<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0303</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000105563</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-00121</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="2020-11-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>VANGUARD WELLINGTON FUND</registrantFullName>
      <investmentCompFileNo>811-00121</investmentCompFileNo>
      <registrantCik>0000105563</registrantCik>
      <registrantLei>549300X1E8M3H6XRMS84</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>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>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>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="The Vanguard Group, Inc."/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>8</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Andre F. Perold</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01766"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Sarah Bloom Raskin</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-58431"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Peter F. Volanakis</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-21478"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Emerson U. Fullwood</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-07803"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Deanna Mulligan</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-02687"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Amy Gutmann</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-01766"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>F. Joseph Loughrey</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-02368"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mark Loughridge</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-05962"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Scott C. Malpass</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-21478"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mortimer J. Buckley</directorName>
          <crdNumber>002167630</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-04681"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>John E. Schadl</ccoName>
          <crdNumber>006931790</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-27386"/>
        <releaseNumberInfo releaseNumber="IC-32852"/>
        <releaseNumberInfo releaseNumber="IC-8676"/>
        <releaseNumberInfo releaseNumber="IC-19184"/>
        <releaseNumberInfo releaseNumber="IC-9001"/>
        <releaseNumberInfo releaseNumber="IC-26436"/>
        <releaseNumberInfo releaseNumber="IC-11645 "/>
        <releaseNumberInfo releaseNumber="IC-9664"/>
        <releaseNumberInfo releaseNumber="IC-26089"/>
        <releaseNumberInfo releaseNumber="IC-9205"/>
      </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 U.S. MULTIFACTOR ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061310</mgmtInvSeriesId>
        <mgmtInvLei>549300TF163DVIT4PX53</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000198481" sharesOutstandingTickerSymbol="VFMF"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </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>52172.98000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>3196.31000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <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>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</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>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>ICE Data Pricing and Reference 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>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1142.34999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>501.25000000</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>1124.64999999</grossCommission>
          </broker>
          <broker>
            <brokerName>MLV &amp; CO. LLC</brokerName>
            <brokerFileNo>008-68331</brokerFileNo>
            <brokerCrdNo>000150959</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1706.59999999</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>174.38000000</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>237.82000000</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>1420.34000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2450.07000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse AG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ANGGYXNX0JLX3X63JN86</brokerLei>
            <brokerCountry>CH</brokerCountry>
            <grossCommission>963.34000000</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>4753.87000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>14760.31999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Vanguard U.S. Momentum Factor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300EXHTSUFP48MT41</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>26100.42000000</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>2175012.06000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKET LIQUIDITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>10879612.41000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKET NEUTRAL FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>QX57RZTNJSJ8LE9TYK31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>129275.52000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard U.S. Value Factor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>5493006GU7KMEUQILY06</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>320253.03999999</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>13530253.44999999</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>67111887.67083333</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Energy 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 Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <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 Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <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 New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <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 Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <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 Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD U.S. QUALITY FACTOR ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061304</mgmtInvSeriesId>
        <mgmtInvLei>549300I8KZDQSXMOHC80</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000198469" sharesOutstandingTickerSymbol="VFQY"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </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>2332.92000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>140.44000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <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>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</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>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>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>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>DEUTCHE BANC FIXED INCOME</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerCountry>DE</brokerCountry>
            <grossCommission>71.20999999</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>2999.72999999</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>232.72000000</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>224.80000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MLV &amp; CO. LLC</brokerName>
            <brokerFileNo>008-68331</brokerFileNo>
            <brokerCrdNo>000150959</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1422.60999999</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>212.62000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1634.69000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>941.54000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>008-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>137.13999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1405.13999999</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>9382.23999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VANGUARD U.S. LIQUIDITY FACTOR ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300RKWMTM1ZVQ4Q96</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>43454.53000000</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>162911.06000000</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>1230067.62999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKET LIQUIDITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>4253570.93999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard U.S. Value Factor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>5493006GU7KMEUQILY06</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>69767.03999999</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>5759771.19999998</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>38778286.58583333</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <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 Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <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 Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2040 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 Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD WELLINGTON FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000004406</mgmtInvSeriesId>
        <mgmtInvLei>E3QB1G8NW83S4GO70B86</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000012163" sharesOutstandingTickerSymbol="VWELX"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000012164" sharesOutstandingTickerSymbol="VWENX"/>
        </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>Administrative fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>136470614.50000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>2020142.92000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <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>Wellington Management Company LLP</investmentAdviserName>
            <investmentAdviserFileNo>801-15908</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106595</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YHP12TEZNLCX41</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" 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>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</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>ICE Data Pricing and Reference 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>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JP Morgan Bank Luxembourg SA</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services SCA</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</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>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank Ltd</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain SAU</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</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>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JP Morgan Bank Luxembourg SA</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <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>
          <custodian>
            <custodianName>BNP Paribas Securities Services SCA</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JP Morgan Bank Luxembourg SA</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>SE</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>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cowen and Company, LLC</brokerName>
            <brokerFileNo>008-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>977180.33000000</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>1246566.08999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Oppenheimer &amp; Co. Inc.</brokerName>
            <brokerFileNo>008-04077</brokerFileNo>
            <brokerCrdNo>000000249</brokerCrdNo>
            <brokerLei>254900VH02JQR2L8XD64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>507694.16000000</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>1037936.41000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JP MORGAN SECURITIES PLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>1003393.28999999</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>696195.76000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1722038.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>008-65473</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>632584.07999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Wall Street Access</brokerName>
            <brokerFileNo>008-25936</brokerFileNo>
            <brokerCrdNo>000010012</brokerCrdNo>
            <brokerLei>549300Z0MOT47D6OQV22</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>411663.56999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse AG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ANGGYXNX0JLX3X63JN86</brokerLei>
            <brokerCountry>CH</brokerCountry>
            <grossCommission>535635.07999999</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>14100500.12999998</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>14165281083.06990100</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>20802180316.42000200</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC BANK PLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>MP6I5ZYZBEU3UXPYFY54</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>27093199611.09999800</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>81879910731.22999600</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>16945600041.31990100</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Agricole Securities (USA) Inc.</principalName>
            <principalFileNo>008-13753</principalFileNo>
            <principalCrdNo>000000190</principalCrdNo>
            <principalLei>549300WO2DKF0Q3YMV43</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>41401232432.02999900</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>37549515312.01999700</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>52989647141.92000600</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>20159654321.97000100</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>25868068519.59000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>373099157092.87994000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>106145342066.05833000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <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 PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2065 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 Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <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 Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <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 Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD U.S. LIQUIDITY FACTOR ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061300</mgmtInvSeriesId>
        <mgmtInvLei>549300RKWMTM1ZVQ4Q96</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000198464" sharesOutstandingTickerSymbol="VFLQ"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <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>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <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>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>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference 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>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>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>133.57999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>157.03000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MLV &amp; CO. LLC</brokerName>
            <brokerFileNo>008-68331</brokerFileNo>
            <brokerCrdNo>000150959</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1835.78999999</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>6128.60999999</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>3384.35000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>008-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>903.33000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse AG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ANGGYXNX0JLX3X63JN86</brokerLei>
            <brokerCountry>CH</brokerCountry>
            <grossCommission>1472.81999999</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>162.10000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1578.88999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1411.33000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>17410.78999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VANGUARD MARKET NEUTRAL FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>QX57RZTNJSJ8LE9TYK31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>35626.65000000</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>160596.22000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Evofem Biosciences Inc</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>3765.42000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Sonic Corp.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-OK" principalCountry="US"/>
            <principalTotalPurchaseSale>1529.44000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard U.S. Quality Factor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300I8KZDQSXMOHC80</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>43454.53000000</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>665023.78000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD EQUITY INCOME FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>UO460D1MXHYWCLZ3CQ48</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>26790.72000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>571474TGEMMWANRLN572</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>74096.28000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Retail Value Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300VO5RB7323N1Z31</principalLei>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>1210.70000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKET LIQUIDITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>8335220.95999998</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>9347992.84999999</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>37391870.45083333</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <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 Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <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 Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD U.S. VALUE FACTOR ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061305</mgmtInvSeriesId>
        <mgmtInvLei>5493006GU7KMEUQILY06</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000198470" sharesOutstandingTickerSymbol="VFVA"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </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>266550.95000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>58720.87000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <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>ICE Data Pricing and Reference 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>
          <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>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</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>
        </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>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>MLV &amp; CO. LLC</brokerName>
            <brokerFileNo>008-68331</brokerFileNo>
            <brokerCrdNo>000150959</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7375.61999999</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>562.34000000</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>2861.97999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2764.31999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3264.90999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse AG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ANGGYXNX0JLX3X63JN86</brokerLei>
            <brokerCountry>CH</brokerCountry>
            <grossCommission>3432.97000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS LLC</brokerName>
            <brokerFileNo>008-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1552.10999999</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>10582.32999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10196.41000000</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>686.66000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>44446.96999999</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>282272.02000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKET LIQUIDITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>39313242.75000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard U.S. Quality Factor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300I8KZDQSXMOHC80</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>69767.03999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard U.S. Multifactor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300TF163DVIT4PX53</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>366045.97999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIBERTY MEDIA CORPORATION</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300ZKUTPIBZLWLL89</principalLei>
            <principalStateCountry principalState="US-CO" principalCountry="US"/>
            <principalTotalPurchaseSale>3412.98000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD VARIABLE INSURANCE FUNDS - SMALL COMPANY GROWTH PORTFOLIO</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>8K5D5K4S6OHCGG6G6G91</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>44792.50000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD GROWTH AND INCOME FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>BZQEUHY2KE1ZMR7IWO60</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>40856.07000000</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>7333.56000000</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>4875179.88999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Viatris Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>254900ZZTSW7NL773X71</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>579064.14000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>45581966.93000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>104619225.85916668</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <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 Wellington Fund" secFileNo="811-00121"/>
                <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 Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <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 Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <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 Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <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 Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <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 S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Limited-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 Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <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 Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <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 Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD U.S. MOMENTUM FACTOR ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061302</mgmtInvSeriesId>
        <mgmtInvLei>549300EXHTSUFP48MT41</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000198466" sharesOutstandingTickerSymbol="VFMO"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </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>16904.41999999</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>3529.60000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <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>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>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</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>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 Reference 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>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Credit Suisse AG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ANGGYXNX0JLX3X63JN86</brokerLei>
            <brokerCountry>CH</brokerCountry>
            <grossCommission>522.52000000</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>57.82000000</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>2087.00999999</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>6351.63000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4890.25999999</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS LLC</brokerName>
            <brokerFileNo>008-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>68.90999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2804.72000000</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>111.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>008-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>262.68000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MLV &amp; CO. LLC</brokerName>
            <brokerFileNo>008-68331</brokerFileNo>
            <brokerCrdNo>000150959</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2530.66000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>19760.63999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VANGUARD STRATEGIC EQUITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>G7HJW2GD8JG2WSE17M51</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>18493.46000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKET LIQUIDITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>8261235.90000000</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>142948.51000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Gaming and Leisure Properties Inc</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>5493006GWRDBCZYWTM57</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>437.22000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>T-MOBILE US, INC.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300QHIJYOHPACPG31</principalLei>
            <principalStateCountry principalState="US-WA" principalCountry="US"/>
            <principalTotalPurchaseSale>8870.40000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard U.S. Multifactor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300TF163DVIT4PX53</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>26100.42000000</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>839343.56000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>9297429.47000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>45954396.84999999</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <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 U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <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 Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <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 Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <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 Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <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 High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <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 Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <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 Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Mega Cap Index 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 Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD U.S. MULTIFACTOR FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000061303</mgmtInvSeriesId>
        <mgmtInvLei>5493005NZF0BI7FF3014</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000198467" sharesOutstandingTickerSymbol="VFMFX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <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>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>
        </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>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>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</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>ICE Data Pricing and Reference 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>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>Y</isAdminHiredOrTerminated>
        <brokers>
          <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>456.92000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>237.29999999</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS LLC</brokerName>
            <brokerFileNo>008-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>50.79000000</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>1699.19000000</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>1040.74000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MLV &amp; CO. LLC</brokerName>
            <brokerFileNo>008-68331</brokerFileNo>
            <brokerCrdNo>000150959</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>444.99999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>967.11999999</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>78.85999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse AG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ANGGYXNX0JLX3X63JN86</brokerLei>
            <brokerCountry>CH</brokerCountry>
            <grossCommission>249.30999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>485.70000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>5769.18999999</aggregateCommission>
        <principalTransactions>
          <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>7335444.58999998</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard U.S. Value Factor ETF</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>5493006GU7KMEUQILY06</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>34494.92000000</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>2836485.63000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD STRATEGIC SMALL-CAP EQUITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>FO714QET3V4MYCZPGW24</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>29788.68000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VANGUARD MARKET LIQUIDITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>19878418.81999990</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Viatris Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>254900ZZTSW7NL773X71</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>15451.56000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>30130084.19999988</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>25697038.20833333</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index 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 Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <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 Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <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 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD U.S. MINIMUM VOLATILITY ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061301</mgmtInvSeriesId>
        <mgmtInvLei>549300RP1YLUB1WLOT10</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000198465" sharesOutstandingTickerSymbol="VFMV"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </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>366522.20000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>46042.42000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <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>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>20-4530702</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>ICE Data Pricing and Reference 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>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>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <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>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>433.90000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse AG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ANGGYXNX0JLX3X63JN86</brokerLei>
            <brokerCountry>CH</brokerCountry>
            <grossCommission>1919.89999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4012.65999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>961.82999999</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>347.63000000</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>363.01000000</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>645.81999999</grossCommission>
          </broker>
          <broker>
            <brokerName>MLV &amp; CO. LLC</brokerName>
            <brokerFileNo>008-68331</brokerFileNo>
            <brokerCrdNo>000150959</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2409.58999999</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>2131.91999999</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>4903.82999999</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>18505.58999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VANGUARD MARKET LIQUIDITY FUND</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>1I6HV0TLSTR3A4XQ6L78</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>25599008.91999999</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>868882.32000000</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>3079463.80000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>T-MOBILE US, INC.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300QHIJYOHPACPG31</principalLei>
            <principalStateCountry principalState="US-WA" principalCountry="US"/>
            <principalTotalPurchaseSale>36614.40000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Cherry Hill Mortgage Investment Corp</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>1182.14000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>29585151.57999999</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>84111493.24916666</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Wells Fargo Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Pennsylvania Municipal Money Market Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard U.S. Value Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <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 Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Explorer Value 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 Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <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 Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <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 Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <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 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New Jersey Municipal Money Market Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>VANGUARD U.S. MULTIFACTOR ETF</fundName>
        <etfSeriesId>S000061310</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="VFMF"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="2839366.00000000"/>
          <authorizedParticipant authorizedParticipantName="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="12090508.83000000" authorizedParticipantRedeemValue="23993932.35999999"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="State Street Global Mkts" authorizedParticipantFileNo="8-69862" authorizedParticipantCrdNo="000285852" authorizedParticipantLei="549300FDEDF5ORXCMQ56" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Timber Hill" authorizedParticipantFileNo="8-28569" authorizedParticipantCrdNo="000033319" authorizedParticipantLei="549300ENR8YMEK2RVE28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-8177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="3988650.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.99979187</averagePercentagePurchased>
        <standardDeviationPurchased>0.00005267</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00020812</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00005267</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.84637228</averagePercentageRedeemed>
        <percentSDRedeemed>0.36096746</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.15362771</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.36096746</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>350.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.50939095</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>350.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.50939095</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>350.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.31378493</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>350.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.37083673</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD U.S. QUALITY FACTOR ETF</fundName>
        <etfSeriesId>S000061304</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="VFQY"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-8177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Timber Hill" authorizedParticipantFileNo="8-28569" authorizedParticipantCrdNo="000033319" authorizedParticipantLei="549300ENR8YMEK2RVE28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="State Street Global Mkts" authorizedParticipantFileNo="8-69862" authorizedParticipantCrdNo="000285852" authorizedParticipantLei="549300FDEDF5ORXCMQ56" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="18342718.89000000" authorizedParticipantRedeemValue="2135481.40000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="7826087.50000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.99976411</averagePercentagePurchased>
        <standardDeviationPurchased>0.00006418</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00023588</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00006418</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>1.00024284</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>-0.00024284</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>305.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.46333098</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>305.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.46333098</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>305.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.41187813</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>305.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.41187813</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD U.S. LIQUIDITY FACTOR ETF</fundName>
        <etfSeriesId>S000061300</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="VFLQ"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-8177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="2210730.00000000"/>
          <authorizedParticipant authorizedParticipantName="Timber Hill" authorizedParticipantFileNo="8-28569" authorizedParticipantCrdNo="000033319" authorizedParticipantLei="549300ENR8YMEK2RVE28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="2196209.04999999" authorizedParticipantRedeemValue="1457938.25000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="State Street Global Mkts" authorizedParticipantFileNo="8-69862" authorizedParticipantCrdNo="000285852" authorizedParticipantLei="549300FDEDF5ORXCMQ56" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.99956331</averagePercentagePurchased>
        <standardDeviationPurchased>0.00000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00043668</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00000000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.50058020</averagePercentageRedeemed>
        <percentSDRedeemed>0.49997657</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.49941979</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.49997657</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>520.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.45779677</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>520.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.45779677</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>520.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.17970434</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>520.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.17970434</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD U.S. VALUE FACTOR ETF</fundName>
        <etfSeriesId>S000061305</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="VFVA"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="46065060.04999999" authorizedParticipantRedeemValue="11178752.15000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="2898140.20000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="6464162.34999999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="State Street Global Mkts" authorizedParticipantFileNo="8-69862" authorizedParticipantCrdNo="000285852" authorizedParticipantLei="549300FDEDF5ORXCMQ56" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Timber Hill" authorizedParticipantFileNo="8-28569" authorizedParticipantCrdNo="000033319" authorizedParticipantLei="549300ENR8YMEK2RVE28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-8177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="10549509.19999999" authorizedParticipantRedeemValue="9935518.44999999"/>
          <authorizedParticipant authorizedParticipantName="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.99964799</averagePercentagePurchased>
        <standardDeviationPurchased>0.00005742</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00035200</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00005742</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.62586013</averagePercentageRedeemed>
        <percentSDRedeemed>0.48343093</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.37413986</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.48343093</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>280.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.58347822</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>280.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.58347822</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>280.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.39796550</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>280.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.39796550</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD U.S. MOMENTUM FACTOR ETF</fundName>
        <etfSeriesId>S000061302</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="VFMO"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="25854060.05000000" authorizedParticipantRedeemValue="6645226.65000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="5183325.00000000"/>
          <authorizedParticipant authorizedParticipantName="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-8177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="2488075.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="State Street Global Mkts" authorizedParticipantFileNo="8-69862" authorizedParticipantCrdNo="000285852" authorizedParticipantLei="549300FDEDF5ORXCMQ56" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Timber Hill" authorizedParticipantFileNo="8-28569" authorizedParticipantCrdNo="000033319" authorizedParticipantLei="549300ENR8YMEK2RVE28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.99983070</averagePercentagePurchased>
        <standardDeviationPurchased>0.00002967</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00016929</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00002967</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.25006413</averagePercentageRedeemed>
        <percentSDRedeemed>0.43305728</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.74993586</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.43305728</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>175.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.61249481</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>175.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.61249481</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>175.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.17688226</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>175.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.70752903</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD U.S. MINIMUM VOLATILITY ETF</fundName>
        <etfSeriesId>S000061301</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="VFMV"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="State Street Global Mkts" authorizedParticipantFileNo="8-69862" authorizedParticipantCrdNo="000285852" authorizedParticipantLei="549300FDEDF5ORXCMQ56" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="14969550.00000000"/>
          <authorizedParticipant authorizedParticipantName="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="29187736.19999999" authorizedParticipantRedeemValue="33599370.39999999"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="2137650.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="5948460.04999999"/>
          <authorizedParticipant authorizedParticipantName="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Timber Hill" authorizedParticipantFileNo="8-28569" authorizedParticipantCrdNo="000033319" authorizedParticipantLei="549300ENR8YMEK2RVE28" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-8177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.99976281</averagePercentagePurchased>
        <standardDeviationPurchased>0.00001331</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00023718</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00001331</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.64309570</averagePercentageRedeemed>
        <percentSDRedeemed>0.47915925</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.35690429</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.47915925</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>100.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.84575933</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>100.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.84575933</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>100.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.53945779</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>100.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.83915656</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="VANGUARD WELLINGTON FUND" signedDate="2021-02-11" signature="Christine M. Buchanan" title="Treasurer"/>
  </formData>
</edgarSubmission>
