# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001752724-23-001951
**Filing Date:** 2023-1
**Character Count:** 249066
**Document Hash:** 4abb3b6ffd87e9219499bd0838ecb5c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-001951.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001752724-23-001951

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**EFFECTIVENESS DATE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TRUSTEES' EQUITY FUND
- **CENTRAL INDEX KEY:** 0000313850
- **IRS NUMBER:** 232120820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 23528623

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TRUSTEES EQUITY FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TRUSTEES EQUITY FUND
- **DATE OF NAME CHANGE:** 19930303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTEES COMINGLED FUND
- **DATE OF NAME CHANGE:** 19930302

## Series and Classes Contracts Data

### Vanguard International Value Fund (Series ID: S000004389)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012145 | Investor Shares | VTRIX           |

### Vanguard Diversified Equity Fund (Series ID: S000011877)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000032457 | Investor Shares | VDEQX           |

### Vanguard Emerging Markets Select Stock Fund (Series ID: S000032976)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000101729 | Investor Shares | VMMSX           |

### Vanguard Alternative Strategies Fund (Series ID: S000049301)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000155622 | Investor Shares | VASFX           |

### Vanguard Commodity Strategy Fund (Series ID: S000065757)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000212612 | Admiral Shares | VCMDX           |

### Vanguard Global Environmental Opportunities Stock Fund (Series ID: S000077938)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000238629 | Investor Shares | VEOIX           |
| C000238630 | Admiral Shares  | VEOAX           |

## Internal

```

Report of
Independent
Registered Public
Accounting Firm
To the Board of Trustees of Vanguard Trustees'
Equity Fund and Shareholders of
Vanguard Diversified Equity Fund
In planning and performing our audit of the
financial statements of Vanguard Diversified
Equity Fund (one of the  funds constituting
Vanguard Trustees' Equity Fund, referred to
hereafter as the "Fund") as of and for the year
ended October 31, 2022, in accordance with the
standards of the Public Company Accounting
Oversight Board  (United States) (PCAOB), we
considered the Fund's internal control over
financial reporting, including controls  over
safeguarding securities, as a basis for
designing our auditing procedures for the
purpose of expressing our  opinion on the
financial statements and to comply with the
requirements of Form N-CEN, but not for the
purpose  of expressing an opinion on the
effectiveness of the Fund's internal control over
financial reporting. Accordingly,  we do not
express an opinion on the effectiveness of the
Fund's internal control over financial reporting.
The management of the Fund is responsible for
establishing and maintaining effective internal
control over  financial reporting. In fulfilling this
responsibility, estimates and judgments by
management are required to assess  the
expected benefits and related costs of controls. A
company's internal control over financial
reporting is a  process designed to provide
reasonable assurance regarding the reliability of
financial reporting and the  preparation of
financial statements for external purposes in
accordance with generally accepted accounting
principles. A company's internal control over
financial reporting includes those policies and
procedures that (1)  pertain to the maintenance
of records that, in reasonable detail, accurately
and fairly reflect the transactions and
dispositions of the assets of the company; (2)
provide reasonable assurance that transactions
are recorded as  necessary to permit preparation
of financial statements in accordance with
generally accepted accounting  principles, and
that receipts and expenditures of the company
are being made only in accordance with
authorizations of management and directors of
the company; and (3) provide reasonable
assurance regarding  prevention or timely
detection of unauthorized acquisition, use or
disposition of a company's assets that could
have a material effect on the financial
statements.
Because of its inherent limitations, internal
control over financial reporting may not
prevent or detect  misstatements. Also,
projections of any evaluation of effectiveness
to future periods are subject to the risk that
controls may become inadequate because of
changes in conditions, or that the degree of
compliance with the  policies or procedures
may deteriorate.
A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not  allow management or
employees, in the normal course of performing
their assigned functions, to prevent or detect
misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal  control over financial
reporting, such that there is a reasonable
possibility that a material misstatement of the
company's annual or interim financial statements
will not be prevented or detected on a timely
basis.
Our consideration of the Fund's internal
control over financial reporting was for the
limited purpose described in  the first
paragraph and would not necessarily disclose
all deficiencies in internal control over financial
reporting  that might be material weaknesses
under standards established by the PCAOB.
However, we noted no  deficiencies in the
Fund's internal control over financial reporting
and its operation, including controls over
safeguarding securities, that we consider to be
a material weakness as defined above as of
October 31, 2022.
This report is intended solely for the information
and use of the Board of Trustees of Vanguard
Trustees' Equity  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 15, 2022
PricewaterhouseCoopers LLP, Two
Commerce Square, Suite 1800, 2001
Market Street, Philadelphia, PA 19103-
7042 T: (267) 330 3000,
www.pwc.com/us

```

## Internal

```

Report of
Independent
Registered Public
Accounting Firm
To the Board of Trustees of Vanguard
Trustees' Equity Fund and Shareholders of
Vanguard International Value Fund
Vanguard Alternative Strategies Fund
Vanguard Commodity Strategy Fund and
Vanguard Emerging Markets Select Stock
Fund
In planning and performing our audits of the
financial statements of Vanguard International
Value Fund, Vanguard  Alternative Strategies
Fund, Vanguard Commodity Strategy Fund,
and Vanguard Emerging Markets Select Stock
Fund (four of the funds constituting Vanguard
Trustees' Equity Fund, hereafter referred to as
the "Funds") as of  and for the year ended
October 31, 2022, in accordance with the
standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we
considered the Funds' internal control over
financial reporting,  including controls over
safeguarding securities, as a basis for
designing our auditing procedures for the
purpose of  expressing our opinion on the
financial statements and to comply with the
requirements of Form N-CEN, but not  for the
purpose of expressing an opinion on the
effectiveness of the Funds' internal control
over financial  reporting. Accordingly, we do
not express an opinion on the effectiveness of
the Funds' internal control over  financial
reporting.
The management of the Funds is responsible
for establishing and maintaining effective
internal control over  financial reporting. In
fulfilling this responsibility, estimates and
judgments by management are required to
assess  the expected benefits and related
costs of controls. A company's internal control
over financial reporting is a  process designed
to provide reasonable assurance regarding the
reliability of financial reporting and the
preparation of financial statements for external
purposes in accordance with generally
accepted accounting  principles. A company's
internal control over financial reporting
includes those policies and procedures that (1)
pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect
the transactions and  dispositions of the
assets of the company; (2) provide reasonable
assurance that transactions are recorded as
necessary to permit preparation of financial
statements in accordance with generally
accepted accounting  principles, and that
receipts and expenditures of the company are
being made only in accordance with
authorizations of management and directors of
the company; and (3) provide reasonable
assurance regarding  prevention or timely
detection of unauthorized acquisition, use or
disposition of a company's assets that could
have a material effect on the financial
statements.
Because of its inherent limitations, internal
control over financial reporting may not
prevent or detect  misstatements. Also,
projections of any evaluation of
effectiveness to future periods are subject
to the risk that  controls may become
inadequate because of changes in
conditions, or that the degree of
compliance with the  policies or procedures
may deteriorate.
A deficiency in internal control over financial
reporting exists when the design or operation
of a control does not  allow management or
employees, in the normal course of performing
their assigned functions, to prevent or detect
misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal  control over financial
reporting, such that there is a reasonable
possibility that a material misstatement of the
company's annual or interim financial
statements will not be prevented or detected
on a timely basis.
Our consideration of the Funds' internal
control over financial reporting was for the
limited purpose described in  the first
paragraph and would not necessarily
disclose all deficiencies in internal control
over financial reporting that might be
material weaknesses under standards
established by the PCAOB. However, we
noted no  deficiencies in the Funds' internal
control over financial reporting and its
operation, including controls over
safeguarding securities, that we consider to
be a material weakness as defined above
as of October 31, 2022.
This report is intended solely for the
information and use of the Board of
Trustees of Vanguard Trustees' Equity
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:** 0000313850

## 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 TRUSTEES' EQUITY FUND

- **Item B.1.b - Investment Company Act file number:** 811-02968-99

- **Item B.1.c - CIK:** 0000313850

- **Item B.1.d - LEI:** 549300EQOO1PY5885755

- **Item B.2.a - Street 1:** 100 VANGUARD BOULEVARD

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

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

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

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

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

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

**Location books Record: 1**

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

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

- **c. City:** New York

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

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

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

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

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

**Location books Record: 2**

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

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

- **c. City:** Boston

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

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

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

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

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

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

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

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

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

### Item B.6 - Organization

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

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

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

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

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

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

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

- **Item B.6.i - Total number of Series:** 5

- **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                                                                                                                                                                                                                                                                                                                                                |
|:---|:---|:---|
| Tara Bunch          | No                      | 811-06093, 811-09005, 811-03916, 811-22114, 811-21478, 811-04571, 811-58431, 811-07175, 811-02554, 811-05628, 811-07043, 811-04474, 811-07239, 811-04570, 811-02687, 811-01027, 811-05962, 811-04098, 811-01530, 811-00121, 811-04681, 811-02652, 811-04526, 811-07443, 811-03919, 811-00834, 811-06083, 811-01766, 811-07803, 811-05445, 811-05340, 811-22619, 811-02368, 811-05972 |
| David Thomas        | No                      | 811-07175, 811-09005, 811-05962, 811-07443, 811-03919, 811-01027, 811-04571, 811-04474, 811-05628, 811-22114, 811-02554, 811-21478, 811-01766, 811-01530, 811-22619, 811-03916, 811-07043, 811-05340, 811-02687, 811-06083, 811-04526, 811-00834, 811-07239, 811-06093, 811-00121, 811-07803, 811-05445, 811-02652, 811-04570, 811-58431, 811-02368, 811-04098, 811-05972, 811-04681 |
| Sarah Bloom Raskin  | No                      | 811-01027, 811-22619, 811-07803, 811-05628, 811-22114, 811-06093, 811-07239, 811-02687, 811-58431, 811-00121, 811-04098, 811-07043, 811-04681, 811-04526, 811-01766, 811-04570, 811-07175, 811-04571, 811-05340, 811-09005, 811-02554, 811-07443, 811-03919, 811-05445, 811-02368, 811-21478, 811-00834, 811-06083, 811-05962, 811-05972, 811-03916, 811-04474, 811-01530, 811-02652 |
| Emerson U. Fullwood | No                      | 811-04681, 811-04571, 811-07443, 811-04570, 811-07239, 811-04526, 811-01027, 811-02687, 811-07043, 811-05628, 811-00121, 811-01530, 811-22114, 811-22619, 811-00834, 811-02368, 811-04098, 811-06083, 811-02652, 811-06093, 811-03919, 811-01766, 811-21478, 811-02554, 811-05972, 811-05340, 811-04474, 811-58431, 811-07803, 811-05445, 811-03916, 811-09005, 811-05962, 811-07175 |
| Deanna Mulligan     | No                      | 811-03916, 811-00121, 811-05340, 811-07239, 811-02687, 811-00834, 811-05445, 811-03919, 811-04474, 811-04570, 811-58431, 811-07043, 811-04098, 811-04571, 811-01766, 811-05962, 811-21478, 811-04681, 811-05972, 811-06093, 811-02368, 811-02554, 811-07175, 811-06083, 811-09005, 811-22114, 811-05628, 811-22619, 811-01027, 811-01530, 811-02652, 811-04526, 811-07803, 811-07443 |
| F. Joseph Loughrey  | No                      | 811-09005, 811-02554, 811-05962, 811-05628, 811-07239, 811-02652, 811-22114, 811-07803, 811-00834, 811-07175, 811-07043, 811-04681, 811-21478, 811-01027, 811-03919, 811-01766, 811-00121, 811-04571, 811-05340, 811-04526, 811-02687, 811-02368, 811-06093, 811-04098, 811-05445, 811-06083, 811-04474, 811-01530, 811-05972, 811-07443, 811-22619, 811-04570, 811-03916, 811-58431 |
| Scott C. Malpass    | No                      | 811-04681, 811-05445, 811-02652, 811-05972, 811-03919, 811-00834, 811-03916, 811-05340, 811-02554, 811-07239, 811-05628, 811-06083, 811-21478, 811-01027, 811-07443, 811-01766, 811-07175, 811-04098, 811-04474, 811-05962, 811-00121, 811-07803, 811-22619, 811-58431, 811-01530, 811-04571, 811-22114, 811-09005, 811-04526, 811-04570, 811-07043, 811-02368, 811-06093, 811-02687 |
| Peter F. Volanakis  | No                      | 811-04571, 811-01027, 811-05972, 811-22114, 811-05445, 811-07239, 811-21478, 811-05340, 811-05628, 811-22619, 811-04526, 811-04570, 811-58431, 811-02554, 811-06083, 811-07175, 811-04098, 811-07443, 811-07803, 811-03916, 811-06093, 811-02652, 811-00121, 811-02368, 811-04474, 811-02687, 811-04681, 811-05962, 811-03919, 811-07043, 811-01530, 811-01766, 811-09005, 811-00834 |
| Andre F. Perold     | No                      | 811-07239, 811-01766, 811-22114, 811-09005, 811-04474, 811-04681, 811-04571, 811-00121, 811-06083, 811-07175, 811-05972, 811-58431, 811-04570, 811-21478, 811-03919, 811-05628, 811-05962, 811-00834, 811-07443, 811-05445, 811-07043, 811-22619, 811-01027, 811-02687, 811-04098, 811-02368, 811-01530, 811-02554, 811-03916, 811-05340, 811-06093, 811-07803, 811-04526, 811-02652 |
| Mark Loughridge     | No                      | 811-22114, 811-05628, 811-07043, 811-05340, 811-03919, 811-02554, 811-04474, 811-05445, 811-04526, 811-04570, 811-04098, 811-58431, 811-02368, 811-03916, 811-02652, 811-01027, 811-05972, 811-04681, 811-01766, 811-09005, 811-07443, 811-06093, 811-07239, 811-07803, 811-01530, 811-22619, 811-21478, 811-05962, 811-02687, 811-06083, 811-00121, 811-00834, 811-04571, 811-07175 |
| Mortimer J. Buckley | Yes                     | 811-07175, 811-07239, 811-05340, 811-01027, 811-02652, 811-04570, 811-01530, 811-04681, 811-05445, 811-58431, 811-22114, 811-01766, 811-09005, 811-05972, 811-05962, 811-00121, 811-03919, 811-06093, 811-07803, 811-04526, 811-22619, 811-04571, 811-07043, 811-00834, 811-04474, 811-02687, 811-02554, 811-07443, 811-03916, 811-06083, 811-21478, 811-05628, 811-04098, 811-02368 |

### 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-9664
  - IC-28024
  - IC-9001
  - IC-8676
  - IC-26436
  - IC-19184
  - IC-21426
  - IC-9205
  - IC-11645
  - IC-26089

### 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 DIVERSIFIED EQUITY FUND

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

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

- **b. Series identification number, if any:** S000011877

- **c. LEI:** WNA1XO2D6S4XZ27ZD216

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

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

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

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Shares         | C000032457                                | VDEQX                        |

**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

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000105958

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

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

**Pricing Services Record: 2**

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

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

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

**Pricing Services Record: 3**

- **i. Full name:** 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: 4**

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

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

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

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

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

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

**Pricing Services Record: 5**

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

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

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

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

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

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

**Pricing Services Record: 6**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $48,325,753.39            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $48,325,753.39

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

- **Item C.19.a - Fund's monthly average net assets:** $2,462,518,480.69

**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:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 2 Name of institution:** Morgan Stanley Bank, N.A.

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

  - **Line Institutions Record: 4 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 5 Name of institution:** Citibank, N.A.

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

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

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

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

  - **Line Institutions Record: 10 Name of institution:** The Bank of New York Mellon

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

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

  - **Line Institutions Record: 13 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 14 Name of institution:** Credit Suisse AG, New York Branch

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

  - **Line Institutions Record: 16 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 17 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 18 Name of institution:** Bank of America N.A.

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

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

  - **Line Institutions Record: 21 Name of institution:** BNP Paribas

  - **Line Institutions Record: 22 Name of institution:** Bank of Montreal, Chicago Branch

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

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

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

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

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

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

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

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

### Management Investment Record: 2 - VANGUARD ALTERNATIVE STRATEGIES FUND

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

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

- **b. Series identification number, if any:** S000049301

- **c. LEI:** 5493007EHSL6JWO6OR38

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

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

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

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Shares         | C000155622                                | VASFX                        |

**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'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** —

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

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

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

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

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000105958

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

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

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

**Pricing Services Record: 2**

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

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

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

**Pricing Services Record: 3**

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

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

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

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

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

**Pricing Services Record: 4**

- **i. Full name:** 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:** 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: 6**

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

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

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

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

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

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

**Pricing Services Record: 7**

- **i. Full name:** 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:** 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: 2**

- **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: 3**

- **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: 4**

- **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: 5**

- **i. Full name:** AO Citibank

- **ii. LEI, if any:** CHSQDSVI1UI96Y2SW097

- **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:** Ceskoslovenska obchodni banka, a.s.

- **ii. LEI, if any:** Q5BP2UEQ48R75BOTCB92

- **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:** 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: 8**

- **i. Full name:** UniCredit Bank Hungary Zrt.

- **ii. LEI, if any:** Y28RT6GGYJ696PMW8T44

- **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:** 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: 10**

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

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

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

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

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

**Custodians Record: 11**

- **i. Full name:** Banco de Chile

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **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:** 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: 13**

- **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: 14**

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

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

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

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

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

**Custodians Record: 15**

- **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: 16**

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

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

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

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

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

**Custodians Record: 17**

- **i. Full name:** 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: 18**

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

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **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:** 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: 21**

- **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: 22**

- **i. Full name:** Standard Chartered Bank (Thai) Public Company Limited

- **ii. LEI, if any:** 549300O1LQYCQ7G1IM57

- **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:** 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: 24**

- **i. Full name:** FirstRand Bank Limited

- **ii. LEI, if any:** ZAYQDKTCATIXF9OQY690

- **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 (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: 26**

- **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: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **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: 32**

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

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

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

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

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

**Custodians Record: 33**

- **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: 34**

- **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: 35**

- **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: 36**

- **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: 37**

- **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)

- **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:** 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:** $2,003.25

**Brokers Record: 2**

- **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:** $2,880.31

**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:** $416.90

**Brokers Record: 4**

- **i. Full name of broker:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,606.36

**Brokers Record: 5**

- **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:** $4,384.82

**Brokers Record: 6**

- **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:** $566.47

**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:** $1,875.71

**Brokers Record: 8**

- **i. Full name of broker:** Redburn (Europe) Limited

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

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

- **iv. LEI, if any:** 213800PKEJQZQXQCOJ04

- **vii. Gross commissions paid by the Fund for the reporting period:** $1.94

**Brokers Record: 9**

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

- **ii. SEC file number:** 008-00422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $389.60

**Aggregate Commission:** $14,125.36

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $404,681,415.00           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $404,681,415.00

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

- **Item C.19.a - Fund's monthly average net assets:** $115,940,376.69

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

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

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

**Line of Credit details Record: 1**

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

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

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

  - **Line Institutions Record: 1 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 2 Name of institution:** JPMorgan Chase Bank, N.A.

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

  - **Line Institutions Record: 4 Name of institution:** Citibank, N.A.

  - **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:** Barclays Bank plc

  - **Line Institutions Record: 8 Name of institution:** The Bank of Nova Scotia, Houston Branch

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

  - **Line Institutions Record: 10 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 11 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 12 Name of institution:** The Bank of New York Mellon

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

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

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

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

  - **Line Institutions Record: 17 Name of institution:** Credit Suisse AG, New York Branch

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

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

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

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

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

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

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

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

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

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

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

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

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

### Management Investment Record: 3 - VANGUARD EMERGING MARKETS SELECT STOCK FUND

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

- **a. Full Name of the Fund:** VANGUARD EMERGING MARKETS SELECT STOCK FUND

- **b. Series identification number, if any:** S000032976

- **c. LEI:** DR3FEI5HE6DDWHXGTR43

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

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

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

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Shares         | C000101729                                | VMMSX                        |

**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:** $827,356.12

- **g. Provide the net income from securities lending activities:** $30,035.68

**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 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:** Oaktree Capital Management, LP

- **ii. SEC file number:** 801-48923

- **iii. CRD number:** 000106793

- **iv. LEI, if any:** JOAJT0QKF9HWVYTX5K56

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

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

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

**Investment Advisers Record: 2**

- **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

**Investment Advisers Record: 3**

- **i. Full name:** Baillie Gifford Overseas Ltd

- **ii. SEC file number:** 801-21051

- **iii. CRD number:** 000110296

- **iv. LEI, if any:** 549300OJXEENXLO4FW52

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

**Investment Advisers Record: 4**

- **i. Full name:** Pzena Investment Management, LLC

- **ii. SEC file number:** 801-50838

- **iii. CRD number:** 000106847

- **iv. LEI, if any:** 6735QA45DYBXWQO11N07

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

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

**Pricing Services Record: 2**

- **i. Full name:** 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: 3**

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

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

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

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

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

**Pricing Services Record: 4**

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

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

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

**Pricing Services Record: 5**

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

- **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: 2**

- **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: 3**

- **i. Full name:** HSBC Bank Middle East Limited

- **ii. LEI, if any:** 549300F99IL9YJDWH369

- **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:** Stanbic IBTC Bank Plc.

- **ii. LEI, if any:** 549300NIVXF92ZIOVW61

- **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:** 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: 6**

- **i. Full name:** AO Citibank

- **ii. LEI, if any:** CHSQDSVI1UI96Y2SW097

- **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:** Bank Handlowy w Warszawie S.A.

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

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

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

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

**Custodians Record: 8**

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

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

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

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

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

**Custodians Record: 9**

- **i. Full name:** Banco de Chile

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **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:** FirstRand Bank Limited

- **ii. LEI, if any:** ZAYQDKTCATIXF9OQY690

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

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

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

**Custodians Record: 11**

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

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

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

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

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

**Custodians Record: 12**

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

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

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

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

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

**Custodians Record: 13**

- **i. Full name:** Standard Chartered Bank (Thai) Public Company Limited

- **ii. LEI, if any:** 549300O1LQYCQ7G1IM57

- **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:** AB SEB bankas

- **ii. LEI, if any:** 549300SBPFE9JX7N8J82

- **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:** 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: 16**

- **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: 17**

- **i. Full name:** Ceskoslovenska obchodni banka, a.s.

- **ii. LEI, if any:** Q5BP2UEQ48R75BOTCB92

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

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

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

**Custodians Record: 18**

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

- **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: 19**

- **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: 20**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** SSER7O0CV66FF0PRYK94

- **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:** 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: 22**

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

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **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:** 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: 24**

- **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: 25**

- **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: 26**

- **i. Full name:** First Abu Dhabi Bank P.J.S.C.

- **ii. LEI, if any:** 2138002Y3WMK6RZS8H90

- **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:** 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: 28**

- **i. Full name:** First Abu Dhabi Bank P.J.S.C.

- **ii. LEI, if any:** 2138002Y3WMK6RZS8H90

- **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:** 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: 30**

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

- **ii. LEI, if any:** 5493003FVWLMBFTISI11

- **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:** First Abu Dhabi Bank P.J.S.C.

- **ii. LEI, if any:** 2138002Y3WMK6RZS8H90

- **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: 32**

- **i. Full name:** First Abu Dhabi Bank P.J.S.C.

- **ii. LEI, if any:** 2138002Y3WMK6RZS8H90

- **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: 33**

- **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: 34**

- **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: 35**

- **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: 36**

- **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: 37**

- **i. Full name:** AS SEB banka

- **ii. LEI, if any:** 549300YW95G1VBBGGV07

- **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: 38**

- **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: 39**

- **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: 40**

- **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: 41**

- **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: 42**

- **i. Full name:** UniCredit Bank Hungary Zrt.

- **ii. LEI, if any:** Y28RT6GGYJ696PMW8T44

- **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: 43**

- **i. Full name:** Citibank Europe plc, Bulgaria Branch

- **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: 44**

- **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: 45**

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

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **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: 46**

- **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: 47**

- **i. Full name:** AS SEB Pank

- **ii. LEI, if any:** 549300ND1MQ8SNNYMJ22

- **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: 48**

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

- **ii. LEI, if any:** X5AV1MBDXGRPX5UGMX13

- **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: 49**

- **i. Full name:** Privredna Banka Zagreb d.d.

- **ii. LEI, if any:** 549300ZHFZ4CSK7VS460

- **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: 50**

- **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: 51**

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

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **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: 52**

- **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: 53**

- **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: 54**

- **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: 55**

- **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: 56**

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

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **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: 57**

- **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: 58**

- **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: 59**

- **i. Full name:** Saudi British Bank

- **ii. LEI, if any:** 558600TQS0WENZUC5190

- **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: 60**

- **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: 61**

- **i. Full name:** HSBC Bank Middle East Limited

- **ii. LEI, if any:** 213800H95OG9OHRT4Y78

- **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: 62**

- **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)

- **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:** HSBC Securities (USA) Inc.

- **ii. SEC file number:** 008-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** CYYGQCGNHMHPSMRL3R97

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $26,903.66

**Brokers Record: 2**

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

- **ii. SEC file number:** 008-00422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,245.94

**Brokers Record: 3**

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

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

- **iii. CRD number:** 000162416

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $66,069.41

**Brokers Record: 4**

- **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:** $20,100.26

**Brokers Record: 5**

- **i. Full name of broker:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,784.28

**Brokers Record: 6**

- **i. Full name of broker:** RBS Asia Securities Indonesia, PT

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

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

- **iv. LEI, if any:** 213800CRN3JBM6BGI564

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,240.50

**Brokers Record: 7**

- **i. Full name of broker:** UBS Securities Asia Limited

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

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

- **iv. LEI, if any:** 549300Y35FCB6270R069

- **vii. Gross commissions paid by the Fund for the reporting period:** $29,598.12

**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:** $40,844.70

**Brokers Record: 9**

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

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

- **iii. CRD number:** 000007059

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $30,861.11

**Brokers Record: 10**

- **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:** $70,411.97

**Aggregate Commission:** $657,288.62

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

| Name                                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Market Liquidity Fund                        | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $865,420,943.60           |
| BofA Securities, Inc.                                 | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $3,260,514.37             |
| CLSA LIMITED                                          | N/A               | N/A          | 213800CF5G9GRZD2RV79 |  |  | $989,674.61               |
| Merrill Lynch International                           | N/A               | 000162416    | GGDZP1UYGU9STUHRDP48 |  |  | $3,128,489.31             |
| J.P. Morgan Securities (Asia Pacific) Limited         | N/A               | N/A          | 871JPXVZ0Z8I863B6V34 |  |  | $4,534,578.39             |
| Merrill Lynch, Pierce, Fenner & Smith Inc.            | 008-07221         | 000007691    | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $1,357,127.03             |
| BNP Paribas Securities Services SCA                   | N/A               | N/A          | 549300WCGB70D06XZS54 |  |  | $1,100,778.66             |
| Morgan Stanley & Co. International PLC                | N/A               | N/A          | 4PQUHN3JPFGFNF3BB653 |  |  | $1,291,620.43             |
| Macquarie Capital Securities (Singapore) Pte. Limited | N/A               | N/A          | 5493007PKIT1P8UHLH29 |  |  | $1,444,697.18             |
| Morgan Stanley & Co. LLC                              | 008-15869         | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $5,692,360.39             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $898,903,330.77

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

- **Item C.19.a - Fund's monthly average net assets:** $796,960,044.13

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

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

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

**Line of Credit details Record: 1**

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

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

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

  - **Line Institutions Record: 1 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 2 Name of institution:** Barclays Bank plc

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

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

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

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

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

  - **Line Institutions Record: 8 Name of institution:** BNP Paribas

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

  - **Line Institutions Record: 10 Name of institution:** Citibank, N.A.

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

  - **Line Institutions Record: 12 Name of institution:** Morgan Stanley Bank, N.A.

  - **Line Institutions Record: 13 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 14 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 15 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 16 Name of institution:** The Bank of Nova Scotia, Houston Branch

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

  - **Line Institutions Record: 18 Name of institution:** Goldman Sachs Bank USA

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

  - **Line Institutions Record: 20 Name of institution:** The Toronto-Dominion Bank, New York Branch

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

  - **Line Institutions Record: 22 Name of institution:** HSBC Bank USA, N.A.

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

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

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

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

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

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

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

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

### Management Investment Record: 4 - VANGUARD INTERNATIONAL VALUE FUND

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

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

- **b. Series identification number, if any:** S000004389

- **c. LEI:** 7EM3BZ1YDS7XSXNCNE49

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

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

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

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Shares         | C000012145                                | VTRIX                        |

**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

**Securities Lending Record: 2**

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

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

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

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

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

  **Idemnity Providers Record: 1**

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

  - **2. LEI, if any:** —

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

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

- [x] Revenue sharing split

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

- [x] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $92,492,274.19

- **g. Provide the net income from securities lending activities:** $822,447.03

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

- **i. Full name:** ARGA Investment Management, LP

- **ii. SEC file number:** 801-77018

- **iii. CRD number:** 000153665

- **iv. LEI, if any:** 549300ARAD8K0GWI7X67

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

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

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

**Investment Advisers Record: 2**

- **i. Full name:** Sprucegrove Investment Management Ltd

- **ii. SEC file number:** 801-45884

- **iii. CRD number:** 000106355

- **iv. LEI, if any:** 549300ZC4JWUMN5DD754

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

**Investment Advisers Record: 3**

- **i. Full name:** Lazard Asset Management LLC

- **ii. SEC file number:** 801-61701

- **iii. CRD number:** 000122836

- **iv. LEI, if any:** P1IBQ1I6K7EXV2Q96E20

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

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

**Pricing Services Record: 2**

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

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

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

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

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

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

**Pricing Services Record: 3**

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

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

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

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

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

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

**Pricing Services Record: 4**

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

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

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

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

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

**Pricing Services Record: 5**

- **i. Full name:** 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: 6**

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

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

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

**Pricing Services Record: 7**

- **i. Full name:** 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

- **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:** UniCredit Bank Czech Republic and Slovakia as

- **ii. LEI, if any:** KR6LSKV3BTSJRD41IF75

- **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:** JP Morgan Bank International Limited Liability Company

- **ii. LEI, if any:** 549300B831LSRSI6RA15

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

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

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

**Custodians Record: 3**

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

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

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

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

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

**Custodians Record: 4**

- **i. Full name:** JP Morgan SA DTVM

- **ii. LEI, if any:** 5493001LS7J56NZZ3G07

- **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:** Royal Bank of Canada

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

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

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

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

**Custodians Record: 6**

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

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

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

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

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

**Custodians Record: 7**

- **i. Full name:** HSBC Bank Malaysia Berhad

- **ii. LEI, if any:** P3RPN9OJFCXUPJWB1Q09

- **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:** HSBC Continental Europe

- **ii. LEI, if any:** MP6I5ZYZBEU3UXPYFY54

- **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:** 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: 10**

- **i. Full name:** CACEIS Bank Spain SAU

- **ii. LEI, if any:** 95980020140005970915

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

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

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

**Custodians Record: 11**

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

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

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

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

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

**Custodians Record: 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:** PT Bank HSBC Indonesia

- **ii. LEI, if any:** 213800HW5IDIRLWH1203

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

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

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

**Custodians Record: 14**

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

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

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

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

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

**Custodians Record: 15**

- **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: 16**

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

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

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

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

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

**Custodians Record: 17**

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

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

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

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

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

**Custodians Record: 18**

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

- **ii. LEI, if any:** ATUEL7OJR5057F2PV266

- **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:** Standard Chartered Bank Thai Public Company Limited

- **ii. LEI, if any:** 549300O1LQYCQ7G1IM57

- **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:** JPMorgan Chase Bank NA

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

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

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

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

**Custodians Record: 22**

- **i. Full name:** Societe Generale Marocaine de Banques

- **ii. LEI, if any:** 549300WHIMVBNIDQWK21

- **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:** 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: 24**

- **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: 25**

- **i. Full name:** HSBC Argentina Bank SA

- **ii. LEI, if any:** 549300K52NF2S4SQDO82

- **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:** Citibank NA

- **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: 27**

- **i. Full name:** Banco Santander Chile

- **ii. LEI, if any:** 3YJP8HORPAEXJ80D6368

- **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:** FirstRand Bank Limited

- **ii. LEI, if any:** ZAYQDKTCATIXF9OQY690

- **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:** HSBC Bank China Company Limited

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **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:** Bank Handlowy w Warszawie SA

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

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

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

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

**Custodians Record: 32**

- **i. Full name:** Euroclear

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

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

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

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

**Custodians Record: 33**

- **i. Full name:** Banco Nacional de Mexico SA

- **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: 34**

- **i. Full name:** Citibank del Peru SA

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **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: 35**

- **i. Full name:** Citibank AS

- **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: 36**

- **i. Full name:** GCD Denmark

- **ii. LEI, if any:** 529900HDNBQ2DD0QHJ07

- **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: 37**

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

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

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

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

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

**Custodians Record: 38**

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

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

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

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

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

**Custodians Record: 39**

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

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

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

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

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

**Custodians Record: 40**

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

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

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

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

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

**Custodians Record: 41**

- **i. Full name:** Euroclear

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

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

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

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

**Custodians Record: 42**

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

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

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

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

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

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

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

**Custodians Record: 43**

- **i. Full name:** Standard Chartered Bank Korea Limited

- **ii. LEI, if any:** NUXTG47HHHM1K2L0SG39

- **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: 44**

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

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

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

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

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

**Custodians Record: 45**

- **i. Full name:** Bank Leumi leIsrael BM

- **ii. LEI, if any:** 7JDSZWRGUQY2DSTWCR57

- **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: 46**

- **i. Full name:** Cititrust Colombia SA

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **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: 47**

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

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

**Brokers Record: 1**

- **i. Full name of broker:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $325,677.00

**Brokers Record: 2**

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

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $176,060.74

**Brokers Record: 3**

- **i. Full name of broker:** UBS Securities International Limited

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

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

- **iv. LEI, if any:** EP50CUEHE876XUVAWT56

- **vii. Gross commissions paid by the Fund for the reporting period:** $449,078.10

**Brokers Record: 4**

- **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:** $332,760.88

**Brokers Record: 5**

- **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:** $411,124.85

**Brokers Record: 6**

- **i. Full name of broker:** SANFORD C BERNSTEIN LTD LONDON

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $333,410.39

**Brokers Record: 7**

- **i. Full name of broker:** Barclays Capital Securities Limited

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

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

- **iv. LEI, if any:** K9WDOH4D2PYBSLSOB484

- **vii. Gross commissions paid by the Fund for the reporting period:** $278,365.43

**Brokers Record: 8**

- **i. Full name of broker:** Pershing Securities Limited

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

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

- **iv. LEI, if any:** 549300NC3GURN0AEZU06

- **vii. Gross commissions paid by the Fund for the reporting period:** $221,983.35

**Brokers Record: 9**

- **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:** $362,495.46

**Brokers Record: 10**

- **i. Full name of broker:** Daiwa Capital Markets America Inc.

- **ii. SEC file number:** 008-12242

- **iii. CRD number:** 000001576

- **iv. LEI, if any:** M67H5PRC0NQKM73ZAS82

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $304,806.60

**Aggregate Commission:** $5,808,404.28

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

| Name                           | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Market Liquidity Fund | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $7,981,038,828.64         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $7,981,038,828.64

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

- **Item C.19.a - Fund's monthly average net assets:** $13,492,156,123.35

**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:** Wells Fargo Bank, National Association

  - **Line Institutions Record: 2 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 3 Name of institution:** State Street Bank and Trust Company

  - **Line Institutions Record: 4 Name of institution:** The Bank of New York Mellon

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

  - **Line Institutions Record: 6 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 7 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 8 Name of institution:** HSBC Bank USA, N.A.

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

  - **Line Institutions Record: 10 Name of institution:** The Bank of Nova Scotia, Houston Branch

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

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

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

  - **Line Institutions Record: 14 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 15 Name of institution:** Bank of Montreal, Chicago Branch

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

  - **Line Institutions Record: 17 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 18 Name of institution:** Bank of America N.A.

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

  - **Line Institutions Record: 20 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

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

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

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

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

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

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

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

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

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

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

### Management Investment Record: 5 - VANGUARD COMMODITY STRATEGY FUND

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

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

- **b. Series identification number, if any:** S000065757

- **c. LEI:** 5493001YCD27JTQEBR52

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

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

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

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Admiral Shares          | C000212612                                | VCMDX                        |

**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?** —

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

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

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

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

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

Did the Fund rely on the following rules?

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

- Rule 32a-4 (17 CFR 270.32a-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:** 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: 3**

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

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

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

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

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

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

**Pricing Services Record: 4**

- **i. Full name:** 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: 5**

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

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

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

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

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

**Pricing Services Record: 6**

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

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

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

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

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

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

**Pricing Services Record: 7**

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Nomura Securities International, Inc. | 008-15255         | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $610,796,335.63           |
| Barclays Capital Inc.                 | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $381,635,610.21           |
| Deutsche Bank Securities Inc.         | 008-17822         | 000002525    | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $240,160,993.61           |
| Wells Fargo Securities, LLC           | 008-22947         | 000007665    | VYVVCKR63DVZZN70PB21 | NC      | US        | $623,416,048.70           |
| Goldman Sachs & Co. LLC               | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $587,568,343.42           |
| UBS Securities LLC                    | 008-22651         | 000007654    | T6FIZBDPKLYJKFCRVK44 | NY      | US        | $185,758,038.52           |
| Citigroup Global Markets Inc.         | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $505,999,211.52           |
| Citadel Securities LLC                | 008-53574         | 000116797    | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $539,530,635.07           |
| J.P. Morgan Securities LLC            | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $847,931,547.34           |
| Vanguard Market Liquidity Fund        | N/A               | N/A          | 1I6HV0TLSTR3A4XQ6L78 | PA      | US        | $3,432,393,982.00         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $8,655,790,364.71

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

- **Item C.19.a - Fund's monthly average net assets:** $2,099,817,045.56

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

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

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

**Line of Credit details Record: 1**

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

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

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

  - **Line Institutions Record: 1 Name of institution:** HSBC Bank USA, N.A.

  - **Line Institutions Record: 2 Name of institution:** The Toronto-Dominion Bank, New York Branch

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

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

  - **Line Institutions Record: 5 Name of institution:** Bank of Montreal, Chicago Branch

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

  - **Line Institutions Record: 7 Name of institution:** Credit Suisse AG, New York Branch

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

  - **Line Institutions Record: 9 Name of institution:** Canadian Imperial Bank of Commerce, New York Branch

  - **Line Institutions Record: 10 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 11 Name of institution:** Citibank, N.A.

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

  - **Line Institutions Record: 13 Name of institution:** The Bank of Nova Scotia, Houston Branch

  - **Line Institutions Record: 14 Name of institution:** The Northern Trust Company

  - **Line Institutions Record: 15 Name of institution:** Royal Bank of Canada

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

  - **Line Institutions Record: 17 Name of institution:** Bank of America N.A.

  - **Line Institutions Record: 18 Name of institution:** BNP Paribas

  - **Line Institutions Record: 19 Name of institution:** JPMorgan Chase Bank, N.A.

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

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

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

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

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

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

**Date:** 2023-01-11

**Signature:** Ashley Grim

**Title:** Treasurer