<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000794105</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-04681</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="2021-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>VANGUARD BOND INDEX FUNDS</registrantFullName>
      <investmentCompFileNo>811-04681</investmentCompFileNo>
      <registrantCik>0000794105</registrantCik>
      <registrantLei>549300INE5BF80OGAZ51</registrantLei>
      <registrantstreet1>100 Vanguard Boulevard</registrantstreet1>
      <registrantcity>Malvern</registrantcity>
      <registrantzipCode>19355</registrantzipCode>
      <registrantstate>US-PA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>6106691000</registrantphoneNumber>
      <websites>
        <website webpage="www.vanguard.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>JPMorgan Chase Bank</officeName>
          <officeAddress1>383 Madison Avenue</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10179</officeRecordsZipCode>
          <officePhone>212-648-0466</officePhone>
          <booksRecordsDesc>The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="The Vanguard Group, Inc."/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>7</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Deanna Mulligan</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-01766"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mortimer J. Buckley</directorName>
          <crdNumber>002167630</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-05628"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Sarah Bloom Raskin</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-07803"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Andre F. Perold</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-07175"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Amy Gutmann</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-01027"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>F. Joseph Loughrey</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-02687"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Peter F. Volanakis</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-04474"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mark Loughridge</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-05445"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>David Thomas</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-07803"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Tara Bunch</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-07175"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Emerson U. Fullwood</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-05445"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-21478"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Scott C. Malpass</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22619"/>
            <fileNumberInfo fileNumber="811-04526"/>
            <fileNumberInfo fileNumber="811-04474"/>
            <fileNumberInfo fileNumber="811-06093"/>
            <fileNumberInfo fileNumber="811-21478"/>
            <fileNumberInfo fileNumber="811-01766"/>
            <fileNumberInfo fileNumber="811-07239"/>
            <fileNumberInfo fileNumber="811-03916"/>
            <fileNumberInfo fileNumber="811-01027"/>
            <fileNumberInfo fileNumber="811-00834"/>
            <fileNumberInfo fileNumber="811-07803"/>
            <fileNumberInfo fileNumber="811-04570"/>
            <fileNumberInfo fileNumber="811-07043"/>
            <fileNumberInfo fileNumber="811-05962"/>
            <fileNumberInfo fileNumber="811-02687"/>
            <fileNumberInfo fileNumber="811-04571"/>
            <fileNumberInfo fileNumber="811-02368"/>
            <fileNumberInfo fileNumber="811-07443"/>
            <fileNumberInfo fileNumber="811-02652"/>
            <fileNumberInfo fileNumber="811-07175"/>
            <fileNumberInfo fileNumber="811-58431"/>
            <fileNumberInfo fileNumber="811-04098"/>
            <fileNumberInfo fileNumber="811-05972"/>
            <fileNumberInfo fileNumber="811-22114"/>
            <fileNumberInfo fileNumber="811-05628"/>
            <fileNumberInfo fileNumber="811-00121"/>
            <fileNumberInfo fileNumber="811-02554"/>
            <fileNumberInfo fileNumber="811-06083"/>
            <fileNumberInfo fileNumber="811-09005"/>
            <fileNumberInfo fileNumber="811-03919"/>
            <fileNumberInfo fileNumber="811-05340"/>
            <fileNumberInfo fileNumber="811-02968-99"/>
            <fileNumberInfo fileNumber="811-01530"/>
            <fileNumberInfo fileNumber="811-05445"/>
          </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-32852"/>
        <releaseNumberInfo releaseNumber="IC-9664"/>
        <releaseNumberInfo releaseNumber="IC-27386"/>
        <releaseNumberInfo releaseNumber="IC-8676"/>
        <releaseNumberInfo releaseNumber="IC-27773"/>
        <releaseNumberInfo releaseNumber="IC-9001"/>
        <releaseNumberInfo releaseNumber="IC-19184"/>
        <releaseNumberInfo releaseNumber="IC-26436"/>
        <releaseNumberInfo releaseNumber="IC-11645"/>
        <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 INFLATION-PROTECTED SECURITIES FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000019554</mgmtInvSeriesId>
        <mgmtInvLei>F8K6630RFYVJPTW32U17</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000054349" sharesOutstandingTickerSymbol="VIPSX"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000054350" sharesOutstandingTickerSymbol="VAIPX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000054351" sharesOutstandingTickerSymbol="VIPIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </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>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 Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit 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>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Vanguard Group, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Vanguard Group, Inc.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMORGAN CHASE BANK, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokers>
          <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>312526.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>008-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>84049.97000000</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>99888.30000000</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>63010.26000000</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>537716.35999999</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1097191.28999999</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2319901547.57999998</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>16857810680.94000467</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8303649767.71999989</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>2565889351.42000012</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>2293689356.10999993</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>13862149614.12999900</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2560401828.52000018</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>6620124134.42000111</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>35046965168.54998800</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BofA Securities, Inc.</principalName>
            <principalFileNo>008-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4848523171.13999969</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>104281768330.98999295</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>37633595801.23083333</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Canadian Imperial Bank of Commerce, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard ESG U.S. Corporate Bond ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <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 Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <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 S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Ultra-Short Bond ETF" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD LONG-TERM BOND INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000002562</mgmtInvSeriesId>
        <mgmtInvLei>YR27VTYY4DXT8BLRVZ12</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>4</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000046842" sharesOutstandingTickerSymbol="BLV"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000209800" sharesOutstandingTickerSymbol="VBLAX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Plus Shares" sharesOutstandingClassId="C000105309" sharesOutstandingTickerSymbol="VBLIX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000024522" sharesOutstandingTickerSymbol="VBLLX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.07172000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.12041000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>1.15952907</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>1.15949095</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </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>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>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>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <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>
        </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>JPMORGAN CHASE BANK, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>THE VANGUARD GROUP, INC</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>336.59000000</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>332.75000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>008-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>712.25000000</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>415.66999999</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>1553.80000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>3351.05999999</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>1974698327.28000000</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>373755930.32999992</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>490280090.11999991</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Intermediate-Term Corporate Bond Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>VKDXEYNPEMWGHJ22MR31</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>288924285.85000002</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>594562240.38000034</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>633162184.20999987</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>361181408.20000001</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>1136828571.01999952</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Total Bond Market II Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>E3F24BZCDA1UXGFMYX67</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>348983311.46999997</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>478513317.05999979</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>8789349021.31999925</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>11221638078.99583333</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Canadian Imperial Bank of Commerce, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard ESG U.S. Corporate Bond ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <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 Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Ultra-Short Bond ETF" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD SHORT-TERM BOND INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000002563</mgmtInvSeriesId>
        <mgmtInvLei>8HCQSCIN7KY15DIET796</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000046843" sharesOutstandingTickerSymbol="BSV"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000007060" sharesOutstandingTickerSymbol="VBISX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Plus Shares" sharesOutstandingClassId="C000105311" sharesOutstandingTickerSymbol="VBIPX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000105310" sharesOutstandingTickerSymbol="VBITX"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000007061" sharesOutstandingTickerSymbol="VBIRX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.03301000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.18140000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.65268362</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.65262229</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>The Vanguard Group, Inc.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>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>
          <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>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Vanguard Group, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMORGAN CHASE BANK, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>THE VANGUARD GROUP, INC</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2736741531.60999990</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>4936146923.34000200</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5172388384.98000579</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>2583800869.75000212</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3770737447.74000090</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>5806182608.11000091</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>17867487889.72000100</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>2605732071.61999990</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>2539876399.98999990</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Intermediate-Term Bond Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>88SDBTPMKCC30PH6VU70</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>6878974797.01999860</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>70333036691.20001005</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>70203800192.78750000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Canadian Imperial Bank of Commerce, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Ultra-Short Bond ETF" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <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 Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard ESG U.S. Corporate Bond ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional 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 Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard International 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 ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <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 Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <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 Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD INTERMEDIATE-TERM BOND INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000002561</mgmtInvSeriesId>
        <mgmtInvLei>88SDBTPMKCC30PH6VU70</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000007058" sharesOutstandingTickerSymbol="VBILX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000007057" sharesOutstandingTickerSymbol="VBIIX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Plus Shares" sharesOutstandingClassId="C000105308" sharesOutstandingTickerSymbol="VBIUX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000024520" sharesOutstandingTickerSymbol="VBIMX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000046841" sharesOutstandingTickerSymbol="BIV"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.01458999</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.16104999</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.74979276</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.75052435</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Vanguard Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-11953</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105958</investmentAdviserCrdNo>
            <investmentAdviserLei>5493002789CX3L0CJP65</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>The Vanguard Group, Inc.</transferAgentName>
            <transferAgentFileNo>084-00772</transferAgentFileNo>
            <transferAgentLei>5493002789CX3L0CJP65</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-PA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <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>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America INC</pricingServiceName>
            <pricingServiceLei>13-4153988</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Vanguard Group, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE VANGUARD GROUP, INC</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMORGAN CHASE BANK, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <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>864.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>008-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>160.60000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1025.20000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1858384879.98000143</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>2011363251.86000193</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3776768429.43000014</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>4668684133.86000343</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Short-Term Corporate Bond Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>GW69FWO1NUHCKLV98X51</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>2312347464.66000030</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2407400070.50000001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1459942486.01999990</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>6845059473.35999970</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Short-Term Bond Index Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>8HCQSCIN7KY15DIET796</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>6878972505.31999970</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>1504671682.22999990</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>42704879213.44000472</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>39266288845.55750000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Canadian Imperial Bank of Commerce, New York Branch"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <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 Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard ESG U.S. Corporate Bond ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <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 LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Ultra-Short Bond ETF" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD ULTRA-SHORT BOND ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000071399</mgmtInvSeriesId>
        <mgmtInvLei>5493007JE7V8J9D1LN10</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>1</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000226472" sharesOutstandingTickerSymbol="VUSB"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</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"/>
            <investmentAdviserHired isInvestmentAdviserHired="Y">
              <investmentAdviserStartDate>2021-04-05</investmentAdviserStartDate>
            </investmentAdviserHired>
          </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>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 Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank and Trust Company, United Kingdom branch</custodianName>
            <custodianLei>213800YAZLPV26WFM449</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</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>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Hungary Zrt.</custodianName>
            <custodianLei>Y28RT6GGYJ696PMW8T44</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S.A. Sociedad Fiduciaria</custodianName>
            <custodianLei>SSER7O0CV66FF0PRYK94</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</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>State Street Trust Company Canada</custodianName>
            <custodianLei>549300L71XG2CTQ2V827</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe plc, Dublin (Romania Branch)</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>RO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank S.A./N.V.</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>Standard Chartered Bank</custodianName>
            <custodianLei>RILFO74KP1CM8P6PCT96</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</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>STATE STREET BANK AND TRUST</adminName>
            <adminLei>571474TGEMMWANRLN572</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <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>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7481.33999999</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>7481.33999999</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>170453367.52999991</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>146138682.50000000</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>85957100.96000000</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>65884849.68999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNP Paribas Securities Corp.</principalName>
            <principalFileNo>008-32682</principalFileNo>
            <principalCrdNo>000015794</principalCrdNo>
            <principalLei>RCNB6OTYUAMMP879YW96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>159984348.72000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Vanguard Short-Term Investment-Grade Fund</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>WND5AL1X7F6HQ5QJ3208</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>331388184.79000002</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>78159248.42000000</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>1843555313.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BofA Securities, Inc.</principalName>
            <principalFileNo>008-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>70589269.45999999</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>177886632.40000001</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>3613109189.45999968</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1041058616.23666666</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="Canadian Imperial Bank of Commerce, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <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 Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 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 Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard ESG U.S. Corporate Bond ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <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 Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <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 Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD TOTAL BOND MARKET II INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000025158</mgmtInvSeriesId>
        <mgmtInvLei>E3F24BZCDA1UXGFMYX67</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000075028" sharesOutstandingTickerSymbol="VTBNX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000075027" sharesOutstandingTickerSymbol="VTBIX"/>
        </sharesOutstandings>
        <fundTypes>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.06961000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.15809000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.73019647</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.73055129</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </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>ICE Data Pricing and Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>JPMorgan Chase Bank</pricingServiceName>
            <pricingServiceLei>7H6GLXDRUGQFU57RNE97</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-OH" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>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>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit Group Limited</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Vanguard Group, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMORGAN CHASE BANK, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>THE VANGUARD GROUP, INC</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>24679648885.33014865</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>81434099416.94999700</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>52363637015.72026610</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>34395160812.80018183</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>41386588336.47003348</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>57282033694.34944940</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>30985582951.33997902</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>33927542843.55992450</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>21364047063.49999570</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>30154959768.72015310</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>494358708758.13001238</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>246694742793.48750000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Canadian Imperial Bank of Commerce, New York Branch"/>
                <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="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard ESG U.S. Corporate Bond ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Ultra-Short Bond ETF" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Institutional Short-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard New Jersey Long-Term Tax-Exempt Fund" secFileNo="811-05340"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Ultra-Short-Term Bond Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard FTSE Social Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Total Bond Market Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <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 GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <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 Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VANGUARD TOTAL BOND MARKET INDEX FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000002564</mgmtInvSeriesId>
        <mgmtInvLei>CIJB0QNLPT2SSWMJ5W92</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>6</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Plus Shares" sharesOutstandingClassId="C000081425" sharesOutstandingTickerSymbol="VBMPX"/>
          <sharesOutstanding sharesOutstandingClassName="ETF Shares" sharesOutstandingClassId="C000046844" sharesOutstandingTickerSymbol="BND"/>
          <sharesOutstanding sharesOutstandingClassName="Admiral Shares" sharesOutstandingClassId="C000007063" sharesOutstandingTickerSymbol="VBTLX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Select Shares" sharesOutstandingClassId="C000170279" sharesOutstandingTickerSymbol="VTBSX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000007064" sharesOutstandingTickerSymbol="VBTIX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000007062" sharesOutstandingTickerSymbol="VBMFX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.04174000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.18921000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.70737114</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.70771689</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </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>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 Refernce Data LLC</pricingServiceName>
            <pricingServiceLei>13-36687789</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ITG Analytics Inc</pricingServiceName>
            <pricingServiceLei>41-2190282</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>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>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank NA</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Vanguard Group, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493002789CX3L0CJP65</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-PA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Vanguard Group, Inc.</adminName>
            <adminLei>5493002789CX3L0CJP65</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMORGAN CHASE BANK, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</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>55051089906.15006520</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>27884542797.36011579</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>23016373586.29994100</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>31820385006.80986310</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>21053207461.17993160</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>37700075133.68003748</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>40142879702.12988228</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>55728631903.65985300</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>42532983957.90003591</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>90080253340.44000200</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>523681871925.03985017</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>310411642371.93666666</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>4300000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
                <lineOfCreditInstitution creditInstitutionName="The Northern Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Morgan Stanley Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Barclays Bank plc"/>
                <lineOfCreditInstitution creditInstitutionName="Banco Bilbao Vizcaya Argentaria, S.A. New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of Montreal, Chicago Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of Nova Scotia, Houston Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Citibank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
                <lineOfCreditInstitution creditInstitutionName="Societe Generale"/>
                <lineOfCreditInstitution creditInstitutionName="PNC Bank, National Association"/>
                <lineOfCreditInstitution creditInstitutionName="Credit Suisse AG, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="Goldman Sachs Bank USA"/>
                <lineOfCreditInstitution creditInstitutionName="Bank of America N.A."/>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC Bank USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Royal Bank of Canada"/>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="Canadian Imperial Bank of Commerce, New York Branch"/>
                <lineOfCreditInstitution creditInstitutionName="The Toronto-Dominion Bank, New York Branch"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Long-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Market Neutral Fund" secFileNo="811-22114"/>
                <creditUser fundName="Vanguard California Long-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard PRIMECAP Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total Bond Market II Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Global Wellesley Income Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Institutional Intermediate-Term Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Tax-Managed Capital Appreciation Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Russell 2000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Global ESG Select Stock Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Windsor Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Short-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Real Estate Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Utilities Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard U.S. Multifactor Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Total Stock Market Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Industrials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Balanced Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Strategic Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Consumer Discretionary Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Real Estate II Index Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Income Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Small-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Extended Duration Treasury Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Mega Cap Value Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard GNMA Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard U.S. Multifactor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Short-Term Inflation-Protected Securities Index Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard California Municipal Money Market Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard STAR Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Equity Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Equity Income Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2040 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard 500 Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Small-Cap Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Money Market Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Financials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total World Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Windsor II Fund" secFileNo="811-00834"/>
                <creditUser fundName="Vanguard Intermediate-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Growth and Income Fund" secFileNo="811-04526"/>
                <creditUser fundName="Vanguard Small-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Capital Cycles Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Dividend Growth Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Health Care Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Energy Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard S&amp;P 500 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Dividend Appreciation Index Fund" secFileNo="811-03916"/>
                <creditUser fundName="Vanguard Energy Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard California Intermediate-Term Tax-Exempt Fund" secFileNo="811-04474"/>
                <creditUser fundName="Vanguard Short-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Long-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Conservative Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Target Retirement 2045 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Target Retirement 2055 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Value Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Massachusetts Tax-Exempt Fund" secFileNo="811-09005"/>
                <creditUser fundName="Vanguard Short-Term Investment-Grade Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total Stock Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 1000 Value Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Alternative Strategies Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Total Corporate Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard European Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Emerging Markets Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Global Wellington Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Explorer Value Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard New York Long-Term Tax-Exempt Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard Tax-Exempt Bond Index Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard U.S. Liquidity Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Real Estate Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Mid-Cap Growth Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Russell 1000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Core Bond Fund" secFileNo="811-05628"/>
                <creditUser fundName="Vanguard Mid-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Capital Opportunity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Russell 1000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total International Bond II Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Pennsylvania Long-Term Tax-Exempt Fund" secFileNo="811-04571"/>
                <creditUser fundName="Vanguard Mega Cap Growth Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Commodity Strategy Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Institutional Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard FTSE All-World ex-US Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Equity Income Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P 500 Growth Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2015 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Short-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Mortgage-Backed Securities Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Mid-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Global Credit Bond Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Tax-Managed Balanced Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Institutional Index Fund" secFileNo="811-06093"/>
                <creditUser fundName="Vanguard Total Stock Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Russell 2000 Growth Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Total Bond Market Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard High-Yield Bond Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard U.S. Minimum Volatility ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2050 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard U.S. Momentum Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Market Liquidity Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Large-Cap Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Consumer Staples Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Global Bond Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Total International Bond Index Fund" secFileNo="811-22619"/>
                <creditUser fundName="Vanguard Intermediate-Term Investment-Grade Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard LifeStrategy Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Long-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Developed Markets Index Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard Target Retirement Income Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Total World Bond ETF" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Cash Reserves Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Emerging Markets Government Bond Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Emerging Markets Select Stock Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Wellesley Income Fund" secFileNo="811-01766"/>
                <creditUser fundName="Vanguard U.S. Growth Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard PRIMECAP Core Fund" secFileNo="811-05445"/>
                <creditUser fundName="Vanguard Extended Market Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Federal Money Market Fund" secFileNo="811-02554"/>
                <creditUser fundName="Vanguard Target Retirement 2035 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Municipal Money Market Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard International Dividend Appreciation Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Short-Term Treasury Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard International Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard International Explorer Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard ESG U.S. Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Long-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Short-Term Corporate Bond Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Pacific Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Emerging Markets Stock Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Ultra-Short Bond ETF" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard Growth Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Intermediate-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Wellington Fund" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Short-Term Federal Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Intermediate-Term Bond Index Fund" secFileNo="811-04681"/>
                <creditUser fundName="Vanguard International Value Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard S&amp;P Small-Cap 600 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard New York Municipal Money Market Fund" secFileNo="811-04570"/>
                <creditUser fundName="Vanguard U.S. Quality Factor ETF" secFileNo="811-00121"/>
                <creditUser fundName="Vanguard Selected Value Fund" secFileNo="811-07443"/>
                <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 Strategic Small-Cap Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard LifeStrategy Conservative Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Mid-Cap Index Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global ex-U.S. Real Estate Index Fund" secFileNo="811-05972"/>
                <creditUser fundName="Vanguard Global Equity Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Diversified Equity Fund" secFileNo="811-02968-99"/>
                <creditUser fundName="Vanguard Diversified Value Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Global Minimum Volatility Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Moderate Allocation Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Communication Services Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Municipal Cash Management Fund" secFileNo="811-21478"/>
                <creditUser fundName="Vanguard Small-Cap Value Index Fund" secFileNo="811-02652"/>
                <creditUser fundName="Vanguard Russell 2000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Information Technology Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard High-Yield Corporate Fund" secFileNo="811-02368"/>
                <creditUser fundName="Vanguard Capital Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Long-Term Treasury Fund" secFileNo="811-02368"/>
                <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 Tax-Managed Small-Cap Fund" secFileNo="811-07175"/>
                <creditUser fundName="Vanguard S&amp;P Mid-Cap 400 Value Index Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2025 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Long-Term Treasury Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard Small Company Growth Portfolio" secFileNo="811-05962"/>
                <creditUser fundName="Vanguard Limited-Term Tax-Exempt Fund" secFileNo="811-02687"/>
                <creditUser fundName="Vanguard Russell 3000 Index Fund" secFileNo="811-07803"/>
                <creditUser fundName="Vanguard LifeStrategy Moderate Growth Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Target Retirement 2030 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Balanced Index Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Materials Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard International High Dividend Yield Index Fund" secFileNo="811-07443"/>
                <creditUser fundName="Vanguard Explorer Fund" secFileNo="811-01530"/>
                <creditUser fundName="Vanguard Institutional Target Retirement 2060 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Health Care Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Managed Allocation Fund" secFileNo="811-58431"/>
                <creditUser fundName="Vanguard Target Retirement 2020 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard International Core Stock Fund" secFileNo="811-07239"/>
                <creditUser fundName="Vanguard Ohio Long-Term Tax-Exempt Fund" secFileNo="811-06083"/>
                <creditUser fundName="Vanguard Mega Cap Index Fund" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Total International Stock Index Fund" secFileNo="811-03919"/>
                <creditUser fundName="Vanguard Treasury Money Market Fund" secFileNo="811-07043"/>
                <creditUser fundName="Vanguard ESG International Stock ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard ESG U.S. Corporate Bond ETF" secFileNo="811-01027"/>
                <creditUser fundName="Vanguard Target Retirement 2065 Fund" secFileNo="811-04098"/>
                <creditUser fundName="Vanguard Inflation-Protected Securities Fund" secFileNo="811-04681"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>VANGUARD LONG-TERM BOND INDEX FUND</fundName>
        <etfSeriesId>S000002562</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="BLV"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Timber Hill" authorizedParticipantFileNo="8-28569" authorizedParticipantCrdNo="000033319" authorizedParticipantLei="549300ENR8YMEK2RVE28" 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="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" 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="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" 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="Bank of America" authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="National Financial Services" authorizedParticipantFileNo="8-26740" authorizedParticipantCrdNo="000013041" authorizedParticipantLei="549300JRHF1MHHWUAW04" 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="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="31594100.00000000" authorizedParticipantRedeemValue="40727950.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="7VHWWWW4UJS7NUM3PT30" 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="143256678.90000001" authorizedParticipantRedeemValue="31632850.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" 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="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="2600731694.40000010" authorizedParticipantRedeemValue="591234050.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" 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="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" 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="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" 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="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" 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="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="567444450.00000000" authorizedParticipantRedeemValue="1881801493.50000000"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-18177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" 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="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="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="GSEC" authorizedParticipantFileNo="8-526" authorizedParticipantCrdNo="000003466" authorizedParticipantLei="8B2J4H67N3JPLYJIDE37" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-17221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" 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="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.09117259</averagePercentagePurchased>
        <standardDeviationPurchased>0.27932792</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.90882740</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.27932792</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00511625</averagePercentageRedeemed>
        <percentSDRedeemed>0.00314562</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99488374</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00314562</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>45.68527918</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>50.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD SHORT-TERM BOND INDEX FUND</fundName>
        <etfSeriesId>S000002563</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="BSV"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" 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="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" 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 Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="7VHWWWW4UJS7NUM3PT30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="1282996950.00000000" authorizedParticipantRedeemValue="81951850.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="57890050.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="5918506540.00000000" authorizedParticipantRedeemValue="3473750050.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-18177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="32848050.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" 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="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" 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="GSEC" authorizedParticipantFileNo="8-526" authorizedParticipantCrdNo="000003466" authorizedParticipantLei="8B2J4H67N3JPLYJIDE37" 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="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="National Financial Services" authorizedParticipantFileNo="8-26740" authorizedParticipantCrdNo="000013041" authorizedParticipantLei="549300JRHF1MHHWUAW04" 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="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" 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="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" 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="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="32780050.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" 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 Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="10675908750.00000000" authorizedParticipantRedeemValue="1027150450.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" 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="Merrill Lynch" authorizedParticipantFileNo="8-17221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" 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="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" 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="Bank of America" authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" 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 Financial" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00891534</averagePercentagePurchased>
        <standardDeviationPurchased>0.00495421</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.99108465</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00495421</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00841741</averagePercentageRedeemed>
        <percentSDRedeemed>0.00393241</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.99158258</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00393241</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>50.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>50.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD INTERMEDIATE-TERM BOND INDEX FUND</fundName>
        <etfSeriesId>S000002561</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="BIV"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="GSEC" authorizedParticipantFileNo="8-526" authorizedParticipantCrdNo="000003466" authorizedParticipantLei="8B2J4H67N3JPLYJIDE37" 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="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" 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="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="6026200025.00000000" authorizedParticipantRedeemValue="2756770200.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-17221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="National Financial Services" authorizedParticipantFileNo="8-26740" authorizedParticipantCrdNo="000013041" authorizedParticipantLei="549300JRHF1MHHWUAW04" 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="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="7VHWWWW4UJS7NUM3PT30" 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="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" 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="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="35212075.00000000" authorizedParticipantRedeemValue="204203625.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" 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="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Bank of America" authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="302886150.00000000" authorizedParticipantRedeemValue="3396146083.59999990"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" 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="8-18177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" 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="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="62110225.00000000" authorizedParticipantRedeemValue="162412475.00000000"/>
          <authorizedParticipant authorizedParticipantName="Hudson River Trading" authorizedParticipantFileNo="8-68430" authorizedParticipantCrdNo="000152144" authorizedParticipantLei="21380037YFKONTT23854" 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="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="178659925.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" 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="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.01771789</averagePercentagePurchased>
        <standardDeviationPurchased>0.07083754</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.98228210</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.07083754</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.01244714</averagePercentageRedeemed>
        <percentSDRedeemed>0.00375050</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.98755285</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00375050</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>74.61340206</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>75.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD ULTRA-SHORT BOND ETF</fundName>
        <etfSeriesId>S000071399</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="VUSB"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="232536810.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" 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="Cantor Fitzgerald Co" authorizedParticipantFileNo="8-201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" 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="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Nomura" authorizedParticipantFileNo="8-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="403189318.62000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="GSEC" authorizedParticipantFileNo="8-526" authorizedParticipantCrdNo="000003466" authorizedParticipantLei="8B2J4H67N3JPLYJIDE37" 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="CitiGroup" authorizedParticipantFileNo="8-18177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="77596528.75000000" authorizedParticipantRedeemValue="62424950.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-17221" 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="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="7VHWWWW4UJS7NUM3PT30" 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="Cowen and Company LLC" authorizedParticipantFileNo="8-22522" authorizedParticipantCrdNo="000007616" authorizedParticipantLei="549300WR155U7DVMIW58" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="50038104.47999999" authorizedParticipantRedeemValue="9989950.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="7513905.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital" authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" 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 Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="27519452.75000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="585710783.09000003" authorizedParticipantRedeemValue="10017950.00000000"/>
          <authorizedParticipant authorizedParticipantName="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" 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="766461169.75000000" authorizedParticipantRedeemValue="22477450.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies Co" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.66429166</averagePercentagePurchased>
        <standardDeviationPurchased>0.44230101</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.33570833</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.44230101</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>1.00000325</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000181</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>-0.00000325</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000181</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>50.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.70133531</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>50.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.98422959</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>50.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>50.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VANGUARD TOTAL BOND MARKET INDEX FUND</fundName>
        <etfSeriesId>S000002564</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="BND"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="National Financial Services" authorizedParticipantFileNo="8-26740" authorizedParticipantCrdNo="000013041" authorizedParticipantLei="549300JRHF1MHHWUAW04" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="8-17221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" 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="BMO Capital Markets" authorizedParticipantFileNo="8-34344" authorizedParticipantCrdNo="000016686" authorizedParticipantLei="RUC0QBLBRPRCU4W1NE59" 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="UBS" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" 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="Wells Fargo" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Pro" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="21048999895.90000200" authorizedParticipantRedeemValue="2324478000.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wedbush" authorizedParticipantFileNo="8-12987" authorizedParticipantCrdNo="000000877" authorizedParticipantLei="549300CSX55MXZ47EI78" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="JP Morgan" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="2271751897.15000010" authorizedParticipantRedeemValue="5376799270.00000000"/>
          <authorizedParticipant authorizedParticipantName="CitiGroup" authorizedParticipantFileNo="8-18177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="8534852.16999999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="HSBC Securities" authorizedParticipantFileNo="8-41562" authorizedParticipantCrdNo="000019585" authorizedParticipantLei="CYYGQCGNHMHPSMRL3R97" 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="SG Americas" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" 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="Goldman Sachs" authorizedParticipantFileNo="8-129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="3304738197.80000020" authorizedParticipantRedeemValue="180677500.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="5493004GRDTUI7EMIZ82" 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="Bank of America" authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Prime Brokerage Inc" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="7VHWWWW4UJS7NUM3PT30" 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="EWT LLC" authorizedParticipantFileNo="8-51262" authorizedParticipantCrdNo="000045986" authorizedParticipantLei="Q1YYTO5MBHNGETR9DT80" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="GSEC" authorizedParticipantFileNo="8-526" authorizedParticipantCrdNo="000003466" authorizedParticipantLei="8B2J4H67N3JPLYJIDE37" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="25904632.16000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="State Street Global Mkts" authorizedParticipantFileNo="8-69862" authorizedParticipantCrdNo="000285852" authorizedParticipantLei="549300FDEDF5ORXCMQ56" 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="Credit Suisse" authorizedParticipantFileNo="8-422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" 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="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" 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="Interactive Brokers" authorizedParticipantFileNo="8-47257" authorizedParticipantCrdNo="000036418" authorizedParticipantLei="50OBSE5T5521O6SMZR28" 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="Citadel Securities" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="549300MLQ1S3715IUK04" 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>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.20482602</averagePercentagePurchased>
        <standardDeviationPurchased>0.00589102</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.79517397</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00589102</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.20391178</averagePercentageRedeemed>
        <percentSDRedeemed>0.00519289</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.79608821</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00519289</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>100.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.96906643</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>100.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.96906643</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>100.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>100.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="VANGUARD BOND INDEX FUNDS " signedDate="2022-03-10" signature="Christine M. Buchanan" title="Chief Financial Officer"/>
  </formData>
</edgarSubmission>
