# EDGAR Filing Document

**Accession Number:** 0000225997
**File Stem:** 0001752724-23-001949
**Filing Date:** 2023-1
**Character Count:** 246588
**Document Hash:** a6f7005d0a7698bd88a891a294046998
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-001949.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001752724-23-001949

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**EFFECTIVENESS DATE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD MUNICIPAL BOND FUNDS
- **CENTRAL INDEX KEY:** 0000225997
- **IRS NUMBER:** 232022170
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02687
- **FILM NUMBER:** 23528622

**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 MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 19851103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WARWICK MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19800619

## Series and Classes Contracts Data

### Vanguard High-Yield Tax-Exempt Fund (Series ID: S000002892)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007949 | Investor Shares | VWAHX           |
| C000007950 | Admiral Shares  | VWALX           |

### Vanguard Intermediate-Term Tax-Exempt Fund (Series ID: S000002894)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007953 | Investor Shares | VWITX           |
| C000007954 | Admiral Shares  | VWIUX           |

### Vanguard Limited-Term Tax-Exempt Fund (Series ID: S000002895)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007955 | Investor Shares | VMLTX           |
| C000007956 | Admiral Shares  | VMLUX           |

### Vanguard Long-Term Tax-Exempt Fund (Series ID: S000002896)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007957 | Investor Shares | VWLTX           |
| C000007958 | Admiral Shares  | VWLUX           |

### Vanguard Short-Term Tax-Exempt Fund (Series ID: S000002897)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007959 | Investor Shares | VWSTX           |
| C000007960 | Admiral Shares  | VWSUX           |

### Vanguard Municipal Money Market Fund (Series ID: S000002898)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007961 | Investor Shares | VMSXX           |

### Vanguard Short-Term Municipal Bond Index (Series ID: S000030008)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000092027 | Admiral Shares |  |
| C000092028 | ETF Shares     |  |

### Vanguard Intermediate-Term Municipal Bond Index (Series ID: S000030009)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000092029 | Admiral Shares |  |
| C000092030 | ETF Shares     |  |

### Vanguard Long-Term Municipal Bond Index (Series ID: S000030010)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000092031 | Admiral Shares |  |
| C000092032 | ETF Shares     |  |

### Vanguard Tax-Exempt Bond Index Fund (Series ID: S000048568)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000153131 | Admiral Shares  | VTEAX           |
| C000153132 | ETF Shares      | VTEB            |
| C000153133 | Investor Shares | VTEBX           |

## Internal

```

Report of Independent
Registered	Public
Accounting Firm
To the Board of Trustees of
Vanguard Municipal Bond
Funds and Shareholders of
Vanguard Municipal Money
Market Fund
Vanguard Short-Term Tax-Exempt Fund
Vanguard Limited-Term Tax-Exempt Fund
Vanguard Intermediate-Term Tax-Exempt Fund
Vanguard Long-Term Tax-Exempt Fund and
Vanguard High-Yield Tax-Exempt Fund
In planning and performing our audits of the financial
statements of Vanguard Municipal Money Market  Fund,
Vanguard Short-Term Tax-Exempt Fund, Vanguard
Limited-Term Tax-Exempt Fund, Vanguard
Intermediate-Term Tax-Exempt Fund, Vanguard Long-
Term Tax-Exempt Fund, and Vanguard High-Yield  Tax-
Exempt Fund (six of the funds constituting Vanguard
Municipal Bond Funds, hereafter collectively  referred to
as the "Funds") as of and for the year ended October
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 October 31, 2022.
This report is intended solely for the information and
use of the Board of Trustees of Vanguard Municipal
Bond 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.
December 15, 2022.
PricewaterhouseCoopers LLP, Two Commerce Square,
Suite 1800, 2001 Market Street, Philadelphia, PA 19103-
7042 T: (267) 330 3000, www.pwc.com/us

```

## Internal

```

Report of Independent
Registered Public
Accounting Firm
To the Board of Trustees
of Vanguard Municipal
Bond Funds and
Shareholders of Vanguard
Tax-Exempt Bond Index
Fund
In planning and performing our audits of the
financial statements of Vanguard Tax-Exempt Bond
Index  Fund (one of the funds constituting Vanguard
Municipal Bond Funds, referred to hereafter as the
"Fund") as of and for the year ended October 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 October
31, 2022.
This report is intended solely for the information
and use of the Board of Trustees of Vanguard
Municipal  Bond 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.
December 16, 2022
PricewaterhouseCoopers LLP, Two Commerce Square,
Suite 1800, 2001 Market Street, Philadelphia, PA 19103-
7042 T: (267) 330 3000, www.pwc.com/us

```

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000225997

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

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

**Item A.1.a - Report for period ending:** 2022-10-31

**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 MUNICIPAL BOND FUNDS

- **Item B.1.b - Investment Company Act file number:** 811-02687

- **Item B.1.c - CIK:** 0000225997

- **Item B.1.d - LEI:** 5493005YO1ELB2VD2X90

- **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):** 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:** 7

- **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                                                                                                                                                                                                                                                                                                                                                   |
|:---|:---|:---|
| Peter F. Volanakis  | No                      | 811-07175, 811-04681, 811-07239, 811-02968-99, 811-07803, 811-22114, 811-05972, 811-04474, 811-06093, 811-01530, 811-02652, 811-05445, 811-00834, 811-22619, 811-02554, 811-04571, 811-07043, 811-09005, 811-04098, 811-04526, 811-05340, 811-21478, 811-06083, 811-04570, 811-05628, 811-03916, 811-02368, 811-58431, 811-01766, 811-05962, 811-00121, 811-03919, 811-01027, 811-07443 |
| Tara Bunch          | No                      | 811-06093, 811-01530, 811-00121, 811-07239, 811-04681, 811-00834, 811-05445, 811-04526, 811-04571, 811-01027, 811-06083, 811-03916, 811-02968-99, 811-04474, 811-04098, 811-05340, 811-09005, 811-04570, 811-02554, 811-07443, 811-07175, 811-03919, 811-21478, 811-05962, 811-02652, 811-22619, 811-05628, 811-07803, 811-05972, 811-22114, 811-07043, 811-58431, 811-01766, 811-02368 |
| Emerson U. Fullwood | No                      | 811-03916, 811-04571, 811-06083, 811-07443, 811-04681, 811-01766, 811-04474, 811-04570, 811-22114, 811-04526, 811-02554, 811-22619, 811-02652, 811-03919, 811-05340, 811-00121, 811-06093, 811-02968-99, 811-01027, 811-07239, 811-05972, 811-07175, 811-05628, 811-05445, 811-09005, 811-05962, 811-58431, 811-07043, 811-21478, 811-07803, 811-02368, 811-01530, 811-00834, 811-04098 |
| F. Joseph Loughrey  | No                      | 811-02652, 811-00121, 811-03919, 811-58431, 811-04681, 811-04526, 811-07443, 811-07803, 811-01027, 811-02968-99, 811-07175, 811-04570, 811-09005, 811-06093, 811-05972, 811-05445, 811-04098, 811-04571, 811-03916, 811-07239, 811-05628, 811-02368, 811-05962, 811-04474, 811-05340, 811-22114, 811-02554, 811-07043, 811-01530, 811-06083, 811-00834, 811-21478, 811-01766, 811-22619 |
| Deanna Mulligan     | No                      | 811-04571, 811-05340, 811-01027, 811-02368, 811-03919, 811-07043, 811-00121, 811-02554, 811-22619, 811-04526, 811-00834, 811-07175, 811-06083, 811-05628, 811-06093, 811-04474, 811-04570, 811-21478, 811-05962, 811-58431, 811-05445, 811-22114, 811-05972, 811-01766, 811-07443, 811-04681, 811-04098, 811-07239, 811-07803, 811-03916, 811-02652, 811-02968-99, 811-09005, 811-01530 |
| Scott C. Malpass    | No                      | 811-02368, 811-04570, 811-05972, 811-58431, 811-05340, 811-02652, 811-22114, 811-02554, 811-04571, 811-07043, 811-04681, 811-05445, 811-06083, 811-01766, 811-07239, 811-00834, 811-00121, 811-01027, 811-05962, 811-05628, 811-03916, 811-06093, 811-07803, 811-22619, 811-02968-99, 811-07175, 811-04098, 811-04474, 811-04526, 811-09005, 811-01530, 811-03919, 811-21478, 811-07443 |
| David Thomas        | No                      | 811-06093, 811-05340, 811-06083, 811-03919, 811-01027, 811-05962, 811-04474, 811-04098, 811-05445, 811-05628, 811-04570, 811-02368, 811-22114, 811-07175, 811-07239, 811-22619, 811-09005, 811-07443, 811-04681, 811-07803, 811-05972, 811-03916, 811-00121, 811-02968-99, 811-00834, 811-02554, 811-04526, 811-07043, 811-04571, 811-21478, 811-01766, 811-01530, 811-02652, 811-58431 |
| Mortimer J. Buckley | Yes                     | 811-22619, 811-09005, 811-07443, 811-02368, 811-04681, 811-04526, 811-07803, 811-07043, 811-03916, 811-05340, 811-04570, 811-06093, 811-58431, 811-04571, 811-07239, 811-01530, 811-02554, 811-03919, 811-02968-99, 811-04474, 811-05972, 811-04098, 811-00121, 811-07175, 811-05962, 811-05445, 811-01766, 811-05628, 811-02652, 811-01027, 811-21478, 811-22114, 811-06083, 811-00834 |
| Andre F. Perold     | No                      | 811-00834, 811-04098, 811-03916, 811-07043, 811-01530, 811-00121, 811-04474, 811-02368, 811-04526, 811-06093, 811-21478, 811-07443, 811-03919, 811-22619, 811-05962, 811-06083, 811-09005, 811-01027, 811-04571, 811-01766, 811-02554, 811-05445, 811-04681, 811-05628, 811-04570, 811-07803, 811-05972, 811-07175, 811-22114, 811-58431, 811-05340, 811-07239, 811-02652, 811-02968-99 |
| Mark Loughridge     | No                      | 811-07803, 811-06093, 811-07175, 811-02968-99, 811-04571, 811-05445, 811-04474, 811-07043, 811-05972, 811-02652, 811-01766, 811-04681, 811-06083, 811-04526, 811-04098, 811-02368, 811-04570, 811-00834, 811-21478, 811-07443, 811-05628, 811-03916, 811-05340, 811-58431, 811-00121, 811-01027, 811-22619, 811-05962, 811-07239, 811-22114, 811-09005, 811-02554, 811-03919, 811-01530 |
| Sarah Bloom Raskin  | No                      | 811-05972, 811-05628, 811-00834, 811-05445, 811-06093, 811-07239, 811-07443, 811-01530, 811-03919, 811-02652, 811-02368, 811-04098, 811-03916, 811-04474, 811-07175, 811-04526, 811-05962, 811-58431, 811-05340, 811-04571, 811-01766, 811-02554, 811-04570, 811-22114, 811-21478, 811-22619, 811-09005, 811-02968-99, 811-07043, 811-01027, 811-07803, 811-06083, 811-00121, 811-04681 |

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

**Chief compliance officer Record: 1**

- **a. Full Name:** John E. Schadl

- **b. CRD Number, if any:** 006931790

- **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?:** No

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-26436
  - IC-11645
  - IC-9205
  - IC-27773
  - IC-19184
  - IC-9664
  - IC-27386
  - IC-9001

### 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 SHORT-TERM TAX-EXEMPT FUND

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

- **a. Full Name of the Fund:** VANGUARD SHORT-TERM TAX-EXEMPT FUND

- **b. Series identification number, if any:** S000002897

- **c. LEI:** GGTVB4H7PGEDHLTPA045

- **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 | Investor Shares         | C000007959                                | VWSTX                        |
|                           2 | Admiral Shares          | C000007960                                | VWSUX                        |

**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))

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

**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:** 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: 2**

- **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: 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:** 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:** 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:** 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: 7**

- **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

- **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:** 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))

- **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:** 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

- **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.**

No Brokers reported.

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Barclays Capital Inc.          | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $4,811,407,591.51         |
| Morgan Stanley & Co. LLC       | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $2,227,751,277.01         |
| Citigroup Global Markets Inc.  | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $2,450,601,943.40         |
| Goldman Sachs & Co. LLC        | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $2,381,716,703.19         |
| U.S. Bancorp                   | 008-35359         | 000017868    | N1GZ7BBF3NP8GI976H15 | MN      | US        | $1,232,171,140.00         |
| Wells Fargo Securities, LLC    | 008-22947         | 000007665    | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,148,721,558.88         |
| RBC Capital Markets, LLC       | 008-45411         | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $1,125,520,037.31         |
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $3,513,593,000.00         |
| J.P. Morgan Securities LLC     | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $8,861,121,765.94         |
| BofA Securities, Inc.          | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $4,942,478,576.66         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $38,425,679,279.27

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

- **Item C.19.a - Fund's monthly average net assets:** $21,620,624,712.56

**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:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 3 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 4 Name of institution:** BNP Paribas

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

  - **Line Institutions Record: 6 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 7 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 8 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 9 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 10 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 11 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 12 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 13 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 14 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 15 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 16 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 17 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 18 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 19 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 20 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 21 Name of institution:** Societe Generale

  - **Line Institutions Record: 22 Name of institution:** Bank of Montreal, Chicago 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 Small Company Growth Portfolio                       | 811-05962         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard U.S. Liquidity Factor ETF                            | 811-00121         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |

- **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 LIMITED-TERM TAX-EXEMPT FUND

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

- **a. Full Name of the Fund:** VANGUARD LIMITED-TERM TAX-EXEMPT FUND

- **b. Series identification number, if any:** S000002895

- **c. LEI:** KL7335P5XPCWYYNGOF77

- **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 | Investor Shares         | C000007955                                | VMLTX                        |
|                           2 | Admiral Shares          | C000007956                                | VMLUX                        |

**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))

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

**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:** 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: 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:** 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: 4**

- **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: 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:** 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))

- **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:** 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

- **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.**

No Brokers reported.

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| RBC Capital Markets, LLC       | 008-45411         | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $2,083,809,444.39         |
| BofA Securities, Inc.          | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $6,798,090,819.52         |
| Barclays Capital Inc.          | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $6,103,862,572.05         |
| Morgan Stanley & Co. LLC       | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $3,587,578,139.20         |
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $3,503,625,883.00         |
| Citigroup Global Markets Inc.  | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $2,269,562,460.04         |
| U.S. Bancorp                   | 008-35359         | 000017868    | N1GZ7BBF3NP8GI976H15 | MN      | US        | $1,321,735,000.00         |
| J.P. Morgan Securities LLC     | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $9,170,534,811.70         |
| Goldman Sachs & Co. LLC        | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $2,656,418,219.87         |
| Jefferies LLC                  | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $1,245,306,575.20         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $46,051,094,436.68

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

- **Item C.19.a - Fund's monthly average net assets:** $35,679,466,560.18

**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:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 3 Name of institution:** BNP Paribas

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

  - **Line Institutions Record: 5 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 6 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 7 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 8 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 9 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 10 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 11 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 12 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 13 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

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

  - **Line Institutions Record: 15 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 16 Name of institution:** PNC Bank, National Association

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

  - **Line Institutions Record: 18 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 19 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 20 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 21 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 22 Name of institution:** Societe Generale

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

- **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: 3 - VANGUARD INTERMEDIATE-TERM TAX-EXEMPT FUND

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

- **a. Full Name of the Fund:** VANGUARD INTERMEDIATE-TERM TAX-EXEMPT FUND

- **b. Series identification number, if any:** S000002894

- **c. LEI:** CR5L0XWH0W8A2XVN7S86

- **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 | Investor Shares         | C000007953                                | VWITX                        |
|                           2 | Admiral Shares          | C000007954                                | VWIUX                        |

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

- 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:** 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: 2**

- **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: 3**

- **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: 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:** 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:** 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: 7**

- **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

- **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:** 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))

- **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:** 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

- **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.**

No Brokers reported.

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

| Name                            | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| National Financial Services LLC | 008-26740         | 000013041    | 549300JRHF1MHHWUAW04 | MA      | US        | $1,841,634,973.00         |
| Morgan Stanley & Co. LLC        | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $5,381,172,016.38         |
| BofA Securities, Inc.           | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $7,760,955,517.73         |
| Jefferies LLC                   | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $2,012,041,549.10         |
| Goldman Sachs & Co. LLC         | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $4,095,425,191.14         |
| Vanguard Market Liquidity Fund  | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $4,813,567,866.00         |
| Barclays Capital Inc.           | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $7,321,899,689.97         |
| J.P. Morgan Securities LLC      | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $12,263,930,088.69        |
| RBC Capital Markets, LLC        | 008-45411         | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $2,117,361,450.75         |
| Citigroup Global Markets Inc.   | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $3,535,852,757.60         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $62,414,966,099.70

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

- **Item C.19.a - Fund's monthly average net assets:** $77,788,778,789.36

**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:** Citibank, N.A.

  - **Line Institutions Record: 3 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 4 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 5 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 6 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 7 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 8 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 9 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 10 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 11 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 12 Name of institution:** BNP Paribas

  - **Line Institutions Record: 13 Name of institution:** JPMorgan Chase Bank, N.A.

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

  - **Line Institutions Record: 15 Name of institution:** PNC Bank, National Association

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

  - **Line Institutions Record: 17 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 18 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 19 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 20 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 21 Name of institution:** Societe Generale

  - **Line Institutions Record: 22 Name of institution:** HSBC Bank USA, 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 Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard U.S. Liquidity Factor ETF                            | 811-00121         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard 500 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-EXEMPT BOND INDEX FUND

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

- **a. Full Name of the Fund:** VANGUARD TAX-EXEMPT BOND INDEX FUND

- **b. Series identification number, if any:** S000048568

- **c. LEI:** 549300SF5YKKQIK4EV73

- **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 | Admiral Shares          | C000153131                                | VTEAX                        |
|                           2 | ETF Shares              | C000153132                                | VTEB                         |

**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?** 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))

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

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

**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:** 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: 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:** 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:** 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: 6**

- **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: 7**

- **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

- **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:** 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))

- **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.**

No Brokers reported.

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Citigroup Global Markets Inc.  | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,493,282,962.11         |
| BofA Securities, Inc.          | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $2,074,406,855.55         |
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $12,259,390,013.00        |
| J.P. Morgan Securities LLC     | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $1,888,159,019.05         |
| Morgan Stanley & Co. LLC       | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $2,036,599,433.15         |
| Jefferies LLC                  | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $1,080,396,397.65         |
| RBC Capital Markets, LLC       | 008-45411         | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $647,609,865.85           |
| Barclays Capital Inc.          | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $1,598,847,535.40         |
| Goldman Sachs & Co. LLC        | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $570,571,491.85           |
| Wells Fargo Securities, LLC    | 008-22947         | 000007665    | VYVVCKR63DVZZN70PB21 | NC      | US        | $466,221,364.75           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $27,077,705,527.59

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

- **Item C.19.a - Fund's monthly average net assets:** $17,742,483,388.53

**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 New York Mellon

  - **Line Institutions Record: 2 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 3 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 4 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 5 Name of institution:** BNP Paribas

  - **Line Institutions Record: 6 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 7 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 8 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 9 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 10 Name of institution:** Brown Brothers Harriman & Co.

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

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

  - **Line Institutions Record: 13 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 14 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 15 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 16 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 17 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 18 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 19 Name of institution:** Societe Generale

  - **Line Institutions Record: 20 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 21 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 22 Name of institution:** Wells Fargo 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 Global Credit Bond Fund                              | 811-22619         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard U.S. Liquidity Factor ETF                            | 811-00121         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |

- **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: 5 - VANGUARD LONG-TERM TAX-EXEMPT FUND

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

- **a. Full Name of the Fund:** VANGUARD LONG-TERM TAX-EXEMPT FUND

- **b. Series identification number, if any:** S000002896

- **c. LEI:** J447T8SLRE824KFZ7546

- **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 | Investor Shares         | C000007957                                | VWLTX                        |
|                           2 | Admiral Shares          | C000007958                                | VWLUX                        |

**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 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))

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

**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:** 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: 4**

- **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: 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:** 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:** 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))

- **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.**

No Brokers reported.

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

| Name                            | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Citigroup Global Markets Inc.   | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $882,163,371.53           |
| National Financial Services LLC | 008-26740         | 000013041    | 549300JRHF1MHHWUAW04 | MA      | US        | $339,071,352.40           |
| RBC Capital Markets, LLC        | 008-45411         | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $392,137,741.65           |
| Morgan Stanley & Co. LLC        | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,033,661,986.73         |
| J.P. Morgan Securities LLC      | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $769,864,207.19           |
| Vanguard Market Liquidity Fund  | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $5,353,193,854.00         |
| Jefferies LLC                   | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $571,346,868.31           |
| Barclays Capital Inc.           | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $938,980,571.93           |
| Goldman Sachs & Co. LLC         | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $593,706,316.69           |
| BofA Securities, Inc.           | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $1,207,774,620.59         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $13,913,299,722.81

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

- **Item C.19.a - Fund's monthly average net assets:** $15,507,348,983.17

**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:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 2 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 3 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 4 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 5 Name of institution:** Societe Generale

  - **Line Institutions Record: 6 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 7 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 8 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 9 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 10 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 11 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 12 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 13 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 14 Name of institution:** BNP Paribas

  - **Line Institutions Record: 15 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 16 Name of institution:** Bank of America N.A.

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

  - **Line Institutions Record: 18 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 19 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 20 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 21 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 22 Name of institution:** Royal Bank of Canada

- **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 Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard Global Equity Fund                                   | 811-07239         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard Mid-Cap Growth Index Fund                            | 811-02652         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard Municipal Money Market Fund                          | 811-02687         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard U.S. Liquidity Factor ETF                            | 811-00121         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Small-Cap Growth 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: 6 - VANGUARD MUNICIPAL MONEY MARKET FUND

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

- **a. Full Name of the Fund:** VANGUARD MUNICIPAL MONEY MARKET FUND

- **b. Series identification number, if any:** S000002898

- **c. LEI:** RM0KS5LPMRVBRUN1Q110

- **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 | Investor Shares         | C000007961                                | VMSXX                        |

**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

- [x] 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?** 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 32a-4 (17 CFR 270.32a-4)

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

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

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

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **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:** 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: 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:** 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:** 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:** 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: 7**

- **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

- **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:** 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))

- **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.**

No Brokers reported.

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Citigroup Global Markets Inc.  | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,207,282,188.30         |
| Barclays Capital Inc.          | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $1,252,089,024.95         |
| Jefferies LLC                  | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $726,920,000.00           |
| U.S. Bancorp                   | 008-35359         | 000017868    | N1GZ7BBF3NP8GI976H15 | MN      | US        | $1,071,203,719.02         |
| Morgan Stanley & Co. LLC       | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $2,317,866,251.75         |
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $1,353,470,085.00         |
| BofA Securities, Inc.          | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $2,835,622,850.25         |
| RBC Capital Markets, LLC       | 008-45411         | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $981,397,882.65           |
| Goldman Sachs & Co. LLC        | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $1,906,391,513.20         |
| J.P. Morgan Securities LLC     | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $6,282,814,681.39         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $23,128,852,474.06

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

- **Item C.19.b - Money market fund's daily average net assets:** $16,156,501,351.19

**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:** Morgan Stanley Bank, N.A.

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

  - **Line Institutions Record: 3 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 4 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 5 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 6 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 7 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 8 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 9 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 10 Name of institution:** Goldman Sachs Bank USA

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

  - **Line Institutions Record: 12 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 13 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 14 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 15 Name of institution:** Societe Generale

  - **Line Institutions Record: 16 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 17 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 18 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 19 Name of institution:** BNP Paribas

  - **Line Institutions Record: 20 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 21 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 22 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. 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 Global Equity Fund                                   | 811-07239         |
| Vanguard Global Capital Cycles Fund                           | 811-03916         |
| Vanguard Total Bond Market Index Portfolio                    | 811-05962         |
| Vanguard Institutional Index Fund                             | 811-06093         |
| Vanguard Dividend Growth Fund                                 | 811-03916         |
| Vanguard Explorer Value Fund                                  | 811-07803         |
| Vanguard Money Market Portfolio                               | 811-05962         |
| Vanguard Target Retirement 2035 Fund                          | 811-04098         |
| Vanguard Windsor Fund                                         | 811-00834         |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund            | 811-05972         |
| Vanguard Short-Term Bond Index Fund                           | 811-04681         |
| Vanguard Inflation-Protected Securities Fund                  | 811-04681         |
| Vanguard Target Retirement Income Fund                        | 811-04098         |
| Vanguard New York Long-Term Tax-Exempt Fund                   | 811-04570         |
| Vanguard Financials Index Fund                                | 811-01027         |
| Vanguard Mid-Cap Index Portfolio                              | 811-05962         |
| Vanguard Information Technology Index Fund                    | 811-01027         |
| Vanguard Intermediate-Term Bond Index Fund                    | 811-04681         |
| Vanguard Ultra-Short Bond ETF                                 | 811-04681         |
| Vanguard Intermediate-Term Investment-Grade Fund              | 811-02368         |
| Vanguard International Portfolio                              | 811-05962         |
| Vanguard Short-Term Tax-Exempt Fund                           | 811-02687         |
| Vanguard Health Care Index Fund                               | 811-01027         |
| Vanguard Global Wellington Fund                               | 811-01027         |
| Vanguard Strategic Equity Fund                                | 811-07239         |
| Vanguard Emerging Markets Government Bond Index Fund          | 811-07443         |
| Vanguard Advice Select Global Value Fund                      | 811-07443         |
| Vanguard U.S. Multifactor Fund                                | 811-00121         |
| Vanguard Total Stock Market Index Fund                        | 811-02652         |
| Vanguard Target Retirement 2030 Fund                          | 811-04098         |
| Vanguard Wellington Fund                                      | 811-00121         |
| Vanguard Short-Term Investment-Grade Fund                     | 811-02368         |
| Vanguard Total World Stock Index Fund                         | 811-05972         |
| Vanguard U.S. Growth Fund                                     | 811-01027         |
| Vanguard Institutional Short-Term Bond Fund                   | 811-05628         |
| Vanguard Mid-Cap Index Fund                                   | 811-02652         |
| Vanguard Treasury Money Market Fund                           | 811-07043         |
| Vanguard Market Neutral Fund                                  | 811-22114         |
| Vanguard Global ESG Select Stock Fund                         | 811-03916         |
| Vanguard Total International Bond II Index Fund               | 811-22619         |
| Vanguard Developed Markets Index Fund                         | 811-07175         |
| Vanguard High-Yield Bond Portfolio                            | 811-05962         |
| Vanguard LifeStrategy Growth Fund                             | 811-03919         |
| Vanguard Growth Index Fund                                    | 811-02652         |
| Vanguard Diversified Equity Fund                              | 811-02968-99      |
| Vanguard Emerging Markets Bond Fund                           | 811-05628         |
| Vanguard Selected Value Fund                                  | 811-07443         |
| Vanguard PRIMECAP Fund                                        | 811-04098         |
| Vanguard LifeStrategy Income Fund                             | 811-03919         |
| Vanguard Commodity Strategy Fund                              | 811-02968-99      |
| Vanguard Total International Stock Index Fund                 | 811-03919         |
| Vanguard S&P Small-Cap 600 Index Fund                         | 811-07043         |
| Vanguard Short-Term Treasury Index Fund                       | 811-07803         |
| Vanguard ESG International Stock ETF                          | 811-01027         |
| Vanguard Industrials Index Fund                               | 811-01027         |
| Vanguard Mortgage-Backed Securities Index Fund                | 811-07803         |
| Vanguard U.S. Minimum Volatility ETF                          | 811-00121         |
| Vanguard Tax-Managed Small-Cap Fund                           | 811-07175         |
| Vanguard Growth Portfolio                                     | 811-05962         |
| Vanguard Massachusetts Tax-Exempt Fund                        | 811-09005         |
| Vanguard Ohio Long-Term Tax-Exempt Fund                       | 811-06083         |
| Vanguard Real Estate Index Fund                               | 811-03916         |
| Vanguard Intermediate-Term Treasury Index Fund                | 811-07803         |
| Vanguard S&P Small-Cap 600 Value Index Fund                   | 811-07043         |
| Vanguard LifeStrategy Moderate Growth Fund                    | 811-03919         |
| Vanguard Market Liquidity Fund                                | 811-21478         |
| Vanguard Russell 1000 Value Index Fund                        | 811-07803         |
| Vanguard S&P 500 Growth Index Fund                            | 811-07043         |
| Vanguard Windsor II Fund                                      | 811-00834         |
| Vanguard LifeStrategy Conservative Growth Fund                | 811-03919         |
| Vanguard Long-Term Treasury Fund                              | 811-02368         |
| Vanguard Strategic Small-Cap Equity Fund                      | 811-07239         |
| Vanguard International Explorer Fund                          | 811-07443         |
| Vanguard International Dividend Appreciation Index Fund       | 811-07443         |
| Vanguard STAR Fund                                            | 811-03919         |
| Vanguard Mid-Cap Value Index Fund                             | 811-02652         |
| Vanguard Short-Term Federal Fund                              | 811-02368         |
| Vanguard Global Bond Index Portfolio                          | 811-05962         |
| Vanguard Global Credit Bond Fund                              | 811-22619         |
| Vanguard Mega Cap Growth Index Fund                           | 811-01027         |
| Vanguard Tax-Managed Capital Appreciation Fund                | 811-07175         |
| Vanguard Institutional Intermediate-Term Bond Fund            | 811-05628         |
| Vanguard Target Retirement 2060 Fund                          | 811-04098         |
| Vanguard International Core Stock Fund                        | 811-07239         |
| Vanguard Long-Term Treasury Index Fund                        | 811-07803         |
| Vanguard Small Company Growth Portfolio                       | 811-05962         |
| Vanguard Advice Select International Growth Fund              | 811-07443         |
| Vanguard Long-Term Bond Index Fund                            | 811-04681         |
| Vanguard Real Estate II Index Fund                            | 811-02368         |
| Vanguard Value Index Fund                                     | 811-02652         |
| Vanguard Utilities Index Fund                                 | 811-01027         |
| Vanguard Communication Services Index Fund                    | 811-01027         |
| Vanguard S&P 500 Value Index Fund                             | 811-07043         |
| Vanguard Global Minimum Volatility Fund                       | 811-07443         |
| Vanguard Russell 2000 Index Fund                              | 811-07803         |
| Vanguard Extended Market Index Fund                           | 811-02652         |
| Vanguard Energy Index Fund                                    | 811-01027         |
| Vanguard U.S. Momentum Factor ETF                             | 811-00121         |
| Vanguard PRIMECAP Core Fund                                   | 811-05445         |
| Vanguard S&P Mid-Cap 400 Index Fund                           | 811-07043         |
| Vanguard Small-Cap Growth Index Fund                          | 811-02652         |
| Vanguard Balanced Portfolio                                   | 811-05962         |
| Vanguard Equity Income Portfolio                              | 811-05962         |
| Vanguard Total International Stock Market Index Portfolio     | 811-05962         |
| Vanguard ESG U.S. Corporate Bond ETF                          | 811-01027         |
| Vanguard Mega Cap Value Index Fund                            | 811-01027         |
| Vanguard Russell 2000 Growth Index Fund                       | 811-07803         |
| Vanguard New Jersey Long-Term Tax-Exempt Fund                 | 811-05340         |
| Vanguard Equity Income Fund                                   | 811-05445         |
| Vanguard Core Bond Fund                                       | 811-05628         |
| Vanguard Target Retirement 2040 Fund                          | 811-04098         |
| Vanguard Real Estate Index Portfolio                          | 811-05962         |
| Vanguard Small-Cap Index Fund                                 | 811-02652         |
| Vanguard Capital Growth Portfolio                             | 811-05962         |
| Vanguard S&P Mid-Cap 400 Growth Index Fund                    | 811-07043         |
| Vanguard Russell 3000 Index Fund                              | 811-07803         |
| Vanguard U.S. Liquidity Factor ETF                            | 811-00121         |
| Vanguard Dividend Appreciation Index Fund                     | 811-03916         |
| Vanguard Total Bond Market Index Fund                         | 811-04681         |
| Vanguard Total Corporate Bond ETF                             | 811-07803         |
| Vanguard Consumer Discretionary Index Fund                    | 811-01027         |
| Vanguard Total Bond Market II Index Fund                      | 811-04681         |
| Vanguard Institutional Total Stock Market Index Fund          | 811-06093         |
| Vanguard International High Dividend Yield Index Fund         | 811-07443         |
| Vanguard Large-Cap Index Fund                                 | 811-02652         |
| Vanguard High Dividend Yield Index Fund                       | 811-07443         |
| Vanguard U.S. Quality Factor ETF                              | 811-00121         |
| Vanguard Short-Term Investment-Grade Portfolio                | 811-05962         |
| Vanguard Mid-Cap Growth Fund                                  | 811-07443         |
| Vanguard Materials Index Fund                                 | 811-01027         |
| Vanguard Municipal Cash Management Fund                       | 811-21478         |
| Vanguard Pacific Stock Index Fund                             | 811-05972         |
| Vanguard Core-Plus Bond Fund                                  | 811-05628         |
| Vanguard U.S. Value Factor ETF                                | 811-00121         |
| Vanguard Total International Bond Index Fund                  | 811-22619         |
| Vanguard Total Stock Market Index Portfolio                   | 811-05962         |
| Vanguard Intermediate-Term Treasury Fund                      | 811-02368         |
| Vanguard U.S. Multifactor ETF                                 | 811-00121         |
| Vanguard Ultra-Short-Term Bond Fund                           | 811-02368         |
| Vanguard California Long-Term Tax-Exempt Fund                 | 811-04474         |
| Vanguard Intermediate-Term Corporate Bond Index Fund          | 811-07803         |
| Vanguard Capital Opportunity Fund                             | 811-07239         |
| Vanguard Tax-Exempt Bond Index Fund                           | 811-02687         |
| Vanguard Growth and Income Fund                               | 811-04526         |
| Vanguard Multi-Sector Income Bond Fund                        | 811-05628         |
| Vanguard Target Retirement 2025 Fund                          | 811-04098         |
| Vanguard California Municipal Money Market Fund               | 811-04474         |
| Vanguard Alternative Strategies Fund                          | 811-02968-99      |
| Vanguard Russell 2000 Value Index Fund                        | 811-07803         |
| Vanguard Emerging Markets Stock Index Fund                    | 811-05972         |
| Vanguard S&P Small-Cap 600 Growth Index Fund                  | 811-07043         |
| Vanguard Wellesley Income Fund                                | 811-01766         |
| Vanguard GNMA Fund                                            | 811-02368         |
| Vanguard Russell 1000 Index Fund                              | 811-07803         |
| Vanguard Equity Index Portfolio                               | 811-05962         |
| Vanguard Mega Cap Index Fund                                  | 811-01027         |
| Vanguard Tax-Managed Balanced Fund                            | 811-07175         |
| Vanguard High-Yield Tax-Exempt Fund                           | 811-02687         |
| Vanguard Small-Cap Value Index Fund                           | 811-02652         |
| Vanguard ESG U.S. Stock ETF                                   | 811-01027         |
| Vanguard Cash Reserves Federal Money Market Fund              | 811-02554         |
| Vanguard S&P Mid-Cap 400 Value Index Fund                     | 811-07043         |
| Vanguard Long-Term Investment-Grade Fund                      | 811-02368         |
| Vanguard New York Municipal Money Market Fund                 | 811-04570         |
| Vanguard Health Care Fund                                     | 811-03916         |
| Vanguard Target Retirement 2050 Fund                          | 811-04098         |
| Vanguard Global Wellesley Income Fund                         | 811-01027         |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | 811-05628         |
| Vanguard Target Retirement 2045 Fund                          | 811-04098         |
| Vanguard Diversified Value Portfolio                          | 811-05962         |
| Vanguard Long-Term Corporate Bond Index Fund                  | 811-07803         |
| Vanguard Conservative Allocation Portfolio                    | 811-05962         |
| Vanguard High-Yield Corporate Fund                            | 811-02368         |
| Vanguard Short-Term Corporate Bond Index Fund                 | 811-07803         |
| Vanguard Explorer Fund                                        | 811-01530         |
| Vanguard 500 Index Fund                                       | 811-02652         |
| Vanguard Russell 1000 Growth Index Fund                       | 811-07803         |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund               | 811-04571         |
| Vanguard Global ex-U.S. Real Estate Index Fund                | 811-05972         |
| Vanguard Long-Term Tax-Exempt Fund                            | 811-02687         |
| Vanguard California Intermediate-Term Tax-Exempt Fund         | 811-04474         |
| Vanguard Energy Fund                                          | 811-03916         |
| Vanguard Target Retirement 2055 Fund                          | 811-04098         |
| Vanguard Consumer Staples Index Fund                          | 811-01027         |
| Vanguard Advice Select Dividend Growth Fund                   | 811-07443         |
| Vanguard Short-Term Treasury Fund                             | 811-02368         |
| Vanguard Total World Bond ETF                                 | 811-07803         |
| Vanguard Managed Allocation Fund                              | 811-58431         |
| Vanguard Intermediate-Term Tax-Exempt Fund                    | 811-02687         |
| Vanguard FTSE All-World ex-US Index Fund                      | 811-05972         |
| Vanguard Target Retirement 2065 Fund                          | 811-04098         |
| Vanguard International Growth Fund                            | 811-01027         |
| Vanguard Emerging Markets Select Stock Fund                   | 811-02968-99      |
| Vanguard FTSE Social Index Fund                               | 811-01027         |
| Vanguard European Stock Index Fund                            | 811-05972         |
| Vanguard Extended Duration Treasury Index Fund                | 811-01027         |
| Vanguard Moderate Allocation Portfolio                        | 811-05962         |
| Vanguard Limited-Term Tax-Exempt Fund                         | 811-02687         |
| Vanguard Target Retirement 2020 Fund                          | 811-04098         |
| Vanguard Federal Money Market Fund                            | 811-02554         |
| Vanguard Balanced Index Fund                                  | 811-58431         |
| Vanguard International Value Fund                             | 811-02968-99      |
| Vanguard Mid-Cap Growth 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

### Management Investment Record: 7 - VANGUARD HIGH-YIELD TAX-EXEMPT FUND

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

- **a. Full Name of the Fund:** VANGUARD HIGH-YIELD TAX-EXEMPT FUND

- **b. Series identification number, if any:** S000002892

- **c. LEI:** P61EJIZGFVD0II25TX76

- **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 | Investor Shares         | C000007949                                | VWAHX                        |
|                           2 | Admiral Shares          | C000007950                                | VWALX                        |

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

- 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:** 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: 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:** 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: 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:** 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

- **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:** 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))

- **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:** 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

- **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.**

No Brokers reported.

**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        | $5,727,152,089.00         |
| Barclays Capital Inc.          | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $1,068,964,701.85         |
| RBC Capital Markets, LLC       | 008-45411         | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $468,750,575.20           |
| J.P. Morgan Securities LLC     | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $1,503,062,439.62         |
| Pershing LLC                   | 008-17574         | 000007560    | ZI8Q1A8EI8LQFJNM0D94 | NJ      | US        | $366,193,517.95           |
| Citigroup Global Markets Inc.  | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,012,535,556.47         |
| Jefferies LLC                  | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $624,604,965.90           |
| Goldman Sachs & Co. LLC        | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $619,302,160.17           |
| BofA Securities, Inc.          | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $1,245,253,453.78         |
| Morgan Stanley & Co. LLC       | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $824,653,101.86           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $15,372,207,219.78

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

- **Item C.19.a - Fund's monthly average net assets:** $16,581,671,986.04

**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 Montreal, Chicago Branch

  - **Line Institutions Record: 2 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 3 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 4 Name of institution:** Societe Generale

  - **Line Institutions Record: 5 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 6 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 7 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 8 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 9 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 10 Name of institution:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 11 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 12 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 13 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 14 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 15 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 16 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 17 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 18 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 19 Name of institution:** BNP Paribas

  - **Line Institutions Record: 20 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 21 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 22 Name of institution:** State Street Bank and Trust Company

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

- **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 TAX-EXEMPT BOND INDEX FUND

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** VTEB

**Item E.2 - Authorized Participants**

| Name                            | Purchase Value    | Redeem Value      |
|:---|:---|:---|
| SG Americas                     | $0.00             | $0.00             |
| Merrill Lynch Pro               | $2,537,799,754.25 | $869,737,775.00   |
| Mizuho Securities USA           | $0.00             | $0.00             |
| Nomura                          | $0.00             | $0.00             |
| Cantor Fitzgerald Co            | $0.00             | $0.00             |
| JP Morgan                       | $2,298,936,417.50 | $2,130,804,255.00 |
| UBS                             | $0.00             | $0.00             |
| Citadel Securities              | $0.00             | $0.00             |
| Jane Street                     | $65,959,150.00    | $0.00             |
| Hudson River Trading            | $0.00             | $0.00             |
| Credit Suisse                   | $0.00             | $0.00             |
| Merrill Lynch                   | $0.00             | $0.00             |
| Jefferies Co                    | $0.00             | $0.00             |
| BNP Paribas Prime Brokerage Inc | $0.00             | $0.00             |
| RBC                             | $2,074,045,643.25 | $347,292,530.00   |
| BMO Capital Markets             | $0.00             | $0.00             |
| Wells Fargo                     | $0.00             | $0.00             |
| Morgan Stanley                  | $10,636,050.00    | $0.00             |
| Goldman Sachs                   | $5,079,949,847.75 | $1,157,870,630.00 |
| Virtu Americas LLC              | $31,449,489.25    | $7,853,475.00     |
| Deutsche Bank                   | $0.00             | $0.00             |
| Virtu Financial                 | $0.00             | $0.00             |
| CitiGroup                       | $200,784,270.00   | $64,436,825.00    |
| ABN AMRO Clearing               | $0.00             | $0.00             |
| BNY Mellon Capital Markets      | $507,753,339.75   | $56,037,375.00    |
| Cowen and Company LLC           | $0.00             | $0.00             |
| Barclays Capital                | $581,423,083.75   | $78,898,825.00    |
| Wedbush                         | $126,344,400.00   | $0.00             |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 50,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.65%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.72%

- **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):** 0.17%

- **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 MUNICIPAL BOND FUNDS

**Date:** 2023-01-11

**Signature:** Ashley Grim

**Title:** Treasurer