Pending Transactions

To be Sold end-of-day 2/26/07:

Vanguard Small Cap Index Fund (NAESX) at NAV
Vanguard Total Bond Market Index Fund (VBMFX) at NAV

To be Purchased end-of-day 2/26/07

Vanguard Short-Term Investment Grade Bond Funds (VFSUX & VFSTX) at NAV

To be Sold end-of-day 2/27/07

Vanguard Total International Stock Index Fund (VGTSX) at NAV

To be Purchased end-of-day 2/27/07

Vanguard Short-Term Investment Grade Bond Fund (VFSTX) at NAV