Annual Financial Statements | December 31, 2020

Vanguard ETFs™ Contents

Independent Auditor’s Report 1 Vanguard Canadian Aggregate Bond Index ETF 3 Vanguard Canadian Corporate Bond Index ETF 20 Vanguard Canadian Government Bond Index ETF 32 Vanguard Canadian Long-Term Bond Index ETF 40 Vanguard Canadian Short-Term Bond Index ETF 48 Vanguard Canadian Short-Term Corporate Bond Index ETF 57 Vanguard FTSE Canada All Cap Index ETF 64 Vanguard FTSE Canada Index ETF 71 Vanguard FTSE Canadian Capped REIT Index ETF 77 Vanguard FTSE Canadian High Dividend Yield Index ETF 82 Vanguard FTSE Developed All Cap ex North America Index ETF 86 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 142 Vanguard FTSE Developed All Cap ex U.S. Index ETF 149 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 153 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 161 Vanguard FTSE Developed Europe All Cap Index ETF 194 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF 216 Vanguard FTSE Emerging Markets All Cap Index ETF 229 Vanguard FTSE Global All Cap ex Canada Index ETF 234 Vanguard Global Aggregate Bond Index ETF (CAD-hedged) 238 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 241 Vanguard S&P 500 Index ETF 245 Vanguard S&P 500 Index ETF (CAD-hedged) 250 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 255 Vanguard U.S. Dividend Appreciation Index ETF 259 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 262 Vanguard U.S. Total Market Index ETF 266 Vanguard U.S. Total Market Index ETF (CAD-hedged) 270 Notes to the Financial Statements 275 Independent Auditor’s Report

To the Unitholders and Trustee of What we have audited

The financial statements of each Fund comprise: Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Corporate Bond Index ETF • the statements of financial position as at the period-end Vanguard Canadian Government Bond Index ETF dates indicated in note 1; Vanguard Canadian Long-Term Bond Index ETF • the statements of comprehensive income for the periods Vanguard Canadian Short-Term Bond Index ETF indicated in note 1; Vanguard Canadian Short-Term Corporate Bond Index ETF • the statements of changes in net assets attributable to Vanguard FTSE Canada All Cap Index ETF holders of redeemable units for the periods indicated in Vanguard FTSE Canada Index ETF note 1; Vanguard FTSE Canadian Capped REIT Index ETF • the statements of cash flows for the periods indicated in Vanguard FTSE Canadian High Dividend Yield Index ETF note 1; and Vanguard FTSE Developed All Cap ex North America Index ETF • the notes to the financial statements, which include Vanguard FTSE Developed All Cap ex North America Index ETF significant accounting policies and other explanatory (CAD-hedged) information. Vanguard FTSE Developed All Cap ex U.S. Index ETF Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) Basis for opinion Vanguard FTSE Developed Asia Pacific All Cap Index ETF We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those Vanguard FTSE Developed Europe All Cap Index ETF standards are further described in the Auditor’s responsibilities Vanguard FTSE Developed ex North America High Dividend for the audit of the financial statements section of our report. Yield Index ETF Vanguard FTSE Emerging Markets All Cap Index ETF Vanguard FTSE Global All Cap ex Canada Index ETF We believe that the audit evidence we have obtained is Vanguard Global Aggregate Bond Index ETF (CAD-hedged) sufficient and appropriate to provide a basis for our opinion. Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) Independence Vanguard S&P 500 Index ETF We are independent of each Fund in accordance with the Vanguard S&P 500 Index ETF (CAD-hedged) ethical requirements that are relevant to our audit of the Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) financial statements in Canada. We have fulfilled our other Vanguard U.S. Dividend Appreciation Index ETF ethical responsibilities in accordance with these requirements. Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) Vanguard U.S. Total Market Index ETF Other information Vanguard U.S. Total Market Index ETF (CAD-hedged) Management is responsible for the other information of each (Collectively, the Funds, individually each Fund) Fund. The other information comprises the Annual Management Report of Fund Performance of each Fund. Our opinion In our opinion, the accompanying December 31, 2020 annual financial statements of each Fund present fairly, in all material Our opinion on the financial statements does not cover the respects, the financial position of each Fund, its financial other information and we do not express any form of assurance performance and its cash flows as at and for the periods conclusion thereon. indicated in note 1 in accordance with International Financial Reporting Standards, as issued by the International Accounting In connection with our audit of the financial statements of each Standards Board (IFRS). Fund, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements of each Fund or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we

1 are required to report that fact. We have nothing to report in • Obtain an understanding of internal control relevant to the this regard. audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of each Responsibilities of management and those charged with Fund. governance for the financial statements • Evaluate the appropriateness of accounting policies used and Management is responsible for the preparation and fair the reasonableness of accounting estimates and related presentation of the financial statements of each Fund in disclosures made by management. accordance with IFRS, and for such internal control as management determines is necessary to enable the • Conclude on the appropriateness of management’s use of preparation of financial statements that are free from material the going concern basis of accounting and, based on the misstatement, whether due to fraud or error. audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each Fund to continue as a In preparing the financial statements, management is going concern. If we conclude that a material uncertainty responsible for assessing the ability of each Fund to continue exists, we are required to draw attention in our auditor’s as a going concern, disclosing, as applicable, matters related to report to the related disclosures in the financial statements going concern and using the going concern basis of accounting of each Fund or, if such disclosures are inadequate, to modify unless management either intends to liquidate any Fund or to our opinion. Our conclusions are based on the audit evidence cease operations, or has no realistic alternative but to do so. obtained up to the date of our auditor’s report. However, future events or conditions may cause any Fund to cease to Those charged with governance are responsible for overseeing continue as a going concern. the financial reporting process of each Fund. • Evaluate the overall presentation, structure and content of the financial statements of each Fund, including the disclosures, and whether the financial statements represent Auditor’s responsibilities for the audit of the financial the underlying transactions and events in a manner that statements achieves fair presentation. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole for each Fund are free from material misstatement, whether due to fraud or error, We communicate with those charged with governance and to issue an auditor’s report that includes our opinion. regarding, among other matters, the planned scope and timing Reasonable assurance is a high level of assurance, but is not a of the audit and significant audit findings, including any guarantee that an audit conducted in accordance with Canadian significant deficiencies in internal control that we identify generally accepted auditing standards will always detect a during our audit. material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or We also provide those charged with governance with a in the aggregate, they could reasonably be expected to statement that we have complied with relevant ethical influence the economic decisions of users taken on the basis requirements regarding independence, and to communicate of the financial statements of each Fund. with them all relationships and other matters that may reasonably be thought to bear on our independence, and where As part of an audit in accordance with Canadian generally applicable, related safeguards. accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the The engagement partner on the audit resulting in this audit. We also: independent auditor’s report is Christina Fox.

• Identify and assess the risks of material misstatement of the financial statements of each Fund, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is Chartered Professional Accountants, higher than for one resulting from error, as fraud may involve Licensed Public Accountants collusion, forgery, intentional omissions, misrepresentations, Toronto, Ontario or the override of internal control. March 16, 2021

2 Vanguard Canadian Aggregate Bond Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $3,222,746,629 $2,654,709,091 Cash 4,700,345 1,705,302 Amounts receivable for redeemable units issued — 12,939,100 Amounts receivable for investments sold 51,131,794 69,458,728 Interest receivable 14,698,733 13,449,465 Total assets 3,293,277,501 2,752,261,686 Liabilities Current liabilities Amounts payable for investments purchased 43,107,248 78,663,802 Distributions payable 5,044,840 4,499,864 Accounts payable and accrued expenses 53,130 105,535 Total liabilities excluding net assets attributable to holders of redeemable units 48,205,218 83,269,201 Total net assets attributable to holders of redeemable units $3,245,072,283 $2,668,992,485 Number of redeemable units outstanding (Note 9) 118,900,000 103,500,000 Net assets attributable to holders of redeemable units per unit $27.29 $25.79

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $79,575,657 $62,677,927 Net realized gain (loss) on sale of investments 37,415,654 5,093,832 Change in unrealized appreciation/depreciation of investments 122,278,769 55,367,590 Net gain (loss) on investments 239,270,080 123,139,349 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts —(49) Net gain (loss) on derivatives —(49) Other income 140 — Net realized gain (loss) on foreign currency transactions —(90) Total income (net) 239,270,220 123,139,210 Expenses (Note 10) Management fees 2,611,766 1,989,090 Overdraft expenses —65 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 2,613 380 Total expenses 2,617,073 1,992,093 Expenses absorbed by manager (2,694) (2,558) Net expenses 2,614,379 1,989,535 Increase (decrease) in net assets attributable to holders of redeemable units $236,655,841 $121,149,675 Weighted average number of redeemable units 111,920,765 85,938,082 Increase (decrease) in net assets attributable to holders of redeemable units per unit $2.11 $1.41

The accompanying notes are an integral part of the financial statements.

3 Vanguard Canadian Aggregate Bond Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $2,668,992,485 $1,587,745,729 Increase (decrease) in net assets attributable to holders of redeemable units $236,655,841 $121,149,675 Distributions to holders of redeemable units Net investment income (76,711,414) (59,427,096) Net realized gains (7,753,950) — Return of capital (12,729) (26,213) Total distributions to holders of redeemable units (84,478,093) (59,453,309) Redeemable unit transactions Proceeds from issuance of redeemable units 725,079,360 1,096,898,250 Reinvestment of distributions to holders of redeemable units 7,753,950 — Payment for redeemable units redeemed (308,931,260) (77,347,860) Net redeemable unit transactions 423,902,050 1,019,550,390 Net assets attributable to holders of redeemable units, end of year $3,245,072,283 $2,668,992,485

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $236,655,841 $121,149,675 Adjustments for: Net realized (gain) loss on sale of investments (37,415,654) (5,093,832) Change in unrealized appreciation/depreciation of investments (122,278,769) (55,367,590) Purchase of investments1 (1,017,820,704) (751,243,648) Proceeds from sale of investments2 1,016,601,623 724,479,779 Change in working capital (1,301,673) (5,198,085) Net cash from (used in) operating activities 74,440,664 28,726,299 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 6,071,898 23,615,014 Distributions to holders of redeemable units, net of reinvested distributions (76,179,167) (57,715,395) 2 Payment for redeemable units redeemed (1,338,352) (897,501) Net cash from (used in) financing activities (71,445,621) (34,997,882) Net increase (decrease) in cash during the year $2,995,043 $(6,271,583) Cash, beginning of year $1,705,302 $7,976,885 Cash, end of year $4,700,345 $1,705,302 Supplemental cash flow information relating to operating activities Interest received, net of foreign withholding taxes, if applicable $78,323,776 $57,430,195 Interest paid, net of foreign withholding taxes, if applicable — $65

1 Excludes in-kind transactions of $719,087,902 and $1,073,202,796 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $307,592,908 and $76,450,359 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

4 Vanguard Canadian Aggregate Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Fixed income Financial Bank of Nova Scotia 2.38% May 01/23 CAD 6,036,000 6,080,650 6,277,078 0.2 Toronto-Dominion Bank 3.11% Apr 22/30 CAD 4,749,000 4,824,149 5,126,640 0.2 Toronto-Dominion Bank 1.99% Mar 23/22 CAD 4,580,000 4,548,967 4,670,821 0.2 Bank of Montreal 3.19% Mar 01/28 CAD 4,001,000 4,250,046 4,554,258 0.2 Royal Bank of Canada 2.61% Nov 01/24 CAD 4,016,000 4,062,439 4,278,847 0.1 Bank of Montreal 2.89% Jun 20/23 CAD 4,017,000 4,107,828 4,248,419 0.1 Toronto-Dominion Bank 3.23% Jul 24/24 CAD 3,798,000 3,978,948 4,137,199 0.1 Royal Bank of Canada 2.33% Jan 28/27 CAD 3,857,000 3,908,020 4,111,639 0.1 Canadian Imperial Bank of Commerce 2.00% Apr 17/25 CAD 3,710,000 3,737,967 3,870,754 0.1 Royal Bank of Canada 3.30% Sep 26/23 CAD 3,589,000 3,685,792 3,840,517 0.1 Royal Bank of Canada 1.97% Mar 02/22 CAD 3,747,000 3,720,006 3,816,132 0.1 Toronto-Dominion Bank 3.01% May 30/23 CAD 3,565,000 3,622,265 3,776,654 0.1 Canadian Imperial Bank of Commerce 3.30% May 26/25 CAD 3,358,000 3,493,183 3,721,268 0.1 Royal Bank of Canada 2.95% May 01/23 CAD 3,518,000 3,594,094 3,713,143 0.1 Toronto-Dominion Bank 2.85% Mar 08/24 CAD 3,480,000 3,541,947 3,709,958 0.1 Toronto-Dominion Bank 3.59% Sep 14/28 CAD 3,456,000 3,548,286 3,705,005 0.1 Bank of Montreal 2.85% Mar 06/24 CAD 3,328,000 3,402,997 3,544,320 0.1 Bank of Montreal 2.70% Sep 11/24 CAD 3,236,000 3,336,191 3,473,555 0.1 Bank of Montreal 2.27% Jul 11/22 CAD 3,308,000 3,311,719 3,400,889 0.1 Canadian Imperial Bank of Commerce 2.35% Aug 28/24 CAD 3,210,000 3,272,159 3,380,611 0.1 Toronto-Dominion Bank 1.91% Jul 18/23 CAD 3,155,000 3,123,293 3,263,059 0.1 Royal Bank of Canada 2.36% Dec 05/22 CAD 3,145,000 3,196,126 3,258,692 0.1 Bank of Nova Scotia 3.89% Jan 18/29 CAD 2,893,000 2,993,533 3,143,505 0.1 Toronto-Dominion Bank 2.50% Dec 02/24 CAD 2,855,000 2,901,321 3,035,893 0.1 Toronto-Dominion Bank 3.06% Jan 26/32 CAD 2,722,000 2,733,726 2,973,104 0.1 Royal Bank of Canada 2.35% Jul 02/24 CAD 2,812,000 2,837,753 2,961,655 0.1 Toronto-Dominion Bank 1.94% Mar 13/25 CAD 2,726,000 2,694,254 2,841,800 0.1 Bank of Nova Scotia 3.10% Feb 02/28 CAD 2,468,000 2,551,280 2,791,259 0.1 Bank of Nova Scotia 2.36% Nov 08/22 CAD 2,687,000 2,686,370 2,780,884 0.1 Bank of Montreal 2.28% Jul 29/24 CAD 2,628,000 2,629,512 2,762,317 0.1 Royal Bank of Canada 1.94% May 01/25 CAD 2,650,000 2,685,690 2,761,644 0.1 Toronto-Dominion Bank 1.13% Dec 09/25 CAD 2,730,000 2,730,000 2,743,377 0.1 Bank of Nova Scotia 2.49% Sep 23/24 CAD 2,563,000 2,575,602 2,716,421 0.1 Bank of Montreal 2.37% Feb 03/25 CAD 2,530,000 2,537,726 2,675,703 0.1 Bank of Nova Scotia 2.98% Apr 17/23 CAD 2,516,000 2,565,045 2,655,311 0.1 Bank of Nova Scotia 2.84% Jul 03/29 CAD 2,474,000 2,496,721 2,619,892 0.1 Bank of Nova Scotia 2.16% Feb 03/25 CAD 2,493,000 2,500,392 2,618,248 0.1 Bank of Montreal 2.08% Jun 17/30 CAD 2,525,000 2,538,717 2,610,901 0.1 Bank of Nova Scotia 2.29% Jun 28/24 CAD 2,472,000 2,475,998 2,609,097 0.1 HSBC Bank Canada 2.54% Jan 31/23 CAD 2,479,000 2,477,895 2,576,648 0.1 Canadian Imperial Bank of Commerce 3.45% Apr 04/28 CAD 2,416,000 2,441,331 2,555,041 0.1 Canadian Imperial Bank of Commerce 2.95% Jun 19/29 CAD 2,406,000 2,426,086 2,554,739 0.1 Royal Bank of Canada 2.88% Dec 23/29 CAD 2,347,000 2,357,455 2,503,873 0.1 Bank of Nova Scotia 2.62% Dec 02/26 CAD 2,280,000 2,289,242 2,495,642 0.1 Canadian Imperial Bank of Commerce 2.97% Jul 11/23 CAD 2,347,000 2,394,355 2,488,923 0.1 Bank of Montreal 2.12% Mar 16/22 CAD 2,415,000 2,409,216 2,465,425 0.1 Royal Bank of Canada 2.74% Jul 25/29 CAD 2,315,000 2,317,481 2,449,664 0.1 Royal Bank of Canada 2.00% Mar 21/22 CAD 2,392,000 2,368,823 2,439,338 0.1 HSBC Bank Canada 3.25% Sep 15/23 CAD 2,281,000 2,344,776 2,433,667 0.1 Toronto-Dominion Bank 4.86% Mar 04/31 CAD 2,042,000 2,282,805 2,402,188 0.1 Canadian Imperial Bank of Commerce 2.01% Jul 21/30 CAD 2,265,000 2,285,131 2,328,579 0.1 Royal Office Finance LP 5.21% Nov 12/37 CAD 1,749,832 2,157,726 2,282,326 0.1 Royal Bank of Canada 2.33% Dec 05/23 CAD 2,165,000 2,168,739 2,273,575 0.1 Bank of Nova Scotia 2.58% Mar 30/27 CAD 2,137,000 2,140,838 2,189,613 0.1 Royal Bank of Canada 2.09% Jun 30/30 CAD 2,085,000 2,088,016 2,159,017 0.1 Toronto-Dominion Bank 3.22% Jul 25/29 CAD 1,968,000 2,019,008 2,117,135 0.1 Canadian Imperial Bank of Commerce 2.04% Mar 21/22 CAD 1,963,000 1,952,698 2,002,810 0.1 Canadian Imperial Bank of Commerce 2.43% Jun 09/23 CAD 1,894,000 1,902,933 1,973,813 0.1 National Bank of Canada 2.55% Jul 12/24 CAD 1,822,000 1,843,019 1,930,391 0.1 Canadian Imperial Bank of Commerce 3.29% Jan 15/24 CAD 1,795,000 1,870,779 1,930,199 0.1 Morgan Stanley 3.00% Feb 07/24 CAD 1,766,500 1,791,088 1,884,361 0.1 Bank of America Corp. 2.93% Apr 25/25 CAD 1,758,000 1,790,669 1,869,721 0.1 Manulife Financial Corp. 2.24% May 12/30 CAD 1,790,000 1,791,863 1,865,287 0.1 Canadian Imperial Bank of Commerce 2.47% Dec 05/22 CAD 1,791,000 1,792,422 1,859,721 0.1 Choice Properties REIT 3.53% Jun 11/29 CAD 1,660,000 1,710,874 1,842,915 0.1 Bank of Nova Scotia 1.83% Apr 27/22 CAD 1,782,000 1,765,586 1,816,304 0.1

5 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets National Australia Bank Ltd. 3.52% Jun 12/30 CAD 1,699,000 1,711,236 1,808,738 0.1 Wells Fargo & Co. 3.87% May 21/25 CAD 1,617,000 1,675,863 1,778,457 0.1 Wells Fargo & Co. 2.98% May 19/26 CAD 1,637,000 1,638,983 1,767,354 0.1 Wells Fargo & Co. 2.49% Feb 18/27 CAD 1,664,000 1,670,800 1,757,733 0.1 Manulife Financial Corp. 2.82% May 13/35 CAD 1,645,000 1,649,721 1,750,658 0.1 Federation des Caisses Desjardins du Quebec 2.86% May 26/30 CAD 1,641,000 1,661,486 1,746,828 0.1 National Bank of Canada 2.11% Mar 18/22 CAD 1,695,000 1,696,142 1,730,680 0.1 HSBC Bank Canada 2.17% Jun 29/22 CAD 1,673,000 1,664,611 1,714,306 0.1 Federation des Caisses Desjardins du Quebec 2.09% Jan 17/22 CAD 1,668,000 1,665,054 1,698,324 0.1 Wells Fargo & Co. 2.57% May 01/26 CAD 1,601,000 1,608,292 1,688,639 0.1 National Bank of Canada 2.98% Mar 04/24 CAD 1,568,000 1,603,187 1,676,317 0.1 Bank of Montreal 4.61% Sep 10/25 CAD 1,425,000 1,627,041 1,674,247 0.1 Plenary Properties LTAP LP 6.29% Jan 31/44 CAD 1,154,278 1,529,843 1,671,326 0.1 HSBC Holdings plc 3.20% Dec 05/23 CAD 1,558,000 1,605,061 1,662,729 0.1 National Bank of Canada 1.96% Jun 30/22 CAD 1,624,000 1,619,185 1,661,531 0.1 Federation des Caisses Desjardins du Quebec 2.42% Oct 04/24 CAD 1,550,000 1,552,185 1,637,033 0.1 Sun Life Financial, Inc. 2.58% May 10/32 CAD 1,525,000 1,540,141 1,633,824 0.1 Bank of America Corp. 3.30% Apr 24/24 CAD 1,540,000 1,569,057 1,628,227 0.1 Wells Fargo & Co. 2.51% Oct 27/23 CAD 1,545,000 1,545,297 1,614,803 0.1 Bank of Montreal 2.88% Sep 17/29 CAD 1,516,000 1,513,931 1,611,099 0.1 Brookfield Asset Management, Inc. 4.82% Jan 28/26 CAD 1,381,000 1,511,545 1,598,673 0.1 Wells Fargo & Co. 3.18% Feb 08/24 CAD 1,494,500 1,544,981 1,594,706 0.1 Scotiabank Capital Trust 5.65% Dec 31/56 CAD 1,328,000 1,591,940 1,591,024 0.1 Royal Bank of Canada 4.93% Jul 16/25 CAD 1,329,000 1,535,138 1,573,789 0.1 National Bank of Canada 1.57% Aug 18/26 CAD 1,470,000 1,478,785 1,501,443 0.1 Manulife Financial Corp. 3.05% Aug 20/29 CAD 1,397,000 1,426,696 1,495,153 0.1 Federation des Caisses Desjardins du Quebec 2.39% Aug 25/22 CAD 1,447,000 1,444,510 1,493,420 0.1 Bank of Nova Scotia 1.40% Nov 01/27 CAD 1,480,000 1,473,976 1,488,258 0.1 Bank of America Corp. 2.60% Mar 15/23 CAD 1,423,000 1,427,651 1,458,561 0.1 Wells Fargo Canada Corp. 3.46% Jan 24/23 CAD 1,357,000 1,415,710 1,435,543 0.1 HSBC Bank Canada 2.25% Sep 15/22 CAD 1,379,000 1,383,425 1,419,170 0.1 Sun Life Financial, Inc. 2.38% Aug 13/29 CAD 1,348,000 1,365,450 1,415,521 0.1 Sun Life Financial, Inc. 2.06% Oct 01/35 CAD 1,390,000 1,388,843 1,403,024 0.1 Canadian Imperial Bank of Commerce 2.30% Jul 11/22 CAD 1,325,000 1,326,892 1,362,696 0.1 Choice Properties REIT 4.18% Mar 08/28 CAD 1,180,000 1,234,295 1,358,074 0.1 Manulife Finance Delaware LP 5.06% Dec 15/41 CAD 1,036,000 1,182,920 1,304,158 0.0 Manufacturers Life Insurance Co. 3.18% Nov 22/27 CAD 1,236,000 1,258,572 1,294,747 0.0 Goldman Sachs Group, Inc. 3.31% Oct 31/25 CAD 1,191,000 1,207,625 1,289,782 0.0 Federation des Caisses Desjardins du Quebec 3.06% Sep 11/23 CAD 1,207,000 1,249,021 1,286,215 0.0 GE Capital Canada Funding Co. 4.60% Jan 26/22 CAD 1,229,000 1,311,134 1,277,804 0.0 Goldman Sachs Group, Inc. 2.43% Apr 26/23 CAD 1,246,000 1,249,628 1,276,614 0.0 OMERS Realty Corp. 3.24% Oct 04/27 CAD 1,110,000 1,119,897 1,251,803 0.0 Choice Properties REIT 3.56% Sep 09/24 CAD 1,114,000 1,157,219 1,207,777 0.0 Wells Fargo & Co. 2.09% Apr 25/22 CAD 1,178,000 1,178,289 1,201,807 0.0 Ventas Canada Finance Ltd. 2.80% Apr 12/24 CAD 1,101,000 1,106,870 1,156,634 0.0 National Bank of Canada 2.58% Feb 03/25 CAD 1,075,000 1,084,309 1,146,369 0.0 Sun Life Financial, Inc. 3.05% Sep 19/28 CAD 1,076,000 1,099,134 1,140,754 0.0 Fairfax Financial Holdings Ltd. 4.70% Dec 16/26 CAD 1,021,000 1,092,029 1,138,150 0.0 RioCan REIT 3.29% Feb 12/24 CAD 1,063,000 1,089,140 1,122,400 0.0 Manulife Financial Corp. 3.32% May 09/28 CAD 1,036,000 1,063,913 1,094,897 0.0 Citigroup, Inc. 4.09% Jun 09/25 CAD 968,000 1,008,822 1,073,357 0.0 OMERS Realty Corp. 3.63% Jun 05/30 CAD 890,000 934,746 1,046,765 0.0 Great-West Lifeco, Inc. 2.38% May 14/30 CAD 970,000 975,642 1,029,151 0.0 Manulife Bank of Canada 2.38% Nov 19/24 CAD 970,000 1,005,791 1,028,578 0.0 Brookfield Asset Management, Inc. 3.80% Mar 16/27 CAD 914,000 954,198 1,026,513 0.0 Bank of America Corp. 3.52% Mar 24/26 CAD 925,000 992,066 1,013,597 0.0 OMERS Realty Corp. 3.36% Jun 05/23 CAD 946,000 980,888 1,008,531 0.0 National Bank of Canada 3.18% Feb 01/28 CAD 940,000 944,762 984,039 0.0 Great-West Lifeco, Inc. 3.34% Feb 28/28 CAD 867,000 925,511 980,048 0.0 Allied Properties REIT 3.12% Feb 21/30 CAD 930,000 958,035 975,310 0.0 Sun Life Financial, Inc. 2.75% Nov 23/27 CAD 937,000 943,838 973,693 0.0 Fairfax Financial Holdings Ltd. 4.25% Dec 06/27 CAD 887,000 890,195 968,498 0.0 Bank of America Corp. 3.41% Sep 20/25 CAD 891,000 909,647 967,279 0.0 Brookfield Asset Management, Inc. 5.04% Mar 08/24 CAD 867,000 948,361 965,101 0.0 Brookfield Asset Management, Inc. 4.54% Mar 31/23 CAD 885,000 945,891 956,296 0.0 Central 1 Credit Union 2.60% Nov 07/22 CAD 920,000 922,176 951,501 0.0 Metropolitan Life Global Funding I 3.39% Apr 09/30 CAD 843,000 905,789 949,370 0.0 Granite REIT Holdings LP 3.06% Jun 04/27 CAD 860,000 883,976 933,599 0.0 Brookfield Asset Management, Inc. 5.95% Jun 14/35 CAD 692,000 814,055 925,405 0.0 Fairfax Financial Holdings Ltd. 4.23% Jun 14/29 CAD 847,000 858,511 918,487 0.0 Great-West Lifeco, Inc. 6.67% Mar 21/33 CAD 639,000 877,588 913,981 0.0 Athene Global Funding 2.10% Sep 24/25 CAD 900,000 900,007 913,194 0.0 Capital City Link General Partnership 4.39% Mar 31/46 CAD 762,145 842,160 913,027 0.0

6 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Industrial Alliance Insurance & Financial Services, Inc. 3.30% Sep 15/28 CAD 844,000 874,745 895,712 0.0 RioCan REIT 2.58% Feb 12/25 CAD 864,000 866,527 894,629 0.0 Great-West Lifeco, Inc. 6.00% Nov 16/39 CAD 609,000 828,359 883,263 0.0 RioCan REIT 1.97% Jun 15/26 CAD 880,000 880,000 882,781 0.0 Ivanhoe Cambridge II, Inc. 2.91% Jun 27/23 CAD 837,000 847,582 881,930 0.0 Bank of Montreal 2.70% Dec 09/26 CAD 795,000 820,088 873,983 0.0 Manulife Bank of Canada 2.84% Jan 12/23 CAD 835,000 847,117 873,301 0.0 Canadian Western Bank 2.92% Dec 15/22 CAD 817,000 805,451 851,453 0.0 OMERS Realty Corp. 2.86% Feb 23/24 CAD 798,000 823,921 850,030 0.0 Intact Financial Corp. 2.85% Jun 07/27 CAD 779,000 810,364 845,480 0.0 Manulife Bank of Canada 2.08% May 26/22 CAD 826,000 818,918 844,312 0.0 Bank of Montreal 2.57% Jun 01/27 CAD 815,000 811,193 837,584 0.0 Laurentian Bank of Canada 2.55% Jun 20/22 CAD 815,000 826,282 835,970 0.0 Brookfield Property Finance ULC 3.93% Aug 24/25 CAD 805,000 812,834 834,189 0.0 Sun Life Financial, Inc. 5.40% May 29/42 CAD 628,000 758,111 831,560 0.0 CI Financial Corp. 3.76% May 26/25 CAD 775,000 792,887 830,234 0.0 Lloyds Banking Group plc 3.50% Feb 03/25 CAD 751,000 747,104 812,732 0.0 Bank of America Corp. 3.23% Jun 22/22 CAD 774,000 791,881 805,424 0.0 Great-West Lifeco, Inc. 2.98% Jul 08/50 CAD 772,000 794,568 795,245 0.0 Central 1 Credit Union 2.58% Dec 06/23 CAD 755,000 743,537 790,387 0.0 Manulife Bank of Canada 1.50% Jun 25/25 CAD 770,000 770,000 789,004 0.0 SmartCentres REIT 3.53% Dec 20/29 CAD 725,000 727,031 786,582 0.0 Canadian Western Bank 1.57% Sep 14/23 CAD 765,000 769,575 778,112 0.0 Aviva plc 4.00% Oct 02/30 CAD 750,000 749,265 776,168 0.0 Bow Centre Street LP 3.80% Jun 13/23 CAD 768,000 757,406 769,582 0.0 SEC LP and Arci Ltd. 5.19% Aug 29/33 CAD 701,425 743,534 759,068 0.0 Choice Properties REIT 3.55% Jan 10/25 CAD 689,000 701,479 749,708 0.0 Air Lease Corp. 2.63% Dec 05/24 CAD 734,000 715,670 747,902 0.0 Original Wempi, Inc. 4.06% Feb 13/24 CAD 718,981 732,788 722,899 0.0 Canadian Western Bank 1.82% Dec 16/27 CAD 700,000 700,000 705,054 0.0 IGM Financial, Inc. 3.44% Jan 26/27 CAD 629,000 645,206 699,272 0.0 Ivanhoe Cambridge II, Inc. 2.30% Dec 12/24 CAD 628,000 634,670 662,421 0.0 Laurentian Bank of Canada 3.45% Jun 27/23 CAD 624,000 628,172 660,148 0.0 Granite REIT Holdings LP 2.38% Dec 18/30 CAD 650,000 650,000 659,204 0.0 Fairfax Financial Holdings Ltd. 4.95% Mar 03/25 CAD 584,400 617,480 650,951 0.0 Fairfax Financial Holdings Ltd. 4.50% Mar 22/23 CAD 611,000 640,046 649,805 0.0 Granite REIT Holdings LP 3.87% Nov 30/23 CAD 599,000 610,378 647,669 0.0 Fairfax Financial Holdings Ltd. 5.84% Oct 14/22 CAD 597,000 655,357 643,602 0.0 iA Financial Corp. Inc. 3.07% Sep 24/31 CAD 589,000 589,061 638,464 0.0 iA Financial Corp. Inc. 2.40% Feb 21/30 CAD 612,000 619,030 638,463 0.0 First Capital REIT 3.75% Jul 12/27 CAD 593,000 608,781 637,469 0.0 First Capital REIT 3.60% May 06/26 CAD 589,000 600,561 626,584 0.0 Intact Financial Corp. 3.69% Mar 24/25 CAD 555,000 601,153 614,657 0.0 CI Financial Corp. 3.22% Jul 22/24 CAD 585,000 586,825 613,735 0.0 Original Wempi, Inc. 4.31% Feb 13/24 CAD 602,000 622,114 606,840 0.0 Allied Properties REIT 3.11% Apr 08/27 CAD 569,000 572,630 606,787 0.0 H&R REIT 3.37% Jan 30/24 CAD 584,000 582,435 606,239 0.0 First Capital REIT 3.90% Oct 30/23 CAD 560,000 576,440 595,022 0.0 OMERS Realty Corp. 3.33% Nov 12/24 CAD 534,000 557,410 584,928 0.0 H&R REIT 4.07% Jun 16/25 CAD 545,000 547,746 582,937 0.0 Choice Properties REIT 2.98% Mar 04/30 CAD 545,000 554,472 581,330 0.0 First Capital REIT 4.79% Aug 30/24 CAD 519,000 556,576 572,249 0.0 Choice Properties LP 3.60% Sep 20/22 CAD 549,000 554,748 571,970 0.0 Canadian Western Bank 2.60% Sep 06/24 CAD 542,000 542,184 570,303 0.0 SmartCentres REIT 3.19% Jun 11/27 CAD 515,000 515,000 552,101 0.0 Canadian Western Bank 2.83% Mar 14/22 CAD 535,000 536,896 549,215 0.0 HCN Canadian Holdings-1 LP 2.95% Jan 15/27 CAD 520,000 520,915 546,868 0.0 TMX Group Ltd. 3.00% Dec 11/24 CAD 505,000 515,695 545,466 0.0 Co-operators Financial Services Ltd. 3.33% May 13/30 CAD 530,000 531,798 540,298 0.0 Genworth MI Canada, Inc. 2.96% Mar 01/27 CAD 520,000 520,389 537,966 0.0 Allied Properties REIT 3.39% Aug 15/29 CAD 477,000 477,750 512,842 0.0 CI Financial Corp. 3.52% Jul 20/23 CAD 475,000 477,854 498,897 0.0 Intact Financial Corp. 1.93% Dec 16/30 CAD 480,000 480,000 484,330 0.0 RioCan REIT 2.36% Mar 10/27 CAD 465,000 465,414 472,807 0.0 Allied Properties REIT 3.13% May 15/28 CAD 440,000 440,000 467,359 0.0 Choice Properties REIT 2.85% May 21/27 CAD 435,000 435,000 464,062 0.0 Intact Financial Corp. 2.95% Dec 16/50 CAD 450,000 450,000 458,924 0.0 CIBC Capital Trust 10.25% Jun 30/2108 CAD 383,000 510,463 419,577 0.0 H&R REIT 2.92% May 06/22 CAD 411,000 415,485 418,410 0.0 SmartCentres REIT 3.65% Dec 11/30 CAD 378,000 381,012 409,639 0.0 Canadian Western Bank 2.74% Jun 16/22 CAD 390,000 395,892 401,915 0.0 Canadian Western Bank 2.61% Jan 30/25 CAD 374,000 376,326 394,536 0.0 Laurentian Bank of Canada 3.00% Sep 12/22 CAD 369,000 367,224 382,280 0.0

7 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets RioCan REIT 3.21% Sep 29/23 CAD 300,000 306,162 314,913 0.0 First Capital REIT 4.32% Jul 31/25 CAD 263,000 274,420 288,540 0.0 Choice Properties REIT 3.01% Mar 21/22 CAD 218,000 217,657 223,919 0.0 RioCan REIT 2.83% Oct 03/22 CAD 199,000 200,484 205,119 0.0 327,164,402 341,123,833 10.5 Government Government of Canada 1.25% Jun 01/30 CAD 49,976,000 52,495,067 52,582,280 1.6 Government of Canada 2.00% Dec 01/51 CAD 41,668,000 49,513,379 50,104,562 1.5 Government of Canada 0.25% Nov 01/22 CAD 46,088,000 46,076,278 46,127,175 1.4 Government of Canada 0.25% Aug 01/22 CAD 39,255,000 39,227,682 39,299,648 1.2 Government of Canada 1.75% Mar 01/23 CAD 33,452,000 33,468,418 34,536,237 1.1 Government of Canada 1.25% Mar 01/25 CAD 33,078,000 34,317,122 34,326,123 1.1 Government of Canada 0.50% Sep 01/25 CAD 32,550,000 32,735,307 32,710,369 1.0 Government of Canada 0.50% Mar 01/22 CAD 31,899,000 31,330,742 32,025,083 1.0 Government of Canada 2.25% Jun 01/29 CAD 25,057,000 27,007,345 28,469,359 0.9 Government of Canada 1.50% Sep 01/24 CAD 25,819,000 26,145,464 26,943,740 0.8 Government of Canada 2.50% Jun 01/24 CAD 24,705,000 26,053,865 26,564,579 0.8 Government of Canada 1.50% May 01/22 CAD 24,658,000 25,224,422 25,092,697 0.8 Government of Canada 2.75% Dec 01/48 CAD 17,015,000 21,596,239 23,338,807 0.7 Government of Canada 5.75% Jun 01/33 CAD 14,738,000 22,392,665 23,295,824 0.7 Government of Canada 3.50% Dec 01/45 CAD 14,699,000 20,040,206 22,200,424 0.7 Government of Canada 5.75% Jun 01/29 CAD 15,285,000 21,500,860 21,724,000 0.7 Government of Canada 1.50% Jun 01/26 CAD 19,511,900 19,582,036 20,646,054 0.6 Government of Canada 0.50% Dec 01/30 CAD 20,585,000 20,142,277 20,137,348 0.6 Government of Canada 4.00% Jun 01/41 CAD 12,484,000 17,539,584 19,237,445 0.6 Government of Canada 5.00% Jun 01/37 CAD 11,641,000 17,467,369 18,833,274 0.6 Government of Canada 0.25% Feb 01/23 CAD 18,000,000 17,981,130 18,004,248 0.6 Government of Canada 1.00% Sep 01/22 CAD 16,625,000 16,443,949 16,854,663 0.5 Government of Canada 2.75% Jun 01/22 CAD 15,017,000 15,743,711 15,564,935 0.5 Government of Canada 2.00% Sep 01/23 CAD 14,193,000 14,192,566 14,846,932 0.5 Government of Canada 1.50% Jun 01/23 CAD 14,186,000 14,212,447 14,623,482 0.4 Government of Canada 2.75% Dec 01/64 CAD 9,036,000 11,930,172 13,809,116 0.4 Government of Canada 2.25% Jun 01/25 CAD 11,721,000 12,590,773 12,701,278 0.4 Government of Canada 1.00% Jun 01/27 CAD 11,657,000 11,803,155 12,053,794 0.4 Government of Canada 2.25% Mar 01/24 CAD 6,366,000 6,697,257 6,762,267 0.2 Government of Canada 0.25% Mar 01/26 CAD 6,060,000 5,996,959 5,997,931 0.2 Government of Canada 8.00% Jun 01/27 CAD 3,931,000 6,500,649 5,793,870 0.2 Government of Canada 2.00% Jun 01/28 CAD 4,267,000 4,306,239 4,726,421 0.1 Government of Canada 9.00% Jun 01/25 CAD 1,841,000 2,993,080 2,536,435 0.1 Government of Canada 8.00% Jun 01/23 CAD 735,000 1,038,245 871,719 0.0 Republic of Austria 5.38% Dec 01/34 CAD 473,000 580,922 683,128 0.0 726,867,581 744,025,247 22.9 Government-related Agencies Canada Housing Trust No. 1 2.40% Dec 15/22 CAD 26,533,000 27,141,099 27,632,814 0.9 Canada Housing Trust No. 1 2.90% Jun 15/24 CAD 24,879,500 26,243,278 26,965,723 0.8 Canada Housing Trust No. 1 1.95% Dec 15/25 CAD 21,202,000 22,398,353 22,570,216 0.7 Canada Housing Trust No. 1 0.95% Jun 15/25 CAD 20,795,000 20,950,620 21,151,005 0.7 Canada Housing Trust No. 1 2.35% Jun 15/23 CAD 17,949,390 18,165,077 18,834,282 0.6 Canada Housing Trust No. 1 1.75% Jun 15/22 CAD 17,635,000 17,637,543 18,023,727 0.6 Canada Housing Trust No. 1 1.75% Jun 15/30 CAD 16,659,000 17,630,820 17,747,525 0.5 Canada Housing Trust No. 1 2.55% Dec 15/23 CAD 16,527,000 16,852,268 17,574,010 0.5 Canada Housing Trust No. 1 1.80% Dec 15/24 CAD 16,242,000 16,290,276 17,063,056 0.5 Canada Housing Trust No. 1 2.35% Sep 15/23 CAD 14,838,000 15,622,776 15,631,305 0.5 Canada Housing Trust No. 1 2.65% Mar 15/22 CAD 11,215,000 11,598,313 11,542,199 0.4 Canada Housing Trust No. 1 2.10% Sep 15/29 CAD 10,255,000 10,686,282 11,224,696 0.3 Canada Housing Trust No. 1 2.65% Dec 15/28 CAD 9,059,000 9,582,604 10,272,787 0.3 Canada Housing Trust No. 1 1.90% Sep 15/26 CAD 9,597,000 9,703,240 10,238,206 0.3 Canada Housing Trust No. 1 2.55% Mar 15/25 CAD 8,841,000 9,240,194 9,577,821 0.3 Canada Housing Trust No. 1 2.35% Jun 15/27 CAD 8,496,000 8,786,293 9,338,776 0.3 Canada Housing Trust No. 1 3.15% Sep 15/23 CAD 6,852,000 7,264,392 7,365,070 0.2 Canada Housing Trust No. 1 2.65% Mar 15/28 CAD 6,527,000 6,608,782 7,352,477 0.2 Canada Housing Trust No. 1 2.25% Dec 15/25 CAD 6,419,000 6,660,780 6,926,903 0.2 Canada Housing Trust No. 1 1.10% Mar 15/31 CAD 6,460,000 6,483,837 6,473,562 0.2 Canada Housing Trust No. 1 2.35% Mar 15/28 CAD 5,201,000 5,430,889 5,750,105 0.2 PSP Capital, Inc. 1.73% Jun 21/22 CAD 3,317,000 3,314,001 3,388,445 0.1 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.86% Dec 01/48 CAD 2,121,000 2,680,516 3,004,877 0.1 PSP Capital, Inc. 3.29% Apr 04/24 CAD 2,672,000 2,835,860 2,911,550 0.1 CPPIB Capital, Inc. 3.00% Jun 15/28 CAD 2,424,000 2,607,087 2,766,022 0.1 PSP Capital, Inc. 0.90% Jun 15/26 CAD 2,558,000 2,556,702 2,569,767 0.1 Maritime Link Financing Trust 3.50% Dec 01/52 CAD 2,006,646 2,214,685 2,483,636 0.1 KfW 2.00% Feb 07/22 CAD 2,348,000 2,360,763 2,393,809 0.1

8 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets PSP Capital, Inc. 2.05% Jan 15/30 CAD 1,904,000 1,898,521 2,034,291 0.1 PSP Capital, Inc. 3.00% Nov 05/25 CAD 1,833,000 1,951,101 2,030,073 0.1 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.63% Jun 01/29 CAD 1,647,000 1,886,391 1,983,093 0.1 PSP Capital, Inc. 2.09% Nov 22/23 CAD 1,892,000 1,915,155 1,980,799 0.1 Labrador-Island Link Funding Trust 3.85% Dec 01/53 CAD 1,297,000 1,580,993 1,917,625 0.1 Labrador-Island Link Funding Trust 3.76% Jun 01/33 CAD 1,409,000 1,639,437 1,783,872 0.1 Labrador-Island Link Funding Trust 3.86% Dec 01/45 CAD 1,254,000 1,630,105 1,737,718 0.1 OPB Finance Trust 2.98% Jan 25/27 CAD 1,132,000 1,189,379 1,255,139 0.0 KfW 5.05% Feb 04/25 CAD 1,017,000 1,242,222 1,202,124 0.0 Canada Post Corp. 4.36% Jul 16/40 CAD 831,000 1,069,263 1,184,278 0.0 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.83% Jun 01/37 CAD 758,455 900,209 996,998 0.0 CPPIB Capital, Inc. 0.63% Sep 01/22 CAD 938,000 939,146 943,112 0.0 Export Development Canada 1.65% Jul 31/24 CAD 853,000 863,727 889,067 0.0 Canada Post Corp. 4.08% Jul 16/25 CAD 752,000 854,382 865,888 0.0 OPB Finance Trust 3.89% Jul 04/42 CAD 658,000 739,469 836,825 0.0 OPB Finance Trust 1.88% Feb 24/22 CAD 816,000 819,877 830,411 0.0 CPPIB Capital, Inc. 0.75% Jun 15/24 CAD 822,000 823,939 829,053 0.0 KfW 4.70% Jun 02/37 CAD 557,000 691,273 779,666 0.0 Cordelio Amalco GP I 4.09% Jun 30/34 CAD 677,942 695,033 761,376 0.0 Export Development Canada 1.80% Sep 01/22 CAD 733,000 747,938 751,721 0.0 Cordelio Amalco GP I 4.09% Sep 30/34 CAD 435,879 461,644 491,244 0.0 KfW 4.65% Feb 28/23 CAD 57,000 65,670 62,177 0.0 334,152,204 344,920,921 10.6 Government-related Supranational International Bank for Reconstruction & Development 1.80% Jul 26/24 CAD 2,996,000 3,009,072 3,134,805 0.1 International Bank for Reconstruction & Development 1.90% Jan 16/25 CAD 2,458,000 2,499,221 2,591,568 0.1 International Bank for Reconstruction & Development 2.20% Jan 18/22 CAD 2,354,000 2,369,588 2,402,634 0.1 International Bank for Reconstruction & Development 0.75% Jul 02/25 CAD 2,375,000 2,377,440 2,386,875 0.1 Inter-American Development Bank 4.40% Jan 26/26 CAD 1,486,000 1,719,010 1,757,344 0.1 International Bank for Reconstruction & Development 2.25% Jan 17/23 CAD 1,604,000 1,627,975 1,667,759 0.1 International Bank for Reconstruction & Development 2.50% Aug 03/23 CAD 1,553,000 1,581,841 1,637,204 0.1 Inter-American Development Bank 0.75% Oct 15/25 CAD 1,499,000 1,501,000 1,506,225 0.1 International Finance Corp. 1.38% Sep 13/24 CAD 1,255,000 1,233,992 1,296,239 0.0 International Bank for Reconstruction & Development 0.88% Sep 28/27 CAD 1,276,000 1,278,412 1,275,847 0.0 Asian Development Bank 4.65% Feb 16/27 CAD 899,000 1,079,573 1,103,657 0.0 International Finance Corp. 0.63% Sep 16/25 CAD 1,000,000 998,500 999,080 0.0 Inter-American Development Bank 1.70% Oct 10/24 CAD 955,000 954,961 998,070 0.0 Inter-American Development Bank 0.88% Aug 27/27 CAD 960,000 954,163 959,942 0.0 International Finance Corp. 2.38% Jul 19/23 CAD 629,000 629,279 660,670 0.0 EUROFIMA 4.55% Mar 30/27 CAD 454,000 521,811 545,091 0.0 24,335,838 24,923,010 0.8 Industrial Apple, Inc. 2.51% Aug 19/24 CAD 4,210,000 4,253,030 4,478,303 0.2 Shaw Communications, Inc. 6.75% Nov 09/39 CAD 2,396,000 3,169,004 3,468,977 0.1 TransCanada PipeLines Ltd. 3.80% Apr 05/27 CAD 2,626,000 2,808,378 2,954,250 0.1 Bell Canada, Inc. 3.00% Oct 03/22 CAD 2,768,000 2,812,754 2,876,506 0.1 Rogers Communications, Inc. 3.65% Mar 31/27 CAD 2,446,000 2,435,843 2,758,574 0.1 Bell Canada, Inc. 3.35% Mar 12/25 CAD 2,285,000 2,337,059 2,493,758 0.1 Suncor Energy, Inc. 5.00% Apr 09/30 CAD 1,990,000 2,097,821 2,413,154 0.1 Thomson Reuters Corp. 2.24% May 14/25 CAD 2,272,000 2,296,096 2,377,512 0.1 Walt Disney Co. 3.06% Mar 30/27 CAD 2,099,000 2,128,119 2,295,445 0.1 TELUS Corp. 3.35% Apr 01/24 CAD 2,128,000 2,210,800 2,285,621 0.1 Bell Canada, Inc. 3.50% Sep 30/50 CAD 2,115,000 2,091,498 2,226,037 0.1 TWDC Enterprises 18 Corp. 2.76% Oct 07/24 CAD 2,071,000 2,094,467 2,210,503 0.1 Enbridge, Inc. 3.20% Jun 08/27 CAD 2,007,000 2,067,833 2,190,299 0.1 AT&T, Inc. 4.00% Nov 25/25 CAD 1,936,000 1,996,793 2,184,912 0.1 Bell Canada, Inc. 2.50% May 14/30 CAD 2,050,000 2,055,340 2,149,753 0.1 Husky Energy, Inc. 3.50% Feb 07/28 CAD 2,000,000 1,999,860 2,086,480 0.1 55 Ontario School Board Trust 5.90% Jun 02/33 CAD 1,366,000 1,813,448 1,980,044 0.1 Enbridge, Inc. 2.99% Oct 03/29 CAD 1,833,000 1,853,458 1,977,147 0.1 Bell Canada, Inc. 3.80% Aug 21/28 CAD 1,650,000 1,696,542 1,899,199 0.1 TransCanada PipeLines Ltd. 4.18% Jul 03/48 CAD 1,703,000 1,759,346 1,898,147 0.1 Rogers Communications, Inc. 3.25% May 01/29 CAD 1,687,000 1,712,452 1,875,489 0.1 TELUS Corp. 3.30% May 02/29 CAD 1,679,000 1,751,597 1,872,622 0.1 Rogers Communications, Inc. 6.11% Aug 25/40 CAD 1,315,000 1,767,436 1,860,357 0.1

9 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets TELUS Corp. 4.85% Apr 05/44 CAD 1,498,000 1,654,837 1,859,632 0.1 Alimentation Couche-Tard, Inc. 3.60% Jun 02/25 CAD 1,660,000 1,718,230 1,828,673 0.1 TransCanada PipeLines Ltd. 4.55% Nov 15/41 CAD 1,586,000 1,729,605 1,822,187 0.1 Pembina Pipeline Corp. 4.75% Mar 26/48 CAD 1,581,000 1,715,336 1,821,075 0.1 TELUS Corp. 2.35% Mar 28/22 CAD 1,757,000 1,756,231 1,793,159 0.1 McDonald's Corp. 3.13% Mar 04/25 CAD 1,629,000 1,660,187 1,768,279 0.1 Pembina Pipeline Corp. 3.62% Apr 03/29 CAD 1,585,000 1,630,921 1,754,706 0.1 Greater Toronto Airports Authority 2.75% Oct 17/39 CAD 1,669,000 1,674,637 1,749,830 0.1 Verizon Communications, Inc. 2.50% May 16/30 CAD 1,631,000 1,660,598 1,728,681 0.1 TELUS Corp. 3.75% Mar 10/26 CAD 1,535,000 1,610,241 1,720,888 0.1 Toyota Credit Canada, Inc. 2.31% Oct 23/24 CAD 1,628,000 1,649,475 1,716,042 0.1 TransCanada PipeLines Ltd. 4.34% Oct 15/49 CAD 1,478,000 1,549,939 1,695,990 0.1 407 International, Inc. 5.75% Feb 14/36 CAD 1,274,000 1,664,869 1,694,216 0.1 Bell Canada, Inc. 3.35% Mar 22/23 CAD 1,599,000 1,642,903 1,680,981 0.1 Bell Canada, Inc. 2.70% Feb 27/24 CAD 1,590,000 1,570,812 1,676,893 0.1 Bell Canada, Inc. 3.60% Sep 29/27 CAD 1,469,000 1,544,800 1,661,248 0.1 Northern Courier Pipeline LP 3.37% Jun 30/42 CAD 1,512,846 1,561,104 1,648,700 0.1 Bell Canada, Inc. 3.55% Mar 02/26 CAD 1,461,000 1,486,532 1,622,075 0.1 Enbridge, Inc. 4.57% Mar 11/44 CAD 1,393,000 1,474,350 1,616,173 0.1 Canadian Natural Resources Ltd. 3.31% Feb 11/22 CAD 1,562,000 1,592,167 1,606,298 0.1 407 International, Inc. 2.84% Mar 07/50 CAD 1,513,000 1,487,195 1,596,941 0.1 TransCanada PipeLines Ltd. 8.05% Feb 17/39 CAD 952,000 1,460,839 1,527,322 0.1 AT&T, Inc. 4.85% May 25/47 CAD 1,305,000 1,373,369 1,523,640 0.1 TELUS Corp. 2.75% Jul 08/26 CAD 1,385,000 1,417,477 1,489,318 0.1 Honda Canada Finance, Inc. 3.44% May 23/25 CAD 1,346,000 1,411,846 1,485,944 0.1 AT&T, Inc. 5.10% Nov 25/48 CAD 1,202,000 1,321,964 1,463,531 0.1 Loblaw Cos. Ltd. 4.86% Sep 12/23 CAD 1,331,000 1,450,528 1,462,516 0.1 TransCanada PipeLines Ltd. 3.00% Sep 18/29 CAD 1,334,000 1,379,315 1,445,429 0.1 Rogers Communications, Inc. 6.68% Nov 04/39 CAD 957,000 1,313,951 1,426,007 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 3.65% Jun 01/35 CAD 1,272,000 1,318,581 1,417,530 0.1 407 International, Inc. 2.43% May 04/27 CAD 1,306,000 1,297,236 1,408,221 0.1 TransCanada PipeLines Ltd. 3.69% Jul 19/23 CAD 1,305,000 1,373,627 1,392,239 0.1 Suncor Energy, Inc. 3.00% Sep 14/26 CAD 1,274,000 1,288,921 1,381,589 0.1 Honda Canada Finance, Inc. 2.54% Mar 01/23 CAD 1,319,000 1,318,202 1,372,288 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 4.05% Jul 22/44 CAD 1,174,000 1,226,011 1,359,774 0.1 407 International, Inc. 3.60% May 21/47 CAD 1,133,000 1,215,746 1,351,805 0.1 Enbridge, Inc. 3.19% Dec 05/22 CAD 1,290,000 1,326,416 1,351,339 0.1 Enbridge Pipelines, Inc. 3.45% Sep 29/25 CAD 1,223,000 1,284,384 1,349,654 0.1 BHP Billiton Finance Ltd. 3.23% May 15/23 CAD 1,269,000 1,289,175 1,340,039 0.1 Bell Canada, Inc. 2.90% Aug 12/26 CAD 1,236,000 1,220,447 1,338,267 0.1 PepsiCo, Inc. 2.15% May 06/24 CAD 1,275,000 1,293,820 1,333,930 0.1 Inter Pipeline Ltd. 4.23% Jun 01/27 CAD 1,195,000 1,219,982 1,326,319 0.1 Bell Canada, Inc. 2.90% Sep 10/29 CAD 1,222,000 1,224,029 1,325,882 0.1 Anheuser-Busch InBev Finance, Inc. 4.32% May 15/47 CAD 1,148,000 1,169,789 1,316,377 0.1 Husky Energy, Inc. 3.55% Mar 12/25 CAD 1,244,000 1,276,451 1,312,184 0.1 Pembina Pipeline Corp. 4.54% Apr 03/49 CAD 1,166,000 1,222,007 1,308,672 0.1 TransCanada PipeLines Ltd. 4.33% Sep 16/47 CAD 1,146,000 1,185,032 1,305,466 0.1 TransCanada PipeLines Ltd. 3.30% Jul 17/25 CAD 1,196,000 1,239,891 1,305,219 0.1 Husky Energy, Inc. 3.60% Mar 10/27 CAD 1,235,000 1,242,063 1,301,665 0.1 TELUS Corp. 3.95% Feb 16/50 CAD 1,164,000 1,183,144 1,293,833 0.1 Bell Canada, Inc. 4.45% Feb 27/47 CAD 1,047,892 1,160,239 1,271,145 0.1 Pembina Pipeline Corp. 4.02% Mar 27/28 CAD 1,120,000 1,181,122 1,270,024 0.1 United Parcel Service, Inc. 2.13% May 21/24 CAD 1,211,000 1,195,866 1,263,957 0.1 Suncor Energy, Inc. 3.10% May 24/29 CAD 1,162,000 1,187,537 1,261,002 0.1 Bell Canada, Inc. 1.65% Aug 16/27 CAD 1,240,000 1,240,583 1,255,500 0.1 Saputo, Inc. 2.24% Jun 16/27 CAD 1,180,000 1,185,846 1,233,832 0.1 Pembina Pipeline Corp. 2.99% Jan 22/24 CAD 1,162,000 1,175,383 1,228,292 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 2.80% Jun 01/27 CAD 1,141,000 1,140,798 1,227,374 0.1 Metro, Inc. 3.39% Dec 06/27 CAD 1,089,000 1,145,455 1,223,927 0.1 Suncor Energy, Inc. 5.39% Mar 26/37 CAD 981,000 1,227,492 1,214,184 0.1 Transurban Finance Co. Pty Ltd. 4.56% Nov 14/28 CAD 1,048,000 1,093,464 1,196,952 0.1 Crosslinx Transit Solutions GP 4.65% Sep 30/46 CAD 1,003,000 1,114,244 1,194,332 0.1 TELUS Corp. 3.15% Feb 19/30 CAD 1,065,000 1,073,189 1,179,285 0.1 Greater Toronto Airports Authority 7.05% Jun 12/30 CAD 810,000 1,144,695 1,163,654 0.1 Enbridge Pipelines, Inc. 3.52% Feb 22/29 CAD 1,027,000 1,067,470 1,160,931 0.1 Canadian Natural Resources Ltd. 3.55% Jun 03/24 CAD 1,078,000 1,100,993 1,160,726 0.1 Enbridge, Inc. 4.24% Aug 27/42 CAD 1,045,000 1,065,259 1,155,582 0.1 Greater Toronto Airports Authority 6.98% Oct 15/32 CAD 772,000 1,117,950 1,151,639 0.1 TELUS Corp. 2.35% Jan 27/28 CAD 1,083,000 1,090,105 1,137,789 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 4.25% Jun 01/29 CAD 962,000 1,053,073 1,132,967 0.1 Greater Toronto Airports Authority 3.26% Jun 01/37 CAD 1,008,000 1,081,866 1,127,458 0.1

10 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Bell Canada, Inc. 4.75% Sep 29/44 CAD 891,000 1,035,282 1,111,567 0.1 407 International, Inc. 5.96% Dec 03/35 CAD 761,000 1,051,417 1,099,021 0.1 TransCanada PipeLines Ltd. 4.35% Jun 06/46 CAD 963,000 1,033,591 1,095,297 0.1 AT&T, Inc. 2.85% May 25/24 CAD 1,027,000 1,037,713 1,089,893 0.0 TELUS Corp. 3.63% Mar 01/28 CAD 957,000 992,622 1,084,377 0.0 Enbridge Pipelines, Inc. 4.33% Feb 22/49 CAD 915,000 963,963 1,080,340 0.0 Shaw Communications, Inc. 3.30% Dec 10/29 CAD 970,000 992,585 1,072,345 0.0 Pembina Pipeline Corp. 4.74% Jan 21/47 CAD 933,000 1,005,068 1,070,375 0.0 Daimler Canada Finance, Inc. 3.05% May 16/22 CAD 1,028,000 1,051,893 1,062,191 0.0 AIMCo Realty Investors LP 3.04% Jun 01/28 CAD 956,000 980,606 1,058,856 0.0 AltaGas Ltd. 2.16% Jun 10/25 CAD 1,012,000 1,017,762 1,051,316 0.0 BCI QuadReal Realty 1.68% Mar 03/25 CAD 1,015,000 1,024,862 1,047,541 0.0 Pembina Pipeline Corp. 2.56% Jun 01/23 CAD 1,007,000 1,012,947 1,047,230 0.0 TransCanada PipeLines Ltd. 3.39% Mar 15/28 CAD 944,000 980,973 1,047,104 0.0 North West Redwater Partnership / NWR Financing Co. Ltd. 3.70% Feb 23/43 CAD 953,000 997,352 1,046,890 0.0 Rogers Communications, Inc. 4.00% Jun 06/22 CAD 989,000 1,030,007 1,036,037 0.0 Mondelez International, Inc. 3.25% Mar 07/25 CAD 952,000 950,051 1,035,509 0.0 Bell Canada, Inc. 2.75% Jan 29/25 CAD 963,000 1,003,230 1,028,542 0.0 AIMCo Realty Investors LP 2.71% Jun 01/29 CAD 948,000 964,534 1,026,845 0.0 Teranet Holdings LP 3.54% Jun 11/25 CAD 942,000 950,132 1,013,272 0.0 Bell Canada, Inc. 4.35% Dec 18/45 CAD 847,000 875,036 1,007,701 0.0 TELUS Corp. 4.40% Apr 01/43 CAD 861,000 878,961 1,002,884 0.0 TELUS Corp. 4.40% Jan 29/46 CAD 842,000 848,476 992,373 0.0 NAV Canada 2.92% Sep 29/51 CAD 896,000 938,718 985,591 0.0 Brookfield Property Finance ULC 4.30% Mar 01/24 CAD 935,000 960,427 978,861 0.0 Shaw Communications, Inc. 4.35% Jan 31/24 CAD 888,000 954,937 974,562 0.0 Canadian National Railway Co. 3.05% Feb 08/50 CAD 885,000 895,936 972,332 0.0 Pembina Pipeline Corp. 4.81% Mar 25/44 CAD 842,000 894,934 966,262 0.0 Greater Toronto Airports Authority 5.30% Feb 25/41 CAD 670,000 891,837 965,664 0.0 TELUS Corp. 4.75% Jan 17/45 CAD 785,000 860,183 965,110 0.0 Greater Toronto Airports Authority 1.54% May 03/28 CAD 945,000 945,474 964,930 0.0 Rogers Communications, Inc. 4.00% Mar 13/24 CAD 881,000 943,722 961,250 0.0 Molson Coors International LP 2.84% Jul 15/23 CAD 921,000 929,545 959,700 0.0 Heathrow Funding Ltd. 3.66% Jan 13/33 CAD 905,000 908,269 958,549 0.0 Bell Canada, Inc. 4.70% Sep 11/23 CAD 875,000 966,975 957,976 0.0 Canadian Pacific Railway Co. 6.45% Nov 17/39 CAD 616,000 854,057 952,792 0.0 407 International, Inc. 3.72% May 11/48 CAD 777,000 826,385 949,719 0.0 Canadian Natural Resources Ltd. 3.42% Dec 01/26 CAD 867,000 914,708 948,446 0.0 North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% Jul 22/24 CAD 884,000 906,158 947,675 0.0 Pembina Pipeline Corp. 3.71% Aug 11/26 CAD 855,000 877,650 946,878 0.0 SSL Finance, Inc. 4.10% Oct 31/45 CAD 805,947 847,351 945,166 0.0 Shaw Communications, Inc. 4.40% Nov 02/28 CAD 798,000 856,479 944,553 0.0 John Deere Financial, Inc. 2.99% Jan 14/22 CAD 915,000 935,352 939,504 0.0 bcIMC Realty Corp. 2.84% Jun 03/25 CAD 869,000 887,463 937,964 0.0 Shaw Communications, Inc. 2.90% Dec 09/30 CAD 877,000 895,119 932,768 0.0 TELUS Corp. 4.70% Mar 06/48 CAD 750,000 796,120 930,352 0.0 Toyota Credit Canada, Inc. 2.02% Feb 28/22 CAD 913,000 907,787 930,210 0.0 Sysco Canada, Inc. 3.65% Apr 25/25 CAD 854,000 894,111 930,032 0.0 Hospital Infrastructure Partners NOH Partnership 5.44% Jan 31/45 CAD 700,207 829,194 926,156 0.0 Sobeys, Inc. 4.70% Aug 08/23 CAD 850,000 930,340 925,658 0.0 North West Redwater Partnership / NWR Financing Co. Ltd. 4.35% Jan 10/39 CAD 781,000 845,587 923,095 0.0 North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% Apr 24/26 CAD 843,000 865,769 919,030 0.0 Enbridge, Inc. 3.95% Nov 19/24 CAD 831,000 861,648 916,668 0.0 Aeroports de Montreal 3.03% Apr 21/50 CAD 832,000 861,686 915,732 0.0 AltaGas Ltd. 2.08% May 30/28 CAD 900,000 900,000 912,330 0.0 Nouvelle Autoroute 30 Financement, Inc. 4.11% Mar 31/42 CAD 763,401 793,821 911,707 0.0 VW Credit Canada, Inc. 3.70% Nov 14/22 CAD 862,000 878,549 909,763 0.0 Toromont Industries Ltd. 3.84% Oct 27/27 CAD 807,000 831,139 905,761 0.0 Heathrow Funding Ltd. 3.25% May 21/27 CAD 842,000 844,972 894,903 0.0 Metro, Inc. 4.27% Dec 04/47 CAD 746,000 797,542 894,484 0.0 Pembina Pipeline Corp. 3.54% Feb 03/25 CAD 824,000 839,744 894,312 0.0 Bell Canada, Inc. 6.10% Mar 16/35 CAD 660,000 822,527 893,845 0.0 General Motors Financial of Canada Ltd. 3.25% Nov 07/23 CAD 847,000 849,228 891,451 0.0 Canadian National Railway Co. 3.60% Feb 08/49 CAD 739,000 797,597 889,276 0.0 North West Redwater Partnership / NWR Financing Co. Ltd. 4.75% Jun 01/37 CAD 718,000 844,269 886,586 0.0 North West Redwater Partnership / NWR Financing Co. Ltd. 2.10% Feb 23/22 CAD 870,000 873,635 883,502 0.0 AltaGas Ltd. 2.61% Dec 16/22 CAD 853,000 857,098 883,461 0.0 VW Credit Canada, Inc. 2.85% Sep 26/24 CAD 822,000 827,996 876,227 0.0 Rogers Communications, Inc. 6.56% Mar 22/41 CAD 588,000 761,509 875,450 0.0

11 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets VW Credit Canada, Inc. 1.50% Sep 23/25 CAD 865,000 862,810 874,550 0.0 Cameco Corp. 4.19% Jun 24/24 CAD 812,000 845,731 874,508 0.0 Waste Management of Canada Corp. 2.60% Sep 23/26 CAD 810,000 829,380 872,605 0.0 Teranet Holdings LP 5.75% Dec 17/40 CAD 721,000 778,058 872,021 0.0 Enbridge, Inc. 3.94% Jun 30/23 CAD 812,000 848,485 868,653 0.0 Canadian National Railway Co. 3.95% Sep 22/45 CAD 691,000 773,979 864,427 0.0 Canadian National Railway Co. 3.60% Jul 31/48 CAD 713,000 731,892 857,796 0.0 Dollarama, Inc. 3.55% Nov 06/23 CAD 796,000 802,784 856,186 0.0 407 International, Inc. 3.67% Mar 08/49 CAD 704,000 753,736 855,557 0.0 Gibson Energy, Inc. 3.60% Sep 17/29 CAD 777,000 780,770 848,422 0.0 VW Credit Canada, Inc. 1.20% Sep 25/23 CAD 840,000 839,800 847,249 0.0 Metro, Inc. 5.97% Oct 15/35 CAD 624,000 761,112 838,438 0.0 Inter Pipeline Ltd. 4.64% May 30/44 CAD 779,000 815,098 833,195 0.0 Pembina Pipeline Corp. 3.31% Feb 01/30 CAD 770,000 778,233 833,086 0.0 Honda Canada Finance, Inc. 2.27% Jul 15/22 CAD 809,000 806,675 830,722 0.0 Molson Coors International LP 3.44% Jul 15/26 CAD 762,000 769,649 825,116 0.0 Brookfield Property Finance ULC 4.35% Jul 03/23 CAD 786,000 803,509 819,672 0.0 Shaw Communications, Inc. 3.80% Nov 02/23 CAD 758,000 777,461 819,178 0.0 BP Capital Markets plc 3.47% May 15/25 CAD 735,000 750,383 809,235 0.0 Toyota Credit Canada, Inc. 2.11% Feb 26/25 CAD 771,000 776,334 808,725 0.0 Canadian National Railway Co. 3.60% Aug 01/47 CAD 672,000 680,350 806,259 0.0 Inter Pipeline Ltd. 2.73% Apr 18/24 CAD 770,000 770,437 800,823 0.0 Magna International, Inc. 3.10% Dec 15/22 CAD 765,000 782,679 795,386 0.0 Toyota Credit Canada, Inc. 3.04% Jul 12/23 CAD 748,000 767,995 792,386 0.0 Pembina Pipeline Corp. 4.75% Apr 30/43 CAD 697,000 701,806 791,680 0.0 AltaGas Ltd. 3.84% Jan 15/25 CAD 714,000 728,215 782,223 0.0 Inter Pipeline Ltd. 3.48% Dec 16/26 CAD 725,000 720,863 778,396 0.0 Greater Toronto Airports Authority 2.73% Apr 03/29 CAD 702,000 729,182 776,693 0.0 John Deere Financial, Inc. 2.41% Jan 14/25 CAD 730,000 746,922 775,720 0.0 Enbridge Pipelines, Inc. 4.13% Aug 09/46 CAD 682,000 707,764 775,584 0.0 Loblaw Cos. Ltd. 4.49% Dec 11/28 CAD 635,000 725,667 766,915 0.0 Daimler Canada Finance, Inc. 2.97% Mar 13/24 CAD 720,000 727,650 765,108 0.0 Reliance LP 3.84% Mar 15/25 CAD 693,000 725,980 757,525 0.0 Aeroports de Montreal 5.17% Sep 17/35 CAD 560,000 726,752 755,518 0.0 North West Redwater Partnership / NWR Financing Co. Ltd. 4.15% Jun 01/33 CAD 643,000 694,464 752,876 0.0 Saputo, Inc. 2.88% Nov 19/24 CAD 702,000 723,982 751,021 0.0 Keyera Corp. 3.96% May 29/30 CAD 675,000 685,215 747,839 0.0 Canadian Pacific Railway Co. 3.15% Mar 13/29 CAD 662,000 675,425 747,755 0.0 Aeroports de Montreal 5.67% Oct 16/37 CAD 519,000 723,867 746,182 0.0 VW Credit Canada, Inc. 3.25% Mar 29/23 CAD 705,000 711,561 743,253 0.0 Toyota Credit Canada, Inc. 2.64% Mar 27/24 CAD 701,000 712,317 742,632 0.0 SGTP Highway Bypass LP 4.11% Jan 31/45 CAD 640,129 693,635 738,530 0.0 Loblaw Cos. Ltd. 3.92% Jun 10/24 CAD 668,000 687,665 734,833 0.0 Toyota Credit Canada, Inc. 2.35% Jul 18/22 CAD 708,000 708,503 728,645 0.0 Honda Canada Finance, Inc. 1.34% Mar 17/26 CAD 720,000 720,000 725,710 0.0 Heathrow Funding Ltd. 3.78% Sep 04/32 CAD 674,000 692,781 721,598 0.0 Canadian Tire Corp. Ltd. 3.17% Jul 06/23 CAD 681,000 691,594 718,843 0.0 TELUS Corp. 3.75% Jan 17/25 CAD 650,000 693,440 717,080 0.0 407 International, Inc. 3.83% May 11/46 CAD 585,000 644,066 714,981 0.0 Enbridge Pipelines, Inc. 5.33% Apr 06/40 CAD 557,000 693,837 713,539 0.0 OMERS Realty Corp. 1.30% Sep 22/23 CAD 700,000 700,602 712,110 0.0 Canadian Natural Resources Ltd. 1.45% Nov 16/23 CAD 700,000 699,202 710,171 0.0 VW Credit Canada, Inc. 2.65% Jun 27/22 CAD 688,000 692,578 708,427 0.0 TELUS Corp. 5.15% Nov 26/43 CAD 552,000 622,903 707,951 0.0 General Motors Financial of Canada Ltd. 5.95% May 14/24 CAD 620,000 633,462 706,434 0.0 Enbridge Pipelines, Inc. 4.55% Sep 29/45 CAD 585,000 630,126 702,690 0.0 Pembina Pipeline Corp. 4.67% May 28/50 CAD 612,000 639,702 702,154 0.0 Reliance LP 2.68% Dec 01/27 CAD 665,000 664,880 698,044 0.0 Keyera Corp. 3.93% Jun 21/28 CAD 621,000 648,734 690,602 0.0 Penske Truck Leasing Canada, Inc. 2.85% Dec 07/22 CAD 665,000 661,422 689,671 0.0 TransEd Partners GP 3.95% Sep 30/50 CAD 618,000 618,441 689,126 0.0 Westcoast Energy, Inc. 3.43% Sep 12/24 CAD 633,000 667,682 686,482 0.0 Metro, Inc. 5.03% Dec 01/44 CAD 521,000 606,270 680,989 0.0 Canadian National Railway Co. 2.80% Sep 22/25 CAD 625,000 643,832 680,119 0.0 General Motors Financial of Canada Ltd. 2.60% Jun 01/22 CAD 658,000 653,449 673,726 0.0 Toyota Credit Canada, Inc. 2.62% Oct 11/22 CAD 649,000 652,468 673,441 0.0 Inter Pipeline Ltd. 3.78% May 30/22 CAD 643,000 665,830 669,382 0.0 TELUS Corp. 3.35% Mar 15/23 CAD 636,000 651,155 668,277 0.0 AIMCo Realty Investors LP 2.27% Jun 26/24 CAD 639,000 639,208 667,883 0.0 Dollarama, Inc. 1.51% Sep 20/27 CAD 665,000 664,665 667,826 0.0 Alimentation Couche-Tard, Inc. 3.06% Jul 26/24 CAD 620,000 626,911 664,615 0.0 Cameco Corp. 2.95% Oct 21/27 CAD 630,000 631,245 649,303 0.0 Saputo, Inc. 3.60% Aug 14/25 CAD 580,000 599,689 641,724 0.0

12 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Loblaw Cos. Ltd. 5.90% Jan 18/36 CAD 480,000 586,890 641,621 0.0 407 International, Inc. 3.65% Sep 08/44 CAD 539,000 541,970 640,580 0.0 Brookfield Property Finance ULC 3.93% Jan 15/27 CAD 618,000 620,056 638,709 0.0 John Deere Financial, Inc. 2.46% Apr 04/24 CAD 605,000 612,650 638,027 0.0 Metro, Inc. 3.41% Feb 28/50 CAD 610,000 610,411 637,670 0.0 Westcoast Energy, Inc. 3.77% Dec 08/25 CAD 571,000 610,032 637,133 0.0 Canadian National Railway Co. 3.20% Jul 31/28 CAD 558,000 578,493 634,915 0.0 407 International, Inc. 4.19% Apr 25/42 CAD 498,000 564,999 628,670 0.0 BMW Canada, Inc. 2.41% Nov 27/23 CAD 595,000 608,729 623,358 0.0 Enbridge Pipelines, Inc. 4.55% Aug 17/43 CAD 523,000 590,333 622,741 0.0 Vancouver Airport Fuel Facilities Corp. 2.17% Jun 23/25 CAD 617,000 617,000 622,177 0.0 Loblaw Cos. Ltd. 2.28% May 07/30 CAD 600,000 607,036 621,882 0.0 Pembina Pipeline Corp. 4.24% Jun 15/27 CAD 544,000 579,312 620,323 0.0 407 International, Inc. 4.45% Nov 15/41 CAD 476,000 556,192 618,229 0.0 Saputo, Inc. 2.83% Nov 21/23 CAD 583,000 578,465 614,628 0.0 BCI QuadReal Realty 1.75% Jul 24/30 CAD 602,000 602,000 609,104 0.0 Daimler Canada Finance, Inc. 3.30% Aug 16/22 CAD 580,000 582,643 604,679 0.0 Canadian Natural Resources Ltd. 4.85% May 30/47 CAD 501,000 536,157 602,458 0.0 Honda Canada Finance, Inc. 2.50% Jun 04/24 CAD 561,000 567,130 592,422 0.0 Reliance LP 3.75% Mar 15/26 CAD 537,000 535,787 587,736 0.0 Vancouver Airport Authority 2.87% Oct 18/49 CAD 550,000 561,749 585,871 0.0 Toyota Credit Canada, Inc. 2.70% Jan 25/23 CAD 555,000 558,289 579,675 0.0 Suncor Energy, Inc. 4.34% Sep 13/46 CAD 506,000 541,930 577,058 0.0 Daimler Canada Finance, Inc. 1.65% Sep 22/25 CAD 565,000 564,230 575,402 0.0 407 International, Inc. 3.98% Sep 11/52 CAD 444,000 485,114 573,564 0.0 Hospital for Sick Children 3.42% Dec 07/57 CAD 468,000 499,487 569,612 0.0 Canadian National Railway Co. 3.00% Feb 08/29 CAD 503,000 510,834 567,107 0.0 John Deere Financial, Inc. 1.34% Sep 08/27 CAD 560,000 560,146 564,894 0.0 Ottawa MacDonald-Cartier International Airport Authority 3.93% Jun 09/45 CAD 501,937 564,504 560,021 0.0 Enbridge Pipelines, Inc. 3.00% Aug 10/26 CAD 513,000 511,630 558,760 0.0 Inter Pipeline Ltd. 2.61% Sep 13/23 CAD 537,000 534,510 556,198 0.0 Shaw Communications, Inc. 4.25% Dec 09/49 CAD 492,000 505,867 555,773 0.0 CCL Industries, Inc. 3.86% Apr 13/28 CAD 483,000 498,099 543,916 0.0 Canadian Natural Resources Ltd. 2.50% Jan 17/28 CAD 520,000 519,906 537,997 0.0 Inter Pipeline Ltd. 3.17% Mar 24/25 CAD 506,000 513,860 534,761 0.0 Canadian Pacific Railway Co. 3.05% Mar 09/50 CAD 500,000 484,177 531,490 0.0 Gibson Energy, Inc. 2.85% Jul 14/27 CAD 503,000 502,874 531,223 0.0 AltaGas Ltd. 4.50% Aug 15/44 CAD 468,000 456,222 529,626 0.0 Vancouver Airport Authority 2.80% Sep 21/50 CAD 500,000 500,000 528,995 0.0 Heathrow Funding Ltd. 3.40% Mar 08/30 CAD 497,000 514,749 527,039 0.0 John Deere Financial, Inc. 2.58% Oct 16/26 CAD 485,000 484,530 526,167 0.0 Gibson Energy, Inc. 2.45% Jul 14/25 CAD 503,000 502,014 522,506 0.0 Caterpillar Financial Services Ltd. 2.09% Sep 12/22 CAD 500,000 500,121 513,955 0.0 Plenary Health Care Partnerships Humber LP 4.90% May 31/39 CAD 415,053 487,787 512,777 0.0 Verizon Communications, Inc. 3.63% May 16/50 CAD 463,000 457,789 508,142 0.0 AIMCo Realty Investors LP 3.37% Jun 01/27 CAD 453,000 482,133 507,777 0.0 University of Ottawa 2.64% Feb 13/60 CAD 495,000 495,000 502,791 0.0 Nouvelle Autoroute 30 Financement, Inc. 4.12% Jun 30/42 CAD 420,166 461,760 502,590 0.0 Bell Canada, Inc. 6.17% Feb 26/37 CAD 357,000 453,002 496,815 0.0 Federated Co-operatives Ltd. 3.92% Jun 17/25 CAD 459,000 468,036 493,338 0.0 Enbridge, Inc. 2.44% Jun 02/25 CAD 460,000 464,995 484,513 0.0 NAV Canada 2.06% May 29/30 CAD 460,000 463,167 483,860 0.0 Saputo, Inc. 1.42% Jun 19/26 CAD 480,000 480,121 482,602 0.0 407 International, Inc. 2.47% Sep 08/22 CAD 460,000 456,459 472,328 0.0 Stantec, Inc. 2.05% Oct 08/27 CAD 465,000 464,386 470,129 0.0 John Deere Canada Funding, Inc. 2.63% Sep 21/22 CAD 453,000 451,803 469,743 0.0 Cogeco Communications, Inc. 4.18% May 26/23 CAD 438,000 458,693 467,219 0.0 Daimler Canada Finance, Inc. 2.54% Aug 21/23 CAD 442,000 443,941 461,236 0.0 Pembina Pipeline Corp. 3.77% Oct 24/22 CAD 433,000 444,809 456,542 0.0 Saputo, Inc. 1.94% Jun 13/22 CAD 442,000 432,628 450,544 0.0 TELUS Corp. 2.05% Oct 07/30 CAD 445,000 444,079 448,133 0.0 407 International, Inc. 2.59% May 25/32 CAD 400,000 399,836 431,516 0.0 Metro, Inc. 2.68% Dec 05/22 CAD 412,000 416,260 427,738 0.0 John Deere Canada Funding, Inc. 2.70% Jan 17/23 CAD 407,000 408,320 425,006 0.0 AltaGas Ltd. 4.12% Apr 07/26 CAD 345,000 365,840 389,481 0.0 bcIMC Realty Corp. 3.00% Mar 31/27 CAD 332,000 349,681 367,053 0.0 Bell Canada, Inc. 7.30% Feb 23/32 CAD 232,000 311,628 331,127 0.0 AltaGas Ltd. 3.57% Jun 12/23 CAD 282,000 293,103 298,562 0.0 Bell Canada, Inc. 7.85% Apr 02/31 CAD 202,000 281,432 295,548 0.0 Shaw Communications, Inc. 3.80% Mar 01/27 CAD 245,000 249,521 276,039 0.0 Honda Canada Finance, Inc. 2.49% Dec 19/22 CAD 250,000 250,000 259,122 0.0 Honda Canada Finance, Inc. 3.18% Aug 28/23 CAD 180,000 189,670 191,484 0.0 407 International, Inc. 1.80% May 22/25 CAD 175,000 178,943 182,590 0.0

13 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets 407 International, Inc. 3.14% Mar 06/30 CAD 106,000 110,874 120,803 0.0 NAV Canada 7.56% Mar 01/27 CAD 17,500 21,616 21,047 0.0 297,406,813 316,178,944 9.8 Provincials/Municipals Province of Ontario 3.45% Jun 02/45 CAD 26,356,000 30,695,487 33,564,323 1.0 Province of Ontario 4.65% Jun 02/41 CAD 20,333,500 26,647,886 29,665,693 0.9 Province of Ontario 2.90% Dec 02/46 CAD 24,271,000 24,924,388 28,494,334 0.9 Province of Ontario 2.65% Dec 02/50 CAD 24,789,000 27,448,530 28,308,482 0.9 Province of Ontario 2.60% Jun 02/25 CAD 23,693,000 24,414,251 25,674,878 0.8 Province of Quebec 3.50% Dec 01/48 CAD 19,146,000 22,194,906 25,213,256 0.8 Province of Ontario 2.90% Jun 02/49 CAD 20,983,000 21,685,864 24,928,842 0.8 Province of Ontario 3.50% Jun 02/43 CAD 19,056,000 21,611,545 24,263,803 0.8 Province of Ontario 4.60% Jun 02/39 CAD 16,612,000 21,786,795 23,678,827 0.7 Province of Quebec 3.10% Dec 01/51 CAD 18,476,000 22,489,878 23,208,699 0.7 Province of Quebec 5.00% Dec 01/41 CAD 15,126,000 20,789,476 23,138,136 0.7 Province of Ontario 2.80% Jun 02/48 CAD 19,808,000 19,647,069 23,029,435 0.7 Province of Quebec 3.50% Dec 01/45 CAD 16,696,000 19,238,343 21,556,065 0.7 Province of Ontario 2.85% Jun 02/23 CAD 20,111,000 20,990,500 21,302,718 0.7 Province of Ontario 3.50% Jun 02/24 CAD 19,090,000 20,674,983 21,007,387 0.7 Province of Ontario 3.15% Jun 02/22 CAD 19,636,000 20,603,391 20,437,262 0.6 Province of Ontario 4.70% Jun 02/37 CAD 14,165,000 18,200,091 20,037,871 0.6 Province of Ontario 2.05% Jun 02/30 CAD 18,610,000 19,773,015 19,852,372 0.6 Province of Quebec 3.50% Dec 01/22 CAD 18,437,000 19,630,068 19,564,732 0.6 Hydro-Quebec 5.00% Feb 15/50 CAD 11,624,000 17,392,303 19,096,747 0.6 Province of Ontario 5.60% Jun 02/35 CAD 12,678,000 17,912,243 19,029,624 0.6 Province of Ontario 2.90% Jun 02/28 CAD 16,431,000 17,040,265 18,599,821 0.6 Hydro-Quebec 4.00% Feb 15/55 CAD 12,092,000 16,429,608 17,867,905 0.6 Province of Quebec 1.90% Sep 01/30 CAD 16,739,000 17,692,298 17,696,451 0.6 Province of Quebec 4.25% Dec 01/43 CAD 12,433,000 15,946,321 17,640,581 0.6 Province of Ontario 1.75% Sep 08/25 CAD 16,405,000 17,068,626 17,189,218 0.5 Province of Ontario 6.20% Jun 02/31 CAD 11,015,000 15,910,960 16,163,973 0.5 Province of Ontario 2.70% Jun 02/29 CAD 14,058,000 14,796,723 15,767,247 0.5 Province of Ontario 2.60% Jun 02/27 CAD 14,284,000 14,639,922 15,762,626 0.5 Province of Ontario 2.40% Jun 02/26 CAD 13,609,000 13,943,235 14,747,245 0.5 Province of Alberta 3.10% Jun 01/50 CAD 11,359,000 12,785,867 13,435,110 0.4 Province of Alberta 2.05% Jun 01/30 CAD 12,646,000 12,955,068 13,365,504 0.4 Province of Ontario 5.85% Mar 08/33 CAD 9,026,000 12,814,277 13,352,768 0.4 Province of Alberta 3.05% Dec 01/48 CAD 11,170,000 11,545,899 13,003,702 0.4 Province of Quebec 2.75% Sep 01/25 CAD 11,412,000 12,006,010 12,504,172 0.4 Hydro-Quebec 5.00% Feb 15/45 CAD 7,900,000 11,099,447 12,326,598 0.4 Province of Quebec 5.00% Dec 01/38 CAD 8,114,000 11,093,915 12,038,942 0.4 Province of Quebec 2.50% Sep 01/26 CAD 10,969,000 11,280,617 11,998,352 0.4 Province of Quebec 2.75% Sep 01/27 CAD 10,583,000 11,029,959 11,839,213 0.4 Province of Quebec 2.75% Sep 01/28 CAD 9,619,000 9,892,811 10,843,435 0.3 Province of Quebec 3.75% Sep 01/24 CAD 9,691,000 10,641,029 10,828,927 0.3 Province of Ontario 6.50% Mar 08/29 CAD 7,587,000 10,405,653 10,713,380 0.3 Province of Quebec 6.25% Jun 01/32 CAD 6,940,000 9,908,356 10,420,013 0.3 Hydro-Quebec 6.00% Feb 15/40 CAD 6,284,000 9,619,116 10,381,764 0.3 Province of Alberta 3.30% Dec 01/46 CAD 8,567,000 9,383,896 10,305,193 0.3 Province of Quebec 5.75% Dec 01/36 CAD 6,539,000 9,414,094 10,188,194 0.3 Province of British Columbia 2.95% Jun 18/50 CAD 8,217,000 9,542,712 10,021,384 0.3 Province of Quebec 2.30% Sep 01/29 CAD 8,995,000 9,170,935 9,847,399 0.3 Hydro-Quebec 6.50% Feb 15/35 CAD 6,093,000 9,140,816 9,752,719 0.3 Province of British Columbia 2.80% Jun 18/48 CAD 8,040,000 8,382,606 9,444,101 0.3 Province of British Columbia 4.30% Jun 18/42 CAD 6,439,000 8,206,508 9,143,160 0.3 Province of British Columbia 3.20% Jun 18/44 CAD 7,146,000 7,763,579 8,800,764 0.3 Province of Ontario 7.60% Jun 02/27 CAD 5,938,000 8,485,093 8,394,806 0.3 Province of Ontario 2.60% Sep 08/23 CAD 7,598,000 7,718,182 8,038,297 0.3 Province of Alberta 2.55% Jun 01/27 CAD 7,068,000 7,231,351 7,755,462 0.2 Province of Ontario 1.35% Mar 08/22 CAD 7,309,000 7,271,342 7,407,286 0.2 Province of British Columbia 2.85% Jun 18/25 CAD 6,518,000 7,011,301 7,155,014 0.2 Province of Alberta 2.35% Jun 01/25 CAD 6,273,000 6,408,982 6,727,060 0.2 Province of British Columbia 2.20% Jun 18/30 CAD 6,069,000 6,373,004 6,594,591 0.2 Province of Alberta 2.20% Jun 01/26 CAD 5,894,000 5,933,603 6,318,008 0.2 Province of Ontario 2.30% Sep 08/24 CAD 5,765,000 5,927,724 6,131,982 0.2 Province of British Columbia 4.95% Jun 18/40 CAD 4,068,000 5,600,632 6,123,731 0.2 Province of Alberta 2.90% Dec 01/28 CAD 5,327,000 5,507,106 6,017,052 0.2 Province of Quebec 6.00% Oct 01/29 CAD 4,187,000 5,632,510 5,854,574 0.2 Province of British Columbia 5.70% Jun 18/29 CAD 4,170,000 5,466,139 5,701,874 0.2 Province of Quebec 3.00% Sep 01/23 CAD 5,264,000 5,552,089 5,628,069 0.2 Province of Ontario 2.65% Feb 05/25 CAD 5,118,000 5,349,922 5,542,238 0.2 Province of Manitoba 2.55% Jun 02/23 CAD 5,182,000 5,341,072 5,451,336 0.2 Province of Manitoba 2.45% Jun 02/25 CAD 5,030,000 5,244,860 5,416,550 0.2

14 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of Manitoba 3.20% Mar 05/50 CAD 4,118,000 4,692,671 5,014,393 0.2 Province of Saskatchewan 3.10% Jun 02/50 CAD 4,126,000 4,637,422 4,956,228 0.2 Province of Alberta 3.45% Dec 01/43 CAD 4,009,000 4,532,161 4,894,972 0.2 Province of Quebec 8.50% Apr 01/26 CAD 3,380,000 4,922,942 4,706,990 0.2 Province of Ontario 1.90% Dec 02/51 CAD 4,775,000 4,637,581 4,664,826 0.2 Province of British Columbia 6.35% Jun 18/31 CAD 3,067,000 4,385,231 4,569,444 0.1 Province of Alberta 3.50% Jun 01/31 CAD 3,713,000 4,209,365 4,422,174 0.1 Province of Quebec 9.38% Jan 16/23 CAD 3,715,000 4,881,442 4,392,455 0.1 Province of British Columbia 3.30% Dec 18/23 CAD 3,979,000 4,256,036 4,316,326 0.1 Province of Saskatchewan 3.30% Jun 02/48 CAD 3,350,000 3,636,435 4,123,799 0.1 Province of Alberta 3.10% Jun 01/24 CAD 3,755,000 4,038,090 4,081,618 0.1 Province of Manitoba 4.05% Sep 05/45 CAD 2,976,000 3,706,100 4,025,877 0.1 Province of Manitoba 3.40% Sep 05/48 CAD 3,181,000 3,532,244 3,976,237 0.1 Province of British Columbia 4.70% Jun 18/37 CAD 2,760,000 3,585,480 3,929,147 0.1 Province of Saskatchewan 3.90% Jun 02/45 CAD 2,941,000 3,610,791 3,896,172 0.1 Province of Alberta 2.55% Dec 15/22 CAD 3,726,000 3,818,943 3,888,977 0.1 Province of Saskatchewan 2.75% Dec 02/46 CAD 3,497,000 3,542,197 3,885,893 0.1 Province of Newfoundland 3.30% Oct 17/46 CAD 3,256,000 3,322,169 3,786,115 0.1 Province of Alberta 2.90% Sep 20/29 CAD 3,307,000 3,445,293 3,742,499 0.1 Province of British Columbia 2.95% Dec 18/28 CAD 3,204,000 3,338,263 3,667,232 0.1 Province of Manitoba 2.55% Jun 02/26 CAD 3,226,000 3,244,515 3,518,340 0.1 Province of New Brunswick 3.55% Jun 03/43 CAD 2,824,000 3,158,800 3,506,678 0.1 Province of Manitoba 2.85% Sep 05/46 CAD 3,067,000 3,005,244 3,455,776 0.1 Province of British Columbia 2.55% Jun 18/27 CAD 3,049,000 3,212,936 3,367,640 0.1 Financement-Quebec 5.25% Jun 01/34 CAD 2,358,000 3,097,418 3,351,918 0.1 Province of New Brunswick 3.80% Aug 14/45 CAD 2,508,000 2,958,110 3,256,121 0.1 Province of Nova Scotia 3.50% Jun 02/62 CAD 2,325,000 2,654,546 3,210,478 0.1 Province of New Brunswick 4.80% Jun 03/41 CAD 2,150,000 2,860,519 3,102,779 0.1 Province of Alberta 3.90% Dec 01/33 CAD 2,474,000 2,786,392 3,094,497 0.1 Province of Nova Scotia 3.15% Dec 01/51 CAD 2,481,000 2,864,963 3,060,853 0.1 Province of Manitoba 4.10% Mar 05/41 CAD 2,261,000 2,732,133 3,009,647 0.1 Province of Newfoundland 2.65% Oct 17/50 CAD 2,872,000 2,854,523 3,005,021 0.1 Hydro-Quebec 6.50% Jan 16/35 CAD 1,845,000 2,847,444 2,922,750 0.1 Province of Newfoundland 3.70% Oct 17/48 CAD 2,329,000 2,587,184 2,922,701 0.1 Province of Manitoba 6.30% Mar 05/31 CAD 1,968,000 2,820,445 2,866,039 0.1 Province of Manitoba 3.00% Jun 02/28 CAD 2,518,000 2,606,655 2,860,960 0.1 Province of British Columbia 4.90% Jun 18/48 CAD 1,724,000 2,708,757 2,784,268 0.1 Province of Ontario 8.50% Dec 02/25 CAD 2,003,000 2,835,963 2,743,850 0.1 Province of Alberta 2.65% Sep 01/23 CAD 2,511,000 2,576,953 2,658,575 0.1 Province of British Columbia 2.70% Dec 18/22 CAD 2,496,000 2,579,538 2,613,713 0.1 Province of British Columbia 2.30% Jun 18/26 CAD 2,401,000 2,447,594 2,597,483 0.1 Province of Manitoba 2.60% Jun 02/27 CAD 2,354,000 2,398,317 2,594,190 0.1 Province of Ontario 8.00% Jun 02/26 CAD 1,875,000 2,675,222 2,587,044 0.1 Province of New Brunswick 3.05% Aug 14/50 CAD 2,162,000 2,440,217 2,553,887 0.1 Province of Ontario 1.95% Jan 27/23 CAD 2,443,000 2,454,906 2,524,824 0.1 Province of Saskatchewan 3.05% Dec 02/28 CAD 2,142,000 2,232,839 2,449,676 0.1 City of Montreal 3.15% Sep 01/28 CAD 2,111,000 2,278,118 2,410,936 0.1 Province of Saskatchewan 3.20% Jun 03/24 CAD 2,209,000 2,349,351 2,408,485 0.1 Province of Nova Scotia 4.70% Jun 01/41 CAD 1,663,000 2,229,926 2,400,729 0.1 Province of British Columbia 5.40% Jun 18/35 CAD 1,603,000 2,250,231 2,379,911 0.1 Province of New Brunswick 4.80% Sep 26/39 CAD 1,663,000 2,101,390 2,368,439 0.1 Province of Newfoundland 2.85% Jun 02/28 CAD 2,105,000 2,113,428 2,349,400 0.1 Province of Saskatchewan 4.75% Jun 01/40 CAD 1,632,000 2,207,782 2,339,564 0.1 City of Montreal 3.50% Dec 01/38 CAD 1,878,000 2,114,631 2,264,290 0.1 Province of Ontario 1.85% Feb 01/27 CAD 2,138,000 2,252,546 2,262,587 0.1 Ontario Electricity Financial Corp. 8.25% Jun 22/26 CAD 1,625,000 2,357,434 2,256,316 0.1 Province of Manitoba 2.75% Jun 02/29 CAD 1,995,000 2,154,367 2,237,818 0.1 Province of Newfoundland 3.00% Jun 02/26 CAD 2,003,000 2,135,832 2,221,606 0.1 Hydro-Quebec 6.00% Aug 15/31 CAD 1,518,000 2,149,976 2,207,714 0.1 Province of Newfoundland 2.85% Jun 02/29 CAD 1,950,000 2,104,611 2,181,185 0.1 Province of Saskatchewan 0.80% Sep 02/25 CAD 2,145,000 2,141,321 2,153,670 0.1 Province of Saskatchewan 2.65% Jun 02/27 CAD 1,936,000 2,031,682 2,138,379 0.1 Province of Nova Scotia 4.40% Jun 01/42 CAD 1,516,000 2,021,228 2,128,997 0.1 Province of Ontario 7.50% Feb 07/24 CAD 1,736,000 2,216,017 2,105,433 0.1 Province of Saskatchewan 2.55% Jun 02/26 CAD 1,851,000 1,889,980 2,017,884 0.1 Province of Saskatchewan 2.20% Jun 02/30 CAD 1,870,000 1,969,547 2,010,360 0.1 Province of Saskatchewan 3.75% Mar 05/54 CAD 1,463,000 1,935,944 2,006,344 0.1 Province of New Brunswick 3.10% Aug 14/48 CAD 1,664,000 1,719,929 1,963,167 0.1 Province of Manitoba 5.70% Mar 05/37 CAD 1,290,000 1,798,893 1,962,750 0.1 Hydro-Quebec 9.63% Jul 15/22 CAD 1,686,000 2,120,186 1,926,726 0.1 Province of Saskatchewan 3.40% Feb 03/42 CAD 1,553,000 1,704,890 1,901,135 0.1 Province of Quebec 5.35% Jun 01/25 CAD 1,565,000 1,869,397 1,880,254 0.1 Province of New Brunswick 2.35% Aug 14/27 CAD 1,686,000 1,683,761 1,830,429 0.1 Province of Manitoba 2.05% Jun 02/30 CAD 1,704,000 1,781,563 1,809,672 0.1

15 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets City of Montreal 6.00% Jun 01/43 CAD 1,089,000 1,593,252 1,803,684 0.1 Province of Ontario 9.50% Jul 13/22 CAD 1,578,000 2,054,885 1,797,514 0.1 Province of Manitoba 4.65% Mar 05/40 CAD 1,269,000 1,636,181 1,791,495 0.1 Province of New Brunswick 2.85% Jun 02/23 CAD 1,689,000 1,760,728 1,788,178 0.1 Province of Alberta 1.60% Sep 01/22 CAD 1,720,000 1,718,953 1,757,687 0.1 Province of Newfoundland 2.30% Jun 02/25 CAD 1,626,000 1,630,244 1,734,801 0.1 Province of Nova Scotia 4.50% Jun 01/37 CAD 1,262,000 1,570,724 1,727,360 0.1 Province of Ontario 8.10% Sep 08/23 CAD 1,376,000 1,867,107 1,656,458 0.1 Province of Ontario 6.20% Dec 02/41 CAD 957,000 1,481,333 1,640,733 0.1 Province of New Brunswick 3.10% Aug 14/28 CAD 1,414,000 1,528,842 1,617,433 0.1 Province of British Columbia 9.00% Aug 23/24 CAD 1,240,000 1,630,591 1,616,724 0.1 City of Toronto 3.50% Jun 02/36 CAD 1,337,000 1,451,311 1,614,148 0.1 Province of New Brunswick 1.80% Aug 14/25 CAD 1,500,000 1,541,628 1,573,419 0.1 Province of Nova Scotia 5.80% Jun 01/33 CAD 1,062,000 1,466,417 1,562,928 0.1 Ontario Electricity Financial Corp. 8.90% Aug 18/22 CAD 1,358,000 1,787,815 1,545,392 0.1 Province of Quebec 9.50% Mar 30/23 CAD 1,275,000 1,575,225 1,532,866 0.1 City of Montreal 3.00% Sep 01/27 CAD 1,361,000 1,410,828 1,528,168 0.1 Province of Nova Scotia 2.00% Sep 01/30 CAD 1,437,000 1,475,821 1,527,214 0.1 Hydro-Quebec 2.10% Feb 15/60 CAD 1,505,000 1,521,045 1,526,784 0.1 City of Toronto 5.20% Jun 01/40 CAD 1,015,000 1,345,552 1,511,581 0.1 Province of New Brunswick 3.65% Jun 03/24 CAD 1,362,000 1,462,438 1,504,637 0.1 Province of New Brunswick 1.55% May 04/22 CAD 1,455,000 1,439,607 1,479,858 0.1 Province of Manitoba 4.40% Mar 05/42 CAD 1,061,000 1,419,574 1,478,308 0.1 Province of Quebec 2.60% Jul 06/25 CAD 1,340,000 1,423,063 1,458,706 0.1 Province of Nova Scotia 6.60% Dec 01/31 CAD 950,000 1,439,045 1,440,460 0.1 City of Toronto 4.70% Jun 10/41 CAD 1,005,000 1,324,867 1,421,000 0.1 Province of Ontario 1.05% Sep 08/27 CAD 1,400,000 1,404,268 1,407,842 0.1 Province of Alberta 4.50% Dec 01/40 CAD 999,000 1,302,512 1,382,431 0.1 Province of Newfoundland 4.65% Oct 17/40 CAD 1,002,000 1,281,611 1,378,924 0.0 Municipal Finance Authority of British Columbia 3.05% Oct 23/28 CAD 1,194,000 1,221,420 1,368,162 0.0 City of Winnipeg 4.30% Nov 15/51 CAD 947,000 1,212,009 1,353,445 0.0 City of Toronto 2.80% Nov 22/49 CAD 1,214,000 1,300,997 1,343,564 0.0 Province of Quebec 2.45% Mar 01/23 CAD 1,232,000 1,277,607 1,288,774 0.0 Municipal Finance Authority of British Columbia 2.50% Apr 19/26 CAD 1,160,000 1,175,244 1,260,709 0.0 City of Montreal 3.50% Sep 01/23 CAD 1,161,000 1,232,514 1,254,404 0.0 Ontario Power Generation, Inc. 3.22% Apr 08/30 CAD 1,109,000 1,157,493 1,254,334 0.0 Province of Manitoba 4.40% Sep 05/25 CAD 1,069,000 1,234,977 1,248,056 0.0 Municipal Finance Authority of British Columbia 4.95% Dec 01/27 CAD 986,000 1,185,829 1,247,374 0.0 Province of Manitoba 3.15% Sep 05/52 CAD 1,018,000 1,003,004 1,245,608 0.0 Province of New Brunswick 2.60% Aug 14/26 CAD 1,134,000 1,186,268 1,240,952 0.0 Province of Newfoundland 6.55% Oct 17/30 CAD 839,000 1,184,690 1,218,021 0.0 Province of Manitoba 3.35% Mar 05/43 CAD 987,000 1,097,237 1,195,659 0.0 Province of New Brunswick 4.55% Mar 26/37 CAD 876,000 1,093,198 1,189,830 0.0 Province of Manitoba 3.30% Jun 02/24 CAD 1,070,000 1,146,037 1,169,894 0.0 City of Montreal 4.10% Dec 01/34 CAD 920,000 1,034,963 1,164,676 0.0 Municipal Finance Authority of British Columbia 2.15% Jun 03/24 CAD 1,085,000 1,103,336 1,144,150 0.0 City of Montreal 3.50% Sep 01/24 CAD 1,025,000 1,116,807 1,132,015 0.0 City of Toronto 2.40% Jun 07/27 CAD 1,040,000 1,042,414 1,131,189 0.0 Ontario Electricity Financial Corp. 9.00% May 26/25 CAD 833,000 1,200,297 1,127,399 0.0 City of Toronto 2.40% Jun 24/26 CAD 1,042,000 1,047,728 1,127,136 0.0 Ontario Power Generation, Inc. 4.25% Jan 18/49 CAD 872,000 955,538 1,126,083 0.0 Ontario Electricity Financial Corp. 8.50% May 26/25 CAD 844,000 1,273,572 1,123,586 0.0 Municipal Finance Authority of British Columbia 1.10% Jun 01/25 CAD 1,095,000 1,101,808 1,114,572 0.0 Province of Newfoundland 6.15% Apr 17/28 CAD 832,000 1,080,363 1,113,987 0.0 Province of New Brunswick 5.50% Jan 27/34 CAD 760,000 1,008,018 1,096,469 0.0 Ontario Electricity Financial Corp. 0.00% Apr 11/31 CAD 1,295,000 977,384 1,080,303 0.0 Province of New Brunswick 5.65% Dec 27/28 CAD 802,000 1,005,446 1,072,105 0.0 Ontario Power Generation, Inc. 2.89% Apr 08/25 CAD 983,000 1,041,790 1,067,597 0.0 Regional Municipality of Peel 5.10% Jun 29/40 CAD 723,000 941,411 1,061,285 0.0 City of Montreal 4.25% Dec 01/32 CAD 829,000 952,815 1,055,948 0.0 Province of Alberta 3.40% Dec 01/23 CAD 970,000 1,014,219 1,052,325 0.0 Regional Municipality of York 2.60% Dec 15/25 CAD 958,000 1,009,914 1,042,688 0.0 Newfoundland & Labrador Hydro 3.60% Dec 01/45 CAD 858,000 903,724 1,042,490 0.0 Province of Saskatchewan 5.00% Mar 05/37 CAD 730,000 932,003 1,042,063 0.0 Province of Manitoba 4.70% Mar 05/50 CAD 664,000 945,303 1,020,868 0.0 Municipal Finance Authority of British Columbia 2.80% Dec 03/23 CAD 956,000 969,071 1,020,652 0.0 City of Toronto 3.25% Jun 24/46 CAD 860,000 904,746 1,018,225 0.0 Province of Newfoundland 1.95% Jun 02/22 CAD 982,000 1,001,162 1,004,646 0.0 Ontario Power Generation, Inc. 3.32% Oct 04/27 CAD 876,000 890,021 994,400 0.0 Province of Nova Scotia 2.10% Jun 01/27 CAD 927,000 924,016 993,717 0.0 City of Ottawa 3.10% Jul 27/48 CAD 836,000 861,686 973,417 0.0 Province of Nova Scotia 6.60% Jun 01/27 CAD 716,000 950,370 966,964 0.0 Ontario Power Generation, Inc. 2.98% Sep 13/29 CAD 847,000 870,262 944,566 0.0 City of Montreal 3.15% Dec 01/36 CAD 807,000 818,229 932,589 0.0

16 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of Saskatchewan 5.60% Sep 05/35 CAD 618,000 828,847 917,225 0.0 Fair Hydro Trust 3.36% May 15/35 CAD 789,000 817,364 917,007 0.0 Province of Manitoba 4.60% Mar 05/38 CAD 641,000 810,667 885,941 0.0 Regional Municipality of York 1.70% May 27/30 CAD 850,000 876,851 875,237 0.0 South Coast British Columbia Transportation Authority 3.05% Jun 04/25 CAD 785,000 857,451 863,127 0.0 Regional Municipality of York 4.05% May 01/34 CAD 676,000 770,721 855,437 0.0 Province of New Brunswick 4.65% Sep 26/35 CAD 612,000 730,650 831,161 0.0 Province of Nova Scotia 1.00% Apr 17/23 CAD 814,000 820,848 825,502 0.0 Ontario Power Generation, Inc. 3.84% Jun 22/48 CAD 679,000 701,228 821,217 0.0 Municipal Finance Authority of British Columbia 2.65% Oct 02/25 CAD 740,000 805,588 806,028 0.0 City of Toronto 2.95% Apr 28/35 CAD 703,000 689,689 797,206 0.0 Municipal Finance Authority of British Columbia 3.75% Sep 26/23 CAD 730,000 788,380 795,390 0.0 Province of New Brunswick 3.55% Jun 03/55 CAD 602,000 701,380 788,153 0.0 South Coast British Columbia Transportation Authority 4.45% Jun 09/44 CAD 565,000 688,996 782,222 0.0 Regional Municipality of York 2.65% Apr 18/29 CAD 699,000 731,771 774,901 0.0 Newfoundland & Labrador Hydro 8.40% Feb 27/26 CAD 562,000 788,180 770,494 0.0 Province of Manitoba 3.25% Sep 05/29 CAD 661,000 706,040 769,067 0.0 Municipal Finance Authority of British Columbia 2.95% Oct 14/24 CAD 706,000 739,701 768,406 0.0 South Coast British Columbia Transportation Authority 3.25% Nov 23/28 CAD 658,000 677,143 761,231 0.0 City of Montreal 2.30% Sep 01/29 CAD 705,000 706,265 760,297 0.0 City of Toronto 2.65% Nov 09/29 CAD 681,000 702,366 759,861 0.0 Fair Hydro Trust 3.52% May 15/38 CAD 632,000 671,700 758,609 0.0 Municipal Finance Authority of British Columbia 2.55% Oct 09/29 CAD 682,000 709,836 758,436 0.0 Municipal Finance Authority of British Columbia 2.60% Apr 23/23 CAD 713,000 720,280 749,289 0.0 Regional Municipality of York 3.65% May 13/33 CAD 597,000 620,693 722,315 0.0 Regional Municipality of Peel 3.85% Oct 30/42 CAD 564,000 631,176 721,167 0.0 City of Ottawa 4.60% Jul 14/42 CAD 507,000 642,386 713,344 0.0 Province of Ontario 8.00% Dec 02/26 CAD 500,000 759,160 703,135 0.0 First Nations Finance Authority 3.05% Jun 01/28 CAD 614,000 648,051 696,309 0.0 City of Toronto 3.80% Dec 13/42 CAD 542,000 613,618 690,131 0.0 Municipal Finance Authority of British Columbia 2.15% Dec 01/22 CAD 665,000 672,347 688,220 0.0 Province of Newfoundland 4.50% Apr 17/37 CAD 517,000 623,910 681,760 0.0 Province of Nova Scotia 3.45% Jun 01/45 CAD 537,000 599,368 670,243 0.0 Province of Saskatchewan 2.95% Jun 02/58 CAD 556,000 549,940 667,423 0.0 South Coast British Columbia Transportation Authority 1.60% Jul 03/30 CAD 655,000 658,786 667,291 0.0 Province of Prince Edward Island 3.60% Jan 17/53 CAD 509,000 564,260 660,769 0.0 City of Ottawa 1.75% Sep 01/30 CAD 634,000 644,798 650,322 0.0 Province of British Columbia 8.00% Sep 08/23 CAD 539,000 685,918 647,472 0.0 Province of Newfoundland 5.70% Oct 17/35 CAD 442,000 591,291 646,972 0.0 City of Toronto 4.15% Mar 10/44 CAD 480,000 559,289 641,422 0.0 New Brunswick F-M Project Co. Inc. 6.47% Nov 30/27 CAD 530,443 613,637 631,753 0.0 Ontario Infrastructure and Lands Corp. 4.70% Jun 01/37 CAD 458,000 558,361 624,980 0.0 Province of British Columbia 6.15% Nov 19/27 CAD 462,000 608,122 620,817 0.0 ENMAX Corp. 3.84% Jun 05/28 CAD 553,000 567,794 616,777 0.0 Regional Municipality of York 4.00% May 31/32 CAD 492,000 551,307 612,712 0.0 Province of Saskatchewan 5.80% Sep 05/33 CAD 415,000 583,039 610,997 0.0 City of Montreal 3.00% Sep 01/25 CAD 551,000 570,185 606,615 0.0 Province of Nova Scotia 4.90% Jun 01/35 CAD 428,000 540,924 597,369 0.0 Ontario Power Generation, Inc. 3.65% Sep 13/50 CAD 490,000 516,010 579,832 0.0 City of Toronto 2.45% Feb 06/25 CAD 540,000 551,947 578,207 0.0 Province of Saskatchewan 6.40% Sep 05/31 CAD 383,000 549,477 568,800 0.0 Province of Manitoba 7.75% Dec 22/25 CAD 425,000 572,267 568,031 0.0 Province of Newfoundland 1.75% Jun 02/30 CAD 545,000 548,579 557,833 0.0 City of Toronto 3.20% Aug 01/48 CAD 465,000 507,600 553,867 0.0 Province of Manitoba 2.05% Sep 05/52 CAD 565,000 539,579 549,497 0.0 City of Ottawa 3.25% Nov 10/47 CAD 457,000 505,491 544,428 0.0 Province of Newfoundland 5.60% Oct 17/33 CAD 374,000 499,578 532,495 0.0 Newfoundland & Labrador Hydro 6.65% Aug 27/31 CAD 355,000 513,091 523,875 0.0 City of Ottawa 2.50% May 11/51 CAD 497,000 502,528 520,093 0.0 ENMAX Corp. 3.33% Jun 02/25 CAD 465,000 476,331 503,400 0.0 Province of Quebec 2.25% Feb 22/24 CAD 475,000 486,899 502,199 0.0 Alberta Capital Finance Authority 4.45% Dec 15/25 CAD 424,000 483,441 497,506 0.0 City of Montreal 2.75% Sep 01/26 CAD 434,000 438,869 476,959 0.0 Province of Nova Scotia 2.15% Jun 01/25 CAD 435,000 447,384 462,941 0.0 City of Toronto 3.90% Sep 29/23 CAD 408,000 438,365 445,935 0.0 Province of Saskatchewan 5.75% Mar 05/29 CAD 297,000 387,027 400,048 0.0 ENMAX Corp. 2.92% Oct 18/22 CAD 385,000 388,952 399,950 0.0 City of Toronto 3.40% May 21/24 CAD 347,000 380,029 379,761 0.0 Regional Municipality of York 2.35% Jun 09/27 CAD 290,000 298,337 314,036 0.0 Ontario Power Generation, Inc. 1.17% Apr 22/26 CAD 280,000 280,000 283,083 0.0 Regional Municipality of York 2.50% Jun 02/26 CAD 247,000 255,060 268,140 0.0

17 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of Quebec 1.85% Feb 13/27 CAD 170,000 177,587 180,412 0.0 Province of British Columbia 5.15% Jun 18/29 CAD 125,000 161,579 165,281 0.0 Province of Ontario 9.50% Jun 02/25 CAD 50,000 80,151 69,158 0.0 Province of British Columbia 8.75% Aug 19/22 CAD 50,000 58,935 56,826 0.0 Province of British Columbia 5.00% Jun 18/31 CAD 36,000 42,963 48,871 0.0 Province of Manitoba 6.00% Mar 05/42 CAD 25,000 36,711 41,632 0.0 Province of British Columbia 9.50% Jun 09/22 CAD 21,000 31,706 23,747 0.0 Province of Ontario 5.70% Dec 02/39 CAD 3,000 4,843 4,775 0.0 1,282,408,027 1,366,243,545 42.1 Utilities Hydro One, Inc. 6.93% Jun 01/32 CAD 1,461,000 2,009,495 2,201,537 0.1 Hydro One, Inc. 5.49% Jul 16/40 CAD 987,000 1,320,521 1,438,079 0.1 CU, Inc. 3.81% Sep 10/42 CAD 1,137,000 1,230,660 1,370,767 0.1 Brookfield Renewable Partners ULC 3.63% Jan 15/27 CAD 1,213,000 1,275,001 1,361,993 0.1 CU, Inc. 4.54% Oct 24/41 CAD 1,032,000 1,202,178 1,361,518 0.1 Hydro One, Inc. 3.79% Jul 31/62 CAD 1,033,000 1,210,142 1,340,090 0.1 Hydro One, Inc. 2.77% Feb 24/26 CAD 1,230,000 1,264,373 1,339,691 0.1 CU, Inc. 4.72% Sep 09/43 CAD 964,000 1,173,252 1,315,118 0.1 Brookfield Infrastructure Finance ULC 3.41% Oct 09/29 CAD 1,174,000 1,168,934 1,289,862 0.1 Brookfield Infrastructure Finance ULC 3.32% Feb 22/24 CAD 1,207,000 1,231,960 1,287,519 0.1 Alectra, Inc. 2.49% May 17/27 CAD 1,154,000 1,158,703 1,253,175 0.1 Bruce Power LP 4.75% Jun 21/49 CAD 966,000 1,093,119 1,251,173 0.1 Hydro One, Inc. 2.54% Apr 05/24 CAD 1,130,000 1,171,543 1,198,128 0.1 Hydro One, Inc. 6.35% Jan 31/34 CAD 796,000 1,075,904 1,168,695 0.1 Brookfield Infrastructure Finance ULC 4.19% Sep 11/28 CAD 1,009,000 1,049,821 1,167,191 0.1 Hydro One, Inc. 1.76% Feb 28/25 CAD 1,115,000 1,121,439 1,159,801 0.1 Hydro One, Inc. 4.89% Mar 13/37 CAD 860,000 1,027,097 1,152,047 0.1 Hydro One, Inc. 6.03% Mar 03/39 CAD 754,000 1,064,749 1,142,657 0.1 Northwestern Hydro Acquisition Co. III LP 3.94% Dec 31/38 CAD 961,000 1,010,475 1,121,026 0.1 Hydro One, Inc. 5.36% May 20/36 CAD 803,000 1,002,731 1,116,933 0.1 CU, Inc. 2.96% Sep 07/49 CAD 1,028,000 1,044,800 1,112,450 0.1 AltaLink LP 3.99% Jun 30/42 CAD 890,000 992,030 1,108,531 0.1 Brookfield Renewable Partners ULC 3.38% Jan 15/30 CAD 979,000 1,023,505 1,102,530 0.1 Hydro One, Inc. 3.20% Jan 13/22 CAD 1,069,000 1,109,611 1,100,151 0.1 Bruce Power LP 3.97% Jun 23/26 CAD 960,000 1,001,961 1,083,389 0.1 Enbridge Gas, Inc. 4.20% Jun 02/44 CAD 840,000 933,335 1,078,266 0.1 Enbridge Gas, Inc. 3.65% Apr 01/50 CAD 863,000 909,405 1,055,647 0.0 Alberta Powerline LP 4.07% Mar 01/54 CAD 866,292 940,951 1,050,734 0.0 Hydro One, Inc. 4.39% Sep 26/41 CAD 801,000 979,049 1,039,770 0.0 Enbridge Gas, Inc. 2.90% Apr 01/30 CAD 921,000 937,320 1,029,392 0.0 Bruce Power LP 4.00% Jun 21/30 CAD 882,000 893,246 1,019,715 0.0 CU, Inc. 3.55% Nov 22/47 CAD 848,000 887,394 1,008,001 0.0 AltaLink LP 3.72% Dec 03/46 CAD 807,000 892,383 991,174 0.0 Alberta Powerline LP 4.07% Dec 01/53 CAD 800,211 858,977 955,140 0.0 CU, Inc. 3.76% Nov 19/46 CAD 773,000 819,749 945,843 0.0 Fortis, Inc. 2.85% Dec 12/23 CAD 889,000 900,121 939,522 0.0 CU, Inc. 4.09% Sep 02/44 CAD 740,000 855,932 936,292 0.0 CU, Inc. 3.95% Nov 23/48 CAD 715,000 811,137 909,787 0.0 Bruce Power LP 4.13% Jun 21/33 CAD 770,000 811,914 905,967 0.0 Emera, Inc. 2.90% Jun 16/23 CAD 857,000 859,480 898,796 0.0 Hydro One, Inc. 3.63% Jun 25/49 CAD 732,000 825,595 894,219 0.0 Hydro One, Inc. 5.00% Oct 19/46 CAD 602,000 763,118 882,020 0.0 AltaLink LP 3.67% Nov 06/23 CAD 780,000 834,099 849,490 0.0 Enbridge Gas, Inc. 4.00% Aug 22/44 CAD 666,000 760,851 833,133 0.0 Hydro One, Inc. 4.59% Oct 09/43 CAD 614,000 696,180 827,426 0.0 Brookfield Renewable Partners ULC 4.25% Jan 15/29 CAD 698,000 784,277 827,158 0.0 Brookfield Infrastructure Finance ULC 2.86% Sep 01/32 CAD 800,000 809,930 826,432 0.0 Hydro One, Inc. 3.72% Nov 18/47 CAD 669,000 680,350 822,689 0.0 Northwestern Hydro Acquisition Co. II LP 3.88% Dec 31/36 CAD 708,000 731,932 812,628 0.0 Enbridge Gas, Inc. 4.95% Nov 22/50 CAD 541,000 695,217 809,498 0.0 Enbridge Gas, Inc. 3.31% Sep 11/25 CAD 727,000 789,928 805,967 0.0 Nova Scotia Power, Inc. 3.57% Apr 05/49 CAD 688,000 734,952 804,375 0.0 CU, Inc. 3.96% Jul 27/45 CAD 638,000 714,404 798,176 0.0 North Battleford Power LP 4.96% Dec 31/32 CAD 659,075 749,698 787,674 0.0 Bruce Power LP 3.00% Jun 21/24 CAD 726,000 733,328 774,068 0.0 Capital Power Corp. 4.28% Sep 18/24 CAD 697,000 709,029 766,547 0.0 Clover LP 4.22% Jun 30/34 CAD 684,984 707,812 761,709 0.0 Hydro One, Inc. 3.91% Feb 23/46 CAD 602,000 638,555 754,300 0.0 EPCOR Utilities, Inc. 3.55% Nov 27/47 CAD 630,000 639,159 750,683 0.0 Enbridge Gas, Inc. 2.37% Aug 09/29 CAD 692,000 716,318 746,633 0.0 Bruce Power LP 4.01% Jun 21/29 CAD 645,000 675,290 746,433 0.0 Enbridge Gas, Inc. 6.05% Sep 02/38 CAD 493,000 687,114 739,209 0.0 AltaLink LP 4.09% Jun 30/45 CAD 575,000 658,289 738,237 0.0

18 Vanguard Canadian Aggregate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Hydro One, Inc. 4.17% Jun 06/44 CAD 574,000 632,409 736,453 0.0 Nova Scotia Power, Inc. 5.61% Jun 15/40 CAD 489,000 652,012 703,016 0.0 Hydro One, Inc. 3.02% Apr 05/29 CAD 620,000 654,054 700,557 0.0 AltaLink LP 4.92% Sep 17/43 CAD 487,000 616,719 689,524 0.0 EPCOR Utilities, Inc. 3.11% Jul 08/49 CAD 616,000 650,172 684,117 0.0 TriSummit Utilities, Inc. 4.26% Dec 05/28 CAD 573,000 620,430 679,767 0.0 AltaLink LP 2.75% May 29/26 CAD 607,000 630,795 662,140 0.0 Nova Scotia Power, Inc. 4.50% Jul 20/43 CAD 507,000 584,274 657,265 0.0 Enbridge Gas, Inc. 2.50% Aug 05/26 CAD 599,000 599,934 646,099 0.0 EPCOR Utilities, Inc. 4.55% Feb 28/42 CAD 484,000 563,792 641,426 0.0 Capital Power Corp. 4.99% Jan 23/26 CAD 557,000 608,975 640,634 0.0 Brookfield Renewable Partners ULC 3.33% Aug 13/50 CAD 605,000 602,569 625,189 0.0 Brookfield Renewable Partners ULC 4.29% Nov 05/49 CAD 508,000 530,905 618,363 0.0 Hydro One, Inc. 0.71% Jan 16/23 CAD 615,000 615,782 617,712 0.0 Algonquin Power Co. 4.09% Feb 17/27 CAD 543,000 561,809 615,166 0.0 Enbridge Gas, Inc. 4.88% Jun 21/41 CAD 448,000 557,186 609,840 0.0 Hydro One, Inc. 2.71% Feb 28/50 CAD 584,000 569,799 607,389 0.0 Enbridge Gas, Inc. 3.01% Aug 09/49 CAD 555,000 575,499 605,699 0.0 Brookfield Renewable Partners ULC 3.75% Jun 02/25 CAD 542,000 563,063 598,623 0.0 Kingston Solar LP 3.57% Jul 31/35 CAD 541,466 524,408 590,567 0.0 AltaLink LP 3.40% Jun 06/24 CAD 540,000 573,257 587,174 0.0 Hydro One Ltd. 1.41% Oct 15/27 CAD 575,000 575,674 582,734 0.0 Hydro One, Inc. 1.69% Jan 16/31 CAD 570,000 570,016 577,695 0.0 Capital Power Corp. 3.15% Oct 01/32 CAD 555,000 555,023 570,151 0.0 Enbridge Gas, Inc. 5.21% Feb 25/36 CAD 416,000 511,955 560,310 0.0 Hydro One, Inc. 7.35% Jun 03/30 CAD 376,000 538,249 554,420 0.0 Comber Wind Financial Corp. 5.13% Nov 15/30 CAD 469,145 543,384 543,908 0.0 Nova Scotia Power, Inc. 3.31% Apr 25/50 CAD 460,000 466,041 515,895 0.0 Enbridge Gas, Inc. 3.51% Nov 29/47 CAD 434,000 458,240 513,743 0.0 EPCOR Utilities, Inc. 2.90% May 19/50 CAD 475,000 475,960 508,568 0.0 Algonquin Power Co. 4.60% Jan 29/29 CAD 418,000 428,449 496,467 0.0 Energir, Inc. 2.10% Apr 16/27 CAD 438,000 448,118 464,337 0.0 Hydro One, Inc. 2.97% Jun 26/25 CAD 405,000 427,757 442,377 0.0 Arrow Lakes Power Corp. 5.52% Apr 05/41 CAD 331,859 388,890 432,518 0.0 Clover LP 4.22% Mar 31/34 CAD 226,416 243,798 251,620 0.0 Hydro One, Inc. 6.59% Apr 22/43 CAD 79,000 117,049 132,865 0.0 78,296,268 85,331,129 2.6 Total investments 3,070,631,133 3,222,746,629 99.3 Other assets and liabilities (net) 22,325,654 0.7 Total net assets attributable to holders of redeemable units 3,245,072,283 100.0

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Fixed income Provincials/Municipals 42.1 38.8 Government 22.9 27.0 Government-related Agencies 10.6 10.4 Financial 10.5 11.4 Industrial 9.8 9.1 Utilities 2.6 2.3 Government-related Supranational 0.8 0.5 Other assets and liabilities (net) 0.7 0.5 100.0 100.0

19 Vanguard Canadian Corporate Bond Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $74,318,087 $36,407,605 Cash 172,680 259,738 Amounts receivable for investments sold 1,080,780 120,544 Interest receivable 548,605 293,767 Total assets 76,120,152 37,081,654 Liabilities Current liabilities Amounts payable for investments purchased 981,583 303,063 Distributions payable 171,035 57,139 Accounts payable and accrued expenses 4,410 3,795 Total liabilities excluding net assets attributable to holders of redeemable units 1,157,028 363,997 Total net assets attributable to holders of redeemable units $74,963,124 $36,717,657 Number of redeemable units outstanding (Note 9) 2,810,000 1,450,000 Net assets attributable to holders of redeemable units per unit $26.68 $25.32

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $1,417,024 $822,247 Net realized gain (loss) on sale of investments 472,507 172,133 Change in unrealized appreciation/depreciation of investments 1,798,875 589,231 Net gain (loss) on investments 3,688,406 1,583,611 Other income 54,245 — Total income (net) 3,742,651 1,583,611 Expenses (Note 10) Management fees 88,953 66,678 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 480 7 Total expenses 92,127 69,243 Expenses absorbed by manager (2,694) (2,558) Net expenses 89,433 66,685 Increase (decrease) in net assets attributable to holders of redeemable units $3,653,218 $1,516,926 Weighted average number of redeemable units 1,776,120 1,020,137 Increase (decrease) in net assets attributable to holders of redeemable units per unit $2.06 $1.49

The accompanying notes are an integral part of the financial statements.

20 Vanguard Canadian Corporate Bond Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $36,717,657 $20,703,374 Increase (decrease) in net assets attributable to holders of redeemable units $3,653,218 $1,516,926 Distributions to holders of redeemable units Net investment income (1,329,291) (739,462) Net realized gains (116,123) (47,235) Return of capital — (7,881) Total distributions to holders of redeemable units (1,445,414) (794,578) Redeemable unit transactions Proceeds from issuance of redeemable units 51,623,860 17,798,680 Reinvestment of distributions to holders of redeemable units 116,123 47,235 Payment for redeemable units redeemed (15,702,320) (2,553,980) Net redeemable unit transactions 36,037,663 15,291,935 Net assets attributable to holders of redeemable units, end of year $74,963,124 $36,717,657

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $3,653,218 $1,516,926 Adjustments for: Net realized (gain) loss on sale of investments (472,507) (172,133) Change in unrealized appreciation/depreciation of investments (1,798,875) (589,231) Purchase of investments1 (41,343,768) (17,100,678) 2 Proceeds from sale of investments 25,926,302 17,145,026 Change in working capital (254,223) (134,185) Net cash from (used in) operating activities (14,289,853) 665,725 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 15,497,291 212,007 Distributions to holders of redeemable units, net of reinvested distributions (1,215,395) (723,804) 2 Payment for redeemable units redeemed (79,101) (16,446) Net cash from (used in) financing activities 14,202,795 (528,243) Net increase (decrease) in cash during the year $(87,058) $137,482 Cash, beginning of year $259,738 $122,256 Cash, end of year $172,680 $259,738 Supplemental cash flow information relating to operating activities Interest received, net of foreign withholding taxes, if applicable $1,161,706 $686,796

1 Excludes in-kind transactions of $36,126,569 and $17,586,673 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $15,623,220 and $2,537,534 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

21 Vanguard Canadian Corporate Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Fixed income Financial Royal Bank of Canada 2.95% May 01/23 CAD 597,000 625,178 630,116 0.8 Bank of Nova Scotia 2.38% May 01/23 CAD 535,000 547,775 556,368 0.7 Toronto-Dominion Bank 1.99% Mar 23/22 CAD 478,000 483,224 487,479 0.7 Toronto-Dominion Bank 3.11% Apr 22/30 CAD 425,000 445,145 458,796 0.6 Bank of Montreal 3.19% Mar 01/28 CAD 391,000 431,796 445,067 0.6 Bank of Montreal 2.27% Jul 11/22 CAD 420,000 426,754 431,794 0.6 Toronto-Dominion Bank 3.23% Jul 24/24 CAD 366,000 391,924 398,687 0.5 Bank of Nova Scotia 2.84% Jul 03/29 CAD 359,000 373,269 380,170 0.5 Toronto-Dominion Bank 3.06% Jan 26/32 CAD 346,000 364,379 377,919 0.5 Toronto-Dominion Bank 2.50% Dec 02/24 CAD 347,000 359,605 368,986 0.5 Canadian Imperial Bank of Commerce 3.30% May 26/25 CAD 331,000 360,546 366,808 0.5 Royal Bank of Canada 4.93% Jul 16/25 CAD 309,000 365,943 365,915 0.5 Canadian Imperial Bank of Commerce 2.95% Jun 19/29 CAD 341,000 355,751 362,081 0.5 Bank of Montreal 2.89% Jun 20/23 CAD 341,000 355,638 360,645 0.5 Toronto-Dominion Bank 2.85% Mar 08/24 CAD 334,000 350,462 356,071 0.5 Toronto-Dominion Bank 4.86% Mar 04/31 CAD 300,000 347,831 352,917 0.5 HSBC Holdings plc 3.20% Dec 05/23 CAD 323,000 339,893 344,712 0.5 Royal Bank of Canada 2.61% Nov 01/24 CAD 319,000 331,488 339,879 0.5 Bank of Nova Scotia 2.98% Apr 17/23 CAD 311,000 323,748 328,220 0.4 Royal Bank of Canada 2.88% Dec 23/29 CAD 305,000 318,850 325,386 0.4 Royal Bank of Canada 2.74% Jul 25/29 CAD 306,000 316,664 323,800 0.4 Royal Bank of Canada 2.33% Jan 28/27 CAD 300,000 310,554 319,806 0.4 Bank of Nova Scotia 2.58% Mar 30/27 CAD 305,000 309,435 312,509 0.4 Toronto-Dominion Bank 1.91% Jul 18/23 CAD 302,000 308,468 312,344 0.4 Bank of Nova Scotia 2.29% Jun 28/24 CAD 294,000 303,160 310,305 0.4 Toronto-Dominion Bank 3.59% Sep 14/28 CAD 271,000 283,235 290,526 0.4 Toronto-Dominion Bank 1.94% Mar 13/25 CAD 275,000 276,163 286,682 0.4 Toronto-Dominion Bank 3.22% Jul 25/29 CAD 264,000 277,255 284,006 0.4 Bank of Montreal 2.70% Sep 11/24 CAD 258,000 272,958 276,940 0.4 Royal Bank of Canada 2.09% Jun 30/30 CAD 267,000 272,038 276,479 0.4 Royal Bank of Canada 1.97% Mar 02/22 CAD 271,000 272,830 276,000 0.4 Bank of Nova Scotia 3.10% Feb 02/28 CAD 244,000 263,129 275,959 0.4 Bank of Montreal 2.88% Sep 17/29 CAD 252,000 261,451 267,808 0.4 Toronto-Dominion Bank 3.01% May 30/23 CAD 252,000 260,083 266,961 0.4 Wells Fargo & Co. 2.57% May 01/26 CAD 248,000 255,648 261,576 0.4 Bank of Montreal 2.85% Mar 06/24 CAD 245,000 253,830 260,925 0.3 Canadian Imperial Bank of Commerce 2.35% Aug 28/24 CAD 244,000 252,168 256,969 0.3 Canadian Imperial Bank of Commerce 2.47% Dec 05/22 CAD 246,000 252,674 255,439 0.3 Bank of Montreal 4.61% Sep 10/25 CAD 217,000 254,248 254,955 0.3 Bank of Nova Scotia 3.89% Jan 18/29 CAD 232,000 245,999 252,089 0.3 Bank of Nova Scotia 1.83% Apr 27/22 CAD 243,000 244,329 247,678 0.3 Royal Bank of Canada 2.36% Dec 05/22 CAD 239,000 239,043 247,640 0.3 Royal Bank of Canada 2.35% Jul 02/24 CAD 233,000 237,463 245,400 0.3 Wells Fargo & Co. 3.87% May 21/25 CAD 223,000 237,712 245,267 0.3 Canadian Imperial Bank of Commerce 2.43% Jun 09/23 CAD 235,000 241,304 244,903 0.3 Bank of Montreal 2.28% Jul 29/24 CAD 232,000 236,383 243,858 0.3 Federation des Caisses Desjardins du Quebec 2.09% Jan 17/22 CAD 236,000 239,719 240,290 0.3 Bank of Nova Scotia 2.36% Nov 08/22 CAD 230,000 232,637 238,036 0.3 Royal Bank of Canada 3.30% Sep 26/23 CAD 220,000 231,905 235,418 0.3 Canadian Imperial Bank of Commerce 2.30% Jul 11/22 CAD 224,000 226,957 230,373 0.3 Canadian Imperial Bank of Commerce 3.29% Jan 15/24 CAD 213,000 224,345 229,043 0.3 Canadian Imperial Bank of Commerce 2.00% Apr 17/25 CAD 219,000 221,837 228,489 0.3 Federation des Caisses Desjardins du Quebec 2.86% May 26/30 CAD 214,000 223,752 227,801 0.3 Canadian Imperial Bank of Commerce 2.01% Jul 21/30 CAD 221,000 225,294 227,203 0.3 Manulife Financial Corp. 2.24% May 12/30 CAD 215,000 219,030 224,043 0.3 HSBC Bank Canada 2.54% Jan 31/23 CAD 213,000 217,307 221,390 0.3 Bank of Montreal 2.08% Jun 17/30 CAD 213,000 216,648 220,246 0.3 Bank of Montreal 2.12% Mar 16/22 CAD 207,000 209,218 211,322 0.3 National Bank of Canada 2.98% Mar 04/24 CAD 185,000 193,727 197,780 0.3 Royal Bank of Canada 2.33% Dec 05/23 CAD 181,000 187,290 190,077 0.3 Royal Bank of Canada 2.00% Mar 21/22 CAD 185,000 187,924 188,661 0.3 Bank of Nova Scotia 2.49% Sep 23/24 CAD 175,000 181,171 185,476 0.2 Sun Life Financial, Inc. 2.06% Oct 01/35 CAD 183,000 182,689 184,715 0.2 Bank of Nova Scotia 2.16% Feb 03/25 CAD 172,000 173,899 180,641 0.2 Bank of America Corp. 2.60% Mar 15/23 CAD 172,000 174,607 176,298 0.2

22 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Industrial Alliance Insurance & Financial Services, Inc. 3.30% Sep 15/28 CAD 165,000 173,522 175,110 0.2 Canadian Imperial Bank of Commerce 2.04% Mar 21/22 CAD 171,000 172,906 174,468 0.2 Bank of America Corp. 3.52% Mar 24/26 CAD 159,000 171,580 174,229 0.2 National Bank of Canada 1.57% Aug 18/26 CAD 170,000 171,344 173,636 0.2 National Australia Bank Ltd. 3.52% Jun 12/30 CAD 158,000 162,738 168,205 0.2 Manulife Finance Delaware LP 5.06% Dec 15/41 CAD 133,000 159,701 167,426 0.2 OMERS Realty Corp. 3.63% Jun 05/30 CAD 142,000 162,901 167,012 0.2 Bank of Nova Scotia 2.62% Dec 02/26 CAD 152,000 161,529 166,376 0.2 Goldman Sachs Group, Inc. 3.31% Oct 31/25 CAD 150,000 158,772 162,441 0.2 SmartCentres REIT 3.65% Dec 11/30 CAD 146,000 154,921 158,220 0.2 HSBC Bank Canada 2.25% Sep 15/22 CAD 152,000 154,171 156,428 0.2 Scotiabank Capital Trust 5.65% Dec 31/56 CAD 129,000 153,055 154,550 0.2 Sun Life Financial, Inc. 2.58% May 10/32 CAD 142,000 146,692 152,133 0.2 Bank of Nova Scotia 1.40% Nov 01/27 CAD 150,000 149,729 150,837 0.2 Wells Fargo & Co. 2.51% Oct 27/23 CAD 142,000 144,517 148,416 0.2 Choice Properties REIT 2.98% Mar 04/30 CAD 136,000 141,701 145,066 0.2 Brookfield Asset Management, Inc. 4.82% Jan 28/26 CAD 125,000 139,659 144,703 0.2 National Bank of Canada 1.96% Jun 30/22 CAD 141,000 141,879 144,259 0.2 National Bank of Canada 2.55% Jul 12/24 CAD 136,000 139,808 144,091 0.2 Allied Properties REIT 3.11% Apr 08/27 CAD 135,000 140,981 143,965 0.2 Ventas Canada Finance Ltd. 2.80% Apr 12/24 CAD 137,000 138,227 143,923 0.2 Wells Fargo & Co. 2.49% Feb 18/27 CAD 136,000 138,606 143,661 0.2 Bank of Montreal 2.57% Jun 01/27 CAD 138,000 139,391 141,824 0.2 Federation des Caisses Desjardins du Quebec 2.42% Oct 04/24 CAD 134,000 136,357 141,524 0.2 Citigroup, Inc. 4.09% Jun 09/25 CAD 123,000 135,121 136,387 0.2 Manulife Financial Corp. 3.32% May 09/28 CAD 127,000 132,449 134,220 0.2 Bank of Montreal 2.70% Dec 09/26 CAD 122,000 131,227 134,121 0.2 Morgan Stanley 3.00% Feb 07/24 CAD 124,000 128,337 132,273 0.2 Fairfax Financial Holdings Ltd. 4.25% Dec 06/27 CAD 120,000 125,848 131,026 0.2 Wells Fargo & Co. 2.09% Apr 25/22 CAD 126,000 126,433 128,546 0.2 Bank of America Corp. 3.23% Jun 22/22 CAD 123,000 127,863 127,994 0.2 HSBC Bank Canada 2.17% Jun 29/22 CAD 123,000 124,430 126,037 0.2 Royal Office Finance LP 5.21% Nov 12/37 CAD 95,881 119,241 125,059 0.2 Laurentian Bank of Canada 3.45% Jun 27/23 CAD 117,000 122,460 123,778 0.2 Wells Fargo & Co. 2.98% May 19/26 CAD 114,000 118,070 123,078 0.2 Manulife Bank of Canada 2.08% May 26/22 CAD 119,000 120,720 121,638 0.2 Wells Fargo Canada Corp. 3.46% Jan 24/23 CAD 114,000 119,806 120,598 0.2 National Bank of Canada 2.58% Feb 03/25 CAD 113,000 117,960 120,502 0.2 Manufacturers Life Insurance Co. 3.18% Nov 22/27 CAD 114,000 117,379 119,418 0.2 Brookfield Asset Management, Inc. 4.54% Mar 31/23 CAD 110,000 118,430 118,862 0.2 Lloyds Banking Group plc 3.50% Feb 03/25 CAD 109,000 114,785 117,960 0.2 Great-West Lifeco, Inc. 2.98% Jul 08/50 CAD 114,000 118,321 117,433 0.2 HSBC Bank Canada 3.25% Sep 15/23 CAD 108,000 110,948 115,228 0.2 Canadian Imperial Bank of Commerce 3.45% Apr 04/28 CAD 108,000 108,735 114,215 0.2 Goldman Sachs Group, Inc. 2.43% Apr 26/23 CAD 111,000 112,326 113,727 0.2 Royal Bank of Canada 1.94% May 01/25 CAD 109,000 109,229 113,592 0.2 OMERS Realty Corp. 3.24% Oct 04/27 CAD 99,000 108,541 111,647 0.2 Bank of Montreal 2.37% Feb 03/25 CAD 104,000 104,206 109,989 0.1 Federation des Caisses Desjardins du Quebec 2.39% Aug 25/22 CAD 105,000 106,486 108,368 0.1 Choice Properties REIT 3.53% Jun 11/29 CAD 96,000 101,114 106,578 0.1 Manulife Financial Corp. 2.82% May 13/35 CAD 100,000 100,842 106,423 0.1 Bow Centre Street LP 3.80% Jun 13/23 CAD 106,000 105,352 106,218 0.1 Metropolitan Life Global Funding I 3.39% Apr 09/30 CAD 94,000 103,584 105,861 0.1 Sun Life Financial, Inc. 2.75% Nov 23/27 CAD 100,000 102,910 103,916 0.1 RioCan REIT 2.58% Feb 12/25 CAD 98,000 97,774 101,474 0.1 IGM Financial, Inc. 3.44% Jan 26/27 CAD 91,000 97,655 101,167 0.1 National Bank of Canada 2.11% Mar 18/22 CAD 99,000 100,187 101,084 0.1 Granite REIT Holdings LP 3.06% Jun 04/27 CAD 93,000 97,740 100,959 0.1 Fairfax Financial Holdings Ltd. 4.23% Jun 14/29 CAD 93,000 97,010 100,849 0.1 Bank of America Corp. 3.41% Sep 20/25 CAD 92,000 98,039 99,876 0.1 Plenary Properties LTAP LP 6.29% Jan 31/44 CAD 68,336 93,366 98,946 0.1 First Capital REIT 3.75% Jul 12/27 CAD 92,000 94,564 98,899 0.1 Canadian Imperial Bank of Commerce 2.97% Jul 11/23 CAD 93,000 96,977 98,624 0.1 Bank of America Corp. 2.93% Apr 25/25 CAD 91,000 92,545 96,783 0.1 Great-West Lifeco, Inc. 3.34% Feb 28/28 CAD 85,000 92,104 96,083 0.1 Great-West Lifeco, Inc. 6.67% Mar 21/33 CAD 67,000 93,967 95,832 0.1 Sun Life Financial, Inc. 3.05% Sep 19/28 CAD 89,000 92,118 94,356 0.1 CI Financial Corp. 3.76% May 26/25 CAD 87,000 90,899 93,201 0.1 GE Capital Canada Funding Co. 4.60% Jan 26/22 CAD 89,000 93,100 92,534 0.1 Choice Properties REIT 4.18% Mar 08/28 CAD 78,000 85,784 89,771 0.1 Sun Life Financial, Inc. 2.38% Aug 13/29 CAD 85,000 85,610 89,258 0.1 Bank of America Corp. 3.30% Apr 24/24 CAD 84,000 85,402 88,812 0.1 Brookfield Asset Management, Inc. 3.80% Mar 16/27 CAD 79,000 84,698 88,725 0.1

23 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Canadian Western Bank 2.61% Jan 30/25 CAD 84,000 86,348 88,612 0.1 Choice Properties REIT 2.85% May 21/27 CAD 83,000 86,226 88,545 0.1 Air Lease Corp. 2.63% Dec 05/24 CAD 86,000 81,365 87,629 0.1 Canadian Western Bank 2.92% Dec 15/22 CAD 82,000 83,998 85,458 0.1 First Capital REIT 3.90% Oct 30/23 CAD 78,000 80,704 82,878 0.1 Brookfield Asset Management, Inc. 5.04% Mar 08/24 CAD 74,000 81,219 82,373 0.1 Wells Fargo & Co. 3.18% Feb 08/24 CAD 77,000 78,509 82,163 0.1 Fairfax Financial Holdings Ltd. 5.84% Oct 14/22 CAD 75,000 81,176 80,855 0.1 CI Financial Corp. 3.22% Jul 22/24 CAD 77,000 79,029 80,782 0.1 TMX Group Ltd. 3.00% Dec 11/24 CAD 74,000 78,513 79,930 0.1 Manulife Bank of Canada 2.84% Jan 12/23 CAD 76,000 78,848 79,486 0.1 Athene Global Funding 2.10% Sep 24/25 CAD 78,000 78,102 79,143 0.1 Brookfield Asset Management, Inc. 5.95% Jun 14/35 CAD 59,000 74,999 78,900 0.1 Allied Properties REIT 3.12% Feb 21/30 CAD 75,000 76,990 78,654 0.1 Ivanhoe Cambridge II, Inc. 2.91% Jun 27/23 CAD 74,000 76,989 77,972 0.1 National Bank of Canada 3.18% Feb 01/28 CAD 74,000 75,801 77,467 0.1 Manulife Bank of Canada 2.38% Nov 19/24 CAD 73,000 75,517 77,408 0.1 Brookfield Property Finance ULC 3.93% Aug 24/25 CAD 73,000 73,345 75,647 0.1 Central 1 Credit Union 2.58% Dec 06/23 CAD 70,000 72,490 73,281 0.1 Federation des Caisses Desjardins du Quebec 3.06% Sep 11/23 CAD 68,000 70,100 72,463 0.1 RioCan REIT 3.21% Sep 29/23 CAD 69,000 70,542 72,430 0.1 Fairfax Financial Holdings Ltd. 4.70% Dec 16/26 CAD 64,000 68,349 71,343 0.1 Original Wempi, Inc. 4.06% Feb 13/24 CAD 70,628 71,666 71,013 0.1 Sun Life Financial, Inc. 5.40% May 29/42 CAD 52,000 65,480 68,855 0.1 Choice Properties REIT 3.01% Mar 21/22 CAD 67,000 68,464 68,819 0.1 HCN Canadian Holdings-1 LP 2.95% Jan 15/27 CAD 64,000 65,205 67,307 0.1 Co-operators Financial Services Ltd. 3.33% May 13/30 CAD 66,000 66,888 67,282 0.1 Genworth MI Canada, Inc. 2.96% Mar 01/27 CAD 64,000 65,141 66,211 0.1 OMERS Realty Corp. 3.36% Jun 05/23 CAD 62,000 64,775 66,098 0.1 RioCan REIT 2.36% Mar 10/27 CAD 65,000 63,239 66,091 0.1 OMERS Realty Corp. 3.33% Nov 12/24 CAD 58,000 61,769 63,531 0.1 H&R REIT 4.07% Jun 16/25 CAD 59,000 60,763 63,107 0.1 Granite REIT Holdings LP 3.87% Nov 30/23 CAD 58,000 61,032 62,713 0.1 Manulife Financial Corp. 3.05% Aug 20/29 CAD 58,000 58,892 62,075 0.1 Choice Properties REIT 3.56% Sep 09/24 CAD 57,000 59,151 61,798 0.1 Fairfax Financial Holdings Ltd. 4.50% Mar 22/23 CAD 58,000 60,752 61,684 0.1 Aviva plc 4.00% Oct 02/30 CAD 59,000 59,323 61,059 0.1 Canadian Western Bank 1.57% Sep 14/23 CAD 60,000 60,359 61,028 0.1 Intact Financial Corp. 2.85% Jun 07/27 CAD 55,000 57,297 59,694 0.1 Laurentian Bank of Canada 3.00% Sep 12/22 CAD 57,000 58,202 59,051 0.1 Intact Financial Corp. 3.69% Mar 24/25 CAD 52,000 56,969 57,589 0.1 H&R REIT 2.92% May 06/22 CAD 56,000 56,097 57,010 0.1 Ivanhoe Cambridge II, Inc. 2.30% Dec 12/24 CAD 54,000 56,077 56,960 0.1 OMERS Realty Corp. 2.86% Feb 23/24 CAD 52,000 53,394 55,390 0.1 Great-West Lifeco, Inc. 6.00% Nov 16/39 CAD 38,000 52,602 55,113 0.1 Great-West Lifeco, Inc. 2.38% May 14/30 CAD 51,000 52,035 54,110 0.1 Original Wempi, Inc. 4.31% Feb 13/24 CAD 53,000 54,157 53,426 0.1 Choice Properties LP 3.60% Sep 20/22 CAD 51,000 52,435 53,134 0.1 Central 1 Credit Union 2.60% Nov 07/22 CAD 51,000 51,218 52,746 0.1 iA Financial Corp. Inc. 2.40% Feb 21/30 CAD 49,000 49,792 51,119 0.1 iA Financial Corp. Inc. 3.07% Sep 24/31 CAD 47,000 48,660 50,947 0.1 Canadian Western Bank 1.82% Dec 16/27 CAD 50,000 50,000 50,361 0.1 RioCan REIT 1.97% Jun 15/26 CAD 50,000 50,000 50,158 0.1 SEC LP and Arci Ltd. 5.19% Aug 29/33 CAD 45,872 49,252 49,642 0.1 SmartCentres REIT 3.53% Dec 20/29 CAD 43,000 44,244 46,652 0.1 CIBC Capital Trust 10.25% Jun 30/2108 CAD 42,000 49,336 46,011 0.1 Capital City Link General Partnership 4.39% Mar 31/46 CAD 38,200 41,924 45,763 0.1 Granite REIT Holdings LP 2.38% Dec 18/30 CAD 45,000 45,256 45,637 0.1 Fairfax Financial Holdings Ltd. 4.95% Mar 03/25 CAD 38,000 41,513 42,327 0.1 Canadian Western Bank 2.60% Sep 06/24 CAD 40,000 40,466 42,089 0.1 Manulife Bank of Canada 1.50% Jun 25/25 CAD 41,000 41,000 42,012 0.1 SmartCentres REIT 3.19% Jun 11/27 CAD 37,000 37,687 39,665 0.1 Canadian Western Bank 2.74% Jun 16/22 CAD 38,000 38,102 39,161 0.1 First Capital REIT 4.79% Aug 30/24 CAD 33,000 35,956 36,386 0.0 First Capital REIT 4.32% Jul 31/25 CAD 33,000 35,143 36,205 0.0 First Capital REIT 3.60% May 06/26 CAD 34,000 33,995 36,170 0.0 CI Financial Corp. 3.52% Jul 20/23 CAD 33,000 33,722 34,660 0.0 Choice Properties REIT 3.55% Jan 10/25 CAD 30,000 30,703 32,643 0.0 Canadian Western Bank 2.83% Mar 14/22 CAD 31,000 31,420 31,824 0.0 Allied Properties REIT 3.39% Aug 15/29 CAD 29,000 29,555 31,179 0.0 Allied Properties REIT 3.13% May 15/28 CAD 29,000 29,440 30,803 0.0 H&R REIT 3.37% Jan 30/24 CAD 29,000 28,939 30,104 0.0 RioCan REIT 2.83% Oct 03/22 CAD 25,000 25,186 25,769 0.0 RioCan REIT 3.29% Feb 12/24 CAD 22,000 22,644 23,229 0.0

24 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Toronto-Dominion Bank 1.13% Dec 09/25 CAD 20,000 20,000 20,098 0.0 Laurentian Bank of Canada 2.55% Jun 20/22 CAD 16,000 16,023 16,412 0.0 Intact Financial Corp. 2.95% Dec 16/50 CAD 10,000 10,000 10,198 0.0 Intact Financial Corp. 1.93% Dec 16/30 CAD 10,000 10,000 10,090 0.0 32,067,257 32,770,197 43.7 Government Government of Canada 5.00% Jun 01/37 CAD 40,000 64,711 64,732 0.1 Republic of Austria 5.38% Dec 01/34 CAD 25,000 32,344 36,106 0.1 Government of Canada 2.00% Dec 01/51 CAD 20,000 24,060 24,058 0.0 121,115 124,896 0.2 Government-related Agencies KfW 2.00% Feb 07/22 CAD 242,000 246,350 246,721 0.3 KfW 5.05% Feb 04/25 CAD 67,000 78,942 79,196 0.1 KfW 4.70% Jun 02/37 CAD 46,000 62,137 64,389 0.1 KfW 4.65% Feb 28/23 CAD 14,000 14,993 15,272 0.0 402,422 405,578 0.5 Government-related Supranational International Bank for Reconstruction & Development 2.20% Jan 18/22 CAD 307,000 312,917 313,343 0.4 International Bank for Reconstruction & Development 1.80% Jul 26/24 CAD 257,000 263,426 268,907 0.4 International Bank for Reconstruction & Development 0.88% Sep 28/27 CAD 242,000 241,973 241,971 0.3 Inter-American Development Bank 4.40% Jan 26/26 CAD 157,000 183,294 185,668 0.3 International Bank for Reconstruction & Development 1.90% Jan 16/25 CAD 172,000 178,302 181,346 0.2 International Bank for Reconstruction & Development 2.25% Jan 17/23 CAD 132,000 134,133 137,247 0.2 International Bank for Reconstruction & Development 0.75% Jul 02/25 CAD 136,000 136,160 136,680 0.2 Asian Development Bank 4.65% Feb 16/27 CAD 104,000 126,381 127,676 0.2 International Bank for Reconstruction & Development 2.50% Aug 03/23 CAD 115,000 119,379 121,235 0.2 Inter-American Development Bank 0.88% Aug 27/27 CAD 117,000 116,713 116,993 0.2 International Finance Corp. 0.63% Sep 16/25 CAD 110,000 109,775 109,899 0.1 Inter-American Development Bank 1.70% Oct 10/24 CAD 94,000 96,786 98,239 0.1 Inter-American Development Bank 0.75% Oct 15/25 CAD 96,000 96,083 96,463 0.1 International Finance Corp. 1.38% Sep 13/24 CAD 82,000 82,489 84,694 0.1 International Finance Corp. 2.38% Jul 19/23 CAD 73,000 75,483 76,676 0.1 EUROFIMA 4.55% Mar 30/27 CAD 25,000 29,096 30,016 0.0 2,302,390 2,327,053 3.1 Industrial Apple, Inc. 2.51% Aug 19/24 CAD 396,000 411,782 421,237 0.6 Shaw Communications, Inc. 6.75% Nov 09/39 CAD 213,000 290,717 308,386 0.4 Walt Disney Co. 3.06% Mar 30/27 CAD 274,000 291,649 299,644 0.4 Bell Canada, Inc. 1.65% Aug 16/27 CAD 288,000 288,057 291,600 0.4 Pembina Pipeline Corp. 3.62% Apr 03/29 CAD 259,000 280,938 286,731 0.4 Bell Canada, Inc. 3.35% Mar 22/23 CAD 260,000 272,137 273,330 0.4 Thomson Reuters Corp. 2.24% May 14/25 CAD 247,000 253,768 258,471 0.3 TELUS Corp. 2.35% Mar 28/22 CAD 234,000 238,040 238,816 0.3 Bell Canada, Inc. 3.00% Oct 03/22 CAD 224,000 231,421 232,781 0.3 TELUS Corp. 2.05% Oct 07/30 CAD 230,000 228,611 231,619 0.3 Suncor Energy, Inc. 3.10% May 24/29 CAD 211,000 219,035 228,977 0.3 TransCanada PipeLines Ltd. 3.69% Jul 19/23 CAD 209,000 221,650 222,972 0.3 Enbridge, Inc. 3.20% Jun 08/27 CAD 201,000 211,982 219,357 0.3 TransCanada PipeLines Ltd. 3.80% Apr 05/27 CAD 190,000 205,579 213,750 0.3 TELUS Corp. 3.35% Apr 01/24 CAD 199,000 209,788 213,740 0.3 407 International, Inc. 2.84% Mar 07/50 CAD 198,000 196,581 208,985 0.3 Verizon Communications, Inc. 2.50% May 16/30 CAD 196,000 204,069 207,738 0.3 Husky Energy, Inc. 3.50% Feb 07/28 CAD 195,000 194,818 203,432 0.3 TransCanada PipeLines Ltd. 4.55% Nov 15/41 CAD 172,000 191,385 197,614 0.3 Husky Energy, Inc. 3.55% Mar 12/25 CAD 184,000 187,283 194,085 0.3 Bell Canada, Inc. 3.50% Sep 30/50 CAD 184,000 185,587 193,660 0.3 TransCanada PipeLines Ltd. 4.34% Oct 15/49 CAD 167,000 178,999 191,631 0.3 Rogers Communications, Inc. 6.68% Nov 04/39 CAD 127,000 183,702 189,240 0.3 Rogers Communications, Inc. 3.65% Mar 31/27 CAD 163,000 173,953 183,830 0.2 Rogers Communications, Inc. 4.00% Jun 06/22 CAD 175,000 183,346 183,323 0.2 TransCanada PipeLines Ltd. 4.35% Jun 06/46 CAD 161,000 176,494 183,118 0.2 Saputo, Inc. 2.24% Jun 16/27 CAD 174,000 179,429 181,938 0.2 Bell Canada, Inc. 4.70% Sep 11/23 CAD 163,000 178,055 178,457 0.2 Greater Toronto Airports Authority 3.26% Jun 01/37 CAD 159,000 170,970 177,843 0.2

25 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets McDonald's Corp. 3.13% Mar 04/25 CAD 160,000 169,047 173,680 0.2 Greater Toronto Airports Authority 2.75% Oct 17/39 CAD 162,000 163,091 169,846 0.2 Mondelez International, Inc. 3.25% Mar 07/25 CAD 156,000 165,949 169,684 0.2 Suncor Energy, Inc. 3.00% Sep 14/26 CAD 153,000 160,147 165,921 0.2 Rogers Communications, Inc. 6.11% Aug 25/40 CAD 117,000 158,739 165,522 0.2 TELUS Corp. 2.75% Jul 08/26 CAD 153,000 159,148 164,524 0.2 Alimentation Couche-Tard, Inc. 3.60% Jun 02/25 CAD 149,000 160,559 164,140 0.2 Enbridge, Inc. 3.19% Dec 05/22 CAD 155,000 160,850 162,370 0.2 BHP Billiton Finance Ltd. 3.23% May 15/23 CAD 149,000 155,288 157,341 0.2 bcIMC Realty Corp. 3.00% Mar 31/27 CAD 141,000 153,366 155,887 0.2 United Parcel Service, Inc. 2.13% May 21/24 CAD 149,000 152,565 155,516 0.2 407 International, Inc. 3.14% Mar 06/30 CAD 136,000 151,482 154,992 0.2 AT&T, Inc. 2.85% May 25/24 CAD 144,000 148,982 152,819 0.2 AT&T, Inc. 5.10% Nov 25/48 CAD 125,000 141,804 152,197 0.2 North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% Jul 22/24 CAD 138,000 145,920 147,940 0.2 Molson Coors International LP 3.44% Jul 15/26 CAD 135,000 141,314 146,182 0.2 Bell Canada, Inc. 6.10% Mar 16/35 CAD 107,000 140,911 144,911 0.2 TransCanada PipeLines Ltd. 4.18% Jul 03/48 CAD 130,000 139,072 144,897 0.2 Enbridge, Inc. 4.24% Aug 27/42 CAD 130,000 136,421 143,757 0.2 TWDC Enterprises 18 Corp. 2.76% Oct 07/24 CAD 134,000 139,160 143,026 0.2 North West Redwater Partnership / NWR Financing Co. Ltd. 3.70% Feb 23/43 CAD 130,000 136,598 142,808 0.2 VW Credit Canada, Inc. 1.50% Sep 23/25 CAD 141,000 140,980 142,557 0.2 Bell Canada, Inc. 2.70% Feb 27/24 CAD 135,000 138,479 142,378 0.2 407 International, Inc. 5.96% Dec 03/35 CAD 97,000 137,519 140,085 0.2 Bell Canada, Inc. 2.75% Jan 29/25 CAD 131,000 138,146 139,916 0.2 TELUS Corp. 4.40% Apr 01/43 CAD 120,000 132,614 139,775 0.2 Pembina Pipeline Corp. 4.81% Mar 25/44 CAD 121,000 132,325 138,857 0.2 Shaw Communications, Inc. 2.90% Dec 09/30 CAD 130,000 134,623 138,267 0.2 Pembina Pipeline Corp. 4.75% Mar 26/48 CAD 120,000 131,492 138,222 0.2 Honda Canada Finance, Inc. 1.34% Mar 17/26 CAD 137,000 136,780 138,086 0.2 Inter Pipeline Ltd. 4.23% Jun 01/27 CAD 124,000 130,927 137,626 0.2 Bell Canada, Inc. 3.35% Mar 12/25 CAD 126,000 130,204 137,511 0.2 Anheuser-Busch InBev Finance, Inc. 4.32% May 15/47 CAD 118,000 125,100 135,307 0.2 Bell Canada, Inc. 3.80% Aug 21/28 CAD 116,000 124,649 133,519 0.2 Enbridge, Inc. 4.57% Mar 11/44 CAD 115,000 124,666 133,424 0.2 Loblaw Cos. Ltd. 2.28% May 07/30 CAD 128,000 130,470 132,668 0.2 Toyota Credit Canada, Inc. 2.31% Oct 23/24 CAD 125,000 128,453 131,760 0.2 AT&T, Inc. 4.85% May 25/47 CAD 112,000 122,639 130,764 0.2 General Motors Financial of Canada Ltd. 5.95% May 14/24 CAD 114,000 126,455 129,893 0.2 Pembina Pipeline Corp. 3.31% Feb 01/30 CAD 120,000 124,812 129,832 0.2 AT&T, Inc. 4.00% Nov 25/25 CAD 115,000 121,954 129,786 0.2 Pembina Pipeline Corp. 2.99% Jan 22/24 CAD 122,000 125,662 128,960 0.2 North West Redwater Partnership / NWR Financing Co. Ltd. 4.05% Jul 22/44 CAD 111,000 121,546 128,565 0.2 Honda Canada Finance, Inc. 3.44% May 23/25 CAD 116,000 124,915 128,061 0.2 TELUS Corp. 4.70% Mar 06/48 CAD 103,000 121,758 127,768 0.2 TransCanada PipeLines Ltd. 3.30% Jul 17/25 CAD 116,000 123,563 126,593 0.2 Toyota Credit Canada, Inc. 2.62% Oct 11/22 CAD 121,000 124,609 125,557 0.2 Canadian Natural Resources Ltd. 3.31% Feb 11/22 CAD 122,000 124,726 125,460 0.2 Toyota Credit Canada, Inc. 2.64% Mar 27/24 CAD 118,000 124,180 125,008 0.2 Heathrow Funding Ltd. 3.78% Sep 04/32 CAD 116,000 119,421 124,192 0.2 Teranet Holdings LP 3.54% Jun 11/25 CAD 115,000 119,732 123,701 0.2 TELUS Corp. 4.85% Apr 05/44 CAD 99,000 110,868 122,900 0.2 Crosslinx Transit Solutions GP 4.65% Sep 30/46 CAD 103,000 119,467 122,648 0.2 TELUS Corp. 4.40% Jan 29/46 CAD 104,000 117,735 122,573 0.2 Suncor Energy, Inc. 5.00% Apr 09/30 CAD 101,000 106,859 122,477 0.2 TELUS Corp. 3.15% Feb 19/30 CAD 110,000 116,554 121,804 0.2 Sobeys, Inc. 4.70% Aug 08/23 CAD 109,000 119,179 118,702 0.2 Enbridge Pipelines, Inc. 3.52% Feb 22/29 CAD 105,000 115,106 118,693 0.2 TransCanada PipeLines Ltd. 3.39% Mar 15/28 CAD 107,000 115,353 118,687 0.2 Enbridge, Inc. 2.99% Oct 03/29 CAD 110,000 113,663 118,650 0.2 Shaw Communications, Inc. 4.40% Nov 02/28 CAD 100,000 114,503 118,365 0.2 Metro, Inc. 5.97% Oct 15/35 CAD 88,000 115,256 118,241 0.2 Enbridge Pipelines, Inc. 5.33% Apr 06/40 CAD 92,000 115,694 117,856 0.2 Brookfield Property Finance ULC 4.35% Jul 03/23 CAD 112,000 115,025 116,798 0.2 AIMCo Realty Investors LP 3.04% Jun 01/28 CAD 105,000 114,399 116,297 0.2 Brookfield Property Finance ULC 4.30% Mar 01/24 CAD 111,000 114,026 116,207 0.2 Enbridge, Inc. 3.95% Nov 19/24 CAD 105,000 112,936 115,824 0.2 Canadian Pacific Railway Co. 3.15% Mar 13/29 CAD 102,000 112,697 115,213 0.2 TransCanada PipeLines Ltd. 4.33% Sep 16/47 CAD 101,000 106,627 115,054 0.2 Heathrow Funding Ltd. 3.25% May 21/27 CAD 108,000 112,972 114,786 0.2 Daimler Canada Finance, Inc. 2.54% Aug 21/23 CAD 109,000 111,489 113,744 0.1

26 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets North West Redwater Partnership / NWR Financing Co. Ltd. 4.15% Jun 01/33 CAD 97,000 107,105 113,575 0.1 Waste Management of Canada Corp. 2.60% Sep 23/26 CAD 105,000 111,206 113,115 0.1 BP Capital Markets plc 3.47% May 15/25 CAD 102,000 109,385 112,302 0.1 Bell Canada, Inc. 3.60% Sep 29/27 CAD 99,000 104,699 111,956 0.1 TELUS Corp. 4.75% Jan 17/45 CAD 90,000 105,595 110,650 0.1 Pembina Pipeline Corp. 4.54% Apr 03/49 CAD 98,000 105,218 109,991 0.1 PepsiCo, Inc. 2.15% May 06/24 CAD 105,000 108,001 109,853 0.1 Bell Canada, Inc. 4.35% Dec 18/45 CAD 92,000 103,162 109,455 0.1 Westcoast Energy, Inc. 3.77% Dec 08/25 CAD 98,000 107,747 109,350 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 3.65% Jun 01/35 CAD 97,000 102,916 108,098 0.1 Bell Canada, Inc. 2.50% May 14/30 CAD 103,000 105,161 108,012 0.1 Pembina Pipeline Corp. 4.67% May 28/50 CAD 94,000 103,976 107,847 0.1 Toromont Industries Ltd. 3.84% Oct 27/27 CAD 96,000 103,955 107,748 0.1 TransCanada PipeLines Ltd. 3.00% Sep 18/29 CAD 99,000 103,080 107,269 0.1 TELUS Corp. 3.30% May 02/29 CAD 96,000 99,625 107,071 0.1 55 Ontario School Board Trust 5.90% Jun 02/33 CAD 73,000 99,669 105,815 0.1 VW Credit Canada, Inc. 3.70% Nov 14/22 CAD 100,000 104,359 105,541 0.1 Aeroports de Montreal 5.17% Sep 17/35 CAD 78,000 100,672 105,233 0.1 Greater Toronto Airports Authority 2.73% Apr 03/29 CAD 95,000 100,580 105,108 0.1 Enbridge Pipelines, Inc. 3.45% Sep 29/25 CAD 95,000 102,844 104,838 0.1 Canadian National Railway Co. 3.60% Feb 08/49 CAD 87,000 98,810 104,691 0.1 Daimler Canada Finance, Inc. 3.05% May 16/22 CAD 101,000 103,484 104,359 0.1 Bell Canada, Inc. 4.45% Feb 27/47 CAD 86,000 100,740 104,322 0.1 Daimler Canada Finance, Inc. 1.65% Sep 22/25 CAD 102,000 102,495 103,878 0.1 407 International, Inc. 3.60% May 21/47 CAD 87,000 98,064 103,801 0.1 Greater Toronto Airports Authority 5.30% Feb 25/41 CAD 72,000 99,368 103,773 0.1 Pembina Pipeline Corp. 3.71% Aug 11/26 CAD 93,000 99,132 102,994 0.1 Alimentation Couche-Tard, Inc. 3.06% Jul 26/24 CAD 96,000 99,642 102,908 0.1 Rogers Communications, Inc. 3.25% May 01/29 CAD 92,000 94,670 102,279 0.1 Rogers Communications, Inc. 4.00% Mar 13/24 CAD 93,000 100,549 101,471 0.1 John Deere Financial, Inc. 2.46% Apr 04/24 CAD 96,000 99,732 101,241 0.1 Canadian National Railway Co. 3.95% Sep 22/45 CAD 80,000 95,435 100,078 0.1 Honda Canada Finance, Inc. 3.18% Aug 28/23 CAD 94,000 98,243 99,997 0.1 Loblaw Cos. Ltd. 4.86% Sep 12/23 CAD 91,000 100,039 99,992 0.1 OMERS Realty Corp. 1.30% Sep 22/23 CAD 97,000 98,033 98,678 0.1 Enbridge, Inc. 3.94% Jun 30/23 CAD 92,000 97,309 98,419 0.1 Canadian Natural Resources Ltd. 1.45% Nov 16/23 CAD 97,000 97,135 98,409 0.1 Loblaw Cos. Ltd. 4.49% Dec 11/28 CAD 81,000 95,534 97,827 0.1 TELUS Corp. 3.95% Feb 16/50 CAD 88,000 94,221 97,816 0.1 Metro, Inc. 3.39% Dec 06/27 CAD 87,000 95,216 97,779 0.1 Shaw Communications, Inc. 3.30% Dec 10/29 CAD 88,000 92,112 97,285 0.1 Canadian National Railway Co. 2.80% Sep 22/25 CAD 89,000 95,366 96,849 0.1 NAV Canada 2.06% May 29/30 CAD 92,000 95,292 96,772 0.1 Northern Courier Pipeline LP 3.37% Jun 30/42 CAD 88,335 92,427 96,267 0.1 Penske Truck Leasing Canada, Inc. 2.85% Dec 07/22 CAD 92,000 94,300 95,413 0.1 Sysco Canada, Inc. 3.65% Apr 25/25 CAD 87,000 90,772 94,746 0.1 Canadian Natural Resources Ltd. 3.42% Dec 01/26 CAD 85,000 88,321 92,985 0.1 Metro, Inc. 4.27% Dec 04/47 CAD 77,000 88,359 92,326 0.1 Enbridge Pipelines, Inc. 4.33% Feb 22/49 CAD 77,000 84,681 90,914 0.1 Canadian Natural Resources Ltd. 3.55% Jun 03/24 CAD 84,000 86,768 90,446 0.1 407 International, Inc. 3.83% May 11/46 CAD 74,000 83,041 90,442 0.1 Bell Canada, Inc. 7.30% Feb 23/32 CAD 63,000 87,194 89,918 0.1 Nouvelle Autoroute 30 Financement, Inc. 4.12% Jun 30/42 CAD 74,723 85,463 89,381 0.1 John Deere Financial, Inc. 1.34% Sep 08/27 CAD 88,000 88,119 88,769 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 4.25% Jun 01/29 CAD 75,000 85,249 88,329 0.1 Bell Canada, Inc. 6.17% Feb 26/37 CAD 63,000 84,551 87,673 0.1 Cameco Corp. 4.19% Jun 24/24 CAD 80,000 83,868 86,158 0.1 Saputo, Inc. 2.88% Nov 19/24 CAD 79,000 82,403 84,517 0.1 Inter Pipeline Ltd. 2.73% Apr 18/24 CAD 81,000 81,175 84,242 0.1 AIMCo Realty Investors LP 3.37% Jun 01/27 CAD 75,000 81,521 84,069 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 4.35% Jan 10/39 CAD 71,000 77,407 83,918 0.1 NAV Canada 2.92% Sep 29/51 CAD 76,000 79,839 83,599 0.1 TransCanada PipeLines Ltd. 8.05% Feb 17/39 CAD 52,000 80,451 83,425 0.1 Suncor Energy, Inc. 4.34% Sep 13/46 CAD 73,000 78,786 83,251 0.1 Gibson Energy, Inc. 3.60% Sep 17/29 CAD 76,000 79,153 82,986 0.1 Suncor Energy, Inc. 5.39% Mar 26/37 CAD 67,000 83,467 82,926 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% Apr 24/26 CAD 76,000 79,588 82,854 0.1 SGTP Highway Bypass LP 4.11% Jan 31/45 CAD 71,567 80,230 82,569 0.1 Heathrow Funding Ltd. 3.40% Mar 08/30 CAD 77,000 79,052 81,654 0.1 Pembina Pipeline Corp. 4.02% Mar 27/28 CAD 72,000 75,595 81,644 0.1

27 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Bell Canada, Inc. 4.75% Sep 29/44 CAD 65,000 74,923 81,091 0.1 Bell Canada, Inc. 3.55% Mar 02/26 CAD 73,000 74,705 81,048 0.1 407 International, Inc. 3.72% May 11/48 CAD 66,000 74,597 80,671 0.1 TELUS Corp. 3.75% Jan 17/25 CAD 73,000 76,128 80,534 0.1 Aeroports de Montreal 3.03% Apr 21/50 CAD 73,000 76,218 80,347 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 4.75% Jun 01/37 CAD 65,000 76,939 80,262 0.1 Honda Canada Finance, Inc. 2.50% Jun 04/24 CAD 76,000 77,963 80,257 0.1 AIMCo Realty Investors LP 2.71% Jun 01/29 CAD 74,000 77,068 80,155 0.1 Shaw Communications, Inc. 4.35% Jan 31/24 CAD 73,000 79,377 80,116 0.1 Inter Pipeline Ltd. 4.64% May 30/44 CAD 74,000 77,356 79,148 0.1 Husky Energy, Inc. 3.60% Mar 10/27 CAD 75,000 75,010 79,048 0.1 Canadian Pacific Railway Co. 6.45% Nov 17/39 CAD 51,000 74,759 78,884 0.1 Canadian Natural Resources Ltd. 2.50% Jan 17/28 CAD 76,000 76,764 78,630 0.1 Dollarama, Inc. 1.51% Sep 20/27 CAD 78,000 78,051 78,332 0.1 407 International, Inc. 1.80% May 22/25 CAD 75,000 77,504 78,253 0.1 Canadian National Railway Co. 3.60% Jul 31/48 CAD 65,000 71,613 78,200 0.1 Canadian National Railway Co. 3.60% Aug 01/47 CAD 65,000 72,732 77,986 0.1 VW Credit Canada, Inc. 2.85% Sep 26/24 CAD 73,000 74,767 77,816 0.1 407 International, Inc. 3.67% Mar 08/49 CAD 63,000 72,726 76,563 0.1 Greater Toronto Airports Authority 6.98% Oct 15/32 CAD 51,000 74,601 76,080 0.1 Rogers Communications, Inc. 6.56% Mar 22/41 CAD 51,000 72,585 75,932 0.1 BCI QuadReal Realty 1.75% Jul 24/30 CAD 75,000 75,205 75,885 0.1 AltaGas Ltd. 4.50% Aug 15/44 CAD 67,000 72,382 75,823 0.1 Canadian National Railway Co. 3.05% Feb 08/50 CAD 69,000 72,546 75,809 0.1 Magna International, Inc. 3.10% Dec 15/22 CAD 72,000 74,185 74,860 0.1 AltaGas Ltd. 2.61% Dec 16/22 CAD 72,000 73,616 74,571 0.1 AltaGas Ltd. 3.84% Jan 15/25 CAD 68,000 72,760 74,497 0.1 Dollarama, Inc. 3.55% Nov 06/23 CAD 69,000 72,524 74,217 0.1 General Motors Financial of Canada Ltd. 2.60% Jun 01/22 CAD 72,000 72,180 73,721 0.1 407 International, Inc. 4.45% Nov 15/41 CAD 56,000 68,314 72,733 0.1 Keyera Corp. 3.96% May 29/30 CAD 65,000 68,297 72,014 0.1 Inter Pipeline Ltd. 3.48% Dec 16/26 CAD 67,000 68,441 71,935 0.1 VW Credit Canada, Inc. 2.65% Jun 27/22 CAD 69,000 70,118 71,049 0.1 407 International, Inc. 2.43% May 04/27 CAD 64,000 65,955 69,009 0.1 AltaGas Ltd. 4.12% Apr 07/26 CAD 61,000 66,459 68,865 0.1 Bell Canada, Inc. 2.90% Sep 10/29 CAD 63,000 64,249 68,356 0.1 Teranet Holdings LP 5.75% Dec 17/40 CAD 56,000 61,454 67,730 0.1 Stantec, Inc. 2.05% Oct 08/27 CAD 66,000 66,043 66,728 0.1 Pembina Pipeline Corp. 4.74% Jan 21/47 CAD 58,000 61,818 66,540 0.1 Vancouver Airport Authority 2.87% Oct 18/49 CAD 62,000 63,546 66,044 0.1 407 International, Inc. 3.98% Sep 11/52 CAD 51,000 61,716 65,882 0.1 John Deere Financial, Inc. 2.99% Jan 14/22 CAD 64,000 65,704 65,714 0.1 Toyota Credit Canada, Inc. 2.11% Feb 26/25 CAD 62,000 63,220 65,034 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 2.80% Jun 01/27 CAD 60,000 60,587 64,542 0.1 Enbridge Pipelines, Inc. 4.55% Aug 17/43 CAD 54,000 60,895 64,298 0.1 Toyota Credit Canada, Inc. 3.04% Jul 12/23 CAD 60,000 61,734 63,560 0.1 Pembina Pipeline Corp. 3.77% Oct 24/22 CAD 59,000 61,995 62,208 0.1 Greater Toronto Airports Authority 7.05% Jun 12/30 CAD 43,000 59,880 61,774 0.1 Enbridge Pipelines, Inc. 4.55% Sep 29/45 CAD 51,000 58,285 61,260 0.1 Brookfield Property Finance ULC 3.93% Jan 15/27 CAD 59,000 59,798 60,977 0.1 Pembina Pipeline Corp. 3.54% Feb 03/25 CAD 56,000 58,016 60,778 0.1 Aeroports de Montreal 5.67% Oct 16/37 CAD 42,000 58,697 60,385 0.1 TELUS Corp. 2.35% Jan 27/28 CAD 55,000 56,439 57,782 0.1 Canadian Pacific Railway Co. 3.05% Mar 09/50 CAD 54,000 54,489 57,401 0.1 Molson Coors International LP 2.84% Jul 15/23 CAD 55,000 55,647 57,311 0.1 TELUS Corp. 3.63% Mar 01/28 CAD 50,000 50,938 56,655 0.1 Honda Canada Finance, Inc. 2.54% Mar 01/23 CAD 54,000 54,091 56,182 0.1 Greater Toronto Airports Authority 1.54% May 03/28 CAD 55,000 54,965 56,160 0.1 Transurban Finance Co. Pty Ltd. 4.56% Nov 14/28 CAD 48,000 50,438 54,822 0.1 VW Credit Canada, Inc. 1.20% Sep 25/23 CAD 54,000 53,989 54,466 0.1 SSL Finance, Inc. 4.10% Oct 31/45 CAD 46,421 50,929 54,440 0.1 Metro, Inc. 3.41% Feb 28/50 CAD 52,000 53,067 54,359 0.1 Toyota Credit Canada, Inc. 2.70% Jan 25/23 CAD 52,000 53,138 54,312 0.1 Saputo, Inc. 3.60% Aug 14/25 CAD 49,000 52,266 54,215 0.1 Bell Canada, Inc. 7.85% Apr 02/31 CAD 37,000 51,077 54,135 0.1 Canadian Natural Resources Ltd. 4.85% May 30/47 CAD 45,000 49,260 54,113 0.1 Ottawa MacDonald-Cartier International Airport Authority 3.93% Jun 09/45 CAD 48,415 52,882 54,018 0.1 Reliance LP 3.84% Mar 15/25 CAD 49,000 51,311 53,562 0.1 Reliance LP 2.68% Dec 01/27 CAD 51,000 51,526 53,534 0.1 Hospital Infrastructure Partners NOH Partnership 5.44% Jan 31/45 CAD 40,432 50,021 53,479 0.1 Enbridge Pipelines, Inc. 4.13% Aug 09/46 CAD 47,000 51,241 53,449 0.1 John Deere Financial, Inc. 2.58% Oct 16/26 CAD 49,000 52,895 53,159 0.1

28 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Bell Canada, Inc. 2.90% Aug 12/26 CAD 49,000 49,948 53,054 0.1 bcIMC Realty Corp. 2.84% Jun 03/25 CAD 49,000 50,900 52,889 0.1 Gibson Energy, Inc. 2.85% Jul 14/27 CAD 50,000 51,328 52,806 0.1 Vancouver Airport Fuel Facilities Corp. 2.17% Jun 23/25 CAD 52,000 52,634 52,436 0.1 Gibson Energy, Inc. 2.45% Jul 14/25 CAD 50,000 50,638 51,939 0.1 Inter Pipeline Ltd. 3.78% May 30/22 CAD 49,000 50,762 51,010 0.1 Metro, Inc. 5.03% Dec 01/44 CAD 39,000 47,205 50,976 0.1 Cameco Corp. 2.95% Oct 21/27 CAD 48,000 47,745 49,471 0.1 Pembina Pipeline Corp. 2.56% Jun 01/23 CAD 47,000 47,415 48,878 0.1 Shaw Communications, Inc. 3.80% Nov 02/23 CAD 45,000 47,134 48,632 0.1 Inter Pipeline Ltd. 3.17% Mar 24/25 CAD 46,000 47,505 48,615 0.1 Pembina Pipeline Corp. 4.24% Jun 15/27 CAD 41,000 44,805 46,752 0.1 AltaGas Ltd. 2.16% Jun 10/25 CAD 45,000 45,433 46,748 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 2.10% Feb 23/22 CAD 46,000 45,731 46,714 0.1 Vancouver Airport Authority 2.80% Sep 21/50 CAD 44,000 43,584 46,552 0.1 Daimler Canada Finance, Inc. 2.97% Mar 13/24 CAD 43,000 44,018 45,694 0.1 John Deere Canada Funding, Inc. 2.63% Sep 21/22 CAD 44,000 44,587 45,626 0.1 Loblaw Cos. Ltd. 5.90% Jan 18/36 CAD 34,000 44,444 45,448 0.1 407 International, Inc. 4.19% Apr 25/42 CAD 36,000 43,692 45,446 0.1 General Motors Financial of Canada Ltd. 3.25% Nov 07/23 CAD 43,000 42,974 45,257 0.1 Toyota Credit Canada, Inc. 2.02% Feb 28/22 CAD 44,000 44,108 44,829 0.1 Inter Pipeline Ltd. 2.61% Sep 13/23 CAD 43,000 43,306 44,537 0.1 Shaw Communications, Inc. 4.25% Dec 09/49 CAD 39,000 41,706 44,055 0.1 Reliance LP 3.75% Mar 15/26 CAD 40,000 41,861 43,779 0.1 TELUS Corp. 3.35% Mar 15/23 CAD 41,000 43,023 43,081 0.1 BMW Canada, Inc. 2.41% Nov 27/23 CAD 41,000 42,098 42,954 0.1 Saputo, Inc. 1.94% Jun 13/22 CAD 42,000 41,931 42,812 0.1 Cogeco Communications, Inc. 4.18% May 26/23 CAD 40,000 42,174 42,668 0.1 University of Ottawa 2.64% Feb 13/60 CAD 42,000 42,090 42,661 0.1 TELUS Corp. 3.75% Mar 10/26 CAD 38,000 38,618 42,602 0.1 VW Credit Canada, Inc. 3.25% Mar 29/23 CAD 40,000 40,550 42,170 0.1 407 International, Inc. 5.75% Feb 14/36 CAD 31,000 41,176 41,225 0.1 Verizon Communications, Inc. 3.63% May 16/50 CAD 37,000 38,946 40,608 0.1 Enbridge Pipelines, Inc. 3.00% Aug 10/26 CAD 36,000 36,551 39,211 0.1 407 International, Inc. 3.65% Sep 08/44 CAD 32,000 34,818 38,031 0.0 Keyera Corp. 3.93% Jun 21/28 CAD 33,000 33,917 36,699 0.0 Pembina Pipeline Corp. 4.75% Apr 30/43 CAD 32,000 32,823 36,347 0.0 Westcoast Energy, Inc. 3.43% Sep 12/24 CAD 33,000 34,802 35,788 0.0 Loblaw Cos. Ltd. 3.92% Jun 10/24 CAD 32,000 33,400 35,202 0.0 AIMCo Realty Investors LP 2.27% Jun 26/24 CAD 33,000 33,118 34,492 0.0 Canadian Tire Corp. Ltd. 3.17% Jul 06/23 CAD 32,000 32,504 33,778 0.0 TELUS Corp. 5.15% Nov 26/43 CAD 26,000 27,485 33,346 0.0 TransEd Partners GP 3.95% Sep 30/50 CAD 29,000 29,156 32,338 0.0 Plenary Health Care Partnerships Humber LP 4.90% May 31/39 CAD 26,104 30,334 32,250 0.0 Nouvelle Autoroute 30 Financement, Inc. 4.11% Mar 31/42 CAD 26,979 28,006 32,220 0.0 Honda Canada Finance, Inc. 2.27% Jul 15/22 CAD 31,000 31,155 31,832 0.0 Hospital for Sick Children 3.42% Dec 07/57 CAD 26,000 29,117 31,645 0.0 Saputo, Inc. 2.83% Nov 21/23 CAD 30,000 30,715 31,628 0.0 Federated Co-operatives Ltd. 3.92% Jun 17/25 CAD 29,000 30,066 31,169 0.0 Toyota Credit Canada, Inc. 2.35% Jul 18/22 CAD 30,000 30,086 30,875 0.0 BCI QuadReal Realty 1.68% Mar 03/25 CAD 29,000 29,219 29,930 0.0 Enbridge, Inc. 2.44% Jun 02/25 CAD 28,000 28,550 29,492 0.0 Daimler Canada Finance, Inc. 3.30% Aug 16/22 CAD 28,000 28,559 29,191 0.0 Shaw Communications, Inc. 3.80% Mar 01/27 CAD 25,000 25,900 28,167 0.0 CCL Industries, Inc. 3.86% Apr 13/28 CAD 25,000 26,445 28,153 0.0 Caterpillar Financial Services Ltd. 2.09% Sep 12/22 CAD 27,000 27,291 27,754 0.0 Canadian National Railway Co. 3.00% Feb 08/29 CAD 24,000 23,914 27,059 0.0 John Deere Financial, Inc. 2.41% Jan 14/25 CAD 24,000 24,640 25,503 0.0 AltaGas Ltd. 3.57% Jun 12/23 CAD 24,000 25,068 25,410 0.0 AltaGas Ltd. 2.08% May 30/28 CAD 25,000 25,000 25,343 0.0 Honda Canada Finance, Inc. 2.49% Dec 19/22 CAD 22,000 22,074 22,803 0.0 John Deere Canada Funding, Inc. 2.70% Jan 17/23 CAD 21,000 21,256 21,929 0.0 Saputo, Inc. 1.42% Jun 19/26 CAD 21,000 21,003 21,114 0.0 Canadian National Railway Co. 3.20% Jul 31/28 CAD 17,000 17,694 19,343 0.0 Metro, Inc. 2.68% Dec 05/22 CAD 17,000 16,892 17,649 0.0 407 International, Inc. 2.59% May 25/32 CAD 10,000 9,996 10,788 0.0 29,418,638 30,460,856 40.6 Utilities Hydro One, Inc. 5.49% Jul 16/40 CAD 175,000 245,813 254,979 0.3 AltaLink LP 4.92% Sep 17/43 CAD 133,000 181,917 188,309 0.2 CU, Inc. 4.09% Sep 02/44 CAD 141,000 167,446 178,402 0.2 Brookfield Infrastructure Finance ULC 4.19% Sep 11/28 CAD 128,000 140,180 148,068 0.2

29 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Hydro One, Inc. 3.63% Jun 25/49 CAD 121,000 138,494 147,815 0.2 Alectra, Inc. 2.49% May 17/27 CAD 136,000 144,266 147,688 0.2 CU, Inc. 4.72% Sep 09/43 CAD 103,000 133,307 140,516 0.2 Hydro One, Inc. 5.36% May 20/36 CAD 100,000 131,156 139,095 0.2 Hydro One, Inc. 4.89% Mar 13/37 CAD 99,000 125,740 132,619 0.2 Bruce Power LP 4.75% Jun 21/49 CAD 102,000 122,098 132,111 0.2 Brookfield Renewable Partners ULC 3.38% Jan 15/30 CAD 116,000 126,285 130,637 0.2 Emera, Inc. 2.90% Jun 16/23 CAD 116,000 119,940 121,657 0.2 Hydro One, Inc. 2.77% Feb 24/26 CAD 109,000 115,387 118,721 0.2 Enbridge Gas, Inc. 2.90% Apr 01/30 CAD 106,000 114,719 118,475 0.2 Enbridge Gas, Inc. 4.20% Jun 02/44 CAD 91,000 111,080 116,812 0.2 Fortis, Inc. 2.85% Dec 12/23 CAD 110,000 114,729 116,251 0.2 Brookfield Infrastructure Finance ULC 3.32% Feb 22/24 CAD 108,000 112,338 115,205 0.2 Brookfield Infrastructure Finance ULC 3.41% Oct 09/29 CAD 103,000 107,451 113,165 0.1 Enbridge Gas, Inc. 5.21% Feb 25/36 CAD 82,000 107,775 110,446 0.1 CU, Inc. 3.81% Sep 10/42 CAD 90,000 104,064 108,504 0.1 CU, Inc. 2.96% Sep 07/49 CAD 100,000 104,238 108,215 0.1 Brookfield Infrastructure Finance ULC 2.86% Sep 01/32 CAD 104,000 105,850 107,436 0.1 Hydro One, Inc. 0.71% Jan 16/23 CAD 106,000 106,307 106,467 0.1 Hydro One, Inc. 2.71% Feb 28/50 CAD 100,000 100,329 104,005 0.1 CU, Inc. 3.76% Nov 19/46 CAD 81,000 92,406 99,112 0.1 Bruce Power LP 4.13% Jun 21/33 CAD 84,000 91,978 98,833 0.1 Hydro One, Inc. 3.72% Nov 18/47 CAD 80,000 92,772 98,378 0.1 Bruce Power LP 3.97% Jun 23/26 CAD 86,000 93,439 97,054 0.1 CU, Inc. 3.96% Jul 27/45 CAD 77,000 90,947 96,332 0.1 Hydro One, Inc. 2.97% Jun 26/25 CAD 88,000 95,008 96,122 0.1 Bruce Power LP 4.01% Jun 21/29 CAD 83,000 91,558 96,053 0.1 Hydro One, Inc. 1.69% Jan 16/31 CAD 93,000 92,850 94,256 0.1 Capital Power Corp. 4.28% Sep 18/24 CAD 85,000 91,043 93,481 0.1 Algonquin Power Co. 4.60% Jan 29/29 CAD 78,000 89,181 92,642 0.1 Hydro One, Inc. 2.54% Apr 05/24 CAD 86,000 88,514 91,185 0.1 Hydro One, Inc. 4.39% Sep 26/41 CAD 70,000 86,247 90,866 0.1 EPCOR Utilities, Inc. 3.55% Nov 27/47 CAD 75,000 85,140 89,367 0.1 AltaLink LP 2.75% May 29/26 CAD 79,000 84,437 86,176 0.1 EPCOR Utilities, Inc. 4.55% Feb 28/42 CAD 65,000 83,108 86,142 0.1 Brookfield Renewable Partners ULC 4.25% Jan 15/29 CAD 71,000 80,820 84,138 0.1 Hydro One, Inc. 3.20% Jan 13/22 CAD 81,000 82,834 83,360 0.1 AltaLink LP 3.67% Nov 06/23 CAD 75,000 81,239 81,682 0.1 Enbridge Gas, Inc. 6.05% Sep 02/38 CAD 54,000 79,374 80,968 0.1 Energir, Inc. 2.10% Apr 16/27 CAD 75,000 78,570 79,510 0.1 TriSummit Utilities, Inc. 4.26% Dec 05/28 CAD 67,000 77,696 79,484 0.1 Hydro One, Inc. 4.59% Oct 09/43 CAD 58,000 75,626 78,161 0.1 Nova Scotia Power, Inc. 3.57% Apr 05/49 CAD 66,000 72,399 77,164 0.1 Hydro One, Inc. 6.93% Jun 01/32 CAD 51,000 72,771 76,850 0.1 Hydro One, Inc. 3.02% Apr 05/29 CAD 68,000 73,509 76,835 0.1 Alberta Powerline LP 4.07% Mar 01/54 CAD 62,370 71,545 75,650 0.1 CU, Inc. 3.95% Nov 23/48 CAD 59,000 71,308 75,073 0.1 Enbridge Gas, Inc. 3.31% Sep 11/25 CAD 67,000 72,524 74,278 0.1 Brookfield Renewable Partners ULC 3.75% Jun 02/25 CAD 67,000 72,789 73,999 0.1 Enbridge Gas, Inc. 4.95% Nov 22/50 CAD 49,000 69,944 73,319 0.1 CU, Inc. 3.55% Nov 22/47 CAD 60,000 66,751 71,321 0.1 Enbridge Gas, Inc. 3.51% Nov 29/47 CAD 60,000 67,095 71,024 0.1 Enbridge Gas, Inc. 3.65% Apr 01/50 CAD 58,000 62,202 70,947 0.1 Brookfield Renewable Partners ULC 4.29% Nov 05/49 CAD 57,000 64,044 69,383 0.1 EPCOR Utilities, Inc. 3.11% Jul 08/49 CAD 62,000 64,701 68,856 0.1 Enbridge Gas, Inc. 4.00% Aug 22/44 CAD 55,000 64,966 68,802 0.1 Hydro One, Inc. 3.91% Feb 23/46 CAD 53,000 61,888 66,408 0.1 CU, Inc. 4.54% Oct 24/41 CAD 50,000 61,125 65,965 0.1 Bruce Power LP 4.00% Jun 21/30 CAD 57,000 63,365 65,900 0.1 Capital Power Corp. 4.99% Jan 23/26 CAD 57,000 62,486 65,559 0.1 Enbridge Gas, Inc. 3.01% Aug 09/49 CAD 60,000 62,688 65,481 0.1 Enbridge Gas, Inc. 4.88% Jun 21/41 CAD 47,000 62,378 63,979 0.1 Nova Scotia Power, Inc. 3.31% Apr 25/50 CAD 57,000 61,607 63,926 0.1 Hydro One, Inc. 2.16% Feb 28/30 CAD 60,000 61,578 63,820 0.1 Hydro One, Inc. 3.79% Jul 31/62 CAD 49,000 57,812 63,567 0.1 Nova Scotia Power, Inc. 5.61% Jun 15/40 CAD 44,000 61,169 63,257 0.1 Nova Scotia Power, Inc. 4.50% Jul 20/43 CAD 48,000 57,846 62,226 0.1 Hydro One, Inc. 6.35% Jan 31/34 CAD 42,000 59,196 61,665 0.1 North Battleford Power LP 4.96% Dec 31/32 CAD 51,357 58,309 61,377 0.1 AltaLink LP 3.99% Jun 30/42 CAD 49,000 56,900 61,031 0.1 Capital Power Corp. 3.15% Oct 01/32 CAD 59,000 58,698 60,611 0.1 Northwestern Hydro Acquisition Co. III LP 3.94% Dec 31/38 CAD 51,000 57,347 59,493 0.1 Alberta Powerline LP 4.07% Dec 01/53 CAD 49,457 54,570 59,032 0.1 AltaLink LP 3.40% Jun 06/24 CAD 54,000 57,904 58,717 0.1

30 Vanguard Canadian Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Brookfield Renewable Partners ULC 3.63% Jan 15/27 CAD 52,000 55,122 58,387 0.1 AltaLink LP 4.09% Jun 30/45 CAD 45,000 55,886 57,775 0.1 Brookfield Renewable Partners ULC 3.33% Aug 13/50 CAD 54,000 54,567 55,802 0.1 Hydro One, Inc. 1.76% Feb 28/25 CAD 51,000 52,012 53,049 0.1 Hydro One, Inc. 6.03% Mar 03/39 CAD 34,000 48,098 51,526 0.1 Bruce Power LP 3.00% Jun 21/24 CAD 47,000 48,654 50,112 0.1 AltaLink LP 3.72% Dec 03/46 CAD 40,000 43,502 49,129 0.1 Hydro One, Inc. 5.00% Oct 19/46 CAD 29,000 37,601 42,489 0.1 Northwestern Hydro Acquisition Co. II LP 3.88% Dec 31/36 CAD 37,000 38,712 42,468 0.1 Kingston Solar LP 3.57% Jul 31/35 CAD 38,913 39,322 42,441 0.1 Hydro One, Inc. 4.17% Jun 06/44 CAD 32,000 36,900 41,057 0.1 Algonquin Power Co. 4.09% Feb 17/27 CAD 36,000 38,734 40,804 0.1 Hydro One Ltd. 1.41% Oct 15/27 CAD 40,000 40,075 40,538 0.1 EPCOR Utilities, Inc. 2.90% May 19/50 CAD 36,000 37,109 38,544 0.1 Enbridge Gas, Inc. 2.37% Aug 09/29 CAD 29,000 29,825 31,290 0.0 Arrow Lakes Power Corp. 5.52% Apr 05/41 CAD 23,511 28,455 30,642 0.0 Clover LP 4.22% Jun 30/34 CAD 27,290 29,341 30,347 0.0 Enbridge Gas, Inc. 2.50% Aug 05/26 CAD 28,000 28,769 30,202 0.0 Hydro One, Inc. 7.35% Jun 03/30 CAD 20,000 26,835 29,490 0.0 Hydro One, Inc. 6.59% Apr 22/43 CAD 16,000 23,011 26,909 0.0 Clover LP 4.22% Mar 31/34 CAD 23,833 25,027 26,486 0.0 Comber Wind Financial Corp. 5.13% Nov 15/30 CAD 22,085 24,353 25,605 0.0 7,871,020 8,229,507 11.0 Total investments 72,182,842 74,318,087 99.1 Other assets and liabilities (net) 645,037 0.9 Total net assets attributable to holders of redeemable units 74,963,124 100.0

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Fixed income Financial 43.7 47.2 Industrial 40.6 38.5 Utilities 11.0 10.2 Government-related Supranational 3.1 2.0 Government-related Agencies 0.5 0.5 Government 0.2 0.8 Other assets and liabilities (net) 0.9 0.8 100.0 100.0

31 Vanguard Canadian Government Bond Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $73,221,968 $40,905,254 Cash 351,244 5,391 Amounts receivable for investments sold 1,301,332 1,424,757 Interest receivable 271,001 168,597 Total assets 75,145,545 42,503,999 Liabilities Current liabilities Amounts payable for investments purchased 1,504,699 1,360,451 Distributions payable 125,790 57,390 Accounts payable and accrued expenses 4,226 4,706 Total liabilities excluding net assets attributable to holders of redeemable units 1,634,715 1,422,547 Total net assets attributable to holders of redeemable units $73,510,830 $41,081,452 Number of redeemable units outstanding (Note 9) 2,700,000 1,600,000 Net assets attributable to holders of redeemable units per unit $27.23 $25.68

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $1,458,910 $684,110 Net realized gain (loss) on sale of investments 1,145,172 144,701 Change in unrealized appreciation/depreciation of investments 1,459,036 118,776 Net gain (loss) on investments 4,063,118 947,587 Other income 16,450 — Total income (net) 4,079,568 947,587 Expenses (Note 10) Management fees 115,019 68,074 Independent Review Committee fees 2,694 2,558 Total expenses 117,713 70,632 Expenses absorbed by manager (2,694) (2,558) Net expenses 115,019 68,074 Increase (decrease) in net assets attributable to holders of redeemable units $3,964,549 $879,513 Weighted average number of redeemable units 2,151,093 930,959 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.84 $0.94

The accompanying notes are an integral part of the financial statements.

32 Vanguard Canadian Government Bond Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $41,081,452 $7,426,759 Increase (decrease) in net assets attributable to holders of redeemable units $3,964,549 $879,513 Distributions to holders of redeemable units Net investment income (1,330,572) (582,446) Net realized gains (451,612) — Return of capital (4,659) (7,174) Total distributions to holders of redeemable units (1,786,843) (589,620) Redeemable unit transactions Proceeds from issuance of redeemable units 51,210,120 38,447,240 Reinvestment of distributions to holders of redeemable units 451,612 — Payment for redeemable units redeemed (21,410,060) (5,082,440) Net redeemable unit transactions 30,251,672 33,364,800 Net assets attributable to holders of redeemable units, end of year $73,510,830 $41,081,452

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $3,964,549 $879,513 Adjustments for: Net realized (gain) loss on sale of investments (1,145,172) (144,701) Change in unrealized appreciation/depreciation of investments (1,459,036) (118,776) Purchase of investments1 (32,286,002) (12,771,560) 2 Proceeds from sale of investments 21,501,199 12,484,659 Change in working capital (102,884) (133,362) Net cash from (used in) operating activities (9,527,346) 195,773 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 11,253,911 345,166 Distributions to holders of redeemable units, net of reinvested distributions (1,266,831) (542,336) 2 Payment for redeemable units redeemed (113,881) (49,593) Net cash from (used in) financing activities 9,873,199 (246,763) Net increase (decrease) in cash during the year $345,853 $(50,990) Cash, beginning of year $5,391 $56,381 Cash, end of year $351,244 $5,391 Supplemental cash flow information relating to operating activities Interest received, net of foreign withholding taxes, if applicable $1,356,506 $547,018

1 Excludes in-kind transactions of $39,956,209 and $38,102,074 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $21,296,179 and $5,032,847 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

33 Vanguard Canadian Government Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Fixed income Government Government of Canada 0.50% Sep 01/25 CAD 1,629,000 1,638,493 1,637,026 2.2 Government of Canada 0.25% Aug 01/22 CAD 1,627,000 1,625,714 1,628,850 2.2 Government of Canada 1.25% Jun 01/30 CAD 1,544,000 1,630,100 1,624,521 2.2 Government of Canada 2.00% Dec 01/51 CAD 1,185,000 1,429,130 1,424,928 1.9 Government of Canada 1.00% Sep 01/22 CAD 1,316,000 1,312,034 1,334,180 1.8 Government of Canada 1.50% Sep 01/24 CAD 1,259,000 1,300,427 1,313,845 1.8 Government of Canada 2.25% Jun 01/29 CAD 1,075,000 1,212,086 1,221,398 1.7 Government of Canada 5.75% Jun 01/29 CAD 591,000 842,006 839,966 1.1 Government of Canada 2.00% Sep 01/23 CAD 783,000 818,843 819,076 1.1 Government of Canada 3.50% Dec 01/45 CAD 481,000 701,452 726,471 1.0 Government of Canada 0.25% Nov 01/22 CAD 717,000 716,650 717,609 1.0 Government of Canada 2.75% Dec 01/48 CAD 470,000 632,715 644,681 0.9 Government of Canada 4.00% Jun 01/41 CAD 412,000 615,649 634,879 0.9 Government of Canada 5.75% Jun 01/33 CAD 389,000 606,123 614,878 0.8 Government of Canada 2.75% Jun 01/22 CAD 576,000 601,163 597,017 0.8 Government of Canada 2.50% Jun 01/24 CAD 553,000 588,474 594,625 0.8 Government of Canada 5.00% Jun 01/37 CAD 348,000 554,698 563,008 0.8 Government of Canada 1.25% Mar 01/25 CAD 507,000 522,072 526,130 0.7 Government of Canada 1.50% Jun 01/23 CAD 497,000 500,459 512,327 0.7 Government of Canada 0.25% Feb 01/23 CAD 508,000 507,849 508,120 0.7 Government of Canada 9.00% Jun 01/25 CAD 356,000 503,254 490,478 0.7 Government of Canada 1.75% Mar 01/23 CAD 441,000 454,560 455,294 0.6 Government of Canada 1.00% Jun 01/27 CAD 403,000 408,224 416,718 0.6 Government of Canada 2.75% Dec 01/64 CAD 258,000 378,957 394,284 0.5 Government of Canada 2.25% Mar 01/24 CAD 327,000 337,762 347,355 0.5 Government of Canada 0.50% Mar 01/22 CAD 344,000 336,480 345,360 0.5 Government of Canada 1.50% Jun 01/26 CAD 316,000 328,269 334,368 0.4 Government of Canada 1.50% May 01/22 CAD 266,000 272,055 270,689 0.4 Government of Canada 0.50% Dec 01/30 CAD 267,000 261,278 261,194 0.4 Government of Canada 2.25% Jun 01/25 CAD 226,000 232,584 244,901 0.3 Government of Canada 0.25% Mar 01/26 CAD 100,000 98,794 98,976 0.1 Government of Canada 2.00% Jun 01/28 CAD 1,000 1,029 1,108 0.0 21,969,383 22,144,260 30.1 Government-related Agencies Canada Housing Trust No. 1 2.40% Dec 15/22 CAD 825,000 853,088 859,197 1.2 Canada Housing Trust No. 1 2.90% Jun 15/24 CAD 735,000 784,120 796,632 1.1 Canada Housing Trust No. 1 2.35% Jun 15/23 CAD 612,000 636,545 642,171 0.9 Canada Housing Trust No. 1 2.55% Mar 15/25 CAD 519,000 556,850 562,254 0.8 Canada Housing Trust No. 1 1.75% Jun 15/22 CAD 526,000 533,669 537,595 0.7 Canada Housing Trust No. 1 1.80% Dec 15/24 CAD 506,000 518,421 531,579 0.7 Canada Housing Trust No. 1 2.55% Dec 15/23 CAD 488,000 513,726 518,915 0.7 Canada Housing Trust No. 1 2.25% Dec 15/25 CAD 457,000 487,289 493,160 0.7 Canada Housing Trust No. 1 2.10% Sep 15/29 CAD 439,000 470,991 480,511 0.7 Canada Housing Trust No. 1 2.35% Sep 15/23 CAD 426,000 448,082 448,776 0.6 Canada Housing Trust No. 1 1.95% Dec 15/25 CAD 410,000 434,417 436,458 0.6 Canada Housing Trust No. 1 1.75% Jun 15/30 CAD 409,000 434,069 435,725 0.6 Canada Housing Trust No. 1 0.95% Jun 15/25 CAD 414,000 417,626 421,088 0.6 Canada Housing Trust No. 1 2.65% Dec 15/28 CAD 340,000 374,362 385,556 0.5 Canada Housing Trust No. 1 2.65% Mar 15/22 CAD 327,000 338,332 336,540 0.5 Canada Housing Trust No. 1 1.90% Sep 15/26 CAD 298,000 304,896 317,910 0.4 Canada Housing Trust No. 1 2.35% Mar 15/28 CAD 235,000 256,653 259,811 0.4 Canada Housing Trust No. 1 1.10% Mar 15/31 CAD 237,000 238,059 237,497 0.3 Canada Housing Trust No. 1 2.35% Jun 15/27 CAD 108,000 115,519 118,713 0.2 Canada Housing Trust No. 1 3.15% Sep 15/23 CAD 99,000 104,383 106,413 0.2 PSP Capital, Inc. 1.73% Jun 21/22 CAD 89,000 90,039 90,917 0.1 CPPIB Capital, Inc. 3.00% Jun 15/28 CAD 77,000 85,242 87,865 0.1 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.86% Dec 01/48 CAD 62,000 83,485 87,837 0.1 PSP Capital, Inc. 3.00% Nov 05/25 CAD 76,000 82,451 84,171 0.1 PSP Capital, Inc. 2.09% Nov 22/23 CAD 79,000 81,787 82,708 0.1 Maritime Link Financing Trust 3.50% Dec 01/52 CAD 64,984 77,543 80,432 0.1 Labrador-Island Link Funding Trust 3.86% Dec 01/45 CAD 55,000 74,349 76,216 0.1 PSP Capital, Inc. 0.90% Jun 15/26 CAD 74,000 73,997 74,340 0.1 PSP Capital, Inc. 3.29% Apr 04/24 CAD 53,000 57,228 57,752 0.1 PSP Capital, Inc. 2.05% Jan 15/30 CAD 53,000 54,345 56,627 0.1

34 Vanguard Canadian Government Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Labrador-Island Link Funding Trust 3.85% Dec 01/53 CAD 38,000 50,966 56,183 0.1 OPB Finance Trust 2.98% Jan 25/27 CAD 50,000 54,167 55,439 0.1 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.63% Jun 01/29 CAD 44,000 52,022 52,979 0.1 Export Development Canada 1.80% Sep 01/22 CAD 38,000 38,966 38,970 0.1 Labrador-Island Link Funding Trust 3.76% Jun 01/33 CAD 25,000 29,964 31,651 0.0 Canada Post Corp. 4.36% Jul 16/40 CAD 22,000 29,660 31,353 0.0 Cordelio Amalco GP I 4.09% Sep 30/34 CAD 27,689 30,780 31,206 0.0 CPPIB Capital, Inc. 0.75% Jun 15/24 CAD 29,000 29,063 29,249 0.0 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.83% Jun 01/37 CAD 22,000 27,069 28,919 0.0 Canada Post Corp. 4.08% Jul 16/25 CAD 22,000 25,100 25,332 0.0 OPB Finance Trust 3.89% Jul 04/42 CAD 14,000 16,769 17,805 0.0 OPB Finance Trust 1.88% Feb 24/22 CAD 17,000 17,074 17,300 0.0 CPPIB Capital, Inc. 0.63% Sep 01/22 CAD 16,000 16,002 16,087 0.0 Cordelio Amalco GP I 4.09% Jun 30/34 CAD 13,489 14,329 15,149 0.0 Export Development Canada 1.65% Jul 31/24 CAD 14,000 14,060 14,592 0.0 10,027,554 10,167,580 13.8 Provincials/Municipals Province of Ontario 3.45% Jun 02/45 CAD 847,000 1,034,917 1,078,653 1.5 Province of Ontario 2.90% Jun 02/49 CAD 792,000 906,924 940,935 1.3 Province of Ontario 4.65% Jun 02/41 CAD 624,000 870,950 910,389 1.2 Province of Ontario 2.65% Dec 02/50 CAD 747,000 827,147 853,057 1.2 Province of Ontario 2.60% Jun 02/25 CAD 747,000 796,841 809,485 1.1 Province of Ontario 2.90% Dec 02/46 CAD 679,000 744,795 797,151 1.1 Province of Ontario 2.90% Jun 02/28 CAD 698,000 767,182 790,133 1.1 Province of Quebec 3.50% Dec 01/48 CAD 548,000 682,881 721,658 1.0 Province of Quebec 3.10% Dec 01/51 CAD 552,000 681,962 693,397 0.9 Province of Quebec 5.00% Dec 01/41 CAD 446,000 650,728 682,243 0.9 Province of Ontario 3.15% Jun 02/22 CAD 648,000 677,882 674,442 0.9 Province of Quebec 3.50% Dec 01/45 CAD 514,000 634,583 663,621 0.9 Province of Ontario 4.60% Jun 02/39 CAD 452,000 610,047 644,283 0.9 Province of Ontario 4.70% Jun 02/37 CAD 453,000 611,419 640,816 0.9 Province of Ontario 2.85% Jun 02/23 CAD 575,000 604,236 609,073 0.8 Province of Ontario 3.50% Jun 02/43 CAD 467,000 556,635 594,626 0.8 Hydro-Quebec 5.00% Feb 15/50 CAD 360,000 569,371 591,434 0.8 Province of Ontario 2.80% Jun 02/48 CAD 489,000 536,621 568,528 0.8 Province of Quebec 3.50% Dec 01/22 CAD 533,000 565,895 565,602 0.8 Province of Ontario 5.85% Mar 08/33 CAD 375,000 551,042 554,763 0.8 Province of Ontario 1.85% Feb 01/27 CAD 515,000 541,006 545,010 0.7 Province of Ontario 2.05% Jun 02/30 CAD 509,000 541,696 542,980 0.7 Province of Quebec 4.25% Dec 01/43 CAD 375,000 508,143 532,069 0.7 Province of Ontario 5.60% Jun 02/35 CAD 351,000 511,402 526,849 0.7 Province of Ontario 3.50% Jun 02/24 CAD 463,000 504,203 509,503 0.7 Hydro-Quebec 4.00% Feb 15/55 CAD 335,000 474,565 495,017 0.7 Province of Quebec 6.25% Jun 01/32 CAD 300,000 444,127 450,433 0.6 Province of Alberta 3.10% Jun 01/50 CAD 367,000 419,241 434,077 0.6 Province of Ontario 2.70% Jun 02/29 CAD 370,000 396,079 414,987 0.6 Province of Quebec 1.90% Sep 01/30 CAD 388,000 409,088 410,193 0.6 Province of Alberta 3.05% Dec 01/48 CAD 347,000 388,697 403,965 0.6 Province of Quebec 3.75% Sep 01/24 CAD 356,000 395,158 397,802 0.5 Province of Alberta 2.05% Jun 01/30 CAD 348,000 355,233 367,800 0.5 Province of Quebec 2.50% Sep 01/26 CAD 336,000 358,622 367,531 0.5 Hydro-Quebec 6.00% Feb 15/40 CAD 222,000 355,664 366,765 0.5 Province of Quebec 5.00% Dec 01/38 CAD 247,000 351,850 366,480 0.5 Province of Quebec 2.75% Sep 01/25 CAD 323,000 343,386 353,912 0.5 Hydro-Quebec 5.00% Feb 15/45 CAD 226,000 337,471 352,634 0.5 Province of Ontario 1.35% Mar 08/22 CAD 347,000 347,434 351,666 0.5 Province of Quebec 2.75% Sep 01/27 CAD 312,000 338,762 349,035 0.5 Province of Quebec 2.30% Sep 01/29 CAD 318,000 334,528 348,135 0.5 Province of Ontario 6.20% Jun 02/31 CAD 235,000 337,722 344,851 0.5 Province of Ontario 2.40% Jun 02/26 CAD 317,000 329,948 343,514 0.5 Province of British Columbia 2.95% Jun 18/50 CAD 247,000 293,782 301,239 0.4 Province of British Columbia 2.80% Jun 18/48 CAD 252,000 282,748 296,009 0.4 Province of Quebec 5.75% Dec 01/36 CAD 177,000 264,664 275,778 0.4 Province of Quebec 2.75% Sep 01/28 CAD 241,000 259,096 271,678 0.4 Hydro-Quebec 6.50% Feb 15/35 CAD 169,000 260,019 270,509 0.4 Province of Ontario 1.75% Sep 08/25 CAD 257,000 267,872 269,285 0.4 Province of Ontario 8.50% Dec 02/25 CAD 196,000 272,969 268,495 0.4 Province of Quebec 3.00% Sep 01/23 CAD 248,000 262,054 265,152 0.4 Province of Alberta 2.90% Dec 01/28 CAD 226,000 249,439 255,276 0.4 Province of Alberta 3.30% Dec 01/46 CAD 209,000 235,790 251,405 0.3 Province of British Columbia 3.20% Jun 18/44 CAD 200,000 233,354 246,313 0.3

35 Vanguard Canadian Government Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of Alberta 2.20% Jun 01/26 CAD 226,000 233,748 242,258 0.3 Province of British Columbia 2.85% Jun 18/25 CAD 214,000 230,855 234,915 0.3 Province of Ontario 2.65% Feb 05/25 CAD 212,000 226,441 229,573 0.3 Province of Ontario 2.60% Sep 08/23 CAD 213,000 222,580 225,343 0.3 Province of Alberta 2.55% Jun 01/27 CAD 202,000 211,000 221,647 0.3 Province of British Columbia 4.30% Jun 18/42 CAD 155,000 205,184 220,095 0.3 Province of British Columbia 2.20% Jun 18/30 CAD 193,000 205,703 209,714 0.3 Province of British Columbia 2.70% Dec 18/22 CAD 198,000 206,488 207,338 0.3 Province of Quebec 6.00% Oct 01/29 CAD 147,000 201,937 205,546 0.3 Province of Ontario 6.50% Mar 08/29 CAD 144,000 196,690 203,338 0.3 Province of British Columbia 4.95% Jun 18/40 CAD 134,000 194,220 201,716 0.3 Province of Ontario 7.60% Jun 02/27 CAD 132,000 182,794 186,614 0.3 Province of Ontario 2.60% Jun 02/27 CAD 166,000 179,806 183,184 0.3 Province of Alberta 3.45% Dec 01/43 CAD 148,000 174,833 180,707 0.3 Province of British Columbia 5.70% Jun 18/29 CAD 131,000 174,821 179,124 0.2 Province of British Columbia 6.35% Jun 18/31 CAD 118,000 173,296 175,805 0.2 Province of Ontario 2.30% Sep 08/24 CAD 160,000 166,653 170,185 0.2 Province of British Columbia 4.70% Jun 18/37 CAD 118,000 161,539 167,985 0.2 Province of New Brunswick 3.55% Jun 03/43 CAD 130,000 152,855 161,426 0.2 Province of Saskatchewan 2.75% Dec 02/46 CAD 143,000 151,047 158,903 0.2 Province of Manitoba 2.45% Jun 02/25 CAD 147,000 155,127 158,297 0.2 Province of Alberta 2.55% Dec 15/22 CAD 151,000 156,664 157,605 0.2 Province of Saskatchewan 3.10% Jun 02/50 CAD 131,000 151,877 157,360 0.2 Province of British Columbia 2.55% Jun 18/27 CAD 137,000 148,585 151,317 0.2 Province of Newfoundland 3.30% Oct 17/46 CAD 120,000 132,055 139,537 0.2 Province of Manitoba 3.40% Sep 05/48 CAD 111,000 129,382 138,750 0.2 Province of Manitoba 6.30% Mar 05/31 CAD 92,000 133,424 133,981 0.2 Province of Alberta 3.90% Dec 01/33 CAD 106,000 129,538 132,586 0.2 Province of Manitoba 2.55% Jun 02/23 CAD 122,000 126,372 128,341 0.2 Province of Alberta 2.35% Jun 01/25 CAD 118,000 121,226 126,541 0.2 Province of Ontario 7.50% Feb 07/24 CAD 93,000 114,711 112,791 0.2 Province of Nova Scotia 3.50% Jun 02/62 CAD 81,000 106,511 111,849 0.2 Province of Newfoundland 2.65% Oct 17/50 CAD 106,000 106,144 110,910 0.2 Province of Newfoundland 6.55% Oct 17/30 CAD 76,000 109,235 110,333 0.2 Province of Ontario 1.90% Dec 02/51 CAD 112,000 109,392 109,416 0.2 Financement-Quebec 5.25% Jun 01/34 CAD 76,000 105,246 108,035 0.2 Hydro-Quebec 6.00% Aug 15/31 CAD 74,000 106,632 107,622 0.2 Province of Ontario 1.95% Jan 27/23 CAD 102,000 104,189 105,416 0.1 Province of Saskatchewan 3.30% Jun 02/48 CAD 84,000 92,201 103,403 0.1 Province of Manitoba 3.00% Jun 02/28 CAD 91,000 99,227 103,394 0.1 City of Montreal 4.25% Dec 01/32 CAD 80,000 100,111 101,901 0.1 Province of Saskatchewan 5.80% Sep 05/33 CAD 69,000 99,161 101,587 0.1 Hydro-Quebec 9.63% Jul 15/22 CAD 87,000 104,858 99,422 0.1 Province of Manitoba 3.35% Mar 05/43 CAD 82,000 94,966 99,335 0.1 Province of Manitoba 4.70% Mar 05/50 CAD 64,000 95,395 98,397 0.1 Province of New Brunswick 3.10% Aug 14/48 CAD 83,000 92,009 97,922 0.1 Province of New Brunswick 2.85% Jun 02/23 CAD 92,000 97,187 97,402 0.1 Province of Saskatchewan 3.20% Jun 03/24 CAD 89,000 96,515 97,037 0.1 Province of Alberta 3.50% Jun 01/31 CAD 81,000 91,719 96,471 0.1 Province of Manitoba 4.05% Sep 05/45 CAD 70,000 91,066 94,695 0.1 Province of Manitoba 3.20% Mar 05/50 CAD 75,000 86,720 91,326 0.1 Province of Manitoba 4.10% Mar 05/41 CAD 67,000 85,687 89,185 0.1 Province of Nova Scotia 3.15% Dec 01/51 CAD 71,000 83,950 87,594 0.1 Province of Manitoba 2.60% Jun 02/27 CAD 79,000 84,578 87,061 0.1 Province of Nova Scotia 4.70% Jun 01/41 CAD 60,000 85,998 86,617 0.1 Province of Newfoundland 3.00% Jun 02/26 CAD 77,000 83,293 85,404 0.1 Province of British Columbia 4.90% Jun 18/48 CAD 51,000 80,066 82,365 0.1 Province of Alberta 1.60% Sep 01/22 CAD 79,000 80,275 80,731 0.1 Province of Ontario 6.20% Dec 02/41 CAD 47,000 79,005 80,579 0.1 Province of Alberta 3.10% Jun 01/24 CAD 74,000 79,419 80,437 0.1 Province of New Brunswick 4.80% Jun 03/41 CAD 55,000 76,615 79,373 0.1 Ontario Electricity Financial Corp. 8.90% Aug 18/22 CAD 69,000 80,762 78,521 0.1 Province of Quebec 9.38% Jan 16/23 CAD 66,000 82,052 78,036 0.1 Province of Saskatchewan 3.90% Jun 02/45 CAD 58,000 73,437 76,837 0.1 Province of New Brunswick 5.50% Jan 27/34 CAD 53,000 74,884 76,464 0.1 Municipal Finance Authority of British Columbia 2.15% Dec 01/22 CAD 72,000 74,457 74,514 0.1 Province of Nova Scotia 5.80% Jun 01/33 CAD 49,000 70,818 72,112 0.1 Province of New Brunswick 3.05% Aug 14/50 CAD 61,000 70,027 72,057 0.1 Province of Ontario 1.35% Dec 02/30 CAD 71,000 70,744 71,040 0.1 Province of British Columbia 2.95% Dec 18/28 CAD 62,000 66,654 70,964 0.1 Province of Saskatchewan 4.75% Jun 01/40 CAD 49,000 67,255 70,244 0.1 Province of Newfoundland 6.15% Apr 17/28 CAD 52,000 67,487 69,624 0.1 Province of New Brunswick 2.60% Aug 14/26 CAD 62,000 65,999 67,847 0.1 Province of Manitoba 3.15% Sep 05/52 CAD 54,000 63,872 66,073 0.1

36 Vanguard Canadian Government Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of Newfoundland 4.65% Oct 17/40 CAD 48,000 63,848 66,056 0.1 Province of Manitoba 2.55% Jun 02/26 CAD 60,000 62,018 65,437 0.1 Ontario Electricity Financial Corp. 8.25% Jun 22/26 CAD 47,000 65,766 65,260 0.1 Province of Manitoba 2.75% Jun 02/29 CAD 57,000 61,723 63,938 0.1 Province of Alberta 2.90% Sep 20/29 CAD 56,000 58,633 63,375 0.1 Province of New Brunswick 2.35% Aug 14/27 CAD 57,000 59,420 61,883 0.1 City of Toronto 2.40% Jun 24/26 CAD 57,000 60,211 61,657 0.1 City of Toronto 2.80% Nov 22/49 CAD 55,000 59,143 60,870 0.1 City of Montreal 6.00% Jun 01/43 CAD 36,000 57,622 59,626 0.1 Province of Alberta 3.40% Dec 01/23 CAD 54,000 58,557 58,583 0.1 Province of Saskatchewan 3.05% Dec 02/28 CAD 51,000 54,455 58,326 0.1 Province of British Columbia 9.50% Jun 09/22 CAD 51,000 60,100 57,671 0.1 Province of Saskatchewan 2.20% Jun 02/30 CAD 52,000 55,736 55,903 0.1 Hydro-Quebec 2.10% Feb 15/60 CAD 55,000 55,897 55,796 0.1 Province of Manitoba 2.85% Sep 05/46 CAD 48,000 49,354 54,085 0.1 Province of Manitoba 4.60% Mar 05/38 CAD 38,000 51,143 52,521 0.1 Province of Saskatchewan 2.55% Jun 02/26 CAD 48,000 50,443 52,328 0.1 Municipal Finance Authority of British Columbia 2.95% Oct 14/24 CAD 48,000 51,678 52,243 0.1 Province of Saskatchewan 2.65% Jun 02/27 CAD 47,000 49,953 51,913 0.1 City of Montreal 3.50% Dec 01/38 CAD 43,000 47,991 51,845 0.1 Province of Newfoundland 4.50% Apr 17/37 CAD 39,000 49,832 51,429 0.1 Province of Newfoundland 2.85% Jun 02/28 CAD 46,000 49,391 51,341 0.1 Province of New Brunswick 4.80% Sep 26/39 CAD 36,000 47,954 51,271 0.1 Province of Quebec 1.85% Feb 13/27 CAD 48,000 50,398 50,940 0.1 Province of Ontario 9.50% Jul 13/22 CAD 44,000 52,259 50,121 0.1 Province of British Columbia 2.30% Jun 18/26 CAD 45,000 46,352 48,682 0.1 City of Montreal 2.75% Sep 01/26 CAD 44,000 47,166 48,355 0.1 City of Toronto 3.50% Jun 02/36 CAD 40,000 45,523 48,292 0.1 Province of Quebec 2.45% Mar 01/23 CAD 46,000 47,964 48,120 0.1 Province of Saskatchewan 2.95% Jun 02/58 CAD 40,000 46,593 48,016 0.1 Province of Manitoba 3.30% Jun 02/24 CAD 43,000 46,058 47,014 0.1 City of Toronto 4.70% Jun 10/41 CAD 32,000 42,984 45,246 0.1 Municipal Finance Authority of British Columbia 2.15% Jun 03/24 CAD 42,000 43,671 44,290 0.1 Province of Manitoba 7.75% Dec 22/25 CAD 33,000 44,124 44,126 0.1 Province of Saskatchewan 3.40% Feb 03/42 CAD 36,000 41,209 44,070 0.1 Province of Newfoundland 2.30% Jun 02/25 CAD 41,000 42,612 43,743 0.1 Regional Municipality of Peel 3.85% Oct 30/42 CAD 34,000 42,682 43,475 0.1 Municipal Finance Authority of British Columbia 2.55% Oct 09/29 CAD 39,000 42,245 43,371 0.1 Province of Quebec 8.50% Apr 01/26 CAD 31,000 43,731 43,171 0.1 City of Montreal 3.00% Sep 01/27 CAD 38,000 39,906 42,667 0.1 Province of New Brunswick 5.65% Dec 27/28 CAD 31,000 41,087 41,440 0.1 Province of Quebec 5.35% Jun 01/25 CAD 34,000 39,642 40,849 0.1 City of Winnipeg 4.30% Nov 15/51 CAD 28,000 37,744 40,017 0.1 Province of Nova Scotia 4.50% Jun 01/37 CAD 29,000 37,692 39,694 0.1 Province of Nova Scotia 2.10% Jun 01/27 CAD 37,000 38,029 39,663 0.1 Ontario Power Generation, Inc. 2.98% Sep 13/29 CAD 35,000 36,714 39,032 0.1 Province of Manitoba 4.40% Mar 05/42 CAD 28,000 36,061 39,013 0.1 Municipal Finance Authority of British Columbia 3.05% Oct 23/28 CAD 34,000 37,248 38,959 0.1 City of Ottawa 3.10% Jul 27/48 CAD 33,000 36,638 38,424 0.1 Province of Saskatchewan 3.75% Mar 05/54 CAD 28,000 36,547 38,399 0.1 Province of New Brunswick 4.65% Sep 26/35 CAD 28,000 35,996 38,027 0.1 Fair Hydro Trust 3.52% May 15/38 CAD 31,000 36,856 37,210 0.1 Province of Manitoba 4.65% Mar 05/40 CAD 26,000 34,427 36,705 0.1 City of Toronto 5.20% Jun 01/40 CAD 24,000 33,161 35,742 0.1 Province of Nova Scotia 2.00% Sep 01/30 CAD 33,000 34,022 35,072 0.1 Province of Manitoba 5.70% Mar 05/37 CAD 23,000 32,563 34,995 0.1 Province of Newfoundland 1.95% Jun 02/22 CAD 34,000 34,489 34,784 0.1 Municipal Finance Authority of British Columbia 4.95% Dec 01/27 CAD 27,000 33,352 34,157 0.1 Province of Nova Scotia 3.45% Jun 01/45 CAD 27,000 32,369 33,699 0.1 Province of Quebec 9.50% Mar 30/23 CAD 28,000 35,684 33,663 0.1 ENMAX Corp. 3.84% Jun 05/28 CAD 30,000 32,811 33,460 0.1 Province of Nova Scotia 6.60% Dec 01/31 CAD 22,000 32,605 33,358 0.0 Province of Saskatchewan 6.40% Sep 05/31 CAD 22,000 32,197 32,673 0.0 Ontario Power Generation, Inc. 3.65% Sep 13/50 CAD 27,000 30,629 31,950 0.0 Ontario Electricity Financial Corp. 0.00% Apr 11/31 CAD 38,000 30,588 31,700 0.0 Municipal Finance Authority of British Columbia 1.10% Jun 01/25 CAD 31,000 31,172 31,554 0.0 Ontario Power Generation, Inc. 3.84% Jun 22/48 CAD 26,000 28,812 31,446 0.0 Newfoundland & Labrador Hydro 6.65% Aug 27/31 CAD 21,000 30,270 30,990 0.0 Province of Quebec 2.60% Jul 06/25 CAD 28,000 28,891 30,480 0.0 City of Montreal 3.50% Sep 01/23 CAD 28,000 29,846 30,253 0.0 Province of Manitoba 3.25% Sep 05/29 CAD 26,000 27,851 30,251 0.0 Ontario Power Generation, Inc. 3.22% Apr 08/30 CAD 26,000 27,324 29,407 0.0 Regional Municipality of York 4.00% May 31/32 CAD 23,000 27,949 28,643 0.0 Province of Alberta 2.65% Sep 01/23 CAD 27,000 28,060 28,587 0.0

37 Vanguard Canadian Government Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets City of Toronto 3.25% Jun 24/46 CAD 24,000 26,278 28,416 0.0 Regional Municipality of York 2.35% Jun 09/27 CAD 26,000 27,541 28,155 0.0 Province of Saskatchewan 0.80% Sep 02/25 CAD 28,000 28,017 28,113 0.0 Province of New Brunswick 3.55% Jun 03/55 CAD 21,000 26,943 27,494 0.0 Province of New Brunswick 4.55% Mar 26/37 CAD 20,000 24,495 27,165 0.0 Province of New Brunswick 3.65% Jun 03/24 CAD 24,000 25,558 26,513 0.0 City of Montreal 3.50% Sep 01/24 CAD 24,000 26,164 26,506 0.0 City of Montreal 3.15% Sep 01/28 CAD 23,000 24,814 26,268 0.0 City of Toronto 2.65% Nov 09/29 CAD 23,000 24,586 25,663 0.0 City of Montreal 3.15% Dec 01/36 CAD 22,000 23,748 25,424 0.0 Regional Municipality of York 3.65% May 13/33 CAD 21,000 24,452 25,408 0.0 Province of Nova Scotia 1.00% Apr 17/23 CAD 25,000 25,231 25,353 0.0 City of Toronto 2.40% Jun 07/27 CAD 23,000 23,286 25,017 0.0 Ontario Electricity Financial Corp. 9.00% May 26/25 CAD 18,000 24,884 24,362 0.0 South Coast British Columbia Transportation Authority 3.05% Jun 04/25 CAD 22,000 24,039 24,190 0.0 City of Montreal 4.10% Dec 01/34 CAD 19,000 23,071 24,053 0.0 City of Toronto 3.20% Aug 01/48 CAD 20,000 22,689 23,822 0.0 South Coast British Columbia Transportation Authority 4.45% Jun 09/44 CAD 17,000 22,400 23,536 0.0 Newfoundland & Labrador Hydro 3.60% Dec 01/45 CAD 19,000 21,661 23,085 0.0 City of Ottawa 2.50% May 11/51 CAD 22,000 22,712 23,022 0.0 Province of New Brunswick 3.10% Aug 14/28 CAD 20,000 21,505 22,877 0.0 Province of British Columbia 3.30% Dec 18/23 CAD 21,000 22,698 22,780 0.0 Province of New Brunswick 1.55% May 04/22 CAD 22,000 21,797 22,376 0.0 South Coast British Columbia Transportation Authority 3.25% Nov 23/28 CAD 19,000 20,972 21,981 0.0 Ontario Power Generation, Inc. 4.25% Jan 18/49 CAD 17,000 19,708 21,953 0.0 Province of British Columbia 5.00% Jun 18/31 CAD 16,000 19,684 21,720 0.0 First Nations Finance Authority 3.05% Jun 01/28 CAD 19,000 20,580 21,547 0.0 Province of Nova Scotia 4.40% Jun 01/42 CAD 15,000 21,002 21,065 0.0 City of Toronto 3.90% Sep 29/23 CAD 19,000 20,705 20,767 0.0 Ontario Power Generation, Inc. 3.32% Oct 04/27 CAD 18,000 19,019 20,433 0.0 South Coast British Columbia Transportation Authority 1.60% Jul 03/30 CAD 19,000 19,108 19,356 0.0 Province of Nova Scotia 2.15% Jun 01/25 CAD 18,000 18,367 19,156 0.0 Regional Municipality of York 4.05% May 01/34 CAD 15,000 17,269 18,982 0.0 Fair Hydro Trust 3.36% May 15/35 CAD 16,000 17,433 18,596 0.0 New Brunswick F-M Project Co. Inc. 6.47% Nov 30/27 CAD 15,481 18,224 18,437 0.0 Province of Prince Edward Island 3.60% Jan 17/53 CAD 14,000 16,742 18,174 0.0 Province of British Columbia 5.40% Jun 18/35 CAD 12,000 17,624 17,816 0.0 Ontario Infrastructure and Lands Corp. 4.70% Jun 01/37 CAD 13,000 17,008 17,740 0.0 Province of Nova Scotia 6.60% Jun 01/27 CAD 13,000 16,953 17,557 0.0 Regional Municipality of York 2.60% Dec 15/25 CAD 16,000 17,059 17,414 0.0 Ontario Electricity Financial Corp. 8.50% May 26/25 CAD 13,000 17,546 17,306 0.0 City of Montreal 2.30% Sep 01/29 CAD 16,000 16,144 17,255 0.0 Province of Alberta 4.50% Dec 01/40 CAD 12,000 15,964 16,606 0.0 Regional Municipality of York 1.70% May 27/30 CAD 16,000 16,361 16,475 0.0 Newfoundland & Labrador Hydro 8.40% Feb 27/26 CAD 12,000 16,413 16,452 0.0 Province of Manitoba 4.40% Sep 05/25 CAD 14,000 15,884 16,345 0.0 Hydro-Quebec 6.50% Jan 16/35 CAD 10,000 14,585 15,841 0.0 City of Montreal 3.00% Sep 01/25 CAD 14,000 14,818 15,413 0.0 Province of Nova Scotia 4.90% Jun 01/35 CAD 11,000 14,404 15,353 0.0 Alberta Capital Finance Authority 4.45% Dec 15/25 CAD 13,000 14,912 15,254 0.0 Municipal Finance Authority of British Columbia 2.50% Apr 19/26 CAD 14,000 14,243 15,215 0.0 Ontario Power Generation, Inc. 1.17% Apr 22/26 CAD 15,000 15,000 15,165 0.0 Regional Municipality of Peel 5.10% Jun 29/40 CAD 10,000 13,537 14,679 0.0 Ontario Power Generation, Inc. 2.89% Apr 08/25 CAD 13,000 13,183 14,119 0.0 Regional Municipality of York 2.50% Jun 02/26 CAD 13,000 13,681 14,113 0.0 City of Ottawa 3.25% Nov 10/47 CAD 11,000 12,256 13,104 0.0 Province of Saskatchewan 5.00% Mar 05/37 CAD 9,000 11,598 12,847 0.0 City of Toronto 2.95% Apr 28/35 CAD 11,000 11,004 12,474 0.0 City of Toronto 4.15% Mar 10/44 CAD 9,000 11,002 12,027 0.0 Regional Municipality of York 2.65% Apr 18/29 CAD 9,000 9,334 9,977 0.0 City of Ottawa 4.60% Jul 14/42 CAD 7,000 9,161 9,849 0.0 Municipal Finance Authority of British Columbia 2.80% Dec 03/23 CAD 9,000 9,188 9,609 0.0 Province of Saskatchewan 5.75% Mar 05/29 CAD 7,000 8,745 9,429 0.0 Province of New Brunswick 3.80% Aug 14/45 CAD 7,000 7,974 9,088 0.0 Province of Ontario 1.05% Sep 08/27 CAD 9,000 9,001 9,050 0.0 ENMAX Corp. 3.33% Jun 02/25 CAD 8,000 8,015 8,661 0.0 City of Toronto 2.45% Feb 06/25 CAD 8,000 7,884 8,566 0.0 Province of Newfoundland 5.60% Oct 17/33 CAD 6,000 7,715 8,543 0.0 ENMAX Corp. 2.92% Oct 18/22 CAD 8,000 8,078 8,311 0.0 City of Toronto 3.40% May 21/24 CAD 7,000 7,372 7,661 0.0 Municipal Finance Authority of British Columbia 3.75% Sep 26/23 CAD 7,000 7,347 7,627 0.0

38 Vanguard Canadian Government Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of Saskatchewan 5.60% Sep 05/35 CAD 5,000 6,756 7,421 0.0 Province of Quebec 2.25% Feb 22/24 CAD 6,000 6,335 6,344 0.0 Municipal Finance Authority of British Columbia 2.60% Apr 23/23 CAD 6,000 6,111 6,305 0.0 Province of Newfoundland 3.70% Oct 17/48 CAD 5,000 5,824 6,275 0.0 City of Ottawa 1.75% Sep 01/30 CAD 6,000 6,049 6,154 0.0 Province of Ontario 8.00% Jun 02/26 CAD 4,000 5,884 5,519 0.0 City of Toronto 3.80% Dec 13/42 CAD 4,000 4,320 5,093 0.0 Province of New Brunswick 1.80% Aug 14/25 CAD 4,000 4,154 4,196 0.0 Province of Newfoundland 5.70% Oct 17/35 CAD 2,000 2,627 2,927 0.0 Province of Newfoundland 2.85% Jun 02/29 CAD 1,000 1,029 1,119 0.0 Ontario School Boards Financing Corp. 5.48% Nov 26/29 CAD 6 12 7 0.0 39,658,286 40,910,128 55.7 Total investments 71,655,223 73,221,968 99.6 Other assets and liabilities (net) 288,862 0.4 Total net assets attributable to holders of redeemable units 73,510,830 100.0

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Fixed income Provincials/Municipals 55.7 51.1 Government 30.1 35.0 Government-related Agencies 13.8 13.5 Other assets and liabilities (net) 0.4 0.4 100.0 100.0

39 Vanguard Canadian Long-Term Bond Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $50,475,404 $52,068,863 Cash 248,814 250,008 Amounts receivable for investments sold 10,672,144 780,441 Interest receivable 235,215 259,883 Total assets 61,631,577 53,359,195 Liabilities Current liabilities Amounts payable for investments purchased 10,655,690 909,579 Distributions payable 90,125 103,930 Accounts payable and accrued expenses 1,464 4,022 Total liabilities excluding net assets attributable to holders of redeemable units 10,747,279 1,017,531 Total net assets attributable to holders of redeemable units $50,884,298 $52,341,664 Number of redeemable units outstanding (Note 9) 1,700,000 1,900,000 Net assets attributable to holders of redeemable units per unit $29.93 $27.55

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $1,480,902 $994,254 Net realized gain (loss) on sale of investments 2,276,396 444,985 Change in unrealized appreciation/depreciation of investments 1,683,502 408,919 Net gain (loss) on investments 5,440,800 1,848,158 Other income 34 — Total income (net) 5,440,834 1,848,158 Expenses (Note 10) Management fees 84,426 58,388 Independent Review Committee fees 2,694 2,558 Total expenses 87,120 60,946 Expenses absorbed by manager (2,694) (2,558) Net expenses 84,426 58,388 Increase (decrease) in net assets attributable to holders of redeemable units $5,356,408 $1,789,770 Weighted average number of redeemable units 1,672,951 1,098,904 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.20 $1.63

The accompanying notes are an integral part of the financial statements.

40 Vanguard Canadian Long-Term Bond Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $52,341,664 $10,109,097 Increase (decrease) in net assets attributable to holders of redeemable units $5,356,408 $1,789,770 Distributions to holders of redeemable units Net investment income (1,399,484) (886,423) Net realized gains (797,480) (174,538) Return of capital — (16,410) Total distributions to holders of redeemable units (2,196,964) (1,077,371) Redeemable unit transactions Proceeds from issuance of redeemable units 23,557,100 46,960,810 Reinvestment of distributions to holders of redeemable units 797,480 174,538 Payment for redeemable units redeemed (28,971,390) (5,615,180) Net redeemable unit transactions (4,616,810) 41,520,168 Net assets attributable to holders of redeemable units, end of year $50,884,298 $52,341,664

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $5,356,408 $1,789,770 Adjustments for: Net realized (gain) loss on sale of investments (2,276,396) (444,985) Change in unrealized appreciation/depreciation of investments (1,683,502) (408,919) Purchase of investments1 (15,813,394) (14,402,429) 2 Proceeds from sale of investments 15,798,166 14,298,653 Change in working capital 22,110 (203,102) Net cash from (used in) operating activities 1,403,392 628,988 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 100,915 413,703 Distributions to holders of redeemable units, net of reinvested distributions (1,413,289) (826,716) 2 Payment for redeemable units redeemed (92,212) (31,962) Net cash from (used in) financing activities (1,404,586) (444,975) Net increase (decrease) in cash during the year $(1,194) $184,013 Cash, beginning of year $250,008 $65,995 Cash, end of year $248,814 $250,008 Supplemental cash flow information relating to operating activities Interest received, net of foreign withholding taxes, if applicable $1,505,570 $788,056

1 Excludes in-kind transactions of $23,456,185 and $46,547,107 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $28,879,178 and $5,583,218 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

41 Vanguard Canadian Long-Term Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Fixed income Financial Royal Office Finance LP 5.21% Nov 12/37 CAD 78,759 98,632 102,727 0.2 Plenary Properties LTAP LP 6.29% Jan 31/44 CAD 60,139 82,579 87,078 0.2 Scotiabank Capital Trust 5.65% Dec 31/56 CAD 60,000 74,152 71,884 0.1 Manulife Finance Delaware LP 5.06% Dec 15/41 CAD 53,000 63,476 66,719 0.1 Great-West Lifeco, Inc. 6.67% Mar 21/33 CAD 39,000 55,136 55,783 0.1 Capital City Link General Partnership 4.39% Mar 31/46 CAD 33,542 38,617 40,182 0.1 Brookfield Asset Management, Inc. 5.95% Jun 14/35 CAD 29,000 35,697 38,781 0.1 Great-West Lifeco, Inc. 2.98% Jul 08/50 CAD 34,000 36,477 35,024 0.1 SEC LP and Arci Ltd. 5.19% Aug 29/33 CAD 30,864 33,326 33,400 0.1 Sun Life Financial, Inc. 5.40% May 29/42 CAD 25,000 31,901 33,103 0.1 Great-West Lifeco, Inc. 6.00% Nov 16/39 CAD 20,000 28,061 29,007 0.0 CIBC Capital Trust 10.25% Jun 30/2108 CAD 20,000 23,530 21,910 0.0 Intact Financial Corp. 2.95% Dec 16/50 CAD 10,000 10,000 10,198 0.0 611,584 625,796 1.2 Government Government of Canada 2.00% Dec 01/51 CAD 1,673,000 2,005,658 2,011,734 3.9 Government of Canada 2.75% Dec 01/48 CAD 996,000 1,318,439 1,366,174 2.7 Government of Canada 5.75% Jun 01/33 CAD 635,000 975,008 1,003,721 2.0 Government of Canada 4.00% Jun 01/41 CAD 627,000 906,376 966,187 1.9 Government of Canada 3.50% Dec 01/45 CAD 628,000 885,037 948,491 1.9 Government of Canada 5.00% Jun 01/37 CAD 490,000 762,436 792,741 1.6 Government of Canada 2.75% Dec 01/64 CAD 359,000 508,551 548,636 1.1 Republic of Austria 5.38% Dec 01/34 CAD 19,000 25,465 27,441 0.0 7,386,970 7,665,125 15.1 Government-related Agencies Canada Housing Trust No. 1 1.10% Mar 15/31 CAD 308,000 309,377 308,647 0.6 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.86% Dec 01/48 CAD 93,000 124,576 131,755 0.3 Labrador-Island Link Funding Trust 3.85% Dec 01/53 CAD 82,000 113,467 121,238 0.2 Maritime Link Financing Trust 3.50% Dec 01/52 CAD 94,523 109,730 116,992 0.2 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.83% Jun 01/37 CAD 56,000 70,395 73,613 0.1 Labrador-Island Link Funding Trust 3.76% Jun 01/33 CAD 56,000 67,346 70,899 0.1 Canada Post Corp. 4.36% Jul 16/40 CAD 36,000 49,934 51,304 0.1 Labrador-Island Link Funding Trust 3.86% Dec 01/45 CAD 37,000 48,094 51,272 0.1 OPB Finance Trust 3.89% Jul 04/42 CAD 25,000 31,111 31,794 0.1 Cordelio Amalco GP I 4.09% Sep 30/34 CAD 25,903 27,671 29,193 0.1 Cordelio Amalco GP I 4.09% Jun 30/34 CAD 25,179 26,568 28,278 0.1 KfW 4.70% Jun 02/37 CAD 20,000 26,071 27,995 0.0 1,004,340 1,042,980 2.0 Industrial Shaw Communications, Inc. 6.75% Nov 09/39 CAD 105,000 140,902 152,021 0.3 Bell Canada, Inc. 3.50% Sep 30/50 CAD 128,000 129,173 134,720 0.3 TransCanada PipeLines Ltd. 4.55% Nov 15/41 CAD 95,000 105,354 109,147 0.2 TransCanada PipeLines Ltd. 4.34% Oct 15/49 CAD 95,000 105,125 109,012 0.2 North West Redwater Partnership / NWR Financing Co. Ltd. 4.15% Jun 01/33 CAD 77,000 88,051 90,158 0.2 55 Ontario School Board Trust 5.90% Jun 02/33 CAD 59,000 80,705 85,522 0.2 Rogers Communications, Inc. 6.11% Aug 25/40 CAD 59,000 79,429 83,469 0.2 TELUS Corp. 4.70% Mar 06/48 CAD 64,000 75,566 79,390 0.2 Greater Toronto Airports Authority 5.30% Feb 25/41 CAD 53,000 73,530 76,388 0.1 TransCanada PipeLines Ltd. 4.18% Jul 03/48 CAD 68,000 70,468 75,792 0.1 Enbridge, Inc. 4.57% Mar 11/44 CAD 63,000 69,125 73,093 0.1 Pembina Pipeline Corp. 4.75% Mar 26/48 CAD 63,000 69,924 72,567 0.1 AT&T, Inc. 4.85% May 25/47 CAD 62,000 67,142 72,387 0.1 Canadian National Railway Co. 3.60% Aug 01/47 CAD 57,000 66,143 68,388 0.1 Nouvelle Autoroute 30 Financement, Inc. 4.12% Jun 30/42 CAD 56,853 65,782 68,006 0.1 Northern Courier Pipeline LP 3.37% Jun 30/42 CAD 62,299 64,561 67,894 0.1 TELUS Corp. 4.85% Apr 05/44 CAD 53,000 59,331 65,795 0.1 407 International, Inc. 5.75% Feb 14/36 CAD 48,000 62,319 63,832 0.1 Bell Canada, Inc. 7.30% Feb 23/32 CAD 43,000 60,559 61,373 0.1 Anheuser-Busch InBev Finance, Inc. 4.32% May 15/47 CAD 53,000 56,527 60,774 0.1

42 Vanguard Canadian Long-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets North West Redwater Partnership / NWR Financing Co. Ltd. 4.05% Jul 22/44 CAD 52,000 57,162 60,228 0.1 Enbridge Pipelines, Inc. 4.33% Feb 22/49 CAD 51,000 57,615 60,216 0.1 Greater Toronto Airports Authority 2.75% Oct 17/39 CAD 57,000 57,283 59,761 0.1 Greater Toronto Airports Authority 6.98% Oct 15/32 CAD 40,000 58,803 59,670 0.1 407 International, Inc. 2.84% Mar 07/50 CAD 55,000 52,728 58,051 0.1 Pembina Pipeline Corp. 4.54% Apr 03/49 CAD 50,000 54,169 56,118 0.1 SSL Finance, Inc. 4.10% Oct 31/45 CAD 47,409 54,197 55,598 0.1 AT&T, Inc. 5.10% Nov 25/48 CAD 45,000 48,622 54,791 0.1 TELUS Corp. 3.95% Feb 16/50 CAD 48,000 49,414 53,354 0.1 TransCanada PipeLines Ltd. 4.33% Sep 16/47 CAD 46,000 50,808 52,401 0.1 407 International, Inc. 2.59% May 25/32 CAD 47,000 50,488 50,703 0.1 Rogers Communications, Inc. 6.56% Mar 22/41 CAD 34,000 48,835 50,621 0.1 SGTP Highway Bypass LP 4.11% Jan 31/45 CAD 42,741 47,862 49,312 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 3.65% Jun 01/35 CAD 44,000 46,157 49,034 0.1 TELUS Corp. 4.40% Apr 01/43 CAD 42,000 45,233 48,921 0.1 Pembina Pipeline Corp. 4.75% Apr 30/43 CAD 43,000 46,883 48,841 0.1 Suncor Energy, Inc. 5.39% Mar 26/37 CAD 39,000 49,341 48,270 0.1 407 International, Inc. 4.19% Apr 25/42 CAD 38,000 45,341 47,971 0.1 Enbridge, Inc. 4.24% Aug 27/42 CAD 43,000 44,750 47,550 0.1 TELUS Corp. 4.40% Jan 29/46 CAD 40,000 44,333 47,144 0.1 TransCanada PipeLines Ltd. 4.35% Jun 06/46 CAD 41,000 44,048 46,633 0.1 Canadian National Railway Co. 3.95% Sep 22/45 CAD 37,000 44,260 46,286 0.1 Rogers Communications, Inc. 6.68% Nov 04/39 CAD 31,000 42,848 46,192 0.1 Teranet Holdings LP 5.75% Dec 17/40 CAD 38,000 42,341 45,959 0.1 Greater Toronto Airports Authority 3.26% Jun 01/37 CAD 41,000 43,865 45,859 0.1 Enbridge Pipelines, Inc. 4.55% Sep 29/45 CAD 38,000 43,766 45,645 0.1 407 International, Inc. 4.45% Nov 15/41 CAD 35,000 44,270 45,458 0.1 Aeroports de Montreal 5.17% Sep 17/35 CAD 33,000 42,814 44,522 0.1 Bell Canada, Inc. 4.35% Dec 18/45 CAD 37,000 41,081 44,020 0.1 Hospital Infrastructure Partners NOH Partnership 5.44% Jan 31/45 CAD 33,082 41,222 43,757 0.1 Crosslinx Transit Solutions GP 4.65% Sep 30/46 CAD 36,000 40,556 42,867 0.1 Pembina Pipeline Corp. 4.67% May 28/50 CAD 37,000 39,207 42,450 0.1 Metro, Inc. 5.03% Dec 01/44 CAD 32,000 40,256 41,827 0.1 407 International, Inc. 3.83% May 11/46 CAD 34,000 38,203 41,554 0.1 Pembina Pipeline Corp. 4.74% Jan 21/47 CAD 36,000 37,942 41,301 0.1 Metro, Inc. 3.41% Feb 28/50 CAD 39,000 39,901 40,769 0.1 NAV Canada 2.92% Sep 29/51 CAD 37,000 38,532 40,700 0.1 Shaw Communications, Inc. 4.25% Dec 09/49 CAD 36,000 38,824 40,666 0.1 407 International, Inc. 3.60% May 21/47 CAD 34,000 37,620 40,566 0.1 Canadian Pacific Railway Co. 3.05% Mar 09/50 CAD 38,000 38,479 40,393 0.1 Pembina Pipeline Corp. 4.81% Mar 25/44 CAD 35,000 38,335 40,165 0.1 Bell Canada, Inc. 6.10% Mar 16/35 CAD 29,000 37,127 39,275 0.1 407 International, Inc. 3.65% Sep 08/44 CAD 33,000 36,503 39,219 0.1 407 International, Inc. 3.72% May 11/48 CAD 32,000 36,328 39,113 0.1 Bell Canada, Inc. 4.45% Feb 27/47 CAD 32,000 35,508 38,818 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 3.70% Feb 23/43 CAD 35,000 36,655 38,448 0.1 Plenary Health Care Partnerships Humber LP 4.90% May 31/39 CAD 30,455 36,683 37,625 0.1 Metro, Inc. 5.97% Oct 15/35 CAD 28,000 35,430 37,622 0.1 Bell Canada, Inc. 4.75% Sep 29/44 CAD 30,000 33,980 37,427 0.1 Aeroports de Montreal 3.03% Apr 21/50 CAD 33,000 34,291 36,321 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 4.75% Jun 01/37 CAD 29,000 34,647 35,809 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 4.35% Jan 10/39 CAD 30,000 33,805 35,458 0.1 TransCanada PipeLines Ltd. 8.05% Feb 17/39 CAD 22,000 34,758 35,295 0.1 407 International, Inc. 3.67% Mar 08/49 CAD 29,000 31,393 35,243 0.1 Canadian National Railway Co. 3.60% Jul 31/48 CAD 29,000 29,717 34,889 0.1 Ottawa MacDonald-Cartier International Airport Authority 3.93% Jun 09/45 CAD 30,630 34,029 34,175 0.1 Vancouver Airport Authority 2.87% Oct 18/49 CAD 32,000 32,513 34,087 0.1 Canadian National Railway Co. 3.60% Feb 08/49 CAD 28,000 30,930 33,694 0.1 Inter Pipeline Ltd. 4.64% May 30/44 CAD 31,000 33,454 33,157 0.1 Heathrow Funding Ltd. 3.66% Jan 13/33 CAD 31,000 31,153 32,834 0.1 407 International, Inc. 5.96% Dec 03/35 CAD 22,000 30,704 31,772 0.1 Enbridge Pipelines, Inc. 4.13% Aug 09/46 CAD 26,000 27,469 29,568 0.1 TELUS Corp. 5.15% Nov 26/43 CAD 22,000 25,818 28,215 0.1 TransEd Partners GP 3.95% Sep 30/50 CAD 25,000 25,317 27,877 0.1 TELUS Corp. 4.75% Jan 17/45 CAD 22,000 25,095 27,048 0.1 Loblaw Cos. Ltd. 5.90% Jan 18/36 CAD 20,000 25,505 26,734 0.0 Suncor Energy, Inc. 4.34% Sep 13/46 CAD 23,000 25,233 26,230 0.0 Hospital for Sick Children 3.42% Dec 07/57 CAD 20,000 22,374 24,342 0.0 Canadian Natural Resources Ltd. 4.85% May 30/47 CAD 20,000 22,695 24,050 0.0

43 Vanguard Canadian Long-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Enbridge Pipelines, Inc. 5.33% Apr 06/40 CAD 18,000 22,586 23,059 0.0 Aeroports de Montreal 5.67% Oct 16/37 CAD 16,000 22,421 23,004 0.0 Enbridge Pipelines, Inc. 4.55% Aug 17/43 CAD 19,000 21,599 22,624 0.0 Vancouver Airport Authority 2.80% Sep 21/50 CAD 21,000 20,890 22,218 0.0 Verizon Communications, Inc. 3.63% May 16/50 CAD 20,000 19,966 21,950 0.0 AltaGas Ltd. 4.50% Aug 15/44 CAD 19,000 19,389 21,502 0.0 University of Ottawa 2.64% Feb 13/60 CAD 20,000 20,130 20,315 0.0 Nouvelle Autoroute 30 Financement, Inc. 4.11% Mar 31/42 CAD 16,987 18,607 20,287 0.0 Metro, Inc. 4.27% Dec 04/47 CAD 16,000 17,455 19,185 0.0 Canadian Pacific Railway Co. 6.45% Nov 17/39 CAD 12,000 17,301 18,561 0.0 Bell Canada, Inc. 6.17% Feb 26/37 CAD 12,000 15,404 16,700 0.0 Canadian National Railway Co. 3.05% Feb 08/50 CAD 12,000 12,103 13,184 0.0 407 International, Inc. 3.98% Sep 11/52 CAD 9,000 11,617 11,626 0.0 4,576,692 4,824,432 9.5 Provincials/Municipals Province of Ontario 4.60% Jun 02/39 CAD 1,274,000 1,763,038 1,815,966 3.6 Province of Ontario 2.90% Jun 02/49 CAD 1,474,000 1,666,104 1,751,185 3.4 Province of Ontario 3.50% Jun 02/43 CAD 1,372,000 1,681,004 1,746,953 3.4 Province of Ontario 2.80% Jun 02/48 CAD 1,469,000 1,628,538 1,707,908 3.4 Province of Quebec 4.25% Dec 01/43 CAD 1,058,000 1,458,275 1,501,145 2.9 Province of Quebec 5.00% Dec 01/38 CAD 888,000 1,293,189 1,317,548 2.6 Province of Ontario 5.85% Mar 08/33 CAD 823,000 1,194,100 1,217,519 2.4 Province of Ontario 2.90% Dec 02/46 CAD 1,032,000 1,127,226 1,211,576 2.4 Province of Ontario 4.70% Jun 02/37 CAD 838,000 1,129,145 1,185,438 2.3 Province of Quebec 3.50% Dec 01/48 CAD 897,000 1,111,920 1,181,254 2.3 Hydro-Quebec 4.00% Feb 15/55 CAD 745,000 1,064,111 1,100,859 2.2 Province of Alberta 3.05% Dec 01/48 CAD 922,000 1,038,884 1,073,358 2.1 Province of Quebec 3.10% Dec 01/51 CAD 796,000 981,907 999,898 2.0 Province of British Columbia 4.30% Jun 18/42 CAD 588,000 808,732 834,940 1.6 Province of Quebec 3.50% Dec 01/45 CAD 536,000 651,682 692,025 1.4 Hydro-Quebec 5.00% Feb 15/45 CAD 419,000 625,140 653,778 1.3 Province of British Columbia 2.80% Jun 18/48 CAD 549,000 616,571 644,877 1.3 Province of Ontario 3.45% Jun 02/45 CAD 501,000 603,892 638,023 1.3 Province of Manitoba 3.40% Sep 05/48 CAD 494,000 606,644 617,498 1.2 Province of Ontario 2.65% Dec 02/50 CAD 527,000 584,081 601,822 1.2 Province of Saskatchewan 3.30% Jun 02/48 CAD 465,000 558,988 572,408 1.1 Hydro-Quebec 5.00% Feb 15/50 CAD 336,000 524,092 552,005 1.1 Hydro-Quebec 6.50% Feb 15/35 CAD 317,000 490,316 507,404 1.0 Province of Quebec 6.25% Jun 01/32 CAD 328,000 479,282 492,473 1.0 Province of Ontario 4.65% Jun 02/41 CAD 330,000 456,650 481,456 0.9 Hydro-Quebec 6.00% Feb 15/40 CAD 269,000 425,845 444,413 0.9 Province of New Brunswick 3.55% Jun 03/43 CAD 338,000 413,007 419,709 0.8 Province of Manitoba 3.35% Mar 05/43 CAD 319,000 382,545 386,439 0.8 Province of British Columbia 2.95% Jun 18/50 CAD 314,000 372,879 382,952 0.7 Province of Alberta 3.10% Jun 01/50 CAD 302,000 347,603 357,197 0.7 Province of Alberta 3.45% Dec 01/43 CAD 289,000 344,528 352,868 0.7 Province of British Columbia 4.70% Jun 18/37 CAD 177,000 246,232 251,978 0.5 Province of Ontario 1.90% Dec 02/51 CAD 250,000 243,551 244,232 0.5 Province of Manitoba 4.60% Mar 05/38 CAD 176,000 237,363 243,254 0.5 Province of British Columbia 5.00% Jun 18/31 CAD 170,000 227,719 230,779 0.4 City of Toronto 3.80% Dec 13/42 CAD 181,000 228,201 230,468 0.4 Province of Nova Scotia 4.40% Jun 01/42 CAD 159,000 217,366 223,292 0.4 Province of Saskatchewan 4.75% Jun 01/40 CAD 153,000 214,123 219,334 0.4 Province of Quebec 5.00% Dec 01/41 CAD 141,000 201,783 215,687 0.4 Province of New Brunswick 4.55% Mar 26/37 CAD 147,000 193,667 199,663 0.4 Province of Newfoundland 3.70% Oct 17/48 CAD 157,000 189,029 197,022 0.4 Province of New Brunswick 3.05% Aug 14/50 CAD 134,000 153,940 158,289 0.3 Province of Alberta 3.30% Dec 01/46 CAD 131,000 151,814 157,579 0.3 Financement-Quebec 5.25% Jun 01/34 CAD 110,000 149,324 156,366 0.3 Province of British Columbia 4.90% Jun 18/48 CAD 95,000 153,660 153,543 0.3 Province of Nova Scotia 3.50% Jun 02/62 CAD 110,000 136,944 151,894 0.3 Province of Saskatchewan 5.80% Sep 05/33 CAD 100,000 145,940 147,228 0.3 Province of Alberta 3.90% Dec 01/33 CAD 116,000 138,310 145,094 0.3 Province of Newfoundland 3.30% Oct 17/46 CAD 120,000 128,270 139,537 0.3 Province of Nova Scotia 3.15% Dec 01/51 CAD 111,000 132,793 136,943 0.3 Province of Saskatchewan 2.75% Dec 02/46 CAD 103,000 110,636 114,454 0.2 Province of Alberta 3.50% Jun 01/31 CAD 94,000 109,478 111,954 0.2 Province of Nova Scotia 5.80% Jun 01/33 CAD 75,000 107,438 110,376 0.2 Province of Newfoundland 2.65% Oct 17/50 CAD 99,000 98,638 103,585 0.2 Province of Nova Scotia 4.50% Jun 01/37 CAD 72,000 94,702 98,550 0.2 Province of Manitoba 2.05% Sep 05/52 CAD 99,000 96,282 96,284 0.2 City of Montreal 3.50% Dec 01/38 CAD 79,000 90,300 95,250 0.2 Hydro-Quebec 6.00% Aug 15/31 CAD 62,000 89,441 90,170 0.2

44 Vanguard Canadian Long-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of Saskatchewan 3.10% Jun 02/50 CAD 75,000 86,127 90,091 0.2 Province of New Brunswick 5.50% Jan 27/34 CAD 60,000 84,283 86,563 0.2 Province of Saskatchewan 2.95% Jun 02/58 CAD 69,000 79,128 82,828 0.2 City of Montreal 6.00% Jun 01/43 CAD 49,000 76,704 81,157 0.2 City of Toronto 3.50% Jun 02/36 CAD 60,000 66,329 72,437 0.1 City of Toronto 2.80% Nov 22/49 CAD 63,000 68,402 69,724 0.1 Province of Newfoundland 4.50% Apr 17/37 CAD 48,000 60,241 63,297 0.1 City of Winnipeg 4.30% Nov 15/51 CAD 44,000 58,656 62,884 0.1 City of Montreal 3.15% Dec 01/36 CAD 52,000 57,774 60,092 0.1 Province of Manitoba 6.30% Mar 05/31 CAD 41,000 58,571 59,709 0.1 Province of Newfoundland 4.65% Oct 17/40 CAD 42,000 55,555 57,799 0.1 Province of New Brunswick 3.10% Aug 14/48 CAD 44,000 47,914 51,911 0.1 Regional Municipality of York 4.05% May 01/34 CAD 41,000 49,631 51,883 0.1 Fair Hydro Trust 3.36% May 15/35 CAD 44,000 49,335 51,139 0.1 Ontario Power Generation, Inc. 3.84% Jun 22/48 CAD 42,000 47,534 50,797 0.1 Ontario Electricity Financial Corp. 0.00% Apr 11/31 CAD 60,000 46,384 50,053 0.1 Province of Ontario 5.60% Jun 02/35 CAD 33,000 47,669 49,533 0.1 Newfoundland & Labrador Hydro 3.60% Dec 01/45 CAD 38,000 43,618 46,171 0.1 City of Montreal 4.10% Dec 01/34 CAD 36,000 42,490 45,574 0.1 City of Toronto 2.95% Apr 28/35 CAD 40,000 42,783 45,360 0.1 City of Montreal 4.25% Dec 01/32 CAD 35,000 42,169 44,582 0.1 Regional Municipality of Peel 5.10% Jun 29/40 CAD 30,000 40,385 44,037 0.1 South Coast British Columbia Transportation Authority 4.45% Jun 09/44 CAD 29,000 37,693 40,149 0.1 City of Ottawa 3.10% Jul 27/48 CAD 34,000 36,052 39,589 0.1 Ontario Power Generation, Inc. 4.25% Jan 18/49 CAD 30,000 33,158 38,741 0.1 City of Ottawa 3.25% Nov 10/47 CAD 32,000 37,035 38,122 0.1 Regional Municipality of Peel 3.85% Oct 30/42 CAD 29,000 35,913 37,081 0.1 Province of Newfoundland 5.60% Oct 17/33 CAD 23,000 30,920 32,747 0.1 Province of Prince Edward Island 3.60% Jan 17/53 CAD 25,000 31,421 32,454 0.1 Fair Hydro Trust 3.52% May 15/38 CAD 26,000 29,043 31,209 0.1 Province of New Brunswick 3.55% Jun 03/55 CAD 23,000 30,254 30,112 0.1 Hydro-Quebec 6.50% Jan 16/35 CAD 19,000 29,390 30,099 0.1 Newfoundland & Labrador Hydro 6.65% Aug 27/31 CAD 20,000 28,521 29,514 0.1 Regional Municipality of York 3.65% May 13/33 CAD 24,000 26,751 29,038 0.1 Province of Ontario 5.70% Dec 02/39 CAD 18,000 24,639 28,651 0.1 Regional Municipality of York 4.00% May 31/32 CAD 23,000 26,713 28,643 0.1 City of Ottawa 4.60% Jul 14/42 CAD 20,000 26,295 28,140 0.1 Ontario Infrastructure and Lands Corp. 4.70% Jun 01/37 CAD 20,000 25,528 27,292 0.0 Province of Quebec 5.75% Dec 01/36 CAD 17,000 25,421 26,487 0.0 Ontario Power Generation, Inc. 3.65% Sep 13/50 CAD 21,000 22,660 24,850 0.0 Province of British Columbia 6.35% Jun 18/31 CAD 16,000 23,813 23,850 0.0 Province of Manitoba 3.20% Mar 05/50 CAD 19,000 22,356 23,136 0.0 City of Ottawa 2.50% May 11/51 CAD 19,000 19,197 19,883 0.0 Province of Saskatchewan 5.00% Mar 05/37 CAD 12,000 16,752 17,130 0.0 City of Toronto 2.60% Sep 24/39 CAD 15,000 16,275 16,279 0.0 Hydro-Quebec 2.10% Feb 15/60 CAD 14,000 14,189 14,203 0.0 Province of British Columbia 3.20% Jun 18/44 CAD 9,000 10,326 11,084 0.0 Province of Nova Scotia 6.60% Dec 01/31 CAD 6,000 8,747 9,098 0.0 Province of Nova Scotia 3.45% Jun 01/45 CAD 6,000 7,098 7,489 0.0 Province of New Brunswick 4.65% Sep 26/35 CAD 5,000 6,606 6,790 0.0 Province of Saskatchewan 5.60% Sep 05/35 CAD 4,000 5,936 5,944 0.0 Province of Newfoundland 5.70% Oct 17/35 CAD 3,000 4,001 4,391 0.0 Province of Nova Scotia 4.70% Jun 01/41 CAD 3,000 4,111 4,331 0.0 Province of British Columbia 4.95% Jun 18/40 CAD 2,000 2,860 3,011 0.0 City of Toronto 4.70% Jun 10/41 CAD 2,000 2,721 2,828 0.0 Province of Saskatchewan 3.75% Mar 05/54 CAD 2,000 2,554 2,743 0.0 City of Toronto 5.20% Jun 01/40 CAD 1,000 1,320 1,489 0.0 Province of New Brunswick 4.80% Jun 03/41 CAD 1,000 1,376 1,443 0.0 Province of New Brunswick 4.80% Sep 26/39 CAD 1,000 1,291 1,424 0.0 Province of Saskatchewan 3.40% Feb 03/42 CAD 1,000 1,132 1,224 0.0 Province of Manitoba 2.85% Sep 05/46 CAD 1,000 1,039 1,127 0.0 32,679,651 33,935,135 66.7 Utilities Hydro One, Inc. 3.63% Jun 25/49 CAD 74,000 84,214 90,399 0.2 CU, Inc. 4.54% Oct 24/41 CAD 64,000 81,678 84,435 0.2 AltaLink LP 3.99% Jun 30/42 CAD 61,000 73,440 75,978 0.2 Alberta Powerline LP 4.07% Mar 01/54 CAD 58,328 65,599 70,747 0.1 CU, Inc. 4.72% Sep 09/43 CAD 49,000 61,781 66,847 0.1 Hydro One, Inc. 3.91% Feb 23/46 CAD 52,000 62,809 65,156 0.1 Hydro One, Inc. 4.89% Mar 13/37 CAD 46,000 59,634 61,621 0.1 Hydro One, Inc. 3.79% Jul 31/62 CAD 47,000 56,356 60,972 0.1 Hydro One, Inc. 6.93% Jun 01/32 CAD 38,000 56,347 57,261 0.1

45 Vanguard Canadian Long-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets CU, Inc. 3.95% Nov 23/48 CAD 45,000 56,643 57,259 0.1 Hydro One, Inc. 6.59% Apr 22/43 CAD 34,000 54,364 57,183 0.1 Hydro One, Inc. 6.35% Jan 31/34 CAD 38,000 53,122 55,792 0.1 Enbridge Gas, Inc. 6.05% Sep 02/38 CAD 36,000 52,572 53,979 0.1 CU, Inc. 2.96% Sep 07/49 CAD 46,000 46,639 49,779 0.1 CU, Inc. 4.09% Sep 02/44 CAD 39,000 45,184 49,345 0.1 Nova Scotia Power, Inc. 5.61% Jun 15/40 CAD 34,000 47,396 48,880 0.1 Bruce Power LP 4.13% Jun 21/33 CAD 41,000 46,195 48,240 0.1 Bruce Power LP 4.75% Jun 21/49 CAD 35,000 40,819 45,332 0.1 EPCOR Utilities, Inc. 3.55% Nov 27/47 CAD 38,000 42,995 45,279 0.1 CU, Inc. 3.76% Nov 19/46 CAD 37,000 41,432 45,273 0.1 Enbridge Gas, Inc. 3.65% Apr 01/50 CAD 37,000 38,210 45,260 0.1 Northwestern Hydro Acquisition Co. II LP 3.88% Dec 31/36 CAD 39,000 41,764 44,763 0.1 Hydro One, Inc. 5.49% Jul 16/40 CAD 30,000 39,632 43,711 0.1 North Battleford Power LP 4.96% Dec 31/32 CAD 36,572 41,652 43,708 0.1 Enbridge Gas, Inc. 4.20% Jun 02/44 CAD 33,000 38,836 42,360 0.1 CU, Inc. 3.81% Sep 10/42 CAD 34,000 38,170 40,990 0.1 Northwestern Hydro Acquisition Co. III LP 3.94% Dec 31/38 CAD 34,000 36,027 39,662 0.1 Enbridge Gas, Inc. 4.95% Nov 22/50 CAD 26,000 37,251 38,904 0.1 AltaLink LP 3.72% Dec 03/46 CAD 30,000 34,896 36,847 0.1 EPCOR Utilities, Inc. 3.11% Jul 08/49 CAD 32,000 33,775 35,539 0.1 Hydro One, Inc. 4.59% Oct 09/43 CAD 26,000 31,699 35,038 0.1 Enbridge Gas, Inc. 4.00% Aug 22/44 CAD 28,000 33,220 35,027 0.1 Arrow Lakes Power Corp. 5.52% Apr 05/41 CAD 26,223 33,523 34,177 0.1 Brookfield Infrastructure Finance ULC 2.86% Sep 01/32 CAD 33,000 33,245 34,090 0.1 CU, Inc. 3.96% Jul 27/45 CAD 26,000 29,981 32,528 0.1 Brookfield Renewable Partners ULC 3.33% Aug 13/50 CAD 30,000 29,743 31,001 0.1 Hydro One, Inc. 5.00% Oct 19/46 CAD 21,000 27,698 30,768 0.1 Hydro One, Inc. 3.72% Nov 18/47 CAD 25,000 27,051 30,743 0.1 Nova Scotia Power, Inc. 3.57% Apr 05/49 CAD 26,000 28,213 30,398 0.1 Kingston Solar LP 3.57% Jul 31/35 CAD 27,328 27,517 29,806 0.1 AltaLink LP 4.92% Sep 17/43 CAD 20,000 27,119 28,317 0.1 EPCOR Utilities, Inc. 4.55% Feb 28/42 CAD 20,000 24,823 26,505 0.1 Enbridge Gas, Inc. 5.21% Feb 25/36 CAD 19,000 24,347 25,591 0.1 Brookfield Renewable Partners ULC 4.29% Nov 05/49 CAD 21,000 23,471 25,562 0.1 Capital Power Corp. 3.15% Oct 01/32 CAD 24,000 23,975 24,655 0.0 Clover LP 4.22% Mar 31/34 CAD 21,083 22,260 23,430 0.0 Hydro One, Inc. 4.39% Sep 26/41 CAD 18,000 21,537 23,366 0.0 AltaLink LP 4.09% Jun 30/45 CAD 18,000 19,919 23,110 0.0 Hydro One, Inc. 2.71% Feb 28/50 CAD 22,000 21,655 22,881 0.0 Alberta Powerline LP 4.07% Dec 01/53 CAD 18,793 21,000 22,432 0.0 Clover LP 4.22% Jun 30/34 CAD 20,013 21,341 22,255 0.0 CU, Inc. 3.55% Nov 22/47 CAD 18,000 17,526 21,396 0.0 Enbridge Gas, Inc. 3.51% Nov 29/47 CAD 18,000 18,846 21,307 0.0 Nova Scotia Power, Inc. 4.50% Jul 20/43 CAD 16,000 19,091 20,742 0.0 EPCOR Utilities, Inc. 2.90% May 19/50 CAD 19,000 19,000 20,343 0.0 Nova Scotia Power, Inc. 3.31% Apr 25/50 CAD 18,000 18,000 20,187 0.0 Enbridge Gas, Inc. 3.01% Aug 09/49 CAD 18,000 18,058 19,644 0.0 Hydro One, Inc. 4.17% Jun 06/44 CAD 15,000 17,088 19,245 0.0 Enbridge Gas, Inc. 4.88% Jun 21/41 CAD 13,000 16,183 17,696 0.0 Hydro One, Inc. 5.36% May 20/36 CAD 9,000 11,081 12,519 0.0 Hydro One, Inc. 6.03% Mar 03/39 CAD 7,000 9,555 10,608 0.0 Hydro One, Inc. 1.69% Jan 16/31 CAD 5,000 4,997 5,068 0.0 2,232,194 2,381,936 4.7 Total investments 48,491,431 50,475,404 99.2 Other assets and liabilities (net) 408,894 0.8 Total net assets attributable to holders of redeemable units 50,884,298 100.0

46 Vanguard Canadian Long-Term Bond Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Fixed income Provincials/Municipals 66.7 63.4 Government 15.1 19.6 Industrial 9.5 8.9 Utilities 4.7 4.5 Government-related Agencies 2.0 1.6 Financial 1. 2 1. 5 Other assets and liabilities (net) 0.8 0.5 100.0 100.0

47 Vanguard Canadian Short-Term Bond Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $1,204,145,970 $1,137,500,318 Cash 3,990,468 1,217,279 Amounts receivable for investments sold 44,635,696 55,101,615 Interest receivable 5,583,599 6,086,446 Total assets 1,258,355,733 1,199,905,658 Liabilities Current liabilities Amounts payable for investments purchased 46,999,189 54,507,395 Distributions payable 1,510,785 1,692,880 Accounts payable and accrued expenses 29,773 57,377 Total liabilities excluding net assets attributable to holders of redeemable units 48,539,747 56,257,652 Total net assets attributable to holders of redeemable units $1,209,815,986 $1,143,648,006 Number of redeemable units outstanding (Note 9) 49,500,000 48,100,000 Net assets attributable to holders of redeemable units per unit $24.44 $23.78

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $27,787,993 $25,882,947 Net realized gain (loss) on sale of investments 9,092,688 (5,844,958) Change in unrealized appreciation/depreciation of investments 22,370,160 9,062,439 Net gain (loss) on investments 59,250,841 29,100,428 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts —(46) Net gain (loss) on derivatives —(46) Net realized gain (loss) on foreign currency transactions —(72) Total income (net) 59,250,841 29,100,310 Expenses (Note 10) Management fees 1,286,788 1,197,178 Overdraft expenses 1,013 — Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 2,727 — Total expenses 1,293,222 1,199,736 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,290,528 1,197,178 Increase (decrease) in net assets attributable to holders of redeemable units $57,960,313 $27,903,132 Weighted average number of redeemable units 48,762,022 44,369,589 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.19 $0.63

The accompanying notes are an integral part of the financial statements.

48 Vanguard Canadian Short-Term Bond Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $1,143,648,006 $936,639,736 Increase (decrease) in net assets attributable to holders of redeemable units $57,960,313 $27,903,132 Distributions to holders of redeemable units Net investment income (26,650,481) (24,400,922) Return of capital (3,052) — Total distributions to holders of redeemable units (26,653,533) (24,400,922) Redeemable unit transactions Proceeds from issuance of redeemable units 472,099,450 375,115,930 Payment for redeemable units redeemed (437,238,250) (171,609,870) Net redeemable unit transactions 34,861,200 203,506,060 Net assets attributable to holders of redeemable units, end of year $1,209,815,986 $1,143,648,006

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $57,960,313 $27,903,132 Adjustments for: Net realized (gain) loss on sale of investments (9,092,688) 5,844,958 Change in unrealized appreciation/depreciation of investments (22,370,160) (9,062,439) Purchase of investments1 (801,293,486) (587,852,474) 2 Proceeds from sale of investments 803,247,561 581,105,940 Change in working capital 475,243 (1,493,781) Net cash from (used in) operating activities 28,926,783 16,445,336 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 3,921,962 3,356,363 Distributions to holders of redeemable units, net of reinvested distributions (26,835,628) (23,976,742) Payment for redeemable units redeemed (3,239,928) (2,273,049) Net cash from (used in) financing activities (26,153,594) (22,893,428) Net increase (decrease) in cash during the year $2,773,189 $(6,448,092) Cash, beginning of year $1,217,279 $7,665,371 Cash, end of year $3,990,468 $1,217,279 Supplemental cash flow information relating to operating activities Interest received, net of foreign withholding taxes, if applicable $28,288,113 $24,363,156 Interest paid, net of foreign withholding taxes, if applicable $1,013 —

1 Excludes in-kind transactions of $468,177,488 and $371,759,567 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $433,998,322 and $169,389,856 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

49 Vanguard Canadian Short-Term Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Fixed income Financial Bank of Nova Scotia 2.38% May 01/23 CAD 5,437,000 5,530,326 5,654,154 0.5 Toronto-Dominion Bank 3.11% Apr 22/30 CAD 4,373,000 4,514,485 4,720,741 0.4 Toronto-Dominion Bank 1.99% Mar 23/22 CAD 4,449,000 4,470,837 4,537,224 0.4 Royal Bank of Canada 2.61% Nov 01/24 CAD 4,164,000 4,283,926 4,436,534 0.4 Bank of Montreal 2.89% Jun 20/23 CAD 3,604,000 3,643,613 3,811,626 0.3 Royal Bank of Canada 2.35% Jul 02/24 CAD 3,556,000 3,609,414 3,745,250 0.3 Royal Bank of Canada 2.36% Dec 05/22 CAD 3,461,000 3,494,669 3,586,115 0.3 Toronto-Dominion Bank 3.01% May 30/23 CAD 3,344,000 3,405,841 3,542,533 0.3 Toronto-Dominion Bank 3.23% Jul 24/24 CAD 3,214,000 3,403,834 3,501,042 0.3 Wells Fargo & Co. 2.57% May 01/26 CAD 3,210,000 3,256,077 3,385,715 0.3 Bank of Montreal 2.85% Mar 06/24 CAD 3,073,000 3,199,880 3,272,745 0.3 Canadian Imperial Bank of Commerce 3.29% Jan 15/24 CAD 3,010,000 3,164,061 3,236,713 0.3 Bank of Montreal 2.27% Jul 11/22 CAD 3,090,000 3,094,364 3,176,767 0.3 Bank of Nova Scotia 2.36% Nov 08/22 CAD 3,029,000 3,047,825 3,134,833 0.3 Royal Bank of Canada 3.30% Sep 26/23 CAD 2,923,000 2,994,271 3,127,844 0.3 Royal Bank of Canada 2.95% May 01/23 CAD 2,960,000 3,016,658 3,124,191 0.3 Toronto-Dominion Bank 2.85% Mar 08/24 CAD 2,892,000 2,953,202 3,083,103 0.3 Toronto-Dominion Bank 1.91% Jul 18/23 CAD 2,972,000 2,940,389 3,073,791 0.3 Bank of Montreal 2.70% Sep 11/24 CAD 2,793,000 2,896,963 2,998,034 0.2 Bank of Nova Scotia 3.89% Jan 18/29 CAD 2,640,000 2,728,977 2,868,598 0.2 Toronto-Dominion Bank 1.13% Dec 09/25 CAD 2,835,000 2,844,615 2,848,892 0.2 Royal Bank of Canada 1.94% May 01/25 CAD 2,670,000 2,709,476 2,782,487 0.2 Canadian Imperial Bank of Commerce 3.30% May 26/25 CAD 2,503,000 2,738,423 2,773,775 0.2 Royal Bank of Canada 1.97% Mar 02/22 CAD 2,715,000 2,739,677 2,765,092 0.2 Toronto-Dominion Bank 3.22% Jul 25/29 CAD 2,568,000 2,661,003 2,762,603 0.2 Toronto-Dominion Bank 3.59% Sep 14/28 CAD 2,568,000 2,613,707 2,753,024 0.2 Bank of Montreal 2.28% Jul 29/24 CAD 2,530,000 2,540,018 2,659,308 0.2 HSBC Bank Canada 2.54% Jan 31/23 CAD 2,542,000 2,556,686 2,642,129 0.2 Bank of Nova Scotia 2.84% Jul 03/29 CAD 2,475,000 2,501,153 2,620,951 0.2 Canadian Imperial Bank of Commerce 2.97% Jul 11/23 CAD 2,404,000 2,484,750 2,549,370 0.2 Canadian Imperial Bank of Commerce 2.35% Aug 28/24 CAD 2,390,000 2,401,739 2,517,029 0.2 Canadian Imperial Bank of Commerce 3.45% Apr 04/28 CAD 2,345,000 2,373,981 2,479,955 0.2 Royal Bank of Canada 2.09% Jun 30/30 CAD 2,390,000 2,404,375 2,474,845 0.2 Bank of Nova Scotia 2.16% Feb 03/25 CAD 2,330,000 2,368,138 2,447,059 0.2 Canadian Imperial Bank of Commerce 2.95% Jun 19/29 CAD 2,275,000 2,307,638 2,415,641 0.2 Toronto-Dominion Bank 1.94% Mar 13/25 CAD 2,273,000 2,252,087 2,369,557 0.2 Canadian Imperial Bank of Commerce 2.30% Jul 11/22 CAD 2,290,000 2,311,947 2,355,151 0.2 Bank of Montreal 2.12% Mar 16/22 CAD 2,250,000 2,268,010 2,296,980 0.2 Bank of Nova Scotia 2.49% Sep 23/24 CAD 2,116,000 2,158,619 2,242,664 0.2 Royal Bank of Canada 2.33% Dec 05/23 CAD 2,091,000 2,085,874 2,195,864 0.2 Bank of Nova Scotia 1.83% Apr 27/22 CAD 2,128,000 2,134,308 2,168,964 0.2 Bank of Nova Scotia 2.29% Jun 28/24 CAD 2,028,000 2,077,379 2,140,473 0.2 Bank of Montreal 2.08% Jun 17/30 CAD 2,040,000 2,052,677 2,109,401 0.2 Royal Bank of Canada 2.00% Mar 21/22 CAD 2,045,000 2,029,571 2,085,471 0.2 Canadian Imperial Bank of Commerce 2.43% Jun 09/23 CAD 1,985,000 1,998,690 2,068,648 0.2 Toronto-Dominion Bank 2.50% Dec 02/24 CAD 1,900,000 1,974,215 2,020,384 0.2 Canadian Imperial Bank of Commerce 2.00% Apr 17/25 CAD 1,920,000 1,955,604 2,003,194 0.2 Canadian Imperial Bank of Commerce 2.47% Dec 05/22 CAD 1,869,000 1,858,309 1,940,714 0.2 Federation des Caisses Desjardins du Quebec 2.09% Jan 17/22 CAD 1,758,000 1,772,572 1,789,960 0.2 Bank of Montreal 2.37% Feb 03/25 CAD 1,650,000 1,687,822 1,745,024 0.1 HSBC Holdings plc 3.20% Dec 05/23 CAD 1,619,000 1,643,029 1,727,829 0.1 National Bank of Canada 1.96% Jun 30/22 CAD 1,682,000 1,685,346 1,720,871 0.1 HSBC Bank Canada 2.17% Jun 29/22 CAD 1,644,000 1,650,185 1,684,590 0.1 Bank of Nova Scotia 2.98% Apr 17/23 CAD 1,579,000 1,615,320 1,666,429 0.1 Bank of Montreal 2.88% Sep 17/29 CAD 1,544,000 1,547,512 1,640,855 0.1 Wells Fargo & Co. 2.09% Apr 25/22 CAD 1,597,000 1,602,577 1,629,275 0.1 Bank of America Corp. 3.30% Apr 24/24 CAD 1,514,000 1,542,112 1,600,737 0.1 Wells Fargo & Co. 2.51% Oct 27/23 CAD 1,519,000 1,466,222 1,587,628 0.1 Royal Bank of Canada 4.93% Jul 16/25 CAD 1,335,000 1,595,128 1,580,894 0.1 National Bank of Canada 2.55% Jul 12/24 CAD 1,464,000 1,485,954 1,551,093 0.1 Morgan Stanley 3.00% Feb 07/24 CAD 1,447,000 1,487,124 1,543,544 0.1 Federation des Caisses Desjardins du Quebec 2.86% May 26/30 CAD 1,450,000 1,474,937 1,543,511 0.1 National Australia Bank Ltd. 3.52% Jun 12/30 CAD 1,443,000 1,485,124 1,536,203 0.1 Bank of Nova Scotia 2.58% Mar 30/27 CAD 1,489,000 1,498,764 1,525,659 0.1 Canadian Imperial Bank of Commerce 2.01% Jul 21/30 CAD 1,467,000 1,483,748 1,508,179 0.1 Federation des Caisses Desjardins du Quebec 2.42% Oct 04/24 CAD 1,404,000 1,430,715 1,482,835 0.1

50 Vanguard Canadian Short-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Manufacturers Life Insurance Co. 3.18% Nov 22/27 CAD 1,410,000 1,450,834 1,477,017 0.1 HSBC Bank Canada 3.25% Sep 15/23 CAD 1,378,000 1,420,099 1,470,230 0.1 Bank of America Corp. 2.93% Apr 25/25 CAD 1,380,000 1,391,372 1,467,699 0.1 Manulife Financial Corp. 2.24% May 12/30 CAD 1,395,000 1,404,027 1,453,674 0.1 Bank of America Corp. 3.23% Jun 22/22 CAD 1,353,000 1,399,323 1,407,932 0.1 National Bank of Canada 1.57% Aug 18/26 CAD 1,345,000 1,361,058 1,373,770 0.1 National Bank of Canada 2.11% Mar 18/22 CAD 1,294,000 1,300,228 1,321,239 0.1 National Bank of Canada 2.98% Mar 04/24 CAD 1,230,000 1,282,485 1,314,968 0.1 HSBC Bank Canada 2.25% Sep 15/22 CAD 1,270,000 1,285,603 1,306,995 0.1 Sun Life Financial, Inc. 3.05% Sep 19/28 CAD 1,223,000 1,256,514 1,296,600 0.1 Federation des Caisses Desjardins du Quebec 3.06% Sep 11/23 CAD 1,216,000 1,239,586 1,295,806 0.1 Royal Bank of Canada 2.74% Jul 25/29 CAD 1,212,000 1,215,491 1,282,502 0.1 Royal Bank of Canada 2.88% Dec 23/29 CAD 1,200,000 1,225,733 1,280,208 0.1 Sun Life Financial, Inc. 2.38% Aug 13/29 CAD 1,212,000 1,222,027 1,272,709 0.1 Bank of Montreal 2.57% Jun 01/27 CAD 1,176,000 1,183,003 1,208,587 0.1 National Bank of Canada 3.18% Feb 01/28 CAD 1,145,000 1,142,197 1,198,643 0.1 Manulife Financial Corp. 3.05% Aug 20/29 CAD 1,112,000 1,154,426 1,190,129 0.1 Canadian Imperial Bank of Commerce 2.04% Mar 21/22 CAD 1,157,000 1,170,186 1,180,464 0.1 Goldman Sachs Group, Inc. 3.31% Oct 31/25 CAD 1,070,000 1,118,323 1,158,746 0.1 Goldman Sachs Group, Inc. 2.43% Apr 26/23 CAD 1,118,000 1,113,985 1,145,469 0.1 GE Capital Canada Funding Co. 4.60% Jan 26/22 CAD 1,076,000 1,126,966 1,118,728 0.1 Brookfield Asset Management, Inc. 4.54% Mar 31/23 CAD 985,000 1,042,812 1,064,352 0.1 National Bank of Canada 2.58% Feb 03/25 CAD 998,000 1,021,011 1,064,257 0.1 Federation des Caisses Desjardins du Quebec 2.39% Aug 25/22 CAD 1,003,000 999,664 1,035,176 0.1 Bank of Montreal 4.61% Sep 10/25 CAD 850,000 996,439 998,674 0.1 Manulife Financial Corp. 3.32% May 09/28 CAD 941,000 972,408 994,496 0.1 Bank of America Corp. 3.41% Sep 20/25 CAD 840,000 879,303 911,912 0.1 Citigroup, Inc. 4.09% Jun 09/25 CAD 821,000 894,946 910,358 0.1 Ventas Canada Finance Ltd. 2.80% Apr 12/24 CAD 829,000 832,761 870,889 0.1 Manulife Bank of Canada 2.84% Jan 12/23 CAD 819,000 844,209 856,568 0.1 Manulife Bank of Canada 2.38% Nov 19/24 CAD 798,000 809,489 846,191 0.1 RioCan REIT 2.58% Feb 12/25 CAD 810,000 819,762 838,715 0.1 Lloyds Banking Group plc 3.50% Feb 03/25 CAD 767,000 808,228 830,047 0.1 Choice Properties REIT 3.56% Sep 09/24 CAD 760,000 797,026 823,977 0.1 OMERS Realty Corp. 2.86% Feb 23/24 CAD 772,000 805,051 822,334 0.1 Bank of America Corp. 3.52% Mar 24/26 CAD 740,000 791,752 810,877 0.1 OMERS Realty Corp. 3.36% Jun 05/23 CAD 753,000 779,799 802,773 0.1 Bank of America Corp. 2.60% Mar 15/23 CAD 765,000 779,195 784,117 0.1 Brookfield Property Finance ULC 3.93% Aug 24/25 CAD 740,000 745,372 766,832 0.1 Canadian Western Bank 1.57% Sep 14/23 CAD 735,000 739,323 747,598 0.1 Central 1 Credit Union 2.60% Nov 07/22 CAD 722,000 718,786 746,721 0.1 Sun Life Financial, Inc. 2.75% Nov 23/27 CAD 715,000 724,559 742,999 0.1 Ivanhoe Cambridge II, Inc. 2.91% Jun 27/23 CAD 702,000 722,927 739,683 0.1 Wells Fargo Canada Corp. 3.46% Jan 24/23 CAD 696,600 720,915 736,919 0.1 Athene Global Funding 2.10% Sep 24/25 CAD 715,000 714,121 725,482 0.1 H&R REIT 4.07% Jun 16/25 CAD 650,000 663,332 695,247 0.1 Fairfax Financial Holdings Ltd. 5.84% Oct 14/22 CAD 638,000 695,243 687,802 0.1 Manulife Bank of Canada 1.50% Jun 25/25 CAD 670,000 670,300 686,536 0.1 Manulife Bank of Canada 2.08% May 26/22 CAD 661,000 666,065 675,654 0.1 Wells Fargo & Co. 3.18% Feb 08/24 CAD 631,000 649,642 673,309 0.1 Brookfield Asset Management, Inc. 5.04% Mar 08/24 CAD 595,000 652,249 662,324 0.1 Central 1 Credit Union 2.58% Dec 06/23 CAD 620,000 613,968 649,059 0.1 Industrial Alliance Insurance & Financial Services, Inc. 3.30% Sep 15/28 CAD 611,000 638,978 648,436 0.1 CI Financial Corp. 3.76% May 26/25 CAD 600,000 604,666 642,762 0.1 Air Lease Corp. 2.63% Dec 05/24 CAD 602,000 585,351 613,402 0.1 Canadian Western Bank 2.60% Sep 06/24 CAD 580,000 584,876 610,288 0.1 Original Wempi, Inc. 4.06% Feb 13/24 CAD 604,705 628,056 608,001 0.1 Granite REIT Holdings LP 3.87% Nov 30/23 CAD 545,000 575,488 589,281 0.1 Fairfax Financial Holdings Ltd. 4.95% Mar 03/25 CAD 529,000 555,054 589,243 0.1 Fairfax Financial Holdings Ltd. 4.50% Mar 22/23 CAD 549,000 576,823 583,867 0.1 Choice Properties REIT 3.55% Jan 10/25 CAD 530,000 560,109 576,698 0.0 iA Financial Corp. Inc. 2.40% Feb 21/30 CAD 550,000 554,253 573,782 0.0 First Capital REIT 3.90% Oct 30/23 CAD 540,000 554,566 573,772 0.0 Laurentian Bank of Canada 3.45% Jun 27/23 CAD 530,000 538,858 560,703 0.0 CI Financial Corp. 3.22% Jul 22/24 CAD 526,000 527,032 551,837 0.0 Wells Fargo & Co. 3.87% May 21/25 CAD 485,000 524,187 533,427 0.0 Laurentian Bank of Canada 3.00% Sep 12/22 CAD 508,000 505,773 526,283 0.0 SmartCentres REIT 1.74% Dec 16/25 CAD 515,000 516,653 516,009 0.0 RioCan REIT 3.29% Feb 12/24 CAD 483,000 499,129 509,990 0.0 Original Wempi, Inc. 4.31% Feb 13/24 CAD 504,000 523,845 508,052 0.0 CI Financial Corp. 3.52% Jul 20/23 CAD 482,000 494,952 506,249 0.0 Canadian Western Bank 2.74% Jun 16/22 CAD 488,000 481,697 502,908 0.0 OMERS Realty Corp. 3.33% Nov 12/24 CAD 453,000 481,811 496,203 0.0

51 Vanguard Canadian Short-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Canadian Western Bank 2.92% Dec 15/22 CAD 475,000 482,127 495,031 0.0 Canadian Western Bank 2.83% Mar 14/22 CAD 475,000 480,344 487,621 0.0 Choice Properties LP 3.60% Sep 20/22 CAD 468,000 474,020 487,581 0.0 H&R REIT 2.92% May 06/22 CAD 476,000 471,294 484,582 0.0 Intact Financial Corp. 3.69% Mar 24/25 CAD 431,000 464,151 477,328 0.0 H&R REIT 3.37% Jan 30/24 CAD 455,000 452,629 472,326 0.0 Choice Properties REIT 3.01% Mar 21/22 CAD 455,000 459,759 467,353 0.0 TMX Group Ltd. 3.00% Dec 11/24 CAD 419,000 430,924 452,575 0.0 Laurentian Bank of Canada 2.55% Jun 20/22 CAD 440,000 440,638 451,321 0.0 First Capital REIT 4.79% Aug 30/24 CAD 405,000 437,351 446,553 0.0 Canadian Western Bank 2.61% Jan 30/25 CAD 420,000 420,983 443,062 0.0 RioCan REIT 3.21% Sep 29/23 CAD 420,000 427,108 440,878 0.0 First Capital REIT 4.32% Jul 31/25 CAD 395,000 418,294 433,359 0.0 Ivanhoe Cambridge II, Inc. 2.30% Dec 12/24 CAD 400,000 403,524 421,924 0.0 Bow Centre Street LP 3.80% Jun 13/23 CAD 394,000 390,492 394,812 0.0 RioCan REIT 2.83% Oct 03/22 CAD 326,000 330,089 336,025 0.0 232,736,479 240,009,811 19.8 Government Government of Canada 0.50% Sep 01/25 CAD 47,117,000 47,437,396 47,349,138 3.9 Government of Canada 0.25% Nov 01/22 CAD 40,241,000 40,226,670 40,275,205 3.3 Government of Canada 1.00% Sep 01/22 CAD 39,045,000 38,676,209 39,584,379 3.3 Government of Canada 0.25% Aug 01/22 CAD 33,447,000 33,425,543 33,485,042 2.8 Government of Canada 2.00% Sep 01/23 CAD 26,532,000 27,563,195 27,754,442 2.3 Government of Canada 0.25% Feb 01/23 CAD 25,395,000 25,382,241 25,400,993 2.1 Government of Canada 2.50% Jun 01/24 CAD 18,341,000 19,513,048 19,721,552 1.6 Government of Canada 0.50% Mar 01/22 CAD 17,343,000 17,049,454 17,411,550 1.4 Government of Canada 1.75% Mar 01/23 CAD 16,740,000 16,975,839 17,282,572 1.4 Government of Canada 1.50% Sep 01/24 CAD 13,647,000 14,026,106 14,241,497 1.2 Government of Canada 2.25% Mar 01/24 CAD 13,090,000 13,626,958 13,904,819 1.2 Government of Canada 2.75% Jun 01/22 CAD 10,842,000 11,320,881 11,237,599 0.9 Government of Canada 0.25% Apr 01/24 CAD 10,720,000 10,692,066 10,701,699 0.9 Government of Canada 1.50% Jun 01/23 CAD 10,091,000 10,157,253 10,402,197 0.9 Government of Canada 1.25% Mar 01/25 CAD 9,577,000 9,930,349 9,938,366 0.8 Government of Canada 2.25% Jun 01/25 CAD 8,915,000 9,716,100 9,660,600 0.8 Government of Canada 1.50% Feb 01/22 CAD 6,744,000 6,823,296 6,841,338 0.6 Government of Canada 1.50% May 01/22 CAD 4,600,000 4,706,349 4,681,094 0.4 357,248,953 359,874,082 29.8 Government-related Agencies Canada Housing Trust No. 1 2.90% Jun 15/24 CAD 22,679,000 24,085,300 24,580,705 2.0 Canada Housing Trust No. 1 2.40% Dec 15/22 CAD 23,296,000 23,811,367 24,261,638 2.0 Canada Housing Trust No. 1 1.95% Dec 15/25 CAD 18,935,000 20,151,013 20,156,921 1.7 Canada Housing Trust No. 1 2.35% Sep 15/23 CAD 16,730,000 17,597,879 17,624,460 1.4 Canada Housing Trust No. 1 0.95% Jun 15/25 CAD 17,094,000 17,335,484 17,386,645 1.4 Canada Housing Trust No. 1 2.55% Dec 15/23 CAD 15,720,000 16,240,346 16,715,886 1.4 Canada Housing Trust No. 1 1.80% Dec 15/24 CAD 15,145,000 15,257,206 15,910,601 1.3 Canada Housing Trust No. 1 2.35% Jun 15/23 CAD 14,700,610 15,007,287 15,425,339 1.3 Canada Housing Trust No. 1 1.75% Jun 15/22 CAD 14,742,000 14,790,946 15,066,957 1.2 Canada Housing Trust No. 1 2.65% Mar 15/22 CAD 10,154,500 10,551,800 10,450,759 0.9 Canada Housing Trust No. 1 2.55% Mar 15/25 CAD 7,465,000 8,052,255 8,087,144 0.7 Canada Housing Trust No. 1 2.25% Dec 15/25 CAD 5,930,000 6,397,996 6,399,211 0.5 Canada Housing Trust No. 1 3.15% Sep 15/23 CAD 5,265,000 5,629,866 5,659,237 0.5 PSP Capital, Inc. 1.73% Jun 21/22 CAD 2,606,000 2,612,439 2,662,131 0.2 PSP Capital, Inc. 2.09% Nov 22/23 CAD 2,243,000 2,247,291 2,348,272 0.2 PSP Capital, Inc. 3.29% Apr 04/24 CAD 2,093,000 2,267,846 2,280,641 0.2 PSP Capital, Inc. 3.00% Nov 05/25 CAD 1,867,000 2,066,069 2,067,728 0.2 KfW 2.00% Feb 07/22 CAD 1,814,000 1,826,327 1,849,391 0.1 KfW 5.05% Feb 04/25 CAD 1,312,000 1,538,815 1,550,823 0.1 Canada Post Corp. 4.08% Jul 16/25 CAD 720,000 835,304 829,041 0.1 Export Development Canada 1.65% Jul 31/24 CAD 740,000 750,504 771,289 0.1 Export Development Canada 1.80% Sep 01/22 CAD 696,000 707,683 713,776 0.1 CPPIB Capital, Inc. 0.75% Jun 15/24 CAD 700,000 701,526 706,006 0.1 OPB Finance Trust 1.88% Feb 24/22 CAD 688,000 690,063 700,150 0.1 CPPIB Capital, Inc. 0.63% Sep 01/22 CAD 675,000 675,277 678,679 0.0 211,827,889 214,883,430 17.8 Government-related Supranational International Bank for Reconstruction & Development 1.80% Jul 26/24 CAD 2,904,000 2,928,939 3,038,542 0.2 International Bank for Reconstruction & Development 1.90% Jan 16/25 CAD 2,140,000 2,197,290 2,256,287 0.2 International Bank for Reconstruction & Development 2.20% Jan 18/22 CAD 2,082,000 2,102,748 2,125,014 0.2

52 Vanguard Canadian Short-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets International Bank for Reconstruction & Development 0.75% Jul 02/25 CAD 2,105,000 2,116,477 2,115,525 0.2 International Bank for Reconstruction & Development 2.25% Jan 17/23 CAD 1,445,000 1,444,249 1,502,439 0.1 Inter-American Development Bank 0.75% Oct 15/25 CAD 1,490,000 1,493,108 1,497,182 0.1 International Bank for Reconstruction & Development 2.50% Aug 03/23 CAD 1,330,000 1,337,399 1,402,113 0.1 International Finance Corp. 1.38% Sep 13/24 CAD 1,048,000 1,037,441 1,082,437 0.1 International Finance Corp. 2.38% Jul 19/23 CAD 813,000 822,517 853,934 0.1 Inter-American Development Bank 1.70% Oct 10/24 CAD 816,000 816,312 852,802 0.1 International Finance Corp. 0.63% Sep 16/25 CAD 670,000 668,995 669,384 0.0 16,965,475 17,395,659 1.4 Industrial Apple, Inc. 2.51% Aug 19/24 CAD 3,612,000 3,737,050 3,842,193 0.3 Bell Canada, Inc. 3.00% Oct 03/22 CAD 2,424,000 2,479,677 2,519,021 0.2 Thomson Reuters Corp. 2.24% May 14/25 CAD 2,043,000 2,075,376 2,137,877 0.2 AT&T, Inc. 4.00% Nov 25/25 CAD 1,885,000 2,118,048 2,127,354 0.2 TWDC Enterprises 18 Corp. 2.76% Oct 07/24 CAD 1,827,000 1,896,717 1,950,067 0.2 Bell Canada, Inc. 2.75% Jan 29/25 CAD 1,723,000 1,792,864 1,840,267 0.1 TELUS Corp. 3.35% Apr 01/24 CAD 1,590,000 1,682,765 1,707,771 0.1 Bell Canada, Inc. 2.70% Feb 27/24 CAD 1,547,000 1,558,266 1,631,544 0.1 Bell Canada, Inc. 3.35% Mar 12/25 CAD 1,450,000 1,533,136 1,582,472 0.1 McDonald's Corp. 3.13% Mar 04/25 CAD 1,440,000 1,524,466 1,563,120 0.1 Bell Canada, Inc. 3.35% Mar 22/23 CAD 1,472,000 1,491,902 1,547,469 0.1 TELUS Corp. 2.35% Mar 28/22 CAD 1,471,000 1,481,994 1,501,273 0.1 Canadian Natural Resources Ltd. 3.31% Feb 11/22 CAD 1,402,000 1,433,409 1,441,761 0.1 TELUS Corp. 3.75% Jan 17/25 CAD 1,207,000 1,294,813 1,331,562 0.1 TransCanada PipeLines Ltd. 3.30% Jul 17/25 CAD 1,205,000 1,307,514 1,315,041 0.1 Loblaw Cos. Ltd. 4.86% Sep 12/23 CAD 1,169,000 1,262,923 1,284,509 0.1 United Parcel Service, Inc. 2.13% May 21/24 CAD 1,122,000 1,144,540 1,171,065 0.1 Toyota Credit Canada, Inc. 2.11% Feb 26/25 CAD 1,115,000 1,132,392 1,169,557 0.1 Enbridge, Inc. 3.19% Dec 05/22 CAD 1,111,000 1,139,928 1,163,828 0.1 Alimentation Couche-Tard, Inc. 3.60% Jun 02/25 CAD 1,024,000 1,111,404 1,128,049 0.1 PepsiCo, Inc. 2.15% May 06/24 CAD 1,078,000 1,105,606 1,127,825 0.1 Husky Energy, Inc. 3.55% Mar 12/25 CAD 1,065,000 954,016 1,123,373 0.1 BHP Billiton Finance Ltd. 3.23% May 15/23 CAD 1,058,000 1,070,816 1,117,227 0.1 Alimentation Couche-Tard, Inc. 3.06% Jul 26/24 CAD 1,041,000 1,081,263 1,115,910 0.1 Pembina Pipeline Corp. 2.99% Jan 22/24 CAD 1,041,000 1,063,671 1,100,389 0.1 TransCanada PipeLines Ltd. 3.69% Jul 19/23 CAD 948,000 993,650 1,011,374 0.1 Rogers Communications, Inc. 4.00% Mar 13/24 CAD 870,000 920,872 949,248 0.1 Enbridge Pipelines, Inc. 3.45% Sep 29/25 CAD 856,000 938,250 944,647 0.1 Mondelez International, Inc. 3.25% Mar 07/25 CAD 842,000 860,024 915,860 0.1 Toyota Credit Canada, Inc. 2.64% Mar 27/24 CAD 860,000 886,286 911,075 0.1 Brookfield Property Finance ULC 4.30% Mar 01/24 CAD 862,000 889,914 902,436 0.1 Rogers Communications, Inc. 4.00% Jun 06/22 CAD 861,000 905,425 901,949 0.1 Toyota Credit Canada, Inc. 2.02% Feb 28/22 CAD 884,000 886,409 900,663 0.1 Enbridge, Inc. 2.44% Jun 02/25 CAD 845,000 870,555 890,030 0.1 VW Credit Canada, Inc. 2.85% Sep 26/24 CAD 830,000 848,822 884,755 0.1 Honda Canada Finance, Inc. 3.44% May 23/25 CAD 790,000 842,908 872,136 0.1 Bell Canada, Inc. 4.70% Sep 11/23 CAD 793,000 849,827 868,200 0.1 VW Credit Canada, Inc. 3.70% Nov 14/22 CAD 821,000 841,699 866,492 0.1 AT&T, Inc. 2.85% May 25/24 CAD 814,000 826,882 863,849 0.1 Shaw Communications, Inc. 3.80% Nov 02/23 CAD 781,000 813,209 844,035 0.1 Canadian Natural Resources Ltd. 3.55% Jun 03/24 CAD 771,000 804,641 830,167 0.1 Honda Canada Finance, Inc. 2.54% Mar 01/23 CAD 794,000 800,222 826,078 0.1 VW Credit Canada, Inc. 3.25% Mar 29/23 CAD 777,000 793,983 819,160 0.1 AltaGas Ltd. 2.16% Jun 10/25 CAD 785,000 794,762 815,497 0.1 Honda Canada Finance, Inc. 3.18% Aug 28/23 CAD 765,000 782,255 813,807 0.1 Teranet Holdings LP 3.54% Jun 11/25 CAD 755,000 799,563 812,123 0.1 Sysco Canada, Inc. 3.65% Apr 25/25 CAD 743,000 744,611 809,149 0.1 Heathrow Funding Ltd. 3.25% May 21/27 CAD 750,000 768,501 797,123 0.1 Pembina Pipeline Corp. 2.56% Jun 01/23 CAD 762,000 768,404 792,442 0.1 Sobeys, Inc. 4.70% Aug 08/23 CAD 720,000 788,063 784,087 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% Jul 22/24 CAD 726,000 758,929 778,294 0.1 AltaGas Ltd. 2.61% Dec 16/22 CAD 748,000 764,272 774,711 0.1 Molson Coors International LP 2.84% Jul 15/23 CAD 736,000 730,929 766,927 0.1 Dollarama, Inc. 3.55% Nov 06/23 CAD 709,000 718,741 762,607 0.1 North West Redwater Partnership / NWR Financing Co. Ltd. 2.10% Feb 23/22 CAD 749,000 753,102 760,624 0.1 Toyota Credit Canada, Inc. 2.31% Oct 23/24 CAD 719,000 729,030 757,884 0.1 Enbridge, Inc. 3.95% Nov 19/24 CAD 684,000 727,992 754,514 0.1 BP Capital Markets plc 3.47% May 15/25 CAD 682,000 731,218 750,882 0.1 Inter Pipeline Ltd. 2.73% Apr 18/24 CAD 718,000 726,086 746,742 0.1

53 Vanguard Canadian Short-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Shaw Communications, Inc. 4.35% Jan 31/24 CAD 676,000 722,279 741,896 0.1 Honda Canada Finance, Inc. 2.50% Jun 04/24 CAD 702,000 713,808 741,319 0.1 Pembina Pipeline Corp. 3.54% Feb 03/25 CAD 679,000 717,168 736,939 0.1 Cameco Corp. 4.19% Jun 24/24 CAD 683,000 716,807 735,577 0.1 TELUS Corp. 3.35% Mar 15/23 CAD 695,000 704,989 730,271 0.1 Daimler Canada Finance, Inc. 3.05% May 16/22 CAD 705,000 708,588 728,448 0.1 Brookfield Property Finance ULC 4.35% Jul 03/23 CAD 689,000 706,582 718,517 0.1 Enbridge, Inc. 3.94% Jun 30/23 CAD 667,000 703,754 713,537 0.1 Canadian Natural Resources Ltd. 1.45% Nov 16/23 CAD 700,000 699,202 710,171 0.1 VW Credit Canada, Inc. 1.50% Sep 23/25 CAD 701,000 699,233 708,739 0.1 Daimler Canada Finance, Inc. 1.65% Sep 22/25 CAD 695,000 694,770 707,795 0.1 General Motors Financial of Canada Ltd. 3.25% Nov 07/23 CAD 670,000 673,266 705,162 0.1 Pembina Pipeline Corp. 3.77% Oct 24/22 CAD 657,000 688,684 692,721 0.1 bcIMC Realty Corp. 2.84% Jun 03/25 CAD 635,000 679,566 685,394 0.1 Toyota Credit Canada, Inc. 2.70% Jan 25/23 CAD 634,000 635,173 662,188 0.1 Toyota Credit Canada, Inc. 2.62% Oct 11/22 CAD 634,000 639,809 657,876 0.1 VW Credit Canada, Inc. 1.20% Sep 25/23 CAD 650,000 649,843 655,610 0.1 Toyota Credit Canada, Inc. 3.04% Jul 12/23 CAD 614,000 639,698 650,435 0.1 General Motors Financial of Canada Ltd. 5.95% May 14/24 CAD 560,000 582,069 638,070 0.1 General Motors Financial of Canada Ltd. 2.60% Jun 01/22 CAD 620,000 614,852 634,818 0.1 John Deere Financial, Inc. 2.99% Jan 14/22 CAD 617,000 631,928 633,523 0.0 Reliance LP 3.84% Mar 15/25 CAD 579,000 599,465 632,911 0.0 Magna International, Inc. 3.10% Dec 15/22 CAD 607,000 615,053 631,110 0.0 Inter Pipeline Ltd. 3.78% May 30/22 CAD 604,000 633,097 628,782 0.0 John Deere Financial, Inc. 2.41% Jan 14/25 CAD 590,000 598,718 626,952 0.0 Loblaw Cos. Ltd. 3.92% Jun 10/24 CAD 565,000 603,243 621,528 0.0 Daimler Canada Finance, Inc. 2.97% Mar 13/24 CAD 579,000 596,086 615,274 0.0 Honda Canada Finance, Inc. 2.27% Jul 15/22 CAD 595,000 601,059 610,976 0.0 Saputo, Inc. 2.88% Nov 19/24 CAD 560,000 585,723 599,105 0.0 Penske Truck Leasing Canada, Inc. 2.85% Dec 07/22 CAD 576,000 581,822 597,370 0.0 Daimler Canada Finance, Inc. 2.54% Aug 21/23 CAD 570,000 568,564 594,806 0.0 Daimler Canada Finance, Inc. 3.30% Aug 16/22 CAD 570,000 577,823 594,254 0.0 AIMCo Realty Investors LP 2.27% Jun 26/24 CAD 562,000 568,383 587,402 0.0 OMERS Realty Corp. 1.30% Sep 22/23 CAD 570,000 571,092 579,861 0.0 John Deere Financial, Inc. 2.46% Apr 04/24 CAD 541,000 547,922 570,533 0.0 Saputo, Inc. 3.60% Aug 14/25 CAD 515,000 567,866 569,806 0.0 Canadian Tire Corp. Ltd. 3.17% Jul 06/23 CAD 539,000 547,444 568,952 0.0 BCI QuadReal Realty 1.68% Mar 03/25 CAD 517,000 517,846 533,575 0.0 Westcoast Energy, Inc. 3.77% Dec 08/25 CAD 475,000 534,161 530,015 0.0 Canadian National Railway Co. 2.80% Sep 22/25 CAD 480,000 520,262 522,331 0.0 Westcoast Energy, Inc. 3.43% Sep 12/24 CAD 480,000 506,836 520,555 0.0 407 International, Inc. 1.80% May 22/25 CAD 495,000 496,830 516,468 0.0 Inter Pipeline Ltd. 2.61% Sep 13/23 CAD 493,000 490,905 510,625 0.0 Toyota Credit Canada, Inc. 2.35% Jul 18/22 CAD 495,000 490,187 509,434 0.0 Vancouver Airport Fuel Facilities Corp. 2.17% Jun 23/25 CAD 500,000 500,000 504,195 0.0 Metro, Inc. 2.68% Dec 05/22 CAD 485,000 490,335 503,527 0.0 John Deere Canada Funding, Inc. 2.63% Sep 21/22 CAD 485,000 482,741 502,926 0.0 Saputo, Inc. 1.94% Jun 13/22 CAD 480,000 473,955 489,278 0.0 407 International, Inc. 2.47% Sep 08/22 CAD 475,000 479,251 487,730 0.0 Gibson Energy, Inc. 2.45% Jul 14/25 CAD 465,000 480,829 483,033 0.0 John Deere Canada Funding, Inc. 2.70% Jan 17/23 CAD 455,000 459,180 475,129 0.0 AltaGas Ltd. 3.84% Jan 15/25 CAD 425,000 451,497 465,609 0.0 Inter Pipeline Ltd. 3.17% Mar 24/25 CAD 435,000 399,405 459,725 0.0 VW Credit Canada, Inc. 2.65% Jun 27/22 CAD 442,000 449,287 455,123 0.0 BMW Canada, Inc. 2.41% Nov 27/23 CAD 430,000 441,496 450,494 0.0 Saputo, Inc. 2.83% Nov 21/23 CAD 423,000 418,076 445,948 0.0 Cogeco Communications, Inc. 4.18% May 26/23 CAD 414,000 430,054 441,618 0.0 Caterpillar Financial Services Ltd. 2.09% Sep 12/22 CAD 424,000 423,286 435,834 0.0 Honda Canada Finance, Inc. 2.49% Dec 19/22 CAD 405,000 405,343 419,778 0.0 AltaGas Ltd. 3.57% Jun 12/23 CAD 392,000 397,566 415,022 0.0 100,459,348 103,316,691 8.5 Provincials/Municipals Province of Ontario 2.60% Jun 02/25 CAD 21,163,000 22,960,303 22,933,248 1.9 Province of Ontario 3.50% Jun 02/24 CAD 17,126,000 18,558,765 18,846,124 1.6 Province of Ontario 2.85% Jun 02/23 CAD 17,712,000 18,246,088 18,761,560 1.6 Province of Ontario 3.15% Jun 02/22 CAD 18,008,000 18,824,943 18,742,831 1.6 Province of Ontario 1.75% Sep 08/25 CAD 15,455,000 16,194,751 16,193,805 1.3 Province of Quebec 2.75% Sep 01/25 CAD 10,420,000 11,441,279 11,417,234 0.9 Province of Quebec 3.50% Dec 01/22 CAD 10,162,000 10,775,322 10,783,577 0.9 Province of Quebec 3.00% Sep 01/23 CAD 9,382,000 9,721,099 10,030,878 0.8 Province of Quebec 3.75% Sep 01/24 CAD 8,692,000 9,519,112 9,712,624 0.8 Province of Ontario 1.35% Mar 08/22 CAD 9,515,000 9,461,536 9,642,951 0.8 Province of Ontario 2.60% Sep 08/23 CAD 6,992,000 7,295,821 7,397,180 0.6

54 Vanguard Canadian Short-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Province of British Columbia 2.85% Jun 18/25 CAD 6,060,000 6,667,061 6,652,253 0.6 Province of Alberta 2.35% Jun 01/25 CAD 5,595,000 5,977,315 5,999,984 0.5 Province of Manitoba 2.45% Jun 02/25 CAD 4,780,000 5,142,791 5,147,338 0.4 Province of Ontario 2.65% Feb 05/25 CAD 4,368,000 4,668,706 4,730,069 0.4 Province of Ontario 2.30% Sep 08/24 CAD 3,972,000 4,159,074 4,224,845 0.3 Province of Manitoba 2.55% Jun 02/23 CAD 3,999,000 4,146,809 4,206,849 0.3 Province of British Columbia 3.30% Dec 18/23 CAD 3,549,000 3,794,741 3,849,872 0.3 Province of Quebec 9.38% Jan 16/23 CAD 3,023,000 3,779,294 3,574,264 0.3 Hydro-Quebec 9.63% Jul 15/22 CAD 2,827,000 3,547,859 3,230,638 0.3 Province of Ontario 9.50% Jul 13/22 CAD 2,540,920 3,102,085 2,894,385 0.2 Province of Alberta 3.10% Jun 01/24 CAD 2,650,000 2,822,259 2,880,502 0.2 Province of Alberta 2.65% Sep 01/23 CAD 2,692,000 2,782,462 2,850,213 0.2 Province of British Columbia 2.70% Dec 18/22 CAD 2,554,000 2,663,222 2,674,448 0.2 Province of Ontario 1.95% Jan 27/23 CAD 2,563,000 2,643,264 2,648,843 0.2 Province of Alberta 2.55% Dec 15/22 CAD 2,268,000 2,354,023 2,367,203 0.2 Province of New Brunswick 3.65% Jun 03/24 CAD 2,030,000 2,215,380 2,242,594 0.2 Province of New Brunswick 2.85% Jun 02/23 CAD 1,972,000 2,045,112 2,087,795 0.2 Province of Manitoba 3.30% Jun 02/24 CAD 1,870,000 2,013,159 2,044,582 0.2 Province of Saskatchewan 3.20% Jun 03/24 CAD 1,836,000 1,978,397 2,001,801 0.2 Province of Saskatchewan 0.80% Sep 02/25 CAD 1,760,000 1,762,147 1,767,114 0.1 Province of Quebec 2.25% Feb 22/24 CAD 1,588,000 1,649,962 1,678,932 0.1 Province of Newfoundland 2.30% Jun 02/25 CAD 1,540,000 1,628,624 1,643,047 0.1 Ontario Electricity Financial Corp. 8.90% Aug 18/22 CAD 1,339,000 1,679,786 1,523,770 0.1 Province of Newfoundland 1.95% Jun 02/22 CAD 1,225,000 1,233,779 1,253,249 0.1 Province of Quebec 5.35% Jun 01/25 CAD 1,035,000 1,255,804 1,243,490 0.1 Province of Manitoba 4.40% Sep 05/25 CAD 1,050,000 1,229,914 1,225,873 0.1 Province of Ontario 7.50% Feb 07/24 CAD 1,000,000 1,236,580 1,212,807 0.1 Province of Ontario 8.10% Sep 08/23 CAD 1,005,000 1,249,561 1,209,840 0.1 Province of Alberta 1.60% Sep 01/22 CAD 1,165,000 1,163,945 1,190,527 0.1 City of Montreal 3.50% Sep 01/23 CAD 1,059,000 1,132,825 1,144,198 0.1 Province of Alberta 3.40% Dec 01/23 CAD 1,045,000 1,099,071 1,133,690 0.1 Province of Quebec 1.65% Mar 03/22 CAD 1,059,000 1,077,706 1,076,872 0.1 Municipal Finance Authority of British Columbia 2.15% Jun 03/24 CAD 1,000,000 1,041,810 1,054,516 0.1 Province of Quebec 2.45% Mar 01/23 CAD 972,000 1,002,548 1,016,792 0.1 City of Montreal 3.50% Sep 01/24 CAD 866,000 949,760 956,415 0.1 Municipal Finance Authority of British Columbia 1.10% Jun 01/25 CAD 930,000 938,826 946,622 0.1 Ontario Electricity Financial Corp. 8.50% May 26/25 CAD 695,000 944,018 925,228 0.1 Ontario Electricity Financial Corp. 9.00% May 26/25 CAD 679,000 940,286 918,972 0.1 Municipal Finance Authority of British Columbia 2.60% Apr 23/23 CAD 866,000 896,108 910,076 0.1 Municipal Finance Authority of British Columbia 2.65% Oct 02/25 CAD 805,000 875,695 876,828 0.1 Province of Quebec 2.60% Jul 06/25 CAD 770,000 839,437 838,212 0.1 Municipal Finance Authority of British Columbia 2.15% Dec 01/22 CAD 789,000 803,174 816,550 0.1 Municipal Finance Authority of British Columbia 2.80% Dec 03/23 CAD 714,000 738,252 762,286 0.1 Municipal Finance Authority of British Columbia 3.75% Sep 26/23 CAD 692,000 727,339 753,987 0.1 Province of Nova Scotia 1.00% Apr 17/23 CAD 739,000 745,263 749,442 0.1 Province of British Columbia 9.00% Aug 23/24 CAD 555,000 743,113 723,614 0.1 South Coast British Columbia Transportation Authority 3.05% Jun 04/25 CAD 655,000 719,811 720,189 0.1 Province of New Brunswick 1.55% May 04/22 CAD 693,000 700,153 704,839 0.1 Ontario Power Generation, Inc. 2.89% Apr 08/25 CAD 560,000 569,523 608,194 0.1 Province of British Columbia 8.75% Aug 19/22 CAD 528,000 637,457 600,088 0.1 Province of New Brunswick 1.80% Aug 14/25 CAD 550,000 575,194 576,920 0.0 City of Montreal 3.00% Sep 01/25 CAD 515,000 568,714 566,981 0.0 City of Toronto 3.90% Sep 29/23 CAD 506,000 544,120 553,047 0.0 Municipal Finance Authority of British Columbia 2.95% Oct 14/24 CAD 492,000 516,290 535,490 0.0 Regional Municipality of York 2.60% Dec 15/25 CAD 440,000 478,909 478,896 0.0 ENMAX Corp. 2.92% Oct 18/22 CAD 445,000 449,568 462,279 0.0 ENMAX Corp. 3.33% Jun 02/25 CAD 415,000 450,209 449,271 0.0 City of Toronto 2.45% Feb 06/25 CAD 415,000 430,734 444,363 0.0 City of Toronto 3.40% May 21/24 CAD 405,000 435,856 443,237 0.0 Province of Nova Scotia 2.15% Jun 01/25 CAD 400,000 425,355 425,693 0.0 Province of British Columbia 8.00% Sep 08/23 CAD 210,000 262,544 252,262 0.0 Province of British Columbia 9.50% Jun 09/22 CAD 70,000 79,508 79,156 0.0 Province of Quebec 9.50% Mar 30/23 CAD 8,000 9,988 9,618 0.0 256,941,298 258,233,962 21.3 Utilities Hydro One, Inc. 2.54% Apr 05/24 CAD 1,027,000 1,051,875 1,088,918 0.1 Brookfield Infrastructure Finance ULC 3.32% Feb 22/24 CAD 978,000 1,028,222 1,043,242 0.1 Hydro One, Inc. 0.71% Jan 16/23 CAD 895,000 895,628 898,947 0.1 AltaLink LP 3.67% Nov 06/23 CAD 799,000 844,390 870,183 0.1 Hydro One, Inc. 3.20% Jan 13/22 CAD 841,000 871,341 865,507 0.1 Fortis, Inc. 2.85% Dec 12/23 CAD 702,000 706,417 741,895 0.1 Emera, Inc. 2.90% Jun 16/23 CAD 702,000 701,627 736,236 0.1

55 Vanguard Canadian Short-Term Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Capital Power Corp. 4.28% Sep 18/24 CAD 615,000 644,563 676,365 0.1 Enbridge Gas, Inc. 3.31% Sep 11/25 CAD 580,000 641,577 642,999 0.1 Brookfield Renewable Partners ULC 3.75% Jun 02/25 CAD 566,000 617,114 625,130 0.0 Hydro One, Inc. 1.76% Feb 28/25 CAD 575,000 579,762 598,103 0.0 Hydro One, Inc. 2.97% Jun 26/25 CAD 544,000 590,941 594,206 0.0 Bruce Power LP 3.00% Jun 21/24 CAD 504,000 521,789 537,370 0.0 AltaLink LP 3.40% Jun 06/24 CAD 472,000 502,378 513,234 0.0 10,197,624 10,432,335 0.9 Total investments 1,186,377,066 1,204,145,970 99.5 Other assets and liabilities (net) 5,670,016 0.5 Total net assets attributable to holders of redeemable units 1,209,815,986 100.0

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Fixed income Government 29.8 34.1 Provincials/Municipals 21.3 18.0 Financial 19.8 20.7 Government-related Agencies 17.8 16.3 Industrial 8.5 8.5 Government-related Supranational 1. 4 1. 0 Utilities 0.9 0.9 Other assets and liabilities (net) 0.5 0.5 100.0 100.0

56 Vanguard Canadian Short-Term Corporate Bond Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $1,214,423,328 $1,199,954,019 Cash 2,488,885 10,781,362 Amounts receivable for investments sold 37,711,693 18,238,972 Interest receivable 8,575,545 8,953,415 Total assets 1,263,199,451 1,237,927,768 Liabilities Current liabilities Amounts payable for investments purchased 35,734,983 26,963,392 Distributions payable 1,967,870 2,041,252 Accounts payable and accrued expenses 34,434 59,621 Total liabilities excluding net assets attributable to holders of redeemable units 37,737,287 29,064,265 Total net assets attributable to holders of redeemable units $1,225,462,164 $1,208,863,503 Number of redeemable units outstanding (Note 9) 48,800,000 49,800,000 Net assets attributable to holders of redeemable units per unit $25.11 $24.27

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $32,604,096 $32,238,604 Net realized gain (loss) on sale of investments (1,775,635) (3,883,723) Change in unrealized appreciation/depreciation of investments 39,229,502 18,997,120 Net gain (loss) on investments 70,057,963 47,352,001 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts — (253) Net realized gain (loss) on futures contracts —(17) Net gain (loss) on derivatives — (270) Net realized gain (loss) on foreign currency transactions — (308) Total income (net) 70,057,963 47,351,423 Expenses (Note 10) Management fees 1,270,289 1,272,191 Overdraft expenses —3,134 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 8,864 — Total expenses 1,281,847 1,277,883 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,279,153 1,275,325 Increase (decrease) in net assets attributable to holders of redeemable units $68,778,810 $46,076,098 Weighted average number of redeemable units 47,340,710 46,749,863 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.45 $0.99

The accompanying notes are an integral part of the financial statements.

57 Vanguard Canadian Short-Term Corporate Bond Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $1,208,863,503 $1,096,249,730 Increase (decrease) in net assets attributable to holders of redeemable units $68,778,810 $46,076,098 Distributions to holders of redeemable units Net investment income (31,440,966) (30,775,439) Return of capital (4,033) (16,396) Total distributions to holders of redeemable units (31,444,999) (30,791,835) Redeemable unit transactions Proceeds from issuance of redeemable units 188,685,950 257,755,300 Payment for redeemable units redeemed (209,421,100) (160,425,790) Net redeemable unit transactions (20,735,150) 97,329,510 Net assets attributable to holders of redeemable units, end of year $1,225,462,164 $1,208,863,503

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $68,778,810 $46,076,098 Adjustments for: Net realized (gain) loss on sale of investments 1,775,635 3,883,723 Change in unrealized appreciation/depreciation of investments (39,229,502) (18,997,120) Purchase of investments1 (870,370,872) (854,724,950) 2 Proceeds from sale of investments 861,574,069 855,199,152 Change in working capital 352,683 (1,458,981) Net cash from (used in) operating activities 22,880,823 29,977,922 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 2,980,868 4,343,878 Distributions to holders of redeemable units, net of reinvested distributions (31,518,381) (30,443,146) 2 Payment for redeemable units redeemed (2,635,787) (1,433,056) Net cash from (used in) financing activities (31,173,300) (27,532,324) Net increase (decrease) in cash during the year $(8,292,477) $2,445,598 Cash, beginning of year $10,781,362 $8,335,764 Cash, end of year $2,488,885 $10,781,362 Supplemental cash flow information relating to operating activities Interest received, net of foreign withholding taxes, if applicable $32,973,102 $30,757,890 Interest paid, net of foreign withholding taxes, if applicable — $3,134

1 Excludes in-kind transactions of $185,705,082 and $253,411,422 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $206,785,313 and $159,020,336 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

58 Vanguard Canadian Short-Term Corporate Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Fixed income Financial Bank of Nova Scotia 2.38% May 01/23 CAD 16,022,000 16,147,701 16,661,919 1.4 Toronto-Dominion Bank 3.11% Apr 22/30 CAD 14,695,000 15,166,142 15,863,546 1.3 Toronto-Dominion Bank 1.99% Mar 23/22 CAD 14,377,000 14,299,188 14,662,096 1.2 Royal Bank of Canada 2.61% Nov 01/24 CAD 11,940,000 12,142,214 12,721,473 1.0 Toronto-Dominion Bank 3.01% May 30/23 CAD 11,466,000 11,680,979 12,146,736 1.0 Bank of Montreal 2.89% Jun 20/23 CAD 11,329,000 11,497,712 11,981,664 1.0 Royal Bank of Canada 2.35% Jul 02/24 CAD 10,170,000 10,225,350 10,711,247 0.9 Royal Bank of Canada 1.97% Mar 02/22 CAD 10,424,000 10,475,134 10,616,323 0.9 Royal Bank of Canada 2.36% Dec 05/22 CAD 10,117,000 10,189,426 10,482,730 0.9 Canadian Imperial Bank of Commerce 3.30% May 26/25 CAD 9,449,000 10,360,672 10,471,193 0.9 Royal Bank of Canada 3.30% Sep 26/23 CAD 9,612,000 9,702,500 10,285,609 0.8 Royal Bank of Canada 2.95% May 01/23 CAD 9,544,000 9,682,379 10,073,406 0.8 Bank of Montreal 2.85% Mar 06/24 CAD 9,354,000 9,493,308 9,962,010 0.8 Canadian Imperial Bank of Commerce 2.00% Apr 17/25 CAD 9,523,000 9,552,536 9,935,632 0.8 Bank of Montreal 2.27% Jul 11/22 CAD 9,454,000 9,461,436 9,719,468 0.8 Toronto-Dominion Bank 3.23% Jul 24/24 CAD 8,809,000 9,294,168 9,595,732 0.8 Toronto-Dominion Bank 1.91% Jul 18/23 CAD 9,195,000 8,957,315 9,509,929 0.8 Toronto-Dominion Bank 2.85% Mar 08/24 CAD 8,871,000 9,101,329 9,457,196 0.8 Bank of Montreal 2.70% Sep 11/24 CAD 8,615,000 8,972,897 9,247,427 0.8 Toronto-Dominion Bank 1.94% Mar 13/25 CAD 8,428,000 8,235,430 8,786,021 0.7 Bank of Nova Scotia 3.89% Jan 18/29 CAD 8,081,000 8,369,643 8,780,734 0.7 Bank of Nova Scotia 2.16% Feb 03/25 CAD 8,260,000 8,349,075 8,674,982 0.7 Toronto-Dominion Bank 3.59% Sep 14/28 CAD 8,010,000 8,130,476 8,587,120 0.7 Toronto-Dominion Bank 2.50% Dec 02/24 CAD 8,006,000 8,110,303 8,513,260 0.7 Bank of Nova Scotia 2.36% Nov 08/22 CAD 8,165,000 8,183,793 8,450,285 0.7 Canadian Imperial Bank of Commerce 2.30% Jul 11/22 CAD 8,188,000 8,228,914 8,420,949 0.7 Bank of Montreal 2.28% Jul 29/24 CAD 7,988,000 8,022,660 8,396,267 0.7 Toronto-Dominion Bank 1.13% Dec 09/25 CAD 8,265,000 8,303,145 8,305,498 0.7 Toronto-Dominion Bank 3.22% Jul 25/29 CAD 7,635,000 7,877,379 8,213,580 0.7 Bank of Nova Scotia 2.84% Jul 03/29 CAD 7,382,000 7,439,309 7,817,317 0.6 Canadian Imperial Bank of Commerce 2.97% Jul 11/23 CAD 7,263,000 7,388,138 7,702,194 0.6 Bank of Nova Scotia 1.83% Apr 27/22 CAD 7,405,000 7,394,169 7,547,546 0.6 Royal Bank of Canada 2.88% Dec 23/29 CAD 7,070,000 7,131,423 7,542,559 0.6 Bank of Montreal 2.12% Mar 16/22 CAD 7,336,000 7,420,163 7,489,176 0.6 Bank of Nova Scotia 2.49% Sep 23/24 CAD 7,026,000 7,091,029 7,446,576 0.6 Bank of Montreal 2.37% Feb 03/25 CAD 7,020,000 7,141,445 7,424,282 0.6 HSBC Bank Canada 2.54% Jan 31/23 CAD 7,076,000 7,031,971 7,354,724 0.6 Canadian Imperial Bank of Commerce 2.35% Aug 28/24 CAD 6,897,000 6,962,038 7,263,576 0.6 Canadian Imperial Bank of Commerce 3.45% Apr 04/28 CAD 6,868,000 6,905,724 7,263,253 0.6 Bank of Nova Scotia 2.29% Jun 28/24 CAD 6,783,000 6,932,748 7,159,185 0.6 Canadian Imperial Bank of Commerce 2.95% Jun 19/29 CAD 6,665,000 6,723,304 7,077,030 0.6 Royal Bank of Canada 2.74% Jul 25/29 CAD 6,669,000 6,685,845 7,056,936 0.6 Bank of Nova Scotia 2.98% Apr 17/23 CAD 6,643,000 6,700,819 7,010,823 0.6 Canadian Imperial Bank of Commerce 3.29% Jan 15/24 CAD 6,348,000 6,522,972 6,826,131 0.6 Royal Bank of Canada 2.00% Mar 21/22 CAD 6,665,000 6,661,220 6,796,900 0.6 Royal Bank of Canada 4.93% Jul 16/25 CAD 5,590,000 6,665,483 6,619,622 0.5 Royal Bank of Canada 1.94% May 01/25 CAD 5,985,000 6,044,730 6,237,148 0.5 Royal Bank of Canada 2.09% Jun 30/30 CAD 6,009,000 6,050,648 6,222,319 0.5 HSBC Bank Canada 3.25% Sep 15/23 CAD 5,820,000 5,961,387 6,209,533 0.5 Royal Bank of Canada 2.33% Dec 05/23 CAD 5,829,000 5,843,326 6,121,324 0.5 Canadian Imperial Bank of Commerce 2.47% Dec 05/22 CAD 5,831,000 5,820,584 6,054,735 0.5 Canadian Imperial Bank of Commerce 2.04% Mar 21/22 CAD 5,814,000 5,756,993 5,931,908 0.5 Canadian Imperial Bank of Commerce 2.43% Jun 09/23 CAD 5,595,000 5,655,491 5,830,773 0.5 National Bank of Canada 1.96% Jun 30/22 CAD 5,652,080 5,565,041 5,782,700 0.5 Bank of Montreal 2.08% Jun 17/30 CAD 5,417,000 5,435,158 5,601,286 0.5 Bank of Montreal 4.61% Sep 10/25 CAD 4,700,000 5,519,469 5,522,077 0.4 Wells Fargo & Co. 3.87% May 21/25 CAD 4,910,000 5,196,611 5,400,264 0.4 HSBC Bank Canada 2.17% Jun 29/22 CAD 5,122,000 5,082,380 5,248,462 0.4 HSBC Holdings plc 3.20% Dec 05/23 CAD 4,910,000 4,922,378 5,240,050 0.4 Bank of Nova Scotia 2.58% Mar 30/27 CAD 4,959,000 4,978,127 5,081,091 0.4 Bank of America Corp. 2.93% Apr 25/25 CAD 4,730,000 4,813,674 5,030,592 0.4 Wells Fargo & Co. 3.18% Feb 08/24 CAD 4,710,000 4,797,429 5,025,806 0.4 National Australia Bank Ltd. 3.52% Jun 12/30 CAD 4,712,000 4,836,532 5,016,348 0.4 National Bank of Canada 2.55% Jul 12/24 CAD 4,730,000 4,805,491 5,011,388 0.4 Manulife Financial Corp. 2.24% May 12/30 CAD 4,767,000 4,786,765 4,967,500 0.4 Morgan Stanley 3.00% Feb 07/24 CAD 4,655,000 4,721,544 4,965,582 0.4

59 Vanguard Canadian Short-Term Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Federation des Caisses Desjardins du Quebec 2.42% Oct 04/24 CAD 4,675,000 4,697,443 4,937,501 0.4 Bank of Montreal 2.88% Sep 17/29 CAD 4,634,000 4,680,967 4,924,691 0.4 Federation des Caisses Desjardins du Quebec 2.86% May 26/30 CAD 4,575,000 4,657,449 4,870,042 0.4 Federation des Caisses Desjardins du Quebec 2.09% Jan 17/22 CAD 4,741,000 4,749,598 4,827,191 0.4 Wells Fargo & Co. 2.51% Oct 27/23 CAD 4,604,000 4,446,459 4,812,009 0.4 Canadian Imperial Bank of Commerce 2.01% Jul 21/30 CAD 4,660,000 4,714,787 4,790,806 0.4 Sun Life Financial, Inc. 3.05% Sep 19/28 CAD 4,510,000 4,494,073 4,781,412 0.4 Bank of America Corp. 2.60% Mar 15/23 CAD 4,661,000 4,660,299 4,777,478 0.4 Bank of America Corp. 3.30% Apr 24/24 CAD 4,510,000 4,544,971 4,768,378 0.4 Wells Fargo & Co. 2.09% Apr 25/22 CAD 4,645,000 4,649,841 4,738,875 0.4 Manufacturers Life Insurance Co. 3.18% Nov 22/27 CAD 4,498,000 4,619,240 4,711,790 0.4 Wells Fargo & Co. 2.57% May 01/26 CAD 4,422,000 4,475,592 4,664,060 0.4 National Bank of Canada 2.98% Mar 04/24 CAD 4,313,000 4,438,180 4,610,942 0.4 Federation des Caisses Desjardins du Quebec 3.06% Sep 11/23 CAD 3,791,000 3,858,798 4,039,803 0.3 Federation des Caisses Desjardins du Quebec 2.39% Aug 25/22 CAD 3,890,000 3,912,083 4,014,791 0.3 National Bank of Canada 2.11% Mar 18/22 CAD 3,931,000 3,962,400 4,013,748 0.3 HSBC Bank Canada 2.25% Sep 15/22 CAD 3,881,000 3,903,470 3,994,054 0.3 Goldman Sachs Group, Inc. 3.31% Oct 31/25 CAD 3,517,000 3,637,990 3,808,700 0.3 Manulife Financial Corp. 3.05% Aug 20/29 CAD 3,532,000 3,669,924 3,780,158 0.3 National Bank of Canada 2.58% Feb 03/25 CAD 3,529,000 3,618,789 3,763,290 0.3 National Bank of Canada 1.57% Aug 18/26 CAD 3,610,000 3,646,869 3,687,218 0.3 Bank of Montreal 2.57% Jun 01/27 CAD 3,565,000 3,507,176 3,663,786 0.3 Sun Life Financial, Inc. 2.38% Aug 13/29 CAD 3,478,000 3,507,836 3,652,213 0.3 GE Capital Canada Funding Co. 4.60% Jan 26/22 CAD 3,479,000 3,833,497 3,617,151 0.3 Goldman Sachs Group, Inc. 2.43% Apr 26/23 CAD 3,492,000 3,496,589 3,577,798 0.3 National Bank of Canada 3.18% Feb 01/28 CAD 3,402,000 3,378,481 3,561,384 0.3 Brookfield Asset Management, Inc. 4.54% Mar 31/23 CAD 3,228,000 3,423,080 3,488,048 0.3 Citigroup, Inc. 4.09% Jun 09/25 CAD 3,118,000 3,406,601 3,457,363 0.3 Wells Fargo Canada Corp. 3.46% Jan 24/23 CAD 3,027,000 3,157,652 3,202,203 0.3 Manulife Financial Corp. 3.32% May 09/28 CAD 2,835,000 2,909,722 2,996,170 0.2 Ventas Canada Finance Ltd. 2.80% Apr 12/24 CAD 2,792,000 2,821,750 2,933,080 0.2 Bank of America Corp. 3.52% Mar 24/26 CAD 2,640,000 2,810,293 2,892,859 0.2 Manulife Bank of Canada 2.84% Jan 12/23 CAD 2,705,000 2,757,406 2,829,078 0.2 Choice Properties REIT 3.56% Sep 09/24 CAD 2,595,000 2,717,769 2,813,447 0.2 Manulife Bank of Canada 2.38% Nov 19/24 CAD 2,515,000 2,544,930 2,666,881 0.2 OMERS Realty Corp. 2.86% Feb 23/24 CAD 2,502,000 2,596,752 2,665,130 0.2 Bank of America Corp. 3.41% Sep 20/25 CAD 2,350,000 2,451,344 2,551,184 0.2 Brookfield Asset Management, Inc. 5.04% Mar 08/24 CAD 2,266,000 2,480,061 2,522,398 0.2 Lloyds Banking Group plc 3.50% Feb 03/25 CAD 2,329,000 2,444,359 2,520,444 0.2 OMERS Realty Corp. 3.36% Jun 05/23 CAD 2,350,000 2,414,069 2,505,335 0.2 RioCan REIT 2.58% Feb 12/25 CAD 2,345,000 2,380,044 2,428,130 0.2 Canadian Western Bank 1.57% Sep 14/23 CAD 2,375,000 2,389,202 2,415,708 0.2 Ivanhoe Cambridge II, Inc. 2.91% Jun 27/23 CAD 2,284,000 2,329,417 2,406,605 0.2 Manulife Bank of Canada 2.08% May 26/22 CAD 2,349,000 2,352,814 2,401,077 0.2 Brookfield Property Finance ULC 3.93% Aug 24/25 CAD 2,300,000 2,314,841 2,383,398 0.2 CI Financial Corp. 3.76% May 26/25 CAD 2,206,000 2,249,466 2,363,222 0.2 Athene Global Funding 2.10% Sep 24/25 CAD 2,325,000 2,317,975 2,359,085 0.2 Central 1 Credit Union 2.60% Nov 07/22 CAD 2,277,000 2,252,650 2,354,964 0.2 Central 1 Credit Union 2.58% Dec 06/23 CAD 2,185,000 2,185,338 2,287,411 0.2 Manulife Bank of Canada 1.50% Jun 25/25 CAD 2,185,000 2,194,457 2,238,926 0.2 Fairfax Financial Holdings Ltd. 5.84% Oct 14/22 CAD 2,051,000 2,244,817 2,211,101 0.2 Sun Life Financial, Inc. 2.75% Nov 23/27 CAD 2,028,000 2,043,720 2,107,416 0.2 Granite REIT Holdings LP 3.87% Nov 30/23 CAD 1,920,000 1,956,013 2,076,000 0.2 H&R REIT 4.07% Jun 16/25 CAD 1,920,000 1,939,493 2,053,651 0.2 Fairfax Financial Holdings Ltd. 4.50% Mar 22/23 CAD 1,916,000 2,020,213 2,037,685 0.2 Original Wempi, Inc. 4.06% Feb 13/24 CAD 2,005,368 2,079,082 2,016,297 0.2 iA Financial Corp. Inc. 2.40% Feb 21/30 CAD 1,930,000 1,948,248 2,013,453 0.2 Bank of America Corp. 3.23% Jun 22/22 CAD 1,905,000 1,962,414 1,982,343 0.2 Laurentian Bank of Canada 3.45% Jun 27/23 CAD 1,865,000 1,880,742 1,973,039 0.2 Industrial Alliance Insurance & Financial Services, Inc. 3.30% Sep 15/28 CAD 1,852,000 1,916,040 1,965,472 0.2 Air Lease Corp. 2.63% Dec 05/24 CAD 1,880,000 1,845,687 1,915,607 0.2 First Capital REIT 4.32% Jul 31/25 CAD 1,745,000 1,867,041 1,914,457 0.2 Fairfax Financial Holdings Ltd. 4.95% Mar 03/25 CAD 1,698,000 1,791,843 1,891,368 0.2 Intact Financial Corp. 3.69% Mar 24/25 CAD 1,694,000 1,833,072 1,876,088 0.2 H&R REIT 3.37% Jan 30/24 CAD 1,778,000 1,769,164 1,845,706 0.1 Canadian Western Bank 2.60% Sep 06/24 CAD 1,698,000 1,697,205 1,786,670 0.1 Choice Properties REIT 3.55% Jan 10/25 CAD 1,585,000 1,662,079 1,724,654 0.1 CI Financial Corp. 3.22% Jul 22/24 CAD 1,584,000 1,592,698 1,661,806 0.1 Laurentian Bank of Canada 3.00% Sep 12/22 CAD 1,600,000 1,604,263 1,657,584 0.1 OMERS Realty Corp. 3.33% Nov 12/24 CAD 1,499,000 1,583,607 1,641,960 0.1 Canadian Western Bank 2.74% Jun 16/22 CAD 1,576,000 1,586,422 1,624,147 0.1 Original Wempi, Inc. 4.31% Feb 13/24 CAD 1,592,000 1,667,290 1,604,800 0.1 RioCan REIT 3.21% Sep 29/23 CAD 1,495,000 1,487,807 1,569,316 0.1

60 Vanguard Canadian Short-Term Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Canadian Western Bank 2.92% Dec 15/22 CAD 1,496,000 1,492,670 1,559,086 0.1 Canadian Western Bank 2.83% Mar 14/22 CAD 1,510,000 1,525,356 1,550,121 0.1 CI Financial Corp. 3.52% Jul 20/23 CAD 1,454,000 1,478,987 1,527,151 0.1 First Capital REIT 3.90% Oct 30/23 CAD 1,432,000 1,440,907 1,521,557 0.1 Canadian Western Bank 2.61% Jan 30/25 CAD 1,440,000 1,455,204 1,519,070 0.1 TMX Group Ltd. 3.00% Dec 11/24 CAD 1,395,000 1,437,313 1,506,781 0.1 Choice Properties LP 3.60% Sep 20/22 CAD 1,445,000 1,479,418 1,505,459 0.1 First Capital REIT 4.79% Aug 30/24 CAD 1,359,000 1,480,514 1,498,433 0.1 Ivanhoe Cambridge II, Inc. 2.30% Dec 12/24 CAD 1,420,000 1,428,034 1,497,830 0.1 Laurentian Bank of Canada 2.55% Jun 20/22 CAD 1,445,000 1,452,222 1,482,180 0.1 H&R REIT 2.92% May 06/22 CAD 1,454,000 1,449,460 1,480,216 0.1 SmartCentres REIT 1.74% Dec 16/25 CAD 1,460,000 1,464,687 1,462,862 0.1 Choice Properties REIT 3.01% Mar 21/22 CAD 1,412,000 1,420,756 1,450,336 0.1 RioCan REIT 3.29% Feb 12/24 CAD 1,345,000 1,380,198 1,420,159 0.1 RioCan REIT 2.83% Oct 03/22 CAD 1,348,000 1,365,252 1,389,451 0.1 Bow Centre Street LP 3.80% Jun 13/23 CAD 1,209,000 1,183,573 1,211,491 0.1 748,183,066 774,936,966 63.2 Government-related Agencies KfW 2.00% Feb 07/22 CAD 5,894,000 5,916,966 6,008,992 0.5 KfW 5.05% Feb 04/25 CAD 4,162,000 4,880,208 4,919,609 0.4 10,797,174 10,928,601 0.9 Government-related Supranational International Bank for Reconstruction & Development 1.80% Jul 26/24 CAD 8,560,000 8,650,350 8,956,585 0.7 International Bank for Reconstruction & Development 2.20% Jan 18/22 CAD 7,088,000 7,148,753 7,234,438 0.6 International Bank for Reconstruction & Development 1.90% Jan 16/25 CAD 6,790,000 6,918,969 7,158,969 0.6 International Bank for Reconstruction & Development 0.75% Jul 02/25 CAD 7,015,000 7,053,478 7,050,075 0.6 International Bank for Reconstruction & Development 2.25% Jan 17/23 CAD 4,637,000 4,653,526 4,821,321 0.4 International Bank for Reconstruction & Development 2.50% Aug 03/23 CAD 4,548,000 4,558,463 4,794,592 0.4 Inter-American Development Bank 0.75% Oct 15/25 CAD 4,660,000 4,669,487 4,682,461 0.4 International Finance Corp. 1.38% Sep 13/24 CAD 3,376,000 3,334,343 3,486,935 0.3 Inter-American Development Bank 1.70% Oct 10/24 CAD 2,769,000 2,774,948 2,893,882 0.2 International Finance Corp. 2.38% Jul 19/23 CAD 2,440,000 2,451,176 2,562,854 0.2 International Finance Corp. 0.63% Sep 16/25 CAD 2,310,000 2,306,535 2,307,875 0.2 54,520,028 55,949,987 4.6 Industrial Apple, Inc. 2.51% Aug 19/24 CAD 11,625,000 11,972,126 12,365,861 1.0 Bell Canada, Inc. 3.35% Mar 12/25 CAD 7,126,000 7,378,454 7,777,031 0.6 Bell Canada, Inc. 3.00% Oct 03/22 CAD 7,416,000 7,568,186 7,706,707 0.6 AT&T, Inc. 4.00% Nov 25/25 CAD 6,159,000 6,920,637 6,950,863 0.6 Thomson Reuters Corp. 2.24% May 14/25 CAD 6,465,000 6,532,180 6,765,235 0.6 TWDC Enterprises 18 Corp. 2.76% Oct 07/24 CAD 5,817,000 6,023,623 6,208,833 0.5 TELUS Corp. 3.35% Apr 01/24 CAD 5,047,000 5,243,511 5,420,831 0.4 Bell Canada, Inc. 2.70% Feb 27/24 CAD 4,925,000 5,002,776 5,194,151 0.4 McDonald's Corp. 3.13% Mar 04/25 CAD 4,654,000 4,805,938 5,051,917 0.4 Bell Canada, Inc. 3.35% Mar 22/23 CAD 4,658,003 4,766,445 4,896,819 0.4 TELUS Corp. 2.35% Mar 28/22 CAD 4,622,000 4,637,631 4,717,121 0.4 Canadian Natural Resources Ltd. 3.31% Feb 11/22 CAD 4,553,000 4,653,789 4,682,123 0.4 Toyota Credit Canada, Inc. 2.31% Oct 23/24 CAD 4,385,000 4,442,368 4,622,141 0.4 TELUS Corp. 3.75% Jan 17/25 CAD 3,888,000 4,175,839 4,289,242 0.4 TransCanada PipeLines Ltd. 3.30% Jul 17/25 CAD 3,795,000 4,115,879 4,141,559 0.3 Alimentation Couche-Tard, Inc. 3.60% Jun 02/25 CAD 3,747,000 4,073,365 4,127,733 0.3 Enbridge, Inc. 3.19% Dec 05/22 CAD 3,734,000 3,795,296 3,911,552 0.3 Loblaw Cos. Ltd. 4.86% Sep 12/23 CAD 3,553,000 3,796,642 3,904,072 0.3 TransCanada PipeLines Ltd. 3.69% Jul 19/23 CAD 3,534,000 3,666,137 3,770,248 0.3 BHP Billiton Finance Ltd. 3.23% May 15/23 CAD 3,528,000 3,598,160 3,725,497 0.3 PepsiCo, Inc. 2.15% May 06/24 CAD 3,528,000 3,548,109 3,691,064 0.3 Husky Energy, Inc. 3.55% Mar 12/25 CAD 3,464,000 3,105,159 3,653,862 0.3 United Parcel Service, Inc. 2.13% May 21/24 CAD 3,491,000 3,492,160 3,643,661 0.3 Enbridge Pipelines, Inc. 3.45% Sep 29/25 CAD 3,116,000 3,417,799 3,438,693 0.3 Alimentation Couche-Tard, Inc. 3.06% Jul 26/24 CAD 3,155,000 3,249,911 3,382,034 0.3 Pembina Pipeline Corp. 2.99% Jan 22/24 CAD 2,998,000 3,016,753 3,169,036 0.3 Bell Canada, Inc. 4.70% Sep 11/23 CAD 2,854,000 3,040,948 3,124,645 0.3 Teranet Holdings LP 3.54% Jun 11/25 CAD 2,885,000 3,059,654 3,103,279 0.3 Rogers Communications, Inc. 4.00% Jun 06/22 CAD 2,935,000 3,062,896 3,074,589 0.3 AT&T, Inc. 2.85% May 25/24 CAD 2,875,000 2,914,308 3,051,065 0.3 Mondelez International, Inc. 3.25% Mar 07/25 CAD 2,805,000 2,881,272 3,051,055 0.3

61 Vanguard Canadian Short-Term Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Rogers Communications, Inc. 4.00% Mar 13/24 CAD 2,745,000 2,916,444 2,995,042 0.2 Bell Canada, Inc. 2.75% Jan 29/25 CAD 2,755,000 2,836,504 2,942,505 0.2 Honda Canada Finance, Inc. 2.50% Jun 04/24 CAD 2,755,000 2,790,699 2,909,307 0.2 Pembina Pipeline Corp. 2.56% Jun 01/23 CAD 2,795,000 2,814,464 2,906,660 0.2 Brookfield Property Finance ULC 4.30% Mar 01/24 CAD 2,758,000 2,824,347 2,887,378 0.2 Sobeys, Inc. 4.70% Aug 08/23 CAD 2,635,000 2,882,188 2,869,541 0.2 Enbridge, Inc. 2.44% Jun 02/25 CAD 2,715,000 2,803,353 2,859,682 0.2 Honda Canada Finance, Inc. 3.44% May 23/25 CAD 2,505,000 2,681,290 2,765,445 0.2 Toyota Credit Canada, Inc. 2.02% Feb 28/22 CAD 2,604,000 2,605,406 2,653,085 0.2 BP Capital Markets plc 3.47% May 15/25 CAD 2,408,000 2,580,264 2,651,208 0.2 Daimler Canada Finance, Inc. 1.65% Sep 22/25 CAD 2,585,000 2,587,155 2,632,590 0.2 Enbridge, Inc. 3.94% Jun 30/23 CAD 2,434,000 2,562,938 2,603,820 0.2 Canadian Natural Resources Ltd. 3.55% Jun 03/24 CAD 2,415,000 2,523,171 2,600,327 0.2 VW Credit Canada, Inc. 3.25% Mar 29/23 CAD 2,447,000 2,461,884 2,579,774 0.2 Shaw Communications, Inc. 3.80% Nov 02/23 CAD 2,383,000 2,469,021 2,575,332 0.2 Toyota Credit Canada, Inc. 2.11% Feb 26/25 CAD 2,446,000 2,477,295 2,565,683 0.2 Shaw Communications, Inc. 4.35% Jan 31/24 CAD 2,325,000 2,478,302 2,551,641 0.2 Sysco Canada, Inc. 3.65% Apr 25/25 CAD 2,339,000 2,336,678 2,547,241 0.2 General Motors Financial of Canada Ltd. 3.25% Nov 07/23 CAD 2,420,000 2,429,218 2,547,002 0.2 VW Credit Canada, Inc. 2.85% Sep 26/24 CAD 2,380,000 2,401,547 2,537,009 0.2 AltaGas Ltd. 2.61% Dec 16/22 CAD 2,440,000 2,466,524 2,527,132 0.2 Honda Canada Finance, Inc. 3.18% Aug 28/23 CAD 2,375,000 2,420,140 2,526,525 0.2 Enbridge, Inc. 3.95% Nov 19/24 CAD 2,277,000 2,415,189 2,511,736 0.2 Honda Canada Finance, Inc. 2.54% Mar 01/23 CAD 2,409,000 2,439,662 2,506,324 0.2 TELUS Corp. 3.35% Mar 15/23 CAD 2,383,000 2,433,141 2,503,937 0.2 Dollarama, Inc. 3.55% Nov 06/23 CAD 2,326,000 2,384,400 2,501,869 0.2 Cameco Corp. 4.19% Jun 24/24 CAD 2,297,000 2,404,362 2,473,823 0.2 Heathrow Funding Ltd. 3.25% May 21/27 CAD 2,324,000 2,382,300 2,470,017 0.2 North West Redwater Partnership / NWR Financing Co. Ltd. 2.10% Feb 23/22 CAD 2,420,000 2,426,105 2,457,558 0.2 North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% Jul 22/24 CAD 2,290,000 2,399,296 2,454,949 0.2 Toyota Credit Canada, Inc. 2.70% Jan 25/23 CAD 2,340,000 2,358,613 2,444,036 0.2 Inter Pipeline Ltd. 2.73% Apr 18/24 CAD 2,343,000 2,340,145 2,436,790 0.2 AltaGas Ltd. 2.16% Jun 10/25 CAD 2,340,000 2,364,430 2,430,909 0.2 Brookfield Property Finance ULC 4.35% Jul 03/23 CAD 2,328,000 2,383,858 2,427,731 0.2 John Deere Financial, Inc. 2.99% Jan 14/22 CAD 2,330,000 2,373,357 2,392,397 0.2 VW Credit Canada, Inc. 3.70% Nov 14/22 CAD 2,250,000 2,294,563 2,374,672 0.2 Molson Coors International LP 2.84% Jul 15/23 CAD 2,274,000 2,247,146 2,369,553 0.2 Canadian Natural Resources Ltd. 1.45% Nov 16/23 CAD 2,315,000 2,324,410 2,348,637 0.2 VW Credit Canada, Inc. 1.50% Sep 23/25 CAD 2,310,000 2,303,489 2,335,502 0.2 Pembina Pipeline Corp. 3.54% Feb 03/25 CAD 2,151,000 2,279,103 2,334,545 0.2 Toyota Credit Canada, Inc. 3.04% Jul 12/23 CAD 2,173,000 2,233,142 2,301,946 0.2 Saputo, Inc. 3.60% Aug 14/25 CAD 2,058,000 2,269,991 2,277,012 0.2 VW Credit Canada, Inc. 1.20% Sep 25/23 CAD 2,255,000 2,255,263 2,274,461 0.2 Toyota Credit Canada, Inc. 2.64% Mar 27/24 CAD 2,138,000 2,184,593 2,264,976 0.2 Daimler Canada Finance, Inc. 3.05% May 16/22 CAD 2,183,000 2,201,173 2,255,606 0.2 Pembina Pipeline Corp. 3.77% Oct 24/22 CAD 2,098,000 2,180,754 2,212,068 0.2 bcIMC Realty Corp. 2.84% Jun 03/25 CAD 2,042,000 2,185,352 2,204,053 0.2 Loblaw Cos. Ltd. 3.92% Jun 10/24 CAD 1,994,000 2,134,932 2,193,500 0.2 VW Credit Canada, Inc. 2.65% Jun 27/22 CAD 2,055,000 2,074,445 2,116,013 0.2 Canadian National Railway Co. 2.80% Sep 22/25 CAD 1,935,000 2,099,738 2,105,648 0.2 John Deere Financial, Inc. 2.41% Jan 14/25 CAD 1,955,000 1,995,292 2,077,442 0.2 Reliance LP 3.84% Mar 15/25 CAD 1,880,000 1,955,426 2,055,047 0.2 Daimler Canada Finance, Inc. 3.30% Aug 16/22 CAD 1,962,000 1,974,626 2,045,483 0.2 General Motors Financial of Canada Ltd. 5.95% May 14/24 CAD 1,780,000 1,853,385 2,028,150 0.2 Toyota Credit Canada, Inc. 2.35% Jul 18/22 CAD 1,970,000 1,979,505 2,027,445 0.2 Honda Canada Finance, Inc. 2.27% Jul 15/22 CAD 1,969,000 1,943,052 2,021,868 0.2 Magna International, Inc. 3.10% Dec 15/22 CAD 1,926,000 1,944,899 2,002,501 0.2 Saputo, Inc. 2.88% Nov 19/24 CAD 1,855,000 1,905,518 1,984,535 0.2 Inter Pipeline Ltd. 3.78% May 30/22 CAD 1,886,000 1,991,857 1,963,383 0.2 Canadian Tire Corp. Ltd. 3.17% Jul 06/23 CAD 1,857,000 1,877,931 1,960,193 0.2 General Motors Financial of Canada Ltd. 2.60% Jun 01/22 CAD 1,900,000 1,869,851 1,945,410 0.2 AIMCo Realty Investors LP 2.27% Jun 26/24 CAD 1,860,000 1,874,240 1,944,072 0.2 Westcoast Energy, Inc. 3.77% Dec 08/25 CAD 1,720,000 1,934,226 1,919,210 0.2 Daimler Canada Finance, Inc. 2.54% Aug 21/23 CAD 1,815,000 1,821,442 1,893,989 0.2 OMERS Realty Corp. 1.30% Sep 22/23 CAD 1,860,000 1,870,059 1,892,178 0.2 Penske Truck Leasing Canada, Inc. 2.85% Dec 07/22 CAD 1,744,000 1,741,744 1,808,702 0.1 Westcoast Energy, Inc. 3.43% Sep 12/24 CAD 1,628,000 1,710,008 1,765,550 0.1 BCI QuadReal Realty 1.68% Mar 03/25 CAD 1,685,000 1,697,351 1,739,021 0.1 John Deere Financial, Inc. 2.46% Apr 04/24 CAD 1,603,000 1,611,104 1,690,508 0.1 Toyota Credit Canada, Inc. 2.62% Oct 11/22 CAD 1,626,000 1,635,538 1,687,235 0.1 Inter Pipeline Ltd. 2.61% Sep 13/23 CAD 1,569,000 1,545,277 1,625,092 0.1 407 International, Inc. 1.80% May 22/25 CAD 1,525,000 1,554,216 1,591,139 0.1 407 International, Inc. 2.47% Sep 08/22 CAD 1,546,000 1,560,118 1,587,433 0.1

62 Vanguard Canadian Short-Term Corporate Bond Index ETF

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Gibson Energy, Inc. 2.45% Jul 14/25 CAD 1,515,000 1,566,093 1,573,752 0.1 Metro, Inc. 2.68% Dec 05/22 CAD 1,513,000 1,525,623 1,570,797 0.1 John Deere Canada Funding, Inc. 2.70% Jan 17/23 CAD 1,471,000 1,473,994 1,536,077 0.1 Inter Pipeline Ltd. 3.17% Mar 24/25 CAD 1,426,000 1,306,302 1,507,054 0.1 AltaGas Ltd. 3.84% Jan 15/25 CAD 1,375,000 1,465,688 1,506,381 0.1 Caterpillar Financial Services Ltd. 2.09% Sep 12/22 CAD 1,445,000 1,450,787 1,485,330 0.1 BMW Canada, Inc. 2.41% Nov 27/23 CAD 1,410,000 1,416,029 1,477,201 0.1 Cogeco Communications, Inc. 4.18% May 26/23 CAD 1,371,000 1,420,199 1,462,459 0.1 Saputo, Inc. 1.94% Jun 13/22 CAD 1,406,000 1,386,730 1,433,178 0.1 Vancouver Airport Fuel Facilities Corp. 2.17% Jun 23/25 CAD 1,420,000 1,431,533 1,431,914 0.1 Saputo, Inc. 2.83% Nov 21/23 CAD 1,328,000 1,336,996 1,400,044 0.1 Daimler Canada Finance, Inc. 2.97% Mar 13/24 CAD 1,315,000 1,326,870 1,397,385 0.1 John Deere Canada Funding, Inc. 2.63% Sep 21/22 CAD 1,335,000 1,335,714 1,384,342 0.1 AltaGas Ltd. 3.57% Jun 12/23 CAD 1,294,000 1,309,100 1,369,997 0.1 Honda Canada Finance, Inc. 2.49% Dec 19/22 CAD 1,298,000 1,288,657 1,345,364 0.1 Federated Co-operatives Ltd. 3.92% Jun 17/25 CAD 685,000 736,635 736,245 0.1 327,303,350 337,699,822 27.6 Utilities Brookfield Infrastructure Finance ULC 3.32% Feb 22/24 CAD 3,277,000 3,289,327 3,495,609 0.3 Hydro One, Inc. 2.54% Apr 05/24 CAD 3,255,000 3,309,150 3,451,244 0.3 Hydro One, Inc. 0.71% Jan 16/23 CAD 2,820,000 2,822,684 2,832,436 0.2 Hydro One, Inc. 3.20% Jan 13/22 CAD 2,689,000 2,740,800 2,767,357 0.2 AltaLink LP 3.67% Nov 06/23 CAD 2,528,000 2,664,936 2,753,220 0.2 Fortis, Inc. 2.85% Dec 12/23 CAD 2,328,000 2,336,194 2,460,300 0.2 Emera, Inc. 2.90% Jun 16/23 CAD 2,327,000 2,340,016 2,440,488 0.2 Brookfield Renewable Partners ULC 3.75% Jun 02/25 CAD 2,167,000 2,367,263 2,393,386 0.2 Enbridge Gas, Inc. 3.31% Sep 11/25 CAD 2,140,000 2,368,267 2,372,447 0.2 Capital Power Corp. 4.28% Sep 18/24 CAD 2,119,000 2,225,099 2,330,434 0.2 Hydro One, Inc. 2.97% Jun 26/25 CAD 2,122,000 2,308,883 2,317,839 0.2 Hydro One, Inc. 1.76% Feb 28/25 CAD 1,920,000 1,940,962 1,997,146 0.2 Bruce Power LP 3.00% Jun 21/24 CAD 1,633,000 1,685,576 1,741,121 0.1 AltaLink LP 3.40% Jun 06/24 CAD 1,430,000 1,524,652 1,554,925 0.1 33,923,809 34,907,952 2.8 Total investments 1,174,727,427 1,214,423,328 99.1 Other assets and liabilities (net) 11,038,836 0.9 Total net assets attributable to holders of redeemable units 1,225,462,164 100.0

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Fixed income Financial 63.2 64.4 Industrial 27.6 26.6 Government-related Supranational 4.6 3.2 Utilities 2.8 2.8 Government-related Agencies 0.9 0.5 Government — 1.8 Other assets and liabilities (net) 0.9 0.7 100.0 100.0

63 Vanguard FTSE Canada All Cap Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $2,887,970,012 $2,235,473,343 Cash 10,974,741 13,465,535 Amounts receivable for redeemable units issued 7,893,157 5,170,680 Amounts receivable for investments sold 6,506,592 4,030 Margin due from brokers on futures contracts 304,528 — Dividends receivable 6,890,762 4,520,252 Total assets 2,920,539,792 2,258,633,840 Liabilities Current liabilities Amounts payable for investments purchased 7,891,974 5,169,677 Distributions payable 19,447,130 16,146,220 Accounts payable and accrued expenses 26,834 55,518 Unrealized depreciation of futures contracts 43,557 1,690 Total liabilities excluding net assets attributable to holders of redeemable units 27,409,495 21,373,105 Total net assets attributable to holders of redeemable units $2,893,130,297 $2,237,260,735 Number of redeemable units outstanding (Note 9) 82,650,000 65,025,000 Net assets attributable to holders of redeemable units per unit $35.00 $34.41

The accompanying notes are an integral part of the financial statements.

64 Vanguard FTSE Canada All Cap Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $75,436,705 $60,469,727 Interest for distribution purposes 1,128,675 1,162,564 Net realized gain (loss) on sale of investments (25,544,588) 1,827,193 Change in unrealized appreciation/depreciation of investments 125,254,312 304,669,679 Net gain (loss) on investments 176,275,104 368,129,163 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (20,118) (2,325) Net realized gain (loss) on futures contracts 696,173 34,703 Change in unrealized appreciation/depreciation of foreign currency contracts — 122 Change in unrealized appreciation/depreciation of futures contracts (41,867) (1,690) Net gain (loss) on derivatives 634,188 30,810 Net realized gain (loss) on foreign currency transactions 73,427 5,898 Change in unrealized appreciation/depreciation of foreign currency translations (53,065) (65,536) Total income (net) 176,929,654 368,100,335 Expenses (Note 10) Management fees 1,279,997 1,101,207 Overdraft expenses 7,804 5,023 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 5,441 447 Transaction costs (Note 3) 60,067 42,010 Total expenses 1,356,003 1,151,245 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,353,309 1,148,687 Increase (decrease) in net assets attributable to holders of redeemable units $175,576,345 $366,951,648 Weighted average number of redeemable units 74,090,779 59,730,205 Increase (decrease) in net assets attributable to holders of redeemable units per unit $2.37 $6.14

The accompanying notes are an integral part of the financial statements.

65 Vanguard FTSE Canada All Cap Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $2,237,260,735 $1,567,642,761 Increase (decrease) in net assets attributable to holders of redeemable units $175,576,345 $366,951,648 Distributions to holders of redeemable units Net investment income (72,842,046) (59,980,076) Return of capital (123,867) (74,665) Total distributions to holders of redeemable units (72,965,913) (60,054,741) Redeemable unit transactions Proceeds from issuance of redeemable units 701,091,218 555,673,065 Payment for redeemable units redeemed (147,832,088) (192,951,998) Net redeemable unit transactions 553,259,130 362,721,067 Net assets attributable to holders of redeemable units, end of year $2,893,130,297 $2,237,260,735

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $175,576,345 $366,951,648 Adjustments for: Net realized (gain) loss on sale of investments 25,544,588 (1,827,193) Change in unrealized appreciation/depreciation of investments (125,254,312) (304,669,679) Change in unrealized appreciation/depreciation of derivatives 41,867 1,568 Change in unrealized appreciation/depreciation of foreign currency translations 53,065 65,536 1 Purchase of investments (163,923,148) (119,749,316) 2 Proceeds from sale of investments 149,797,867 118,955,808 Change in working capital (2,703,722) 110,131 Net cash from (used in) operating activities 59,132,550 59,838,503 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 8,148,569 5,429,737 Distributions to holders of redeemable units, net of reinvested distributions (69,665,003) (55,054,548) 2 Payment for redeemable units redeemed (53,845) (76,300) Net cash from (used in) financing activities (61,570,279) (49,701,111) Change in unrealized appreciation/depreciation of foreign currency translations (53,065) (65,536) Net increase (decrease) in cash during the year $(2,490,794) $10,071,856 Cash, beginning of year $13,465,535 $3,393,679 Cash, end of year $10,974,741 $13,465,535 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $73,060,754 $60,561,484 Interest received, net of foreign withholding taxes, if applicable $1,128,675 $1,162,564 Interest paid, net of foreign withholding taxes, if applicable $7,804 $5,023

1 Excludes in-kind transactions of $692,942,469 and $550,251,001 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $147,778,243 and $192,875,698 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

66 Vanguard FTSE Canada All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Basic Materials Barrick Gold Corp. 2,165,525 47,011,218 62,800,225 2.2 Nutrien Ltd. 697,972 43,549,535 42,743,805 1.5 Franco-Nevada Corp. 229,030 25,570,583 36,553,188 1.3 Wheaton Precious Metals Corp. 548,526 18,172,856 29,159,642 1.0 Agnico Eagle Mines Ltd. 295,102 18,448,080 26,438,188 0.9 Kirkland Lake Gold Ltd. 335,695 12,206,133 17,657,557 0.6 First Quantum Minerals Ltd. 681,811 9,171,088 15,579,381 0.5 Kinross Gold Corp. 1,537,192 8,772,320 14,357,373 0.5 Teck Resources Ltd. Class B 567,224 13,428,550 13,102,875 0.4 Pan American Silver Corp. 251,850 5,813,081 11,056,215 0.4 B2Gold Corp. 1,256,723 5,329,205 8,960,435 0.3 Lundin Mining Corp. 779,951 5,343,530 8,813,446 0.3 Yamana Gold, Inc. 1,162,341 5,374,225 8,450,219 0.3 SSR Mining, Inc. 267,039 3,942,094 6,825,517 0.2 Alamos Gold, Inc. Class A 478,455 3,893,569 5,320,420 0.2 West Fraser Timber Co. Ltd. 61,501 3,798,842 5,029,552 0.2 Ivanhoe Mines Ltd. Class A 679,639 2,580,460 4,662,324 0.2 Endeavour Mining Corp. 154,642 4,302,166 4,580,496 0.1 Methanex Corp. 76,404 4,389,372 4,468,870 0.1 First Majestic Silver Corp. 244,062 2,610,228 4,168,579 0.1 Centerra Gold, Inc. 265,077 2,206,333 3,907,235 0.1 Stella-Jones, Inc. 82,611 3,378,092 3,823,237 0.1 Eldorado Gold Corp. 212,872 2,911,405 3,591,151 0.1 Novagold Resources, Inc. 288,602 2,251,545 3,555,577 0.1 Pretium Resources, Inc. 227,070 2,586,689 3,312,951 0.1 Osisko Gold Royalties Ltd. 201,829 2,786,444 3,255,502 0.1 Equinox Gold Corp. 238,302 3,968,028 3,138,437 0.1 IAMGOLD Corp. 574,490 2,834,323 2,682,868 0.1 Hudbay Minerals, Inc. 267,990 1,861,661 2,387,791 0.1 OceanaGold Corp. 858,083 2,638,515 2,110,884 0.1 Torex Gold Resources, Inc. 104,492 1,697,101 1,994,752 0.1 Turquoise Hill Resources Ltd. 121,569 3,005,449 1,924,437 0.1 Canfor Corp. 75,422 1,387,329 1,733,198 0.1 Russel Metals, Inc. 75,885 1,743,556 1,724,866 0.1 Cascades, Inc. 117,518 1,488,648 1,709,887 0.1 280,452,253 371,581,080 12.8 Consumer Discretionary Alimentation Couche-Tard, Inc. Class B 1,022,637 35,190,580 44,361,993 1.5 Magna International, Inc. 337,605 21,681,575 30,421,587 1.1 Restaurant Brands International, Inc. 361,133 26,543,422 28,106,981 1.0 Dollarama, Inc. 354,516 14,453,644 18,392,290 0.6 Ritchie Bros Auctioneers, Inc. 134,153 6,496,594 11,869,857 0.4 Canadian Tire Corp. Ltd. Class A 69,514 9,793,428 11,631,778 0.4 Air Canada 406,014 9,064,697 9,244,939 0.3 Gildan Activewear, Inc. Class A 238,755 8,690,448 8,497,290 0.3 Quebecor, Inc. Class B 210,415 5,762,816 6,893,195 0.2 Boyd Group Services, Inc. 26,051 5,223,931 5,719,758 0.2 BRP, Inc. 49,775 2,710,173 4,185,580 0.1 Linamar Corp. 55,050 2,959,458 3,711,471 0.1 Great Canadian Gaming Corp. 67,873 2,307,152 2,951,118 0.1 Canada Goose Holdings, Inc. 63,708 3,959,687 2,410,711 0.1 North West Co. Inc. 59,037 1,693,601 1,915,160 0.1 Martinrea International, Inc. 97,243 1,118,080 1,445,031 0.1 157,649,286 191,758,739 6.6 Consumer Staples Metro, Inc. 308,421 14,577,846 17,518,313 0.6 Loblaw Cos. Ltd. 200,873 12,082,721 12,616,833 0.4 Saputo, Inc. 286,405 11,129,923 10,204,610 0.4 George Weston Ltd. 88,268 8,921,310 8,392,521 0.3 Empire Co. Ltd. Class A 206,196 5,708,142 7,173,559 0.3 Premium Brands Holdings Corp. Class A 41,032 3,713,155 4,133,153 0.1 Primo Water Corp. 190,034 3,392,379 3,793,079 0.1

67 Vanguard FTSE Canada All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Maple Leaf Foods, Inc. 91,791 2,565,112 2,590,342 0.1 62,090,588 66,422,410 2.3 Energy Enbridge, Inc. 2,481,132 116,003,091 101,006,884 3.5 TC Energy Corp. 1,152,217 67,768,115 59,627,230 2.1 Canadian Natural Resources Ltd. 1,416,343 49,716,306 43,325,932 1.5 Suncor Energy, Inc. 1,870,251 69,603,571 39,929,859 1.4 Pembina Pipeline Corp. 673,624 27,571,165 20,276,082 0.7 Cenovus Energy, Inc. 1,249,415 14,758,653 9,682,966 0.3 Cameco Corp. 484,741 6,854,591 8,264,834 0.3 Ballard Power Systems, Inc. 276,845 6,078,174 8,244,444 0.3 Parkland Corp. 180,720 6,087,053 7,299,281 0.2 Imperial Oil Ltd. 275,477 9,691,467 6,655,524 0.2 Inter Pipeline Ltd. 521,169 11,174,591 6,186,276 0.2 Keyera Corp. 268,390 8,390,002 6,070,982 0.2 Tourmaline Oil Corp. 305,887 6,645,461 5,249,021 0.2 Gibson Energy, Inc. 178,585 3,622,047 3,671,708 0.1 Parex Resources, Inc. 165,319 2,768,070 2,896,389 0.1 PrairieSky Royalty Ltd. 276,020 5,620,148 2,785,042 0.1 Superior Plus Corp. 213,407 2,460,289 2,599,297 0.1 ARC Resources Ltd. 429,896 5,322,676 2,579,376 0.1 Whitecap Resources, Inc. 491,050 3,209,213 2,386,503 0.1 Husky Energy, Inc. 375,085 5,167,425 2,363,036 0.1 Seven Generations Energy Ltd. Class A 337,866 4,356,824 2,233,294 0.1 Crescent Point Energy Corp. Class A 648,604 6,096,205 1,926,354 0.1 MEG Energy Corp. 369,252 2,342,206 1,643,171 0.1 Enerplus Corp. 272,416 2,550,640 1,084,216 0.0 Vermilion Energy, Inc. 188,405 5,607,692 1,070,140 0.0 449,465,675 349,057,841 12.1 Financials Royal Bank of Canada 1,746,437 164,555,225 182,659,846 6.3 Toronto-Dominion Bank 2,216,877 147,880,087 159,437,794 5.5 Bank of Nova Scotia 1,482,312 102,637,859 101,983,066 3.5 Brookfield Asset Management, Inc. Class A 1,634,388 63,801,522 86,001,497 3.0 Bank of Montreal 784,442 70,932,953 75,918,297 2.6 Canadian Imperial Bank of Commerce 545,810 57,229,237 59,340,463 2.1 Manulife Financial Corp. 2,375,110 52,506,832 53,796,241 1.9 Sun Life Financial, Inc. 717,626 35,908,280 40,617,632 1.4 National Bank of Canada 411,181 24,182,397 29,457,007 1.0 Intact Financial Corp. 174,678 19,480,480 26,327,468 0.9 Thomson Reuters Corp. 205,799 14,707,647 21,440,140 0.7 Power Corp. of Canada 668,437 19,393,871 19,538,413 0.7 Fairfax Financial Holdings Ltd. 33,110 19,255,623 14,364,773 0.5 Great-West Lifeco, Inc. 330,367 10,367,115 10,026,638 0.3 TMX Group Ltd. 68,441 6,030,607 8,701,589 0.3 iA Financial Corp. Inc. 131,198 6,791,932 7,239,506 0.3 Onex Corp. 96,677 7,675,869 7,063,222 0.2 CI Financial Corp. 237,196 5,448,081 3,742,953 0.1 IGM Financial, Inc. 99,187 3,652,322 3,422,943 0.1 Canadian Western Bank 104,470 3,064,522 2,989,931 0.1 Genworth MI Canada, Inc. 45,364 1,808,494 1,969,251 0.1 Home Capital Group, Inc. Class B 63,998 1,439,658 1,900,741 0.1 ECN Capital Corp. 272,812 1,103,086 1,765,094 0.1 Laurentian Bank of Canada 52,403 2,290,168 1,634,974 0.1 First National Financial Corp. 20,999 616,858 871,038 0.0 842,760,725 922,210,517 31.9 Health Care Bausch Health Cos. Inc. 380,382 17,608,543 10,045,889 0.3 Canopy Growth Corp. 279,691 9,312,518 8,759,922 0.3 Aphria, Inc. 354,310 3,494,404 3,117,928 0.1 Cronos Group, Inc. 225,216 4,256,188 1,990,909 0.1 Aurora Cannabis, Inc. 137,836 7,842,621 1,461,062 0.1 42,514,274 25,375,710 0.9 Industrials Canadian National Railway Co. 871,993 93,323,705 122,026,700 4.2 Canadian Pacific Railway Ltd. 166,237 44,893,592 73,398,623 2.5 WSP Global, Inc. 137,655 9,354,189 16,599,816 0.6 CAE, Inc. 325,812 7,965,008 11,491,389 0.4 CCL Industries, Inc. Class B 182,920 9,495,493 10,570,947 0.4 Toromont Industries Ltd. 97,595 5,630,611 8,705,474 0.3

68 Vanguard FTSE Canada All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Element Fleet Management Corp. 535,964 5,318,044 7,171,198 0.2 TFI International, Inc. 108,186 4,350,095 7,089,429 0.2 Stantec, Inc. 136,021 4,684,536 5,614,947 0.2 Finning International, Inc. 198,230 4,868,434 5,358,157 0.2 SNC-Lavalin Group, Inc. Class A 215,314 8,534,895 4,678,773 0.2 Norbord, Inc. 56,665 2,136,314 3,114,308 0.1 ATS Automation Tooling Systems, Inc. 90,720 1,538,006 2,027,592 0.1 Transcontinental, Inc. Class A 89,086 1,719,471 1,827,154 0.1 NFI Group, Inc. 67,533 2,447,151 1,626,870 0.1 Winpak Ltd. 37,918 1,750,995 1,623,649 0.1 Bombardier, Inc. Class B 2,571,174 5,598,844 1,234,164 0.0 Mullen Group Ltd. 112,765 1,466,682 1,229,138 0.0 Aecon Group, Inc. 71,096 1,170,165 1,163,131 0.0 Westshore Terminals Investment Corp. 51,704 1,106,514 806,065 0.0 217,352,744 287,357,524 9.9 Real Estate Canadian Apartment Properties REIT 207,462 8,507,660 10,371,025 0.4 FirstService Corp. 44,549 4,745,715 7,761,327 0.3 RioCan REIT 387,707 9,158,190 6,494,092 0.2 Allied Properties REIT 148,959 6,037,258 5,635,119 0.2 Granite REIT 70,805 4,138,060 5,515,709 0.2 H&R REIT 345,116 6,583,302 4,586,592 0.2 Colliers International Group, Inc. 36,878 2,933,445 4,177,540 0.1 Choice Properties REIT 312,852 3,952,520 4,070,205 0.1 SmartCentres REIT 159,274 4,510,806 3,676,044 0.1 First Capital REIT 263,962 4,601,773 3,576,685 0.1 Chartwell Retirement Residences 262,926 3,183,136 2,942,142 0.1 Cominar REIT 205,417 2,462,652 1,665,932 0.1 Boardwalk REIT 46,164 1,959,668 1,557,573 0.1 Artis REIT 143,735 1,566,743 1,532,215 0.0 Dream Office REIT 52,340 1,139,140 1,036,332 0.0 65,480,068 64,598,532 2.2 Technology Shopify, Inc. Class A 134,514 70,336,380 193,339,662 6.7 Constellation Software, Inc. 23,394 23,389,347 38,668,410 1.3 CGI, Inc. 280,566 22,046,535 28,334,360 1.0 Open Text Corp. 328,245 15,403,402 18,985,691 0.7 Descartes Systems Group, Inc. 102,879 4,599,172 7,659,342 0.3 Lightspeed POS Inc. 73,103 2,282,982 6,567,573 0.2 Kinaxis, Inc. 32,831 3,257,922 5,920,743 0.2 BlackBerry Ltd. 614,113 6,302,546 5,183,114 0.2 Enghouse Systems Ltd. 49,561 1,939,829 3,055,436 0.1 Celestica, Inc. 133,426 1,618,750 1,370,285 0.0 Topicus.com, Inc. 43,144 0 207,622 0.0 151,176,865 309,292,238 10.7 Telecommunications BCE, Inc. 979,384 56,264,030 53,307,871 1.8 TELUS Corp. 1,558,549 36,614,190 39,291,021 1.4 Rogers Communications, Inc. Class B 428,978 25,728,314 25,421,236 0.9 Shaw Communications, Inc. Class B 561,624 14,401,749 12,546,680 0.4 Cogeco Communications, Inc. 26,872 2,435,368 2,629,694 0.1 135,443,651 133,196,502 4.6 Utilities Waste Connections, Inc. 322,872 32,040,232 42,141,253 1.5 Fortis, Inc. 567,240 26,688,661 29,496,480 1.0 Emera, Inc. 304,590 16,140,138 16,478,319 0.6 Algonquin Power & Utilities Corp. 724,524 11,360,261 15,178,778 0.5 Hydro One Ltd. 386,003 9,120,133 11,058,986 0.4 Northland Power, Inc. 211,667 5,604,432 9,666,832 0.3 AltaGas Ltd. 340,480 7,508,232 6,373,786 0.2 GFL Environmental, Inc. 149,194 4,766,520 5,536,589 0.2 Boralex, Inc. Class A 99,336 3,552,874 4,692,633 0.2 Canadian Utilities Ltd. Class A 150,607 5,316,533 4,682,372 0.2 Capital Power Corp. 128,590 3,511,699 4,498,078 0.2 Innergex Renewable Energy, Inc. 157,771 2,492,401 4,318,192 0.1 Brookfield Infrastructure Corp. Class A 38,559 2,909,542 3,554,754 0.1 Atco Ltd. Class I 92,015 3,955,797 3,357,627 0.1 TransAlta Corp. 338,267 2,706,192 3,271,042 0.1

69 Vanguard FTSE Canada All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets TransAlta Renewables, Inc. 129,283 1,839,767 2,813,198 0.1 139,513,414 167,118,919 5.8 Total investments 2,543,899,543 2,887,970,012 99.8 Futures contracts (Schedule 1) (43,557) (0.0) Other assets and liabilities (net) 5,203,842 0.2 Total net assets attributable to holders of redeemable units 2,893,130,297 100.0

Schedule 1—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 22 S&P/TSX 60 Index Mar 18/21 CAD 4,527,160 (43,557) Unrealized depreciation of futures contracts (43,557) Net unrealized depreciation of futures contracts (43,557)

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Financials 31.9 34.7 Basic Materials 12.8 11.2 Energy 12.1 18.3 Technology 10.7 5.9 Industrials 9.9 8.9 Consumer Discretionary 6.6 6.7 Utilities 5.8 5.0 Telecommunications 4.6 2.9 Consumer Staples 2.3 2.4 Real Estate 2.2 2.8 Health Care 0.9 1.1 Other assets and liabilities (net) 0.2 0.1 100.0 100.0

70 Vanguard FTSE Canada Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $748,226,976 $676,083,161 Cash 4,276,879 2,261,691 Amounts receivable for investments sold — 4,479,277 Margin due from brokers on futures contracts 103,973 — Dividends receivable 1,854,656 1,400,497 Unrealized appreciation of foreign currency contracts 2,416 — Total assets 754,464,900 684,224,626 Liabilities Current liabilities Distributions payable 5,662,078 4,849,336 Accounts payable and accrued expenses 9,841 16,997 Unrealized depreciation of futures contracts 7, 9 1 9 3 , 8 9 1 Total liabilities excluding net assets attributable to holders of redeemable units 5,679,838 4,870,224 Total net assets attributable to holders of redeemable units $748,785,062 $679,354,402 Number of redeemable units outstanding (Note 9) 20,300,000 18,600,000 Net assets attributable to holders of redeemable units per unit $36.89 $36.52

The accompanying notes are an integral part of the financial statements.

71 Vanguard FTSE Canada Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $23,075,604 $21,047,527 Interest for distribution purposes 88,935 174,795 Net realized gain (loss) on sale of investments (25,841) 6,950,020 Change in unrealized appreciation/depreciation of investments 12,730,584 96,761,770 Net gain (loss) on investments 35,869,282 124,934,112 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts — (1,011) Net realized gain (loss) on futures contracts (9,513) 22,080 Change in unrealized appreciation/depreciation of foreign currency contracts 2,416 — Change in unrealized appreciation/depreciation of futures contracts (4,028) (3,891) Net gain (loss) on derivatives (11,125) 17,178 Net realized gain (loss) on foreign currency transactions (7,362) (1,048) Change in unrealized appreciation/depreciation of foreign currency translations (40,387) (6,342) Total income (net) 35,810,408 124,943,900 Expenses (Note 10) Management fees 362,297 362,485 Overdraft expenses —2,186 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 1,956 — Transaction costs (Note 3) 17,030 14,528 Total expenses 383,977 381,757 Expenses absorbed by manager (2,694) (2,558) Net expenses 381,283 379,199 Increase (decrease) in net assets attributable to holders of redeemable units $35,429,125 $124,564,701 Weighted average number of redeemable units 19,454,235 18,259,041 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.82 $6.82

The accompanying notes are an integral part of the financial statements.

72 Vanguard FTSE Canada Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $679,354,402 $535,679,292 Increase (decrease) in net assets attributable to holders of redeemable units $35,429,125 $124,564,701 Distributions to holders of redeemable units Net investment income (21,995,203) (20,838,561) Return of capital (27,892) — Total distributions to holders of redeemable units (22,023,095) (20,838,561) Redeemable unit transactions Proceeds from issuance of redeemable units 152,470,870 116,720,080 Payment for redeemable units redeemed (96,446,240) (76,771,110) Net redeemable unit transactions 56,024,630 39,948,970 Net assets attributable to holders of redeemable units, end of year $748,785,062 $679,354,402

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $35,429,125 $124,564,701 Adjustments for: Net realized (gain) loss on sale of investments 25,841 (6,950,020) Change in unrealized appreciation/depreciation of investments (12,730,584) (96,761,770) Change in unrealized appreciation/depreciation of derivatives 1,612 3,891 Change in unrealized appreciation/depreciation of foreign currency translations 40,387 6,342 1 Purchase of investments (45,643,017) (41,007,611) 2 Proceeds from sale of investments 46,665,908 40,873,184 Change in working capital (565,288) 260,566 Net cash from (used in) operating activities 23,223,984 20,989,283 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 82,116 75,268 Distributions to holders of redeemable units, net of reinvested distributions (21,210,353) (20,202,900) 2 Payment for redeemable units redeemed (40,172) (31,981) Net cash from (used in) financing activities (21,168,409) (20,159,613) Change in unrealized appreciation/depreciation of foreign currency translations (40,387) (6,342) Net increase (decrease) in cash during the year $2,015,188 $823,328 Cash, beginning of year $2,261,691 $1,438,363 Cash, end of year $4,276,879 $2,261,691 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $22,619,489 $21,297,680 Interest received, net of foreign withholding taxes, if applicable $88,935 $174,795 Interest paid, net of foreign withholding taxes, if applicable — $2,186

1 Excludes in-kind transactions of $152,388,754 and $116,661,138 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $96,406,068 and $76,739,129 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

73 Vanguard FTSE Canada Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Basic Materials Barrick Gold Corp. 719,731 16,001,321 20,872,199 2.8 Nutrien Ltd. 231,978 14,475,037 14,206,333 1.9 Franco-Nevada Corp. 76,120 7,607,619 12,148,752 1.6 Wheaton Precious Metals Corp. 182,307 5,855,696 9,691,440 1.3 Agnico Eagle Mines Ltd. 98,080 5,586,414 8,786,987 1.2 Teck Resources Ltd. Class B 188,526 4,852,799 4,354,951 0.6 54,378,886 70,060,662 9.4 Consumer Discretionary Alimentation Couche-Tard, Inc. Class B 339,883 10,170,374 14,744,125 2.0 Magna International, Inc. 112,208 6,353,895 10,111,063 1.4 Restaurant Brands International, Inc. 120,028 8,159,257 9,341,779 1.2 Dollarama, Inc. 117,828 5,271,899 6,112,917 0.8 Canadian Tire Corp. Ltd. Class A 23,104 2,902,926 3,865,992 0.5 32,858,351 44,175,876 5.9 Consumer Staples Metro, Inc. 102,507 4,338,475 5,822,398 0.8 Loblaw Cos. Ltd. 66,762 3,615,890 4,193,321 0.6 Saputo, Inc. 95,191 3,395,717 3,391,655 0.4 George Weston Ltd. 29,338 2,760,580 2,789,457 0.4 14,110,662 16,196,831 2.2 Energy Enbridge, Inc. 824,615 39,274,911 33,570,077 4.5 TC Energy Corp. 382,944 21,795,985 19,817,352 2.6 Canadian Natural Resources Ltd. 470,732 15,962,794 14,399,692 1.9 Suncor Energy, Inc. 621,593 22,474,606 13,271,010 1.8 Pembina Pipeline Corp. 223,883 8,866,552 6,738,878 0.9 Cenovus Energy, Inc. 415,265 5,982,585 3,218,304 0.4 Imperial Oil Ltd. 91,556 3,384,111 2,211,993 0.3 117,741,544 93,227,306 12.4 Financials Royal Bank of Canada 580,443 50,297,750 60,708,533 8.1 Toronto-Dominion Bank 736,799 44,878,495 52,990,584 7.1 Bank of Nova Scotia 492,661 32,653,817 33,895,077 4.5 Brookfield Asset Management, Inc. Class A 543,203 18,855,773 28,583,342 3.8 Bank of Montreal 260,718 21,766,437 25,232,288 3.4 Canadian Imperial Bank of Commerce 181,405 18,084,487 19,722,352 2.6 Manulife Financial Corp. 789,392 16,246,937 17,879,729 2.4 Sun Life Financial, Inc. 238,507 10,752,939 13,499,496 1.8 National Bank of Canada 136,661 7,373,575 9,790,394 1.3 Intact Financial Corp. 58,056 5,945,664 8,750,200 1.2 Thomson Reuters Corp. 68,397 4,300,961 7,125,599 0.9 Power Corp. of Canada 222,161 6,372,222 6,493,766 0.9 Fairfax Financial Holdings Ltd. 11,005 6,069,068 4,774,519 0.6 Great-West Lifeco, Inc. 109,830 3,335,142 3,333,341 0.4 IGM Financial, Inc. 32,935 1,275,327 1,136,587 0.2 248,208,594 293,915,807 39.2 Health Care Bausch Health Cos. Inc. 126,427 7,826,851 3,338,937 0.4 Canopy Growth Corp. 92,964 2,748,265 2,911,633 0.4 10,575,116 6,250,570 0.8 Industrials Canadian National Railway Co. 289,815 27,846,261 40,556,711 5.4 Canadian Pacific Railway Ltd. 55,251 13,270,619 24,394,974 3.3 41,116,880 64,951,685 8.7 Technology Shopify, Inc. Class A 44,707 22,022,603 64,258,265 8.6 Constellation Software, Inc. 7,775 6,969,638 12,851,453 1.7 CGI, Inc. 93,249 6,277,174 9,417,217 1.3

74 Vanguard FTSE Canada Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Topicus.com, Inc. 14,398 0 69,287 0.0 35,269,415 86,596,222 11.6 Telecommunications BCE, Inc. 325,506 18,409,621 17,717,291 2.4 TELUS Corp. 517,996 11,938,753 13,058,679 1.7 Rogers Communications, Inc. Class B 142,576 7,999,815 8,449,054 1.1 Shaw Communications, Inc. Class B 186,673 4,722,301 4,170,275 0.6 43,070,490 43,395,299 5.8 Utilities Waste Connections, Inc. 107,308 10,027,784 14,005,840 1.9 Fortis, Inc. 188,525 8,507,708 9,803,300 1.3 Hydro One Ltd. 128,284 3,041,671 3,675,337 0.5 Canadian Utilities Ltd. Class A 50,070 1,791,242 1,556,676 0.2 23,368,405 29,041,153 3.9 Total equities 747,811,411 99.9

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Short-term United States Treasury Bill 0.07% Feb 16/21 USD 326,500 430,230 415,565 0.0 Total short-term 430,230 415,565 0.0 Total investments 621,128,573 748,226,976 99.9 Foreign currency contracts (Schedule 1) 2,416 0.0 Futures contracts (Schedule 2) (7,919) (0.0) Other assets and liabilities (net) 563,589 0.1 Total net assets attributable to holders of redeemable units 748,785,062 100.0

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 800,000 Canadian Dollar 1,020,708 Jan 08/21 2,416 AA- Unrealized appreciation of foreign currency contracts 2,416 Net unrealized appreciation of foreign currency contracts 2,416

* Sources: Standard & Poor’s and Fitch.

Schedule 2—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 4 S&P/TSX 60 Index Mar 18/21 CAD 823,120 (7,919) Unrealized depreciation of futures contracts (7,919) Net unrealized depreciation of futures contracts (7,919)

75 Vanguard FTSE Canada Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Financials 39.2 41.9 Energy 12.4 19.5 Technology 11.6 5.7 Basic Materials 9.4 8.4 Industrials 8.7 7.3 Consumer Discretionary 5.9 5.7 Telecommunications 5.8 3.5 Utilities 3.9 3.7 Consumer Staples 2.2 2.3 Health Care 0.8 1.0 Short-term 0.0 — Other assets and liabilities (net) 0.1 0.5 100.0 100.0

76 Vanguard FTSE Canadian Capped REIT Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $262,161,157 $243,449,035 Cash 17,759 646,078 Amounts receivable for redeemable units issued — 3,486,155 Amounts receivable for investments sold 794,694 4,180,495 Margin due from brokers on futures contracts 60,864 — Dividends receivable 940,478 660,782 Total assets 263,974,952 252,422,545 Liabilities Current liabilities Amounts payable for investments purchased — 3,485,275 Distributions payable 818,442 5,167,721 Accounts payable and accrued expenses 22,327 42,218 Unrealized depreciation of futures contracts 6,187 — Total liabilities excluding net assets attributable to holders of redeemable units 846,956 8,695,214 Total net assets attributable to holders of redeemable units $263,127,996 $243,727,331 Number of redeemable units outstanding (Note 9) 8,950,000 7,000,000 Net assets attributable to holders of redeemable units per unit $29.40 $34.82

The accompanying notes are an integral part of the financial statements.

77 Vanguard FTSE Canadian Capped REIT Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $1,829,832 $6,980,634 Interest for distribution purposes 4,435,779 4,354,786 Net realized gain (loss) on sale of investments (1,065,740) 779,697 Change in unrealized appreciation/depreciation of investments (33,186,977) 27,247,333 Net gain (loss) on investments (27,987,106) 39,362,450 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (131) (367) Net realized gain (loss) on futures contracts 1,394 — Change in unrealized appreciation/depreciation of futures contracts (6,187) — Net gain (loss) on derivatives (4,924) (367) Net realized gain (loss) on foreign currency transactions (2,771) 2,741 Change in unrealized appreciation/depreciation of foreign currency translations (50) (6,737) Total income (net) (27,994,851) 39,358,087 Expenses (Note 10) Management fees 880,702 852,928 Overdraft expenses 1,909 34 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes —1,386 Transaction costs (Note 3) 7, 6 8 1 7, 3 4 9 Total expenses 892,986 864,255 Expenses absorbed by manager (2,694) (2,558) Net expenses 890,292 861,697 Increase (decrease) in net assets attributable to holders of redeemable units $(28,885,143) $38,496,390 Weighted average number of redeemable units 8,153,415 6,300,822 Increase (decrease) in net assets attributable to holders of redeemable units per unit $(3.54) $6.11

The accompanying notes are an integral part of the financial statements.

78 Vanguard FTSE Canadian Capped REIT Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $243,727,331 $178,385,573 Increase (decrease) in net assets attributable to holders of redeemable units $(28,885,143) $38,496,390 Distributions to holders of redeemable units Net investment income (9,108,022) (11,693,650) Net realized gains (194,586) — Return of capital (9,145) (37,447) Total distributions to holders of redeemable units (9,311,753) (11,731,097) Redeemable unit transactions Proceeds from issuance of redeemable units 93,097,715 46,977,985 Reinvestment of distributions to holders of redeemable units 194,586 — Payment for redeemable units redeemed (35,694,740) (8,401,520) Net redeemable unit transactions 57,597,561 38,576,465 Net assets attributable to holders of redeemable units, end of year $263,127,996 $243,727,331

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $(28,885,143) $38,496,390 Adjustments for: Net realized (gain) loss on sale of investments 1,065,740 (779,697) Change in unrealized appreciation/depreciation of investments 33,186,977 (27,247,333) Change in unrealized appreciation/depreciation of derivatives 6,187 — Change in unrealized appreciation/depreciation of foreign currency translations 50 6,737 1 Purchase of investments (21,560,546) (23,355,780) 2 Proceeds from sale of investments 29,361,254 16,585,056 Change in working capital (360,451) 41,893 Net cash from (used in) operating activities 12,814,068 3,747,266 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 35,247 3,508,766 Distributions to holders of redeemable units, net of reinvested distributions (13,466,446) (7,168,073) 2 Payment for redeemable units redeemed (11,138) (2,839) Net cash from (used in) financing activities (13,442,337) (3,662,146) Change in unrealized appreciation/depreciation of foreign currency translations (50) (6,737) Net increase (decrease) in cash during the year $(628,319) $78,383 Cash, beginning of year $646,078 $567,695 Cash, end of year $17,759 $646,078 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $1,550,136 $7,003,449 Interest received, net of foreign withholding taxes, if applicable $4,435,779 $4,354,786 Interest paid, net of foreign withholding taxes, if applicable $1,909 $34

1 Excludes in-kind transactions of $93,063,349 and $43,468,339 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $35,683,602 and $8,398,681 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

79 Vanguard FTSE Canadian Capped REIT Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Diversified REITs First Capital REIT 1,071,692 18,030,584 14,521,427 5.5 Cominar REIT 834,345 9,782,335 6,766,538 2.6 27,812,919 21,287,965 8.1 Industrial REITs Granite REIT 287,338 16,855,877 22,383,630 8.5 16,855,877 22,383,630 8.5 Office REITs Allied Properties REIT 604,736 23,511,889 22,877,163 8.7 H&R REIT 1,399,165 25,029,517 18,594,903 7.1 Artis REIT 582,599 6,149,854 6,210,506 2.3 Dream Office REIT 211,909 4,543,272 4,195,798 1.6 59,234,532 51,878,370 19.7 Real Estate Holding and Development Chartwell Retirement Residences 1,066,205 12,075,181 11,930,834 4.5 12,075,181 11,930,834 4.5 Real Estate Services FirstService Corp. 180,765 19,211,590 31,492,878 12.0 Colliers International Group, Inc. 149,764 11,221,116 16,965,266 6.4 30,432,706 48,458,144 18.4 Residential REITs Canadian Apartment Properties REIT 841,913 33,350,955 42,087,231 16.0 Boardwalk REIT 187,699 7,855,114 6,332,964 2.4 41,206,069 48,420,195 18.4 Retail REITs RioCan REIT 1,573,718 35,780,914 26,359,777 10.0 Choice Properties REIT 1,269,644 15,854,867 16,518,068 6.3 SmartCentres REIT 646,628 17,412,295 14,924,174 5.7 69,048,076 57,802,019 22.0 Total investments 256,665,360 262,161,157 99.6 Futures contracts (Schedule 1) (6,187) (0.0) Other assets and liabilities (net) 973,026 0.4 Total net assets attributable to holders of redeemable units 263,127,996 100.0

Schedule 1—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 4 S&P/TSX 60 Index Mar 18/21 CAD 823,120 (6,187) Unrealized depreciation of futures contracts (6,187) Net unrealized depreciation of futures contracts (6,187)

80 Vanguard FTSE Canadian Capped REIT Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Retail REITs 22.0 25.9 Office REITs 19.7 24.2 Real Estate Services 18.4 11.6 Residential REITs 18.4 18.7 Industrial REITs 8.5 5.7 Diversified REITs 8.1 9.0 Real Estate Holding and Development 4.5 4.8 Other assets and liabilities (net) 0.4 0.1 100.0 100.0

81 Vanguard FTSE Canadian High Dividend Yield Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $704,961,718 $551,514,312 Cash 3,795,853 1,011,615 Margin due from brokers on futures contracts 283,733 — Dividends receivable 2,920,814 1,528,919 Total assets 711,962,118 554,054,846 Liabilities Current liabilities Distributions payable 2,428,388 2,007,323 Accounts payable and accrued expenses 34,985 54,995 Unrealized depreciation of futures contracts 37,452 720 Total liabilities excluding net assets attributable to holders of redeemable units 2,500,825 2,063,038 Total net assets attributable to holders of redeemable units $709,461,293 $551,991,808 Number of redeemable units outstanding (Note 9) 21,650,000 15,850,000 Net assets attributable to holders of redeemable units per unit $32.77 $34.83

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $31,249,257 $23,770,377 Interest for distribution purposes 4,562 9,513 Net realized gain (loss) on sale of investments (12,328,855) 3,043,272 Change in unrealized appreciation/depreciation of investments (3,233,464) 65,325,464 Net gain (loss) on investments 15,691,500 92,148,626 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (1,508) (936) Net realized gain (loss) on futures contracts 762,351 8,681 Change in unrealized appreciation/depreciation of futures contracts (36,732) (720) Net gain (loss) on derivatives 724,111 7,025 Net realized gain (loss) on foreign currency transactions 6,585 244 Change in unrealized appreciation/depreciation of foreign currency translations (1,920) (964) Total income (net) 16,420,276 92,154,931 Expenses (Note 10) Management fees 1,239,571 1,137,521 Overdraft expenses —4,332 Independent Review Committee fees 2,694 2,558 Transaction costs (Note 3) 33,749 11,473 Total expenses 1,276,014 1,155,884 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,273,320 1,153,326 Increase (decrease) in net assets attributable to holders of redeemable units $15,146,956 $91,001,605 Weighted average number of redeemable units 18,870,765 15,063,288 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.80 $6.04

The accompanying notes are an integral part of the financial statements.

82 Vanguard FTSE Canadian High Dividend Yield Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $551,991,808 $419,146,641 Increase (decrease) in net assets attributable to holders of redeemable units $15,146,956 $91,001,605 Distributions to holders of redeemable units Net investment income (28,843,859) (22,420,411) Return of capital (11,217) (6,332) Total distributions to holders of redeemable units (28,855,076) (22,426,743) Redeemable unit transactions Proceeds from issuance of redeemable units 245,955,045 99,896,295 Payment for redeemable units redeemed (74,777,440) (35,625,990) Net redeemable unit transactions 171,177,605 64,270,305 Net assets attributable to holders of redeemable units, end of year $709,461,293 $551,991,808

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $15,146,956 $91,001,605 Adjustments for: Net realized (gain) loss on sale of investments 12,328,855 (3,043,272) Change in unrealized appreciation/depreciation of investments 3,233,464 (65,325,464) Change in unrealized appreciation/depreciation of derivatives 36,732 720 Change in unrealized appreciation/depreciation of foreign currency translations 1,920 964 1 Purchase of investments (86,247,960) (32,235,574) 2 Proceeds from sale of investments 88,340,269 31,286,166 Change in working capital (1,695,638) 265,442 Net cash from (used in) operating activities 31,144,598 21,950,587 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 94,264 57,282 Distributions to holders of redeemable units, net of reinvested distributions (28,434,011) (21,405,741) 2 Payment for redeemable units redeemed (18,693) (13,729) Net cash from (used in) financing activities (28,358,440) (21,362,188) Change in unrealized appreciation/depreciation of foreign currency translations (1,920) (964) Net increase (decrease) in cash during the year $2,784,238 $587,435 Cash, beginning of year $1,011,615 $424,180 Cash, end of year $3,795,853 $1,011,615 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $29,857,362 $24,014,688 Interest received, net of foreign withholding taxes, if applicable $4,562 $9,513 Interest paid, net of foreign withholding taxes, if applicable — $4,332

1 Excludes in-kind transactions of $245,860,781 and $99,839,013 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $74,758,747 and $35,612,261 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

83 Vanguard FTSE Canadian High Dividend Yield Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Basic Materials Nutrien Ltd. 397,590 17,253,490 24,348,412 3.4 Methanex Corp. 43,652 858,163 2,553,205 0.4 Russel Metals, Inc. 43,162 974,389 981,072 0.1 19,086,042 27,882,689 3.9 Consumer Discretionary North West Co. Inc. 33,629 958,180 1,090,925 0.2 958,180 1,090,925 0.2 Energy Enbridge, Inc. 1,412,922 65,553,446 57,520,055 8.1 TC Energy Corp. 656,367 38,435,534 33,966,992 4.8 Canadian Natural Resources Ltd. 806,769 12,533,952 24,679,064 3.5 Suncor Energy, Inc. 1,065,329 18,462,945 22,744,774 3.2 Pembina Pipeline Corp. 383,724 14,954,465 11,550,092 1.6 Inter Pipeline Ltd. 296,528 6,162,747 3,519,787 0.5 Keyera Corp. 152,685 4,584,710 3,453,735 0.5 Gibson Energy, Inc. 101,385 2,109,622 2,084,476 0.3 PrairieSky Royalty Ltd. 157,567 2,441,928 1,589,851 0.2 Superior Plus Corp. 121,600 1,388,819 1,481,088 0.2 ARC Resources Ltd. 245,282 2,337,416 1,471,692 0.2 Whitecap Resources, Inc. 280,208 1,536,685 1,361,811 0.2 Husky Energy, Inc. 213,565 717,322 1,345,459 0.2 Vermilion Energy, Inc. 107,465 3,026,628 610,401 0.1 174,246,219 167,379,277 23.6 Financials Royal Bank of Canada 994,647 91,349,574 104,030,130 14.7 Toronto-Dominion Bank 1,262,523 80,777,004 90,800,654 12.8 Bank of Nova Scotia 844,076 56,226,150 58,072,429 8.2 Bank of Montreal 446,836 38,439,356 43,244,788 6.1 Canadian Imperial Bank of Commerce 310,920 31,692,763 33,803,223 4.8 Manulife Financial Corp. 1,352,911 29,028,548 30,643,434 4.3 Sun Life Financial, Inc. 408,801 20,011,869 23,138,137 3.2 National Bank of Canada 234,224 13,544,086 16,779,807 2.4 Power Corp. of Canada 380,764 10,768,917 11,129,732 1.6 Great-West Lifeco, Inc. 188,251 5,704,414 5,713,418 0.8 IGM Financial, Inc. 56,535 2,070,505 1,951,023 0.3 Genworth MI Canada, Inc. 25,852 969,844 1,122,235 0.1 Laurentian Bank of Canada 29,902 1,265,775 932,942 0.1 First National Financial Corp. 11,969 348,154 496,474 0.1 382,196,959 421,858,426 59.5 Industrials Finning International, Inc. 112,879 1,752,089 3,051,119 0.4 Transcontinental, Inc. Class A 50,821 917,943 1,042,339 0.1 Mullen Group Ltd. 63,828 728,972 695,725 0.1 Westshore Terminals Investment Corp. 29,593 585,562 461,355 0.1 3,984,566 5,250,538 0.7 Real Estate Chartwell Retirement Residences 149,831 1,219,402 1,676,609 0.2 1,219,402 1,676,609 0.2 Telecommunications BCE, Inc. 557,919 31,834,069 30,367,531 4.3 TELUS Corp. 887,825 20,732,379 22,382,068 3.2 Shaw Communications, Inc. Class B 319,989 8,092,553 7,148,555 1.0 60,659,001 59,898,154 8.5 Utilities Emera, Inc. 173,550 9,169,928 9,389,055 1.3 AltaGas Ltd. 193,807 4,274,702 3,628,067 0.5 Canadian Utilities Ltd. Class A 85,650 3,055,034 2,662,858 0.4 Capital Power Corp. 73,110 1,962,685 2,557,388 0.4

84 Vanguard FTSE Canadian High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets TransAlta Renewables, Inc. 73,730 1,087,994 1,604,365 0.2 19,550,343 19,841,733 2.8 Total equities 704,878,351 99.4

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Short-term United States Treasury Bill 0.07% Feb 16/21 USD 65,500 86,309 83,367 0.0 Total short-term 86,309 83,367 0.0 Total investments 661,987,021 704,961,718 99.4 Futures contracts (Schedule 1) (37,452) (0.0) Other assets and liabilities (net) 4,537,027 0.6 Total net assets attributable to holders of redeemable units 709,461,293 100.0

Schedule 1—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 21 S&P/TSX 60 Index Mar 18/21 CAD 4,321,380 (37,452) Unrealized depreciation of futures contracts (37,452) Net unrealized depreciation of futures contracts (37,452)

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Financials 59.5 63.6 Energy 23.6 22.9 Telecommunications 8.5 4.0 Basic Materials 3.9 0.1 Utilities 2.8 7.9 Industrials 0.7 0.6 Real Estate 0.2 0.3 Consumer Discretionary 0.2 0.5 Short-term 0.0 — Other assets and liabilities (net) 0.6 0.1 100.0 100.0

85 Vanguard FTSE Developed All Cap ex North America Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $1,789,615,812 $1,336,742,012 Cash 8,302,468 8,327,893 Amounts receivable for redeemable units issued 9,221,430 — Amounts receivable for investments sold 805,659 5,691,511 Margin due from brokers on futures contracts 827,788 — Dividends receivable 4,563,306 3,216,164 Unrealized appreciation of foreign currency contracts — 41,473 Unrealized appreciation of futures contracts 82,918 — Other assets 14,754 — Total assets 1,813,434,135 1,354,019,053 Liabilities Current liabilities Amounts payable for investments purchased 131,571 6,698,215 Distributions payable 9,767,906 6,617,032 Accounts payable and accrued expenses 147,285 133,221 Unrealized depreciation of foreign currency contracts 128,755 19,423 Unrealized depreciation of futures contracts —5,673 Total liabilities excluding net assets attributable to holders of redeemable units 10,175,517 13,473,564 Total net assets attributable to holders of redeemable units $1,803,258,618 $1,340,545,489 Number of redeemable units outstanding (Note 9) 59,080,000 46,480,000 Net assets attributable to holders of redeemable units per unit $30.52 $28.84

The accompanying notes are an integral part of the financial statements.

86 Vanguard FTSE Developed All Cap ex North America Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $39,251,744 $32,906,331 Interest for distribution purposes 7,382 3,285 Income distribution from underlying funds — 20,459 Net realized gain (loss) on sale of investments (995,123) 512,267 Change in unrealized appreciation/depreciation of investments 113,061,428 106,333,696 Net gain (loss) on investments 151,325,431 139,776,038 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 1,189,022 (80,214) Net realized gain (loss) on futures contracts 1,613,538 114,451 Change in unrealized appreciation/depreciation of foreign currency contracts (150,805) 23,247 Change in unrealized appreciation/depreciation of futures contracts 88,591 (5,673) Net gain (loss) on derivatives 2,740,346 51,811 Other income 579,588 868,557 Net realized gain (loss) on foreign currency transactions (1,170,063) (199,866) Change in unrealized appreciation/depreciation of foreign currency translations 61,585 (99,898) Total income (net) 153,536,887 140,396,642 Expenses (Note 10) Management fees 3,221,141 2,078,007 Overdraft expenses 6,444 6,551 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 3,744,527 2,972,126 Transaction costs (Note 3) 504,569 796,956 Total expenses 7,479,375 5,856,198 Expenses absorbed by manager (2,694) (2,558) Net expenses 7,476,681 5,853,640 Increase (decrease) in net assets attributable to holders of redeemable units $146,060,206 $134,543,002 Weighted average number of redeemable units 53,127,814 33,745,205 Increase (decrease) in net assets attributable to holders of redeemable units per unit $2.75 $3.99

The accompanying notes are an integral part of the financial statements.

87 Vanguard FTSE Developed All Cap ex North America Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $1,340,545,489 $679,428,401 Increase (decrease) in net assets attributable to holders of redeemable units $146,060,206 $134,543,002 Distributions to holders of redeemable units Net investment income (33,237,684) (27,123,732) Net realized gains (1,465,835) (332,286) Return of capital (49,853) (85,418) Total distributions to holders of redeemable units (34,753,372) (27,541,436) Redeemable unit transactions Proceeds from issuance of redeemable units 363,441,250 553,783,236 Reinvestment of distributions to holders of redeemable units 1,465,835 332,286 Payment for redeemable units redeemed (13,500,790) — Net redeemable unit transactions 351,406,295 554,115,522 Net assets attributable to holders of redeemable units, end of year $1,803,258,618 $1,340,545,489

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $146,060,206 $134,543,002 Adjustments for: Net realized (gain) loss on sale of investments 995,123 (512,267) Change in unrealized appreciation/depreciation of investments (113,061,428) (106,333,696) Change in unrealized appreciation/depreciation of derivatives 62,214 (17,574) Change in unrealized appreciation/depreciation of foreign currency translations (61,585) 99,898 Purchase of investments (412,617,183) (598,753,939) Proceeds from sale of investments 70,128,896 50,734,594 Change in working capital (2,175,620) (1,166,756) Net cash from (used in) operating activities (310,669,377) (521,406,738) Cash flows from (used in) financing activities Proceeds from issuance of redeemable units 354,219,820 553,783,236 Distributions to holders of redeemable units, net of reinvested distributions (30,136,663) (25,363,733) Payment for redeemable units redeemed (13,500,790) — Net cash from (used in) financing activities 310,582,367 528,419,503 Change in unrealized appreciation/depreciation of foreign currency translations 61,585 (99,898) Net increase (decrease) in cash during the year $(25,425) $6,912,867 Cash, beginning of year $8,327,893 $1,415,026 Cash, end of year $8,302,468 $8,327,893 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $34,160,375 $28,705,310 Income distributions received, net of foreign withholding taxes, if applicable — $20,459 Interest received, net of foreign withholding taxes, if applicable $7,082 $3,285 Interest paid, net of foreign withholding taxes, if applicable $6,444 $6,551

The accompanying notes are an integral part of the financial statements.

88 Vanguard FTSE Developed All Cap ex North America Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Basic Materials BHP Group Ltd. 212,279 6,471,862 8,854,621 0.5 Rio Tinto plc 77,989 5,208,706 7,429,208 0.4 BASF SE 65,488 6,945,725 6,606,803 0.4 Shin-Etsu Chemical Co. Ltd. 28,500 3,781,730 6,344,272 0.4 BHP Group plc 149,672 3,964,246 5,017,567 0.3 Air Liquide SA Loyalty Bonus 18,223 2,643,829 3,813,513 0.3 Anglo American plc ADR 88,174 2,632,285 3,722,928 0.2 Givaudan SA 665 2,336,179 3,574,968 0.2 Air Liquide SA 14,997 2,626,574 3,138,411 0.2 Glencore plc 772,001 3,518,375 3,132,533 0.2 Rio Tinto Ltd. 26,655 2,065,602 2,982,808 0.2 LG Chem Ltd. 2,861 1,315,390 2,764,806 0.2 Koninklijke DSM NV 12,381 1,753,695 2,717,374 0.2 Fortescue Metals Group Ltd. 113,777 822,234 2,620,696 0.2 Akzo Nobel NV 13,596 1,662,256 1,862,059 0.1 UPM-Kymmene Oyj 38,306 1,504,463 1,819,409 0.1 POSCO 4,877 1,438,840 1,555,755 0.1 Symrise AG Class A 9,126 1,086,988 1,542,059 0.1 ArcelorMittal SA 50,678 1,304,539 1,491,463 0.1 Newcrest Mining Ltd. 57,915 1,408,378 1,467,790 0.1 Nitto Denko Corp. 10,600 894,598 1,207,280 0.1 Asahi Kasei Corp. 89,900 1,251,152 1,169,787 0.1 Brenntag AG 11,281 811,827 1,113,825 0.1 Croda International plc 9,677 798,767 1,111,586 0.1 Covestro AG 13,303 1,087,046 1,046,791 0.1 Mondi plc 34,061 974,340 1,019,956 0.1 Nippon Steel Corp. 60,810 1,369,456 996,491 0.1 Stora Enso Oyj Class R 40,752 758,313 993,838 0.1 Sumitomo Metal Mining Co. Ltd. 17,500 741,050 988,801 0.1 Umicore SA 15,077 843,866 923,396 0.1 Boliden AB 19,934 698,652 901,105 0.1 SKF AB Class B 26,997 673,449 893,720 0.1 Svenska Cellulosa AB SCA Class B 39,126 669,348 869,767 0.1 South32 Ltd. 339,445 924,658 824,245 0.1 Toray Industries, Inc. 108,700 1,077,515 819,408 0.1 Nissan Chemical Corp. 9,900 553,306 789,166 0.1 Polymetal International plc 25,736 481,764 754,977 0.1 Solvay SA Class A 4,960 743,854 749,043 0.1 Mitsubishi Chemical Holdings Corp. 92,100 918,832 709,388 0.1 Arkema SA 4,799 644,850 699,445 0.1 IMCD NV 4,159 424,124 675,859 0.1 LG Chem Ltd. Pfd. 1,447 277,654 647,415 0.1 Antofagasta plc 25,384 383,236 636,788 0.1 Yara International ASA 11,953 642,078 633,175 0.1 Northern Star Resources Ltd. 50,407 419,133 628,843 0.1 KGHM Polska Miedz SA 10,007 323,859 626,155 0.1 Lanxess AG 6,231 523,960 609,582 0.0 BlueScope Steel Ltd. 35,252 432,737 605,780 0.0 EMS-Chemie Holding AG 482 390,368 592,567 0.0 Johnson Matthey plc 13,697 702,961 578,441 0.0 Sumitomo Chemical Co. Ltd. 111,300 709,002 569,959 0.0 Evonik Industries AG 13,663 542,359 568,228 0.0 Norsk Hydro ASA 94,956 544,934 563,192 0.0 Evolution Mining Ltd. 112,132 474,882 550,073 0.0 Orica Ltd. 33,842 582,165 504,033 0.0 Oji Holdings Corp. 65,300 463,311 472,990 0.0 Clariant AG 17,395 484,583 471,830 0.0 JFE Holdings, Inc. 38,400 760,904 468,154 0.0 Mitsui Chemicals, Inc. 12,400 419,025 462,858 0.0 JSR Corp. 12,900 314,379 457,485 0.0 OZ Minerals Ltd. 24,618 249,852 456,925 0.0 Holmen AB Class B 7,129 247,383 435,286 0.0 Fuchs Petrolub SE Pfd. 5,543 333,251 401,262 0.0 Tosoh Corp. 19,800 410,120 392,872 0.0 Mitsubishi Gas Chemical Co. Inc. 13,000 289,396 380,022 0.0 voestalpine AG 7,999 369,623 365,338 0.0

89 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Saracen Mineral Holdings Ltd. 77,944 218,617 363,971 0.0 NSK Ltd. 32,600 446,225 360,434 0.0 Mineral Resources Ltd. 9,788 152,847 360,359 0.0 Tenaris SA 34,030 484,316 351,377 0.0 Lotte Chemical Corp. 1,081 356,628 349,908 0.0 ICL Group Ltd. 52,892 304,354 343,344 0.0 Kuraray Co. Ltd. 25,200 456,175 341,120 0.0 Korea Zinc Co. Ltd. 717 373,795 337,617 0.0 Evraz plc 39,703 261,680 326,076 0.0 Hanwha Chemical Corp. 5,550 174,917 311,780 0.0 Alumina Ltd. 170,720 352,822 307,971 0.0 Teijin Ltd. 12,700 311,226 304,023 0.0 Denka Co. Ltd. 6,100 235,376 303,344 0.0 NOF Corp. 4,700 184,925 303,319 0.0 Incitec Pivot Ltd. 134,935 388,961 302,447 0.0 BillerudKorsnas AB 13,248 248,643 299,126 0.0 SK Chemicals Co. Ltd. 622 48,769 286,319 0.0 Aurubis AG 2,879 227,925 285,693 0.0 Air Water, Inc. 12,400 259,278 280,622 0.0 Hexpol AB 20,293 247,058 277,026 0.0 Hitachi Metals Ltd. 14,300 231,388 276,330 0.0 Showa Denko KK 9,900 405,064 268,390 0.0 Independence Group NL 42,517 200,268 266,669 0.0 Hyundai Steel Co. 5,436 238,313 252,461 0.0 Fresnillo plc 12,652 230,771 248,867 0.0 Lynas Rare Earths Ltd. 60,081 143,348 235,077 0.0 Nippon Sanso Holdings Corp. 9,900 227,021 234,062 0.0 Victrex plc 5,609 211,245 229,158 0.0 Tokai Carbon Co. Ltd. 14,200 188,159 226,036 0.0 Bodycote plc 17,231 213,207 223,707 0.0 DIC Corp. 6,900 267,673 221,713 0.0 Kumho Petrochemical Co. Ltd. 1,268 124,965 215,629 0.0 Ube Industries Ltd. 9,200 248,438 212,517 0.0 Wacker Chemie AG 1,158 160,817 210,745 0.0 POSCO Chemical Co. Ltd. 1,700 111,187 207,349 0.0 Kaneka Corp. 4,600 220,174 204,911 0.0 Synthomer plc 25,292 169,570 198,030 0.0 Metsa Board Oyj 13,799 141,481 185,415 0.0 Zeon Corp. 10,100 149,626 184,327 0.0 APERAM SA 3,448 171,308 183,494 0.0 Iluka Resources Ltd. 27,478 236,008 175,315 0.0 Mitsui Mining & Smelting Co. Ltd. 3,700 153,501 172,810 0.0 Nippon Shokubai Co. Ltd. 2,400 199,696 171,175 0.0 KAZ Minerals plc 14,794 135,577 170,040 0.0 Daicel Corp. 18,000 232,089 167,251 0.0 Acerinox SA 11,807 172,990 166,269 0.0 SSAB AB Class B 40,464 160,394 164,335 0.0 Daio Paper Corp. 6,500 115,559 160,735 0.0 Centamin plc 73,815 172,121 159,014 0.0 Imerys SA 2,622 202,535 158,010 0.0 Regis Resources Ltd. 42,679 176,960 156,919 0.0 OCI NV 6,376 180,351 156,240 0.0 Kemira Oyj 7,653 136,425 154,368 0.0 K+S AG 12,704 290,135 154,226 0.0 Zip Co. Ltd. 29,486 126,183 153,342 0.0 Dowa Holdings Co. Ltd. 3,300 148,607 152,091 0.0 RHI Magnesita NV 2,441 156,210 149,877 0.0 Lenzing AG 1,155 165,946 149,075 0.0 ADEKA Corp. 6,700 132,414 148,898 0.0 Daido Steel Co. Ltd. 2,800 170,249 148,741 0.0 Nippon Kayaku Co. Ltd. 12,300 189,923 145,099 0.0 Nagase & Co. Ltd. 7,700 147,906 143,092 0.0 Kobe Steel Ltd. 20,900 167,204 142,101 0.0 Hansol Chemical Co. Ltd. 598 66,822 137,811 0.0 Tokuyama Corp. 4,800 154,956 137,236 0.0 Perseus Mining Ltd. 106,953 98,246 136,687 0.0 Champion Iron Ltd. 28,942 37,278 135,149 0.0 SKC Co. Ltd. 1,220 65,090 134,495 0.0 Toagosei Co. Ltd. 9,000 126,449 134,489 0.0 SK Materials Co. Ltd. 319 64,203 133,860 0.0 Hill & Smith Holdings plc 5,446 125,814 133,727 0.0 Borregaard ASA 6,295 85,873 132,822 0.0 Deterra Royalties Ltd. 27,478 125,321 129,663 0.0 Nitto Boseki Co. Ltd. 2,300 88,130 129,134 0.0

90 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Pilbara Minerals Ltd. 146,136 73,208 124,987 0.0 OCI Co. Ltd. 1,137 125,628 124,012 0.0 Maruichi Steel Tube Ltd. 4,400 170,178 124,008 0.0 Fuchs Petrolub SE 2,018 117,235 119,063 0.0 Asahi Holdings, Inc. 2,500 65,899 113,061 0.0 Petropavlovsk plc 196,778 123,735 111,373 0.0 Soulbrain Co. Ltd. 347 91,452 110,815 0.0 St Barbara Ltd. 47,112 135,694 109,303 0.0 Huabao International Holdings Ltd. 62,000 71,537 108,797 0.0 Tri Chemical Laboratories, Inc. 500 45,422 102,727 0.0 Bekaert SA 2,419 97,657 102,413 0.0 Outokumpu Oyj Class A 20,390 146,244 102,344 0.0 Ferrexpo plc 19,645 59,062 96,682 0.0 Nippon Light Metal Holdings Co. Ltd. 4,030 111,999 95,081 0.0 Salzgitter AG 2,809 119,396 95,017 0.0 NTN Corp. 29,000 123,874 94,830 0.0 Silver Lake Resources Ltd. 53,567 58,851 94,263 0.0 Nippon Yakin Kogyo Co. Ltd. 4,410 95,951 93,925 0.0 Lee & Man Paper Manufacturing Ltd. 90,000 91,083 93,901 0.0 Toyobo Co. Ltd. 5,500 113,818 93,657 0.0 Ramelius Resources Ltd. 54,456 73,677 90,206 0.0 Lintec Corp. 3,200 94,236 89,951 0.0 Tessenderlo Group SA 1,732 83,648 88,150 0.0 Svenska Cellulosa AB SCA Class A 3,824 50,940 87,677 0.0 Nufarm Ltd. 21,628 136,061 87,175 0.0 Nickel Mines Ltd. 79,551 57,136 86,417 0.0 Dongjin Semichem Co. Ltd. 1,945 51,765 83,259 0.0 Sumitomo Bakelite Co. Ltd. 1,900 94,866 83,230 0.0 Taiyo Holdings Co. Ltd. 1,100 60,030 82,934 0.0 De Grey Mining Ltd. 82,841 119,391 82,661 0.0 Nippon Paper Industries Co. Ltd. 5,600 134,295 82,507 0.0 MMG Ltd. 148,005 82,137 81,952 0.0 Orocobre Ltd. 18,360 65,053 80,681 0.0 Capricorn Metals Ltd. 45,636 85,963 80,082 0.0 LOTTE Fine Chemical Co. Ltd. 1,209 59,196 78,268 0.0 Yamato Kogyo Co. Ltd. 2,300 66,483 78,190 0.0 KH Neochem Co. Ltd. 2,300 69,765 77,509 0.0 Nippon Soda Co. Ltd. 2,000 70,433 75,642 0.0 GeneOne Life Science, Inc. 2,832 97,765 71,575 0.0 Elementis plc 34,847 127,548 69,789 0.0 Ahlstrom-Munksjo Oyj 2,461 53,585 69,435 0.0 SSAB AB Class A 15,192 83,492 69,052 0.0 Fujimi, Inc. 1,400 53,165 67,633 0.0 Gold Road Resources Ltd. 50,800 40,325 66,171 0.0 Kumiai Chemical Industry Co. Ltd. 5,757 53,044 65,995 0.0 Navigator Co. SA 16,697 98,986 65,016 0.0 Earth Corp. 900 58,160 64,635 0.0 Sandfire Resources NL 12,059 69,150 63,424 0.0 Elkem ASA 14,884 76,083 62,853 0.0 Kolon Industries, Inc. 1,293 82,589 62,249 0.0 Galaxy Resources Ltd. 28,273 44,062 61,982 0.0 Ecopro Co. Ltd. 1,033 38,875 60,211 0.0 West African Resources Ltd. 57,866 63,971 59,447 0.0 Robertet SA 42 53,195 59,250 0.0 JCU Corp. 1,200 35,935 58,860 0.0 Chunbo Co. Ltd. 264 53,942 56,474 0.0 Seiren Co. Ltd. 2,900 60,289 55,860 0.0 Perenti Global Ltd. 41,160 68,200 55,435 0.0 Ence Energia y Celulosa SA 10,445 71,538 55,276 0.0 Hochschild Mining plc 15,216 54,127 55,064 0.0 Fuso Chemical Co. Ltd. 1,200 35,190 55,010 0.0 SK Discovery Co. Ltd. 707 25,729 54,476 0.0 Resolute Mining Ltd. 69,436 64,388 54,268 0.0 Inabata & Co. Ltd. 3,000 52,398 53,381 0.0 Mount Gibson Iron Ltd. 58,430 36,479 52,846 0.0 Kloeckner & Co. SE 4,193 50,621 52,321 0.0 Hokuetsu Corp. 10,000 71,994 50,592 0.0 UACJ Corp. 2,100 56,973 49,028 0.0 Israel Corp. Ltd. 197 56,506 47,901 0.0 Osaka Soda Co. Ltd. 1,400 46,262 47,024 0.0 Japan Pulp and Paper Co. Ltd. 1,000 48,678 44,793 0.0 Poongsan Corp. 1,364 46,544 44,711 0.0 Tokyo Steel Manufacturing Co. Ltd. 5,400 52,289 44,511 0.0 Kuk-il Paper Manufacturing Co. Ltd. 7,205 35,186 43,940 0.0

91 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Westgold Resources Ltd. 16,831 30,697 43,682 0.0 Korea Petrochemical Ind Co. Ltd. 160 27,140 43,159 0.0 Japan Wool Textile Co. Ltd. 3,500 38,347 43,102 0.0 Western Areas Ltd. 16,378 43,300 42,345 0.0 Nippon Steel Trading Corp. 900 49,644 41,479 0.0 Nitta Corp. 1,500 56,718 41,276 0.0 Sumitomo Seika Chemicals Co. Ltd. 800 37,625 40,523 0.0 Huchems Fine Chemical Corp. 1,346 34,365 40,490 0.0 Oiles Corp. 2,000 39,813 40,030 0.0 Yodogawa Steel Works Ltd. 1,500 43,919 38,999 0.0 Nittetsu Mining Co. Ltd. 500 28,170 37,821 0.0 Dongkuk Steel Mill Co. Ltd. 3,938 36,242 37,502 0.0 T Hasegawa Co. Ltd. 1,400 35,562 37,488 0.0 Grupa Azoty SA 3,985 45,022 37,402 0.0 Tokushu Tokai Paper Co. Ltd. 600 34,330 36,945 0.0 Nippon Denko Co. Ltd. 10,000 33,600 36,895 0.0 Hyosung Chemical Corp. 200 30,592 36,708 0.0 Kurabo Industries Ltd. 1,600 49,927 35,874 0.0 Foosung Co. Ltd. 2,571 30,636 35,580 0.0 Konishi Co. Ltd. 1,700 32,328 35,095 0.0 Toyo Tanso Co. Ltd. 1,400 43,860 34,845 0.0 Toho Zinc Co. Ltd. 1,200 38,292 34,487 0.0 Okabe Co. Ltd. 3,600 39,458 34,383 0.0 Sanyo Chemical Industries Ltd. 500 30,198 33,996 0.0 Young Poong Corp. 53 43,135 33,441 0.0 Fujibo Holdings, Inc. 700 27,783 33,255 0.0 Stella Chemifa Corp. 800 31,466 32,725 0.0 Tayca Corp. 1,700 46,799 31,697 0.0 Osaka Organic Chemical Industry Ltd. 800 29,755 31,589 0.0 Hodogaya Chemical Co. Ltd. 500 28,099 31,343 0.0 Shin-Etsu Polymer Co. Ltd. 2,600 30,518 30,254 0.0 Semapa-Sociedade de Investimento e Gestao 2,146 45,516 30,107 0.0 Songwon Industrial Co. Ltd. 1,583 28,626 29,612 0.0 Macmahon Holdings Ltd. 111,971 16,916 29,170 0.0 Alkane Resources Ltd. 30,858 43,317 28,971 0.0 Alconix Corp. 1,600 35,766 28,845 0.0 Pacific Metals Co. Ltd. 1,000 34,112 27,517 0.0 Toho Titanium Co. Ltd. 2,500 28,269 27,332 0.0 Eramet 404 36,155 27,029 0.0 Texhong Textile Group Ltd. 24,500 24,211 26,769 0.0 Komatsu Matere Co. Ltd. 2,100 20,342 26,665 0.0 Unitika Ltd. 5,300 29,845 25,768 0.0 Hansol Paper Co. Ltd. 1,576 27,335 25,599 0.0 Valqua Ltd. 1,000 27,339 25,346 0.0 Sakai Chemical Industry Co. Ltd. 1,000 31,168 24,297 0.0 Altri SGPS SA 2,985 26,060 24,010 0.0 Aichi Steel Corp. 700 31,533 23,814 0.0 Koatsu Gas Kogyo Co. Ltd. 2,400 26,082 23,544 0.0 Syrah Resources Ltd. 24,933 43,877 23,531 0.0 Takasago International Corp. 800 33,233 23,435 0.0 Namhae Chemical Corp. 2,402 21,589 23,128 0.0 Nihon Nohyaku Co. Ltd. 3,700 24,825 23,011 0.0 Kyoei Steel Ltd. 1,300 30,499 22,939 0.0 Kanto Denka Kogyo Co. Ltd. 2,300 27,886 22,478 0.0 Shikoku Chemicals Corp. 1,500 24,169 22,211 0.0 DKS Co. Ltd. 400 22,747 21,347 0.0 Achilles Corp. 1,200 28,002 20,967 0.0 Hyundai Bioland Co. Ltd. 721 22,641 20,674 0.0 Taekwang Industrial Co. Ltd. 22 32,605 20,667 0.0 Jupiter Mines Ltd. 66,408 24,771 19,912 0.0 Vallourec SA 476 110,316 19,845 0.0 Namsun Aluminum Co. Ltd. 3,540 21,636 19,492 0.0 Nippon Carbon Co. Ltd. 400 25,374 19,472 0.0 Ryobi Ltd. 1,200 35,949 18,509 0.0 Topy Industries Ltd. 1,200 33,503 17,443 0.0 Aurelia Metals Ltd. 40,544 30,226 17,139 0.0 New Century Resources Ltd. 72,482 36,408 17,101 0.0 Taki Chemical Co. Ltd. 200 14,152 16,091 0.0 Neturen Co. Ltd. 2,600 30,604 15,143 0.0 OSAKA Titanium Technologies Co. Ltd. 1,400 29,487 14,788 0.0 Ishihara Sangyo Kaisha Ltd. 1,800 24,897 13,860 0.0 Soulbrain Holdings Co. Ltd. 259 35,871 13,699 0.0 Ciech SA 1,215 20,452 13,377 0.0 POSCO Chemical Co. Ltd. Rights Exp. 01/14/2021 334 0 11,928 0.0

92 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets SGL Carbon SE 2,097 28,963 11,751 0.0 Sanyo Special Steel Co. Ltd. 700 20,318 11,074 0.0 MACA Ltd. 8,970 13,122 10,714 0.0 Dacian Gold Ltd. 18,408 25,705 7,420 0.0 Matsuda Sangyo Co. Ltd. 300 6,340 6,615 0.0 Nichiban Co. Ltd. 300 12,423 6,112 0.0 Jacquet Metals SA 281 10,179 6,089 0.0 Kurimoto Ltd. 300 7,614 5,945 0.0 Arakawa Chemical Industries Ltd. 400 11,378 5,839 0.0 Asahi Yukizai Corp. 300 7,018 5,594 0.0 Krosaki Harima Corp. 100 6,479 4,868 0.0 Godo Steel Ltd. 200 5,186 4,790 0.0 Okura Industrial Co. Ltd. 200 7,835 4,714 0.0 Tomoku Co. Ltd. 200 5,339 4,218 0.0 Chori Co. Ltd. 200 4,684 3,865 0.0 KISWIRE Ltd. 211 6,834 3,638 0.0 Kolon Corp. 140 10,856 3,579 0.0 Hansol Holdings Co. Ltd. 809 5,324 3,496 0.0 Texwinca Holdings Ltd. 14,000 11,509 3,427 0.0 AK Holdings, Inc. 111 8,678 3,274 0.0 Sung Kwang Bend Co. Ltd. 369 5,462 3,168 0.0 Seah Besteel Corp. 245 8,184 3,046 0.0 Osaka Steel Co. Ltd. 200 5,298 3,031 0.0 Chuetsu Pulp & Paper Co. Ltd. 200 4,666 2,976 0.0 Gun-Ei Chemical Industry Co. Ltd. 100 4,371 2,908 0.0 Yushiro Chemical Industry Co. Ltd. 200 4,511 2,734 0.0 TK Corp. 304 4,780 2,731 0.0 Mitsubishi Paper Mills Ltd. 600 5,147 2,310 0.0 Nakayama Steel Works Ltd. 300 2,663 1,418 0.0 106,236,321 128,680,603 7.1 Consumer Discretionary Toyota Motor Corp. 176,162 14,761,596 17,296,650 1.0 LVMH Moet Hennessy Louis Vuitton SE 17,850 8,425,761 14,215,602 0.8 Sony Corp. 88,500 6,241,399 11,231,764 0.6 adidas AG 13,866 4,644,676 6,438,917 0.4 Nintendo Co. Ltd. 7,700 3,600,279 6,254,822 0.4 Daimler AG 57,772 4,783,830 5,204,287 0.3 Kering SA 5,344 3,510,116 4,951,495 0.3 Honda Motor Co. Ltd. 122,900 4,578,992 4,363,828 0.3 Fast Retailing Co. Ltd. 3,700 2,507,530 4,221,852 0.3 Cie Financiere Richemont SA Series A 36,481 3,690,972 4,210,489 0.3 RELX plc 133,571 3,895,877 4,169,721 0.3 Wesfarmers Ltd. 80,822 3,177,718 4,004,516 0.2 Volkswagen AG Pfd. 13,100 2,998,827 3,112,464 0.2 Industria de Diseno Textil SA 75,117 3,144,490 3,049,091 0.2 Compass Group plc 127,756 3,415,204 3,032,487 0.2 Hermes International 2,197 1,924,744 3,012,357 0.2 Oriental Land Co. Ltd. 13,400 2,009,740 2,817,570 0.2 Ferrari NV 8,669 1,494,145 2,549,276 0.2 Seven & i Holdings Co. Ltd. 55,100 2,814,320 2,487,794 0.2 Denso Corp. 32,700 1,972,154 2,475,095 0.2 Shiseido Co. Ltd. 27,800 2,220,998 2,447,936 0.2 Bayerische Motoren Werke AG 21,557 2,395,767 2,427,152 0.2 Flutter Entertainment plc 9,165 1,482,408 2,411,675 0.2 Vivendi SA 56,159 1,899,311 2,309,326 0.1 Panasonic Corp. 151,800 2,096,436 2,229,983 0.1 Wolters Kluwer NV 19,088 1,564,268 2,054,841 0.1 Cie Generale des Etablissements Michelin SCA 12,557 1,996,568 2,054,279 0.1 Delivery Hero SE 10,172 854,321 2,013,730 0.1 Hyundai Motor Co. 8,571 1,348,758 1,929,978 0.1 Suzuki Motor Corp. 32,400 1,919,017 1,911,855 0.1 Fiat Chrysler Automobiles NV 79,610 1,491,843 1,819,251 0.1 Henkel AG & Co. KGaA Pfd. 12,592 1,837,396 1,811,705 0.1 Bridgestone Corp. 41,500 2,118,701 1,732,921 0.1 Daiwa House Industry Co. Ltd. 45,700 1,917,284 1,727,847 0.1 Hennes & Mauritz AB Class B 62,764 1,687,737 1,674,675 0.1 Zalando SE 11,763 821,568 1,669,694 0.1 Shimano, Inc. 5,600 1,127,800 1,664,313 0.1 Techtronic Industries Co. Ltd. 90,000 801,405 1,635,497 0.1 Bandai Namco Holdings, Inc. 14,000 897,086 1,542,003 0.1 Galaxy Entertainment Group Ltd. 154,000 1,329,891 1,524,508 0.1 Continental AG 7,908 1,832,693 1,494,650 0.1 Evolution Gaming Group AB 11,365 557,737 1,471,781 0.1

93 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Aristocrat Leisure Ltd. 47,383 1,186,560 1,444,023 0.1 Nitori Holdings Co. Ltd. 5,300 1,014,485 1,413,943 0.1 Hyundai Mobis Co. Ltd. 4,654 1,250,924 1,394,559 0.1 Kia Motors Corp. 18,617 824,814 1,362,429 0.1 Peugeot SA 38,691 1,155,454 1,349,171 0.1 NCSoft Corp. 1,211 673,169 1,322,250 0.1 Toyota Industries Corp. 11,600 870,365 1,172,310 0.1 WPP plc 84,055 1,572,432 1,171,050 0.1 Next plc 9,470 921,961 1,168,619 0.1 Subaru Corp. 45,200 1,680,919 1,150,357 0.1 Nexon Co. Ltd. 29,100 545,687 1,141,880 0.1 Makita Corp. 17,300 850,494 1,103,664 0.1 Persimmon plc 22,642 896,928 1,091,053 0.1 Pan Pacific International Holdings Corp. 37,000 724,473 1,090,276 0.1 Moncler SPA 13,836 673,446 1,081,399 0.1 Sekisui House Ltd. 40,800 970,250 1,057,255 0.1 InterContinental Hotels Group plc 12,850 989,129 1,049,537 0.1 Publicis Groupe SA 16,058 1,152,997 1,020,274 0.1 Informa plc 106,702 1,232,647 1,020,156 0.1 Pandora A/S 6,971 669,200 994,164 0.1 Nissan Motor Co. Ltd. 138,100 1,329,339 954,294 0.1 Sands China Ltd. 170,400 1,061,574 953,320 0.1 Porsche Automobil Holding SE Pfd. 10,755 922,244 945,542 0.1 Puma SE 6,571 562,589 945,214 0.1 Sumitomo Electric Industries Ltd. 53,900 973,600 908,864 0.1 Henkel AG & Co. KGaA 7,220 964,940 887,422 0.1 Burberry Group plc 28,428 878,143 885,931 0.1 Valeo SA 17,121 994,697 861,497 0.1 Ubisoft Entertainment SA 6,826 655,065 838,888 0.1 Yamaha Corp. 11,100 649,791 831,404 0.1 Barratt Developments plc 71,246 715,121 831,299 0.1 LG Electronics, Inc. 5,226 476,529 827,414 0.1 Entain plc 41,309 602,457 815,433 0.1 Keio Corp. 8,200 578,385 809,476 0.1 Whitbread plc 14,981 831,795 808,769 0.1 Hyundai Motor Co. Pfd. 7,554 693,305 787,806 0.0 Taylor Wimpey plc 254,856 763,009 735,870 0.1 Renault SA 13,158 1,155,548 733,464 0.1 Kingfisher plc 154,179 702,317 726,029 0.1 Koito Manufacturing Co. Ltd. 8,200 593,829 710,316 0.1 Berkeley Group Holdings plc 8,355 572,290 689,969 0.1 Sekisui Chemical Co. Ltd. 26,700 573,609 643,778 0.1 Pearson plc 53,051 672,550 628,608 0.1 Volkswagen AG 2,328 506,334 617,275 0.1 Accor SA 13,228 745,178 610,347 0.1 Dentsu, Inc. 15,700 829,801 593,787 0.1 Swatch Group AG (Bearer) 1,702 716,773 592,405 0.1 Tabcorp Holdings Ltd. 146,896 611,271 563,202 0.1 LG Electronics, Inc. Pfd. 7,469 234,562 558,860 0.1 Capcom Co. Ltd. 6,600 222,777 545,656 0.1 MonotaRO Co. Ltd. 8,300 266,154 537,697 0.1 B&M European Value Retail SA 59,577 374,786 535,573 0.1 Husqvarna AB Class B 31,826 359,908 525,803 0.0 Amorepacific Corp. 2,152 598,869 519,911 0.0 Yamaha Motor Co. Ltd. 19,900 572,014 516,653 0.0 Electrolux AB Series B 17,178 542,031 509,909 0.0 Bayerische Motoren Werke AG Pfd. 5,760 482,410 495,624 0.0 Howden Joinery Group plc 40,989 368,054 492,251 0.0 ITV plc 261,775 654,233 486,879 0.0 JD Sports Fashion plc 32,186 302,180 482,045 0.0 Konami Holdings Corp. 6,700 397,150 479,516 0.0 Games Workshop Group plc 2,377 194,777 463,627 0.0 Aisin Seiki Co. Ltd. 12,000 648,901 458,292 0.0 Kose Corp. 2,100 415,040 456,071 0.0 Stanley Electric Co. Ltd. 11,000 417,357 451,320 0.0 Toho Co. Ltd. 8,400 400,347 450,888 0.0 Bellway plc 8,566 446,910 440,816 0.0 Ryohin Keikaku Co. Ltd. 16,900 525,352 438,974 0.0 Square Enix Holdings Co. Ltd. 5,500 297,138 424,852 0.0 Nokian Renkaat Oyj 9,327 413,751 419,013 0.0 Sodexo SA Loyalty Bonus 3,846 564,954 414,984 0.0 Rinnai Corp. 2,800 293,911 413,919 0.0 CD Projekt SA 4,398 337,661 413,086 0.0 USS Co. Ltd. 15,500 363,043 398,976 0.0

94 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Thule Group AB 8,342 254,895 398,059 0.0 Faurecia SE 6,002 393,939 392,107 0.0 Singapore Airlines Ltd. 92,360 466,324 381,049 0.0 Mazda Motor Corp. 44,500 631,716 379,985 0.0 Woongjin Coway Co. Ltd. 4,399 440,422 375,066 0.0 Deutsche Lufthansa AG 22,217 513,192 374,544 0.0 Domino's Pizza Enterprises Ltd. 4,336 209,029 369,486 0.0 JB Hi-Fi Ltd. 7,703 216,870 368,184 0.0 Dometic Group AB 21,547 265,184 364,171 0.0 La Francaise des Jeux SAEM 6,163 285,880 359,394 0.0 HomeServe plc 19,966 340,808 356,399 0.0 Sushiro Global Holdings Ltd. 7,296 160,873 355,617 0.0 CTS Eventim AG & Co. KGaA 4,170 282,282 353,611 0.0 HLB, Inc. 3,246 306,252 352,136 0.0 William Hill plc 74,770 263,003 351,701 0.0 Casio Computer Co. Ltd. 14,900 302,118 346,759 0.0 Swatch Group AG 5,126 368,034 345,458 0.0 Marui Group Co. Ltd. 15,400 406,111 344,334 0.0 Adevinta ASA Class B 15,952 232,094 341,802 0.0 Yamada Holdings Co. Ltd. 49,900 330,430 337,428 0.0 Nordic Entertainment Group AB Class B 4,651 169,061 330,881 0.0 carsales.com Ltd. 16,795 251,460 330,382 0.0 Kyushu Railway Co. 11,996 474,988 329,357 0.0 Marks & Spencer Group plc 137,638 572,509 326,705 0.0 Schibsted ASA Class B 6,806 230,143 323,867 0.0 Minth Group Ltd. 48,000 245,017 322,565 0.0 Genting Singapore Ltd. 391,600 358,962 320,859 0.0 Man Wah Holdings Ltd. 113,600 123,589 313,947 0.0 ANA Holdings, Inc. 10,857 434,283 305,052 0.0 Asics Corp. 12,400 261,082 302,961 0.0 Prada SPA 36,000 171,918 302,848 0.0 Schibsted ASA Class A 5,505 226,187 300,048 0.0 Dufry AG 3,739 390,115 299,513 0.0 Sega Sammy Holdings, Inc. 14,500 263,250 291,109 0.0 NGK Spark Plug Co. Ltd. 13,300 344,666 289,337 0.0 Countryside Properties plc 35,430 205,682 288,391 0.0 Hakuhodo DY Holdings, Inc. 16,500 290,013 288,098 0.0 Nifco, Inc. 5,700 194,519 284,508 0.0 Vistry Group plc 17,384 334,063 284,425 0.0 Hotel Shilla Co. Ltd. 2,936 265,516 283,384 0.0 ComfortDelGro Corp. Ltd. 167,300 354,172 269,318 0.0 Trainline plc 33,273 284,196 268,863 0.0 Lagardere SCA 8,309 257,041 265,259 0.0 Skylark Holdings Co. Ltd. 13,223 273,269 260,577 0.0 Iida Group Holdings Co. Ltd. 10,000 223,147 257,157 0.0 Hella GmbH & Co. KGaA 3,107 196,492 256,205 0.0 Qantas Airways Ltd. 52,761 253,409 251,562 0.0 Sodexo SA 2,329 302,749 251,300 0.0 Pets at Home Group plc 34,293 117,180 248,559 0.0 Pirelli & C. SPA 35,615 304,462 246,106 0.0 Sumitomo Forestry Co. Ltd. 9,200 180,059 244,531 0.0 Japan Airlines Co. Ltd. 9,900 386,740 243,713 0.0 Harvey Norman Holdings Ltd. 52,763 212,899 243,272 0.0 Hankook Tire & Technology Co. Ltd. 5,192 249,796 239,911 0.0 Fancl Corp. 4,700 135,861 238,654 0.0 TUI AG 29,792 550,213 237,830 0.0 Breville Group Ltd. 9,443 136,233 237,373 0.0 K's Holdings Corp. ADR 13,300 194,570 235,671 0.0 E-MART, Inc. 1,306 274,753 232,047 0.0 WH Smith plc 8,797 288,452 231,331 0.0 ProSiebenSat.1 Media SE 10,572 333,474 226,678 0.0 Samsonite International SA 99,300 353,836 224,175 0.0 Stroeer SE & Co. KGaA 1,768 163,792 223,233 0.0 Crown Resorts Ltd. 23,194 222,589 219,580 0.0 easyJet plc 15,182 275,254 219,447 0.0 Star Entertainment Group Ltd. 60,651 259,162 219,420 0.0 Chow Tai Fook Jewellery Group Ltd. 136,800 209,673 219,151 0.0 SSP Group plc 37,834 357,242 218,615 0.0 Wynn Macau Ltd. 102,000 309,048 218,204 0.0 International Consolidated Airlines Group SA 77,861 370,531 216,680 0.0 Korean Air Lines Co. Ltd. 6,747 178,231 215,228 0.0 Carnival plc 8,939 616,589 212,804 0.0 Zensho Holdings Co. Ltd. 6,400 179,464 212,359 0.0 ZOZO, Inc. 6,700 185,869 210,739 0.0

95 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Hanon Systems 10,867 147,595 207,101 0.0 RTL Group SA 3,311 244,873 205,106 0.0 Future plc 6,774 153,986 205,030 0.0 Wizz Air Holdings plc 2,579 142,955 204,983 0.0 Goldwin, Inc. 2,400 147,725 201,678 0.0 Fielmann AG 1,947 194,931 201,675 0.0 Shimamura Co. Ltd. 1,500 174,341 200,642 0.0 IDP Education Ltd. 10,172 126,012 198,498 0.0 Kangwon Land, Inc. 7,193 253,018 198,243 0.0 TS Tech Co. Ltd. 4,700 191,719 185,007 0.0 AP Eagers Ltd. 14,038 134,105 183,409 0.0 Isetan Mitsukoshi Holdings Ltd. 24,200 312,527 182,157 0.0 Toyoda Gosei Co. Ltd. 4,900 145,138 181,090 0.0 Netmarble Corp. 1,166 179,080 179,822 0.0 SJM Holdings Ltd. 126,000 169,200 179,491 0.0 Freni Brembo SPA 10,644 176,167 179,192 0.0 De' Longhi SPA 4,450 151,218 178,827 0.0 Playtech plc 25,257 239,187 176,511 0.0 Domino's Pizza Group plc 31,755 168,161 174,752 0.0 Bapcor Ltd. 22,823 127,488 174,559 0.0 Hugo Boss AG 4,079 346,762 173,520 0.0 Nikon Corp. 21,600 424,414 173,514 0.0 Fila Korea Ltd. 3,327 158,101 170,512 0.0 NagaCorp Ltd. 102,000 160,140 170,273 0.0 LPP SA 60 149,321 169,969 0.0 D'ieteren SA 1,592 106,664 168,253 0.0 Cie Plastic Omnium SA 3,799 159,000 167,116 0.0 SATS Ltd. 43,500 181,214 166,888 0.0 J Front Retailing Co. Ltd. 16,500 300,512 165,937 0.0 Shinsegae, Inc. 587 179,832 164,878 0.0 Sotetsu Holdings, Inc. 5,400 199,700 164,852 0.0 Toyo Tire Corp. 8,500 173,513 164,462 0.0 Aston Martin Lagonda Global Holdings plc 4,678 169,521 163,667 0.0 Sixt SE 1,033 129,735 158,126 0.0 National Express Group plc 38,210 201,437 157,972 0.0 Basic-Fit NV 3,347 140,985 156,519 0.0 JTEKT Corp. 15,800 255,119 156,167 0.0 Forbo Holding AG 71 129,564 155,336 0.0 Redrow plc 15,420 172,499 153,470 0.0 AO World plc 21,344 68,098 152,770 0.0 Flight Centre Travel Group Ltd. 9,779 211,219 152,375 0.0 SKYCITY Entertainment Group Ltd. 51,562 171,980 151,823 0.0 Bic Camera, Inc. 10,600 159,333 149,765 0.0 Mando Corp. 2,160 105,025 148,954 0.0 JCDecaux SA 5,107 195,938 148,310 0.0 Fujitsu General Ltd. 4,300 110,711 148,303 0.0 Pola Orbis Holdings, Inc. 5,700 186,908 147,283 0.0 Sumitomo Rubber Industries Ltd. 13,400 226,558 146,666 0.0 Brunello Cucinelli SPA 2,635 118,648 146,636 0.0 Toei Co. Ltd. 700 130,620 145,804 0.0 Hanjin Kal Corp. 1,946 61,590 144,010 0.0 Corporate Travel Management Ltd. 8,325 156,911 143,223 0.0 Dunelm Group plc 6,750 93,799 142,589 0.0 ARB Corp. Ltd. 4,559 70,791 138,042 0.0 CIE Automotive SA 4,003 139,182 137,652 0.0 Dixons Carphone plc 66,653 211,706 134,416 0.0 Yue Yuen Industrial Holdings Ltd. 50,500 196,489 133,920 0.0 Jardine Cycle & Carriage Ltd. 7,100 222,209 133,801 0.0 Yokohama Rubber Co. Ltd. 7,000 181,908 132,502 0.0 Trigano SA 584 88,588 131,817 0.0 Salvatore Ferragamo SPA 5,323 149,832 131,598 0.0 Daily Mail And General Trust plc 10,139 122,367 131,545 0.0 Melco International Development Ltd. 53,000 164,352 131,320 0.0 Katitas Co. Ltd. 3,200 82,145 131,293 0.0 Amorepacific Group 2,037 212,276 131,154 0.0 Kadokawa Dwango 2,800 59,010 129,393 0.0 NHK Spring Co. Ltd. 14,800 164,182 129,299 0.0 Izumi Co. Ltd. 2,800 160,155 129,047 0.0 Daiichikosho Co. Ltd. 2,900 171,247 127,573 0.0 ABC-Mart, Inc. 1,800 142,068 127,493 0.0 Singapore Press Holdings Ltd. 116,000 256,124 126,354 0.0 NOK Corp. 9,100 190,963 124,530 0.0 Shochiku Co. Ltd. 700 121,104 122,137 0.0 JS Global Lifestyle Co. Ltd. 49,500 110,710 121,834 0.0

96 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Nine Entertainment Co. Holdings Ltd. 52,606 96,781 119,981 0.0 Hyundai Department Store Co. Ltd. 1,418 142,170 118,739 0.0 IPSOS 2,752 120,723 118,399 0.0 zooplus AG 447 83,949 118,314 0.0 Pearl Abyss Corp. 386 97,698 117,837 0.0 Technogym SPA 8,149 105,350 117,373 0.0 Wacoal Holdings Corp. 4,500 148,825 115,276 0.0 Firstgroup plc 89,444 152,865 115,267 0.0 Webjet Ltd. 23,122 124,138 115,245 0.0 Benesse Holdings, Inc. 4,600 180,739 114,262 0.0 Sixt SE Pfd. 1,270 113,127 113,634 0.0 Air France-KLM 14,170 179,018 113,092 0.0 Atom Corp. 10,500 117,668 112,722 0.0 Com2uSCorp 596 85,737 111,348 0.0 InvoCare Ltd. 9,735 123,189 109,580 0.0 Mitsubishi Motors Corp. 40,900 301,893 109,517 0.0 Frasers Group plc 13,849 80,566 108,868 0.0 Super Retail Group Ltd. 10,515 82,678 108,850 0.0 Crest Nicholson Holdings plc 19,160 137,444 108,710 0.0 J.D. Wetherspoon plc 5,560 110,249 108,059 0.0 ALD SA 6,023 119,735 107,970 0.0 PointsBet Holdings Ltd. 9,205 50,093 107,415 0.0 Fuji Kyuko Co. Ltd. 1,800 64,624 106,947 0.0 Bilia AB Class A 6,794 93,039 106,870 0.0 Gamesys Group plc 5,352 106,224 106,253 0.0 Yoshinoya Holdings Co. Ltd. 4,500 110,280 105,892 0.0 KOMEDA Holdings Co. Ltd. 4,600 110,165 105,861 0.0 Sanoma Oyj 4,935 68,048 105,698 0.0 Cheil Worldwide, Inc. 4,352 121,548 105,142 0.0 CJ ENM Co. Ltd. 634 154,248 103,725 0.0 Kisoji Co. Ltd. 3,500 109,543 103,696 0.0 888 Holdings plc 20,674 78,058 102,790 0.0 Dalata Hotel Group plc 17,409 144,920 102,714 0.0 Ceconomy AG 11,599 164,822 102,426 0.0 Modern Times Group MTG AB Class B 4,464 133,973 101,589 0.0 Betsson AB 8,854 83,087 101,227 0.0 Sankyo Co. Ltd. 2,900 134,395 99,840 0.0 Tokyo Dome Corp. 6,200 72,481 99,304 0.0 L'Occitane International SA 31,250 81,634 99,199 0.0 DCM Holdings Co. Ltd. 6,800 93,787 98,929 0.0 Milbon Co. Ltd. 1,200 63,231 97,285 0.0 MGM China Holdings Ltd. 44,400 116,011 97,172 0.0 Watches of Switzerland Group plc 9,600 34,574 96,799 0.0 Takashimaya Co. Ltd. 8,800 156,637 96,101 0.0 Toyota Boshoku Corp. 4,600 95,386 95,076 0.0 Plenus Co. Ltd. 4,400 101,750 94,743 0.0 Valor Holdings Co. Ltd. 2,900 81,475 94,579 0.0 Kappa Create Co. Ltd. 5,300 93,650 94,503 0.0 Xiabuxiabu Catering Management China Holdings Co. Ltd. 32,000 81,167 92,957 0.0 Fnac Darty SA 1,084 113,277 89,049 0.0 Ringer Hut Co. Ltd. 3,200 94,007 88,924 0.0 McCarthy & Stone plc 41,731 103,851 87,064 0.0 Colowide Co. Ltd. 4,300 101,481 86,647 0.0 Metropole Television SA 4,101 105,091 84,767 0.0 Noevir Holdings Co. Ltd. 1,500 106,230 84,588 0.0 Gestamp Automocion SA 13,735 95,810 84,484 0.0 JYP Entertainment Corp. 1,872 64,345 84,306 0.0 Lotte Shopping Co. Ltd. 691 153,987 83,066 0.0 Amorepacific Corp. Pfd. 1,139 136,980 82,820 0.0 Hanssem Co. Ltd. 673 80,925 82,480 0.0 IGG, Inc. 61,000 76,213 81,384 0.0 Cathay Pacific Airways Ltd. 68,727 98,979 80,965 0.0 Hong Kong Television Network Ltd. 43,000 48,455 80,684 0.0 Kogan.com Ltd. 4,317 86,367 80,635 0.0 Sebang Global Battery Co. Ltd. 997 34,365 80,563 0.0 Tokai Rika Co. Ltd. 3,700 89,500 79,671 0.0 Duskin Co. Ltd. 2,200 67,815 77,994 0.0 Zojirushi Corp. 3,400 67,709 77,364 0.0 Shangri-La Asia Ltd. 68,000 118,321 77,204 0.0 Cineworld Group plc 68,867 278,299 76,876 0.0 Shoei Co. Ltd. 1,500 44,893 76,721 0.0 Resorttrust, Inc. 4,200 97,240 76,392 0.0 Melia Hotels International SA 8,543 99,417 76,172 0.0 Kyoritsu Maintenance Co. Ltd. 1,600 89,207 75,814 0.0

97 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Komeri Co. Ltd. 2,100 62,575 75,563 0.0 Citizen Watch Co. Ltd. 20,800 129,285 75,459 0.0 Television Francaise 1 7,344 96,719 75,441 0.0 Nexteer Automotive Group Ltd. 55,000 97,930 75,277 0.0 Autogrill SPA 8,764 129,586 74,728 0.0 Nobia AB 7,263 69,226 74,193 0.0 Youngone Corp. 1,995 83,059 74,169 0.0 Hyundai Wia Corp. 1,156 69,359 72,532 0.0 Kolmar Korea Co. Ltd. 1,210 69,726 72,231 0.0 G8 Education Ltd. 62,239 102,619 72,200 0.0 Hornbach Holding AG & Co. KGaA 586 61,897 71,889 0.0 Joyful Honda Co. Ltd. 3,900 63,453 71,224 0.0 Maisons du Monde SA 3,053 112,897 71,147 0.0 Mediaset Espana Comunicacion SA 10,699 123,242 71,047 0.0 GungHo Online Entertainment, Inc. 2,490 76,261 70,915 0.0 St Marc Holdings Co. Ltd. 4,100 85,784 70,829 0.0 Cairn Homes plc 46,284 106,976 70,705 0.0 Sangetsu Corp. 3,600 89,374 68,899 0.0 Zinus, Inc. 569 50,445 68,734 0.0 Autobacs Seven Co. Ltd. 3,900 80,151 68,673 0.0 SAS AB 242,557 84,820 68,670 0.0 Musashi Seimitsu Industry Co. Ltd. 3,400 55,798 68,638 0.0 oOh!media Ltd. 41,468 80,276 67,672 0.0 Interparfums SA 1,001 45,275 67,018 0.0 Hiday Hidaka Corp. 3,132 70,054 67,015 0.0 Nojima Corp. 1,900 46,891 66,326 0.0 Hyosung TNC Co. Ltd. 268 50,887 66,319 0.0 Okamura Corp. 5,800 84,269 66,059 0.0 Cafe de Coral Holdings Ltd. 24,000 81,318 65,854 0.0 GUD Holdings Ltd. 5,702 60,918 65,809 0.0 Collins Foods Ltd. 6,832 45,936 64,746 0.0 Luk Fook Holdings International Ltd. 21,000 81,653 64,523 0.0 Sanrio Co. Ltd. 3,700 96,805 64,376 0.0 Accell Group NV 1,593 56,870 64,190 0.0 Halfords Group plc 13,800 59,525 64,167 0.0 Bonava AB Class B 5,221 81,924 63,741 0.0 EDION Corp. 4,900 64,596 63,366 0.0 Mediaset SPA 19,280 84,767 62,692 0.0 Tomy Co. Ltd. 5,500 80,039 61,760 0.0 Sun Art Retail Group Ltd. 47,500 66,026 61,500 0.0 SeaLink Travel Group Ltd. 9,248 41,173 60,822 0.0 NHN Corp. 694 59,132 60,718 0.0 Token Corp. 600 56,819 60,563 0.0 Heiwa Corp. 3,400 89,904 59,701 0.0 Prestige International, Inc. 5,300 43,518 59,645 0.0 Kohnan Shoji Co. Ltd. 1,500 44,297 59,508 0.0 Cosmax, Inc. 495 60,603 57,763 0.0 Tokyotokeiba Co. Ltd. 1,000 47,947 57,749 0.0 Delek Automotive Systems Ltd. 4,824 28,386 57,729 0.0 Elior Group SA 6,699 156,831 57,642 0.0 Yokowo Co. Ltd. 1,500 53,697 57,472 0.0 Ichibanya Co. Ltd. 900 49,433 57,194 0.0 Innocean Worldwide, Inc. 810 62,416 56,618 0.0 Topre Corp. 2,900 81,374 56,576 0.0 Central Sports Co. Ltd. 2,100 59,969 56,361 0.0 TI Fluid Systems plc 13,074 31,904 55,828 0.0 Stella International Holdings Ltd. 37,500 67,335 55,515 0.0 FCC Co. Ltd. 2,500 70,559 55,004 0.0 Air New Zealand Ltd. 33,091 86,355 54,637 0.0 CCC SA 1,824 115,789 54,583 0.0 RAI Way SPA 6,404 49,069 54,505 0.0 Mandom Corp. 2,600 94,933 54,477 0.0 Kathmandu Holdings Ltd. 46,259 57,473 54,314 0.0 Kura Sushi, Inc. 700 48,463 54,072 0.0 TBS Holdings, Inc. 2,400 59,724 53,662 0.0 Webzen, Inc. 1,311 33,527 53,198 0.0 Mitchells & Butlers plc 12,630 70,242 52,898 0.0 Finnair Oyj 44,771 56,029 52,865 0.0 Descente Ltd. 2,400 44,888 52,744 0.0 Scandic Hotels Group AB 9,604 82,167 51,847 0.0 H2O Retailing Corp. 6,000 114,832 51,678 0.0 Itochu Enex Co. Ltd. 4,100 44,082 51,351 0.0 Nishimatsuya Chain Co. Ltd. 2,800 36,993 51,170 0.0 Nissan Shatai Co. Ltd. 4,800 59,439 50,701 0.0

98 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Relia, Inc. 3,200 49,394 50,503 0.0 Create Restaurants Holdings, Inc. 6,600 57,300 50,494 0.0 MOS Food Services, Inc. 1,400 45,581 50,392 0.0 Daikyonishikawa Corp. 4,900 58,466 50,366 0.0 Teikoku Sen-I Co. Ltd. 1,700 50,542 50,115 0.0 Marston's plc 37,993 75,638 50,020 0.0 DoubleUGames Co. Ltd. 706 54,725 49,845 0.0 Kinepolis Group NV 912 74,366 49,402 0.0 F&F Co. Ltd. 497 53,619 49,195 0.0 Round One Corp. 4,300 67,525 49,187 0.0 ValueCommerce Co. Ltd. 1,200 31,505 47,236 0.0 Saizeriya Co. Ltd. 2,000 59,912 47,088 0.0 Studio Dragon Corp. 433 49,876 47,024 0.0 Southern Cross Media Group Ltd. 21,123 68,324 46,515 0.0 Monogatari Corp. 300 34,535 46,496 0.0 Pacific Industrial Co. Ltd. 3,500 63,828 46,384 0.0 ElringKlinger AG 1,878 32,355 46,371 0.0 Accent Group Ltd. 20,380 28,177 46,281 0.0 Juventus Football Club SPA 36,376 60,097 46,190 0.0 Infomedia Ltd. 24,330 37,236 46,163 0.0 Fuji Media Holdings, Inc. 3,400 56,396 46,150 0.0 Kumho Tire Co. Inc. 10,389 55,956 46,117 0.0 Lifestyle International Holdings Ltd. 45,500 68,420 45,977 0.0 Go-Ahead Group plc 2,665 85,765 45,691 0.0 Gunze Ltd. 1,100 65,490 45,607 0.0 SM Entertainment Co. Ltd. 1,295 58,657 45,183 0.0 DO & CO AG 432 49,589 44,983 0.0 AmRest Holdings SE 4,722 71,370 44,723 0.0 KYB Corp. 1,500 73,241 43,775 0.0 Schaeffler AG Pfd. 4,106 61,930 43,747 0.0 SkiStar AB 2,637 40,164 43,689 0.0 Joshin Denki Co. Ltd. 1,300 40,365 43,681 0.0 Autoneum Holding AG 187 40,637 43,554 0.0 Adastria Co. Ltd. 1,700 54,555 43,381 0.0 Chow Sang Sang Holdings International Ltd. 30,000 58,589 43,377 0.0 Paradise Co. Ltd. 2,410 50,558 43,244 0.0 Fattal Holdings 1998 Ltd. 315 53,772 43,208 0.0 Restaurant Group plc 37,918 82,618 42,394 0.0 Jumbo Interactive Ltd. 3,050 65,859 42,158 0.0 Asiana Airlines, Inc. 8,389 46,282 41,420 0.0 Mekonomen AB Series B 2,919 32,648 41,252 0.0 Avex, Inc. 2,900 37,946 40,938 0.0 Ichikoh Industries Ltd. 4,800 47,612 40,869 0.0 Doutor Nichires Holdings Co. Ltd. 2,200 57,993 40,259 0.0 Hyosung Advanced Materials Corp. 230 41,591 40,191 0.0 KFC Holdings Japan Ltd. 1,100 25,427 39,933 0.0 Mizuno Corp. 1,600 45,500 39,684 0.0 Kanagawa Chuo Kotsu Co. Ltd. 800 41,471 39,240 0.0 Royal Holdings Co. Ltd. 1,700 54,570 38,598 0.0 San-Ai Oil Co. Ltd. 2,800 37,676 38,593 0.0 Lovisa Holdings Ltd. 3,431 32,317 38,216 0.0 YG Entertainment, Inc. 728 19,156 38,164 0.0 Arcland Sakamoto Co. Ltd. 1,800 28,466 38,003 0.0 Piaggio & C. SPA 9,039 31,341 37,987 0.0 Alpen Co. Ltd. 1,300 30,067 37,922 0.0 Belluna Co. Ltd. 2,700 26,369 37,781 0.0 Toridoll Holdings Corp. 2,200 38,333 37,544 0.0 HIS Co. Ltd. 1,900 51,592 37,465 0.0 Shinsegae International, Inc. 194 48,072 36,745 0.0 Media Do Holdings Co. Ltd. 400 14,440 36,575 0.0 Tod's SPA 824 59,406 36,556 0.0 Nippon Seiki Co. Ltd. 2,500 58,485 36,001 0.0 Matsuya Co. Ltd. 3,900 44,901 35,997 0.0 Apollo Future Mobility Group Ltd. 284,000 35,993 35,930 0.0 Nextage Co. Ltd. 2,200 32,087 35,888 0.0 Ohsho Food Service Corp. 500 37,984 35,723 0.0 GS Home Shopping, Inc. 216 35,975 35,212 0.0 HT&E Ltd. 19,349 35,203 35,190 0.0 Promotora de Informaciones SA Class A 25,254 65,548 35,154 0.0 Kintetsu Department Store Co. Ltd. 900 37,731 34,927 0.0 Grand Korea Leisure Co. Ltd. 1,772 46,792 34,706 0.0 Gakken Holdings Co. Ltd. 1,600 33,039 34,551 0.0 China Travel International Investment Hong Kong Ltd. 197,639 58,755 34,422 0.0 Sanyo Electric Railway Co. Ltd. 1,400 40,527 34,205 0.0

99 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Sagami Holdings Corp. 2,300 37,502 33,972 0.0 Sumitomo Riko Co. Ltd. 4,500 51,422 33,761 0.0 Lotte Tour Development Co. Ltd. 1,900 26,018 33,424 0.0 Yellow Hat Ltd. 1,600 29,715 33,129 0.0 Hyundai Home Shopping Network Corp. 343 42,029 32,785 0.0 United Arrows Ltd. 1,700 75,029 32,011 0.0 Yondoshi Holdings, Inc. 1,300 36,992 32,003 0.0 Pou Sheng International Holdings Ltd. 105,000 32,666 31,744 0.0 Maxell Holdings Ltd. 2,000 43,672 31,737 0.0 S&T Motiv Co. Ltd. 539 29,712 31,227 0.0 Hana Tour Service, Inc. 474 41,859 31,130 0.0 GLOBERIDE, Inc. 600 21,552 31,059 0.0 Chofu Seisakusho Co. Ltd. 1,200 36,627 30,829 0.0 Television Broadcasts Ltd. 23,200 70,869 30,457 0.0 LEC, Inc. 1,900 32,234 30,385 0.0 CJ Hello Co. Ltd. 6,634 33,679 30,187 0.0 Ananti, Inc. 3,154 39,964 29,851 0.0 CJ CGV Co. Ltd. 1,007 49,747 29,761 0.0 G-Tekt Corp. 1,600 36,168 29,674 0.0 Seiko Holdings Corp. 1,800 55,691 29,297 0.0 Nippon Television Holdings, Inc. 2,100 45,983 29,126 0.0 G-7 Holdings, Inc. 1,000 27,097 28,801 0.0 Hyundai Greenfood Co. Ltd. 2,774 44,012 28,499 0.0 Marvelous, Inc. 2,600 27,163 28,393 0.0 VT Holdings Co. Ltd. 5,400 33,058 28,386 0.0 Vector, Inc. 2,300 31,650 28,324 0.0 Stagecoach Group plc 21,692 60,318 27,973 0.0 Neowiz 1,035 25,243 27,251 0.0 TV Asahi Holdings Corp. 1,300 28,017 27,142 0.0 Daido Metal Co. Ltd. 4,300 39,280 27,114 0.0 Geo Holdings Corp. 1,800 30,785 26,853 0.0 Arcland Service Holdings Co. Ltd. 1,000 18,642 26,666 0.0 Curves Holdings Co. Ltd. 2,800 22,781 26,639 0.0 Exedy Corp. 1,700 56,089 26,578 0.0 Clas Ohlson AB Class B 2,179 31,053 26,501 0.0 APG SGA SA 93 37,097 26,459 0.0 IDOM, Inc. 3,900 31,476 26,324 0.0 Hornbach Baumarkt AG 470 29,477 26,228 0.0 Uchida Yoko Co. Ltd. 500 24,047 26,129 0.0 Yorozu Corp. 2,000 30,209 25,592 0.0 Halla Holdings Corp. 581 31,774 25,484 0.0 Amuse, Inc. 800 26,118 25,469 0.0 Yonex Co. Ltd. 3,400 28,565 25,131 0.0 Rank Group plc 10,353 33,665 25,097 0.0 Youngone Holdings Co. Ltd. 565 27,600 25,014 0.0 LF Corp. 1,450 37,996 24,998 0.0 Cuckoo Homesys Co. Ltd. 542 25,211 24,854 0.0 Chiyoda Co. Ltd. 2,200 50,415 24,840 0.0 Fujio Food System Co. Ltd. 1,600 31,782 24,798 0.0 Futaba Industrial Co. Ltd. 3,800 34,088 24,758 0.0 TPR Co. Ltd. 1,400 44,622 24,462 0.0 LOTTE Himart Co. Ltd. 669 44,804 24,440 0.0 Keiyo Co. Ltd. 2,700 29,862 24,421 0.0 ST Corp. 1,000 26,095 24,149 0.0 Macromill, Inc. 2,800 44,950 23,149 0.0 Beneteau SA 1,564 33,541 23,075 0.0 Hankook Technology Group Co. Ltd. 1,315 23,642 22,593 0.0 Tamron Co. Ltd. 1,000 27,553 22,532 0.0 Yomiuri Land Co. Ltd. 300 14,900 22,285 0.0 PC Depot Corp. 3,200 26,884 22,152 0.0 Dynam Japan Holdings Co. Ltd. 16,800 32,218 22,110 0.0 Handsome Co. Ltd. 613 27,732 21,747 0.0 Unipres Corp. 1,800 46,765 21,545 0.0 NS Shopping Co. Ltd. 1,514 25,908 21,485 0.0 SL Corp. 1,126 28,249 21,459 0.0 Arnoldo Mondadori Editore SPA 9,064 27,976 21,335 0.0 PAL GROUP Holdings Co. Ltd. 1,400 27,653 21,093 0.0 AOKI Holdings, Inc. 3,300 47,199 21,012 0.0 AMA Group Ltd. 26,505 28,992 20,845 0.0 Modetour Network, Inc. 852 21,005 20,534 0.0 Foster Electric Co. Ltd. 1,300 34,163 20,421 0.0 Tachi-S Co. Ltd. 1,400 28,394 20,299 0.0 Pacific Textiles Holdings Ltd. 24,000 33,128 20,072 0.0 Sanoh Industrial Co. Ltd. 1,700 25,589 19,740 0.0

100 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Piolax, Inc. 1,000 30,802 19,546 0.0 Tourism Holdings Ltd. 8,149 33,841 19,435 0.0 Atresmedia Corp. de Medios de Comunicacion SA 4,252 31,065 19,089 0.0 Interpark Holdings Corp. 7,562 19,630 19,068 0.0 Sa Sa International Holdings Ltd. 92,000 31,897 18,290 0.0 Wemade Co. Ltd. 394 21,502 17,790 0.0 PIA Corp. 500 27,743 17,251 0.0 Hansae Co. Ltd. 836 29,201 17,158 0.0 Seven West Media Ltd. 52,718 23,291 17,103 0.0 JVCKenwood Corp. 8,700 29,710 17,069 0.0 World Co. Ltd. 1,100 29,203 17,008 0.0 Proto Corp. 1,300 14,734 16,699 0.0 Esprit Holdings Ltd. 89,900 44,777 16,691 0.0 Gurunavi, Inc. 2,500 29,618 16,134 0.0 Aoyama Trading Co. Ltd. 2,400 84,004 15,903 0.0 Riso Kyoiku Co. Ltd. 4,200 26,212 15,807 0.0 Riken Corp. 600 30,918 15,763 0.0 Press Kogyo Co. Ltd. 4,100 27,509 15,481 0.0 Koshidaka Holdings Co. Ltd. 2,800 47,639 15,341 0.0 Digital Holdings, Inc. 700 23,115 15,056 0.0 Giordano International Ltd. 80,000 52,928 14,985 0.0 Aisan Industry Co. Ltd. 2,400 28,650 14,245 0.0 TV Tokyo Holdings Corp. 500 14,065 14,203 0.0 Nexen Tire Corp. 1,949 22,274 14,149 0.0 Tosho Co. Ltd. 700 26,085 13,509 0.0 Thomson Medical Group Ltd. 280,100 21,965 13,500 0.0 Onward Holdings Co. Ltd. 5,200 45,467 13,282 0.0 Kamakura Shinsho Ltd. 900 17,339 12,694 0.0 Best World International Ltd. 10,100 22,413 12,637 0.0 Evolable Asia Corp. 800 19,330 12,320 0.0 Fujita Kanko, Inc. 700 20,330 12,309 0.0 TSI Holdings Co. Ltd. 4,500 37,610 11,439 0.0 Myer Holdings Ltd. 39,785 27,642 11,342 0.0 Restaurant Brands New Zealand Ltd. 1,059 7,045 11,220 0.0 B&S Group Sarl 951 25,656 10,940 0.0 GL Events 691 22,518 10,814 0.0 SG Fleet Group Ltd. 4,259 14,314 10,342 0.0 Akatsuki, Inc. 200 14,935 10,205 0.0 Digital Domain Holdings Ltd. 670,000 24,075 9,357 0.0 Crystal International Group Ltd. 23,500 30,359 9,190 0.0 Delta Galil Industries Ltd. 279 10,852 9,007 0.0 Chimney Co. Ltd. 600 17,179 8,588 0.0 Open Door, Inc. 500 11,781 8,582 0.0 Matsuyafoods Holdings Co. Ltd. 200 9,910 8,317 0.0 SMCP SA 1,023 38,314 7,932 0.0 Conexio Corp. 400 9,623 7,053 0.0 Wowow, Inc. 200 7,334 6,997 0.0 Tokyo Base Co. Ltd. 1,000 10,906 6,540 0.0 AKWEL 180 9,122 6,425 0.0 Asahi Co. Ltd. 300 5,167 6,012 0.0 Aeon Fantasy Co. Ltd. 200 11,909 6,004 0.0 Europcar Mobility Group 5,019 44,319 5,915 0.0 Happinet Corp. 300 6,683 5,805 0.0 Bronco Billy Co. Ltd. 200 5,955 5,664 0.0 France Bed Holdings Co. Ltd. 500 5,751 5,559 0.0 GOLFZON Co. Ltd. 65 4,338 5,283 0.0 Tsutsumi Jewelry Co. Ltd. 200 5,156 5,269 0.0 Warabeya Nichiyo Holdings Co. Ltd. 300 8,701 5,246 0.0 IMAX China Holding, Inc. 2,400 11,722 5,174 0.0 Nihon Trim Co. Ltd. 100 5,637 5,139 0.0 Xebio Holdings Co. Ltd. 500 11,863 5,078 0.0 WPP AUNZ Ltd. 7, 3 3 1 7,1 8 7 5 , 0 0 9 0 . 0 Studio Alice Co. Ltd. 200 6,331 4,758 0.0 Sankyo Seiko Co. Ltd. 800 4,967 4,738 0.0 Van de Velde NV 128 9,444 4,569 0.0 Mitsuba Corp. 800 16,849 4,501 0.0 Gamevil, Inc. 104 7,885 4,495 0.0 Kojima Co. Ltd. 500 2,102 4,387 0.0 WATAMI Co. Ltd. 400 7,372 4,299 0.0 Kolmar Korea Holdings Co. Ltd. 140 8,149 4,261 0.0 Lock&Lock Co. Ltd. 350 10,089 4,166 0.0 JP-Holdings, Inc. 1,200 4,636 4,161 0.0 Kourakuen Holdings Corp. 200 4,919 3,949 0.0 Honeys Holdings Co. Ltd. 300 3,862 3,880 0.0

101 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Hyundai Livart Furniture Co. Ltd. 206 7,773 3,853 0.0 Mars Group Holdings Corp. 200 6,192 3,835 0.0 Tokyo Individualized Educational Institute, Inc. 500 7,568 3,764 0.0 Itoki Corp. 900 8,124 3,709 0.0 NH Hotel Group SA 688 5,694 3,689 0.0 Chuo Spring Co. Ltd. 100 4,309 3,656 0.0 Daisyo Corp. 300 5,018 3,639 0.0 Corona Corp. Class A 300 4,852 3,443 0.0 Cuckoo Holdings Co. Ltd. 29 4,393 3,398 0.0 KT Skylife Co. Ltd. 319 5,028 3,296 0.0 Able C&C Co. Ltd. 379 10,121 3,289 0.0 Artnature, Inc. 400 3,591 3,223 0.0 Vita Group Ltd. 2,827 6,241 2,988 0.0 Cellumed Co. Ltd. 398 8,501 2,791 0.0 Meiko Network Japan Co. Ltd. 400 7,181 2,725 0.0 Daekyo Co. Ltd. 627 6,198 2,710 0.0 Sac's Bar Holdings, Inc. 400 6,151 2,670 0.0 Taiho Kogyo Co. Ltd. 300 5,652 2,654 0.0 Woongjin Thinkbig Co. Ltd. 815 5,021 2,633 0.0 SBS Media Holdings Co. Ltd. 1,165 4,305 2,541 0.0 Akebono Brake Industry Co. Ltd. 1,600 5,998 2,468 0.0 Kasai Kogyo Co. Ltd. 500 8,521 2,332 0.0 Takihyo Co. Ltd. 100 2,857 2,331 0.0 KNT-CT Holdings Co. Ltd. 200 4,315 2,322 0.0 Agabang & Co. 516 3,613 2,012 0.0 APAM Corp. 4,083 42,847 1,949 0.0 Rizzoli Corriere Della Sera Mediagroup SPA 2,173 3,510 1,931 0.0 New World Department Store China Ltd. 10,000 3,184 1,922 0.0 GNCO Co. Ltd. 1,495 5,252 1,867 0.0 Cleanup Corp. 300 3,008 1,773 0.0 Paris Miki Holdings, Inc. 500 3,295 1,771 0.0 Lifestyle China Group Ltd. 10,000 3,473 1,725 0.0 Funai Electric Co. Ltd. 300 2,930 1,514 0.0 Right On Co. Ltd. 200 2,307 1,508 0.0 Laox Co. Ltd. 600 4,953 1,347 0.0 Daikoku Denki Co. Ltd. 100 2,151 1,065 0.0 225,003,291 259,258,208 14.4 Consumer Staples Nestlé SA 198,772 24,454,752 29,868,585 1.7 Unilever plc 182,352 13,280,762 13,947,447 0.8 Diageo plc 164,516 7,776,223 8,245,572 0.5 British American Tobacco plc 163,728 9,998,751 7,721,354 0.4 Anheuser-Busch InBev SA 59,765 6,789,925 5,311,156 0.3 Reckitt Benckiser Group plc 45,233 4,956,731 5,153,328 0.3 L'Oréal SA Loyalty Bonus 9,450 2,840,455 4,578,297 0.3 L'Oréal SA 7,684 2,864,893 3,722,712 0.2 Pernod Ricard SA 14,899 3,142,732 3,641,617 0.2 Danone SA 43,066 4,305,057 3,608,984 0.2 Woolworths Group Ltd. 90,820 2,717,499 3,509,736 0.2 Kao Corp. 33,700 3,163,464 3,314,276 0.2 Tesco plc 691,294 2,632,020 2,785,788 0.2 Koninklijke Ahold Delhaize NV 77,073 2,428,013 2,776,472 0.2 Heineken NV 17,178 2,253,150 2,442,608 0.2 Japan Tobacco, Inc. 84,600 2,878,087 2,194,338 0.1 Aeon Co. Ltd. 50,500 1,293,452 2,109,359 0.1 Kerry Group plc Class A 11,043 1,608,684 2,039,842 0.1 Chocoladefabriken Lindt & Spruengli AG 80 1,391,716 1,799,828 0.2 Imperial Brands plc 67,194 2,845,648 1,796,810 0.1 Essity AB Class B 43,392 1,673,324 1,780,438 0.1 Unicharm Corp. 27,700 1,137,079 1,672,117 0.1 Kirin Holdings Co. Ltd. 55,500 1,568,647 1,666,917 0.1 Coles Group Ltd. 91,184 1,200,553 1,626,095 0.1 Asahi Group Holdings Ltd. 30,444 1,713,955 1,594,327 0.1 Carlsberg A/S Class B 7,206 1,167,907 1,471,648 0.1 Ocado Group plc 35,272 715,762 1,404,812 0.1 Kikkoman Corp. 13,100 763,681 1,159,020 0.1 LG Household & Health Care Ltd. 575 807,110 1,092,452 0.1 Swedish Match AB 10,947 670,473 1,083,106 0.1 Beiersdorf AG 7,189 1,031,279 1,058,317 0.1 HelloFresh SE 10,643 329,851 1,048,509 0.1 Ajinomoto Co. Inc. 35,000 870,382 1,009,532 0.1 Associated British Foods plc 24,919 1,060,467 982,492 0.1 Carrefour SA 41,125 1,038,898 899,404 0.1

102 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Heineken Holding NV 7,412 904,314 890,224 0.1 MEIJI Holdings Co. Ltd. 9,700 960,196 868,978 0.1 Mowi ASA 30,304 836,081 861,252 0.1 KT&G Corp. 7,867 908,996 766,708 0.1 Orkla ASA 55,798 682,953 722,328 0.1 Wilmar International Ltd. 149,501 522,918 670,116 0.1 WH Group Ltd. 597,402 747,722 638,017 0.1 Kesko Oyj Class B 19,216 388,005 630,231 0.1 Barry Callebaut AG 206 528,568 624,676 0.1 Yakult Honsha Co. Ltd. 9,735 772,874 624,654 0.1 Coca-Cola HBC AG 14,238 567,261 589,386 0.1 a2 Milk Co. Ltd. 52,238 517,932 578,357 0.1 Lion Corp. 17,900 453,064 551,754 0.1 Davide Campari-Milano NV 37,712 460,868 549,057 0.0 Royal Unibrew A/S 3,608 345,536 533,895 0.0 Nissin Foods Holdings Co. Ltd. 4,800 430,948 523,593 0.0 Budweiser Brewing Co. APAC Ltd. 121,100 572,082 509,373 0.0 WM Morrison Supermarkets plc 155,822 561,837 481,262 0.0 Treasury Wine Estates Ltd. 51,916 715,842 479,754 0.0 Tsuruha Holdings, Inc. 2,600 412,968 470,977 0.0 J Sainsbury plc 116,468 474,685 457,378 0.0 Coca-Cola Amatil Ltd. 35,428 327,926 450,334 0.0 Tate & Lyle plc 36,434 411,970 427,904 0.0 Suntory Beverage & Food Ltd. 9,200 523,308 414,363 0.0 Remy Cointreau SA 1,720 282,677 408,338 0.0 Toyo Suisan Kaisha Ltd. 6,500 350,672 402,641 0.0 Pigeon Corp. 7,600 390,284 399,037 0.0 NH Foods Ltd. 6,900 401,615 386,550 0.0 Jeronimo Martins SGPS SA 17,799 390,295 383,438 0.0 Nisshin Seifun Group, Inc. 18,600 451,716 376,636 0.0 Want Want China Holdings Ltd. 393,000 403,282 362,249 0.0 Welcia Holdings Co. Ltd. 7,500 248,077 360,470 0.0 ICA Gruppen AB 5,544 293,344 353,387 0.0 Dino Polska SA 3,420 155,884 338,416 0.0 Bakkafrost P/F 3,690 271,078 336,302 0.0 Corbion NV 4,431 194,572 318,761 0.0 Matsumotokiyoshi Holdings Co. Ltd. 5,800 270,831 314,906 0.0 Ito En, Ltd. 3,900 228,504 314,252 0.0 JDE Peet's NV 5,382 297,163 309,991 0.0 Vitasoy International Holdings Ltd. 62,000 282,861 307,646 0.0 AAK AB 11,898 246,467 306,389 0.0 Tingyi Cayman Islands Holding Corp. 140,000 290,568 304,557 0.0 Nichirei Corp. 8,300 268,311 296,911 0.0 Salmar ASA 3,909 218,004 292,919 0.0 Galenica AG 3,424 260,343 291,157 0.0 Colruyt SA 3,816 267,203 288,318 0.0 Metcash Ltd. 78,827 216,678 261,928 0.0 Britvic plc 17,896 265,216 253,066 0.0 Kagome Co. Ltd. 5,500 198,136 247,038 0.0 Cosmos Pharmaceutical Corp. 1,200 162,486 246,989 0.0 SEB SA Loyalty Bonus 1,058 228,312 245,732 0.0 Viscofan SA 2,662 209,248 240,880 0.0 House Foods Group, Inc. 4,900 212,027 237,019 0.0 Glanbia plc 14,500 288,540 234,615 0.0 Cranswick plc 3,826 203,186 234,536 0.0 LG Household & Health Care Ltd. Pfd. 277 225,176 233,251 0.0 Greggs plc 7,400 195,422 230,678 0.0 CJ CheilJedang Corp. 516 190,586 230,565 0.0 Sundrug Co. Ltd. 4,500 213,451 228,776 0.0 Coca-Cola Bottlers Japan Holdings, Inc. 11,150 409,667 221,376 0.0 Axfood AB Series B 7,395 185,994 220,028 0.0 Orion Corp. 1,497 187,308 217,702 0.0 Sugi Holdings Co. Ltd. 2,500 181,510 212,858 0.0 SEB SA 903 188,205 209,732 0.0 Zur Rose Group AG 510 173,514 208,017 0.0 Kewpie Corp. 7,400 226,937 207,280 0.0 Ezaki Glico Co. Ltd. 3,500 221,703 195,860 0.0 CALBEE, Inc. 5,100 215,226 195,718 0.0 Lawson, Inc. 3,200 255,774 189,733 0.0 Takara Holdings, Inc. 11,900 166,924 189,278 0.0 Varta AG 994 90,804 183,145 0.0 Leroy Seafood Group ASA 20,320 163,752 183,108 0.0 Morinaga Milk Industry Co. Ltd. 2,900 141,685 181,787 0.0 Yamazaki Baking Co. Ltd. 8,500 209,822 180,824 0.0

103 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets METRO AG 11,797 251,024 169,107 0.0 Ebro Foods SA 5,557 162,562 164,063 0.0 Emmi AG 123 120,648 161,586 0.0 PALTAC Corp. 2,300 141,134 159,218 0.0 Ain Holdings, Inc. 1,900 158,095 149,346 0.0 Strauss Group Ltd. 3,816 134,250 145,932 0.0 Yaoko Co. Ltd. 1,600 107,241 141,955 0.0 Casino Guichard Perrachon SA 3,609 227,965 141,712 0.0 Societe BIC SA 1,928 224,507 139,028 0.0 Morinaga & Co. Ltd. 2,900 172,299 138,845 0.0 Elders Ltd. 14,317 103,478 138,777 0.0 Kusuri no Aoki Holdings Co. Ltd. 1,200 108,869 133,119 0.0 cocokara fine, Inc. 1,400 101,102 131,811 0.0 Fuji Oil Holdings, Inc. 3,600 135,449 130,913 0.0 Ariake Japan Co. Ltd. 1,300 128,501 119,028 0.0 Kobe Bussan Co. Ltd. 3,000 47,464 117,720 0.0 Dairy Farm International Holdings Ltd. 21,600 196,846 114,752 0.0 Valora Holding AG 448 139,428 112,220 0.0 Shop Apotheke Europe NV 460 104,719 106,267 0.0 Lotte Corp. 2,549 128,374 105,527 0.0 Heiwado Co. Ltd. 3,800 108,233 103,862 0.0 Costa Group Holdings Ltd. 25,854 105,529 103,700 0.0 Ottogi Corp. 153 109,974 103,535 0.0 Shufersal Ltd. 10,428 93,525 102,615 0.0 Scandinavian Tobacco Group A/S Class A 4,705 96,592 102,571 0.0 Bega Cheese Ltd. 18,828 92,571 94,583 0.0 Sapporo Holdings Ltd. 3,700 120,884 90,902 0.0 Dongsuh Cos. Inc. 2,281 55,209 90,821 0.0 Suedzucker AG 4,958 107,885 90,192 0.0 Uni-President China Holdings Ltd. 69,000 89,251 89,450 0.0 Sakata Seed Corp. 2,000 82,750 88,228 0.0 KWS Saat SE & Co. KGaA 868 81,685 87,948 0.0 Fujicco Co. Ltd. 3,500 86,818 86,463 0.0 San-A Co. Ltd. 1,600 91,293 86,180 0.0 BGF retail Co. Ltd. 515 100,495 81,840 0.0 Ontex Group NV 4,706 151,302 80,693 0.0 Nippon Suisan Kaisha Ltd. 15,300 116,509 80,427 0.0 Nippn Corp. 4,000 83,407 79,516 0.0 Kotobuki Spirits Co. Ltd. 1,200 75,468 79,368 0.0 Austevoll Seafood ASA 6,064 86,612 79,133 0.0 C&C Group plc 19,858 111,109 78,675 0.0 Pilot Corp. 2,200 121,374 78,618 0.0 Prima Meat Packers Ltd. 1,900 60,550 76,666 0.0 United Malt Group Ltd. 18,991 63,649 76,546 0.0 Hite Jinro Co. Ltd. 2,001 53,058 74,744 0.0 PZ Cussons plc 18,264 76,647 73,155 0.0 First Pacific Co. Ltd. 178,000 92,268 72,239 0.0 Create SD Holdings Co. Ltd. 1,500 52,664 71,724 0.0 GS Retail Co. Ltd. 1,738 82,998 70,220 0.0 NongShim Co. Ltd. 198 70,159 69,664 0.0 Kato Sangyo Co. Ltd. 1,600 70,650 69,003 0.0 Itoham Yonekyu Holdings, Inc. 8,200 74,963 68,097 0.0 Megmilk Snow Brand Co. Ltd. 2,500 86,735 68,084 0.0 Showa Sangyo Co. Ltd. 1,800 64,538 67,633 0.0 Nisshin Oillio Group Ltd. 1,800 77,916 67,411 0.0 S Foods, Inc. 1,600 72,153 66,436 0.0 Kameda Seika Co. Ltd. 1,100 65,351 65,764 0.0 Blackmores Ltd. 881 80,506 65,434 0.0 Maruha Nichiro Corp. 2,300 89,462 63,006 0.0 Sligro Food Group NV 2,374 110,689 62,688 0.0 MARR SPA 2,347 68,979 61,682 0.0 Golden Agri-Resources Ltd. 396,400 117,902 60,755 0.0 Cloetta AB Class B 15,661 64,521 59,571 0.0 Lotte Food Co. Ltd. 152 65,107 59,094 0.0 Sonae SGPS SA 57,000 80,752 58,775 0.0 Olam International Ltd. 39,700 75,810 58,551 0.0 Kyokuyo Co. Ltd. 1,600 57,708 58,263 0.0 GrainCorp Ltd. Class A 14,141 104,440 58,248 0.0 Aryzta AG 59,054 196,838 58,046 0.0 Mitsubishi Pencil Co. Ltd. 3,400 67,688 57,729 0.0 Arcs Co. Ltd. 2,000 54,819 57,231 0.0 Tassal Group Ltd. 17,121 67,647 56,553 0.0 Vinda International Holdings Ltd. 16,000 68,172 55,601 0.0 United Super Markets Holdings, Inc. 3,900 48,223 54,381 0.0

104 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Kernel Holding SA 3,189 50,781 53,756 0.0 Greencore Group plc 26,332 98,304 53,423 0.0 A.G. Barr plc 5,548 66,295 50,145 0.0 Axial Retailing, Inc. 800 33,069 49,556 0.0 Life Corp. 1,100 32,764 48,390 0.0 Arata Corp. 800 33,642 48,371 0.0 Agrana Beteiligungs AG 1,915 49,398 48,120 0.0 Sigma Healthcare Ltd. 79,546 53,163 48,093 0.0 Select Harvests Ltd. 9,130 50,358 46,852 0.0 Samyang Holdings Corp. 533 34,296 46,570 0.0 Hokuto Corp. 1,800 41,860 46,355 0.0 Mitsubishi Shokuhin Co. Ltd. 1,300 44,629 45,911 0.0 Fuji Co. Ltd. 1,800 44,305 43,423 0.0 CJ CheilJedang Corp. Pfd. 220 33,392 43,217 0.0 Daesang Corp. 1,393 36,618 42,558 0.0 euglena Co. Ltd. 4,300 45,577 41,069 0.0 Bell Food Group AG 116 51,849 39,874 0.0 DyDo Group Holdings, Inc. 600 32,711 39,684 0.0 Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. 440 30,500 39,282 0.0 YA-MAN Ltd. 1,700 33,164 39,207 0.0 Naturecell Co. Ltd. 3,227 95,469 38,792 0.0 Belc Co. Ltd. 500 32,820 38,499 0.0 Grieg Seafood ASA 3,029 45,133 38,310 0.0 Asaleo Care Ltd. 28,480 33,771 37,798 0.0 YAKUODO Holdings Co. Ltd. 1,200 37,913 36,589 0.0 Chubu Shiryo Co. Ltd. 2,100 36,244 36,227 0.0 Shoei Foods Corp. 800 37,433 35,439 0.0 Okuwa Co. Ltd. 2,200 35,184 35,291 0.0 Synlait Milk Ltd. 7,299 65,603 35,016 0.0 J-Oil Mills, Inc. 800 39,473 34,896 0.0 Daikokutenbussan Co. Ltd. 400 28,508 33,909 0.0 Inageya Co. Ltd. 1,500 30,517 33,724 0.0 Sheng Siong Group Ltd. 22,500 24,403 33,618 0.0 BWX Ltd. 7,862 32,586 31,766 0.0 Vilmorin & Cie SA 409 33,703 31,431 0.0 Raisio Oyj Class V 6,308 29,570 31,367 0.0 Starzen Co. Ltd. 600 33,661 31,355 0.0 First Resources Ltd. 24,900 42,465 30,723 0.0 Australian Pharmaceutical Industries Ltd. 24,621 34,284 29,772 0.0 Eurocash SA 6,159 41,156 29,588 0.0 Key Coffee, Inc. 1,100 30,520 29,102 0.0 Rock Field Co. Ltd. 1,500 29,394 29,023 0.0 Cawachi Ltd. 800 27,865 29,013 0.0 Scales Corp. Ltd. 6,295 27,554 28,756 0.0 Australian Agricultural Co. Ltd. 26,577 27,447 28,740 0.0 Inghams Group Ltd. 9,091 33,889 27,884 0.0 Itochu-Shokuhin Co. Ltd. 400 27,182 27,196 0.0 Marudai Food Co. Ltd. 1,300 37,848 27,142 0.0 Riken Vitamin Co. Ltd. 1,600 45,732 26,871 0.0 Rokko Butter Co. Ltd. 1,200 30,251 26,802 0.0 Norway Royal Salmon ASA 821 21,431 26,216 0.0 Fujiya Co. Ltd. 900 27,141 26,098 0.0 Distribuidora Internacional de Alimentacion SA 145,921 33,626 26,044 0.0 Binggrae Co. Ltd. 385 27,610 25,782 0.0 Maxvalu Tokai Co. Ltd. 800 19,088 25,686 0.0 Halows Co. Ltd. 600 28,910 25,617 0.0 Nissin Sugar Co. Ltd. 1,100 27,650 25,057 0.0 Feed One Co. Ltd. 2,320 29,409 24,906 0.0 Yokohama Reito Co. Ltd. 2,300 29,121 24,464 0.0 Kansai Super Market Ltd. 1,600 26,336 23,771 0.0 Kenko Mayonnaise Co. Ltd. 1,000 34,316 22,767 0.0 Lotte Chilsung Beverage Co. Ltd. 177 31,587 22,523 0.0 Dae Han Flour Mills Co. Ltd. 115 17,902 22,389 0.0 Qol Holdings Co. Ltd. 1,600 32,148 22,211 0.0 Dongwon Industries Co. Ltd. 85 20,975 22,180 0.0 Bonduelle SCA 647 31,994 20,978 0.0 Devro plc 7,591 28,392 20,305 0.0 Genky DrugStores Co. Ltd. 400 21,747 20,039 0.0 Japan Meat Co. Ltd. 700 19,687 19,841 0.0 Kitanotatsujin Corp. 3,400 32,559 19,425 0.0 Orion Holdings Corp. 1,181 42,818 18,283 0.0 Freedom Foods Group Ltd. 5,968 27,576 17,660 0.0 Samyang Corp. 206 8,005 14,592 0.0 Nagatanien Holdings Co. Ltd. 500 17,791 13,987 0.0

105 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Bakkavor Group plc 7,006 24,104 9,883 0.0 Harim Holdings Co. Ltd. 892 12,994 9,426 0.0 Mitsui Sugar Co. Ltd. 400 16,279 8,963 0.0 Namyang Dairy Products Co. Ltd. 23 12,034 7,688 0.0 Nihon Chouzai Co. Ltd. 400 8,323 7,364 0.0 ForFarmers NV 838 13,661 6,976 0.0 Maeil Dairies Co. Ltd. 66 5,862 5,411 0.0 Dongwon F&B Co. Ltd. 25 7,508 5,248 0.0 Ministop Co. Ltd. 300 8,138 5,212 0.0 Toho Co. Ltd. 200 6,351 4,640 0.0 SPC Samlip Co. Ltd. 50 9,895 4,222 0.0 Aekyung Industrial Co. Ltd. 146 11,283 4,195 0.0 Lotte Confectionery Co. Ltd. 35 8,509 4,187 0.0 Nippon Beet Sugar Manufacturing Co. Ltd. 200 6,426 3,966 0.0 BGF Co. Ltd. 666 23,852 3,823 0.0 Bumitama Agri Ltd. 6,800 4,866 3,343 0.0 Muhak Co. Ltd. 299 7,228 2,518 0.0 CJ Freshway Corp. 102 4,887 2,279 0.0 British American Tobacco plc ADR 38 1,994 1,815 0.0 156,073,534 167,260,371 9.3 Energy Tot al SE 174,185 11,765,612 9,584,657 0.6 Royal Dutch Shell plc Class A 291,146 10,530,319 6,580,221 0.4 BP plc 1,419,208 11,274,746 6,297,488 0.4 Royal Dutch Shell plc Class B 270,521 9,829,221 5,933,166 0.3 Vestas Wind Systems A/S 14,787 1,876,492 4,457,667 0.3 Neste Oyj 29,728 1,190,371 2,741,479 0.2 Eni SPA 178,540 3,535,670 2,378,982 0.2 Woodside Petroleum Ltd. 67,282 1,869,058 1,504,109 0.1 Equinor ASA 69,700 1,791,118 1,503,307 0.1 Siemens Energy AG 27,392 939,993 1,280,962 0.1 Repsol SA 95,440 1,830,495 1,227,370 0.1 Snam SPA 155,705 1,010,207 1,116,724 0.1 ENEOS Holdings, Inc. 212,550 1,377,048 971,477 0.1 SK Innovation Co. Ltd. 3,807 742,846 848,313 0.1 Siemens Gamesa Renewable Energy SA 15,737 344,212 811,727 0.1 APA Group 82,911 771,654 786,555 0.1 Santos Ltd. 125,034 749,686 770,700 0.1 Keppel Corp. Ltd. 106,500 648,958 552,312 0.0 Oil Search Ltd. 148,561 728,331 541,837 0.0 OMV AG 10,375 646,471 533,695 0.0 Galp Energia SGPS SA Class B 38,770 759,061 529,046 0.0 Lundin Petroleum AB 14,800 521,479 510,379 0.0 Enagas SA 17,517 599,568 490,544 0.0 Ampol Ltd. 17,156 489,289 479,325 0.0 Inpex Corp. 65,700 792,746 450,755 0.0 Polski Koncern Naftowy Orlen SA 22,308 701,973 440,264 0.0 Idemitsu Kosan Co. Ltd. 15,706 632,204 439,938 0.0 Scatec ASA 8,570 170,123 435,353 0.0 NEL ASA 98,679 158,332 425,226 0.0 Rubis SCA 7,103 514,512 420,521 0.0 TechnipFMC plc 31,713 1,005,747 382,226 0.0 SBM Offshore NV 12,519 286,113 303,746 0.0 John Wood Group plc 52,397 435,653 283,054 0.0 Aker BP ASA 8,592 263,995 276,405 0.0 S-Oil Corp. 3,324 347,942 269,766 0.0 Subsea 7 SA 17,903 233,737 233,999 0.0 Beach Energy Ltd. 130,155 199,416 230,955 0.0 Washington H Soul Pattinson & Co. Ltd. 7,490 162,288 221,561 0.0 Polskie Gornictwo Naftowe i Gazownictwo SA 113,946 216,063 215,920 0.0 Gaztransport Et Technigaz SA 1,570 155,077 193,828 0.0 TGS NOPEC Geophysical Co. ASA 9,492 271,746 187,424 0.0 Nordex SE 5,328 104,533 184,045 0.0 Solaria Energia y Medio Ambiente SA 4,695 118,239 173,011 0.0 Saipem SPA 47,408 212,453 162,949 0.0 Cairn Energy plc 42,110 132,655 153,709 0.0 Cosmo Energy Holdings Co. Ltd. 6,600 156,313 149,608 0.0 Z Energy Ltd. 47,496 193,659 139,415 0.0 United Energy Group Ltd. 482,000 96,101 121,169 0.0 Viva Energy Group Ltd. 64,433 139,540 120,985 0.0 HLB Life Science Co. Ltd. 3,089 95,148 98,539 0.0 Grupa Lotos SA 6,867 183,760 97,324 0.0 Energean plc 7,439 57,168 93,431 0.0

106 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Whitehaven Coal Ltd. 56,671 167,529 91,647 0.0 Fugro NV GDR 7,221 117,304 85,546 0.0 Paz Oil Co. Ltd. 590 114,446 80,649 0.0 Schoeller-Bleckmann Oilfield Equipment AG 1,648 96,687 79,893 0.0 Equital Ltd. 2,210 55,072 73,545 0.0 SMA Solar Technology AG 669 35,150 58,347 0.0 Maersk Drilling A/S 1,379 88,407 55,650 0.0 Japan Petroleum Exploration Co. Ltd. 2,300 59,914 53,243 0.0 eRex Co. Ltd. 2,000 33,034 51,283 0.0 CGG SA 40,417 130,400 51,032 0.0 Petrofac Ltd. 20,185 169,677 48,545 0.0 Tullow Oil plc 86,273 282,492 44,442 0.0 Repsol SA Rights Exp. 01/26/2021 100,328 44,903 43,899 0.0 DNO ASA 42,483 80,995 43,415 0.0 Jastrzebska Spolka Weglowa SA 4,212 68,305 37,372 0.0 Coronado Global Resources, Inc. CDI 33,407 66,465 37,275 0.0 Tecnicas Reunidas SA 2,080 76,597 35,082 0.0 Karoon Energy Ltd. 30,522 27,674 31,806 0.0 Oil Refineries Ltd. 107,787 69,900 31,135 0.0 Hunting plc 7,508 67,259 29,158 0.0 Senex Energy Ltd. 90,208 29,120 27,935 0.0 Cooper Energy Ltd. 69,747 33,260 26,741 0.0 Hankook Shell Oil Co. Ltd. 88 28,493 26,679 0.0 Saras SPA 28,456 75,867 26,370 0.0 CropEnergies AG 1,401 28,990 25,988 0.0 Kamei Corp. 1,700 27,862 24,019 0.0 K&O Energy Group, Inc. 1,300 24,958 23,902 0.0 BW Offshore Ltd. 4,107 39,180 23,051 0.0 Carnarvon Petroleum Ltd. 73,990 27,603 21,821 0.0 Premier Oil plc 58,795 97,969 20,104 0.0 Modec, Inc. 800 25,244 18,490 0.0 Delek Group Ltd. 385 59,986 15,276 0.0 New Hope Corp. Ltd. 9,381 39,027 13,050 0.0 Toyo Kanetsu KK 200 6,381 5,188 0.0 Naphtha Israel Petroleum Corp. Ltd. 751 7,412 4,589 0.0 Nippon Coke & Engineering Co. Ltd. 3,200 4,266 3,514 0.0 BW Energy Ltd. 838 2,912 3,442 0.0 Toa Oil Co. Ltd. 100 2,090 3,171 0.0 Etablissements Maurel et Prom SA 1,146 6,641 3,105 0.0 NewOcean Energy Holdings Ltd. 20,000 7,147 2,300 0.0 New Zealand Refining Co. Ltd. 3,957 9,374 1,996 0.0 Noble Group Holdings Ltd. 1,986 17,297 1,551 0.0 Agritrade Resources Ltd. 70,000 20,233 955 0.0 Liquefied Natural Gas Ltd. 10,208 5,653 432 0.0 Borr Drilling Ltd. 213 147 236 0.0 Brightoil Petroleum Holdings Ltd. 2,359 804 78 0.0 Ezion Holdings Ltd. Warrants Exp. 04/06/2023 8,097 0 0 0.0 76,339,267 60,724,115 3.4 Financials AIA Group Ltd. 868,400 10,123,686 13,554,873 0.8 Commonwealth Bank of Australia 127,129 9,183,085 10,261,966 0.6 HSBC Holdings plc 1,463,616 15,138,796 9,656,423 0.6 Allianz SE 29,824 8,486,842 9,330,488 0.5 Hong Kong Exchanges & Clearing Ltd. 91,200 3,867,878 6,368,480 0.4 Zurich Insurance Group AG 10,723 4,740,723 5,772,297 0.3 National Australia Bank Ltd. 236,800 5,651,297 5,261,142 0.3 BNP Paribas SA 78,122 5,803,789 5,249,188 0.3 Mitsubishi UFJ Financial Group, Inc. 891,700 6,370,465 5,018,561 0.3 Westpac Banking Corp. 259,819 6,647,763 4,947,553 0.3 Banco Santander SA 1,235,969 7,519,337 4,889,791 0.3 Australia & New Zealand Banking Group Ltd. 203,090 5,041,757 4,532,150 0.3 Prudential plc 186,448 4,836,460 4,373,682 0.3 UBS Group AG 241,551 4,430,013 4,341,272 0.3 AXA SA 138,761 4,615,877 4,220,465 0.2 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 10,028 3,174,804 3,795,370 0.2 Sumitomo Mitsui Financial Group, Inc. 92,600 4,344,717 3,642,753 0.2 London Stock Exchange Group plc 22,495 2,123,126 3,528,875 0.2 Intesa Sanpaolo SPA 1,119,094 3,811,055 3,336,429 0.2 ING Groep NV 279,481 4,567,434 3,328,845 0.2 Lloyds Banking Group plc 5,043,244 4,941,238 3,200,444 0.2 Macquarie Group Ltd. 23,425 2,586,789 3,189,015 0.2 Barclays plc 1,239,857 3,573,924 3,167,119 0.2 DBS Group Holdings Ltd. 126,900 2,901,011 3,063,014 0.2

107 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Tokio Marine Holdings, Inc. 46,500 2,887,309 3,045,680 0.2 Banco Bilbao Vizcaya Argentaria SA 476,349 3,788,142 2,996,125 0.2 Mizuho Financial Group, Inc. 181,730 3,762,513 2,932,032 0.2 Deutsche Boerse AG 13,256 2,367,658 2,877,391 0.2 Investor AB Class B 30,377 1,936,955 2,823,632 0.2 Credit Suisse Group AG 166,857 2,964,511 2,741,517 0.2 Nordea Bank Abp 244,939 2,912,757 2,547,447 0.2 Swiss Re AG 20,317 2,523,434 2,440,365 0.1 Oversea-Chinese Banking Corp. Ltd. 247,100 2,562,412 2,396,203 0.1 Partners Group Holding AG 1,593 1,737,005 2,387,761 0.1 Deutsche Bank AG 145,760 2,108,584 2,033,312 0.1 Legal & General Group plc 433,834 1,917,998 2,011,192 0.1 Assicurazioni Generali SPA 89,200 2,085,989 1,982,784 0.1 United Overseas Bank Ltd. 90,500 2,116,736 1,970,688 0.1 Sampo Oyj Class A 36,085 2,124,924 1,944,541 0.1 UniCredit SPA 153,945 2,886,373 1,835,290 0.1 DNB ASA 73,045 1,655,251 1,825,982 0.1 KBC Group NV 19,640 1,830,413 1,753,620 0.1 ORIX Corp. 89,600 1,806,318 1,751,865 0.1 Aviva plc 282,128 2,053,909 1,597,786 0.1 Swedbank AB Class A 71,229 1,767,157 1,592,475 0.1 Standard Chartered plc 190,357 2,073,762 1,544,484 0.1 Societe Generale SA 55,030 2,455,599 1,460,163 0.1 Nomura Holdings, Inc. 216,700 1,382,232 1,457,323 0.1 Dai-ichi Life Holdings, Inc. 75,700 1,629,342 1,449,733 0.1 Swiss Life Holding AG 2,416 1,270,419 1,436,009 0.1 3i Group plc 67,706 1,084,513 1,365,393 0.1 MS&AD Insurance Group Holdings, Inc. 34,500 1,412,252 1,337,172 0.1 Credit Agricole SA 82,242 1,397,577 1,323,014 0.1 Skandinaviska Enskilda Banken AB Class A 99,278 1,331,729 1,301,371 0.1 NN Group NV 22,851 1,173,357 1,265,586 0.1 Japan Exchange Group, Inc. 38,100 873,777 1,240,224 0.1 Sompo Holdings, Inc. 23,800 1,169,269 1,225,535 0.1 Svenska Handelsbanken AB Class A 92,692 1,367,584 1,187,719 0.1 KB Financial Group, Inc. 22,820 1,237,230 1,161,516 0.1 Hang Seng Bank Ltd. 52,600 1,482,105 1,155,498 0.1 Julius Baer Group Ltd. 15,665 1,006,539 1,151,443 0.1 Kinnevik AB Class B 16,900 647,803 1,089,304 0.1 Shinhan Financial Group Co. Ltd. 28,928 1,429,042 1,087,342 0.1 Sumitomo Mitsui Trust Holdings, Inc. 26,400 1,252,592 1,034,955 0.1 BOC Hong Kong Holdings Ltd. 260,500 1,322,776 1,005,837 0.1 ASX Ltd. 14,148 901,266 1,001,423 0.1 Investor AB Class A 10,790 706,028 1,000,117 0.1 Danske Bank A/S 46,412 1,412,697 978,273 0.1 Groupe Bruxelles Lambert SA 7,512 934,624 966,286 0.1 Natwest Group plc 330,398 1,263,465 964,635 0.1 Japan Post Holdings Co. Ltd. 95,118 1,269,548 942,259 0.1 FinecoBank Banca Fineco SPA 43,699 630,129 912,783 0.1 Suncorp Group Ltd. 93,725 1,148,537 897,438 0.1 Hannover Rueck SE 4,312 843,430 875,819 0.1 RSA Insurance Group plc 73,441 719,269 866,374 0.1 QBE Insurance Group Ltd. 103,259 1,073,732 865,898 0.1 Ageas 12,524 804,620 850,788 0.1 CaixaBank SA 258,859 1,152,363 847,775 0.1 Hana Financial Group, Inc. 20,493 895,544 829,171 0.1 Insurance Australia Group Ltd. 177,245 1,161,823 818,958 0.1 Standard Life Aberdeen plc 166,253 965,791 814,444 0.1 Nihon M&A Center, Inc. 9,500 374,759 808,859 0.1 Bank Leumi Le-Israel BM 105,677 845,946 792,498 0.1 Erste Group Bank AG 19,980 947,037 776,753 0.1 EXOR NV 7,461 600,184 770,154 0.1 St. James's Place plc 38,929 713,897 768,452 0.1 Admiral Group plc 14,686 524,619 743,226 0.1 Baloise Holding AG 3,113 641,439 706,645 0.1 Industrivarden AB Class A 16,523 524,641 702,826 0.1 Resona Holdings, Inc. 151,700 919,710 674,638 0.1 Hargreaves Lansdown plc 25,311 736,627 672,204 0.1 Bank Hapoalim BM 74,873 686,067 653,291 0.1 M&G plc 188,059 679,507 648,293 0.1 Aegon NV 124,113 767,257 625,868 0.0 Daiwa Securities Group, Inc. 106,600 740,453 618,238 0.0 Euronext NV 4,354 392,641 611,850 0.0 Commerzbank AG 74,253 830,717 609,517 0.0 T&D Holdings, Inc. 39,900 682,963 599,189 0.0

108 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Intermediate Capital Group plc 19,878 403,562 597,496 0.0 Mediobanca Banca di Credito Finanziario SPA 50,437 686,125 592,805 0.0 Powszechna Kasa Oszczednosci Bank Polski SA 59,588 790,206 585,154 0.0 Medibank Pvt Ltd. 196,908 564,858 582,666 0.0 ASR Nederland NV 10,459 480,560 535,570 0.0 Direct Line Insurance Group plc 96,069 531,033 533,698 0.0 Magellan Financial Group Ltd. 9,836 375,540 518,871 0.0 SBI Holdings, Inc. 16,900 459,822 510,295 0.0 Singapore Exchange Ltd. 55,700 430,423 498,260 0.0 Phoenix Group Holdings plc 40,796 446,896 497,748 0.0 EQT AB 14,524 225,224 474,049 0.0 Samsung Fire & Marine Insurance Co. Ltd. 2,155 629,378 473,880 0.0 Computershare Ltd. 32,908 493,643 472,005 0.0 SCOR SE 11,195 579,898 461,050 0.0 Sofina SA 1,064 276,551 459,423 0.0 Powszechny Zaklad Ubezpieczen SA 40,641 529,840 449,676 0.0 Schroders plc 7,691 406,463 446,952 0.0 Tokyo Century Corp. 4,400 285,034 444,126 0.0 Industrivarden AB Class C 10,682 301,132 439,955 0.0 Israel Discount Bank Ltd. Class A 88,309 393,612 433,091 0.0 Poste Italiane SPA 33,277 402,356 431,577 0.0 Samsung Life Insurance Co. Ltd. 4,553 470,278 422,371 0.0 Amundi SA 4,002 369,440 416,720 0.0 Hiscox Ltd. 24,020 507,257 415,797 0.0 Woori Financial Group, Inc. 35,722 556,860 407,632 0.0 Tr yg A/S 9,806 336,543 394,489 0.0 IG Group Holdings plc 25,970 306,776 389,853 0.0 Concordia Financial Group Ltd. 85,724 492,699 383,981 0.0 ABN AMRO Bank NV CVA 30,327 855,841 379,136 0.0 AMP Ltd. 246,697 699,155 378,337 0.0 Bendigo & Adelaide Bank Ltd. 39,989 373,444 366,392 0.0 Quilter plc 130,729 315,504 349,691 0.0 Bankinter SA 50,543 479,631 348,552 0.0 Avanza Bank Holding AB 9,487 136,892 342,907 0.0 Bank of Kyoto Ltd. 5,100 278,304 337,944 0.0 Japan Post Insurance Co. Ltd. 12,877 335,785 335,590 0.0 Bank of Ireland Group plc 64,614 518,951 332,378 0.0 Gjensidige Forsikring ASA 11,512 276,658 327,861 0.0 Helvetia Holding AG 2,365 372,772 318,361 0.0 Shizuoka Bank Ltd. 34,000 353,361 317,177 0.0 Raiffeisen International Bank-Holding AG 12,045 359,648 313,180 0.0 Cembra Money Bank AG 2,008 253,418 310,242 0.0 Banco BPM SPA 108,965 359,011 307,098 0.0 Storebrand ASA Class A 32,029 298,856 305,967 0.0 Chiba Bank Ltd. 43,400 342,738 304,185 0.0 Mizrahi Tefahot Bank Ltd. 10,233 290,688 301,478 0.0 Japan Post Bank Co. Ltd. 28,800 409,524 301,007 0.0 Ackermans & van Haaren NV 1,565 315,136 300,062 0.0 Challenger Ltd. 46,272 390,249 292,950 0.0 Bank Polska Kasa Opieki SA 13,965 464,924 291,749 0.0 Wendel SA 1,902 309,956 290,406 0.0 Mirae Asset Daewoo Co. Ltd. 25,710 238,089 284,639 0.0 Investment AB Latour Class B 8,953 167,275 277,356 0.0 Beazley plc 42,320 352,327 268,710 0.0 Close Brothers Group plc 11,160 266,903 268,593 0.0 Banque Cantonale Vaudoise 1,927 198,604 267,454 0.0 Bank of East Asia Ltd. 96,400 375,790 262,295 0.0 Eurazeo SE 2,906 264,060 251,408 0.0 Infratil Ltd. 37,441 149,922 250,710 0.0 Natixis SA 57,334 406,923 249,260 0.0 Fukuoka Financial Group, Inc. 10,935 299,608 247,333 0.0 Korea Investment Holdings Co. Ltd. 2,645 210,072 245,060 0.0 Ringkjoebing Landbobank A/S 2,107 185,564 244,450 0.0 Lancashire Holdings Ltd. 19,328 219,754 243,527 0.0 Man Group plc 99,644 251,181 239,471 0.0 Bank of Queensland Ltd. 31,457 256,804 239,358 0.0 BAWAG Group AG 4,040 236,092 239,307 0.0 KB Financial Group, Inc. ADR 4,676 240,602 235,906 0.0 Steadfast Group Ltd. 59,883 180,691 234,891 0.0 Ashmore Group plc 31,275 206,426 234,854 0.0 Zenkoku Hosho Co. Ltd. 4,000 213,480 233,218 0.0 Shinhan Financial Group Co. Ltd. ADR 6,062 269,465 229,836 0.0 Banco de Sabadell SA ADR 404,485 706,247 223,201 0.0 Azimut Holding SPA 7,990 191,095 221,322 0.0

109 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Samsung Securities Co. Ltd. 4,662 196,516 221,162 0.0 Hypoport AG 274 103,361 219,963 0.0 CNP Assurances 10,539 290,978 216,524 0.0 Unipol Gruppo SPA 35,421 231,305 215,888 0.0 OSB Group plc 29,190 200,358 215,334 0.0 John Laing Group plc 36,723 199,157 212,324 0.0 Vontobel Holding AG 2,048 177,197 207,209 0.0 Virgin Money UK plc 88,392 331,153 207,041 0.0 Svenska Handelsbanken AB Class B 13,864 230,342 198,295 0.0 Bankia SA 87,379 321,012 197,363 0.0 Banca Mediolanum SPA 17,754 188,340 196,492 0.0 Aozora Bank Ltd. 8,300 337,658 194,902 0.0 Shinsei Bank Ltd. 12,346 245,850 193,630 0.0 NIB Holdings Ltd. 32,781 179,423 192,392 0.0 Plus500 Ltd. 7,562 117,549 190,953 0.0 Mapfre SA 76,572 275,272 190,141 0.0 Industrial Bank of Korea 17,718 259,731 183,690 0.0 IRESS Ltd. 17,576 189,133 183,327 0.0 Jyske Bank A/S 3,676 216,410 179,446 0.0 SpareBank 1 SMN 12,347 149,139 179,311 0.0 Mitsubishi UFJ Lease & Finance Co. Ltd. 29,300 213,919 178,967 0.0 Iyo Bank Ltd. 22,100 177,176 176,440 0.0 BPER Banca 74,608 262,470 172,704 0.0 Talanx AG 3,487 182,298 172,633 0.0 IntegraFin Holdings plc 17,554 116,260 169,970 0.0 Mebuki Financial Group, Inc. 67,000 271,503 167,831 0.0 Paragon Banking Group plc 19,569 138,090 166,511 0.0 Investec plc 50,220 382,491 163,808 0.0 Kyushu Financial Group, Inc. 31,200 195,110 162,853 0.0 KBC Ancora 2,968 181,962 161,836 0.0 SpareBank 1 SR-Bank ASA 11,930 154,174 161,539 0.0 DB Insurance Co. Ltd. 3,126 213,166 160,393 0.0 Topdanmark A/S 2,895 161,042 160,176 0.0 Hirogin Holdings, Inc. 22,100 187,198 158,169 0.0 TP ICAP plc 38,093 237,801 158,019 0.0 DWS Group GmbH & Co. KGaA 2,908 124,604 157,748 0.0 Chugoku Bank Ltd. 15,300 210,276 156,134 0.0 Bure Equity AB 3,411 76,107 155,356 0.0 AJ Bell plc 20,538 134,334 155,049 0.0 Hachijuni Bank Ltd. 36,400 221,102 154,062 0.0 Intrum AB 4,532 174,035 152,420 0.0 Aareal Bank AG 4,981 217,033 151,794 0.0 Pendal Group Ltd. 23,576 180,156 151,347 0.0 BNK Financial Group, Inc. 22,670 224,662 151,015 0.0 Banca Generali SPA 3,543 135,981 150,442 0.0 Jupiter Fund Management plc 30,509 200,232 150,043 0.0 Kenedix, Inc. 16,100 117,141 148,603 0.0 Intertrust NV 6,790 163,405 146,910 0.0 Acom Co. Ltd. 26,700 142,216 145,295 0.0 IOOF Holdings Ltd. 41,301 219,999 142,920 0.0 AIB Group plc 52,044 309,160 136,373 0.0 Aker ASA Class A 1,584 114,160 131,990 0.0 Brewin Dolphin Holdings plc 24,778 131,032 131,610 0.0 Seven Bank Ltd. 48,600 192,387 130,735 0.0 Sanne Group plc 12,123 132,475 130,051 0.0 Perpetual Ltd. 3,804 125,813 129,990 0.0 Gimv NV 1,638 125,480 127,666 0.0 JAFCO Group Co. Ltd. 2,000 100,816 127,098 0.0 AEON Financial Service Co. Ltd. 8,200 184,673 125,064 0.0 Santander Bank Polska SA 1,953 230,791 124,005 0.0 Phoenix Holdings Ltd. 12,732 102,739 123,367 0.0 KIWOOM Securities Co. Ltd. 814 79,041 120,763 0.0 Norwegian Finans Holding ASA 11,087 132,767 120,677 0.0 Credit Corp Group Ltd. 4,132 88,950 120,644 0.0 Premier Investments Ltd. 5,207 80,953 120,346 0.0 Yamaguchi Financial Group, Inc. 16,200 189,110 116,143 0.0 Valiant Holding AG 926 129,452 115,443 0.0 Gunma Bank Ltd. 29,300 170,923 114,973 0.0 Banca Farmafactoring SPA 14,475 109,485 111,465 0.0 Mizuho Leasing Co. Ltd. 2,900 104,091 111,112 0.0 Samsung Card Co. Ltd. 2,908 111,413 110,840 0.0 NH Investment & Securities Co. Ltd. 8,343 120,177 110,566 0.0 VZ Holding AG 945 69,299 110,185 0.0 St Galler Kantonalbank AG 184 112,347 110,054 0.0

110 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Grenke AG 1,800 226,808 108,923 0.0 Hokuhoku Financial Group, Inc. 9,000 144,091 108,724 0.0 UnipolSai Assicurazioni SPA 32,064 100,751 108,460 0.0 Anima Holding SPA 17,752 127,409 107,422 0.0 Banca Popolare di Sondrio SCPA 30,789 126,010 105,587 0.0 Kiyo Bank Ltd. 5,800 113,913 105,565 0.0 Provident Financial plc 19,580 220,180 104,682 0.0 Deutsche Pfandbriefbank AG 7,605 135,686 104,262 0.0 Rathbone Brothers plc 3,805 145,461 102,046 0.0 Sydbank A/S 3,609 142,700 101,654 0.0 Berner Kantonalbank AG 307 97,989 100,882 0.0 First International Bank of Israel Ltd. 2,934 90,335 99,117 0.0 Hyundai Marine & Fire Insurance Co. Ltd. 3,639 131,926 97,092 0.0 DGB Financial Group, Inc. 11,870 81,633 94,524 0.0 Fuyo General Lease Co. Ltd. 1,100 90,837 92,572 0.0 Banco Comercial Portugues SA Class R 481,781 168,817 92,523 0.0 Shiga Bank Ltd. 3,500 107,279 91,128 0.0 EML Payments Ltd. 21,875 78,302 89,891 0.0 Harel Insurance Investments & Financial Services Ltd. 7,643 75,146 89,766 0.0 Netwealth Group Ltd. 5,650 45,239 88,537 0.0 M&A Capital Partners Co. Ltd. 1,200 59,030 87,660 0.0 JB Financial Group Co. Ltd. 13,198 83,908 87,299 0.0 Matsui Securities Co. Ltd. 8,700 99,517 86,957 0.0 Centuria Capital Group 33,307 53,565 86,115 0.0 Hitachi Capital Corp. 2,800 85,214 86,066 0.0 Just Group plc 70,464 115,401 85,776 0.0 Juroku Bank Ltd. 3,700 100,602 85,697 0.0 Platinum Asset Management Ltd. 21,192 91,652 85,001 0.0 Flow Traders 1,977 79,528 83,392 0.0 Ninety One plc 20,709 47,965 82,660 0.0 Meritz Securities Co. Ltd. 18,863 97,612 81,078 0.0 Awa Bank Ltd. 2,800 92,729 80,780 0.0 Vienna Insurance Group AG Wiener Versicherung Gruppe 2,437 86,713 79,015 0.0 Nishi-Nippon Financial Holdings, Inc. 9,700 125,007 78,878 0.0 Rothschild & Co. 1,950 86,066 78,727 0.0 Daishi Hokuetsu Financial Group, Inc. 2,850 125,742 78,073 0.0 Clal Insurance Enterprises Holdings Ltd. 3,786 67,339 75,382 0.0 Ogaki Kyoritsu Bank Ltd. 2,900 86,469 75,005 0.0 77 Bank Ltd. 4,300 116,146 74,497 0.0 Bank of Okinawa Ltd. 2,200 89,065 74,356 0.0 Ratos AB Class B 12,453 56,986 74,336 0.0 Skandinaviska Enskilda Banken AB Class C 5,462 73,555 74,309 0.0 Spar Nord Bank A/S 5,899 71,156 73,875 0.0 Societa Cattolica di Assicurazioni SC 10,085 110,799 72,094 0.0 Dah Sing Financial Holdings Ltd. 20,000 82,498 71,801 0.0 HUB24 Ltd. 3,410 49,761 71,538 0.0 UNIQA Insurance Group AG 7,130 86,588 71,131 0.0 Mirae Asset Daewoo Co. Ltd. Pfd. 13,160 59,798 70,379 0.0 Swissquote Group Holding SA 565 31,069 69,949 0.0 Coface SA 5,462 68,096 69,901 0.0 Kansai Mirai Financial Group, Inc. 11,271 108,242 69,401 0.0 Samsung Fire & Marine Insurance Co. Ltd. Pfd. 408 77,121 68,425 0.0 AUB Group Ltd. 4,283 44,001 68,169 0.0 San-In Godo Bank Ltd. 11,200 108,790 67,996 0.0 Suruga Bank Ltd. 16,300 154,935 67,984 0.0 Alm Brand A/S 4,304 51,847 66,158 0.0 MyState Ltd. 13,528 44,014 65,964 0.0 Monex Group, Inc. 13,800 55,054 65,730 0.0 Tamburi Investment Partners SPA 6,117 60,093 65,697 0.0 Senshu Ikeda Holdings, Inc. 35,400 91,040 64,650 0.0 Liechtensteinische Landesbank AG 848 72,599 64,165 0.0 Anicom Holdings, Inc. 4,800 51,004 63,791 0.0 doValue SPA 4,232 73,904 63,660 0.0 Aiful Corp. 20,800 68,284 63,652 0.0 Hyakugo Bank Ltd. 17,000 78,405 62,512 0.0 Meritz Financial Group, Inc. 5,423 68,529 62,392 0.0 Meritz Fire & Marine Insurance Co. Ltd. 3,635 81,219 62,241 0.0 Tokai Tokyo Financial Holdings, Inc. 16,500 77,148 62,099 0.0 CMC Markets plc 8,858 27,206 60,316 0.0 Resurs Holding AB 8,478 69,601 59,183 0.0 Aruhi Corp. 2,639 67,073 58,909 0.0 Sbanken ASA 5,716 70,780 58,601 0.0 Nanto Bank Ltd. 2,700 74,003 58,038 0.0 mBank SA 931 124,128 57,045 0.0

111 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Kyobo Securities Co. Ltd. 6,359 55,646 56,977 0.0 Omni Bridgeway Ltd. 13,329 34,958 56,345 0.0 Daishin Securities Co. Ltd. Pfd. 4,681 46,841 55,722 0.0 Italmobiliare SPA 1,220 43,477 55,721 0.0 KRUK SA 1,115 67,331 54,136 0.0 Korean Reinsurance Co. 5,788 64,289 53,558 0.0 eGuarantee, Inc. 1,900 30,096 52,728 0.0 Haitong International Securities Group Ltd. 169,000 78,280 51,925 0.0 Hokkoku Bank Ltd. 1,600 74,531 51,708 0.0 Orient Corp. 35,800 66,591 51,244 0.0 Unicaja Banco SA 45,207 69,596 50,385 0.0 TBC Bank Group plc 2,265 60,878 49,306 0.0 Value Partners Group Ltd. 72,000 71,235 48,385 0.0 Bank of Georgia Group plc 2,213 72,514 47,018 0.0 Ichigo, Inc. 12,200 59,667 46,668 0.0 Keiyo Bank Ltd. 8,900 74,852 45,796 0.0 Eclipx Group Ltd. 25,380 54,165 44,287 0.0 Sparebank 1 Oestlandet 3,035 38,901 44,167 0.0 Bank Millennium SA 39,462 106,262 44,122 0.0 Hanwha Life Insurance Co. Ltd. 15,166 78,641 43,399 0.0 Wuestenrot & Wuerttembergische AG 1,660 44,126 42,747 0.0 Deutsche Beteiligungs AG 799 43,203 41,225 0.0 Okasan Securities Group, Inc. 8,900 54,684 41,183 0.0 Japan Securities Finance Co. Ltd. 6,200 38,391 41,160 0.0 Credito Emiliano SPA 5,932 49,909 40,778 0.0 Investment AB Oresund 2,023 41,679 39,040 0.0 Alior Bank SA 6,728 105,980 39,039 0.0 North Pacific Bank Ltd. 14,400 52,729 38,736 0.0 Aomori Bank Ltd. 1,300 47,428 38,532 0.0 FFP 261 36,316 38,488 0.0 Liberbank SA 95,429 56,779 37,486 0.0 Warsaw Stock Exchange 2,383 29,388 37,236 0.0 Leonteq AG 721 42,351 36,422 0.0 EFG International AG 4,320 39,986 36,112 0.0 Jaccs Co. Ltd. 1,600 44,401 36,091 0.0 Genworth Mortgage Insurance Australia Ltd. 15,172 46,318 35,648 0.0 Menora Mivtachim Holdings Ltd. 1,489 27,538 35,537 0.0 Fukui Bank Ltd. 1,500 30,865 35,112 0.0 Musashino Bank Ltd. 1,900 63,341 35,051 0.0 Bank of Nagoya Ltd. 1,100 46,257 34,640 0.0 Hanwha General Insurance Co. Ltd. 7,560 37,259 34,002 0.0 FIBI Holdings Ltd. 818 33,564 31,613 0.0 Migdal Insurance & Financial Holding Ltd. 21,365 29,595 31,366 0.0 Hanwha Investment & Securities Co. Ltd. 11,847 26,580 30,497 0.0 Banca IFIS SPA 2,082 34,956 29,777 0.0 Heartland Group Holdings Ltd. 19,299 28,668 29,386 0.0 McMillan Shakespeare Ltd. 2,409 32,377 29,343 0.0 TOMONY Holdings, Inc. 7,600 42,502 29,260 0.0 Yamagata Bank Ltd. 2,300 48,176 29,147 0.0 Akita Bank Ltd. 1,700 48,194 28,739 0.0 Ehime Bank Ltd. 2,300 33,123 28,211 0.0 Marusan Securities Co. Ltd. 4,900 36,557 27,995 0.0 SK Securities Co. Ltd. 29,516 20,338 27,762 0.0 Hyakujushi Bank Ltd. 1,500 50,512 27,505 0.0 Sun Hung Kai & Co. Ltd. 51,000 29,844 27,401 0.0 Bank of Iwate Ltd. 1,100 42,028 27,229 0.0 Miyazaki Bank Ltd. 1,000 32,325 27,196 0.0 Toho Bank Ltd. 10,000 39,409 25,666 0.0 Yamanashi Chuo Bank Ltd. 2,700 41,236 25,654 0.0 Mirae Asset Life Insurance Co. Ltd. 5,649 28,949 25,507 0.0 Aichi Bank Ltd. 700 34,599 25,378 0.0 Humm Group Ltd. 22,744 37,633 25,154 0.0 Yuanta Securities Korea Co. Ltd. 6,994 21,185 25,059 0.0 VP Bank AG 153 30,999 24,697 0.0 Tokyo Kiraboshi Financial Group, Inc. 1,800 43,426 24,566 0.0 Bank of the Ryukyus Ltd. 2,500 36,296 23,538 0.0 Shikoku Bank Ltd. 2,800 34,109 23,495 0.0 Banca Monte dei Paschi di Siena SPA 14,325 26,975 23,290 0.0 Shimizu Bank Ltd. 1,100 31,079 23,279 0.0 San ju San Financial Group, Inc. 1,480 35,647 23,011 0.0 GAM Holding AG 7,340 80,426 22,893 0.0 FIDEA Holdings Co. Ltd. 17,300 28,766 22,628 0.0 KTB Investment & Securities Co. Ltd. 5,898 17,983 22,066 0.0 Bank Handlowy w Warszawie SA 1,834 40,191 22,042 0.0

112 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets DB Financial Investment Co. Ltd. 4,010 18,354 21,892 0.0 Sparx Group Co. Ltd. 6,500 20,063 20,453 0.0 IDI Insurance Co. Ltd. 527 37,751 20,356 0.0 Guotai Junan International Holdings Ltd. 118,000 42,262 20,164 0.0 Oita Bank Ltd. 800 34,918 20,089 0.0 Michinoku Bank Ltd. ADR 1,600 27,665 19,783 0.0 Ichiyoshi Securities Co. Ltd. 3,300 29,749 19,017 0.0 Dah Sing Banking Group Ltd. 14,400 38,161 18,833 0.0 Jimoto Holdings, Inc. 1,760 28,976 17,917 0.0 Towa Bank Ltd. 2,000 22,098 15,573 0.0 Collector AB 3,838 32,390 14,438 0.0 Annehem Fastigheter AB Class B 2,903 15,335 14,253 0.0 J Trust Co. Ltd. 5,700 36,541 14,208 0.0 Eugene Investment & Securities Co. Ltd. 2,328 5,969 10,784 0.0 Daishin Securities Co. Ltd. 628 9,648 9,575 0.0 Chukyo Bank Ltd. ADR 300 8,562 7,222 0.0 Navigator Global Investments Ltd. 3,478 17,881 5,949 0.0 Convoy Global Holdings Ltd. 210,000 8,104 5,762 0.0 Kita-Nippon Bank Ltd. 200 7,172 5,035 0.0 China LNG Group Ltd. 74,000 13,739 4,985 0.0 Bank of Saga Ltd. 300 8,892 4,868 0.0 Tochigi Bank Ltd. 2,200 10,948 4,669 0.0 GCA Corp. 500 4,848 4,535 0.0 Kyokuto Securities Co. Ltd. 500 9,504 4,263 0.0 Tsukuba Bank Ltd. 1,700 6,463 3,881 0.0 DeA Capital SPA 1,785 3,717 3,161 0.0 Tongyang Life Insurance Co. Ltd. 724 6,831 2,989 0.0 Union Financiere de France BQE SA 78 3,838 2,347 0.0 Emperor Capital Group Ltd. 90,000 10,121 1,908 0.0 290,337,367 273,952,962 15.2 Health Care Roche Holding AG 51,763 18,978,858 23,056,330 1.3 Novartis AG 153,590 17,161,571 18,516,999 1.0 AstraZeneca plc 94,240 10,139,268 12,020,028 0.7 Novo Nordisk A/S Class B 115,849 8,058,717 10,350,944 0.6 Sanofi 78,118 9,221,291 9,583,342 0.5 CSL Ltd. 32,527 6,424,452 9,055,167 0.5 GlaxoSmithKline plc 353,644 9,401,480 8,264,958 0.5 Daiichi Sankyo Co. Ltd. 136,900 3,017,088 5,971,635 0.3 Bayer AG 70,308 8,078,393 5,277,609 0.3 Takeda Pharmaceutical Co. Ltd. 108,900 5,566,298 5,045,895 0.3 Hoya Corp. 25,900 2,408,461 4,560,623 0.3 Koninklijke Philips NV 65,631 3,496,262 4,478,947 0.3 Lonza Group AG 5,355 2,322,160 4,389,962 0.3 EssilorLuxottica SA 21,170 3,759,489 4,209,131 0.2 M3, Inc. 30,116 981,131 3,620,682 0.2 Celltrion, Inc. 7,550 1,650,406 3,178,784 0.2 Chugai Pharmaceutical Co. Ltd. 46,500 1,441,505 3,157,569 0.2 Alcon, Inc. 32,731 2,486,752 2,775,707 0.2 Astellas Pharma, Inc. 134,500 2,641,710 2,645,520 0.2 Terumo Corp. 46,800 1,758,850 2,490,147 0.2 Genmab A/S 4,264 1,179,658 2,199,366 0.1 Olympus Corp. 76,300 1,226,242 2,124,517 0.1 Sysmex Corp. 13,600 1,323,042 2,080,947 0.1 Merck KGaA 9,231 1,375,713 2,019,539 0.1 Coloplast A/S Class B 9,467 1,335,800 1,842,996 0.1 Eisai Co. Ltd. 18,900 1,706,217 1,719,284 0.1 Fresenius SE & Co. KGaA 28,666 2,297,911 1,690,867 0.1 Smith & Nephew plc 62,129 1,596,433 1,633,778 0.1 Otsuka Holdings Co. Ltd. 29,900 1,659,778 1,630,036 0.1 Fresenius Medical Care AG & Co. KGaA 14,575 1,592,642 1,549,473 0.1 Shionogi & Co. Ltd. 20,200 1,467,839 1,404,577 0.1 Sartorius AG Pfd. 2,465 591,935 1,320,265 0.1 Argenx SE 3,375 694,796 1,273,152 0.1 Sonova Holding AG 3,799 972,489 1,259,328 0.1 Fisher & Paykel Healthcare Corp. Ltd. 40,882 632,657 1,236,383 0.1 Ono Pharmaceutical Co. Ltd. 30,800 970,475 1,181,224 0.1 UCB SA 8,714 940,624 1,147,526 0.1 Sonic Healthcare Ltd. 34,803 861,260 1,099,987 0.1 Straumann Holding AG 722 713,323 1,073,367 0.1 Siemens Healthineers AG 16,204 953,574 1,060,366 0.1 Novozymes A/S Class B 14,379 925,678 1,052,426 0.1 Qiagen NV 15,855 728,013 1,049,144 0.1

113 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Celltrion Healthcare Co. Ltd. 5,154 385,259 985,262 0.1 Chr. Hansen Holding A/S 7,451 835,513 977,422 0.1 Samsung Biologics Co. Ltd. 965 452,793 934,818 0.1 GN Store Nord AS 9,114 486,510 929,891 0.1 Eurofins Scientific SE 8,669 603,651 927,415 0.1 Cochlear Ltd. 4,678 810,632 869,184 0.1 Teva Pharmaceutical Industries Ltd. 69,223 1,645,681 839,108 0.1 Grifols SA 21,769 819,849 810,334 0.1 Sartorius Stedim Biotech 1,695 304,468 769,400 0.1 Ramsay Health Care Ltd. 12,557 775,796 767,585 0.1 Vifor Pharma AG 3,822 708,479 765,680 0.1 Kobayashi Pharmaceutical Co. Ltd. 4,300 418,465 669,089 0.1 Ambu A/S Class B 11,903 321,311 656,082 0.1 Asahi Intecc Co. Ltd. 13,500 388,371 627,190 0.1 Kyowa Kirin Co. Ltd. 17,400 454,560 604,190 0.1 Orpea SA 3,581 553,817 600,352 0.0 Tecan Group AG 881 293,683 550,817 0.0 BioMerieux 3,035 342,069 545,953 0.0 Santen Pharmaceutical Co. Ltd. 25,900 563,552 535,322 0.0 Hikma Pharmaceuticals plc 11,728 372,087 514,282 0.0 Evotec SE 10,408 312,364 491,263 0.0 Recordati SPA 6,942 363,172 490,525 0.0 Getinge AB Class B 16,087 333,236 479,395 0.0 Amplifon SPA 8,671 240,486 460,097 0.0 Dechra Pharmaceuticals plc 7,577 324,980 455,238 0.0 Orion Oyj Class B 7,488 395,506 438,062 0.0 Carl Zeiss Meditec AG (Bearer) 2,529 285,798 429,307 0.0 Elekta AB Class B 24,919 377,119 426,961 0.0 Galapagos NV 3,375 588,202 423,402 0.0 Ryman Healthcare Ltd. 30,154 320,657 420,150 0.0 DiaSorin SPA 1,564 213,744 414,698 0.0 PeptiDream, Inc. 6,300 363,132 407,354 0.0 Hisamitsu Pharmaceutical Co. Inc. 5,200 362,150 393,336 0.0 Demant A/S 7,710 292,608 388,478 0.0 ConvaTec Group plc 111,377 414,658 386,373 0.0 Celltrion Pharm, Inc. 1,347 109,186 376,927 0.0 MorphoSys AG 2,451 332,755 358,451 0.0 Genus plc 4,835 220,778 353,308 0.0 Swedish Orphan Biovitrum AB 13,299 322,707 342,673 0.0 Shin Poong Pharmaceutical Co. Ltd. 2,290 500,344 333,025 0.0 Nippon Shinyaku Co. Ltd. 3,900 365,027 325,802 0.0 Yuhan Corp. 3,670 190,542 323,240 0.0 Idorsia Ltd. 8,466 258,626 311,387 0.0 Alfresa Holdings Corp. 13,000 376,649 303,023 0.0 Ansell Ltd. 8,778 202,589 300,134 0.0 Gerresheimer AG 2,150 217,944 294,088 0.0 Siegfried Holding AG 310 177,900 291,084 0.0 Alteogen, Inc. 1,346 73,568 283,670 0.0 Ipsen SA 2,576 365,892 272,651 0.0 Rohto Pharmaceutical Co. Ltd. 7,200 257,260 271,421 0.0 Sumitomo Dainippon Pharma Co. Ltd. 14,400 301,943 270,622 0.0 Nihon Kohden Corp. 5,700 217,558 270,089 0.0 Taisho Pharmaceutical Holdings Co. Ltd. ADR 3,100 319,379 265,856 0.0 UDG Healthcare plc 18,780 240,289 255,101 0.0 Suzuken Co Ltd. 5,400 309,362 248,544 0.0 CompuGroup Medical SE & Co. KgaA 1,987 187,489 243,451 0.0 Medipal Holdings Corp. 9,700 268,168 231,967 0.0 SK Biopharmaceuticals Co. Ltd. 1,154 242,651 228,724 0.0 ALK-Abello A/S Class B 435 112,988 227,743 0.0 Korian SA 4,658 203,995 227,557 0.0 Microport Scientific Corp. 33,000 71,120 227,456 0.0 Sectra AB Class B 1,997 110,803 227,232 0.0 Ship Healthcare Holdings, Inc. 3,200 174,808 226,653 0.0 Seegene, Inc. 990 42,025 224,085 0.0 Hanmi Pharm Co. Ltd. 505 223,755 217,063 0.0 Bachem Holding AG Class B 373 74,527 212,617 0.0 Sawai Pharmaceutical Co. Ltd. 3,600 243,075 207,897 0.0 Genexine, Inc. 1,340 102,990 195,342 0.0 H Lundbeck A/S 4,411 251,723 192,878 0.0 Bavarian Nordic A/S 4,647 158,955 181,983 0.0 Summerset Group Holdings Ltd. 15,640 99,532 180,046 0.0 Green Cross Corp. 377 75,749 179,509 0.0 As One Corp. 800 73,264 174,235 0.0 Tsumura & Co. 4,400 178,465 168,312 0.0

114 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets PolyNovo Ltd. 43,829 96,439 167,180 0.0 Arjo AB Class B 16,931 94,637 165,074 0.0 EBOS Group Ltd. 6,160 113,232 162,168 0.0 Healius Ltd. 41,096 128,307 150,695 0.0 Mani, Inc. 4,300 97,601 148,993 0.0 Mediclinic International plc 29,269 241,944 143,740 0.0 Vitrolife AB 4,258 97,078 142,544 0.0 Virbac SA 378 101,644 140,236 0.0 Chong Kun Dang Pharmaceutical Corp. 506 50,323 134,412 0.0 Oscotec, Inc. 1,713 56,677 131,789 0.0 Zealand Pharma A/S 2,763 124,959 127,645 0.0 Miraca Holdings, Inc. 3,700 154,736 126,879 0.0 GrandVision NV 3,156 120,630 125,449 0.0 Fagron 4,177 114,910 123,711 0.0 Menicon Co. Ltd. 1,600 70,440 123,396 0.0 MedPacto, Inc. 873 61,569 120,506 0.0 Hanall Biopharma Co. Ltd. 2,668 87,315 117,337 0.0 Nanosonics Ltd. 14,737 58,940 116,336 0.0 Kaken Pharmaceutical Co. Ltd. 2,300 154,136 113,098 0.0 Takara Bio, Inc. 3,200 84,901 109,299 0.0 Nagaileben Co. Ltd. 3,000 98,394 109,242 0.0 Faes Farma SA 19,975 116,012 108,668 0.0 JCR Pharmaceuticals Co. Ltd. 3,600 59,130 108,258 0.0 Hansa Biopharma AB 2,898 80,583 108,075 0.0 Nipro Corp. 7,100 114,916 106,360 0.0 Toho Holdings Co. Ltd. 4,700 133,698 105,147 0.0 Pharma Mar SA 950 56,757 105,141 0.0 KYORIN Holdings, Inc. 4,300 106,661 102,990 0.0 Dermapharm Holding SE 1,156 65,112 102,641 0.0 Green Cross Holdings Corp. 2,103 63,778 102,355 0.0 Vectura Group plc 46,013 81,359 99,844 0.0 Indivior plc 52,335 159,622 99,161 0.0 Hugel, Inc. 426 67,815 93,826 0.0 Hanmi Science Co. Ltd. 1,039 89,017 92,730 0.0 Daewoong Co. Ltd. 1,564 30,052 92,262 0.0 STRATEC SE 470 80,386 89,968 0.0 Biotage AB 4,155 113,787 89,594 0.0 LegoChem Biosciences, Inc. 1,067 47,221 87,721 0.0 Cellivery Therapeutics, Inc. 396 94,216 87,405 0.0 CMG Pharmaceutical Co. Ltd. 12,799 72,547 86,761 0.0 Japan Lifeline Co. Ltd. 4,200 97,211 84,321 0.0 JINS Holdings, Inc. 1,000 72,899 83,662 0.0 Grifols SA Class B Pfd. 3,478 100,382 83,600 0.0 Mochida Pharmaceutical Co. Ltd. 1,700 82,818 82,336 0.0 Bukwang Pharmaceutical Co. Ltd. 2,493 48,920 82,158 0.0 Paramount Bed Holdings Co. Ltd. 1,400 79,228 81,281 0.0 Solasto Corp. 4,100 65,474 80,846 0.0 Sam Chun Dang Pharm Co. Ltd. 824 36,704 79,340 0.0 Hogy Medical Co. Ltd. 1,900 86,238 78,659 0.0 Helixmith Co. Ltd. 2,012 188,440 77,868 0.0 Raffles Medical Group Ltd. 79,800 84,902 76,538 0.0 Almirall SA 4,479 92,947 76,242 0.0 Mesoblast Ltd. 33,128 68,806 73,277 0.0 Pharmicell Co. Ltd. 3,574 40,825 72,514 0.0 ST Pharm Co. Ltd. 595 33,061 72,433 0.0 Ilyang Pharmaceutical Co. Ltd. 913 34,889 70,456 0.0 DongKook Pharmaceutical Co. Ltd. 1,975 36,429 67,751 0.0 Spire Healthcare Group plc 24,554 64,951 66,450 0.0 ZERIA Pharmaceutical Co. Ltd. 2,700 66,315 63,335 0.0 Mezzion Pharma Co. Ltd. 301 48,737 62,059 0.0 COSMO Pharmaceuticals NV 506 73,844 61,988 0.0 Daewoong Pharmaceutical Co. Ltd. 319 52,897 61,730 0.0 ABLBio, Inc. 1,666 59,403 60,765 0.0 DIO Corp. 1,631 62,374 60,541 0.0 Amicogen, Inc. 1,337 46,565 60,212 0.0 Clinuvel Pharmaceuticals Ltd. 2,741 74,242 60,144 0.0 Medytox, Inc. 292 137,693 59,929 0.0 BML, Inc. 1,500 52,815 59,323 0.0 Bellevue Gold Ltd. 50,628 57,198 55,744 0.0 Arvida Group Ltd. 33,845 50,779 55,571 0.0 Enzychem Lifesciences Corp. 446 56,541 55,131 0.0 Basilea Pharmaceutica AG 715 45,834 54,771 0.0 NKMax Co. Ltd. 2,178 37,032 53,641 0.0 Eiken Chemical Co. Ltd. 2,100 49,282 53,251 0.0

115 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Chabiotech Co. Ltd. 2,245 35,548 52,790 0.0 Kissei Pharmaceutical Co. Ltd. 1,900 62,389 52,447 0.0 Yungjin Pharmaceutical Co. Ltd. 5,532 41,611 52,162 0.0 Binex Co. Ltd. 1,588 26,388 49,446 0.0 Medacta Group SA 389 37,549 49,113 0.0 CrystalGenomics, Inc. 2,331 40,039 48,934 0.0 Attendo AB 7,061 70,329 48,612 0.0 Starpharma Holdings Ltd. Class A 31,181 36,287 47,973 0.0 SillaJen, Inc. 3,240 188,876 45,978 0.0 Medical Data Vision Co. Ltd. 1,300 31,619 45,494 0.0 Huons Co. Ltd. 620 34,000 44,937 0.0 Towa Pharmaceutical Co. Ltd. 1,900 56,443 44,874 0.0 iNtRON Biotechnology, Inc. 1,371 32,265 44,780 0.0 Jeil Pharmaceutical Co. Ltd. 601 35,065 44,123 0.0 Komipharm International Co. Ltd. 2,767 73,053 43,647 0.0 ASKA Pharmaceutical Co. Ltd. 2,200 35,754 43,300 0.0 Nichi-iko Pharmaceutical Co. Ltd. 3,600 65,827 43,267 0.0 Taiko Pharmaceutical Co. Ltd. 2,100 36,948 41,772 0.0 Ypsomed Holding AG 192 35,653 41,010 0.0 Paradigm Biopharmaceuticals Ltd. 16,039 16,849 40,208 0.0 Karo Pharma AB 4,832 53,049 39,353 0.0 Avita Medical Ltd. CDI 7,861 69,889 38,176 0.0 Daito Pharmaceutical Co. Ltd. 800 28,194 36,723 0.0 Chongkundang Holdings Corp. 241 25,812 36,037 0.0 Integral Diagnostics Ltd. 8,434 16,798 35,984 0.0 Dong-A Socio Holdings Co. Ltd. 250 32,692 35,917 0.0 Torii Pharmaceutical Co. Ltd. 900 29,999 35,760 0.0 Mithra Pharmaceuticals SA 1,158 43,814 35,560 0.0 Opthea Ltd. 18,682 52,703 35,263 0.0 Frontage Holdings Corp. 50,000 33,989 34,997 0.0 Dong-A ST Co. Ltd. 335 32,774 34,810 0.0 United Laboratories International Holdings Ltd. 38,000 37,776 34,340 0.0 Osstem Implant Co. Ltd. 568 37,402 33,973 0.0 Elan Corp. 1,800 19,787 33,295 0.0 AbClon, Inc. 774 36,605 33,132 0.0 Mayne Pharma Group Ltd. 96,588 75,088 32,759 0.0 Oceania Healthcare Ltd. 24,291 10,275 32,308 0.0 Medipost Co. Ltd. 792 37,634 32,138 0.0 Vital KSK Holdings, Inc. 3,200 40,871 32,063 0.0 Draegerwerk AG & Co. KGaA 340 26,994 31,694 0.0 L&C Bio Co. Ltd. 774 40,851 31,317 0.0 Seikagaku Corp. 2,400 42,264 30,118 0.0 JW Pharmaceutical Corp. 721 25,205 29,638 0.0 Aprogen Pharmaceuticals, Inc. 18,760 34,874 28,932 0.0 Peptron, Inc. 1,478 33,184 28,427 0.0 Fuso Pharmaceutical Industries Ltd. 800 29,097 27,670 0.0 Tokai Corp. 1,100 30,945 27,622 0.0 Kwang Dong Pharmaceutical Co. Ltd. 2,291 14,455 27,540 0.0 Oriola Oyj Class B 9,155 34,896 27,143 0.0 i-SENS, Inc. 756 25,554 26,599 0.0 C-Mer Eye Care Holdings Ltd. 28,000 30,982 26,407 0.0 Tsukui Holdings Corp. 3,600 28,808 24,299 0.0 Estia Health Ltd. 13,946 40,793 24,267 0.0 Eutilex Co. Ltd. 544 27,367 23,989 0.0 Samsung Pharmaceutical Co. Ltd. 3,315 10,388 23,521 0.0 Vieworks Co. Ltd. 658 30,073 23,421 0.0 Kamada Ltd. 2,520 26,551 20,668 0.0 Japan Medical Dynamic Marketing, Inc. 700 13,099 20,402 0.0 Dentium Co. Ltd. 417 35,163 20,100 0.0 DBV Technologies SA 2,715 110,122 18,351 0.0 Regis Healthcare Ltd. 9,572 30,352 17,785 0.0 Anterogen Co. Ltd. 242 26,070 17,682 0.0 EPS Holdings, Inc. 1,400 31,459 16,861 0.0 Guerbet 323 25,884 16,540 0.0 Draegerwerk AG & Co. KGaA Pfd. 163 14,012 15,957 0.0 Dongsung Pharmaceutical Co. Ltd. 1,026 19,866 14,981 0.0 Lutronic Corp. 1,119 16,948 12,612 0.0 Beijing Tong Ren Tang Chinese Medicine Co. Ltd. 9,000 23,054 12,052 0.0 Dae Hwa Pharmaceutical Co. Ltd. 477 13,134 8,643 0.0 Boiron SA 118 13,438 7,606 0.0 Virtus Health Ltd. 1,333 7,758 6,972 0.0 Town Health International Medical Group Ltd. 60,000 11,062 6,778 0.0 Fuji Pharma Co. Ltd. 400 9,222 6,140 0.0 Japara Healthcare Ltd. 9,855 14,464 6,007 0.0

116 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets JW Holdings Corp. 802 8,155 5,484 0.0 Faes Farma SA Rights Exp. 01/05/2021 19,975 5,188 5,175 0.0 InBody Co. Ltd. 237 10,730 4,822 0.0 Humedix Co. Ltd. 167 3,830 4,652 0.0 Lee's Pharmaceutical Holdings Ltd. 5,500 10,265 4,247 0.0 Huons Global Co. Ltd. 118 8,554 4,048 0.0 Cell Biotech Co. Ltd. 124 7,930 3,418 0.0 CMIC Holdings Co. Ltd. 200 7,186 3,344 0.0 Shin Nippon Biomedical Laboratories Ltd. 400 2,948 3,332 0.0 Linical Co. Ltd. 200 3,845 1,742 0.0 NMC Health plc 4,547 173,025 0 0.0 178,746,822 216,041,351 12.0 Industrials Siemens AG 54,767 8,674,194 10,032,793 0.6 Keyence Corp. 12,900 5,097,546 9,232,474 0.5 Schneider Electric SE 37,667 4,399,788 6,946,034 0.4 Adyen NV 1,924 2,298,637 5,713,354 0.3 Airbus SE 39,897 5,793,321 5,583,557 0.3 Daikin Industries Ltd. 19,100 3,173,442 5,401,923 0.3 Recruit Holdings Co. Ltd. 96,404 3,705,110 5,140,196 0.3 ABB, Ltd. 127,721 3,706,896 4,548,590 0.3 Deutsche Post AG 69,974 3,363,663 4,417,564 0.3 FANUC Corp. 13,800 3,526,601 4,318,458 0.3 Vinci SA 33,769 4,291,954 4,282,726 0.3 Safran SA 23,007 3,753,734 4,158,358 0.2 Itochu Corp. 97,300 2,468,452 3,558,701 0.2 Sika AG 9,892 1,961,634 3,447,324 0.2 Hitachi Ltd. 66,100 3,002,140 3,315,602 0.2 SMC Corp. 4,100 2,154,589 3,184,784 0.2 Experian plc 64,934 2,333,454 3,140,291 0.2 DSV Panalpina A/S 14,462 1,765,023 3,089,189 0.2 Volvo AB Class B 102,091 2,130,253 3,069,253 0.2 CRH plc 56,126 2,530,669 2,988,196 0.2 Atlas Copco AB Class A 44,956 2,090,767 2,936,732 0.2 Kone Oyj Class B 28,180 2,135,232 2,919,392 0.2 Mitsui & Co. Ltd. 116,700 2,462,328 2,720,935 0.2 Mitsubishi Electric Corp. 141,100 2,571,713 2,710,916 0.2 Mitsubishi Corp. 85,800 2,796,632 2,690,248 0.2 Transurban Group 196,017 2,408,674 2,632,294 0.2 LafargeHolcim Ltd. 36,883 2,448,745 2,584,538 0.2 Ferguson plc 16,179 1,664,675 2,503,122 0.2 Sandvik AB 77,748 1,716,356 2,427,864 0.2 Central Japan Railway Co. 12,900 3,185,112 2,322,445 0.1 Komatsu Ltd. 65,500 2,147,822 2,277,223 0.1 East Japan Railway Co. 25,800 2,997,090 2,191,917 0.1 Legrand SA 19,246 1,821,832 2,190,052 0.1 Kubota Corp. 78,700 1,672,087 2,186,002 0.1 Worldline SA 16,953 1,556,696 2,090,327 0.1 Assa Abloy AB Class B 65,472 1,867,096 2,056,705 0.1 Geberit AG 2,569 1,566,518 2,051,976 0.1 Cie de Saint-Gobain 34,286 1,956,632 2,004,191 0.1 BAE Systems plc 232,699 2,205,952 1,980,832 0.1 Ashtead Group plc 31,962 1,147,443 1,913,646 0.1 Afterpay Touch Group Ltd. 15,716 418,058 1,823,114 0.1 Teleperformance 4,208 1,080,782 1,779,576 0.1 CK Hutchison Holdings Ltd. 191,500 2,574,810 1,702,229 0.1 Amcor plc CDI 111,395 1,556,645 1,679,890 0.1 Secom Co. Ltd. 14,000 1,506,409 1,644,101 0.1 SGS SA 421 1,385,806 1,620,075 0.1 Nippon Paint Holdings Co. Ltd. 11,100 686,582 1,551,863 0.1 Atlas Copco AB Class B 26,955 1,132,528 1,540,042 0.1 Schindler Holding AG 4,268 1,258,797 1,467,288 0.1 Alstom SA 18,984 1,116,229 1,379,298 0.1 Sumitomo Corp. 80,100 1,532,007 1,349,661 0.1 Edenred 17,866 955,636 1,292,498 0.1 MTU Aero Engines AG 3,753 985,004 1,248,430 0.1 Ferrovial SA 34,687 1,115,294 1,221,986 0.1 James Hardie Industries plc CDI 32,182 719,174 1,209,187 0.1 AP Moller - Maersk A/S Class B 417 804,624 1,187,220 0.1 Yaskawa Electric Corp. 18,700 844,163 1,183,748 0.1 Rentokil Initial plc 131,417 841,849 1,166,280 0.1 Halma plc 27,113 742,680 1,156,347 0.1 Brambles Ltd. 110,949 1,155,727 1,156,163 0.1

117 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Intertek Group plc 11,722 987,226 1,152,971 0.1 CNH Industrial NV 70,463 951,054 1,134,076 0.1 Toshiba Corp. 31,800 1,252,642 1,132,070 0.1 Smurfit Kappa Group plc 18,818 831,775 1,125,142 0.1 Aena SME SA 5,001 1,149,108 1,108,530 0.1 Daifuku Co. Ltd. 6,900 494,209 1,086,426 0.1 Jardine Matheson Holdings Ltd. 15,200 1,166,516 1,084,429 0.1 SG Holdings Co. Ltd. 30,600 527,986 1,061,786 0.1 Melrose Industries plc 341,346 1,203,078 1,058,421 0.1 Rolls-Royce Holdings plc 541,057 1,480,848 1,048,250 0.1 Spirax-Sarco Engineering plc 5,310 645,399 1,044,486 0.1 Bunzl plc 24,347 897,651 1,035,835 0.1 Kuehne + Nagel International AG 3,577 758,486 1,035,200 0.1 Epiroc AB Class A 44,369 632,956 1,030,025 0.1 HeidelbergCement AG 10,690 1,093,659 1,020,146 0.1 Kingspan Group plc 10,968 726,912 981,365 0.1 Adecco Group AG 11,313 902,131 964,601 0.1 Samsung C&T Corp. 5,877 744,609 951,162 0.1 Shimadzu Corp. 19,100 620,819 945,101 0.1 Marubeni Corp. 110,800 971,031 938,053 0.1 Nibe Industrier AB Class B 21,293 367,213 890,859 0.1 Odakyu Electric Railway Co. Ltd. 21,700 651,779 867,571 0.1 West Japan Railway Co. 12,900 1,235,549 859,416 0.1 Disco Corp. 2,000 505,892 857,601 0.1 Thales SA 7,316 996,319 854,175 0.1 MISUMI Group, Inc. 20,000 656,010 835,390 0.1 AP Moller - Maersk A/S Class A 310 537,128 821,236 0.1 Alfa Laval AB 23,355 689,501 819,890 0.1 Skanska AB Class B 25,179 686,060 819,084 0.1 Knorr-Bremse AG 4,693 641,419 816,991 0.1 Toyota Tsusho Corp. 15,800 670,837 812,031 0.1 Nexi SPA 31,787 662,644 809,641 0.1 Atlantia SPA 34,837 1,143,335 799,083 0.1 Mitsubishi Heavy Industries Ltd. 20,500 1,000,107 798,346 0.1 Bouygues SA 15,186 805,916 796,562 0.1 TOTO Ltd. 10,200 572,492 780,355 0.1 Yamato Holdings Co. Ltd. 23,900 670,101 775,924 0.1 Prysmian SPA 17,055 564,023 773,103 0.1 Minebea Mitsumi, Inc. 29,600 674,944 748,035 0.1 Smiths Group plc 28,105 722,353 736,373 0.1 MTR Corp. Ltd. 101,000 737,470 719,387 0.1 Getlink SE 32,431 614,505 716,849 0.1 Kintetsu Group Holdings Co. Ltd. 12,700 753,856 708,341 0.1 Bureau Veritas SA 20,261 638,418 687,244 0.1 Hamamatsu Photonics KK 9,400 463,588 684,353 0.1 SEEK Ltd. 24,193 443,036 678,549 0.1 ACS Actividades de Construccion y Servicios SA 15,928 766,257 674,097 0.1 Eiffage SA 5,386 689,647 663,597 0.1 SIG Combibloc Group AG 22,404 453,527 663,235 0.1 LG Corp. 6,388 540,576 655,530 0.1 Weir Group plc 18,865 533,270 653,616 0.1 Hankyu Hanshin Holdings, Inc. 15,400 754,335 651,801 0.1 Randstad NV 7,825 563,341 649,402 0.1 Azbil Corp. 9,200 278,851 640,276 0.1 Taisei Corp. 14,500 805,174 636,075 0.1 Lendlease Group 48,924 690,051 630,062 0.1 DCC plc 6,919 788,646 623,918 0.1 KION Group AG 5,552 494,421 615,852 0.1 Sydney Airport 95,423 625,644 601,314 0.1 DS Smith plc 92,035 599,757 600,403 0.1 Epiroc AB Class B 27,843 397,702 600,374 0.1 Auckland International Airport Ltd. 84,383 531,741 586,713 0.1 AGC, Inc. 13,100 616,600 581,935 0.1 VAT Group AG 1,821 335,088 579,496 0.1 Kajima Corp. 33,300 638,123 567,875 0.1 Outotec Oyj 44,148 353,600 562,587 0.0 Tok yu Corp. 35,200 760,788 556,407 0.0 Tobu Railway Co. Ltd. 14,500 583,034 550,191 0.0 Obayashi Corp. 50,000 665,965 549,111 0.0 Kansai Paint Co. Ltd. 14,000 396,628 548,494 0.0 GEA Group AG 11,883 548,022 542,361 0.0 Trelleborg AB Class B 18,997 481,241 537,823 0.0 Indutrade AB 19,341 256,390 528,660 0.0 Xinyi Glass Holdings Ltd. 148,000 242,179 526,468 0.0

118 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Tomra Systems ASA 8,368 272,819 526,196 0.0 Electrocomponents plc 34,285 376,187 519,750 0.0 LIXIL Corp. 18,600 476,578 512,739 0.0 Aurizon Holdings Ltd. 130,431 606,953 500,075 0.0 Signify NV 9,152 395,468 492,611 0.0 Miura Co. Ltd. 6,900 260,210 490,424 0.0 Georg Fischer AG 298 341,044 489,624 0.0 G4S plc 110,260 413,471 487,339 0.0 GMO Payment Gateway, Inc. 2,820 244,887 481,599 0.0 Nagoya Railroad Co. Ltd. 14,300 503,543 480,313 0.0 Isuzu Motors Ltd. 39,700 630,437 480,084 0.0 Dai Nippon Printing Co. Ltd. 20,800 617,371 476,110 0.0 Nabtesco Corp. 8,500 347,076 474,087 0.0 Yokogawa Electric Corp. 18,600 431,779 471,426 0.0 Meggitt plc 57,957 495,102 470,847 0.0 Rexel SA 23,349 421,538 469,333 0.0 Volvo AB Class A 15,212 410,466 461,108 0.0 Hoshizaki Corp. 3,900 431,100 455,738 0.0 Keisei Electric Railway Co. Ltd. 10,500 457,487 452,184 0.0 Atlas Arteria Ltd. 70,136 446,557 448,172 0.0 Huhtamaki Oyj Series I 6,680 372,292 440,045 0.0 Rheinmetall AG 3,244 458,489 437,814 0.0 Securitas AB Class B 21,254 439,503 437,690 0.0 Nippon Express Co. Ltd. 5,100 392,154 436,118 0.0 Wartsila Oyj Abp 34,223 630,497 434,777 0.0 thyssenkrupp AG 34,229 814,425 433,466 0.0 Keihan Holdings Co. Ltd. 7,000 368,756 427,135 0.0 Boral Ltd. 87,671 458,210 426,630 0.0 Jardine Strategic Holdings Ltd. 13,000 574,068 412,063 0.0 Lifco AB Class B 3,366 210,180 411,986 0.0 Travis Perkins plc 17,467 424,177 409,739 0.0 Aalberts NV 7,068 377,746 401,702 0.0 Korea Shipbuilding & Offshore Engineering Co. Ltd. 3,155 452,996 401,466 0.0 Belimo Holding AG 36 269,841 398,479 0.0 Fuji Electric Co. Ltd. 8,640 352,730 396,071 0.0 Bollore SA 73,986 420,239 390,045 0.0 Keikyu Corp. 17,700 426,242 386,368 0.0 Spectris plc 7,828 334,328 384,161 0.0 Royal Mail plc 65,112 367,005 382,925 0.0 IMI plc 18,870 344,488 382,842 0.0 Signature Aviation plc 56,778 331,669 382,660 0.0 Toppan Printing Co. Ltd. 21,220 478,057 380,986 0.0 Singapore Technologies Engineering Ltd. 102,800 359,753 378,538 0.0 Valmet Oyj 10,349 300,281 376,845 0.0 ALS Ltd. 39,167 292,589 370,027 0.0 Interpump Group SPA 5,855 236,539 368,175 0.0 Kurita Water Industries Ltd. 7,500 271,573 365,097 0.0 Sweco AB Class B 15,361 207,245 359,822 0.0 NGK Insulators Ltd. 18,100 394,538 355,567 0.0 Wienerberger AG 8,722 280,683 354,580 0.0 Shimizu Corp. 38,000 466,674 351,678 0.0 THK Co. Ltd. 8,500 314,750 349,272 0.0 Rotork plc 63,060 302,312 349,223 0.0 Beijer Ref AB Class B 5,953 210,756 347,598 0.0 Amada Holdings Co. Ltd. 24,700 343,306 345,324 0.0 Diploma plc 8,929 231,945 340,852 0.0 Nippon Yusen KK 11,200 245,545 331,964 0.0 Flughafen Zurich AG 1,465 336,719 329,596 0.0 Venture Corp. Ltd. 17,500 275,991 327,597 0.0 Elis SA 15,265 401,472 324,328 0.0 Sohgo Security Services Co. Ltd. 4,900 314,720 323,482 0.0 Aeroports de Paris 1,953 436,290 323,005 0.0 Fletcher Building Ltd. 59,439 314,380 321,681 0.0 COMSYS Holdings Corp. 8,007 276,702 316,664 0.0 Mitsui OSK Lines Ltd. 8,100 279,415 314,844 0.0 Inchcape plc 27,575 328,645 309,020 0.0 Leonardo SPA 33,541 455,551 308,997 0.0 Hyundai Merchant Marine Co. Ltd. 18,875 108,088 308,803 0.0 Swire Pacific Ltd. Class A 43,500 525,620 307,333 0.0 Kawasaki Heavy Industries Ltd. 10,700 353,682 306,846 0.0 Koninklijke Vopak NV 4,489 291,149 300,821 0.0 IWG plc 49,813 259,185 297,723 0.0 ISS A/S 13,481 496,828 297,563 0.0 Hyundai Glovis Co. Ltd. 1,370 247,471 295,636 0.0

119 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Qube Holdings Ltd. 101,788 234,739 294,194 0.0 Taiheiyo Cement Corp. 9,200 361,699 292,779 0.0 Acciona SA 1,596 206,791 290,332 0.0 Elbit Systems Ltd. 1,697 308,048 284,893 0.0 Rational AG 239 207,934 283,700 0.0 Andritz AG 4,779 300,416 279,208 0.0 Sumitomo Heavy Industries Ltd. 8,800 352,569 276,466 0.0 Haseko Corp. 18,800 311,940 274,437 0.0 Seven Group Holdings Ltd. 11,895 208,492 273,049 0.0 Ebara Corp. 6,500 246,931 270,299 0.0 AF POYRY AB Series B 6,837 186,135 266,426 0.0 Bucher Industries AG 454 182,474 265,397 0.0 Hays plc 106,083 287,387 264,182 0.0 Hitachi Construction Machinery Co. Ltd. 7,300 267,823 263,931 0.0 Persol Holdings Co. Ltd. 11,400 302,608 261,789 0.0 Rockwool International A/S Class B 534 201,303 254,748 0.0 Addtech AB Series B 15,056 160,806 254,582 0.0 Japan Airport Terminal Co. Ltd. 3,300 184,797 254,504 0.0 Renishaw plc 2,498 164,071 250,574 0.0 Samsung Heavy Industries Co. Ltd. 30,182 259,808 249,196 0.0 Dassault Aviation SA 178 327,931 248,888 0.0 Downer EDI Ltd. 47,474 289,832 248,756 0.0 SITC International Holdings Co. Ltd. 90,000 136,100 247,543 0.0 Worley Ltd. 21,912 264,127 247,510 0.0 Nankai Electric Railway Co. Ltd. 7,600 251,143 245,518 0.0 Balfour Beatty plc 51,825 235,020 243,863 0.0 Saab AB Class B 6,521 304,167 242,276 0.0 QinetiQ Group plc 43,402 206,347 241,719 0.0 SPIE SA 8,691 239,656 241,282 0.0 Kyowa Exeo Corp. 6,700 203,677 240,585 0.0 DKSH Holding AG 2,487 202,752 238,542 0.0 Grafton Group plc 14,721 199,654 236,497 0.0 Doosan Heavy Industries & Construction Co. Ltd. 14,883 148,790 235,637 0.0 Mitsubishi Materials Corp. 8,600 315,222 230,281 0.0 Hyundai Heavy Industries Holdings Co. Ltd. 686 267,612 228,085 0.0 Sojitz Corp. 80,200 319,348 227,616 0.0 Inficon Holding AG 194 176,005 225,920 0.0 Bravida Holding AB 13,085 143,469 222,269 0.0 Penta-Ocean Construction Co. Ltd. 20,300 164,724 222,188 0.0 Hino Motors Ltd. 20,300 270,281 220,184 0.0 Konecranes Oyj Class A 4,888 222,552 219,287 0.0 Reliance Worldwide Corp. Ltd. 54,459 210,404 216,828 0.0 IHI Corp. 8,500 306,400 214,703 0.0 Stadler Rail AG 3,675 226,260 214,090 0.0 Hyundai Engineering & Construction Co. Ltd. 4,855 247,251 213,236 0.0 Boskalis Westminster 5,910 205,060 207,650 0.0 dormakaba Holding AG 285 241,210 206,406 0.0 Fraport AG Frankfurt Airport Services Worldwide 2,664 269,979 204,975 0.0 SHO-BOND Holdings Co. Ltd. 3,300 152,838 204,010 0.0 Loomis AB Class B 5,797 262,826 203,417 0.0 Arcadis NV 4,801 124,061 202,362 0.0 Peab AB Class B 14,515 175,572 201,864 0.0 Horiba Ltd. 2,700 207,626 201,567 0.0 GS Yuasa Corp. 5,500 160,942 201,160 0.0 Link Administration Holdings Ltd. 36,554 225,144 199,443 0.0 CSR Ltd. 38,586 162,920 198,391 0.0 OC Oerlikon Corp. AG 14,991 227,520 197,694 0.0 Sanwa Holdings Corp. 13,300 185,467 197,268 0.0 Nishi-Nippon Railroad Co. Ltd. 5,200 170,133 195,385 0.0 Jungheinrich AG Pfd. 3,400 146,900 193,977 0.0 Seibu Holdings, Inc. 15,522 338,819 193,642 0.0 GS Holdings Corp. 4,321 227,810 190,289 0.0 Mabuchi Motor Co. Ltd. 3,400 189,834 188,586 0.0 TKH Group NV GDR 3,058 192,058 188,480 0.0 Aggreko plc 17,237 224,755 187,913 0.0 Korea Aerospace Industries Ltd. 6,209 263,333 187,872 0.0 Marshalls plc 14,359 141,844 186,921 0.0 Kinden Corp. 9,000 182,913 186,463 0.0 Park24 Co. Ltd. 8,400 257,558 185,642 0.0 Fuji Corp. 5,500 113,734 184,125 0.0 Landis+Gyr Group AG 1,837 187,279 183,743 0.0 Daetwyler Holding AG (Bearer) 495 108,854 183,350 0.0 Network International Holdings plc 32,011 313,077 182,070 0.0 Nexans SA 1,966 105,158 181,578 0.0

120 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Japan Elevator Service Holdings Co. Ltd. 5,600 103,359 181,323 0.0 Daelim Industrial Co. Ltd. 1,869 188,599 179,082 0.0 Japan Steel Works Ltd. 4,700 132,404 178,338 0.0 Cargotec Oyj Class B 3,382 180,475 178,295 0.0 FLSmidth & Co. A/S 3,622 201,607 176,582 0.0 Sulzer AG 1,315 174,539 176,448 0.0 Duerr AG 3,385 184,509 176,237 0.0 Serco Group plc 84,164 185,805 175,152 0.0 Ulvac, Inc. 3,200 180,972 174,334 0.0 Hochtief AG 1,392 256,237 172,612 0.0 Seino Holdings Co. Ltd. 9,600 173,625 172,359 0.0 JGC Holdings Corp. 14,400 309,010 171,293 0.0 FP Corp. 3,200 128,497 171,175 0.0 SFS Group AG 1,131 150,518 171,157 0.0 NKT A/S 3,011 129,826 171,008 0.0 Ultra Electronics Holdings plc 4,739 145,576 171,001 0.0 Nippon Electric Glass Co. Ltd. 6,100 213,154 169,812 0.0 Kawasaki Kisen Kaisha Ltd. 6,500 159,839 169,398 0.0 Orora Ltd. 63,630 229,931 168,895 0.0 Furukawa Electric Co. Ltd. 4,900 212,024 168,211 0.0 Kamigumi Co. Ltd. 7,200 198,518 167,295 0.0 Norma Group SE 2,556 165,399 166,862 0.0 Samsung Engineering Co. Ltd. 10,676 179,389 165,899 0.0 SMS Co. Ltd. 3,400 91,188 165,721 0.0 GS Engineering & Construction Corp. 3,729 154,965 165,312 0.0 Nolato AB Class B 1,276 115,092 164,689 0.0 Mitsubishi Logistics Corp. 4,300 142,080 163,956 0.0 Sankyu, Inc. 3,400 202,727 163,413 0.0 DMG Mori Co. Ltd. 8,400 172,443 162,631 0.0 Pagegroup plc 20,855 161,246 162,491 0.0 Rengo Co. Ltd. 15,200 152,473 162,053 0.0 CIMIC Group Ltd. 6,759 236,168 161,930 0.0 Cerved Group SPA 13,840 175,370 160,725 0.0 OSRAM Licht AG 1,969 137,033 159,725 0.0 Stabilus SA 1,768 149,817 159,019 0.0 Aica Kogyo Co. Ltd. 3,600 148,432 158,366 0.0 BOC Aviation Ltd. 14,300 135,313 157,421 0.0 Applus Services SA 11,005 169,952 154,735 0.0 Polypipe Group plc 14,849 106,047 154,381 0.0 Benefit One, Inc. 4,100 87,517 154,306 0.0 Fluidra SA 4,707 96,965 153,716 0.0 Buzzi Unicem SPA 5,055 147,987 153,655 0.0 Vesuvius plc 16,314 144,367 152,424 0.0 Interroll Holding AG 39 96,827 151,483 0.0 Jeol Ltd. 2,500 62,881 150,080 0.0 OKUMA Corp. 2,100 143,957 149,519 0.0 Credit Saison Co. Ltd. 10,200 213,302 149,274 0.0 Conzzeta AG 95 130,207 148,968 0.0 PostNL NV 33,753 106,688 146,794 0.0 Mirait Holdings Corp. 6,700 116,495 146,170 0.0 Toyo Seikan Group Holdings Ltd. 10,300 234,723 143,239 0.0 Mayr Melnhof Karton AG 553 132,622 142,233 0.0 Euronav NV 13,701 169,453 140,957 0.0 Maeda Corp. 12,400 158,750 140,311 0.0 Fujitec Co. Ltd. 5,100 87,109 140,149 0.0 Amano Corp. 4,600 151,023 140,089 0.0 Euromoney Institutional Investor plc 7,530 104,876 139,789 0.0 Freightways Ltd. 14,916 117,796 137,642 0.0 Daiwabo Holdings Co. Ltd. 1,200 69,153 135,933 0.0 Schweiter Technologies AG (Bearer) 64 97,583 134,671 0.0 ASTM SPA 4,136 148,342 132,812 0.0 S-1 Corp. 1,321 144,573 131,687 0.0 Verallia SA 2,883 120,401 130,552 0.0 Outsourcing, Inc. 7,600 130,745 129,511 0.0 GVS SPA 5,401 127,752 128,391 0.0 Pfeiffer Vacuum Technology AG 525 106,106 128,321 0.0 Ushio, Inc. 7,700 135,865 127,510 0.0 DFDS A/S 2,210 136,131 127,367 0.0 Traton SE 3,596 120,119 126,711 0.0 NWS Holdings Ltd. 107,000 212,462 126,405 0.0 Meitec Corp. 1,900 126,734 125,666 0.0 Kerry Logistics Network Ltd. 44,500 101,305 124,297 0.0 Toda Corp. 14,700 126,338 123,891 0.0 Lindab International AB 4,682 70,832 123,763 0.0

121 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Oxford Instruments plc 3,561 95,717 123,533 0.0 CJ Corp. 1,141 151,325 123,244 0.0 NCC AB Class B 5,291 130,384 123,118 0.0 Kongsberg Gruppen ASA 4,692 97,771 123,016 0.0 IR Japan Holdings Ltd. 600 38,991 122,014 0.0 Veidekke ASA 7,261 110,542 119,711 0.0 OSG Corp. 4,900 135,029 119,174 0.0 Neles Oyj 6,990 320,923 118,276 0.0 Zardoya Otis SA 13,220 151,739 118,080 0.0 Nichias Corp. 3,900 115,504 118,001 0.0 Fukuyama Transporting Co. Ltd. 2,200 112,987 117,954 0.0 Ecopro BM Co. Ltd. 587 48,032 117,101 0.0 CKD Corp. 4,200 79,818 114,432 0.0 Chemring Group plc 22,901 82,051 113,863 0.0 Kardex AG 408 85,029 113,843 0.0 Takuma Co. Ltd. 5,000 76,160 113,709 0.0 Tokai Holdings Corp. 8,900 104,816 112,678 0.0 Hitachi Zosen Corp. 15,900 89,302 111,834 0.0 Nippo Corp. 3,200 81,147 111,550 0.0 Cia de Distribucion Integral Logista Holdings SA 4,481 125,355 110,782 0.0 Electrolux Professional AB Class B 15,264 41,113 110,296 0.0 Hazama Ando Corp. 12,400 124,801 110,168 0.0 Fujikura Ltd. 18,700 117,604 109,606 0.0 Nishimatsu Construction Co. Ltd. 4,200 137,978 109,561 0.0 Topcon Corp. 6,800 137,740 107,572 0.0 FDM Group Holdings plc 5,476 96,361 107,189 0.0 Coats Group plc 90,459 122,244 106,020 0.0 Nippon Densetsu Kogyo Co. Ltd. 4,000 105,546 105,281 0.0 Doosan Fuel Cell Co. Ltd. 1,674 35,107 105,034 0.0 Ibstock plc 28,967 112,217 104,221 0.0 Okumura Corp. 3,300 125,498 103,878 0.0 Morgan Advanced Materials plc 19,164 88,556 103,793 0.0 en-japan, Inc. 2,700 119,421 102,949 0.0 SK Networks Co. Ltd. 18,062 113,045 102,843 0.0 Essentra plc 19,282 148,176 102,820 0.0 Kandenko Co. Ltd. 9,500 105,608 102,338 0.0 Schouw & Co. A/S 788 80,045 101,654 0.0 Enav SPA 18,038 111,852 101,167 0.0 Daewoo Shipbuilding & Marine Engineering Co. Ltd. 3,132 113,431 100,645 0.0 Avon Rubber plc 1,811 128,956 99,819 0.0 Adelaide Brighton Ltd. 30,217 132,927 99,514 0.0 Daihen Corp. 1,600 65,833 99,112 0.0 Kureha Corp. 1,100 88,146 98,680 0.0 Hitachi Transport System Ltd. 2,600 94,228 98,495 0.0 Oesterreichische Post AG 2,175 110,549 97,304 0.0 Koh Young Technology, Inc. 787 79,080 96,913 0.0 Krones AG 939 116,597 96,678 0.0 bpost SA 7,278 157,889 96,319 0.0 Uponor Oyj Class A 3,400 64,153 96,247 0.0 Shikun & Binui Ltd. 12,887 47,077 95,775 0.0 TKC Corp. 1,000 55,258 95,508 0.0 Glory Ltd. 3,700 143,490 95,011 0.0 HDC Hyundai Development Co-Engineering & Construction ADR 3,097 118,681 94,798 0.0 NRW Holdings Ltd. 33,004 70,923 94,741 0.0 Kyudenko Corp. 2,300 111,294 94,509 0.0 Babcock International Group plc 19,304 200,015 94,096 0.0 Carel Industries SPA 3,095 55,440 92,534 0.0 ESPEC Corp. 3,600 79,367 91,777 0.0 Doosan Infracore Co. Ltd. 9,807 84,705 91,092 0.0 Munters Group AB 7,072 46,124 91,057 0.0 CJ Logistics Corp. 468 87,460 90,837 0.0 Kanematsu Corp. 5,700 84,900 90,452 0.0 Trusco Nakayama Corp. 2,500 81,541 89,369 0.0 Hutchison Port Holdings Trust 351,800 121,095 88,742 0.0 Nihon Parkerizing Co. Ltd. 6,700 116,995 88,380 0.0 Kokuyo Co. Ltd. 5,100 98,453 87,916 0.0 KCC Corp. 376 128,207 87,091 0.0 Maruwa Unyu Kikan Co. Ltd. 3,200 52,207 86,910 0.0 Senko Group Holdings Co. Ltd. 7,000 71,008 86,895 0.0 Clarkson plc 1,838 62,775 86,423 0.0 Burckhardt Compression Holding AG 195 73,220 86,281 0.0 Maruwa Co Ltd. 600 54,659 85,809 0.0 LEM Holding SA 34 61,781 84,677 0.0 Hanwa Co. Ltd. 2,400 108,345 81,945 0.0

122 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Sumitomo Osaka Cement Co. Ltd. 2,200 128,950 81,848 0.0 Nikkon Holdings Co. Ltd. 3,200 97,982 81,619 0.0 LS Industrial Systems Co. Ltd. 1,101 66,699 81,477 0.0 Pan Ocean Co. Ltd. 13,784 71,069 81,152 0.0 AMG Advanced Metallurgical Group NV 2,119 102,765 80,794 0.0 Meidensha Corp. 2,800 64,132 80,227 0.0 Nichiha Corp. 2,000 72,614 80,207 0.0 Derichebourg SA 8,723 63,437 79,953 0.0 Komax Holding AG 313 92,250 79,531 0.0 Takasago Thermal Engineering Co. Ltd. 4,100 84,646 79,177 0.0 Shapir Engineering and Industry Ltd. 8,164 47,710 79,008 0.0 Kintetsu World Express, Inc. 2,600 60,039 78,539 0.0 Hyundai Mipo Dockyard Co. Ltd. 1,394 81,397 78,474 0.0 Tadano Ltd. 7,200 106,940 78,450 0.0 Sembcorp Marine Ltd. 568,156 172,717 78,317 0.0 Toshiba TEC Corp. 1,700 68,041 78,140 0.0 Brickworks Ltd. 4,116 65,758 77,690 0.0 Central Glass Co. Ltd. 2,800 80,855 77,601 0.0 Nisshinbo Holdings, Inc. 8,300 103,254 77,019 0.0 Vetropack Holding AG 884 55,709 76,062 0.0 YIT Oyj 9,881 86,121 75,965 0.0 Irish Continental Group plc 10,790 77,972 75,688 0.0 Pushpay Holdings Ltd. 45,476 34,368 75,503 0.0 Daewoo Engineering & Construction Co. Ltd. 12,883 75,811 75,319 0.0 Nearmap Ltd. 34,486 85,285 75,264 0.0 Monadelphous Group Ltd. 5,661 80,413 74,964 0.0 Bilfinger SE 1,844 87,756 74,333 0.0 Hyundai Elevator Co. Ltd. 1,590 107,622 74,030 0.0 Construcciones y Auxiliar de Ferrocarriles SA 1,208 69,336 73,909 0.0 Electra Ltd. 105 33,696 73,159 0.0 Funai Soken Holdings, Inc. 2,350 65,644 73,104 0.0 Capita plc 106,378 348,784 72,639 0.0 Johnson Electric Holdings Ltd. 23,000 79,427 72,557 0.0 Hanwha Corp. Pfd. 4,523 70,841 72,407 0.0 Deutz AG 9,015 76,238 71,668 0.0 Japan Material Co. Ltd. 4,100 65,628 71,537 0.0 Concentric AB 2,509 54,724 71,305 0.0 ASKUL Corp. 1,500 63,699 71,261 0.0 UT Group Co. Ltd. 1,800 79,694 71,076 0.0 AGFA-Gevaert NV 11,668 62,287 70,934 0.0 CI Takiron Corp. 8,300 70,816 70,669 0.0 Hanwha Aerospace Co. Ltd. 2,114 88,255 70,659 0.0 Tsubakimoto Chain Co. 2,100 102,182 70,147 0.0 Shibuya Corp. 1,600 62,175 69,891 0.0 Fuji Seal International, Inc. 2,800 106,001 69,620 0.0 Raito Kogyo Co. Ltd. 3,100 56,393 69,390 0.0 GWA Group Ltd. 20,099 59,363 68,959 0.0 Hyundai Rotem Co. Ltd. 3,412 84,267 68,827 0.0 Redde Northgate plc 14,840 84,561 68,744 0.0 Tyro Payments Ltd. 21,884 78,172 68,629 0.0 Sacyr SA 21,544 70,276 67,837 0.0 Kumagai Gumi Co. Ltd. 2,100 81,724 67,322 0.0 Taikisha Ltd. 2,000 80,497 66,831 0.0 Danel Adir Yeoshua Ltd. 313 50,917 65,748 0.0 Takara Standard Co. Ltd. 3,500 71,041 65,517 0.0 Pacific Basin Shipping Ltd. 271,000 78,070 65,009 0.0 Morita Holdings Corp. 3,000 66,072 64,931 0.0 Singapore Post Ltd. 95,200 103,342 64,696 0.0 Makino Milling Machine Co. Ltd. 1,400 79,699 64,351 0.0 Nachi-Fujikoshi Corp. 1,200 72,720 63,376 0.0 Strike Co. Ltd. 1,000 48,676 63,179 0.0 Takeuchi Manufacturing Co. Ltd. 2,100 48,597 62,995 0.0 Doosan Bobcat, Inc. 1,811 71,203 62,974 0.0 Optex Group Co. Ltd. 2,700 59,599 62,836 0.0 IPH Ltd. 9,878 60,331 62,441 0.0 Cie d'Entreprises CFE 478 65,125 62,291 0.0 NHN KCP Corp. 775 55,120 62,260 0.0 Ssangyong Cement Industrial Co. Ltd. 7,921 52,607 62,055 0.0 Tarkett SA 2,762 73,084 61,998 0.0 Strabag SE (Bearer) 1,396 64,345 61,910 0.0 LG International Corp. 2,133 27,573 61,788 0.0 Nomura Co. Ltd. 5,800 74,861 60,977 0.0 Sanki Engineering Co. Ltd. 4,000 58,388 59,872 0.0 Yokogawa Bridge Holdings Corp. 2,200 51,566 59,235 0.0

123 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Fujimori Kogyo Co. Ltd. 1,000 35,766 58,860 0.0 SFA Engineering Corp. 1,293 56,127 58,534 0.0 Daiho Corp. 1,300 46,691 58,391 0.0 Vicat SA 1,090 71,301 58,364 0.0 Maytronics Ltd. 3,046 60,463 58,352 0.0 IS Dongseo Co. Ltd. 925 29,919 57,930 0.0 Shinmaywa Industries Ltd. 5,300 59,666 57,813 0.0 Hyosung Corp. 645 108,971 57,793 0.0 Hirata Corp. 600 62,270 57,157 0.0 Solus Advanced Materials Co. Ltd. 982 21,144 57,066 0.0 Aeon Delight Co. Ltd. 1,700 78,954 56,345 0.0 Mitsubishi Logisnext Co. Ltd. 3,800 53,702 55,518 0.0 Tongyang, Inc. 39,110 60,291 54,583 0.0 Arbonia AG 2,669 47,339 54,470 0.0 Keller Group plc 4,442 58,887 53,995 0.0 NICE Information Service Co. Ltd. 1,854 30,347 53,924 0.0 Tsugami Corp. 2,800 30,491 53,865 0.0 Sumitomo Mitsui Construction Co. Ltd. 10,160 76,316 53,658 0.0 Indus Holding AG 1,069 66,483 53,490 0.0 Hanwha Corp. 1,611 74,591 53,469 0.0 Maeda Road Construction Co. Ltd. 2,500 66,358 53,369 0.0 Prosegur Cia de Seguridad SA 14,036 101,242 53,342 0.0 Frontline Ltd. 6,561 65,845 53,011 0.0 Isracard Ltd. 12,176 57,346 52,419 0.0 Wacker Neuson SE 1,920 58,014 52,406 0.0 Buzzi Unicem SPA Savings Shares 2,552 46,552 52,192 0.0 Austal Ltd. 19,862 45,310 52,134 0.0 Kanamoto Co. Ltd. 1,900 70,036 51,955 0.0 Mega Or Holdings Ltd. 1,337 37,677 51,883 0.0 Mitie Group plc 72,403 88,271 51,697 0.0 Chudenko Corp. 1,900 58,811 51,697 0.0 Sakai Moving Service Co. Ltd. 800 54,054 51,530 0.0 Toyo Ink SC Holdings Co. Ltd. 2,100 65,298 51,127 0.0 Zehnder Group AG 597 29,088 50,851 0.0 Tocalo Co. Ltd. 2,900 35,584 50,635 0.0 Totetsu Kogyo Co. Ltd. 1,500 54,354 50,512 0.0 Hanjin Transportation Co. Ltd. 899 38,232 50,397 0.0 Nippon Ceramic Co. Ltd. 1,400 44,184 50,116 0.0 Fukushima Galilei Co. Ltd. 900 42,485 49,809 0.0 Max Co. Ltd. 2,800 51,889 49,719 0.0 Rorze Corp. 600 25,047 49,383 0.0 Bonheur ASA 1,364 47,589 49,116 0.0 Okamoto Industries, Inc. 1,000 55,601 48,803 0.0 Nilfisk Holding A/S 1,764 87,722 48,615 0.0 Obara Group, Inc. 1,000 53,927 48,495 0.0 Takkt AG 2,917 54,911 48,471 0.0 Sekisui Jushi Corp. 1,800 46,218 48,421 0.0 Nikkiso Co. Ltd. 3,900 53,066 48,317 0.0 Sanyo Denki Co. Ltd. 700 48,794 47,939 0.0 Bell System24 Holdings, Inc. 2,400 45,312 47,887 0.0 SmartGroup Corp. Ltd. 7,123 50,864 47,827 0.0 Shima Seiki Manufacturing Ltd. 2,200 101,745 47,426 0.0 Giken Ltd. 900 39,273 47,365 0.0 Tsubaki Nakashima Co. Ltd. 3,400 62,624 47,073 0.0 Calisen plc 10,451 33,497 46,975 0.0 Sinfonia Technology Co. Ltd. 2,700 45,642 46,677 0.0 Electro Optic Systems Holdings Ltd. 8,013 24,500 46,556 0.0 Tsukishima Kikai Co. Ltd. 2,700 44,405 46,444 0.0 Yamazen Corp. 3,600 47,396 45,888 0.0 Toppan Forms Co. Ltd. 3,500 45,765 45,650 0.0 Hamburger Hafen und Logistik AG 1,587 51,285 45,617 0.0 Bobst Group SA 592 59,141 45,605 0.0 Ricoh Leasing Co. Ltd. 1,200 48,776 45,459 0.0 Washtec AG 666 63,708 45,316 0.0 Global Dominion Access SA 7,682 49,876 45,025 0.0 Posco International Corp. 2,618 58,152 44,674 0.0 Swire Pacific Ltd. Class B 37,500 74,216 44,671 0.0 BayWa AG 864 35,254 44,512 0.0 Hibiya Engineering Ltd. 1,900 48,355 44,476 0.0 Nissha Co. Ltd. 2,400 50,331 44,363 0.0 Trancom Co. Ltd. 400 35,989 44,077 0.0 Nissei ASB Machine Co. Ltd. 600 36,287 43,608 0.0 Zignago Vetro SPA 2,021 29,557 43,097 0.0 Anest Iwata Corp. 3,300 42,449 43,082 0.0

124 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Aida Engineering Ltd. 3,600 42,562 42,912 0.0 Shun Tak Holdings Ltd. 108,000 55,842 42,056 0.0 Noritsu Koki Co. Ltd. 1,400 31,661 41,997 0.0 Chiyoda Corp. 12,000 70,824 41,905 0.0 Riken Keiki Co. Ltd. 1,100 30,694 41,671 0.0 Mersen SA 1,080 49,620 41,667 0.0 Emeco Holdings Ltd. 36,559 72,469 40,972 0.0 Koninklijke BAM Groep NV 15,305 80,603 40,677 0.0 LG Hausys Ltd. 442 28,561 40,433 0.0 Fincantieri SPA 47,072 51,792 40,247 0.0 Maeda Kosen Co. Ltd. 1,200 25,573 40,128 0.0 METAWATER Co. Ltd. 1,400 30,432 40,114 0.0 Mitsui-Soko Holdings Co. Ltd. 1,400 28,228 39,768 0.0 Noritz Corp. 2,000 44,055 39,758 0.0 Hyosung Heavy Industries Corp. 542 41,386 39,538 0.0 HDC Holdings Co. Ltd. 3,023 94,944 39,176 0.0 Sumitomo Warehouse Co. Ltd. 2,400 39,743 39,092 0.0 SWCC Showa Holdings Co. Ltd. 1,800 28,039 38,959 0.0 Hyundai Electric & Energy System Co. Ltd. 2,023 51,567 38,910 0.0 BW LPG Ltd. 4,431 31,708 38,900 0.0 Sumitomo Densetsu Co. Ltd. 1,200 34,323 38,870 0.0 Star Micronics Co. Ltd. 1,900 34,333 38,778 0.0 SBS Holdings, Inc. 1,200 26,720 38,677 0.0 Maruzen Showa Unyu Co. Ltd. 900 30,780 38,648 0.0 OSJB Holdings Corp. 11,200 35,000 38,559 0.0 Chugoku Marine Paints Ltd. 3,000 30,961 38,462 0.0 D/S Norden A/S 1,674 33,929 38,422 0.0 Equiniti Group plc 19,857 87,112 38,177 0.0 Corticeira Amorim SGPS SA 2,104 33,705 38,045 0.0 Nippon Road Co. Ltd. 400 31,083 38,006 0.0 Nitto Kogyo Corp. 1,500 36,244 37,815 0.0 Shibaura Machine Co. Ltd. 1,300 41,392 37,810 0.0 TY Holdings Co. Ltd. 1,159 41,528 37,652 0.0 Taihan Electric Wire Co. Ltd. 23,304 28,119 37,443 0.0 Dip Corp. 1,100 33,342 37,368 0.0 Tonami Holdings Co. Ltd. 500 31,842 36,834 0.0 Yuasa Trading Co. Ltd. 900 35,487 36,815 0.0 Vossloh AG 571 35,664 36,805 0.0 Daiken Corp. 1,700 40,360 36,752 0.0 CIR SPA - Compagnie Industriali Riunite 53,036 43,397 36,376 0.0 Intage Holdings, Inc. 2,600 31,557 36,286 0.0 Bossard Holding AG Class A 141 30,663 36,254 0.0 Implenia AG 1,046 69,360 36,242 0.0 Aichi Corp. 3,200 35,449 36,209 0.0 Nissin Electric Co. Ltd. 2,400 33,426 36,160 0.0 Nohmi Bosai Ltd. 1,300 30,397 36,093 0.0 Bunka Shutter Co. Ltd. 3,000 32,980 36,019 0.0 Iino Kaiun Kaisha Ltd. 6,800 32,960 35,997 0.0 Korea Line Corp. 10,079 34,878 35,934 0.0 Advan Co. Ltd. 2,400 31,471 35,627 0.0 Tenma Corp. 1,400 30,392 35,276 0.0 Wakita & Co. Ltd. 2,700 35,749 35,149 0.0 Pack Corp. 1,000 46,302 34,884 0.0 Yamashin-Filter Corp. 2,500 31,239 34,798 0.0 Raiznext Corp. 2,300 30,676 34,795 0.0 CTT-Correios de Portugal SA 9,492 46,854 34,771 0.0 Biesse SPA 1,179 43,469 34,606 0.0 Denyo Co. Ltd. 1,300 34,105 34,489 0.0 Senior plc 22,170 98,210 34,458 0.0 Sakata INX Corp. 2,400 36,420 34,294 0.0 Manitou BF SA 914 30,583 34,051 0.0 Asia Cement China Holdings Corp. 29,000 40,294 33,688 0.0 Doshisha Co. Ltd. 1,400 33,031 33,635 0.0 YAMABIKO Corp. 2,100 29,223 33,583 0.0 Pasona Group, Inc. 1,300 25,397 33,238 0.0 Doosan Corp. Ltd. 538 46,524 33,062 0.0 KEPCO Plant Service & Engineering Co. Ltd. 946 48,327 32,951 0.0 Yurtec Corp. 3,200 27,334 32,892 0.0 Japan Transcity Corp. 4,800 30,372 32,754 0.0 Maire Tecnimont SPA 11,508 50,395 32,684 0.0 Datalogic SPA 1,474 46,648 32,167 0.0 Mcnex Co. Ltd. 676 19,251 32,029 0.0 Hosokawa Micron Corp. 400 29,316 31,392 0.0 Nippon Signal Co. Ltd. 2,700 33,708 31,351 0.0

125 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets LIG Nex1 Co. Ltd. 876 43,336 31,335 0.0 Akka Technologies 779 66,938 31,268 0.0 Katakura Industries Co. Ltd. 1,900 31,687 31,182 0.0 Prosegur Cash SA 24,998 74,364 31,174 0.0 Kitz Corp. 4,000 40,478 30,948 0.0 Meisei Industrial Co. Ltd. 3,200 28,433 30,918 0.0 Union Tool Co. 800 29,465 30,553 0.0 Daiichi Jitsugyo Co. Ltd. 600 23,584 30,429 0.0 NCC AB Class A 1,306 33,022 30,288 0.0 Organo Corp. 400 24,335 30,257 0.0 Samwha Capacitor Co. Ltd. 389 36,429 30,065 0.0 Asahi Diamond Industrial Co. Ltd. 5,400 33,379 29,919 0.0 Toenec Corp. 600 26,101 29,911 0.0 Tatsuta Electric Wire and Cable Co. Ltd. 3,200 27,216 29,654 0.0 Wallenius Wilhelmsen ASA 8,587 39,265 29,643 0.0 Sintokogio Ltd. 3,100 36,526 29,455 0.0 Insource Co. Ltd. 1,400 21,518 29,420 0.0 Dai-Dan Co. Ltd. 800 23,501 29,378 0.0 Mitsuboshi Belting Ltd. 1,400 37,666 29,351 0.0 Dawonsys Co. Ltd. 1,222 21,353 29,236 0.0 Konoike Transport Co. Ltd. 2,300 44,853 29,005 0.0 Taihei Dengyo Kaisha Ltd. 1,000 30,230 28,998 0.0 Hamakyorex Co. Ltd. 800 32,403 28,934 0.0 Nippon Parking Development Co. Ltd. 15,200 26,307 28,884 0.0 Daiwa Industries Ltd. 2,200 33,418 28,559 0.0 Litalico, Inc. 600 21,514 28,541 0.0 COSCO Shipping International Singapore Co. Ltd. 105,400 19,959 28,448 0.0 BeNEXT Group, Inc. 1,800 28,756 28,364 0.0 Tsurumi Manufacturing Co. Ltd. 1,300 31,657 28,313 0.0 PI Advanced Materials Co. Ltd. 648 27,913 28,119 0.0 Nippon Koei Co. Ltd. 800 31,093 27,996 0.0 S-Pool, Inc. 3,000 23,543 27,838 0.0 Fukuda Corp. 4 0 0 2 7, 3 3 4 2 7, 7 8 9 0 . 0 Salini Impregilo SPA 15,000 45,682 27,638 0.0 Toyo Construction Co. Ltd. 5,100 28,478 27,627 0.0 Weathernews, Inc. 400 27,291 27,443 0.0 Furukawa Co. Ltd. 1,800 38,084 27,209 0.0 Sodick Co. Ltd. 2,500 28,581 27,178 0.0 Flughafen Wien AG 571 31,342 27,103 0.0 Furuno Electric Co. Ltd. 1,800 25,976 26,964 0.0 Teikoku Electric Manufacturing Co. Ltd. 1,800 27,098 26,787 0.0 Rieter Holding AG 189 39,530 26,341 0.0 Riken Technos Corp. 4,700 26,900 26,156 0.0 Hioki EE Corp. 500 21,934 25,790 0.0 Osaki Electric Co. Ltd. 3,600 24,342 25,721 0.0 Yoma Strategic Holdings Ltd. 92,000 37,337 25,718 0.0 JAC Recruitment Co. Ltd. 1,100 27,985 25,681 0.0 Shibusawa Warehouse Co. Ltd. 900 24,326 25,621 0.0 Iseki & Co. Ltd. 1,500 29,873 25,598 0.0 W-Scope Corp. 2,200 36,134 25,518 0.0 Danieli & C Officine Meccaniche SPA Savings Shares 1,695 38,325 25,365 0.0 Takamatsu Construction Group Co. Ltd. 1,000 32,184 25,234 0.0 Yahagi Construction Co. Ltd. 2,300 25,104 25,146 0.0 Koenig & Bauer AG 672 52,820 25,057 0.0 Bubs Australia Ltd. 42,619 43,562 24,929 0.0 Dai Nippon Toryo Co. Ltd. 2,100 28,774 24,903 0.0 OFX Group Ltd. 20,559 29,775 24,860 0.0 Nippon Chemi-Con Corp. 1,100 28,004 24,840 0.0 Bando Chemical Industries Ltd. 3,100 37,521 24,635 0.0 Nippon Sheet Glass Co. Ltd. 4,200 44,135 24,617 0.0 Shinnihon Corp. 2,400 26,470 24,551 0.0 NICE Holdings Co. Ltd. 1,076 22,170 24,544 0.0 Pact Group Holdings Ltd. 9,349 40,367 24,356 0.0 Kyokuto Kaihatsu Kogyo Co. Ltd. 1,400 25,486 24,220 0.0 Cementir Holding NV 2,336 21,700 24,215 0.0 Oyo Corp. 1,600 28,847 24,186 0.0 Kumho Industrial Co. Ltd. 2,262 30,012 24,088 0.0 Sinko Industries Ltd. 1,100 23,571 24,079 0.0 CMBC Capital Holdings Ltd. 1,090,000 24,472 23,998 0.0 Kanaden Corp. 1,500 27,513 23,951 0.0 Link And Motivation, Inc. 3,300 26,562 23,822 0.0 Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 800 31,075 23,781 0.0 FULLCAST Holdings Co. Ltd. 1,200 29,737 23,751 0.0 KCC Glass Corp. 550 34,190 23,737 0.0

126 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Palfinger AG 582 25,395 23,497 0.0 Hyundai Construction Equipment Co. Ltd. 610 43,069 23,429 0.0 Futaba Corp. 2,100 41,222 23,115 0.0 Danieli & C Officine Meccaniche SPA 1,029 26,209 23,066 0.0 Mitsui E&S Holdings Co. Ltd. 5,300 76,955 22,890 0.0 Mie Kotsu Group Holdings, Inc. 3,700 26,584 22,600 0.0 CTS Co. Ltd. 1,900 13,401 22,461 0.0 Korea Electric Terminal Co. Ltd. 306 23,993 22,322 0.0 Komori Corp. 2,500 39,974 22,304 0.0 Bertrandt AG 361 34,542 22,284 0.0 Nichireki Co. Ltd. 1,100 24,648 22,274 0.0 SIG plc 40,446 71,183 22,173 0.0 Noritake Co. Ltd. 600 33,370 22,167 0.0 SIA Engineering Co. Ltd. 11,500 34,032 21,838 0.0 JDC Corp. 3,100 20,322 21,728 0.0 Stolt-Nielsen Ltd. 1,324 22,025 21,671 0.0 Moriroku Holdings Co. Ltd. 800 24,509 21,599 0.0 Nitto Kohki Co. Ltd. 1,000 27,622 21,582 0.0 VPower Group International Holdings Ltd. Class H 48,000 25,584 21,136 0.0 Feelux Co. Ltd. 4,376 60,125 21,016 0.0 Zumtobel Group AG 2,194 34,309 20,862 0.0 Nihon Tokushu Toryo Co. Ltd. 1,400 28,911 20,851 0.0 LISI SA 649 31,050 20,385 0.0 Tanseisha Co. Ltd. 2,000 29,030 20,212 0.0 Tokyu Construction Co. Ltd. 3,300 37,153 20,157 0.0 Kyosan Electric Manufacturing Co. Ltd. 3,800 27,469 19,788 0.0 Nippon Thompson Co. Ltd. 4,100 23,487 19,529 0.0 Shin Nippon Air Technologies Co. Ltd. 700 15,910 19,383 0.0 Nichiden Corp. 700 20,065 19,331 0.0 Hochiki Corp. 1,200 26,491 18,880 0.0 Nishio Rent All Co. Ltd. 700 26,609 18,657 0.0 Financial Products Group Co. Ltd. 2,900 37,845 18,000 0.0 Nippon Sharyo Ltd. 600 21,609 17,887 0.0 Vidente Co. Ltd. 1,931 30,208 17,823 0.0 HS Industries Co. Ltd. 2,127 25,083 17,786 0.0 Inaba Seisakusho Co. Ltd. 1,000 15,744 17,152 0.0 Rheon Automatic Machinery Co. Ltd. 1,100 23,194 17,116 0.0 Japan Best Rescue System Co. Ltd. 1,500 22,012 16,658 0.0 Taeyoung Engineering & Construction Co. Ltd. 1,203 34,058 16,648 0.0 Sankyo Tateyama, Inc. 1,600 24,917 16,051 0.0 KAWADA Technologies, Inc. 300 24,583 15,844 0.0 LISI SA Loyalty Bonus 478 22,941 15,014 0.0 Atrae, Inc. 400 11,568 13,751 0.0 Central Security Patrols Co. Ltd. 300 17,291 13,271 0.0 Toa Corp. 400 10,112 9,832 0.0 Inscobee, Inc. 3,656 35,353 9,047 0.0 Optorun Co. Ltd. 300 15,232 7,807 0.0 Eagle Industry Co. Ltd. 600 12,835 7,337 0.0 Toyo Corp. 500 6,090 7,194 0.0 Kyodo Printing Co. Ltd. 200 8,650 7,147 0.0 Tekken Corp. 300 11,075 6,774 0.0 Nisso Corp. 800 12,619 6,752 0.0 Youlchon Chemical Co. Ltd. 278 6,895 6,700 0.0 WDB Holdings Co. Ltd. 200 10,022 6,520 0.0 JSP Corp. 300 10,431 6,408 0.0 Aiphone Co. Ltd. 300 6,547 6,297 0.0 Fudo Tetra Corp. 280 5,952 6,019 0.0 Airtech Japan Ltd. 300 6,407 5,871 0.0 KEPCO Engineering & Construction Co. Inc. 273 8,192 5,715 0.0 Maezawa Kyuso Industries Co. Ltd. 200 4,887 5,713 0.0 Zuiko Corp. 400 4,068 5,602 0.0 Hanil Cement Co. Ltd. 45 7,423 5,541 0.0 KC Co. Ltd. 168 9,940 5,448 0.0 Torishima Pump Manufacturing Co. Ltd. 500 6,218 5,331 0.0 Shinwa Co Ltd. 200 5,976 5,286 0.0 Hisaka Works Ltd. 500 7,086 5,244 0.0 iMarketKorea, Inc. 490 6,920 5,023 0.0 Brunel International NV 438 8,422 4,984 0.0 World Holdings Co. Ltd. 200 10,615 4,835 0.0 Yushin Precision Equipment Co. Ltd. 400 7,799 4,714 0.0 Onoken Co. Ltd. 300 6,195 4,635 0.0 Singamas Container Holdings Ltd. 50,000 9,338 4,518 0.0 Tokyo Energy & Systems, Inc. 400 5,751 4,477 0.0 Porr AG 210 9,203 4,223 0.0

127 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Mota-Engil SGPS SA 1,944 9,213 4,133 0.0 Takaoka Toko Co. Ltd. 200 4,162 4,072 0.0 Ohara, Inc. 200 6,774 4,065 0.0 Sekisui Kasei Co. Ltd. 600 7,813 3,924 0.0 Juki Corp. 600 11,777 3,909 0.0 Pronexus, Inc. 300 4,836 3,887 0.0 Ocean Yield ASA 980 10,259 3,872 0.0 Taisei Lamick Co. Ltd. 100 4,019 3,782 0.0 Maezawa Kasei Industries Co. Ltd. 300 4,559 3,620 0.0 Shimojima Co. Ltd. 200 2,797 3,554 0.0 HITO - Communications Holdings, Inc. 200 3,739 3,492 0.0 Hokkan Holdings Ltd. 200 4,773 3,458 0.0 NS United Kaiun Kaisha Ltd. 200 6,528 3,443 0.0 Camsing International Holding Ltd. 18,000 21,498 3,431 0.0 Seika Corp. 200 6,517 3,391 0.0 Fujikura Kasei Co. Ltd. 500 4,173 3,387 0.0 Kitagawa Corp. 200 6,790 3,282 0.0 Kitano Construction Corp. 100 5,169 3,089 0.0 Toli Corp. 1,000 4,875 3,048 0.0 Nissin Corp. 200 4,138 3,003 0.0 Hyundai Corp. 160 3,910 2,993 0.0 Byucksan Corp. 961 5,422 2,823 0.0 Eusu Holdings Co. Ltd. 412 3,623 2,774 0.0 Japan Cash Machine Co. Ltd. 400 5,948 2,616 0.0 Takamiya Co. Ltd. 400 3,066 2,596 0.0 Kato Works Co. Ltd. 200 7,309 2,382 0.0 Gecoss Corp. 200 2,869 2,369 0.0 Hanil Holdings Co. Ltd. 185 10,765 2,365 0.0 Finablr plc 9,615 27,823 1,846 0.0 Jamco Corp. 200 6,328 1,530 0.0 266,545,268 309,500,412 17.1 Real Estate Vonovia SE 40,725 2,718,781 3,793,698 0.2 Goodman Group 131,347 1,514,790 2,441,752 0.2 Mitsui Fudosan Co. Ltd. 66,100 2,028,192 1,760,572 0.1 Link REIT 146,000 1,807,249 1,693,595 0.1 Deutsche Wohnen SE 24,706 1,347,310 1,682,580 0.1 Mitsubishi Estate Co. Ltd. 81,500 1,930,662 1,666,405 0.1 Sun Hung Kai Properties Ltd. 100,500 1,940,752 1,651,270 0.1 Segro plc 84,817 1,025,446 1,399,683 0.1 CK Asset Holdings Ltd. 173,500 1,647,037 1,134,579 0.1 Sumitomo Realty & Development Co. Ltd. 28,500 1,244,127 1,118,688 0.1 Scentre Group 378,681 1,308,587 1,034,923 0.1 LEG Immobilien AG 5,070 754,282 1,004,172 0.1 Unibail-Rodamco-Westfield 9,624 2,120,718 968,823 0.2 Wharf Real Estate Investment Co. Ltd. 119,000 898,974 788,937 0.1 Aroundtown SA 79,611 875,463 759,479 0.1 Dexus 81,206 808,211 750,423 0.1 Gecina SA 3,690 775,457 726,475 0.1 Mirvac Group 279,649 693,935 725,783 0.1 CapitaLand Integrated Commercial Trust 337,110 692,571 701,905 0.1 Stockland 170,001 709,092 698,582 0.1 Ascendas REIT 236,963 666,452 680,691 0.1 Swiss Prime Site AG 5,426 667,655 679,581 0.1 Castellum AB 20,217 495,816 654,532 0.1 GPT Group 139,391 716,396 616,648 0.1 British Land Co. plc 72,066 704,885 613,707 0.1 ESR Cayman Ltd. 133,134 480,444 608,115 0.1 New World Development Co. Ltd. 102,250 723,477 606,488 0.1 Land Securities Group plc 50,613 773,388 593,902 0.1 CapitaLand Ltd. 183,600 600,864 580,496 0.1 REA Group Ltd. 3,893 358,795 569,708 0.1 Daito Trust Construction Co. Ltd. 4,700 849,248 559,082 0.1 Charter Hall Group 35,628 309,326 515,222 0.1 PSP Swiss Property AG 3,018 442,157 514,571 0.1 Fastighets AB Balder Series B Class B 7,330 339,210 487,699 0.1 Hang Lung Properties Ltd. 145,000 428,766 487,207 0.1 Hongkong Land Holdings Ltd. 84,700 664,006 445,659 0.0 Warehouses De Pauw CVA 10,083 296,575 444,174 0.0 Unite Group plc 23,889 389,137 434,747 0.0 Henderson Land Development Co. Ltd. 87,384 572,066 434,320 0.0 Covivio 3,651 472,048 428,831 0.0 Vicinity Centres 271,068 610,262 427,704 0.0

128 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Sino Land Co. Ltd. 246,000 505,651 408,233 0.0 Kojamo Oyj 14,308 386,519 403,691 0.0 Mapletree Logistics Trust 200,889 308,015 389,229 0.0 Nippon Building Fund, Inc. 52 387,712 383,712 0.0 Tritax Big Box REIT plc 129,251 311,749 377,926 0.0 Klepierre SA 13,097 596,832 375,444 0.0 Entra ASA 12,986 242,722 375,251 0.0 Derwent London plc 6,886 378,784 371,270 0.0 Fabege AB 18,315 297,893 367,506 0.0 Hulic Co. Ltd. 25,900 343,187 362,101 0.0 Wharf Holdings Ltd. 104,000 453,027 356,280 0.0 Mapletree Industrial Trust 126,400 298,143 352,126 0.0 TAG Immobilien AG 8,696 237,785 351,083 0.0 L E Lundbergforetagen AB Class B 5,100 249,313 348,583 0.0 Cofinimmo SA 1,804 329,362 342,511 0.0 Aedifica SA 2,222 307,071 340,478 0.0 Mapletree Commercial Trust 163,666 304,486 336,040 0.0 Japan Real Estate Investment Corp. 45 316,504 330,948 0.0 Nippon Prologis REIT, Inc. 77 316,536 305,948 0.0 City Developments Ltd. 38,600 365,128 296,550 0.0 Merlin Properties Socimi SA 24,289 383,201 294,564 0.0 Nomura Real Estate Master Fund, Inc. 159 266,600 289,590 0.0 Inmobiliaria Colonial Socimi SA 22,804 314,170 285,264 0.0 CA Immobilien Anlagen AG 5,832 255,498 285,001 0.0 Alstria Office REIT-AG 12,149 255,945 280,281 0.0 Tokyu Fudosan Holdings Corp. 41,293 337,664 280,246 0.0 Swire Properties Ltd. 75,400 329,260 279,364 0.0 GLP J-REIT 139 277,218 278,892 0.0 Samhallsbyggnadsbolaget i Norden AB Series B 60,972 204,614 271,080 0.0 Wihlborgs Fastigheter AB 9,313 170,220 267,849 0.0 ADLER Group SA 5,920 244,154 267,615 0.0 Allreal Holding AG 907 213,380 266,019 0.0 Nomura Real Estate Holdings, Inc. 9,400 268,598 264,810 0.0 Grand City Properties SA 8,085 253,315 264,157 0.0 LondonMetric Property plc 65,456 225,406 261,040 0.0 Tokyo Tatemono Co. Ltd. 14,800 266,450 258,416 0.0 Assura plc 191,210 223,369 255,737 0.0 Primary Health Properties plc 94,232 210,539 250,752 0.0 Open House Co. Ltd. 5,300 183,919 247,865 0.0 Frasers Logistics & Commercial Trust 182,189 202,623 247,625 0.0 UOL Group Ltd. 32,800 246,184 243,771 0.0 Keppel REIT 215,500 230,375 232,658 0.0 Suntec REIT 161,800 280,219 232,390 0.0 ICADE 2,358 275,820 231,199 0.0 Grainger plc 46,759 206,954 230,937 0.0 Azrieli Group Ltd. 2,812 221,045 227,727 0.0 Kungsleden AB 16,057 172,205 224,430 0.0 Keppel DC REIT 82,460 144,343 223,359 0.0 Japan Retail Fund Investment Corp. 96 202,991 222,231 0.0 Relo Group, Inc. 7,200 228,047 221,935 0.0 Wallenstam AB Class B 10,938 149,869 221,601 0.0 Daiwa House REIT Investment Corp. 69 223,441 217,285 0.0 JM AB 4,753 160,458 214,267 0.0 National Storage REIT 112,292 191,209 210,849 0.0 Big Yellow Group plc 10,892 178,487 208,083 0.0 Orix JREIT, Inc. 98 195,644 206,182 0.0 Mobimo Holding AG 490 174,565 201,978 0.0 Great Portland Estates plc 17,257 232,433 200,754 0.0 Frasers Centrepoint Trust 83,871 191,716 198,884 0.0 Hang Lung Group Ltd. 62,000 238,438 196,404 0.0 Hysan Development Co. Ltd. 42,000 239,296 196,329 0.0 Safestore Holdings plc 14,002 144,643 190,198 0.0 Shaftesbury plc 18,786 272,041 186,152 0.0 BWP Trust 42,732 150,365 185,680 0.0 Advance Residence Investment Corp. 47 173,279 179,498 0.0 Shopping Centres Australasia Property Group 72,404 173,915 179,371 0.0 United Urban Investment Corp. 112 167,366 176,347 0.0 Aeon Mall Co. Ltd. 8,300 180,639 174,316 0.0 Savills plc 10,239 160,876 170,198 0.0 Goodman Property Trust 79,022 128,426 168,891 0.0 Industrial & Infrastructure Fund Investment Corp. 69 155,827 162,198 0.0 Nexity SA 2,847 178,462 157,368 0.0 Alony Hetz Properties & Investments Ltd. 8,786 138,066 156,529 0.0 Hufvudstaden AB Class A 7,371 148,713 155,738 0.0

129 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Nyfosa AB 12,088 89,404 153,672 0.0 Immofinanz AG 5,601 184,738 148,163 0.0 Fortune REIT 121,000 168,651 146,920 0.0 Charter Hall Long Wale REIT 32,061 149,456 146,562 0.0 Activia Properties, Inc. 27 134,696 145,095 0.0 Industrial Buildings Corp. Ltd. 43,281 145,893 142,195 0.0 Mapletree North Asia Commercial Trust 149,900 159,014 140,161 0.0 Pandox AB Class B 6,142 141,712 138,346 0.0 Montea CVA 925 108,343 134,240 0.0 Sekisui House REIT, Inc. 145 133,452 134,193 0.0 Waypoint REIT 49,293 121,365 132,293 0.0 Capital & Counties Properties plc 50,711 224,732 128,054 0.0 Ascott Residence Trust 122,285 148,895 127,306 0.0 Kiwi Property Group Ltd. 112,480 136,887 125,874 0.0 LaSalle Logiport REIT 61 123,848 125,252 0.0 Dios Fastigheter AB 10,478 96,978 124,833 0.0 Charter Hall Retail REIT 34,149 133,438 123,207 0.0 Mitsui Fudosan Logistics Park, Inc. 19 122,786 122,618 0.0 Japan Prime Realty Investment Corp. 29 117,564 122,384 0.0 Workspace Group plc 9,084 156,784 121,654 0.0 Kerry Properties Ltd. 37,500 170,622 121,011 0.0 Kenedix Office Investment Corp. 14 112,093 120,928 0.0 Klovern AB Class B 48,224 89,150 116,253 0.0 Heiwa Real Estate Co. Ltd. 2,500 67,814 115,067 0.0 Precinct Properties New Zealand Ltd. 71,232 97,948 114,998 0.0 Hammerson plc 264,300 466,002 114,379 0.0 PATRIZIA AG 2,704 71,325 110,644 0.0 Deutsche EuroShop AG 3,754 160,189 107,965 0.0 VGP NV 554 83,589 105,875 0.0 Catena AB 1,713 77,582 102,308 0.0 Sirius Real Estate Ltd. 62,477 60,120 101,622 0.0 Japan Logistics Fund, Inc. 27 100,167 101,450 0.0 Japan Hotel REIT Investment Corp. 154 99,493 100,716 0.0 Cromwell Property Group 117,234 119,073 100,268 0.0 Nippon Accommodations Fund, Inc. 14 100,300 100,197 0.0 Parkway Life REIT 26,300 79,662 98,111 0.0 S IMMO AG 3,635 92,861 96,100 0.0 Ingenia Communities Group 19,835 70,154 95,937 0.0 Manulife U.S. REIT 99,102 117,301 94,061 0.0 Frontier Real Estate Investment Corp. 19 89,710 93,546 0.0 Gev-Yam Land Corp. Ltd. 8,719 76,467 90,572 0.0 AEON REIT Investment Corp. 55 83,583 89,585 0.0 Shurgard Self Storage SA 1,615 97,334 89,370 0.0 Champion REIT 120,000 103,325 89,316 0.0 Daiwa Office Investment Corp. 11 82,861 89,042 0.0 Centuria Industrial REIT 29,041 86,003 88,219 0.0 Comforia Residential REIT, Inc. 24 86,659 88,045 0.0 Mori Hills REIT Investment Corp. 50 84,300 87,796 0.0 Argosy Property Ltd. 60,029 70,034 87,551 0.0 Hulic REIT, Inc. 45 79,090 85,458 0.0 Reit 1 Ltd. 13,173 81,766 84,100 0.0 Neinor Homes SA 4,919 109,140 83,578 0.0 Lifestyle Communities Ltd. 6,636 63,708 83,439 0.0 NIPPON REIT Investment Corp. 18 80,624 82,293 0.0 CapitaLand Retail China Trust 61,277 89,487 82,104 0.0 Eurocommercial Properties NV GDR 3,424 147,805 82,088 0.0 Airport City Ltd. 4,190 87,311 80,965 0.0 St. Modwen Properties plc 11,589 80,206 80,729 0.0 Atrium Ljungberg AB Class B 3,002 70,399 80,472 0.0 Vital Healthcare Property Trust 26,787 56,270 80,471 0.0 Xior Student Housing NV 1,041 90,701 79,675 0.0 Abacus Property Group 27,856 90,849 78,594 0.0 Japan Excellent, Inc. 49 73,776 77,333 0.0 NSI NV 1,490 87,438 76,182 0.0 Befimmo SA 1,341 108,204 75,880 0.0 Hibernia REIT plc 42,016 87,009 75,581 0.0 Tokyu REIT, Inc. 37 69,483 74,694 0.0 Starts Corp, Inc. 2,100 62,982 74,267 0.0 Mori Trust Sogo REIT, Inc. 45 72,591 73,852 0.0 Aventus Group 26,763 63,513 72,090 0.0 Ascendas India Trust 54,000 64,582 71,833 0.0 One REIT, Inc. 22 67,616 71,152 0.0 CDL Hospitality Trusts 57,988 81,005 70,990 0.0 Melisron Ltd. 987 66,742 68,339 0.0

130 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Invincible Investment Corp. 166 67,089 67,903 0.0 Daiwa Securities Living Investments Corp. 56 70,981 66,130 0.0 Charter Hall Social Infrastructure REIT 20,543 65,826 65,837 0.0 Cromwell European REIT 87,900 56,129 65,769 0.0 Rural Funds Group 25,908 54,058 65,712 0.0 Centuria Office REIT 30,738 75,282 64,666 0.0 Citycon Oyj 5,156 73,477 63,735 0.0 ESR REIT 166,177 84,204 63,273 0.0 Kenedix Residential Next Investment Corp. 27 59,922 63,135 0.0 Takara Leben Real Estate Investment Corp. 55 60,563 62,642 0.0 Growthpoint Properties Australia Ltd. 17,901 65,826 61,418 0.0 MCUBS MidCity Investment Corp. 52 53,919 60,252 0.0 Retail Estates NV 652 79,827 60,066 0.0 DIC Asset AG 2,830 50,999 59,378 0.0 Amot Investments Ltd. 8,262 65,563 58,976 0.0 Arena REIT 20,828 48,836 58,970 0.0 Starhill Global REIT 111,800 66,424 54,423 0.0 Premier Investment Corp. 34 49,938 53,492 0.0 UK Commercial Property REIT Ltd. 44,295 66,362 53,226 0.0 Intershop Holding AG 60 40,496 53,182 0.0 Daibiru Corp. 3,300 45,887 53,181 0.0 Aedas Homes SAU 1,614 65,285 53,086 0.0 K Wah International Holdings Ltd. 86,000 57,425 52,706 0.0 Big Shopping Centers Ltd. 366 41,808 51,859 0.0 BMO Commercial Property Trust 37,034 81,016 51,596 0.0 Mercialys SA 4,584 81,587 51,591 0.0 Keppel Pacific Oak U.S. REIT 58,200 41,058 51,161 0.0 AIMS APAC REIT 40,900 51,734 49,282 0.0 Sunlight REIT 79,000 70,382 48,935 0.0 Invesco Office J-REIT, Inc. 261 46,376 48,664 0.0 Cache Logistics Trust 84,000 59,009 48,583 0.0 Gazit-Globe Ltd. 5,824 70,686 48,459 0.0 Keihanshin Building Co. Ltd. 2,100 28,681 48,224 0.0 Mitsubishi Estate Logistics REIT Investment Corp. 9 47,227 47,754 0.0 OUE Commercial REIT 128,475 67,850 47,680 0.0 Wing Tai Holdings Ltd. 24,800 48,391 46,616 0.0 Kenedix Retail REIT Corp. 15 42,386 46,551 0.0 Carmila SA 2,534 75,476 46,531 0.0 Klovern AB Pfd. 935 45,054 46,414 0.0 Lendlease Global Commercial REIT 65,700 47,456 46,232 0.0 Road King Infrastructure Ltd. 28,000 69,031 45,545 0.0 Wereldhave NV 2,706 114,112 45,387 0.0 Adapteo Oyj 3,027 47,864 44,750 0.0 AFI Properties Ltd. 845 31,483 44,090 0.0 Samhallsbyggnadsbolaget i Norden AB Series D 9,369 45,471 43,747 0.0 Picton Property Income Ltd. 33,182 50,329 43,397 0.0 Shui On Land Ltd. 237,500 68,812 42,144 0.0 Pressance Corp. 1,900 33,701 41,639 0.0 Soilbuild Business Space REIT 77,815 42,472 40,130 0.0 Vastned Retail NV 1,098 52,236 39,623 0.0 Prosperity REIT 97,000 49,584 38,569 0.0 Prime U.S. REIT 38,000 41,425 38,245 0.0 Fukuoka REIT Corp. 20 34,403 37,759 0.0 LOTTE REIT Co. Ltd. 5,993 39,061 37,603 0.0 Hoshino Resorts REIT, Inc. 6 37,876 37,241 0.0 GDI Property Group 30,965 38,476 36,834 0.0 Far East Hospitality Trust 61,200 39,326 36,576 0.0 Heiwa Real Estate REIT, Inc. 23 33,037 36,498 0.0 Helical plc 5,594 33,287 36,386 0.0 SPH REIT 42,500 44,287 34,618 0.0 SAMTY Co. Ltd. 1,550 30,738 34,332 0.0 Metrovacesa SA 3,586 55,975 33,763 0.0 Lar Espana Real Estate Socimi SA 4,636 56,465 33,748 0.0 Sabana Shari'ah Compliant Industrial REIT 98,000 43,509 33,536 0.0 Hotel Property Investments 10,423 32,039 33,302 0.0 Sella Capital Real Estate Ltd. 11,403 34,206 32,794 0.0 Korea REIT Co. Ltd. 13,621 32,192 32,269 0.0 Frasers Property Ltd. 26,700 47,551 31,914 0.0 Cosmopolitan International Holdings Ltd. 120,000 35,698 30,166 0.0 JR REIT XXVII 4,974 31,124 30,101 0.0 Far East Consortium International Ltd. 63,000 41,567 29,812 0.0 Itochu Advance Logistics Investment Corp. 18 30,854 29,519 0.0 TLG Immobilien AG 801 28,574 28,643 0.0 Frasers Hospitality Trust 56,300 37,974 28,492 0.0

131 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Star Asia Investment Corp. 43 25,818 26,742 0.0 SOSiLA Logistics REIT, Inc. 17 28,180 26,452 0.0 Tosei Corp. 1,800 25,557 26,254 0.0 TOC Co. Ltd. 3,000 31,832 25,765 0.0 Hiag Immobilien Holding AG 162 27,688 25,566 0.0 Cedar Woods Properties Ltd. 4,088 28,531 25,118 0.0 RDI REIT plc 15,168 39,906 25,094 0.0 Global One Real Estate Investment Corp. 19 24,673 24,547 0.0 Sagax AB Pfd. 4,278 22,645 23,692 0.0 Hoosiers Holdings 2,800 22,285 22,976 0.0 Ichigo Office REIT Investment Corp. 25 23,645 22,952 0.0 Hankyu Hanshin REIT, Inc. 14 21,117 22,043 0.0 Leopalace21 Corp. 14,300 78,826 21,528 0.0 CRE Logistics REIT, Inc. 11 21,222 21,324 0.0 Mirai Corp. 42 21,218 19,927 0.0 Korea Asset In Trust Co. Ltd. ADR 4,301 24,156 19,874 0.0 Goldcrest Co. Ltd. 1,000 26,966 19,830 0.0 Sun Frontier Fudousan Co. Ltd. 1,800 27,535 19,812 0.0 Immobiliare Grande Distribuzione SIIQ SPA 3,367 33,623 18,895 0.0 Takara Leben Co. Ltd. 4,800 26,065 18,184 0.0 Wereldhave Belgium Comm VA 283 37,308 17,337 0.0 ES-Con Japan Ltd. 1,700 15,745 17,117 0.0 Corestate Capital Holding SA 746 46,644 16,978 0.0 Suncity Group Holdings Ltd. 140,000 34,041 15,872 0.0 Tama Home Co. Ltd. 800 12,923 14,531 0.0 Mori Trust Hotel REIT, Inc. 10 14,033 14,203 0.0 Chinese Estates Holdings Ltd. 19,500 35,069 12,111 0.0 LIFULL Co. Ltd. 2,600 26,066 11,839 0.0 Nippon Kanzai Co. Ltd. 400 9,311 10,232 0.0 Starts Proceed Investment Corp. 4 9,724 9,941 0.0 Lippo Malls Indonesia Retail Trust 159,300 38,077 9,521 0.0 Sagax AB Class D 1,862 9,586 9,258 0.0 Brack Capital Properties NV 75 11,028 8,862 0.0 First REIT 37,200 38,064 8,427 0.0 Eagle Hospitality Trust Unit 45,700 33,337 7,976 0.0 Glory Sun Land Group Ltd. 135,000 18,916 6,654 0.0 Samty Residential Investment Corp. 4 5,261 5,370 0.0 Tokyo Rakutenchi Co. Ltd. 100 6,306 5,337 0.0 Seobu T&D 569 7,734 5,045 0.0 Sanei Architecture Planning Co. Ltd. 200 5,717 4,198 0.0 Intu Properties plc 59,040 146,588 1,826 0.0 ARA LOGOS Logistics Trust Rights Exp. 01/15/2021 6,468 265 296 0.0 Lippo Malls Indonesia Retail Trust Rights Exp. 01/14/2021 254,880 739 246 0.0 69,907,386 68,922,549 3.8 Technology Samsung Electronics Co. Ltd. 335,232 18,580,046 31,845,651 1.8 ASML Holding NV 28,616 8,764,894 17,733,392 1.0 SAP SE 80,505 12,725,920 13,455,188 0.8 Nidec Corp. 33,300 2,979,458 5,333,586 0.3 Samsung Electronics Co. Ltd. Pfd. 60,863 2,861,509 5,253,525 0.3 SK Hynix, Inc. 36,958 3,236,996 5,136,254 0.3 Tokyo Electron Ltd. 10,600 2,532,865 5,022,703 0.3 Murata Manufacturing Co. Ltd. 40,800 2,832,428 4,692,200 0.3 Infineon Technologies AG 94,036 2,751,537 4,601,258 0.3 Prosus NV 30,911 3,139,725 4,257,551 0.3 NAVER Corp. 9,546 1,802,576 3,274,666 0.2 Amadeus IT Group SA 30,480 2,734,171 2,829,833 0.2 Samsung SDI Co. Ltd. 3,776 1,018,171 2,781,066 0.2 Fujitsu Ltd. 13,700 1,424,589 2,519,724 0.2 Dassault Systemes SE 9,430 1,679,975 2,442,323 0.2 Capgemini SE 11,523 1,726,004 2,277,592 0.1 STMicroelectronics NV 45,165 1,231,542 2,131,813 0.1 Hexagon AB Class B 18,155 1,245,792 2,111,704 0.1 Kakao Corp. 3,898 731,239 1,780,611 0.1 Canon, Inc. 71,400 2,667,008 1,742,709 0.1 Kyocera Corp. 21,900 1,721,202 1,709,518 0.1 FUJIFILM Holdings Corp. 25,200 1,456,270 1,690,987 0.1 TDK Corp. 8,500 1,006,183 1,629,935 0.1 Omron Corp. 13,400 964,006 1,521,224 0.1 Z Holdings Corp. 187,000 902,055 1,440,804 0.1 Advantest Corp. 14,300 638,805 1,364,005 0.1 NEC Corp. 19,100 921,524 1,305,700 0.1 Logitech International SA 10,509 578,145 1,301,360 0.1

132 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Xero Ltd. 8,764 638,061 1,264,962 0.1 Obic Co. Ltd. 4,800 661,064 1,227,838 0.1 Just Eat Takeaway 6,902 784,635 992,835 0.1 ASM International NV 3,501 414,689 982,053 0.1 Samsung Electro-Mechanics Co. Ltd. 4,063 512,669 848,177 0.1 Nomura Research Institute Ltd. 18,200 418,267 829,824 0.1 Atos SE 7,014 895,775 817,603 0.1 Lasertec Corp. 5,400 228,456 806,935 0.1 NTT Data Corp. 45,500 696,896 792,207 0.1 Sage Group plc 77,657 900,073 787,092 0.1 Temenos AG 4,266 723,572 760,250 0.1 Scout24 AG 7,233 510,857 755,977 0.1 Auto Trader Group plc 72,297 610,455 750,392 0.1 Rohm Co. Ltd. 5,900 599,307 727,307 0.1 TeamViewer AG 10,272 548,708 701,807 0.1 Rightmove plc 61,067 559,429 692,111 0.1 Rakuten, Inc. 55,900 695,508 685,644 0.1 Renesas Electronics Corp. 50,454 523,477 671,765 0.1 Lenovo Group Ltd. 552,000 559,144 663,899 0.1 Allegro.eu SA 22,492 650,026 651,385 0.1 SK Holdings Co. Ltd. 2,184 624,129 616,009 0.1 CyberAgent, Inc. 7,000 373,072 614,141 0.0 Trend Micro, Inc. 8,300 552,502 608,366 0.0 Sinch AB 2,818 339,844 585,784 0.0 SimCorp A/S 2,892 315,458 548,407 0.0 Bechtle AG 1,950 282,266 542,276 0.0 Taiyo Yuden Co. Ltd. 8,900 261,460 530,991 0.0 Otsuka Corp. 7,500 372,790 504,380 0.0 ams AG 17,990 528,769 501,971 0.0 Samsung SDS Co. Ltd. 2,294 516,583 480,232 0.0 Brother Industries Ltd. 17,500 442,888 459,094 0.0 AVEVA Group plc 8,222 393,274 458,480 0.0 Ibiden Co. Ltd. 7,700 209,049 457,496 0.0 SUMCO Corp. 16,300 358,621 455,169 0.0 TIS, Inc. 17,300 358,214 451,286 0.0 Hirose Electric Co. Ltd. 2,335 365,328 450,922 0.0 Ricoh Co. Ltd. 50,000 614,977 417,695 0.0 United Internet AG 7,510 439,177 403,059 0.0 NEXTDC Ltd. 33,151 239,127 398,578 0.0 Oracle Corp. Japan 2,400 263,321 398,322 0.0 SOITEC 1,554 200,437 385,885 0.0 BE Semiconductor Industries NV 4,984 221,563 385,191 0.0 Nemetschek SE 4,050 258,632 381,314 0.0 Seiko Epson Corp. 19,700 423,435 372,170 0.0 LG Display Co. Ltd. 16,961 383,968 368,990 0.0 Dialog Semiconductor plc 5,280 268,869 367,820 0.0 ASM Pacific Technology Ltd. 21,207 341,744 356,457 0.0 AAC Technologies Holdings, Inc. 49,500 620,370 352,977 0.0 Avast plc 37,460 213,048 350,645 0.0 Netcompany Group A/S 2,524 167,883 329,037 0.0 TietoEVRY Oyj 7,763 310,840 325,032 0.0 Koei Tecmo Holdings Co. Ltd. 4,120 106,548 320,286 0.0 Kakaku.com, Inc. 9,100 251,658 317,781 0.0 Altium Ltd. 9,117 234,407 304,644 0.0 Siltronic AG 1,524 204,505 304,316 0.0 Alten SA 2,077 264,132 299,967 0.0 Itochu Techno-Solutions Corp. 6,500 189,468 295,564 0.0 TechnoPro Holdings, Inc. 2,800 225,518 295,410 0.0 SCREEN Holdings Co. Ltd. 3,000 251,554 281,342 0.0 NET One Systems Co. Ltd. 6,200 172,363 278,480 0.0 Takeaway.com NV 1,769 182,469 254,795 0.0 Reply SPA 1,690 158,778 251,056 0.0 Softwareone Holding AG 6,634 217,886 250,506 0.0 Alps Alpine Co. Ltd. 14,912 401,084 249,883 0.0 Tokyo Ohka Kogyo Co. Ltd. 2,700 128,121 241,547 0.0 Tower Semiconductor Ltd. 7,170 205,711 237,184 0.0 SCSK Corp. 3,000 181,245 218,411 0.0 Softcat plc 8,973 138,790 214,707 0.0 Nihon Unisys Ltd. 4,300 141,863 214,363 0.0 Computacenter plc 4,948 108,215 210,942 0.0 Nordic Semiconductor ASA 10,243 89,195 210,331 0.0 Justsystems Corp. 2,300 96,551 203,492 0.0 Sharp Corp. 10,500 241,931 202,641 0.0 LG Innotek Co. Ltd. 945 138,642 202,262 0.0

133 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Sopra Steria Group 978 177,375 201,540 0.0 BayCurrent Consulting, Inc. 900 55,344 200,901 0.0 Mycronic AB 5,112 109,016 194,606 0.0 Ascential plc 27,665 182,847 185,005 0.0 CANCOM SE 2,606 165,227 184,263 0.0 WiseTech Global Ltd. 6,034 119,092 182,407 0.0 Appen Ltd. 7,186 131,353 174,421 0.0 Moneysupermarket.com Group plc 38,092 218,518 172,874 0.0 Infomart Corp. 14,200 116,087 172,419 0.0 Inaba Denki Sangyo Co. Ltd. 5,400 158,735 168,317 0.0 Software AG 3,231 168,223 167,917 0.0 Nova Measuring Instruments Ltd. 1,865 83,935 167,759 0.0 Tokyo Seimitsu Co. Ltd. 2,800 127,912 167,572 0.0 Melexis NV 1,261 140,275 157,055 0.0 Aixtron AG 7,008 97,942 155,832 0.0 Jenoptik AG 3,961 157,593 155,101 0.0 NSD Co. Ltd. 5,600 95,031 153,682 0.0 Douzone Bizon Co. Ltd. 1,231 81,122 150,145 0.0 Konica Minolta Holdings, Inc. 30,700 325,680 149,257 0.0 Comet Holding AG 522 80,960 149,113 0.0 Shinko Electric Industries Co. Ltd. 5,100 65,392 148,519 0.0 Systena Corp. 5,400 90,803 144,129 0.0 DB HiTek Co. Ltd. 2,393 57,036 143,131 0.0 DeNA Co. Ltd. 6,300 156,593 142,963 0.0 SHIFT, Inc. 800 146,900 141,264 0.0 Barco NV 5,019 155,702 139,417 0.0 GMO internet, Inc. 3,800 75,298 138,843 0.0 Digital Garage, Inc. 2,500 110,362 131,262 0.0 Megaport Ltd. 8,775 56,701 122,928 0.0 Canon Marketing Japan, Inc. 4,100 118,768 119,094 0.0 Wonik IPS Co. Ltd. 2,272 72,086 117,907 0.0 Domain Holdings Australia Ltd. 26,417 85,075 116,606 0.0 Micro Focus International plc 15,761 539,770 116,406 0.0 L&F Co. Ltd. 1,362 40,587 114,210 0.0 ALSO Holding AG 312 69,240 113,767 0.0 Razer, Inc. 274,000 81,266 107,147 0.0 Sanken Electric Co. Ltd. 1,800 67,874 99,395 0.0 Elecom Co. Ltd. 1,500 60,899 98,655 0.0 Nichicon Corp. 6,100 80,036 98,229 0.0 S&T AG 3,232 103,079 97,234 0.0 Wacom Co. Ltd. 9,100 51,392 97,131 0.0 OBIC Business Consultants Co. Ltd. 1,100 62,066 96,779 0.0 Asseco Poland SA 4,148 71,253 96,586 0.0 Sato Holdings Corp. 3,500 102,553 96,094 0.0 Internet Initiative Japan, Inc. 3,800 66,525 95,281 0.0 LEENO Industrial, Inc. 599 48,008 94,838 0.0 Kainos Group plc 4,298 44,091 91,167 0.0 NS Solutions Corp. 2,400 87,823 90,030 0.0 LS Corp. 1,068 79,529 89,431 0.0 Fuji Soft, Inc. 1,400 69,280 89,141 0.0 Atea ASA 4,928 87,600 88,873 0.0 Technology One Ltd. 10,871 71,177 87,634 0.0 Change, Inc. 2,000 45,702 86,994 0.0 Canon Electronics, Inc. 4,600 93,144 85,086 0.0 Pro Medicus Ltd. 2,492 46,160 83,687 0.0 Digital Arts, Inc. 700 48,387 82,058 0.0 Indra Sistemas SA Series A 7,426 112,697 80,798 0.0 Ryosan Co. Ltd. 3,500 99,989 80,590 0.0 Bytes Technology Group plc 13,733 81,911 80,118 0.0 New Work SE 180 68,743 78,564 0.0 Iriso Electronics Co. Ltd. 1,400 90,432 77,048 0.0 Oki Electric Industry Co. Ltd. 6,800 103,697 76,441 0.0 DTS Corp. 2,800 74,481 73,455 0.0 Mitsui High-Tec, Inc. 1,500 31,770 71,724 0.0 NCC Group plc 16,020 56,259 70,305 0.0 Iljin Materials Co. Ltd. 1,158 52,740 69,127 0.0 Eo Technics Co. Ltd. 498 47,147 68,334 0.0 Sapiens International Corp. NV 1,734 49,878 68,300 0.0 Seoul Semiconductor Co. Ltd. 2,818 54,953 67,916 0.0 MCJ Co. Ltd. 4,900 49,251 66,994 0.0 Japan Aviation Electronics Industry Ltd. 3,400 62,604 66,246 0.0 Sam Young Electronics Co. Ltd. 5,497 53,872 65,758 0.0 Macnica Fuji Electronics Holdings, Inc. 2,600 51,366 64,968 0.0 Hyundai Bioscience Co. Ltd. 1,876 37,991 64,244 0.0

134 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Eizo Corp. 1,400 67,833 62,883 0.0 Ai Holdings Corp. 2,400 52,278 61,451 0.0 TomTom NV 4,583 86,162 60,295 0.0 Glory Sun Financial Group Ltd. 1,108,000 75,823 60,077 0.0 Grace Technology, Inc. 700 41,883 59,773 0.0 Bravura Solutions Ltd. 18,450 48,754 58,404 0.0 Transcosmos, Inc. 1,800 58,093 57,860 0.0 GemVax & Kael Co. Ltd. 2,055 36,559 57,601 0.0 Cybozu, Inc. 1,800 22,957 57,283 0.0 Matrix IT Ltd. 1,960 40,414 56,531 0.0 Dexerials Corp. 3,300 36,504 54,932 0.0 Information Services International-Dentsu Ltd. ADR 1,400 28,887 53,986 0.0 KC Tech Co. Ltd. 1,495 49,424 53,915 0.0 Micro Focus International plc ADR 7,306 157,741 53,148 0.0 Silicon Works Co. Ltd. 777 33,538 53,035 0.0 Formula Systems 1985 Ltd. 480 37,644 52,852 0.0 Quadient 2,118 75,322 51,933 0.0 Data#3 Ltd. 9,291 22,648 51,241 0.0 Ryoyo Electro Corp. 1,300 29,339 51,012 0.0 Comture Corp. 1,400 36,014 50,461 0.0 F-Secure Oyj 8,382 41,202 50,108 0.0 Hilan Ltd. 828 35,928 50,069 0.0 Towa Corp. 1,900 29,386 49,258 0.0 Pharmagest Interactive 275 29,462 47,754 0.0 Broadleaf Co. Ltd. 5,600 37,777 47,127 0.0 S&S Tech Corp. 909 46,475 46,374 0.0 Infocom Corp. 1,100 33,581 46,014 0.0 AhnLab, Inc. 508 43,490 45,398 0.0 BH Co. Ltd. 1,758 46,521 45,256 0.0 Megachips Corp. 1,300 35,956 45,157 0.0 NEPES Corp. 893 23,310 44,510 0.0 Raksul, Inc. 800 24,596 43,880 0.0 Restar Holdings Corp. 1,600 41,931 43,850 0.0 Hosiden Corp. 3,400 49,343 41,661 0.0 Optim Corp. 1,200 21,432 41,579 0.0 AEM Holdings Ltd. 12,400 44,041 41,238 0.0 SFA Semicon Co. Ltd. 5,990 24,317 40,534 0.0 Gree, Inc. 5,400 39,121 40,313 0.0 Argo Graphics, Inc. 1,000 26,599 39,919 0.0 TechMatrix Corp. 1,500 18,701 39,740 0.0 Zuken, Inc. 1,100 27,690 39,214 0.0 Asiainfo Technologies Ltd. 21,200 46,948 38,804 0.0 Cafe24 Corp. 518 58,354 38,577 0.0 VSTECS Holdings Ltd. 36,000 27,968 37,619 0.0 Daeduck Electronics Co. Ltd. 2,541 31,563 37,549 0.0 Econocom Group SA 9,695 58,483 37,404 0.0 Hansen Technologies Ltd. 10,192 38,027 37,373 0.0 SUNeVision Holdings Ltd. 32,000 34,140 37,067 0.0 Micronics Japan Co. Ltd. 2,300 30,052 36,839 0.0 Tamura Corp. 5,200 38,182 36,703 0.0 FIT Hon Teng Ltd. 83,000 51,270 36,684 0.0 Daou Technology, Inc. 1,413 33,812 36,292 0.0 TES Co. Ltd. 1,036 31,853 36,025 0.0 Kanematsu Electronics Ltd. 700 30,274 35,846 0.0 Tokai Carbon Korea Co. Ltd. 241 27,372 35,415 0.0 u-blox Holding AG 417 66,164 35,369 0.0 Mimasu Semiconductor Industry Co. Ltd. 1,100 27,826 35,047 0.0 RS Technologies Co. Ltd. 500 30,681 35,044 0.0 I'll, Inc. 1,800 26,109 34,783 0.0 Koa Corp. 1,900 36,413 34,582 0.0 SB Technology Corp. 800 20,493 34,452 0.0 X-Fab Silicon Foundries SE 4,480 36,254 34,359 0.0 Siix Corp. 1,800 40,060 34,272 0.0 Hancom, Inc. 1,533 28,499 33,890 0.0 Enplas Corp. 700 30,525 33,687 0.0 GoCo Group plc 14,921 25,782 33,520 0.0 FDK Corp. 1,500 31,742 32,947 0.0 COLOPL, Inc. 2,600 39,246 32,789 0.0 GMO GlobalSign Holdings KK 300 34,330 32,762 0.0 Kaga Electronics Co. Ltd. 1,100 28,679 32,359 0.0 Allot Ltd. 2,367 34,111 31,848 0.0 Green Cross Cell Corp. 515 26,758 30,924 0.0 Jusung Engineering Co. Ltd. 3,185 31,957 30,667 0.0 ITM Semiconductor Co. Ltd. 458 35,258 30,563 0.0

135 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Fukui Computer Holdings, Inc. 600 26,096 29,689 0.0 Duk San Neolux Co. Ltd. 718 27,331 29,346 0.0 Idec Corp. 1,300 30,613 29,212 0.0 V Technology Co. Ltd. 400 37,302 29,023 0.0 Melco Holdings, Inc. 700 27,612 28,936 0.0 AfreecaTV Co. Ltd. 407 29,304 28,878 0.0 Zenrin Co. Ltd. 1,850 46,886 28,786 0.0 Partron Co. Ltd. 2,143 36,737 28,149 0.0 Hansol Technics Co. Ltd. 2,360 27,556 28,093 0.0 Vista Group International Ltd. 18,022 19,194 27,772 0.0 Eugene Technology Co. Ltd. 708 23,970 27,692 0.0 Innox Advanced Materials Co. Ltd. 517 35,921 27,649 0.0 Tokyo Electron Device Ltd. 700 17,297 27,338 0.0 KH Vatec Co. Ltd. 1,130 25,302 27,035 0.0 Tachibana Eletech Co. Ltd. 1,300 31,195 26,869 0.0 Mitsubishi Research Institute, Inc. 500 24,280 26,376 0.0 Computer Engineering & Consulting Ltd. 1,400 36,308 26,172 0.0 Future Corp. 1,200 24,571 26,120 0.0 Alpha Systems, Inc. 600 26,035 25,913 0.0 SRA Holdings 800 24,507 25,893 0.0 Riso Kagaku Corp. 1,500 33,193 25,784 0.0 Sanshin Electronics Co. Ltd. 1,000 18,214 25,518 0.0 KLab, Inc. 2,300 25,566 25,458 0.0 Japan Display, Inc. 45,300 71,624 25,154 0.0 Poletowin Pitcrew Holdings, Inc. 1,700 22,510 24,480 0.0 Ines Corp. 1,400 26,343 24,116 0.0 Shinko Shoji Co. Ltd. 2,600 29,050 24,030 0.0 Posco ICT Co. Ltd. 2,640 16,005 23,995 0.0 Curocom Co. Ltd. 9,381 28,153 22,389 0.0 Enigmo, Inc. 1,400 30,824 21,456 0.0 Sumida Corp. 1,600 27,459 21,244 0.0 EM Systems Co. Ltd. 1,800 22,300 21,034 0.0 Miroku Jyoho Service Co. Ltd. 800 25,702 20,671 0.0 Daea TI Co. Ltd. 3,043 22,781 20,628 0.0 Toptec Co. Ltd. 1,383 41,126 19,950 0.0 ZIGExN Co. Ltd. 4,000 28,277 19,546 0.0 CMK Corp. 3,600 31,249 17,902 0.0 Kanamic Network Co. Ltd. 2,000 20,582 17,818 0.0 Silverlake Axis Ltd. 66,500 28,944 17,308 0.0 Istyle, Inc. 3,300 27,871 16,614 0.0 Ebase Co. Ltd. 1,300 23,143 16,314 0.0 Advanced Process Systems Corp. 502 22,033 14,630 0.0 Heroz, Inc. 400 19,446 13,119 0.0 Sourcenext Corp. 3,600 20,523 12,438 0.0 STCUBE 964 28,282 11,532 0.0 BrainPad, Inc. 200 16,381 11,340 0.0 RPA Holdings, Inc. 1,300 26,874 10,267 0.0 NEC Capital Solutions Ltd. 400 9,780 9,329 0.0 Interflex Co. Ltd. 420 8,391 8,546 0.0 Funding Circle Holdings plc 5,092 36,329 7,981 0.0 Gunosy, Inc. 900 26,081 7,929 0.0 Cosel Co. Ltd. 500 9,581 7,755 0.0 Fixstars Corp. 620 11,591 7,199 0.0 Roland DG Corp. 300 10,299 6,952 0.0 Chiyoda Integre Co. Ltd. 300 8,657 6,441 0.0 Shindengen Electric Manufacturing Co. Ltd. 200 14,290 6,330 0.0 Ryoden Corp. 300 6,906 5,738 0.0 Daeduck Co. Ltd. 661 20,236 5,411 0.0 Toa Corp. 500 7,863 5,250 0.0 Truly International Holdings Ltd. 32,000 15,888 5,047 0.0 Elematec Corp. 400 6,420 5,000 0.0 Dai-ichi Seiko Co. Ltd. 200 5,942 4,879 0.0 Alfa Financial Software Holdings plc 2,092 17,422 4,809 0.0 F@N Communications, Inc. 900 10,518 4,653 0.0 Yuyang DNU Co. Ltd. 3,002 20,446 4,295 0.0 Hakuto Co. Ltd. 300 6,061 3,976 0.0 COOKPAD, Inc. 1,000 10,815 3,838 0.0 SMK Corp. 100 5,670 3,727 0.0 CAC Holdings Corp. 200 2,634 3,514 0.0 Ateam, Inc. 200 6,780 2,653 0.0 Tateru, Inc. 700 12,348 1,520 0.0 124,389,461 182,330,198 10.1

136 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Telecommunications SoftBank Group Corp. 104,300 5,796,800 10,370,793 0.6 Deutsche Telekom AG 230,504 5,143,260 5,373,484 0.3 KDDI Corp. 121,500 4,286,104 4,596,728 0.3 Vodafone Group plc 1,914,117 5,602,877 4,031,441 0.2 Softbank Corp. 197,039 3,296,828 3,143,773 0.2 Telefonaktiebolaget LM Ericsson Class B 205,514 2,243,202 3,112,867 0.2 Nippon Telegraph & Telephone Corp. 89,100 2,742,047 2,908,613 0.2 Orange SA 138,133 2,808,591 2,095,945 0.1 Nokia Oyj 401,864 2,586,532 1,973,870 0.1 Cellnex Telecom SA 24,585 1,259,499 1,882,434 0.1 Telefonica SA 356,786 3,656,004 1,804,736 0.1 Nice Ltd. 4,483 760,333 1,600,912 0.1 BT Group plc 628,205 2,444,510 1,446,835 0.1 Swisscom AG 1,783 1,168,788 1,226,034 0.1 Singapore Telecommunications Ltd. 525,070 1,638,397 1,172,280 0.1 Telenor ASA 45,432 1,108,360 986,311 0.1 Telia Co. AB 183,018 1,060,199 964,168 0.1 Koninklijke KPN NV 237,037 954,360 918,931 0.1 Telstra Corp. Ltd. 304,259 1,049,297 891,353 0.1 Elisa Oyj Series A 10,639 664,443 744,129 0.1 Tele2 AB Class B 37,766 635,644 636,242 0.1 Spark New Zealand Ltd. 138,851 499,429 598,617 0.0 SK Telecom Co. Ltd. 1,821 492,357 508,284 0.0 Hikari Tsushin, Inc. 1,600 380,211 477,394 0.0 Telecom Italia SPA 713,069 617,951 419,493 0.0 Infrastrutture Wireless Italiane SPA 23,015 283,032 356,247 0.0 SES SA GDR 28,984 596,957 348,611 0.0 Anritsu Corp. 11,100 232,978 315,577 0.0 Telecom Italia SPA Savings Shares 473,049 404,281 312,506 0.0 Iliad SA 1,098 232,764 287,714 0.0 Proximus SA 11,080 413,907 279,972 0.0 Freenet AG 9,514 323,341 255,010 0.0 LG Uplus Corp. 17,593 264,710 242,436 0.0 Altice Europe NV Class A 29,138 377,418 242,000 0.0 Eutelsat Communications SA 15,420 367,201 222,580 0.0 Chorus Ltd. 30,632 137,501 222,256 0.0 PCCW Ltd. 283,309 215,707 217,385 0.0 NetLink NBN Trust 227,300 191,389 211,436 0.0 Telefonaktiebolaget LM Ericsson Class A 12,627 156,865 206,458 0.0 Telenet Group Holding NV 3,553 239,141 194,288 0.0 Cyfrowy Polsat SA 18,444 160,286 190,958 0.0 Spirent Communications plc 41,194 145,117 189,391 0.0 KMW Co. Ltd. 1,972 151,812 186,638 0.0 Bezeq - The Israeli Telecommunication Corp. Ltd. 143,719 212,492 182,425 0.0 TPG Telecom Ltd. 24,984 195,396 177,333 0.0 Telefonica Deutschland Holding AG 48,331 228,877 169,888 0.0 Huber + Suhner AG 1,676 161,870 168,847 0.0 Vocus Group Ltd. 41,434 133,287 164,561 0.0 HKBN Ltd. 67,500 143,077 133,087 0.0 VTech Holdings Ltd. 13,400 165,573 132,432 0.0 Orange Polska SA 51,555 100,923 116,167 0.0 1&1 Drillisch AG 3,362 188,935 107,120 0.0 Altice Europe NV Class B 12,455 90,486 102,511 0.0 Telecom Plus plc 3,929 89,819 98,119 0.0 TalkTalk Telecom Group plc 54,652 119,705 93,273 0.0 Airtel Africa plc 69,074 87,835 90,941 0.0 Codan Ltd. 8,252 30,710 90,697 0.0 NEC Networks & System Integration Corp. 4,100 55,403 90,257 0.0 Euskaltel SA 6,233 75,490 85,015 0.0 Orange Belgium SA 2,466 63,805 83,799 0.0 Telekom Austria AG Class A ADR 8,267 82,540 81,572 0.0 NOS SGPS SA 16,144 113,018 71,922 0.0 Ace Technologies Corp. 1,939 66,514 61,740 0.0 Partner Communications Co. Ltd. 8,744 49,985 61,479 0.0 AudioCodes Ltd. 1,655 44,267 58,044 0.0 SKY Perfect JSAT Holdings, Inc. 8,800 49,513 55,163 0.0 Ascom Holding AG 2,901 62,011 54,772 0.0 G-treeBNT Co. Ltd. 1,527 57,757 52,293 0.0 StarHub Ltd. 40,500 76,598 51,142 0.0 RFHIC Corp. 941 48,941 49,275 0.0 Uniti Group Ltd. 28,108 39,811 47,252 0.0 FIH Mobile Ltd. 246,000 59,179 38,398 0.0 Cellcom Israel Ltd. 5,690 28,511 35,762 0.0

137 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets OptoElectronics Solutions Co. Ltd. 524 21,557 34,353 0.0 Service Stream Ltd. 19,225 40,681 34,114 0.0 Telcon RF Pharmaceutical, Inc. 4,515 54,989 32,089 0.0 T-Gaia Corp. 1,200 31,597 28,653 0.0 SmarTone Telecommunications Holdings Ltd. 41,500 47,536 28,229 0.0 Icom, Inc. 800 27,566 26,871 0.0 Denki Kogyo Co. Ltd. 800 29,471 26,426 0.0 ARTERIA Networks Corp. 1,400 21,171 25,827 0.0 CITIC Telecom International Holdings Ltd. 59,000 27,277 23,653 0.0 Vision, Inc. 1,800 36,237 23,011 0.0 Gilat Satellite Networks Ltd. 2,627 27,166 21,858 0.0 Superloop Ltd. 18,990 22,973 19,789 0.0 Hutchison Telecommunications Hong Kong Holdings Ltd. 98,000 52,830 18,678 0.0 INTOPS Co. Ltd. 444 8,961 15,700 0.0 Sangsangin Co. Ltd. 1,687 34,023 12,702 0.0 SKY Network Television Ltd. 81,037 51,522 11,968 0.0 MTI Ltd. 600 4,828 6,086 0.0 Asian Pay Television Trust 38,375 17,447 4,402 0.0 Homecast Co. Ltd. 654 11,971 2,309 0.0 SpeedCast International Ltd. 9,192 33,927 0 0.0 61,316,488 61,569,134 3.4 Utilities Iberdrola SA 419,217 5,086,622 7,645,676 0.4 Enel SPA 554,233 4,854,447 7,149,966 0.4 National Grid plc 252,578 3,936,256 3,804,814 0.2 Orsted A/S 13,573 1,562,606 3,534,578 0.2 RWE AG Class A 44,898 1,597,966 2,419,455 0.1 E.ON SE 155,699 2,111,195 2,199,869 0.1 SSE plc 74,139 1,686,365 1,936,689 0.1 EDP - Energias de Portugal SA 205,242 1,109,664 1,649,568 0.1 Hong Kong & China Gas Co. Ltd. 742,521 1,647,794 1,412,763 0.1 CLP Holdings Ltd. 117,000 1,595,028 1,378,342 0.1 Engie SA Loyalty Bonus 64,964 1,339,103 1,267,852 0.0 Veolia Environnement SA 35,764 1,107,839 1,115,538 0.1 Engie SA 55,148 1,127,431 1,076,280 0.1 Terna Rete Elettrica Nazionale SPA 97,698 775,242 951,824 0.1 Fortum Oyj 30,478 846,104 935,931 0.1 Tokyo Gas Co. Ltd. 30,600 985,868 900,177 0.1 Endesa SA 23,051 749,311 803,079 0.1 Red Electrica Corp. SA 30,326 812,817 792,992 0.1 Chubu Electric Power Co. Inc. 50,200 917,790 769,973 0.1 United Utilities Group plc 49,098 728,126 765,259 0.1 Osaka Gas Co. Ltd. 28,500 714,099 742,744 0.1 Severn Trent plc 17,436 645,671 695,048 0.1 Suez 26,376 524,929 666,885 0.1 Power Assets Holdings Ltd. 94,500 940,408 652,128 0.1 Kansai Electric Power Co. Inc. 52,600 830,307 631,992 0.1 Naturgy Energy Group SA 21,107 666,040 623,815 0.1 Meridian Energy Ltd. 91,281 325,784 621,278 0.1 Origin Energy Ltd. 125,745 892,555 588,420 0.0 Toho Gas Co. Ltd. 6,400 317,287 539,388 0.0 AGL Energy Ltd. 44,526 861,064 523,084 0.0 Korea Electric Power Corp. 15,934 600,633 512,030 0.0 Pennon Group plc 29,754 436,867 492,256 0.0 Verbund AG Class A 4,468 264,886 486,486 0.0 Contact Energy Ltd. 50,174 282,801 410,070 0.0 Elia System Operator SA 2,630 268,026 399,716 0.0 Tokyo Electric Power Co. Holdings, Inc. 117,200 665,593 393,366 0.0 Electricite de France SA Loyalty Bonus 19,462 316,301 391,201 0.0 Kyushu Electric Power Co. Inc. 34,200 456,687 374,748 0.0 EDP Renovaveis SA 10,376 137,426 368,770 0.0 Uniper SE 8,099 295,430 356,523 0.0 Tohoku Electric Power Co. Inc. 33,500 496,296 351,370 0.0 Electricite de France SA 16,902 267,864 339,743 0.0 Chugoku Electric Power Co. Inc. 22,100 363,752 329,700 0.0 Centrica plc 402,111 851,371 326,328 0.0 Mercury NZ Ltd. 51,504 193,399 308,501 0.0 Italgas SPA 35,075 272,024 284,310 0.0 CK Infrastructure Holdings Ltd. 41,500 413,479 283,998 0.0 Iwatani Corp. 3,300 163,177 258,983 0.0 AusNet Services 141,009 235,303 243,284 0.0 Electric Power Development Co. Ltd. 13,400 401,853 234,963 0.0 Cleanaway Waste Management Ltd. 100,855 177,612 233,000 0.0

138 Vanguard FTSE Developed All Cap ex North America Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Hera SPA 50,033 234,188 232,415 0.0 A2A SPA 101,892 233,527 207,193 0.0 Encavis AG 6,107 79,052 203,244 0.0 BKW AG 1,387 130,664 198,303 0.0 Nippon Gas Co. Ltd. 2,700 129,815 184,242 0.0 Sims Ltd. 13,782 157,585 182,232 0.0 Befesa SA 2,256 125,347 181,811 0.0 Drax Group plc 27,580 139,247 180,114 0.0 RENOVA, Inc. 3,300 51,171 161,254 0.0 ERG SPA 4,382 121,236 159,838 0.0 Neoen SA 1,564 58,089 152,861 0.0 Iren SPA 42,432 145,470 140,620 0.0 Keppel Infrastructure Trust 267,627 135,841 140,598 0.0 PGE Polska Grupa Energetyczna SA 53,111 154,544 118,039 0.0 Shikoku Electric Power Co. Inc. 14,200 177,668 117,749 0.0 Sembcorp Industries Ltd. 69,100 169,580 113,901 0.0 Redes Energeticas Nacionais SGPS SA 30,482 115,234 112,374 0.0 Daiseki Co. Ltd. 2,900 101,038 108,249 0.0 Albioma SA Loyalty Bonus 1,408 40,239 103,155 0.0 Genesis Energy Ltd. 30,904 73,845 102,760 0.0 Enlight Renewable Energy Ltd. 36,799 48,406 97,829 0.0 Hokuriku Electric Power Co. 10,700 124,269 88,727 0.0 Bingo Industries Ltd. 36,059 86,384 86,495 0.0 Falck Renewables SPA 8,286 56,429 85,118 0.0 Korea Gas Corp. 2,218 96,722 80,378 0.0 Saibu Gas Co. Ltd. 2,000 63,956 76,752 0.0 Energix-Renewable Energies Ltd. 13,154 53,393 76,515 0.0 Korea Electric Power Corp. ADR 4,842 76,131 75,690 0.0 ACEA SPA 2,803 61,676 74,934 0.0 Vector Ltd. 17,966 55,691 70,039 0.0 Tauron Polska Energia SA 74,405 47,077 69,250 0.0 EVN AG 2,314 49,382 64,494 0.0 Shizuoka Gas Co. Ltd. 4,400 47,719 56,140 0.0 Hokkaido Electric Power Co. Inc. 11,900 98,786 55,065 0.0 Okinawa Electric Power Co. Inc. 3,083 70,125 52,727 0.0 Samchully Co. Ltd. 473 46,342 45,155 0.0 Mitsuuroko Group Holdings Co. Ltd. 2,600 30,217 42,767 0.0 Towngas China Co. Ltd. 69,000 65,689 39,680 0.0 Kenon Holdings Ltd. 907 24,408 34,009 0.0 Insun ENT Co. Ltd. 2,325 21,784 30,539 0.0 Canvest Environmental Protection Group Co. Ltd. 54,000 33,777 29,457 0.0 Albioma SA 377 23,301 27,620 0.0 SK Gas Ltd. 213 24,593 26,105 0.0 Sinanen Holdings Co. Ltd. 700 27,275 25,611 0.0 Enea SA ADR 9,747 25,853 21,779 0.0 GCL New Energy Holdings Ltd. 368,000 19,227 19,046 0.0 E1 Corp. 269 13,482 14,086 0.0 Hokkaido Gas Co. Ltd. 200 3,747 3,823 0.0 Hyflux Ltd. 11,600 4,053 2,348 0.0 52,829,772 60,747,883 3.4 Total equities 1,788,987,786 99.2

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Short-term United States Treasury Bill 0.07% Feb 16/21 USD 493,000 649,382 628,026 0.0 Total short-term 649,382 628,026 0.0 Total investments 1,608,374,359 1,789,615,812 99.2 Foreign currency contracts (Schedule 1) (128,755) (0.0) Futures contracts (Schedule 2) 82,918 0.0 Other assets and liabilities (net) 13,688,643 0.8 Total net assets attributable to holders of redeemable units 1,803,258,618 100.0

139 Vanguard FTSE Developed All Cap ex North America Index ETF

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 Euro 1,181,604 U.S. Dollar 1,386,824 Jan 14/21 (75,508) AA- 1 Japanese Yen 201,734,709 U.S. Dollar 1,912,382 Jan 14/21 (53,247) AA- Unrealized depreciation of foreign currency contracts (128,755) Net unrealized depreciation of foreign currency contracts (128,755)

* Sources: Standard & Poor’s and Fitch.

Schedule 2—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 101 MSCI EAFE Index Mar 19/21 USD 10,760,540 82,918 Unrealized appreciation of futures contracts 82,918 Net unrealized appreciation of futures contracts 82,918

140 Vanguard FTSE Developed All Cap ex North America Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Industrials 17.1 16.5 Financials 15.2 19.5 Consumer Discretionary 14.4 13.9 Health Care 12.0 11.3 Technology 10.1 7.7 Consumer Staples 9.3 9.2 Basic Materials 7. 1 6. 2 Real Estate 3.8 3.8 Utilities 3.4 3.3 Telecommunications 3.4 3.6 Energy 3.4 4.7 Short-term 0.0 — Other assets and liabilities (net) 0.8 0.3 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Equities Japan 24.5 24.1 United Kingdom 13.8 16.1 France 9.0 9.5 Germany 8.3 7.9 Switzerland 8.3 8.2 Australia 7. 1 6. 8 South Korea 6.2 4.6 Netherlands 3.5 3.5 Sweden 3.5 2.9 Hong Kong 3.1 3.4 Italy 2.3 2.5 Denmark 2.2 1.7 Spain 2.2 2.6 Finland 1. 2 1. 1 Singapore 1. 1 1. 3 Belgium 1. 0 1. 0 Other 2.7 2.8 100.0 100.0

141 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $171,270,958 $170,426,595 Cash 159,672 20,352 Amounts receivable for investments sold 527,529 — Amounts receivable from manager 2,695 1,560 Income distributions receivable 938,493 834,469 Unrealized appreciation of foreign currency contracts 462,764 1,509,642 Total assets 173,362,111 172,792,618 Liabilities Current liabilities Amounts payable for investments purchased — 1,029,319 Distributions payable 946,575 817,115 Unrealized depreciation of foreign currency contracts 1,039,859 373,879 Total liabilities excluding net assets attributable to holders of redeemable units 1,986,434 2,220,313 Total net assets attributable to holders of redeemable units $171,375,677 $170,572,305 Number of redeemable units outstanding (Note 9) 5,725,000 5,675,000 Net assets attributable to holders of redeemable units per unit $29.93 $30.06

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $258 $5,878 Income distribution from underlying funds 3,582,495 4,463,390 Net realized gain (loss) on sale of investments (1,068,761) 58,891 Change in unrealized appreciation/depreciation of investments 9,287,971 17,175,059 Net gain (loss) on investments 11,801,963 21,703,218 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (5,787,476) 2,699,868 Net realized gain (loss) on futures contracts (1,170) (17,201) Change in unrealized appreciation/depreciation of foreign currency contracts (1,712,858) 6,547,872 Net gain (loss) on derivatives (7,501,504) 9,230,539 Net realized gain (loss) on foreign currency transactions (3,305) (17,416) Change in unrealized appreciation/depreciation of foreign currency translations (67) (337) Total income (net) 4,297,087 30,916,004 Expenses (Note 10) Management fees 572 1,285 Overdraft expenses 979 178 Independent Review Committee fees 2,694 2,558 Transaction costs (Note 3) 4,511 4,265 Total expenses 8,756 8,286 Expenses absorbed by manager (2,694) (2,558) Net expenses 6,062 5,728 Increase (decrease) in net assets attributable to holders of redeemable units $4,291,025 $30,910,276 Weighted average number of redeemable units 5,806,762 5,498,973 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.74 $5.62

The accompanying notes are an integral part of the financial statements.

142 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $170,572,305 $136,813,078 Increase (decrease) in net assets attributable to holders of redeemable units $4,291,025 $30,910,276 Distributions to holders of redeemable units Net investment income (3,501,646) (4,428,672) Net realized gains — (2,336,704) Return of capital — (7,199) Total distributions to holders of redeemable units (3,501,646) (6,772,575) Redeemable unit transactions Proceeds from issuance of redeemable units 24,747,413 18,509,010 Reinvestment of distributions to holders of redeemable units — 2,336,704 Payment for redeemable units redeemed (24,733,420) (11,224,188) Net redeemable unit transactions 13,993 9,621,526 Net assets attributable to holders of redeemable units, end of year $171,375,677 $170,572,305

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $4,291,025 $30,910,276 Adjustments for: Net realized (gain) loss on sale of investments 1,068,761 (58,891) Change in unrealized appreciation/depreciation of investments (9,287,971) (17,175,059) Change in unrealized appreciation/depreciation of derivatives 1,712,858 (6,547,872) Change in unrealized appreciation/depreciation of foreign currency translations 67 337 1 Purchase of investments (8,500,803) (14,349,275) Proceeds from sale of investments2 14,512,695 11,063,122 Change in working capital (105,159) 170,807 Net cash from (used in) operating activities 3,691,473 4,013,445 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units (30,005) 50,588 Distributions to holders of redeemable units, net of reinvested distributions (3,372,186) (4,558,739) 2 Payment for redeemable units redeemed (149,895) (147,688) Net cash from (used in) financing activities (3,552,086) (4,655,839) Change in unrealized appreciation/depreciation of foreign currency translations (67) (337) Net increase (decrease) in cash during the year $139,320 $(642,731) Cash, beginning of year $20,352 $663,083 Cash, end of year $159,672 $20,352 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $3,478,471 $4,634,743 Interest received, net of foreign withholding taxes, if applicable $258 $5,878 Interest paid, net of foreign withholding taxes, if applicable $979 $178

1 Excludes in-kind transactions of $24,777,418 and $18,458,422 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $24,583,525 and $11,140,220 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

143 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard FTSE Developed All Cap ex North America Index ETF* 5,630,209 153,548,805 171,270,958 99.9 Total investments 153,548,805 171,270,958 99.9 Foreign currency contracts (Schedule 1) (577,095) (0.3) Other assets and liabilities (net) 681,814 0.4 Total net assets attributable to holders of redeemable units 171,375,677 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 Japanese Yen 3,038,314,828 Canadian Dollar 37,776,970 Jan 05/21 285,439 AA- 1 Hong Kong Dollar 27,189,271 Canadian Dollar 4,543,696 Jan 05/21 76,350 AA- 1 Japanese Yen 328,364,342 Canadian Dollar 4,082,868 Jan 05/21 30,990 AA- 1 South Korean Won 7,117,136,808 Canadian Dollar 8,365,327 Jan 04/21 18,432 AA- 1 Canadian Dollar 9,593,079 South Korean Won 8,190,570,447 Jan 04/21 12,727 AA- 1 Hong Kong Dollar 3,441,821 Canadian Dollar 575,160 Jan 05/21 9,650 AA- 1 Singapore Dollar 1,661,481 Canadian Dollar 1,606,653 Jan 05/21 5,075 AA- 1 Polish Zloty 1,189,912 Canadian Dollar 411,421 Jan 05/21 4,564 AA- 1 U.S. Dollar 147,952 Canadian Dollar 191,673 Jan 05/21 3,184 AA- 1 Canadian Dollar 68,816 Australian Dollar 72,014 Feb 02/21 1,993 AA- 1 Euro 165,495 Canadian Dollar 259,469 Feb 02/21 1,346 AA- 1 Japanese Yen 31,860,301 Canadian Dollar 394,562 Feb 02/21 1,327 AA- 1 Canadian Dollar 67,779 Swedish Krona 445,324 Feb 02/21 1,321 AA- 1 Canadian Dollar 8,345,628 South Korean Won 7,117,136,808 Jan 04/21 1,267 AA- 1 Hong Kong Dollar 502,041 Canadian Dollar 83,660 Feb 02/21 1,173 AA- 1 Euro 135,394 Canadian Dollar 212,160 Jan 05/21 1,107 AA- 1 Singapore Dollar 284,332 Canadian Dollar 274,946 Jan 05/21 865 AA- 1 Polish Zloty 215,122 Canadian Dollar 74,377 Jan 05/21 822 AA- 1 Japanese Yen 6,232,875 Canadian Dollar 77,623 Jan 05/21 712 A+ 1 Japanese Yen 14,796,722 Canadian Dollar 183,196 Jan 05/21 610 AA- 1 U.S. Dollar 21,976 Canadian Dollar 28,470 Jan 05/21 473 AA- 1 Canadian Dollar 30,147 Norwegian Krone 205,732 Feb 02/21 462 AA- 1 Canadian Dollar 126,882 Pound Sterling 73,074 Jan 05/21 375 AA- 1 Hong Kong Dollar 134,623 Canadian Dollar 22,434 Jan 05/21 315 AA- 1 Polish Zloty 45,280 Canadian Dollar 15,773 Feb 02/21 290 AA- 1 Swiss Franc 61,738 Canadian Dollar 89,303 Feb 02/21 254 AA- 1 Canadian Dollar 1,199,100 South Korean Won 1,022,590,372 Jan 04/21 182 AA- 1 Hong Kong Dollar 56,709 Canadian Dollar 9,498 Jan 05/21 180 AA- 1 Swiss Franc 42,877 Canadian Dollar 61,975 Jan 05/21 178 AA- 1 Canadian Dollar 66,207 Australian Dollar 67,524 Jan 05/21 175 AA- 1 Canadian Dollar 19,734 Israeli Shekel 50,106 Feb 02/21 156 AA- 1 Japanese Yen 7,671,364 Canadian Dollar 94,805 Feb 02/21 122 AA- 1 Danish Krone 110,742 Canadian Dollar 23,322 Feb 02/21 119 AA- 1 Danish Krone 75,925 Canadian Dollar 15,981 Jan 05/21 81 AA- 1 Canadian Dollar 48,059,659 Euro 30,831,190 Jan 05/21 80 AA- 1 Singapore Dollar 39,230 Canadian Dollar 37,876 Feb 02/21 63 AA- 1 Polish Zloty 6,175 Canadian Dollar 2,160 Jan 05/21 49 AA-

144 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 2,000 Canadian Dollar 2,587 Feb 02/21 40 AA- 1 South Korean Won 35,773,848 Canadian Dollar 41,983 Jan 04/21 28 AA- 1 Euro 70,125 Canadian Dollar 109,397 Feb 02/21 24 AA- 1 Canadian Dollar 2,941 Pound Sterling 1,702 Feb 02/21 23 AA- 1 Pound Sterling 31,056 Canadian Dollar 54,112 Feb 02/21 22 AA- 1 Singapore Dollar 3,602 Canadian Dollar 3,490 Jan 05/21 18 AA- 1 Hong Kong Dollar 70,517 Canadian Dollar 11,604 Feb 02/21 18 AA- 1 Singapore Dollar 8,552 Canadian Dollar 8,257 Jan 05/21 14 AA- 1 U.S. Dollar 747 Canadian Dollar 965 Jan 05/21 13 AA- 1 Polish Zloty 2,601 Canadian Dollar 901 Jan 05/21 11 AA- 1 U.S. Dollar 315 Canadian Dollar 408 Jan 05/21 8 A+ 1 Canadian Dollar 2,611 Polish Zloty 7,659 Jan 05/21 7 AA- 1 Canadian Dollar 1,154 New Zealand Dollar 1,264 Feb 02/21 6 AA- 1 Canadian Dollar 41,949 South Korean Won 35,773,848 Jan 04/21 6 AA- 1 Singapore Dollar 4,375 Canadian Dollar 4,223 Feb 02/21 6 AA- 1 Canadian Dollar 17,671 South Korean Won 15,069,419 Jan 04/21 3 AA- 1 Canadian Dollar 12,186,889 Australian Dollar 12,396,614 Jan 05/21 3 AA- 1 South Korean Won 5,093,948 Canadian Dollar 5,977 Feb 02/21 2 AA- 1 Canadian Dollar 58,968 Swedish Krona 380,037 Feb 02/21 2 AA- 1 U.S. Dollar 395 Canadian Dollar 504 Feb 02/21 1 AA- 1 Danish Krone 40,767 Canadian Dollar 8,543 Feb 02/21 1 AA- 1 Canadian Dollar 3,620,687 Danish Krone 17,289,205 Jan 05/21 0 AA- 1 Canadian Dollar 41,576,439 Japanese Yen 3,369,355,903 Jan 05/21 0 AA- 1 Canadian Dollar 480,793 Polish Zloty 1,406,151 Jan 05/21 0 AA- 1 Canadian Dollar 1,304,917 Norwegian Krone 8,769,729 Jan 05/21 0 AA- 1 Canadian Dollar 1,877,150 Singapore Dollar 1,947,359 Jan 05/21 0 AA- 1 Canadian Dollar 870,910 Israeli Shekel 2,194,913 Jan 04/21 0 AA- 1 Canadian Dollar 4,396 Singapore Dollar 4,560 Feb 02/21 0 AA- 1 Canadian Dollar 5,036,857 Hong Kong Dollar 30,655,444 Jan 05/21 0 AA- 1 Canadian Dollar 5,957,928 Swedish Krona 38,406,423 Jan 05/21 0 AA- 1 Canadian Dollar 14,072,060 Swiss Franc 9,763,734 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 462,764 1 Australian Dollar 11,098,442 Canadian Dollar 10,598,135 Jan 05/21 (312,547) AA- 1 Euro 26,223,716 Canadian Dollar 40,687,380 Jan 05/21 (190,216) AA- 1 Pound Sterling 11,231,842 Canadian Dollar 19,437,725 Jan 05/21 (122,455) AA- 1 Swedish Krona 33,859,472 Canadian Dollar 5,135,144 Jan 05/21 (117,423) AA- 1 Swiss Franc 8,923,315 Canadian Dollar 12,786,518 Jan 05/21 (74,280) AA- 1 Australian Dollar 1,288,328 Canadian Dollar 1,230,249 Jan 05/21 (36,283) AA- 1 Euro 4,582,983 Canadian Dollar 7,110,659 Jan 05/21 (33,307) AA- 1 Pound Sterling 2,172,902 Canadian Dollar 3,760,318 Jan 05/21 (23,778) AA- 1 Norwegian Krone 7,466,047 Canadian Dollar 1,092,339 Jan 05/21 (18,593) AA- 1 South Korean Won 8,190,570,447 Canadian Dollar 9,589,148 Feb 02/21 (18,155) AA- 1 Danish Krone 16,147,868 Canadian Dollar 3,365,566 Jan 05/21 (16,103) AA- 1 Swedish Krona 4,516,442 Canadian Dollar 684,952 Jan 05/21 (15,677) AA- 1 Israeli Shekel 1,950,360 Canadian Dollar 764,602 Jan 04/21 (9,273) AA- 1 Swiss Franc 832,664 Canadian Dollar 1,193,232 Jan 05/21 (6,851) AA- 1 New Zealand Dollar 739,701 Canadian Dollar 673,520 Jan 06/21 (4,993) AA- 1 South Korean Won 1,022,590,372 Canadian Dollar 1,194,964 Jan 04/21 (4,318) AA- 1 Norwegian Krone 1,296,716 Canadian Dollar 189,711 Jan 05/21 (3,238) AA- 1 Japanese Yen 3,369,355,903 Canadian Dollar 41,583,674 Feb 02/21 (2,478) AA- 1 Euro 30,831,190 Canadian Dollar 48,084,786 Feb 02/21 (2,462) AA-

145 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 South Korean Won 811,594,210 Canadian Dollar 949,844 Feb 02/21 (2,132) AA- 1 Australian Dollar 72,014 Canadian Dollar 69,007 Feb 02/21 (1,803) AA- 1 Canadian Dollar 263,558 Euro 167,937 Jan 05/21 (1,777) AA- 1 Australian Dollar 12,396,614 Canadian Dollar 12,187,596 Feb 02/21 (1,700) AA- 1 Pound Sterling 13,415,409 Canadian Dollar 23,363,901 Feb 02/21 (1,550) AA- 1 South Korean Won 8,190,570,447 Canadian Dollar 9,604,348 Jan 04/21 (1,458) AA- 1 Canadian Dollar 394,617 Japanese Yen 31,860,301 Feb 02/21 (1,382) AA- 1 Australian Dollar 54,437 Canadian Dollar 52,157 Jan 05/21 (1,359) AA- 1 Canadian Dollar 83,791 Hong Kong Dollar 502,041 Feb 02/21 (1,303) AA- 1 Israeli Shekel 242,809 Canadian Dollar 95,184 Jan 04/21 (1,160) AA- 1 Danish Krone 1,127,603 Canadian Dollar 234,997 Jan 05/21 (1,144) AA- 1 Canadian Dollar 259,181 Euro 165,495 Feb 02/21 (1,059) AA- 1 Swedish Krona 445,324 Canadian Dollar 68,041 Feb 02/21 (1,059) AA- 1 Swiss Franc 9,763,734 Canadian Dollar 14,082,005 Feb 02/21 (930) AA- 1 Pound Sterling 58,921 Canadian Dollar 101,818 Jan 05/21 (793) AA- 1 Australian Dollar 22,932 Canadian Dollar 21,901 Jan 05/21 (643) A+ 1 Swedish Krona 38,406,423 Canadian Dollar 5,958,940 Feb 02/21 (493) AA- 1 Swedish Krona 168,661 Canadian Dollar 25,762 Jan 05/21 (402) AA- 1 Norwegian Krone 205,732 Canadian Dollar 30,212 Feb 02/21 (397) AA- 1 Canadian Dollar 15,844 Polish Zloty 45,280 Feb 02/21 (361) AA- 1 Euro 57,034 Canadian Dollar 88,545 Jan 05/21 (360) A+ 1 Danish Krone 17,289,205 Canadian Dollar 3,622,203 Feb 02/21 (336) AA- 1 Canadian Dollar 226,789 Japanese Yen 18,352,864 Jan 05/21 (322) AA- 1 Singapore Dollar 1,947,359 Canadian Dollar 1,876,673 Feb 02/21 (312) AA- 1 Canadian Dollar 89,331 Swiss Franc 61,738 Feb 02/21 (282) AA- 1 Hong Kong Dollar 30,655,444 Canadian Dollar 5,036,577 Feb 02/21 (247) AA- 1 Swedish Krona 71,047 Canadian Dollar 10,794 Jan 05/21 (228) AA- 1 Pound Sterling 24,817 Canadian Dollar 43,005 Jan 05/21 (213) A+ 1 New Zealand Dollar 31,016 Canadian Dollar 28,240 Jan 06/21 (210) AA- 1 Canadian Dollar 76,855 Swiss Franc 53,183 Jan 05/21 (205) AA- 1 Israeli Shekel 50,106 Canadian Dollar 19,686 Feb 02/21 (203) AA- 1 Canadian Dollar 32,607 Swedish Krona 209,200 Jan 05/21 (154) AA- 1 Canadian Dollar 19,867 Danish Krone 94,174 Jan 05/21 (145) AA- 1 Israeli Shekel 2,194,913 Canadian Dollar 871,123 Feb 02/21 (123) AA- 1 Swiss Franc 18,062 Canadian Dollar 25,922 Jan 05/21 (109) AA- 1 New Zealand Dollar 771,329 Canadian Dollar 707,468 Feb 02/21 (100) AA- 1 Canadian Dollar 23,297 Danish Krone 110,742 Feb 02/21 (93) AA- 1 Norwegian Krone 8,769,729 Canadian Dollar 1,304,654 Feb 02/21 (92) AA- 1 Canadian Dollar 23,362,935 Pound Sterling 13,415,409 Jan 05/21 (88) AA- 1 Canadian Dollar 37,887 Singapore Dollar 39,230 Feb 02/21 (75) AA- 1 Norwegian Krone 38,512 Canadian Dollar 5,656 Jan 05/21 (75) AA- 1 Polish Zloty 1,406,151 Canadian Dollar 480,749 Feb 02/21 (75) AA- 1 Canadian Dollar 27,481 Hong Kong Dollar 166,980 Jan 05/21 (45) AA- 1 Norwegian Krone 16,223 Canadian Dollar 2,374 Jan 05/21 (39) AA- 1 Israeli Shekel 9,639 Canadian Dollar 3,787 Jan 04/21 (38) AA- 1 Canadian Dollar 2,583 U.S. Dollar 2,000 Feb 02/21 (36) AA- 1 Canadian Dollar 7,139 Norwegian Krone 47,769 Jan 05/21 (31) AA- 1 Danish Krone 31,983 Canadian Dollar 6,670 Jan 05/21 (28) AA- 1 South Korean Won 15,069,419 Canadian Dollar 17,648 Jan 04/21 (25) AA- 1 Pound Sterling 1,702 Canadian Dollar 2,938 Feb 02/21 (25) AA- 1 Australian Dollar 28,251 Canadian Dollar 27,759 Feb 02/21 (20) AA-

146 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 South Korean Won 20,272,205 Canadian Dollar 23,760 Feb 02/21 (18) AA- 1 Israeli Shekel 4,060 Canadian Dollar 1,594 Jan 04/21 (17) AA- 1 Canadian Dollar 52,065 South Korean Won 44,372,298 Feb 02/21 (17) AA- 1 New Zealand Dollar 3,387 Canadian Dollar 3,092 Jan 06/21 (15) AA- 1 Pound Sterling 375,443 Canadian Dollar 653,889 Feb 02/21 (15) AA- 1 Danish Krone 813,836 Canadian Dollar 170,507 Feb 02/21 (13) AA- 1 Japanese Yen 37,223,993 Canadian Dollar 459,424 Feb 02/21 (11) AA- 1 Swiss Franc 183,192 Canadian Dollar 264,220 Feb 02/21 (10) AA- 1 Australian Dollar 148,674 Canadian Dollar 146,179 Feb 02/21 (9) AA- 1 Canadian Dollar 3,861 New Zealand Dollar 4,201 Jan 06/21 (8) AA- 1 New Zealand Dollar 1,427 Canadian Dollar 1,301 Jan 06/21 (7) AA- 1 New Zealand Dollar 1,264 Canadian Dollar 1,153 Feb 02/21 (7) AA- 1 Canadian Dollar 10,232 Singapore Dollar 10,607 Jan 05/21 (7) AA- 1 Norwegian Krone 20,034 Canadian Dollar 2,974 Feb 02/21 (6) AA- 1 Polish Zloty 144,445 Canadian Dollar 49,388 Feb 02/21 (4) AA- 1 Polish Zloty 3,492 Canadian Dollar 1,191 Feb 02/21 (3) AA- 1 Swedish Krona 85,633 Canadian Dollar 13,285 Feb 02/21 (3) AA- 1 Swiss Franc 22,400 Canadian Dollar 32,306 Feb 02/21 (3) AA- 1 Hong Kong Dollar 658,505 Canadian Dollar 108,192 Feb 02/21 (3) AA- 1 Canadian Dollar 5,977 South Korean Won 5,093,948 Feb 02/21 (2) AA- 1 Canadian Dollar 4,746 Israeli Shekel 11,956 Jan 04/21 (2) AA- 1 Israeli Shekel 5,072 Canadian Dollar 2,011 Feb 02/21 (2) AA- 1 Israeli Shekel 57,351 Canadian Dollar 22,763 Feb 02/21 (2) AA- 1 U.S. Dollar 170,063 Canadian Dollar 216,634 Feb 02/21 (2) AA- 1 Canadian Dollar 1,182 U.S. Dollar 926 Jan 05/21 (1) AA- 1 New Zealand Dollar 19,143 Canadian Dollar 17,560 Feb 02/21 (1) AA- 1 Canadian Dollar 216,660 U.S. Dollar 170,063 Jan 05/21 (1) AA- 1 Euro 308,664 Canadian Dollar 481,420 Feb 02/21 (1) AA- 1 New Zealand Dollar 1,780 Canadian Dollar 1,633 Feb 02/21 (0) AA- 1 Norwegian Krone 126,702 Canadian Dollar 18,850 Feb 02/21 (0) AA- 1 Canadian Dollar 707,525 New Zealand Dollar 771,329 Jan 06/21 (0) AA- 1 U.S. Dollar 5,481 Canadian Dollar 6,982 Feb 02/21 (0) AA- Unrealized depreciation of foreign currency contracts (1,039,859) Net unrealized depreciation of foreign currency contracts (577,095)

* Sources: Standard & Poor’s and Fitch.

147 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying Canada-domiciled Vanguard Fund Industrials 17.1 16.5 Financials 15.2 19.5 Consumer Discretionary 14.4 13.9 Health Care 12.0 11.3 Technology 10.1 7.7 Consumer Staples 9.3 9.2 Basic Materials 7. 1 6. 2 Real Estate 3.8 3.8 Utilities 3.4 3.3 Telecommunications 3.4 3.6 Energy 3.4 4.7 Short-term 0.0 — Other assets and liabilities (net) 0.8 0.3 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Underlying Canada-domiciled Vanguard Fund Japan 24.5 24.1 United Kingdom 13.8 16.1 France 9.0 9.5 Germany 8.3 7.9 Switzerland 8.3 8.2 Australia 7. 1 6. 8 South Korea 6.2 4.6 Netherlands 3.5 3.5 Sweden 3.5 2.9 Hong Kong 3.1 3.4 Italy 2.3 2.5 Denmark 2.2 1.7 Spain 2.2 2.6 Finland 1. 2 1. 1 Singapore 1. 1 1. 3 Belgium 1. 0 1. 0 Other 2.7 2.8 100.0 100.0

148 Vanguard FTSE Developed All Cap ex U.S. Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $364,103,090 $387,659,544 Cash 3,125,540 119,499 Amounts receivable for investments sold — 3,055,012 Unrealized appreciation of foreign currency contracts 4,801 16,289 Total assets 367,233,431 390,850,344 Liabilities Current liabilities Amounts payable for investments purchased 241,987 — Margin due to brokers 224,145 — Distributions payable 2,390,668 3,026,605 Accounts payable and accrued expenses 10,497 29,250 Total liabilities excluding net assets attributable to holders of redeemable units 2,867,297 3,055,855 Total net assets attributable to holders of redeemable units $364,366,134 $387,794,489 Number of redeemable units outstanding (Note 9) 9,645,000 10,785,000 Net assets attributable to holders of redeemable units per unit $37.78 $35.96

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $907 $2,706 Income distribution from underlying funds 7,879,433 12,343,223 Net realized gain (loss) on sale of investments 882,704 5,504,820 Change in unrealized appreciation/depreciation of investments 11,587,096 41,009,059 Net gain (loss) on investments 20,350,140 58,859,808 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (115,786) (90,900) Net realized gain (loss) on futures contracts 92,904 — Change in unrealized appreciation/depreciation of foreign currency contracts (11,488) 29,731 Net gain (loss) on derivatives (34,370) (61,169) Net realized gain (loss) on foreign currency transactions 153,106 75,426 Change in unrealized appreciation/depreciation of foreign currency translations (4,488) (17,680) Total income (net) 20,464,388 58,856,385 Expenses (Note 10) Management fees 545,027 622,098 Overdraft expenses —51 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 1,190,587 1,859,031 Transaction costs (Note 3) 219 1,163 Total expenses 1,738,527 2,484,901 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,735,833 2,482,343 Increase (decrease) in net assets attributable to holders of redeemable units $18,728,555 $56,374,042 Weighted average number of redeemable units 10,061,148 11,310,425 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.86 $4.98

The accompanying notes are an integral part of the financial statements.

149 Vanguard FTSE Developed All Cap ex U.S. Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $387,794,489 $366,934,696 Increase (decrease) in net assets attributable to holders of redeemable units $18,728,555 $56,374,042 Distributions to holders of redeemable units Net investment income (6,107,892) (9,942,018) Total distributions to holders of redeemable units (6,107,892) (9,942,018) Redeemable unit transactions Proceeds from issuance of redeemable units 36,576,265 34,909,415 Payment for redeemable units redeemed (72,625,283) (60,481,646) Net redeemable unit transactions (36,049,018) (25,572,231) Net assets attributable to holders of redeemable units, end of year $364,366,134 $387,794,489

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $18,728,555 $56,374,042 Adjustments for: Net realized (gain) loss on sale of investments (882,704) (5,504,820) Change in unrealized appreciation/depreciation of investments (11,587,096) (41,009,059) Change in unrealized appreciation/depreciation of derivatives 11,488 (29,731) Change in unrealized appreciation/depreciation of foreign currency translations 4,488 17,680 1 Purchase of investments (277,305) (4,603,815) 2 Proceeds from sale of investments 3,560,578 4,521,118 Change in working capital 205,392 75,041 Net cash from (used in) operating activities 9,763,396 9,840,456 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 12,953 77,341 Distributions to holders of redeemable units, net of reinvested distributions (6,743,829) (9,834,085) 2 Payment for redeemable units redeemed (21,991) (22,342) Net cash from (used in) financing activities (6,752,867) (9,779,086) Change in unrealized appreciation/depreciation of foreign currency translations (4,488) (17,680) Net increase (decrease) in cash during the year $3,006,041 $43,690 Cash, beginning of year $119,499 $75,809 Cash, end of year $3,125,540 $119,499 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $6,688,846 $10,548,474 Interest received, net of foreign withholding taxes, if applicable $907 $2,706 Interest paid, net of foreign withholding taxes, if applicable — $51

1 Excludes in-kind transactions of $36,563,312 and $34,895,370 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $72,603,292 and $60,459,636 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

150 Vanguard FTSE Developed All Cap ex U.S. Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard FTSE Developed Markets ETF* 6,058,932 304,991,601 364,103,090 99.9 Total investments 304,991,601 364,103,090 99.9 Foreign currency contracts (Schedule 1) 4,801 0.0 Other assets and liabilities (net) 258,243 0.1 Total net assets attributable to holders of redeemable units 364,366,134 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 1,870,000 Canadian Dollar 2,385,124 Jan 04/21 4,801 AA- Unrealized appreciation of foreign currency contracts 4,801 Net unrealized appreciation of foreign currency contracts 4,801

* Sources: Standard & Poor’s and Fitch.

151 Vanguard FTSE Developed All Cap ex U.S. Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Financials 16.6 19.0 Industrials 16.6 16.1 Consumer Discretionary 14.0 13.5 Health Care 11.0 10.5 Technology 10.1 7.7 Consumer Staples 8.3 8.8 Basic Materials 7. 6 6. 8 Energy 4.1 5.9 Real Estate 3.7 3.8 Utilities 3.6 3.4 Telecommunications 3.3 3.6 Other assets and liabilities (net) 1.1 0.9 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Japan 22.5 21.8 United Kingdom 12.6 14.7 Canada 8.3 8.7 France 8.2 8.6 Switzerland 7. 7 7. 5 Germany 7. 6 7. 2 Australia 6.5 6.2 South Korea 5.6 4.2 Netherlands 3.2 3.2 Sweden 3.2 2.6 Hong Kong 2.8 3.1 Italy 2.1 2.2 Denmark 2.0 1.6 Spain 2.0 2.1 Finland 1. 1 1. 0 Singapore 1. 0 1. 1 Other 3.6 4.2 100.0 100.0

152 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $431,779,960 $462,006,317 Cash 993,267 117,568 Amounts receivable for investments sold 802,594 3,641,645 Income distributions receivable 3,200,282 — Unrealized appreciation of foreign currency contracts 1,063,166 3,839,765 Total assets 437,839,269 469,605,295 Liabilities Current liabilities Amounts payable for investments purchased — 2,600,535 Margin due to brokers 656,864 — Distributions payable 2,843,783 3,580,694 Accounts payable and accrued expenses 18,394 34,805 Unrealized depreciation of foreign currency contracts 2,383,798 985,090 Total liabilities excluding net assets attributable to holders of redeemable units 5,902,839 7,201,124 Total net assets attributable to holders of redeemable units $431,936,430 $462,404,171 Number of redeemable units outstanding (Note 9) 10,100,000 10,825,000 Net assets attributable to holders of redeemable units per unit $42.77 $42.72

The accompanying notes are an integral part of the financial statements.

153 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $1,149 $4,784 Income distribution from underlying funds 9,583,471 15,006,707 Net realized gain (loss) on sale of investments 2,841,263 12,559,436 Change in unrealized appreciation/depreciation of investments 10,889,463 46,669,481 Net gain (loss) on investments 23,315,346 74,240,408 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (14,040,679) 7,214,061 Net realized gain (loss) on futures contracts 111,230 — Change in unrealized appreciation/depreciation of foreign currency contracts (4,175,307) 20,676,851 Net gain (loss) on derivatives (18,104,756) 27,890,912 Net realized gain (loss) on foreign currency transactions (616,501) (454,754) Change in unrealized appreciation/depreciation of foreign currency translations (10,372) (32,015) Total income (net) 4,583,717 101,644,551 Expenses (Note 10) Management fees 635,158 789,557 Overdraft expenses 989 1,553 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 1,376,345 2,264,780 Transaction costs (Note 3) 7,458 7,411 Total expenses 2,022,644 3,065,859 Expenses absorbed by manager (2,694) (2,558) Net expenses 2,019,950 3,063,301 Increase (decrease) in net assets attributable to holders of redeemable units $2,563,767 $98,581,250 Weighted average number of redeemable units 10,067,008 12,093,014 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.25 $8.15

The accompanying notes are an integral part of the financial statements.

154 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $462,404,171 $482,574,090 Increase (decrease) in net assets attributable to holders of redeemable units $2,563,767 $98,581,250 Distributions to holders of redeemable units Net investment income (7,452,864) (12,022,446) Net realized gains — (2,038,055) Return of capital (28,156) — Total distributions to holders of redeemable units (7,481,020) (14,060,501) Redeemable unit transactions Proceeds from issuance of redeemable units 45,368,667 18,696,075 Reinvestment of distributions to holders of redeemable units — 2,038,055 Payment for redeemable units redeemed (70,919,155) (125,424,798) Net redeemable unit transactions (25,550,488) (104,690,668) Net assets attributable to holders of redeemable units, end of year $431,936,430 $462,404,171

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $2,563,767 $98,581,250 Adjustments for: Net realized (gain) loss on sale of investments (2,841,263) (12,559,436) Change in unrealized appreciation/depreciation of investments (10,889,463) (46,669,481) Change in unrealized appreciation/depreciation of derivatives 4,175,307 (20,676,851) Change in unrealized appreciation/depreciation of foreign currency translations 10,372 32,015 Purchase of investments1 (18,552,419) (41,676,563) 2 Proceeds from sale of investments 37,134,228 35,531,641 Change in working capital (2,559,829) 32,950 Net cash from (used in) operating activities 9,040,700 12,595,525 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 259,439 148,315 Distributions to holders of redeemable units, net of reinvested distributions (8,217,931) (12,424,571) 2 Payment for redeemable units redeemed (196,137) (285,291) Net cash from (used in) financing activities (8,154,629) (12,561,547) Change in unrealized appreciation/depreciation of foreign currency translations (10,372) (32,015) Net increase (decrease) in cash during the year $875,699 $1,963 Cash, beginning of year $117,568 $115,605 Cash, end of year $993,267 $117,568 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $5,006,844 $12,757,707 Interest received, net of foreign withholding taxes, if applicable $1,149 $4,784 Interest paid, net of foreign withholding taxes, if applicable $989 $1,553

1 Excludes in-kind transactions of $45,109,228 and $18,547,760 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $70,723,018 and $125,139,507 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

155 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard FTSE Developed Markets ETF* 7,178,919 365,740,321 431,779,960 100.0 Total investments 365,740,321 431,779,960 100.0 Foreign currency contracts (Schedule 1) (1,320,632) (0.3) Other assets and liabilities (net) 1,477,102 0.3 Total net assets attributable to holders of redeemable units 431,936,430 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 Japanese Yen 6,897,757,278 Canadian Dollar 85,763,453 Jan 05/21 648,021 AA- 1 Hong Kong Dollar 61,726,643 Canadian Dollar 10,315,359 Jan 05/21 173,333 AA- 1 Japanese Yen 783,004,874 Canadian Dollar 9,735,849 Jan 05/21 73,897 AA- 1 South Korean Won 16,157,731,428 Canadian Dollar 18,991,445 Jan 04/21 41,846 AA- 1 Canadian Dollar 22,169,562 South Korean Won 18,928,372,154 Jan 04/21 29,412 AA- 1 Hong Kong Dollar 8,155,302 Canadian Dollar 1,362,827 Jan 05/21 22,866 AA- 1 Singapore Dollar 3,771,988 Canadian Dollar 3,647,517 Jan 05/21 11,522 AA- 1 Euro 703,063 Canadian Dollar 1,106,624 Jan 05/21 10,688 AA- 1 Polish Zloty 2,701,406 Canadian Dollar 934,031 Jan 05/21 10,362 AA- 1 Japanese Yen 76,833,511 Canadian Dollar 958,103 Jan 05/21 10,010 AA- 1 U.S. Dollar 335,890 Canadian Dollar 435,148 Jan 05/21 7,228 AA- 1 U.S. Dollar 2,200,000 Canadian Dollar 2,806,028 Jan 04/21 3,228 AA- 1 Swiss Franc 222,648 Canadian Dollar 323,860 Jan 05/21 2,966 AA- 1 Canadian Dollar 18,946,723 South Korean Won 16,157,731,428 Jan 04/21 2,876 AA- 1 Singapore Dollar 667,197 Canadian Dollar 645,173 Jan 05/21 2,030 AA- 1 Polish Zloty 504,039 Canadian Dollar 174,267 Jan 05/21 1,925 AA- 1 Hong Kong Dollar 699,055 Canadian Dollar 116,517 Jan 05/21 1,658 AA- 1 Japanese Yen 12,932,843 Canadian Dollar 161,064 Jan 05/21 1,478 A+ 1 U.S. Dollar 51,783 Canadian Dollar 67,085 Jan 05/21 1,114 AA- 1 Canadian Dollar 351,118 Pound Sterling 202,215 Jan 05/21 1,038 AA- 1 Euro 178,144 Canadian Dollar 278,613 Jan 05/21 922 AA- 1 Danish Krone 394,257 Canadian Dollar 83,359 Jan 05/21 794 AA- 1 Canadian Dollar 183,213 Australian Dollar 186,858 Jan 05/21 483 AA- 1 Canadian Dollar 2,828,675 South Korean Won 2,412,288,854 Jan 04/21 429 AA- 1 Japanese Yen 19,468,298 Canadian Dollar 240,656 Jan 05/21 426 AA- 1 Hong Kong Dollar 117,667 Canadian Dollar 19,707 Jan 05/21 374 AA- 1 Japanese Yen 16,213,544 Canadian Dollar 200,373 Feb 02/21 258 AA- 1 Polish Zloty 32,065 Canadian Dollar 11,190 Jan 05/21 226 AA- 1 South Korean Won 47,477,082 Canadian Dollar 55,895 Jan 04/21 214 AA- 1 Canadian Dollar 110,946,206 Euro 71,174,112 Jan 05/21 184 AA- 1 Israeli Shekel 50,052 Canadian Dollar 20,027 Jan 04/21 167 AA- 1 Swiss Franc 56,415 Canadian Dollar 81,457 Jan 05/21 148 AA- 1 Singapore Dollar 44,407 Canadian Dollar 42,932 Jan 05/21 126 AA- 1 Hong Kong Dollar 178,650 Canadian Dollar 29,470 Jan 05/21 117 AA- 1 Hong Kong Dollar 177,129 Canadian Dollar 29,186 Jan 05/21 83 AA- 1 Danish Krone 99,898 Canadian Dollar 20,996 Jan 05/21 76 AA- 1 Hong Kong Dollar 176,021 Canadian Dollar 28,993 Jan 05/21 72 AA-

156 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 3,878 Canadian Dollar 5,011 Jan 05/21 71 AA- 1 Polish Zloty 8,125 Canadian Dollar 2,840 Jan 05/21 62 AA- 1 Polish Zloty 8,074 Canadian Dollar 2,812 Jan 05/21 51 AA- 1 Euro 148,209 Canadian Dollar 231,213 Feb 02/21 51 AA- 1 Polish Zloty 8,195 Canadian Dollar 2,850 Jan 05/21 48 AA- 1 Pound Sterling 65,637 Canadian Dollar 114,366 Feb 02/21 46 AA- 1 Singapore Dollar 7,475 Canadian Dollar 7,242 Jan 05/21 37 AA- 1 Hong Kong Dollar 149,038 Canadian Dollar 24,525 Feb 02/21 37 AA- 1 Canadian Dollar 217,827 South Korean Won 185,762,817 Jan 04/21 33 AA- 1 Polish Zloty 5,397 Canadian Dollar 1,869 Jan 05/21 24 AA- 1 Canadian Dollar 7,226 Polish Zloty 21,195 Jan 05/21 21 AA- 1 U.S. Dollar 653 Canadian Dollar 848 Jan 05/21 16 A+ 1 Singapore Dollar 9,247 Canadian Dollar 8,926 Feb 02/21 14 AA- 1 Canadian Dollar 55,194 South Korean Won 47,069,122 Jan 04/21 8 AA- 1 Canadian Dollar 55,672 South Korean Won 47,477,082 Jan 04/21 8 AA- 1 Canadian Dollar 54,849 South Korean Won 46,774,709 Jan 04/21 8 AA- 1 Canadian Dollar 28,133,556 Australian Dollar 28,617,708 Jan 05/21 7 AA- 1 Canadian Dollar 36,665 South Korean Won 31,268,142 Jan 04/21 6 AA- 1 U.S. Dollar 991 Canadian Dollar 1,267 Jan 05/21 5 AA- 1 Canadian Dollar 155,693 Swedish Krona 1,003,420 Feb 02/21 5 AA- 1 U.S. Dollar 976 Canadian Dollar 1,247 Jan 05/21 3 AA- 1 U.S. Dollar 983 Canadian Dollar 1,255 Jan 05/21 3 AA- 1 Danish Krone 86,161 Canadian Dollar 18,056 Feb 02/21 3 AA- 1 U.S. Dollar 835 Canadian Dollar 1,066 Feb 02/21 2 AA- 1 Canadian Dollar 1,109,914 Polish Zloty 3,246,106 Jan 05/21 0 AA- 1 Canadian Dollar 95,979,630 Japanese Yen 7,778,192,188 Jan 05/21 0 AA- 1 Canadian Dollar 3,012,415 Norwegian Krone 20,245,010 Jan 05/21 0 AA- 1 Canadian Dollar 2,010,507 Israeli Shekel 5,066,982 Jan 04/21 0 AA- 1 Canadian Dollar 32,485,494 Swiss Franc 22,539,681 Jan 05/21 0 AA- 1 Canadian Dollar 11,627,633 Hong Kong Dollar 70,768,388 Jan 05/21 0 AA- 1 Canadian Dollar 13,753,940 Swedish Krona 88,661,635 Jan 05/21 0 AA- 1 Canadian Dollar 16,354 Singapore Dollar 16,967 Feb 02/21 0 AA- 1 Canadian Dollar 8,358,394 Danish Krone 39,912,317 Jan 05/21 0 AA- 1 U.S. Dollar 1,333,597 Canadian Dollar 1,699,002 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 1,063,166 1 Australian Dollar 25,196,320 Canadian Dollar 24,060,495 Jan 05/21 (709,562) AA- 1 Euro 59,534,591 Canadian Dollar 92,370,835 Jan 05/21 (431,839) AA- 1 Pound Sterling 25,499,176 Canadian Dollar 44,128,644 Jan 05/21 (278,004) AA- 1 Swedish Krona 76,869,745 Canadian Dollar 11,658,103 Jan 05/21 (266,580) AA- 1 Swiss Franc 20,258,222 Canadian Dollar 29,028,688 Jan 05/21 (168,635) AA- 1 Australian Dollar 3,062,930 Canadian Dollar 2,924,851 Jan 05/21 (86,261) AA- 1 Euro 10,747,998 Canadian Dollar 16,675,896 Jan 05/21 (78,112) AA- 1 Pound Sterling 5,082,490 Canadian Dollar 8,795,507 Jan 05/21 (55,617) AA- 1 Norwegian Krone 16,949,859 Canadian Dollar 2,479,893 Jan 05/21 (42,210) AA- 1 South Korean Won 18,928,372,154 Canadian Dollar 22,160,478 Feb 02/21 (41,955) AA- 1 Swedish Krona 10,681,290 Canadian Dollar 1,619,896 Jan 05/21 (37,076) AA- 1 Danish Krone 36,659,815 Canadian Dollar 7,640,701 Jan 05/21 (36,558) AA- 1 Israeli Shekel 4,427,819 Canadian Dollar 1,735,844 Jan 04/21 (21,052) AA- 1 Swiss Franc 1,999,125 Canadian Dollar 2,864,807 Jan 05/21 (16,448) AA- 1 New Zealand Dollar 1,679,310 Canadian Dollar 1,529,062 Jan 06/21 (11,335) AA- 1 South Korean Won 2,412,288,854 Canadian Dollar 2,818,918 Jan 04/21 (10,187) AA-

157 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 Norwegian Krone 3,041,563 Canadian Dollar 444,984 Jan 05/21 (7,594) AA- 1 Pound Sterling 305,920 Canadian Dollar 526,777 Jan 05/21 (5,981) AA- 1 Japanese Yen 7,778,192,188 Canadian Dollar 95,996,332 Feb 02/21 (5,721) AA- 1 Euro 71,174,112 Canadian Dollar 111,004,213 Feb 02/21 (5,683) AA- 1 Canadian Dollar 729,336 Euro 464,728 Jan 05/21 (4,916) AA- 1 South Korean Won 1,823,370,093 Canadian Dollar 2,133,969 Feb 02/21 (4,791) AA- 1 Pound Sterling 77,030 Canadian Dollar 129,989 Jan 05/21 (4,158) AA- 1 Australian Dollar 28,617,708 Canadian Dollar 28,135,187 Feb 02/21 (3,924) AA- 1 Pound Sterling 30,969,605 Canadian Dollar 53,935,798 Feb 02/21 (3,579) AA- 1 South Korean Won 18,928,372,154 Canadian Dollar 22,195,605 Jan 04/21 (3,369) AA- 1 Australian Dollar 282,688 Canadian Dollar 274,845 Jan 05/21 (3,060) AA- 1 Danish Krone 2,752,562 Canadian Dollar 573,646 Jan 05/21 (2,793) AA- 1 Israeli Shekel 575,694 Canadian Dollar 225,677 Jan 04/21 (2,750) AA- 1 Australian Dollar 72,237 Canadian Dollar 68,507 Jan 05/21 (2,508) AA- 1 Pound Sterling 78,196 Canadian Dollar 133,686 Jan 05/21 (2,493) AA- 1 Swiss Franc 22,539,681 Canadian Dollar 32,508,453 Feb 02/21 (2,146) AA- 1 Euro 177,030 Canadian Dollar 273,900 Jan 05/21 (2,055) AA- 1 Australian Dollar 71,180 Canadian Dollar 68,506 Jan 05/21 (1,470) AA- 1 Euro 179,673 Canadian Dollar 278,617 Jan 05/21 (1,457) AA- 1 Pound Sterling 77,515 Canadian Dollar 133,568 Jan 05/21 (1,424) AA- 1 Australian Dollar 47,583 Canadian Dollar 45,444 Jan 05/21 (1,334) A+ 1 Swedish Krona 88,661,635 Canadian Dollar 13,756,277 Feb 02/21 (1,139) AA- 1 South Korean Won 185,762,817 Canadian Dollar 216,823 Jan 04/21 (1,038) AA- 1 Swedish Krona 220,526 Canadian Dollar 33,254 Jan 05/21 (956) AA- 1 Japanese Yen 19,636,229 Canadian Dollar 241,353 Jan 05/21 (950) AA- 1 Japanese Yen 19,346,526 Canadian Dollar 237,784 Jan 05/21 (944) AA- 1 Swedish Krona 223,848 Canadian Dollar 33,806 Jan 05/21 (919) AA- 1 Canadian Dollar 627,587 Japanese Yen 50,787,371 Jan 05/21 (892) AA- 1 Canadian Dollar 637,884 U.S. Dollar 500,000 Jan 05/21 (884) AA- 1 Danish Krone 39,912,317 Canadian Dollar 8,361,895 Feb 02/21 (777) AA- 1 Australian Dollar 71,628 Canadian Dollar 69,655 Jan 05/21 (762) AA- 1 Euro 118,342 Canadian Dollar 183,725 Jan 05/21 (747) A+ 1 Singapore Dollar 4,495,496 Canadian Dollar 4,332,315 Feb 02/21 (721) AA- 1 Hong Kong Dollar 70,768,388 Canadian Dollar 11,626,986 Feb 02/21 (570) AA- 1 Canadian Dollar 212,679 Swiss Franc 147,172 Jan 05/21 (566) AA- 1 New Zealand Dollar 79,004 Canadian Dollar 71,934 Jan 06/21 (535) AA- 1 South Korean Won 47,069,122 Canadian Dollar 54,728 Jan 04/21 (474) AA- 1 Swedish Krona 147,418 Canadian Dollar 22,396 Jan 05/21 (473) AA- 1 Pound Sterling 51,493 Canadian Dollar 89,233 Jan 05/21 (442) A+ 1 Canadian Dollar 90,231 Swedish Krona 578,912 Jan 05/21 (426) AA- 1 Canadian Dollar 54,977 Danish Krone 260,606 Jan 05/21 (402) AA- 1 Swiss Franc 56,062 Canadian Dollar 80,436 Jan 05/21 (365) AA- 1 Israeli Shekel 5,066,982 Canadian Dollar 2,010,997 Feb 02/21 (283) AA- 1 New Zealand Dollar 1,780,619 Canadian Dollar 1,633,194 Feb 02/21 (231) AA- 1 Swiss Franc 37,477 Canadian Dollar 53,787 Jan 05/21 (227) AA- 1 Norwegian Krone 20,245,010 Canadian Dollar 3,011,807 Feb 02/21 (211) AA- 1 Norwegian Krone 50,355 Canadian Dollar 7,287 Jan 05/21 (206) AA- 1 Norwegian Krone 199,982 Canadian Dollar 29,554 Jan 05/21 (203) AA- 1 Canadian Dollar 53,933,568 Pound Sterling 30,969,605 Jan 05/21 (202) AA- 1 Swedish Krona 221,914 Canadian Dollar 34,237 Jan 05/21 (188) AA- 1 Polish Zloty 3,246,106 Canadian Dollar 1,109,811 Feb 02/21 (173) AA-

158 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 South Korean Won 46,774,709 Canadian Dollar 54,688 Jan 04/21 (169) AA- 1 Danish Krone 99,273 Canadian Dollar 20,634 Jan 05/21 (156) AA- 1 Norwegian Krone 51,107 Canadian Dollar 7,456 Jan 05/21 (148) AA- 1 New Zealand Dollar 17,589 Canadian Dollar 15,991 Jan 06/21 (143) AA- 1 Swedish Krona 875,806 Canadian Dollar 135,734 Jan 05/21 (128) AA- 1 Canadian Dollar 76,046 Hong Kong Dollar 462,079 Jan 05/21 (124) AA- 1 Danish Krone 100,756 Canadian Dollar 20,991 Jan 05/21 (109) AA- 1 Singapore Dollar 11,182 Canadian Dollar 10,676 Jan 05/21 (102) AA- 1 Singapore Dollar 11,349 Canadian Dollar 10,850 Jan 05/21 (90) AA- 1 Canadian Dollar 19,755 Norwegian Krone 132,189 Jan 05/21 (86) AA- 1 Norwegian Krone 33,661 Canadian Dollar 4,927 Jan 05/21 (82) AA- 1 New Zealand Dollar 4,495 Canadian Dollar 4,049 Jan 06/21 (74) AA- 1 New Zealand Dollar 4,429 Canadian Dollar 4,005 Jan 06/21 (58) AA- 1 Danish Krone 66,362 Canadian Dollar 13,840 Jan 05/21 (57) AA- 1 Israeli Shekel 12,791 Canadian Dollar 5,019 Jan 04/21 (57) AA- 1 Israeli Shekel 12,603 Canadian Dollar 4,945 Jan 04/21 (55) AA- 1 South Korean Won 31,268,142 Canadian Dollar 36,618 Jan 04/21 (53) AA- 1 Canadian Dollar 144,078 South Korean Won 122,790,237 Feb 02/21 (48) AA- 1 Australian Dollar 59,709 Canadian Dollar 58,668 Feb 02/21 (42) AA- 1 South Korean Won 42,845,610 Canadian Dollar 50,218 Feb 02/21 (39) AA- 1 Israeli Shekel 8,425 Canadian Dollar 3,307 Jan 04/21 (36) AA- 1 Swiss Franc 56,903 Canadian Dollar 81,978 Jan 05/21 (34) AA- 1 Singapore Dollar 11,252 Canadian Dollar 10,813 Jan 05/21 (33) AA- 1 New Zealand Dollar 4,457 Canadian Dollar 4,055 Jan 06/21 (33) AA- 1 Pound Sterling 820,993 Canadian Dollar 1,429,881 Feb 02/21 (32) AA- 1 Danish Krone 1,818,705 Canadian Dollar 381,037 Feb 02/21 (29) AA- 1 Israeli Shekel 12,682 Canadian Dollar 5,006 Jan 04/21 (26) AA- 1 Japanese Yen 74,637,541 Canadian Dollar 921,188 Feb 02/21 (23) AA- 1 Swiss Franc 389,922 Canadian Dollar 562,390 Feb 02/21 (22) AA- 1 Canadian Dollar 10,686 New Zealand Dollar 11,626 Jan 06/21 (21) AA- 1 Canadian Dollar 28,314 Singapore Dollar 29,353 Jan 05/21 (19) AA- 1 Australian Dollar 301,621 Canadian Dollar 296,559 Feb 02/21 (17) AA- 1 New Zealand Dollar 2,961 Canadian Dollar 2,700 Jan 06/21 (16) AA- 1 Norwegian Krone 50,672 Canadian Dollar 7,524 Jan 05/21 (16) AA- 1 Norwegian Krone 42,342 Canadian Dollar 6,286 Feb 02/21 (13) AA- 1 Polish Zloty 328,317 Canadian Dollar 112,257 Feb 02/21 (8) AA- 1 Polish Zloty 7,380 Canadian Dollar 2,517 Feb 02/21 (7) AA- 1 Swiss Franc 47,342 Canadian Dollar 68,278 Feb 02/21 (7) AA- 1 Hong Kong Dollar 1,416,360 Canadian Dollar 232,707 Feb 02/21 (7) AA- 1 Canadian Dollar 13,133 Israeli Shekel 33,085 Jan 04/21 (6) AA- 1 Swedish Krona 180,986 Canadian Dollar 28,078 Feb 02/21 (5) AA- 1 Israeli Shekel 124,927 Canadian Dollar 49,583 Feb 02/21 (5) AA- 1 U.S. Dollar 392,590 Canadian Dollar 500,099 Feb 02/21 (5) AA- 1 Canadian Dollar 3,270 U.S. Dollar 2,563 Jan 05/21 (4) AA- 1 Israeli Shekel 10,720 Canadian Dollar 4,251 Feb 02/21 (4) AA- 1 Canadian Dollar 500,160 U.S. Dollar 392,590 Jan 05/21 (3) AA- 1 New Zealand Dollar 41,573 Canadian Dollar 38,134 Feb 02/21 (2) AA- 1 Euro 609,310 Canadian Dollar 950,336 Feb 02/21 (2) AA- 1 New Zealand Dollar 3,762 Canadian Dollar 3,451 Feb 02/21 (0) AA- 1 Norwegian Krone 262,995 Canadian Dollar 39,128 Feb 02/21 (0) AA- 1 Canadian Dollar 1,633,326 New Zealand Dollar 1,780,619 Jan 06/21 (0) AA-

159 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 Canadian Dollar 4,333,418 Singapore Dollar 4,495,496 Jan 05/21 (0) AA- 1 U.S. Dollar 12,075 Canadian Dollar 15,381 Feb 02/21 (0) AA- Unrealized depreciation of foreign currency contracts (2,383,798) Net unrealized depreciation of foreign currency contracts (1,320,632)

* Sources: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Financials 16.6 19.0 Industrials 16.6 16.1 Consumer Discretionary 14.0 13.5 Health Care 11.0 10.5 Technology 10.1 7.7 Consumer Staples 8.3 8.8 Basic Materials 7. 6 6. 8 Energy 4.1 5.9 Real Estate 3.7 3.8 Utilities 3.6 3.4 Telecommunications 3.3 3.6 Other assets and liabilities (net) 1.1 0.9 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Japan 22.5 21.8 United Kingdom 12.6 14.7 Canada 8.3 8.7 France 8.2 8.6 Switzerland 7. 7 7. 5 Germany 7. 6 7. 2 Australia 6.5 6.2 South Korea 5.6 4.2 Netherlands 3.2 3.2 Sweden 3.2 2.6 Hong Kong 2.8 3.1 Italy 2.1 2.2 Denmark 2.0 1.6 Spain 2.0 2.1 Finland 1. 1 1. 0 Singapore 1. 0 1. 1 Other 3.6 4.2 100.0 100.0

160 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $83,926,139 $92,770,136 Cash 506,840 526,444 Amounts receivable for investments sold 543,400 844,825 Margin due from brokers on futures contracts 25,101 — Dividends receivable 161,066 202,084 Unrealized appreciation of foreign currency contracts 11,084 5,653 Unrealized appreciation of futures contracts 12,935 1,103 Total assets 85,186,565 94,350,245 Liabilities Current liabilities Amounts payable for investments purchased 3,369 4,419 Distributions payable 599,581 819,724 Accounts payable and accrued expenses 3,733 9,433 Unrealized depreciation of foreign currency contracts 12,205 1,439 Unrealized depreciation of futures contracts 1,789 8,158 Total liabilities excluding net assets attributable to holders of redeemable units 620,677 843,173 Total net assets attributable to holders of redeemable units $84,565,888 $93,507,072 Number of redeemable units outstanding (Note 9) 2,220,000 2,720,000 Net assets attributable to holders of redeemable units per unit $38.09 $34.38

The accompanying notes are an integral part of the financial statements.

161 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $2,324,602 $2,902,673 Interest for distribution purposes 156 4,037 Income distribution from underlying funds — 15,617 Net realized gain (loss) on sale of investments 672,541 58,418 Change in unrealized appreciation/depreciation of investments 7,953,306 8,001,049 Net gain (loss) on investments 10,950,605 10,981,794 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (4,406) (4,944) Net realized gain (loss) on futures contracts 85,397 5,400 Change in unrealized appreciation/depreciation of foreign currency contracts (5,335) 5,003 Change in unrealized appreciation/depreciation of futures contracts 18,201 (7,055) Net gain (loss) on derivatives 93,857 (1,596) Other income 31,783 17,949 Net realized gain (loss) on foreign currency transactions (86,077) (3,000) Change in unrealized appreciation/depreciation of foreign currency translations 6,320 (16,439) Total income (net) 10,996,488 10,978,708 Expenses (Note 10) Management fees 189,581 219,800 Overdraft expenses 1,108 286 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 235,903 286,547 Transaction costs (Note 3) 30,996 18,094 Total expenses 460,282 527,285 Expenses absorbed by manager (2,694) (2,558) Net expenses 457,588 524,727 Increase (decrease) in net assets attributable to holders of redeemable units $10,538,900 $10,453,981 Weighted average number of redeemable units 2,656,066 2,985,205 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.97 $3.50

The accompanying notes are an integral part of the financial statements.

162 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $93,507,072 $98,604,100 Increase (decrease) in net assets attributable to holders of redeemable units $10,538,900 $10,453,981 Distributions to holders of redeemable units Net investment income (2,067,924) (2,501,349) Total distributions to holders of redeemable units (2,067,924) (2,501,349) Redeemable unit transactions Proceeds from issuance of redeemable units 15,072,760 6,591,880 Payment for redeemable units redeemed (32,484,920) (19,641,540) Net redeemable unit transactions (17,412,160) (13,049,660) Net assets attributable to holders of redeemable units, end of year $84,565,888 $93,507,072

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $10,538,900 $10,453,981 Adjustments for: Net realized (gain) loss on sale of investments (672,541) (58,418) Change in unrealized appreciation/depreciation of investments (7,953,306) (8,001,049) Change in unrealized appreciation/depreciation of derivatives (12,866) 2,052 Change in unrealized appreciation/depreciation of foreign currency translations (6,320) 16,439 Purchase of investments (20,773,007) (12,414,617) Proceeds from sale of investments 38,543,226 25,921,159 Change in working capital 10,217 52,894 Net cash from (used in) operating activities 19,674,303 15,972,441 Cash flows from (used in) financing activities Proceeds from issuance of redeemable units 15,072,760 6,591,880 Distributions to holders of redeemable units, net of reinvested distributions (2,288,067) (2,885,349) Payment for redeemable units redeemed (32,484,920) (19,641,540) Net cash from (used in) financing activities (19,700,227) (15,935,009) Change in unrealized appreciation/depreciation of foreign currency translations 6,320 (16,439) Net increase (decrease) in cash during the year $(19,604) $20,993 Cash, beginning of year $526,444 $505,451 Cash, end of year $506,840 $526,444 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $2,129,717 $2,669,999 Income distributions received, net of foreign withholding taxes, if applicable — $15,617 Interest received, net of foreign withholding taxes, if applicable $156 $4,037 Interest paid, net of foreign withholding taxes, if applicable $1,108 $286

The accompanying notes are an integral part of the financial statements.

163 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Basic Materials BHP Group Ltd. 23,500 629,394 980,236 1.2 Shin-Etsu Chemical Co. Ltd. 3,200 385,986 712,339 0.9 LG Chem Ltd. 351 147,044 339,199 0.4 Rio Tinto Ltd. 2,935 203,520 328,439 0.4 Fortescue Metals Group Ltd. 12,664 74,468 291,698 0.4 POSCO 540 171,581 172,259 0.2 Newcrest Mining Ltd. 6,368 141,074 161,390 0.2 Nitto Denko Corp. 1,157 108,573 131,776 0.2 Asahi Kasei Corp. 9,841 130,002 128,052 0.2 Nippon Steel Corp. 6,455 164,746 105,778 0.1 Sumitomo Metal Mining Co. Ltd. 1,800 76,815 101,705 0.1 Toray Industries, Inc. 12,500 135,085 94,228 0.1 South32 Ltd. 36,972 98,014 89,776 0.1 Nissan Chemical Corp. 1,100 52,218 87,685 0.1 Mitsubishi Chemical Holdings Corp. 10,100 105,254 77,794 0.1 BlueScope Steel Ltd. 4,123 47,072 70,851 0.1 Northern Star Resources Ltd. 5,551 38,938 69,250 0.1 Sumitomo Chemical Co. Ltd. 12,500 80,622 64,012 0.1 Evolution Mining Ltd. 12,831 49,438 62,944 0.1 JSR Corp. 1,500 36,604 53,196 0.1 Mitsui Chemicals, Inc. 1,400 44,774 52,258 0.1 Oji Holdings Corp. 7,200 51,370 52,152 0.1 JFE Holdings, Inc. 4,200 89,771 51,204 0.1 OZ Minerals Ltd. 2,708 24,652 50,262 0.1 Orica Ltd. 3,316 56,526 49,387 0.1 Tosoh Corp. 2,281 47,165 45,260 0.1 Mitsubishi Gas Chemical Co. Inc. 1,500 38,752 43,849 0.1 Mineral Resources Ltd. 1,175 19,337 43,259 0.1 Saracen Mineral Holdings Ltd. 9,161 18,842 42,779 0.1 Korea Zinc Co. Ltd. 88 46,816 41,437 0.1 LG Chem Ltd. Pfd. 87 20,642 38,925 0.1 Teijin Ltd. 1,600 37,726 38,302 0.1 Kuraray Co. Ltd. 2,700 50,817 36,549 0.1 NSK Ltd. 3,300 45,066 36,486 0.1 Incitec Pivot Ltd. 15,995 41,290 35,852 0.1 Air Water, Inc. 1,570 33,423 35,530 0.1 Alumina Ltd. 19,440 35,527 35,069 0.1 Denka Co. Ltd. 700 27,547 34,810 0.1 Lotte Chemical Corp. 107 43,732 34,635 0.1 Hanwha Chemical Corp. 613 20,172 34,436 0.1 Hitachi Metals Ltd. 1,700 28,733 32,850 0.1 SK Chemicals Co. Ltd. 71 8,166 32,683 0.1 NOF Corp. 500 16,950 32,268 0.1 Showa Denko KK 1,100 41,473 29,821 0.1 Hyundai Steel Co. 632 22,612 29,352 0.0 Independence Group NL 4,528 20,970 28,400 0.0 Nippon Sanso Holdings Corp. 1,100 19,961 26,007 0.0 Lynas Rare Earths Ltd. 6,412 15,101 25,088 0.0 Kumho Petrochemical Co. Ltd. 139 15,437 23,638 0.0 Iluka Resources Ltd. 3,579 31,983 22,835 0.0 DIC Corp. 700 25,786 22,493 0.0 POSCO Chemical Co. Ltd. 172 7,286 20,979 0.0 Tokai Carbon Co. Ltd. 1,300 17,140 20,693 0.0 Daicel Corp. 2,100 27,027 19,513 0.0 SK Materials Co. Ltd. 46 8,513 19,303 0.0 Zip Co. Ltd. 3,547 13,122 18,446 0.0 Mitsui Mining & Smelting Co. Ltd. 390 19,110 18,215 0.0 ADEKA Corp. 800 16,057 17,779 0.0 Kobe Steel Ltd. 2,600 30,751 17,678 0.0 Daio Paper Corp. 700 10,733 17,310 0.0 Deterra Royalties Ltd. 3,579 16,323 16,889 0.0 Zeon Corp. 892 12,494 16,279 0.0 Daido Steel Co. Ltd. 303 16,761 16,096 0.0 Pilbara Minerals Ltd. 18,600 13,454 15,908 0.0 Champion Iron Ltd. 3,377 4,153 15,769 0.0 Nippon Shokubai Co. Ltd. 218 16,824 15,548 0.0

164 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets SKC Co. Ltd. 130 5,907 14,331 0.0 Perseus Mining Ltd. 10,998 5,493 14,056 0.0 Lintec Corp. 500 15,727 14,055 0.0 Dowa Holdings Co. Ltd. 300 13,583 13,826 0.0 Toyobo Co. Ltd. 800 15,717 13,623 0.0 Soulbrain Co. Ltd. 42 9,384 13,413 0.0 Sumitomo Bakelite Co. Ltd. 300 12,439 13,142 0.0 NTN Corp. 4,000 18,099 13,080 0.0 OCI Co. Ltd. 119 15,196 12,979 0.0 Nickel Mines Ltd. 11,272 8,096 12,245 0.0 Ramelius Resources Ltd. 7,267 8,254 12,038 0.0 Toagosei Co. Ltd. 800 11,347 11,955 0.0 Hansol Chemical Co. Ltd. 51 4,207 11,753 0.0 Orocobre Ltd. 2,641 14,381 11,606 0.0 Ube Industries Ltd. 500 15,555 11,550 0.0 Tokuyama Corp. 401 11,366 11,465 0.0 Maruichi Steel Tube Ltd. 400 15,360 11,273 0.0 Nitto Boseki Co. Ltd. 200 5,968 11,229 0.0 Nagase & Co. Ltd. 600 11,216 11,150 0.0 MMG Ltd. 20,005 11,972 11,077 0.0 Nufarm Ltd. 2,699 20,845 10,879 0.0 Regis Resources Ltd. 2,948 10,773 10,839 0.0 LOTTE Fine Chemical Co. Ltd. 166 10,533 10,746 0.0 Huabao International Holdings Ltd. 6,000 5,509 10,529 0.0 Kumiai Chemical Industry Co. Ltd. 914 8,092 10,478 0.0 St Barbara Ltd. 4,510 13,008 10,464 0.0 Lee & Man Paper Manufacturing Ltd. 10,000 10,135 10,433 0.0 Nippon Kayaku Co. Ltd. 876 14,043 10,334 0.0 Nippon Soda Co. Ltd. 272 10,299 10,287 0.0 Yamato Kogyo Co. Ltd. 300 10,129 10,199 0.0 Kaneka Corp. 226 11,203 10,067 0.0 Kolon Industries, Inc. 204 15,822 9,821 0.0 JCU Corp. 200 5,606 9,810 0.0 Fujimi, Inc. 200 5,073 9,662 0.0 Gold Road Resources Ltd. 7,278 5,333 9,480 0.0 Silver Lake Resources Ltd. 5,256 4,819 9,249 0.0 Fuso Chemical Co. Ltd. 200 6,551 9,168 0.0 Sandfire Resources NL 1,727 11,797 9,083 0.0 GeneOne Life Science, Inc. 359 11,847 9,073 0.0 Asahi Holdings, Inc. 200 4,703 9,045 0.0 Inabata & Co. Ltd. 500 8,675 8,897 0.0 Earth Corp. 120 8,056 8,618 0.0 De Grey Mining Ltd. 8,562 12,663 8,543 0.0 Ecopro Co. Ltd. 140 7,322 8,160 0.0 Perenti Global Ltd. 5,986 11,322 8,062 0.0 Yodogawa Steel Works Ltd. 300 10,854 7,800 0.0 Galaxy Resources Ltd. 3,534 9,763 7,747 0.0 Seiren Co. Ltd. 400 8,016 7,705 0.0 Poongsan Corp. 235 11,518 7,703 0.0 Dongjin Semichem Co. Ltd. 179 6,365 7,662 0.0 Taiyo Holdings Co. Ltd. 100 5,352 7,539 0.0 Chunbo Co. Ltd. 35 7,151 7,487 0.0 Huchems Fine Chemical Corp. 247 6,168 7,430 0.0 Resolute Mining Ltd. 9,490 9,004 7,417 0.0 Westgold Resources Ltd. 2,850 5,367 7,397 0.0 Sanyo Chemical Industries Ltd. 106 6,550 7,207 0.0 Hokuetsu Corp. 1,400 11,381 7,083 0.0 UACJ Corp. 300 9,469 7,004 0.0 Mount Gibson Iron Ltd. 7,668 3,503 6,935 0.0 Korea Petrochemical Ind Co. Ltd. 25 7,726 6,744 0.0 Osaka Soda Co. Ltd. 200 6,502 6,718 0.0 SK Discovery Co. Ltd. 87 6,140 6,704 0.0 Tokyo Steel Manufacturing Co. Ltd. 800 8,341 6,594 0.0 Konishi Co. Ltd. 300 5,937 6,193 0.0 West African Resources Ltd. 6,009 6,643 6,173 0.0 Japan Wool Textile Co. Ltd. 500 6,413 6,157 0.0 Tokushu Tokai Paper Co. Ltd. 100 5,517 6,157 0.0 Nippon Light Metal Holdings Co. Ltd. 260 7,826 6,134 0.0 Oiles Corp. 300 7,366 6,004 0.0 Shikoku Chemicals Corp. 400 8,529 5,923 0.0 Western Areas Ltd. 2,184 6,409 5,647 0.0 Sumitomo Seika Chemicals Co. Ltd. 111 6,979 5,623 0.0 Nitta Corp. 200 8,592 5,503 0.0 Fujibo Holdings, Inc. 114 5,032 5,416 0.0

165 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Alconix Corp. 300 8,250 5,408 0.0 Capricorn Metals Ltd. 3,058 6,542 5,366 0.0 T Hasegawa Co. Ltd. 200 4,705 5,355 0.0 DKS Co. Ltd. 100 5,687 5,337 0.0 Komatsu Matere Co. Ltd. 400 3,814 5,079 0.0 Valqua Ltd. 200 5,500 5,069 0.0 Toho Zinc Co. Ltd. 175 9,313 5,029 0.0 Stella Chemifa Corp. 121 5,136 4,950 0.0 Dongkuk Steel Mill Co. Ltd. 515 2,686 4,904 0.0 Nippon Carbon Co. Ltd. 100 5,233 4,868 0.0 Okabe Co. Ltd. 507 5,808 4,842 0.0 Alkane Resources Ltd. 5,033 6,996 4,725 0.0 Taekwang Industrial Co. Ltd. 5 6,369 4,697 0.0 Aurelia Metals Ltd. 11,039 8,248 4,666 0.0 Shin-Etsu Polymer Co. Ltd. 400 4,433 4,654 0.0 Kuk-il Paper Manufacturing Co. Ltd. 757 3,581 4,617 0.0 Nippon Steel Trading Corp. 100 4,090 4,609 0.0 Kurabo Industries Ltd. 200 7,049 4,484 0.0 Japan Pulp and Paper Co. Ltd. 100 5,083 4,479 0.0 Nippon Denko Co. Ltd. 1,200 4,986 4,427 0.0 Nippon Paper Industries Co. Ltd. 300 7,207 4,420 0.0 Toho Titanium Co. Ltd. 400 4,765 4,373 0.0 Macmahon Holdings Ltd. 16,338 2,818 4,256 0.0 Aichi Steel Corp. 125 6,619 4,253 0.0 Ryobi Ltd. 268 8,302 4,134 0.0 Sanyo Special Steel Co. Ltd. 250 8,280 3,955 0.0 Osaka Organic Chemical Industry Ltd. 100 3,719 3,949 0.0 Unitika Ltd. 785 6,594 3,817 0.0 Foosung Co. Ltd. 275 3,070 3,806 0.0 Young Poong Corp. 6 7,615 3,786 0.0 Tayca Corp. 200 6,825 3,729 0.0 Nippon Yakin Kogyo Co. Ltd. 170 3,794 3,621 0.0 Syrah Resources Ltd. 3,807 14,368 3,593 0.0 Kyoei Steel Ltd. 200 4,025 3,529 0.0 Hyosung Chemical Corp. 18 2,385 3,304 0.0 Jupiter Mines Ltd. 10,458 3,901 3,136 0.0 MACA Ltd. 2,625 4,173 3,135 0.0 Ishihara Sangyo Kaisha Ltd. 400 5,937 3,080 0.0 Hansol Paper Co. Ltd. 185 4,218 3,005 0.0 Arakawa Chemical Industries Ltd. 200 4,859 2,920 0.0 Topy Industries Ltd. 200 7,477 2,907 0.0 Soulbrain Holdings Co. Ltd. 52 5,912 2,750 0.0 Nihon Nohyaku Co. Ltd. 400 2,839 2,488 0.0 Namsun Aluminum Co. Ltd. 427 2,435 2,351 0.0 Matsuda Sangyo Co. Ltd. 100 1,760 2,205 0.0 OSAKA Titanium Technologies Co. Ltd. 200 4,844 2,113 0.0 Tomoku Co. Ltd. 100 2,383 2,109 0.0 Texwinca Holdings Ltd. 8,000 6,493 1,959 0.0 Kolon Corp. 76 5,487 1,943 0.0 Chori Co. Ltd. 100 1,923 1,932 0.0 Seah Besteel Corp. 128 4,354 1,591 0.0 Osaka Steel Co. Ltd. 100 2,579 1,515 0.0 POSCO Chemical Co. Ltd. Rights Exp. 01/14/2021 35 0 1,250 0.0 5,110,622 6,412,945 7.6 Consumer Discretionary Toyota Motor Corp. 19,115 1,523,132 1,876,826 2.2 Sony Corp. 9,756 559,677 1,238,159 1.5 Nintendo Co. Ltd. 882 381,035 716,461 0.9 Honda Motor Co. Ltd. 13,700 536,455 486,448 0.6 Fast Retailing Co. Ltd. 406 228,515 463,263 0.6 Wesfarmers Ltd. 9,051 368,325 448,453 0.5 Oriental Land Co. Ltd. 1,500 185,232 315,400 0.4 Denso Corp. 3,700 227,497 280,057 0.3 Seven & i Holdings Co. Ltd. 6,200 318,782 279,933 0.3 Shiseido Co. Ltd. 3,100 189,532 272,971 0.3 Hyundai Motor Co. 1,186 192,708 267,058 0.3 Panasonic Corp. 16,937 260,833 248,809 0.3 Suzuki Motor Corp. 3,600 204,035 212,428 0.3 Daiwa House Industry Co. Ltd. 5,100 213,035 192,823 0.2 Bridgestone Corp. 4,600 243,101 192,083 0.2 Shimano, Inc. 615 122,323 182,777 0.2 Techtronic Industries Co. Ltd. 10,000 75,477 181,722 0.2 Galaxy Entertainment Group Ltd. 17,000 141,963 168,290 0.2

166 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Bandai Namco Holdings, Inc. 1,500 66,963 165,215 0.2 Aristocrat Leisure Ltd. 5,205 108,912 158,625 0.2 Hyundai Mobis Co. Ltd. 506 136,691 151,622 0.2 Kia Motors Corp. 2,070 85,466 151,487 0.2 Nitori Holdings Co. Ltd. 549 101,475 146,463 0.2 NCSoft Corp. 133 67,352 145,218 0.2 LG Electronics, Inc. 889 79,759 140,752 0.2 Toyota Industries Corp. 1,300 91,766 131,380 0.2 Nexon Co. Ltd. 3,224 56,891 126,509 0.2 Pan Pacific International Holdings Corp. 4,200 71,885 123,761 0.2 Subaru Corp. 4,832 199,469 122,976 0.2 Makita Corp. 1,900 93,582 121,212 0.2 Sekisui House Ltd. 4,600 105,060 119,200 0.2 Sands China Ltd. 19,239 116,512 107,635 0.1 Sumitomo Electric Industries Ltd. 6,300 117,822 106,231 0.1 Nissan Motor Co. Ltd. 14,900 166,695 102,961 0.1 Yamaha Corp. 1,200 61,315 89,882 0.1 Keio Corp. 900 56,861 88,845 0.1 Koito Manufacturing Co. Ltd. 900 64,570 77,961 0.1 Sekisui Chemical Co. Ltd. 2,900 60,262 69,923 0.1 Dentsu, Inc. 1,800 96,005 68,077 0.1 Tabcorp Holdings Ltd. 16,497 67,561 63,250 0.1 Amorepacific Corp. 256 81,467 61,848 0.1 MonotaRO Co. Ltd. 928 26,194 60,118 0.1 Capcom Co. Ltd. 700 17,874 57,873 0.1 Konami Holdings Corp. 800 46,048 57,256 0.1 Yamaha Motor Co. Ltd. 2,200 64,252 57,117 0.1 Aisin Seiki Co. Ltd. 1,400 78,546 53,467 0.1 Ryohin Keikaku Co. Ltd. 1,900 52,862 49,352 0.1 Toho Co. Ltd. 900 38,844 48,309 0.1 Square Enix Holdings Co. Ltd. 607 30,285 46,888 0.1 USS Co. Ltd. 1,800 43,285 46,333 0.1 Kose Corp. 210 35,646 45,607 0.1 Domino's Pizza Enterprises Ltd. 531 28,167 45,248 0.1 Stanley Electric Co. Ltd. 1,100 41,318 45,132 0.1 Singapore Airlines Ltd. 10,490 52,732 43,279 0.1 Yamada Holdings Co. Ltd. 6,400 43,404 43,277 0.1 JB Hi-Fi Ltd. 895 22,436 42,779 0.1 Mazda Motor Corp. 5,000 67,821 42,695 0.1 Minth Group Ltd. 6,000 30,533 40,321 0.1 Casio Computer Co. Ltd. 1,700 34,117 39,563 0.1 HLB, Inc. 355 22,519 38,511 0.1 Woongjin Coway Co. Ltd. 434 43,170 37,004 0.1 carsales.com Ltd. 1,829 26,169 35,979 0.1 Sushiro Global Holdings Ltd. 736 13,215 35,874 0.1 Genting Singapore Ltd. 43,700 39,305 35,806 0.1 Marui Group Co. Ltd. 1,600 36,657 35,775 0.1 Nifco, Inc. 700 25,984 34,940 0.1 Man Wah Holdings Ltd. 12,400 15,881 34,269 0.1 Sega Sammy Holdings, Inc. 1,700 29,585 34,130 0.1 ANA Holdings, Inc. 1,202 46,368 33,773 0.1 Rinnai Corp. 227 24,886 33,557 0.1 Kyushu Railway Co. 1,201 48,069 32,974 0.1 Prada SPA 3,900 19,254 32,809 0.1 NGK Spark Plug Co. Ltd. 1,500 38,736 32,632 0.1 Asics Corp. 1,300 26,883 31,762 0.1 Hakuhodo DY Holdings, Inc. 1,800 30,310 31,429 0.1 Iida Group Holdings Co. Ltd. 1,200 29,525 30,859 0.1 Zensho Holdings Co. Ltd. 900 21,172 29,863 0.1 Skylark Holdings Co. Ltd. 1,513 30,165 29,816 0.1 Breville Group Ltd. 1,152 16,935 28,958 0.1 Crown Resorts Ltd. 2,941 33,614 27,843 0.1 Japan Airlines Co. Ltd. 1,095 43,188 26,956 0.1 Qantas Airways Ltd. 5,638 25,903 26,882 0.1 Wynn Macau Ltd. 12,540 37,227 26,826 0.1 Shimamura Co. Ltd. 200 21,922 26,752 0.1 ComfortDelGro Corp. Ltd. 16,500 35,305 26,562 0.1 Fancl Corp. 500 9,673 25,389 0.0 Sumitomo Forestry Co. Ltd. 945 17,694 25,118 0.0 Hankook Tire & Technology Co. Ltd. 542 26,813 25,045 0.0 E-MART, Inc. 140 32,581 24,875 0.0 Bapcor Ltd. 3,161 16,981 24,177 0.0 Hanon Systems 1,241 17,181 23,651 0.0 Nine Entertainment Co. Holdings Ltd. 10,326 18,007 23,551 0.0

167 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Korean Air Lines Co. Ltd. 706 17,450 22,521 0.0 Chow Tai Fook Jewellery Group Ltd. 14,000 20,022 22,428 0.0 K's Holdings Corp. ADR 1,264 18,090 22,398 0.0 Toyoda Gosei Co. Ltd. 600 17,290 22,174 0.0 ZOZO, Inc. 700 21,112 22,018 0.0 IDP Education Ltd. 1,122 5,912 21,895 0.0 Star Entertainment Group Ltd. 6,015 30,997 21,761 0.0 Kangwon Land, Inc. 782 30,582 21,552 0.0 Goldwin, Inc. 256 10,400 21,512 0.0 AP Eagers Ltd. 1,621 16,912 21,179 0.0 Samsonite International SA 9,300 42,601 20,995 0.0 SKYCITY Entertainment Group Ltd. 7,117 27,243 20,956 0.0 Mando Corp. 299 16,962 20,619 0.0 Netmarble Corp. 130 23,941 20,049 0.0 SJM Holdings Ltd. 14,000 18,001 19,943 0.0 TS Tech Co. Ltd. 500 19,844 19,682 0.0 Harvey Norman Holdings Ltd. 4,147 16,700 19,120 0.0 Hotel Shilla Co. Ltd. 195 17,366 18,822 0.0 Nikon Corp. 2,300 44,824 18,476 0.0 Sumitomo Rubber Industries Ltd. 1,678 29,670 18,366 0.0 Sotetsu Holdings, Inc. 600 21,612 18,317 0.0 Fila Korea Ltd. 357 9,447 18,297 0.0 Amorepacific Group 281 35,041 18,093 0.0 Flight Centre Travel Group Ltd. 1,144 19,988 17,826 0.0 J Front Retailing Co. Ltd. 1,700 30,643 17,097 0.0 Hanjin Kal Corp. 231 5,806 17,095 0.0 SATS Ltd. 4,400 20,127 16,881 0.0 Isetan Mitsukoshi Holdings Ltd. 2,200 31,757 16,560 0.0 Corporate Travel Management Ltd. 960 19,384 16,516 0.0 NagaCorp Ltd. 9,595 9,138 16,017 0.0 Cheil Worldwide, Inc. 649 14,517 15,679 0.0 Kadokawa Dwango 332 8,387 15,342 0.0 Singapore Press Holdings Ltd. 13,700 24,548 14,923 0.0 Izumi Co. Ltd. 321 22,536 14,794 0.0 Super Retail Group Ltd. 1,392 11,388 14,410 0.0 PointsBet Holdings Ltd. 1,222 5,571 14,260 0.0 Webjet Ltd. 2,858 16,825 14,245 0.0 Duskin Co. Ltd. 400 12,488 14,181 0.0 ABC-Mart, Inc. 200 14,676 14,166 0.0 Yoshinoya Holdings Co. Ltd. 600 14,882 14,119 0.0 NHK Spring Co. Ltd. 1,600 21,079 13,978 0.0 InvoCare Ltd. 1,235 16,547 13,902 0.0 Sankyo Co. Ltd. 400 16,147 13,771 0.0 Toyo Tire Corp. 700 15,483 13,544 0.0 JS Global Lifestyle Co. Ltd. 5,500 15,389 13,537 0.0 Pearl Abyss Corp. 44 12,753 13,432 0.0 Pola Orbis Holdings, Inc. 500 18,710 12,920 0.0 Hanssem Co. Ltd. 105 22,634 12,868 0.0 JTEKT Corp. 1,300 25,195 12,849 0.0 Com2uSCorp 67 10,265 12,517 0.0 Benesse Holdings, Inc. 500 19,782 12,420 0.0 Melco International Development Ltd. 5,000 14,973 12,389 0.0 Katitas Co. Ltd. 300 7,750 12,309 0.0 Fujitsu General Ltd. 356 9,106 12,278 0.0 Fuji Kyuko Co. Ltd. 203 7,782 12,061 0.0 Yue Yuen Industrial Holdings Ltd. 4,500 19,713 11,934 0.0 EDION Corp. 900 11,845 11,639 0.0 Xiabuxiabu Catering Management China Holdings Co. Ltd. 4,000 11,123 11,620 0.0 Lotte Shopping Co. Ltd. 96 21,051 11,540 0.0 Shinsegae, Inc. 41 13,187 11,516 0.0 Sangetsu Corp. 600 14,559 11,483 0.0 Zojirushi Corp. 500 7,783 11,377 0.0 Bic Camera, Inc. 800 12,570 11,303 0.0 ARB Corp. Ltd. 373 6,295 11,294 0.0 Tokyo Dome Corp. 700 8,329 11,212 0.0 Hyundai Wia Corp. 178 15,336 11,168 0.0 L'Occitane International SA 3,500 8,599 11,110 0.0 Joyful Honda Co. Ltd. 600 10,599 10,958 0.0 Tokai Rika Co. Ltd. 500 12,254 10,766 0.0 Autobacs Seven Co. Ltd. 600 14,050 10,565 0.0 Sanrio Co. Ltd. 600 14,571 10,439 0.0 Komeri Co. Ltd. 286 9,905 10,291 0.0 Shoei Co. Ltd. 200 5,133 10,230 0.0 Takashimaya Co. Ltd. 900 11,706 9,828 0.0

168 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Citizen Watch Co. Ltd. 2,700 21,815 9,795 0.0 CJ ENM Co. Ltd. 59 14,866 9,653 0.0 Tomy Co. Ltd. 859 12,279 9,646 0.0 Nexteer Automotive Group Ltd. 7,000 15,959 9,581 0.0 Kogan.com Ltd. 507 9,801 9,470 0.0 Yokohama Rubber Co. Ltd. 500 13,455 9,464 0.0 Mitsubishi Motors Corp. 3,525 31,104 9,439 0.0 JYP Entertainment Corp. 205 8,864 9,232 0.0 Luk Fook Holdings International Ltd. 3,000 11,258 9,218 0.0 Paradise Co. Ltd. 509 11,271 9,133 0.0 Okamura Corp. 800 11,739 9,112 0.0 Prestige International, Inc. 800 5,454 9,003 0.0 Daiichikosho Co. Ltd. 200 11,346 8,798 0.0 Descente Ltd. 400 7,504 8,791 0.0 Heiwa Corp. 500 13,329 8,780 0.0 MGM China Holdings Ltd. 4,000 10,585 8,754 0.0 NHN Corp. 100 7,405 8,749 0.0 Restaurant Brands New Zealand Ltd. 819 7,917 8,677 0.0 G8 Education Ltd. 7,439 20,267 8,630 0.0 Air New Zealand Ltd. 5,207 13,116 8,597 0.0 GUD Holdings Ltd. 742 7,982 8,564 0.0 Ohsho Food Service Corp. 119 8,581 8,502 0.0 oOh!media Ltd. 5,204 12,972 8,493 0.0 San-Ai Oil Co. Ltd. 611 8,848 8,422 0.0 Mandom Corp. 400 15,178 8,381 0.0 Cosmax, Inc. 71 10,575 8,285 0.0 NOK Corp. 600 15,281 8,211 0.0 Milbon Co. Ltd. 100 4,887 8,107 0.0 Musashi Seimitsu Industry Co. Ltd. 400 6,777 8,075 0.0 Kolmar Korea Co. Ltd. 135 12,908 8,059 0.0 Infomedia Ltd. 4,236 6,483 8,037 0.0 Cathay Pacific Airways Ltd. 6,818 9,533 8,032 0.0 Round One Corp. 700 10,206 8,007 0.0 Maxell Holdings Ltd. 500 12,951 7,934 0.0 F&F Co. Ltd. 80 8,315 7,919 0.0 Kyoritsu Maintenance Co. Ltd. 166 8,802 7,866 0.0 Topre Corp. 400 12,367 7,804 0.0 Yokowo Co. Ltd. 200 7,305 7,663 0.0 Adastria Co. Ltd. 300 9,069 7,655 0.0 Create Restaurants Holdings, Inc. 1,000 7,047 7,651 0.0 SeaLink Travel Group Ltd. 1,153 4,820 7,583 0.0 Ichibanya Co. Ltd. 119 8,387 7,562 0.0 CJ CGV Co. Ltd. 255 6,573 7,536 0.0 Jumbo Interactive Ltd. 544 11,662 7,519 0.0 Hong Kong Television Network Ltd. 4,000 7,072 7,505 0.0 Nissan Shatai Co. Ltd. 700 9,072 7,394 0.0 Innocean Worldwide, Inc. 105 8,656 7,339 0.0 Nishimatsuya Chain Co. Ltd. 400 6,586 7,310 0.0 Resorttrust, Inc. 400 10,073 7,275 0.0 Wacoal Holdings Corp. 284 9,195 7,275 0.0 DCM Holdings Co. Ltd. 500 5,628 7,274 0.0 Zinus, Inc. 60 5,755 7,248 0.0 Nojima Corp. 200 6,195 6,982 0.0 Amorepacific Corp. Pfd. 96 6,598 6,980 0.0 St Marc Holdings Co. Ltd. 400 9,764 6,910 0.0 KOMEDA Holdings Co. Ltd. 300 7,053 6,904 0.0 H2O Retailing Corp. 800 18,202 6,890 0.0 Toridoll Holdings Corp. 400 7,251 6,826 0.0 Shangri-La Asia Ltd. 6,000 11,373 6,812 0.0 Royal Holdings Co. Ltd. 300 9,591 6,811 0.0 Fuji Media Holdings, Inc. 500 9,357 6,787 0.0 Joshin Denki Co. Ltd. 200 7,310 6,720 0.0 IGG, Inc. 5,034 6,917 6,716 0.0 Pacific Industrial Co. Ltd. 500 8,320 6,626 0.0 Youngone Corp. 176 6,965 6,543 0.0 SM Entertainment Co. Ltd. 187 8,509 6,525 0.0 Nextage Co. Ltd. 400 6,398 6,525 0.0 Valor Holdings Co. Ltd. 200 6,330 6,523 0.0 Hyosung TNC Co. Ltd. 26 6,823 6,434 0.0 Kathmandu Holdings Ltd. 5,418 7,089 6,361 0.0 Arcland Sakamoto Co. Ltd. 300 5,341 6,334 0.0 Relia, Inc. 400 5,416 6,313 0.0 Hyundai Home Shopping Network Corp. 66 9,410 6,308 0.0 Studio Dragon Corp. 58 7,596 6,299 0.0

169 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets YG Entertainment, Inc. 120 5,481 6,291 0.0 GungHo Online Entertainment, Inc. 220 7,383 6,266 0.0 DoubleUGames Co. Ltd. 88 5,192 6,213 0.0 Hiday Hidaka Corp. 290 8,184 6,205 0.0 Daikyonishikawa Corp. 600 11,268 6,167 0.0 Colowide Co. Ltd. 300 7,422 6,045 0.0 Nippon Seiki Co. Ltd. 419 10,845 6,034 0.0 Accent Group Ltd. 2,628 3,169 5,968 0.0 Kisoji Co. Ltd. 200 5,905 5,925 0.0 Stella International Holdings Ltd. 4,000 8,028 5,922 0.0 HIS Co. Ltd. 300 12,248 5,916 0.0 Teikoku Sen-I Co. Ltd. 200 4,538 5,896 0.0 KYB Corp. 200 12,718 5,837 0.0 Alpen Co. Ltd. 200 5,032 5,834 0.0 Sebang Global Battery Co. Ltd. 72 3,098 5,818 0.0 VT Holdings Co. Ltd. 1,100 7,437 5,782 0.0 Tokyotokeiba Co. Ltd. 100 3,883 5,775 0.0 Ichikoh Industries Ltd. 673 7,466 5,730 0.0 United Arrows Ltd. 300 14,261 5,649 0.0 Belluna Co. Ltd. 400 4,294 5,597 0.0 Ringer Hut Co. Ltd. 200 5,653 5,558 0.0 Mizuno Corp. 224 8,482 5,556 0.0 Shinsegae International, Inc. 29 7,904 5,493 0.0 Doutor Nichires Holdings Co. Ltd. 300 8,545 5,490 0.0 Cafe de Coral Holdings Ltd. 2,000 5,669 5,488 0.0 Pou Sheng International Holdings Ltd. 18,000 4,580 5,442 0.0 Hana Tour Service, Inc. 82 9,871 5,385 0.0 Webzen, Inc. 132 4,005 5,356 0.0 LOTTE Himart Co. Ltd. 144 10,959 5,261 0.0 Lovisa Holdings Ltd. 472 4,262 5,257 0.0 TPR Co. Ltd. 300 12,103 5,242 0.0 Uchida Yoko Co. Ltd. 100 2,956 5,226 0.0 GLOBERIDE, Inc. 100 3,592 5,176 0.0 Collins Foods Ltd. 538 2,821 5,099 0.0 Apollo Future Mobility Group Ltd. 40,000 11,433 5,061 0.0 Lifestyle International Holdings Ltd. 5,000 9,932 5,052 0.0 Hyundai Department Store Co. Ltd. 60 6,318 5,024 0.0 Unipres Corp. 413 12,705 4,943 0.0 Yondoshi Holdings, Inc. 200 6,711 4,923 0.0 Sanyo Electric Railway Co. Ltd. 200 6,649 4,886 0.0 Shochiku Co. Ltd. 28 5,371 4,885 0.0 Ananti, Inc. 516 3,871 4,884 0.0 China Travel International Investment Hong Kong Ltd. 28,000 11,530 4,877 0.0 LEC, Inc. 300 6,532 4,798 0.0 Curves Holdings Co. Ltd. 500 4,289 4,757 0.0 GS Home Shopping, Inc. 29 6,783 4,728 0.0 Handsome Co. Ltd. 133 5,438 4,718 0.0 Exedy Corp. 300 11,165 4,690 0.0 Kumho Tire Co. Inc. 1,036 8,056 4,599 0.0 Wemade Co. Ltd. 101 4,444 4,560 0.0 Sun Art Retail Group Ltd. 3,500 4,544 4,532 0.0 Keiyo Co. Ltd. 500 3,767 4,522 0.0 Geo Holdings Corp. 300 6,655 4,476 0.0 Tachi-S Co. Ltd. 300 6,884 4,350 0.0 Piolax, Inc. 221 7,221 4,320 0.0 Atom Corp. 400 4,153 4,294 0.0 Seiko Holdings Corp. 261 8,265 4,248 0.0 Avex, Inc. 300 5,390 4,235 0.0 Esprit Holdings Ltd. 22,700 21,157 4,215 0.0 Dynam Japan Holdings Co. Ltd. 3,200 6,910 4,211 0.0 Nippon Television Holdings, Inc. 300 6,559 4,161 0.0 Gunze Ltd. 100 5,389 4,146 0.0 Yellow Hat Ltd. 200 3,551 4,141 0.0 Halla Holdings Corp. 94 6,316 4,123 0.0 Southern Cross Media Group Ltd. 1,857 9,109 4,089 0.0 Lotte Tour Development Co. Ltd. 229 2,867 4,029 0.0 Kohnan Shoji Co. Ltd. 100 2,764 3,967 0.0 ValueCommerce Co. Ltd. 100 2,623 3,936 0.0 Kintetsu Department Store Co. Ltd. 100 4,473 3,881 0.0 Hyosung Advanced Materials Corp. 22 5,714 3,844 0.0 Television Broadcasts Ltd. 2,900 13,618 3,807 0.0 Riso Kyoiku Co. Ltd. 1,000 6,241 3,764 0.0 Best World International Ltd. 3,000 6,704 3,754 0.0 Toei Co. Ltd. 18 3,042 3,749 0.0

170 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Neowiz 141 1,968 3,712 0.0 G-Tekt Corp. 200 4,083 3,709 0.0 Vector, Inc. 300 5,230 3,694 0.0 Matsuya Co. Ltd. 400 5,710 3,692 0.0 Conexio Corp. 207 4,444 3,650 0.0 KFC Holdings Japan Ltd. 100 2,309 3,630 0.0 LF Corp. 210 7,273 3,620 0.0 Tourism Holdings Ltd. 1,511 8,597 3,604 0.0 Asiana Airlines, Inc. 726 3,705 3,585 0.0 Hyundai Motor Co. Pfd. 33 2,771 3,425 0.0 Press Kogyo Co. Ltd. 900 5,824 3,398 0.0 Chiyoda Co. Ltd. 300 10,467 3,387 0.0 Seven West Media Ltd. 10,416 8,651 3,379 0.0 WPP AUNZ Ltd. 4,882 4,668 3,336 0.0 Aoyama Trading Co. Ltd. 500 22,637 3,313 0.0 Futaba Industrial Co. Ltd. 507 4,831 3,303 0.0 Onward Holdings Co. Ltd. 1,264 10,829 3,229 0.0 Cuckoo Homesys Co. Ltd. 70 3,209 3,210 0.0 Amuse, Inc. 100 2,944 3,184 0.0 Fujio Food System Co. Ltd. 200 4,653 3,100 0.0 Hankook Technology Group Co. Ltd. 180 4,220 3,093 0.0 World Co. Ltd. 200 5,310 3,092 0.0 Xebio Holdings Co. Ltd. 300 7,315 3,047 0.0 Thomson Medical Group Ltd. 63,000 4,962 3,036 0.0 Sumitomo Riko Co. Ltd. 400 4,860 3,001 0.0 SL Corp. 157 3,591 2,992 0.0 NS Shopping Co. Ltd. 207 4,304 2,937 0.0 G-7 Holdings, Inc. 100 2,500 2,880 0.0 Kolmar Korea Holdings Co. Ltd. 93 5,029 2,830 0.0 Kamakura Shinsho Ltd. 200 3,853 2,821 0.0 Nexen Tire Corp. 387 6,129 2,809 0.0 Sa Sa International Holdings Ltd. 14,000 7,047 2,783 0.0 Koshidaka Holdings Co. Ltd. 500 8,867 2,739 0.0 Crystal International Group Ltd. 7,000 8,919 2,737 0.0 HT&E Ltd. 1,485 2,476 2,701 0.0 IDOM, Inc. 400 2,547 2,700 0.0 Tsutsumi Jewelry Co. Ltd. 100 2,057 2,635 0.0 Riken Corp. 100 5,864 2,627 0.0 Giordano International Ltd. 14,000 9,286 2,622 0.0 S&T Motiv Co. Ltd. 45 2,777 2,607 0.0 Proto Corp. 200 2,234 2,569 0.0 Hansae Co. Ltd. 125 2,535 2,565 0.0 Yorozu Corp. 200 5,259 2,559 0.0 AOKI Holdings, Inc. 400 7,246 2,547 0.0 Tosho Co. Ltd. 132 5,391 2,547 0.0 Youngone Holdings Co. Ltd. 57 4,116 2,524 0.0 IMAX China Holding, Inc. 1,171 5,654 2,524 0.0 Daido Metal Co. Ltd. 400 4,495 2,522 0.0 Yonex Co. Ltd. 328 4,074 2,424 0.0 ST Corp. 100 2,841 2,415 0.0 Myer Holdings Ltd. 8,469 8,695 2,414 0.0 Aisan Industry Co. Ltd. 400 5,434 2,374 0.0 Grand Korea Leisure Co. Ltd. 121 2,355 2,370 0.0 Sanoh Industrial Co. Ltd. 200 1,963 2,322 0.0 Vita Group Ltd. 2,170 5,134 2,293 0.0 TBS Holdings, Inc. 100 2,610 2,236 0.0 Hyundai Livart Furniture Co. Ltd. 118 4,030 2,207 0.0 Cellumed Co. Ltd. 305 4,853 2,139 0.0 Modetour Network, Inc. 87 1,449 2,097 0.0 Lock&Lock Co. Ltd. 176 3,697 2,095 0.0 TSI Holdings Co. Ltd. 800 7,450 2,034 0.0 Kura Sushi, Inc. 26 1,480 2,008 0.0 Gurunavi, Inc. 300 2,641 1,936 0.0 Mars Group Holdings Corp. 100 2,593 1,918 0.0 AMA Group Ltd. 2,250 2,819 1,770 0.0 Interpark Holdings Corp. 652 1,929 1,644 0.0 KNT-CT Holdings Co. Ltd. 100 2,454 1,161 0.0 Digital Domain Holdings Ltd. 60,000 871 838 0.0 Gamevil, Inc. 13 656 562 0.0 APAM Corp. 1,109 11,641 529 0.0 12,644,522 14,811,495 17.5 Consumer Staples Woolworths Group Ltd. 10,121 272,828 391,126 0.5

171 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Kao Corp. 3,829 329,389 376,569 0.5 Japan Tobacco, Inc. 9,606 396,095 249,158 0.3 Aeon Co. Ltd. 5,700 123,344 238,086 0.3 Unicharm Corp. 3,121 110,771 188,400 0.2 Kirin Holdings Co. Ltd. 6,268 170,458 188,256 0.2 Coles Group Ltd. 10,141 127,230 180,846 0.2 Asahi Group Holdings Ltd. 3,357 181,133 175,803 0.2 LG Household & Health Care Ltd. 72 91,345 136,794 0.2 Kikkoman Corp. 1,451 73,233 128,377 0.2 Ajinomoto Co. Inc. 3,957 100,573 114,135 0.2 MEIJI Holdings Co. Ltd. 1,088 110,805 97,469 0.1 KT&G Corp. 906 107,002 88,298 0.1 Wilmar International Ltd. 17,045 56,094 76,402 0.1 WH Group Ltd. 67,848 83,806 72,461 0.1 Yakult Honsha Co. Ltd. 1,077 89,632 69,107 0.1 a2 Milk Co. Ltd. 5,877 46,983 65,068 0.1 Lion Corp. 2,100 49,457 64,731 0.1 Tsuruha Holdings, Inc. 332 52,797 60,140 0.1 Budweiser Brewing Co. APAC Ltd. 13,200 61,808 55,522 0.1 Nissin Foods Holdings Co. Ltd. 500 42,772 54,541 0.1 Treasury Wine Estates Ltd. 5,777 74,340 53,385 0.1 Coca-Cola Amatil Ltd. 4,007 34,689 50,934 0.1 Suntory Beverage & Food Ltd. 1,000 56,372 45,039 0.1 Nisshin Seifun Group, Inc. 2,200 51,185 44,548 0.1 Pigeon Corp. 827 38,234 43,422 0.1 Toyo Suisan Kaisha Ltd. 700 37,852 43,361 0.1 NH Foods Ltd. 762 45,402 42,689 0.1 Want Want China Holdings Ltd. 46,000 45,907 42,401 0.1 Welcia Holdings Co. Ltd. 800 25,087 38,450 0.1 Tingyi Cayman Islands Holding Corp. 16,000 34,576 34,806 0.1 Matsumotokiyoshi Holdings Co. Ltd. 600 26,702 32,576 0.1 Ito En, Ltd. 400 24,125 32,231 0.1 Nichirei Corp. 900 29,124 32,195 0.1 Cosmos Pharmaceutical Corp. 152 17,814 31,285 0.1 Vitasoy International Holdings Ltd. 6,000 27,103 29,772 0.1 House Foods Group, Inc. 600 23,245 29,023 0.1 Kagome Co. Ltd. 600 21,827 26,950 0.0 Orion Corp. 179 23,895 26,031 0.0 CJ CheilJedang Corp. 58 21,178 25,916 0.0 Coca-Cola Bottlers Japan Holdings, Inc. 1,300 46,096 25,811 0.0 Sugi Holdings Co. Ltd. 300 21,101 25,543 0.0 Metcash Ltd. 7,371 19,074 24,492 0.0 Lawson, Inc. 400 32,643 23,717 0.0 Sundrug Co. Ltd. 454 22,376 23,081 0.0 CALBEE, Inc. 600 26,240 23,026 0.0 Kewpie Corp. 800 26,232 22,409 0.0 Ezaki Glico Co. Ltd. 400 25,043 22,384 0.0 Yamazaki Baking Co. Ltd. 977 25,325 20,784 0.0 PALTAC Corp. 300 16,371 20,767 0.0 Takara Holdings, Inc. 1,200 15,841 19,087 0.0 cocokara fine, Inc. 200 15,491 18,830 0.0 Morinaga Milk Industry Co. Ltd. 300 13,718 18,806 0.0 Yaoko Co. Ltd. 200 11,771 17,744 0.0 Ain Holdings, Inc. 200 16,489 15,721 0.0 Sapporo Holdings Ltd. 600 21,013 14,741 0.0 Morinaga & Co. Ltd. 300 17,635 14,363 0.0 Kobe Bussan Co. Ltd. 348 2,715 13,655 0.0 LG Household & Health Care Ltd. Pfd. 16 12,309 13,473 0.0 Sakata Seed Corp. 300 12,001 13,234 0.0 Prima Meat Packers Ltd. 300 9,341 12,105 0.0 Pilot Corp. 332 19,117 11,864 0.0 Dairy Farm International Holdings Ltd. 2,100 19,362 11,156 0.0 Fuji Oil Holdings, Inc. 300 9,212 10,909 0.0 Megmilk Snow Brand Co. Ltd. 400 14,039 10,893 0.0 Kusuri no Aoki Holdings Co. Ltd. 95 9,188 10,539 0.0 BGF retail Co. Ltd. 65 13,507 10,329 0.0 Kotobuki Spirits Co. Ltd. 156 9,199 10,318 0.0 Dongsuh Cos. Inc. 257 8,214 10,233 0.0 Lotte Corp. 238 10,274 9,853 0.0 Golden Agri-Resources Ltd. 64,200 22,209 9,840 0.0 Create SD Holdings Co. Ltd. 200 6,452 9,563 0.0 Ottogi Corp. 14 14,412 9,474 0.0 Elders Ltd. 975 5,911 9,451 0.0 Ariake Japan Co. Ltd. 100 9,934 9,156 0.0

172 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Costa Group Holdings Ltd. 2,272 10,563 9,113 0.0 GrainCorp Ltd. Class A 2,163 16,041 8,910 0.0 Life Corp. 200 6,694 8,798 0.0 Blackmores Ltd. 117 15,723 8,690 0.0 Kato Sangyo Co. Ltd. 200 8,142 8,625 0.0 Mitsubishi Pencil Co. Ltd. 500 14,484 8,490 0.0 CJ CheilJedang Corp. Pfd. 43 7,595 8,447 0.0 S Foods, Inc. 200 9,936 8,305 0.0 Heiwado Co. Ltd. 300 8,662 8,200 0.0 First Pacific Co. Ltd. 20,000 16,826 8,117 0.0 Showa Sangyo Co. Ltd. 215 7,280 8,078 0.0 Kameda Seika Co. Ltd. 135 8,334 8,071 0.0 Nisshin Oillio Group Ltd. 212 6,797 7,940 0.0 Uni-President China Holdings Ltd. 6,000 6,138 7,778 0.0 Belc Co. Ltd. 100 5,316 7,700 0.0 euglena Co. Ltd. 800 11,720 7,641 0.0 Nippn Corp. 375 8,114 7,455 0.0 Bega Cheese Ltd. 1,474 8,474 7,405 0.0 Sheng Siong Group Ltd. 4,800 4,820 7,172 0.0 First Resources Ltd. 5,800 10,296 7,156 0.0 United Malt Group Ltd. 1,761 6,224 7,098 0.0 Axial Retailing, Inc. 113 5,853 7,000 0.0 Daesang Corp. 228 7,179 6,966 0.0 Vinda International Holdings Ltd. 2,000 8,521 6,950 0.0 Inageya Co. Ltd. 300 5,742 6,745 0.0 Tassal Group Ltd. 2,026 7,739 6,692 0.0 DyDo Group Holdings, Inc. 100 6,783 6,614 0.0 Samyang Holdings Corp. 75 11,349 6,553 0.0 Sigma Healthcare Ltd. 10,582 9,870 6,398 0.0 Select Harvests Ltd. 1,246 6,169 6,394 0.0 Arata Corp. 100 5,783 6,046 0.0 Hite Jinro Co. Ltd. 157 4,215 5,864 0.0 Inghams Group Ltd. 1,892 6,415 5,803 0.0 Arcs Co. Ltd. 200 5,729 5,723 0.0 Australian Pharmaceutical Industries Ltd. 4,584 7,971 5,543 0.0 Maruha Nichiro Corp. 200 6,457 5,479 0.0 San-A Co. Ltd. 100 5,305 5,386 0.0 Key Coffee, Inc. 200 4,899 5,291 0.0 Asaleo Care Ltd. 3,977 6,472 5,278 0.0 Starzen Co. Ltd. 100 5,857 5,226 0.0 Chubu Shiryo Co. Ltd. 300 7,254 5,175 0.0 Hokuto Corp. 200 4,698 5,151 0.0 Naturecell Co. Ltd. 428 28,715 5,145 0.0 Itoham Yonekyu Holdings, Inc. 614 6,076 5,099 0.0 Lotte Chilsung Beverage Co. Ltd. 40 8,875 5,090 0.0 Genky DrugStores Co. Ltd. 100 4,338 5,010 0.0 Fujicco Co. Ltd. 200 5,629 4,941 0.0 Scales Corp. Ltd. 1,064 4,664 4,860 0.0 Okuwa Co. Ltd. 302 4,218 4,845 0.0 BWX Ltd. 1,196 6,938 4,832 0.0 Fuji Co. Ltd. 200 5,528 4,825 0.0 Dongwon Industries Co. Ltd. 18 6,243 4,697 0.0 YA-MAN Ltd. 200 1,656 4,613 0.0 Mitsui Sugar Co. Ltd. 200 8,371 4,482 0.0 J-Oil Mills, Inc. 100 4,939 4,362 0.0 Cawachi Ltd. 120 4,231 4,352 0.0 Halows Co. Ltd. 100 2,926 4,269 0.0 Yokohama Reito Co. Ltd. 400 5,005 4,255 0.0 Synlait Milk Ltd. 878 8,862 4,212 0.0 Marudai Food Co. Ltd. 200 4,206 4,176 0.0 Feed One Co. Ltd. 380 5,320 4,079 0.0 Rock Field Co. Ltd. 200 4,191 3,870 0.0 Kyokuyo Co. Ltd. 100 3,406 3,641 0.0 Binggrae Co. Ltd. 54 4,179 3,616 0.0 Orion Holdings Corp. 222 16,743 3,437 0.0 Riken Vitamin Co. Ltd. 200 5,055 3,359 0.0 Maxvalu Tokai Co. Ltd. 100 3,027 3,211 0.0 Freedom Foods Group Ltd. 1,004 4,651 2,971 0.0 Kansai Super Market Ltd. 200 3,326 2,971 0.0 Japan Meat Co. Ltd. 100 3,508 2,834 0.0 Nagatanien Holdings Co. Ltd. 100 2,834 2,797 0.0 Olam International Ltd. 1,800 2,563 2,655 0.0 Harim Holdings Co. Ltd. 238 3,559 2,515 0.0 Samyang Corp. 34 3,788 2,408 0.0

173 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Kenko Mayonnaise Co. Ltd. 100 2,787 2,277 0.0 Rokko Butter Co. Ltd. 100 2,810 2,233 0.0 Nippon Beet Sugar Manufacturing Co. Ltd. 100 2,558 1,983 0.0 Kitanotatsujin Corp. 300 2,456 1,714 0.0 Australian Agricultural Co. Ltd. 1,565 1,764 1,692 0.0 Lotte Food Co. Ltd. 4 3,540 1,555 0.0 Lotte Confectionery Co. Ltd. 12 2,635 1,435 0.0 Bumitama Agri Ltd. 39 26 19 0.0 4,460,652 4,760,457 5.6 Energy Woodside Petroleum Ltd. 7,385 205,003 165,094 0.2 ENEOS Holdings, Inc. 24,193 160,421 110,576 0.2 SK Innovation Co. Ltd. 437 80,955 97,377 0.1 Santos Ltd. 14,448 67,331 89,056 0.1 APA Group 9,280 80,605 88,037 0.1 Oil Search Ltd. 16,941 80,198 61,788 0.1 Keppel Corp. Ltd. 10,906 67,394 56,559 0.1 Ampol Ltd. 1,946 58,465 54,370 0.1 Idemitsu Kosan Co. Ltd. 1,861 72,757 52,128 0.1 Inpex Corp. 7,300 92,985 50,084 0.1 Washington H Soul Pattinson & Co. Ltd. 841 14,812 24,878 0.0 Beach Energy Ltd. 13,397 17,654 23,772 0.0 S-Oil Corp. 269 32,181 21,831 0.0 United Energy Group Ltd. 64,000 9,933 16,089 0.0 Whitehaven Coal Ltd. 6,944 22,308 11,230 0.0 HLB Life Science Co. Ltd. 334 8,799 10,655 0.0 Z Energy Ltd. 2,975 14,157 8,733 0.0 Viva Energy Group Ltd. 4,578 9,489 8,596 0.0 Cosmo Energy Holdings Co. Ltd. 300 8,038 6,800 0.0 Japan Petroleum Exploration Co. Ltd. 285 9,101 6,597 0.0 Cooper Energy Ltd. 14,793 7,072 5,672 0.0 eRex Co. Ltd. 200 4,536 5,128 0.0 Modec, Inc. 200 5,612 4,622 0.0 Coronado Global Resources, Inc. CDI 4,071 10,845 4,542 0.0 Senex Energy Ltd. 14,200 4,892 4,397 0.0 New Hope Corp. Ltd. 2,503 10,439 3,482 0.0 Karoon Energy Ltd. 2,611 2,429 2,721 0.0 Toyo Kanetsu KK 100 3,643 2,594 0.0 NewOcean Energy Holdings Ltd. 12,000 3,704 1,380 0.0 Noble Group Holdings Ltd. 827 12,503 646 0.0 Agritrade Resources Ltd. 30,000 8,668 409 0.0 Liquefied Natural Gas Ltd. 7,060 4,415 298 0.0 Ezra Holdings Ltd. 4,548 330 48 0.0 Ezion Holdings Ltd. Warrants Exp. 04/06/2023 4,918 0 0 0.0 1,191,674 1,000,189 1.2 Financials AIA Group Ltd. 96,757 978,290 1,510,282 1.8 Commonwealth Bank of Australia 14,183 1,044,210 1,144,864 1.4 Hong Kong Exchanges & Clearing Ltd. 10,100 400,138 705,281 0.9 National Australia Bank Ltd. 26,235 664,402 582,880 0.7 Mitsubishi UFJ Financial Group, Inc. 100,500 776,106 565,622 0.7 Westpac Banking Corp. 28,790 799,142 548,228 0.7 Australia & New Zealand Banking Group Ltd. 22,552 581,695 503,270 0.6 Sumitomo Mitsui Financial Group, Inc. 10,500 510,054 413,055 0.5 Macquarie Group Ltd. 2,583 244,783 351,642 0.4 DBS Group Holdings Ltd. 14,317 301,114 345,573 0.4 Tokio Marine Holdings, Inc. 5,223 295,537 342,099 0.4 Mizuho Financial Group, Inc. 20,550 446,685 331,554 0.4 Oversea-Chinese Banking Corp. Ltd. 27,600 285,218 267,646 0.3 United Overseas Bank Ltd. 10,500 236,148 228,643 0.3 ORIX Corp. 10,000 204,540 195,521 0.2 Dai-ichi Life Holdings, Inc. 8,600 187,266 164,699 0.2 Nomura Holdings, Inc. 24,300 166,764 163,419 0.2 KB Financial Group, Inc. 3,085 169,596 157,023 0.2 MS&AD Insurance Group Holdings, Inc. 3,800 153,734 147,283 0.2 Shinhan Financial Group Co. Ltd. 3,742 179,987 140,654 0.2 Sompo Holdings, Inc. 2,700 127,334 139,031 0.2 Japan Exchange Group, Inc. 4,200 93,854 136,718 0.2 Hang Seng Bank Ltd. 5,800 156,906 127,412 0.2 BOC Hong Kong Holdings Ltd. 29,500 153,101 113,905 0.2 Sumitomo Mitsui Trust Holdings, Inc. 2,900 134,377 113,688 0.2 Japan Post Holdings Co. Ltd. 10,691 154,173 105,907 0.1

174 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets ASX Ltd. 1,495 84,684 105,819 0.1 QBE Insurance Group Ltd. 11,711 117,315 98,205 0.1 Hana Financial Group, Inc. 2,323 99,573 93,991 0.1 Suncorp Group Ltd. 9,810 118,678 93,933 0.1 Insurance Australia Group Ltd. 19,560 124,630 90,377 0.1 Nihon M&A Center, Inc. 1,024 33,447 87,187 0.1 Resona Holdings, Inc. 17,000 103,826 75,602 0.1 Medibank Pvt Ltd. 23,582 67,033 69,781 0.1 Daiwa Securities Group, Inc. 11,800 88,240 68,435 0.1 T&D Holdings, Inc. 4,400 73,276 66,076 0.1 Magellan Financial Group Ltd. 1,149 37,217 60,612 0.1 SBI Holdings, Inc. 1,900 45,492 57,370 0.1 Singapore Exchange Ltd. 6,300 47,088 56,356 0.1 Computershare Ltd. 3,864 51,557 55,422 0.1 Tokyo Century Corp. 500 30,070 50,469 0.1 Woori Financial Group, Inc. 4,394 61,569 50,141 0.1 Samsung Fire & Marine Insurance Co. Ltd. 221 65,441 48,597 0.1 Samsung Life Insurance Co. Ltd. 498 55,117 46,198 0.1 AMP Ltd. 27,957 98,133 42,875 0.1 Bendigo & Adelaide Bank Ltd. 4,379 38,101 40,122 0.1 Japan Post Insurance Co. Ltd. 1,519 37,003 39,587 0.1 Concordia Financial Group Ltd. 8,721 50,402 39,064 0.1 Chiba Bank Ltd. 5,400 46,829 37,848 0.1 Bank of Kyoto Ltd. 550 31,435 36,445 0.1 Shizuoka Bank Ltd. 3,900 40,236 36,382 0.1 Challenger Ltd. 5,670 58,641 35,897 0.1 Japan Post Bank Co. Ltd. 3,300 50,846 34,490 0.1 Mirae Asset Daewoo Co. Ltd. 2,926 30,501 32,394 0.1 Fukuoka Financial Group, Inc. 1,423 36,945 32,186 0.1 Bank of East Asia Ltd. 10,200 43,982 27,753 0.0 Korea Investment Holdings Co. Ltd. 280 20,645 25,942 0.0 Steadfast Group Ltd. 6,466 17,265 25,363 0.0 Infratil Ltd. 3,650 11,922 24,441 0.0 Bank of Queensland Ltd. 2,944 29,046 22,401 0.0 Shinsei Bank Ltd. 1,334 25,631 20,922 0.0 Mebuki Financial Group, Inc. 8,200 35,937 20,540 0.0 Mitsubishi UFJ Lease & Finance Co. Ltd. 3,200 22,152 19,546 0.0 Industrial Bank of Korea 1,873 26,564 19,418 0.0 JAFCO Group Co. Ltd. 300 16,658 19,065 0.0 IOOF Holdings Ltd. 5,306 34,352 18,361 0.0 IRESS Ltd. 1,719 19,883 17,930 0.0 Samsung Securities Co. Ltd. 374 16,067 17,742 0.0 Zenkoku Hosho Co. Ltd. 300 14,911 17,491 0.0 BNK Financial Group, Inc. 2,585 20,437 17,220 0.0 NIB Holdings Ltd. 2,851 16,488 16,733 0.0 Kenedix, Inc. 1,800 11,834 16,614 0.0 DB Insurance Co. Ltd. 312 24,637 16,009 0.0 Mizuho Leasing Co. Ltd. 400 13,009 15,326 0.0 AEON Financial Service Co. Ltd. 1,000 28,114 15,252 0.0 Seven Bank Ltd. 5,600 21,782 15,064 0.0 Hyundai Marine & Fire Insurance Co. Ltd. 550 20,577 14,675 0.0 Iyo Bank Ltd. 1,800 15,685 14,371 0.0 Chugoku Bank Ltd. 1,400 19,455 14,287 0.0 Aozora Bank Ltd. 600 25,385 14,089 0.0 Perpetual Ltd. 401 17,147 13,703 0.0 Acom Co. Ltd. 2,500 13,563 13,604 0.0 Gunma Bank Ltd. 3,400 16,933 13,342 0.0 Hirogin Holdings, Inc. 1,849 15,680 13,233 0.0 Samsung Card Co. Ltd. 342 14,465 13,036 0.0 Hitachi Capital Corp. 414 12,606 12,725 0.0 Credit Corp Group Ltd. 433 7,014 12,643 0.0 Kyushu Financial Group, Inc. 2,400 17,116 12,527 0.0 Netwealth Group Ltd. 789 6,669 12,364 0.0 Samsung Fire & Marine Insurance Co. Ltd. Pfd. 73 12,914 12,243 0.0 Hachijuni Bank Ltd. 2,800 18,737 11,851 0.0 EML Payments Ltd. 2,774 9,401 11,399 0.0 Platinum Asset Management Ltd. 2,670 15,786 10,709 0.0 Anicom Holdings, Inc. 800 7,532 10,632 0.0 Premier Investments Ltd. 455 6,604 10,516 0.0 KIWOOM Securities Co. Ltd. 70 6,710 10,385 0.0 Ogaki Kyoritsu Bank Ltd. 400 14,944 10,345 0.0 Centuria Capital Group 3,902 6,441 10,089 0.0 Yamaguchi Financial Group, Inc. 1,400 19,050 10,037 0.0 Pendal Group Ltd. 1,554 14,527 9,976 0.0

175 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets HUB24 Ltd. 465 6,259 9,755 0.0 Omni Bridgeway Ltd. 2,290 6,006 9,680 0.0 Daishi Hokuetsu Financial Group, Inc. 350 19,718 9,588 0.0 Monex Group, Inc. 2,000 7,634 9,526 0.0 Tokai Tokyo Financial Holdings, Inc. 2,500 17,951 9,409 0.0 Orient Corp. 6,400 12,607 9,161 0.0 77 Bank Ltd. 517 12,238 8,957 0.0 Hanwha Life Insurance Co. Ltd. 3,087 24,442 8,834 0.0 NH Investment & Securities Co. Ltd. 656 9,648 8,694 0.0 Hyakugo Bank Ltd. 2,300 13,199 8,458 0.0 Hokuhoku Financial Group, Inc. 700 13,149 8,456 0.0 Mirae Asset Daewoo Co. Ltd. Pfd. 1,578 7,115 8,439 0.0 JB Financial Group Co. Ltd. 1,275 8,940 8,434 0.0 DGB Financial Group, Inc. 1,056 6,516 8,409 0.0 eGuarantee, Inc. 300 3,801 8,326 0.0 Haitong International Securities Group Ltd. 27,000 20,554 8,296 0.0 Ichigo, Inc. 2,100 10,359 8,033 0.0 Aiful Corp. 2,600 10,989 7,957 0.0 Suruga Bank Ltd. 1,900 48,448 7,924 0.0 McMillan Shakespeare Ltd. 631 9,608 7,686 0.0 North Pacific Bank Ltd. 2,800 11,714 7,532 0.0 M&A Capital Partners Co. Ltd. 100 4,320 7,305 0.0 Aruhi Corp. 320 7,691 7,143 0.0 Eclipx Group Ltd. 4,056 14,881 7,078 0.0 Meritz Securities Co. Ltd. 1,618 7,946 6,955 0.0 Juroku Bank Ltd. 300 11,844 6,948 0.0 Bank of Okinawa Ltd. 200 9,141 6,760 0.0 Value Partners Group Ltd. 10,000 13,592 6,720 0.0 Kansai Mirai Financial Group, Inc. 1,091 8,820 6,718 0.0 Japan Securities Finance Co. Ltd. 1,000 6,809 6,639 0.0 Nishi-Nippon Financial Holdings, Inc. 800 10,949 6,505 0.0 Okasan Securities Group, Inc. 1,400 11,115 6,478 0.0 Hokkoku Bank Ltd. 200 9,217 6,463 0.0 Nanto Bank Ltd. 300 11,774 6,449 0.0 Bank of Nagoya Ltd. 200 8,597 6,298 0.0 Keiyo Bank Ltd. 1,200 13,759 6,175 0.0 Aomori Bank Ltd. 200 8,009 5,928 0.0 TOMONY Holdings, Inc. 1,500 6,737 5,775 0.0 Heartland Group Holdings Ltd. 3,780 5,816 5,756 0.0 Musashino Bank Ltd. 300 12,356 5,534 0.0 Hyakujushi Bank Ltd. 300 9,106 5,501 0.0 Jaccs Co. Ltd. 243 7,049 5,481 0.0 Kyobo Securities Co. Ltd. 611 4,609 5,475 0.0 Kiyo Bank Ltd. 300 6,168 5,460 0.0 Humm Group Ltd. 4,894 9,096 5,413 0.0 Dah Sing Banking Group Ltd. 4,000 10,848 5,231 0.0 Shiga Bank Ltd. 200 6,632 5,207 0.0 Toho Bank Ltd. 2,000 8,822 5,133 0.0 Bank of Iwate Ltd. 200 10,348 4,951 0.0 Senshu Ikeda Holdings, Inc. 2,700 13,341 4,931 0.0 Ehime Bank Ltd. 400 5,932 4,906 0.0 Genworth Mortgage Insurance Australia Ltd. 1,996 5,608 4,690 0.0 Fukui Bank Ltd. 200 5,736 4,682 0.0 Guotai Junan International Holdings Ltd. 26,635 11,036 4,551 0.0 Meritz Financial Group, Inc. 394 6,284 4,533 0.0 Tokyo Kiraboshi Financial Group, Inc. 300 10,216 4,094 0.0 Marusan Securities Co. Ltd. 700 8,920 3,999 0.0 Matsui Securities Co. Ltd. 400 4,509 3,998 0.0 Eugene Investment & Securities Co. Ltd. 863 3,209 3,998 0.0 Aichi Bank Ltd. 110 8,355 3,988 0.0 Daishin Securities Co. Ltd. 259 3,425 3,949 0.0 Korean Reinsurance Co. 419 4,826 3,877 0.0 Yamagata Bank Ltd. 300 7,952 3,802 0.0 Bank of the Ryukyus Ltd. 400 6,654 3,766 0.0 Mirae Asset Life Insurance Co. Ltd. 834 4,241 3,766 0.0 San ju San Financial Group, Inc. 240 6,795 3,731 0.0 Akita Bank Ltd. 200 7,109 3,381 0.0 SK Securities Co. Ltd. 3,580 2,544 3,367 0.0 Shikoku Bank Ltd. 400 6,499 3,356 0.0 Dah Sing Financial Holdings Ltd. 800 6,407 2,872 0.0 Sparx Group Co. Ltd. 900 2,618 2,832 0.0 Tochigi Bank Ltd. 1,286 6,663 2,729 0.0 Miyazaki Bank Ltd. 100 3,530 2,720 0.0 Convoy Global Holdings Ltd. 96,000 3,663 2,634 0.0

176 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Oita Bank Ltd. 100 2,632 2,511 0.0 J Trust Co. Ltd. 1,000 9,757 2,493 0.0 FIDEA Holdings Co. Ltd. 1,900 4,299 2,485 0.0 Michinoku Bank Ltd. ADR 200 4,692 2,473 0.0 Chukyo Bank Ltd. ADR 100 2,541 2,407 0.0 Hanwha General Insurance Co. Ltd. 507 2,339 2,280 0.0 Jimoto Holdings, Inc. 210 4,183 2,138 0.0 Shimizu Bank Ltd. 100 4,422 2,116 0.0 Navigator Global Investments Ltd. 1,121 5,763 1,918 0.0 Daishin Securities Co. Ltd. Pfd. 145 1,493 1,726 0.0 Bank of Saga Ltd. 100 2,098 1,623 0.0 Tongyang Life Insurance Co. Ltd. 334 3,529 1,379 0.0 Sun Hung Kai & Co. Ltd. 2,000 1,598 1,075 0.0 12,817,100 12,404,483 14.7 Health Care CSL Ltd. 3,623 580,334 1,008,604 1.2 Daiichi Sankyo Co. Ltd. 15,263 245,250 665,778 0.8 Takeda Pharmaceutical Co. Ltd. 12,238 669,380 567,049 0.7 Hoya Corp. 2,900 214,677 510,649 0.6 M3, Inc. 3,350 83,592 402,752 0.5 Chugai Pharmaceutical Co. Ltd. 5,200 131,701 353,105 0.4 Celltrion, Inc. 836 175,828 351,982 0.4 Astellas Pharma, Inc. 14,934 274,507 293,741 0.4 Terumo Corp. 5,200 169,896 276,683 0.3 Olympus Corp. 8,400 117,947 233,892 0.3 Sysmex Corp. 1,500 148,881 229,516 0.3 Eisai Co. Ltd. 2,100 170,243 191,032 0.2 Otsuka Holdings Co. Ltd. 3,420 186,810 186,446 0.2 Shionogi & Co. Ltd. 2,200 149,328 152,974 0.2 Fisher & Paykel Healthcare Corp. Ltd. 4,632 62,184 140,084 0.2 Ono Pharmaceutical Co. Ltd. 3,413 116,542 130,893 0.2 Sonic Healthcare Ltd. 3,682 83,601 116,374 0.2 Celltrion Healthcare Co. Ltd. 583 48,681 111,449 0.2 Samsung Biologics Co. Ltd. 105 43,237 101,716 0.1 Cochlear Ltd. 500 78,278 92,901 0.1 Ramsay Health Care Ltd. 1,438 89,893 87,902 0.1 Kobayashi Pharmaceutical Co. Ltd. 500 44,153 77,801 0.1 Kyowa Kirin Co. Ltd. 1,917 47,792 66,565 0.1 Asahi Intecc Co. Ltd. 1,400 32,134 65,042 0.1 Santen Pharmaceutical Co. Ltd. 2,900 59,019 59,940 0.1 Ryman Healthcare Ltd. 3,279 30,594 45,688 0.1 Hisamitsu Pharmaceutical Co. Inc. 600 42,076 45,385 0.1 PeptiDream, Inc. 700 33,001 45,262 0.1 Celltrion Pharm, Inc. 148 8,826 41,414 0.1 Shin Poong Pharmaceutical Co. Ltd. 265 58,952 38,538 0.1 Alfresa Holdings Corp. 1,500 41,553 34,964 0.1 Ansell Ltd. 1,008 23,335 34,465 0.1 Nippon Shinyaku Co. Ltd. 400 36,101 33,416 0.1 Yuhan Corp. 379 20,361 33,381 0.1 Alteogen, Inc. 147 5,829 30,980 0.1 Rohto Pharmaceutical Co. Ltd. 800 26,603 30,158 0.1 Nihon Kohden Corp. 600 21,409 28,430 0.1 Suzuken Co Ltd. 600 31,106 27,616 0.1 Microport Scientific Corp. 4,000 4,432 27,571 0.1 Seegene, Inc. 120 4,975 27,162 0.1 Medipal Holdings Corp. 1,100 26,996 26,306 0.0 Taisho Pharmaceutical Holdings Co. Ltd. ADR 300 28,023 25,728 0.0 Sumitomo Dainippon Pharma Co. Ltd. 1,300 24,060 24,431 0.0 SK Biopharmaceuticals Co. Ltd. 119 25,013 23,586 0.0 Hanmi Pharm Co. Ltd. 54 27,987 23,211 0.0 As One Corp. 100 10,686 21,779 0.0 Genexine, Inc. 147 15,691 21,429 0.0 Ship Healthcare Holdings, Inc. 300 13,443 21,249 0.0 Green Cross Corp. 41 10,583 19,522 0.0 PolyNovo Ltd. 4,983 10,055 19,007 0.0 Chong Kun Dang Pharmaceutical Corp. 68 8,556 18,063 0.0 Nanosonics Ltd. 2,260 5,498 17,841 0.0 Sawai Pharmaceutical Co. Ltd. 308 21,008 17,787 0.0 Miraca Holdings, Inc. 500 26,029 17,146 0.0 Summerset Group Holdings Ltd. 1,376 8,044 15,840 0.0 Oscotec, Inc. 203 6,849 15,618 0.0 Tsumura & Co. 400 16,352 15,301 0.0 EBOS Group Ltd. 576 9,997 15,164 0.0

177 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Japan Lifeline Co. Ltd. 700 16,159 14,054 0.0 Healius Ltd. 3,827 12,393 14,033 0.0 Kaken Pharmaceutical Co. Ltd. 283 18,850 13,916 0.0 Sam Chun Dang Pharm Co. Ltd. 133 7,779 12,806 0.0 MedPacto, Inc. 92 6,488 12,699 0.0 LegoChem Biosciences, Inc. 148 5,045 12,167 0.0 Nipro Corp. 800 13,763 11,984 0.0 Paramount Bed Holdings Co. Ltd. 200 11,230 11,612 0.0 Toho Holdings Co. Ltd. 500 14,769 11,186 0.0 Menicon Co. Ltd. 142 3,900 10,951 0.0 Hanall Biopharma Co. Ltd. 243 7,613 10,687 0.0 Hanmi Science Co. Ltd. 118 12,093 10,531 0.0 JCR Pharmaceuticals Co. Ltd. 348 7,959 10,465 0.0 Green Cross Holdings Corp. 211 9,173 10,270 0.0 Takara Bio, Inc. 300 6,010 10,247 0.0 Mezzion Pharma Co. Ltd. 49 6,816 10,103 0.0 KYORIN Holdings, Inc. 400 10,116 9,581 0.0 Daewoong Pharmaceutical Co. Ltd. 49 8,307 9,482 0.0 ZERIA Pharmaceutical Co. Ltd. 400 9,251 9,383 0.0 iNtRON Biotechnology, Inc. 284 9,391 9,276 0.0 Cellivery Therapeutics, Inc. 42 9,998 9,270 0.0 Raffles Medical Group Ltd. 9,500 11,473 9,112 0.0 Pharmicell Co. Ltd. 447 4,505 9,069 0.0 Hugel, Inc. 41 8,265 9,030 0.0 Daewoong Co. Ltd. 149 6,422 8,790 0.0 Bukwang Pharmaceutical Co. Ltd. 265 4,613 8,733 0.0 Helixmith Co. Ltd. 225 16,281 8,708 0.0 CMG Pharmaceutical Co. Ltd. 1,255 6,565 8,507 0.0 Kissei Pharmaceutical Co. Ltd. 300 10,112 8,281 0.0 ST Pharm Co. Ltd. 66 5,017 8,035 0.0 Mesoblast Ltd. 3,579 7,022 7,917 0.0 BML, Inc. 200 6,683 7,910 0.0 Solasto Corp. 400 4,641 7,888 0.0 JINS Holdings, Inc. 94 7,260 7,864 0.0 Eiken Chemical Co. Ltd. 300 7,894 7,607 0.0 Yungjin Pharmaceutical Co. Ltd. 798 10,048 7,525 0.0 Medipost Co. Ltd. 182 10,187 7,385 0.0 Arvida Group Ltd. 4,435 6,654 7,282 0.0 ABLBio, Inc. 194 6,609 7,076 0.0 DongKook Pharmaceutical Co. Ltd. 206 2,966 7,067 0.0 Medytox, Inc. 34 18,195 6,978 0.0 Ilyang Pharmaceutical Co. Ltd. 90 4,654 6,945 0.0 Komipharm International Co. Ltd. 437 17,596 6,893 0.0 Bellevue Gold Ltd. 6,144 6,941 6,765 0.0 Clinuvel Pharmaceuticals Ltd. 306 8,345 6,714 0.0 Towa Pharmaceutical Co. Ltd. 266 5,838 6,282 0.0 SillaJen, Inc. 441 33,206 6,258 0.0 Starpharma Holdings Ltd. Class A 4,066 4,353 6,256 0.0 CrystalGenomics, Inc. 298 6,135 6,256 0.0 Enzychem Lifesciences Corp. 50 6,780 6,181 0.0 JW Pharmaceutical Corp. 149 7,279 6,125 0.0 Nichi-iko Pharmaceutical Co. Ltd. 500 11,810 6,009 0.0 NKMax Co. Ltd. 243 5,673 5,985 0.0 Taiko Pharmaceutical Co. Ltd. 300 5,416 5,967 0.0 Oceania Healthcare Ltd. 4,382 2,177 5,828 0.0 Dong-A ST Co. Ltd. 56 7,634 5,819 0.0 Binex Co. Ltd. 185 6,809 5,760 0.0 United Laboratories International Holdings Ltd. 6,165 6,180 5,571 0.0 Integral Diagnostics Ltd. 1,295 3,015 5,525 0.0 L&C Bio Co. Ltd. 132 6,967 5,341 0.0 Mayne Pharma Group Ltd. 15,250 15,334 5,172 0.0 Tokai Corp. 200 3,817 5,022 0.0 Seikagaku Corp. 400 5,929 5,020 0.0 Huons Co. Ltd. 69 4,299 5,001 0.0 Aprogen Pharmaceuticals, Inc. 3,238 8,191 4,994 0.0 Osstem Implant Co. Ltd. 83 6,235 4,964 0.0 EPS Holdings, Inc. 400 9,095 4,817 0.0 Paradigm Biopharmaceuticals Ltd. 1,912 2,043 4,793 0.0 DIO Corp. 127 5,750 4,714 0.0 Daito Pharmaceutical Co. Ltd. 100 3,837 4,590 0.0 Opthea Ltd. 2,304 6,500 4,349 0.0 Chabiotech Co. Ltd. 182 2,882 4,280 0.0 Frontage Holdings Corp. 6,000 3,714 4,200 0.0 Vital KSK Holdings, Inc. 416 4,942 4,168 0.0

178 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Virtus Health Ltd. 783 4,344 4,095 0.0 Tsukui Holdings Corp. 600 5,569 4,050 0.0 Dentium Co. Ltd. 84 8,491 4,049 0.0 Jeil Pharmaceutical Co. Ltd. 55 2,944 4,038 0.0 Torii Pharmaceutical Co. Ltd. 100 3,700 3,973 0.0 Amicogen, Inc. 88 2,858 3,963 0.0 Samsung Pharmaceutical Co. Ltd. 558 2,342 3,959 0.0 Mochida Pharmaceutical Co. Ltd. 78 3,720 3,778 0.0 C-Mer Eye Care Holdings Ltd. 4,000 4,443 3,772 0.0 AbClon, Inc. 88 4,162 3,767 0.0 Kwang Dong Pharmaceutical Co. Ltd. 308 2,660 3,703 0.0 Elan Corp. 200 1,694 3,699 0.0 Anterogen Co. Ltd. 50 5,386 3,653 0.0 Nagaileben Co. Ltd. 100 3,010 3,641 0.0 Dong-A Socio Holdings Co. Ltd. 25 4,820 3,592 0.0 Medical Data Vision Co. Ltd. 100 1,250 3,500 0.0 Regis Healthcare Ltd. 1,817 7,485 3,376 0.0 Town Health International Medical Group Ltd. 28,000 6,551 3,163 0.0 Fuji Pharma Co. Ltd. 200 3,660 3,070 0.0 Avita Medical Ltd. CDI 619 5,082 3,006 0.0 Vieworks Co. Ltd. 79 2,659 2,812 0.0 Estia Health Ltd. 1,493 5,790 2,598 0.0 Dae Hwa Pharmaceutical Co. Ltd. 115 3,853 2,084 0.0 Peptron, Inc. 108 3,252 2,077 0.0 CMIC Holdings Co. Ltd. 102 1,671 1,705 0.0 Chongkundang Holdings Corp. 11 1,443 1,645 0.0 5,418,641 8,023,107 9.5 Industrials Keyence Corp. 1,431 477,942 1,024,161 1.2 Daikin Industries Ltd. 2,100 297,772 593,929 0.7 Recruit Holdings Co. Ltd. 10,806 337,894 576,169 0.7 FANUC Corp. 1,503 399,664 470,336 0.6 Itochu Corp. 10,900 244,504 398,662 0.5 SMC Corp. 482 253,308 374,406 0.5 Hitachi Ltd. 7,400 313,634 371,187 0.5 Mitsui & Co. Ltd. 13,300 266,270 310,098 0.4 Mitsubishi Electric Corp. 15,900 296,448 305,482 0.4 Mitsubishi Corp. 9,600 301,607 301,007 0.4 Transurban Group 21,801 252,714 292,764 0.4 Central Japan Railway Co. 1,430 333,791 257,449 0.3 Komatsu Ltd. 7,300 254,506 253,797 0.3 East Japan Railway Co. 2,900 345,473 246,378 0.3 Kubota Corp. 8,723 185,500 242,294 0.3 Afterpay Touch Group Ltd. 1,739 24,073 201,730 0.3 CK Hutchison Holdings Ltd. 21,500 322,959 191,112 0.2 Amcor plc CDI 12,462 178,226 187,933 0.2 Secom Co. Ltd. 1,500 147,708 176,154 0.2 Nippon Paint Holdings Co. Ltd. 1,200 68,446 167,769 0.2 Sumitomo Corp. 9,100 167,223 153,332 0.2 James Hardie Industries plc CDI 3,441 69,850 129,290 0.2 Brambles Ltd. 12,297 125,305 128,143 0.2 Toshiba Corp. 3,592 131,224 127,874 0.2 Yaskawa Electric Corp. 2,000 84,767 126,604 0.2 Jardine Matheson Holdings Ltd. 1,678 130,993 119,715 0.2 SG Holdings Co. Ltd. 3,400 53,540 117,976 0.2 Samsung C&T Corp. 688 98,581 111,349 0.2 Daifuku Co. Ltd. 700 44,957 110,217 0.1 Marubeni Corp. 12,300 102,032 104,134 0.1 Shimadzu Corp. 2,100 61,943 103,912 0.1 Odakyu Electric Railway Co. Ltd. 2,500 69,934 99,951 0.1 West Japan Railway Co. 1,500 131,351 99,932 0.1 MISUMI Group, Inc. 2,300 71,356 96,070 0.1 Yamato Holdings Co. Ltd. 2,700 75,285 87,657 0.1 Toyota Tsusho Corp. 1,700 68,805 87,370 0.1 Disco Corp. 200 44,505 85,760 0.1 Mitsubishi Heavy Industries Ltd. 2,200 105,397 85,676 0.1 TOTO Ltd. 1,100 61,059 84,156 0.1 Kintetsu Group Holdings Co. Ltd. 1,500 80,351 83,662 0.1 MTR Corp. Ltd. 11,500 81,616 81,910 0.1 Minebea Mitsumi, Inc. 3,200 70,771 80,869 0.1 SEEK Ltd. 2,747 49,119 77,046 0.1 Azbil Corp. 1,100 29,989 76,555 0.1 Hankyu Hanshin Holdings, Inc. 1,800 83,496 76,185 0.1

179 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Hamamatsu Photonics KK 1,000 46,942 72,804 0.1 LG Corp. 705 61,716 72,346 0.1 Taisei Corp. 1,648 91,944 72,293 0.1 Lendlease Group 5,575 77,870 71,797 0.1 Sydney Airport 11,195 67,558 70,546 0.1 Auckland International Airport Ltd. 9,382 54,139 65,233 0.1 Kajima Corp. 3,800 75,129 64,803 0.1 Tobu Railway Co. Ltd. 1,700 64,729 64,505 0.1 Tok yu Corp. 4,009 82,949 63,370 0.1 Kansai Paint Co. Ltd. 1,600 45,298 62,685 0.1 Obayashi Corp. 5,700 78,626 62,599 0.1 AGC, Inc. 1,400 63,733 62,192 0.1 Xinyi Glass Holdings Ltd. 16,000 22,876 56,915 0.1 Aurizon Holdings Ltd. 14,834 67,156 56,874 0.1 Miura Co. Ltd. 800 26,694 56,861 0.1 LIXIL Corp. 2,000 54,324 55,133 0.1 Nagoya Railroad Co. Ltd. 1,600 54,557 53,741 0.1 Nippon Express Co. Ltd. 600 44,904 51,308 0.1 Yokogawa Electric Corp. 2,000 41,335 50,691 0.1 Dai Nippon Printing Co. Ltd. 2,200 62,103 50,358 0.1 Nabtesco Corp. 900 38,424 50,197 0.1 Atlas Arteria Ltd. 7,754 44,563 49,548 0.1 Keihan Holdings Co. Ltd. 800 37,109 48,815 0.1 Boral Ltd. 9,885 53,208 48,103 0.1 Keisei Electric Railway Co. Ltd. 1,100 44,074 47,372 0.1 Isuzu Motors Ltd. 3,900 62,005 47,162 0.1 Singapore Technologies Engineering Ltd. 12,800 42,051 47,133 0.1 Hoshizaki Corp. 394 43,272 46,041 0.1 Fuji Electric Co. Ltd. 1,000 39,094 45,842 0.1 Jardine Strategic Holdings Ltd. 1,400 59,853 44,376 0.1 Kurita Water Industries Ltd. 900 32,188 43,812 0.1 GMO Payment Gateway, Inc. 256 18,513 43,720 0.1 Keikyu Corp. 2,000 47,878 43,657 0.1 Shimizu Corp. 4,448 54,496 41,165 0.1 NGK Insulators Ltd. 2,040 46,602 40,075 0.1 Korea Shipbuilding & Offshore Engineering Co. Ltd. 309 43,991 39,320 0.1 Toppan Printing Co. Ltd. 2,182 49,946 39,176 0.1 Venture Corp. Ltd. 2,000 31,107 37,440 0.1 THK Co. Ltd. 900 34,063 36,982 0.1 Amada Holdings Co. Ltd. 2,600 36,339 36,350 0.1 ALS Ltd. 3,821 24,088 36,099 0.1 COMSYS Holdings Corp. 907 29,276 35,870 0.1 Nippon Yusen KK 1,200 29,860 35,568 0.1 Hyundai Merchant Marine Co. Ltd. 2,115 13,755 34,602 0.1 Sohgo Security Services Co. Ltd. 500 31,710 33,008 0.1 Qube Holdings Ltd. 11,323 26,475 32,726 0.1 Hitachi Construction Machinery Co. Ltd. 900 34,231 32,539 0.1 Persol Holdings Co. Ltd. 1,400 34,779 32,150 0.1 Haseko Corp. 2,200 35,445 32,115 0.1 Fletcher Building Ltd. 5,845 34,042 31,633 0.1 Mitsui OSK Lines Ltd. 800 26,789 31,096 0.1 Hyundai Glovis Co. Ltd. 143 25,372 30,858 0.1 Japan Airport Terminal Co. Ltd. 400 22,504 30,849 0.1 Ebara Corp. 700 25,783 29,109 0.1 Nankai Electric Railway Co. Ltd. 900 29,051 29,075 0.1 Kyowa Exeo Corp. 800 22,228 28,727 0.1 Kawasaki Heavy Industries Ltd. 1,000 36,628 28,677 0.1 Taiheiyo Cement Corp. 900 36,343 28,641 0.1 Mitsubishi Materials Corp. 1,000 38,707 26,777 0.1 Doosan Heavy Industries & Construction Co. Ltd. 1,690 23,399 26,757 0.1 Samsung Heavy Industries Co. Ltd. 3,207 31,653 26,478 0.1 Worley Ltd. 2,315 30,049 26,149 0.1 Sumitomo Heavy Industries Ltd. 825 32,289 25,919 0.0 SHO-BOND Holdings Co. Ltd. 400 19,757 24,729 0.0 Swire Pacific Ltd. Class A 3,500 42,393 24,728 0.0 Sanwa Holdings Corp. 1,600 21,829 23,731 0.0 Downer EDI Ltd. 4,462 25,521 23,380 0.0 Kamigumi Co. Ltd. 1,000 26,111 23,235 0.0 Mitsubishi Logistics Corp. 604 20,765 23,030 0.0 Kinden Corp. 1,100 22,748 22,790 0.0 Horiba Ltd. 300 21,395 22,396 0.0 Reliance Worldwide Corp. Ltd. 5,531 21,670 22,022 0.0 SITC International Holdings Co. Ltd. 8,000 8,737 22,004 0.0 Hyundai Heavy Industries Holdings Co. Ltd. 66 30,303 21,944 0.0

180 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Penta-Ocean Construction Co. Ltd. 2,000 15,831 21,890 0.0 FP Corp. 400 16,541 21,397 0.0 Nishi-Nippon Railroad Co. Ltd. 569 19,163 21,380 0.0 Seibu Holdings, Inc. 1,700 34,743 21,208 0.0 Hyundai Engineering & Construction Co. Ltd. 475 23,858 20,862 0.0 Sojitz Corp. 7,300 25,923 20,718 0.0 IR Japan Holdings Ltd. 100 4,623 20,336 0.0 IHI Corp. 800 29,362 20,207 0.0 Japan Steel Works Ltd. 530 17,467 20,110 0.0 Seino Holdings Co. Ltd. 1,100 19,786 19,750 0.0 Hino Motors Ltd. 1,800 25,601 19,524 0.0 Japan Elevator Service Holdings Co. Ltd. 600 7,521 19,427 0.0 Fujitec Co. Ltd. 700 14,829 19,236 0.0 Seven Group Holdings Ltd. 833 11,598 19,122 0.0 OKUMA Corp. 265 16,786 18,868 0.0 Daelim Industrial Co. Ltd. 196 20,145 18,780 0.0 Link Administration Holdings Ltd. 3,355 22,757 18,305 0.0 Ushio, Inc. 1,100 18,729 18,216 0.0 JGC Holdings Corp. 1,500 34,244 17,843 0.0 Park24 Co. Ltd. 800 23,763 17,680 0.0 Aica Kogyo Co. Ltd. 400 15,780 17,596 0.0 GS Engineering & Construction Corp. 390 11,889 17,289 0.0 Furukawa Electric Co. Ltd. 500 25,797 17,164 0.0 Rengo Co. Ltd. 1,600 13,418 17,058 0.0 Toda Corp. 2,000 16,982 16,856 0.0 Fuji Corp. 500 11,606 16,739 0.0 Mabuchi Motor Co. Ltd. 300 17,779 16,640 0.0 Ulvac, Inc. 300 18,202 16,344 0.0 Orora Ltd. 5,901 21,906 15,663 0.0 Samsung Engineering Co. Ltd. 1,007 15,929 15,648 0.0 Ecopro BM Co. Ltd. 78 6,951 15,560 0.0 BOC Aviation Ltd. 1,400 11,972 15,412 0.0 Mirait Holdings Corp. 700 12,836 15,271 0.0 Outsourcing, Inc. 895 16,261 15,252 0.0 Maeda Corp. 1,335 17,625 15,106 0.0 Benefit One, Inc. 400 5,311 15,054 0.0 CIMIC Group Ltd. 613 24,772 14,686 0.0 GS Yuasa Corp. 400 12,592 14,630 0.0 SMS Co. Ltd. 300 6,194 14,622 0.0 Sankyu, Inc. 300 15,761 14,419 0.0 GS Holdings Corp. 326 21,813 14,356 0.0 Trusco Nakayama Corp. 400 13,521 14,299 0.0 CJ Corp. 132 23,781 14,258 0.0 CSR Ltd. 2,679 10,266 13,774 0.0 Adelaide Brighton Ltd. 4,144 24,641 13,648 0.0 Korea Aerospace Industries Ltd. 451 25,535 13,646 0.0 CKD Corp. 500 11,659 13,623 0.0 Doosan Fuel Cell Co. Ltd. 214 1,842 13,427 0.0 Meitec Corp. 200 13,162 13,228 0.0 Daewoo Shipbuilding & Marine Engineering Co. Ltd. 410 15,650 13,175 0.0 Credit Saison Co. Ltd. 900 18,889 13,171 0.0 Nishimatsu Construction Co. Ltd. 500 15,904 13,043 0.0 Kawasaki Kisen Kaisha Ltd. 500 13,874 13,031 0.0 S-1 Corp. 130 14,044 12,959 0.0 Freightways Ltd. 1,401 9,349 12,928 0.0 Glory Ltd. 500 22,245 12,839 0.0 Topcon Corp. 800 17,825 12,655 0.0 Toyo Seikan Group Holdings Ltd. 900 19,440 12,516 0.0 Fukuyama Transporting Co. Ltd. 233 10,367 12,492 0.0 Tadano Ltd. 1,135 18,645 12,367 0.0 Nisshinbo Holdings, Inc. 1,328 18,936 12,323 0.0 Kandenko Co. Ltd. 1,135 13,928 12,227 0.0 Jeol Ltd. 203 3,205 12,187 0.0 Hanwha Corp. 366 14,823 12,148 0.0 KCC Corp. 52 26,192 12,045 0.0 Nichiha Corp. 300 12,549 12,031 0.0 Trancom Co. Ltd. 109 11,290 12,011 0.0 Swire Pacific Ltd. Class B 10,000 17,754 11,912 0.0 Daewoo Engineering & Construction Co. Ltd. 1,988 14,285 11,623 0.0 Takeuchi Manufacturing Co. Ltd. 384 9,943 11,519 0.0 Meidensha Corp. 400 10,779 11,461 0.0 Toshiba TEC Corp. 249 9,247 11,445 0.0 en-japan, Inc. 300 12,296 11,439 0.0 Brickworks Ltd. 606 8,640 11,438 0.0

181 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Hitachi Transport System Ltd. 300 9,508 11,365 0.0 Senko Group Holdings Co. Ltd. 915 9,179 11,358 0.0 Daiwabo Holdings Co. Ltd. 100 5,323 11,328 0.0 Raito Kogyo Co. Ltd. 500 6,597 11,192 0.0 Nippon Electric Glass Co. Ltd. 400 14,877 11,135 0.0 Central Glass Co. Ltd. 400 11,766 11,086 0.0 IPH Ltd. 1,737 9,187 10,980 0.0 Hyundai Mipo Dockyard Co. Ltd. 195 10,799 10,977 0.0 Hyundai Elevator Co. Ltd. 235 14,886 10,942 0.0 Takuma Co. Ltd. 481 6,908 10,939 0.0 Maruwa Unyu Kikan Co. Ltd. 400 4,219 10,864 0.0 Nippo Corp. 306 8,624 10,667 0.0 Nachi-Fujikoshi Corp. 200 13,166 10,563 0.0 Monadelphous Group Ltd. 796 10,786 10,541 0.0 Tocalo Co. Ltd. 600 7,122 10,476 0.0 Hutchison Port Holdings Trust 41,300 21,638 10,418 0.0 Pan Ocean Co. Ltd. 1,764 10,019 10,385 0.0 HDC Hyundai Development Co-Engineering & Construction ADR 335 17,162 10,254 0.0 Hanwa Co. Ltd. 300 12,333 10,243 0.0 Pushpay Holdings Ltd. 6,132 4,634 10,181 0.0 Totetsu Kogyo Co. Ltd. 300 11,197 10,102 0.0 LS Industrial Systems Co. Ltd. 136 8,214 10,064 0.0 Taikisha Ltd. 300 11,848 10,025 0.0 Makino Milling Machine Co. Ltd. 218 12,695 10,020 0.0 Fuji Seal International, Inc. 400 15,395 9,946 0.0 CJ Logistics Corp. 51 9,677 9,899 0.0 Takara Standard Co. Ltd. 526 11,511 9,846 0.0 Kerry Logistics Network Ltd. 3,500 8,055 9,776 0.0 Toyo Ink SC Holdings Co. Ltd. 400 13,268 9,738 0.0 Daiho Corp. 216 8,162 9,702 0.0 DMG Mori Co. Ltd. 500 10,457 9,680 0.0 Tsugami Corp. 503 3,844 9,676 0.0 Tsubakimoto Chain Co. 289 13,879 9,654 0.0 Singapore Post Ltd. 14,100 14,571 9,582 0.0 TKC Corp. 100 6,732 9,551 0.0 Hirata Corp. 100 12,602 9,526 0.0 ASKUL Corp. 200 8,255 9,501 0.0 Johnson Electric Holdings Ltd. 3,000 11,934 9,464 0.0 NWS Holdings Ltd. 8,000 15,308 9,451 0.0 Fujikura Ltd. 1,600 11,542 9,378 0.0 NRW Holdings Ltd. 3,255 5,291 9,344 0.0 Funai Soken Holdings, Inc. 300 7,172 9,332 0.0 Hyosung Corp. 103 40,561 9,229 0.0 IS Dongseo Co. Ltd. 147 7,447 9,206 0.0 Ssangyong Cement Industrial Co. Ltd. 1,155 4,790 9,049 0.0 Kureha Corp. 100 6,262 8,971 0.0 Hanjin Transportation Co. Ltd. 160 5,858 8,970 0.0 Yamazen Corp. 700 9,047 8,923 0.0 Hazama Ando Corp. 1,000 8,841 8,885 0.0 Shibuya Corp. 200 7,418 8,736 0.0 Japan Material Co. Ltd. 500 5,659 8,724 0.0 Morita Holdings Corp. 400 7,919 8,657 0.0 Doosan Infracore Co. Ltd. 925 9,296 8,592 0.0 Sumitomo Mitsui Construction Co. Ltd. 1,620 11,228 8,556 0.0 Hitachi Zosen Corp. 1,200 6,799 8,440 0.0 Optex Group Co. Ltd. 362 9,825 8,425 0.0 Pacific Basin Shipping Ltd. 35,098 9,086 8,420 0.0 Nomura Co. Ltd. 800 9,718 8,411 0.0 Posco International Corp. 492 11,971 8,396 0.0 LG International Corp. 288 10,041 8,343 0.0 Hyundai Rotem Co. Ltd. 413 9,412 8,331 0.0 Austal Ltd. 3,164 7,357 8,305 0.0 Rorze Corp. 100 2,618 8,231 0.0 Sembcorp Marine Ltd. 59,643 20,152 8,221 0.0 Kanamoto Co. Ltd. 300 10,943 8,203 0.0 Yuasa Trading Co. Ltd. 200 7,673 8,181 0.0 Star Micronics Co. Ltd. 400 7,674 8,164 0.0 Chudenko Corp. 300 10,127 8,163 0.0 SFA Engineering Corp. 179 8,005 8,103 0.0 Yokogawa Bridge Holdings Corp. 300 6,844 8,077 0.0 Sumitomo Osaka Cement Co. Ltd. 217 10,617 8,073 0.0 Sekisui Jushi Corp. 300 7,295 8,070 0.0 Noritz Corp. 400 9,256 7,952 0.0 UT Group Co. Ltd. 200 8,855 7,897 0.0

182 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets TY Holdings Co. Ltd. 243 8,680 7,894 0.0 GWA Group Ltd. 2,240 6,069 7,685 0.0 Nikkon Holdings Co. Ltd. 300 9,030 7,652 0.0 NHN KCP Corp. 95 6,766 7,632 0.0 Doosan Bobcat, Inc. 218 8,995 7,581 0.0 Ricoh Leasing Co. Ltd. 200 7,278 7,577 0.0 Riken Keiki Co. Ltd. 200 5,547 7,577 0.0 Raiznext Corp. 500 5,772 7,564 0.0 Nitto Kogyo Corp. 300 6,466 7,563 0.0 Koh Young Technology, Inc. 61 4,925 7,512 0.0 Max Co. Ltd. 422 7,645 7,493 0.0 Nikkiso Co. Ltd. 6 0 0 7,2 0 2 7, 4 3 3 0 . 0 Noritsu Koki Co. Ltd. 245 4,580 7,349 0.0 Mitsubishi Logisnext Co. Ltd. 500 6,753 7,305 0.0 OSG Corp. 3 0 0 7,8 4 7 7, 2 9 6 0 . 0 Chugoku Marine Paints Ltd. 568 5,735 7,282 0.0 Hamakyorex Co. Ltd. 201 8,375 7,270 0.0 Nissei ASB Machine Co. Ltd. 100 3,202 7,268 0.0 Maeda Road Construction Co. Ltd. 338 8,945 7,215 0.0 Nippon Ceramic Co. Ltd. 200 6,270 7,159 0.0 Sakata INX Corp. 500 9,115 7,145 0.0 Okamoto Industries, Inc. 146 9,786 7,125 0.0 Samwha Capacitor Co. Ltd. 91 8,524 7,033 0.0 Kitz Corp. 900 7,734 6,963 0.0 Nichias Corp. 228 6,236 6,899 0.0 Kokuyo Co. Ltd. 400 7,414 6,895 0.0 Tsukishima Kikai Co. Ltd. 400 5,211 6,881 0.0 Tyro Payments Ltd. 2,189 7,819 6,865 0.0 Sanyo Denki Co. Ltd. 100 9,077 6,848 0.0 SmartGroup Corp. Ltd. 1,012 9,115 6,795 0.0 Dip Corp. 200 6,531 6,794 0.0 Nissha Co. Ltd. 362 12,082 6,691 0.0 Maeda Kosen Co. Ltd. 200 4,847 6,688 0.0 PI Advanced Materials Co. Ltd. 154 8,777 6,683 0.0 LG Hausys Ltd. 73 8,915 6,678 0.0 Aeon Delight Co. Ltd. 200 9,236 6,629 0.0 NICE Information Service Co. Ltd. 227 3,705 6,602 0.0 Toppan Forms Co. Ltd. 500 6,267 6,521 0.0 SBS Holdings, Inc. 200 4,453 6,446 0.0 YAMABIKO Corp. 400 6,813 6,397 0.0 KEPCO Plant Service & Engineering Co. Ltd. 182 11,356 6,339 0.0 Nearmap Ltd. 2,895 7,778 6,318 0.0 Strike Co. Ltd. 100 6,325 6,318 0.0 Pact Group Holdings Ltd. 2,418 13,295 6,299 0.0 Okumura Corp. 200 7,565 6,296 0.0 Tsubaki Nakashima Co. Ltd. 442 12,405 6,119 0.0 Hanwha Aerospace Co. Ltd. 183 7,951 6,117 0.0 Solus Advanced Materials Co. Ltd. 105 494 6,102 0.0 Shinmaywa Industries Ltd. 557 7,100 6,076 0.0 Nichireki Co. Ltd. 300 6,722 6,075 0.0 Shibaura Machine Co. Ltd. 208 6,475 6,050 0.0 Furukawa Co. Ltd. 400 10,387 6,046 0.0 Nissin Electric Co. Ltd. 400 5,898 6,027 0.0 Bunka Shutter Co. Ltd. 500 5,428 6,003 0.0 Sanki Engineering Co. Ltd. 400 6,166 5,987 0.0 Aida Engineering Ltd. 500 7,001 5,960 0.0 Fujimori Kogyo Co. Ltd. 100 5,370 5,886 0.0 Nippon Sheet Glass Co. Ltd. 1,000 10,584 5,861 0.0 Iino Kaiun Kaisha Ltd. 1,100 6,695 5,823 0.0 Asia Cement China Holdings Corp. 5,000 5,683 5,808 0.0 Nippon Signal Co. Ltd. 500 6,855 5,806 0.0 Hyundai Construction Equipment Co. Ltd. 150 14,097 5,761 0.0 Shima Seiki Manufacturing Ltd. 266 14,235 5,734 0.0 METAWATER Co. Ltd. 200 3,691 5,731 0.0 Sintokogio Ltd. 600 8,681 5,701 0.0 HDC Holdings Co. Ltd. 439 18,543 5,689 0.0 Mitsui-Soko Holdings Co. Ltd. 200 3,925 5,681 0.0 Obara Group, Inc. 117 8,212 5,674 0.0 Yamashin-Filter Corp. 400 6,853 5,568 0.0 Nohmi Bosai Ltd. 200 4,180 5,553 0.0 Fukushima Galilei Co. Ltd. 100 5,627 5,534 0.0 Giken Ltd. 105 5,324 5,526 0.0 Korea Electric Terminal Co. Ltd. 75 6,364 5,471 0.0 Shun Tak Holdings Ltd. 14,000 7,326 5,452 0.0

183 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Mcnex Co. Ltd. 115 3,338 5,449 0.0 Nishio Rent All Co. Ltd. 200 7,139 5,331 0.0 Denyo Co. Ltd. 200 4,304 5,306 0.0 Nihon Parkerizing Co. Ltd. 400 6,583 5,276 0.0 Anest Iwata Corp. 400 5,230 5,222 0.0 Hyundai Electric & Energy System Co. Ltd. 271 12,445 5,212 0.0 Wakita & Co. Ltd. 400 5,481 5,207 0.0 Kyokuto Kaihatsu Kogyo Co. Ltd. 300 5,206 5,190 0.0 Hioki EE Corp. 100 2,831 5,158 0.0 Dawonsys Co. Ltd. 215 3,978 5,144 0.0 Pasona Group, Inc. 200 3,420 5,114 0.0 Chiyoda Corp. 1,463 14,547 5,109 0.0 ESPEC Corp. 200 4,928 5,099 0.0 Daiichi Jitsugyo Co. Ltd. 100 3,747 5,072 0.0 Tenma Corp. 200 4,804 5,039 0.0 Toenec Corp. 100 3,792 4,985 0.0 Toa Corp. 200 6,907 4,916 0.0 Tokyu Construction Co. Ltd. 800 9,132 4,886 0.0 Meisei Industrial Co. Ltd. 500 3,540 4,831 0.0 Doshisha Co. Ltd. 200 5,448 4,805 0.0 Emeco Holdings Ltd. 4,272 9,410 4,788 0.0 Kanematsu Corp. 300 4,546 4,761 0.0 Litalico, Inc. 100 4,332 4,757 0.0 Hibiya Engineering Ltd. 200 5,572 4,682 0.0 Electro Optic Systems Holdings Ltd. 799 3,484 4,642 0.0 S-Pool, Inc. 500 3,924 4,640 0.0 Nippon Chemi-Con Corp. 200 6,046 4,516 0.0 Advan Co. Ltd. 300 3,606 4,453 0.0 Tekken Corp. 196 5,605 4,426 0.0 Futaba Corp. 400 9,632 4,403 0.0 Sinko Industries Ltd. 200 4,575 4,378 0.0 Bando Chemical Industries Ltd. 549 7,713 4,363 0.0 Tsurumi Manufacturing Co. Ltd. 200 4,510 4,356 0.0 Financial Products Group Co. Ltd. 700 10,146 4,345 0.0 Link And Motivation, Inc. 600 5,434 4,331 0.0 SWCC Showa Holdings Co. Ltd. 200 1,751 4,329 0.0 Daiken Corp. 200 5,846 4,324 0.0 Toyo Corp. 300 3,523 4,316 0.0 Maruzen Showa Unyu Co. Ltd. 100 3,575 4,294 0.0 NICE Holdings Co. Ltd. 186 3,781 4,243 0.0 Insource Co. Ltd. 200 3,782 4,203 0.0 Mitsuboshi Belting Ltd. 200 4,793 4,193 0.0 Intage Holdings, Inc. 300 4,366 4,187 0.0 OSJB Holdings Corp. 1,200 3,991 4,131 0.0 Taihei Dengyo Kaisha Ltd. 141 4,330 4,089 0.0 FULLCAST Holdings Co. Ltd. 200 4,871 3,959 0.0 Riken Technos Corp. 700 4,599 3,896 0.0 Union Tool Co. 100 3,349 3,819 0.0 Sinfonia Technology Co. Ltd. 219 4,880 3,786 0.0 Tatsuta Electric Wire and Cable Co. Ltd. 400 3,529 3,707 0.0 HS Industries Co. Ltd. 443 5,461 3,704 0.0 Noritake Co. Ltd. 100 4,502 3,694 0.0 Dai-Dan Co. Ltd. 100 3,106 3,672 0.0 Eagle Industry Co. Ltd. 300 6,207 3,669 0.0 Hyosung Heavy Industries Corp. 50 3,783 3,647 0.0 Kyodo Printing Co. Ltd. 100 4,192 3,574 0.0 Komori Corp. 400 6,702 3,569 0.0 CTS Co. Ltd. 300 2,670 3,546 0.0 Yoma Strategic Holdings Ltd. 12,600 6,824 3,522 0.0 Doosan Corp. Ltd. 57 8,593 3,503 0.0 Taeyoung Engineering & Construction Co. Ltd. 253 3,957 3,501 0.0 Nippon Koei Co. Ltd. 100 3,693 3,500 0.0 Pack Corp. 100 4,117 3,488 0.0 W-Scope Corp. 300 7,361 3,480 0.0 Mitsui E&S Holdings Co. Ltd. 800 16,029 3,455 0.0 Atrae, Inc. 100 2,970 3,438 0.0 Iseki & Co. Ltd. 200 5,755 3,413 0.0 Japan Transcity Corp. 500 2,835 3,412 0.0 CI Takiron Corp. 400 3,614 3,406 0.0 Bell System24 Holdings, Inc. 169 3,092 3,372 0.0 Asahi Diamond Industrial Co. Ltd. 600 7,925 3,324 0.0 LIG Nex1 Co. Ltd. 92 2,770 3,291 0.0 Oyo Corp. 217 3,355 3,280 0.0 Yahagi Construction Co. Ltd. 300 2,888 3,280 0.0

184 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets WDB Holdings Co. Ltd. 100 5,011 3,260 0.0 Sumitomo Densetsu Co. Ltd. 100 2,274 3,239 0.0 Bubs Australia Ltd. 5,509 3,596 3,222 0.0 Torishima Pump Manufacturing Co. Ltd. 300 4,008 3,198 0.0 Vidente Co. Ltd. 346 6,781 3,194 0.0 BeNEXT Group, Inc. 200 3,962 3,152 0.0 Hochiki Corp. 200 5,143 3,147 0.0 Kyosan Electric Manufacturing Co. Ltd. 600 5,408 3,124 0.0 Rheon Automatic Machinery Co. Ltd. 200 5,371 3,112 0.0 Tanseisha Co. Ltd. 307 3,919 3,103 0.0 Onoken Co. Ltd. 200 3,885 3,090 0.0 Hanil Cement Co. Ltd. 25 4,134 3,079 0.0 Osaki Electric Co. Ltd. 423 3,793 3,022 0.0 Kintetsu World Express, Inc. 100 2,092 3,021 0.0 Sankyo Tateyama, Inc. 300 5,145 3,010 0.0 Furuno Electric Co. Ltd. 200 2,261 2,996 0.0 Nihon Tokushu Toryo Co. Ltd. 200 5,001 2,979 0.0 Teikoku Electric Manufacturing Co. Ltd. 200 3,119 2,976 0.0 Maezawa Kyuso Industries Co. Ltd. 100 2,007 2,857 0.0 Fudo Tetra Corp. 131 3,008 2,816 0.0 JDC Corp. 400 2,572 2,804 0.0 Nippon Thompson Co. Ltd. 586 4,426 2,791 0.0 Shin Nippon Air Technologies Co. Ltd. 100 2,273 2,769 0.0 Inscobee, Inc. 1,073 12,096 2,655 0.0 Shinwa Co Ltd. 100 2,400 2,643 0.0 Optorun Co. Ltd. 100 4,373 2,602 0.0 Takamatsu Construction Group Co. Ltd. 100 3,092 2,523 0.0 World Holdings Co. Ltd. 100 5,307 2,417 0.0 Dai Nippon Toryo Co. Ltd. 200 3,162 2,372 0.0 Yushin Precision Equipment Co. Ltd. 200 3,919 2,357 0.0 Taihan Electric Wire Co. Ltd. 1,450 2,488 2,330 0.0 Feelux Co. Ltd. 452 2,279 2,171 0.0 Nitto Kohki Co. Ltd. 100 3,392 2,158 0.0 JSP Corp. 100 3,643 2,136 0.0 Aiphone Co. Ltd. 100 2,135 2,099 0.0 Ohara, Inc. 100 3,387 2,032 0.0 Korea Line Corp. 567 1,875 2,022 0.0 Juki Corp. 297 4,946 1,935 0.0 Takasago Thermal Engineering Co. Ltd. 100 1,864 1,931 0.0 Shimojima Co. Ltd. 100 1,220 1,777 0.0 HITO - Communications Holdings, Inc. 100 1,870 1,746 0.0 Hokkan Holdings Ltd. 100 2,540 1,729 0.0 Nisso Corp. 200 3,034 1,688 0.0 Kitagawa Corp. 100 3,419 1,641 0.0 Kanaden Corp. 100 1,640 1,597 0.0 Nissin Corp. 100 3,614 1,502 0.0 Fujikura Kasei Co. Ltd. 200 1,434 1,355 0.0 Takamiya Co. Ltd. 200 1,384 1,298 0.0 Singamas Container Holdings Ltd. 14,000 2,845 1,265 0.0 Kato Works Co. Ltd. 100 3,337 1,191 0.0 Kumho Industrial Co. Ltd. 108 1,235 1,150 0.0 Camsing International Holding Ltd. 4,000 4,792 762 0.0 13,455,962 15,319,809 18.1 Real Estate Goodman Group 14,375 131,728 267,233 0.3 Link REIT 16,800 182,296 194,879 0.2 Mitsui Fudosan Co. Ltd. 7,300 219,490 194,435 0.2 Sun Hung Kai Properties Ltd. 11,514 225,353 189,181 0.2 Mitsubishi Estate Co. Ltd. 9,131 214,510 186,699 0.2 CK Asset Holdings Ltd. 20,000 193,270 130,787 0.2 Sumitomo Realty & Development Co. Ltd. 3,187 128,883 125,097 0.2 Scentre Group 41,444 154,185 113,265 0.2 Wharf Real Estate Investment Co. Ltd. 13,000 100,054 86,186 0.1 Mirvac Group 32,887 74,728 85,353 0.1 Dexus 8,371 79,461 77,356 0.1 Stockland 18,820 77,110 77,337 0.1 CapitaLand Integrated Commercial Trust 36,340 70,581 75,664 0.1 Ascendas REIT 25,508 68,479 73,273 0.1 GPT Group 16,343 79,802 72,299 0.1 ESR Cayman Ltd. 14,009 48,986 63,989 0.1 New World Development Co. Ltd. 10,750 73,744 63,763 0.1 CapitaLand Ltd. 19,500 63,477 61,654 0.1 Daito Trust Construction Co. Ltd. 500 87,727 59,477 0.1

185 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets REA Group Ltd. 3 9 5 2 7, 2 2 8 5 7, 8 0 5 0 . 1 Hang Lung Properties Ltd. 17,000 50,219 57,121 0.1 Charter Hall Group 3,815 26,460 55,169 0.1 Henderson Land Development Co. Ltd. 10,798 65,862 53,669 0.1 Hongkong Land Holdings Ltd. 9,700 79,752 51,038 0.1 Vicinity Centres 30,344 68,084 47,878 0.1 Nippon Building Fund, Inc. 6 45,282 44,274 0.1 Sino Land Co. Ltd. 26,000 53,646 43,147 0.1 Hulic Co. Ltd. 2,900 38,282 40,544 0.1 Mapletree Logistics Trust 20,383 26,913 39,493 0.1 Wharf Holdings Ltd. 11,000 42,668 37,683 0.1 Japan Real Estate Investment Corp. 5 35,306 36,772 0.1 Mapletree Commercial Trust 17,144 29,471 35,200 0.1 Mapletree Industrial Trust 12,600 25,596 35,101 0.1 GLP J-REIT 16 31,896 32,103 0.1 Nippon Prologis REIT, Inc. 8 33,061 31,787 0.1 City Developments Ltd. 4,100 37,311 31,499 0.1 Tokyo Tatemono Co. Ltd. 1,800 30,983 31,429 0.1 Tokyu Fudosan Holdings Corp. 4,616 37,328 31,328 0.1 Nomura Real Estate Master Fund, Inc. 17 28,507 30,963 0.1 UOL Group Ltd. 4,100 28,889 30,471 0.1 Swire Properties Ltd. 8,200 33,132 30,382 0.1 Open House Co. Ltd. 600 14,611 28,060 0.1 Frasers Logistics & Commercial Trust 20,211 21,023 27,470 0.0 Shopping Centres Australasia Property Group 10,313 23,048 25,549 0.0 Suntec REIT 17,100 27,598 24,560 0.0 Keppel DC REIT 8,877 12,833 24,045 0.0 Relo Group, Inc. 760 21,994 23,426 0.0 Japan Retail Fund Investment Corp. 10 21,044 23,149 0.0 Nomura Real Estate Holdings, Inc. 800 21,862 22,537 0.0 Hang Lung Group Ltd. 7,000 28,089 22,175 0.0 Daiwa House REIT Investment Corp. 7 22,874 22,043 0.0 Orix JREIT, Inc. 10 19,977 21,039 0.0 Advance Residence Investment Corp. 5 18,434 19,096 0.0 Frasers Centrepoint Trust 7,940 17,857 18,828 0.0 Charter Hall Long Wale REIT 4,098 18,226 18,733 0.0 Hysan Development Co. Ltd. 4,000 23,551 18,698 0.0 Goodman Property Trust 8,584 14,434 18,346 0.0 Ascott Residence Trust 17,422 22,502 18,137 0.0 Kerry Properties Ltd. 5,500 22,292 17,748 0.0 Waypoint REIT 6,511 14,672 17,474 0.0 United Urban Investment Corp. 11 16,431 17,320 0.0 National Storage REIT 9,102 15,836 17,091 0.0 Kiwi Property Group Ltd. 15,087 18,403 16,884 0.0 Aeon Mall Co. Ltd. 800 18,447 16,802 0.0 Charter Hall Retail REIT 4,580 16,662 16,524 0.0 Industrial & Infrastructure Fund Investment Corp. 7 15,806 16,455 0.0 Cromwell Property Group 17,232 17,994 14,738 0.0 BWP Trust 3,335 10,972 14,491 0.0 Nippon Accommodations Fund, Inc. 2 14,329 14,314 0.0 Keppel REIT 12,900 13,951 13,927 0.0 Ingenia Communities Group 2,770 7,642 13,398 0.0 Mapletree North Asia Commercial Trust 14,200 15,715 13,277 0.0 Mitsui Fudosan Logistics Park, Inc. 2 13,083 12,907 0.0 Japan Prime Realty Investment Corp. 3 12,105 12,660 0.0 Manulife U.S. REIT 13,322 15,018 12,644 0.0 Centuria Industrial REIT 4,136 10,762 12,564 0.0 LaSalle Logiport REIT 6 12,275 12,320 0.0 Sekisui House REIT, Inc. 13 11,983 12,031 0.0 Precinct Properties New Zealand Ltd. 7,346 9,532 11,860 0.0 Abacus Property Group 4,200 13,959 11,850 0.0 Ascendas India Trust 8,900 9,436 11,839 0.0 Japan Logistics Fund, Inc. 3 11,112 11,272 0.0 Japan Hotel REIT Investment Corp. 17 10,898 11,118 0.0 Vital Healthcare Property Trust 3,650 7,105 10,965 0.0 Activia Properties, Inc. 2 9,964 10,748 0.0 Starts Corp, Inc. 300 9,144 10,610 0.0 CDL Hospitality Trusts 8,324 12,491 10,190 0.0 Aventus Group 3,712 8,624 9,999 0.0 Fortune REIT 8,000 12,505 9,714 0.0 Parkway Life REIT 2,600 8,035 9,699 0.0 Arena REIT 3,362 8,105 9,519 0.0 ESR REIT 24,246 12,454 9,232 0.0 CapitaLand Retail China Trust 6,887 10,183 9,228 0.0

186 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Rural Funds Group 3,634 7,691 9,217 0.0 Heiwa Real Estate Co. Ltd. 200 4,333 9,205 0.0 Keihanshin Building Co. Ltd. 400 3,815 9,186 0.0 Centuria Office REIT 4,301 9,575 9,048 0.0 Champion REIT 12,000 10,127 8,932 0.0 Kenedix Office Investment Corp. 1 7,738 8,638 0.0 Lifestyle Communities Ltd. 686 6,584 8,626 0.0 Argosy Property Ltd. 5,792 6,716 8,448 0.0 Daiwa Securities Living Investments Corp. 7 9,209 8,266 0.0 Daiwa Office Investment Corp. 1 7,378 8,095 0.0 Daibiru Corp. 500 6,732 8,058 0.0 Charter Hall Social Infrastructure REIT 2,509 6,701 8,041 0.0 OUE Commercial REIT 20,560 10,061 7,630 0.0 Hulic REIT, Inc. 4 6,849 7,596 0.0 Comforia Residential REIT, Inc. 2 7,564 7,337 0.0 Starhill Global REIT 14,800 10,519 7,205 0.0 Shui On Land Ltd. 40,500 13,630 7,187 0.0 Lendlease Global Commercial REIT 10,100 6,910 7,107 0.0 Mori Hills REIT Investment Corp. 4 6,742 7,024 0.0 Kenedix Residential Next Investment Corp. 3 6,773 7,015 0.0 Wing Tai Holdings Ltd. 3,700 7,047 6,955 0.0 Invincible Investment Corp. 17 6,649 6,954 0.0 Far East Hospitality Trust 11,600 7,225 6,933 0.0 AIMS APAC REIT 5,600 7,528 6,748 0.0 SAMTY Co. Ltd. 300 5,979 6,645 0.0 Pressance Corp. 300 5,544 6,575 0.0 Mori Trust Sogo REIT, Inc. 4 6,823 6,565 0.0 AEON REIT Investment Corp. 4 5,913 6,515 0.0 Japan Excellent, Inc. 4 6,081 6,313 0.0 Premier Investment Corp. 4 5,790 6,293 0.0 Hoshino Resorts REIT, Inc. 1 6,098 6,207 0.0 Sunlight REIT 10,000 7,943 6,194 0.0 GDI Property Group 5,082 5,673 6,045 0.0 MCUBS MidCity Investment Corp. 5 5,517 5,793 0.0 Cache Logistics Trust 9,854 7,927 5,699 0.0 Soilbuild Business Space REIT 10,608 6,733 5,471 0.0 Mitsubishi Estate Logistics REIT Investment Corp. 1 5,047 5,306 0.0 Nippon Kanzai Co. Ltd. 200 4,251 5,116 0.0 Invesco Office J-REIT, Inc. 27 4,707 5,034 0.0 Prime U.S. REIT 5,000 5,441 5,032 0.0 Frontier Real Estate Investment Corp. 1 4,441 4,924 0.0 Far East Consortium International Ltd. 10,000 6,164 4,732 0.0 NIPPON REIT Investment Corp. 1 4,421 4,572 0.0 Korea REIT Co. Ltd. 1,868 6,955 4,425 0.0 Tokyu REIT, Inc. 2 3,838 4,038 0.0 Prosperity REIT 10,000 5,387 3,976 0.0 Goldcrest Co. Ltd. 200 4,629 3,966 0.0 Leopalace21 Corp. 2,600 21,952 3,914 0.0 JR REIT XXVII 633 3,961 3,831 0.0 Fukuoka REIT Corp. 2 3,581 3,776 0.0 Cosmopolitan International Holdings Ltd. 14,000 4,165 3,519 0.0 LOTTE REIT Co. Ltd. 541 3,526 3,394 0.0 Hoosiers Holdings 400 3,260 3,282 0.0 Heiwa Real Estate REIT, Inc. 2 2,949 3,174 0.0 Hankyu Hanshin REIT, Inc. 2 3,039 3,149 0.0 SOSiLA Logistics REIT, Inc. 2 3,005 3,112 0.0 Kenedix Retail REIT Corp. 1 3,006 3,103 0.0 ES-Con Japan Ltd. 300 2,702 3,021 0.0 Ichigo Office REIT Investment Corp. 3 2,603 2,754 0.0 LIFULL Co. Ltd. 600 6,909 2,732 0.0 Global One Real Estate Investment Corp. 2 2,485 2,584 0.0 Seobu T&D 281 3,765 2,491 0.0 Sabana Shari'ah Compliant Industrial REIT 7,000 3,123 2,395 0.0 Korea Asset In Trust Co. Ltd. ADR 504 2,521 2,329 0.0 Suncity Group Holdings Ltd. 20,000 6,302 2,267 0.0 CRE Logistics REIT, Inc. 1 1,929 1,939 0.0 TOC Co. Ltd. 200 1,863 1,718 0.0 Itochu Advance Logistics Investment Corp. 1 1,599 1,640 0.0 First REIT 6,000 7,751 1,359 0.0 Eagle Hospitality Trust Unit 5,800 4,232 1,012 0.0 SPH REIT 96 92 78 0.0 ARA LOGOS Logistics Trust Rights Exp. 01/15/2021 758 31 35 0.0 4,363,371 4,289,581 5.1

187 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Technology Samsung Electronics Co. Ltd. 37,104 1,903,053 3,524,726 4.2 Nidec Corp. 3,700 291,924 592,621 0.7 SK Hynix, Inc. 4,113 318,653 571,606 0.7 Samsung Electronics Co. Ltd. Pfd. 6,257 275,766 540,087 0.7 Tokyo Electron Ltd. 1,120 230,409 530,701 0.6 Murata Manufacturing Co. Ltd. 4,576 283,103 526,262 0.6 NAVER Corp. 1,048 193,978 359,507 0.4 Samsung SDI Co. Ltd. 416 97,566 306,389 0.4 Fujitsu Ltd. 1,536 138,283 282,503 0.4 Canon, Inc. 8,000 331,341 195,261 0.2 Kakao Corp. 425 72,973 194,140 0.2 FUJIFILM Holdings Corp. 2,800 150,647 187,887 0.2 Kyocera Corp. 2,400 182,066 187,344 0.2 TDK Corp. 900 93,512 172,581 0.2 Omron Corp. 1,500 98,095 170,286 0.2 Z Holdings Corp. 20,500 101,816 157,949 0.2 Advantest Corp. 1,604 55,113 152,997 0.2 NEC Corp. 2,100 82,041 143,559 0.2 Xero Ltd. 909 57,151 131,202 0.2 Obic Co. Ltd. 500 46,631 127,900 0.2 Nomura Research Institute Ltd. 2,100 42,355 95,749 0.1 Samsung Electro-Mechanics Co. Ltd. 455 53,656 94,984 0.1 Lasertec Corp. 600 18,565 89,659 0.1 NTT Data Corp. 5,000 71,365 87,056 0.1 Rakuten, Inc. 6,200 78,153 76,046 0.1 Lenovo Group Ltd. 62,000 65,325 74,568 0.1 Rohm Co. Ltd. 600 60,552 73,963 0.1 Renesas Electronics Corp. 5,528 63,969 73,602 0.1 CyberAgent, Inc. 800 38,149 70,187 0.1 SK Holdings Co. Ltd. 246 70,431 69,386 0.1 Trend Micro, Inc. 942 60,193 69,046 0.1 Otsuka Corp. 800 36,019 53,801 0.1 Taiyo Yuden Co. Ltd. 900 24,221 53,696 0.1 Ibiden Co. Ltd. 900 20,405 53,474 0.1 Oracle Corp. Japan 318 38,221 52,778 0.1 TIS, Inc. 2,000 34,275 52,172 0.1 Samsung SDS Co. Ltd. 244 54,690 51,080 0.1 Brother Industries Ltd. 1,900 49,064 49,844 0.1 SUMCO Corp. 1,700 38,868 47,472 0.1 Ricoh Co. Ltd. 5,600 67,690 46,782 0.1 Hirose Electric Co. Ltd. 240 40,473 46,347 0.1 NEXTDC Ltd. 3,707 24,669 44,570 0.1 ASM Pacific Technology Ltd. 2,500 38,417 42,021 0.1 Seiko Epson Corp. 2,100 49,251 39,673 0.1 AAC Technologies Holdings, Inc. 5,500 81,106 39,220 0.1 Itochu Techno-Solutions Corp. 800 22,631 36,377 0.1 Kakaku.com, Inc. 1,004 24,378 35,061 0.1 LG Display Co. Ltd. 1,596 44,111 34,721 0.1 Koei Tecmo Holdings Co. Ltd. 420 8,833 32,651 0.1 TechnoPro Holdings, Inc. 309 21,498 32,601 0.1 Altium Ltd. 947 17,202 31,644 0.1 NET One Systems Co. Ltd. 700 15,720 31,441 0.1 Alps Alpine Co. Ltd. 1,640 48,608 27,482 0.1 SCREEN Holdings Co. Ltd. 286 26,205 26,821 0.1 Justsystems Corp. 300 14,710 26,542 0.1 Tokyo Ohka Kogyo Co. Ltd. 294 13,872 26,302 0.0 Nihon Unisys Ltd. 500 13,365 24,926 0.0 LG Innotek Co. Ltd. 116 17,820 24,828 0.0 BayCurrent Consulting, Inc. 100 7,541 22,322 0.0 SCSK Corp. 300 17,614 21,841 0.0 Sharp Corp. 1,100 31,924 21,229 0.0 DB HiTek Co. Ltd. 316 5,712 18,901 0.0 Appen Ltd. 775 10,366 18,811 0.0 Konica Minolta Holdings, Inc. 3,800 41,564 18,475 0.0 WiseTech Global Ltd. 608 6,025 18,380 0.0 DeNA Co. Ltd. 806 20,817 18,290 0.0 Infomart Corp. 1,500 6,870 18,213 0.0 Wonik IPS Co. Ltd. 345 10,837 17,904 0.0 SHIFT, Inc. 100 18,251 17,658 0.0 Shinko Electric Industries Co. Ltd. 600 5,509 17,473 0.0 Megaport Ltd. 1,235 7,462 17,301 0.0 Digital Garage, Inc. 300 11,277 15,751 0.0 Douzone Bizon Co. Ltd. 128 4,955 15,612 0.0

188 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Inaba Denki Sangyo Co. Ltd. 500 12,979 15,585 0.0 GMO internet, Inc. 400 7,868 14,615 0.0 Wacom Co. Ltd. 1,300 8,273 13,876 0.0 L&F Co. Ltd. 159 7,475 13,333 0.0 Elecom Co. Ltd. 200 5,199 13,154 0.0 Razer, Inc. 33,000 11,580 12,905 0.0 OBIC Business Consultants Co. Ltd. 146 7,528 12,845 0.0 Fuji Soft, Inc. 200 8,214 12,734 0.0 Macnica Fuji Electronics Holdings, Inc. 500 10,266 12,494 0.0 Pro Medicus Ltd. 371 5,774 12,459 0.0 Tokyo Seimitsu Co. Ltd. 200 9,449 11,969 0.0 Digital Arts, Inc. 100 3,980 11,723 0.0 LEENO Industrial, Inc. 73 4,016 11,558 0.0 Technology One Ltd. 1,425 6,919 11,487 0.0 Domain Holdings Australia Ltd. 2,591 8,915 11,437 0.0 NS Solutions Corp. 300 9,813 11,254 0.0 Iriso Electronics Co. Ltd. 200 13,010 11,007 0.0 Eo Technics Co. Ltd. 80 8,175 10,977 0.0 NSD Co. Ltd. 400 4,822 10,977 0.0 LS Corp. 128 9,942 10,718 0.0 Systena Corp. 400 4,563 10,676 0.0 Ai Holdings Corp. 415 13,246 10,626 0.0 DTS Corp. 400 8,734 10,494 0.0 Oki Electric Industry Co. Ltd. 900 16,102 10,117 0.0 Iljin Materials Co. Ltd. 169 7,738 10,088 0.0 Internet Initiative Japan, Inc. 400 5,368 10,030 0.0 Dexerials Corp. 600 9,783 9,988 0.0 Seoul Semiconductor Co. Ltd. 414 10,379 9,978 0.0 Mitsui High-Tec, Inc. 200 5,216 9,563 0.0 Eizo Corp. 200 11,062 8,983 0.0 Canon Marketing Japan, Inc. 300 8,607 8,714 0.0 Change, Inc. 200 2,307 8,699 0.0 Japan Aviation Electronics Industry Ltd. 446 8,294 8,690 0.0 Sanken Electric Co. Ltd. 156 4,046 8,614 0.0 Grace Technology, Inc. 100 5,983 8,539 0.0 Broadleaf Co. Ltd. 1,000 4,957 8,416 0.0 Infocom Corp. 200 6,106 8,366 0.0 Restar Holdings Corp. 300 7,934 8,222 0.0 GemVax & Kael Co. Ltd. 293 5,244 8,213 0.0 Gree, Inc. 1,100 8,500 8,212 0.0 SUNeVision Holdings Ltd. 7,000 7,491 8,108 0.0 Nichicon Corp. 500 6,762 8,052 0.0 Hyundai Bioscience Co. Ltd. 229 3,767 7,842 0.0 Information Services International-Dentsu Ltd. ADR 200 3,887 7,712 0.0 Daou Technology, Inc. 292 6,989 7,500 0.0 Data#3 Ltd. 1,337 3,281 7,374 0.0 V Technology Co. Ltd. 100 5,692 7,256 0.0 Comture Corp. 200 5,145 7,209 0.0 BH Co. Ltd. 279 6,957 7,182 0.0 Zuken, Inc. 200 4,011 7,130 0.0 NEPES Corp. 143 1,538 7,128 0.0 Megachips Corp. 200 7,809 6,947 0.0 Optim Corp. 200 3,283 6,930 0.0 S&S Tech Corp. 134 6,851 6,836 0.0 Idec Corp. 300 7,182 6,741 0.0 Bravura Solutions Ltd. 2,114 6,139 6,692 0.0 ITM Semiconductor Co. Ltd. 98 6,546 6,540 0.0 TES Co. Ltd. 185 6,453 6,433 0.0 Micronics Japan Co. Ltd. 400 5,553 6,407 0.0 Mimasu Semiconductor Industry Co. Ltd. 200 3,954 6,372 0.0 Cybozu, Inc. 200 3,733 6,365 0.0 Tamura Corp. 900 6,311 6,352 0.0 AEM Holdings Ltd. 1,900 6,748 6,319 0.0 COLOPL, Inc. 500 7,587 6,306 0.0 VSTECS Holdings Ltd. 6,000 4,676 6,270 0.0 Hansen Technologies Ltd. 1,684 6,283 6,175 0.0 Hosiden Corp. 500 6,261 6,127 0.0 Kaga Electronics Co. Ltd. 200 6,460 5,883 0.0 Tokai Carbon Korea Co. Ltd. 40 4,543 5,878 0.0 AhnLab, Inc. 65 4,085 5,809 0.0 Siix Corp. 300 8,002 5,712 0.0 Glory Sun Financial Group Ltd. 104,000 7,168 5,639 0.0 Daeduck Electronics Co. Ltd. 381 4,409 5,630 0.0 Silicon Works Co. Ltd. 82 4,282 5,597 0.0

189 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Sato Holdings Corp. 200 6,694 5,491 0.0 Raksul, Inc. 100 4,480 5,485 0.0 Koa Corp. 300 5,475 5,460 0.0 Zenrin Co. Ltd. 350 8,190 5,446 0.0 TechMatrix Corp. 200 2,615 5,299 0.0 Eugene Technology Co. Ltd. 133 4,503 5,202 0.0 Ines Corp. 300 3,881 5,168 0.0 Miroku Jyoho Service Co. Ltd. 200 5,943 5,168 0.0 Riso Kagaku Corp. 300 5,841 5,157 0.0 Enplas Corp. 107 4,362 5,149 0.0 Cafe24 Corp. 69 14,678 5,139 0.0 Asiainfo Technologies Ltd. 2,800 6,201 5,125 0.0 Kanematsu Electronics Ltd. 100 3,876 5,121 0.0 Sanshin Electronics Co. Ltd. 200 3,410 5,104 0.0 Partron Co. Ltd. 351 4,002 4,610 0.0 Ryosan Co. Ltd. 200 8,685 4,605 0.0 Enigmo, Inc. 300 6,605 4,598 0.0 FIT Hon Teng Ltd. 10,000 8,857 4,420 0.0 SFA Semicon Co. Ltd. 651 4,309 4,405 0.0 Future Corp. 200 2,577 4,353 0.0 SB Technology Corp. 100 2,646 4,306 0.0 AfreecaTV Co. Ltd. 60 4,705 4,257 0.0 Duk San Neolux Co. Ltd. 103 4,147 4,210 0.0 Daea TI Co. Ltd. 616 4,612 4,176 0.0 Tachibana Eletech Co. Ltd. 200 5,448 4,134 0.0 Advanced Process Systems Corp. 137 5,942 3,993 0.0 Ryoyo Electro Corp. 100 1,867 3,924 0.0 KLab, Inc. 352 6,857 3,896 0.0 I'll, Inc. 200 2,970 3,865 0.0 KC Tech Co. Ltd. 106 3,124 3,823 0.0 Jusung Engineering Co. Ltd. 389 5,116 3,745 0.0 Canon Electronics, Inc. 200 4,864 3,699 0.0 Shinko Shoji Co. Ltd. 400 3,606 3,697 0.0 Sourcenext Corp. 1,000 5,701 3,455 0.0 Vista Group International Ltd. 2,181 2,163 3,361 0.0 Hansol Technics Co. Ltd. 280 4,790 3,333 0.0 Toptec Co. Ltd. 227 5,983 3,275 0.0 Transcosmos, Inc. 100 3,250 3,214 0.0 Shindengen Electric Manufacturing Co. Ltd. 100 6,768 3,165 0.0 Japan Display, Inc. 5,700 11,906 3,165 0.0 Truly International Holdings Ltd. 20,000 8,801 3,155 0.0 Innox Advanced Materials Co. Ltd. 59 5,027 3,155 0.0 ZIGExN Co. Ltd. 600 4,431 2,932 0.0 STCUBE 234 6,865 2,799 0.0 ICD Co. Ltd. 128 1,839 2,747 0.0 Istyle, Inc. 545 8,027 2,744 0.0 Posco ICT Co. Ltd. 301 2,413 2,736 0.0 Towa Corp. 100 1,400 2,593 0.0 KH Vatec Co. Ltd. 107 1,591 2,560 0.0 Ebase Co. Ltd. 200 3,560 2,510 0.0 CMK Corp. 503 4,691 2,501 0.0 Elematec Corp. 200 3,071 2,500 0.0 Dai-ichi Seiko Co. Ltd. 100 2,729 2,440 0.0 NEC Capital Solutions Ltd. 100 2,282 2,332 0.0 Fixstars Corp. 200 3,734 2,322 0.0 Silverlake Axis Ltd. 8,800 2,812 2,290 0.0 FDK Corp. 100 2,091 2,196 0.0 RPA Holdings, Inc. 200 2,719 1,579 0.0 COOKPAD, Inc. 400 6,753 1,535 0.0 Poletowin Pitcrew Holdings, Inc. 100 1,230 1,440 0.0 Green Cross Cell Corp. 18 924 1,081 0.0 7,516,723 12,156,375 14.4 Telecommunications SoftBank Group Corp. 11,634 591,471 1,156,796 1.4 KDDI Corp. 13,600 475,723 514,531 0.6 Softbank Corp. 22,155 368,905 353,485 0.4 Nippon Telegraph & Telephone Corp. 10,032 308,617 327,488 0.4 Singapore Telecommunications Ltd. 59,837 197,298 133,636 0.2 Telstra Corp. Ltd. 34,301 129,853 100,488 0.1 Spark New Zealand Ltd. 15,194 51,998 65,505 0.1 Hikari Tsushin, Inc. 200 46,672 59,674 0.1 SK Telecom Co. Ltd. 191 51,193 53,313 0.1 Anritsu Corp. 1,200 19,829 34,116 0.1

190 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets PCCW Ltd. 34,670 26,778 26,603 0.1 NetLink NBN Trust 26,100 21,164 24,278 0.0 Chorus Ltd. 3,293 14,583 23,893 0.0 TPG Telecom Ltd. 2,696 21,356 19,136 0.0 LG Uplus Corp. 1,342 19,419 18,493 0.0 KMW Co. Ltd. 178 15,049 16,847 0.0 Vocus Group Ltd. 4,128 17,594 16,395 0.0 HKBN Ltd. 7,000 15,452 13,802 0.0 NEC Networks & System Integration Corp. 600 5,495 13,208 0.0 Codan Ltd. 1,182 4,852 12,991 0.0 VTech Holdings Ltd. 1,200 17,756 11,860 0.0 SKY Perfect JSAT Holdings, Inc. 1,400 8,892 8,776 0.0 Uniti Group Ltd. 4,769 6,755 8,017 0.0 RFHIC Corp. 1 3 5 7, 0 2 1 7, 0 6 9 0 . 0 StarHub Ltd. 5,400 14,673 6,819 0.0 G-treeBNT Co. Ltd. 199 11,134 6,815 0.0 Ace Technologies Corp. 195 6,701 6,209 0.0 Service Stream Ltd. 3,479 7,366 6,173 0.0 Telcon RF Pharmaceutical, Inc. 726 13,198 5,160 0.0 T-Gaia Corp. 200 5,195 4,775 0.0 INTOPS Co. Ltd. 123 1,482 4,349 0.0 OptoElectronics Solutions Co. Ltd. 65 2,559 4,261 0.0 FIH Mobile Ltd. 25,000 10,370 3,902 0.0 Vision, Inc. 300 5,803 3,835 0.0 ARTERIA Networks Corp. 200 4,429 3,690 0.0 Denki Kogyo Co. Ltd. 102 3,696 3,369 0.0 Icom, Inc. 100 2,763 3,359 0.0 SKY Network Television Ltd. 18,602 17,383 2,747 0.0 SpeedCast International Ltd. 2,737 12,089 0 0.0 2,562,566 3,085,863 3.6 Utilities CLP Holdings Ltd. 13,500 177,962 159,040 0.2 Hong Kong & China Gas Co. Ltd. 83,467 165,425 158,809 0.2 Tokyo Gas Co. Ltd. 3,423 106,558 100,696 0.1 Chubu Electric Power Co. Inc. 5,713 99,011 87,627 0.1 Osaka Gas Co. Ltd. 3,200 80,588 83,396 0.1 Power Assets Holdings Ltd. 11,500 123,724 79,360 0.1 Kansai Electric Power Co. Inc. 6,000 92,505 72,090 0.1 Korea Electric Power Corp. 2,096 88,205 67,354 0.1 Meridian Energy Ltd. 9,450 30,336 64,319 0.1 AGL Energy Ltd. 5,071 105,390 59,573 0.1 Toho Gas Co. Ltd. 700 31,539 58,996 0.1 Origin Energy Ltd. 12,589 86,231 58,910 0.1 Contact Energy Ltd. 5,466 28,152 44,673 0.1 Kyushu Electric Power Co. Inc. 3,900 51,948 42,734 0.1 Tokyo Electric Power Co. Holdings, Inc. 12,400 68,443 41,619 0.1 Tohoku Electric Power Co. Inc. 3,700 58,619 38,808 0.1 Chugoku Electric Power Co. Inc. 2,600 42,812 38,788 0.1 CK Infrastructure Holdings Ltd. 5,000 48,090 34,217 0.0 Mercury NZ Ltd. 5,627 18,488 33,705 0.0 Iwatani Corp. 400 17,108 31,392 0.0 AusNet Services 14,910 24,567 25,724 0.0 Cleanaway Waste Management Ltd. 9,162 12,627 21,166 0.0 Nippon Gas Co. Ltd. 300 14,058 20,471 0.0 RENOVA, Inc. 400 6,525 19,546 0.0 Electric Power Development Co. Ltd. 1,100 37,197 19,288 0.0 Daiseki Co. Ltd. 400 12,546 14,931 0.0 Sembcorp Industries Ltd. 8,500 21,599 14,011 0.0 Sims Ltd. 1,049 12,576 13,870 0.0 Keppel Infrastructure Trust 26,232 13,254 13,781 0.0 Shikoku Electric Power Co. Inc. 1,500 24,191 12,438 0.0 Hokuriku Electric Power Co. 1,200 14,916 9,951 0.0 Korea Gas Corp. 274 14,612 9,930 0.0 Vector Ltd. 2,525 7,628 9,844 0.0 Genesis Energy Ltd. 2,749 6,245 9,141 0.0 Okinawa Electric Power Co. Inc. 472 10,331 8,072 0.0 Hokkaido Electric Power Co. Inc. 1,700 16,325 7,867 0.0 Saibu Gas Co. Ltd. 200 6,209 7,675 0.0 Shizuoka Gas Co. Ltd. 600 6,420 7,655 0.0 Towngas China Co. Ltd. 12,000 10,791 6,901 0.0 Mitsuuroko Group Holdings Co. Ltd. 400 3,848 6,579 0.0 GCL New Energy Holdings Ltd. 66,000 2,774 3,416 0.0 SK Gas Ltd. 26 2,958 3,186 0.0

191 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Hyflux Ltd. 3,300 1,941 668 0.0 1,805,272 1,622,217 1.9 Total equities 83,886,521 99.2

Description Currency Par Value Cost ($) Fair Value ($) % of Net Assets Short-term United States Treasury Bill 0.07% Feb 16/21 USD 31,100 40,965 39,618 0.0 Total short-term 40,965 39,618 0.0 Total investments 71,388,070 83,926,139 99.2 Foreign currency contracts (Schedule 1) (1,121) (0.0) Futures contracts (Schedule 2) 11 , 14 6 0 . 0 Other assets and liabilities (net) 629,724 0.8 Total net assets attributable to holders of redeemable units 84,565,888 100.0

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 556,476 Japanese Yen 57,802,016 Jan 14/21 4,389 AA- 1 U.S. Dollar 98,440 Australian Dollar 130,608 Jan 14/21 3,001 AA- 1 U.S. Dollar 24,800 Australian Dollar 34,354 Jan 14/21 2,181 A+ 1 U.S. Dollar 93,069 Japanese Yen 9,726,620 Jan 14/21 1,467 AA- 1 Euro 3,168 U.S. Dollar 3,897 Jan 04/21 26 A+ 1 South Korean Won 80,038,360 U.S. Dollar 73,693 Jan 05/21 17 AA- 1 Hong Kong Dollar 95,545 U.S. Dollar 12,324 Jan 05/21 3 AA- 1 Japanese Yen 37,133,682 U.S. Dollar 359,666 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 11 , 0 8 4 1 Japanese Yen 34,000,000 U.S. Dollar 321,946 Jan 14/21 (9,436) AA- 1 Australian Dollar 36,000 U.S. Dollar 25,870 Jan 14/21 (2,437) AA- 1 U.S. Dollar 97,053 Japanese Yen 10,000,000 Jan 05/21 (250) A 1 Australian Dollar 20,362 U.S. Dollar 15,648 Jan 04/21 (82) AA- Unrealized depreciation of foreign currency contracts (12,205) Net unrealized depreciation of foreign currency contracts (1,121)

* Sources: Standard & Poor’s and Fitch.

Schedule 2—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 2 TOPIX Mar 11/21 JPY 36,090,000 12,935 Unrealized appreciation of futures contracts 12,935 1 SPI 200 Index Mar 18/21 AUD 163,425 (1,789) Unrealized depreciation of futures contracts (1,789) Net unrealized appreciation of futures contracts 11 , 14 6

192 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Industrials 18.1 18.9 Consumer Discretionary 17.5 17.5 Financials 14.7 17.1 Technology 14.4 11.4 Health Care 9.5 8.3 Basic Materials 7. 6 6. 8 Consumer Staples 5.6 6.0 Real Estate 5.1 5.3 Telecommunications 3.6 3.8 Utilities 1. 9 2. 4 Energy 1. 2 1. 7 Short-term 0.0 — Other assets and liabilities (net) 0.8 0.8 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Equities Japan 57.8 59.5 Australia 16.8 16.7 South Korea 14.5 11.3 Hong Kong 7. 3 8. 3 Singapore 2.6 3.2 New Zealand 1. 0 1. 0 Other 0.0 — 100.0 100.0

193 Vanguard FTSE Developed Europe All Cap Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $150,723,074 $218,739,022 Cash 1,036,787 1,266,014 Amounts receivable for investments sold 845,401 56,460 Margin due from brokers on futures contracts 257,587 — Dividends receivable 1,204,528 1,150,031 Unrealized appreciation of foreign currency contracts 76,179 18,774 Unrealized appreciation of futures contracts 20,697 812 Total assets 154,164,253 221,231,113 Liabilities Current liabilities Amounts payable for investments purchased 15,004 40,339 Distributions payable 972,312 1,018,445 Accounts payable and accrued expenses 5,721 22,113 Unrealized depreciation of foreign currency contracts 56,075 21,908 Unrealized depreciation of futures contracts 10,879 4,498 Total liabilities excluding net assets attributable to holders of redeemable units 1,059,991 1,107,303 Total net assets attributable to holders of redeemable units $153,104,262 $220,123,810 Number of redeemable units outstanding (Note 9) 5,080,000 7,430,000 Net assets attributable to holders of redeemable units per unit $30.14 $29.63

The accompanying notes are an integral part of the financial statements.

194 Vanguard FTSE Developed Europe All Cap Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $4,890,598 $8,733,239 Interest for distribution purposes 1,272 602 Income distribution from underlying funds — 13,272 Net realized gain (loss) on sale of investments (4,688,414) 960,401 Change in unrealized appreciation/depreciation of investments (761,290) 25,456,458 Net gain (loss) on investments (557,834) 35,163,972 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (271,744) 115,338 Net realized gain (loss) on futures contracts 32,961 53,899 Change in unrealized appreciation/depreciation of foreign currency contracts 23,238 (3,083) Change in unrealized appreciation/depreciation of futures contracts 13,504 (3,686) Net gain (loss) on derivatives (202,041) 162,468 Other income 37,554 139,219 Net realized gain (loss) on foreign currency transactions 309,229 (100,240) Change in unrealized appreciation/depreciation of foreign currency translations 47,834 (63,988) Total income (net) (365,258) 35,301,431 Expenses (Note 10) Management fees 369,042 450,093 Overdraft expenses 1,464 817 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 448,241 739,461 Transaction costs (Note 3) 36,498 141,054 Total expenses 857,939 1,333,983 Expenses absorbed by manager (2,694) (2,558) Net expenses 855,245 1,331,425 Increase (decrease) in net assets attributable to holders of redeemable units $(1,220,503) $33,970,006 Weighted average number of redeemable units 6,306,230 7,208,575 Increase (decrease) in net assets attributable to holders of redeemable units per unit $(0.19) $4.71

The accompanying notes are an integral part of the financial statements.

195 Vanguard FTSE Developed Europe All Cap Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $220,123,810 $207,226,050 Increase (decrease) in net assets attributable to holders of redeemable units $(1,220,503) $33,970,006 Distributions to holders of redeemable units Net investment income (4,249,135) (7,693,591) Total distributions to holders of redeemable units (4,249,135) (7,693,591) Redeemable unit transactions Proceeds from issuance of redeemable units 7,635,750 53,778,255 Payment for redeemable units redeemed (69,185,660) (67,156,910) Net redeemable unit transactions (61,549,910) (13,378,655) Net assets attributable to holders of redeemable units, end of year $153,104,262 $220,123,810

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $(1,220,503) $33,970,006 Adjustments for: Net realized (gain) loss on sale of investments 4,688,414 (960,401) Change in unrealized appreciation/depreciation of investments 761,290 (25,456,458) Change in unrealized appreciation/depreciation of derivatives (36,742) 6,769 Change in unrealized appreciation/depreciation of foreign currency translations (47,834) 63,988 Purchase of investments (13,257,276) (65,295,603) Proceeds from sale of investments 75,009,244 79,647,161 Change in working capital (328,476) 55,648 Net cash from (used in) operating activities 65,568,117 22,031,110 Cash flows from (used in) financing activities Proceeds from issuance of redeemable units 7,635,750 53,778,255 Distributions to holders of redeemable units, net of reinvested distributions (4,295,268) (7,817,012) Payment for redeemable units redeemed (69,185,660) (67,156,910) Net cash from (used in) financing activities (65,845,178) (21,195,667) Change in unrealized appreciation/depreciation of foreign currency translations 47,834 (63,988) Net increase (decrease) in cash during the year $(229,227) $771,455 Cash, beginning of year $1,266,014 $494,559 Cash, end of year $1,036,787 $1,266,014 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $4,387,860 $8,048,655 Income distributions received, net of foreign withholding taxes, if applicable — $13,272 Interest received, net of foreign withholding taxes, if applicable $1,272 $602 Interest paid, net of foreign withholding taxes, if applicable $1,464 $817

The accompanying notes are an integral part of the financial statements.

196 Vanguard FTSE Developed Europe All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Basic Materials Rio Tinto plc 11,448 661,330 1,090,533 0.7 Air Liquide SA Loyalty Bonus 5,070 629,104 1,060,995 0.7 BASF SE 9,723 1,055,851 980,912 0.6 BHP Group plc 22,082 510,383 740,271 0.5 Anglo American plc ADR 13,014 320,990 549,484 0.4 Givaudan SA 98 291,053 526,837 0.4 Glencore plc 114,163 508,910 463,237 0.3 Koninklijke DSM NV 1,826 204,944 400,769 0.3 Akzo Nobel NV 2,006 231,847 274,734 0.2 UPM-Kymmene Oyj 5,591 193,409 265,554 0.2 Symrise AG Class A 1,317 133,034 222,539 0.2 ArcelorMittal SA 7,519 192,473 221,286 0.2 Brenntag AG 1,697 119,445 167,553 0.1 Croda International plc 1,453 107,147 166,905 0.1 Mondi plc 5,279 154,088 158,080 0.1 Covestro AG 1,962 165,798 154,387 0.1 Stora Enso Oyj Class R 6,290 107,957 153,397 0.1 Svenska Cellulosa AB SCA Class B 6,720 170,236 149,385 0.1 Umicore SA 2,219 108,767 135,903 0.1 SKF AB Class B 3,826 94,226 126,657 0.1 Boliden AB 2,734 91,720 123,589 0.1 Solvay SA Class A 744 115,609 112,356 0.1 Polymetal International plc 3,733 58,445 109,509 0.1 Arkema SA 708 89,408 103,190 0.1 Yara International ASA 1,877 100,853 99,429 0.1 IMCD NV 611 48,762 99,291 0.1 Antofagasta plc 3,733 52,197 93,647 0.1 EMS-Chemie Holding AG 76 59,409 93,434 0.1 KGHM Polska Miedz SA 1,424 45,271 89,102 0.1 Johnson Matthey plc 2,021 103,389 85,349 0.1 Evonik Industries AG 2,009 80,773 83,552 0.1 Norsk Hydro ASA 13,829 90,059 82,021 0.1 Lanxess AG 828 67,455 81,004 0.1 Holmen AB Class B 1,001 27,641 61,120 0.0 Fuchs Petrolub SE Pfd. 832 53,487 60,229 0.0 Clariant AG 2,035 56,174 55,198 0.0 Tenaris SA 5,079 89,681 52,443 0.0 Evraz plc 6,324 34,656 51,938 0.0 voestalpine AG 1,091 54,986 49,829 0.0 BillerudKorsnas AB 2,021 39,184 45,632 0.0 Aurubis AG 407 32,852 40,388 0.0 Fresnillo plc 2,015 38,453 39,635 0.0 Hexpol AB 2,496 31,007 34,074 0.0 Victrex plc 826 29,206 33,747 0.0 KAZ Minerals plc 2,476 19,792 28,459 0.0 Bodycote plc 2,184 26,701 28,354 0.0 Imerys SA 464 38,025 27,962 0.0 Wacker Chemie AG 153 20,258 27,844 0.0 Metsa Board Oyj 2,064 19,447 27,734 0.0 Acerinox SA 1,939 30,406 27,305 0.0 APERAM SA 502 25,596 26,715 0.0 Synthomer plc 3,349 23,636 26,222 0.0 OCI NV 1,035 28,200 25,362 0.0 Centamin plc 11,419 25,217 24,599 0.0 Borregaard ASA 1,155 16,226 24,370 0.0 K+S AG 1,958 55,685 23,770 0.0 SSAB AB Class B 5,739 20,549 23,308 0.0 Kemira Oyj 1,080 18,716 21,785 0.0 Petropavlovsk plc 34,319 21,580 19,424 0.0 Hill & Smith Holdings plc 728 16,411 17,876 0.0 Bekaert SA 412 19,243 17,443 0.0 Outokumpu Oyj Class A 3,240 29,921 16,263 0.0 Ferrexpo plc 3,282 12,667 16,152 0.0 RHI Magnesita NV 256 15,611 15,848 0.0 SSAB AB Class A 3,334 21,062 15,154 0.0 Lenzing AG 116 17,876 14,972 0.0

197 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Fuchs Petrolub SE 231 12,372 13,629 0.0 Ahlstrom-Munksjo Oyj 455 9,911 12,837 0.0 Elementis plc 6,372 23,203 12,761 0.0 Tessenderlo Group SA 235 12,217 11,960 0.0 Salzgitter AG 353 15,401 11,941 0.0 Elkem ASA 2,603 14,928 10,992 0.0 Robertet SA 7 9,246 9,875 0.0 Kloeckner & Co. SE 717 7,933 8,947 0.0 Ence Energia y Celulosa SA 1,507 7,908 7,975 0.0 Hochschild Mining plc 2,181 7,255 7,893 0.0 Eramet 107 9,521 7,159 0.0 Semapa-Sociedade de Investimento e Gestao 489 10,200 6,860 0.0 Grupa Azoty SA 605 6,705 5,678 0.0 SGL Carbon SE 1,000 13,852 5,604 0.0 Altri SGPS SA 566 5,052 4,553 0.0 Jacquet Metals SA 199 5,849 4,312 0.0 Vallourec SA 84 22,665 3,502 0.0 8,168,712 10,432,523 6.8 Consumer Discretionary LVMH Moet Hennessy Louis Vuitton SE 2,626 982,053 2,091,326 1.4 adidas AG 2,041 560,983 947,774 0.6 Daimler AG 8,398 749,357 756,519 0.5 Kering SA 772 387,152 715,298 0.5 Cie Financiere Richemont SA Series A 5,412 543,584 624,631 0.4 RELX plc 19,631 548,820 612,807 0.4 Volkswagen AG Pfd. 1,957 403,298 464,969 0.3 Industria de Diseno Textil SA 11,122 495,885 451,455 0.3 Compass Group plc 18,809 490,473 446,461 0.3 Hermes International 321 226,706 440,130 0.3 Ferrari NV 1,293 170,366 380,230 0.3 Bayerische Motoren Werke AG 3,344 387,253 376,509 0.3 Flutter Entertainment plc 1,293 204,561 340,240 0.2 Vivendi SA 8,073 256,797 331,972 0.2 Wolters Kluwer NV 2,784 191,577 299,700 0.2 Delivery Hero SE 1,501 108,586 297,150 0.2 Cie Generale des Etablissements Michelin SCA 1,742 269,149 284,985 0.2 Henkel AG & Co. KGaA Pfd. 1,843 284,654 265,166 0.2 Fiat Chrysler Automobiles NV 11,542 193,385 263,758 0.2 Hennes & Mauritz AB Class B 9,226 297,719 246,169 0.2 Zalando SE 1,705 103,618 242,015 0.2 Evolution Gaming Group AB 1,671 65,064 216,396 0.2 Continental AG 1,132 284,197 213,953 0.2 Peugeot SA 5,892 164,591 205,456 0.1 WPP plc 12,884 304,827 179,499 0.1 Next plc 1,377 133,087 169,925 0.1 Persimmon plc 3,416 135,482 164,607 0.1 Moncler SPA 2,079 79,444 162,491 0.1 InterContinental Hotels Group plc 1,963 145,094 160,330 0.1 Informa plc 16,046 185,435 153,413 0.1 Publicis Groupe SA 2,351 188,529 149,375 0.1 Porsche Automobil Holding SE Pfd. 1,666 132,258 146,469 0.1 Pandora A/S 1,019 113,057 145,324 0.1 Puma SE 997 72,876 143,415 0.1 Henkel AG & Co. KGaA 1,109 147,577 136,309 0.1 Burberry Group plc 4,321 130,328 134,660 0.1 Valeo SA 2,555 180,460 128,563 0.1 Barratt Developments plc 10,862 110,987 126,738 0.1 Ubisoft Entertainment SA 1,019 81,339 125,231 0.1 Entain plc 6,275 85,852 123,867 0.1 Sodexo SA Loyalty Bonus 1,090 161,856 117,611 0.1 Swatch Group AG (Bearer) 332 150,786 115,557 0.1 Whitbread plc 2,080 116,093 112,291 0.1 Taylor Wimpey plc 37,877 113,671 109,366 0.1 Kingfisher plc 22,740 120,061 107,083 0.1 Renault SA 1,914 205,019 106,692 0.1 Berkeley Group Holdings plc 1,250 77,816 103,227 0.1 Pearson plc 7,908 108,018 93,703 0.1 Accor SA 1,947 118,001 89,836 0.1 Volkswagen AG 316 69,443 83,788 0.1 B&M European Value Retail SA 9,104 54,311 81,841 0.1 ITV plc 40,751 122,812 75,793 0.1 Husqvarna AB Class B 4,307 47,342 71,157 0.1 JD Sports Fashion plc 4,706 33,559 70,481 0.1

198 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Bellway plc 1,348 69,272 69,370 0.1 Games Workshop Group plc 354 24,389 69,047 0.1 Howden Joinery Group plc 5,734 49,268 68,862 0.1 Nokian Renkaat Oyj 1,489 65,895 66,893 0.1 Electrolux AB Series B 2,253 79,764 66,878 0.1 CD Projekt SA 668 47,521 62,742 0.1 Faurecia SE 907 59,843 59,254 0.1 Bayerische Motoren Werke AG Pfd. 658 59,754 56,618 0.1 Thule Group AB 1,170 27,122 55,829 0.1 La Francaise des Jeux SAEM 950 43,360 55,399 0.1 CTS Eventim AG & Co. KGaA 641 37,624 54,356 0.1 HomeServe plc 3,040 40,349 54,265 0.0 William Hill plc 11,375 59,760 53,505 0.0 Deutsche Lufthansa AG 3,171 77,703 53,458 0.0 Adevinta ASA Class B 2,454 33,292 52,582 0.0 Dometic Group AB 3,018 32,867 51,008 0.0 Marks & Spencer Group plc 21,479 113,393 50,984 0.0 Schibsted ASA Class A 899 33,106 49,000 0.0 Nordic Entertainment Group AB Class B 682 21,336 48,519 0.0 Schibsted ASA Class B 973 35,708 46,301 0.0 Dufry AG 570 78,379 45,660 0.0 Countryside Properties plc 5,261 29,569 42,823 0.0 Hella GmbH & Co. KGaA 511 32,759 42,137 0.0 Trainline plc 4,945 42,001 39,958 0.0 Lagardere SCA 1,246 41,165 39,778 0.0 Pets at Home Group plc 5,213 18,061 37,784 0.0 Vistry Group plc 2,205 38,537 36,077 0.0 TUI AG 4,511 72,129 36,011 0.0 easyJet plc 2,463 58,765 35,601 0.0 WH Smith plc 1,332 42,133 35,027 0.0 ProSiebenSat.1 Media SE 1,546 68,064 33,148 0.0 Stroeer SE & Co. KGaA 262 22,851 33,081 0.0 Carnival plc 1,363 99,165 32,448 0.0 SSP Group plc 5,514 42,496 31,861 0.0 International Consolidated Airlines Group SA 11,381 32,155 31,672 0.0 Future plc 1,039 22,712 31,448 0.0 Pirelli & C. SPA 4,470 41,746 30,888 0.0 RTL Group SA 476 42,599 29,487 0.0 Wizz Air Holdings plc 369 17,115 29,329 0.0 Forbo Holding AG 13 23,364 28,442 0.0 Cie Plastic Omnium SA 601 26,104 26,438 0.0 De' Longhi SPA 647 21,325 26,000 0.0 Fielmann AG 249 25,167 25,792 0.0 Redrow plc 2,572 25,183 25,598 0.0 LPP SA 9 26,663 25,495 0.0 Swatch Group AG 377 28,499 25,407 0.0 Domino's Pizza Group plc 4,573 24,390 25,166 0.0 Hugo Boss AG 589 52,669 25,056 0.0 D'ieteren SA 235 14,442 24,836 0.0 Sixt SE 162 18,873 24,798 0.0 Playtech plc 3,493 45,745 24,411 0.0 National Express Group plc 5,826 35,377 24,086 0.0 Freni Brembo SPA 1,418 23,542 23,872 0.0 Dixons Carphone plc 11,443 48,245 23,076 0.0 AO World plc 3,110 7,868 22,260 0.0 Brunello Cucinelli SPA 389 12,570 21,648 0.0 Dunelm Group plc 1,023 13,780 21,610 0.0 Basic-Fit NV 458 10,716 21,418 0.0 Aston Martin Lagonda Global Holdings plc 608 29,683 21,272 0.0 JCDecaux SA 732 31,577 21,258 0.0 Sanoma Oyj 934 12,025 20,004 0.0 IPSOS 462 17,763 19,877 0.0 Trigano SA 88 11,654 19,863 0.0 Salvatore Ferragamo SPA 761 19,989 18,814 0.0 zooplus AG 69 14,775 18,263 0.0 Technogym SPA 1,250 17,046 18,004 0.0 J.D. Wetherspoon plc 884 14,630 17,181 0.0 Gamesys Group plc 840 16,672 16,677 0.0 Betsson AB 1,440 21,286 16,463 0.0 Daily Mail And General Trust plc 1,268 14,979 16,451 0.0 Firstgroup plc 12,361 22,790 15,930 0.0 CIE Automotive SA 454 12,900 15,612 0.0 Watches of Switzerland Group plc 1,542 8,726 15,548 0.0 Modern Times Group MTG AB Class B 667 28,079 15,179 0.0

199 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Metropole Television SA 726 16,861 15,006 0.0 Air France-KLM 1,879 28,172 14,996 0.0 888 Holdings plc 3,007 9,759 14,951 0.0 Crest Nicholson Holdings plc 2,539 22,858 14,406 0.0 Frasers Group plc 1,827 12,313 14,362 0.0 Sixt SE Pfd. 157 10,799 14,048 0.0 Ceconomy AG 1,579 46,775 13,944 0.0 Cairn Homes plc 8,460 17,820 12,924 0.0 Bilia AB Class A 814 10,797 12,804 0.0 Television Francaise 1 1,229 20,380 12,625 0.0 Fnac Darty SA 153 16,000 12,569 0.0 Dalata Hotel Group plc 2,112 19,431 12,461 0.0 Cineworld Group plc 11,022 54,651 12,304 0.0 Autogrill SPA 1,377 13,411 11,741 0.0 Gestamp Automocion SA 1,888 17,630 11,613 0.0 Nobia AB 1,121 9,332 11,451 0.0 Accell Group NV 280 10,634 11,283 0.0 Hornbach Holding AG & Co. KGaA 90 8,135 11,041 0.0 McCarthy & Stone plc 5,190 14,929 10,828 0.0 ALD SA 602 12,385 10,792 0.0 Halfords Group plc 2,270 15,596 10,555 0.0 SAS AB 37,264 8,946 10,550 0.0 Schaeffler AG Pfd. 954 11,730 10,164 0.0 Maisons du Monde SA 432 18,332 10,067 0.0 Melia Hotels International SA 1,126 18,993 10,040 0.0 Mediaset SPA 3,042 13,413 9,892 0.0 Elior Group SA 1,075 15,253 9,250 0.0 TI Fluid Systems plc 2,157 6,149 9,211 0.0 CCC SA 294 18,963 8,798 0.0 Mediaset Espana Comunicacion SA 1,314 16,581 8,726 0.0 Juventus Football Club SPA 6,815 4,416 8,654 0.0 Mitchells & Butlers plc 2,031 10,010 8,506 0.0 Marston's plc 6,426 12,236 8,460 0.0 Autoneum Holding AG 36 12,404 8,385 0.0 RAI Way SPA 927 7,054 7,890 0.0 Interparfums SA 117 5,080 7,833 0.0 DO & CO AG 75 7,934 7,810 0.0 Go-Ahead Group plc 455 16,881 7,801 0.0 AmRest Holdings SE 817 12,283 7,738 0.0 Bonava AB Class B 633 10,842 7,728 0.0 SkiStar AB 460 5,703 7,621 0.0 Scandic Hotels Group AB 1,411 18,692 7,617 0.0 Mekonomen AB Series B 533 14,797 7,532 0.0 Restaurant Group plc 6,459 27,295 7,221 0.0 ElringKlinger AG 284 7,086 7,012 0.0 Promotora de Informaciones SA Class A 4,926 14,530 6,857 0.0 Finnair Oyj 5,615 4,252 6,630 0.0 Tod's SPA 140 11,045 6,211 0.0 Hornbach Baumarkt AG 110 6,899 6,139 0.0 Kinepolis Group NV 104 8,201 5,633 0.0 Stagecoach Group plc 3,946 11,853 5,089 0.0 Beneteau SA 343 7,211 5,061 0.0 Atresmedia Corp. de Medios de Comunicacion SA 1,061 15,818 4,763 0.0 Rank Group plc 1,654 6,442 4,010 0.0 AKWEL 109 5,538 3,891 0.0 Clas Ohlson AB Class B 308 6,972 3,746 0.0 Piaggio & C. SPA 862 2,940 3,623 0.0 Arnoldo Mondadori Editore SPA 1,423 2,917 3,349 0.0 Rizzoli Corriere Della Sera Mediagroup SPA 2,702 3,799 2,401 0.0 Van de Velde NV 60 4,639 2,142 0.0 B&S Group Sarl 167 1,934 1,921 0.0 Europcar Mobility Group 1,496 24,974 1,763 0.0 15,557,776 18,319,043 12.0 Consumer Staples Nestlé SA 29,550 3,331,283 4,440,347 2.9 Unilever plc 26,870 1,886,224 2,055,189 1.4 L'Oréal SA Loyalty Bonus 2,586 641,027 1,252,854 0.8 Diageo plc 24,171 1,046,325 1,211,455 0.8 British American Tobacco plc 24,107 1,713,426 1,136,878 0.8 Anheuser-Busch InBev SA 8,837 1,167,653 785,321 0.5 Reckitt Benckiser Group plc 6,645 772,619 757,055 0.5 Pernod Ricard SA 2,204 419,647 538,702 0.4 Danone SA 6,368 638,157 533,646 0.4

200 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Tesco plc 102,907 376,071 414,696 0.3 Koninklijke Ahold Delhaize NV 11,454 344,068 412,618 0.3 Heineken NV 2,523 322,462 358,755 0.2 Kerry Group plc Class A 1,632 215,361 301,460 0.2 Imperial Brands plc 9,926 519,945 265,428 0.2 Chocoladefabriken Lindt & Spruengli AG 12 188,051 264,226 0.2 Essity AB Class B 6,423 238,960 263,545 0.2 Carlsberg A/S Class B 1,030 152,165 210,352 0.1 Ocado Group plc 5,202 67,762 207,185 0.1 Swedish Match AB 1,602 79,636 158,503 0.1 Beiersdorf AG 1,073 146,433 157,960 0.1 HelloFresh SE 1,569 35,654 154,572 0.1 Associated British Foods plc 3,729 182,023 147,025 0.1 Heineken Holding NV 1,149 134,881 138,002 0.1 Carrefour SA 6,174 176,798 135,025 0.1 Mowi ASA 4,595 113,127 130,592 0.1 Orkla ASA 8,514 101,949 110,217 0.1 Barry Callebaut AG 33 74,982 100,069 0.1 Kesko Oyj Class B 2,948 51,107 96,686 0.1 Davide Campari-Milano NV 5,603 67,779 81,575 0.1 Coca-Cola HBC AG 1,925 71,360 79,686 0.1 Royal Unibrew A/S 522 40,257 77,243 0.1 SEB SA Loyalty Bonus 324 55,567 75,252 0.0 WM Morrison Supermarkets plc 23,762 91,622 73,390 0.1 J Sainsbury plc 17,772 77,753 69,792 0.1 Tate & Lyle plc 5,334 62,224 62,646 0.1 Remy Cointreau SA 255 37,165 60,539 0.1 Jeronimo Martins SGPS SA 2,532 56,627 54,546 0.0 ICA Gruppen AB 815 39,929 51,950 0.0 Bakkafrost P/F 565 35,155 51,493 0.0 Dino Polska SA 518 19,280 51,257 0.0 AAK AB 1,895 34,572 48,799 0.0 Galenica AG 523 34,465 44,473 0.0 Salmar ASA 577 23,245 43,237 0.0 Corbion NV 593 21,590 42,660 0.0 JDE Peet's NV 716 40,196 41,240 0.0 Britvic plc 2,915 39,644 41,221 0.0 Colruyt SA 543 40,584 41,027 0.0 Glanbia plc 2,154 47,813 34,853 0.0 Cranswick plc 558 26,340 34,206 0.0 Zur Rose Group AG 82 27,842 33,446 0.0 Axfood AB Series B 1,112 27,248 33,086 0.0 Viscofan SA 365 27,899 33,028 0.0 Greggs plc 999 23,945 31,142 0.0 Varta AG 157 11,160 28,927 0.0 Emmi AG 21 18,692 27,588 0.0 Leroy Seafood Group ASA 2,904 20,585 26,169 0.0 METRO AG 1,586 40,531 22,735 0.0 Ebro Foods SA 762 21,699 22,497 0.0 Casino Guichard Perrachon SA 516 35,724 20,261 0.0 Societe BIC SA 268 34,266 19,326 0.0 Shop Apotheke Europe NV 74 16,851 17,095 0.0 Suedzucker AG 793 19,051 14,426 0.0 KWS Saat SE & Co. KGaA 140 12,980 14,185 0.0 Sonae SGPS SA 13,399 19,488 13,816 0.0 Scandinavian Tobacco Group A/S Class A 562 12,944 12,252 0.0 Ontex Group NV 704 23,742 12,071 0.0 C&C Group plc 2,937 14,293 11,636 0.0 Greencore Group plc 5,029 21,488 10,203 0.0 Aryzta AG 10,350 53,472 10,173 0.0 MARR SPA 380 11,684 9,987 0.0 Grieg Seafood ASA 710 9,826 8,980 0.0 Austevoll Seafood ASA 666 7,596 8,691 0.0 Cloetta AB Class B 2,213 8,959 8,418 0.0 Valora Holding AG 32 12,132 8,016 0.0 Sligro Food Group NV 291 16,313 7,684 0.0 Bell Food Group AG 22 9,736 7,562 0.0 PZ Cussons plc 1,718 9,315 6,881 0.0 ForFarmers NV 744 12,198 6,193 0.0 Kernel Holding SA 343 5,924 5,782 0.0 Raisio Oyj Class V 1,130 6,320 5,619 0.0 A.G. Barr plc 559 7,129 5,053 0.0 Eurocash SA 935 6,340 4,492 0.0 Bakkavor Group plc 2,538 8,243 3,580 0.0

201 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Vilmorin & Cie SA 34 3,275 2,613 0.0 Bonduelle SCA 80 3,686 2,594 0.0 Distribuidora Internacional de Alimentacion SA 11,202 1,839 1,999 0.0 16,725,378 18,417,654 12.0 Energy Tot al SE 25,288 1,711,788 1,391,491 0.9 Royal Dutch Shell plc Class A 47,737 1,725,525 1,078,909 0.7 BP plc 210,251 1,663,707 932,952 0.6 Royal Dutch Shell plc Class B 34,247 1,249,982 751,118 0.5 Vestas Wind Systems A/S 2,168 235,456 653,562 0.4 Neste Oyj 4,404 118,872 406,131 0.3 Eni SPA 25,485 520,499 339,579 0.2 Equinor ASA 10,334 249,062 222,886 0.2 Siemens Energy AG 4,083 140,147 190,938 0.1 Repsol SA 14,065 268,575 180,878 0.1 Snam SPA 22,658 147,974 162,504 0.1 Siemens Gamesa Renewable Energy SA 2,455 54,091 126,631 0.1 OMV AG 1,604 99,307 82,510 0.1 Galp Energia SGPS SA Class B 5,663 112,103 77,276 0.1 Enagas SA 2,667 94,907 74,686 0.1 Lundin Petroleum AB 2,102 63,918 72,488 0.1 Polski Koncern Naftowy Orlen SA 3,358 115,749 66,272 0.1 Scatec ASA 1,245 23,691 63,245 0.1 NEL ASA 14,538 18,064 62,647 0.1 Rubis SCA 1,033 74,349 61,157 0.0 TechnipFMC plc 5,017 186,502 60,468 0.0 SBM Offshore NV 1,775 37,804 43,066 0.0 Aker BP ASA 1,139 30,524 36,642 0.0 Polskie Gornictwo Naftowe i Gazownictwo SA 19,119 39,008 36,229 0.0 John Wood Group plc 6,512 59,518 35,179 0.0 Subsea 7 SA 2,229 33,659 29,134 0.0 Gaztransport Et Technigaz SA 231 17,845 28,519 0.0 Nordex SE 762 17,340 26,322 0.0 Solaria Energia y Medio Ambiente SA 696 16,093 25,648 0.0 Cairn Energy plc 6,589 21,409 24,051 0.0 Saipem SPA 6,317 36,252 21,713 0.0 TGS NOPEC Geophysical Co. ASA 1,088 31,444 21,483 0.0 Energean plc 1,098 6,579 13,790 0.0 Grupa Lotos SA 950 23,050 13,464 0.0 Maersk Drilling A/S 300 13,927 12,106 0.0 Fugro NV GDR 891 26,010 10,556 0.0 Tullow Oil plc 15,825 56,557 8,152 0.0 SMA Solar Technology AG 91 5,587 7,937 0.0 CGG SA 6,130 14,691 7,740 0.0 Petrofac Ltd. 3,130 33,780 7,528 0.0 DNO ASA 7,122 9,520 7,278 0.0 Tecnicas Reunidas SA 425 18,774 7,168 0.0 Saras SPA 7,249 19,291 6,718 0.0 Hunting plc 1,657 14,341 6,435 0.0 Schoeller-Bleckmann Oilfield Equipment AG 132 13,418 6,399 0.0 BW Offshore Ltd. 1,118 10,665 6,275 0.0 Repsol SA Rights Exp. 01/26/2021 13,922 6,231 6,092 0.0 Jastrzebska Spolka Weglowa SA 605 14,684 5,368 0.0 CropEnergies AG 220 1,575 4,081 0.0 Premier Oil plc 11,658 13,408 3,986 0.0 Etablissements Maurel et Prom SA 1,024 5,452 2,774 0.0 9,522,704 7,530,161 4.9 Financials HSBC Holdings plc 214,772 2,274,760 1,416,990 0.9 Allianz SE 4,371 1,154,739 1,367,475 0.9 Zurich Insurance Group AG 1,556 609,528 837,610 0.6 BNP Paribas SA 11,495 904,006 772,374 0.5 Banco Santander SA 181,769 1,233,348 719,122 0.5 Prudential plc 27,737 759,335 650,652 0.4 UBS Group AG 35,085 690,981 630,565 0.4 AXA SA 19,775 670,395 601,464 0.4 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 1,486 433,574 562,417 0.4 London Stock Exchange Group plc 3,325 249,532 521,605 0.4 ING Groep NV 41,355 737,274 492,572 0.3 Intesa Sanpaolo SPA 164,544 590,167 490,566 0.3 Lloyds Banking Group plc 745,080 844,841 472,828 0.3

202 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Barclays plc 182,680 572,032 466,642 0.3 Investor AB Class B 4,881 277,979 453,703 0.3 Banco Bilbao Vizcaya Argentaria SA 70,601 637,663 444,064 0.3 Deutsche Boerse AG 1,947 294,081 422,622 0.3 Credit Suisse Group AG 24,612 452,317 404,384 0.3 Nordea Bank Abp 35,870 468,787 373,060 0.3 Swiss Re AG 2,930 358,367 351,935 0.2 Partners Group Holding AG 230 219,736 344,749 0.2 Deutsche Bank AG 21,537 382,323 300,435 0.2 Assicurazioni Generali SPA 13,413 297,973 298,151 0.2 Legal & General Group plc 62,407 273,962 289,310 0.2 Sampo Oyj Class A 5,358 328,502 288,731 0.2 DNB ASA 10,966 235,243 274,129 0.2 UniCredit SPA 22,327 471,459 266,176 0.2 KBC Group NV 2,903 263,091 259,204 0.2 Swedbank AB Class A 10,600 281,909 236,985 0.2 Aviva plc 39,390 315,410 223,079 0.2 Societe Generale SA 7,949 408,473 210,918 0.2 Standard Chartered plc 25,697 285,981 208,496 0.1 Svenska Handelsbanken AB Class A 16,037 263,726 205,492 0.1 Swiss Life Holding AG 340 157,930 202,087 0.1 Skandinaviska Enskilda Banken AB Class A 15,378 215,616 201,580 0.1 3i Group plc 9,981 137,502 201,282 0.1 Credit Agricole SA 12,256 215,805 197,160 0.1 NN Group NV 3,402 165,244 188,417 0.1 Julius Baer Group Ltd. 2,241 143,121 164,723 0.1 Kinnevik AB Class B 2,494 94,269 160,753 0.1 Groupe Bruxelles Lambert SA 1,159 140,068 149,085 0.1 Natwest Group plc 48,600 200,954 141,893 0.1 Danske Bank A/S 6,716 243,753 141,560 0.1 Ageas 1,943 115,176 131,993 0.1 Hannover Rueck SE 649 109,929 131,820 0.1 FinecoBank Banca Fineco SPA 6,253 78,934 130,612 0.1 RSA Insurance Group plc 11,033 105,357 130,155 0.1 CaixaBank SA 38,829 192,439 127,167 0.1 Erste Group Bank AG 3,023 140,433 117,524 0.1 Admiral Group plc 2,281 80,207 115,436 0.1 EXOR NV 1,108 81,001 114,372 0.1 St. James's Place plc 5,725 103,674 113,011 0.1 Baloise Holding AG 488 97,341 110,775 0.1 Investor AB Class A 1,194 73,853 110,671 0.1 Hargreaves Lansdown plc 3,868 104,773 102,726 0.1 Industrivarden AB Class A 2,394 68,669 101,832 0.1 Standard Life Aberdeen plc 20,614 141,077 100,984 0.1 M&G plc 27,723 101,736 95,569 0.1 Euronext NV 670 49,353 94,152 0.1 Powszechna Kasa Oszczednosci Bank Polski SA 9,258 130,758 90,913 0.1 Commerzbank AG 11,021 141,376 90,468 0.1 Aegon NV 17,934 125,347 90,436 0.1 Mediobanca Banca di Credito Finanziario SPA 7,593 97,869 89,243 0.1 Intermediate Capital Group plc 2,917 49,363 87,680 0.1 Direct Line Insurance Group plc 14,549 91,473 80,825 0.1 ASR Nederland NV 1,571 73,180 80,446 0.1 Phoenix Group Holdings plc 6,000 62,706 73,205 0.1 EQT AB 2,095 29,287 68,379 0.1 Powszechny Zaklad Ubezpieczen SA 6,091 80,860 67,394 0.1 Poste Italiane SPA 5,112 55,227 66,299 0.1 Schroders plc 1,125 58,633 65,378 0.1 Sofina SA 151 32,921 65,200 0.1 SCOR SE 1,579 81,894 65,029 0.1 Industrivarden AB Class C 1,541 43,235 63,469 0.1 Tr yg A/S 1,544 49,534 62,114 0.1 Amundi SA 590 50,416 61,436 0.1 IG Group Holdings plc 4,061 47,246 60,962 0.1 Hiscox Ltd. 3,491 69,568 60,431 0.1 Quilter plc 21,286 55,712 56,939 0.1 ABN AMRO Bank NV CVA 4,542 145,293 56,782 0.0 Gjensidige Forsikring ASA 1,854 42,700 52,802 0.0 Bankinter SA 7,553 81,316 52,087 0.0 Cembra Money Bank AG 330 36,470 50,986 0.0 Helvetia Holding AG 366 56,232 49,269 0.0 Ackermans & van Haaren NV 255 51,361 48,892 0.0 Bank of Ireland Group plc 9,475 85,718 48,740 0.0 Avanza Bank Holding AB 1,328 14,978 48,000 0.0

203 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Storebrand ASA Class A 4,859 39,701 46,417 0.0 Banco BPM SPA 16,378 59,708 46,158 0.0 Wendel SA 294 52,705 44,889 0.0 Beazley plc 6,542 52,900 41,538 0.0 Natixis SA 9,435 75,009 41,019 0.0 Ashmore Group plc 5,266 33,039 39,544 0.0 Eurazeo SE 441 40,064 38,152 0.0 Close Brothers Group plc 1,563 39,629 37,617 0.0 Investment AB Latour Class B 1,210 18,212 37,485 0.0 BAWAG Group AG 619 35,181 36,666 0.0 Azimut Holding SPA 1,322 32,424 36,619 0.0 Man Group plc 15,148 37,232 36,405 0.0 Banque Cantonale Vaudoise 261 24,781 36,225 0.0 Bank Polska Kasa Opieki SA 1,645 61,880 34,366 0.0 Vontobel Holding AG 337 25,474 34,096 0.0 Raiffeisen International Bank-Holding AG 1,308 41,601 34,009 0.0 Ringkjoebing Landbobank A/S 291 24,725 33,761 0.0 Banco de Sabadell SA ADR 60,528 129,231 33,400 0.0 Lancashire Holdings Ltd. 2,627 31,533 33,099 0.0 Hypoport AG 41 14,452 32,914 0.0 Jyske Bank A/S 656 38,880 32,023 0.0 Virgin Money UK plc 12,889 49,620 30,190 0.0 Bankia SA 13,228 58,225 29,878 0.0 CNP Assurances 1,451 35,516 29,811 0.0 John Laing Group plc 5,153 27,121 29,793 0.0 Plus500 Ltd. 1,172 16,684 29,595 0.0 SpareBank 1 SR-Bank ASA 2,116 24,437 28,652 0.0 Bure Equity AB 624 11,588 28,421 0.0 Banca Mediolanum SPA 2,568 26,267 28,421 0.0 OSB Group plc 3,749 25,679 27,656 0.0 Topdanmark A/S 470 22,119 26,004 0.0 IntegraFin Holdings plc 2,672 16,676 25,872 0.0 Talanx AG 521 23,825 25,793 0.0 TP ICAP plc 6,054 41,144 25,113 0.0 Valiant Holding AG 201 28,626 25,058 0.0 Paragon Banking Group plc 2,925 22,064 24,889 0.0 Banca Generali SPA 581 23,022 24,670 0.0 AIB Group plc 9,311 68,505 24,398 0.0 Unipol Gruppo SPA 3,973 23,317 24,215 0.0 Mapfre SA 9,738 36,900 24,181 0.0 Intrum AB 717 29,576 24,114 0.0 Investec plc 7,379 65,584 24,069 0.0 St Galler Kantonalbank AG 39 22,994 23,327 0.0 Intertrust NV 1,070 24,309 23,151 0.0 BPER Banca 9,959 37,461 23,053 0.0 Jupiter Fund Management plc 4,678 36,058 23,006 0.0 SpareBank 1 SMN 1,550 18,617 22,510 0.0 AJ Bell plc 2,850 18,827 21,516 0.0 Aker ASA Class A 258 13,686 21,498 0.0 Santander Bank Polska SA 336 42,579 21,334 0.0 Deutsche Pfandbriefbank AG 1,554 26,887 21,305 0.0 Aareal Bank AG 691 32,940 21,058 0.0 Sydbank A/S 694 28,182 19,548 0.0 Gimv NV 249 17,941 19,407 0.0 Banco Comercial Portugues SA Class R 100,357 35,243 19,273 0.0 Anima Holding SPA 3,162 23,849 19,134 0.0 KBC Ancora 349 22,332 19,030 0.0 Berner Kantonalbank AG 57 18,301 18,731 0.0 DWS Group GmbH & Co. KGaA 328 11,802 17,793 0.0 Grenke AG 288 31,099 17,428 0.0 Norwegian Finans Holding ASA 1,563 21,378 17,013 0.0 Banca Popolare di Sondrio SCPA 4,681 23,310 16,053 0.0 UNIQA Insurance Group AG 1,576 17,602 15,723 0.0 Flow Traders 358 17,238 15,101 0.0 UnipolSai Assicurazioni SPA 4,437 14,601 15,009 0.0 Provident Financial plc 2,780 34,393 14,863 0.0 Just Group plc 11,914 29,691 14,503 0.0 Sanne Group plc 1,336 16,386 14,332 0.0 VZ Holding AG 122 9,640 14,225 0.0 Rathbone Brothers plc 529 22,053 14,187 0.0 Ratos AB Class B 2,288 15,671 13,658 0.0 Brewin Dolphin Holdings plc 2,558 14,506 13,587 0.0 Spar Nord Bank A/S 1,050 14,784 13,149 0.0 Banca Farmafactoring SPA 1,693 16,508 13,037 0.0

204 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Coface SA 997 11,688 12,759 0.0 Tamburi Investment Partners SPA 1,086 9,485 11,664 0.0 Sbanken ASA 1,129 13,033 11,575 0.0 Ninety One plc 2,743 6,353 10,949 0.0 Rothschild & Co. 270 13,428 10,901 0.0 Vienna Insurance Group AG Wiener Versicherung Gruppe 332 11,315 10,764 0.0 EFG International AG 1,277 10,601 10,675 0.0 Italmobiliare SPA 217 11,391 9,911 0.0 Bank of Georgia Group plc 466 27,120 9,901 0.0 Swissquote Group Holding SA 79 3,290 9,781 0.0 Societa Cattolica di Assicurazioni SC 1,342 14,165 9,594 0.0 doValue SPA 634 9,658 9,537 0.0 Alm Brand A/S 614 6,941 9,438 0.0 mBank SA 145 21,519 8,885 0.0 Liechtensteinische Landesbank AG 113 9,827 8,550 0.0 CMC Markets plc 1,138 5,188 7,749 0.0 Resurs Holding AB 1,104 9,228 7,707 0.0 Unicaja Banco SA 6,900 12,303 7,690 0.0 Bank Millennium SA 6,645 18,272 7,430 0.0 KRUK SA 152 9,820 7,380 0.0 TBC Bank Group plc 339 11,233 7,380 0.0 VP Bank AG 45 9,374 7,264 0.0 GAM Holding AG 2,304 45,294 7,186 0.0 Leonteq AG 142 15,375 7,173 0.0 Alior Bank SA 1,129 24,962 6,551 0.0 Liberbank SA 15,331 11,710 6,022 0.0 Bank Handlowy w Warszawie SA 498 12,576 5,985 0.0 Banca IFIS SPA 396 18,682 5,664 0.0 FFP 38 5,311 5,604 0.0 Investment AB Oresund 246 5,121 4,747 0.0 Banca Monte dei Paschi di Siena SPA 2,913 10,654 4,736 0.0 DeA Capital SPA 2,197 4,657 3,890 0.0 Credito Emiliano SPA 561 4,725 3,857 0.0 Collector AB 914 15,089 3,438 0.0 Wuestenrot & Wuerttembergische AG 107 3,002 2,755 0.0 Deutsche Beteiligungs AG 46 2,356 2,373 0.0 Union Financiere de France BQE SA 69 3,045 2,076 0.0 Annehem Fastigheter AB Class B 401 2,118 1,969 0.0 26,296,014 23,494,895 15.3 Health Care Roche Holding AG 7,651 2,648,971 3,407,695 2.3 Novartis AG 22,734 2,442,364 2,740,839 1.8 AstraZeneca plc 13,878 1,283,294 1,770,097 1.2 Novo Nordisk A/S Class B 16,994 1,133,674 1,518,390 1.0 Sanofi 11,468 1,327,472 1,406,869 0.9 GlaxoSmithKline plc 52,019 1,382,378 1,215,728 0.8 Bayer AG 10,452 1,383,979 784,570 0.5 Koninklijke Philips NV 9,652 447,964 658,695 0.4 Lonza Group AG 784 260,072 642,713 0.4 EssilorLuxottica SA 3,134 535,533 623,118 0.4 Alcon, Inc. 4,855 357,662 411,722 0.3 Genmab A/S 621 146,421 320,311 0.2 Merck KGaA 1,365 189,607 298,632 0.2 Coloplast A/S Class B 1,402 172,438 272,935 0.2 Fresenius SE & Co. KGaA 4,262 376,852 251,394 0.2 Smith & Nephew plc 9,210 224,811 242,191 0.2 Fresenius Medical Care AG & Co. KGaA 2,153 239,762 228,886 0.2 Sartorius AG Pfd. 360 51,737 192,818 0.1 Argenx SE 496 94,758 187,106 0.1 Sonova Holding AG 548 121,612 181,656 0.1 UCB SA 1,254 126,766 165,136 0.1 Novozymes A/S Class B 2,219 133,630 162,413 0.1 Straumann Holding AG 105 82,860 156,099 0.1 Qiagen NV 2,311 91,300 152,922 0.1 Siemens Healthineers AG 2,328 132,391 152,341 0.1 Chr. Hansen Holding A/S 1,120 117,098 146,922 0.1 Eurofins Scientific SE 1,291 82,427 138,112 0.1 GN Store Nord AS 1,338 59,753 136,515 0.1 Grifols SA 3,384 117,459 125,967 0.1 Sartorius Stedim Biotech 258 26,833 117,112 0.1 Vifor Pharma AG 551 99,989 110,384 0.1 Ambu A/S Class B 1,768 38,738 97,450 0.1 Orpea SA 521 75,343 87,345 0.1

205 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets BioMerieux 455 39,600 81,848 0.1 Tecan Group AG 128 35,448 80,028 0.1 Hikma Pharmaceuticals plc 1,798 54,779 78,844 0.1 Recordati SPA 1,036 47,448 73,204 0.1 Amplifon SPA 1,343 30,019 71,262 0.1 Evotec SE 1,491 33,889 70,376 0.1 Getinge AB Class B 2,347 54,498 69,941 0.1 Dechra Pharmaceuticals plc 1,159 41,332 69,634 0.1 Carl Zeiss Meditec AG (Bearer) 391 36,345 66,374 0.1 Elekta AB Class B 3,771 49,351 64,612 0.1 Galapagos NV 508 66,289 63,730 0.0 DiaSorin SPA 239 25,182 63,371 0.0 ConvaTec Group plc 18,030 77,435 62,547 0.0 Orion Oyj Class B 1,035 55,172 60,549 0.0 Demant A/S 1,171 37,990 59,002 0.0 Genus plc 732 26,549 53,489 0.0 MorphoSys AG 362 38,177 52,941 0.0 Swedish Orphan Biovitrum AB 1,973 41,581 50,838 0.0 Gerresheimer AG 363 36,576 49,653 0.0 Idorsia Ltd. 1,229 33,074 45,204 0.0 Siegfried Holding AG 44 18,265 41,315 0.0 Ipsen SA 367 49,144 38,844 0.0 UDG Healthcare plc 2,650 34,003 35,997 0.0 CompuGroup Medical SE & Co. KgaA 278 21,748 34,061 0.0 ALK-Abello A/S Class B 65 12,012 34,031 0.0 Bachem Holding AG Class B 58 11,840 33,061 0.0 Korian SA 635 25,588 31,022 0.0 Sectra AB Class B 269 12,004 30,609 0.0 H Lundbeck A/S 600 34,519 26,236 0.0 Bavarian Nordic A/S 572 25,319 22,400 0.0 Zealand Pharma A/S 477 21,868 22,036 0.0 Arjo AB Class B 2,172 11,518 21,177 0.0 Vitrolife AB 616 11,193 20,622 0.0 Mediclinic International plc 4,007 47,437 19,678 0.0 Virbac SA 49 11,084 18,179 0.0 GrandVision NV 453 16,536 18,007 0.0 Hansa Biopharma AB 456 15,109 17,006 0.0 Fagron 563 13,277 16,675 0.0 Almirall SA 945 18,642 16,086 0.0 Biotage AB 720 19,718 15,525 0.0 Pharma Mar SA 139 8,795 15,384 0.0 Vectura Group plc 7,071 14,437 15,343 0.0 STRATEC SE 80 13,683 15,314 0.0 Indivior plc 8,057 40,068 15,266 0.0 Faes Farma SA 2,750 11,691 14,961 0.0 Dermapharm Holding SE 156 8,216 13,851 0.0 COSMO Pharmaceuticals NV 88 18,657 10,781 0.0 Ypsomed Holding AG 50 9,229 10,680 0.0 Medacta Group SA 80 7,722 10,100 0.0 Basilea Pharmaceutica AG 121 12,441 9,269 0.0 Attendo AB 1,211 15,972 8,337 0.0 Karo Pharma AB 871 9,562 7,094 0.0 Draegerwerk AG & Co. KGaA Pfd. 71 7,225 6,950 0.0 Spire Healthcare Group plc 2,549 11,602 6,898 0.0 Mithra Pharmaceuticals SA 189 8,908 5,804 0.0 Guerbet 63 6,936 3,226 0.0 DBV Technologies SA 451 24,562 3,048 0.0 Grifols SA Class B Pfd. 51 1,367 1,226 0.0 Faes Farma SA Rights Exp. 01/05/2021 2,750 714 712 0.0 NMC Health plc 1,869 65,699 0 0.0 17,594,992 21,079,341 13.8 Industrials Siemens AG 8,049 1,251,498 1,474,500 1.0 Schneider Electric SE 5,506 566,111 1,015,341 0.7 Adyen NV 284 280,596 843,343 0.6 Airbus SE 5,887 737,239 823,882 0.6 ABB, Ltd. 19,022 524,104 677,440 0.5 Deutsche Post AG 10,259 454,680 647,666 0.4 Vinci SA 4,941 580,581 626,638 0.4 Safran SA 3,415 479,104 617,238 0.4 Volvo AB Class B 17,041 339,504 512,319 0.3 Sika AG 1,464 224,666 510,198 0.3 Atlas Copco AB Class A 7,357 310,138 480,593 0.3

206 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Experian plc 9,531 287,993 460,931 0.3 DSV Panalpina A/S 2,123 209,078 453,488 0.3 CRH plc 8,308 353,853 442,441 0.3 Kone Oyj Class B 4,150 279,389 429,932 0.3 LafargeHolcim Ltd. 5,397 356,493 378,189 0.3 Ferguson plc 2,369 211,550 366,518 0.3 Sandvik AB 11,424 220,123 356,741 0.2 Legrand SA 2,815 244,555 320,326 0.2 Worldline SA 2,550 225,362 314,418 0.2 Assa Abloy AB Class B 9,636 265,085 302,701 0.2 Cie de Saint-Gobain 5,069 302,214 296,309 0.2 Geberit AG 364 205,809 290,743 0.2 BAE Systems plc 33,879 326,868 288,392 0.2 Ashtead Group plc 4,687 130,372 280,623 0.2 Teleperformance 610 118,265 257,971 0.2 SGS SA 62 193,571 238,586 0.2 Schindler Holding AG 625 169,773 214,873 0.2 Alstom SA 2,781 147,172 202,056 0.1 Edenred 2,653 107,952 191,929 0.1 MTU Aero Engines AG 556 117,962 184,953 0.1 Ferrovial SA 5,220 154,900 183,895 0.1 Atlas Copco AB Class B 3,205 122,703 183,114 0.1 Rentokil Initial plc 20,081 103,413 178,212 0.1 Intertek Group plc 1,761 132,026 173,211 0.1 Aena SME SA 758 168,402 168,020 0.1 AP Moller - Maersk A/S Class B 59 123,406 167,976 0.1 Smurfit Kappa Group plc 2,747 116,254 164,374 0.1 Halma plc 3,840 84,960 163,773 0.1 Melrose Industries plc 51,646 181,363 160,140 0.1 CNH Industrial NV 9,916 127,468 159,594 0.1 Bunzl plc 3,685 135,287 156,777 0.1 HeidelbergCement AG 1,618 169,194 154,406 0.1 Rolls-Royce Holdings plc 79,357 291,083 153,747 0.1 Kuehne + Nagel International AG 521 104,041 150,780 0.1 Spirax-Sarco Engineering plc 759 75,057 149,297 0.1 Epiroc AB Class A 6,372 86,511 147,926 0.1 Adecco Group AG 1,674 144,014 142,733 0.1 Kingspan Group plc 1,571 79,941 140,566 0.1 Nibe Industrier AB Class B 3,307 43,225 138,359 0.1 AP Moller - Maersk A/S Class A 48 84,388 127,159 0.1 Thales SA 1,078 144,272 125,861 0.1 Skanska AB Class B 3,863 106,668 125,665 0.1 Atlantia SPA 5,258 180,591 120,607 0.1 Alfa Laval AB 3,420 91,199 120,061 0.1 Bouygues SA 2,272 125,341 119,175 0.1 Knorr-Bremse AG 682 89,371 118,727 0.1 Prysmian SPA 2,604 86,929 118,039 0.1 Nexi SPA 4,518 89,782 115,077 0.1 Smiths Group plc 4,259 105,466 111,589 0.1 Getlink SE 4,823 78,326 106,607 0.1 ACS Actividades de Construccion y Servicios SA 2,409 116,788 101,952 0.1 Bureau Veritas SA 2,957 89,060 100,300 0.1 Eiffage SA 802 95,159 98,813 0.1 SIG Combibloc Group AG 3,333 63,128 98,668 0.1 Randstad NV 1,175 84,800 97,514 0.1 DCC plc 1,055 122,129 95,134 0.1 Weir Group plc 2,741 75,754 94,967 0.1 KION Group AG 842 75,835 93,398 0.1 Epiroc AB Class B 4,169 52,435 89,896 0.1 VAT Group AG 272 42,904 86,559 0.1 DS Smith plc 13,250 93,803 86,438 0.1 Indutrade AB 3,006 32,182 82,165 0.1 Outotec Oyj 6,391 47,952 81,442 0.1 GEA Group AG 1,775 90,917 81,014 0.1 Tomra Systems ASA 1,256 26,216 78,980 0.1 Georg Fischer AG 47 59,867 77,223 0.1 G4S plc 16,802 71,522 74,263 0.1 Securitas AB Class B 3,500 73,291 72,077 0.1 Signify NV 1,330 56,381 71,588 0.1 Meggitt plc 8,470 71,979 68,811 0.1 Wartsila Oyj Abp 5,336 117,165 67,790 0.1 Travis Perkins plc 2,801 73,960 65,706 0.1 Huhtamaki Oyj Series I 982 49,332 64,689 0.1 Rheinmetall AG 477 61,977 64,376 0.1

207 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Electrocomponents plc 4,182 39,252 63,398 0.1 thyssenkrupp AG 4,986 131,657 63,141 0.1 Spectris plc 1,285 52,008 63,062 0.1 Lifco AB Class B 508 22,489 62,177 0.1 Rexel SA 3,082 57,115 61,951 0.1 IMI plc 3,021 56,582 61,291 0.1 Signature Aviation plc 9,036 53,797 60,899 0.1 Aalberts NV 1,068 55,048 60,699 0.1 Trelleborg AB Class B 2,132 55,097 60,359 0.1 Royal Mail plc 9,775 65,323 57,487 0.1 Rotork plc 10,106 43,693 55,967 0.1 Belimo Holding AG 5 25,614 55,344 0.1 Interpump Group SPA 873 29,910 54,896 0.1 Bollore SA 10,255 59,710 54,063 0.0 Valmet Oyj 1,479 34,132 53,856 0.0 Sweco AB Class B 2,280 22,957 53,408 0.0 Wienerberger AG 1,241 35,876 50,451 0.0 Aeroports de Paris 300 61,418 49,617 0.0 Beijer Ref AB Class B 836 23,571 48,814 0.0 Elis SA 2,268 57,288 48,187 0.0 Diploma plc 1,247 24,397 47,602 0.0 Inchcape plc 4,225 52,502 47,348 0.0 Flughafen Zurich AG 210 52,047 47,246 0.0 Koninklijke Vopak NV 681 42,760 45,636 0.0 IWG plc 7,513 39,348 44,904 0.0 ISS A/S 2,017 91,957 44,521 0.0 Rational AG 37 28,007 43,920 0.0 AF POYRY AB Series B 1,120 28,923 43,644 0.0 Andritz AG 747 50,706 43,643 0.0 Hays plc 16,383 42,162 40,799 0.0 Leonardo SPA 4,405 75,954 40,581 0.0 Bucher Industries AG 67 27,342 39,166 0.0 Saab AB Class B 1,029 52,051 38,231 0.0 Acciona SA 208 23,346 37,838 0.0 Renishaw plc 375 22,341 37,616 0.0 SPIE SA 1,321 40,589 36,674 0.0 Bravida Holding AB 2,121 20,725 36,029 0.0 DKSH Holding AG 373 34,082 35,777 0.0 Grafton Group plc 2,185 28,271 35,103 0.0 Balfour Beatty plc 7,303 32,799 34,364 0.0 Rockwool International A/S Class B 71 20,298 33,871 0.0 Buzzi Unicem SPA 1,110 31,822 33,740 0.0 Dassault Aviation SA 24 45,806 33,558 0.0 Konecranes Oyj Class A 745 31,880 33,422 0.0 Addtech AB Series B 1,931 18,296 32,651 0.0 QinetiQ Group plc 5,832 26,447 32,480 0.0 Arcadis NV 759 18,659 31,992 0.0 SFS Group AG 207 24,670 31,326 0.0 Jungheinrich AG Pfd. 537 24,803 30,637 0.0 Fraport AG Frankfurt Airport Services Worldwide 388 42,554 29,854 0.0 Stadler Rail AG 511 31,421 29,769 0.0 Duerr AG 564 33,291 29,364 0.0 Inficon Holding AG 25 18,510 29,113 0.0 Marshalls plc 2,215 18,097 28,834 0.0 Boskalis Westminster 813 34,336 28,565 0.0 Network International Holdings plc 5,020 47,360 28,552 0.0 Ultra Electronics Holdings plc 788 25,406 28,434 0.0 Peab AB Class B 2,007 25,593 27,912 0.0 Sulzer AG 207 29,759 27,776 0.0 Hochtief AG 223 37,861 27,653 0.0 Daetwyler Holding AG (Bearer) 74 15,773 27,410 0.0 Nexans SA 295 16,351 27,246 0.0 Serco Group plc 13,028 27,519 27,112 0.0 Loomis AB Class B 765 34,155 26,844 0.0 dormakaba Holding AG 37 36,480 26,797 0.0 Aggreko plc 2,454 35,828 26,753 0.0 Mayr Melnhof Karton AG 102 24,462 26,235 0.0 Cargotec Oyj Class B 491 29,842 25,885 0.0 NKT A/S 455 18,801 25,841 0.0 FLSmidth & Co. A/S 522 28,771 25,449 0.0 Nolato AB Class B 195 19,494 25,168 0.0 Stabilus SA 278 24,102 25,004 0.0 Polypipe Group plc 2,373 15,973 24,671 0.0 OC Oerlikon Corp. AG 1,862 30,308 24,555 0.0

208 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Applus Services SA 1,710 26,479 24,043 0.0 NCC AB Class B 1,028 33,938 23,921 0.0 IMA Industria Macchine Automatiche SPA 226 22,423 23,920 0.0 Norma Group SE 366 23,095 23,893 0.0 TKH Group NV GDR 387 25,563 23,853 0.0 Fluidra SA 721 12,071 23,546 0.0 Conzzeta AG 15 18,476 23,521 0.0 OSRAM Licht AG 289 22,052 23,444 0.0 Cerved Group SPA 1,996 23,817 23,180 0.0 Pagegroup plc 2,927 22,980 22,806 0.0 ASTM SPA 698 24,521 22,414 0.0 Landis+Gyr Group AG 224 23,323 22,405 0.0 PostNL NV 5,113 28,834 22,237 0.0 Euronav NV 2,135 24,786 21,965 0.0 Schweiter Technologies AG (Bearer) 10 14,098 21,042 0.0 Lindab International AB 793 9,738 20,962 0.0 Zardoya Otis SA 2,224 26,543 19,865 0.0 Interroll Holding AG 5 7,944 19,421 0.0 Pfeiffer Vacuum Technology AG 78 14,677 19,065 0.0 Oxford Instruments plc 547 14,686 18,976 0.0 Kardex AG 68 13,142 18,974 0.0 FDM Group Holdings plc 962 16,928 18,831 0.0 Vesuvius plc 2,013 14,254 18,808 0.0 Neles Oyj 1,107 44,485 18,731 0.0 Cia de Distribucion Integral Logista Holdings SA 753 22,161 18,616 0.0 Coats Group plc 15,790 22,937 18,506 0.0 Oesterreichische Post AG 411 21,475 18,387 0.0 Veidekke ASA 1,113 18,830 18,350 0.0 Avon Rubber plc 328 23,355 18,079 0.0 Euromoney Institutional Investor plc 933 13,017 17,321 0.0 Kongsberg Gruppen ASA 651 16,023 17,068 0.0 DFDS A/S 292 17,287 16,829 0.0 Munters Group AB 1,280 10,070 16,481 0.0 Schouw & Co. A/S 126 14,205 16,254 0.0 GVS SPA 677 16,014 16,093 0.0 Chemring Group plc 3,232 10,232 16,069 0.0 Uponor Oyj Class A 557 9,342 15,768 0.0 Electrolux Professional AB Class B 2,157 5,810 15,586 0.0 Traton SE 436 15,137 15,363 0.0 Verallia SA 329 13,324 14,898 0.0 Essentra plc 2,691 29,706 14,350 0.0 Babcock International Group plc 2,931 40,516 14,287 0.0 Irish Continental Group plc 2,006 15,838 14,071 0.0 Krones AG 135 21,459 13,899 0.0 Morgan Advanced Materials plc 2,517 12,644 13,632 0.0 AGFA-Gevaert NV 2,212 12,649 13,448 0.0 bpost SA 1,007 31,681 13,327 0.0 Ibstock plc 3,655 13,656 13,150 0.0 Construcciones y Auxiliar de Ferrocarriles SA 214 11,681 13,093 0.0 Enav SPA 2,305 12,442 12,928 0.0 Vetropack Holding AG 150 10,511 12,906 0.0 Clarkson plc 270 9,221 12,696 0.0 LEM Holding SA 5 7,670 12,452 0.0 AMG Advanced Metallurgical Group NV 323 12,925 12,315 0.0 Indus Holding AG 237 18,019 11,859 0.0 Capita plc 17,152 93,789 11,712 0.0 YIT Oyj 1,514 14,405 11,640 0.0 Burckhardt Compression Holding AG 26 11,086 11,504 0.0 Vicat SA 211 19,155 11,298 0.0 Bilfinger SE 280 15,046 11,287 0.0 Carel Industries SPA 373 5,239 11,152 0.0 Mitie Group plc 14,054 22,797 10,035 0.0 Sacyr SA 3,157 10,466 9,941 0.0 Concentric AB 344 6,554 9,776 0.0 Tarkett SA 431 21,871 9,675 0.0 Redde Northgate plc 2,072 11,110 9,598 0.0 Danieli & C Officine Meccaniche SPA Savings Shares 641 14,508 9,592 0.0 Keller Group plc 760 11,557 9,238 0.0 Frontline Ltd. 1,120 9,756 9,049 0.0 Nilfisk Holding A/S 314 18,221 8,654 0.0 Takkt AG 504 8,388 8,375 0.0 Washtec AG 123 14,330 8,369 0.0 CIR SPA - Compagnie Industriali Riunite 12,100 9,963 8,299 0.0 Prosegur Cia de Seguridad SA 2,132 15,748 8,102 0.0

209 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets BayWa AG 155 6,096 7,985 0.0 Senior plc 5,096 19,149 7,921 0.0 Arbonia AG 388 7,722 7,918 0.0 Derichebourg SA 862 6,559 7,901 0.0 Deutz AG 981 9,077 7,799 0.0 Komax Holding AG 30 10,508 7,623 0.0 Calisen plc 1,662 5,327 7,470 0.0 Koninklijke BAM Groep NV 2,774 17,434 7,373 0.0 LISI SA Loyalty Bonus 228 13,070 7,161 0.0 Equiniti Group plc 3,676 20,780 7,068 0.0 Implenia AG 202 18,037 6,999 0.0 Cie d'Entreprises CFE 52 7,543 6,776 0.0 BW LPG Ltd. 751 5,938 6,593 0.0 Wacker Neuson SE 241 5,734 6,578 0.0 Bonheur ASA 182 6,350 6,554 0.0 Koenig & Bauer AG 174 4,875 6,488 0.0 Prosegur Cash SA 5,102 19,034 6,362 0.0 Salini Impregilo SPA 3,410 17,725 6,283 0.0 Maire Tecnimont SPA 2,200 14,669 6,248 0.0 Bobst Group SA 79 10,556 6,086 0.0 Zehnder Group AG 71 3,885 6,048 0.0 CTT-Correios de Portugal SA 1,614 14,727 5,912 0.0 D/S Norden A/S 256 6,268 5,876 0.0 Palfinger AG 140 4,983 5,652 0.0 SIG plc 10,270 23,353 5,630 0.0 Datalogic SPA 258 8,317 5,630 0.0 Akka Technologies 140 11,309 5,619 0.0 Global Dominion Access SA 938 6,844 5,498 0.0 Vossloh AG 84 4,386 5,414 0.0 Wallenius Wilhelmsen ASA 1,485 11,348 5,126 0.0 Zumtobel Group AG 510 13,549 4,849 0.0 Hamburger Hafen und Logistik AG 168 5,350 4,829 0.0 Strabag SE (Bearer) 106 4,991 4,701 0.0 Brunel International NV 403 9,295 4,586 0.0 Fincantieri SPA 5,076 4,808 4,340 0.0 Flughafen Wien AG 90 4,495 4,272 0.0 Ocean Yield ASA 1,052 10,530 4,156 0.0 Bertrandt AG 67 8,753 4,136 0.0 Stolt-Nielsen Ltd. 247 4,049 4,043 0.0 Corticeira Amorim SGPS SA 223 3,183 4,032 0.0 Cementir Holding NV 330 2,817 3,421 0.0 Bossard Holding AG Class A 12 3,310 3,085 0.0 Mersen SA 65 2,303 2,508 0.0 Mota-Engil SGPS SA 1,073 4,490 2,281 0.0 Manitou BF SA 56 1,978 2,086 0.0 Finablr plc 2,500 7,234 480 0.0 20,094,768 25,205,286 16.5 Real Estate Vonovia SE 5,920 345,558 551,472 0.4 Deutsche Wohnen SE 3,640 181,584 247,899 0.2 Segro plc 12,399 127,310 204,613 0.1 LEG Immobilien AG 756 102,009 149,734 0.1 Unibail-Rodamco-Westfield 1,433 408,029 144,256 0.1 Gecina SA 553 111,800 108,873 0.1 Aroundtown SA 11,355 126,480 108,325 0.1 Swiss Prime Site AG 800 94,845 100,196 0.1 Castellum AB 2,857 59,047 92,496 0.1 British Land Co. plc 10,082 110,032 85,857 0.1 Land Securities Group plc 7,304 132,078 85,706 0.1 PSP Swiss Property AG 423 55,455 72,122 0.1 Fastighets AB Balder Series B Class B 1,068 39,600 71,059 0.1 Unite Group plc 3,468 47,723 63,113 0.1 Covivio 523 64,549 61,429 0.1 Derwent London plc 1,113 60,097 60,009 0.1 Fabege AB 2,928 40,670 58,753 0.1 Warehouses De Pauw CVA 1,310 32,029 57,708 0.1 Klepierre SA 2,006 102,334 57,505 0.1 Kojamo Oyj 2,020 54,559 56,993 0.1 Tritax Big Box REIT plc 19,481 48,404 56,962 0.1 Cofinimmo SA 293 48,722 55,630 0.1 Aedifica SA 349 44,248 53,477 0.1 TAG Immobilien AG 1,305 29,786 52,687 0.0 Entra ASA 1,800 30,144 52,014 0.0

210 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Samhallsbyggnadsbolaget i Norden AB Series B 10,580 35,104 47,038 0.0 L E Lundbergforetagen AB Class B 671 30,649 45,863 0.0 Allreal Holding AG 156 34,692 45,754 0.0 Merlin Properties Socimi SA 3,697 61,458 44,835 0.0 Wihlborgs Fastigheter AB 1,463 22,584 42,077 0.0 Inmobiliaria Colonial Socimi SA 3,354 42,110 41,957 0.0 Alstria Office REIT-AG 1,806 34,090 41,665 0.0 Grand City Properties SA 1,272 38,928 41,559 0.0 LondonMetric Property plc 9,626 31,771 38,389 0.0 Assura plc 28,555 32,859 38,191 0.0 ADLER Group SA 826 34,975 37,340 0.0 JM AB 820 31,587 36,966 0.0 Primary Health Properties plc 13,408 30,189 35,679 0.0 CA Immobilien Anlagen AG 727 26,154 35,527 0.0 Wallenstam AB Class B 1,735 19,959 35,151 0.0 ICADE 337 37,638 33,042 0.0 Grainger plc 6,676 27,031 32,972 0.0 Big Yellow Group plc 1,711 25,965 32,687 0.0 Great Portland Estates plc 2,595 36,316 30,188 0.0 Mobimo Holding AG 69 22,366 28,442 0.0 Kungsleden AB 1,983 17,033 27,717 0.0 Nyfosa AB 2,174 16,971 27,638 0.0 Immofinanz AG 1,035 32,224 27,379 0.0 Shaftesbury plc 2,499 36,123 24,763 0.0 Safestore Holdings plc 1,815 13,938 24,654 0.0 Nexity SA 435 27,689 24,045 0.0 Hufvudstaden AB Class A 1,107 23,081 23,389 0.0 Pandox AB Class B 983 25,389 22,142 0.0 Savills plc 1,324 19,596 22,008 0.0 Capital & Counties Properties plc 8,279 40,718 20,906 0.0 Sirius Real Estate Ltd. 12,043 11,706 19,589 0.0 Montea CVA 131 14,587 19,011 0.0 Workspace Group plc 1,379 20,806 18,468 0.0 S IMMO AG 686 11,979 18,136 0.0 Hammerson plc 41,726 91,411 18,057 0.0 Klovern AB Class B 7,176 12,186 17,299 0.0 Catena AB 277 12,251 16,544 0.0 PATRIZIA AG 394 10,303 16,122 0.0 Shurgard Self Storage SA 271 16,333 14,996 0.0 St. Modwen Properties plc 2,143 12,784 14,928 0.0 Deutsche EuroShop AG 510 27,281 14,668 0.0 VGP NV 76 10,705 14,524 0.0 Atrium Ljungberg AB Class B 538 11,293 14,422 0.0 Dios Fastigheter AB 1,131 10,217 13,475 0.0 Hibernia REIT plc 7,436 15,100 13,376 0.0 Neinor Homes SA 752 20,181 12,777 0.0 Xior Student Housing NV 166 14,463 12,705 0.0 Retail Estates NV 130 15,917 11,976 0.0 Eurocommercial Properties NV GDR 469 22,650 11,244 0.0 Citycon Oyj 899 14,641 11,113 0.0 Intershop Holding AG 12 7,864 10,636 0.0 DIC Asset AG 506 8,019 10,617 0.0 Befimmo SA 186 14,605 10,525 0.0 UK Commercial Property REIT Ltd. 7,927 12,202 9,525 0.0 BMO Commercial Property Trust 6,117 14,952 8,522 0.0 NSI NV 164 8,719 8,385 0.0 Carmila SA 456 17,614 8,373 0.0 Wereldhave NV 493 30,516 8,269 0.0 Metrovacesa SA 853 20,851 8,031 0.0 Sagax AB Pfd. 1,448 7,955 8,019 0.0 Adapteo Oyj 519 8,676 7,673 0.0 TLG Immobilien AG 213 6,795 7,617 0.0 Picton Property Income Ltd. 5,794 7,797 7,578 0.0 Vastned Retail NV 199 11,320 7,181 0.0 Lar Espana Real Estate Socimi SA 845 10,490 6,151 0.0 Mercialys SA 517 5,855 5,819 0.0 Helical plc 800 4,678 5,204 0.0 Klovern AB Pfd. 104 4,994 5,163 0.0 Aedas Homes SAU 150 7,078 4,934 0.0 Immobiliare Grande Distribuzione SIIQ SPA 844 10,410 4,736 0.0 Corestate Capital Holding SA 144 8,949 3,277 0.0 Wereldhave Belgium Comm VA 42 6,494 2,573 0.0 Intu Properties plc 14,688 70,316 454 0.0 4,090,222 4,181,543 2.7

211 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Technology ASML Holding NV 4,206 995,097 2,606,467 1.7 SAP SE 11,842 1,710,871 1,979,211 1.3 Infineon Technologies AG 13,775 350,426 674,022 0.5 Prosus NV 4,572 459,264 629,728 0.4 Amadeus IT Group SA 4,509 362,302 418,626 0.3 Dassault Systemes SE 1,373 202,951 355,600 0.2 Capgemini SE 1,639 228,212 323,958 0.2 STMicroelectronics NV 6,672 133,090 314,922 0.2 Hexagon AB Class B 2,671 156,258 310,678 0.2 Logitech International SA 1,548 65,970 191,693 0.1 Just Eat Takeaway 1,203 135,720 173,048 0.1 ASM International NV 511 42,748 143,339 0.1 Sage Group plc 11,711 136,219 118,697 0.1 Scout24 AG 1,133 71,263 118,419 0.1 Atos SE 1,009 138,092 117,616 0.1 Temenos AG 655 90,891 116,729 0.1 Rightmove plc 9,484 74,139 107,488 0.1 TeamViewer AG 1,565 81,413 106,924 0.1 Auto Trader Group plc 10,249 74,537 106,377 0.1 Allegro.eu SA 3,274 94,593 94,818 0.1 Sinch AB 428 51,490 88,969 0.1 Bechtle AG 297 29,008 82,593 0.1 SimCorp A/S 425 34,468 80,592 0.1 ams AG 2,700 66,805 75,337 0.1 AVEVA Group plc 1,168 48,502 65,131 0.1 United Internet AG 1,185 74,195 63,598 0.1 BE Semiconductor Industries NV 809 31,648 62,524 0.1 SOITEC 231 22,491 57,361 0.1 Avast plc 6,121 34,084 57,296 0.0 Nemetschek SE 588 26,495 55,361 0.0 Dialog Semiconductor plc 792 40,486 55,173 0.0 Netcompany Group A/S 358 18,194 46,670 0.0 Siltronic AG 221 27,682 44,130 0.0 Alten SA 295 34,307 42,605 0.0 TietoEVRY Oyj 1,010 39,560 42,288 0.0 Reply SPA 262 16,974 38,921 0.0 Softwareone Holding AG 1,010 32,950 38,139 0.0 Softcat plc 1,393 18,923 33,332 0.0 Computacenter plc 744 14,998 31,718 0.0 Nordic Semiconductor ASA 1,529 10,677 31,397 0.0 Sopra Steria Group 145 27,815 29,881 0.0 Software AG 536 25,657 27,856 0.0 Ascential plc 4,159 27,617 27,813 0.0 CANCOM SE 390 26,034 27,576 0.0 Melexis NV 216 20,704 26,902 0.0 Micro Focus International plc 3,621 142,304 26,744 0.0 Mycronic AB 688 9,448 26,191 0.0 Comet Holding AG 91 17,645 25,995 0.0 Moneysupermarket.com Group plc 5,236 30,560 23,763 0.0 Aixtron AG 1,022 10,833 22,726 0.0 Barco NV 695 15,804 19,306 0.0 Jenoptik AG 491 17,020 19,226 0.0 Indra Sistemas SA Series A 1,389 23,024 15,113 0.0 Atea ASA 815 11,550 14,698 0.0 S&T AG 483 16,341 14,531 0.0 NCC Group plc 3,271 12,123 14,355 0.0 Asseco Poland SA 607 9,733 14,134 0.0 ALSO Holding AG 35 6,071 12,762 0.0 Kainos Group plc 583 5,981 12,366 0.0 New Work SE 26 9,110 11,348 0.0 Quadient 356 15,136 8,729 0.0 GoCo Group plc 2,758 4,972 6,196 0.0 u-blox Holding AG 71 7,709 6,022 0.0 X-Fab Silicon Foundries SE 695 9,311 5,330 0.0 Econocom Group SA 1,371 6,583 5,289 0.0 Takeaway.com NV 32 3,340 4,609 0.0 F-Secure Oyj 762 3,749 4,555 0.0 Pharmagest Interactive 24 3,939 4,168 0.0 Alfa Financial Software Holdings plc 1,205 10,732 2,770 0.0 Funding Circle Holdings plc 1,412 9,756 2,213 0.0 6,818,594 10,564,662 6.9

212 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Telecommunications Deutsche Telekom AG 34,002 770,343 792,651 0.5 Vodafone Group plc 284,436 972,189 599,068 0.4 Telefonaktiebolaget LM Ericsson Class B 32,298 345,570 489,209 0.3 Orange SA 20,188 442,490 306,320 0.2 Nokia Oyj 59,542 445,404 292,458 0.2 Cellnex Telecom SA 3,602 153,636 275,799 0.2 Telefonica SA 52,371 627,588 264,909 0.2 BT Group plc 93,422 488,673 215,163 0.2 Swisscom AG 264 172,874 181,533 0.1 Koninklijke KPN NV 35,837 156,506 138,931 0.1 Telenor ASA 6,373 152,392 138,355 0.1 Telia Co. AB 26,220 157,183 138,131 0.1 Elisa Oyj Series A 1,567 85,476 109,601 0.1 Tele2 AB Class B 5,808 89,184 97,847 0.1 Telecom Italia SPA 126,329 153,425 74,318 0.1 Infrastrutture Wireless Italiane SPA 3,643 39,867 56,390 0.1 Altice Europe NV Class A 6,283 118,029 52,182 0.1 SES SA GDR 3,888 100,624 46,764 0.0 Iliad SA 169 41,925 44,284 0.0 Freenet AG 1,423 54,236 38,142 0.0 Proximus SA 1,502 62,300 37,953 0.0 Telecom Italia SPA Savings Shares 53,800 48,534 35,541 0.0 Cyfrowy Polsat SA 2,950 24,122 30,542 0.0 Spirent Communications plc 6,496 22,020 29,866 0.0 Eutelsat Communications SA 1,791 52,462 25,852 0.0 Telefonica Deutschland Holding AG 6,954 38,151 24,444 0.0 Huber + Suhner AG 225 16,561 22,667 0.0 Telenet Group Holding NV 407 28,035 22,256 0.0 1&1 Drillisch AG 509 34,316 16,218 0.0 Airtel Africa plc 11,514 15,408 15,159 0.0 Orange Polska SA 6,383 10,032 14,383 0.0 Euskaltel SA 978 12,461 13,339 0.0 Telecom Plus plc 525 11,955 13,111 0.0 Telekom Austria AG Class A ADR 1,237 12,379 12,206 0.0 TalkTalk Telecom Group plc 6,805 21,354 11,614 0.0 NOS SGPS SA 2,153 15,717 9,592 0.0 Orange Belgium SA 244 6,828 8,292 0.0 Ascom Holding AG 258 6,742 4,871 0.0 6,006,991 4,699,961 3.1 Utilities Iberdrola SA 62,715 671,960 1,143,796 0.8 Enel SPA 81,798 611,134 1,055,247 0.7 National Grid plc 36,974 620,786 556,973 0.4 Orsted A/S 1,972 172,818 513,533 0.3 Engie SA Loyalty Bonus 18,721 382,853 365,363 0.2 RWE AG Class A 6,626 206,188 357,061 0.2 E.ON SE 22,445 291,570 317,125 0.2 SSE plc 10,881 262,254 284,238 0.2 EDP - Energias de Portugal SA 29,388 146,208 236,197 0.2 Veolia Environnement SA 5,370 162,060 167,499 0.1 Terna Rete Elettrica Nazionale SPA 14,328 106,942 139,591 0.1 Fortum Oyj 4,181 100,894 128,392 0.1 Red Electrica Corp. SA 4,682 127,672 122,429 0.1 Electricite de France SA Loyalty Bonus 5,893 89,046 118,454 0.1 United Utilities Group plc 7,440 114,189 115,963 0.1 Endesa SA 3,233 95,462 112,635 0.1 Severn Trent plc 2,608 98,110 103,962 0.1 Suez 3,949 85,147 99,846 0.1 Naturgy Energy Group SA 3,167 95,472 93,600 0.1 Pennon Group plc 4,480 63,396 74,118 0.1 Verbund AG Class A 658 32,374 71,645 0.1 EDP Renovaveis SA 1,682 20,672 59,779 0.0 Elia System Operator SA 385 30,478 58,514 0.0 Centrica plc 62,127 163,818 50,418 0.0 Uniper SE 1,073 30,592 47,234 0.0 Italgas SPA 5,496 41,647 44,549 0.0 Hera SPA 7,206 30,941 33,474 0.0 A2A SPA 15,760 32,687 32,047 0.0 Befesa SA 393 22,979 31,672 0.0 Encavis AG 947 12,223 31,517 0.0 Albioma SA Loyalty Bonus 400 10,376 29,306 0.0 Drax Group plc 4,480 24,360 29,257 0.0

213 Vanguard FTSE Developed Europe All Cap Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets BKW AG 188 13,277 26,879 0.0 Neoen SA 235 7,326 22,968 0.0 Iren SPA 6,449 21,040 21,372 0.0 ERG SPA 529 10,535 19,296 0.0 Redes Energeticas Nacionais SGPS SA 4,677 18,082 17,242 0.0 PGE Polska Grupa Energetyczna SA 7,368 21,904 16,375 0.0 Falck Renewables SPA 1,381 7,971 14,186 0.0 ACEA SPA 460 10,659 12,297 0.0 Tauron Polska Energia SA 9,279 6,545 8,636 0.0 EVN AG 279 4,787 7,776 0.0 Enea SA ADR 2,481 6,581 5,544 0.0 5,086,015 6,798,005 4.4 Total investments 135,962,166 150,723,074 98.4 Foreign currency contracts (Schedule 1) 20,104 0.0 Futures contracts (Schedule 2) 9,818 0.0 Other assets and liabilities (net) 2,351,266 1.6 Total net assets attributable to holders of redeemable units 153,104,262 100.0

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 387,182 Pound Sterling 301,170 Jan 14/21 31,262 A+ 1 U.S. Dollar 739,381 Euro 621,545 Jan 14/21 27,124 A+ 1 U.S. Dollar 241,375 Canadian Dollar 320,955 Jan 14/21 13,460 AA- 1 Euro 250,000 U.S. Dollar 307,510 Jan 04/21 2,066 AA- 1 U.S. Dollar 901,630 Canadian Dollar 1,150,000 Jan 04/21 1,323 AA- 1 Euro 95,953 U.S. Dollar 118,026 Jan 04/21 793 AA- 1 Swiss Franc 80,000 U.S. Dollar 90,610 Jan 04/21 136 AA- 1 Norwegian Krone 29,995 U.S. Dollar 3,513 Jan 04/21 13 AA- 1 Swiss Franc 1,122 U.S. Dollar 1,271 Jan 04/21 2 AA- Unrealized appreciation of foreign currency contracts 76,179 1 Swiss Franc 434,793 U.S. Dollar 470,604 Jan 14/21 (27,287) AA- 1 Canadian Dollar 493,587 U.S. Dollar 371,213 Jan 14/21 (20,689) A+ 1 Swedish Krona 248,149 U.S. Dollar 27,325 Jan 14/21 (3,689) AA- 1 Danish Krone 334,706 U.S. Dollar 52,416 Jan 14/21 (3,330) AA- 1 Pound Sterling 100,000 U.S. Dollar 136,094 Jan 04/21 (766) AA- 1 Pound Sterling 33,143 U.S. Dollar 45,105 Jan 04/21 (254) AA- 1 Australian Dollar 15,000 U.S. Dollar 11,527 Jan 04/21 (60) AA- Unrealized depreciation of foreign currency contracts (56,075) Net unrealized appreciation of foreign currency contracts 20,104

* Sources: Standard & Poor’s and Fitch.

Schedule 2—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 31 Euro STOXX 50 Mar 19/21 EUR 1,100,500 20,697 Unrealized appreciation of futures contracts 20,697 6 FTSE 100 Index Mar 19/21 GBP 385,200 (10,879) Unrealized depreciation of futures contracts (10,879) Net unrealized appreciation of futures contracts 9,818

214 Vanguard FTSE Developed Europe All Cap Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Industrials 16.5 15.5 Financials 15.3 18.2 Health Care 13.8 13.6 Consumer Discretionary 12.0 12.0 Consumer Staples 12.0 11.6 Technology 6.9 5.4 Basic Materials 6.8 6.1 Energy 4.9 6.7 Utilities 4.4 3.9 Telecommunications 3.1 3.5 Real Estate 2.7 2.9 Other assets and liabilities (net) 1.6 0.6 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Equities United Kingdom 24.2 27.4 France 15.7 16.1 Germany 14.6 13.5 Switzerland 14.5 13.9 Netherlands 6.1 5.9 Sweden 6.0 4.8 Italy 4.0 4.2 Denmark 3.9 2.9 Spain 3.9 4.4 Finland 2.2 1.9 Belgium 1. 8 1. 8 Norway 1. 4 1. 4 Other 1. 7 1. 8 100.0 100.0

215 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $16,484,672 $17,725,593 Cash 224,139 144,617 Amounts receivable for investments sold 2,425 — Margin due from brokers on futures contracts 15,028 — Dividends receivable 57,382 42,133 Unrealized appreciation of foreign currency contracts 210 — Unrealized appreciation of futures contracts 2,437 — Total assets 16,786,293 17,912,343 Liabilities Current liabilities Amounts payable for investments purchased 2,425 — Distributions payable 128,621 114,068 Accounts payable and accrued expenses 679 2,510 Unrealized depreciation of foreign currency contracts 240 — Total liabilities excluding net assets attributable to holders of redeemable units 131,965 116,578 Total net assets attributable to holders of redeemable units $16,654,328 $17,795,765 Number of redeemable units outstanding (Note 9) 700,000 700,000 Net assets attributable to holders of redeemable units per unit $23.79 $25.42

The accompanying notes are an integral part of the financial statements.

216 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Dividend income $645,349 $579,078 Interest for distribution purposes 59 2 Income distribution from underlying funds 3,414 — Net realized gain (loss) on sale of investments (756,542) 86,511 Change in unrealized appreciation/depreciation of investments (188,206) 657,103 Net gain (loss) on investments (295,926) 1,322,694 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (4,925) (25,875) Net realized gain (loss) on futures contracts 54,754 2,631 Change in unrealized appreciation/depreciation of foreign currency contracts (30) 8 Change in unrealized appreciation/depreciation of futures contracts 2,437 — Net gain (loss) on derivatives 52,236 (23,236) Other income 3,885 18,042 Net realized gain (loss) on foreign currency transactions 2,114 23,193 Change in unrealized appreciation/depreciation of foreign currency translations (1,588) (1,349) Total income (net) (239,279) 1,339,344 Expenses (Note 10) Management fees 47,521 37,870 Overdraft expenses —200 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 59,200 49,282 Transaction costs (Note 3) 4,483 18,457 Total expenses 113,898 108,367 Expenses absorbed by manager (2,694) (2,558) Net expenses 111,204 105,809 Increase (decrease) in net assets attributable to holders of redeemable units $(350,483) $1,233,535 Weighted average number of redeemable units 709,563 484,932 Increase (decrease) in net assets attributable to holders of redeemable units per unit $(0.49) $2.54

The accompanying notes are an integral part of the financial statements.

217 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $17,795,765 $7,031,209 Increase (decrease) in net assets attributable to holders of redeemable units $(350,483) $1,233,535 Distributions to holders of redeemable units Net investment income (577,354) (470,679) Net realized gains — (94,954) Total distributions to holders of redeemable units (577,354) (565,633) Redeemable unit transactions Proceeds from issuance of redeemable units 1,819,460 10,001,700 Reinvestment of distributions to holders of redeemable units — 94,954 Payment for redeemable units redeemed (2,033,060) — Net redeemable unit transactions (213,600) 10,096,654 Net assets attributable to holders of redeemable units, end of year $16,654,328 $17,795,765

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $(350,483) $1,233,535 Adjustments for: Net realized (gain) loss on sale of investments 756,542 (86,511) Change in unrealized appreciation/depreciation of investments 188,206 (657,103) Change in unrealized appreciation/depreciation of derivatives (2,407) (8) Change in unrealized appreciation/depreciation of foreign currency translations 1,588 1,349 Purchase of investments (3,610,576) (12,326,012) Proceeds from sale of investments 3,906,749 2,417,842 Change in working capital (32,108) (24,910) Net cash from (used in) operating activities 857,511 (9,441,818) Cash flows from (used in) financing activities Proceeds from issuance of redeemable units 1,819,460 10,001,700 Distributions to holders of redeemable units, net of reinvested distributions (562,801) (421,038) Payment for redeemable units redeemed (2,033,060) — Net cash from (used in) financing activities (776,401) 9,580,662 Change in unrealized appreciation/depreciation of foreign currency translations (1,588) (1,349) Net increase (decrease) in cash during the year $79,522 $137,495 Cash, beginning of year $144,617 $7,122 Cash, end of year $224,139 $144,617 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes, if applicable $570,900 $503,409 Income distributions received, net of foreign withholding taxes, if applicable $3,414 — Interest received, net of foreign withholding taxes, if applicable $59 $2 Interest paid, net of foreign withholding taxes, if applicable — $200

The accompanying notes are an integral part of the financial statements.

218 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Equities Basic Materials BHP Group Ltd. 4,988 159,773 208,060 1.3 Rio Tinto plc 1,846 125,592 175,849 1.1 BASF SE 1,555 155,046 156,877 0.9 BHP Group plc 3,532 98,391 118,406 0.7 Anglo American plc ADR 2,093 63,163 88,372 0.5 Glencore plc 18,370 83,625 74,540 0.4 Rio Tinto Ltd. 633 50,554 70,835 0.4 Fortescue Metals Group Ltd. 2,721 17,370 62,675 0.4 UPM-Kymmene Oyj 896 37,069 42,557 0.3 POSCO 116 18,205 37,004 0.2 Asahi Kasei Corp. 2,100 17,224 27,325 0.2 Mondi plc 828 25,053 24,795 0.2 Covestro AG 306 19,456 24,079 0.1 Stora Enso Oyj Class R 976 17,531 23,802 0.1 Nitto Denko Corp. 200 11,118 22,779 0.1 SKF AB Class B 670 16,024 22,180 0.1 Boliden AB 455 15,016 20,568 0.1 South32 Ltd. 8,297 23,849 20,147 0.1 Solvay SA Class A 113 16,576 17,065 0.1 Mitsubishi Chemical Holdings Corp. 2,200 21,362 16,945 0.1 Polymetal International plc 576 9,457 16,897 0.1 Yara International ASA 301 11,715 15,945 0.1 EMS-Chemie Holding AG 12 9,869 14,753 0.1 Evonik Industries AG 339 13,193 14,099 0.1 Norsk Hydro ASA 2,295 9,475 13,612 0.1 Sumitomo Chemical Co. Ltd. 2,600 14,906 13,314 0.1 Mitsui Chemicals, Inc. 300 8,947 11,198 0.1 JFE Holdings, Inc. 900 14,165 10,972 0.1 Orica Ltd. 693 11,909 10,321 0.1 Denka Co. Ltd. 200 8,710 9,946 0.1 Tosoh Corp. 500 7,143 9,921 0.1 voestalpine AG 204 6,853 9,317 0.1 NSK Ltd. 800 8,968 8,845 0.1 Mitsubishi Gas Chemical Co. Inc. 300 5,247 8,770 0.1 Kuraray Co. Ltd. 600 8,697 8,122 0.1 Lotte Chemical Corp. 25 3,291 8,092 0.1 Evraz plc 967 8,972 7,942 0.1 ICL Group Ltd. 1,223 5,609 7,939 0.0 Alumina Ltd. 4,283 8,475 7,726 0.0 Tenaris SA 723 5,791 7,465 0.0 Incitec Pivot Ltd. 3,270 9,085 7,330 0.0 Teijin Ltd. 3 0 0 7, 3 4 4 7, 1 8 2 0 . 0 Showa Denko KK 200 5,311 5,422 0.0 Tokai Carbon Co. Ltd. 300 3,355 4,775 0.0 Ube Industries Ltd. 200 4,358 4,620 0.0 Imerys SA 64 3,248 3,857 0.0 DIC Corp. 100 3,453 3,213 0.0 LOTTE Fine Chemical Co. Ltd. 30 1,283 1,942 0.0 1,210,826 1,508,397 9.1 Consumer Discretionary Toyota Motor Corp. 4,200 346,684 412,381 2.5 Daimler AG 1,368 99,224 123,234 0.8 Honda Motor Co. Ltd. 2,900 101,108 102,971 0.6 Wesfarmers Ltd. 1,918 75,574 95,032 0.6 Volkswagen AG Pfd. 316 75,213 75,079 0.5 Industria de Diseno Textil SA 1,792 59,333 72,739 0.4 Bayerische Motoren Werke AG 560 59,577 63,052 0.4 Hyundai Motor Co. 239 17,719 53,817 0.3 Cie Generale des Etablissements Michelin SCA 302 46,117 49,406 0.3 Fiat Chrysler Automobiles NV 1,873 17,656 42,802 0.3 Bridgestone Corp. 1,000 47,746 41,757 0.3 Daiwa House Industry Co. Ltd. 1,100 33,538 41,589 0.3 Hennes & Mauritz AB Class B 1,511 30,795 40,317 0.3 Continental AG 182 16,017 34,399 0.2 Peugeot SA 930 30,649 32,429 0.2

219 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets WPP plc 2,041 35,221 28,435 0.2 Sekisui House Ltd. 1,000 22,709 25,913 0.2 Persimmon plc 537 20,599 25,877 0.2 Subaru Corp. 1,000 34,730 25,450 0.2 Pandora A/S 171 11,732 24,387 0.2 Informa plc 2,536 16,601 24,246 0.2 Porsche Automobil Holding SE Pfd. 267 22,200 23,474 0.2 Publicis Groupe SA 369 25,755 23,445 0.2 Sands China Ltd. 4,107 25,169 22,977 0.1 Nissan Motor Co. Ltd. 3,300 32,781 22,804 0.1 Sumitomo Electric Industries Ltd. 1,300 16,944 21,921 0.1 Valeo SA 409 17,726 20,580 0.1 Entain plc 1,020 14,047 20,135 0.1 Barratt Developments plc 1,705 16,600 19,894 0.1 Swatch Group AG (Bearer) 54 15,017 18,795 0.1 Taylor Wimpey plc 6,180 17,212 17,844 0.1 Kingfisher plc 3,633 13,762 17,108 0.1 Renault SA 300 22,928 16,723 0.1 Berkeley Group Holdings plc 196 12,764 16,186 0.1 Tabcorp Holdings Ltd. 3,551 14,340 13,615 0.1 Volkswagen AG 50 11,937 13,258 0.1 Yamaha Motor Co. Ltd. 500 12,031 12,981 0.1 ITV plc 6,353 14,343 11,816 0.1 Electrolux AB Series B 391 11,683 11,606 0.1 Bellway plc 213 10,334 10,961 0.1 Husqvarna AB Class B 650 4,000 10,739 0.1 Nokian Renkaat Oyj 224 9,577 10,063 0.1 JB Hi-Fi Ltd. 193 4,567 9,225 0.1 Singapore Airlines Ltd. 2,180 10,595 8,994 0.1 Mazda Motor Corp. 1,000 8,332 8,539 0.1 Woongjin Coway Co. Ltd. 96 9,470 8,185 0.1 Genting Singapore Ltd. 9,900 8,251 8,112 0.1 Deutsche Lufthansa AG 467 8,653 7,873 0.1 NGK Spark Plug Co. Ltd. 300 5,661 6,526 0.0 TUI AG 749 11,875 5,979 0.0 Qantas Airways Ltd. 1,244 6,523 5,931 0.0 Crown Resorts Ltd. 597 7,273 5,652 0.0 ProSiebenSat.1 Media SE 263 6,956 5,639 0.0 ComfortDelGro Corp. Ltd. 3,500 7,740 5,634 0.0 Japan Airlines Co. Ltd. 224 5,760 5,514 0.0 Pirelli & C. SPA 765 6,128 5,286 0.0 Iida Group Holdings Co. Ltd. 200 3,714 5,143 0.0 Star Entertainment Group Ltd. 1,414 5,972 5,116 0.0 Wynn Macau Ltd. 2,350 6,851 5,027 0.0 Samsonite International SA 2,211 2,398 4,991 0.0 Kangwon Land, Inc. 181 3,441 4,988 0.0 International Consolidated Airlines Group SA 1,774 6,840 4,937 0.0 Nikon Corp. 600 7,396 4,820 0.0 Harvey Norman Holdings Ltd. 1,014 3,731 4,675 0.0 easyJet plc 320 6,139 4,625 0.0 RTL Group SA 71 5,565 4,398 0.0 NagaCorp Ltd. 2,570 5,642 4,290 0.0 SATS Ltd. 1,100 4,896 4,220 0.0 Chow Tai Fook Jewellery Group Ltd. 2,631 3,696 4,215 0.0 JTEKT Corp. 400 3,286 3,954 0.0 Flight Centre Travel Group Ltd. 245 5,325 3,818 0.0 Yokohama Rubber Co. Ltd. 200 3,488 3,786 0.0 Jardine Cycle & Carriage Ltd. 200 3,395 3,769 0.0 Sankyo Co. Ltd. 100 5,165 3,443 0.0 SKYCITY Entertainment Group Ltd. 1,137 3,994 3,348 0.0 Swatch Group AG 49 2,666 3,302 0.0 Sumitomo Rubber Industries Ltd. 300 4,639 3,284 0.0 Yue Yuen Industrial Holdings Ltd. 1,201 4,708 3,185 0.0 Mitsubishi Motors Corp. 1,100 5,949 2,945 0.0 Singapore Press Holdings Ltd. 2,700 6,321 2,941 0.0 Cheil Worldwide, Inc. 118 3,072 2,851 0.0 Pola Orbis Holdings, Inc. 100 2,611 2,584 0.0 ALD SA 143 3,098 2,563 0.0 Lotte Shopping Co. Ltd. 19 1,853 2,284 0.0 Tokai Rika Co. Ltd. 100 1,995 2,153 0.0 Toyota Boshoku Corp. 100 1,750 2,067 0.0 Nexteer Automotive Group Ltd. 1,388 1,357 1,900 0.0 Resorttrust, Inc. 100 1,824 1,819 0.0 Cafe de Coral Holdings Ltd. 568 2,076 1,559 0.0

220 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Air New Zealand Ltd. 868 2,265 1,433 0.0 Lifestyle International Holdings Ltd. 791 1,610 799 0.0 China Travel International Investment Hong Kong Ltd. 4,361 867 760 0.0 Sa Sa International Holdings Ltd. 1,859 534 370 0.0 1,787,605 2,011,688 12.1 Consumer Staples Unilever plc 4,330 325,887 331,186 2.0 British American Tobacco plc 3,880 221,657 182,980 1.1 Tesco plc 16,311 60,236 65,730 0.4 Koninklijke Ahold Delhaize NV 1,803 57,344 64,951 0.4 Japan Tobacco, Inc. 2,000 64,123 51,876 0.3 Imperial Brands plc 1,625 63,684 43,454 0.3 Coles Group Ltd. 2,171 27,202 38,716 0.2 Carrefour SA 961 20,222 21,017 0.1 Mowi ASA 732 21,709 20,804 0.1 KT&G Corp. 189 21,455 18,420 0.1 Orkla ASA 1,325 15,059 17,153 0.1 WH Group Ltd. 14,389 17,110 15,367 0.1 Kesko Oyj Class B 442 8,825 14,496 0.1 J Sainsbury plc 2,948 12,230 11,577 0.1 Treasury Wine Estates Ltd. 1,234 9,566 11,403 0.1 WM Morrison Supermarkets plc 3,646 12,004 11,261 0.1 Coca-Cola Amatil Ltd. 875 7,828 11,122 0.1 Tate & Lyle plc 837 9,713 9,830 0.1 Want Want China Holdings Ltd. 9,352 8,593 8,620 0.1 Tingyi Cayman Islands Holding Corp. 3,192 7,496 6,944 0.0 Salmar ASA 92 5,477 6,894 0.0 Metcash Ltd. 1,739 4,722 5,778 0.0 Leroy Seafood Group ASA 455 4,014 4,100 0.0 METRO AG 272 5,461 3,899 0.0 Casino Guichard Perrachon SA 97 4,995 3,809 0.0 Dairy Farm International Holdings Ltd. 500 2,806 2,656 0.0 Uni-President China Holdings Ltd. 1,961 2,452 2,542 0.0 Lotte Corp. 45 1,890 1,863 0.0 First Pacific Co. Ltd. 4,011 1,965 1,628 0.0 Olam International Ltd. 1,100 1,920 1,622 0.0 1,027,645 991,698 5.9 Energy Tot al SE 4,149 289,027 228,302 1.4 Royal Dutch Shell plc Class A 6,940 265,058 156,852 0.9 BP plc 33,779 284,469 149,889 0.9 Royal Dutch Shell plc Class B 6,329 243,821 138,810 0.8 Eni SPA 4,196 86,932 55,910 0.3 Woodside Petroleum Ltd. 1,630 48,366 36,439 0.2 Equinor ASA 1,662 44,560 35,847 0.2 Siemens Energy AG 651 22,345 30,443 0.2 Repsol SA 2,236 45,908 28,755 0.2 Snam SPA 3,640 22,420 26,106 0.2 ENEOS Holdings, Inc. 5,100 35,686 23,310 0.1 SK Innovation Co. Ltd. 89 16,817 19,832 0.1 APA Group 2,020 18,969 19,163 0.1 OMV AG 254 16,679 13,066 0.1 Keppel Corp. Ltd. 2,500 15,240 12,965 0.1 Ampol Ltd. 427 11,666 11,930 0.1 Enagas SA 417 14,240 11,678 0.1 Galp Energia SGPS SA Class B 846 18,638 11,544 0.1 Idemitsu Kosan Co. Ltd. 400 14,878 11,204 0.1 Polski Koncern Naftowy Orlen SA 561 9,976 11,072 0.1 Lundin Petroleum AB 320 12,139 11,035 0.1 Inpex Corp. 1,600 10,812 10,977 0.1 TechnipFMC plc 819 7,763 9,871 0.1 Rubis SCA 158 10,056 9,354 0.0 Aker BP ASA 192 7,854 6,177 0.0 S-Oil Corp. 70 7,400 5,681 0.0 Grupa Lotos SA 173 2,746 2,452 0.0 Whitehaven Coal Ltd. 1,468 4,003 2,374 0.0 Cosmo Energy Holdings Co. Ltd. 100 2,110 2,267 0.0 Repsol SA Rights Exp. 01/26/2021 2,427 1,086 1,062 0.0 1,591,664 1,094,367 6.6 Financials Commonwealth Bank of Australia 3,002 205,195 242,324 1.5

221 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets HSBC Holdings plc 34,682 366,367 228,820 1.4 Allianz SE 706 201,432 220,873 1.3 Zurich Insurance Group AG 253 109,548 136,192 0.8 National Australia Bank Ltd. 5,653 129,414 125,596 0.8 BNP Paribas SA 1,834 123,543 123,230 0.7 Mitsubishi UFJ Financial Group, Inc. 21,200 140,064 119,315 0.7 Westpac Banking Corp. 6,163 149,568 117,358 0.7 Banco Santander SA 29,036 166,160 114,873 0.7 Australia & New Zealand Banking Group Ltd. 4,852 118,214 108,277 0.7 UBS Group AG 5,737 96,694 103,108 0.6 AXA SA 3,267 104,821 99,367 0.6 Vanguard International High Dividend Yield Index ETF * 1,266 100,711 98,031 0.6 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 236 72,929 89,321 0.5 Sumitomo Mitsui Financial Group, Inc. 2,200 104,144 86,545 0.5 ING Groep NV 6,631 101,098 78,981 0.5 Intesa Sanpaolo SPA 26,238 80,286 78,225 0.5 Macquarie Group Ltd. 567 65,187 77,190 0.5 Lloyds Banking Group plc 118,219 114,654 75,022 0.5 Barclays plc 29,203 78,531 74,597 0.5 DBS Group Holdings Ltd. 3,000 70,348 72,412 0.4 Tokio Marine Holdings, Inc. 1,100 72,242 72,048 0.4 Banco Bilbao Vizcaya Argentaria SA 11,257 81,947 70,804 0.4 Mizuho Financial Group, Inc. 4,330 87,449 69,860 0.4 Nordea Bank Abp 5,756 62,437 59,864 0.4 Oversea-Chinese Banking Corp. Ltd. 5,900 60,885 57,214 0.4 Swiss Re AG 476 57,754 57,174 0.3 United Overseas Bank Ltd. 2,200 53,280 47,906 0.3 Assicurazioni Generali SPA 2,128 48,904 47,302 0.3 Sampo Oyj Class A 864 50,367 46,559 0.3 Legal & General Group plc 10,030 43,476 46,498 0.3 DNB ASA 1,799 41,894 44,971 0.3 UniCredit SPA 3,617 62,226 43,121 0.3 KBC Group NV 470 41,621 41,965 0.3 ORIX Corp. 2,100 41,932 41,059 0.3 Swedbank AB Class A 1,696 39,480 37,918 0.2 Aviva plc 6,595 47,027 37,350 0.2 Standard Chartered plc 4,455 49,487 36,146 0.2 Nomura Holdings, Inc. 5,200 28,687 34,970 0.2 Societe Generale SA 1,309 54,249 34,733 0.2 Dai-ichi Life Holdings, Inc. 1,800 27,504 34,472 0.2 KB Financial Group, Inc. 661 34,280 33,644 0.2 3i Group plc 1,658 19,115 33,436 0.2 Swiss Life Holding AG 56 30,618 33,285 0.2 Svenska Handelsbanken AB Class A 2,533 35,219 32,457 0.2 NN Group NV 582 29,983 32,234 0.2 Skandinaviska Enskilda Banken AB Class A 2,459 30,966 32,233 0.2 Shinhan Financial Group Co. Ltd. 856 39,789 32,175 0.2 Credit Agricole SA 1,977 32,016 31,804 0.2 MS&AD Insurance Group Holdings, Inc. 800 33,029 31,007 0.2 Julius Baer Group Ltd. 374 20,737 27,491 0.2 Hang Seng Bank Ltd. 1,239 38,877 27,218 0.2 Sompo Holdings, Inc. 500 16,602 25,747 0.2 Danske Bank A/S 1,157 30,660 24,387 0.2 BOC Hong Kong Holdings Ltd. 6,138 33,254 23,700 0.1 Sumitomo Mitsui Trust Holdings, Inc. 600 28,967 23,522 0.1 ASX Ltd. 331 22,203 23,429 0.1 Groupe Bruxelles Lambert SA 178 21,795 22,897 0.1 Japan Post Holdings Co. Ltd. 2,300 31,946 22,784 0.1 Natwest Group plc 7,669 29,244 22,391 0.1 FinecoBank Banca Fineco SPA 1,031 15,290 21,535 0.1 RSA Insurance Group plc 1,792 16,924 21,140 0.1 Hannover Rueck SE 104 20,203 21,124 0.1 QBE Insurance Group Ltd. 2,491 25,301 20,889 0.1 Suncorp Group Ltd. 2,157 27,271 20,654 0.1 CaixaBank SA 6,168 27,423 20,200 0.1 Ageas 293 19,310 19,904 0.1 Hana Financial Group, Inc. 491 21,051 19,866 0.1 Insurance Australia Group Ltd. 4,144 28,660 19,147 0.1 Bank Leumi Le-Israel BM 2,531 21,917 18,981 0.1 St. James's Place plc 934 16,575 18,437 0.1 Erste Group Bank AG 469 22,424 18,233 0.1 Standard Life Aberdeen plc 3,559 18,624 17,435 0.1 Admiral Group plc 343 12,212 17,358 0.1

222 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Resona Holdings, Inc. 3,700 22,458 16,455 0.1 Bank Hapoalim BM 1,854 17,102 16,177 0.1 Aegon NV 3,143 19,240 15,849 0.1 M&G plc 4,408 8,218 15,196 0.1 Daiwa Securities Group, Inc. 2,600 17,311 15,079 0.1 Commerzbank AG 1,809 12,662 14,849 0.1 Powszechna Kasa Oszczednosci Bank Polski SA 1,509 17,569 14,818 0.1 Medibank Pvt Ltd. 4,715 13,639 13,952 0.1 Direct Line Insurance Group plc 2,441 13,223 13,561 0.1 T&D Holdings, Inc. 900 8,977 13,516 0.1 Singapore Exchange Ltd. 1,400 10,584 12,524 0.1 Mediobanca Banca di Credito Finanziario SPA 1,052 13,358 12,365 0.1 Magellan Financial Group Ltd. 234 8,873 12,344 0.1 Samsung Fire & Marine Insurance Co. Ltd. 56 16,136 12,314 0.1 SBI Holdings, Inc. 400 11,489 12,078 0.1 ASR Nederland NV 234 11,766 11,982 0.1 Schroders plc 199 9,897 11,565 0.1 SCOR SE 276 13,660 11,367 0.1 Phoenix Group Holdings plc 916 10,454 11,176 0.1 Powszechny Zaklad Ubezpieczen SA 1,001 11,799 11,076 0.1 Poste Italiane SPA 823 9,951 10,674 0.1 Woori Financial Group, Inc. 922 14,492 10,521 0.1 Amundi SA 101 9,005 10,517 0.1 Samsung Life Insurance Co. Ltd. 108 4,062 10,019 0.1 Tr yg A/S 241 8,884 9,695 0.1 AMP Ltd. 5,881 11,637 9,019 0.1 ABN AMRO Bank NV CVA 695 14,444 8,689 0.1 Gjensidige Forsikring ASA 303 7,191 8,629 0.1 Concordia Financial Group Ltd. 1,900 7,915 8,511 0.1 Quilter plc 3,172 7,173 8,485 0.1 Bendigo & Adelaide Bank Ltd. 905 8,278 8,292 0.1 Bankinter SA 1,169 11,233 8,062 0.1 Japan Post Insurance Co. Ltd. 300 4,735 7,818 0.1 Helvetia Holding AG 57 8,561 7,673 0.1 Raiffeisen International Bank-Holding AG 293 8,141 7,618 0.1 Japan Post Bank Co. Ltd. 700 9,756 7,316 0.1 Mirae Asset Daewoo Co. Ltd. 647 2,620 7,163 0.0 Fukuoka Financial Group, Inc. 300 5,413 6,786 0.0 Mizrahi Tefahot Bank Ltd. 222 5,981 6,540 0.0 Banque Cantonale Vaudoise 47 4,812 6,523 0.0 Natixis SA 1,487 10,729 6,465 0.0 Challenger Ltd. 979 6,364 6,198 0.0 Korea Investment Holdings Co. Ltd. 65 2,870 6,022 0.0 Bank of Queensland Ltd. 778 6,814 5,920 0.0 Bank of East Asia Ltd. 2,170 6,782 5,904 0.0 CNP Assurances 281 8,248 5,773 0.0 Bank Polska Kasa Opieki SA 268 9,069 5,599 0.0 Ashmore Group plc 684 4,947 5,136 0.0 Samsung Securities Co. Ltd. 108 2,965 5,123 0.0 Talanx AG 98 5,014 4,852 0.0 Bankia SA 2,128 8,275 4,807 0.0 Aozora Bank Ltd. 200 6,123 4,696 0.0 Mapfre SA 1,765 6,835 4,383 0.0 Mitsubishi UFJ Lease & Finance Co. Ltd. 700 4,802 4,276 0.0 Mebuki Financial Group, Inc. 1,700 5,690 4,258 0.0 DB Insurance Co. Ltd. 80 5,707 4,105 0.0 Banca Mediolanum SPA 370 3,696 4,095 0.0 IOOF Holdings Ltd. 1,085 5,473 3,755 0.0 AIB Group plc 1,392 6,073 3,648 0.0 Hirogin Holdings, Inc. 500 4,344 3,578 0.0 Santander Bank Polska SA 55 3,382 3,492 0.0 DWS Group GmbH & Co. KGaA 63 2,717 3,418 0.0 Hachijuni Bank Ltd. 800 3,695 3,386 0.0 BNK Financial Group, Inc. 497 3,947 3,311 0.0 Hitachi Capital Corp. 100 2,735 3,074 0.0 AEON Financial Service Co. Ltd. 200 2,812 3,050 0.0 Seven Bank Ltd. 1,100 4,044 2,959 0.0 Industrial Bank of Korea 284 4,032 2,944 0.0 Aker ASA Class A 35 1,347 2,916 0.0 NH Investment & Securities Co. Ltd. 218 3,257 2,889 0.0 Yamaguchi Financial Group, Inc. 400 3,012 2,868 0.0 Hyundai Marine & Fire Insurance Co. Ltd. 103 4,160 2,748 0.0 Gunma Bank Ltd. 700 2,989 2,747 0.0 Perpetual Ltd. 75 2,961 2,563 0.0

223 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Hokuhoku Financial Group, Inc. 200 2,266 2,416 0.0 UnipolSai Assicurazioni SPA 690 2,297 2,334 0.0 Vienna Insurance Group AG Wiener Versicherung Gruppe 70 2,478 2,270 0.0 DGB Financial Group, Inc. 262 2,645 2,086 0.0 Platinum Asset Management Ltd. 515 2,345 2,066 0.0 Matsui Securities Co. Ltd. 200 2,588 1,999 0.0 Samsung Card Co. Ltd. 51 2,115 1,944 0.0 Hanwha Life Insurance Co. Ltd. 469 771 1,342 0.0 Haitong International Securities Group Ltd. 4,256 1,914 1,308 0.0 Dah Sing Financial Holdings Ltd. 241 1,174 865 0.0 Dah Sing Banking Group Ltd. 623 1,074 815 0.0 Guotai Junan International Holdings Ltd. 4,243 1,050 725 0.0 5,225,567 4,840,256 29.1 Health Care Novartis AG 3,666 421,237 441,978 2.6 AstraZeneca plc 2,228 241,042 284,175 1.7 Sanofi 1,846 214,502 226,463 1.4 GlaxoSmithKline plc 8,373 225,369 195,684 1.2 Bayer AG 1,674 157,610 125,658 0.8 Takeda Pharmaceutical Co. Ltd. 2,600 127,191 120,471 0.7 Sonic Healthcare Ltd. 812 19,819 25,664 0.1 Orion Oyj Class B 168 8,183 9,828 0.1 Miraca Holdings, Inc. 100 2,987 3,429 0.0 1,417,940 1,433,350 8.6 Industrials Siemens AG 1,302 199,420 238,514 1.4 ABB, Ltd. 3,043 82,611 108,372 0.7 Deutsche Post AG 1,668 73,400 105,303 0.6 Vinci SA 810 102,450 102,728 0.6 Itochu Corp. 2,300 55,897 84,121 0.5 Volvo AB Class B 2,464 49,742 74,077 0.5 Kone Oyj Class B 667 48,798 69,100 0.4 Mitsui & Co. Ltd. 2,800 59,265 65,284 0.4 Transurban Group 4,672 56,415 62,740 0.4 Mitsubishi Corp. 2,000 70,646 62,710 0.4 LafargeHolcim Ltd. 870 55,225 60,964 0.4 Komatsu Ltd. 1,600 47,525 55,627 0.3 Cie de Saint-Gobain 792 40,221 46,296 0.3 BAE Systems plc 5,417 50,415 46,112 0.3 CK Hutchison Holdings Ltd. 4,580 53,325 40,711 0.3 Amcor plc CDI 2,631 35,020 39,677 0.2 SGS SA 10 33,858 38,482 0.2 Sumitomo Corp. 1,900 37,216 32,014 0.2 Aena SME SA 120 27,204 26,599 0.2 Smurfit Kappa Group plc 438 19,046 26,209 0.2 Kuehne + Nagel International AG 87 17,427 25,178 0.2 HeidelbergCement AG 257 23,252 24,526 0.2 Marubeni Corp. 2,700 25,055 22,859 0.1 Adecco Group AG 260 18,995 22,169 0.1 Toyota Tsusho Corp. 400 12,942 20,558 0.1 Skanska AB Class B 604 14,809 19,648 0.1 Mitsubishi Heavy Industries Ltd. 500 16,618 19,472 0.1 Atlantia SPA 840 24,608 19,268 0.1 Bouygues SA 355 17,886 18,621 0.1 Taisei Corp. 400 15,845 17,547 0.1 ACS Actividades de Construccion y Servicios SA 375 18,390 15,871 0.1 Randstad NV 184 13,341 15,270 0.1 DS Smith plc 2,286 14,948 14,913 0.1 Lendlease Group 1,131 16,287 14,565 0.1 Weir Group plc 413 5,167 14,309 0.1 Sydney Airport 2,264 14,258 14,267 0.1 Kajima Corp. 800 10,251 13,643 0.1 AGC, Inc. 300 9,241 13,327 0.1 Outotec Oyj 1,023 7,511 13,036 0.1 GEA Group AG 282 11,171 12,871 0.1 Aurizon Holdings Ltd. 3,146 13,876 12,062 0.1 Signify NV 215 7,616 11,572 0.1 Xinyi Glass Holdings Ltd. 3,219 5,440 11,451 0.1 Securitas AB Class B 547 8,398 11,265 0.1 LIXIL Corp. 400 9,910 11,027 0.1 Isuzu Motors Ltd. 900 7,104 10,884 0.1 Wartsila Oyj Abp 844 10,598 10,722 0.1

224 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Meggitt plc 1,308 11,791 10,626 0.1 Atlas Arteria Ltd. 1,620 9,860 10,352 0.1 Rexel SA 506 7,376 10,171 0.1 Boral Ltd. 2,089 10,109 10,166 0.1 Singapore Technologies Engineering Ltd. 2,600 9,229 9,574 0.1 Venture Corp. Ltd. 500 7,768 9,360 0.1 IMI plc 438 7,777 8,886 0.1 Kawasaki Heavy Industries Ltd. 300 5,701 8,603 0.1 Shimizu Corp. 900 8,906 8,329 0.1 Fletcher Building Ltd. 1,406 6,169 7,609 0.1 Flughafen Zurich AG 33 6,849 7,424 0.1 Andritz AG 123 6,520 7,186 0.1 Kyowa Exeo Corp. 200 6,275 7,182 0.0 ISS A/S 322 10,699 7,107 0.0 Amada Holdings Co. Ltd. 500 7,334 6,990 0.0 Acciona SA 37 4,779 6,731 0.0 Swire Pacific Ltd. Class A 918 11,755 6,486 0.0 Downer EDI Ltd. 1,199 7,916 6,283 0.0 Sumitomo Heavy Industries Ltd. 200 4,279 6,283 0.0 Worley Ltd. 549 2,379 6,201 0.0 Hyundai Heavy Industries Holdings Co. Ltd. 18 6,481 5,985 0.0 Sojitz Corp. 2,100 8,839 5,960 0.0 Haseko Corp. 400 6,587 5,839 0.0 SITC International Holdings Co. Ltd. 2,017 2,665 5,548 0.0 Penta-Ocean Construction Co. Ltd. 500 3,090 5,473 0.0 DKSH Holding AG 56 3,961 5,371 0.0 Hochtief AG 36 5,725 4,464 0.0 Sanwa Holdings Corp. 300 2,661 4,450 0.0 GS Engineering & Construction Corp. 100 2,838 4,433 0.0 Orora Ltd. 1,652 5,511 4,385 0.0 CSR Ltd. 830 3,315 4,267 0.0 Sulzer AG 31 4,119 4,160 0.0 Kyudenko Corp. 100 3,967 4,109 0.0 Fraport AG Frankfurt Airport Services Worldwide 52 2,842 4,001 0.0 CIMIC Group Ltd. 164 6,957 3,929 0.0 BOC Aviation Ltd. 356 3,782 3,919 0.0 OC Oerlikon Corp. AG 295 2,770 3,890 0.0 DMG Mori Co. Ltd. 200 3,228 3,872 0.0 GS Holdings Corp. 87 3,484 3,831 0.0 Toda Corp. 400 3,044 3,371 0.0 Ushio, Inc. 200 2,636 3,312 0.0 Zardoya Otis SA 320 3,548 2,858 0.0 NWS Holdings Ltd. 2,418 5,711 2,857 0.0 Nippon Electric Glass Co. Ltd. 100 2,133 2,784 0.0 Adelaide Brighton Ltd. 782 3,790 2,575 0.0 Neles Oyj 147 6,515 2,487 0.0 Traton SE 68 1,354 2,396 0.0 HDC Hyundai Development Co-Engineering & Construction ADR 78 1,726 2,388 0.0 Hutchison Port Holdings Trust 8,600 2,628 2,169 0.0 Nisshinbo Holdings, Inc. 200 2,021 1,856 0.0 KCC Corp. 8 1,287 1,853 0.0 Singapore Post Ltd. 2,600 2,386 1,767 0.0 Posco International Corp. 84 1,385 1,433 0.0 Doosan Bobcat, Inc. 41 1,297 1,426 0.0 Ssangyong Cement Industrial Co. Ltd. 176 1,152 1,379 0.0 KEPCO Plant Service & Engineering Co. Ltd. 36 1,367 1,254 0.0 Shun Tak Holdings Ltd. 3,134 1,616 1,220 0.0 SIA Engineering Co. Ltd. 400 1,065 760 0.0 1,851,597 2,106,121 12.6 Real Estate Vonovia SE 960 63,810 89,428 0.5 Sun Hung Kai Properties Ltd. 2,431 48,797 39,943 0.2 CK Asset Holdings Ltd. 3,984 25,543 26,053 0.2 LEG Immobilien AG 128 19,898 25,352 0.2 Wharf Real Estate Investment Co. Ltd. 2,802 21,596 18,577 0.1 Aroundtown SA 1,814 19,469 17,305 0.1 Swiss Prime Site AG 128 15,671 16,031 0.1 Castellum AB 459 12,291 14,860 0.1 New World Development Co. Ltd. 2,438 18,065 14,461 0.1 CapitaLand Ltd. 4,300 14,548 13,596 0.1 Hang Lung Properties Ltd. 3,544 10,698 11,908 0.1 Daito Trust Construction Co. Ltd. 100 18,515 11,895 0.1

225 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Henderson Land Development Co. Ltd. 2,163 13,651 10,751 0.1 Hongkong Land Holdings Ltd. 2,000 11,224 10,523 0.1 Sino Land Co. Ltd. 5,652 11,698 9,379 0.1 Wharf Holdings Ltd. 2,520 6,178 8,633 0.0 Swire Properties Ltd. 1,803 6,592 6,680 0.0 Nomura Real Estate Holdings, Inc. 200 5,565 5,634 0.0 Hysan Development Co. Ltd. 1,048 6,540 4,899 0.0 Kerry Properties Ltd. 1,022 4,992 3,298 0.0 Gazit-Globe Ltd. 152 1,855 1,265 0.0 Shui On Land Ltd. 5,913 1,563 1,049 0.0 Frasers Property Ltd. 600 986 7170.0 359,745 362,237 2.2 Technology Samsung Electronics Co. Ltd. Pfd. 1,389 60,725 119,895 0.7 Canon, Inc. 1,700 63,435 41,493 0.3 Lenovo Group Ltd. 12,752 8,651 15,337 0.1 Seiko Epson Corp. 4 0 0 7, 6 2 1 7, 5 5 7 0 . 0 Konica Minolta Holdings, Inc. 800 3,922 3,889 0.0 LS Corp. 29 1,188 2,428 0.0 145,542 190,599 1.1 Telecommunications Deutsche Telekom AG 5,480 117,162 127,749 0.8 KDDI Corp. 2,900 101,556 109,716 0.7 Vodafone Group plc 45,222 113,430 95,245 0.6 Softbank Corp. 4,720 80,537 75,308 0.5 Nippon Telegraph & Telephone Corp. 2,100 67,276 68,553 0.4 Orange SA 3,278 65,398 49,738 0.3 Telefonica SA 8,465 83,482 42,819 0.3 BT Group plc 14,852 49,992 34,206 0.2 Swisscom AG 44 28,645 30,256 0.2 Singapore Telecommunications Ltd. 12,700 38,006 28,388 0.2 Telia Co. AB 4,480 25,774 23,601 0.1 Telenor ASA 1,042 26,228 22,621 0.1 Koninklijke KPN NV 5,764 21,138 22,346 0.1 Telstra Corp. Ltd. 7,126 22,291 20,876 0.1 Elisa Oyj Series A 248 15,126 17,346 0.1 Tele2 AB Class B 921 16,114 15,516 0.1 SK Telecom Co. Ltd. 49 13,530 13,677 0.1 Spark New Zealand Ltd. 3,139 10,980 13,533 0.1 Telecom Italia SPA Savings Shares 10,667 7,093 7,047 0.1 PCCW Ltd. 7,047 5,434 5,407 0.0 Proximus SA 212 7,173 5,357 0.0 Cyfrowy Polsat SA 484 3,994 5,011 0.0 Telenet Group Holding NV 85 5,569 4,648 0.0 Telefonica Deutschland Holding AG 1,214 5,408 4,267 0.0 VTech Holdings Ltd. 275 3,702 2,718 0.0 Telekom Austria AG Class A ADR 251 2,598 2,477 0.0 StarHub Ltd. 1,000 1,483 1,263 0.0 SKY Perfect JSAT Holdings, Inc. 200 1,149 1,254 0.0 940,268 850,943 5.1 Utilities Iberdrola SA 10,114 119,104 184,459 1.1 Enel SPA 13,203 107,772 170,327 1.0 National Grid plc 5,961 85,857 89,796 0.5 RWE AG Class A 1,065 37,942 57,390 0.4 E.ON SE 3,677 51,915 51,952 0.3 SSE plc 1,750 36,225 45,714 0.3 EDP - Energias de Portugal SA 4,754 25,289 38,209 0.2 Engie SA Loyalty Bonus 1,761 35,406 34,368 0.2 CLP Holdings Ltd. 2,797 41,150 32,951 0.2 Veolia Environnement SA 866 25,961 27,012 0.2 Terna Rete Elettrica Nazionale SPA 2,420 19,023 23,577 0.1 Fortum Oyj 697 20,722 21,404 0.1 Engie SA 1,037 19,672 20,238 0.1 Red Electrica Corp. SA 739 19,886 19,324 0.1 Endesa SA 550 17,356 19,162 0.1 United Utilities Group plc 1,165 15,966 18,158 0.1 Suez 645 11,549 16,308 0.1 Power Assets Holdings Ltd. 2,340 22,013 16,148 0.1 Severn Trent plc 405 14,371 16,144 0.1 Naturgy Energy Group SA 497 16,910 14,689 0.1

226 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Description Number of Shares Cost ($) Fair Value ($) % of Net Assets Kansai Electric Power Co. Inc. 1,200 15,650 14,418 0.1 Meridian Energy Ltd. 2,106 7,631 14,334 0.1 Origin Energy Ltd. 3,006 20,422 14,066 0.1 AGL Energy Ltd. 1,075 20,447 12,629 0.1 Pennon Group plc 711 9,871 11,763 0.1 Electricite de France SA Loyalty Bonus 538 10,336 10,814 0.0 Contact Energy Ltd. 1,229 6,944 10,045 0.1 Kyushu Electric Power Co. Inc. 800 8,894 8,766 0.1 Uniper SE 191 7,474 8,408 0.1 Tohoku Electric Power Co. Inc. 800 10,083 8,391 0.1 Centrica plc 9,796 17,554 7,950 0.1 Chugoku Electric Power Co. Inc. 500 8,483 7,459 0.1 Electricite de France SA 369 5,317 7,417 0.1 Mercury NZ Ltd. 1,154 3,900 6,912 0.0 CK Infrastructure Holdings Ltd. 953 9,382 6,522 0.0 Italgas SPA 791 5,943 6,412 0.0 A2A SPA 2,736 6,445 5,564 0.0 AusNet Services 3,126 5,019 5,393 0.0 Electric Power Development Co. Ltd. 300 7,771 5,260 0.0 Shikoku Electric Power Co. Inc. 300 2,999 2,488 0.0 Korea Gas Corp. 45 1,371 1,631 0.0 Towngas China Co. Ltd. 1,815 1,168 1,044 0.0 937,193 1,095,016 6.6 Total investments 16,495,592 16,484,672 99.0 Foreign currency contracts (Schedule 1) (30) (0.0) Futures contracts (Schedule 2) 2,437 0.0 Other assets and liabilities (net) 167,249 1.0 Total net assets attributable to holders of redeemable units 16,654,328 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 110,000 Canadian Dollar 140,302 Jan 04/21 161 AA- 1 Euro 4,194 U.S. Dollar 5,159 Jan 04/21 35 AA- 1 Swedish Krona 13,741 U.S. Dollar 1,679 Jan 04/21 7 AA- 1 Swiss Franc 1,627 U.S. Dollar 1,842 Jan 04/21 3 AA- 1 Norwegian Krone 8,130 U.S. Dollar 952 Jan 04/21 3 AA- 1 Hong Kong Dollar 20,517 U.S. Dollar 2,647 Jan 04/21 1 AA- 1 U.S. Dollar 22,919 Japanese Yen 2,366,000 Jan 14/21 0 AA- 1 New Zealand Dollar 652 U.S. Dollar 470 Jan 05/21 0 A+ Unrealized appreciation of foreign currency contracts 210 1 Japanese Yen 2,788,582 U.S. Dollar 26,899 Jan 14/21 (145) AA- 1 Pound Sterling 7,817 U.S. Dollar 10,638 Jan 04/21 (60) AA- 1 Australian Dollar 6,931 U.S. Dollar 5,327 Jan 04/21 (28) AA- 1 Japanese Yen 10,578,478 U.S. Dollar 102,454 Jan 04/21 (7) AA- Unrealized depreciation of foreign currency contracts (240) Net unrealized depreciation of foreign currency contracts (30)

* Sources: Standard & Poor’s and Fitch.

227 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

Schedule 2—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 1 MSCI EAFE Index Mar 19/21 USD 106,540 1,988 1 S&P 500 Index Micro E-mini Mar 19/21 USD 18,744 449 Unrealized appreciation of futures contracts 2,437 Net unrealized appreciation of futures contracts 2,437

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Equities Financials 29.1 31.6 Industrials 12.6 11.8 Consumer Discretionary 12.1 9.8 Basic Materials 9.1 7.0 Health Care 8.6 9.5 Utilities 6.6 5.7 Energy 6.6 9.1 Consumer Staples 5.9 5.7 Telecommunications 5.1 6.1 Real Estate 2.2 1.8 Technology 1. 1 1. 5 Other assets and liabilities (net) 1.0 0.4 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Equities United Kingdom 20.9 23.0 Japan 16.7 15.2 Germany 11.2 10.1 Australia 10.7 10.3 France 8.0 9.4 Switzerland 7. 0 7. 1 Spain 4.1 4.2 Italy 3.6 3.6 South Korea 3.0 1.8 Hong Kong 2.9 2.7 Sweden 2.3 2.0 Finland 2.1 2.1 Singapore 1. 9 2. 0 Netherlands 1. 6 2. 7 Norway 1. 2 1. 1 Other 2.8 2.7 100.0 100.0

228 Vanguard FTSE Emerging Markets All Cap Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $1,271,005,866 $1,067,276,410 Cash 7,582,130 667,824 Amounts receivable for redeemable units issued 3,466,617 6,951,556 Amounts receivable for investments sold — 10,358,328 Unrealized appreciation of foreign currency contracts 15,439 57,635 Total assets 1,282,070,052 1,085,311,753 Liabilities Current liabilities Amounts payable for investments purchased 3,458,244 6,943,174 Margin due to brokers 686,546 — Distributions payable 5,913,940 10,709,588 Accounts payable and accrued expenses 44,906 66,772 Unrealized depreciation of foreign currency contracts 7,400 5,964 Total liabilities excluding net assets attributable to holders of redeemable units 10,111,036 17,725,498 Total net assets attributable to holders of redeemable units $1,271,959,016 $1,067,586,255 Number of redeemable units outstanding (Note 9) 33,160,000 30,730,000 Net assets attributable to holders of redeemable units per unit $38.36 $34.74

The accompanying notes are an integral part of the financial statements.

229 Vanguard FTSE Emerging Markets All Cap Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $3,704 $7,450 Income distribution from underlying funds 23,656,298 34,188,787 Net realized gain (loss) on sale of investments (278,669) 5,483,537 Change in unrealized appreciation/depreciation of investments 102,798,291 91,658,658 Net gain (loss) on investments 126,179,624 131,338,432 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 394,032 (149,988) Net realized gain (loss) on futures contracts 235,522 — Change in unrealized appreciation/depreciation of foreign currency contracts (43,632) 71,494 Net gain (loss) on derivatives 585,922 (78,494) Net realized gain (loss) on foreign currency transactions (473,976) 188,503 Change in unrealized appreciation/depreciation of foreign currency translations 39,320 (52,412) Total income (net) 126,330,890 131,396,029 Expenses (Note 10) Management fees 1,244,405 1,180,083 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 3,534,295 5,156,242 Transaction costs (Note 3) 404 2,867 Total expenses 4,781,798 6,341,750 Expenses absorbed by manager (2,694) (2,558) Net expenses 4,779,104 6,339,192 Increase (decrease) in net assets attributable to holders of redeemable units $121,551,786 $125,056,837 Weighted average number of redeemable units 30,896,366 29,423,205 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.93 $4.25

The accompanying notes are an integral part of the financial statements.

230 Vanguard FTSE Emerging Markets All Cap Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $1,067,586,255 $850,295,826 Increase (decrease) in net assets attributable to holders of redeemable units $121,551,786 $125,056,837 Distributions to holders of redeemable units Net investment income (19,215,033) (28,230,477) Return of capital (42,919) (49,110) Total distributions to holders of redeemable units (19,257,952) (28,279,587) Redeemable unit transactions Proceeds from issuance of redeemable units 253,424,046 209,046,153 Payment for redeemable units redeemed (151,345,119) (88,532,974) Net redeemable unit transactions 102,078,927 120,513,179 Net assets attributable to holders of redeemable units, end of year $1,271,959,016 $1,067,586,255

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $121,551,786 $125,056,837 Adjustments for: Net realized (gain) loss on sale of investments 278,669 (5,483,537) Change in unrealized appreciation/depreciation of investments (102,798,291) (91,658,658) Change in unrealized appreciation/depreciation of derivatives 43,632 (71,494) Change in unrealized appreciation/depreciation of foreign currency translations (39,320) 52,412 1 Purchase of investments (3,467,081) (18,286,937) 2 Proceeds from sale of investments 11,209,555 5,207,016 Change in working capital 664,680 55,582 Net cash from (used in) operating activities 27,443,630 14,871,221 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 3,527,807 7,020,813 Distributions to holders of redeemable units, net of reinvested distributions (24,053,600) (21,247,661) 2 Payment for redeemable units redeemed (42,851) (37,375) Net cash from (used in) financing activities (20,568,644) (14,264,223) Change in unrealized appreciation/depreciation of foreign currency translations 39,320 (52,412) Net increase (decrease) in cash during the year $6,914,306 $554,586 Cash, beginning of year $667,824 $113,238 Cash, end of year $7,582,130 $667,824 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $20,122,003 $29,048,800 Interest received, net of foreign withholding taxes, if applicable $3,704 $7,450

1 Excludes in-kind transactions of $249,897,685 and $202,023,561 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $151,302,268 and $88,495,599 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

231 Vanguard FTSE Emerging Markets All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard FTSE Emerging Markets ETF* 19,926,401 1,070,003,876 1,271,005,866 99.9 Total investments 1,070,003,876 1,271,005,866 99.9 Foreign currency contracts (Schedule 1) 8,039 0.0 Other assets and liabilities (net) 945,111 0.1 Total net assets attributable to holders of redeemable units 1,271,959,016 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 4,700,000 Canadian Dollar 5,998,069 Jan 04/21 15,439 A+ 1 Canadian Dollar 766,951 U.S. Dollar 602,523 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 15,439 1 Canadian Dollar 1,542,110 U.S. Dollar 1,208,171 Jan 04/21 (4,229) AA- 1 Canadian Dollar 1,156,583 U.S. Dollar 906,129 Jan 04/21 (3,171) AA- Unrealized depreciation of foreign currency contracts (7,400) Net unrealized appreciation of foreign currency contracts 8,039

* Sources: Standard & Poor’s and Fitch.

232 Vanguard FTSE Emerging Markets All Cap Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Technology 24.0 17.9 Financials 18.7 24.6 Consumer Discretionary 17.0 14.4 Basic Materials 6.5 6.1 Industrials 6.4 6.8 Energy 5.9 7.8 Consumer Staples 5.7 5.5 Health Care 4.5 3.0 Telecommunications 4.3 4.7 Real Estate 3.4 4.2 Utilities 2.6 3.1 Other 0.0 0.4 Other assets and liabilities (net) 1.0 1.5 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund China 42.4 36.9 Taiwan 16.5 14.7 India 11.0 10.2 Brazil 5.9 8.7 South Africa 4.1 5.3 Saudi Arabia 2.9 2.2 Russia 2.7 4.1 Thailand 2.7 3.5 Malaysia 2.2 2.5 Mexico 2.1 2.7 Indonesia 1. 6 2. 1 Philippines 1. 0 1. 2 Qatar 0.8 1.0 Other 4.1 4.9 100.0 100.0

233 Vanguard FTSE Global All Cap ex Canada Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $1,030,730,148 $890,704,679 Amounts receivable for redeemable units issued 3,156,846 2,404,764 Amounts receivable for investments sold 1,806,444 2,865,493 Margin due from brokers on futures contracts 44 — Income distributions receivable 3,705,038 3,646,040 Unrealized appreciation of foreign currency contracts 5,737 16,884 Total assets 1,039,404,257 899,637,860 Liabilities Current liabilities Bank overdraft 1,305,850 1,828,920 Amounts payable for investments purchased 3,148,857 2,403,937 Distributions payable 3,999,441 4,400,856 Accounts payable and accrued expenses 22,986 39,462 Unrealized depreciation of foreign currency contracts 6,122 — Total liabilities excluding net assets attributable to holders of redeemable units 8,483,256 8,673,175 Total net assets attributable to holders of redeemable units $1,030,921,001 $890,964,685 Number of redeemable units outstanding (Note 9) 22,930,000 22,230,000 Net assets attributable to holders of redeemable units per unit $44.96 $40.08

The accompanying notes are an integral part of the financial statements.

234 Vanguard FTSE Global All Cap ex Canada Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $413 $2,049 Income distribution from underlying funds 17,457,795 20,003,814 Net realized gain (loss) on sale of investments 12,411,643 34,240,461 Change in unrealized appreciation/depreciation of investments 97,010,370 99,801,900 Net gain (loss) on investments 126,880,221 154,048,224 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 227,697 (546,293) Net realized gain (loss) on futures contracts 11,872 12,403 Change in unrealized appreciation/depreciation of foreign currency contracts (17,269) 36,498 Net gain (loss) on derivatives 222,300 (497,392) Net realized gain (loss) on foreign currency transactions (216,831) 516,072 Change in unrealized appreciation/depreciation of foreign currency translations 15,180 (20,785) Total income (net) 126,900,870 154,046,119 Expenses (Note 10) Management fees 834,577 1,436,964 Overdraft expenses —1,991 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 1,680,148 2,783,486 Transaction costs (Note 3) 4,308 90,429 Total expenses 2,521,727 4,315,428 Expenses absorbed by manager (2,694) (2,558) Net expenses 2,519,033 4,312,870 Increase (decrease) in net assets attributable to holders of redeemable units $124,381,837 $149,733,249 Weighted average number of redeemable units 22,505,273 22,204,658 Increase (decrease) in net assets attributable to holders of redeemable units per unit $5.53 $6.74

The accompanying notes are an integral part of the financial statements.

235 Vanguard FTSE Global All Cap ex Canada Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $890,964,685 $769,494,216 Increase (decrease) in net assets attributable to holders of redeemable units $124,381,837 $149,733,249 Distributions to holders of redeemable units Net investment income (14,832,960) (16,026,988) Net realized gains — (21,134,328) Return of capital (8,748) — Total distributions to holders of redeemable units (14,841,708) (37,161,316) Redeemable unit transactions Proceeds from issuance of redeemable units 101,845,907 48,619,616 Reinvestment of distributions to holders of redeemable units — 21,134,328 Payment for redeemable units redeemed (71,429,720) (60,855,408) Net redeemable unit transactions 30,416,187 8,898,536 Net assets attributable to holders of redeemable units, end of year $1,030,921,001 $890,964,685

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $124,381,837 $149,733,249 Adjustments for: Net realized (gain) loss on sale of investments (12,411,643) (34,240,461) Change in unrealized appreciation/depreciation of investments (97,010,370) (99,801,900) Change in unrealized appreciation/depreciation of derivatives 17,269 (36,498) Change in unrealized appreciation/depreciation of foreign currency translations (15,180) 20,785 1 Purchase of investments (20,996,593) (291,745,570) 2 Proceeds from sale of investments 18,683,486 290,533,655 Change in working capital (75,518) (3,663,314) Net cash from (used in) operating activities 12,573,288 10,799,946 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 3,208,681 2,419,276 Distributions to holders of redeemable units, net of reinvested distributions (15,243,123) (15,418,985) 2 Payment for redeemable units redeemed (30,956) (34,699) Net cash from (used in) financing activities (12,065,398) (13,034,408) Change in unrealized appreciation/depreciation of foreign currency translations 15,180 (20,785) Net increase (decrease) in cash during the year $523,070 $(2,255,247) Cash (overdraft), beginning of year $(1,828,920) $426,327 Cash (overdraft), end of year $(1,305,850) $(1,828,920) Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $15,718,649 $13,579,337 Interest received, net of foreign withholding taxes, if applicable $413 $2,049 Interest paid, net of foreign withholding taxes, if applicable — $1,991

1 Excludes in-kind transactions of $98,636,185 and $46,199,514 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $71,398,764 and $60,820,709 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

236 Vanguard FTSE Global All Cap ex Canada Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Large-Cap ETF* 2,353,611 330,966,784 526,501,477 51.1 Vanguard FTSE Developed All Cap ex North America Index ETF* 10,182,441 282,066,253 309,749,855 30.0 Vanguard FTSE Emerging Markets ETF* 1,941,570 102,117,422 123,843,079 12.0 Vanguard Small-Cap ETF* 285,042 49,394,394 70,635,737 6.9 Total investments 764,544,853 1,030,730,148 100.0 Foreign currency contracts (Schedule 1) (385) (0.0) Other assets and liabilities (net) 191,238 0.0 Total net assets attributable to holders of redeemable units 1,030,921,001 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 1,900,000 Canadian Dollar 2,424,182 Jan 08/21 5,737 AA- Unrealized appreciation of foreign currency contracts 5,737 1 Canadian Dollar 1,594,705 U.S. Dollar 1,249,377 Jan 04/21 (4,373) AA- 1 Canadian Dollar 637,882 U.S. Dollar 499,751 Jan 04/21 (1,749) AA- Unrealized depreciation of foreign currency contracts (6,122) Net unrealized depreciation of foreign currency contracts (385)

* Sources: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Portfolio Allocation 2020 2019 Exchange-traded funds North America 58.0 56.4 Developed ex North America 30.0 32.3 Emerging Markets 12.0 11.3 Other assets and liabilities (net) 0.0 0.0 100.0 100.0

237 Vanguard Global Aggregate Bond Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020

2020 Assets Current assets Investments $42,477,320 Cash 34,066 Amounts receivable from manager 389 Income distributions receivable 85,166 Total assets 42,596,941 Liabilities Current liabilities Amounts payable for investments purchased 560,881 Distributions payable 84,309 Total liabilities excluding net assets attributable to holders of redeemable units 645,190 Total net assets attributable to holders of redeemable units $41,951,751 Number of redeemable units outstanding (Note 9) 1,620,000 Net assets attributable to holders of redeemable units per unit $25.90

Statement of Comprehensive Income For the period ended December 31, 2020

2020* Income Net gain (loss) on investments Income distribution from underlying funds $911,690 Net realized gain (loss) on sale of investments 115,828 Change in unrealized appreciation/depreciation of investments (112,445) Net gain (loss) on investments 915,073 Total income (net) 915,073 Expenses (Note 10) Management fees 6,289 Independent Review Committee fees 2,694 Total expenses 8,983 Expenses absorbed by manager (2,694) Net expenses 6,289 Increase (decrease) in net assets attributable to holders of redeemable units $908,784 Weighted average number of redeemable units 1,084,208 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.84

* The Fund commenced operations on January 17, 2020.

The accompanying notes are an integral part of the financial statements.

238 Vanguard Global Aggregate Bond Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the period ended December 31, 2020

2020* Increase (decrease) in net assets attributable to holders of redeemable units $908,784 Distributions to holders of redeemable units Net investment income (384,212) Net realized gains (551,613) Return of capital (530) Total distributions to holders of redeemable units (936,355) Redeemable unit transactions Proceeds from issuance of redeemable units 55,605,793 Reinvestment of distributions to holders of redeemable units 551,613 Payment for redeemable units redeemed (14,178,084) Net redeemable unit transactions 41,979,322 Net assets attributable to holders of redeemable units, end of period $41,951,751

* The Fund commenced operations on January 17, 2020.

Statement of Cash Flows For the period ended December 31, 2020

2020* Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $908,784 Adjustments for: Net realized (gain) loss on sale of investments (115,828) Change in unrealized appreciation/depreciation of investments 112,445 Purchase of investments1 (6,516,543) 2 Proceeds from sale of investments 6,022,887 Change in working capital (85,555) Net cash from (used in) operating activities 326,190 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 9,580 Distributions to holders of redeemable units, net of reinvested distributions (300,433) 2 Payment for redeemable units redeemed (1,271) Net cash from (used in) financing activities (292,124) Net increase (decrease) in cash during the period $34,066 Cash, end of period $34,066 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $826,524

* The Fund commenced operations on January 17, 2020. 1 Excludes in-kind transactions of $55,596,213 at December 31, 2020 2 Excludes in-kind transactions of $14,176,813 at December 31, 2020

The accompanying notes are an integral part of the financial statements.

239 Vanguard Global Aggregate Bond Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)* 811,807 22,793,965 22,819,895 54.4 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged)* 736,509 19,795,800 19,657,425 46.9 Total investments 42,589,765 42,477,320 101.3 Other assets and liabilities (net) (525,569) (1.3) Total net assets attributable to holders of redeemable units 41,951,751 100.0 * Affiliated fund. Refer to Note 10(b).

Fund-Specific Notes—Concentration Risk As at December 31, 2020 % of net assets attributable to holders of redeemable units

December 31, Portfolio Allocation 2020 Exchange-traded funds International Fixed Income 54.4 U.S. Fixed Income 46.9 Other assets and liabilities (net) (1.3) 100.0

240 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $472,400,057 $326,024,177 Cash 5,120,078 6,663,612 Amounts receivable for redeemable units issued 1,404,905 1,362,110 Income distributions receivable 889,124 — Unrealized appreciation of foreign currency contracts 8,434,328 7,843,683 Total assets 488,248,492 341,893,582 Liabilities Current liabilities Amounts payable for investments purchased 13,636,339 8,848,273 Distributions payable 786,324 6,409,837 Accounts payable and accrued expenses 59,246 44,508 Unrealized depreciation of foreign currency contracts 509,675 582,036 Total liabilities excluding net assets attributable to holders of redeemable units 14,991,584 15,884,654 Total net assets attributable to holders of redeemable units $473,256,908 $326,008,928 Number of redeemable units outstanding (Note 9) 16,840,000 11,970,000 Net assets attributable to holders of redeemable units per unit $28.10 $27.24

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $4,119 $3,929 Income distribution from underlying funds 4,474,254 10,189,324 Net realized gain (loss) on sale of investments 6,418,610 1,775,485 Change in unrealized appreciation/depreciation of investments (4,140,497) (7,070,049) Net gain (loss) on investments 6,756,486 4,898,689 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 7,411,001 (2,069,308) Change in unrealized appreciation/depreciation of foreign currency contracts 663,006 12,913,874 Net gain (loss) on derivatives 8,074,007 10,844,566 Net realized gain (loss) on foreign currency transactions 665,872 (58,592) Change in unrealized appreciation/depreciation of foreign currency translations (9,556) (667) Total income (net) 15,486,809 15,683,996 Expenses (Note 10) Management fees 1,130,801 760,686 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 674,814 1,533,665 Transaction costs (Note 3) 1,103 545 Total expenses 1,809,412 2,297,454 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,806,718 2,294,896 Increase (decrease) in net assets attributable to holders of redeemable units $13,680,091 $13,389,100 Weighted average number of redeemable units 13,970,546 9,443,836 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.98 $1.42

The accompanying notes are an integral part of the financial statements.

241 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $326,008,928 $198,142,401 Increase (decrease) in net assets attributable to holders of redeemable units $13,680,091 $13,389,100 Distributions to holders of redeemable units Net investment income (2,648,020) (7,840,340) Net realized gains (4,705,694) — Return of capital (1,414) (59,151) Total distributions to holders of redeemable units (7,355,128) (7,899,491) Redeemable unit transactions Proceeds from issuance of redeemable units 201,596,015 151,636,185 Reinvestment of distributions to holders of redeemable units 4,705,694 — Payment for redeemable units redeemed (65,378,692) (29,259,267) Net redeemable unit transactions 140,923,017 122,376,918 Net assets attributable to holders of redeemable units, end of year $473,256,908 $326,008,928

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $13,680,091 $13,389,100 Adjustments for: Net realized (gain) loss on sale of investments (6,418,610) (1,775,485) Change in unrealized appreciation/depreciation of investments 4,140,497 7,070,049 Change in unrealized appreciation/depreciation of derivatives (663,006) (12,913,874) Change in unrealized appreciation/depreciation of foreign currency translations 9,556 667 1 Purchase of investments (55,035,630) (20,963,157) 2 Proceeds from sale of investments 50,323,367 21,336,323 Change in working capital (874,386) 22,973 Net cash from (used in) operating activities 5,161,879 6,166,596 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 2,210,043 1,966,866 Distributions to holders of redeemable units, net of reinvested distributions (8,272,947) (5,016,180) 2 Payment for redeemable units redeemed (632,953) (175,348) Net cash from (used in) financing activities (6,695,857) (3,224,662) Change in unrealized appreciation/depreciation of foreign currency translations (9,556) (667) Net increase (decrease) in cash during the year $(1,543,534) $2,941,267 Cash, beginning of year $6,663,612 $3,722,345 Cash, end of year $5,120,078 $6,663,612 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $2,910,316 $8,658,645 Interest received, net of foreign withholding taxes, if applicable $4,119 $3,929

1 Excludes in-kind transactions of $199,392,267 and $149,653,285 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $64,745,739 and $29,083,919 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

242 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Total International Bond ETF* 6,338,533 474,026,240 472,400,057 99.8 Total investments 474,026,240 472,400,057 99.8 Foreign currency contracts (Schedule 1) 7,924,653 1.7 Other assets and liabilities (net) (7,067,802) (1.5) Total net assets attributable to holders of redeemable units 473,256,908 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 340,208,991 Canadian Dollar 440,744,150 Jan 05/21 7,695,042 AA- 1 U.S. Dollar 359,327,366 Canadian Dollar 457,727,368 Feb 02/21 394,062 AA- 1 U.S. Dollar 9,583,825 Canadian Dollar 12,415,893 Jan 05/21 216,724 AA- 1 U.S. Dollar 4,126,230 Canadian Dollar 5,279,354 Jan 05/21 27,112 AA- 1 U.S. Dollar 1,077,925 Canadian Dollar 1,394,148 Jan 05/21 22,067 AA- 1 U.S. Dollar 434,808 Canadian Dollar 564,231 Jan 05/21 10,767 AA- 1 U.S. Dollar 9,152,193 Canadian Dollar 11,658,393 Feb 02/21 9,954 AA- 1 U.S. Dollar 435,441 Canadian Dollar 563,066 Jan 05/21 8,797 A+ 1 U.S. Dollar 434,425 Canadian Dollar 560,508 Jan 05/21 7,532 A+ 1 U.S. Dollar 876,267 Canadian Dollar 1,122,741 Jan 05/21 7,348 AA- 1 U.S. Dollar 868,656 Canadian Dollar 1,113,049 Jan 05/21 7,344 A+ 1 U.S. Dollar 610,981 Canadian Dollar 784,839 Jan 05/21 7,126 AA- 1 U.S. Dollar 654,952 Canadian Dollar 839,166 Jan 05/21 5,483 AA- 1 U.S. Dollar 1,156,378 Canadian Dollar 1,475,907 Feb 02/21 4,129 AA- 1 U.S. Dollar 865,741 Canadian Dollar 1,106,027 Jan 05/21 4,033 AA- 1 U.S. Dollar 436,212 Canadian Dollar 558,891 Jan 05/21 3,641 AA- 1 U.S. Dollar 515,126 Canadian Dollar 657,049 Feb 02/21 1,423 AA- 1 U.S. Dollar 222,823 Canadian Dollar 284,841 Jan 05/21 1,211 AA- 1 U.S. Dollar 873,616 Canadian Dollar 1,112,352 Jan 05/21 333 AA- 1 U.S. Dollar 216,814 Canadian Dollar 276,180 Jan 05/21 200 AA- Unrealized appreciation of foreign currency contracts 8,434,328 1 Canadian Dollar 457,783,064 U.S. Dollar 359,327,366 Jan 05/21 (398,340) AA- 1 Canadian Dollar 4,584,312 U.S. Dollar 3,571,385 Jan 05/21 (38,327) AA- 1 Canadian Dollar 1,951,985 U.S. Dollar 1,503,443 Jan 05/21 (38,265) AA- 1 U.S. Dollar 2,852,374 Canadian Dollar 3,620,256 Jan 05/21 (10,506) AA- 1 Canadian Dollar 11,615,000 U.S. Dollar 9,116,954 Jan 05/21 (10,028) AA- 1 Canadian Dollar 490,003 U.S. Dollar 377,887 Jan 05/21 (8,994) A+ 1 Canadian Dollar 1,395,166 U.S. Dollar 1,093,048 Jan 04/21 (3,826) AA- 1 Canadian Dollar 647,000 U.S. Dollar 507,197 Jan 05/21 (1,389) A+ Unrealized depreciation of foreign currency contracts (509,675) Net unrealized appreciation of foreign currency contracts 7,924,653

* Sources: Standard & Poor’s and Fitch.

243 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Foreign Government 77.5 77.4 Finance 7. 8 7. 6 Industrial 6.6 6.4 Other 4.8 5.4 Utilities 1. 4 1. 3 Other assets and liabilities (net) 1.9 1.9 100.0 100.0

% of investment portfolio

December 31, December 31, Market Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Japan 16.9 19.0 France 12.1 11.9 Germany 9.7 9.0 Italy 7. 6 7. 6 United Kingdom 7. 1 7. 1 Canada 5.7 6.0 Spain 5.4 5.4 United States 4.3 4.5 Netherlands 4.1 4.1 Australia 3.1 2.7 South Korea 2.7 2.6 Supranational 2.7 2.4 Belgium 2.2 2.2 Sweden 1. 4 1. 3 Austria 1. 3 1. 4 Luxembourg 1. 3 1. 3 Switzerland 1. 2 1. 2 Other 11.2 10.3 100.0 100.0

244 Vanguard S&P 500 Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $3,687,743,705 $2,711,486,279 Cash 13,013,372 1,103,782 Amounts receivable for redeemable units issued 10,998,537 5,214,613 Amounts receivable for investments sold — 9,073,903 Margin due from brokers on futures contracts 71,019 — Unrealized appreciation of foreign currency contracts 27,177 52,388 Unrealized appreciation of futures contracts 25,753 — Total assets 3,711,879,563 2,726,930,965 Liabilities Current liabilities Amounts payable for investments purchased 10,978,832 5,199,742 Distributions payable 11,128,951 9,997,333 Accounts payable and accrued expenses 45,419 67,588 Unrealized depreciation of foreign currency contracts 16,215 12,867 Total liabilities excluding net assets attributable to holders of redeemable units 22,169,417 15,277,530 Total net assets attributable to holders of redeemable units $3,689,710,146 $2,711,653,435 Number of redeemable units outstanding (Note 9) 43,550,000 36,450,000 Net assets attributable to holders of redeemable units per unit $84.72 $74.39

The accompanying notes are an integral part of the financial statements.

245 Vanguard S&P 500 Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $5,167 $8,292 Income distribution from underlying funds 55,594,487 49,096,778 Net realized gain (loss) on sale of investments 79,461,068 38,160,203 Change in unrealized appreciation/depreciation of investments 321,816,874 416,383,265 Net gain (loss) on investments 456,877,596 503,648,538 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (810,138) (31,106) Net realized gain (loss) on futures contracts 123,534 — Change in unrealized appreciation/depreciation of foreign currency contracts (28,559) 39,300 Change in unrealized appreciation/depreciation of futures contracts 25,753 — Net gain (loss) on derivatives (689,410) 8,194 Net realized gain (loss) on foreign currency transactions 797,742 (46,446) Change in unrealized appreciation/depreciation of foreign currency translations 3,159 (38,304) Total income (net) 456,989,087 503,571,982 Expenses (Note 10) Management fees 1,633,991 1,234,705 Overdraft expenses —3,879 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 8,340,132 7,354,438 Transaction costs (Note 3) 236 1,074 Total expenses 9,977,053 8,596,654 Expenses absorbed by manager (2,694) (2,558) Net expenses 9,974,359 8,594,096 Increase (decrease) in net assets attributable to holders of redeemable units $447,014,728 $494,977,886 Weighted average number of redeemable units 39,462,486 33,916,329 Increase (decrease) in net assets attributable to holders of redeemable units per unit $11.33 $14.59

The accompanying notes are an integral part of the financial statements.

246 Vanguard S&P 500 Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $2,711,653,435 $1,882,722,409 Increase (decrease) in net assets attributable to holders of redeemable units $447,014,728 $494,977,886 Distributions to holders of redeemable units Net investment income (45,590,403) (39,750,972) Return of capital (35,883) (30,228) Total distributions to holders of redeemable units (45,626,286) (39,781,200) Redeemable unit transactions Proceeds from issuance of redeemable units 1,054,970,595 536,934,563 Payment for redeemable units redeemed (478,302,326) (163,200,223) Net redeemable unit transactions 576,668,269 373,734,340 Net assets attributable to holders of redeemable units, end of year $3,689,710,146 $2,711,653,435

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $447,014,728 $494,977,886 Adjustments for: Net realized (gain) loss on sale of investments (79,461,068) (38,160,203) Change in unrealized appreciation/depreciation of investments (321,816,874) (416,383,265) Change in unrealized appreciation/depreciation of derivatives 2,806 (39,300) Change in unrealized appreciation/depreciation of foreign currency translations (3,159) 38,304 1 Purchase of investments (10,998,494) (24,966,742) 2 Proceeds from sale of investments 10,527,736 18,450,062 Change in working capital (93,188) 39,322 Net cash from (used in) operating activities 45,172,487 33,956,064 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 11,384,570 5,402,029 Distributions to holders of redeemable units, net of reinvested distributions (44,494,668) (38,330,414) 2 Payment for redeemable units redeemed (155,958) (42,317) Net cash from (used in) financing activities (33,266,056) (32,970,702) Change in unrealized appreciation/depreciation of foreign currency translations 3,159 (38,304) Net increase (decrease) in cash during the year $11,909,590 $947,058 Cash, beginning of year $1,103,782 $156,724 Cash, end of year $13,013,372 $1,103,782 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $47,254,355 $41,742,340 Interest received, net of foreign withholding taxes, if applicable $5,167 $8,292 Interest paid, net of foreign withholding taxes, if applicable — $3,879

1 Excludes in-kind transactions of $1,043,584,640 and $531,631,084 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $478,146,368 and $163,157,906 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

247 Vanguard S&P 500 Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard S&P 500 ETF* 8,429,456 2,678,638,393 3,687,743,705 99.9 Total investments 2,678,638,393 3,687,743,705 99.9 Foreign currency contracts (Schedule 1) 10,962 0.0 Futures contracts (Schedule 2) 25,753 0.0 Other assets and liabilities (net) 1,929,726 0.1 Total net assets attributable to holders of redeemable units 3,689,710,146 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 9,000,000 Canadian Dollar 11,482,968 Jan 08/21 27,177 AA- 1 Canadian Dollar 5,081,802 U.S. Dollar 3,992,303 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 27,177 1 Canadian Dollar 5,913,244 U.S. Dollar 4,632,751 Jan 04/21 (16,215) AA- Unrealized depreciation of foreign currency contracts (16,215) Net unrealized appreciation of foreign currency contracts 10,962

* Sources: Standard & Poor’s and Fitch.

Schedule 2—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 6 S&P 500 Index Micro E-mini Mar 19/21 USD 1,124,640 25,753 Unrealized appreciation of futures contracts 25,753 Net unrealized appreciation of futures contracts 25,753

248 Vanguard S&P 500 Index ETF

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Information Technology 27.5 23.2 Health Care 13.4 14.2 Consumer Discretionary 12.7 9.7 Communication Services 10.7 10.4 Financials 10.4 12.9 Industrials 8.4 9.0 Consumer Staples 6.5 7.2 Utilities 2.7 3.3 Materials 2.6 2.6 Real Estate 2.4 2.9 Energy 2.3 4.3 Other assets and liabilities (net) 0.4 0.3 100.0 100.0

249 Vanguard S&P 500 Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $1,436,083,569 $1,029,713,050 Cash 5,670,416 802,389 Amounts receivable for redeemable units issued —2,767,610 Amounts receivable for investments sold — 3,599,533 Margin due from brokers on futures contracts 127,615 — Unrealized appreciation of foreign currency contracts 23,453,341 23,556,991 Unrealized appreciation of futures contracts 21,479 — Total assets 1,465,356,420 1,060,439,573 Liabilities Current liabilities Amounts payable for redeemable units redeemed — 554,022 Amounts payable for investments purchased 22,690,765 25,565,636 Distributions payable 4,215,110 3,732,453 Accounts payable and accrued expenses 19,305 25,600 Unrealized depreciation of foreign currency contracts 533,770 26,319 Total liabilities excluding net assets attributable to holders of redeemable units 27,458,950 29,904,030 Total net assets attributable to holders of redeemable units $1,437,897,470 $1,030,535,543 Number of redeemable units outstanding (Note 9) 22,860,000 18,600,000 Net assets attributable to holders of redeemable units per unit $62.90 $55.41

The accompanying notes are an integral part of the financial statements.

250 Vanguard S&P 500 Index ETF (CAD-hedged)

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $3,386 $9,439 Income distribution from underlying funds 21,982,659 18,218,926 Net realized gain (loss) on sale of investments 91,831,099 26,099,525 Change in unrealized appreciation/depreciation of investments 117,949,518 145,486,096 Net gain (loss) on investments 231,766,662 189,813,986 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 39,264,574 (11,258,084) Net realized gain (loss) on futures contracts 47,708 — Change in unrealized appreciation/depreciation of foreign currency contracts (611,101) 45,219,058 Change in unrealized appreciation/depreciation of futures contracts 21,479 — Net gain (loss) on derivatives 38,722,660 33,960,974 Net realized gain (loss) on foreign currency transactions (1,908,136) (365,278) Change in unrealized appreciation/depreciation of foreign currency translations 9,301 (16,301) Total income (net) 268,590,487 223,393,381 Expenses (Note 10) Management fees 673,422 461,631 Overdraft expenses 8,235 2,915 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 3,299,647 2,742,144 Transaction costs (Note 3) 8,104 3,732 Total expenses 3,992,102 3,212,980 Expenses absorbed by manager (2,694) (2,558) Net expenses 3,989,408 3,210,422 Increase (decrease) in net assets attributable to holders of redeemable units $264,601,079 $220,182,959 Weighted average number of redeemable units 22,704,208 17,435,205 Increase (decrease) in net assets attributable to holders of redeemable units per unit $11.65 $12.63

The accompanying notes are an integral part of the financial statements.

251 Vanguard S&P 500 Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $1,030,535,543 $723,681,747 Increase (decrease) in net assets attributable to holders of redeemable units $264,601,079 $220,182,959 Distributions to holders of redeemable units Net investment income (17,977,087) (14,751,368) Net realized gains (54,829,509) — Return of capital (23,970) (8,044) Total distributions to holders of redeemable units (72,830,566) (14,759,412) Redeemable unit transactions Proceeds from issuance of redeemable units 551,549,887 211,507,202 Reinvestment of distributions to holders of redeemable units 54,829,509 — Payment for redeemable units redeemed (390,787,982) (110,076,953) Net redeemable unit transactions 215,591,414 101,430,249 Net assets attributable to holders of redeemable units, end of year $1,437,897,470 $1,030,535,543

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $264,601,079 $220,182,959 Adjustments for: Net realized (gain) loss on sale of investments (91,831,099) (26,099,525) Change in unrealized appreciation/depreciation of investments (117,949,518) (145,486,096) Change in unrealized appreciation/depreciation of derivatives 589,622 (45,219,058) Change in unrealized appreciation/depreciation of foreign currency translations (9,301) 16,301 1 Purchase of investments (165,561,160) (73,286,321) 2 Proceeds from sale of investments 136,888,135 81,904,572 Change in working capital (133,910) 29,082 Net cash from (used in) operating activities 26,593,848 12,041,914 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 1,107,823 4,099,904 Distributions to holders of redeemable units, net of reinvested distributions (17,518,400) (14,386,318) 2 Payment for redeemable units redeemed (5,324,545) (814,563) Net cash from (used in) financing activities (21,735,122) (11,100,977) Change in unrealized appreciation/depreciation of foreign currency translations 9,301 (16,301) Net increase (decrease) in cash during the year $4,868,027 $924,636 Cash (overdraft), beginning of year $802,389 $(122,247) Cash, end of year $5,670,416 $802,389 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $18,683,012 $15,493,739 Interest received, net of foreign withholding taxes, if applicable $3,386 $9,439 Interest paid, net of foreign withholding taxes, if applicable $8,235 $2,915

1 Excludes in-kind transactions of $550,503,089 and $207,506,391 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $385,476,613 and $109,249,214 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

252 Vanguard S&P 500 Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard S&P 500 ETF* 3,279,770 1,114,825,985 1,436,083,569 99.9 Total investments 1,114,825,985 1,436,083,569 99.9 Foreign currency contracts (Schedule 1) 22,919,571 1.6 Futures contracts (Schedule 2) 21,479 0.0 Other assets and liabilities (net) (21,127,149) (1.5) Total net assets attributable to holders of redeemable units 1,437,897,470 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 944,499,461 Canadian Dollar 1,223,608,497 Jan 05/21 20,324,278 AA- 1 U.S. Dollar 121,487,018 Canadian Dollar 157,232,211 Jan 05/21 2,458,792 AA- 1 U.S. Dollar 24,382,227 Canadian Dollar 31,529,612 Feb 02/21 470,129 AA- 1 U.S. Dollar 2,366,386 Canadian Dollar 3,057,778 Jan 05/21 43,022 AA- 1 U.S. Dollar 2,358,141 Canadian Dollar 3,046,678 Jan 05/21 42,427 AA- 1 U.S. Dollar 1,198,165 Canadian Dollar 1,555,562 Jan 05/21 29,110 A+ 1 U.S. Dollar 2,881,897 Canadian Dollar 3,691,116 Jan 05/21 19,603 AA- 1 U.S. Dollar 2,837,712 Canadian Dollar 3,632,163 Jan 05/21 16,943 AA- 1 U.S. Dollar 2,828,394 Canadian Dollar 3,619,465 Jan 05/21 16,115 AA- 1 U.S. Dollar 946,846 Canadian Dollar 1,215,524 Jan 05/21 9,250 AA- 1 U.S. Dollar 2,359,987 Canadian Dollar 3,014,388 Jan 05/21 7,785 AA- 1 U.S. Dollar 2,852,357 Canadian Dollar 3,641,636 Jan 05/21 7,758 AA- 1 U.S. Dollar 3,400,000 Canadian Dollar 4,336,636 Jan 08/21 5,153 AA- 1 U.S. Dollar 1,506,490 Canadian Dollar 1,922,030 Feb 02/21 2,976 AA- 1 Canadian Dollar 20,657,873 U.S. Dollar 16,214,971 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 23,453,341 1 Canadian Dollar 31,499,887 U.S. Dollar 24,382,227 Feb 02/21 (440,404) AA- 1 Canadian Dollar 7,854,630 U.S. Dollar 6,135,674 Jan 05/21 (37,835) AA- 1 U.S. Dollar 1,074,452,111 Canadian Dollar 1,368,685,450 Feb 02/21 (13,431) AA- 1 Canadian Dollar 3,611,471 U.S. Dollar 2,824,328 Jan 05/21 (13,301) AA- 1 U.S. Dollar 44,985,172 Canadian Dollar 57,292,664 Feb 02/21 (12,034) AA- 1 Canadian Dollar 1,368,851,990 U.S. Dollar 1,074,452,112 Jan 05/21 (9,209) AA- 1 Canadian Dollar 4,087,446 U.S. Dollar 3,204,251 Jan 05/21 (5,258) AA- 1 Canadian Dollar 1,658,498 U.S. Dollar 1,300,000 Jan 05/21 (2,298) AA- Unrealized depreciation of foreign currency contracts (533,770) Net unrealized appreciation of foreign currency contracts 22,919,571

* Sources: Standard & Poor’s and Fitch.

Schedule 2—Futures Contracts As at December 31, 2020

Unrealized Number of Appreciation Contracts Description Expiration Date Notional Value (Depreciation) ($) 5 S&P 500 Index Micro E-mini Mar 19/21 USD 937,200 21,479 Unrealized appreciation of futures contracts 21,479 Net unrealized appreciation of futures contracts 21,479

253 Vanguard S&P 500 Index ETF (CAD-hedged)

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Information Technology 27.5 23.2 Health Care 13.4 14.2 Consumer Discretionary 12.7 9.7 Communication Services 10.7 10.4 Financials 10.4 12.9 Industrials 8.4 9.0 Consumer Staples 6.5 7.2 Utilities 2.7 3.3 Materials 2.6 2.6 Real Estate 2.4 2.9 Energy 2.3 4.3 Other assets and liabilities (net) 0.4 0.3 100.0 100.0

254 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $661,329,075 $536,370,976 Cash 11,802,383 1,401,816 Amounts receivable for redeemable units issued 4,268,015 9,160,148 Income distributions receivable 2,517,598 1,873,947 Unrealized appreciation of foreign currency contracts 11,790,789 12,509,021 Other assets 357 — Total assets 691,708,217 561,315,908 Liabilities Current liabilities Amounts payable for investments purchased 25,077,296 21,131,447 Distributions payable 1,649,956 878,321 Accounts payable and accrued expenses 44,158 43,279 Unrealized depreciation of foreign currency contracts 744,958 903,150 Total liabilities excluding net assets attributable to holders of redeemable units 27,516,368 22,956,197 Total net assets attributable to holders of redeemable units $664,191,849 $538,359,711 Number of redeemable units outstanding (Note 9) 24,890,000 21,160,000 Net assets attributable to holders of redeemable units per unit $26.69 $25.44

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $4,008 $6,663 Income distribution from underlying funds 14,717,860 11,835,344 Net realized gain (loss) on sale of investments 18,989,014 2,675,456 Change in unrealized appreciation/depreciation of investments (3,225,469) (134,449) Net gain (loss) on investments 30,485,413 14,383,014 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 10,186,830 (2,767,789) Change in unrealized appreciation/depreciation of foreign currency contracts (560,040) 19,081,868 Net gain (loss) on derivatives 9,626,790 16,314,079 Net realized gain (loss) on foreign currency transactions 798,946 339,353 Change in unrealized appreciation/depreciation of foreign currency translations (69,352) (71,862) Total income (net) 40,841,797 30,964,584 Expenses (Note 10) Management fees 1,145,957 780,261 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 466,465 118,830 Transaction costs (Note 3) 1,912 1,382 Total expenses 1,617,028 903,031 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,614,334 900,473 Increase (decrease) in net assets attributable to holders of redeemable units $39,227,463 $30,064,111 Weighted average number of redeemable units 23,309,016 16,923,041 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.68 $1.78

The accompanying notes are an integral part of the financial statements.

255 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $538,359,711 $280,141,755 Increase (decrease) in net assets attributable to holders of redeemable units $39,227,463 $30,064,111 Distributions to holders of redeemable units Net investment income (13,294,803) (10,172,253) Net realized gains (10,320,307) — Return of capital (14,744) (6,334) Total distributions to holders of redeemable units (23,629,854) (10,178,587) Redeemable unit transactions Proceeds from issuance of redeemable units 289,774,930 288,868,818 Reinvestment of distributions to holders of redeemable units 10,320,307 — Payment for redeemable units redeemed (189,860,708) (50,536,386) Net redeemable unit transactions 110,234,529 238,332,432 Net assets attributable to holders of redeemable units, end of year $664,191,849 $538,359,711

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $39,227,463 $30,064,111 Adjustments for: Net realized (gain) loss on sale of investments (18,989,014) (2,675,456) Change in unrealized appreciation/depreciation of investments 3,225,469 134,449 Change in unrealized appreciation/depreciation of derivatives 560,040 (19,081,868) Change in unrealized appreciation/depreciation of foreign currency translations 69,352 71,862 1 Purchase of investments (91,528,724) (41,628,909) 2 Proceeds from sale of investments 87,194,732 34,552,536 Change in working capital (643,129) (770,896) Net cash from (used in) operating activities 19,116,189 665,829 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 5,364,852 10,224,370 Distributions to holders of redeemable units, net of reinvested distributions (12,537,912) (9,857,815) 2 Payment for redeemable units redeemed (1,473,210) (278,559) Net cash from (used in) financing activities (8,646,270) 87,996 Change in unrealized appreciation/depreciation of foreign currency translations (69,352) (71,862) Net increase (decrease) in cash during the year $10,400,567 $681,963 Cash, beginning of year $1,401,816 $719,853 Cash, end of year $11,802,383 $1,401,816 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $13,607,744 $10,923,855 Interest received, net of foreign withholding taxes, if applicable $4,008 $6,663

1 Excludes in-kind transactions of $284,478,690 and $278,540,844 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $188,387,498 and $50,257,827 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

256 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Total Bond Market ETF* 5,891,203 655,286,249 661,329,075 99.6 Total investments 655,286,249 661,329,075 99.6 Foreign currency contracts (Schedule 1) 11,045,831 1.7 Other assets and liabilities (net) (8,183,057) (1.3) Total net assets attributable to holders of redeemable units 664,191,849 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 471,257,950 Canadian Dollar 610,519,387 Jan 05/21 10,659,182 AA- 1 U.S. Dollar 502,000,791 Canadian Dollar 639,471,198 Feb 02/21 550,527 AA- 1 U.S. Dollar 17,916,778 Canadian Dollar 23,211,275 Jan 05/21 405,162 AA- 1 U.S. Dollar 4,129,009 Canadian Dollar 5,290,528 Jan 05/21 34,748 AA- 1 U.S. Dollar 1,438,858 Canadian Dollar 1,860,966 Jan 05/21 29,456 AA- 1 U.S. Dollar 2,493,570 Canadian Dollar 3,194,919 Jan 05/21 20,875 AA- 1 U.S. Dollar 607,527 Canadian Dollar 788,360 Jan 05/21 15,045 AA- 1 U.S. Dollar 13,341,490 Canadian Dollar 16,994,870 Feb 02/21 14,511 AA- 1 U.S. Dollar 4,600,174 Canadian Dollar 5,868,377 Jan 05/21 12,856 AA- 1 U.S. Dollar 396,319 Canadian Dollar 513,856 Jan 05/21 9,385 AA- 1 U.S. Dollar 831,600 Canadian Dollar 1,065,510 Jan 05/21 6,973 AA- 1 U.S. Dollar 821,935 Canadian Dollar 1,051,635 Jan 05/21 5,401 AA- 1 U.S. Dollar 415,578 Canadian Dollar 533,908 Jan 05/21 4,922 AA- 1 U.S. Dollar 835,908 Canadian Dollar 1,068,564 Jan 05/21 4,544 AA- 1 U.S. Dollar 1,180,875 Canadian Dollar 1,507,173 Feb 02/21 4,216 AA- 1 U.S. Dollar 415,885 Canadian Dollar 532,848 Jan 05/21 3,471 AA- 1 U.S. Dollar 1,036,661 Canadian Dollar 1,322,829 Jan 05/21 3,272 AA- 1 U.S. Dollar 224,217 Canadian Dollar 288,571 Jan 05/21 3,167 AA- 1 U.S. Dollar 724,680 Canadian Dollar 924,337 Feb 02/21 2,002 AA- 1 U.S. Dollar 2,296,978 Canadian Dollar 2,924,389 Feb 02/21 914 A+ 1 U.S. Dollar 418,688 Canadian Dollar 533,104 Jan 05/21 160 AA- Unrealized appreciation of foreign currency contracts 11,790,789 1 Canadian Dollar 639,549,008 U.S. Dollar 502,000,791 Jan 05/21 (556,504) AA- 1 Canadian Dollar 10,143,706 U.S. Dollar 7,902,280 Jan 05/21 (84,962) AA- 1 Canadian Dollar 1,858,185 U.S. Dollar 1,431,197 Jan 05/21 (36,426) AA- 1 Canadian Dollar 3,577,581 U.S. Dollar 2,785,074 Jan 05/21 (32,484) AA- 1 Canadian Dollar 19,975,000 U.S. Dollar 15,678,964 Jan 05/21 (17,247) AA- 1 U.S. Dollar 2,929,279 Canadian Dollar 3,717,864 Jan 05/21 (10,790) AA- 1 Canadian Dollar 1,322,534 U.S. Dollar 1,036,144 Jan 04/21 (3,626) AA- 1 Canadian Dollar 905,000 U.S. Dollar 709,448 Jan 05/21 (1,943) A+ 1 U.S. Dollar 3,349,406 Canadian Dollar 4,262,454 Jan 05/21 (976) AA- 1 Canadian Dollar 2,910,488 U.S. Dollar 2,286,502 Jan 05/21 (0) AA- Unrealized depreciation of foreign currency contracts (744,958) Net unrealized appreciation of foreign currency contracts 11,045,831

* Sources: Standard & Poor’s and Fitch.

257 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged)

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Treasury 41.0 42.5 Government Mortgage-backed 20.7 22.5 Industrial 18.3 16.5 Finance 9.0 8.5 Foreign Government 5.1 4.1 Utilities 2.4 2.0 Commercial Mortgage-backed 2.2 2.2 Agency 1. 5 1. 2 Asset-Backed 0.3 0.4 Other 0.1 0.7 Other assets and liabilities (net) (0.6) (0.6) 100.0 100.0

258 Vanguard U.S. Dividend Appreciation Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $757,351,868 $624,358,908 Cash 423,737 239,690 Amounts receivable for redeemable units issued 1,837,236 — Amounts receivable for investments sold 2,088,464 1,923,768 Unrealized appreciation of foreign currency contracts 5,737 10,667 Total assets 761,707,042 626,533,033 Liabilities Current liabilities Amounts payable for investments purchased 1,836,666 — Distributions payable 2,280,294 1,947,810 Accounts payable and accrued expenses 36,078 62,476 Total liabilities excluding net assets attributable to holders of redeemable units 4,153,038 2,010,286 Total net assets attributable to holders of redeemable units $757,554,004 $624,522,747 Number of redeemable units outstanding (Note 9) 12,370,000 11,320,000 Net assets attributable to holders of redeemable units per unit $61.24 $55.17

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $748 $1,717 Income distribution from underlying funds 12,535,776 10,230,288 Net realized gain (loss) on sale of investments 15,493,792 8,774,986 Change in unrealized appreciation/depreciation of investments 54,245,137 88,985,682 Net gain (loss) on investments 82,275,453 107,992,673 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 1,472,394 54,026 Change in unrealized appreciation/depreciation of foreign currency contracts (4,930) 10,238 Net gain (loss) on derivatives 1,467,464 64,264 Net realized gain (loss) on foreign currency transactions (1,447,848) (52,750) Change in unrealized appreciation/depreciation of foreign currency translations 6,326 (53,066) Total income (net) 82,301,395 107,951,121 Expenses (Note 10) Management fees 1,444,176 1,198,379 Overdraft expenses —929 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 1,890,865 1,538,168 Transaction costs (Note 3) 295 272 Total expenses 3,338,030 2,740,306 Expenses absorbed by manager (2,694) (2,558) Net expenses 3,335,336 2,737,748 Increase (decrease) in net assets attributable to holders of redeemable units $78,966,059 $105,213,373 Weighted average number of redeemable units 11,879,918 10,405,068 Increase (decrease) in net assets attributable to holders of redeemable units per unit $6.65 $10.11

The accompanying notes are an integral part of the financial statements.

259 Vanguard U.S. Dividend Appreciation Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $624,522,747 $427,860,774 Increase (decrease) in net assets attributable to holders of redeemable units $78,966,059 $105,213,373 Distributions to holders of redeemable units Net investment income (9,169,943) (7,284,567) Return of capital (7,392) (1,721) Total distributions to holders of redeemable units (9,177,335) (7,286,288) Redeemable unit transactions Proceeds from issuance of redeemable units 139,107,657 132,914,466 Payment for redeemable units redeemed (75,865,124) (34,179,578) Net redeemable unit transactions 63,242,533 98,734,888 Net assets attributable to holders of redeemable units, end of year $757,554,004 $624,522,747

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $78,966,059 $105,213,373 Adjustments for: Net realized (gain) loss on sale of investments (15,493,792) (8,774,986) Change in unrealized appreciation/depreciation of investments (54,245,137) (88,985,682) Change in unrealized appreciation/depreciation of derivatives 4,930 (10,238) Change in unrealized appreciation/depreciation of foreign currency translations (6,326) 53,066 1 Purchase of investments (4,902,886) (2,747,347) 2 Proceeds from sale of investments 2,878,402 2,560,715 Change in working capital (26,398) 2,154,419 Net cash from (used in) operating activities 7,174,852 9,463,320 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 1,861,495 28,770 Distributions to holders of redeemable units, net of reinvested distributions (8,844,851) (7,133,417) 2 Payment for redeemable units redeemed (13,775) (24,748) Net cash from (used in) financing activities (6,997,131) (7,129,395) Change in unrealized appreciation/depreciation of foreign currency translations 6,326 (53,066) Net increase (decrease) in cash during the year $184,047 $2,280,859 Cash (overdraft), beginning of year $239,690 $(2,041,169) Cash, end of year $423,737 $239,690 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $10,644,911 $10,821,546 Interest received, net of foreign withholding taxes, if applicable $748 $1,717 Interest paid, net of foreign withholding taxes, if applicable — $929

1 Excludes in-kind transactions of $137,245,592 and $132,885,696 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $75,851,349 and $34,174,377 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

260 Vanguard U.S. Dividend Appreciation Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Dividend Appreciation ETF* 4,214,645 539,802,007 757,351,868 100.0 Total investments 539,802,007 757,351,868 100.0 Foreign currency contracts (Schedule 1) 5,737 0.0 Other assets and liabilities (net) 196,399 0.0 Total net assets attributable to holders of redeemable units 757,554,004 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 1,900,000 Canadian Dollar 2,424,182 Jan 08/21 5,737 AA- 1 Canadian Dollar 1,836,666 U.S. Dollar 1,442,899 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 5,737 Net unrealized appreciation of foreign currency contracts 5,737

* Sources: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Consumer Discretionary 22.8 17.3 Industrials 20.8 27.4 Health Care 14.9 12.3 Technology 12.4 9.3 Consumer Staples 9.8 10.5 Financials 8.0 7.7 Utilities 5.2 7.3 Telecommunications 3.0 4.4 Basic Materials 2.8 3.4 Other assets and liabilities (net) 0.3 0.4 100.0 100.0

261 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $393,672,777 $272,243,776 Cash 296,389 162,286 Amounts receivable for investments sold 3,388,528 791,042 Margin due from brokers on futures contracts 6— Unrealized appreciation of foreign currency contracts 6,516,204 6,327,951 Total assets 403,873,904 279,525,055 Liabilities Current liabilities Amounts payable for redeemable units redeemed 2,375,675 — Amounts payable for investments purchased 6,395,805 6,138,838 Distributions payable 1,187,726 834,122 Accounts payable and accrued expenses 22,319 27,081 Unrealized depreciation of foreign currency contracts 47,622 55,320 Total liabilities excluding net assets attributable to holders of redeemable units 10,029,147 7,055,361 Total net assets attributable to holders of redeemable units $393,844,757 $272,469,694 Number of redeemable units outstanding (Note 9) 8,289,000 6,369,000 Net assets attributable to holders of redeemable units per unit $47.51 $42.78

The accompanying notes are an integral part of the financial statements.

262 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $696 $949 Income distribution from underlying funds 6,393,138 4,486,100 Net realized gain (loss) on sale of investments 16,207,797 6,133,199 Change in unrealized appreciation/depreciation of investments 28,912,678 37,482,025 Net gain (loss) on investments 51,514,309 48,102,273 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 10,455,093 (3,218,465) Net realized gain (loss) on futures contracts 2,572 — Change in unrealized appreciation/depreciation of foreign currency contracts 195,951 12,420,756 Net gain (loss) on derivatives 10,653,616 9,202,291 Net realized gain (loss) on foreign currency transactions (429,419) (81,387) Change in unrealized appreciation/depreciation of foreign currency translations 2,240 (9,982) Total income (net) 61,740,746 57,213,195 Expenses (Note 10) Management fees 718,386 535,713 Overdraft expenses 682 1,132 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 962,872 675,783 Transaction costs (Note 3) 4,166 1,915 Total expenses 1,688,800 1,217,101 Expenses absorbed by manager (2,694) (2,558) Net expenses 1,686,106 1,214,543 Increase (decrease) in net assets attributable to holders of redeemable units $60,054,640 $55,998,652 Weighted average number of redeemable units 7,844,929 6,102,068 Increase (decrease) in net assets attributable to holders of redeemable units per unit $7.66 $9.18

The accompanying notes are an integral part of the financial statements.

263 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $272,469,694 $194,392,318 Increase (decrease) in net assets attributable to holders of redeemable units $60,054,640 $55,998,652 Distributions to holders of redeemable units Net investment income (4,655,611) (3,225,205) Net realized gains (16,362,093) — Total distributions to holders of redeemable units (21,017,704) (3,225,205) Redeemable unit transactions Proceeds from issuance of redeemable units 112,384,073 38,240,516 Reinvestment of distributions to holders of redeemable units 16,362,093 — Payment for redeemable units redeemed (46,408,039) (12,936,587) Net redeemable unit transactions 82,338,127 25,303,929 Net assets attributable to holders of redeemable units, end of year $393,844,757 $272,469,694

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $60,054,640 $55,998,652 Adjustments for: Net realized (gain) loss on sale of investments (16,207,797) (6,133,199) Change in unrealized appreciation/depreciation of investments (28,912,678) (37,482,025) Change in unrealized appreciation/depreciation of derivatives (195,951) (12,420,756) Change in unrealized appreciation/depreciation of foreign currency translations (2,240) 9,982 1 Purchase of investments (47,433,993) (18,384,339) 2 Proceeds from sale of investments 38,219,181 21,841,242 Change in working capital (4,768) 13,504 Net cash from (used in) operating activities 5,516,394 3,443,061 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 1,482,314 168,722 Distributions to holders of redeemable units, net of reinvested distributions (4,302,007) (3,246,406) 2 Payment for redeemable units redeemed (2,564,838) (248,391) Net cash from (used in) financing activities (5,384,531) (3,326,075) Change in unrealized appreciation/depreciation of foreign currency translations 2,240 (9,982) Net increase (decrease) in cash during the year $134,103 $107,004 Cash, beginning of year $162,286 $55,282 Cash, end of year $296,389 $162,286 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $5,430,266 $3,815,512 Interest received, net of foreign withholding taxes, if applicable $696 $949 Interest paid, net of foreign withholding taxes, if applicable $682 $1,132

1 Excludes in-kind transactions of $110,901,759 and $38,071,794 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $43,801,987 and $12,751,704 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

264 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Dividend Appreciation ETF* 2,188,888 300,578,064 393,672,777 100.0 Total investments 300,578,064 393,672,777 100.0 Foreign currency contracts (Schedule 1) 6,468,582 1.6 Other assets and liabilities (net) (6,296,602) (1.6) Total net assets attributable to holders of redeemable units 393,844,757 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 268,707,744 Canadian Dollar 348,113,569 Jan 05/21 5,782,207 AA- 1 U.S. Dollar 33,415,234 Canadian Dollar 43,247,018 Jan 05/21 676,295 AA- 1 U.S. Dollar 2,155,686 Canadian Dollar 2,793,474 Jan 05/21 47,148 AA- 1 U.S. Dollar 340,875 Canadian Dollar 442,557 Jan 05/21 8,285 A+ 1 U.S. Dollar 950,000 Canadian Dollar 1,211,707 Jan 08/21 1,440 AA- 1 U.S. Dollar 419,751 Canadian Dollar 535,532 Feb 02/21 829 AA- 1 U.S. Dollar 1,832,386 Canadian Dollar 2,334,460 Jan 05/21 0 AA- 1 Canadian Dollar 5,822,664 U.S. Dollar 4,570,380 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 6,516,204 1 Canadian Dollar 1,849,705 U.S. Dollar 1,431,469 Jan 05/21 (26,025) AA- 1 Canadian Dollar 3,698,835 U.S. Dollar 2,892,651 Jan 05/21 (13,623) AA- 1 U.S. Dollar 299,372,812 Canadian Dollar 381,354,560 Feb 02/21 (3,742) AA- 1 Canadian Dollar 381,400,962 U.S. Dollar 299,372,812 Jan 05/21 (2,566) AA- 1 Canadian Dollar 1,176,907 U.S. Dollar 922,607 Jan 05/21 (1,514) AA- 1 U.S. Dollar 7,080,551 Canadian Dollar 9,019,460 Feb 02/21 (152) AA- Unrealized depreciation of foreign currency contracts (47,622) Net unrealized appreciation of foreign currency contracts 6,468,582

* Sources: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Consumer Discretionary 22.8 17.3 Industrials 20.8 27.4 Health Care 14.9 12.3 Technology 12.4 9.3 Consumer Staples 9.8 10.5 Financials 8.0 7.7 Utilities 5.2 7.3 Telecommunications 3.0 4.4 Basic Materials 2.8 3.4 Other assets and liabilities (net) 0.3 0.4 100.0 100.0

265 Vanguard U.S. Total Market Index ETF

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $3,042,437,547 $2,223,286,610 Cash 151,426 654,897 Amounts receivable for redeemable units issued 10,762,240 4,054,891 Amounts receivable for investments sold 6,703,251 34,298,653 Margin due from brokers on futures contracts 94,981 — Income distributions receivable 10,348,176 — Unrealized appreciation of foreign currency contracts 41,426 52,023 Total assets 3,070,539,047 2,262,347,074 Liabilities Current liabilities Amounts payable for redeemable units redeemed 6,724,090 25,420,340 Amounts payable for investments purchased 10,734,438 4,034,808 Distributions payable 8,626,442 8,918,052 Accounts payable and accrued expenses 111,842 134,721 Unrealized depreciation of foreign currency contracts 23,961 19,834 Total liabilities excluding net assets attributable to holders of redeemable units 26,220,773 38,527,755 Total net assets attributable to holders of redeemable units $3,044,318,274 $2,223,819,319 Number of redeemable units outstanding (Note 9) 45,192,000 38,492,000 Net assets attributable to holders of redeemable units per unit $67.36 $57.77

The accompanying notes are an integral part of the financial statements.

266 Vanguard U.S. Total Market Index ETF

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $3,811 $9,048 Income distribution from underlying funds 43,575,190 37,865,428 Net realized gain (loss) on sale of investments 36,183,121 22,143,313 Change in unrealized appreciation/depreciation of investments 366,756,005 333,139,850 Net gain (loss) on investments 446,518,127 393,157,639 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 897,079 (168,418) Net realized gain (loss) on futures contracts 95,317 — Change in unrealized appreciation/depreciation of foreign currency contracts (14,724) 60,653 Net gain (loss) on derivatives 977,672 (107,765) Net realized gain (loss) on foreign currency transactions (989,679) 216,341 Change in unrealized appreciation/depreciation of foreign currency translations (56,274) (28,533) Total income (net) 446,449,846 393,237,682 Expenses (Note 10) Management fees 3,256,153 2,500,404 Overdraft expenses —95 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 6,526,671 5,710,895 Transaction costs (Note 3) 361 844 Total expenses 9,785,879 8,214,796 Expenses absorbed by manager (2,694) (2,558) Net expenses 9,783,185 8,212,238 Increase (decrease) in net assets attributable to holders of redeemable units $436,666,661 $385,025,444 Weighted average number of redeemable units 42,010,525 35,402,575 Increase (decrease) in net assets attributable to holders of redeemable units per unit $10.39 $10.88

The accompanying notes are an integral part of the financial statements.

267 Vanguard U.S. Total Market Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $2,223,819,319 $1,448,657,084 Increase (decrease) in net assets attributable to holders of redeemable units $436,666,661 $385,025,444 Distributions to holders of redeemable units Net investment income (33,341,860) (30,175,322) Return of capital (36,316) (27,538) Total distributions to holders of redeemable units (33,378,176) (30,202,860) Redeemable unit transactions Proceeds from issuance of redeemable units 621,164,180 507,941,831 Payment for redeemable units redeemed (203,953,710) (87,602,180) Net redeemable unit transactions 417,210,470 420,339,651 Net assets attributable to holders of redeemable units, end of year $3,044,318,274 $2,223,819,319

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $436,666,661 $385,025,444 Adjustments for: Net realized (gain) loss on sale of investments (36,183,121) (22,143,313) Change in unrealized appreciation/depreciation of investments (366,756,005) (333,139,850) Change in unrealized appreciation/depreciation of derivatives 14,724 (60,653) Change in unrealized appreciation/depreciation of foreign currency translations 56,274 28,533 1 Purchase of investments (12,563,255) (14,005,723) 2 Proceeds from sale of investments 18,328,507 31,821,112 Change in working capital (10,466,036) 118,127 Net cash from (used in) operating activities 29,097,749 47,643,677 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 10,892,870 4,227,781 Distributions to holders of redeemable units, net of reinvested distributions (33,669,786) (26,095,723) 2 Payment for redeemable units redeemed (6,768,030) (25,457,355) Net cash from (used in) financing activities (29,544,946) (47,325,297) Change in unrealized appreciation/depreciation of foreign currency translations (56,274) (28,533) Net increase (decrease) in cash during the year $(503,471) $289,847 Cash, beginning of year $654,897 $365,050 Cash, end of year $151,426 $654,897 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $26,700,343 $32,203,320 Interest received, net of foreign withholding taxes, if applicable $3,811 $9,048 Interest paid, net of foreign withholding taxes, if applicable — $95

1 Excludes in-kind transactions of $610,267,718 and $503,782,962 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $197,184,701 and $62,166,450 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

268 Vanguard U.S. Total Market Index ETF

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Total Stock Market ETF* 12,279,913 2,126,808,510 3,042,437,547 99.9 Total investments 2,126,808,510 3,042,437,547 99.9 Foreign currency contracts (Schedule 1) 17,465 0.0 Other assets and liabilities (net) 1,863,262 0.1 Total net assets attributable to holders of redeemable units 3,044,318,274 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 7,000,000 Canadian Dollar 8,933,295 Jan 04/21 22,995 A+ 1 U.S. Dollar 5,266,125 Canadian Dollar 6,721,682 Jan 04/21 18,431 AA- 1 Canadian Dollar 2,020,213 U.S. Dollar 1,587,095 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 41,426 1 Canadian Dollar 4,705,177 U.S. Dollar 3,686,287 Jan 04/21 (12,902) AA- 1 Canadian Dollar 4,033,009 U.S. Dollar 3,159,675 Jan 04/21 (11,059) AA- Unrealized depreciation of foreign currency contracts (23,961) Net unrealized appreciation of foreign currency contracts 17,465

* Sources: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Technology 26.1 21.1 Consumer Discretionary 16.6 14.0 Industrials 13.8 14.2 Health Care 13.5 13.6 Financials 10.5 13.1 Consumer Staples 5.2 5.9 Real Estate 3.4 4.1 Telecommunications 3.3 4.0 Utilities 2.9 3.6 Energy 2.3 4.1 Basic Materials 1. 9 2. 0 Other assets and liabilities (net) 0.5 0.3 100.0 100.0

269 Vanguard U.S. Total Market Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2020 and 2019

2020 2019 Assets Current assets Investments $820,832,812 $708,103,714 Cash 3,231,835 426,871 Amounts receivable for investments sold — 2,559,785 Margin due from brokers on futures contracts 70,259 — Income distributions receivable 8,010 — Unrealized appreciation of foreign currency contracts 13,137,413 16,388,477 Total assets 837,280,329 727,478,847 Liabilities Current liabilities Amounts payable for investments purchased 13,732,731 15,915,710 Distributions payable 2,282,435 2,740,469 Accounts payable and accrued expenses 28,626 42,275 Unrealized depreciation of foreign currency contracts 17,601 98,643 Total liabilities excluding net assets attributable to holders of redeemable units 16,061,393 18,797,097 Total net assets attributable to holders of redeemable units $821,218,936 $708,681,750 Number of redeemable units outstanding (Note 9) 11,488,000 11,508,000 Net assets attributable to holders of redeemable units per unit $71.48 $61.58

The accompanying notes are an integral part of the financial statements.

270 Vanguard U.S. Total Market Index ETF (CAD-hedged)

Statement of Comprehensive Income For the years ended December 31, 2020 and 2019

2020 2019 Income Net gain (loss) on investments Interest for distribution purposes $2,267 $5,638 Income distribution from underlying funds 12,262,552 13,895,676 Net realized gain (loss) on sale of investments 32,892,059 56,759,286 Change in unrealized appreciation/depreciation of investments 75,397,974 83,501,033 Net gain (loss) on investments 120,554,852 154,161,633 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 11,178,551 (15,655,841) Net realized gain (loss) on futures contracts 28,847 — Change in unrealized appreciation/depreciation of foreign currency contracts (3,170,022) 37,267,025 Net gain (loss) on derivatives 8,037,376 21,611,184 Net realized gain (loss) on foreign currency transactions (2,005,287) 6,437,493 Change in unrealized appreciation/depreciation of foreign currency translations 4,723 (22,463) Total income (net) 126,591,664 182,187,847 Expenses (Note 10) Management fees 923,961 950,696 Overdraft expenses 1,872 1,041 Independent Review Committee fees 2,694 2,558 Foreign withholding taxes 1,817,758 2,093,558 Transaction costs (Note 3) 7,441 4,722 Total expenses 2,753,726 3,052,575 Expenses absorbed by manager (2,694) (2,558) Net expenses 2,751,032 3,050,017 Increase (decrease) in net assets attributable to holders of redeemable units $123,840,632 $179,137,830 Weighted average number of redeemable units 11,740,158 12,949,041 Increase (decrease) in net assets attributable to holders of redeemable units per unit $10.55 $13.83

The accompanying notes are an integral part of the financial statements.

271 Vanguard U.S. Total Market Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2020 and 2019

2020 2019 Net assets attributable to holders of redeemable units, beginning of year $708,681,750 $653,868,597 Increase (decrease) in net assets attributable to holders of redeemable units $123,840,632 $179,137,830 Distributions to holders of redeemable units Net investment income (9,428,079) (11,100,951) Net realized gains (16,353,924) — Total distributions to holders of redeemable units (25,782,003) (11,100,951) Redeemable unit transactions Proceeds from issuance of redeemable units 78,201,480 96,813,742 Reinvestment of distributions to holders of redeemable units 16,353,924 — Payment for redeemable units redeemed (80,076,847) (210,037,468) Net redeemable unit transactions 14,478,557 (113,223,726) Net assets attributable to holders of redeemable units, end of year $821,218,936 $708,681,750

Statement of Cash Flows For the years ended December 31, 2020 and 2019

2020 2019 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $123,840,632 $179,137,830 Adjustments for: Net realized (gain) loss on sale of investments (32,892,059) (56,759,286) Change in unrealized appreciation/depreciation of investments (75,397,974) (83,501,033) Change in unrealized appreciation/depreciation of derivatives 3,170,022 (37,267,025) Change in unrealized appreciation/depreciation of foreign currency translations (4,723) 22,463 1 Purchase of investments (94,623,343) (59,166,058) 2 Proceeds from sale of investments 88,436,821 68,312,589 Change in working capital (91,918) 86,302 Net cash from (used in) operating activities 12,437,458 10,865,782 Cash flows from (used in) financing activities 1 Proceeds from issuance of redeemable units 782,161 711,397 Distributions to holders of redeemable units, net of reinvested distributions (9,886,113) (10,685,310) 2 Payment for redeemable units redeemed (533,265) (889,111) Net cash from (used in) financing activities (9,637,217) (10,863,024) Change in unrealized appreciation/depreciation of foreign currency translations 4,723 (22,463) Net increase (decrease) in cash during the year $2,804,964 $(19,705) Cash, beginning of year $426,871 $446,576 Cash, end of year $3,231,835 $426,871 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes, if applicable $10,436,784 $11,876,447 Interest received, net of foreign withholding taxes, if applicable $2,267 $5,638 Interest paid, net of foreign withholding taxes, if applicable $1,872 $1,041

1 Excludes in-kind transactions of $77,419,319 and $96,102,345 for the years ended December 31, 2020 and 2019. 2 Excludes in-kind transactions of $79,543,582 and $209,148,357 for the years ended December 31, 2020 and 2019.

The accompanying notes are an integral part of the financial statements.

272 Vanguard U.S. Total Market Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2020

Description Number of Units Cost ($) Fair Value ($) % of Net Assets Exchange-traded funds Vanguard Total Stock Market ETF* 3,310,192 564,282,074 820,832,812 100.0 Total investments 564,282,074 820,832,812 100.0 Foreign currency contracts (Schedule 1) 13,119,812 1.6 Other assets and liabilities (net) (12,733,688) (1.6) Total net assets attributable to holders of redeemable units 821,218,936 100.0 * Affiliated fund. Refer to Note 10(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2020

Unrealized Appreciation Number of Settlement (Depreciation) Credit Contracts Currency Sold Currency Bought Date ($) Rating* 1 U.S. Dollar 533,397,676 Canadian Dollar 691,022,023 Jan 05/21 11,477,956 AA- 1 U.S. Dollar 75,058,699 Canadian Dollar 97,238,917 Jan 05/21 1,614,778 AA- 1 U.S. Dollar 676,653 Canadian Dollar 878,497 Jan 05/21 16,446 A+ 1 U.S. Dollar 2,671,338 Canadian Dollar 3,415,843 Jan 05/21 12,580 AA- 1 U.S. Dollar 519,399 Canadian Dollar 672,884 Jan 05/21 11,174 AA- 1 U.S. Dollar 1,900,000 Canadian Dollar 2,423,388 Jan 04/21 2,788 AA- 1 U.S. Dollar 856,088 Canadian Dollar 1,092,225 Feb 02/21 1,691 AA- 1 Canadian Dollar 12,586,738 U.S. Dollar 9,879,700 Jan 05/21 0 AA- Unrealized appreciation of foreign currency contracts 13,137,413 1 U.S. Dollar 610,575,026 Canadian Dollar 777,777,944 Feb 02/21 (7,633) AA- 1 Canadian Dollar 777,872,583 U.S. Dollar 610,575,026 Jan 05/21 (5,233) AA- 1 Canadian Dollar 2,230,749 U.S. Dollar 1,748,740 Jan 05/21 (2,869) AA- 1 Canadian Dollar 893,037 U.S. Dollar 700,000 Jan 05/21 (1,238) AA- 1 U.S. Dollar 29,231,555 Canadian Dollar 37,236,207 Feb 02/21 (628) AA- Unrealized depreciation of foreign currency contracts (17,601) Net unrealized appreciation of foreign currency contracts 13,119,812

* Sources: Standard & Poor’s and Fitch.

273 Vanguard U.S. Total Market Index ETF (CAD-hedged)

Fund-Specific Notes—Concentration Risk As at December 31, 2020 and 2019 % of net assets attributable to holders of redeemable units

December 31, December 31, Sector Allocation 2020 2019 Underlying U.S.-domiciled Vanguard Fund Technology 26.1 21.1 Consumer Discretionary 16.6 14.0 Industrials 13.8 14.2 Health Care 13.5 13.6 Financials 10.5 13.1 Consumer Staples 5.2 5.9 Real Estate 3.4 4.1 Telecommunications 3.3 4.0 Utilities 2.9 3.6 Energy 2.3 4.1 Basic Materials 1. 9 2. 0 Other assets and liabilities (net) 0.5 0.3 100.0 100.0

274 Notes to the Financial Statements For the year ended December 31, 2020 All amounts in Canadian dollars unless otherwise stated

1. General information

The Vanguard ETFs (individually a “Fund” and collectively the “Funds”) are exchange-traded mutual funds listed on Toronto Stock Exchange (“TSX”), each established on the formation dates noted below as an open-ended trust under the laws of the Province of Ontario pursuant to a master declaration of trust dated November 4, 2011, as amended from time to time (the “Declaration of Trust”). Each Fund seeks to track, to the extent reasonably possible and before fees and expenses, the performance of a broad widely quoted market index (the “Index”).

The Funds were formed and commenced operations on the following dates:

Closing Market Price Closing Market Price TSX Ticker Formation Date of Fund Name December 31, 2020 December 31, 2019 Symbol Date Commencement Vanguard Canadian Aggregate Bond Index ETF 27.38 25.86 VAB Nov. 4, 2011 Nov. 30, 2011 Vanguard Canadian Corporate Bond Index ETF 26.73 25.41 VCB Jan. 11, 2017 Jan. 31, 2017 Vanguard Canadian Government Bond Index ETF 27.27 25.70 VGV Jan. 11, 2017 Jan. 31, 2017 Vanguard Canadian Long-Term Bond Index ETF 30.00 27.66 VLB Jan. 11, 2017 Jan. 31, 2017 Vanguard Canadian Short-Term Bond Index ETF 24.48 23.81 VSB Nov. 4, 2011 Nov. 30, 2011 Vanguard Canadian Short-Term Corporate Bond Index ETF 25.15 24.33 VSC Oct. 10, 2012 Nov. 2, 2012 Vanguard FTSE Canada All Cap Index ETF 35.02 34.40 VCN Jul. 19, 2013 Aug. 2, 2013 Vanguard FTSE Canada Index ETF 36.91 36.52 VCE Nov. 4, 2011 Nov. 30, 2011 Vanguard FTSE Canadian Capped REIT Index ETF 29.40 34.82 VRE Oct. 10, 2012 Nov. 2, 2012 Vanguard FTSE Canadian High Dividend Yield Index ETF 32.79 34.83 VDY Oct. 10, 2012 Nov. 2, 2012 Vanguard FTSE Developed All Cap ex North America Index ETF 30.47 28.91 VIU Aug. 18, 2015 Dec. 1, 2015 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 30.10 30.00 VI Aug. 18, 2015 Dec. 1, 2015 Vanguard FTSE Developed All Cap ex U.S. Index ETF 37.81 35.93 VDU Jul. 19, 2013 Aug. 2, 2013 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 42.83 42.70 VEF Nov. 4, 2011 Nov. 30, 2011 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 38.16 34.28 VA Jun. 13, 2014 Jun. 30, 2014 Vanguard FTSE Developed Europe All Cap Index ETF 29.98 29.75 VE Jun. 13, 2014 Jun. 30, 2014 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF 23.87 25.50 VIDY Jul. 10, 2018 Aug. 21, 2018 Vanguard FTSE Emerging Markets All Cap Index ETF 38.38 34.79 VEE Nov. 4, 2011 Nov. 30, 2011 Vanguard FTSE Global All Cap ex Canada Index ETF 45.01 40.08 VXC Jun. 13, 2014 Jun. 30, 2014 Vanguard Global Aggregate Bond Index ETF (CAD-hedged) 25.90 — VGAB Jan. 9, 2020 Jan. 17, 2020 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 28.11 27.25 VBG Jun. 13, 2014 Jun. 30, 2014 Vanguard S&P 500 Index ETF 84.84 74.36 VFV Oct. 10, 2012 Nov. 2, 2012 Vanguard S&P 500 Index ETF (CAD-hedged) 62.99 55.38 VSP Oct. 10, 2012 Nov. 2, 2012 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 26.70 25.44 VBU Jun. 13, 2014 Jun. 30, 2014 Vanguard U.S. Dividend Appreciation Index ETF 61.31 55.15 VGG Jul. 19, 2013 Aug. 2, 2013 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 47.57 42.77 VGH Jul. 19, 2013 Aug. 2, 2013 Vanguard U.S. Total Market Index ETF 67.41 57.76 VUN Jul. 19, 2013 Aug. 2, 2013 Vanguard U.S. Total Market Index ETF (CAD-hedged) 71.54 61.57 VUS Nov. 4, 2011 Nov. 30, 2011

The date of commencement is the date on which the Fund first issues units to the designated brokers. Investment performance is measured from the date of commencement.

The Statements of Financial Position are presented as at December 31, 2020, and December 31, 2019, as applicable. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are presented for the years ended December 31, 2020, and December 31, 2019, except for Funds established during either period, in which case the information provided relates to the period from the date of commencement to December 31, 2020, and December 31, 2019, as applicable.

Vanguard Investments Canada Inc. (the "Manager") is the trustee, manager and portfolio manager of the Funds and is responsible for the administration of the Funds. The address of the Funds' registered office is 22 Adelaide Street West, Suite 2500, Toronto, ON M5H 4E3. The Manager has retained The Vanguard Group, Inc. (the "Sub-Advisor"), to act as sub-advisor to the Funds. State Street Fund Services Toronto Inc. is the accounting agent of the Funds. State Street Trust Company Canada is the custodian of the Funds.

275 These financial statements were authorized for issuance by the Board of Directors of the Manager on March 16, 2021.

2. Basis of presentation

These financial statements have been prepared in compliance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") on the historical cost convention, except for the revaluation of financial assets and liabilities at fair value through profit or loss ("FVTPL").

3. Summary of significant accounting policies

Critical accounting estimates and judgments The preparation of financial statements requires the Manager to use judgment in applying its accounting policies to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Funds have made in preparing the financial statements:

A significant judgment made in preparing the financial statements relates to the determination that each of the Funds meets the definition of an investment entity as described in IFRS 10, Consolidated Financial Statements. The Funds meet the definition of an investment entity as they obtain funds from one or more investors for the purpose of providing those investors with professional investment management services, commit to their investors that their business purpose is to invest funds solely for returns from capital appreciation, investment income or both, and measure and evaluate the performance of substantially all of their investments on a fair value basis. As a result of this determination, with limited exception, the Funds will not consolidate entities when and if they were to obtain control. Instead, the Funds will measure their investment at FVTPL.

Income recognition Dividend income, including stock dividends, and distributions from underlying funds are recorded on the ex-dividend date and ex-distribution date, respectively. Interest for distribution purposes is recognized with the passage of time based on the stated interest rate and the investment’s principal balance or the cash balance, where applicable. The Funds do not amortize premiums paid or discounts received on the purchase of fixed income securities except for zero coupon bonds, which are amortized on a straight-line basis. Realized gains and losses on investment transactions and unrealized appreciation or depreciation of investments are both computed on an average cost basis.

Financial instruments Financial instruments include financial assets and liabilities such as debt and equity securities, open-ended investment funds and derivatives, cash and other receivables and payables.

Classification and measurement In classifying and measuring financial instruments held by the Funds, the Manager is required to make significant judgments in determining the most appropriate classification in accordance with IFRS 9, Financial Instruments. Financial Instruments are classified based on the business model used for managing those financial instruments and the contractual cash flow characteristics of those instruments. The portfolio of financial instruments is managed, and performance is evaluated, on a fair value basis and not for contractual cash flows. Consequently, all investments are classified and measured at FVTPL. Obligations for net assets attributable to holders of redeemable units are presented at the redemption amount, which approximates their fair value. Derivatives are classified and measured at FVTPL. All other financial assets and liabilities are measured at amortized cost, which approximates their fair value.

Recognition and derecognition Purchases and sales of financial instruments are recognized at their trade date, being the date on which the purchase or sale is executed. Financial instruments are initially recognized when the Funds become party to the contractual provisions of the instrument. Financial instruments are derecognized when the contractual rights to the cash flows from the instruments expire, or when substantially all the risks and rewards of ownership have been transferred.

Equities Equities (including rights, warrants and exchange-traded funds) traded in recognized markets are valued using the last trade closing price on the securities exchange on which they are principally traded. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Manager believes will better reflect fair value.

Fixed income Fixed income securities are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Manager believes will better reflect fair value.

Derivatives Forward currency contracts are valued based on quoted prices from an independent third party, adjusted for currency risk based on the expiration date of each contract. Futures contracts are valued at their quoted daily settlement prices.

276 Fair value hierarchy The Funds classify financial instruments measured at fair value using a three-level fair value hierarchy. Instruments are categorized in their entirety based on the lowest-level input that is significant to the fair value measurement. Assessing the significance and observability of a particular input requires significant judgment specific to an asset or liability. Inputs are considered to be observable when they are readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Level 1—Quoted prices in active markets for identical securities. Level 2—Other significant observable inputs (including quoted prices for similar securities, net asset value ("NAV"), interest rates, prepayment speeds, credit risk, etc.). Level 3—Significant unobservable inputs (including the fund’s own fair value assumptions).

The Funds recognize transfers between levels of fair value hierarchy as of the beginning of the reporting period during which the change occurred.

The Funds’ carrying amount of financial instruments not measured at fair value on the Statement of Financial Position approximates their fair values due to their short-term nature.

Investments in associates, joint ventures, subsidiaries and structured entities Subsidiaries are entities, including investments in other investment entities, over which the Funds have control. The Funds control an entity when they are exposed to, or have the rights to, variable returns from involvement with the entity and have the ability to affect those returns through their power over the entity.

Associates and joint ventures are investments over which the Funds have significant influence or joint control. A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factors in deciding who controls the entity, or when voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.

The Manager has determined that the underlying funds, ETFs, and asset-backed securities, if any, typically held by the Funds meet the definition of structured entities. The Funds account for their investments in unconsolidated structured entities at FVTPL. The Funds' maximum exposure to loss from their interest in these securities is equal to the total fair value of their investments.

Transaction costs Transaction costs that are directly attributable to the acquisition, issue or disposal of an investment are expensed and included in "Transaction costs" on the Statement of Comprehensive Income. These costs include fees and commissions paid to agents, advisors, brokers and dealers.

Net assets attributable to holders of redeemable units In accordance with IAS 32, Financial Instruments: Presentation (“IAS 32”), securities of the Funds, which are considered puttable instruments, are classified as financial liabilities unless certain criteria are met for classification as equity instruments. Under IFRS, units which include a contractual obligation to repurchase or redeem them for cash or another financial asset are classified as financial liabilities. The Funds’ outstanding units include a cash redemption feature, which may cause cash flows on redemption that are not substantially based on profit or loss, changes in net assets or changes in fair value of net assets, and thus the units do not meet the criteria in IAS 32 and are classified as liabilities.

Net asset value per unit (“NAVPU”) is computed by dividing the net asset value ("NAV") of a Fund by the total number of outstanding units of the Fund. The NAVPU is calculated as of the close of each day that TSX is open for trading.

Cash Cash is composed of demand deposits with financial institutions or bank overdrafts. Bank overdrafts, if applicable, are shown in “Current liabilities” on the Statement of Financial Position and included as negative cash in the Statement of Cash Flows.

Margin Upon entering into futures or swap contracts, the Funds are required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. Cash held or pledged as collateral or margin against financial transactions or derivative instruments is not included within “Cash” or “Bank overdrafts” but is segregated and presented separately as “Margin due from brokers” or “Margin due to brokers,” as applicable.

Foreign currency The financial activities of the Funds are measured using the currency of the primary economic environment where the Funds operate (functional currency). The financial statements are presented in Canadian dollars, which is the functional currency of the Funds. Assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the rates of exchange prevailing at the measurement date. Purchases and sales of investments, and income and expenses, are translated using the exchange rates prevailing on the dates transactions occur.

Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit as presented in the Statement of Comprehensive Income represents the increase (decrease) in net assets attributable to holders of redeemable units for the period divided by the weighted average number of units outstanding during the period.

277 4. Financial instrument risk

The Funds' investments in financial instruments create a direct exposure to a variety of risks. The Funds may also make investments in other underlying funds. The financial instruments which constitute these other underlying funds generally expose the Funds to indirect risks resulting from currency, interest rate, other price risk and credit risk.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Funds and thus performance of the Funds.

The Manager seeks to minimize potential adverse effects of risk on the Funds' performance by employing professional, experienced portfolio advisors; by daily monitoring of the Funds' positions and market events; by diversifying the investment portfolio within the constraints of the investment objectives; and by periodically using derivatives to economically hedge certain risk exposures.

Market risk (a) Currency risk Currency risk arises from financial instruments that are denominated in currencies other than the Canadian dollar, which is the Funds’ functional and reporting currency and may fluctuate owing to changes in exchange rates. The Fund may enter into foreign currency contracts for hedging purposes, which can include the economic hedging of all or a portion of the currency exposure of an investment or group of investments. The Fund may also enter into these contracts for non-hedging purposes, which can include increasing the exposure to a foreign currency, or the shifting of exposure to foreign currency fluctuations from one country to another.

The tables below indicate the currencies to which certain Funds had exposure either directly or indirectly and the notional value of foreign currency contracts; they also summarize each Fund’s sensitivity to a +/–5% change in currency exchange rate effect on net assets where the Fund is exposed directly to currency risk:

Vanguard FTSE Canada All Cap Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar — 3,132,902 — 3,132,902 0.1 156,645 Total — 3,132,902 — 3,132,902 0.1 156,645

As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 245,760 1,540,855 — 1,786,615 0.1 89,331 Total 245,760 1,540,855 — 1,786,615 0.1 89,331

Vanguard FTSE Canada Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 415,565 970,670 (1,018,292) 367,943 0.0 18,397 Total 415,565 970,670 (1,018,292) 367,943 0.0 18,397

As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar — 189,138 — 189,138 0.0 9,457 Total — 189,138 — 189,138 0.0 9,457

278 Vanguard FTSE Canadian Capped REIT Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar — 11,051 — 11,051 0.0 553 Total — 11,051 — 11,051 0.0 553

As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar — 34,449 — 34,449 0.0 1,722 Total — 34,449 — 34,449 0.0 1,722

Vanguard FTSE Canadian High Dividend Yield Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 83,368 27,671 — 111,039 0.0 5,552 Total 83,368 27,671 — 111,039 0.0 5,552

As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar — 7,822 — 7,822 0.0 391 Total — 7,822 — 7,822 0.0 391

Vanguard FTSE Developed All Cap ex North America Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 126,898,576 21,677 — 126,920,253 7.0 6,346,013 Danish Krone 39,667,597 18,279 — 39,685,876 2.2 1,984,294 Euro 505,440,234 157,624 (1,842,222) 503,755,636 27.9 25,187,782 Hong Kong Dollar 53,293,697 366,209 — 53,659,906 3.0 2,682,995 Israeli Shekel 9,230,934 18,555 — 9,249,489 0.5 462,474 Japanese Yen 438,670,365 2,464 (2,489,487) 436,183,342 24.2 21,809,167 New Zealand Dollar 7,514,275 17,896 — 7,532,171 0.4 376,609 Norwegian Krone 13,811,183 17,800 — 13,828,983 0.8 691,449 Polish Zloty 5,540,302 16,680 — 5,556,982 0.3 277,849 Pound Sterling 245,750,281 67,437 — 245,817,718 13.6 12,290,886 Singapore Dollar 19,405,958 38,633 — 19,444,591 1.1 972,230 South Korean Won 109,665,722 630,947 — 110,296,669 6.1 5,514,833 Swedish Krona 61,637,830 4,730 — 61,642,560 3.4 3,082,128 Swiss Franc 149,527,349 16,957 — 149,544,306 8.3 7,477,215 U.S. Dollar 3,561,508 7,610,059 4,285,872 15,457,439 0.9 772,872 Total 1,789,615,811 9,005,947 (45,837) 1,798,575,921 99.7 89,928,796

279 Vanguard FTSE Developed All Cap ex North America Index ETF As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 90,630,585 856 (371,800) 90,259,641 6.7 4,512,982 Danish Krone 22,811,266 1,234 247,446 23,059,946 1.7 1,152,997 Euro 386,922,652 36,099 (1,648,075) 385,310,676 28.7 19,265,534 Hong Kong Dollar 43,156,005 15,981 295,342 43,467,328 3.2 2,173,366 Israeli Shekel 6,968,943 42,407 — 7,011,350 0.5 350,568 Japanese Yen 322,445,473 (78,755) 3,028,902 325,395,620 24.3 16,269,781 New Zealand Dollar 5,141,811 24,823 (26,181) 5,140,453 0.4 257,023 Norwegian Krone 10,817,369 695 71,653 10,889,717 0.8 544,486 Polish Zloty 4,460,580 438 — 4,461,018 0.3 223,051 Pound Sterling 214,520,890 368,927 (831,439) 214,058,378 16.0 10,702,919 Singapore Dollar 17,019,828 1,426 (80,303) 16,940,951 1.3 847,048 South Korean Won 60,764,524 6,951 746,311 61,517,786 4.6 3,075,889 Swedish Krona 38,318,180 25,995 359,523 38,703,698 2.9 1,935,185 Swiss Franc 110,158,493 69,029 (468,032) 109,759,490 8.2 5,487,974 U.S. Dollar 2,605,413 669,787 (1,306,970) 1,968,230 0.2 98,411 Total 1,336,742,012 1,185,893 16,377 1,337,944,282 99.8 66,897,214

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 12,085,784 — (12,363,262) (277,478) (0.2) 13,874 Danish Krone 3,779,026 — (3,801,601) (22,575) (0.0) 1,129 Euro 48,144,769 — (48,678,043) (533,274) (0.3) 26,664 Hong Kong Dollar 5,109,681 — (5,156,605) (46,924) (0.0) 2,346 Israeli Shekel 880,768 — (896,024) (15,256) (0.0) 763 Japanese Yen 41,771,937 — (42,140,271) (368,334) (0.2) 18,417 New Zealand Dollar 717,239 — (726,761) (9,522) (0.0) 476 Norwegian Krone 1,316,843 — (1,326,577) (9,734) (0.0) 487 Polish Zloty 529,155 — (531,410) (2,255) (0.0) 113 Pound Sterling 23,407,610 — (24,073,445) (665,835) (0.4) 33,292 Singapore Dollar 1,851,581 — (1,876,806) (25,225) (0.0) 1,261 South Korean Won 10,502,829 — (10,531,010) (28,181) (0.0) 1,409 Swedish Krona 5,869,817 — (5,913,751) (43,934) (0.0) 2,197 Swiss Franc 14,240,124 — (14,379,474) (139,350) (0.1) 6,968 U.S. Dollar 1,063,795 22,197 (224,122) 861,870 0.5 43,094 Total 171,270,958 22,197 (172,619,162) (1,326,007) (0.7) 66,302

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Australian Dollar 11,544,724 — (11,745,385) (200,661) (0.1) 10,033 Danish Krone 2,905,879 — (2,902,758) 3,121 0.0 156 Euro 49,291,193 — (49,286,325) 4,868 0.0 243 Hong Kong Dollar 5,499,291 — (5,523,953) (24,662) (0.0) 1,233 Israeli Shekel 893,113 — (886,429) 6,684 0.0 334 Japanese Yen 41,063,395 — (41,092,951) (29,556) (0.0) 1,478

280 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact New Zealand Dollar 658,131 — (660,789) (2,658) (0.0) 133 Norwegian Krone 1,378,016 — (1,370,086) 7,930 0.0 397 Polish Zloty 568,249 — (572,182) (3,933) (0.0) 197 Pound Sterling 27,372,880 — (27,638,159) (265,279) (0.2) 13,264 Singapore Dollar 2,168,184 — (2,160,169) 8,015 0.0 401 South Korean Won 7,741,131 — (7,785,997) (44,866) (0.0) 2,243 Swedish Krona 4,884,319 — (4,885,560) (1,241) (0.0) 62 Swiss Franc 14,040,892 — (14,039,805) 1,087 0.0 54 U.S. Dollar 417,198 5,542 (271,095) 151,645 0.1 7,582 Total 170,426,595 5,542 (170,821,643) (389,506) (0.2) 19,475

Vanguard FTSE Developed All Cap ex U.S. Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 23,039,336 — — 23,039,336 6.3 1,151,967 Danish Krone 7,169,246 — — 7,169,246 2.0 358,462 Euro 92,775,010 — — 92,775,010 25.5 4,638,751 Hong Kong Dollar 9,723,344 — — 9,723,344 2.7 486,167 Israeli Shekel 1,698,058 — — 1,698,058 0.5 84,903 Japanese Yen 79,827,721 — — 79,827,721 21.9 3,991,386 New Zealand Dollar 1,367,826 — — 1,367,826 0.4 68,391 Norwegian Krone 2,521,166 — — 2,521,166 0.7 126,058 Polish Zloty 1,006,704 — — 1,006,704 0.3 50,335 Pound Sterling 43,334,759 — — 43,334,759 11.9 2,166,738 Singapore Dollar 3,531,630 — — 3,531,630 1.0 176,582 South Korean Won 19,658,414 — — 19,658,414 5.4 982,921 Swedish Krona 11,576,111 — — 11,576,111 3.2 578,806 Swiss Franc 27,023,903 — — 27,023,903 7.4 1,351,195 U.S. Dollar 10,263,336 2,675,210 (2,380,323) 10,558,223 2.9 527,911 Total 334,516,564 2,675,210 (2,380,323) 334,811,451 92.1 16,740,573

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Australian Dollar 23,288,112 — — 23,288,112 6.0 1,164,406 Danish Krone 5,875,946 — — 5,875,946 1.5 293,797 Euro 97,950,809 — — 97,950,809 25.3 4,897,541 Hong Kong Dollar 11,180,528 — — 11,180,528 2.9 559,026 Israeli Shekel 1,796,776 — — 1,796,776 0.5 89,839 Japanese Yen 82,189,639 — — 82,189,639 21.2 4,109,482 New Zealand Dollar 1,327,203 — — 1,327,203 0.3 66,360 Norwegian Krone 2,796,489 — — 2,796,489 0.7 139,825 Polish Zloty 1,151,461 — — 1,151,461 0.3 57,573 Pound Sterling 55,426,937 — — 55,426,937 14.3 2,771,347 Singapore Dollar 4,028,839 — — 4,028,839 1.0 201,442 South Korean Won 15,224,086 — — 15,224,086 3.9 761,204

281 Vanguard FTSE Developed All Cap ex U.S. Index ETF As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Swedish Krona 10,356,286 — — 10,356,286 2.7 517,814 Swiss Franc 28,183,256 — — 28,183,256 7.3 1,409,163 U.S. Dollar 14,756,977 70,720 (2,983,711) 11,843,986 3.0 592,199 Total 355,533,344 70,720 (2,983,711) 352,620,353 90.9 17,631,018

Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 27,321,722 — (28,494,399) (1,172,677) (0.3) 58,634 Danish Krone 8,501,814 — (8,761,791) (259,977) (0.1) 12,999 Euro 110,019,363 — (112,191,396) (2,172,033) (0.5) 108,602 Hong Kong Dollar 11,530,650 — (11,884,757) (354,107) (0.1) 17,705 Israeli Shekel 2,013,681 — (2,065,124) (51,443) (0.0) 2,572 Japanese Yen 94,665,526 — (97,123,379) (2,457,853) (0.6) 122,893 New Zealand Dollar 1,622,068 — (1,675,013) (52,945) (0.0) 2,647 Norwegian Krone 2,989,782 — (3,057,446) (67,664) (0.0) 3,383 Polish Zloty 1,193,823 — (1,224,773) (30,950) (0.0) 1,548 Pound Sterling 51,389,513 — (55,483,610) (4,094,097) (0.9) 204,705 Singapore Dollar 4,188,064 — (4,325,595) (137,531) (0.0) 6,877 South Korean Won 23,312,379 — (24,247,421) (935,042) (0.2) 46,752 Swedish Krona 13,727,795 — (13,629,800) 97,995 0.0 4,900 Swiss Franc 32,046,912 — (33,141,295) (1,094,383) (0.3) 54,719 U.S. Dollar 12,171,011 74,587 (4,381,352) 7,864,246 1.8 393,212 Total 396,694,103 74,587 (401,687,151) (4,918,461) (1.2) 245,924

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Australian Dollar 27,754,391 — (29,112,473) (1,358,082) (0.3) 67,904 Danish Krone 7,002,857 — (7,194,869) (192,012) (0.0) 9,601 Euro 116,736,175 — (122,162,614) (5,426,439) (1.2) 271,322 Hong Kong Dollar 13,324,770 — (13,691,842) (367,072) (0.1) 18,354 Israeli Shekel 2,141,369 — (2,197,130) (55,761) (0.0) 2,788 Japanese Yen 97,952,270 — (101,854,268) (3,901,998) (0.8) 195,100 New Zealand Dollar 1,581,739 — (1,637,854) (56,115) (0.0) 2,806 Norwegian Krone 3,332,810 — (3,395,938) (63,128) (0.0) 3,156 Polish Zloty 1,372,293 — (1,418,228) (45,935) (0.0) 2,297 Pound Sterling 66,056,918 — (68,504,799) (2,447,881) (0.5) 122,394 Singapore Dollar 4,801,505 — (5,354,262) (552,757) (0.1) 27,638 South Korean Won 18,143,817 — (19,298,613) (1,154,796) (0.3) 57,740 Swedish Krona 12,342,452 — (12,109,500) 232,952 0.1 11,648 Swiss Franc 33,588,345 — (34,799,495) (1,211,150) (0.3) 60,558 U.S. Dollar 17,587,125 102,047 (1,753,188) 15,935,984 3.4 796,799 Total 423,718,836 102,047 (424,485,073) (664,190) (0.1) 33,210

282 Vanguard FTSE Developed Asia Pacific All Cap Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 14,100,177 22,890 104,984 14,228,051 16.8 711,403 Euro — — (4,939) (4,939) (0.0) 247 Hong Kong Dollar 5,928,204 54,597 (15,699) 5,967,102 7.1 298,355 Japanese Yen 48,471,698 58,295 91,873 48,621,866 57.5 2,431,093 New Zealand Dollar 834,814 3,888 — 838,702 1.0 41,935 Singapore Dollar 2,150,171 6,073 — 2,156,244 2.5 107,812 South Korean Won 12,146,065 34,395 (93,868) 12,086,592 14.3 604,330 U.S. Dollar 295,010 340,259 (72,326) 562,943 0.7 28,147 Total 83,926,139 520,397 10,025 84,456,561 99.9 4,222,828

As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 15,511,093 90,410 (117,145) 15,484,358 16.6 774,218 Hong Kong Dollar 7,408,610 25,241 (64,278) 7,369,573 7.9 368,479 Japanese Yen 55,224,157 93,486 (296,730) 55,020,913 58.8 2,751,045 New Zealand Dollar 878,008 19,142 (12,473) 884,677 1.0 44,234 Singapore Dollar 2,920,588 18,910 (6,581) 2,932,917 3.1 146,646 South Korean Won 10,468,530 20,166 (84,211) 10,404,485 11.1 520,224 U.S. Dollar 359,150 240,067 (241,423) 357,794 0.4 17,890 Total 92,770,136 507,422 (822,841) 92,454,717 98.9 4,622,736

Vanguard FTSE Developed Europe All Cap Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar — 14,747 (14,747) — 0.0 — Danish Krone 5,833,792 1,083 (70,105) 5,764,770 3.8 288,239 Euro 74,451,252 149,972 450,467 75,051,691 49.0 3,752,585 Norwegian Krone 2,054,641 8,344 (4,463) 2,058,522 1.3 102,926 Polish Zloty 817,089 3,126 — 820,215 0.5 41,011 Pound Sterling 36,417,891 63,535 281,757 36,763,183 24.0 1,838,159 Swedish Krona 9,068,004 7,808 (38,498) 9,037,314 5.9 451,866 Swiss Franc 22,080,405 5,477 (743,721) 21,342,161 13.9 1,067,108 U.S. Dollar — 798,512 (808,136) (9,624) (0.0) 481 Total 150,723,074 1,052,604 (947,446) 150,828,232 98.4 7,541,413

As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Danish Krone 6,309,553 4,304 — 6,313,857 2.9 315,693 Euro 107,560,146 46,472 294,414 107,901,032 49.0 5,395,052 Norwegian Krone 2,988,422 4,257 — 2,992,679 1.4 149,634 Polish Zloty 1,232,288 5,739 — 1,238,027 0.5 61,901 Pound Sterling 59,472,504 97,984 320,669 59,891,157 27.2 2,994,558

283 Vanguard FTSE Developed Europe All Cap Index ETF As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Swedish Krona 10,636,443 6,072 — 10,642,515 4.8 532,126 Swiss Franc 30,532,643 12,716 (428,092) 30,117,267 13.7 1,505,863 U.S. Dollar 7,023 63,065 (274,263) (204,175) (0.1) 10,209 Total 218,739,022 240,609 (87,272) 218,892,359 99.4 10,944,618

Vanguard FTSE Developed ex North America High Dividend Yield Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 1,756,154 7,238 (6,814) 1,756,578 10.5 87,829 Danish Krone 65,577 163 — 65,740 0.4 3,287 Euro 5,236,443 8,911 (6,537) 5,238,817 31.5 261,941 Hong Kong Dollar 453,656 3,683 (3,371) 453,968 2.7 22,698 Israeli Shekel 50,901 549 — 51,450 0.3 2,573 Japanese Yen 2,728,990 130,954 (135,750) 2,724,194 16.4 136,210 New Zealand Dollar 57,214 1,018 (599) 57,633 0.3 2,882 Norwegian Krone 199,668 1,631 (1,210) 200,089 1.2 10,004 Polish Zloty 53,520 148 — 53,668 0.3 2,683 Pound Sterling 3,430,048 14,037 (13,614) 3,430,471 20.6 171,524 Singapore Dollar 303,738 1,037 — 304,775 1.8 15,239 South Korean Won 484,790 1,239 — 486,029 2.9 24,301 Swedish Krona 378,021 2,550 (2,132) 378,439 2.3 18,922 Swiss Franc 1,172,572 2,764 (2,344) 1,172,992 7.0 58,650 U.S. Dollar 113,380 81,256 34,476 229,112 1.4 11,456 Total 16,484,672 257,178 (137,895) 16,603,955 99.6 830,199

As at December 31, 2019 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 1,807,306 17,185 — 1,824,491 10.2 91,225 Danish Krone 52,431 513 — 52,944 0.3 2,647 Euro 5,916,322 26,051 — 5,942,373 33.4 297,119 Hong Kong Dollar 481,794 5,045 — 486,839 2.7 24,342 Israeli Shekel 61,362 2,035 — 63,397 0.4 3,170 Japanese Yen 2,674,436 25,032 — 2,699,468 15.2 134,973 New Zealand Dollar 48,406 2,413 — 50,819 0.3 2,541 Norwegian Krone 204,107 2,577 — 206,684 1.2 10,334 Polish Zloty 41,099 1,202 — 42,301 0.2 2,115 Pound Sterling 4,056,807 18,458 — 4,075,265 22.9 203,763 Singapore Dollar 354,493 4,166 — 358,659 2.0 17,933 South Korean Won 310,336 4,333 — 314,669 1.8 15,733 Swedish Krona 353,716 459 — 354,175 2.0 17,709 Swiss Franc 1,249,146 16,673 — 1,265,819 7.1 63,291 U.S. Dollar 113,832 16,668 — 130,500 0.7 6,525 Total 17,725,593 142,810 — 17,868,403 100.4 893,420

284 Vanguard FTSE Emerging Markets All Cap Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Brazilian Real 68,420,360 — — 68,420,360 5.4 3,421,018 Chilean Peso 7,064,004 — — 7,064,004 0.6 353,200 Colombian Peso 2,964,247 — — 2,964,247 0.2 148,212 Czech Koruna 1,531,716 — — 1,531,716 0.1 76,586 Egyptian Pound 1,515,064 — — 1,515,064 0.1 75,753 Euro 3,785,355 — — 3,785,355 0.3 189,268 Hong Kong Dollar 293,047,469 — — 293,047,469 23.0 14,652,373 Hungarian Forint 2,882,815 — — 2,882,815 0.2 144,141 Indian Rupee 137,294,951 — — 137,294,951 10.8 6,864,748 Indonesian Rupiah 20,045,563 — — 20,045,563 1.6 1,002,278 Kuwaiti Dinar 7,520,739 — — 7,520,739 0.6 376,037 Malaysian Ringgit 27,511,569 — — 27,511,569 2.2 1,375,578 Mexican Peso 26,626,541 — — 26,626,541 2.1 1,331,327 New Russian Ruble 26,300,285 — — 26,300,285 2.1 1,315,014 New Taiwan Dollar 177,835,192 — — 177,835,192 14.0 8,891,760 New Turkish Lira 7,787,818 — — 7,787,818 0.6 389,391 Pakistan Rupee 1,132,697 — — 1,132,697 0.1 56,635 Philippine Peso 12,015,470 — — 12,015,470 0.9 600,774 Polish Zloty 73,142 — — 73,142 0.0 3,657 Pound Sterling 1 — — 1 0.0 0 Qatari Rial 10,231,252 — — 10,231,252 0.8 511,563 Romanian Leu 362,194 — — 362,194 0.0 18,110 Saudi Riyal 36,225,723 — — 36,225,723 2.8 1,811,286 Singapore Dollar 364,851 — — 364,851 0.0 18,243 South African Rand 51,059,619 — — 51,059,619 4.0 2,552,981 Thailand Baht 33,527,279 — — 33,527,279 2.6 1,676,364 U.S. Dollar 216,227,960 6,479,384 (2,524,386) 220,182,958 17.3 11,009,148 UAE Dirham 8,632,530 — — 8,632,530 0.7 431,627 Yuan Renminbi 89,019,460 — — 89,019,460 7.0 4,450,973 Total 1,271,005,866 6,479,384 (2,524,386) 1,274,960,864 100.1 63,748,045

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Brazilian Real 78,603,259 — — 78,603,259 7.4 3,930,163 Chilean Peso 7,779,000 — — 7,779,000 0.7 388,950 Colombian Peso 3,125,924 — — 3,125,924 0.3 156,296 Czech Koruna 1,523,775 — — 1,523,775 0.1 76,189 Egyptian Pound 1,972,682 — — 1,972,682 0.2 98,634 Euro 4,097,478 — — 4,097,478 0.4 204,874 Hong Kong Dollar 228,337,706 — — 228,337,706 21.4 11,416,885 Hungarian Forint 3,401,313 — — 3,401,313 0.3 170,066 Indian Rupee 104,599,229 — — 104,599,229 9.8 5,229,961 Indonesian Rupiah 21,714,681 — — 21,714,681 2.0 1,085,734 Kuwaiti Dinar 8,733,224 — — 8,733,224 0.8 436,661 Malaysian Ringgit 26,345,666 — — 26,345,666 2.5 1,317,283 Mexican Peso 27,992,855 — — 27,992,855 2.6 1,399,643 New Russian Ruble 26,016,158 — — 26,016,158 2.4 1,300,808

285 Vanguard FTSE Emerging Markets All Cap Index ETF As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact New Taiwan Dollar 132,921,128 — — 132,921,128 12.5 6,646,056 Pakistan Rupee 1,302,062 — — 1,302,062 0.1 65,103 Peruvian Nuevo Sol 38,356 — — 38,356 0.0 1,918 Philippine Peso 12,411,221 — — 12,411,221 1.2 620,561 Polish Zloty 2,986 — — 2,986 0.0 149 Pound Sterling 1 — — 1 0.0 0 Qatari Rial 10,627,258 — — 10,627,258 1.0 531,363 Saudi Riyal 22,757,085 — — 22,757,085 2.1 1,137,854 Singapore Dollar 421,741 — — 421,741 0.0 21,087 South African Rand 55,143,725 — — 55,143,725 5.2 2,757,186 Thailand Baht 35,822,952 — — 35,822,952 3.4 1,791,148 Turkish Lira 7,610,670 — — 7,610,670 0.7 380,534 U.S. Dollar 178,786,567 148,808 (3,499,192) 175,436,183 16.4 8,771,809 UAE Dirham 8,103,797 — — 8,103,797 0.8 405,190 Yuan Renminbi 56,559,570 — — 56,559,570 5.3 2,827,979 Total 1,066,752,069 148,808 (3,499,192) 1,063,401,685 99.6 53,170,084

Vanguard FTSE Global All Cap ex Canada Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 720,980,293 (1,368,683) (191,980) 719,419,630 69.8 35,970,982 Total 720,980,293 (1,368,683) (191,980) 719,419,630 69.8 35,970,982

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact U.S. Dollar 602,989,197 (1,834,778) (1,381,203) 599,773,216 67.3 29,988,661 Total 602,989,197 (1,834,778) (1,381,203) 599,773,216 67.3 29,988,661

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Australian Dollar 15,699,788 — — 15,699,788 3.3 784,989 Colombian Peso 1,168,907 — — 1,168,907 0.2 58,445 Czech Koruna 1,192,840 — — 1,192,840 0.3 59,642 Danish Krone 2,515,383 — — 2,515,383 0.5 125,769 Euro 251,935,770 — — 251,935,770 53.2 12,596,789 Hong Kong Dollar 93,141 — — 93,141 0.0 4,657 Hungarian Forint 823,017 — — 823,017 0.2 41,151 Indonesian Rupiah 3,534,704 — — 3,534,704 0.7 176,735 Israeli Shekel 1,598,276 — — 1,598,276 0.3 79,914 Italian Lira 15,632 — — 15,632 0.0 782 Japanese Yen 80,159,240 — — 80,159,240 16.9 4,007,962

286 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Malaysian Ringgit 3,180,614 — — 3,180,614 0.7 159,031 Mexican Peso 2,888,331 — — 2,888,331 0.6 144,417 New Russian Ruble 1,671,141 — — 1,671,141 0.4 83,557 New Zealand Dollar 1,541,283 — — 1,541,283 0.3 77,064 Norwegian Krone 1,026,246 — — 1,026,246 0.2 51,312 Peruvian Nuevo Sol 609,284 — — 609,284 0.1 30,464 Polish Zloty 1,853,559 — — 1,853,559 0.4 92,678 Pound Sterling 37,568,050 — — 37,568,050 7.9 1,878,403 Singapore Dollar 2,018,794 — — 2,018,794 0.4 100,940 South African Rand 92 — — 92 0.0 5 South Korean Won 12,615,854 — — 12,615,854 2.7 630,793 Swedish Krona 4,968,216 — — 4,968,216 1.0 248,411 Swiss Franc 5,601,059 — — 5,601,059 1.2 280,053 Thailand Baht 3,226,476 — — 3,226,476 0.7 161,324 U.S. Dollar 5,775,726 (877,935) (457,467,226) (452,569,435) (95.6) 22,628,472 Yuan Renminbi 3,301,128 — — 3,301,128 0.7 165,056 Total 446,582,551 (877,935) (457,467,226) (11,762,610) (2.7) 588,129

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Australian Dollar 8,763,050 — — 8,763,050 2.7 438,153 Czech Koruna 617,732 — — 617,732 0.2 30,887 Danish Krone 1,516,206 — — 1,516,206 0.5 75,810 Euro 165,583,910 — — 165,583,910 50.8 8,279,196 Hong Kong Dollar 100,908 — — 100,908 0.0 5,045 Hungarian Forint 438,386 — — 438,386 0.1 21,919 Indonesian Rupiah 2,156,419 — — 2,156,419 0.7 107,821 Israeli Shekel 853,364 — — 853,364 0.2 42,668 Italian Lira 10,364 — — 10,364 0.0 518 Japanese Yen 60,953,256 — — 60,953,256 18.7 3,047,663 Malaysian Ringgit 2,017,702 — — 2,017,702 0.6 100,885 Mexican Peso 2,206,942 — — 2,206,942 0.7 110,347 New Russian Ruble 1,201,028 — — 1,201,028 0.4 60,051 New Zealand Dollar 759,866 — — 759,866 0.2 37,993 Norwegian Krone 613,246 — — 613,246 0.2 30,662 Polish Zloty 1,396,015 — — 1,396,015 0.4 69,801 Pound Sterling 26,013,221 — — 26,013,221 8.0 1,300,661 Singapore Dollar 1,328,184 — — 1,328,184 0.4 66,409 South African Rand 72 — — 72 0.0 4 South Korean Won 8,282,040 — — 8,282,040 2.5 414,102 Swedish Krona 3,090,838 — — 3,090,838 0.9 154,542 Swiss Franc 3,773,269 — — 3,773,269 1.2 188,663 Thailand Baht 2,565,069 — — 2,565,069 0.8 128,253 U.S. Dollar 4,093,713 25,740 (317,491,363) (313,371,910) (96.1) 15,668,596 Yuan Renminbi 2,312,120 — — 2,312,120 0.7 115,606 Total 300,646,920 25,740 (317,491,363) (16,818,703) (5.2) 840,935

287 Vanguard S&P 500 Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 3,687,743,705 12,278,405 (451,207) 3,699,570,903 100.3 184,978,545 Total 3,687,743,705 12,278,405 (451,207) 3,699,570,903 100.3 184,978,545

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Euro 4,161,736 — — 4,161,736 0.1 208,087 U.S. Dollar 2,706,710,747 490,824 (4,344,601) 2,702,856,970 99.7 135,142,848 Total 2,710,872,483 490,824 (4,344,601) 2,707,018,706 99.8 135,350,935

Vanguard S&P 500 Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 1,436,083,569 4,853,995 (1,409,918,565) 31,018,999 2.2 1,550,950 Total 1,436,083,569 4,853,995 (1,409,918,565) 31,018,999 2.2 1,550,950

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Euro 1,580,459 — — 1,580,459 0.2 79,023 U.S. Dollar 1,027,899,496 288,273 (1,005,501,368) 22,686,401 2.2 1,134,320 Total 1,029,479,955 288,273 (1,005,501,368) 24,266,860 2.4 1,213,343

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 661,329,075 (879,731) (636,159,590) 24,289,754 3.7 1,214,488 Total 661,329,075 (879,731) (636,159,590) 24,289,754 3.7 1,214,488

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact U.S. Dollar 535,008,180 58,763 (518,285,419) 16,781,524 3.1 839,076 Total 535,008,180 58,763 (518,285,419) 16,781,524 3.1 839,076

Vanguard U.S. Dividend Appreciation Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 757,351,868 420,134 (581,779) 757,190,223 100.0 37,859,511

288 Vanguard U.S. Dividend Appreciation Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Total 757,351,868 420,134 (581,779) 757,190,223 100.0 37,859,511

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Euro 5,398,101 — — 5,398,101 0.9 269,905 U.S. Dollar 618,901,372 180,227 (1,932,675) 617,148,924 98.8 30,857,446 Total 624,299,473 180,227 (1,932,675) 622,547,025 99.7 31,127,351

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 393,672,777 164,551 (388,634,681) 5,202,647 1.3 260,132 Total 393,672,777 164,551 (388,634,681) 5,202,647 1.3 260,132

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Euro 2,353,773 — — 2,353,773 0.9 117,689 U.S. Dollar 269,864,087 14,708 (266,723,707) 3,155,088 1.1 157,754 Total 272,217,860 14,708 (266,723,707) 5,508,861 2.0 275,443

Vanguard U.S. Total Market Index ETF As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 3,042,437,547 193,407 (4,879,112) 3,037,751,842 99.8 151,887,592 Total 3,042,437,547 193,407 (4,879,112) 3,037,751,842 99.8 151,887,592

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Euro 3,057,982 — — 3,057,982 0.1 152,899 U.S. Dollar 2,219,825,248 508,363 (30,668,736) 2,189,664,875 98.5 109,483,244 Total 2,222,883,230 508,363 (30,668,736) 2,192,722,857 98.6 109,636,143

Vanguard U.S. Total Market Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact U.S. Dollar 820,832,812 2,804,138 (805,055,008) 18,581,942 2.3 929,097

289 Vanguard U.S. Total Market Index ETF (CAD-hedged) As at December 31, 2020 Foreign Currency Contracts/ % of +/–5% Currency Investments Cash Futures Net Net Assets Impact Total 820,832,812 2,804,138 (805,055,008) 18,581,942 2.3 929,097

As at December 31, 2019 Foreign Currency Contracts/ % of Currency Investments Cash Futures Net Net Assets +/–5% Impact Euro 973,949 — — 973,949 0.1 48,697 U.S. Dollar 707,001,291 76,769 (693,175,040) 13,903,020 2.0 695,151 Total 707,975,240 76,769 (693,175,040) 14,876,969 2.1 743,848

(b) Interest rate risk Interest rate risk is the risk that the fair value of interest-bearing financial instruments will fluctuate because of changes in market interest rates.

The Funds may also be exposed indirectly to interest rate risk if they invest in underlying funds in the event that the underlying funds invest in debt instruments and derivatives.

If the prevailing interest rates had been raised or lowered by 1%, assuming a parallel shift in the yield curve, with all other factors remaining constant, net assets could possibly have decreased or increased. Each Fund’s interest rate sensitivity was determined based on the weighted average duration of the portfolio. There is minimum sensitivity to interest rate risk on cash invested in short-term market rate investments.

Vanguard Global Aggregate Bond Index ETF (CAD-hedged) had no direct investment in debt securities, but was exposed to indirect interest rate risk as the underlying funds invest in debt instruments.

The tables below summarize only those Funds with direct or indirect exposure to interest rate risk:

Vanguard Canadian Aggregate Bond Index ETF As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 683,472,171 604,358,545 1,934,915,913 3,222,746,629 272,612,137

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 622,145,640 492,000,066 1,540,563,385 2,654,709,091 213,438,611

Vanguard Canadian Corporate Bond Index ETF As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 16,578,461 17,305,321 40,434,305 74,318,087 4,621,842

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 9,526,569 9,560,576 17,320,460 36,407,605 2,126,204

290 Vanguard Canadian Government Bond Index ETF As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 15,147,625 13,039,303 45,035,040 73,221,968 6,717,383

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 9,295,804 6,582,246 25,027,204 40,905,254 3,579,210

Vanguard Canadian Long-Term Bond Index ETF As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — — — 50,475,404 50,475,404 8,218,910

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — — — 52,068,863 52,068,863 8,232,087

Vanguard Canadian Short-Term Bond Index ETF As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 623,071,102 527,127,435 53,947,433 1,204,145,970 34,125,497

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments 497 613,454,606 482,013,781 42,031,434 1,137,500,318 31,053,759

Vanguard Canadian Short-Term Corporate Bond Index ETF As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 499,834,303 547,965,459 166,623,566 1,214,423,328 34,817,517

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments — 537,251,028 521,089,087 141,613,904 1,199,954,019 33,718,708

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments 11,581,936 88,247,789 84,402,773 284,671,798 468,904,296 39,950,646

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments 8,920,520 61,132,741 59,438,162 190,240,487 319,731,910 26,026,177

291 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2020 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments 7,349,562 163,875,361 186,188,895 304,708,853 662,122,671 43,236,610

As at December 31, 2019 Less Than 1–3 3–5 More Than +/–1% 1 Year Ye a r s Ye a r s 5 Years Total Impact Debt investments 3,776,749 126,628,997 135,747,148 273,382,671 539,535,565 32,480,041

(c) Other price risk Other price risk is the risk that the fair values of future cash flows of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment or its issuer, or all factors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital; however, the Funds' investments in equities are more susceptible to market risk arising from uncertainties about future prices (other than interest or currency). The Manager mitigates this risk through the use of investment strategies that seek to minimize the Funds' tracking error versus market indexes within the parameters of the investment strategy. The maximum exposure resulting from a financial instrument is equivalent to its fair value.

The table below summarizes management's estimate of the effect on net assets of a 10% change in the quoted prices of each Fund's investments in equities and exchange-traded funds, whether directly or indirectly, with all other variables held constant:

As at December 31, 2020

Fund +/–10% Impact Vanguard FTSE Canada All Cap Index ETF 288,797,001 Vanguard FTSE Canada Index ETF 74 , 7 8 1 , 14 1 Vanguard FTSE Canadian Capped REIT Index ETF 26,216,116 Vanguard FTSE Canadian High Dividend Yield Index ETF 70,487,835 Vanguard FTSE Developed All Cap ex North America Index ETF 178,898,779 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 17,127,096 Vanguard FTSE Developed All Cap ex U.S. Index ETF 36,410,309 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 43,177,996 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 8,388,652 Vanguard FTSE Developed Europe All Cap Index ETF 15,072,307 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF 1,648,467 Vanguard FTSE Emerging Markets All Cap Index ETF 127,100,587 Vanguard FTSE Global All Cap ex Canada Index ETF 103,073,015 Vanguard Global Aggregate Bond Index ETF (CAD-hedged) 4,247,732 Vanguard S&P 500 Index ETF 368,774,371 Vanguard S&P 500 Index ETF (CAD-hedged) 143,608,357 Vanguard U.S. Dividend Appreciation Index ETF 75,735,187 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 39,367,278 Vanguard U.S. Total Market Index ETF 304,243,755 Vanguard U.S. Total Market Index ETF (CAD-hedged) 82,083,281

292 As at December 31, 2019

Fund +/–10% Impact Vanguard FTSE Canada All Cap Index ETF 223,547,334 Vanguard FTSE Canada Index ETF 67,608,316 Vanguard FTSE Canadian Capped REIT Index ETF 24,344,904 Vanguard FTSE Canadian High Dividend Yield Index ETF 55,151,431 Vanguard FTSE Developed All Cap ex North America Index ETF 133,674,201 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 17,042,659 Vanguard FTSE Developed All Cap ex U.S. Index ETF 38,765,954 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 46,200,632 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 9,277,014 Vanguard FTSE Developed Europe All Cap Index ETF 21,873,902 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF 1,772,559 Vanguard FTSE Emerging Markets All Cap Index ETF 106,727,641 Vanguard FTSE Global All Cap ex Canada Index ETF 89,070,468 Vanguard S&P 500 Index ETF 271,148,628 Vanguard S&P 500 Index ETF (CAD-hedged) 102,971,305 Vanguard U.S. Dividend Appreciation Index ETF 62,435,891 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 27,224,378 Vanguard U.S. Total Market Index ETF 222,328,661 Vanguard U.S. Total Market Index ETF (CAD-hedged) 70,810,371

(d) Credit risk The Funds are exposed to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. All transactions in listed securities are settled or paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is made primarily through redemption of units once the broker has delivered payments. Payment is made on a purchase primarily through issuance of units once the securities have been delivered by the broker. The trade will fail if either party fails to meet its obligation.

Credit risk arises from investments in foreign currency contracts and debt securities and is mitigated by investing primarily in instruments issued by counterparties who have been rated by third-party rating agencies as “investment-grade” or above. The funds also enter into master netting arrangements with those counterparties, and require its counterparties to transfer collateral as security for their performance. The value of securities pledged or received as collateral for open foreign currency contracts is disclosed in note 6. Securities pledged by counterparties is not reflected in the Statements of Financial Position. The Funds are also exposed to counterparty credit risk on cash and amounts due from broker. The Funds continuously monitor the credit standing of each counterparty.

Vanguard Global Aggregate Bond Index ETF (CAD-hedged) had no direct investment in debt securities, but was exposed to indirect credit risk as the underlying funds invest in debt instruments.

For Funds invested in debt securities, whether directly or indirectly, the following is an analysis of the concentration of issuer credit ratings:

Vanguard Canadian Aggregate Bond Index ETF December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 37.4 40.8 AA 37.6 15.9 A 14.0 31.8 BBB 10.1 8.8 BB 0.0 — NR 0.2 2.2 Tot al 99.3 99.5

293 Vanguard Canadian Corporate Bond Index ETF December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 3.9 3.4 AA 11.6 12.3 A 36.5 35.2 BBB 42.8 36.9 BB 0.3 — NR 4.0 11.4 Tot al 99.1 99.2

Vanguard Canadian Government Bond Index ETF December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 48.3 52.2 AA 45.6 17.0 A 5.5 29.4 BBB 0.2 0.1 NR 0.0 0.9 Tot al 99.6 99.6

Vanguard Canadian Long-Term Bond Index ETF December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 22.0 25.6 AA 55.5 24.1 A 13.1 40.0 BBB 7. 8 6 . 7 NR 0.8 3.1 Tot al 99.2 99.5

Vanguard Canadian Short-Term Bond Index ETF December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 50.9 52.7 AA 23.2 11.5 A 14.6 22.1 BBB 10.0 9.8 BB 0.0 — NR 0.8 3.4 Tot al 99.5 99.5

Vanguard Canadian Short-Term Corporate Bond Index ETF December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 5.5 5.5 AA 18.4 18.7 A 40.3 33.1 BBB 31.6 29.6 BB 0.1 — NR 3.2 12.4 Tot al 99.1 99.3

294 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 20.2 19.5 AA 25.8 25.7 A 23.2 25.2 BBB 28.7 27.6 Tot al 97.9 98.0

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) December 31, 2020 December 31, 2019 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 63.4 67.7 AA 3.6 3.4 A 12.7 11.4 BBB 20.5 17.7 Tot al 100.2 100.2

(e) Liquidity risk Liquidity risk arises because of redemption requests and distributions.

Liquidity risk is the possibility that investments in the Funds cannot be readily converted into cash when required. The Funds will endeavor to maintain sufficient liquidity to meet expenses and redemption of units. However, unexpectedly heavy demand for redemptions of units could result in the Funds having to dispose of investments at a time when it is not optimal to do so in order to meet such redemption requests. The Funds primarily invest in securities that are traded in active markets and can be readily disposed.

Additionally, the Funds may use futures contracts to maintain full exposure to the stock market, maintain liquidity and minimize transaction costs. Funds may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity.

As at December 31, 2020, and December 31, 2019, where applicable, the Funds did not have a significant amount of financial liabilities with maturities greater than three months.

5. Fair value

The following tables categorize financial instruments recorded at fair value on the Statement of Financial Position into one of the three fair value hierarchy levels as discussed in the Summary of Significant Accounting Policies. There were no significant transfers between levels for any of the periods presented below:

Assets at Fair Value as at December 31, 2020 Level 1 Level 2 Level 3 Total Vanguard Canadian Aggregate Bond Index ETF Fixed income — 3,222,746,629 — 3,222,746,629 Tot al — 3,222,746,629 — 3,222,746,629

Vanguard Canadian Corporate Bond Index ETF Fixed income — 74,318,087 — 74,318,087 Tot al — 74,318,087 — 74,318,087

Vanguard Canadian Government Bond Index ETF Fixed income — 73,221,968 — 73,221,968 Tot al — 73,221,968 — 73,221,968

Vanguard Canadian Long-Term Bond Index ETF Fixed income — 50,475,404 — 50,475,404 Tot al — 50,475,404 — 50,475,404

295 Assets at Fair Value as at December 31, 2020 Level 1 Level 2 Level 3 Total Vanguard Canadian Short-Term Bond Index ETF Fixed income — 1,204,145,970 — 1,204,145,970 Tot al — 1,204,145,970 — 1,204,145,970

Vanguard Canadian Short-Term Corporate Bond Index ETF Fixed income — 1,214,423,328 — 1,214,423,328 Tot al — 1,214,423,328 — 1,214,423,328

Vanguard FTSE Canada All Cap Index ETF Equities 2,887,762,390 — 207,622 2,887,970,012 Unrealized depreciation of futures contracts (43,557) — — (43,557) Tot al 2,887,718,833 — 207,622 2,887,926,455

Vanguard FTSE Canada Index ETF Equities 747,742,124 — 69,287 747,811,411 Short-term —415,565— 415,565 Unrealized appreciation of foreign currency contracts — 2,416 — 2,416 Unrealized depreciation of futures contracts (7,919) — — (7,919) Tot al 747,734,205 417,981 69,287 748,221,473

Vanguard FTSE Canadian Capped REIT Index ETF Equities 262,161,157 — — 262,161,157 Unrealized depreciation of futures contracts (6,187) — — (6,187) Tot al 262,154,970 — — 262,154,970

Vanguard FTSE Canadian High Dividend Yield Index ETF Equities 704,878,351 — — 704,878,351 Short-term — 83,367 — 83,367 Unrealized depreciation of futures contracts (37,452) — — (37,452) Tot al 704,840,899 83,367 — 704,924,266

Vanguard FTSE Developed All Cap ex North America Index ETF Equities 1,777,638,931 11,311,731 37,124 1,788,987,786 Short-term — 628,026 — 628,026 Unrealized depreciation of foreign currency contracts — (128,755) — (128,755) Unrealized appreciation of futures contracts 82,918 — — 82,918 Tot al 1,777,721,849 11,811,002 37,124 1,789,569,975

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) Exchange-traded funds 171,270,958 — — 171,270,958 Unrealized appreciation of foreign currency contracts — 462,764 — 462,764 Unrealized depreciation of foreign currency contracts — (1,039,859) — (1,039,859) Tot al 171,270,958 (577,095) — 170,693,863

Vanguard FTSE Developed All Cap ex U.S. Index ETF Exchange-traded funds 364,103,090 — — 364,103,090 Unrealized appreciation of foreign currency contracts — 4,801 — 4,801 Tot al 364,103,090 4,801 — 364,107,891

296 Assets at Fair Value as at December 31, 2020 Level 1 Level 2 Level 3 Total Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) Exchange-traded funds 431,779,960 — — 431,779,960 Unrealized appreciation of foreign currency contracts — 1,063,166 — 1,063,166 Unrealized depreciation of foreign currency contracts — (2,383,798) — (2,383,798) Tot al 431,779,960 (1,320,632) — 430,459,328

Vanguard FTSE Developed Asia Pacific All Cap Index ETF Equities 83,872,707 — 13,814 83,886,521 Short-term — 39,618 — 39,618 Unrealized appreciation of foreign currency contracts — 11,084 — 11,084 Unrealized depreciation of foreign currency contracts — (12,205) — (12,205) Unrealized appreciation of futures contracts 12,935 — — 12,935 Unrealized depreciation of futures contracts (1,789) — — (1,789) Tot al 83,883,853 38,497 13,814 83,936,164

Vanguard FTSE Developed Europe All Cap Index ETF Equities 147,555,271 3,167,349 454 150,723,074 Unrealized appreciation of foreign currency contracts — 76,179 — 76,179 Unrealized depreciation of foreign currency contracts — (56,075) — (56,075) Unrealized appreciation of futures contracts 20,697 — — 20,697 Unrealized depreciation of futures contracts (10,879) — — (10,879) Tot al 147,565,089 3,187,453 454 150,752,996

Vanguard FTSE Developed ex North America High Dividend Yield Index ETF Equities 16,341,459 45,182 — 16,386,641 Exchange-traded funds 98,031 — — 98,031 Unrealized appreciation of foreign currency contracts — 210 — 210 Unrealized depreciation of foreign currency contracts — (240) — (240) Unrealized appreciation of futures contracts 2,437 — — 2,437 Tot al 16,441,927 45,152 — 16,487,079

Vanguard FTSE Emerging Markets All Cap Index ETF Exchange-traded funds 1,271,005,866 — — 1,271,005,866 Unrealized appreciation of foreign currency contracts — 15,439 — 15,439 Unrealized depreciation of foreign currency contracts — (7,400) — (7,400) Tot al 1,271,005,866 8,039 — 1,271,013,905

Vanguard FTSE Global All Cap ex Canada Index ETF Exchange-traded funds 1,030,730,148 — — 1,030,730,148 Unrealized appreciation of foreign currency contracts — 5,737 — 5,737 Unrealized depreciation of foreign currency contracts — (6,122) — (6,122) Tot al 1,030,730,148 (385) — 1,030,729,763

Vanguard Global Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 42,477,320 — — 42,477,320 Tot al 42,477,320 — — 42,477,320

297 Assets at Fair Value as at December 31, 2020 Level 1 Level 2 Level 3 Total Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 472,400,057 — — 472,400,057 Unrealized appreciation of foreign currency contracts — 8,434,328 — 8,434,328 Unrealized depreciation of foreign currency contracts — (509,675) — (509,675) Tot al 472,400,057 7,924,653 — 480,324,710

Vanguard S&P 500 Index ETF Exchange-traded funds 3,687,743,705 — — 3,687,743,705 Unrealized appreciation of foreign currency contracts — 27,177 — 27,177 Unrealized depreciation of foreign currency contracts — (16,215) — (16,215) Unrealized appreciation of futures contracts 25,753 — — 25,753 Tot al 3,687,769,458 10,962 — 3,687,780,420

Vanguard S&P 500 Index ETF (CAD-hedged) Exchange-traded funds 1,436,083,569 — — 1,436,083,569 Unrealized appreciation of foreign currency contracts — 23,453,341 — 23,453,341 Unrealized depreciation of foreign currency contracts — (533,770) — (533,770) Unrealized appreciation of futures contracts 21,479 — — 21,479 Tot al 1,436,105,048 22,919,571 — 1,459,024,619

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 661,329,075 — — 661,329,075 Unrealized appreciation of foreign currency contracts — 11,790,789 — 11,790,789 Unrealized depreciation of foreign currency contracts — (744,958) — (744,958) Tot al 661,329,075 11,045,831 — 672,374,906

Vanguard U.S. Dividend Appreciation Index ETF Exchange-traded funds 757,351,868 — — 757,351,868 Unrealized appreciation of foreign currency contracts — 5,737 — 5,737 Tot al 757,351,868 5,737 — 757,357,605

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) Exchange-traded funds 393,672,777 — — 393,672,777 Unrealized appreciation of foreign currency contracts — 6,516,204 — 6,516,204 Unrealized depreciation of foreign currency contracts — (47,622) — (47,622) Tot al 393,672,777 6,468,582 — 400,141,359

Vanguard U.S. Total Market Index ETF Exchange-traded funds 3,042,437,547 — — 3,042,437,547 Unrealized appreciation of foreign currency contracts — 41,426 — 41,426 Unrealized depreciation of foreign currency contracts — (23,961) — (23,961) Tot al 3,042,437,547 17,465 — 3,042,455,012

Vanguard U.S. Total Market Index ETF (CAD-hedged) Exchange-traded funds 820,832,812 — — 820,832,812 Unrealized appreciation of foreign currency contracts — 13,137,413 — 13,137,413 Unrealized depreciation of foreign currency contracts — (17,601) — (17,601) Tot al 820,832,812 13,119,812 — 833,952,624

298 Assets at Fair Value as at December 31, 2019 Level 1 Level 2 Level 3 Total Vanguard Canadian Aggregate Bond Index ETF Fixed income — 2,654,709,091 — 2,654,709,091 Tot al — 2,654,709,091 — 2,654,709,091

Vanguard Canadian Corporate Bond Index ETF Fixed income — 36,407,605 — 36,407,605 Tot al — 36,407,605 — 36,407,605

Vanguard Canadian Government Bond Index ETF Fixed income — 40,905,254 — 40,905,254 Tot al — 40,905,254 — 40,905,254

Vanguard Canadian Long-Term Bond Index ETF Fixed income — 52,068,863 — 52,068,863 Tot al — 52,068,863 — 52,068,863

Vanguard Canadian Short-Term Bond Index ETF Fixed income — 1,137,500,318 — 1,137,500,318 Tot al — 1,137,500,318 — 1,137,500,318

Vanguard Canadian Short-Term Corporate Bond Index ETF Fixed income — 1,199,954,019 — 1,199,954,019 Tot al — 1,199,954,019 — 1,199,954,019

Vanguard FTSE Canada All Cap Index ETF Equities 2,235,337,870 — 135,473 2,235,473,343 Unrealized depreciation of futures contracts (1,690) — — (1,690) Tot al 2,235,336,180 — 135,473 2,235,471,653

Vanguard FTSE Canada Index ETF Equities 676,083,161 — — 676,083,161 Unrealized depreciation of futures contracts (3,891) — — (3,891) Tot al 676,079,270 — — 676,079,270

Vanguard FTSE Canadian Capped REIT Index ETF Equities 243,449,035 — — 243,449,035 Tot al 243,449,035 — — 243,449,035

Vanguard FTSE Canadian High Dividend Yield Index ETF Equities 551,514,312 — — 551,514,312 Unrealized depreciation of futures contracts (720) — — (720) Tot al 551,513,592 — — 551,513,592

Vanguard FTSE Developed All Cap ex North America Index ETF Equities 1,329,729,603 6,751,746 260,663 1,336,742,012 Unrealized appreciation of foreign currency contracts — 41,473 — 41,473 Unrealized depreciation of foreign currency contracts — (19,423) — (19,423) Unrealized depreciation of futures contracts (5,673) — — (5,673) Tot al 1,329,723,930 6,773,796 260,663 1,336,758,389

299 Assets at Fair Value as at December 31, 2019 Level 1 Level 2 Level 3 Total Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) Exchange-traded funds 170,426,595 — — 170,426,595 Unrealized appreciation of foreign currency contracts — 1,509,642 — 1,509,642 Unrealized depreciation of foreign currency contracts — (373,879) — (373,879) Tot al 170,426,595 1,135,763 — 171,562,358

Vanguard FTSE Developed All Cap ex U.S. Index ETF Exchange-traded funds 387,659,544 — — 387,659,544 Unrealized appreciation of foreign currency contracts — 16,289 — 16,289 Tot al 387,659,544 16,289 — 387,675,833

Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) Exchange-traded funds 462,006,317 — — 462,006,317 Unrealized appreciation of foreign currency contracts — 3,839,765 — 3,839,765 Unrealized depreciation of foreign currency contracts — (985,090) — (985,090) Tot al 462,006,317 2,854,675 — 464,860,992

Vanguard FTSE Developed Asia Pacific All Cap Index ETF Equities 92,710,589 — 59,547 92,770,136 Unrealized appreciation of foreign currency contracts — 5,653 — 5,653 Unrealized depreciation of foreign currency contracts — (1,439) — (1,439) Unrealized appreciation of futures contracts 1,103 — — 1,103 Unrealized depreciation of futures contracts (8,158) — — (8,158) Tot al 92,703,534 4,214 59,547 92,767,295

Vanguard FTSE Developed Europe All Cap Index ETF Equities 215,503,061 3,228,100 7,861 218,739,022 Unrealized appreciation of foreign currency contracts — 18,774 — 18,774 Unrealized depreciation of foreign currency contracts — (21,908) — (21,908) Unrealized appreciation of futures contracts 812 — — 812 Unrealized depreciation of futures contracts (4,498) — — (4,498) Tot al 215,499,375 3,224,966 7,861 218,732,202

Vanguard FTSE Developed ex North America High Dividend Yield Index ETF Equities 17,703,658 21,935 — 17,725,593 Tot al 17,703,658 21,935 — 17,725,593

Vanguard FTSE Emerging Markets All Cap Index ETF Exchange-traded funds 1,067,276,410 — — 1,067,276,410 Unrealized appreciation of foreign currency contracts — 57,635 — 57,635 Unrealized depreciation of foreign currency contracts — (5,964) — (5,964) Tot al 1,067,276,410 51,671 — 1,067,328,081

Vanguard FTSE Global All Cap ex Canada Index ETF Exchange-traded funds 890,704,679 — — 890,704,679 Unrealized appreciation of foreign currency contracts — 16,884 — 16,884 Unrealized depreciation of foreign currency contracts — (0) — (0) Tot al 890,704,679 16,884 — 890,721,563

300 Assets at Fair Value as at December 31, 2019 Level 1 Level 2 Level 3 Total Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 326,024,177 — — 326,024,177 Unrealized appreciation of foreign currency contracts — 7,843,683 — 7,843,683 Unrealized depreciation of foreign currency contracts — (582,036) — (582,036) Tot al 326,024,177 7,261,647 — 333,285,824

Vanguard S&P 500 Index ETF Exchange-traded funds 2,711,486,279 — — 2,711,486,279 Unrealized appreciation of foreign currency contracts — 52,388 — 52,388 Unrealized depreciation of foreign currency contracts — (12,867) — (12,867) Tot al 2,711,486,279 39,521 — 2,711,525,800

Vanguard S&P 500 Index ETF (CAD-hedged) Exchange-traded funds 1,029,713,050 — — 1,029,713,050 Unrealized appreciation of foreign currency contracts — 23,556,991 — 23,556,991 Unrealized depreciation of foreign currency contracts — (26,319) — (26,319) Tot al 1,029,713,050 23,530,672 — 1,053,243,722

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 536,370,976 — — 536,370,976 Unrealized appreciation of foreign currency contracts — 12,509,021 — 12,509,021 Unrealized depreciation of foreign currency contracts — (903,150) — (903,150) Tot al 536,370,976 11,605,871 — 547,976,847

Vanguard U.S. Dividend Appreciation Index ETF Exchange-traded funds 624,358,908 — — 624,358,908 Unrealized appreciation of foreign currency contracts — 10,667 — 10,667 Tot al 624,358,908 10,667 — 624,369,575

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) Exchange-traded funds 272,243,776 — — 272,243,776 Unrealized appreciation of foreign currency contracts — 6,327,951 — 6,327,951 Unrealized depreciation of foreign currency contracts — (55,320) — (55,320) Tot al 272,243,776 6,272,631 — 278,516,407

Vanguard U.S. Total Market Index ETF Exchange-traded funds 2,223,286,610 — — 2,223,286,610 Unrealized appreciation of foreign currency contracts — 52,023 — 52,023 Unrealized depreciation of foreign currency contracts — (19,834) — (19,834) Tot al 2,223,286,610 32,189 — 2,223,318,799

Vanguard U.S. Total Market Index ETF (CAD-hedged) Exchange-traded funds 708,103,714 — — 708,103,714 Unrealized appreciation of foreign currency contracts — 16,388,477 — 16,388,477 Unrealized depreciation of foreign currency contracts — (98,643) — (98,643) Tot al 708,103,714 16,289,834 — 724,393,548

6. Offsetting

The following tables summarize the Funds' assets and liabilities for their financial instruments subject to agreements that provide for offsetting assets and liabilities. The "Net Exposure" column represents the net amount receivable from (payable to) the counterparty in the event of default.

301 Vanguard FTSE Canada Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 2,416 — 2,416 — — 2,416

Vanguard FTSE Developed All Cap ex North America Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized depreciation of foreign currency contracts (128,755) — (128,755) — — (128,755)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 41,473 — 41,473 (1,889) — 39,584 Unrealized depreciation of foreign currency contracts (19,423) — (19,423) 1,889 — (17,534)

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 462,764 — 462,764 (462,764) — — Unrealized depreciation of foreign currency contracts (1,039,859) — (1,039,859) 462,764 530,729 (46,366)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 1,509,642 — 1,509,642 (373,879) (482,260) 653,503 Unrealized depreciation of foreign currency contracts (373,879) — (373,879) 373,879 — —

Vanguard FTSE Developed All Cap ex U.S. Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 4,801 — 4,801 — — 4,801

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 16,289 — 16,289 — — 16,289

302 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 1,063,166 — 1,063,166 (1,063,166) — — Unrealized depreciation of foreign currency contracts (2,383,798) — (2,383,798) 1,063,166 1,208,801 (111,831)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 3,839,765 — 3,839,765 (985,090) (1,217,155) 1,637,520 Unrealized depreciation of foreign currency contracts (985,090) — (985,090) 985,090 — —

Vanguard FTSE Developed Asia Pacific All Cap Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 11,084 — 11,084 (7,410) — 3,674 Unrealized depreciation of foreign currency contracts (12,205) — (12,205) 7,410 — (4,795)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 5,653 — 5,653 (60) — 5,593 Unrealized depreciation of foreign currency contracts (1,439) — (1,439) 60 — (1,379)

Vanguard FTSE Developed Europe All Cap Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 76,179 — 76,179 (32,041) — 44,138 Unrealized depreciation of foreign currency contracts (56,075) — (56,075) 32,041 — (24,034)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 18,774 — 18,774 (10,003) — 8,771 Unrealized depreciation of foreign currency contracts (21,908) — (21,908) 10,003 — (11,905)

Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 210 — 210 (210) — — Unrealized depreciation of foreign currency contracts (240) — (240) 210 — (30)

The Fund did not have amounts receivable from (payable to) a counterparty in the event of default as at December 31, 2019.

303 Vanguard FTSE Emerging Markets All Cap Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 15,439 — 15,439 — — 15,439 Unrealized depreciation of foreign currency contracts (7,400) — (7,400) — — (7,400)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 57,635 — 57,635 — — 57,635 Unrealized depreciation of foreign currency contracts (5,964) — (5,964) — — (5,964)

Vanguard FTSE Global All Cap ex Canada Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 5,737 — 5,737 — — 5,737 Unrealized depreciation of foreign currency contracts (6,122) — (6,122) — — (6,122)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 16,884 — 16,884 — — 16,884 Unrealized depreciation of foreign currency contracts (0) — (0) — — (0)

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 8,434,328 — 8,434,328 (505,849) (6,955,358) 973,121 Unrealized depreciation of foreign currency contracts (509,675) — (509,675) 505,849 — (3,826)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 7,843,683 — 7,843,683 (577,445) (5,437,208) 1,829,030 Unrealized depreciation of foreign currency contracts (582,036) — (582,036) 577,445 — (4,591)

Vanguard S&P 500 Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 27,177 — 27,177 — — 27,177 Unrealized depreciation of foreign currency contracts (16,215) — (16,215) — — (16,215)

304 Vanguard S&P 500 Index ETF As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 52,388 — 52,388 — — 52,388 Unrealized depreciation of foreign currency contracts (12,867) — (12,867) — — (12,867)

Vanguard S&P 500 Index ETF (CAD-hedged)

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 23,453,341 — 23,453,341 (531,472) (21,384,524) 1,537,345 Unrealized depreciation of foreign currency contracts (533,770) — (533,770) 531,472 — (2,298)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 23,556,991 — 23,556,991 (18,808) (16,809,506) 6,728,677 Unrealized depreciation of foreign currency contracts (26,319) — (26,319) 18,808 — (7,511)

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged)

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 11,790,789 — 11,790,789 (740,303) (9,428,719) 1,621,767 Unrealized depreciation of foreign currency contracts (744,958) — (744,958) 740,303 — (4,655)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 12,509,021 — 12,509,021 (902,310) (8,775,662) 2,831,049 Unrealized depreciation of foreign currency contracts (903,150) — (903,150) 902,310 — (840)

Vanguard U.S. Dividend Appreciation Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 5,737 — 5,737 — — 5,737

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 10,667 — 10,667 — — 10,667

305 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 6,516,204 — 6,516,204 (47,622) (6,065,578) 403,004 Unrealized depreciation of foreign currency contracts (47,622) — (47,622) 47,622 — —

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 6,327,951 — 6,327,951 (52,291) (4,465,508) 1,810,152 Unrealized depreciation of foreign currency contracts (55,320) — (55,320) 52,291 — (3,029)

Vanguard U.S. Total Market Index ETF

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 41,426 — 41,426 (18,431) — 22,995 Unrealized depreciation of foreign currency contracts (23,961) — (23,961) 18,431 — (5,530)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 52,023 — 52,023 — — 52,023 Unrealized depreciation of foreign currency contracts (19,834) — (19,834) — — (19,834)

Vanguard U.S. Total Market Index ETF (CAD-hedged)

As at December 31, 2020 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 13,137,413 — 13,137,413 (16,363) (12,407,834) 713,216 Unrealized depreciation of foreign currency contracts (17,601) — (17,601) 16,363 — (1,238)

As at December 31, 2019 Gross Assets/ Net Assets/ Liabilities Offset in Liabilities Reflected Amounts Not Offset Gross Assets/ Statement of in Statement of Financial Financial assets and liabilities Liabilities Financial Position Financial Position Instruments Collateral Net Exposure Unrealized appreciation of foreign currency contracts 16,388,477 — 16,388,477 (98,569) (11,702,784) 4,587,124 Unrealized depreciation of foreign currency contracts (98,643) — (98,643) 98,569 — (74)

306 7. Investments in underlying funds

Information about the Funds' interests in unconsolidated structured entities is included in the following tables. The fair values of a Fund's investments in each of its underlying funds represent the Fund's maximum exposure in these underlying funds.

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed All Cap ex North America Index ETF 99.9 Canada 9.5 171,270,958 1,803,258,618

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed All Cap ex North America Index ETF 99.9 Canada 12.7 170,426,595 1,340,545,489

Vanguard FTSE Developed All Cap ex U.S. Index ETF

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 99.9 United States 0.3 364,103,090 111,478,578,407

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 100.0 United States 0.4 387,659,544 102,263,936,396

Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 100.0 United States 0.4 431,779,960 111,574,914,793

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 99.9 United States 0.5 462,006,317 102,122,181,992

Vanguard FTSE Developed ex North America High Dividend Yield Index ETF

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard International High Dividend Yield Index ETF 0.6 United States 0.0 98,031 2,177,632,964

307 As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard International High Dividend Yield Index Fund 0.6 United States 0.0 111,847 1,828,253,986

Vanguard FTSE Emerging Markets All Cap Index ETF

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Emerging Markets ETF 99.9 United States 1.4 1,271,005,866 90,982,503,453

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Emerging Markets ETF 100.0 United States 1.2 1,067,276,410 87,181,690,377

Vanguard FTSE Global All Cap ex Canada Index ETF

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed All Cap ex North America Index ETF 30.0 Canada 17.2 309,749,855 1,803,258,618 Vanguard FTSE Emerging Markets ETF 12.0 United States 0.1 123,843,079 90,982,503,453 Vanguard Large-Cap ETF 51.1 United States 1.9 526,501,477 27,418,259,942 Vanguard Small-Cap ETF 6.9 United States 0.1 70,635,737 47,723,638,410

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed All Cap ex North America Index ETF 32.3 Canada 21.5 287,715,482 1,340,545,489 Vanguard FTSE Emerging Markets ETF 11.3 United States 0.1 100,876,469 87,181,690,377 Vanguard Large-Cap ETF 50.0 United States 2.1 445,454,531 21,127,953,562 Vanguard Small-Cap ETF 6.4 United States 0.2 56,658,197 35,634,488,524

Vanguard Global Aggregate Bond Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 54.4 Canada 4.8 22,819,895 473,256,908 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 46.9 Canada 3.0 19,657,425 664,191,849

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total International Bond ETF 99.8 United States 1.0 472,400,057 47,512,024,291

308 As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total International Bond ETF 100.0 United States 1.0 326,024,177 31,669,645,850

Vanguard S&P 500 Index ETF

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 99.9 United States 1.6 3,687,743,705 226,564,203,900

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 100.0 United States 1.6 2,711,486,279 169,757,097,745

Vanguard S&P 500 Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 99.9 United States 0.6 1,436,083,569 226,759,993,772

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 99.9 United States 0.6 1,029,713,050 169,521,786,871

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Bond Market ETF 99.6 United States 0.8 661,329,075 86,868,864,845

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Bond Market ETF 99.6 United States 0.9 536,370,976 62,922,220,767

Vanguard U.S. Dividend Appreciation Index ETF

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 100.0 United States 1.1 757,351,868 68,134,373,707

309 As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 100.0 United States 1.1 624,358,908 54,696,430,731

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 100.0 United States 0.6 393,672,777 68,193,253,354

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 99.9 United States 0.5 272,243,776 54,620,612,606

Vanguard U.S. Total Market Index ETF

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 99.9 United States 1.2 3,042,437,547 257,220,249,857

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 100.0 United States 1.2 2,223,286,610 179,285,298,475

Vanguard U.S. Total Market Index ETF (CAD-hedged)

As at December 31, 2020 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 100.0 United States 0.3 820,832,812 257,442,531,749

As at December 31, 2019 Country of Fair Value Establishment and % of of Fund's % of Principal Place Ownership in Investment in Net Assets of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 99.9 United States 0.4 708,103,714 179,036,779,970

8. Income tax

The Funds qualify as mutual fund trusts under the Income Tax Act (Canada) and for tax purposes have a December 15 year-end. In each taxation year, the Funds declare and credit as paid or payable sufficient net income and net realized capital gains to unitholders such that the Funds will not be subject to income taxes. As a result, each Fund does not record income taxes and accordingly does not recognize deferred taxes associated with tax loss carry forwards or other taxable or deductible temporary differences. Capital losses may be carried forward indefinitely to reduce future realized capital gains. Non-capital losses may be carried forward for up to 20 years to reduce future taxable income.

310 As at December 15, 2020, tax year-end, the Funds had the following non-capital and capital losses, for which no deferred tax asset was recognized:

Fund Non-Capital Losses Capital Losses Vanguard Canadian Short-Term Bond Index ETF — 30,562,475 Vanguard Canadian Short-Term Corporate Bond Index ETF — 37,426,018 Vanguard FTSE Canada All Cap Index ETF — 5,864,921 Vanguard FTSE Canadian High Dividend Yield Index ETF — 903,487 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) — 5,209,340 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) — 10,368,437 Vanguard FTSE Developed Europe All Cap Index ETF — 7,824,662 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF — 571,147

The Funds currently incur withholding taxes imposed by certain countries on investment income. Such income is recorded gross of the related withholding after taxes, which are shown as a separate expense in the Statement of Comprehensive Income. In addition, certain countries apply withholding taxes on net realized capital gains.

For the purpose of the Statement of Cash Flows, cash inflows from investments, interest income and dividend income are presented net of withholding taxes, when applicable.

9. Redeemable units

The capital of the Funds is represented by the net assets attributable to holders of the redeemable units with no par value. Distributions to which unitholders are entitled may be paid in cash or units of the Funds in an amount equivalent to the distribution payable divided by the Funds' NAVPU. In certain circumstances, income and capital gain distributions are automatically reinvested in additional units of the Funds, which are immediately consolidated so that the number of units remains unchanged. The Funds have no restrictions or specific capital requirements on the subscriptions and redemptions of units.

The Funds are authorized to issue an unlimited number of transferable, redeemable trust units of one class, which represent an equal, undivided interest in the net assets of the Funds.

The number of units issued, redeemed and outstanding were as follows:

For the year ended December 31, 2020

Units Units Outstanding Outstanding Fund Beginning of Year Issued* Redeemed End of Year Vanguard Canadian Aggregate Bond Index ETF 103,500,000 26,900,000 (11,500,000) 118,900,000 Vanguard Canadian Corporate Bond Index ETF 1,450,000 1,960,000 (600,000) 2,810,000 Vanguard Canadian Government Bond Index ETF 1,600,000 1,900,000 (800,000) 2,700,000 Vanguard Canadian Long-Term Bond Index ETF 1,900,000 800,000 (1,000,000) 1,700,000 Vanguard Canadian Short-Term Bond Index ETF 48,100,000 19,400,000 (18,000,000) 49,500,000 Vanguard Canadian Short-Term Corporate Bond Index ETF 49,800,000 7,600,000 (8,600,000) 48,800,000 Vanguard FTSE Canada All Cap Index ETF 65,025,000 22,275,000 (4,650,000) 82,650,000 Vanguard FTSE Canada Index ETF 18,600,000 4,600,000 (2,900,000) 20,300,000 Vanguard FTSE Canadian Capped REIT Index ETF 7,000,000 3,300,000 (1,350,000) 8,950,000 Vanguard FTSE Canadian High Dividend Yield Index ETF 15,850,000 8,300,000 (2,500,000) 21,650,000 Vanguard FTSE Developed All Cap ex North America Index ETF 46,480,000 13,100,000 (500,000) 59,080,000 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 5,675,000 950,000 (900,000) 5,725,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF 10,785,000 1,140,000 (2,280,000) 9,645,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 10,825,000 1,150,000 (1,875,000) 10,100,000 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 2,720,000 500,000 (1,000,000) 2,220,000 Vanguard FTSE Developed Europe All Cap Index ETF 7,430,000 300,000 (2,650,000) 5,080,000 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF 700,000 100,000 (100,000) 700,000 Vanguard FTSE Emerging Markets All Cap Index ETF 30,730,000 7,210,000 (4,780,000) 33,160,000 Vanguard FTSE Global All Cap ex Canada Index ETF 22,230,000 2,580,000 (1,880,000) 22,930,000 Vanguard Global Aggregate Bond Index ETF (CAD-hedged) — 2,170,004 (550,004) 1,620,000 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 11,970,000 7,250,000 (2,380,000) 16,840,000 Vanguard S&P 500 Index ETF 36,450,000 14,000,000 (6,900,000) 43,550,000 Vanguard S&P 500 Index ETF (CAD-hedged) 18,600,000 11,320,000 (7,060,000) 22,860,000

311 Units Units Outstanding Outstanding Fund Beginning of Year Issued* Redeemed End of Year Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 21,160,000 10,950,000 (7,220,000) 24,890,000 Vanguard U.S. Dividend Appreciation Index ETF 11,320,000 2,500,000 (1,450,000) 12,370,000 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 6,369,000 3,040,000 (1,120,000) 8,289,000 Vanguard U.S. Total Market Index ETF 38,492,000 10,420,000 (3,720,000) 45,192,000 Vanguard U.S. Total Market Index ETF (CAD-hedged) 11,508,000 1,410,000 (1,430,000) 11,488,000

* Includes units related to reinvestment of distributions as detailed in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units, if applicable.

For the year ended December 31, 2019

Units Units Outstanding Outstanding Fund Beginning of Year Issued* Redeemed End of Year Vanguard Canadian Aggregate Bond Index ETF 63,900,000 42,600,000 (3,000,000) 103,500,000 Vanguard Canadian Corporate Bond Index ETF 850,000 700,000 (100,000) 1,450,000 Vanguard Canadian Government Bond Index ETF 300,000 1,500,000 (200,000) 1,600,000 Vanguard Canadian Long-Term Bond Index ETF 400,000 1,700,000 (200,000) 1,900,000 Vanguard Canadian Short-Term Bond Index ETF 39,600,000 15,700,000 (7,200,000) 48,100,000 Vanguard Canadian Short-Term Corporate Bond Index ETF 45,800,000 10,600,000 (6,600,000) 49,800,000 Vanguard FTSE Canada All Cap Index ETF 54,000,000 16,875,000 (5,850,000) 65,025,000 Vanguard FTSE Canada Index ETF 17,450,000 3,350,000 (2,200,000) 18,600,000 Vanguard FTSE Canadian Capped REIT Index ETF 5,900,000 1,350,000 (250,000) 7,000,000 Vanguard FTSE Canadian High Dividend Yield Index ETF 13,950,000 2,950,000 (1,050,000) 15,850,000 Vanguard FTSE Developed All Cap ex North America Index ETF 26,400,000 20,080,000 — 46,480,000 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 5,425,000 650,000 (400,000) 5,675,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF 11,525,000 1,030,000 (1,770,000) 10,785,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 13,475,000 475,000 (3,125,000) 10,825,000 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 3,120,000 200,000 (600,000) 2,720,000 Vanguard FTSE Developed Europe All Cap Index ETF 7,920,000 1,910,000 (2,400,000) 7,430,000 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF 300,000 400,000 — 700,000 Vanguard FTSE Emerging Markets All Cap Index ETF 27,160,000 6,260,000 (2,690,000) 30,730,000 Vanguard FTSE Global All Cap ex Canada Index ETF 22,580,000 1,290,000 (1,640,000) 22,230,000 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 7,540,000 5,530,000 (1,100,000) 11,970,000 Vanguard S&P 500 Index ETF 30,990,000 7,880,000 (2,420,000) 36,450,000 Vanguard S&P 500 Index ETF (CAD-hedged) 16,610,000 4,240,000 (2,250,000) 18,600,000 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 11,590,000 11,580,000 (2,010,000) 21,160,000 Vanguard U.S. Dividend Appreciation Index ETF 9,390,000 2,600,000 (670,000) 11,320,000 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 5,719,000 980,000 (330,000) 6,369,000 Vanguard U.S. Total Market Index ETF 30,562,000 9,530,000 (1,600,000) 38,492,000 Vanguard U.S. Total Market Index ETF (CAD-hedged) 13,438,000 1,780,000 (3,710,000) 11,508,000

* Includes units related to reinvestment of distributions as detailed in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units, if applicable.

10. Related party transactions

(a) Management fees Each Fund pays a management fee, plus applicable taxes, to the Manager based on the annual rate. The management fee is calculated and accrued daily and is paid monthly. The Manager may, in its discretion, agree to charge the Fund and/or certain unitholders a reduced management fee, provided that the amount of the management fee reduction is distributed periodically by the Fund to the unitholder as a management fee distribution.

2020 Annual 2019 Annual Fund Management Fee(%) Management Fee(%) Vanguard Canadian Aggregate Bond Index ETF 0.08 0.08 Vanguard Canadian Corporate Bond Index ETF 0.151 0.23 Vanguard Canadian Government Bond Index ETF 0.151 0.25 Vanguard Canadian Long-Term Bond Index ETF 0.151 0.17 Vanguard Canadian Short-Term Bond Index ETF 0.10 0.10 Vanguard Canadian Short-Term Corporate Bond Index ETF 0.10 0.10

312 2020 Annual 2019 Annual Fund Management Fee(%) Management Fee(%) Vanguard FTSE Canada All Cap Index ETF 0.05 0.05 Vanguard FTSE Canada Index ETF 0.05 0.05 Vanguard FTSE Canadian Capped REIT Index ETF 0.35 0.35 Vanguard FTSE Canadian High Dividend Yield Index ETF 0.20 0.20 Vanguard FTSE Developed All Cap ex North America Index ETF 0.20 0.20 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 0.202 0.202 Vanguard FTSE Developed All Cap ex U.S. Index ETF 0.203 0.203 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 0.203 0.203 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 0.20 0.20 Vanguard FTSE Developed Europe All Cap Index ETF 0.20 0.20 Vanguard FTSE Developed ex North America High Dividend Yield Index ETF 0.28 0.28 Vanguard FTSE Emerging Markets All Cap Index ETF 0.233 0.233 Vanguard FTSE Global All Cap ex Canada Index ETF 0.202, 3 0.202, 3, 4 2 Vanguard Global Aggregate Bond Index ETF (CAD-hedged) 0.30 — Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 0.353 0.353 Vanguard S&P 500 Index ETF 0.083 0.083 Vanguard S&P 500 Index ETF (CAD-hedged) 0.083 0.083 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 0.203 0.203 Vanguard U.S. Dividend Appreciation Index ETF 0.283 0.283 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 0.283 0.283 Vanguard U.S. Total Market Index ETF 0.153 0.153 Vanguard U.S. Total Market Index ETF (CAD-hedged) 0.153 0.153

1 Effective May 15, 2020, the ETF reduced its annual management fee to 0.15%. 2 This Fund invests primarily in a Canada-domiciled Vanguard fund. To ensure that there is no duplication of management fees chargeable in connection with the Fund and its investment in the Vanguard fund, the management fee payable by the Fund to the Manager set out above is reduced by the aggregate of the management fee payable by the Vanguard funds to the Manager and certain expenses of the Vanguard fund that are paid directly by the Vanguard fund. 3 This Fund invests primarily in a U.S.-domiciled Vanguard fund. To ensure that there is no duplication of management fees chargeable in connection with the Fund and its investment in the Vanguard fund, the management fee payable by the Fund to the Manager set out above is reduced by the aggregate of the management fee payable by the Vanguard fund to an affiliate of the Manager and certain expenses of the Vanguard fund that are paid directly by the Vanguard fund. 4 Effective November 1, 2019, the ETF reduced its annual management fee to 0.20%.

The expenses payable by each Fund include management fees, fees and expenses relating to the implementation and ongoing operation of the Independent Review Committee (“IRC”), brokerage expenses and commissions, overdraft expenses, the fees under any derivative instrument used by the Fund, the cost of complying with new governmental or regulatory requirements, extraordinary expenses, any sales taxes on those expenses and any income, withholding or other taxes, if applicable.

The Manager has discretion to absorb operating expenses otherwise payable by a Fund, rather than having the Fund incur such expenses. The Manager has agreed to reimburse the Funds for the expense of the IRC; however, the Manager may discontinue this practice at any time.

(b) Other related party transactions Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged), Vanguard FTSE Global All Cap ex Canada Index ETF and Vanguard Global Aggregate Bond Index ETF (CAD-hedged) replicate the performance of the applicable Index by investing in funds managed by the Manager (Canada-domiciled Vanguard ETFs). Vanguard FTSE Developed All Cap ex U.S. Index ETF, Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged), Vanguard FTSE Emerging Markets All Cap Index ETF, Vanguard FTSE Global All Cap ex Canada Index ETF, Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged), Vanguard S&P 500 Index ETF, Vanguard S&P 500 Index ETF (CAD-hedged), Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged), Vanguard U.S. Dividend Appreciation Index ETF, Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged), Vanguard U.S. Total Market Index ETF and Vanguard U.S. Total Market Index ETF (CAD-hedged) replicate the performance of the applicable Index by investing in funds managed by The Vanguard Group, Inc. (U.S.-domiciled Vanguard ETFs). These Funds track the applicable Index or an unhedged version of the applicable Index, and some Funds may economically hedge any resulting non-Canadian currency exposure. The Funds’ current holdings of the affiliated underlying funds are shown in the applicable Fund’s Schedule of Investment Portfolio.

(c) Inter-fund trades Subject to the condition that the IRC approve such transactions, the Manager has obtained exemptive relief from the Canadian securities regulatory authorities which permits the Funds to purchase securities from, or sell securities to, affiliates of the Manager.

The tables below indicate the Funds with inter-fund trades:

For the year ended December 31, 2020

Selling Fund Purchasing Fund Transaction amount Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Aggregate Bond Index ETF 1,951,462 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Corporate Bond Index ETF 1,124,224

313 Selling Fund Purchasing Fund Transaction amount Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Government Bond Index ETF 679,308 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Long-Term Bond Index ETF 806,484 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Short-Term Bond Index ETF 1,352,355 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Short-Term Corporate Bond Index ETF 563,831 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 111,954 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 1,028,219 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Government Bond Index ETF 843,850 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Long-Term Bond Index ETF 367,752 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 846,525 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 4,210,747 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 109,077 Vanguard Canadian Corporate Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 236,397 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 1,945,765 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Long-Term Bond Index ETF 119,939 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 951,227 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 544,098 Vanguard Canadian Government Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 892,434 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 235,087 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Long-Term Bond Index ETF 124,827 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 343,821 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 25,706 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 221,755 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 1,033,070 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 152,885 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canadian Government Bond Index ETF 18,980 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 3,140,839 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 424,603 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Government Bond Index ETF 68,612 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 3,988,758 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 142,938 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 4,466,802 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 598,882 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 3,635,145 Vanguard Canadian Short-Term Government Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 116,927 Vanguard Canadian Short-Term Government Bond Index ETF Vanguard Canadian Government Bond Index ETF 66,865 Vanguard Canadian Short-Term Government Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 62,958

For the year ended December 31, 2019

Selling Fund Purchasing Fund Transaction Amount Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Aggregate Bond Index ETF 1,719,135 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Corporate Bond Index ETF 707,051 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Government Bond Index ETF 1,434,706 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Long-Term Bond Index ETF 614,798 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Short-Term Bond Index ETF 26,234 Vanguard Canada Universe Bond Index Pooled Fund Vanguard Canadian Short-Term Corporate Bond Index ETF 81,220 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 1,940,830 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 1,616,498 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Government Bond Index ETF 1,507,468 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Long-Term Bond Index ETF 1,587,494 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 7,915,777 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 4,073,200

314 Selling Fund Purchasing Fund Transaction Amount Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 320,275 Vanguard Canadian Corporate Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 899,325 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 1,761,412 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Government Bond Index ETF 9,136 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Long-Term Bond Index ETF 113,042 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 1,001,515 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 826,950 Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 18,176 Vanguard Canadian Government Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 819,831 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 2,478,830 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Long-Term Bond Index ETF 173,494 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 388,842 Vanguard Canadian Government Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 114,150 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 718,819 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 3,959,454 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 155,315 Vanguard Canadian Long-Term Bond Index ETF Vanguard Canadian Government Bond Index ETF 235,958 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 520,979 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 5,442,799 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 797,551 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Government Bond Index ETF 488,533 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 3,524,664 Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 204,126 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canada Universe Bond Index Pooled Fund 913,992 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 5,757,174 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Corporate Bond Index ETF 673,502 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Government Bond Index ETF 6,059 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 7,973,368 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Short-Term Government Bond Index ETF 182,970 Vanguard Canadian Short-Term Government Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 143,381 Vanguard Canadian Short-Term Government Bond Index ETF Vanguard Canadian Government Bond Index ETF 216,725 Vanguard Canadian Short-Term Government Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 260,041 Vanguard Canadian Short-Term Government Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 28,362

(d) Sub-Advisor The Sub-Advisor manages the investment portfolios of the Funds, provides analysis and makes investment decisions. A portion of the management fee paid by the Funds is paid to the Sub-Advisor as compensation for these services.

315 BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg indices Services Limited ("BISL") (collectively, "Bloomberg"), or Bloomberg's licensors, own all proprietary rights in the Bloomberg Barclays Indices ("Indices").

Neither Barclays Bank Plc, Barclays Capital Inc. or any affiliate (collectively "Barclays") or Bloomberg is the issuer or producer of the Vanguard ETFs and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Vanguard ETFs. The Indices are licensed for use by Vanguard as the Issuer of the Vanguard ETFs. Bloomberg and Barclays' only relationship with Vanguard in respect of the Indices are the licensing of the Indices, which are determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Vanguard ETFs or the owners of the Vanguard ETFs.

Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the indices in connection with the Vanguard ETFs. Investors acquire the Vanguard ETFs from Vanguard and investors neither acquire any interest in the indices nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Vanguard ETFs. The Vanguard ETFs are not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Vanguard ETFs or the advisability of investing in securities generally or the ability of the indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Vanguard ETFs with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Vanguard ETFs to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Vanguard ETFs or any other third party into consideration in determining, composing or calculating the indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Vanguard ETFs.

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Vanguard ETFs, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Vanguard ETFs, investors or other third parties.

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDICES. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE INDICES, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE INDICES. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE VANGUARD ETFS.

None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167, registered office 1 Churchill Place London E14 5HP.

©2021 Bloomberg. Used with Permission.

Source: Bloomberg indices Services Limited. Copyright 2021, Bloomberg. All rights reserved.

The "CRSP US Total Market Index" and the "CRSP US Total Market Index (CAD-hedged)" (the "Indices") are products of the Center for Research in Security Prices, LLC ("CRSP"), an affiliate of the University of Chicago ("University"), and have been licensed for use by Vanguard. CRSP® is a trademark of CRSP; and has been licensed by CRSP for use for certain purposes by Vanguard. The Vanguard ETFs are not sponsored, endorsed, sold or promoted by CRSP or University. Neither CRSP nor University makes any representation or warranty, express or implied, to the owners of The Vanguard ETFs or any member of the public regarding the advisability of investing in securities generally, in The Vanguard ETFs particularly or the ability of the Indices to track general market performance. The Indices are determined, composed and calculated without regard to The Vanguard ETFs. Neither CRSP nor the University has any obligation to take the needs of Vanguard or the owners of The Vanguard ETFs into consideration in determining, composing or calculating the Indices. Neither CRSP nor The Vanguard ETFs or the timing of the issuance or sale of The Vanguard ETFs or in the determination or calculation of the equation by which The Vanguard ETFs are to be converted into cash, surrendered or redeemed, as the case may be. Neither CRSP nor the University has any obligation or liability in connection with the administration, marketing or trading of The Vanguard ETFs. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. Neither CRSP nor the University is an investment advisor. Inclusion of a security within an index is not a recommendation by CRSP or the University to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER CRSP NOR THE UNIVERSITY GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. NEITHER CRSP NOR THE UNIVERSITY SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. NEITHER CRSP NOR THE UNIVERSITY MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND CRSP AND THE UNIVERSITY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE VANGUARD ETFs, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL CRSP OR THE UNIVERSITY BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY London Stock Exchange Group companies include FTSE International Limited ("FTSE"), Frank Russell Company ("Russell"), MTS Next Limited ("MTS"), and FTSE TMX Global Debt Capital Markets Inc. ("FTSE TMX"). All rights reserved. "FTSE®", "Russell®", "MTS®", "FTSE TMX®" and "FTSE Russell" and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies' index values and the use of their indexes to create financial products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.

The Industry Classification Benchmark ("ICB") is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

“Dividend Achievers” is a trademark of The NASDAQ OMX Group, Inc. (collectively, with its affiliates, “NASDAQ OMX”) and has been licensed for use by The Vanguard Group, Inc. The Vanguard ETFs are not sponsored, endorsed, sold or promoted by NASDAQ OMX and NASDAQ OMX makes no representation regarding the advisability of investing in the Vanguard ETFs. NASDAQ OMX MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE VANGUARD ETFS.

The S&P 500® Index and the S&P 500® Index (CAD-Hedged) are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by Vanguard. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”)and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) The trademarks have been licensed to SPDJI and have been sublicensed for certain purposes by Vanguard. The Vanguard ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of the the Vanguard ETFs or any member of the public regarding the advisability of investing in securities generally or in the Vanguard ETFs particularly or the ability of the S&P 500® Index and the S&P 500® Index (CAD-Hedged) to track general market performance. S&P Dow Jones Indices’ only relationship to Vanguard with respect to the S&P 500® Index and the S&P 500® Index (CAD-Hedged) is the licensing of the S&P 500® Index and the S&P 500® Index (CAD-Hedged) and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500® Index and the S&P 500® Index (CAD-Hedged) are determined, composed and calculated by S&P Dow Jones Indices without regard to Vanguard or the the Vanguard ETFs. S&P Dow Jones Indices have no obligation to take the needs of Vanguard or the owners of the Vanguard ETFs into consideration in determining, composing or calculating the S&P 500® Index and the S&P 500® Index (CAD-Hedged). S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Vanguard ETFs or the timing of the issuance or sale of the Vanguard ETFs or in the determination or calculation of the equation by which the Vanguard ETFs is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Vanguard ETFs. There is no assurance that investment products based on the S&P 500® Index and the S&P 500® Index (CAD-Hedged) will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX AND THE S&P 500 INDEX (CAD-HEDGED) OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD OWNERS OF THE VANGUARD ETFS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX AND THE S&P 500 INDEX (CAD-HEDGED) OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Vanguard Investments Canada Inc.

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This report may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent certain beliefs regarding future events. By their nature, forward-looking statements involve assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers of this document are cautioned not to place undue reliance on any forward-looking statements contained in this report as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to market and general economic conditions, interest rates, regulatory and statutory developments, the effects of competition in the geographic and business areas in which the ETF may invest and the risks detailed from time to time in the ETF’s prospectus. We caution that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to investing in the ETF, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Because of the potential impact of these factors, Vanguard Investments Canada Inc. does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

© 2021 Vanguard Investments Canada Inc. All rights reserved.

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