# EDGAR Filing Document

**Accession Number:** 0001409957
**File Stem:** 0001752724-23-057195
**Filing Date:** 2023-3
**Character Count:** 53304
**Document Hash:** b2bf4c4b35b26fb6c0b9a828cee4b444
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057195.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057195

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vanguard Montgomery Funds
- **CENTRAL INDEX KEY:** 0001409957
- **IRS NUMBER:** 261082315
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22114
- **FILM NUMBER:** 23734852

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 610-669-1000

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

## Series and Classes Contracts Data

### Vanguard Market Neutral Fund (Series ID: S000019457)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000054090 | Investor Shares      | VMNFX           |
| C000054091 | Institutional Shares | VMNIX           |

## Internal

```

Report of Independent Registered Public
Accounting Firm

To the Board of Trustees of Vanguard Montgomery
Funds and Shareholders of
Vanguard Market Neutral Fund

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

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

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

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

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

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

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

```

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001409957

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

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

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

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

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

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

- **Item B.1.b - Investment Company Act file number:** 811-22114

- **Item B.1.c - CIK:** 0001409957

- **Item B.1.d - LEI:** 549300L0S3MIKWENAK42

- **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                                                                                                                                                                                                                                                                                                                                                   |
|:---|:---|:---|
| Emerson U. Fullwood | No                      | 811-05628, 811-02968-99, 811-07803, 811-06093, 811-02687, 811-04571, 811-07239, 811-00121, 811-05340, 811-01027, 811-07043, 811-06083, 811-04681, 811-03916, 811-07443, 811-01530, 811-05445, 811-21478, 811-04098, 811-04526, 811-04570, 811-01766, 811-09005, 811-22619, 811-03919, 811-00834, 811-05972, 811-05962, 811-02652, 811-58431, 811-07175, 811-02554, 811-02368, 811-04474 |
| F. Joseph Loughrey  | No                      | 811-04098, 811-09005, 811-01766, 811-01027, 811-06083, 811-07043, 811-07175, 811-01530, 811-04681, 811-05962, 811-04474, 811-05445, 811-04526, 811-02368, 811-00121, 811-05340, 811-05628, 811-04571, 811-07443, 811-02687, 811-02652, 811-07239, 811-06093, 811-00834, 811-58431, 811-02968-99, 811-07803, 811-02554, 811-22619, 811-04570, 811-03916, 811-05972, 811-21478, 811-03919 |
| David Thomas        | No                      | 811-01530, 811-01766, 811-04570, 811-07239, 811-07443, 811-02968-99, 811-21478, 811-04526, 811-00121, 811-04474, 811-07803, 811-07043, 811-03919, 811-05962, 811-02368, 811-07175, 811-02554, 811-05628, 811-05340, 811-05445, 811-05972, 811-00834, 811-02687, 811-58431, 811-09005, 811-22619, 811-04571, 811-06093, 811-04098, 811-06083, 811-04681, 811-01027, 811-03916, 811-02652 |
| Deanna Mulligan     | No                      | 811-01530, 811-01027, 811-07175, 811-04681, 811-03916, 811-00121, 811-07443, 811-00834, 811-07043, 811-02368, 811-04098, 811-02687, 811-02554, 811-02652, 811-05445, 811-22619, 811-05628, 811-06093, 811-04570, 811-09005, 811-04474, 811-05962, 811-02968-99, 811-21478, 811-03919, 811-01766, 811-05340, 811-07803, 811-06083, 811-04526, 811-05972, 811-07239, 811-04571, 811-58431 |
| Mortimer J. Buckley | Yes                     | 811-22619, 811-07043, 811-07803, 811-00121, 811-04570, 811-21478, 811-00834, 811-02652, 811-05962, 811-03919, 811-03916, 811-05445, 811-04474, 811-04526, 811-02368, 811-09005, 811-05972, 811-05340, 811-04098, 811-07443, 811-01027, 811-01766, 811-07239, 811-06083, 811-01530, 811-58431, 811-04681, 811-02687, 811-07175, 811-04571, 811-05628, 811-02554, 811-02968-99, 811-06093 |
| Mark Loughridge     | No                      | 811-06093, 811-07443, 811-02968-99, 811-05972, 811-04098, 811-58431, 811-05445, 811-03919, 811-01027, 811-02554, 811-22619, 811-00834, 811-07803, 811-03916, 811-01766, 811-00121, 811-07175, 811-07043, 811-09005, 811-05340, 811-04570, 811-21478, 811-02687, 811-01530, 811-04571, 811-05962, 811-02368, 811-05628, 811-07239, 811-04526, 811-06083, 811-04474, 811-02652, 811-04681 |
| Scott C. Malpass    | No                      | 811-02554, 811-02368, 811-21478, 811-05628, 811-03916, 811-06083, 811-07443, 811-05445, 811-07239, 811-07043, 811-05962, 811-02687, 811-04681, 811-04474, 811-01530, 811-06093, 811-05972, 811-03919, 811-09005, 811-04098, 811-00834, 811-01027, 811-02968-99, 811-22619, 811-04571, 811-04570, 811-07803, 811-04526, 811-00121, 811-07175, 811-58431, 811-02652, 811-05340, 811-01766 |
| Andre F. Perold     | No                      | 811-04526, 811-07803, 811-01027, 811-07175, 811-00121, 811-58431, 811-03919, 811-22619, 811-05962, 811-03916, 811-02968-99, 811-02652, 811-05340, 811-02554, 811-02687, 811-07443, 811-06083, 811-05628, 811-05972, 811-01766, 811-04570, 811-00834, 811-04571, 811-07043, 811-04474, 811-05445, 811-09005, 811-21478, 811-01530, 811-06093, 811-07239, 811-04098, 811-04681, 811-02368 |
| Sarah Bloom Raskin  | No                      | 811-05972, 811-01766, 811-07043, 811-02652, 811-02968-99, 811-04681, 811-03916, 811-04098, 811-01530, 811-21478, 811-07803, 811-04571, 811-22619, 811-05628, 811-06093, 811-06083, 811-02368, 811-05340, 811-03919, 811-04526, 811-07443, 811-02687, 811-04474, 811-07175, 811-05962, 811-04570, 811-09005, 811-00121, 811-07239, 811-58431, 811-01027, 811-02554, 811-05445, 811-00834 |
| Tara Bunch          | No                      | 811-01530, 811-04681, 811-02652, 811-21478, 811-05972, 811-58431, 811-06093, 811-06083, 811-07175, 811-05628, 811-02968-99, 811-02554, 811-05445, 811-09005, 811-07803, 811-00121, 811-02687, 811-22619, 811-03919, 811-04526, 811-07239, 811-05962, 811-05340, 811-07043, 811-04474, 811-04571, 811-01027, 811-07443, 811-04098, 811-00834, 811-04570, 811-02368, 811-01766, 811-03916 |
| Peter F. Volanakis  | No                      | 811-06093, 811-02968-99, 811-04570, 811-05445, 811-05340, 811-02368, 811-05972, 811-04526, 811-09005, 811-05962, 811-00121, 811-04474, 811-01027, 811-05628, 811-22619, 811-07443, 811-07043, 811-07803, 811-06083, 811-04571, 811-03919, 811-01530, 811-03916, 811-21478, 811-01766, 811-02554, 811-02652, 811-02687, 811-07239, 811-58431, 811-00834, 811-04098, 811-04681, 811-07175 |

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

**Chief compliance officer Record: 1**

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

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

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

- **d. City:** Malvern

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

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

- **g. Zip code:** 19355

- **h. Telephone number:** XXXXXX

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

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

**CCO employer Record: 1**

- **i. Name of the person:** —

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

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

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

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

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

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

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

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

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

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

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

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

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

- **iii. CRD number:** 000007452

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

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

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

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

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

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

**Public accountant Record: 1**

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

- **b. PCAOB Number:** 000000238

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

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

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

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

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

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

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

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

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

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

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - VANGUARD MARKET NEUTRAL FUND

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

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

- **b. Series identification number, if any:** S000019457

- **c. LEI:** QX57RZTNJSJ8LE9TYK31

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

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

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

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Institutional Shares    | C000054091                                | VMNIX                        |
|                           2 | Investor Shares         | C000054090                                | VMNFX                        |

**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:** $23,764.11

- **g. Provide the net income from securities lending activities:** $1,714.21

**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 (17 CFR 270.18f-4)

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

**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:** 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:** 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 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:** 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:** 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:** 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: 7**

- **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

- **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 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: 2**

- **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: 3**

- **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)

- **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:** Credit Suisse AG

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

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

- **iv. LEI, if any:** ANGGYXNX0JLX3X63JN86

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,559.47

**Brokers Record: 2**

- **i. Full name of broker:** ROSENBLATT SECURITIES INC.

- **ii. SEC file number:** 008-24255

- **iii. CRD number:** 000018377

- **iv. LEI, if any:** 549300KXQP6H4QO07E91

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,085.91

**Brokers Record: 3**

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

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

- **iii. CRD number:** 000283942

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $63,284.50

**Brokers Record: 4**

- **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:** $133,415.83

**Brokers Record: 5**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 008-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $29,928.05

**Brokers Record: 6**

- **i. Full name of broker:** GUZMAN & COMPANY

- **ii. SEC file number:** 008-38646

- **iii. CRD number:** 000021013

- **iv. LEI, if any:** 549300E7R8O8EHE8SN83

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $20,064.14

**Brokers Record: 7**

- **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:** $123,691.84

**Brokers Record: 8**

- **i. Full name of broker:** National Financial Services LLC

- **ii. SEC file number:** 008-26740

- **iii. CRD number:** 000013041

- **iv. LEI, if any:** 549300JRHF1MHHWUAW04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,438.97

**Brokers Record: 9**

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

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

- **iii. CRD number:** 000007665

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $44,767.28

**Brokers Record: 10**

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

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

- **iii. CRD number:** 000000361

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $156,649.27

**Aggregate Commission:** $681,443.82

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Jefferies LLC                  | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $7.41                     |
| Goldman Sachs & Co. LLC        | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $914,960.67               |
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $1,754,612,807.00         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,755,527,775.08

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

- **Item C.19.a - Fund's monthly average net assets:** $560,713,317.47

**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:** Citibank, N.A.

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

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

  - **Line Institutions Record: 7 Name of institution:** Royal Bank of Canada

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

  - **Line Institutions Record: 9 Name of institution:** JPMorgan Chase Bank, N.A.

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

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

  - **Line Institutions Record: 12 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 13 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 14 Name of institution:** Goldman Sachs Bank USA

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

  - **Line Institutions Record: 16 Name of institution:** BNP Paribas

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

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

  - **Line Institutions Record: 19 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 20 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 21 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

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

- **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 MONTGOMERY FUNDS

**Date:** 2023-03-15

**Signature:** Ashley Grim

**Title:** Treasurer