# EDGAR Filing Document

**Accession Number:** 0000034066
**File Stem:** 0001752724-23-001947
**Filing Date:** 2023-1
**Character Count:** 67508
**Document Hash:** 95bdffd7e9c0cb1f8eb402eec4e50c0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-001947.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001752724-23-001947

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**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 EXPLORER FUND
- **CENTRAL INDEX KEY:** 0000034066
- **IRS NUMBER:** 510106626
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01530
- **FILM NUMBER:** 23528620

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD EXPLORER FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXPLORER FUND INC
- **DATE OF NAME CHANGE:** 19900305

## Series and Classes Contracts Data

### VANGUARD EXPLORER FUND (Series ID: S000002578)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007081 | Investor Shares | VEXPX           |
| C000007082 | Admiral Shares  | VEXRX           |

## Internal

```

Report of Independent
Registered Public
Accounting Firm
To the Board of Trustees and Shareholders of
Vanguard Explorer Fund
In planning and performing our audit of the
financial statements of Vanguard Explorer Fund
(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
Explorer  Fund 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:** 0000034066

## 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 EXPLORER FUND

- **Item B.1.b - Investment Company Act file number:** 811-01530

- **Item B.1.c - CIK:** 0000034066

- **Item B.1.d - LEI:** 549300ZK0UWM1MJURL43

- **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:** 1

- **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                                                                                                                                                                                                                                                                                                                                                   |
|:---|:---|:---|
| Mortimer J. Buckley | Yes                     | 811-05445, 811-02368, 811-22619, 811-04526, 811-04570, 811-05962, 811-06093, 811-06083, 811-58431, 811-03919, 811-21478, 811-22114, 811-05972, 811-02968-99, 811-07239, 811-04474, 811-02687, 811-01027, 811-05340, 811-04681, 811-00834, 811-07803, 811-04098, 811-01766, 811-07443, 811-03916, 811-05628, 811-07175, 811-07043, 811-02554, 811-09005, 811-04571, 811-00121, 811-02652 |
| Sarah Bloom Raskin  | No                      | 811-01027, 811-58431, 811-09005, 811-05628, 811-05340, 811-00121, 811-21478, 811-07803, 811-07239, 811-22114, 811-01766, 811-00834, 811-07443, 811-05962, 811-02368, 811-02554, 811-04571, 811-05972, 811-07043, 811-03916, 811-02652, 811-04570, 811-05445, 811-02968-99, 811-06083, 811-04474, 811-04098, 811-02687, 811-04526, 811-07175, 811-06093, 811-22619, 811-04681, 811-03919 |
| F. Joseph Loughrey  | No                      | 811-02652, 811-07443, 811-04571, 811-58431, 811-21478, 811-01027, 811-07043, 811-06083, 811-04570, 811-02968-99, 811-22114, 811-05340, 811-06093, 811-05445, 811-04526, 811-01766, 811-00121, 811-02687, 811-04098, 811-07239, 811-03919, 811-00834, 811-04681, 811-03916, 811-04474, 811-05972, 811-22619, 811-05628, 811-07175, 811-07803, 811-02368, 811-05962, 811-02554, 811-09005 |
| David Thomas        | No                      | 811-01027, 811-04526, 811-02968-99, 811-07803, 811-03916, 811-06093, 811-05445, 811-05628, 811-02368, 811-07239, 811-04474, 811-04571, 811-05962, 811-21478, 811-04098, 811-02687, 811-00121, 811-58431, 811-07443, 811-04681, 811-04570, 811-09005, 811-05340, 811-06083, 811-02554, 811-07043, 811-00834, 811-22114, 811-07175, 811-02652, 811-05972, 811-01766, 811-03919, 811-22619 |
| Peter F. Volanakis  | No                      | 811-04526, 811-05972, 811-04571, 811-22114, 811-00834, 811-03919, 811-07175, 811-06093, 811-05340, 811-58431, 811-07803, 811-01766, 811-04570, 811-05445, 811-04681, 811-06083, 811-07443, 811-03916, 811-02368, 811-21478, 811-02968-99, 811-02554, 811-22619, 811-00121, 811-01027, 811-07043, 811-09005, 811-05628, 811-07239, 811-04474, 811-05962, 811-02652, 811-02687, 811-04098 |
| Deanna Mulligan     | No                      | 811-07239, 811-06083, 811-07043, 811-02968-99, 811-04098, 811-00121, 811-07175, 811-06093, 811-05962, 811-00834, 811-01766, 811-09005, 811-04571, 811-02687, 811-22114, 811-07443, 811-05628, 811-02554, 811-21478, 811-05445, 811-04570, 811-07803, 811-02652, 811-58431, 811-22619, 811-02368, 811-05340, 811-03916, 811-04474, 811-03919, 811-04681, 811-01027, 811-04526, 811-05972 |
| Andre F. Perold     | No                      | 811-07175, 811-58431, 811-04098, 811-06083, 811-07043, 811-09005, 811-07443, 811-01027, 811-02554, 811-22619, 811-02687, 811-07803, 811-21478, 811-05962, 811-02652, 811-04681, 811-05445, 811-06093, 811-05972, 811-03919, 811-04570, 811-05628, 811-02368, 811-05340, 811-22114, 811-01766, 811-04571, 811-02968-99, 811-04474, 811-00834, 811-04526, 811-03916, 811-00121, 811-07239 |
| Emerson U. Fullwood | No                      | 811-03916, 811-21478, 811-05445, 811-06093, 811-09005, 811-04571, 811-04098, 811-04570, 811-58431, 811-04526, 811-22114, 811-01766, 811-07043, 811-00834, 811-04474, 811-02554, 811-01027, 811-07239, 811-07803, 811-04681, 811-07443, 811-02652, 811-05340, 811-05628, 811-03919, 811-02968-99, 811-05962, 811-06083, 811-22619, 811-07175, 811-02368, 811-02687, 811-05972, 811-00121 |
| Scott C. Malpass    | No                      | 811-07043, 811-05340, 811-04098, 811-02554, 811-02687, 811-04526, 811-04571, 811-01027, 811-58431, 811-07443, 811-02968-99, 811-07803, 811-06093, 811-00121, 811-06083, 811-05445, 811-05628, 811-02652, 811-01766, 811-02368, 811-05962, 811-03916, 811-07239, 811-04681, 811-03919, 811-04570, 811-22619, 811-00834, 811-21478, 811-22114, 811-09005, 811-07175, 811-05972, 811-04474 |
| Tara Bunch          | No                      | 811-22114, 811-05340, 811-05972, 811-58431, 811-03916, 811-04474, 811-00121, 811-07175, 811-05962, 811-03919, 811-04570, 811-06093, 811-04526, 811-04681, 811-00834, 811-22619, 811-07803, 811-04098, 811-02968-99, 811-02652, 811-02687, 811-01027, 811-02554, 811-01766, 811-05445, 811-05628, 811-02368, 811-09005, 811-07043, 811-07443, 811-07239, 811-04571, 811-06083, 811-21478 |
| Mark Loughridge     | No                      | 811-02968-99, 811-04098, 811-00121, 811-03916, 811-07175, 811-00834, 811-06093, 811-07043, 811-04526, 811-01027, 811-05972, 811-02554, 811-03919, 811-05445, 811-04681, 811-05962, 811-21478, 811-05340, 811-02368, 811-06083, 811-02687, 811-22114, 811-07443, 811-07803, 811-04570, 811-04571, 811-04474, 811-01766, 811-58431, 811-09005, 811-07239, 811-02652, 811-22619, 811-05628 |

### 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-26436
  - IC-9205
  - IC-11645
  - IC-8676
  - IC-19184
  - IC-9001
  - IC-26089
  - IC-9664

### 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 EXPLORER FUND

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

- **a. Full Name of the Fund:** VANGUARD EXPLORER FUND

- **b. Series identification number, if any:** S000002578

- **c. LEI:** HU38GZ7YQSV1LSOPIX38

- **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         | C000007081                                | VEXPX                        |
|                           2 | Admiral Shares          | C000007082                                | VEXRX                        |

**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?** Yes

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

- [ ] Revenue sharing split

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

- [x] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $110,179,469.52

- **g. Provide the net income from securities lending activities:** $2,365,245.18

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

- 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:** ClearBridge Investments, LLC

- **ii. SEC file number:** 801-64710

- **iii. CRD number:** 000137028

- **iv. LEI, if any:** 549300L5KZQRDVVXSK45

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

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

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

**Investment Advisers Record: 2**

- **i. Full name:** ArrowMark Colorado Holdings, LLC

- **ii. SEC file number:** 801-69868

- **iii. CRD number:** 000149120

- **iv. LEI, if any:** IF16UMXNLJ3CKISVCS83

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

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

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

**Investment Advisers Record: 3**

- **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

**Investment Advisers Record: 4**

- **i. Full name:** Stephens Investment Management Group, LLC

- **ii. SEC file number:** 801-64675

- **iii. CRD number:** 000136369

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

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

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

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

**Investment Advisers Record: 5**

- **i. Full name:** Wellington Management Company LLP

- **ii. SEC file number:** 801-15908

- **iii. CRD number:** 000106595

- **iv. LEI, if any:** 549300YHP12TEZNLCX41

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

**Pricing Services Record: 2**

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

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

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

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

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

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

**Pricing Services Record: 5**

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

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

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

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

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

**Custodians Record: 2**

- **i. Full name:** Citibank, A.S.

- **ii. LEI, if any:** CWZ8NZDH5SKY12Q4US31

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

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

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

**Custodians Record: 3**

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

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

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

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

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

**Custodians Record: 4**

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

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

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

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

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

**Custodians Record: 5**

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

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

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

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

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

**Custodians Record: 6**

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

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

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

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

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

**Custodians Record: 7**

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

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

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

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

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

**Custodians Record: 8**

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

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

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

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

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

**Custodians Record: 9**

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

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

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

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

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

**Custodians Record: 10**

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

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

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

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

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

**Custodians Record: 11**

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

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

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

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

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

**Custodians Record: 12**

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

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

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

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

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

**Custodians Record: 13**

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

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

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

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

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

**Custodians Record: 14**

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

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

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

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

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

**Custodians Record: 15**

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

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

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

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

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

**Custodians Record: 16**

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

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

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

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

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

**Custodians Record: 17**

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

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

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

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

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

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

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

**Custodians Record: 18**

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

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

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

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

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

**Custodians Record: 19**

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

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

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

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

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

**Custodians Record: 20**

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

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

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

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

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

**Custodians Record: 21**

- **i. Full name:** Banco Nacional de Mexico, S.A.

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

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

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

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

**Custodians Record: 22**

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

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

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

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

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

**Custodians Record: 23**

- **i. Full name:** Mizuho Bank, Limited

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

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

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

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

**Custodians Record: 24**

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

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

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

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

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

**Custodians Record: 25**

- **i. Full name:** Standard Chartered Bank Malaysia Berhad

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

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

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

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

**Custodians Record: 26**

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

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

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

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

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

**Custodians Record: 27**

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

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

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

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

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

**Custodians Record: 28**

- **i. Full name:** HSBC Bank Bermuda Limited

- **ii. LEI, if any:** 0W1U67PTV5WY3WYWKD79

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

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

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

**Custodians Record: 29**

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

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

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

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

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

**Custodians Record: 30**

- **i. Full name:** Standard Chartered Bank (Tanzania) Limited

- **ii. LEI, if any:** 549300RLNUU3GJS6MK84

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

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

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

**Custodians Record: 31**

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

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

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

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

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

- **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.**

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

**Brokers Record: 1**

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

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $448,375.58

**Brokers Record: 2**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,008,149.13

**Brokers Record: 3**

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

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

- **iii. CRD number:** 000008209

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $604,059.40

**Brokers Record: 4**

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

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

- **iii. CRD number:** 000283942

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $253,080.86

**Brokers Record: 5**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 008-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $246,373.10

**Brokers Record: 6**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 008-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $246,232.40

**Brokers Record: 7**

- **i. Full name of broker:** Pershing LLC

- **ii. SEC file number:** 008-17574

- **iii. CRD number:** 000007560

- **iv. LEI, if any:** ZI8Q1A8EI8LQFJNM0D94

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $459,346.63

**Brokers Record: 8**

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

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

- **iii. CRD number:** 000000361

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $725,889.76

**Brokers Record: 9**

- **i. Full name of broker:** Instinet, LLC

- **ii. SEC file number:** 008-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** 549300MGMN3RKMU8FT57

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $271,966.40

**Brokers Record: 10**

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

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

- **iii. CRD number:** 000007616

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $466,059.75

**Aggregate Commission:** $8,182,246.45

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Morgan Stanley & Co. LLC       | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $54,355,615.25            |
| ROSENBLATT SECURITIES INC.     | 008-24255         | 000018377    | 549300KXQP6H4QO07E91 | NY      | US        | $16,147.07                |
| J.P. Morgan Securities LLC     | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $39,968,276.75            |
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $9,167,843,590.95         |
| SG Americas Securities, LLC    | 008-66125         | 000128351    | 549300F35UE0BOM1WJ55 | NY      | US        | $352,700,893.87           |
| Jefferies LLC                  | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $18,023,767.00            |
| Deutsche Bank Securities Inc.  | 008-17822         | 000002525    | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $38,095,700,000.00        |
| Goldman Sachs & Co. LLC        | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $79,338,724.08            |
| Barclays Capital Inc.          | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $310,266,208.13           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $48,118,213,223.10

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $20,715,190,533.10

**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:** Societe Generale

  - **Line Institutions Record: 2 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 3 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 4 Name of institution:** Bank of Montreal, Chicago Branch

  - **Line Institutions Record: 5 Name of institution:** State Street Bank and Trust Company

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

  - **Line Institutions Record: 7 Name of institution:** BNP Paribas

  - **Line Institutions Record: 8 Name of institution:** PNC Bank, National Association

  - **Line Institutions Record: 9 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 10 Name of institution:** Barclays Bank plc

  - **Line Institutions Record: 11 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

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

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

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

  - **Line Institutions Record: 15 Name of institution:** Bank of America N.A.

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

  - **Line Institutions Record: 17 Name of institution:** The Bank of New York Mellon

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

  - **Line Institutions Record: 19 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 20 Name of institution:** Royal Bank of Canada

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

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

## 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 EXPLORER FUND

**Date:** 2023-01-11

**Signature:** Ashley Grim

**Title:** Treasurer