UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-7023
Name of Registrant: Vanguard Valley Forge Funds
Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service: | Heidi Stam, Esquire P.O. Box 876 Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000 Date of fiscal year end: December 31 Date of reporting period: January 1, 2009 – December 31, 2009 Item 1: Reports to Shareholders
Vanguard Balanced Index Fund |
Annual Report |
December 31, 2009 |
> Vanguard Balanced Index Fund returned about 20% for the 12 months ended
December 31, 2009, one of the fund’s best annual returns since its inception.
> The fund’s return was in line with that of the benchmark index. It trailed the
average return of the fund’s peer group.
> After hitting a bottom in March, stock prices—and the fund’s equity
portfolio—outpaced the broad fixed income market.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Results of Proxy Voting. | 8 |
Fund Profile. | 9 |
Performance Summary. | 11 |
Financial Statements. | 14 |
Your Fund’s After-Tax Returns. | 33 |
About Your Fund’s Expenses. | 34 |
Glossary. | 36 |
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.
Cover photograph: Veronica Coia.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard Balanced Index Fund | |
Investor Shares | 20.05% |
Admiral™ Shares | 20.11 |
Signal® Shares | 20.17 |
Institutional Shares | 20.18 |
Balanced Composite Index | 19.71 |
Mixed-Asset Target Allocation Growth Funds Average | 24.45 |
Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones Wilshire 5000 Index and 40% Lehman U.S.
Aggregate Bond Index through May 31, 2005; and 60% MSCI US Broad Market Index and 40% Barclays Capital U.S. Aggregate Bond Index
through December 31, 2009, after which the Barclays index was replaced by the Barclays Capital U.S. Aggregate Float Adjusted Index.
Mixed-Asset Target Allocation Growth Funds Average: Derived from data provided by Lipper Inc.
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the
fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service,
and account-size criteria. Institutional Shares are available for a minimum initial investment of $5 million.
Your Fund’s Performance at a Glance
December 31, 2008 , Through December 31, 2009
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Balanced Index Fund | ||||
Investor Shares | $16.59 | $19.35 | $0.514 | $0.000 |
Admiral Shares | 16.60 | 19.35 | 0.534 | 0.000 |
Signal Shares | 16.42 | 19.15 | 0.528 | 0.000 |
Institutional Shares | 16.60 | 19.35 | 0.544 | 0.000 |
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Chairman’s Letter
Dear Shareholder,
Vanguard Balanced Index Fund began 2009 in negative territory, but thanks to a remarkable stock market rebound ended the year with one of its best performances since its inception in 1992.
For the 12 months ended December 31, the Balanced Index Fund returned about 20%, in line with the return of its benchmark, the Balanced Composite Index. The fund’s return was behind the average result for its peer group, mixed-asset target allocation growth funds. Overall, the past year was vastly different from 2008, when the fund recorded its worst calendar-year return ever (–22%).
Throughout 2009, the fund’s stock and bond components closely tracked their respective targets, the MSCI® US Broad Market Index and the Barclays Capital U.S. Aggregate Bond Index, which together make up the composite benchmark. After the U.S. stock market rallied in March, the fund’s equity portfolio, which accounts for about 60% of its holdings, outperformed its bond portfolio, which makes up about 40% of the fund’s assets.
As of December 31, the 30-day SEC yield for the fund’s Investor Shares was 2.20%, down from 3.25% a year earlier.
If you hold shares of the fund in a taxable account, you may wish to review the section later in this report on the fund’s after-tax returns.
2
Impressive stock returns masked lingering uncertainties
Last year, the broad U.S. stock market returned more than 29%, its highest calendar-year return since 2003. The year began with the market searching for a bottom, and it finally hit a low point in early March. From there, stocks mounted one of their strongest rallies ever—in magnitude and duration—resulting in a check mark-shaped stock chart for 2009.
The market’s outsized result came against a backdrop of economic uncertainty. The economy, which struggled to regain its footing as the financial crisis abated, began to show signs of growth in the second half of the year, even as unemployment climbed to levels not seen since 1983.
Stock markets outside the United States fared even better during 2009, especially many emerging markets, which weathered the financial crisis in relatively better fiscal and economic shape than their developed-market counterparts.
Bond markets calmed down, money market funds endured
Compared with the last months of 2008, when credit markets seized up and investors fled to the safety of U.S. Treasuries, 2009 represented a return to normalcy for bonds. Investors’ appetite for risk returned, and the demand for corporate bonds increased, raising their prices and bringing down their yields. For the 12 months ended December 31, the
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2009 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 28.43% | -5.36% | 0.79% |
Russell 2000 Index (Small-caps) | 27.17 | -6.07 | 0.51 |
Dow Jones U.S. Total Stock Market Index | 29.35 | -5.01 | 1.09 |
MSCI All Country World Index ex USA (International) | 42.14 | -3.04 | 6.30 |
Bonds | |||
Barclays Capital U.S. Aggregate Bond Index (Broad | |||
taxable market) | 5.93% | 6.04% | 4.97% |
Barclays Capital Municipal Bond Index | 12.91 | 4.41 | 4.32 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.16 | 2.22 | 2.88 |
CPI | |||
Consumer Price Index | 2.72% | 2.28% | 2.56% |
3
broad taxable bond market returned about 6%, while municipal bonds returned about 13%.
Meanwhile, money market funds and other short-term savings vehicles did poorly in 2009. Interest rates at the shortest end of the maturity spectrum remained at historic lows, a casualty of the Federal Reserve Board’s efforts to revive the economy. The Fed kept its target for the federal funds rate between 0% and 0.25% for the entire year.
The fund’s equity holdings boosted returns for the year
Vanguard Balanced Index Fund aims to provide investors the benefit of the stock
market’s long-term return potential along with the relative stability of high-quality bonds.
For the 12-month period, the fund’s equity holdings returned 28.8%; its bond holdings returned 6.1%.
In the first two months of the year, the U.S. stock market continued to plummet as investors shunned stocks, particularly those of troubled banks and debt-heavy manufacturers, in favor of ultra-safe government bonds. But by spring, as massive federal government intervention began to stabilize the financial industry, investors grew more confident and became increasingly willing to invest in riskier securities.
Expense Ratios | |||||
Your Fund Compared With Its Peer Group | |||||
Investor | Admiral | Signal | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Average | |
Balanced Index Fund | 0.25% | 0.15% | 0.15% | 0.09% | 1.08% |
The fund expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year
based on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.25%
for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, and 0.08% for Institutional Shares. The peer-group expense ratio is
derived from data provided by Lipper Inc. and captures information through year-end 2008.
Peer group: Mixed-Asset Target Allocation Growth Funds.
4
Equity investors looked beyond traditionally defensive sectors to those they hoped would benefit from an economic rebound. By year-end, every sector in the fund’s equity portfolio posted a double-digit gain.
Information technology, the fund’s largest stock sector, recorded a 62% return for the year, contributing the most to the overall return. Computer manufacturers and software developers helped the IT sector’s performance. Tech companies benefited from solid balance sheets as investors sought stable businesses that could capitalize on the opportunities presented by an economic recovery.
The consumer discretionary and health care sectors also were large contributors to the fund’s equity return. Consumer discretionary stocks rose on signs that the American consumer might be starting to spend again, brightening the business outlook for many retail companies. Specialty retail stores and entertainment companies benefited the most in the consumer discretionary sector. In health care, pharmaceutical companies with strong product pipelines led the way.
The Balanced Index Fund’s fixed income portfolio, like the broad market it seeks to track, is heavily tilted toward relatively safe U.S. government or government-related bonds as well as highly rated corporate
Total Returns | |
Ten Years Ended December 31, 2009 | |
Average | |
Annual Return | |
Balanced Index Fund Investor Shares | 2.64% |
Balanced Composite Index | 2.73 |
Mixed-Asset Target Allocation Growth Funds Average | 1.83 |
Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones Wilshire 5000 Index and 40% Lehman U.S.
Aggregate Bond Index through May 31, 2005; and 60% MSCI US Broad Market Index and 40% Barclays Capital U.S. Aggregate Bond Index
through December 31, 2009, after which the Barclays index was replaced by the Barclays Capital U.S. Aggregate Float Adjusted Index.
Mixed-Asset Target Allocation Growth Funds Average: Derived from data provided by Lipper Inc.
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 www.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.
5
bonds. This makeup helped to cushion the fund’s returns from the stock market’s steep declines early in the year.
The market’s 2008 plunge hurt a strong record
For the ten years ended December 31, 2009, the Balanced Index Fund returned an average of 2.64% per year for Investor Shares, significantly ahead of its peer-group average and in line with its benchmark index.
The fund’s long-term performance record clearly has suffered because of the 2008 bear market and the heavy toll it took on that year’s returns. At the end of 2007, the ten-year annualized return for Investor Shares was 6.41%. Just two years later, with the 2008 decline embedded in the record, the return is almost 4 percentage points lower.
Throughout the financial markets’ ups and downs, however, the fund has distinguished itself by closely following the results of its index. This performance is a credit to the fund’s advisors, Vanguard Quantitative Equity and Fixed Income Groups, and their widely recognized expertise in tracking indexes. These long-tenured professionals have developed sophisticated portfolio construction and trading methodologies to help Vanguard deliver strong index fund management in a variety of marketplaces and market
environments. The groups’ efforts are made easier, of course, by the fund’s low operating expenses.
When the markets are unruly, perspective and planning can help
Financial markets are largely unpredictable, and they can vary wildly even within short periods—as we have witnessed over the past 12 months.
At Vanguard, we encourage you to focus on the long term and avoid making rash decisions based on the markets’ short-term volatility. It’s important to stick with time-tested principles of balance and diversification, both within and across asset classes.
One of the best ways to do that is to develop a well-balanced and diversified portfolio that is consistent with your long-term goals, time horizon, and risk tolerance. Such a portfolio should include a cost-efficient mix of stocks, bonds, and short-term reserves. Vanguard Balanced Index Fund, with its portfolio of stocks and bonds, can play an important role in such a diversified portfolio by providing opportunities for possible growth in bull markets and potential protection in bear markets.
On another matter, I would like to inform you that on January 1, 2010, we completed a leadership transition that began in March 2008. I succeeded
6
Jack Brennan as chairman of Vanguard and each of the funds. Jack has agreed to serve as chairman emeritus and senior advisor.
Under Jack’s leadership, Vanguard has grown to become a preeminent firm in the mutual fund industry. Jack’s energy, his relentless pursuit of perfection, and his unwavering focus on always doing the right thing for our clients are evident in every facet of Vanguard policy today.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 15, 2010
Results of Proxy Voting
At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals:
Proposal 1—Elect trustees for each fund.*
The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
John J. Brennan | 308,180,660 | 5,027,321 | 98.4% |
Charles D. Ellis | 306,195,307 | 7,012,674 | 97.8% |
Emerson U. Fullwood | 307,392,203 | 5,815,778 | 98.1% |
Rajiv L. Gupta | 307,581,442 | 5,626,538 | 98.2% |
Amy Gutmann | 307,914,109 | 5,293,871 | 98.3% |
JoAnn Heffernan Heisen | 307,790,662 | 5,417,318 | 98.3% |
F. William McNabb III | 307,810,950 | 5,397,030 | 98.3% |
André F. Perold | 307,354,765 | 5,853,216 | 98.1% |
Alfred M. Rankin, Jr. | 307,882,509 | 5,325,471 | 98.3% |
Peter F. Volanakis | 307,713,861 | 5,494,119 | 98.2% |
* Results are for all funds within the same trust. |
Proposal 2—Update and standardize the funds’ fundamental policies regarding:
(a) Purchasing and selling real estate.
(b) Issuing senior securities.
(c) Borrowing money.
(d) Making loans.
(e) Purchasing and selling commodities.
(f) Concentrating investments in a particular industry or group of industries.
(g) Eliminating outdated fundamental investment policies not required by law.
The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Balanced Index Fund | |||||
2a | 277,144,569 | 3,625,252 | 6,601,220 | 11,113,614 | 92.9% |
2b | 276,614,903 | 4,064,621 | 6,691,516 | 11,113,615 | 92.7% |
2c | 271,617,800 | 4,030,282 | 11,722,960 | 11,113,614 | 91.0% |
2d | 276,051,549 | 4,009,287 | 7,310,203 | 11,113,616 | 92.5% |
2e | 274,887,262 | 3,782,090 | 8,701,691 | 11,113,612 | 92.1% |
2f | 276,091,835 | 3,757,119 | 7,522,085 | 11,113,616 | 92.5% |
2g | 278,453,438 | 3,716,915 | 5,200,685 | 11,113,617 | 93.3% |
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Balanced Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | ||||
Investor | Admiral | Signal | Institutional | |
Shares | Shares | Shares | Shares | |
Ticker Symbol | VBINX | VBIAX | VBASX | VBAIX |
Expense Ratio1 | 0.25% | 0.15% | 0.15% | 0.09% |
30-Day SEC Yield | 2.20% | 2.34% | 2.34% | 2.38% |
Equity Characteristics | ||
MSCI US | ||
Broad Market | ||
Fund | Index | |
Number of Stocks | 3,265 | 3,560 |
Median Market Cap | $30.0B | $30.0B |
Price/Earnings Ratio | 35.4x | 35.4x |
Price/Book Ratio | 2.1x | 2.1x |
Return on Equity | 19.4% | 19.3% |
Earnings Growth Rate | 8.4% | 8.4% |
Dividend Yield | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate | 55% | — |
Short-Term Reserves | 1.6% | — |
Fixed Income Characteristics | ||
Barclays | ||
U.S. | ||
Aggregate | ||
Fund | Bond Index | |
Number of Bonds | 2,310 | 8,413 |
Average Quality | Aa1/Aa2 | Aa1/Aa2 |
Yield to Maturity | ||
(before expenses) | 3.6% | 3.7% |
Average Coupon | 4.9% | 4.7% |
Average Duration | 4.5 years | 4.6 years |
Average Effective | ||
Maturity | 6.7 years | 6.8 years |
Average quality: Moody’s Investors Service. |
Total Fund Volatility Measures | ||
Balanced | MSCI US Broad | |
Comp Index | Market Index | |
R-Squared | 1.00 | 0.98 |
Beta | 1.00 | 0.62 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Stocks (% of equity portfolio) | ||
Exxon Mobil Corp. | Integrated Oil & | |
Gas | 2.7% | |
Microsoft Corp. | Systems Software | 2.0 |
Apple Inc. | Computer | |
Hardware | 1.5 | |
Johnson & Johnson | Pharmaceuticals | 1.5 |
Procter & Gamble Co. | Household | |
Products | 1.4 | |
International Business | Computer | |
Machines Corp. | Hardware | 1.4 |
AT&T Inc. | Integrated | |
Telecommunication | ||
Services | 1.4 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.3 | |
General Electric Co. | Industrial | |
Conglomerates | 1.3 | |
Chevron Corp. | Integrated Oil & | |
Gas | 1.3 | |
Top Ten | 15.8% | |
Top Ten as % of Total Net Assets | 9.6% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the expense ratios were 0.25% for Investor
Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, and 0.08% for Institutional Shares.
9
Balanced Index Fund
Fund Asset Allocation
Sector Diversification (% of equity exposure) | ||
MSCI US | ||
Broad Market | ||
Fund | Index | |
Consumer | ||
Discretionary | 10.3% | 10.2% |
Consumer Staples | 9.8 | 9.8 |
Energy | 11.0 | 11.0 |
Financials | 15.2 | 15.3 |
Health Care | 12.6 | 12.6 |
Industrials | 11.0 | 10.9 |
Information | ||
Technology | 19.5 | 19.6 |
Materials | 3.9 | 3.9 |
Telecommunication | ||
Services | 2.9 | 2.9 |
Utilities | 3.8 | 3.8 |
Sector Diversification (% of fixed income | |
portfolio) | |
Asset-Backed | 3.9% |
Commercial Mortgage-Backed | 1.7 |
Finance | 7.4 |
Foreign | 4.0 |
Government Mortgage-Backed | 38.3 |
Industrial | 10.5 |
Treasury/Agency | 31.5 |
Utilities | 2.2 |
Other | 0.5 |
The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are not
backed by the full faith and credit of the U.S. government.
Distribution by Credit Quality (% of fixed | |
income portfolio) | |
Aaa | 76.6% |
Aa | 4.2 |
A | 10.4 |
Baa | 8.8 |
Ratings: Moody’s Investors Service. |
Equity Investment Focus
Fixed Income Investment Focus
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 www.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, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Balanced Index Fund Investor Shares | 20.05% | 2.87% | 2.64% | $12,977 | |
•••••••• | Spliced Total Stock Market Index | 28.76 | 0.99 | -0.22 | 9,780 |
- - - - - - | Barclays Capital U.S. Aggregate Bond | ||||
Index | 5.93 | 4.97 | 6.33 | 18,475 | |
– – – – | Balanced Composite Index | 19.71 | 2.93 | 2.73 | 13,094 |
Mixed-Asset Target Allocation Growth Funds Average | 24.45 | 1.66 | 1.83 | 11,988 |
Spliced Total Stock Market Index: Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index thereafter.
Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones Wilshire 5000 Index and 40% Lehman U.S.
Aggregate Bond Index through May 31, 2005; and 60% MSCI US Broad Market Index and 40% Barclays Capital U.S. Aggregate Bond Index
through December 31, 2009, after which the Barclays index was replaced by the Barclays Capital U.S. Aggregate Float Adjusted Index.
Mixed-Asset Target Allocation Growth Funds Average: Derived from data provided by Lipper Inc.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
11
Balanced Index Fund
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/13/2000) | Investment | |
Balanced Index Fund Admiral | ||||
Shares | 20.11% | 2.96% | 3.19% | $133,225 |
Spliced Total Stock Market Index | 28.76 | 0.99 | 0.73 | 106,913 |
Barclays Capital U.S. Aggregate | ||||
Bond Index | 5.93 | 4.97 | 6.04 | 170,801 |
Balanced Composite Index | 19.71 | 2.93 | 3.21 | 133,457 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (9/1/2006) | Investment | |
Balanced Index Fund Signal Shares | 20.17% | 1.65% | $1,056,127 |
Spliced Total Stock Market Index | 28.76 | -2.06 | 932,900 |
Barclays Capital U.S. Aggregate | |||
Bond Index | 5.93 | 6.07 | 1,217,018 |
Balanced Composite Index | 19.71 | 1.56 | 1,052,803 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception.
Since | Final Value | |||
One | Five | Inception | of a $5,000,000 | |
Year | Years | (12/1/2000) | Investment | |
Balanced Index Fund Institutional | ||||
Shares | 20.18% | 2.99% | 3.46% | $6,807,976 |
Spliced Total Stock Market Index | 28.76 | 0.99 | 1.17 | 5,557,279 |
Barclays Capital U.S. Aggregate | ||||
Bond Index | 5.93 | 4.97 | 5.95 | 8,448,727 |
Balanced Composite Index | 19.71 | 2.93 | 3.44 | 6,798,323 |
Performance for the fund’s Institutional Shares and comparative standards is calculated since the Institutional Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
12
Balanced Index Fund
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
13
Balanced Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2009
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 smalle r 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 (www.sec.gov), or you can have it mailed to you withou t 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).
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Common Stocks | ||||
Consumer Discretionary | ||||
McDonald’s Corp. | 488,326 | 30,491 | 0.3% | |
Walt Disney Co. | 799,949 | 25,798 | 0.3% | |
Consumer Discretionary—Other † | 504,975 | 5.6% | ||
561,264 | 6.2% | |||
Consumer Staples | ||||
Procter & Gamble Co. | 1,306,146 | 79,192 | 0.9% | |
Wal-Mart Stores Inc. | 1,046,192 | 55,919 | 0.6% | |
Coca-Cola Co. | 933,234 | 53,194 | 0.6% | |
PepsiCo Inc. | 697,087 | 42,383 | 0.5% | |
Philip Morris International Inc. | 865,640 | 41,715 | 0.5% | |
Consumer Staples—Other † | 266,372 | 2.9% | ||
538,775 | 6.0% | |||
Energy | ||||
Exxon Mobil Corp. | 2,150,473 | 146,641 | 1.6% | |
Chevron Corp. | 897,384 | 69,090 | 0.8% | |
Schlumberger Ltd. | 536,002 | 34,888 | 0.4% | |
ConocoPhillips | 630,330 | 32,191 | 0.4% | |
Occidental Petroleum Corp. | 362,805 | 29,514 | 0.3% | |
Energy—Other † | 288,901 | 3.2% | ||
601,225 | 6.7% | |||
Financials | ||||
JPMorgan Chase & Co. | 1,759,757 | 73,329 | 0.8% | |
Wells Fargo & Co. | 2,173,451 | 58,661 | 0.7% | |
Bank of America Corp. | 3,871,400 | 58,303 | 0.6% | |
Goldman Sachs Group Inc. | 217,278 | 36,685 | 0.4% | |
Citigroup Inc. | 9,485,707 | 31,398 | 0.3% | |
*,^ | Federal National Mortgage Assn. | 498,802 | 589 | 0.0% |
*,^ | Federal Home Loan Mortgage Corp. | 302,728 | 445 | 0.0% |
Financials—Other † | 575,042 | 6.4% | ||
834,452 | 9.2% |
14
Balanced Index Fund
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Health Care | |||
Johnson & Johnson | 1,233,145 | 79,427 | 0.9% |
Pfizer Inc. | 3,608,511 | 65,639 | 0.7% |
Merck & Co. Inc. | 1,366,752 | 49,941 | 0.6% |
Abbott Laboratories | 691,679 | 37,344 | 0.4% |
* Amgen Inc. | 454,356 | 25,703 | 0.3% |
Health Care—Other † | 432,478 | 4.8% | |
690,522 | 7.7% | ||
Industrials | |||
General Electric Co. | 4,755,320 | 71,948 | 0.8% |
United Technologies Corp. | 400,055 | 27,768 | 0.3% |
3M Co. | 296,769 | 24,534 | 0.3% |
Industrials—Other † | 475,859 | 5.2% | |
600,109 | 6.6% | ||
Information Technology | |||
Microsoft Corp. | 3,588,596 | 109,416 | 1.2% |
* Apple Inc. | 400,859 | 84,525 | 0.9% |
International Business Machines Corp. | 586,555 | 76,780 | 0.8% |
* Google Inc. Class A | 108,274 | 67,128 | 0.7% |
* Cisco Systems Inc. | 2,581,023 | 61,790 | 0.7% |
Hewlett-Packard Co. | 1,067,799 | 55,002 | 0.6% |
Intel Corp. | 2,505,018 | 51,102 | 0.6% |
Oracle Corp. | 1,795,306 | 44,057 | 0.5% |
QUALCOMM Inc. | 743,844 | 34,410 | 0.4% |
Information Technology—Other † | 482,944 | 5.4% | |
1,067,154 | 11.8% | ||
Materials † | 215,491 | 2.4% | |
Telecommunication Services | |||
AT&T Inc. | 2,640,136 | 74,003 | 0.8% |
Verizon Communications Inc. | 1,271,041 | 42,110 | 0.5% |
Telecommunication Services—Other † | 42,498 | 0.5% | |
158,611 | 1.8% | ||
Utilities † | 209,107 | 2.3% | |
Total Common Stocks (Cost $4,209,391) | 5,476,710 | 60.7%1 | |
Convertible Preferred Stock (Cost $34) † | 24 | 0.0% |
15
Balanced Index Fund
Face | Market | Percentage | |||||
Maturity | Amount | Value• | of Net | ||||
Coupon | Date | ($000) | ($000) | Assets | |||
U.S. Government and Agency Obligations | |||||||
U.S. Government Securities | |||||||
United States Treasury | |||||||
Inflation-Indexed Bonds | 3.500% | 1/15/11 | 2,950 | 3,800 | 0.1% | ||
United States Treasury Note/Bond | 5.125% | 6/30/11 | 42,700 | 45,369 | 0.5% | ||
United States Treasury Note/Bond | 3.375% | 11/15/19 | 39,997 | 38,491 | 0.4% | ||
United States Treasury Note/Bond | 3.875% | 2/15/13 | 34,100 | 36,327 | 0.4% | ||
United States Treasury Note/Bond | 2.625% | 2/29/16 | 35,300 | 34,351 | 0.4% | ||
United States Treasury Note/Bond | 4.375% | 12/15/10 | 29,475 | 30,553 | 0.3% | ||
United States Treasury Note/Bond | 4.500% | 4/30/12 | 27,775 | 29,780 | 0.3% | ||
United States Treasury Note/Bond | 8.750% | 5/15/17 | 21,300 | 28,805 | 0.3% | ||
United States Treasury Note/Bond | 1.375% | 2/15/12 | 27,750 | 27,828 | 0.3% | ||
United States Treasury Note/Bond | 7.875% | 2/15/21 | 19,400 | 26,087 | 0.3% | ||
United States Treasury Note/Bond | 3.625% | 5/15/13 | 23,950 | 25,364 | 0.3% | ||
United States Treasury Note/Bond | 3.875% | 5/15/18 | 24,875 | 25,268 | 0.3% | ||
United States Treasury Note/Bond | 1.375% | 4/15/12 | 24,325 | 24,352 | 0.3% | ||
United States Treasury Note/Bond | 4.250% | 8/15/13 | 21,625 | 23,342 | 0.3% | ||
United States Treasury Note/Bond | 0.875%– | ||||||
11.250% | 2/15/10–8/15/39 | 602,3949 | 635,916 | 7.0% | |||
1,035,633 | 11.5% | ||||||
Agency Bonds and Notes | |||||||
2 | Federal Home Loan | ||||||
Mortgage Corp. | 1.625%–6.750% | 1/18/11–9/15/29 | 67,785 | 71,672 | 0.8% | ||
2 | Federal National | ||||||
Mortgage Assn. | 0.875%–7.250% | 2/1/11–7/15/37 | 75,525 | 79,861 | 0.8% | ||
3 | General Electric | ||||||
Capital Corp. | 1.625%–3.000% | 1/7/11–12/28/12 | 9,000 | 9,162 | 0.1% | ||
3 | JPMorgan Chase & Co. | 1.650%–3.125% | 2/23/11–12/26/12 | 5,025 | 5,102 | 0.1% | |
Agency Bonds | |||||||
and Notes—Other † | 108,232 | 1.2% | |||||
274,029 | 3.0% | ||||||
Conventional Mortgage-Backed Securities | |||||||
2,4 | Fannie Mae Pool | 4.000%–10.500% | 4/1/10–1/1/40 | 547,453 | 572,634 | 6.3% | |
2,4 | Freddie Mac Gold Pool | 4.000%–10.000% | 1/1/10–1/1/40 | 372,483 | 389,099 | 4.3% | |
2,4 | Freddie Mac Non Gold Pool | 8.500%–9.500% | 12/1/16–9/1/19 | 2 | 2 | 0.0% | |
4 | Ginnie Mae I Pool | 5.000% | 1/1/40 | 21,625 | 23,551 | 0.3% | |
4 | Ginnie Mae I Pool | 4.000%–10.000% | 10/15/10–1/1/40 | 105,277 | 107,768 | 1.2% | |
4 | Ginnie Mae II Pool | 4.500%–7.000% | 3/20/33–1/1/40 | 43,946 | 46,057 | 0.5% | |
1,139,111 | 12.6% | ||||||
Nonconventional Mortgage-Backed Securities | |||||||
2,4 | Fannie Mae Pool | 2.701%–6.499% | 12/1/34–9/1/37 | 32,294 | 33,741 | 0.4% | |
2,4 | Freddie Mac Non Gold Pool | 2.691%–6.480% | 12/1/34–2/1/37 | 24,872 | 25,995 | 0.3% | |
59,736 | 0.7% | ||||||
Total U.S. Government and Agency Obligations (Cost $2,460,428) | 2,508,509 | 27.8% |
16
Balanced Index Fund
Face | Market | Percentage | |||
Maturity | Amount | Value• | of Net | ||
Coupon | Date | ($000) | ($000) | Assets | |
5Asset-Backed/Commercial Mortgage-Backed Securities (Cost $133,674) † | 135,284 | 1.5% | |||
Corporate Bonds | |||||
Finance | |||||
Banking | |||||
Bank One Corp. | 4.900%–5.900% | 11/15/11–4/30/15 | 1,450 | 1,522 | 0.0% |
Bear Stearns Cos. LLC | 5.300%–7.250% | 2/1/12–2/1/18 | 6,235 | 6,720 | 0.1% |
JP Morgan Chase Capital XV | 5.875% | 3/15/35 | 1,400 | 1,239 | 0.0% |
JP Morgan Chase Capital XX | 6.550% | 9/29/36 | 600 | 555 | 0.0% |
JP Morgan Chase Capital XXII | 6.450% | 2/2/37 | 650 | 597 | 0.0% |
JP Morgan Chase Capital XXV | 6.800% | 10/1/37 | 725 | 717 | 0.0% |
JPMorgan Chase & Co. | 4.500%–6.750% | 2/1/11–5/15/38 | 7,525 | 8,059 | 0.1% |
JPMorgan Chase Bank NA | 5.875% | 6/13/16 | 725 | 760 | 0.0% |
5 Banking—Other † | 154,000 | 1.7% | |||
Brokerage † | 3,701 | 0.0% | |||
Finance Companies | |||||
4 General Electric Capital Corp. | 3.500%–6.875% | 2/1/11–11/15/67 | 21,410 | 22,057 | 0.3% |
Finance Companies—Other † | 9,706 | 0.1% | |||
5 Insurance † | 35,502 | 0.4% | |||
Other Finance † | 1,743 | 0.0% | |||
Real Estate Investment Trusts † | 11,019 | 0.1% | |||
257,897 | 2.8% | ||||
Industrial | |||||
Basic Industry † | 33,337 | 0.4% | |||
Capital Goods | |||||
General Electric Co. | 5.000%–5.250% | 2/1/13–12/6/17 | 3,850 | 4,006 | 0.0% |
5 Capital Goods—Other † | 31,313 | 0.4% | |||
Communication | |||||
AT&T Corp. | 7.300%–8.000% | 11/15/11–11/15/31 | 1,620 | 1,870 | 0.0% |
AT&T Inc. | 4.850%–6.550% | 3/15/11–2/15/39 | 7,700 | 8,147 | 0.1% |
AT&T Mobility LLC | 6.500%–7.125% | 12/15/11–12/15/31 | 1,350 | 1,506 | 0.0% |
Bellsouth Capital | |||||
Funding Corp. | 7.875% | 2/15/30 | 150 | 170 | 0.0% |
BellSouth Corp. | 5.200%–6.875% | 12/15/16–11/15/34 | 1,565 | 1,576 | 0.0% |
BellSouth | |||||
Telecommunications Inc. | 6.375% | 6/1/28 | 1,565 | 1,555 | 0.0% |
New Cingular Wireless | |||||
Services Inc. | 7.875%–8.125% | 3/1/11–5/1/12 | 1,250 | 1,377 | 0.0% |
Pacific Bell Telephone Co. | 7.125% | 3/15/26 | 200 | 220 | 0.0% |
5 Communication—Other † | 67,635 | 0.8% | |||
Consumer Cyclical † | 38,292 | 0.4% | |||
5 Consumer Noncyclical † | 87,813 | 1.0% | |||
5 Energy † | 48,901 | 0.5% | |||
Other Industrial † | 240 | 0.0% | |||
Technology | |||||
Microsoft Corp. | 2.950%–5.200% | 6/1/14–6/1/39 | 1,075 | 1,077 | 0.0% |
Technology—Other † | 25,950 | 0.3% | |||
Transportation † | 14,715 | 0.2% | |||
369,700 | 4.1% | ||||
Utilities | |||||
5 Electric † | 58,108 | 0.7% | |||
5 Natural Gas † | 20,175 | 0.2% | |||
78,283 | 0.9% | ||||
Total Corporate Bonds (Cost $679,261) | 705,880 | 7.8% |
17
Balanced Index Fund
Face | Market | Percentage | |||
Maturity | Amount | Value• | of Net | ||
Coupon | Date | ($000) | ($000) | Assets | |
5Sovereign Bonds (U.S. Dollar-Denominated) | |||||
(Cost $135,135) † | 138,740 | 1.6% | |||
Taxable Municipal Bonds (Cost $17,306) † | 16,899 | 0.2% | |||
Temporary Cash Investments | |||||
6U.S. Government and Agency Obligations † | 2,999 | 0.0% | |||
Shares | |||||
Money Market Fund | |||||
7,8 Vanguard Market Liquidity Fund | 0.187% | 175,150,794 | 175,151 | 2.0% | |
Total Temporary Cash Investments (Cost $178,149) | 178,150 | 2.0%1 | |||
Total Investments (Cost $7,813,378) | 9,160,196 | 101.6% | |||
Other Assets and Liabilities | |||||
Other Assets | 186,499 | 2.0% | |||
Liabilities8 | (327,864) | (3.6%) | |||
(141,365) | (1.6%) | ||||
Net Assets | 9,018,831 | 100.0% |
18
Balanced Index Fund | |
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 8,209,290 |
Overdistributed Net Investment Income | (16,343) |
Accumulated Net Realized Losses | (521,086) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,346,818 |
Futures Contracts | 152 |
Net Assets | 9,018,831 |
Investor Shares—Net Assets | |
Applicable to 177,290,766 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,430,826 |
Net Asset Value Per Share—Investor Shares | $19.35 |
Admiral Shares—Net Assets | |
Applicable to 95,595,643 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,850,034 |
Net Asset Value Per Share—Admiral Shares | $19.35 |
Signal Shares—Net Assets | |
Applicable to 45,380,440 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 868,846 |
Net Asset Value Per Share—Signal Shares | $19.15 |
Institutional Shares—Net Assets | |
Applicable to 148,245,728 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,869,125 |
Net Asset Value Per Share—Institutional Shares | $19.35 |
- See Note A in Notes to Financial Statements.
- Non-income-producing security.
- Part of security position is on loan to broker-dealers. The total value of securities on loan is $6,735,000.
- 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.
- 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 61.0% and 1.7%, respectively, of net assets.
- The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
- Guaranteed by the Federal Deposit Insurance Corporation (FDIC) as part of the Temporary Liquidity Guarantee Program.
- 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.
- 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, 2009, the aggregate value of these securities was $19,704,000, representing 0.2% of net assets.
- Securities with a value of $2,999,000 have been segregated as initial margin for open futures contracts.
- Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
- Includes $7,721,000 of collateral received for securities on loan.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Balanced Index Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 112,371 |
Interest1 | 136,319 |
Security Lending | 2,829 |
Total Income | 251,519 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 352 |
Management and Administrative—Investor Shares | 6,206 |
Management and Administrative—Admiral Shares | 1,741 |
Management and Administrative—Signal Shares | 891 |
Management and Administrative—Institutional Shares | 1,095 |
Marketing and Distribution—Investor Shares | 717 |
Marketing and Distribution—Admiral Shares | 332 |
Marketing and Distribution—Signal Shares | 222 |
Marketing and Distribution—Institutional Shares | 641 |
Custodian Fees | 163 |
Auditing Fees | 34 |
Shareholders’ Reports and Proxies—Investor Shares | 272 |
Shareholders’ Reports and Proxies—Admiral Shares | 18 |
Shareholders’ Reports and Proxies—Signal Shares | 14 |
Shareholders’ Reports and Proxies—Institutional Shares | 51 |
Trustees’ Fees and Expenses | 15 |
Total Expenses | 12,764 |
Net Investment Income | 238,755 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (305,207) |
Futures Contracts | 3,737 |
Swap Contracts | 292 |
Realized Net Gain (Loss) | (301,178) |
Change in Unrealized Appreciati on (Depreciation) | |
Investment Securities | 1,573,188 |
Futures Contracts | (733) |
Change in Unrealized Appreciati on (Depreciation) | 1,572,455 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,510,032 |
1 Interest income from an affiliated company of the fund was $475,000. | |
See accompanying Notes, which are an integral part of the Financial Statements. |
20
Balanced Index Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 238,755 | 278,640 |
Realized Net Gain (Loss) | (301,178) | (94,489) |
Change in Unrealized Appreciation (Depreciation) | 1,572,455 | (2,318,617) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,510,032 | (2,134,466) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (87,791) | (99,816) |
Admiral Shares | (49,697) | (57,727) |
Signal Shares | (26,464) | (32,581) |
Institutional Shares | (78,708) | (83,067) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (242,660) | (273,191) |
Capital Share Transactions | ||
Investor Shares | 227,289 | (89,669) |
Admiral Shares | 60,549 | 6,823 |
Signal Shares | (130,288) | (27,867) |
Institutional Shares | 166,961 | 111,796 |
Net Increase (Decrease) from Capital Share Transactions | 324,511 | 1,083 |
Total Increase (Decrease) | 1,591,883 | (2,406,574) |
Net Assets | ||
Beginning of Period | 7,426,948 | 9,833,522 |
End of Period1 | 9,018,831 | 7,426,948 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($16,343,000) and ($12,847,000).
See accompanying Notes, which are an integral part of the Financial Statements.
21
Balanced Index Fund | |||||
Financial Highlights | |||||
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $16.59 | $22.01 | $21.36 | $19.81 | $19.45 |
Investment Operations | |||||
Net Investment Income | .507 | .615 | .660 | .600 | .520 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.767 | (5.432) | .650 | 1.550 | .370 |
Total from Investment Operations | 3.274 | (4.817) | 1.310 | 2.150 | .890 |
Distributions | |||||
Dividends from Net Investment Income | (.514) | (.603) | (.660) | (.600) | (.530) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.514) | (.603) | (.660) | (.600) | (.530) |
Net Asset Value, End of Period | $19.35 | $16.59 | $22.01 | $21.36 | $19.81 |
Total Return1 | 20.05% | -22.21% | 6.16% | 11.02% | 4.65% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,431 | $2,731 | $3,717 | $3,926 | $4,098 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.25% | 0.20% | 0.19% | 0.20% | 0.20% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.91% | 3.11% | 2.99% | 2.93% | 2.69% |
Portfolio Turnover Rate | 55% | 50% | 26% | 33% | 31% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Balanced Index Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $16.60 | $22.02 | $21.36 | $19.82 | $19.45 |
Investment Operations | |||||
Net Investment Income | .527 | .633 | .690 | .608 | .547 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.757 | (5.432) | .650 | 1.550 | .370 |
Total from Investment Operations | 3.284 | (4.799) | 1.340 | 2.158 | .917 |
Distributions | |||||
Dividends from Net Investment Income | (.534) | (.621) | (.680) | (.618) | (.547) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.534) | (.621) | (.680) | (.618) | (.547) |
Net Asset Value, End of Period | $19.35 | $16.60 | $22.02 | $21.36 | $19.82 |
Total Return | 20.11% | -22.12% | 6.31% | 11.06% | 4.79% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,850 | $1,536 | $2,040 | $2,263 | $1,860 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.11% | 0.10% | 0.11% | 0.11% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.02% | 3.20% | 3.08% | 3.02% | 2.78% |
Portfolio Turnover Rate | 55% | 50% | 26% | 33% | 31% |
See accompanying Notes, which are an integral part of the Financial Statements.
23
Balanced Index Fund | ||||
Financial Highlights | ||||
Signal Shares | ||||
Sept. 1, | ||||
20061, to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $16.42 | $21.78 | $21.13 | $20.22 |
Investment Operations | ||||
Net Investment Income | .521 | .626 | .671 | .209 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.737 | (5.371) | .651 | 1.030 |
Total from Investment Operations | 3.258 | (4.745) | 1.322 | 1.239 |
Distributions | ||||
Dividends from Net Investment Income | (.528) | (.615) | (.672) | (.329) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.528) | (.615) | (.672) | (.329) |
Net Asset Value, End of Period | $19.15 | $16.42 | $21.78 | $21.13 |
Total Return | 20.17% | -22.12% | 6.29% | 6.17% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $869 | $860 | $1,175 | $429 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.11% | 0.10% | 0.11%2 |
Ratio of Net Investment Income to Average Net Assets | 3.02% | 3.20% | 3.08% | 3.02%2 |
Portfolio Turnover Rate | 55% | 50% | 26% | 33% |
1 Inception. | ||||
2 Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
24
Balanced Index Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $16.60 | $22.02 | $21.36 | $19.82 | $19.46 |
Investment Operations | |||||
Net Investment Income | .536 | .640 | .697 | .614 | .543 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.758 | (5.432) | .650 | 1.550 | .370 |
Total from Investment Operations | 3.294 | (4.792) | 1.347 | 2.164 | .913 |
Distributions | |||||
Dividends from Net Investment Income | (.544) | (.628) | (.687) | (.624) | (.553) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.544) | (.628) | (.687) | (.624) | (.553) |
Net Asset Value, End of Period | $19.35 | $16.60 | $22.02 | $21.36 | $19.82 |
Total Return | 20.18% | -22.10% | 6.34% | 11.10% | 4.77% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,869 | $2,299 | $2,901 | $2,666 | $2,014 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.08% | 3.24% | 3.11% | 3.05% | 2.81% |
Portfolio Turnover Rate | 55% | 50% | 26% | 33% | 31% |
See accompanying Notes, which are an integral part of the Financial Statements.
25
Balanced Index Fund
Notes to Financial Statements
Vanguard Balanced Index Fund is registered under the Investment Company Act of 19 40 as an openend 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 four classes of shares: Investor Shares, Admiral Shares, Signal Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet ce rtain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administra tive, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum of $5 million.
A. | The following significant accounting policies conform to generally accepted accounting principles for |
U. | S. mutual funds. 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 t he 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 acquired over 60 days t o maturity, are valued using the latest bid prices or using valuations bas ed on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Other temporary cash investments are valued at amortized cost, which approximates market 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 t ime 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 co sts. 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Ne t 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).
3. Swap Contracts: The fund is subject to credit risk through its investment in swap transactions to earn the total return on the Commercial Mortgage-Backed Securities (CMBS) Index. Under the terms of the swaps, the fund receives the total return (either receiving the increase or paying the decrease) on t he CMBS Index, applied to a notional principal amount. In return, the fund agrees to pay the counterparty a floating rate, which is reset periodical ly based on short-term interest rates, applied to the same notional amount. At the same time, the fund invests an amount equal to the notional amount of the swaps in high-quality floating-rate securities.
26
Balanced Index Fund
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily and the change in value is recorded as unrealized appreciation (depreciation) until periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. A primary risk for all types of swaps is that a counterparty will default on its obligation to pay net amounts due to the fund. The fund’s maximum risk of loss from counterparty credit risk is the amount of unrealized appreciati on on the swap contract. This risk is mitigated by entering into swaps onl y with highly rated counterparties, by a master netting arrangement between the fund and the counterparty and by the posting of collateral by the co unterparty. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has posted. Any securities posted as collateral for open contracts are noted in the Statement of Net Assets.
4. Mortgage Dollar Rolls: The fund has entered 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 predet ermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities, and is compensated by interest earned on the proceeds of the initial sale and by a lower price on the securities to be repurchased. The fund accounts for mortgagedollar-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 (Other Assets) or Payables for Investment Securities Purchased (Liabilities) in the Statement of Net Assets. The primary risk associated with mortgage dollar rolls is that a counterparty will default on its obligations to deliver purchased securities.
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, 2006–2009), 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. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income repre sents the income earned on investing cash collateral, less expenses associated with the loan.
8. 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 da te 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), shareholder reporting, and proxies. Marketing and
27
Balanced Index Fund
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. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2009, the fund had contributed capital of $1,804,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.72% of Vanguard’s capitalization. Th e fund’s trustees and officers are also directors and officers 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 securitie s.
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 fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 5,476,683 | 10 | 17 |
Convertible Preferred Stocks | 24 | — | — |
U.S. Government and Agency Obligations | — | 2,508,509 | — |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 135,284 | — |
Corporate Bonds | — | 705,875 | 5 |
Sovereign Bonds | — | 138,740 | — |
Taxable Municipal Bonds | — | 16,899 | — |
Temporary Cash Investments | 175,151 | 2,999 | — |
Futures Contracts—Liabilities1 | (267) | — | — |
Total | 5,651,591 | 3,508,316 | 22 |
1 Represents variation margin on the last day of the reporting period. |
28
Balanced Index Fund
The following table summarizes changes in investments valued based on Level 3 inputs during the year ended December 31, 2009:
Investments in | Investments in | |
Common Stocks | Cororate Bonds | |
Amount Valued Based on Level 3 Inputs | ($000) | ($000) |
Balance as of December 31, 2008 | — | — |
Transfers into Level 3 | 17 | 7 |
Change in Unrealized Appreciation (Depreciation) | — | (2) |
Balance as of December 31, 2009 | 17 | 5 |
D. Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended December 31, 2009, were:
Equity | Credit | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | 3,737 | — | 3,737 |
Swap Contracts | — | 292 | 292 |
Realized Net Gain (Loss) on Derivatives | 3,737 | 292 | 4,029 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (733) | — | (733) |
Swap Contracts | — | — | — |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (733) | — | (733) |
At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
S&P 500 Index | March 2010 | 70 | 19,437 | 125 |
E-mini S&P 500 Index | March 2010 | 60 | 3,332 | (33) |
S&P MidCap 400 Index | March 2010 | 5 | 1,812 | 34 |
E-mini Russell 2000 Index | March 2010 | 15 | 936 | 26 |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
29
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. Differ ences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
Realized and unrealized gains (losses) on certain of the fund’s swap contracts are treated as ordinary income (loss) for tax purposes; the effect on the fund’s income dividends to shareholders is offset by a change in principal return. Realized gains of $292,000 on swap contracts have been reclassified from accumulated net realized losses to overdistributed net investment income.
Certain of the fund’s U.S. Treasury Inflation-Indexed securities experienced deflation adjustments that reduced interest income and the cos t of investments for financial statement purposes by an amo unt greater than the reduction of taxable income; the additional income reduction will be deferred for tax purposes until it is used to offset future inflation adjustments that increase taxable income. The difference becomes permanent if the securities are sold. During the year ended December 31, 2009, the fund realized gains of $117,000 that were included in ordinary income for tax purposes as a result of deferred deflation adjustments; accordingly such gains have been reclassified from accumulated net realized losses to overdistributed net investment income.
For tax purposes, at December 31, 2009, the fund had $1,263,000 of ordinary income available for distribution. The fund had available realized losses of $511,069,000 to offset future net capital gains of $25,260,000 through December 31, 2011, $61,005,000 through December 31, 2013, $46,470,000 through December 31, 2014, $38,903,000 through December 31, 2016, and $339,431,000 through
December 31, 2017. In addition, the fund realized losses of $403,000 during the period from
November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $7,822,840,000. Net unrealized appreciation of investment securities for tax purposes was $1,337,356,000, consisting of unrealized gains of $1,844,803,000 on securities that had risen in value since their purchase and $507,447,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $1,016,923,000 of investment securities and sold $1,074,510,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $3,698,354,000 and $3,258,171,000, respectively.
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Balanced Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 674,357 | 38,857 | 608,630 | 31,189 |
Issued in Lieu of Cash Distributions | 85,149 | 4,785 | 96,622 | 5,070 |
Redeemed | (532,217) | (30,904) | (794,921) | (40,569) |
Net Increase (Decrease)—Investor Shares | 227,289 | 12,738 | (89,669) | (4,310) |
Admiral Shares | ||||
Issued | 262,114 | 14,970 | 267,859 | 13,722 |
Issued in Lieu of Cash Distributions | 44,222 | 2,485 | 51,029 | 2,679 |
Redeemed | (245,787) | (14,443) | (312,065) | (16,483) |
Net Increase (Decrease)—Admiral Shares | 60,549 | 3,012 | 6,823 | (82) |
Signal Shares | ||||
Issued | 224,153 | 12,792 | 182,956 | 9,331 |
Issued in Lieu of Cash Distributions | 25,770 | 1,471 | 31,816 | 1,687 |
Redeemed | (380,211) | (21,285) | (242,639) | (12,557) |
Net Increase (Decrease)—Signal Shares | (130,288) | (7,022) | (27,867) | (1,539) |
Institutional Shares | ||||
Issued | 617,456 | 35,651 | 613,185 | 32,315 |
Issued in Lieu of Cash Distributions | 78,250 | 4,395 | 82,724 | 4,358 |
Redeemed | (528,745) | (30,352) | (584,113) | (29,900) |
Net Increase (Decrease)—Institutional Shares | 166,961 | 9,694 | 111,796 | 6,773 |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 16, 2010, for potential recognition or disclosure in these financial statements.
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Report of Independent Registered
Public Accounting Firm
To the 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, 2009, the results of its operations for the year then ended, the c hanges in its net assets for each of the two years in the period then ended and the financial highl ights for each of the periods indicated, in conformity with accounting principles generally accepte d in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial sta tements”) are the responsibility of the Fund’s managemen t; 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, 2009 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2010
Special 2009 tax information (unaudited) for Vanguard Balanced Index Fund
This information for the fiscal year ended December 31, 2009, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $108,906,072 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 44.0% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
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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, 2009
One | Five | Ten | |
Year | Years | Years | |
Returns Before Taxes | 20.05% | 2.87% | 2.64% |
Returns After Taxes on Distributions | 19.15 | 2.04 | 1.67 |
Returns After Taxes on Distributions and Sale of Fund Shares | 13.26 | 2.06 | 1.72 |
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about
current fees.
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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 the account service fee described in the prospectus. If such a fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it 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.
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Six Months Ended December 31, 2009 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Balanced Index Fund | 6/30/2009 | 12/31/2009 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,152.13 | $1.36 |
Admiral Shares | 1,000.00 | 1,152.84 | 0.71 |
Signal Shares | 1,000.00 | 1,153.81 | 0.71 |
Institutional Shares | 1,000.00 | 1,153.14 | 0.38 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.95 | $1.28 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
Signal Shares | 1,000.00 | 1,024.55 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
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 0.25% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, and 0.07% 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.
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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 (in the case of bonds) 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.
Average Quality. An indicator of credit risk, this figure is the average of the ratings assigned to a fund’s fixed income holdings by credit-rating agencies. The agencies make their judgment after appraising an issuer’s ability to meet its obligations. Quality is graded on a scale, with Aaa or AAA indicating the most creditworthy bond issuers. U.S. Treasury securities are considered to have the highest credit quality.
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.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
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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. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Foreign Holdings. The percentage of a fund represented by stocks 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.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provid es 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 163 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, b y contacting Vanguard at 800-662-7447, or online at www.vanguard.com.
Interested Trustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years: Chairman |
Born 1957. Trustee Since July 2009. Chairman of the | and Chief Executive Officer (retired 2009) and President |
Board. Principal Occupation(s) During the Past Five | (2006–2008) of Rohm and Haas Co. (chemicals); Board |
Years: Chairman of the Board of The Vanguard Group, | Member of American Chemistry Council; Director of |
Inc., and of each of the investment companies served | Tyco International, Ltd. (diversified manufacturing and |
by The Vanguard Group, since January 2010; Director of | services) and Hewlett-Packard Co. (electronic computer |
The Vanguard Group since 2008; Chief Executive Officer | manufacturing); Trustee of The Conference Board. |
and President of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | Amy Gutmann |
since 2008; Director of Vanguard Marketing Corporation; | Born 1949. Trustee Since June 2006. Principal |
Managing Director of The Vanguard Group (1995 –2008). | Occupation(s) During the Past Five Years: President of |
the University of Pennsylvania; Christopher H. Browne | |
Distinguished Professor of Political Science in the School | |
Independent Trustees | of Arts and Sciences with secondary appointments |
at the Annenberg School for Communication and the | |
Emerson U. Fullwood | Graduate School of Education of the University of |
Born 1948. Trustee Since January 2008. Principal | Pennsylvania; Director of Carnegie Corporation of |
Occupation(s) During the Past Five Years: Executive | New York, Schuylkill River Development Corporation, |
Chief Staff and Marketing Officer for North America | and Greater Philadelphia Chamber of Commerce; |
and Corporate Vice President (retired 2008) of Xerox | Trustee of the National Constitution Center. |
Corporation (photocopiers and printers); Director of | |
SPX Corporation (multi-industry manufacturing), the | |
United Way of Rochester, the Boy Scouts of America, | |
Amerigroup Corporation (direct health and medical | |
insurance carriers), and Monroe Community College | |
Foundation. |
JoAnn Heffernan Heisen | Executive Officers | |
Born 1950. Trustee Since July 1998. Principal | ||
Occupation(s) During the Past Five Years: Corporate | Thomas J. Higgins | |
Vice President and Chief Global Diversity Officer since | Born 1957. Chief Financial Officer Since September | |
2006 (retired 2008) and Member of the Executive | 2008. Principal Occupation(s) During the Past Five | |
Committee (retired 2008) of Johnson & Johnson | Years: Principal of The Vanguard Group, Inc.; Chief | |
(pharmaceuticals/consumer products); Vice President | Financial Officer of each of the investment companies | |
and Chief Information Officer of Johnson & Johnson | served by The Vanguard Group since 2008; Treasurer | |
(1997–2005); Director of the University Medical Center | of each of the investment companies served by The | |
at Princeton and Women’s Research and Education | Vanguard Group (1998 –2008). | |
Institute; Member of the Advisory Board of the Maxwell | ||
School of Citizenship and Public Affairs at Syracuse | Kathryn J. Hyatt | |
University. | Born 1955. Treasurer Since November 2008. Principal | |
Occupation(s) During the Past Five Years: Principal of | ||
F. Joseph Loughrey | The Vanguard Group, Inc.; Treasurer of each of the | |
Born 1949. Trustee Since October 2009. Principal | investment companies served by The Vanguard | |
Occupation(s) During the Past Five Years: President and | Group since 2008; Assistant Treasurer of each of the | |
Chief Operating Officer since 2005 (retired 2009) and | investment companies served by The Vanguard Group | |
Vice Chairman of the Board (2008–2009) of Cummins | (1988–2008). | |
Inc. (industrial machinery); Director of SKF AB (industrial | ||
machinery), Hillenbrand, Inc. (specialized consumer | Heidi Stam | |
services), Sauer-Danfoss Inc. (machinery), the Lumina | Born 1956. Secretary Since July 2005. Principal | |
Foundation for Education, and the Columbus Community | Occupation(s) During the Past Five Years: Managing | |
Education Coalition; Chairman of the Advisory Council | Director of The Vanguard Group, Inc., since 2006; | |
for the College of Arts and Letters at the University of | General Counsel of The Vanguard Group since 2005; | |
Notre Dame. | Secretary of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | ||
André F. Perold | since 2005; Director and Senior Vice President of | |
Born 1952. Trustee Since December 2004. Principal | Vanguard Marketing Corporation since 2005; Principal | |
Occupation(s) During the Past Five Years: George Gund | of The Vanguard Group (1997 –2006). | |
Professor of Finance and Banking, Harvard Business | ||
School; Chair of the Investment Committee of HighVista | ||
Strategies LLC (private investment firm). | Vanguard Senior Management Team | |
Alfred M. Rankin, Jr. | R. Gregory Barton | Michael S. Miller |
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | James M. Norris |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Glenn W. Reed |
President, and Chief Executive Officer of NACCO | Paul A. Heller | George U. Sauter |
Industries, Inc. (forklift trucks/housewares/lignite); | ||
Director of Goodrich Corporation (industrial products/ | ||
aircraft systems and services); Deputy Chairman of | Chairman Emeritus and Senior Advisor | |
the Federal Reserve Bank of Cleveland; Trustee of | ||
University Hospitals of Cleveland, The Cleveland | John J. Brennan | |
Museum of Art, and Case Western Reserve University. | Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | Founder | |
since 2007 and Chief Operating Officer since 2005 | ||
of Corning Incorporated (communications equipment); | John C. Bogle | |
President of Corning Technologies (2001–2005); Director | Chairman and Chief Executive Officer, 1974–1996 | |
of Corning Incorporated and Dow Corning; Trustee of | ||
the Corning Incorporated Foundation and the Corning | ||
Museum of Glass; Overseer of the Amos Tuck School | ||
of Business Administration at Dartmouth College. |
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, Vanguard Growth Equity 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® > www.vanguard.com
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bears no liability with respect to any such funds or | |
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With Hearing Impairment > 800-749-7273 | contains a more detailed description of the limited |
relationship MSCI has with The Vanguard Group and | |
This material may be used in conjunction | any related funds. |
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 Inc. or | |
Morningstar, Inc., unless otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting our website, www.vanguard.com, | |
and searching for “proxy voting guidelines,” or by calling | |
Vanguard at 800-662-2739. The guidelines are also | |
available from the SEC’s website, www.sec.gov. In | |
addition, you may obtain a free report on how your fund | |
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You can review and copy information about your fund at | |
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Commission, Washington, DC 20549-1520. |
© 2010 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q020 022010
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (60.7%)1 | |||
Consumer Discretionary (6.2%) | |||
McDonald's Corp. | 488,326 | 30,491 | |
Walt Disney Co. | 799,949 | 25,798 | |
Home Depot Inc. | 762,201 | 22,050 | |
* | Amazon.com Inc. | 154,560 | 20,791 |
Comcast Corp. Class A | 1,085,700 | 18,305 | |
Time Warner Inc. | 530,507 | 15,459 | |
Target Corp. | 319,570 | 15,458 | |
Lowe's Cos. Inc. | 660,859 | 15,457 | |
News Corp. Class A | 1,010,395 | 13,832 | |
* | DIRECTV Class A | 406,555 | 13,559 |
* | Ford Motor Co. | 1,268,772 | 12,688 |
NIKE Inc. Class B | 166,005 | 10,968 | |
Johnson Controls Inc. | 300,545 | 8,187 | |
Staples Inc. | 323,154 | 7,946 | |
* | Starbucks Corp. | 329,808 | 7,605 |
* | Viacom Inc. Class B | 245,878 | 7,310 |
Yum! Brands Inc. | 208,716 | 7,299 | |
* | Kohl's Corp. | 129,815 | 7,001 |
TJX Cos. Inc. | 189,661 | 6,932 | |
Time Warner Cable Inc. | 157,615 | 6,524 | |
Best Buy Co. Inc. | 158,290 | 6,246 | |
* | Carnival Corp. | 196,022 | 6,212 |
Omnicom Group Inc. | 139,054 | 5,444 | |
Coach Inc. | 142,269 | 5,197 | |
McGraw-Hill Cos. Inc. | 140,783 | 4,718 | |
Gap Inc. | 218,190 | 4,571 | |
* | Bed Bath & Beyond Inc. | 117,184 | 4,527 |
* | priceline.com Inc. | 17,962 | 3,925 |
CBS Corp. Class B | 263,542 | 3,703 | |
Marriott International Inc. Class A | 135,331 | 3,688 | |
* | Apollo Group Inc. Class A | 58,703 | 3,556 |
H&R Block Inc. | 151,002 | 3,416 | |
Mattel Inc. | 162,415 | 3,245 | |
Macy's Inc. | 188,151 | 3,153 | |
Starwood Hotels & Resorts Worldwide Inc. | 83,566 | 3,056 | |
VF Corp. | 40,085 | 2,936 | |
Fortune Brands Inc. | 67,141 | 2,900 | |
Cablevision Systems Corp. Class A | 110,301 | 2,848 | |
* | Liberty Media Corp. - Interactive | 253,529 | 2,748 |
Sherwin-Williams Co. | 44,479 | 2,742 | |
Nordstrom Inc. | 72,558 | 2,727 | |
Genuine Parts Co. | 71,374 | 2,709 | |
Whirlpool Corp. | 33,031 | 2,664 | |
Harley-Davidson Inc. | 104,906 | 2,644 | |
JC Penney Co. Inc. | 95,687 | 2,546 | |
International Game Technology | 132,498 | 2,487 | |
Ross Stores Inc. | 56,615 | 2,418 | |
* | CarMax Inc. | 98,537 | 2,390 |
Tiffany & Co. | 55,443 | 2,384 | |
Comcast Corp. | 148,093 | 2,371 | |
Ltd Brands Inc. | 122,254 | 2,352 | |
* | O'Reilly Automotive Inc. | 61,655 | 2,350 |
* | Expedia Inc. | 88,214 | 2,268 |
* | AutoZone Inc. | 14,335 | 2,266 |
* | Las Vegas Sands Corp. | 147,700 | 2,207 |
Virgin Media Inc. | 125,085 | 2,105 | |
Darden Restaurants Inc. | 59,325 | 2,081 | |
*,^ | Sears Holdings Corp. | 24,826 | 2,072 |
Polo Ralph Lauren Corp. Class A | 25,548 | 2,069 | |
* | Urban Outfitters Inc. | 56,400 | 1,973 |
DISH Network Corp. Class A | 93,159 | 1,935 |
1
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Dollar Tree Inc. | 39,993 | 1,932 |
Wynn Resorts Ltd. | 33,054 | 1,925 |
* Discovery Communications Inc. Class A | 61,096 | 1,874 |
Newell Rubbermaid Inc. | 124,225 | 1,865 |
Hasbro Inc. | 56,253 | 1,803 |
Black & Decker Corp. | 26,903 | 1,744 |
BorgWarner Inc. | 52,132 | 1,732 |
Advance Auto Parts Inc. | 42,685 | 1,728 |
Scripps Networks Interactive Inc. Class A | 40,858 | 1,696 |
* Discovery Communications Inc. | 62,896 | 1,668 |
Garmin Ltd. | 54,100 | 1,661 |
Family Dollar Stores Inc. | 59,397 | 1,653 |
Autoliv Inc. | 38,034 | 1,649 |
* ITT Educational Services Inc. | 16,923 | 1,624 |
DeVry Inc. | 28,618 | 1,623 |
* Interpublic Group of Cos. Inc. | 219,166 | 1,617 |
Wyndham Worldwide Corp. | 80,186 | 1,617 |
* Royal Caribbean Cruises Ltd. | 62,559 | 1,581 |
Gannett Co. Inc. | 106,144 | 1,576 |
* GameStop Corp. Class A | 71,248 | 1,563 |
Pulte Homes Inc. | 153,336 | 1,533 |
* NVR Inc. | 2,108 | 1,498 |
PetSmart Inc. | 55,903 | 1,492 |
* Goodyear Tire & Rubber Co. | 103,357 | 1,457 |
American Eagle Outfitters Inc. | 84,815 | 1,440 |
DR Horton Inc. | 130,098 | 1,414 |
Abercrombie & Fitch Co. | 39,263 | 1,368 |
Leggett & Platt Inc. | 67,058 | 1,368 |
Strayer Education Inc. | 6,305 | 1,340 |
Tupperware Brands Corp. | 28,640 | 1,334 |
* Liberty Global Inc. Class A | 59,202 | 1,297 |
* Marvel Entertainment Inc. | 23,301 | 1,260 |
* Mohawk Industries Inc. | 26,167 | 1,246 |
* Chipotle Mexican Grill Inc. Class A | 14,091 | 1,242 |
Jarden Corp. | 39,522 | 1,222 |
* DreamWorks Animation SKG Inc. Class A | 30,465 | 1,217 |
* NetFlix Inc. | 21,838 | 1,204 |
Washington Post Co. Class B | 2,734 | 1,202 |
* Liberty Global Inc. | 53,695 | 1,173 |
* Toll Brothers Inc. | 61,626 | 1,159 |
* Chico's FAS Inc. | 79,801 | 1,121 |
* LKQ Corp. | 56,720 | 1,111 |
Gentex Corp. | 61,995 | 1,107 |
RadioShack Corp. | 55,937 | 1,091 |
* MGM Mirage | 119,145 | 1,087 |
* Big Lots Inc. | 37,142 | 1,076 |
Guess? Inc. | 24,855 | 1,051 |
Harman International Industries Inc. | 29,626 | 1,045 |
* Sirius XM Radio Inc. | 1,736,926 | 1,042 |
* Liberty Media Corp. - Starz | 22,411 | 1,034 |
* Aeropostale Inc. | 30,350 | 1,033 |
* Hanesbrands Inc. | 42,607 | 1,027 |
* Lamar Advertising Co. Class A | 32,724 | 1,017 |
* J Crew Group Inc. | 22,522 | 1,008 |
* Dick's Sporting Goods Inc. | 40,226 | 1,000 |
* AutoNation Inc. | 51,760 | 991 |
* Bally Technologies Inc. | 23,235 | 959 |
* Liberty Media Corp. - Capital | 40,161 | 959 |
Service Corp. International | 115,859 | 949 |
Phillips-Van Heusen Corp. | 23,200 | 944 |
* Panera Bread Co. Class A | 13,700 | 917 |
* WMS Industries Inc. | 22,875 | 915 |
* Career Education Corp. | 38,333 | 894 |
* Warnaco Group Inc. | 20,600 | 869 |
2
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Wendy's/Arby's Group Inc. Class A | 184,336 | 865 |
Williams-Sonoma Inc. | 40,417 | 840 |
John Wiley & Sons Inc. Class A | 19,598 | 821 |
* Penn National Gaming Inc. | 29,951 | 814 |
Burger King Holdings Inc. | 42,419 | 798 |
* Office Depot Inc. | 123,647 | 798 |
Foot Locker Inc. | 70,032 | 780 |
* Tractor Supply Co. | 14,449 | 765 |
* New York Times Co. Class A | 61,008 | 754 |
* TRW Automotive Holdings Corp. | 30,916 | 738 |
WABCO Holdings Inc. | 28,570 | 737 |
* Tempur-Pedic International Inc. | 30,336 | 717 |
* Fossil Inc. | 20,904 | 702 |
Brinker International Inc. | 45,900 | 685 |
Sotheby's | 29,924 | 673 |
* Dana Holding Corp. | 62,000 | 672 |
* Brink's Home Security Holdings Inc. | 20,556 | 671 |
* Carter's Inc. | 25,488 | 669 |
* Collective Brands Inc. | 28,750 | 655 |
Polaris Industries Inc. | 14,490 | 632 |
Wolverine World Wide Inc. | 22,875 | 623 |
Lennar Corp. Class A | 48,360 | 618 |
Jones Apparel Group Inc. | 38,440 | 617 |
* Dress Barn Inc. | 26,425 | 610 |
* Deckers Outdoor Corp. | 5,900 | 600 |
* Gymboree Corp. | 13,500 | 587 |
* Cheesecake Factory Inc. | 26,792 | 578 |
Aaron's Inc. | 20,575 | 571 |
Regal Entertainment Group Class A | 38,050 | 549 |
MDC Holdings Inc. | 17,550 | 545 |
* Lululemon Athletica Inc. | 18,067 | 544 |
* Corinthian Colleges Inc. | 38,491 | 530 |
Cooper Tire & Rubber Co. | 26,393 | 529 |
* Eastman Kodak Co. | 124,971 | 527 |
* Jack in the Box Inc. | 26,780 | 527 |
* Rent-A-Center Inc. | 29,670 | 526 |
Hillenbrand Inc. | 27,813 | 524 |
KB Home | 37,218 | 509 |
Thor Industries Inc. | 16,182 | 508 |
Brunswick Corp. | 39,708 | 505 |
* Capella Education Co. | 6,620 | 498 |
Meredith Corp. | 16,072 | 496 |
* Hyatt Hotels Corp. Class A | 16,458 | 491 |
Men's Wearhouse Inc. | 23,192 | 488 |
* HSN Inc. | 24,154 | 488 |
Matthews International Corp. Class A | 13,614 | 482 |
* Tenneco Inc. | 26,960 | 478 |
Weight Watchers International Inc. | 16,318 | 476 |
* Scientific Games Corp. Class A | 32,444 | 472 |
Choice Hotels International Inc. | 14,700 | 465 |
Dillard's Inc. Class A | 25,195 | 465 |
* OfficeMax Inc. | 35,457 | 450 |
Interactive Data Corp. | 17,733 | 449 |
* Vail Resorts Inc. | 11,800 | 446 |
* Skechers U.S.A. Inc. Class A | 15,100 | 444 |
* Blue Nile Inc. | 6,807 | 431 |
* Jo-Ann Stores Inc. | 11,835 | 429 |
* Gaylord Entertainment Co. | 21,340 | 421 |
* Saks Inc. | 63,687 | 418 |
* Life Time Fitness Inc. | 16,683 | 416 |
Scholastic Corp. | 13,940 | 416 |
Pool Corp. | 21,778 | 416 |
* Morningstar Inc. | 8,564 | 414 |
* Valassis Communications Inc. | 22,558 | 412 |
3
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Under Armour Inc. Class A | 14,982 | 409 |
* Charming Shoppes Inc. | 62,956 | 407 |
Regis Corp. | 26,112 | 407 |
American Greetings Corp. Class A | 18,644 | 406 |
* Childrens Place Retail Stores Inc. | 12,100 | 399 |
* Timberland Co. Class A | 22,268 | 399 |
Bob Evans Farms Inc. | 13,738 | 398 |
* Iconix Brand Group Inc. | 31,368 | 397 |
* Coinstar Inc. | 14,192 | 394 |
NutriSystem Inc. | 12,590 | 392 |
International Speedway Corp. Class A | 13,555 | 386 |
^ Buckle Inc. | 13,125 | 384 |
Ryland Group Inc. | 19,349 | 381 |
Cracker Barrel Old Country Store Inc. | 10,023 | 381 |
* PF Chang's China Bistro Inc. | 9,900 | 375 |
* AnnTaylor Stores Corp. | 27,328 | 373 |
* Orient-Express Hotels Ltd. Class A | 36,000 | 365 |
* CTC Media Inc. | 24,024 | 358 |
^ Barnes & Noble Inc. | 18,693 | 356 |
* CEC Entertainment Inc. | 10,994 | 351 |
* ArvinMeritor Inc. | 31,181 | 349 |
National CineMedia Inc. | 20,958 | 347 |
* JOS A Bank Clothiers Inc. | 8,225 | 347 |
* Steven Madden Ltd. | 8,087 | 334 |
* Live Nation Inc. | 37,657 | 320 |
* Buffalo Wild Wings Inc. | 7,900 | 318 |
* Lions Gate Entertainment Corp. | 54,728 | 318 |
* Hibbett Sports Inc. | 14,418 | 317 |
* 99 Cents Only Stores | 24,129 | 315 |
* Cabela's Inc. | 22,000 | 314 |
Arbitron Inc. | 13,378 | 313 |
* Sally Beauty Holdings Inc. | 39,755 | 304 |
* Genesco Inc. | 10,945 | 301 |
* American Public Education Inc. | 8,500 | 292 |
* Penske Auto Group Inc. | 19,200 | 291 |
* Exide Technologies | 40,786 | 290 |
* Texas Roadhouse Inc. Class A | 25,800 | 290 |
Finish Line Inc. Class A | 22,894 | 287 |
* Sonic Corp. | 28,091 | 283 |
* Interval Leisure Group Inc. | 22,501 | 281 |
* Helen of Troy Ltd. | 11,400 | 279 |
* CROCS Inc. | 47,100 | 271 |
* Group 1 Automotive Inc. | 9,451 | 268 |
Unifirst Corp. | 5,500 | 265 |
* Pinnacle Entertainment Inc. | 29,200 | 262 |
* Liz Claiborne Inc. | 45,629 | 257 |
* Papa John's International Inc. | 10,900 | 255 |
* Steak N Shake Co. | 779 | 252 |
* Shuffle Master Inc. | 30,613 | 252 |
Monro Muffler Brake Inc. | 7,320 | 245 |
Stewart Enterprises Inc. Class A | 47,000 | 242 |
* Universal Technical Institute Inc. | 11,978 | 242 |
* Boyd Gaming Corp. | 27,756 | 232 |
* Meritage Homes Corp. | 12,000 | 232 |
Callaway Golf Co. | 30,604 | 231 |
* Citi Trends Inc. | 8,300 | 229 |
* Fuel Systems Solutions Inc. | 5,442 | 224 |
* Ticketmaster Entertainment Inc. | 18,301 | 224 |
* DSW Inc. Class A | 8,551 | 221 |
* Standard Pacific Corp. | 59,001 | 221 |
* Steiner Leisure Ltd. | 5,485 | 218 |
Cato Corp. Class A | 10,798 | 217 |
Stage Stores Inc. | 17,343 | 214 |
Big 5 Sporting Goods Corp. | 12,400 | 213 |
4
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Columbia Sportswear Co. | 5,384 | 210 |
Harte-Hanks Inc. | 19,399 | 209 |
* DineEquity Inc. | 8,551 | 208 |
* Knology Inc. | 18,607 | 204 |
National Presto Industries Inc. | 1,820 | 199 |
* BJ's Restaurants Inc. | 10,556 | 199 |
* True Religion Apparel Inc. | 10,581 | 196 |
Belo Corp. Class A | 35,150 | 191 |
* California Pizza Kitchen Inc. | 14,050 | 189 |
Brown Shoe Co. Inc. | 18,675 | 184 |
* Modine Manufacturing Co. | 15,538 | 184 |
Fred's Inc. Class A | 17,750 | 181 |
Ethan Allen Interiors Inc. | 13,359 | 179 |
* La-Z-Boy Inc. | 18,547 | 177 |
World Wrestling Entertainment Inc. Class A | 11,400 | 175 |
* Drew Industries Inc. | 8,382 | 173 |
* Pier 1 Imports Inc. | 33,984 | 173 |
* Stein Mart Inc. | 16,189 | 173 |
* HOT Topic Inc. | 26,969 | 172 |
Christopher & Banks Corp. | 22,302 | 170 |
* Domino's Pizza Inc. | 20,200 | 169 |
PEP Boys-Manny Moe & Jack | 19,740 | 167 |
Ameristar Casinos Inc. | 10,854 | 165 |
* Peet's Coffee & Tea Inc. | 4,934 | 164 |
* Pacific Sunwear Of California | 41,248 | 164 |
Lennar Corp. Class B | 16,664 | 164 |
PetMed Express Inc. | 9,100 | 160 |
* Pre-Paid Legal Services Inc. | 3,880 | 159 |
CKE Restaurants Inc. | 18,751 | 159 |
* Warner Music Group Corp. | 28,012 | 159 |
Cinemark Holdings Inc. | 11,000 | 158 |
* Volcom Inc. | 9,414 | 158 |
* Landry's Restaurants Inc. | 7,384 | 157 |
Churchill Downs Inc. | 4,200 | 157 |
* Coldwater Creek Inc. | 35,018 | 156 |
* Ruby Tuesday Inc. | 21,633 | 156 |
* Ulta Salon Cosmetics & Fragrance Inc. | 8,576 | 156 |
Superior Industries International Inc. | 10,179 | 156 |
* Federal Mogul Corp. | 8,938 | 155 |
* Winnebago Industries | 12,342 | 151 |
* Drugstore.Com Inc. | 48,241 | 149 |
* Universal Electronics Inc. | 6,389 | 148 |
* American Axle & Manufacturing Holdings Inc. | 18,436 | 148 |
Sinclair Broadcast Group Inc. Class A | 36,600 | 147 |
* Wet Seal Inc. Class A | 42,175 | 146 |
* Quiksilver Inc. | 70,440 | 142 |
Sonic Automotive Inc. Class A | 13,599 | 141 |
Ambassadors Group Inc. | 10,100 | 134 |
* Entercom Communications Corp. Class A | 18,794 | 133 |
* Ascent Media Corp. Class A | 5,200 | 133 |
* Amerigon Inc. | 16,700 | 133 |
* Clear Channel Outdoor Holdings Inc. Class A | 12,694 | 132 |
* Shutterfly Inc. | 7,400 | 132 |
* America's Car-Mart Inc. | 5,000 | 132 |
* hhgregg Inc. | 5,900 | 130 |
Marcus Corp. | 10,100 | 129 |
* Asbury Automotive Group Inc. | 11,100 | 128 |
* Unifi Inc. | 32,870 | 128 |
* Rentrak Corp. | 7,200 | 127 |
* RCN Corp. | 11,635 | 126 |
Oxford Industries Inc. | 6,100 | 126 |
* Maidenform Brands Inc. | 7,500 | 125 |
Sturm Ruger & Co. Inc. | 12,776 | 124 |
* RC2 Corp. | 8,400 | 124 |
5
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Select Comfort Corp. | 18,937 | 123 |
* | Jakks Pacific Inc. | 9,761 | 118 |
K-Swiss Inc. Class A | 11,600 | 115 | |
* | K12 Inc. | 5,600 | 114 |
* | Orbitz Worldwide Inc. | 15,400 | 113 |
* | Red Robin Gourmet Burgers Inc. | 6,300 | 113 |
* | Kirkland's Inc. | 6,400 | 111 |
Speedway Motorsports Inc. | 6,285 | 111 | |
* | Mediacom Communications Corp. Class A | 24,580 | 110 |
Haverty Furniture Cos. Inc. | 7,948 | 109 | |
Systemax Inc. | 6,800 | 107 | |
* | Lumber Liquidators Inc. | 3,900 | 105 |
McClatchy Co. Class A | 28,497 | 101 | |
* | Fuqi International Inc. | 5,600 | 101 |
* | FGX International Holdings Ltd. | 5,100 | 100 |
* | Krispy Kreme Doughnuts Inc. | 32,697 | 96 |
* | Gaiam Inc. Class A | 12,241 | 94 |
* | Cavco Industries Inc. | 2,610 | 94 |
* | Core-Mark Holding Co. Inc. | 2,800 | 92 |
* | iRobot Corp. | 5,145 | 91 |
* | Furniture Brands International Inc. | 16,573 | 90 |
* | Hovnanian Enterprises Inc. Class A | 23,476 | 90 |
* | Standard Motor Products Inc. | 10,290 | 88 |
* | CKX Inc. | 16,273 | 86 |
* | Retail Ventures Inc. | 9,500 | 84 |
* | American Apparel Inc. | 26,992 | 84 |
* | Grand Canyon Education Inc. | 4,400 | 84 |
* | Lincoln Educational Services Corp. | 3,859 | 84 |
* | Perry Ellis International Inc. | 5,491 | 83 |
* | Alloy Inc. | 10,275 | 80 |
* | Midas Inc. | 9,448 | 80 |
* | Lee Enterprises Inc. | 22,798 | 79 |
Spartan Motors Inc. | 13,989 | 79 | |
* | West Marine Inc. | 9,762 | 79 |
Blyth Inc. | 2,331 | 79 | |
* | Destination Maternity Corp. | 4,134 | 79 |
* | Leapfrog Enterprises Inc. | 19,980 | 78 |
* | EW Scripps Co. Class A | 11,219 | 78 |
Movado Group Inc. | 7,876 | 77 | |
* | Zumiez Inc. | 5,956 | 76 |
* | Dolan Media Co. | 7,300 | 75 |
* | Daily Journal Corp. | 1,228 | 73 |
* | Blockbuster Inc. Class A | 107,754 | 72 |
* | Learning Tree International Inc. | 5,981 | 71 |
* | Talbots Inc. | 7,978 | 71 |
*,^ | Quantum Fuel Systems Technologies Worldwide Inc. | 63,300 | 70 |
Cherokee Inc. | 3,938 | 70 | |
* | Stoneridge Inc. | 7,700 | 69 |
Journal Communications Inc. Class A | 17,539 | 68 | |
* | Beazer Homes USA Inc. | 14,000 | 68 |
* | G-III Apparel Group Ltd. | 3,000 | 65 |
Skyline Corp. | 3,500 | 64 | |
* | Smith & Wesson Holding Corp. | 15,460 | 63 |
* | Entravision Communications Corp. Class A | 18,529 | 63 |
* | AFC Enterprises Inc. | 7,585 | 62 |
* | Youbet.com Inc. | 21,280 | 61 |
* | Rex Stores Corp. | 4,300 | 60 |
* | Bridgepoint Education Inc. | 3,969 | 60 |
* | Radio One Inc. | 20,091 | 58 |
* | Overstock.com Inc. | 4,262 | 58 |
* | Denny's Corp. | 26,312 | 58 |
* | Valuevision Media Inc. Class A | 11,940 | 57 |
* | 1-800-Flowers.com Inc. Class A | 21,537 | 57 |
* | Stanley Furniture Co. Inc. | 5,600 | 57 |
6
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Audiovox Corp. Class A | 7,998 | 57 |
* | Media General Inc. Class A | 7,157 | 56 |
* | Mac-Gray Corp. | 5,300 | 55 |
Jackson Hewitt Tax Service Inc. | 12,400 | 55 | |
* | Stamps.com Inc. | 5,950 | 54 |
* | MarineMax Inc. | 5,700 | 52 |
* | Shoe Carnival Inc. | 2,550 | 52 |
* | M/I Homes Inc. | 5,000 | 52 |
* | Arctic Cat Inc. | 5,600 | 51 |
* | Multimedia Games Inc. | 8,500 | 51 |
* | Casual Male Retail Group Inc. | 20,575 | 48 |
* | Fisher Communications Inc. | 2,860 | 46 |
* | O'Charleys Inc. | 7,039 | 46 |
Bebe Stores Inc. | 7,350 | 46 | |
* | Lithia Motors Inc. Class A | 5,600 | 46 |
Weyco Group Inc. | 1,942 | 46 | |
CPI Corp. | 3,600 | 44 | |
* | LIN TV Corp. Class A | 9,878 | 44 |
Books-A-Million Inc. | 6,500 | 44 | |
* | Isle of Capri Casinos Inc. | 5,797 | 43 |
* | Radio One Inc. Class A | 14,000 | 43 |
* | Kenneth Cole Productions Inc. Class A | 4,462 | 43 |
* | Reading International Inc. Class A | 10,600 | 43 |
* | New York & Co. Inc. | 9,500 | 41 |
* | Zale Corp. | 14,898 | 41 |
* | Sealy Corp. | 12,647 | 40 |
CSS Industries Inc. | 2,010 | 39 | |
* | Raser Technologies Inc. | 31,400 | 39 |
* | AH Belo Corp. Class A | 6,710 | 39 |
* | Famous Dave's Of America Inc. | 6,350 | 38 |
* | Playboy Enterprises Inc. Class B | 12,000 | 38 |
* | Morgans Hotel Group Co. | 8,300 | 38 |
* | dELiA*s Inc. | 20,058 | 38 |
* | Dorman Products Inc. | 2,354 | 37 |
*,^ | Conn's Inc. | 6,300 | 37 |
* | LodgeNet Interactive Corp. | 6,600 | 36 |
* | ChinaCast Education Corp. | 4,800 | 36 |
* | Brookfield Homes Corp. | 4,479 | 36 |
* | Borders Group Inc. | 30,217 | 36 |
* | Steinway Musical Instruments | 2,200 | 35 |
* | Carriage Services Inc. Class A | 8,900 | 35 |
* | Cumulus Media Inc. Class A | 15,330 | 35 |
* | Nexstar Broadcasting Group Inc. Class A | 8,317 | 34 |
* | Monarch Casino & Resort Inc. | 4,000 | 32 |
* | Tuesday Morning Corp. | 12,473 | 32 |
* | Harris Interactive Inc. | 27,000 | 32 |
* | Strattec Security Corp. | 1,725 | 32 |
* | Martha Stewart Living Omnimedia Class A | 6,130 | 30 |
Primedia Inc. | 8,292 | 30 | |
* | Luby's Inc. | 7,600 | 28 |
* | Empire Resorts Inc. | 12,697 | 27 |
* | Rubio's Restaurants Inc. | 3,622 | 26 |
* | Saga Communications Inc. Class A | 2,050 | 26 |
Marine Products Corp. | 5,136 | 25 | |
Dover Downs Gaming & Entertainment Inc. | 6,583 | 25 | |
* | Morton's Restaurant Group Inc. | 8,400 | 24 |
* | Kid Brands Inc. | 5,538 | 24 |
* | Salem Communications Corp. Class A | 3,960 | 24 |
Koss Corp. | 4,202 | 23 | |
* | Lifetime Brands Inc. | 3,200 | 23 |
* | Emerson Radio Corp. | 9,600 | 23 |
* | Nautilus Inc. | 10,993 | 22 |
Bon-Ton Stores Inc. | 2,200 | 22 | |
* | Bluegreen Corp. | 8,500 | 21 |
7
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* McCormick & Schmick's Seafood Restaurants Inc. | 2,860 | 20 |
Hooker Furniture Corp. | 1,600 | 20 |
* Great Wolf Resorts Inc. | 8,318 | 20 |
* Carmike Cinemas Inc. | 2,600 | 20 |
* Build-A-Bear Workshop Inc. | 3,900 | 19 |
* Princeton Review Inc. | 4,500 | 18 |
* Cache Inc. | 3,950 | 18 |
* EDCI Holdings Inc. | 3,023 | 18 |
* Navarre Corp. | 8,214 | 17 |
* Gray Television Inc. | 11,200 | 17 |
* MTR Gaming Group Inc. | 12,037 | 16 |
* Jamba Inc. | 9,207 | 15 |
* Beasley Broadcasting Group Inc. Class A | 4,235 | 15 |
* Bassett Furniture Industries Inc. | 4,200 | 15 |
* Benihana Inc. Class A | 3,860 | 15 |
* AC Moore Arts & Crafts Inc. | 4,858 | 14 |
* Century Casinos Inc. | 5,100 | 14 |
* Premier Exhibitions Inc. | 8,900 | 13 |
* Palm Harbor Homes Inc. | 6,200 | 13 |
Dover Motorsports Inc. | 5,900 | 12 |
Heelys Inc. | 5,550 | 12 |
* Emmis Communications Corp. Class A | 10,365 | 12 |
* Lazare Kaplan International Inc. | 4,741 | 12 |
* Lakes Entertainment Inc. | 4,613 | 12 |
* Trans World Entertainment | 7,150 | 11 |
* Wonder Auto Technology Inc. | 900 | 11 |
* MAXXAM Inc. | 4 | 10 |
* Cosi Inc. | 16,980 | 10 |
* Blockbuster Inc. Class B | 15,384 | 9 |
* Ruth's Hospitality Group Inc. | 4,202 | 9 |
* Spanish Broadcasting System Inc. | 11,100 | 9 |
* Hollywood Media Corp. | 6,000 | 8 |
* Benihana Inc. Class A | 1,930 | 8 |
* 4Kids Entertainment Inc. | 4,900 | 8 |
* Lodgian Inc. | 5,200 | 8 |
* Rocky Brands Inc. | 1,000 | 7 |
* Cost Plus Inc. | 7,100 | 7 |
Flexsteel Industries | 701 | 7 |
* Outdoor Channel Holdings Inc. | 1,100 | 6 |
News Corp. Class B | 400 | 6 |
* Carrols Restaurant Group Inc. | 844 | 6 |
* Atrinsic Inc. | 8,417 | 6 |
* Joe's Jeans Inc. | 4,000 | 5 |
Collectors Universe | 550 | 5 |
* Shiloh Industries Inc. | 900 | 5 |
* Nobel Learning Communities Inc. | 609 | 5 |
* Gander Mountain Co. | 800 | 4 |
* Escalade Inc. | 1,686 | 4 |
* Culp Inc. | 400 | 4 |
* ante4 Inc. | 2,947 | 3 |
* Dixie Group Inc. | 1,011 | 3 |
* Red Lion Hotels Corp. | 500 | 2 |
* Orleans Homebuilders Inc. | 1,500 | 2 |
* Town Sports International Holdings Inc. | 1,000 | 2 |
* Craftmade International Inc. | 597 | 1 |
* Cosi Inc. Rights Exp. 1/6/10 | 16,980 | — |
* SPAR Group Inc. | 300 | — |
* Optimal Group Inc. Class A | 60 | — |
* Krispy Kreme Doughnuts Inc. Warrants Exp. 3/2/12 | 591 | — |
561,264 | ||
Consumer Staples (6.0%) | ||
Procter & Gamble Co. | 1,306,146 | 79,192 |
Wal-Mart Stores Inc. | 1,046,192 | 55,919 |
Coca-Cola Co. | 933,234 | 53,194 |
8
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
PepsiCo Inc. | 697,087 | 42,383 |
Philip Morris International Inc. | 865,640 | 41,715 |
CVS Caremark Corp. | 645,794 | 20,801 |
Colgate-Palmolive Co. | 222,943 | 18,315 |
Altria Group Inc. | 926,849 | 18,194 |
Kraft Foods Inc. | 659,956 | 17,938 |
Walgreen Co. | 444,049 | 16,305 |
Kimberly-Clark Corp. | 185,402 | 11,812 |
Costco Wholesale Corp. | 194,506 | 11,509 |
General Mills Inc. | 145,668 | 10,315 |
Archer-Daniels-Midland Co. | 258,508 | 8,094 |
Sysco Corp. | 264,423 | 7,388 |
Kellogg Co. | 119,835 | 6,375 |
HJ Heinz Co. | 141,026 | 6,030 |
Avon Products Inc. | 191,006 | 6,017 |
Lorillard Inc. | 73,856 | 5,925 |
Kroger Co. | 276,848 | 5,684 |
ConAgra Foods Inc. | 198,222 | 4,569 |
Reynolds American Inc. | 78,198 | 4,142 |
Mead Johnson Nutrition Co. Class A | 91,830 | 4,013 |
Safeway Inc. | 186,326 | 3,967 |
Clorox Co. | 62,318 | 3,801 |
Bunge Ltd. | 59,235 | 3,781 |
Sara Lee Corp. | 295,723 | 3,602 |
JM Smucker Co. | 53,213 | 3,286 |
Dr Pepper Snapple Group Inc. | 113,652 | 3,216 |
Campbell Soup Co. | 94,675 | 3,200 |
Molson Coors Brewing Co. Class B | 68,533 | 3,095 |
Coca-Cola Enterprises Inc. | 130,950 | 2,776 |
Pepsi Bottling Group Inc. | 67,815 | 2,543 |
Hershey Co. | 70,680 | 2,530 |
Estee Lauder Cos. Inc. Class A | 50,366 | 2,436 |
McCormick & Co. Inc. | 53,717 | 1,941 |
Brown-Forman Corp. Class B | 35,529 | 1,903 |
Church & Dwight Co. Inc. | 31,455 | 1,901 |
* Energizer Holdings Inc. | 29,731 | 1,822 |
* Whole Foods Market Inc. | 63,872 | 1,753 |
Tyson Foods Inc. Class A | 130,405 | 1,600 |
* Ralcorp Holdings Inc. | 25,457 | 1,520 |
* Dean Foods Co. | 81,199 | 1,465 |
* Constellation Brands Inc. Class A | 88,140 | 1,404 |
* Hansen Natural Corp. | 34,645 | 1,330 |
* Green Mountain Coffee Roasters Inc. | 15,755 | 1,284 |
Hormel Foods Corp. | 32,997 | 1,269 |
SUPERVALU Inc. | 96,538 | 1,227 |
Alberto-Culver Co. Class B | 39,705 | 1,163 |
Herbalife Ltd. | 27,708 | 1,124 |
* NBTY Inc. | 24,994 | 1,088 |
* Smithfield Foods Inc. | 66,959 | 1,017 |
Del Monte Foods Co. | 89,003 | 1,009 |
Corn Products International Inc. | 33,550 | 981 |
Flowers Foods Inc. | 37,384 | 888 |
* Central European Distribution Corp. | 29,550 | 839 |
PepsiAmericas Inc. | 28,001 | 819 |
* BJ's Wholesale Club Inc. | 24,566 | 804 |
Casey's General Stores Inc. | 22,825 | 729 |
* Chattem Inc. | 7,605 | 710 |
Nu Skin Enterprises Inc. Class A | 23,501 | 631 |
* TreeHouse Foods Inc. | 14,511 | 564 |
Universal Corp. | 11,600 | 529 |
* United Natural Foods Inc. | 19,200 | 513 |
Ruddick Corp. | 18,509 | 476 |
* Fresh Del Monte Produce Inc. | 20,160 | 446 |
* Rite Aid Corp. | 294,038 | 444 |
9
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Lancaster Colony Corp. | 8,751 | 435 |
* Chiquita Brands International Inc. | 21,536 | 388 |
* Darling International Inc. | 44,107 | 370 |
* Bare Escentuals Inc. | 29,037 | 355 |
Sanderson Farms Inc. | 8,419 | 355 |
Lance Inc. | 13,200 | 347 |
Vector Group Ltd. | 23,902 | 335 |
Tootsie Roll Industries Inc. | 11,850 | 324 |
J&J Snack Foods Corp. | 7,900 | 316 |
* Hain Celestial Group Inc. | 18,035 | 307 |
* American Italian Pasta Co. | 8,100 | 282 |
* Winn-Dixie Stores Inc. | 26,566 | 267 |
* Central Garden and Pet Co. Class A | 25,750 | 256 |
Nash Finch Co. | 6,656 | 247 |
Andersons Inc. | 9,500 | 245 |
* Great Atlantic & Pacific Tea Co. | 20,426 | 241 |
* Alliance One International Inc. | 49,188 | 240 |
Diamond Foods Inc. | 6,095 | 217 |
WD-40 Co. | 6,412 | 207 |
B&G Foods Inc. Class A | 22,400 | 206 |
* Smart Balance Inc. | 34,100 | 205 |
* Medifast Inc. | 6,400 | 196 |
* Heckmann Corp. | 37,100 | 185 |
* Elizabeth Arden Inc. | 12,138 | 175 |
* American Oriental Bioengineering Inc. | 37,100 | 172 |
Weis Markets Inc. | 4,452 | 162 |
* Boston Beer Co. Inc. Class A | 3,300 | 154 |
Cal-Maine Foods Inc. | 4,200 | 143 |
Spartan Stores Inc. | 9,800 | 140 |
* USANA Health Sciences Inc. | 4,350 | 139 |
* Zhongpin Inc. | 8,100 | 126 |
* Pantry Inc. | 8,400 | 114 |
* Revlon Inc. Class A | 6,406 | 109 |
Coca-Cola Bottling Co. Consolidated | 1,700 | 92 |
* Nutraceutical International Corp. | 7,300 | 90 |
Pricesmart Inc. | 4,285 | 88 |
* Prestige Brands Holdings Inc. | 10,746 | 84 |
* National Beverage Corp. | 5,760 | 80 |
Inter Parfums Inc. | 6,225 | 76 |
Ingles Markets Inc. Class A | 5,000 | 76 |
Arden Group Inc. | 790 | 76 |
* Lifeway Foods Inc. | 6,122 | 73 |
* Central Garden and Pet Co. | 6,775 | 72 |
* Harbinger Group Inc. | 10,300 | 72 |
Griffin Land & Nurseries Inc. | 2,257 | 66 |
* John B. Sanfilippo & Son Inc. | 4,200 | 65 |
* American Dairy Inc. | 2,753 | 60 |
Farmer Bros Co. | 2,598 | 51 |
Alico Inc. | 1,667 | 47 |
Calavo Growers Inc. | 2,287 | 39 |
Oil-Dri Corp. of America | 2,500 | 39 |
* Omega Protein Corp. | 7,900 | 34 |
* Seneca Foods Corp. Class A | 1,300 | 31 |
* Susser Holdings Corp. | 3,592 | 31 |
* Reddy Ice Holdings Inc. | 6,613 | 28 |
* China Sky One Medical Inc. | 1,074 | 24 |
Village Super Market Inc. Class A | 826 | 23 |
Schiff Nutrition International Inc. | 2,700 | 21 |
Imperial Sugar Co. | 1,200 | 21 |
Mannatech Inc. | 6,650 | 21 |
* Parlux Fragrances Inc. | 9,354 | 19 |
* MGP Ingredients Inc. | 2,300 | 18 |
* Star Scientific Inc. | 20,762 | 15 |
* Female Health Co. | 2,700 | 13 |
10
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* AgFeed Industries Inc. | 1,961 | 10 |
* Jones Soda Co. | 6,300 | 3 |
* Physicians Formula Holdings Inc. | 900 | 2 |
* Vermont Pure Holdings Ltd. | 800 | — |
538,775 | ||
Energy (6.7%) | ||
Exxon Mobil Corp. | 2,150,473 | 146,641 |
Chevron Corp. | 897,384 | 69,090 |
Schlumberger Ltd. | 536,002 | 34,888 |
ConocoPhillips | 630,330 | 32,191 |
Occidental Petroleum Corp. | 362,805 | 29,514 |
Apache Corp. | 150,220 | 15,498 |
Devon Energy Corp. | 188,641 | 13,865 |
Anadarko Petroleum Corp. | 219,420 | 13,696 |
Halliburton Co. | 403,412 | 12,139 |
* Transocean Ltd. | 143,641 | 11,893 |
XTO Energy Inc. | 246,563 | 11,473 |
EOG Resources Inc. | 112,650 | 10,961 |
Marathon Oil Corp. | 316,618 | 9,885 |
National Oilwell Varco Inc. | 187,041 | 8,247 |
Hess Corp. | 131,657 | 7,965 |
* Southwestern Energy Co. | 154,093 | 7,427 |
Chesapeake Energy Corp. | 272,713 | 7,058 |
Spectra Energy Corp. | 288,940 | 5,926 |
* Weatherford International Ltd. | 325,332 | 5,827 |
Baker Hughes Inc. | 138,573 | 5,609 |
Noble Energy Inc. | 77,569 | 5,524 |
Williams Cos. Inc. | 260,787 | 5,497 |
Peabody Energy Corp. | 119,716 | 5,412 |
Noble Corp. | 116,976 | 4,761 |
* Cameron International Corp. | 109,341 | 4,570 |
Murphy Oil Corp. | 81,032 | 4,392 |
Valero Energy Corp. | 251,777 | 4,217 |
Consol Energy Inc. | 80,839 | 4,026 |
Range Resources Corp. | 70,848 | 3,532 |
* Ultra Petroleum Corp. | 67,707 | 3,376 |
* Petrohawk Energy Corp. | 134,612 | 3,229 |
* FMC Technologies Inc. | 55,168 | 3,191 |
El Paso Corp. | 313,741 | 3,084 |
Diamond Offshore Drilling Inc. | 31,011 | 3,052 |
Smith International Inc. | 110,624 | 3,006 |
* Newfield Exploration Co. | 59,352 | 2,863 |
* Nabors Industries Ltd. | 128,166 | 2,806 |
Pioneer Natural Resources Co. | 51,809 | 2,496 |
* Pride International Inc. | 77,666 | 2,478 |
BJ Services Co. | 130,720 | 2,431 |
* Alpha Natural Resources Inc. | 53,534 | 2,322 |
Cabot Oil & Gas Corp. | 46,370 | 2,021 |
Cimarex Energy Co. | 37,257 | 1,974 |
Helmerich & Payne Inc. | 47,170 | 1,881 |
* Kinder Morgan Management LLC | 33,642 | 1,838 |
EXCO Resources Inc. | 80,745 | 1,714 |
* Plains Exploration & Production Co. | 61,224 | 1,693 |
* Denbury Resources Inc. | 113,500 | 1,680 |
Arch Coal Inc. | 72,976 | 1,624 |
* Whiting Petroleum Corp. | 22,724 | 1,624 |
Massey Energy Co. | 38,479 | 1,617 |
* Oceaneering International Inc. | 25,005 | 1,463 |
Sunoco Inc. | 53,258 | 1,390 |
* Concho Resources Inc. | 28,792 | 1,293 |
* Dresser-Rand Group Inc. | 37,722 | 1,192 |
Core Laboratories NV | 9,800 | 1,158 |
* Rowan Cos. Inc. | 50,870 | 1,152 |
Southern Union Co. | 50,197 | 1,139 |
11
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Encore Acquisition Co. | 23,700 | 1,138 |
Tidewater Inc. | 23,211 | 1,113 |
* Forest Oil Corp. | 48,075 | 1,070 |
Patterson-UTI Energy Inc. | 69,018 | 1,059 |
* Atlas Energy Inc. | 33,473 | 1,010 |
St Mary Land & Exploration Co. | 28,007 | 959 |
* Atwood Oceanics Inc. | 25,964 | 931 |
* Oil States International Inc. | 22,315 | 877 |
* Unit Corp. | 20,250 | 861 |
* Superior Energy Services Inc. | 35,095 | 852 |
* Comstock Resources Inc. | 20,910 | 848 |
Tesoro Corp. | 62,300 | 844 |
* Dril-Quip Inc. | 14,400 | 813 |
* Quicksilver Resources Inc. | 53,250 | 799 |
* Arena Resources Inc. | 17,800 | 768 |
World Fuel Services Corp. | 26,190 | 702 |
* SEACOR Holdings Inc. | 8,626 | 658 |
* SandRidge Energy Inc. | 69,600 | 656 |
* Continental Resources Inc. | 15,265 | 655 |
* Brigham Exploration Co. | 44,679 | 605 |
CARBO Ceramics Inc. | 8,700 | 593 |
* Patriot Coal Corp. | 38,318 | 592 |
* Exterran Holdings Inc. | 27,550 | 591 |
* Bill Barrett Corp. | 18,392 | 572 |
Frontier Oil Corp. | 47,164 | 568 |
* Gran Tierra Energy Inc. | 95,370 | 546 |
* Mariner Energy Inc. | 46,780 | 543 |
* Helix Energy Solutions Group Inc. | 44,372 | 521 |
Overseas Shipholding Group Inc. | 11,859 | 521 |
Lufkin Industries Inc. | 6,900 | 505 |
* Bristow Group Inc. | 13,000 | 500 |
Holly Corp. | 19,086 | 489 |
* Key Energy Services Inc. | 55,620 | 489 |
Berry Petroleum Co. Class A | 16,300 | 475 |
* Rosetta Resources Inc. | 23,600 | 470 |
Penn Virginia Corp. | 21,150 | 450 |
* CNX Gas Corp. | 14,093 | 416 |
* Carrizo Oil & Gas Inc. | 15,107 | 400 |
* Swift Energy Co. | 16,600 | 398 |
* Tetra Technologies Inc. | 35,250 | 391 |
* ATP Oil & Gas Corp. | 20,854 | 381 |
* Willbros Group Inc. | 21,275 | 359 |
* Global Industries Ltd. | 48,274 | 344 |
* ION Geophysical Corp. | 57,925 | 343 |
* Cobalt International Energy Inc. | 24,489 | 339 |
* Stone Energy Corp. | 18,466 | 333 |
* Cal Dive International Inc. | 42,955 | 325 |
* Parker Drilling Co. | 61,600 | 305 |
* Complete Production Services Inc. | 23,007 | 299 |
* Contango Oil & Gas Co. | 6,102 | 287 |
* Enbridge Energy Management LLC | 5,348 | 284 |
* Gulfmark Offshore Inc. | 10,000 | 283 |
* Goodrich Petroleum Corp. | 11,414 | 278 |
* McMoRan Exploration Co. | 34,622 | 278 |
* International Coal Group Inc. | 71,363 | 275 |
* BPZ Resources Inc. | 28,893 | 275 |
* Hornbeck Offshore Services Inc. | 11,200 | 261 |
* Clean Energy Fuels Corp. | 14,700 | 227 |
* James River Coal Co. | 12,188 | 226 |
* USEC Inc. | 55,330 | 213 |
* Hercules Offshore Inc. | 42,324 | 202 |
* Newpark Resources Inc. | 47,421 | 201 |
* Venoco Inc. | 15,266 | 199 |
Energy XXI Bermuda Ltd. | 85,589 | 198 |
12
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Pioneer Drilling Co. | 23,008 | 182 |
* | Gulfport Energy Corp. | 14,900 | 171 |
Gulf Island Fabrication Inc. | 7,714 | 162 | |
RPC Inc. | 14,825 | 154 | |
* | Oilsands Quest Inc. | 127,488 | 147 |
W&T Offshore Inc. | 12,297 | 144 | |
* | Petroquest Energy Inc. | 23,400 | 143 |
General Maritime Corp. | 20,404 | 143 | |
* | GMX Resources Inc. | 10,100 | 139 |
* | Matrix Service Co. | 12,500 | 133 |
* | PHI Inc. | 6,324 | 131 |
* | Tesco Corp. | 9,962 | 129 |
* | Seahawk Drilling Inc. | 5,444 | 123 |
* | CVR Energy Inc. | 16,800 | 115 |
* | T-3 Energy Services Inc. | 4,500 | 115 |
* | Rentech Inc. | 91,400 | 112 |
Toreador Resources Corp. | 11,152 | 110 | |
* | Petroleum Development Corp. | 5,891 | 107 |
Vaalco Energy Inc. | 22,800 | 104 | |
* | Harvest Natural Resources Inc. | 19,600 | 104 |
Crosstex Energy Inc. | 16,708 | 101 | |
* | Warren Resources Inc. | 36,220 | 89 |
* | Superior Well Services Inc. | 6,036 | 86 |
* | Allis-Chalmers Energy Inc. | 22,772 | 86 |
* | Western Refining Inc. | 18,000 | 85 |
* | Clayton Williams Energy Inc. | 2,388 | 84 |
* | Kodiak Oil & Gas Corp. | 36,814 | 82 |
* | OYO Geospace Corp. | 1,824 | 78 |
* | Natural Gas Services Group Inc. | 4,000 | 75 |
* | Cheniere Energy Inc. | 29,695 | 72 |
* | Syntroleum Corp. | 26,257 | 70 |
* | Endeavour International Corp. | 64,000 | 69 |
* | Basic Energy Services Inc. | 6,881 | 61 |
* | Northern Oil and Gas Inc. | 5,172 | 61 |
* | Delta Petroleum Corp. | 56,963 | 59 |
* | Rex Energy Corp. | 4,936 | 59 |
* | Bronco Drilling Co. Inc. | 10,270 | 52 |
Panhandle Oil and Gas Inc. Class A | 1,900 | 49 | |
* | CREDO Petroleum Corp. | 5,050 | 47 |
* | Dawson Geophysical Co. | 2,000 | 46 |
* | Abraxas Petroleum Corp. | 21,518 | 41 |
* | RAM Energy Resources Inc. | 20,039 | 41 |
* | ENGlobal Corp. | 12,800 | 40 |
* | Vantage Drilling Co. | 24,000 | 39 |
* | Gasco Energy Inc. | 71,046 | 38 |
* | FX Energy Inc. | 13,100 | 37 |
* | Gastar Exploration Ltd. | 6,906 | 33 |
*,^ | GeoGlobal Resources Inc. | 15,000 | 31 |
* | Double Eagle Petroleum Co. | 6,523 | 28 |
*,^ | Tri-Valley Corp. | 13,900 | 27 |
* | Trico Marine Services Inc. | 5,968 | 27 |
* | HKN Inc. | 7,047 | 26 |
* | Union Drilling Inc. | 4,000 | 25 |
* | Sulphco Inc. | 31,693 | 21 |
Alon USA Energy Inc. | 2,797 | 19 | |
*,^ | Evergreen Energy Inc. | 52,194 | 18 |
* | Isramco Inc. | 245 | 18 |
* | American Oil & Gas Inc. | 4,017 | 17 |
Delek US Holdings Inc. | 2,400 | 16 | |
* | Pacific Ethanol Inc. | 22,380 | 16 |
* | Uranium Energy Corp. | 3,879 | 15 |
* | Callon Petroleum Co. | 7,361 | 11 |
* | Bolt Technology Corp. | 900 | 10 |
* | Cano Petroleum Inc. | 9,900 | 10 |
13
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Meridian Resource Corp. | 36,700 | 10 |
* Approach Resources Inc. | 1,200 | 9 |
* Westmoreland Coal Co. | 1,000 | 9 |
* Verenium Corp. | 1,938 | 9 |
* Uranium Resources Inc. | 8,100 | 6 |
* Geokinetics Inc. | 600 | 6 |
* Barnwell Industries Inc. | 1,000 | 5 |
* NGAS Resources Inc. | 2,400 | 4 |
* Quest Resource Corp. | 6,100 | 4 |
* Mitcham Industries Inc. | 300 | 2 |
* Boots & Coots Inc. | 1,300 | 2 |
* BMB Munai Inc. | 1,500 | 2 |
601,225 | ||
Financials (9.2%) | ||
JPMorgan Chase & Co. | 1,759,757 | 73,329 |
Wells Fargo & Co. | 2,173,451 | 58,661 |
Bank of America Corp. | 3,871,400 | 58,303 |
Goldman Sachs Group Inc. | 217,278 | 36,685 |
Citigroup Inc. | 9,485,707 | 31,398 |
American Express Co. | 478,884 | 19,404 |
US Bancorp | 855,570 | 19,259 |
Morgan Stanley | 547,374 | 16,202 |
Bank of New York Mellon Corp. | 538,179 | 15,053 |
MetLife Inc. | 366,294 | 12,948 |
Travelers Cos. Inc. | 253,907 | 12,660 |
PNC Financial Services Group Inc. | 206,441 | 10,898 |
Prudential Financial Inc. | 206,253 | 10,263 |
Simon Property Group Inc. | 127,491 | 10,174 |
Aflac Inc. | 209,210 | 9,676 |
State Street Corp. | 221,259 | 9,634 |
CME Group Inc. | 26,748 | 8,986 |
* Berkshire Hathaway Inc. Class A | 89 | 8,829 |
Charles Schwab Corp. | 441,541 | 8,310 |
Capital One Financial Corp. | 203,575 | 7,805 |
BB&T Corp. | 304,948 | 7,737 |
Chubb Corp. | 156,544 | 7,699 |
Franklin Resources Inc. | 72,068 | 7,592 |
ACE Ltd. | 150,365 | 7,578 |
* Berkshire Hathaway Inc. Class B | 2,299 | 7,555 |
Allstate Corp. | 227,955 | 6,848 |
T Rowe Price Group Inc. | 114,535 | 6,099 |
Loews Corp. | 154,972 | 5,633 |
* Progressive Corp. | 288,446 | 5,189 |
Marsh & McLennan Cos. Inc. | 234,337 | 5,174 |
Northern Trust Corp. | 97,131 | 5,090 |
Vornado Realty Trust | 72,469 | 5,068 |
Public Storage | 56,885 | 4,633 |
SunTrust Banks Inc. | 223,156 | 4,528 |
Ameriprise Financial Inc. | 114,081 | 4,429 |
Invesco Ltd. | 186,080 | 4,371 |
AON Corp. | 111,234 | 4,265 |
Annaly Capital Management Inc. | 243,500 | 4,225 |
Boston Properties Inc. | 61,981 | 4,157 |
Equity Residential | 122,569 | 4,140 |
Hartford Financial Services Group Inc. | 172,963 | 4,023 |
HCP Inc. | 130,053 | 3,972 |
Discover Financial Services | 240,307 | 3,535 |
Principal Financial Group Inc. | 142,713 | 3,431 |
Lincoln National Corp. | 135,157 | 3,363 |
Fifth Third Bancorp | 338,062 | 3,296 |
Host Hotels & Resorts Inc. | 279,844 | 3,266 |
* IntercontinentalExchange Inc. | 28,040 | 3,149 |
Ventas Inc. | 69,995 | 3,062 |
NYSE Euronext | 116,332 | 2,943 |
14
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
AvalonBay Communities Inc. | 35,691 | 2,931 |
Hudson City Bancorp Inc. | 212,837 | 2,922 |
Unum Group | 148,212 | 2,893 |
Regions Financial Corp. | 535,839 | 2,835 |
XL Capital Ltd. Class A | 153,101 | 2,806 |
Plum Creek Timber Co. Inc. | 72,769 | 2,748 |
ProLogis | 198,048 | 2,711 |
New York Community Bancorp Inc. | 181,482 | 2,633 |
People's United Financial Inc. | 155,837 | 2,602 |
Kimco Realty Corp. | 181,267 | 2,453 |
* Genworth Financial Inc. Class A | 215,332 | 2,444 |
Moody's Corp. | 89,863 | 2,408 |
BlackRock Inc. | 10,341 | 2,401 |
Health Care REIT Inc. | 53,586 | 2,375 |
* SLM Corp. | 209,149 | 2,357 |
Everest Re Group Ltd. | 27,400 | 2,348 |
M&T Bank Corp. | 34,603 | 2,315 |
* TD Ameritrade Holding Corp. | 119,301 | 2,312 |
PartnerRe Ltd. | 30,376 | 2,268 |
KeyCorp | 396,341 | 2,200 |
* Leucadia National Corp. | 87,928 | 2,092 |
Willis Group Holdings Ltd. | 76,097 | 2,007 |
Comerica Inc. | 67,559 | 1,998 |
Legg Mason Inc. | 64,437 | 1,943 |
Federal Realty Investment Trust | 27,548 | 1,866 |
Cincinnati Financial Corp. | 69,052 | 1,812 |
SL Green Realty Corp. | 34,745 | 1,746 |
Axis Capital Holdings Ltd. | 60,500 | 1,719 |
Nationwide Health Properties Inc. | 48,507 | 1,706 |
AMB Property Corp. | 65,346 | 1,670 |
Torchmark Corp. | 37,663 | 1,655 |
* American International Group Inc. | 55,096 | 1,652 |
Digital Realty Trust Inc. | 32,550 | 1,637 |
Liberty Property Trust | 50,339 | 1,611 |
WR Berkley Corp. | 64,454 | 1,588 |
Assurant Inc. | 53,633 | 1,581 |
Reinsurance Group of America Inc. Class A | 32,511 | 1,549 |
Macerich Co. | 42,700 | 1,535 |
Rayonier Inc. | 36,105 | 1,522 |
Eaton Vance Corp. | 49,803 | 1,515 |
RenaissanceRe Holdings Ltd. | 28,400 | 1,509 |
* CB Richard Ellis Group Inc. Class A | 109,681 | 1,488 |
* MSCI Inc. Class A | 45,061 | 1,433 |
* Markel Corp. | 4,170 | 1,418 |
HCC Insurance Holdings Inc. | 50,499 | 1,412 |
Regency Centers Corp. | 39,905 | 1,399 |
* Arch Capital Group Ltd. | 19,357 | 1,385 |
First American Corp. | 40,832 | 1,352 |
* First Horizon National Corp. | 99,740 | 1,337 |
Transatlantic Holdings Inc. | 25,470 | 1,327 |
Fidelity National Financial Inc. Class A | 98,017 | 1,319 |
Hospitality Properties Trust | 54,962 | 1,303 |
* Affiliated Managers Group Inc. | 18,863 | 1,270 |
* NASDAQ OMX Group Inc. | 63,701 | 1,263 |
Alexandria Real Estate Equities Inc. | 19,528 | 1,255 |
Senior Housing Properties Trust | 57,154 | 1,250 |
Commerce Bancshares Inc. | 31,865 | 1,234 |
Assured Guaranty Ltd. | 56,385 | 1,227 |
Duke Realty Corp. | 100,727 | 1,226 |
Mack-Cali Realty Corp. | 35,389 | 1,223 |
Camden Property Trust | 28,680�� | 1,215 |
^ Realty Income Corp. | 46,881 | 1,215 |
Cullen/Frost Bankers Inc. | 24,086 | 1,204 |
* St Joe Co. | 41,609 | 1,202 |
15
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
White Mountains Insurance Group Ltd. | 3,581 | 1,191 |
Waddell & Reed Financial Inc. | 38,687 | 1,182 |
Marshall & Ilsley Corp. | 216,072 | 1,178 |
First Niagara Financial Group Inc. | 82,400 | 1,146 |
Federated Investors Inc. Class B | 41,674 | 1,146 |
Jones Lang LaSalle Inc. | 18,911 | 1,142 |
* AmeriCredit Corp. | 59,802 | 1,139 |
Validus Holdings Ltd. | 42,093 | 1,134 |
Chimera Investment Corp. | 287,293 | 1,115 |
Huntington Bancshares Inc. | 305,120 | 1,114 |
* Jefferies Group Inc. | 46,928 | 1,114 |
UDR Inc. | 67,662 | 1,112 |
Janus Capital Group Inc. | 82,239 | 1,106 |
Old Republic International Corp. | 108,303 | 1,087 |
Highwoods Properties Inc. | 32,049 | 1,069 |
SEI Investments Co. | 60,108 | 1,053 |
Essex Property Trust Inc. | 12,588 | 1,053 |
Raymond James Financial Inc. | 44,205 | 1,051 |
Hanover Insurance Group Inc. | 22,943 | 1,019 |
Arthur J Gallagher & Co. | 45,101 | 1,015 |
Weingarten Realty Investors | 51,134 | 1,012 |
Bank of Hawaii Corp. | 21,473 | 1,011 |
Brown & Brown Inc. | 54,141 | 973 |
Aspen Insurance Holdings Ltd. | 37,330 | 950 |
Washington Federal Inc. | 49,090 | 949 |
Corporate Office Properties Trust SBI | 25,792 | 945 |
City National Corp. | 20,010 | 912 |
StanCorp Financial Group Inc. | 22,598 | 904 |
MFA Financial Inc. | 122,800 | 903 |
* E*Trade Financial Corp. | 504,000 | 882 |
Platinum Underwriters Holdings Ltd. | 23,000 | 881 |
Taubman Centers Inc. | 24,500 | 880 |
Allied World Assurance Co. Holdings Ltd. | 18,875 | 870 |
Apartment Investment & Management Co. | 54,032 | 860 |
Valley National Bancorp | 60,568 | 856 |
American Financial Group Inc. | 33,840 | 844 |
Greenhill & Co. Inc. | 10,227 | 821 |
Endurance Specialty Holdings Ltd. | 21,700 | 808 |
BancorpSouth Inc. | 33,721 | 791 |
BRE Properties Inc. | 23,615 | 781 |
* SVB Financial Group | 18,534 | 773 |
National Retail Properties Inc. | 35,909 | 762 |
Apollo Investment Corp. | 79,374 | 756 |
Prosperity Bancshares Inc. | 18,570 | 752 |
Omega Healthcare Investors Inc. | 38,466 | 748 |
FirstMerit Corp. | 37,125 | 748 |
* ProAssurance Corp. | 13,810 | 742 |
* Alleghany Corp. | 2,645 | 730 |
Westamerica Bancorporation | 13,118 | 726 |
Washington Real Estate Investment Trust | 26,153 | 721 |
* Stifel Financial Corp. | 12,100 | 717 |
TCF Financial Corp. | 51,818 | 706 |
Home Properties Inc. | 14,789 | 706 |
Tanger Factory Outlet Centers | 17,878 | 697 |
BioMed Realty Trust Inc. | 44,120 | 696 |
Zions Bancorporation | 54,207 | 695 |
Fulton Financial Corp. | 79,047 | 689 |
Equity Lifestyle Properties Inc. | 13,350 | 674 |
Entertainment Properties Trust | 19,034 | 671 |
HRPT Properties Trust | 103,460 | 669 |
American Campus Communities Inc. | 23,786 | 668 |
Montpelier Re Holdings Ltd. | 38,208 | 662 |
Brandywine Realty Trust | 58,037 | 662 |
Popular Inc. | 288,543 | 652 |
16
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Douglas Emmett Inc. | 45,159 | 644 | |
Protective Life Corp. | 38,714 | 641 | |
* | Forest City Enterprises Inc. Class A | 54,318 | 640 |
Mid-America Apartment Communities Inc. | 13,168 | 636 | |
Ares Capital Corp. | 50,582 | 630 | |
* | Knight Capital Group Inc. Class A | 39,668 | 611 |
Trustmark Corp. | 26,974 | 608 | |
LaSalle Hotel Properties | 28,460 | 604 | |
Associated Banc-Corp | 54,657 | 602 | |
Kilroy Realty Corp. | 19,500 | 598 | |
Healthcare Realty Trust Inc. | 27,655 | 593 | |
Developers Diversified Realty Corp. | 63,736 | 590 | |
*,^ | Federal National Mortgage Assn. | 498,802 | 589 |
BOK Financial Corp. | 12,212 | 580 | |
CBL & Associates Properties Inc. | 59,404 | 574 | |
Hancock Holding Co. | 13,055 | 572 | |
Potlatch Corp. | 17,888 | 570 | |
* | Signature Bank | 17,851 | 569 |
UMB Financial Corp. | 14,321 | 564 | |
NewAlliance Bancshares Inc. | 44,981 | 540 | |
Erie Indemnity Co. Class A | 13,766 | 537 | |
East West Bancorp Inc. | 33,948 | 536 | |
* | Conseco Inc. | 105,566 | 528 |
Umpqua Holdings Corp. | 39,027 | 523 | |
Zenith National Insurance Corp. | 17,528 | 522 | |
Unitrin Inc. | 23,351 | 515 | |
TFS Financial Corp. | 41,704 | 506 | |
Northwest Bancshares Inc. | 44,661 | 506 | |
Mercury General Corp. | 12,855 | 505 | |
Delphi Financial Group Inc. | 22,314 | 499 | |
Cash America International Inc. | 13,987 | 489 | |
Old National Bancorp | 39,124 | 486 | |
Iberiabank Corp. | 9,000 | 484 | |
Max Capital Group Ltd. | 21,600 | 482 | |
CapitalSource Inc. | 120,902 | 480 | |
Franklin Street Properties Corp. | 32,687 | 478 | |
DCT Industrial Trust Inc. | 94,537 | 475 | |
* | Piper Jaffray Cos. | 9,220 | 467 |
Redwood Trust Inc. | 32,176 | 465 | |
Astoria Financial Corp. | 37,095 | 461 | |
Hatteras Financial Corp. | 16,292 | 456 | |
International Bancshares Corp. | 24,020 | 455 | |
PS Business Parks Inc. | 9,002 | 451 | |
EastGroup Properties Inc. | 11,700 | 448 | |
Sovran Self Storage Inc. | 12,480 | 446 | |
*,^ | Federal Home Loan Mortgage Corp. | 302,728 | 445 |
Extra Space Storage Inc. | 38,079 | 440 | |
RLI Corp. | 8,230 | 438 | |
Tower Group Inc. | 18,701 | 438 | |
DiamondRock Hospitality Co. | 51,385 | 435 | |
Post Properties Inc. | 22,127 | 434 | |
MB Financial Inc. | 21,562 | 425 | |
* | Argo Group International Holdings Ltd. | 14,517 | 423 |
* | PHH Corp. | 25,647 | 413 |
National Health Investors Inc. | 11,000 | 407 | |
* | KBW Inc. | 14,836 | 406 |
Glacier Bancorp Inc. | 29,328 | 402 | |
United Bankshares Inc. | 20,125 | 402 | |
First Financial Bankshares Inc. | 7,410 | 402 | |
Synovus Financial Corp. | 194,633 | 399 | |
Selective Insurance Group | 23,700 | 390 | |
Capstead Mortgage Corp. | 28,492 | 389 | |
Wilmington Trust Corp. | 31,191 | 385 | |
* | Investment Technology Group Inc. | 19,537 | 385 |
17
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Whitney Holding Corp. | 41,933 | 382 |
First Citizens BancShares Inc. Class A | 2,259 | 370 |
Employers Holdings Inc. | 23,839 | 366 |
Equity One Inc. | 22,403 | 362 |
Medical Properties Trust Inc. | 36,186 | 362 |
FNB Corp. | 51,775 | 352 |
* Interactive Brokers Group Inc. | 19,825 | 351 |
Webster Financial Corp. | 29,280 | 348 |
* Forestar Group Inc. | 15,641 | 344 |
* MF Global Ltd. | 49,455 | 344 |
NBT Bancorp Inc. | 16,653 | 339 |
* MGIC Investment Corp. | 58,317 | 337 |
Anworth Mortgage Asset Corp. | 47,646 | 334 |
Financial Federal Corp. | 12,100 | 333 |
optionsXpress Holdings Inc. | 21,367 | 330 |
* Navigators Group Inc. | 6,993 | 329 |
Capitol Federal Financial | 10,444 | 329 |
Sunstone Hotel Investors Inc. | 35,950 | 319 |
Park National Corp. | 5,324 | 313 |
American Capital Ltd. | 127,371 | 311 |
* Ocwen Financial Corp. | 32,350 | 310 |
Community Bank System Inc. | 16,000 | 309 |
Wintrust Financial Corp. | 10,032 | 309 |
Infinity Property & Casualty Corp. | 7,441 | 302 |
* Allied Capital Corp. | 83,497 | 301 |
* Alexander's Inc. | 989 | 301 |
First Midwest Bancorp Inc. | 27,454 | 299 |
* MBIA Inc. | 74,856 | 298 |
Provident Financial Services Inc. | 27,926 | 297 |
PacWest Bancorp | 14,691 | 296 |
American National Insurance Co. | 2,467 | 295 |
* Portfolio Recovery Associates Inc. | 6,500 | 292 |
Brookline Bancorp Inc. | 28,689 | 284 |
Prospect Capital Corp. | 23,984 | 283 |
Chemical Financial Corp. | 11,969 | 282 |
* Ezcorp Inc. Class A | 16,338 | 281 |
Radian Group Inc. | 38,253 | 280 |
DuPont Fabros Technology Inc. | 15,387 | 277 |
Nelnet Inc. Class A | 16,000 | 276 |
CVB Financial Corp. | 31,575 | 273 |
Colonial Properties Trust | 22,911 | 269 |
* Hilltop Holdings Inc. | 22,838 | 266 |
Acadia Realty Trust | 15,578 | 263 |
Lexington Realty Trust | 43,108 | 262 |
National Penn Bancshares Inc. | 45,194 | 262 |
Investors Real Estate Trust | 29,024 | 261 |
* Texas Capital Bancshares Inc. | 18,694 | 261 |
* Investors Bancorp Inc. | 23,646 | 259 |
* Pico Holdings Inc. | 7,896 | 258 |
City Holding Co. | 7,927 | 256 |
Susquehanna Bancshares Inc. | 42,818 | 252 |
Cousins Properties Inc. | 32,637 | 249 |
* World Acceptance Corp. | 6,937 | 249 |
First Financial Bancorp | 16,882 | 246 |
LTC Properties Inc. | 9,000 | 241 |
Inland Real Estate Corp. | 29,454 | 240 |
Trustco Bank Corp. | 38,059 | 240 |
Horace Mann Educators Corp. | 19,085 | 239 |
Bank of the Ozarks Inc. | 8,108 | 237 |
* First Cash Financial Services Inc. | 10,600 | 235 |
Saul Centers Inc. | 6,643 | 218 |
American Capital Agency Corp. | 8,041 | 213 |
U-Store-It Trust | 28,795 | 211 |
American Equity Investment Life Holding Co. | 27,800 | 207 |
18
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Getty Realty Corp. | 8,727 | 205 |
* Dollar Financial Corp. | 8,600 | 203 |
S&T Bancorp Inc. | 11,876 | 202 |
Home Bancshares Inc. | 8,361 | 201 |
Sterling Bancshares Inc. | 38,850 | 199 |
Amtrust Financial Services Inc. | 16,445 | 194 |
* AMERISAFE Inc. | 10,800 | 194 |
Cathay General Bancorp | 25,230 | 190 |
Boston Private Financial Holdings Inc. | 32,663 | 188 |
* MCG Capital Corp. | 43,615 | 188 |
Safety Insurance Group Inc. | 5,189 | 188 |
Simmons First National Corp. Class A | 6,737 | 187 |
Provident New York Bancorp | 22,130 | 187 |
Nara Bancorp Inc. | 16,402 | 186 |
* Riskmetrics Group Inc. | 11,636 | 185 |
* National Financial Partners Corp. | 22,825 | 185 |
* Beneficial Mutual Bancorp Inc. | 18,732 | 184 |
United Fire & Casualty Co. | 10,001 | 182 |
Bank Mutual Corp. | 26,271 | 182 |
* Ashford Hospitality Trust Inc. | 38,841 | 180 |
Hercules Technology Growth Capital Inc. | 17,107 | 178 |
BlackRock Kelso Capital Corp. | 20,741 | 177 |
GFI Group Inc. | 38,668 | 177 |
PrivateBancorp Inc. Class A | 19,641 | 176 |
Harleysville Group Inc. | 5,517 | 175 |
Columbia Banking System Inc. | 10,634 | 172 |
Northfield Bancorp Inc. | 12,700 | 172 |
* Citizens Inc. | 26,169 | 171 |
First Commonwealth Financial Corp. | 36,633 | 170 |
First Financial Corp. | 5,581 | 170 |
Dime Community Bancshares | 14,512 | 170 |
* Greenlight Capital Re Ltd. Class A | 7,195 | 170 |
* iStar Financial Inc. | 66,082 | 169 |
Meadowbrook Insurance Group Inc. | 22,801 | 169 |
* Encore Capital Group Inc. | 9,523 | 166 |
Harleysville National Corp. | 25,581 | 165 |
Cedar Shopping Centers Inc. | 23,600 | 160 |
Parkway Properties Inc. | 7,669 | 160 |
Cardinal Financial Corp. | 18,214 | 159 |
American Physicians Capital Inc. | 5,199 | 158 |
* CNA Surety Corp. | 10,410 | 155 |
MarketAxess Holdings Inc. | 11,113 | 154 |
* Pinnacle Financial Partners Inc. | 10,768 | 153 |
Westfield Financial Inc. | 18,333 | 151 |
* TradeStation Group Inc. | 19,117 | 151 |
* Altisource Portfolio Solutions SA | 7,166 | 150 |
National Western Life Insurance Co. Class A | 857 | 149 |
Independent Bank Corp. | 7,000 | 146 |
Sun Communities Inc. | 7,326 | 145 |
Southside Bancshares Inc. | 7,367 | 145 |
Flagstone Reinsurance Holdings Ltd. | 13,109 | 143 |
* Credit Acceptance Corp. | 3,400 | 143 |
Evercore Partners Inc. Class A | 4,700 | 143 |
BGC Partners Inc. Class A | 30,530 | 141 |
WesBanco Inc. | 11,385 | 140 |
Walter Investment Management Corp. | 9,756 | 140 |
* eHealth Inc. | 8,500 | 140 |
PMI Group Inc. | 54,900 | 138 |
Advance America Cash Advance Centers Inc. | 24,859 | 138 |
Phoenix Cos. Inc. | 49,630 | 138 |
Community Trust Bancorp Inc. | 5,623 | 137 |
First Bancorp | 9,817 | 137 |
BankFinancial Corp. | 13,840 | 137 |
Trico Bancshares | 8,078 | 134 |
19
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Pennsylvania Real Estate Investment Trust | 15,649 | 132 |
Duff & Phelps Corp. Class A | 7,000 | 128 |
Suffolk Bancorp | 4,300 | 128 |
* FPIC Insurance Group Inc. | 3,300 | 127 |
Republic Bancorp Inc. Class A | 6,160 | 127 |
* Tejon Ranch Co. | 4,300 | 126 |
^ TowneBank | 10,600 | 124 |
1st Source Corp. | 7,693 | 124 |
SWS Group Inc. | 10,221 | 124 |
Fifth Street Finance Corp. | 11,511 | 124 |
NorthStar Realty Finance Corp. | 35,998 | 123 |
Universal Health Realty Income Trust | 3,852 | 123 |
Oritani Financial Corp. | 8,664 | 119 |
Cohen & Steers Inc. | 5,100 | 116 |
* Enstar Group Ltd. | 1,593 | 116 |
ViewPoint Financial Group | 7,847 | 113 |
StellarOne Corp. | 11,315 | 113 |
* First Marblehead Corp. | 52,451 | 112 |
OneBeacon Insurance Group Ltd. Class A | 8,107 | 112 |
* GLG Partners Inc. | 34,690 | 112 |
SCBT Financial Corp. | 4,029 | 112 |
* Ambac Financial Group Inc. | 134,271 | 111 |
* Safeguard Scientifics Inc. | 10,753 | 111 |
SY Bancorp Inc. | 5,189 | 111 |
German American Bancorp Inc. | 6,797 | 110 |
Compass Diversified Holdings | 8,570 | 109 |
First Potomac Realty Trust | 8,695 | 109 |
NGP Capital Resources Co. | 13,425 | 109 |
* FBR Capital Markets Corp. | 17,632 | 109 |
FBL Financial Group Inc. Class A | 5,883 | 109 |
First BanCorp | 46,200 | 106 |
MVC Capital Inc. | 9,000 | 106 |
* SeaBright Insurance Holdings Inc. | 9,100 | 105 |
Calamos Asset Management Inc. Class A | 9,004 | 104 |
Arrow Financial Corp. | 4,142 | 104 |
Univest Corp. of Pennsylvania | 5,905 | 104 |
* United America Indemnity Ltd. Class A | 12,928 | 102 |
* United Community Banks Inc. | 29,862 | 101 |
GAMCO Investors Inc. | 2,093 | 101 |
* LaBranche & Co. Inc. | 35,499 | 101 |
First Industrial Realty Trust Inc. | 19,264 | 101 |
Flushing Financial Corp. | 8,852 | 100 |
* PMA Capital Corp. Class A | 15,612 | 98 |
Lakeland Financial Corp. | 5,698 | 98 |
Urstadt Biddle Properties Inc. Class A | 6,391 | 98 |
Oriental Financial Group Inc. | 8,981 | 97 |
Danvers Bancorp Inc. | 7,461 | 97 |
Tompkins Financial Corp. | 2,390 | 97 |
ESSA Bancorp Inc. | 8,266 | 97 |
Renasant Corp. | 7,089 | 96 |
* Penson Worldwide Inc. | 10,262 | 93 |
Wilshire Bancorp Inc. | 11,250 | 92 |
Associated Estates Realty Corp. | 8,108 | 91 |
Agree Realty Corp. | 3,900 | 91 |
* Broadpoint Gleacher Securities Inc. | 20,361 | 91 |
Berkshire Hills Bancorp Inc. | 4,378 | 91 |
Presidential Life Corp. | 9,800 | 90 |
* Bancorp Inc. | 13,058 | 90 |
* FelCor Lodging Trust Inc. | 24,868 | 90 |
First Financial Northwest Inc. | 13,637 | 89 |
First Mercury Financial Corp. | 6,441 | 88 |
State Auto Financial Corp. | 4,617 | 85 |
EMC Insurance Group Inc. | 3,895 | 84 |
Clifton Savings Bancorp Inc. | 8,892 | 83 |
20
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Merchants Bancshares Inc. | 3,611 | 82 |
Lakeland Bancorp Inc. | 12,674 | 81 |
* International Assets Holding Corp. | 5,546 | 81 |
* Taylor Capital Group Inc. | 7,000 | 80 |
Life Partners Holdings Inc. | 3,750 | 79 |
Maiden Holdings Ltd. | 10,730 | 79 |
Great Southern Bancorp Inc. | 3,677 | 79 |
Education Realty Trust Inc. | 16,221 | 79 |
* Western Alliance Bancorp | 20,740 | 78 |
Bancfirst Corp. | 2,100 | 78 |
Donegal Group Inc. Class A | 4,931 | 77 |
Westwood Holdings Group Inc. | 2,100 | 76 |
Oppenheimer Holdings Inc. Class A | 2,277 | 76 |
* Virginia Commerce Bancorp | 20,165 | 75 |
Mission West Properties Inc. | 10,188 | 73 |
Gladstone Commercial Corp. | 5,300 | 71 |
Capital Southwest Corp. | 901 | 71 |
Washington Trust Bancorp Inc. | 4,493 | 70 |
Roma Financial Corp. | 5,600 | 69 |
WSFS Financial Corp. | 2,700 | 69 |
Ramco-Gershenson Properties Trust | 7,210 | 69 |
Center Bancorp Inc. | 7,678 | 68 |
Resource Capital Corp. | 13,800 | 68 |
Medallion Financial Corp. | 8,180 | 67 |
Stewart Information Services Corp. | 5,820 | 66 |
* Primus Guaranty Ltd. | 21,467 | 65 |
Penns Woods Bancorp Inc. | 2,008 | 65 |
Camden National Corp. | 1,992 | 65 |
Gladstone Capital Corp. | 8,419 | 65 |
* Guaranty Bancorp | 49,037 | 65 |
Baldwin & Lyons Inc. | 2,573 | 63 |
Kearny Financial Corp. | 6,281 | 63 |
Kite Realty Group Trust | 15,523 | 63 |
First Merchants Corp. | 10,627 | 63 |
Student Loan Corp. | 1,350 | 63 |
National Bankshares Inc. | 2,192 | 62 |
Northrim BanCorp Inc. | 3,584 | 60 |
Consolidated-Tomoka Land Co. | 1,700 | 59 |
Abington Bancorp Inc. | 8,563 | 59 |
MainSource Financial Group Inc. | 12,281 | 59 |
* Hanmi Financial Corp. | 48,869 | 59 |
Government Properties Income Trust | 2,544 | 58 |
Sandy Spring Bancorp Inc. | 6,532 | 58 |
TICC Capital Corp. | 9,386 | 57 |
Heartland Financial USA Inc. | 3,955 | 57 |
US Global Investors Inc. Class A | 4,600 | 57 |
* RAIT Financial Trust | 42,555 | 56 |
* Maguire Properties Inc. | 36,800 | 56 |
Ames National Corp. | 2,615 | 55 |
* Strategic Hotels & Resorts Inc. | 29,600 | 55 |
* Sun Bancorp Inc. | 14,652 | 55 |
Gladstone Investment Corp. | 11,924 | 54 |
Peapack Gladstone Financial Corp. | 4,266 | 54 |
CoBiz Financial Inc. | 11,273 | 54 |
Sanders Morris Harris Group Inc. | 9,701 | 53 |
Capital City Bank Group Inc. | 3,850 | 53 |
* Thomas Weisel Partners Group Inc. | 13,900 | 53 |
First Financial Holdings Inc. | 4,035 | 52 |
UMH Properties Inc. | 6,159 | 52 |
Bryn Mawr Bank Corp. | 3,402 | 51 |
* Asset Acceptance Capital Corp. | 7,559 | 51 |
CapLease Inc. | 11,600 | 51 |
First Busey Corp. | 13,011 | 51 |
American National Bankshares Inc. | 2,283 | 50 |
21
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Heritage Financial Corp. | 3,576 | 49 | |
* | Ladenburg Thalmann Financial Services Inc. | 76,300 | 49 |
Cogdell Spencer Inc. | 8,500 | 48 | |
Union Bankshares Corp. | 3,850 | 48 | |
Pulaski Financial Corp. | 7,046 | 47 | |
* | United Community Financial Corp. | 32,272 | 47 |
Cypress Sharpridge Investments Inc. | 3,441 | 46 | |
Peoples Bancorp Inc. | 4,782 | 46 | |
United Financial Bancorp Inc. | 3,474 | 46 | |
PennantPark Investment Corp. | 5,100 | 45 | |
* | Gramercy Capital Corp. | 17,524 | 45 |
* | Citizens Republic Bancorp Inc. | 65,562 | 45 |
First South Bancorp Inc. | 4,352 | 45 | |
Eastern Insurance Holdings Inc. | 5,100 | 44 | |
* | Arlington Asset Investment Corp. Class A | 2,834 | 43 |
Financial Institutions Inc. | 3,651 | 43 | |
* | Republic First Bancorp Inc. | 10,019 | 43 |
CFS Bancorp Inc. | 13,200 | 43 | |
Glimcher Realty Trust | 15,734 | 42 | |
^ | Old Second Bancorp Inc. | 6,115 | 42 |
^ | W Holding Co. Inc. | 1,821 | 42 |
* | Newcastle Investment Corp. | 19,931 | 42 |
Wainwright Bank & Trust Co. | 5,682 | 41 | |
Sterling Bancorp | 5,785 | 41 | |
One Liberty Properties Inc. | 4,626 | 41 | |
Hersha Hospitality Trust | 12,700 | 40 | |
NYMAGIC Inc. | 2,400 | 40 | |
Centerstate Banks Inc. | 3,942 | 40 | |
LSB Corp. | 4,028 | 40 | |
* | Stratus Properties Inc. | 3,604 | 40 |
* | Virtus Investment Partners Inc. | 2,481 | 39 |
K-Fed Bancorp | 4,436 | 39 | |
OceanFirst Financial Corp. | 3,436 | 39 | |
Southwest Bancorp Inc. | 5,544 | 38 | |
State Bancorp Inc. | 5,343 | 38 | |
Asta Funding Inc. | 5,300 | 38 | |
Center Financial Corp. | 8,115 | 37 | |
First Community Bancshares Inc. | 3,079 | 37 | |
Kansas City Life Insurance Co. | 1,200 | 36 | |
* | Crawford & Co. Class B | 9,050 | 36 |
South Financial Group Inc. | 53,734 | 35 | |
HF Financial Corp. | 3,644 | 34 | |
Invesco Mortgage Capital Inc. | 1,500 | 34 | |
* | Avatar Holdings Inc. | 1,994 | 34 |
* | American Safety Insurance Holdings Ltd. | 2,300 | 33 |
* | Pacific Mercantile Bancorp | 10,891 | 33 |
Princeton National Bancorp Inc. | 2,999 | 32 | |
PMC Commercial Trust | 4,300 | 32 | |
Century Bancorp Inc. Class A | 1,440 | 32 | |
Eastern Virginia Bankshares Inc. | 4,460 | 32 | |
* | AmeriServ Financial Inc. | 18,587 | 31 |
Winthrop Realty Trust | 2,759 | 30 | |
^ | Green Bankshares Inc. | 8,402 | 30 |
Shore Bancshares Inc. | 2,050 | 30 | |
* | Amcore Financial Inc. | 23,844 | 30 |
Pacific Continental Corp. | 2,550 | 29 | |
* | Harris & Harris Group Inc. | 6,200 | 28 |
Heritage Commerce Corp. | 7,000 | 28 | |
* | Waterstone Financial Inc. | 13,579 | 28 |
Citizens & Northern Corp. | 2,898 | 28 | |
* | Tree.com Inc. | 2,950 | 27 |
* | NewStar Financial Inc. | 6,812 | 27 |
*,^ | United Security Bancshares | 5,985 | 26 |
Pacific Capital Bancorp NA | 27,202 | 26 |
22
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | First Acceptance Corp. | 13,145 | 26 |
First Security Group Inc. | 10,668 | 25 | |
Investors Title Co. | 812 | 25 | |
American Physicians Service Group Inc. | 1,090 | 25 | |
Jefferson Bancshares Inc. | 5,200 | 23 | |
First Bancorp Inc. | 1,500 | 23 | |
Monmouth Real Estate Investment Corp. Class A | 3,100 | 23 | |
Federal Agricultural Mortgage Corp. Class A | 3,500 | 23 | |
West Bancorporation Inc. | 4,621 | 23 | |
* | Macatawa Bank Corp. | 10,455 | 23 |
United Security Bancshares | 1,292 | 22 | |
TF Financial Corp. | 1,161 | 22 | |
Rewards Network Inc. | 1,733 | 22 | |
* | Central Pacific Financial Corp. | 16,703 | 22 |
BankAtlantic Bancorp Inc. Class A | 16,689 | 22 | |
* | Meridian Interstate Bancorp Inc. | 2,492 | 22 |
*,^ | Sterling Financial Corp. | 34,860 | 22 |
Resource America Inc. Class A | 5,286 | 21 | |
* | Eagle Bancorp Inc. | 2,036 | 21 |
CompuCredit Holdings Corp. | 6,159 | 21 | |
* | Unity Bancorp Inc. | 5,069 | 20 |
First of Long Island Corp. | 800 | 20 | |
BancTrust Financial Group Inc. | 7,033 | 20 | |
* | Cardtronics Inc. | 1,781 | 20 |
Bank of Marin Bancorp | 600 | 20 | |
* | NewBridge Bancorp | 8,369 | 19 |
JMP Group Inc. | 1,900 | 18 | |
Comm Bancorp Inc. | 843 | 18 | |
First Defiance Financial Corp. | 1,600 | 18 | |
Ameris Bancorp | 2,457 | 18 | |
* | Encore Bancshares Inc. | 2,207 | 18 |
* | Intervest Bancshares Corp. Class A | 5,348 | 18 |
* | Marlin Business Services Corp. | 2,196 | 17 |
Capital Bank Corp. | 4,502 | 17 | |
MBT Financial Corp. | 11,530 | 17 | |
HopFed Bancorp Inc. | 1,815 | 17 | |
* | Cowen Group Inc. Class A | 2,900 | 17 |
MutualFirst Financial Inc. | 2,926 | 17 | |
Bridge Bancorp Inc. | 700 | 17 | |
* | Consumer Portfolio Services Inc. | 14,200 | 16 |
First Place Financial Corp. | 5,836 | 16 | |
West Coast Bancorp | 7,697 | 16 | |
^ | City Bank | 9,265 | 16 |
Thomas Properties Group Inc. | 5,320 | 16 | |
Premierwest Bancorp | 10,955 | 16 | |
Independence Holding Co. | 2,602 | 15 | |
Farmers Capital Bank Corp. | 1,430 | 15 | |
Smithtown Bancorp Inc. | 2,454 | 15 | |
Hawthorn Bancshares Inc. | 1,519 | 14 | |
* | Reis Inc. | 2,356 | 14 |
* | Arbor Realty Trust Inc. | 7,200 | 14 |
Colony Bankcorp Inc. | 3,062 | 14 | |
* | Cohen & Co. Inc. | 2,883 | 14 |
*,^ | Frontier Financial Corp. | 3,970 | 14 |
Cadence Financial Corp. | 7,800 | 14 | |
* | Superior Bancorp | 4,089 | 13 |
Provident Financial Holdings Inc. | 4,832 | 13 | |
ESB Financial Corp. | 1,000 | 13 | |
Kohlberg Capital Corp. | 2,881 | 13 | |
Enterprise Financial Services Corp. | 1,685 | 13 | |
* | BCSB Bancorp Inc. | 1,582 | 13 |
Banner Corp. | 4,700 | 13 | |
Camco Financial Corp. | 6,536 | 12 | |
Dynex Capital Inc. | 1,400 | 12 |
23
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Landmark Bancorp Inc./Manhattan KS | 825 | 12 |
Wayne Savings Bancshares Inc. | 2,079 | 12 |
Care Investment Trust Inc. | 1,500 | 12 |
Meta Financial Group Inc. | 554 | 12 |
* First Keystone Financial Inc. | 958 | 11 |
* HMN Financial Inc. | 2,621 | 11 |
Codorus Valley Bancorp Inc. | 2,097 | 11 |
Citizens South Banking Corp. | 2,237 | 10 |
QC Holdings Inc. | 2,008 | 10 |
North Valley Bancorp | 4,618 | 10 |
Independent Bank Corp. | 13,405 | 10 |
Sierra Bancorp | 1,200 | 9 |
First M&F Corp. | 3,952 | 9 |
* Bank of Granite Corp. | 16,417 | 8 |
Alliance Financial Corp. | 300 | 8 |
* Deerfield Capital Corp. | 1,764 | 8 |
* American Independence Corp. | 1,770 | 8 |
CNB Financial Corp. | 500 | 8 |
Capitol Bancorp Ltd. | 3,990 | 8 |
Yadkin Valley Financial Corp. | 2,100 | 8 |
Mercantile Bank Corp. | 2,546 | 8 |
National Interstate Corp. | 445 | 8 |
Cascade Bancorp | 10,816 | 7 |
Seacoast Banking Corp. of Florida | 4,564 | 7 |
Atlantic Coast Federal Corp. | 4,745 | 7 |
First Federal Bancshares of Arkansas Inc. | 2,933 | 7 |
* Capital Trust Inc. Class A | 5,099 | 6 |
Diamond Hill Investment Group Inc. | 100 | 6 |
Federal Agricultural Mortgage Corp. | 900 | 6 |
Rockville Financial Inc. | 600 | 6 |
* Metro Bancorp Inc. | 500 | 6 |
^ Hampton Roads Bankshares Inc. | 3,592 | 6 |
BRT Realty Trust | 1,187 | 6 |
* TierOne Corp. | 8,416 | 6 |
FNB United Corp. | 4,656 | 6 |
Integra Bank Corp. | 7,550 | 6 |
* Royal Bancshares of Pennsylvania Inc. | 4,060 | 5 |
Epoch Holding Corp. | 500 | 5 |
Ameriana Bancorp | 1,926 | 5 |
* TIB Financial Corp. | 7,640 | 5 |
* PAB Bankshares Inc. | 2,196 | 5 |
NASB Financial Inc. | 200 | 5 |
* First State Bancorporation | 10,265 | 4 |
* Anchor Bancorp Wisconsin Inc. | 6,479 | 4 |
Preferred Bank | 2,123 | 4 |
* ZipRealty Inc. | 900 | 3 |
* Midwest Banc Holdings Inc. | 8,097 | 3 |
* Vestin Realty Mortgage II Inc. | 1,269 | 3 |
* Affirmative Insurance Holdings Inc. | 500 | 2 |
Main Street Capital Corp. | 100 | 2 |
* AMV Liquidating Trust | 13,300 | 1 |
* Valley National Bancorp Warrants Exp. 6/30/15 | 570 | 1 |
First United Corp. | 200 | 1 |
* Fidelity Southern Corp. | 305 | 1 |
Southern Community Financial Corp. | 400 | 1 |
Community Capital Corp. | 299 | 1 |
Cascade Financial Corp. | 375 | 1 |
* Grubb & Ellis Co. | 600 | 1 |
* EBS Litigation L.L.C. | 6,856 | — |
Teton Advisors Inc. Class B | 31 | — |
834,452 | ||
Health Care (7.7%) | ||
Johnson & Johnson | 1,233,145 | 79,427 |
Pfizer Inc. | 3,608,511 | 65,639 |
24
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Merck & Co. Inc. | 1,366,752 | 49,941 |
Abbott Laboratories | 691,679 | 37,344 |
* Amgen Inc. | 454,356 | 25,703 |
Medtronic Inc. | 496,516 | 21,837 |
Bristol-Myers Squibb Co. | 765,913 | 19,339 |
* Gilead Sciences Inc. | 404,603 | 17,511 |
Eli Lilly & Co. | 462,708 | 16,523 |
UnitedHealth Group Inc. | 520,075 | 15,852 |
Baxter International Inc. | 269,626 | 15,822 |
* Medco Health Solutions Inc. | 211,963 | 13,547 |
* WellPoint Inc. | 212,577 | 12,391 |
* Celgene Corp. | 205,154 | 11,423 |
Covidien PLC | 224,746 | 10,763 |
* Express Scripts Inc. | 116,601 | 10,080 |
* Thermo Fisher Scientific Inc. | 182,623 | 8,709 |
Allergan Inc. | 136,001 | 8,569 |
Becton Dickinson and Co. | 107,100 | 8,446 |
McKesson Corp. | 119,091 | 7,443 |
* Biogen Idec Inc. | 129,248 | 6,915 |
Stryker Corp. | 133,415 | 6,720 |
Aetna Inc. | 195,275 | 6,190 |
* Boston Scientific Corp. | 674,518 | 6,071 |
* Genzyme Corp. | 120,924 | 5,926 |
* St Jude Medical Inc. | 155,662 | 5,725 |
* Zimmer Holdings Inc. | 95,873 | 5,667 |
Cardinal Health Inc. | 161,087 | 5,193 |
* Intuitive Surgical Inc. | 16,973 | 5,148 |
* Forest Laboratories Inc. | 134,935 | 4,333 |
CIGNA Corp. | 122,015 | 4,303 |
Quest Diagnostics Inc. | 70,600 | 4,263 |
* Life Technologies Corp. | 78,874 | 4,120 |
* Vertex Pharmaceuticals Inc. | 86,050 | 3,687 |
* Hospira Inc. | 72,033 | 3,674 |
* Laboratory Corp. of America Holdings | 48,377 | 3,621 |
AmerisourceBergen Corp. Class A | 133,892 | 3,491 |
CR Bard Inc. | 43,947 | 3,423 |
* Humana Inc. | 75,843 | 3,329 |
* DaVita Inc. | 46,936 | 2,757 |
* Waters Corp. | 43,009 | 2,665 |
* Varian Medical Systems Inc. | 56,090 | 2,628 |
* Cerner Corp. | 31,124 | 2,566 |
* Mylan Inc. | 136,627 | 2,518 |
* Human Genome Sciences Inc. | 81,515 | 2,494 |
DENTSPLY International Inc. | 63,157 | 2,221 |
* Edwards Lifesciences Corp. | 25,493 | 2,214 |
* Henry Schein Inc. | 40,352 | 2,123 |
* Cephalon Inc. | 33,627 | 2,099 |
Beckman Coulter Inc. | 30,876 | 2,021 |
* CareFusion Corp. | 80,593 | 2,016 |
* Alexion Pharmaceuticals Inc. | 39,342 | 1,921 |
* Millipore Corp. | 25,186 | 1,822 |
* ResMed Inc. | 34,354 | 1,796 |
* Watson Pharmaceuticals Inc. | 44,875 | 1,777 |
IMS Health Inc. | 82,799 | 1,744 |
* Illumina Inc. | 55,828 | 1,711 |
* Hologic Inc. | 114,765 | 1,664 |
* Coventry Health Care Inc. | 67,774 | 1,646 |
* Covance Inc. | 29,139 | 1,590 |
* Mettler-Toledo International Inc. | 15,037 | 1,579 |
* Dendreon Corp. | 59,133 | 1,554 |
* Community Health Systems Inc. | 42,271 | 1,505 |
* Warner Chilcott PLC Class A | 51,301 | 1,461 |
* Inverness Medical Innovations Inc. | 34,577 | 1,435 |
* IDEXX Laboratories Inc. | 26,570 | 1,420 |
25
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Perrigo Co. | 35,255 | 1,405 | |
* | King Pharmaceuticals Inc. | 111,639 | 1,370 |
Omnicare Inc. | 53,244 | 1,287 | |
* | Mednax Inc. | 21,014 | 1,263 |
Universal Health Services Inc. Class B | 40,594 | 1,238 | |
* | Tenet Healthcare Corp. | 216,089 | 1,165 |
* | Patterson Cos. Inc. | 41,156 | 1,152 |
* | Lincare Holdings Inc. | 30,476 | 1,131 |
* | United Therapeutics Corp. | 21,380 | 1,126 |
* | Myriad Genetics Inc. | 42,974 | 1,122 |
Pharmaceutical Product Development Inc. | 47,778 | 1,120 | |
* | Valeant Pharmaceuticals International | 35,148 | 1,117 |
* | Health Net Inc. | 46,724 | 1,088 |
Techne Corp. | 15,774 | 1,081 | |
* | Endo Pharmaceuticals Holdings Inc. | 52,689 | 1,081 |
PerkinElmer Inc. | 52,440 | 1,080 | |
* | Charles River Laboratories International Inc. | 30,275 | 1,020 |
Teleflex Inc. | 18,214 | 982 | |
* | Gen-Probe Inc. | 22,520 | 966 |
* | VCA Antech Inc. | 38,100 | 949 |
* | Kinetic Concepts Inc. | 24,522 | 923 |
* | Amylin Pharmaceuticals Inc. | 63,390 | 899 |
* | BioMarin Pharmaceutical Inc. | 45,005 | 847 |
* | Bio-Rad Laboratories Inc. Class A | 8,505 | 820 |
* | OSI Pharmaceuticals Inc. | 26,074 | 809 |
* | Health Management Associates Inc. Class A | 111,004 | 807 |
* | Onyx Pharmaceuticals Inc. | 27,458 | 806 |
Owens & Minor Inc. | 18,670 | 801 | |
Cooper Cos. Inc. | 20,298 | 774 | |
* | LifePoint Hospitals Inc. | 23,171 | 753 |
Medicis Pharmaceutical Corp. Class A | 27,592 | 746 | |
* | Healthsouth Corp. | 39,748 | 746 |
STERIS Corp. | 26,237 | 734 | |
* | Thoratec Corp. | 26,062 | 702 |
* | Regeneron Pharmaceuticals Inc. | 28,984 | 701 |
* | WellCare Health Plans Inc. | 18,959 | 697 |
* | Emergency Medical Services Corp. Class A | 12,711 | 688 |
* | Masimo Corp. | 21,992�� | 669 |
* | Magellan Health Services Inc. | 16,415 | 669 |
* | Varian Inc. | 12,930 | 666 |
Hill-Rom Holdings Inc. | 27,713 | 665 | |
* | Immucor Inc. | 31,680 | 641 |
* | American Medical Systems Holdings Inc. | 33,192 | 640 |
* | AMERIGROUP Corp. | 23,726 | 640 |
* | Auxilium Pharmaceuticals Inc. | 21,200 | 636 |
* | Haemonetics Corp. | 11,462 | 632 |
* | Salix Pharmaceuticals Ltd. | 24,446 | 621 |
*,^ | Amedisys Inc. | 12,734 | 618 |
* | PSS World Medical Inc. | 27,350 | 617 |
* | Catalyst Health Solutions Inc. | 16,750 | 611 |
* | Brookdale Senior Living Inc. | 32,286 | 587 |
* | Allscripts-Misys Healthcare Solutions Inc. | 28,900 | 585 |
* | Dionex Corp. | 7,900 | 584 |
West Pharmaceutical Services Inc. | 14,675 | 575 | |
* | HMS Holdings Corp. | 11,633 | 566 |
* | NuVasive Inc. | 17,050 | 545 |
Quality Systems Inc. | 8,500 | 534 | |
* | Psychiatric Solutions Inc. | 24,966 | 528 |
* | Sirona Dental Systems Inc. | 16,176 | 513 |
* | Cubist Pharmaceuticals Inc. | 26,906 | 510 |
Chemed Corp. | 10,500 | 504 | |
* | Medivation Inc. | 13,315 | 501 |
* | Isis Pharmaceuticals Inc. | 43,625 | 484 |
* | Eclipsys Corp. | 25,200 | 467 |
26
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | athenahealth Inc. | 10,300 | 466 |
* | Acorda Therapeutics Inc. | 18,140 | 457 |
* | Align Technology Inc. | 25,261 | 450 |
* | Incyte Corp. Ltd. | 49,182 | 448 |
* | Centene Corp. | 20,500 | 434 |
* | Par Pharmaceutical Cos. Inc. | 15,627 | 423 |
* | Alkermes Inc. | 44,114 | 415 |
* | Savient Pharmaceuticals Inc. | 29,961 | 408 |
* | ev3 Inc. | 29,837 | 398 |
* | Seattle Genetics Inc. | 38,886 | 395 |
Meridian Bioscience Inc. | 18,208 | 392 | |
* | Integra LifeSciences Holdings Corp. | 10,601 | 390 |
* | Nektar Therapeutics | 41,676 | 388 |
PDL BioPharma Inc. | 56,495 | 388 | |
* | Healthspring Inc. | 22,000 | 387 |
* | Wright Medical Group Inc. | 20,400 | 387 |
* | Parexel International Corp. | 27,200 | 384 |
Invacare Corp. | 15,307 | 382 | |
* | Volcano Corp. | 21,009 | 365 |
* | Gentiva Health Services Inc. | 13,331 | 360 |
* | Amsurg Corp. Class A | 16,300 | 359 |
* | Bruker Corp. | 29,664 | 358 |
* | Conmed Corp. | 15,640 | 357 |
* | Exelixis Inc. | 48,305 | 356 |
* | Cepheid Inc. | 26,922 | 336 |
* | Healthways Inc. | 18,313 | 336 |
* | Viropharma Inc. | 38,631 | 324 |
* | Phase Forward Inc. | 20,914 | 321 |
* | Cyberonics Inc. | 15,400 | 315 |
* | AMAG Pharmaceuticals Inc. | 8,033 | 305 |
* | Martek Biosciences Corp. | 15,984 | 303 |
* | Theravance Inc. | 23,038 | 301 |
Landauer Inc. | 4,900 | 301 | |
*,^ | MannKind Corp. | 33,595 | 294 |
* | Conceptus Inc. | 15,600 | 293 |
* | Alnylam Pharmaceuticals Inc. | 16,500 | 291 |
* | Vivus Inc. | 30,814 | 283 |
* | Kindred Healthcare Inc. | 15,232 | 281 |
* | Luminex Corp. | 18,616 | 278 |
* | Abaxis Inc. | 10,700 | 273 |
* | Celera Corp. | 39,557 | 273 |
* | Bio-Reference Labs Inc. | 6,944 | 272 |
* | Enzon Pharmaceuticals Inc. | 25,691 | 271 |
* | RehabCare Group Inc. | 8,832 | 269 |
* | inVentiv Health Inc. | 16,315 | 264 |
* | PharMerica Corp. | 16,254 | 258 |
Computer Programs & Systems Inc. | 5,600 | 258 | |
* | Halozyme Therapeutics Inc. | 43,100 | 253 |
* | Merit Medical Systems Inc. | 12,839 | 248 |
* | Natus Medical Inc. | 16,600 | 246 |
* | MedAssets Inc. | 11,500 | 244 |
* | Hanger Orthopedic Group Inc. | 17,635 | 244 |
* | Momenta Pharmaceuticals Inc. | 19,200 | 242 |
* | Greatbatch Inc. | 12,541 | 241 |
* | InterMune Inc. | 18,200 | 237 |
Analogic Corp. | 5,900 | 227 | |
* | Geron Corp. | 40,580 | 225 |
* | XenoPort Inc. | 11,900 | 221 |
* | ICU Medical Inc. | 6,000 | 219 |
* | Impax Laboratories Inc. | 16,033 | 218 |
* | Medicines Co. | 26,016 | 217 |
* | Affymetrix Inc. | 36,894 | 215 |
* | Zoll Medical Corp. | 8,000 | 214 |
* | Emeritus Corp. | 11,336 | 213 |
27
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Universal American Corp. | 17,857 | 209 |
* | Quidel Corp. | 15,000 | 207 |
* | Odyssey HealthCare Inc. | 13,000 | 203 |
* | Facet Biotech Corp. | 11,439 | 201 |
* | Omnicell Inc. | 17,100 | 200 |
* | LHC Group Inc. | 5,900 | 198 |
* | Immunogen Inc. | 24,400 | 192 |
* | AMN Healthcare Services Inc. | 20,805 | 188 |
* | Allos Therapeutics Inc. | 28,177 | 185 |
* | Corvel Corp. | 5,456 | 183 |
* | SonoSite Inc. | 7,700 | 182 |
* | Abraxis Bioscience Inc. | 4,441 | 180 |
* | ABIOMED Inc. | 20,500 | 179 |
* | Cross Country Healthcare Inc. | 17,700 | 175 |
* | Assisted Living Concepts Inc. Class A | 6,644 | 175 |
* | Endologix Inc. | 32,493 | 172 |
* | BioScrip Inc. | 20,408 | 171 |
* | Neogen Corp. | 7,203 | 170 |
* | OraSure Technologies Inc. | 33,390 | 170 |
* | Air Methods Corp. | 5,000 | 168 |
* | Orthofix International NV | 5,401 | 167 |
* | Nabi Biopharmaceuticals | 34,071 | 167 |
* | Medical Action Industries Inc. | 10,350 | 166 |
* | Inspire Pharmaceuticals Inc. | 29,885 | 165 |
* | Sun Healthcare Group Inc. | 17,929 | 164 |
* | NxStage Medical Inc. | 19,600 | 164 |
* | Spectranetics Corp. | 23,396 | 163 |
* | Pharmasset Inc. | 7,700 | 159 |
* | MWI Veterinary Supply Inc. | 4,100 | 155 |
* | Metabolix Inc. | 13,884 | 154 |
* | Orthovita Inc. | 43,416 | 152 |
* | IPC The Hospitalist Co. Inc. | 4,550 | 151 |
* | Rigel Pharmaceuticals Inc. | 15,889 | 151 |
* | Immunomedics Inc. | 45,675 | 147 |
* | Genoptix Inc. | 4,100 | 146 |
* | Accuray Inc. | 25,957 | 146 |
* | Affymax Inc. | 5,854 | 145 |
* | Somanetics Corp. | 8,183 | 144 |
* | Clinical Data Inc. | 7,800 | 142 |
* | Pain Therapeutics Inc. | 26,500 | 142 |
* | Sangamo Biosciences Inc. | 23,683 | 140 |
* | Insulet Corp. | 9,800 | 140 |
* | Ligand Pharmaceuticals Inc. Class B | 64,280 | 139 |
* | Cypress Bioscience Inc. | 24,077 | 139 |
* | American Dental Partners Inc. | 10,709 | 138 |
* | Res-Care Inc. | 12,200 | 137 |
*,^ | Cell Therapeutics Inc. | 119,610 | 136 |
* | SurModics Inc. | 5,945 | 135 |
* | IRIS International Inc. | 10,700 | 132 |
* | US Physical Therapy Inc. | 7,800 | 132 |
* | Targacept Inc. | 6,282 | 131 |
* | DexCom Inc. | 15,800 | 128 |
* | Continucare Corp. | 29,035 | 127 |
* | Symmetry Medical Inc. | 15,100 | 122 |
* | Arena Pharmaceuticals Inc. | 34,008 | 121 |
* | Zymogenetics Inc. | 18,875 | 121 |
*,^ | Novavax Inc. | 45,222 | 120 |
* | TomoTherapy Inc. | 30,606 | 119 |
* | Maxygen Inc. | 19,491 | 119 |
* | Sequenom Inc. | 28,330 | 117 |
* | Questcor Pharmaceuticals Inc. | 24,622 | 117 |
* | Triple-S Management Corp. Class B | 6,635 | 117 |
* | eResearchTechnology Inc. | 19,350 | 116 |
* | Lexicon Pharmaceuticals Inc. | 67,009 | 114 |
28
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Optimer Pharmaceuticals Inc. | 9,900 | 112 |
* Kensey Nash Corp. | 4,291 | 109 |
* AMICAS Inc. | 20,076 | 109 |
* Micromet Inc. | 16,130 | 107 |
* Albany Molecular Research Inc. | 11,811 | 107 |
* Molina Healthcare Inc. | 4,618 | 106 |
America Service Group Inc. | 6,643 | 105 |
* Akorn Inc. | 56,444 | 101 |
* Hi-Tech Pharmacal Co. Inc. | 3,513 | 99 |
* NPS Pharmaceuticals Inc. | 28,946 | 98 |
* Accelrys Inc. | 17,107 | 98 |
* Palomar Medical Technologies Inc. | 9,700 | 98 |
* HealthTronics Inc. | 34,556 | 91 |
* Cantel Medical Corp. | 4,500 | 91 |
* CryoLife Inc. | 14,000 | 90 |
* Rural/Metro Corp. | 14,870 | 89 |
* SuperGen Inc. | 33,900 | 89 |
* BioMimetic Therapeutics Inc. | 7,381 | 88 |
National Healthcare Corp. | 2,400 | 87 |
* Dyax Corp. | 25,397 | 86 |
* Array Biopharma Inc. | 29,985 | 84 |
* Genomic Health Inc. | 4,300 | 84 |
* Protalix BioTherapeutics Inc. | 12,700 | 84 |
* RTI Biologics Inc. | 21,863 | 84 |
* Rochester Medical Corp. | 7,086 | 79 |
* Capital Senior Living Corp. | 15,700 | 79 |
* Durect Corp. | 31,841 | 79 |
* Arqule Inc. | 21,301 | 79 |
* Progenics Pharmaceuticals Inc. | 17,436 | 77 |
* BioCryst Pharmaceuticals Inc. | 11,700 | 76 |
* Almost Family Inc. | 1,900 | 75 |
* Pozen Inc. | 12,462 | 75 |
* Kendle International Inc. | 4,000 | 73 |
* Vital Images Inc. | 5,700 | 72 |
* Angiodynamics Inc. | 4,493 | 72 |
* Peregrine Pharmaceuticals Inc. | 23,676 | 70 |
* Merge Healthcare Inc. | 20,581 | 69 |
* Sunrise Senior Living Inc. | 21,300 | 69 |
* Cadence Pharmaceuticals Inc. | 7,068 | 68 |
* Hooper Holmes Inc. | 63,605 | 67 |
* Pharmacyclics Inc. | 21,228 | 67 |
* Emergent Biosolutions Inc. | 4,800 | 65 |
Atrion Corp. | 400 | 62 |
* Alliance HealthCare Services Inc. | 10,800 | 62 |
* Neurocrine Biosciences Inc. | 22,534 | 61 |
* Anika Therapeutics Inc. | 8,000 | 61 |
* Vanda Pharmaceuticals Inc. | 5,400 | 61 |
* Cambrex Corp. | 10,772 | 60 |
* Five Star Quality Care Inc. | 17,293 | 60 |
* KV Pharmaceutical Co. Class A | 16,333 | 60 |
* Medidata Solutions Inc. | 3,800 | 59 |
* StemCells Inc. | 46,900 | 59 |
* Ariad Pharmaceuticals Inc. | 25,812 | 59 |
* Alphatec Holdings Inc. | 11,000 | 59 |
* Sciclone Pharmaceuticals Inc. | 25,157 | 59 |
* Depomed Inc. | 17,306 | 58 |
* CytRx Corp. | 51,700 | 58 |
* GenVec Inc. | 47,497 | 57 |
* Myriad Pharmaceuticals Inc. | 11,168 | 56 |
* ATS Medical Inc. | 17,226 | 56 |
* Stereotaxis Inc. | 14,107 | 55 |
* Ardea Biosciences Inc. | 3,870 | 54 |
* Curis Inc. | 16,670 | 54 |
* Orexigen Therapeutics Inc. | 7,000 | 52 |
29
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Young Innovations Inc. | 2,100 | 52 | |
* | Santarus Inc. | 11,122 | 51 |
* | Enzo Biochem Inc. | 9,435 | 51 |
* | Providence Service Corp. | 3,100 | 49 |
* | Medcath Corp. | 5,899 | 47 |
* | Hansen Medical Inc. | 15,321 | 46 |
* | Anadys Pharmaceuticals Inc. | 21,879 | 46 |
* | XOMA Ltd. | 65,000 | 45 |
* | Skilled Healthcare Group Inc. | 6,000 | 45 |
* | Caliper Life Sciences Inc. | 17,380 | 45 |
* | SIGA Technologies Inc. | 7,433 | 43 |
* | Adolor Corp. | 29,428 | 43 |
* | AVI BioPharma Inc. | 29,300 | 43 |
* | Entremed Inc. | 53,110 | 42 |
* | LCA-Vision Inc. | 8,112 | 42 |
* | NovaMed Inc. | 10,600 | 41 |
* | Allion Healthcare Inc. | 6,100 | 40 |
* | Vical Inc. | 12,115 | 40 |
* | BMP Sunstone Corp. | 6,943 | 39 |
* | Clarient Inc. | 14,890 | 39 |
* | National Dentex Corp. | 3,896 | 39 |
* | Micrus Endovascular Corp. | 2,600 | 39 |
* | Allied Healthcare International Inc. | 13,317 | 39 |
* | Synovis Life Technologies Inc. | 2,995 | 39 |
* | Spectrum Pharmaceuticals Inc. | 8,500 | 38 |
* | Osiris Therapeutics Inc. | 5,258 | 38 |
* | Corcept Therapeutics Inc. | 13,426 | 37 |
* | GTx Inc. | 8,800 | 37 |
* | Idenix Pharmaceuticals Inc. | 17,134 | 37 |
* | Cerus Corp. | 18,474 | 37 |
Psychemedics Corp. | 4,980 | 37 | |
* | Nighthawk Radiology Holdings Inc. | 7,985 | 36 |
* | Obagi Medical Products Inc. | 3,000 | 36 |
* | Celldex Therapeutics Inc. | 7,537 | 35 |
*,^ | Generex Biotechnology Corp. | 66,500 | 35 |
Ensign Group Inc. | 2,292 | 35 | |
* | Discovery Laboratories Inc. | 56,046 | 35 |
* | Chindex International Inc. | 2,400 | 34 |
* | Columbia Laboratories Inc. | 30,465 | 33 |
* | Caraco Pharmaceutical Laboratories Ltd. | 5,444 | 33 |
* | Icad Inc. | 21,400 | 33 |
Trimeris Inc. | 12,404 | 32 | |
* | Telik Inc. | 39,883 | 30 |
* | Cardiac Science Corp. | 13,656 | 30 |
* | Exactech Inc. | 1,758 | 30 |
* | BioSphere Medical Inc. | 10,860 | 30 |
* | Biolase Technology Inc. | 15,314 | 29 |
* | Javelin Pharmaceuticals Inc. | 21,776 | 28 |
* | Penwest Pharmaceuticals Co. | 10,450 | 27 |
* | Matrixx Initiatives Inc. | 6,300 | 27 |
* | Harvard Bioscience Inc. | 7,434 | 27 |
* | Aastrom Biosciences Inc. | 83,800 | 26 |
* | CardioNet Inc. | 4,200 | 25 |
* | Candela Corp. | 8,123 | 25 |
* | PDI Inc. | 5,100 | 25 |
* | ISTA Pharmaceuticals Inc. | 5,337 | 24 |
* | Exact Sciences Corp. | 7,166 | 24 |
* | Cutera Inc. | 2,800 | 24 |
* | Insmed Inc. | 30,050 | 23 |
* | Osteotech Inc. | 7,187 | 23 |
* | AVANIR Pharmaceuticals Inc. | 12,100 | 23 |
* | Electro-Optical Sciences Inc. | 2,204 | 23 |
* | Idera Pharmaceuticals Inc. | 4,300 | 22 |
* | Cytokinetics Inc. | 7,525 | 22 |
30
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Acadia Pharmaceuticals Inc. | 15,540 | 21 |
*,^ | Hemispherx Biopharma Inc. | 35,200 | 20 |
* | ThermoGenesis Corp. | 33,937 | 19 |
* | Hythiam Inc. | 43,818 | 19 |
* | Delcath Systems Inc. | 3,698 | 19 |
* | MiddleBrook Pharmaceuticals Inc. | 36,023 | 18 |
* | Cel-Sci Corp. | 19,362 | 17 |
* | Theragenics Corp. | 11,916 | 16 |
* | Opko Health Inc. | 8,400 | 15 |
* | Cynosure Inc. Class A | 1,300 | 15 |
* | Orthologic Corp. | 20,010 | 14 |
* | OncoGenex Pharmaceutical Inc. | 636 | 14 |
* | Synta Pharmaceuticals Corp. | 2,800 | 14 |
* | Animal Health International Inc. | 5,800 | 14 |
* | RXi Pharmaceuticals Corp. | 2,936 | 13 |
* | Cytori Therapeutics Inc. | 2,200 | 13 |
* | MAKO Surgical Corp. | 1,200 | 13 |
* | Strategic Diagnostics Inc. | 9,612 | 13 |
* | Orchid Cellmark Inc. | 7,589 | 13 |
* | ADVENTRX Pharmaceuticals Inc. | 35,400 | 12 |
* | Repligen Corp. | 2,900 | 12 |
* | OTIX Global Inc. | 13,930 | 12 |
* | RadNet Inc. | 5,579 | 11 |
* | CPEX Pharmaceuticals Inc. | 940 | 11 |
* | AspenBio Pharma Inc. | 6,000 | 10 |
* | Infinity Pharmaceuticals Inc. | 1,525 | 9 |
* | Alexza Pharmaceuticals Inc. | 3,696 | 9 |
* | Poniard Pharmaceuticals Inc. | 4,773 | 9 |
* | NMT Medical Inc. | 3,531 | 9 |
* | Biodel Inc. | 2,000 | 9 |
* | Biosante Pharmaceuticals Inc. | 5,715 | 8 |
* | OXiGENE Inc. | 6,748 | 8 |
* | Staar Surgical Co. | 2,300 | 7 |
* | MAP Pharmaceuticals Inc. | 700 | 7 |
* | Dynavax Technologies Corp. | 4,363 | 6 |
* | Antigenics Inc. | 8,912 | 6 |
* | Inovio Biomedical Corp. | 4,600 | 5 |
* | Biospecifics Technologies Corp. | 166 | 5 |
* | IVAX Diagnostics Inc. | 8,700 | 4 |
* | Mediware Information Systems | 500 | 4 |
* | Dusa Pharmaceuticals Inc. | 2,300 | 4 |
* | SCOLR Pharma Inc. | 6,600 | 3 |
* | Arrowhead Research Corp. | 5,498 | 3 |
* | Digirad Corp. | 1,200 | 3 |
* | Health Grades Inc. | 400 | 2 |
* | Dialysis Corp. Of America | 200 | 1 |
* | Inhibitex Inc. | 1,400 | 1 |
* | EpiCept Corp. | 1,913 | 1 |
* | Chelsea Therapeutics International Inc. | 400 | 1 |
* | Combinatorx Inc. | 1,300 | 1 |
* | GTC Biotherapeutics Inc. | 1,398 | 1 |
* | Vascular Solutions Inc. | 100 | 1 |
* | Bovie Medical Corp. | 100 | 1 |
* | Palatin Technologies Inc. | 1,600 | 1 |
* | Repros Therapeutics Inc. | 700 | 1 |
690,522 | |||
Industrials (6.6%) | |||
General Electric Co. | 4,755,320 | 71,948 | |
United Technologies Corp. | 400,055 | 27,768 | |
3M Co. | 296,769 | 24,534 | |
United Parcel Service Inc. Class B | 314,256 | 18,029 | |
Boeing Co. | 308,725 | 16,711 | |
Caterpillar Inc. | 277,925 | 15,839 | |
Burlington Northern Santa Fe Corp. | 152,101 | 15,000 |
31
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Union Pacific Corp. | 225,632 | 14,418 | |
Emerson Electric Co. | 336,255 | 14,324 | |
Honeywell International Inc. | 319,667 | 12,531 | |
FedEx Corp. | 132,730 | 11,076 | |
Lockheed Martin Corp. | 146,097 | 11,008 | |
Deere & Co. | 189,228 | 10,235 | |
General Dynamics Corp. | 146,391 | 9,979 | |
Danaher Corp. | 121,579 | 9,143 | |
Illinois Tool Works Inc. | 190,162 | 9,126 | |
Raytheon Co. | 173,122 | 8,919 | |
Norfolk Southern Corp. | 164,424 | 8,619 | |
CSX Corp. | 175,461 | 8,508 | |
Tyco International Ltd. | 212,153 | 7,570 | |
Northrop Grumman Corp. | 135,213 | 7,552 | |
Waste Management Inc. | 209,416 | 7,080 | |
Precision Castparts Corp. | 62,677 | 6,916 | |
PACCAR Inc. | 154,355 | 5,598 | |
Ingersoll-Rand PLC | 142,745 | 5,102 | |
Republic Services Inc. Class A | 169,604 | 4,801 | |
L-3 Communications Holdings Inc. | 52,121 | 4,532 | |
Eaton Corp. | 70,299 | 4,472 | |
CH Robinson Worldwide Inc. | 75,767 | 4,450 | |
* | Delta Air Lines Inc. | 350,268 | 3,986 |
Cummins Inc. | 85,720 | 3,931 | |
Rockwell Collins Inc. | 70,509 | 3,903 | |
Parker Hannifin Corp. | 71,784 | 3,868 | |
ITT Corp. | 77,482 | 3,854 | |
Southwest Airlines Co. | 331,754 | 3,792 | |
Fluor Corp. | 80,390 | 3,621 | |
Goodrich Corp. | 55,425 | 3,561 | |
Dover Corp. | 83,222 | 3,463 | |
Expeditors International of Washington Inc. | 94,862 | 3,295 | |
Cooper Industries PLC | 74,558 | 3,179 | |
Rockwell Automation Inc. | 63,523 | 2,984 | |
*,^ | First Solar Inc. | 20,789 | 2,815 |
WW Grainger Inc. | 28,243 | 2,735 | |
* | McDermott International Inc. | 103,780 | 2,492 |
Fastenal Co. | 59,746 | 2,488 | |
Flowserve Corp. | 25,020 | 2,365 | |
Joy Global Inc. | 45,675 | 2,356 | |
Textron Inc. | 121,888 | 2,293 | |
Masco Corp. | 160,983 | 2,223 | |
Roper Industries Inc. | 41,147 | 2,155 | |
Pitney Bowes Inc. | 93,741 | 2,134 | |
* | Jacobs Engineering Group Inc. | 56,000 | 2,106 |
RR Donnelley & Sons Co. | 91,806 | 2,045 | |
* | Stericycle Inc. | 36,662 | 2,023 |
Dun & Bradstreet Corp. | 23,526 | 1,985 | |
Manpower Inc. | 34,976 | 1,909 | |
Pall Corp. | 52,700 | 1,908 | |
Bucyrus International Inc. Class A | 33,550 | 1,891 | |
* | Iron Mountain Inc. | 82,659 | 1,881 |
* | Quanta Services Inc. | 88,402 | 1,842 |
AMETEK Inc. | 48,089 | 1,839 | |
Equifax Inc. | 56,487 | 1,745 | |
Robert Half International Inc. | 64,535 | 1,725 | |
* | URS Corp. | 38,031 | 1,693 |
* | Foster Wheeler AG | 56,502 | 1,663 |
Avery Dennison Corp. | 45,399 | 1,657 | |
Stanley Works | 31,925 | 1,644 | |
Cintas Corp. | 61,512 | 1,602 | |
Oshkosh Corp. | 39,108 | 1,448 | |
* | Kansas City Southern | 43,350 | 1,443 |
Donaldson Co. Inc. | 32,757 | 1,393 |
32
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
KBR Inc. | 73,200 | 1,391 |
Pentair Inc. | 42,660 | 1,378 |
* AGCO Corp. | 41,603 | 1,345 |
* Alliant Techsystems Inc. | 15,020 | 1,326 |
JB Hunt Transport Services Inc. | 40,390 | 1,303 |
* Corrections Corp. of America | 51,822 | 1,272 |
* IHS Inc. Class A | 22,697 | 1,244 |
* Verisk Analytics Inc. Class A | 40,800 | 1,235 |
SPX Corp. | 22,043 | 1,206 |
* Waste Connections Inc. | 36,050 | 1,202 |
* Copart Inc. | 32,024 | 1,173 |
Harsco Corp. | 36,146 | 1,165 |
* AMR Corp. | 147,976 | 1,144 |
IDEX Corp. | 36,253 | 1,129 |
* Continental Airlines Inc. Class B | 62,089 | 1,113 |
Hubbell Inc. Class B | 23,449 | 1,109 |
* Navistar International Corp. | 28,479 | 1,101 |
Snap-On Inc. | 25,935 | 1,096 |
* FTI Consulting Inc. | 23,080 | 1,088 |
* Shaw Group Inc. | 37,606 | 1,081 |
* Aecom Technology Corp. | 39,264 | 1,080 |
Ryder System Inc. | 24,950 | 1,027 |
Lincoln Electric Holdings Inc. | 19,025 | 1,017 |
* BE Aerospace Inc. | 43,157 | 1,014 |
* Covanta Holding Corp. | 55,753 | 1,009 |
* Hertz Global Holdings Inc. | 83,200 | 992 |
Gardner Denver Inc. | 23,292 | 991 |
* UAL Corp. | 75,222 | 971 |
* Terex Corp. | 48,700 | 965 |
Kennametal Inc. | 36,882 | 956 |
* Spirit Aerosystems Holdings Inc. Class A | 47,810 | 950 |
Carlisle Cos. Inc. | 27,512 | 943 |
* Monster Worldwide Inc. | 53,903 | 938 |
MSC Industrial Direct Co. Class A | 19,754 | 928 |
Towers Watson & Co. Class A | 19,190 | 912 |
Landstar System Inc. | 23,070 | 894 |
* Owens Corning | 34,497 | 885 |
Timken Co. | 36,995 | 877 |
Wabtec Corp. | 20,914 | 854 |
Nordson Corp. | 13,959 | 854 |
Regal-Beloit Corp. | 16,400 | 852 |
* Thomas & Betts Corp. | 23,732 | 849 |
TransDigm Group Inc. | 17,800 | 845 |
* GrafTech International Ltd. | 54,098 | 841 |
Lennox International Inc. | 21,205 | 828 |
* Kirby Corp. | 23,000 | 801 |
* EMCOR Group Inc. | 29,600 | 796 |
* American Superconductor Corp. | 19,208 | 786 |
Con-way Inc. | 22,126 | 772 |
Graco Inc. | 26,891 | 768 |
CLARCOR Inc. | 22,870 | 742 |
* Tetra Tech Inc. | 27,038 | 735 |
Woodward Governor Co. | 27,400 | 706 |
* General Cable Corp. | 23,352 | 687 |
Brady Corp. Class A | 22,762 | 683 |
Acuity Brands Inc. | 19,012 | 678 |
Toro Co. | 16,100 | 673 |
Curtiss-Wright Corp. | 20,868 | 654 |
Valmont Industries Inc. | 8,257 | 648 |
Crane Co. | 20,997 | 643 |
UTi Worldwide Inc. | 44,328 | 635 |
Alexander & Baldwin Inc. | 18,429 | 631 |
* Clean Harbors Inc. | 10,565 | 630 |
Trinity Industries Inc. | 35,388 | 617 |
33
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Watsco Inc. | 12,600 | 617 |
* United Stationers Inc. | 10,619 | 604 |
* Avis Budget Group Inc. | 45,793 | 601 |
Manitowoc Co. Inc. | 60,148 | 600 |
GATX Corp. | 20,636 | 593 |
* MPS Group Inc. | 43,151 | 593 |
* JetBlue Airways Corp. | 108,411 | 591 |
* Teledyne Technologies Inc. | 15,321 | 588 |
* SunPower Corp. Class A | 24,700 | 585 |
Actuant Corp. Class A | 30,960 | 574 |
Baldor Electric Co. | 20,419 | 574 |
* Alaska Air Group Inc. | 16,378 | 566 |
* Hexcel Corp. | 43,400 | 563 |
* Moog Inc. Class A | 19,000 | 555 |
* Genesee & Wyoming Inc. Class A | 16,919 | 552 |
Granite Construction Inc. | 16,277 | 548 |
* Esterline Technologies Corp. | 13,300 | 542 |
Knight Transportation Inc. | 27,965 | 539 |
Kaydon Corp. | 14,888 | 532 |
* WESCO International Inc. | 18,725 | 506 |
* Geo Group Inc. | 23,000 | 503 |
Simpson Manufacturing Co. Inc. | 18,300 | 492 |
Brink's Co. | 20,156 | 491 |
HNI Corp. | 17,635 | 487 |
* EnerSys | 21,380 | 468 |
* HUB Group Inc. Class A | 17,307 | 464 |
Belden Inc. | 20,925 | 459 |
AO Smith Corp. | 10,545 | 458 |
Werner Enterprises Inc. | 22,177 | 439 |
* USG Corp. | 31,200 | 438 |
Skywest Inc. | 25,900 | 438 |
Briggs & Stratton Corp. | 23,396 | 438 |
Heartland Express Inc. | 28,018 | 428 |
ESCO Technologies Inc. | 11,800 | 423 |
ABM Industries Inc. | 20,350 | 420 |
* Insituform Technologies Inc. Class A | 18,400 | 418 |
* SunPower Corp. Class B | 19,894 | 417 |
* AAR Corp. | 18,100 | 416 |
Mueller Industries Inc. | 16,629 | 413 |
Watts Water Technologies Inc. Class A | 13,211 | 408 |
Rollins Inc. | 21,150 | 408 |
* Resources Connection Inc. | 19,200 | 407 |
Herman Miller Inc. | 25,487 | 407 |
Mine Safety Appliances Co. | 15,302 | 406 |
* II-VI Inc. | 12,700 | 404 |
Otter Tail Corp. | 16,268 | 403 |
Healthcare Services Group Inc. | 18,642 | 400 |
* SYKES Enterprises Inc. | 15,667 | 399 |
* Orbital Sciences Corp. | 26,000 | 397 |
Applied Industrial Technologies Inc. | 17,689 | 390 |
* CoStar Group Inc. | 9,317 | 389 |
* Old Dominion Freight Line Inc. | 12,550 | 385 |
* Korn/Ferry International | 22,900 | 378 |
Triumph Group Inc. | 7,806 | 377 |
* Middleby Corp. | 7,453 | 365 |
Forward Air Corp. | 14,553 | 365 |
Corporate Executive Board Co. | 15,845 | 362 |
Mueller Water Products Inc. Class A | 69,074 | 359 |
* Navigant Consulting Inc. | 24,078 | 358 |
* MasTec Inc. | 28,575 | 357 |
American Science & Engineering Inc. | 4,700 | 356 |
* Armstrong World Industries Inc. | 9,156 | 356 |
Deluxe Corp. | 24,037 | 356 |
* Griffon Corp. | 29,090 | 355 |
34
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Beacon Roofing Supply Inc. | 22,075 | 353 |
Barnes Group Inc. | 20,864 | 353 | |
Robbins & Myers Inc. | 14,800 | 348 | |
Arkansas Best Corp. | 11,800 | 347 | |
* | US Airways Group Inc. | 67,622 | 327 |
* | Allegiant Travel Co. Class A | 6,746 | 318 |
* | Genco Shipping & Trading Ltd. | 13,908 | 311 |
* | EnPro Industries Inc. | 11,419 | 302 |
Administaff Inc. | 12,700 | 300 | |
EnergySolutions Inc. | 35,200 | 299 | |
Cubic Corp. | 7,900 | 295 | |
* | Atlas Air Worldwide Holdings Inc. | 7,900 | 294 |
* | AirTran Holdings Inc. | 54,940 | 287 |
Aircastle Ltd. | 29,026 | 286 | |
* | TrueBlue Inc. | 19,304 | 286 |
* | GeoEye Inc. | 10,068 | 281 |
* | Mobile Mini Inc. | 19,500 | 275 |
Kaman Corp. | 11,851 | 274 | |
Universal Forest Products Inc. | 7,421 | 273 | |
Ameron International Corp. | 4,300 | 273 | |
Quanex Building Products Corp. | 15,990 | 271 | |
* | Cenveo Inc. | 30,001 | 263 |
Franklin Electric Co. Inc. | 8,900 | 259 | |
Heidrick & Struggles International Inc. | 8,100 | 253 | |
Steelcase Inc. Class A | 38,526 | 245 | |
Albany International Corp. | 10,722 | 241 | |
*,^ | Energy Conversion Devices Inc. | 22,606 | 239 |
Seaboard Corp. | 177 | 239 | |
* | Ceradyne Inc. | 12,246 | 235 |
Knoll Inc. | 22,700 | 235 | |
* | Kforce Inc. | 18,707 | 234 |
* | Tutor Perini Corp. | 12,800 | 231 |
* | Macquarie Infrastructure Co. LLC | 18,800 | 231 |
* | Chart Industries Inc. | 13,917 | 230 |
* | Interline Brands Inc. | 13,304 | 230 |
Apogee Enterprises Inc. | 16,300 | 228 | |
Comfort Systems USA Inc. | 18,300 | 226 | |
Raven Industries Inc. | 7,100 | 226 | |
* | Advisory Board Co. | 7,291 | 224 |
* | Astec Industries Inc. | 8,243 | 222 |
Badger Meter Inc. | 5,482 | 218 | |
* | Dollar Thrifty Automotive Group Inc. | 8,500 | 218 |
* | Layne Christensen Co. | 7,508 | 216 |
* | Blount International Inc. | 20,937 | 211 |
* | DynCorp International Inc. Class A | 14,549 | 209 |
* | Orion Marine Group Inc. | 9,800 | 206 |
* | Huron Consulting Group Inc. | 8,890 | 205 |
* | M&F Worldwide Corp. | 5,100 | 201 |
* | ATC Technology Corp. | 8,429 | 201 |
HEICO Corp. | 4,500 | 199 | |
* | Altra Holdings Inc. | 16,000 | 198 |
* | EnerNOC Inc. | 6,500 | 198 |
* | Power-One Inc. | 45,257 | 197 |
* | United Rentals Inc. | 19,680 | 193 |
* | Force Protection Inc. | 37,036 | 193 |
* | CBIZ Inc. | 25,023 | 193 |
* | GenCorp Inc. | 27,100 | 190 |
* | Waste Services Inc. | 20,332 | 185 |
McGrath Rentcorp | 8,200 | 183 | |
* | Spherion Corp. | 32,599 | 183 |
Tennant Co. | 6,900 | 181 | |
* | Acacia Research - Acacia Technologies | 19,831 | 181 |
Great Lakes Dredge & Dock Corp. | 27,781 | 180 | |
Gorman-Rupp Co. | 6,452 | 178 |
35
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
G&K Services Inc. Class A | 6,939 | 174 | |
*,^ | Evergreen Solar Inc. | 115,307 | 174 |
Lindsay Corp. | 4,350 | 173 | |
* | School Specialty Inc. | 7,299 | 171 |
* | Amerco Inc. | 3,428 | 170 |
Encore Wire Corp. | 8,050 | 170 | |
CIRCOR International Inc. | 6,700 | 169 | |
John Bean Technologies Corp. | 9,900 | 168 | |
Ennis Inc. | 10,009 | 168 | |
* | Argon ST Inc. | 7,695 | 167 |
* | Taser International Inc. | 38,100 | 167 |
* | DigitalGlobe Inc. | 6,860 | 166 |
AAON Inc. | 8,330 | 162 | |
* | Celadon Group Inc. | 14,825 | 161 |
Tredegar Corp. | 10,055 | 159 | |
* | Stanley Inc. | 5,800 | 159 |
Viad Corp. | 7,547 | 156 | |
* | H&E Equipment Services Inc. | 14,793 | 155 |
HEICO Corp. Class A | 4,304 | 155 | |
Ampco-Pittsburgh Corp. | 4,900 | 155 | |
* | Aerovironment Inc. | 5,300 | 154 |
* | Exponent Inc. | 5,516 | 154 |
* | Dycom Industries Inc. | 19,090 | 153 |
* | Colfax Corp. | 12,600 | 152 |
* | AZZ Inc. | 4,614 | 151 |
* | Polypore International Inc. | 12,400 | 148 |
Interface Inc. Class A | 17,743 | 147 | |
* | ICF International Inc. | 5,500 | 147 |
* | Energy Recovery Inc. | 21,262 | 146 |
* | Consolidated Graphics Inc. | 4,100 | 144 |
* | ACCO Brands Corp. | 19,708 | 143 |
* | FuelCell Energy Inc. | 37,418 | 141 |
Diamond Management & Technology Consultants Inc. Class A | 18,875 | 139 | |
* | Capstone Turbine Corp. | 104,276 | 135 |
* | Columbus McKinnon Corp. | 9,837 | 134 |
* | LB Foster Co. Class A | 4,500 | 134 |
* | RSC Holdings Inc. | 18,900 | 133 |
American Ecology Corp. | 7,800 | 133 | |
* | Sterling Construction Co. Inc. | 6,900 | 132 |
Cascade Corp. | 4,700 | 129 | |
FreightCar America Inc. | 6,515 | 129 | |
Gibraltar Industries Inc. | 8,200 | 129 | |
* | Cornell Cos. Inc. | 5,600 | 127 |
* | Republic Airways Holdings Inc. | 17,114 | 126 |
* | RBC Bearings Inc. | 5,177 | 126 |
Kimball International Inc. Class B | 14,764 | 126 | |
* | Team Inc. | 6,636 | 125 |
* | Kadant Inc. | 7,610 | 121 |
CDI Corp. | 9,300 | 120 | |
* | Hawaiian Holdings Inc. | 17,000 | 119 |
* | Harbin Electric Inc. | 5,700 | 117 |
* | MYR Group Inc. | 6,400 | 116 |
* | Vicor Corp. | 12,179 | 113 |
* | Eagle Bulk Shipping Inc. | 22,733 | 113 |
* | Kelly Services Inc. Class A | 9,400 | 112 |
Houston Wire & Cable Co. | 9,300 | 111 | |
* | Marten Transport Ltd. | 6,150 | 110 |
* | Michael Baker Corp. | 2,659 | 110 |
Ducommun Inc. | 5,800 | 109 | |
Graham Corp. | 5,200 | 108 | |
* | Innerworkings Inc. | 18,129 | 107 |
Titan International Inc. | 13,125 | 106 | |
American Woodmark Corp. | 5,385 | 106 | |
* | American Reprographics Co. | 15,057 | 106 |
36
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Rush Enterprises Inc. Class A | 8,750 | 104 |
* | Perma-Fix Environmental Services | 44,758 | 102 |
* | Fuel Tech Inc. | 12,400 | 101 |
* | Flow International Corp. | 32,500 | 100 |
* | Furmanite Corp. | 26,197 | 100 |
* | China BAK Battery Inc. | 35,800 | 100 |
Federal Signal Corp. | 16,353 | 98 | |
Standex International Corp. | 4,900 | 98 | |
* | CRA International Inc. | 3,678 | 98 |
* | American Commercial Lines Inc. | 5,280 | 97 |
* | Trex Co. Inc. | 4,900 | 96 |
* | Titan Machinery Inc. | 8,200 | 95 |
Sun Hydraulics Corp. | 3,600 | 95 | |
NACCO Industries Inc. Class A | 1,891 | 94 | |
* | Willis Lease Finance Corp. | 6,189 | 93 |
* | Metalico Inc. | 18,800 | 93 |
* | 3D Systems Corp. | 8,104 | 92 |
* | Ener1 Inc. | 14,326 | 91 |
Alamo Group Inc. | 5,242 | 90 | |
* | Herley Industries Inc. | 6,452 | 90 |
* | Powell Industries Inc. | 2,832 | 89 |
* | Northwest Pipe Co. | 3,150 | 85 |
Applied Signal Technology Inc. | 4,300 | 83 | |
* | PMFG Inc. | 5,000 | 81 |
* | GP Strategies Corp. | 10,600 | 80 |
* | LECG Corp. | 26,474 | 79 |
Met-Pro Corp. | 7,266 | 77 | |
Bowne & Co. Inc. | 11,514 | 77 | |
Insteel Industries Inc. | 5,800 | 75 | |
* | UQM Technologies Inc. | 10,950 | 75 |
* | Saia Inc. | 5,051 | 75 |
Dynamic Materials Corp. | 3,700 | 74 | |
*,^ | Microvision Inc. | 23,195 | 74 |
* | Miller Industries Inc. | 6,446 | 73 |
* | ICT Group Inc. | 4,456 | 73 |
Sauer-Danfoss Inc. | 6,000 | 72 | |
* | SmartHeat Inc. | 4,900 | 71 |
* | Dynamex Inc. | 3,900 | 71 |
* | COMSYS IT Partners Inc. | 7,856 | 70 |
* | K-Tron International Inc. | 600 | 65 |
* | Ladish Co. Inc. | 4,300 | 65 |
* | Pike Electric Corp. | 6,910 | 64 |
* | Protection One Inc. | 9,824 | 63 |
* | Volt Information Sciences Inc. | 6,300 | 63 |
* | Wabash National Corp. | 33,250 | 63 |
Todd Shipyards Corp. | 3,676 | 62 | |
* | On Assignment Inc. | 8,600 | 61 |
TAL International Group Inc. | 4,590 | 61 | |
* | Broadwind Energy Inc. | 7,280 | 59 |
* | Advanced Battery Technologies Inc. | 14,700 | 59 |
* | Hudson Highland Group Inc. | 12,330 | 58 |
* | Tecumseh Products Co. Class A | 4,923 | 58 |
Aceto Corp. | 11,107 | 57 | |
* | PowerSecure International Inc. | 7,800 | 56 |
Schawk Inc. Class A | 4,100 | 56 | |
* | Hill International Inc. | 8,700 | 54 |
* | GT Solar International Inc. | 9,700 | 54 |
* | Kratos Defense & Security Solutions Inc. | 5,043 | 53 |
Greenbrier Cos. Inc. | 5,100 | 53 | |
Horizon Lines Inc. Class A | 9,400 | 52 | |
* | Lydall Inc. | 9,942 | 52 |
* | Trimas Corp. | 7,500 | 51 |
* | Pinnacle Airlines Corp. | 7,373 | 51 |
* | Plug Power Inc. | 70,838 | 50 |
37
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Multi-Color Corp. | 4,087 | 50 | |
* | Standard Parking Corp. | 3,100 | 49 |
* | United Capital Corp. | 2,064 | 49 |
* | APAC Customer Services Inc. | 8,134 | 48 |
* | Odyssey Marine Exploration Inc. | 34,066 | 48 |
Courier Corp. | 3,348 | 48 | |
LSI Industries Inc. | 6,007 | 47 | |
* | DXP Enterprises Inc. | 3,600 | 47 |
International Shipholding Corp. | 1,442 | 45 | |
* | Fushi Copperweld Inc. | 4,300 | 44 |
* | Casella Waste Systems Inc. Class A | 10,781 | 43 |
* | Integrated Electrical Services Inc. | 7,350 | 43 |
* | Quixote Corp. | 6,748 | 43 |
* | WCA Waste Corp. | 9,763 | 42 |
Pacer International Inc. | 13,300 | 42 | |
* | Valence Technology Inc. | 46,165 | 42 |
* | Builders FirstSource Inc. | 10,869 | 42 |
* | Ultralife Corp. | 9,200 | 40 |
* | Intersections Inc. | 7,870 | 39 |
* | PAM Transportation Services Inc. | 3,663 | 38 |
Lawson Products Inc. | 2,138 | 38 | |
Preformed Line Products Co. | 823 | 36 | |
* | Commercial Vehicle Group Inc. | 6,012 | 36 |
* | Air Transport Services Group Inc. | 13,274 | 35 |
* | Active Power Inc. | 31,013 | 34 |
* | TBS International Ltd. Class A | 4,500 | 33 |
* | USA Truck Inc. | 2,600 | 33 |
* | LMI Aerospace Inc. | 2,400 | 32 |
* | BlueLinx Holdings Inc. | 11,400 | 32 |
VSE Corp. | 700 | 32 | |
* | NN Inc. | 7,480 | 30 |
* | Magnetek Inc. | 19,000 | 29 |
Standard Register Co. | 5,676 | 29 | |
* | LaBarge Inc. | 2,400 | 29 |
Virco Manufacturing | 7,736 | 28 | |
* | TRC Cos. Inc. | 8,800 | 26 |
* | Innovative Solutions & Support Inc. | 5,724 | 26 |
*,^ | C&D Technologies Inc. | 16,400 | 25 |
* | Quality Distribution Inc. | 6,326 | 25 |
* | Park-Ohio Holdings Corp. | 4,400 | 25 |
* | Patriot Transportation Holding Inc. | 261 | 25 |
American Railcar Industries Inc. | 2,200 | 24 | |
* | Astronics Corp. | 2,800 | 24 |
Barrett Business Services Inc. | 1,900 | 23 | |
* | Covenant Transportation Group Inc. Class A | 4,806 | 20 |
Superior Uniform Group Inc. | 2,008 | 20 | |
LS Starrett Co. Class A | 2,200 | 19 | |
*,^ | YRC Worldwide Inc. | 22,350 | 19 |
* | Xerium Technologies Inc. | 24,262 | 18 |
Twin Disc Inc. | 1,600 | 17 | |
Frozen Food Express Industries | 4,700 | 16 | |
* | Raytheon Co. Warrants Exp. 6/16/11 | 1,046 | 15 |
* | SL Industries Inc. | 1,700 | 14 |
* | Flanders Corp. | 3,100 | 14 |
* | NCI Building Systems Inc. | 7,200 | 13 |
* | Satcon Technology Corp. | 4,600 | 13 |
* | Rush Enterprises Inc. Class B | 1,149 | 12 |
Omega Flex Inc. | 810 | 11 | |
* | Applied Energetics Inc. | 34,281 | 11 |
* | Tecumseh Products Co. Class B | 1,000 | 11 |
Hardinge Inc. | 2,000 | 11 | |
Universal Truckload Services Inc. | 600 | 11 | |
* | Hurco Cos. Inc. | 700 | 10 |
* | PRG-Schultz International Inc. | 1,681 | 10 |
38
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Innotrac Corp. | 5,748 | 9 |
*,^ | Arotech Corp. | 4,507 | 8 |
* | ExpressJet Holdings Inc. | 1,305 | 6 |
Sypris Solutions Inc. | 2,100 | 6 | |
* | Allied Defense Group Inc. | 1,100 | 5 |
* | Builders FirstSource Inc. Rights Exp. 1/14/10 | 17,511 | 4 |
* | Amrep Corp. | 200 | 3 |
* | Mesa Air Group Inc. | 13,000 | 2 |
* | BMC Industries Inc. | 29,237 | — |
600,109 | |||
Information Technology (11.8%) | |||
Microsoft Corp. | 3,588,596 | 109,416 | |
* | Apple Inc. | 400,859 | 84,525 |
International Business Machines Corp. | 586,555 | 76,780 | |
* | Google Inc. Class A | 108,274 | 67,128 |
* | Cisco Systems Inc. | 2,581,023 | 61,790 |
Hewlett-Packard Co. | 1,067,799 | 55,002 | |
Intel Corp. | 2,505,018 | 51,102 | |
Oracle Corp. | 1,795,306 | 44,057 | |
QUALCOMM Inc. | 743,844 | 34,410 | |
Visa Inc. Class A | 205,845 | 18,003 | |
* | EMC Corp. | 904,832 | 15,807 |
Texas Instruments Inc. | 564,452 | 14,710 | |
Corning Inc. | 695,607 | 13,432 | |
* | eBay Inc. | 490,757 | 11,552 |
Accenture PLC Class A | 274,838 | 11,406 | |
Mastercard Inc. Class A | 44,168 | 11,306 | |
* | Dell Inc. | 786,921 | 11,300 |
* | Yahoo! Inc. | 596,552 | 10,010 |
Automatic Data Processing Inc. | 224,698 | 9,622 | |
* | Adobe Systems Inc. | 234,896 | 8,639 |
Applied Materials Inc. | 596,512 | 8,315 | |
Motorola Inc. | 1,027,102 | 7,970 | |
* | Symantec Corp. | 364,408 | 6,519 |
* | Juniper Networks Inc. | 234,545 | 6,255 |
* | Broadcom Corp. Class A | 194,987 | 6,132 |
* | Cognizant Technology Solutions Corp. Class A | 131,188 | 5,943 |
Western Union Co. | 313,853 | 5,916 | |
* | NetApp Inc. | 150,363 | 5,171 |
Tyco Electronics Ltd. | 205,212 | 5,038 | |
* | Marvell Technology Group Ltd. | 235,440 | 4,885 |
* | Agilent Technologies Inc. | 153,612 | 4,773 |
* | NVIDIA Corp. | 245,117 | 4,579 |
Paychex Inc. | 145,414 | 4,456 | |
* | Western Digital Corp. | 100,505 | 4,437 |
* | Intuit Inc. | 137,957 | 4,237 |
CA Inc. | 187,458 | 4,210 | |
Analog Devices Inc. | 130,381 | 4,117 | |
Seagate Technology | 222,589 | 4,049 | |
* | Micron Technology Inc. | 378,947 | 4,002 |
* | Computer Sciences Corp. | 67,788 | 3,900 |
* | Salesforce.com Inc. | 49,879 | 3,680 |
Amphenol Corp. Class A | 76,618 | 3,538 | |
* | Citrix Systems Inc. | 82,540 | 3,435 |
* | Fiserv Inc. | 69,529 | 3,371 |
Xerox Corp. | 391,994 | 3,316 | |
Fidelity National Information Services Inc. | 140,963 | 3,304 | |
* | BMC Software Inc. | 82,271 | 3,299 |
* | Sun Microsystems Inc. | 339,346 | 3,180 |
Xilinx Inc. | 124,283 | 3,115 | |
Linear Technology Corp. | 99,419 | 3,036 | |
Altera Corp. | 131,585 | 2,978 | |
* | SanDisk Corp. | 101,558 | 2,944 |
* | McAfee Inc. | 71,022 | 2,881 |
39
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Activision Blizzard Inc. | 257,714 | 2,863 |
Harris Corp. | 59,596 | 2,834 |
KLA-Tencor Corp. | 77,052 | 2,786 |
Maxim Integrated Products Inc. | 136,900 | 2,779 |
* Flextronics International Ltd. | 362,826 | 2,652 |
* Autodesk Inc. | 103,707 | 2,635 |
* Red Hat Inc. | 84,127 | 2,600 |
* Electronic Arts Inc. | 144,680 | 2,568 |
* Advanced Micro Devices Inc. | 255,331 | 2,472 |
* Cree Inc. | 43,166 | 2,433 |
* Affiliated Computer Services Inc. Class A | 40,732 | 2,431 |
* Teradata Corp. | 76,831 | 2,415 |
Microchip Technology Inc. | 81,807 | 2,377 |
* FLIR Systems Inc. | 68,281 | 2,234 |
* Lam Research Corp. | 56,631 | 2,221 |
* VeriSign Inc. | 86,284 | 2,092 |
* Avnet Inc. | 67,576 | 2,038 |
* Akamai Technologies Inc. | 77,112 | 1,953 |
Global Payments Inc. | 36,043 | 1,941 |
* F5 Networks Inc. | 35,191 | 1,864 |
* Equinix Inc. | 17,372 | 1,844 |
Lender Processing Services Inc. | 43,439 | 1,766 |
* LSI Corp. | 292,112 | 1,756 |
* SAIC Inc. | 91,819 | 1,739 |
* ANSYS Inc. | 39,935 | 1,736 |
National Semiconductor Corp. | 106,715 | 1,639 |
* ON Semiconductor Corp. | 179,740 | 1,584 |
* Arrow Electronics Inc. | 53,472 | 1,583 |
* Hewitt Associates Inc. Class A | 37,404 | 1,581 |
* Sybase Inc. | 36,392 | 1,579 |
* Alliance Data Systems Corp. | 23,996 | 1,550 |
* Rovi Corp. | 45,535 | 1,451 |
* Synopsys Inc. | 64,896 | 1,446 |
Jabil Circuit Inc. | 81,766 | 1,420 |
* Nuance Communications Inc. | 91,005 | 1,414 |
Broadridge Financial Solutions Inc. | 62,273 | 1,405 |
* Brocade Communications Systems Inc. | 179,611 | 1,370 |
* MEMC Electronic Materials Inc. | 100,582 | 1,370 |
* Trimble Navigation Ltd. | 53,738 | 1,354 |
Factset Research Systems Inc. | 20,424 | 1,345 |
* 3Com Corp. | 174,415 | 1,308 |
Total System Services Inc. | 75,380 | 1,302 |
* Itron Inc. | 18,103 | 1,223 |
* Varian Semiconductor Equipment Associates Inc. | 32,865 | 1,179 |
* Ingram Micro Inc. | 65,562 | 1,144 |
* AOL Inc. | 48,609 | 1,132 |
* Dolby Laboratories Inc. Class A | 23,636 | 1,128 |
* MICROS Systems Inc. | 36,200 | 1,123 |
* CommScope Inc. | 42,198 | 1,120 |
* Skyworks Solutions Inc. | 77,182 | 1,095 |
* Rambus Inc. | 44,603 | 1,088 |
Solera Holdings Inc. | 29,467 | 1,061 |
* Tech Data Corp. | 22,459 | 1,048 |
Molex Inc. | 48,516 | 1,046 |
* VistaPrint NV | 18,449 | 1,045 |
* Informatica Corp. | 40,162 | 1,039 |
* Atheros Communications Inc. | 30,020 | 1,028 |
* Novellus Systems Inc. | 43,922 | 1,025 |
* VMware Inc. Class A | 23,935 | 1,014 |
* QLogic Corp. | 53,460 | 1,009 |
* Tellabs Inc. | 169,269 | 961 |
* Polycom Inc. | 37,739 | 942 |
* Silicon Laboratories Inc. | 19,092 | 923 |
* Lexmark International Inc. Class A | 35,140 | 913 |
40
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Atmel Corp. | 192,797 | 889 |
* | IAC/InterActiveCorp | 43,054 | 882 |
Diebold Inc. | 30,552 | 869 | |
* | PMC - Sierra Inc. | 100,200 | 868 |
Intersil Corp. Class A | 56,378 | 865 | |
* | Parametric Technology Corp. | 52,168 | 852 |
Jack Henry & Associates Inc. | 36,696 | 848 | |
* | WebMD Health Corp. | 21,963 | 845 |
* | Teradyne Inc. | 77,919 | 836 |
* | Concur Technologies Inc. | 19,000 | 812 |
* | NCR Corp. | 71,371 | 794 |
* | Compuware Corp. | 108,915 | 787 |
* | Sohu.com Inc. | 13,746 | 787 |
* | JDS Uniphase Corp. | 95,083 | 784 |
* | DST Systems Inc. | 17,908 | 780 |
* | NeuStar Inc. Class A | 33,530 | 773 |
National Instruments Corp. | 26,178 | 771 | |
* | TIBCO Software Inc. | 78,984 | 761 |
* | Zebra Technologies Corp. | 26,426 | 749 |
* | Cypress Semiconductor Corp. | 69,903 | 738 |
* | Unisys Corp. | 19,070 | 735 |
* | International Rectifier Corp. | 33,114 | 733 |
* | Cadence Design Systems Inc. | 118,633 | 711 |
* | Palm Inc. | 69,402 | 697 |
* | CACI International Inc. Class A | 13,800 | 674 |
* | Vishay Intertechnology Inc. | 80,263 | 670 |
* | Microsemi Corp. | 37,429 | 664 |
* | Novell Inc. | 159,087 | 660 |
* | Blackboard Inc. | 14,098 | 640 |
* | Arris Group Inc. | 55,718 | 637 |
* | Anixter International Inc. | 13,442 | 633 |
* | Gartner Inc. | 34,653 | 625 |
* | MercadoLibre Inc. | 11,969 | 621 |
* | Cybersource Corp. | 30,801 | 619 |
* | Convergys Corp. | 55,169 | 593 |
Plantronics Inc. | 22,572 | 586 | |
* | Riverbed Technology Inc. | 25,317 | 582 |
* | VeriFone Holdings Inc. | 35,456 | 581 |
* | Fairchild Semiconductor International Inc. Class A | 57,786 | 577 |
* | Benchmark Electronics Inc. | 30,415 | 575 |
ADTRAN Inc. | 25,191 | 568 | |
* | Veeco Instruments Inc. | 17,100 | 565 |
* | RF Micro Devices Inc. | 117,866 | 562 |
* | Wright Express Corp. | 17,074 | 544 |
* | Tessera Technologies Inc. | 22,581 | 525 |
* | Blue Coat Systems Inc. | 18,334 | 523 |
* | Progress Software Corp. | 17,900 | 523 |
* | InterDigital Inc. | 19,645 | 521 |
* | Ariba Inc. | 41,134 | 515 |
* | Quest Software Inc. | 27,768 | 511 |
* | Cymer Inc. | 13,241 | 508 |
* | Plexus Corp. | 17,744 | 506 |
* | Genpact Ltd. | 33,819 | 504 |
* | Integrated Device Technology Inc. | 77,516 | 502 |
* | FormFactor Inc. | 23,000 | 501 |
* | TiVo Inc. | 48,950 | 498 |
* | Semtech Corp. | 28,378 | 483 |
* | Digital River Inc. | 17,808 | 481 |
Blackbaud Inc. | 20,181 | 477 | |
*,^ | Synaptics Inc. | 15,440 | 473 |
* | Mantech International Corp. Class A | 9,800 | 473 |
Fair Isaac Corp. | 21,947 | 468 | |
* | Comtech Telecommunications Corp. | 13,250 | 464 |
* | Acxiom Corp. | 34,467 | 463 |
41
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Rackspace Hosting Inc. | 22,010 | 459 |
* GSI Commerce Inc. | 17,727 | 450 |
* Euronet Worldwide Inc. | 20,400 | 448 |
* Ciena Corp. | 40,744 | 442 |
* CommVault Systems Inc. | 18,400 | 436 |
Syntel Inc. | 11,425 | 435 |
* Viasat Inc. | 13,575 | 431 |
Power Integrations Inc. | 11,825 | 430 |
* Tekelec | 27,811 | 425 |
* j2 Global Communications Inc. | 20,708 | 421 |
* Emulex Corp. | 38,459 | 419 |
* Cavium Networks Inc. | 17,495 | 417 |
* TriQuint Semiconductor Inc. | 68,689 | 412 |
* Netlogic Microsystems Inc. | 8,900 | 412 |
* JDA Software Group Inc. | 15,927 | 406 |
* Lawson Software Inc. | 60,961 | 405 |
MAXIMUS Inc. | 8,100 | 405 |
* Avago Technologies Ltd. | 22,099 | 404 |
* AsiaInfo Holdings Inc. | 13,207 | 402 |
* Amkor Technology Inc. | 55,586 | 398 |
* ValueClick Inc. | 39,090 | 396 |
* Hittite Microwave Corp. | 9,706 | 396 |
* Sapient Corp. | 47,813 | 395 |
* Sanmina-SCI Corp. | 35,837 | 395 |
* Mentor Graphics Corp. | 44,755 | 395 |
Earthlink Inc. | 47,553 | 395 |
* MicroStrategy Inc. Class A | 4,201 | 395 |
* FEI Co. | 16,800 | 392 |
* TeleTech Holdings Inc. | 19,547 | 392 |
* Netgear Inc. | 17,900 | 388 |
* MKS Instruments Inc. | 22,053 | 384 |
* Take-Two Interactive Software Inc. | 38,000 | 382 |
* EchoStar Corp. Class A | 18,931 | 381 |
* Infinera Corp. | 42,040 | 373 |
* Websense Inc. | 21,300 | 372 |
* SRA International Inc. Class A | 19,000 | 363 |
* CSG Systems International Inc. | 18,949 | 362 |
* Cabot Microelectronics Corp. | 10,907 | 360 |
* Advent Software Inc. | 8,819 | 359 |
* Verigy Ltd. | 27,812 | 358 |
* Aruba Networks Inc. | 33,552 | 358 |
Cognex Corp. | 20,042 | 355 |
* Tyler Technologies Inc. | 17,700 | 352 |
* Entegris Inc. | 66,392 | 351 |
* Scansource Inc. | 12,900 | 344 |
* Quantum Corp. | 116,800 | 342 |
* SuccessFactors Inc. | 20,346 | 337 |
* DealerTrack Holdings Inc. | 17,726 | 333 |
* DTS Inc. | 9,700 | 332 |
* Rofin-Sinar Technologies Inc. | 14,028 | 331 |
AVX Corp. | 26,114 | 331 |
* Coherent Inc. | 10,991 | 327 |
* ATMI Inc. | 17,416 | 324 |
* Monolithic Power Systems Inc. | 13,515 | 324 |
* Checkpoint Systems Inc. | 21,000 | 320 |
* Art Technology Group Inc. | 70,374 | 317 |
* Brooks Automation Inc. | 36,138 | 310 |
* Omnivision Technologies Inc. | 21,300 | 310 |
* Taleo Corp. Class A | 12,953 | 305 |
* Harmonic Inc. | 47,272 | 299 |
* Zoran Corp. | 26,922 | 298 |
* L-1 Identity Solutions Inc. | 39,586 | 297 |
* Intermec Inc. | 23,024 | 296 |
* ACI Worldwide Inc. | 17,100 | 293 |
42
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Sonus Networks Inc. | 136,423 | 288 |
* STEC Inc. | 17,447 | 285 |
* ADC Telecommunications Inc. | 45,625 | 283 |
* Net 1 UEPS Technologies Inc. | 14,420 | 280 |
* Electronics for Imaging Inc. | 21,386 | 278 |
* Littelfuse Inc. | 8,600 | 277 |
* Applied Micro Circuits Corp. | 36,665 | 274 |
* TNS Inc. | 10,600 | 272 |
* OSI Systems Inc. | 9,808 | 268 |
* Diodes Inc. | 13,000 | 266 |
* Switch & Data Facilities Co. Inc. | 13,054 | 264 |
* Rogers Corp. | 8,700 | 264 |
Black Box Corp. | 9,300 | 264 |
* Ultimate Software Group Inc. | 8,910 | 262 |
* Manhattan Associates Inc. | 10,800 | 260 |
* Cirrus Logic Inc. | 37,861 | 258 |
* ModusLink Global Solutions Inc. | 27,004 | 254 |
* Insight Enterprises Inc. | 21,798 | 249 |
* SYNNEX Corp. | 8,100 | 248 |
* Cogent Inc. | 23,500 | 244 |
Molex Inc. Class A | 12,600 | 241 |
* TTM Technologies Inc. | 20,800 | 240 |
* Universal Display Corp. | 19,400 | 240 |
* SolarWinds Inc. | 10,400 | 239 |
* SonicWALL Inc. | 30,856 | 235 |
United Online Inc. | 32,438 | 233 |
* Avid Technology Inc. | 18,206 | 232 |
* Forrester Research Inc. | 8,691 | 226 |
* Brightpoint Inc. | 30,603 | 225 |
* Advanced Energy Industries Inc. | 14,600 | 220 |
* Standard Microsystems Corp. | 10,200 | 212 |
* Echelon Corp. | 18,300 | 212 |
Micrel Inc. | 25,735 | 211 |
* EPIQ Systems Inc. | 14,753 | 206 |
* Synchronoss Technologies Inc. | 13,000 | 206 |
* Adaptec Inc. | 60,826 | 204 |
* SAVVIS Inc. | 14,444 | 203 |
* Lattice Semiconductor Corp. | 74,353 | 201 |
Pegasystems Inc. | 5,900 | 201 |
* Stratasys Inc. | 11,600 | 200 |
* DG FastChannel Inc. | 7,167 | 200 |
CTS Corp. | 20,700 | 199 |
* Harris Stratex Networks Inc. | 28,777 | 199 |
* Terremark Worldwide Inc. | 28,360 | 194 |
* Sycamore Networks Inc. | 9,251 | 193 |
* Infospace Inc. | 22,448 | 192 |
* Global Cash Access Holdings Inc. | 25,250 | 189 |
Park Electrochemical Corp. | 6,832 | 189 |
* Netscout Systems Inc. | 12,800 | 187 |
* S1 Corp. | 28,062 | 183 |
* Electro Scientific Industries Inc. | 16,883 | 183 |
MTS Systems Corp. | 6,320 | 182 |
* RealNetworks Inc. | 48,479 | 180 |
* Oplink Communications Inc. | 10,783 | 177 |
* Epicor Software Corp. | 23,082 | 176 |
* Oclaro Inc. | 119,629 | 176 |
* Extreme Networks | 60,959 | 175 |
* infoGROUP Inc. | 21,384 | 172 |
* Volterra Semiconductor Corp. | 8,900 | 170 |
* FARO Technologies Inc. | 7,900 | 169 |
* Mattson Technology Inc. | 46,902 | 168 |
iGate Corp. | 16,693 | 167 |
* Netezza Corp. | 17,100 | 166 |
* Compellent Technologies Inc. | 7,300 | 166 |
43
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* LivePerson Inc. | 23,600 | 165 |
* Exar Corp. | 22,971 | 163 |
* LTX-Credence Corp. | 91,436 | 163 |
* Internet Capital Group Inc. | 24,348 | 162 |
* Ixia | 21,749 | 162 |
* IPG Photonics Corp. | 9,500 | 159 |
* UTStarcom Inc. | 71,921 | 158 |
* Finisar Corp. | 17,547 | 157 |
* THQ Inc. | 30,882 | 156 |
Daktronics Inc. | 16,518 | 152 |
* Sonic Solutions Inc. | 12,700 | 150 |
* Novatel Wireless Inc. | 18,427 | 147 |
* Smith Micro Software Inc. | 16,018 | 146 |
* Bottomline Technologies Inc. | 8,300 | 146 |
* Move Inc. | 86,901 | 144 |
Electro Rent Corp. | 12,491 | 144 |
Cohu Inc. | 10,313 | 144 |
Methode Electronics Inc. | 16,549 | 144 |
* Imation Corp. | 15,978 | 139 |
* Multi-Fineline Electronix Inc. | 4,900 | 139 |
* Cogo Group Inc. | 18,600 | 137 |
* Silicon Graphics International Corp. | 19,500 | 137 |
* Loral Space & Communications Inc. | 4,300 | 136 |
* Mercury Computer Systems Inc. | 12,300 | 135 |
* ArcSight Inc. | 5,286 | 135 |
* Newport Corp. | 14,660 | 135 |
* Anadigics Inc. | 31,576 | 133 |
* Maxwell Technologies Inc. | 7,400 | 132 |
* PROS Holdings Inc. | 12,500 | 129 |
* TeleCommunication Systems Inc. Class A | 13,167 | 127 |
* Rimage Corp. | 7,300 | 127 |
* SMART Modular Technologies WWH Inc. | 20,058 | 126 |
* Kenexa Corp. | 9,473 | 124 |
* Kulicke & Soffa Industries Inc. | 22,934 | 124 |
* Sourcefire Inc. | 4,600 | 123 |
* Symyx Technologies Inc. | 22,358 | 123 |
* Comverge Inc. | 10,900 | 123 |
* Sigma Designs Inc. | 11,200 | 120 |
* Constant Contact Inc. | 7,431 | 119 |
Opnet Technologies Inc. | 9,648 | 118 |
* Silicon Storage Technology Inc. | 45,535 | 117 |
* Perficient Inc. | 13,822 | 117 |
NIC Inc. | 12,500 | 114 |
* KVH Industries Inc. | 7,735 | 114 |
* IXYS Corp. | 14,993 | 111 |
* RightNow Technologies Inc. | 6,400 | 111 |
* Vocus Inc. | 6,132 | 110 |
* Gerber Scientific Inc. | 21,800 | 110 |
* FalconStor Software Inc. | 26,858 | 109 |
* Internap Network Services Corp. | 23,192 | 109 |
* Ebix Inc. | 2,200 | 107 |
* Limelight Networks Inc. | 27,249 | 107 |
* Ultratech Inc. | 7,200 | 107 |
* Actel Corp. | 9,000 | 107 |
Heartland Payment Systems Inc. | 8,136 | 107 |
* Kopin Corp. | 25,500 | 107 |
* Knot Inc. | 10,481 | 106 |
* Ceva Inc. | 8,185 | 105 |
* comScore Inc. | 5,900 | 104 |
* Supertex Inc. | 3,456 | 103 |
* Online Resources Corp. | 19,307 | 102 |
* Interactive Intelligence Inc. | 5,461 | 101 |
* Anaren Inc. | 6,685 | 101 |
* i2 Technologies Inc. | 5,200 | 99 |
44
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Double-Take Software Inc. | 9,900 | 99 |
* Lionbridge Technologies Inc. | 42,984 | 99 |
* Trident Microsystems Inc. | 52,100 | 97 |
* Silicon Image Inc. | 37,171 | 96 |
* VASCO Data Security International Inc. | 15,200 | 95 |
* Pericom Semiconductor Corp. | 8,250 | 95 |
* MoneyGram International Inc. | 32,290 | 93 |
* Nanometrics Inc. | 8,204 | 93 |
* China Security & Surveillance Technology Inc. | 12,144 | 93 |
* 3PAR Inc. | 7,800 | 92 |
* Conexant Systems Inc. | 38,847 | 90 |
* Openwave Systems Inc. | 39,175 | 89 |
* Acme Packet Inc. | 8,100 | 89 |
* Hutchinson Technology Inc. | 8,600 | 88 |
* Symmetricom Inc. | 16,836 | 88 |
* Integrated Silicon Solution Inc. | 15,300 | 86 |
* Hypercom Corp. | 27,100 | 86 |
* Advanced Analogic Technologies Inc. | 21,248 | 84 |
* Radiant Systems Inc. | 7,950 | 83 |
Keynote Systems Inc. | 7,516 | 82 |
* Intevac Inc. | 7,100 | 81 |
* Microtune Inc. | 35,924 | 81 |
Agilysys Inc. | 8,900 | 81 |
* Integral Systems Inc. | 9,196 | 80 |
* Cray Inc. | 12,370 | 79 |
* Digi International Inc. | 8,700 | 79 |
* Radisys Corp. | 8,178 | 78 |
Bel Fuse Inc. Class A | 4,000 | 78 |
* EMS Technologies Inc. | 5,331 | 77 |
* Seachange International Inc. | 11,679 | 77 |
* Ultra Clean Holdings | 10,800 | 76 |
* ShoreTel Inc. | 13,014 | 75 |
* Network Equipment Technologies Inc. | 18,500 | 75 |
* Hackett Group Inc. | 26,903 | 75 |
* support.com Inc. | 27,817 | 73 |
* Globecomm Systems Inc. | 9,266 | 72 |
* LoopNet Inc. | 7,237 | 72 |
* Hughes Communications Inc. | 2,693 | 70 |
* Super Micro Computer Inc. | 6,300 | 70 |
Technitrol Inc. | 15,969 | 70 |
* Ciber Inc. | 20,126 | 69 |
* PC-Tel Inc. | 11,702 | 69 |
* Powerwave Technologies Inc. | 52,792 | 67 |
Cass Information Systems Inc. | 2,160 | 66 |
* Isilon Systems Inc. | 9,300 | 64 |
* PC Connection Inc. | 9,314 | 63 |
* Geeknet Inc. | 52,405 | 62 |
* Dynamics Research Corp. | 5,857 | 62 |
* Mindspeed Technologies Inc. | 13,249 | 62 |
* DivX Inc. | 10,900 | 62 |
* MIPS Technologies Inc. Class A | 13,946 | 61 |
* ExlService Holdings Inc. | 3,349 | 61 |
* DemandTec Inc. | 6,892 | 60 |
* Immersion Corp. | 13,159 | 60 |
* Dot Hill Systems Corp. | 31,231 | 59 |
* Photronics Inc. | 13,300 | 59 |
* Magma Design Automation Inc. | 25,500 | 59 |
* DDi Corp. | 12,046 | 59 |
* StarTek Inc. | 7,800 | 58 |
* NetSuite Inc. | 3,600 | 58 |
QAD Inc. | 9,221 | 56 |
* Orbcomm Inc. | 20,565 | 56 |
* PDF Solutions Inc. | 14,369 | 55 |
* Monotype Imaging Holdings Inc. | 6,100 | 55 |
45
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Saba Software Inc. | 12,878 | 53 |
* | White Electronic Designs Corp. | 11,200 | 52 |
* | Computer Task Group Inc. | 6,500 | 52 |
* | DSP Group Inc. | 9,200 | 52 |
* | Techwell Inc. | 3,900 | 52 |
* | Zygo Corp. | 7,521 | 51 |
* | Ness Technologies Inc. | 10,314 | 51 |
* | Emcore Corp. | 46,977 | 50 |
Renaissance Learning Inc. | 4,366 | 50 | |
* | Opnext Inc. | 26,100 | 50 |
* | NVE Corp. | 1,200 | 50 |
* | Westell Technologies Inc. Class A | 41,100 | 49 |
Marchex Inc. Class B | 9,581 | 49 | |
Imergent Inc. | 8,000 | 49 | |
* | Internet Brands Inc. Class A | 6,200 | 49 |
Ipass Inc. | 46,609 | 48 | |
* | NCI Inc. Class A | 1,700 | 47 |
* | On2 Technologies Inc. | 76,000 | 46 |
* | California Micro Devices Corp. | 9,828 | 46 |
* | Actuate Corp. | 10,776 | 46 |
* | Axcelis Technologies Inc. | 32,683 | 46 |
* | Rudolph Technologies Inc. | 6,792 | 46 |
* | MoSys Inc. | 11,414 | 45 |
* | X-Rite Inc. | 20,406 | 45 |
* | Liquidity Services Inc. | 4,200 | 42 |
* | Chordiant Software Inc. | 15,280 | 42 |
* | TechTeam Global Inc. | 5,490 | 42 |
American Software Inc. Class A | 6,941 | 42 | |
* | PLX Technology Inc. | 12,809 | 41 |
* | Measurement Specialties Inc. | 4,100 | 41 |
* | PC Mall Inc. | 7,800 | 41 |
* | Rubicon Technology Inc. | 2,000 | 41 |
* | Zhone Technologies Inc. | 94,185 | 39 |
* | Phoenix Technologies Ltd. | 13,797 | 38 |
* | Zix Corp. | 21,700 | 37 |
* | Ramtron International Corp. | 20,730 | 37 |
*,^ | Rosetta Stone Inc. | 2,000 | 36 |
* | QuickLogic Corp. | 17,008 | 36 |
* | PLATO Learning Inc. | 7,653 | 33 |
*,^ | Superconductor Technologies Inc. | 13,815 | 33 |
* | LoJack Corp. | 7,969 | 32 |
* | BigBand Networks Inc. | 9,130 | 31 |
* | NU Horizons Electronics Corp. | 7,522 | 31 |
* | China Information Security Technology Inc. | 4,900 | 30 |
* | CalAmp Corp. | 8,700 | 30 |
Keithley Instruments Inc. | 6,403 | 30 | |
* | ActivIdentity Corp. | 12,400 | 29 |
* | American Technology Corp. | 19,570 | 29 |
* | FSI International Inc. | 9,808 | 29 |
* | OpenTable Inc. | 1,108 | 28 |
* | Airvana Inc. | 3,689 | 28 |
* | Aware Inc. | 10,000 | 28 |
* | Telular Corp. | 7,232 | 27 |
* | Autobytel Inc. | 27,010 | 27 |
* | Tollgrade Communications Inc. | 4,300 | 26 |
* | Virage Logic Corp. | 4,700 | 26 |
TheStreet.com Inc. | 10,767 | 26 | |
* | LaserCard Corp. | 4,456 | 26 |
* | GTSI Corp. | 5,149 | 26 |
* | Transwitch Corp. | 11,898 | 25 |
Bel Fuse Inc. Class B | 1,156 | 25 | |
* | Merix Corp. | 9,904 | 24 |
* | Edgewater Technology Inc. | 7,915 | 24 |
* | GSE Systems Inc. | 4,126 | 23 |
46
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Presstek Inc. | 10,531 | 22 |
Newtek Business Services Inc. | 22,635 | 22 | |
* | Web.com Group Inc. | 3,285 | 21 |
* | Transact Technologies Inc. | 3,076 | 21 |
* | Planar Systems Inc. | 7,423 | 21 |
* | iGO Inc. | 15,927 | 20 |
* | ID Systems Inc. | 5,700 | 18 |
*,^ | Research Frontiers Inc. | 4,700 | 18 |
* | Comarco Inc. | 6,400 | 17 |
* | Nextwave Wireless Inc. | 34,701 | 15 |
* | Authentidate Holding Corp. | 14,539 | 15 |
* | Ikanos Communications Inc. | 7,741 | 15 |
* | Pixelworks Inc. | 4,533 | 14 |
* | Network Engines Inc. | 9,800 | 13 |
* | Tier Technologies Inc. Class B | 1,600 | 13 |
* | Spectrum Control Inc. | 1,300 | 12 |
* | Wave Systems Corp. Class A | 8,326 | 12 |
* | Lantronix Inc. | 3,500 | 11 |
* | Virtusa Corp. | 1,200 | 11 |
* | SCM Microsystems Inc. | 4,700 | 11 |
* | Concurrent Computer Corp. | 2,620 | 11 |
* | Datalink Corp. | 2,405 | 10 |
* | Evolving Systems Inc. | 1,477 | 9 |
* | RAE Systems Inc. | 8,200 | 9 |
* | Ditech Networks Inc. | 6,780 | 9 |
* | Parkervision Inc. | 4,500 | 8 |
* | Performance Technologies Inc. | 2,900 | 8 |
* | EF Johnson Technologies Inc. | 7,200 | 8 |
* | AuthenTec Inc. | 3,100 | 7 |
* | Looksmart Ltd. | 6,700 | 7 |
* | LeCroy Corp. | 1,800 | 7 |
* | Market Leader Inc. | 3,100 | 7 |
* | Management Network Group Inc. | 15,119 | 6 |
* | Digital Angel Corp. | 8,108 | 6 |
* | Bsquare Corp. | 2,425 | 6 |
* | Analysts International Corp. | 8,178 | 6 |
* | Callidus Software Inc. | 1,800 | 5 |
* | WebMediaBrands Inc. | 6,017 | 5 |
Qualstar Corp. | 2,400 | 5 | |
* | EndWave Corp. | 2,100 | 5 |
* | Intellicheck Mobilisa Inc. | 1,297 | 5 |
Selectica Inc. | 20,400 | 5 | |
* | Convera Corp. Class A | 19,158 | 5 |
* | Entropic Communications Inc. | 1,500 | 5 |
* | Wireless Telecom Group Inc. | 5,909 | 4 |
* | Allen Organ Co. Escrow Shares | 1,400 | 4 |
* | Rainmaker Systems Inc. | 2,180 | 3 |
* | Deltek Inc. | 400 | 3 |
* | Vertro Inc. | 5,400 | 2 |
* | Cinedigm Digital Cinema Corp. Class A | 1,600 | 2 |
* | Entorian Technologies Inc. | 226 | 1 |
1,067,154 | |||
Materials (2.4%) | |||
Monsanto Co. | 244,256 | 19,968 | |
* | Freeport-McMoRan Copper & Gold Inc. | 184,207 | 14,790 |
Dow Chemical Co. | 511,741 | 14,139 | |
EI du Pont de Nemours & Co. | 404,269 | 13,612 | |
Praxair Inc. | 137,246 | 11,022 | |
Newmont Mining Corp. | 214,659 | 10,156 | |
Air Products & Chemicals Inc. | 93,996 | 7,619 | |
Alcoa Inc. | 435,975 | 7,028 | |
Nucor Corp. | 140,745 | 6,566 | |
International Paper Co. | 183,924 | 4,926 | |
Ecolab Inc. | 105,883 | 4,720 |
47
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
PPG Industries Inc. | 73,765 | 4,318 |
Mosaic Co. | 69,673 | 4,162 |
Weyerhaeuser Co. | 94,512 | 4,077 |
United States Steel Corp. | 64,049 | 3,530 |
Vulcan Materials Co. | 56,389 | 2,970 |
Sigma-Aldrich Corp. | 54,492 | 2,754 |
Cliffs Natural Resources Inc. | 59,138 | 2,726 |
* Owens-Illinois Inc. | 75,339 | 2,476 |
Lubrizol Corp. | 30,643 | 2,235 |
MeadWestvaco Corp. | 76,472 | 2,189 |
Ball Corp. | 39,977 | 2,067 |
Celanese Corp. Class A | 64,168 | 2,060 |
Eastman Chemical Co. | 32,434 | 1,954 |
CF Industries Holdings Inc. | 20,557 | 1,866 |
* Crown Holdings Inc. | 72,772 | 1,862 |
Martin Marietta Materials Inc. | 20,134 | 1,800 |
Walter Energy Inc. | 23,615 | 1,778 |
Allegheny Technologies Inc. | 39,428 | 1,765 |
FMC Corp. | 30,718 | 1,713 |
Airgas Inc. | 33,384 | 1,589 |
Nalco Holding Co. | 62,200 | 1,587 |
Sealed Air Corp. | 70,992 | 1,552 |
Steel Dynamics Inc. | 87,469 | 1,550 |
International Flavors & Fragrances Inc. | 35,958 | 1,479 |
Terra Industries Inc. | 45,412 | 1,462 |
Bemis Co. Inc. | 49,210 | 1,459 |
* Pactiv Corp. | 59,405 | 1,434 |
Sonoco Products Co. | 44,918 | 1,314 |
Reliance Steel & Aluminum Co. | 30,240 | 1,307 |
Ashland Inc. | 31,652 | 1,254 |
Albemarle Corp. | 32,890 | 1,196 |
RPM International Inc. | 57,802 | 1,175 |
Valspar Corp. | 42,876 | 1,164 |
Aptargroup Inc. | 30,440 | 1,088 |
Packaging Corp. of America | 46,100 | 1,061 |
AK Steel Holding Corp. | 49,117 | 1,049 |
* Domtar Corp. | 18,900 | 1,047 |
Compass Minerals International Inc. | 14,980 | 1,007 |
Temple-Inland Inc. | 45,524 | 961 |
Huntsman Corp. | 76,740 | 866 |
Rock-Tenn Co. Class A | 16,783 | 846 |
* WR Grace & Co. | 32,400 | 821 |
Royal Gold Inc. | 17,339 | 817 |
Scotts Miracle-Gro Co. Class A | 20,664 | 812 |
Cytec Industries Inc. | 21,936 | 799 |
Commercial Metals Co. | 50,600 | 792 |
Cabot Corp. | 29,412 | 771 |
Silgan Holdings Inc. | 12,004 | 695 |
* Solutia Inc. | 53,652 | 681 |
* Titanium Metals Corp. | 54,301 | 680 |
* Hecla Mining Co. | 106,688 | 659 |
Olin Corp. | 36,358 | 637 |
NewMarket Corp. | 5,419 | 622 |
* Coeur d'Alene Mines Corp. | 34,080 | 616 |
Greif Inc. Class A | 11,300 | 610 |
* Intrepid Potash Inc. | 20,134 | 587 |
Sensient Technologies Corp. | 21,917 | 576 |
Schweitzer-Mauduit International Inc. | 7,953 | 560 |
Carpenter Technology Corp. | 19,800 | 534 |
HB Fuller Co. | 22,700 | 516 |
Eagle Materials Inc. | 19,424 | 506 |
* Rockwood Holdings Inc. | 20,678 | 487 |
Schnitzer Steel Industries Inc. | 9,800 | 467 |
Minerals Technologies Inc. | 8,400 | 458 |
48
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | OM Group Inc. | 14,189 | 445 |
* | Allied Nevada Gold Corp. | 27,900 | 421 |
* | Louisiana-Pacific Corp. | 56,156 | 392 |
Worthington Industries Inc. | 29,700 | 388 | |
Texas Industries Inc. | 10,600 | 371 | |
Arch Chemicals Inc. | 11,550 | 357 | |
* | PolyOne Corp. | 47,070 | 352 |
* | Calgon Carbon Corp. | 25,074 | 349 |
AMCOL International Corp. | 11,900 | 338 | |
Balchem Corp. | 10,025 | 336 | |
Glatfelter | 25,500 | 310 | |
* | Century Aluminum Co. | 17,800 | 288 |
* | Clearwater Paper Corp. | 5,225 | 287 |
* | RTI International Metals Inc. | 11,239 | 283 |
Wausau Paper Corp. | 23,926 | 278 | |
* | Horsehead Holding Corp. | 21,057 | 268 |
* | Stillwater Mining Co. | 27,195 | 258 |
Koppers Holdings Inc. | 7,900 | 240 | |
A Schulman Inc. | 11,900 | 240 | |
Kaiser Aluminum Corp. | 5,628 | 234 | |
Ferro Corp. | 28,076 | 231 | |
Deltic Timber Corp. | 4,500 | 208 | |
Zep Inc. | 11,856 | 205 | |
Spartech Corp. | 18,400 | 189 | |
Haynes International Inc. | 5,495 | 181 | |
Westlake Chemical Corp. | 7,142 | 178 | |
* | Zoltek Cos. Inc. | 18,234 | 173 |
* | Graphic Packaging Holding Co. | 49,359 | 171 |
Stepan Co. | 2,623 | 170 | |
* | Brush Engineered Materials Inc. | 9,100 | 169 |
* | Buckeye Technologies Inc. | 17,100 | 167 |
* | Omnova Solutions Inc. | 22,741 | 139 |
AM Castle & Co. | 10,173 | 139 | |
Innophos Holdings Inc. | 5,900 | 136 | |
Olympic Steel Inc. | 3,900 | 127 | |
* | Headwaters Inc. | 17,200 | 112 |
Neenah Paper Inc. | 7,004 | 98 | |
Innospec Inc. | 8,800 | 89 | |
* | US Energy Corp. Wyoming | 14,923 | 89 |
Myers Industries Inc. | 9,661 | 88 | |
ICO Inc. | 11,500 | 84 | |
* | Landec Corp. | 12,600 | 79 |
* | LSB Industries Inc. | 4,778 | 67 |
* | Ampal American Israel Class A | 24,444 | 66 |
Quaker Chemical Corp. | 3,000 | 62 | |
* | General Moly Inc. | 29,329 | 61 |
American Vanguard Corp. | 7,166 | 59 | |
* | US Gold Corp. | 23,600 | 59 |
* | Senomyx Inc. | 15,083 | 57 |
Penford Corp. | 5,215 | 45 | |
* | Boise Inc. | 7,877 | 42 |
Hawkins Inc. | 1,800 | 39 | |
* | Mercer International Inc. | 12,482 | 38 |
* | AEP Industries Inc. | 1,000 | 38 |
* | Bway Holding Co. | 1,864 | 36 |
*,^ | Altair Nanotechnologies Inc. | 33,400 | 29 |
* | China Green Agriculture Inc. | 1,753 | 26 |
* | ShengdaTech Inc. | 3,315 | 20 |
* | Universal Stainless & Alloy | 1,000 | 19 |
* | Flotek Industries Inc. | 12,600 | 17 |
* | KapStone Paper and Packaging Corp. | 1,700 | 17 |
* | US Concrete Inc. | 15,006 | 14 |
* | Nanophase Technologies Corp. | 9,100 | 8 |
* | Georgia Gulf Corp. | 428 | 7 |
49
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* United States Lime & Minerals Inc. | 162 | 6 |
* Rock of Ages Corp. | 1,410 | 4 |
215,491 | ||
Telecommunication Services (1.8%) | ||
AT&T Inc. | 2,640,136 | 74,003 |
Verizon Communications Inc. | 1,271,041 | 42,110 |
* American Tower Corp. Class A | 176,533 | 7,628 |
* Crown Castle International Corp. | 130,167 | 5,082 |
CenturyTel Inc. | 132,927 | 4,813 |
* Sprint Nextel Corp. | 1,309,007 | 4,791 |
Qwest Communications International Inc. | 694,208 | 2,923 |
* NII Holdings Inc. | 74,218 | 2,492 |
Windstream Corp. | 196,766 | 2,162 |
* SBA Communications Corp. Class A | 46,900 | 1,602 |
* tw telecom inc Class A | 67,054 | 1,149 |
* Level 3 Communications Inc. | 732,771 | 1,121 |
Frontier Communications Corp. | 140,644 | 1,098 |
Telephone & Data Systems Inc. | 25,762 | 874 |
* MetroPCS Communications Inc. | 110,851 | 846 |
Telephone & Data Systems Inc. - Special Common Shares | 17,799 | 538 |
* Syniverse Holdings Inc. | 30,431 | 532 |
* Leap Wireless International Inc. | 27,724 | 487 |
* Cincinnati Bell Inc. | 113,040 | 390 |
* United States Cellular Corp. | 9,149 | 388 |
* AboveNet Inc. | 5,760 | 375 |
Atlantic Tele-Network Inc. | 5,185 | 285 |
NTELOS Holdings Corp. | 15,531 | 277 |
* Neutral Tandem Inc. | 10,900 | 248 |
Shenandoah Telecommunications Co. | 11,140 | 227 |
* Premiere Global Services Inc. | 27,209 | 225 |
* PAETEC Holding Corp. | 53,124 | 220 |
Iowa Telecommunications Services Inc. | 12,071 | 202 |
* Cogent Communications Group Inc. | 17,360 | 171 |
Consolidated Communications Holdings Inc. | 9,436 | 165 |
* Global Crossing Ltd. | 10,800 | 154 |
* Cbeyond Inc. | 9,473 | 149 |
* General Communication Inc. Class A | 21,846 | 139 |
Alaska Communications Systems Group Inc. | 17,100 | 136 |
USA Mobility Inc. | 8,600 | 95 |
HickoryTech Corp. | 10,322 | 91 |
* Vonage Holdings Corp. | 57,100 | 80 |
* SureWest Communications | 6,700 | 67 |
* Arbinet Corp. | 21,101 | 52 |
* ICO Global Communications Holdings Ltd. | 46,159 | 50 |
* 8x8 Inc. | 27,550 | 42 |
* FiberTower Corp. | 9,204 | 38 |
* IDT Corp. Class B | 7,600 | 37 |
* TerreStar Corp. | 37,411 | 35 |
* Globalstar Inc. | 24,500 | 21 |
* IDT Corp. | 266 | 1 |
158,611 | ||
Utilities (2.3%) | ||
Exelon Corp. | 294,872 | 14,410 |
Southern Co. | 356,200 | 11,869 |
Dominion Resources Inc. | 266,345 | 10,366 |
Duke Energy Corp. | 580,252 | 9,986 |
FPL Group Inc. | 174,861 | 9,236 |
Public Service Enterprise Group Inc. | 226,409 | 7,528 |
American Electric Power Co. Inc. | 213,350 | 7,422 |
PG&E Corp. | 165,856 | 7,405 |
Entergy Corp. | 87,613 | 7,170 |
FirstEnergy Corp. | 136,356 | 6,334 |
Sempra Energy | 104,295 | 5,838 |
Consolidated Edison Inc. | 122,974 | 5,587 |
50
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
PPL Corp. | 168,464 | 5,443 |
Progress Energy Inc. | 124,914 | 5,123 |
Edison International | 138,410 | 4,814 |
Xcel Energy Inc. | 203,852 | 4,326 |
* AES Corp. | 298,416 | 3,972 |
Questar Corp. | 77,908 | 3,239 |
DTE Energy Co. | 73,541 | 3,206 |
Ameren Corp. | 104,471 | 2,920 |
Constellation Energy Group Inc. | 81,254 | 2,858 |
* NRG Energy Inc. | 118,701 | 2,802 |
Wisconsin Energy Corp. | 52,237 | 2,603 |
EQT Corp. | 55,632 | 2,443 |
CenterPoint Energy Inc. | 164,374 | 2,385 |
Northeast Utilities | 78,394 | 2,022 |
Oneok Inc. | 44,794 | 1,996 |
SCANA Corp. | 52,699 | 1,986 |
NiSource Inc. | 123,179 | 1,894 |
MDU Resources Group Inc. | 78,221 | 1,846 |
Allegheny Energy Inc. | 75,759 | 1,779 |
American Water Works Co. Inc. | 79,060 | 1,772 |
* Calpine Corp. | 159,613 | 1,756 |
NSTAR | 47,698 | 1,755 |
Pepco Holdings Inc. | 100,364 | 1,691 |
Pinnacle West Capital Corp. | 45,277 | 1,656 |
National Fuel Gas Co. | 32,643 | 1,632 |
OGE Energy Corp. | 43,880 | 1,619 |
CMS Energy Corp. | 103,351 | 1,618 |
Alliant Energy Corp. | 49,438 | 1,496 |
TECO Energy Inc. | 90,973 | 1,476 |
DPL Inc. | 52,926 | 1,461 |
Integrys Energy Group Inc. | 34,371 | 1,443 |
Energen Corp. | 30,662 | 1,435 |
NV Energy Inc. | 105,469 | 1,306 |
AGL Resources Inc. | 35,279 | 1,287 |
Atmos Energy Corp. | 42,136 | 1,239 |
Great Plains Energy Inc. | 61,064 | 1,184 |
UGI Corp. | 48,700 | 1,178 |
ITC Holdings Corp. | 22,362 | 1,165 |
Aqua America Inc. | 60,999 | 1,068 |
Westar Energy Inc. | 48,914 | 1,062 |
* Mirant Corp. | 64,918 | 991 |
* RRI Energy Inc. | 157,716 | 902 |
Piedmont Natural Gas Co. Inc. | 33,000 | 883 |
Hawaiian Electric Industries Inc. | 41,169 | 860 |
Nicor Inc. | 20,344 | 856 |
Vectren Corp. | 34,584 | 854 |
Cleco Corp. | 28,091 | 768 |
WGL Holdings Inc. | 22,524 | 755 |
New Jersey Resources Corp. | 18,900 | 707 |
Portland General Electric Co. | 33,800 | 690 |
IDACORP Inc. | 21,150 | 676 |
Southwest Gas Corp. | 20,127 | 574 |
Avista Corp. | 25,386 | 548 |
Northwest Natural Gas Co. | 11,850 | 534 |
Unisource Energy Corp. | 16,000 | 515 |
South Jersey Industries Inc. | 13,400 | 512 |
PNM Resources Inc. | 40,323 | 510 |
Black Hills Corp. | 17,415 | 464 |
NorthWestern Corp. | 16,983 | 442 |
* Dynegy Inc. Class A | 232,802 | 421 |
Allete Inc. | 12,675 | 414 |
* El Paso Electric Co. | 20,121 | 408 |
UIL Holdings Corp. | 13,133 | 369 |
MGE Energy Inc. | 10,300 | 368 |
51
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
California Water Service Group | 9,613 | 354 | |
Ormat Technologies Inc. | 9,113 | 345 | |
Laclede Group Inc. | 10,100 | 341 | |
CH Energy Group Inc. | 7,600 | 323 | |
American States Water Co. | 9,057 | 321 | |
Empire District Electric Co. | 16,900 | 317 | |
SJW Corp. | 6,500 | 147 | |
Middlesex Water Co. | 7,966 | 140 | |
Connecticut Water Service Inc. | 5,347 | 132 | |
Central Vermont Public Service Corp. | 4,130 | 86 | |
Chesapeake Utilities Corp. | 2,275 | 73 | |
York Water Co. | 4,641 | 67 | |
Maine & Maritimes Corp. | 1,900 | 66 | |
* Cadiz Inc. | 5,495 | 66 | |
Southwest Water Co. | 11,127 | 66 | |
Unitil Corp. | 2,700 | 62 | |
Consolidated Water Co. Ltd. | 3,754 | 54 | |
Artesian Resources Corp. Class A | 500 | 9 | |
* Synthesis Energy Systems Inc. | 4,797 | 4 | |
RGC Resources Inc. | 99 | 3 | |
* China Natural Gas Inc. | 231 | 3 | |
209,107 | |||
Total Common Stocks (Cost $4,209,391) | 5,476,710 | ||
Coupon | |||
Convertible Preferred Stock (0.0%) | |||
2 Sealy Corp. Pfd. (Cost $34) | 8.000% | 282 | 24 |
Face | Market | |||
Maturity | Amount | Value | ||
Date | ($000) | ($000) | ||
U.S. Government and Agency Obligations (27.8%) | ||||
U.S. Government Securities (11.5%) | ||||
United States Treasury Inflation Indexed Bonds | 3.500% | 1/15/11 | 2,950 | 3,800 |
United States Treasury Note/Bond | 4.750% | 2/15/10 | 450 | 452 |
United States Treasury Note/Bond | 2.000% | 2/28/10 | 350 | 351 |
United States Treasury Note/Bond | 1.750% | 3/31/10 | 400 | 402 |
United States Treasury Note/Bond | 2.125% | 4/30/10 | 700 | 704 |
United States Treasury Note/Bond | 2.625% | 5/31/10 | 5,375 | 5,428 |
United States Treasury Note/Bond | 2.875% | 6/30/10 | 8,175 | 8,281 |
United States Treasury Note/Bond | 2.750% | 7/31/10 | 1,550 | 1,572 |
United States Treasury Note/Bond | 4.125% | 8/15/10 | 1,755 | 1,796 |
United States Treasury Note/Bond | 2.000% | 9/30/10 | 450 | 455 |
United States Treasury Note/Bond | 4.375% | 12/15/10 | 29,475 | 30,553 |
United States Treasury Note/Bond | 4.250% | 1/15/11 | 6,000 | 6,225 |
United States Treasury Note/Bond | 0.875% | 2/28/11 | 13,550 | 13,582 |
United States Treasury Note/Bond | 4.500% | 2/28/11 | 10,725 | 11,194 |
United States Treasury Note/Bond | 0.875% | 3/31/11 | 400 | 401 |
United States Treasury Note/Bond | 4.750% | 3/31/11 | 20,000 | 20,978 |
United States Treasury Note/Bond | 0.875% | 4/30/11 | 975 | 976 |
United States Treasury Note/Bond | 4.875% | 4/30/11 | 5,800 | 6,108 |
United States Treasury Note/Bond | 0.875% | 5/31/11 | 650 | 651 |
United States Treasury Note/Bond | 1.125% | 6/30/11 | 10,525 | 10,566 |
United States Treasury Note/Bond | 5.125% | 6/30/11 | 42,700 | 45,369 |
United States Treasury Note/Bond | 1.000% | 7/31/11 | 10,300 | 10,315 |
United States Treasury Note/Bond | 1.000% | 8/31/11 | 10,172 | 10,175 |
United States Treasury Note/Bond | 4.625% | 8/31/11 | 2,425 | 2,571 |
United States Treasury Note/Bond | 1.000% | 9/30/11 | 675 | 675 |
United States Treasury Note/Bond | 4.500% | 9/30/11 | 8,107 | 8,593 |
United States Treasury Note/Bond | 1.000% | 10/31/11 | 2,225 | 2,223 |
United States Treasury Note/Bond | 1.750% | 11/15/11 | 11,625 | 11,772 |
52
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
United States Treasury Note/Bond | 4.500% | 11/30/11 | 500 | 532 |
United States Treasury Note/Bond | 1.125% | 12/15/11 | 25 | 25 |
United States Treasury Note/Bond | 4.625% | 12/31/11 | 225 | 240 |
United States Treasury Note/Bond | 4.750% | 1/31/12 | 825 | 885 |
United States Treasury Note/Bond | 1.375% | 2/15/12 | 27,750 | 27,828 |
United States Treasury Note/Bond | 4.875% | 2/15/12 | 1,025 | 1,103 |
United States Treasury Note/Bond | 4.625% | 2/29/12 | 500 | 536 |
United States Treasury Note/Bond | 1.375% | 3/15/12 | 14,750 | 14,785 |
United States Treasury Note/Bond | 4.500% | 3/31/12 | 9,175 | 9,820 |
United States Treasury Note/Bond | 1.375% | 4/15/12 | 24,325 | 24,352 |
United States Treasury Note/Bond | 4.500% | 4/30/12 | 27,775 | 29,780 |
United States Treasury Note/Bond | 1.375% | 5/15/12 | 13,700 | 13,702 |
United States Treasury Note/Bond | 1.875% | 6/15/12 | 10,225 | 10,337 |
United States Treasury Note/Bond | 4.875% | 6/30/12 | 3,059 | 3,318 |
United States Treasury Note/Bond | 1.750% | 8/15/12 | 1,865 | 1,877 |
United States Treasury Note/Bond | 4.250% | 9/30/12 | 425 | 456 |
United States Treasury Note/Bond | 1.375% | 10/15/12 | 25 | 25 |
United States Treasury Note/Bond | 1.375% | 11/15/12 | 11,827 | 11,746 |
United States Treasury Note/Bond | 4.000% | 11/15/12 | 725 | 775 |
United States Treasury Note/Bond | 1.125% | 12/15/12 | 21,050 | 20,718 |
United States Treasury Note/Bond | 3.875% | 2/15/13 | 34,100 | 36,327 |
United States Treasury Note/Bond | 2.750% | 2/28/13 | 100 | 103 |
United States Treasury Note/Bond | 3.625% | 5/15/13 | 23,950 | 25,364 |
United States Treasury Note/Bond | 3.500% | 5/31/13 | 8,950 | 9,434 |
United States Treasury Note/Bond | 3.375% | 6/30/13 | 475 | 499 |
United States Treasury Note/Bond | 4.250% | 8/15/13 | 21,625 | 23,342 |
United States Treasury Note/Bond | 3.125% | 8/31/13 | 3,650 | 3,794 |
United States Treasury Note/Bond | 3.125% | 9/30/13 | 11,735 | 12,199 |
United States Treasury Note/Bond | 2.750% | 10/31/13 | 1,283 | 1,314 |
United States Treasury Note/Bond | 4.250% | 11/15/13 | 6,535 | 7,061 |
United States Treasury Note/Bond | 2.000% | 11/30/13 | 175 | 174 |
United States Treasury Note/Bond | 1.500% | 12/31/13 | 700 | 682 |
United States Treasury Note/Bond | 1.750% | 1/31/14 | 21,100 | 20,704 |
United States Treasury Note/Bond | 4.000% | 2/15/14 | 3,855 | 4,123 |
United States Treasury Note/Bond | 1.875% | 2/28/14 | 11,475 | 11,289 |
United States Treasury Note/Bond | 1.750% | 3/31/14 | 150 | 146 |
United States Treasury Note/Bond | 1.875% | 4/30/14 | 1,150 | 1,126 |
United States Treasury Note/Bond | 4.750% | 5/15/14 | 2,550 | 2,807 |
United States Treasury Note/Bond | 2.625% | 6/30/14 | 2,600 | 2,620 |
United States Treasury Note/Bond | 2.625% | 7/31/14 | 6,900 | 6,937 |
United States Treasury Note/Bond | 2.375% | 8/31/14 | 1,250 | 1,241 |
United States Treasury Note/Bond | 2.375% | 10/31/14 | 7,855 | 7,772 |
United States Treasury Note/Bond | 2.125% | 11/30/14 | 23,300 | 22,758 |
United States Treasury Note/Bond | 4.000% | 2/15/15 | 17,600 | 18,708 |
United States Treasury Note/Bond | 11.250% | 2/15/15 | 5,475 | 7,725 |
United States Treasury Note/Bond | 4.125% | 5/15/15 | 20,250 | 21,595 |
United States Treasury Note/Bond | 10.625% | 8/15/15 | 1,215 | 1,707 |
United States Treasury Note/Bond | 4.500% | 11/15/15 | 3,300 | 3,574 |
United States Treasury Note/Bond | 9.875% | 11/15/15 | 400 | 550 |
United States Treasury Note/Bond | 2.625% | 2/29/16 | 35,300 | 34,351 |
United States Treasury Note/Bond | 2.625% | 4/30/16 | 2,625 | 2,544 |
United States Treasury Note/Bond | 5.125% | 5/15/16 | 6,975 | 7,779 |
United States Treasury Note/Bond | 7.250% | 5/15/16 | 9,065 | 11,225 |
United States Treasury Note/Bond | 3.250% | 5/31/16 | 13,000 | 13,059 |
United States Treasury Note/Bond | 3.000% | 9/30/16 | 2,600 | 2,552 |
United States Treasury Note/Bond | 3.125% | 10/31/16 | 75 | 74 |
United States Treasury Note/Bond | 7.500% | 11/15/16 | 4,725 | 5,955 |
United States Treasury Note/Bond | 2.750% | 11/30/16 | 13,972 | 13,455 |
United States Treasury Note/Bond | 4.625% | 2/15/17 | 300 | 324 |
United States Treasury Note/Bond | 8.750% | 5/15/17 | 21,300 | 28,805 |
United States Treasury Note/Bond | 8.875% | 8/15/17 | 7,000 | 9,545 |
United States Treasury Note/Bond | 4.250% | 11/15/17 | 1,900 | 1,992 |
United States Treasury Note/Bond | 3.500% | 2/15/18 | 3,025 | 3,001 |
United States Treasury Note/Bond | 3.875% | 5/15/18 | 24,875 | 25,268 |
53
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
United States Treasury Note/Bond | 4.000% | 8/15/18 | 15,475 | 15,811 |
United States Treasury Note/Bond | 3.750% | 11/15/18 | 5,980 | 5,981 |
United States Treasury Note/Bond | 8.875% | 2/15/19 | 4,350 | 6,078 |
United States Treasury Note/Bond | 3.625% | 8/15/19 | 6,275 | 6,171 |
United States Treasury Note/Bond | 3.375% | 11/15/19 | 39,997 | 38,491 |
United States Treasury Note/Bond | 8.750% | 8/15/20 | 11,850 | 16,768 |
United States Treasury Note/Bond | 7.875% | 2/15/21 | 19,400 | 26,087 |
United States Treasury Note/Bond | 8.125% | 5/15/21 | 490 | 671 |
United States Treasury Note/Bond | 8.125% | 8/15/21 | 4,200 | 5,763 |
United States Treasury Note/Bond | 8.000% | 11/15/21 | 770 | 1,049 |
United States Treasury Note/Bond | 7.125% | 2/15/23 | 3,600 | 4,619 |
United States Treasury Note/Bond | 6.250% | 8/15/23 | 18,200 | 21,746 |
United States Treasury Note/Bond | 6.875% | 8/15/25 | 750 | 952 |
United States Treasury Note/Bond | 6.750% | 8/15/26 | 795 | 1,003 |
United States Treasury Note/Bond | 6.625% | 2/15/27 | 3,045 | 3,804 |
United States Treasury Note/Bond | 6.375% | 8/15/27 | 1,670 | 2,040 |
United States Treasury Note/Bond | 5.500% | 8/15/28 | 1,510 | 1,683 |
United States Treasury Note/Bond | 5.250% | 11/15/28 | 75 | 81 |
United States Treasury Note/Bond | 5.250% | 2/15/29 | 550 | 596 |
United States Treasury Note/Bond | 6.125% | 8/15/29 | 1,570 | 1,886 |
United States Treasury Note/Bond | 6.250% | 5/15/30 | 8,405 | 10,274 |
United States Treasury Note/Bond | 5.375% | 2/15/31 | 5,300 | 5,860 |
United States Treasury Note/Bond | 4.500% | 2/15/36 | 345 | 340 |
United States Treasury Note/Bond | 4.750% | 2/15/37 | 13,250 | 13,550 |
United States Treasury Note/Bond | 5.000% | 5/15/37 | 875 | 930 |
United States Treasury Note/Bond | 4.375% | 2/15/38 | 14,960 | 14,373 |
United States Treasury Note/Bond | 3.500% | 2/15/39 | 2,750 | 2,255 |
United States Treasury Note/Bond | 4.250% | 5/15/39 | 3,150 | 2,957 |
United States Treasury Note/Bond | 4.500% | 8/15/39 | 19,629 | 19,202 |
1,035,633 | ||||
Agency Bonds and Notes (3.0%) | ||||
3 American Express Bank FSB | 3.150% | 12/9/11 | 850 | 879 |
3 Bank of America Corp. | 2.100% | 4/30/12 | 2,650 | 2,680 |
3 Bank of America Corp. | 3.125% | 6/15/12 | 1,375 | 1,427 |
3 Bank of America Corp. | 2.375% | 6/22/12 | 225 | 229 |
3 Bank of America NA | 1.700% | 12/23/10 | 650 | 656 |
3 Bank of the West | 2.150% | 3/27/12 | 575 | 583 |
3 Citibank NA | 1.625% | 3/30/11 | 225 | 227 |
3 Citibank NA | 1.500% | 7/12/11 | 400 | 402 |
3 Citibank NA | 1.375% | 8/10/11 | 500 | 502 |
3 Citibank NA | 1.250% | 9/22/11 | 300 | 300 |
3 Citibank NA | 1.875% | 5/7/12 | 950 | 957 |
3 Citibank NA | 1.750% | 12/28/12 | 1,100 | 1,093 |
3 Citigroup Funding Inc. | 1.375% | 5/5/11 | 1,500 | 1,508 |
3 Citigroup Funding Inc. | 2.000% | 3/30/12 | 225 | 227 |
3 Citigroup Funding Inc. | 2.125% | 7/12/12 | 600 | 606 |
3 Citigroup Funding Inc. | 1.875% | 10/22/12 | 931 | 929 |
3 Citigroup Funding Inc. | 2.250% | 12/10/12 | 250 | 252 |
3 Citigroup Inc. | 2.875% | 12/9/11 | 1,050 | 1,081 |
3 Citigroup Inc. | 2.125% | 4/30/12 | 2,400 | 2,430 |
Egypt Government AID Bonds | 4.450% | 9/15/15 | 1,400 | 1,460 |
4 Federal Farm Credit Bank | 2.625% | 4/21/11 | 925 | 947 |
4 Federal Farm Credit Bank | 5.375% | 7/18/11 | 3,050 | 3,248 |
4 Federal Farm Credit Bank | 3.875% | 8/25/11 | 875 | 914 |
4 Federal Farm Credit Bank | 2.125% | 6/18/12 | 750 | 759 |
4 Federal Farm Credit Bank | 4.500% | 10/17/12 | 700 | 750 |
4 Federal Farm Credit Bank | 1.875% | 12/7/12 | 475 | 473 |
4 Federal Farm Credit Bank | 2.625% | 4/17/14 | 1,000 | 998 |
4 Federal Farm Credit Bank | 3.000% | 9/22/14 | 600 | 605 |
4 Federal Farm Credit Bank | 5.125% | 8/25/16 | 925 | 1,002 |
4 Federal Farm Credit Bank | 4.875% | 1/17/17 | 850 | 905 |
4 Federal Home Loan Bank of Chicago | 5.625% | 6/13/16 | 300 | 303 |
4 Federal Home Loan Banks | 1.625% | 3/16/11 | 8,900 | 8,994 |
4 Federal Home Loan Banks | 1.375% | 5/16/11 | 5,750 | 5,787 |
54
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
4 | Federal Home Loan Banks | 3.125% | 6/10/11 | 1,000 | 1,029 |
4 | Federal Home Loan Banks | 1.625% | 7/27/11 | 6,275 | 6,335 |
4 | Federal Home Loan Banks | 5.375% | 8/19/11 | 3,775 | 4,038 |
4 | Federal Home Loan Banks | 3.750% | 9/9/11 | 325 | 339 |
4 | Federal Home Loan Banks | 3.625% | 9/16/11 | 675 | 704 |
4 | Federal Home Loan Banks | 4.875% | 11/18/11 | 1,650 | 1,763 |
4 | Federal Home Loan Banks | 1.000% | 12/28/11 | 2,350 | 2,341 |
4 | Federal Home Loan Banks | 1.875% | 6/20/12 | 800 | 807 |
4 | Federal Home Loan Banks | 1.750% | 8/22/12 | 575 | 576 |
4 | Federal Home Loan Banks | 1.625% | 9/26/12 | 2,500 | 2,490 |
4,5 | Federal Home Loan Banks | 2.000% | 10/5/12 | 830 | 829 |
4 | Federal Home Loan Banks | 1.500% | 1/16/13 | 1,000 | 987 |
4 | Federal Home Loan Banks | 3.375% | 2/27/13 | 850 | 886 |
4 | Federal Home Loan Banks | 5.375% | 6/14/13 | 250 | 276 |
4 | Federal Home Loan Banks | 5.125% | 8/14/13 | 1,525 | 1,678 |
4 | Federal Home Loan Banks | 4.000% | 9/6/13 | 1,000 | 1,061 |
4 | Federal Home Loan Banks | 5.250% | 9/13/13 | 1,800 | 1,980 |
4 | Federal Home Loan Banks | 3.625% | 10/18/13 | 6,675 | 6,992 |
4 | Federal Home Loan Banks | 5.500% | 8/13/14 | 925 | 1,037 |
4 | Federal Home Loan Banks | 5.125% | 10/19/16 | 1,225 | 1,332 |
4 | Federal Home Loan Banks | 4.750% | 12/16/16 | 1,975 | 2,112 |
4 | Federal Home Loan Banks | 4.875% | 5/17/17 | 400 | 430 |
4 | Federal Home Loan Banks | 5.000% | 11/17/17 | 900 | 970 |
4 | Federal Home Loan Banks | 5.250% | 12/11/20 | 1,000 | 1,068 |
4 | Federal Home Loan Banks | 5.625% | 6/11/21 | 1,100 | 1,205 |
4 | Federal Home Loan Banks | 5.500% | 7/15/36 | 250 | 257 |
4 | Federal Home Loan Mortgage Corp. | 4.750% | 1/18/11 | 700 | 728 |
4 | Federal Home Loan Mortgage Corp. | 3.250% | 2/25/11 | 11,500 | 11,832 |
4 | Federal Home Loan Mortgage Corp. | 1.625% | 4/26/11 | 1,200 | 1,213 |
4 | Federal Home Loan Mortgage Corp. | 2.125% | 3/23/12 | 1,525 | 1,550 |
4 | Federal Home Loan Mortgage Corp. | 1.750% | 6/15/12 | 1,700 | 1,710 |
4 | Federal Home Loan Mortgage Corp. | 5.500% | 8/20/12 | 8,000 | 8,783 |
4 | Federal Home Loan Mortgage Corp. | 2.125% | 9/21/12 | 500 | 505 |
4 | Federal Home Loan Mortgage Corp. | 4.625% | 10/25/12 | 5,425 | 5,842 |
4 | Federal Home Loan Mortgage Corp. | 4.125% | 12/21/12 | 1,325 | 1,407 |
4 | Federal Home Loan Mortgage Corp. | 4.500% | 1/15/13 | 2,825 | 3,038 |
4 | Federal Home Loan Mortgage Corp. | 3.750% | 6/28/13 | 2,585 | 2,724 |
4 | Federal Home Loan Mortgage Corp. | 4.500% | 7/15/13 | 1,200 | 1,295 |
4 | Federal Home Loan Mortgage Corp. | 4.125% | 9/27/13 | 1,875 | 1,997 |
4 | Federal Home Loan Mortgage Corp. | 4.500% | 1/15/14 | 2,600 | 2,803 |
4 | Federal Home Loan Mortgage Corp. | 2.500% | 4/23/14 | 1,250 | 1,246 |
4 | Federal Home Loan Mortgage Corp. | 5.000% | 7/15/14 | 1,600 | 1,756 |
4 | Federal Home Loan Mortgage Corp. | 3.000% | 7/28/14 | 6,875 | 6,958 |
4 | Federal Home Loan Mortgage Corp. | 4.750% | 1/19/16 | 650 | 701 |
4 | Federal Home Loan Mortgage Corp. | 5.250% | 4/18/16 | 3,000 | 3,311 |
4 | Federal Home Loan Mortgage Corp. | 5.500% | 7/18/16 | 1,100 | 1,228 |
4 | Federal Home Loan Mortgage Corp. | 5.125% | 10/18/16 | 300 | 328 |
4 | Federal Home Loan Mortgage Corp. | 5.500% | 8/23/17 | 4,000 | 4,463 |
4 | Federal Home Loan Mortgage Corp. | 4.875% | 6/13/18 | 1,500 | 1,606 |
4 | Federal Home Loan Mortgage Corp. | 3.750% | 3/27/19 | 3,700 | 3,627 |
4 | Federal Home Loan Mortgage Corp. | 6.750% | 9/15/29 | 850 | 1,021 |
4 | Federal National Mortgage Assn. | 6.250% | 2/1/11 | 1,425 | 1,493 |
4 | Federal National Mortgage Assn. | 1.750% | 3/23/11 | 1,075 | 1,086 |
4 | Federal National Mortgage Assn. | 5.125% | 4/15/11 | 750 | 791 |
4 | Federal National Mortgage Assn. | 1.375% | 4/28/11 | 2,050 | 2,064 |
4 | Federal National Mortgage Assn. | 6.000% | 5/15/11 | 7,300 | 7,805 |
4 | Federal National Mortgage Assn. | 1.000% | 11/23/11 | 275 | 274 |
4 | Federal National Mortgage Assn. | 2.000% | 1/9/12 | 8,000 | 8,120 |
4 | Federal National Mortgage Assn. | 0.875% | 1/12/12 | 1,300 | 1,291 |
4 | Federal National Mortgage Assn. | 6.125% | 3/15/12 | 1,450 | 1,599 |
4 | Federal National Mortgage Assn. | 1.875% | 4/20/12 | 6,100 | 6,159 |
4 | Federal National Mortgage Assn. | 4.875% | 5/18/12 | 2,225 | 2,400 |
4 | Federal National Mortgage Assn. | 1.750% | 8/10/12 | 1,000 | 1,002 |
4 | Federal National Mortgage Assn. | 4.375% | 9/15/12 | 1,300 | 1,390 |
55
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
4 Federal National Mortgage Assn. | 3.625% | 2/12/13 | 1,225 | 1,286 |
4 Federal National Mortgage Assn. | 4.750% | 2/21/13 | 1,275 | 1,378 |
4 Federal National Mortgage Assn. | 4.375% | 3/15/13 | 2,225 | 2,387 |
4 Federal National Mortgage Assn. | 4.625% | 5/1/13 | 700 | 736 |
4 Federal National Mortgage Assn. | 2.875% | 12/11/13 | 3,800 | 3,875 |
4 Federal National Mortgage Assn. | 5.125% | 1/2/14 | 975 | 1,027 |
4 Federal National Mortgage Assn. | 2.750% | 2/5/14 | 1,100 | 1,109 |
4 Federal National Mortgage Assn. | 2.750% | 3/13/14 | 1,125 | 1,134 |
4 Federal National Mortgage Assn. | 4.125% | 4/15/14 | 3,700 | 3,931 |
4 Federal National Mortgage Assn. | 2.500% | 5/15/14 | 3,575 | 3,559 |
4 Federal National Mortgage Assn. | 3.000% | 9/16/14 | 800 | 809 |
4 Federal National Mortgage Assn. | 4.625% | 10/15/14 | 4,000 | 4,321 |
4 Federal National Mortgage Assn. | 2.625% | 11/20/14 | 800 | 792 |
4 Federal National Mortgage Assn. | 5.375% | 7/15/16 | 3,000 | 3,327 |
4 Federal National Mortgage Assn. | 5.250% | 9/15/16 | 4,825 | 5,315 |
4 Federal National Mortgage Assn. | 4.875% | 12/15/16 | 525 | 567 |
4 Federal National Mortgage Assn. | 5.000% | 2/13/17 | 1,975 | 2,143 |
4 Federal National Mortgage Assn. | 7.125% | 1/15/30 | 1,000 | 1,265 |
4 Federal National Mortgage Assn. | 7.250% | 5/15/30 | 1,700 | 2,179 |
4 Federal National Mortgage Assn. | 6.625% | 11/15/30 | 915 | 1,103 |
4 Federal National Mortgage Assn. | 5.625% | 7/15/37 | 2,035 | 2,144 |
4 Financing Corp. Fico | 9.800% | 4/6/18 | 500 | 683 |
4 Financing Corp. Fico | 9.650% | 11/2/18 | 475 | 665 |
3 General Electric Capital Corp. | 1.625% | 1/7/11 | 1,175 | 1,186 |
3 General Electric Capital Corp. | 3.000% | 12/9/11 | 2,325 | 2,398 |
3 General Electric Capital Corp. | 2.250% | 3/12/12 | 2,225 | 2,262 |
3 General Electric Capital Corp. | 2.200% | 6/8/12 | 1,775 | 1,799 |
3 General Electric Capital Corp. | 2.125% | 12/21/12 | 825 | 829 |
3 General Electric Capital Corp. | 2.625% | 12/28/12 | 675 | 688 |
3 GMAC Inc. | 1.750% | 10/30/12 | 700 | 697 |
3 GMAC Inc. | 2.200% | 12/19/12 | 850 | 856 |
3 Goldman Sachs Group Inc. | 1.700% | 3/15/11 | 125 | 126 |
3 Goldman Sachs Group Inc. | 1.625% | 7/15/11 | 500 | 504 |
3 Goldman Sachs Group Inc. | 2.150% | 3/15/12 | 375 | 381 |
3 Goldman Sachs Group Inc. | 3.250% | 6/15/12 | 1,350 | 1,404 |
3 HSBC USA Inc. | 3.125% | 12/16/11 | 750 | 776 |
Israel Government AID Bond | 5.500% | 9/18/23 | 500 | 533 |
Israel Government AID Bond | 5.500% | 12/4/23 | 375 | 398 |
Israel Government AID Bond | 5.500% | 4/26/24 | 925 | 982 |
3 JPMorgan Chase & Co. | 1.650% | 2/23/11 | 900 | 910 |
3 JPMorgan Chase & Co. | 3.125% | 12/1/11 | 1,025 | 1,059 |
3 JPMorgan Chase & Co. | 2.200% | 6/15/12 | 1,000 | 1,015 |
3 JPMorgan Chase & Co. | 2.125% | 6/22/12 | 700 | 710 |
3 JPMorgan Chase & Co. | 2.125% | 12/26/12 | 1,400 | 1,408 |
3 Morgan Stanley | 2.900% | 12/1/10 | 650 | 663 |
3 Morgan Stanley | 3.250% | 12/1/11 | 1,475 | 1,530 |
3 Morgan Stanley | 1.950% | 6/20/12 | 1,375 | 1,387 |
3 PNC Funding Corp. | 2.300% | 6/22/12 | 875 | 890 |
Private Export Funding Corp. | 3.050% | 10/15/14 | 150 | 149 |
Private Export Funding Corp. | 4.375% | 3/15/19 | 350 | 346 |
Private Export Funding Corp. | 4.300% | 12/15/21 | 125 | 117 |
3 Regions Bank | 3.250% | 12/9/11 | 1,000 | 1,037 |
3 Sovereign Bank | 2.750% | 1/17/12 | 350 | 359 |
4 Tennessee Valley Authority | 4.500% | 4/1/18 | 450 | 463 |
4 Tennessee Valley Authority | 6.750% | 11/1/25 | 100 | 115 |
4 Tennessee Valley Authority | 7.125% | 5/1/30 | 1,500 | 1,841 |
4 Tennessee Valley Authority | 5.500% | 6/15/38 | 225 | 224 |
4 Tennessee Valley Authority | 5.250% | 9/15/39 | 275 | 271 |
4 Tennessee Valley Authority | 5.375% | 4/1/56 | 375 | 370 |
3 US Central Federal Credit Union | 1.900% | 10/19/12 | 475 | 475 |
3 Wells Fargo & Co. | 3.000% | 12/9/11 | 1,625 | 1,675 |
3 Wells Fargo & Co. | 2.125% | 6/15/12 | 425 | 431 |
3 Western Corporate Federal Credit Union | 1.750% | 11/2/12 | 250 | 249 |
274,029 |
56
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
Conventional Mortgage-Backed Securities (12.6%) | |||||
4,5 | Fannie Mae Pool | 4.000% | 9/1/10–1/1/40 | 31,543 | 31,386 |
4,5 | Fannie Mae Pool | 4.500% | 7/1/11–1/1/40 | 73,303 | 74,930 |
4,5 | Fannie Mae Pool | 5.000% | 4/1/10–1/1/40 | 128,749 | 133,359 |
4,5 | Fannie Mae Pool | 5.500% | 12/1/14–1/1/40 | 156,023 | 164,094 |
4,5 | Fannie Mae Pool | 6.000% | 3/1/11–1/1/40 | 109,464 | 116,575 |
4,5 | Fannie Mae Pool | 6.500% | 9/1/10–1/1/39 | 37,659 | 40,506 |
4,5 | Fannie Mae Pool | 7.000% | 9/1/10–11/1/37 | 9,136 | 10,042 |
4,5 | Fannie Mae Pool | 7.500% | 1/1/11–12/1/32 | 1,230 | 1,358 |
4,5 | Fannie Mae Pool | 8.000% | 6/1/10–11/1/30 | 175 | 192 |
4,5 | Fannie Mae Pool | 8.500% | 11/1/18–9/1/30 | 121 | 136 |
4,5 | Fannie Mae Pool | 9.000% | 1/1/21–8/1/26 | 38 | 43 |
4,5 | Fannie Mae Pool | 9.500% | 5/1/16–2/1/25 | 10 | 11 |
4,5 | Fannie Mae Pool | 10.000% | 1/1/20–8/1/21 | 1 | 1 |
4,5 | Fannie Mae Pool | 10.500% | 8/1/20 | 1 | 1 |
4,5 | Freddie Mac Gold Pool | 4.000% | 1/1/10–1/1/40 | 19,629 | 19,642 |
4,5 | Freddie Mac Gold Pool | 4.500% | 3/1/10–1/1/40 | 55,225 | 56,390 |
4,5 | Freddie Mac Gold Pool | 5.000% | 10/1/11–1/1/40 | 95,672 | 98,917 |
4,5 | Freddie Mac Gold Pool | 5.500% | 11/1/13–1/1/40 | 103,635 | 108,986 |
4,5 | Freddie Mac Gold Pool | 6.000% | 8/1/10–1/1/40 | 71,670 | 76,357 |
4,5 | Freddie Mac Gold Pool | 6.500% | 9/1/10–1/1/39 | 21,071 | 22,709 |
4,5 | Freddie Mac Gold Pool | 7.000% | 8/1/10–2/1/37 | 4,359 | 4,754 |
4,5 | Freddie Mac Gold Pool | 7.500% | 7/1/10–1/1/32 | 526 | 578 |
4,5 | Freddie Mac Gold Pool | 8.000% | 6/1/12–10/1/31 | 554 | 610 |
4,5 | Freddie Mac Gold Pool | 8.500% | 4/1/20–5/1/30 | 69 | 77 |
4,5 | Freddie Mac Gold Pool | 9.000% | 10/1/21–4/1/30 | 48 | 54 |
4,5 | Freddie Mac Gold Pool | 9.500% | 4/1/16–4/1/25 | 16 | 16 |
4,5 | Freddie Mac Gold Pool | 10.000% | 3/1/17–4/1/25 | 9 | 9 |
4,5 | Freddie Mac Non Gold Pool | 8.500% | 12/1/16 | 1 | 1 |
4,5 | Freddie Mac Non Gold Pool | 9.500% | 9/1/19 | 1 | 1 |
5 | Ginnie Mae I Pool | 4.000% | 8/15/39 | 3,729 | 3,607 |
5 | Ginnie Mae I Pool | 4.500% | 8/15/18–1/1/40 | 32,663 | 32,727 |
5 | Ginnie Mae I Pool | 5.000% | 1/15/18–1/1/40 | 36,705 | 37,869 |
5 | Ginnie Mae I Pool | 5.500% | 3/15/15–1/1/40 | 31,035 | 32,663 |
5 | Ginnie Mae I Pool | 6.000% | 12/15/13–12/15/38 | 14,085 | 14,985 |
5 | Ginnie Mae I Pool | 6.500% | 6/15/11–8/15/34 | 5,079 | 5,492 |
5 | Ginnie Mae I Pool | 7.000% | 11/15/10–8/15/32 | 2,350 | 2,591 |
5 | Ginnie Mae I Pool | 7.500% | 10/15/10–3/15/32 | 651 | 718 |
5 | Ginnie Mae I Pool | 8.000% | 3/15/22–3/15/32 | 444 | 488 |
5 | Ginnie Mae I Pool | 8.500% | 3/15/17–7/15/30 | 46 | 50 |
5 | Ginnie Mae I Pool | 9.000% | 6/15/16–2/15/30 | 93 | 105 |
5 | Ginnie Mae I Pool | 9.500% | 10/15/19–1/15/25 | 21 | 23 |
5 | Ginnie Mae I Pool | 10.000% | 3/15/19 | 1 | 1 |
5 | Ginnie Mae II Pool | 4.500% | 11/20/35–12/20/39 | 3,345 | 3,353 |
5 | Ginnie Mae II Pool | 5.000% | 4/20/36–1/1/40 | 7,827 | 8,057 |
5 | Ginnie Mae II Pool | 5.500% | 4/20/36–11/20/38 | 11,614 | 12,198 |
5 | Ginnie Mae II Pool | 6.000% | 3/20/33–10/20/38 | 15,878 | 16,811 |
5 | Ginnie Mae II Pool | 6.500% | 12/20/35–11/20/37 | 5,159 | 5,503 |
5 | Ginnie Mae II Pool | 7.000% | 4/20/38 | 123 | 135 |
1,139,111 | |||||
Nonconventional Mortgage-Backed Securities (0.7%) | |||||
4,5 | Fannie Mae Pool | 2.701% | 12/1/34 | 1,030 | 1,046 |
4,5 | Fannie Mae Pool | 2.799% | 10/1/34 | 634 | 649 |
4,5 | Fannie Mae Pool | 2.808% | 11/1/34 | 418 | 425 |
4,5 | Fannie Mae Pool | 3.126% | 9/1/34 | 187 | 192 |
4,5 | Fannie Mae Pool | 4.132% | 5/1/34 | 255 | 264 |
4,5 | Fannie Mae Pool | 4.413% | 8/1/35 | 699 | 723 |
4,5 | Fannie Mae Pool | 4.421% | 7/1/35 | 367 | 379 |
4,5 | Fannie Mae Pool | 4.485% | 4/1/37 | 638 | 664 |
4,5 | Fannie Mae Pool | 4.498% | 1/1/35 | 681 | 696 |
57
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
4,5 | Fannie Mae Pool | 4.549% | 11/1/34 | 1,218 | 1,268 |
4,5 | Fannie Mae Pool | 4.605% | 12/1/35 | 1,337 | 1,394 |
4,5 | Fannie Mae Pool | 4.610% | 8/1/35 | 1,028 | 1,069 |
4,5 | Fannie Mae Pool | 4.613% | 11/1/33 | 224 | 232 |
4,5 | Fannie Mae Pool | 4.629% | 9/1/34 | 543 | 565 |
4,5 | Fannie Mae Pool | 4.721% | 8/1/35 | 711 | 744 |
4,5 | Fannie Mae Pool | 4.784% | 6/1/34 | 442 | 460 |
4,5 | Fannie Mae Pool | 4.852% | 9/1/35 | 812 | 851 |
4,5 | Fannie Mae Pool | 4.866% | 7/1/35 | 911 | 941 |
4,5 | Fannie Mae Pool | 4.959% | 7/1/35 | 314 | 327 |
4,5 | Fannie Mae Pool | 4.966% | 10/1/35 | 1,220 | 1,274 |
4,5 | Fannie Mae Pool | 5.015% | 12/1/33 | 271 | 284 |
4,5 | Fannie Mae Pool | 5.035% | 2/1/36 | 452 | 472 |
4,5 | Fannie Mae Pool | 5.039% | 11/1/35 | 259 | 269 |
4,5 | Fannie Mae Pool | 5.109% | 1/1/36 | 791 | 827 |
4,5 | Fannie Mae Pool | 5.128% | 12/1/35 | 707 | 740 |
4,5 | Fannie Mae Pool | 5.186% | 3/1/37 | 806 | 845 |
4,5 | Fannie Mae Pool | 5.450% | 2/1/36 | 1,286 | 1,343 |
4,5 | Fannie Mae Pool | 5.495% | 5/1/37 | 769 | 790 |
4,5 | Fannie Mae Pool | 5.547% | 1/1/37 | 1,102 | 1,161 |
4,5 | Fannie Mae Pool | 5.617% | 7/1/36 | 212 | 221 |
4,5 | Fannie Mae Pool | 5.645% | 3/1/37 | 939 | 989 |
4,5 | Fannie Mae Pool | 5.665% | 6/1/36 | 742 | 783 |
4,5 | Fannie Mae Pool | 5.676% | 2/1/37 | 837 | 879 |
4,5 | Fannie Mae Pool | 5.729% | 3/1/37 | 940 | 993 |
4,5 | Fannie Mae Pool | 5.756% | 1/1/36 | 327 | 347 |
4,5 | Fannie Mae Pool | 5.756% | 4/1/37 | 342 | 358 |
4,5 | Fannie Mae Pool | 5.764% | 4/1/36 | 1,299 | 1,372 |
4,5 | Fannie Mae Pool | 5.793% | 4/1/37 | 1,470 | 1,550 |
4,5 | Fannie Mae Pool | 5.838% | 9/1/36 | 842 | 885 |
4,5 | Fannie Mae Pool | 5.893% | 11/1/36 | 2,429 | 2,569 |
4,5 | Fannie Mae Pool | 6.045% | 6/1/36 | 190 | 201 |
4,5 | Fannie Mae Pool | 6.062% | 8/1/37 | 702 | 734 |
4,5 | Fannie Mae Pool | 6.499% | 9/1/37 | 911 | 966 |
4,5 | Freddie Mac Non Gold Pool | 2.691% | 12/1/34 | 644 | 654 |
4,5 | Freddie Mac Non Gold Pool | 3.072% | 9/1/34 | 352 | 362 |
4,5 | Freddie Mac Non Gold Pool | 3.160% | 12/1/34 | 307 | 317 |
4,5 | Freddie Mac Non Gold Pool | 3.448% | 12/1/36 | 267 | 275 |
4,5 | Freddie Mac Non Gold Pool | 4.358% | 1/1/35 | 43 | 44 |
4,5 | Freddie Mac Non Gold Pool | 4.590% | 4/1/35 | 1,082 | 1,112 |
4,5 | Freddie Mac Non Gold Pool | 4.594% | 11/1/34 | 842 | 875 |
4,5 | Freddie Mac Non Gold Pool | 4.660% | 7/1/35 | 804 | 833 |
4,5 | Freddie Mac Non Gold Pool | 4.688% | 12/1/35 | 1,210 | 1,262 |
4,5 | Freddie Mac Non Gold Pool | 4.738% | 3/1/36 | 689 | 710 |
4,5 | Freddie Mac Non Gold Pool | 4.766% | 1/1/37 | 501 | 523 |
4,5 | Freddie Mac Non Gold Pool | 4.789% | 7/1/35 | 575 | 595 |
4,5 | Freddie Mac Non Gold Pool | 5.024% | 5/1/35 | 1,071 | 1,114 |
4,5 | Freddie Mac Non Gold Pool | 5.260% | 3/1/37 | 709 | 724 |
4,5 | Freddie Mac Non Gold Pool | 5.287% | 3/1/36 | 1,214 | 1,270 |
4,5 | Freddie Mac Non Gold Pool | 5.329% | 12/1/35 | 656 | 688 |
4,5 | Freddie Mac Non Gold Pool | 5.428% | 3/1/37 | 778 | 818 |
4,5 | Freddie Mac Non Gold Pool | 5.435% | 4/1/37 | 1,505 | 1,582 |
4,5 | Freddie Mac Non Gold Pool | 5.502% | 2/1/36 | 907 | 945 |
4,5 | Freddie Mac Non Gold Pool | 5.568% | 5/1/36 | 489 | 511 |
4,5 | Freddie Mac Non Gold Pool | 5.582% | 4/1/37 | 1,233 | 1,292 |
4,5 | Freddie Mac Non Gold Pool | 5.656% | 12/1/36 | 409 | 431 |
4,5 | Freddie Mac Non Gold Pool | 5.714% | 9/1/36 | 870 | 918 |
4,5 | Freddie Mac Non Gold Pool | 5.749% | 4/1/37 | 1,083 | 1,129 |
4,5 | Freddie Mac Non Gold Pool | 5.770% | 5/1/36 | 501 | 525 |
4,5 | Freddie Mac Non Gold Pool | 5.796% | 6/1/37 | 1,353 | 1,428 |
4,5 | Freddie Mac Non Gold Pool | 5.878% | 12/1/36 | 586 | 620 |
4,5 | Freddie Mac Non Gold Pool | 5.892% | 5/1/37 | 2,098 | 2,213 |
4,5 | Freddie Mac Non Gold Pool | 5.973% | 10/1/37 | 319 | 339 |
4,5 | Freddie Mac Non Gold Pool | 6.064% | 8/1/37 | 952 | 1,007 |
58
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
4,5 | Freddie Mac Non Gold Pool | 6.480% | 2/1/37 | 823 | 879 |
59,736 | |||||
Total U.S. Government and Agency Obligations (Cost $2,460,428) | 2,508,509 | ||||
Asset-Backed/Commercial Mortgage-Backed Securities (1.5%) | |||||
5 | Banc of America Commercial Mortgage Inc. | 4.050% | 11/10/38 | 333 | 331 |
5 | Banc of America Commercial Mortgage Inc. | 4.153% | 11/10/38 | 150 | 147 |
5 | Banc of America Commercial Mortgage Inc. | 4.877% | 7/10/42 | 1,700 | 1,620 |
5 | Banc of America Commercial Mortgage Inc. | 4.727% | 7/10/43 | 400 | 334 |
5 | Banc of America Commercial Mortgage Inc. | 5.118% | 7/11/43 | 1,560 | 1,606 |
5 | Banc of America Commercial Mortgage Inc. | 5.372% | 9/10/45 | 1,200 | 1,133 |
5,6 | Banc of America Commercial Mortgage Inc. | 5.421% | 9/10/45 | 10 | 8 |
5 | Banc of America Commercial Mortgage Inc. | 5.115% | 10/10/45 | 1,150 | 1,109 |
5,6 | Banc of America Commercial Mortgage Inc. | 5.176% | 10/10/45 | 20 | 17 |
5 | Banc of America Commercial Mortgage Inc. | 5.634% | 7/10/46 | 1,300 | 1,209 |
5 | Banc of America Commercial Mortgage Inc. | 5.675% | 7/10/46 | 295 | 232 |
5,6 | Banc of America Commercial Mortgage Inc. | 5.179% | 9/10/47 | 100 | 88 |
5 | Banc of America Commercial Mortgage Inc. | 5.414% | 9/10/47 | 825 | 768 |
5 | Banc of America Commercial Mortgage Inc. | 5.448% | 9/10/47 | 125 | 100 |
5,6 | Banc of America Commercial Mortgage Inc. | 6.166% | 2/10/51 | 1,400 | 1,254 |
5 | Bear Stearns Commercial Mortgage Securities | 5.610% | 11/15/33 | 2,000 | 2,068 |
5 | Bear Stearns Commercial Mortgage Securities | 5.462% | 4/12/38 | 250 | 248 |
5,6 | Bear Stearns Commercial Mortgage Securities | 5.463% | 4/12/38 | 250 | 191 |
5,6 | Bear Stearns Commercial Mortgage Securities | 5.758% | 9/11/38 | 275 | 220 |
5 | Bear Stearns Commercial Mortgage Securities | 4.680% | 8/13/39 | 450 | 447 |
5 | Bear Stearns Commercial Mortgage Securities | 5.666% | 6/11/40 | 2,825 | 2,848 |
5 | Bear Stearns Commercial Mortgage Securities | 5.582% | 9/11/41 | 160 | 128 |
5 | Bear Stearns Commercial Mortgage Securities | 4.521% | 11/11/41 | 250 | 251 |
5 | Bear Stearns Commercial Mortgage Securities | 5.742% | 9/11/42 | 1,575 | 1,493 |
5 | Bear Stearns Commercial Mortgage Securities | 5.127% | 10/12/42 | 500 | 500 |
5,6 | Bear Stearns Commercial Mortgage Securities | 5.513% | 1/12/45 | 335 | 271 |
5 | Bear Stearns Commercial Mortgage Securities | 5.613% | 6/11/50 | 850 | 848 |
5 | Bear Stearns Commercial Mortgage Securities | 5.694% | 6/11/50 | 800 | 679 |
5 | Bear Stearns Commercial Mortgage Securities | 5.700% | 6/11/50 | 400 | 341 |
5,6 | Bear Stearns Commercial Mortgage Securities | 5.915% | 6/11/50 | 400 | 292 |
5 | Capital Auto Receivables Asset Trust | 4.680% | 10/15/12 | 1,300 | 1,343 |
5 | Capital One Multi-Asset Execution Trust | 5.300% | 2/18/14 | 450 | 471 |
5 | Capital One Multi-Asset Execution Trust | 5.050% | 12/17/18 | 3,500 | 3,632 |
5 | Capital One Multi-Asset Execution Trust | 5.750% | 7/15/20 | 225 | 244 |
5 | CDC Commercial Mortgage Trust | 5.676% | 11/15/30 | 1,525 | 1,572 |
5 | Chase Issuance Trust | 4.650% | 12/17/12 | 3,300 | 3,392 |
5 | Chase Issuance Trust | 5.400% | 7/15/15 | 400 | 435 |
5 | Citibank Credit Card Issuance Trust | 5.450% | 5/10/13 | 195 | 205 |
5 | Citibank Credit Card Issuance Trust | 4.900% | 6/23/16 | 1,075 | 1,158 |
5 | Citibank Credit Card Issuance Trust | 4.150% | 7/7/17 | 250 | 252 |
5 | Citibank Credit Card Issuance Trust | 5.650% | 9/20/19 | 175 | 189 |
5 | Citigroup Commercial Mortgage Trust | 4.623% | 10/15/41 | 198 | 198 |
5 | Citigroup Commercial Mortgage Trust | 4.830% | 5/15/43 | 50 | 43 |
5,6 | Citigroup Commercial Mortgage Trust | 5.725% | 3/15/49 | 550 | 523 |
5,6 | Citigroup Commercial Mortgage Trust | 5.700% | 12/10/49 | 275 | 185 |
5,6 | Citigroup Commercial Mortgage Trust | 5.700% | 12/10/49 | 225 | 194 |
5,6 | Citigroup Commercial Mortgage Trust | 6.092% | 12/10/49 | 175 | 133 |
5,6 | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.224% | 7/15/44 | 525 | 455 |
5 | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.224% | 7/15/44 | 1,100 | 1,096 |
5 | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.886% | 11/15/44 | 1,650 | 1,456 |
5 | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.648% | 10/15/48 | 425 | 325 |
5 | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.205% | 12/11/49 | 1,400 | 1,403 |
5 | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.322% | 12/11/49 | 950 | 814 |
5,7 | Commercial Mortgage Lease-Backed Certificates | 6.746% | 6/20/31 | 366 | 384 |
5 | Commercial Mortgage Pass Through Certificates | 5.116% | 6/10/44 | 250 | 237 |
5 | Commercial Mortgage Pass Through Certificates | 5.767% | 6/10/46 | 1,255 | 1,236 |
5 | Commercial Mortgage Pass Through Certificates | 5.248% | 12/10/46 | 200 | 201 |
5,6 | Commercial Mortgage Pass Through Certificates | 5.816% | 12/10/49 | 900 | 817 |
59
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
5,6 | Countrywide Home Loan Mortgage Pass Through Trust | 4.065% | 5/25/33 | 332 | 285 |
5,6 | Credit Suisse First Boston Mortgage Securities Corp. | 4.750% | 1/15/37 | 1,500 | 1,455 |
5 | Credit Suisse First Boston Mortgage Securities Corp. | 4.877% | 4/15/37 | 50 | 37 |
5,6 | Credit Suisse First Boston Mortgage Securities Corp. | 5.014% | 2/15/38 | 1,000 | 987 |
5 | Credit Suisse First Boston Mortgage Securities Corp. | 3.936% | 5/15/38 | 575 | 567 |
5,6 | Credit Suisse First Boston Mortgage Securities Corp. | 5.100% | 8/15/38 | 105 | 88 |
5 | Credit Suisse First Boston Mortgage Securities Corp. | 5.100% | 8/15/38 | 2,550 | 2,455 |
5 | Credit Suisse Mortgage Capital Certificates | 5.825% | 6/15/38 | 1,475 | 1,273 |
5 | Credit Suisse Mortgage Capital Certificates | 5.825% | 6/15/38 | 52 | 41 |
5 | Credit Suisse Mortgage Capital Certificates | 5.548% | 2/15/39 | 2,200 | 2,141 |
5,6 | Credit Suisse Mortgage Capital Certificates | 5.548% | 2/15/39 | 400 | 327 |
5,6 | Credit Suisse Mortgage Capital Certificates | 5.723% | 6/15/39 | 1,750 | 1,403 |
5 | Credit Suisse Mortgage Capital Certificates | 5.509% | 9/15/39 | 75 | 41 |
5 | Credit Suisse Mortgage Capital Certificates | 5.311% | 12/15/39 | 800 | 660 |
5 | Credit Suisse Mortgage Capital Certificates | 5.343% | 12/15/39 | 110 | 77 |
5 | Credit Suisse Mortgage Capital Certificates | 5.383% | 2/15/40 | 525 | 434 |
5,6 | CW Capital Cobalt Ltd. | 5.820% | 5/15/46 | 1,400 | 1,103 |
5 | Discover Card Master Trust | 5.650% | 12/15/15 | 1,650 | 1,788 |
5 | Discover Card Master Trust | 5.650% | 3/16/20 | 375 | 400 |
5,6 | First Union Commercial Mortgage Trust | 6.638% | 10/15/35 | 637 | 642 |
5 | First Union National Bank Commercial Mortgage | 6.223% | 12/12/33 | 550 | 575 |
5 | Ford Credit Auto Owner Trust | 2.420% | 11/15/14 | 225 | 221 |
5 | GE Capital Commercial Mortgage Corp. | 5.994% | 12/10/35 | 54 | 55 |
5 | GE Capital Commercial Mortgage Corp. | 4.996% | 12/10/37 | 1,000 | 1,023 |
5,6 | GE Capital Commercial Mortgage Corp. | 5.336% | 3/10/44 | 1,350 | 1,278 |
5,6 | GE Capital Commercial Mortgage Corp. | 5.334% | 11/10/45 | 380 | 314 |
5 | GMAC Commercial Mortgage Securities Inc. | 7.455% | 8/16/33 | 193 | 196 |
5 | GMAC Commercial Mortgage Securities Inc. | 6.700% | 4/15/34 | 622 | 647 |
5 | GMAC Commercial Mortgage Securities Inc. | 4.908% | 3/10/38 | 75 | 73 |
5 | GMAC Commercial Mortgage Securities Inc. | 4.646% | 4/10/40 | 250 | 254 |
5 | GMAC Commercial Mortgage Securities Inc. | 4.864% | 12/10/41 | 300 | 294 |
5 | GMAC Commercial Mortgage Securities Inc. | 4.754% | 5/10/43 | 75 | 65 |
5 | Greenwich Capital Commercial Funding Corp. | 4.948% | 1/11/35 | 500 | 512 |
5 | Greenwich Capital Commercial Funding Corp. | 5.317% | 6/10/36 | 1,230 | 1,248 |
5 | Greenwich Capital Commercial Funding Corp. | 5.117% | 4/10/37 | 205 | 206 |
5 | Greenwich Capital Commercial Funding Corp. | 5.224% | 4/10/37 | 1,400 | 1,310 |
5,6 | Greenwich Capital Commercial Funding Corp. | 5.277% | 4/10/37 | 275 | 231 |
5,6 | Greenwich Capital Commercial Funding Corp. | 5.918% | 7/10/38 | 140 | 112 |
5 | Greenwich Capital Commercial Funding Corp. | 5.475% | 3/10/39 | 75 | 54 |
5 | Greenwich Capital Commercial Funding Corp. | 4.799% | 8/10/42 | 1,950 | 1,807 |
5 | GS Mortgage Securities Corp. II | 5.506% | 4/10/38 | 967 | 978 |
5,6 | GS Mortgage Securities Corp. II | 5.553% | 4/10/38 | 700 | 638 |
5,6 | GS Mortgage Securities Corp. II | 5.622% | 4/10/38 | 250 | 199 |
5 | GS Mortgage Securities Corp. II | 5.396% | 8/10/38 | 1,825 | 1,727 |
5 | Honda Auto Receivables Owner Trust | 4.880% | 9/18/14 | 600 | 632 |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 6.260% | 3/15/33 | 208 | 212 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.050% | 12/12/34 | 350 | 359 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 4.824% | 9/12/37 | 600 | 603 | |
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 4.948% | 9/12/37 | 28 | 22 | |
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.377% | 6/12/41 | 560 | 564 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 4.780% | 7/15/42 | 135 | 105 | |
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.321% | 1/12/43 | 10 | 8 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.160% | 4/15/43 | 711 | 714 | |
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.475% | 4/15/43 | 350 | 336 |
60
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.444% | 12/12/44 | 150 | 116 | |
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.221% | 12/15/44 | 175 | 153 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.874% | 4/15/45 | 1,750 | 1,667 | |
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.875% | 4/15/45 | 80 | 61 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.593% | 5/12/45 | 375 | 306 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.440% | 5/15/45 | 225 | 185 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.803% | 6/15/49 | 700 | 703 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.794% | 2/12/51 | 1,105 | 938 | |
5 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.855% | 2/12/51 | 650 | 648 | |
5,6 | JP Morgan Chase Commercial Mortgage Securities | ||||
Corp. | 5.882% | 2/15/51 | 1,655 | 1,418 | |
5,6 | LB Commercial Conduit Mortgage Trust | 5.950% | 7/15/44 | 590 | 402 |
5 | LB-UBS Commercial Mortgage Trust | 4.786% | 10/15/29 | 1,242 | 1,198 |
5 | LB-UBS Commercial Mortgage Trust | 4.742% | 2/15/30 | 575 | 558 |
5 | LB-UBS Commercial Mortgage Trust | 4.553% | 7/15/30 | 82 | 82 |
5 | LB-UBS Commercial Mortgage Trust | 5.197% | 11/15/30 | 1,250 | 1,215 |
5 | LB-UBS Commercial Mortgage Trust | 5.217% | 2/15/31 | 125 | 105 |
5 | LB-UBS Commercial Mortgage Trust | 4.853% | 9/15/31 | 1,000 | 1,018 |
5 | LB-UBS Commercial Mortgage Trust | 4.960% | 12/15/31 | 250 | 254 |
5 | LB-UBS Commercial Mortgage Trust | 4.166% | 5/15/32 | 200 | 198 |
5 | LB-UBS Commercial Mortgage Trust | 4.931% | 9/15/35 | 1,500 | 1,518 |
5,6 | LB-UBS Commercial Mortgage Trust | 5.661% | 3/15/39 | 1,625 | 1,539 |
5 | LB-UBS Commercial Mortgage Trust | 5.413% | 9/15/39 | 100 | 76 |
5 | LB-UBS Commercial Mortgage Trust | 5.424% | 2/15/40 | 179 | 149 |
5 | LB-UBS Commercial Mortgage Trust | 5.430% | 2/15/40 | 600 | 512 |
5 | LB-UBS Commercial Mortgage Trust | 5.455% | 2/15/40 | 250 | 165 |
5,6 | LB-UBS Commercial Mortgage Trust | 5.493% | 2/15/40 | 180 | 122 |
5,6 | LB-UBS Commercial Mortgage Trust | 5.263% | 11/15/40 | 35 | 31 |
5,6 | LB-UBS Commercial Mortgage Trust | 6.149% | 4/15/41 | 1,825 | 1,753 |
5,6 | LB-UBS Commercial Mortgage Trust | 6.149% | 4/15/41 | 260 | 190 |
5 | Merrill Lynch Mortgage Trust | 5.236% | 11/12/35 | 550 | 551 |
5 | Merrill Lynch Mortgage Trust | 5.107% | 7/12/38 | 40 | 33 |
5 | Merrill Lynch Mortgage Trust | 5.655% | 5/12/39 | 350 | 329 |
5,6 | Merrill Lynch Mortgage Trust | 5.656% | 5/12/39 | 100 | 77 |
5 | Merrill Lynch Mortgage Trust | 5.782% | 8/12/43 | 245 | 199 |
5,6 | Merrill Lynch Mortgage Trust | 5.291% | 1/12/44 | 1,650 | 1,591 |
5,6 | Merrill Lynch Mortgage Trust | 5.828% | 6/12/50 | 1,450 | 1,185 |
5,6 | Merrill Lynch Mortgage Trust | 5.828% | 6/12/50 | 165 | 108 |
5 | Merrill Lynch Mortgage Trust | 5.425% | 2/12/51 | 250 | 244 |
5 | Merrill Lynch Mortgage Trust | 5.690% | 2/12/51 | 650 | 561 |
5,6 | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.517% | 2/12/39 | 25 | 13 |
5 | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.909% | 6/12/46 | 1,475 | 1,450 |
5 | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.456% | 7/12/46 | 160 | 109 |
5 | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.378% | 8/12/48 | 1,575 | 1,197 |
5 | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.590% | 9/12/49 | 725 | 718 |
5 | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.700% | 9/12/49 | 750 | 611 |
5,6 | Morgan Stanley Capital I | 5.110% | 6/15/40 | 1,800 | 1,783 |
5 | Morgan Stanley Capital I | 5.270% | 6/13/41 | 400 | 394 |
5,6 | Morgan Stanley Capital I | 5.810% | 8/12/41 | 110 | 88 |
5 | Morgan Stanley Capital I | 5.328% | 11/12/41 | 250 | 238 |
5 | Morgan Stanley Capital I | 5.360% | 11/12/41 | 375 | 278 |
5 | Morgan Stanley Capital I | 4.970% | 12/15/41 | 575 | 574 |
5 | Morgan Stanley Capital I | 5.168% | 1/14/42 | 425 | 427 |
5,6 | Morgan Stanley Capital I | 5.649% | 6/11/42 | 25 | 18 |
5,6 | Morgan Stanley Capital I | 5.649% | 6/11/42 | 850 | 823 |
61
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
5 | Morgan Stanley Capital I | 4.989% | 8/13/42 | 2,000 | 1,958 |
5 | Morgan Stanley Capital I | 5.230% | 9/15/42 | 1,200 | 1,172 |
5 | Morgan Stanley Capital I | 5.769% | 10/15/42 | 550 | 534 |
5,6 | Morgan Stanley Capital I | 5.774% | 10/15/42 | 15 | 12 |
5,6 | Morgan Stanley Capital I | 5.207% | 11/14/42 | 650 | 654 |
5,6 | Morgan Stanley Capital I | 5.207% | 11/14/42 | 35 | 30 |
5 | Morgan Stanley Capital I | 6.280% | 1/11/43 | 1,525 | 1,417 |
5 | Morgan Stanley Capital I | 5.332% | 12/15/43 | 350 | 321 |
5,6 | Morgan Stanley Capital I | 5.385% | 3/12/44 | 500 | 478 |
5,6 | Morgan Stanley Capital I | 5.773% | 7/12/44 | 250 | 199 |
5 | Morgan Stanley Capital I | 4.660% | 9/13/45 | 250 | 241 |
5,6 | Morgan Stanley Capital I | 5.691% | 4/15/49 | 250 | 148 |
5,6 | Morgan Stanley Capital I | 5.544% | 11/12/49 | 425 | 311 |
5 | Morgan Stanley Capital I | 5.809% | 12/12/49 | 590 | 499 |
5 | Morgan Stanley Capital I | 5.090% | 10/12/52 | 500 | 505 |
5,6 | Morgan Stanley Capital I | 5.204% | 10/12/52 | 260 | 204 |
5 | Morgan Stanley Capital I | 4.770% | 7/15/56 | 170 | 127 |
5 | Nissan Auto Receivables Owner Trust | 5.050% | 11/17/14 | 475 | 504 |
5 | PG&E Energy Recovery Funding LLC | 4.140% | 9/25/12 | 405 | 412 |
5 | PSE&G Transition Funding LLC | 6.890% | 12/15/17 | 2,000 | 2,324 |
5,6 | Salomon Brothers Mortgage Securities VII Inc. | 3.688% | 9/25/33 | 734 | 701 |
5 | USAA Auto Owner Trust | 4.710% | 2/18/14 | 925 | 976 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.125% | 8/15/35 | 150 | 153 |
5 | Wachovia Bank Commercial Mortgage Trust | 4.719% | 1/15/41 | 250 | 251 |
5 | Wachovia Bank Commercial Mortgage Trust | 4.748% | 2/15/41 | 500 | 492 |
5 | Wachovia Bank Commercial Mortgage Trust | 5.001% | 7/15/41 | 354 | 356 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.237% | 7/15/41 | 1,250 | 1,252 |
5 | Wachovia Bank Commercial Mortgage Trust | 4.803% | 10/15/41 | 1,150 | 1,103 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.083% | 3/15/42 | 400 | 396 |
5 | Wachovia Bank Commercial Mortgage Trust | 5.118% | 7/15/42 | 350 | 338 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.740% | 5/15/43 | 275 | 214 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.740% | 5/15/43 | 900 | 872 |
5 | Wachovia Bank Commercial Mortgage Trust | 4.699% | 5/15/44 | 1,050 | 1,002 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.209% | 10/15/44 | 950 | 938 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.265% | 12/15/44 | 2,300 | 2,299 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.315% | 12/15/44 | 10 | 9 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.956% | 6/15/45 | 67 | 52 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.765% | 7/15/45 | 950 | 861 |
5,6 | Wachovia Bank Commercial Mortgage Trust | 5.818% | 5/15/46 | 240 | 159 |
5 | Wachovia Bank Commercial Mortgage Trust | 5.313% | 11/15/48 | 1,500 | 1,422 |
5 | Wachovia Bank Commercial Mortgage Trust | 5.339% | 11/15/48 | 725 | 543 |
5 | World Omni Auto Receivables Trust | 3.940% | 10/15/12 | 800 | 816 |
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $133,674) | 135,284 | ||||
Corporate Bonds (7.8%) | |||||
Finance (2.8%) | |||||
Banking (1.9%) | |||||
Abbey National PLC | 7.950% | 10/26/29 | 350 | 390 | |
American Express Bank FSB | 5.550% | 10/17/12 | 375 | 399 | |
American Express Bank FSB | 6.000% | 9/13/17 | 525 | 542 | |
American Express Centurion Bank | 5.550% | 10/17/12 | 250 | 267 | |
American Express Centurion Bank | 5.950% | 6/12/17 | 75 | 78 | |
American Express Centurion Bank | 6.000% | 9/13/17 | 1,450 | 1,505 | |
American Express Co. | 7.250% | 5/20/14 | 425 | 479 | |
American Express Co. | 5.500% | 9/12/16 | 350 | 360 | |
American Express Co. | 6.150% | 8/28/17 | 225 | 235 | |
American Express Co. | 7.000% | 3/19/18 | 1,000 | 1,103 | |
American Express Co. | 8.125% | 5/20/19 | 400 | 475 | |
5 | American Express Co. | 6.800% | 9/1/66 | 450 | 389 |
American Express Credit Corp. | 5.000% | 12/2/10 | 725 | 748 | |
American Express Credit Corp. | 7.300% | 8/20/13 | 450 | 506 | |
American Express Credit Corp. | 5.125% | 8/25/14 | 275 | 290 | |
7 | American Express Travel Related Services Co. Inc. | 5.250% | 11/21/11 | 125 | 130 |
62
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
Banco Santander Chile | 2.875% | 11/13/12 | 250 | 251 | |
Bank of America Corp. | 4.250% | 10/1/10 | 300 | 308 | |
Bank of America Corp. | 4.375% | 12/1/10 | 475 | 490 | |
Bank of America Corp. | 5.375% | 9/11/12 | 1,025 | 1,087 | |
Bank of America Corp. | 4.875% | 9/15/12 | 75 | 78 | |
Bank of America Corp. | 4.875% | 1/15/13 | 750 | 782 | |
Bank of America Corp. | 7.375% | 5/15/14 | 1,025 | 1,162 | |
Bank of America Corp. | 5.375% | 6/15/14 | 175 | 182 | |
Bank of America Corp. | 5.125% | 11/15/14 | 1,075 | 1,112 | |
Bank of America Corp. | 5.250% | 12/1/15 | 275 | 277 | |
Bank of America Corp. | 6.500% | 8/1/16 | 750 | 809 | |
Bank of America Corp. | 5.750% | 8/15/16 | 275 | 277 | |
Bank of America Corp. | 5.625% | 10/14/16 | 75 | 76 | |
Bank of America Corp. | 5.420% | 3/15/17 | 925 | 917 | |
Bank of America Corp. | 5.650% | 5/1/18 | 1,550 | 1,577 | |
Bank of America Corp. | 7.625% | 6/1/19 | 400 | 463 | |
Bank of America NA | 5.300% | 3/15/17 | 325 | 318 | |
Bank of America NA | 6.100% | 6/15/17 | 350 | 356 | |
Bank of America NA | 6.000% | 10/15/36 | 600 | 580 | |
Bank of New York Mellon Corp. | 4.950% | 1/14/11 | 500 | 518 | |
Bank of New York Mellon Corp. | 4.950% | 11/1/12 | 425 | 458 | |
Bank of New York Mellon Corp. | 4.300% | 5/15/14 | 250 | 263 | |
Bank of New York Mellon Corp. | 4.950% | 3/15/15 | 800 | 843 | |
Bank of New York Mellon Corp. | 5.450% | 5/15/19 | 350 | 367 | |
7 | Bank of Scotland PLC | 5.250% | 2/21/17 | 1,350 | 1,343 |
Bank of Tokyo-Mitsubishi UFJ Ltd. | 7.400% | 6/15/11 | 175 | 189 | |
Bank One Corp. | 5.900% | 11/15/11 | 50 | 53 | |
Bank One Corp. | 5.250% | 1/30/13 | 925 | 979 | |
Bank One Corp. | 4.900% | 4/30/15 | 475 | 490 | |
Barclays Bank PLC | 2.500% | 1/23/13 | 425 | 425 | |
Barclays Bank PLC | 5.000% | 9/22/16 | 200 | 205 | |
Barclays Bank PLC | 6.750% | 5/22/19 | 1,200 | 1,347 | |
BB&T Capital Trust II | 6.750% | 6/7/36 | 1,100 | 1,025 | |
BB&T Corp. | 6.500% | 8/1/11 | 375 | 399 | |
BB&T Corp. | 3.850% | 7/27/12 | 225 | 233 | |
BB&T Corp. | 5.700% | 4/30/14 | 275 | 297 | |
BB&T Corp. | 6.850% | 4/30/19 | 275 | 312 | |
BB&T Corp. | 5.250% | 11/1/19 | 200 | 196 | |
Bear Stearns Cos. LLC | 5.350% | 2/1/12 | 400 | 425 | |
Bear Stearns Cos. LLC | 5.700% | 11/15/14 | 2,525 | 2,761 | |
Bear Stearns Cos. LLC | 5.300% | 10/30/15 | 985 | 1,048 | |
Bear Stearns Cos. LLC | 5.550% | 1/22/17 | 1,150 | 1,174 | |
Bear Stearns Cos. LLC | 6.400% | 10/2/17 | 800 | 880 | |
Bear Stearns Cos. LLC | 7.250% | 2/1/18 | 375 | 432 | |
BNP Paribas US Medium-Term Note Program LLC | 2.125% | 12/21/12 | 100 | 100 | |
Branch Banking & Trust Co. | 5.625% | 9/15/16 | 100 | 99 | |
Capital One Bank USA NA | 8.800% | 7/15/19 | 800 | 951 | |
Capital One Capital III | 7.686% | 8/15/36 | 525 | 462 | |
Capital One Capital IV | 6.745% | 2/17/37 | 300 | 249 | |
Capital One Financial Corp. | 5.700% | 9/15/11 | 375 | 395 | |
Capital One Financial Corp. | 4.800% | 2/21/12 | 50 | 52 | |
Capital One Financial Corp. | 5.500% | 6/1/15 | 225 | 235 | |
Capital One Financial Corp. | 6.150% | 9/1/16 | 50 | 50 | |
Capital One Financial Corp. | 5.250% | 2/21/17 | 50 | 49 | |
Capital One Financial Corp. | 6.750% | 9/15/17 | 650 | 698 | |
5,7 | Citicorp Lease Pass-Through Trust 1999-1 | 8.040% | 12/15/19 | 1,700 | 1,660 |
Citigroup Inc. | 6.500% | 1/18/11 | 800 | 836 | |
Citigroup Inc. | 5.125% | 2/14/11 | 500 | 516 | |
Citigroup Inc. | 5.100% | 9/29/11 | 675 | 700 | |
Citigroup Inc. | 6.000% | 2/21/12 | 300 | 317 | |
Citigroup Inc. | 5.300% | 10/17/12 | 1,175 | 1,229 | |
Citigroup Inc. | 5.500% | 4/11/13 | 75 | 78 | |
Citigroup Inc. | 6.500% | 8/19/13 | 500 | 533 | |
Citigroup Inc. | 5.125% | 5/5/14 | 100 | 101 |
63
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Citigroup Inc. | 6.375% | 8/12/14 | 1,500 | 1,569 |
Citigroup Inc. | 5.000% | 9/15/14 | 3,325 | 3,212 |
Citigroup Inc. | 5.500% | 10/15/14 | 875 | 888 |
Citigroup Inc. | 5.300% | 1/7/16 | 275 | 269 |
Citigroup Inc. | 5.500% | 2/15/17 | 100 | 95 |
Citigroup Inc. | 6.125% | 11/21/17 | 1,075 | 1,092 |
Citigroup Inc. | 6.125% | 5/15/18 | 1,250 | 1,253 |
Citigroup Inc. | 8.500% | 5/22/19 | 625 | 724 |
Citigroup Inc. | 6.625% | 6/15/32 | 1,050 | 974 |
Citigroup Inc. | 5.875% | 2/22/33 | 600 | 504 |
Citigroup Inc. | 6.000% | 10/31/33 | 525 | 444 |
Citigroup Inc. | 5.850% | 12/11/34 | 50 | 43 |
Citigroup Inc. | 5.875% | 5/29/37 | 225 | 200 |
Citigroup Inc. | 6.875% | 3/5/38 | 1,375 | 1,373 |
Citigroup Inc. | 8.125% | 7/15/39 | 1,000 | 1,142 |
Comerica Bank | 5.200% | 8/22/17 | 300 | 280 |
Compass Bank | 6.400% | 10/1/17 | 150 | 150 |
Compass Bank | 5.900% | 4/1/26 | 225 | 186 |
7 Corestates Capital I | 8.000% | 12/15/26 | 1,200 | 1,188 |
Countrywide Financial Corp. | 5.800% | 6/7/12 | 50 | 53 |
Countrywide Home Loans Inc. | 4.000% | 3/22/11 | 975 | 1,001 |
Credit Suisse | 5.000% | 5/15/13 | 425 | 453 |
Credit Suisse | 5.500% | 5/1/14 | 700 | 760 |
Credit Suisse | 6.000% | 2/15/18 | 1,025 | 1,076 |
Credit Suisse | 5.300% | 8/13/19 | 950 | 983 |
5 Credit Suisse | 5.860% | 5/15/49 | 450 | 399 |
Credit Suisse USA Inc. | 4.875% | 8/15/10 | 225 | 231 |
Credit Suisse USA Inc. | 5.250% | 3/2/11 | 750 | 786 |
Credit Suisse USA Inc. | 6.125% | 11/15/11 | 250 | 271 |
Credit Suisse USA Inc. | 6.500% | 1/15/12 | 1,000 | 1,089 |
Credit Suisse USA Inc. | 5.125% | 1/15/14 | 50 | 53 |
Credit Suisse USA Inc. | 4.875% | 1/15/15 | 235 | 247 |
Credit Suisse USA Inc. | 5.125% | 8/15/15 | 315 | 335 |
Credit Suisse USA Inc. | 5.850% | 8/16/16 | 750 | 800 |
Credit Suisse USA Inc. | 7.125% | 7/15/32 | 200 | 235 |
Deutsche Bank AG | 5.375% | 10/12/12 | 1,400 | 1,512 |
Deutsche Bank AG | 4.875% | 5/20/13 | 875 | 931 |
Deutsche Bank AG | 6.000% | 9/1/17 | 600 | 654 |
Deutsche Bank Financial LLC | 5.375% | 3/2/15 | 900 | 936 |
FIA Card Services NA | 6.625% | 6/15/12 | 350 | 372 |
Fifth Third Bancorp | 8.250% | 3/1/38 | 200 | 188 |
Fifth Third Bank | 4.750% | 2/1/15 | 325 | 310 |
First Tennessee Bank NA | 5.050% | 1/15/15 | 200 | 177 |
FleetBoston Financial Corp. | 6.875% | 1/15/28 | 600 | 593 |
Golden West Financial Corp. | 4.750% | 10/1/12 | 375 | 393 |
Goldman Sachs Capital I | 6.345% | 2/15/34 | 1,125 | 1,049 |
5 Goldman Sachs Capital II | 5.793% | 12/29/49 | 550 | 423 |
Goldman Sachs Group Inc. | 4.500% | 6/15/10 | 640 | 652 |
Goldman Sachs Group Inc. | 6.875% | 1/15/11 | 1,025 | 1,088 |
Goldman Sachs Group Inc. | 6.600% | 1/15/12 | 1,300 | 1,409 |
Goldman Sachs Group Inc. | 5.300% | 2/14/12 | 50 | 53 |
Goldman Sachs Group Inc. | 3.625% | 8/1/12 | 300 | 309 |
Goldman Sachs Group Inc. | 5.700% | 9/1/12 | 25 | 27 |
Goldman Sachs Group Inc. | 5.450% | 11/1/12 | 900 | 969 |
Goldman Sachs Group Inc. | 5.250% | 4/1/13 | 875 | 924 |
Goldman Sachs Group Inc. | 4.750% | 7/15/13 | 525 | 549 |
Goldman Sachs Group Inc. | 5.250% | 10/15/13 | 125 | 133 |
Goldman Sachs Group Inc. | 5.150% | 1/15/14 | 600 | 636 |
Goldman Sachs Group Inc. | 6.000% | 5/1/14 | 1,100 | 1,205 |
Goldman Sachs Group Inc. | 5.000% | 10/1/14 | 2,475 | 2,604 |
Goldman Sachs Group Inc. | 5.125% | 1/15/15 | 100 | 105 |
Goldman Sachs Group Inc. | 5.350% | 1/15/16 | 875 | 910 |
Goldman Sachs Group Inc. | 5.750% | 10/1/16 | 500 | 528 |
Goldman Sachs Group Inc. | 5.625% | 1/15/17 | 625 | 643 |
64
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Goldman Sachs Group Inc. | 6.250% | 9/1/17 | 400 | 429 |
Goldman Sachs Group Inc. | 5.950% | 1/18/18 | 1,175 | 1,240 |
Goldman Sachs Group Inc. | 6.150% | 4/1/18 | 100 | 107 |
Goldman Sachs Group Inc. | 7.500% | 2/15/19 | 200 | 233 |
Goldman Sachs Group Inc. | 5.950% | 1/15/27 | 1,375 | 1,324 |
Goldman Sachs Group Inc. | 6.450% | 5/1/36 | 450 | 443 |
Goldman Sachs Group Inc. | 6.750% | 10/1/37 | 975 | 995 |
7 HBOS PLC | 6.750% | 5/21/18 | 425 | 393 |
HSBC Bank USA NA | 4.625% | 4/1/14 | 250 | 261 |
HSBC Bank USA NA | 5.875% | 11/1/34 | 300 | 290 |
HSBC Bank USA NA | 5.625% | 8/15/35 | 625 | 573 |
HSBC Holdings PLC | 7.625% | 5/17/32 | 400 | 433 |
HSBC Holdings PLC | 7.350% | 11/27/32 | 400 | 436 |
HSBC Holdings PLC | 6.500% | 5/2/36 | 600 | 628 |
HSBC Holdings PLC | 6.500% | 9/15/37 | 575 | 601 |
HSBC Holdings PLC | 6.800% | 6/1/38 | 75 | 81 |
7 ICICI Bank Ltd. | 6.625% | 10/3/12 | 25 | 26 |
JP Morgan Chase Capital XV | 5.875% | 3/15/35 | 1,400 | 1,239 |
JP Morgan Chase Capital XX | 6.550% | 9/29/36 | 600 | 555 |
JP Morgan Chase Capital XXII | 6.450% | 2/2/37 | 650 | 597 |
JP Morgan Chase Capital XXV | 6.800% | 10/1/37 | 725 | 717 |
JPMorgan Chase & Co. | 6.750% | 2/1/11 | 300 | 318 |
JPMorgan Chase & Co. | 4.850% | 6/16/11 | 400 | 420 |
JPMorgan Chase & Co. | 4.500% | 1/15/12 | 450 | 474 |
JPMorgan Chase & Co. | 6.625% | 3/15/12 | 425 | 465 |
JPMorgan Chase & Co. | 5.375% | 10/1/12 | 650 | 705 |
JPMorgan Chase & Co. | 5.750% | 1/2/13 | 350 | 377 |
JPMorgan Chase & Co. | 4.750% | 5/1/13 | 225 | 238 |
JPMorgan Chase & Co. | 5.375% | 1/15/14 | 100 | 107 |
JPMorgan Chase & Co. | 5.125% | 9/15/14 | 2,375 | 2,512 |
JPMorgan Chase & Co. | 5.150% | 10/1/15 | 675 | 701 |
JPMorgan Chase & Co. | 6.300% | 4/23/19 | 1,500 | 1,659 |
JPMorgan Chase & Co. | 6.400% | 5/15/38 | 75 | 83 |
JPMorgan Chase Bank NA | 5.875% | 6/13/16 | 725 | 760 |
KeyBank NA | 5.800% | 7/1/14 | 150 | 147 |
KeyBank NA | 4.950% | 9/15/15 | 725 | 678 |
KeyBank NA | 5.450% | 3/3/16 | 300 | 276 |
KeyCorp | 6.500% | 5/14/13 | 50 | 52 |
M&I Marshall & Ilsley Bank | 4.850% | 6/16/15 | 375 | 293 |
Manufacturers & Traders Trust Co. | 6.625% | 12/4/17 | 600 | 613 |
MBNA Corp. | 6.125% | 3/1/13 | 500 | 528 |
MBNA Corp. | 5.000% | 6/15/15 | 400 | 399 |
Mellon Funding Corp. | 5.000% | 12/1/14 | 250 | 266 |
Merrill Lynch & Co. Inc. | 5.770% | 7/25/11 | 100 | 106 |
Merrill Lynch & Co. Inc. | 6.050% | 8/15/12 | 175 | 188 |
Merrill Lynch & Co. Inc. | 5.450% | 2/5/13 | 475 | 500 |
Merrill Lynch & Co. Inc. | 6.150% | 4/25/13 | 950 | 1,032 |
Merrill Lynch & Co. Inc. | 5.000% | 2/3/14 | 1,075 | 1,102 |
Merrill Lynch & Co. Inc. | 5.450% | 7/15/14 | 125 | 131 |
Merrill Lynch & Co. Inc. | 5.000% | 1/15/15 | 1,250 | 1,275 |
Merrill Lynch & Co. Inc. | 6.050% | 5/16/16 | 600 | 607 |
Merrill Lynch & Co. Inc. | 5.700% | 5/2/17 | 1,225 | 1,203 |
Merrill Lynch & Co. Inc. | 6.400% | 8/28/17 | 1,000 | 1,047 |
Merrill Lynch & Co. Inc. | 6.875% | 4/25/18 | 1,250 | 1,349 |
Merrill Lynch & Co. Inc. | 6.220% | 9/15/26 | 750 | 713 |
Merrill Lynch & Co. Inc. | 6.110% | 1/29/37 | 225 | 206 |
Merrill Lynch & Co. Inc. | 7.750% | 5/14/38 | 775 | 854 |
Morgan Stanley | 4.000% | 1/15/10 | 1,475 | 1,476 |
Morgan Stanley | 5.050% | 1/21/11 | 875 | 907 |
Morgan Stanley | 6.750% | 4/15/11 | 550 | 583 |
Morgan Stanley | 5.625% | 1/9/12 | 525 | 556 |
Morgan Stanley | 5.750% | 8/31/12 | 100 | 108 |
Morgan Stanley | 4.750% | 4/1/14 | 1,200 | 1,208 |
Morgan Stanley | 6.000% | 5/13/14 | 1,050 | 1,127 |
65
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
Morgan Stanley | 4.200% | 11/20/14 | 1,100 | 1,099 | |
Morgan Stanley | 6.000% | 4/28/15 | 850 | 906 | |
Morgan Stanley | 5.375% | 10/15/15 | 650 | 677 | |
Morgan Stanley | 5.750% | 10/18/16 | 425 | 443 | |
Morgan Stanley | 5.450% | 1/9/17 | 975 | 989 | |
Morgan Stanley | 5.550% | 4/27/17 | 250 | 254 | |
Morgan Stanley | 5.950% | 12/28/17 | 700 | 726 | |
Morgan Stanley | 6.625% | 4/1/18 | 1,325 | 1,437 | |
Morgan Stanley | 7.300% | 5/13/19 | 1,125 | 1,264 | |
Morgan Stanley | 5.625% | 9/23/19 | 825 | 831 | |
Morgan Stanley | 6.250% | 8/9/26 | 1,050 | 1,079 | |
National City Corp. | 4.900% | 1/15/15 | 500 | 513 | |
5 | National City Preferred Capital Trust I | 12.000% | 12/31/49 | 500 | 573 |
7 | Nationwide Building Society | 5.500% | 7/18/12 | 2,000 | 2,135 |
7 | Northern Rock PLC | 5.625% | 6/22/17 | 2,500 | 2,395 |
Northern Trust Co. | 6.500% | 8/15/18 | 75 | 83 | |
Northern Trust Corp. | 5.500% | 8/15/13 | 100 | 109 | |
Northern Trust Corp. | 4.625% | 5/1/14 | 125 | 133 | |
PNC Bank NA | 4.875% | 9/21/17 | 525 | 497 | |
PNC Bank NA | 6.000% | 12/7/17 | 350 | 355 | |
PNC Funding Corp. | 5.250% | 11/15/15 | 250 | 256 | |
PNC Funding Corp. | 6.700% | 6/10/19 | 50 | 56 | |
Regions Financial Corp. | 6.375% | 5/15/12 | 75 | 72 | |
Regions Financial Corp. | 7.375% | 12/10/37 | 75 | 61 | |
Royal Bank of Scotland Group PLC | 6.375% | 2/1/11 | 325 | 328 | |
Royal Bank of Scotland Group PLC | 6.400% | 10/21/19 | 1,250 | 1,238 | |
7 | Royal Bank of Scotland PLC | 4.875% | 8/25/14 | 700 | 703 |
SouthTrust Corp. | 5.800% | 6/15/14 | 300 | 313 | |
Sovereign Bank | 5.125% | 3/15/13 | 250 | 254 | |
5,7 | Standard Chartered PLC | 6.409% | 12/31/49 | 300 | 243 |
State Street Bank and Trust Co. | 5.300% | 1/15/16 | 300 | 305 | |
Sumitomo Mitsui Banking Corp. | 8.000% | 6/15/12 | 600 | 671 | |
SunTrust Bank | 6.375% | 4/1/11 | 200 | 208 | |
SunTrust Bank | 5.200% | 1/17/17 | 750 | 712 | |
SunTrust Bank | 5.450% | 12/1/17 | 100 | 96 | |
SunTrust Bank | 7.250% | 3/15/18 | 75 | 78 | |
SunTrust Capital VIII | 6.100% | 12/15/36 | 115 | 80 | |
UBS AG | 7.000% | 10/15/15 | 750 | 796 | |
UBS AG | 5.875% | 12/20/17 | 1,225 | 1,261 | |
UBS AG | 5.750% | 4/25/18 | 50 | 51 | |
UFJ Finance Aruba AEC | 6.750% | 7/15/13 | 500 | 549 | |
Union Bank NA | 5.950% | 5/11/16 | 450 | 450 | |
Union Planters Corp. | 7.750% | 3/1/11 | 1,000 | 980 | |
UnionBanCal Corp. | 5.250% | 12/16/13 | 150 | 153 | |
US Bancorp | 4.200% | 5/15/14 | 600 | 626 | |
US Bank NA | 6.375% | 8/1/11 | 250 | 269 | |
US Bank NA | 6.300% | 2/4/14 | 250 | 276 | |
US Bank NA | 4.950% | 10/30/14 | 175 | 186 | |
5 | USB Capital IX | 6.189% | 4/15/49 | 300 | 242 |
USB Capital XIII Trust | 6.625% | 12/15/39 | 125 | 126 | |
Wachovia Bank NA | 4.800% | 11/1/14 | 500 | 509 | |
Wachovia Bank NA | 4.875% | 2/1/15 | 1,030 | 1,053 | |
Wachovia Bank NA | 5.850% | 2/1/37 | 425 | 411 | |
Wachovia Bank NA | 6.600% | 1/15/38 | 350 | 369 | |
5 | Wachovia Capital Trust III | 5.800% | 3/15/11 | 825 | 627 |
Wachovia Corp. | 5.300% | 10/15/11 | 175 | 186 | |
Wachovia Corp. | 5.500% | 5/1/13 | 600 | 642 | |
Wachovia Corp. | 4.875% | 2/15/14 | 345 | 351 | |
Wachovia Corp. | 5.250% | 8/1/14 | 100 | 104 | |
Wachovia Corp. | 5.625% | 10/15/16 | 500 | 509 | |
Wachovia Corp. | 5.750% | 6/15/17 | 300 | 312 | |
Wachovia Corp. | 5.750% | 2/1/18 | 100 | 104 | |
Wachovia Corp. | 7.500% | 4/15/35 | 150 | 156 | |
Wachovia Corp. | 5.500% | 8/1/35 | 200 | 179 |
66
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Wachovia Corp. | 6.550% | 10/15/35 | 100 | 93 |
Wells Fargo & Co. | 4.200% | 1/15/10 | 1,265 | 1,266 |
Wells Fargo & Co. | 4.875% | 1/12/11 | 625 | 649 |
Wells Fargo & Co. | 5.300% | 8/26/11 | 575 | 608 |
Wells Fargo & Co. | 5.250% | 10/23/12 | 1,100 | 1,176 |
Wells Fargo & Co. | 4.375% | 1/31/13 | 275 | 285 |
Wells Fargo & Co. | 4.950% | 10/16/13 | 375 | 390 |
Wells Fargo & Co. | 3.750% | 10/1/14 | 700 | 699 |
Wells Fargo & Co. | 5.625% | 12/11/17 | 550 | 571 |
Wells Fargo Bank NA | 4.750% | 2/9/15 | 1,825 | 1,866 |
Wells Fargo Bank NA | 5.750% | 5/16/16 | 250 | 256 |
Wells Fargo Bank NA | 5.950% | 8/26/36 | 500 | 482 |
Wells Fargo Capital X | 5.950% | 12/15/36 | 425 | 370 |
5 Wells Fargo Capital XIII | 7.700% | 12/29/49 | 450 | 437 |
5 Wells Fargo Capital XV | 9.750% | 12/29/49 | 100 | 108 |
Westpac Banking Corp. | 2.250% | 11/19/12 | 475 | 473 |
Westpac Banking Corp. | 4.200% | 2/27/15 | 750 | 762 |
Westpac Banking Corp. | 4.875% | 11/19/19 | 475 | 469 |
Brokerage (0.0%) | ||||
Ameriprise Financial Inc. | 5.650% | 11/15/15 | 525 | 557 |
BlackRock Inc. | 2.250% | 12/10/12 | 200 | 199 |
BlackRock Inc. | 3.500% | 12/10/14 | 175 | 173 |
BlackRock Inc. | 6.250% | 9/15/17 | 300 | 323 |
Charles Schwab Corp. | 4.950% | 6/1/14 | 625 | 661 |
Jefferies Group Inc. | 8.500% | 7/15/19 | 550 | 590 |
Jefferies Group Inc. | 6.450% | 6/8/27 | 475 | 399 |
Lazard Group LLC | 6.850% | 6/15/17 | 450 | 453 |
TD Ameritrade Holding Corp. | 2.950% | 12/1/12 | 100 | 99 |
TD Ameritrade Holding Corp. | 4.150% | 12/1/14 | 150 | 148 |
TD Ameritrade Holding Corp. | 5.600% | 12/1/19 | 100 | 99 |
Finance Companies (0.4%) | ||||
Block Financial LLC | 7.875% | 1/15/13 | 125 | 139 |
GATX Corp. | 4.750% | 10/1/12 | 150 | 154 |
General Electric Capital Corp. | 5.200% | 2/1/11 | 175 | 182 |
General Electric Capital Corp. | 6.125% | 2/22/11 | 535 | 565 |
General Electric Capital Corp. | 5.500% | 4/28/11 | 725 | 763 |
General Electric Capital Corp. | 5.000% | 11/15/11 | 350 | 370 |
General Electric Capital Corp. | 4.375% | 11/21/11 | 75 | 78 |
General Electric Capital Corp. | 5.875% | 2/15/12 | 225 | 241 |
General Electric Capital Corp. | 4.375% | 3/3/12 | 1,275 | 1,324 |
General Electric Capital Corp. | 5.000% | 4/10/12 | 250 | 264 |
General Electric Capital Corp. | 6.000% | 6/15/12 | 925 | 998 |
General Electric Capital Corp. | 3.500% | 8/13/12 | 400 | 408 |
General Electric Capital Corp. | 5.250% | 10/19/12 | 3,525 | 3,754 |
General Electric Capital Corp. | 5.450% | 1/15/13 | 325 | 347 |
General Electric Capital Corp. | 4.800% | 5/1/13 | 225 | 236 |
General Electric Capital Corp. | 5.900% | 5/13/14 | 725 | 790 |
General Electric Capital Corp. | 5.500% | 6/4/14 | 1,450 | 1,541 |
General Electric Capital Corp. | 5.650% | 6/9/14 | 150 | 161 |
General Electric Capital Corp. | 3.750% | 11/14/14 | 600 | 596 |
General Electric Capital Corp. | 5.400% | 2/15/17 | 1,000 | 1,015 |
General Electric Capital Corp. | 5.625% | 9/15/17 | 325 | 327 |
General Electric Capital Corp. | 5.625% | 5/1/18 | 1,000 | 1,022 |
General Electric Capital Corp. | 6.000% | 8/7/19 | 625 | 649 |
General Electric Capital Corp. | 6.750% | 3/15/32 | 3,075 | 3,133 |
General Electric Capital Corp. | 6.150% | 8/7/37 | 400 | 379 |
General Electric Capital Corp. | 5.875% | 1/14/38 | 975 | 904 |
General Electric Capital Corp. | 6.875% | 1/10/39 | 1,275 | 1,314 |
5 General Electric Capital Corp. | 6.375% | 11/15/67 | 800 | 696 |
5 HSBC Finance Capital Trust IX | 5.911% | 11/30/35 | 200 | 164 |
HSBC Finance Corp. | 5.250% | 1/14/11 | 1,045 | 1,087 |
HSBC Finance Corp. | 5.700% | 6/1/11 | 550 | 575 |
HSBC Finance Corp. | 6.375% | 10/15/11 | 375 | 400 |
67
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
HSBC Finance Corp. | 5.900% | 6/19/12 | 275 | 293 |
HSBC Finance Corp. | 4.750% | 7/15/13 | 125 | 130 |
HSBC Finance Corp. | 5.250% | 1/15/14 | 825 | 865 |
HSBC Finance Corp. | 5.000% | 6/30/15 | 1,275 | 1,323 |
International Lease Finance Corp. | 5.450% | 3/24/11 | 400 | 368 |
International Lease Finance Corp. | 5.300% | 5/1/12 | 150 | 128 |
International Lease Finance Corp. | 5.000% | 9/15/12 | 2,175 | 1,827 |
SLM Corp. | 5.400% | 10/25/11 | 325 | 325 |
SLM Corp. | 5.375% | 1/15/13 | 350 | 333 |
SLM Corp. | 5.000% | 10/1/13 | 300 | 275 |
SLM Corp. | 8.450% | 6/15/18 | 800 | 788 |
SLM Corp. | 5.625% | 8/1/33 | 700 | 532 |
Insurance (0.4%) | ||||
ACE Capital Trust II | 9.700% | 4/1/30 | 75 | 86 |
ACE INA Holdings Inc. | 5.600% | 5/15/15 | 125 | 137 |
ACE INA Holdings Inc. | 5.900% | 6/15/19 | 550 | 594 |
AEGON Funding Co. LLC | 5.750% | 12/15/20 | 50 | 46 |
Aegon NV | 4.750% | 6/1/13 | 75 | 76 |
Aetna Inc. | 7.875% | 3/1/11 | 300 | 319 |
Aetna Inc. | 5.750% | 6/15/11 | 75 | 79 |
Aetna Inc. | 6.500% | 9/15/18 | 175 | 188 |
Aetna Inc. | 6.625% | 6/15/36 | 100 | 101 |
Aetna Inc. | 6.750% | 12/15/37 | 250 | 262 |
Aflac Inc. | 6.900% | 12/17/39 | 75 | 74 |
Allied World Assurance Co. Holdings Ltd. | 7.500% | 8/1/16 | 875 | 905 |
Allstate Corp. | 6.125% | 2/15/12 | 100 | 108 |
Allstate Corp. | 5.000% | 8/15/14 | 350 | 369 |
Allstate Corp. | 6.125% | 12/15/32 | 250 | 248 |
Allstate Corp. | 5.550% | 5/9/35 | 100 | 94 |
5 Allstate Corp. | 6.125% | 5/15/37 | 200 | 176 |
5 Allstate Corp. | 6.500% | 5/15/57 | 200 | 167 |
American Financial Group Inc. | 9.875% | 6/15/19 | 100 | 112 |
American International Group Inc. | 5.375% | 10/18/11 | 400 | 401 |
American International Group Inc. | 4.950% | 3/20/12 | 700 | 679 |
American International Group Inc. | 4.250% | 5/15/13 | 1,025 | 953 |
American International Group Inc. | 5.600% | 10/18/16 | 125 | 102 |
American International Group Inc. | 6.250% | 5/1/36 | 700 | 514 |
AON Corp. | 8.205% | 1/1/27 | 100 | 100 |
Arch Capital Group Ltd. | 7.350% | 5/1/34 | 375 | 363 |
Assurant Inc. | 5.625% | 2/15/14 | 200 | 203 |
Assurant Inc. | 6.750% | 2/15/34 | 400 | 358 |
AXA SA | 8.600% | 12/15/30 | 700 | 795 |
Axis Capital Holdings Ltd. | 5.750% | 12/1/14 | 275 | 280 |
Berkshire Hathaway Finance Corp. | 4.200% | 12/15/10 | 350 | 362 |
Berkshire Hathaway Finance Corp. | 4.000% | 4/15/12 | 350 | 365 |
Berkshire Hathaway Finance Corp. | 5.000% | 8/15/13 | 125 | 134 |
Berkshire Hathaway Finance Corp. | 5.400% | 5/15/18 | 500 | 521 |
Chubb Corp. | 5.750% | 5/15/18 | 175 | 187 |
Chubb Corp. | 6.000% | 5/11/37 | 375 | 388 |
Chubb Corp. | 6.500% | 5/15/38 | 125 | 137 |
5 Chubb Corp. | 6.375% | 3/29/67 | 250 | 233 |
CIGNA Corp. | 6.150% | 11/15/36 | 500 | 437 |
Cincinnati Financial Corp. | 6.125% | 11/1/34 | 325 | 288 |
CNA Financial Corp. | 6.500% | 8/15/16 | 475 | 461 |
CNA Financial Corp. | 7.350% | 11/15/19 | 325 | 327 |
Commerce Group Inc. | 5.950% | 12/9/13 | 175 | 175 |
Coventry Health Care Inc. | 6.300% | 8/15/14 | 775 | 759 |
Genworth Financial Inc. | 4.950% | 10/1/15 | 125 | 114 |
Genworth Financial Inc. | 8.625% | 12/15/16 | 100 | 104 |
Genworth Financial Inc. | 6.500% | 6/15/34 | 425 | 345 |
Hartford Financial Services Group Inc. | 5.500% | 10/15/16 | 475 | 452 |
Hartford Financial Services Group Inc. | 5.375% | 3/15/17 | 150 | 145 |
Hartford Financial Services Group Inc. | 6.000% | 1/15/19 | 100 | 97 |
68
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Hartford Financial Services Group Inc. | 5.950% | 10/15/36 | 25 | 21 |
Hartford Financial Services Group Inc. | 6.100% | 10/1/41 | 250 | 197 |
HCC Insurance Holdings Inc. | 6.300% | 11/15/19 | 225 | 227 |
Humana Inc. | 6.450% | 6/1/16 | 275 | 277 |
Humana Inc. | 8.150% | 6/15/38 | 325 | 309 |
Lincoln National Corp. | 8.750% | 7/1/19 | 175 | 200 |
Lincoln National Corp. | 6.150% | 4/7/36 | 350 | 308 |
Loews Corp. | 6.000% | 2/1/35 | 200 | 188 |
Markel Corp. | 7.125% | 9/30/19 | 125 | 128 |
Marsh & McLennan Cos. Inc. | 5.375% | 7/15/14 | 350 | 361 |
Marsh & McLennan Cos. Inc. | 9.250% | 4/15/19 | 450 | 552 |
Marsh & McLennan Cos. Inc. | 5.875% | 8/1/33 | 100 | 87 |
MetLife Inc. | 5.000% | 6/15/15 | 1,000 | 1,058 |
MetLife Inc. | 6.500% | 12/15/32 | 75 | 79 |
MetLife Inc. | 6.375% | 6/15/34 | 375 | 402 |
MetLife Inc. | 5.700% | 6/15/35 | 125 | 124 |
MetLife Inc. | 6.400% | 12/15/36 | 400 | 350 |
7 Metropolitan Life Global Funding I | 2.875% | 9/17/12 | 75 | 76 |
7 Metropolitan Life Global Funding I | 5.125% | 6/10/14 | 450 | 476 |
OneBeacon US Holdings Inc. | 5.875% | 5/15/13 | 150 | 148 |
Principal Financial Group Inc. | 7.875% | 5/15/14 | 225 | 252 |
Principal Financial Group Inc. | 6.050% | 10/15/36 | 250 | 221 |
Principal Life Income Funding Trusts | 5.300% | 12/14/12 | 100 | 108 |
Principal Life Income Funding Trusts | 5.100% | 4/15/14 | 475 | 487 |
Progressive Corp. | 6.625% | 3/1/29 | 150 | 153 |
5 Progressive Corp. | 6.700% | 6/15/37 | 425 | 376 |
Protective Life Corp. | 7.375% | 10/15/19 | 200 | 201 |
Protective Life Corp. | 8.450% | 10/15/39 | 175 | 169 |
Prudential Financial Inc. | 3.625% | 9/17/12 | 500 | 512 |
Prudential Financial Inc. | 5.150% | 1/15/13 | 75 | 79 |
Prudential Financial Inc. | 4.750% | 4/1/14 | 425 | 437 |
Prudential Financial Inc. | 5.100% | 9/20/14 | 550 | 573 |
Prudential Financial Inc. | 6.200% | 1/15/15 | 100 | 107 |
Prudential Financial Inc. | 5.500% | 3/15/16 | 50 | 51 |
Prudential Financial Inc. | 6.100% | 6/15/17 | 100 | 103 |
Prudential Financial Inc. | 7.375% | 6/15/19 | 250 | 282 |
Prudential Financial Inc. | 5.750% | 7/15/33 | 200 | 180 |
Prudential Financial Inc. | 5.400% | 6/13/35 | 150 | 128 |
Prudential Financial Inc. | 5.900% | 3/17/36 | 325 | 302 |
Prudential Financial Inc. | 5.700% | 12/14/36 | 550 | 496 |
Swiss Re Solutions Holding Corp. | 6.450% | 3/1/19 | 500 | 499 |
Swiss Re Solutions Holding Corp. | 7.000% | 2/15/26 | 175 | 173 |
Swiss Re Solutions Holding Corp. | 7.750% | 6/15/30 | 300 | 305 |
Torchmark Corp. | 6.375% | 6/15/16 | 425 | 426 |
Transatlantic Holdings Inc. | 8.000% | 11/30/39 | 325 | 326 |
Travelers Cos. Inc. | 5.500% | 12/1/15 | 600 | 649 |
Travelers Cos. Inc. | 6.250% | 6/20/16 | 100 | 109 |
Travelers Cos. Inc. | 5.800% | 5/15/18 | 775 | 824 |
5 Travelers Cos. Inc. | 6.250% | 3/15/37 | 250 | 227 |
UnitedHealth Group Inc. | 5.000% | 8/15/14 | 650 | 681 |
UnitedHealth Group Inc. | 4.875% | 3/15/15 | 250 | 259 |
UnitedHealth Group Inc. | 6.000% | 6/15/17 | 875 | 912 |
UnitedHealth Group Inc. | 6.000% | 11/15/17 | 100 | 104 |
UnitedHealth Group Inc. | 6.000% | 2/15/18 | 425 | 443 |
UnitedHealth Group Inc. | 6.500% | 6/15/37 | 200 | 196 |
UnitedHealth Group Inc. | 6.625% | 11/15/37 | 325 | 330 |
UnitedHealth Group Inc. | 6.875% | 2/15/38 | 250 | 259 |
Unum Group�� | 7.125% | 9/30/16 | 175 | 181 |
WellPoint Health Networks Inc. | 6.375% | 1/15/12 | 200 | 216 |
WellPoint Inc. | 6.800% | 8/1/12 | 550 | 607 |
WellPoint Inc. | 6.000% | 2/15/14 | 525 | 571 |
WellPoint Inc. | 5.250% | 1/15/16 | 125 | 126 |
WellPoint Inc. | 5.850% | 1/15/36 | 150 | 140 |
Willis North America Inc. | 6.200% | 3/28/17 | 300 | 288 |
69
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Willis North America Inc. | 7.000% | 9/29/19 | 100 | 100 |
XL Capital Ltd. | 6.375% | 11/15/24 | 100 | 91 |
XL Capital Ltd. | 6.250% | 5/15/27 | 500 | 452 |
5 XL Capital Ltd. | 6.500% | 12/15/49 | 400 | 303 |
Other Finance (0.0%) | ||||
CME Group Inc. | 5.400% | 8/1/13 | 550 | 590 |
CME Group Inc. | 5.750% | 2/15/14 | 200 | 218 |
ORIX Corp. | 5.480% | 11/22/11 | 350 | 351 |
XTRA Finance Corp. | 5.150% | 4/1/17 | 575 | 584 |
Real Estate Investment Trusts (0.1%) | ||||
AMB Property LP | 6.625% | 12/1/19 | 100 | 98 |
AvalonBay Communities Inc. | 5.500% | 1/15/12 | 119 | 124 |
AvalonBay Communities Inc. | 5.750% | 9/15/16 | 100 | 103 |
Boston Properties LP | 6.250% | 1/15/13 | 500 | 533 |
Brandywine Operating Partnership LP | 5.400% | 11/1/14 | 225 | 210 |
Brandywine Operating Partnership LP | 7.500% | 5/15/15 | 125 | 127 |
Camden Property Trust | 5.700% | 5/15/17 | 25 | 24 |
Duke Realty LP | 6.250% | 5/15/13 | 350 | 358 |
Duke Realty LP | 7.375% | 2/15/15 | 50 | 53 |
Duke Realty LP | 5.950% | 2/15/17 | 200 | 186 |
Duke Realty LP | 8.250% | 8/15/19 | 125 | 131 |
ERP Operating LP | 6.625% | 3/15/12 | 400 | 427 |
ERP Operating LP | 5.250% | 9/15/14 | 350 | 356 |
ERP Operating LP | 5.375% | 8/1/16 | 275 | 269 |
HCP Inc. | 6.450% | 6/25/12 | 525 | 546 |
HCP Inc. | 6.300% | 9/15/16 | 300 | 293 |
HCP Inc. | 5.625% | 5/1/17 | 25 | 23 |
HCP Inc. | 6.700% | 1/30/18 | 200 | 195 |
Health Care REIT Inc. | 6.200% | 6/1/16 | 325 | 318 |
Healthcare Realty Trust Inc. | 6.500% | 1/17/17 | 225 | 220 |
Hospitality Properties Trust | 5.125% | 2/15/15 | 500 | 452 |
HRPT Properties Trust | 6.250% | 8/15/16 | 700 | 666 |
Kimco Realty Corp. | 5.783% | 3/15/16 | 125 | 124 |
Kimco Realty Corp. | 6.875% | 10/1/19 | 50 | 51 |
Liberty Property LP | 5.500% | 12/15/16 | 100 | 91 |
Mack-Cali Realty LP | 7.750% | 8/15/19 | 100 | 104 |
National Retail Properties Inc. | 6.875% | 10/15/17 | 25 | 24 |
Nationwide Health Properties Inc. | 6.250% | 2/1/13 | 375 | 383 |
ProLogis | 5.625% | 11/15/15 | 350 | 333 |
ProLogis | 5.750% | 4/1/16 | 400 | 375 |
ProLogis | 7.375% | 10/30/19 | 50 | 50 |
Realty Income Corp. | 6.750% | 8/15/19 | 525 | 514 |
Regency Centers LP | 6.750% | 1/15/12 | 150 | 158 |
Regency Centers LP | 5.250% | 8/1/15 | 75 | 72 |
Simon Property Group LP | 4.875% | 8/15/10 | 125 | 127 |
Simon Property Group LP | 5.000% | 3/1/12 | 175 | 181 |
Simon Property Group LP | 5.300% | 5/30/13 | 350 | 361 |
Simon Property Group LP | 6.750% | 5/15/14 | 425 | 453 |
Simon Property Group LP | 5.750% | 12/1/15 | 325 | 331 |
Simon Property Group LP | 5.250% | 12/1/16 | 200 | 197 |
Simon Property Group LP | 5.875% | 3/1/17 | 650 | 656 |
Simon Property Group LP | 6.125% | 5/30/18 | 325 | 330 |
Tanger Properties LP | 6.150% | 11/15/15 | 400 | 392 |
257,897 | ||||
Industrial (4.1%) | ||||
Basic Industry (0.4%) | ||||
Airgas Inc. | 4.500% | 9/15/14 | 100 | 102 |
Alcoa Inc. | 5.720% | 2/23/19 | 405 | 392 |
Alcoa Inc. | 5.900% | 2/1/27 | 175 | 156 |
Alcoa Inc. | 6.750% | 1/15/28 | 500 | 481 |
Alcoa Inc. | 5.950% | 2/1/37 | 500 | 432 |
Allegheny Technologies Inc. | 9.375% | 6/1/19 | 450 | 513 |
ArcelorMittal | 5.375% | 6/1/13 | 925 | 970 |
70
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
ArcelorMittal | 9.000% | 2/15/15 | 50 | 58 |
ArcelorMittal | 6.125% | 6/1/18 | 425 | 435 |
ArcelorMittal | 9.850% | 6/1/19 | 25 | 32 |
Barrick Gold Corp. | 6.950% | 4/1/19 | 600 | 679 |
Barrick Gold Finance Co. | 4.875% | 11/15/14 | 825 | 868 |
Barrick North America Finance LLC | 6.800% | 9/15/18 | 25 | 28 |
Barrick North America Finance LLC | 7.500% | 9/15/38 | 25 | 29 |
BHP Billiton Finance USA Ltd. | 8.500% | 12/1/12 | 500 | 585 |
BHP Billiton Finance USA Ltd. | 5.500% | 4/1/14 | 275 | 302 |
BHP Billiton Finance USA Ltd. | 5.400% | 3/29/17 | 350 | 374 |
BHP Billiton Finance USA Ltd. | 6.500% | 4/1/19 | 550 | 632 |
Celulosa Arauco y Constitucion SA | 5.625% | 4/20/15 | 775 | 813 |
Commercial Metals Co. | 6.500% | 7/15/17 | 175 | 178 |
Cytec Industries Inc. | 8.950% | 7/1/17 | 75 | 89 |
Dow Chemical Co. | 6.125% | 2/1/11 | 625 | 652 |
Dow Chemical Co. | 4.850% | 8/15/12 | 425 | 447 |
Dow Chemical Co. | 6.000% | 10/1/12 | 50 | 54 |
Dow Chemical Co. | 7.600% | 5/15/14 | 650 | 740 |
Dow Chemical Co. | 5.900% | 2/15/15 | 75 | 81 |
Dow Chemical Co. | 5.700% | 5/15/18 | 100 | 102 |
Dow Chemical Co. | 8.550% | 5/15/19 | 950 | 1,133 |
Dow Chemical Co. | 7.375% | 11/1/29 | 100 | 109 |
Dow Chemical Co. | 9.400% | 5/15/39 | 100 | 133 |
Eastman Chemical Co. | 7.250% | 1/15/24 | 550 | 596 |
EI du Pont de Nemours & Co. | 4.750% | 11/15/12 | 125 | 135 |
EI du Pont de Nemours & Co. | 5.875% | 1/15/14 | 1,025 | 1,132 |
EI du Pont de Nemours & Co. | 6.000% | 7/15/18 | 275 | 301 |
EI du Pont de Nemours & Co. | 4.625% | 1/15/20 | 300 | 294 |
EI du Pont de Nemours & Co. | 6.500% | 1/15/28 | 500 | 543 |
Freeport-McMoRan Copper & Gold Inc. | 8.250% | 4/1/15 | 700 | 758 |
Freeport-McMoRan Copper & Gold Inc. | 8.375% | 4/1/17 | 875 | 957 |
International Paper Co. | 5.300% | 4/1/15 | 525 | 540 |
International Paper Co. | 9.375% | 5/15/19 | 1,100 | 1,366 |
International Paper Co. | 7.300% | 11/15/39 | 600 | 635 |
Lubrizol Corp. | 5.500% | 10/1/14 | 525 | 559 |
Lubrizol Corp. | 6.500% | 10/1/34 | 800 | 821 |
Monsanto Co. | 7.375% | 8/15/12 | 350 | 396 |
Newmont Mining Corp. | 5.875% | 4/1/35 | 325 | 310 |
Newmont Mining Corp. | 6.250% | 10/1/39 | 100 | 100 |
Nucor Corp. | 5.750% | 12/1/17 | 100 | 107 |
Nucor Corp. | 5.850% | 6/1/18 | 400 | 431 |
Nucor Corp. | 6.400% | 12/1/37 | 250 | 270 |
Placer Dome Inc. | 6.450% | 10/15/35 | 375 | 376 |
Plum Creek Timberlands LP | 5.875% | 11/15/15 | 400 | 410 |
Potash Corp. of Saskatchewan Inc. | 7.750% | 5/31/11 | 400 | 434 |
Potash Corp. of Saskatchewan Inc. | 3.750% | 9/30/15 | 300 | 299 |
Potash Corp. of Saskatchewan Inc. | 4.875% | 3/30/20 | 625 | 612 |
PPG Industries Inc. | 6.650% | 3/15/18 | 600 | 653 |
Praxair Inc. | 1.750% | 11/15/12 | 100 | 99 |
Praxair Inc. | 4.375% | 3/31/14 | 450 | 475 |
Praxair Inc. | 5.250% | 11/15/14 | 150 | 164 |
Praxair Inc. | 5.200% | 3/15/17 | 25 | 26 |
Praxair Inc. | 4.500% | 8/15/19 | 175 | 177 |
Rio Tinto Alcan Inc. | 4.875% | 9/15/12 | 325 | 343 |
Rio Tinto Alcan Inc. | 4.500% | 5/15/13 | 125 | 128 |
Rio Tinto Alcan Inc. | 5.000% | 6/1/15 | 250 | 254 |
Rio Tinto Alcan Inc. | 6.125% | 12/15/33 | 325 | 325 |
Rio Tinto Alcan Inc. | 5.750% | 6/1/35 | 250 | 239 |
Rio Tinto Finance USA Ltd. | 5.875% | 7/15/13 | 400 | 432 |
Rio Tinto Finance USA Ltd. | 8.950% | 5/1/14 | 750 | 898 |
Rio Tinto Finance USA Ltd. | 6.500% | 7/15/18 | 400 | 437 |
Rio Tinto Finance USA Ltd. | 9.000% | 5/1/19 | 575 | 728 |
Rio Tinto Finance USA Ltd. | 7.125% | 7/15/28 | 225 | 252 |
Sherwin-Williams Co. | 3.125% | 12/15/14 | 175 | 174 |
71
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Southern Copper Corp. | 7.500% | 7/27/35 | 250 | 241 |
Vale Inco Ltd. | 5.700% | 10/15/15 | 450 | 455 |
Vale Inco Ltd. | 7.200% | 9/15/32 | 100 | 100 |
Vale Overseas Ltd. | 6.250% | 1/11/16 | 100 | 105 |
Vale Overseas Ltd. | 6.250% | 1/23/17 | 350 | 367 |
Vale Overseas Ltd. | 8.250% | 1/17/34 | 375 | 432 |
Vale Overseas Ltd. | 6.875% | 11/21/36 | 375 | 378 |
Vale Overseas Ltd. | 6.875% | 11/10/39 | 75 | 75 |
Valspar Corp. | 7.250% | 6/15/19 | 50 | 54 |
WMC Finance USA Ltd. | 5.125% | 5/15/13 | 400 | 429 |
Xstrata Canada Corp. | 7.350% | 6/5/12 | 375 | 405 |
Xstrata Canada Corp. | 7.250% | 7/15/12 | 250 | 270 |
Xstrata Canada Corp. | 5.500% | 6/15/17 | 250 | 241 |
Capital Goods (0.4%) | ||||
3M Co. | 6.375% | 2/15/28 | 450 | 498 |
7 Acuity Brands Lighting Inc. | 6.000% | 12/15/19 | 100 | 96 |
Allied Waste North America Inc. | 7.125% | 5/15/16 | 1,050 | 1,118 |
Bemis Co. Inc. | 4.875% | 4/1/12 | 700 | 725 |
Black & Decker Corp. | 5.750% | 11/15/16 | 75 | 77 |
Boeing Capital Corp. | 6.100% | 3/1/11 | 250 | 264 |
Boeing Capital Corp. | 6.500% | 2/15/12 | 200 | 219 |
Boeing Capital Corp. | 5.800% | 1/15/13 | 925 | 1,010 |
Boeing Co. | 1.875% | 11/20/12 | 50 | 50 |
Boeing Co. | 3.500% | 2/15/15 | 450 | 452 |
Boeing Co. | 6.000% | 3/15/19 | 150 | 163 |
Boeing Co. | 4.875% | 2/15/20 | 150 | 151 |
Boeing Co. | 5.875% | 2/15/40 | 150 | 155 |
Caterpillar Financial Services Corp. | 4.300% | 6/1/10 | 1,980 | 2,007 |
Caterpillar Financial Services Corp. | 6.125% | 2/17/14 | 325 | 363 |
Caterpillar Financial Services Corp. | 4.750% | 2/17/15 | 175 | 183 |
Caterpillar Financial Services Corp. | 4.625% | 6/1/15 | 400 | 413 |
Caterpillar Financial Services Corp. | 7.150% | 2/15/19 | 925 | 1,066 |
Caterpillar Inc. | 7.375% | 3/1/97 | 400 | 424 |
Cooper US Inc. | 5.250% | 11/15/12 | 425 | 457 |
CRH America Inc. | 5.625% | 9/30/11 | 400 | 420 |
CRH America Inc. | 6.950% | 3/15/12 | 150 | 162 |
CRH America Inc. | 5.300% | 10/15/13 | 100 | 104 |
CRH America Inc. | 6.000% | 9/30/16 | 750 | 780 |
Deere & Co. | 6.950% | 4/25/14 | 825 | 954 |
Deere & Co. | 4.375% | 10/16/19 | 625 | 627 |
Deere & Co. | 5.375% | 10/16/29 | 250 | 250 |
Deere & Co. | 7.125% | 3/3/31 | 300 | 355 |
Eaton Corp. | 5.600% | 5/15/18 | 125 | 131 |
Embraer Overseas Ltd. | 6.375% | 1/24/17 | 100 | 101 |
Embraer Overseas Ltd. | 6.375% | 1/15/20 | 175 | 174 |
Emerson Electric Co. | 4.625% | 10/15/12 | 1,075 | 1,149 |
Emerson Electric Co. | 4.875% | 10/15/19 | 125 | 129 |
Emerson Electric Co. | 4.250% | 11/15/20 | 25 | 24 |
Emerson Electric Co. | 5.250% | 11/15/39 | 25 | 24 |
General Dynamics Corp. | 4.250% | 5/15/13 | 650 | 687 |
General Electric Co. | 5.000% | 2/1/13 | 2,000 | 2,118 |
General Electric Co. | 5.250% | 12/6/17 | 1,850 | 1,888 |
Goodrich Corp. | 6.125% | 3/1/19 | 525 | 574 |
Harsco Corp. | 5.750% | 5/15/18 | 350 | 345 |
Honeywell International Inc. | 6.125% | 11/1/11 | 200 | 218 |
Honeywell International Inc. | 4.250% | 3/1/13 | 175 | 184 |
Honeywell International Inc. | 5.300% | 3/15/17 | 275 | 289 |
Honeywell International Inc. | 5.300% | 3/1/18 | 150 | 159 |
Illinois Tool Works Inc. | 5.150% | 4/1/14 | 325 | 354 |
Illinois Tool Works Inc. | 6.250% | 4/1/19 | 450 | 505 |
Ingersoll-Rand Global Holding Co. Ltd. | 6.000% | 8/15/13 | 225 | 242 |
Ingersoll-Rand Global Holding Co. Ltd. | 9.500% | 4/15/14 | 650 | 781 |
Ingersoll-Rand Global Holding Co. Ltd. | 6.875% | 8/15/18 | 225 | 250 |
72
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
John Deere Capital Corp. | 5.250% | 10/1/12 | 375 | 403 | |
John Deere Capital Corp. | 4.950% | 12/17/12 | 50 | 54 | |
John Deere Capital Corp. | 4.900% | 9/9/13 | 525 | 564 | |
Joy Global Inc. | 6.000% | 11/15/16 | 250 | 256 | |
7 | L-3 Communications Corp. | 5.200% | 10/15/19 | 200 | 200 |
Lafarge SA | 6.150% | 7/15/11 | 50 | 52 | |
Lafarge SA | 7.125% | 7/15/36 | 525 | 553 | |
Lockheed Martin Corp. | 7.650% | 5/1/16 | 250 | 300 | |
Lockheed Martin Corp. | 7.750% | 5/1/26 | 250 | 300 | |
Lockheed Martin Corp. | 6.150% | 9/1/36 | 450 | 478 | |
Lockheed Martin Corp. | 5.500% | 11/15/39 | 25 | 25 | |
Martin Marietta Materials Inc. | 6.600% | 4/15/18 | 400 | 412 | |
Parker Hannifin Corp. | 5.500% | 5/15/18 | 125 | 133 | |
Parker Hannifin Corp. | 6.250% | 5/15/38 | 75 | 81 | |
Raytheon Co. | 5.500% | 11/15/12 | 75 | 82 | |
Raytheon Co. | 7.200% | 8/15/27 | 75 | 89 | |
Republic Services Inc. | 6.750% | 8/15/11 | 275 | 289 | |
7 | Republic Services Inc. | 5.250% | 11/15/21 | 425 | 416 |
Rockwell Automation Inc. | 5.650% | 12/1/17 | 25 | 27 | |
Rockwell Automation Inc. | 6.700% | 1/15/28 | 200 | 212 | |
Rockwell Automation Inc. | 6.250% | 12/1/37 | 325 | 337 | |
Rockwell Collins Inc. | 5.250% | 7/15/19 | 50 | 53 | |
Roper Industries Inc. | 6.250% | 9/1/19 | 650 | 677 | |
5,7 | Systems 2001 AT LLC | 7.156% | 12/15/11 | 168 | 175 |
Tyco International Finance SA | 6.375% | 10/15/11 | 675 | 723 | |
Tyco International Finance SA | 8.500% | 1/15/19 | 175 | 212 | |
Tyco International Ltd. / Tyco International Finance SA | 7.000% | 12/15/19 | 400 | 451 | |
United Technologies Corp. | 6.350% | 3/1/11 | 325 | 345 | |
United Technologies Corp. | 6.125% | 2/1/19 | 925 | 1,025 | |
United Technologies Corp. | 7.500% | 9/15/29 | 100 | 122 | |
United Technologies Corp. | 5.400% | 5/1/35 | 400 | 398 | |
Vulcan Materials Co. | 6.300% | 6/15/13 | 175 | 186 | |
Vulcan Materials Co. | 7.000% | 6/15/18 | 325 | 352 | |
Waste Management Inc. | 5.000% | 3/15/14 | 675 | 714 | |
Waste Management Inc. | 7.100% | 8/1/26 | 325 | 352 | |
Waste Management Inc. | 6.125% | 11/30/39 | 400 | 402 | |
Communication (0.9%) | |||||
America Movil SAB de CV | 6.375% | 3/1/35 | 200 | 208 | |
America Movil SAB de CV | 6.125% | 11/15/37 | 300 | 300 | |
7 | American Tower Corp. | 4.625% | 4/1/15 | 75 | 76 |
AT&T Corp. | 7.300% | 11/15/11 | 925 | 1,020 | |
AT&T Corp. | 8.000% | 11/15/31 | 695 | 850 | |
AT&T Inc. | 6.250% | 3/15/11 | 750 | 794 | |
AT&T Inc. | 5.875% | 2/1/12 | 345 | 374 | |
AT&T Inc. | 5.875% | 8/15/12 | 155 | 170 | |
AT&T Inc. | 4.850% | 2/15/14 | 450 | 481 | |
AT&T Inc. | 5.100% | 9/15/14 | 1,575 | 1,703 | |
AT&T Inc. | 5.625% | 6/15/16 | 600 | 643 | |
AT&T Inc. | 5.500% | 2/1/18 | 1,000 | 1,051 | |
AT&T Inc. | 5.800% | 2/15/19 | 75 | 80 | |
AT&T Inc. | 6.450% | 6/15/34 | 1,000 | 1,027 | |
AT&T Inc. | 6.500% | 9/1/37 | 325 | 337 | |
AT&T Inc. | 6.300% | 1/15/38 | 100 | 102 | |
AT&T Inc. | 6.400% | 5/15/38 | 675 | 699 | |
AT&T Inc. | 6.550% | 2/15/39 | 650 | 686 | |
AT&T Mobility LLC | 6.500% | 12/15/11 | 350 | 381 | |
AT&T Mobility LLC | 7.125% | 12/15/31 | 1,000 | 1,125 | |
Bellsouth Capital Funding Corp. | 7.875% | 2/15/30 | 150 | 170 | |
BellSouth Corp. | 5.200% | 12/15/16 | 250 | 257 | |
BellSouth Corp. | 6.875% | 10/15/31 | 325 | 338 | |
BellSouth Corp. | 6.550% | 6/15/34 | 700 | 701 | |
BellSouth Corp. | 6.000% | 11/15/34 | 290 | 280 | |
BellSouth Telecommunications Inc. | 6.375% | 6/1/28 | 1,565 | 1,555 |
73
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
British Telecommunications PLC | 9.125% | 12/15/10 | 375 | 402 |
British Telecommunications PLC | 9.625% | 12/15/30 | 1,625 | 2,082 |
CBS Corp. | 5.625% | 8/15/12 | 615 | 640 |
CBS Corp. | 7.875% | 7/30/30 | 400 | 432 |
CBS Corp. | 5.500% | 5/15/33 | 200 | 167 |
Cellco Partnership / Verizon Wireless Capital LLC | 3.750% | 5/20/11 | 550 | 567 |
Cellco Partnership / Verizon Wireless Capital LLC | 5.250% | 2/1/12 | 450 | 477 |
Cellco Partnership / Verizon Wireless Capital LLC | 7.375% | 11/15/13 | 1,375 | 1,581 |
Cellco Partnership / Verizon Wireless Capital LLC | 5.550% | 2/1/14 | 525 | 572 |
Cellco Partnership / Verizon Wireless Capital LLC | 8.500% | 11/15/18 | 525 | 656 |
CenturyTel Inc. | 5.000% | 2/15/15 | 150 | 153 |
CenturyTel Inc. | 6.875% | 1/15/28 | 150 | 140 |
CenturyTel Inc. | 7.600% | 9/15/39 | 250 | 258 |
Comcast Cable Communications Holdings Inc. | 9.455% | 11/15/22 | 1,108 | 1,443 |
Comcast Cable Communications LLC | 8.875% | 5/1/17 | 850 | 1,024 |
Comcast Corp. | 5.500% | 3/15/11 | 800 | 836 |
Comcast Corp. | 6.500% | 1/15/15 | 700 | 786 |
Comcast Corp. | 5.900% | 3/15/16 | 650 | 697 |
Comcast Corp. | 5.700% | 7/1/19 | 750 | 784 |
Comcast Corp. | 6.500% | 11/15/35 | 1,025 | 1,060 |
Comcast Corp. | 6.450% | 3/15/37 | 100 | 103 |
Comcast Corp. | 6.950% | 8/15/37 | 250 | 273 |
Comcast Corp. | 6.400% | 5/15/38 | 600 | 615 |
COX Communications Inc. | 4.625% | 6/1/13 | 200 | 208 |
COX Communications Inc. | 5.450% | 12/15/14 | 150 | 161 |
COX Communications Inc. | 5.500% | 10/1/15 | 600 | 640 |
Deutsche Telekom International Finance BV | 5.875% | 8/20/13 | 325 | 351 |
Deutsche Telekom International Finance BV | 4.875% | 7/8/14 | 25 | 26 |
Deutsche Telekom International Finance BV | 5.750% | 3/23/16 | 425 | 454 |
Deutsche Telekom International Finance BV | 6.000% | 7/8/19 | 25 | 27 |
Deutsche Telekom International Finance BV | 8.750% | 6/15/30 | 1,700 | 2,204 |
7 DirecTV Holdings LLC / DirecTV Financing Co. Inc. | 4.750% | 10/1/14 | 550 | 560 |
DirecTV Holdings LLC / DirecTV Financing Co. Inc. | 7.625% | 5/15/16 | 100 | 109 |
7 DirecTV Holdings LLC / DirecTV Financing Co. Inc. | 5.875% | 10/1/19 | 1,450 | 1,465 |
Embarq Corp. | 7.082% | 6/1/16 | 875 | 957 |
Embarq Corp. | 7.995% | 6/1/36 | 200 | 218 |
France Telecom SA | 7.750% | 3/1/11 | 700 | 753 |
France Telecom SA | 4.375% | 7/8/14 | 525 | 550 |
France Telecom SA | 5.375% | 7/8/19 | 525 | 554 |
France Telecom SA | 8.500% | 3/1/31 | 575 | 764 |
Grupo Televisa SA | 6.625% | 3/18/25 | 450 | 445 |
GTE Corp. | 6.940% | 4/15/28 | 325 | 337 |
McGraw-Hill Cos. Inc. | 6.550% | 11/15/37 | 350 | 342 |
New Cingular Wireless Services Inc. | 7.875% | 3/1/11 | 650 | 699 |
New Cingular Wireless Services Inc. | 8.125% | 5/1/12 | 600 | 678 |
News America Holdings Inc. | 8.150% | 10/17/36 | 385 | 431 |
News America Inc. | 6.550% | 3/15/33 | 600 | 623 |
News America Inc. | 6.200% | 12/15/34 | 725 | 722 |
News America Inc. | 6.400% | 12/15/35 | 1,300 | 1,336 |
7 News America Inc. | 6.900% | 8/15/39 | 50 | 54 |
Omnicom Group Inc. | 5.900% | 4/15/16 | 50 | 53 |
Pacific Bell Telephone Co. | 7.125% | 3/15/26 | 200 | 220 |
Qwest Corp. | 7.875% | 9/1/11 | 450 | 471 |
Qwest Corp. | 8.875% | 3/15/12 | 425 | 458 |
Qwest Corp. | 6.500% | 6/1/17 | 275 | 268 |
Qwest Corp. | 7.500% | 6/15/23 | 350 | 329 |
Qwest Corp. | 6.875% | 9/15/33 | 375 | 324 |
Reed Elsevier Capital Inc. | 4.625% | 6/15/12 | 100 | 103 |
Reed Elsevier Capital Inc. | 7.750% | 1/15/14 | 175 | 198 |
Reed Elsevier Capital Inc. | 8.625% | 1/15/19 | 200 | 245 |
Rogers Communications Inc. | 6.375% | 3/1/14 | 1,000 | 1,106 |
Rogers Communications Inc. | 5.500% | 3/15/14 | 250 | 270 |
Rogers Communications Inc. | 6.800% | 8/15/18 | 950 | 1,062 |
RR Donnelley & Sons Co. | 4.950% | 4/1/14 | 100 | 99 |
74
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
RR Donnelley & Sons Co. | 5.500% | 5/15/15 | 150 | 149 |
RR Donnelley & Sons Co. | 8.600% | 8/15/16 | 400 | 433 |
Telecom Italia Capital SA | 4.875% | 10/1/10 | 400 | 409 |
Telecom Italia Capital SA | 6.200% | 7/18/11 | 550 | 583 |
Telecom Italia Capital SA | 5.250% | 11/15/13 | 325 | 343 |
Telecom Italia Capital SA | 4.950% | 9/30/14 | 1,000 | 1,039 |
Telecom Italia Capital SA | 5.250% | 10/1/15 | 1,300 | 1,363 |
Telecom Italia Capital SA | 7.175% | 6/18/19 | 50 | 56 |
Telecom Italia Capital SA | 6.375% | 11/15/33 | 205 | 202 |
Telecom Italia Capital SA | 7.200% | 7/18/36 | 475 | 511 |
Telefonica Emisiones SAU | 5.984% | 6/20/11 | 250 | 265 |
Telefonica Emisiones SAU | 4.949% | 1/15/15 | 625 | 673 |
Telefonica Emisiones SAU | 6.421% | 6/20/16 | 475 | 529 |
Telefonica Emisiones SAU | 5.877% | 7/15/19 | 300 | 321 |
Telefonica Europe BV | 8.250% | 9/15/30 | 750 | 939 |
Telefonos de Mexico SAB de CV | 5.500% | 1/27/15 | 850 | 880 |
TELUS Corp. | 8.000% | 6/1/11 | 192 | 208 |
Thomson Reuters Corp. | 5.950% | 7/15/13 | 75 | 82 |
Thomson Reuters Corp. | 5.700% | 10/1/14 | 850 | 933 |
Thomson Reuters Corp. | 6.500% | 7/15/18 | 50 | 56 |
Thomson Reuters Corp. | 4.700% | 10/15/19 | 125 | 124 |
Thomson Reuters Corp. | 5.500% | 8/15/35 | 50 | 48 |
Time Warner Cable Inc. | 5.400% | 7/2/12 | 400 | 427 |
Time Warner Cable Inc. | 6.200% | 7/1/13 | 300 | 328 |
Time Warner Cable Inc. | 7.500% | 4/1/14 | 650 | 749 |
Time Warner Cable Inc. | 3.500% | 2/1/15 | 300 | 296 |
Time Warner Cable Inc. | 5.850% | 5/1/17 | 825 | 866 |
Time Warner Cable Inc. | 6.750% | 7/1/18 | 900 | 992 |
Time Warner Cable Inc. | 8.250% | 4/1/19 | 200 | 238 |
Time Warner Cable Inc. | 5.000% | 2/1/20 | 825 | 802 |
Time Warner Cable Inc. | 6.550% | 5/1/37 | 350 | 357 |
Time Warner Cable Inc. | 6.750% | 6/15/39 | 875 | 917 |
Time Warner Entertainment Co. LP | 10.150% | 5/1/12 | 200 | 229 |
Time Warner Entertainment Co. LP | 8.375% | 3/15/23 | 800 | 956 |
Time Warner Entertainment Co. LP | 8.375% | 7/15/33 | 100 | 119 |
United States Cellular Corp. | 6.700% | 12/15/33 | 350 | 342 |
Verizon Communications Inc. | 5.350% | 2/15/11 | 50 | 52 |
Verizon Communications Inc. | 5.250% | 4/15/13 | 650 | 704 |
Verizon Communications Inc. | 5.550% | 2/15/16 | 500 | 535 |
Verizon Communications Inc. | 5.500% | 2/15/18 | 500 | 520 |
Verizon Communications Inc. | 8.750% | 11/1/18 | 275 | 348 |
Verizon Communications Inc. | 6.350% | 4/1/19 | 625 | 692 |
Verizon Communications Inc. | 5.850% | 9/15/35 | 500 | 486 |
Verizon Communications Inc. | 8.950% | 3/1/39 | 1,250 | 1,703 |
Verizon Communications Inc. | 7.350% | 4/1/39 | 750 | 873 |
Verizon Global Funding Corp. | 6.875% | 6/15/12 | 2,000 | 2,222 |
Verizon Global Funding Corp. | 7.750% | 12/1/30 | 425 | 502 |
Verizon Maryland Inc. | 6.125% | 3/1/12 | 500 | 533 |
Verizon New England Inc. | 6.500% | 9/15/11 | 300 | 322 |
Verizon New England Inc. | 7.875% | 11/15/29 | 250 | 272 |
Verizon New York Inc. | 6.875% | 4/1/12 | 300 | 326 |
Verizon Virginia Inc. | 4.625% | 3/15/13 | 450 | 468 |
Vodafone Group PLC | 5.350% | 2/27/12 | 200 | 214 |
Vodafone Group PLC | 5.000% | 12/16/13 | 600 | 635 |
Vodafone Group PLC | 5.750% | 3/15/16 | 300 | 324 |
Vodafone Group PLC | 5.625% | 2/27/17 | 550 | 587 |
Vodafone Group PLC | 4.625% | 7/15/18 | 125 | 124 |
Vodafone Group PLC | 5.450% | 6/10/19 | 275 | 284 |
Vodafone Group PLC | 7.875% | 2/15/30 | 425 | 510 |
Vodafone Group PLC | 6.250% | 11/30/32 | 350 | 352 |
Vodafone Group PLC | 6.150% | 2/27/37 | 75 | 78 |
Washington Post Co. | 7.250% | 2/1/19 | 150 | 165 |
WPP Finance UK | 5.875% | 6/15/14 | 425 | 431 |
75
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Consumer Cyclical (0.4%) | ||||
AutoZone Inc. | 5.750% | 1/15/15 | 325 | 349 |
Best Buy Co. Inc. | 6.750% | 7/15/13 | 125 | 137 |
Costco Wholesale Corp. | 5.500% | 3/15/17 | 475 | 510 |
CVS Caremark Corp. | 5.750% | 8/15/11 | 75 | 80 |
CVS Caremark Corp. | 4.875% | 9/15/14 | 275 | 291 |
CVS Caremark Corp. | 5.750% | 6/1/17 | 175 | 184 |
CVS Caremark Corp. | 6.600% | 3/15/19 | 1,175 | 1,282 |
CVS Caremark Corp. | 6.250% | 6/1/27 | 125 | 127 |
5 CVS Caremark Corp. | 6.302% | 6/1/37 | 425 | 365 |
Daimler Finance North America LLC | 5.875% | 3/15/11 | 350 | 365 |
Daimler Finance North America LLC | 7.300% | 1/15/12 | 1,175 | 1,277 |
Daimler Finance North America LLC | 6.500% | 11/15/13 | 875 | 960 |
Daimler Finance North America LLC | 8.500% | 1/18/31 | 450 | 547 |
Darden Restaurants Inc. | 5.625% | 10/15/12 | 225 | 240 |
Darden Restaurants Inc. | 6.200% | 10/15/17 | 150 | 159 |
Darden Restaurants Inc. | 6.800% | 10/15/37 | 275 | 284 |
Historic TW Inc. | 9.150% | 2/1/23 | 1,475 | 1,803 |
Historic TW Inc. | 6.625% | 5/15/29 | 200 | 210 |
Home Depot Inc. | 5.250% | 12/16/13 | 775 | 829 |
Home Depot Inc. | 5.400% | 3/1/16 | 1,100 | 1,148 |
Johnson Controls Inc. | 5.250% | 1/15/11 | 300 | 313 |
Johnson Controls Inc. | 6.000% | 1/15/36 | 125 | 107 |
Kohl's Corp. | 6.250% | 12/15/17 | 200 | 221 |
Kohl's Corp. | 6.000% | 1/15/33 | 225 | 228 |
Kohl's Corp. | 6.875% | 12/15/37 | 100 | 113 |
Lowe's Cos. Inc. | 5.000% | 10/15/15 | 75 | 81 |
Lowe's Cos. Inc. | 6.100% | 9/15/17 | 200 | 221 |
Lowe's Cos. Inc. | 6.875% | 2/15/28 | 367 | 411 |
Lowe's Cos. Inc. | 5.800% | 10/15/36 | 475 | 486 |
Marriott International Inc | 4.625% | 6/15/12 | 400 | 405 |
Marriott International Inc. | 5.625% | 2/15/13 | 200 | 206 |
Marriott International Inc. | 6.200% | 6/15/16 | 150 | 152 |
Marriott International Inc. | 6.375% | 6/15/17 | 50 | 52 |
McDonald's Corp. | 5.300% | 3/15/17 | 400 | 431 |
McDonald's Corp. | 5.800% | 10/15/17 | 300 | 333 |
McDonald's Corp. | 5.350% | 3/1/18 | 350 | 377 |
McDonald's Corp. | 6.300% | 10/15/37 | 200 | 219 |
McDonald's Corp. | 6.300% | 3/1/38 | 300 | 331 |
McDonald's Corp. | 5.700% | 2/1/39 | 25 | 26 |
Nordstrom Inc. | 6.950% | 3/15/28 | 200 | 217 |
Nordstrom Inc. | 7.000% | 1/15/38 | 150 | 166 |
PACCAR Financial Corp. | 1.950% | 12/17/12 | 225 | 222 |
PACCAR Inc. | 6.875% | 2/15/14 | 200 | 227 |
Staples Inc. | 7.750% | 4/1/11 | 100 | 107 |
Staples Inc. | 9.750% | 1/15/14 | 1,025 | 1,251 |
Target Corp. | 6.350% | 1/15/11 | 650 | 686 |
Target Corp. | 5.125% | 1/15/13 | 675 | 734 |
Target Corp. | 4.000% | 6/15/13 | 525 | 546 |
Target Corp. | 5.375% | 5/1/17 | 200 | 216 |
Target Corp. | 7.000% | 7/15/31 | 175 | 200 |
Target Corp. | 6.350% | 11/1/32 | 450 | 482 |
Time Warner Inc. | 6.750% | 4/15/11 | 875 | 928 |
Time Warner Inc. | 6.875% | 5/1/12 | 100 | 110 |
Time Warner Inc. | 7.625% | 4/15/31 | 460 | 538 |
Time Warner Inc. | 7.700% | 5/1/32 | 290 | 339 |
TJX Cos. Inc. | 6.950% | 4/15/19 | 175 | 202 |
Toll Brothers Finance Corp. | 5.150% | 5/15/15 | 400 | 381 |
Toyota Motor Credit Corp. | 4.350% | 12/15/10 | 325 | 336 |
Toyota Motor Credit Corp. | 5.450% | 5/18/11 | 600 | 634 |
VF Corp. | 5.950% | 11/1/17 | 250 | 270 |
VF Corp. | 6.450% | 11/1/37 | 150 | 157 |
Viacom Inc. | 4.375% | 9/15/14 | 350 | 360 |
76
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Viacom Inc. | 6.250% | 4/30/16 | 275 | 301 |
Viacom Inc. | 5.625% | 9/15/19 | 650 | 674 |
Wal-Mart Stores Inc. | 4.550% | 5/1/13 | 2,275 | 2,419 |
Wal-Mart Stores Inc. | 7.250% | 6/1/13 | 150 | 173 |
Wal-Mart Stores Inc. | 3.200% | 5/15/14 | 550 | 559 |
Wal-Mart Stores Inc. | 4.500% | 7/1/15 | 450 | 480 |
Wal-Mart Stores Inc. | 5.375% | 4/5/17 | 200 | 216 |
Wal-Mart Stores Inc. | 5.800% | 2/15/18 | 200 | 224 |
Wal-Mart Stores Inc. | 5.875% | 4/5/27 | 1,950 | 2,102 |
Wal-Mart Stores Inc. | 5.250% | 9/1/35 | 175 | 174 |
Wal-Mart Stores Inc. | 6.500% | 8/15/37 | 550 | 632 |
Walgreen Co. | 5.250% | 1/15/19 | 875 | 931 |
Walt Disney Co. | 5.700% | 7/15/11 | 1,150 | 1,230 |
Walt Disney Co. | 6.375% | 3/1/12 | 150 | 165 |
Walt Disney Co. | 4.500% | 12/15/13 | 125 | 133 |
Walt Disney Co. | 5.625% | 9/15/16 | 50 | 54 |
Walt Disney Co. | 7.000% | 3/1/32 | 400 | 465 |
Western Union Co. | 6.500% | 2/26/14 | 300 | 337 |
Western Union Co. | 5.930% | 10/1/16 | 400 | 434 |
Western Union Co. | 6.200% | 11/17/36 | 325 | 327 |
Yum! Brands Inc. | 7.700% | 7/1/12 | 250 | 280 |
Yum! Brands Inc. | 6.875% | 11/15/37 | 750 | 813 |
Consumer Noncyclical (1.0%) | ||||
Abbott Laboratories | 3.750% | 3/15/11 | 500 | 516 |
Abbott Laboratories | 4.350% | 3/15/14 | 250 | 264 |
Abbott Laboratories | 5.875% | 5/15/16 | 1,350 | 1,497 |
Abbott Laboratories | 5.600% | 11/30/17 | 475 | 519 |
Abbott Laboratories | 6.150% | 11/30/37 | 325 | 351 |
Abbott Laboratories | 6.000% | 4/1/39 | 325 | 346 |
Allergan Inc. | 5.750% | 4/1/16 | 125 | 135 |
Altria Group Inc. | 8.500% | 11/10/13 | 1,325 | 1,534 |
Altria Group Inc. | 9.700% | 11/10/18 | 1,200 | 1,487 |
Altria Group Inc. | 9.950% | 11/10/38 | 275 | 363 |
Altria Group Inc. | 10.200% | 2/6/39 | 675 | 903 |
AmerisourceBergen Corp. | 5.875% | 9/15/15 | 675 | 737 |
Amgen Inc. | 4.850% | 11/18/14 | 500 | 538 |
Amgen Inc. | 5.850% | 6/1/17 | 775 | 850 |
Amgen Inc. | 5.700% | 2/1/19 | 200 | 216 |
Amgen Inc. | 6.375% | 6/1/37 | 400 | 437 |
Amgen Inc. | 6.400% | 2/1/39 | 700 | 770 |
Anheuser-Busch Cos. Inc. | 6.000% | 4/15/11 | 250 | 264 |
Anheuser-Busch Cos. Inc. | 5.500% | 1/15/18 | 250 | 256 |
Anheuser-Busch Cos. Inc. | 6.800% | 8/20/32 | 900 | 965 |
7 Anheuser-Busch InBev Worldwide Inc. | 3.000% | 10/15/12 | 450 | 454 |
7 Anheuser-Busch InBev Worldwide Inc. | 4.125% | 1/15/15 | 525 | 532 |
7 Anheuser-Busch InBev Worldwide Inc. | 5.375% | 1/15/20 | 975 | 991 |
7 Anheuser-Busch InBev Worldwide Inc. | 6.375% | 1/15/40 | 75 | 78 |
Archer-Daniels-Midland Co. | 5.935% | 10/1/32 | 350 | 355 |
Archer-Daniels-Midland Co. | 5.375% | 9/15/35 | 1,125 | 1,088 |
AstraZeneca PLC | 5.400% | 9/15/12 | 750 | 820 |
AstraZeneca PLC | 5.400% | 6/1/14 | 875 | 960 |
AstraZeneca PLC | 6.450% | 9/15/37 | 1,175 | 1,317 |
Baxter FinCo BV | 4.750% | 10/15/10 | 500 | 515 |
Baxter International Inc. | 4.625% | 3/15/15 | 250 | 267 |
Baxter International Inc. | 5.900% | 9/1/16 | 150 | 167 |
Baxter International Inc. | 6.250% | 12/1/37 | 100 | 109 |
Becton Dickinson and Co. | 5.000% | 5/15/19 | 50 | 52 |
Biogen Idec Inc. | 6.000% | 3/1/13 | 600 | 646 |
Bottling Group LLC | 4.625% | 11/15/12 | 300 | 323 |
Bottling Group LLC | 5.000% | 11/15/13 | 100 | 108 |
Bottling Group LLC | 6.950% | 3/15/14 | 500 | 579 |
Bottling Group LLC | 5.500% | 4/1/16 | 1,275 | 1,378 |
Bristol-Myers Squibb Co. | 5.450% | 5/1/18 | 300 | 324 |
77
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Bristol-Myers Squibb Co. | 5.875% | 11/15/36 | 725 | 760 |
Bunge Ltd. Finance Corp. | 5.350% | 4/15/14 | 350 | 357 |
Bunge Ltd. Finance Corp. | 8.500% | 6/15/19 | 175 | 199 |
Campbell Soup Co. | 6.750% | 2/15/11 | 100 | 107 |
Cardinal Health Inc. | 4.000% | 6/15/15 | 100 | 98 |
7 CareFusion Corp. | 4.125% | 8/1/12 | 50 | 52 |
7 CareFusion Corp. | 5.125% | 8/1/14 | 100 | 105 |
7 CareFusion Corp. | 6.375% | 8/1/19 | 75 | 81 |
Cia de Bebidas das Americas | 10.500% | 12/15/11 | 280 | 323 |
Cia de Bebidas das Americas | 8.750% | 9/15/13 | 25 | 29 |
Clorox Co. | 4.200% | 1/15/10 | 125 | 125 |
Clorox Co. | 3.550% | 11/1/15 | 325 | 324 |
Coca-Cola Co. | 5.350% | 11/15/17 | 225 | 244 |
Coca-Cola Co. | 4.875% | 3/15/19 | 900 | 941 |
Coca-Cola Enterprises Inc. | 7.375% | 3/3/14 | 600 | 699 |
Coca-Cola Enterprises Inc. | 4.250% | 3/1/15 | 300 | 316 |
Coca-Cola Enterprises Inc. | 4.500% | 8/15/19 | 150 | 151 |
Coca-Cola Enterprises Inc. | 8.500% | 2/1/22 | 125 | 160 |
Coca-Cola Enterprises Inc. | 6.950% | 11/15/26 | 500 | 567 |
Coca-Cola Enterprises Inc. | 6.750% | 9/15/28 | 250 | 284 |
ConAgra Foods Inc. | 5.875% | 4/15/14 | 275 | 300 |
ConAgra Foods Inc. | 7.125% | 10/1/26 | 50 | 54 |
ConAgra Foods Inc. | 7.000% | 10/1/28 | 100 | 106 |
Covidien International Finance SA | 6.550% | 10/15/37 | 525 | 587 |
CR Bard Inc. | 6.700% | 12/1/26 | 450 | 479 |
Delhaize Group SA | 5.875% | 2/1/14 | 250 | 268 |
Diageo Capital PLC | 5.200% | 1/30/13 | 75 | 80 |
Diageo Capital PLC | 5.750% | 10/23/17 | 75 | 81 |
Diageo Finance BV | 5.300% | 10/28/15 | 625 | 675 |
Diageo Investment Corp. | 9.000% | 8/15/11 | 1,000 | 1,113 |
Dr Pepper Snapple Group Inc. | 1.700% | 12/21/11 | 125 | 125 |
Dr Pepper Snapple Group Inc. | 2.350% | 12/21/12 | 150 | 150 |
Dr Pepper Snapple Group Inc. | 6.120% | 5/1/13 | 375 | 410 |
Eli Lilly & Co. | 3.550% | 3/6/12 | 125 | 130 |
Eli Lilly & Co. | 6.000% | 3/15/12 | 125 | 137 |
Eli Lilly & Co. | 5.500% | 3/15/27 | 625 | 632 |
Express Scripts Inc. | 5.250% | 6/15/12 | 225 | 239 |
Express Scripts Inc. | 6.250% | 6/15/14 | 250 | 274 |
Express Scripts Inc. | 7.250% | 6/15/19 | 75 | 86 |
Fortune Brands Inc. | 3.000% | 6/1/12 | 350 | 347 |
Fortune Brands Inc. | 6.375% | 6/15/14 | 475 | 508 |
Fortune Brands Inc. | 5.375% | 1/15/16 | 25 | 25 |
Fortune Brands Inc. | 5.875% | 1/15/36 | 250 | 214 |
Genentech Inc. | 4.750% | 7/15/15 | 150 | 160 |
Genentech Inc. | 5.250% | 7/15/35 | 325 | 311 |
General Mills Inc. | 6.000% | 2/15/12 | 592 | 641 |
General Mills Inc. | 5.650% | 9/10/12 | 250 | 273 |
General Mills Inc. | 5.200% | 3/17/15 | 875 | 939 |
General Mills Inc. | 5.700% | 2/15/17 | 575 | 624 |
General Mills Inc. | 5.650% | 2/15/19 | 375 | 400 |
GlaxoSmithKline Capital Inc. | 4.850% | 5/15/13 | 700 | 748 |
GlaxoSmithKline Capital Inc. | 4.375% | 4/15/14 | 1,025 | 1,082 |
GlaxoSmithKline Capital Inc. | 5.375% | 4/15/34 | 300 | 288 |
GlaxoSmithKline Capital Inc. | 6.375% | 5/15/38 | 1,050 | 1,167 |
Hasbro Inc. | 6.300% | 9/15/17 | 550 | 581 |
Hershey Co. | 5.450% | 9/1/16 | 150 | 157 |
HJ Heinz Finance Co. | 6.625% | 7/15/11 | 850 | 911 |
Hospira Inc. | 5.900% | 6/15/14 | 200 | 217 |
Johnson & Johnson | 5.150% | 8/15/12 | 400 | 437 |
Johnson & Johnson | 5.150% | 7/15/18 | 125 | 134 |
Johnson & Johnson | 6.950% | 9/1/29 | 100 | 120 |
Johnson & Johnson | 4.950% | 5/15/33 | 550 | 536 |
Johnson & Johnson | 5.850% | 7/15/38 | 325 | 352 |
Kellogg Co. | 5.125% | 12/3/12 | 225 | 246 |
78
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Kellogg Co. | 4.250% | 3/6/13 | 125 | 132 |
Kellogg Co. | 4.150% | 11/15/19 | 250 | 244 |
Kellogg Co. | 7.450% | 4/1/31 | 650 | 791 |
Kimberly-Clark Corp. | 4.875% | 8/15/15 | 650 | 701 |
Kimberly-Clark Corp. | 6.125% | 8/1/17 | 200 | 221 |
Koninklijke Philips Electronics NV | 4.625% | 3/11/13 | 150 | 157 |
Koninklijke Philips Electronics NV | 5.750% | 3/11/18 | 250 | 266 |
Koninklijke Philips Electronics NV | 6.875% | 3/11/38 | 200 | 227 |
Kraft Foods Inc. | 6.750% | 2/19/14 | 125 | 139 |
Kraft Foods Inc. | 6.500% | 8/11/17 | 525 | 570 |
Kraft Foods Inc. | 6.500% | 11/1/31 | 875 | 881 |
Kraft Foods Inc. | 7.000% | 8/11/37 | 725 | 773 |
Kraft Foods Inc. | 6.875% | 2/1/38 | 1,275 | 1,337 |
Kraft Foods Inc. | 6.875% | 1/26/39 | 250 | 263 |
Kroger Co. | 6.800% | 4/1/11 | 1,325 | 1,407 |
Kroger Co. | 6.200% | 6/15/12 | 25 | 27 |
Kroger Co. | 4.950% | 1/15/15 | 500 | 526 |
Kroger Co. | 8.000% | 9/15/29 | 750 | 899 |
Laboratory Corp. of America Holdings | 5.625% | 12/15/15 | 325 | 340 |
Lorillard Tobacco Co. | 8.125% | 6/23/19 | 400 | 440 |
McKesson Corp. | 7.750% | 2/1/12 | 350 | 387 |
McKesson Corp. | 5.250% | 3/1/13 | 75 | 80 |
7 Mead Johnson Nutrition Co. | 3.500% | 11/1/14 | 75 | 74 |
7 Mead Johnson Nutrition Co. | 4.900% | 11/1/19 | 150 | 147 |
7 Mead Johnson Nutrition Co. | 5.900% | 11/1/39 | 125 | 122 |
Medco Health Solutions Inc. | 7.250% | 8/15/13 | 675 | 749 |
Medtronic Inc. | 4.750% | 9/15/15 | 550 | 593 |
Merck & Co. Inc. | 1.875% | 6/30/11 | 400 | 405 |
Merck & Co. Inc. | 4.750% | 3/1/15 | 275 | 297 |
Merck & Co. Inc. | 4.000% | 6/30/15 | 350 | 367 |
Merck & Co. Inc. | 6.000% | 9/15/17 | 500 | 559 |
Merck & Co. Inc. | 5.000% | 6/30/19 | 375 | 393 |
Merck & Co. Inc. | 6.400% | 3/1/28 | 225 | 246 |
Merck & Co. Inc. | 5.950% | 12/1/28 | 250 | 266 |
Merck & Co. Inc. | 6.550% | 9/15/37 | 850 | 975 |
Merck & Co. Inc. | 5.850% | 6/30/39 | 100 | 107 |
Novant Health Inc. | 5.850% | 11/1/19 | 300 | 298 |
Novartis Capital Corp. | 4.125% | 2/10/14 | 1,000 | 1,049 |
Novartis Securities Investment Ltd. | 5.125% | 2/10/19 | 750 | 783 |
PepsiAmericas Inc. | 5.750% | 7/31/12 | 225 | 245 |
PepsiAmericas Inc. | 5.000% | 5/15/17 | 450 | 473 |
PepsiCo Inc. | 5.150% | 5/15/12 | 125 | 135 |
PepsiCo Inc. | 4.650% | 2/15/13 | 250 | 268 |
PepsiCo Inc. | 3.750% | 3/1/14 | 875 | 908 |
PepsiCo Inc. | 5.000% | 6/1/18 | 775 | 809 |
PepsiCo Inc. | 7.900% | 11/1/18 | 450 | 552 |
Pfizer Inc. | 4.450% | 3/15/12 | 1,175 | 1,244 |
Pfizer Inc. | 5.350% | 3/15/15 | 825 | 904 |
Pfizer Inc. | 6.200% | 3/15/19 | 1,125 | 1,253 |
Pfizer Inc. | 7.200% | 3/15/39 | 1,450 | 1,785 |
Philip Morris International Inc. | 4.875% | 5/16/13 | 625 | 665 |
Philip Morris International Inc. | 6.875% | 3/17/14 | 475 | 540 |
Philip Morris International Inc. | 5.650% | 5/16/18 | 275 | 289 |
Philip Morris International Inc. | 6.375% | 5/16/38 | 525 | 568 |
5 Procter & Gamble - Esop | 9.360% | 1/1/21 | 1,007 | 1,258 |
Procter & Gamble Co. | 4.950% | 8/15/14 | 100 | 109 |
Procter & Gamble Co. | 3.500% | 2/15/15 | 525 | 537 |
Procter & Gamble Co. | 4.700% | 2/15/19 | 175 | 179 |
Procter & Gamble Co. | 6.450% | 1/15/26 | 600 | 678 |
Quest Diagnostics Inc. | 5.450% | 11/1/15 | 250 | 271 |
Reynolds American Inc. | 7.250% | 6/1/12 | 200 | 218 |
Reynolds American Inc. | 6.750% | 6/15/17 | 100 | 103 |
Reynolds American Inc. | 7.250% | 6/15/37 | 375 | 378 |
Safeway Inc. | 6.500% | 3/1/11 | 1,300 | 1,372 |
79
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Safeway Inc. | 6.250% | 3/15/14 | 300 | 328 |
Safeway Inc. | 7.250% | 2/1/31 | 50 | 57 |
Sara Lee Corp. | 6.125% | 11/1/32 | 325 | 311 |
St. Jude Medical Inc. | 3.750% | 7/15/14 | 425 | 432 |
St. Jude Medical Inc. | 4.875% | 7/15/19 | 75 | 76 |
Sysco Corp. | 5.250% | 2/12/18 | 300 | 317 |
Sysco Corp. | 5.375% | 9/21/35 | 500 | 497 |
Teva Pharmaceutical Finance Co. LLC | 6.150% | 2/1/36 | 150 | 153 |
7 Thermo Fisher Scientific Inc. | 2.150% | 12/28/12 | 125 | 124 |
7 Thermo Fisher Scientific Inc. | 3.250% | 11/18/14 | 100 | 99 |
Unilever Capital Corp. | 7.125% | 11/1/10 | 400 | 421 |
Unilever Capital Corp. | 3.650% | 2/15/14 | 275 | 283 |
Unilever Capital Corp. | 4.800% | 2/15/19 | 150 | 154 |
UST Inc. | 5.750% | 3/1/18 | 250 | 245 |
Whirlpool Corp. | 5.500% | 3/1/13 | 250 | 258 |
Wyeth | 6.950% | 3/15/11 | 500 | 536 |
Wyeth | 5.500% | 2/15/16 | 400 | 431 |
Wyeth | 6.450% | 2/1/24 | 400 | 447 |
Wyeth | 6.500% | 2/1/34 | 200 | 220 |
Wyeth | 6.000% | 2/15/36 | 1,125 | 1,168 |
Energy (0.5%) | ||||
Alberta Energy Co. Ltd. | 7.375% | 11/1/31 | 750 | 836 |
Anadarko Finance Co. | 6.750% | 5/1/11 | 325 | 345 |
Anadarko Petroleum Corp. | 7.625% | 3/15/14 | 300 | 344 |
Anadarko Petroleum Corp. | 5.750% | 6/15/14 | 125 | 135 |
Anadarko Petroleum Corp. | 5.950% | 9/15/16 | 700 | 751 |
Anadarko Petroleum Corp. | 6.950% | 6/15/19 | 50 | 57 |
Anadarko Petroleum Corp. | 6.450% | 9/15/36 | 650 | 677 |
Anadarko Petroleum Corp. | 7.950% | 6/15/39 | 125 | 154 |
Apache Corp. | 6.000% | 9/15/13 | 300 | 330 |
Apache Corp. | 5.625% | 1/15/17 | 75 | 80 |
Apache Corp. | 6.900% | 9/15/18 | 500 | 586 |
Apache Finance Canada Corp. | 7.750% | 12/15/29 | 225 | 274 |
Baker Hughes Inc. | 6.875% | 1/15/29 | 400 | 445 |
BJ Services Co. | 6.000% | 6/1/18 | 100 | 108 |
BP Capital Markets PLC | 5.250% | 11/7/13 | 750 | 817 |
BP Capital Markets PLC | 3.625% | 5/8/14 | 675 | 690 |
BP Capital Markets PLC | 3.875% | 3/10/15 | 250 | 258 |
BP Capital Markets PLC | 4.750% | 3/10/19 | 750 | 765 |
Burlington Resources Finance Co. | 6.680% | 2/15/11 | 375 | 398 |
Burlington Resources Finance Co. | 6.500% | 12/1/11 | 300 | 328 |
Burlington Resources Finance Co. | 7.400% | 12/1/31 | 600 | 687 |
Canadian Natural Resources Ltd. | 5.450% | 10/1/12 | 250 | 267 |
Canadian Natural Resources Ltd. | 4.900% | 12/1/14 | 175 | 184 |
Canadian Natural Resources Ltd. | 7.200% | 1/15/32 | 500 | 564 |
Canadian Natural Resources Ltd. | 6.450% | 6/30/33 | 400 | 416 |
Canadian Natural Resources Ltd. | 6.500% | 2/15/37 | 425 | 448 |
7 Cenovus Energy Inc. | 4.500% | 9/15/14 | 950 | 975 |
7 Cenovus Energy Inc. | 5.700% | 10/15/19 | 475 | 481 |
7 Cenovus Energy Inc. | 6.750% | 11/15/39 | 375 | 395 |
Chevron Corp. | 3.450% | 3/3/12 | 250 | 261 |
Chevron Corp. | 3.950% | 3/3/14 | 425 | 447 |
Chevron Corp. | 4.950% | 3/3/19 | 750 | 790 |
ConocoPhillips | 4.750% | 2/1/14 | 250 | 268 |
ConocoPhillips | 4.600% | 1/15/15 | 200 | 213 |
ConocoPhillips | 5.750% | 2/1/19 | 850 | 933 |
ConocoPhillips | 6.000% | 1/15/20 | 725 | 803 |
ConocoPhillips | 6.500% | 2/1/39 | 375 | 417 |
ConocoPhillips Canada Funding Co. I | 5.950% | 10/15/36 | 250 | 249 |
ConocoPhillips Holding Co. | 6.950% | 4/15/29 | 175 | 198 |
Devon Energy Corp. | 5.625% | 1/15/14 | 525 | 571 |
Devon Energy Corp. | 7.950% | 4/15/32 | 75 | 95 |
Devon Financing Corp. ULC | 6.875% | 9/30/11 | 475 | 515 |
80
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Devon Financing Corp. ULC | 7.875% | 9/30/31 | 375 | 466 |
Diamond Offshore Drilling Inc. | 4.875% | 7/1/15 | 100 | 106 |
Diamond Offshore Drilling Inc. | 5.875% | 5/1/19 | 75 | 80 |
Diamond Offshore Drilling Inc. | 5.700% | 10/15/39 | 225 | 221 |
EnCana Corp. | 4.750% | 10/15/13 | 25 | 26 |
EnCana Corp. | 7.200% | 11/1/31 | 625 | 676 |
EnCana Corp. | 6.500% | 8/15/34 | 325 | 349 |
EnCana Holdings Finance Corp. | 5.800% | 5/1/14 | 50 | 55 |
EOG Resources Inc. | 6.125% | 10/1/13 | 575 | 635 |
EOG Resources Inc. | 5.625% | 6/1/19 | 275 | 294 |
Halliburton Co. | 6.150% | 9/15/19 | 525 | 589 |
Halliburton Co. | 7.450% | 9/15/39 | 700 | 864 |
Hess Corp. | 8.125% | 2/15/19 | 600 | 724 |
Hess Corp. | 7.875% | 10/1/29 | 150 | 179 |
Hess Corp. | 7.125% | 3/15/33 | 375 | 418 |
Husky Energy Inc. | 6.250% | 6/15/12 | 350 | 376 |
Husky Energy Inc. | 7.250% | 12/15/19 | 300 | 346 |
Husky Energy Inc. | 6.800% | 9/15/37 | 100 | 105 |
Kerr-McGee Corp. | 6.950% | 7/1/24 | 1,000 | 1,087 |
Kerr-McGee Corp. | 7.875% | 9/15/31 | 150 | 171 |
Marathon Oil Corp. | 6.125% | 3/15/12 | 475 | 514 |
Nabors Industries Inc. | 9.250% | 1/15/19 | 600 | 737 |
Nexen Inc. | 5.050% | 11/20/13 | 400 | 422 |
Nexen Inc. | 5.650% | 5/15/17 | 175 | 182 |
Nexen Inc. | 7.875% | 3/15/32 | 100 | 116 |
Nexen Inc. | 7.500% | 7/30/39 | 625 | 703 |
Noble Energy Inc. | 8.250% | 3/1/19 | 300 | 359 |
Occidental Petroleum Corp. | 6.750% | 1/15/12 | 125 | 137 |
Occidental Petroleum Corp. | 7.000% | 11/1/13 | 650 | 744 |
PC Financial Partnership | 5.000% | 11/15/14 | 25 | 26 |
Petro-Canada | 4.000% | 7/15/13 | 75 | 77 |
Petro-Canada | 7.875% | 6/15/26 | 100 | 116 |
Petro-Canada | 5.350% | 7/15/33 | 450 | 406 |
Petro-Canada | 5.950% | 5/15/35 | 500 | 476 |
Questar Market Resources Inc. | 6.050% | 9/1/16 | 350 | 357 |
Rowan Cos. Inc. | 7.875% | 8/1/19 | 125 | 139 |
Shell International Finance BV | 5.625% | 6/27/11 | 50 | 53 |
Shell International Finance BV | 4.950% | 3/22/12 | 375 | 402 |
Shell International Finance BV | 4.000% | 3/21/14 | 375 | 392 |
Shell International Finance BV | 3.250% | 9/22/15 | 525 | 525 |
Shell International Finance BV | 5.200% | 3/22/17 | 300 | 323 |
Shell International Finance BV | 4.300% | 9/22/19 | 700 | 692 |
Shell International Finance BV | 6.375% | 12/15/38 | 975 | 1,085 |
Smith International Inc. | 9.750% | 3/15/19 | 600 | 760 |
Statoil ASA | 3.875% | 4/15/14 | 300 | 312 |
Statoil ASA | 2.900% | 10/15/14 | 75 | 75 |
Statoil ASA | 5.250% | 4/15/19 | 650 | 690 |
Statoil ASA | 7.150% | 1/15/29 | 250 | 294 |
Suncor Energy Inc. | 6.100% | 6/1/18 | 225 | 242 |
Suncor Energy Inc. | 6.500% | 6/15/38 | 775 | 815 |
Suncor Energy Inc. | 6.850% | 6/1/39 | 600 | 667 |
Sunoco Inc. | 4.875% | 10/15/14 | 175 | 176 |
Sunoco Inc. | 5.750% | 1/15/17 | 200 | 204 |
Talisman Energy Inc. | 5.125% | 5/15/15 | 100 | 104 |
Talisman Energy Inc. | 5.850% | 2/1/37 | 650 | 617 |
Tosco Corp. | 8.125% | 2/15/30 | 1,150 | 1,397 |
Total Capital SA | 3.125% | 10/2/15 | 25 | 25 |
Transocean Inc. | 5.250% | 3/15/13 | 100 | 107 |
Transocean Inc. | 6.000% | 3/15/18 | 425 | 454 |
Transocean Inc. | 7.500% | 4/15/31 | 300 | 348 |
Valero Energy Corp. | 6.875% | 4/15/12 | 700 | 753 |
Valero Energy Corp. | 7.500% | 4/15/32 | 750 | 767 |
Valero Energy Corp. | 6.625% | 6/15/37 | 300 | 280 |
Weatherford International Inc. | 6.800% | 6/15/37 | 150 | 150 |
81
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Weatherford International Ltd. | 9.625% | 3/1/19 | 775 | 968 |
Weatherford International Ltd. | 6.500% | 8/1/36 | 800 | 763 |
XTO Energy Inc. | 5.900% | 8/1/12 | 425 | 463 |
XTO Energy Inc. | 6.250% | 4/15/13 | 250 | 279 |
XTO Energy Inc. | 5.750% | 12/15/13 | 900 | 1,001 |
XTO Energy Inc. | 4.900% | 2/1/14 | 200 | 215 |
XTO Energy Inc. | 5.000% | 1/31/15 | 200 | 216 |
XTO Energy Inc. | 6.250% | 8/1/17 | 400 | 454 |
Other Industrial (0.0%) | ||||
Cintas Corp. | 6.125% | 12/1/17 | 225 | 240 |
Technology (0.3%) | ||||
Agilent Technologies Inc. | 4.450% | 9/14/12 | 25 | 26 |
Agilent Technologies Inc. | 5.500% | 9/14/15 | 550 | 578 |
Agilent Technologies Inc. | 6.500% | 11/1/17 | 350 | 371 |
Amphenol Corp. | 4.750% | 11/15/14 | 200 | 200 |
Analog Devices Inc. | 5.000% | 7/1/14 | 175 | 184 |
BMC Software Inc. | 7.250% | 6/1/18 | 175 | 190 |
CA Inc. | 5.375% | 12/1/19 | 175 | 177 |
Cisco Systems Inc. | 5.250% | 2/22/11 | 2,075 | 2,178 |
Cisco Systems Inc. | 4.950% | 2/15/19 | 200 | 206 |
Cisco Systems Inc. | 4.450% | 1/15/20 | 25 | 25 |
Cisco Systems Inc. | 5.900% | 2/15/39 | 975 | 984 |
Cisco Systems Inc. | 5.500% | 1/15/40 | 325 | 312 |
Computer Sciences Corp. | 6.500% | 3/15/18 | 125 | 135 |
Corning Inc. | 6.625% | 5/15/19 | 50 | 54 |
Dell Inc. | 3.375% | 6/15/12 | 625 | 647 |
Dell Inc. | 5.875% | 6/15/19 | 175 | 187 |
Electronic Data Systems LLC | 6.000% | 8/1/13 | 225 | 250 |
Equifax Inc. | 6.300% | 7/1/17 | 125 | 128 |
Equifax Inc. | 7.000% | 7/1/37 | 150 | 148 |
Fiserv Inc. | 6.800% | 11/20/17 | 475 | 523 |
Harris Corp. | 5.000% | 10/1/15 | 425 | 440 |
Hewlett-Packard Co. | 2.250% | 5/27/11 | 175 | 178 |
Hewlett-Packard Co. | 4.500% | 3/1/13 | 625 | 665 |
Hewlett-Packard Co. | 6.125% | 3/1/14 | 1,050 | 1,173 |
Hewlett-Packard Co. | 5.400% | 3/1/17 | 225 | 240 |
Hewlett-Packard Co. | 5.500% | 3/1/18 | 1,025 | 1,088 |
IBM International Group Capital LLC | 5.050% | 10/22/12 | 1,000 | 1,081 |
International Business Machines Corp. | 4.950% | 3/22/11 | 75 | 79 |
International Business Machines Corp. | 7.500% | 6/15/13 | 550 | 639 |
International Business Machines Corp. | 5.700% | 9/14/17 | 500 | 547 |
International Business Machines Corp. | 5.600% | 11/30/39 | 1,720 | 1,736 |
International Game Technology | 7.500% | 6/15/19 | 125 | 136 |
Intuit Inc. | 5.400% | 3/15/12 | 200 | 213 |
Lexmark International Inc. | 5.900% | 6/1/13 | 150 | 154 |
Lexmark International Inc. | 6.650% | 6/1/18 | 375 | 369 |
Microsoft Corp. | 2.950% | 6/1/14 | 675 | 684 |
Microsoft Corp. | 4.200% | 6/1/19 | 50 | 50 |
Microsoft Corp. | 5.200% | 6/1/39 | 350 | 343 |
Motorola Inc. | 8.000% | 11/1/11 | 25 | 27 |
Motorola Inc. | 5.375% | 11/15/12 | 275 | 280 |
Motorola Inc. | 7.500% | 5/15/25 | 75 | 72 |
Motorola Inc. | 6.500% | 11/15/28 | 200 | 173 |
Motorola Inc. | 6.625% | 11/15/37 | 275 | 237 |
Nokia Oyj | 5.375% | 5/15/19 | 175 | 179 |
Nokia Oyj | 6.625% | 5/15/39 | 100 | 109 |
Oracle Corp. | 5.000% | 1/15/11 | 250 | 261 |
Oracle Corp. | 3.750% | 7/8/14 | 200 | 207 |
Oracle Corp. | 5.250% | 1/15/16 | 1,900 | 2,052 |
Oracle Corp. | 5.750% | 4/15/18 | 300 | 326 |
Oracle Corp. | 5.000% | 7/8/19 | 975 | 1,009 |
Oracle Corp. | 6.125% | 7/8/39 | 500 | 527 |
82
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Pitney Bowes Inc. | 3.875% | 6/15/13 | 225 | 231 |
Pitney Bowes Inc. | 4.875% | 8/15/14 | 25 | 26 |
Pitney Bowes Inc. | 4.750% | 1/15/16 | 1,300 | 1,349 |
Science Applications International Corp. | 6.250% | 7/1/12 | 100 | 109 |
Science Applications International Corp. | 5.500% | 7/1/33 | 100 | 89 |
Xerox Capital Trust I | 8.000% | 2/1/27 | 100 | 99 |
Xerox Corp. | 7.125% | 6/15/10 | 200 | 205 |
Xerox Corp. | 6.875% | 8/15/11 | 200 | 214 |
Xerox Corp. | 5.500% | 5/15/12 | 150 | 159 |
Xerox Corp. | 7.625% | 6/15/13 | 225 | 231 |
Xerox Corp. | 8.250% | 5/15/14 | 300 | 346 |
Xerox Corp. | 6.400% | 3/15/16 | 375 | 397 |
Xerox Corp. | 6.750% | 2/1/17 | 350 | 377 |
Xerox Corp. | 6.350% | 5/15/18 | 350 | 368 |
Xerox Corp. | 5.625% | 12/15/19 | 50 | 50 |
Transportation (0.2%) | ||||
5 American Airlines Pass Through Trust 2009-1A | 10.375% | 7/2/19 | 125 | 140 |
Burlington Northern Santa Fe Corp. | 7.125% | 12/15/10 | 675 | 714 |
Burlington Northern Santa Fe Corp. | 5.900% | 7/1/12 | 350 | 381 |
Burlington Northern Santa Fe Corp. | 5.650% | 5/1/17 | 75 | 80 |
Burlington Northern Santa Fe Corp. | 7.000% | 12/15/25 | 200 | 220 |
Burlington Northern Santa Fe Corp. | 6.200% | 8/15/36 | 125 | 132 |
Canadian National Railway Co. | 6.250% | 8/1/34 | 350 | 378 |
Canadian National Railway Co. | 6.200% | 6/1/36 | 350 | 379 |
Canadian Pacific Railway Co. | 7.125% | 10/15/31 | 450 | 475 |
Canadian Pacific Railway Co. | 5.950% | 5/15/37 | 250 | 237 |
Con-way Inc. | 6.700% | 5/1/34 | 350 | 274 |
5 Continental Airlines Inc. | 6.648% | 9/15/17 | 527 | 504 |
Continental Airlines Inc. | 7.250% | 11/10/19 | 150 | 153 |
CSX Corp. | 6.750% | 3/15/11 | 400 | 424 |
CSX Corp. | 6.300% | 3/15/12 | 400 | 433 |
CSX Corp. | 5.600% | 5/1/17 | 25 | 26 |
CSX Corp. | 7.900% | 5/1/17 | 300 | 347 |
CSX Corp. | 6.250% | 3/15/18 | 525 | 569 |
CSX Corp. | 7.375% | 2/1/19 | 1,200 | 1,379 |
5 Delta Air Lines Inc. | 7.750% | 12/17/19 | 425 | 438 |
5 Delta Air Lines Inc. | 6.821% | 8/10/22 | 263 | 252 |
Norfolk Southern Corp. | 5.750% | 1/15/16 | 175 | 186 |
Norfolk Southern Corp. | 7.700% | 5/15/17 | 400 | 469 |
Norfolk Southern Corp. | 5.750% | 4/1/18 | 100 | 106 |
Norfolk Southern Corp. | 5.900% | 6/15/19 | 425 | 457 |
Norfolk Southern Corp. | 5.590% | 5/17/25 | 72 | 70 |
Norfolk Southern Corp. | 7.800% | 5/15/27 | 100 | 121 |
Norfolk Southern Corp. | 5.640% | 5/17/29 | 100 | 98 |
Norfolk Southern Corp. | 7.050% | 5/1/37 | 200 | 236 |
Norfolk Southern Corp. | 7.900% | 5/15/97 | 100 | 116 |
Norfolk Southern Railway Co. | 9.750% | 6/15/20 | 116 | 154 |
Ryder System Inc. | 5.950% | 5/2/11 | 158 | 163 |
Ryder System Inc. | 5.850% | 3/1/14 | 250 | 262 |
Ryder System Inc. | 5.850% | 11/1/16 | 75 | 75 |
Southwest Airlines Co. | 5.750% | 12/15/16 | 200 | 194 |
Southwest Airlines Co. | 5.125% | 3/1/17 | 400 | 379 |
5 Southwest Airlines Co. 2007-1 Pass Through Trust 3 | 6.150% | 8/1/22 | 140 | 140 |
Union Pacific Corp. | 6.125% | 1/15/12 | 25 | 27 |
Union Pacific Corp. | 6.500% | 4/15/12 | 75 | 82 |
Union Pacific Corp. | 5.450% | 1/31/13 | 650 | 700 |
Union Pacific Corp. | 7.875% | 1/15/19 | 775 | 933 |
Union Pacific Corp. | 7.125% | 2/1/28 | 500 | 554 |
Union Pacific Corp. | 6.625% | 2/1/29 | 200 | 216 |
United Parcel Service Inc. | 3.875% | 4/1/14 | 50 | 52 |
United Parcel Service Inc. | 5.125% | 4/1/19 | 175 | 186 |
United Parcel Service Inc. | 6.200% | 1/15/38 | 725 | 804 |
369,700 |
83
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Utilities (0.9%) | ||||
Electric (0.7%) | ||||
AEP Texas Central Co. | 6.650% | 2/15/33 | 400 | 410 |
Alabama Power Co. | 4.850% | 12/15/12 | 200 | 214 |
Alabama Power Co. | 5.500% | 10/15/17 | 550 | 579 |
American Water Capital Corp. | 6.593% | 10/15/37 | 500 | 497 |
Arizona Public Service Co. | 5.800% | 6/30/14 | 50 | 53 |
Arizona Public Service Co. | 4.650% | 5/15/15 | 275 | 277 |
Baltimore Gas & Electric Co. | 5.900% | 10/1/16 | 375 | 399 |
Carolina Power & Light Co. | 6.500% | 7/15/12 | 350 | 386 |
Carolina Power & Light Co. | 5.125% | 9/15/13 | 325 | 350 |
Carolina Power & Light Co. | 5.300% | 1/15/19 | 675 | 703 |
CenterPoint Energy Houston Electric LLC | 5.700% | 3/15/13 | 500 | 533 |
CenterPoint Energy Houston Electric LLC | 7.000% | 3/1/14 | 175 | 200 |
Cleveland Electric Illuminating Co. | 5.650% | 12/15/13 | 325 | 350 |
Cleveland Electric Illuminating Co. | 7.880% | 11/1/17 | 200 | 236 |
Cleveland Electric Illuminating Co. | 5.500% | 8/15/24 | 750 | 743 |
Commonwealth Edison Co. | 5.950% | 8/15/16 | 500 | 544 |
Commonwealth Edison Co. | 6.150% | 9/15/17 | 600 | 652 |
Commonwealth Edison Co. | 5.800% | 3/15/18 | 150 | 160 |
Commonwealth Edison Co. | 5.900% | 3/15/36 | 100 | 100 |
Connecticut Light & Power Co. | 6.350% | 6/1/36 | 250 | 271 |
Consolidated Edison Co. of New York Inc. | 5.375% | 12/15/15 | 125 | 134 |
Consolidated Edison Co. of New York Inc. | 5.500% | 9/15/16 | 350 | 366 |
Consolidated Edison Co. of New York Inc. | 6.650% | 4/1/19 | 225 | 255 |
Consolidated Edison Co. of New York Inc. | 5.300% | 3/1/35 | 300 | 287 |
Consolidated Edison Co. of New York Inc. | 6.200% | 6/15/36 | 400 | 428 |
Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/37 | 450 | 488 |
Consolidated Natural Gas Co. | 6.250% | 11/1/11 | 300 | 323 |
Constellation Energy Group Inc. | 7.000% | 4/1/12 | 100 | 108 |
Constellation Energy Group Inc. | 4.550% | 6/15/15 | 175 | 175 |
Constellation Energy Group Inc. | 7.600% | 4/1/32 | 100 | 108 |
Consumers Energy Co. | 5.000% | 2/15/12 | 725 | 765 |
Consumers Energy Co. | 5.375% | 4/15/13 | 175 | 187 |
Detroit Edison Co. | 5.700% | 10/1/37 | 125 | 120 |
Dominion Resources Inc. | 6.000% | 11/30/17 | 550 | 595 |
Dominion Resources Inc. | 5.250% | 8/1/33 | 200 | 208 |
5 Dominion Resources Inc. | 7.500% | 6/30/66 | 175 | 169 |
5 Dominion Resources Inc. | 6.300% | 9/30/66 | 50 | 44 |
DTE Energy Co. | 7.050% | 6/1/11 | 250 | 265 |
Duke Energy Carolinas LLC | 6.100% | 6/1/37 | 1,000 | 1,064 |
Duke Energy Carolinas LLC | 6.050% | 4/15/38 | 50 | 53 |
Duke Energy Carolinas LLC | 5.300% | 2/15/40 | 375 | 362 |
Duke Energy Corp. | 5.050% | 9/15/19 | 175 | 175 |
Duke Energy Indiana Inc. | 5.000% | 9/15/13 | 250 | 262 |
Duke Energy Ohio Inc. | 5.700% | 9/15/12 | 675 | 735 |
Duke Energy Ohio Inc. | 2.100% | 6/15/13 | 325 | 321 |
El Paso Electric Co. | 6.000% | 5/15/35 | 175 | 156 |
Energy East Corp. | 6.750% | 6/15/12 | 500 | 545 |
Energy East Corp. | 6.750% | 7/15/36 | 400 | 446 |
Entergy Gulf States Louisiana LLC | 6.000% | 5/1/18 | 500 | 522 |
Entergy Louisiana LLC | 6.500% | 9/1/18 | 100 | 106 |
Exelon Corp. | 4.900% | 6/15/15 | 500 | 518 |
Exelon Generation Co. LLC | 5.200% | 10/1/19 | 225 | 225 |
Exelon Generation Co. LLC | 6.250% | 10/1/39 | 425 | 432 |
FirstEnergy Solutions Corp. | 4.800% | 2/15/15 | 475 | 485 |
Florida Power & Light Co. | 5.950% | 10/1/33 | 100 | 104 |
Florida Power & Light Co. | 5.625% | 4/1/34 | 225 | 225 |
Florida Power & Light Co. | 4.950% | 6/1/35 | 50 | 45 |
Florida Power & Light Co. | 6.200% | 6/1/36 | 50 | 54 |
Florida Power & Light Co. | 5.650% | 2/1/37 | 300 | 298 |
Florida Power & Light Co. | 5.850% | 5/1/37 | 150 | 155 |
Florida Power & Light Co. | 5.960% | 4/1/39 | 1,350 | 1,422 |
Florida Power Corp. | 4.800% | 3/1/13 | 50 | 53 |
84
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Florida Power Corp. | 5.650% | 6/15/18 | 50 | 54 |
5 FPL Group Capital Inc. | 6.350% | 10/1/66 | 225 | 208 |
5 FPL Group Capital Inc. | 6.650% | 6/15/67 | 275 | 255 |
Georgia Power Co. | 5.950% | 2/1/39 | 575 | 601 |
Illinois Power Co. | 6.125% | 11/15/17 | 25 | 26 |
5 Integrys Energy Group Inc. | 6.110% | 12/1/66 | 300 | 249 |
Interstate Power & Light Co. | 6.250% | 7/15/39 | 100 | 104 |
Jersey Central Power & Light Co. | 5.625% | 5/1/16 | 350 | 364 |
Jersey Central Power & Light Co. | 5.650% | 6/1/17 | 350 | 360 |
Kansas City Power & Light Co. | 6.050% | 11/15/35 | 200 | 186 |
MidAmerican Energy Co. | 5.650% | 7/15/12 | 75 | 81 |
MidAmerican Energy Co. | 5.950% | 7/15/17 | 150 | 158 |
MidAmerican Energy Co. | 6.750% | 12/30/31 | 325 | 364 |
Midamerican Energy Holdings Co. | 5.875% | 10/1/12 | 750 | 818 |
Midamerican Energy Holdings Co. | 5.000% | 2/15/14 | 300 | 316 |
Midamerican Energy Holdings Co. | 6.125% | 4/1/36 | 400 | 407 |
Midamerican Energy Holdings Co. | 5.950% | 5/15/37 | 525 | 530 |
National Rural Utilities Cooperative Finance Corp. | 4.375% | 10/1/10 | 150 | 154 |
National Rural Utilities Cooperative Finance Corp. | 2.625% | 9/16/12 | 750 | 758 |
National Rural Utilities Cooperative Finance Corp. | 5.500% | 7/1/13 | 275 | 299 |
National Rural Utilities Cooperative Finance Corp. | 4.750% | 3/1/14 | 700 | 745 |
National Rural Utilities Cooperative Finance Corp. | 5.450% | 2/1/18 | 150 | 156 |
National Rural Utilities Cooperative Finance Corp. | 8.000% | 3/1/32 | 600 | 711 |
Nevada Power Co. | 7.125% | 3/15/19 | 450 | 506 |
7 Niagara Mohawk Power Corp. | 4.881% | 8/15/19 | 400 | 398 |
Nisource Finance Corp. | 6.125% | 3/1/22 | 450 | 459 |
Northern States Power Co. | 6.200% | 7/1/37 | 50 | 54 |
Northern States Power Co. | 5.350% | 11/1/39 | 175 | 169 |
NSTAR Electric Co. | 4.875% | 10/15/12 | 75 | 80 |
NSTAR Electric Co. | 4.875% | 4/15/14 | 225 | 240 |
NSTAR Electric Co. | 5.625% | 11/15/17 | 325 | 346 |
7 Oglethorpe Power Corp. | 5.950% | 11/1/39 | 100 | 99 |
Ohio Edison Co. | 6.400% | 7/15/16 | 550 | 594 |
Ohio Power Co. | 5.750% | 9/1/13 | 475 | 505 |
Ohio Power Co. | 6.000% | 6/1/16 | 150 | 161 |
Oncor Electric Delivery Co. LLC | 5.950% | 9/1/13 | 325 | 350 |
Oncor Electric Delivery Co. LLC | 6.375% | 1/15/15 | 175 | 191 |
Oncor Electric Delivery Co. LLC | 7.250% | 1/15/33 | 600 | 690 |
Pacific Gas & Electric Co. | 4.800% | 3/1/14 | 650 | 694 |
Pacific Gas & Electric Co. | 5.625% | 11/30/17 | 250 | 266 |
Pacific Gas & Electric Co. | 8.250% | 10/15/18 | 275 | 336 |
Pacific Gas & Electric Co. | 6.050% | 3/1/34 | 825 | 864 |
Pacific Gas & Electric Co. | 5.800% | 3/1/37 | 1,225 | 1,242 |
PacifiCorp | 6.900% | 11/15/11 | 500 | 550 |
PacifiCorp | 5.250% | 6/15/35 | 475 | 444 |
PacifiCorp | 6.250% | 10/15/37 | 650 | 701 |
Peco Energy Co. | 5.350% | 3/1/18 | 125 | 132 |
Pennsylvania Electric Co. | 6.050% | 9/1/17 | 75 | 79 |
Pepco Holdings Inc. | 6.450% | 8/15/12 | 175 | 188 |
PPL Electric Utilities Corp. | 6.250% | 5/15/39 | 1,100 | 1,156 |
PPL Energy Supply LLC | 6.400% | 11/1/11 | 250 | 269 |
PPL Energy Supply LLC | 6.200% | 5/15/16 | 68 | 71 |
Progress Energy Inc. | 7.100% | 3/1/11 | 446 | 472 |
Progress Energy Inc. | 6.050% | 3/15/14 | 100 | 109 |
Progress Energy Inc. | 7.050% | 3/15/19 | 75 | 84 |
Progress Energy Inc. | 7.750% | 3/1/31 | 625 | 739 |
Progress Energy Inc. | 7.000% | 10/30/31 | 550 | 600 |
Progress Energy Inc. | 6.000% | 12/1/39 | 25 | 25 |
PSEG Power LLC | 7.750% | 4/15/11 | 250 | 268 |
PSEG Power LLC | 5.000% | 4/1/14 | 650 | 681 |
PSEG Power LLC | 5.500% | 12/1/15 | 450 | 475 |
Public Service Co. of Colorado | 5.800% | 8/1/18 | 100 | 109 |
Public Service Co. of Colorado | 5.125% | 6/1/19 | 175 | 181 |
Public Service Co. of Colorado | 6.250% | 9/1/37 | 300 | 327 |
85
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Public Service Co. of Colorado | 6.500% | 8/1/38 | 200 | 226 |
Public Service Co. of Oklahoma | 5.150% | 12/1/19 | 600 | 601 |
Public Service Co. of Oklahoma | 6.625% | 11/15/37 | 275 | 285 |
Puget Sound Energy Inc. | 5.483% | 6/1/35 | 100 | 95 |
Puget Sound Energy Inc. | 6.274% | 3/15/37 | 500 | 530 |
San Diego Gas & Electric Co. | 5.300% | 11/15/15 | 100 | 110 |
San Diego Gas & Electric Co. | 5.350% | 5/15/35 | 100 | 97 |
San Diego Gas & Electric Co. | 6.000% | 6/1/39 | 50 | 53 |
SCANA Corp. | 6.875% | 5/15/11 | 75 | 80 |
Sierra Pacific Power Co. | 6.000% | 5/15/16 | 525 | 565 |
Sierra Pacific Power Co. | 6.750% | 7/1/37 | 400 | 424 |
South Carolina Electric & Gas Co. | 6.625% | 2/1/32 | 450 | 503 |
South Carolina Electric & Gas Co. | 6.050% | 1/15/38 | 150 | 158 |
Southern California Edison Co. | 4.650% | 4/1/15 | 425 | 451 |
Southern California Edison Co. | 5.000% | 1/15/16 | 275 | 289 |
Southern California Edison Co. | 6.650% | 4/1/29 | 225 | 245 |
Southern California Edison Co. | 5.750% | 4/1/35 | 275 | 277 |
Southern California Edison Co. | 5.350% | 7/15/35 | 350 | 334 |
Southern Power Co. | 6.250% | 7/15/12 | 425 | 465 |
Southern Power Co. | 4.875% | 7/15/15 | 400 | 419 |
Southwestern Electric Power Co. | 6.450% | 1/15/19 | 250 | 264 |
Tampa Electric Co. | 6.550% | 5/15/36 | 375 | 390 |
TransAlta Corp. | 6.650% | 5/15/18 | 100 | 105 |
Union Electric Co. | 5.400% | 2/1/16 | 350 | 357 |
United Utilities PLC | 5.375% | 2/1/19 | 325 | 324 |
Virginia Electric and Power Co. | 5.100% | 11/30/12 | 225 | 244 |
Virginia Electric and Power Co. | 5.400% | 1/15/16 | 700 | 731 |
Virginia Electric and Power Co. | 6.000% | 5/15/37 | 550 | 578 |
Virginia Electric and Power Co. | 6.350% | 11/30/37 | 750 | 825 |
Virginia Electric and Power Co. | 8.875% | 11/15/38 | 100 | 141 |
Wisconsin Electric Power Co. | 6.000% | 4/1/14 | 550 | 616 |
Wisconsin Electric Power Co. | 4.250% | 12/15/19 | 175 | 174 |
Wisconsin Electric Power Co. | 5.625% | 5/15/33 | 200 | 197 |
5 Wisconsin Energy Corp. | 6.250% | 5/15/67 | 525 | 463 |
Wisconsin Power & Light Co. | 5.000% | 7/15/19 | 25 | 25 |
Wisconsin Power & Light Co. | 6.375% | 8/15/37 | 300 | 320 |
Xcel Energy Inc. | 5.613% | 4/1/17 | 631 | 655 |
Xcel Energy Inc. | 6.500% | 7/1/36 | 225 | 239 |
Natural Gas (0.2%) | ||||
AGL Capital Corp. | 7.125% | 1/14/11 | 300 | 315 |
Atmos Energy Corp. | 8.500% | 3/15/19 | 250 | 303 |
Boardwalk Pipelines LP | 5.500% | 2/1/17 | 200 | 200 |
CenterPoint Energy Resources Corp. | 7.875% | 4/1/13 | 250 | 280 |
CenterPoint Energy Resources Corp. | 6.150% | 5/1/16 | 300 | 310 |
El Paso Natural Gas Co. | 5.950% | 4/15/17 | 225 | 231 |
Enbridge Energy Partners LP | 9.875% | 3/1/19 | 550 | 697 |
Energy Transfer Partners LP | 5.650% | 8/1/12 | 275 | 296 |
Energy Transfer Partners LP | 5.950% | 2/1/15 | 300 | 319 |
Energy Transfer Partners LP | 6.125% | 2/15/17 | 300 | 311 |
Energy Transfer Partners LP | 9.000% | 4/15/19 | 275 | 330 |
Energy Transfer Partners LP | 6.625% | 10/15/36 | 150 | 150 |
8 Enron Corp. | 9.125% | 4/1/03 | 700 | 2 |
8 Enron Corp. | 7.125% | 5/15/07 | 300 | 1 |
8 Enron Corp. | 6.875% | 10/15/07 | 1,000 | 2 |
Enterprise Products Operating LLC | 4.950% | 6/1/10 | 475 | 483 |
Enterprise Products Operating LLC | 4.600% | 8/1/12 | 225 | 236 |
Enterprise Products Operating LLC | 5.600% | 10/15/14 | 775 | 829 |
Enterprise Products Operating LLC | 6.300% | 9/15/17 | 275 | 297 |
Enterprise Products Operating LLC | 6.875% | 3/1/33 | 1,000 | 1,052 |
EQT Corp. | 8.125% | 6/1/19 | 400 | 467 |
KeySpan Corp. | 8.000% | 11/15/30 | 200 | 234 |
Kinder Morgan Energy Partners LP | 7.125% | 3/15/12 | 475 | 517 |
Kinder Morgan Energy Partners LP | 5.850% | 9/15/12 | 175 | 187 |
86
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Kinder Morgan Energy Partners LP | 5.000% | 12/15/13 | 350 | 365 |
Kinder Morgan Energy Partners LP | 5.125% | 11/15/14 | 475 | 494 |
Kinder Morgan Energy Partners LP | 5.625% | 2/15/15 | 75 | 81 |
Kinder Morgan Energy Partners LP | 6.850% | 2/15/20 | 225 | 251 |
Kinder Morgan Energy Partners LP | 5.800% | 3/15/35 | 300 | 278 |
Magellan Midstream Partners LP | 5.650% | 10/15/16 | 150 | 153 |
Magellan Midstream Partners LP | 6.550% | 7/15/19 | 125 | 136 |
National Grid PLC | 6.300% | 8/1/16 | 275 | 300 |
NuStar Logistics LP | 7.650% | 4/15/18 | 350 | 380 |
Oneok Inc. | 5.200% | 6/15/15 | 300 | 311 |
Oneok Inc. | 6.000% | 6/15/35 | 275 | 258 |
ONEOK Partners LP | 5.900% | 4/1/12 | 350 | 369 |
ONEOK Partners LP | 6.150% | 10/1/16 | 600 | 626 |
ONEOK Partners LP | 8.625% | 3/1/19 | 400 | 484 |
ONEOK Partners LP | 6.650% | 10/1/36 | 525 | 532 |
Panhandle Eastern Pipeline Co. LP | 6.200% | 11/1/17 | 800 | 841 |
Plains All American Pipeline LP / PAA Finance Corp. | 6.500% | 5/1/18 | 50 | 53 |
Plains All American Pipeline LP / PAA Finance Corp. | 8.750% | 5/1/19 | 125 | 148 |
Sempra Energy | 6.000% | 2/1/13 | 200 | 217 |
Southern California Gas Co. | 5.750% | 11/15/35 | 25 | 26 |
7 Southern Natural Gas Co. | 5.900% | 4/1/17 | 225 | 229 |
Spectra Energy Capital LLC | 5.668% | 8/15/14 | 400 | 432 |
Tennessee Gas Pipeline Co. | 7.625% | 4/1/37 | 350 | 389 |
Texas Gas Transmission LLC | 4.600% | 6/1/15 | 250 | 255 |
TransCanada PipeLines Ltd. | 4.000% | 6/15/13 | 750 | 767 |
TransCanada PipeLines Ltd. | 6.500% | 8/15/18 | 300 | 337 |
TransCanada PipeLines Ltd. | 5.600% | 3/31/34 | 800 | 770 |
TransCanada PipeLines Ltd. | 5.850% | 3/15/36 | 125 | 124 |
5 TransCanada PipeLines Ltd. | 6.350% | 5/15/67 | 400 | 369 |
Williams Cos. Inc. | 7.125% | 9/1/11 | 375 | 399 |
Williams Cos. Inc. | 7.625% | 7/15/19 | 700 | 777 |
Williams Cos. Inc. | 7.500% | 1/15/31 | 700 | 756 |
Williams Cos. Inc. | 7.750% | 6/15/31 | 200 | 219 |
78,283 | ||||
Total Corporate Bonds (Cost $679,261) | 705,880 | |||
Sovereign Bonds (U.S. Dollar-Denominated) (1.6%) | ||||
African Development Bank | 1.000% | 11/23/11 | 275 | 273 |
African Development Bank | 1.750% | 10/1/12 | 225 | 224 |
African Development Bank | 3.000% | 5/27/14 | 875 | 871 |
Asian Development Bank | 4.500% | 9/4/12 | 500 | 532 |
Asian Development Bank | 3.625% | 9/5/13 | 900 | 948 |
Asian Development Bank | 2.750% | 5/21/14 | 1,175 | 1,173 |
Asian Development Bank | 5.500% | 6/27/16 | 100 | 111 |
Asian Development Bank | 5.593% | 7/16/18 | 500 | 541 |
Brazilian Government International Bond | 11.000% | 1/11/12 | 300 | 354 |
Brazilian Government International Bond | 10.250% | 6/17/13 | 150 | 185 |
Brazilian Government International Bond | 7.875% | 3/7/15 | 475 | 554 |
Brazilian Government International Bond | 6.000% | 1/17/17 | 1,975 | 2,113 |
5 Brazilian Government International Bond | 8.000% | 1/15/18 | 94 | 108 |
Brazilian Government International Bond | 5.875% | 1/15/19 | 450 | 478 |
Brazilian Government International Bond | 8.875% | 10/14/19 | 175 | 225 |
Brazilian Government International Bond | 8.875% | 4/15/24 | 325 | 421 |
Brazilian Government International Bond | 8.750% | 2/4/25 | 800 | 1,032 |
Brazilian Government International Bond | 10.125% | 5/15/27 | 875 | 1,284 |
Brazilian Government International Bond | 8.250% | 1/20/34 | 75 | 95 |
Brazilian Government International Bond | 7.125% | 1/20/37 | 1,850 | 2,118 |
Brazilian Government International Bond | 11.000% | 8/17/40 | 1,825 | 2,432 |
Brazilian Government International Bond | 5.625% | 1/7/41 | 650 | 609 |
Chile Government International Bond | 7.125% | 1/11/12 | 300 | 334 |
Chile Government International Bond | 5.500% | 1/15/13 | 150 | 166 |
China Development Bank Corp. | 4.750% | 10/8/14 | 450 | 461 |
China Development Bank Corp. | 5.000% | 10/15/15 | 175 | 189 |
87
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
China Government International Bond | 4.750% | 10/29/13 | 200 | 212 |
Corp Andina de Fomento | 8.125% | 6/4/19 | 775 | 885 |
Corp. Andina de Fomento | 5.200% | 5/21/13 | 425 | 448 |
Corp. Andina de Fomento | 5.750% | 1/12/17 | 375 | 374 |
Development Bank of Japan | 4.250% | 6/9/15 | 250 | 259 |
Eksportfinans ASA | 5.500% | 5/25/16 | 2,025 | 2,178 |
Eksportfinans ASA | 5.500% | 6/26/17 | 450 | 477 |
European Investment Bank | 4.625% | 9/15/10 | 1,325 | 1,361 |
European Investment Bank | 3.250% | 2/15/11 | 1,200 | 1,224 |
European Investment Bank | 5.250% | 6/15/11 | 750 | 791 |
European Investment Bank | 3.125% | 7/15/11 | 1,800 | 1,857 |
European Investment Bank | 2.000% | 2/10/12 | 3,475 | 3,513 |
European Investment Bank | 1.750% | 9/14/12 | 650 | 648 |
European Investment Bank | 2.875% | 3/15/13 | 650 | 654 |
European Investment Bank | 4.250% | 7/15/13 | 2,400 | 2,528 |
European Investment Bank | 2.375% | 3/14/14 | 375 | 375 |
European Investment Bank | 4.625% | 5/15/14 | 2,000 | 2,150 |
European Investment Bank | 3.125% | 6/4/14 | 1,975 | 2,003 |
European Investment Bank | 4.875% | 2/16/16 | 550 | 589 |
European Investment Bank | 5.125% | 9/13/16 | 300 | 328 |
European Investment Bank | 4.875% | 1/17/17 | 1,225 | 1,310 |
European Investment Bank | 5.125% | 5/30/17 | 800 | 866 |
Export Development Canada | 2.375% | 3/19/12 | 850 | 866 |
Export Development Canada | 1.750% | 9/24/12 | 975 | 972 |
Export-Import Bank of Korea | 5.500% | 10/17/12 | 1,100 | 1,147 |
Export-Import Bank of Korea | 8.125% | 1/21/14 | 675 | 785 |
Export-Import Bank of Korea | 5.875% | 1/14/15 | 250 | 269 |
Export-Import Bank of Korea | 5.125% | 3/16/15 | 150 | 154 |
Financement-Quebec | 5.000% | 10/25/12 | 500 | 534 |
Hydro Quebec | 6.300% | 5/11/11 | 775 | 827 |
Hydro Quebec | 8.400% | 1/15/22 | 825 | 1,069 |
Inter-American Development Bank | 8.500% | 3/15/11 | 175 | 189 |
Inter-American Development Bank | 1.500% | 6/23/11 | 300 | 302 |
Inter-American Development Bank | 3.000% | 4/22/14 | 1,325 | 1,333 |
Inter-American Development Bank | 4.250% | 9/10/18 | 1,875 | 1,922 |
Inter-American Development Bank | 3.875% | 9/17/19 | 1,500 | 1,486 |
Inter-American Development Bank | 7.000% | 6/15/25 | 250 | 297 |
International Bank for Reconstruction & Development | 3.125% | 11/15/11 | 600 | 617 |
International Bank for Reconstruction & Development | 2.000% | 4/2/12 | 2,175 | 2,199 |
International Bank for Reconstruction & Development | 3.500% | 10/8/13 | 75 | 78 |
International Bank for Reconstruction & Development | 4.750% | 2/15/35 | 1,050 | 978 |
International Finance Corp. | 3.500% | 5/15/13 | 375 | 382 |
International Finance Corp. | 3.000% | 4/22/14 | 875 | 874 |
Israel Government International Bond | 4.625% | 6/15/13 | 200 | 212 |
Israel Government International Bond | 5.500% | 11/9/16 | 850 | 913 |
Israel Government International Bond | 5.125% | 3/26/19 | 300 | 305 |
Italian Republic | 6.000% | 2/22/11 | 1,175 | 1,239 |
Italian Republic | 5.625% | 6/15/12 | 875 | 953 |
Italian Republic | 2.125% | 10/5/12 | 775 | 774 |
Italian Republic | 4.375% | 6/15/13 | 525 | 560 |
Italian Republic | 4.750% | 1/25/16 | 575 | 597 |
Italian Republic | 5.250% | 9/20/16 | 1,825 | 1,944 |
Italian Republic | 6.875% | 9/27/23 | 125 | 141 |
Italian Republic | 5.375% | 6/15/33 | 1,400 | 1,371 |
Japan Bank for International Cooperation | 4.750% | 5/25/11 | 675 | 709 |
Japan Bank for International Cooperation | 2.125% | 11/5/12 | 1,400 | 1,395 |
Japan Bank for International Cooperation | 4.250% | 6/18/13 | 75 | 79 |
Japan Finance Organization for Municipalities | 5.875% | 3/14/11 | 375 | 396 |
Japan Finance Organization for Municipalities | 4.625% | 4/21/15 | 500 | 524 |
Japan Finance Organization for Municipalities | 5.000% | 5/16/17 | 500 | 526 |
Korea Development Bank | 8.000% | 1/23/14 | 800 | 911 |
Korea Electric Power Corp. | 7.750% | 4/1/13 | 750 | 828 |
Kreditanstalt fuer Wiederaufbau | 3.125% | 11/15/10 | 1,400 | 1,431 |
Kreditanstalt fuer Wiederaufbau | 3.250% | 2/15/11 | 500 | 513 |
88
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Kreditanstalt fuer Wiederaufbau | 3.750% | 6/27/11 | 1,550 | 1,608 |
Kreditanstalt fuer Wiederaufbau | 2.000% | 1/17/12 | 275 | 278 |
Kreditanstalt fuer Wiederaufbau | 2.250% | 4/16/12 | 1,375 | 1,388 |
Kreditanstalt fuer Wiederaufbau | 4.750% | 5/15/12 | 775 | 824 |
Kreditanstalt fuer Wiederaufbau | 3.500% | 5/16/13 | 1,200 | 1,225 |
Kreditanstalt fuer Wiederaufbau | 4.000% | 10/15/13 | 1,325 | 1,379 |
Kreditanstalt fuer Wiederaufbau | 4.125% | 10/15/14 | 25 | 26 |
Kreditanstalt fuer Wiederaufbau | 2.750% | 10/21/14 | 1,225 | 1,213 |
Kreditanstalt fuer Wiederaufbau | 5.125% | 3/14/16 | 775 | 845 |
Kreditanstalt fuer Wiederaufbau | 4.375% | 3/15/18 | 2,200 | 2,236 |
Kreditanstalt fuer Wiederaufbau | 4.500% | 7/16/18 | 350 | 359 |
Kreditanstalt fuer Wiederaufbau | 4.875% | 6/17/19 | 4,775 | 5,052 |
Landwirtschaftliche Rentenbank | 5.250% | 7/2/12 | 1,075 | 1,155 |
Landwirtschaftliche Rentenbank | 1.875% | 9/24/12 | 1,500 | 1,496 |
Landwirtschaftliche Rentenbank | 4.875% | 11/16/15 | 1,025 | 1,098 |
Malaysia Government International Bond | 7.500% | 7/15/11 | 350 | 379 |
Mexico Government International Bond | 8.375% | 1/14/11 | 225 | 242 |
Mexico Government International Bond | 7.500% | 1/14/12 | 145 | 161 |
Mexico Government International Bond | 6.375% | 1/16/13 | 917 | 1,008 |
Mexico Government International Bond | 5.875% | 1/15/14 | 1,325 | 1,444 |
Mexico Government International Bond | 6.625% | 3/3/15 | 493 | 548 |
Mexico Government International Bond | 11.375% | 9/15/16 | 100 | 138 |
Mexico Government International Bond | 5.625% | 1/15/17 | 750 | 787 |
Mexico Government International Bond | 6.750% | 9/27/34 | 2,757 | 2,922 |
Nordic Investment Bank | 3.875% | 6/15/10 | 350 | 352 |
Nordic Investment Bank | 2.625% | 10/6/14 | 475 | 470 |
Oesterreichische Kontrollbank AG | 3.125% | 10/14/11 | 775 | 793 |
Oesterreichische Kontrollbank AG | 1.875% | 3/21/12 | 1,425 | 1,425 |
Oesterreichische Kontrollbank AG | 4.750% | 10/16/12 | 275 | 296 |
Oesterreichische Kontrollbank AG | 5.000% | 4/25/17 | 300 | 313 |
Ontario Electricity Financial Corp. | 7.450% | 3/31/13 | 600 | 681 |
Pemex Project Funding Master Trust | 9.125% | 10/13/10 | 60 | 63 |
Pemex Project Funding Master Trust | 5.750% | 3/1/18 | 950 | 957 |
Pemex Project Funding Master Trust | 6.625% | 6/15/35 | 850 | 807 |
Pemex Project Funding Master Trust | 6.625% | 6/15/38 | 375 | 349 |
Peruvian Government International Bond | 9.875% | 2/6/15 | 400 | 505 |
Peruvian Government International Bond | 8.375% | 5/3/16 | 200 | 242 |
Peruvian Government International Bond | 7.125% | 3/30/19 | 500 | 575 |
Peruvian Government International Bond | 7.350% | 7/21/25 | 700 | 801 |
5 Peruvian Government International Bond | 6.550% | 3/14/37 | 1,000 | 1,040 |
Petrobras International Finance Co. | 6.125% | 10/6/16 | 1,225 | 1,315 |
Petrobras International Finance Co. | 5.875% | 3/1/18 | 300 | 304 |
Petrobras International Finance Co. | 8.375% | 12/10/18 | 600 | 710 |
Petrobras International Finance Co. | 7.875% | 3/15/19 | 650 | 750 |
Petrobras International Finance Co. | 5.750% | 1/20/20 | 325 | 329 |
Petrobras International Finance Co. | 6.875% | 1/20/40 | 275 | 280 |
7 Petroleos Mexicanos | 4.875% | 3/15/15 | 75 | 74 |
Petroleos Mexicanos | 8.000% | 5/3/19 | 700 | 808 |
Poland Government International Bond | 6.250% | 7/3/12 | 350 | 378 |
Poland Government International Bond | 5.000% | 10/19/15 | 375 | 394 |
Poland Government International Bond | 6.375% | 7/15/19 | 1,850 | 2,012 |
Province of Manitoba Canada | 4.900% | 12/6/16 | 825 | 865 |
Province of Nova Scotia Canada | 5.750% | 2/27/12 | 250 | 267 |
Province of Ontario Canada | 3.375% | 5/20/11 | 100 | 103 |
Province of Ontario Canada | 5.000% | 10/18/11 | 2,500 | 2,657 |
Province of Ontario Canada | 1.875% | 11/19/12 | 1,050 | 1,043 |
Province of Ontario Canada | 4.100% | 6/16/14 | 1,625 | 1,693 |
Province of Ontario Canada | 4.750% | 1/19/16 | 75 | 78 |
Province of Ontario Canada | 4.000% | 10/7/19 | 850 | 811 |
Province of Quebec Canada | 4.875% | 5/5/14 | 250 | 266 |
Province of Quebec Canada | 4.600% | 5/26/15 | 350 | 365 |
Province of Quebec Canada | 5.125% | 11/14/16 | 525 | 565 |
Province of Quebec Canada | 4.625% | 5/14/18 | 525 | 532 |
Province of Quebec Canada | 7.125% | 2/9/24 | 400 | 468 |
89
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Province of Quebec Canada | 7.500% | 9/15/29 | 475 | 595 |
Region of Lombardy Italy | 5.804% | 10/25/32 | 500 | 489 |
Republic of Korea | 4.250% | 6/1/13 | 625 | 643 |
Republic of Korea | 5.750% | 4/16/14 | 875 | 951 |
Republic of Korea | 7.125% | 4/16/19 | 425 | 488 |
South Africa Government International Bond | 7.375% | 4/25/12 | 575 | 632 |
South Africa Government International Bond | 6.875% | 5/27/19 | 875 | 982 |
South Africa Government International Bond | 5.875% | 5/30/22 | 100 | 102 |
Svensk Exportkredit AB | 3.250% | 9/16/14 | 1,025 | 1,025 |
United Mexican States | 5.950% | 3/19/19 | 1,725 | 1,824 |
Total Sovereign Bonds (Cost $135,135) | 138,740 | |||
Taxable Municipal Bonds (0.2%) | ||||
American Muni. Power Ohio Inc. | 6.053% | 2/15/43 | 50 | 47 |
Bay Area Toll Auth. CA Toll Bridge Rev. | 6.263% | 4/1/49 | 325 | 312 |
Board of Trustees of The Leland Stanford Junior | ||||
University | 3.625% | 5/1/14 | 400 | 412 |
Board of Trustees of The Leland Stanford Junior | ||||
University | 4.250% | 5/1/16 | 100 | 102 |
California GO | 5.250% | 4/1/14 | 150 | 152 |
California GO | 6.200% | 10/1/19 | 600 | 584 |
California GO | 7.500% | 4/1/34 | 1,200 | 1,174 |
California GO | 5.650% | 4/1/39 | 200 | 207 |
California GO | 7.300% | 10/1/39 | 150 | 142 |
California GO | 7.350% | 11/1/39 | 1,125 | 1,096 |
Central Puget Sound WA Regional Transit Auth. Sales | ||||
& Use Tax Rev. | 5.491% | 11/1/39 | 100 | 97 |
Chicago IL Board of Educ. GO | 6.138% | 12/1/39 | 100 | 101 |
Chicago IL Metro. Water Reclamation Dist. GO | 5.720% | 12/1/38 | 150 | 150 |
Chicago IL Transit Auth. Rev. | 6.899% | 12/1/40 | 325 | 339 |
Clark County NV Airport Improvement Rev. | 6.881% | 7/1/42 | 75 | 74 |
Commonwealth Financing Auth. Pennsylvania Rev. | 6.218% | 6/1/39 | 325 | 324 |
Connecticut GO | 5.850% | 3/15/32 | 300 | 304 |
Dallas County Hosp. Dist. GO | 5.621% | 8/15/44 | 100 | 98 |
Dallas TX Area Rapid Transit Rev. | 5.999% | 12/1/44 | 200 | 205 |
Dartmouth College | 4.750% | 6/1/19 | 25 | 25 |
Denver CO City & County School Dist. | 5.664% | 12/1/33 | 75 | 73 |
District of Columbia Income Tax Rev. | 5.591% | 12/1/34 | 50 | 49 |
Georgia GO | 4.503% | 11/1/25 | 325 | 312 |
Howard Hughes Medical Institute | 3.450% | 9/1/14 | 200 | 203 |
Illinois GO | 4.950% | 6/1/23 | 1,450 | 1,357 |
Illinois GO | 5.100% | 6/1/33 | 1,600 | 1,337 |
Illinois State Tollway Highway Auth. Toll Highway Rev. | 5.851% | 12/1/34 | 75 | 73 |
Johns Hopkins University | 5.250% | 7/1/19 | 375 | 387 |
Kansas Dev. Finance Auth. Rev. (Public Employee | ||||
Retirement System) | 5.501% | 5/1/34 | 650 | 619 |
Las Vegas Valley Water Dist. Nevada GO | 7.013% | 6/1/39 | 75 | 79 |
Los Angeles CA Dept. of Water & Power Rev. | 6.008% | 7/1/39 | 325 | 318 |
Los Angeles CA USD GO | 5.750% | 7/1/34 | 250 | 230 |
Maryland Transp. Auth. Rev. | 5.888% | 7/1/43 | 100 | 101 |
Massachusetts GO | 5.456% | 12/1/39 | 250 | 241 |
Massachusetts School Building Auth. Dedicated Sales | ||||
Tax Rev. | 5.715% | 8/15/39 | 125 | 124 |
Metro. New York Transp. Auth. Rev. | 5.871% | 11/15/39 | 100 | 95 |
Metro. Washington DC Airports Auth. Rev. | 7.462% | 10/1/46 | 75 | 76 |
Missouri Highways & Transp. Comm. State Road Rev. | 5.445% | 5/1/33 | 100 | 96 |
New Jersey Econ. Dev. Auth. | 7.425% | 2/15/29 | 425 | 458 |
New Jersey Turnpike Auth. Rev. | 4.252% | 1/1/16 | 15 | 16 |
New Jersey Turnpike Auth. Rev. | 4.252% | 1/1/16 | 335 | 338 |
New Jersey Turnpike Auth. Rev. | 7.414% | 1/1/40 | 375 | 423 |
New York City NY GO | 5.985% | 12/1/36 | 75 | 74 |
New York City NY Muni. Water Finance Auth. Water & | ||||
Sewer System Rev. | 5.750% | 6/15/41 | 100 | 97 |
90
Vanguard® Balanced Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance Auth. Rev. | 5.767% | 8/1/36 | 100 | 97 |
New York Metro. Transp. Auth. Rev. | 7.336% | 11/15/39 | 125 | 140 |
New York State Urban Dev. Corp. Rev. | 5.770% | 3/15/39 | 300 | 297 |
North Texas Tollway Auth. Rev. | 6.718% | 1/1/49 | 200 | 210 |
Oregon (Taxable Pension) GO | 5.762% | 6/1/23 | 250 | 254 |
Oregon (Taxable Pension) GO | 5.892% | 6/1/27 | 375 | 377 |
Oregon GO | 4.759% | 6/30/28 | 300 | 247 |
Oregon GO | 5.528% | 6/30/28 | 125 | 120 |
Port Auth. of New York & New Jersey Rev. | 6.040% | 12/1/29 | 125 | 124 |
Princeton University | 5.700% | 3/1/39 | 300 | 309 |
San Antonio TX Electric & Gas Rev. | 5.985% | 2/1/39 | 225 | 229 |
Tobacco Settlement Finance Auth. Rev. | 7.467% | 6/1/47 | 375 | 296 |
Univ. of California Regents | 6.583% | 5/15/49 | 125 | 125 |
Univ. of Texas Permanent Univ. Fund Rev. | 5.262% | 7/1/39 | 100 | 96 |
Univ. of Texas Permanent Univ. Fund Rev. | 6.276% | 8/15/41 | 75 | 76 |
Utah GO | 4.554% | 7/1/24 | 125 | 122 |
Washington GO | 5.481% | 8/1/39 | 50 | 48 |
Wisconsin GO | 4.800% | 5/1/13 | 275 | 296 |
Wisconsin GO | 5.700% | 5/1/26 | 325 | 315 |
Total Taxable Municipal Bonds (Cost $17,306) | 16,899 | |||
Temporary Cash Investments (2.0%)1 | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
4,9 Federal Home Loan Bank Discount Notes | 0.220% | 3/26/10 | 3,000 | 2,999 |
Shares | ||||
Money Market Fund (2.0%) | ||||
10,11 Vanguard Market Liquidity Fund | 0.187% | 175,150,794 | 175,151 | |
Total Temporary Cash Investments (Cost $178,149) | 178,150 | |||
Total Investments (101.6%) (Cost $7,813,378) | 9,160,196 | |||
Other Assets and Liabilities—Net (-1.6%)11 | (141,365) | |||
Net Assets (100%) | 9,018,831 |
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $6,735,000.
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 61.0% and 1.7%, respectively, of net
assets.
2 Non-income producing security - new issue that has not paid a dividend as of December 31, 2009.
3 Guaranteed by the Federal Deposit Insurance Corporation (FDIC) as part of the Temporary Liquidity Guarantee Program.
4 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
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 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, 2009, the aggregate value of these securities was $19,704,000,
representing 0.2% of net assets.
8 Non-income-producing security--security in default.
9 Securities with a value of $2,999,000 have been segregated as initial margin for open futures contracts.
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 Includes $7,721,000 of collateral received for securities on loan.
GO—General Obligation Bond.
REIT—Real Estate Investment Trust.
USD—United School District.
91
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Valley Forge Funds and the Shareholders of Vanguard Balanced Index Fund:
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements (not presented herein) of Vanguard Balanced Index Fund (constituting a separate portfolio of Vanguard Valley Forge Funds, hereafter referred to as the "Fund") as of December 31, 2009 and for the year then ended and have issued our unqualified report thereon dated February 16, 2010. Our audit included an audit of the Fund’s schedule of investments as of December 31, 2009. This schedule of investments is the responsibility of the Fund’s management. Our responsibility is to express an opinion on this schedule of investments based on our audit.
In our opinion, the accompanying schedule of investments referred to above, when read in conjunction with the financial statements of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.
PricewaterhouseCoopers LLP
Philadelphia, PA
February 16, 2010
© 2010 Vanguard Group. Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA0220 022010
Vanguard Managed Payout Funds |
Annual Report |
December 31, 2009 |
Vanguard Managed Payout Growth Focus Fund |
Vanguard Managed Payout Growth and Distribution Fund |
Vanguard Managed Payout Distribution Focus Fund |
> The Managed Payout Funds returned between 22.56% and 25.90% as global stock
markets rebounded from a punishing 2008.
> Almost all of the funds’ holdings produced positive 12-month returns. Vanguard
Market Neutral Fund was the exception.
> In 2010, the funds’ monthly payout rates will be about 10% below their 2009
levels, a legacy of their troubled start in 2008.
Contents | |
Your Fund’s Total Returns | 1 |
Chairman’s Letter | 2 |
Results of Proxy Voting | 7 |
Managed Payout Growth Focus Fund | 9 |
Managed Payout Growth and Distribution Fund | 20 |
Managed Payout Distribution Focus Fund | 31 |
Your Fund’s After-Tax Returns | 44 |
About Your Fund’s Expenses | 45 |
Glossary | 47 |
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.
Cover photograph: Veronica Coia.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | ||
Ticker | Total | |
Symbol | Returns | |
Vanguard Managed Payout Growth Focus Fund | VPGFX | 25.90% |
Managed Payout Growth Focus Composite Index1 | 28.74 | |
Vanguard Managed Payout Growth and Distribution Fund | VPGDX | 23.51% |
Managed Payout Growth and Distribution Composite Index1 | 23.99 | |
Vanguard Managed Payout Distribution Focus Fund | VPDFX | 22.56% |
Managed Payout Distribution Focus Composite Index1 | 22.01 |
Your Fund’s Performance at a Glance | |||||
December 31, 2008–December 31, 2009 | |||||
Starting | Ending | Distributions Per Share2 | |||
Share | Share | Income | Capital | Return of | |
Price | Price | Dividends | Gains | Capital | |
Managed Payout Growth Focus Fund | $13.15 | $15.97 | $0.494 | $0.000 | $0.000 |
Managed Payout Growth and | |||||
Distribution Fund | 13.68 | 15.92 | 0.660 | 0.000 | 0.179 |
Managed Payout Distribution Focus Fund | 13.84 | 15.60 | 0.709 | 0.000 | 0.471 |
1 The Managed Payout Composite Indexes are weighted as follows: for the Managed Payout Growth Focus Composite Index, 65% FTSE All-
World Index, 5% Barclays Capital U.S. Aggregate Bond Index, 10% Citigroup 3-Month Treasury Bill Index, 10% Dow Jones-UBS Commodity
Index, and 10% US REIT Spliced Index; for the Managed Payout Growth and Distribution Composite Index, 50% FTSE All-World Index, 15%
Barclays Capital U.S. Aggregate Bond Index, 15% Citigroup 3-Month Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10%
US REIT Spliced Index; for the Managed Payout Distribution Focus Composite Index, 40% FTSE All-World Index, 20% Barclays Capital U.S.
Aggregate Bond Index, 10% Barclays Capital U.S. Treasury Inflation Protected Securities Index, 10% Citigroup 3-Month Treasury Bill Index,
10% Dow Jones-UBS Commodity Index, and 10% US REIT Spliced Index. The US REIT Spliced Index consists of the MSCI US REIT Index
adjusted to include a 2% cash position (Lipper Money Market Average) through April 30, 2009; MSCI US REIT Index thereafter.
2 The funds pay monthly and other distributions that may include some combination of dividend income, return of capital, and capital gains.
1
Chairman’s Letter
Dear Shareholder,
After an inauspicious debut, Vanguard Managed Payout Funds delivered strong returns in their first full calendar year of operation. The Distribution Focus Fund returned 22.56%, the Growth and Distribution Fund returned 23.51%, and the Growth Focus Fund returned 25.90%.
The two more conservative portfolios performed in line with the returns of their composite benchmarks—unmanaged asset allocations that, in Vanguard’s judgment, are consistent with the funds’ long-term objectives. The Growth Focus Fund fell a few steps behind its benchmark.
Despite their strong 2009 performance, the Managed Payout Funds are still recovering from damage sustained in the global financial crisis, which put extreme pressure on portfolios designed to generate both long-term growth and sizable current distributions. At the end of 2009, the funds reduced their monthly payouts for 2010 in accordance with a formula designed to smooth out the ups and downs of payout values over time. The formula bases payouts on trailing performance, which has been negative since the funds’ 2008 inception.
Impressive stock returns masked lingering uncertainties
For the 12 months ended December 31, 2009, the broad U.S. stock market returned more than 29%, its highest calendar-year return since 2003. The year began with the market searching for a bottom. It found one in early March. From there, stocks
2
mounted one of their strongest rallies ever—in magnitude and duration—resulting in a check mark-shaped stock chart for 2009.
The market’s powerful rebound came against a backdrop of economic uncertainty. The economy, which struggled to regain its footing as the financial crisis abated, began to show signs of growth in the second half of the year, even as unemployment climbed to levels not seen since 1983.
Stock markets outside the United States fared even better during 2009, especially many emerging markets, which weathered the financial crisis in relatively better fiscal and economic shape than their developed-market counterparts.
Bond markets calmed down, money market funds endured
Compared with the last months of 2008, when credit markets seized up and investors fled to the safety of U.S. Treasuries, 2009 represented a return to normalcy for bonds. Investors’ appetite for risk returned, and the demand for corporate bonds increased, raising their prices and bringing down their yields. For the 12 months ended December 31, the broad taxable bond market returned about 6%, while municipal bonds returned about 13%.
Meanwhile, money market funds and other short-term savings vehicles did poorly in 2009. Interest rates at the shortest end of the maturity spectrum remained at historic lows, a casualty
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2009 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 28.43% | –5.36% | 0.79% |
Russell 2000 Index (Small-caps) | 27.17 | –6.07 | 0.51 |
Dow Jones U.S. Total Stock Market Index | 29.35 | –5.01 | 1.09 |
MSCI All Country World Index ex USA (International) | 42.14 | –3.04 | 6.30 |
Bonds | |||
Barclays Capital U.S. Aggregate Bond Index | |||
(Broad taxable market) | 5.93% | 6.04% | 4.97% |
Barclays Capital Municipal Bond Index | 12.91 | 4.41 | 4.32 |
Citigroup 3-Month Treasury Bill Index | 0.16 | 2.22 | 2.88 |
CPI | |||
Consumer Price Index | 2.72% | 2.28% | 2.56% |
3
of the Federal Reserve Board’s efforts to revive the economy. The Fed kept its target for the federal funds rate between 0% and 0.25% for the entire year.
Sources of distress a year ago became engines of growth
All three Managed Payout Funds have significant exposure to the stock market. At year-end, the Growth Focus Fund, which (as its name suggests) places the greatest emphasis on long-term growth, allocated about 70% of its assets to U.S. and international stocks. The Distribution Focus Fund, which generates the highest current payouts, held about 50% of its assets in stocks. The Growth and Distribution Fund fell between the two, with 60% of its assets in stocks. (In all three cases, the weightings are above the levels
of the funds’ benchmarks. The same was true in 2008.) As the financial crisis sent shockwaves through global stock markets, this positioning produced dismal returns in 2008. In 2009, as stock markets rebounded, the funds’ stock-heavy strategies generated excellent results.
In the bond market, the funds benefited from the investment committee’s decision to favor corporate securities over government bonds. In an echo of stocks’ fall and rise, corporate bond prices tumbled in 2008 as investors shunned any bond with a hint of risk. Since March 2009, however, corporates have surged. Over the full 12 months, Vanguard Intermediate-Term Investment Grade Fund, which accounted for 10% to 15% of the funds’ assets at year-end, returned 17.73%.
Percentage of Managed Payout Funds’ Investments1 | |||
Growth and | |||
Growth | Distribution | Distribution | |
Focus Fund | Fund | Focus Fund | |
Vanguard Stock Funds (Investor Shares) | |||
Total Stock Market Index | 36.9% | 30.9% | 25.0% |
European Stock Index | 14.5 | 12.3 | 10.2 |
Pacific Stock Index | 7.1 | 6.2 | 5.1 |
Emerging Markets Stock Index | 6.6 | 5.7 | 4.8 |
REIT Index | 4.9 | 5.0 | 5.1 |
Vanguard Bond Funds (Investor Shares) | |||
Intermediate-Term Investment-Grade | 10.1% | 10.1% | 15.2% |
Total Bond Market II Index | 5.1 | 10.1 | 15.2 |
Inflation-Protected Securities | 0.0 | 4.9 | 5.0 |
Vanguard Market Neutral Fund (Investor Shares) | 5.0% | 5.0% | 5.0% |
Commodities2 | 9.8% | 9.8% | 9.4% |
1 As of December 31, 2009.
2 The funds invest a portion of their assets in commodities through the use of swap contracts.
4
The committee’s decision to hold below-benchmark exposure to real estate investment trusts (REITS), a component of the funds’ benchmarks, was a missed opportunity. These securities returned about 30%, even as observers raised questions about the health of the commercial real estate market.
The committee’s below-benchmark allocation to Vanguard Market Neutral Fund was a success of sorts. As short-term interest rates hovered near 0%, the committee concluded that a fund designed to add modest stock-selection gains to the return of 3-month U.S. Treasury bills represented a relatively unattractive risk-return tradeoff. That judgment was indeed correct, and the Market Neutral Fund performed even more poorly than
expected. In late summer, the funds raised their commodities exposure to benchmark levels. The change had minimal impact on 12-month results.
A tough start, but a solid long-term plan
Since their inception in May 2008, the funds have experienced cumulative losses of about 10% to 15%, even after their powerful rebound in 2009. Investment losses are a special challenge for portfolios such as the Managed Payout Funds, which aim to make regular payments in good times and bad. If the goal is long-term preservation or growth of capital and income, then when the portfolio’s value shrinks, so must the payouts. Endowments,
Monthly Payout Per Share | ||
Effective | ||
January | ||
Managed Payout Fund | 2009 | 2010 |
Growth Focus | $0.0412 | $0.0373 |
Growth and Distribution | 0.0699 | 0.0634 |
Distribution Focus | 0.0983 | 0.0889 |
5
foundations, and investors taking regular distributions from their savings grapple with the same dilemma.
At the end of 2008, the funds’ monthly payouts declined by 16% to 18%. This year brought more modest reductions, as shown in the table. We remain confident in the funds’ investment strategy, which looks for potentially high-returning assets that have relatively low correlations with one another. If the strategy succeeds, the funds can meet their objective of providing sizable and potentially rising payouts over time. In volatile and unpredictable financial markets, occasional short-term setbacks are inevitable, but we believe that the funds’ allocations and their payout design leave them well positioned for the future.
New stories, old morals
It’s possible to derive any number of lessons from the financial markets’ dramas over the past two years, but I’ll highlight three that are sure to be important when the financial markets spring their next surprise. Vanguard has preached them since our founding: The need for diversification, the need for balance, and the need for a long-term perspective—principles that are embodied in the Vanguard Managed Payout Funds.
Balance among and diversification within stocks, bonds, and other asset classes can’t protect you from loss, but they’re your best defense against the worst outcomes. In 2008, when stocks collapsed, an allocation to bonds, even corporate
bonds, helped cushion the fall. When your portfolio is balanced and diversified to reflect your risk tolerance and other circumstances, you’re able to approach investing with a long-term perspective. Such perspective can moderate your emotional response to the market’s wild swings, helping you stick with a sensible plan through good times and bad.
On another matter, I would like to inform you that on January 1, 2010, we completed a leadership transition that began in March 2008. I succeeded Jack Brennan as chairman of Vanguard and each of the funds. Jack has agreed to serve as chairman emeritus and senior advisor.
Under Jack’s leadership, Vanguard has grown to become a preeminent firm in the mutual fund industry. Jack’s energy, his relentless pursuit of perfection, and his unwavering focus on always doing the right thing for our clients are evident in every facet of Vanguard policy today.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 20, 2010
6
Results of Proxy Voting
At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals:
Proposal 1—Elect trustees for each fund.*
The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Managed Payout Funds | |||
Percentage | |||
Trustee | For | Withheld | For |
John J. Brennan | 308,180,660 | 5,027,321 | 98.4% |
Charles D. Ellis | 306,195,307 | 7,012,674 | 97.8% |
Emerson U. Fullwood | 307,392,203 | 5,815,778 | 98.1% |
Rajiv L. Gupta | 307,581,442 | 5,626,538 | 98.2% |
Amy Gutmann | 307,914,109 | 5,293,871 | 98.3% |
JoAnn Heffernan Heisen | 307,790,662 | 5,417,318 | 98.3% |
F. William McNabb III | 307,810,950 | 5,397,030 | 98.3% |
André F. Perold | 307,354,765 | 5,853,216 | 98.1% |
Alfred M. Rankin, Jr. | 307,882,509 | 5,325,471 | 98.3% |
Peter F. Volanakis | 307,713,861 | 5,494,119 | 98.2% |
* Results are for all funds within the same trust. |
Proposal 2—Update and standardize the funds’ fundamental policies regarding:
(a) Purchasing and selling real estate.
(b) Issuing senior securities.
(c) Borrowing money.
(d) Making loans.
(e) Purchasing and selling commodities.
(f) Concentrating investments in a particular industry or group of industries.
(g) Eliminating outdated fundamental investment policies not required by law.
7
The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Managed Payout Growth Focus Fund | |||||
2a | 2,076,008 | 66,442 | 50,527 | 5,130 | 94.4% |
2b | 2,104,394 | 66,442 | 22,141 | 5,130 | 95.7% |
2c | 2,050,271 | 69,368 | 73,337 | 5,130 | 93.3% |
2d | 2,070,318 | 69,368 | 53,291 | 5,130 | 94.2% |
2e | 2,104,394 | 82,441 | 6,142 | 5,130 | 95.7% |
2f | 2,075,542 | 66,442 | 50,993 | 5,130 | 94.4% |
2g | 2,114,406 | 61,249 | 17,322 | 5,130 | 96.2% |
Managed Payout Growth and Distribution Fund | |||||
2a | 6,400,602 | 34,776 | 240,572 | 208,711 | 93.0% |
2b | 6,417,324 | 47,515 | 211,110 | 208,711 | 93.2% |
2c | 6,308,639 | 73,952 | 293,358 | 208,711 | 91.6% |
2d | 6,357,377 | 54,463 | 264,109 | 208,711 | 92.3% |
2e | 6,375,368 | 33,136 | 267,446 | 208,711 | 92.6% |
2f | 6,295,382 | 64,137 | 316,431 | 208,711 | 91.4% |
2g | 6,467,567 | 18,046 | 190,337 | 208,711 | 93.9% |
Managed Payout Distribution Focus Fund | |||||
2a | 5,399,076 | 127,854 | 82,799 | 30,828 | 95.7% |
2b | 5,334,400 | 115,361 | 159,969 | 30,828 | 94.6% |
2c | 5,392,765 | 107,013 | 109,951 | 30,828 | 95.6% |
2d | 5,318,777 | 136,947 | 154,005 | 30,828 | 94.3% |
2e | 5,215,391 | 158,179 | 236,159 | 30,828 | 92.5% |
2f | 5,306,807 | 153,311 | 149,611 | 30,828 | 94.1% |
2g | 5,369,338 | 190,224 | 50,168 | 30,828 | 95.2% |
8
Managed Payout Growth Focus Fund
Fund Profile
As of December 31, 2009
Portfolio Characteristics | |
Yield1 | 2.8% |
Acquired Fund Fees and Expenses2 | 0.48% |
Allocation to Underlying Investments | |
Vanguard Stock Funds (Investor Shares) | |
Total Stock Market Index | 36.9% |
European Stock Index | 14.5 |
Pacific Stock Index | 7.1 |
Emerging Markets Stock Index | 6.6 |
REIT Index | 4.9 |
Vanguard Bond Funds (Investor Shares) | |
Intermediate-Term Investment-Grade | 10.1% |
Total Bond Market II Index | 5.1 |
Vanguard Market Neutral Fund | |
(Investor Shares) | 5.0% |
Commodities3 | 9.8% |
Fund Asset Allocation
1 30-day SEC yield for the fund. See the Glossary.
2 This figure—drawn from the prospectus dated April 29, 2009—represents an estimate of the weighted average of the expense ratios
and any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the Managed Payout Growth Focus
Fund invests. The Managed Payout Growth Focus Fund does not charge any expenses or fees of its own. For the fiscal year ended
December 31, 2009, the annualized acquired fund fees and expenses figure was 0.53% (approximately one-third of this amount is
attributable to the short-sale dividend and borrowing expenses reported by Vanguard Market Neutral Fund).
3 The fund invests a portion of its assets in commodities through the use of swap contracts.
9
Managed Payout Growth Focus 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 www.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: May 2, 2008–December 31, 2009
Initial Investment of $25,000
Average Annual Total Returns | Final Value | ||
Periods Ended December 31, 2009 | of a $25,000 | ||
One Year | Since Inception1 | Investment | |
Managed Payout Growth Focus Fund | 25.90% | –9.41% | $21,208 |
Dow Jones U.S. Total Stock Market Index | 29.35 | –10.09 | 20,946 |
Managed Payout Growth Focus | |||
Composite Index2 | 28.74 | –10.24 | 20,888 |
1 May 2, 2008.
2 The Managed Payout Growth Focus Composite Index is weighted 65% FTSE All-World Index, 5% Barclays Capital U.S. Aggregate Bond
Index, 10% Citigroup 3-Month Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% US REIT Spliced Index (MSCI US
REIT Index adjusted to include a 2% cash position through April 30, 2009; MSCI US REIT Index thereafter).
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
10
Managed Payout Growth Focus Fund
Fiscal-Year Total Returns (%): May 2, 2008–December 31, 2009
1 The Managed Payout Growth Focus Composite Index is weighted 65% FTSE All-World Index, 5% Barclays Capital U.S. Aggregate
Bond Index, 10% Citigroup 3-Month Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% US REIT Spliced Index
(MSCI US REIT Index adjusted to include a 2% cash position through April 30, 2009; MSCI US REIT Index thereafter).
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
11
Managed Payout Growth Focus Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. 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).
Market | |||
Value• | |||
Shares | ($000) | ||
Investment Companies (89.9%) | |||
U.S. Stock Funds (41.7%) | |||
Vanguard Total Stock Market Index Fund Investor Shares | 632,416 | 17,360 | |
Vanguard REIT Index Fund Investor Shares | 156,282 | 2,319 | |
19,679 | |||
International Stock Funds (28.1%) | |||
Vanguard European Stock Index Fund Investor Shares | 262,222 | 6,802 | |
Vanguard Pacific Stock Index Fund Investor Shares | 347,059 | 3,360 | |
Vanguard Emerging Markets Stock Index Fund Investor Shares | 120,659 | 3,126 | |
13,288 | |||
Bond Funds (15.2%) | |||
Vanguard Intermediate-Term Investment-Grade Fund Investor Shares | 496,468 | 4,776 | |
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 232,345 | 2,384 |
7,160 | |||
Market Neutral Fund (4.9%) | |||
Vanguard Market Neutral Fund Investor Shares | 241,066 | 2,341 | |
Total Investment Companies (Cost $50,661) | 42,468 | ||
Temporary Cash Investments (9.6%)2 | |||
Money Market Fund (6.4%) | |||
1 | Vanguard Market Liquidity Fund, 0.187% | 3,053,438 | 3,053 |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (3.2%) | |||
3 | Federal Home Loan Bank Discount Notes, 0.275%, 2/19/10 | 1,000 | 1,000 |
3 | Federal Home Loan Bank Discount Notes, 0.250%, 2/24/10 | 500 | 500 |
1,500 | |||
Total Temporary Cash Investments (Cost $4,553) | 4,553 | ||
Total Investments (99.5%) (Cost $55,214) | 47,021 |
12
Managed Payout Growth Focus Fund
Market | |
Value• | |
($000) | |
Other Assets and Liabilities (0.5%) | |
Other Assets | 240 |
Liabilities | (26) |
214 | |
Net Assets (100%) | |
Applicable to 2,958,553 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 47,235 |
Net Asset Value Per Share | $15.97 |
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 58,019 |
Undistributed Net Investment Income | 331 |
Accumulated Net Realized Losses | (2,922) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | (8,193) |
Swap Contracts | — |
Net Assets | 47,235 |
• See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market
Liquidity Fund is the 7-day yield.
2 The fund invests a portion of its assets in commodities through the use of swap contracts. After giving effect to swap investments, the
fund’s effective commodity and temporary cash investment positions represent 9.7% and –0.1%, respectively, of net assets.
3 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
See accompanying Notes, which are an integral part of the Financial Statements.
13
Managed Payout Growth Focus Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 1,058 |
Interest | 8 |
Net Investment Income—Note B | 1,066 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 17 |
Investment Securities Sold | (507) |
Swap Contracts | 691 |
Realized Net Gain (Loss) | 201 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 8,263 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,530 |
See accompanying Notes, which are an integral part of the Financial Statements.
14
Managed Payout Growth Focus Fund
Statement of Changes in Net Assets
April 21, | ||
Year Ended | 20081 to | |
December 31, | December 31, | |
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,066 | 1,018 |
Realized Net Gain (Loss) | 201 | (3,540) |
Change in Unrealized Appreciation (Depreciation) | 8,263 | (16,456) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,530 | (18,978) |
Distributions | ||
Net Investment Income | (1,426) | — |
Realized Capital Gain | — | — |
Return of Capital | — | (1,104) |
Total Distributions | (1,426) | (1,104) |
Capital Share Transactions | ||
Issued | 16,374 | 81,122 |
Issued in Lieu of Cash Distributions | 879 | 706 |
Redeemed | (13,998) | (25,870) |
Net Increase (Decrease) from Capital Share Transactions | 3,255 | 55,958 |
Total Increase (Decrease) | 11,359 | 35,876 |
Net Assets | ||
Beginning of Period | 35,876 | — |
End of Period2 | 47,235 | 35,876 |
1 Commencement of subscription period for the fund.
2 Net Assets—End of Period includes undistributed net investment income of $331,000 and $0.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Managed Payout Growth Focus Fund
Financial Highlights
Year | April 21, | |
Ended | 20081 to | |
For a Share Outstanding | Dec. 31, | Dec. 31, |
Throughout Each Period | 2009 | 2008 |
Net Asset Value, Beginning of Period | $13.15 | $20.00 |
Investment Operations | ||
Net Investment Income | .372 | .3942 |
Capital Gain Distributions Received | .006 | .0722 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.936 | (6.916) |
Total from Investment Operations | 3.314 | (6.450) |
Distributions | ||
Dividends from Net Investment Income | (.494) | — |
Distributions from Realized Capital Gains | — | — |
Return of Capital | — | (.400) |
Total Distributions | (.494) | (.400) |
Net Asset Value, End of Period | $15.97 | $13.15 |
Total Return | 25.90% | –32.62% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $47 | $36 |
Ratio of Total Expenses to Average Net Assets | 0%3 | 0% |
Ratio of Net Investment Income to Average Net Assets | 2.66% | 3.52%4 |
Portfolio Turnover Rate | 60%5 | 68% |
1 Subscription period for the fund was April 21, 2008, to May 2, 2008, during which time all assets were held in money market instruments.
Performance measurement began May 2, 2008, at a net asset value of $20.01.
2 Calculated based on average shares outstanding.
3 The acquired fund fees and expenses were 0.53%.
4 Annualized.
5 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from
Vanguard Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in
kind and did not cause the fund to incur transaction costs.
See accompanying Notes, which are an integral part of the Financial Statements.
16
Managed Payout Growth Focus Fund
Notes to Financial Statements
Vanguard Managed Payout Growth Focus Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund combines a managed distribution policy with an endowment-like investment strategy. The fund may invest across a wide spectrum of asset classes and investments that are expected to add diversification and result in a more consistent return pattern than a traditional balanced portfolio of stocks, bonds, and cash.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Swap Contracts: The fund has entered into swap transactions to earn the total return on a specified commodity index. Under the terms of the swaps, the fund receives the total return (either receiving the increase or paying the decrease) on a reference index, applied to a notional principal amount. In return, the fund agrees to pay the counterparty a floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily and the change in value is recorded as unrealized appreciation (depreciation) until periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The primary risk associated with the swaps is that a counterparty will default on its obligation to pay net amounts due to the fund. The fund’s maximum risk of loss from counterparty credit risk is the amount of unrealized appreciation on the swap contract. This risk is mitigated by entering into swaps only with highly rated counterparties, by a master netting arrangement between the fund and the counterparty, and by the posting of collateral by the counterparty. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a paym ent by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has posted. Any securities posted as collateral for open contracts are noted in the Statement of Net Assets.
3. 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, 2008–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions are determined based on a specified percentage payout rate of 3% of the fund’s average net asset value. The monthly distribution rate is reset annually based on changes in the fund’s average net asset value. For 2009, the monthly distribution rate was $.0412 per share. Effective January 1, 2010, the monthly distribution rate is $.0373 per share. Distributions to shareholders are recorded on the ex-dividend date. Monthly distributions declared by the fund are reallocated at fiscal year-end to ordinary income, capital gain, and return of capital to reflect their tax character.
17
Managed Payout Growth Focus Fund
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. Under a service agreement, The Vanguard Group furnishes investment advisory, corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the year ended December 31, 2009, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
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 fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Investment Companies | 42,468 | — | — |
Temporary Cash Investments | 3,053 | 1,500 | — |
Total | 45,521 | 1,500 | — |
D. At December 31, 2009, the fund had the following open total return swap contract:
Floating | Unrealized | ||||
Notional | Interest Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
MLCX-Enhanced Benchmark | |||||
A 01 Total Return Index | 1/29/10 | ML | 4,595 | (0.510%) | — |
MLCX—Merrill Lynch Commodity index eXtra.
ML—Merrill Lynch Capital Services.
1 Based on three-month U.S. Treasury bill rate plus a fixed fee of 0.40%.
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
18
Managed Payout Growth Focus Fund
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.
Realized and unrealized gains (losses) on certain of the fund’s swap contracts are treated as ordinary income (loss) for tax purposes; the effect on the fund’s income dividends to shareholders is offset by a change in principal return. Realized gains of $691,000 on swap contracts have been reclassified from accumulated net realized losses to undistributed net investment income.
For tax purposes, at December 31, 2009, the fund had $342,000 of ordinary income available for distribution. This amount (approximately $.11 per share) was distributed to shareholders of record on January 4, 2010. The fund had available capital loss carryforwards totaling $2,537,000 to offset future net capital gains of $1,188,000 through December 31, 2016, and $1,349,000 through December 31, 2017. In addition, the fund realized losses of $313,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $55,297,000. Net unrealized depreciation of investment securities for tax purposes was $8,276,000, consisting of unrealized gains of $853,000 on securities that had risen in value since their purchase and $9,129,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $24,534,000 of investment securities and sold $23,973,000 of investment securities, other than temporary cash investments.
G. Capital shares issued and redeemed were:
Year Ended | April 21, 20081 to | |
December 31, 2009 | December 31, 2008 | |
Shares | Shares | |
(000) | (000) | |
Issued | 1,192 | 4,258 |
Issued in Lieu of Cash Distributions | 64 | 44 |
Redeemed | (1,025) | (1,574) |
Net Increase (Decrease) in Shares Outstanding | 231 | 2,728 |
1 Commencement of subscription period for the fund. |
H. In preparing the financial statements as of December 31, 2009, management considered the
impact of subsequent events occurring through February 16, 2010, for potential recognition or
disclosure in these financial statements.
19
Managed Payout Growth and Distribution Fund
Fund Profile
As of December 31, 2009
Portfolio Characteristics | |
Yield1 | 2.7% |
Acquired Fund Fees and Expenses2 | 0.46% |
Allocation to Underlying Investments | |
Vanguard Stock Funds (Investor Shares) | |
Total Stock Market Index | 30.9% |
European Stock Index | 12.3 |
Pacific Stock Index | 6.2 |
Emerging Markets Stock Index | 5.7 |
REIT Index | 5.0 |
Vanguard Bond Funds (Investor Shares) | |
Total Bond Market II Index | 10.1% |
Intermediate-Term Investment-Grade | 10.1 |
Inflation-Protected Securities | 4.9 |
Vanguard Market Neutral Fund | |
(Investor Shares) | 5.0% |
Commodities3 | 9.8% |
Fund Asset Allocation
1 30-day SEC yield for the fund. See the Glossary.
2 This figure—drawn from the prospectus dated April 29, 2009—represents an estimate of the weighted average of the expense ratios and
any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the Managed Payout Growth and Distribution
Fund invests. The Managed Payout Growth and Distribution Fund does not charge any expenses or fees of its own. For the fiscal year
ended December 31, 2009, the annualized acquired fund fees and expenses figure was 0.48% (approximately one-third of this amount is
attributable to the short-sale dividend and borrowing expenses reported by Vanguard Market Neutral Fund).
3 The fund invests a portion of its assets in commodities through the use of swap contracts.
20
Managed Payout Growth and Distribution 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 www.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: May 2, 2008–December 31, 2009
Initial Investment of $25,000
Average Annual Total Returns | Final Value | ||
Periods Ended December 31, 2009 | of a $25,000 | ||
One Year | Since Inception1 | Investment | |
Managed Payout | |||
Growth and Distribution Fund | 23.51% | –7.42% | $21,988 |
Dow Jones U.S. Total Stock Market Index | 29.35 | –10.09 | 20,946 |
Managed Payout Growth and Distribution | |||
Composite Index2 | 23.99 | –7.64 | 21,902 |
1 May 2, 2008.
2 The Managed Payout Growth and Distribution Composite Index is weighted 50% FTSE All-World Index, 15% Barclays Capital U.S.
Aggregate Bond Index, 15% Citigroup 3-Month Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% US REIT Spliced
Index (MSCI US REIT Index adjusted to include a 2% cash position through April 30, 2009; MSCI US REIT Index thereafter).
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
21
Managed Payout Growth and Distribution Fund
Fiscal-Year Total Returns (%): May 2, 2008–December 31, 2009
1 The Managed Payout Growth and Distribution Composite Index is weighted 50% FTSE All-World Index, 15% Barclays Capital
U.S. Aggregate Bond Index, 15% Citigroup 3-Month Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% US REIT
Spliced Index (MSCI US REIT Index adjusted to include a 2% cash position through April 30, 2009; MSCI US REIT Index thereafter).
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
22
Managed Payout Growth and Distribution Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. 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).
Market | |||
Value• | |||
Shares | ($000) | ||
Investment Companies (89.8%) | |||
U.S. Stock Funds (35.7%) | |||
Vanguard Total Stock Market Index Fund Investor Shares | 1,993,411 | 54,719 | |
Vanguard REIT Index Fund Investor Shares | 599,397 | 8,895 | |
63,614 | |||
International Stock Funds (24.1%) | |||
Vanguard European Stock Index Fund Investor Shares | 839,656 | 21,781 | |
Vanguard Pacific Stock Index Fund Investor Shares | 1,126,884 | 10,908 | |
Vanguard Emerging Markets Stock Index Fund Investor Shares | 392,457 | 10,169 | |
42,858 | |||
Bond Funds (25.0%) | |||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 1,740,735 | 17,860 |
Vanguard Intermediate-Term Investment-Grade Fund Investor Shares | 1,854,941 | 17,844 | |
Vanguard Inflation-Protected Securities Fund Investor Shares | 696,959 | 8,747 | |
44,451 | |||
Market Neutral Fund (5.0%) | |||
Vanguard Market Neutral Fund Investor Shares | 904,007 | 8,778 | |
Total Investment Companies (Cost $178,084) | 159,701 | ||
Temporary Cash Investments (9.4%)2 | |||
Money Market Fund (8.0%) | |||
1 | Vanguard Market Liquidity Fund, 0.187% | 14,335,000 | 14,335 |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (1.4%) | |||
3 | Federal Home Loan Bank Discount Notes, 0.275%, 2/19/10 | 1,500 | 1,500 |
3 | Federal Home Loan Bank Discount Notes, 0.250%, 2/24/10 | 1,000 | 1,000 |
2,500 | |||
Total Temporary Cash Investments (Cost $16,835) | 16,835 | ||
Total Investments (99.2%) (Cost $194,919) | 176,536 |
23
Managed Payout Growth and Distribution Fund
Market | |
Value• | |
($000) | |
Other Assets and Liabilities (0.8%) | |
Other Assets | 1,831 |
Liabilities | (362) |
1,469 | |
Net Assets (100%) | |
Applicable to 11,180,659 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 178,005 |
Net Asset Value Per Share | $15.92 |
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 199,103 |
Undistributed Net Investment Income | — |
Accumulated Net Realized Losses | (2,715) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | (18,383) |
Swap Contracts | — |
Net Assets | 178,005 |
• See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market
Liquidity Fund is the 7-day yield.
2 The fund invests a portion of its assets in commodities through the use of swap contracts. After giving effect to swap investments, the
fund’s effective commodity and temporary cash investment positions represent 9.6% and –0.2%, respectively, of net assets.
3 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Managed Payout Growth and Distribution Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 3,828 |
Interest | 14 |
Net Investment Income—Note B | 3,842 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 59 |
Investment Securities Sold | 153 |
Swap Contracts | 2,430 |
Realized Net Gain (Loss) | 2,642 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 23,757 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 30,241 |
See accompanying Notes, which are an integral part of the Financial Statements.
25
Managed Payout Growth and Distribution Fund
Statement of Changes in Net Assets
April 21, | ||
Year Ended | 20081 to | |
December 31, | December 31, | |
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 3,842 | 3,063 |
Realized Net Gain (Loss) | 2,642 | (6,062) |
Change in Unrealized Appreciation (Depreciation) | 23,757 | (42,140) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 30,241 | (45,139) |
Distributions | ||
Net Investment Income | (6,309) | — |
Realized Capital Gain | — | — |
Return of Capital | (1,713) | (4,940) |
Total Distributions | (8,022) | (4,940) |
Capital Share Transactions | ||
Issued | 75,423 | 213,631 |
Issued in Lieu of Cash Distributions | 3,332 | 1,871 |
Redeemed | (38,232) | (50,160) |
Net Increase (Decrease) from Capital Share Transactions | 40,523 | 165,342 |
Total Increase (Decrease) | 62,742 | 115,263 |
Net Assets | ||
Beginning of Period | 115,263 | — |
End of Period2 | 178,005 | 115,263 |
1 Commencement of subscription period for the fund.
2 Net Assets—End of Period includes undistributed net investment income of $0 and $0.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Managed Payout Growth and Distribution Fund
Financial Highlights
Year | April 21, | |
Ended | 20081 to | |
For a Share Outstanding | Dec. 31, | Dec. 31, |
Throughout Each Period | 2009 | 2008 |
Net Asset Value, Beginning of Period | $13.68 | $20.00 |
Investment Operations | ||
Net Investment Income | .439 | .4362 |
Capital Gain Distributions Received | .006 | .0822 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.634 | (6.172) |
Total from Investment Operations | 3.079 | (5.654) |
Distributions | ||
Dividends from Net Investment Income | (.660) | — |
Distributions from Realized Capital Gains | — | — |
Return of Capital | (.179) | (.666) |
Total Distributions | (.839) | (.666) |
Net Asset Value, End of Period | $15.92 | $13.68 |
Total Return | 23.51% | –28.79% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $178 | $115 |
Ratio of Total Expenses to Average Net Assets | 0%3 | 0% |
Ratio of Net Investment Income to Average Net Assets | 2.81% | 3.92%4 |
Portfolio Turnover Rate | 50%5 | 73% |
1 Subscription period for the fund was April 21, 2008, to May 2, 2008, during which time all assets were held in money market instruments.
Performance measurement began May 2, 2008, at a net asset value of $20.01.
2 Calculated based on average shares outstanding.
3 The acquired fund fees and expenses were 0.48%.
4 Annualized.
5 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from
Vanguard Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in
kind and did not cause the fund to incur transaction costs.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Managed Payout Growth and Distribution Fund
Notes to Financial Statements
Vanguard Managed Payout Growth and Distribution Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund combines a managed distribution policy with an endowment-like investment strategy. The fund may invest across a wide spectrum of asset classes and investments that are expected to add diversification and result in a more consistent return pattern than a traditional balanced portfolio of stocks, bonds, and cash.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Swap Contracts: The fund has entered into swap transactions to earn the total return on a specified commodity index. Under the terms of the swaps, the fund receives the total return (either receiving the increase or paying the decrease) on a reference index, applied to a notional principal amount. In return, the fund agrees to pay the counterparty a floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily and the change in value is recorded as unrealized appreciation (depreciation) until periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The primary risk associated with the swaps is that a counterparty will default on its obligation to pay net amounts due to the fund. The fund’s maximum risk of loss from counterparty credit risk is the amount of unrealized appreciation on the swap contract. This risk is mitigated by entering into swaps only with highly rated counterparties, by a master netting arrangement between the fund and the counterparty, and by the posting of collateral by the counterparty. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a paym ent by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has posted. Any securities posted as collateral for open contracts are noted in the Statement of Net Assets.
3. 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, 2008–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions are determined based on a specified percentage payout rate of 5% of the fund’s average net asset value. The monthly distribution rate is reset annually based on changes in the fund’s average net asset value. For 2009, the monthly distribution rate was $.0699 per share. Effective January 1, 2010, the monthly distribution rate is $.0634 per share. Distributions to shareholders are recorded on the ex-dividend date. Monthly distributions declared by the fund are reallocated at fiscal year-end to ordinary income, capital gain, and return of capital to reflect their tax character.
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
28
Managed Payout Growth and Distribution Fund
B. Under a service agreement, The Vanguard Group furnishes investment advisory, corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the year ended December 31, 2009, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
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 fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Investment Companies | 159,701 | — | — |
Temporary Cash Investments | 14,335 | 2,500 | — |
Total | 174,036 | 2,500 | — |
D. At December 31, 2009, the fund had the following open total return swap contract:
Floating | Unrealized | ||||
Notional | Interest Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
MLCX-Enhanced Benchmark | |||||
A 01 Total Return Index | 1/29/10 | ML | 17,263 | (0.510%) | — |
MLCX—Merrill Lynch Commodity index eXtra.
ML—Merrill Lynch Capital Services.
1 Based on three-month U.S. Treasury bill rate plus a fixed fee of 0.40%.
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.
29
Managed Payout Growth and Distribution Fund
Realized and unrealized gains (losses) on certain of the fund’s swap contracts are treated as ordinary income (loss) for tax purposes; the effect on the fund’s income dividends to shareholders is offset by a change in principal return. Short-term gain distributions received are treated as ordinary income for tax purposes. Realized gains of $2,430,000 on swap contracts and $37,000 of short-term gain distributions received have been reclassified from accumulated net realized losses to undistributed net investment income.
For tax purposes, at December 31, 2009, the fund had no ordinary income available for distribution. The fund had available capital loss carryforwards totaling $2,638,000 to offset future net capital gains of $1,288,000 through December 31, 2016, and $1,350,000 through December 31, 2017. In addition, the fund realized losses of $36,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $194,961,000. Net unrealized depreciation of investment securities for tax purposes was $18,425,000, consisting of unrealized gains of $3,818,000 on securities that had risen in value since their purchase and $22,243,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $100,382,000 of investment securities and sold $74,208,000 of investment securities, other than temporary cash investments.
G. Capital shares issued and redeemed were:
Year Ended | April 21, 20081 to | |
December 31, 2009 | December 31, 2008 | |
Shares | Shares | |
(000) | (000) | |
Issued | 5,249 | 11,417 |
Issued in Lieu of Cash Distributions | 236 | 117 |
Redeemed | (2,729) | (3,109) |
Net Increase (Decrease) in Shares Outstanding | 2,756 | 8,425 |
1 Commencement of subscription period for the fund. |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 16, 2010, for potential recognition or disclosure in these financial statements.
30
Managed Payout Distribution Focus Fund
Fund Profile
As of December 31, 2009
Portfolio Characteristics | |
Yield1 | 2.8% |
Acquired Fund Fees and Expenses2 | 0.45% |
Allocation to Underlying Investments | |
Vanguard Stock Funds (Investor Shares) | |
Total Stock Market Index | 25.0% |
European Stock Index | 10.2 |
REIT Index | 5.1 |
Pacific Stock Index | 5.1 |
Emerging Markets Stock Index | 4.8 |
Vanguard Bond Funds (Investor Shares) | |
Intermediate-Term Investment-Grade | 15.2% |
Total Bond Market II Index | 15.2 |
Inflation-Protected Securities | 5.0 |
Vanguard Market Neutral Fund | |
(Investor Shares) | 5.0% |
Commodities3 | 9.4% |
Fund Asset Allocation
1 30-day SEC yield for the fund. See the Glossary.
2 This figure—drawn from the prospectus dated April 29, 2009—represents an estimate of the weighted average of the expense ratios
and any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the Managed Payout Distribution Focus
Fund invests. The Managed Payout Distribution Focus Fund does not charge any expenses or fees of its own. For the fiscal year ended
December 31, 2009, the annualized acquired fund fees and expenses figure was 0.45% (approximately one-third of this amount is
attributable to the short-sale dividend and borrowing expenses reported by Vanguard Market Neutral Fund).
3 The fund invests a portion of its assets in commodities through the use of swap contracts.
31
Managed Payout Distribution Focus 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 www.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: May 2, 2008–December 31, 2009
Initial Investment of $25,000
Average Annual Total Returns | Final Value | ||
Periods Ended December 31, 2009 | of a $25,000 | ||
One Year | Since Inception1 | Investment | |
Managed Payout Distribution Focus Fund | 22.56% | –6.31% | $22,429 |
Dow Jones U.S. Total Stock Market Index | 29.35 | –10.09 | 20,946 |
Managed Payout Distribution Focus | |||
Composite Index2 | 22.01 | – 5.86 | 22,612 |
1 May 2, 2008.
2 The Managed Payout Distribution Focus Composite Index is weighted 40% FTSE All-World Index, 20% Barclays Capital U.S. Aggregate
Bond Index, 10% Barclays Capital U.S. Treasury Inflation Protected Securities Index, 10% Citigroup 3-Month Treasury Bill Index, 10%
Dow Jones-UBS Commodity Index, and 10% US REIT Spliced Index (MSCI US REIT Index adjusted to include a 2% cash position through
April 30, 2009; MSCI US REIT Index thereafter).
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
32
Managed Payout Distribution Focus Fund
Fiscal-Year Total Returns (%): May 2, 2008–December 31, 2009
1 The Managed Payout Distribution Focus Composite Index is weighted 40% FTSE All-World Index, 20% Barclays Capital U.S. Aggregate
Bond Index, 10% Barclays Capital U.S. Treasury Inflation Protected Securities Index, 10% Citigroup 3-Month Treasury Bill Index, 10%
Dow Jones-UBS Commodity Index, and 10% US REIT Spliced Index (MSCI US REIT Index adjusted to include a 2% cash position through
April 30, 2009; MSCI US REIT Index thereafter).
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
33
Managed Payout Distribution Focus Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. 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).
Market | |||
Value• | |||
Shares | ($000) | ||
Investment Companies (89.8%) | |||
U.S. Stock Funds (29.8%) | |||
Vanguard Total Stock Market Index Fund Investor Shares | 1,711,881 | 46,991 | |
Vanguard REIT Index Fund Investor Shares | 647,106 | 9,603 | |
56,594 | |||
International Stock Funds (20.0%) | |||
Vanguard European Stock Index Fund Investor Shares | 741,580 | 19,236 | |
Vanguard Pacific Stock Index Fund Investor Shares | 985,189 | 9,537 | |
Vanguard Emerging Markets Stock Index Fund Investor Shares | 351,902 | 9,118 | |
37,891 | |||
Bond Funds (35.1%) | |||
Vanguard Intermediate-Term Investment-Grade Fund Investor Shares | 2,970,654 | 28,578 | |
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 2,780,266 | 28,526 |
Vanguard Inflation-Protected Securities Fund Investor Shares | 755,492 | 9,481 | |
66,585 | |||
Market Neutral Fund (4.9%) | |||
Vanguard Market Neutral Fund Investor Shares | 968,727 | 9,406 | |
Total Investment Companies (Cost $180,685) | 170,476 | ||
Temporary Cash Investments (9.1%)2 | |||
Money Market Fund (7.8%) | |||
1 | Vanguard Market Liquidity Fund, 0.187% | 14,799,916 | 14,800 |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (1.3%) | |||
3 | Federal Home Loan Bank Discount Notes, 0.275%, 2/19/10 | 1,500 | 1,500 |
3 | Federal Home Loan Bank Discount Notes, 0.250%, 2/24/10 | 1,000 | 1,000 |
2,500 | |||
Total Temporary Cash Investments (Cost $17,299) | 17,300 | ||
Total Investments (98.9%) (Cost $197,984) | 187,776 |
34
Managed Payout Distribution Focus Fund
Market | |
Value• | |
($000) | |
Other Assets and Liabilities (1.1%) | |
Other Assets | 2,786 |
Liabilities | (628) |
2,158 | |
Net Assets (100%) | |
Applicable to 12,177,389 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 189,934 |
Net Asset Value Per Share | $15.60 |
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 200,691 |
Undistributed Net Investment Income | — |
Accumulated Net Realized Losses | (549) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | (10,208) |
Swap Contracts | — |
Net Assets | 189,934 |
• See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market
Liquidity Fund is the 7-day yield.
2 The fund invests a portion of its assets in commodities through the use of swap contracts. After giving effect to swap investments, the
fund’s effective commodity and temporary cash investment positions represent 9.3% and –0.2%, respectively, of net assets.
3 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
See accompanying Notes, which are an integral part of the Financial Statements.
35
Managed Payout Distribution Focus Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 3,783 |
Interest | 13 |
Net Investment Income—Note B | 3,796 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 83 |
Investment Securities Sold | 1,266 |
Swap Contracts | 2,360 |
Realized Net Gain (Loss) | 3,709 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 19,919 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 27,424 |
See accompanying Notes, which are an integral part of the Financial Statements.
36
Managed Payout Distribution Focus Fund
Statement of Changes in Net Assets
April 21, | ||
Year Ended | 20081 to | |
December 31, | December 31, | |
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 3,796 | 2,383 |
Realized Net Gain (Loss) | 3,709 | (4,304) |
Change in Unrealized Appreciation (Depreciation) | 19,919 | (30,127) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 27,424 | (32,048) |
Distributions | ||
Net Investment Income | (6,213) | — |
Realized Capital Gain | — | — |
Return of Capital | (4,130) | (5,271) |
Total Distributions | (10,343) | (5,271) |
Capital Share Transactions | ||
Issued | 106,069 | 175,356 |
Issued in Lieu of Cash Distributions | 3,402 | 1,869 |
Redeemed | (25,791) | (50,733) |
Net Increase (Decrease) from Capital Share Transactions | 83,680 | 126,492 |
Total Increase (Decrease) | 100,761 | 89,173 |
Net Assets | ||
Beginning of Period | 89,173 | — |
End of Period2 | 189,934 | 89,173 |
1 Commencement of subscription period for the fund.
2 Net Assets—End of Period includes undistributed net investment income of $0 and $0.
See accompanying Notes, which are an integral part of the Financial Statements.
37
Managed Payout Distribution Focus Fund
Financial Highlights
Year | April 21, | |
Ended | 20081 to | |
For a Share Outstanding | Dec. 31, | Dec. 31, |
Throughout Each Period | 2009 | 2008 |
Net Asset Value, Beginning of Period | $13.84 | $20.00 |
Investment Operations | ||
Net Investment Income | .4332 | .4482 |
Capital Gain Distributions Received | .0102 | .0842 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.497 | (5.758) |
Total from Investment Operations | 2.940 | (5.226) |
Distributions | ||
Dividends from Net Investment Income | (.709) | — |
Distributions from Realized Capital Gains | — | — |
Return of Capital | (.471) | (.934) |
Total Distributions | (1.180) | (.934) |
Net Asset Value, End of Period | $15.60 | $13.84 |
Total Return | 22.56% | –26.80% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $190 | $89 |
Ratio of Total Expenses to Average Net Assets | 0%3 | 0% |
Ratio of Net Investment Income to Average Net Assets | 3.02% | 4.01%4 |
Portfolio Turnover Rate | 48%5 | 82% |
1 Subscription period for the fund was April 21, 2008, to May 2, 2008, during which time all assets were held in money market instruments.
Performance measurement began May 2, 2008, at a net asset value of $20.01.
2 Calculated based on average shares outstanding.
3 The acquired fund fees and expenses were 0.45%.
4 Annualized.
5 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from
Vanguard Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in
kind and did not cause the fund to incur transaction costs.
See accompanying Notes, which are an integral part of the Financial Statements.
38
Managed Payout Distribution Focus Fund
Notes to Financial Statements
Vanguard Managed Payout Distribution Focus Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund combines a managed distribution policy with an endowment-like investment strategy. The fund may invest across a wide spectrum of asset classes and investments that are expected to add diversification and result in a more consistent return pattern than a traditional balanced portfolio of stocks, bonds, and cash.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Swap Contracts: The fund has entered into swap transactions to earn the total return on a specified commodity index. Under the terms of the swaps, the fund receives the total return (either receiving the increase or paying the decrease) on a reference index, applied to a notional principal amount. In return, the fund agrees to pay the counterparty a floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily and the change in value is recorded as unrealized appreciation (depreciation) until periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The primary risk associated with the swaps is that a counterparty will default on its obligation to pay net amounts due to the fund. The fund’s maximum risk of loss from counterparty credit risk is the amount of unrealized appreciation on the swap contract. This risk is mitigated by entering into swaps only with highly rated counterparties, by a master netting arrangement between the fund and the counterparty, and by the posting of collateral by the counterparty. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a paym ent by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has posted. Any securities posted as collateral for open contracts are noted in the Statement of Net Assets.
3. 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, 2008–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions are determined based on a specified percentage payout rate of 7% of the fund’s average net asset value. The monthly distribution rate is reset annually based on changes in the fund’s average net asset value. For 2009, the monthly distribution rate was $.0983 per share. Effective January 1, 2010, the monthly distribution rate is $.0889 per share. Distributions to shareholders are recorded on the ex-dividend date. Monthly distributions declared by the fund are reallocated at fiscal year-end to ordinary income, capital gain, and return of capital to reflect their tax character.
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
39
Managed Payout Distribution Focus Fund
B. Under a service agreement, The Vanguard Group furnishes investment advisory, corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the year ended December 31, 2009, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
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 fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Investment Companies | 170,476 | — | — |
Temporary Cash Investments | 14,800 | 2,500 | — |
Total | 185,276 | 2,500 | — |
D. At December 31, 2009, the fund had the following open total return swap contract:
Floating | Unrealized | ||||
Notional | Interest Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
MLCX-Enhanced Benchmark | |||||
A 01 Total Return Index | 1/29/10 | ML | 17,597 | (0.510%) | — |
MLCX—Merrill Lynch Commodity index eXtra.
ML—Merrill Lynch Capital Services.
1 Based on three-month U.S. Treasury bill rate plus a fixed fee of 0.40%.
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.
40
Managed Payout Distribution Focus Fund
Realized and unrealized gains (losses) on certain of the fund’s swap contracts are treated as ordinary income (loss) for tax purposes; the effect on the fund’s income dividends to shareholders is offset by a change in principal return. Short-term gain distributions received are treated as ordinary income for tax purposes. Realized gains of $2,360,000 on swap contracts and $57,000 of short-term gain distributions received have been reclassified from accumulated net realized losses to undistributed net investment income.
For tax purposes, at December 31, 2009, the fund had no ordinary income available for distribution. The fund had available a capital loss carryforward of $495,000 to offset future net capital gains through December 31, 2016. In addition, the fund realized losses of $46,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $197,992,000. Net unrealized depreciation of investment securities for tax purposes was $10,216,000, consisting of unrealized gains of $4,473,000 on securities that had risen in value since their purchase and $14,689,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $128,915,000 of investment securities and sold $64,704,000 of investment securities, other than temporary cash investments.
G. Capital shares issued and redeemed were:
Year Ended | April 21, 20081 to | |
December 31, 2009 | December 31, 2008 | |
Shares | Shares | |
(000) | (000) | |
Issued | 7,356 | 9,397 |
Issued in Lieu of Cash Distributions | 239 | 117 |
Redeemed | (1,859) | (3,073) |
Net Increase (Decrease) in Shares Outstanding | 5,736 | 6,441 |
1 Commencement of subscription period for the fund.
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 16, 2010, for potential recognition or disclosure in these financial statements.
41
Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard Valley Forge Funds and the Shareholders of Vanguard Managed Payout Growth Focus Fund, Vanguard Managed Payout Growth and Distribution Fund and Vanguard Managed Payout Distribution Focus Fund:
In our opinion, the accompanying statements of net assets 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 Managed Payout Growth Focus Fund, Vanguard Managed Payout Growth and Distribution Fund and Vanguard Managed Payout Distribution Focus Fund (constituting separate portfolios of Vanguard Valley Forge Funds, hereafter referred to as the “Funds”) at December 31, 2009, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for the year then ended and for the period April 21, 2008 (commencement of operations) through December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as 7;financial statements”) are the responsibility of the Funds’ 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, 2009 by correspondence with the custodian and broker and by agreement to the underlying ownership records of the Vanguard Funds, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2010
42
Special 2009 tax information (unaudited) for Managed Payout Funds
This information for the fiscal period ended December 31, 2009, is included pursuant to provisions of the Internal Revenue Code.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Qualified Dividend Income | |
Fund | ($000) |
Managed Payout Growth Focus Fund | 532 |
Managed Payout Growth and Distribution Fund | 2,039 |
Managed Payout Distribution Focus Fund | 1,711 |
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction as follows:
Fund | Percentage |
Managed Payout Growth Focus Fund | 19.9% |
Managed Payout Growth and Distribution Fund | 16.6 |
Managed Payout Distribution Focus Fund | 13.6 |
43
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.)
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: Managed Payout Funds | ||
Periods Ended December 31, 2009 | ||
One | Since | |
Year | Inception1 | |
Managed Payout Growth Focus Fund | ||
Returns Before Taxes | 25.90% | –9.41% |
Returns After Taxes on Distributions | 24.66 | –9.95 |
Returns After Taxes on Distributions and Sale of Fund Shares | 16.99 | –8.24 |
Managed Payout Growth and Distribution Fund | ||
Returns Before Taxes | 23.51% | –7.42% |
Returns After Taxes on Distributions | 21.44 | –8.36 |
Returns After Taxes on Distributions and Sale of Fund Shares | 15.50 | –6.78 |
Managed Payout Distribution Focus Fund | ||
Returns Before Taxes | 22.56% | –6.31% |
Returns After Taxes on Distributions | 19.58 | –7.69 |
Returns After Taxes on Distributions and Sale of Fund Shares | 14.89 | –6.09 |
1 May 2, 2008.
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information
about current fees.
44
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 typical fund’s expenses are expressed as a percentage of its average net assets. The Managed Payout Funds have no direct expenses, but each fund bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.
The following examples are intended to help you understand the ongoing 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 costs were calculated using the acquired fund fees and expenses for each Managed Payout Fund listed.
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 the account service fee described in the prospectus. If such a fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it 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.
45
Six Months Ended December 31, 2009 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Managed Payout Fund | 6/30/2009 | 12/31/2009 | Period1 |
Based on Actual Fund Return | |||
Managed Payout Growth Focus Fund | $1,000.00 | $1,192.67 | $2.54 |
Managed Payout Growth and Distribution Fund | 1,000.00 | 1,172.94 | 2.25 |
Managed Payout Distribution Focus Fund | 1,000.00 | 1,162.73 | 2.13 |
Hypothetical 5% Yearly Return | |||
Managed Payout Growth Focus Fund | $1,000.00 | $1,022.89 | $2.35 |
Managed Payout Growth and Distribution Fund | 1,000.00 | 1,023.14 | 2.09 |
Managed Payout Distribution Focus Fund | 1,000.00 | 1,023.24 | 1.99 |
1 These calculations are based on the acquired fund fees and expenses. The Managed Payout Funds’ annualized expense figures for the
period shown are (in order listed from top to bottom above): 0.46%, 0.41%, and 0.39%. The dollar amounts shown as “Expenses Paid”
are equal to the expense figure multiplied by the average account value over the period, multiplied by the number of days in the most
recent six-month period, then divided by the number of days in the most recent 12-month period.
46
Glossary
Acquired Fund Fees and Expenses. Funds that invest in other Vanguard funds incur no direct expenses, but they do bear proportionate shares of the operating, administrative, and advisory expenses of the underlying funds, and they must pay any fees charged by those funds. The figure for acquired fund fees and expenses represents a weighted average of these underlying costs. Acquired is a term that the Securities and Exchange Commission applies to any mutual fund whose shares are owned by another fund.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
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.
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 (in the case of bonds) 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.
47
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 163 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. 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 www.vanguard.com.
Interested Trustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years: Chairman |
Born 1957. Trustee Since July 2009. Chairman of the | and Chief Executive Officer (retired 2009) and President |
Board. Principal Occupation(s) During the Past Five | (2006–2008) of Rohm and Haas Co. (chemicals); Board |
Years: Chairman of the Board of The Vanguard Group, | Member of American Chemistry Council; Director of |
Inc., and of each of the investment companies served | Tyco International, Ltd. (diversified manufacturing and |
by The Vanguard Group, since January 2010; Director of | services) and Hewlett-Packard Co. (electronic computer |
The Vanguard Group since 2008; Chief Executive Officer | manufacturing); Trustee of The Conference Board. |
and President of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | Amy Gutmann |
since 2008; Director of Vanguard Marketing Corporation; | Born 1949. Trustee Since June 2006. Principal |
Managing Director of The Vanguard Group (1995–2008). | Occupation(s) During the Past Five Years: President of |
the University of Pennsylvania; Christopher H. Browne | |
Distinguished Professor of Political Science in the School | |
Independent Trustees | of Arts and Sciences with secondary appointments |
at the Annenberg School for Communication and the | |
Emerson U. Fullwood | Graduate School of Education of the University of |
Born 1948. Trustee Since January 2008. Principal | Pennsylvania; Director of Carnegie Corporation of |
Occupation(s) During the Past Five Years: Executive | New York, Schuylkill River Development Corporation, |
Chief Staff and Marketing Officer for North America | and Greater Philadelphia Chamber of Commerce; |
and Corporate Vice President (retired 2008) of Xerox | Trustee of the National Constitution Center. |
Corporation (photocopiers and printers); Director of | |
SPX Corporation (multi-industry manufacturing), the | |
United Way of Rochester, the Boy Scouts of America, | |
Amerigroup Corporation (direct health and medical | |
insurance carriers), and Monroe Community College | |
Foundation. |
JoAnn Heffernan Heisen | Executive Officers | |
Born 1950. Trustee Since July 1998. Principal | ||
Occupation(s) During the Past Five Years: Corporate | Thomas J. Higgins | |
Vice President and Chief Global Diversity Officer since | Born 1957. Chief Financial Officer Since September | |
2006 (retired 2008) and Member of the Executive | 2008. Principal Occupation(s) During the Past Five | |
Committee (retired 2008) of Johnson & Johnson | Years: Principal of The Vanguard Group, Inc.; Chief | |
(pharmaceuticals/consumer products); Vice President | Financial Officer of each of the investment companies | |
and Chief Information Officer of Johnson & Johnson | served by The Vanguard Group since 2008; Treasurer | |
(1997–2005); Director of the University Medical Center | of each of the investment companies served by The | |
at Princeton and Women’s Research and Education | Vanguard Group (1998–2008). | |
Institute; Member of the Advisory Board of the Maxwell | ||
School of Citizenship and Public Affairs at Syracuse | Kathryn J. Hyatt | |
University. | Born 1955. Treasurer Since November 2008. Principal | |
Occupation(s) During the Past Five Years: Principal of | ||
F. Joseph Loughrey | The Vanguard Group, Inc.; Treasurer of each of the | |
Born 1949. Trustee Since October 2009. Principal | investment companies served by The Vanguard | |
Occupation(s) During the Past Five Years: President and | Group since 2008; Assistant Treasurer of each of the | |
Chief Operating Officer since 2005 (retired 2009) and | investment companies served by The Vanguard Group | |
Vice Chairman of the Board (2008–2009) of Cummins | (1988–2008). | |
Inc. (industrial machinery); Director of SKF AB (industrial | ||
machinery), Hillenbrand, Inc. (specialized consumer | Heidi Stam | |
services), Sauer-Danfoss Inc. (machinery), the Lumina | Born 1956. Secretary Since July 2005. Principal | |
Foundation for Education, and the Columbus Community | Occupation(s) During the Past Five Years: Managing | |
Education Coalition; Chairman of the Advisory Council | Director of The Vanguard Group, Inc., since 2006; | |
for the College of Arts and Letters at the University of | General Counsel of The Vanguard Group since 2005; | |
Notre Dame. | Secretary of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | ||
André F. Perold | since 2005; Director and Senior Vice President of | |
Born 1952. Trustee Since December 2004. Principal | Vanguard Marketing Corporation since 2005; Principal | |
Occupation(s) During the Past Five Years: George Gund | of The Vanguard Group (1997–2006). | |
Professor of Finance and Banking, Harvard Business | ||
School; Chair of the Investment Committee of HighVista | ||
Strategies LLC (private investment firm). | Vanguard Senior Management Team | |
Alfred M. Rankin, Jr. | R. Gregory Barton | Michael S. Miller |
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | James M. Norris |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Glenn W. Reed |
President, and Chief Executive Officer of NACCO | Paul A. Heller | George U. Sauter |
Industries, Inc. (forklift trucks/housewares/lignite); | ||
Director of Goodrich Corporation (industrial products/ | ||
aircraft systems and services); Deputy Chairman of | Chairman Emeritus and Senior Advisor | |
the Federal Reserve Bank of Cleveland; Trustee of | ||
University Hospitals of Cleveland, The Cleveland | John J. Brennan | |
Museum of Art, and Case Western Reserve University. | Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | Founder | |
since 2007 and Chief Operating Officer since 2005 | ||
of Corning Incorporated (communications equipment); | John C. Bogle | |
President of Corning Technologies (2001–2005); Director | Chairman and Chief Executive Officer, 1974–1996 | |
of Corning Incorporated and Dow Corning; Trustee of | ||
the Corning Incorporated Foundation and the Corning | ||
Museum of Glass; Overseer of the Amos Tuck School | ||
of Business Administration at Dartmouth College. |
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, Vanguard Growth Equity 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® > www.vanguard.com
Fund Information > 800-662-7447 | All comparative mutual fund data are from Lipper Inc. |
or Morningstar, Inc., unless otherwise noted. | |
Direct Investor Account Services > 800-662-2739 | |
Institutional Investor Services > 800-523-1036 | You can obtain a free copy of Vanguard’s proxy voting |
guidelines by visiting our website, www.vanguard.com, | |
Text Telephone for People | and searching for “proxy voting guidelines,” or by |
With Hearing Impairment > 800-749-7273 | calling Vanguard at 800-662-2739. The guidelines are |
also available from the SEC’s website, www.sec.gov. | |
In addition, you may obtain a free report on how your | |
fund voted the proxies for securities it owned during | |
the 12 months ended June 30. To get the report, visit | |
This material may be used in conjunction | either www.vanguard.com or www.sec.gov. |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | You can review and copy information about your fund |
at the SEC’s Public Reference Room in Washington, D.C. | |
“FTSE®” is a trademark jointly owned by the London | To find out more about this public service, call the SEC |
Stock Exchange plc and The Financial Times Limited | at 202-551-8090. Information about your fund is also |
and is used by FTSE International Limited under license. | available on the SEC’s website, and you can receive |
“All-World” is a trademark of FTSE International Limited. | copies of this information, for a fee, by sending a |
The FTSE All-World Index is calculated by FTSE | request in either of two ways: via e-mail addressed to |
International Limited. FTSE International Limited does | publicinfo@sec.gov or via regular mail addressed to the |
not sponsor, endorse, or promote the funds; is not in any | Public Reference Section, Securities and Exchange |
way connected to them; and does not accept any liability | Commission, Washington, DC 20549-1520. |
in relation to their issue, operation, and trading. | |
The funds or securities referred to herein are not | |
sponsored, endorsed, or promoted by MSCI, and MSCI | |
bears no liability with respect to any such funds or | |
securities. For any such funds or securities, the | |
prospectus or the Statement of Additional Information | |
contains a more detailed description of the limited | |
relationship MSCI has with The Vanguard Group and | |
any related funds. |
© 2010 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q14970 022010
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, André F. Perold, and Alfred M. Rankin, Jr.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2009: $82,000 Fiscal Year Ended December 31, 2008: $34,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2009: $3,354,640 Fiscal Year Ended December 31, 2008: $3,055,590
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2009: $876,210 Fiscal Year Ended December 31, 2008: $626,240
Includes fees billed in connection with assurance and related services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(c) Tax Fees.
Fiscal Year Ended December 31, 2009: $423,070 Fiscal Year Ended December 31, 2008: $230,400
Includes fees billed in connection with tax compliance, planning and advice services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group and related to income and excise taxes.
(d) All Other Fees.
Fiscal Year Ended December 31, 2009: $0
Fiscal Year Ended December 31, 2008: $0
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Includes fees billed for services related to risk management and privacy matters. Services were provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; and (4) other registered investment companies in the Vanguard Group. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; or (4) other registered investment companies in the Vanguard Group.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2009: $423,070 Fiscal Year Ended December 31, 2008: $230,400
Includes fees billed for non-audit services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
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Item 5: Not Applicable.
Item 6: Not Applicable.
Item 7: Not Applicable.
Item 8: Not Applicable.
Item 9: Not Applicable.
Item 10: Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) | Code of Ethics. |
(b) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD VALLEY FORGE FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* F. WILLIAM MCNABB III CHIEF EXECUTIVE OFFICER |
Date: February 22, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD VALLEY FORGE FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
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F. WILLIAM MCNABB III
CHIEF EXECUTIVE OFFICER
Date: February 22, 2010
VANGUARD VALLEY FORGE FUNDS | |
BY: | /s/ THOMAS J. HIGGINS* THOMAS J. HIGGINS CHIEF FINANCIAL OFFICER |
Date: February 22, 2010
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on July 24, 2009, see file Number 2-88373, and a Power of Attorney filed on October 16, 2009, see File Number 2-52698, both Incorporated by Reference.
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