# EDGAR Filing Document

**Accession Number:** 0000923202
**File Stem:** 0001752724-23-057191
**Filing Date:** 2023-3
**Character Count:** 191343
**Document Hash:** c9787a0df60c59e2bdcaaf1fc6cbd06d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057191.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057191

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TAX-MANAGED FUNDS
- **CENTRAL INDEX KEY:** 0000923202
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07175
- **FILM NUMBER:** 23734853

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TAX MANAGED FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TAX-MANAGED FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TAX MANAGED FUND INC
- **DATE OF NAME CHANGE:** 19940517

## Series and Classes Contracts Data

### Vanguard Tax-Managed Balanced Fund (Series ID: S000004383)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012133 | Admiral Shares | VTMFX           |

### Vanguard Tax-Managed Capital Appreciation Fund (Series ID: S000004384)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012134 | Investor Shares      | VMCAX           |
| C000012135 | Admiral Shares       | VTCLX           |
| C000012136 | Institutional Shares | VTCIX           |

### Vanguard Developed Markets Index Fund (Series ID: S000004386)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000012140 | Admiral Shares            | VTMGX           |
| C000012141 | Institutional Shares      | VTMNX           |
| C000051262 | ETF Shares                | VEA             |
| C000135477 | Institutional Plus Shares | VDIPX           |
| C000135478 | Investor Shares           | VDVIX           |

### Vanguard Tax-Managed Small-Cap Fund (Series ID: S000004387)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012142 | Admiral Shares       | VTMSX           |
| C000012143 | Institutional Shares | VTSIX           |

## Internal

```

Report of Independent Registered Public
Accounting Firm

To the Board of Trustees of Vanguard Tax-
Managed Funds and Shareholders of
Vanguard Developed Markets Index Fund

In planning and performing our audit of the financial
statements of Vanguard Developed Markets Index
Fund (one of the funds constituting Vanguard Tax-
Managed Funds, referred to hereafter as the
"Fund") as of and for the year ended December 31,
2022, in accordance with the standards of the
Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the
Fund's internal control over financial reporting,
including controls over safeguarding securities, as
a basis for designing our auditing procedures for
the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the
effectiveness of the Fund's internal control over
financial reporting. Accordingly, we do not express
an opinion on the effectiveness of the Fund's
internal control over financial reporting.

The management of the Fund is
responsible for establishing and
maintaining effective internal control over
financial reporting. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the
expected benefits and related costs of
controls. A company's internal control over
financial reporting is a process designed to
provide reasonable assurance regarding
the reliability of financial reporting and the
preparation of financial statements for
external purposes in accordance with
generally accepted accounting principles. A
company's internal control over financial
reporting includes those policies and
procedures that (1) pertain to the
maintenance of records that, in reasonable
detail, accurately and fairly reflect the
transactions and dispositions of the assets
of the company; (2) provide reasonable
assurance that transactions are recorded
as necessary to permit preparation of
financial statements in accordance with
generally accepted accounting principles,
and that receipts and expenditures of the
company are being made only in
accordance with authorizations of
management and directors of the company;
and (3) provide reasonable assurance
regarding prevention or timely detection of
unauthorized acquisition, use or disposition
of a company's assets that could have a
material effect on the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not
prevent or detect misstatements. Also,
projections of any evaluation of
effectiveness to future periods are subject
to the risk that controls may become
inadequate because of changes in
conditions, or that the degree of
compliance with the policies or procedures
may deteriorate.

A deficiency in internal control over
financial reporting exists when the design
or operation of a control does not allow
management or employees, in the normal
course of performing their assigned
functions, to prevent or detect
misstatements on a timely basis. A material
weakness is a deficiency, or a combination
of deficiencies, in internal control over
financial reporting, such that there is a
reasonable possibility that a material
misstatement of the company's annual or
interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Fund's internal
control over financial reporting was for the
limited purpose described in the first
paragraph and would not necessarily
disclose all deficiencies in internal control
over financial reporting that might be
material weaknesses under standards
established by the PCAOB. However, we
noted no deficiencies in the Fund's internal
control over financial reporting and its
operation, including controls over
safeguarding securities, that we consider to
be a material weakness as defined above
as of December 31, 2022.

This report is intended solely for the
information and use of the Board of
Trustees of Vanguard Tax-Managed Funds
and the Securities and Exchange
Commission and is not intended to be and
should not be used by anyone other than
these specified parties.

/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 15, 2023

```

## Internal

```

Report of Independent Registered Public Accounting
Firm

To the Board of Trustees of Vanguard Tax-Managed
Funds and Shareholders of
Vanguard Tax-Managed Capital Appreciation Fund
Vanguard Tax-Managed Balanced Fund and
Vanguard Tax-Managed Small-Cap Fund

In planning and performing our audits of the financial
statements of Vanguard Tax-Managed Capital
Appreciation Fund, Vanguard Tax-Managed Balanced
Fund and Vanguard Tax-Managed Small-Cap Fund
(three of the funds constituting Vanguard Tax-Managed
Funds, hereafter collectively referred to as the "Funds")
as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB),
we considered the Funds' internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting. Accordingly, we
do not express an opinion on the effectiveness of the
Funds' internal control over financial reporting.

The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A company's internal control over financial
reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles. A company's internal control over
financial reporting includes those policies and
procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance with
generally accepted accounting principles, and that
receipts and expenditures of the company are being
made only in accordance with authorizations of
management and directors of the company; and (3)
provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or
disposition of a company's assets that could have a
material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a
material misstatement of the company's annual or
interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Funds' internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control over financial reporting
that might be material weaknesses under standards
established by the PCAOB. However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls over
safeguarding securities, that we consider to be a
material weakness as defined above as of December 31,
2022.

This report is intended solely for the information and use
of the Board of Trustees of Vanguard Tax-Managed
Funds and the Securities and Exchange Commission
and is not intended to be and should not be used by
anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2023

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000923202

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** VANGUARD TAX-MANAGED FUNDS

- **Item B.1.b - Investment Company Act file number:** 811-07175

- **Item B.1.c - CIK:** 0000923202

- **Item B.1.d - LEI:** 549300PTTIGTMUA02X28

- **Item B.2.a - Street 1:** 100 Vanguard Boulevard

- **Item B.2.b - City:** Malvern

- **Item B.2.c - State:** PA

- **Item B.2.e - Zip Code:** 19355

- **Item B.2.f - Telephone:** 6106691000

- **Item B.2.g - Public Website:** www.vanguard.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank

- **b. Street 1:** 383 Madison Avenue

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10179

- **g. Telephone number:** 212-648-0466

- **h. Briefly describe the books and records kept at this location:** The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust

- **b. Street 1:** One Lincoln Street

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 20111

- **g. Telephone number:** 617-662-3839

- **h. Briefly describe the books and records kept at this location:** The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** The Vanguard Group, Inc.

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 4

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                                                                   |
|:---|:---|:---|
| Deanna Mulligan     | No                      | 811-22114, 811-21478, 811-05962, 811-04681, 811-07803, 811-05972, 811-01027, 811-06093, 811-04526, 811-02968-99, 811-05340, 811-02368, 811-00834, 811-05628, 811-04474, 811-07239, 811-09005, 811-02687, 811-22619, 811-02554, 811-06083, 811-03916, 811-00121, 811-04098, 811-07043, 811-01530, 811-05445, 811-58431, 811-03919, 811-04570, 811-07443, 811-04571, 811-02652, 811-01766 |
| David Thomas        | No                      | 811-05340, 811-22619, 811-01027, 811-04571, 811-07043, 811-05962, 811-02687, 811-01530, 811-03916, 811-05972, 811-09005, 811-00834, 811-07239, 811-07803, 811-02652, 811-04526, 811-06093, 811-04681, 811-06083, 811-58431, 811-01766, 811-04474, 811-00121, 811-04098, 811-04570, 811-02968-99, 811-05628, 811-22114, 811-07443, 811-02368, 811-05445, 811-02554, 811-03919, 811-21478 |
| Mark Loughridge     | No                      | 811-07239, 811-07803, 811-02968-99, 811-02368, 811-58431, 811-04681, 811-04570, 811-01766, 811-02652, 811-05445, 811-01027, 811-01530, 811-05962, 811-03916, 811-07043, 811-05340, 811-09005, 811-02687, 811-00834, 811-00121, 811-22619, 811-06083, 811-05628, 811-07443, 811-03919, 811-21478, 811-02554, 811-04571, 811-22114, 811-04474, 811-06093, 811-04098, 811-04526, 811-05972 |
| Emerson U. Fullwood | No                      | 811-01027, 811-04681, 811-02554, 811-03919, 811-01766, 811-04474, 811-22619, 811-05628, 811-07239, 811-02968-99, 811-04570, 811-00121, 811-02652, 811-04098, 811-04571, 811-03916, 811-21478, 811-58431, 811-06083, 811-22114, 811-05962, 811-02368, 811-05445, 811-07443, 811-07043, 811-00834, 811-05972, 811-04526, 811-05340, 811-09005, 811-02687, 811-01530, 811-07803, 811-06093 |
| Sarah Bloom Raskin  | No                      | 811-03919, 811-06093, 811-09005, 811-02554, 811-05445, 811-07043, 811-22619, 811-05340, 811-05962, 811-06083, 811-01027, 811-02652, 811-22114, 811-05972, 811-21478, 811-04681, 811-04098, 811-03916, 811-01766, 811-00834, 811-02968-99, 811-04571, 811-02687, 811-58431, 811-04474, 811-02368, 811-00121, 811-01530, 811-04570, 811-04526, 811-07239, 811-07803, 811-07443, 811-05628 |
| Mortimer J. Buckley | Yes                     | 811-01027, 811-04570, 811-05972, 811-05628, 811-07043, 811-04571, 811-02968-99, 811-03919, 811-04098, 811-07239, 811-03916, 811-02687, 811-06093, 811-21478, 811-22619, 811-04681, 811-07443, 811-01530, 811-02554, 811-04526, 811-05340, 811-00834, 811-22114, 811-05962, 811-09005, 811-02368, 811-01766, 811-04474, 811-06083, 811-07803, 811-05445, 811-00121, 811-58431, 811-02652 |
| F. Joseph Loughrey  | No                      | 811-58431, 811-04098, 811-04681, 811-01027, 811-07803, 811-05445, 811-04474, 811-05628, 811-04571, 811-02368, 811-05962, 811-05340, 811-07239, 811-01766, 811-02554, 811-04570, 811-00121, 811-00834, 811-03916, 811-07043, 811-07443, 811-22114, 811-05972, 811-04526, 811-02652, 811-06093, 811-22619, 811-21478, 811-02687, 811-06083, 811-01530, 811-02968-99, 811-09005, 811-03919 |
| Peter F. Volanakis  | No                      | 811-02554, 811-04098, 811-09005, 811-01027, 811-22114, 811-22619, 811-00121, 811-07803, 811-06083, 811-07239, 811-04474, 811-03919, 811-05340, 811-02687, 811-06093, 811-07443, 811-04570, 811-02652, 811-02368, 811-04571, 811-00834, 811-05972, 811-05445, 811-21478, 811-02968-99, 811-01530, 811-07043, 811-04526, 811-05628, 811-58431, 811-04681, 811-01766, 811-03916, 811-05962 |
| Tara Bunch          | No                      | 811-00834, 811-05972, 811-05962, 811-01530, 811-04526, 811-06083, 811-58431, 811-09005, 811-06093, 811-04098, 811-05628, 811-22114, 811-22619, 811-04570, 811-04681, 811-07803, 811-21478, 811-02652, 811-05445, 811-07443, 811-05340, 811-03916, 811-01027, 811-04474, 811-02554, 811-02968-99, 811-07043, 811-01766, 811-00121, 811-04571, 811-03919, 811-02687, 811-02368, 811-07239 |
| Scott C. Malpass    | No                      | 811-05972, 811-01027, 811-22619, 811-02968-99, 811-06083, 811-02687, 811-05340, 811-05445, 811-01766, 811-03916, 811-04571, 811-07443, 811-04681, 811-07239, 811-21478, 811-04098, 811-09005, 811-02368, 811-07803, 811-22114, 811-58431, 811-07043, 811-01530, 811-00121, 811-04526, 811-06093, 811-05962, 811-05628, 811-02652, 811-04570, 811-04474, 811-02554, 811-00834, 811-03919 |
| Andre F. Perold     | No                      | 811-04571, 811-01766, 811-05628, 811-04681, 811-05962, 811-00121, 811-58431, 811-04474, 811-04570, 811-05972, 811-01530, 811-02968-99, 811-04526, 811-03919, 811-01027, 811-05340, 811-07803, 811-07239, 811-21478, 811-22114, 811-06083, 811-02687, 811-07043, 811-02554, 811-07443, 811-22619, 811-02652, 811-05445, 811-04098, 811-00834, 811-06093, 811-09005, 811-03916, 811-02368 |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Jacqueline Angell

- **b. CRD Number, if any:** 005606776

- **c. Street Address 1:** 100 Vanguard Boulevard

- **d. City:** Malvern

- **e. State, if applicable:** PA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 19355

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-8676
  - IC-27386
  - IC-9205
  - IC-9664
  - IC-26281
  - IC-9001
  - IC-19184
  - IC-11645
  - IC-26436

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** VANGUARD MARKETING CORP.

- **ii. SEC file number:** 8-21570

- **iii. CRD number:** 000007452

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PRICEWATERHOUSECOOPERS LLP

- **b. PCAOB Number:** 000000238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - VANGUARD TAX-MANAGED SMALL-CAP FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** VANGUARD TAX-MANAGED SMALL-CAP FUND

- **b. Series identification number, if any:** S000004387

- **c. LEI:** ZJY016R4WGTONCXRZD36

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Institutional Shares    | C000012143                                | VTSIX                        |
|                           2 | Admiral Shares          | C000012142                                | VTMSX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 801-11953

- **iii. CRD number:** 000105958

- **iv. LEI, if any:** 5493002789CX3L0CJP65

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 084-00772

- **iii. LEI, if any:** 5493002789CX3L0CJP65

- **iv. State, if applicable:** PA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Markit North America INC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing and Reference Data LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-36687789

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** ITG Analytics Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 41-2190282

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 20-4530702

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** JPMorgan Chase Bank

- **ii. LEI, if any, or provide and describe other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** Mizuho Bank Ltd

- **ii. LEI, if any:** RB0PEZSDGCO3JS6CEU02

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** BNP Paribas Securities Services SCA

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Euroclear

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 9**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Deutsche Bank AG

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** Royal Bank of Canada

- **ii. LEI, if any:** ES7IP3U3RHIGC71XBU11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. LEI, if any:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMORGAN CHASE BANK, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** THE VANGUARD GROUP, INC.

- **ii. LEI, if any, or other identifying number:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Wells Fargo Securities, LLC

- **ii. SEC file number:** 008-22947

- **iii. CRD number:** 000007665

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,814.57

**Brokers Record: 2**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $35,327.33

**Brokers Record: 3**

- **i. Full name of broker:** Cowen and Company, LLC

- **ii. SEC file number:** 008-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $35,680.38

**Brokers Record: 4**

- **i. Full name of broker:** Barclays Capital Inc.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $95,530.86

**Brokers Record: 5**

- **i. Full name of broker:** The Williams Capital Group, L.P.

- **ii. SEC file number:** 008-46623

- **iii. CRD number:** 000035149

- **iv. LEI, if any:** 254900QGK3PNRGR9BD85

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,150.59

**Brokers Record: 6**

- **i. Full name of broker:** Piper Sandler & Co.

- **ii. SEC file number:** 008-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $406,962.44

**Brokers Record: 7**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $54,219.46

**Brokers Record: 8**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $43,927.85

**Brokers Record: 9**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $62,148.32

**Brokers Record: 10**

- **i. Full name of broker:** JonesTrading Institutional Services LLC

- **ii. SEC file number:** 008-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,703.47

**Aggregate Commission:** $932,099.73

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $1,883,095,943.00         |
| Barclays Capital Inc.          | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $6,662,723.21             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,889,758,666.21

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $8,318,479,952.66

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $4,385,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 2 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 3 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 4 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 5 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 6 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 7 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 8 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 9 Name of institution:** BNP Paribas

  - **Line Institutions Record: 10 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 11 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 12 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 13 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 14 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 15 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 16 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 17 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 18 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 19 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 20 Name of institution:** Societe Generale

  - **Line Institutions Record: 21 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 22 Name of institution:** Morgan Stanley Bank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                  | SEC File number   |
|:---|:---|
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard Core Bond Fund                                       | 811-05628         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - VANGUARD DEVELOPED MARKETS INDEX FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** VANGUARD DEVELOPED MARKETS INDEX FUND

- **b. Series identification number, if any:** S000004386

- **c. LEI:** 3TVJ6OS71EDS4RAB2217

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Admiral Shares            | C000012140                                | VTMGX                        |
|                           2 | Investor Shares           | C000135478                                | VDVIX                        |
|                           3 | ETF Shares                | C000051262                                | VEA                          |
|                           4 | Institutional Shares      | C000012141                                | VTMNX                        |
|                           5 | Institutional Plus Shares | C000135477                                | VDIPX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**Securities Lending Record: 2**

- **i. Full name of securities lending agent:** The Vanguard Group, Inc.

- **ii. LEI, if any:** 5493002789CX3L0CJP65

- **iii. Is the securities lending agent an affiliated person...?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [x] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,072,616,672.83

- **g. Provide the net income from securities lending activities:** $47,299,952.98

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 801-11953

- **iii. CRD number:** 000105958

- **iv. LEI, if any:** 5493002789CX3L0CJP65

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 084-00772

- **iii. LEI, if any:** 5493002789CX3L0CJP65

- **iv. State, if applicable:** PA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** JPMorgan Chase Bank

- **ii. LEI, if any, or provide and describe other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Markit North America INC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ITG Analytics Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 41-2190282

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 20-4530702

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** ICE Data Pricing and Reference Data LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-36687789

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Citibank N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** Intesa Sanpaolo S.p.A.

- **ii. LEI, if any:** 2W8N8UU78PMDQKZENC08

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** BNP Paribas Securities Services, S.C.A.

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Bank Handlowy w Warszawie S.A.

- **ii. LEI, if any:** XLEZHWWOI4HFQDGL4793

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ), Sweden

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** UniCredit Bank Austria AG

- **ii. LEI, if any:** D1HEB8VEU6D9M8ZUXG17

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Credit Suisse (Switzerland) Limited

- **ii. LEI, if any:** 549300CWR0W0BCS9Q144

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** State Street Bank and Trust Company, United Kingdom branch

- **ii. LEI, if any:** 213800YAZLPV26WFM449

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** BNP Paribas Securities Services, S.C.A.

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** Bank Hapoalim B.M.

- **ii. LEI, if any:** B6ARUI4946ST4S7WOU88

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 16**

- **i. Full name:** Euroclear Bank S.A./N.V.

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 17**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ), Sweden

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** State Street Trust Company Canada

- **ii. LEI, if any:** 549300L71XG2CTQ2V827

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 21**

- **i. Full name:** BNP Paribas Securities Services, S.C.A.

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** BNP Paribas Securities Services, S.C.A., Greece

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** Citibank Europe plc, Dublin, Ireland

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 24**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ), Sweden

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** State Street Bank International GmbH

- **ii. LEI, if any:** ZMHGNT7ZPKZ3UFZ8EO46

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** BNP Paribas Securities Services, S.C.A.

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** Citibank Europe plc, Dublin, Ireland

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. LEI, if any:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any, or other identifying number:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** THE VANGUARD GROUP, INC.

- **ii. LEI, if any, or other identifying number:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Credit Suisse Securities (Europe) Limited

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** DL6FFRRLF74S01HE2M14

- **vii. Gross commissions paid by the Fund for the reporting period:** $113,791.39

**Brokers Record: 2**

- **i. Full name of broker:** Instinet Pacific Limited

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300RI6VZUNIR81J81

- **vii. Gross commissions paid by the Fund for the reporting period:** $98,189.95

**Brokers Record: 3**

- **i. Full name of broker:** Barclays Capital Inc.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $136,105.28

**Brokers Record: 4**

- **i. Full name of broker:** Instinet Europe Limited

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 213800MXAKR2LA1VBM44

- **vii. Gross commissions paid by the Fund for the reporting period:** $281,995.90

**Brokers Record: 5**

- **i. Full name of broker:** Merrill Lynch International

- **ii. SEC file number:** N/A

- **iii. CRD number:** 000162416

- **iv. LEI, if any:** GGDZP1UYGU9STUHRDP48

- **vii. Gross commissions paid by the Fund for the reporting period:** $111,512.67

**Brokers Record: 6**

- **i. Full name of broker:** TD Securities (USA) LLC

- **ii. SEC file number:** 008-36747

- **iii. CRD number:** 000018476

- **iv. LEI, if any:** SUVUFHICNZMP2WKHG940

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $107,634.34

**Brokers Record: 7**

- **i. Full name of broker:** J.P. Morgan Securities PLC

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** K6Q0W1PS1L1O4IQL9C32

- **vii. Gross commissions paid by the Fund for the reporting period:** $298,747.76

**Brokers Record: 8**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $144,245.06

**Brokers Record: 9**

- **i. Full name of broker:** Morgan Stanley & Co. International PLC

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 4PQUHN3JPFGFNF3BB653

- **vii. Gross commissions paid by the Fund for the reporting period:** $114,585.78

**Brokers Record: 10**

- **i. Full name of broker:** Exane

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 969500UP76J52A9OXU27

- **vii. Gross commissions paid by the Fund for the reporting period:** $168,352.44

**Aggregate Commission:** $2,721,725.50

**Item C.17.a. Principal transaction counterparties.**

| Name                             | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. Morgan Securities PLC       | N/A               | N/A          | K6Q0W1PS1L1O4IQL9C32 |  |  | $96,291,371.59            |
| UBS Securities Asia Limited      | N/A               | N/A          | 549300Y35FCB6270R069 |  |  | $48,289,785.03            |
| Exane                            | N/A               | N/A          | 969500UP76J52A9OXU27 |  |  | $69,563,697.25            |
| Goldman Sachs International      | N/A               | N/A          | W22LROWP2IHZNBB6K528 |  |  | $45,601,296.11            |
| Merrill Lynch International      | N/A               | 000162416    | GGDZP1UYGU9STUHRDP48 |  |  | $43,239,968.98            |
| Barclays Capital Inc.            | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $38,024,445.31            |
| Joh. Berenberg, Gossler & Co. KG | N/A               | N/A          | 529900UC2OD7II24Z667 |  |  | $35,283,274.09            |
| Instinet Europe Limited          | N/A               | N/A          | 213800MXAKR2LA1VBM44 |  |  | $105,776,097.38           |
| BMO Capital Markets Corp.        | N/A               | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $29,994,681.30            |
| Vanguard Market Liquidity Fund   | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $57,102,530,109.97        |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $57,976,936,189.88

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $147,992,832,805.57

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $4,385,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 2 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 3 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 4 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 5 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 6 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 7 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 8 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 9 Name of institution:** Societe Generale

  - **Line Institutions Record: 10 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 12 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 13 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 14 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 15 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 16 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 17 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 18 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 19 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 20 Name of institution:** BNP Paribas

  - **Line Institutions Record: 21 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 22 Name of institution:** Goldman Sachs Bank USA

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                  | SEC File number   |
|:---|:---|
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Federal Money Market Fund                            | 811-02554         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 3 - VANGUARD TAX-MANAGED BALANCED FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** VANGUARD TAX-MANAGED BALANCED FUND

- **b. Series identification number, if any:** S000004383

- **c. LEI:** 1WMM5VZXIWNUKJJYWQ89

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Admiral Shares          | C000012133                                | VTMFX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 801-11953

- **iii. CRD number:** 000105958

- **iv. LEI, if any:** 5493002789CX3L0CJP65

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 084-00772

- **iii. LEI, if any:** 5493002789CX3L0CJP65

- **iv. State, if applicable:** PA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ITG Analytics Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 41-2190282

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing and Reference Data LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-36687789

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit North America INC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 20-4530702

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** JPMorgan Chase Bank

- **ii. LEI, if any, or provide and describe other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 5**

- **i. Full name:** BNP Paribas Securities Services SCA

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Royal Bank of Canada

- **ii. LEI, if any:** ES7IP3U3RHIGC71XBU11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Mizuho Bank Ltd

- **ii. LEI, if any:** RB0PEZSDGCO3JS6CEU02

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Euroclear

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 11**

- **i. Full name:** Deutsche Bank AG

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. LEI, if any:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** THE VANGUARD GROUP, INC.

- **ii. LEI, if any, or other identifying number:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMORGAN CHASE BANK, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Barclays Capital Inc.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,049.57

**Brokers Record: 2**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $57,956.41

**Brokers Record: 3**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,498.68

**Brokers Record: 4**

- **i. Full name of broker:** Instinet, LLC

- **ii. SEC file number:** 008-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** 549300MGMN3RKMU8FT57

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,325.78

**Brokers Record: 5**

- **i. Full name of broker:** Credit Suisse Securities (USA) LLC

- **ii. SEC file number:** 008-00422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,444.22

**Brokers Record: 6**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $41,195.52

**Brokers Record: 7**

- **i. Full name of broker:** Cowen and Company, LLC

- **ii. SEC file number:** 008-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,767.26

**Brokers Record: 8**

- **i. Full name of broker:** Wells Fargo Securities, LLC

- **ii. SEC file number:** 008-22947

- **iii. CRD number:** 000007665

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,133.98

**Brokers Record: 9**

- **i. Full name of broker:** Cantor Fitzgerald & Co.

- **ii. SEC file number:** 008-00201

- **iii. CRD number:** 000000134

- **iv. LEI, if any:** 5493004J7H4GCPG6OB62

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,804.00

**Brokers Record: 10**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,204.94

**Aggregate Commission:** $152,050.35

**Item C.17.a. Principal transaction counterparties.**

| Name                            | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| U.S. Bancorp                    | 008-35359         |    000017868 | N1GZ7BBF3NP8GI976H15 | MN      | US        | $260,950,136.00           |
| Morgan Stanley & Co. LLC        | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $380,908,560.43           |
| Barclays Capital Inc.           | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $660,213,129.25           |
| J.P. Morgan Securities LLC      | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $825,861,751.86           |
| Jefferies LLC                   | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $153,307,798.60           |
| BofA Securities, Inc.           | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $626,077,910.72           |
| National Financial Services LLC | 008-26740         |    000013041 | 549300JRHF1MHHWUAW04 | MA      | US        | $221,168,765.15           |
| Citigroup Global Markets Inc.   | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $294,359,319.67           |
| Wells Fargo Securities, LLC     | 008-22947         |    000007665 | VYVVCKR63DVZZN70PB21 | NC      | US        | $204,336,258.07           |
| Goldman Sachs & Co. LLC         | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $310,795,638.74           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $4,714,871,107.54

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $7,990,724,434.25

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $4,385,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 2 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 3 Name of institution:** Societe Generale

  - **Line Institutions Record: 4 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 5 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 6 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 7 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 8 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 9 Name of institution:** BNP Paribas

  - **Line Institutions Record: 10 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 11 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 12 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 13 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 14 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 15 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 16 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 17 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 18 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 19 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 20 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 21 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 22 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                  | SEC File number   |
|:---|:---|
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard Value Index Fund                                     | 811-02652         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND

- **b. Series identification number, if any:** S000004384

- **c. LEI:** 90F1SY186UR5IE5QGL40

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Institutional Shares    | C000012136                                | VTCIX                        |
|                           2 | Admiral Shares          | C000012135                                | VTCLX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 801-11953

- **iii. CRD number:** 000105958

- **iv. LEI, if any:** 5493002789CX3L0CJP65

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. SEC file number:** 084-00772

- **iii. LEI, if any:** 5493002789CX3L0CJP65

- **iv. State, if applicable:** PA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Markit North America INC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing and Reference Data LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 13-36687789

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 20-4530702

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ITG Analytics Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 41-2190282

- **Description of other identifying number:** TIN

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** JPMorgan Chase Bank

- **ii. LEI, if any, or provide and describe other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Euroclear

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 2**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 6**

- **i. Full name:** Euroclear

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 7**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** JPMorgan Chase Bank NA

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** J.P. MORGAN SE - LUXEMBOURG BRANCH

- **ii. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** Royal Bank of Canada

- **ii. LEI, if any:** ES7IP3U3RHIGC71XBU11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Deutsche Bank AG

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** Mizuho Bank Ltd

- **ii. LEI, if any:** RB0PEZSDGCO3JS6CEU02

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas Securities Services SCA

- **ii. LEI, if any:** 549300WCGB70D06XZS54

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Vanguard Group, Inc.

- **ii. LEI, if any:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMORGAN CHASE BANK, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** THE VANGUARD GROUP, INC.

- **ii. LEI, if any, or other identifying number:** 5493002789CX3L0CJP65

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Credit Suisse Securities (USA) LLC

- **ii. SEC file number:** 008-00422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,917.46

**Brokers Record: 2**

- **i. Full name of broker:** Instinet, LLC

- **ii. SEC file number:** 008-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** 549300MGMN3RKMU8FT57

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,039.46

**Brokers Record: 3**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,502.55

**Brokers Record: 4**

- **i. Full name of broker:** Barclays Capital Inc.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,554.72

**Brokers Record: 5**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,308.13

**Brokers Record: 6**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,103.69

**Brokers Record: 7**

- **i. Full name of broker:** Wells Fargo Securities, LLC

- **ii. SEC file number:** 008-22947

- **iii. CRD number:** 000007665

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,168.65

**Brokers Record: 8**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,441.92

**Brokers Record: 9**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,577.42

**Brokers Record: 10**

- **i. Full name of broker:** Virtu ITG LLC

- **ii. SEC file number:** 008-44218

- **iii. CRD number:** 000029299

- **iv. LEI, if any:** 549300S41SMIODVIT266

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,961.40

**Aggregate Commission:** $87,140.04

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $1,227,522,705.00         |
| Morgan Stanley & Co. LLC       | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $58,359.00                |
| J.P. Morgan Securities LLC     | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $554,496.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,228,135,560.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $15,822,668,034.28

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $4,385,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 2 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 3 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 4 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 5 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 6 Name of institution:** Societe Generale

  - **Line Institutions Record: 7 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 8 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 9 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BNP Paribas

  - **Line Institutions Record: 11 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 12 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 13 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 14 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 15 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 16 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 17 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 18 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 19 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 20 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 21 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 22 Name of institution:** PNC Bank, National Association

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                  | SEC File number   |
|:---|:---|
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

### VANGUARD DEVELOPED MARKETS INDEX FUND

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** VEA

**Item E.2 - Authorized Participants**

| Name                            | Purchase Value    | Redeem Value   |
|:---|:---|:---|
| BNP Paribas Prime Brokerage Inc | $0.00             | $0.00          |
| Deutsche Bank                   | $0.00             | $0.00          |
| Nomura                          | $0.00             | $0.00          |
| Wells Fargo                     | $0.00             | $0.00          |
| Virtu Americas LLC              | $21,115,000.00    | $0.00          |
| Goldman Sachs                   | $0.00             | $0.00          |
| CitiGroup                       | $0.00             | $0.00          |
| Barclays Capital                | $0.00             | $0.00          |
| RBC                             | $0.00             | $0.00          |
| Cantor Fitzgerald Co            | $0.00             | $0.00          |
| BMO Capital Markets             | $0.00             | $0.00          |
| Citadel Securities              | $0.00             | $0.00          |
| Jane Street                     | $1,207,503,937.02 | $0.00          |
| Cowen and Company LLC           | $0.00             | $0.00          |
| Wedbush                         | $0.00             | $0.00          |
| Jefferies Co                    | $0.00             | $0.00          |
| Virtu Financial                 | $0.00             | $0.00          |
| Merrill Lynch Pro               | $0.00             | $0.00          |
| SG Americas                     | $0.00             | $0.00          |
| UBS                             | $422,563,143.86   | $0.00          |
| Hudson River Trading            | $0.00             | $0.00          |
| BNY Mellon Capital Markets      | $0.00             | $0.00          |
| Mizuho Securities USA           | $0.00             | $0.00          |
| ABN AMRO Clearing               | $0.00             | $0.00          |
| JP Morgan                       | $1,201,619,075.35 | $0.00          |
| Credit Suisse                   | $3,029,061,705.11 | $0.00          |
| Mirae Asset Securities          | $0.00             | $0.00          |
| Merrill Lynch                   | $4,261,451,808.28 | $0.00          |
| Morgan Stanley                  | $54,464,499.37    | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 500,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.13%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $0.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.64%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** VANGUARD TAX-MANAGED FUNDS

**Date:** 2022-03-15

**Signature:** Ashley Grim

**Title:** Treasurer