diff --git a/.config/dotnet-tools.json b/.config/dotnet-tools.json
index 1b8a767bc..b8aebb8b0 100644
--- a/.config/dotnet-tools.json
+++ b/.config/dotnet-tools.json
@@ -3,7 +3,7 @@
   "isRoot": true,
   "tools": {
     "microsoft.dotnet.darc": {
-      "version": "1.1.0-beta.23619.2",
+      "version": "1.1.0-beta.23621.3",
       "commands": [
         "darc"
       ]
diff --git a/eng/Version.Details.xml b/eng/Version.Details.xml
index 15f1c08e5..9c8c61496 100644
--- a/eng/Version.Details.xml
+++ b/eng/Version.Details.xml
@@ -224,13 +224,13 @@
       <Uri>https://github.com/dotnet/arcade</Uri>
       <Sha>c0c425d9b85b125bbaf59581639355f1d2b99149</Sha>
     </Dependency>
-    <Dependency Name="Microsoft.DotNet.Darc" Version="1.1.0-beta.23619.2">
+    <Dependency Name="Microsoft.DotNet.Darc" Version="1.1.0-beta.23621.3">
       <Uri>https://github.com/dotnet/arcade-services</Uri>
-      <Sha>57c61af10606819426d205193aa0e9f2f1672050</Sha>
+      <Sha>702f946f89ace6197fdca2ac309d32187c4bc1bd</Sha>
     </Dependency>
-    <Dependency Name="Microsoft.DotNet.DarcLib" Version="1.1.0-beta.23619.2">
+    <Dependency Name="Microsoft.DotNet.DarcLib" Version="1.1.0-beta.23621.3">
       <Uri>https://github.com/dotnet/arcade-services</Uri>
-      <Sha>57c61af10606819426d205193aa0e9f2f1672050</Sha>
+      <Sha>702f946f89ace6197fdca2ac309d32187c4bc1bd</Sha>
     </Dependency>
     <Dependency Name="Microsoft.DotNet.XliffTasks" Version="9.0.0-beta.23620.7">
       <Uri>https://github.com/dotnet/arcade</Uri>
diff --git a/eng/Versions.props b/eng/Versions.props
index 854e98491..667cc2151 100644
--- a/eng/Versions.props
+++ b/eng/Versions.props
@@ -44,7 +44,7 @@
   </PropertyGroup>
   <PropertyGroup>
     <!-- Dependency from https://github.com/dotnet/arcade-services -->
-    <MicrosoftDotNetDarcLibVersion>1.1.0-beta.23619.2</MicrosoftDotNetDarcLibVersion>
+    <MicrosoftDotNetDarcLibVersion>1.1.0-beta.23621.3</MicrosoftDotNetDarcLibVersion>
   </PropertyGroup>
   <PropertyGroup>
     <!-- Dependency from https://github.com/dotnet/winforms -->
diff --git a/eng/pipelines/templates/steps/vmr-pull-updates.yml b/eng/pipelines/templates/steps/vmr-pull-updates.yml
index 3d2fdf3cd..dfa2ded71 100644
--- a/eng/pipelines/templates/steps/vmr-pull-updates.yml
+++ b/eng/pipelines/templates/steps/vmr-pull-updates.yml
@@ -58,7 +58,7 @@ steps:
     --repository "installer:${{ parameters.targetRef }}"
     --recursive
     --remote "installer:$(pwd)"
-    --readme-template $(Agent.BuildDirectory)/installer/src/VirtualMonoRepo/README.template.md
+    --component-template $(Agent.BuildDirectory)/installer/src/VirtualMonoRepo/Component.template.md
     --tpn-template $(Agent.BuildDirectory)/installer/src/VirtualMonoRepo/THIRD-PARTY-NOTICES.template.txt
     --debug
     ||
diff --git a/eng/vmr-sync.sh b/eng/vmr-sync.sh
index a9f902180..bd453f87c 100755
--- a/eng/vmr-sync.sh
+++ b/eng/vmr-sync.sh
@@ -33,10 +33,10 @@
 ###   --debug
 ###       Optional. Turns on the most verbose logging for the VMR tooling
 ###
-###   --readme-template
-###       Optional. Template for VMRs README.md used for regenerating the file to list the newest versions of
+###   --component-template
+###       Optional. Template for VMRs Component.md used for regenerating the file to list the newest versions of
 ###       components.
-###       Defaults to src/VirtualMonoRepo/README.template.md
+###       Defaults to src/VirtualMonoRepo/Component.template.md
 ###
 ###   --recursive
 ###       Optional. Recursively synchronize all the source build dependencies (declared in Version.Details.xml)
@@ -104,7 +104,7 @@ repository=''
 additional_remotes=''
 recursive=false
 verbosity=verbose
-readme_template="$installer_dir/src/VirtualMonoRepo/README.template.md"
+readme_template="$installer_dir/src/VirtualMonoRepo/Component.template.md"
 tpn_template="$installer_dir/src/VirtualMonoRepo/THIRD-PARTY-NOTICES.template.txt"
 azdev_pat=''
 
@@ -139,8 +139,8 @@ while [[ $# -gt 0 ]]; do
       additional_remotes="$additional_remotes $2"
       shift
       ;;
-    --readme-template)
-      readme_template=$2
+    --component-template)
+      component_template=$2
       shift
       ;;
     --tpn-template)
@@ -268,7 +268,7 @@ fi
   --$verbosity                               \
   $recursive_arg                             \
   $additional_remotes                        \
-  --readme-template "$readme_template"       \
+  --component-template "$component_template" \
   --tpn-template "$tpn_template"             \
   --discard-patches                          \
   "$repository"
diff --git a/src/VirtualMonoRepo/README.template.md b/src/SourceBuild/content/README.md
similarity index 99%
rename from src/VirtualMonoRepo/README.template.md
rename to src/SourceBuild/content/README.md
index 7bc080a3c..a1d3d73d6 100644
--- a/src/VirtualMonoRepo/README.template.md
+++ b/src/SourceBuild/content/README.md
@@ -160,11 +160,7 @@ To enable full offline source-building of the VMR, we have no other choice than
 
 ### Detailed list
 
-<!-- component list beginning -->
-
-> Auto-generated list of components will go here
-
-<!-- component list end -->
+The full list of components synchronized into the VMR is [here (Components.md)](./Components.md).
 
 The repository also contains a [JSON manifest](https://github.com/dotnet/dotnet/blob/main/src/source-manifest.json) listing all components in a machine-readable format.
 
diff --git a/src/VirtualMonoRepo/Component.template.md b/src/VirtualMonoRepo/Component.template.md
new file mode 100644
index 000000000..27b0f7893
--- /dev/null
+++ b/src/VirtualMonoRepo/Component.template.md
@@ -0,0 +1,15 @@
+# List of components
+
+To enable full offline source-building of the VMR, we have no other choice than to synchronize all the necessary code into the VMR. This also includes any code referenced via git submodules. More details on why and how this is done can be found here:
+- [Strategy for managing external source dependencies](src/arcade/Documentation/UnifiedBuild/VMR-Strategy-For-External-Source.md)
+- [Source Synchronization Process](src/arcade/Documentation/UnifiedBuild/VMR-Design-And-Operation.md#source-synchronization-process)
+
+## Detailed list
+
+<!-- component list beginning -->
+
+> Auto-generated list of components will go here
+
+<!-- component list end -->
+
+The repository also contains a [JSON manifest](https://github.com/dotnet/dotnet/blob/main/src/source-manifest.json) listing all components in a machine-readable format.
diff --git a/src/VirtualMonoRepo/InitializeVMR.proj b/src/VirtualMonoRepo/InitializeVMR.proj
index 09ab72b1c..e3d98fc3c 100644
--- a/src/VirtualMonoRepo/InitializeVMR.proj
+++ b/src/VirtualMonoRepo/InitializeVMR.proj
@@ -58,7 +58,7 @@
       VmrPath="$(VmrDir)"
       TmpPath="$(TmpDir)"
       InstallerPath="$(RepoRoot)"
-      ReadmeTemplatePath="$(MSBuildThisFileDirectory)/README.template.md"
+      ComponentTemplatePath="$(MSBuildThisFileDirectory)/Component.template.md"
       TpnTemplatePath="$(MSBuildThisFileDirectory)/THIRD-PARTY-NOTICES.template.txt"
       SourceMappingsPath="$(MSBuildThisFileDirectory)/source-mappings.json" />
 
diff --git a/src/VirtualMonoRepo/Tasks/VirtualMonoRepo_Initialize.cs b/src/VirtualMonoRepo/Tasks/VirtualMonoRepo_Initialize.cs
index 2a8c1d726..5ab294231 100644
--- a/src/VirtualMonoRepo/Tasks/VirtualMonoRepo_Initialize.cs
+++ b/src/VirtualMonoRepo/Tasks/VirtualMonoRepo_Initialize.cs
@@ -42,7 +42,7 @@ public class VirtualMonoRepo_Initialize : Build.Utilities.Task, ICancelableTask
 
     public string InstallerPath { get; set; }
 
-    public string ReadmeTemplatePath { get; set; }
+    public string ComponentTemplatePath { get; set; }
 
     public string TpnTemplatePath { get; set; }
 
@@ -72,7 +72,7 @@ public class VirtualMonoRepo_Initialize : Build.Utilities.Task, ICancelableTask
             Recursive,
             new NativePath(SourceMappingsPath),
             additionalRemotes,
-            ReadmeTemplatePath,
+            ComponentTemplatePath,
             TpnTemplatePath,
             generateCodeowners: false,
             discardPatches: true,