
ACE Capital Trust II
AEGON Funding Co. LLC
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
9.700%
5.750%
1.700%
2.200%
1.900%
3.950%
4/1/30
12/15/20
6/7/18
3/15/19
6/7/19
9/1/20
75
664
1,100
250
1,150
75
110
733
1,099
251
1,147
79
88
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
320
825
650
500
495
3,300
750
500
350
500
200
1,815
150
325
1,000
80
300
600
79
150
100
425
375
200
2,450
700
350
105
425
1,700
700
95
100
300
600
650
425
1,160
1,425
650
1,950
800
325
600
1,725
525
400
425
145
550
450
445
550
750
1,275
300
150
630
575
650
400
525
175
990
338
819
637
492
502
3,260
751
633
453
493
189
1,813
151
343
1,033
82
298
573
104
143
108
460
361
216
2,443
709
351
123
451
1,735
794
106
117
288
626
653
437
1,320
1,550
674
1,958
748
334
713
1,703
480
505
425
159
547
474
460
548
748
1,267
342
168
756
576
652
426
531
178
1,062
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aetna Inc.
Aflac Inc.
Aflac Inc.
Aflac Inc.
Aflac Inc.
Aflac Inc.
Aflac Inc.
Aflac Inc.
Aflac Inc.
Alleghany Corp.
Alleghany Corp.
Alleghany Corp.
Allied World Assurance Co. Holdings Ltd.
Allied World Assurance Co. Holdings Ltd.
Allstate Corp.
Allstate Corp.
Allstate Corp.
Allstate Corp.
Allstate Corp.
Allstate Corp.
Alterra Finance LLC
American Financial Group Inc.
American Financial Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
American International Group Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Anthem Inc.
Aon Corp.
4.125%
2.400%
2.750%
2.800%
3.500%
3.200%
4.250%
6.625%
6.750%
4.500%
4.125%
4.375%
2.400%
4.000%
3.625%
3.625%
3.250%
2.875%
6.450%
4.000%
5.625%
4.950%
4.900%
5.500%
4.350%
3.150%
3.280%
5.550%
4.500%
4.200%
6.500%
6.250%
9.875%
3.500%
5.850%
2.300%
3.375%
6.400%
4.875%
4.125%
3.750%
3.875%
4.700%
6.250%
4.500%
4.375%
8.175%
1.875%
7.000%
2.250%
4.350%
3.700%
3.125%
3.300%
3.500%
5.950%
5.850%
6.375%
4.625%
4.650%
5.100%
4.650%
4.850%
5.000%
89
6/1/21
6/15/21
11/15/22
6/15/23
11/15/24
6/15/26
6/15/36
6/15/36
12/15/37
5/15/42
11/15/42
6/15/46
3/16/20
2/15/22
6/15/23
11/15/24
3/17/25
10/15/26
8/15/40
10/15/46
9/15/20
6/27/22
9/15/44
11/15/20
10/29/25
6/15/23
12/15/26
5/9/35
6/15/43
12/15/46
5/15/67
9/30/20
6/15/19
8/15/26
1/16/18
7/16/19
8/15/20
12/15/20
6/1/22
2/15/24
7/10/25
1/15/35
7/10/35
5/1/36
7/16/44
1/15/55
5/15/68
1/15/18
2/15/19
8/15/19
8/15/20
8/15/21
5/15/22
1/15/23
8/15/24
12/15/34
1/15/36
6/15/37
5/15/42
1/15/43
1/15/44
8/15/44
8/15/54
9/30/20
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
50
150
550
350
425
525
125
625
300
250
100
500
275
450
200
225
550
830
990
150
150
550
175
2,480
525
500
1,225
480
300
130
400
275
225
1,450
3,675
925
300
395
375
1,125
340
250
650
350
275
700
950
225
800
100
150
385
490
1,675
325
235
190
325
1,102
145
175
390
150
300
64
181
549
363
426
534
120
615
303
253
105
649
290
489
205
226
661
1,143
1,088
151
148
550
175
2,623
529
500
1,252
514
305
159
419
282
227
1,445
3,644
984
304
417
465
1,181
371
250
653
346
279
697
960
226
842
107
159
409
510
1,624
377
268
210
375
1,250
159
195
431
181
292
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Aon Corp.
Aon Corp.
Aon plc
Aon plc
Aon plc
Aon plc
Aon plc
Aon plc
Aon plc
Arch Capital Finance LLC
Arch Capital Finance LLC
Arch Capital Group Ltd.
Arch Capital Group US Inc.
Aspen Insurance Holdings Ltd.
Aspen Insurance Holdings Ltd.
Assurant Inc.
Assurant Inc.
AXA SA
Axis Specialty Finance LLC
AXIS Specialty Finance plc
AXIS Specialty Finance plc
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Finance Corp.
Berkshire Hathaway Inc.
Berkshire Hathaway Inc.
Berkshire Hathaway Inc.
Berkshire Hathaway Inc.
Brown & Brown Inc.
Chubb Corp.
Chubb Corp.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Chubb INA Holdings Inc.
Cigna Corp.
Cigna Corp.
Cigna Corp.
Cigna Corp.
Cigna Corp.
Cigna Corp.
Cigna Corp.
Cigna Corp.
Cincinnati Financial Corp.
CNA Financial Corp.
CNA Financial Corp.
CNA Financial Corp.
Coventry Health Care Inc.
Endurance Specialty Holdings Ltd.
Everest Reinsurance Holdings Inc.
8.205%
6.250%
2.800%
4.000%
3.500%
3.875%
4.450%
4.600%
4.750%
4.011%
5.031%
7.350%
5.144%
6.000%
4.650%
4.000%
6.750%
8.600%
5.875%
2.650%
5.150%
1.450%
1.300%
5.400%
2.000%
1.700%
2.900%
4.250%
3.000%
5.750%
4.400%
4.300%
3.000%
2.750%
3.125%
4.500%
4.200%
5.750%
6.000%
5.800%
5.900%
2.300%
2.875%
2.700%
3.350%
3.150%
3.350%
4.150%
4.350%
5.125%
4.375%
4.500%
4.000%
3.250%
6.150%
5.875%
5.375%
6.125%
7.350%
5.875%
5.750%
5.450%
7.000%
4.868%
90
1/1/27
9/30/40
3/15/21
11/27/23
6/14/24
12/15/25
5/24/43
6/14/44
5/15/45
12/15/26
12/15/46
5/1/34
11/1/43
12/15/20
11/15/23
3/15/23
2/15/34
12/15/30
6/1/20
4/1/19
4/1/45
3/7/18
5/15/18
5/15/18
8/15/18
3/15/19
10/15/20
1/15/21
5/15/22
1/15/40
5/15/42
5/15/43
2/11/23
3/15/23
3/15/26
2/11/43
9/15/24
5/15/18
5/11/37
3/15/18
6/15/19
11/3/20
11/3/22
3/13/23
5/15/24
3/15/25
5/3/26
3/13/43
11/3/45
6/15/20
12/15/20
3/15/21
2/15/22
4/15/25
11/15/36
3/15/41
2/15/42
11/1/34
11/15/19
8/15/20
8/15/21
6/15/21
7/15/34
6/1/44
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
First American Financial Corp.
First American Financial Corp.
Hanover Insurance Group Inc.
Hartford Financial Services Group Inc.
Hartford Financial Services Group Inc.
Hartford Financial Services Group Inc.
Hartford Financial Services Group Inc.
Hartford Financial Services Group Inc.
Hartford Financial Services Group Inc.
Horace Mann Educators Corp.
Humana Inc.
Humana Inc.
Humana Inc.
Humana Inc.
Humana Inc.
Humana Inc.
Humana Inc.
Infinity Property & Casualty Corp.
Kemper Corp.
Lender Processing Services Inc / Black Knight Lending
Solutions Inc
Lincoln National Corp.
Lincoln National Corp.
Lincoln National Corp.
Lincoln National Corp.
Lincoln National Corp.
Lincoln National Corp.
Lincoln National Corp.
Lincoln National Corp.
Loews Corp.
Loews Corp.
Loews Corp.
Loews Corp.
Manulife Financial Corp.
Manulife Financial Corp.
Manulife Financial Corp.
Markel Corp.
Markel Corp.
Markel Corp.
Markel Corp.
Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
MetLife Inc.
4.300%
4.600%
4.500%
6.300%
6.000%
5.125%
5.950%
6.100%
4.300%
4.500%
7.200%
2.625%
3.150%
3.850%
8.150%
4.625%
4.950%
5.000%
4.350%
2/1/23
11/15/24
4/15/26
3/15/18
1/15/19
4/15/22
10/15/36
10/1/41
4/15/43
12/1/25
6/15/18
10/1/19
12/1/22
10/1/24
6/15/38
12/1/42
10/1/44
9/19/22
2/15/25
100
350
300
600
300
100
25
600
500
200
50
150
400
450
325
265
400
1,100
500
98
344
303
629
323
111
29
704
461
198
54
151
398
459
441
253
418
1,120
494
5.750%
8.750%
6.250%
4.200%
4.000%
3.350%
3.625%
6.150%
6.300%
2.625%
3.750%
6.000%
4.125%
4.900%
4.150%
5.375%
4.900%
3.625%
5.000%
5.000%
2.550%
2.350%
2.350%
4.800%
4.050%
3.500%
3.750%
5.875%
6.817%
7.717%
4.750%
3.048%
4.368%
3.600%
3.000%
6.500%
6.375%
5.700%
5.875%
4.125%
4.875%
4.721%
4.050%
4.600%
4/15/23
7/1/19
2/15/20
3/15/22
9/1/23
3/9/25
12/12/26
4/7/36
10/9/37
5/15/23
4/1/26
2/1/35
5/15/43
9/17/20
3/4/26
3/4/46
7/1/22
3/30/23
3/30/43
4/5/46
10/15/18
9/10/19
3/6/20
7/15/21
10/15/23
3/10/25
3/14/26
8/1/33
8/15/18
2/15/19
2/8/21
12/15/22
9/15/23
4/10/24
3/1/25
12/15/32
6/15/34
6/15/35
2/6/41
8/13/42
11/13/43
12/15/44
3/1/45
5/13/46
344
100
305
600
225
200
250
24
25
175
750
200
475
475
925
500
575
175
125
350
225
100
500
545
350
2,350
375
1,050
580
105
305
725
500
750
500
250
505
675
440
475
600
1,200
1,000
130
359
115
337
634
234
199
249
28
29
170
762
238
452
511
967
572
621
175
126
351
227
100
497
592
369
2,367
381
1,240
624
117
331
727
538
770
491
312
633
796
533
463
647
1,271
956
136
91
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,505
25
450
825
350
200
200
1,500
300
125
350
925
100
2,445
350
150
250
100
175
130
825
455
225
430
75
450
1,545
295
775
505
500
250
105
525
975
225
1,500
650
275
2,450
250
100
50
250
200
625
910
330
475
145
130
1,000
250
525
1,460
1,000
325
50
950
165
1,580
500
525
1,550
1,625
26
466
786
349
217
197
1,486
288
123
341
905
107
2,579
325
192
232
113
231
135
833
512
227
470
80
459
1,753
329
904
583
634
317
121
550
1,010
243
1,552
663
303
2,648
265
99
52
307
203
796
961
349
633
186
153
1,077
258
561
1,530
1,004
324
50
965
178
1,636
506
532
1,592
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
MetLife Inc.
Montpelier Re Holdings Ltd.
Old Republic International Corp.
Old Republic International Corp.
OneBeacon US Holdings Inc.
PartnerRe Finance B LLC
Principal Financial Group Inc.
Principal Financial Group Inc.
Principal Financial Group Inc.
Principal Financial Group Inc.
Principal Financial Group Inc.
Principal Financial Group Inc.
ProAssurance Corp.
Progressive Corp.
Progressive Corp.
Progressive Corp.
Progressive Corp.
Protective Life Corp.
Protective Life Corp.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Prudential Financial Inc.
Reinsurance Group of America Inc.
Reinsurance Group of America Inc.
Reinsurance Group of America Inc.
Reinsurance Group of America Inc.
StanCorp Financial Group Inc.
Swiss Re Solutions Holding Corp.
Torchmark Corp.
Transatlantic Holdings Inc.
Travelers Cos. Inc.
Travelers Cos. Inc.
Travelers Cos. Inc.
Travelers Cos. Inc.
Travelers Cos. Inc.
Travelers Cos. Inc.
Travelers Cos. Inc.
Trinity Acquisition plc
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
6.400%
4.700%
4.875%
3.875%
4.600%
5.500%
3.125%
3.400%
3.100%
4.350%
4.300%
4.700%
5.300%
3.750%
2.450%
6.625%
3.700%
7.375%
8.450%
6.000%
2.300%
7.375%
2.350%
5.375%
4.500%
3.500%
5.750%
5.400%
5.900%
5.700%
6.625%
6.625%
5.625%
5.875%
5.625%
5.100%
4.600%
5.375%
6.450%
5.000%
4.700%
3.950%
5.000%
7.000%
3.800%
8.000%
5.800%
3.900%
6.750%
6.250%
5.350%
4.600%
4.300%
6.125%
6.000%
1.900%
1.625%
2.300%
2.700%
4.700%
3.375%
2.875%
2.875%
3.350%
92
12/15/66
10/15/22
10/1/24
8/26/26
11/9/22
6/1/20
5/15/23
5/15/25
11/15/26
5/15/43
11/15/46
5/15/55
11/15/23
8/23/21
1/15/27
3/1/29
1/26/45
10/15/19
10/15/39
12/1/17
8/15/18
6/15/19
8/15/19
6/21/20
11/15/20
5/15/24
7/15/33
6/13/35
3/17/36
12/14/36
12/1/37
6/21/40
5/12/41
9/15/42
6/15/43
8/15/43
5/15/44
5/15/45
11/15/19
6/1/21
9/15/23
9/15/26
8/15/22
2/15/26
9/15/22
11/30/39
5/15/18
11/1/20
6/20/36
6/15/37
11/1/40
8/1/43
8/25/45
8/15/43
2/15/18
7/16/18
3/15/19
12/15/19
7/15/20
2/15/21
11/15/21
12/15/21
3/15/22
7/15/22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
UnitedHealth Group Inc.
Unum Group
Unum Group
Unum Group
Unum Group
Validus Holdings Ltd.
Voya Financial Inc.
Voya Financial Inc.
Voya Financial Inc.
Voya Financial Inc.
Willis Towers Watson plc
WR Berkley Corp.
WR Berkley Corp.
XLIT Ltd.
XLIT Ltd.
XLIT Ltd.
XLIT Ltd.
XLIT Ltd.
9
Real Estate Investment Trusts (0.3%)
Alexandria Real Estate Equities Inc.
Alexandria Real Estate Equities Inc.
Alexandria Real Estate Equities Inc.
Alexandria Real Estate Equities Inc.
Alexandria Real Estate Equities Inc.
Alexandria Real Estate Equities Inc.
American Campus Communities Operating Partnership
LP
American Campus Communities Operating Partnership
LP
AvalonBay Communities Inc.
AvalonBay Communities Inc.
AvalonBay Communities Inc.
AvalonBay Communities Inc.
AvalonBay Communities Inc.
AvalonBay Communities Inc.
Boston Properties LP
Boston Properties LP
Boston Properties LP
Boston Properties LP
Boston Properties LP
Boston Properties LP
Brandywine Operating Partnership LP
Brandywine Operating Partnership LP
Brandywine Operating Partnership LP
Brixmor Operating Partnership LP
Brixmor Operating Partnership LP
Camden Property Trust
Care Capital Properties LP
CBL & Associates LP
2.750%
2.875%
3.750%
3.450%
4.625%
6.500%
6.625%
6.875%
5.950%
4.625%
4.375%
3.950%
4.250%
4.750%
4.200%
5.625%
3.000%
4.000%
5.750%
8.875%
2.900%
3.650%
5.700%
4.800%
5.750%
5.375%
4.625%
5.750%
6.375%
4.450%
5.250%
5.500%
2/15/23
3/15/23
7/15/25
1/15/27
7/15/35
6/15/37
11/15/37
2/15/38
2/15/41
11/15/41
3/15/42
10/15/42
3/15/43
7/15/45
1/15/47
9/15/20
5/15/21
3/15/24
8/15/42
1/26/40
2/15/18
6/15/26
7/15/43
6/15/46
3/15/21
9/15/20
3/15/22
10/1/21
11/15/24
3/31/25
12/15/43
3/31/45
400
200
2,000
600
300
200
325
1,405
240
1,180
325
400
75
1,315
775
50
450
200
200
150
515
250
350
300
265
50
225
545
100
200
100
300
397
200
2,068
609
326
255
425
1,901
298
1,238
329
389
76
1,448
783
54
448
201
215
195
520
244
381
291
288
53
241
604
116
198
103
282
2.750%
4.600%
3.900%
4.300%
3.950%
4.500%
1/15/20
4/1/22
6/15/23
1/15/26
1/15/27
7/30/29
250
300
75
300
250
200
249
316
76
307
247
199
3.350%
10/1/20
250
253
4.125%
2.850%
4.200%
3.500%
3.450%
2.950%
2.900%
3.700%
5.625%
4.125%
3.850%
3.125%
2.750%
4.950%
4.100%
4.550%
3.850%
4.125%
4.250%
5.125%
5.250%
7/1/24
3/15/23
12/15/23
11/15/24
6/1/25
5/11/26
10/15/26
11/15/18
11/15/20
5/15/21
2/1/23
9/1/23
10/1/26
4/15/18
10/1/24
10/1/29
2/1/25
6/15/26
1/15/24
8/15/26
12/1/23
250
200
175
250
1,300
250
50
920
325
190
950
1,375
475
725
250
175
1,475
400
1,100
100
600
254
196
184
250
1,295
238
47
947
357
199
972
1,345
434
750
245
171
1,446
398
1,136
97
587
93
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
175
100
1,125
200
200
350
160
425
200
500
225
675
400
250
1,190
900
1,580
875
75
75
400
300
500
1,175
375
215
69
625
350
300
550
350
175
1,150
50
200
300
175
325
1,000
100
1,800
80
150
2,135
400
175
145
100
375
175
100
475
500
1,000
374
100
125
225
1,100
240
175
800
100
163
99
1,064
203
192
365
162
397
201
580
227
712
388
250
1,291
919
1,589
882
72
81
414
294
495
1,200
377
230
75
613
347
281
555
351
190
1,148
49
196
288
175
316
1,010
87
1,799
87
148
2,182
382
204
159
99
368
176
100
451
501
1,024
371
99
121
227
1,225
235
172
828
101
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
CBL & Associates LP
Columbia Property Trust Operating Partnership LP
Columbia Property Trust Operating Partnership LP
Corporate Office Properties LP
Corporate Office Properties LP
CubeSmart LP
CubeSmart LP
CubeSmart LP
DCT Industrial Operating Partnership LP
DDR Corp.
DDR Corp.
DDR Corp.
DDR Corp.
DDR Corp.
Digital Realty Trust LP
Digital Realty Trust LP
Digital Realty Trust LP
Duke Realty LP
Duke Realty LP
EPR Properties
EPR Properties
EPR Properties
EPR Properties
Equity CommonWealth
ERP Operating LP
ERP Operating LP
ERP Operating LP
ERP Operating LP
ERP Operating LP
ERP Operating LP
ERP Operating LP
ERP Operating LP
Essex Portfolio LP
Essex Portfolio LP
Essex Portfolio LP
Essex Portfolio LP
Essex Portfolio LP
Federal Realty Investment Trust
Federal Realty Investment Trust
Federal Realty Investment Trust
Federal Realty Investment Trust
HCP Inc.
HCP Inc.
HCP Inc.
HCP Inc.
HCP Inc.
HCP Inc.
Healthcare Realty Trust Inc.
Healthcare Realty Trust Inc.
Healthcare Realty Trust Inc.
Healthcare Trust of America Holdings LP
Healthcare Trust of America Holdings LP
Healthcare Trust of America Holdings LP
Highwoods Realty LP
Hospitality Properties Trust
Hospitality Properties Trust
Hospitality Properties Trust
Hospitality Properties Trust
Hospitality Properties Trust
Host Hotels & Resorts LP
Host Hotels & Resorts LP
Host Hotels & Resorts LP
Kilroy Realty LP
Kilroy Realty LP
4.600%
4.150%
3.650%
3.700%
3.600%
4.375%
4.000%
3.125%
4.500%
7.875%
3.500%
4.625%
3.375%
4.250%
5.250%
3.950%
3.625%
3.625%
3.250%
5.750%
5.250%
4.500%
4.750%
6.650%
2.375%
4.750%
4.625%
3.000%
3.375%
2.850%
4.500%
4.500%
5.200%
3.375%
3.250%
3.500%
3.375%
3.000%
2.750%
4.500%
3.625%
2.625%
5.375%
3.150%
4.000%
3.400%
6.750%
5.750%
3.750%
3.875%
3.375%
3.700%
3.500%
3.200%
6.700%
4.500%
4.650%
4.500%
5.250%
6.000%
3.750%
4.000%
4.800%
3.800%
94
10/15/24
4/1/25
8/15/26
6/15/21
5/15/23
12/15/23
11/15/25
9/1/26
10/15/23
9/1/20
1/15/21
7/15/22
5/15/23
2/1/26
3/15/21
7/1/22
10/1/22
4/15/23
6/30/26
8/15/22
7/15/23
4/1/25
12/15/26
1/15/18
7/1/19
7/15/20
12/15/21
4/15/23
6/1/25
11/1/26
7/1/44
6/1/45
3/15/21
1/15/23
5/1/23
4/1/25
4/15/26
8/1/22
6/1/23
12/1/44
8/1/46
2/1/20
2/1/21
8/1/22
12/1/22
2/1/25
2/1/41
1/15/21
4/15/23
5/1/25
7/15/21
4/15/23
8/1/26
6/15/21
1/15/18
6/15/23
3/15/24
3/15/25
2/15/26
10/1/21
10/15/23
6/15/25
7/15/18
1/15/23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
50
500
550
1,294
725
200
575
325
725
225
350
200
50
500
275
450
275
175
2,250
1,000
125
275
100
875
575
935
100
250
125
400
525
150
475
175
225
250
475
175
2,700
1,250
555
525
500
250
400
500
100
600
300
225
500
1,175
275
125
200
375
400
150
125
600
850
200
450
325
56
506
542
1,199
691
195
568
341
728
225
364
199
55
514
280
456
276
170
2,301
951
118
271
99
888
576
1,045
100
253
128
374
527
153
452
176
222
241
476
176
2,722
1,364
593
559
493
257
394
517
99
587
400
238
490
1,112
258
126
199
350
413
154
133
558
831
201
510
326
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
Kimco Realty Corp.
Kimco Realty Corp.
Kimco Realty Corp.
Kimco Realty Corp.
Kite Realty Group LP
Lexington Realty Trust
Liberty Property LP
Liberty Property LP
Liberty Property LP
Mack-Cali Realty LP
Mid-America Apartments LP
Mid-America Apartments LP
National Retail Properties Inc.
National Retail Properties Inc.
National Retail Properties Inc.
National Retail Properties Inc.
Omega Healthcare Investors Inc.
Omega Healthcare Investors Inc.
Omega Healthcare Investors Inc.
Omega Healthcare Investors Inc.
Piedmont Operating Partnership LP
Piedmont Operating Partnership LP
Post Apartment Homes LP
ProLogis LP
Realty Income Corp.
Realty Income Corp.
Realty Income Corp.
Realty Income Corp.
Realty Income Corp.
Realty Income Corp.
Regency Centers LP
Retail Opportunity Investments Partnership LP
Retail Properties of America Inc.
Select Income REIT
Select Income REIT
Select Income REIT
Senior Housing Properties Trust
Senior Housing Properties Trust
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Simon Property Group LP
Sovran Acquisition LP
Spirit Realty LP
Tanger Properties LP
Tanger Properties LP
Tanger Properties LP
UDR Inc.
UDR Inc.
UDR Inc.
UDR Inc.
Ventas Realty LP
Ventas Realty LP
Ventas Realty LP
Ventas Realty LP / Ventas Capital Corp.
6.875%
3.200%
3.125%
2.800%
4.000%
4.400%
3.375%
4.400%
3.750%
4.500%
4.300%
3.750%
5.500%
3.800%
3.900%
4.000%
4.950%
4.500%
5.250%
4.500%
3.400%
4.450%
3.375%
2.750%
2.000%
6.750%
3.250%
3.875%
4.125%
3.000%
3.750%
5.000%
4.000%
2.850%
4.150%
4.500%
3.250%
4.750%
2.200%
5.650%
4.375%
4.125%
2.350%
3.375%
2.750%
3.750%
3.300%
3.250%
6.750%
4.750%
4.250%
3.500%
4.450%
3.875%
3.750%
3.125%
4.250%
3.700%
4.625%
2.950%
3.125%
3.750%
5.700%
2.000%
95
10/1/19
5/1/21
6/1/23
10/1/26
10/1/26
6/15/24
6/15/23
2/15/24
4/1/25
4/18/22
10/15/23
6/15/24
7/15/21
10/15/22
6/15/24
11/15/25
4/1/24
1/15/25
1/15/26
4/1/27
6/1/23
3/15/24
12/1/22
2/15/19
1/31/18
8/15/19
10/15/22
7/15/24
10/15/26
1/15/27
6/15/24
12/15/23
3/15/25
2/1/18
2/1/22
2/1/25
5/1/19
5/1/24
2/1/19
2/1/20
3/1/21
12/1/21
1/30/22
3/15/22
2/1/23
2/1/24
1/15/26
11/30/26
2/1/40
3/15/42
11/30/46
7/1/26
9/15/26
12/1/23
12/1/24
9/1/26
6/1/18
10/1/20
1/10/22
9/1/26
6/15/23
5/1/24
9/30/43
2/15/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
575
25
1,568
140
500
1,350
275
100
200
125
100
200
250
75
575
300
750
425
325
125
1,125
450
200
175
300
200
300
596
25
1,683
148
504
1,370
275
108
200
131
99
198
248
78
577
311
806
466
331
132
1,148
466
238
178
303
192
289
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Ventas Realty LP / Ventas Capital Corp.
Ventas Realty LP / Ventas Capital Corp.
Ventas Realty LP / Ventas Capital Corp.
Ventas Realty LP / Ventas Capital Corp.
Ventas Realty LP / Ventas Capital Corp.
VEREIT Operating Partnership LP
Vornado Realty LP
Vornado Realty LP
Washington Prime Group LP
Washington REIT
Washington REIT
Weingarten Realty Investors
Weingarten Realty Investors
Weingarten Realty Investors
Welltower Inc.
Welltower Inc.
Welltower Inc.
Welltower Inc.
Welltower Inc.
Welltower Inc.
Welltower Inc.
Welltower Inc.
Welltower Inc.
Welltower Inc.
WP Carey Inc.
WP Carey Inc.
WP Carey Inc.
4.000%
2.700%
4.750%
4.250%
3.250%
4.875%
2.500%
5.000%
3.850%
4.950%
3.950%
3.375%
3.500%
4.450%
2.250%
4.125%
4.950%
5.250%
3.750%
4.500%
4.000%
4.250%
6.500%
5.125%
4.600%
4.000%
4.250%
4/30/19
4/1/20
6/1/21
3/1/22
8/15/22
6/1/26
6/30/19
1/15/22
4/1/20
10/1/20
10/15/22
10/15/22
4/15/23
1/15/24
3/15/18
4/1/19
1/15/21
1/15/22
3/15/23
1/15/24
6/1/25
4/1/26
3/15/41
3/15/43
4/1/24
2/1/25
10/1/26
1,054,177
Industrial (6.8%)
Basic Industry (0.4%)
Agrium Inc.
Agrium Inc.
Agrium Inc.
Agrium Inc.
Agrium Inc.
Agrium Inc.
Agrium Inc.
Air Products & Chemicals Inc.
Air Products & Chemicals Inc.
Air Products & Chemicals Inc.
Airgas Inc.
Airgas Inc.
Albemarle Corp.
Albemarle Corp.
Albemarle Corp.
Albemarle Corp.
Barrick Gold Corp.
Barrick Gold Corp.
Barrick North America Finance LLC
Barrick North America Finance LLC
Barrick North America Finance LLC
Barrick North America Finance LLC
Barrick PD Australia Finance Pty Ltd.
BHP Billiton Finance USA Ltd.
BHP Billiton Finance USA Ltd.
BHP Billiton Finance USA Ltd.
BHP Billiton Finance USA Ltd.
BHP Billiton Finance USA Ltd.
BHP Billiton Finance USA Ltd.
BHP Billiton Finance USA Ltd.
Braskem Finance Ltd.
Cabot Corp.
Cabot Corp.
6.750%
3.150%
3.500%
3.375%
4.125%
4.900%
5.250%
3.000%
2.750%
3.350%
3.050%
3.650%
3.000%
4.500%
4.150%
5.450%
4.100%
5.250%
4.400%
7.500%
5.700%
5.750%
5.950%
2.050%
6.500%
3.250%
2.875%
3.850%
4.125%
5.000%
6.450%
2.550%
3.700%
96
1/15/19
10/1/22
6/1/23
3/15/25
3/15/35
6/1/43
1/15/45
11/3/21
2/3/23
7/31/24
8/1/20
7/15/24
12/1/19
12/15/20
12/1/24
12/1/44
5/1/23
4/1/42
5/30/21
9/15/38
5/30/41
5/1/43
10/15/39
9/30/18
4/1/19
11/21/21
2/24/22
9/30/23
2/24/42
9/30/43
2/3/24
1/15/18
7/15/22
1,350
2,310
275
550
250
125
500
190
200
700
200
750
250
50
300
325
480
500
461
25
750
1,200
100
300
450
1,600
1,025
775
1,200
1,500
200
550
50
1,465
2,299
279
534
229
125
523
195
198
714
203
773
255
53
307
348
491
488
487
29
768
1,272
105
301
494
1,647
1,027
817
1,175
1,675
211
552
51
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
200
50
400
1,810
1,630
2,035
700
600
100
350
760
375
900
500
1,100
400
317
400
1,000
500
200
200
463
200
600
625
400
700
300
1,420
350
75
500
450
125
250
150
750
1,200
1,100
600
550
50
910
413
400
350
1,500
150
805
300
500
525
850
500
500
400
1,700
3,175
950
300
800
600
175
207
49
408
2,069
1,725
2,150
696
604
130
342
1,168
402
871
497
1,189
401
324
394
989
501
200
199
498
203
569
729
362
742
320
1,473
370
73
611
470
117
254
152
749
1,779
1,098
589
538
49
1,091
445
405
353
1,410
158
1,025
336
493
547
802
522
536
412
1,795
3,592
876
397
798
595
166
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Celulosa Arauco y Constitucion SA
Domtar Corp.
Domtar Corp.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Dow Chemical Co.
Eastman Chemical Co.
Eastman Chemical Co.
Eastman Chemical Co.
Eastman Chemical Co.
Eastman Chemical Co.
Ecolab Inc.
Ecolab Inc.
Ecolab Inc.
Ecolab Inc.
Ecolab Inc.
Ecolab Inc.
Ecolab Inc.
Ecolab Inc.
EI du Pont de Nemours & Co.
EI du Pont de Nemours & Co.
EI du Pont de Nemours & Co.
EI du Pont de Nemours & Co.
EI du Pont de Nemours & Co.
EI du Pont de Nemours & Co.
EI du Pont de Nemours & Co.
EI du Pont de Nemours & Co.
Fibria Overseas Finance Ltd.
FMC Corp.
FMC Corp.
Georgia-Pacific LLC
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
International Flavors & Fragrances Inc.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
International Paper Co.
LYB International Finance BV
LYB International Finance BV
LYB International Finance BV
LyondellBasell Industries NV
LyondellBasell Industries NV
LyondellBasell Industries NV
Meadwestvaco Corp.
Monsanto Co.
Monsanto Co.
Monsanto Co.
4.750%
6.250%
6.750%
8.550%
4.250%
4.125%
3.000%
3.500%
7.375%
4.250%
9.400%
5.250%
4.375%
4.625%
5.500%
2.700%
3.600%
4.800%
4.650%
1.550%
2.000%
2.250%
4.350%
3.250%
2.700%
5.500%
3.700%
6.000%
4.625%
3.625%
4.250%
2.800%
6.500%
4.900%
4.150%
5.250%
3.950%
4.100%
8.875%
2.125%
3.700%
5.450%
3.200%
7.500%
4.750%
3.650%
3.800%
3.000%
5.000%
7.300%
6.000%
4.800%
5.150%
4.400%
4.000%
5.250%
4.875%
5.000%
6.000%
4.625%
7.950%
2.125%
2.750%
2.200%
97
1/11/22
9/1/42
2/15/44
5/15/19
11/15/20
11/15/21
11/15/22
10/1/24
11/1/29
10/1/34
5/15/39
11/15/41
11/15/42
10/1/44
11/15/19
1/15/20
8/15/22
9/1/42
10/15/44
1/12/18
1/14/19
1/12/20
12/8/21
1/14/23
11/1/26
12/8/41
11/1/46
7/15/18
1/15/20
1/15/21
4/1/21
2/15/23
1/15/28
1/15/41
2/15/43
5/12/24
2/1/22
2/1/24
5/15/31
3/15/18
3/15/23
6/9/44
5/1/23
8/15/21
2/15/22
6/15/24
1/15/26
2/15/27
9/15/35
11/15/39
11/15/41
6/15/44
5/15/46
8/15/47
7/15/23
7/15/43
3/15/44
4/15/19
11/15/21
2/26/55
2/15/31
7/15/19
7/15/21
7/15/22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
250
400
375
250
400
1,300
600
1,115
1,500
100
130
150
475
325
500
950
875
200
325
325
400
275
425
500
375
275
1,210
250
300
200
700
27
175
875
325
850
500
300
125
225
325
450
426
175
1,000
3,200
225
565
26
625
300
75
250
900
270
200
1,600
650
425
250
2,650
250
150
100
237
382
414
208
386
1,134
540
1,142
1,509
99
113
144
508
352
552
897
922
212
339
405
451
282
449
499
395
291
1,284
235
301
215
702
28
186
927
330
842
483
278
124
226
352
477
492
186
1,046
3,303
290
646
27
669
404
82
248
887
266
217
1,592
636
490
268
2,600
248
133
99
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Monsanto Co.
Monsanto Co.
Monsanto Co.
Monsanto Co.
Monsanto Co.
Monsanto Co.
Monsanto Co.
Mosaic Co.
Mosaic Co.
Mosaic Co.
Mosaic Co.
Mosaic Co.
Newmont Mining Corp.
Newmont Mining Corp.
Newmont Mining Corp.
Newmont Mining Corp.
Nucor Corp.
Nucor Corp.
Nucor Corp.
Nucor Corp.
Nucor Corp.
Packaging Corp. of America
Packaging Corp. of America
Packaging Corp. of America
Placer Dome Inc.
Plum Creek Timberlands LP
Potash Corp. of Saskatchewan Inc.
Potash Corp. of Saskatchewan Inc.
Potash Corp. of Saskatchewan Inc.
Potash Corp. of Saskatchewan Inc.
PPG Industries Inc.
PPG Industries Inc.
Praxair Inc.
Praxair Inc.
Praxair Inc.
Praxair Inc.
Praxair Inc.
Praxair Inc.
Rayonier Inc.
Reliance Steel & Aluminum Co.
Rio Tinto Alcan Inc.
Rio Tinto Alcan Inc.
Rio Tinto Finance USA Ltd.
Rio Tinto Finance USA Ltd.
Rio Tinto Finance USA Ltd.
Rio Tinto Finance USA Ltd.
Rio Tinto Finance USA Ltd.
Rio Tinto Finance USA Ltd.
Rio Tinto Finance USA plc
Rio Tinto Finance USA plc
Rohm & Haas Co.
RPM International Inc.
RPM International Inc.
Sherwin-Williams Co.
Sherwin-Williams Co.
Southern Copper Corp.
Southern Copper Corp.
Southern Copper Corp.
Southern Copper Corp.
Southern Copper Corp.
Southern Copper Corp.
Syngenta Finance NV
Syngenta Finance NV
Vale Canada Ltd.
2.850%
4.200%
5.875%
3.600%
4.400%
3.950%
4.700%
3.750%
4.250%
5.450%
4.875%
5.625%
5.125%
5.875%
6.250%
4.875%
5.850%
4.125%
4.000%
6.400%
5.200%
3.900%
4.500%
3.650%
6.450%
4.700%
4.875%
3.000%
4.000%
5.625%
2.300%
3.600%
4.500%
4.050%
3.000%
2.450%
2.650%
3.550%
3.750%
4.500%
6.125%
5.750%
9.000%
4.125%
3.750%
3.750%
7.125%
5.200%
3.500%
4.750%
7.850%
6.125%
3.450%
3.450%
4.550%
5.375%
3.500%
3.875%
7.500%
6.750%
5.875%
3.125%
4.375%
7.200%
98
4/15/25
7/15/34
4/15/38
7/15/42
7/15/44
4/15/45
7/15/64
11/15/21
11/15/23
11/15/33
11/15/41
11/15/43
10/1/19
4/1/35
10/1/39
3/15/42
6/1/18
9/15/22
8/1/23
12/1/37
8/1/43
6/15/22
11/1/23
9/15/24
10/15/35
3/15/21
3/30/20
4/1/25
12/15/26
12/1/40
11/15/19
11/15/20
8/15/19
3/15/21
9/1/21
2/15/22
2/5/25
11/7/42
4/1/22
4/15/23
12/15/33
6/1/35
5/1/19
5/20/21
9/20/21
6/15/25
7/15/28
11/2/40
3/22/22
3/22/42
7/15/29
10/15/19
11/15/22
8/1/25
8/1/45
4/16/20
11/8/22
4/23/25
7/27/35
4/16/40
4/23/45
3/28/22
3/28/42
9/15/32
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
9
9
Vale Overseas Ltd.
Vale Overseas Ltd.
Vale Overseas Ltd.
Vale Overseas Ltd.
Vale Overseas Ltd.
Vale Overseas Ltd.
Vale Overseas Ltd.
Vale SA
Valspar Corp.
Valspar Corp.
Valspar Corp.
Westlake Chemical Corp.
Westlake Chemical Corp.
Westlake Chemical Corp.
Westrock MWV LLC
WestRock RKT Co.
WestRock RKT Co.
Weyerhaeuser Co.
Weyerhaeuser Co.
Weyerhaeuser Co.
Weyerhaeuser Co.
Worthington Industries Inc.
Yamana Gold Inc.
5.625%
5.875%
4.375%
6.250%
8.250%
6.875%
6.875%
5.625%
7.250%
4.200%
3.950%
3.600%
3.600%
5.000%
8.200%
3.500%
4.900%
7.375%
8.500%
7.375%
6.875%
4.550%
4.950%
9/15/19
6/10/21
1/11/22
8/10/26
1/17/34
11/21/36
11/10/39
9/11/42
6/15/19
1/15/22
1/15/26
7/15/22
8/15/26
8/15/46
1/15/30
3/1/20
3/1/22
10/1/19
1/15/25
3/15/32
12/15/33
4/15/26
7/15/24
1,050
3,000
1,045
400
375
735
860
2,550
350
25
600
50
600
600
500
1,725
250
1,075
150
625
125
100
640
1,108
3,131
1,027
417
414
726
840
2,254
387
26
598
50
573
592
652
1,754
271
1,209
193
789
151
98
626
Capital Goods (0.6%)
3M Co.
3M Co.
3M Co.
3M Co.
3M Co.
3M Co.
3M Co.
3M Co.
ABB Finance USA Inc.
ABB Finance USA Inc.
Acuity Brands Lighting Inc.
Bemis Co. Inc.
Boeing Capital Corp.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Boeing Co.
Carlisle Cos. Inc.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
1.375%
2.000%
1.625%
3.000%
2.250%
6.375%
5.700%
3.125%
2.875%
4.375%
6.000%
3.100%
4.700%
0.950%
6.000%
4.875%
1.650%
2.200%
2.850%
2.600%
2.250%
6.625%
6.875%
5.875%
3.500%
3.375%
3.750%
1.500%
1.300%
1.800%
7.150%
1.350%
2.100%
2.250%
2.000%
2.500%
1.700%
2.750%
1.931%
8/7/18
8/7/20
9/19/21
8/7/25
9/19/26
2/15/28
3/15/37
9/19/46
5/8/22
5/8/42
12/15/19
9/15/26
10/27/19
5/15/18
3/15/19
2/15/20
10/30/20
10/30/22
10/30/24
10/30/25
6/15/26
2/15/38
3/15/39
2/15/40
3/1/45
6/15/46
11/15/22
2/23/18
3/1/18
11/13/18
2/15/19
5/18/19
6/9/19
12/1/19
3/5/20
11/13/20
8/9/21
8/20/21
10/1/21
225
325
450
350
800
350
255
500
375
150
200
300
125
125
550
525
350
2,000
200
1,300
250
100
250
295
300
750
175
1,100
325
550
435
750
500
300
750
500
800
200
875
225
324
438
352
746
448
320
442
377
157
220
286
135
124
599
569
343
1,953
200
1,258
234
135
351
372
275
680
173
1,099
324
551
482
738
502
301
743
499
768
200
842
99
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
730
200
200
720
125
750
720
500
1,329
1,000
550
400
985
700
455
550
400
1,000
145
350
480
550
575
815
75
150
650
350
525
125
25
450
300
450
150
125
135
200
200
1,325
375
100
700
585
375
275
250
250
900
350
350
125
200
1,283
100
2,739
644
780
806
490
714
1,369
318
841
736
202
188
758
124
769
899
575
1,279
1,039
559
411
1,089
694
544
796
541
997
154
459
561
578
568
806
73
155
646
366
558
135
27
454
297
455
181
158
155
220
200
1,324
379
99
690
575
369
277
255
265
885
331
322
118
211
1,418
101
3,005
646
867
866
531
791
1,499
325
853
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
9
9
9
9
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Financial Services Corp.
Caterpillar Inc.
Caterpillar Inc.
Caterpillar Inc.
Caterpillar Inc.
Caterpillar Inc.
Caterpillar Inc.
Caterpillar Inc.
Crane Co.
Crane Co.
CRH America Inc.
Deere & Co.
Deere & Co.
Deere & Co.
Deere & Co.
Deere & Co.
Dover Corp.
Dover Corp.
Dover Corp.
Eaton Corp.
Eaton Corp.
Eaton Corp.
Eaton Corp.
Eaton Electric Holdings LLC
Embraer Netherlands Finance BV
Embraer Overseas Ltd.
Emerson Electric Co.
Emerson Electric Co.
Emerson Electric Co.
Emerson Electric Co.
Emerson Electric Co.
Emerson Electric Co.
Emerson Electric Co.
Emerson Electric Co.
Emerson Electric Co.
Exelis Inc.
FLIR Systems Inc.
Flowserve Corp.
Flowserve Corp.
Fortive Corp.
Fortive Corp.
Fortive Corp.
Fortive Corp.
Fortune Brands Home & Security Inc.
Fortune Brands Home & Security Inc.
General Dynamics Corp.
General Dynamics Corp.
General Dynamics Corp.
General Dynamics Corp.
General Dynamics Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
3.300%
3.250%
2.400%
3.900%
2.600%
3.400%
6.050%
5.200%
3.803%
4.300%
2.750%
4.450%
5.750%
2.600%
5.375%
8.100%
7.125%
3.900%
4.300%
6.600%
5.375%
5.600%
2.750%
4.000%
4.150%
3.875%
5.050%
5.696%
5.250%
4.875%
4.250%
2.625%
2.625%
3.150%
6.000%
6.125%
5.250%
5.550%
3.125%
3.500%
4.000%
1.800%
2.350%
3.150%
4.300%
3.000%
4.000%
3.875%
2.250%
1.875%
2.125%
3.600%
5.625%
6.000%
2.100%
5.500%
2.200%
5.550%
4.375%
4.625%
5.300%
4.650%
3.150%
3.100%
100
6/9/24
12/1/24
8/9/26
5/27/21
6/26/22
5/15/24
8/15/36
5/27/41
8/15/42
5/15/44
12/15/18
12/15/23
1/15/21
6/8/22
10/16/29
5/15/30
3/3/31
6/9/42
3/1/21
3/15/38
3/1/41
5/15/18
11/2/22
11/2/32
11/2/42
12/15/20
6/15/25
9/16/23
10/15/18
10/15/19
11/15/20
12/1/21
2/15/23
6/1/25
8/15/32
4/15/39
11/15/39
10/1/21
6/15/21
9/15/22
11/15/23
6/15/19
6/15/21
6/15/26
6/15/46
6/15/20
6/15/25
7/15/21
11/15/22
8/15/23
8/15/26
11/15/42
5/1/18
8/7/19
12/11/19
1/8/20
1/9/20
5/4/20
9/16/20
1/7/21
2/11/21
10/17/21
9/7/22
1/9/23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
338
1,885
573
2,187
1,305
1,900
2,000
2,050
1,600
225
250
1,400
550
350
125
325
475
805
750
1,325
400
105
1,355
300
450
105
430
700
105
1,725
750
325
950
325
100
250
1,500
325
530
900
150
2,300
1,975
750
275
125
305
75
275
1,000
700
325
300
200
345
175
300
600
275
205
100
200
300
300
347
2,499
737
2,748
1,838
1,898
2,055
2,068
1,708
225
249
1,477
558
366
142
341
471
869
732
1,359
378
129
1,647
298
492
109
444
667
118
1,723
809
331
1,003
382
101
254
1,499
326
565
904
151
2,259
1,950
746
276
133
312
75
274
998
714
334
289
214
366
181
306
616
316
232
107
198
316
279
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Capital Corp.
General Electric Co.
General Electric Co.
General Electric Co.
General Electric Co.
Harris Corp.
Harris Corp.
Harris Corp.
Harris Corp.
Harris Corp.
Harris Corp.
Harris Corp.
Honeywell International Inc.
Honeywell International Inc.
Honeywell International Inc.
Honeywell International Inc.
Honeywell International Inc.
Honeywell International Inc.
Honeywell International Inc.
Hubbell Inc.
Illinois Tool Works Inc.
Illinois Tool Works Inc.
Illinois Tool Works Inc.
Illinois Tool Works Inc.
Illinois Tool Works Inc.
Illinois Tool Works Inc.
Ingersoll-Rand Global Holding Co. Ltd.
Ingersoll-Rand Global Holding Co. Ltd.
Ingersoll-Rand Global Holding Co. Ltd.
Ingersoll-Rand Global Holding Co. Ltd.
Ingersoll-Rand Luxembourg Finance SA
Ingersoll-Rand Luxembourg Finance SA
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
John Deere Capital Corp.
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
Johnson Controls International plc
3.450%
6.750%
6.150%
5.875%
6.875%
2.700%
3.375%
4.125%
4.500%
1.999%
2.700%
4.400%
3.832%
4.854%
6.150%
5.054%
1.400%
4.250%
1.850%
3.350%
2.500%
5.700%
5.375%
3.350%
6.250%
3.375%
3.500%
2.650%
4.875%
3.900%
6.875%
2.875%
4.250%
5.750%
3.550%
4.650%
1.350%
1.750%
5.750%
1.950%
2.250%
1.250%
1.700%
2.050%
2.450%
3.900%
3.150%
2.750%
2.800%
2.800%
3.350%
3.400%
2.650%
5.000%
4.250%
3.750%
0.000%
3.900%
6.000%
5.700%
5.250%
0.000%
5.125%
0.000%
101
5/15/24
3/15/32
8/7/37
1/14/38
1/10/39
10/9/22
3/11/24
10/9/42
3/11/44
4/27/18
4/27/20
12/15/20
4/27/25
4/27/35
12/15/40
4/27/45
10/30/19
3/1/21
11/1/21
12/1/23
11/1/26
3/15/37
3/1/41
3/1/26
4/1/19
9/15/21
3/1/24
11/15/26
9/15/41
9/1/42
8/15/18
1/15/19
6/15/23
6/15/43
11/1/24
11/1/44
1/16/18
8/10/18
9/10/18
1/8/19
4/17/19
10/9/19
1/15/20
3/10/20
9/11/20
7/12/21
10/15/21
3/15/22
1/27/23
3/6/23
6/12/24
9/11/25
6/10/26
3/30/20
3/1/21
12/1/21
7/2/24
2/14/26
1/15/36
3/1/41
12/1/41
7/2/44
9/14/45
7/2/64
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
200
125
825
925
575
120
200
300
400
250
100
275
855
575
875
270
375
1,200
550
350
1,715
680
316
100
1,450
400
550
725
245
125
1,000
1,100
475
950
950
250
500
1,725
225
75
500
1,650
300
925
700
175
350
125
425
1,425
500
75
225
925
735
525
500
1,650
1,300
500
475
500
200
325
198
124
888
983
619
122
199
362
402
323
97
276
909
580
903
272
365
1,221
522
372
2,144
796
381
95
1,577
421
563
727
263
129
1,018
1,087
527
1,033
986
256
475
1,816
233
96
498
1,648
301
909
705
171
369
133
438
1,417
503
101
253
1,019
754
571
537
1,830
1,348
492
594
598
256
401
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Kennametal Inc.
Kennametal Inc.
L3 Technologies Inc.
L3 Technologies Inc.
L3 Technologies Inc.
L3 Technologies Inc.
L3 Technologies Inc.
Lafarge SA
Leggett & Platt Inc.
Legrand France SA
Lennox International Inc.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Lockheed Martin Corp.
Martin Marietta Materials Inc.
Mohawk Industries Inc.
Northrop Grumman Corp.
Northrop Grumman Corp.
Northrop Grumman Corp.
Northrop Grumman Corp.
Northrop Grumman Corp.
Northrop Grumman Corp.
Northrop Grumman Corp.
Owens Corning
Owens Corning
Owens Corning
Parker-Hannifin Corp.
Parker-Hannifin Corp.
Parker-Hannifin Corp.
Pentair Finance SA
Precision Castparts Corp.
Precision Castparts Corp.
Precision Castparts Corp.
Precision Castparts Corp.
Precision Castparts Corp.
Precision Castparts Corp.
Raytheon Co.
Raytheon Co.
Raytheon Co.
Raytheon Co.
Raytheon Co.
Raytheon Co.
Raytheon Co.
Republic Services Inc.
Republic Services Inc.
Republic Services Inc.
Republic Services Inc.
Republic Services Inc.
Republic Services Inc.
Republic Services Inc.
Republic Services Inc.
Rockwell Automation Inc.
Rockwell Automation Inc.
2.650%
3.875%
5.200%
4.750%
4.950%
3.950%
3.850%
7.125%
3.800%
8.500%
3.000%
1.850%
4.250%
2.500%
3.350%
3.100%
2.900%
3.550%
3.600%
4.500%
6.150%
5.500%
5.720%
3.800%
4.700%
6.600%
3.850%
1.750%
5.050%
3.500%
3.250%
3.200%
5.050%
4.750%
4.200%
4.200%
3.400%
5.500%
3.500%
6.250%
2.650%
1.250%
2.250%
2.500%
3.250%
3.900%
4.375%
6.750%
3.125%
2.500%
3.150%
7.200%
4.875%
4.700%
3.800%
5.500%
5.000%
5.250%
3.550%
3.200%
6.200%
5.700%
6.700%
6.250%
102
11/1/19
2/15/22
10/15/19
7/15/20
2/15/21
5/28/24
12/15/26
7/15/36
11/15/24
2/15/25
11/15/23
11/23/18
11/15/19
11/23/20
9/15/21
1/15/23
3/1/25
1/15/26
3/1/35
5/15/36
9/1/36
11/15/39
6/1/40
3/1/45
5/15/46
4/15/18
2/1/23
6/1/18
8/1/19
3/15/21
8/1/23
2/1/27
11/15/40
6/1/43
12/15/22
12/1/24
8/15/26
5/15/18
9/15/22
5/15/38
12/1/19
1/15/18
6/15/20
1/15/23
6/15/25
1/15/43
6/15/45
3/15/18
10/15/20
12/15/22
12/15/24
8/15/27
10/15/40
12/15/41
5/15/18
9/15/19
3/1/20
11/15/21
6/1/22
3/15/25
3/1/40
5/15/41
1/15/28
12/1/37
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
Rockwell Collins Inc.
Rockwell Collins Inc.
Rockwell Collins Inc.
Roper Technologies Inc.
Roper Technologies Inc.
Snap-on Inc.
Sonoco Products Co.
Sonoco Products Co.
Spirit AeroSystems Inc.
Stanley Black & Decker Inc.
Stanley Black & Decker Inc.
Stanley Black & Decker Inc.
Stanley Black & Decker Inc.
Textron Inc.
Textron Inc.
Textron Inc.
Textron Inc.
Timken CO
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
United Technologies Corp.
Valmont Industries Inc.
Valmont Industries Inc.
Vulcan Materials Co.
Vulcan Materials Co.
Wabtec Corp.
Waste Management Inc.
Waste Management Inc.
Waste Management Inc.
Waste Management Inc.
Waste Management Inc.
Waste Management Inc.
Waste Management Inc.
WW Grainger Inc.
WW Grainger Inc.
Xylem Inc.
5.250%
3.100%
4.800%
2.050%
6.250%
6.125%
4.375%
5.750%
3.850%
1.622%
2.451%
3.400%
5.200%
7.250%
4.300%
3.875%
4.000%
3.875%
1.500%
4.500%
1.950%
3.100%
2.650%
6.700%
7.500%
5.400%
6.050%
6.125%
5.700%
4.500%
4.150%
3.750%
5.000%
5.250%
7.500%
4.500%
3.450%
6.100%
4.600%
2.400%
3.500%
3.125%
3.900%
4.100%
4.600%
3.750%
4.375%
7/15/19
11/15/21
12/15/43
10/1/18
9/1/19
9/1/21
11/1/21
11/1/40
6/15/26
11/17/18
11/17/18
12/1/21
9/1/40
10/1/19
3/1/24
3/1/25
3/15/26
9/1/24
11/1/19
4/15/20
11/1/21
6/1/22
11/1/26
8/1/28
9/15/29
5/1/35
6/1/36
7/15/38
4/15/40
6/1/42
5/15/45
11/1/46
10/1/44
10/1/54
6/15/21
4/1/25
11/15/26
3/15/18
3/1/21
5/15/23
5/15/24
3/1/25
3/1/35
3/1/45
6/15/45
5/15/46
11/1/46
50
675
235
1,175
1,575
300
1,940
765
335
300
400
450
150
650
625
200
300
200
400
445
900
1,600
1,075
200
100
400
285
1,000
625
2,725
50
450
290
250
400
250
700
1,100
275
350
700
250
250
500
1,050
325
400
54
676
244
1,178
1,730
347
2,025
853
327
298
404
464
162
733
650
201
300
195
397
477
881
1,640
1,028
260
139
465
356
1,283
762
2,910
50
423
254
217
471
261
673
1,157
295
338
721
249
247
494
1,120
303
393
Communication (1.1%)
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
21st Century Fox America Inc.
6.900%
5.650%
4.500%
3.000%
4.000%
3.700%
6.550%
6.200%
6.400%
8.150%
6.150%
6.900%
6.150%
5.400%
4.750%
3/1/19
8/15/20
2/15/21
9/15/22
10/1/23
10/15/25
3/15/33
12/15/34
12/15/35
10/17/36
3/1/37
8/15/39
2/15/41
10/1/43
9/15/44
660
500
671
500
275
400
392
975
1,500
385
970
425
350
1,675
450
725
550
717
497
285
404
477
1,142
1,788
522
1,133
531
413
1,810
447
103
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
200
400
1,600
850
1,460
1,050
200
300
2,710
425
1,400
600
155
600
3,249
350
2,150
425
639
325
931
2,385
250
1,050
225
625
1,880
1,150
1,950
425
925
485
5,815
600
2,000
875
2,650
575
2,225
3,500
1,100
795
800
348
710
610
275
2,555
1,225
160
825
1,773
2,550
1,325
2,250
750
2,918
1,187
400
278
206
211
94
790
200
388
1,502
911
1,556
1,037
232
343
3,113
393
1,437
601
166
607
3,639
335
2,307
425
604
299
1,279
2,475
262
1,058
241
627
2,054
1,235
1,933
449
994
512
5,991
595
1,961
837
2,659
598
2,225
3,359
1,110
898
772
409
802
710
313
2,600
1,409
167
821
1,585
2,413
1,173
2,131
805
2,626
1,066
495
347
240
231
97
878
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
9
9
21st Century Fox America Inc.
Activision Blizzard Inc.
Activision Blizzard Inc.
America Movil SAB de CV
America Movil SAB de CV
America Movil SAB de CV
America Movil SAB de CV
America Movil SAB de CV
America Movil SAB de CV
America Movil SAB de CV
American Tower Corp.
American Tower Corp.
American Tower Corp.
American Tower Corp.
American Tower Corp.
American Tower Corp.
American Tower Corp.
American Tower Corp.
American Tower Corp.
American Tower Corp.
AT&T Corp.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Inc.
AT&T Mobility LLC
Bellsouth Capital Funding Corp.
BellSouth LLC
BellSouth LLC
BellSouth LLC
BellSouth Telecommunications LLC
4.750%
2.300%
3.400%
5.000%
5.000%
3.125%
6.375%
6.125%
6.125%
4.375%
4.500%
2.800%
5.050%
3.300%
5.900%
2.250%
5.000%
4.000%
3.375%
3.125%
8.250%
5.500%
5.600%
2.375%
5.800%
2.300%
5.875%
5.200%
2.450%
4.600%
5.000%
4.450%
3.875%
3.000%
3.000%
2.625%
3.600%
4.450%
3.950%
3.400%
4.125%
6.450%
4.500%
6.500%
6.300%
6.550%
6.350%
5.350%
6.375%
5.550%
5.150%
4.300%
4.800%
4.350%
4.750%
5.650%
4.500%
4.550%
7.125%
7.875%
6.875%
6.550%
6.000%
6.375%
104
11/15/46
9/15/21
9/15/26
10/16/19
3/30/20
7/16/22
3/1/35
11/15/37
3/30/40
7/16/42
1/15/18
6/1/20
9/1/20
2/15/21
11/1/21
1/15/22
2/15/24
6/1/25
10/15/26
1/15/27
11/15/31
2/1/18
5/15/18
11/27/18
2/15/19
3/11/19
10/1/19
3/15/20
6/30/20
2/15/21
3/1/21
5/15/21
8/15/21
2/15/22
6/30/22
12/1/22
2/17/23
4/1/24
1/15/25
5/15/25
2/17/26
6/15/34
5/15/35
9/1/37
1/15/38
2/15/39
3/15/40
9/1/40
3/1/41
8/15/41
3/15/42
12/15/42
6/15/44
6/15/45
5/15/46
2/15/47
3/9/48
3/9/49
12/15/31
2/15/30
10/15/31
6/15/34
11/15/34
6/1/28
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
British Telecommunications plc
British Telecommunications plc
British Telecommunications plc
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CBS Corp.
CC Holdings GS V LLC / Crown Castle GS III Corp.
Charter Communications Operating LLC / Charter
Communications Operating Capital
Charter Communications Operating LLC / Charter
Communications Operating Capital
Charter Communications Operating LLC / Charter
Communications Operating Capital
Charter Communications Operating LLC / Charter
Communications Operating Capital
Charter Communications Operating LLC / Charter
Communications Operating Capital
Charter Communications Operating LLC / Charter
Communications Operating Capital
Comcast Cable Communications Holdings Inc.
Comcast Cable Communications LLC
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Crown Castle International Corp.
Crown Castle International Corp.
Crown Castle International Corp.
Crown Castle International Corp.
Crown Castle International Corp.
Crown Castle International Corp.
Deutsche Telekom International Finance BV
Deutsche Telekom International Finance BV
Deutsche Telekom International Finance BV
Discovery Communications LLC
Discovery Communications LLC
Discovery Communications LLC
Discovery Communications LLC
Discovery Communications LLC
5.950%
2.350%
9.125%
2.300%
5.750%
4.300%
3.375%
3.700%
3.500%
2.900%
7.875%
5.500%
4.850%
4.900%
4.600%
3.849%
1/15/18
2/14/19
12/15/30
8/15/19
4/15/20
2/15/21
3/1/22
8/15/24
1/15/25
1/15/27
7/30/30
5/15/33
7/1/42
8/15/44
1/15/45
4/15/23
1,440
200
1,778
350
360
550
725
575
500
500
300
200
475
650
650
1,000
1,500
201
2,694
351
397
583
737
579
493
462
405
208
465
649
626
1,016
3.579%
7/23/20
850
866
4.464%
7/23/22
750
786
4.908%
7/23/25
3,650
3,834
6.384%
10/23/35
1,375
1,566
6.484%
10/23/45
2,275
2,626
6.834%
9.455%
8.875%
5.700%
5.700%
3.125%
2.750%
3.600%
3.375%
3.150%
4.250%
7.050%
5.650%
6.500%
3.200%
6.450%
6.950%
6.400%
4.650%
4.500%
4.750%
4.600%
3.400%
3.400%
2.250%
4.875%
5.250%
4.450%
3.700%
6.750%
6.000%
8.750%
5.050%
4.375%
3.300%
3.250%
3.450%
10/23/55
11/15/22
5/1/17
5/15/18
7/1/19
7/15/22
3/1/23
3/1/24
8/15/25
3/1/26
1/15/33
3/15/33
6/15/35
11/15/35
7/15/36
3/15/37
8/15/37
5/15/38
7/15/42
1/15/43
3/1/44
8/15/45
7/15/46
2/15/21
9/1/21
4/15/22
1/15/23
2/15/26
6/15/26
8/20/18
7/8/19
6/15/30
6/1/20
6/15/21
5/15/22
4/1/23
3/15/25
325
1,108
850
1,475
1,305
100
1,625
350
1,000
3,000
2,450
1,125
1,450
1,075
650
900
1,220
600
1,410
225
665
925
925
1,600
300
550
1,000
1,200
650
325
675
2,750
1,150
655
125
500
1,000
379
1,492
871
1,557
1,428
102
1,609
361
1,004
2,955
2,537
1,506
1,721
1,380
582
1,154
1,659
768
1,462
231
710
961
799
1,620
289
587
1,084
1,238
637
350
738
4,039
1,234
690
124
489
952
105
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
500
125
475
375
1,400
450
1,000
50
500
550
400
76
500
825
600
400
1,300
275
925
205
1,250
350
1,075
400
155
175
500
1,100
900
1,950
1,025
800
902
2,235
575
435
200
410
175
1,018
550
259
705
950
230
225
475
540
950
350
450
450
875
625
350
500
325
250
1,025
910
705
350
1,000
1,485
526
115
490
395
1,475
510
1,010
61
527
546
495
93
501
839
799
404
1,387
301
1,012
221
1,247
452
1,313
407
219
193
531
1,130
901
1,924
1,104
787
952
3,362
645
500
240
447
186
963
523
291
696
1,023
228
235
480
527
1,014
353
457
460
921
582
415
507
326
254
1,039
987
754
383
1,047
1,717
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
Discovery Communications LLC
Discovery Communications LLC
Electronic Arts Inc.
Electronic Arts Inc.
Grupo Televisa SAB
Grupo Televisa SAB
Grupo Televisa SAB
Grupo Televisa SAB
Grupo Televisa SAB
Grupo Televisa SAB
GTE Corp.
Historic TW Inc.
Interpublic Group of Cos. Inc.
Interpublic Group of Cos. Inc.
Koninklijke KPN NV
Moody's Corp.
Moody's Corp.
Moody's Corp.
NBCUniversal Media LLC
NBCUniversal Media LLC
NBCUniversal Media LLC
NBCUniversal Media LLC
NBCUniversal Media LLC
NBCUniversal Media LLC
New Cingular Wireless Services Inc.
Omnicom Group Inc.
Omnicom Group Inc.
Omnicom Group Inc.
Omnicom Group Inc.
Omnicom Group Inc.
Orange SA
Orange SA
Orange SA
Orange SA
Orange SA
Orange SA
Pacific Bell Telephone Co.
Qwest Corp.
Qwest Corp.
Qwest Corp.
Qwest Corp.
RELX Capital Inc.
RELX Capital Inc.
Rogers Communications Inc.
Rogers Communications Inc.
Rogers Communications Inc.
Rogers Communications Inc.
Rogers Communications Inc.
Rogers Communications Inc.
S&P Global Inc.
S&P Global Inc.
S&P Global Inc.
S&P Global Inc.
S&P Global Inc.
S&P Global Inc.
Scripps Networks Interactive Inc.
Scripps Networks Interactive Inc.
Scripps Networks Interactive Inc.
Telefonica Emisiones SAU
Telefonica Emisiones SAU
Telefonica Emisiones SAU
Telefonica Emisiones SAU
Telefonica Emisiones SAU
Telefonica Emisiones SAU
4.900%
4.875%
3.700%
4.800%
6.000%
6.625%
4.625%
8.500%
6.625%
6.125%
6.940%
6.625%
3.750%
4.200%
8.375%
2.750%
4.500%
5.250%
5.150%
4.375%
2.875%
6.400%
5.950%
4.450%
8.750%
6.250%
4.450%
3.625%
3.650%
3.600%
5.375%
1.625%
4.125%
9.000%
5.375%
5.500%
7.125%
6.750%
7.250%
6.875%
7.125%
8.625%
3.125%
6.800%
3.000%
4.100%
3.625%
4.500%
5.000%
2.500%
3.300%
4.000%
4.400%
2.950%
6.550%
2.750%
2.800%
3.900%
3.192%
5.877%
5.134%
5.462%
4.570%
7.045%
106
3/11/26
4/1/43
3/1/21
3/1/26
5/15/18
3/18/25
1/30/26
3/11/32
1/15/40
1/31/46
4/15/28
5/15/29
2/15/23
4/15/24
10/1/30
7/15/19
9/1/22
7/15/44
4/30/20
4/1/21
1/15/23
4/30/40
4/1/41
1/15/43
3/1/31
7/15/19
8/15/20
5/1/22
11/1/24
4/15/26
7/8/19
11/3/19
9/14/21
3/1/31
1/13/42
2/6/44
3/15/26
12/1/21
9/15/25
9/15/33
11/15/43
1/15/19
10/15/22
8/15/18
3/15/23
10/1/23
12/15/25
3/15/43
3/15/44
8/15/18
8/14/20
6/15/25
2/15/26
1/22/27
11/15/37
11/15/19
6/15/20
11/15/24
4/27/18
7/15/19
4/27/20
2/16/21
4/27/23
6/20/36
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
750
1,150
50
125
600
1,500
500
350
1,425
1,375
475
1,250
700
2,045
500
850
550
1,435
1,600
700
750
800
1,000
1,795
800
650
550
1,240
700
600
205
75
525
825
350
2,000
635
1,390
150
825
325
205
250
125
525
200
925
155
3,630
1,125
1,223
1,105
300
2,040
950
3,300
1,040
2,925
5,515
1,300
1,000
2,025
615
563
977
1,074
53
132
625
1,519
485
372
1,554
1,500
507
1,409
787
2,166
517
872
623
1,757
1,866
744
767
722
1,231
2,234
1,005
856
549
1,324
749
642
213
77
520
816
350
1,987
860
1,883
173
941
378
217
248
133
502
199
964
164
3,749
1,107
1,233
1,181
308
2,186
909
3,324
1,071
2,822
6,081
1,352
995
1,863
824
679
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Telefonica Europe BV
TELUS Corp.
Thomson Reuters Corp.
Thomson Reuters Corp.
Thomson Reuters Corp.
Thomson Reuters Corp.
Thomson Reuters Corp.
Thomson Reuters Corp.
Thomson Reuters Corp.
Thomson Reuters Corp.
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cable LLC
Time Warner Cos. Inc.
Time Warner Cos. Inc.
Time Warner Entertainment Co. LP
Time Warner Entertainment Co. LP
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Time Warner Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
8.250%
2.800%
6.500%
4.700%
4.300%
3.850%
3.350%
5.500%
5.850%
5.650%
6.750%
8.750%
8.250%
5.000%
4.125%
4.000%
6.550%
7.300%
6.750%
5.875%
5.500%
4.500%
7.570%
6.950%
8.375%
8.375%
2.100%
4.875%
4.700%
4.750%
4.000%
4.050%
3.550%
3.600%
3.875%
3.800%
7.625%
7.700%
6.200%
6.100%
6.250%
5.375%
4.900%
5.350%
4.650%
4.850%
5.500%
6.100%
3.650%
1.375%
2.625%
4.500%
3.450%
4.600%
1.750%
3.000%
3.500%
2.450%
5.150%
4.150%
3.500%
2.625%
7.750%
6.400%
107
9/15/30
2/16/27
7/15/18
10/15/19
11/23/23
9/29/24
5/15/26
8/15/35
4/15/40
11/23/43
7/1/18
2/14/19
4/1/19
2/1/20
2/15/21
9/1/21
5/1/37
7/1/38
6/15/39
11/15/40
9/1/41
9/15/42
2/1/24
1/15/28
3/15/23
7/15/33
6/1/19
3/15/20
1/15/21
3/29/21
1/15/22
12/15/23
6/1/24
7/15/25
1/15/26
2/15/27
4/15/31
5/1/32
3/15/40
7/15/40
3/29/41
10/15/41
6/15/42
12/15/43
6/1/44
7/15/45
2/15/18
4/15/18
9/14/18
8/15/19
2/21/20
9/15/20
3/15/21
4/1/21
8/15/21
11/1/21
11/1/21
11/1/22
9/15/23
3/15/24
11/1/24
8/15/26
12/1/30
9/15/33
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Viacom Inc.
Vodafone Group plc
Vodafone Group plc
Vodafone Group plc
Vodafone Group plc
Vodafone Group plc
Vodafone Group plc
Vodafone Group plc
Vodafone Group plc
Vodafone Group plc
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
Walt Disney Co.
WPP Finance 2010
WPP Finance 2010
WPP Finance 2010
5.050%
4.400%
5.850%
4.272%
6.250%
6.400%
6.900%
7.350%
6.000%
4.750%
3.850%
6.550%
4.125%
4.862%
4.522%
5.012%
4.672%
2.500%
2.200%
5.625%
2.750%
3.875%
3.125%
4.250%
3.875%
4.850%
6.875%
4.375%
5.850%
5.250%
1.500%
4.625%
5.450%
2.500%
2.950%
7.875%
6.250%
6.150%
4.375%
1.100%
1.650%
1.850%
2.150%
2.300%
2.350%
3.150%
3.000%
1.850%
4.375%
4.125%
3.700%
4.125%
4.750%
3.750%
5.125%
3/15/34
11/1/34
9/15/35
1/15/36
4/1/37
2/15/38
4/15/38
4/1/39
4/1/41
11/1/41
11/1/42
9/15/43
8/15/46
8/21/46
9/15/48
8/21/54
3/15/55
9/1/18
4/1/19
9/15/19
12/15/19
12/15/21
6/15/22
9/1/23
4/1/24
12/15/34
4/30/36
3/15/43
9/1/43
4/1/44
2/19/18
7/15/18
6/10/19
9/26/22
2/19/23
2/15/30
11/30/32
2/27/37
2/19/43
12/1/17
1/8/19
5/30/19
9/17/20
2/12/21
12/1/22
9/17/25
2/13/26
7/30/26
8/16/41
12/1/41
12/1/42
6/1/44
11/21/21
9/19/24
9/7/42
845
2,200
500
1,744
775
835
225
1,200
445
625
1,250
1,898
2,480
2,567
2,716
4,363
4,302
175
625
750
825
495
75
1,375
625
375
940
1,212
1,075
150
1,450
125
775
450
670
425
350
605
2,200
850
350
725
1,100
550
25
500
670
670
225
350
450
1,400
1,496
525
1,050
890
2,163
570
1,677
915
996
274
1,551
511
613
1,077
2,352
2,239
2,597
2,586
4,329
4,050
176
619
807
821
499
73
1,377
604
334
1,019
965
1,053
136
1,445
130
833
429
649
553
400
685
1,940
849
350
728
1,103
553
25
505
667
601
237
355
432
1,444
1,620
527
1,046
Consumer Cyclical (0.8%)
Advance Auto Parts Inc.
Advance Auto Parts Inc.
Advance Auto Parts Inc.
Alibaba Group Holding Ltd.
Alibaba Group Holding Ltd.
Alibaba Group Holding Ltd.
Alibaba Group Holding Ltd.
5.750%
4.500%
4.500%
2.500%
3.125%
3.600%
4.500%
5/1/20
1/15/22
12/1/23
11/28/19
11/28/21
11/28/24
11/28/34
100
175
400
1,325
300
1,600
600
107
183
415
1,330
300
1,588
598
108
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
900
2,575
475
400
975
975
1,700
500
450
800
800
725
500
850
250
650
675
250
180
500
500
750
600
200
275
260
300
100
175
525
125
313
300
350
50
250
500
450
450
850
25
300
350
150
400
4,500
375
500
1,700
950
975
250
660
2,457
1,250
500
3,350
1,205
350
700
225
475
800
500
918
2,667
470
420
1,072
1,111
1,701
501
454
784
805
728
481
818
232
652
690
264
194
502
504
811
620
196
272
255
288
101
176
480
137
319
316
355
53
246
481
474
449
848
25
296
362
194
445
4,514
378
507
1,668
974
961
271
661
2,532
1,189
562
3,726
1,805
355
723
206
490
791
513
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Amazon.com Inc.
Amazon.com Inc.
Amazon.com Inc.
Amazon.com Inc.
Amazon.com Inc.
Amazon.com Inc.
American Honda Finance Corp.
American Honda Finance Corp.
American Honda Finance Corp.
American Honda Finance Corp.
American Honda Finance Corp.
American Honda Finance Corp.
American Honda Finance Corp.
American Honda Finance Corp.
American Honda Finance Corp.
Automatic Data Processing Inc.
Automatic Data Processing Inc.
AutoNation Inc.
AutoNation Inc.
AutoNation Inc.
AutoNation Inc.
AutoZone Inc.
AutoZone Inc.
AutoZone Inc.
AutoZone Inc.
AutoZone Inc.
AutoZone Inc.
Bed Bath & Beyond Inc.
Bed Bath & Beyond Inc.
Bed Bath & Beyond Inc.
Best Buy Co. Inc.
Block Financial LLC
Block Financial LLC
Block Financial LLC
BorgWarner Inc.
BorgWarner Inc.
BorgWarner Inc.
Carnival Corp.
Coach Inc.
Costco Wholesale Corp.
Costco Wholesale Corp.
Costco Wholesale Corp.
Cummins Inc.
Cummins Inc.
Cummins Inc.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
CVS Health Corp.
Daimler Finance North America LLC
Delphi Automotive plc
Delphi Automotive plc
Delphi Automotive plc
Delphi Corp.
Dollar General Corp.
Dollar General Corp.
2.600%
3.300%
2.500%
3.800%
4.800%
4.950%
1.550%
1.600%
2.125%
1.200%
2.250%
2.450%
1.650%
1.700%
2.300%
2.250%
3.375%
6.750%
5.500%
3.350%
4.500%
7.125%
3.700%
2.875%
3.125%
3.250%
3.125%
3.749%
4.915%
5.165%
5.500%
4.125%
5.500%
5.250%
4.625%
3.375%
4.375%
3.950%
4.250%
1.700%
1.750%
2.250%
3.650%
7.125%
4.875%
1.900%
2.250%
2.800%
2.125%
3.500%
2.750%
4.750%
3.375%
3.875%
2.875%
5.300%
5.125%
8.500%
3.150%
4.250%
4.400%
4.150%
3.250%
4.150%
109
12/5/19
12/5/21
11/29/22
12/5/24
12/5/34
12/5/44
12/11/17
7/13/18
10/10/18
7/12/19
8/15/19
9/24/20
7/12/21
9/9/21
9/9/26
9/15/20
9/15/25
4/15/18
2/1/20
1/15/21
10/1/25
8/1/18
4/15/22
1/15/23
7/15/23
4/15/25
4/21/26
8/1/24
8/1/34
8/1/44
3/15/21
10/1/20
11/1/22
10/1/25
9/15/20
3/15/25
3/15/45
10/15/20
4/1/25
12/15/19
2/15/20
2/15/22
10/1/23
3/1/28
10/1/43
7/20/18
12/5/18
7/20/20
6/1/21
7/20/22
12/1/22
12/1/22
8/12/24
7/20/25
6/1/26
12/5/43
7/20/45
1/18/31
11/19/20
1/15/26
10/1/46
3/15/24
4/15/23
11/1/25
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
300
250
300
700
100
1,100
125
450
500
1,000
800
400
1,750
435
200
1,100
575
275
2,425
950
300
1,000
650
2,000
163
2,150
390
625
200
400
750
775
1,100
850
1,500
1,375
2,850
575
850
500
900
425
980
325
680
100
1,060
1,995
665
155
335
825
1,150
2,000
1,025
500
555
1,600
975
625
850
375
1,515
1,000
307
256
308
753
101
1,099
128
449
516
967
787
333
1,906
439
206
1,110
675
313
3,039
898
392
1,012
651
2,003
164
2,232
395
628
198
393
749
891
1,109
851
1,509
1,517
2,808
592
875
487
902
433
1,024
318
662
113
1,158
1,901
773
156
339
875
1,161
1,987
1,044
494
557
1,603
990
643
838
387
1,493
983
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
DR Horton Inc.
DR Horton Inc.
DR Horton Inc.
DR Horton Inc.
eBay Inc.
eBay Inc.
eBay Inc.
eBay Inc.
eBay Inc.
eBay Inc.
eBay Inc.
eBay Inc.
Expedia Inc.
Expedia Inc.
Expedia Inc.
Ford Motor Co.
Ford Motor Co.
Ford Motor Co.
Ford Motor Co.
Ford Motor Co.
Ford Motor Co.
Ford Motor Co.
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
Ford Motor Credit Co. LLC
General Motors Co.
General Motors Co.
General Motors Co.
General Motors Co.
General Motors Co.
General Motors Co.
General Motors Co.
General Motors Co.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
3.750%
4.375%
4.750%
5.750%
2.500%
2.200%
3.250%
2.875%
3.800%
2.600%
3.450%
4.000%
5.950%
4.500%
5.000%
4.346%
6.625%
6.375%
7.450%
4.750%
7.400%
5.291%
4.250%
2.145%
2.375%
5.000%
2.875%
2.551%
2.021%
1.897%
2.597%
8.125%
3.157%
3.200%
3.336%
5.875%
3.219%
4.250%
4.375%
3.664%
4.134%
3.500%
4.875%
4.000%
5.000%
6.600%
6.250%
5.200%
6.750%
3.000%
3.250%
6.750%
3.100%
2.400%
3.500%
2.350%
3.150%
3.200%
3.700%
4.200%
3.200%
4.375%
3.450%
3.700%
110
3/1/19
9/15/22
2/15/23
8/15/23
3/9/18
8/1/19
10/15/20
8/1/21
3/9/22
7/15/22
8/1/24
7/15/42
8/15/20
8/15/24
2/15/26
12/8/26
10/1/28
2/1/29
7/16/31
1/15/43
11/1/46
12/8/46
2/3/17
1/9/18
1/16/18
5/15/18
10/1/18
10/5/18
5/3/19
8/12/19
11/4/19
1/15/20
8/4/20
1/15/21
3/18/21
8/2/21
1/9/22
9/20/22
8/6/23
9/8/24
8/4/25
10/2/18
10/2/23
4/1/25
4/1/35
4/1/36
10/2/43
4/1/45
4/1/46
9/25/17
5/15/18
6/1/18
1/15/19
5/9/19
7/10/19
10/4/19
1/15/20
7/13/20
11/24/20
3/1/21
7/6/21
9/25/21
4/10/22
5/9/23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
525
650
575
600
400
800
275
725
1,300
2,175
600
840
600
900
500
1,500
2,245
275
1,250
1,250
620
1,000
800
845
625
300
700
445
205
250
450
300
300
475
900
192
850
1,280
100
1,225
100
225
475
850
310
150
530
1,250
75
475
800
475
275
450
300
850
500
350
400
250
525
200
595
175
529
633
598
575
400
793
284
734
1,311
2,158
650
843
598
945
512
1,493
2,820
347
1,285
1,410
647
881
787
885
625
285
733
477
216
265
460
317
301
482
852
251
1,000
1,570
113
1,297
111
226
488
791
317
154
504
1,284
73
537
714
502
254
455
311
876
502
353
387
244
520
200
562
170
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
General Motors Financial Co. Inc.
Harley-Davidson Inc.
Harley-Davidson Inc.
Harman International Industries Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Home Depot Inc.
Hyatt Hotels Corp.
Kohl's Corp.
Kohl's Corp.
Kohl's Corp.
Lear Corp.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Lowe's Cos. Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Macy's Retail Holdings Inc.
Magna International Inc.
Magna International Inc.
Marriott International Inc.
Marriott International Inc.
Marriott International Inc.
Marriott International Inc.
Marriott International Inc.
Marriott International Inc.
Marriott International Inc.
Marriott International Inc.
Marriott International Inc.
4.250%
4.000%
5.250%
4.000%
3.500%
4.625%
4.150%
2.250%
2.000%
2.000%
4.400%
2.625%
2.700%
3.750%
3.350%
3.000%
5.875%
5.950%
4.200%
4.875%
4.250%
3.500%
3.375%
4.000%
4.250%
5.550%
5.250%
4.625%
3.750%
3.800%
3.120%
3.875%
3.125%
3.375%
2.500%
6.875%
5.500%
5.800%
5.125%
4.650%
5.000%
4.250%
4.375%
3.700%
3.450%
3.875%
2.875%
4.375%
3.625%
6.900%
4.500%
6.375%
5.125%
3.625%
4.150%
3.375%
2.875%
3.125%
2.300%
3.125%
3.750%
3.750%
3.125%
4.500%
111
5/15/23
1/15/25
3/1/26
10/6/26
7/28/25
7/28/45
5/15/25
9/10/18
6/15/19
4/1/21
4/1/21
6/1/22
4/1/23
2/15/24
9/15/25
4/1/26
12/16/36
4/1/41
4/1/43
2/15/44
4/1/46
9/15/56
7/15/23
11/1/21
7/17/25
7/17/45
1/15/25
4/15/20
4/15/21
11/15/21
4/15/22
9/15/23
9/15/24
9/15/25
4/15/26
2/15/28
10/15/35
4/15/40
11/15/41
4/15/42
9/15/43
9/15/44
9/15/45
4/15/46
1/15/21
1/15/22
2/15/23
9/1/23
6/1/24
4/1/29
12/15/34
3/15/37
1/15/42
6/15/24
10/1/25
10/15/20
3/1/21
10/15/21
1/15/22
2/15/23
3/15/25
10/1/25
6/15/26
10/1/34
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
250
350
625
510
350
550
880
200
250
725
410
1,480
1,125
575
100
375
1,225
275
1,125
1,125
225
50
2,000
125
925
250
750
585
200
272
400
50
300
255
300
200
250
75
900
160
150
225
200
100
1,300
625
25
75
725
300
325
200
225
150
250
300
350
350
800
400
175
315
1,550
145
252
345
643
504
342
569
917
201
249
732
408
1,484
1,140
608
125
431
1,091
240
1,149
1,197
204
49
1,883
118
907
225
800
612
243
269
407
54
322
264
308
199
250
75
890
157
151
226
198
99
1,283
632
26
74
728
288
292
202
227
151
238
300
349
351
851
379
182
329
1,572
153
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Mastercard Inc.
Mastercard Inc.
Mastercard Inc.
Mastercard Inc.
Mastercard Inc.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
McDonald's Corp.
Metropolitan Museum of Art New York Revenue
NIKE Inc.
NIKE Inc.
NIKE Inc.
NIKE Inc.
NIKE Inc.
Nordstrom Inc.
Nordstrom Inc.
Nordstrom Inc.
Nordstrom Inc.
NVR Inc.
O'Reilly Automotive Inc.
O'Reilly Automotive Inc.
O'Reilly Automotive Inc.
O'Reilly Automotive Inc.
O'Reilly Automotive Inc.
PACCAR Financial Corp.
PACCAR Financial Corp.
PACCAR Financial Corp.
PACCAR Financial Corp.
PACCAR Financial Corp.
PACCAR Financial Corp.
PACCAR Financial Corp.
Priceline Group Inc.
Priceline Group Inc.
QVC Inc.
QVC Inc.
QVC Inc.
QVC Inc.
QVC Inc.
QVC Inc.
Ralph Lauren Corp.
Ralph Lauren Corp.
Ross Stores Inc.
Signet UK Finance plc
Staples Inc.
Starbucks Corp.
Starbucks Corp.
Starbucks Corp.
Starbucks Corp.
Starbucks Corp.
Target Corp.
Target Corp.
Target Corp.
2.000%
2.000%
3.375%
2.950%
3.800%
5.800%
5.350%
2.100%
1.875%
2.750%
2.625%
3.375%
3.700%
4.700%
6.300%
5.700%
3.700%
3.625%
4.600%
4.875%
3.400%
2.250%
2.375%
3.625%
3.875%
3.375%
4.750%
4.000%
6.950%
5.000%
3.950%
4.875%
4.625%
3.800%
3.850%
3.550%
1.450%
1.750%
1.300%
1.200%
2.200%
2.500%
2.250%
3.650%
3.600%
3.125%
5.125%
4.375%
4.850%
4.450%
5.950%
2.125%
2.625%
3.375%
4.700%
4.375%
2.100%
2.700%
3.850%
2.450%
4.300%
6.000%
2.300%
3.875%
112
4/1/19
11/21/21
4/1/24
11/21/26
11/21/46
10/15/17
3/1/18
12/7/18
5/29/19
12/9/20
1/15/22
5/26/25
1/30/26
12/9/35
3/1/38
2/1/39
2/15/42
5/1/43
5/26/45
12/9/45
7/1/45
5/1/23
11/1/26
5/1/43
11/1/45
11/1/46
5/1/20
10/15/21
3/15/28
1/15/44
9/15/22
1/14/21
9/15/21
9/1/22
6/15/23
3/15/26
3/9/18
8/14/18
5/10/19
8/12/19
9/15/19
8/14/20
2/25/21
3/15/25
6/1/26
4/1/19
7/2/22
3/15/23
4/1/24
2/15/25
3/15/43
9/26/18
8/18/20
9/15/24
6/15/24
1/12/23
2/4/21
6/15/22
10/1/23
6/15/26
6/15/45
1/15/18
6/26/19
7/15/20
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
900
925
200
363
450
300
1,150
800
175
400
700
1,400
825
300
1,000
500
1,125
1,000
800
1,500
1,000
1,250
300
1,000
500
305
950
500
550
300
420
405
300
2,200
2,200
1,500
2,725
900
2,450
655
2,225
750
550
1,635
1,215
575
225
2,365
455
2,310
1,300
1,265
1,615
1,120
1,625
450
231
800
300
800
800
600
1,000
2,000
916
958
190
461
597
418
1,143
737
163
407
685
1,289
825
300
996
500
1,131
1,005
797
1,483
1,004
1,244
322
979
506
316
979
504
542
287
396
422
378
2,200
2,205
1,504
2,736
938
2,575
687
2,220
756
578
1,694
1,312
570
231
2,900
541
3,120
1,712
1,448
1,995
1,120
1,813
474
244
798
288
798
800
608
991
2,036
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Target Corp.
Target Corp.
Target Corp.
Target Corp.
Target Corp.
Target Corp.
Target Corp.
Target Corp.
Tiffany & Co.
TJX Cos. Inc.
TJX Cos. Inc.
TJX Cos. Inc.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Toyota Motor Credit Corp.
Under Armour Inc.
VF Corp.
VF Corp.
Visa Inc.
Visa Inc.
Visa Inc.
Visa Inc.
Visa Inc.
Visa Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Wal-Mart Stores Inc.
Walgreen Co.
Walgreen Co.
Walgreen Co.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
2.900%
3.500%
2.500%
6.350%
6.500%
7.000%
4.000%
3.625%
4.900%
2.750%
2.500%
2.250%
1.375%
1.450%
1.200%
1.550%
2.000%
2.100%
1.700%
1.400%
2.125%
2.150%
4.250%
1.900%
2.750%
3.400%
3.300%
2.800%
2.625%
2.250%
3.250%
3.500%
6.450%
1.200%
2.200%
2.800%
3.150%
4.150%
4.300%
5.800%
1.125%
1.950%
3.625%
3.250%
4.250%
2.550%
3.300%
5.875%
5.250%
6.500%
6.200%
5.000%
5.625%
4.000%
4.750%
4.300%
5.250%
3.100%
4.400%
1.750%
1.750%
2.700%
2.600%
3.300%
113
1/15/22
7/1/24
4/15/26
11/1/32
10/15/37
1/15/38
7/1/42
4/15/46
10/1/44
6/15/21
5/15/23
9/15/26
1/10/18
1/12/18
4/6/18
7/13/18
10/24/18
1/17/19
2/19/19
5/20/19
7/18/19
3/12/20
1/11/21
4/8/21
5/17/21
9/15/21
1/12/22
7/13/22
1/10/23
10/18/23
6/15/26
9/1/21
11/1/37
12/14/17
12/14/20
12/14/22
12/14/25
12/14/35
12/14/45
2/15/18
4/11/18
12/15/18
7/8/20
10/25/20
4/15/21
4/11/23
4/22/24
4/5/27
9/1/35
8/15/37
4/15/38
10/25/40
4/15/41
4/11/43
10/2/43
4/22/44
1/15/19
9/15/22
9/15/42
11/17/17
5/30/18
11/18/19
6/1/21
11/18/21
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
Western Union Co.
Western Union Co.
Wyndham Worldwide Corp.
Wyndham Worldwide Corp.
Wyndham Worldwide Corp.
Wyndham Worldwide Corp.
3.100%
3.800%
3.450%
4.500%
4.800%
4.650%
6.200%
6.200%
2.950%
2.500%
4.250%
3.900%
6/1/23
11/18/24
6/1/26
11/18/34
11/18/44
6/1/46
11/17/36
6/21/40
3/1/17
3/1/18
3/1/22
3/1/23
450
1,025
1,325
600
980
575
425
150
425
250
500
175
446
1,040
1,299
600
1,002
583
441
153
426
252
516
175
Consumer Noncyclical (1.8%)
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
Abbott Laboratories
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
AbbVie Inc.
Actavis Funding SCS
Actavis Funding SCS
Actavis Funding SCS
Actavis Funding SCS
Actavis Funding SCS
Actavis Funding SCS
Actavis Funding SCS
Actavis Funding SCS
Actavis Funding SCS
Actavis Inc.
Actavis Inc.
Agilent Technologies Inc.
Agilent Technologies Inc.
Agilent Technologies Inc.
Agilent Technologies Inc.
Allergan Inc.
Allergan Inc.
Allina Health System
Altria Group Inc.
Altria Group Inc.
Altria Group Inc.
Altria Group Inc.
Altria Group Inc.
5.125%
2.350%
2.000%
2.900%
2.550%
3.400%
2.950%
3.750%
4.750%
6.150%
6.000%
5.300%
4.900%
1.800%
2.000%
2.500%
2.300%
2.900%
3.200%
2.850%
3.600%
3.200%
4.500%
4.300%
4.400%
4.700%
4.450%
2.350%
2.450%
3.000%
3.450%
3.850%
3.800%
4.550%
4.850%
4.750%
3.250%
4.625%
5.000%
3.200%
3.875%
3.050%
1.350%
2.800%
4.805%
9.250%
2.625%
4.750%
2.850%
2.950%
4/1/19
11/22/19
3/15/20
11/30/21
3/15/22
11/30/23
3/15/25
11/30/26
11/30/36
11/30/37
4/1/39
5/27/40
11/30/46
5/14/18
11/6/18
5/14/20
5/14/21
11/6/22
11/6/22
5/14/23
5/14/25
5/14/26
5/14/35
5/14/36
11/6/42
5/14/45
5/14/46
3/12/18
6/15/19
3/12/20
3/15/22
6/15/24
3/15/25
3/15/35
6/15/44
3/15/45
10/1/22
10/1/42
7/15/20
10/1/22
7/15/23
9/22/26
3/15/18
3/15/23
11/15/45
8/6/19
1/14/20
5/5/21
8/9/22
5/2/23
646
2,500
750
2,500
1,250
1,650
100
2,600
1,275
350
200
310
2,800
1,950
1,675
2,375
625
2,450
900
775
2,420
1,300
1,495
650
1,714
2,207
1,000
2,850
325
2,437
1,957
750
2,557
1,550
1,795
1,275
1,300
1,125
200
1,000
300
450
175
225
175
613
950
950
1,150
200
689
2,500
739
2,492
1,219
1,637
96
2,579
1,295
416
238
331
2,868
1,951
1,678
2,375
611
2,422
898
751
2,384
1,235
1,470
619
1,611
2,164
956
2,865
326
2,469
1,962
756
2,554
1,522
1,773
1,253
1,291
1,083
216
1,001
309
429
174
215
187
722
959
1,035
1,150
199
114
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
100
350
635
650
1,325
800
2,850
300
375
400
780
1,600
495
275
1,360
500
3,315
225
625
800
1,000
1,500
100
525
2,259
4,514
250
900
325
625
3,000
1,800
4,610
500
3,945
400
8,500
4,770
1,000
475
7,865
3,020
375
1,835
2,265
1,850
735
250
1,050
1,750
120
631
1,000
280
350
400
475
250
700
625
1,400
1,250
1,705
900
105
331
625
658
1,528
737
2,929
301
370
384
838
1,611
491
284
1,435
480
3,469
223
645
754
1,015
1,377
103
501
2,173
4,346
259
1,138
414
623
3,005
1,808
4,627
488
4,012
413
8,618
5,012
943
491
8,496
3,358
424
2,001
2,445
1,819
1,106
313
1,139
1,582
125
682
948
334
368
390
452
270
700
623
1,395
1,239
2,198
896
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
9
6
Altria Group Inc.
Altria Group Inc.
Altria Group Inc.
Altria Group Inc.
Altria Group Inc.
Altria Group Inc.
AmerisourceBergen Corp.
AmerisourceBergen Corp.
AmerisourceBergen Corp.
AmerisourceBergen Corp.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Amgen Inc.
Anheuser-Busch Cos. LLC
Anheuser-Busch Cos. LLC
Anheuser-Busch Cos. LLC
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Finance Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Anheuser-Busch InBev Worldwide Inc.
Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co.
Ascension Health
Ascension Health
AstraZeneca plc
AstraZeneca plc
AstraZeneca plc
AstraZeneca plc
AstraZeneca plc
AstraZeneca plc
4.000%
2.625%
4.250%
4.500%
5.375%
3.875%
3.500%
3.400%
3.250%
4.250%
5.700%
2.200%
2.125%
3.450%
4.100%
1.850%
3.875%
2.700%
3.625%
2.250%
3.625%
2.600%
4.950%
4.400%
4.563%
4.663%
5.500%
6.800%
6.500%
1.250%
1.900%
2.150%
2.650%
2.625%
3.300%
3.700%
3.650%
4.700%
4.000%
4.625%
4.900%
7.750%
6.875%
5.375%
5.000%
2.500%
8.200%
6.375%
4.950%
3.750%
5.450%
4.479%
2.500%
5.935%
4.535%
4.016%
3.945%
4.847%
1.750%
1.950%
2.375%
3.375%
6.450%
4.375%
115
1/31/24
9/16/26
8/9/42
5/2/43
1/31/44
9/16/46
11/15/21
5/15/24
3/1/25
3/1/45
2/1/19
5/22/19
5/1/20
10/1/20
6/15/21
8/19/21
11/15/21
5/1/22
5/15/22
8/19/23
5/22/24
8/19/26
10/1/41
5/1/45
6/15/48
6/15/51
1/15/18
8/20/32
5/1/42
1/17/18
2/1/19
2/1/19
2/1/21
1/17/23
2/1/23
2/1/24
2/1/26
2/1/36
1/17/43
2/1/44
2/1/46
1/15/19
11/15/19
1/15/20
4/15/20
7/15/22
1/15/39
1/15/40
1/15/42
7/15/42
3/15/18
3/1/21
8/11/26
10/1/32
3/26/42
4/16/43
11/15/46
11/15/53
11/16/18
9/18/19
11/16/20
11/16/25
9/15/37
11/16/45
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
225
675
325
1,150
705
400
500
425
350
25
50
851
676
1,500
440
550
636
400
800
225
1,460
1,225
1,225
1,675
1,600
525
200
125
300
200
400
175
1,200
125
402
85
465
205
350
100
150
325
775
300
700
200
250
800
590
325
325
175
225
450
200
200
650
475
600
450
950
800
500
625
225
674
327
1,150
752
384
460
357
348
25
49
853
686
1,537
451
551
649
466
828
238
1,475
1,255
1,256
1,790
1,612
575
203
129
300
245
497
174
1,163
129
498
108
413
221
348
97
138
337
888
288
702
179
250
799
632
327
334
174
222
474
200
194
575
477
603
450
959
835
503
639
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Baxalta Inc.
Baxalta Inc.
Baxalta Inc.
Baxalta Inc.
Baxalta Inc.
Baxter International Inc.
Baxter International Inc.
Baxter International Inc.
Beam Suntory Inc.
Beam Suntory Inc.
Beam Suntory Inc.
Becton Dickinson & Co.
Becton Dickinson & Co.
Becton Dickinson & Co.
Becton Dickinson & Co.
Becton Dickinson & Co.
Becton Dickinson & Co.
Becton Dickinson & Co.
Becton Dickinson & Co.
Biogen Inc.
Biogen Inc.
Biogen Inc.
Biogen Inc.
Biogen Inc.
Boston Scientific Corp.
Boston Scientific Corp.
Boston Scientific Corp.
Boston Scientific Corp.
Boston Scientific Corp.
Boston Scientific Corp.
Boston Scientific Corp.
Bristol-Myers Squibb Co.
Bristol-Myers Squibb Co.
Bristol-Myers Squibb Co.
Bristol-Myers Squibb Co.
Bristol-Myers Squibb Co.
Bristol-Myers Squibb Co.
Bristol-Myers Squibb Co.
Brown-Forman Corp.
Brown-Forman Corp.
Brown-Forman Corp.
Brown-Forman Corp.
Bunge Ltd. Finance Corp.
Bunge Ltd. Finance Corp.
Campbell Soup Co.
Campbell Soup Co.
Cardinal Health Inc.
Cardinal Health Inc.
Cardinal Health Inc.
Cardinal Health Inc.
Cardinal Health Inc.
Cardinal Health Inc.
Cardinal Health Inc.
Cardinal Health Inc.
Catholic Health Initiatives Colorado GO
Catholic Health Initiatives Colorado GO
Catholic Health Initiatives Colorado GO
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
2.000%
2.875%
3.600%
4.000%
5.250%
1.700%
2.600%
3.500%
1.750%
3.250%
3.250%
1.800%
2.675%
3.250%
3.125%
3.300%
3.734%
6.000%
4.685%
6.875%
2.900%
3.625%
4.050%
5.200%
2.650%
6.000%
3.375%
4.125%
3.850%
7.000%
7.375%
1.750%
2.000%
3.250%
5.875%
6.125%
3.250%
4.500%
1.000%
2.250%
3.750%
4.500%
8.500%
3.250%
3.300%
3.800%
1.700%
1.950%
4.625%
3.200%
3.750%
4.600%
4.500%
4.900%
1.600%
2.950%
4.350%
2.125%
2.300%
2.250%
2.875%
3.950%
3.250%
3.550%
116
6/22/18
6/23/20
6/23/22
6/23/25
6/23/45
8/15/21
8/15/26
8/15/46
6/15/18
5/15/22
6/15/23
12/15/17
12/15/19
11/12/20
11/8/21
3/1/23
12/15/24
5/15/39
12/15/44
3/1/18
9/15/20
9/15/22
9/15/25
9/15/45
10/1/18
1/15/20
5/15/22
10/1/23
5/15/25
11/15/35
1/15/40
3/1/19
8/1/22
11/1/23
11/15/36
5/1/38
8/1/42
3/1/44
1/15/18
1/15/23
1/15/43
7/15/45
6/15/19
8/15/26
3/19/25
8/2/42
3/15/18
6/15/18
12/15/20
3/15/23
9/15/25
3/15/43
11/15/44
9/15/45
11/1/17
11/1/22
11/1/42
8/15/18
8/15/18
5/15/19
8/15/20
10/15/20
8/15/22
8/15/22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
450
650
1,575
75
750
650
1,325
150
400
250
325
2,575
600
350
757
425
400
750
800
1,052
800
1,210
1,650
1,025
325
1,000
600
200
375
1,200
650
1,200
2,515
500
275
375
375
1,500
1,133
205
100
275
350
425
1,000
375
500
400
400
1,500
1,825
90
325
600
600
500
1,200
175
500
2,000
250
300
650
200
465
651
1,595
83
788
636
1,383
148
399
294
307
2,705
610
349
755
426
397
742
808
1,089
775
1,259
1,691
1,007
312
938
617
213
395
1,224
705
1,203
2,519
480
265
386
384
1,503
1,128
247
120
285
363
479
1,032
398
531
390
425
1,527
1,818
96
310
600
603
512
1,258
246
542
1,976
303
301
648
201
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
Celgene Corp.
Children's Hospital Medical Center Ohio GO
Church & Dwight Co. Inc.
City of Hope
Cleveland Clinic Foundation Ohio Revenue
Clorox Co.
Clorox Co.
Coca-Cola Bottling Co. Consolidated
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Co.
Coca-Cola Enterprises Inc.
Coca-Cola Enterprises Inc.
Coca-Cola Femsa SAB de CV
Coca-Cola Femsa SAB de CV
Coca-Cola Femsa SAB de CV
Colgate-Palmolive Co.
Colgate-Palmolive Co.
Colgate-Palmolive Co.
Colgate-Palmolive Co.
Colgate-Palmolive Co.
Colgate-Palmolive Co.
Conagra Brands Inc.
Conagra Brands Inc.
Conagra Brands Inc.
Conagra Brands Inc.
Constellation Brands Inc.
Constellation Brands Inc.
Constellation Brands Inc.
Constellation Brands Inc.
Constellation Brands Inc.
Constellation Brands Inc.
Constellation Brands Inc.
Covidien International Finance SA
Covidien International Finance SA
CR Bard Inc.
CR Bard Inc.
CR Bard Inc.
Danaher Corp.
Danaher Corp.
Danaher Corp.
Danaher Corp.
Delhaize America LLC
Diageo Capital plc
Diageo Capital plc
Diageo Capital plc
Diageo Investment Corp.
Diageo Investment Corp.
Dignity Health California GO
4.000%
3.625%
3.875%
5.700%
5.250%
4.625%
5.000%
4.268%
2.450%
5.623%
4.858%
3.800%
3.500%
3.800%
1.150%
1.650%
1.375%
1.875%
2.450%
3.150%
1.550%
3.300%
3.200%
2.875%
2.550%
2.250%
3.500%
4.500%
4.625%
3.875%
5.250%
1.750%
2.450%
1.950%
2.100%
3.250%
4.000%
3.250%
3.200%
7.125%
7.000%
3.875%
3.750%
6.000%
4.250%
4.750%
4.750%
3.700%
4.200%
3.200%
1.375%
4.400%
3.000%
1.650%
2.400%
3.350%
4.375%
9.000%
4.828%
2.625%
5.875%
2.875%
4.250%
2.637%
117
8/15/23
5/15/24
8/15/25
10/15/40
8/15/43
5/15/44
8/15/45
5/15/44
12/15/19
11/15/43
1/1/14
11/15/21
12/15/24
11/25/25
4/1/18
11/1/18
5/30/19
10/27/20
11/1/20
11/15/20
9/1/21
9/1/21
11/1/23
10/27/25
6/1/26
9/1/26
9/15/20
9/1/21
2/15/20
11/26/23
11/26/43
3/15/19
11/15/21
2/1/23
5/1/23
3/15/24
8/15/45
9/15/22
1/25/23
10/1/26
10/1/28
11/15/19
5/1/21
5/1/22
5/1/23
11/15/24
12/1/25
12/6/26
6/15/20
6/15/22
1/15/18
1/15/21
5/15/26
9/15/18
9/15/20
9/15/25
9/15/45
4/15/31
7/15/20
4/29/23
9/30/36
5/11/22
5/11/42
11/1/19
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
150
100
550
225
464
100
500
2,375
250
275
275
200
375
650
750
525
1,200
400
225
150
775
375
175
850
2,175
825
980
1,000
134
1,525
325
250
325
200
1,650
200
425
325
245
650
1,400
600
1,125
300
4,502
625
500
1,500
1,145
4,315
500
600
1,450
975
1,600
1,250
2,895
75
300
1,895
300
200
200
400
146
99
504
218
494
101
496
2,426
248
254
274
276
380
648
753
515
1,132
389
221
181
715
386
178
912
2,251
794
1,008
937
152
1,458
341
238
308
233
1,773
201
433
337
278
652
1,403
602
1,133
325
4,840
636
481
1,539
1,148
4,365
518
692
1,507
971
1,657
1,186
3,051
75
350
2,488
309
201
201
462
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Dignity Health California GO
Dignity Health California GO
Dignity Health California GO
Dignity Health California GO
Dr Pepper Snapple Group Inc.
Dr Pepper Snapple Group Inc.
Dr Pepper Snapple Group Inc.
Dr Pepper Snapple Group Inc.
Dr Pepper Snapple Group Inc.
Dr Pepper Snapple Group Inc.
Dr Pepper Snapple Group Inc.
Dr Pepper Snapple Group Inc.
Edwards Lifesciences Corp.
Eli Lilly & Co.
Eli Lilly & Co.
Eli Lilly & Co.
Eli Lilly & Co.
Estee Lauder Cos. Inc.
Estee Lauder Cos. Inc.
Estee Lauder Cos. Inc.
Estee Lauder Cos. Inc.
Estee Lauder Cos. Inc.
Express Scripts Holding Co.
Express Scripts Holding Co.
Express Scripts Holding Co.
Express Scripts Holding Co.
Express Scripts Holding Co.
Express Scripts Holding Co.
Express Scripts Holding Co.
Express Scripts Holding Co.
Flowers Foods Inc.
Flowers Foods Inc.
Fomento Economico Mexicano SAB de CV
Genentech Inc.
General Mills Inc.
General Mills Inc.
General Mills Inc.
General Mills Inc.
General Mills Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
Gilead Sciences Inc.
GlaxoSmithKline Capital Inc.
GlaxoSmithKline Capital Inc.
GlaxoSmithKline Capital Inc.
GlaxoSmithKline Capital Inc.
GlaxoSmithKline Capital Inc.
GlaxoSmithKline Capital plc
Hasbro Inc.
Hasbro Inc.
3.125%
3.812%
4.500%
5.267%
6.820%
2.600%
2.000%
3.200%
3.400%
2.550%
3.430%
7.450%
2.875%
1.250%
1.950%
2.750%
3.700%
1.700%
2.350%
6.000%
3.700%
4.375%
3.300%
4.750%
3.900%
3.000%
4.500%
3.400%
6.125%
4.800%
4.375%
3.500%
4.375%
5.250%
5.650%
2.200%
3.150%
3.650%
5.400%
1.850%
2.050%
2.350%
2.550%
4.500%
4.400%
3.250%
2.500%
3.700%
3.500%
3.650%
4.600%
5.650%
4.800%
4.500%
4.750%
4.150%
5.650%
2.800%
5.375%
6.375%
4.200%
2.850%
3.150%
6.350%
118
11/1/22
11/1/24
11/1/42
11/1/64
5/1/18
1/15/19
1/15/20
11/15/21
11/15/25
9/15/26
6/15/27
5/1/38
10/15/18
3/1/18
3/15/19
6/1/25
3/1/45
5/10/21
8/15/22
5/15/37
8/15/42
6/15/45
2/25/21
11/15/21
2/15/22
7/15/23
2/25/26
3/1/27
11/15/41
7/15/46
4/1/22
10/1/26
5/10/43
7/15/35
2/15/19
10/21/19
12/15/21
2/15/24
6/15/40
9/4/18
4/1/19
2/1/20
9/1/20
4/1/21
12/1/21
9/1/22
9/1/23
4/1/24
2/1/25
3/1/26
9/1/35
12/1/41
4/1/44
2/1/45
3/1/46
3/1/47
5/15/18
3/18/23
4/15/34
5/15/38
3/18/43
5/8/22
5/15/21
3/15/40
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
300
215
215
250
170
325
175
75
50
400
75
225
325
735
250
700
400
425
350
300
125
275
500
300
400
750
200
350
245
650
1,225
975
550
700
350
645
325
419
1,350
100
400
875
250
570
250
950
200
750
400
1,325
250
100
560
150
100
250
825
175
400
750
825
335
1,060
78
301
216
230
245
171
301
183
80
53
389
90
225
327
760
252
704
403
421
331
300
132
276
495
301
412
736
202
339
304
680
1,170
1,327
637
766
348
844
423
466
1,327
103
435
893
263
599
242
924
259
731
397
1,316
262
100
594
147
100
243
986
166
347
786
861
341
1,128
84
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Hasbro Inc.
Hershey Co.
Hershey Co.
Hershey Co.
Hershey Co.
Hershey Co.
Hillshire Brands Co.
Hormel Foods Corp.
Ingredion Inc.
Ingredion Inc.
Ingredion Inc.
JM Smucker Co.
JM Smucker Co.
JM Smucker Co.
JM Smucker Co.
JM Smucker Co.
JM Smucker Co.
JM Smucker Co.
Johns Hopkins Health System Corp.
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Johnson & Johnson
Kaiser Foundation Hospitals
Kaiser Foundation Hospitals
Kellogg Co.
Kellogg Co.
Kellogg Co.
Kellogg Co.
Kellogg Co.
Kellogg Co.
Kellogg Co.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Kimberly-Clark Corp.
Koninklijke Philips NV
Koninklijke Philips NV
Koninklijke Philips NV
Kraft Foods Group Inc.
Kraft Foods Group Inc.
5.100%
1.600%
4.125%
2.625%
3.200%
2.300%
4.100%
4.125%
4.625%
3.200%
6.625%
1.750%
2.500%
3.500%
3.000%
3.500%
4.250%
4.375%
3.837%
1.125%
5.150%
1.650%
1.125%
1.875%
2.950%
1.650%
2.450%
2.050%
6.730%
3.375%
2.450%
6.950%
4.950%
4.375%
3.550%
5.950%
5.850%
4.500%
3.700%
3.500%
4.875%
3.250%
4.150%
4.000%
2.650%
3.250%
7.450%
4.500%
1.400%
1.850%
3.625%
2.150%
3.875%
2.400%
3.050%
2.750%
5.300%
3.700%
3.200%
5.750%
3.750%
5.000%
6.125%
5.375%
119
5/15/44
8/21/18
12/1/20
5/1/23
8/21/25
8/15/26
9/15/20
4/15/21
11/1/20
10/1/26
4/15/37
3/15/18
3/15/20
10/15/21
3/15/22
3/15/25
3/15/35
3/15/45
5/15/46
11/21/17
7/15/18
12/5/18
3/1/19
12/5/19
9/1/20
3/1/21
12/5/21
3/1/23
11/15/23
12/5/23
3/1/26
9/1/29
5/15/33
12/5/33
3/1/36
8/15/37
7/15/38
9/1/40
3/1/46
4/1/22
4/1/42
5/21/18
11/15/19
12/15/20
12/1/23
4/1/26
4/1/31
4/1/46
2/15/19
3/1/20
8/1/20
8/15/20
3/1/21
6/1/23
8/15/25
2/15/26
3/1/41
6/1/43
7/30/46
3/11/18
3/15/22
3/15/42
8/23/18
2/10/20
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
725
600
1,780
765
1,000
250
2,025
1,850
650
1,275
2,575
250
375
225
600
600
485
275
125
500
225
75
380
625
150
125
100
175
150
740
700
485
250
100
1,025
625
500
475
390
325
410
500
1,075
2,806
410
400
1,725
1,650
3,000
1,592
225
438
293
3,125
150
100
450
175
1,000
625
100
600
3,825
1,750
918
729
1,825
765
1,006
254
2,045
1,731
681
1,330
2,412
250
376
230
595
591
527
294
125
501
219
73
381
590
143
122
105
179
148
819
703
518
243
103
1,182
669
504
485
435
310
429
499
1,073
2,830
434
408
1,762
1,714
3,075
1,677
262
456
314
3,371
146
112
433
175
997
663
99
591
3,814
1,713
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
Kraft Foods Group Inc.
Kraft Foods Group Inc.
Kraft Foods Group Inc.
Kraft Heinz Foods Co.
Kraft Heinz Foods Co.
Kraft Heinz Foods Co.
Kraft Heinz Foods Co.
Kraft Heinz Foods Co.
Kraft Heinz Foods Co.
Kraft Heinz Foods Co.
Kraft Heinz Foods Co.
Laboratory Corp. of America Holdings
Laboratory Corp. of America Holdings
Laboratory Corp. of America Holdings
Laboratory Corp. of America Holdings
Laboratory Corp. of America Holdings
Life Technologies Corp.
Life Technologies Corp.
Mattel Inc.
Mattel Inc.
Mattel Inc.
Mattel Inc.
Mattel Inc.
Mayo Clinic
Mayo Clinic
Mayo Clinic
McCormick & Co. Inc.
McCormick & Co. Inc.
McCormick & Co. Inc.
McKesson Corp.
McKesson Corp.
McKesson Corp.
McKesson Corp.
McKesson Corp.
McKesson Corp.
Mead Johnson Nutrition Co.
Mead Johnson Nutrition Co.
Mead Johnson Nutrition Co.
Mead Johnson Nutrition Co.
Mead Johnson Nutrition Co.
Medco Health Solutions Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Medtronic Inc.
Memorial Sloan-Kettering Cancer Center
Memorial Sloan-Kettering Cancer Center New York GO
Memorial Sloan-Kettering Cancer Center New York GO
Merck & Co. Inc.
Merck & Co. Inc.
Merck & Co. Inc.
Merck & Co. Inc.
Merck & Co. Inc.
Merck & Co. Inc.
Merck & Co. Inc.
6.875%
6.500%
5.000%
2.000%
2.800%
3.500%
3.950%
3.000%
5.000%
5.200%
4.375%
2.625%
3.200%
3.750%
3.600%
4.700%
6.000%
5.000%
1.700%
2.350%
2.350%
3.150%
5.450%
3.774%
4.000%
4.128%
3.900%
3.500%
3.250%
7.500%
2.284%
4.750%
2.700%
3.796%
6.000%
4.900%
3.000%
4.125%
5.900%
4.600%
4.125%
1.500%
1.375%
2.500%
4.125%
3.125%
3.150%
3.625%
3.500%
4.375%
5.550%
4.500%
4.625%
4.625%
4.200%
5.000%
4.125%
1.100%
1.850%
3.875%
2.350%
2.400%
2.800%
2.750%
120
1/26/39
2/9/40
6/4/42
7/2/18
7/2/20
7/15/22
7/15/25
6/1/26
7/15/35
7/15/45
6/1/46
2/1/20
2/1/22
8/23/22
2/1/25
2/1/45
3/1/20
1/15/21
3/15/18
5/6/19
8/15/21
3/15/23
11/1/41
11/15/43
11/15/47
11/15/52
7/15/21
9/1/23
11/15/25
2/15/19
3/15/19
3/1/21
12/15/22
3/15/24
3/1/41
11/1/19
11/15/20
11/15/25
11/1/39
6/1/44
9/15/20
3/15/18
4/1/18
3/15/20
3/15/21
3/15/22
3/15/22
3/15/24
3/15/25
3/15/35
3/15/40
3/15/42
3/15/44
3/15/45
7/1/55
7/1/42
7/1/52
1/31/18
2/10/20
1/15/21
2/10/22
9/15/22
5/18/23
2/10/25
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
260
150
805
2,795
150
275
350
75
1,400
275
1,150
580
72
511
825
500
450
975
1,500
500
175
480
225
210
775
200
465
225
560
1,135
400
350
1,325
375
1,450
600
300
475
225
1,000
1,000
900
1,200
1,200
2,285
375
150
200
450
375
525
300
1,475
1,075
30
1,070
300
2,725
600
725
425
650
500
165
348
140
822
2,655
182
271
340
77
1,322
287
1,071
711
72
510
824
470
449
956
1,403
462
167
466
210
197
778
201
470
228
568
1,172
408
352
1,378
423
1,662
548
331
467
241
987
1,028
892
1,287
1,208
2,443
386
144
203
449
393
532
297
1,460
1,075
31
1,094
290
2,749
625
708
439
612
598
183
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
9
9
9
Merck & Co. Inc.
Merck & Co. Inc.
Merck & Co. Inc.
Merck & Co. Inc.
Merck Sharp & Dohme Corp.
Molson Coors Brewing Co.
Molson Coors Brewing Co.
Molson Coors Brewing Co.
Molson Coors Brewing Co.
Molson Coors Brewing Co.
Molson Coors Brewing Co.
Mondelez International Inc.
Mylan Inc.
Mylan Inc.
Mylan Inc.
Mylan Inc.
Mylan NV
Mylan NV
Mylan NV
Mylan NV
New York & Presbyterian Hospital
New York & Presbyterian Hospital
New York & Presbyterian Hospital
New York & Presbyterian Hospital
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Newell Brands Inc.
Northwell Healthcare Inc.
Novant Health Inc.
Novant Health Inc.
Novartis Capital Corp.
Novartis Capital Corp.
Novartis Capital Corp.
Novartis Capital Corp.
Novartis Capital Corp.
Novartis Capital Corp.
Novartis Securities Investment Ltd.
NYU Hospitals Center
Partners Healthcare System Inc.
Partners Healthcare System Massachusetts GO
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
6.550%
3.600%
4.150%
3.700%
5.750%
1.450%
2.100%
3.500%
3.000%
5.000%
4.200%
6.500%
2.600%
2.550%
4.200%
5.400%
2.500%
3.150%
3.950%
5.250%
3.563%
4.024%
4.063%
4.763%
2.050%
2.150%
2.600%
2.875%
3.150%
3.850%
4.000%
3.900%
4.200%
5.375%
5.500%
3.979%
5.850%
4.371%
4.400%
2.400%
3.400%
3.000%
4.400%
4.000%
5.125%
4.784%
4.117%
3.443%
1.250%
5.000%
2.250%
1.350%
1.850%
2.150%
3.125%
3.000%
1.700%
2.750%
3.600%
2.750%
3.500%
2.375%
5.500%
4.875%
121
9/15/37
9/15/42
5/18/43
2/10/45
11/15/36
7/15/19
7/15/21
5/1/22
7/15/26
5/1/42
7/15/46
2/9/40
6/24/18
3/28/19
11/29/23
11/29/43
6/7/19
6/15/21
6/15/26
6/15/46
8/1/36
8/1/45
8/1/56
8/1/16
12/1/17
10/15/18
3/29/19
12/1/19
4/1/21
4/1/23
12/1/24
11/1/25
4/1/26
4/1/36
4/1/46
11/1/46
11/1/19
11/1/43
4/24/20
9/21/22
5/6/24
11/20/25
5/6/44
11/20/45
2/10/19
7/1/44
7/1/55
7/1/21
4/30/18
6/1/18
1/7/19
10/4/19
4/30/20
10/14/20
11/1/20
8/25/21
10/6/21
3/5/22
3/1/24
4/30/25
7/17/25
10/6/26
1/15/40
11/1/40
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
741
725
525
785
575
600
1,715
370
650
325
400
1,925
400
375
500
700
750
1,725
1,000
900
325
450
200
800
2,200
1,650
410
1,500
800
1,250
375
2,935
475
195
1,050
450
875
475
450
475
2,595
450
75
300
600
200
527
275
400
1,000
1,100
400
500
156
125
650
300
160
200
225
275
61
125
1,450
734
671
538
852
610
543
1,846
370
644
314
403
1,934
391
375
458
698
756
1,714
999
889
323
456
206
773
2,165
1,682
590
1,539
845
1,271
375
3,093
464
208
1,032
429
879
481
431
608
2,609
456
70
290
592
184
613
277
396
979
1,126
391
476
202
118
656
319
159
208
222
269
65
124
1,459
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PepsiCo Inc.
PerkinElmer Inc.
Perrigo Co. plc
Perrigo Co. plc
Perrigo Co. plc
Perrigo Finance Unlimited Co.
Perrigo Finance Unlimited Co.
Perrigo Finance Unlimited Co.
Perrigo Finance Unlimited Co.
Perrigo Finance Unlimited Co.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Pfizer Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Philip Morris International Inc.
Premier Health Partners
Procter & Gamble - Esop
Procter & Gamble Co.
Procter & Gamble Co.
Procter & Gamble Co.
Procter & Gamble Co.
Procter & Gamble Co.
Procter & Gamble Co.
Procter & Gamble Co.
Providence St. Joseph Health Obligated Group
Quest Diagnostics Inc.
Quest Diagnostics Inc.
Quest Diagnostics Inc.
Quest Diagnostics Inc.
Quest Diagnostics Inc.
Quest Diagnostics Inc.
Quest Diagnostics Inc.
Quest Diagnostics Inc.
Reynolds American Inc.
4.000%
3.600%
4.250%
4.600%
4.450%
3.450%
5.000%
2.300%
4.000%
5.300%
3.500%
3.500%
3.900%
4.375%
4.900%
1.200%
2.100%
1.450%
1.700%
1.950%
2.200%
3.000%
3.400%
2.750%
3.000%
4.000%
7.200%
4.300%
4.400%
4.125%
1.250%
5.650%
1.875%
4.125%
2.625%
2.125%
3.250%
3.375%
2.750%
6.375%
4.375%
4.500%
3.875%
4.125%
4.250%
2.911%
9.360%
1.900%
1.850%
1.700%
3.100%
2.700%
2.450%
5.550%
2.746%
2.700%
4.750%
2.500%
4.250%
3.500%
3.450%
5.750%
4.700%
2.300%
122
3/5/42
8/13/42
10/22/44
7/17/45
4/14/46
10/6/46
11/15/21
11/8/18
11/15/23
11/15/43
3/15/21
12/15/21
12/15/24
3/15/26
12/15/44
6/1/18
5/15/19
6/3/19
12/15/19
6/3/21
12/15/21
6/15/23
5/15/24
6/3/26
12/15/26
12/15/36
3/15/39
6/15/43
5/15/44
12/15/46
11/9/17
5/16/18
2/25/21
5/17/21
3/6/23
5/10/23
11/10/24
8/11/25
2/25/26
5/16/38
11/15/41
3/20/42
8/21/42
3/4/43
11/10/44
11/15/26
1/1/21
11/1/19
2/2/21
11/3/21
8/15/23
2/2/26
11/3/26
3/5/37
10/1/26
4/1/19
1/30/20
3/30/20
4/1/24
3/30/25
6/1/26
1/30/40
3/30/45
6/12/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
450
680
600
75
2,106
500
400
75
1,310
325
650
1,360
5,000
4,250
4,275
150
355
355
700
450
400
100
500
1,000
500
890
275
730
500
325
425
300
175
650
600
125
550
775
1,533
220
175
1,000
1,300
2,750
2,000
2,275
2,275
100
650
300
1,010
700
200
2,375
325
400
775
200
750
375
350
325
625
300
513
697
627
81
2,220
574
538
90
1,548
299
649
1,441
4,929
4,090
4,060
162
355
355
694
439
400
106
501
1,004
495
893
267
741
519
324
427
297
177
636
667
130
555
785
1,474
245
172
991
1,278
2,630
1,880
2,094
1,941
99
654
295
1,117
718
200
2,388
338
417
719
264
1,012
482
377
296
850
301
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Reynolds American Inc.
Reynolds American Inc.
Reynolds American Inc.
Reynolds American Inc.
Reynolds American Inc.
Reynolds American Inc.
Reynolds American Inc.
Reynolds American Inc.
Reynolds American Inc.
RWJ Barnabas Health Inc.
Sanofi
Sanofi
Shire Acquisitions Investments Ireland DAC
Shire Acquisitions Investments Ireland DAC
Shire Acquisitions Investments Ireland DAC
Southern Baptist Hospital of Florida Inc.
St. Jude Medical Inc.
St. Jude Medical Inc.
St. Jude Medical Inc.
St. Jude Medical Inc.
Stryker Corp.
Stryker Corp.
Stryker Corp.
Stryker Corp.
Stryker Corp.
Stryker Corp.
Stryker Corp.
Stryker Corp.
Sysco Corp.
Sysco Corp.
Sysco Corp.
Sysco Corp.
Sysco Corp.
Sysco Corp.
Sysco Corp.
Sysco Corp.
Sysco Corp.
Teva Pharmaceutical Finance Co. BV
Teva Pharmaceutical Finance Co. BV
Teva Pharmaceutical Finance Co. LLC
Teva Pharmaceutical Finance IV LLC
Teva Pharmaceutical Finance Netherlands III BV
Teva Pharmaceutical Finance Netherlands III BV
Teva Pharmaceutical Finance Netherlands III BV
Teva Pharmaceutical Finance Netherlands III BV
Teva Pharmaceutical Finance Netherlands III BV
Teva Pharmaceutical Finance Netherlands III BV
Texas Health Resources
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Kroger Co.
The Pepsi Bottling Group Inc.
Thermo Fisher Scientific Inc.
8.125%
3.250%
4.000%
4.850%
4.450%
5.700%
8.125%
7.000%
5.850%
3.949%
1.250%
4.000%
1.900%
2.400%
2.875%
4.857%
2.000%
2.800%
3.250%
4.750%
2.000%
4.375%
2.625%
3.375%
3.375%
3.500%
4.375%
4.625%
5.250%
1.900%
2.600%
2.500%
3.750%
3.300%
5.375%
4.850%
4.500%
3.650%
2.950%
6.150%
2.250%
1.400%
1.700%
2.200%
2.800%
3.150%
4.100%
4.330%
2.300%
1.500%
6.150%
3.300%
2.600%
2.950%
3.850%
4.000%
2.650%
7.700%
8.000%
6.900%
5.150%
3.875%
7.000%
2.150%
123
6/23/19
6/12/20
6/12/22
9/15/23
6/12/25
8/15/35
5/1/40
8/4/41
8/15/45
7/1/46
4/10/18
3/29/21
9/23/19
9/23/21
9/23/23
7/15/45
9/15/18
9/15/20
4/15/23
4/15/43
3/8/19
1/15/20
3/15/21
5/15/24
11/1/25
3/15/26
5/15/44
3/15/46
2/12/18
4/1/19
10/1/20
7/15/21
10/1/25
7/15/26
9/21/35
10/1/45
4/1/46
11/10/21
12/18/22
2/1/36
3/18/20
7/20/18
7/19/19
7/21/21
7/21/23
10/1/26
10/1/46
11/15/55
1/15/19
9/30/19
1/15/20
1/15/21
2/1/21
11/1/21
8/1/23
2/1/24
10/15/26
6/1/29
9/15/29
4/15/38
8/1/43
10/15/46
3/1/29
12/14/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc.
Trinity Health Corp.
Tupperware Brands Corp.
Tyson Foods Inc.
Tyson Foods Inc.
Tyson Foods Inc.
Tyson Foods Inc.
Tyson Foods Inc.
Unilever Capital Corp.
Unilever Capital Corp.
Unilever Capital Corp.
Unilever Capital Corp.
Unilever Capital Corp.
Unilever Capital Corp.
Whirlpool Corp.
Whirlpool Corp.
Whirlpool Corp.
Whirlpool Corp.
Whirlpool Corp.
Whirlpool Corp.
Whirlpool Corp.
Whole Foods Market Inc.
Wyeth LLC
Wyeth LLC
Wyeth LLC
Wyeth LLC
Wyeth LLC
Zeneca Wilmington Inc.
Zimmer Biomet Holdings Inc.
Zimmer Biomet Holdings Inc.
Zimmer Biomet Holdings Inc.
Zimmer Biomet Holdings Inc.
Zimmer Biomet Holdings Inc.
Zimmer Biomet Holdings Inc.
Zimmer Biomet Holdings Inc.
Zoetis Inc.
Zoetis Inc.
Zoetis Inc.
Zoetis Inc.
Zoetis Inc.
4.500%
3.600%
3.300%
3.150%
3.000%
3.650%
2.950%
4.125%
4.750%
2.650%
4.500%
3.950%
4.875%
5.150%
2.200%
2.100%
4.250%
1.375%
3.100%
2.000%
2.400%
4.850%
4.700%
4.000%
3.700%
5.150%
4.500%
5.200%
7.250%
6.450%
6.500%
6.000%
5.950%
7.000%
2.000%
4.625%
2.700%
3.375%
3.150%
3.550%
4.250%
1.875%
3.450%
3.250%
4.500%
4.700%
3/1/21
8/15/21
2/15/22
1/15/23
4/15/23
12/15/25
9/19/26
12/1/45
6/1/21
8/15/19
6/15/22
8/15/24
8/15/34
8/15/44
3/6/19
7/30/20
2/10/21
7/28/21
7/30/25
7/28/26
3/1/19
6/15/21
6/1/22
3/1/24
5/1/25
3/1/43
6/1/46
12/3/25
3/1/23
2/1/24
2/1/34
2/15/36
4/1/37
11/15/23
4/1/18
11/30/19
4/1/20
11/30/21
4/1/22
4/1/25
8/15/35
2/1/18
11/13/20
2/1/23
11/13/25
2/1/43
500
700
600
2,575
475
425
800
225
300
500
725
1,200
1,300
300
150
625
805
400
550
450
150
200
775
175
400
150
488
875
350
1,705
500
585
1,105
600
750
205
775
770
650
1,275
114
75
325
1,000
350
550
534
722
605
2,568
465
424
753
217
320
504
770
1,218
1,332
308
151
623
864
383
551
410
151
217
843
182
401
159
474
922
433
2,069
645
724
1,390
728
751
216
774
776
646
1,240
107
75
333
995
370
532
Energy (1.1%)
Anadarko Finance Co.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Anadarko Petroleum Corp.
Apache Corp.
Apache Corp.
Apache Corp.
Apache Corp.
Apache Corp.
Apache Corp.
7.500%
8.700%
6.950%
4.850%
5.550%
6.450%
7.950%
6.200%
4.500%
6.600%
6.900%
3.625%
3.250%
6.000%
5.100%
5.250%
5/1/31
3/15/19
6/15/19
3/15/21
3/15/26
9/15/36
6/15/39
3/15/40
7/15/44
3/15/46
9/15/18
2/1/21
4/15/22
1/15/37
9/1/40
2/1/42
500
300
50
200
2,700
1,000
125
450
1,900
500
500
265
862
725
850
475
633
340
55
214
3,024
1,182
162
516
1,778
617
541
274
878
828
890
505
124
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
900
800
225
595
325
525
700
375
750
900
600
125
375
1,425
1,010
2,775
450
1,076
325
1,825
350
1,500
2,335
1,100
600
1,000
25
100
2,200
250
175
600
1,175
500
400
500
500
750
575
1,250
1,000
475
800
1,800
2,452
600
1,200
475
3,825
1,175
200
1,250
900
350
500
1,155
425
980
150
305
1,410
400
500
400
929
776
292
653
309
539
760
375
747
907
635
126
376
1,525
1,097
2,895
454
1,096
318
1,792
367
1,501
2,363
1,108
582
1,013
26
101
2,142
258
177
781
1,199
591
449
527
570
850
574
1,254
1,004
507
796
1,817
2,442
603
1,188
471
3,750
1,202
204
1,227
936
352
509
1,212
444
1,082
173
358
1,779
465
498
397
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Apache Corp.
Apache Corp.
Apache Finance Canada Corp.
Baker Hughes Inc.
Boardwalk Pipelines LP
Boardwalk Pipelines LP
Boardwalk Pipelines LP
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
BP Capital Markets plc
Buckeye Partners LP
Buckeye Partners LP
Buckeye Partners LP
Buckeye Partners LP
Buckeye Partners LP
Burlington Resources Finance Co.
Canadian Natural Resources Ltd.
Canadian Natural Resources Ltd.
Canadian Natural Resources Ltd.
Canadian Natural Resources Ltd.
Canadian Natural Resources Ltd.
Canadian Natural Resources Ltd.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Chevron Corp.
Cimarex Energy Co.
Columbia Pipeline Group Inc.
Columbia Pipeline Group Inc.
Columbia Pipeline Group Inc.
ConocoPhillips
ConocoPhillips
ConocoPhillips
ConocoPhillips
ConocoPhillips
ConocoPhillips Canada Funding Co. I
ConocoPhillips Co.
ConocoPhillips Co.
4.750%
4.250%
7.750%
5.125%
3.375%
4.950%
5.950%
1.674%
1.375%
2.241%
4.750%
2.237%
2.315%
4.500%
4.742%
3.561%
3.062%
3.245%
2.500%
2.750%
3.994%
3.216%
3.535%
3.506%
3.119%
3.723%
6.050%
2.650%
3.950%
5.850%
5.600%
7.400%
3.450%
7.200%
6.450%
5.850%
6.500%
6.250%
1.365%
1.718%
1.790%
4.950%
1.561%
2.193%
1.961%
2.419%
2.100%
2.411%
2.355%
3.191%
3.326%
2.954%
4.375%
2.450%
3.300%
4.500%
5.200%
6.000%
5.900%
5.900%
6.500%
5.950%
1.500%
2.200%
125
4/15/43
1/15/44
12/15/29
9/15/40
2/1/23
12/15/24
6/1/26
2/13/18
5/10/18
9/26/18
3/10/19
5/10/19
2/13/20
10/1/20
3/11/21
11/1/21
3/17/22
5/6/22
11/6/22
5/10/23
9/26/23
11/28/23
11/4/24
3/17/25
5/4/26
11/28/28
1/15/18
11/15/18
12/1/26
11/15/43
10/15/44
12/1/31
11/15/21
1/15/32
6/30/33
2/1/35
2/15/37
3/15/38
3/2/18
6/24/18
11/16/18
3/3/19
5/16/19
11/15/19
3/3/20
11/17/20
5/16/21
3/3/22
12/5/22
6/24/23
11/17/25
5/16/26
6/1/24
6/1/18
6/1/20
6/1/25
5/15/18
1/15/20
10/15/32
5/15/38
2/1/39
10/15/36
5/15/18
5/15/20
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,000
2,975
1,500
365
2,693
350
500
250
275
300
500
350
1,310
1,700
275
500
250
250
500
400
300
250
350
1,595
325
400
300
350
500
400
525
1,625
500
375
300
500
254
1,125
1,840
675
1,825
2,000
300
250
150
500
1,150
300
425
250
400
425
400
950
425
50
450
50
300
2,235
175
350
2,050
650
1,061
2,994
1,447
365
2,966
343
496
311
345
308
497
443
1,353
1,612
350
504
253
253
518
397
295
237
300
1,821
338
449
356
347
621
408
484
1,740
540
407
301
573
289
1,167
1,941
722
1,791
1,978
309
235
163
587
1,181
325
397
239
425
420
384
949
404
53
449
55
303
2,442
185
354
2,110
659
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
ConocoPhillips Co.
ConocoPhillips Co.
ConocoPhillips Co.
ConocoPhillips Co.
ConocoPhillips Co.
ConocoPhillips Co.
ConocoPhillips Co.
ConocoPhillips Co.
ConocoPhillips Holding Co.
Devon Energy Corp.
Devon Energy Corp.
Devon Energy Corp.
Devon Energy Corp.
Devon Energy Corp.
Devon Financing Co. LLC
Dominion Gas Holdings LLC
Dominion Gas Holdings LLC
Dominion Gas Holdings LLC
Dominion Gas Holdings LLC
Dominion Gas Holdings LLC
Enable Midstream Partners LP
Enable Midstream Partners LP
Enable Midstream Partners LP
Enbridge Energy Partners LP
Enbridge Energy Partners LP
Enbridge Energy Partners LP
Enbridge Energy Partners LP
Enbridge Energy Partners LP
Enbridge Energy Partners LP
Enbridge Inc.
Enbridge Inc.
Encana Corp.
Encana Corp.
Encana Corp.
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
Energy Transfer Partners LP
EnLink Midstream Partners LP
EnLink Midstream Partners LP
EnLink Midstream Partners LP
EnLink Midstream Partners LP
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
4.200%
2.875%
2.400%
3.350%
4.950%
4.150%
4.300%
5.950%
6.950%
4.000%
3.250%
7.950%
5.600%
4.750%
7.875%
2.800%
3.550%
3.600%
4.800%
4.600%
2.400%
3.900%
5.000%
9.875%
4.200%
5.875%
7.500%
5.500%
7.375%
4.250%
4.500%
6.500%
6.625%
6.500%
2.500%
9.700%
9.000%
4.150%
4.650%
5.200%
3.600%
4.050%
4.750%
4.900%
6.625%
7.500%
6.050%
6.500%
5.150%
5.150%
6.125%
4.400%
4.150%
4.850%
5.600%
6.650%
1.650%
6.500%
2.550%
5.200%
4.050%
3.350%
3.900%
3.750%
126
3/15/21
11/15/21
12/15/22
11/15/24
3/15/26
11/15/34
11/15/44
3/15/46
4/15/29
7/15/21
5/15/22
4/15/32
7/15/41
5/15/42
9/30/31
11/15/20
11/1/23
12/15/24
11/1/43
12/15/44
5/15/19
5/15/24
5/15/44
3/1/19
9/15/21
10/15/25
4/15/38
9/15/40
10/15/45
12/1/26
6/10/44
8/15/34
8/15/37
2/1/38
6/15/18
3/15/19
4/15/19
10/1/20
6/1/21
2/1/22
2/1/23
3/15/25
1/15/26
3/15/35
10/15/36
7/1/38
6/1/41
2/1/42
2/1/43
3/15/45
12/15/45
4/1/24
6/1/25
7/15/26
4/1/44
4/15/18
5/7/18
1/31/19
10/15/19
9/1/20
2/15/22
3/15/23
2/15/24
2/15/25
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
400
400
1,400
450
495
850
600
1,450
475
800
200
600
925
150
2,700
400
600
500
2,500
2,000
237
1,413
1,500
750
3,000
100
1,350
650
1,800
125
300
400
25
1,565
950
2,250
1,000
580
450
675
150
1,200
200
500
150
375
1,325
825
350
505
300
500
300
1,000
150
750
25
2,000
750
1,923
175
1,125
1,225
425
402
408
1,691
579
558
851
570
1,464
499
818
195
619
999
158
2,616
450
640
487
2,502
1,999
238
1,409
1,501
745
3,002
98
1,344
609
1,839
124
304
401
27
1,595
967
2,287
1,054
720
605
662
153
1,279
192
497
180
427
1,369
838
363
574
310
508
355
1,184
192
782
25
2,213
821
2,048
180
1,152
1,207
434
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
EOG Resources Inc.
EOG Resources Inc.
EOG Resources Inc.
EQT Corp.
EQT Corp.
EQT Midstream Partners LP
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
Exxon Mobil Corp.
FMC Technologies Inc.
Gulf South Pipeline Co. LP
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Halliburton Co.
Hess Corp.
Hess Corp.
Hess Corp.
Hess Corp.
Hess Corp.
Hess Corp.
Hess Corp.
Husky Energy Inc.
Husky Energy Inc.
Husky Energy Inc.
Husky Energy Inc.
Kerr-McGee Corp.
Kerr-McGee Corp.
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
3.700%
3.950%
6.875%
7.550%
5.950%
4.850%
4.450%
4.850%
5.100%
4.900%
4.950%
7.034%
5.625%
4.100%
2.625%
8.125%
4.875%
4.125%
1.439%
1.305%
1.819%
1.912%
2.222%
2.397%
2.726%
2.709%
3.043%
3.567%
4.114%
3.450%
4.000%
2.000%
5.900%
3.250%
3.500%
3.800%
4.850%
6.700%
7.450%
4.500%
4.750%
5.000%
3.500%
4.300%
7.875%
7.125%
6.000%
5.600%
5.800%
7.250%
3.950%
4.000%
6.800%
6.950%
7.875%
5.950%
2.650%
6.500%
5.800%
5.000%
4.150%
3.950%
3.500%
4.300%
127
2/15/26
2/15/27
3/1/33
4/15/38
2/1/41
8/15/42
2/15/43
3/15/44
2/15/45
5/15/46
10/15/54
1/15/68
6/1/19
2/1/21
3/15/23
6/1/19
11/15/21
12/1/26
3/1/18
3/6/18
3/15/19
3/6/20
3/1/21
3/6/22
3/1/23
3/6/25
3/1/26
3/6/45
3/1/46
10/1/22
6/15/22
8/1/18
9/15/18
11/15/21
8/1/23
11/15/25
11/15/35
9/15/38
9/15/39
11/15/41
8/1/43
11/15/45
7/15/24
4/1/27
10/1/29
3/15/33
1/15/40
2/15/41
4/1/47
12/15/19
4/15/22
4/15/24
9/15/37
7/1/24
9/15/31
2/15/18
2/1/19
4/1/20
3/1/21
10/1/21
3/1/22
9/1/22
9/1/23
5/1/24
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
3,000
175
300
400
335
1,575
1,000
275
1,122
500
500
350
175
1,000
330
600
500
950
328
625
700
450
150
350
100
300
225
500
900
1,080
300
450
400
1,250
250
500
1,200
1,000
500
870
125
100
1,000
750
500
1,575
300
1,690
875
1,250
450
1,700
750
750
400
750
700
300
400
450
360
1,400
1,350
100
3,067
205
317
438
389
1,738
1,101
264
1,044
481
511
350
177
1,028
407
735
510
994
324
692
683
493
136
364
91
281
235
494
856
1,191
282
456
409
1,331
221
423
1,218
1,022
512
906
139
103
1,017
785
486
1,458
228
1,899
914
1,383
457
1,806
767
761
402
782
709
295
451
482
408
1,537
1,425
125
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
Kinder Morgan Inc.
Kinder Morgan Inc.
Kinder Morgan Inc.
Kinder Morgan Inc.
Kinder Morgan Inc.
Kinder Morgan Inc.
Kinder Morgan Inc.
Kinder Morgan Inc.
Magellan Midstream Partners LP
Magellan Midstream Partners LP
Magellan Midstream Partners LP
Magellan Midstream Partners LP
Magellan Midstream Partners LP
Magellan Midstream Partners LP
Magellan Midstream Partners LP
Marathon Oil Corp.
Marathon Oil Corp.
Marathon Oil Corp.
Marathon Oil Corp.
Marathon Oil Corp.
Marathon Petroleum Corp.
Marathon Petroleum Corp.
Marathon Petroleum Corp.
Marathon Petroleum Corp.
Marathon Petroleum Corp.
MPLX LP
MPLX LP
MPLX LP
Nabors Industries Inc.
Nabors Industries Inc.
Nabors Industries Inc.
Nabors Industries Inc.
National Fuel Gas Co.
National Fuel Gas Co.
National Oilwell Varco Inc.
National Oilwell Varco Inc.
Noble Energy Inc.
Noble Energy Inc.
Noble Energy Inc.
Noble Energy Inc.
Occidental Petroleum Corp.
Occidental Petroleum Corp.
Occidental Petroleum Corp.
Occidental Petroleum Corp.
Occidental Petroleum Corp.
Occidental Petroleum Corp.
Oceaneering International Inc.
ONEOK Partners LP
ONEOK Partners LP
ONEOK Partners LP
ONEOK Partners LP
Petro-Canada
Petro-Canada
4.250%
7.300%
5.800%
6.500%
6.950%
6.500%
6.550%
5.000%
4.700%
5.000%
5.500%
2.000%
3.050%
4.300%
7.800%
7.750%
5.300%
5.550%
5.050%
6.550%
3.200%
5.000%
4.200%
5.150%
4.200%
4.250%
5.900%
2.700%
2.800%
6.800%
5.200%
2.700%
3.400%
6.500%
4.750%
5.000%
4.500%
4.875%
4.875%
6.150%
9.250%
5.000%
4.625%
6.500%
3.750%
2.600%
3.950%
8.250%
4.150%
6.000%
5.250%
4.100%
3.125%
3.500%
3.400%
4.625%
4.400%
4.650%
8.625%
4.900%
6.650%
6.125%
6.050%
7.875%
128
9/1/24
8/15/33
3/15/35
2/1/37
1/15/38
9/1/39
9/15/40
8/15/42
11/1/42
3/1/43
3/1/44
12/1/17
12/1/19
6/1/25
8/1/31
1/15/32
12/1/34
6/1/45
2/15/46
7/15/19
3/15/25
3/1/26
12/1/42
10/15/43
3/15/45
9/15/46
3/15/18
6/1/20
11/1/22
3/15/32
6/1/45
12/14/18
12/15/20
3/1/41
9/15/44
9/15/54
7/15/23
12/1/24
6/1/25
2/15/18
1/15/19
9/15/20
9/15/21
4/15/18
3/1/23
12/1/22
12/1/42
3/1/19
12/15/21
3/1/41
11/15/43
2/1/21
2/15/22
6/15/25
4/15/26
6/15/45
4/15/46
11/15/24
3/1/19
3/15/25
10/1/36
2/1/41
5/15/18
6/15/26
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Petro-Canada
Petro-Canada
Petro-Canada
Phillips 66
Phillips 66
Phillips 66
Phillips 66
Phillips 66 Partners LP
Phillips 66 Partners LP
Phillips 66 Partners LP
Phillips 66 Partners LP
Phillips 66 Partners LP
Pioneer Natural Resources Co.
Pioneer Natural Resources Co.
Pioneer Natural Resources Co.
Pioneer Natural Resources Co.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Plains All American Pipeline LP / PAA Finance Corp.
Regency Energy Partners LP / Regency Energy Finance
Corp.
Regency Energy Partners LP / Regency Energy Finance
Corp.
Regency Energy Partners LP / Regency Energy Finance
Corp.
Regency Energy Partners LP / Regency Energy Finance
Corp.
Regency Energy Partners LP / Regency Energy Finance
Corp.
Repsol Oil & Gas Canada Inc.
Repsol Oil & Gas Canada Inc.
Schlumberger Investment SA
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Shell International Finance BV
Southern Natural Gas Co. LLC
5.350%
5.950%
6.800%
4.300%
4.650%
5.875%
4.875%
2.646%
3.605%
3.550%
4.680%
4.900%
6.875%
7.500%
3.950%
4.450%
6.500%
8.750%
2.850%
3.600%
4.650%
4.500%
6.700%
6.650%
4.300%
7/15/33
5/15/35
5/15/38
4/1/22
11/15/34
5/1/42
11/15/44
2/15/20
2/15/25
10/1/26
2/15/45
10/1/46
5/1/18
1/15/20
7/15/22
1/15/26
5/1/18
5/1/19
1/31/23
11/1/24
10/15/25
12/15/26
5/15/36
1/15/37
1/31/43
450
500
250
1,175
300
900
1,695
135
350
1,000
150
400
500
100
1,075
1,350
50
925
1,683
2,155
300
350
205
350
1,350
497
588
324
1,261
312
1,062
1,782
135
342
966
139
384
531
114
1,117
1,429
53
1,054
1,591
2,069
310
353
225
382
1,122
6.500%
7/15/21
902
929
5.875%
3/1/22
1,200
1,314
5.000%
10/1/22
1,050
1,108
5.500%
4/15/23
500
519
4.500%
7.750%
3.750%
3.650%
1.900%
1.625%
2.000%
1.375%
1.375%
4.300%
4.375%
2.125%
2.250%
1.875%
1.750%
2.375%
2.250%
3.400%
3.250%
2.875%
4.125%
6.375%
5.500%
3.625%
4.550%
4.375%
4.000%
3.750%
8.000%
11/1/23
6/1/19
2/1/21
12/1/23
8/10/18
11/10/18
11/15/18
5/10/19
9/12/19
9/22/19
3/25/20
5/11/20
11/10/20
5/10/21
9/12/21
8/21/22
1/6/23
8/12/23
5/11/25
5/10/26
5/11/35
12/15/38
3/25/40
8/21/42
8/12/43
5/11/45
5/10/46
9/12/46
3/1/32
200
445
350
790
400
1,000
1,550
650
2,700
1,500
625
400
400
1,500
1,000
1,025
175
400
400
2,000
2,150
820
1,250
450
1,000
2,900
1,500
1,200
350
203
482
340
826
402
1,000
1,559
642
2,662
1,591
666
399
399
1,466
970
1,001
169
410
399
1,929
2,181
1,050
1,452
406
1,037
2,944
1,432
1,103
438
129
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,250
850
165
175
75
800
250
700
100
1,540
310
2,550
400
300
419
300
950
500
1,350
1,225
425
2,200
3,300
1,400
700
1,425
250
850
425
512
300
2,660
1,000
600
800
125
1,775
200
1,400
230
425
100
1,520
675
855
400
200
1,350
300
600
1,395
400
750
500
560
1,200
1,100
475
700
300
325
950
450
1,325
891
188
212
76
780
239
664
106
1,953
406
2,685
403
336
467
276
918
610
1,847
1,224
421
2,210
3,333
1,412
693
1,485
261
856
456
545
321
2,773
978
621
919
149
2,204
249
1,554
242
489
99
1,456
830
992
395
202
1,451
296
617
1,492
410
753
492
575
1,176
1,086
507
715
290
300
902
455
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Southern Natural Gas Co. LLC / Southern Natural
Issuing Corp.
Spectra Energy Capital LLC
Spectra Energy Capital LLC
Spectra Energy Capital LLC
Spectra Energy Partners LP
Spectra Energy Partners LP
Spectra Energy Partners LP
Spectra Energy Partners LP
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Sunoco Logistics Partners Operations LP
Sunoco Logistics Partners Operations LP
Sunoco Logistics Partners Operations LP
Sunoco Logistics Partners Operations LP
Sunoco Logistics Partners Operations LP
Sunoco Logistics Partners Operations LP
Texas Eastern Transmission LP
Tosco Corp.
Total Capital Canada Ltd.
Total Capital Canada Ltd.
Total Capital International SA
Total Capital International SA
Total Capital International SA
Total Capital International SA
Total Capital International SA
Total Capital International SA
Total Capital SA
Total Capital SA
Total Capital SA
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
TransCanada PipeLines Ltd.
Transcontinental Gas Pipe Line Co. LLC
Valero Energy Corp.
Valero Energy Corp.
Valero Energy Corp.
Valero Energy Corp.
Valero Energy Corp.
Valero Energy Corp.
Valero Energy Partners LP
Western Gas Partners LP
Western Gas Partners LP
Western Gas Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP
Williams Partners LP / ACMP Finance Corp.
4.400%
6.200%
8.000%
7.500%
2.950%
3.500%
3.375%
4.500%
6.100%
6.500%
6.850%
4.400%
4.250%
5.950%
6.850%
4.950%
5.300%
7.000%
8.125%
1.450%
2.750%
2.100%
2.750%
2.875%
2.700%
3.700%
3.750%
2.125%
4.450%
4.125%
6.500%
3.800%
2.500%
3.750%
5.600%
5.850%
6.200%
6.100%
5.000%
6.050%
9.375%
3.650%
3.400%
7.500%
6.625%
4.900%
4.375%
5.375%
3.950%
5.450%
5.250%
4.000%
3.600%
3.350%
4.500%
3.900%
4.000%
6.300%
5.800%
5.400%
4.900%
5.100%
4.875%
130
6/15/21
4/15/18
10/1/19
9/15/38
9/25/18
3/15/25
10/15/26
3/15/45
6/1/18
6/15/38
6/1/39
4/1/21
4/1/24
12/1/25
2/15/40
1/15/43
4/1/44
7/15/32
2/15/30
1/15/18
7/15/23
6/19/19
6/19/21
2/17/22
1/25/23
1/15/24
4/10/24
8/10/18
6/24/20
1/28/21
8/15/18
10/1/20
8/1/22
10/16/23
3/31/34
3/15/36
10/15/37
6/1/40
10/16/43
6/15/18
3/15/19
3/15/25
9/15/26
4/15/32
6/15/37
3/15/45
12/15/26
6/1/21
6/1/25
4/1/44
3/15/20
11/15/21
3/15/22
8/15/22
11/15/23
1/15/25
9/15/25
4/15/40
11/15/43
3/4/44
1/15/45
9/15/45
5/15/23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Williams Partners LP / ACMP Finance Corp.
XTO Energy Inc.
6
6
6
6
6
6
6
6
Other Industrial (0.0%)
California Institute of Technology GO
CBRE Services Inc.
CBRE Services Inc.
CBRE Services Inc.
Cintas Corp. No 2
Cintas Corp. No 2
Dartmouth College New Hampshire GO
Duke University
Duke University Revenue
Fluor Corp.
Fluor Corp.
George Washington University District of Columbia GO
Howard Hughes Medical Institute Revenue
Johns Hopkins University Maryland GO
Massachusetts Institute of Technology GO
Massachusetts Institute of Technology GO
Massachusetts Institute of Technology GO
Northwestern University Illinois GO
Northwestern University Illinois GO
President & Fellows of Harvard College Massachusetts
GO
Rice University Texas GO
University of Notre Dame DU LAC Indiana GO
University of Pennsylvania GO
University of Southern California GO
Wesleyan University Connecticut GO
Yale University Connecticut GO
Technology (0.8%)
Adobe Systems Inc.
Adobe Systems Inc.
Alphabet Inc.
Alphabet Inc.
Altera Corp.
Altera Corp.
Amphenol Corp.
Amphenol Corp.
Amphenol Corp.
Analog Devices Inc.
Analog Devices Inc.
Analog Devices Inc.
Analog Devices Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
Apple Inc.
4.875%
5.500%
3/15/24
6/15/18
500
400
503
422
4.700%
5.000%
5.250%
4.875%
6.125%
3.250%
3.474%
3.199%
3.299%
3.375%
3.500%
3.545%
3.500%
4.083%
5.600%
4.678%
3.885%
3.688%
4.643%
11/1/11
3/15/23
3/15/25
3/1/26
12/1/17
6/1/22
6/1/46
10/1/38
10/1/46
9/15/21
12/15/24
9/15/46
9/1/23
7/1/53
7/1/11
7/1/14
7/1/16
12/1/38
12/1/44
950
500
275
375
400
150
800
200
500
150
1,000
175
725
500
400
700
350
300
350
897
514
282
375
416
152
746
183
450
153
1,009
150
754
499
479
699
298
298
394
3.619%
3.574%
3.438%
4.674%
3.028%
4.781%
2.086%
10/1/37
5/15/45
2/15/45
9/1/12
10/1/39
7/1/16
4/15/19
500
250
300
625
500
150
150
494
238
287
614
443
142
151
4.750%
3.250%
3.625%
1.998%
2.500%
4.100%
2.550%
3.125%
4.000%
2.500%
2.875%
3.125%
3.500%
1.000%
2.100%
1.100%
1.550%
2.000%
2.250%
2.850%
1.550%
2.150%
2.700%
2.400%
3.450%
2.500%
3.200%
3.250%
4.500%
3.850%
4.450%
3.450%
2/1/20
2/1/25
5/19/21
8/15/26
11/15/18
11/15/23
1/30/19
9/15/21
2/1/22
12/5/21
6/1/23
12/5/23
12/5/26
5/3/18
5/6/19
8/2/19
2/7/20
5/6/20
2/23/21
5/6/21
8/4/21
2/9/22
5/13/22
5/3/23
5/6/24
2/9/25
5/13/25
2/23/26
2/23/36
5/4/43
5/6/44
2/9/45
325
900
350
1,000
625
750
1,650
250
75
300
1,375
400
700
1,300
1,650
1,100
1,550
700
3,200
1,825
1,400
2,500
2,500
4,515
930
1,300
1,300
2,950
1,500
2,000
1,150
1,275
348
898
371
913
639
802
1,669
253
78
297
1,356
397
693
1,294
1,666
1,082
1,532
700
3,193
1,860
1,351
2,447
2,507
4,396
958
1,245
1,305
2,955
1,604
1,917
1,191
1,128
131
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
4,650
2,500
475
2,185
1,000
350
125
200
325
400
400
225
100
175
800
350
1,500
250
320
205
800
150
125
1,050
1,550
1,800
1,325
2,775
1,000
2,750
225
500
400
550
1,150
425
1,205
875
50
625
500
175
340
2,450
2,975
3,350
3,425
1,095
1,425
2,575
350
100
300
3,800
350
625
325
1,450
1,000
375
525
700
275
500
5,018
2,398
479
2,347
1,051
386
150
202
322
408
389
227
100
179
776
353
1,502
260
309
221
819
156
123
1,050
1,654
1,797
1,336
2,973
1,012
2,743
230
481
418
544
1,092
540
1,478
872
55
628
508
172
376
2,502
3,078
3,556
3,704
1,303
1,764
2,516
338
100
305
3,932
360
630
331
1,572
938
356
525
712
286
529
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
9
9
9
9
9
Apple Inc.
Apple Inc.
Applied Materials Inc.
Applied Materials Inc.
Applied Materials Inc.
Applied Materials Inc.
Applied Materials Inc.
Arrow Electronics Inc.
Arrow Electronics Inc.
Arrow Electronics Inc.
Arrow Electronics Inc.
Autodesk Inc.
Autodesk Inc.
Autodesk Inc.
AVNET Inc.
Baidu Inc.
Baidu Inc.
Broadridge Financial Solutions Inc.
Broadridge Financial Solutions Inc.
CA Inc.
CA Inc.
CA Inc.
Cadence Design Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Cisco Systems Inc.
Corning Inc.
Corning Inc.
Corning Inc.
Corning Inc.
Corning Inc.
Corning Inc.
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
Equifax Inc.
Equifax Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fidelity National Information Services Inc.
Fiserv Inc.
Fiserv Inc.
Flex Ltd.
Flex Ltd.
4.650%
3.850%
2.625%
4.300%
3.900%
5.100%
5.850%
3.000%
3.500%
4.500%
4.000%
3.125%
3.600%
4.375%
4.625%
2.750%
3.500%
3.950%
3.400%
5.375%
3.600%
4.500%
4.375%
1.400%
4.950%
1.600%
2.125%
4.450%
2.450%
2.200%
2.900%
2.200%
3.625%
2.950%
2.500%
5.900%
5.500%
1.500%
6.625%
2.900%
3.700%
4.700%
5.750%
3.480%
4.420%
5.450%
6.020%
8.100%
8.350%
2.300%
3.250%
2.000%
2.850%
3.625%
5.000%
3.500%
3.875%
5.000%
3.000%
4.500%
2.700%
3.850%
4.625%
5.000%
132
2/23/46
8/4/46
10/1/20
6/15/21
10/1/25
10/1/35
6/15/41
3/1/18
4/1/22
3/1/23
4/1/25
6/15/20
12/15/22
6/15/25
4/15/26
6/9/19
11/28/22
9/1/20
6/27/26
12/1/19
8/1/20
8/15/23
10/15/24
2/28/18
2/15/19
2/28/19
3/1/19
1/15/20
6/15/20
2/28/21
3/4/21
9/20/23
3/4/24
2/28/26
9/20/26
2/15/39
1/15/40
5/8/18
5/15/19
5/15/22
11/15/23
3/15/37
8/15/40
6/1/19
6/15/21
6/15/23
6/15/26
7/15/36
7/15/46
6/1/21
6/1/26
4/15/18
10/15/18
10/15/20
3/15/22
4/15/23
6/5/24
10/15/25
8/15/26
8/15/46
6/1/20
6/1/25
2/15/20
2/15/23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
2,300
2,125
1,625
2,500
350
1,450
113
150
1,300
2,175
610
500
200
575
625
700
500
775
475
1,255
775
1,150
875
2,555
675
2,000
270
200
900
700
600
1,400
1,000
1,114
753
1,000
250
250
475
360
200
150
350
325
100
2,000
400
325
450
425
50
400
2,400
460
1,775
250
1,975
1,950
1,600
2,150
225
225
2,050
750
2,318
2,159
1,698
2,563
356
1,450
117
157
1,367
2,314
614
506
195
597
641
702
524
747
488
1,379
783
1,280
871
2,549
678
2,002
266
204
860
703
613
1,452
1,020
1,350
752
1,089
268
254
482
384
202
153
355
321
102
2,083
422
325
446
424
49
399
2,395
488
1,752
258
1,977
1,887
1,592
2,154
219
221
1,957
788
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Hewlett Packard Enterprise Co.
Hewlett Packard Enterprise Co.
Hewlett Packard Enterprise Co.
Hewlett Packard Enterprise Co.
Hewlett Packard Enterprise Co.
Hewlett Packard Enterprise Co.
HP Inc.
HP Inc.
HP Inc.
HP Inc.
HP Inc.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
Intel Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
International Business Machines Corp.
Jabil Circuit Inc.
Juniper Networks Inc.
Juniper Networks Inc.
Juniper Networks Inc.
Juniper Networks Inc.
Juniper Networks Inc.
Keysight Technologies Inc.
Keysight Technologies Inc.
KLA-Tencor Corp.
KLA-Tencor Corp.
KLA-Tencor Corp.
Lam Research Corp.
Lam Research Corp.
Lam Research Corp.
Maxim Integrated Products Inc.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
2.850%
3.600%
4.400%
4.900%
6.200%
6.350%
3.750%
4.300%
4.375%
4.650%
6.000%
2.450%
1.700%
3.300%
3.100%
2.700%
3.700%
2.600%
4.000%
4.800%
4.250%
4.900%
4.100%
1.250%
1.950%
1.800%
1.625%
2.900%
1.875%
2.875%
3.375%
3.625%
3.450%
5.600%
4.000%
4.700%
5.625%
3.125%
3.300%
4.600%
4.350%
5.950%
3.300%
4.550%
3.375%
4.125%
4.650%
2.750%
2.800%
3.800%
3.375%
1.000%
1.300%
4.200%
1.100%
3.000%
2.000%
1.550%
2.375%
2.650%
2.125%
2.375%
2.000%
3.625%
133
10/5/18
10/15/20
10/15/22
10/15/25
10/15/35
10/15/45
12/1/20
6/1/21
9/15/21
12/9/21
9/15/41
7/29/20
5/19/21
10/1/21
7/29/22
12/15/22
7/29/25
5/19/26
12/15/32
10/1/41
12/15/42
7/29/45
5/19/46
2/8/18
2/12/19
5/17/19
5/15/20
11/1/21
8/1/22
11/9/22
8/1/23
2/12/24
2/19/26
11/30/39
6/20/42
2/19/46
12/15/20
2/26/19
6/15/20
3/15/21
6/15/25
3/15/41
10/30/19
10/30/24
11/1/19
11/1/21
11/1/24
3/15/20
6/15/21
3/15/25
3/15/23
5/1/18
11/3/18
6/1/19
8/8/19
10/1/20
11/3/20
8/8/21
2/12/22
11/3/22
11/15/22
5/1/23
8/8/23
12/15/23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
925
2,000
2,700
1,325
575
2,075
229
125
600
850
185
350
400
2,650
3,375
2,000
650
1,600
400
1,100
500
75
300
900
665
690
1,415
525
1,175
2,850
5,300
1,250
1,700
1,720
2,350
1,000
2,925
275
1,350
1,350
1,475
625
645
1,375
775
400
2,500
1,000
1,050
1,050
1,000
1,000
1,275
975
475
1,200
1,500
750
465
75
400
475
1,000
545
905
2,018
2,536
1,267
604
1,970
267
133
718
782
176
390
379
2,807
3,171
1,889
707
1,497
403
1,073
500
89
287
910
648
660
1,494
532
1,266
2,878
5,177
1,237
1,678
1,661
2,387
977
2,768
267
1,392
1,324
1,436
815
813
1,588
795
389
2,384
983
1,016
1,030
998
999
1,288
991
499
1,280
1,487
709
417
77
394
477
997
547
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Microsoft Corp.
Motorola Solutions Inc.
Motorola Solutions Inc.
Motorola Solutions Inc.
Motorola Solutions Inc.
Motorola Solutions Inc.
NetApp Inc.
NVIDIA Corp.
NVIDIA Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Oracle Corp.
Pitney Bowes Inc.
Pitney Bowes Inc.
QUALCOMM Inc.
QUALCOMM Inc.
QUALCOMM Inc.
QUALCOMM Inc.
QUALCOMM Inc.
QUALCOMM Inc.
Seagate HDD Cayman
Seagate HDD Cayman
Seagate HDD Cayman
Symantec Corp.
Symantec Corp.
Telefonaktiebolaget LM Ericsson
Texas Instruments Inc.
Total System Services Inc.
2.700%
3.125%
2.400%
3.500%
4.200%
3.450%
5.200%
4.500%
5.300%
3.500%
3.750%
4.875%
3.750%
4.450%
3.700%
4.000%
4.750%
3.950%
3.750%
3.500%
4.000%
7.500%
5.500%
3.375%
2.200%
3.200%
5.750%
2.375%
5.000%
2.250%
1.900%
2.500%
2.500%
2.400%
3.400%
2.950%
2.650%
3.250%
4.300%
3.900%
3.850%
6.500%
6.125%
5.375%
4.500%
4.125%
4.000%
4.375%
3.375%
4.625%
1.400%
2.250%
3.000%
3.450%
4.650%
4.800%
4.750%
4.750%
4.875%
4.200%
3.950%
4.125%
1.650%
2.375%
134
2/12/25
11/3/25
8/8/26
2/12/35
11/3/35
8/8/36
6/1/39
10/1/40
2/8/41
11/15/42
5/1/43
12/15/43
2/12/45
11/3/45
8/8/46
2/12/55
11/3/55
8/8/56
5/15/22
3/1/23
9/1/24
5/15/25
9/1/44
6/15/21
9/16/21
9/16/26
4/15/18
1/15/19
7/8/19
10/8/19
9/15/21
5/15/22
10/15/22
9/15/23
7/8/24
5/15/25
7/15/26
5/15/30
7/8/34
5/15/35
7/15/36
4/15/38
7/8/39
7/15/40
7/8/44
5/15/45
7/15/46
5/15/55
10/1/21
3/15/24
5/18/18
5/20/20
5/20/22
5/20/25
5/20/35
5/20/45
6/1/23
1/1/25
6/1/27
9/15/20
6/15/22
5/15/22
8/3/19
6/1/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
Total System Services Inc.
Total System Services Inc.
Trimble Navigation Ltd.
Tyco Electronics Group SA
Tyco Electronics Group SA
Tyco Electronics Group SA
Tyco Electronics Group SA
Tyco Electronics Group SA
Verisk Analytics Inc.
Verisk Analytics Inc.
Xerox Corp.
Xerox Corp.
Xerox Corp.
Xerox Corp.
Xerox Corp.
Xilinx Inc.
Xilinx Inc.
3.800%
4.800%
4.750%
6.550%
2.350%
3.500%
3.450%
7.125%
4.125%
5.500%
6.350%
2.750%
5.625%
2.800%
4.500%
2.125%
3.000%
4/1/21
4/1/26
12/1/24
10/1/17
8/1/19
2/3/22
8/1/24
10/1/37
9/12/22
6/15/45
5/15/18
3/15/19
12/15/19
5/15/20
5/15/21
3/15/19
3/15/21
725
675
225
355
200
750
350
700
1,300
350
1,580
250
650
300
835
325
1,275
748
723
226
368
201
771
352
909
1,339
369
1,665
250
699
295
868
324
1,286
Transportation (0.2%)
American Airlines 2011-1 Class A Pass Through Trust
American Airlines 2013-1 Class A Pass Through Trust
American Airlines 2013-2 Class A Pass Through Trust
American Airlines 2014-1 Class A Pass Through Trust
American Airlines 2015-1 Class A Pass Through Trust
American Airlines 2015-1 Class B Pass Through Trust
American Airlines 2015-2 Class AA Pass Through Trust
American Airlines 2016-1 Class A Pass Through Trust
American Airlines 2016-1 Class AA Pass Through Trust
American Airlines 2016-2 Class AA Pass Through Trust
American Airlines 2016-3 Class A Pass Through Trust
American Airlines 2016-3 Class AA Pass Through Trust
BNSF Funding Trust I
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Burlington Northern Santa Fe LLC
Canadian National Railway Co.
Canadian National Railway Co.
Canadian National Railway Co.
Canadian National Railway Co.
Canadian National Railway Co.
5.250%
4.000%
4.950%
3.700%
3.375%
3.700%
3.600%
4.100%
3.575%
3.200%
3.250%
3.000%
6.613%
5.750%
3.600%
4.100%
3.450%
3.050%
3.050%
3.000%
3.850%
3.750%
3.400%
3.000%
3.650%
7.000%
6.200%
6.150%
5.750%
5.050%
5.400%
4.400%
4.375%
4.450%
5.150%
4.900%
4.550%
4.150%
4.700%
3.900%
5.550%
2.850%
2.750%
6.250%
6.200%
7/31/22
1/15/27
7/15/24
4/1/28
11/1/28
11/1/24
9/22/27
1/15/28
1/15/28
6/15/28
4/15/30
10/15/28
12/15/55
3/15/18
9/1/20
6/1/21
9/15/21
3/15/22
9/1/22
3/15/23
9/1/23
4/1/24
9/1/24
4/1/25
9/1/25
12/15/25
8/15/36
5/1/37
5/1/40
3/1/41
6/1/41
3/15/42
9/1/42
3/15/43
9/1/43
4/1/44
9/1/44
4/1/45
9/1/45
8/1/46
3/1/19
12/15/21
3/1/26
8/1/34
6/1/36
1,497
230
979
443
836
129
278
224
499
1,000
150
225
325
625
275
410
410
425
400
625
275
400
400
250
1,050
700
125
400
450
375
925
575
200
350
500
300
600
300
300
600
265
550
750
350
350
1,595
237
1,043
445
822
125
280
229
500
969
145
216
373
657
286
436
428
435
408
631
291
420
411
249
1,096
890
160
512
548
423
1,086
597
207
364
572
334
637
303
327
584
286
558
730
452
453
135
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
6
Canadian National Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Canadian Pacific Railway Co.
Continental Airlines 2009-2 Class A Pass Through Trust
Continental Airlines 2010-1 Class A Pass Through Trust
Continental Airlines 2012-1 Class A Pass Through Trust
Continental Airlines 2012-2 Class A Pass Through Trust
CSX Corp.
CSX Corp.
CSX Corp.
CSX Corp.
CSX Corp.
CSX Corp.
CSX Corp.
CSX Corp.
CSX Corp.
CSX Corp.
Delta Air Lines 2007-1 Class A Pass Through Trust
Delta Air Lines 2009-1 Class A Pass Through Trust
Delta Air Lines 2010-1 Class A Pass Through Trust
Delta Air Lines 2010-2 Class A Pass Through Trust
Delta Air Lines 2012-1 Class A Pass Through Trust
Delta Air Lines 2015-1 Class AA Pass Through Trust
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
FedEx Corp.
Hawaiian Airlines 2013-1 Class A Pass Through
Certificates
JB Hunt Transport Services Inc.
JB Hunt Transport Services Inc.
Kansas City Southern
Kansas City Southern
Kansas City Southern
Kansas City Southern
Kansas City Southern
Latam Airlines 2015-1 Pass Through Trust A
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
Norfolk Southern Corp.
6.375%
4.500%
4.450%
2.900%
3.700%
7.125%
5.750%
5.950%
5.750%
4.800%
6.125%
7.250%
4.750%
4.150%
4.000%
3.700%
4.250%
3.350%
6.220%
5.500%
4.750%
4.400%
4.100%
3.950%
4.250%
6.821%
7.750%
6.200%
4.950%
4.750%
3.625%
8.000%
2.625%
4.000%
3.250%
3.900%
3.875%
4.100%
5.100%
4.750%
4.550%
4.500%
11/15/37
1/15/22
3/15/23
2/1/25
2/1/26
10/15/31
3/15/33
5/15/37
1/15/42
8/1/45
9/15/15
5/10/21
7/12/22
10/11/25
4/29/26
10/30/20
6/1/21
11/1/25
4/30/40
4/15/41
5/30/42
3/1/43
3/15/44
5/1/50
11/1/66
2/10/24
6/17/21
1/2/20
11/23/20
11/7/21
7/30/27
1/15/19
8/1/22
1/15/24
4/1/26
2/1/35
8/1/42
4/15/43
1/15/44
11/15/45
4/1/46
2/1/65
350
691
225
100
450
225
425
775
110
200
230
873
814
745
381
205
900
400
174
425
1,310
93
800
650
500
158
77
24
45
51
359
475
50
450
500
200
200
300
500
825
550
150
464
743
241
98
463
306
496
921
133
215
275
976
859
767
391
213
959
400
216
485
1,358
93
773
585
455
182
85
25
47
54
363
531
50
473
495
192
181
279
541
853
553
138
3.900%
3.300%
3.850%
2.350%
3.000%
3.125%
4.300%
4.950%
4.200%
5.750%
5.900%
9.750%
3.250%
2.903%
5.590%
7.800%
4.837%
3.950%
4.450%
4.650%
7.900%
1/15/26
8/15/22
3/15/24
5/15/20
5/15/23
6/1/26
5/15/43
8/15/45
8/15/29
4/1/18
6/15/19
6/15/20
12/1/21
2/15/23
5/17/25
5/15/27
10/1/41
10/1/42
6/15/45
1/15/46
5/15/97
867
400
200
25
500
675
250
325
238
200
335
116
325
780
164
100
565
425
275
200
200
882
399
203
25
486
642
231
330
233
210
365
143
334
773
186
134
613
403
284
212
287
136
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
6
6
Norfolk Southern Corp.
Norfolk Southern Corp.
Northwest Airlines 2007-1 Class A Pass Through Trust
Ryder System Inc.
Ryder System Inc.
Ryder System Inc.
Ryder System Inc.
Ryder System Inc.
Ryder System Inc.
Southwest Airlines Co.
Southwest Airlines Co.
Southwest Airlines Co.
Southwest Airlines Co. 2007-1 Pass Through Trust
Spirit Airlines Class A Pass Through Certificates Series
2015-1
Trinity Industries Inc.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
Union Pacific Corp.
United Airlines 2013-1 Class A Pass Through Trust
United Airlines 2014-1 Class A Pass Through Trust
United Airlines 2015-1 Class A Pass Through Trust
United Airlines 2015-1 Class AA Pass Through Trust
United Airlines 2016-1 Class A Pass Through Trust
United Airlines 2016-1 Class AA Pass Through Trust
United Parcel Service Inc.
United Parcel Service Inc.
United Parcel Service Inc.
United Parcel Service Inc.
United Parcel Service Inc.
United Parcel Service Inc.
United Parcel Service Inc.
United Parcel Service Inc.
United Parcel Service Inc.
US Airways 2013-1 Class A Pass Through Trust
US Airways Inc. 2012-2 Class A Pass Through Trust
6.000%
6.000%
7.027%
2.450%
2.350%
2.550%
2.500%
2.875%
2.250%
2.750%
2.650%
3.000%
6.150%
3/15/05
5/23/11
5/1/21
11/15/18
2/26/19
6/1/19
5/11/20
9/1/20
9/1/21
11/6/19
11/5/20
11/15/26
2/1/24
275
925
162
1,000
1,350
800
200
125
100
25
540
400
100
321
1,075
180
1,008
1,354
806
199
126
97
25
541
376
110
4.100%
4.550%
1.800%
2.250%
2.750%
3.250%
3.250%
2.750%
3.375%
4.250%
4.150%
4.050%
4.050%
3.799%
3.875%
4.375%
4.300%
4.000%
3.700%
3.450%
3.450%
3.100%
5.500%
5.125%
3.125%
2.450%
2.400%
6.200%
4.875%
3.625%
3.400%
3.950%
4.625%
10/1/29
10/1/24
2/1/20
6/19/20
4/15/23
1/15/25
8/15/25
3/1/26
2/1/35
4/15/43
1/15/45
11/15/45
3/1/46
10/1/51
2/1/55
11/15/65
2/15/27
10/11/27
6/1/24
12/1/27
1/7/30
7/7/28
1/15/18
4/1/19
1/15/21
10/1/22
11/15/26
1/15/38
11/15/40
10/1/42
11/15/46
5/15/27
12/3/26
314
225
450
300
200
400
900
350
900
400
400
250
500
1,257
400
800
632
686
200
415
400
2,550
1,000
175
990
925
2,075
820
350
675
340
168
57
320
216
446
301
199
407
913
341
848
411
401
250
501
1,166
362
790
657
702
202
412
393
2,473
1,042
188
1,022
920
1,961
1,081
400
644
313
172
61
___________
2,069,130
Utilities (0.8%)
9
9
Electric (0.7%)
AEP Texas Central Co.
AEP Transmission Co. LLC
AEP Transmission Co. LLC
Alabama Power Co.
Alabama Power Co.
Alabama Power Co.
Alabama Power Co.
Alabama Power Co.
Alabama Power Co.
Alabama Power Co.
Ameren Corp.
Ameren Corp.
Ameren Illinois Co.
6.650%
3.100%
4.000%
3.550%
2.800%
4.100%
3.850%
4.150%
3.750%
4.300%
2.700%
3.650%
2.700%
137
2/15/33
12/1/26
12/1/46
12/1/23
4/1/25
1/15/42
12/1/42
8/15/44
3/1/45
1/2/46
11/15/20
2/15/26
9/1/22
400
200
200
700
200
700
125
300
650
250
825
465
250
494
197
199
734
195
695
120
301
613
258
829
467
251
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
275
500
325
400
100
500
260
1,000
500
150
150
575
25
400
50
650
150
950
225
700
125
200
525
1,000
975
1,225
170
475
500
425
250
350
375
1,625
250
700
725
475
175
1,775
500
600
500
175
50
350
300
600
150
100
1,030
550
900
1,500
125
150
250
75
1,100
850
300
860
400
400
277
512
325
405
115
640
345
1,014
501
141
176
648
26
430
51
608
166
972
210
629
126
200
549
1,018
1,219
1,499
220
534
519
427
255
335
357
1,587
247
657
713
484
213
2,018
577
665
547
182
47
365
321
620
158
123
1,350
591
991
1,409
117
161
318
76
1,213
910
344
1,040
502
541
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
9
Ameren Illinois Co.
Ameren Illinois Co.
American Electric Power Co. Inc.
Appalachian Power Co.
Appalachian Power Co.
Appalachian Power Co.
Appalachian Power Co.
Appalachian Power Co.
Arizona Public Service Co.
Arizona Public Service Co.
Arizona Public Service Co.
Arizona Public Service Co.
Arizona Public Service Co.
Arizona Public Service Co.
Arizona Public Service Co.
Arizona Public Service Co.
Atlantic City Electric Co.
Baltimore Gas & Electric Co.
Baltimore Gas & Electric Co.
Baltimore Gas & Electric Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Berkshire Hathaway Energy Co.
Black Hills Corp.
Black Hills Corp.
Black Hills Corp.
Black Hills Corp.
CenterPoint Energy Houston Electric LLC
CenterPoint Energy Houston Electric LLC
CenterPoint Energy Houston Electric LLC
Cleco Corporate Holdings LLC
Cleco Corporate Holdings LLC
Cleco Power LLC
Cleveland Electric Illuminating Co.
CMS Energy Corp.
CMS Energy Corp.
CMS Energy Corp.
CMS Energy Corp.
CMS Energy Corp.
CMS Energy Corp.
CMS Energy Corp.
Commonwealth Edison Co.
Commonwealth Edison Co.
Commonwealth Edison Co.
Commonwealth Edison Co.
Commonwealth Edison Co.
Commonwealth Edison Co.
Commonwealth Edison Co.
Commonwealth Edison Co.
Connecticut Light & Power Co.
Connecticut Light & Power Co.
Connecticut Light & Power Co.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
3.250%
4.150%
1.650%
3.400%
5.800%
6.700%
7.000%
4.400%
3.150%
2.550%
5.500%
5.050%
4.500%
4.700%
4.350%
3.750%
7.750%
3.350%
2.400%
3.500%
2.000%
2.400%
3.750%
3.500%
6.125%
5.950%
6.500%
5.150%
4.500%
2.500%
3.950%
3.150%
4.200%
1.850%
2.250%
3.550%
3.743%
4.973%
6.000%
5.500%
8.750%
6.250%
5.050%
3.875%
2.950%
4.700%
4.875%
6.150%
5.800%
5.900%
6.450%
4.600%
4.700%
3.700%
3.650%
5.500%
6.350%
4.150%
6.650%
4.450%
5.300%
5.850%
6.200%
6.750%
138
3/1/25
3/15/46
12/15/17
6/1/25
10/1/35
8/15/37
4/1/38
5/15/44
5/15/25
9/15/26
9/1/35
9/1/41
4/1/42
1/15/44
11/15/45
5/15/46
11/15/18
7/1/23
8/15/26
8/15/46
11/15/18
2/1/20
11/15/23
2/1/25
4/1/36
5/15/37
9/15/37
11/15/43
2/1/45
1/11/19
1/15/26
1/15/27
9/15/46
6/1/21
8/1/22
8/1/42
5/1/26
5/1/46
12/1/40
8/15/24
6/15/19
2/1/20
3/15/22
3/1/24
2/15/27
3/31/43
3/1/44
9/15/17
3/15/18
3/15/36
1/15/38
8/15/43
1/15/44
3/1/45
6/15/46
2/1/19
6/1/36
6/1/45
4/1/19
6/15/20
3/1/35
3/15/36
6/15/36
4/1/38
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
475
1,530
375
340
75
300
495
250
300
250
225
375
525
150
125
225
600
650
400
125
100
800
425
500
200
550
325
600
375
410
100
425
150
125
1,150
300
300
750
525
350
525
2,450
500
1,030
850
300
425
25
25
710
800
425
750
425
200
225
475
700
150
50
1,375
525
600
400
462
1,601
397
328
75
293
535
273
337
254
232
386
464
150
129
221
617
649
404
133
98
805
434
594
216
576
301
616
385
427
106
427
153
155
1,140
301
315
720
516
352
529
2,273
534
1,093
835
372
523
31
32
841
817
421
734
458
201
235
489
738
135
53
1,468
680
790
355
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Co. of New York Inc.
Consolidated Edison Inc.
Constellation Energy Group Inc.
Consumers Energy Co.
Consumers Energy Co.
Consumers Energy Co.
Consumers Energy Co.
Consumers Energy Co.
Consumers Energy Co.
Consumers Energy Co.
Delmarva Power & Light Co.
Delmarva Power & Light Co.
Delmarva Power & Light Co.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
Dominion Resources Inc.
DTE Electric Co.
DTE Electric Co.
DTE Electric Co.
DTE Electric Co.
DTE Electric Co.
DTE Electric Co.
DTE Electric Co.
DTE Electric Co.
DTE Electric Co.
DTE Energy Co.
DTE Energy Co.
DTE Energy Co.
DTE Energy Co.
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Carolinas LLC
Duke Energy Corp.
Duke Energy Corp.
Duke Energy Corp.
Duke Energy Corp.
Duke Energy Corp.
Duke Energy Corp.
Duke Energy Florida Llc
Duke Energy Florida LLC
Duke Energy Florida LLC
Duke Energy Florida LLC
Duke Energy Florida LLC
3.950%
4.450%
4.500%
3.850%
4.300%
2.000%
5.150%
6.125%
6.700%
2.850%
3.375%
4.100%
3.250%
4.350%
3.500%
4.000%
4.150%
1.400%
2.500%
4.450%
2.750%
3.625%
3.900%
6.300%
5.250%
4.900%
4.050%
4.700%
5.750%
3.450%
3.900%
2.650%
3.375%
5.700%
3.950%
4.000%
4.300%
3.700%
1.500%
2.400%
3.500%
2.850%
4.300%
3.900%
2.950%
6.000%
6.100%
6.000%
6.050%
5.300%
4.250%
4.000%
3.875%
5.050%
3.050%
3.950%
3.750%
4.800%
3.750%
5.650%
4.550%
6.350%
6.400%
3.400%
139
3/1/43
3/15/44
12/1/45
6/15/46
12/1/56
5/15/21
12/1/20
3/15/19
9/15/19
5/15/22
8/15/23
11/15/45
8/15/46
8/31/64
11/15/23
6/1/42
5/15/45
9/15/17
12/1/19
3/15/21
9/15/22
12/1/24
10/1/25
3/15/33
8/1/33
8/1/41
9/15/42
12/1/44
10/1/54
10/1/20
6/1/21
6/15/22
3/1/25
10/1/37
6/15/42
4/1/43
7/1/44
6/1/46
10/1/19
12/1/19
6/1/24
10/1/26
6/15/20
6/15/21
12/1/26
12/1/28
6/1/37
1/15/38
4/15/38
2/15/40
12/15/41
9/30/42
3/15/46
9/15/19
8/15/22
10/15/23
4/15/24
12/15/45
9/1/46
6/15/18
4/1/20
9/15/37
6/15/38
10/1/46
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
200
200
400
200
325
185
1,500
475
250
1,100
1,125
675
750
350
1,800
525
300
525
175
950
175
250
150
275
375
1,825
200
1,250
375
150
1,500
175
500
300
525
400
300
300
2,357
225
250
500
1,500
800
365
200
500
430
575
1,121
200
800
325
300
225
50
175
225
1,575
925
500
200
1,800
450
199
193
373
183
295
194
1,805
472
277
1,041
1,061
721
769
354
1,826
544
301
534
166
944
202
260
150
273
367
1,824
191
1,310
351
158
1,738
201
466
296
496
411
330
310
2,501
227
247
513
1,470
848
405
212
489
444
597
1,037
207
1,030
325
307
272
57
224
290
1,623
908
512
193
1,679
452
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
9
9
9
9
9
9
Duke Energy Florida Project Finance LLC
Duke Energy Florida Project Finance LLC
Duke Energy Florida Project Finance LLC
Duke Energy Florida Project Finance LLC
Duke Energy Florida Project Finance LLC
Duke Energy Indiana LLC
Duke Energy Indiana LLC
Duke Energy Indiana LLC
Duke Energy Indiana LLC
Duke Energy Indiana LLC
Duke Energy Ohio Inc.
Duke Energy Progress Llc
Duke Energy Progress Llc
Duke Energy Progress Llc
Duke Energy Progress LLC
Duke Energy Progress LLC
Duke Energy Progress LLC
Duke Energy Progress LLC
Duke Energy Progress LLC
Edison International
El Paso Electric Co.
El Paso Electric Co.
Emera US Finance LP
Emera US Finance LP
Emera US Finance LP
Emera US Finance LP
Enel Americas SA
Entergy Arkansas Inc.
Entergy Corp.
Entergy Gulf States Louisiana LLC
Entergy Gulf States Louisiana LLC
Entergy Louisiana LLC
Entergy Louisiana LLC
Entergy Louisiana LLC
Entergy Louisiana LLC
Entergy Louisiana LLC
Entergy Texas Inc.
Entergy Texas Inc.
Eversource Energy
Exelon Corp.
Exelon Corp.
Exelon Corp.
Exelon Corp.
Exelon Corp.
Exelon Corp.
Exelon Corp.
Exelon Corp.
Exelon Generation Co. LLC
Exelon Generation Co. LLC
Exelon Generation Co. LLC
FirstEnergy Corp.
FirstEnergy Corp.
Florida Power & Light Co.
Florida Power & Light Co.
Florida Power & Light Co.
Florida Power & Light Co.
Florida Power & Light Co.
Florida Power & Light Co.
Florida Power & Light Co.
Florida Power & Light Co.
Florida Power & Light Co.
Fortis Inc.
Fortis Inc.
Georgia Power Co.
1.196%
1.731%
2.538%
2.858%
3.112%
3.750%
6.120%
4.200%
4.900%
3.750%
3.700%
5.300%
3.000%
2.800%
3.250%
4.375%
4.150%
4.200%
3.700%
2.950%
6.000%
5.000%
2.150%
2.700%
3.550%
4.750%
4.000%
3.750%
2.950%
6.000%
5.590%
5.400%
2.400%
3.250%
3.050%
4.950%
7.125%
5.150%
4.500%
2.850%
2.450%
3.950%
3.400%
4.950%
5.625%
5.100%
4.450%
6.200%
4.000%
5.600%
4.250%
7.375%
2.750%
3.250%
5.625%
4.950%
5.950%
5.960%
4.125%
3.800%
4.050%
2.100%
3.055%
1.950%
140
3/1/22
9/1/22
9/1/29
3/1/33
9/1/36
7/15/20
10/15/35
3/15/42
7/15/43
5/15/46
6/15/46
1/15/19
9/15/21
5/15/22
8/15/25
3/30/44
12/1/44
8/15/45
10/15/46
3/15/23
5/15/35
12/1/44
6/15/19
6/15/21
6/15/26
6/15/46
10/25/26
2/15/21
9/1/26
5/1/18
10/1/24
11/1/24
10/1/26
4/1/28
6/1/31
1/15/45
2/1/19
6/1/45
11/15/19
6/15/20
4/15/21
6/15/25
4/15/26
6/15/35
6/15/35
6/15/45
4/15/46
10/1/17
10/1/20
6/15/42
3/15/23
11/15/31
6/1/23
6/1/24
4/1/34
6/1/35
2/1/38
4/1/39
2/1/42
12/15/42
10/1/44
10/4/21
10/4/26
12/1/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
875
1,800
150
125
675
250
1,095
175
300
475
150
550
100
425
175
300
200
164
200
830
200
875
1,150
100
625
725
225
375
1,100
1,050
75
1,300
900
1,300
675
75
789
100
325
1,200
410
500
200
475
1,340
1,125
200
100
650
250
375
100
200
325
250
175
1,800
550
225
200
100
380
300
125
870
1,807
181
132
687
252
1,168
213
331
479
150
555
128
393
180
328
228
174
237
886
206
962
1,196
114
685
980
248
324
1,268
1,048
76
1,290
900
1,289
670
75
802
100
339
1,280
541
585
201
481
1,433
1,143
200
116
841
324
449
102
199
307
250
175
1,717
651
254
217
118
426
298
119
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
Georgia Power Co.
Georgia Power Co.
Georgia Power Co.
Georgia Power Co.
Georgia Power Co.
Georgia Power Co.
Great Plains Energy Inc.
Iberdrola International BV
Indiana Michigan Power Co.
Indiana Michigan Power Co.
Interstate Power & Light Co.
Interstate Power & Light Co.
Interstate Power & Light Co.
Interstate Power & Light Co.
ITC Holdings Corp.
ITC Holdings Corp.
Jersey Central Power & Light Co.
John Sevier Combined Cycle Generation LLC
Kansas City Power & Light Co.
Kansas City Power & Light Co.
Kentucky Utilities Co.
Kentucky Utilities Co.
LG&E & KU Energy LLC
Louisville Gas & Electric Co.
Louisville Gas & Electric Co.
MidAmerican Energy Co.
MidAmerican Energy Co.
Mississippi Power Co.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
National Rural Utilities Cooperative Finance Corp.
Nevada Power Co.
Nevada Power Co.
Nevada Power Co.
NextEra Energy Capital Holdings Inc.
NextEra Energy Capital Holdings Inc.
NextEra Energy Capital Holdings Inc.
NextEra Energy Capital Holdings Inc.
Northern States Power Co.
Northern States Power Co.
Northern States Power Co.
Northern States Power Co.
Northern States Power Co.
Northern States Power Co.
Northern States Power Co.
Northern States Power Co.
NorthWestern Corp.
NSTAR Electric Co.
NSTAR Electric Co.
NSTAR Electric Co.
NV Energy Inc.
Oglethorpe Power Corp.
Oglethorpe Power Corp.
Oglethorpe Power Corp.
Oglethorpe Power Corp.
Oglethorpe Power Corp.
2.400%
3.250%
5.950%
4.750%
4.300%
4.300%
4.850%
6.750%
7.000%
3.200%
3.250%
3.400%
6.250%
3.700%
4.050%
5.300%
6.150%
4.626%
6.050%
5.300%
3.250%
4.650%
3.750%
5.125%
4.650%
6.750%
4.800%
4.250%
10.375%
1.650%
2.300%
2.000%
2.350%
2.300%
2.700%
3.250%
4.023%
4.750%
5.250%
6.500%
6.650%
5.450%
2.400%
2.700%
4.500%
3.625%
2.200%
5.250%
6.250%
6.200%
5.350%
4.125%
4.000%
3.600%
4.176%
3.250%
2.700%
5.500%
6.250%
6.100%
5.950%
5.375%
4.550%
4.250%
141
4/1/21
4/1/26
2/1/39
9/1/40
3/15/42
3/15/43
6/1/21
7/15/36
3/15/19
3/15/23
12/1/24
8/15/25
7/15/39
9/15/46
7/1/23
7/1/43
6/1/37
1/15/42
11/15/35
10/1/41
11/1/20
11/15/43
11/15/20
11/15/40
11/15/43
12/30/31
9/15/43
3/15/42
11/1/18
2/8/19
11/15/19
1/27/20
6/15/20
11/1/20
2/15/23
11/1/25
11/1/32
4/30/43
4/20/46
5/15/18
4/1/36
5/15/41
9/15/19
9/15/19
6/1/21
6/15/23
8/15/20
7/15/35
6/1/36
7/1/37
11/1/39
5/15/44
8/15/45
5/15/46
11/15/44
11/15/25
6/1/26
3/15/40
11/15/20
3/15/19
11/1/39
11/1/40
6/1/44
4/1/46
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
400
100
575
150
625
175
330
1,075
200
1,100
500
250
275
410
225
1,200
575
150
625
1,235
1,025
1,000
500
300
225
1,000
375
500
300
1,000
500
475
500
410
600
150
125
205
1,650
400
375
225
1,450
1,485
100
200
1,500
625
200
285
150
325
50
175
700
250
500
225
200
150
150
600
500
275
573
105
642
184
602
172
357
1,077
244
1,510
533
259
305
425
239
1,233
586
156
637
1,543
1,249
1,275
585
315
238
1,095
380
493
319
1,018
519
545
629
502
776
150
130
219
1,657
523
382
233
1,532
1,519
129
223
1,513
859
259
342
161
326
52
189
723
246
494
211
209
153
155
645
534
350
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Ohio Edison Co.
Ohio Power Co.
Ohio Power Co.
Oklahoma Gas & Electric Co.
Oklahoma Gas & Electric Co.
Oklahoma Gas & Electric Co.
Oncor Electric Delivery Co. LLC
Oncor Electric Delivery Co. LLC
Oncor Electric Delivery Co. LLC
Oncor Electric Delivery Co. LLC
Oncor Electric Delivery Co. LLC
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
Pacific Gas & Electric Co.
PacifiCorp
PacifiCorp
PacifiCorp
PacifiCorp
PacifiCorp
PacifiCorp
PacifiCorp
PacifiCorp
PECO Energy Co.
Pennsylvania Electric Co.
PG&E Corp.
Potomac Electric Power Co.
PPL Capital Funding Inc.
PPL Capital Funding Inc.
PPL Capital Funding Inc.
PPL Electric Utilities Corp.
PPL Electric Utilities Corp.
PPL Electric Utilities Corp.
Progress Energy Inc.
Progress Energy Inc.
Progress Energy Inc.
Progress Energy Inc.
PSEG Power LLC
PSEG Power LLC
PSEG Power LLC
Public Service Co. of Colorado
Public Service Co. of Colorado
Public Service Co. of Colorado
Public Service Co. of Colorado
Public Service Co. of Colorado
Public Service Co. of Colorado
Public Service Co. of New Hampshire
Public Service Co. of New Mexico
Public Service Co. of Oklahoma
Public Service Co. of Oklahoma
Public Service Co. of Oklahoma
8.250%
6.050%
5.375%
5.850%
3.900%
4.000%
6.800%
2.150%
7.000%
7.250%
4.550%
5.625%
8.250%
3.500%
4.250%
3.250%
3.250%
3.750%
3.400%
6.050%
5.800%
6.250%
5.400%
4.450%
4.600%
4.750%
4.250%
4.000%
5.650%
2.950%
3.600%
5.250%
6.100%
5.750%
6.250%
4.100%
5.350%
5.200%
2.400%
6.500%
3.500%
3.950%
5.000%
3.000%
6.250%
4.750%
3.150%
7.750%
7.000%
6.000%
5.125%
3.000%
4.150%
5.125%
3.200%
2.500%
2.900%
3.600%
4.300%
3.500%
3.850%
5.150%
4.400%
6.625%
142
10/15/38
5/1/18
10/1/21
6/1/40
5/1/43
12/15/44
9/1/18
6/1/19
9/1/22
1/15/33
12/1/41
11/30/17
10/15/18
10/1/20
5/15/21
9/15/21
6/15/23
2/15/24
8/15/24
3/1/34
3/1/37
3/1/39
1/15/40
4/15/42
6/15/43
2/15/44
3/15/46
12/1/46
7/15/18
2/1/22
4/1/24
6/15/35
8/1/36
4/1/37
10/15/37
2/1/42
3/1/18
4/1/20
3/1/19
11/15/37
12/1/22
3/15/24
3/15/44
9/15/21
5/15/39
7/15/43
4/1/22
3/1/31
10/30/31
12/1/39
4/15/20
6/15/21
9/15/21
6/1/19
11/15/20
3/15/23
5/15/25
9/15/42
3/15/44
11/1/23
8/1/25
12/1/19
2/1/21
11/15/37
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
394
450
200
200
225
500
300
1,525
100
500
1,000
250
400
1,550
100
500
495
390
275
150
350
500
100
252
500
255
150
205
150
300
400
1,100
450
150
100
200
225
830
300
350
350
275
300
225
508
1,460
205
145
425
475
455
150
375
325
200
400
600
525
1,125
875
1,050
250
350
100
413
455
200
196
220
499
352
1,520
101
507
974
282
448
1,526
116
626
600
471
289
154
335
607
117
323
593
274
156
214
154
287
532
1,192
581
185
116
203
236
828
295
384
370
271
312
281
614
1,716
218
143
428
466
503
142
375
324
200
403
589
518
1,094
864
1,038
249
347
99
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Public Service Electric & Gas Co.
Puget Energy Inc.
Puget Energy Inc.
Puget Energy Inc.
Puget Sound Energy Inc.
Puget Sound Energy Inc.
Puget Sound Energy Inc.
Puget Sound Energy Inc.
Puget Sound Energy Inc.
San Diego Gas & Electric Co.
San Diego Gas & Electric Co.
San Diego Gas & Electric Co.
San Diego Gas & Electric Co.
San Diego Gas & Electric Co.
San Diego Gas & Electric Co.
San Diego Gas & Electric Co.
San Diego Gas & Electric Co.
SCANA Corp.
SCANA Corp.
Sierra Pacific Power Co.
Sierra Pacific Power Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
South Carolina Electric & Gas Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern California Edison Co.
Southern Co.
Southern Co.
Southern Co.
Southern Co.
Southern Co.
Southern Co.
Southern Co.
Southern Co.
Southern Co.
Southern Power Co.
Southern Power Co.
Southern Power Co.
5.300%
2.300%
1.800%
1.900%
2.375%
3.000%
5.375%
3.950%
4.000%
4.050%
3.800%
6.500%
6.000%
3.650%
5.483%
6.274%
5.757%
5.638%
4.434%
3.000%
2.500%
6.000%
5.350%
6.125%
5.350%
4.500%
4.300%
4.750%
4.125%
2.600%
6.750%
6.500%
6.625%
6.050%
5.450%
4.350%
4.600%
4.100%
4.500%
5.100%
3.875%
1.845%
3.500%
6.650%
5.750%
5.350%
4.500%
3.900%
4.050%
3.900%
4.650%
3.600%
1.550%
1.850%
2.150%
2.750%
2.350%
2.950%
3.250%
4.250%
4.400%
1.500%
1.950%
2.375%
143
5/1/18
9/15/18
6/1/19
3/15/21
5/15/23
5/15/25
11/1/39
5/1/42
6/1/44
5/1/45
3/1/46
12/15/20
9/1/21
5/15/25
6/1/35
3/15/37
10/1/39
4/15/41
11/15/41
8/15/21
5/15/26
6/1/26
5/15/35
9/15/37
5/15/40
8/15/40
4/1/42
5/15/21
2/1/22
5/1/26
7/1/37
11/1/18
2/1/32
1/15/38
2/1/41
2/1/42
6/15/43
6/15/46
6/1/64
6/1/65
6/1/21
2/1/22
10/1/23
4/1/29
4/1/35
7/15/35
9/1/40
12/1/41
3/15/42
3/15/43
10/1/43
2/1/45
7/1/18
7/1/19
9/1/19
6/15/20
7/1/21
7/1/23
7/1/26
7/1/36
7/1/46
6/1/18
12/15/19
6/1/20
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
250
175
960
500
250
25
250
75
1,400
1,850
100
1,450
150
1,575
175
75
150
500
125
100
325
175
550
150
100
130
200
300
235
1,450
425
575
750
500
500
500
550
600
450
850
200
1,000
250
750
325
575
525
225
150
100
175
635
200
100
125
25
275
300
200
500
75
305
275
150
245
181
965
504
243
26
271
91
1,302
1,874
106
1,302
154
1,668
192
74
190
489
133
104
318
162
559
155
96
142
190
313
257
1,491
418
543
760
513
496
616
680
772
719
839
211
998
250
764
325
540
521
225
161
103
186
648
235
102
129
27
268
390
203
499
71
324
274
150
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Southern Power Co.
Southern Power Co.
Southern Power Co.
Southern Power Co.
Southern Power Co.
Southwestern Electric Power Co.
Southwestern Electric Power Co.
Southwestern Electric Power Co.
Southwestern Electric Power Co.
Southwestern Public Service Co.
Southwestern Public Service Co.
Southwestern Public Service Co.
System Energy Resources Inc.
Tampa Electric Co.
Tampa Electric Co.
Tampa Electric Co.
Tampa Electric Co.
Tampa Electric Co.
TECO Finance Inc.
TransAlta Corp.
TransAlta Corp.
TransAlta Corp.
Tri-State Generation & Transmission Assn. Inc.
Tri-State Generation & Transmission Assn. Inc.
Tri-State Generation & Transmission Assn. Inc.
Tucson Electric Power Co.
Tucson Electric Power Co.
UIL Holdings Corp.
Union Electric Co.
Union Electric Co.
Union Electric Co.
Union Electric Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
Virginia Electric & Power Co.
WEC Energy Group Inc.
WEC Energy Group Inc.
Westar Energy Inc.
Westar Energy Inc.
Westar Energy Inc.
Westar Energy Inc.
Westar Energy Inc.
Westar Energy Inc.
Wisconsin Electric Power Co.
Wisconsin Electric Power Co.
Wisconsin Electric Power Co.
Wisconsin Electric Power Co.
Wisconsin Electric Power Co.
Wisconsin Power & Light Co.
Wisconsin Power & Light Co.
Wisconsin Power & Light Co.
Wisconsin Power & Light Co.
Wisconsin Public Service Corp.
Wisconsin Public Service Corp.
Xcel Energy Inc.
Xcel Energy Inc.
Xcel Energy Inc.
2.500%
4.150%
5.150%
5.250%
4.950%
5.875%
6.450%
6.200%
3.900%
3.300%
4.500%
3.400%
4.100%
6.100%
5.400%
2.600%
6.550%
4.200%
5.150%
6.900%
4.500%
6.500%
3.700%
4.700%
4.250%
5.150%
3.050%
4.625%
6.700%
3.500%
3.900%
3.650%
2.950%
3.450%
3.100%
6.000%
6.000%
6.350%
8.875%
4.000%
4.450%
4.000%
2.450%
3.550%
3.250%
2.550%
4.125%
4.100%
4.625%
4.250%
4.250%
2.950%
5.625%
4.250%
4.300%
5.000%
2.250%
6.375%
4.100%
1.650%
3.671%
4.700%
2.600%
3.300%
144
12/15/21
12/1/25
9/15/41
7/15/43
12/15/46
3/1/18
1/15/19
3/15/40
4/1/45
6/15/24
8/15/41
8/15/46
4/1/23
5/15/18
5/15/21
9/15/22
5/15/36
5/15/45
3/15/20
5/15/18
11/15/22
3/15/40
11/1/24
11/1/44
6/1/46
11/15/21
3/15/25
10/1/20
2/1/19
4/15/24
9/15/42
4/15/45
1/15/22
2/15/24
5/15/25
1/15/36
5/15/37
11/30/37
11/15/38
1/15/43
2/15/44
11/15/46
6/15/20
6/15/25
12/1/25
7/1/26
3/1/42
4/1/43
9/1/43
12/1/45
12/15/19
9/15/21
5/15/33
6/1/44
12/15/45
7/15/19
11/15/22
8/15/37
10/15/44
12/4/18
12/1/42
5/15/20
3/15/22
6/1/25
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Xcel Energy Inc.
Xcel Energy Inc.
3.350%
6.500%
12/1/26
7/1/36
275
635
275
799
Natural Gas (0.1%)
Atmos Energy Corp.
Atmos Energy Corp.
British Transco Finance Inc.
CenterPoint Energy Resources Corp.
CenterPoint Energy Resources Corp.
CenterPoint Energy Resources Corp.
KeySpan Corp.
KeySpan Corp.
NiSource Finance Corp.
NiSource Finance Corp.
NiSource Finance Corp.
NiSource Finance Corp.
NiSource Finance Corp.
NiSource Finance Corp.
NiSource Finance Corp.
NiSource Finance Corp.
ONE Gas Inc.
ONE Gas Inc.
Piedmont Natural Gas Co. Inc.
Piedmont Natural Gas Co. Inc.
Sempra Energy
Sempra Energy
Sempra Energy
Sempra Energy
Sempra Energy
Sempra Energy
Sempra Energy
Sempra Energy
Southern California Gas Co.
Southern California Gas Co.
Southern California Gas Co.
Southern California Gas Co.
Southern Co. Gas Capital Corp.
Southern Co. Gas Capital Corp.
Southern Co. Gas Capital Corp.
Southern Co. Gas Capital Corp.
Southern Co. Gas Capital Corp.
Southern Co. Gas Capital Corp.
Spire Inc.
Washington Gas Light Co.
8.500%
5.500%
6.625%
6.000%
4.500%
5.850%
8.000%
5.803%
6.400%
6.800%
5.450%
6.125%
6.250%
5.950%
5.800%
4.800%
2.070%
4.658%
4.650%
3.640%
6.150%
9.800%
1.625%
2.400%
2.850%
4.050%
3.750%
6.000%
2.600%
5.750%
3.750%
4.450%
3.500%
3.875%
3.250%
5.875%
4.400%
3.950%
4.700%
3.796%
3/15/19
6/15/41
6/1/18
5/15/18
1/15/21
1/15/41
11/15/30
4/1/35
3/15/18
1/15/19
9/15/20
3/1/22
12/15/40
6/15/41
2/1/42
2/15/44
2/1/19
2/1/44
8/1/43
11/1/46
6/15/18
2/15/19
10/7/19
3/15/20
11/15/20
12/1/23
11/15/25
10/15/39
6/15/26
11/15/35
9/15/42
3/15/44
9/15/21
11/15/25
6/15/26
3/15/41
6/1/43
10/1/46
8/15/44
9/15/46
1,140
800
430
150
265
675
200
250
314
550
350
450
400
500
300
200
300
125
150
150
750
250
100
300
1,225
850
330
705
750
25
800
150
1,250
425
375
125
125
450
350
325
1,296
928
456
157
279
763
267
283
331
600
382
519
493
594
349
210
301
130
156
132
795
290
99
299
1,234
887
334
839
719
30
780
159
1,284
436
367
145
123
416
346
305
Other Utility (0.0%)
American Water Capital Corp.
American Water Capital Corp.
American Water Capital Corp.
American Water Capital Corp.
United Utilities plc
Veolia Environnement SA
3.850%
6.593%
4.300%
4.000%
5.375%
6.750%
3/1/24
10/15/37
12/1/42
12/1/46
2/1/19
6/1/38
1,575
500
125
500
200
200
1,658
662
129
500
209
242
___________
259,443
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Corporate Bonds (Cost $3,336,809)
3,382,750
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Sovereign Bonds (U.S. Dollar-Denominated) (1.9%)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
African Development Bank
African Development Bank
African Development Bank
African Development Bank
African Development Bank
African Development Bank
African Development Bank
Agricultural Bank Of China
0.875%
1.625%
1.000%
1.000%
1.375%
1.250%
2.375%
2.000%
145
3/15/18
10/2/18
11/2/18
5/15/19
2/12/20
7/26/21
9/23/21
5/21/18
1,500
300
1,550
1,200
350
1,700
1,850
300
1,493
301
1,537
1,184
346
1,632
1,864
299
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
250
1,325
1,200
2,300
500
1,650
1,650
530
1,000
575
1,550
450
2,500
2,250
3,100
1,850
1,000
400
150
2,100
800
1,950
1,500
1,800
1,000
400
700
900
1,800
1,875
525
975
1,300
600
1,300
2,150
950
700
1,075
200
700
400
50
2,050
2,500
500
1,650
1,300
1,475
4,075
3,400
3,500
2,000
3,200
4,400
4,675
2,000
4,100
2,000
5,000
2,500
4,000
3,000
3,650
250
1,325
1,194
2,285
530
1,661
1,636
534
998
578
1,562
443
2,487
2,224
3,050
1,818
957
379
149
2,095
802
1,886
1,494
1,754
1,030
419
677
899
1,790
1,974
523
971
1,291
587
1,376
2,032
950
707
934
200
697
398
50
2,056
2,455
501
1,637
1,276
1,473
4,061
3,397
3,484
1,983
3,209
4,431
4,689
1,971
4,073
1,964
5,162
2,462
4,295
2,984
3,700
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9
Agricultural Bank Of China
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Asian Development Bank
Bank of England
Canada
Canada
CNOOC Finance 2013 Ltd.
CNOOC Finance 2015 Australia Pty Ltd.
CNOOC Finance 2015 USA LLC
CNOOC Nexen Finance 2014 ULC
CNOOC Nexen Finance 2014 ULC
Corp Andina de Fomento
Corp. Andina de Fomento
Corp. Andina de Fomento
Corp. Andina de Fomento
Council Of Europe Development Bank
Council Of Europe Development Bank
Council Of Europe Development Bank
Council Of Europe Development Bank
Ecopetrol SA
Ecopetrol SA
Ecopetrol SA
Ecopetrol SA
Ecopetrol SA
Emirates Telecommunications Group Co. PJSC
European Bank for Reconstruction & Development
European Bank for Reconstruction & Development
European Bank for Reconstruction & Development
European Bank for Reconstruction & Development
European Bank for Reconstruction & Development
European Bank for Reconstruction & Development
European Bank for Reconstruction & Development
European Bank for Reconstruction & Development
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
2.750%
1.125%
0.875%
1.125%
5.593%
1.750%
0.875%
1.875%
1.375%
1.750%
1.875%
1.000%
1.500%
1.375%
1.625%
1.875%
2.000%
2.000%
1.250%
1.125%
1.625%
3.000%
2.625%
3.500%
4.250%
4.875%
2.125%
1.500%
2.000%
4.375%
1.000%
1.125%
1.625%
1.625%
5.875%
4.125%
5.375%
7.375%
5.875%
3.500%
1.000%
1.000%
1.625%
1.750%
0.875%
1.750%
1.500%
1.875%
1.000%
1.000%
1.250%
1.000%
1.125%
1.625%
1.875%
1.750%
1.125%
1.625%
1.375%
2.875%
1.625%
4.000%
2.000%
2.500%
146
5/21/20
3/15/17
4/26/18
6/5/18
7/16/18
9/11/18
10/5/18
10/23/18
1/15/19
3/21/19
4/12/19
8/16/19
1/22/20
3/23/20
3/16/21
2/18/22
1/22/25
4/24/26
3/14/19
3/19/18
2/27/19
5/9/23
5/5/20
5/5/25
4/30/24
4/30/44
9/27/21
8/8/17
5/10/19
6/15/22
3/7/18
5/31/18
3/10/20
3/16/21
9/18/23
1/16/25
6/26/26
9/18/43
5/28/45
6/18/24
6/15/18
9/17/18
11/15/18
6/14/19
7/22/19
11/26/19
3/16/20
2/23/22
8/17/17
3/15/18
5/15/18
6/15/18
8/15/18
12/18/18
3/15/19
6/17/19
8/15/19
3/16/20
6/15/20
9/15/20
12/15/20
2/16/21
3/15/21
4/15/21
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
300
350
1,000
1,550
2,600
3,000
150
1,375
800
200
1,500
2,800
300
700
1,000
600
800
1,000
1,000
1,000
1,475
2,100
300
600
700
1,600
2,100
750
1,235
1,175
2,200
600
350
5,105
3,700
2,800
450
1,700
2,200
500
1,000
350
3,500
2,600
250
4,375
800
450
4,750
3,200
3,500
4,000
3,300
4,500
3,575
1,500
1,750
2,200
2,200
600
4,000
1,700
4,500
2,025
289
348
995
1,624
2,458
2,859
149
1,376
798
201
1,462
2,704
300
712
994
604
786
1,048
989
960
1,627
2,198
298
567
700
1,605
2,065
749
1,544
1,538
2,251
590
348
5,139
3,688
2,763
476
1,682
2,205
532
1,002
353
3,415
2,688
322
4,140
857
521
4,750
3,205
3,484
3,972
3,327
4,464
3,503
1,511
1,725
2,178
2,221
590
3,884
1,713
4,360
1,973
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
10
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
European Investment Bank
Export Development Canada
Export Development Canada
Export Development Canada
Export Development Canada
Export Development Canada
Export Development Canada
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
Export-Import Bank of Korea
FMS Wertmanagement AoeR
FMS Wertmanagement AoeR
FMS Wertmanagement AoeR
FMS Wertmanagement AoeR
Hydro-Quebec
Hydro-Quebec
Industrial & Commercial Bank of China Ltd.
Industrial & Commercial Bank of China Ltd.
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
Inter-American Development Bank
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
1.375%
2.125%
2.250%
3.250%
1.875%
2.125%
1.000%
1.500%
1.250%
1.750%
1.500%
1.375%
1.750%
2.875%
1.750%
2.375%
1.500%
4.000%
2.500%
1.875%
5.000%
4.000%
3.250%
2.625%
1.125%
1.625%
1.000%
1.750%
8.400%
8.050%
3.231%
2.635%
0.875%
1.750%
1.125%
1.000%
3.875%
1.250%
1.750%
3.875%
1.875%
2.125%
1.750%
3.000%
7.000%
2.000%
3.875%
4.375%
0.875%
1.375%
1.000%
0.875%
1.875%
1.250%
0.875%
1.875%
1.125%
1.375%
2.125%
1.625%
1.375%
2.250%
1.375%
1.625%
147
9/15/21
10/15/21
8/15/22
1/29/24
2/10/25
4/13/26
6/15/18
10/3/18
2/4/19
8/19/19
5/26/21
10/21/21
2/27/18
9/17/18
5/26/19
8/12/19
10/21/19
1/29/21
5/10/21
10/21/21
4/11/22
1/14/24
11/10/25
5/26/26
9/5/17
11/20/18
8/16/19
3/17/20
1/15/22
7/7/24
11/13/19
5/26/21
3/15/18
8/24/18
8/28/18
5/13/19
9/17/19
10/15/19
10/15/19
2/14/20
6/16/20
11/9/20
4/14/22
2/21/24
6/15/25
6/2/26
10/28/41
1/24/44
4/17/17
4/10/18
6/15/18
7/19/18
3/15/19
7/26/19
8/15/19
10/7/19
11/27/19
3/30/20
11/1/20
3/9/21
5/24/21
6/24/21
9/20/21
2/10/22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
25
4,500
2,500
950
2,200
1,300
1,100
1,000
2,250
650
925
3,000
1,000
1,000
1,200
1,900
325
650
2,400
1,000
2,000
2,300
3,450
5,100
2,200
350
1,500
3,500
3,925
4,775
5,500
1,300
150
3,550
4,500
3,200
7,100
2,710
1,500
1,575
1,750
3,800
2,500
500
1,000
1,375
1,400
1,500
6,200
1,000
600
350
425
975
4,075
2,500
975
975
100
410
800
625
2,700
800
32
4,487
2,479
954
2,190
1,303
1,101
989
2,150
648
925
2,994
1,003
981
1,147
1,848
338
661
2,277
971
1,998
2,295
3,576
5,070
2,190
367
1,495
3,480
3,952
5,142
5,413
1,303
160
3,509
4,622
3,287
6,905
2,734
1,527
1,545
1,725
3,781
2,388
266
1,007
1,490
1,409
1,543
6,145
996
605
351
421
977
4,037
2,389
956
897
133
459
972
851
2,687
798
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
11
11
11
11
11
11
11
11
11
11
11
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Bank for Reconstruction & Development
International Finance Corp.
International Finance Corp.
International Finance Corp.
International Finance Corp.
International Finance Corp.
International Finance Corp.
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
Japan Bank for International Cooperation
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
KFW
Korea Development Bank
Korea Development Bank
Korea Development Bank
Korea Development Bank
Kreditanstalt fuer Wiederaufbau
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Landwirtschaftliche Rentenbank
Nexen Energy ULC
Nexen Energy ULC
Nexen Energy ULC
Nexen Energy ULC
Nordic Investment Bank
Nordic Investment Bank
7.625%
2.500%
2.500%
2.125%
1.250%
1.750%
1.750%
1.625%
2.125%
1.125%
1.750%
1.750%
2.125%
1.750%
1.500%
2.000%
3.375%
3.000%
2.125%
2.500%
0.875%
1.000%
4.375%
0.875%
1.000%
4.500%
1.125%
1.000%
1.875%
4.875%
1.000%
1.750%
4.000%
1.500%
2.750%
2.750%
1.500%
2.375%
2.625%
2.000%
2.125%
2.500%
2.000%
0.000%
3.875%
4.625%
3.000%
3.750%
2.000%
1.000%
1.875%
1.750%
1.375%
2.250%
2.000%
2.000%
2.375%
1.750%
7.875%
5.875%
6.400%
7.500%
0.750%
1.125%
148
1/19/23
11/25/24
7/29/25
11/17/17
7/16/18
9/4/18
9/16/19
7/16/20
4/7/26
7/19/17
7/31/18
11/13/18
2/7/19
5/28/20
7/21/21
11/4/21
7/31/23
5/29/24
2/10/25
5/28/25
9/5/17
1/26/18
3/15/18
4/19/18
6/11/18
7/16/18
8/6/18
9/7/18
4/1/19
6/17/19
7/15/19
10/15/19
1/27/20
4/20/20
9/8/20
10/1/20
6/15/21
8/25/21
1/25/22
10/4/22
1/17/23
11/20/24
5/2/25
4/18/36
5/4/17
11/16/21
9/14/22
1/22/24
11/30/21
4/4/18
9/17/18
4/15/19
10/23/19
10/1/21
12/6/21
1/13/25
6/10/25
7/27/26
3/15/32
3/10/35
5/15/37
7/30/39
1/17/18
3/19/18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
500
850
325
650
350
1,275
1,200
1,400
2,000
800
1,000
1,250
450
500
1,330
3,929
2,500
1,550
950
1,621
1,750
150
170
175
2,666
1,700
1,000
375
300
1,111
1,000
3,898
3,754
140
1,500
500
300
1,200
1,000
300
1,600
850
725
1,200
400
1,650
4,000
2,875
800
1,925
850
975
100
1,000
1,000
2,100
1,530
1,375
2,050
400
700
500
1,075
150
496
856
329
691
340
1,271
1,184
1,378
1,964
791
1,003
1,303
476
492
1,373
4,172
2,655
1,566
873
1,578
1,702
149
169
159
2,820
1,758
991
353
280
931
912
3,214
3,540
214
1,500
509
293
1,138
996
294
1,627
792
738
1,196
408
1,659
3,994
2,891
791
1,918
900
1,047
100
1,024
962
2,187
1,601
1,396
2,051
497
699
477
1,498
144
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
13
13
13
13
13
13
9
9
9
6
9
9
9
14
Nordic Investment Bank
Nordic Investment Bank
North American Development Bank
North American Development Bank
North American Development Bank
Oesterreichische Kontrollbank AG
Oesterreichische Kontrollbank AG
Oesterreichische Kontrollbank AG
Oesterreichische Kontrollbank AG
Oesterreichische Kontrollbank AG
Oesterreichische Kontrollbank AG
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Petroleos Mexicanos
Power Sector Assets & Liabilities Management Corp.
Province of Alberta Canada
Province of British Columbia
Province of British Columbia
Province of British Columbia
Province of Manitoba
Province of Manitoba
Province of Manitoba
Province of Manitoba
Province of New Brunswick
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Province of Ontario
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Republic of Chile
0.875%
1.875%
2.300%
4.375%
2.400%
1.125%
1.125%
1.375%
1.500%
1.875%
2.375%
5.500%
6.000%
3.500%
5.500%
6.375%
6.375%
4.875%
3.500%
4.625%
4.875%
2.290%
2.378%
4.500%
6.875%
6.500%
6.625%
6.625%
6.500%
5.500%
6.375%
5.625%
6.750%
9.625%
1.900%
2.650%
2.000%
2.250%
1.125%
2.100%
3.050%
2.125%
2.750%
1.200%
3.000%
2.000%
1.625%
2.000%
1.250%
1.650%
4.000%
4.400%
2.450%
3.200%
2.500%
4.625%
3.500%
2.750%
2.625%
7.125%
2.875%
2.500%
7.500%
2.250%
149
9/27/18
6/14/19
10/10/18
2/11/20
10/26/22
5/29/18
4/26/19
2/10/20
10/21/20
1/20/21
10/1/21
2/4/19
3/5/20
7/23/20
1/21/21
2/4/21
2/4/21
1/24/22
1/30/23
9/21/23
1/18/24
2/15/24
4/15/25
1/23/26
8/4/26
3/13/27
6/15/35
6/15/38
6/2/41
6/27/44
1/23/45
1/23/46
9/21/47
5/15/28
12/6/19
9/22/21
10/23/22
6/2/26
6/1/18
9/6/22
5/14/24
6/22/26
6/15/18
2/14/18
7/16/18
9/27/18
1/18/19
1/30/19
6/17/19
9/27/19
10/7/19
4/14/20
6/29/22
5/16/24
4/27/26
5/14/18
7/29/20
8/25/21
2/13/23
2/9/24
10/16/24
4/20/26
9/15/29
10/30/22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
2,960
1,800
825
2,130
1,125
4,980
400
500
1,000
1,775
533
2,729
1,300
11,650
550
1,500
1,400
1,150
850
2,045
600
1,450
900
200
2,284
250
4,635
600
1,275
3,340
2,725
1,415
2,000
1,225
150
1,560
100
3,800
100
950
2,800
700
350
800
3,475
1,400
550
425
1,500
825
775
800
2,175
400
300
3,134
500
900
1,100
1,500
900
2,000
200
1,510
2,908
1,680
916
2,224
1,059
5,022
497
514
1,207
1,919
550
2,593
1,422
13,048
770
1,750
1,490
1,287
911
2,196
610
1,439
1,120
282
2,775
224
6,796
754
1,452
3,707
2,970
1,541
1,957
1,253
144
1,652
109
3,800
107
946
2,597
766
323
928
3,697
1,503
795
653
1,766
1,296
1,088
1,014
2,822
450
294
2,989
537
962
1,117
1,479
898
1,994
201
1,621
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
6
6
6
6
Republic of Chile
Republic of Chile
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Colombia
Republic of Hungary
Republic of Hungary
Republic of Hungary
Republic of Italy
Republic of Italy
Republic of Korea
Republic of Korea
Republic of Panama
Republic of Panama
Republic of Panama
Republic of Panama
Republic of Panama
Republic of Panama
Republic of Panama
Republic of Peru
Republic of Peru
Republic of Peru
Republic of Poland
Republic of Poland
Republic of Poland
Republic of Poland
Republic of Poland
Republic of Poland
Republic of South Africa
Republic of South Africa
Republic of South Africa
Republic of South Africa
Republic of South Africa
Republic of South Africa
Republic of South Africa
Republic of South Africa
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
Republic of the Philippines
State of Israel
State of Israel
State of Israel
State of Israel
State of Israel
Statoil ASA
Statoil ASA
Statoil ASA
3.125%
3.625%
7.375%
4.375%
2.625%
4.000%
8.125%
4.500%
7.375%
6.125%
5.625%
5.000%
6.250%
6.375%
7.625%
6.875%
5.375%
7.125%
3.875%
5.200%
4.000%
3.750%
7.125%
9.375%
6.700%
4.300%
8.750%
6.550%
5.625%
6.375%
5.125%
5.000%
3.000%
4.000%
3.250%
5.500%
5.875%
4.665%
5.875%
4.875%
4.300%
6.250%
5.000%
8.375%
4.000%
4.200%
9.500%
10.625%
5.500%
9.500%
7.750%
6.375%
6.375%
5.000%
3.950%
3.700%
5.125%
4.000%
3.150%
2.875%
4.500%
1.200%
1.950%
5.250%
150
1/21/26
10/30/42
3/18/19
7/12/21
3/15/23
2/26/24
5/21/24
1/28/26
9/18/37
1/18/41
2/26/44
6/15/45
1/29/20
3/29/21
3/29/41
9/27/23
6/15/33
4/16/19
9/11/23
1/30/20
9/22/24
3/16/25
1/29/26
4/1/29
1/26/36
4/29/53
11/21/33
3/14/37
11/18/50
7/15/19
4/21/21
3/23/22
3/17/23
1/22/24
4/6/26
3/9/20
5/30/22
1/17/24
9/16/25
4/14/26
10/12/28
3/8/41
10/12/46
6/17/19
1/15/21
1/21/24
10/21/24
3/16/25
3/30/26
2/2/30
1/14/31
1/15/32
10/23/34
1/13/37
1/20/40
3/1/41
3/26/19
6/30/22
6/30/23
3/16/26
1/30/43
1/17/18
11/8/18
4/15/19
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
1,000
150
1,100
125
400
4,300
550
250
300
325
175
600
1,000
1,550
1,400
600
800
113
290
8,280
4,174
2,425
800
1,309
2,420
3,992
300
600
650
4,292
1,000
375
500
2,029
3,050
1,005
153
1,109
127
390
4,203
556
332
336
322
167
651
989
1,555
1,376
597
785
122
295
8,313
4,196
2,342
796
1,555
2,617
3,660
306
540
558
3,979
1,038
376
620
1,669
2,753
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6
6
6
6
6
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Statoil ASA
Svensk Exportkredit AB
Svensk Exportkredit AB
Svensk Exportkredit AB
Svensk Exportkredit AB
Svensk Exportkredit AB
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
United Mexican States
Uruguay
Uruguay
Uruguay
Uruguay
Uruguay
2.250%
2.900%
2.750%
3.150%
2.450%
2.650%
3.250%
7.150%
5.100%
4.250%
3.950%
4.800%
1.250%
1.875%
1.125%
1.875%
1.750%
5.950%
3.500%
3.625%
4.000%
3.600%
4.125%
6.750%
6.050%
4.750%
5.550%
4.600%
4.350%
5.750%
4.500%
4.375%
7.625%
4.125%
5.100%
11/8/19
11/8/20
11/10/21
1/23/22
1/17/23
1/15/24
11/10/24
1/15/29
8/17/40
11/23/41
5/15/43
11/8/43
4/12/19
6/17/19
8/28/19
6/23/20
3/10/21
3/19/19
1/21/21
3/15/22
10/2/23
1/30/25
1/21/26
9/27/34
1/11/40
3/8/44
1/21/45
1/23/46
1/15/47
10/12/10
8/14/24
10/27/27
3/21/36
11/20/45
6/18/50
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Sovereign Bonds (Cost $601,073)
598,314
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Taxable Municipal Bonds (0.4%)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Alabama Economic Settlement Authority BP
Settlement Revenue
Alabama Economic Settlement Authority BP
Settlement Revenue
American Municipal Power Ohio Inc. Revenue
(Hydroelectric Projects)
American Municipal Power Ohio Inc. Revenue (Prairie
State Energy Campus Project)
American Municipal Power Ohio Inc. Revenue (Prairie
State Energy Campus Project)
American Municipal Power Ohio Inc. Revenue (Prairie
State Energy Campus Project)
American Municipal Power Ohio Inc. Revenue (Prairie
State Energy Campus Project)
American Municipal Power Ohio Inc. Revenue (Prairie
State Energy Campus Project)
American Municipal Power Ohio Inc. Revenue (Prairie
State Energy Campus Project)
Bay Area Toll Authority California Toll Bridge Revenue
(San Francisco Bay Area)
Bay Area Toll Authority California Toll Bridge Revenue
(San Francisco Bay Area)
Bay Area Toll Authority California Toll Bridge Revenue
(San Francisco Bay Area)
3.163%
9/15/25
300
302
4.263%
9/15/32
200
206
6.449%
2/15/44
200
246
7.834%
2/15/41
100
141
6.053%
2/15/43
50
59
5.939%
2/15/47
925
1,089
6.270%
2/15/50
160
192
7.499%
2/15/50
75
104
8.084%
2/15/50
175
265
6.793%
4/1/30
100
123
6.918%
4/1/40
175
236
6.263%
4/1/49
1,075
1,460
151
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Bay Area Toll Authority California Toll Bridge Revenue
(San Francisco Bay Area)
Bay Area Toll Authority California Toll Bridge Revenue
(San Francisco Bay Area)
California Department of Water Resources Power
Supply Revenue
California GO
California GO
California GO
California GO
California GO
California GO
California GO
California GO
California GO
Central Puget Sound WA Regional Transit Authority
Sales & Use Tax Revenue
Chicago IL GO
Chicago IL GO
Chicago IL Metropolitan Water Reclamation District GO
Chicago IL O'Hare International Airport Revenue
Chicago IL O'Hare International Airport Revenue
Chicago IL Transit Authority Sales Tax Receipts
Revenue
Chicago IL Transit Authority Transfer Tax Receipts
Revenue
Chicago IL Wastewater Transmission Revenue
Chicago IL Water Revenue
Clark County NV Airport System Revenue
Clark County NV Airport System Revenue
Colorado Bridge Enterprise Revenue
Commonwealth Financing Authority Pennsylvania
Revenue
Commonwealth Financing Authority Pennsylvania
Revenue
Connecticut GO
Connecticut GO
Connecticut Special Tax Revenue (Transportation
Infrastructure)
Cook County IL GO
Curators of the University of Missouri System Facilities
Revenue
Dallas County TX Hospital District Revenue
Dallas TX Area Rapid Transit Revenue
Dallas TX Area Rapid Transit Revenue
Dallas TX Area Rapid Transit Revenue
Dallas TX Convention Center Hotel Development Corp.
Hotel Revenue
Dallas TX Independent School District GO
Dartmouth College New Hampshire GO
Denver CO City & County School District No. 1 COP
Denver CO City & County School District No. 1 GO
District of Columbia Income Tax Revenue
District of Columbia Income Tax Revenue
District of Columbia Water & Sewer Authority Public
Utility Revenue
Energy Northwest Washington Electric Revenue
(Columbia Generating Station)
Florida Board of Administration Finance Corp Revenue
Florida Hurricane Catastrophe Fund Finance Corp.
Revenue
Florida Hurricane Catastrophe Fund Finance Corp.
Revenue
George Washington University District of Columbia GO
7.043%
4/1/50
125
177
6.907%
10/1/50
1,210
1,698
2.000%
5.750%
6.200%
5.700%
7.500%
7.550%
7.300%
7.350%
7.625%
7.600%
5/1/22
3/1/17
10/1/19
11/1/21
4/1/34
4/1/39
10/1/39
11/1/39
3/1/40
11/1/40
1,000
150
1,600
1,000
2,270
2,005
850
1,325
800
350
971
151
1,785
1,147
3,193
2,977
1,201
1,876
1,175
527
5.491%
7.375%
7.781%
5.720%
6.845%
6.395%
11/1/39
1/1/33
1/1/35
12/1/38
1/1/38
1/1/40
100
550
100
350
50
425
124
555
103
418
56
555
6.200%
12/1/40
200
234
6.899%
6.900%
6.742%
6.881%
6.820%
6.078%
12/1/40
1/1/40
11/1/40
7/1/42
7/1/45
12/1/40
735
75
675
75
275
700
918
92
852
84
386
876
4.014%
6/1/33
800
777
6.218%
5.090%
5.850%
6/1/39
10/1/30
3/15/32
325
575
610
384
643
744
5.459%
6.229%
11/1/30
11/15/34
150
400
171
468
5.792%
5.621%
4.922%
5.999%
5.022%
11/1/41
8/15/44
12/1/41
12/1/44
12/1/48
50
100
675
200
75
65
120
774
261
87
7.088%
6.450%
4.750%
7.017%
5.664%
5.591%
5.582%
1/1/42
2/15/35
6/1/19
12/15/37
12/1/33
12/1/34
12/1/35
1,120
150
15
100
75
50
75
1,475
172
16
133
93
61
92
4.814%
10/1/14
925
924
2.197%
2.638%
7/1/19
7/1/21
250
500
252
502
2.107%
7/1/18
425
429
2.995%
3.485%
7/1/20
9/15/22
1,400
500
1,434
513
152
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
15
George Washington University District of Columbia GO
Georgia GO
Georgia Municipal Electric Power Authority Revenue
Georgia Municipal Electric Power Authority Revenue
Georgia Municipal Electric Power Authority Revenue
Houston TX GO
Houston TX Utility System Revenue
Illinois GO
Illinois GO
Illinois GO
Illinois GO
Illinois GO
Illinois GO
Illinois GO
Illinois Toll Highway Authority Revenue
Illinois Toll Highway Authority Revenue
Indianapolis IN Local Public Improvement Revenue
Industry CA Sales Tax Revenue
JobsOhio Beverage System Statewide Liquor Profits
Revenue
JobsOhio Beverage System Statewide Liquor Profits
Revenue
Kansas Development Finance Authority Revenue
Kentucky Asset/Liability Commission General Fund
Revenue
Los Angeles CA Community College District GO
Los Angeles CA Community College District GO
Los Angeles CA Department of Airports International
Airport Revenue
Los Angeles CA Department of Water & Power
Revenue
Los Angeles CA Department of Water & Power
Revenue
Los Angeles CA Department of Water & Power
Revenue
Los Angeles CA Department of Water & Power
Revenue
Los Angeles CA Department of Water & Power
Revenue
Los Angeles CA Unified School District GO
Los Angeles CA Unified School District GO
Los Angeles County CA Metropolitan Transportation
Authority Sales Tax Revenue
Los Angeles County CA Public Works Financing
Authority Lease Revenue
Los Angeles County CA Public Works Financing
Authority Lease Revenue
Maryland Transportation Authority Facilities Projects
Revenue
Massachusetts GO
Massachusetts GO
Massachusetts School Building Authority Dedicated
Sales Tax Revenue
Massachusetts Transportation Fund Revenue
Massachusetts Water Pollution Abatement Trust
Revenue
Metropolitan Government of Nashville & Davidson
County TN Convention Center Authority Tourism Tax
Revenue
Metropolitan Government of Nashville & Davidson
County TN GO
Metropolitan Washington DC/VA Airports Authority
Dulles Toll Road Revenue
4.300%
4.503%
6.637%
6.655%
7.055%
6.290%
3.828%
5.365%
5.877%
4.950%
5.100%
6.630%
6.725%
7.350%
6.184%
5.851%
6.116%
5.125%
9/15/44
11/1/25
4/1/57
4/1/57
4/1/57
3/1/32
5/15/28
3/1/17
3/1/19
6/1/23
6/1/33
2/1/35
4/1/35
7/1/35
1/1/34
12/1/34
1/15/40
1/1/51
400
325
610
800
150
900
275
375
600
1,450
3,220
480
475
1,500
300
75
575
200
391
358
751
971
170
1,070
288
377
636
1,483
2,877
482
480
1,592
377
92
734
208
3.985%
1/1/29
300
317
4.532%
4.727%
1/1/35
4/15/37
225
500
243
524
3.165%
6.600%
6.750%
4/1/18
8/1/42
8/1/49
14
1,050
235
14
1,457
338
6.582%
5/15/39
300
384
5.716%
7/1/39
100
122
6.008%
7/1/39
325
403
6.166%
7/1/40
100
111
6.574%
7/1/45
410
561
6.603%
5.750%
6.758%
7/1/50
7/1/34
7/1/34
500
1,560
100
698
1,923
134
5.735%
6/1/39
125
154
7.488%
8/1/33
200
265
7.618%
8/1/40
50
71
5.888%
4.200%
5.456%
7/1/43
12/1/21
12/1/39
100
1,375
845
125
1,476
1,041
5.715%
5.731%
8/15/39
6/1/40
500
50
628
63
5.192%
8/1/40
435
496
6.731%
7/1/43
100
129
5.707%
7/1/34
125
149
7.462%
10/1/46
575
805
153
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
16
Metropolitan Water District of Southern California
Revenue
Mississippi GO
Missouri Highways & Transportation Commission Road
Revenue
New Jersey Economic Development Authority
Revenue (State Pension Funding)
New Jersey Transportation Trust Fund Authority
Transportation System Revenue
New Jersey Transportation Trust Fund Authority
Transportation System Revenue
New Jersey Transportation Trust Fund Authority
Transportation System Revenue
New Jersey Turnpike Authority Revenue
New Jersey Turnpike Authority Revenue
New York City NY GO
New York City NY GO
New York City NY GO
New York City NY GO
New York City NY GO
New York City NY GO
New York City NY Municipal Water Finance Authority
Water & Sewer System Revenue
New York City NY Municipal Water Finance Authority
Water & Sewer System Revenue
New York City NY Municipal Water Finance Authority
Water & Sewer System Revenue
New York City NY Municipal Water Finance Authority
Water & Sewer System Revenue
New York City NY Municipal Water Finance Authority
Water & Sewer System Revenue
New York City NY Municipal Water Finance Authority
Water & Sewer System Revenue
New York City NY Transitional Finance Authority
Building Aid Revenue
New York City NY Transitional Finance Authority Future
Tax Revenue
New York City NY Transitional Finance Authority Future
Tax Revenue
New York City NY Transitional Finance Authority Future
Tax Revenue
New York Metropolitan Transportation Authority
Revenue (Dedicated Tax Fund)
New York Metropolitan Transportation Authority
Revenue (Dedicated Tax Fund)
New York Metropolitan Transportation Authority
Revenue (Transit Revenue)
New York Metropolitan Transportation Authority
Revenue (Transit Revenue)
New York State Dormitory Authority Revenue (Personal
Income Tax)
New York State Dormitory Authority Revenue (Personal
Income Tax)
New York State Dormitory Authority Revenue (Personal
Income Tax)
New York State Urban Development Corp. Revenue
(Personal Income Tax)
New York State Urban Development Corp. Revenue
(Personal Income Tax)
New York University Hospitals Center GO
New York University Hospitals Center Revenue
North Texas Tollway Authority System Revenue
Ohio State University General Receipts Revenue
Ohio State University General Receipts Revenue
6.947%
5.245%
7/1/40
11/1/34
75
50
86
60
5.445%
5/1/33
100
119
7.425%
2/15/29
1,435
1,690
5.754%
12/15/28
460
480
6.104%
12/15/28
1,150
1,211
6.561%
7.414%
7.102%
6.246%
5.968%
5.985%
5.517%
6.271%
5.846%
12/15/40
1/1/40
1/1/41
6/1/35
3/1/36
12/1/36
10/1/37
12/1/37
6/1/40
450
375
1,705
100
160
75
400
700
100
496
540
2,382
111
203
94
484
914
128
5.750%
6/15/41
100
128
5.790%
6/15/41
500
553
5.952%
6/15/42
100
129
6.011%
6/15/42
75
98
5.440%
6/15/43
100
123
5.882%
6/15/44
1,510
1,951
6.828%
7/15/40
250
332
5.767%
8/1/36
300
371
5.508%
8/1/37
150
182
5.572%
11/1/38
625
761
7.336%
11/15/39
1,225
1,801
6.089%
11/15/40
50
63
5.871%
11/15/39
100
120
6.648%
11/15/39
585
763
5.500%
3/15/30
530
626
5.628%
3/15/39
95
116
5.389%
3/15/40
150
181
5.770%
3/15/39
300
361
5.838%
4.428%
5.750%
6.718%
4.910%
3.798%
3/15/40
7/1/42
7/1/43
1/1/49
6/1/40
12/1/46
75
200
375
700
175
100
92
192
438
978
200
97
154
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
17
15
Ohio State University General Receipts Revenue
Ohio State University General Receipts Revenue
Ohio University General Receipts Revenue
Ohio Water Development Authority Water Pollution
Control Loan Fund Revenue
Orange County CA Local Transportation Authority Sales
Tax Revenue
Oregon Department of Transportation Highway User
Tax Revenue
Oregon GO
Oregon GO
Oregon School Boards Association GO
Oregon School Boards Association GO
Pennsylvania GO
Pennsylvania GO
Pennsylvania Public School Building Authority Lease
Revenue (School District of Philadelphia)
Pennsylvania Turnpike Commission Revenue
Pennsylvania Turnpike Commission Revenue
Philadelphia PA Industrial Development Authority City
Service Agreement Revenue
Port Authority of New York & New Jersey Revenue
Port Authority of New York & New Jersey Revenue
Port Authority of New York & New Jersey Revenue
Port Authority of New York & New Jersey Revenue
Port Authority of New York & New Jersey Revenue
Port Authority of New York & New Jersey Revenue
Port Authority of New York & New Jersey Revenue
President & Fellows of Harvard College Massachusetts
GO
President & Fellows of Harvard College Massachusetts
GO
Princeton University New Jersey GO
Princeton University New Jersey GO
Regional Transportation District of Colorado Sales Tax
Revenue
Rutgers State University New Jersey Revenue
Sacramento CA Public Financing Authority Lease
Revenue
Salt River Project Arizona Agricultural Improvement &
Power District Revenue
San Antonio TX Electric & Gas Systems Revenue
San Antonio TX Electric & Gas Systems Revenue
San Antonio TX Electric & Gas Systems Revenue
San Antonio TX Electric & Gas Systems Revenue
San Diego County CA Regional Airport Authority
Revenue
San Diego County CA Water Authority Revenue
San Francisco CA City & County Public Utilities
Commission Water Revenue
San Francisco CA City & County Public Utilities
Commission Water Revenue
Santa Clara Valley CA Transportation Authority Sales
Tax Revenue
Sonoma County CA Pension Obligation Revenue
South Carolina Public Service Authority Revenue
South Carolina Public Service Authority Revenue
Sumter Landing FL Community Development District
Recreational Revenue
Texas GO
Texas Transportation Commission Revenue
Texas Transportation Commission Revenue
Texas Transportation Commission Revenue
Texas Transportation Commission Revenue
4.048%
4.800%
5.590%
12/1/56
6/1/11
12/1/14
200
665
200
197
646
209
4.879%
12/1/34
100
113
6.908%
2/15/41
75
101
5.834%
5.762%
5.892%
4.759%
5.528%
4.650%
5.350%
11/15/34
6/1/23
6/1/27
6/30/28
6/30/28
2/15/26
5/1/30
225
500
375
500
125
250
400
283
563
455
554
146
271
437
5.000%
5.511%
5.561%
9/15/27
12/1/45
12/1/49
100
375
75
103
450
91
3.964%
6.040%
5.647%
4.960%
5.310%
4.926%
4.458%
4.810%
4/15/26
12/1/29
11/1/40
8/1/46
8/1/46
10/1/51
10/1/62
10/15/65
250
125
800
975
375
535
1,075
150
245
157
964
1,088
404
593
1,079
160
4.875%
10/15/40
275
323
3.150%
4.950%
5.700%
7/15/46
3/1/19
3/1/39
300
1,375
300
267
1,465
393
5.844%
5.665%
11/1/50
5/1/40
150
325
194
381
5.637%
4/1/50
350
384
4.839%
5.985%
5.718%
5.808%
4.427%
1/1/41
2/1/39
2/1/41
2/1/41
2/1/42
375
225
100
500
450
429
289
125
629
482
5.594%
6.138%
7/1/43
5/1/49
300
1,000
329
1,303
6.000%
11/1/40
75
92
6.950%
11/1/50
500
700
5.876%
6.000%
2.388%
6.454%
4/1/32
12/1/29
12/1/23
1/1/50
645
250
250
475
780
293
242
621
4.172%
5.517%
5.028%
5.178%
4.631%
4.681%
10/1/47
4/1/39
4/1/26
4/1/30
4/1/33
4/1/40
200
660
100
275
300
100
193
834
114
325
341
113
155
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
15
Tufts University Massachusetts GO
University of California Regents Medical Center
Revenue
University of California Regents Medical Center
Revenue
University of California Revenue
University of California Revenue
University of California Revenue
University of California Revenue
University of California Revenue
University of California Revenue
University of California Revenue
University of Massachusetts Building Authority
Revenue
University of Southern California GO
University of Texas System Revenue Financing System
Revenue
University of Texas System Revenue Financing System
Revenue
University of Texas System Revenue Financing System
Revenue
University of Virginia Revenue
Utah GO
Utah GO
Virginia Commonwealth Transportation Board Revenue
Washington GO
Washington GO
Washington University Revenue
Wisconsin GO
5.017%
4/15/12
550
568
6.548%
5/15/48
150
197
6.583%
1.796%
4.601%
6.270%
5.770%
4.765%
5.946%
4.858%
5/15/49
7/1/19
5/15/31
5/15/31
5/15/43
5/15/44
5/15/45
5/15/12
125
1,400
500
500
410
150
275
330
163
1,404
551
548
501
158
339
320
5.450%
5.250%
11/1/40
10/1/11
75
200
91
225
5.262%
7/1/39
100
122
6.276%
8/15/41
75
83
5.134%
6.200%
4.554%
3.539%
5.350%
5.481%
5.140%
3.086%
5.700%
8/15/42
9/1/39
7/1/24
7/1/25
5/15/35
8/1/39
8/1/40
9/15/51
5/1/26
150
450
125
50
160
50
480
200
325
179
617
138
52
193
62
573
167
379
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Taxable Municipal Bonds (Cost $102,961)
111,346
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Convertible Bonds (0.0%)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Catalyst Biosciences Inc. Cvt. (Cost $0)
0.000%
2/19/18
84,884
55
3/9/17
4/20/17
4/27/17
5/25/17
400
1,000
500
400
400
998
499
399
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Temporary Cash Investments (1.5%)
1
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
U.S. Government and Agency Obligations (0.0%)
18
United States Treasury Bill
18
United States Treasury Bill
18
United States Treasury Bill
18
United States Treasury Bill
0.486%
0.454%
0.557%
0.607%
2,296
Shares
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Money Market Fund (1.5%)
19,20 Vanguard Market Liquidity Fund
0.823%
4,499,340
449,979
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Temporary Cash Investments (Cost $452,239)
452,275
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Investments (101.1%) (Cost $21,617,864)
30,868,948
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Other Assets and Liabilities—Net (-1.1%)
(335,803)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Net Assets (100%)
30,533,145
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
^
1
2
3
4
Non-income-producing security.
Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $39,640,000.
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 59.8% and 1.5%, respectively, of net
assets.
The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full
faith and credit of the U.S. government.
Securities with a value of $693,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions.
U.S. government-guaranteed.
156
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2016
5
The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal
Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior
preferred stock.
6
The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and
prepayments or the possibility of the issue being called.
7
Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2016.
8
Adjustable-rate security.
9
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, 2016, the aggregate value of these securities was $61,689,000,
representing 0.2% of net assets.
10 Guaranteed by the Government of Canada.
11 Guaranteed by the Government of Japan.
12 Guaranteed by the Federal Republic of Germany.
13 Guaranteed by the Republic of Austria.
14 Guaranteed by the Republic of the Philippines.
15 Scheduled principal and interest payments are guaranteed by AGM (Assured Guaranty Municipal Corporation).
16 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
17 Scheduled principal and interest payments are guaranteed by AMBAC (Ambac Assurance Corporation).
18 Securities with a value of $2,296,000 have been segregated as initial margin for open futures contracts.
19 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
20 Includes $42,574,000 of collateral received for securities on loan.
COP—Certificate of Participation.
CVR—Contingent Value Rights.
GO—General Obligation Bond.
REIT—Real Estate Investment Trust.
157
© 2017 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA020_022017
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