<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN/A</submissionType>
    <accessionNumber>0001752724-18-001954</accessionNumber>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001021882</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-07803</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptIncludeAllSeriesFlag>true</rptIncludeAllSeriesFlag>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2018-08-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>VANGUARD SCOTTSDALE FUNDS</registrantFullName>
      <investmentCompFileNo>811-07803</investmentCompFileNo>
      <registrantCik>0001021882</registrantCik>
      <registrantLei>549300Y88GQ3VLJIBX57</registrantLei>
      <registrantstreet1>100 VANGUARD BOULEVARD</registrantstreet1>
      <registrantcity>MALVERN</registrantcity>
      <registrantzipCode>19355</registrantzipCode>
      <registrantstate>US-PA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>6106691000</registrantphoneNumber>
      <websites>
        <website webpage="www.vanguard.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>JPMorgan Chase Bank</officeName>
          <officeAddress1>383 Madison Avenue</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10179</officeRecordsZipCode>
          <officePhone>212-648-0466</officePhone>
          <booksRecordsDesc>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.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Bank of New York Mellon</officeName>
          <officeAddress1>240 Greenwich Street</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10286</officeRecordsZipCode>
          <officePhone>212-495-1784</officePhone>
          <booksRecordsDesc>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.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>State Street Bank and Trust</officeName>
          <officeAddress1>One Lincoln Street</officeAddress1>
          <officeCity>Boston</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MA"/>
          <officeRecordsZipCode>20111</officeRecordsZipCode>
          <officePhone>617-662-3839</officePhone>
          <booksRecordsDesc>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.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>Y</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="The Vanguard Group, Inc."/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>16</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Andre F. Perold</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-05340"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Sarah Bloom Raskin</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-01685"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Amy Gutmann</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-00834"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Emerson U. Fullwood</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02652"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>F. Joseph Loughrey</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-07239"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>F. William McNabb III</directorName>
          <crdNumber>001567399</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-01530"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>JoAnn Heffernan Heisen</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-09005"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mark Loughridge</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-06083"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Scott C. Malpass</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-04474"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Deanna Mulligan</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-04571"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mortimer J. Buckley</directorName>
          <crdNumber>002167630</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-22619"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Peter F. Volanakis</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-01685"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-04627"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-22619"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>BRIAN DVORAK</ccoName>
          <crdNumber>002651639</crdNumber>
          <ccoStreet1>100 VANGUARD BOULEVARD</ccoStreet1>
          <ccoCity>MALVERN</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-PA"/>
          <ccoZipCode>19355</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-9001"/>
        <releaseNumberInfo releaseNumber="IC-27773"/>
        <releaseNumberInfo releaseNumber="IC-26317"/>
        <releaseNumberInfo releaseNumber="IC-24789"/>
        <releaseNumberInfo releaseNumber="IC-8676"/>
        <releaseNumberInfo releaseNumber="IC-9664"/>
        <releaseNumberInfo releaseNumber="IC-28024"/>
        <releaseNumberInfo releaseNumber="IC-9205"/>
        <releaseNumberInfo releaseNumber="IC-19184"/>
        <releaseNumberInfo releaseNumber="IC-11645"/>
        <releaseNumberInfo releaseNumber="IC-27386"/>
        <releaseNumberInfo releaseNumber="IC-21426"/>
        <releaseNumberInfo releaseNumber="IC-26436"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>VANGUARD MARKETING CORP.</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-21570</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000007452</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-PA"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>PRICEWATERHOUSECOOPERS LLP</publicAccountantName>
          <pcaobNumber>000000238</pcaobNumber>
          <publicAccountantLei>5493002GVO7EO8RNNS37</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-PA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD RUSSELL 2000 GROWTH INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000030005</mgmtInvSeriesId>
        <mgmtInvLei>2GPOVXNW2XR0HL52QX63</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000092019" sharesOutstandingTickerSymbol="VRTGX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000092020" sharesOutstandingTickerSymbol="VTWG"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.237670000000001</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.132940000000001</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.070707393</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.070608861</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>269142493.97916698</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>992232.56</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1237.34999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1380.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank Securities Inc.</brokerName>
            <brokerFileNo>008-17822</brokerFileNo>
            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>407.21000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>969.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>1226.46000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2125.23999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>479.50000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2144.54000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>53007.70000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2445.28000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>66293.43000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>361789570.88999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZOICJ1BTWYKFQSJDPN63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>21047895.41000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Avexis Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300JMT0XZSYVI5K29</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>3874296.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 1000 Value Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>4NTNIKCBML0OS6H04D86</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3097811.49000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 VALUE INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZIALB0CJMIEHCHBPWY93</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>52679174.21000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Gilead Sciences, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300WTZWR07K8MNV44</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>4984200.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PAREXEL International Corp.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300GCZVUYB6P2OA17</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>2498516.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>XEI53B997NKJZOPQID97</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>18550242.97000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>CHTRJUQCGTOWVJB3QC95</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>7810443.49000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD SMALL-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HZKQM2YGJWB4I8NIZL49</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>2608405.15000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>523120318.34000003</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>711606302.33750010</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD SHORT-TERM TREASURY INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026859</mgmtInvSeriesId>
        <mgmtInvLei>9WRNUKXX21PRBRE7HY40</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000080842" sharesOutstandingTickerSymbol="VSBIX"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000080841" sharesOutstandingTickerSymbol="VSBSX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000080843" sharesOutstandingTickerSymbol="VGSH"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.03855</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.08849</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.342576354</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.714458188</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>734048015.27999997</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1089668240.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>TD Securities (USA) LLC</principalName>
            <principalFileNo>008-36747</principalFileNo>
            <principalCrdNo>000018476</principalCrdNo>
            <principalLei>SUVUFHICNZMP2WKHG940</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>241216645.75999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA) INC.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>319544533.73999995</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000000</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>857821311.94000006</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNP Paribas Securities Corp.</principalName>
            <principalFileNo>008-32682</principalFileNo>
            <principalCrdNo>000015794</principalCrdNo>
            <principalLei>RCNB6OTYUAMMP879YW96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>683444192.44000006</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities Inc.</principalName>
            <principalFileNo>008-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>217329393.88000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. MORGAN CHASE BANK, N.A.</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>7H6GLXDRUGQFU57RNE97</principalLei>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>374568449.76999998</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>228112735.05000001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD TOTAL BOND MARKET II INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>E3F24BZCDA1UXGFMYX67</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>237665821.84000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>5896710046.03000070</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3272434169.17416720</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026863</mgmtInvSeriesId>
        <mgmtInvLei>VKDXEYNPEMWGHJ22MR31</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000080854" sharesOutstandingTickerSymbol="VICBX"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000080853" sharesOutstandingTickerSymbol="VICSX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000080855" sharesOutstandingTickerSymbol="VCIT"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.03074</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.0799599999999998</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>1.307866144</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>2.873057557</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>74184.67000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>74184.67000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2264863042.26000020</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</principalName>
            <principalFileNo>008-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2123300523.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1583699427.67999980</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>008-22947</principalFileNo>
            <principalCrdNo>000007665</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>834895578.27999997</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA) INC.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>1208360396.79000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>GW69FWO1NUHCKLV98X51</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3615898877.67000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3837379325.68999960</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities Inc.</principalName>
            <principalFileNo>008-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>804078298.60999990</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1452191630.40000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>8900767355.35000040</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>34771878628.07999400</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>20217113375.38333500</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026860</mgmtInvSeriesId>
        <mgmtInvLei>EXTYRSF8KFFBG36DJS06</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000080846" sharesOutstandingTickerSymbol="VGIT"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000080844" sharesOutstandingTickerSymbol="VSIGX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000080845" sharesOutstandingTickerSymbol="VIIGX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.0217200000000002</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.0706500000000001</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.938625942</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>2.507919613</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>76679858.81999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD TOTAL BOND MARKET II INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>E3F24BZCDA1UXGFMYX67</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>113450238.59999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities Inc.</principalName>
            <principalFileNo>008-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>77777489.34999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>376869360.28999996</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. MORGAN CHASE BANK, N.A.</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>7H6GLXDRUGQFU57RNE97</principalLei>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>374568449.76999998</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC CAPITAL MARKETS LLC</principalName>
            <principalFileNo>008-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>83766209.40999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>153636071.69999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>867739366.34000003</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA) INC.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>164299092.81000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>80761789.82999999</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>2649731423.50000050</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3160865916.59833340</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD RUSSELL 2000 INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000030003</mgmtInvSeriesId>
        <mgmtInvLei>XEI53B997NKJZOPQID97</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000092016" sharesOutstandingTickerSymbol="VTWO"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000092015" sharesOutstandingTickerSymbol="VRTIX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.235130000000002</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.134620000000002</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.05515734</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.055274476</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>825727784.71666706</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>2423616.65000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8583.57000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>3686.34000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1304.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3793.36000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>20285.56000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10155.70000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>32068.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2278.63000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank Securities Inc.</brokerName>
            <brokerFileNo>008-17822</brokerFileNo>
            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1519.66000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3129.89000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>92548.33999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1214852153.86000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD EXTENDED MARKET INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>NKRB5RF4FYYMQPL0SY31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>5921323.12000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 VALUE INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZIALB0CJMIEHCHBPWY93</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>8609495.51999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Gilead Sciences, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300WTZWR07K8MNV44</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>7628760.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 2000 Growth Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>2GPOVXNW2XR0HL52QX63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>18550242.97000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Avexis Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300JMT0XZSYVI5K29</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>6432526.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZOICJ1BTWYKFQSJDPN63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>27026201.37999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD SMALL-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HZKQM2YGJWB4I8NIZL49</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>7837377.75999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 1000 Value Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>4NTNIKCBML0OS6H04D86</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>12126127.21999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>CHTRJUQCGTOWVJB3QC95</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>15705852.78000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1453093208.69000100</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>2167431769.25666670</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD RUSSELL 1000 VALUE INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000030001</mgmtInvSeriesId>
        <mgmtInvLei>4NTNIKCBML0OS6H04D86</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000092012" sharesOutstandingTickerSymbol="VONV"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000092011" sharesOutstandingTickerSymbol="VRVIX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.012319999999999</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.077630000000001</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>7.470643426</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>7.808959101</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>28878358.04583330</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>15855.03000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2285.65000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>174.01000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2268.82000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>969.39000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>156.26000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MD GLOBAL PARTNERS, LLC</brokerName>
            <brokerFileNo>008-67356</brokerFileNo>
            <brokerCrdNo>000140988</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>437.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1955.20000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11111.67000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Macquarie Capital (USA) Inc</brokerName>
            <brokerFileNo>008-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>146.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>694.79000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>20782.83999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>523949667.88000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>CHTRJUQCGTOWVJB3QC95</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>14614996.29999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 2000 Growth Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>2GPOVXNW2XR0HL52QX63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3097811.49000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>The Williams Companies, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>D71FAKCBLFS2O0RBPG08</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>2777103.84000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 VALUE INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZIALB0CJMIEHCHBPWY93</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>4782696.01000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>XEI53B997NKJZOPQID97</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>12126127.21999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Index Funds - Vanguard 500 Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>12WZ1W76P8QD4VJ6OB47</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3269088.82000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZOICJ1BTWYKFQSJDPN63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>198552215.16000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 3000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>E2FO156DBHEZ36T5EQ21</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>2509497.98000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Time Warner Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>KNG3XRAA0RHN9H62OK76</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9998037.50000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>814805172.60999990</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>2903347247.81083350</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD RUSSELL 1000 INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000030000</mgmtInvSeriesId>
        <mgmtInvLei>CHTRJUQCGTOWVJB3QC95</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000092009" sharesOutstandingTickerSymbol="VRNIX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000092010" sharesOutstandingTickerSymbol="VONE"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00177999999999656</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.0975999999999999</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.029869013</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.029893905</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>85369245.01250000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>80639.75000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>213800IN9T6ZSLWSY604</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3658.55000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>993.31000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>916.20000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
            <brokerFileNo>008-22947</brokerFileNo>
            <brokerCrdNo>000007665</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>371.47000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>296.11000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3517.82000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MD GLOBAL PARTNERS, LLC</brokerName>
            <brokerFileNo>008-67356</brokerFileNo>
            <brokerCrdNo>000140988</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>289.77000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>664.76000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank Securities Inc.</brokerName>
            <brokerFileNo>008-17822</brokerFileNo>
            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>415.27000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3190.38000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>14910.20000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Vanguard Index Funds - Vanguard 500 Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>12WZ1W76P8QD4VJ6OB47</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>12071926.72000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD TOTAL STOCK MARKET INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HJ2RZRUQEVF2A5SPRB21</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>4953900.41000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZOICJ1BTWYKFQSJDPN63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>9256099.30000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>XEI53B997NKJZOPQID97</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>15873012.78000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD SMALL-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HZKQM2YGJWB4I8NIZL49</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>5779445.63999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 2000 Growth Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>2GPOVXNW2XR0HL52QX63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>7810443.49000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 1000 Value Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>4NTNIKCBML0OS6H04D86</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>14614996.29999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD EXTENDED MARKET INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>NKRB5RF4FYYMQPL0SY31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>5909232.74000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>622010550.82999992</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MID-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>F7RXEPKL33W3OZ8V3S02</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>8802374.62000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>764738996.82000041</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>2904106480.59333370</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD RUSSELL 2000 VALUE INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000030004</mgmtInvSeriesId>
        <mgmtInvLei>ZIALB0CJMIEHCHBPWY93</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000092018" sharesOutstandingTickerSymbol="VRTVX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000092017" sharesOutstandingTickerSymbol="VTWV"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.146609999999999</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.0504899999999999</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.077688987</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.077678464</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>59914346.06666670</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>235821.18000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>703.12000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2662.87000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>359.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank Securities Inc.</brokerName>
            <brokerFileNo>008-17822</brokerFileNo>
            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>252.64000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1282.43000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MD GLOBAL PARTNERS, LLC</brokerName>
            <brokerFileNo>008-67356</brokerFileNo>
            <brokerCrdNo>000140988</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>219.69000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>1059.05000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>833.96000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>23758.62000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>430.30000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>32279.59999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZOICJ1BTWYKFQSJDPN63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1706671.08000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 1000 Value Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>4NTNIKCBML0OS6H04D86</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>4782696.01000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MID-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>F7RXEPKL33W3OZ8V3S02</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1501871.37000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>126503694.50999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 2000 Growth Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>2GPOVXNW2XR0HL52QX63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>52679174.21000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>XEI53B997NKJZOPQID97</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>8609495.51999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WGL Holdings Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300FMXG4FL88R7K50</principalLei>
            <principalStateCountry principalState="US-DC" principalCountry="US"/>
            <principalTotalPurchaseSale>1501220.75000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD SMALL-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HZKQM2YGJWB4I8NIZL49</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1338884.39000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Snyder's-Lance, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HT08BXLUFXNQIJGTMH27</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>1456550.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD SMALL-CAP VALUE INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>IYAYRN9IGNRICDXDWU21</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>804991.67999999</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>218271898.29999992</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>350177988.53499997</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD EXPLORER VALUE FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000028087</mgmtInvSeriesId>
        <mgmtInvLei>NAZTA6U3CX9F49HN3I37</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000085513" sharesOutstandingTickerSymbol="VEVFX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>131656750.73333301</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>91242.55999999</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Frontier Capital Management Company, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-15724</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106274</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
          <investmentAdviser>
            <investmentAdviserName>Cardinal Capital Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-49090</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000109824</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company, Boston</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>27758.23000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
            <brokerFileNo>008-22947</brokerFileNo>
            <brokerCrdNo>000007665</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>35939.54000000</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET, INC.</brokerName>
            <brokerFileNo>008-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>92800.49000000</grossCommission>
          </broker>
          <broker>
            <brokerName>STIFEL, NICOLAUS &amp; CO., INC.</brokerName>
            <brokerFileNo>008-01447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>5WUVMA08EYG4KEUPW589</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>12561.52000000</grossCommission>
          </broker>
          <broker>
            <brokerName>ITG Inc.</brokerName>
            <brokerFileNo>008-44218</brokerFileNo>
            <brokerCrdNo>000029299</brokerCrdNo>
            <brokerLei>549300S41SMIODVIT266</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19195.43999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James &amp; Associates, Inc.</brokerName>
            <brokerFileNo>008-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>18682.99000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>18731.52000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Robert W. Baird &amp; Co. Incorporated</brokerName>
            <brokerFileNo>008-00497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>21113.70000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Arlington Asset Investment Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300LA9ZT7L8G7IT53</brokerLei>
            <brokerStateCountry brokerState="US-VA" brokerCountry="US"/>
            <grossCommission>15420.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>SunTrust Robinson Humphrey, Inc.</brokerName>
            <brokerFileNo>008-17212</brokerFileNo>
            <brokerCrdNo>000006271</brokerCrdNo>
            <brokerLei>CSVTK36R0PNGXEM7NS14</brokerLei>
            <brokerStateCountry brokerState="US-TN" brokerCountry="US"/>
            <grossCommission>27005.49000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>487122.47</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>568354743.39999998</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Nomura Securities International, Inc.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2132985.02999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>The Advisory Board Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300IDOPVLNF25KU43</principalLei>
            <principalStateCountry principalState="US-DC" principalCountry="US"/>
            <principalTotalPurchaseSale>4184480.84000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1093491.67000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Mizuho Securities USA Inc</principalName>
            <principalFileNo>008-37710</principalFileNo>
            <principalCrdNo>000019647</principalCrdNo>
            <principalLei>5493004GRDTUI7EMIZ82</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1991714.42000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKETING</principalName>
            <principalFileNo>008-21570</principalFileNo>
            <principalCrdNo>000007452</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>86753.57000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Parkway Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300L17WK36CNUJU19</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>2011965.75000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>998697.71000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>580854832.38999987</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>697387392.61250007</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000030002</mgmtInvSeriesId>
        <mgmtInvLei>ZOICJ1BTWYKFQSJDPN63</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000092014" sharesOutstandingTickerSymbol="VONG"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000092013" sharesOutstandingTickerSymbol="VRGWX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.0126999999999988</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.0890500000000003</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.027455122</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>11.86492203</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>296669256.11250001</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>238539.73000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>213800IN9T6ZSLWSY604</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BARCLAYS CAPITAL INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>331.49000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
            <brokerFileNo>008-22947</brokerFileNo>
            <brokerCrdNo>000007665</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>17400.52000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4757.55000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1218.73000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>337.42000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2514.63000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Weeden &amp; Co. L.P.</brokerName>
            <brokerFileNo>008-37267</brokerFileNo>
            <brokerCrdNo>000016835</brokerCrdNo>
            <brokerLei>549300OYBLKSN8M8EW67</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>752.02000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>314.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MD GLOBAL PARTNERS, LLC</brokerName>
            <brokerFileNo>008-67356</brokerFileNo>
            <brokerCrdNo>000140988</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>236.45000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2192.05000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>30678.86000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 2000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>XEI53B997NKJZOPQID97</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>27026201.37999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>C.R. Bard, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300XS4HD3R8MDYK78</principalLei>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>7883054.38999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1434804879.03000020</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 2000 Growth Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>2GPOVXNW2XR0HL52QX63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>21047895.41000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Index Funds - Vanguard 500 Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>12WZ1W76P8QD4VJ6OB47</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>2365835.35000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Becton, Dickinson and Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ICE2EP6D98PQUILVRZ91</principalLei>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>2602065.62000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>CHTRJUQCGTOWVJB3QC95</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>9256099.30000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Monsanto Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>NONUZEX43GHIPSVDD938</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>10155648.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2351840.21000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 1000 Value Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>4NTNIKCBML0OS6H04D86</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>198552215.16000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1754282540.69999930</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>4506358219.07833390</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD LONG-TERM CORPORATE BOND INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026864</mgmtInvSeriesId>
        <mgmtInvLei>ZIWMTR5KXH6IQX7B0013</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000080856" sharesOutstandingTickerSymbol="VLTCX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000080857" sharesOutstandingTickerSymbol="VLCIX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000080858" sharesOutstandingTickerSymbol="VCLT"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.0548500000000001</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.10389</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>2.776016174</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>6.637095208</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12151.01000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>12151.01000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>179722604.66000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>176821103.47999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA) INC.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>259350404.75000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>223762753.37000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1230511285.38000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>378224974.44999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</principalName>
            <principalFileNo>008-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>226366521.96000001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD TOTAL BOND MARKET INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>CIJB0QNLPT2SSWMJ5W92</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>279918877.88000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>VKDXEYNPEMWGHJ22MR31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>238455908.68000001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD TOTAL BOND MARKET II INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>E3F24BZCDA1UXGFMYX67</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>224570717.33000001</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>4508255410.36000060</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3086563399.96999980</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD TOTAL CORPORATE BOND ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000059555</mgmtInvSeriesId>
        <mgmtInvLei>5493006MKEDJW38LT395</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000195056" sharesOutstandingTickerSymbol="VTC"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Cantor Fitzgerald &amp; Co.</principalName>
            <principalFileNo>008-00201</principalFileNo>
            <principalCrdNo>000000134</principalCrdNo>
            <principalLei>5493004J7H4GCPG6OB62</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>290597.82000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>112199.03000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>2006801.18000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jane Street Financial Limited</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300ZHEHX8M31RP142</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>160046.94000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>319702.43000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</principalName>
            <principalFileNo>008-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2656417.79000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>5545765.18999999</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>40394338.52181818</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD LONG-TERM TREASURY INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026861</mgmtInvSeriesId>
        <mgmtInvLei>TFBXN648LOXYTVRKLD83</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000080848" sharesOutstandingTickerSymbol="VLGIX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000080849" sharesOutstandingTickerSymbol="VGLT"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000080847" sharesOutstandingTickerSymbol="VLGSX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.26774</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.31622</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>3.025475126</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>9.015061832</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>415079250.15999997</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>008-22947</principalFileNo>
            <principalCrdNo>000007665</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>26012139.32000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD TOTAL BOND MARKET II INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>E3F24BZCDA1UXGFMYX67</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>52117215.46999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>307572605.36000001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</principalName>
            <principalFileNo>008-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>27030442.89000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>31981379.60999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>TD Securities (USA) LLC</principalName>
            <principalFileNo>008-36747</principalFileNo>
            <principalCrdNo>000018476</principalCrdNo>
            <principalLei>SUVUFHICNZMP2WKHG940</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>65371380.32999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>55123914.46000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>33810829.50000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA) INC.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>116325255.50000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1233636990.83999990</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1515125128.74583340</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD MORTGAGE-BACKED SECURITIES INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026865</mgmtInvSeriesId>
        <mgmtInvLei>157FPOCFDEEVUKWE4M41</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000080859" sharesOutstandingTickerSymbol="VMBSX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000080860" sharesOutstandingTickerSymbol="VMBIX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000080861" sharesOutstandingTickerSymbol="VMBS"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.15057</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.20024</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.808573536</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>2.15392016</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</principalName>
            <principalFileNo>008-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2213869092.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>5547746814.71999930</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1060775443.79000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2867758181.64999960</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>008-22947</principalFileNo>
            <principalCrdNo>000007665</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>1493294212.73000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>2637408653.63000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2192482117.10000040</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1313445251.41000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2782309855.77999970</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC CAPITAL MARKETS LLC</principalName>
            <principalFileNo>008-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1622105180.48999980</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>25518185467.04</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>6115004480.39666750</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD RUSSELL 3000 INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000030006</mgmtInvSeriesId>
        <mgmtInvLei>E2FO156DBHEZ36T5EQ21</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000092022" sharesOutstandingTickerSymbol="VTHR"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000092021" sharesOutstandingTickerSymbol="VRTTX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00149000000000044</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.0946700000000007</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.032445092</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.032592505</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Vanguard Group, Inc.</securitiesAgentName>
            <securitiesAgentLei>5493002789CX3L0CJP65</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>Y</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>23246156.50000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>51282.06</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>213800IN9T6ZSLWSY604</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company, Boston</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Trust Company Canada</custodianName>
            <custodianLei>549300L71XG2CTQ2V827</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company, United Kingdom Branch</custodianName>
            <custodianLei>213800YAZLPV26WFM449</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>122.69000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1029.03000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MD GLOBAL PARTNERS, LLC</brokerName>
            <brokerFileNo>008-67356</brokerFileNo>
            <brokerCrdNo>000140988</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>117.73000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1943.33000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4490.77000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>369.05000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1564.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>430.71000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2062.67000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank Securities Inc.</brokerName>
            <brokerFileNo>008-17822</brokerFileNo>
            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>240.97000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>12682.08000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZOICJ1BTWYKFQSJDPN63</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1845412.91000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>386157647.30000001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD SMALL-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HZKQM2YGJWB4I8NIZL49</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1406152.55000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MID-CAP INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>F7RXEPKL33W3OZ8V3S02</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3430948.61000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Index Funds - Vanguard 500 Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>12WZ1W76P8QD4VJ6OB47</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3246456.03000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>C.R. Bard, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300XS4HD3R8MDYK78</principalLei>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>1065862.40999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD EXTENDED MARKET INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>NKRB5RF4FYYMQPL0SY31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1320244.75000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Scottsdale Funds - Vanguard Russell 1000 Value Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>4NTNIKCBML0OS6H04D86</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>2509497.98000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD TOTAL STOCK MARKET INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>HJ2RZRUQEVF2A5SPRB21</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1617369.55000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Time Warner Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>KNG3XRAA0RHN9H62OK76</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1760097.50000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>427947920.44000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1192385551.08583330</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026862</mgmtInvSeriesId>
        <mgmtInvLei>GW69FWO1NUHCKLV98X51</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000080850" sharesOutstandingTickerSymbol="VSCSX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000080851" sharesOutstandingTickerSymbol="VSTBX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000080852" sharesOutstandingTickerSymbol="VCSH"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.04041</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00964</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.556047409</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>1.126069304</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>THE VANGUARD GROUP, INC.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Markets LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>THE VANGUARD GROUP, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>131287.51999999</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>131287.51999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1597666337.86999990</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2057807670.40999980</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>VKDXEYNPEMWGHJ22MR31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3622308522.21999980</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA) INC.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>1776907234.93000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2864858283.05000020</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard CMT Funds - Vanguard Market Liquidity Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>6605826036.90999980</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>008-22947</principalFileNo>
            <principalCrdNo>000007665</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>1161204092.90000010</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</principalName>
            <principalFileNo>008-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2071943314.05999990</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2019347092.15999980</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4009325529.92999980</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>36050048814.02999900</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>26365316135.31999600</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Deutsche Bank AG New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Precious Metals and Mining Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Convertible Securities Fund" secFileNo="811-04627"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Prime Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Morgan Growth Fund" secFileNo="811-01685"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Capital Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Managed Payout Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND</fundName>
        <etfSeriesId>S000026863</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VCIT"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="1065198400.00000000" authorizedParticipantRedeemValue="466421300.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-81777" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="131377800.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="244141200.00000000" authorizedParticipantRedeemValue="76995500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="1422641600.00000000" authorizedParticipantRedeemValue="87129800.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="1782036300.00000000" authorizedParticipantRedeemValue="310712400.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="251384100.00000000" authorizedParticipantRedeemValue="43638700.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="70320200.00000000" authorizedParticipantRedeemValue="455520300.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.01067018</averagePercentagePurchased>
        <standardDeviationPurchased>0.05355207</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.98932981</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.05355207</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00981741</averagePercentageRedeemed>
        <percentSDRedeemed>0.00299041</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99018258</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00299041</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>99.64285714</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>100.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD RUSSELL 1000 INDEX FUND</fundName>
        <etfSeriesId>S000030000</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VONE"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="22296250.00000000" authorizedParticipantRedeemValue="22280500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="12484500.00000000" authorizedParticipantRedeemValue="2831750.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="379999500.00000000" authorizedParticipantRedeemValue="250123250.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="6224500.00000000" authorizedParticipantRedeemValue="6241500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="3196750.00000000" authorizedParticipantRedeemValue="3162750.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="6112000.00000000" authorizedParticipantRedeemValue="6116500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="9684750.00000000" authorizedParticipantRedeemValue="9732250.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="6678500.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.31780667</averagePercentagePurchased>
        <standardDeviationPurchased>0.46483819</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.68219332</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.46483819</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.06083522</averagePercentageRedeemed>
        <percentSDRedeemed>0.13564363</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.93916477</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.13564363</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>341.46341463</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>229.16666666</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>375.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>500.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD LONG-TERM TREASURY INDEX FUND</fundName>
        <etfSeriesId>S000026861</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VGLT"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="105480600.00000000" authorizedParticipantRedeemValue="33498900.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="144853900.00000000" authorizedParticipantRedeemValue="104495250.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="232985710.00000000" authorizedParticipantRedeemValue="161370700.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="22238200.00000000" authorizedParticipantRedeemValue="44561900.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00392329</averagePercentagePurchased>
        <standardDeviationPurchased>0.00337649</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99607670</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00337649</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00313771</averagePercentageRedeemed>
        <percentSDRedeemed>0.00347342</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99686228</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00347342</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>50.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>50.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD RUSSELL 2000 INDEX FUND</fundName>
        <etfSeriesId>S000030003</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VTWO"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="16661250.00000000" authorizedParticipantRedeemValue="9367500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="18838250.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="522127000.00000000" authorizedParticipantRedeemValue="227315250.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="9037750.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="9619000.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="15220500.00000000" authorizedParticipantRedeemValue="15048750.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="255994750.00000000" authorizedParticipantRedeemValue="252787500.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.07060720</averagePercentagePurchased>
        <standardDeviationPurchased>0.25389303</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.92939279</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.25389303</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.05313443</averagePercentageRedeemed>
        <percentSDRedeemed>0.11553974</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.94686556</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.11553974</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>930.55555555</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>919.35483870</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>750.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>1000.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD LONG-TERM CORPORATE BOND INDEX FUND</fundName>
        <etfSeriesId>S000026864</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VCLT"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="81929600.00000000" authorizedParticipantRedeemValue="35830822.88000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="37302200.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="18679900.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="90030000.00000000" authorizedParticipantRedeemValue="152059600.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="481169900.00000000" authorizedParticipantRedeemValue="72923300.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="446664660.00000000" authorizedParticipantRedeemValue="307699486.60000002"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00773553</averagePercentagePurchased>
        <standardDeviationPurchased>0.00599173</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99226446</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00599173</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00850094</averagePercentageRedeemed>
        <percentSDRedeemed>0.00356024</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99149905</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00356024</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>100.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>100.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>100.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD RUSSELL 3000 INDEX FUND</fundName>
        <etfSeriesId>S000030006</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VTHR"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="12688000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="3198000.00000000" authorizedParticipantRedeemValue="3162750.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="9597750.00000000" authorizedParticipantRedeemValue="9591000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="6509500.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="18420500.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="3124750.00000000" authorizedParticipantRedeemValue="3130750.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="56054750.00000000" authorizedParticipantRedeemValue="49279500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="12543000.00000000" authorizedParticipantRedeemValue="12517000.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.33600192</averagePercentagePurchased>
        <standardDeviationPurchased>0.46955910</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.66399807</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.46955910</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.13427195</averagePercentageRedeemed>
        <percentSDRedeemed>0.19777109</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.86572804</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.19777109</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>1333.33333333</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>1166.66666666</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>1333.33333333</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>2000.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD TOTAL CORPORATE BOND ETF</fundName>
        <etfSeriesId>S000059555</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VTC"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="27353330.00000000" authorizedParticipantRedeemValue="24416990.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="26533770.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="27246550.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00026285</averagePercentagePurchased>
        <standardDeviationPurchased>0.00008223</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99973714</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00008223</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00025597</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99974402</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>10.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>10.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD MORTGAGE-BACKED SECURITIES INDEX FUND</fundName>
        <etfSeriesId>S000026865</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VMBS"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="1462815502.90000010" authorizedParticipantRedeemValue="93474450.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="28954895.12999999" authorizedParticipantRedeemValue="6402950.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="912027190.79999995" authorizedParticipantRedeemValue="26848425.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="3874486.25000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="659031200.34000003" authorizedParticipantRedeemValue="29922200.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-81777" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="57745100.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="89779216.90000000" authorizedParticipantRedeemValue="17898975.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="48230978.25000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.88853692</averagePercentagePurchased>
        <standardDeviationPurchased>0.31020718</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.11146307</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.31020718</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>1.00000412</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000345</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>-0.00000412</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000345</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>24.90530303</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.89390800</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>24.89316239</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.98499426</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>25.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>25.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD RUSSELL 2000 GROWTH INDEX FUND</fundName>
        <etfSeriesId>S000030005</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VTWG"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="151721750.00000000" authorizedParticipantRedeemValue="152265000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="7580500.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="3430500.00000000" authorizedParticipantRedeemValue="3459500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="71674750.00000000" authorizedParticipantRedeemValue="7219000.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00233425</averagePercentagePurchased>
        <standardDeviationPurchased>0.00210757</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99766574</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00210757</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.14682226</averagePercentageRedeemed>
        <percentSDRedeemed>0.23955209</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.85317773</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.23955209</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>2000.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>2000.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>1000.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>2000.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD RUSSELL 1000 GROWTH INDEX FUND</fundName>
        <etfSeriesId>S000030002</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VONG"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="399631250.00000000" authorizedParticipantRedeemValue="63758000.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="62773500.00000000" authorizedParticipantRedeemValue="90906250.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="22388500.00000000" authorizedParticipantRedeemValue="17709250.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="60012000.00000000" authorizedParticipantRedeemValue="59127500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="22855000.00000000" authorizedParticipantRedeemValue="7153000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="14625500.00000000" authorizedParticipantRedeemValue="14586500.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="3208000.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="58667750.00000000" authorizedParticipantRedeemValue="58432500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="465264750.00000000" authorizedParticipantRedeemValue="459538500.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="18319250.00000000" authorizedParticipantRedeemValue="18310000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="49313500.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="10331000.00000000" authorizedParticipantRedeemValue="10381500.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.22561293</averagePercentagePurchased>
        <standardDeviationPurchased>0.41725443</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.77438706</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.41725443</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.05260389</averagePercentageRedeemed>
        <percentSDRedeemed>0.11612612</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.94739610</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.11612612</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>381.25000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>269.23076923</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>416.66666666</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>500.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD RUSSELL 1000 VALUE INDEX FUND</fundName>
        <etfSeriesId>S000030001</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VONV"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="15633750.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="10845000.00000000" authorizedParticipantRedeemValue="10866500.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="88443000.00000000" authorizedParticipantRedeemValue="128828250.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="49290500.00000000" authorizedParticipantRedeemValue="13520250.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="163572000.00000000" authorizedParticipantRedeemValue="219622250.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="8118500.00000000" authorizedParticipantRedeemValue="8091000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="13598000.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="344340250.00000000" authorizedParticipantRedeemValue="115295500.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="10353750.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="10556000.00000000" authorizedParticipantRedeemValue="10541500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="5581500.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="2615750.00000000" authorizedParticipantRedeemValue="2717250.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.13395793</averagePercentagePurchased>
        <standardDeviationPurchased>0.33969149</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.86604206</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.33969149</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.01721655</averagePercentageRedeemed>
        <percentSDRedeemed>0.04470854</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.98278344</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.04470854</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>433.33333333</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>277.77777777</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>465.51724137</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>500.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD RUSSELL 2000 VALUE INDEX FUND</fundName>
        <etfSeriesId>S000030004</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VTWV"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="5847500.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="19616750.00000000" authorizedParticipantRedeemValue="5811500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="56028250.00000000" authorizedParticipantRedeemValue="55746000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="5769000.00000000" authorizedParticipantRedeemValue="5811500.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.33404691</averagePercentagePurchased>
        <standardDeviationPurchased>0.47090122</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.66595308</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.47090122</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00602350</averagePercentageRedeemed>
        <percentSDRedeemed>0.00494091</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99397649</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00494091</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>1333.33333333</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>1000.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>1333.33333333</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>2000.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND</fundName>
        <etfSeriesId>S000026860</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VGIT"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="270247125.00000000" authorizedParticipantRedeemValue="31501800.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="70130100.00000000" authorizedParticipantRedeemValue="9501900.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="220825700.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="925551000.00000000" authorizedParticipantRedeemValue="37878850.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="142966770.00000000" authorizedParticipantRedeemValue="140872450.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00488803</averagePercentagePurchased>
        <standardDeviationPurchased>0.00208833</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99511196</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00208833</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00544286</averagePercentageRedeemed>
        <percentSDRedeemed>0.00182457</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99455713</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00182457</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>50.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>50.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD SHORT-TERM TREASURY INDEX FUND</fundName>
        <etfSeriesId>S000026859</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VGSH"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="884923850.00000000" authorizedParticipantRedeemValue="137725850.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="143476625.00000000" authorizedParticipantRedeemValue="122651450.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="493038600.00000000" authorizedParticipantRedeemValue="130263050.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="55597200.00000000" authorizedParticipantRedeemValue="12041900.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="124659150.00000000" authorizedParticipantRedeemValue="30101750.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="8991050.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00764481</averagePercentagePurchased>
        <standardDeviationPurchased>0.00534387</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99235518</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00534387</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00979073</averagePercentageRedeemed>
        <percentSDRedeemed>0.00677164</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99020926</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00677164</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>50.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>50.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND</fundName>
        <etfSeriesId>S000026862</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VCSH"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="31187200.00000000" authorizedParticipantRedeemValue="126126500.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="846605600.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="23505100.00000000" authorizedParticipantRedeemValue="15915900.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="696352200.00000000" authorizedParticipantRedeemValue="603966150.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="1485494800.00000000" authorizedParticipantRedeemValue="23810800.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="394785800.00000000" authorizedParticipantRedeemValue="1544887800.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00780513</averagePercentagePurchased>
        <standardDeviationPurchased>0.00667838</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99219486</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00667838</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.01017656</averagePercentageRedeemed>
        <percentSDRedeemed>0.00402918</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.98982343</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00402918</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>100.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>100.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="VANGUARD SCOTTSDALE FUNDS" signedDate="2019-06-24" signature="Christine M. Buchanan" title="Treasurer"/>
  </formData>
</edgarSubmission>
