Annual Financial Statements | December 31, 2016

Vanguard ETFs™

Contents

Independent Auditor’s Report 1 Vanguard Canadian Aggregate Bond Index ETF 2 Vanguard Canadian Short-Term Bond Index ETF 16 Vanguard Canadian Short-Term Corporate Bond Index ETF 24 Vanguard FTSE Canada All Cap Index ETF 31 Vanguard FTSE Canada Index ETF 38 Vanguard FTSE Canadian Capped REIT Index ETF 42 Vanguard FTSE Canadian High Dividend Yield Index ETF 45 Vanguard FTSE Developed All Cap ex North America Index ETF 49 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 98 Vanguard FTSE Developed All Cap ex U.S. Index ETF 103 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 107 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 113 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) 146 Vanguard FTSE Developed Europe All Cap Index ETF 151 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) 172 Vanguard FTSE Emerging Markets All Cap Index ETF 176 Vanguard FTSE Global All Cap ex Canada Index ETF 179 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 182 Vanguard S&P 500 Index ETF 186 Vanguard S&P 500 Index ETF (CAD-hedged) 189 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 193 Vanguard U.S. Dividend Appreciation Index ETF 197 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 200 Vanguard U.S. Total Market Index ETF 204 Vanguard U.S. Total Market Index ETF (CAD-hedged) 207 Notes to the Financial Statements 211

Independent Auditor’s Report

To the Unitholders of Auditor’s responsibility Our responsibility is to express an opinion on the financial Vanguard Canadian Aggregate Bond Index ETF statements of each of the Funds based on our audits. We Vanguard Canadian Short-Term Bond Index ETF conducted our audits in accordance with Canadian generally Vanguard Canadian Short-Term Corporate Bond Index ETF accepted auditing standards. Those standards require that Vanguard FTSE Canada All Cap Index ETF we comply with ethical requirements and plan and perform Vanguard FTSE Canada Index ETF the audit to obtain reasonable assurance about whether the Vanguard FTSE Canadian Capped REIT Index ETF financial statements are free from material misstatement. Vanguard FTSE Canadian High Dividend Yield Index ETF Vanguard FTSE Developed All Cap ex North America Index ETF An audit involves performing procedures to obtain audit evidence Vanguard FTSE Developed All Cap ex North America Index ETF about the amounts and disclosures in the financial statements. (CAD-hedged) The procedures selected depend on the auditor’s judgment, Vanguard FTSE Developed All Cap ex U.S. Index ETF including the assessment of the risks of material misstatement Vanguard FTSE Developed All Cap ex U.S. Index ETF of the financial statements, whether due to fraud or error. In (CAD-hedged) making those risk assessments, the auditor considers internal Vanguard FTSE Developed Asia Pacific All Cap Index ETF control relevant to the entity’s preparation and fair presentation Vanguard FTSE Developed Asia Pacific All Cap Index ETF of the financial statements in order to design audit procedures (CAD-hedged) that are appropriate in the circumstances, but not for the Vanguard FTSE Developed Europe All Cap Index ETF purpose of expressing an opinion on the effectiveness of the Vanguard FTSE Developed Europe All Cap Index ETF entity’s internal control. An audit also includes evaluating the (CAD-hedged) appropriateness of accounting policies used and the reasonable- Vanguard FTSE Emerging Markets All Cap Index ETF ness of accounting estimates made by management, as well as Vanguard FTSE Global All Cap ex Canada Index ETF evaluating the overall presentation of the financial statements. Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) We believe that the audit evidence we have obtained in each Vanguard S&P 500 Index ETF of our audits is sufficient and appropriate to provide a basis Vanguard S&P 500 Index ETF (CAD-hedged) for our audit opinion. Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) Vanguard U.S. Dividend Appreciation Index ETF Opinion Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) In our opinion, the financial statements of each of the Funds Vanguard U.S. Total Market Index ETF present fairly, in all material respects, the financial position of Vanguard U.S. Total Market Index ETF (CAD-hedged) each of the Funds as at December 31, 2016 and December 31, (Collectively, the Funds) 2015 and the financial performance and cash flows of each of the Funds as at and for the periods then ended, as applicable, We have audited the accompanying financial statements of as indicated in Note 1, in accordance with International each of the Funds, which comprise the statements of financial Financial Reporting Standards. position as at December 31, 2016 and December 31, 2015, as applicable, and the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows as at and for the periods then ended, as applicable, as indicated in Note 1, and the related notes, which comprise a summary of significant accounting policies and Toronto, Ontario other explanatory information. 22 March 2017 Chartered Professional Accountants, Management’s responsibility for Licensed Public Accountants the financial statements Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

1 Vanguard Canadian Aggregate Bond Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $1,117,314,231 $518,571,924 Cash 2,579,286 2,773,854 Amounts receivable for investments sold 17,308,978 14,515,338 Interest receivable 5,580,327 2,669,334 Total assets 1,142,782,822 538,530,450 Liabilities Current liabilities Amounts payable for investments purchased 17,387,109 15,699,856 Distributions payable 2,218,175 1,044,401 Accounts payable and accrued expenses 55,421 30,700 Total liabilities excluding net assets attributable to holders of redeemable units 19,660,705 16,774,957 Total net assets attributable to holders of redeemable units $1,123,122,117 $521,755,493 Number of redeemable units outstanding (Note 7) 44,300,000 20,300,000 Net assets attributable to holders of redeemable units per unit $25.35 $25.70

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $25,200,750 $11,555,737 Net realized gain (loss) on sale of investments (193,275) 150,736 Change in unrealized appreciation (depreciation) of investments (25,306,770) (2,763,023) Net gain (loss) on investments (299,295) 8,943,450 Miscellaneous Income 18,187 4,203 Total income (net) (281,108) 8,947,653 Expenses (Note 8) Management fees 1,147,676 505,135 Independent Review Committee fees 4,085 4,320 Total expenses 1,151,761 509,455 Expenses absorbed by manager (4,085) (4,320) Net expenses 1,147,676 505,135 Increase (decrease) in net assets attributable to holders of redeemable units ($1,428,784) $8,442,518 Weighted average number of redeemable units 33,062,568 14,603,014 Increase (decrease) in net assets attributable to holders of redeemable units per unit ($0.04) $0.58

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

2 Vanguard Canadian Aggregate Bond Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $521,755,493 $194,071,819 Increase (decrease) in net assets attributable to holders of redeemable units ($1,428,784) $8,442,518 Distributions to holders of redeemable units Net investment income (23,404,555) (10,642,942) Net realized gains (388,109) (231,022) Return of capital (30,047) (25,842) (23,822,711) (10,899,806) Redeemable unit transactions Proceeds from sale of redeemable units 638,961,740 335,057,070 Reinvestment of distributions to holders of redeemable units 388,109 231,022 Payment for redeemable units redeemed (12,731,730) (5,147,130) 626,618,119 330,140,962 Net assets attributable to holders of redeemable units, end of year $1,123,122,117 $521,755,493

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units ($1,428,784) $8,442,518 Adjustments for: Net realized (gain) loss on sale of investments 193,275 (150,736) Change in unrealized (appreciation) depreciation of investments 25,306,770 2,763,023 Purchase of investments¹ (282,044,918) (117,237,370) Proceeds from sale of investments¹ 228,398,829 110,926,182 (28,146,044) (3,698,901) Change in non-cash working capital (2,886,272) (1,615,197) Net cash from (used in) operating activities (32,461,100) 3,128,420 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 54,807,306 7,478,586 Distributions to holders of redeemable units, net of reinvested distributions (22,260,828) (9,995,453) Payment for redeemable units redeemed¹ (279,946) (52,043) Net cash from (used in) financing activities 32,266,532 (2,568,910) Net increase (decrease) in cash during the year ($194,568) $559,510 Cash, beginning of year $2,773,854 $2,214,344 Cash, end of year $2,579,286 $2,773,854 Supplemental cash flow information relating to operating activities Interest received $22,289,757 $9,921,254 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

3 Vanguard Canadian Aggregate Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets Fixed Income Investments Financial 494,000 American Express Canada Credit Corporation 2.31% Mar 29/18 498,903 500,289 0.0 300,700 Aon Finance NS 1 ULC 4.76% Mar 08/18 326,155 310,551 0.0 250,000 Aviva PLC 4.50% May 10/21 257,496 262,057 0.0 177,000 Bank of America Corporation 3.23% Jun 22/22 179,315 181,823 0.0 750,000 Bank of Montreal 1.61% Oct 28/21 749,962 733,972 0.1 812,000 Bank of Montreal 1.88% Mar 31/21 818,311 811,042 0.1 1,119,000 Bank of Montreal 2.10% Oct 06/20 1,142,351 1,130,749 0.1 624,000 Bank of Montreal 2.12% Mar 16/22 630,869 623,750 0.1 660,000 Bank of Montreal 2.43% Mar 04/19 676,752 673,873 0.1 995,000 Bank of Montreal 2.70% Dec 09/26 994,831 988,642 0.1 1,516,000 Bank of Montreal 2.84% Jun 04/20 1,575,224 1,572,062 0.1 725,000 Bank of Montreal 3.12% Sep 19/24 727,664 734,170 0.1 948,000 Bank of Montreal 3.21% Sep 13/18 986,741 977,246 0.1 789,000 Bank of Montreal 3.32% Jun 01/26 795,430 800,993 0.1 700,000 Bank of Montreal 3.34% Dec 08/25 710,341 713,629 0.1 1,500,000 Bank of Montreal 3.40% Apr 23/21 1,599,824 1,585,470 0.1 781,000 Bank of Montreal 4.61% Sep 10/25 908,551 900,665 0.1 982,000 Bank of Montreal 6.02% May 02/18 1,087,203 1,043,129 0.1 771,000 Bank of Montreal 6.17% Mar 28/23 846,695 813,636 0.1 459,000 BMO Capital Trust II 10.22% Dec 31/2107 591,068 529,328 0.0 208,501 BP LP 3.24% Jan 09/20 215,125 212,824 0.0 250,000 Brookfield Asset Management Inc. 3.80% Mar 16/27 249,915 247,635 0.0 544,000 Brookfield Asset Management Inc. 3.95% Apr 09/19 570,111 566,484 0.1 265,000 Brookfield Asset Management Inc. 4.54% Mar 31/23 286,389 285,190 0.0 1,050,000 Brookfield Asset Management Inc. 4.82% Jan 28/26 1,139,935 1,134,784 0.1 245,000 Brookfield Asset Management Inc. 5.04% Mar 08/24 270,521 269,681 0.0 176,000 Brookfield Asset Management Inc. 5.30% Mar 01/21 196,626 194,184 0.0 276,000 Brookfield Asset Management Inc. 5.95% Jun 14/35 302,952 301,729 0.0 925,000 Caisse Centrale Desjardins 1.75% Mar 02/20 925,308 925,287 0.1 495,000 Caisse Centrale Desjardins 2.44% Jul 17/19 510,252 505,672 0.0 1,040,000 Caisse Centrale Desjardins 2.80% Nov 19/18 1,073,078 1,066,198 0.1 1,185,000 Canadian Imperial Bank of Commerce 1.64% Jul 12/21 1,186,571 1,166,621 0.1 1,252,000 Canadian Imperial Bank of Commerce 1.70% Oct 09/18 1,262,199 1,258,798 0.1 1,060,000 Canadian Imperial Bank of Commerce 1.85% Jul 14/20 1,061,118 1,062,555 0.1 1,036,000 Canadian Imperial Bank of Commerce 1.90% Apr 26/21 1,043,125 1,031,359 0.1 1,090,000 Canadian Imperial Bank of Commerce 2.22% Mar 07/18 1,109,525 1,103,091 0.1 650,000 Canadian Imperial Bank of Commerce 3.00% Oct 28/24 651,564 655,265 0.1 700,000 Canadian Imperial Bank of Commerce 3.42% Jan 26/26 705,418 711,746 0.1 665,000 Canadian Imperial Bank of Commerce 6.00% Jun 06/23 745,913 705,605 0.1 395,000 Capital City Link General Partnership 4.39% Mar 31/46 435,477 406,562 0.0 463,000 Capital Desjardins Inc. 4.95% Dec 15/26 524,623 514,907 0.0 730,000 Capital Desjardins Inc. 5.19% May 05/20 816,527 799,970 0.1 535,000 Choice Properties Real Estate Investment Trust 3.55% Jul 05/18 556,330 550,868 0.1 325,000 CI Financial Corp. 2.65% Dec 07/20 326,405 325,549 0.0 240,000 CIBC Capital Trust 10.25% Jun 30/2108 331,730 316,766 0.0 260,000 Citigroup Inc. 3.39% Nov 18/21 266,725 270,923 0.0 556,000 Citigroup Inc. 4.09% Jun 09/25 566,804 564,952 0.1 150,000 Commonwealth Bank of Australia 5.15% Apr 09/20 169,218 164,555 0.0 350,000 Fairfax Financial Holdings Limited 4.50% Mar 22/23 354,550 363,734 0.0 300,000 Fairfax Financial Holdings Limited 4.70% Dec 16/26 299,007 302,508 0.0 178,400 Fairfax Financial Holdings Limited 4.95% Mar 03/25 183,326 186,772 0.0 25,000 Fairfax Financial Holdings Limited 5.84% Oct 14/22 26,601 27,840 0.0 557,200 Fairfax Financial Holdings Limited 6.40% May 25/21 627,166 629,636 0.1 474,800 Fairfax Financial Holdings Limited 7.50% Aug 19/19 543,962 531,064 0.1 295,000 First Capital Realty Inc. 3.60% May 06/26 302,962 292,003 0.0 85,000 First Capital Realty Inc. 3.90% Oct 30/23 89,391 88,699 0.0 642,000 First Capital Realty Inc. 4.79% Aug 30/24 704,442 701,449 0.1 567,000 GE Capital Canada Funding Company 4.60% Jan 26/22 647,258 637,206 0.1 416,000 Great-West Lifeco Delaware Finance LP II 7.13% Jun 26/68 459,205 445,707 0.0 446,000 Great-West Lifeco Inc. 4.65% Aug 13/20 493,364 489,637 0.0 282,000 Great-West Lifeco Inc. 6.00% Nov 16/39 358,917 360,435 0.0 252,000 Great-West Lifeco Inc. 6.67% Mar 21/33 338,704 329,568 0.0 425,000 HCN Canadian Holdings-1 LP 3.35% Nov 25/20 439,576 438,001 0.0 160,000 Home Trust Co. 3.40% Dec 10/18 160,259 161,981 0.0

4 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 225,000 HSBC Bank Canada 1.82% Jul 07/20 223,726 223,519 0.0 79,000 HSBC Bank Canada 2.08% Nov 26/18 79,762 79,749 0.0 1,790,000 HSBC Bank Canada 2.45% Jan 29/21 1,813,653 1,813,413 0.2 557,000 HSBC Bank Canada 2.49% May 13/19 563,475 566,341 0.1 681,000 HSBC Bank Canada 2.91% Sep 29/21 696,303 701,369 0.1 859,000 HSBC Bank Canada 2.94% Jan 14/20 881,269 885,775 0.1 500,000 HSBC Holdings PLC 3.20% Dec 05/23 500,000 497,170 0.0 325,000 IGM Financial Inc. 7.35% Apr 08/19 390,942 363,997 0.0 288,400 Intact Financial Corporation 4.70% Aug 18/21 322,308 321,119 0.0 460,000 JPMorgan Chase & Co. 3.19% Mar 05/21 475,209 477,130 0.0 940,000 Laurentian Bank of Canada 2.50% Jan 23/20 945,747 943,224 0.1 452,000 Manulife Finance Delaware LP 5.06% Dec 15/41 484,724 475,242 0.0 521,000 Manulife Financial Capital Trust II 7.41% Dec 31/2108 620,496 592,539 0.1 204,000 Manulife Financial Corporation 5.51% Jun 26/18 216,386 215,222 0.0 535,000 Manulife Financial Corporation 7.77% Apr 08/19 632,729 602,587 0.1 715,000 Morgan Stanley 3.13% Aug 05/21 730,610 737,315 0.1 200,000 National Bank of Canada 1.74% Mar 03/20 199,097 199,894 0.0 450,000 National Bank of Canada 1.81% Jul 26/21 452,133 445,288 0.0 758,000 National Bank of Canada 2.11% Mar 18/22 758,567 755,984 0.1 660,000 National Bank of Canada 2.40% Oct 28/19 676,167 674,507 0.1 724,000 National Bank of Canada 2.79% Aug 09/18 744,125 740,992 0.1 442,000 NBC Asset Trust 7.24% Dec 29/49 484,278 475,852 0.0 400,551 Plenary Properties LTAP LP 6.29% Jan 31/44 527,575 509,548 0.0 280,000 RBC Capital Trust 6.82% Dec 29/49 324,363 299,544 0.0 900,000 RioCan Real Estate Investment Trust 3.29% Feb 12/24 912,649 904,104 0.1 305,000 RioCan Real Estate Investment Trust 3.85% Jun 28/19 322,526 319,243 0.0 750,000 Royal Bank of Canada 1.40% Apr 26/19 749,760 749,130 0.1 1,300,000 Royal Bank of Canada 1.58% Sep 13/21 1,300,000 1,274,195 0.1 150,000 Royal Bank of Canada 1.59% Mar 23/20 149,979 149,822 0.0 1,300,000 Royal Bank of Canada 1.65% Jul 15/21 1,302,323 1,278,784 0.1 870,000 Royal Bank of Canada 1.92% Jul 17/20 878,333 872,332 0.1 1,630,000 Royal Bank of Canada 1.97% Mar 02/22 1,616,096 1,612,608 0.1 1,950,000 Royal Bank of Canada 2.03% Mar 15/21 1,971,968 1,955,616 0.2 1,439,000 Royal Bank of Canada 2.26% Mar 12/18 1,459,283 1,456,728 0.1 1,363,000 Royal Bank of Canada 2.35% Dec 09/19 1,386,920 1,388,529 0.1 870,000 Royal Bank of Canada 2.77% Dec 11/18 898,252 892,359 0.1 1,124,000 Royal Bank of Canada 2.82% Jul 12/18 1,153,270 1,149,504 0.1 1,975,000 Royal Bank of Canada 2.86% Mar 04/21 2,073,589 2,042,683 0.2 1,068,000 Royal Bank of Canada 2.89% Oct 11/18 1,101,710 1,096,056 0.1 1,368,000 Royal Bank of Canada 2.98% May 07/19 1,423,752 1,412,734 0.1 1,965,000 Royal Bank of Canada 2.99% Dec 06/24 2,027,554 2,024,304 0.2 666,000 Royal Bank of Canada 3.04% Jul 17/24 666,529 672,873 0.1 1,025,000 Royal Bank of Canada 3.31% Jan 20/26 1,030,932 1,040,098 0.1 580,000 Royal Bank of Canada 3.45% Sep 29/26 588,033 591,432 0.1 1,165,000 Royal Bank of Canada 3.77% Mar 30/18 1,235,871 1,201,837 0.1 393,000 Royal Bank of Canada 4.93% Jul 16/25 461,465 463,095 0.0 275,426 Royal Office Finance LP 5.21% Nov 12/37 338,018 332,148 0.0 563,000 Scotiabank Capital Trust 5.65% Dec 31/56 656,597 640,519 0.1 316,000 Sun Life Financial Inc. 2.60% Sep 25/25 314,985 318,563 0.0 295,000 Sun Life Financial Inc. 3.05% Sep 19/28 297,636 294,770 0.0 262,000 Sun Life Financial Inc. 3.10% Feb 19/26 263,787 268,781 0.0 442,000 Sun Life Financial Inc. 4.57% Aug 23/21 501,114 489,082 0.0 467,000 Sun Life Financial Inc. 5.40% May 29/42 523,967 524,436 0.1 392,000 Sun Life Financial Inc. 5.59% Jan 30/23 417,164 408,421 0.0 200,000 Sun Life Financial Inc. 5.70% Jul 02/19 231,795 219,636 0.0 780,000 TD Capital Trust III 7.24% Dec 29/49 900,162 858,647 0.1 555,000 TD Capital Trust IV 6.63% Jun 30/2108 654,814 641,497 0.1 730,000 The Bank of Nova Scotia 1.33% May 01/18 728,652 730,905 0.1 1,000,000 The Bank of Nova Scotia 1.90% Dec 02/21 999,720 989,840 0.1 1,250,000 The Bank of Nova Scotia 2.09% Sep 09/20 1,254,373 1,261,587 0.1 865,000 The Bank of Nova Scotia 2.13% Jun 15/20 874,041 873,927 0.1 2,375,000 The Bank of Nova Scotia 2.24% Mar 22/18 2,408,190 2,403,999 0.2 304,000 The Bank of Nova Scotia 2.27% Jan 13/20 310,445 309,153 0.0 777,000 The Bank of Nova Scotia 2.37% Jan 11/18 793,291 786,425 0.1 1,136,000 The Bank of Nova Scotia 2.40% Oct 28/19 1,163,589 1,159,572 0.1 175,000 The Bank of Nova Scotia 2.46% Mar 14/19 176,648 178,616 0.0 725,000 The Bank of Nova Scotia 2.58% Mar 30/27 707,915 706,121 0.1 685,000 The Bank of Nova Scotia 2.75% Aug 13/18 700,107 699,892 0.1 1,266,000 The Bank of Nova Scotia 2.87% Jun 04/21 1,318,134 1,313,589 0.1 1,190,000 The Bank of Nova Scotia 3.04% Oct 18/24 1,225,833 1,227,842 0.1 1,363,000 The Bank of Nova Scotia 3.27% Jan 11/21 1,446,243 1,434,748 0.1

5 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 550,000 The Bank of Nova Scotia 3.37% Dec 08/25 555,070 560,846 0.1 1,900,000 The Manufacturers Life Insurance Company 2.10% Jun 01/25 1,873,491 1,891,792 0.2 144,000 The Manufacturers Life Insurance Company 2.64% Jan 15/25 146,740 145,921 0.0 280,000 The Manufacturers Life Insurance Company 2.81% Feb 21/24 291,487 284,696 0.0 500,000 The Manufacturers Life Insurance Company 3.18% Nov 22/27 500,752 514,425 0.0 2,000,000 The Toronto-Dominion Bank 1.68% Jun 08/21 2,000,453 1,984,020 0.2 1,350,000 The Toronto-Dominion Bank 1.69% Apr 02/20 1,353,342 1,350,581 0.1 1,490,000 The Toronto-Dominion Bank 1.91% Jul 18/23 1,490,000 1,449,576 0.1 1,135,000 The Toronto-Dominion Bank 2.05% Mar 08/21 1,136,872 1,140,300 0.1 1,715,000 The Toronto-Dominion Bank 2.17% Apr 02/18 1,736,732 1,735,288 0.2 1,140,000 The Toronto-Dominion Bank 2.45% Apr 02/19 1,167,595 1,163,917 0.1 1,250,000 The Toronto-Dominion Bank 2.56% Jun 24/20 1,288,390 1,282,375 0.1 1,476,000 The Toronto-Dominion Bank 2.62% Dec 22/21 1,521,612 1,517,048 0.1 1,808,000 The Toronto-Dominion Bank 2.98% Sep 30/25 1,807,312 1,820,728 0.2 1,549,000 The Toronto-Dominion Bank 3.23% Jul 24/24 1,624,617 1,626,589 0.1 500,000 The Toronto-Dominion Bank 4.86% Mar 04/31 535,554 547,765 0.1 275,000 The Toronto-Dominion Bank 5.83% Jul 09/23 306,632 292,262 0.0 300,000 Wells Fargo & Company 2.22% Mar 15/21 300,000 299,688 0.0 990,000 Wells Fargo & Company 2.51% Oct 27/23 990,000 970,556 0.1 700,000 Wells Fargo & Company 2.98% May 19/26 700,000 682,122 0.1 725,000 Wells Fargo & Company 3.87% May 21/25 760,627 743,799 0.1 1,017,000 Wells Fargo Canada Corporation 2.78% Nov 15/18 1,048,497 1,041,439 0.1 802,000 Wells Fargo Canada Corporation 2.94% Jul 25/19 829,606 827,945 0.1 1,192,000 Wells Fargo Canada Corporation 3.04% Jan 29/21 1,250,094 1,241,683 0.1 375,000 Wells Fargo Canada Corporation 3.46% Jan 24/23 395,018 396,476 0.0 122,904,011 121,923,015 10.8 Government 10,505,000 Government of Canada 0.25% May 01/18 10,443,387 10,440,604 0.9 13,150,000 Government of Canada 0.50% Aug 01/18 13,120,732 13,093,192 1.2 7,660,000 Government of Canada 0.50% Nov 01/18 7,639,685 7,625,913 0.7 8,000,000 Government of Canada 0.50% Mar 01/22 7,776,310 7,721,760 0.7 7,035,000 Government of Canada 0.75% Sep 01/20 7,015,030 6,921,666 0.6 10,757,000 Government of Canada 0.75% Mar 01/21 10,781,627 10,616,621 0.9 12,410,000 Government of Canada 0.75% Sep 01/21 12,454,751 12,202,877 1.1 4,550,000 Government of Canada 1.00% Jun 01/27 4,407,260 4,192,051 0.4 12,760,000 Government of Canada 1.25% Feb 01/18 12,948,813 12,845,237 1.1 10,235,000 Government of Canada 1.25% Mar 01/18 10,318,716 10,299,992 0.9 9,020,000 Government of Canada 1.25% Sep 01/18 9,158,463 9,096,039 0.8 9,356,000 Government of Canada 1.50% Mar 01/20 9,615,843 9,520,853 0.9 12,458,000 Government of Canada 1.50% Jun 01/23 12,712,719 12,535,489 1.1 9,948,000 Government of Canada 1.50% Jun 01/26 10,127,563 9,763,763 0.9 11,999,000 Government of Canada 1.75% Mar 01/19 12,389,428 12,239,100 1.1 13,315,000 Government of Canada 1.75% Sep 01/19 13,766,191 13,639,087 1.2 9,623,000 Government of Canada 2.25% Jun 01/25 10,484,009 10,094,335 0.9 10,421,000 Government of Canada 2.50% Jun 01/24 11,347,429 11,142,550 1.0 11,726,000 Government of Canada 2.75% Jun 01/22 12,840,224 12,643,442 1.1 8,210,000 Government of Canada 2.75% Dec 01/48 9,730,848 9,022,133 0.8 3,866,000 Government of Canada 2.75% Dec 01/64 4,702,817 4,381,608 0.4 9,202,000 Government of Canada 3.25% Jun 01/21 10,341,414 10,054,657 0.9 9,717,000 Government of Canada 3.50% Jun 01/20 10,780,820 10,545,180 0.9 10,938,000 Government of Canada 3.50% Dec 01/45 14,497,936 13,592,106 1.2 18,326,000 Government of Canada 3.75% Jun 01/19 20,128,220 19,611,386 1.7 10,707,000 Government of Canada 4.00% Jun 01/41 14,753,902 13,997,047 1.2 4,181,000 Government of Canada 4.25% Jun 01/18 4,623,954 4,389,799 0.4 10,071,000 Government of Canada 5.00% Jun 01/37 15,291,541 14,485,220 1.3 7,784,000 Government of Canada 5.75% Jun 01/29 11,543,422 10,993,032 1.0 9,423,000 Government of Canada 5.75% Jun 01/33 14,777,109 14,029,622 1.3 2,990,000 Government of Canada 8.00% Jun 01/23 4,410,102 4,195,090 0.4 3,312,000 Government of Canada 8.00% Jun 01/27 5,578,229 5,246,407 0.5 1,616,000 Government of Canada 9.00% Jun 01/25 2,750,716 2,550,436 0.2 343,259,210 33,728,294 29.7 Government-Related Agencies 470,000 Bank Nederlandse Gemeenten NV 4.55% Feb 15/19 514,189 498,242 0.0 462,000 Cadillac Fairview Finance Trust 3.64% May 09/18 483,797 476,507 0.0 4,271,000 Canada Housing Trust No. 1 1.15% Dec 15/21 4,262,586 4,190,193 0.4 3,740,000 Canada Housing Trust No. 1 1.20% Jun 15/20 3,748,669 3,732,632 0.3 7,150,000 Canada Housing Trust No. 1 1.25% Dec 15/20 7,185,642 7,122,901 0.6 7,465,000 Canada Housing Trust No. 1 1.25% Jun 15/21 7,508,152 7,398,114 0.7 3,515,000 Canada Housing Trust No. 1 1.45% Jun 15/20 3,571,344 3,537,531 0.3

6 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 3,180,000 Canada Housing Trust No. 1 1.75% Jun 15/18 3,231,772 3,224,329 0.3 5,985,000 Canada Housing Trust No. 1 1.90% Sep 15/26 5,852,240 5,816,927 0.5 7,225,000 Canada Housing Trust No. 1 1.95% Jun 15/19 7,387,056 7,386,479 0.7 1,650,000 Canada Housing Trust No. 1 1.95% Dec 15/25 1,649,491 1,624,062 0.1 6,749,000 Canada Housing Trust No. 1 2.00% Dec 15/19 6,998,457 6,916,240 0.6 10,080,000 Canada Housing Trust No. 1 2.05% Jun 15/18 10,361,430 10,263,758 0.9 4,275,000 Canada Housing Trust No. 1 2.25% Dec 15/25 4,434,866 4,311,679 0.4 6,425,000 Canada Housing Trust No. 1 2.35% Dec 15/18 6,674,333 6,603,229 0.6 1,729,000 Canada Housing Trust No. 1 2.35% Sep 15/23 1,741,606 1,786,109 0.2 4,327,000 Canada Housing Trust No. 1 2.40% Dec 15/22 4,576,260 4,492,767 0.4 3,871,000 Canada Housing Trust No. 1 2.55% Mar 15/25 4,098,624 4,018,214 0.4 4,936,000 Canada Housing Trust No. 1 2.65% Mar 15/22 5,302,356 5,193,659 0.5 4,746,000 Canada Housing Trust No. 1 2.90% Jun 15/24 5,080,016 5,058,951 0.4 2,431,000 Canada Housing Trust No. 1 3.15% Sep 15/23 2,676,908 2,633,186 0.2 3,460,000 Canada Housing Trust No. 1 3.35% Dec 15/20 3,817,900 3,724,932 0.3 2,991,000 Canada Housing Trust No. 1 3.75% Mar 15/20 3,302,630 3,231,327 0.3 1,740,000 Canada Housing Trust No. 1 3.80% Jun 15/21 1,950,648 1,915,375 0.2 4,165,500 Canada Housing Trust No. 1 4.10% Dec 15/18 4,534,233 4,421,053 0.4 200,000 Canada Post Corporation 4.08% Jul 16/25 231,671 223,388 0.0 425,000 Canada Post Corporation 4.36% Jul 16/40 558,400 517,183 0.0 905,000 CDP Financial Inc. 4.60% Jul 15/20 1,017,860 994,993 0.1 600,000 CPPIB Capital Inc. 1.00% Jan 15/19 600,002 598,404 0.1 1,150,000 CPPIB Capital Inc. 1.10% Jun 10/19 1,149,793 1,145,722 0.1 750,000 CPPIB Capital Inc. 1.40% Jun 04/20 753,407 747,533 0.1 700,000 Japan Bank for International Cooperation 2.30% Mar 19/18 712,775 706,111 0.1 850,000 KfW 1.38% Jan 28/20 845,427 848,881 0.1 863,000 KfW 1.75% Oct 29/19 885,096 872,942 0.1 605,000 KfW 1.88% Jun 13/18 608,428 611,153 0.1 65,000 KfW 4.65% Feb 28/23 75,303 73,887 0.0 90,000 KfW 4.70% Jun 02/37 107,431 107,115 0.0 1,095,000 KfW 5.05% Feb 04/25 1,354,470 1,301,134 0.1 200,000 Kommunalbanken AS 4.48% Feb 15/19 218,584 212,024 0.0 457,000 Labrador-Island Link Funding Trust 3.76% Jun 01/33 515,707 504,245 0.0 716,000 Labrador-Island Link Funding Trust 3.85% Dec 01/53 859,619 826,636 0.1 471,000 Labrador-Island Link Funding Trust 3.86% Dec 01/45 599,798 535,122 0.0 820,000 Landwirtschaftliche Rentenbank 1.88% Nov 21/19 835,630 832,538 0.1 775,000 Maritime Link Financing Trust 3.50% Dec 01/52 850,738 809,278 0.1 275,000 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.63% Jun 01/29 298,133 302,294 0.0 765,000 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.83% Jun 01/37 916,262 851,453 0.1 996,000 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.86% Dec 01/48 1,209,340 1,142,073 0.1 200,000 OPB Finance Trust 1.88% Feb 24/22 195,460 198,154 0.0 1,150,000 PSP Capital Inc. 1.34% Aug 18/21 1,150,157 1,130,669 0.1 1,000,000 PSP Capital Inc. 2.09% Nov 22/23 999,870 988,730 0.1 535,000 PSP Capital Inc. 3.29% Apr 04/24 577,602 569,994 0.1 200,000 Svensk Exportkredit AB 4.45% Mar 15/19 217,444 213,119 0.0 50,000 The Export-Import Bank of Korea 2.71% Dec 05/19 50,000 50,817 0.0 129,339,612 127,493,988 11.4 Government-Related Supranational 895,000 Asian Development Bank 1.38% Jun 11/20 897,693 892,790 0.1 95,000 Asian Development Bank 2.25% Sep 16/21 99,254 97,482 0.0 300,000 Asian Development Bank 4.65% Feb 16/27 362,910 351,030 0.0 130,000 EUROFIMA 4.55% Mar 30/27 142,374 147,566 0.0 1,500,000 European Investment Bank 1.13% Feb 18/20 1,492,731 1,485,165 0.1 150,000 European Investment Bank 1.13% Sep 16/21 149,115 146,267 0.0 425,000 European Investment Bank 1.25% Nov 05/20 425,306 419,662 0.0 70,000 European Investment Bank 1.75% Apr 24/18 70,783 70,708 0.0 920,000 European Investment Bank 2.13% Feb 04/19 952,020 936,164 0.1 442,000 European Investment Bank 2.63% Sep 24/18 920,530 905,065 0.1 448,000 European Investment Bank 4.60% Jan 30/37 530,946 516,501 0.0 350,000 Inter-American Development Bank 1.88% Mar 20/20 356,144 353,889 0.0 696,000 Inter-American Development Bank 4.40% Jan 26/26 817,882 796,878 0.1 869,000 International Bank for Reconstruction and Development 1.13% Mar 11/20 867,303 861,370 0.1 643,000 International Bank for Reconstruction and Development 1.25% Mar 18/21 635,800 634,191 0.1 450,000 International Bank for Reconstruction and Development 1.88% May 30/19 456,278 456,849 0.1 600,000 International Bank for Reconstruction and Development 2.13% Oct 30/18 615,816 610,524 0.1 9,792,885 9,682,101 0.9 Industrial 300,000 407 International Inc. 2.43% May 04/27 299,889 290,790 0.0 100,000 407 International Inc. 3.60% May 21/47 99,888 96,589 0.0 146,000 407 International Inc. 3.98% Sep 11/52 148,640 148,532 0.0

7 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 300,000 407 International Inc. 4.19% Apr 25/42 334,299 317,688 0.0 256,000 407 International Inc. 4.30% May 26/21 287,320 281,206 0.0 300,000 407 International Inc. 4.45% Nov 15/41 332,342 329,999 0.0 173,000 407 International Inc. 4.99% Jun 16/20 196,733 192,710 0.0 672,000 407 International Inc. 5.75% Feb 14/36 857,972 833,962 0.1 310,000 407 International Inc. 5.96% Dec 03/35 420,471 409,200 0.0 235,000 Aeroports de Montreal 5.17% Sep 17/35 297,747 282,371 0.0 146,000 Aeroports de Montreal 5.67% Oct 16/37 189,391 187,792 0.0 15,000 Aeroports de Montreal 6.55% Oct 11/33 21,656 20,447 0.0 40,000 Alimentation Couche-Tard Inc. 3.32% Nov 01/19 41,832 41,608 0.0 629,000 Alimentation Couche-Tard Inc. 3.60% Jun 02/25 651,252 645,813 0.1 552,000 Alimentation Couche-Tard Inc. 4.21% Aug 21/20 597,699 592,489 0.1 90,000 AltaGas, Ltd. 3.57% Jun 12/23 90,288 93,098 0.0 106,000 AltaGas, Ltd. 3.72% Sep 28/21 108,238 111,838 0.0 386,000 AltaGas, Ltd. 3.84% Jan 15/25 392,798 398,495 0.0 250,000 AltaGas, Ltd. 4.12% Apr 07/26 249,858 262,680 0.0 225,000 AltaGas, Ltd. 4.50% Aug 15/44 218,440 212,715 0.0 193,000 APT Pipelines, Ltd. 4.25% Jul 24/19 199,199 200,218 0.0 725,000 AT&T Inc. 3.83% Nov 25/20 767,020 761,504 0.1 740,000 Bell Canada 2.00% Oct 01/21 738,550 731,749 0.1 490,000 Bell Canada 2.90% Aug 12/26 488,692 473,374 0.1 990,000 Bell Canada 3.00% Oct 03/22 996,600 1,014,770 0.1 530,000 Bell Canada 3.15% Sep 29/21 553,009 551,820 0.1 612,000 Bell Canada 3.25% Jun 17/20 633,020 638,836 0.1 705,000 Bell Canada 3.35% Jun 18/19 732,960 733,129 0.1 660,000 Bell Canada 3.35% Mar 22/23 686,889 687,707 0.1 553,000 Bell Canada 3.50% Sep 10/18 575,629 571,791 0.1 168,000 Bell Canada 3.54% Jun 12/20 178,286 176,664 0.0 500,000 Bell Canada 3.55% Mar 02/26 498,120 513,665 0.1 200,000 Bell Canada 4.35% Dec 18/45 193,780 193,574 0.0 649,000 Bell Canada 4.40% Mar 16/18 685,813 672,838 0.1 125,000 Bell Canada 4.70% Sep 11/23 137,775 139,194 0.0 789,000 Bell Canada 4.75% Sep 29/44 824,736 813,586 0.1 690,000 Bell Canada 4.88% Apr 26/18 728,148 720,919 0.1 252,000 Bell Canada 4.95% May 19/21 284,530 280,839 0.0 300,000 Bell Canada 5.52% Feb 26/19 327,990 324,114 0.0 662,000 Bell Canada 6.10% Mar 16/35 804,951 798,120 0.1 20,000 Bell Canada 6.17% Feb 26/37 24,055 24,302 0.0 140,000 Bell Canada 7.30% Feb 23/32 191,572 185,212 0.0 70,000 Bell Canada 7.85% Apr 02/31 96,972 96,674 0.0 225,000 BMW Canada Inc. 1.83% Jun 15/21 225,086 223,486 0.0 155,000 BP Capital Markets PLC 3.50% Nov 09/20 163,295 162,652 0.0 525,000 Cameco Corporation 3.75% Nov 14/22 536,234 526,123 0.1 220,000 Cameco Corporation 4.19% Jun 24/24 225,462 220,461 0.0 281,000 Cameco Corporation 5.67% Sep 02/19 314,297 300,431 0.0 360,000 Canadian National Railway Company 2.80% Sep 22/25 377,350 367,456 0.0 165,000 Canadian National Railway Company 3.95% Sep 22/45 166,733 171,075 0.0 455,000 Canadian Natural Resources, Ltd. 2.60% Dec 03/19 427,894 459,445 0.1 725,000 Canadian Natural Resources, Ltd. 2.89% Aug 14/20 730,555 736,216 0.1 445,000 Canadian Natural Resources, Ltd. 3.05% Jun 19/19 448,072 454,292 0.1 820,000 Canadian Natural Resources, Ltd. 3.31% Feb 11/22 823,552 836,941 0.1 300,000 Canadian Natural Resources, Ltd. 3.55% Jun 03/24 297,938 303,438 0.0 335,000 Canadian Pacific Railway Company 6.25% Jun 01/18 366,371 356,993 0.0 316,000 Canadian Pacific Railway Company 6.45% Nov 17/39 410,002 400,233 0.0 108,000 Capital Power Corp. 5.28% Nov 16/20 111,340 116,287 0.0 270,000 Caterpillar Financial Services Limited 2.29% Jun 01/18 274,306 273,418 0.0 139,000 Cogeco Cable Inc. 4.18% May 26/23 147,428 145,433 0.0 650,000 Daimler Canada Finance Inc. 1.78% Aug 19/19 649,348 649,278 0.1 200,000 Daimler Canada Finance Inc. 2.23% Dec 16/21 199,982 199,078 0.0 360,000 Daimler Canada Finance Inc. 2.27% Mar 26/18 362,631 363,632 0.0 190,000 Enbridge Gas Distribution Inc. 2.50% Aug 05/26 189,867 184,039 0.0 465,000 Enbridge Gas Distribution Inc. 3.31% Sep 11/25 478,003 487,060 0.1 210,000 Enbridge Gas Distribution Inc. 4.00% Aug 22/44 220,091 215,683 0.0 236,000 Enbridge Gas Distribution Inc. 4.04% Nov 23/20 255,661 255,838 0.0 194,000 Enbridge Gas Distribution Inc. 4.95% Nov 22/50 217,079 230,460 0.0 275,000 Enbridge Gas Distribution Inc. 5.21% Feb 25/36 335,947 326,964 0.0 100,000 Enbridge Inc. 3.16% Mar 11/21 102,301 103,289 0.0 206,000 Enbridge Inc. 3.19% Dec 05/22 200,235 211,263 0.0 500,000 Enbridge Inc. 3.94% Jun 30/23 524,349 532,235 0.1 435,000 Enbridge Inc. 4.24% Aug 27/42 382,324 405,505 0.0 600,000 Enbridge Inc. 4.53% Mar 09/20 644,764 645,498 0.1

8 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 349,000 Enbridge Inc. 4.57% Mar 11/44 341,097 342,263 0.0 100,000 Enbridge Inc. 4.77% Sep 02/19 108,048 107,606 0.0 360,000 Enbridge Income Fund 3.95% Nov 19/24 377,759 378,295 0.0 200,000 Enbridge Income Fund 4.10% Feb 22/19 207,029 209,002 0.0 400,000 Enbridge Pipelines Inc. 3.00% Aug 10/26 402,537 397,180 0.0 460,000 Enbridge Pipelines Inc. 3.45% Sep 29/25 466,358 477,820 0.1 325,000 Enbridge Pipelines Inc. 4.13% Aug 09/46 333,450 316,803 0.0 344,000 Enbridge Pipelines Inc. 4.45% Apr 06/20 378,785 372,549 0.0 125,000 Enbridge Pipelines Inc. 4.49% Nov 12/19 134,300 134,737 0.0 267,000 Enbridge Pipelines Inc. 4.55% Aug 17/43 294,317 276,623 0.0 205,000 Enbridge Pipelines Inc. 4.55% Sep 29/45 204,379 211,849 0.0 187,000 Enbridge Pipelines Inc. 5.33% Apr 06/40 218,908 214,827 0.0 213,000 Enbridge Pipelines Inc. 6.62% Nov 19/18 237,744 233,188 0.0 530,000 Finning International Inc. 6.02% Jun 01/18 581,923 558,530 0.1 584,000 Ford Credit Canada Limited 2.58% May 10/21 584,411 579,281 0.1 412,000 Ford Credit Canada Limited 2.92% Sep 16/20 409,027 415,968 0.0 150,000 Ford Credit Canada Limited 3.14% Jun 14/19 154,079 153,757 0.0 595,000 Ford Credit Canada Limited 3.28% Jul 02/21 599,430 606,722 0.1 347,000 Ford Credit Canada Limited 3.70% Aug 02/18 361,462 357,053 0.0 150,000 Greater Toronto Airports Authority 1.51% Feb 16/21 149,985 148,988 0.0 461,000 Greater Toronto Airports Authority 5.30% Feb 25/41 585,580 578,475 0.1 378,000 Greater Toronto Airports Authority 6.98% Oct 15/32 554,054 535,838 0.1 625,000 Greater Toronto Airports Authority 7.05% Jun 12/30 889,989 865,455 0.1 270,000 Honda Canada Finance Inc. 2.16% Feb 18/21 274,787 272,168 0.0 415,000 Honda Canada Finance Inc. Series 16-4 1.82% Dec 07/21 414,222 409,285 0.0 610,000 Husky Energy Inc. 3.55% Mar 12/25 609,859 615,045 0.1 430,000 Husky Energy Inc. 5.00% Mar 12/20 470,151 465,299 0.1 100,000 Inter Pipeline, Ltd. 2.61% Sep 13/23 100,000 99,094 0.0 192,000 Inter Pipeline, Ltd. 3.17% Mar 24/25 188,559 193,227 0.0 420,000 Inter Pipeline, Ltd. 3.45% Jul 20/20 437,238 440,937 0.0 400,000 Inter Pipeline, Ltd. 3.48% Dec 16/26 400,000 404,024 0.0 267,000 Inter Pipeline, Ltd. 3.78% May 30/22 283,967 283,573 0.0 370,000 Inter Pipeline, Ltd. 4.64% May 30/44 383,668 372,205 0.0 390,000 Inter Pipeline, Ltd. 4.97% Feb 02/21 429,895 431,379 0.0 185,000 John Deere Canada Funding Inc. 2.05% Sep 17/20 186,100 185,999 0.0 100,000 John Deere Canada Funding Inc. 2.30% Jan 17/18 101,721 101,265 0.0 229,000 John Deere Canada Funding Inc. 2.35% Jun 24/19 234,402 233,353 0.0 461,000 John Deere Canada Funding Inc. 2.65% Jul 16/18 472,206 470,561 0.1 207,000 Kraft Canada Inc. 2.70% Jul 06/20 211,212 210,407 0.0 645,000 Loblaw Companies Limited 3.75% Mar 12/19 676,138 673,754 0.1 615,000 Loblaw Companies Limited 4.86% Sep 12/23 687,037 688,849 0.1 150,000 Loblaw Companies Limited 5.22% Jun 18/20 167,253 166,002 0.0 210,000 Loblaw Companies Limited 5.90% Jan 18/36 252,414 249,493 0.0 300,000 Magna International, Inc. 3.10% Dec 15/22 303,744 307,224 0.0 125,000 Metro Inc. 3.20% Dec 01/21 128,870 129,898 0.0 125,000 Metro Inc. 5.03% Dec 01/44 126,642 133,190 0.0 469,000 Metro Inc. 5.97% Oct 15/35 565,342 549,166 0.1 5,000 Molson Coors International LP 2.25% Sep 18/18 5,024 5,041 0.0 914,000 Molson Coors International LP 2.75% Sep 18/20 924,466 927,929 0.1 300,000 Molson Coors International LP 2.84% Jul 15/23 299,943 296,853 0.0 260,000 Molson Coors International LP 3.44% Jul 15/26 259,932 255,143 0.0 84,000 NAV Canada 1.95% Apr 19/18 82,531 84,858 0.0 27,500 NAV Canada 7.56% Mar 01/27 33,968 34,274 0.0 660,000 Nissan Canada Financial Services Inc. 1.58% Oct 07/19 660,707 657,221 0.1 740,000 North West Redwater Partnership / NWR Financing Co., Ltd. 2.10% Feb 23/22 740,901 737,832 0.1 250,000 North West Redwater Partnership / NWR Financing Co., Ltd. 3.70% Feb 23/43 236,750 239,440 0.0 1,050,000 North West Redwater Partnership / NWR Financing Co., Ltd. 4.05% Jul 22/44 1,056,695 1,061,510 0.1 100,000 North West Redwater Partnership / NWR Financing Co., Ltd. 4.15% Jun 01/33 107,731 104,653 0.0 10,000 North West Redwater Partnership / NWR Financing Co., Ltd. 4.25% Jun 01/29 10,536 10,726 0.0 550,000 North West Redwater Partnership / NWR Financing Co., Ltd. 4.35% Jan 10/39 584,925 581,224 0.1 50,000 North West Redwater Partnership / NWR Financing Co., Ltd. 4.75% Jun 01/37 51,050 55,673 0.0 225,000 Ottawa MacDonald-Cartier International Airport Authority 3.93% Jun 09/45 244,404 225,495 0.0 450,000 Pembina Pipeline Corporation 3.54% Feb 03/25 441,174 458,051 0.1 400,000 Pembina Pipeline Corporation 3.71% Aug 11/26 399,836 403,676 0.0 125,000 Pembina Pipeline Corporation 3.77% Oct 24/22 126,143 130,905 0.0 350,000 Pembina Pipeline Corporation 4.24% Jun 15/27 363,524 363,349 0.0 349,000 Pembina Pipeline Corporation 4.75% Apr 30/43 352,280 345,869 0.0 398,000 Pembina Pipeline Corporation 4.81% Mar 25/44 366,394 395,027 0.0 265,000 Reliance LP 3.81% Sep 15/20 263,130 266,144 0.0 202,000 Rogers Communications Inc. 2.80% Mar 13/19 207,355 207,060 0.0 617,000 Rogers Communications Inc. 4.00% Jun 06/22 657,118 665,922 0.1

9 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 210,000 Rogers Communications Inc. 4.00% Mar 13/24 218,668 225,265 0.0 739,000 Rogers Communications Inc. 4.70% Sep 29/20 813,997 809,323 0.1 697,000 Rogers Communications Inc. 5.34% Mar 22/21 789,897 785,233 0.1 639,000 Rogers Communications Inc. 5.38% Nov 04/19 716,882 701,456 0.1 310,000 Rogers Communications Inc. 6.11% Aug 25/40 366,092 374,706 0.0 220,000 Rogers Communications Inc. 6.56% Mar 22/41 273,894 281,827 0.0 801,000 Rogers Communications Inc. 6.68% Nov 04/39 1,044,894 1,032,185 0.1 300,000 Saputo Inc. 2.20% Jun 23/21 297,427 299,454 0.0 296,000 Saputo Inc. 2.65% Nov 26/19 305,643 303,166 0.0 150,000 Shaw Communications Inc. 3.15% Feb 19/21 149,835 153,075 0.0 380,000 Shaw Communications Inc. 4.35% Jan 31/24 410,219 405,118 0.0 807,000 Shaw Communications Inc. 5.50% Dec 07/20 910,815 895,302 0.1 604,000 Shaw Communications Inc. 5.65% Oct 01/19 672,039 659,024 0.1 1,034,000 Shaw Communications Inc. 6.75% Nov 09/39 1,262,248 1,225,784 0.1 393,000 SNC-Lavalin Group Inc. 6.19% Jul 03/19 437,246 430,245 0.0 330,000 SSL Finance Inc. 4.10% Oct 31/45 334,088 327,152 0.0 645,000 Suncor Energy Inc. 3.00% Sep 14/26 643,394 634,674 0.1 481,000 Suncor Energy Inc. 3.10% Nov 26/21 495,727 500,990 0.1 155,000 Suncor Energy Inc. 4.34% Sep 13/46 154,845 150,720 0.0 425,000 Suncor Energy Inc. 5.80% May 22/18 468,286 450,844 0.0 720,000 TELUS Corporation 2.35% Mar 28/22 710,550 715,846 0.1 338,000 TELUS Corporation 3.20% Apr 05/21 352,735 351,645 0.0 690,000 TELUS Corporation 3.35% Mar 15/23 704,926 713,695 0.1 774,000 TELUS Corporation 3.35% Apr 01/24 786,975 794,844 0.1 335,000 TELUS Corporation 3.60% Jan 26/21 352,956 353,931 0.0 750,000 TELUS Corporation 3.75% Jan 17/25 789,622 783,660 0.1 465,000 TELUS Corporation 3.75% Mar 10/26 484,793 479,639 0.1 517,000 TELUS Corporation 4.40% Apr 01/43 503,076 490,683 0.1 690,000 TELUS Corporation 4.40% Jan 29/46 664,756 654,196 0.1 170,000 TELUS Corporation 4.75% Jan 17/45 165,404 168,436 0.0 450,000 TELUS Corporation 4.85% Apr 05/44 459,727 455,753 0.1 804,000 TELUS Corporation 5.05% Dec 04/19 885,452 878,016 0.1 234,000 TELUS Corporation 5.05% Jul 23/20 264,116 257,873 0.0 170,000 TELUS Corporation 5.15% Nov 26/43 188,091 180,015 0.0 417,000 Teranet Holdings LP 4.81% Dec 16/20 460,703 450,327 0.0 303,000 Teranet Holdings LP 5.75% Dec 17/40 341,705 322,942 0.0 765,000 Thomson Reuters Corporation 3.31% Nov 12/21 803,060 792,800 0.1 272,000 Thomson Reuters Corporation 3.37% May 23/19 285,931 281,441 0.0 274,000 Thomson Reuters Corporation 4.35% Sep 30/20 295,685 294,514 0.0 250,000 Toyota Credit Canada Inc. 1.75% Jul 21/21 250,038 246,540 0.0 640,000 Toyota Credit Canada Inc. 1.80% Feb 19/20 636,360 639,974 0.1 200,000 Toyota Credit Canada Inc. 2.25% May 23/19 204,600 203,022 0.0 265,000 Toyota Credit Canada Inc. 2.80% Nov 21/18 272,852 270,976 0.0 400,000 TransCanada PipeLines Limited 3.30% Jul 17/25 416,082 414,036 0.0 420,000 TransCanada PipeLines Limited 3.65% Nov 15/21 454,501 451,361 0.0 450,000 TransCanada PipeLines Limited 3.69% Jul 19/23 476,907 484,187 0.1 585,000 TransCanada PipeLines Limited 4.35% Jun 06/46 612,628 590,751 0.1 685,000 TransCanada PipeLines Limited 4.55% Nov 15/41 700,187 709,371 0.1 278,000 TransCanada PipeLines Limited 8.05% Feb 17/39 425,599 417,392 0.0 275,000 Veresen Inc. 3.43% Nov 10/21 274,975 274,648 0.0 310,000 VW Credit Canada, Inc. 1.60% Apr 04/18 309,913 309,634 0.0 464,000 VW Credit Canada, Inc. 2.15% Jun 24/20 460,234 459,309 0.1 212,000 VW Credit Canada, Inc. 2.80% Aug 20/18 215,279 215,032 0.0 200,000 Westcoast Energy Inc. 3.43% Sep 12/24 203,070 203,460 0.0 250,000 Westcoast Energy Inc. 3.77% Dec 08/25 254,660 258,350 0.0 455,000 Westcoast Energy Inc. 5.60% Jan 16/19 494,259 488,538 0.1 257,000 WestJet Airlines, Ltd. 3.29% Jul 23/19 259,571 262,117 0.0 80,338,255 79,955,401 7.1 Provincials/Municipals 160,000 Alberta Capital Finance Authority 4.45% Dec 15/25 182,935 183,562 0.0 100,000 City of Montreal 2.75% Sep 01/26 101,756 99,050 0.0 375,000 City of Montreal 3.00% Sep 01/25 385,622 381,791 0.0 620,000 City of Montreal 3.50% Sep 01/23 668,298 660,412 0.1 400,000 City of Montreal 3.50% Sep 01/24 437,560 424,424 0.0 392,000 City of Montreal 4.10% Dec 01/34 415,757 416,622 0.0 450,000 City of Montreal 4.25% Dec 01/32 508,054 489,610 0.0 340,000 City of Montreal 4.50% Dec 01/21 382,286 378,519 0.0 805,000 City of Montreal 5.00% Dec 01/18 880,810 860,263 0.1 250,000 City of Montreal 5.45% Dec 01/19 280,462 277,195 0.0 250,000 City of Ottawa 4.60% Jul 14/42 309,650 288,307 0.0

10 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 150,000 City of Toronto 2.40% Jun 24/26 145,200 145,113 0.0 300,000 City of Toronto 2.45% Feb 06/25 307,950 295,998 0.0 260,000 City of Toronto 2.95% Apr 28/35 253,830 239,125 0.0 642,000 City of Toronto 3.50% Dec 06/21 703,896 687,537 0.1 358,000 City of Toronto 3.80% Dec 13/42 371,210 366,950 0.0 90,000 City of Toronto 3.90% Sep 29/23 99,056 98,559 0.0 292,000 City of Toronto 4.15% Mar 10/44 321,336 317,054 0.0 135,000 City of Toronto 4.50% Dec 02/19 149,269 146,391 0.0 280,000 City of Toronto 4.70% Jun 10/41 330,145 327,748 0.0 510,000 City of Toronto 4.95% Jun 27/18 566,662 538,453 0.1 403,000 City of Toronto 5.20% Jun 01/40 505,636 500,086 0.0 765,000 Financement-Quebec 2.40% Dec 01/18 795,881 784,615 0.1 999,000 Financement-Quebec 2.45% Dec 01/19 1,038,082 1,031,657 0.1 1,181,000 Financement-Quebec 5.25% Jun 01/34 1,521,877 1,487,611 0.1 400,000 Hydro One Inc. 1.62% Apr 30/20 401,215 399,496 0.0 468,000 Hydro One Inc. 1.84% Feb 24/21 472,058 468,941 0.0 450,000 Hydro One Inc. 2.77% Feb 24/26 453,900 452,745 0.0 590,000 Hydro One Inc. 2.78% Oct 09/18 607,649 604,956 0.1 475,000 Hydro One Inc. 3.20% Jan 13/22 507,610 503,467 0.1 295,000 Hydro One Inc. 3.72% Nov 18/47 294,965 292,855 0.0 283,000 Hydro One Inc. 3.79% Jul 31/62 272,979 276,383 0.0 260,000 Hydro One Inc. 3.91% Feb 23/46 270,814 264,540 0.0 444,000 Hydro One Inc. 4.17% Jun 06/44 476,299 471,035 0.0 287,000 Hydro One Inc. 4.39% Sep 26/41 327,116 313,972 0.0 588,000 Hydro One Inc. 4.40% Jun 01/20 653,589 640,714 0.1 343,000 Hydro One Inc. 4.59% Oct 09/43 390,357 386,169 0.0 343,000 Hydro One Inc. 4.89% Mar 13/37 413,122 394,820 0.0 390,000 Hydro One Inc. 5.00% Oct 19/46 484,996 469,841 0.0 430,000 Hydro One Inc. 5.36% May 20/36 535,152 520,708 0.1 376,000 Hydro One Inc. 5.49% Jul 16/40 476,680 471,749 0.0 55,000 Hydro One Inc. 6.03% Mar 03/39 71,008 72,869 0.0 200,000 Hydro One Inc. 6.35% Jan 31/34 267,331 263,618 0.0 50,000 Hydro One Inc. 6.59% Apr 22/43 71,564 72,572 0.0 169,000 Hydro One Inc. 6.93% Jun 01/32 236,614 233,377 0.0 262,000 Hydro One Inc. 7.35% Jun 03/30 371,217 367,342 0.0 909,000 Hydro-Quebec 1.00% May 25/19 905,464 905,564 0.1 434,000 Hydro-Quebec 4.00% Feb 15/55 518,140 509,065 0.1 3,646,000 Hydro-Quebec 5.00% Feb 15/45 4,982,739 4,799,740 0.4 5,004,000 Hydro-Quebec 5.00% Feb 15/50 6,910,043 6,796,833 0.6 437,000 Hydro-Quebec 6.00% Aug 15/31 618,895 587,813 0.1 3,043,000 Hydro-Quebec 6.00% Feb 15/40 4,499,416 4,389,132 0.4 353,000 Hydro-Quebec 6.50% Jan 16/35 483,223 505,574 0.1 2,934,000 Hydro-Quebec 6.50% Feb 15/35 4,323,919 4,246,730 0.4 1,425,000 Hydro-Quebec 9.63% Jul 15/22 2,098,804 1,998,619 0.2 650,000 Hydro-Quebec 10.50% Oct 15/21 968,923 909,070 0.1 820,000 Hydro-Quebec 11.00% Aug 15/20 1,202,745 1,091,535 0.1 120,000 KommuneKredit 0.88% Aug 07/18 119,131 119,254 0.0 550,000 Municipal Finance Authority of British Columbia 1.65% Apr 19/21 549,707 546,634 0.1 250,000 Municipal Finance Authority of British Columbia 2.05% Jun 02/19 257,024 254,182 0.0 550,000 Municipal Finance Authority of British Columbia 2.50% Apr 19/26 562,515 540,837 0.1 240,000 Municipal Finance Authority of British Columbia 2.95% Oct 14/24 251,745 247,687 0.0 300,000 Municipal Finance Authority of British Columbia 3.75% Sep 26/23 327,980 326,688 0.0 1,055,000 Municipal Finance Authority of British Columbia 4.15% Jun 01/21 1,186,369 1,158,601 0.1 625,000 Municipal Finance Authority of British Columbia 4.60% Apr 23/18 664,624 653,769 0.1 123,000 Municipal Finance Authority of British Columbia 4.88% Jun 03/19 140,625 133,241 0.0 150,000 Municipal Finance Authority of British Columbia 4.95% Dec 01/27 181,674 177,579 0.0 294,000 Municipal Finance Authority of British Columbia 5.10% Nov 20/18 322,798 315,247 0.0 240,000 Newfoundland and Labrador Hydro 6.65% Aug 27/31 351,290 322,601 0.0 135,000 Newfoundland and Labrador Hydro 8.40% Feb 27/26 200,431 191,927 0.0 150,000 Ontario Electricity Financial Corporation 0.00% Apr 11/31 93,783 92,604 0.0 991,000 Ontario Electricity Financial Corporation 8.25% Jun 22/26 1,489,112 1,443,986 0.1 765,000 Ontario Electricity Financial Corporation 8.50% May 26/25 1,189,959 1,102,336 0.1 320,000 Ontario Electricity Financial Corporation 8.90% Aug 18/22 463,781 436,816 0.0 240,000 Ontario Electricity Financial Corporation 9.00% May 26/25 374,626 356,609 0.0 400,000 Ontario Electricity Financial Corporation 10.00% Feb 06/20 545,528 502,744 0.0 1,352,000 Ontario Electricity Financial Corporation 10.13% Oct 15/21 1,987,049 1,855,052 0.2 225,000 Ontario Infrastructure Projects Corporation 4.70% Jun 01/37 264,033 260,901 0.0 2,000,000 Province of Alberta 1.35% Sep 01/21 1,999,280 1,971,622 0.2 510,000 Province of Alberta 1.60% Jun 15/18 513,057 515,136 0.1 1,990,000 Province of Alberta 2.00% Jun 01/19 2,045,596 2,029,462 0.2 1,750,000 Province of Alberta 2.20% Jun 01/26 1,756,422 1,699,915 0.2

11 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 1,802,000 Province of Alberta 2.35% Jun 01/25 1,809,066 1,790,557 0.2 1,130,000 Province of Alberta 2.55% Dec 15/22 1,180,092 1,166,635 0.1 1,146,000 Province of Alberta 2.90% Sep 20/29 1,151,617 1,138,242 0.1 790,000 Province of Alberta 3.10% Jun 01/24 851,486 834,224 0.1 3,380,000 Province of Alberta 3.30% Dec 01/46 3,517,574 3,367,190 0.3 25,000 Province of Alberta 3.40% Dec 01/23 24,953 26,954 0.0 1,615,000 Province of Alberta 3.45% Dec 01/43 1,708,871 1,649,222 0.2 2,625,000 Province of Alberta 3.50% Jun 01/31 2,825,913 2,742,206 0.2 845,000 Province of Alberta 3.90% Dec 01/33 933,157 918,287 0.1 785,000 Province of Alberta 4.00% Dec 01/19 867,481 845,649 0.1 300,000 Province of Alberta 4.50% Dec 01/40 360,228 358,083 0.0 680,000 Province of British Columbia 2.25% Mar 01/19 698,490 697,632 0.1 1,078,000 Province of British Columbia 2.30% Jun 18/26 1,122,398 1,071,273 0.1 985,000 Province of British Columbia 2.70% Dec 18/22 1,025,686 1,031,453 0.1 2,120,000 Province of British Columbia 2.80% Jun 18/48 2,087,320 1,976,582 0.2 1,661,000 Province of British Columbia 2.85% Jun 18/25 1,776,640 1,734,167 0.2 3,038,000 Province of British Columbia 3.20% Jun 18/44 3,130,736 3,060,147 0.3 914,000 Province of British Columbia 3.25% Dec 18/21 1,004,319 983,281 0.1 960,000 Province of British Columbia 3.30% Dec 18/23 1,061,761 1,038,259 0.1 962,000 Province of British Columbia 3.70% Dec 18/20 1,058,827 1,044,847 0.1 1,512,000 Province of British Columbia 4.10% Dec 18/19 1,683,741 1,636,846 0.2 2,609,000 Province of British Columbia 4.30% Jun 18/42 3,184,005 3,121,277 0.3 1,409,000 Province of British Columbia 4.65% Dec 18/18 1,534,683 1,509,053 0.1 944,000 Province of British Columbia 4.70% Jun 18/37 1,175,208 1,166,595 0.1 1,488,000 Province of British Columbia 4.80% Jun 15/21 1,761,839 1,689,386 0.2 370,000 Province of British Columbia 4.90% Jun 18/48 508,172 499,537 0.0 2,845,000 Province of British Columbia 4.95% Jun 18/40 3,856,310 3,678,386 0.3 50,000 Province of British Columbia 5.00% Jun 18/31 57,324 62,161 0.0 300,000 Province of British Columbia 5.40% Jun 18/35 399,018 397,398 0.0 1,808,000 Province of British Columbia 5.70% Jun 18/29 2,415,542 2,363,942 0.2 452,000 Province of British Columbia 6.15% Nov 19/27 625,647 601,861 0.1 965,000 Province of British Columbia 6.35% Jun 18/31 1,400,894 1,353,760 0.1 150,000 Province of British Columbia 8.00% Sep 08/23 203,705 204,996 0.0 17,000 Province of British Columbia 9.50% Jun 09/22 27,067 23,653 0.0 500,000 Province of Manitoba 1.15% Nov 21/19 499,115 497,735 0.0 508,000 Province of Manitoba 1.55% Sep 05/21 512,285 505,541 0.1 9,000 Province of Manitoba 1.60% Sep 05/20 9,165 9,039 0.0 700,000 Province of Manitoba 1.85% Sep 05/18 717,523 709,863 0.1 1,048,000 Province of Manitoba 2.45% Jun 02/25 1,058,115 1,047,675 0.1 376,000 Province of Manitoba 2.55% Jun 02/23 378,152 386,227 0.0 650,000 Province of Manitoba 2.55% Jun 02/26 662,937 649,239 0.1 1,685,000 Province of Manitoba 2.85% Sep 05/46 1,596,037 1,515,691 0.1 819,000 Province of Manitoba 3.15% Sep 05/52 804,669 772,701 0.1 750,000 Province of Manitoba 3.25% Sep 05/29 781,733 767,767 0.1 552,000 Province of Manitoba 3.30% Jun 02/24 615,725 589,232 0.1 677,000 Province of Manitoba 3.35% Mar 05/43 720,737 669,980 0.1 170,000 Province of Manitoba 3.45% Mar 05/63 194,266 172,766 0.0 812,000 Province of Manitoba 3.85% Dec 01/21 900,764 892,234 0.1 1,274,000 Province of Manitoba 4.05% Sep 05/45 1,474,799 1,422,332 0.1 1,394,000 Province of Manitoba 4.10% Mar 05/41 1,612,802 1,551,410 0.1 874,000 Province of Manitoba 4.15% Jun 03/20 968,785 952,249 0.1 230,000 Province of Manitoba 4.40% Mar 05/42 294,783 267,393 0.0 535,000 Province of Manitoba 4.40% Sep 05/25 621,181 610,852 0.1 422,000 Province of Manitoba 4.60% Mar 05/38 503,062 498,656 0.0 430,000 Province of Manitoba 4.65% Mar 05/40 533,523 514,895 0.1 85,000 Province of Manitoba 4.70% Mar 05/50 105,929 106,280 0.0 410,000 Province of Manitoba 4.75% Feb 11/20 463,950 451,799 0.0 350,000 Province of Manitoba 5.50% Nov 15/18 388,862 378,711 0.0 453,000 Province of Manitoba 5.70% Mar 05/37 634,492 606,522 0.1 348,000 Province of Manitoba 6.30% Mar 05/31 497,084 473,217 0.0 2,580,000 Province of New Brunswick 1.55% May 04/22 2,562,881 2,533,302 0.2 100,000 Province of New Brunswick 2.60% Aug 14/26 103,299 99,534 0.0 968,000 Province of New Brunswick 2.85% Jun 02/23 1,006,511 1,008,104 0.1 468,800 Province of New Brunswick 3.35% Dec 03/21 508,141 503,046 0.0 1,038,000 Province of New Brunswick 3.55% Jun 03/43 1,047,812 1,036,204 0.1 100,000 Province of New Brunswick 3.55% Jun 03/55 103,414 99,491 0.0 211,000 Province of New Brunswick 3.65% Jun 03/24 224,526 229,790 0.0 846,000 Province of New Brunswick 3.80% Aug 14/45 918,011 883,672 0.1 250,000 Province of New Brunswick 4.40% Jun 03/19 275,558 268,810 0.0 400,000 Province of New Brunswick 4.45% Mar 26/18 437,625 417,308 0.0 599,000 Province of New Brunswick 4.50% Jun 02/20 673,038 659,319 0.1

12 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 608,000 Province of New Brunswick 4.55% Mar 26/37 719,519 696,111 0.1 425,000 Province of New Brunswick 4.65% Sep 26/35 500,600 494,241 0.0 857,000 Province of New Brunswick 4.80% Sep 26/39 1,072,268 1,021,655 0.1 731,000 Province of New Brunswick 4.80% Jun 03/41 939,536 877,989 0.1 751,000 Province of New Brunswick 5.50% Jan 27/34 993,502 952,734 0.1 100,000 Province of New Brunswick 5.65% Dec 27/28 128,114 125,758 0.0 350,000 Province of Newfoundland 1.75% Mar 24/21 350,112 347,470 0.0 650,000 Province of Newfoundland 1.95% Jun 02/22 658,910 646,718 0.1 480,000 Province of Newfoundland 2.30% Jun 02/25 478,263 461,290 0.0 700,000 Province of Newfoundland 3.00% Jun 02/26 718,819 704,340 0.1 1,735,000 Province of Newfoundland 3.30% Oct 17/46 1,685,203 1,581,071 0.1 375,000 Province of Newfoundland 3.70% Oct 17/48 367,556 370,166 0.0 120,000 Province of Newfoundland 4.50% Apr 17/37 146,488 131,926 0.0 546,000 Province of Newfoundland 4.65% Oct 17/40 641,243 617,106 0.1 290,000 Province of Newfoundland 5.60% Oct 17/33 379,921 358,817 0.0 120,000 Province of Newfoundland 5.70% Oct 17/35 157,216 151,347 0.0 163,000 Province of Newfoundland 6.15% Apr 17/28 215,189 206,748 0.0 350,000 Province of Newfoundland 6.55% Oct 17/30 488,919 463,894 0.0 100,000 Province of Nova Scotia 2.10% Jun 01/27 94,693 94,205 0.0 241,000 Province of Nova Scotia 3.45% Jun 01/45 248,429 241,429 0.0 1,095,000 Province of Nova Scotia 3.50% Jun 02/62 1,120,438 1,110,012 0.1 740,000 Province of Nova Scotia 4.10% Jun 01/21 814,446 815,739 0.1 789,000 Province of Nova Scotia 4.15% Nov 25/19 877,922 852,270 0.1 881,000 Province of Nova Scotia 4.40% Jun 01/42 1,072,445 1,021,837 0.1 520,000 Province of Nova Scotia 4.50% Jun 01/37 620,185 604,495 0.1 633,000 Province of Nova Scotia 4.70% Jun 01/41 806,824 762,790 0.1 396,000 Province of Nova Scotia 4.90% Jun 01/35 500,723 479,184 0.0 575,000 Province of Nova Scotia 5.80% Jun 01/33 798,683 755,947 0.1 250,000 Province of Nova Scotia 6.60% Jun 01/27 346,111 336,185 0.0 175,000 Province of Nova Scotia 6.60% Dec 01/31 261,659 244,727 0.0 400,000 Province of Ontario 1.35% Mar 08/22 399,268 391,372 0.0 910,000 Province of Ontario 1.75% Oct 09/18 936,401 922,094 0.1 150,000 Province of Ontario 1.95% Jan 27/23 153,154 149,783 0.0 4,908,000 Province of Ontario 2.10% Sep 08/18 5,035,143 4,999,436 0.5 2,833,000 Province of Ontario 2.10% Sep 08/19 2,928,903 2,897,621 0.3 5,428,000 Province of Ontario 2.40% Jun 02/26 5,571,830 5,389,895 0.5 10,162,000 Province of Ontario 2.60% Jun 02/25 10,444,946 10,328,250 0.9 4,187,000 Province of Ontario 2.80% Jun 02/48 4,076,617 3,848,858 0.3 8,634,000 Province of Ontario 2.85% Jun 02/23 9,111,476 9,044,547 0.8 11,091,000 Province of Ontario 2.90% Dec 02/46 10,761,980 10,392,267 0.9 8,695,000 Province of Ontario 3.15% Jun 02/22 9,318,595 9,274,435 0.8 11,567,000 Province of Ontario 3.45% Jun 02/45 12,403,166 12,015,684 1.1 9,015,000 Province of Ontario 3.50% Jun 02/24 9,933,591 9,790,020 0.9 9,555,000 Province of Ontario 3.50% Jun 02/43 10,283,901 9,976,089 0.9 6,743,000 Province of Ontario 4.00% Jun 02/21 7,551,863 7,420,132 0.7 2,241,000 Province of Ontario 4.20% Mar 08/18 2,387,996 2,328,646 0.2 8,178,000 Province of Ontario 4.20% Jun 02/20 9,090,454 8,934,547 0.8 6,674,000 Province of Ontario 4.40% Jun 02/19 7,389,400 7,185,562 0.6 7,171,000 Province of Ontario 4.60% Jun 02/39 9,011,731 8,741,736 0.8 8,430,000 Province of Ontario 4.65% Jun 02/41 10,784,556 10,424,201 0.9 6,506,000 Province of Ontario 4.70% Jun 02/37 8,010,917 7,959,961 0.7 525,000 Province of Ontario 4.85% Jun 02/20 586,471 584,871 0.1 500,000 Province of Ontario 5.50% Jun 02/18 538,115 532,030 0.1 5,405,000 Province of Ontario 5.60% Jun 02/35 7,505,821 7,252,861 0.7 3,576,000 Province of Ontario 5.85% Mar 08/33 4,978,257 4,835,503 0.4 2,841,000 Province of Ontario 6.20% Jun 02/31 4,059,507 3,908,534 0.4 100,000 Province of Ontario 6.20% Dec 02/41 140,467 148,099 0.0 3,111,000 Province of Ontario 6.50% Mar 08/29 4,403,329 4,282,354 0.4 400,000 Province of Ontario 7.50% Feb 07/24 551,285 536,356 0.1 3,587,000 Province of Ontario 7.60% Jun 02/27 5,377,272 5,219,444 0.5 1,000,000 Province of Ontario 8.00% Jun 02/26 1,511,300 1,461,180 0.1 500,000 Province of Ontario 8.00% Dec 02/26 759,160 731,490 0.1 906,000 Province of Ontario 8.10% Sep 08/23 1,283,751 1,239,725 0.1 525,000 Province of Ontario 8.50% Dec 02/25 796,063 773,834 0.1 1,168,000 Province of Ontario 9.50% Jul 13/22 1,718,100 1,630,108 0.2 400,000 Province of Ontario 9.50% Jun 02/25 641,204 616,444 0.1 215,000 Province of Prince Edward Island 3.60% Jan 17/53 219,252 210,737 0.0 2,957,000 Province of Quebec 2.50% Sep 01/26 3,065,787 2,953,629 0.3 4,602,000 Province of Quebec 2.75% Sep 01/25 4,771,949 4,721,974 0.4 4,560,000 Province of Quebec 3.00% Sep 01/23 4,875,846 4,818,506 0.4

13 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 4,737,000 Province of Quebec 3.50% Dec 01/22 5,206,506 5,147,556 0.5 7,985,000 Province of Quebec 3.50% Dec 01/45 8,591,397 8,326,518 0.7 6,095,000 Province of Quebec 3.50% Dec 01/48 6,646,321 6,421,083 0.6 4,565,000 Province of Quebec 3.75% Sep 01/24 5,085,363 5,039,532 0.5 5,805,000 Province of Quebec 4.25% Dec 01/21 6,622,538 6,493,067 0.6 5,493,000 Province of Quebec 4.25% Dec 01/43 6,604,183 6,440,323 0.6 3,144,000 Province of Quebec 4.50% Dec 01/18 3,446,216 3,350,026 0.3 3,468,000 Province of Quebec 4.50% Dec 01/19 3,860,083 3,785,218 0.3 4,555,000 Province of Quebec 4.50% Dec 01/20 5,251,952 5,071,400 0.5 3,967,000 Province of Quebec 5.00% Dec 01/38 5,175,771 5,041,462 0.5 6,611,000 Province of Quebec 5.00% Dec 01/41 8,711,883 8,549,015 0.8 450,000 Province of Quebec 5.35% Jun 01/25 563,890 547,650 0.1 3,272,000 Province of Quebec 5.75% Dec 01/36 4,544,868 4,475,572 0.4 2,186,000 Province of Quebec 6.00% Oct 01/29 3,035,356 2,910,397 0.3 3,162,000 Province of Quebec 6.25% Jun 01/32 4,516,347 4,388,666 0.4 2,030,000 Province of Quebec 8.50% Apr 01/26 3,169,060 3,011,038 0.3 1,295,000 Province of Quebec 9.38% Jan 16/23 1,914,291 1,834,588 0.2 700,000 Province of Saskatchewan 1.95% Mar 01/19 717,276 712,789 0.1 490,000 Province of Saskatchewan 2.55% Jun 02/26 490,477 489,427 0.0 1,665,000 Province of Saskatchewan 2.75% Dec 02/46 1,554,966 1,476,755 0.1 854,000 Province of Saskatchewan 3.20% Jun 03/24 929,338 907,631 0.1 300,000 Province of Saskatchewan 3.30% Jun 02/48 298,191 298,830 0.0 629,000 Province of Saskatchewan 3.40% Feb 03/42 629,342 632,164 0.1 385,000 Province of Saskatchewan 3.90% Jul 28/20 424,543 417,644 0.0 1,036,000 Province of Saskatchewan 3.90% Jun 02/45 1,194,164 1,137,860 0.1 1,086,000 Province of Saskatchewan 4.75% Jun 01/40 1,405,551 1,331,251 0.1 225,000 Province of Saskatchewan 5.00% Mar 05/37 287,152 279,470 0.0 140,000 Province of Saskatchewan 5.60% Sep 05/35 186,958 184,596 0.0 150,000 Province of Saskatchewan 5.75% Mar 05/29 198,784 192,585 0.0 340,000 Province of Saskatchewan 5.80% Sep 05/33 480,078 451,897 0.0 267,000 Province of Saskatchewan 6.40% Sep 05/31 388,181 369,253 0.0 350,000 South Coast British Columbia Transportation Authority 4.45% Jun 09/44 407,943 400,246 0.0 180,000 The Regional Municipality of Peel 3.85% Oct 30/42 183,998 187,207 0.0 355,000 The Regional Municipality of Peel 5.10% Jun 29/40 462,151 441,503 0.0 250,000 The Regional Municipality of York 2.50% Jun 02/26 258,158 242,540 0.0 225,000 The Regional Municipality of York 2.60% Dec 15/25 223,763 222,091 0.0 185,000 The Regional Municipality of York 3.65% May 13/33 189,401 189,131 0.0 98,000 The Regional Municipality of York 4.00% Jun 30/21 107,901 106,897 0.0 200,000 The Regional Municipality of York 4.00% May 31/32 217,575 213,792 0.0 440,000 The Regional Municipality of York 4.05% May 01/34 495,748 465,920 0.0 430,000 The Regional Municipality of York 5.00% Apr 29/19 491,535 465,307 0.0 275,000 Toronto Hydro Corporation 3.54% Nov 18/21 300,206 295,892 0.0 444,553,131 433,253,058 38.6 Utilities 297,000 AltaLink, LP 2.75% May 29/26 305,654 296,584 0.0 414,000 AltaLink, LP 3.40% Jun 06/24 448,820 440,670 0.1 295,000 AltaLink, LP 3.67% Nov 06/23 325,051 320,821 0.0 350,000 AltaLink, LP 3.72% Dec 03/46 346,244 345,443 0.0 385,000 AltaLink, LP 3.99% Jun 30/42 404,664 396,193 0.0 100,000 AltaLink, LP 4.09% Jun 30/45 101,520 105,198 0.0 345,000 AltaLink, LP 4.92% Sep 17/43 404,397 410,854 0.0 148,572 Arrow Lakes Power 5.52% Apr 05/41 169,075 168,237 0.0 534,000 Brookfield Infrastructure Finance ULC 3.54% Oct 30/20 544,549 547,592 0.1 305,000 Brookfield Renewable Energy Partners ULC 3.75% Jun 02/25 300,685 307,791 0.0 627,000 Brookfield Renewable Energy Partners ULC 5.14% Oct 13/20 688,471 684,552 0.1 400,000 Brookfield Renewable Partners ULC 3.63% Jan 15/27 399,800 390,236 0.0 445,000 Bruce Power L.P. 2.84% Jun 23/21 455,654 451,444 0.1 400,000 Bruce Power L.P. 3.97% Jun 23/26 408,166 410,968 0.0 275,000 CU Inc. 3.76% Nov 19/46 277,841 272,324 0.0 651,000 CU Inc. 3.81% Sep 10/42 661,719 652,562 0.1 407,000 CU Inc. 3.96% Jul 27/45 426,868 417,786 0.1 555,000 CU Inc. 4.09% Sep 02/44 580,623 580,930 0.1 170,000 CU Inc. 4.54% Oct 24/41 186,726 190,454 0.0 282,000 CU Inc. 4.72% Sep 09/43 327,729 325,338 0.0 370,000 CU Inc. 6.80% Aug 13/19 438,306 419,628 0.1 564,000 Emera Incorporated 2.90% Jun 16/23 565,056 562,415 0.1 134,000 EPCOR Utilities Inc. 4.55% Feb 28/42 148,782 149,945 0.0 400,000 Fortis Inc. 2.85% Dec 12/23 399,924 401,300 0.0 191,000 Nova Scotia Power Inc. 4.50% Jul 20/43 215,575 207,512 0.0 185,000 Nova Scotia Power Inc. 5.61% Jun 15/40 235,696 230,335 0.0

14 Vanguard Canadian Aggregate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 263,000 TransAlta Corporation 5.00% Nov 25/20 261,369 269,996 0.0 370,000 TransAlta Corporation 6.40% Nov 18/19 386,833 392,148 0.0 220,000 Union Gas Limited 4.20% Jun 02/44 217,206 231,401 0.0 469,000 Union Gas Limited 4.88% Jun 21/41 542,490 540,213 0.1 120,000 Union Gas Limited 6.05% Sep 02/38 153,370 157,504 0.0 11,328,863 11,278,374 1.0 Total investments 1,141,515,967 1,117,314,231 99.5 Other assets and liabilities (net) 5,807,886 0.5 Total net assets attributable to holders of redeemable units 1,123,122,117 100.0

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Fixed income investments Provincials/Municipals 38.6 38.8 Government 29.7 29.1 Government-Related Agencies 11.4 11.8 Financial 10.8 11.0 Industrial 7.1 7.0 Utilities 1.0 0.9 Government-Related Supranational 0.9 0.7 Other assets and liabilities (net) 0.5 0.7 Net assets attributable to holders of redeemable units 100.0 100.0

15 Vanguard Canadian Short-Term Bond Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $786,744,013 $655,012,386 Cash 3,301,910 5,216,997 Amounts receivable for investments sold 35,200,760 27,324,704 Interest receivable 3,598,209 3,229,134 Total assets 828,844,892 690,783,221 Liabilities Current liabilities Amounts payable for redeemable units redeemed 2,430,640 — Amounts payable for investments purchased 34,402,336 26,764,998 Distributions payable 1,336,795 1,045,225 Accounts payable and accrued expenses 20,817 31,651 Total liabilities excluding net assets attributable to holders of redeemable units 38,190,588 27,841,874 Total net assets attributable to holders of redeemable units $790,654,304 $662,941,347 Number of redeemable units outstanding (Note 7) 32,500,000 26,800,000 Net assets attributable to holders of redeemable units per unit $24.33 $24.74

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $23,348,303 $12,583,191 Net realized gain (loss) on sale of investments (5,082,711) (921,097) Change in unrealized appreciation (depreciation) of investments (9,580,450) (813,904) Net gain (loss) on investments 8,685,142 10,848,190 Miscellaneous Income 20,663 9,605 Total income (net) 8,705,805 10,857,795 Expenses (Note 8) Management fees 1,049,061 556,986 Overdraft expenses — 246 Independent Review Committee fees 4,085 4,320 Transaction costs (Note 3) — 3,357 Total expenses 1,053,146 564,909 Expenses absorbed by manager (4,085) (4,320) Net expenses 1,049,061 560,589 Increase (decrease) in net assets attributable to holders of redeemable units $7,656,744 $10,297,206 Weighted average number of redeemable units 38,564,754 19,851,233 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.20 $0.52

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

16 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $662,941,347 $363,573,372 Increase (decrease) in net assets attributable to holders of redeemable units $7,656,744 $10,297,206 Distributions to holders of redeemable units Net investment income (22,226,697) (11,729,453) Return of capital — (23,498) (22,226,697) (11,752,951) Redeemable unit transactions Proceeds from sale of redeemable units 610,249,340 300,823,720 Payment for redeemable units redeemed (467,966,430) — 142,282,910 300,823,720 Net assets attributable to holders of redeemable units, end of year $790,654,304 $662,941,347

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $7,656,744 $10,297,206 Adjustments for: Net realized (gain) loss on sale of investments 5,082,711 921,097 Change in unrealized (appreciation) depreciation of investments 9,580,450 813,904 Purchase of investments¹ (462,462,096) (244,887,082) Proceeds from sale of investments¹ 447,591,240 241,927,970 (207,695) (1,224,111) Change in non-cash working capital (379,909) (1,314,091)

Net cash from (used in) operating activities 7,069,140 7,759,004 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 13,320,497 6,398,498 Distributions to holders of redeemable units, net of reinvested distributions (21,935,127) (11,326,636) Payment for redeemable units redeemed¹ (369,597) — Net cash from (used in) financing activities (8,984,227) (4,928,138) Net increase (decrease) in cash during the year ($1,915,087) $2,830,866 Cash, beginning of year $5,216,997 $2,386,131 Cash, end of year $3,301,910 $5,216,997 Supplemental cash flow information relating to operating activities Interest received $22,979,228 $11,255,398 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

17 Vanguard Canadian Short-Term Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets Fixed Income Investments Financial 705,000 American Express Canada Credit Corporation 2.31% Mar 29/18 710,009 713,975 0.1 495,000 Aon Finance NS 1 ULC 4.76% Mar 08/18 527,685 511,216 0.1 650,000 Aviva PLC 4.50% May 10/21 675,173 681,349 0.1 2,435,000 Bank of Montreal 1.61% Oct 28/21 2,431,194 2,382,964 0.3 1,460,000 Bank of Montreal 1.88% Mar 31/21 1,466,530 1,458,277 0.2 1,850,000 Bank of Montreal 2.10% Oct 06/20 1,870,781 1,869,425 0.2 1,045,000 Bank of Montreal 2.43% Mar 04/19 1,068,228 1,066,966 0.1 1,425,000 Bank of Montreal 2.84% Jun 04/20 1,490,105 1,477,696 0.2 1,210,000 Bank of Montreal 3.12% Sep 19/24 1,220,105 1,225,304 0.2 1,635,000 Bank of Montreal 3.21% Sep 13/18 1,696,903 1,685,440 0.2 1,500,000 Bank of Montreal 3.32% Jun 01/26 1,515,360 1,522,800 0.2 1,200,000 Bank of Montreal 3.34% Dec 08/25 1,210,473 1,223,364 0.2 2,225,000 Bank of Montreal 3.40% Apr 23/21 2,400,450 2,351,780 0.3 1,242,000 Bank of Montreal 6.02% May 02/18 1,391,706 1,319,314 0.2 1,151,000 Bank of Montreal 6.17% Mar 28/23 1,250,425 1,214,650 0.1 525,000 BMO Capital Trust II 10.22% Dec 31/2107 658,611 605,440 0.1 532,837 BP LP 3.24% Jan 09/20 549,891 543,883 0.1 800,000 Brookfield Asset Management Inc. 3.95% Apr 09/19 840,724 833,064 0.1 355,000 Brookfield Asset Management Inc. 5.30% Mar 01/21 398,783 391,679 0.0 1,501,000 Caisse Centrale Desjardins 1.75% Mar 02/20 1,498,445 1,501,465 0.2 940,000 Caisse Centrale Desjardins 2.44% Jul 17/19 962,181 960,266 0.1 1,490,000 Caisse Centrale Desjardins 2.80% Nov 19/18 1,526,251 1,527,533 0.2 1,800,000 Canadian Imperial Bank of Commerce 1.64% Jul 12/21 1,800,758 1,772,082 0.2 1,925,000 Canadian Imperial Bank of Commerce 1.70% Oct 09/18 1,934,702 1,935,453 0.2 1,504,000 Canadian Imperial Bank of Commerce 1.85% Jul 14/20 1,513,606 1,507,625 0.2 1,900,000 Canadian Imperial Bank of Commerce 1.90% Apr 26/21 1,911,496 1,891,488 0.2 2,321,000 Canadian Imperial Bank of Commerce 2.22% Mar 07/18 2,351,813 2,348,875 0.3 1,360,000 Canadian Imperial Bank of Commerce 3.00% Oct 28/24 1,361,675 1,371,016 0.2 1,000,000 Canadian Imperial Bank of Commerce 3.42% Jan 26/26 1,002,246 1,016,780 0.1 660,000 Canadian Imperial Bank of Commerce 6.00% Jun 06/23 733,046 700,300 0.1 1,068,000 Capital Desjardins Inc. 5.19% May 05/20 1,199,938 1,170,368 0.1 492,000 Choice Properties Real Estate Investment Trust 3.55% Jul 05/18 508,334 506,593 0.1 550,000 CI Financial Corp. 2.65% Dec 07/20 554,954 550,929 0.1 900,000 Citigroup Inc. 3.39% Nov 18/21 941,670 937,809 0.1 450,000 Commonwealth Bank of Australia 5.15% Apr 09/20 512,478 493,664 0.1 475,000 Fairfax Financial Holdings Limited 6.40% May 25/21 535,007 536,750 0.1 570,000 Fairfax Financial Holdings Limited 7.50% Aug 19/19 646,095 637,545 0.1 685,000 Great-West Lifeco Delaware Finance LP II 7.13% Jun 26/68 757,866 733,916 0.1 625,000 Great-West Lifeco Inc. 4.65% Aug 13/20 698,509 686,150 0.1 375,000 HCN Canadian Holdings-1 LP 3.35% Nov 25/20 382,027 386,471 0.0 275,000 Home Trust Co. 3.40% Dec 10/18 280,913 278,404 0.0 720,000 HSBC Bank Canada 1.82% Jul 07/20 712,982 715,262 0.1 1,065,000 HSBC Bank Canada 2.08% Nov 26/18 1,072,962 1,075,096 0.1 1,680,000 HSBC Bank Canada 2.45% Jan 29/21 1,697,191 1,701,974 0.2 930,000 HSBC Bank Canada 2.49% May 13/19 953,881 945,596 0.1 1,285,000 HSBC Bank Canada 2.91% Sep 29/21 1,346,483 1,323,434 0.2 1,701,000 HSBC Bank Canada 2.94% Jan 14/20 1,767,301 1,754,020 0.2 519,000 IGM Financial Inc. 7.35% Apr 08/19 606,131 581,275 0.1 400,000 Intact Financial Corporation 4.70% Aug 18/21 451,639 445,380 0.1 835,000 JPMorgan Chase & Co. 3.19% Mar 05/21 876,288 866,095 0.1 550,000 Laurentian Bank of Canada 2.50% Jan 23/20 548,589 551,887 0.1 450,000 Laurentian Bank of Canada 2.75% Apr 22/21 453,240 452,192 0.1 300,000 Laurentian Bank of Canada 2.81% Jun 13/19 311,400 305,385 0.0 970,000 Manulife Financial Capital Trust II 7.41% Dec 31/2108 1,159,434 1,103,191 0.1 400,000 Manulife Financial Corporation 5.51% Jun 26/18 435,640 422,004 0.0 807,000 Manulife Financial Corporation 7.77% Apr 08/19 962,266 908,948 0.1 900,000 Morgan Stanley 3.13% Aug 05/21 940,860 928,089 0.1 1,340,000 National Bank of Canada 1.74% Mar 03/20 1,341,253 1,339,290 0.2 900,000 National Bank of Canada 1.81% Jul 26/21 904,091 890,577 0.1 965,000 National Bank of Canada 2.40% Oct 28/19 974,963 986,211 0.1 880,000 National Bank of Canada 2.79% Aug 09/18 906,475 900,654 0.1 475,000 NBC Asset Trust 7.24% Dec 29/49 530,148 511,379 0.1 610,000 RBC Capital Trust 6.82% Dec 29/49 682,168 652,578 0.1 421,000 RioCan Real Estate Investment Trust 3.85% Jun 28/19 446,026 440,661 0.1

18 Vanguard Canadian Short-Term Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 2,150,000 Royal Bank of Canada 1.58% Sep 13/21 2,150,305 2,107,323 0.3 1,925,000 Royal Bank of Canada 1.65% Jul 15/21 1,925,263 1,893,584 0.2 2,085,000 Royal Bank of Canada 1.92% Jul 17/20 2,105,801 2,090,588 0.3 2,240,000 Royal Bank of Canada 2.03% Mar 15/21 2,254,322 2,246,451 0.3 2,800,000 Royal Bank of Canada 2.26% Mar 12/18 2,826,645 2,834,496 0.4 1,475,000 Royal Bank of Canada 2.35% Dec 09/19 1,498,049 1,502,627 0.2 2,830,000 Royal Bank of Canada 2.77% Dec 11/18 2,913,604 2,902,731 0.4 2,760,000 Royal Bank of Canada 2.82% Jul 12/18 2,832,901 2,822,624 0.4 2,595,000 Royal Bank of Canada 2.86% Mar 04/21 2,727,667 2,683,931 0.3 940,000 Royal Bank of Canada 2.89% Oct 11/18 962,275 964,694 0.1 1,170,000 Royal Bank of Canada 2.98% May 07/19 1,222,779 1,208,259 0.1 2,992,000 Royal Bank of Canada 2.99% Dec 06/24 3,074,463 3,082,299 0.4 945,000 Royal Bank of Canada 3.04% Jul 17/24 949,101 954,752 0.1 1,700,000 Royal Bank of Canada 3.31% Jan 20/26 1,703,976 1,725,041 0.2 1,190,000 Royal Bank of Canada 3.45% Sep 29/26 1,225,594 1,213,455 0.1 650,000 Sun Life Financial Inc. 2.60% Sep 25/25 649,578 655,272 0.1 550,000 Sun Life Financial Inc. 3.10% Feb 19/26 552,859 564,234 0.1 443,000 Sun Life Financial Inc. 5.59% Jan 30/23 483,698 461,557 0.1 650,000 Sun Life Financial Inc. 5.70% Jul 02/19 727,518 713,817 0.1 1,205,000 TD Capital Trust III 7.24% Dec 29/49 1,392,185 1,326,500 0.2 900,000 TD Capital Trust IV 6.63% Jun 30/2108 1,051,365 1,040,265 0.1 2,080,000 The Bank of Nova Scotia 1.33% May 01/18 2,078,804 2,082,579 0.3 2,185,000 The Bank of Nova Scotia 2.09% Sep 09/20 2,207,023 2,205,255 0.3 1,931,000 The Bank of Nova Scotia 2.13% Jun 15/20 1,954,659 1,950,928 0.2 3,015,000 The Bank of Nova Scotia 2.24% Mar 22/18 3,051,219 3,051,813 0.4 805,000 The Bank of Nova Scotia 2.27% Jan 13/20 817,461 818,645 0.1 775,000 The Bank of Nova Scotia 2.37% Jan 11/18 790,667 784,401 0.1 2,520,000 The Bank of Nova Scotia 2.40% Oct 28/19 2,570,803 2,572,290 0.3 1,630,000 The Bank of Nova Scotia 2.46% Mar 14/19 1,659,631 1,663,676 0.2 750,000 The Bank of Nova Scotia 2.75% Aug 13/18 757,386 766,305 0.1 1,160,000 The Bank of Nova Scotia 2.87% Jun 04/21 1,226,306 1,203,604 0.1 1,965,000 The Bank of Nova Scotia 3.04% Oct 18/24 2,012,882 2,027,487 0.3 1,608,000 The Bank of Nova Scotia 3.27% Jan 11/21 1,698,943 1,692,645 0.2 1,030,000 The Bank of Nova Scotia 3.37% Dec 08/25 1,040,885 1,050,312 0.1 913,000 The Manufacturers Life Insurance Company 2.10% Jun 01/25 904,286 909,056 0.1 455,000 The Manufacturers Life Insurance Company 2.39% Jan 05/26 449,692 455,341 0.1 500,000 The Manufacturers Life Insurance Company 2.64% Jan 15/25 516,010 506,670 0.1 745,000 The Manufacturers Life Insurance Company 2.81% Feb 21/24 757,322 757,494 0.1 2,280,000 The Toronto-Dominion Bank 1.69% Apr 02/20 2,285,195 2,280,980 0.3 1,730,000 The Toronto-Dominion Bank 2.05% Mar 08/21 1,734,973 1,738,079 0.2 2,695,000 The Toronto-Dominion Bank 2.17% Apr 02/18 2,714,644 2,726,882 0.3 1,454,000 The Toronto-Dominion Bank 2.45% Apr 02/19 1,485,904 1,484,505 0.2 1,880,000 The Toronto-Dominion Bank 2.56% Jun 24/20 1,941,917 1,928,692 0.2 1,230,000 The Toronto-Dominion Bank 2.98% Sep 30/25 1,221,263 1,238,659 0.2 905,000 The Toronto-Dominion Bank 5.83% Jul 09/23 981,308 961,807 0.1 650,000 Wells Fargo & Company 2.22% Mar 15/21 650,918 649,324 0.1 890,000 Wells Fargo Canada Corporation 2.78% Nov 15/18 913,585 911,387 0.1 1,735,000 Wells Fargo Canada Corporation 2.94% Jul 25/19 1,807,461 1,791,127 0.2 2,200,000 Wells Fargo Canada Corporation 3.04% Jan 29/21 2,311,011 2,291,696 0.3 144,840,663 143,827,385 18.2 Government 19,100,000 Government of Canada 0.25% May 01/18 18,988,925 18,982,917 2.4 17,725,000 Government of Canada 0.50% Aug 01/18 17,702,014 17,648,428 2.2 17,180,000 Government of Canada 0.50% Nov 01/18 17,136,561 17,103,549 2.2 17,209,000 Government of Canada 0.75% Sep 01/20 17,217,345 16,931,763 2.1 19,325,000 Government of Canada 0.75% Mar 01/21 19,400,555 19,072,809 2.4 24,920,000 Government of Canada 0.75% Sep 01/21 24,918,700 24,504,085 3.1 22,140,000 Government of Canada 1.25% Feb 01/18 22,476,983 22,287,895 2.8 11,265,000 Government of Canada 1.25% Mar 01/18 11,397,607 11,336,533 1.4 13,995,000 Government of Canada 1.25% Sep 01/18 14,156,198 14,112,978 1.8 14,335,000 Government of Canada 1.50% Mar 01/20 14,732,880 14,587,583 1.8 17,745,000 Government of Canada 1.75% Mar 01/19 18,188,307 18,100,077 2.3 17,410,000 Government of Canada 1.75% Sep 01/19 17,971,756 17,833,759 2.3 13,425,000 Government of Canada 3.25% Jun 01/21 15,014,683 14,668,960 1.9 13,335,000 Government of Canada 3.50% Jun 01/20 15,042,340 14,471,542 1.8 25,475,000 Government of Canada 3.75% Jun 01/19 27,984,611 27,261,817 3.5 13,740,000 Government of Canada 4.25% Jun 01/18 14,900,058 14,426,176 1.8 287,229,523 283,330,871 35.8

19 Vanguard Canadian Short-Term Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets Government-Related Agencies 960,000 Bank Nederlandse Gemeenten NV 4.55% Feb 15/19 1,045,681 1,017,686 0.1 730,000 Cadillac Fairview Finance Trust 3.64% May 09/18 763,007 752,922 0.1 6,000,000 Canada Housing Trust No. 1 1.15% Dec 15/21 5,888,460 5,886,480 0.7 6,140,000 Canada Housing Trust No. 1 1.20% Jun 15/20 6,124,233 6,127,904 0.8 11,445,000 Canada Housing Trust No. 1 1.25% Dec 15/20 11,477,224 11,401,623 1.4 12,510,000 Canada Housing Trust No. 1 1.25% Jun 15/21 12,638,965 12,397,910 1.6 5,146,000 Canada Housing Trust No. 1 1.45% Jun 15/20 5,226,262 5,178,986 0.7 6,000,000 Canada Housing Trust No. 1 1.50% Dec 15/21 5,987,340 5,987,340 0.8 5,651,000 Canada Housing Trust No. 1 1.75% Jun 15/18 5,695,358 5,729,775 0.7 10,210,000 Canada Housing Trust No. 1 1.95% Jun 15/19 10,467,921 10,438,194 1.3 13,730,000 Canada Housing Trust No. 1 2.00% Dec 15/19 14,202,737 14,070,229 1.8 6,345,000 Canada Housing Trust No. 1 2.05% Jun 15/18 6,475,823 6,460,669 0.8 12,261,000 Canada Housing Trust No. 1 2.35% Dec 15/18 12,763,243 12,601,120 1.6 5,950,000 Canada Housing Trust No. 1 3.35% Dec 15/20 6,550,560 6,405,592 0.8 5,725,000 Canada Housing Trust No. 1 3.75% Mar 15/20 6,366,948 6,185,004 0.8 7,125,000 Canada Housing Trust No. 1 3.80% Jun 15/21 8,021,982 7,843,129 1.0 8,000,000 Canada Housing Trust No. 1 4.10% Dec 15/18 8,688,146 8,490,800 1.1 1,180,000 CDP Financial Inc. 4.60% Jul 15/20 1,344,144 1,297,339 0.2 1,155,000 CPPIB Capital Inc. 1.00% Jan 15/19 1,154,516 1,151,928 0.2 1,830,000 CPPIB Capital Inc. 1.10% Jun 10/19 1,829,671 1,823,192 0.2 1,150,000 CPPIB Capital Inc. 1.40% Jun 04/20 1,153,693 1,146,217 0.1 700,000 Japan Bank for International Cooperation 2.30% Mar 19/18 711,403 706,111 0.1 2,370,000 KfW 1.38% Jan 28/20 2,366,571 2,366,879 0.3 695,000 KfW 1.75% Oct 29/19 709,738 703,006 0.1 1,100,000 KfW 1.88% Jun 13/18 1,121,953 1,111,187 0.1 98,000 Kommunalbanken AS 4.48% Feb 15/19 106,996 103,892 0.0 500,000 Landwirtschaftliche Rentenbank 1.88% Nov 21/19 499,120 507,645 0.1 1,470,000 PSP Capital Inc. 1.34% Aug 18/21 1,469,574 1,445,289 0.2 790,000 Svensk Exportkredit AB 4.45% Mar 15/19 859,321 841,819 0.1 230,000 The Export-Import Bank of Korea 2.71% Dec 05/19 230,000 233,756 0.0 141,940,590 140,413,623 17.8 Government-Related Supranational 1,000,000 Asian Development Bank 1.38% Jun 11/20 1,006,121 997,531 0.1 3,020,000 European Investment Bank 1.13% Feb 18/20 3,017,297 2,990,132 0.4 415,000 European Investment Bank 1.25% Nov 05/20 419,158 409,788 0.1 100,000 European Investment Bank 1.75% Apr 24/18 101,119 101,011 0.0 705,000 European Investment Bank 2.13% Feb 04/19 735,538 717,387 0.1 1,570,000 European Investment Bank 2.63% Sep 24/18 1,634,506 1,607,413 0.2 500,000 Inter-American Development Bank 1.88% Mar 20/20 513,270 505,555 0.1 1,470,000 International Bank for Reconstruction and Development 1.13% Mar 11/20 1,469,736 1,457,093 0.2 930,000 International Bank for Reconstruction and Development 1.25% Mar 18/21 923,344 917,259 0.1 990,000 International Bank for Reconstruction and Development 1.88% May 30/19 1,016,061 1,005,068 0.1 331,000 International Bank for Reconstruction and Development 2.13% Oct 30/18 336,388 336,806 0.0 11,172,538 11,045,043 1.4 Industrial 395,000 407 International Inc. 4.30% May 26/21 446,246 433,892 0.1 639,000 407 International Inc. 4.99% Jun 16/20 729,565 711,801 0.1 449,000 Alimentation Couche-Tard Inc. 3.32% Nov 01/19 468,757 467,045 0.1 573,000 Alimentation Couche-Tard Inc. 4.21% Aug 21/20 619,485 615,029 0.1 375,000 APT Pipelines, Ltd. 4.25% Jul 24/19 395,706 389,025 0.0 1,189,000 AT&T Inc. 3.83% Nov 25/20 1,266,387 1,248,866 0.2 1,000,000 Bell Canada 2.00% Oct 01/21 1,001,140 988,850 0.1 450,000 Bell Canada 3.15% Sep 29/21 474,525 468,526 0.1 657,000 Bell Canada 3.25% Jun 17/20 687,192 685,809 0.1 1,002,000 Bell Canada 3.35% Jun 18/19 1,039,982 1,041,980 0.1 260,000 Bell Canada 3.50% Sep 10/18 267,217 268,835 0.0 1,540,000 Bell Canada 3.54% Jun 12/20 1,629,325 1,619,418 0.2 1,945,000 Bell Canada 4.40% Mar 16/18 2,068,078 2,016,440 0.3 65,000 Bell Canada 4.88% Apr 26/18 70,459 67,913 0.0 782,000 Bell Canada 4.95% May 19/21 888,151 871,492 0.1 320,000 Bell Canada 5.52% Feb 26/19 358,057 345,722 0.0 400,000 BMW Canada Inc. 1.78% Oct 19/20 402,428 396,820 0.1 355,000 BMW Canada Inc. 1.83% Jun 15/21 355,054 352,611 0.0 610,000 BP Capital Markets PLC 3.50% Nov 09/20 645,731 640,116 0.1 605,000 Cameco Corporation 5.67% Sep 02/19 670,069 646,836 0.1 1,235,000 Canadian Natural Resources, Ltd. 2.60% Dec 03/19 1,215,546 1,247,066 0.2 735,000 Canadian Natural Resources, Ltd. 2.89% Aug 14/20 737,883 746,370 0.1 280,000 Canadian Natural Resources, Ltd. 3.05% Jun 19/19 283,150 285,846 0.0

20 Vanguard Canadian Short-Term Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 515,000 Canadian Pacific Railway Company 6.25% Jun 01/18 569,372 548,810 0.1 400,000 Capital Power Corp. 5.28% Nov 16/20 412,372 430,692 0.1 420,000 Caterpillar Financial Services Limited 2.29% Jun 01/18 426,014 425,317 0.1 767,000 Daimler Canada Finance Inc. 1.78% Aug 19/19 759,215 766,149 0.1 640,000 Daimler Canada Finance Inc. 1.91% Jul 08/21 640,640 633,952 0.1 200,000 Daimler Canada Finance Inc. 2.23% Dec 16/21 199,982 199,078 0.0 65,000 Daimler Canada Finance Inc. 2.27% Mar 26/18 65,571 65,656 0.0 545,000 Enbridge Gas Distribution Inc. 4.04% Nov 23/20 594,892 590,813 0.1 545,000 Enbridge Inc. 3.16% Mar 11/21 555,993 562,925 0.1 778,000 Enbridge Inc. 4.53% Mar 09/20 840,426 836,996 0.1 293,000 Enbridge Inc. 4.77% Sep 02/19 321,738 315,286 0.0 379,000 Enbridge Income Fund 4.10% Feb 22/19 396,966 396,059 0.1 195,000 Enbridge Pipelines Inc. 4.45% Apr 06/20 214,483 211,183 0.0 355,000 Enbridge Pipelines Inc. 4.49% Nov 12/19 384,797 382,654 0.0 611,000 Enbridge Pipelines Inc. 6.62% Nov 19/18 719,092 668,911 0.1 432,000 Finning International Inc. 6.02% Jun 01/18 474,963 455,255 0.1 900,000 Ford Credit Canada Limited 2.58% May 10/21 900,000 892,728 0.1 1,048,000 Ford Credit Canada Limited 2.92% Sep 16/20 1,059,048 1,058,092 0.1 1,035,000 Ford Credit Canada Limited 3.14% Jun 14/19 1,050,404 1,060,927 0.1 320,000 Ford Credit Canada Limited 3.28% Jul 02/21 331,472 326,304 0.0 372,000 Ford Credit Canada Limited 3.70% Aug 02/18 390,659 382,777 0.0 255,000 Greater Toronto Airports Authority 1.51% Feb 16/21 254,975 253,279 0.0 355,000 Honda Canada Finance Inc. 2.16% Feb 18/21 353,580 357,851 0.0 505,000 Husky Energy Inc. 5.00% Mar 12/20 545,664 546,456 0.1 740,000 Inter Pipeline, Ltd. 3.45% Jul 20/20 776,890 776,889 0.1 385,000 Inter Pipeline, Ltd. 4.97% Feb 02/21 419,847 425,848 0.1 300,000 John Deere Canada Funding Inc. 2.05% Sep 17/20 299,760 301,620 0.0 210,000 John Deere Canada Funding Inc. 2.30% Jan 17/18 211,919 212,656 0.0 75,000 John Deere Canada Funding Inc. 2.35% Jun 24/19 76,582 76,426 0.0 910,000 John Deere Canada Funding Inc. 2.65% Jul 16/18 932,157 928,873 0.1 330,000 Kraft Canada Inc. 2.70% Jul 06/20 336,533 335,432 0.0 1,044,000 Loblaw Companies Limited 3.75% Mar 12/19 1,103,461 1,090,541 0.1 445,000 Loblaw Companies Limited 5.22% Jun 18/20 501,118 492,473 0.1 355,000 Molson Coors International LP 2.25% Sep 18/18 352,521 357,936 0.0 675,000 Molson Coors International LP 2.75% Sep 18/20 674,701 685,287 0.1 494,000 NAV Canada 1.95% Apr 19/18 493,770 499,049 0.1 640,000 Nissan Canada Financial Services Inc. 1.58% Oct 07/19 640,000 637,306 0.1 350,000 Reliance LP 3.81% Sep 15/20 350,921 351,511 0.0 335,000 Rogers Communications Inc. 2.80% Mar 13/19 337,877 343,392 0.0 324,000 Rogers Communications Inc. 4.70% Sep 29/20 355,214 354,832 0.0 1,730,000 Rogers Communications Inc. 5.34% Mar 22/21 1,981,959 1,949,001 0.2 1,505,000 Rogers Communications Inc. 5.38% Nov 04/19 1,688,260 1,652,099 0.2 95,000 Saputo Inc. 2.20% Jun 23/21 95,000 94,827 0.0 705,000 Saputo Inc. 2.65% Nov 26/19 723,102 722,068 0.1 385,000 Shaw Communications Inc. 3.15% Feb 19/21 388,220 392,892 0.1 626,000 Shaw Communications Inc. 5.50% Dec 07/20 699,528 694,497 0.1 1,496,000 Shaw Communications Inc. 5.65% Oct 01/19 1,666,091 1,632,286 0.2 431,000 SNC-Lavalin Group Inc. 6.19% Jul 03/19 486,856 471,846 0.1 1,000,000 Suncor Energy Inc. 3.10% Nov 26/21 1,045,260 1,041,560 0.1 725,000 Suncor Energy Inc. 5.80% May 22/18 812,787 769,087 0.1 450,000 TELUS Corporation 3.20% Apr 05/21 471,195 468,166 0.1 1,125,000 TELUS Corporation 3.60% Jan 26/21 1,193,993 1,188,574 0.2 894,000 TELUS Corporation 5.05% Dec 04/19 996,278 976,302 0.1 909,000 TELUS Corporation 5.05% Jul 23/20 1,026,102 1,001,736 0.1 885,000 Teranet Holdings LP 4.81% Dec 16/20 969,672 955,729 0.1 725,000 Thomson Reuters Corporation 3.31% Nov 12/21 755,993 751,346 0.1 816,000 Thomson Reuters Corporation 3.37% May 23/19 845,976 844,323 0.1 705,000 Thomson Reuters Corporation 4.35% Sep 30/20 760,577 757,783 0.1 355,000 Toyota Credit Canada Inc. 1.75% Jul 21/21 355,036 350,087 0.0 640,000 Toyota Credit Canada Inc. 1.80% Feb 19/20 641,386 639,974 0.1 435,000 Toyota Credit Canada Inc. 2.20% Feb 25/21 435,054 439,111 0.1 295,000 Toyota Credit Canada Inc. 2.25% May 23/19 297,927 299,457 0.0 660,000 Toyota Credit Canada Inc. 2.80% Nov 21/18 682,058 674,883 0.1 580,000 TransCanada PipeLines Limited 3.65% Nov 15/21 626,000 623,309 0.1 815,000 Veresen Inc. 3.43% Nov 10/21 814,927 813,957 0.1 560,000 VW Credit Canada, Inc. 1.60% Apr 04/18 544,413 559,339 0.1 355,000 VW Credit Canada, Inc. 2.15% Jun 24/20 357,556 351,411 0.0 740,000 VW Credit Canada, Inc. 2.50% Oct 01/19 740,875 744,669 0.1 30,000 VW Credit Canada, Inc. 2.80% Aug 20/18 29,721 30,429 0.0 415,000 Westcoast Energy Inc. 5.60% Jan 16/19 456,343 445,590 0.1 475,000 WestJet Airlines, Ltd. 3.29% Jul 23/19 478,965 484,457 0.1 60,112,832 59,615,324 7.5

21 Vanguard Canadian Short-Term Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets Provincials/Municipals 700,000 City of Montreal 4.50% Dec 01/21 778,785 779,303 0.1 900,000 City of Montreal 5.00% Dec 01/18 1,011,756 961,785 0.1 660,000 City of Montreal 5.45% Dec 01/19 750,223 731,795 0.1 500,000 City of Toronto 3.50% Dec 06/21 535,550 535,465 0.1 745,000 City of Toronto 4.50% Dec 02/19 828,918 807,863 0.1 320,000 City of Toronto 4.95% Jun 27/18 356,828 337,853 0.0 2,030,000 Financement-Quebec 2.40% Dec 01/18 2,095,010 2,082,049 0.3 1,575,000 Financement-Quebec 2.45% Dec 01/19 1,631,894 1,626,487 0.2 800,000 Hydro One Inc. 1.48% Nov 18/19 800,480 799,312 0.1 437,000 Hydro One Inc. 1.62% Apr 30/20 439,679 436,449 0.1 225,000 Hydro One Inc. 1.84% Feb 24/21 224,577 225,452 0.0 277,000 Hydro One Inc. 2.78% Oct 09/18 284,574 284,022 0.0 912,500 Hydro One Inc. 4.40% Jun 01/20 1,014,001 994,306 0.1 1,220,000 Hydro-Quebec 1.00% May 25/19 1,215,193 1,215,388 0.2 1,200,000 Hydro-Quebec 10.50% Oct 15/21 1,722,300 1,678,284 0.2 1,495,000 Hydro-Quebec 11.00% Aug 15/20 2,134,104 1,990,054 0.3 300,000 KommuneKredit 0.88% Aug 07/18 299,850 298,134 0.0 805,000 Municipal Finance Authority of British Columbia 1.65% Apr 19/21 810,658 800,073 0.1 255,000 Municipal Finance Authority of British Columbia 2.05% Jun 02/19 259,795 259,266 0.0 705,000 Municipal Finance Authority of British Columbia 4.15% Jun 01/21 794,183 774,231 0.1 385,000 Municipal Finance Authority of British Columbia 4.45% Jun 01/20 436,398 421,217 0.1 580,000 Municipal Finance Authority of British Columbia 4.60% Apr 23/18 630,832 606,697 0.1 195,000 Municipal Finance Authority of British Columbia 4.88% Jun 03/19 220,448 211,236 0.0 1,994,000 Municipal Finance Authority of British Columbia 5.10% Nov 20/18 2,198,326 2,138,106 0.3 700,000 Ontario Electricity Financial Corporation 10.00% Feb 06/20 936,308 879,802 0.1 1,500,000 Ontario Electricity Financial Corporation 10.13% Oct 15/21 2,122,350 2,058,120 0.3 339,000 Ontario Electricity Financial Corporation 10.75% Aug 06/21 485,309 473,105 0.1 3,310,000 Province of Alberta 1.35% Sep 01/21 3,319,981 3,263,034 0.4 1,025,000 Province of Alberta 1.60% Jun 15/18 1,036,576 1,035,322 0.1 612,000 Province of Alberta 2.00% Jun 01/19 626,834 624,136 0.1 1,730,000 Province of Alberta 4.00% Dec 01/19 1,910,766 1,863,660 0.2 1,300,000 Province of British Columbia 2.25% Mar 01/19 1,352,723 1,333,709 0.2 2,300,000 Province of British Columbia 3.25% Dec 18/21 2,477,077 2,477,077 0.3 2,875,000 Province of British Columbia 3.70% Dec 18/20 3,196,694 3,122,595 0.4 1,636,000 Province of British Columbia 4.10% Dec 18/19 1,811,049 1,771,085 0.2 2,045,000 Province of British Columbia 4.65% Dec 18/18 2,264,214 2,190,215 0.3 195,000 Province of British Columbia 10.60% Sep 05/20 271,812 257,605 0.0 800,000 Province of Manitoba 1.15% Nov 21/19 798,192 796,376 0.1 1,090,000 Province of Manitoba 1.55% Sep 05/21 1,103,462 1,084,724 0.1 490,000 Province of Manitoba 1.60% Sep 05/20 493,479 492,122 0.1 225,000 Province of Manitoba 1.85% Sep 05/18 231,001 228,170 0.0 600,000 Province of Manitoba 3.85% Dec 01/21 658,998 659,286 0.1 975,000 Province of Manitoba 4.15% Jun 03/20 1,092,760 1,062,292 0.1 680,000 Province of Manitoba 4.75% Feb 11/20 784,059 749,326 0.1 675,000 Province of Manitoba 5.50% Nov 15/18 760,296 730,370 0.1 1,100,000 Province of New Brunswick 3.35% Dec 03/21 1,180,542 1,180,355 0.1 1,060,000 Province of New Brunswick 4.40% Jun 03/19 1,170,458 1,139,754 0.1 1,180,000 Province of New Brunswick 4.45% Mar 26/18 1,275,798 1,231,059 0.2 1,590,000 Province of New Brunswick 4.50% Jun 02/20 1,803,019 1,750,113 0.2 950,000 Province of Newfoundland 1.75% Mar 24/21 949,475 943,131 0.1 1,075,000 Province of Nova Scotia 4.10% Jun 01/21 1,217,618 1,185,026 0.1 1,091,000 Province of Nova Scotia 4.15% Nov 25/19 1,211,846 1,178,487 0.1 426,000 Province of Ontario 1.75% Oct 09/18 435,497 431,662 0.1 9,293,000 Province of Ontario 2.10% Sep 08/18 9,503,451 9,466,129 1.2 5,285,000 Province of Ontario 2.10% Sep 08/19 5,448,827 5,405,551 0.7 10,355,000 Province of Ontario 4.00% Jun 02/21 11,719,563 11,394,849 1.4 2,750,000 Province of Ontario 4.20% Mar 08/18 2,941,736 2,857,553 0.4 12,693,000 Province of Ontario 4.20% Jun 02/20 14,280,257 13,867,229 1.8 9,031,000 Province of Ontario 4.40% Jun 02/19 9,983,212 9,723,226 1.2 470,000 Province of Ontario 4.85% Jun 02/20 541,109 523,599 0.1 1,140,000 Province of Ontario 5.50% Jun 02/18 1,284,598 1,213,028 0.2 8,850,000 Province of Quebec 4.25% Dec 01/21 9,898,111 9,898,991 1.3 5,655,000 Province of Quebec 4.50% Dec 01/18 6,193,172 6,025,572 0.8 5,940,000 Province of Quebec 4.50% Dec 01/19 6,693,175 6,483,332 0.8 7,215,000 Province of Quebec 4.50% Dec 01/20 8,244,811 8,032,965 1.0 705,000 Province of Saskatchewan 1.95% Mar 01/19 721,594 717,880 0.1 325,000 Province of Saskatchewan 3.90% Jul 28/20 362,194 352,557 0.0 350,000 Societe de Transport de Montreal 5.00% Dec 01/19 391,825 381,966 0.0 350,000 South Coast British Columbia Transportation Authority 3.80% Nov 02/20 383,250 376,831 0.0

22 Vanguard Canadian Short-Term Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 580,000 The Regional Municipality of York 4.00% Jun 30/21 648,399 632,658 0.1 450,000 The Regional Municipality of York 5.00% Apr 29/19 504,916 486,950 0.1 400,000 Toronto Hydro Corporation 3.54% Nov 18/21 432,308 430,388 0.1 148,629,063 145,457,799 18.4 Utilities 400,000 Brookfield Infrastructure Finance ULC 3.54% Oct 30/20 399,968 410,181 0.0 549,000 Brookfield Renewable Energy Partners ULC 5.14% Oct 13/20 608,114 599,393 0.1 725,000 Bruce Power L.P. 2.84% Jun 23/21 733,864 735,498 0.1 355,000 CU Inc. 6.80% Aug 13/19 422,724 402,616 0.0 475,000 TransAlta Corporation 5.00% Nov 25/20 440,413 487,635 0.1 395,000 TransAlta Corporation 6.40% Nov 18/19 431,456 418,645 0.1 3,036,539 3,053,968 0.4 Total investments 796,961,748 786,744,013 99.5 Other assets and liabilities (net) 3,910,291 0.5 Total net assets attributable to holders of redeemable units 790,654,304 100.0

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Fixed income investments Government 35.8 34.4 Provincials/Municipals 18.4 17.8 Financial 18.2 20.3 Government-Related Agencies 17.8 16.9 Industrial 7.5 7.2 Government-Related Supranational 1.4 1.2 Utilities 0.4 1.0 Other assets and liabilities (net) 0.5 1.2 Net assets attributable to holders of redeemable units 100.0 100.0

23 Vanguard Canadian Short-Term Corporate Bond Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $1,003,168,483 $699,733,628 Cash 6,621,051 6,124,017 Amounts receivable for redeemable units issued 2,461,270 — Amounts receivable for investments sold 28,681,019 30,869,747 Interest receivable 7,666,495 5,655,084 Total assets 1,048,598,318 742,382,476 Liabilities Current liabilities Amounts payable for investments purchased 36,930,629 31,315,994 Distributions payable 2,029,499 1,513,140 Accounts payable and accrued expenses 29,651 34,945 Total liabilities excluding net assets attributable to holders of redeemable units 38,989,779 32,864,079 Total net assets attributable to holders of redeemable units $1,009,608,539 $709,518,397 Number of redeemable units outstanding (Note 7) 41,000,000 28,600,000 Net assets attributable to holders of redeemable units per unit $24.62 $24.81

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $25,453,016 $18,455,530 Net realized gain (loss) on sale of investments (3,674,013) (1,467,667) Change in unrealized appreciation (depreciation) of investments (3,640,523) (3,157,620) Net gain (loss) on investments 18,138,480 13,830,243 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (25) — Net realized gain (loss) on futures contracts (20,700) (14,662) Net gain (loss) on derivatives (20,725) (14,662) Miscellaneous Income 4,926 23,756 Net realized gain (loss) on foreign currency transactions (313) — Total income (net) 18,122,368 13,839,337 Expenses (Note 8) Management fees 921,148 640,572 Independent Review Committee fees 4,085 4,320 Transaction costs (Note 3) 315 214 Total expenses 925,548 645,106 Expenses absorbed by manager (4,085) (4,320) Net expenses 921,463 640,786 Increase (decrease) in net assets attributable to holders of redeemable units $17,200,905 $13,198,551 Weighted average number of redeemable units 33,875,683 23,093,151 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.51 $0.57

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

24 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $709,518,397 $476,251,639 Increase (decrease) in net assets attributable to holders of redeemable units $17,200,905 $13,198,551 Distributions to holders of redeemable units Net investment income (24,293,441) (17,459,773) Return of capital (34,752) (68,790) (24,328,193) (17,528,563) Redeemable unit transactions Proceeds from sale of redeemable units 307,217,430 260,311,300 Payment for redeemable units redeemed — (22,714,530) 307,217,430 237,596,770 Net assets attributable to holders of redeemable units, end of year $1,009,608,539 $709,518,397

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $17,200,905 $13,198,551 Adjustments for: Net realized (gain) loss on sale of investments 3,674,013 1,467,667 Change in unrealized (appreciation) depreciation of investments 3,640,523 3,157,620 Purchase of investments¹ (472,485,203) (324,656,797) Proceeds from sale of investments¹ 471,619,027 313,068,976 6,448,360 (6,962,534) Change in non-cash working capital (2,016,705) (1,696,286) Net cash from (used in) operating activities 21,632,560 4,539,731 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 2,676,308 11,245,430 Distributions to holders of redeemable units, net of reinvested distributions (23,811,834) (17,034,313) Payment for redeemable units redeemed¹ — (587,558) Net cash from (used in) financing activities (21,135,526) (6,376,441) Net increase (decrease) in cash during the year $497,034 ($1,836,710) Cash, beginning of year $6,124,017 $7,960,727 Cash, end of year $6,621,051 $6,124,017 Supplemental cash flow information relating to operating activities Interest received $23,441,605 $16,747,603 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

25 Vanguard Canadian Short-Term Corporate Bond Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets Fixed Income Investments Financial 3,159,000 American Express Canada Credit Corporation 2.31% Mar 29/18 3,188,422 3,199,214 0.3 2,213,000 Aon Finance NS 1 ULC 4.76% Mar 08/18 2,348,175 2,285,498 0.2 1,900,000 Aviva PLC 4.50% May 10/21 1,973,587 1,991,637 0.2 10,575,000 Bank of Montreal 1.61% Oct 28/21 10,556,497 10,349,012 1.0 7,690,000 Bank of Montreal 1.88% Mar 31/21 7,710,474 7,680,926 0.8 8,870,000 Bank of Montreal 2.10% Oct 06/20 8,931,562 8,963,135 0.9 3,897,000 Bank of Montreal 2.43% Mar 04/19 3,958,351 3,978,915 0.4 7,723,000 Bank of Montreal 2.84% Jun 04/20 8,062,035 8,008,597 0.8 5,000,000 Bank of Montreal 3.12% Sep 19/24 5,068,486 5,063,240 0.5 6,776,000 Bank of Montreal 3.21% Sep 13/18 7,054,957 6,985,040 0.7 6,240,000 Bank of Montreal 3.32% Jun 01/26 6,330,470 6,334,848 0.6 5,500,000 Bank of Montreal 3.34% Dec 08/25 5,560,572 5,607,085 0.6 6,710,000 Bank of Montreal 3.40% Apr 23/21 7,207,943 7,092,336 0.7 5,120,000 Bank of Montreal 6.02% May 02/18 5,739,793 5,438,720 0.5 4,606,000 Bank of Montreal 6.17% Mar 28/23 5,164,000 4,860,712 0.5 2,300,000 BMO Capital Trust II 10.22% Dec 31/2107 2,902,200 2,652,406 0.3 2,170,268 BP LP 3.24% Jan 09/20 2,237,938 2,215,257 0.2 2,989,000 Brookfield Asset Management Inc. 3.95% Apr 09/19 3,137,024 3,112,535 0.3 1,843,000 Brookfield Asset Management Inc. 5.30% Mar 01/21 2,073,505 2,033,419 0.2 8,034,000 Caisse Centrale Desjardins 1.75% Mar 02/20 8,030,060 8,036,491 0.8 3,699,000 Caisse Centrale Desjardins 2.44% Jul 17/19 3,749,863 3,778,750 0.4 6,239,000 Caisse Centrale Desjardins 2.80% Nov 19/18 6,383,765 6,396,160 0.6 7,662,000 Canadian Imperial Bank of Commerce 1.64% Jul 12/21 7,651,545 7,543,162 0.7 8,954,000 Canadian Imperial Bank of Commerce 1.70% Oct 09/18 8,988,011 9,002,620 0.9 6,572,000 Canadian Imperial Bank of Commerce 1.85% Jul 14/20 6,607,779 6,587,839 0.7 7,875,000 Canadian Imperial Bank of Commerce 1.90% Apr 26/21 7,922,119 7,839,720 0.8 10,153,000 Canadian Imperial Bank of Commerce 2.22% Mar 07/18 10,248,148 10,274,938 1.0 5,000,000 Canadian Imperial Bank of Commerce 3.00% Oct 28/24 5,012,212 5,040,500 0.5 5,150,000 Canadian Imperial Bank of Commerce 3.42% Jan 26/26 5,184,992 5,236,417 0.5 3,046,000 Canadian Imperial Bank of Commerce 6.00% Jun 06/23 3,388,435 3,231,989 0.3 4,794,000 Capital Desjardins Inc. 5.19% May 05/20 5,416,747 5,253,505 0.5 1,827,000 Choice Properties Real Estate Investment Trust 3.55% Jul 05/18 1,901,497 1,881,189 0.2 2,125,000 CI Financial Corp. 2.65% Dec 07/20 2,135,835 2,128,591 0.2 3,500,000 Citigroup Inc. 3.39% Nov 18/21 3,662,050 3,647,035 0.4 1,750,000 Commonwealth Bank of Australia 5.15% Apr 09/20 1,991,601 1,919,803 0.2 2,010,000 Fairfax Financial Holdings Limited 6.40% May 25/21 2,264,883 2,271,300 0.2 2,230,000 Fairfax Financial Holdings Limited 7.50% Aug 19/19 2,567,759 2,494,255 0.2 2,665,000 Great-West Lifeco Delaware Finance LP II 7.13% Jun 26/68 3,025,779 2,855,308 0.3 2,525,000 Great-West Lifeco Inc. 4.65% Aug 13/20 2,833,813 2,772,046 0.3 1,450,000 HCN Canadian Holdings-1 LP 3.35% Nov 25/20 1,467,961 1,494,355 0.1 1,400,000 Home Trust Co. 3.40% Dec 10/18 1,419,644 1,417,332 0.1 5,011,000 HSBC Bank Canada 1.82% Jul 07/20 4,990,195 4,978,028 0.5 5,000,000 HSBC Bank Canada 2.08% Nov 26/18 5,034,078 5,047,400 0.5 5,543,000 HSBC Bank Canada 2.45% Jan 29/21 5,580,967 5,615,502 0.6 5,483,000 HSBC Bank Canada 2.49% May 13/19 5,619,019 5,574,950 0.6 5,029,000 HSBC Bank Canada 2.91% Sep 29/21 5,258,000 5,179,417 0.5 6,262,000 HSBC Bank Canada 2.94% Jan 14/20 6,506,576 6,457,187 0.6 2,055,000 IGM Financial Inc. 7.35% Apr 08/19 2,430,990 2,301,579 0.2 1,700,000 Intact Financial Corporation 4.70% Aug 18/21 1,925,314 1,892,865 0.2 3,285,000 JPMorgan Chase & Co. 3.19% Mar 05/21 3,447,770 3,407,333 0.3 2,950,000 Laurentian Bank of Canada 2.50% Jan 23/20 2,977,345 2,960,118 0.3 1,500,000 Laurentian Bank of Canada 2.75% Apr 22/21 1,510,800 1,507,305 0.1 1,275,000 Laurentian Bank of Canada 2.81% Jun 13/19 1,289,415 1,297,886 0.1 4,921,000 Manulife Financial Capital Trust II 7.41% Dec 31/2108 5,878,477 5,596,703 0.6 2,372,000 Manulife Financial Corporation 5.51% Jun 26/18 2,600,112 2,502,484 0.2 3,534,000 Manulife Financial Corporation 7.77% Apr 08/19 4,206,418 3,980,450 0.4 3,900,000 Morgan Stanley 3.13% Aug 05/21 4,071,393 4,021,719 0.4 5,285,000 National Bank of Canada 1.74% Mar 03/20 5,278,112 5,282,199 0.5 3,720,000 National Bank of Canada 1.81% Jul 26/21 3,727,416 3,681,052 0.4 100,000 National Bank of Canada 1.95% Dec 11/17 100,517 100,797 0.0 5,557,000 National Bank of Canada 2.40% Oct 28/19 5,626,663 5,679,143 0.6 3,646,000 National Bank of Canada 2.79% Aug 09/18 3,728,755 3,731,572 0.4 1,995,000 NBC Asset Trust 7.24% Dec 29/49 2,283,919 2,147,792 0.2

26 Vanguard Canadian Short-Term Corporate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 2,640,000 RBC Capital Trust 6.82% Dec 29/49 2,954,229 2,824,272 0.3 2,090,000 RioCan Real Estate Investment Trust 3.85% Jun 28/19 2,223,848 2,187,603 0.2 9,365,000 Royal Bank of Canada 1.58% Sep 13/21 9,328,502 9,179,105 0.9 9,150,000 Royal Bank of Canada 1.65% Jul 15/21 9,132,905 9,000,672 0.9 7,575,000 Royal Bank of Canada 1.92% Jul 17/20 7,611,907 7,595,301 0.8 13,130,000 Royal Bank of Canada 2.03% Mar 15/21 13,241,556 13,167,814 1.3 14,564,000 Royal Bank of Canada 2.26% Mar 12/18 14,739,507 14,743,428 1.5 7,335,000 Royal Bank of Canada 2.35% Dec 09/19 7,437,639 7,472,385 0.7 10,265,000 Royal Bank of Canada 2.77% Dec 11/18 10,481,381 10,528,810 1.0 10,059,000 Royal Bank of Canada 2.82% Jul 12/18 10,312,581 10,287,239 1.0 9,341,000 Royal Bank of Canada 2.86% Mar 04/21 9,800,838 9,661,116 1.0 6,707,000 Royal Bank of Canada 2.89% Oct 11/18 6,890,134 6,883,193 0.7 4,637,000 Royal Bank of Canada 2.98% May 07/19 4,835,626 4,788,630 0.5 10,145,000 Royal Bank of Canada 2.99% Dec 06/24 10,520,332 10,451,176 1.0 5,115,000 Royal Bank of Canada 3.04% Jul 17/24 5,144,927 5,167,787 0.5 7,600,000 Royal Bank of Canada 3.31% Jan 20/26 7,621,936 7,711,948 0.8 5,450,000 Royal Bank of Canada 3.45% Sep 29/26 5,620,350 5,557,420 0.5 2,520,000 Sun Life Financial Inc. 2.60% Sep 25/25 2,519,617 2,540,437 0.3 1,700,000 Sun Life Financial Inc. 3.10% Feb 19/26 1,697,450 1,743,996 0.2 1,500,000 Sun Life Financial Inc. 4.57% Aug 23/21 1,694,700 1,659,780 0.2 2,200,000 Sun Life Financial Inc. 5.59% Jan 30/23 2,383,074 2,292,158 0.2 1,743,000 Sun Life Financial Inc. 5.70% Jul 02/19 1,969,664 1,914,128 0.2 4,987,000 TD Capital Trust III 7.24% Dec 29/49 5,837,590 5,489,839 0.5 4,015,000 TD Capital Trust IV 6.63% Jun 30/2108 4,684,169 4,640,738 0.5 9,100,000 The Bank of Nova Scotia 1.33% May 01/18 9,072,904 9,111,284 0.9 8,360,000 The Bank of Nova Scotia 2.09% Sep 09/20 8,407,517 8,437,497 0.8 8,135,000 The Bank of Nova Scotia 2.13% Jun 15/20 8,216,192 8,218,953 0.8 11,476,000 The Bank of Nova Scotia 2.24% Mar 22/18 11,599,550 11,616,122 1.1 5,805,000 The Bank of Nova Scotia 2.27% Jan 13/20 5,898,734 5,903,395 0.6 4,989,000 The Bank of Nova Scotia 2.37% Jan 11/18 5,055,424 5,049,517 0.5 7,411,000 The Bank of Nova Scotia 2.40% Oct 28/19 7,558,583 7,564,778 0.7 6,524,000 The Bank of Nova Scotia 2.46% Mar 14/19 6,640,033 6,658,786 0.7 3,841,000 The Bank of Nova Scotia 2.75% Aug 13/18 3,913,531 3,924,503 0.4 5,519,000 The Bank of Nova Scotia 2.87% Jun 04/21 5,827,717 5,726,459 0.6 9,343,000 The Bank of Nova Scotia 3.04% Oct 18/24 9,592,300 9,640,107 1.0 7,850,000 The Bank of Nova Scotia 3.27% Jan 11/21 8,309,004 8,263,224 0.8 3,650,000 The Bank of Nova Scotia 3.37% Dec 08/25 3,684,299 3,721,978 0.4 3,627,000 The Manufacturers Life Insurance Company 2.10% Jun 01/25 3,602,312 3,611,331 0.4 2,010,000 The Manufacturers Life Insurance Company 2.39% Jan 05/26 1,991,328 2,011,508 0.2 2,327,000 The Manufacturers Life Insurance Company 2.64% Jan 15/25 2,396,303 2,358,042 0.2 2,470,000 The Manufacturers Life Insurance Company 2.81% Feb 21/24 2,496,611 2,511,422 0.2 8,030,000 The Toronto-Dominion Bank 1.69% Apr 02/20 8,007,955 8,033,453 0.8 7,745,000 The Toronto-Dominion Bank 2.05% Mar 08/21 7,826,529 7,781,169 0.8 11,139,000 The Toronto-Dominion Bank 2.17% Apr 02/18 11,233,465 11,270,774 1.1 10,792,000 The Toronto-Dominion Bank 2.45% Apr 02/19 10,970,801 11,018,416 1.1 7,600,000 The Toronto-Dominion Bank 2.56% Jun 24/20 7,855,604 7,796,840 0.8 5,050,000 The Toronto-Dominion Bank 2.98% Sep 30/25 5,034,929 5,085,552 0.5 3,673,000 The Toronto-Dominion Bank 5.83% Jul 09/23 4,077,032 3,903,554 0.4 4,830,000 Wells Fargo & Company 2.22% Mar 15/21 4,876,591 4,824,977 0.5 5,173,000 Wells Fargo Canada Corporation 2.78% Nov 15/18 5,297,772 5,297,307 0.5 7,481,000 Wells Fargo Canada Corporation 2.94% Jul 25/19 7,727,564 7,723,010 0.8 6,917,000 Wells Fargo Canada Corporation 3.04% Jan 29/21 7,249,150 7,205,301 0.7 628,236,936 623,657,552 61.8 Government 35,000,000 Government of Canada 0.75% Sep 01/21 34,412,500 34,415,850 3.4 34,412,500 34,415,850 3.4 Government-Related Agencies 2,805,000 Bank Nederlandse Gemeenten NV 4.55% Feb 15/19 3,070,360 2,973,553 0.3 2,810,000 Japan Bank for International Cooperation 2.30% Mar 19/18 2,846,346 2,834,531 0.3 8,006,000 KfW 1.38% Jan 28/20 8,017,516 7,995,456 0.8 5,090,000 KfW 1.75% Oct 29/19 5,216,307 5,148,637 0.5 5,014,000 KfW 1.88% Jun 13/18 5,049,798 5,064,992 0.5 1,550,000 Kommunalbanken AS 4.48% Feb 15/19 1,686,185 1,643,186 0.1 2,667,000 Landwirtschaftliche Rentenbank 1.88% Nov 21/19 2,710,987 2,707,779 0.3 1,745,000 Svensk Exportkredit AB 4.45% Mar 15/19 1,891,503 1,859,460 0.2 1,000,000 The Export-Import Bank of Korea 2.71% Dec 05/19 1,000,000 1,016,330 0.1 31,489,002 31,243,924 3.1

27 Vanguard Canadian Short-Term Corporate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets Government-Related Supranational 3,050,000 Asian Development Bank 1.38% Jun 11/20 3,057,727 3,042,469 0.3 1,500,000 Asian Development Bank 2.25% Sep 16/21 1,588,050 1,539,195 0.2 7,365,000 European Investment Bank 1.13% Feb 18/20 7,343,986 7,292,160 0.7 2,700,000 European Investment Bank 1.13% Sep 16/21 2,684,070 2,632,797 0.3 2,934,000 European Investment Bank 1.25% Nov 05/20 2,923,008 2,897,149 0.2 2,805,000 European Investment Bank 1.75% Apr 24/18 2,840,475 2,833,358 0.3 3,790,000 European Investment Bank 2.13% Feb 04/19 3,944,352 3,856,590 0.4 3,793,000 European Investment Bank 2.63% Sep 24/18 3,956,232 3,883,388 0.4 1,875,000 Inter-American Development Bank 1.88% Mar 20/20 1,915,985 1,895,831 0.2 2,870,000 International Bank for Reconstruction and Development 1.25% Mar 18/21 2,861,672 2,830,681 0.3 6,164,770 International Bank for Reconstruction and Development 1.13% Mar 11/20 6,147,071 6,110,643 0.6 5,380,000 International Bank for Reconstruction and Development 1.88% May 30/19 5,488,449 5,461,884 0.5 2,092,000 International Bank for Reconstruction and Development 2.13% Oct 30/18 2,120,481 2,128,694 0.2 46,871,558 46,404,839 4.6 Industrial 1,975,000 407 International Inc. 4.30% May 26/21 2,218,375 2,169,458 0.2 1,721,000 407 International Inc. 4.99% Jun 16/20 1,971,243 1,917,074 0.2 2,645,000 Alimentation Couche-Tard Inc. 3.32% Nov 01/19 2,733,641 2,751,303 0.3 1,282,000 Alimentation Couche-Tard Inc. 4.21% Aug 21/20 1,387,569 1,376,035 0.1 1,700,000 AltaGas, Ltd. 3.72% Sep 28/21 1,807,950 1,793,636 0.2 1,365,000 APT Pipelines, Ltd. 4.25% Jul 24/19 1,431,828 1,416,051 0.1 5,200,000 AT&T Inc. 3.83% Nov 25/20 5,503,498 5,461,820 0.5 4,300,000 Bell Canada 2.00% Oct 01/21 4,306,923 4,252,055 0.4 3,500,000 Bell Canada 3.15% Sep 29/21 3,691,905 3,644,095 0.4 5,300,000 Bell Canada 3.25% Jun 17/20 5,540,169 5,532,405 0.6 5,415,000 Bell Canada 3.35% Jun 18/19 5,651,290 5,631,058 0.6 2,022,000 Bell Canada 3.50% Sep 10/18 2,094,475 2,090,708 0.2 2,320,000 Bell Canada 3.54% Jun 12/20 2,456,376 2,439,642 0.2 5,108,000 Bell Canada 4.40% Mar 16/18 5,417,649 5,295,617 0.5 1,765,000 Bell Canada 4.88% Apr 26/18 1,887,672 1,844,090 0.2 2,650,000 Bell Canada 4.95% May 19/21 2,999,193 2,953,266 0.3 1,295,000 Bell Canada 5.52% Feb 26/19 1,437,164 1,399,092 0.1 1,300,000 BMW Canada Inc. 1.78% Oct 19/20 1,310,140 1,289,665 0.1 1,975,000 BMW Canada Inc. 1.83% Jun 15/21 1,972,735 1,961,708 0.2 2,300,000 BP Capital Markets PLC 3.50% Nov 09/20 2,426,963 2,413,551 0.2 2,691,000 Cameco Corporation 5.67% Sep 02/19 2,983,600 2,877,083 0.3 2,182,000 Canadian Natural Resources, Ltd. 2.60% Dec 03/19 2,182,893 2,203,318 0.2 5,185,000 Canadian Natural Resources, Ltd. 2.89% Aug 14/20 5,210,417 5,265,212 0.5 3,157,000 Canadian Natural Resources, Ltd. 3.05% Jun 19/19 3,226,433 3,222,918 0.3 1,835,000 Canadian Pacific Railway Company 6.25% Jun 01/18 2,066,861 1,955,468 0.2 1,390,000 Capital Power Corp. 5.28% Nov 16/20 1,431,528 1,496,655 0.2 1,986,000 Caterpillar Financial Services Limited 2.29% Jun 01/18 2,009,685 2,011,143 0.2 2,222,000 Daimler Canada Finance Inc. 1.78% Aug 19/19 2,207,930 2,219,534 0.2 2,700,000 Daimler Canada Finance Inc. 1.91% Jul 08/21 2,697,428 2,674,485 0.3 510,000 Daimler Canada Finance Inc. 2.23% Dec 16/21 507,798 507,649 0.1 1,919,000 Daimler Canada Finance Inc. 2.27% Mar 26/18 1,940,096 1,938,363 0.2 2,030,000 Enbridge Gas Distribution Inc. 4.04% Nov 23/20 2,209,169 2,200,642 0.2 2,100,000 Enbridge Inc. 3.16% Mar 11/21 2,130,092 2,169,069 0.2 2,445,000 Enbridge Inc. 4.53% Mar 09/20 2,689,167 2,630,404 0.3 2,209,000 Enbridge Inc. 4.77% Sep 02/19 2,387,478 2,377,017 0.2 1,415,000 Enbridge Income Fund 4.10% Feb 22/19 1,499,491 1,478,689 0.1 1,725,000 Enbridge Pipelines Inc. 4.45% Apr 06/20 1,906,523 1,868,158 0.2 1,627,000 Enbridge Pipelines Inc. 4.49% Nov 12/19 1,788,012 1,753,743 0.2 1,580,000 Enbridge Pipelines Inc. 6.62% Nov 19/18 1,831,013 1,729,752 0.2 1,824,000 Finning International Inc. 6.02% Jun 01/18 2,040,853 1,922,186 0.2 3,840,000 Ford Credit Canada Limited 2.58% May 10/21 3,836,587 3,808,973 0.4 4,263,000 Ford Credit Canada Limited 2.92% Sep 16/20 4,281,940 4,304,053 0.4 2,750,000 Ford Credit Canada Limited 3.14% Jun 14/19 2,759,960 2,818,887 0.3 2,415,000 Ford Credit Canada Limited 3.28% Jul 02/21 2,484,127 2,462,575 0.2 2,719,000 Ford Credit Canada Limited 3.70% Aug 02/18 2,822,277 2,797,769 0.3 1,480,000 Greater Toronto Airports Authority 1.51% Feb 16/21 1,478,986 1,470,010 0.1 2,100,000 Honda Canada Finance Inc. 2.16% Feb 18/21 2,106,433 2,116,863 0.2 2,251,000 Husky Energy Inc. 5.00% Mar 12/20 2,498,184 2,435,786 0.2 2,085,000 Inter Pipeline, Ltd. 3.45% Jul 20/20 2,196,489 2,188,937 0.2 2,150,000 Inter Pipeline, Ltd. 4.97% Feb 02/21 2,355,362 2,378,115 0.2 1,400,000 John Deere Canada Funding Inc. 2.05% Sep 17/20 1,398,948 1,407,560 0.1 1,575,000 John Deere Canada Funding Inc. 2.30% Jan 17/18 1,588,213 1,594,924 0.2 1,630,000 John Deere Canada Funding Inc. 2.35% Jun 24/19 1,653,257 1,660,986 0.2 1,450,000 John Deere Canada Funding Inc. 2.65% Jul 16/18 1,484,221 1,480,073 0.1

28 Vanguard Canadian Short-Term Corporate Bond Index ETF

Par Value Description Average Cost ($) Fair Value ($) % of Net Assets 1,675,000 Kraft Canada Inc. 2.70% Jul 06/20 1,707,919 1,702,571 0.2 3,943,000 Loblaw Companies Limited 3.75% Mar 12/19 4,152,517 4,118,779 0.4 2,184,000 Loblaw Companies Limited 5.22% Jun 18/20 2,465,957 2,416,989 0.2 1,805,000 Molson Coors International LP 2.25% Sep 18/18 1,785,879 1,819,927 0.2 2,405,000 Molson Coors International LP 2.75% Sep 18/20 2,395,037 2,441,652 0.2 1,911,000 NAV Canada 1.95% Apr 19/18 1,933,740 1,930,530 0.2 2,440,000 Nissan Canada Financial Services Inc. 1.58% Oct 07/19 2,440,301 2,429,728 0.2 1,500,000 Reliance LP 3.81% Sep 15/20 1,509,637 1,506,478 0.2 1,895,000 Rogers Communications Inc. 2.80% Mar 13/19 1,935,326 1,942,470 0.2 4,850,000 Rogers Communications Inc. 4.70% Sep 29/20 5,342,608 5,311,526 0.5 7,362,000 Rogers Communications Inc. 5.34% Mar 22/21 8,432,376 8,293,956 0.8 2,640,000 Rogers Communications Inc. 5.38% Nov 04/19 2,960,048 2,898,034 0.3 1,650,000 Saputo Inc. 2.20% Jun 23/21 1,657,691 1,646,997 0.2 1,550,000 Saputo Inc. 2.65% Nov 26/19 1,575,556 1,587,526 0.2 1,655,000 Shaw Communications Inc. 3.15% Feb 19/21 1,672,013 1,688,928 0.2 2,690,000 Shaw Communications Inc. 5.50% Dec 07/20 3,006,590 2,984,340 0.3 6,184,000 Shaw Communications Inc. 5.65% Oct 01/19 6,942,509 6,747,362 0.7 1,757,000 SNC-Lavalin Group Inc. 6.19% Jul 03/19 1,991,591 1,923,511 0.2 3,958,000 Suncor Energy Inc. 3.10% Nov 26/21 4,136,756 4,122,494 0.4 3,345,000 Suncor Energy Inc. 5.80% May 22/18 3,724,214 3,548,409 0.4 2,300,000 TELUS Corporation 3.20% Apr 05/21 2,403,361 2,392,851 0.2 2,179,000 TELUS Corporation 3.60% Jan 26/21 2,296,219 2,302,135 0.2 5,590,000 TELUS Corporation 5.05% Dec 04/19 6,219,794 6,104,615 0.6 5,004,000 TELUS Corporation 5.05% Jul 23/20 5,628,558 5,514,508 0.5 3,650,000 Teranet Holdings LP 4.81% Dec 16/20 4,000,732 3,941,708 0.4 2,900,000 Thomson Reuters Corporation 3.31% Nov 12/21 3,023,975 3,005,386 0.3 2,489,000 Thomson Reuters Corporation 3.37% May 23/19 2,588,324 2,575,393 0.3 3,905,000 Thomson Reuters Corporation 4.35% Sep 30/20 4,228,070 4,197,367 0.4 1,990,000 Toyota Credit Canada Inc. 1.75% Jul 21/21 1,982,894 1,962,458 0.2 1,975,000 Toyota Credit Canada Inc. 1.80% Feb 19/20 1,964,427 1,974,921 0.2 1,900,000 Toyota Credit Canada Inc. 2.20% Feb 25/21 1,904,916 1,917,955 0.2 2,214,000 Toyota Credit Canada Inc. 2.25% May 23/19 2,245,814 2,247,454 0.2 2,520,000 Toyota Credit Canada Inc. 2.80% Nov 21/18 2,610,175 2,576,826 0.3 2,590,000 TransCanada PipeLines Limited 3.65% Nov 15/21 2,794,854 2,783,395 0.3 1,850,000 Veresen Inc. 3.43% Nov 10/21 1,850,783 1,847,632 0.2 800,000 VW Credit Canada, Inc. 1.60% Apr 04/18 796,200 799,056 0.1 2,289,000 VW Credit Canada, Inc. 2.15% Jun 24/20 2,290,407 2,265,858 0.2 1,550,000 VW Credit Canada, Inc. 2.50% Oct 01/19 1,576,158 1,559,781 0.2 1,998,000 VW Credit Canada, Inc. 2.80% Aug 20/18 2,019,546 2,026,571 0.2 1,540,000 Westcoast Energy Inc. 5.60% Jan 16/19 1,710,326 1,653,513 0.2 2,200,000 WestJet Airlines, Ltd. 3.29% Jul 23/19 2,232,030 2,243,802 0.2 254,274,037 252,014,720 25.0 Provincials/Municipals 1,420,000 KommuneKredit 0.88% Aug 07/18 1,418,481 1,411,168 0.1 1,418,481 1,411,168 0.1

Utilities 2,010,000 Brookfield Infrastructure Finance ULC 3.54% Oct 30/20 2,032,734 2,061,162 0.2 2,339,000 Brookfield Renewable Energy Partners ULC 5.14% Oct 13/20 2,590,757 2,553,697 0.3 3,000,000 Bruce Power L.P. 2.84% Jun 23/21 3,042,316 3,043,440 0.3 2,009,000 CU Inc. 6.80% Aug 13/19 2,373,162 2,278,467 0.2 1,975,000 TransAlta Corporation 5.00% Nov 25/20 1,835,341 2,027,535 0.2 1,940,000 TransAlta Corporation 6.40% Nov 18/19 2,080,188 2,056,129 0.2 13,954,498 14,020,430 1.4 Total investments 1,010,657,012 1,003,168,483 99.4 Other assets and liabilities (net) 6,440,056 0.6 Total net assets attributable to holders of redeemable units 1,009,608,539 100.0

29 Vanguard Canadian Short-Term Corporate Bond Index ETF

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Fixed income investments Financial 61.8 65.6 Industrial 25.0 23.5 Government-Related Supranational 4.6 3.9 Government 3.4 0.5 Government-Related Agencies 3.1 3.2 Utilities 1.4 1.7 Provincials/Municipals 0.1 0.2 Other assets and liabilities (net) 0.6 1.4 Net assets attributable to holders of redeemable units 100.0 100.0

30 Vanguard FTSE Canada All Cap Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $663,919,874 $329,690,626 Cash 1,852,344 2,680,711 Amounts receivable for redeemable units issued 2,331,488 — Amounts receivable for investments sold 3,329,281 — Dividends and interest receivable 1,574,421 812,882 Total assets 673,007,408 333,184,219 Liabilities Current liabilities Amounts payable for investments purchased 3,146,078 22,681 Distributions payable 3,838,671 1,959,263 Accounts payable and accrued expenses 13,318 8,030 Unrealized depreciation of foreign currency contracts — 4 Total liabilities excluding net assets attributable to holders of redeemable units 6,998,067 1,989,978 Total net assets attributable to holders of redeemable units $666,009,341 $331,194,241 Number of redeemable units outstanding (Note 7) 21,525,000 12,675,000 Net assets attributable to holders of redeemable units per unit $30.94 $26.13

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Dividend income $14,271,176 $7,342,076 Interest for distributions purposes 315,226 133,727 Net realized gain (loss) on sale of investments (972,102) (86,580) Change in unrealized appreciation (depreciation) of investments 86,513,271 (35,755,674) Net gain (loss) on investments 100,127,571 (28,366,451) Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (2,771) 4,939 Net realized gain (loss) on futures contracts — 17,148 Change in unrealized appreciation (depreciation) of foreign currency contracts 4 9 Change in unrealized appreciation (depreciation) of futures contracts — (31,360) Net gain (loss) on derivatives (2,767) (9,264) Net realized gain (loss) on foreign currency transactions 1,351 (27,729) Change in unrealized appreciation (depreciation) of foreign currency translations (645) 548 Total income (net) 100,125,510 (28,402,896) Expenses (Note 8) Management fees 277,366 140,923 Overdraft expenses 160 111 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 1,022 336 Transaction costs (Note 3) 11,730 5,152 Total expenses 294,363 150,842 Expenses absorbed by manager (4,085) (4,320) Net expenses 290,278 146,522 Increase (decrease) in net assets attributable to holders of redeemable units $99,835,232 ($28,549,418) Weighted average number of redeemable units 17,567,213 8,808,493 Increase (decrease) in net assets attributable to holders of redeemable units per unit $5.68 ($3.24) The accompanying notes are an integral part of the financial statements.

31 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $331,194,241 $160,658,948 Increase (decrease) in net assets attributable to holders of redeemable units $99,835,232 ($28,549,418) Distributions to holders of redeemable units Net investment income (13,312,125) (6,574,116) Net realized gains — (689,072) Return of capital (53,692) (162,301) (13,365,817) (7,425,489) Redeemable unit transactions Proceeds from sale of redeemable units 255,103,245 205,821,128 Reinvestment of distributions to holders of redeemable units — 689,072 Payment for redeemable units redeemed (6,757,560) — 248,345,685 206,510,200 Net assets attributable to holders of redeemable units, end of year $666,009,341 $331,194,241

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $99,835,232 ($28,549,418) Adjustments for: Net realized (gain) loss on sale of investments 972,102 86,580 Change in unrealized (appreciation) depreciation of investments (86,513,271) 35,755,674 Change in unrealized (appreciation) depreciation of derivatives (4) 31,351 Change in unrealized (appreciation) depreciation of foreign currency translations 645 (548) Purchase of investments¹ (49,146,005) (18,241,173) Proceeds from sale of investments¹ 46,109,460 17,917,156 (88,577,073) 35,549,040 Change in non-cash working capital (756,251) (555,662) Net cash from (used in) operating activities 10,501,908 6,443,960 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 159,032 113,137 Distributions to holders of redeemable units, net of reinvested distributions (11,486,409) (5,618,389) Payment for redeemable units redeemed¹ (2,253) — Net cash from (used in) financing activities (11,329,630) (5,505,252) Change in unrealized (appreciation) depreciation of foreign currency translations (645) 548 Net increase (decrease) in cash during the year ($828,367) $939,256 Cash, beginning of year $2,680,711 $1,741,455 Cash, end of year $1,852,344 $2,680,711 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes $13,516,648 $6,861,168 Interest received $307,193 $127,313 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

32 Vanguard FTSE Canada All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Equity Investments Basic Materials 78,500 Agnico-Eagle Mines Limited 3,494,262 4,431,325 0.7 48,396 Agrium Inc. 5,743,992 6,531,524 1.0 81,899 Alacer Gold Corporation 221,544 183,454 0.0 91,909 Alamos Gold Inc. Cl. A 683,950 851,077 0.1 335,906 B2Gold Corp. 787,144 1,071,540 0.1 406,529 Barrick Gold Corporation 7,036,308 8,766,453 1.3 137,443 Cameco Corporation 2,400,993 1,929,700 0.3 27,374 Canfor Corporation 559,490 418,001 0.1 22,956 Cascades Inc. 205,913 277,768 0.0 75,868 Centerra Gold Inc. 501,216 477,210 0.1 86,133 China Gold International Resources Corp, Ltd. 207,169 170,543 0.0 61,491 Detour Gold Corporation 1,041,118 1,124,670 0.2 29,063 Dominion Diamond Corporation 443,887 378,110 0.0 247,872 Eldorado Gold Corporation 1,361,565 1,070,807 0.1 23,549 Endeavour Mining Corp. 555,719 472,393 0.1 57,761 First Majestic Silver Corp. 531,456 592,628 0.1 241,319 First Quantum Minerals, Ltd. 2,936,314 3,221,609 0.5 62,096 Franco-Nevada Corporation 4,357,495 4,985,067 0.7 298,875 Goldcorp Inc. 6,571,160 5,463,435 0.8 82,478 HudBay Minerals, Inc. 605,749 633,431 0.1 156,789 IAMGOLD Corporation 599,989 813,735 0.1 434,694 Kinross Gold Corp. 1,874,190 1,821,368 0.3 218,125 Lundin Mining Corporation 1,053,325 1,396,000 0.2 31,707 Methanex Corporation 1,697,415 1,867,225 0.3 99,463 Nevsun Resources, Ltd. 404,773 412,771 0.1 178,505 New Gold Inc. 865,508 840,758 0.1 84,091 NovaGold Resources Inc. 452,795 516,319 0.1 213,644 OceanaGold Corporation 665,626 835,348 0.1 37,045 Osisko Gold Royalties, Ltd. 566,153 484,919 0.1 908 Osisko Gold Royalties, Ltd., Warrants (Exp. 02/26/19) — 2,043 0.0 50,308 Pan American Silver Corp. 725,768 1,018,737 0.1 293,843 Potash Corporation of Saskatchewan Inc. 8,853,441 7,137,446 1.1 50,905 Pretium Resources, Inc. 432,453 566,064 0.1 21,590 Russel Metals Inc. 509,719 552,272 0.1 112,471 SEMAFO Inc. 478,286 497,122 0.1 41,088 Silver Standard Resources Inc. 474,916 493,467 0.1 154,070 Silver Wheaton Corp. 3,729,378 3,996,576 0.6 107,052 Tahoe Resources Inc. 1,653,098 1,354,208 0.2 164,790 Teck Resources, Ltd. Cl. B Sub. Voting 2,729,064 4,427,907 0.7 27,763 Torex Gold Resources, Inc. 442,247 577,193 0.1 280,423 Turquoise Hill Resources, Ltd. 1,082,261 1,208,623 0.2 20,108 West Fraser Timber Co., Ltd. 1,029,297 965,385 0.1 330,602 Yamana Gold Inc. 1,729,739 1,246,369 0.2 72,295,885 76,082,600 11.4 Consumer Goods 48,290 Cott Corporation 707,224 734,008 0.1 9,063 Dorel Industries Inc. Cl. B Sub. Voting 312,724 351,644 0.1 81,955 Gildan Activewear Inc. Cl. A 2,939,804 2,793,846 0.4 17,862 Linamar Corporation 1,094,717 1,030,459 0.2 131,024 Magna International Inc. 7,406,376 7,638,699 1.2 26,491 Maple Leaf Foods Inc. 612,958 744,927 0.1 25,169 Martinrea International Inc. 260,357 216,202 0.0 88,925 Saputo Inc. 3,138,052 4,224,827 0.6 16,472,212 17,734,612 2.7 Consumer Services 52,758 Aimia Inc. 627,773 468,491 0.1 138,041 Alimentation Couche-Tard Inc. Cl. B 7,051,258 8,403,936 1.3 39,849 Amaya Inc. 990,931 757,529 0.1 8,958 AutoCanada Inc. 283,360 207,109 0.0 23,877 Canadian Tire Corporation, Limited Cl. A 2,941,267 3,325,350 0.5 22,291 Cineplex Inc. 1,056,898 1,141,745 0.2 3,911 Cogeco Communications Inc. 251,030 259,065 0.0

33 Vanguard FTSE Canada All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 42,446 Corus Entertainment Inc. Cl. B 633,251 534,820 0.1 35,354 Dollarama Inc. 2,628,531 3,478,127 0.5 54,419 Empire Company Limited Cl. A 1,344,704 855,467 0.1 17,860 George Weston Limited 1,829,954 2,028,717 0.3 15,206 Great Canadian Gaming Corporation 283,176 379,846 0.1 40,488 Hudson’s Bay Co 787,372 534,037 0.1 79,915 Loblaw Companies Limited 5,050,996 5,661,179 0.8 82,056 Metro Inc. 2,929,401 3,295,369 0.5 16,325 North West Company, Inc. 439,029 449,264 0.1 33,540 Parkland Fuel Corporation 779,098 943,480 0.1 79,071 Restaurant Brands International Inc. 3,964,659 5,056,590 0.8 146,480 Shaw Communications Inc. Cl. B 3,839,334 3,946,171 0.6 50,208 Superior Plus Corporation 580,055 640,152 0.1 25,459 The Jean Coutu Group (PJC) Inc. Cl. A 539,376 532,602 0.1 116,095 Thomson Reuters Corporation 5,720,567 6,821,742 1.0 44,552,020 49,720,788 7.5 Financials 29,764 Allied Properties Real Estate Investment Trust 1,018,366 1,070,016 0.2 51,574 Artis Real Estate Investment Trust 661,216 654,990 0.1 225,102 Bank of Montreal 17,635,805 21,738,100 3.3 13,442 Boardwalk Real Estate Investment Trust 741,189 653,953 0.1 312,548 Brookfield Asset Management Inc. Cl. A 12,794,928 13,845,876 2.1 37,417 Canaccord Genuity Group Inc. 221,328 178,479 0.0 47,232 Canadian Apartment Properties REIT 1,252,812 1,481,668 0.2 138,229 Canadian Imperial Bank of Commerce 13,298,509 15,144,369 2.3 25,725 Canadian Real Estate Investment Trust 1,156,467 1,191,067 0.2 30,715 Canadian Western Bank 857,883 931,893 0.1 66,646 Chartwell Retirement Residences 866,986 976,364 0.1 77,928 CI Financial Corp. 2,409,500 2,249,781 0.3 12,428 Colliers International Group Inc. 587,374 615,062 0.1 63,606 Cominar Real Estate Investment Trust 986,942 936,280 0.1 37,721 Dream Office Real Estate Investment Trust 785,181 737,446 0.1 17,972 Dream Unlimited Corp Cl. A 169,620 121,491 0.0 132,995 ECN Capital Corp. 430,505 438,883 0.1 31,268 Extendicare Inc. 257,247 308,928 0.0 8,069 Fairfax Financial Holdings Limited 5,083,410 5,232,747 0.8 33,641 First Capital Realty Inc. 659,931 695,359 0.1 5,163 First National Financial Corporation 123,231 139,040 0.0 11,675 FirstService Corporation, Sub. Voting 492,427 744,165 0.1 13,869 Genworth MI Canada Inc. 444,250 466,831 0.1 16,456 Granite Real Estate Investment Trust 651,082 737,722 0.1 103,615 Great-West Lifeco Inc. 3,502,719 3,644,140 0.5 99,484 H&R Real Estate Investment Trust 2,095,500 2,225,457 0.3 22,694 Home Capital Group Inc. Cl. B Sub. Voting 815,863 711,230 0.1 32,916 IGM Financial Inc. 1,356,186 1,257,391 0.2 35,910 Industrial Alliance Insurance and Financial Services Inc. 1,572,276 1,917,235 0.3 46,076 Intact Financial Corporation 3,943,537 4,427,904 0.7 11,883 Laurentian Bank of Canada 583,980 686,006 0.1 689,933 Manulife Financial Corporation 14,076,295 16,496,298 2.5 11,827 Morguard Real Estate Investment Trust 180,931 176,104 0.0 117,962 National Bank of Canada 5,302,473 6,432,468 1.0 17,548 Northview Apartment REIT 341,428 352,188 0.0 123,367 Power Corporation of Canada 3,695,201 3,707,178 0.6 82,436 Power Financial Corporation 2,737,333 2,766,552 0.4 113,878 RioCan Real Estate Investment Trust 2,989,035 3,032,571 0.5 518,341 Royal Bank of Canada 39,633,990 47,101,647 7.1 38,701 Smart Real Estate Investment Trust 1,159,102 1,249,655 0.2 52,605 Sprott, Inc. 132,588 132,039 0.0 213,866 Sun Life Financial Inc. 8,890,155 11,024,792 1.7 423,728 The Bank of Nova Scotia 27,117,206 31,677,905 4.8 646,139 The Toronto-Dominion Bank 35,230,423 42,787,325 6.4 13,385 TMX Group Limited 678,372 957,295 0.1 219,620,782 254,053,890 38.1 Health Care 14,421 Concordia International Corp. 833,982 41,100 0.0 212,999 ProMetic Life Sciences Inc. 663,508 474,988 0.1 111,005 Valeant Pharmaceuticals International, Inc. 14,943,838 2,161,267 0.3 16,441,328 2,677,355 0.4

34 Vanguard FTSE Canada All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Industrials 20,298 Aecon Group Inc. 301,506 309,544 0.0 28,764 ATS Automation Tooling Systems Inc. 358,988 360,125 0.1 12,447 Avigilon Corporation 210,784 159,571 0.0 675,021 Bombardier Inc. Cl. B 1,527,610 1,458,045 0.2 94,104 CAE Inc. 1,445,965 1,767,273 0.3 241,477 Canadian National Railway Company 18,548,907 21,819,862 3.3 51,251 Canadian Pacific Railway Company 9,788,596 9,817,642 1.5 11,435 CCL Industries Inc. Cl. B 2,042,800 3,016,553 0.4 42,826 Celestica Inc., Sub. Voting 597,422 681,362 0.1 37,491 DH Corporation 1,262,888 835,299 0.1 134,136 Element Fleet Management, Corp. 1,714,820 1,671,335 0.2 36,078 Enercare, Inc. 676,208 643,631 0.1 58,790 Finning International Inc. 1,367,687 1,545,589 0.2 12,644 MacDonald, Dettwiler and Associates, Ltd. 1,065,576 845,757 0.1 34,837 Mullen Group Limited 636,604 690,818 0.1 17,356 New Flyer Industries Inc. 729,731 708,819 0.1 14,989 Norbord Inc. 406,341 508,277 0.1 28,584 Onex Corporation 2,135,458 2,612,006 0.4 29,556 Quebecor Inc. Cl. B 956,493 1,103,030 0.2 31,114 Ritchie Bros. Auctioneers Incorporated 1,068,756 1,417,243 0.2 52,745 SNC-Lavalin Group Inc. Cl. A 2,453,682 3,048,134 0.5 36,807 Stantec Inc. 1,201,872 1,248,493 0.2 14,604 Stella-Jones Inc. 603,911 636,442 0.1 32,098 TFI International Inc. 817,442 1,119,899 0.2 24,040 Toromont Industries, Ltd. 778,228 1,018,094 0.1 22,165 Transcontinental Inc. Cl. A 384,467 491,841 0.1 61,600 Waste Connections, Inc. 5,236,263 6,488,944 1.0 21,022 Westshore Terminals Investment Corporation 525,684 544,260 0.1 10,512 Winpak, Ltd. 500,426 477,455 0.1 35,220 WSP Global Inc. 1,410,567 1,573,982 0.2 60,755,682 68,619,325 10.3 Oil & Gas 64,806 Advantage Oil & Gas, Ltd. 450,930 591,031 0.1 56,737 AltaGas, Ltd. 2,029,997 1,923,384 0.3 122,548 ARC Resources, Ltd. 2,753,248 2,832,084 0.4 127,917 Athabasca Oil Corporation 353,219 262,230 0.0 81,779 Baytex Energy Corp. 1,215,234 536,470 0.1 75,636 Birchcliff Energy, Ltd. 622,030 708,709 0.1 10,196 Bonterra Energy Corp. 327,954 296,602 0.0 88,286 Canada Energy Services & Technology Corporation 501,469 676,271 0.1 384,013 Canadian Natural Resources, Ltd. 13,789,502 16,431,916 2.5 291,836 Cenovus Energy Inc. 6,252,112 5,924,271 0.9 189,470 Crescent Point Energy Corp. Cl. A 4,439,734 3,457,827 0.5 50,804 Crew Energy Inc. 290,725 381,538 0.1 328,719 Enbridge Inc. 17,289,885 18,572,623 2.8 34,847 Enbridge Income Fund Holdings Inc. 1,154,043 1,211,630 0.2 340,791 EnCana Corporation 4,527,831 5,370,866 0.8 31,125 Enerflex, Ltd. 434,665 530,681 0.1 84,301 Enerplus Corporation 887,892 1,073,995 0.2 43,993 Ensign Energy Services, Inc. 437,758 412,654 0.1 49,620 Gibson Energy Inc. 1,011,615 941,788 0.1 137,178 Gran Tierra Energy, Inc. 578,051 556,943 0.1 105,601 Husky Energy Inc. 2,258,087 1,720,240 0.3 92,174 Imperial Oil, Ltd. 4,194,300 4,305,448 0.6 125,942 Inter Pipeline, Ltd. 3,693,531 3,732,921 0.6 51,188 Kelt Exploration, Ltd. 340,312 346,543 0.1 64,608 Keyera Corp. 2,519,457 2,614,040 0.4 53,081 MEG Energy Corporation 812,524 489,938 0.1 58,150 NuVista Energy, Ltd. 381,963 403,561 0.1 18,302 Paramount Resources, Ltd. 417,085 330,717 0.0 50,940 Parex Resources Inc. 579,691 860,886 0.1 23,677 Pason Systems Inc. 477,144 465,016 0.1 188,818 Pengrowth Energy Corp. 575,883 364,419 0.1 176,594 Penn West Petroleum, Ltd. 579,958 418,528 0.1 49,464 PEYTO Exploration & Development Corp. 1,593,616 1,642,699 0.2 71,742 PrairieSky Royalty, Ltd. 1,896,301 2,291,439 0.3 102,458 Precision Drilling Corporation 758,479 749,993 0.1 76,059 Raging River Exploration Inc. 705,198 803,183 0.1 53,213 Secure Energy Services Inc. 614,268 623,124 0.1

35 Vanguard FTSE Canada All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 92,578 Seven Generations Energy, Ltd. 1,988,932 2,898,617 0.4 21,973 ShawCor, Ltd. 776,468 787,512 0.1 582,943 Suncor Energy Inc. 21,739,019 25,591,198 3.8 62,143 TORC Oil & Gas, Ltd. 512,550 513,923 0.1 87,201 Tourmaline Oil Corp. 3,075,907 3,131,388 0.5 301,477 TransCanada Corporation 16,173,452 18,251,418 2.7 109,431 Veresen Inc. 1,399,686 1,434,640 0.2 36,542 Vermilion Energy, Inc. 1,809,005 2,064,258 0.3 122,801 Whitecap Resources, Inc. 1,365,816 1,493,260 0.2 130,586,526 141,022,422 21.2 Technology 174,065 BlackBerry Limited 1,806,103 1,608,361 0.3 91,764 CGI Group Inc. Cl. A 4,771,199 5,913,272 0.9 5,568 Constellation Software Inc. 2,575,601 3,397,148 0.5 6,584 Enghouse Systems Limited 343,458 368,309 0.1 42,564 Open Text Corporation 2,807,769 3,529,407 0.5 11,462 Sierra Wireless Inc. 348,594 240,931 0.0 26,533 The Descartes Systems Group Inc. 646,178 759,640 0.1 13,298,902 15,817,068 2.4 Telecommunications 100,979 BCE Inc. 5,542,692 5,859,811 0.9 13,970 Manitoba Telecom Services Inc. 438,473 530,301 0.1 126,985 Rogers Communications Inc. Cl. B 6,095,977 6,576,553 1.0 69,382 TELUS Corporation 2,832,739 2,966,081 0.4 14,909,881 15,932,746 2.4 Utilities 96,052 Algonquin Power & Utilities Corp. 1,006,276 1,094,032 0.1 26,526 ATCO, Ltd. 1,154,532 1,184,651 0.2 67,678 Canadian Utilities Limited Cl. A 2,499,898 2,449,267 0.4 33,812 Capital Power Corp. 722,886 785,453 0.1 17,395 Emera Incorporated 758,340 789,559 0.1 139,045 Fortis Inc. 5,460,216 5,764,806 0.9 60,327 Hydro One Limited 1,480,494 1,422,511 0.2 37,529 Innergex Renewable Energy, Inc. 449,365 526,532 0.1 46,640 Just Energy Group, Inc. 353,630 342,338 0.0 38,551 Northland Power Inc. 730,439 898,238 0.1 137,946 Pembina Pipeline Corporation 5,152,493 5,788,214 0.9 100,747 TransAlta Corporation 850,860 748,550 0.1 32,421 TransAlta Renewables Inc. 463,989 464,917 0.1 21,083,418 22,259,068 3.3 Total investments 610,016,636 663,919,874 99.7 Other assets and liabilities (net) 2,089,467 0.3 Total net assets attributable to holders of redeemable units 666,009,341 100.0

36 Vanguard FTSE Canada All Cap Index ETF

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Equity investments Financials 38.1 39.6 Oil & Gas 21.2 18.0 Basic Materials 11.4 9.7 Industrials 10.3 9.6 Consumer Services 7.5 8.6 Utilities 3.3 3.1 Consumer Goods 2.7 2.7 Technology 2.4 2.7 Telecommunications 2.4 3.0 Health Care 0.4 2.5 Other assets and liabilities (net) 0.3 0.5 Net assets attributable to holders of redeemable units 100.0 100.0

37 Vanguard FTSE Canada Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $467,062,784 $344,072,687 Cash 622,225 3,436,475 Amounts receivable for redeemable units issued — 1,382,655 Amounts receivable for investments sold 3,247,739 — Dividends and interest receivable 1,167,835 836,864 Total assets 472,100,583 349,728,681 Liabilities Current liabilities Amounts payable for investments purchased — 1,380,158 Distributions payable 3,204,226 2,676,152 Accounts payable and accrued expenses 4,406 8,601 Total liabilities excluding net assets attributable to holders of redeemable units 3,208,632 4,064,911 Total net assets attributable to holders of redeemable units $468,891,951 $345,663,770 Number of redeemable units outstanding (Note 7) 14,500,000 12,500,000 Net assets attributable to holders of redeemable units per unit $32.34 $27.65

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Dividend income $12,459,383 $10,177,695 Interest for distributions purposes 110,149 42,091 Net realized gain (loss) on sale of investments (3,186,861) (3,192,627) Change in unrealized appreciation (depreciation) of investments 67,105,100 (37,930,515) Net gain (loss) on investments 76,487,771 (30,903,356) Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (2,799) (6,137) Net realized gain (loss) on futures contracts — 42,575 Change in unrealized appreciation (depreciation) of futures contracts — (78,400) Net gain (loss) on derivatives (2,799) (41,962) Net realized gain (loss) on foreign currency transactions 1,357 (39,771) Change in unrealized appreciation (depreciation) of foreign currency translations (559) 59 Total income (net) 76,485,770 (30,985,030) Expenses (Note 8) Management fees 214,184 188,506 Miscellaneous expenses — 40 Overdraft expenses — 204 Independent Review Committee fees 4,085 4,320 Transaction costs (Note 3) 11,867 7,560 Total expenses 230,136 200,630 Expenses absorbed by manager (4,085) (4,320) Net expenses 226,051 196,310 Increase (decrease) in net assets attributable to holders of redeemable units $76,259,719 ($31,181,340) Weighted average number of redeemable units 13,606,967 11,114,247 Increase (decrease) in net assets attributable to holders of redeemable units per unit $5.60 ($2.81)

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

38 Vanguard FTSE Canada Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $345,663,770 $305,501,182 Increase (decrease) in net assets attributable to holders of redeemable units $76,259,719 ($31,181,340) Distributions to holders of redeemable units Net investment income (12,011,319) (9,566,300) Net realized gains — (42,987) Return of capital (11,049) — (12,022,368) (9,609,287) Redeemable unit transactions Proceeds from sale of redeemable units 67,452,185 85,609,665 Payment for redeemable units redeemed (8,461,355) (4,656,450) 58,990,830 80,953,215 Net assets attributable to holders of redeemable units, end of year $468,891,951 $345,663,770

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $76,259,719 ($31,181,340) Adjustments for: Net realized (gain) loss on sale of investments 3,186,861 3,192,627 Change in unrealized (appreciation) depreciation of investments (67,105,100) 37,930,515 Change in unrealized (appreciation) depreciation of derivatives — 78,400 Change in unrealized (appreciation) depreciation of foreign currency translations 559 (59) Purchase of investments¹ (42,973,750) (24,354,365) Proceeds from sale of investments¹ 39,580,266 22,917,110 (67,311,164) 39,764,228 Change in non-cash working capital (335,166) (527,241) Net cash from (used in) operating activities 8,613,389 8,055,647 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 72,114 58,451 Distributions to holders of redeemable units, net of reinvested distributions (11,494,294) (8,798,248) Payment for redeemable units redeemed¹ (4,900) (6,034) Net cash from (used in) financing activities (11,427,080) (8,745,831) Change in unrealized (appreciation) depreciation of foreign currency translations (559) 59 Net increase (decrease) in cash during the year ($2,814,250) ($690,125) Cash, beginning of year $3,436,475 $4,126,600 Cash, end of year $622,225 $3,436,475 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes $12,131,380 $9,907,946 Interest received 107,181 $42,741 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

39 Vanguard FTSE Canada Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Equity Investments Basic Materials 70,260 Agnico-Eagle Mines Limited 2,807,010 3,966,177 0.8 43,316 Agrium Inc. 4,653,823 5,845,927 1.2 365,114 Barrick Gold Corporation 8,060,518 7,845,746 1.7 123,016 Cameco Corporation 2,383,349 1,727,144 0.4 55,578 Franco-Nevada Corporation 3,339,224 4,461,802 1.0 267,503 Goldcorp Inc. 7,380,387 4,889,955 1.0 262,999 Potash Corporation of Saskatchewan Inc. 9,461,702 6,388,246 1.4 137,897 Silver Wheaton Corp. 3,566,098 3,577,048 0.8 250,056 Turquoise Hill Resources, Ltd. 1,140,000 1,077,741 0.2 42,792,111 39,779,786 8.5 Consumer Goods 117,271 Magna International Inc. 5,356,829 6,836,899 1.5 79,591 Saputo Inc. 2,364,574 3,781,369 0.8 7,721,403 10,618,268 2.3 Consumer Services 123,551 Alimentation Couche-Tard Inc. Cl. B 4,421,185 7,521,785 1.6 21,371 Canadian Tire Corporation, Limited Cl. A 2,193,066 2,976,339 0.6 16,007 George Weston Limited 1,420,136 1,818,235 0.4 71,526 Loblaw Companies Limited 3,590,930 5,066,902 1.1 73,444 Metro Inc. 2,074,916 2,949,511 0.6 70,771 Restaurant Brands International Inc. 3,254,607 4,525,805 1.0 131,105 Shaw Communications Inc. Cl. B 3,279,560 3,531,969 0.8 103,909 Thomson Reuters Corporation 4,292,586 6,105,693 1.3 24,526,986 34,496,239 7.4 Financials 201,473 Bank of Montreal 14,349,459 19,456,248 4.1 279,740 Brookfield Asset Management Inc. Cl. A 9,448,648 12,392,482 2.6 123,720 Canadian Imperial Bank of Commerce 11,035,953 13,554,763 2.9 69,809 CI Financial Corp. 2,141,420 2,015,386 0.4 7,222 Fairfax Financial Holdings Limited 3,864,611 4,683,467 1.0 92,739 Great-West Lifeco Inc. 2,836,398 3,261,631 0.7 29,566 IGM Financial Inc. 1,284,998 1,129,421 0.2 41,239 Intact Financial Corporation 3,113,832 3,963,068 0.8 617,512 Manulife Financial Corporation 11,310,212 14,764,712 3.2 105,580 National Bank of Canada 4,513,372 5,757,277 1.2 110,418 Power Corporation of Canada 3,171,553 3,318,061 0.7 73,788 Power Financial Corporation 2,336,710 2,476,325 0.5 101,925 RioCan Real Estate Investment Trust 2,653,254 2,714,263 0.6 463,932 Royal Bank of Canada 32,306,207 42,157,501 9.0 191,417 Sun Life Financial Inc. 6,769,573 9,867,546 2.1 379,250 The Bank of Nova Scotia 23,247,045 28,352,730 6.1 578,315 The Toronto-Dominion Bank 28,361,960 38,296,019 8.2 162,745,205 208,160,900 44.3 Health Care 99,378 Valeant Pharmaceuticals International, Inc. 12,323,947 1,934,890 0.4 12,323,947 1,934,890 0.4 Industrials 216,129 Canadian National Railway Company 13,765,626 19,529,416 4.2 45,871 Canadian Pacific Railway Company 7,456,082 8,787,049 1.9 47,209 SNC-Lavalin Group Inc. Cl. A 2,118,742 2,728,208 0.6 55,134 Waste Connections, Inc. 5,443,153 5,807,816 1.2 28,783,603 36,852,489 7.9 Oil & Gas 109,684 ARC Resources, Ltd. 2,616,428 2,534,797 0.6 343,705 Canadian Natural Resources, Ltd. 11,793,054 14,707,137 3.1 261,203 Cenovus Energy Inc. 6,784,235 5,302,421 1.1 169,582 Crescent Point Energy Corp. Cl. A 4,980,403 3,094,871 0.7 294,215 Enbridge Inc. 14,538,943 16,623,147 3.6

40 Vanguard FTSE Canada Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 305,019 EnCana Corporation 4,797,585 4,807,099 1.0 94,562 Husky Energy Inc. 2,333,529 1,540,415 0.3 82,498 Imperial Oil, Ltd. 3,760,704 3,853,482 0.8 112,722 Inter Pipeline, Ltd. 3,726,559 3,341,080 0.7 521,753 Suncor Energy Inc. 19,269,511 22,904,957 4.9 78,068 Tourmaline Oil Corp. 3,165,087 2,803,422 0.6 269,831 TransCanada Corporation 13,890,639 16,335,569 3.5 91,656,677 97,848,397 20.9 Technology 156,197 BlackBerry Limited 1,770,143 1,443,260 0.3 82,132 CGI Group Inc. Cl. A 3,341,347 5,292,586 1.1 4,984 Constellation Software Inc. 2,524,057 3,040,838 0.7 7,635,547 9,776,684 2.1 Telecommunications 90,380 BCE Inc. 4,504,712 5,244,752 1.1 113,656 Rogers Communications Inc. Cl. B 5,228,967 5,886,244 1.2 62,099 TELUS Corporation 2,320,573 2,654,732 0.6 12,054,252 13,785,728 2.9 Utilities 60,611 Canadian Utilities Limited Cl. A 2,246,878 2,193,512 0.4 124,450 Fortis Inc. 4,714,681 5,159,697 1.1 54,095 Hydro One Limited 1,324,140 1,275,560 0.3 123,466 Pembina Pipeline Corporation 4,381,397 5,180,634 1.1 12,667,096 13,809,403 2.9 Total investments 402,906,827 467,062,784 99.6 Other assets and liabilities (net) 1,829,167 0.4 Total net assets attributable to holders of redeemable units 468,891,951 100.0

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Equity investments Financials 44.3 44.6 Oil & Gas 20.9 18.0 Basic Materials 8.5 8.2 Industrials 7.9 7.4 Consumer Services 7.4 8.2 Utilities 2.9 2.2 Telecommunications 2.9 3.2 Consumer Goods 2.3 2.4 Technology 2.1 1.7 Health Care 0.4 3.6 Other assets and liabilities (net) 0.4 0.5 Net assets attributable to holders of redeemable units 100.0 100.0

41 Vanguard FTSE Canadian Capped REIT Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $119,782,626 $87,761,729 Cash 384,893 601,516 Amounts receivable for redeemable units issued 1,452,795 1,321,160 Amounts receivable for investments sold 404,521 — Dividends and interest receivable 420,199 418,131 Total assets 122,445,034 90,102,536 Liabilities Current liabilities Amounts payable for investments purchased 1,452,252 1,314,675 Distributions payable 400,000 254,694 Accounts payable and accrued expenses 11,913 15,297 Total liabilities excluding net assets attributable to holders of redeemable units 1,864,165 1,584,666 Total net assets attributable to holders of redeemable units $120,580,869 $88,517,870 Number of redeemable units outstanding (Note 7) 4,150,000 3,350,000 Net assets attributable to holders of redeemable units per unit $29.06 $26.42

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Dividend income $1,096,932 $515,659 Interest for distributions purposes 2,306,049 1,267,994 Net realized gain (loss) on sale of investments 1,789,897 644,598 Change in unrealized appreciation (depreciation) of investments 8,203,118 (2,262,884) Net gain (loss) on investments 13,395,996 165,367 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (524) — Net realized gain (loss) on futures contracts — (170) Net gain (loss) on derivatives (524) (170) Net realized gain (loss) on foreign currency transactions — 48 Change in unrealized appreciation (depreciation) of foreign currency translations (157) (19) Total income (net) 13,395,315 165,226 Expenses (Note 8) Management fees 397,790 277,009 Overdraft expenses 598 — Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 8,153 4,076 Transaction costs (Note 3) 3,250 1,143 Total expenses 413,876 286,548 Expenses absorbed by manager (4,085) (4,320) Net expenses 409,791 282,228 Increase (decrease) in net assets attributable to holders of redeemable units $12,985,524 ($117,002) Weighted average number of redeemable units 3,657,514 2,574,521 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.55 ($0.05)

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

42 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $88,517,870 $60,296,733 Increase (decrease) in net assets attributable to holders of redeemable units $12,985,524 ($117,002) Distributions to holders of redeemable units Net investment income (4,384,299) (1,421,421) Net realized gains (392,393) (579,249) (4,776,692) (2,000,670) Redeemable unit transactions Proceeds from sale of redeemable units 36,170,070 32,522,730 Reinvestment of distributions to holders of redeemable units 392,392 579,249 Payment for redeemable units redeemed (12,708,295) (2,763,170) 23,854,167 30,338,809 Net assets attributable to holders of redeemable units, end of year $120,580,869 $88,517,870

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $12,985,524 ($117,002) Adjustments for: Net realized (gain) loss on sale of investments (1,789,897) (644,598) Change in unrealized (appreciation) depreciation of investments (8,203,118) 2,262,884 Change in unrealized (appreciation) depreciation of foreign currency translations 157 19 Purchase of investments¹ (5,694,636) (10,002,522) Proceeds from sale of investments¹ 6,696,130 9,928,013 (8,991,364) 1,543,796 Change in non-cash working capital (5,452) (121,136) Net cash from (used in) operating activities 3,988,708 1,305,658 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 39,976 17,870 Distributions to holders of redeemable units, net of reinvested distributions (4,238,994) (1,382,962) Payment for redeemable units redeemed¹ (6,156) (1,148) Net cash from (used in) financing activities (4,205,174) (1,366,240) Change in unrealized (appreciation) depreciation of foreign currency translations (157) (19) Net increase (decrease) in cash during the year ($216,623) ($60,601) Cash, beginning of year $601,516 $662,117 Cash, end of year $384,893 $601,516 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes $1,103,236 $444,990 Interest received $2,289,524 $1,208,576 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

43 Vanguard FTSE Canadian Capped REIT Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Shares or Units Description Average Cost ($) Fair Value ($) % of Net Assets Diversified REITs 170,898 Canadian Real Estate Investment Trust 7,598,817 7,912,577 6.6 422,602 Cominar Real Estate Investment Trust 6,700,888 6,220,702 5.1 14,299,705 14,133,279 11.7 Industrial & Office REITs 197,775 Allied Properties Real Estate Investment Trust 6,585,015 7,110,011 5.9 346,621 Artis Real Estate Investment Trust 4,454,527 4,402,087 3.6 252,321 Dream Office Real Estate Investment Trust 5,637,699 4,932,875 4.1 109,511 Granite Real Estate Investment Trust 4,262,093 4,909,378 4.1 663,913 H&R Real Estate Investment Trust 14,049,049 14,851,734 12.3 34,988,383 36,206,085 30.0 Real Estate Holding & Development 117,736 Dream Unlimited Corp Cl. A 966,553 795,895 0.6 206,765 Extendicare Inc. 1,661,467 2,042,838 1.7 225,852 First Capital Realty Inc. 4,393,012 4,668,361 3.9 7,021,032 7,507,094 6.2 Real Estate Services 83,336 Colliers International Group Inc. 3,584,670 4,124,299 3.4 77,721 FirstService Corporation, Sub. Voting 2,921,857 4,953,936 4.1 6,506,527 9,078,235 7.5 Residential REITs 89,269 Boardwalk Real Estate Investment Trust 4,998,635 4,342,937 3.6 315,924 Canadian Apartment Properties REIT 7,911,257 9,910,536 8.2 445,725 Chartwell Retirement Residences 5,579,883 6,529,871 5.4 116,611 Northview Apartment REIT 2,348,435 2,340,383 2.0 20,838,210 23,123,727 19.2 Retail REITs 78,197 Morguard Real Estate Investment Trust 1,206,803 1,164,353 1.0 759,126 RioCan Real Estate Investment Trust 19,746,986 20,215,526 16.8 258,728 Smart Real Estate Investment Trust 7,560,441 8,354,327 6.9 28,514,230 29,734,206 24.7 Total investments 112,168,087 119,782,626 99.3 Other assets and liabilities (net) 798,243 0.7 Total net assets attributable to holders of redeemable units 120,580,869 100.0

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Industrial & Office REITs 30.0 29.2 Retail REITs 24.7 24.8 Residential REITs 19.2 17.8 Diversified REITs 11.7 12.0 Real Estate Services 7.5 8.8 Real Estate Holding & Development 6.2 5.4 Hotel & Lodging REITs — 1.1 Other assets and liabilities (net) 0.7 0.9 Net assets attributable to holders of redeemable units 100.0 100.0

44 Vanguard FTSE Canadian High Dividend Yield Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $360,305,926 $170,334,725 Cash 506,515 782,758 Amounts receivable for redeemable units issued 1,672,970 1,388,070 Amounts receivable for investments sold 877,998 — Dividends and interest receivable 1,229,980 708,458 Total assets 364,593,389 173,214,011 Liabilities Current liabilities Amounts payable for investments purchased 1,670,456 1,385,548 Distributions payable 856,587 467,869 Accounts payable and accrued expenses 24,897 16,897 Total liabilities excluding net assets attributable to holders of redeemable units 2,551,940 1,870,314 Total net assets attributable to holders of redeemable units $362,041,449 $171,343,697 Number of redeemable units outstanding (Note 7) 10,900,000 6,300,000 Net assets attributable to holders of redeemable units per unit $33.21 $27.20

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Dividend income $9,883,943 $6,955,521 Interest for distributions purposes 1,315 1,394 Net realized gain (loss) on sale of investments (6,214,404) 844,481 Change in unrealized appreciation (depreciation) of investments 55,372,243 (25,200,420) Net gain (loss) on investments 59,043,097 (17,399,024) Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (1,308) (385) Net gain (loss) on derivatives (1,308) (385) Net realized gain (loss) on foreign currency transactions 527 (9) Change in unrealized appreciation (depreciation) of foreign currency translations (200) (20) Total income (net) 59,042,116 (17,399,438) Expenses (Note 8) Management fees 507,910 350,484 Overdraft expenses 371 226 Independent Review Committee fees 4,085 4,320 Transaction costs (Note 3) 11,308 10,708 Total expenses 523,674 365,738 Expenses absorbed by manager (4,085) (4,320) Net expenses 519,589 361,418 Increase (decrease) in net assets attributable to holders of redeemable units $58,522,527 ($17,760,856) Weighted average number of redeemable units 7,895,492 5,370,548 Increase (decrease) in net assets attributable to holders of redeemable units per unit $7.41 ($3.31)

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

45 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $171,343,697 $145,130,841 Increase (decrease) in net assets attributable to holders of redeemable units $58,522,527 ($17,760,856) Distributions to holders of redeemable units Net investment income (8,647,070) (6,046,050) Net realized gains — (1,267,570) Return of capital (23,685) (7,488) (8,670,755) (7,321,108) Redeemable unit transactions Proceeds from sale of redeemable units 142,334,625 51,580,120 Reinvestment of distributions to holders of redeemable units — 1,267,570 Payment for redeemable units redeemed (1,488,645) (1,552,870) 140,845,980 51,294,820 Net assets attributable to holders of redeemable units, end of year $362,041,449 $171,343,697

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $58,522,527 ($17,760,856) Adjustments for: Net realized (gain) loss on sale of investments 6,214,404 (844,481) Change in unrealized (appreciation) depreciation of investments (55,372,243) 25,200,420 Change in unrealized (appreciation) depreciation of foreign currency translations 200 20 Purchase of investments¹ (22,879,067) (24,911,789) Proceeds from sale of investments¹ 21,850,885 24,645,228 (50,185,821) 24,089,398 Change in non-cash working capital (513,522) (301,446) Net cash from (used in) operating activities 7,823,184 6,027,096 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 183,553 40,168 Distributions to holders of redeemable units, net of reinvested distributions (8,282,037) (5,979,555) Payment for redeemable units redeemed¹ (743) (1,336) Net cash from (used in) financing activities (8,099,227) (5,940,723) Change in unrealized (appreciation) depreciation of foreign currency translations (200) (20) Net increase (decrease) in cash during the year ($276,243) $86,353 Cash, beginning of year $782,758 $696,405 Cash, end of year $506,515 $782,758 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes $9,362,421 $6,651,323 Interest received $1,315 $1,394 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

46 Vanguard FTSE Canadian High Dividend Yield Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Equity Investments Basic Materials 108,851 Nevsun Resources, Ltd. 462,252 451,732 0.1 317,185 Potash Corporation of Saskatchewan Inc. 9,965,347 7,704,424 2.1 23,290 Russel Metals Inc. 598,897 595,758 0.2 11,026,496 8,751,914 2.4 Consumer Services 57,602 Aimia Inc. 717,966 511,506 0.1 9,425 AutoCanada Inc. 181,551 217,906 0.1 45,748 Corus Entertainment Inc. Cl. B 721,545 576,425 0.2 17,566 North West Company, Inc. 457,223 483,416 0.1 36,132 Parkland Fuel Corporation 835,758 1,016,393 0.3 158,117 Shaw Communications Inc. Cl. B 4,105,428 4,259,672 1.2 54,123 Superior Plus Corporation 632,170 690,068 0.2 125,317 Thomson Reuters Corporation 5,943,332 7,363,627 2.0 13,594,973 15,119,013 4.2 Financials 242,983 Bank of Montreal 19,121,120 23,464,868 6.5 40,251 Canaccord Genuity Group Inc. 218,620 191,997 0.1 149,209 Canadian Imperial Bank of Commerce 14,376,511 16,347,338 4.5 33,275 Canadian Western Bank 899,455 1,009,564 0.3 84,192 CI Financial Corp. 2,575,117 2,430,623 0.7 32,967 Extendicare Inc. 273,518 325,714 0.1 36,506 First Capital Realty Inc. 709,464 754,579 0.2 5,476 First National Financial Corporation 131,408 147,469 0.0 14,931 Genworth MI Canada Inc. 474,401 502,577 0.1 111,845 Great-West Lifeco Inc. 3,682,046 3,933,589 1.1 35,622 IGM Financial Inc. 1,506,592 1,360,760 0.4 12,745 Laurentian Bank of Canada 631,855 735,769 0.2 744,739 Manulife Financial Corporation 16,052,044 17,806,709 4.9 127,332 National Bank of Canada 5,832,996 6,943,414 1.9 133,167 Power Corporation of Canada 3,955,816 4,001,668 1.1 88,990 Power Financial Corporation 2,929,357 2,986,504 0.8 559,517 Royal Bank of Canada 42,958,437 50,843,310 14.0 57,213 Sprott, Inc. 148,259 143,605 0.0 230,855 Sun Life Financial Inc. 9,567,327 11,900,575 3.3 457,388 The Bank of Nova Scotia 29,984,224 34,194,327 9.5 697,466 The Toronto-Dominion Bank 37,980,798 46,186,199 12.8 14,401 TMX Group Limited 779,654 1,029,960 0.3 194,789,019 227,241,118 62.8 Industrials 63,517 Finning International Inc. 1,522,210 1,669,862 0.5 37,502 Mullen Group Limited 730,989 743,664 0.2 16,157 Norbord Inc. 456,163 547,884 0.1 23,852 Transcontinental Inc. Cl. A 405,299 529,276 0.1 22,821 Westshore Terminals Investment Corporation 621,021 590,836 0.2 3,735,682 4,081,522 1.1 Oil & Gas 61,344 AltaGas, Ltd. 2,213,871 2,079,562 0.6 132,282 ARC Resources, Ltd. 3,167,743 3,057,037 0.9 10,852 Bonterra Energy Corp. 391,021 315,685 0.1 95,160 Canada Energy Services & Technology Corporation 508,337 728,926 0.2 204,521 Crescent Point Energy Corp. Cl. A 5,205,863 3,732,508 1.0 354,832 Enbridge Inc. 18,344,586 20,048,008 5.5 90,924 Enerplus Corporation 1,106,924 1,158,372 0.3 47,937 Ensign Energy Services, Inc. 425,829 449,649 0.1 53,512 Gibson Energy Inc. 1,145,792 1,015,658 0.3 135,947 Inter Pipeline, Ltd. 3,984,362 4,029,469 1.1 69,765 Keyera Corp. 2,611,898 2,822,692 0.8 25,731 Pason Systems Inc. 490,796 505,357 0.1 53,531 PEYTO Exploration & Development Corp. 1,780,371 1,777,764 0.5 77,544 PrairieSky Royalty, Ltd. 2,100,955 2,476,755 0.7

47 Vanguard FTSE Canadian High Dividend Yield Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 66,991 TORC Oil & Gas, Ltd. 562,510 554,016 0.2 325,425 TransCanada Corporation 17,585,476 19,701,229 5.4 118,403 Veresen Inc. 1,570,819 1,552,263 0.4 39,492 Vermilion Energy, Inc. 2,089,225 2,230,903 0.6 132,677 Whitecap Resources, Inc. 1,535,200 1,613,352 0.5 66,821,578 69,849,205 19.3 Telecommunications 109,000 BCE Inc. 5,806,193 6,325,270 1.7 14,989 Manitoba Telecom Services Inc. 487,947 568,982 0.1 137,073 Rogers Communications Inc. Cl. B 6,576,909 7,099,011 2.0 74,893 TELUS Corporation 2,987,674 3,201,676 0.9 15,858,723 17,194,939 4.7 Utilities 103,524 Algonquin Power & Utilities Corp. 1,051,059 1,179,138 0.3 36,331 Capital Power Corp. 801,885 843,969 0.2 18,758 Emera Incorporated 795,307 851,426 0.3 150,090 Fortis Inc. 5,809,882 6,222,731 1.7 40,920 Innergex Renewable Energy, Inc. 486,009 574,108 0.2 50,996 Just Energy Group, Inc. 378,605 374,311 0.1 41,558 Northland Power Inc. 794,805 968,301 0.3 148,905 Pembina Pipeline Corporation 5,597,052 6,248,054 1.7 108,503 TransAlta Corporation 1,019,367 806,177 0.2 16,733,971 18,068,215 5.0 Total investments 322,560,442 360,305,926 99.5 Other assets and liabilities (net) 1,735,523 0.5 Total net assets attributable to holders of redeemable units 362,041,449 100.0

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Equity investments Financials 62.8 64.6 Oil & Gas 19.3 14.2 Utilities 5.0 4.3 Telecommunications 4.7 5.4 Consumer Services 4.2 5.1 Basic Materials 2.4 3.4 Industrials 1.1 2.1 Consumer Goods 0.0 0.3 Other assets and liabilities (net) 0.5 0.6 Net assets attributable to holders of redeemable units 100.0 100.0

48 Vanguard FTSE Developed All Cap ex North America Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $150,847,308 $15,250,545 Cash 743,420 40,937 Amounts receivable for redeemable units issued 4,896,920 — Amounts receivable for investments sold 280,146 4,814 Dividends and interest receivable 262,910 16,542 Unrealized appreciation of foreign currency contracts 6,484 4,220 Total assets 157,037,188 15,317,058 Liabilities Current liabilities Amounts payable for investments purchased 4,592,182 2,542 Distributions payable 633,030 — Accounts payable and accrued expenses 14,053 1,504 Unrealized depreciation of foreign currency contracts 1,030 1,795 Total liabilities excluding net assets attributable to holders of redeemable units 5,240,295 5,841 Total net assets attributable to holders of redeemable units $151,796,893 $15,311,217 Number of redeemable units outstanding (Note 7) 6,200,000 600,000 Net assets attributable to holders of redeemable units per unit $24.48 $25.52

Statement of Comprehensive Income For the year ended December 31, 2016 and the period ended December 31, 2015*

2016 2015* Income Net gain (loss) on investments Dividend income $2,311,210 $23,501 Interest for distributions purposes 107,536 — Net realized gain (loss) on sale of investments 123,573 22,702 Change in unrealized appreciation (depreciation) of investments 3,925,968 257,427 Net gain (loss) on investments 6,468,287 303,630 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 37,323 182,930 Net realized gain (loss) on futures contracts — (8,630) Change in unrealized appreciation (depreciation) of foreign currency contracts 3,029 2,425 Net gain (loss) on derivatives 40,352 176,725 Miscellaneous Income 225,039 25,500 Net realized gain (loss) on foreign currency transactions (63,018) (164,245) Change in unrealized appreciation (depreciation) of foreign currency translations (7,156) 705 Total income (net) 6,663,504 342,315 Expenses (Note 8) Management fees 175,121 2,795 Overdraft expenses 455 — Independent Review Committee fees 4,085 387 Foreign withholding taxes 235,007 4,057 Transaction costs (Note 3) 181,664 24,246 Total expenses 596,332 31,485 Expenses absorbed by manager (4,085) (387) Net expenses 592,247 31,098 Increase (decrease) in net assets attributable to holders of redeemable units $6,071,257 $311,217 Weighted average number of redeemable units 3,263,388 600,000 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.86 $0.52 * The Fund commenced operations on December 1, 2015.

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

49 Vanguard FTSE Developed All Cap ex North America Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the year ended December 31, 2016 and the period ended December 31, 2015*

2016 2015* Net assets attributable to holders of redeemable units, beginning of year $15,311,217 — Increase (decrease) in net assets attributable to holders of redeemable units $6,071,257 $311,217 Distributions to holders of redeemable units Net investment income (1,551,818) — Net realized gains (532,983) (41,890) Return of capital (63,303) — (2,148,104) (41,890) Redeemable unit transactions Proceeds from sale of redeemable units 132,029,540 15,000,100 Reinvestment of distributions to holders of redeemable units 532,983 41,890 Payment for redeemable units redeemed — (100) 132,562,523 15,041,890 Net assets attributable to holders of redeemable units, end of year $151,796,893 $15,311,217 * The Fund commenced operations on December 1, 2015.

Statement of Cash Flows For the year ended December 31, 2016 and the period ended December 31, 2015*

2016 2015* Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $6,071,257 $311,217 Adjustments for: Net realized (gain) loss on sale of investments (123,573) (22,702) Change in unrealized (appreciation) depreciation of investments (3,925,968) (257,427) Change in unrealized (appreciation) depreciation of derivatives (3,029) (2,425) Change in unrealized (appreciation) depreciation of foreign currency translations 7,156 (705) Purchase of investments (135,326,845) (17,713,154) Proceeds from sale of investments 8,093,931 2,742,738 (131,278,328) (15,253,675) Change in non-cash working capital (233,819) (17,310) Net cash from (used in) operating activities (125,440,890) (14,959,768) Cash flows from (used in) financing activities Proceeds from sale of redeemable units 127,132,620 15,000,100 Distributions to holders of redeemable units, net of reinvested distributions (982,091) — Payment for redeemable units redeemed — (100) Net cash from (used in) financing activities 126,150,529 15,000,000 Change in unrealized (appreciation) depreciation of foreign currency translations (7,156) 705 Net increase (decrease) in cash during the year $702,483 $40,937 Cash, beginning of year $40,937 — Cash, end of year $743,420 $40,937 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes $1,829,835 $2,902 Interest received $107,536 — * The Fund commenced operations on December 1, 2015.

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

50 Vanguard FTSE Developed All Cap ex North America Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Equity Investments Basic Materials 1,299 Acacia Mining PLC 9,316 8,046 0.0 1,111 Acerinox SA 16,994 19,808 0.0 700 ADEKA Corporation 13,061 12,797 0.0 200 Aichi Steel Corporation 11,254 11,291 0.0 2,927 Air Liquide SA 410,631 437,408 0.3 1,000 Air Water Inc. 18,555 24,260 0.0 25 AK Holdings, Inc. 1,618 1,554 0.0 1,927 Akzo Nobel NV 166,853 161,879 0.1 281 Altri, SGPS, SA 1,616 1,536 0.0 20,319 Alumina Limited 28,019 36,107 0.0 9,819 Anglo American PLC 121,418 188,741 0.1 2,822 Antofagasta PLC 26,739 31,565 0.0 370 APERAM SA 19,411 22,748 0.0 13,772 ArcelorMittal Series A 95,536 136,672 0.1 502 Arkema SA 52,803 65,993 0.1 100 Asahi Holdings, Inc. 2,110 2,335 0.0 10,000 Asahi Kasei Corporation 98,364 117,220 0.1 288 Aurubis AG 19,574 22,324 0.0 500 Bando Chemical Industries, Ltd. 6,368 5,962 0.0 6,955 BASF SE 726,438 868,763 0.6 6,355 Bayer AG 917,327 891,077 0.6 5,389 Beadell Resources Limited 1,624 1,413 0.0 25,024 BHP Billiton Limited 485,529 608,949 0.4 16,457 BHP Billiton PLC 279,029 356,287 0.3 1,273 Billerud 27,792 28,751 0.0 4,778 BlueScope Steel Limited 32,625 43,056 0.0 2,115 Boliden AB 55,381 74,275 0.1 1,135 Brenntag AG 79,230 84,767 0.1 10,332 Centamin PLC 22,294 23,712 0.0 6,000 China Silver Group Limited 1,603 1,546 0.0 1,000 Chugoku Marine Paints, Ltd. 7,742 9,900 0.0 1,809 Clariant AG 41,311 41,938 0.0 504 Covestro AG 34,142 46,466 0.1 967 Croda International PLC 54,899 51,212 0.1 5,000 Dai Nippon Toryo Co., Ltd. 13,266 13,625 0.0 2,200 Daicel Corporation 35,723 32,631 0.0 2,000 Daido Steel Co., Ltd. 9,729 11,130 0.0 1,000 Dainichiseika Color & Chemicals Mfg. Co., Ltd. 5,132 7,244 0.0 600 Dainippon Ink & Chemicals Inc. 21,072 24,490 0.0 800 Daio Paper Corporation 11,025 11,378 0.0 3,000 Denka Company Limited 17,355 17,799 0.0 295 Dongkuk Steel Mill Co., Ltd. 1,917 3,619 0.0 2,000 Dowa Holdings Co., Ltd. 16,369 20,558 0.0 100 Earth Chemical Co., Ltd. 5,213 5,461 0.0 3,893 Elementis PLC 15,533 17,895 0.0 57 Ems-Chemie Holding AG Registered 36,993 38,921 0.0 353 Ence Energia y Celulosa, SA 1,459 1,253 0.0 43 Eramet 1,440 3,451 0.0 6,207 Evolution Mining Limited 12,873 12,778 0.0 1,069 Evonik Industries AG 43,706 42,913 0.0 4,072 Evraz PLC 9,447 14,966 0.0 227 Foosung Co., Ltd. 1,480 1,850 0.0 11,717 Fortescue Metals Group Limited 41,117 67,015 0.1 1,107 Fresnillo PLC 25,308 22,398 0.0 273 Frutarom Industries, Ltd. 18,306 18,749 0.0 306 FUCHS PETROLUB SE 15,574 15,993 0.0 497 FUCHS PETROLUB SE Preferred 28,312 28,035 0.0 100 Fujimi Incorporated 2,038 2,515 0.0 100 FUJIMORI KOGYO CO., LTD. 3,217 3,347 0.0 11,644 Galaxy Resources Limited 4,377 5,936 0.0 71 Givaudan SA 181,080 174,812 0.1 90,328 Glencore PLC 270,888 415,136 0.3 7,895 Gold Road Resources Limited 4,843 4,408 0.0 102,000 G-Resources Group Limited 3,065 2,505 0.0

51 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 77 H&R GmbH & Co. KGaA 1,347 1,629 0.0 35 Hansol Chemical Co., Ltd. 2,686 3,237 0.0 177 Hansol Holdings Co., Ltd. 1,589 1,317 0.0 79 Hansol Paper Co., Ltd. 1,967 1,728 0.0 605 Hanwha Chemical Corporation 17,266 16,592 0.0 1,969 Hexpol AB Cl. B 25,141 24,517 0.0 971 Highfield Resources Limited 1,760 1,254 0.0 700 Hitachi Chemical Company, Ltd. 17,944 23,526 0.0 1,600 Hitachi Metals, Ltd. 25,014 29,140 0.0 1,250 Hochschild Mining PLC 3,449 4,381 0.0 1,200 Hokuetsu Paper Mills, Ltd. 9,668 9,161 0.0 379 Holmen AB Series B 16,479 18,284 0.0 25,000 Huabao International Holdings Limited 12,897 14,227 0.0 86 Huchems Fine Chemical Corporation 1,487 2,072 0.0 615 Hyundai Steel Company 37,193 38,922 0.0 100 Ihara Chemical Industry Co., Ltd. 1,608 1,299 0.0 4,146 Iluka Resources, Ltd. 27,192 29,269 0.0 405 IMCD Group B.V. 21,593 23,195 0.0 270 Imerys SA 24,311 27,524 0.0 100 Inabata & Co., Ltd. 1,404 1,482 0.0 13,319 Incitec Pivot Limited 41,174 46,560 0.1 4,388 Independence Group NL 16,045 18,407 0.0 200 Ishihara Sangyo Kaisha, Ltd. 1,824 2,111 0.0 3,321 Israel Chemicals Limited 18,577 18,284 0.0 58 Jacquet Metal Service 1,070 1,625 0.0 2,000 Japan Pulp and Paper Company Limited 8,500 8,462 0.0 175 JENAX, Inc. 6,067 4,372 0.0 3,800 JFE Holding, Inc. 72,263 77,771 0.1 1,398 Johnson Matthey PLC 74,337 73,714 0.1 100 JSP Corporation 2,389 3,126 0.0 1,600 JSR Corporation 31,311 33,905 0.0 1,364 K+S AG 40,133 43,777 0.0 2,000 Kaneka Corporation 22,522 21,892 0.0 1,500 Kansai Paint Co., Ltd. 36,091 37,132 0.0 2,150 KAZ Minerals PLC 9,334 12,726 0.0 655 Kemira OYJ 10,910 11,238 0.0 624 Kloeckner & Co. AG 9,444 10,512 0.0 2,400 Kobe Steel, Ltd. 30,378 30,823 0.0 18 Kolon Corp. 1,234 1,171 0.0 134 Kolon Industries, Inc. 11,461 11,010 0.0 1,324 Koninklijke DSM NV 101,762 106,673 0.1 100 Konishi Co., Ltd. 1,665 1,448 0.0 124 Korea Kumho Petrochemical Co., Ltd. (KKPC) 9,070 11,290 0.0 12 Korea Petrochemical Industrial Co., Ltd. 2,975 3,671 0.0 84 Korea Zinc Co., Ltd. 46,529 44,302 0.0 10,000 KuangChi Science Limited 5,172 4,947 0.0 100 Kumiai Chemical Industry Co., Ltd. 1,296 819 0.0 2,700 Kuraray Company Limited 47,156 54,514 0.1 100 Kureha Chemical Industry Co., Ltd. 4,891 5,053 0.0 400 Kurimoto, Ltd. 10,416 10,435 0.0 100 Kyoei Steel, Ltd. 2,437 2,561 0.0 671 Lanxess 45,579 59,177 0.1 44 Lenzing AG 4,592 7,157 0.0 348 LG Chem, Ltd. 109,329 100,849 0.1 40 LG Chem, Ltd. Preferred 9,689 7,972 0.0 1,421 Linde AG 284,226 313,756 0.2 989 Lonmin PLC 2,561 2,319 0.0 99 Lotte Chemical Corporation 32,204 40,561 0.0 78 LOTTE Fine Chemical Co., Ltd. 3,235 2,654 0.0 19,861 Lynas Corporation Limited 1,263 1,408 0.0 400 Maruichi Steel Tube, Ltd. 16,705 17,500 0.0 2,049 Metsa Board OYJ 17,768 19,694 0.0 5,100 Midas Holdings Limited 1,256 1,018 0.0 1,438 Mineral Resources Limited 13,651 16,924 0.0 10,600 Mitsubishi Chemical Holdings Corp. 81,368 92,383 0.1 1,700 Mitsubishi Gas & Chemical Company, Limited 27,159 38,995 0.0 7,000 Mitsui Chemicals, Inc. 37,584 42,255 0.0 4,000 Mitsui Mining & Smelting Company, Limited 9,936 13,613 0.0 12,005 MMG, Ltd. 3,265 4,132 0.0 2,862 Mondi PLC 74,362 79,011 0.1 1,700 Nagase & Co., Ltd. 25,964 29,867 0.0

52 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,477 Nanosonics Limited 3,681 4,461 0.0 200 Neturen Co., Ltd. 1,956 2,070 0.0 5,826 Newcrest Mining Limited 108,147 114,562 0.1 300 Nihon Nohyaku Co., Ltd. 1,836 2,225 0.0 1,000 Nihon Parkerizing Co., Ltd. 14,900 15,764 0.0 2,000 Nippon Kayaku Company, Limited 29,458 33,183 0.0 2,700 Nippon Light Metal Holdings Company, Ltd. 6,829 7,668 0.0 1,300 Nippon Paint Co., Ltd. 44,856 47,607 0.1 600 Nippon Paper Industries Co., Ltd. 13,846 13,659 0.0 300 Nippon Shokubai Company, Ltd. 24,892 25,180 0.0 1,000 Nippon Soda Co., Ltd. 5,990 6,312 0.0 5,900 Nippon Steel & Sumitomo Metal Corporation 156,903 176,852 0.1 100 Nippon Steel Trading Co., Ltd. 4,170 5,197 0.0 1,000 Nissan Chemical Industries, Ltd. 36,888 44,899 0.0 1,100 Nisshin Steel Holdings Co., Ltd. 18,648 18,225 0.0 1,200 Nitto Denko Corp. 102,657 123,749 0.1 1,000 NOF Corporation 9,415 12,935 0.0 10,412 Norsk Hydro ASA 55,901 66,995 0.1 4,069 Northern Star Resources, Ltd. 17,203 14,303 0.0 2,230 Nufarm Limited 18,292 19,836 0.0 365 Nyrstar NV 3,993 4,024 0.0 176 OCI Company, Ltd. 16,388 15,379 0.0 759 OCI NV 18,158 17,800 0.0 7,000 Oji Holdings Corporation 37,229 38,311 0.0 1,000 Okamoto Industries, Inc. 11,903 12,395 0.0 2,994 Orica Limited 44,004 51,402 0.1 1,386 Orocobre Limited 5,622 6,097 0.0 1,000 Osaka Soda Co., Ltd. 5,233 5,358 0.0 100 OSAKA Titanium Technologies Co., Ltd. 2,022 1,872 0.0 1,736 Outokumpu OYJ Cl. A 12,968 20,884 0.0 3,034 OZ Minerals, Ltd. 18,769 23,245 0.0 3,000 Pacific Metals Co., Ltd. 11,504 12,832 0.0 6,500 Paladin Resources, Ltd. 1,489 543 0.0 210 Papeles y Cartones de Europa, SA 1,589 1,559 0.0 5,531 Perseus Mining Limited 2,992 1,799 0.0 5,150 Petra Diamonds Limited 11,625 13,373 0.0 2,160 Polymetal International PLC 30,966 30,603 0.0 248 Poongsan Corporation 9,404 11,152 0.0 517 POSCO 126,866 147,815 0.1 673 Randgold Resources Limited 79,015 71,541 0.1 2,195 Regis Resources, Ltd. 6,429 6,330 0.0 2,038 Resolute Mining Limited 2,021 2,573 0.0 3,220 Rio Tinto Limited 153,573 187,295 0.1 9,390 Rio Tinto PLC 390,986 491,458 0.3 100 S.T. Corporation 1,241 1,744 0.0 600 Sakata INX Corporation 9,621 9,976 0.0 360 Salzgitter AG 14,803 17,084 0.0 565 Sandfire Resources NL 2,949 3,094 0.0 200 Sanyo Chemical Industries, Ltd. 10,993 11,498 0.0 1,000 Sanyo Special Steel Co., Ltd. 5,606 6,370 0.0 2,884 Saracen Mineral Holdings Limited 3,073 2,773 0.0 2,404 SCHMOLZ+BICKENBACH AG 1,748 2,157 0.0 50 SeAH Besteel Corporation 1,541 1,418 0.0 119 Semapa - Sociedade de Investimento e Gestao, SGPS, SA 1,959 2,256 0.0 1,000 Shikoku Chemicals Corporation 11,976 12,211 0.0 3,200 Shin-Etsu Chemical Co., Ltd. 265,641 333,603 0.2 200 Shin-Etsu Polymer Co., Ltd. 1,501 2,102 0.0 14,000 Shougang Fushan Resources Group Limited 2,562 3,681 0.0 800 Showa Denko K.K. 11,405 15,398 0.0 1,668 Sims Metal Management Limited 16,589 20,781 0.0 155 SK Chemicals Co., Ltd. 12,572 11,531 0.0 23 SK Materials Co., Ltd. 2,884 4,581 0.0 69 SKC Co., Ltd. 2,493 2,528 0.0 557 Solvay SA Cl. A 76,369 87,728 0.1 34 Soulbrain Co., Ltd. 1,586 2,280 0.0 40,240 South32 Limited 72,159 107,457 0.1 2,498 SSAB AB Series A 9,874 12,751 0.0 2,967 SSAB AB Series B 6,686 12,610 0.0 2,275 St. Barbara Limited 6,234 4,507 0.0 100 Stella Chemifa Corporation 4,434 3,593 0.0 4,184 Stora Enso OYJ Series R 49,223 60,424 0.1

53 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,000 Sumitomo Bakelite Company Limited 5,028 7,531 0.0 12,000 Sumitomo Chemical Company, Ltd. 74,175 76,714 0.1 4,000 Sumitomo Metal Mining Co., Ltd. 63,453 69,309 0.1 100 Sumitomo Seika Chemicals Company Limited 5,268 5,272 0.0 988 Symrise AG 86,139 80,817 0.1 704 Syngenta AG Registered 371,936 373,887 0.3 1,433 Synthomer PLC 9,054 9,085 0.0 1,362 Syrah Resources Limited 6,148 4,034 0.0 100 T. Hasegawa Co., Ltd. 2,118 2,240 0.0 3 Taekwang Industrial Co., Ltd. 3,285 3,154 0.0 300 TAIYO INK MFG. CO., LTD. 14,512 15,677 0.0 1,100 Taiyo Nippon Sanso Corporation 14,359 17,125 0.0 100 Takasago International Corporation 3,114 3,553 0.0 1,300 Teijin Limited 31,039 35,410 0.0 3,557 Tenaris SA 61,971 85,381 0.1 264 Tessenderlo Chemie NV 12,296 12,995 0.0 1,006 TFS Corporation, Ltd. 1,401 1,622 0.0 52 The Israel Corporation, Ltd. 11,215 11,596 0.0 1,683 The Navigator Company, SA 7,518 7,773 0.0 1,400 Toagosei Co., Ltd. 17,547 18,528 0.0 100 Toho Titanium Company, Limited 1,166 903 0.0 1,000 Toho Zinc Co., Ltd. 3,153 5,220 0.0 1,000 Tokai Carbon Co., Ltd. 3,189 4,346 0.0 100 Tokushu Tokai Holdings Co., Ltd. 3,860 4,542 0.0 2,000 Tokuyama Corporation 6,670 10,210 0.0 400 Tokyo Steel Manufacturing Co., Ltd. 3,142 4,125 0.0 12,000 Toray Industries, Inc. 139,289 130,551 0.1 5,000 Tosoh Corporation 35,919 47,544 0.1 1,000 Toyo Ink SC Holdings Co., Ltd. 4,969 6,151 0.0 1,000 UACJ Corporation 3,018 3,691 0.0 12,000 UBE Industries Limited 31,266 33,804 0.0 723 Umicore 48,871 55,377 0.1 7,000 United Company Rusal PLC 2,803 3,971 0.0 4,081 UPM-Kymmene OYJ 107,493 134,729 0.1 752 Vedanta Resources PLC 8,526 10,960 0.0 650 Victrex PLC 19,883 20,799 0.0 843 Voestalpine AG 36,666 44,465 0.0 134 Wacker Chemie AG 16,588 18,736 0.0 1,432 Western Areas, Ltd. 3,828 4,269 0.0 4,755 Whitehaven Coal Limited 8,666 12,051 0.0 400 Yamato Kogyo Co., Ltd. 13,486 15,062 0.0 1,397 Yara International ASA 69,250 74,000 0.1 21,500 Yingde Gases 11,331 10,673 0.0 200 Yodogawa Steel Works, Ltd. 6,276 7,025 0.0 2 YoungPoong Corporation 2,376 2,363 0.0 1,000 ZEON Corporation 8,121 13,269 0.0 10,167,506 11,569,498 7.6 Consumer Goods 185 AAK AB 17,569 16,372 0.0 200 ABC-Mart, Inc. 17,098 15,223 0.0 42 Able C&C 1,485 965 0.0 137 Accell Group NV 3,856 4,246 0.0 1,539 Adidas AG 275,415 326,857 0.2 100 AISAN INDUSTRY CO., LTD 945 1,151 0.0 1,400 Aisin Seiki Co., Ltd. 77,801 81,612 0.1 3,900 Ajinomoto Co., Inc. 116,102 105,557 0.1 100 Alpine Electronics Inc. 1,810 1,751 0.0 941 Amer Sports OYJ Cl. A 34,980 33,648 0.0 33 Amicogen, Inc. 2,643 1,632 0.0 231 Amorepacific Corporation 103,188 82,460 0.1 129 Amorepacific Corporation Preferred 31,143 29,434 0.0 189 AmorePacific Group 33,639 27,910 0.0 6,139 Anheuser-Busch InBev SA 983,955 873,121 0.6 400 Arata Corporation 12,187 12,179 0.0 100 Ariake Japan Co. 7,355 7,198 0.0 534 Aryzta AG 29,832 31,601 0.0 66 ARYZTA AG 3,450 3,921 0.0 2,900 Asahi Group Holdings, Ltd. 123,878 123,038 0.1 2,600 Asaleo Care Limited 4,846 3,737 0.0 1,600 ASICS Corporation 42,109 42,956 0.0

54 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,593 Associated British Foods PLC 141,019 117,947 0.1 95 AtlasBX Co., Ltd. 6,505 5,559 0.0 400 Austevoll Seafood 4,067 5,219 0.0 1,138 Australian Agricultural Company Limited 1,485 1,873 0.0 54 Autoneum Holding AG 17,620 19,042 0.0 277 Bakkafrost PF 13,157 14,794 0.0 1,500 Bandai Namco Holdings Inc. 49,511 55,621 0.1 125 Bang & Olufsen A/S Series B 1,664 1,902 0.0 1,558 Bapcor, Ltd. 7,643 8,956 0.0 7,392 Barratt Developments PLC 69,312 56,640 0.1 13 Barry Callebaut AG 20,866 21,373 0.0 2,522 Bayerische Motoren Werke (BMW) AG 292,704 316,598 0.2 373 Bayerische Motoren Werke (BMW) AG Preferred 36,641 38,356 0.0 66 Baywa AG 2,915 2,874 0.0 471 Bega Cheese Limited 3,035 1,939 0.0 759 Beiersdorf AG 90,171 86,531 0.1 18,000 Beijing Enterprises Medical & Health Group, Ltd. 1,625 1,308 0.0 6 Bell AG Registered Shares 3,039 3,474 0.0 246 Bellamy’s Australia Limited 2,503 1,596 0.0 1,096 Bellway PLC 47,241 44,968 0.0 171 Beneteau 2,580 3,326 0.0 80,000 BEP International Holdings Limited 8,267 6,158 0.0 106 Binggrae Co., Ltd. 7,941 7,509 0.0 67 Blackmores Limited 10,590 6,725 0.0 46 Bonduelle SCA 1,716 1,627 0.0 1,354 Bovis Homes Group PLC 20,384 18,398 0.0 225 Brembo SPA 15,909 18,300 0.0 486 Breville Group, Ltd. 3,604 4,087 0.0 5,000 Bridgestone Corp. 235,476 242,259 0.2 14,204 British American Tobacco PLC 1,114,557 1,087,762 0.7 2,511 Britvic PLC 28,116 23,592 0.0 123 Brunello Cucinelli SPA 3,069 3,539 0.0 3,372 Burberry Group PLC 78,704 83,647 0.1 343 BWX Limited 1,533 1,349 0.0 2,504 C&C Group PLC 13,770 13,636 0.0 20,000 C.P. Pokphand Co., Ltd. 2,693 3,321 0.0 500 CALBEE, Inc. 26,565 21,041 0.0 1,000 Calsonic Kansei Corporation 8,353 20,570 0.0 807 Carlsberg A/S Cl. B 96,576 93,569 0.1 1,500 Casio Computer Company 33,269 28,509 0.0 23 Cell Biotech Co., Ltd. 1,727 1,242 0.0 2,000 China Harmony New Energy Auto Holding Limited 1,516 962 0.0 21,000 China Mengniu Dairy Company Limited 46,656 54,267 0.1 65,000 China Strategic Holdings Limited 2,748 1,990 0.0 6 Chocoladefabriken Lindt & Spruengli AG 42,770 41,761 0.0 1 Chocoladefabriken Lindt & Spruengli AG Registered Shares 92,551 81,676 0.1 100 Chofu Seisakusho Co., Ltd. 2,989 3,020 0.0 379 Christian Dior SA 90,670 106,815 0.1 100 Ci:z Holdings Co., Ltd. 2,419 3,783 0.0 275 CIE Automotive, SA 6,316 7,202 0.0 2,100 Citizen Holdings Co., Ltd. 15,706 16,878 0.0 50 CJ Cheiljedang Corp. 21,689 19,847 0.0 58 CJ CheilJedang Corporation Preferred 12,690 11,141 0.0 102 CJ Corp. 24,861 21,178 0.0 148 CJ E&M Corporation 13,404 11,651 0.0 1,000 Clarion Co., Ltd. 3,493 4,818 0.0 1,926 Cloetta AB Cl. B 9,238 8,160 0.0 4,401 Coca-Cola Amatil Limited 39,097 43,249 0.0 500 Coca-Cola Central Japan Co., Ltd. 11,776 14,809 0.0 1,559 Coca-Cola HBC Schweiz AG CDI 43,482 45,726 0.0 500 Coca-Cola West Company, Limited 17,278 19,805 0.0 200 Colopl, Inc. 5,522 2,281 0.0 90 Com2uS Corporation 12,278 8,714 0.0 3,951 Compagnie Financiere Richemont SA Series A 335,693 351,634 0.2 1,324 Compagnie Generale des Etablissements Michelin 177,870 197,951 0.1 822 Continental AG 227,589 213,587 0.2 523 Corbion NV 17,349 18,812 0.0 84 Cosmax, Inc. 11,581 8,958 0.0 70 COSON Co., Ltd. 1,435 933 0.0 1,534 Costa Group Holdings Limited 4,173 5,124 0.0 1,204 Countryside Properties PLC 5,052 4,964 0.0

55 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 426 Coway Co., Ltd 45,564 41,766 0.0 2,751 Crest Nicholson Holdings PLC 23,084 20,650 0.0 20 Crown Confectionery Co., Ltd 1,281 624 0.0 7 Cuckoo Electronics Co., Ltd. 1,599 1,003 0.0 7 Daehan Flour Mills Co., Ltd. 1,344 1,399 0.0 300 DaiichiKosho Co., Ltd. 15,210 15,936 0.0 600 DaikyoNishikawa Corporation 10,612 10,362 0.0 7,825 Daimler AG 741,293 782,746 0.5 1,101 Dairy Crest Group PLC 12,485 11,302 0.0 5,000 Daiwa House Industry Co., Ltd. 182,095 183,735 0.1 4,359 Danone SA 398,814 371,174 0.3 1,922 Davide Campari - Milano SPA 24,791 25,256 0.0 73 Deaesang Corporation 2,743 2,140 0.0 49 Dela-Galil Industries, Ltd. 1,620 1,907 0.0 310 De’Longhi SPA 10,230 9,901 0.0 3,900 DENSO Corporation 210,683 227,033 0.2 200 Descente, Ltd. 3,037 3,095 0.0 511 Devro plc 2,921 1,607 0.0 19,094 Diageo PLC 686,067 667,605 0.5 1,990 Dometic Group AB 18,317 19,667 0.0 286 Dong Suh Company Inc. 10,888 8,749 0.0 5 Dongwon F&B Co., Ltd. 1,920 1,099 0.0 5 Dongwon Industries Co., Ltd. 1,512 2,018 0.0 37 DoubleUGames Co., Ltd. 1,619 1,637 0.0 100 DyDo Drinco, Inc. 7,173 6,991 0.0 584 Ebro Puleva SA 16,661 16,443 0.0 1,715 Electrolux AB NPV Series B 57,913 57,291 0.1 87 ElringKlinger AG 2,983 1,954 0.0 19 Emmi AG 14,381 15,456 0.0 500 euglena Co., Ltd. 9,548 7,405 0.0 300 Exedy Corporation 10,834 11,348 0.0 400 Ezaki Glico Co., Ltd. 27,116 25,203 0.0 500 FANCL Corporation 9,082 9,394 0.0 595 Faurecia 29,256 31,001 0.0 300 FCC Co., Ltd. 8,586 7,254 0.0 978 Ferrari NV 59,518 76,499 0.1 8,057 Fiat Chrysler Automobiles NV 86,183 98,750 0.1 24,000 First Pacific Company Limited 21,975 22,500 0.0 1,800 First Resources Limited 2,994 3,175 0.0 4,800 Fuji Heavy Industries, Ltd. 239,249 263,365 0.2 500 Fuji Oil Co., Ltd. 12,017 13,200 0.0 100 Fujibo Holdings, Inc. 3,289 3,817 0.0 100 Fujicco Co., Ltd. 2,735 2,777 0.0 1,000 Fujitsu General, Ltd. 25,004 28,446 0.0 200 FUSO CHEMICAL CO., LTD. 4,911 5,774 0.0 300 Futaba Industrial Co., Ltd. 1,751 2,356 0.0 390 G.U.D. Holdings Limited 3,116 3,965 0.0 557 Galliford Try PLC 12,707 11,916 0.0 10 Gamevil. Inc. 1,061 541 0.0 370 Geox SPA 1,559 1,157 0.0 75 Gerry Weber International AG 1,643 1,166 0.0 12,975 GKN PLC 69,295 71,317 0.1 1,194 Glanbia PLC 29,675 26,651 0.0 28,000 Global Brands Group Holding Limited 4,547 4,988 0.0 49,100 Golden Agri-Resources Limited 17,287 19,598 0.0 100 GOLDWIN, Inc. 5,558 6,002 0.0 19 GOLFZON Co., Ltd. 1,559 1,378 0.0 1,784 GrainCorp Limited Cl. A 14,267 16,561 0.0 6,015 Greencore Group PLC 26,963 24,569 0.0 4,000 GS Yuasa Corporation 20,916 22,352 0.0 100 G-TEKT CORPORATION 1,477 2,612 0.0 3,200 GungHo Online Entertainment, Inc. 10,508 9,161 0.0 1,000 Gunze, Ltd. 3,560 4,473 0.0 563 Haldex AB 8,952 9,682 0.0 21 Halla Holdings Corporation 1,510 1,413 0.0 111 Handsome Corporation 5,044 4,295 0.0 563 Hankook Tire Co., Ltd. 33,667 36,257 0.0 70 Hankook Tire Worldwide Co., Ltd. 1,442 1,613 0.0 1,167 Hanon Systems 14,881 13,346 0.0 47 Hansae Co., Ltd. 2,960 1,339 0.0 87 Hanssem Co., Ltd. 20,329 19,223 0.0

56 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 695 Heineken Holding NV 71,711 65,019 0.1 1,683 Heineken NV 191,617 169,638 0.1 494 HELLA KGaA Hueck & Co. 24,753 25,047 0.0 880 Henkel AG & Co. KGaA 117,917 123,204 0.1 1,309 Henkel AG & Co. KGaA Preferred 205,535 209,687 0.2 184 Hermes International 93,275 101,503 0.1 400 Hitachi Maxell, Ltd. 9,418 9,180 0.0 621 Hitejinro Co., Ltd. 16,391 14,549 0.0 100 HOKUTO Corporation 2,378 2,425 0.0 13,900 Honda Motor Co., Ltd. 526,315 545,785 0.4 500 House Food Corp. 13,517 13,924 0.0 8 Hugel, Inc. 2,691 2,852 0.0 454 Hugo Boss AG 40,225 37,329 0.0 91 Humax Co., Ltd. 1,249 1,389 0.0 2,536 Husqvarna AB Series B 25,052 26,523 0.0 26 Hyundai Livart Furniture Company Limited 1,010 684 0.0 492 Hyundai Mobis 144,847 144,218 0.1 1,060 Hyundai Motor Co., Ltd. 171,664 171,834 0.1 495 Hyundai Motor Company Preferred 56,806 54,257 0.0 89 Hyundai Wia Corporation 10,269 7,214 0.0 4,000 IGG Inc. 2,414 3,612 0.0 7,461 Imperial Tobacco Group PLC 506,205 437,973 0.3 170 Inter Parfums 6,216 6,589 0.0 600 ITO EN, Ltd. 24,365 26,801 0.0 1,400 Itoham Yonekyu Holdings, Inc. 14,604 17,417 0.0 200 Itoki Corporation 1,470 1,699 0.0 23 It’s Skin Co., Ltd. 2,055 1,098 0.0 9,300 Japan Tobacco Inc. 471,754 411,038 0.3 100 J-OIL MILLS, INC. 4,298 4,588 0.0 1,700 JTEKT Corporation 33,494 36,552 0.0 300 JVC Kenwood Holdings, Ltd. 1,087 1,100 0.0 600 Kagome Co., Ltd. 17,843 20,165 0.0 100 Kameda Seika Co., Ltd. 5,207 6,140 0.0 3,700 Kao Corporation 259,131 235,725 0.2 100 KASAI KOGYO CO., LTD. 1,244 1,595 0.0 100 Kato Sangyo Co., Ltd. 3,366 3,147 0.0 200 Keihin Corporation 4,467 4,710 0.0 100 Kenko Mayonnaise Co., Ltd. 4,024 3,794 0.0 1,108 Kerry Group PLC Cl. A 121,188 106,415 0.1 900 Kewpie Corporation 31,259 29,399 0.0 2,006 KIA Motors Corporation 102,275 87,422 0.1 1,000 Kikkoman Corporation 45,188 43,002 0.0 6,300 Kirin Holdings Company, Limited 128,774 137,738 0.1 900 Koito Manufacturing Co., Ltd. 55,338 64,054 0.1 900 Kokuyo Company 14,421 13,918 0.0 145 Kolao Holdings 1,521 1,291 0.0 800 Konami Corporation 35,263 43,416 0.0 216 Koninklijke Wessanen NV 2,697 4,067 0.0 126 Korea Kolmar Co., Ltd. 13,656 9,205 0.0 30 Korea Kolmar Holdings Co., Ltd. 1,528 1,123 0.0 200 KOSE Corporation 25,578 22,329 0.0 100 Kotobuki Spirits Co., Ltd. 3,117 3,214 0.0 857 KT&G Corporation 111,873 96,106 0.1 1,623 Kumho Tire Co., Inc. 14,842 15,281 0.0 1,000 Kurabo Industries, Ltd. 2,518 2,633 0.0 13 KWS Saat SE 5,434 5,185 0.0 1,000 KYB Co., Ltd. 3,975 6,519 0.0 203 Leroy Seafood Group ASA 12,563 15,216 0.0 50 LF Corp. 1,497 1,196 0.0 737 LG Electronics Inc. 46,049 42,225 0.0 241 LG Electronics Inc. Preferred 8,411 6,864 0.0 61 LG Household & Health Care, Ltd. 70,040 58,044 0.1 19 LG Household & Health Care, Ltd. Preferred 10,958 11,877 0.0 50,000 Li & Fung Limited 35,368 29,491 0.0 2,000 Lion Corporation 33,144 44,152 0.0 77 Lock&Lock Co., Ltd. 1,255 1,240 0.0 1,814 L’Oréal SA 433,836 444,919 0.3 4 Lotte Chilsung Beverage Co., Ltd. 8,568 6,484 0.0 49 Lotte Confectionery Co., Ltd. 11,575 9,711 0.0 3 Lotte Food Co., Ltd. 2,983 2,162 0.0 1,243 Luxottica Group SPA 90,176 89,843 0.1

57 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,892 LVMH Moet Hennessy Louis Vuitton SA 423,624 485,459 0.3 30 Maeil Dairy Industry Co., Ltd. 1,656 1,337 0.0 900 Makita Corporation 75,884 81,025 0.1 13,600 Man Wah Holdings Limited 11,931 12,350 0.0 62 Mando Corp. 14,703 16,143 0.0 100 Mandom Corporation 5,696 5,795 0.0 2,851 Marine Harvest 60,196 69,158 0.1 1,000 Marudai Food Company, Ltd 6,125 5,668 0.0 200 Maruha Nichiro Corporation 5,489 7,255 0.0 4,400 Mazda Motor Corporation 93,706 96,729 0.1 989 McCarthy & Stone PLC 4,250 2,639 0.0 300 Megmilk Snow Brand Co., Ltd. 11,373 11,107 0.0 1,100 MEIJI Holdings Co., Ltd. 127,242 115,852 0.1 62 Mekonomen AB Series B 1,815 1,570 0.0 100 Milbon Co., Ltd. 5,386 5,088 0.0 4,000 Minth Group, Ltd. 15,886 16,709 0.0 100 MITSUBA Corporation 1,923 2,181 0.0 4,300 Mitsubishi Motors Corporation 33,214 32,927 0.0 200 Mitsubishi Pencil Co., Ltd. 12,126 14,142 0.0 100 Mitsubishi Shokuhin Co., Ltd. 3,268 3,995 0.0 200 Mitsui Sugar Co., Ltd. 5,927 5,765 0.0 1,000 Mizuno Corp. 6,112 6,542 0.0 1,265 Moncler S.p.A. 27,743 29,577 0.0 300 Morinaga & Co., Ltd. 13,857 16,816 0.0 2,000 Morinaga Milk Industry Co., Ltd. 15,695 19,362 0.0 49 Muhak Co., Ltd. 1,869 1,243 0.0 100 MUSASHI SEIMITSU INDUSTRY CO., LTD. 2,415 3,495 0.0 100 NAGAILEBEN Co., Ltd. 2,217 2,933 0.0 7 Namyang Dairy Products Co., Ltd. 5,690 5,705 0.0 131 Ncsoft Corporation 37,396 35,999 0.0 23,475 Nestlé SA 2,322,781 2,262,703 1.5 111 Nexen Tire Corporation 1,451 1,602 0.0 1,200 Nexon Co., Ltd. 23,874 23,373 0.0 3,000 Nexteer Automotive Group Limited 4,269 4,774 0.0 1,400 NGK Spark Plug Co., Ltd. 36,696 41,820 0.0 2,000 NH Foods, Ltd. 65,805 72,551 0.1 1,900 NHK Spring Co., Ltd. 23,007 24,336 0.0 204 NHN Entertainment Corp. 14,337 11,393 0.0 1,000 Nichirei Corp. 27,799 27,825 0.0 300 Nifco Inc. 20,016 21,282 0.0 2,700 Nikon Corporation 51,775 56,407 0.1 800 Nintendo Co., Ltd. 185,947 225,726 0.2 500 Nippon Flour Mills Co., Ltd. 9,985 9,348 0.0 1,000 Nippon Seiki Co., Ltd. 28,665 28,607 0.0 1,400 Nippon Suisan Kaisha, Ltd. 8,949 9,047 0.0 15,500 Nissan Motor Co., Ltd. 198,387 209,493 0.2 400 Nissan Shatai Co., Ltd. 5,415 5,229 0.0 1,800 Nisshin Seifun Group Inc. 37,536 36,301 0.0 1,300 Nisshinbo Industries Inc. 17,502 16,860 0.0 500 Nissin Foods Holdings Co., Ltd. 34,938 35,298 0.0 100 Nissin Kogyo Co., Ltd. 2,102 2,126 0.0 429 Nobia AB NPV 5,463 5,373 0.0 100 Noevir Holdings Co., Ltd. 3,940 4,208 0.0 1,000 NOK Corporation 26,758 27,204 0.0 974 Nokian Renkaat OYJ 46,542 48,798 0.0 19 NongShim Co., Ltd. 8,250 7,014 0.0 181 NORMA Group 12,521 10,382 0.0 3,200 NSK, Ltd. 41,164 49,818 0.0 20 Nutribiotech Co., Ltd. 1,743 1,366 0.0 400 Okamura Corporation 4,929 4,834 0.0 5,700 Olam International Limited 10,282 10,423 0.0 683 Ontex Group NV 28,564 27,292 0.0 1,000 Onward Kashiyama Co., Ltd. 8,882 9,417 0.0 117 Oriflame Holding AG 5,282 4,751 0.0 547 Origin Enterprises PLC 5,306 4,782 0.0 26 ORION Corp. 28,311 18,909 0.0 5,810 Orkla ASA 67,918 70,785 0.1 667 OSRAM Licht AG 44,334 47,008 0.0 7 Ottogi Corporation 7,922 5,145 0.0 1,482 OVS SpA 10,941 10,020 0.0 200 PACIFIC INDUSTRIAL CO., LTD. 2,569 3,417 0.0

58 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 9,000 Pacific Textiles Holdings Limited 14,453 13,108 0.0 300 PALTAC Corporation 8,638 9,527 0.0 1,000 PanaHome Corporation 10,101 10,877 0.0 16,600 Panasonic Corporation 211,675 227,033 0.2 818 Pandora A/S 137,314 143,783 0.1 3,186 Parmalat SpA 12,445 13,348 0.0 1,659 Pernod Ricard SA 245,224 241,583 0.2 2,430 Persimmon PLC 80,666 71,514 0.1 3,253 Peugeot SA 66,070 71,297 0.1 239 Pharmicell Co., Ltd. 1,599 1,377 0.0 1,814 Piaggio & C. SPA 4,364 4,069 0.0 800 Pigeon Corporation 27,942 27,494 0.0 200 PILOT Corporation 10,643 11,107 0.0 100 Piolax Inc. 8,261 8,934 0.0 1,100 Pioneer Corporation 3,884 2,985 0.0 422 Plastic Omnium SA 17,729 18,104 0.0 200 POLA ORBIS HOLDINGS INC. 21,660 22,191 0.0 1,261 Porsche Automobil Holding SE Preferred Non-Voting 84,325 92,286 0.1 3,700 Prada SPA 15,898 16,832 0.0 1,952 Premier Foods PLC 1,429 1,512 0.0 400 Press Kogyo Co., Ltd. 1,781 2,373 0.0 1,000 Prima Meat Packers, Ltd. 3,543 4,783 0.0 12 Puma AG Rudolf Dassler Sport 3,392 4,237 0.0 1,546 PZ Cussons PLC 8,788 8,564 0.0 486 Raisio PLC Series V 3,000 2,454 0.0 4,789 Reckitt Benckiser Group PLC 590,357 546,452 0.4 2,056 Redrow PLC 15,383 14,616 0.0 311 Refresco Gerber NV 6,567 6,348 0.0 1,000 Regina Miracle International (Holdings) Limited 1,718 1,112 0.0 181 Remy Cointreau SA 19,372 20,743 0.0 1,307 Renault SA 151,585 156,235 0.1 362 Rheinmetall AG 32,724 32,719 0.0 100 RIKEN CORPORATION 3,964 5,088 0.0 100 RIKEN VITAMIN CO., LTD. 6,179 5,438 0.0 300 Rinnai Corp. 37,211 32,527 0.0 100 Rock Field Co., Ltd. 1,896 1,821 0.0 100 ROKKO BUTTER CO., LTD. 3,616 2,906 0.0 419 Royal Unibrew A/S 22,455 21,728 0.0 1,000 Roybi Limited 4,713 5,278 0.0 100 S FOODS INC. 3,359 3,490 0.0 117 S&T Dynamics Co., Ltd. 1,271 1,208 0.0 33 S&T Motiv Co., Ltd. 2,882 1,790 0.0 96 Safilo Group SpA 1,463 1,081 0.0 300 Sakata Seed Corporation 10,066 11,400 0.0 379 Salmar ASA 13,813 15,240 0.0 452 Salvatore Ferragamo Italia SPA 14,185 14,340 0.0 10 Samlip General Foods Co., Ltd. 2,807 1,882 0.0 10,500 Samsonite International SA 40,750 40,228 0.0 747 Samsung Electronics Co., Ltd. 1,222,417 1,494,601 1.0 53 Samsung Electronics Co., Ltd. GDR 47,565 53,094 0.1 101 Samsung Electronics Co., Ltd. Preferred 131,206 160,701 0.1 38 Samyang Holdings Corporation 5,677 4,801 0.0 1,000 Sanden Corp. 4,060 4,277 0.0 800 Sangetsu Co., Ltd. 19,956 18,645 0.0 600 Sanrio Company, Ltd. 15,854 15,219 0.0 500 Sapporo Holdings Limited 16,765 17,304 0.0 270 Scandinavian Tobacco Group A/S 5,842 6,107 0.0 394 Schaeffler AG Preferred 7,733 7,833 0.0 223 SEB SA 35,662 40,611 0.0 123 Sebang Global Battery Co., Ltd. 5,390 5,108 0.0 1,400 Sega Sammy Holding Inc. 22,468 27,993 0.0 1,000 Seiko Holdings Corporation 4,833 4,760 0.0 400 Seiren Co., Ltd. 6,166 6,609 0.0 2,700 Sekisui Chemical Co., Ltd. 47,307 57,866 0.1 4,400 Sekisui House, Ltd. 97,378 98,424 0.1 309 Select Harvests Limited 1,563 1,992 0.0 93 Seoyon E-Hwa Co., Ltd. 1,246 1,446 0.0 11,000 Sharp Corporation 18,747 34,149 0.0 600 Shimano Inc. 121,113 126,522 0.1 3,000 Shiseido Company, Limited 96,348 102,049 0.1 300 Showa Corp. 2,758 2,808 0.0

59 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,000 Showa Sangyo Co., Ltd. 5,868 6,910 0.0 85 SL Corporation 1,511 2,034 0.0 182 Societe BIC SA 35,960 33,248 0.0 9,700 Sony Corporation 355,372 365,257 0.3 139 Ssangyong Motor Company 1,108 1,218 0.0 1,200 Stanley Electric Co., Ltd. 38,294 44,083 0.0 100 Starzen Company Limited 6,162 5,553 0.0 1,500 Stella International Holdings Limited 4,795 3,243 0.0 413 Strauss Group, Ltd. 8,449 8,770 0.0 545 Suedzucker AG 15,479 17,491 0.0 5,700 Sumitomo Electric Industries, Ltd. 101,373 110,529 0.1 1,200 Sumitomo Forestry Co., Ltd. 20,684 21,358 0.0 100 Sumitomo Riko Company, Ltd. 1,099 1,320 0.0 1,300 Sumitomo Rubber Industries, Ltd. 24,781 27,742 0.0 164 Sungwoo Hitech Co., Ltd. 1,594 1,400 0.0 900 Suntory Beverage & Food Limited 52,195 50,240 0.0 1,100 Super Group, Ltd. 1,129 1,307 0.0 271 SuperGroup PLC 7,427 7,401 0.0 3,100 Suzuki Motor Corporation 123,715 146,636 0.1 4,627 Svenska Cellulosa AB (SCA) Series B 182,106 175,743 0.1 1,373 Swedish Match AB 62,369 58,737 0.1 100 Tachi-S Co., Ltd. 2,095 2,256 0.0 1,300 Takara Holdings Inc. 14,497 16,083 0.0 500 Takara Standard Co., Ltd. 12,061 11,009 0.0 100 Tamron Co., Ltd. 1,858 2,232 0.0 2,629 Tassal Group Limited 10,887 10,595 0.0 3,644 Tate & Lyle PLC 43,032 42,721 0.0 25,934 Taylor Wimpey PLC 78,016 65,966 0.1 11,000 Techtronic Industries Company Limited 55,911 52,894 0.1 162 Ted Baker PLC 7,777 7,554 0.0 100 TEIKOKU SEN-I Co., Ltd. 1,830 1,759 0.0 100 Tenma Corporation 1,888 2,313 0.0 2,000 Texwinca Holdings Limited 2,572 1,754 0.0 1,013 The Berkeley Group Holdings PLC 53,644 47,135 0.0 300 The Japan Wool Textile Co., Ltd. 2,686 3,001 0.0 1,000 The Nisshin Oillio Group, Ltd. 5,603 6,186 0.0 161 The Swatch Group AG Bearer Shares 67,633 67,278 0.1 706 The Swatch Group AG Registered 55,870 57,989 0.1 900 The Yokohama Rubber Company, Limited 19,366 21,690 0.0 720 Thule Group AB (publ) 13,984 15,146 0.0 16,000 Tingyi (Cayman Islands) Holding Corp. 23,010 26,097 0.0 138 Tod’s SPA 11,810 12,063 0.0 500 Tokai Rika Co., Ltd. 13,810 13,481 0.0 100 Token Corporation 10,397 9,555 0.0 800 Tomy Company, Ltd. 9,547 11,415 0.0 200 Topre Corporation 5,882 6,729 0.0 700 Toyo Suisan Kaisha, Ltd. 34,178 34,085 0.0 700 Toyo Tire & Rubber Co., Ltd. 14,922 11,711 0.0 7,000 Toyobo Company 15,270 14,004 0.0 600 Toyoda Gosei Co., Ltd. 17,189 18,861 0.0 500 Toyota Boshoku Corporation 14,088 15,447 0.0 1,200 Toyota Industries Corp. 72,653 76,852 0.1 21,000 Toyota Motor Corporation 1,568,749 1,660,724 1.1 300 TPR Co., Ltd. 11,438 11,348 0.0 5,729 Treasury Wine Estates 54,240 59,415 0.1 102 Trigano 9,687 10,724 0.0 300 TS Tech Co., Ltd. 10,174 10,383 0.0 600 TSI Holdings Company, Ltd. 5,046 4,836 0.0 485 UbiSoft Entertainment SA 20,866 23,187 0.0 3,000 Unicharm Corporation 86,809 88,217 0.1 11,864 Unilever NV CVA 692,468 656,401 0.4 9,248 Unilever PLC 541,369 504,561 0.3 400 Unipres Corporation 10,209 10,702 0.0 12,000 Uni-President China Holdings, Ltd. 12,180 11,354 0.0 2,000 Unitika, Ltd. 1,397 1,932 0.0 1,767 Valeo 118,502 136,491 0.1 25 Van De Velde NV 2,189 2,340 0.0 47 Vilmorin & Cie 4,242 3,978 0.0 385 Viscofan, SA 27,911 25,513 0.0 8,000 Vitasoy International Holdings, Ltd. 21,303 21,559 0.0 309 Volkswagen AG 58,257 59,770 0.1

60 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,333 Volkswagen AG Preferred 233,456 251,430 0.2 2,000 Wacoal Corp. 29,686 31,343 0.0 49,000 Want Want China Holdings Limited 44,606 42,123 0.0 100 WARABEYA NICHIYO CO., LTD. 2,390 2,839 0.0 39 Webzen Inc. 1,017 647 0.0 44 WeMade Entertainment Co., Ltd. 1,487 1,089 0.0 60,000 WH Group Limited 59,932 65,071 0.1 15,300 Wilmar International, Ltd. 47,085 50,986 0.0 12,000 Xinyi Glass Holdings Co, Ltd. 11,673 13,159 0.0 800 Yakult Honsha Co., Ltd. 49,981 49,855 0.0 1,300 Yamaha Corp. 49,684 53,361 0.1 2,100 Yamaha Motor Co., Ltd. 53,675 62,150 0.1 1,100 Yamazaki Baking Company 37,407 28,558 0.0 100 Yokohama Reito Co., Ltd. 1,218 1,179 0.0 100 Yonex Co., Ltd. 5,594 6,243 0.0 100 Yorozu Corporation 2,934 1,934 0.0 22 Youndone Holdings Company, Ltd. 1,795 1,453 0.0 253 Youngone Corporation 12,644 8,610 0.0 6,000 Yue Yuen Industrial (Holdings) Limited 29,660 29,214 0.0 200 Zojirushi Corporation 3,890 3,608 0.0 34 zooplus AG 5,861 5,843 0.0 27,854,054 28,168,916 18.6 Consumer Services 491 888 Holdings PLC 1,707 1,766 0.0 1,329 Accor SA 71,051 66,602 0.1 400 Accordia Golf Co., Ltd. 5,512 5,528 0.0 3,400 Accordia Golf Trust 1,723 1,988 0.0 300 Adastria Co., Ltd. 11,288 10,452 0.0 5,100 AEON Co., Ltd. 97,709 97,106 0.1 200 Ain Holdings Inc. 15,941 17,799 0.0 670 Ainsworth Game Technology Limited 1,548 1,373 0.0 1,321 Air France-KLM 11,976 9,668 0.0 2,336 Air New Zealand Limited 5,481 4,795 0.0 100 Alpen Co., Ltd. 2,070 2,411 0.0 8,000 ANA Holdings Inc. 30,422 28,956 0.0 505 AO World PLC 1,794 1,518 0.0 700 AOKI Holdings Inc. 11,836 11,574 0.0 300 Aoyama Trading Co., Ltd. 14,853 14,039 0.0 3 APG SGA SA 1,626 1,769 0.0 3,537 APN News & Media Limited 10,273 9,754 0.0 571 APN Outdoor Group Pty, Ltd. 3,714 3,277 0.0 1,145 ARB Corporation Limited 19,010 19,624 0.0 100 Arc Land Sakamoto Co., Ltd. 1,363 1,563 0.0 500 ARCS Company, Limited 15,023 15,137 0.0 4,920 Aristocrat Leisure Limited 61,695 74,053 0.1 100 ASAHI CO., LTD. 1,888 1,479 0.0 300 Asatsu-DK Inc. 9,920 9,758 0.0 6,800 Asian Pay Television Trust 3,976 2,367 0.0 289 Asiana Airlines, Inc. 1,526 1,354 0.0 200 ATOM Corporation 1,588 1,656 0.0 680 Atresmedia Corporacion de Medios de Comunicacion, SA 10,247 9,994 0.0 1,542 Australian Pharmaceutical Industries Limited 2,696 3,085 0.0 7,299 Auto Trader Group PLC 50,562 49,468 0.1 700 Autobacs Seven Co., Ltd. 14,367 14,117 0.0 894 Autogrill SPA 10,413 10,856 0.0 1,108 Automotive Holdings Group Limited 4,349 4,250 0.0 100 Avex Group Holdings Inc. 1,615 1,934 0.0 435 Axel Springer AG 29,556 28,384 0.0 758 Axfood AB Series B 18,044 16,023 0.0 100 Axial Retailing Inc. 4,043 4,622 0.0 4,473 B&M European Value Retail SA 20,082 20,606 0.0 416 Basic - Fit N.V. 9,112 9,432 0.0 100 Belc Co., Ltd. 5,354 5,191 0.0 200 Belluna Co., Ltd. 1,424 1,656 0.0 600 Benesse Holdings, Inc. 21,065 22,214 0.0 1,307 Betsson AB 20,090 16,959 0.0 150 BGF Retail Co., Ltd. 16,804 13,624 0.0 1,500 Bic Camera Inc. 18,825 18,454 0.0 245 Bilia AB Cl. A 7,414 7,577 0.0 13,123 Booker Group PLC 40,535 38,164 0.0

61 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,000 Cafe De Coral Holdings Limited 7,648 8,700 0.0 152 Cairo Communication SPA 854 819 0.0 2,073 Card Factory PLC 12,470 8,691 0.0 1,381 Carnival PLC 90,550 94,397 0.1 4,259 Carrefour SA 147,936 137,895 0.1 2,183 carsales.com Limited 25,418 24,060 0.0 465 Casino Guichard-Perrachon SA 31,400 29,986 0.0 8,000 Cathay Pacific Airways, Ltd. 16,417 14,114 0.0 100 Cawachi Limited 3,083 3,352 0.0 1,823 Cellumed Co., Ltd. 5,723 3,046 0.0 1,400 Central Japan Railway Company 323,711 309,545 0.2 564 Cheil Communications Inc. 11,414 9,863 0.0 20,000 China LotSynergy Holdings Limited 962 865 0.0 40,000 China Travel International Investment Hong Kong Limited 16,359 14,737 0.0 100 Chiyoda Co., Ltd. 3,449 3,196 0.0 1,000 Chow Sang Sang Holdings International Limited 1,913 2,491 0.0 5,400 Chow Tai Fook Jewellery Group Limited 4,981 5,539 0.0 1,237 Cineworld Group PLC 12,508 11,581 0.0 69 CJ CGV Co., Ltd. 8,219 5,393 0.0 25 CJ Freshway Corporation 1,515 1,083 0.0 123 CJ HelloVision Co., Ltd. 1,606 1,280 0.0 30 CJ O Shopping Co., Ltd. 5,995 5,426 0.0 64 Clas Ohlson Aktiebolag Series B 1,488 1,266 0.0 100 cocokara fine Holdings Inc. 5,638 4,938 0.0 6,991 Codere, SA 4,229 7,515 0.0 382 Collins Foods Limited 1,515 2,437 0.0 700 Colowide Co., Ltd. 15,051 15,638 0.0 532 Colruyt SA 37,891 35,371 0.0 16,200 ComfortDelGro Corporation Limited 43,357 37,143 0.0 12,707 Compass Group PLC 304,683 316,056 0.2 100 Conexio Corp. 1,559 1,717 0.0 200 COOKPAD Inc. 4,880 2,472 0.0 121 Corporate Travel Management Limited 1,604 2,153 0.0 5 Corporate Travel Management Limited, Rights (Exp. 01/10/17) — 17 0.0 100 COSMOS Pharmaceutical Corporation 25,456 24,778 0.0 100 create restaurants inc. 1,151 1,173 0.0 100 Create SD Holdings Co., Ltd. 3,196 2,878 0.0 2,761 Crown Resorts, Ltd. 33,022 31,047 0.0 154 Daekyo Co., Ltd. 1,556 1,390 0.0 5,000 Dai Nippon Printing Co., Ltd. 65,799 66,400 0.1 1,911 Daily Mail & General Trust PLC Cl. A 23,871 24,605 0.0 1,000 DCM Japan Holdings Co., Ltd. 10,791 11,935 0.0 13,630 Debenhams PLC 15,724 12,942 0.0 125 Delek Automotive Systems, Ltd. 1,597 1,481 0.0 800 DeNa Co., Ltd. 24,529 23,492 0.0 1,700 Dentsu Inc. 112,954 107,505 0.1 1,773 Deutsche Lufthansa AG 31,906 30,771 0.0 182 D’Ieteren SA 9,603 10,811 0.0 446 Dignity PLC 20,328 18,262 0.0 5,277 Distribuidora Internacional de Alimentacion 37,670 34,820 0.0 8,003 Dixons Carphone PLC 57,411 47,025 0.1 41 DO & CO AG 5,128 3,620 0.0 512 Domino’s Pizza Enterprises Limited 32,404 32,312 0.0 3,570 Domino’s Pizza Group PLC 22,507 21,344 0.0 900 Don Quijote Holdings Co., Ltd. 43,486 44,755 0.1 100 DOUTOR NICHIRES Holdings Co., Ltd 2,209 2,473 0.0 377 Dufry Group 59,701 63,175 0.1 527 Dunelm Group PLC 8,569 7,025 0.0 200 DUSKIN Co., Ltd. 4,664 5,526 0.0 800 Dynam Japan Holdings Co., Ltd. 1,902 1,644 0.0 2,900 East Japan Railway Company 341,984 336,772 0.2 1,649 easyJet PLC 39,390 27,462 0.0 300 EDION Corporation 3,061 3,780 0.0 1,116 Elior Participations SCA 32,139 34,286 0.0 155 E-Mart Co., Ltd. 31,022 31,494 0.0 35 Emerson Pacific Inc. 1,515 1,315 0.0 4,450 Enterprise Inns PLC 7,279 8,959 0.0 2,271 Entertainment One, Ltd. 7,237 8,667 0.0 16,200 Esprit Holdings Limited 18,450 17,065 0.0 847 Europcar Groupe SA 11,633 11,542 0.0 1,444 Eutelsat Communications 46,268 37,572 0.0

62 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 200 F@N Communications Inc. 1,804 1,704 0.0 18,599 Fairfax Media Limited 16,471 16,074 0.0 600 FamilyMart Co., Ltd. 50,224 53,672 0.1 400 Fast Retailing Co., Ltd. 174,264 192,382 0.1 190 Fielmann AG 19,146 16,864 0.0 92 Fila Korea, Ltd. 10,265 7,202 0.0 205 Finnair OYJ Series 1 1,673 1,169 0.0 9,455 FirstGroup PLC 17,626 16,232 0.0 350 Flight Centre Travel Group Limited 13,030 10,638 0.0 100 Fuji Co., Ltd. 2,722 2,805 0.0 1,000 Fuji Kyuko Co., Ltd. 16,173 12,441 0.0 1,000 Fujita Kanko Inc. 4,880 4,047 0.0 2,269 G8 Education Limited 8,189 7,910 0.0 16,000 Galaxy Entertainment Group Limited 73,131 93,541 0.1 32 Galenica Holding AG Series A 55,614 48,514 0.1 9,500 Genting Hong Kong Limited 3,999 3,822 0.0 42,400 Genting Singapore PLC 31,875 35,619 0.0 100 Geo Holdings Corporation 2,139 1,566 0.0 16,000 Giordano International Limited 10,710 11,596 0.0 1,900 GL, Ltd. 1,600 1,340 0.0 1,893 Gocompare.com Group PLC 2,399 2,227 0.0 4,000 Goodbaby International Holdings, Ltd. 2,347 2,567 0.0 63 Grand Korea Leisure Co., Ltd. 1,696 1,430 0.0 2,000 Great Eagle Holdings, Ltd. 9,731 12,782 0.0 300 Gree, Inc. 1,867 2,128 0.0 235 Greencross Limited 1,644 1,565 0.0 2,289 Greene King PLC 32,286 26,475 0.0 521 Greggs PLC 10,523 8,374 0.0 105 Groupe FNAC 8,842 9,539 0.0 1,119 Gruppo Editoriale l’Espresso SPA 1,510 1,170 0.0 14 GS Home Shopping Inc. 2,762 2,674 0.0 69 GS Retail Co., Ltd. 4,360 3,647 0.0 200 Gulliver International Co., Ltd. 2,609 1,481 0.0 100 Gurunavi, Inc. 2,769 2,673 0.0 2,317 GVC Holdings PLC 23,585 24,668 0.0 200 H.I.S. Co., Ltd. 8,384 7,071 0.0 500 H2O Retailing Corporation 10,573 10,256 0.0 1,800 Hakuhodo Dy Holdings Incorporated 27,133 29,802 0.0 1,251 Halfords Group PLC 8,557 7,577 0.0 27 Hana tour Service, Inc. 3,014 1,982 0.0 86 Hanjin Kal Corp. 1,604 1,466 0.0 2,100 Hankyu Hanshin Holdings, Inc. 92,188 90,545 0.1 4,738 Harvey Norman Holdings, NPV 21,697 23,648 0.0 1,216 Havas SA 13,059 13,760 0.0 2,000 HC International, Inc. 1,623 1,968 0.0 500 Heiwa Corporation 13,924 15,361 0.0 400 HEIWADO Co., Ltd. 11,921 12,703 0.0 7,359 Hennes & Mauritz AB Series B 308,027 275,274 0.2 100 HIDAY HIDAKA Corp. 3,112 3,207 0.0 46 Hornbach Baumarkt AG 1,739 1,800 0.0 214 Hotel Shilla Co., Ltd. 16,412 11,441 0.0 167 Hyundai Department Store Co., Ltd. 22,928 20,211 0.0 312 Hyundai Department Store H&S Co., Ltd. 6,908 5,335 0.0 21 Hyundai Home Shopping Network Corp. 3,005 2,600 0.0 665 ICA Gruppen AB 29,373 27,280 0.0 100 Ichibanya Co., Ltd. 4,290 4,289 0.0 476 IDP Education Limited 1,932 1,844 0.0 400 IMAX China Holding, Inc. 2,661 2,629 0.0 100 Inageya Co., Ltd. 1,622 1,702 0.0 3,672 Inchcape PLC 45,367 42,715 0.0 8,060 Industria de Diseno Textil, SA 361,800 369,723 0.3 6,833 Informa PLC 77,179 76,995 0.1 68 Innocean Worldwide Inc. 6,295 4,311 0.0 1,502 InterContinental Hotels Group PLC 85,183 90,547 0.1 8,230 International Consolidated Airlines Group SA 71,180 60,128 0.1 143 Interpark Holdings Corporation 1,539 797 0.0 1,075 InvoCare Limited 13,737 14,479 0.0 230 Ipsos 8,617 9,709 0.0 1,011 Irish Continental Group PLC 7,197 6,435 0.0 2,700 Isetan Mitsukoshi Holdings, Ltd. 39,796 39,116 0.0 1,126 ITE Group PLC 3,140 2,878 0.0

63 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 100 Itochu Enex Co., Ltd. 1,086 1,057 0.0 28,630 ITV PLC 113,171 97,920 0.1 300 Izumi Co., Ltd. 16,117 17,385 0.0 12,335 J Sainsbury PLC 55,539 50,957 0.1 1,900 J. Front Retailing Co., Ltd. NPV 32,675 34,407 0.0 982 J.D. Wetherspoon PLC 14,069 14,450 0.0 300 Japan Airlines Co., Ltd. 13,784 11,780 0.0 800 Jardine Cycle & Carriage Limited 29,795 30,618 0.0 856 JB Hi-Fi Limited 21,276 23,307 0.0 516 JC Decaux SA 25,175 20,385 0.0 3,329 JD Sports Fashion PLC 16,065 17,537 0.0 1,983 Jeronimo Martins, SGPS, SA 40,613 41,344 0.0 1,000 Joshin Denki Co., Ltd. 10,890 11,383 0.0 300 Joyful Honda Co., Ltd. 10,025 10,848 0.0 3,962 Just Eat PLC 34,364 38,309 0.0 138 JW Holdings Corporation 1,603 1,361 0.0 200 Kadokawa Dwango Corporation 3,722 3,884 0.0 1,100 Kakaku.com, Inc 26,806 24,460 0.0 200 KAMEI CORPORATION 2,257 2,746 0.0 897 Kangwon Land Inc. 40,457 35,606 0.0 100 Kappa Create Co., Ltd. 1,554 1,503 0.0 1,854 Kathmandu Holdings Limited 3,068 3,381 0.0 4,000 Keihan Electric Railway Co., Ltd. 36,097 35,321 0.0 4,000 Keikyu Corporation 50,462 62,318 0.1 4,000 Keio Corporation 47,113 44,198 0.1 1,000 Keisei Electric Railway Co., Ltd. 35,715 32,619 0.0 576 Kering SA 141,510 173,783 0.1 469 Kesko OYJ Series B 25,752 31,498 0.0 51 Kinepolis Group NV 3,024 3,066 0.0 17,857 Kingfisher PLC 113,615 103,655 0.1 36,000 Kingston Financial Group Limited 20,753 20,860 0.0 13,000 Kintetsu Group Holdings Co.,Ltd. 70,091 66,664 0.1 100 Kisoji Co., Ltd. 2,689 2,712 0.0 100 Kohnan Shoji Co., Ltd. 1,946 2,532 0.0 500 KOMEDA Holdings Co., Ltd. 10,209 10,498 0.0 300 Komeri Company, Ltd. 9,065 9,106 0.0 9,849 Koninklijke Ahold Delhaize NV 293,661 279,041 0.2 385 Korean Air Co., Ltd. 12,336 11,691 0.0 700 K’s Holdings Corporation 16,740 16,475 0.0 91 KT Skylife Co., Ltd. 1,541 1,748 0.0 100 KURA CORPORATION 6,786 5,651 0.0 100 Kusuri No Aoki Holdings Co., Ltd. 5,871 5,979 0.0 6,199 Ladbrokes PLC 13,534 11,916 0.0 1,000 Lagardere SCA 34,694 37,335 0.0 100 LaOX Co., Ltd. 1,484 823 0.0 500 Lawson, Inc. 51,412 47,199 0.1 100 Life Corporation 3,127 3,789 0.0 2,000 Lifestyle China Group Limited 594 640 0.0 2,000 Lifestyle International Limited 3,776 3,459 0.0 4,000 L’Occitane International SA 10,824 10,157 0.0 18 LOEN Entertainment, Inc. 1,685 1,517 0.0 1,368 Lookers PLC 3,777 2,658 0.0 45 LOTTE Himart Co., Ltd. 2,693 2,108 0.0 76 Lotte Shopping Co., Ltd. 19,840 18,691 0.0 2,000 Luk Fook Holdings (International) Limited 6,052 7,005 0.0 1,300 M3, Inc. 47,009 44,019 0.1 8,000 Macau Legend Development Limited 1,283 2,172 0.0 1,032 Mantra Group Limited 4,223 3,087 0.0 12,515 Marks & Spencer Group PLC 87,586 72,584 0.1 152 Marr SpA 4,256 3,730 0.0 5,601 Marston’s PLC 15,158 12,622 0.0 1,700 Marui Co., Ltd. 32,692 33,366 0.0 200 Marvelous Inc. 2,007 1,782 0.0 232 Matas A/S 5,686 4,259 0.0 300 Matsumotokiyoshi Holdings Co., Ltd. NPV 19,848 19,868 0.0 100 Matsuya Co., Ltd. 1,181 1,177 0.0 1,318 Mediaset Espana Comunicacion, SA 20,079 20,787 0.0 4,854 Mediaset SPA 24,187 28,219 0.0 20,000 Mei Ah Entertainment Group Limited 1,636 1,799 0.0 7,000 Melco International Development Limited 12,272 12,762 0.0 579 Melia Hotels International, SA 8,983 9,074 0.0

64 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 5,033 Merlin Entertainments PLC 40,436 37,413 0.0 8,722 Metcash Limited 16,849 19,311 0.0 1,312 Metro AG 53,096 58,615 0.1 681 Metropole Television SA 16,191 17,021 0.0 5,200 MGM China Holdings, Ltd. 9,375 14,463 0.0 1,058 Mitchells & Butlers PLC 5,774 4,399 0.0 450 Modern Times Group AB Series B 16,449 17,936 0.0 38 Modetour Network Inc. 1,243 1,221 0.0 5,774 Moneysupermarket.com Group PLC 30,966 28,139 0.0 100 MOS Food Services, Inc. 3,865 4,036 0.0 343 Mothercare PLC 1,464 642 0.0 10,500 MTR Corporation Limited 69,840 68,470 0.1 4,124 Myer Holdings, Ltd. 4,401 5,526 0.0 439 N Brown Group PLC 2,825 1,619 0.0 24,000 NagaCorp Limited 19,212 18,598 0.0 7,000 Nagoya Railroad Co., Ltd. 46,796 45,474 0.1 5,000 Nankai Electric Railway Co., Ltd. 34,360 34,091 0.0 4,148 National Express Group PLC 24,546 24,312 0.0 2,974 Navitas Limited 15,306 14,382 0.0 1,400 NetEnt AB 17,584 14,529 0.0 4,000 NewOcean Energy Holdings Limited 1,896 1,425 0.0 1,088 Next PLC 113,133 89,838 0.1 2,243 NH Hoteles, SA 13,824 12,199 0.0 4,266 Nine Entertainment Co. Holdings Limited 5,649 4,412 0.0 200 Nishimatsuya Chain Co., Ltd. 3,202 3,224 0.0 3,000 Nishi-Nippon Railroad Co., Ltd. 21,495 18,420 0.0 600 Nitori Company, Ltd. 80,815 92,167 0.1 33 Norwegian Air Shuttle ASA 1,617 1,476 0.0 3,091 NOS, SGPS, SA 27,134 24,650 0.0 7 NS Shopping Co., Ltd. 1,460 1,193 0.0 598 NZME Limited 518 319 0.0 3,422 Ocado Group PLC 17,445 14,976 0.0 2,300 Odakyu Electric Railway Co., Ltd. 66,312 61,167 0.1 100 Ohsho Food Service Corp. 4,078 5,065 0.0 352 OOH!MEDIA Limited 1,542 1,562 0.0 1,500 Oriental Land Co., Ltd. 123,035 113,932 0.1 1,900 Overseas Union Enterprise Limited 2,938 3,095 0.0 657 Paddy Power PLC 106,790 95,533 0.1 100 PAL Co., Ltd. 3,012 3,192 0.0 193 Paradise Company Limited 4,017 2,604 0.0 700 Park24 Co., Ltd. 26,540 25,514 0.0 6,276 Pearson PLC 94,323 85,122 0.1 2,730 Pets at Home Group PLC 12,744 10,812 0.0 8,206 Pilbara Minerals Limited 4,384 3,984 0.0 1,724 Playtech PLC 26,021 23,597 0.0 100 PLENUS Co., Ltd. 2,316 2,623 0.0 9,000 Pou Sheng International (Holdings) Limited 2,880 3,471 0.0 400 Prestige International, Inc. 3,984 3,803 0.0 125 Promotora de Informaciones, SA Cl. A 1,068 928 0.0 1,923 ProSiebenSat.1 Media AG Registered 115,875 99,580 0.1 1,557 Publicis Groupe SA 141,620 144,363 0.1 8,103 Qantas Airways Limited 27,612 26,202 0.0 45,000 Qianhai Health Holdings, Ltd. 1,371 1,129 0.0 100 Qol Co., Ltd. 1,967 1,610 0.0 439 RAI Way SPA 2,742 2,223 0.0 6,800 Rakuten, Inc. 99,633 89,561 0.1 102 Rallye SA 2,394 2,658 0.0 29 Rami Levi Chain Stores Hashikma Marketing 2006, Ltd. 1,499 1,571 0.0 2,632 Rank Group PLC 9,315 8,505 0.0 1,014 RCG Corporation Limited 1,617 1,462 0.0 100 Relia, Inc. 1,141 1,327 0.0 6,753 RELX NV 152,605 152,735 0.1 8,460 RELX PLC 201,750 203,132 0.2 500 Resorttrust, Inc. 14,387 12,406 0.0 1,303 Restaurant Group PLC 10,963 7,006 0.0 595 Retail Food Group, Ltd. 2,752 4,056 0.0 322 Rezidor Hotel Group AB 1,685 1,687 0.0 750 Rightmove PLC 53,301 48,506 0.1 100 Ringer Hut Co., Ltd. 2,808 2,609 0.0 850 Rizzoli Corriere della Sera MediaGroup SPA 869 1,003 0.0 200 ROUND ONE Corporation 1,703 1,863 0.0

65 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 100 Royal Holdings Co., Ltd. 2,644 2,149 0.0 306 RTL Group SA 32,354 30,181 0.0 1,503 Ryanair Holdings PLC 29,114 30,837 0.0 66 Ryanair Holdings PLC ADR 5,967 7,369 0.0 200 Ryohin Keikaku Co. 54,474 52,683 0.1 60 S.M. Entertainment Co. 2,945 1,725 0.0 6,000 Sa Sa International Holdings Limited 2,451 3,196 0.0 100 Saint Marc Holdings Co., Ltd. 3,842 4,087 0.0 100 Saizeriya Co., Ltd. 3,441 3,022 0.0 100 SAN-A CO., LTD. 6,260 6,508 0.0 18,400 Sands China, Ltd. 91,515 107,254 0.1 300 Sankyo Company, Limited 14,816 13,021 0.0 497 SanomaWSOY OYJ Series B 4,199 5,796 0.0 1,000 Sanyo Electric Railway Co., Ltd. 6,392 7,002 0.0 1,573 SAS AB 5,083 3,239 0.0 15 SAS AB Preferred 1,226 1,151 0.0 420 SBS Media Holdings Co., Ltd. 1,496 1,247 0.0 579 Schibsted ASA Cl. A 22,933 17,870 0.0 814 Schibsted ASA Cl. B 27,378 23,208 0.0 1,800 SEIBU Holdings Inc. 44,273 43,379 0.0 100 Senshukai Co., Ltd. 896 814 0.0 64 Seobu T&D Co., Ltd. 1,634 1,307 0.0 2,992 SES S.A. 95,133 88,557 0.1 6,100 Seven & I Holdings Co., Ltd. 343,332 312,319 0.2 294 Seven Network Limited 1,447 2,238 0.0 3,257 Seven West Media Limited 2,944 2,546 0.0 446 SG Fleet Group Limited 1,528 1,442 0.0 10,000 Shangri-La Asia Limited 13,559 14,149 0.0 8,000 Sheng Siong Group, Ltd. 8,348 7,018 0.0 400 Shimachu Co., Ltd. 12,647 14,326 0.0 200 Shimamura Co., Ltd. 31,866 33,551 0.0 42 Shinsegae Co., Ltd. 9,986 8,208 0.0 1,000 Shochiku Co., Ltd. 13,281 14,924 0.0 347 Shufersal, Ltd. 1,483 1,740 0.0 36,000 Shun Tak Holdings Limited 15,605 16,688 0.0 6,181 Sigma Pharmaceuticals Limited 6,118 7,743 0.0 3,400 Singapore Airlines Limited 35,553 30,519 0.0 11,200 Singapore Press Holdings Limited 41,619 36,699 0.0 222 Sixt AG 15,546 15,999 0.0 35 Sixt SE Preferred 1,915 1,933 0.0 11,000 SJM Holdings Limited 9,796 11,568 0.0 91 Skistar AB Series B 1,733 2,049 0.0 2,058 Sky Network Television, Ltd. 8,708 8,756 0.0 500 SKY Perfect JSAT Corporation 3,414 3,093 0.0 7,881 Sky PLC 134,726 129,418 0.1 5,895 SkyCity Entertainment Group, Ltd. 23,668 21,664 0.0 700 Skylark Co., Ltd. 12,333 12,427 0.0 211 Sodexco SA, Registered Loyalty Bonus Shares 29,200 32,591 0.0 464 Sodexo SA 67,469 71,670 0.1 100 Sogo Medical Co., Ltd. 4,928 4,938 0.0 10,730 Sonae SGPS SA 13,829 13,265 0.0 3,000 Sotetsu Holdings, Inc. 21,995 19,903 0.0 8,392 Southern Cross Media Group Limited 11,227 12,590 0.0 1,730 Sports Direct International 12,784 7,987 0.0 3,761 SSP Group PLC 20,483 24,131 0.0 2,432 Stagecoach Group PLC 11,877 8,713 0.0 1,300 Start Today Co., Ltd. 23,936 30,178 0.0 178 Stockmann OYJ Abp Cl. B 1,507 1,778 0.0 131 Stroeer SE 9,272 7,728 0.0 300 Sugi Pharmacy Co., Ltd. 20,061 19,178 0.0 1,992 Summerset Group Holdings Limited 9,526 8,718 0.0 17,000 Sun Art Retail Group, Ltd. 16,688 19,995 0.0 300 Sundrug Co., Ltd. 29,398 27,905 0.0 947 Super Retail Group Limited 9,260 9,518 0.0 5,517 Tabcorp Holdings Limited 24,914 25,769 0.0 2,000 Takashimaya Company, Ltd. 21,652 22,168 0.0 408 Takkt AG 11,591 12,414 0.0 10,826 Tatts Group Limited 42,846 47,097 0.1 3,371 Technicolor SA 26,687 24,508 0.0 388 Telenet Group Holding NV 26,205 28,934 0.0 3,400 Television Broadcasts Limited 16,194 14,996 0.0

66 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 605 Television Francaise 1 SA 8,957 8,088 0.0 1,619 Ten Network Holdings Limited 1,578 1,454 0.0 63,116 Tesco PLC 202,515 216,339 0.2 327 The Go-Ahead Group PLC 14,342 12,143 0.0 76 The Reject Shop Limited 999 626 0.0 7,160 The Star Entertainment Group Limited 38,045 35,946 0.0 12,646 Thomas Cook Group PLC 20,076 18,273 0.0 938 Thorn Group, Ltd. 1,255 1,749 0.0 7,000 Tobu Railway Company 47,450 46,681 0.1 1,000 TOEI COMPANY, LTD. 11,687 11,647 0.0 800 Toho Company 30,465 30,400 0.0 400 Tokyo Broadcasting System 8,586 8,600 0.0 500 Tokyo Dome Corporation 6,117 6,623 0.0 1,000 Tokyotokeiba Co., Ltd. 2,581 3,081 0.0 8,000 Tokyu Corporation 85,884 79,013 0.1 100 Toridoll.corporation 2,584 2,901 0.0 100 Tosho Co., Ltd. 5,836 6,186 0.0 3,114 Trade Me Group Limited 13,928 14,589 0.0 300 Tsuruha Holdings, Inc. 42,577 38,288 0.0 3,613 TUI AG 69,313 69,629 0.1 100 TV Asahi Corporation 2,403 2,655 0.0 100 TV TOKYO Holdings Corporation 2,485 2,665 0.0 3,057 UBM PLC 35,809 37,055 0.0 300 United Arrows, Ltd. 14,529 11,124 0.0 200 United Super Markets Holdings Inc. 2,429 2,265 0.0 1,500 USS Co., Ltd. 32,424 32,113 0.0 200 Valor Co, Ltd. 6,683 7,014 0.0 10 Valora Holding AG 2,916 3,817 0.0 215 Village Roadshow Limited 1,473 952 0.0 8,464 Vivendi SA 223,461 216,156 0.2 1,300 VT Holdings Co., LTD. 8,927 8,625 0.0 508 Warehouse Group, Ltd. 1,271 1,354 0.0 430 Webjet Limited 2,782 4,426 0.0 200 Welcia Holdings Co., Ltd. 16,630 16,419 0.0 8,673 Wesfarmers Limited 354,248 354,901 0.3 1,400 West Japan Railway Company 115,055 115,464 0.1 1,344 WH Smith PLC 38,378 34,698 0.0 1,334 Whitbread PLC 94,935 83,470 0.1 7,484 William Hill PLC 43,318 35,989 0.0 360 Wizz Air Holdings PLC 11,404 10,684 0.0 16,157 WM Morrison Supermarkets PLC 56,267 61,766 0.1 2,238 Wolters Kluwer NV 112,457 108,960 0.1 10,017 Woolworths Limited 225,415 234,422 0.2 117 Woongjin Thinkbig Co., Ltd. 1,520 1,209 0.0 100 Wowow Inc. 3,093 4,030 0.0 1,514 WPP AUNZ Limited 1,532 1,779 0.0 9,900 WPP PLC 293,399 297,914 0.2 9,600 Wynn Macau, Limited 18,261 20,491 0.0 100 XEBIO Co., Ltd. 2,036 2,076 0.0 801 XXL ASA 12,761 12,230 0.0 5,900 Yamada Denki Co., Ltd. 39,309 42,737 0.0 100 YAOKO CO., LTD. 5,789 5,346 0.0 100 Yellow Hat, Ltd. 2,947 2,902 0.0 45 YG Entertainment Inc. 1,955 1,416 0.0 100 Yondoshi Holdings Inc. 3,263 2,838 0.0 449 Yoox SpA 18,020 17,110 0.0 800 Yoshinoya Holdings Co., Ltd. 14,332 14,754 0.0 851 Zalando SE 40,236 43,683 0.1 100 Zenrin Co., Ltd. 2,388 2,444 0.0 700 Zensho Co., Ltd. 14,181 15,501 0.0 1,684 Zoopla Property Group PLC 8,872 8,910 0.0 13,151,971 12,871,235 8.5 Financials 644 360 Capital Industrial Fund 1,604 1,570 0.0 7,345 3i Group PLC 72,307 85,685 0.1 381 Aareal Bank AG 15,816 19,274 0.0 298 AB Sagax Preferred 1,530 1,337 0.0 1,718 Abacus Property Group 5,241 5,038 0.0 8,820 Aberdeen Asset Management PLC 44,224 37,605 0.0 2,277 ABN AMRO Group NV ADR 62,844 67,797 0.1

67 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 182 Ackermans & Van Haaren NV 31,651 34,007 0.0 2,800 Acom Co., Ltd. 17,801 16,451 0.0 1,549 Admiral Group PLC 52,583 46,895 0.0 335 ADO Properties SA 15,371 15,168 0.0 199 Aedifica SA 21,714 20,008 0.0 13,424 Aegon NV 87,055 99,269 0.1 800 AEON Financial Service Co., Ltd. 21,741 19,105 0.0 1,000 AEON Mall Co., Ltd. 19,218 18,902 0.0 128 Africa Israel Properties, Ltd. 2,560 2,943 0.0 1,534 Ageas 78,038 81,606 0.1 93,000 AIA Group Limited 727,767 703,765 0.5 3,000 Aiful Corp. 12,691 11,935 0.0 237 Airport City, Ltd. 2,941 3,170 0.0 153 Aker ASA Series A 4,346 7,699 0.0 796 Aldermore Group PLC 3,109 3,123 0.0 2,300 Allco Commercial Real Estate Investment Trust 2,761 2,690 0.0 3,472 Allianz SE 721,588 771,035 0.5 584 Allied Minds PLC 4,285 4,548 0.0 121 Allreal Holding AG 23,181 24,156 0.0 293 Alm. Brand A/S (Almindelig Brand) 2,774 3,010 0.0 445 Alony-Hetz Properties and Investments, Ltd. 4,607 4,807 0.0 1,195 Alstria Office REIT-AG 21,702 20,131 0.0 258 Amot Investments, Ltd. 1,152 1,469 0.0 22,211 AMP Limited 117,888 108,703 0.1 5,319 AMP NZ Office Trust 6,108 5,969 0.0 255 Amundi SA 15,259 17,935 0.0 100 Anicom Hodings, Inc. 3,380 2,785 0.0 1,552 Anima Holding SpA 12,666 11,328 0.0 10,000 Aozora Bank, Ltd. 46,442 47,486 0.0 5,600 ARA Asset Management Limited 7,017 8,863 0.0 2,670 Ardent Leisure Group 5,313 6,067 0.0 850 Arena REIT 1,656 1,543 0.0 21,111 Argosy Property, Ltd. 20,735 19,939 0.0 5,800 Ascendas Hospitality Trust 4,180 3,796 0.0 4,800 Ascendas India Trust 4,236 4,522 0.0 19,460 Ascendas Real Estate Investment Trust 44,071 41,005 0.0 3,600 Ascott Residence Trust 3,920 3,776 0.0 9,300 Ashikaga Holdings Co., Ltd. 44,744 46,301 0.0 3,475 Ashmore Group PLC 17,310 16,279 0.0 488 ASR Nederland N.V. 14,520 15,600 0.0 9,810 Assicurazioni Generali SPA 185,065 195,929 0.1 16,466 Assura PLC 15,915 15,553 0.0 247 Astro Japan Property Group 1,591 1,595 0.0 1,695 ASX, Ltd. 76,346 81,869 0.1 588 Atrium Ljungberg AB Series B 12,397 12,352 0.0 22,240 Australia and New Zealand Banking Group Limited 568,493 656,958 0.4 209 Avanza Bank Holding AB 10,926 11,384 0.0 6,066 Aveo Group Limited 19,137 19,733 0.0 31,238 Aviva PLC 252,979 251,778 0.2 14,858 AXA SA 455,820 504,074 0.3 584 Axiare Patrimonio SOCIMI, SA 10,875 11,416 0.0 991 Azimut Holding SPA 24,707 22,232 0.0 304 Azrieli Group 16,388 17,701 0.0 317 Baloise Holding, Ltd. 50,464 53,665 0.1 2,601 Banca Carige SpA 3,362 1,170 0.0 529 Banca Generali SPA 17,682 16,955 0.0 85 Banca IFIS SPA 3,132 3,126 0.0 2,046 Banca Mediolanum SPA 19,281 19,766 0.0 88 Banca Monte dei Paschi di Siena SPA 9,952 1,877 0.0 3,519 Banca Popolare dell’Emilia Romagna SC 22,220 25,186 0.0 32,952 Banca Popolare di Milano Scarl 25,256 16,700 0.0 5,103 Banca Popolare di Sondrio Scrl 23,198 22,578 0.0 50,582 Banco Bilbao Vizcaya Argentaria SA 435,584 458,901 0.3 4,752 Banco BPI SA 7,602 7,602 0.0 3,109 Banco Comercial Portugues, SA Cl. R 10,489 4,710 0.0 39,759 Banco de Sabadell SA 80,691 74,403 0.1 7,125 Banco Popolare Societa Cooperativa 34,685 23,099 0.0 20,775 Banco Popular Espanol, SA 47,694 26,976 0.0 111,011 Banco Santander, SA 673,948 778,672 0.5 7,622 Bank Hapoalim BM 53,029 60,846 0.1 10,009 Bank Leumi Le-Israel 48,732 55,313 0.1

68 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 9,800 Bank of East Asia, Ltd. 48,592 50,344 0.1 210,310 Bank of Ireland 73,307 69,610 0.1 3,934 Bank of Queensland, Ltd. 45,126 45,345 0.0 100 Bank of The Ryukus, Limited 1,912 1,764 0.0 38,950 Bankia, SA 48,627 53,496 0.1 5,736 Bankinter SA 53,749 59,715 0.1 27 Banque Cantonale Vaudoise 22,777 22,979 0.0 130,949 Barclays PLC 426,939 484,867 0.3 4,506 Beazley PLC 28,375 28,934 0.0 108 Befimmo S.C.A. 8,783 8,151 0.0 4,016 Bendigo and Adelaide Bank Limited 41,540 49,566 0.0 14,288 Beni Stabili SPA 11,596 10,974 0.0 203 BGEO Group PLC 8,831 10,038 0.0 1,364 Big Yellow Group PLC 17,428 15,494 0.0 135 BinckBank NV 1,495 1,050 0.0 2,231 BNK Financial Group Inc. 22,220 21,502 0.0 7,550 BNP Paribas SA 525,736 646,630 0.4 27,500 BOC Hong Kong Holdings, Ltd. 114,479 131,997 0.1 493 Bolsas y Mercados Espanoles 20,383 19,522 0.0 451 Bonava AB (publ) 8,278 9,294 0.0 387 Bonava AB (publ) Cl.B 6,669 8,066 0.0 2,491 Brewin Dolphin Holdings PLC 12,733 12,594 0.0 7,871 British Land Company PLC 97,520 82,104 0.1 1,383 BT Investment Management Limited 13,018 14,276 0.0 484 Bure Equity AB 6,141 7,395 0.0 845 BUWOG AG 25,928 26,403 0.0 5,387 BWP Trust 17,650 15,641 0.0 490 CA Immobilien Anlagen AG 11,926 12,105 0.0 3,600 Cache Logistics Trust 3,009 2,707 0.0 24,114 Caixabank, SA 93,378 107,101 0.1 5,700 Cambridge Industrial Trust 3,051 2,857 0.0 5,678 Capital & Counties Properties PLC 33,624 27,954 0.0 12,500 CapitaLand Commercial Trust 17,265 17,173 0.0 19,800 CapitaLand Limited 57,992 55,506 0.1 19,100 CapitaLand Mall Trust 38,839 33,420 0.0 2,200 CapitaLand Retail China Trust 3,069 2,798 0.0 2,022 Castellum AB 36,268 37,281 0.0 3,200 CDL Hospitality Trusts 4,161 3,980 0.0 350 Cedar Woods Properties Limited 1,599 1,716 0.0 156 Cembra Money Bank AG 13,585 15,273 0.0 4,701 Challenger Financial Services Group Limited 42,300 51,310 0.1 16,000 Champion Real Estate Investment Trust 11,643 11,623 0.0 4,772 Charter Hall Group 22,676 21,965 0.0 1,918 Charter Hall Retail REIT 8,609 7,878 0.0 857 Chesnara PLC 5,223 5,187 0.0 22,000 Cheung Kong Property Holdings., Ltd. 187,021 180,942 0.1 175,000 China Baoli Technologies Holdings Limited 8,745 6,962 0.0 10,000 China Financial International Investments Limited 1,603 770 0.0 80,000 China LNG Group, Ltd. 3,632 2,505 0.0 10,000 China Medical & HealthCare Group Limited 732 675 0.0 15,000 China Oceanwide Holdings Limited 2,301 1,998 0.0 1,000 Chong Hing Bank Limited 2,775 2,591 0.0 4,400 City Developments, Ltd. 34,211 33,818 0.0 1,752 Citycon OYJ 5,747 5,794 0.0 115 Clal Insurance Enterprises Holdings, Ltd. 1,716 1,977 0.0 937 Close Brothers Group PLC 22,292 22,436 0.0 313 CMC Markets PLC 1,613 566 0.0 1,331 CNP Assurances 27,852 33,135 0.0 245 Coface SA 2,967 2,149 0.0 146 Cofinimmo SA 22,571 22,438 0.0 55 Collector AB 1,148 836 0.0 155 Comdirect Bank AG 2,226 2,112 0.0 7,741 Commerzbank AG 81,415 79,340 0.1 13,168 Commonwealth Bank of Australia 986,174 1,053,764 0.7 8,824 Concordia Financial Group, Ltd. 53,630 57,080 0.1 48,000 Convoy Financial Holdings Limited 2,373 1,918 0.0 567 Conwert Immobilien Invest SE 12,493 13,009 0.0 79 Corporacion Financiera Alba, SA (Alba) 4,217 4,792 0.0 631 Countrywide PLC 4,364 1,843 0.0 2,243 Cover-More Group Limited 3,659 4,204 0.0 8,402 Credit Agricole SA 115,794 139,998 0.1

69 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 151 Credit Corp Group Limited 1,526 2,631 0.0 1,400 Credit Saison Co., Ltd. 32,953 33,433 0.0 16,195 Credit Suisse Group AG 307,393 312,200 0.2 139 Credit Suisse Real Estate Fund LivingPlus 26,235 25,402 0.0 302 Credito Emiliano SPA 2,656 2,439 0.0 4,858 Credito Valtellinese SC 5,072 2,560 0.0 4,373 Credito Valtellinese Societa Cooperativa, Rights (Exp. 01/05/17) — — 0.0 5,600 Croesus Retail Trust 4,516 4,341 0.0 8,429 Cromwell Property Group 8,594 8,062 0.0 6,896 CYBG PLC 28,831 32,065 0.0 24 Daejan Holdings PLC 2,852 2,462 0.0 1,600 Dah Sing Banking Group Limited 3,650 3,946 0.0 800 Dah Sing Financial Group 5,947 7,258 0.0 200 Daibiru Corporation 2,215 2,302 0.0 1,000 DAIKYO INCORPORATED 2,264 2,690 0.0 106 Daishin Securities Company 1,502 1,224 0.0 128 Daishin Securities Company Preferred 1,071 1,037 0.0 600 Daito Trust Construction Company, Ltd. 118,053 121,279 0.1 13,000 Daiwa Securities Group Inc. 102,852 107,665 0.1 5,744 Danske Bank A/S 212,746 234,055 0.2 14,000 DBS Group Holdings Limited 209,547 225,343 0.2 747 Dea Capital Spa 1,215 1,266 0.0 41 Delek Group, Ltd. 10,383 11,759 0.0 3,382 Delta Lloyd NV 19,344 25,435 0.0 744 Derwent Valley Holdings PLC 40,387 34,175 0.0 1,404 Deutsche Boerse AG 154,798 153,988 0.1 10,723 Deutsche Bank AG 240,502 261,637 0.2 36 Deutsche Beteiligungs AG 1,474 1,566 0.0 320 Deutsche Euroshop AG 19,177 17,503 0.0 940 Deutsche Pfandbriefbank AG 12,190 12,126 0.0 2,665 Deutsche Wohnen AG 111,958 112,484 0.1 7,391 Dexus Property Group 62,998 69,043 0.1 933 DGB Financial Group Inc. 9,248 10,121 0.0 138 DIC Asset AG 1,644 1,776 0.0 10,111 Direct Line Insurance Group PLC 67,991 61,892 0.1 8,110 DnB ASA 137,729 162,235 0.1 334 Dongbu Insurance Co., Ltd. 26,603 23,178 0.0 1,265 Eclipx Group Limited 4,143 4,606 0.0 484 EFG International 4,322 3,934 0.0 12,000 Emperor Capital Group Limited 1,373 1,453 0.0 510 Entra ASA 6,516 6,813 0.0 2,301 Erste Group Bank AG 86,057 90,562 0.1 1,893 esure Group PLC 9,518 6,321 0.0 126 Euler & Hermes SA 14,517 14,882 0.0 239 Eurocommercial Properties NV 13,843 12,368 0.0 547 Euronext NV 30,216 30,334 0.0 893 EXOR NV 45,908 51,763 0.1 3,084 F&C Commercial Property Trust Limited 7,310 6,971 0.0 1,446 Fabege AB Series B 31,919 31,784 0.0 4,000 Far East Consortium International Limited 1,727 2,290 0.0 11,900 Far East Hospitality Trust 7,069 6,628 0.0 164 Fastighets AB Balder Preferred 8,702 7,827 0.0 460 Fastighets AB Balder Series B 14,755 12,501 0.0 16 FFP 1,418 1,635 0.0 900 FIDEA Holdings Co., Ltd. 1,641 2,163 0.0 200 Financial Products Group Co., Ltd. 2,470 2,320 0.0 3,671 FinecoBank Banca Fineco SPA 30,206 27,676 0.0 190 First International Bank of Israel, Ltd. 2,982 3,741 0.0 2,300 First Real Estate Investment Trust 2,691 2,701 0.0 1,210 FlexiGroup Limited 2,894 2,655 0.0 262 Flow Traders 12,168 12,131 0.0 673 Folkestone Education Trust 1,470 1,660 0.0 284 Fonciere des Regions 33,512 33,318 0.0 16,000 Fortune REIT 24,201 24,658 0.0 868 Foxtons Group PLC 2,934 1,467 0.0 2,800 Frasers Centrepoint Trust 5,280 4,938 0.0 23,700 Frasers Logistics & Industrial Trust 20,237 20,350 0.0 80,000 Freeman Financial Corporation Limited 5,965 6,919 0.0 5,000 Fukuoka Financial Group, Inc. NPV 25,386 29,837 0.0 100 Fuyo General Lease Co., Ltd. 6,826 6,427 0.0 1,318 GAM Holding AG 22,630 20,521 0.0

70 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,069 Gateway Lifestyle Holdings Pty, Ltd. 2,868 2,242 0.0 1,374 Gazit-Globe, Ltd. 16,448 15,718 0.0 1,100 GCA Corporation 10,665 10,396 0.0 1,857 GDI Property Group 1,591 1,785 0.0 296 Gecina 53,505 55,036 0.1 14,000 Gemdale Properties and Investment Corporation Limited 1,127 1,150 0.0 1,015 Genworth Mortgage Insurance Australia Limited 2,980 3,223 0.0 119 Gimv NV 8,228 8,862 0.0 1,187 Gjensidige Forsikring ASA 26,085 25,335 0.0 21,100 Global Logistic Properties Limited 38,413 43,090 0.0 100 Goldcrest Co., Ltd. 2,090 2,418 0.0 10,000 Good Resources Holdings, Ltd. 1,451 830 0.0 13,335 Goodman Group 90,336 92,326 0.1 5,320 Goodman Property Trust 6,213 6,069 0.0 2,132 Grainger PLC 8,919 8,401 0.0 2,590 Great Portland Estates PLC 32,773 28,691 0.0 7,980 Green REIT PLC 16,617 15,486 0.0 538 Groupe Bruxelles Lambert SA 58,732 60,666 0.1 3,923 Growthpoint Properties Australia Limited 12,440 12,495 0.0 293 Grupo Catalana Occidente, SA 11,388 12,893 0.0 3,700 Gunma Bank, Ltd. 25,238 27,227 0.0 13,000 Guotai Junan International Holdings Limited 5,818 5,374 0.0 27,000 Haitong International Securities Group Limited 21,055 20,782 0.0 6,018 Hammerson PLC 62,414 57,141 0.1 2,264 Hana Financial Group Inc. 67,646 78,555 0.1 7,000 Hang Lung Group Limited 29,390 32,691 0.0 16,000 Hang Lung Properties, Ltd. 43,546 45,498 0.0 5,700 Hang Seng Bank Limited 132,963 142,268 0.1 460 Hannover Rueckversicherungs AG 66,073 66,888 0.1 7,551 Hansteen Holdings PLC 15,430 14,202 0.0 223 Hanwha General Insurance Co., Ltd. 1,877 1,790 0.0 1,410 Hanwha Life Insurance Co., Ltd. 10,355 10,223 0.0 541 Harel Insurance Investments & Financial Services, Ltd. 2,640 3,337 0.0 1,792 Hargreaves Lansdown PLC 41,922 36,020 0.0 1,862 Hastings Group Holdings Limited 6,234 7,621 0.0 1,722 Heartland Bank Limited 1,785 2,415 0.0 500 Heiwa Real Estate Co., Ltd. 8,918 9,141 0.0 358 Helical Bar PLC 2,923 1,749 0.0 54 Helvetia Holding AG 37,784 39,082 0.0 595 Hemfosa Fastigheter AB 8,009 7,466 0.0 68 Hemfosa Fastigheter AB Preferred 1,670 1,561 0.0 7,807 Henderson Group PLC 35,576 30,479 0.0 8,400 Henderson Land Development Company, Ltd. 61,523 59,934 0.1 5,166 Hibernia Reit PLC 10,096 8,995 0.0 2,162 Hiscox, Ltd. 39,162 36,435 0.0 1,240 Hispania Activos Inmobiliarios, SA 20,050 19,635 0.0 400 Hitachi Capital Corporation 12,732 13,232 0.0 1,100 Hokuhoku Financial Group, Inc. 22,823 25,510 0.0 9,200 Hong Kong Exchanges & Clearing Limited 295,590 291,528 0.2 9,500 Hongkong Land Holdings Limited 80,044 80,644 0.1 8,500 Hopewell Holdings Limited 39,167 39,402 0.0 663 Hotel Property Investments 1,724 1,828 0.0 153,583 HSBC Holdings PLC 1,440,503 1,671,794 1.1 780 Hufvudstaden AB Series A 16,229 16,569 0.0 2,900 Hulic Co., Ltd. 36,739 34,644 0.0 5,000 Hysan Development Company, Limited 29,771 27,718 0.0 445 Hyundai Marine & Fire Insurance Co., Ltd. 17,413 15,564 0.0 24 I.D.I. Insurance Company, Ltd. 1,594 1,559 0.0 600 IBJ Leasing Co., Ltd. 17,898 18,019 0.0 219 ICADE NPV 21,318 20,999 0.0 1,800 Ichigo Inc. 9,719 8,961 0.0 200 Ichiyoshi Securities Co., Ltd. 1,750 2,063 0.0 2,435 IG Group Holdings PLC 36,340 19,937 0.0 1,200 Iida Group Holdings Co., Ltd. 30,545 30,589 0.0 1,294 Immobiliare Grande Distribuzione 1,562 1,325 0.0 6,816 Immofinanz Immobilien Anlagen AG 20,502 17,865 0.0 2,117 Industrial Bank of Korea 29,432 29,852 0.0 1,500 Industrivarden AB Series A 37,376 39,901 0.0 1,164 Industrivarden AB Series C 25,748 29,176 0.0 29,777 ING Groep NV 465,707 563,128 0.4 553 Ingenia Communities Group 1,487 1,444 0.0

71 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,507 Inmobiliaria Colonial, SA 14,438 14,032 0.0 19,436 Insurance Australia Group Limited 106,900 113,052 0.1 2,057 Intermediate Capital Group PLC 23,512 23,860 0.0 883 International Personnel Finance 4,743 2,521 0.0 13 Intershop Holding AG 8,807 8,594 0.0 84,013 Intesa Sanpaolo SPA 280,613 288,291 0.2 17,735 Intesa Sanpaolo SPA Savings Shares 54,613 56,041 0.1 650 Intrum Justitia AB 29,150 29,496 0.0 7,265 Intu Properties PLC 38,611 33,865 0.0 4,939 Investa Office Fund 21,157 22,637 0.0 4,742 Investec PLC 41,438 42,118 0.0 185 Investment AB Latour Cl. B 9,572 9,345 0.0 104 Investment AB Oresund 1,795 2,341 0.0 3,313 Investor AB Series B 153,527 166,524 0.1 2,357 IOOF Holdings Limited 20,870 21,080 0.0 8,281 Israel Discount Bank Series A 19,238 23,110 0.0 800 J Trust Co., Ltd. 10,050 10,872 0.0 1,000 Jaccs Co., Ltd. 5,332 5,956 0.0 300 JAFCO Co., Ltd. 12,168 13,228 0.0 4,000 Japan Exchange Group, Inc. 77,579 76,806 0.1 3,200 Japan Post Bank Co., Ltd. 52,428 51,621 0.1 3,300 Japan Post Holdings Co., Ltd. 58,524 55,359 0.1 500 Japan Post Insurance Co., Ltd. 14,603 14,390 0.0 200 Japan Securities Finance Co., Ltd. 1,454 1,465 0.0 484 JB Financial Group Co., Ltd. 3,002 3,106 0.0 543 Jerusalem Economy, Ltd. 1,270 1,520 0.0 800 Jimoto Holdings, Inc. 1,320 1,821 0.0 244 JM AB Series B 8,496 9,480 0.0 3,046 John Laing Group PLC 13,306 13,668 0.0 1,689 Julius Baer Group, Ltd. 94,920 100,799 0.1 3,046 Jupiter Fund Management PLC 23,124 22,390 0.0 467 Jyske Bank A/S 26,181 29,912 0.0 20,000 K Wah International Holdings Limited 12,040 12,454 0.0 700 kabu.com Securities Co., Ltd. 2,876 3,235 0.0 400 Kansai Urban Banking Corporation 6,928 6,710 0.0 3,033 KB Financial Group, Inc. 126,057 144,134 0.1 100 KB Financial Group, Inc. ADR 3,689 4,733 0.0 420 KB Insurance Co., Ltd. 14,000 12,195 0.0 363 KBC Ancora NPV 19,894 20,423 0.0 2,078 KBC Groep NV 154,974 172,917 0.1 2,100 Kenedix, Inc. 12,038 10,044 0.0 1,091 Kennedy Wilson Europe Real Estate PLC 20,424 17,337 0.0 8,565 Keppel DC REIT 9,888 9,421 0.0 18,200 Keppel REIT Management Limited 17,614 17,232 0.0 4,000 Kerry Properties Limited 13,451 14,564 0.0 1,579 Kinnevik AB Cl. B 53,947 50,883 0.1 5,902 Kiwi Property Group Limited 7,622 7,644 0.0 44 KIWOOM Securities Co., Ltd. 3,169 3,517 0.0 1,521 Klepierre SA 88,433 80,344 0.1 9,319 Klovern AB Cl. B 13,859 13,131 0.0 102 Klovern AB Preferred 4,605 4,344 0.0 279 Korea Investment Holdings Co., Ltd. 14,412 12,980 0.0 1,058 Korea Real Estate Investment Trust Co., Ltd. 4,094 3,354 0.0 593 Korean Reinsurance Company 8,501 7,506 0.0 2,000 Kowloon Development Company Limited 2,320 2,543 0.0 1,114 Kungsleden AB 10,499 9,497 0.0 134 Kwangju Bank Co., Ltd. 1,260 1,607 0.0 100 Kyoritsu Maintenance Co., Ltd. 10,411 7,830 0.0 3,200 Kyushu Financial Group, Inc. 26,235 29,177 0.0 267 L E Lundbergforetagen AB Series B 20,597 22,013 0.0 45,000 Lai Sun Development Company Limited 841 1,136 0.0 1,831 Lancashire Holdings Ltd 20,229 21,057 0.0 5,903 Land Securities Group PLC 116,012 104,273 0.1 509 LEG Immobilien AG 59,065 53,134 0.1 46,446 Legal & General Group PLC 192,234 190,563 0.1 4,332 Lend Lease Corp. 56,861 61,501 0.1 41 Leonteq AG 5,129 1,839 0.0 2,200 Leopalace21 Corporation 16,993 16,341 0.0 757 Liberbank, SA 1,430 1,055 0.0 13,100 Lippo-Mapletree Inonesia Retail Trust 4,197 4,499 0.0 492,377 Lloyds Banking Group PLC 562,246 510,020 0.4

72 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,399 London Stock Exchange Group PLC 116,182 115,840 0.1 3,087 LondonMetric Property PLC 9,084 7,954 0.0 2,312 Macquarie Group Limited 170,633 195,591 0.1 1,196 Magellan Financial Group Limited 27,079 27,606 0.0 11,143 Man Group PLC 27,324 21,844 0.0 9,200 Manulife U.S. Real Estate Investment Trust 10,207 10,179 0.0 7,999 Mapfre SA 26,880 32,812 0.0 13,917 Mapletree Commercial Trust 19,979 18,021 0.0 19,200 Mapletree Greater China Commercial Trust 17,255 16,931 0.0 10,600 Mapletree Industrial Trust 16,832 16,186 0.0 11,300 Mapletree Logistics Trust 11,214 10,699 0.0 200 Marusan Securities Co., Ltd. 2,483 2,265 0.0 500 Matsui Securities Co., Ltd. 5,777 5,789 0.0 228 McMillan Shakespeare Limited 3,016 2,407 0.0 19,645 Medibank Private Limited 52,759 53,795 0.1 4,379 Mediobanca SPA 42,996 48,034 0.0 80 Melisron Limited 4,055 4,572 0.0 54 Melker Schorling AB 4,299 4,285 0.0 79 Menora Mivtachim Holdings, Ltd. 871 963 0.0 161 Mercialys 4,676 4,383 0.0 134 Meritz Finance Holdings Co., Ltd. 1,893 1,651 0.0 262 Meritz Fire & Marine Insurance Co., Ltd. 4,827 4,451 0.0 1,710 Meritz Securities Co., Ltd. 7,114 6,569 0.0 2,171 Merlin Properties Socimi, SA 32,332 31,722 0.0 565 Metro Bank PLC 27,689 27,385 0.0 200 Mie Kotsu Group Holdings, Inc. 1,195 890 0.0 1,558 Migdal Insurance and Financial Holdings, Ltd. 1,247 1,710 0.0 3,122 Mirae Asset Daewoo Co., Ltd. 26,549 25,097 0.0 278 Mirae Asset Life Insurance Co., Ltd. 1,442 1,590 0.0 398 Mirae Asset Securities Co., Ltd. 10,057 9,059 0.0 28,553 Mirvac Group 56,755 59,057 0.1 9,000 Mitsubishi Estate Company, Limited 232,147 240,851 0.2 104,700 Mitsubishi UFJ Financial Group, Inc. 733,300 866,994 0.6 3,200 Mitsubishi UFJ Lease & Finance Company Limited 19,028 22,223 0.0 7,000 Mitsui Fudosan Co., Ltd. 216,464 217,712 0.2 1,159 Mizrahi Tefahot Bank, Ltd. 20,121 22,757 0.0 193,800 Mizuho Financial Group, Inc. 432,214 467,493 0.3 70 Mobimo Holding AG 22,839 23,530 0.0 2,300 Monex Beans Holdings, Inc. 8,688 8,595 0.0 4,000 MS&AD Insurance Group Holdings, Inc. 149,681 166,673 0.1 1,083 Muenchener Rueckversicherungs-Gesellschaft AG 268,227 275,201 0.2 150,000 Nan Hai Corporation Limited 5,366 6,746 0.0 20,185 National Australia Bank Limited 546,647 601,154 0.4 1,573 National Storage REIT 2,471 2,284 0.0 7,276 Natixis 47,016 55,164 0.1 80,000 NetMind Financial Holdings, Ltd. 1,269 830 0.0 39,000 New World Development Company Limited 53,773 55,315 0.1 2,426 NEX Group PLC 35,939 18,673 0.0 256 Nexity 16,755 16,099 0.0 200 NEXT Co., Ltd. 2,828 1,821 0.0 1,035 NH Investment & Securities Co., Ltd. 11,751 11,090 0.0 44 NICE Holdings Co., Ltd. 1,007 860 0.0 176 NICE Information Service Co., Ltd. 1,497 1,354 0.0 700 Nieuwe Steen Investments NV 4,255 3,550 0.0 400 Nihon M&A Inc. 14,398 14,947 0.0 1,000 Nishi-Nippon Financial Holdings, Inc. 13,481 14,062 0.0 2,435 NN Group NV 101,538 110,887 0.1 26,100 Nomura Holdings, Inc. 166,815 206,794 0.2 1,000 Nomura Real Estate Holdings, Inc. 23,441 22,858 0.0 24,123 Nordea Bank AB 317,309 360,728 0.3 280 Nordnet AB Cl. B 1,507 1,542 0.0 67 Norstar Holdings Inc. 1,263 1,368 0.0 2,800 North Pacific Bank, Ltd. 13,161 15,517 0.0 1,102 Norwegian Property ASA 1,496 1,715 0.0 1,100 NTT Urban Development Corporation 14,162 13,014 0.0 1,000 OKASAN SECURITIES GROUP INC. 6,486 8,301 0.0 36,676 Old Mutual PLC 126,746 125,986 0.1 293 OneSavings Bank PLC 1,585 1,641 0.0 100 Open House Co., Ltd. 2,494 3,196 0.0 5,400 Orient Corporation 14,039 13,163 0.0 10,200 Orix Corporation 193,418 213,915 0.2

73 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 7,160 OUE Hospitality REIT Management Pte., Ltd. 4,882 4,387 0.0 25,600 Oversea-Chinese Banking Corporation Limited 210,673 211,969 0.2 729 Pandox AB Cl. B 16,661 15,217 0.0 2,390 Paragon Group Companies PLC 13,958 16,428 0.0 167 Pargesa Holdings SA 13,995 14,609 0.0 1,500 Parkway Life Real Estate Investment Trust 3,432 3,286 0.0 167 Partners Group Holding AG 95,814 105,163 0.1 282 Patrizia Immobilien AG 8,764 6,296 0.0 228 Permanent tsb Group Holdings PLC 1,469 890 0.0 667 Perpetual Trustees Australia Limited 29,476 31,582 0.0 2,767 Phoenix Group Holdings 34,987 33,701 0.0 2,908 Picton Property Income, Ltd. 3,952 3,650 0.0 1,471 Platinum Asset Management Limited 9,187 7,542 0.0 6 Plazza AG Registered Cl. A 1,674 1,777 0.0 3,440 Poste Italiane SPA 32,085 30,679 0.0 506 Premier Investments Limited 7,565 7,095 0.0 400 Pressance Corporation 4,850 6,673 0.0 3,000 Prosperity REIT 1,448 1,588 0.0 1,138 Provident Financial PLC 59,930 53,725 0.1 19,805 Prudential PLC 497,999 534,117 0.4 281 PSP Swiss Property AG 34,444 32,628 0.0 10,388 QBE Insurance Group Limited 112,712 125,284 0.1 930 Raiffeisen International Bank-Holding AG 19,022 22,863 0.0 38 Ratos AB Preferred Shares 10,919 10,378 0.0 391 REA Group Limited 21,339 20,970 0.0 6,548 Redefine International PLC 5,447 4,252 0.0 1,486 Reit 1, Ltd. 5,907 5,499 0.0 1,600 Religare Health Trust 1,485 1,359 0.0 100 Relo Holdings, Inc. 21,726 19,155 0.0 16,400 Resona Holdings, Inc. 93,578 113,044 0.1 1,175 Resurs Holding AB 9,364 10,199 0.0 100 Ricoh Leasing Company, Ltd. 3,377 4,145 0.0 11,000 Road King Infrastructure Limited 11,771 12,253 0.0 24,910 Royal Bank of Scotland Group PLC 100,394 92,709 0.1 7,827 RSA Insurance Group PLC 70,419 76,003 0.1 2,000 S E A Holdings Limited 6,264 6,434 0.0 352 S IMMO AG 4,200 4,979 0.0 3,100 Sabana Shari’ah Compliant Industrial Real Estate Investment Trust 1,881 1,093 0.0 1,302 Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, Rights (Exp. 01/13/17) — 147 0.0 1,149 Safestore Holdings PLC 7,436 6,664 0.0 3,558 Sampo OYJ Series A 212,339 214,342 0.2 326 Samsung Card Co., Ltd. 14,505 14,370 0.0 238 Samsung Fire & Marine Insurance Co., Ltd. 78,194 70,953 0.1 46 Samsung Fire & Marine Insurance Co., Ltd. Preferred 9,761 9,296 0.0 565 Samsung Life Insurance Co. 69,439 70,575 0.1 839 Samsung Securities Co., Ltd. 34,422 29,531 0.0 1,100 San-In Godo Bank, Ltd. 10,120 12,331 0.0 835 Savills PLC 11,698 9,692 0.0 1,400 SBI Holdings, Inc. 20,184 23,936 0.0 40,125 Scentre Group 180,754 180,791 0.1 2,461 Schroder Real Estate Investment Trust Limited 2,732 2,324 0.0 802 Schroders PLC 39,497 39,842 0.0 1,245 SCOR SE 54,372 57,814 0.1 6,354 SEGRO PLC 48,919 48,233 0.0 1,700 Senshu Ikeda Holdings, Inc. 9,066 10,535 0.0 5,700 Seven Bank, Ltd. 26,636 21,955 0.0 1,900 Shaftesbury PLC 31,689 28,619 0.0 460 Shawbrook Group PLC 2,760 2,073 0.0 3,256 Shinhan Financial Group Co., Ltd. 152,449 163,589 0.1 200 Shinhan Financial Group Co., Ltd. ADR 8,421 10,095 0.0 14,000 Shinsei Bank, Ltd. 29,853 31,550 0.0 30 Shinyoung Securities Co., Ltd. 1,951 1,665 0.0 3,349 Shopping Centres Australasia Property Group 7,418 7,187 0.0 15,000 Shui On Land Limited 4,996 4,333 0.0 7,200 Singapore Exchange Limited 50,794 47,853 0.0 24,000 Sino Land Company Limited 50,580 48,237 0.0 6,347 SK Securities Co., Ltd. 7,439 7,188 0.0 11,019 Skandinaviska Enskilda Banken Series A 142,134 155,422 0.1 950 Societa Cattolica di Assicurazioni SCRL 8,339 7,485 0.0 5,692 Societe Generale 294,886 376,352 0.3

74 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 111 Sofina SA 18,651 19,681 0.0 2,640 Soilbuild Business Space REIT 1,824 1,568 0.0 2,800 Sompo Holdings, Inc. 110,897 127,488 0.1 1,400 Sony Financial Holdings Inc. 26,908 29,361 0.0 514 Spar Nord Bank A/S 5,659 7,920 0.0 921 SpareBank 1 SMN 6,869 9,291 0.0 866 SpareBank 1 SR-Bank ASA 5,197 8,196 0.0 1,900 SPH REIT 1,729 1,675 0.0 1,937 Sponda OYJ 11,960 11,990 0.0 3,000 Spring Real Estate Investment Trust 1,641 1,671 0.0 9 St. Galler Kantonalbank AG 4,711 4,703 0.0 3,748 St. Jame’s Place PLC 62,846 62,976 0.1 2,495 St. Modwen Properties PLC 13,772 12,564 0.0 20,901 Standard Chartered PLC 212,342 229,834 0.2 15,122 Standard Life PLC 94,572 93,216 0.1 9,000 Starhill Global REIT 6,781 6,182 0.0 100 Starts Corporation Inc. 2,699 2,274 0.0 1,684 Steadfast Group Limited 2,769 3,614 0.0 18,070 Stockland 79,557 80,365 0.1 3,254 Storebrand ASA Cl. A 17,751 23,280 0.0 10,000 Sumitomo Mitsui Financial Group, Inc. 445,547 512,803 0.4 2,900 Sumitomo Mitsui Trust Holdings, Inc. 130,635 139,477 0.1 100 Sumitomo Real Estate Sales Co., Ltd. 2,432 3,133 0.0 3,000 Sumitomo Realty & Development Co., Ltd. 106,006 107,137 0.1 100 Sun Frontier Fudousan Co., Ltd. 1,217 1,184 0.0 3,000 Sun Hung Kai & Co. Limited 2,248 2,491 0.0 11,000 Sun Hung Kai Properties Limited 184,501 186,460 0.1 9,691 Suncorp Group Limited 118,774 127,230 0.1 4,000 Sunlight Real Estate Investment Trust 2,707 3,093 0.0 16,600 Suntec REIT 26,871 25,425 0.0 1,300 Suruga Bank, Ltd. 36,452 38,997 0.0 296 Svenska Handelsbanken AB Cl. B 5,776 5,392 0.0 11,482 Svenska Handelsbanken AB Series A 197,343 214,581 0.2 736 SVG Capital PLC 7,762 8,635 0.0 8,057 Swedbank AB Series A 233,560 262,016 0.2 8,800 Swire Properties Limited 32,561 32,573 0.0 245 Swiss Life Holding 82,109 93,167 0.1 519 Swiss Prime Site AG 58,194 57,079 0.1 2,525 Swiss Re AG 303,280 321,507 0.2 48 Swissquote Group Holding SA Registered Shares 1,567 1,511 0.0 700 Sydbank A/S 26,995 29,189 0.0 4,900 T&D Holdings, Inc. 73,016 87,073 0.1 1,087 TAG Immobilien AG 19,603 19,311 0.0 300 Takara Leben Co., Ltd. 2,125 2,349 0.0 298 Talanx Aktiengesellschaft 12,248 13,391 0.0 3,000 The 77 Bank, Ltd. 18,181 19,454 0.0 100 The Aichi Bank, Ltd. 5,189 7,589 0.0 1,000 The Akita Bank, Ltd. 3,422 4,346 0.0 1,000 The Aomori Bank, Ltd. 4,114 4,507 0.0 2,000 The Awa Bank, Ltd. 15,854 16,419 0.0 100 The Bank of Iwate, Ltd. 5,412 5,415 0.0 3,000 The Bank of Kyoto, Ltd. 28,783 29,940 0.0 100 The Bank of Nagoya, Ltd. 4,799 4,777 0.0 100 The Bank of Okinawa, Ltd. 4,128 4,892 0.0 1,000 The Bank of Saga, Ltd. 2,629 3,438 0.0 5,000 The Chiba Bank, Ltd. 37,748 41,220 0.0 1,500 The Chugoku Bank, Limited 24,614 28,940 0.0 100 The Chukyo Bank, Limited 2,803 2,699 0.0 8,800 The Dai-ichi Life Insurance Company, Ltd. 162,941 196,898 0.1 100 The Daisan Bank, Ltd. 1,984 2,091 0.0 2,000 The Daishi Bank, Ltd. 9,684 12,073 0.0 200 The Ehime Bank, Ltd. 2,807 3,169 0.0 1,000 The Eighteenth Bank, Limited 3,081 4,013 0.0 1,000 The Fukui Bank, Ltd. 2,345 3,392 0.0 13,701 The GPT Group 68,206 66,921 0.1 3,000 The Hachijuni Bank, Ltd. 20,742 23,387 0.0 4,000 The Hiroshima Bank, Ltd. 22,443 25,111 0.0 2,000 The Hokkoku Bank, Ltd. 7,883 9,566 0.0 100 The Hokuetsu Bank, Ltd. 2,815 3,042 0.0 2,000 The Hyakugo Bank, Ltd. 11,409 10,923 0.0 3,000 The Hyakujushi Bank, Ltd. 13,498 13,694 0.0

75 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,100 The Iyo Bank, Ltd. 18,877 19,461 0.0 2,000 The Juroku Bank, Ltd. 8,620 9,428 0.0 2,000 The Keiyo Bank, Ltd. 11,652 12,188 0.0 400 The Kiyo Bank, Ltd. 7,150 8,610 0.0 17,000 The Link Real Estate Investment Trust 145,912 148,199 0.1 100 The Minato Bank, Ltd. 2,060 2,403 0.0 3,000 The Miyazaki Bank, Ltd. 10,767 12,452 0.0 300 The Musashino bank, Ltd. 10,742 11,607 0.0 200 The Nanto Bank, Ltd. 9,714 10,233 0.0 2,000 The Ogaki Kyoritsu Bank, Ltd. 8,683 10,463 0.0 3,000 The Oita Bank, Ltd. 14,916 15,074 0.0 471 The Phoenix Holdings, Ltd. 1,531 2,191 0.0 3,000 The Shiga Bank, Ltd. 19,928 21,938 0.0 1,000 The Shikoku Bank, Ltd. 2,958 3,288 0.0 4,000 The Shizuoka Bank, Ltd. 43,032 45,163 0.0 1,000 THE TOCHIGI BANK, LTD. 4,701 6,600 0.0 3,000 THE TOHO BANK, LTD. 14,728 15,074 0.0 2,000 The Towa Bank, Ltd. 2,036 2,553 0.0 9,000 The Wharf (Holdings) Limited 70,921 80,249 0.1 1,000 The Yamagata Bank, Ltd. 4,599 5,680 0.0 1,000 The Yamansahi Chuo Bank, Ltd. 4,735 6,404 0.0 794 TLG Immobilien AG 19,394 20,103 0.0 200 TOC Co., Ltd. 2,179 2,145 0.0 1,700 Tokai Tokyo Financial Holdings, Inc. 10,805 12,158 0.0 5,500 Tokio Marine Holdings, Inc. 269,071 303,290 0.2 300 Tokyo Century Corporation 13,878 13,797 0.0 1,700 Tokyo Tatemono Co., Ltd. 28,125 30,551 0.0 200 Tokyo TY Financial Group, Inc. 9,005 9,371 0.0 3,700 Tokyu Fudosan Holdings Corporation 30,108 29,354 0.0 900 TOMONY Holdings, Inc. 4,176 6,261 0.0 120 Tong Yang Life Insurance Co., Ltd. 1,423 1,692 0.0 364 Topdanmark A/S 12,106 12,416 0.0 973 TOWER Limited 1,553 760 0.0 6,883 Tritax Big Box REIT PLC 16,253 15,911 0.0 790 Tryg A/S 19,935 19,191 0.0 4,470 Tullett Prebon PLC 28,707 32,095 0.0 8,082 UBI Banca - Unione di Banche Italiane ScpA 37,960 29,860 0.0 26,858 UBS Group AG 543,816 565,244 0.4 4,261 UK Commercial Property Trust 6,257 5,966 0.0 330 Unibail-Rodamco SE 109,418 105,841 0.1 443 Unibail-Rodamco SE 153,933 142,084 0.1 43,634 UniCredit SPA 181,250 168,740 0.1 4,187 Unipol Gruppo Finanziario SPA 19,212 20,278 0.0 8,468 UnipolSai SPA 22,413 24,315 0.0 1,213 UNIQA Insurance Group AG 12,139 12,353 0.0 1,777 Unite Group PLC 20,388 17,844 0.0 9,500 United Overseas Bank, Ltd. 170,991 179,896 0.1 100 UNIZO Holdings Company, Limited 5,707 3,547 0.0 3,600 UOL Group Limited 19,791 20,017 0.0 197 Valiant Holding AG 26,619 26,358 0.0 13,000 Value Partners Group Limited 16,104 13,851 0.0 3,846 Vanguard FTSE Europe ETF* 243,009 247,259 0.2 2,308 Vanguard FTSE Pacific ETF* 183,014 179,890 0.1 364 VastNed Retail NV 19,597 18,978 0.0 27,205 Vicinity Centres 82,291 78,988 0.1 417 Vienna Insurance Group 11,905 12,563 0.0 1,748 Virgin Money Holdings (UK) PLC 9,925 8,768 0.0 10,000 Vision Fame International Holding Limited 5,231 4,220 0.0 1,337 Vital Healthcare Property Trust 2,329 2,525 0.0 3,143 Viva Energy REIT Limited 7,172 7,325 0.0 3,525 Vonovia SE 160,308 154,093 0.1 99 Vontobel Holding AG 5,537 6,982 0.0 15 VZ Holding AG 5,522 6,046 0.0 1,827 Wallenstam AB Series B 18,903 19,122 0.0 81 Warehouses De Pauw SCA 9,571 9,726 0.0 212 Wendel 30,595 34,305 0.0 9 Wereldhave Belgium NV 1,549 1,371 0.0 391 Wereldhave NV 24,812 23,649 0.0 14,719 Westfield Corporation Limited 143,566 134,068 0.1 25,428 Westpac Banking Corporation 766,423 804,958 0.5 6,000 Wheelock and Company Limited 40,051 45,300 0.0

76 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 341 Wihlborgs Fastigheter AB 9,294 8,527 0.0 1,800 Wing Tai Holdings Limited 2,960 2,657 0.0 3,756 Woori Bank 49,990 53,172 0.1 815 Workspace Group PLC 11,786 10,696 0.0 340 Wuestenrot & Wuerttembergische AG 8,986 8,928 0.0 2,000 Yamaguchi Financial Group, Inc. 26,809 29,273 0.0 2,700 Yanlord land Group, Ltd. 2,804 3,308 0.0 1,191 Yuanta Securities Korea 4,975 4,146 0.0 14,000 Yuexiu Real Estate Investment Trust 10,849 9,904 0.0 300 ZENKOKU HOSHO Co., Ltd. 14,525 12,952 0.0 1,130 Zurich Insurance Group AG 364,769 418,079 0.3 34,284,392 36,247,376 23.9 Health Care 3,944 a2 Milk Company Limited 6,670 7,856 0.0 741 Actelion, Ltd. 163,124 215,590 0.2 1,600 Alfresa Holdings Corporation 40,927 35,579 0.0 73 ALK-Abello A/S Cl. B 12,583 12,776 0.0 548 Almirall, SA 12,047 11,441 0.0 121 Ambu A/S Cl. B 5,877 6,526 0.0 473 Amplifon SpA 5,662 6,055 0.0 1,202 Ansell Limited 24,466 28,842 0.0 100 AS ONE CORPORATION 4,808 5,594 0.0 300 Asahi Intecc Co., Ltd. 18,503 16,333 0.0 100 ASKA Pharmaceutical Co., Ltd. 1,930 1,962 0.0 16,600 Astellas Pharma Inc. 319,114 309,868 0.2 9,742 AstraZeneca PLC 775,025 716,352 0.5 33 ATGen Co., Ltd. 1,570 1,304 0.0 1,326 Attendo AB 15,119 15,415 0.0 182 Basilea Pharmaceutica AG 17,028 17,555 0.0 153 Bavarian Nordic A/S 7,430 7,247 0.0 556 BB Biotech AG Registered 37,206 40,423 0.0 72 BINEX Co., Ltd. 1,814 1,355 0.0 123 BioMerieux 21,851 24,688 0.0 105 Biotest AG 2,530 2,361 0.0 200 BML, INC. 6,125 6,407 0.0 38 Boiron SA 3,969 4,524 0.0 2,668 BTG PLC 30,784 26,084 0.0 99 Bukwang Pharmaceutical Co., Ltd. 2,936 2,902 0.0 17 Caregen Co., Ltd. 2,174 1,550 0.0 62 Carl Zeiss Meditec AG 2,799 3,069 0.0 546 Celltrion Inc. 60,607 65,110 0.1 68 Chong Kun Dang Pharmaceutical Corp. 9,601 7,890 0.0 9 ChongKunDang Co., Ltd. 1,033 689 0.0 641 Chr. Hansen Holding A/S 51,585 47,690 0.1 1,700 Chugai Pharmaceutical Co., Ltd. 74,020 65,578 0.1 450 Cochlear, Ltd. 51,669 53,551 0.1 739 Coloplast A/S Series B 73,772 66,959 0.1 144 Compugen, Ltd. 1,009 989 0.0 53 COSMO Pharmaceuticals NV 11,481 11,840 0.0 171 CrystalGenomics, Inc. 5,238 3,228 0.0 3,453 CSL Limited 357,571 336,680 0.2 24 Dae Hwa Pharmaceutical Co., Ltd. 1,034 622 0.0 24 Daewoong Co., Ltd. 1,476 1,174 0.0 11 Daewoong Pharmaceutical Co., Ltd. 1,090 839 0.0 5,000 Daiichi Sankyo Company, Limited 148,495 137,485 0.1 254 DBV Technologies SA 22,641 23,838 0.0 867 Dechra Pharmaceuticals PLC 19,514 19,323 0.0 206 DiaSorin 15,874 16,390 0.0 12 Dong-A Socio Holdings Co., Ltd. 2,814 2,085 0.0 18 Dong-A ST Co., Ltd. 2,715 2,109 0.0 119 Dragerwerk AG & Co. KGaA Preferred 11,256 13,380 0.0 498 EBOS Group Limited 7,251 7,777 0.0 100 Eiken Chemical Co., Ltd. 2,369 3,536 0.0 2,000 Eisai Co., Ltd. 159,994 154,255 0.1 2,955 Elekta AB Series B 32,000 35,159 0.0 100 EPS Holdings Inc. 1,636 1,566 0.0 1,583 Essilor International SA 259,813 240,368 0.2 1,122 Estia Health Limited 6,169 2,833 0.0 74 Eurofins Scientific 38,090 42,392 0.0 154 Evogene, Ltd. 1,534 1,052 0.0

77 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 3,136 Faes Farma, SA 6,503 7,654 0.0 4,795 Fisher & Paykel Healthcare Corporation Limited 41,311 38,203 0.0 1,681 Fresenius Medical Care AG & Co. KGaA 191,716 191,288 0.1 3,090 Fresenius SE 300,054 324,570 0.2 266 Galapagos NV 19,395 22,929 0.0 71 Genexine, Inc. 4,253 3,402 0.0 107 Genfit 4,272 3,180 0.0 436 Genmab A/S 88,091 97,290 0.1 610 Genus PLC 18,195 18,154 0.0 401 Gerresheimer AG 40,336 40,056 0.0 1,256 Getinge AB Series B 35,484 27,088 0.0 37,022 GlaxoSmithKline PLC 1,005,108 958,255 0.7 1,193 GN Store Nord A/S 31,385 33,202 0.0 272 GrandVision NV 9,933 8,043 0.0 48 Green Cross Corporation 10,560 8,367 0.0 106 Green Cross Holdings Corp. 4,678 2,801 0.0 2,181 Grifols, SA 61,411 58,244 0.1 2,705 Grifols, SA Cl. B Preferred Shares 57,539 58,177 0.1 16 Guerbet SA 1,683 1,611 0.0 494 H. Lundbeck A/S 24,211 26,999 0.0 123 HanAll Biopharma Co., Ltd. 2,782 1,796 0.0 131 Hanmi Pharm Co., Ltd. 44,029 19,470 0.0 14,174 Healthscope Limited 35,546 31,519 0.0 946 Hikma Pharmaceuticals PLC 37,665 29,674 0.0 500 Hisamitsu Pharmaceutical Co., Inc. 32,250 33,631 0.0 131 HLB Inc. 3,125 1,913 0.0 100 HOGY MEDICAL CO., LTD 6,769 8,290 0.0 25 Humedix Co., Ltd. 1,638 931 0.0 16 Huons Global Co., Ltd. 1,818 1,133 0.0 4 Huons Global Co., Ltd. 784 152 0.0 51 Ilyang Pharmaceutical Co., Ltd. 3,109 2,358 0.0 47 InBody Co., Ltd. 2,646 1,409 0.0 5,032 Indivior PLC 21,075 24,698 0.0 45 iNtRON Biotechnology, Inc. 3,082 1,529 0.0 84 Ion Beam Applications SA 4,184 4,947 0.0 266 Ipsen SA 22,155 25,848 0.0 38 i-SENS, Inc. 1,572 1,240 0.0 1,031 Japara Healthcare Limited 2,678 2,263 0.0 100 JCR Pharmaceuticals Co., Ltd. 3,058 3,278 0.0 49 Jeil Pharmaceutical Co., Ltd. 5,007 4,391 0.0 100 Jin Co., Ltd. 4,517 6,197 0.0 99 JW Pharmaceutical Corporation 8,442 5,793 0.0 300 Kaken Pharmaceutical Co., Ltd. 24,460 21,386 0.0 400 Kissei Pharmaceutical Company, Ltd. 13,828 13,397 0.0 500 Kobayashi Pharmaceutical Co., Ltd. 29,837 28,745 0.0 19 Kolon Life Science Inc. 3,707 2,477 0.0 182 Komipharm International Co., Ltd. 7,769 7,073 0.0 7,152 Koninklijke Philips NV 259,816 293,373 0.2 389 Korian SA 15,992 15,318 0.0 167 Kwang Dong Pharmaceutical Co., Ltd. 2,217 1,580 0.0 200 KYORIN Holdings, Inc. 5,418 5,765 0.0 2,100 Kyowa Hakko Kirin Co., Ltd. 43,530 39,019 0.0 1,500 Lee’s Pharmaceutical Holdings Limited 1,467 1,629 0.0 410 Lonza Group AG 93,100 95,376 0.1 19 Lutronic Corporation 1,010 736 0.0 100 MANI, INC. 1,971 3,204 0.0 7,861 Mayne Pharma Group Limited 12,808 10,267 0.0 155 Mazor Robotics, Ltd. 1,028 2,330 0.0 3,109 Mediclinic International PLC 51,609 39,721 0.0 1,300 Medipal Holdings Corporation 26,798 27,548 0.0 22 Medipost Co., Ltd. 2,370 1,326 0.0 21 Medy-Tox Inc. 11,353 8,315 0.0 100 Menicon Co., Ltd. 4,254 3,789 0.0 1,038 Merck KGaA 135,876 145,574 0.1 1,177 Mesoblast Limited 2,010 1,634 0.0 569 Metlifecare Limited 2,293 2,953 0.0 2,000 MicroPort Scientific Corporation 1,321 2,020 0.0 400 Miraca Holdings Inc. 23,947 24,145 0.0 1,800 Mitsubishi Tanabe Pharma Corporation 43,945 47,456 0.1 100 Mochida Pharmaceutical Co., Ltd. 9,593 9,325 0.0 186 MorphoSys AG 11,681 12,826 0.0

78 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 70 Naturalendo Tech Co., Ltd. 1,469 1,364 0.0 3,974 NIB Holdings, Ltd. 17,153 18,330 0.0 200 Nichi-Iko Pharmaceutical Co., Ltd. 6,164 3,845 0.0 700 Nihon Kohden Corp. 21,640 20,821 0.0 200 Nikkiso Co., Ltd. 1,907 2,555 0.0 400 Nippon Shinyaku Co., Ltd. 23,881 26,491 0.0 1,200 Nipro Corporation 17,190 17,633 0.0 484 NMC Health PLC 10,253 12,383 0.0 18,141 Novartis AG 1,863,856 1,773,704 1.2 14,207 Novo Nordisk A/S Cl. B 928,772 688,359 0.5 1,711 Novozymes A/S Series B 97,561 79,256 0.1 2,400 Olympus Optical Co., Ltd. 116,737 111,483 0.1 3,500 ONO Pharmaceutical Co., Ltd. 158,847 102,840 0.1 489 Oriola-KD OYJ Series B 3,010 2,981 0.0 708 Orion OYJ Series B 34,482 42,351 0.0 289 Orpea 31,965 31,378 0.0 42 Osstem Implant Co., Ltd. 3,517 2,831 0.0 3,200 Otsuka Holdings Co., Ltd. 173,616 187,387 0.1 100 Paramount Bed Holdings Company, Ltd. 4,786 5,369 0.0 300 PeptiDream Inc. 18,912 20,972 0.0 15 Peptron Inc. 1,021 652 0.0 716 Pharma Mar, SA 2,391 2,745 0.0 5,617 Primary Health Care, Ltd. 19,914 22,254 0.0 1,827 Qiagen NV 59,435 68,948 0.1 5,100 Raffles Medical Group, Ltd. 7,211 6,770 0.0 1,010 Ramsay Health Care Limited 69,612 66,986 0.1 860 Recordati SPA 31,302 32,747 0.0 556 Regis Healthcare Limited 2,666 2,473 0.0 351 Rhoen-Klinikum AG 13,696 12,740 0.0 5,597 Roche Holding AG 1,856,935 1,719,251 1.2 700 Rohto Pharmaceutical Company, Ltd. 16,125 14,793 0.0 3,205 Ryman Healthcare Limited 26,129 24,306 0.0 90 Samsung Biologics Co., Ltd. 17,539 15,089 0.0 8,586 Sanofi 927,941 933,924 0.6 3,300 Santen Pharmaceutical Co., Ltd. 63,451 54,258 0.1 158 Sartorius Stedim Biotech 13,773 13,402 0.0 200 Sawai Pharmaceutical Co., Ltd. 19,291 14,441 0.0 939 Schnell Biopharmaceuticals, Inc. 5,775 4,082 0.0 62 Seegene, Inc. 2,636 2,406 0.0 200 Seikagaku Corporation 4,109 3,983 0.0 2,300 Shionogi & Co., Ltd. 147,477 148,066 0.1 400 Ship Healthcare Holdings, Inc. 13,944 13,797 0.0 6,967 Shire PLC 566,453 540,758 0.4 19 Siegfried Holding AG Registered Shares 4,897 5,340 0.0 209 Sirtex Medical Limited 6,852 2,876 0.0 6,597 Smith & Nephew PLC 141,599 133,476 0.1 3,038 Sonic Healthcare Limited 61,383 63,131 0.1 384 Sonova Holding AG 65,383 62,524 0.1 1,653 Spire Healthcare Group PLC 10,157 9,250 0.0 497 Stada Arzneimittel AG 29,996 34,577 0.0 1,789 Starpharma Holdings Limited 1,265 1,259 0.0 86 Straumann AG 40,890 45,106 0.0 1,300 Sumitomo Dainippon Pharma Co., Ltd. 25,495 30,044 0.0 600 Suzuken Co., Ltd. 27,182 26,353 0.0 1,277 Swedish Orphan Biovitrum AB 22,145 20,114 0.0 1,100 Sysmex Corporation 92,732 85,624 0.1 400 Taisho Pharmaceutical Holdings Co., Ltd. 43,108 44,612 0.0 300 Takara Bio Inc. 6,313 5,415 0.0 6,100 Takeda Pharmaceutical Company Limited 367,956 339,111 0.2 92 Tecan AG 19,142 19,289 0.0 2,600 Terumo Corporation 129,013 128,994 0.1 6,902 Teva Pharmaceutical Industries, Ltd. 478,153 332,609 0.2 2,000 The United Laboratories International Holdings Limited 1,012 1,827 0.0 400 Toho Pharmaceutical Co., Ltd 11,718 10,725 0.0 100 Tokai Corp. 3,850 4,582 0.0 600 TOPCON Corporation 10,446 12,156 0.0 100 Torii Pharmaceutical Co., Ltd. 2,719 2,972 0.0 100 Towa Pharmaceutical Co., Ltd. 7,003 5,266 0.0 20,000 Town Health International Medical Group Limited 5,009 4,324 0.0 200 TSUKUI CORPORATION 1,659 1,821 0.0 600 Tsumura & Co. 21,258 22,214 0.0

79 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 897 UCB SA 92,611 77,282 0.1 2,222 UDG Healthcare PLC 23,827 24,614 0.0 7,298 Vectura Group PLC 18,977 16,580 0.0 84 Viewworks Co., Ltd. 5,863 5,577 0.0 50 Virbac SA 11,765 11,825 0.0 130 ViroMed Co., Ltd. 18,063 14,939 0.0 261 Virtus Health Limited 1,537 1,582 0.0 100 Vital Ksk Holdings Inc. 1,183 1,138 0.0 55 Vitrolife AB 4,530 3,142 0.0 845 William Demant Holding A/S 21,891 19,740 0.0 38 Ypsomed Holding AG Registered Shares 9,177 9,276 0.0 60 Yuhan Corporation 19,659 13,291 0.0 500 Yungjin Pharma Co., Ltd. 7,190 4,897 0.0 200 Zeria Pharmaceutical Co., Ltd. 3,618 4,148 0.0 15,329,249 14,441,151 9.5 Industrials 42 A.P. Moller - Maersk A/S Series A 77,551 85,251 0.1 42 A.P. Moller - Maersk A/S Series B 74,815 90,044 0.1 4,270 AA PLC 21,622 19,607 0.0 5,500 AAC Technologies Holdings Inc. 60,517 67,021 0.1 878 Aalberts Industries NV 38,500 38,276 0.0 2,568 AB SKF Series B 56,739 63,534 0.1 14,497 ABB, Ltd. 376,016 410,879 0.3 5,113 Abertis Infraestructuras, SA 99,702 96,152 0.1 213 Acciona SA 21,923 21,069 0.0 1,279 ACS, Actividades de Construccion y Servicios SA 49,800 54,309 0.1 1,131 Adecco Group AG 90,325 99,464 0.1 5,444 Adelaide Brighton Limited 27,883 28,705 0.0 100 ADVAN CO., LTD. 1,357 1,384 0.0 477 Aena SA 82,682 87,475 0.1 100 Aeon Delight Co., Ltd, 4,324 3,754 0.0 241 Aeroports de Paris SA 35,313 34,702 0.0 421 AF AB Series B 9,693 10,379 0.0 530 AFG Arbonia-Forster-Holding AG Registered Shares 10,049 11,469 0.0 1,030 Agfa-Gevaert NV 5,697 5,351 0.0 1,672 Aggreko PLC 30,906 25,434 0.0 500 Aica Kogyo Company, Limited 17,223 17,735 0.0 200 AIDA Engineering, Ltd. 2,473 2,550 0.0 4,080 Airbus Group NV 337,244 362,653 0.3 142 Aktieselskabet Schouw & Co. 12,947 14,209 0.0 2,478 Alfa Laval AB 53,360 55,162 0.1 1,600 ALPS Electric Co., Ltd. 47,697 51,989 0.1 3,534 ALS Limited 16,593 20,727 0.0 1,208 Alstom SA 41,766 44,725 0.0 2,700 Amada Holdings Co., Ltd. 36,853 40,513 0.0 3,217 Amadeus IT Holding SA 187,925 196,439 0.1 600 Amano Corporation 13,485 14,163 0.0 8,759 Amcor, Ltd. 125,812 127,157 0.1 100 AMUSE INC. 2,494 2,070 0.0 538 Andritz AG 35,608 36,295 0.0 615 Ansaldo STS SpA 9,198 10,300 0.0 1,311 Applus Services, SA 16,199 17,895 0.0 594 Arcadis NV 12,353 11,200 0.0 200 Asahi Diamond Industrial Co., Ltd. 2,564 1,962 0.0 7,000 Asahi Glass Company, Limited 53,350 64,066 0.1 3,820 Ashtead Group PLC 77,472 100,014 0.1 100 ASKUL Corporation 4,496 4,599 0.0 7,032 ASSA ABLOY AB Series B 186,442 175,534 0.1 45 Assystem 1,597 1,685 0.0 235 Astaldi SPA 1,558 1,795 0.0 169 ASTM SPA 2,737 2,474 0.0 4,170 Atlantia SPA 139,603 131,297 0.1 5,352 Atlas Copco AB Series A 190,475 219,239 0.2 2,332 Atlas Copco AB Series B 75,320 85,579 0.1 7,076 Auckland International Airport Limited 41,555 41,355 0.0 14,391 Aurizon Holdings Limited 64,705 70,571 0.1 600 Azbil Corporation 21,943 22,697 0.0 2,181 Babcock International Group PLC 37,693 34,442 0.0 24,160 BAE Systems PLC 228,707 236,806 0.2 6,061 Balfour Beatty PLC 27,348 27,007 0.0

80 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 98 Barco NV 9,287 11,095 0.0 8,412 BBA Aviation PLC 34,302 39,490 0.0 369 Bekaert SA 19,979 20,087 0.0 3 Belimo Holding AG Registered Shares 11,222 12,184 0.0 100 BELLSYSTEM24 HOLDINGS, Inc. 974 1,134 0.0 100 Benefit One Inc. 3,241 3,333 0.0 1,207 Berendsen PLC 26,032 17,411 0.0 21 Bertrandt AG 3,148 2,872 0.0 188 Bilfinger Berger AG 9,820 9,726 0.0 1,600 BOC Aviation Limited 10,586 10,544 0.0 1,760 Bodycote PLC 18,803 18,782 0.0 7,472 Bollore SA 36,862 35,406 0.0 8,796 Boral, Ltd. 48,295 46,209 0.0 1,502 Bouygues SA 68,454 72,330 0.1 716 bpost SA 24,656 22,787 0.0 99 Braas Monier Building Group SA 3,164 3,525 0.0 1,334 Bradken Limited 1,814 4,171 0.0 12,822 Brambles Limited 151,984 154,391 0.1 1,910 Bravida Holding AB 15,527 15,578 0.0 1,929 Brickworks Limited 27,384 25,456 0.0 71 Brunel International NV 1,648 1,546 0.0 67 Bucher Industries AG 21,074 22,168 0.0 100 Bunka Shutter Co., Ltd. 1,099 1,037 0.0 2,588 Bunzl PLC 97,525 90,444 0.1 26 Burckhardt Compression Holding AG 10,962 9,186 0.0 2,053 Bureau Veritas SA 56,543 53,461 0.1 323 Buzzi Unicem SPA 7,111 10,284 0.0 799 Buzzi Unicem SPA Savings Shares 11,439 13,031 0.0 344 BW LPG Limited 3,088 1,947 0.0 155 Byucksan Corporation 1,561 802 0.0 496 Cabcharge Australia, Ltd. 1,586 1,869 0.0 2,000 Canvest Environment Protection Group Company Limited 1,242 1,325 0.0 4,915 Capita PLC 87,342 43,247 0.0 338 Cargotec OYJ Cl. B 17,179 20,505 0.0 3,849 Carillion PLC 19,029 15,059 0.0 949 Caverion Corporation 10,017 10,631 0.0 248 Cementir SPA 1,597 1,474 0.0 1,000 Central Glass Co., Ltd. 7,394 6,266 0.0 1,558 Cerved Information Solutions SpA 16,603 17,388 0.0 380 Chabiotech Co., Ltd. 7,042 5,358 0.0 1,259 Chemring Group PLC 3,355 3,547 0.0 12,000 China Aerospace International Holdings Limited 2,089 2,034 0.0 55,000 China Ocean Industry Group, Ltd. 1,727 2,055 0.0 1,000 Chiyoda Corporation 9,422 9,313 0.0 100 Chiyoda Integre Co., Ltd. 2,298 2,708 0.0 100 Chudenko Corporation 3,050 2,968 0.0 793 CIMIC Group Limited 24,437 26,905 0.0 1,087 CIR-Compagnie Industriali Riunite SpA 1,451 1,588 0.0 74 CJ Korea Express Corporation 15,916 14,707 0.0 22,000 CK Hutchison Holdings Limited 353,888 334,486 0.2 200 CKD Corporation 2,324 3,052 0.0 10,741 Cleanaway Waste Management Limited 10,540 12,829 0.0 300 CMK Corporation 1,481 2,377 0.0 6,887 CNH Industrial NV 64,580 80,513 0.1 13,993 Cobham PLC 44,377 37,958 0.0 3,644 Compagnie de Saint-Gobain 205,991 228,105 0.2 82 Compagnie d’Entreprises CFE 11,159 11,999 0.0 379 Compania de Distribucion Integral Logista Holding, SA 11,282 11,794 0.0 3,604 Computershare, Ltd. 36,106 43,606 0.0 700 COMSYS Holdings Corporation 14,957 17,232 0.0 200 Concentric AB 3,150 3,358 0.0 80 Construcciones y Auxiliar de Ferrocarriles, SA 3,091 4,334 0.0 4 Conzzeta AG 3,363 3,800 0.0 2,800 Cosco Corp (Singapore) Limited 1,048 728 0.0 100 COSEL Company, Ltd. 1,427 1,438 0.0 103 Cramo OYJ 2,752 3,466 0.0 6,421 CRH PLC 255,453 300,849 0.2 3,343 CSR Limited 10,973 14,998 0.0 304 CTS Eventim AG & Co. KGaA 14,251 12,878 0.0 1,286 CTT-Correios de Portugal, SA 13,900 11,724 0.0 326 D/S Norden A/S 6,797 6,853 0.0

81 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,118 Daeduck Electronics Co., Ltd. 19,039 19,190 0.0 296 Daelim Industrial Co., Ltd. 26,941 28,626 0.0 69 Daetwyler Holding AG 12,969 12,600 0.0 1,675 Daewoo Engineering & Construction Co., Ltd. 11,752 9,448 0.0 269 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 1,449 1,338 0.0 200 Daido Metal Co., Ltd. 2,299 2,684 0.0 800 Daifuku Co., Ltd. 18,473 22,931 0.0 1,000 Daihen Corporation 5,526 8,301 0.0 1,000 Daiho Corporation 5,526 6,358 0.0 2,000 Daikin Industries, Ltd. 217,212 246,859 0.2 200 Daiseki Co., Ltd. 4,565 5,510 0.0 1,000 Daiwabo Holdings Co., Ltd. 2,434 3,288 0.0 211 Danieli & C. Officine Meccaniche SPA 4,026 4,519 0.0 98 Danieli SpA 2,743 2,677 0.0 71 Datalogic SPA 1,703 1,877 0.0 51 Dawonsys Co., Ltd. 1,062 733 0.0 639 DCC PLC 72,566 63,956 0.1 735 De La Rue PLC 7,095 7,490 0.0 387 Derichebourg 1,528 2,300 0.0 6,896 Deutsche Post AG 264,150 304,672 0.2 311 Deutz AG 1,582 2,351 0.0 100 Dexerials Corp 1,358 1,277 0.0 203 DFDS A/S 11,333 12,458 0.0 65 DIO Corporation 3,961 2,854 0.0 100 DIP Corporation 3,173 2,780 0.0 670 Diploma plc 9,510 11,535 0.0 200 DISCO Corporation 26,267 32,562 0.0 202 DKSH Holding Limited 17,971 18,644 0.0 158 DMG Mori Aktiengesellschaft 9,553 9,646 0.0 800 DMG Mori Co., Ltd. 10,958 13,043 0.0 90 Doosan Corporation 10,247 10,493 0.0 726 Doosan Infracore Co., Ltd. 5,514 7,110 0.0 23 dorma+kaba Holding AG Registered Cl. B 20,905 22,973 0.0 100 Doshisha Company, Ltd. 2,758 2,415 0.0 3,542 Downer EDI Limited 15,523 20,946 0.0 6,886 DS Smith PLC 48,970 46,567 0.0 1,428 DSV A/S Series B 81,339 85,353 0.1 78 Duerr AG 8,022 8,424 0.0 2,195 DuluxGroup, Ltd. 13,797 13,300 0.0 100 Eagle Industry Co., Ltd. 1,757 1,786 0.0 600 Ebara Corporation 18,921 22,973 0.0 1,490 Edenred 40,454 39,696 0.0 573 Eiffage SA 54,570 53,695 0.1 164 Elbit Systems, Ltd. 20,085 22,287 0.0 8 Electra, Ltd. 1,295 1,722 0.0 3,167 Electrocomponents PLC 17,445 25,017 0.0 855 Elis SA 19,658 20,499 0.0 1,983 Enav SPA 9,144 9,211 0.0 100 Enplas Corporation 4,582 3,967 0.0 100 ESPEC CORP. 1,529 1,538 0.0 1,971 Essentra PLC 24,410 15,057 0.0 403 Eurazeo NPV 31,245 31,682 0.0 672 Euronav SA 9,678 7,204 0.0 39 EVS Broadcast Equipment SA 1,865 1,831 0.0 7,374 Experian PLC 181,468 192,330 0.1 32 Faiveley SA 4,389 4,533 0.0 1,500 FANUC Corporation 324,247 341,744 0.2 645 Fenner PLC 1,454 2,520 0.0 3,795 Ferrovial, SA 100,198 91,228 0.1 2,896 Fincantieri SPA 1,603 1,937 0.0 1,539 Fingerprint Cards AB Cl. B 24,664 14,279 0.0 5,480 Fletcher Building Limited 44,557 54,319 0.1 359 FLS Industries A/S Cl. B 17,499 20,010 0.0 52 Flughafen Wien Aktiengesellschaft 1,626 1,721 0.0 124 Flughafen Zuerich AG Registered Shares 28,725 30,907 0.0 610 Fomento de Construcciones y Contratas SA 7,737 6,515 0.0 10 Forbo Holding AG 16,604 17,325 0.0 100 Foster Electric Company, Limited 3,102 2,544 0.0 200 FP Corporation 12,490 12,326 0.0 277 Fraport AG 20,637 22,008 0.0 503 Freightways Limited 2,923 3,175 0.0

82 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 4,000 Fuji Electric Company, Limited 21,596 27,871 0.0 800 Fuji Machine Manufacturing Co., Ltd. 11,493 12,298 0.0 200 Fuji Seal, Inc. 4,178 5,740 0.0 2,000 Fujikura, Ltd. 12,936 14,602 0.0 900 Fujitec Co., Ltd. 12,948 14,166 0.0 100 Fukushima Industries Corp. 3,454 3,875 0.0 1,000 FUKUYAMA TRANSPORTING CO., LTD. 6,454 7,623 0.0 100 Funai Soken Holdings Incorporated 1,973 2,112 0.0 1,000 Furukawa Co., Ltd. 2,606 2,449 0.0 200 Futaba Corp. 4,175 4,512 0.0 11,975 G4S PLC 45,431 46,632 0.0 248 Gaztransport Et Technigaz SA 12,427 14,416 0.0 24,000 GCL New Energy Holdings Limited 1,828 1,889 0.0 1,421 GEA Group AG 85,810 76,841 0.1 278 Geberit AG 140,716 149,734 0.1 43 Georg Fischer AG 44,289 47,319 0.1 100 Giken, Ltd. 2,154 2,185 0.0 60 GL events 1,535 1,443 0.0 500 Glory, Ltd. 20,792 21,213 0.0 100 GMO Payment Gateway, Inc. 8,731 5,979 0.0 1,771 Grafton Group PLC 19,289 16,141 0.0 90 Grenkeleasing AG 19,690 18,968 0.0 3,322 Groupe Eurotunnel SE 47,852 42,450 0.0 337 GS Engineering & Construction Corp. 9,921 9,916 0.0 210 G-SMATT Global Co., Ltd. 6,998 3,404 0.0 1,100 GWA Group Limited 2,907 3,162 0.0 2,734 Halma PLC 46,868 40,661 0.0 100 Hamakyorex Co., Ltd. 2,554 2,497 0.0 1,300 Hamamatsu Photonics K.K. 47,265 45,963 0.0 95 Hamburger Hafen und Logistik AG 1,800 2,378 0.0 18 Hanil Cement Co., Ltd. 1,959 1,519 0.0 378 Hanjin Heavy Industries & Construction Co., Ltd. 1,516 1,412 0.0 26 Hanjin Transportation Co., Ltd. 1,498 831 0.0 65 Hansol Technics Co., Ltd 1,539 1,115 0.0 1,000 HANWA Co., Ltd. 5,783 8,796 0.0 475 Hanwha Corporation 19,575 18,486 0.0 208 Hanwha Techwin Co., Ltd. 10,671 10,035 0.0 61 Hapag-Lloyd AG 1,654 1,894 0.0 2,200 Haseko Corp. 29,575 30,076 0.0 73 Haulotte Group SA 1,566 1,452 0.0 9,994 Hays PLC 22,795 24,709 0.0 1,500 Hazama Corporation 11,251 13,297 0.0 1,111 HeidelbergCement AG 123,889 139,280 0.1 939 Heidelberger Druckmaschinen AG 3,057 3,364 0.0 100 Hibiya Engineering, Ltd. 1,948 1,912 0.0 2,300 Hino Motors Limited 32,344 31,470 0.0 600 HIOKI E.E. Corporation 14,858 14,542 0.0 300 Hirose Electric Co., Ltd. 47,847 49,981 0.1 700 Hitachi Construction Machinery Co., Ltd. 14,414 20,371 0.0 200 Hitachi Koki Co., Ltd. 1,582 3,385 0.0 200 Hitachi Transport System, Ltd. 4,548 5,457 0.0 800 Hitachi Zosen Corporation 5,085 5,620 0.0 35,000 Hitachi, Ltd. 227,529 254,332 0.2 141 Hochtief AG 22,494 26,536 0.0 196 Hoegh LNG Holdings, Ltd. 2,723 2,947 0.0 2,201 HomeServe PLC 19,832 22,613 0.0 4,500 Hopewell Highway Infrastructure Limited 2,900 3,168 0.0 400 Horiba, Ltd. 23,116 24,881 0.0 400 Hoshizaki Electric Co., Ltd. 44,814 42,542 0.0 400 Hosiden Corporation 3,516 4,351 0.0 6,140 Howden Joinery Group PLC 46,638 39,049 0.0 2,900 Hoya Corporation 147,651 163,751 0.1 754 Huhtamaki OYJ Series I 38,954 37,627 0.0 34,900 Hutchison Port Holdings Trust 21,491 20,359 0.0 196 Hyosung Corporation 29,873 31,664 0.0 44 Hyundai Corporation 1,217 1,070 0.0 411 Hyundai Development Company 21,204 20,513 0.0 41 Hyundai Elevator Co., Ltd. 2,404 2,613 0.0 520 Hyundai Engineering & Construction Co., Ltd. 21,400 24,711 0.0 150 Hyundai Glovis Co., Ltd. 30,535 25,732 0.0 335 Hyundai Heavy Industries Co., Ltd. 44,213 54,120 0.1

83 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 41 Hyundai Mipo Dockyard Co., Ltd. 3,036 3,059 0.0 90 Hyundai Rotem Company 1,690 1,814 0.0 108 I.M.A. Industria Macchine Automatiche SPA 8,637 8,799 0.0 700 Ibiden Co., Ltd. 12,116 12,660 0.0 667 Ibstock PLC 2,331 2,059 0.0 12,000 IHI Corporation 40,135 41,944 0.0 300 Iino Kaiun Kaisha, Ltd. 1,627 1,590 0.0 58 iMarketKorea Inc. 1,534 670 0.0 1,960 IMI PLC 34,280 33,778 0.0 203 Implenia AG 18,921 20,156 0.0 100 Inaba Denki Sangyo Co., Ltd. 4,311 4,628 0.0 217 Indus Holding AG 15,214 15,850 0.0 815 Indutrade AB 20,105 22,016 0.0 1,000 Infomart Corporation 6,388 7,865 0.0 2,801 Infratil Limited 8,246 7,203 0.0 800 Interpump Group SPA 16,522 17,596 0.0 626 Interserve PLC 4,910 3,545 0.0 1,190 Intertek Group PLC 69,688 68,642 0.1 440 IPH Limited 2,861 2,188 0.0 65 IS Dongseo Co., Ltd. 3,787 3,215 0.0 1,000 Iseki & Co., Ltd. 2,305 2,587 0.0 1,384 ISS AS 68,351 62,766 0.1 4,100 Isuzu Motors Limited 62,417 69,816 0.1 31 Italmobiliare SPA 4,211 1,958 0.0 11,300 Itochu Corporation 186,478 201,644 0.2 5,787 IWG PLC 29,062 23,590 0.0 3,672 James Hardie Industries PLC CDI 70,890 78,339 0.1 400 Japan Airport Terminal Co., Ltd. 20,690 19,431 0.0 1,000 Japan Aviation Electronics Industry, Limited 21,186 18,925 0.0 3,600 Japan Display Inc. 12,510 13,784 0.0 200 Japan Material Co., Ltd. 4,302 4,158 0.0 1,600 Jardine Matheson Holdings Limited 117,965 118,549 0.1 1,700 Jardine Strategic Holding Limited 67,641 75,689 0.1 211 Jenoptik AG 4,325 4,902 0.0 1,000 JEOL, Ltd. 4,864 5,864 0.0 1,600 JGC Corporation 34,688 39,074 0.0 3,000 Johnson Electric Holdings Limited 11,556 10,638 0.0 100 Juki Corp. 1,281 1,215 0.0 580 Jungheinrich AG Preferred 21,465 22,364 0.0 7,000 Kajima Corporation 60,899 65,112 0.1 2,000 Kamigumi Co., Ltd. 24,783 25,617 0.0 300 Kanamoto Co., Ltd. 10,607 10,676 0.0 1,000 Kandenko Co., Ltd. 10,831 12,130 0.0 7,000 Kanematsu Corporation 15,124 15,855 0.0 100 Katakura Industries Co., Ltd. 1,345 1,572 0.0 12,000 Kawasaki Heavy Industries Limited 48,184 50,636 0.1 7,000 Kawasaki Kisen Kaisha, Ltd. 21,095 21,328 0.0 52 KCC Corporation 22,839 20,756 0.0 420 KCI Konecranes OYJ 15,340 20,068 0.0 292 Keller Group PLC 4,878 4,084 0.0 48 KEPCO Engineering & Construction Company, Inc. 1,598 1,260 0.0 109 KEPCO Plant Service & Engineering Co., Ltd. 9,517 6,560 0.0 2,500 Kerry Logistics Network Limited 4,747 4,229 0.0 300 Keyence Corporation 243,642 276,638 0.2 691 Kier Group PLC 16,045 15,721 0.0 1,000 Kinden Corporation 15,652 16,764 0.0 1,372 Kingspan Group PLC 46,919 50,069 0.1 500 Kintetsu World Express Inc. 10,302 9,319 0.0 532 KION Group AG 38,478 39,777 0.0 153 Kiswire, Ltd. 6,341 6,821 0.0 300 KITZ Corporation 1,779 2,204 0.0 7,300 Komatsu, Ltd. 183,379 222,216 0.2 200 Komori Corporation 3,023 3,521 0.0 66 KONA I Co., Ltd. 1,234 887 0.0 2,887 Kone OYJ Series B 175,976 173,838 0.1 637 Kongsberg Gruppen ASA 12,602 12,356 0.0 2,156 Koninklijke BAM Groep NV 13,577 13,388 0.0 664 Koninklijke Boskalis Westminster NV 32,452 30,985 0.0 631 Koninklijke Vopak NV 39,614 40,052 0.0 100 Konoike Transport Co., Ltd. 1,494 1,767 0.0 534 Korea Aerospace Industries, Ltd. 44,366 39,725 0.0

84 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 90 Korea Electric Terminal Co., Ltd. 8,593 7,864 0.0 127 Krones AG 17,087 15,611 0.0 8,500 Kubota Corporation 163,627 163,065 0.1 387 Kuehne & Nagel International AG 70,227 68,732 0.1 2,000 Kumagai Gumi Co., Ltd. 7,586 6,899 0.0 116 Kumho Industrial Co., Ltd. 1,515 1,247 0.0 1,000 Kurita Water Industries Limited 29,197 29,595 0.0 200 Kuroda Electric Co., Ltd. 4,852 5,314 0.0 2,400 Kyocera Corporation 150,086 160,381 0.1 300 KYOKUTO KAIHATSU KOGYO CO., LTD. 4,042 5,419 0.0 500 Kyowa Exeo Corporation 7,817 9,670 0.0 200 Kyudenko Corporation 7,094 7,221 0.0 1,196 Kyushu Railway Company 46,423 42,079 0.0 3,770 LafargeHolcim, Ltd. Registered Shares 238,686 266,878 0.2 29 Leaders Cosmetics Co., Ltd. 1,123 708 0.0 1,998 Legrand SA 146,478 152,469 0.1 4 LEM Holding SA Registered Shares 6,166 5,025 0.0 2,919 Leonardo SPA 46,283 55,079 0.1 180 Leoni AG 7,882 8,617 0.0 747 LG Corp 56,001 49,765 0.1 115 LG Hausys, Ltd. 14,291 12,220 0.0 83 LG Innotek Co., Ltd. 8,459 8,147 0.0 166 LG International Corporation 6,777 5,391 0.0 424 Lifco AB 14,457 14,596 0.0 123 LIG Nex1 Co., Ltd. 12,146 10,994 0.0 510 Lindab International AB 5,045 5,500 0.0 3,510 Link Administration Holdings Limited 27,049 25,802 0.0 600 Lintec Corp. 17,187 17,612 0.0 2,000 LIXIL Group Corporation 55,053 61,031 0.1 640 Loomis AB Cl. B 24,322 25,612 0.0 128 LS Corp. 7,879 8,428 0.0 55 LS Industrial Systems Co., Ltd. 3,072 2,427 0.0 400 Mabuchi Motor Co., Ltd. 25,937 28,055 0.0 4,057 Macquarie Atlas Roads Group 18,919 19,895 0.0 1,000 Maeda Corporation 10,259 11,728 0.0 1,000 MAEDA ROAD CONSTRUCTION CO., LTD. 22,731 22,478 0.0 513 Mainfreight Limited 7,516 9,935 0.0 1,000 Makino Milling Machine Co., Ltd. 6,519 10,521 0.0 126 MAN SE 17,232 16,812 0.0 61 Manitou BF 1,351 1,613 0.0 11,500 Marubeni Corp. 76,345 87,639 0.1 100 Maruwa Ceramic Co., Ltd. 4,427 4,450 0.0 1,000 Max Co., Ltd. 14,726 16,419 0.0 58 Mayr Melnhof Karton AG 8,857 8,261 0.0 6,103 Meggitt PLC 46,049 46,379 0.0 1,000 Meidensha Corporation 5,354 4,622 0.0 300 MEITEC Corporation 14,653 15,436 0.0 15,394 Melrose Industries PLC 43,868 50,444 0.1 82 Mersen (Ex Carbon Lorraine) 1,544 2,357 0.0 100 METAWATER Co., Ltd. 3,443 3,184 0.0 963 Metso OYJ 31,917 36,914 0.0 6,747 Meyer Burger Technology AG 7,475 5,965 0.0 2,400 Minebea Company 27,057 30,244 0.0 200 MIRAIT Holdings Corporation 2,137 2,428 0.0 2,100 MISUMI Corporation 43,430 46,456 0.0 100 Mitani Sekisan Co., Ltd. 2,456 3,455 0.0 2,218 Mitie Group PLC 11,176 8,248 0.0 10,700 Mitsubishi Corporation 265,760 306,337 0.2 15,300 Mitsubishi Electric Corporation 239,967 286,657 0.2 24,000 Mitsubishi Heavy Industries, Ltd. 134,217 146,970 0.1 1,000 Mitsubishi Logistics Corporation 17,355 19,006 0.0 900 Mitsubishi Material Corporation 35,179 37,150 0.0 1,000 Mitsuboshi Belting, Ltd. 10,748 11,463 0.0 13,300 MITSUI & Co., Ltd. 221,387 245,744 0.2 7,000 Mitsui Engineering & Shipbuilding Company, Limited 13,229 14,568 0.0 9,000 Mitsui O.S.K. Lines, Ltd. 28,597 33,528 0.0 1,000 Mitsui-Soko Holdings Co., Ltd. 3,324 3,955 0.0 200 Mitsumi Electric Company, Ltd. 1,404 1,476 0.0 900 Miura Co., Ltd. 20,212 18,378 0.0 561 Monadelphous Group Limited 4,594 6,118 0.0 300 MonotaRO Co., Ltd. 11,893 8,244 0.0

85 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 4,209 Morgan Crucible Company PLC 19,524 19,905 0.0 500 Morita Holdings Corporation 9,399 9,537 0.0 540 Mota Engil SGPS SA 1,268 1,230 0.0 395 MTU Aero Engines Holding AG 51,316 61,347 0.1 1,500 Murata Manufacturing Company, Ltd. 252,917 269,912 0.2 800 Nabtesco Corporation 25,448 25,010 0.0 1,000 Nachi-Fujikoshi Corp. 5,284 5,829 0.0 200 Namura Shipbuilding Co., Ltd. 2,089 1,837 0.0 36 NCC AB Cl. A 1,511 1,185 0.0 490 NCC AB Cl. B 18,895 16,304 0.0 4,280 NETeller PLC 30,060 26,334 0.0 333 Nexans SA 20,413 23,179 0.0 2,100 NGK Insulators Limited 54,946 54,738 0.1 2,847 NIBE Industrier AB Cl. B 29,337 30,175 0.0 1,000 Nichias Corp. 9,894 12,970 0.0 500 Nichicon Corp. 5,000 5,864 0.0 100 Nichiha Corporation 1,993 3,323 0.0 200 Nichii Gakkan Company 1,840 1,939 0.0 1,900 Nidec Corporation 200,275 220,316 0.2 300 NIKKON Holdings Co., Ltd. 7,600 8,416 0.0 1,000 Nippo Corporation 23,802 25,077 0.0 100 NIPPON CERAMIC CO., LTD. 2,303 2,300 0.0 2,000 NIPPON CHEMI-CON CORPORATION 4,050 5,864 0.0 500 Nippon Densetsu Kogyo Co., Ltd. 11,775 10,750 0.0 3,000 Nippon Electric Glass Co., Ltd. 20,022 21,800 0.0 6,000 Nippon Express Co. 37,936 43,393 0.0 1,000 Nippon Sheet Glass Company, Ltd. 10,098 9,785 0.0 300 Nippon Thompson Co., Ltd. 1,294 1,704 0.0 14,000 Nippon Yusen Kabushiki Kaisha 36,121 34,930 0.0 2,000 Nishimatsu Construction Co., Ltd. 11,363 13,016 0.0 100 Nishio Rent All Co., Ltd. 2,633 4,128 0.0 200 Nissha Printing Co., Ltd. 5,225 6,476 0.0 2,000 NISSIN CORPORATION 8,274 8,324 0.0 200 Nissin Electric Co., Ltd. 2,851 2,966 0.0 100 Nitta Corporation 3,463 3,662 0.0 1,000 NITTO BOSEKI CO., LTD. 4,409 5,255 0.0 100 Nitto Kogyo Corporation 2,389 1,834 0.0 210 NKT Holding A/S 16,287 19,930 0.0 79,600 Noble Group Limited 15,982 12,561 0.0 100 Nohmi Bosai, Ltd. 1,592 1,983 0.0 500 Nomura Co., Ltd. 10,723 9,727 0.0 300 Noritz Corporation 7,702 6,802 0.0 593 Northgate PLC 4,595 4,844 0.0 100 V Technology Co. Ltd. 15,059 15,028 0.0 3,000 NTN Corporation 14,883 16,315 0.0 15,000 NWS Holdings Limited 31,326 32,795 0.0 100 OBARA CORPORATION 4,773 5,990 0.0 5,300 Obayashi Corporation 68,761 68,068 0.1 528 Obrascon Huarte Lain SA 4,361 2,461 0.0 2,237 OC Oerlikon Corporation AG 29,007 29,517 0.0 179 Ocean Yield ASA 1,513 1,813 0.0 201 Oesterreichische Post AG 9,581 9,067 0.0 100 Oiles Corporation 2,426 2,418 0.0 200 OKABE CO., Ltd. 1,790 2,210 0.0 1,000 OKUMA CORPORATION 8,743 12,820 0.0 1,000 Okumura Corporation 7,289 7,566 0.0 1,600 Omron Corporation 72,899 82,508 0.1 100 Optex Co., Ltd. 3,866 2,941 0.0 2,000 Orient Overseas International, Ltd. 9,688 11,122 0.0 9,069 Orora Limited 23,367 26,331 0.0 1,000 Osaki Electric Co., Ltd. 13,626 13,993 0.0 600 OSG Corporation 15,099 15,881 0.0 600 OSJB Holdings Corporation 1,406 1,642 0.0 1,001 Outotec OYJ 5,982 7,068 0.0 100 OUTSOURCING Inc. 5,405 4,191 0.0 224 Oxford Instruments PLC 2,834 2,717 0.0 100 OYO Corporation 1,372 1,613 0.0 475 OzForex Group Limited 1,514 775 0.0 12,000 Pacific Basin Shipping Limited 2,182 2,595 0.0 844 Pact Group Holdings, Ltd. 4,254 5,532 0.0 3,044 Pagegroup PLC 21,265 19,697 0.0

86 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 44 Palfinger AG 1,589 1,780 0.0 770 Pan Ocean Co., Ltd. 2,916 3,407 0.0 122 Panalpina Welttransport Holding AG 18,725 20,476 0.0 92 Partron Co., Ltd. 1,200 1,057 0.0 842 Peab AB Series B 8,844 8,986 0.0 2,300 Penta-Ocean Construction Co., Ltd. 15,817 14,941 0.0 143 Pfeiffer Vacuum Technology AG 17,583 17,966 0.0 411 Philips Lighting NV 13,630 13,604 0.0 750 Polypipe Group PLC 4,614 4,025 0.0 111 Posco Chemtech 1,232 1,479 0.0 396 Posco Daewoo Corporation 9,981 11,872 0.0 3,305 PostNL NV 17,567 19,129 0.0 723 Programmed Maintenance Services Limited 1,059 1,351 0.0 2,014 Prosegur Compania de Seguridad, SA 15,479 16,922 0.0 1,671 Prysmian SPA 50,806 57,671 0.1 3,275 Qinetiq Group PLC 14,325 14,262 0.0 9,516 Qube Holdings Limited 21,269 22,547 0.0 400 Raito Kogyo Co., Ltd. 5,598 5,519 0.0 295 Ramirent OYJ 2,746 3,084 0.0 861 Randstad Holdings NV 59,137 62,756 0.1 30 Rational AG 19,502 17,992 0.0 2,500 Recruit Holdings Co., Ltd. 119,058 134,812 0.1 6,013 Reliance Worldwide Corporation Limited 18,587 18,685 0.0 2,000 Rengo Co., Ltd. 14,354 14,625 0.0 357 Renishaw PLC 14,060 14,955 0.0 14,273 Rentokil Initial PLC 49,035 52,553 0.1 2,424 Rexel SA 45,297 53,607 0.1 158 Rhi AG 4,108 5,420 0.0 64 Rieter Holding AG 15,244 14,955 0.0 34 Rockwool International A/S Series A 7,294 8,059 0.0 12,462 Rolls-Royce Holdings PLC 150,465 137,945 0.1 7,135 Rotork PLC 26,014 28,517 0.0 7,213 Royal Mail PLC 62,373 55,232 0.1 3,334 RPC Group PLC 42,769 48,995 0.0 140 S1 Corporation 16,529 13,633 0.0 257 Saab AB Series B 11,016 12,918 0.0 1,267 Sacyr Vallehermoso SA 3,116 3,979 0.0 2,275 Safran SA 205,656 220,170 0.2 832 Salini Impregilo SPA 4,216 3,533 0.0 657 Samsung C&T Corp. 107,652 91,550 0.1 393 Samsung Electro Mechanics Co., Ltd. 24,574 22,167 0.0 1,215 Samsung Engineering Co., Ltd. 15,201 13,895 0.0 1,814 Samsung Heavy Industries Co., Ltd. 19,010 18,631 0.0 432 Samsung SDI Co., Ltd. 52,668 52,283 0.1 7,996 Sandvik AB NPV 108,960 133,026 0.1 300 Sanki Engineering Co., Ltd. 3,156 3,363 0.0 100 Sankyo Tateyama, Inc. 1,673 1,827 0.0 2,000 Sankyu Inc. 14,763 16,258 0.0 600 Sanshin Electronics Co., Ltd. 6,510 7,782 0.0 1,500 Sanwa Shutter Corporation 17,105 19,230 0.0 600 Sarine Technologies, Ltd. 996 1,003 0.0 234 Sartorius AG Preferred Non-Voting 21,434 23,335 0.0 454 Schindler Holding AG 106,739 107,171 0.1 4,155 Schneider Electric SE 346,606 388,537 0.3 8 Schweiter Technologies AG 10,756 12,139 0.0 1,500 Secom Co., Ltd. 145,887 147,425 0.1 2,359 Securitas AB Series B 48,756 49,936 0.1 3,374 Seek Limited 50,485 48,752 0.1 1,200 Seino Holdings Co., Ltd. 16,716 17,909 0.0 200 Sekisui Jushi Corporation 3,559 4,245 0.0 40 Semperit AG Holding 1,769 1,457 0.0 2,355 Senior PLC 9,656 7,582 0.0 1,000 SENKO Co., Ltd. 8,849 9,072 0.0 8,033 Serco Group PLC 16,063 19,075 0.0 126 SFA Engineering Corp. 8,802 9,024 0.0 162 SFS Group AG 16,255 17,763 0.0 351 SGL Carbon AG 5,477 4,151 0.0 39 SGS SA 108,298 106,624 0.1 3,947 Shanks Group PLC 6,181 6,017 0.0 100 Shibuya Corporation 1,853 2,816 0.0 1,154 Shikun & Binui, Ltd. 2,545 2,964 0.0

87 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 300 Shima Seiki MFG., Ltd. 10,923 13,642 0.0 2,000 Shimadzu Corporation 42,393 42,818 0.0 4,000 Shimizu Corporation 47,707 49,165 0.1 700 Shinko Plantech Co., Ltd. 6,536 6,833 0.0 1,000 Shinmaywa Industries, Ltd. 8,727 12,084 0.0 300 SHO-BOND Holdings Co., Ltd. 16,120 16,798 0.0 800 SIA Engineering Company Limited 2,807 2,503 0.0 5,777 Siemens AG 820,603 954,420 0.6 4,633 SIG PLC 11,046 7,923 0.0 100 SIIX CORPORATION 3,529 4,536 0.0 16 Sika AG 90,042 103,278 0.1 1,000 Sinfonia Technology Co., Ltd. 2,075 3,024 0.0 4,700 Singapore Airport Terminal Services, Ltd. 19,971 21,160 0.0 12,200 Singapore Post Limited 17,753 16,591 0.0 13,900 Singapore Technologies Engineering Limited 41,769 41,676 0.0 100 Sintokogio, Ltd. 1,165 1,169 0.0 5,000 SITC International Holdings Company Limited 3,514 4,082 0.0 1,520 SK Networks Co., Ltd. 11,393 11,679 0.0 2,715 Skanska AB Series B 76,853 86,208 0.1 302 SKF Cl. A 6,846 7,481 0.0 695 SmartGroup Corporation, Ltd. 4,930 4,238 0.0 500 SMC Corporation 165,203 160,424 0.1 2,826 Smiths Group PLC 59,281 66,309 0.1 100 SMS CO., LTD. 2,449 2,979 0.0 1,707 Smurfit Kappa Group PLC 54,518 52,972 0.0 652 Societa Iniziative Autostradali e Servizi SPA (SIAS) 8,190 7,470 0.0 200 Sodick Co., Ltd. 1,974 2,226 0.0 500 Sohgo Security Services Co., Ltd. 31,092 25,841 0.0 13,200 Sojitz Holdings Corporation 40,621 43,103 0.0 17 Solar A/S Series B 1,369 1,167 0.0 950 Spectris PLC 32,286 36,412 0.0 574 SPIE SA 14,430 16,250 0.0 571 Spirax-Sarco Engineering PLC 38,106 39,588 0.0 4,497 Spotless Group Holdings Limited 5,714 4,323 0.0 98 Ssangyong Cement Industrial Co., Ltd. 1,955 1,610 0.0 100 Star Micronics Co., Ltd. 1,591 1,830 0.0 107 Stolt-Nielsen Limited 1,624 1,767 0.0 200 Strabag SE 8,978 9,519 0.0 83 Sulzer AG 10,497 11,499 0.0 8,500 Sumitomo Corp. 119,695 134,430 0.1 4,000 Sumitomo Heavy Industries Limited 23,432 34,631 0.0 5,500 Sumitomo Mitsui Construction Co., Ltd. 6,603 7,778 0.0 2,000 Sumitomo Osaka Cement Co., Ltd. 11,038 10,141 0.0 4,000 Summit Ascent Holdings Limited 1,051 1,342 0.0 610 SWECO AB (publ) Series B 14,446 16,226 0.0 3,500 Swire Pacific Limited 49,840 44,829 0.0 8,530 Sydney Airport 56,106 49,616 0.1 800 Tadano, Ltd. 9,304 13,540 0.0 220 Taeyoung Engineering & Construction 1,519 1,324 0.0 2,678 Taihan Electric Wire Co., Ltd. 6,356 5,516 0.0 10,000 Taiheiyo Cement Corporation 37,152 42,542 0.0 300 Taikisha, Ltd. 9,813 9,831 0.0 8,000 Taisei Corp. 75,221 75,242 0.1 900 Taiyo Yuden Co., Ltd. 12,574 14,518 0.0 100 Takamatsu Construction Group Co., Ltd. 3,032 2,858 0.0 300 Takasago Thermal Engineering Co., Ltd. 5,216 5,188 0.0 300 TAKEUCHI MFG. Co., Ltd. 8,890 8,982 0.0 1,000 Takuma Co. 10,771 11,486 0.0 100 TANSEISHA Co., Ltd. 949 922 0.0 214 Tarkett SA 9,747 10,319 0.0 12,000 TCC International Holdings, Ltd. 2,765 3,757 0.0 900 TDK Corporation 77,093 83,198 0.1 2,000 Technovator International Limited 1,276 1,024 0.0 1,000 TEKKEN Corporation 3,457 3,944 0.0 462 Teleperformance 55,803 62,277 0.1 1,000 Temp Holdings Co., Ltd. 21,010 20,846 0.0 822 Thales SA 93,856 107,119 0.1 3,000 The 13 Holdings Limited 1,579 1,178 0.0 500 The Furukawa Electric Co. 17,047 19,661 0.0 400 The Japan Steel Works, Ltd. 10,374 9,529 0.0 200 The Nippon Signal Co., Ltd. 2,575 2,279 0.0

88 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 100 The Pack Corporation 3,492 3,002 0.0 1,000 The Sumitomo Warehouse Co., Ltd. 6,328 7,106 0.0 1,561 The Weir Group PLC 36,506 48,888 0.1 1,000 THK Co., Ltd. 26,454 29,733 0.0 3,475 ThyssenKrupp AG 98,573 111,282 0.1 300 TKC Corporation 11,617 10,986 0.0 331 TKH Group NV 16,130 17,599 0.0 100 TOA Corporation 1,150 1,207 0.0 100 TOA CORPORATION 3,143 2,296 0.0 2,000 TODA Corporation 12,628 14,188 0.0 300 TOKYU CONSTRUCTION CO., LTD. 3,027 3,249 0.0 1,444 Tomra Systems ASA 20,717 20,360 0.0 885 Tongyang Inc. 3,409 2,933 0.0 100 Toppan Forms Co., Ltd. 1,643 1,402 0.0 4,000 Toppan Printing Co., Ltd. 47,419 51,326 0.1 214 Toptec Co., Ltd. 4,754 5,489 0.0 100 Topy Industries, Ltd. 2,459 3,467 0.0 100 Torishima Pump Mfg. Co., Ltd. 1,287 1,305 0.0 28,000 Toshiba Corp. 97,490 91,141 0.1 1,000 Toshiba Machine Co., Ltd. 4,097 5,392 0.0 100 Toshiba Plant Systems & Services Corporation 1,579 1,771 0.0 1,000 Toshiba TEC Corporation 5,035 6,439 0.0 300 Totetsu Kogyo Co., Ltd. 10,100 10,452 0.0 1,100 Toto, Ltd. 52,614 58,495 0.1 643 Tox Free Solutions Limited 1,866 1,617 0.0 200 TOYO Construction Co., Ltd. 1,171 943 0.0 1,000 Toyo Engineering Corporation 3,448 3,587 0.0 1,000 Toyo Kanetsu K.K. 2,406 3,622 0.0 1,200 Toyo Seikan Kaisha, Ltd. 30,025 30,106 0.0 1,800 Toyota Tsusho Corporation 54,532 63,020 0.1 100 Trancom Co., Ltd. 8,015 6,588 0.0 15,334 Transurban Group 167,842 153,666 0.1 2,270 Travis Perkins PLC 66,764 54,618 0.1 1,783 Trelleborg AB Series B 43,677 47,192 0.1 6,000 Truly International Holdings 1,867 3,134 0.0 200 Trusco Nakayama Corporation 4,925 5,629 0.0 100 TSUBAKI NAKASHIMA Co., Ltd. 1,685 1,957 0.0 1,000 TSUBAKIMOTO CHAIN CO. 7,887 10,923 0.0 100 Tsukishima Kikai Co., Ltd. 1,147 1,408 0.0 100 Tsurumi Manufacturing Co., Ltd. 1,737 1,945 0.0 594 Ultra Electronics Holdings PLC 19,190 19,105 0.0 400 ULVAC, Inc. 15,426 16,465 0.0 400 Union Tool Co. 13,297 13,981 0.0 4,500 United Engineers Limited 9,643 10,693 0.0 397 Uponor OYJ Cl. A 8,440 9,271 0.0 900 Ushio Inc. 15,099 15,429 0.0 2,586 Vallourec SA 17,774 23,959 0.0 994 Valmet Corporation 16,440 19,656 0.0 165 VAT Group AG 17,938 18,473 0.0 508 Veidekke ASA 8,811 9,774 0.0 2,600 Venture Corporation, Ltd. 22,412 23,845 0.0 1,823 Vesuvius PLC 11,404 11,941 0.0 1 Vetropack Holding AG 1,983 2,342 0.0 122 Vicat SA 9,751 9,950 0.0 143 Vidrala, SA 10,884 9,911 0.0 3,568 Vinci 333,813 326,530 0.2 11,912 Volvo AB Series B 168,209 187,096 0.1 45 Vossloh AG 3,811 3,794 0.0 77 Wacker Neuson SE 1,446 1,679 0.0 300 Wakita & Co., LTD. 2,650 3,363 0.0 1,244 Wartsila Oyj Abp Series B 70,812 75,100 0.1 833 Wienerberger AG 18,832 19,435 0.0 254 Wilh. Wilhelmsen ASA 1,582 1,338 0.0 937 Wirecard AG 56,171 54,194 0.1 1,891 Wolseley PLC 138,698 155,485 0.1 279 Worldline SA 10,204 10,568 0.0 13,610 Worldpay Group PLC 65,977 60,870 0.1 811 WS Atkins PLC 21,337 19,594 0.0 200 W-Scope Corporation 5,079 4,024 0.0 262 Xaar PLC 2,428 1,737 0.0 200 YAHAGI CONSTRUCTION CO., LTD. 1,942 2,486 0.0

89 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 600 Yamabiko Corporation 7,289 11,231 0.0 2,600 Yamato Holdings Co., Ltd. 73,739 71,044 0.1 1,200 Yamazen Corp. 13,026 13,480 0.0 23,900 Yangzijiang Shipbuilding Holdings Limited 19,930 18,081 0.0 2,000 Yaskawa Electric Corp. 35,341 41,806 0.0 1,359 YIT OYJ 13,068 14,590 0.0 100 Yokogawa Bridge Holdings Corp. 1,370 1,567 0.0 1,800 Yokogawa Electric Corporation 28,410 35,038 0.0 4,200 Yoma Strategic Holdings, Ltd. 1,800 2,281 0.0 100 Yuasa Trading Co., Ltd. 2,991 3,355 0.0 1,979 Zardoya Otis SA 24,382 22,478 0.0 30 Zehnder Group AG Registered Shares 1,463 1,273 0.0 194 Zignago Vetro SPA 1,560 1,515 0.0 1,648 Zodiac Aerospace 49,246 50,852 0.1 131 Zumtobel AG 2,987 3,148 0.0 22,519,714 23,767,554 15.7 Oil & Gas 896 Akastor ASA 1,429 2,261 0.0 979 Aker BP ASA 16,299 23,565 0.0 1,310 Aker Solutions ASA 7,803 8,443 0.0 2,717 Amec Foster Wheeler PLC 23,834 21,161 0.0 8,056 APA Group 69,222 67,041 0.1 2,311 Australian Worldwide Exploration Limited 1,335 1,391 0.0 13,987 Beach Petroleum Limited 10,556 11,545 0.0 79 Bourbon SA 1,523 1,369 0.0 144,307 BP PLC 1,061,565 1,218,589 0.8 35,000 Brightoil Petroleum (Holdings) Limited 13,416 13,319 0.0 4,934 Cairn Energy PLC 17,300 19,287 0.0 2,132 Caltex Australia Limited 70,166 63,061 0.1 329 Cape PLC 1,489 796 0.0 84 CGG SA 3,132 1,629 0.0 700 Cosmo Energy Holdings Co., Ltd. 12,596 13,224 0.0 3 Delek Energy Systems, Ltd. 1,869 2,215 0.0 2,375 Det Norske Oljeselskap (DNO) ASA 2,840 3,138 0.0 568 Doosan Heavy Industries and Construction Co., Ltd. 16,579 17,154 0.0 19,016 Eni SPA 380,927 416,106 0.3 1,573 Etablissements Maurel et Prom 8,369 9,389 0.0 6,895 Ezion Holdings Limited 3,242 2,464 0.0 646 Ezion Holdings Limited, Warrants (Exp. 04/24/20) — 50 0.0 496 Fugro NV CVA 10,649 10,204 0.0 3,770 Galp Energia, SGPS, SA Cl. B 63,755 75,669 0.1 1,842 Gamesa Corporation Tecnologica, SA 48,305 50,207 0.0 650 Genel Energy PLC 1,617 883 0.0 472 GS Holdings Corp. 27,624 28,352 0.0 4 Hankook Shell Oil Co., Ltd. 2,028 1,968 0.0 1,086 Hunting PLC 7,376 11,292 0.0 700 Idemitsu Kosan Co., Ltd. 17,286 24,991 0.0 7,000 INPEX Corporation 79,585 94,248 0.1 37 J.O.E.L. Jerusalem Oil Exploration, Ltd. 1,955 2,122 0.0 400 Japan Petroleum Exploration Co., Ltd. 11,654 11,953 0.0 3,246 John Wood Group PLC 39,421 47,119 0.0 20,500 JX Holdings, Inc. 108,166 116,604 0.1 1,236 Karoon Gas Australia Limited 1,659 2,154 0.0 11,300 Keppel Corporation Limited 60,216 60,733 0.1 1,346 Lamprell PLC 2,054 2,052 0.0 868 Liquefied Natural Gas Limited 437 569 0.0 1,375 Lundin Petroleum AB 30,708 40,209 0.0 200 MODEC, INC. 4,355 4,296 0.0 993 Neste OYJ 46,458 51,267 0.0 473 Nordex SE 18,603 13,642 0.0 262 Nostrum Oil & Gas PLC 1,603 1,676 0.0 9,200 Oil Refineries, Ltd. 4,579 4,344 0.0 9,536 Oil Search Limited 64,247 66,394 0.1 1,155 OMV AG 43,929 54,828 0.0 8,562 Ophir Energy PLC 13,464 13,691 0.0 23 Paz Oil Company Limited 4,727 4,528 0.0 1,863 Petrofac Limited 27,708 26,827 0.0 71 Petroleum Geo-Services ASA, Rights (Exp. 05/01/17) — 74 0.0 2,185 Petroleum Geo-Services ASA 9,710 9,940 0.0 2,154 Premier Oil PLC 2,486 2,641 0.0 5,381 REC Silicon ASA 1,234 956 0.0

90 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 8,313 Repsol, SA 136,867 157,799 0.1 7,508 Repsol, SA, Rights (Exp. 01/09/17) — 3,738 0.0 32,069 Royal Dutch Shell PLC Cl. A 1,047,932 1,191,676 0.8 30,047 Royal Dutch Shell PLC Cl. B 1,014,236 1,172,055 0.8 39,500 Saipem SPA 23,795 29,891 0.0 200 SAN-AI OIL CO., LTD. 1,894 1,925 0.0 14,556 Santos Limited 56,328 56,821 0.1 1,680 Saras SPA 3,987 4,087 0.0 1,242 SBM Offshore NV 21,232 26,202 0.0 56 Schoeller-Bleckmann Oilfield Equipment AG 4,507 6,062 0.0 2,973 Seadrill, Ltd. 12,245 13,812 0.0 7,800 SembCorp Industries Limited 20,407 20,635 0.0 4,900 SembCorp Marine Limited 7,702 6,277 0.0 5,115 Senex Energy Limited 1,350 1,316 0.0 1,400 Showa Shell Sekiyu K.K. 16,776 17,497 0.0 35,000 Sino Oil and Gas Holdings Limited 1,082 1,162 0.0 479 SK Innovation Co., Ltd. 81,783 77,915 0.1 40 SMA Solar Technology AG 2,872 1,421 0.0 1,501 SOCO International PLC 4,049 3,967 0.0 357 S-Oil Corporation 32,645 33,574 0.0 7,303 Statoil ASA 154,265 180,225 0.1 2,166 Subsea 7 SA 25,790 36,884 0.0 931 Technip SA 70,438 89,297 0.1 288 Tecnicas Reunidas SA 13,141 15,873 0.0 1,052 TGS Nopec Geophysical Company ASA 26,535 31,419 0.0 558 The New Zealand Refining Company Limited 1,596 1,357 0.0 2,000 TonenGeneral Sekiyu K.K. 22,940 28,331 0.0 16,681 Total SA 1,047,921 1,149,539 0.8 6,604 Tullow Oil PLC 27,939 34,220 0.0 10,000 United Photovoltaics Group Limited 1,040 1,263 0.0 1,675 Vestas Wind Systems A/S 152,877 146,255 0.1 5,470 Woodside Petroleum Limited 148,751 165,512 0.1 1,940 WorleyParsons, Ltd. 14,280 18,311 0.0 26,000 Xinyi Solar Holdings Limited 13,553 11,333 0.0 2,469 Z Energy Limited 17,709 16,762 0.0 6,713,553 7,508,043 4.9 Technology 1,337 Aconex Limited 8,174 6,582 0.0 226 Advanced Process Systems Corporation 5,404 7,490 0.0 1,400 Advantest Corporation 21,413 31,679 0.0 24 AhnLab, Inc. 1,816 1,540 0.0 200 Ai Holdings Corporation 6,258 5,344 0.0 324 Aixtron AG 1,541 1,420 0.0 149 Alten SA 12,415 14,062 0.0 450 Altium Limited 3,698 3,535 0.0 768 Altran Technologies SA 13,788 15,078 0.0 475 ams AG 18,650 18,113 0.0 600 Anritsu Corporation 4,724 4,346 0.0 2,000 APT Satellite Holdings Limited 2,141 1,290 0.0 140 Ascom Holding AG Registered Shares 3,028 2,956 0.0 439 ASM International NV 24,124 26,474 0.0 1,900 ASM Pacific Technologies, Ltd. 20,588 26,998 0.0 2,471 ASML Holding NV 327,908 372,759 0.3 914 Atea ASA 11,130 11,321 0.0 680 Atos SE 81,021 96,425 0.1 638 Aveva Group PLC 18,966 19,865 0.0 27 B Communications, Ltd. 1,053 793 0.0 178 BE Semiconductor Industries NV 7,328 7,966 0.0 57 Bechtle AG 7,264 7,967 0.0 300 Broadleaf Co., Ltd. 2,002 2,180 0.0 1,800 Brother Industries, Ltd. 31,990 43,648 0.0 8,000 Canon Inc. 306,279 303,083 0.2 200 Canon Marketing Japan Inc. 4,531 4,521 0.0 1,209 Cap Gemini SA 144,218 137,064 0.1 400 Capcom Co., Ltd. 13,269 12,648 0.0 80,000 China Goldjoy Group, Ltd. 11,520 12,454 0.0 20,000 China Healthcare Enterprise Group, Ltd. 2,951 387 0.0 173 CompuGroup Medical AG 9,349 9,530 0.0 282 Computacenter PLC 4,392 3,738 0.0 105 CrucialTec Co., Ltd. 1,298 940 0.0 1,130 CSG, Ltd. 1,500 801 0.0

91 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 370 Curocom Co., Ltd. 1,797 1,296 0.0 900 CyberAgent, Inc. 29,185 29,885 0.0 85 Daou Technology Inc. 2,028 1,699 0.0 991 Dassault Systemes SA 103,268 101,472 0.1 1,000 Denki Kogyo Co., Ltd. 5,760 6,600 0.0 584 Dialog Semiconductor PLC 27,447 33,178 0.0 117 Dongbu Hitek Co., Ltd. 2,388 2,066 0.0 100 DTS Corp. 2,635 2,863 0.0 148 DuzonBizon Co., Ltd. 4,079 3,525 0.0 590 Econocom Group 10,221 11,633 0.0 137 EI Towers SPA 9,896 9,922 0.0 100 Eizo Nanao Corp. 3,398 4,001 0.0 100 Elecom Co., Ltd. 2,205 2,255 0.0 33 EO Technics Co., Ltd. 4,094 3,290 0.0 131 Esprinet SpA 1,590 1,312 0.0 500 Fidessa Group PLC 20,594 18,965 0.0 31,000 FIH Mobile Limited 13,811 13,137 0.0 158 Formula Systems (1985) Ltd. 8,296 8,633 0.0 406 F-Secure OYJ 1,552 1,998 0.0 100 Fuji Soft ABC Inc. 2,997 3,187 0.0 3,100 FUJIFILM Holdings Corporation 159,279 158,078 0.1 14,000 Fujitsu, Ltd. 84,182 104,550 0.1 643 Gemalto NV 53,720 49,950 0.0 123 GemVax & KAEL Co., Ltd. 2,725 1,987 0.0 365 Gilat Satellite Networks, Ltd. 2,047 2,475 0.0 500 GMO internet, Inc. 8,718 8,589 0.0 200 Green Cross Cell Corporation 6,636 6,040 0.0 68 HANCOM Inc. 1,506 1,250 0.0 2,003 Hexagon AB Series B 98,774 96,243 0.1 500 Hitachi High-Technologies Corporation 20,897 27,106 0.0 500 Hitachi Kokusai Electric Inc. 10,845 14,045 0.0 9,000 HKBN, Ltd. 13,934 13,248 0.0 86 Huber & Suhner AG 5,900 6,411 0.0 177 Iliad SA 50,002 45,729 0.0 2,709 Imagination Technologies Group PLC 10,103 11,312 0.0 637 Indra Sistemas SA Series A 9,322 9,380 0.0 400 INES Corporation 5,779 5,602 0.0 8,518 Infineon Technologies AG 169,850 198,920 0.2 435 Ingenico SA 59,984 46,682 0.1 100 Internet Initiative Japan Inc. 2,714 2,028 0.0 756 Iress Market Technology, Ltd. 8,125 8,714 0.0 663 Isentia Group Limited 2,664 1,848 0.0 100 istyle Inc. 925 955 0.0 600 IT Holdings Corporation 19,144 17,247 0.0 400 Itochu Techno-Science Corporation 13,160 13,981 0.0 2,000 Ju Teng International Holdings Limited 1,436 830 0.0 100 Justsystems Corporation 1,028 1,300 0.0 151 Jusung Engineering Co., Ltd. 1,349 1,735 0.0 100 KAGA ELECTRONICS CO., LTD. 1,387 2,180 0.0 234 Kakao Corp. 25,647 20,006 0.0 200 KLab Inc. 1,430 1,527 0.0 500 Koei Tecmo Holdings Co., Ltd. 11,160 11,826 0.0 35 Koh Young Technology Inc. 1,443 1,757 0.0 4,100 Konica Minolta Holdings, Inc. 48,870 54,731 0.1 125 Kudelski SA 2,648 2,911 0.0 1,600 Laird PLC 9,979 4,057 0.0 31 Leeno Industrial Inc. 1,488 1,492 0.0 1,694 LG Display Co., Ltd. 51,978 59,154 0.1 200 LINE Corporation 9,750 9,221 0.0 982 Logitech International SA 22,327 32,911 0.0 100 Macnica Fuji Electronics Holdings, Inc. 1,674 1,770 0.0 100 MegaChips Corporation 1,417 2,975 0.0 183 Melexis NV 15,299 16,476 0.0 1,603 Micro Focus International PLC 49,489 57,880 0.1 300 Micronics Japan Co.,Ltd. 4,891 3,994 0.0 200 Miroku Jyoho Service Co., Ltd. 4,407 4,139 0.0 1,027 MYOB Group Limited 3,257 3,650 0.0 202 NAVER Corp. 166,018 173,821 0.1 1,863 NCC Group PLC 11,054 5,580 0.0 19,000 NEC Corporation 66,680 67,722 0.1 100 NEC Networks & System Integration Corporation 1,990 2,427 0.0

92 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 128 Nemetschek AG 9,284 10,005 0.0 366 Neopost SA 11,700 15,386 0.0 500 Net One Systems Co. 4,298 4,300 0.0 30,000 New Sports Group, Ltd. 1,032 550 0.0 857 NEXTDC Limited 2,118 3,029 0.0 453 Nice, Ltd. 38,632 41,450 0.0 700 Nihon Unisys, Ltd. 11,231 11,831 0.0 100 Nippon System Development Co., Ltd. 2,000 2,112 0.0 43,749 Nokia OYJ Helsinki Exch. 335,030 283,913 0.2 1,102 Nokia OYJ 10,860 7,117 0.0 770 Nomura Research Institute, Ltd. 33,316 31,518 0.0 642 Nordic Semiconductor ASA 4,176 3,511 0.0 126 Nova Measuring Instruments, Ltd. 1,789 2,261 0.0 400 NS Solutions Corporation 10,542 9,677 0.0 1,100 NTT Data Corporation 72,279 71,459 0.1 100 OBIC Business Consultants Co., Ltd. 5,832 5,795 0.0 600 Obic Co., Ltd. 39,841 35,252 0.0 500 Oki Electric Industry Company, Limited 9,095 9,440 0.0 462 Opera Software ASA 4,078 2,685 0.0 200 Oracle Corporation Japan 13,520 13,544 0.0 400 Otsuka Corporation 25,933 25,111 0.0 45 Parrot SA 1,520 661 0.0 330 POSCO ICT 1,925 2,118 0.0 17 Reply SPA 3,242 2,837 0.0 5,100 Ricoh Co., Ltd. 63,363 57,935 0.1 100 Riso Kagaku Corporation 2,094 2,271 0.0 700 Rohm Company Limited 44,226 54,166 0.1 200 Ryosan Company, Limited 7,747 8,117 0.0 100 Ryoyo Electro Corporation 1,635 1,690 0.0 230 Samsung Sds Co., Ltd. 47,062 35,625 0.0 1,000 Sanken Electric Co., Ltd. 4,031 5,887 0.0 6,845 SAP SE 744,526 801,772 0.5 100 SATO Corporation 2,873 2,692 0.0 300 SCREEN Holdings Co., Ltd. 18,488 25,008 0.0 300 SCSK Corporation 15,636 14,108 0.0 2,000 Seiko Epson Corporation 45,376 56,914 0.1 21,600 Semiconductor Manufacturing International Corporation 31,154 45,506 0.0 164 Seoul Semiconductor Co., Ltd. 2,753 2,832 0.0 1,000 Shindengen Electric Manufacturing Co., Ltd, 4,879 5,002 0.0 200 Shinko Electric Industries Company, Ltd. 1,746 1,817 0.0 41 Silicon Works Co., Ltd. 1,575 1,266 0.0 3,100 Silverlake Axis Limited 1,791 1,525 0.0 333 SimCorp A/S 22,119 21,804 0.0 35 Sindoh Co., Ltd. 2,030 2,134 0.0 251 SK Holdings Co., Ltd. 64,668 63,960 0.1 3,983 SK Hynix Inc. 153,058 197,682 0.2 381 Software AG 18,676 18,584 0.0 1,390 Sophos Group PLC 5,767 6,026 0.0 141 Sopra Group 20,924 21,510 0.0 500 Square Enix Holdings Co., Ltd 18,022 17,276 0.0 4,769 STMicroelectronics NV 46,123 72,684 0.1 1,500 SUMCO Corporation 18,155 26,043 0.0 80,000 SunCorp Technologies Limited 1,590 761 0.0 2,871 Technology One Limited 14,977 15,752 0.0 200 TechnoPro Holdings, Inc. 8,065 8,623 0.0 1,641 Tele Columbus AG 19,020 18,337 0.0 22,407 Telefonaktiebolaget LM Ericsson Series B 232,692 176,961 0.1 425 Temenos Group AG 31,031 39,759 0.0 100 T-Gaia Corporation 1,697 2,188 0.0 8,131 The Sage Group PLC 93,999 88,252 0.1 553 TietoEnator OYJ 20,725 20,275 0.0 800 Tokyo Electron Device Limited 15,262 14,506 0.0 1,200 Tokyo Electron, Ltd. 121,742 152,392 0.1 400 Tokyo Ohka Kogyo Co., Ltd 15,525 18,121 0.0 200 Tokyo Seimitsu Co., Ltd. 5,973 7,968 0.0 1,039 TomTom NV 13,005 12,561 0.0 708 Tower Semiconductor, Ltd. 14,720 18,174 0.0 100 Trans Cosmos Inc. 3,447 3,141 0.0 800 Trend Micro Incorporated 39,603 38,219 0.0 47 u-blox AG 13,710 11,857 0.0 100 UKC Holdings Corporation 2,353 2,411 0.0

93 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 903 United Internet AG 54,354 47,380 0.1 1,400 Vtech Holdings, Ltd. 20,303 25,112 0.0 600 Wacom Co., Ltd. 3,070 2,111 0.0 60 Wincor Nixdorf AG 4,526 5,597 0.0 584 Wonik Holdings Co., Ltd. 11,271 12,019 0.0 1,321 Xero Limited 21,803 21,618 0.0 12 XING AG 2,864 2,978 0.0 9,700 Yahoo! Japan Corporation 53,038 50,077 0.1 5,636,138 5,858,904 3.9 Telecommunications 2,330 Altice NV Cl. A 47,651 62,058 0.1 1,373 Altice NV Cl. B 30,954 36,763 0.0 17,571 Bezeq Israeli Telecommunication Corp. 46,428 44,817 0.0 64,314 BT Group PLC 494,041 391,015 0.3 196 Cellcom Israel, Ltd. 1,592 2,117 0.0 860 Cellnex Telecom SAU 19,200 16,623 0.0 2,992 Chorus Limited 11,550 11,107 0.0 6,000 CITIC Telecom International Holdings Limited 2,847 2,418 0.0 1,001 Com Hem Holding AB 11,543 12,841 0.0 24,044 Deutsche Telekom AG 545,734 556,227 0.4 306 Drillisch AG 17,287 17,700 0.0 1,374 Elisa OYJ Series A 64,858 60,112 0.1 576 Euskaltel SA 8,004 6,860 0.0 696 Freenet AG NPV 27,288 26,344 0.0 200 Hikari Tsushin, Inc. 21,656 25,042 0.0 4,000 Hutchison Telecommunications (Australia) Limited 1,756 1,730 0.0 1,314 Infrastrutture Wireless Italiane SPA 8,262 8,182 0.0 3,614 Inmarsat PLC 56,149 45,005 0.0 2,161 KCOM Group PLC 4,734 3,393 0.0 14,300 KDDI Corporation 526,223 486,598 0.3 23,775 Koninklijke (Royal) KPN NV 111,481 94,632 0.1 189 KT Corporation 6,234 6,170 0.0 400 KT Corporation ADR 7,472 7,558 0.0 1,516 LG Uplus Corp. 19,025 19,273 0.0 1,200 M1 Limited 2,866 2,183 0.0 1,800 Nippon Telegraph and Telephone Corporation 103,551 101,659 0.1 10,100 NTT DoCoMo, Inc. 318,278 309,249 0.2 104 Orange Belgium SA 3,209 2,921 0.0 14,616 Orange SA 314,232 298,428 0.2 1,435 Partner Communications Company, Ltd. 9,308 9,235 0.0 42,000 PCCW Limited 34,003 30,512 0.0 1,309 Proximus SA 54,196 50,658 0.0 788 SFR Group SA 33,244 29,905 0.0 56,200 Singapore Telecommunications Limited 206,896 189,632 0.1 137 SK Telecom Co., Ltd. 34,377 34,074 0.0 400 SK Telecom Co., Ltd. ADR 11,140 11,211 0.0 4,000 SmarTone Telecommunications Holdings, Ltd. 8,813 7,209 0.0 6,600 SoftBank Group Corp. 489,733 589,253 0.4 14,633 Spark New Zealand Limited 47,033 46,661 0.0 3,300 StarHub Limited 11,438 8,608 0.0 328 Sunrise Communications Group AG 28,092 28,997 0.0 150 Swisscom AG 95,767 90,272 0.1 2,718 Talktalk Telecom Group PLC 11,489 7,621 0.0 6,397 TDC A/S Cl. B 43,567 44,125 0.0 3,343 Tele2 AB Series B 36,754 36,049 0.0 78,888 Telecom Italia SPA 98,172 93,397 0.1 52,741 Telecom Italia SPA Savings Shares 52,892 51,251 0.0 585 Telecom plus PLC 11,151 11,400 0.0 5,055 Telefonica Deutschland Holding AG 30,802 29,101 0.0 31,476 Telefonica SA 413,032 392,683 0.3 1,099 Telekom Austria AG 8,311 8,721 0.0 5,267 Telenor ASA 113,214 105,855 0.1 19,460 Telia Company AB 117,369 105,455 0.1 32,223 Telstra Corporation Limited 169,276 159,580 0.1 1,962 TPG Telecom Limited 21,605 12,994 0.0 5,914 Vocus Communications Limited 35,787 22,225 0.0 202,881 Vodafone Group PLC 805,292 671,871 0.5 5,866,858 5,537,580 3.6

94 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Utilities 14,057 A2A SPA 24,123 24,456 0.0 372 ACEA SPA 7,059 6,077 0.0 5,128 AGL Energy Limited 95,277 109,999 0.1 144 Albioma SA 2,848 3,369 0.0 11 Alpiq Holding AG Registered 1,614 1,226 0.0 15,394 AusNet Services 24,308 23,619 0.0 52 BKW AG 2,764 3,379 0.0 42,270 Centrica PLC 168,554 163,974 0.1 5,000 Cheung Kong Infrastructure Holdings Limited 58,913 53,361 0.0 2,500 China Everbright Water Limited 1,693 1,160 0.0 5,600 Chubu Electric Power Co., Inc. 102,862 105,145 0.1 11,500 CLP Holdings Limited 143,619 141,726 0.1 8,099 Contact Energy Limited 36,620 35,292 0.0 612 DONG Energy A/S 30,163 31,155 0.0 3,447 Drax Group PLC 18,395 21,585 0.0 18,852 DUET Group 45,679 50,159 0.0 14,186 E.ON AG 168,036 134,440 0.1 22 E1 Corporation 1,617 1,532 0.0 15,481 EDP - Energias de Portugal SA 66,943 63,371 0.1 2,230 EDP Renovaveis SA 20,077 19,039 0.0 1,400 Electric Power Development Co., Ltd. 50,896 43,301 0.0 2,251 Electricite de France SA 35,516 30,821 0.0 134 Elia System Operator SA 8,834 9,417 0.0 1,719 Enagas SA 66,195 58,659 0.0 2,511 Endesa, SA 67,229 71,479 0.1 57,347 ENEL - SPA 328,598 339,713 0.2 11,130 Engie SA 225,361 190,806 0.1 599 Erg SPA 9,626 8,642 0.0 175 EVN AG 2,673 2,774 0.0 3,507 Fortum OYJ 70,365 72,275 0.1 2,391 Gas Natural SDG SA Series E 61,872 60,572 0.0 6,168 Genesis Energy Limited 11,530 12,112 0.0 4,984 Hera SpA 18,177 15,453 0.0 1,100 Hokkaido Electric Power Company, Incorporated 11,973 11,547 0.0 1,400 Hokuriku Electric Power Company 24,229 21,087 0.0 56,300 Hong Kong & China Gas Company Limited 131,607 133,802 0.1 2,700 Hyflux Limited 1,620 1,291 0.0 42,075 Iberdrola SA 373,265 371,010 0.3 1,945 Infigen Energy Limited 1,585 1,700 0.0 931 innogy SE 48,756 43,470 0.0 2,706 IREN SPA 5,692 5,956 0.0 3,159 Italgas SPA 18,970 16,703 0.0 1,000 Iwatani Corporation 7,346 7,152 0.0 11,500 Keppel Infrastructure Trust 5,652 5,071 0.0 1,865 Korea Electric Power Corporation 117,706 91,217 0.1 200 Korea Electric Power Corporation ADR 6,586 4,957 0.0 255 Korea Gas Corp. 12,316 13,718 0.0 3,800 Kyushu Electric Power Company, Incorporated 50,620 55,401 0.0 3,543 Mercury NZ, Ltd. 9,253 9,807 0.0 9,502 Meridian Energy Limited 22,865 23,102 0.0 28,587 National Grid PLC 516,247 450,779 0.3 400 Nippon Gas Co., Ltd. 13,884 15,453 0.0 13,583 Origin Energy Limited 71,243 86,921 0.1 16,000 Osaka Gas Co., Ltd. 82,006 82,711 0.1 3,962 Pennon Group PLC 59,213 54,295 0.0 10,000 Power Assets Holdings Limited 124,783 118,224 0.1 3,148 Red Electrica Corporacion, SA 87,834 79,816 0.1 2,012 Redes Energeticas Nacionais SA 7,655 7,678 0.0 313 Rubis 33,632 34,679 0.0 2,898 RWE AG Cl. A 51,932 48,431 0.0 1,802 RWE AG Preferred Non-Voting 26,740 22,224 0.0 2,000 Saibu Gas Co., Ltd. 6,221 5,795 0.0 15 Samchully Co., Ltd. 1,795 1,690 0.0 1,857 Severn Trent PLC 75,854 68,375 0.1 1,400 Shikoku Electric Power Company Incorporated 22,426 19,059 0.0 400 Shizuoka Gas Co., Ltd. 3,819 3,794 0.0 2,900 SIIC Environment Holdings, Ltd. 1,863 1,575 0.0 18 SK Gas, Ltd. 1,702 2,588 0.0 18,601 Snam SPA 132,091 102,980 0.1 7,758 SSE PLC 209,790 199,646 0.1

95 Vanguard FTSE Developed All Cap ex North America Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,660 Suez 57,938 52,731 0.0 11,093 Terna SPA 75,032 68,286 0.1 2,700 The Chugoku Electric Power Co. Inc. 45,332 42,562 0.0 5,500 The Kanzai Electric Power Company, Incorporated 72,685 80,818 0.1 300 The Okinawa Electric Power Company, Incorporated 8,087 9,068 0.0 4,000 TOHO Gas Company, Ltd. 40,556 43,738 0.0 3,500 Tohoku Electric Power Co., Inc. 58,548 59,438 0.0 400 Tokai Holdings Corporation 2,903 3,753 0.0 12,500 Tokyo Electric Power Co. 77,466 67,837 0.1 16,000 Tokyo Gas Co., Ltd. 95,155 97,299 0.1 15,000 Towngas China Company Limited 11,481 10,586 0.0 1,493 Uniper SE 23,858 27,696 0.0 5,626 United Utilities Group PLC 96,327 83,997 0.1 932 Vector Limited 2,751 2,824 0.0 3,586 Veolia Environnement 104,552 82,044 0.1 493 Verbund AG Cl. A 9,000 10,582 0.0 5,140,478 4,877,051 3.2 Total investments 146,663,913 150,847,308 99.4 Foreign currency contracts (Schedule 1) 5,454 0.0 Other assets and liabilities (net) 944,131 0.6 Total net assets attributable to holders of redeemable units 151,796,893 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Danish Krone 834 U.S. Dollar 118 01/03/17 — A- 1 Euro 32 U.S. Dollar 33 01/03/17 — A+ 1 Norwegian Krone 1,179 U.S. Dollar 137 01/03/17 — A- 1 Singapore Dollar 132 U.S. Dollar 91 01/05/17 — A+ 1 Swedish Krona 97 U.S. Dollar 11 01/03/17 — A+ 1 Swiss Franc 601 U.S. Dollar 592 01/04/17 — A- 1 U.S. Dollar 442,590 Canadian Dollar 600,000 01/03/17 6,464 A+ 1 U.S. Dollar 4,514 Pound Sterling 3,658 01/04/17 7 A- 1 U.S. Dollar 642,273 Pound Sterling 519,790 01/04/17 7 A- 1 U.S. Dollar 257,867 Australian Dollar 356,125 01/04/17 5 A- 1 U.S. Dollar 1,921 Hong Kong Dollar 14,896 01/04/17 1 A+ 1 U.S. Dollar 156 New Zealand Dollar 224 01/05/17 — A+ 1 U.S. Dollar 339 Swedish Krona 3,074 01/03/17 — A- 1 U.S. Dollar 30,182 Norwegian Krone 259,795 01/03/17 — A- 1 U.S. Dollar 8,792 New Zealand Dollar 12,609 01/05/17 — A- Unrealized appreciation of foreign currency contracts 6,484 1 Australian Dollar 2,539 U.S. Dollar 1,835 01/04/17 (5) A+ 1 Canadian Dollar 4,914,120 U.S. Dollar 3,664,309 01/05/17 (99) A- 1 Japanese Yen 44,188 U.S. Dollar 378 01/06/17 (1) A+ 1 Japanese Yen 98,342 U.S. Dollar 835 01/04/17 (11) A+ 1 Japanese Yen 8,188,000 U.S. Dollar 69,663 01/04/17 (723) A+ 1 South Korean Won 8,797,800 U.S. Dollar 7,267 01/03/17 (23) AA- 1 U.S. Dollar 106,638 Swedish Krona 968,755 01/03/17 (1) A- 1 U.S. Dollar 122,861 Hong Kong Dollar 952,550 01/04/17 (1) A- 1 U.S. Dollar 48,737 Danish Krone 343,571 01/03/17 (1) A- 1 U.S. Dollar 306,306 Swiss Franc 311,311 01/04/17 (4) A-

96 Vanguard FTSE Developed All Cap ex North America Index ETF

Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* 1 U.S. Dollar 42,175 Singapore Dollar 60,925 01/05/17 (4) A- 1 U.S. Dollar 4,627 Euro 4,384 01/03/17 (4) A- 1 U.S. Dollar 1,012,697 Euro 960,121 01/03/17 (13) A- 1 U.S. Dollar 834,225 Japanese Yen 97,287,700 01/06/17 (140) A- Unrealized depreciation of foreign currency contracts (1,030) Net unrealized appreciation of foreign currency contracts 5,454 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Equity investments Financials 23.9 24.3 Consumer Goods 18.6 19.1 Industrials 15.7 14.8 Health Care 9.5 10.4 Consumer Services 8.5 9.0 Basic Materials 7.6 6.2 Oil & Gas 4.9 4.2 Technology 3.9 4.0 Telecommunications 3.6 4.1 Utilities 3.2 3.5 Other assets and liabilities (net) 0.6 0.4 Net assets attributable to holders of redeemable units 100.0 100.0

December 31, December 31, Country allocation 2016 2015 Equity Investments Japan 23.8 23.4 United Kingdom 17.7 18.8 France 8.5 8.3 Germany 8.3 8.1 Switzerland 7.9 8.2 Australia 7.1 6.4 South Korea 4.3 4.2 Hong Kong 3.4 3.3 Spain 2.9 2.8 Sweden 2.9 2.9 Netherlands 2.8 2.6 Italy 2.2 2.5 Denmark 1.6 1.8 Singapore 1.3 1.3 Belgium 1.2 1.4 Finland 1.0 1.0 Other 3.1 3.0 Net assets attributable to holders of redeemable units 100.0 100.0

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $44,568,581 $2,380,615 Cash 100,505 25,400 Amounts receivable for investments sold 125,307 126,858 Income distributions receivable 190,064 — Unrealized appreciation of foreign currency contracts 695,428 63 Other assets — 12 Total assets 45,679,885 2,532,948 Liabilities Current liabilities Amounts payable for investments purchased 613,316 — Distributions payable 182,720 — Accounts payable and accrued expenses 95 — Unrealized depreciation of foreign currency contracts 76,900 121,491 Total liabilities excluding net assets attributable to holders of redeemable units 873,031 121,491 Total net assets attributable to holders of redeemable units $44,806,854 $2,411,457 Number of redeemable units outstanding (Note 7) 1,775,000 100,000 Net assets attributable to holders of redeemable units per unit $25.24 $24.11

Statement of Comprehensive Income For the year ended December 31, 2016 and the period ended December 31, 2015*

2016 2015* Income Net gain (loss) on investments Interest for distributions purposes $33 — Income distribution from underlying funds 387,118 — Net realized gain (loss) on sale of investments 234,306 $1,896 Change in unrealized appreciation (depreciation) of investments 1,298,208 31,015 Net gain (loss) on investments 1,919,665 32,911 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 1,759,967 (121,428) Change in unrealized appreciation (depreciation) of foreign currency contracts 739,956 — Net gain (loss) on derivatives 2,499,923 (121,428) Total income (net) 4,419,588 (88,517) Expenses (Note 8) Management fees 622 — Independent Review Committee fees 4,085 387 Foreign withholding taxes — 26 Transaction costs (Note 3) 1,492 — Total expenses 6,199 413 Expenses absorbed by manager (4,085) (387) Net expenses 2,114 26 Increase (decrease) in net assets attributable to holders of redeemable units $4,417,474 ($88,543) Weighted average number of redeemable units 1,191,735 100,000 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.71 ($0.89) * The Fund commenced operations on December 1, 2015.

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

98 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 year ended December 31, 2016 and the period ended December 31, 2015*

2016 2015* Net assets attributable to holders of redeemable units, beginning of year $2,411,457 — Increase (decrease) in net assets attributable to holders of redeemable units $4,417,474 ($88,543) Distributions to holders of redeemable units Net investment income (554,713) — Net realized gains (1,821,929) (6,911) Return of capital (7,720) — (2,384,362) (6,911) Redeemable unit transactions Proceeds from sale of redeemable units 42,191,645 2,500,100 Reinvestment of distributions to holders of redeemable units 1,821,930 6,911 Payment for redeemable units redeemed (3,651,290) (100) 40,362,285 2,506,911 Net assets attributable to holders of redeemable units, end of year $44,806,854 $2,411,457 * The Fund commenced operations on December 1, 2015.

Statement of Cash Flows For the year ended December 31, 2016 and the period ended December 31, 2015*

2016 2015*2 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $4,417,474 ($88,543) Adjustments for: Net realized (gain) loss on sale of investments (234,306) (1,896) Change in unrealized (appreciation) depreciation of investments (1,298,208) (31,015) Change in unrealized (appreciation) depreciation of derivatives (739,956) 121,428 Purchase of investments¹ (3,401,177) — Proceeds from sale of investments¹ 1,267,393 38 (4,406,254) 88,555 Change in non-cash working capital (189,957) (12) Net cash from (used in) operating activities (178,737) — Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 690,696 25,500 Distributions to holders of redeemable units, net of reinvested distributions (379,712) — Payment for redeemable units redeemed¹ (57,142) (100) Net cash from (used in) financing activities 253,842 25,400 Net increase (decrease) in cash during the year $75,105 $25,400 Cash, beginning of year $25,400 — Cash, end of year $100,505 $25,400 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $197,054 — Interest received $33 — * The Fund commenced operations on December 1, 2015. 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 1,821,356 *Vanguard FTSE Developed All Cap ex North America Index ETF 43,239,358 44,568,581 99.5 Total investments 43,239,358 44,568,581 99.5 Foreign currency contracts (Schedule 1) 618,528 1.4 Other assets and liabilities (net) (380,255) (0.9) Total net assets attributable to holders of redeemable units 44,806,854 100.0 * This fund (a Canada-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Australian Dollar 3,234,057 Canadian Dollar 3,208,896 01/04/17 68,452 A+ 1 Australian Dollar 92,022 Canadian Dollar 90,529 01/04/17 1,171 A+ 1 Australian Dollar 137,708 Canadian Dollar 133,722 01/04/17 — A+ 1 Canadian Dollar 3,127,545 Australian Dollar 3,221,095 01/04/17 313 A+ 1 Canadian Dollar 168,339 Euro 121,201 01/04/17 3,097 A+ 1 Canadian Dollar 49,117 Euro 34,768 01/04/17 62 A+ 1 Canadian Dollar 3,490 Israeli Shekel 10,163 01/04/17 51 A+ 1 Canadian Dollar 14,132 Israeli Shekel 40,612 01/04/17 19 A+ 1 Canadian Dollar 10,249,443 Japanese Yen 891,512,881 01/05/17 1,025 A+ 1 Canadian Dollar 145,488 Japanese Yen 12,714,232 01/05/17 698 A+ 1 Canadian Dollar 4,299 Norwegian Krone 27,848 01/04/17 40 A+ 1 Canadian Dollar 304,204 Norwegian Krone 1,952,673 01/04/17 15 A+ 1 Canadian Dollar 1,241 Norwegian Krone 7,988 01/04/17 3 A+ 1 Canadian Dollar 7,428,618 Pound Sterling 4,483,498 01/04/17 842 A+ 1 Canadian Dollar 105,882 Pound Sterling 63,941 01/04/17 73 A+ 1 Canadian Dollar 69,561 Swedish Krona 481,160 01/04/17 1,466 A+ 1 Canadian Dollar 17,257 Swedish Krona 120,403 01/04/17 517 A+ 1 Canadian Dollar 46,377 Swiss Franc 35,877 01/04/17 962 A+ 1 Canadian Dollar 3,319,039 Swiss Franc 2,515,672 01/04/17 332 A+ 1 Canadian Dollar 188,974 Swiss Franc 143,373 01/04/17 203 A+ 1 Canadian Dollar 13,575 Swiss Franc 10,292 01/04/17 5 A+ 1 Canadian Dollar 120,662 U.S. Dollar 90,556 01/04/17 777 A+ 1 Canadian Dollar 29,822 U.S. Dollar 22,660 01/04/17 565 A+ 1 Euro 8,532,739 Canadian Dollar 12,188,088 01/04/17 118,763 A+ 1 Israeli Shekel 715,455 Canadian Dollar 250,978 01/04/17 1,680 A+ 1 Israeli Shekel 712,158 Canadian Dollar 248,289 02/02/17 62 A+ 1 Japanese Yen 895,100,364 Canadian Dollar 10,579,870 01/05/17 288,153 A+ 1 Norwegian Krone 1,960,531 Canadian Dollar 309,578 01/04/17 4,134 A+ 1 Pound Sterling 4,501,540 Canadian Dollar 7,567,701 01/04/17 108,344 A+ 1 Pound Sterling 128,087 Canadian Dollar 213,163 01/04/17 914 A+ 1 Pound Sterling 191,678 Canadian Dollar 318,263 01/04/17 639 A+ 1 South Korean Won 1,711,090,116 Canadian Dollar 1,966,854 01/04/17 66,988 AA- 1 South Korean Won 73,479,359 Canadian Dollar 82,715 01/04/17 1,129 AA- 1 South Korean Won 49,102,048 Canadian Dollar 55,227 01/04/17 707 AA- 1 South Korean Won 14,567,815 Canadian Dollar 16,655 01/04/17 480 AA- 1 South Korean Won 1,718,741,649 Canadian Dollar 1,918,389 02/02/17 10,683 AA-

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

Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* 1 South Korean Won 85,186,375 Canadian Dollar 94,783 02/02/17 231 AA- 1 Swiss Franc 2,525,795 Canadian Dollar 3,341,153 01/04/17 8,426 A+ 1 U.S. Dollar 1,595,323 Canadian Dollar 2,142,783 01/04/17 3,405 A+ 1 U.S. Dollar 1,533,271 Canadian Dollar 2,055,423 02/02/17 2 A+ Unrealized appreciation of foreign currency contracts 695,428 1 Australian Dollar 3,413,727 Canadian Dollar 3,310,861 02/02/17 (525) A+ 1 Canadian Dollar 12,832 Australian Dollar 13,178 01/04/17 (35) A+ 1 Canadian Dollar 45,030 Australian Dollar 45,937 01/04/17 (422) A+ 1 Canadian Dollar 180,969 Australian Dollar 183,577 01/04/17 (2,706) A+ 1 Canadian Dollar 12,021,219 Euro 8,498,540 01/04/17 (268) A+ 1 Canadian Dollar 686,132 Euro 484,349 01/04/17 (1,034) A+ 1 Canadian Dollar 1,026 Israeli Shekel 2,915 01/04/17 (10) A+ 1 Canadian Dollar 248,329 Israeli Shekel 712,587 01/04/17 (30) A+ 1 Canadian Dollar 42,124 Japanese Yen 3,647,193 01/05/17 (189) A+ 1 Canadian Dollar 593,004 Japanese Yen 50,809,146 01/05/17 (8,809) A+ 1 Canadian Dollar 17,541 Norwegian Krone 111,287 01/04/17 (203) A+ 1 Canadian Dollar 30,462 Pound Sterling 18,342 01/04/17 (68) A+ 1 Canadian Dollar 430,248 Pound Sterling 255,524 01/04/17 (6,828) A+ 1 Canadian Dollar 7,867 South Korean Won 7,031,399 01/04/17 (60) AA- 1 Canadian Dollar 27,467 South Korean Won 24,511,682 01/04/17 (251) AA- 1 Canadian Dollar 111,629 South Korean Won 97,954,608 01/04/17 (2,868) AA- 1 Canadian Dollar 1,919,105 South Korean Won 1,718,741,649 01/04/17 (10,744) AA- 1 Canadian Dollar 5,099 Swedish Krona 34,539 01/04/17 (1) A+ 1 Canadian Dollar 1,246,386 Swedish Krona 8,442,588 01/04/17 (108) A+ 1 Canadian Dollar 2,130,845 U.S. Dollar 1,588,930 01/04/17 (40) A+ 1 Canadian Dollar 8,821 U.S. Dollar 6,500 01/04/17 (104) A+ 1 Euro 242,791 Canadian Dollar 338,537 01/04/17 (4,884) A+ 1 Euro 363,328 Canadian Dollar 508,278 01/04/17 (5,639) A+ 1 Euro 9,260,936 Canadian Dollar 13,113,800 02/02/17 (478) A+ 1 Israeli Shekel 30,464 Canadian Dollar 10,567 01/04/17 (48) A+ 1 Israeli Shekel 20,358 Canadian Dollar 7,007 01/04/17 (87) A+ 1 Japanese Yen 38,113,811 Canadian Dollar 436,869 01/05/17 (1,357) A+ 1 Japanese Yen 25,469,277 Canadian Dollar 290,028 01/05/17 (2,813) A+ 1 Japanese Yen 931,418,323 Canadian Dollar 10,720,845 02/02/17 (1,999) A+ 1 Norwegian Krone 55,785 Canadian Dollar 8,678 01/04/17 (13) A+ 1 Norwegian Krone 83,480 Canadian Dollar 12,907 01/04/17 (99) A+ 1 Norwegian Krone 2,132,778 Canadian Dollar 332,193 02/02/17 (63) A+ 1 Pound Sterling 4,761,080 Canadian Dollar 7,891,495 02/02/17 (1,378) A+ 1 Swedish Krona 241,193 Canadian Dollar 34,507 01/04/17 (1,098) A+ 1 Swedish Krona 360,936 Canadian Dollar 51,718 01/04/17 (1,563) A+ 1 Swedish Krona 8,476,561 Canadian Dollar 1,236,783 01/04/17 (14,509) A+ 1 Swedish Krona 8,901,425 Canadian Dollar 1,315,774 02/02/17 (201) A+ 1 Swiss Franc 107,550 Canadian Dollar 140,852 01/04/17 (1,057) A+ 1 Swiss Franc 71,869 Canadian Dollar 93,016 01/04/17 (1,813) A+ 1 Swiss Franc 2,674,749 Canadian Dollar 3,534,208 02/02/17 (1,061) A+ 1 U.S. Dollar 67,930 Canadian Dollar 90,950 01/04/17 (146) A+ 1 U.S. Dollar 45,393 Canadian Dollar 59,582 01/04/17 (1,291) A+ Unrealized depreciation of foreign currency contracts (76,900) Net unrealized appreciation of foreign currency contracts 618,528 * Source: Standard & Poor’s and Fitch.

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

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying Canada-domiciled Vanguard Fund Financials 23.9 24.3 Consumer Goods 18.6 19.1 Industrials 15.7 14.8 Health Care 9.5 10.4 Consumer Services 8.5 9.0 Basic Materials 7.6 6.2 Oil & Gas 4.9 4.2 Technology 3.9 4.0 Telecommunications 3.6 4.1 Utilities 3.2 3.5 Other assets and liabilities (net) 0.6 0.4 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the Canada-domiciled Vanguard FTSE Developed All Cap ex North America Index ETF in which the ETF primarily invests. The prospectus and other information about this Canada-domiciled Vanguard fund are available on the internet at www.sedar.com.

December 31, December 31, Country allocation 2016 2015 Equity Investments Japan 24.0 23.5 United Kingdom 17.8 18.9 France 8.5 8.1 Germany 8.4 8.1 Switzerland 7.9 8.3 Australia 7.1 6.5 Korea 4.5 4.2 Hong Kong 3.4 3.3 Netherlands 3.0 2.8 Sweden 3.0 2.9 Spain 2.9 2.9 Italy 2.3 2.5 Denmark 1.6 1.8 Singapore 1.3 1.3 Belgium 1.2 1.4 Finland 1.0 — Other 2.1 3.5 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the Canada-domiciled Vanguard FTSE Developed All Cap ex North America Index ETF in which the ETF primarily invests. The prospectus and other information about this Canada-domiciled Vanguard fund are available on the internet at www.sedar.com.

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $276,125,941 $294,770,191 Cash 46,069 1,529,381 Amounts receivable for redeemable units issued 1,237,988 — Amounts receivable for investments sold 1,951,198 — Income distributions receivable 7,314 7,538 Unrealized appreciation of foreign currency contracts 1,109 — Total assets 279,369,619 296,307,110 Liabilities Current liabilities Amounts payable for investments purchased 1,237,777 — Distributions payable 1,796,785 1,440,484 Accounts payable and accrued expenses 9,009 15,996 Total liabilities excluding net assets attributable to holders of redeemable units 3,043,571 1,456,480 Total net assets attributable to holders of redeemable units $276,326,048 $294,850,630 Number of redeemable units outstanding (Note 7) 8,965,000 9,235,000 Net assets attributable to holders of redeemable units per unit $30.82 $31.93

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $166 $536 Income distribution from underlying funds 8,270,735 6,771,735 Net realized gain (loss) on sale of investments 371,910 2,481,276 Change in unrealized appreciation (depreciation) of investments (10,941,860) 23,017,555 Net gain (loss) on investments (2,299,049) 32,271,102 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (29,110) (21,766) Change in unrealized appreciation (depreciation) of foreign currency contracts 1,109 — Net gain (loss) on derivatives (28,001) (21,766) Miscellaneous Income 230 — Net realized gain (loss) on foreign currency transactions (13,807) (3,397) Change in unrealized appreciation (depreciation) of foreign currency translations (6,992) (377) Total income (net) (2,347,619) 32,245,562 Expenses (Note 8) Management fees 330,365 281,409 Overdraft expenses — 833 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 1,242,203 1,008,556 Transaction costs (Note 3) 484 382 Total expenses 1,577,137 1,295,500 Expenses absorbed by manager (4,085) (4,320) Net expenses 1,573,052 1,291,180 Increase (decrease) in net assets attributable to holders of redeemable units ($3,920,671) $30,954,382 Weighted average number of redeemable units 9,087,158 7,360,890 Increase (decrease) in net assets attributable to holders of redeemable units per unit ($0.43) $4.21

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

103 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $294,850,630 $165,599,360 Increase (decrease) in net assets attributable to holders of redeemable units ($3,920,671) $30,954,382 Distributions to holders of redeemable units Net investment income (6,703,370) (5,535,216) Return of capital — (37,472) (6,703,370) (5,572,688) Redeemable unit transactions Proceeds from sale of redeemable units 27,921,404 139,234,706 Payment for redeemable units redeemed (35,821,945) (35,365,130) (7,900,541) 103,869,576 Net assets attributable to holders of redeemable units, end of year $276,326,048 $294,850,630

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units ($3,920,671) $30,954,382 Adjustments for: Net realized (gain) loss on sale of investments (371,910) (2,481,276) Change in unrealized (appreciation) depreciation of investments 10,941,860 (23,017,555) Change in unrealized (appreciation) depreciation of derivatives (1,109) — Change in unrealized (appreciation) depreciation of foreign currency translations 6,992 377 Purchase of investments¹ (2,813,240) (1,471,587) Proceeds from sale of investments¹ 129,684 1,585,339 7,892,277 (25,384,702) Change in non-cash working capital (6,763) (556) Net cash from (used in) operating activities 3,964,843 5,569,124 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 917,487 41,149 Distributions to holders of redeemable units, net of reinvested distributions (6,347,069) (4,893,705) Payment for redeemable units redeemed¹ (11,581) (12,755) Net cash from (used in) financing activities (5,441,163) (4,865,311) Change in unrealized (appreciation) depreciation of foreign currency translations (6,992) (377) Net increase (decrease) in cash during the year ($1,483,312) $703,436 Cash, beginning of year $1,529,381 $825,945 Cash, end of year $46,069 $1,529,381 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $7,028,756 $5,755,641 Interest received $166 $536 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 5,628,282 *Vanguard FTSE Developed Markets ETF 265,604,440 276,125,941 99.9 Total investments 265,604,440 276,125,941 99.9 Foreign currency contracts (Schedule 1) 1,109 0.0 Other assets and liabilities (net) 198,998 0.1 Total net assets attributable to holders of redeemable units 276,326,048 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 U.S. Dollar 1,478,738 Canadian Dollar 1,986,536 01/03/17 1,109 AA- Unrealized appreciation of foreign currency contracts 1,109 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Financials 25.0 24.8 Consumer Goods 17.4 19.6 Industrials 15.3 13.9 Health Care 8.8 10.5 Consumer Services 8.5 8.6 Basic Materials 8.0 6.4 Oil & Gas 6.4 4.6 Technology 3.8 3.7 Telecommunications 3.6 4.4 Utilities 3.2 3.5 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard FTSE Developed Markets ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

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

December 31, December 31, Country allocation 2016 2015 Equity Investments Japan 21.9 23.3 United Kingdom 16.2 18.5 Canada 8.8 1.2 France 7.8 8.4 Germany 7.7 8.3 Switzerland 7.2 8.5 Australia 6.5 6.4 Korea 4.1 4.0 Hong Kong 3.1 3.4 Sweden 2.7 2.7 Netherlands 2.7 2.7 Spain 2.6 2.9 Italy 2.1 2.2 Denmark 1.4 1.8 Singapore 1.2 1.2 Belgium 1.1 1.4 Other 2.9 3.1 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard FTSE Developed Markets ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $429,327,353 $397,251,892 Cash — 2,051,263 Amounts receivable for redeemable units issued 1,821,115 1,784,630 Amounts receivable for investments sold 2,972,029 22,307,836 Income distributions receivable 10,455 174,440 Unrealized appreciation of foreign currency contracts 6,185,862 112,775 Total assets 440,316,814 423,682,836 Liabilities Current liabilities Bank overdraft 37,346 — Amounts payable for investments purchased 7,593,881 1,782,881 Distributions payable 2,727,789 2,031,349 Accounts payable and accrued expenses 8,449 9,112 Unrealized depreciation of foreign currency contracts 322,408 22,494,473 Total liabilities excluding net assets attributable to holders of redeemable units 10,689,873 26,317,815 Total net assets attributable to holders of redeemable units $429,626,941 $397,365,021 Number of redeemable units outstanding (Note 7) 11,825,000 11,325,000 Net assets attributable to holders of redeemable units per unit $36.33 $35.09

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $1,293 $3,246 Income distribution from underlying funds 13,192,635 9,982,349 Net realized gain (loss) on sale of investments 5,151,091 9,428,949 Change in unrealized appreciation (depreciation) of investments (17,179,395) 29,376,332 Net gain (loss) on investments 1,165,624 48,790,876 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 2,598,086 (18,890,960) Change in unrealized appreciation (depreciation) of foreign currency contracts 28,245,152 (23,362,234) Net gain (loss) on derivatives 30,843,238 (42,253,194) Net realized gain (loss) on foreign currency transactions 117,363 (31,008) Change in unrealized appreciation (depreciation) of foreign currency translations (22,823) (757) Total income (net) 32,103,402 6,505,917 Expenses (Note 8) Management fees 494,676 418,475 Overdraft expenses 1,044 5,166 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 1,982,358 1,487,710 Transaction costs (Note 3) 8,362 12,767 Total expenses 2,490,525 1,928,438 Expenses absorbed by manager (4,085) (4,320) Net expenses 2,486,440 1,924,118 Increase (decrease) in net assets attributable to holders of redeemable units $29,616,962 $4,581,799 Weighted average number of redeemable units 12,472,814 9,192,945 Increase (decrease) in net assets attributable to holders of redeemable units per unit $2.37 $0.50

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

107 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $397,365,021 $217,783,001 Increase (decrease) in net assets attributable to holders of redeemable units $29,616,962 $4,581,799 Distributions to holders of redeemable units Net investment income (10,680,497) (8,169,212) Return of capital — (49,540) (10,680,497) (8,218,752) Redeemable unit transactions Proceeds from sale of redeemable units 74,695,243 183,218,973 Payment for redeemable units redeemed (61,369,788) — 13,325,455 183,218,973 Net assets attributable to holders of redeemable units, end of year $429,626,941 $397,365,021

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $29,616,962 $4,581,799 Adjustments for: Net realized (gain) loss on sale of investments (5,151,091) (9,428,949) Change in unrealized (appreciation) depreciation of investments 17,179,395 (29,376,332) Change in unrealized (appreciation) depreciation of derivatives (28,245,152) 23,362,234 Change in unrealized (appreciation) depreciation of foreign currency translations 22,823 757 Purchase of investments¹ (47,321,748) (30,665,817) Proceeds from sale of investments¹ 41,720,494 48,223,512 (21,795,279) 2,115,405 Change in non-cash working capital 163,322 (157,468) Net cash from (used in) operating activities 7,985,005 6,539,736 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 401,816 1,560,241 Distributions to holders of redeemable units, net of reinvested distributions (9,984,057) (7,143,023) Payment for redeemable units redeemed¹ (468,550) — Net cash from (used in) financing activities (10,050,791) (5,582,782) Change in unrealized (appreciation) depreciation of foreign currency translations (22,823) (757) Net increase (decrease) in cash during the year ($2,088,609) $956,197 Cash, beginning of year $2,051,263 $1,095,066 Cash (Bank overdraft), end of year ($37,346) $2,051,263 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $11,374,262 $8,339,792 Interest received $1,293 $3,246 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 8,761,431 *Vanguard FTSE Developed Markets ETF 398,850,377 429,327,353 99.9 Total investments 398,850,377 429,327,353 99.9 Foreign currency contracts (Schedule 1) 5,863,454 1.4 Other assets and liabilities (net) (5,563,866) (1.3) Total net assets attributable to holders of redeemable units 429,626,941 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Australian Dollar 27,538,910 Canadian Dollar 27,324,933 01/04/17 583,161 A+ 1 Australian Dollar 1,541,147 Canadian Dollar 1,529,157 01/04/17 32,620 A+ 1 Australian Dollar 103,735 Canadian Dollar 102,332 01/04/17 1,599 AA- 1 Australian Dollar 120,143 Canadian Dollar 116,850 01/04/17 185 A+ 1 Canadian Dollar 292,656 Australian Dollar 301,827 01/04/17 434 A+ 1 Canadian Dollar 27,633,581 Australian Dollar 28,457,423 01/04/17 117 A+ 1 Canadian Dollar 352,230 Australian Dollar 362,767 01/04/17 36 A+ 1 Canadian Dollar 1,339,105 Euro 957,125 01/04/17 14,722 A+ 1 Canadian Dollar 678,054 Euro 479,971 01/04/17 852 A+ 1 Canadian Dollar 1,143,638 Japanese Yen 100,404,196 01/05/17 10,793 A+ 1 Canadian Dollar 90,559,849 Japanese Yen 7,876,252,676 01/05/17 6 A+ 1 Canadian Dollar 34,025 Norwegian Krone 219,915 01/04/17 237 A+ 1 Canadian Dollar 17,134 Norwegian Krone 110,281 01/04/17 48 A+ 1 Canadian Dollar 28,464 Norwegian Krone 182,972 01/04/17 43 A+ 1 Canadian Dollar 65,636,383 Pound Sterling 39,610,382 01/04/17 702 A+ 1 Canadian Dollar 138,238 Swedish Krona 950,823 01/04/17 2,121 A+ 1 Canadian Dollar 116,452 Swedish Krona 791,099 01/04/17 328 A+ 1 Canadian Dollar 370,393 Swiss Franc 283,321 01/04/17 3,442 A+ 1 Canadian Dollar 29,325,505 Swiss Franc 22,225,214 01/04/17 144 A+ 1 Canadian Dollar 187,398 Swiss Franc 142,077 01/04/17 69 A+ 1 Canadian Dollar 239,714 U.S. Dollar 178,949 01/04/17 262 A+ 1 Canadian Dollar 18,118,048 U.S. Dollar 13,510,546 01/04/17 19 A+ 1 Canadian Dollar 706,948 U.S. Dollar 527,171 01/04/17 5 AA- 1 Euro 76,389,068 Canadian Dollar 109,115,673 01/04/17 1,065,441 A+ 1 Euro 335,785 Canadian Dollar 479,632 01/04/17 4,674 A+ 1 Euro 273,694 Canadian Dollar 387,972 01/04/17 840 AA- 1 Euro 316,986 Canadian Dollar 448,372 01/04/17 4 A+ 1 Israeli Shekel 6,433,237 Canadian Dollar 2,256,777 01/04/17 15,136 A+ 1 Israeli Shekel 26,579 Canadian Dollar 9,322 01/04/17 60 A+ 1 Israeli Shekel 22,949 Canadian Dollar 7,999 01/04/17 2 AA- 1 Japanese Yen 7,447,097,172 Canadian Dollar 88,024,656 01/05/17 2,399,161 A+ 1 Japanese Yen 601,483,899 Canadian Dollar 7,109,394 01/05/17 193,632 A+ 1 Japanese Yen 28,711,024 Canadian Dollar 335,276 01/05/17 5,161 AA- 1 Japanese Yen 33,252,426 Canadian Dollar 385,133 01/05/17 2,802 A+ 1 Norwegian Krone 17,089,681 Canadian Dollar 2,698,606 01/04/17 36,093 A+ 1 Norwegian Krone 539,064 Canadian Dollar 85,121 01/04/17 1,137 A+ 1 Norwegian Krone 62,886 Canadian Dollar 9,936 01/04/17 139 AA-

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

Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* 1 Norwegian Krone 72,833 Canadian Dollar 11,348 01/04/17 1 A+ 1 Pound Sterling 40,477,038 Canadian Dollar 68,046,030 01/04/17 972,836 A+ 1 Pound Sterling 144,390 Canadian Dollar 243,459 01/04/17 4,195 AA- 1 South Korean Won 15,414,274,414 Canadian Dollar 17,718,308 01/04/17 603,461 AA- 1 South Korean Won 102,530,709 Canadian Dollar 117,218 01/04/17 3,376 AA- 1 South Korean Won 55,351,790 Canadian Dollar 63,209 01/04/17 1,750 AA- 1 South Korean Won 15,120,467,247 Canadian Dollar 16,876,848 02/02/17 93,981 AA- 1 South Korean Won 774,994,806 Canadian Dollar 862,303 02/02/17 2,102 AA- 1 Swedish Krona 314,899 Canadian Dollar 46,573 01/04/17 88 A+ 1 Swedish Krona 74,587,771 Canadian Dollar 11,027,193 02/02/17 243 A+ 1 Swiss Franc 22,371,541 Canadian Dollar 29,593,943 01/04/17 75,219 A+ 1 Swiss Franc 339,949 Canadian Dollar 449,689 01/04/17 1,134 A+ 1 U.S. Dollar 2,246,261 Canadian Dollar 3,017,626 01/03/17 5,279 AA- 1 U.S. Dollar 14,237,202 Canadian Dollar 19,137,077 01/04/17 44,542 A+ 1 U.S. Dollar 59,265 Canadian Dollar 79,912 01/04/17 436 A+ 1 U.S. Dollar 107,654 Canadian Dollar 144,701 01/04/17 333 A+ 1 U.S. Dollar 13,510,546 Canadian Dollar 18,112,170 02/02/17 659 A+ Unrealized appreciation of foreign currency contracts 6,185,862 1 Australian Dollar 1,622,915 Canadian Dollar 1,574,101 02/02/17 (160) AA- 1 Australian Dollar 28,457,423 Canadian Dollar 27,601,993 02/02/17 (2,298) A+ 1 Canadian Dollar 177,135 Australian Dollar 181,918 01/04/17 (482) A+ 1 Canadian Dollar 1,127,365 Euro 796,342 01/04/17 (961) A+ 1 Canadian Dollar 106,216,387 Euro 75,082,095 01/04/17 (14,834) A+ 1 Canadian Dollar 7,058 Israeli Shekel 20,254 01/04/17 — AA- 1 Canadian Dollar 2,186,632 Israeli Shekel 6,275,241 01/04/17 (44) A+ 1 Canadian Dollar 28,092 Israeli Shekel 80,253 01/04/17 (128) A+ 1 Canadian Dollar 14,163 Israeli Shekel 40,245 01/04/17 (140) A+ 1 Canadian Dollar 23,666 Israeli Shekel 66,772 01/04/17 (400) A+ 1 Canadian Dollar 581,523 Japanese Yen 50,349,902 01/05/17 (2,608) A+ 1 Canadian Dollar 964,068 Japanese Yen 83,537,747 01/05/17 (3,565) A+ 1 Canadian Dollar 2,687,947 Norwegian Krone 17,251,296 01/04/17 (254) A+ 1 Canadian Dollar 696,550 Pound Sterling 420,119 01/04/17 (385) A+ 1 Canadian Dollar 420,534 Pound Sterling 253,214 01/04/17 (941) A+ 1 Canadian Dollar 837,710 Pound Sterling 504,942 01/04/17 (987) A+ 1 Canadian Dollar 108,607 South Korean Won 97,069,237 01/04/17 (828) AA- 1 Canadian Dollar 217,005 South Korean Won 193,568,571 01/04/17 (2,081) AA- 1 Canadian Dollar 181,110 South Korean Won 161,051,858 01/04/17 (2,290) AA- 1 Canadian Dollar 16,883,145 South Korean Won 15,120,467,247 01/04/17 (94,519) AA- 1 Canadian Dollar 70,394 Swedish Krona 476,811 01/04/17 (9) A+ 1 Canadian Dollar 11,013,199 Swedish Krona 74,587,771 01/04/17 (2,705) A+ 1 Canadian Dollar 311,137 Swiss Franc 235,727 01/04/17 (101) A+ 1 Canadian Dollar 121,778 U.S. Dollar 89,738 01/04/17 (1,436) A+ 1 Canadian Dollar 201,247 U.S. Dollar 148,888 01/04/17 (1,583) A+ 1 Canadian Dollar 5,280,324 U.S. Dollar 3,937,439 01/05/17 (22) A+ 1 Canadian Dollar 514,191 U.S. Dollar 383,029 01/05/17 (530) A+ 1 Euro 6,521,422 Canadian Dollar 9,234,454 02/02/17 (438) AA- 1 Euro 75,082,095 Canadian Dollar 106,311,892 02/02/17 (10,781) A+ 1 Israeli Shekel 6,275,241 Canadian Dollar 2,186,936 02/02/17 (339) A+ 1 Japanese Yen 331,018,240 Canadian Dollar 3,810,457 02/02/17 (351) AA- 1 Japanese Yen 7,876,252,676 Canadian Dollar 90,658,353 02/02/17 (16,076) A+ 1 Norwegian Krone 1,541,863 Canadian Dollar 240,171 02/02/17 (29) AA- 1 Norwegian Krone 17,251,296 Canadian Dollar 2,687,328 02/02/17 (179) A+ 1 Pound Sterling 167,229 Canadian Dollar 275,755 01/04/17 (1,355) A+

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

Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* 1 Pound Sterling 2,342,273 Canadian Dollar 3,882,675 02/02/17 (322) AA- 1 Pound Sterling 39,610,382 Canadian Dollar 65,646,801 02/02/17 (18,908) A+ 1 Swedish Krona 271,892 Canadian Dollar 39,345 01/04/17 (791) AA- 1 Swedish Krona 1,633,319 Canadian Dollar 238,311 01/04/17 (2,796) A+ 1 Swedish Krona 74,586,394 Canadian Dollar 10,882,837 01/04/17 (127,453) A+ 1 Swedish Krona 3,847,882 Canadian Dollar 568,859 02/02/17 (6) AA- 1 Swiss Franc 81,017 Canadian Dollar 106,759 01/04/17 (141) AA- 1 Swiss Franc 93,832 Canadian Dollar 123,619 01/04/17 (191) A+ 1 Swiss Franc 1,343,561 Canadian Dollar 1,775,361 02/02/17 (451) AA- 1 Swiss Franc 22,225,214 Canadian Dollar 29,368,247 02/02/17 (7,262) A+ 1 U.S. Dollar 51,171 Canadian Dollar 68,375 01/04/17 (248) AA- Unrealized depreciation of foreign currency contracts (322,408) Net unrealized appreciation of foreign currency contracts 5,863,454 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Financials 25.0 24.8 Consumer Goods 17.4 19.6 Industrials 15.3 13.9 Health Care 8.8 10.5 Consumer Services 8.5 8.6 Basic Materials 8.0 6.4 Oil & Gas 6.4 4.6 Technology 3.8 3.7 Telecommunications 3.6 4.4 Utilities 3.2 3.5 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard FTSE Developed Markets ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

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

December 31, December 31, Country allocation 2016 2015 Equity Investments Japan 21.9 23.3 United Kingdom 16.2 18.5 Canada 8.8 1.2 France 7.8 8.4 Germany 7.7 8.3 Switzerland 7.2 8.5 Australia 6.5 6.4 Korea 4.1 4.0 Hong Kong 3.1 3.4 Sweden 2.7 2.7 Netherlands 2.7 2.7 Spain 2.6 2.9 Italy 2.1 2.2 Denmark 1.4 1.8 Singapore 1.2 1.2 Belgium 1.1 1.4 Other 2.9 3.1 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard FTSE Developed Markets ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

112 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $38,724,426 $28,252,508 Cash 251,523 786,232 Amounts receivable for investments sold 166,035 — Income distributions receivable 86,987 2,198 Unrealized appreciation of foreign currency contracts 2,796 — Total assets 39,231,767 29,040,938 Liabilities Current liabilities Distributions payable 230,374 235,340 Accounts payable and accrued expenses 3,892 500,051 Unrealized depreciation of foreign currency contracts 1,119 — Total liabilities excluding net assets attributable to holders of redeemable units 235,385 735,391 Total net assets attributable to holders of redeemable units $38,996,382 $28,305,547 Number of redeemable units outstanding (Note 7) 1,320,000 960,000 Net assets attributable to holders of redeemable units per unit $29.54 $29.48

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Dividend income $837,228 — Interest for distributions purposes 66 — Income distribution from underlying funds 5,834 $549,391 Net realized gain (loss) on sale of investments (510,630) (50,332) Change in unrealized appreciation (depreciation) of investments 772,937 1,369,365 Net gain (loss) on investments 1,105,435 1,868,424 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (114,014) (1,110) Net realized gain (loss) on futures contracts 9,540 — Change in unrealized appreciation (depreciation) of foreign currency contracts 1,677 — Net gain (loss) on derivatives (102,797) (1,110) Miscellaneous Income 10,650 — Net realized gain (loss) on foreign currency transactions 145,283 215 Change in unrealized appreciation (depreciation) of foreign currency translations (1,783) (162) Total income (net) 1,156,788 1,867,367 Expenses (Note 8) Management fees 69,688 18,220 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 91,697 82,247 Transaction costs (Note 3) 24,010 38 Total expenses 189,480 104,825 Expenses absorbed by manager (4,085) (4,320) Net expenses 185,395 100,505 Increase (decrease) in net assets attributable to holders of redeemable units $971,393 $1,766,862 Weighted average number of redeemable units 1,196,995 641,562 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.81 $2.75

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

113 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $28,305,547 $6,236,015 Increase (decrease) in net assets attributable to holders of redeemable units $971,393 $1,766,862 Distributions to holders of redeemable units Net investment income (608,261) (421,227) Return of capital — (17,161) (608,261) (438,388) Redeemable unit transactions Proceeds from sale of redeemable units 18,786,228 24,866,202 Payment for redeemable units redeemed (8,458,525) (4,125,144) 10,327,703 20,741,058 Net assets attributable to holders of redeemable units, end of year $38,996,382 $28,305,547

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $971,393 $1,766,862 Adjustments for: Net realized (gain) loss on sale of investments 510,630 50,332 Change in unrealized (appreciation) depreciation of investments (772,937) (1,369,365) Change in unrealized (appreciation) depreciation of derivatives (1,677) — Change in unrealized (appreciation) depreciation of foreign currency translations 1,783 162 Purchase of investments¹ (47,839,060) (235,867) Proceeds from sale of investments¹ 41,812,930 233,676 (6,288,331) (1,321,062) Change in non-cash working capital (580,948) 497,975 Net cash from (used in) operating activities (5,897,886) 943,775 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 11,867,015 10,733 Distributions to holders of redeemable units, net of reinvested distributions (613,227) (256,038) Payment for redeemable units redeemed¹ (5,888,828) (1,461) Net cash from (used in) financing activities 5,364,960 (246,766) Change in unrealized (appreciation) depreciation of foreign currency translations (1,783) (162) Net increase (decrease) in cash during the year ($534,709) $696,847 Cash, beginning of year $786,232 $89,385 Cash, end of year $251,523 $786,232 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes $660,742 — Income distributions received, net of foreign withholding taxes $5,834 $465,389 Interest received $66 — 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015.

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

114 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Equity Investments Basic Materials 100 Achilles Corporation 1,888 1,803 0.0 500 ADEKA Corporation 9,273 9,141 0.0 25 Aichi Steel Corporation 1,392 1,411 0.0 770 Air Water Inc. 14,510 18,681 0.0 32 AK Holdings, Inc. 2,001 1,990 0.0 12,117 Alumina Limited 16,621 21,532 0.1 100 Arakawa Chemical Industrial, Ltd. 1,634 2,148 0.0 200 Asahi Holdings, Inc. 3,762 4,670 0.0 6,241 Asahi Kasei Corporation 55,772 73,157 0.2 249 Bando Chemical Industries, Ltd. 3,158 2,969 0.0 3,637 Beadell Resources Limited 1,158 954 0.0 15,558 BHP Billiton Limited 297,088 378,598 1.0 2,772 BlueScope Steel Limited 17,981 24,980 0.1 6,487 China Silver Group Limited 1,814 1,672 0.0 32 Chuetsu Pulp & Paper Co., Ltd. 89 88 0.0 68 Chugoku Marine Paints, Ltd. 565 673 0.0 1,000 Dai Nippon Toryo Co., Ltd. 2,474 2,725 0.0 1,500 Daicel Corporation 25,268 22,248 0.1 2,032 Daido Steel Co., Ltd. 10,759 11,308 0.0 400 Dainippon Ink & Chemicals Inc. 12,512 16,327 0.1 400 Daio Paper Corporation 4,439 5,689 0.0 2,000 Denka Company Limited 10,275 11,866 0.0 284 Dongkuk Steel Mill Co., Ltd. 2,103 3,484 0.0 1,000 Dowa Holdings Co., Ltd. 8,169 10,279 0.0 120 Earth Chemical Co., Ltd. 7,478 6,554 0.0 4,746 Evolution Mining Limited 9,457 9,770 0.0 300 Foosung Co., Ltd. 2,175 2,445 0.0 7,790 Fortescue Metals Group Limited 26,224 44,555 0.1 100 Fujimi Incorporated 1,760 2,515 0.0 100 FUJIMORI KOGYO CO., LTD. 2,976 3,347 0.0 8,547 Galaxy Resources Limited 3,212 4,357 0.0 100 Godo Steel Ltd. 2,374 2,429 0.0 3,939 Gold Road Resources Limited 2,416 2,199 0.0 99,000 G-Resources Group Limited 3,759 2,432 0.0 37 Hansol Chemical Co., Ltd. 2,919 3,422 0.0 219 Hansol Holdings Co., Ltd. 1,721 1,629 0.0 65 Hansol Paper Co., Ltd. 1,653 1,422 0.0 395 Hanwha Chemical Corporation 10,897 10,833 0.0 1,206 Highfield Resources Limited 1,765 1,558 0.0 500 Hitachi Chemical Company, Ltd. 12,655 16,804 0.1 900 Hitachi Metals, Ltd. 14,048 16,391 0.1 600 Hokuetsu Paper Mills, Ltd. 4,741 4,581 0.0 9,000 Huabao International Holdings Limited 4,367 5,122 0.0 103 Huchems Fine Chemical Corporation 2,093 2,482 0.0 355 Hyundai Steel Company 22,515 22,467 0.1 200 Ihara Chemical Industry Co., Ltd. 3,257 2,598 0.0 2,022 Iluka Resources, Ltd. 15,028 14,274 0.1 200 Inabata & Co., Ltd. 2,715 2,964 0.0 8,117 Incitec Pivot Limited 25,074 28,375 0.1 2,291 Independence Group NL 8,020 9,611 0.0 200 Ishihara Sangyo Kaisha, Ltd. 1,841 2,111 0.0 1,000 Japan Pulp and Paper Company Limited 3,881 4,231 0.0 69 JENAX, Inc. 2,406 1,724 0.0 2,500 JFE Holding, Inc. 47,699 51,165 0.2 100 JSP Corporation 2,706 3,126 0.0 900 JSR Corporation 18,515 19,071 0.1 1,130 Kaneka Corporation 11,794 12,369 0.1 1,000 Kansai Paint Co., Ltd. 22,047 24,755 0.1 126 Kanto Denka Kogyo Co., Ltd. 1,377 1,527 0.0 29 KISCO Corp. 1,560 1,193 0.0 1,400 Kobe Steel, Ltd. 17,103 17,980 0.1 26 Kolon Corp. 1,704 1,692 0.0 78 Kolon Industries, Inc. 6,485 6,409 0.0 200 Konishi Co., Ltd. 2,931 2,895 0.0

115 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 92 Korea Kumho Petrochemical Co., Ltd. (KKPC) 6,276 8,376 0.0 13 Korea Petrochemical Industrial Co., Ltd. 3,434 3,977 0.0 48 Korea Zinc Co., Ltd. 25,898 25,315 0.1 8,000 KuangChi Science Limited 3,977 3,958 0.0 200 Kumiai Chemical Industry Co., Ltd. 2,412 1,637 0.0 1,700 Kuraray Company Limited 27,865 34,323 0.1 100 Kureha Chemical Industry Co., Ltd. 4,452 5,053 0.0 100 Kurimoto, Ltd. 2,297 2,609 0.0 100 Kyoei Steel, Ltd. 2,034 2,561 0.0 219 LG Chem, Ltd. 70,319 63,465 0.2 26 LG Chem, Ltd. Preferred 5,671 5,182 0.0 71 Lotte Chemical Corporation 24,615 29,089 0.1 87 LOTTE Fine Chemical Co., Ltd. 3,678 2,961 0.0 21,059 Lynas Corporation Limited 1,728 1,493 0.0 453 MACA Limited 528 754 0.0 300 Maruichi Steel Tube, Ltd. 12,179 13,125 0.1 5,313 Midas Holdings Limited 1,274 1,060 0.0 689 Mineral Resources Limited 4,876 8,109 0.0 6,400 Mitsubishi Chemical Holdings Corp. 47,329 55,778 0.2 1,000 Mitsubishi Gas & Chemical Company, Limited 14,383 22,938 0.1 200 Mitsubishi Paper Mills, Ltd. 1,802 1,727 0.0 1,000 Mitsubishi Steel Mfg. Co., Ltd. 2,184 2,622 0.0 4,000 Mitsui Chemicals, Inc. 18,986 24,145 0.1 2,907 Mitsui Mining & Smelting Company, Limited 6,896 9,894 0.0 12,005 MMG, Ltd. 3,568 4,132 0.0 593 Mount Gibson Iron Limited 141 202 0.0 600 Nagase & Co., Ltd. 8,747 10,541 0.0 987 Nanosonics Limited 1,937 2,981 0.0 200 Neturen Co., Ltd. 1,911 2,070 0.0 3,692 Newcrest Mining Limited 68,687 72,599 0.2 300 Nihon Nohyaku Co., Ltd. 2,000 2,225 0.0 500 Nihon Parkerizing Co., Ltd. 6,453 7,882 0.0 1,000 Nippon Denko Co., Ltd. 2,210 2,759 0.0 876 Nippon Kayaku Company, Limited 11,076 14,534 0.1 2,500 Nippon Light Metal Holdings Company, Ltd. 5,985 7,100 0.0 900 Nippon Paint Co., Ltd. 30,874 32,959 0.1 500 Nippon Paper Industries Co., Ltd. 11,795 11,383 0.0 118 Nippon Shokubai Company, Ltd. 9,121 9,904 0.0 864 Nippon Soda Co., Ltd. 5,618 5,454 0.0 3,800 Nippon Steel & Sumitomo Metal Corporation 100,076 113,904 0.3 100 Nippon Steel Trading Co., Ltd. 4,746 5,197 0.0 805 Nippon Yakin Kogyo Co., Ltd. 1,500 1,768 0.0 700 Nissan Chemical Industries, Ltd. 24,194 31,429 0.1 500 Nisshin Steel Holdings Co., Ltd. 8,269 8,284 0.0 757 Nitto Denko Corp. 60,907 78,065 0.2 1,000 NOF Corporation 9,323 12,935 0.1 2,720 Northern Star Resources, Ltd. 11,271 9,561 0.0 893 Nufarm Limited 7,085 7,943 0.0 92 OCI Company, Ltd. 9,765 8,039 0.0 4,000 Oji Holdings Corporation 21,592 21,892 0.1 233 Okamoto Industries, Inc. 2,986 2,888 0.0 1,803 Orica Limited 27,536 30,954 0.1 959 Orocobre Limited 3,889 4,219 0.0 100 Osaka Steel Co., Ltd. 2,324 2,490 0.0 100 OSAKA Titanium Technologies Co., Ltd. 2,016 1,872 0.0 1,483 OZ Minerals, Ltd. 8,232 11,362 0.0 1,000 Pacific Metals Co., Ltd. 4,067 4,277 0.0 9,781 Paladin Resources, Ltd. 2,128 817 0.0 4,234 Perseus Mining Limited 2,361 1,377 0.0 103 Poongsan Corporation 3,627 4,632 0.0 329 POSCO 83,352 94,064 0.3 2,044 Regis Resources, Ltd. 6,023 5,895 0.0 2,396 Resolute Mining Limited 1,716 3,025 0.0 300 RIKEN TECHNOS CORPORATION 1,739 1,849 0.0 2,059 Rio Tinto Limited 96,266 119,764 0.3 1,000 Sakai Chemical Industry Co., Ltd. 3,613 4,496 0.0 300 Sakata INX Corporation 3,858 4,988 0.0 694 Sandfire Resources NL 4,486 3,801 0.0 106 Sanyo Chemical Industries, Ltd. 5,971 6,094 0.0 250 Sanyo Special Steel Co., Ltd. 1,435 1,592 0.0 3,934 Saracen Mineral Holdings Limited 4,205 3,782 0.0

116 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 67 SeAH Besteel Corporation 2,177 1,901 0.0 20 SeAH Steel Corporation 1,558 2,056 0.0 200 Sekisui Plastics CO., Ltd. 1,872 1,876 0.0 2,000 Shin-Etsu Chemical Co., Ltd. 153,508 208,502 0.6 200 Shin-Etsu Polymer Co., Ltd. 1,741 2,102 0.0 20,728 Shougang Fushan Resources Group Limited 3,578 5,450 0.0 600 Showa Denko K.K. 8,727 11,548 0.0 840 Sims Metal Management Limited 6,930 10,465 0.0 88 SK Chemicals Co., Ltd. 7,570 6,546 0.0 23 SK Materials Co., Ltd. 3,048 4,581 0.0 86 SKC Co., Ltd. 3,000 3,151 0.0 87 Songwon Industrial Co., Ltd 1,934 1,652 0.0 43 Soulbrain Co., Ltd. 2,038 2,884 0.0 25,812 South32 Limited 44,577 68,928 0.2 2,497 St. Barbara Limited 6,327 4,946 0.0 21 Stella Chemifa Corporation 703 755 0.0 1,000 Sumitomo Bakelite Company Limited 5,302 7,531 0.0 7,000 Sumitomo Chemical Company, Ltd. 41,564 44,750 0.1 2,000 Sumitomo Metal Mining Co., Ltd. 32,663 34,654 0.1 11 Sumitomo Seika Chemicals Company Limited 419 580 0.0 1,548 Syrah Resources Limited 6,780 4,585 0.0 100 T. Hasegawa Co., Ltd. 1,887 2,240 0.0 2 Taekwang Industrial Co., Ltd. 2,258 2,103 0.0 100 TAIYO INK MFG. CO., LTD. 4,492 5,226 0.0 700 Taiyo Nippon Sanso Corporation 9,311 10,898 0.0 100 Takasago International Corporation 2,984 3,553 0.0 900 Teijin Limited 20,777 24,515 0.1 1,209 TFS Corporation, Ltd. 2,035 1,949 0.0 700 Toagosei Co., Ltd. 7,209 9,264 0.0 100 TOCALO Co., Ltd. 2,816 2,920 0.0 200 Toho Titanium Company, Limited 2,326 1,805 0.0 750 Toho Zinc Co., Ltd. 2,736 3,915 0.0 1,000 Tokai Carbon Co., Ltd. 3,018 4,346 0.0 1,508 Tokuyama Corporation 3,002 7,698 0.0 100 Tokyo Rope Mfg. Co., Ltd 2,119 2,258 0.0 500 Tokyo Steel Manufacturing Co., Ltd. 4,166 5,157 0.0 7,000 Toray Industries, Inc. 79,455 76,155 0.2 2,962 Tosoh Corporation 18,563 28,165 0.1 1,000 Toyo Ink SC Holdings Co., Ltd. 5,279 6,151 0.0 100 Toyo Tanso Co., Ltd. 1,782 2,156 0.0 1,000 UACJ Corporation 2,855 3,691 0.0 5,000 UBE Industries Limited 12,233 14,085 0.1 9,000 United Company Rusal PLC 4,162 5,106 0.0 1,085 Western Areas, Ltd. 2,816 3,235 0.0 3,649 Whitehaven Coal Limited 5,379 9,248 0.0 200 Yamato Kogyo Co., Ltd. 6,060 7,531 0.0 5,500 Yingde Gases 2,895 2,730 0.0 100 Yodogawa Steel Works, Ltd. 2,999 3,513 0.0 3 YoungPoong Corporation 3,863 3,544 0.0 892 ZEON Corporation 7,599 11,835 0.0 2,400,919 2,828,343 7.2 Consumer Goods 100 ABC-Mart, Inc. 8,216 7,612 0.0 77 Able C&C 2,181 1,770 0.0 166 Agabang & Company 1,524 1,419 0.0 200 AISAN INDUSTRY CO., LTD 2,040 2,302 0.0 900 Aisin Seiki Co., Ltd. 49,192 52,465 0.2 2,457 Ajinomoto Co., Inc. 77,115 66,501 0.2 600 Akebono Brake Industry Co., Ltd. 1,538 2,090 0.0 200 Alpine Electronics Inc. 2,978 3,502 0.0 27 Amicogen, Inc. 1,905 1,336 0.0 155 Amorepacific Corporation 65,509 55,330 0.2 47 Amorepacific Corporation Preferred 11,096 10,724 0.0 137 AmorePacific Group 22,411 20,231 0.1 100 Arata Corporation 2,846 3,045 0.0 100 Ariake Japan Co. 7,598 7,198 0.0 1,800 Asahi Group Holdings, Ltd. 76,200 76,369 0.2 1,457 Asaleo Care Limited 2,601 2,094 0.0 900 ASICS Corporation 22,921 24,163 0.1 7 AtlasBX Co., Ltd. 474 410 0.0

117 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,000 Atsugi Co., Ltd. 1,396 1,437 0.0 1,611 Australian Agricultural Company Limited 2,071 2,652 0.0 1,000 Bandai Namco Holdings Inc. 30,448 37,081 0.1 1,319 Bapcor, Ltd. 6,602 7,582 0.0 575 Bega Cheese Limited 3,430 2,367 0.0 24,000 Beijing Enterprises Medical & Health Group, Ltd. 2,049 1,744 0.0 333 Bellamy’s Australia Limited 3,778 2,160 0.0 60,000 BEP International Holdings Limited 6,200 4,618 0.0 573 Billabong International Limited 846 698 0.0 27 Binggrae Co., Ltd. 2,132 1,913 0.0 65 Blackmores Limited 10,348 6,524 0.0 806 Breville Group, Ltd. 6,518 6,778 0.0 3,100 Bridgestone Corp. 150,536 150,201 0.4 539 Bumitama Agri, Ltd. 402 418 0.0 274 BWX Limited 1,224 1,078 0.0 30,000 C.P. Pokphand Co., Ltd. 4,348 4,981 0.0 400 CALBEE, Inc. 20,770 16,833 0.1 706 Calsonic Kansei Corporation 6,417 14,522 0.1 1,100 Casio Computer Company 26,176 20,907 0.1 27 Cell Biotech Co., Ltd. 1,981 1,458 0.0 3,000 China Harmony New Energy Auto Holding Limited 2,128 1,443 0.0 13,000 China Mengniu Dairy Company Limited 26,833 33,594 0.1 55,000 China Strategic Holdings Limited 2,670 1,684 0.0 100 Chofu Seisakusho Co., Ltd. 3,093 3,020 0.0 100 Chori Co., Ltd. 1,922 2,019 0.0 100 Ci:z Holdings Co., Ltd. 2,635 3,783 0.0 1,500 Citizen Holdings Co., Ltd. 11,160 12,055 0.0 38 CJ Cheiljedang Corp. 15,854 15,084 0.1 64 CJ Corp. 15,446 13,288 0.0 94 CJ E&M Corporation 7,764 7,400 0.0 90 Clarion Co., Ltd. 424 434 0.0 200 Cleanup Corp. 2,157 2,191 0.0 2,625 Coca-Cola Amatil Limited 24,360 25,796 0.1 400 Coca-Cola Central Japan Co., Ltd. 9,186 11,847 0.0 300 Coca-Cola West Company, Limited 9,748 11,883 0.0 200 Colopl, Inc. 4,856 2,281 0.0 43 Com2uS Corporation 5,445 4,163 0.0 174 Coreana Cosmetics Co., Ltd. 1,511 1,236 0.0 30 Cosmax, Inc. 4,153 3,981 0.0 12 Cosmax BTI, Inc. 842 498 0.0 104 COSON Co., Ltd. 1,910 1,386 0.0 1,390 Costa Group Holdings Limited 4,132 4,643 0.0 261 Coway Co., Ltd 27,742 25,589 0.1 30 Crown Confectionery Co., Ltd 1,916 936 0.0 9 Cuckoo Electronics Co., Ltd. 2,025 1,289 0.0 8 Daehan Flour Mills Co., Ltd. 1,667 1,599 0.0 200 DaiichiKosho Co., Ltd. 10,146 10,624 0.0 300 DaikyoNishikawa Corporation 5,006 5,181 0.0 3,100 Daiwa House Industry Co., Ltd. 112,923 113,916 0.3 98 Deaesang Corporation 3,310 2,873 0.0 2,400 DENSO Corporation 126,206 139,712 0.4 200 Descente, Ltd. 3,621 3,095 0.0 144 Dong Suh Company Inc. 5,159 4,405 0.0 6 Dongwon F&B Co., Ltd. 2,312 1,319 0.0 6 Dongwon Industries Co., Ltd. 1,990 2,422 0.0 26 DoubleUGames Co., Ltd. 1,129 1,150 0.0 300 euglena Co., Ltd. 5,407 4,443 0.0 200 Exedy Corporation 5,612 7,566 0.0 300 Ezaki Glico Co., Ltd. 20,405 18,902 0.1 200 FANCL Corporation 3,361 3,757 0.0 200 FCC Co., Ltd. 4,673 4,836 0.0 12,000 First Pacific Company Limited 11,364 11,250 0.0 2,100 First Resources Limited 3,802 3,704 0.0 300 France Bed Holdings Co., Ltd. 3,580 3,204 0.0 3,032 Fuji Heavy Industries, Ltd. 146,999 166,359 0.4 200 Fuji Oil Co., Ltd. 4,737 5,280 0.0 14 Fujibo Holdings, Inc. 546 534 0.0 100 Fujicco Co., Ltd. 2,768 2,777 0.0 156 Fujitsu General, Ltd. 3,775 4,438 0.0 1,000 Fujiya Co., Ltd. 2,537 2,461 0.0 100 FUSO CHEMICAL CO., LTD. 2,457 2,887 0.0

118 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 307 Futaba Industrial Co., Ltd. 1,985 2,411 0.0 412 G.U.D. Holdings Limited 2,910 4,189 0.0 19 Gamevil. Inc. 2,011 1,027 0.0 28,000 Global Brands Group Holding Limited 4,117 4,988 0.0 31,200 Golden Agri-Resources Limited 11,368 12,453 0.0 14 GOLDWIN, Inc. 754 840 0.0 20 GOLFZON Co., Ltd. 1,584 1,450 0.0 1,064 GrainCorp Limited Cl. A 8,146 9,877 0.0 2,000 GS Yuasa Corporation 10,931 11,176 0.0 100 G-TEKT CORPORATION 2,357 2,612 0.0 1,700 GungHo Online Entertainment, Inc. 5,648 4,867 0.0 1,000 Gunze, Ltd. 3,892 4,473 0.0 34 Halla Holdings Corporation 2,001 2,288 0.0 93 Handsome Corporation 4,217 3,599 0.0 361 Hankook Tire Co., Ltd. 22,381 23,248 0.1 89 Hankook Tire Worldwide Co., Ltd. 2,296 2,050 0.0 774 Hanon Systems 9,190 8,852 0.0 88 Hansae Co., Ltd. 5,475 2,506 0.0 50 Hanssem Co., Ltd. 12,162 11,048 0.0 100 Happinet Corp. 1,421 1,469 0.0 200 Hitachi Maxell, Ltd. 4,224 4,590 0.0 132 Hitejinro Co., Ltd. 4,010 3,092 0.0 100 HOKUTO Corporation 2,389 2,425 0.0 8,700 Honda Motor Co., Ltd. 328,704 341,606 0.9 100 Honeys Co., Ltd. 1,583 1,399 0.0 400 House Food Corp. 10,208 11,139 0.0 10 Hugel, Inc. 3,958 3,565 0.0 91 Humax Co., Ltd. 1,504 1,389 0.0 51 Hyundai Livart Furniture Company Limited 1,976 1,342 0.0 316 Hyundai Mobis 92,553 92,628 0.3 715 Hyundai Motor Co., Ltd. 117,559 115,907 0.3 275 Hyundai Motor Company Preferred 31,405 29,562 0.1 82 Hyundai Wia Corporation 10,240 6,646 0.0 73 Ichikoh Industries, Ltd. 265 316 0.0 5,034 IGG Inc. 3,462 4,545 0.0 430 Indofood Agri Resources Limited 191 210 0.0 300 ITO EN, Ltd. 12,194 13,401 0.0 814 Itoham Yonekyu Holdings, Inc. 10,299 10,127 0.0 200 Itoki Corporation 1,788 1,699 0.0 16 It’s Skin Co., Ltd. 1,430 764 0.0 5,806 Japan Tobacco Inc. 314,064 256,612 0.7 1,100 JTEKT Corporation 20,883 23,651 0.1 500 JVC Kenwood Holdings, Ltd. 1,806 1,834 0.0 400 Kagome Co., Ltd. 9,622 13,443 0.0 35 Kameda Seika Co., Ltd. 2,277 2,149 0.0 2,429 Kao Corporation 169,557 154,750 0.4 100 KASAI KOGYO CO., LTD. 1,309 1,595 0.0 100 Kato Sangyo Co., Ltd. 3,369 3,147 0.0 200 Keihin Corporation 3,860 4,710 0.0 500 Kewpie Corporation 16,072 16,333 0.1 100 Key Coffee Inc. 2,471 2,503 0.0 1,253 KIA Motors Corporation 64,780 54,606 0.2 851 Kikkoman Corporation 36,842 36,595 0.1 4,068 Kirin Holdings Company, Limited 78,104 88,939 0.2 600 Koito Manufacturing Co., Ltd. 35,724 42,703 0.1 500 Kokuyo Company 7,406 7,732 0.0 163 Kolao Holdings 1,764 1,451 0.0 200 Komatsu Seiren Co., Ltd. 1,685 1,738 0.0 500 Konami Corporation 18,641 27,135 0.1 71 Korea Kolmar Co., Ltd. 6,493 5,187 0.0 38 Korea Kolmar Holdings Co., Ltd. 2,020 1,422 0.0 110 KOSE Corporation 13,996 12,281 0.0 56 Kotobuki Spirits Co., Ltd. 1,830 1,800 0.0 537 KT&G Corporation 67,295 60,221 0.2 818 Kumho Tire Co., Inc. 8,319 7,702 0.0 1,000 Kurabo Industries, Ltd. 2,446 2,633 0.0 1,000 KYB Co., Ltd. 3,822 6,519 0.0 100 Kyokuyo Co., Ltd 3,439 3,139 0.0 71 LF Corp. 2,081 1,699 0.0 543 LG Electronics Inc. 37,005 31,110 0.1 46 LG Electronics Inc. Preferred 1,471 1,310 0.0

119 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 42 LG Household & Health Care, Ltd. 41,451 39,965 0.1 11 LG Household & Health Care, Ltd. Preferred 6,465 6,876 0.0 28,000 Li & Fung Limited 21,454 16,515 0.1 1,000 Lion Corporation 13,926 22,076 0.1 111 Lock&Lock Co., Ltd. 1,566 1,787 0.0 3 Lotte Chilsung Beverage Co., Ltd. 6,983 4,863 0.0 28 Lotte Confectionery Co., Ltd. 7,305 5,549 0.0 4 Lotte Food Co., Ltd. 3,866 2,882 0.0 38 Maeil Dairy Industry Co., Ltd. 2,062 1,694 0.0 600 Makita Corporation 50,682 54,017 0.2 7,200 Man Wah Holdings Limited 5,850 6,538 0.0 33 Mando Corp. 6,133 8,592 0.0 100 Mandom Corporation 5,664 5,795 0.0 1,000 Marudai Food Company, Ltd 6,178 5,668 0.0 200 Maruha Nichiro Corporation 5,331 7,255 0.0 2,800 Mazda Motor Corporation 56,141 61,555 0.2 200 Megmilk Snow Brand Co., Ltd. 6,915 7,405 0.0 688 MEIJI Holdings Co., Ltd. 75,720 72,460 0.2 100 Milbon Co., Ltd. 5,093 5,088 0.0 2,000 Minth Group, Ltd. 7,206 8,354 0.0 68 MISAWA HOMES CO., LTD 679 817 0.0 200 MITSUBA Corporation 3,714 4,362 0.0 3,025 Mitsubishi Motors Corporation 26,555 23,164 0.1 100 Mitsubishi Pencil Co., Ltd. 5,413 7,071 0.0 100 Mitsubishi Shokuhin Co., Ltd. 3,430 3,996 0.0 100 Mitsui Sugar Co., Ltd. 3,198 2,883 0.0 124 Mizuno Corp. 730 811 0.0 200 Morinaga & Co., Ltd. 6,923 11,210 0.0 1,000 Morinaga Milk Industry Co., Ltd. 7,015 9,681 0.0 67 Muhak Co., Ltd. 2,449 1,700 0.0 100 MUSASHI SEIMITSU INDUSTRY CO., LTD. 2,494 3,495 0.0 100 NAGAILEBEN Co., Ltd. 2,346 2,933 0.0 2 Namyang Dairy Products Co., Ltd. 1,791 1,630 0.0 84 Ncsoft Corporation 23,876 23,084 0.1 17 Neowiz Games Corporation 273 214 0.0 1,001 New Focus Auto Tech Holdings Limited 80 85 0.0 137 Nexen Tire Corporation 2,297 1,978 0.0 712 Nexon Co., Ltd. 14,463 13,868 0.1 4,000 Nexteer Automotive Group Limited 5,178 6,365 0.0 900 NGK Spark Plug Co., Ltd. 22,750 26,884 0.1 924 NH Foods, Ltd. 26,435 33,519 0.1 800 NHK Spring Co., Ltd. 9,933 10,247 0.0 88 NHN Entertainment Corp. 5,524 4,915 0.0 500 Nichirei Corp. 11,130 13,912 0.1 200 Nifco Inc. 12,399 14,188 0.1 13 Nihon Trim Co., Ltd. 1,106 675 0.0 1,700 Nikon Corporation 34,627 35,516 0.1 540 Nintendo Co., Ltd. 128,544 152,365 0.4 100 Nippon Beet Sugar Manufacturing Co. Ltd. 2,558 2,669 0.0 275 Nippon Flour Mills Co., Ltd. 5,479 5,141 0.0 119 Nippon Seiki Co., Ltd. 2,612 3,404 0.0 1,400 Nippon Suisan Kaisha, Ltd. 8,553 9,047 0.0 9,700 Nissan Motor Co., Ltd. 126,081 131,102 0.4 400 Nissan Shatai Co., Ltd. 5,283 5,229 0.0 1,300 Nisshin Seifun Group Inc. 27,710 26,217 0.1 600 Nisshinbo Industries Inc. 8,173 7,782 0.0 400 Nissin Foods Holdings Co., Ltd. 27,465 28,239 0.1 200 Nissin Kogyo Co., Ltd. 3,497 4,252 0.0 100 Noevir Holdings Co., Ltd. 3,653 4,208 0.0 500 NOK Corporation 11,628 13,602 0.1 16 NongShim Co., Ltd. 6,474 5,907 0.0 100 Noritake Co., Ltd. 2,995 3,273 0.0 45 Noritsu Koki Co., Ltd. 406 437 0.0 2,200 NSK, Ltd. 28,356 34,250 0.1 17 Nutribiotech Co., Ltd. 1,482 1,161 0.0 400 Okamura Corporation 4,692 4,834 0.0 3,200 Olam International Limited 5,345 5,852 0.0 264 Onward Kashiyama Co., Ltd. 2,161 2,486 0.0 19 ORION Corp. 18,868 13,818 0.1 6 Ottogi Corporation 6,913 4,410 0.0 200 PACIFIC INDUSTRIAL CO., LTD. 2,485 3,417 0.0

120 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 3,000 Pacific Textiles Holdings Limited 5,603 4,369 0.0 100 PALTAC Corporation 2,204 3,176 0.0 110 PanaHome Corporation 1,082 1,196 0.0 10,337 Panasonic Corporation 125,771 141,376 0.4 326 Pharmicell Co., Ltd. 1,948 1,879 0.0 527 Pigeon Corporation 18,488 18,111 0.1 132 PILOT Corporation 6,885 7,331 0.0 7 Piolax Inc. 444 625 0.0 1,500 Pioneer Corporation 4,690 4,070 0.0 100 POLA ORBIS HOLDINGS INC. 10,558 11,095 0.0 2,500 Prada SPA 11,096 11,373 0.0 400 Press Kogyo Co., Ltd. 1,879 2,373 0.0 1,000 Prima Meat Packers, Ltd. 3,193 4,783 0.0 1,707 Regina Miracle International (Holdings) Limited 2,819 1,899 0.0 1,000 Rhythm Watch Co., Ltd. 2,326 2,104 0.0 100 RIKEN CORPORATION 4,666 5,088 0.0 227 Rinnai Corp. 26,706 24,612 0.1 100 Rock Field Co., Ltd. 1,990 1,821 0.0 100 ROKKO BUTTER CO., LTD. 3,618 2,906 0.0 344 Roybi Limited 1,979 1,815 0.0 100 S FOODS INC. 2,829 3,490 0.0 127 S&T Dynamics Co., Ltd. 2,021 1,311 0.0 32 S&T Motiv Co., Ltd. 2,642 1,736 0.0 100 Sakata Seed Corporation 3,052 3,800 0.0 9 Samlip General Foods Co., Ltd. 2,395 1,694 0.0 6,300 Samsonite International SA 27,257 24,137 0.1 489 Samsung Electronics Co., Ltd. 728,078 978,394 2.5 87 Samsung Electronics Co., Ltd. Preferred 106,859 138,425 0.4 41 Samyang Holdings Corporation 6,198 5,151 0.0 313 Sanden Corp. 1,199 1,339 0.0 300 Sangetsu Co., Ltd. 7,370 6,992 0.0 300 Sanrio Company, Ltd. 8,232 7,609 0.0 1,014 Sanyo Shokai, Ltd. 2,143 2,052 0.0 300 Sapporo Holdings Limited 10,127 10,383 0.0 35 Sebang Global Battery Co., Ltd. 1,630 1,453 0.0 1,000 Sega Sammy Holding Inc. 15,980 19,995 0.1 806 Seiko Holdings Corporation 4,189 3,837 0.0 200 Seiren Co., Ltd. 2,970 3,304 0.0 1,800 Sekisui Chemical Co., Ltd. 29,096 38,578 0.1 2,800 Sekisui House, Ltd. 61,454 62,633 0.2 395 Select Harvests Limited 1,726 2,547 0.0 83 Seoyon E-Hwa Co., Ltd. 1,597 1,290 0.0 7,000 Sharp Corporation 13,168 21,731 0.1 415 Shimano Inc. 87,202 87,511 0.2 1,900 Shiseido Company, Limited 58,387 64,631 0.2 200 Showa Corp. 2,339 1,872 0.0 1,076 Showa Sangyo Co., Ltd. 6,890 7,435 0.0 151 Silver Base Group Holdings Limited 22 12 0.0 4,843 Sincere Watch (Hong Kong) Limited 410 168 0.0 76 SL Corporation 1,529 1,819 0.0 6,056 Sony Corporation 207,132 228,041 0.6 219 Ssangyong Motor Company 1,996 1,919 0.0 700 Stanley Electric Co., Ltd. 22,166 25,715 0.1 2,000 Stella International Holdings Limited 6,780 4,324 0.0 3,700 Sumitomo Electric Industries, Ltd. 62,309 71,747 0.2 645 Sumitomo Forestry Co., Ltd. 10,515 11,480 0.0 200 Sumitomo Riko Company, Ltd. 2,196 2,640 0.0 900 Sumitomo Rubber Industries, Ltd. 17,940 19,206 0.1 165 Sungwoo Hitech Co., Ltd. 1,537 1,409 0.0 600 Suntory Beverage & Food Limited 33,523 33,493 0.1 2,100 Super Group, Ltd. 2,150 2,495 0.0 2,000 Suzuki Motor Corporation 73,100 94,604 0.3 100 Tachi-S Co., Ltd. 1,911 2,256 0.0 100 Taiho Kogyo Co.., Ltd. 1,450 1,882 0.0 900 Takara Holdings Inc. 9,162 11,135 0.0 226 Takara Standard Co., Ltd. 5,288 4,976 0.0 52 Takata Corporation 259 512 0.0 100 Tamron Co., Ltd. 2,183 2,232 0.0 859 Tassal Group Limited 3,376 3,462 0.0 6,000 Techtronic Industries Company Limited 30,367 28,851 0.1 100 TEIKOKU SEN-I Co., Ltd. 1,825 1,759 0.0

121 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 100 Tenma Corporation 2,276 2,313 0.0 4,000 Texwinca Holdings Limited 5,220 3,508 0.0 400 The Japan Wool Textile Co., Ltd. 3,667 4,001 0.0 1,061 The Nisshin Oillio Group, Ltd. 6,202 6,563 0.0 500 The Yokohama Rubber Company, Limited 10,842 12,050 0.0 10,000 Tingyi (Cayman Islands) Holding Corp. 13,898 16,311 0.1 200 Tokai Rika Co., Ltd. 5,137 5,392 0.0 11 Token Corporation 1,073 1,051 0.0 459 Tomy Company, Ltd. 5,401 6,549 0.0 200 Topre Corporation 5,130 6,729 0.0 500 Toyo Suisan Kaisha, Ltd. 25,585 24,347 0.1 500 Toyo Tire & Rubber Co., Ltd. 10,123 8,365 0.0 4,000 Toyobo Company 8,187 8,002 0.0 400 Toyoda Gosei Co., Ltd. 9,979 12,574 0.0 300 Toyota Boshoku Corporation 7,087 9,268 0.0 800 Toyota Industries Corp. 46,903 51,234 0.1 13,300 Toyota Motor Corporation 968,308 1,051,792 2.7 100 TPR Co., Ltd. 3,485 3,783 0.0 3,581 Treasury Wine Estates 35,051 37,138 0.1 200 TS Tech Co., Ltd. 6,231 6,922 0.0 600 TSI Holdings Company, Ltd. 5,285 4,836 0.0 1,921 Unicharm Corporation 58,112 56,488 0.2 213 Unipres Corporation 4,968 5,699 0.0 6,000 Uni-President China Holdings, Ltd. 5,697 5,677 0.0 2,859 Unitika, Ltd. 2,076 2,761 0.0 4,000 Vitasoy International Holdings, Ltd. 10,652 10,779 0.0 369 Wacoal Corp. 4,765 5,783 0.0 28,000 Want Want China Holdings Limited 27,189 24,070 0.1 100 WARABEYA NICHIYO CO., LTD. 2,895 2,839 0.0 75 Webzen Inc. 1,951 1,245 0.0 55 WeMade Entertainment Co., Ltd. 1,910 1,362 0.0 37,100 WH Group Limited 35,639 40,235 0.1 10,100 Wilmar International, Ltd. 31,087 33,658 0.1 7,000 Xinchen China Power Holdings Limited 1,629 1,392 0.0 10,000 Xinyi Glass Holdings Co, Ltd. 8,759 10,966 0.0 500 Yakult Honsha Co., Ltd. 32,170 31,159 0.1 800 Yamaha Corp. 31,623 32,838 0.1 1,400 Yamaha Motor Co., Ltd. 32,123 41,434 0.1 577 Yamazaki Baking Company 15,520 14,980 0.1 200 Yokohama Reito Co., Ltd. 2,429 2,357 0.0 32 Yonex Co., Ltd. 2,133 1,998 0.0 100 Yorozu Corporation 2,748 1,934 0.0 27 Youndone Holdings Company, Ltd. 2,126 1,784 0.0 179 Youngone Corporation 9,467 6,092 0.0 3,500 Yue Yuen Industrial (Holdings) Limited 17,159 17,042 0.1 200 Zojirushi Corporation 4,193 3,608 0.0 7,509,065 8,012,770 20.5 Consumer Services 400 Accordia Golf Co., Ltd. 5,292 5,528 0.0 3,300 Accordia Golf Trust 2,020 1,930 0.0 100 Adastria Co., Ltd. 3,391 3,484 0.0 3,400 AEON Co., Ltd. 62,613 64,737 0.2 5 AEON Fantasy Co., LTD. 159 184 0.0 100 Ain Holdings Inc. 6,444 8,899 0.0 864 Ainsworth Game Technology Limited 1,922 1,770 0.0 2,740 Air New Zealand Limited 6,764 5,624 0.0 100 Alpen Co., Ltd. 2,372 2,411 0.0 6,000 ANA Holdings Inc. 22,598 21,717 0.1 200 AOKI Holdings Inc. 3,106 3,307 0.0 200 Aoyama Trading Co., Ltd. 9,726 9,359 0.0 1,404 APN News & Media Limited 4,624 3,872 0.0 648 APN Outdoor Group Pty, Ltd. 3,863 3,719 0.0 356 ARB Corporation Limited 5,310 6,102 0.0 100 Arc Land Sakamoto Co., Ltd. 1,466 1,563 0.0 200 ARCS Company, Limited 6,072 6,055 0.0 3,088 Aristocrat Leisure Limited 34,989 46,479 0.1 106 ASAHI CO., LTD. 1,754 1,567 0.0 200 Asatsu-DK Inc. 6,628 6,505 0.0 8,800 Asian Pay Television Trust 5,112 3,063 0.0 358 Asiana Airlines, Inc. 2,039 1,677 0.0

122 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 400 ATOM Corporation 3,386 3,311 0.0 1,573 Australian Pharmaceutical Industries Limited 2,707 3,147 0.0 400 Autobacs Seven Co., Ltd. 9,197 8,067 0.0 1,288 Automotive Holdings Group Limited 5,294 4,940 0.0 200 Avex Group Holdings Inc. 3,399 3,868 0.0 113 Axial Retailing Inc. 4,827 5,223 0.0 100 Belc Co., Ltd. 5,002 5,191 0.0 300 Belluna Co., Ltd. 1,989 2,484 0.0 300 Benesse Holdings, Inc. 11,315 11,107 0.0 99 BGF Retail Co., Ltd. 9,765 8,992 0.0 800 Bic Camera Inc. 9,511 9,842 0.0 2,000 Cafe De Coral Holdings Limited 7,702 8,700 0.0 1,043 carsales.com Limited 12,146 11,495 0.0 567 Cash Converters International Limited 210 184 0.0 5,000 Cathay Pacific Airways, Ltd. 10,815 8,821 0.0 20 Cawachi Limited 632 670 0.0 811 Cellumed Co., Ltd. 2,017 1,355 0.0 830 Central Japan Railway Company 189,445 183,516 0.5 279 Cheil Communications Inc. 5,355 4,879 0.0 40,000 China LotSynergy Holdings Limited 1,920 1,730 0.0 12,000 China Travel International Investment Hong Kong Limited 5,613 4,421 0.0 100 Chiyoda Co., Ltd. 3,566 3,196 0.0 1,000 Chow Sang Sang Holdings International Limited 1,992 2,491 0.0 5,400 Chow Tai Fook Jewellery Group Limited 4,789 5,539 0.0 64 CJ CGV Co., Ltd. 7,727 5,003 0.0 30 CJ Freshway Corporation 2,131 1,299 0.0 156 CJ HelloVision Co., Ltd. 2,012 1,623 0.0 14 CJ O Shopping Co., Ltd. 2,991 2,532 0.0 100 cocokara fine Holdings Inc. 5,553 4,938 0.0 426 Collins Foods Limited 1,883 2,718 0.0 300 Colowide Co., Ltd. 6,176 6,702 0.0 9,800 ComfortDelGro Corporation Limited 27,638 22,469 0.1 107 Conexio Corp. 1,752 1,837 0.0 200 COOKPAD Inc. 5,107 2,472 0.0 152 Corporate Travel Management Limited 2,022 2,704 0.0 7 Corporate Travel Management Limited, Rights (Exp. 01/10/17) — 23 0.0 26 COSMOS Pharmaceutical Corporation 6,355 6,442 0.0 200 create restaurants inc. 2,296 2,346 0.0 100 Create SD Holdings Co., Ltd. 3,215 2,878 0.0 1,836 Crown Resorts, Ltd. 22,818 20,645 0.1 169 Daekyo Co., Ltd. 1,625 1,526 0.0 3,000 Dai Nippon Printing Co., Ltd. 36,403 39,840 0.1 500 DCM Japan Holdings Co., Ltd. 4,798 5,967 0.0 506 DeNa Co., Ltd. 15,209 14,859 0.1 1,100 Dentsu Inc. 71,894 69,562 0.2 304 Domino’s Pizza Enterprises Limited 18,311 19,185 0.1 600 Don Quijote Holdings Co., Ltd. 27,927 29,837 0.1 100 DOUTOR NICHIRES Holdings Co., Ltd 2,290 2,473 0.0 200 DUSKIN Co., Ltd. 4,947 5,526 0.0 1,000 Dynam Japan Holdings Co., Ltd. 2,072 2,055 0.0 1,800 East Japan Railway Company 209,028 209,031 0.6 400 EDION Corporation 4,244 5,041 0.0 102 E-Mart Co., Ltd. 19,620 20,725 0.1 56 Emerson Pacific Inc. 2,189 2,105 0.0 9,200 Esprit Holdings Limited 11,070 9,691 0.0 200 F@N Communications Inc. 1,865 1,704 0.0 11,148 Fairfax Media Limited 8,877 9,635 0.0 400 FamilyMart Co., Ltd. 31,829 35,781 0.1 206 Fast Retailing Co., Ltd. 90,218 99,077 0.3 100 Fields Corporation 1,671 1,560 0.0 52 Fila Korea, Ltd. 5,402 4,070 0.0 288 Flight Centre Travel Group Limited 12,260 8,753 0.0 100 Fuji Co., Ltd. 2,481 2,805 0.0 207 Fuji Kyuko Co., Ltd. 3,422 2,575 0.0 147 Fujita Kanko Inc. 842 595 0.0 1,816 G8 Education Limited 6,274 6,331 0.0 10,000 Galaxy Entertainment Group Limited 47,611 58,463 0.2 12,400 Genting Hong Kong Limited 5,320 4,989 0.0 29,100 Genting Singapore PLC 21,410 24,446 0.1 100 Geo Holdings Corporation 2,341 1,566 0.0 6,000 Giordano International Limited 3,857 4,348 0.0

123 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 3,030 GL, Ltd. 2,340 2,138 0.0 6,000 Goodbaby International Holdings, Ltd. 3,764 3,850 0.0 75 Grand Korea Leisure Co., Ltd. 1,989 1,703 0.0 1,000 Great Eagle Holdings, Ltd. 5,211 6,391 0.0 500 Gree, Inc. 3,394 3,547 0.0 352 Greencross Limited 2,425 2,345 0.0 12 GS Home Shopping Inc. 2,393 2,292 0.0 92 GS Retail Co., Ltd. 5,141 4,862 0.0 300 Gulliver International Co., Ltd. 4,155 2,221 0.0 100 Gurunavi, Inc. 3,308 2,673 0.0 200 H.I.S. Co., Ltd. 7,098 7,071 0.0 400 H2O Retailing Corporation 8,938 8,205 0.0 1,200 Hakuhodo Dy Holdings Incorporated 18,289 19,868 0.1 44 Hana tour Service, Inc. 5,133 3,229 0.0 108 Hanjin Kal Corp. 2,429 1,841 0.0 1,200 Hankyu Hanshin Holdings, Inc. 51,102 51,740 0.1 2,627 Harvey Norman Holdings, NPV 12,813 13,112 0.1 2,000 HC International, Inc. 1,619 1,968 0.0 300 Heiwa Corporation 8,507 9,217 0.0 100 HEIWADO Co., Ltd. 2,652 3,176 0.0 100 HIDAY HIDAKA Corp. 3,214 3,207 0.0 148 Hotel Shilla Co., Ltd. 11,915 7,912 0.0 78 Hyundai Department Store Co., Ltd. 12,020 9,440 0.0 268 Hyundai Department Store H&S Co., Ltd. 5,627 4,583 0.0 26 Hyundai Home Shopping Network Corp. 3,669 3,219 0.0 119 Ichibanya Co., Ltd. 4,919 5,104 0.0 885 IDP Education Limited 3,949 3,429 0.0 571 IMAX China Holding, Inc. 3,896 3,753 0.0 100 Inageya Co., Ltd. 1,637 1,702 0.0 59 Innocean Worldwide Inc. 5,304 3,741 0.0 181 Interpark Holdings Corporation 1,993 1,009 0.0 544 InvoCare Limited 6,816 7,327 0.0 1,800 Isetan Mitsukoshi Holdings, Ltd. 28,086 26,077 0.1 200 Itochu Enex Co., Ltd. 2,165 2,113 0.0 221 Izumi Co., Ltd. 12,060 12,807 0.0 1,200 J. Front Retailing Co., Ltd. NPV 20,007 21,731 0.1 200 Japan Airlines Co., Ltd. 9,018 7,853 0.0 500 Jardine Cycle & Carriage Limited 19,048 19,136 0.1 566 JB Hi-Fi Limited 14,108 15,411 0.1 100 Joyful Honda Co., Ltd. 2,682 3,616 0.0 400 JP-Holdings, INC. 1,406 1,173 0.0 185 JW Holdings Corporation 2,769 1,824 0.0 232 Kadokawa Dwango Corporation 4,530 4,505 0.0 704 Kakaku.com, Inc 17,198 15,655 0.1 200 KAMEI CORPORATION 2,657 2,746 0.0 524 Kangwon Land Inc. 23,668 20,800 0.1 100 Kappa Create Co., Ltd. 1,558 1,503 0.0 817 Kathmandu Holdings Limited 1,574 1,490 0.0 2,000 Keihan Electric Railway Co., Ltd. 18,489 17,661 0.1 2,000 Keikyu Corporation 25,044 31,159 0.1 3,000 Keio Corporation 35,975 33,148 0.1 700 Keisei Electric Railway Co., Ltd. 23,859 22,834 0.1 200 Keiyo Co., Ltd. 1,304 1,288 0.0 17,212 Kingston Financial Group Limited 9,806 9,973 0.0 1,000 Kintetsu Department Store Co., Ltd. 4,472 4,001 0.0 9,000 Kintetsu Group Holdings Co.,Ltd. 50,312 46,152 0.1 100 Kisoji Co., Ltd. 2,654 2,712 0.0 6 Kobe Bussan Co., Ltd. 137 284 0.0 100 Kohnan Shoji Co., Ltd. 1,988 2,532 0.0 86 Komeri Company, Ltd. 2,252 2,610 0.0 152 Korean Air Co., Ltd. 4,923 4,616 0.0 432 K’s Holdings Corporation 9,440 10,168 0.0 81 KT Skylife Co., Ltd. 1,539 1,556 0.0 26 KURA CORPORATION 1,858 1,469 0.0 95 Kusuri No Aoki Holdings Co., Ltd. 5,577 5,680 0.0 100 LaOX Co., Ltd. 1,717 823 0.0 300 Lawson, Inc. 31,851 28,319 0.1 100 Life Corporation 3,122 3,789 0.0 2,000 Lifestyle China Group Limited 594 640 0.0 2,000 Lifestyle International Limited 3,331 3,459 0.0 2,000 L’Occitane International SA 5,019 5,078 0.0

124 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 23 LOEN Entertainment, Inc. 2,145 1,938 0.0 47 LOTTE Himart Co., Ltd. 2,783 2,202 0.0 53 Lotte Shopping Co., Ltd. 15,083 13,035 0.1 2,000 Luk Fook Holdings (International) Limited 6,055 7,005 0.0 925 M3, Inc. 32,308 31,322 0.1 8,000 Macau Legend Development Limited 1,663 2,172 0.0 1,320 Mantra Group Limited 5,201 3,948 0.0 1,100 Marui Co., Ltd. 20,449 21,590 0.1 200 Marvelous Inc. 1,959 1,782 0.0 200 Matsumotokiyoshi Holdings Co., Ltd. NPV 13,402 13,246 0.1 200 Matsuya Co., Ltd. 2,354 2,355 0.0 100 Matsuya Foods Co., Ltd. 3,694 4,340 0.0 20,000 Mei Ah Entertainment Group Limited 2,110 1,799 0.0 100 Meiko Network Japan Co., Ltd. 1,258 1,248 0.0 4,000 Melco International Development Limited 6,490 7,292 0.0 4,615 Metcash Limited 8,448 10,218 0.0 4,000 MGM China Holdings, Ltd. 6,745 11,125 0.0 100 Ministop Co., Ltd. 2,258 2,348 0.0 57 Modetour Network Inc. 2,037 1,832 0.0 100 MOS Food Services, Inc. 3,583 4,036 0.0 7,000 MTR Corporation Limited 45,270 45,646 0.1 4,892 Myer Holdings, Ltd. 5,637 6,556 0.0 7,595 NagaCorp Limited 5,729 5,885 0.0 4,000 Nagoya Railroad Co., Ltd. 26,150 25,985 0.1 3,000 Nankai Electric Railway Co., Ltd. 21,736 20,455 0.1 1,532 Navitas Limited 7,214 7,409 0.0 4,000 NewOcean Energy Holdings Limited 1,895 1,425 0.0 3,232 Nine Entertainment Co. Holdings Limited 4,949 3,342 0.0 300 Nishimatsuya Chain Co., Ltd. 4,550 4,836 0.0 2,347 Nishi-Nippon Railroad Co., Ltd. 17,071 14,410 0.1 400 Nitori Company, Ltd. 46,732 61,444 0.2 9 NS Shopping Co., Ltd. 1,935 1,534 0.0 685 NZME Limited 594 366 0.0 1,500 Odakyu Electric Railway Co., Ltd. 45,212 39,892 0.1 19 Ohsho Food Service Corp. 862 962 0.0 2 OKUWA CO., LTD. 25 27 0.0 924 OOH!MEDIA Limited 4,263 4,100 0.0 900 Oriental Land Co., Ltd. 81,345 68,359 0.2 1,604 Overseas Union Enterprise Limited 2,396 2,613 0.0 206 Paradise Company Limited 3,559 2,779 0.0 500 Park24 Co., Ltd. 18,215 18,224 0.1 2,000 Parkson Retail Group, Ltd. 291 294 0.0 240 PC Depot Corporation 1,660 1,708 0.0 4,946 Pilbara Minerals Limited 2,642 2,401 0.0 100 PLENUS Co., Ltd. 2,369 2,623 0.0 12,000 Pou Sheng International (Holdings) Limited 4,105 4,629 0.0 200 Prestige International, Inc. 1,993 1,902 0.0 4,884 Qantas Airways Limited 17,727 15,793 0.1 22,715 Qianhai Health Holdings, Ltd. 655 570 0.0 100 Qol Co., Ltd. 1,961 1,610 0.0 4,100 Rakuten, Inc. 59,705 54,000 0.2 1,279 RCG Corporation Limited 2,030 1,844 0.0 200 Relia, Inc. 2,275 2,654 0.0 300 Resorttrust, Inc. 9,272 7,444 0.0 744 Retail Food Group, Ltd. 3,978 5,072 0.0 100 Ringer Hut Co., Ltd. 2,878 2,609 0.0 300 ROUND ONE Corporation 2,339 2,794 0.0 200 Royal Holdings Co., Ltd. 5,052 4,298 0.0 100 Ryohin Keikaku Co. 26,022 26,342 0.1 67 S.M. Entertainment Co. 2,918 1,927 0.0 4,000 Sa Sa International Holdings Limited 1,661 2,131 0.0 100 Sac’s Bar Holdings Inc. 1,816 1,363 0.0 100 Sagami Chain Co., Ltd. 1,662 1,487 0.0 100 Saint Marc Holdings Co., Ltd. 3,700 4,087 0.0 100 Saizeriya Co., Ltd. 2,887 3,022 0.0 100 SAN-A CO., LTD. 6,048 6,508 0.0 11,639 Sands China, Ltd. 58,716 67,844 0.2 300 Sankyo Company, Limited 15,287 13,021 0.1 1,100 SEIBU Holdings Inc. 28,251 26,509 0.1 200 Senshukai Co., Ltd. 1,723 1,628 0.0 79 Seobu T&D Co., Ltd. 1,733 1,614 0.0

125 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 3,800 Seven & I Holdings Co., Ltd. 207,852 194,559 0.5 391 Seven Network Limited 2,788 2,977 0.0 4,146 Seven West Media Limited 4,405 3,241 0.0 549 SG Fleet Group Limited 1,889 1,775 0.0 6,000 Shangri-La Asia Limited 8,251 8,489 0.0 1,900 Sheng Siong Group, Ltd. 1,974 1,667 0.0 200 Shimachu Co., Ltd. 6,060 7,163 0.0 100 Shimamura Co., Ltd. 15,220 16,775 0.1 35 Shinsegae Co., Ltd. 8,852 6,840 0.0 283 Shochiku Co., Ltd. 3,504 4,224 0.0 12,000 Shun Tak Holdings Limited 5,509 5,563 0.0 6,190 Sigma Pharmaceuticals Limited 6,301 7,754 0.0 2,411 Singapore Airlines Limited 26,023 21,642 0.1 7,800 Singapore Press Holdings Limited 29,337 25,559 0.1 9,000 SJM Holdings Limited 8,046 9,465 0.0 1,889 Sky Network Television, Ltd. 8,261 8,037 0.0 600 SKY Perfect JSAT Corporation 4,677 3,712 0.0 3,166 SkyCity Entertainment Group, Ltd. 13,365 11,635 0.0 500 Skylark Co., Ltd. 8,869 8,876 0.0 13 Sogo Medical Co., Ltd. 564 642 0.0 2,000 Sotetsu Holdings, Inc. 15,756 13,269 0.1 3,451 Southern Cross Media Group Limited 4,335 5,177 0.0 900 Start Today Co., Ltd. 16,611 20,893 0.1 200 Sugi Pharmacy Co., Ltd. 13,646 12,786 0.0 1,058 Summerset Group Holdings Limited 3,912 4,630 0.0 10,500 Sun Art Retail Group, Ltd. 9,132 12,350 0.0 127 Sundrug Co., Ltd. 13,293 11,813 0.0 703 Super Retail Group Limited 6,289 7,065 0.0 4,056 Tabcorp Holdings Limited 17,773 18,945 0.1 2,000 Takashimaya Company, Ltd. 21,456 22,168 0.1 7,100 Tatts Group Limited 25,768 30,887 0.1 1,400 Television Broadcasts Limited 7,267 6,175 0.0 1,956 Ten Network Holdings Limited 1,954 1,757 0.0 145 The Reject Shop Limited 1,897 1,194 0.0 4,011 The Star Entertainment Group Limited 21,641 20,137 0.1 373 Thorn Group, Ltd. 505 695 0.0 5,000 Tobu Railway Company 34,115 33,344 0.1 181 TOEI COMPANY, LTD. 2,067 2,108 0.0 600 Toho Company 21,685 22,800 0.1 200 Tokyo Broadcasting System 4,267 4,300 0.0 500 Tokyo Dome Corporation 5,850 6,623 0.0 1,000 Tokyotokeiba Co., Ltd. 2,564 3,081 0.0 5,219 Tokyu Corporation 57,068 51,546 0.1 100 Toridoll.corporation 2,488 2,901 0.0 16 Tosho Co., Ltd. 804 990 0.0 1,930 Trade Me Group Limited 8,336 9,042 0.0 132 Tsuruha Holdings, Inc. 18,766 16,847 0.1 100 TV Asahi Corporation 2,323 2,655 0.0 100 TV TOKYO Holdings Corporation 2,269 2,665 0.0 100 United Arrows, Ltd. 3,872 3,708 0.0 400 United Super Markets Holdings Inc. 4,639 4,530 0.0 1,100 USS Co., Ltd. 23,691 23,550 0.1 200 Valor Co, Ltd. 6,872 7,014 0.0 100 Vector Inc. 1,131 1,354 0.0 385 Village Roadshow Limited 1,995 1,705 0.0 300 VT Holdings Co., LTD. 2,244 1,990 0.0 691 Warehouse Group, Ltd. 1,925 1,842 0.0 100 Watami Co., Ltd. 1,326 1,269 0.0 553 Webjet Limited 4,540 5,692 0.0 100 Welcia Holdings Co., Ltd. 7,388 8,209 0.0 5,423 Wesfarmers Limited 225,075 221,910 0.6 900 West Japan Railway Company 71,048 74,227 0.2 6,233 Woolworths Limited 143,076 145,867 0.4 34 Woongjin Thinkbig Co., Ltd. 439 351 0.0 1,909 WPP AUNZ Limited 1,888 2,243 0.0 6,940 Wynn Macau, Limited 12,539 14,813 0.1 100 XEBIO Co., Ltd. 2,129 2,077 0.0 3,600 Yamada Denki Co., Ltd. 25,001 26,077 0.1 100 YAOKO CO., LTD. 5,524 5,346 0.0 100 Yellow Hat, Ltd. 2,553 2,902 0.0 45 YG Entertainment Inc. 1,965 1,417 0.0

126 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 100 Yondoshi Holdings Inc. 3,277 2,838 0.0 400 Yoshinoya Holdings Co., Ltd. 6,441 7,377 0.0 100 Zenrin Co., Ltd. 2,388 2,444 0.0 500 Zensho Co., Ltd. 9,063 11,072 0.0 3,959,630 3,939,811 10.1 Financials 812 360 Capital Industrial Fund 1,983 1,979 0.0 1,840 Abacus Property Group 5,397 5,396 0.0 1,900 Acom Co., Ltd. 12,274 11,163 0.0 500 AEON Financial Service Co., Ltd. 14,124 11,940 0.0 600 AEON Mall Co., Ltd. 11,959 11,341 0.0 58,357 AIA Group Limited 441,101 441,609 1.1 1,300 Aiful Corp. 5,372 5,172 0.0 3,900 Allco Commercial Real Estate Investment Trust 4,758 4,561 0.0 14,155 AMP Limited 77,576 69,276 0.2 4,892 AMP NZ Office Trust 5,430 5,489 0.0 100 Anicom Hodings, Inc. 3,342 2,785 0.0 6,000 Aozora Bank, Ltd. 28,025 28,492 0.1 2,300 ARA Asset Management Limited 2,808 3,640 0.0 2,604 Ardent Leisure Group 5,196 5,917 0.0 1,071 Arena REIT 2,012 1,945 0.0 3,310 Argosy Property, Ltd. 3,479 3,126 0.0 2,900 Ascendas Hospitality Trust 2,083 1,898 0.0 2,700 Ascendas India Trust 2,480 2,544 0.0 10,836 Ascendas Real Estate Investment Trust 25,150 22,833 0.1 4,800 Ascott Residence Trust 5,252 5,035 0.0 4,700 Ashikaga Holdings Co., Ltd. 21,792 23,399 0.1 266 Astro Japan Property Group 1,863 1,718 0.0 928 ASX, Ltd. 40,969 44,823 0.1 14,066 Australia and New Zealand Banking Group Limited 360,623 415,502 1.1 2,478 Aveo Group Limited 7,976 8,061 0.0 5,800 Bank of East Asia, Ltd. 28,462 29,796 0.1 1,838 Bank of Queensland, Ltd. 21,497 21,186 0.1 200 Bank of The Ryukus, Limited 2,913 3,528 0.0 2,244 Bendigo and Adelaide Bank Limited 21,225 27,696 0.1 251 Blue Sky Alternative Investments Limited 1,919 1,706 0.0 1,429 BNK Financial Group Inc. 14,662 13,772 0.1 17,500 BOC Hong Kong Holdings, Ltd. 69,423 83,998 0.2 1,016 BT Investment Management Limited 9,345 10,487 0.0 2,227 BWP Trust 7,264 6,466 0.0 4,300 Cache Logistics Trust 3,615 3,233 0.0 7,900 Cambridge Industrial Trust 4,130 3,960 0.0 9,800 CapitaLand Commercial Trust 13,910 13,463 0.1 12,100 CapitaLand Limited 36,298 33,920 0.1 12,800 CapitaLand Mall Trust 26,274 22,397 0.1 2,500 CapitaLand Retail China Trust 3,413 3,179 0.0 2,800 CDL Hospitality Trusts 3,497 3,483 0.0 391 Cedar Woods Properties Limited 1,842 1,917 0.0 2,776 Challenger Financial Services Group Limited 23,806 30,299 0.1 12,000 Champion Real Estate Investment Trust 8,099 8,718 0.0 2,226 Charter Hall Group 10,169 10,246 0.0 1,923 Charter Hall Retail REIT 8,383 7,899 0.0 13,500 Cheung Kong Property Holdings., Ltd. 113,307 111,033 0.3 150,000 China Baoli Technologies Holdings Limited 7,496 5,967 0.0 20,000 China Financial International Investments Limited 2,693 1,539 0.0 79,501 China LNG Group, Ltd. 3,636 2,489 0.0 20,000 China Medical & HealthCare Group Limited 1,649 1,349 0.0 24,000 China Oceanwide Holdings Limited 3,645 3,196 0.0 1,000 Chong Hing Bank Limited 2,635 2,591 0.0 2,900 City Developments, Ltd. 22,060 22,289 0.1 8,340 Commonwealth Bank of Australia 622,934 667,405 1.7 5,821 Concordia Financial Group, Ltd. 35,736 37,654 0.1 72,000 Convoy Financial Holdings Limited 3,241 2,877 0.0 1,786 Cover-More Group Limited 2,485 3,347 0.0 209 Credit Corp Group Limited 1,996 3,641 0.0 800 Credit Saison Co., Ltd. 18,827 19,105 0.1 5,300 Croesus Retail Trust 4,247 4,108 0.0 7,184 Cromwell Property Group 7,203 6,871 0.0 1,600 Dah Sing Banking Group Limited 3,783 3,946 0.0 800 Dah Sing Financial Group 6,124 7,258 0.0

127 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 300 Daibiru Corporation 3,547 3,453 0.0 1,000 DAIKYO INCORPORATED 2,217 2,690 0.0 249 Daishin Securities Company 3,264 2,875 0.0 400 Daito Trust Construction Company, Ltd. 75,946 80,853 0.2 8,000 Daiwa Securities Group Inc. 67,157 66,255 0.2 8,717 DBS Group Holdings Limited 128,680 140,308 0.4 4,680 Dexus Property Group 38,267 43,718 0.1 666 DGB Financial Group Inc. 6,460 7,225 0.0 229 Dongbu Insurance Co., Ltd. 18,575 15,892 0.1 1,137 Eclipx Group Limited 3,666 4,140 0.0 12,000 Emperor Capital Group Limited 1,596 1,453 0.0 5,000 Far East Consortium International Limited 2,078 2,863 0.0 3,300 Far East Hospitality Trust 2,020 1,838 0.0 900 FIDEA Holdings Co., Ltd. 1,951 2,163 0.0 300 Financial Products Group Co., Ltd. 4,293 3,480 0.0 3,400 First Real Estate Investment Trust 4,248 3,992 0.0 1,109 FlexiGroup Limited 2,611 2,434 0.0 891 Folkestone Education Trust 2,018 2,198 0.0 7,000 Fortune REIT 9,823 10,788 0.0 2,500 Frasers Centrepoint Trust 4,720 4,409 0.0 6,100 Frasers Logistics & Industrial Trust 5,209 5,238 0.0 70,235 Freeman Financial Corporation Limited 5,388 6,074 0.0 4,000 Fukuoka Financial Group, Inc. NPV 19,543 23,870 0.1 100 Fuyo General Lease Co., Ltd. 5,466 6,427 0.0 1,137 Gateway Lifestyle Holdings Pty, Ltd. 2,753 2,385 0.0 100 GCA Corporation 1,066 945 0.0 1,887 GDI Property Group 1,825 1,814 0.0 26,000 Gemdale Properties and Investment Corporation Limited 2,088 2,136 0.0 1,588 Genworth Mortgage Insurance Australia Limited 4,279 5,042 0.0 14,200 Global Logistic Properties Limited 25,692 28,999 0.1 100 Goldcrest Co., Ltd. 2,026 2,418 0.0 10,000 Good Resources Holdings, Ltd. 1,448 830 0.0 8,545 Goodman Group 57,665 59,162 0.2 4,859 Goodman Property Trust 5,674 5,543 0.0 1,430 Growthpoint Properties Australia Limited 4,500 4,555 0.0 2,200 Gunma Bank, Ltd. 13,504 16,189 0.1 11,635 Guotai Junan International Holdings Limited 4,639 4,810 0.0 10,000 Haitong International Securities Group Limited 7,571 7,697 0.0 1,438 Hana Financial Group Inc. 39,009 49,895 0.1 4,000 Hang Lung Group Limited 16,486 18,681 0.1 10,000 Hang Lung Properties, Ltd. 26,611 28,436 0.1 3,700 Hang Seng Bank Limited 84,132 92,350 0.3 223 Hanwha General Insurance Co., Ltd. 2,077 1,790 0.0 524 Hanwha Investment & Securities Co., Ltd . 1,515 1,213 0.0 1,178 Hanwha Life Insurance Co., Ltd. 8,277 8,541 0.0 1,817 Heartland Bank Limited 1,960 2,549 0.0 200 Heiwa Real Estate Co., Ltd. 3,381 3,656 0.0 5,400 Henderson Land Development Company, Ltd. 38,945 38,529 0.1 214 Hitachi Capital Corporation 6,038 7,079 0.0 600 Hokuhoku Financial Group, Inc. 11,768 13,915 0.1 5,900 Hong Kong Exchanges & Clearing Limited 182,556 186,958 0.5 5,700 Hongkong Land Holdings Limited 46,859 48,386 0.1 3,000 Hopewell Holdings Limited 13,381 13,907 0.1 714 Hotel Property Investments 2,146 1,969 0.0 1,700 Hulic Co., Ltd. 21,656 20,309 0.1 3,000 Hysan Development Company, Limited 17,774 16,631 0.1 299 Hyundai Marine & Fire Insurance Co., Ltd. 11,542 10,458 0.0 100 IBJ Leasing Co., Ltd. 2,463 3,003 0.0 900 Ichigo Inc. 4,952 4,481 0.0 200 Ichiyoshi Securities Co., Ltd. 2,415 2,063 0.0 700 Iida Group Holdings Co., Ltd. 17,868 17,843 0.1 1,269 Industrial Bank of Korea 17,402 17,894 0.1 1,008 Ingenia Communities Group 2,736 2,633 0.0 11,390 Insurance Australia Group Limited 61,369 66,251 0.2 2,725 Investa Office Fund 11,101 12,490 0.0 1,464 IOOF Holdings Limited 12,756 13,093 0.1 400 J Trust Co., Ltd. 4,325 5,436 0.0 216 Jaccs Co., Ltd. 1,093 1,286 0.0 200 JAFCO Co., Ltd. 7,810 8,819 0.0 2,700 Japan Exchange Group, Inc. 56,733 51,844 0.1 2,000 Japan Post Bank Co., Ltd. 32,420 32,263 0.1

128 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,200 Japan Post Holdings Co., Ltd. 37,776 36,906 0.1 300 Japan Post Insurance Co., Ltd. 8,986 8,634 0.0 600 Japan Securities Finance Co., Ltd. 3,469 4,394 0.0 479 JB Financial Group Co., Ltd. 2,959 3,074 0.0 1,100 Jimoto Holdings, Inc. 1,974 2,504 0.0 6,000 K Wah International Holdings Limited 3,024 3,736 0.0 800 kabu.com Securities Co., Ltd. 3,442 3,698 0.0 200 Kansai Urban Banking Corporation 2,662 3,355 0.0 2,008 KB Financial Group, Inc. 78,574 95,424 0.3 196 KB Insurance Co., Ltd. 7,262 5,691 0.0 1,100 Kenedix, Inc. 6,331 5,261 0.0 2,420 Keppel DC REIT 2,551 2,662 0.0 9,900 Keppel REIT Management Limited 9,250 9,374 0.0 3,000 Kerry Properties Limited 10,881 10,923 0.0 6,008 Kiwi Property Group Limited 7,911 7,781 0.0 45 KIWOOM Securities Co., Ltd. 3,135 3,597 0.0 186 Korea Investment Holdings Co., Ltd. 9,228 8,653 0.0 583 Korea Real Estate Investment Trust Co., Ltd. 2,269 1,848 0.0 420 Korean Reinsurance Company 6,045 5,316 0.0 2,000 Kowloon Development Company Limited 2,131 2,543 0.0 199 Kwangju Bank Co., Ltd. 2,250 2,386 0.0 100 Kyokuto Securities Co., Ltd. 1,693 1,988 0.0 33 Kyoritsu Maintenance Co., Ltd. 2,994 2,584 0.0 1,900 Kyushu Financial Group, Inc. 15,600 17,324 0.1 105,000 Lai Sun Development Company Limited 2,142 2,652 0.0 2,662 Lend Lease Corp. 37,374 37,792 0.1 1,200 Leopalace21 Corporation 9,821 8,913 0.0 13,000 Lippo-Mapletree Inonesia Retail Trust 4,252 4,465 0.0 1,486 Macquarie Group Limited 104,764 125,713 0.3 515 Magellan Financial Group Limited 11,408 11,887 0.0 3,100 Manulife U.S. Real Estate Investment Trust 3,439 3,430 0.0 9,035 Mapletree Commercial Trust 12,760 11,700 0.0 8,400 Mapletree Greater China Commercial Trust 7,817 7,407 0.0 5,900 Mapletree Industrial Trust 9,262 9,009 0.0 7,200 Mapletree Logistics Trust 6,692 6,817 0.0 400 Marusan Securities Co., Ltd. 6,093 4,530 0.0 600 Matsui Securities Co., Ltd. 7,096 6,947 0.0 276 McMillan Shakespeare Limited 3,166 2,913 0.0 13,367 Medibank Private Limited 35,704 36,604 0.1 148 Meritz Finance Holdings Co., Ltd. 2,033 1,824 0.0 304 Meritz Fire & Marine Insurance Co., Ltd. 5,319 5,164 0.0 1,340 Meritz Securities Co., Ltd. 5,339 5,148 0.0 4,000 Midland Holdings Limited 1,699 1,370 0.0 20,000 Midland IC&I Limited 161 156 0.0 300 Mie Kotsu Group Holdings, Inc. 1,786 1,335 0.0 900 Mirae Asset Daewoo Co., Ltd. 8,586 7,235 0.0 408 Mirae Asset Life Insurance Co., Ltd. 2,050 2,333 0.0 315 Mirae Asset Securities Co., Ltd. 8,169 7,170 0.0 17,800 Mirvac Group 35,053 36,817 0.1 6,031 Mitsubishi Estate Company, Limited 153,618 161,397 0.4 66,000 Mitsubishi UFJ Financial Group, Inc. 430,016 546,529 1.4 2,100 Mitsubishi UFJ Lease & Finance Company Limited 12,675 14,584 0.1 5,000 Mitsui Fudosan Co., Ltd. 161,053 155,508 0.4 121,205 Mizuho Financial Group, Inc. 261,435 292,376 0.8 1,100 Monex Beans Holdings, Inc. 4,078 4,110 0.0 2,500 MS&AD Insurance Group Holdings, Inc. 92,203 104,170 0.3 50,000 Nan Hai Corporation Limited 1,779 2,249 0.0 12,798 National Australia Bank Limited 346,728 381,153 1.0 1,915 National Storage REIT 3,059 2,780 0.0 130,297 NetMind Financial Holdings, Ltd. 2,062 1,352 0.0 25,000 New World Development Company Limited 34,127 35,459 0.1 200 NEXT Co., Ltd. 2,472 1,821 0.0 576 NH Investment & Securities Co., Ltd. 6,656 6,172 0.0 86 NICE Holdings Co., Ltd. 1,964 1,681 0.0 223 NICE Information Service Co., Ltd. 2,087 1,716 0.0 312 Nihon M&A Inc. 11,117 11,659 0.0 100 NIPPON KANZAI Co., Ltd. 1,985 2,085 0.0 800 Nishi-Nippon Financial Holdings, Inc. 10,745 11,249 0.0 16,300 Nomura Holdings, Inc. 100,821 129,147 0.3 600 Nomura Real Estate Holdings, Inc. 14,531 13,715 0.1 1,600 North Pacific Bank, Ltd. 5,531 8,867 0.0

129 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 500 NTT Urban Development Corporation 6,628 5,916 0.0 1,000 OKASAN SECURITIES GROUP INC. 7,120 8,301 0.0 100 Open House Co., Ltd. 2,455 3,196 0.0 3,200 Orient Corporation 8,071 7,800 0.0 6,400 Orix Corporation 120,693 134,221 0.4 6,400 OUE Hospitality REIT Management Pte., Ltd. 4,189 3,921 0.0 15,900 Oversea-Chinese Banking Corporation Limited 133,635 131,653 0.4 1,800 Parkway Life Real Estate Investment Trust 4,168 3,943 0.0 220 Perpetual Trustees Australia Limited 9,669 10,417 0.0 1,155 Platinum Asset Management Limited 6,946 5,922 0.0 428 Premier Investments Limited 6,106 6,001 0.0 200 Pressance Corporation 2,869 3,337 0.0 4,000 Prosperity REIT 1,917 2,117 0.0 6,620 QBE Insurance Group Limited 71,178 79,840 0.2 257 REA Group Limited 13,057 13,783 0.1 2,100 Religare Health Trust 2,009 1,784 0.0 36 Relo Holdings, Inc. 7,209 6,896 0.0 10,600 Resona Holdings, Inc. 54,263 73,065 0.2 100 Ricoh Leasing Company, Ltd. 3,793 4,145 0.0 1,000 Road King Infrastructure Limited 1,107 1,114 0.0 811 S E A Holdings Limited 2,613 2,609 0.0 3,300 Sabana Shari’ah Compliant Industrial Real Estate Investment Trust 2,005 1,164 0.0 1,386 Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, Rights (Exp. 01/13/17) — 157 0.0 172 Samsung Card Co., Ltd. 6,612 7,582 0.0 158 Samsung Fire & Marine Insurance Co., Ltd. 54,699 47,103 0.1 14 Samsung Fire & Marine Insurance Co., Ltd. Preferred 3,098 2,829 0.0 357 Samsung Life Insurance Co. 45,443 44,593 0.1 257 Samsung Securities Co., Ltd. 11,727 9,046 0.0 800 San-In Godo Bank, Ltd. 6,895 8,968 0.0 1,000 SBI Holdings, Inc. 14,041 17,097 0.1 24,548 Scentre Group 109,775 110,606 0.3 1,500 Senshu Ikeda Holdings, Inc. 7,170 9,296 0.0 3,200 Seven Bank, Ltd. 17,659 12,326 0.0 2,205 Shinhan Financial Group Co., Ltd. 100,557 110,784 0.3 8,000 Shinsei Bank, Ltd. 14,766 18,029 0.1 31 Shinyoung Securities Co., Ltd. 2,032 1,721 0.0 3,378 Shopping Centres Australasia Property Group 7,501 7,249 0.0 20,000 Shui On Land Limited 7,146 5,777 0.0 3,900 Singapore Exchange Limited 28,449 25,921 0.1 14,000 Sino Land Company Limited 28,986 28,139 0.1 1,315 SK Securities Co., Ltd. 1,987 1,489 0.0 3,190 Soilbuild Business Space REIT 2,188 1,895 0.0 1,800 Sompo Holdings, Inc. 71,480 81,957 0.2 900 Sony Financial Holdings Inc. 17,751 18,875 0.1 2,396 SPH REIT 2,245 2,113 0.0 3,000 Spring Real Estate Investment Trust 1,746 1,671 0.0 7,600 Starhill Global REIT 5,519 5,221 0.0 200 Starts Corporation Inc. 5,223 4,549 0.0 2,656 Steadfast Group Limited 4,478 5,700 0.0 11,497 Stockland 50,059 51,132 0.1 6,300 Sumitomo Mitsui Financial Group, Inc. 270,187 323,066 0.8 1,800 Sumitomo Mitsui Trust Holdings, Inc. 75,585 86,572 0.2 100 Sumitomo Real Estate Sales Co., Ltd. 2,592 3,133 0.0 1,887 Sumitomo Realty & Development Co., Ltd. 68,104 67,389 0.2 100 Sun Frontier Fudousan Co., Ltd. 1,323 1,184 0.0 3,000 Sun Hung Kai & Co. Limited 2,292 2,491 0.0 6,514 Sun Hung Kai Properties Limited 108,490 110,418 0.3 6,164 Suncorp Group Limited 73,272 80,925 0.2 6,000 Sunlight Real Estate Investment Trust 4,039 4,639 0.0 11,800 Suntec REIT 18,958 18,073 0.1 900 Suruga Bank, Ltd. 23,129 26,998 0.1 5,600 Swire Properties Limited 20,716 20,729 0.1 3,000 T&D Holdings, Inc. 42,070 53,310 0.2 400 Takara Leben Co., Ltd. 2,947 3,132 0.0 2,085 The 77 Bank, Ltd. 10,504 13,521 0.1 10 The Aichi Bank, Ltd. 546 759 0.0 1,000 The Akita Bank, Ltd. 3,589 4,346 0.0 1,000 The Aomori Bank, Ltd. 3,986 4,507 0.0 1,000 The Awa Bank, Ltd. 6,409 8,209 0.0 100 The Bank of Iwate, Ltd. 4,941 5,415 0.0

130 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,253 The Bank of Kyoto, Ltd. 20,478 22,485 0.1 100 The Bank of Nagoya, Ltd. 4,464 4,777 0.0 100 The Bank of Okinawa, Ltd. 3,598 4,892 0.0 1,000 The Bank of Saga, Ltd. 2,610 3,438 0.0 3,000 The Chiba Bank, Ltd. 20,876 24,732 0.1 300 The Chiba Kogyo Bank, Ltd. 1,790 2,042 0.0 900 The Chugoku Bank, Limited 13,313 17,364 0.1 100 The Chukyo Bank, Limited 2,956 2,699 0.0 5,500 The Dai-ichi Life Insurance Company, Ltd. 95,024 123,061 0.3 100 The Daisan Bank, Ltd. 1,853 2,091 0.0 2,000 The Daishi Bank, Ltd. 9,723 12,073 0.0 200 The Ehime Bank, Ltd. 2,809 3,169 0.0 993 The Eighteenth Bank, Limited 2,997 3,985 0.0 1,000 The Fukui Bank, Ltd. 2,447 3,392 0.0 8,626 The GPT Group 42,369 42,133 0.1 2,000 The Hachijuni Bank, Ltd. 12,181 15,591 0.1 2,899 The Hiroshima Bank, Ltd. 15,619 18,199 0.1 1,000 The Hokkoku Bank, Ltd. 3,826 4,783 0.0 100 The Hokuetsu Bank, Ltd. 2,284 3,042 0.0 1,000 The Hyakugo Bank, Ltd. 5,104 5,461 0.0 1,000 The Hyakujushi Bank, Ltd. 3,951 4,565 0.0 1,300 The Iyo Bank, Ltd. 11,778 12,047 0.0 2,000 The Juroku Bank, Ltd. 7,875 9,428 0.0 500 The Kanto Tsukuba Bank, Limited 1,835 1,995 0.0 1,000 The Keiyo Bank, Ltd. 4,976 6,094 0.0 300 The Kiyo Bank, Ltd. 4,631 6,457 0.0 11,000 The Link Real Estate Investment Trust 90,285 95,894 0.3 1,000 The Michinoku Bank, Ltd. 2,611 2,564 0.0 100 The Minato Bank, Ltd. 1,911 2,403 0.0 1,000 The Miyazaki Bank, Ltd. 3,356 4,151 0.0 100 The Musashino bank, Ltd. 3,600 3,869 0.0 100 The Nanto Bank, Ltd. 3,671 5,117 0.0 2,000 The Ogaki Kyoritsu Bank, Ltd. 8,652 10,463 0.0 1,000 The Oita Bank, Ltd. 4,277 5,025 0.0 1,000 The Shiga Bank, Ltd. 5,675 7,313 0.0 1,000 The Shikoku Bank, Ltd. 2,622 3,288 0.0 100 The Shimizu Bank, Ltd. 3,541 4,214 0.0 3,000 The Shizuoka Bank, Ltd. 31,171 33,873 0.1 486 THE TOCHIGI BANK, LTD. 2,588 3,207 0.0 1,000 THE TOHO BANK, LTD. 4,277 5,025 0.0 2,000 The Towa Bank, Ltd. 2,121 2,553 0.0 6,000 The Wharf (Holdings) Limited 48,004 53,499 0.2 1,000 The Yamagata Bank, Ltd. 5,081 5,680 0.0 1,000 The Yamansahi Chuo Bank, Ltd. 5,128 6,404 0.0 400 TOC Co., Ltd. 4,320 4,291 0.0 1,100 Tokai Tokyo Financial Holdings, Inc. 7,636 7,867 0.0 3,423 Tokio Marine Holdings, Inc. 164,856 188,757 0.5 200 Tokyo Century Corporation 9,384 9,198 0.0 1,000 Tokyo Tatemono Co., Ltd. 16,549 17,971 0.1 100 Tokyo TY Financial Group, Inc. 3,495 4,685 0.0 2,500 Tokyu Fudosan Holdings Corporation 21,411 19,834 0.1 700 TOMONY Holdings, Inc. 2,904 4,869 0.0 160 Tong Yang Life Insurance Co., Ltd. 2,028 2,256 0.0 200 TOSEI CORPORATION 1,959 2,012 0.0 248 TOWER Limited 316 194 0.0 5,900 United Overseas Bank, Ltd. 105,130 111,725 0.3 131 UNIZO Holdings Company, Limited 6,387 4,647 0.0 2,300 UOL Group Limited 12,939 12,789 0.0 4,000 Value Partners Group Limited 5,242 4,262 0.0 664 Vanguard FTSE Pacific ETF* 50,362 51,753 0.1 15,796 Vicinity Centres 48,943 45,863 0.1 8,000 Vision Fame International Holding Limited 4,211 3,376 0.0 2,173 Vital Healthcare Property Trust 4,258 4,105 0.0 2,249 Viva Energy REIT Limited 5,099 5,241 0.0 9,282 Westfield Corporation Limited 91,534 84,545 0.2 16,084 Westpac Banking Corporation 502,856 509,161 1.3 4,000 Wheelock and Company Limited 24,320 30,200 0.1 1,900 Wing Tai Holdings Limited 2,980 2,804 0.0 2,430 Woori Bank 31,069 34,401 0.1 1,000 Yamaguchi Financial Group, Inc. 12,306 14,637 0.1 3,900 Yanlord land Group, Ltd. 4,380 4,779 0.0

131 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 506 Yuanta Securities Korea 2,062 1,761 0.0 4,000 Yuexiu Real Estate Investment Trust 2,851 2,830 0.0 300 ZENKOKU HOSHO Co., Ltd. 13,919 12,952 0.1 9,367,275 10,078,324 25.8 Health Care 3,625 a2 Milk Company Limited 6,307 7,220 0.0 66 Acrux Limited 47 20 0.0 900 Alfresa Holdings Corporation 23,141 20,013 0.1 719 Ansell Limited 13,578 17,252 0.1 100 AS ONE CORPORATION 5,271 5,594 0.0 200 Asahi Intecc Co., Ltd. 12,281 10,888 0.0 100 ASKA Pharmaceutical Co., Ltd. 1,472 1,961 0.0 10,334 Astellas Pharma Inc. 197,206 192,902 0.5 30 ATGen Co., Ltd. 1,428 1,186 0.0 83 BINEX Co., Ltd. 2,113 1,562 0.0 100 BML, INC. 3,160 3,203 0.0 85 Bukwang Pharmaceutical Co., Ltd. 2,333 2,492 0.0 730 Capitol Health Limited 112 92 0.0 25 Caregen Co., Ltd. 3,274 2,279 0.0 373 Celltrion Inc. 42,202 44,480 0.1 24 Chong Kun Dang Pharmaceutical Corp. 3,260 2,785 0.0 18 ChongKunDang Co., Ltd. 2,060 1,377 0.0 1,100 Chugai Pharmaceutical Co., Ltd. 46,001 42,433 0.1 504 CMG Pharmaceutical Co., Ltd. 2,348 1,780 0.0 2 CMIC Holdings Co., Ltd. 37 35 0.0 278 Cochlear, Ltd. 31,620 33,083 0.1 110 CrystalGenomics, Inc. 3,389 2,076 0.0 2,230 CSL Limited 228,977 217,433 0.6 47 Dae Hwa Pharmaceutical Co., Ltd. 2,021 1,218 0.0 32 Daewoong Co., Ltd. 1,947 1,565 0.0 21 Daewoong Pharmaceutical Co., Ltd. 2,075 1,602 0.0 3,221 Daiichi Sankyo Company, Limited 95,690 88,568 0.2 100 Daito Pharmaceutical Co., Ltd. 2,815 2,592 0.0 20 Dong-A Socio Holdings Co., Ltd. 4,574 3,475 0.0 20 Dong-A ST Co., Ltd. 3,422 2,343 0.0 27 DongKook Pharmaceutical Co., Ltd. 1,908 1,721 0.0 436 EBOS Group Limited 6,519 6,809 0.0 100 Eiken Chemical Co., Ltd. 2,390 3,536 0.0 1,300 Eisai Co., Ltd. 106,413 100,266 0.3 200 EPS Holdings Inc. 3,427 3,132 0.0 1,168 Estia Health Limited 5,350 2,949 0.0 2,730 Fisher & Paykel Healthcare Corporation Limited 23,085 21,750 0.1 40 Genexine, Inc. 2,473 1,916 0.0 28 Green Cross Corporation 5,739 4,881 0.0 113 Green Cross Holdings Corp. 4,556 2,986 0.0 204 HanAll Biopharma Co., Ltd. 4,363 2,979 0.0 81 Hanmi Pharm. Co., Ltd. 30,260 13,907 0.0 8,418 Healthscope Limited 22,815 18,719 0.1 400 Hisamitsu Pharmaceutical Co., Inc. 23,903 26,905 0.1 138 HLB Inc. 2,882 2,015 0.0 24 HOGY MEDICAL CO., LTD 2,009 1,990 0.0 32 Humedix Co., Ltd. 2,094 1,192 0.0 30 Huons Global Co., Ltd. 4,608 1,666 0.0 57 Ilyang Pharmaceutical Co., Ltd. 3,211 2,636 0.0 48 InBody Co., Ltd. 2,546 1,439 0.0 49 iNtRON Biotechnology, Inc. 4,889 1,665 0.0 49 i-SENS, Inc. 2,008 1,600 0.0 1,190 Japara Healthcare Limited 3,538 2,612 0.0 87 JCR Pharmaceuticals Co., Ltd. 2,298 2,852 0.0 38 Jeil Pharmaceutical Co., Ltd. 3,906 3,405 0.0 94 Jin Co., Ltd. 4,749 5,825 0.0 71 JW Pharmaceutical Corporation 4,135 4,154 0.0 183 Kaken Pharmaceutical Co., Ltd. 15,880 13,045 0.1 200 Kissei Pharmaceutical Company, Ltd. 6,294 6,699 0.0 300 Kobayashi Pharmaceutical Co., Ltd. 18,163 17,247 0.1 25 Kolon Life Science Inc. 5,071 3,259 0.0 153 Komipharm International Co., Ltd. 7,582 5,946 0.0 173 Kwang Dong Pharmaceutical Co., Ltd. 2,144 1,637 0.0 200 KYORIN Holdings, Inc. 5,406 5,765 0.0 1,217 Kyowa Hakko Kirin Co., Ltd. 24,319 22,612 0.1

132 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,805 Lee’s Pharmaceutical Holdings Limited 2,105 1,961 0.0 1 LG Life Sciences, Ltd. 68 75 0.0 36 Lutronic Corporation 1,910 1,395 0.0 100 MANI, INC. 2,102 3,204 0.0 6,955 Mayne Pharma Group Limited 10,338 9,084 0.0 800 Medipal Holdings Corporation 17,018 16,952 0.1 31 Medipost Co., Ltd. 2,958 1,869 0.0 19 Medy-Tox Inc. 9,857 7,523 0.0 71 Menicon Co., Ltd. 3,070 2,690 0.0 1,007 Mesoblast Limited 2,689 1,398 0.0 525 Metlifecare Limited 2,961 2,725 0.0 2,000 MicroPort Scientific Corporation 1,633 2,020 0.0 300 Miraca Holdings Inc. 17,916 18,109 0.1 1,100 Mitsubishi Tanabe Pharma Corporation 26,589 29,001 0.1 39 Mochida Pharmaceutical Co., Ltd. 3,861 3,637 0.0 37 Naturalendo Tech Co., Ltd. 668 721 0.0 2,230 NIB Holdings, Ltd. 8,847 10,286 0.0 200 Nichi-Iko Pharmaceutical Co., Ltd. 6,461 3,845 0.0 400 Nihon Kohden Corp. 13,313 11,898 0.0 400 Nikkiso Co., Ltd. 3,967 5,110 0.0 300 Nippon Shinyaku Co., Ltd. 15,467 19,868 0.1 600 Nipro Corporation 8,908 8,817 0.0 1,600 Olympus Optical Co., Ltd. 78,205 74,322 0.2 2,213 ONO Pharmaceutical Co., Ltd. 107,351 65,024 0.2 60 Osstem Implant Co., Ltd. 4,839 4,044 0.0 2,020 Otsuka Holdings Co., Ltd. 103,766 118,288 0.3 100 Paramount Bed Holdings Company, Ltd. 4,819 5,369 0.0 200 PeptiDream Inc. 12,537 13,981 0.1 29 Peptron Inc. 1,969 1,261 0.0 2,405 Primary Health Care, Ltd. 9,019 9,528 0.0 3,700 Raffles Medical Group, Ltd. 5,315 4,911 0.0 626 Ramsay Health Care Limited 43,431 41,518 0.1 618 Regis Healthcare Limited 3,199 2,748 0.0 500 Rohto Pharmaceutical Company, Ltd. 11,789 10,566 0.0 1,960 Ryman Healthcare Limited 15,672 14,864 0.1 66 Samsung Biologics Co., Ltd. 12,862 11,065 0.0 66 Samsung Pharmaceutical Co., Ltd. 483 307 0.0 2,000 Santen Pharmaceutical Co., Ltd. 38,299 32,884 0.1 208 Sawai Pharmaceutical Co., Ltd. 17,858 15,019 0.1 372 Schnell Biopharmaceuticals, Inc. 2,301 1,617 0.0 50 Seegene, Inc. 2,064 1,940 0.0 200 Seikagaku Corporation 3,402 3,983 0.0 46 Shin Nippon Biomedical Laboratories, Ltd. 345 310 0.0 1,400 Shionogi & Co., Ltd. 86,283 90,127 0.2 200 Ship Healthcare Holdings, Inc. 7,331 6,899 0.0 242 Sirtex Medical Limited 7,310 3,330 0.0 2,001 Sonic Healthcare Limited 37,989 41,582 0.1 56 ST Pharm CO., Ltd. 2,877 2,789 0.0 1,129 Starpharma Holdings Limited 735 795 0.0 800 Sumitomo Dainippon Pharma Co., Ltd. 13,656 18,488 0.1 400 Suzuken Co., Ltd. 18,262 17,569 0.1 700 Sysmex Corporation 60,179 54,488 0.2 200 Taisho Pharmaceutical Holdings Co., Ltd. 21,027 22,306 0.1 200 Takara Bio Inc. 4,254 3,610 0.0 3,738 Takeda Pharmaceutical Company Limited 237,199 207,803 0.5 1,500 Terumo Corporation 72,692 74,420 0.2 2,165 The United Laboratories International Holdings Limited 1,334 1,977 0.0 300 Toho Pharmaceutical Co., Ltd 8,379 8,044 0.0 100 Tokai Corp. 3,817 4,582 0.0 500 TOPCON Corporation 8,247 10,130 0.0 100 Torii Pharmaceutical Co., Ltd. 3,000 2,972 0.0 22 Towa Pharmaceutical Co., Ltd. 1,498 1,158 0.0 18,000 Town Health International Medical Group Limited 4,421 3,892 0.0 200 TSUKUI CORPORATION 1,654 1,821 0.0 300 Tsumura & Co. 10,460 11,107 0.0 35 Viewworks Co., Ltd. 2,457 2,324 0.0 67 ViroMed Co., Ltd. 10,613 7,700 0.0 329 Virtus Health Limited 1,994 1,994 0.0 116 Vital Ksk Holdings Inc. 1,450 1,320 0.0

133 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 36 Yuhan Corporation 10,965 7,974 0.0 413 Yungjin Pharma Co., Ltd. 5,974 4,045 0.0 200 Zeria Pharmaceutical Co., Ltd. 3,400 4,148 0.0 2,406,782 2,250,357 5.8 Industrials 84 3S Korea Co., Ltd. 327 260 0.0 3,500 AAC Technologies Holdings Inc. 36,341 42,650 0.1 2,249 Adelaide Brighton Limited 11,599 11,859 0.0 100 ADVAN CO., LTD. 1,125 1,384 0.0 100 Aeon Delight Co., Ltd, 4,323 3,754 0.0 300 Aica Kogyo Company, Limited 7,964 10,641 0.0 200 Aichi Corporation 1,969 1,883 0.0 300 AIDA Engineering, Ltd. 3,415 3,825 0.0 100 Aiphone Co., Ltd. 2,135 2,263 0.0 900 ALPS Electric Co., Ltd. 23,777 29,244 0.1 2,510 ALS Limited 11,619 14,722 0.1 1,800 Amada Holdings Co., Ltd. 24,100 27,008 0.1 300 Amano Corporation 6,069 7,082 0.0 5,604 Amcor, Ltd. 80,374 81,355 0.2 100 AMUSE INC. 2,332 2,070 0.0 4,000 AMVIG Holdings Limited 1,889 1,923 0.0 200 ANEST IWATA Corporation 2,466 2,638 0.0 300 Asahi Diamond Industrial Co., Ltd. 3,837 2,942 0.0 5,000 Asahi Glass Company, Limited 36,145 45,761 0.1 100 ASKUL Corporation 5,005 4,599 0.0 4,315 Auckland International Airport Limited 27,889 25,219 0.1 9,511 Aurizon Holdings Limited 39,889 46,640 0.1 300 Azbil Corporation 10,470 11,348 0.0 169 BELLSYSTEM24 HOLDINGS, Inc. 1,767 1,916 0.0 100 Benefit One Inc. 2,881 3,333 0.0 700 BOC Aviation Limited 4,704 4,613 0.0 5,731 Boral, Ltd. 32,392 30,107 0.1 2,168 Boustead Singapore Limited 1,581 1,620 0.0 1,161 Bradken Limited 2,499 3,630 0.0 7,616 Brambles Limited 93,647 91,705 0.3 368 Brickworks Limited 5,481 4,856 0.0 300 Bunka Shutter Co., Ltd. 3,340 3,111 0.0 240 Byucksan Corporation 2,171 1,242 0.0 626 Cabcharge Australia, Ltd. 2,129 2,359 0.0 3,000 Canvest Environment Protection Group Company Limited 1,858 1,987 0.0 803 Cardno Limited 397 737 0.0 1,000 Central Glass Co., Ltd. 6,969 6,266 0.0 252 Chabiotech Co., Ltd. 4,303 3,553 0.0 12,000 China Aerospace International Holdings Limited 2,170 2,034 0.0 7,415 China Huarong Energy Company Limited 1,480 571 0.0 60,000 China Ocean Industry Group, Ltd. 2,043 2,242 0.0 963 Chiyoda Corporation 10,392 8,969 0.0 100 Chiyoda Integre Co., Ltd. 2,929 2,708 0.0 200 Chudenko Corporation 5,538 5,935 0.0 482 CIMIC Group Limited 15,445 16,354 0.1 31 CJ Korea Express Corporation 6,935 6,161 0.0 13,500 CK Hutchison Holdings Limited 226,283 205,253 0.5 300 CKD Corporation 3,125 4,577 0.0 4,958 Cleanaway Waste Management Limited 4,006 5,922 0.0 103 CMK Corporation 509 816 0.0 2,363 Computershare, Ltd. 22,526 28,591 0.1 600 COMSYS Holdings Corporation 12,956 14,770 0.1 5,300 Cosco Corp (Singapore) Limited 1,977 1,378 0.0 100 COSEL Company, Ltd. 1,306 1,438 0.0 2,524 CSR Limited 7,932 11,323 0.0 169 Daeduck Electronics Co., Ltd. 1,522 1,531 0.0 99 DaeDuck GDS Co., Ltd 1,519 1,418 0.0 134 Daelim Industrial Co., Ltd. 13,143 12,959 0.1 915 Daewoo Engineering & Construction Co., Ltd. 6,544 5,161 0.0 404 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 2,572 2,010 0.0 200 Daido Metal Co., Ltd. 2,088 2,684 0.0 500 Daifuku Co., Ltd. 11,087 14,332 0.1 234 Daihen Corporation 1,335 1,943 0.0 84 Daiho Corporation 464 534 0.0 100 Daiken Corporation 2,582 2,375 0.0

134 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,300 Daikin Industries, Ltd. 133,280 160,458 0.4 200 Daiseki Co., Ltd. 4,291 5,510 0.0 200 DAIWA INDUSTRIES, LTD. 2,303 2,042 0.0 1,000 Daiwabo Holdings Co., Ltd. 2,575 3,288 0.0 96 Dawonsys Co., Ltd. 1,994 1,380 0.0 178 Decmil Group Limited (DGL) 133 179 0.0 200 Dexerials Corp 2,906 2,555 0.0 38 DIO Corporation 2,113 1,669 0.0 100 DIP Corporation 2,957 2,780 0.0 100 DISCO Corporation 13,287 16,281 0.1 500 DMG Mori Co., Ltd. 6,779 8,152 0.0 52 Doosan Corporation 5,067 6,062 0.0 702 Doosan Infracore Co., Ltd. 5,353 6,875 0.0 100 Doshisha Company, Ltd. 2,560 2,415 0.0 2,232 Downer EDI Limited 8,038 13,199 0.1 47 Duk San Neolux Co., Ltd. 1,539 1,659 0.0 1,917 DuluxGroup, Ltd. 12,164 11,616 0.0 100 Eagle Industry Co., Ltd. 1,782 1,786 0.0 400 Ebara Corporation 12,344 15,315 0.1 107 Enplas Corporation 3,969 4,244 0.0 100 ESPEC CORP. 1,705 1,538 0.0 25 Eusu Holdings Co., Ltd. 273 159 0.0 1,003 FANUC Corporation 219,283 228,513 0.6 3,324 Fletcher Building Limited 26,078 32,948 0.1 100 Foster Electric Company, Limited 2,715 2,544 0.0 100 FP Corporation 5,611 6,163 0.0 681 Freightways Limited 3,826 4,298 0.0 719 Fudo Tetra Corporation 1,552 1,695 0.0 2,679 Fuji Electric Company, Limited 13,594 18,666 0.1 400 Fuji Machine Manufacturing Co., Ltd. 5,407 6,149 0.0 200 Fuji Seal, Inc. 4,452 5,740 0.0 1,400 Fujikura, Ltd. 9,612 10,222 0.0 400 Fujitec Co., Ltd. 5,550 6,296 0.0 5 FUKUDA CORPORATION 64 65 0.0 100 Fukushima Industries Corp. 2,866 3,875 0.0 1,166 FUKUYAMA TRANSPORTING CO., LTD. 8,658 8,888 0.0 100 Funai Soken Holdings Incorporated 1,967 2,112 0.0 2,000 Furukawa Co., Ltd. 4,220 4,898 0.0 200 Futaba Corp. 3,798 4,512 0.0 28,000 GCL New Energy Holdings Limited 2,038 2,204 0.0 105 Giken, Ltd. 2,406 2,294 0.0 300 Glory, Ltd. 13,356 12,728 0.1 78 GMO Payment Gateway, Inc. 6,790 4,664 0.0 224 GS Engineering & Construction Corp. 6,940 6,591 0.0 65 G-SMATT Global Co., Ltd. 2,179 1,054 0.0 1,086 GWA Group Limited 2,831 3,121 0.0 101 Hamakyorex Co., Ltd. 2,283 2,522 0.0 700 Hamamatsu Photonics K.K. 26,068 24,749 0.1 20 Hanil Cement Co., Ltd. 1,977 1,688 0.0 568 Hanjin Heavy Industries & Construction Co., Ltd. 2,783 2,122 0.0 41 Hanjin Transportation Co., Ltd. 1,985 1,311 0.0 95 Hansol Technics Co., Ltd 2,201 1,630 0.0 1,000 HANWA Co., Ltd. 5,640 8,796 0.0 240 Hanwha Corporation 9,787 9,340 0.0 166 Hanwha Techwin Co., Ltd. 8,240 8,008 0.0 1,400 Haseko Corp. 17,133 19,139 0.1 900 Hazama Corporation 6,145 7,978 0.0 100 Hibiya Engineering, Ltd. 1,943 1,912 0.0 1,300 Hino Motors Limited 18,363 17,787 0.1 100 HIOKI E.E. Corporation 2,469 2,424 0.0 115 Hirose Electric Co., Ltd. 18,144 19,159 0.1 200 HISAKA WORKS, LTD. 2,182 2,028 0.0 500 Hitachi Construction Machinery Co., Ltd. 11,362 14,550 0.1 200 Hitachi Koki Co., Ltd. 1,757 3,385 0.0 200 Hitachi Transport System, Ltd. 4,110 5,457 0.0 700 Hitachi Zosen Corporation 4,723 4,918 0.0 23,000 Hitachi, Ltd. 142,123 167,133 0.4 4,000 Hopewell Highway Infrastructure Limited 2,520 2,816 0.0 200 Horiba, Ltd. 9,345 12,441 0.0 294 Hoshizaki Electric Co., Ltd. 32,082 31,268 0.1 200 Hosiden Corporation 1,777 2,175 0.0

135 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,900 Hoya Corporation 97,313 107,285 0.3 24,400 Hutchison Port Holdings Trust 15,684 14,234 0.1 114 Hyosung Corporation 16,981 18,417 0.1 8 Hyundai Corporation 207 195 0.0 303 Hyundai Development Company 15,243 15,122 0.1 42 Hyundai Elevator Co., Ltd. 2,380 2,677 0.0 359 Hyundai Engineering & Construction Co., Ltd. 16,311 17,060 0.1 90 Hyundai Glovis Co., Ltd. 19,443 15,439 0.1 228 Hyundai Heavy Industries Co., Ltd. 32,309 36,834 0.1 46 Hyundai Mipo Dockyard Co., Ltd. 3,552 3,432 0.0 114 Hyundai Rotem Company 2,094 2,297 0.0 500 Ibiden Co., Ltd. 8,693 9,043 0.0 100 Idec Izumi Corporation 1,158 1,256 0.0 7,000 IHI Corporation 21,070 24,467 0.1 400 Iino Kaiun Kaisha, Ltd. 2,130 2,120 0.0 85 iMarketKorea Inc. 1,813 982 0.0 100 Inaba Denki Sangyo Co., Ltd. 4,224 4,628 0.0 400 Infomart Corporation 2,556 3,146 0.0 2,052 Infratil Limited 5,932 5,277 0.0 39 Insun Environmental New Technology Co. 285 282 0.0 796 IPH Limited 4,331 3,958 0.0 50 IS Dongseo Co., Ltd. 2,892 2,473 0.0 1,000 Iseki & Co., Ltd. 2,622 2,587 0.0 2,600 Isuzu Motors Limited 36,513 44,274 0.1 7,000 Itochu Corporation 119,551 124,912 0.3 72 JAMCO Corporation 2,369 1,994 0.0 2,167 James Hardie Industries PLC CDI 39,906 46,231 0.1 300 Japan Airport Terminal Co., Ltd. 15,641 14,573 0.1 246 Japan Aviation Electronics Industry, Limited 4,659 4,656 0.0 100 Japan Cash Machine Co., Ltd. 1,653 1,724 0.0 1,700 Japan Display Inc. 4,803 6,509 0.0 200 Japan Material Co., Ltd. 4,963 4,158 0.0 978 Jardine Matheson Holdings Limited 72,820 72,463 0.2 1,100 Jardine Strategic Holding Limited 43,986 48,975 0.1 207 JEOL, Ltd. 1,112 1,214 0.0 1,100 JGC Corporation 24,075 26,864 0.1 1,500 Johnson Electric Holdings Limited 5,793 5,319 0.0 197 Juki Corp. 2,305 2,394 0.0 5,000 Kajima Corporation 40,815 46,509 0.1 1,000 Kamigumi Co., Ltd. 12,026 12,809 0.1 100 Kanamoto Co., Ltd. 3,193 3,559 0.0 335 Kandenko Co., Ltd. 3,230 4,064 0.0 2,000 Kanematsu Corporation 3,910 4,530 0.0 100 Katakura Industries Co., Ltd. 1,341 1,572 0.0 7,000 Kawasaki Heavy Industries Limited 27,202 29,538 0.1 4,000 Kawasaki Kisen Kaisha, Ltd. 11,073 12,188 0.0 27 KCC Corporation 12,691 10,777 0.0 61 KEPCO Engineering & Construction Company, Inc. 2,064 1,602 0.0 109 KEPCO Plant Service & Engineering Co., Ltd. 8,767 6,560 0.0 3,000 Kerry Logistics Network Limited 5,944 5,075 0.0 196 Keyence Corporation 152,801 180,737 0.5 107 KH Vatec Co., Ltd. 1,591 1,610 0.0 700 Kinden Corporation 11,199 11,735 0.0 200 Kintetsu World Express Inc. 3,497 3,728 0.0 44 Kiswire, Ltd. 2,017 1,961 0.0 500 KITZ Corporation 3,194 3,674 0.0 200 KOA Corporation 2,060 2,564 0.0 4,600 Komatsu, Ltd. 115,069 140,026 0.4 300 Komori Corporation 4,803 5,281 0.0 84 KONA I Co., Ltd. 2,021 1,129 0.0 200 Konoike Transport Co., Ltd. 3,266 3,534 0.0 322 Korea Aerospace Industries, Ltd. 27,206 23,954 0.1 29 Korea Electric Terminal Co., Ltd. 3,122 2,534 0.0 62 Korea Line Corporation 1,471 1,184 0.0 5,423 Kubota Corporation 102,019 104,036 0.3 1,958 Kumagai Gumi Co., Ltd. 5,905 6,754 0.0 147 Kumho Industrial Co., Ltd. 1,978 1,580 0.0 600 Kurita Water Industries Limited 18,245 17,757 0.1 200 Kuroda Electric Co., Ltd. 3,965 5,314 0.0 1,500 Kyocera Corporation 92,155 100,238 0.3 1,000 Kyodo Printing Co., Ltd. 4,291 4,599 0.0

136 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 200 KYOKUTO KAIHATSU KOGYO CO., LTD. 2,601 3,613 0.0 500 Kyowa Exeo Corporation 7,742 9,670 0.0 127 Kyudenko Corporation 5,032 4,585 0.0 801 Kyushu Railway Company 30,986 28,182 0.1 57 Leaders Cosmetics Co., Ltd. 2,202 1,392 0.0 437 LG Corp 33,941 29,113 0.1 32 LG Hausys, Ltd. 4,657 3,400 0.0 69 LG Innotek Co., Ltd. 6,570 6,773 0.0 136 LG International Corporation 5,538 4,417 0.0 54 LIG Nex1 Co., Ltd. 5,845 4,827 0.0 1,735 Link Administration Holdings Limited 14,002 12,754 0.1 200 Lintec Corp. 4,961 5,871 0.0 1,300 LIXIL Group Corporation 37,534 39,670 0.1 76 LS Corp. 4,261 5,004 0.0 57 LS Industrial Systems Co., Ltd. 2,701 2,516 0.0 300 Mabuchi Motor Co., Ltd. 19,293 21,041 0.1 2,167 Macquarie Atlas Roads Group 9,983 10,627 0.0 335 Maeda Corporation 2,928 3,929 0.0 100 Maeda Kosen Co., Ltd. 1,451 1,474 0.0 138 MAEDA ROAD CONSTRUCTION CO., LTD. 2,963 3,102 0.0 389 Mainfreight Limited 5,892 7,533 0.0 92 Makino Milling Machine Co., Ltd. 721 968 0.0 7,600 Marubeni Corp. 53,804 57,918 0.2 3 Maruwa Ceramic Co., Ltd. 113 133 0.0 22 Max Co., Ltd. 311 361 0.0 1,000 Meidensha Corporation 5,990 4,622 0.0 300 MEISEI INDUSTRIAL Co., Ltd. 1,710 1,966 0.0 100 MEITEC Corporation 4,749 5,145 0.0 91 METAWATER Co., Ltd. 2,893 2,897 0.0 1,556 Minebea Company 17,408 19,608 0.1 300 MIRAIT Holdings Corporation 3,065 3,643 0.0 1,300 MISUMI Corporation 26,076 28,758 0.1 6,700 Mitsubishi Corporation 171,013 191,818 0.5 9,600 Mitsubishi Electric Corporation 141,080 179,863 0.5 16,000 Mitsubishi Heavy Industries, Ltd. 83,884 97,980 0.3 809 Mitsubishi Logistics Corporation 14,028 15,376 0.1 600 Mitsubishi Material Corporation 24,268 24,766 0.1 100 Mitsubishi Nichiyu Forklift Co., Ltd. 859 974 0.0 8,200 MITSUI & Co., Ltd. 142,754 151,512 0.4 4,000 Mitsui Engineering & Shipbuilding Company, Limited 7,967 8,324 0.0 5,000 Mitsui O.S.K. Lines, Ltd. 15,223 18,626 0.1 1,000 Mitsui-Soko Holdings Co., Ltd. 3,508 3,955 0.0 300 Mitsumi Electric Company, Ltd. 2,010 2,214 0.0 500 Miura Co., Ltd. 11,249 10,210 0.0 320 MMA Offshore Limited 93 84 0.0 399 Monadelphous Group Limited 3,171 4,351 0.0 314 MonotaRO Co., Ltd. 11,318 8,629 0.0 200 Morita Holdings Corporation 3,295 3,815 0.0 892 Murata Manufacturing Company, Ltd. 151,989 160,507 0.4 600 Nabtesco Corporation 17,837 18,758 0.1 1,000 Nachi-Fujikoshi Corp. 4,755 5,829 0.0 200 Namura Shipbuilding Co., Ltd. 1,972 1,837 0.0 1,340 NGK Insulators Limited 33,379 34,928 0.1 256 Nichias Corp. 2,452 3,320 0.0 400 Nichicon Corp. 3,748 4,691 0.0 100 NICHIDEN Corporation 3,624 3,616 0.0 100 Nichiha Corporation 2,443 3,323 0.0 200 Nichii Gakkan Company 1,897 1,939 0.0 1,200 Nidec Corporation 123,505 139,147 0.4 300 NIKKON Holdings Co., Ltd. 7,148 8,416 0.0 106 Nippo Corporation 2,362 2,658 0.0 861 Nippon Carbon Co., Ltd. 2,378 2,247 0.0 100 NIPPON CERAMIC CO., LTD. 2,256 2,300 0.0 1,000 NIPPON CHEMI-CON CORPORATION 1,923 2,932 0.0 200 Nippon Densetsu Kogyo Co., Ltd. 5,042 4,300 0.0 2,000 Nippon Electric Glass Co., Ltd. 13,238 14,533 0.1 4,000 Nippon Express Co. 25,202 28,929 0.1 1,200 Nippon Parking Development Co., Ltd. 2,156 2,290 0.0 400 Nippon Sheet Glass Company, Ltd. 3,815 3,914 0.0 386 Nippon Thompson Co., Ltd. 1,855 2,192 0.0 8,000 Nippon Yusen Kabushiki Kaisha 21,953 19,960 0.1

137 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,000 Nishimatsu Construction Co., Ltd. 5,675 6,508 0.0 100 Nishio Rent All Co., Ltd. 2,975 4,128 0.0 162 Nissha Printing Co., Ltd. 3,551 5,245 0.0 200 Nissin Electric Co., Ltd. 2,799 2,966 0.0 100 Nitta Corporation 3,366 3,662 0.0 1,000 NITTO BOSEKI CO., LTD. 4,358 5,255 0.0 200 Nitto Kogyo Corporation 4,432 3,668 0.0 100 Nitto Kohki Co., Ltd. 2,946 2,984 0.0 43,400 Noble Group Limited 11,151 6,849 0.0 100 Nohmi Bosai, Ltd. 1,842 1,983 0.0 200 Nomura Co., Ltd. 3,335 3,891 0.0 200 Noritz Corporation 4,367 4,535 0.0 2,000 NTN Corporation 9,048 10,877 0.0 7,000 NWS Holdings Limited 15,169 15,304 0.1 17 OBARA CORPORATION 874 1,018 0.0 3,300 Obayashi Corporation 41,733 42,382 0.1 100 Oiles Corporation 2,074 2,418 0.0 207 OKABE CO., Ltd. 2,235 2,287 0.0 826 OKUMA CORPORATION 7,701 10,589 0.0 1,000 Okumura Corporation 7,050 7,566 0.0 1,000 Omron Corporation 39,931 51,568 0.1 100 ONOKEN CO., LTD. 1,569 1,561 0.0 81 Optex Co., Ltd. 3,233 2,382 0.0 1,000 Orient Overseas International, Ltd. 5,178 5,561 0.0 5,904 Orora Limited 15,251 17,142 0.1 23 Osaki Electric Co., Ltd. 208 322 0.0 400 OSG Corporation 9,660 10,587 0.0 600 OSJB Holdings Corporation 1,553 1,642 0.0 59 OUTSOURCING Inc. 2,465 2,473 0.0 117 OYO Corporation 1,605 1,887 0.0 1,118 OzForex Group Limited 2,214 1,824 0.0 16,098 Pacific Basin Shipping Limited 2,337 3,481 0.0 881 Pact Group Holdings, Ltd. 4,104 5,775 0.0 854 Pan Ocean Co., Ltd. 3,511 3,779 0.0 161 Partron Co., Ltd. 2,095 1,850 0.0 11,731 Peace Map Holding Limited 399 233 0.0 1,400 Penta-Ocean Construction Co., Ltd. 8,245 9,095 0.0 115 Posco Chemtech 1,554 1,532 0.0 208 Posco Daewoo Corporation 5,296 6,236 0.0 1,380 Programmed Maintenance Services Limited 2,013 2,580 0.0 100 Pronexus Inc. 1,389 1,266 0.0 5,472 Qube Holdings Limited 12,630 12,965 0.1 200 Raito Kogyo Co., Ltd. 2,426 2,759 0.0 328 RCR Tomlinson Limited 536 876 0.0 1,600 Recruit Holdings Co., Ltd. 73,377 86,280 0.2 2,048 Reliance Worldwide Corporation Limited 6,237 6,364 0.0 1,000 Rengo Co., Ltd. 6,841 7,313 0.0 90 S1 Corporation 9,356 8,764 0.0 8 Sakai Moving Service Co., Ltd. 261 248 0.0 436 Samsung C&T Corp. 74,296 60,755 0.2 265 Samsung Electro Mechanics Co., Ltd. 16,259 14,947 0.1 765 Samsung Engineering Co., Ltd. 8,807 8,749 0.0 1,186 Samsung Heavy Industries Co., Ltd. 13,458 12,181 0.0 267 Samsung SDI Co., Ltd. 30,370 32,314 0.1 400 Sanki Engineering Co., Ltd. 4,367 4,484 0.0 100 Sankyo Tateyama, Inc. 1,704 1,827 0.0 1,000 Sankyu Inc. 6,025 8,129 0.0 100 Sanshin Electronics Co., Ltd. 1,108 1,297 0.0 1,000 Sanwa Shutter Corporation 10,251 12,820 0.1 1,200 Sarine Technologies, Ltd. 1,986 2,005 0.0 900 Secom Co., Ltd. 89,333 88,455 0.2 1,712 Seek Limited 27,015 24,737 0.1 800 Seino Holdings Co., Ltd. 11,330 11,939 0.0 100 Sekisui Jushi Corporation 1,760 2,122 0.0 415 SENKO Co., Ltd. 3,427 3,765 0.0 40 SFA Engineering Corp. 2,641 2,865 0.0 100 Shibuya Corporation 1,539 2,816 0.0 166 Shima Seiki MFG., Ltd. 3,556 7,549 0.0 1,000 Shimadzu Corporation 19,879 21,409 0.1 3,048 Shimizu Corporation 34,293 37,464 0.1 200 Shinko Plantech Co., Ltd. 2,039 1,952 0.0

138 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 157 Shinmaywa Industries, Ltd. 1,395 1,897 0.0 200 SHINNIHON CORPORATION 2,257 2,166 0.0 100 SHO-BOND Holdings Co., Ltd. 4,871 5,599 0.0 1,000 SIA Engineering Company Limited 3,447 3,128 0.0 100 SIIX CORPORATION 3,863 4,536 0.0 1,096 Sinfonia Technology Co., Ltd. 2,347 3,314 0.0 12,000 Singamas Container Holdings Limited 1,676 1,744 0.0 3,100 Singapore Airport Terminal Services, Ltd. 12,495 13,956 0.1 7,400 Singapore Post Limited 11,103 10,063 0.0 7,600 Singapore Technologies Engineering Limited 22,727 22,787 0.1 200 Sintokogio, Ltd. 2,324 2,339 0.0 6,000 SITC International Holdings Company Limited 4,171 4,898 0.0 852 SK Networks Co., Ltd. 5,963 6,546 0.0 1,104 Slater & Gordon Limited 404 241 0.0 363 SmartGroup Corporation, Ltd. 2,574 2,214 0.0 234 SMC Corporation 79,604 75,078 0.2 15 SMK Corporation 65 72 0.0 100 SMS CO., LTD. 2,148 2,979 0.0 200 Sodick Co., Ltd. 1,983 2,226 0.0 300 Sohgo Security Services Co., Ltd. 20,346 15,505 0.1 6,200 Sojitz Holdings Corporation 18,465 20,245 0.1 4,830 Spotless Group Holdings Limited 5,703 4,643 0.0 71 Ssangyong Cement Industrial Co., Ltd. 1,467 1,167 0.0 200 Star Micronics Co., Ltd. 2,999 3,661 0.0 5,500 Sumitomo Corp. 80,434 86,984 0.2 3,125 Sumitomo Heavy Industries Limited 19,342 27,056 0.1 3,700 Sumitomo Mitsui Construction Co., Ltd. 4,366 5,233 0.0 2,172 Sumitomo Osaka Cement Co., Ltd. 12,075 11,013 0.0 4,648 Summit Ascent Holdings Limited 1,647 1,560 0.0 144 SungKwang Bend Co., Ltd. 1,496 1,417 0.0 2,000 SWCC Showa Holdings Co., Ltd. 1,751 1,978 0.0 2,500 Swire Pacific Limited 34,744 32,021 0.1 5,335 Sydney Airport 34,978 31,032 0.1 535 Tadano, Ltd. 6,360 9,055 0.0 48 Taewoong Co., Ltd. 1,496 1,196 0.0 246 Taeyoung Engineering & Construction 1,566 1,480 0.0 1,087 Taihan Electric Wire Co., Ltd. 2,595 2,239 0.0 82 TAIHEI DENGYO KAISHA, LTD. 1,068 1,071 0.0 6,000 Taiheiyo Cement Corporation 20,332 25,525 0.1 100 Taikisha, Ltd. 3,215 3,277 0.0 5,240 Taisei Corp. 46,848 49,283 0.1 500 Taiyo Yuden Co., Ltd. 6,822 8,066 0.0 100 Takamatsu Construction Group Co., Ltd. 2,655 2,858 0.0 100 Takaoka Toko Co., Ltd. 2,461 2,492 0.0 300 Takasago Thermal Engineering Co., Ltd. 5,439 5,188 0.0 184 TAKEUCHI MFG. Co., Ltd. 3,426 5,509 0.0 181 Takuma Co. 1,826 2,079 0.0 1,000 Tamura Corporation 4,950 5,082 0.0 207 TANSEISHA Co., Ltd. 1,947 1,909 0.0 6,000 TCC International Holdings, Ltd. 1,885 1,878 0.0 600 TDK Corporation 49,547 55,466 0.2 2,064 Technovator International Limited 1,138 1,057 0.0 962 TEKKEN Corporation 3,217 3,794 0.0 700 Temp Holdings Co., Ltd. 12,871 14,592 0.1 4,558 The 13 Holdings Limited 2,309 1,790 0.0 300 The Furukawa Electric Co. 9,720 11,797 0.0 330 The Japan Steel Works, Ltd. 7,377 7,862 0.0 300 The Nippon Signal Co., Ltd. 3,404 3,418 0.0 100 The Pack Corporation 3,135 3,002 0.0 1,000 The Sumitomo Warehouse Co., Ltd. 6,673 7,106 0.0 500 THK Co., Ltd. 12,390 14,867 0.1 100 TKC Corporation 3,613 3,662 0.0 100 TOA CORPORATION 3,205 2,296 0.0 100 TOA Corporation 1,148 1,207 0.0 1,000 TODA Corporation 6,316 7,094 0.0 8 TOKYO ENERGY & SYSTEMS INC. 99 92 0.0 400 TOKYU CONSTRUCTION CO., LTD. 4,029 4,332 0.0 931 Tongyang Inc. 3,416 3,086 0.0 200 Toppan Forms Co., Ltd. 2,956 2,803 0.0 3,000 Toppan Printing Co., Ltd. 34,937 38,495 0.1 96 Toptec Co., Ltd. 2,145 2,462 0.0

139 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 100 Topy Industries, Ltd. 2,785 3,467 0.0 100 Torishima Pump Mfg. Co., Ltd. 1,321 1,305 0.0 18,928 Toshiba Corp. 55,137 61,611 0.2 1,042 Toshiba Machine Co., Ltd. 4,601 5,619 0.0 200 Toshiba Plant Systems & Services Corporation 3,561 3,541 0.0 246 Toshiba TEC Corporation 1,284 1,584 0.0 100 Totetsu Kogyo Co., Ltd. 3,686 3,484 0.0 700 Toto, Ltd. 29,939 37,224 0.1 951 Tox Free Solutions Limited 2,399 2,392 0.0 300 TOYO Construction Co., Ltd. 1,752 1,414 0.0 100 TOYO Corporation 1,283 1,192 0.0 1,000 Toyo Engineering Corporation 3,461 3,587 0.0 921 Toyo Kanetsu K.K. 2,715 3,336 0.0 800 Toyo Seikan Kaisha, Ltd. 19,665 20,071 0.1 1,100 Toyota Tsusho Corporation 33,309 38,512 0.1 9 Trancom Co., Ltd. 688 593 0.0 9,873 Transurban Group 108,164 98,940 0.3 6,000 Truly International Holdings 2,049 3,134 0.0 200 Trusco Nakayama Corporation 5,058 5,629 0.0 142 TSUBAKI NAKASHIMA Co., Ltd. 2,542 2,779 0.0 947 TSUBAKIMOTO CHAIN CO. 7,902 10,344 0.0 3 Tsugami Corporation 15 23 0.0 200 Tsukishima Kikai Co., Ltd. 2,333 2,817 0.0 100 Tsurumi Manufacturing Co., Ltd. 1,965 1,945 0.0 200 ULVAC, Inc. 7,695 8,232 0.0 100 Union Tool Co. 3,349 3,495 0.0 2,800 United Engineers Limited 5,612 6,654 0.0 600 Ushio Inc. 10,751 10,286 0.0 1,200 Venture Corporation, Ltd. 9,724 11,005 0.0 200 Wakita & Co., LTD. 2,133 2,242 0.0 100 Wellnet Corporation 1,710 1,489 0.0 100 W-Scope Corporation 2,541 2,012 0.0 100 YAHAGI CONSTRUCTION CO., LTD. 1,186 1,243 0.0 200 Yamabiko Corporation 2,124 3,744 0.0 1,700 Yamato Holdings Co., Ltd. 48,455 46,452 0.1 400 Yamazen Corp. 4,391 4,493 0.0 10,900 Yangzijiang Shipbuilding Holdings Limited 9,768 8,246 0.0 1,300 Yaskawa Electric Corp. 21,478 27,174 0.1 100 Yokogawa Bridge Holdings Corp. 1,366 1,567 0.0 1,200 Yokogawa Electric Corporation 16,886 23,359 0.1 4,000 Yoma Strategic Holdings, Ltd. 2,162 2,172 0.0 92 Youlchon Chemical Co., Ltd 1,547 1,435 0.0 100 Yuasa Trading Co., Ltd. 3,118 3,355 0.0 42 YURTEC CORPORATION 368 383 0.0 100 Yusen Air & Sea Service Co., Ltd. 1,318 1,399 0.0 6,432,668 6,902,776 17.7 Oil & Gas 5,380 APA Group 46,113 44,772 0.1 2,514 Australian Worldwide Exploration Limited 1,840 1,514 0.0 6,785 Beach Petroleum Limited 4,931 5,600 0.0 14,572 Brightoil Petroleum (Holdings) Limited 5,106 5,545 0.0 1,265 Caltex Australia Limited 41,499 37,417 0.1 300 Cosmo Energy Holdings Co., Ltd. 4,849 5,667 0.0 299 Doosan Heavy Industries and Construction Co., Ltd. 8,262 9,030 0.0 8,197 Ezion Holdings Limited 4,258 2,929 0.0 1,402 Ezion Holdings Limited, Warrants (Exp. 04/24/20) — 108 0.0 4,548 Ezra Holdings Limited 330 207 0.0 253 GS Holdings Corp. 15,303 15,197 0.1 3 Hankook Shell Oil Co., Ltd. 1,592 1,476 0.0 14,000 Honghua Group Ltd. 2,096 1,840 0.0 500 Idemitsu Kosan Co., Ltd. 11,782 17,850 0.1 4,500 INPEX Corporation 50,565 60,588 0.2 185 Japan Petroleum Exploration Co., Ltd. 6,119 5,528 0.0 11,800 JX Holdings, Inc. 64,051 67,118 0.2 100 K&O Energy Group, Inc. 1,751 2,120 0.0 1,343 Karoon Gas Australia Limited 2,019 2,341 0.0 6,806 Keppel Corporation Limited 37,153 36,580 0.1 2,174 Liquefied Natural Gas Limited 1,279 1,425 0.0 100 MODEC, INC. 2,024 2,148 0.0 5,699 Oil Search Limited 41,209 39,679 0.1

140 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 211 SAN-AI OIL CO., LTD. 1,757 2,031 0.0 7,174 Santos Limited 28,188 28,005 0.1 4,300 SembCorp Industries Limited 11,699 11,376 0.0 4,000 SembCorp Marine Limited 6,506 5,124 0.0 5,814 Senex Energy Limited 1,437 1,496 0.0 900 Showa Shell Sekiyu K.K. 10,381 11,248 0.0 65,000 Sino Oil and Gas Holdings Limited 2,006 2,159 0.0 297 SK Innovation Co., Ltd. 51,974 48,311 0.1 204 S-Oil Corporation 19,204 19,185 0.1 755 Sunshine Oilsands, Ltd. 49 43 0.0 767 The New Zealand Refining Company Limited 1,715 1,865 0.0 1,017 TonenGeneral Sekiyu K.K. 13,243 14,406 0.1 20,000 United Photovoltaics Group Limited 2,076 2,525 0.0 1,200 Vard Holdings, Ltd. 197 279 0.0 3,554 Woodside Petroleum Limited 98,426 107,537 0.3 1,101 WorleyParsons, Ltd. 6,960 10,392 0.0 16,000 Xinyi Solar Holdings Limited 7,620 6,974 0.0 11,427 Yanchang Petroleum International Limited 410 441 0.0 1,766 Z Energy Limited 11,440 11,989 0.0 629,419 652,065 1.7 Technology 834 Aconex Limited 5,098 4,106 0.0 129 Advanced Process Systems Corporation 3,103 4,275 0.0 900 Advantest Corporation 12,500 20,365 0.1 32 AhnLab, Inc. 2,105 2,054 0.0 115 Ai Holdings Corporation 3,699 3,073 0.0 540 Altium Limited 3,619 4,242 0.0 700 Anritsu Corporation 5,766 5,071 0.0 2,000 APT Satellite Holdings Limited 2,017 1,290 0.0 1,200 ASM Pacific Technologies, Ltd. 13,048 17,051 0.1 300 Broadleaf Co., Ltd. 2,353 2,180 0.0 1,200 Brother Industries, Ltd. 19,927 29,099 0.1 100 CANON ELECTRONICS INC. 1,968 2,026 0.0 5,100 Canon Inc. 198,765 193,215 0.5 200 Canon Marketing Japan Inc. 4,427 4,521 0.0 200 Capcom Co., Ltd. 6,023 6,324 0.0 48,000 China Goldjoy Group, Ltd. 7,251 7,472 0.0 16,049 China Healthcare Enterprise Group, Ltd. 2,244 311 0.0 125 CrucialTec Co., Ltd. 2,080 1,119 0.0 663 CSG, Ltd. 1,008 470 0.0 259 Curocom Co., Ltd. 1,197 907 0.0 500 CyberAgent, Inc. 14,749 16,603 0.1 169 Daou Technology Inc. 4,333 3,378 0.0 10 Denki Kogyo Co., Ltd. 56 66 0.0 111 Dongbu Hitek Co., Ltd. 2,257 1,960 0.0 100 DTS Corp. 2,432 2,863 0.0 73 DuzonBizon Co., Ltd. 1,871 1,739 0.0 100 Eizo Nanao Corp. 3,345 4,001 0.0 100 Elecom Co., Ltd. 2,218 2,255 0.0 45 EO Technics Co., Ltd. 5,474 4,487 0.0 12,000 FIH Mobile Limited 6,089 5,085 0.0 100 Fuji Soft ABC Inc. 2,774 3,187 0.0 1,900 FUJIFILM Holdings Corporation 96,491 96,887 0.3 9,060 Fujitsu, Ltd. 50,126 67,659 0.2 117 GemVax & KAEL Co., Ltd. 2,632 1,890 0.0 300 GMO internet, Inc. 4,963 5,153 0.0 43 Green Cross Cell Corporation 1,543 1,299 0.0 87 HANCOM Inc. 1,962 1,599 0.0 300 Hitachi High-Technologies Corporation 12,386 16,264 0.1 200 Hitachi Kokusai Electric Inc. 3,509 5,618 0.0 4,000 HKBN, Ltd. 6,946 5,888 0.0 16 ICD Co., Ltd. 236 319 0.0 100 Icom Incorporated 2,499 2,602 0.0 100 INES Corporation 1,340 1,400 0.0 100 Information Services International-Dentsu, Ltd. 2,418 2,060 0.0 200 Internet Initiative Japan Inc. 5,505 4,056 0.0 641 Iress Market Technology, Ltd. 7,289 7,388 0.0 616 Isentia Group Limited 2,046 1,717 0.0 145 istyle Inc. 1,817 1,385 0.0 400 IT Holdings Corporation 13,110 11,498 0.0

141 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 200 Itochu Techno-Science Corporation 5,850 6,991 0.0 4,000 Ju Teng International Holdings Limited 2,515 1,661 0.0 200 Justsystems Corporation 2,091 2,601 0.0 215 Jusung Engineering Co., Ltd. 2,014 2,471 0.0 100 KAGA ELECTRONICS CO., LTD. 1,699 2,180 0.0 152 Kakao Corp. 17,231 12,995 0.0 52 KLab Inc. 372 397 0.0 200 Koei Tecmo Holdings Co., Ltd. 4,344 4,730 0.0 50 Koh Young Technology Inc. 2,200 2,509 0.0 2,200 Konica Minolta Holdings, Inc. 26,030 29,368 0.1 44 Leeno Industrial Inc. 1,963 2,118 0.0 1,098 LG Display Co., Ltd. 32,256 38,342 0.1 200 LINE Corporation 9,762 9,221 0.0 296 Lumens Co., Ltd. 1,535 1,260 0.0 100 Macnica Fuji Electronics Holdings, Inc. 1,651 1,770 0.0 100 MegaChips Corporation 2,338 2,975 0.0 200 Micronics Japan Co.,Ltd. 3,262 2,663 0.0 100 Mimasu Semiconductor Industry Co., Ltd. 1,468 1,904 0.0 100 Miroku Jyoho Service Co., Ltd. 2,205 2,070 0.0 100 Mitsubishi Research Institute, Inc. 4,123 3,783 0.0 200 Mitsui High-tec, Inc. 1,751 1,918 0.0 1,251 MYOB Group Limited 4,199 4,446 0.0 129 NAVER Corp. 99,027 111,005 0.3 13,000 NEC Corporation 42,421 46,336 0.1 100 NEC Networks & System Integration Corporation 2,087 2,427 0.0 500 Net One Systems Co. 3,850 4,300 0.0 52,425 New Sports Group, Ltd. 1,799 961 0.0 1,324 NEXTDC Limited 4,357 4,680 0.0 400 Nihon Unisys, Ltd. 6,614 6,761 0.0 200 Nippon System Development Co., Ltd. 4,060 4,224 0.0 550 Nomura Research Institute, Ltd. 22,465 22,513 0.1 200 NS Solutions Corporation 4,849 4,838 0.0 600 NTT Data Corporation 39,546 38,978 0.1 23 OBIC Business Consultants Co., Ltd. 1,306 1,333 0.0 300 Obic Co., Ltd. 20,554 17,626 0.1 400 Oki Electric Industry Company, Limited 7,201 7,552 0.0 218 Oracle Corporation Japan 15,560 14,763 0.1 300 Otsuka Corporation 18,823 18,833 0.1 274 POSCO ICT 1,894 1,758 0.0 3,300 Ricoh Co., Ltd. 44,286 37,488 0.1 100 Riso Kagaku Corporation 2,068 2,271 0.0 400 Rohm Company Limited 25,259 30,952 0.1 200 Ryosan Company, Limited 6,992 8,117 0.0 100 Ryoyo Electro Corporation 1,556 1,690 0.0 157 Samsung Sds Co., Ltd. 31,877 24,318 0.1 284 Sanken Electric Co., Ltd. 1,213 1,672 0.0 100 SATO Corporation 2,855 2,692 0.0 186 SCREEN Holdings Co., Ltd. 8,333 15,505 0.1 200 SCSK Corporation 9,533 9,405 0.0 1,400 Seiko Epson Corporation 34,085 39,840 0.1 12,500 Semiconductor Manufacturing International Corporation 15,938 26,334 0.1 171 Seoul Semiconductor Co., Ltd. 2,736 2,952 0.0 9 Shindengen Electric Manufacturing Co., Ltd, 47 45 0.0 400 Shinko Electric Industries Company, Ltd. 3,185 3,633 0.0 100 Shinko Shoji Co., Ltd. 1,336 1,427 0.0 57 Silicon Works Co., Ltd. 2,043 1,759 0.0 3,400 Silverlake Axis Limited 2,000 1,673 0.0 25 Sindoh Co., Ltd. 1,514 1,524 0.0 162 SK Holdings Co., Ltd. 41,630 41,281 0.1 2,606 SK Hynix Inc. 98,178 129,340 0.3 144 SMS Management & Technology Limited 216 186 0.0 407 Square Enix Holdings Co., Ltd 15,262 14,062 0.1 557 STS Semiconductor & Telecommunications Co., Ltd. 1,535 1,565 0.0 900 SUMCO Corporation 8,816 15,626 0.1 65,102 SunCorp Technologies Limited 1,548 619 0.0 100 SystemPro Co., Ltd. 2,249 2,052 0.0 699 Technology One Limited 3,006 3,835 0.0 209 TechnoPro Holdings, Inc. 8,276 9,011 0.0 100 T-Gaia Corporation 1,692 2,188 0.0 720 Tokyo Electron, Ltd. 68,594 91,435 0.2 194 Tokyo Ohka Kogyo Co., Ltd 6,852 8,789 0.0

142 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 200 Tokyo Seimitsu Co., Ltd. 5,144 7,968 0.0 6,024 TPV Technology Limited 1,522 1,375 0.0 100 Trans Cosmos Inc. 3,267 3,141 0.0 542 Trend Micro Incorporated 27,153 25,893 0.1 100 UKC Holdings Corporation 2,721 2,411 0.0 800 Vtech Holdings, Ltd. 12,034 14,349 0.1 800 Wacom Co., Ltd. 4,816 2,815 0.0 456 Wisetech Global Limited 2,529 2,502 0.0 362 Wonik Holdings Co., Ltd. 6,266 4,978 0.0 464 Xero Limited 6,962 7,593 0.0 6,400 Yahoo! Japan Corporation 35,074 33,040 0.1 1,550,084 1,676,089 4.3 Telecommunications 2,245 Chorus Limited 8,013 8,334 0.0 7,000 CITIC Telecom International Holdings Limited 3,688 2,821 0.0 100 Hikari Tsushin, Inc. 9,847 12,521 0.0 6,000 Hutchison Telecommunications (Australia) Limited 2,737 2,595 0.0 9,000 KDDI Corporation 322,610 306,251 0.8 121 KT Corporation 3,831 3,950 0.0 100 KT Corporation ADR 2,056 1,890 0.0 1,048 LG Uplus Corp. 12,558 13,323 0.0 1,600 M1 Limited 3,966 2,911 0.0 20 MTI, Ltd. 160 167 0.0 1,166 Nippon Telegraph and Telephone Corporation 66,241 65,853 0.2 6,400 NTT DoCoMo, Inc. 195,789 195,960 0.5 20,000 PCCW Limited 16,548 14,529 0.1 35,037 Singapore Telecommunications Limited 128,919 118,059 0.3 110 SK Telecom Co., Ltd. 26,688 27,358 0.1 2,000 SmarTone Telecommunications Holdings, Ltd. 4,322 3,605 0.0 4,167 SoftBank Group Corp. 304,710 372,033 1.0 8,791 Spark New Zealand Limited 29,161 28,032 0.1 2,900 StarHub Limited 9,557 7,564 0.0 20,010 Telstra Corporation Limited 102,124 99,097 0.3 1,594 TPG Telecom Limited 16,135 10,556 0.0 2,873 Vocus Communications Limited 21,317 10,797 0.0 1,290,977 1,308,206 3.4 Utilities 3,268 AGL Energy Limited 59,244 70,100 0.2 8,647 AusNet Services 13,007 13,267 0.0 8,000 CGN Meiya Power Holdings Co., Ltd. 1,702 1,591 0.0 3,000 Cheung Kong Infrastructure Holdings Limited 38,056 32,016 0.1 3,379 China Everbright Water Limited 1,973 1,568 0.0 3,413 Chubu Electric Power Co., Inc. 61,892 64,082 0.2 7,500 CLP Holdings Limited 93,114 92,430 0.2 3,455 Contact Energy Limited 14,748 15,056 0.1 11,804 DUET Group 27,199 31,407 0.1 21 E1 Corporation 1,571 1,462 0.0 900 Electric Power Development Co., Ltd. 36,230 27,836 0.1 208 ERM Power Limited 291 260 0.0 100 Gallant Venture, Ltd. 21 11 0.0 2,143 Genesis Energy Limited 3,923 4,208 0.0 800 Hokkaido Electric Power Company, Incorporated 9,171 8,398 0.0 900 Hokuriku Electric Power Company 17,361 13,556 0.0 35,700 Hong Kong & China Gas Company Limited 80,543 84,844 0.2 3,300 Hyflux Limited 1,941 1,578 0.0 3,015 Infigen Energy Limited 1,685 2,635 0.0 1,000 Iwatani Corporation 7,493 7,152 0.0 11,200 Keppel Infrastructure Trust 5,259 4,938 0.0 1,239 Korea Electric Power Corporation 78,704 60,599 0.2 122 Korea Gas Corp. 5,571 6,563 0.0 2,300 Kyushu Electric Power Company, Incorporated 31,159 33,532 0.1 3,207 Mercury NZ, Ltd. 8,357 8,877 0.0 5,951 Meridian Energy Limited 14,261 14,469 0.1 200 Nippon Gas Co., Ltd. 5,843 7,727 0.0 8,473 Origin Energy Limited 43,960 54,221 0.2 10,000 Osaka Gas Co., Ltd. 52,442 51,694 0.1 6,500 Power Assets Holdings Limited 84,946 76,846 0.2 2,000 Saibu Gas Co., Ltd. 6,103 5,795 0.0 14 Samchully Co., Ltd. 1,673 1,578 0.0 700 Shikoku Electric Power Company Incorporated 12,885 9,529 0.0

143 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 200 Shizuoka Gas Co., Ltd. 1,867 1,897 0.0 4,300 SIIC Environment Holdings, Ltd. 2,810 2,335 0.0 23 SK Gas, Ltd. 1,970 3,307 0.0 1,500 The Chugoku Electric Power Co. Inc. 27,559 23,645 0.1 3,600 The Kanzai Electric Power Company, Incorporated 50,158 52,899 0.1 200 The Okinawa Electric Power Company, Incorporated 5,097 6,046 0.0 2,000 TOHO Gas Company, Ltd. 18,977 21,869 0.1 2,300 Tohoku Electric Power Co., Inc. 40,329 39,059 0.1 500 Tokai Holdings Corporation 3,481 4,691 0.0 7,600 Tokyo Electric Power Co. 51,750 41,245 0.1 10,116 Tokyo Gas Co., Ltd. 60,648 61,517 0.2 5,000 Towngas China Company Limited 3,588 3,529 0.0 1,261 Vector Limited 3,777 3,821 0.0 1,094,339 1,075,685 2.8 Total investments 36,641,158 38,724,426 99.3 Foreign currency contracts (Schedule 1) 1,677 0.0 Other assets and liabilities (net) 270,279 0.7 Total net assets attributable to holders of redeemable units 38,996,382 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 U.S. Dollar 2,131 Japanese Yen 250,867 01/04/17 27 A+ 1 U.S. Dollar 173,171 Canadian Dollar 235,000 01/04/17 2,769 A+ Unrealized appreciation of foreign currency contracts 2,796 1 Japanese Yen 11,522,203 U.S. Dollar 98,031 01/04/17 (1,016) A+ 1 Singapore Dollar 120 U.S. Dollar 83 01/03/17 (1) A+ 1 Singapore Dollar 10,684 U.S. Dollar 7,355 01/03/17 (54) A+ 1 South Korean Won 18,048,900 U.S. Dollar 14,908 01/03/17 (48) AA- Unrealized depreciation of foreign currency contracts (1,119) Unrealized appreciation of foreign currency contracts 1,677 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015* Equity investments Financials 25.8 26.6 Consumer Goods 20.5 20.8 Industrials 17.7 17.0 Consumer Services 10.1 10.8 Basic Materials 7.2 6.2 Health Care 5.8 6.2 Technology 4.3 4.2 Telecommunications 3.4 3.6 Utilities 2.8 2.9 Oil & Gas 1.7 1.7 Other assets and liabilities (net) 0.7 — Net assets attributable to holders of redeemable units 100.0 100.0 * During the year ended December 31, 2016, the ETF sold its sole investment in a U.S.-domiciled fund and purchased the individual securities in approximately the same proportion as held in the underlying fund.

144 Vanguard FTSE Developed Asia Pacific All Cap Index ETF

December 31, December 31, Country allocation 2016 2015* Equity Investments Japan 58.8 60.2 Australia 17.3 16.5 South Korea 11.0 10.7 Hong Kong 8.2 8.6 Singapore 3.1 3.3 Other 1.6 0.7 Net assets attributable to holders of redeemable units 100.0 100.0 * During the year ended December 31, 2016, the ETF sold its sole investment in a U.S.-domiciled fund and purchased the individual securities in approximately the same proportion as held in the underlying fund.

145 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2016*

2016* Assets Current assets Investments $3,933,012 Cash 58,967 Amounts receivable for redeemable units issued 1,334,180 Amounts receivable for investments sold 659,082 Income distributions receivable 19,152 Unrealized appreciation of foreign currency contracts 49,981 Other assets 18,040 Total assets 6,072,414 Liabilities Current liabilities Amounts payable for redeemable units redeemed 672,295 Amounts payable for investments purchased 1,323,888 Distributions payable 38,636 Accounts payable and accrued expenses 30 Unrealized depreciation of foreign currency contracts 42,965 Total liabilities excluding net assets attributable to holders of redeemable units 2,077,814 Total net assets attributable to holders of redeemable units $3,994,600 Number of redeemable units outstanding (Note 7) 150,000 Net assets attributable to holders of redeemable units per unit $26.63 * The Fund commenced operations on October 3, 2016.

Statement of Comprehensive Income For the period ended December 31, 2016*

2016* Income Net gain (loss) on investments Income distribution from underlying funds $19,153 Net realized gain (loss) on sale of investments (3,182) Change in unrealized appreciation (depreciation) of investments (51,114) Net gain (loss) on investments (35,143) Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 100,139 Change in unrealized appreciation (depreciation) of foreign currency contracts 7,016 Net gain (loss) on derivatives 107,155 Miscellaneous Income 18,040 Net realized gain (loss) on foreign currency transactions 9 Total income (net) 90,061 Expenses (Note 8) Management fees 61 Independent Review Committee fees 2,383 Transaction costs (Note 3) 17 Total expenses 2,461 Expenses absorbed by manager (2,383) Net expenses 78 Increase (decrease) in net assets attributable to holders of redeemable units $89,983 Weighted average number of redeemable units 68,889 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.31 * The Fund commenced operations on October 3, 2016. The accompanying notes are an integral part of the financial statements.

146 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the period ended December 31, 2016*

2016* Net assets attributable to holders of redeemable units, beginning of year — Increase (decrease) in net assets attributable to holders of redeemable units $89,983 Distributions to holders of redeemable units Net investment income (15,454) Net realized gains (74,588) Return of capital (23,182) (113,224) Redeemable unit transactions Proceeds from sale of redeemable units 7,899,917 Reinvestment of distributions to holders of redeemable units 74,588 Payment for redeemable units redeemed (3,956,664) 4,017,841 Net assets attributable to holders of redeemable units, end of period $3,994,600 * The Fund commenced operations on October 3, 2016.

Statement of Cash Flows For the period ended December 31, 2016*

2016* Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $89,983 Adjustments for: Net realized (gain) loss on sale of investments 3,182 Change in unrealized (appreciation) depreciation of investments 51,114 Change in unrealized (appreciation) depreciation of derivatives (7,016) Purchase of investments¹ (85,612) (38,332) Change in non-cash working capital (37,162) Net cash from (used in) operating activities 14,489 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 142,502 Payment for redeemable units redeemed¹ (98,024) Net cash from (used in) financing activities 44,478 Net increase (decrease) in cash during the period $58,967 Cash, beginning of period — Cash, end of period $58,967 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes — 1 Excludes in-kind transactions for the year ended December 31, 2016. * The Fund commenced operations on October 3, 2016.

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

147 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 133,867 *Vanguard FTSE Developed Asia Pacific All Cap Index ETF 3,984,126 3,933,012 98.5 Total investments 3,984,126 3,933,012 98.5 Foreign currency contracts (Schedule 1) 7,016 0.2 Other assets and liabilities (net) 54,572 1.3 Total net assets attributable to holders of redeemable units 3,994,600 100.0 * This fund (a Canada-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Australian Dollar 229,296 Canadian Dollar 227,512 01/04/17 4,853 A+ 1 Australian Dollar 225,382 Canadian Dollar 221,819 01/04/17 2,961 A+ 1 Australian Dollar 225,382 Canadian Dollar 220,930 01/04/17 2,072 A+ 1 Australian Dollar 123,720 Canadian Dollar 120,308 01/04/17 169 AA- 1 Canadian Dollar 652,282 Australian Dollar 671,747 01/04/17 21 AA- 1 Canadian Dollar 1,117 Australian Dollar 1,152 02/02/17 1 AA- 1 Canadian Dollar 217,699 Hong Kong Dollar 1,262,303 01/04/17 640 AA- 1 Canadian Dollar 1,501,612 Japanese Yen 130,650,326 01/05/17 584 AA- 1 Canadian Dollar 2,237,288 Japanese Yen 194,588,085 01/05/17 54 AA- 1 Canadian Dollar 20,524 New Zealand Dollar 22,059 01/05/17 103 AA- 1 Canadian Dollar 30,716 New Zealand Dollar 32,848 01/05/17 1 AA- 1 Canadian Dollar 50 New Zealand Dollar 54 02/02/17 — AA- 1 Canadian Dollar 80,379 Singapore Dollar 86,764 01/04/17 160 AA- 1 Canadian Dollar 119,942 Singapore Dollar 129,219 01/04/17 7 AA- 2 Canadian Dollar 12,531 U.S. Dollar 9,356 01/04/17 16 AA- 3 Canadian Dollar 18,680 U.S. Dollar 13,930 01/04/17 — AA- 4 Hong Kong Dollar 346,260 Canadian Dollar 60,206 01/04/17 314 AA- 5 Hong Kong Dollar 641,737 Canadian Dollar 111,217 01/04/17 216 A+ 6 Japanese Yen 66,420,853 Canadian Dollar 785,078 01/05/17 21,382 A+ 7 Japanese Yen 35,838,541 Canadian Dollar 415,081 01/05/17 3,016 AA- 8 New Zealand Dollar 11,214 Canadian Dollar 10,670 01/05/17 184 A+ 9 New Zealand Dollar 11,022 Canadian Dollar 10,369 01/05/17 63 A+ 10 New Zealand Dollar 11,022 Canadian Dollar 10,365 01/05/17 58 A+ 11 New Zealand Dollar 6,050 Canadian Dollar 5,670 01/05/17 12 AA- 12 Singapore Dollar 44,109 Canadian Dollar 41,385 01/04/17 441 A+ 13 Singapore Dollar 23,799 Canadian Dollar 22,131 01/04/17 38 AA- 14 South Korean Won 121,851,000 Canadian Dollar 140,065 01/04/17 4,770 AA- 15 South Korean Won 125,866,591 Canadian Dollar 141,965 01/04/17 2,213 AA- 16 South Korean Won 189,847,806 Canadian Dollar 212,622 01/04/17 1,829 AA- 17 South Korean Won 125,866,591 Canadian Dollar 141,040 01/04/17 1,287 AA- 18 South Korean Won 6,201,311 Canadian Dollar 7,090 01/04/17 204 AA- 19 South Korean Won 306,052,169 Canadian Dollar 341,603 02/02/17 1,902 AA- 20 South Korean Won 69,092,880 Canadian Dollar 77,001 02/02/17 312 AA- 21 South Korean Won 23,516,887 Canadian Dollar 26,166 02/02/17 64 AA- 22 U.S. Dollar 2,566 Canadian Dollar 3,460 01/04/17 19 AA- 23 U.S. Dollar 4,756 Canadian Dollar 6,393 01/04/17 15 A+ Unrealized appreciation of foreign currency contracts 49,981

148 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged)

Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* 1 Australian Dollar 339,949 Canadian Dollar 329,435 01/04/17 (674) A+ 1 Australian Dollar 722,041 Canadian Dollar 700,323 02/02/17 (71) AA- 1 Canadian Dollar 2,093 Australian Dollar 2,112 01/04/17 (42) AA- 1 Canadian Dollar 18,347 Australian Dollar 18,842 01/04/17 (50) A+ 1 Canadian Dollar 438,691 Australian Dollar 451,028 01/04/17 (718) AA- 1 Canadian Dollar 1,023 Hong Kong Dollar 5,909 01/04/17 — AA- 1 Canadian Dollar 325,201 Hong Kong Dollar 1,880,045 01/04/17 (13) AA- 2 Canadian Dollar 9,224 Hong Kong Dollar 52,733 01/04/17 (103) A+ 3 Canadian Dollar 498 Hong Kong Dollar 2,873 02/02/17 (1) AA- 4 Canadian Dollar 7,202 Japanese Yen 611,563 01/05/17 (170) AA- 5 Canadian Dollar 63,037 Japanese Yen 5,457,890 01/05/17 (283) A+ 6 Canadian Dollar 3,785 Japanese Yen 328,330 02/02/17 (5) AA- 7 Canadian Dollar 99 New Zealand Dollar 104 01/05/17 (2) AA- 8 Canadian Dollar 865 New Zealand Dollar 922 01/05/17 (3) A+ 9 Canadian Dollar 381 Singapore Dollar 407 01/04/17 (3) AA- 10 Canadian Dollar 3,388 Singapore Dollar 3,625 01/04/17 (23) A+ 11 Canadian Dollar 198 Singapore Dollar 213 02/02/17 — AA- 12 Canadian Dollar 1,344 South Korean Won 1,179,028 01/04/17 (35) AA- 13 Canadian Dollar 11,773 South Korean Won 10,522,228 01/04/17 (90) AA- 14 Canadian Dollar 341,730 South Korean Won 306,052,169 01/04/17 (1,913) AA- 15 Canadian Dollar 283,735 South Korean Won 251,879,874 01/04/17 (4,066) AA- 16 Canadian Dollar 708 South Korean Won 635,893 02/02/17 (3) AA- 17 Canadian Dollar 59 U.S. Dollar 44 01/04/17 — AA- 18 Canadian Dollar 531 U.S. Dollar 391 01/04/17 (6) A+ 19 Canadian Dollar 32 U.S. Dollar 24 02/02/17 — AA- 20 Hong Kong Dollar 630,783 Canadian Dollar 108,871 01/04/17 (234) A+ 21 Hong Kong Dollar 951,427 Canadian Dollar 164,011 01/04/17 (556) A+ 22 Hong Kong Dollar 630,783 Canadian Dollar 106,991 01/04/17 (2,115) A+ 23 Hong Kong Dollar 1,801,088 Canadian Dollar 311,471 02/02/17 (2) AA- 24 Japanese Yen 65,287,118 Canadian Dollar 747,078 01/05/17 (3,583) A+ 25 Japanese Yen 65,287,118 Canadian Dollar 738,321 01/05/17 (12,340) A+ 26 Japanese Yen 98,474,234 Canadian Dollar 1,117,490 01/05/17 (14,750) A+ 27 Japanese Yen 205,840,284 Canadian Dollar 2,369,494 02/02/17 (218) AA- 28 New Zealand Dollar 16,625 Canadian Dollar 15,368 01/05/17 (178) A+ 29 New Zealand Dollar 33,603 Canadian Dollar 31,379 02/02/17 (3) AA- 30 Singapore Dollar 43,356 Canadian Dollar 40,221 01/04/17 (24) A+ 31 Singapore Dollar 65,395 Canadian Dollar 60,577 01/04/17 (127) A+ 32 Singapore Dollar 43,356 Canadian Dollar 39,861 01/04/17 (385) A+ 33 Singapore Dollar 133,079 Canadian Dollar 123,439 02/02/17 (33) AA- 34 U.S. Dollar 4,674 Canadian Dollar 6,260 01/04/17 (8) A+ 35 U.S. Dollar 7,051 Canadian Dollar 9,439 01/04/17 (17) A+ 36 U.S. Dollar 4,674 Canadian Dollar 6,151 01/04/17 (117) A+ 37 U.S. Dollar 14,829 Canadian Dollar 19,878 02/02/17 (1) AA- Unrealized depreciation of foreign currency contracts (42,965) Net unrealized appreciation of foreign currency contracts 7,016 * Source: Standard & Poor’s and Fitch.

149 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged)

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, Sector allocation 2016 Underlying Canada-domiciled Vanguard Fund Financials 25.8 Consumer Goods 20.5 Industrials 17.7 Consumer Services 10.1 Basic Materials 7.2 Health Care 5.8 Technology 4.3 Telecommunications 3.4 Utilities 2.8 Oil & Gas 1.7 Other assets and liabilities (net) 0.7 Net assets attributable to holders of redeemable units 100.0 Information displayed is for the Canada-domiciled Vanguard FTSE Developed Asia Pacific All Cap Index ETF in which the ETF primarily invests. The prospectus and other information about this Canada-domiciled Vanguard fund are available on the internet at www.sedar.com.

December 31, Country allocation 2016 Underlying Canada-domiciled Vanguard Fund Japan 59.3 Australia 17.4 Korea 11.1 Hong Kong 8.3 Singapore 3.1 Other 0.8 Net assets attributable to holders of redeemable units 100.0 Information displayed is for the Canada-domiciled Vanguard FTSE Developed Asia Pacific All Cap Index ETF in which the ETF primarily invests. The prospectus and other information about this Canada-domiciled Vanguard fund are available on the internet at www.sedar.com.

150 Vanguard FTSE Developed Europe All Cap Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $107,802,462 $152,841,098 Cash 628,320 1,225,573 Amounts receivable for redeemable units issued — 1,354,691 Amounts receivable for investments sold 41,203 — Income distributions receivable 294,982 2,666 Total assets 108,766,967 155,424,028 Liabilities Current liabilities Amounts payable for investments purchased 56,584 1,354,061 Distributions payable 501,483 548,473 Accounts payable and accrued expenses 10,260 554,084 Total liabilities excluding net assets attributable to holders of redeemable units 568,327 2,456,618 Total net assets attributable to holders of redeemable units $108,198,640 $152,967,410 Number of redeemable units outstanding (Note 7) 4,270,000 5,670,000 Net assets attributable to holders of redeemable units per unit $25.34 $26.98

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Dividend income $3,753,575 $— Interest for distributions purposes 934 — Income distribution from underlying funds — 2,540,436 Net realized gain (loss) on sale of investments (11,931,443) 406 Change in unrealized appreciation (depreciation) of investments 1,554,543 1,036,811 Net gain (loss) on investments (6,622,391) 3,577,653 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 1,192,359 (4,984) Net realized gain (loss) on futures contracts (6,062) — Net gain (loss) on derivatives 1,186,297 (4,984) Miscellaneous Income 35,226 — Net realized gain (loss) on foreign currency transactions (1,169,058) (2,090) Change in unrealized appreciation (depreciation) of foreign currency translations (5,782) (140) Total income (net) (6,575,708) 3,570,439 Expenses (Note 8) Management fees 237,303 79,018 Overdraft expenses 1,151 209 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 364,421 379,008 Transaction costs (Note 3) 382,323 94 Total expenses 989,283 462,649 Expenses absorbed by manager (4,085) (4,320) Net expenses 985,198 458,329 Increase (decrease) in net assets attributable to holders of redeemable units ($7,560,906) $3,112,110 Weighted average number of redeemable units 4,902,104 3,050,301 Increase (decrease) in net assets attributable to holders of redeemable units per unit ($1.54) $1.02

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

151 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $152,967,410 $12,142,997 Increase (decrease) in net assets attributable to holders of redeemable units ($7,560,906) $3,112,110 Distributions to holders of redeemable units Net investment income (2,781,744) (2,069,439) Return of capital — (3,903) (2,781,744) (2,073,342) Redeemable unit transactions Proceeds from sale of redeemable units 11,375,396 145,382,647 Payment for redeemable units redeemed (45,801,516) (5,597,002) (34,426,120) 139,785,645 Net assets attributable to holders of redeemable units, end of year $108,198,640 $152,967,410

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units ($7,560,906) $3,112,110 Adjustments for: Net realized (gain) loss on sale of investments 11,931,443 (406) Change in unrealized (appreciation) depreciation of investments (1,554,543) (1,036,811) Change in unrealized (appreciation) depreciation of foreign currency translations 5,782 140 Purchase of investments¹ (160,434,837) (502,419) Proceeds from sale of investments¹ 195,093,261 548,735 45,041,106 (990,761) Change in non-cash working capital (836,140) 550,966 Net cash from (used in) operating activities 36,644,060 2,672,315 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 4,887,157 47,508 Distributions to holders of redeemable units, net of reinvested distributions (2,828,734) (1,571,340) Payment for redeemable units redeemed¹ (39,293,954) (2,290) Net cash from (used in) financing activities (37,235,531) (1,526,122) Change in unrealized (appreciation) depreciation of foreign currency translations (5,782) (140) Net increase (decrease) in cash during the year ($597,253) $1,146,053 Cash, beginning of year $1,225,573 $79,520 Cash, end of year $628,320 $1,225,573 Supplemental cash flow information relating to operating activities Dividends received, net of foreign withholding taxes $3,096,837 — Income distributions received, net of foreign withholding taxes — $2,158,982 Interest received $935 — 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

152 Vanguard FTSE Developed Europe All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Equity Investments Basic Materials 1,483 Acacia Mining PLC 7,734 9,186 0.0 1,267 Acerinox SA 19,048 22,590 0.0 3,607 Air Liquide SA 510,865 539,027 0.5 2,298 Akzo Nobel NV 189,511 193,045 0.2 906 Altri, SGPS, SA 5,146 4,952 0.0 12,164 Anglo American PLC 125,482 233,816 0.2 3,343 Antofagasta PLC 33,674 37,392 0.0 331 APERAM SA 15,666 20,350 0.0 17,028 ArcelorMittal Series A 88,391 168,985 0.2 648 Arkema SA 59,461 85,187 0.1 422 Aurubis AG 26,427 32,711 0.0 8,585 BASF SE 814,112 1,072,370 1.0 7,692 Bayer AG 1,110,940 1,078,546 1.0 19,728 BHP Billiton PLC 308,035 427,103 0.4 1,449 Billerud 30,136 32,726 0.0 2,624 Boliden AB 54,107 92,150 0.1 1,408 Brenntag AG 96,229 105,155 0.1 10,135 Centamin PLC 18,011 23,260 0.0 2,620 Clariant AG 61,323 60,740 0.1 581 Covestro AG 33,987 53,565 0.0 1,247 Croda International PLC 73,014 66,041 0.1 4,730 Elementis PLC 20,639 21,742 0.0 69 Ems-Chemie Holding AG Registered 45,248 47,115 0.0 848 Ence Energia y Celulosa, SA 3,804 3,011 0.0 110 Eramet 4,194 8,828 0.0 1,492 Evonik Industries AG 55,799 59,893 0.1 4,935 Evraz PLC 8,902 18,138 0.0 1,632 Fresnillo PLC 28,562 33,020 0.0 239 FUCHS PETROLUB SE 12,174 12,491 0.0 640 FUCHS PETROLUB SE Preferred 36,006 36,102 0.0 86 Givaudan SA 218,681 211,744 0.2 109,111 Glencore PLC 291,494 501,461 0.5 196 H&R GmbH & Co. KGaA 2,643 4,146 0.0 2,291 Hexpol AB Cl. B 30,275 28,527 0.0 2,657 Hochschild Mining PLC 6,130 9,312 0.0 494 Holmen AB Series B 19,654 23,831 0.0 496 IMCD Group B.V. 24,840 28,407 0.0 354 Imerys SA 29,987 36,087 0.0 156 Jacquet Metal Service 2,936 4,371 0.0 1,640 Johnson Matthey PLC 80,364 86,474 0.1 1,829 K+S AG 59,181 58,701 0.1 2,496 KAZ Minerals PLC 8,308 14,774 0.0 786 Kemira OYJ 12,137 13,486 0.0 956 Kloeckner & Co. AG 12,333 16,105 0.0 1,612 Koninklijke DSM NV 112,577 129,876 0.1 871 Lanxess 52,569 76,816 0.1 76 Lenzing AG 7,341 12,362 0.0 1,733 Linde AG 335,776 382,645 0.4 3,226 Lonmin PLC 10,547 7,564 0.0 1,715 Metsa Board OYJ 14,347 16,483 0.0 3,513 Mondi PLC 89,533 96,983 0.1 12,710 Norsk Hydro ASA 70,524 81,781 0.1 903 Nyrstar NV 9,316 9,956 0.0 848 OCI NV 21,760 19,887 0.0 2,087 Outokumpu OYJ Cl. A 10,454 25,107 0.0 622 Papeles y Cartones de Europa, SA 4,706 4,619 0.0 5,272 Petra Diamonds Limited 11,623 13,689 0.0 2,323 Polymetal International PLC 32,259 32,912 0.0 893 Randgold Resources Limited 107,345 94,927 0.1 11,300 Rio Tinto PLC 435,421 591,425 0.6 395 Salzgitter AG 13,092 18,745 0.0 6,173 SCHMOLZ+BICKENBACH AG 5,214 5,539 0.0 301 Semapa - Sociedade de Investimento e Gestao, SGPS, SA 4,972 5,705 0.0 640 Solvay SA Cl. A 82,997 100,801 0.1

153 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 8,198 SSAB AB Series B 20,938 34,841 0.0 5,489 Stora Enso OYJ Series R 62,316 79,271 0.1 1,101 Symrise AG 91,485 90,061 0.1 860 Syngenta AG Registered 473,625 456,737 0.4 2,766 Synthomer PLC 16,653 17,536 0.0 4,315 Tenaris SA 68,313 103,576 0.1 241 Tessenderlo Chemie NV 10,981 11,863 0.0 2,559 The Navigator Company, SA 11,726 11,818 0.0 882 Umicore 54,894 67,556 0.1 4,987 UPM-Kymmene OYJ 113,976 164,640 0.2 698 Vedanta Resources PLC 4,423 10,173 0.0 821 Victrex PLC 24,786 26,270 0.0 1,085 Voestalpine AG 46,279 57,229 0.1 154 Wacker Chemie AG 17,201 21,532 0.0 1,659 Yara International ASA 87,683 87,879 0.1 7,233,242 8,605,467 7.8 Consumer Goods 262 AAK AB 25,140 23,186 0.0 199 Accell Group NV 5,567 6,167 0.0 1,879 Adidas AG 271,862 399,068 0.4 1,102 Amer Sports OYJ Cl. A 41,498 39,405 0.0 7,415 Anheuser-Busch InBev SA 1,151,373 1,054,600 1.0 799 Aryzta AG 52,437 47,284 0.1 3,251 Associated British Foods PLC 204,500 147,877 0.1 661 Austevoll Seafood 6,997 8,625 0.0 47 Autoneum Holding AG 15,274 16,574 0.0 326 Bakkafrost PF 15,493 17,411 0.0 403 Bang & Olufsen A/S Series B 5,667 6,133 0.0 9,550 Barratt Developments PLC 98,840 73,175 0.1 18 Barry Callebaut AG 26,261 29,593 0.0 3,056 Bayerische Motoren Werke (BMW) AG 361,979 383,633 0.4 496 Bayerische Motoren Werke (BMW) AG Preferred 49,285 51,005 0.1 106 Baywa AG 4,852 4,616 0.0 923 Beiersdorf AG 109,299 105,228 0.1 10 Bell AG Registered Shares 5,158 5,789 0.0 1,171 Bellway PLC 52,790 48,045 0.1 311 Beneteau 5,653 6,049 0.0 165 Bonduelle SCA 6,279 5,837 0.0 1,386 Bovis Homes Group PLC 23,324 18,833 0.0 234 Brembo SPA 15,015 19,032 0.0 17,367 British American Tobacco PLC 1,331,220 1,329,989 1.2 1,960 Britvic PLC 25,405 18,415 0.0 245 Brunello Cucinelli SPA 5,591 7,049 0.0 4,242 Burberry Group PLC 117,561 105,228 0.1 3,286 C&C Group PLC 17,505 17,895 0.0 983 Carlsberg A/S Cl. B 115,916 113,975 0.1 8 Chocoladefabriken Lindt & Spruengli AG 63,357 55,682 0.1 1 Chocoladefabriken Lindt & Spruengli AG Registered Shares 94,509 81,676 0.1 491 Christian Dior SA 119,592 138,380 0.1 523 CIE Automotive, SA 11,460 13,697 0.0 1,111 Cloetta AB Cl. B 5,329 4,707 0.0 1,872 Coca-Cola HBC Schweiz AG CDI 49,588 54,906 0.1 4,781 Compagnie Financiere Richemont SA Series A 433,357 425,503 0.4 1,711 Compagnie Generale des Etablissements Michelin 219,778 255,811 0.2 1,012 Continental AG 290,840 262,957 0.2 604 Corbion NV 17,660 21,726 0.0 1,680 Countryside Properties PLC 7,049 6,926 0.0 2,516 Crest Nicholson Holdings PLC 25,303 18,886 0.0 9,609 Daimler AG 924,292 961,203 0.9 1,428 Dairy Crest Group PLC 16,211 14,659 0.0 5,266 DANONE SA 494,446 448,406 0.4 2,716 Davide Campari - Milano SPA 32,300 35,689 0.0 505 De’Longhi SPA 15,125 16,129 0.0 1,672 Devro plc 10,096 5,257 0.0 23,443 Diageo PLC 834,515 819,664 0.8 2,503 Dometic Group AB 23,807 24,737 0.0 794 Ebro Puleva SA 22,350 22,355 0.0 2,138 Electrolux AB NPV Series B 69,092 71,422 0.1 273 ElringKlinger AG 9,048 6,130 0.0 22 Emmi AG 13,993 17,896 0.0

154 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 704 Faurecia 33,800 36,680 0.0 1,204 Ferrari NV 66,954 94,177 0.1 10,002 Fiat Chrysler Automobiles NV 101,683 122,589 0.1 852 Galliford Try PLC 22,391 18,227 0.0 956 Geox SPA 4,131 2,988 0.0 316 Gerry Weber International AG 6,084 4,912 0.0 15,652 GKN PLC 85,168 86,031 0.1 1,661 Glanbia PLC 45,264 37,074 0.0 6,359 Greencore Group PLC 31,849 25,974 0.0 383 Haldex AB 4,285 6,587 0.0 943 Heineken Holding NV 94,598 88,221 0.1 2,034 Heineken NV 229,455 205,018 0.2 353 HELLA KGaA Hueck & Co. 18,225 17,898 0.0 1,130 Henkel AG & Co. KGaA 142,117 158,205 0.2 1,606 Henkel AG & Co. KGaA Preferred 226,027 257,263 0.2 225 Hermes International 107,614 124,120 0.1 613 Hugo Boss AG 49,706 50,403 0.1 3,614 Husqvarna AB Series B 31,784 37,798 0.0 8,931 Imperial Tobacco Group PLC 625,258 524,264 0.5 127 Inter Parfums 4,607 4,922 0.0 1,328 Kerry Group PLC Cl. A 155,670 127,545 0.1 563 Koninklijke Wessanen NV 7,412 10,599 0.0 22 KWS Saat SE 9,191 8,775 0.0 203 Leroy Seafood Group ASA 12,870 15,216 0.0 2,244 L’Oréal SA 517,046 550,385 0.5 1,469 Luxottica Group SPA 108,898 106,179 0.1 2,324 LVMH Moet Hennessy Louis Vuitton SA 530,727 596,304 0.6 3,576 Marine Harvest 67,204 86,745 0.1 3,057 McCarthy & Stone PLC 9,565 8,156 0.0 185 Mekonomen AB Series B 5,748 4,684 0.0 1,279 Moncler SPA 28,724 29,905 0.0 28,784 Nestlé SA 2,780,584 2,774,425 2.6 677 Nobia AB NPV 8,557 8,480 0.0 1,211 Nokian Renkaat OYJ 52,214 60,672 0.1 291 NORMA Group 20,556 16,691 0.0 719 Ontex Group NV 29,866 28,730 0.0 230 Oriflame Holding AG 10,382 9,340 0.0 1,265 Origin Enterprises PLC 11,602 11,060 0.0 7,219 Orkla ASA 83,167 87,951 0.1 805 OSRAM Licht AG 52,585 56,733 0.1 1,109 OVS SpA 9,788 7,498 0.0 1,034 Pandora A/S 171,810 181,751 0.2 3,161 Parmalat SpA 11,271 13,243 0.0 1,982 Pernod Ricard SA 290,517 288,619 0.3 2,935 Persimmon PLC 110,222 86,376 0.1 3,734 Peugeot SA 81,020 81,839 0.1 2,022 Piaggio & C. SPA 5,993 4,536 0.0 466 Plastic Omnium SA 20,718 19,992 0.0 1,313 Porsche Automobil Holding SE Preferred Non-Voting 85,057 96,092 0.1 5,570 Premier Foods PLC 3,422 4,315 0.0 25 Puma AG Rudolf Dassler Sport 7,200 8,828 0.0 444 PZ Cussons PLC 2,549 2,460 0.0 1,140 Raisio PLC Series V 7,011 5,757 0.0 5,855 Reckitt Benckiser Group PLC 723,720 668,089 0.6 2,258 Redrow PLC 16,851 16,052 0.0 484 Refresco Gerber NV 10,610 9,879 0.0 218 Remy Cointreau SA 20,467 24,983 0.0 1,592 Renault SA 197,084 190,303 0.2 406 Rheinmetall AG 40,018 36,696 0.0 309 Royal Unibrew A/S 18,178 16,024 0.0 371 Safilo Group SpA 4,742 4,177 0.0 527 Salmar ASA 15,437 21,191 0.0 626 Salvatore Ferragamo Italia SPA 20,499 19,861 0.0 451 Scandinavian Tobacco Group A/S 10,144 10,201 0.0 762 Schaeffler AG Preferred 14,564 15,149 0.0 258 SEB SA 32,431 46,985 0.1 258 Societe BIC SA 49,542 47,131 0.1 718 Suedzucker AG 14,471 23,044 0.0 533 SuperGroup PLC 13,943 14,555 0.0 5,579 Svenska Cellulosa AB (SCA) Series B 222,156 211,902 0.2 1,698 Swedish Match AB 73,145 72,640 0.1

155 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 4,476 Tate & Lyle PLC 48,752 52,475 0.1 30,098 Taylor Wimpey PLC 99,555 76,557 0.1 270 Ted Baker PLC 15,228 12,590 0.0 1,171 The Berkeley Group Holdings PLC 65,175 54,487 0.1 276 The Swatch Group AG Bearer Shares 136,367 115,334 0.1 477 The Swatch Group AG Registered 43,819 39,180 0.0 1,037 Thule Group AB (publ) 17,983 21,814 0.0 135 Tod’s SPA 14,344 11,801 0.0 87 Trigano 6,704 9,147 0.0 747 UbiSoft Entertainment SA 28,959 35,713 0.0 14,500 Unilever NV CVA 855,418 802,243 0.7 11,175 Unilever PLC 663,024 609,696 0.6 2,198 Valeo 143,669 169,783 0.2 54 Van De Velde NV 4,757 5,053 0.0 46 Vilmorin & Cie 4,383 3,893 0.0 440 Viscofan, SA 34,222 29,158 0.0 285 Volkswagen AG 53,879 55,127 0.1 1,678 Volkswagen AG Preferred 279,550 316,504 0.3 61 zooplus AG 9,867 10,483 0.0 19,234,641 19,077,252 17.6 Consumer Services 1,738 888 Holdings PLC 5,826 6,250 0.0 1,579 Accor SA 88,246 79,131 0.1 1,517 Air France-KLM 18,425 11,102 0.0 2,178 AO World PLC 7,554 6,547 0.0 8 APG SGA SA 4,392 4,718 0.0 1,508 Arnoldo Mondadori Editore SPA 2,078 2,498 0.0 518 Atresmedia Corporacion de Medios de Comunicacion, SA 7,653 7,613 0.0 9,329 Auto Trader Group PLC 64,289 63,226 0.1 1,311 Autogrill SPA 14,319 15,920 0.0 434 Axel Springer AG 29,265 28,318 0.0 960 Axfood AB Series B 22,652 20,293 0.0 5,759 B&M European Value Retail SA 25,856 26,530 0.0 241 Basic - Fit NV 5,085 5,464 0.0 1,244 Betsson AB 23,321 16,142 0.0 429 Bilia AB Cl. A 12,584 13,267 0.0 15,722 Booker Group PLC 48,569 45,722 0.1 722 Cairo Communication SPA 4,068 3,891 0.0 2,391 Card Factory PLC 15,515 10,024 0.0 1,679 Carnival PLC 108,087 114,766 0.1 5,266 Carrefour SA 198,660 170,499 0.2 542 Casino Guichard-Perrachon SA 38,293 34,951 0.0 1,763 Cineworld Group PLC 16,728 16,506 0.0 276 Clas Ohlson Aktiebolag Series B 6,568 5,459 0.0 8,388 Codere, SA 5,074 9,017 0.0 590 Colruyt SA 43,145 39,227 0.1 15,421 Compass Group PLC 359,299 383,560 0.4 2,515 Daily Mail & General Trust PLC Cl. A 31,510 32,382 0.0 12,597 Debenhams PLC 18,644 11,961 0.0 2,207 Deutsche Lufthansa AG 46,922 38,304 0.0 280 D’Ieteren SA 14,865 16,632 0.0 455 Dignity PLC 20,132 18,630 0.0 5,326 Distribuidora Internacional de Alimentacion 38,340 35,144 0.0 9,524 Dixons Carphone PLC 78,038 55,963 0.1 64 DO & CO AG 9,461 5,651 0.0 4,204 Domino’s Pizza Group PLC 27,637 25,134 0.0 457 Dufry Group 69,172 76,581 0.1 700 Dunelm Group PLC 11,983 9,332 0.0 2,081 easyJet PLC 60,740 34,656 0.0 1,252 Elior Participations SCA 34,854 38,464 0.0 5,235 Enterprise Inns PLC 8,436 10,540 0.0 3,033 Entertainment One, Ltd. 8,594 11,575 0.0 745 Europcar Groupe SA 10,353 10,152 0.0 1,528 Eutelsat Communications 59,746 39,757 0.1 234 Fielmann AG 22,484 20,769 0.0 783 Finnair OYJ Series 1 6,278 4,463 0.0 10,875 FirstGroup PLC 19,561 18,669 0.0 36 Galenica Holding AG Series A 72,923 54,579 0.1 2,494 Gocompare.com Group PLC 3,129 2,934 0.0 2,950 Greene King PLC 49,714 34,121 0.0

156 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,042 Greggs PLC 21,825 16,749 0.0 101 Groupe FNAC 8,718 9,176 0.0 2,081 Gruppo Editoriale l’Espresso SPA 2,945 2,175 0.0 2,689 GVC Holdings PLC 24,706 28,629 0.0 2,048 Halfords Group PLC 15,750 12,404 0.0 1,676 Havas SA 16,999 18,965 0.0 8,862 Hennes & Mauritz AB Series B 402,156 331,495 0.3 84 Hornbach Baumarkt AG 3,189 3,288 0.0 947 ICA Gruppen AB 39,050 38,849 0.0 4,109 Inchcape PLC 55,719 47,798 0.1 9,807 Industria de Diseno Textil, SA 428,125 449,860 0.4 7,408 Informa PLC 88,043 83,474 0.1 1,798 InterContinental Hotels Group PLC 110,724 108,391 0.1 9,739 International Consolidated Airlines Group SA 96,778 71,153 0.1 341 Ipsos 10,092 14,395 0.0 1,602 Irish Continental Group PLC 12,385 10,197 0.0 3,009 ITE Group PLC 8,392 7,691 0.0 34,678 ITV PLC 151,887 118,605 0.1 15,049 J Sainsbury PLC 74,258 62,168 0.1 438 J.D. Wetherspoon PLC 5,994 6,445 0.0 640 JC Decaux SA 34,742 25,284 0.0 2,988 JD Sports Fashion PLC 12,769 15,740 0.0 2,323 Jeronimo Martins, SGPS, SA 47,120 48,433 0.1 5,003 Just Eat PLC 38,650 48,374 0.1 4,491 Juventus Football Club SPA 1,648 1,912 0.0 698 Kering SA 168,183 210,591 0.2 646 Kesko OYJ Series B 35,733 43,385 0.1 109 Kinepolis Group NV 6,525 6,553 0.0 20,585 Kingfisher PLC 135,029 119,490 0.1 11,831 Koninklijke Ahold Delhaize NV 360,851 335,195 0.3 9,407 Ladbrokes PLC 22,769 18,082 0.0 1,085 Lagardere SCA 41,197 40,508 0.1 3,124 Lookers PLC 9,416 6,070 0.0 15,521 Marks & Spencer Group PLC 123,583 90,018 0.1 304 Marr SpA 7,875 7,460 0.0 5,946 Marston’s PLC 17,873 13,400 0.0 323 Matas A/S 8,435 5,929 0.0 1,725 Mediaset Espana Comunicacion, SA 25,680 27,206 0.0 5,866 Mediaset SPA 29,511 34,102 0.0 1,158 Melia Hotels International, SA 17,262 18,149 0.0 6,811 Merlin Entertainments PLC 57,745 50,630 0.1 1,587 Metro AG 57,695 70,901 0.1 690 Metropole Television SA 15,908 17,246 0.0 2,416 Mitchells & Butlers PLC 13,345 10,045 0.0 421 Modern Times Group AB Series B 15,087 16,780 0.0 4,910 Moneysupermarket.com Group PLC 30,618 23,929 0.0 1,826 Mothercare PLC 6,547 3,419 0.0 1,449 N Brown Group PLC 9,756 5,342 0.0 3,897 National Express Group PLC 24,182 22,841 0.0 1,896 NetEnt AB 24,193 19,676 0.0 1,303 Next PLC 161,382 107,591 0.1 2,126 NH Hoteles, SA 12,981 11,563 0.0 132 Norwegian Air Shuttle ASA 6,616 5,902 0.0 1,435 NOS, SGPS, SA 12,737 11,444 0.0 4,155 Ocado Group PLC 20,646 18,184 0.0 751 Paddy Power PLC 134,092 109,201 0.1 7,610 Pearson PLC 126,144 103,215 0.1 3,757 Pets at Home Group PLC 19,562 14,879 0.0 2,323 Playtech PLC 36,158 31,796 0.0 650 Promotora de Informaciones, SA Cl. A 5,556 4,827 0.0 2,069 ProSiebenSat.1 Media AG Registered 135,947 107,141 0.1 1,898 Publicis Groupe SA 163,999 175,980 0.2 736 RAI Way SPA 5,124 3,727 0.0 154 Rallye SA 3,499 4,012 0.0 2,154 Rank Group PLC 7,924 6,960 0.0 8,474 RELX NV 188,620 191,660 0.2 10,231 RELX PLC 240,790 245,656 0.2 2,043 Restaurant Group PLC 21,130 10,986 0.0 714 Rezidor Hotel Group AB 4,065 3,742 0.0 868 Rightmove PLC 63,461 56,138 0.1 1,169 Rizzoli Corriere della Sera MediaGroup SPA 905 1,380 0.0

157 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 330 RTL Group SA 37,309 32,548 0.0 386 Ryanair Holdings PLC ADR 39,631 43,099 0.1 982 SanomaWSOY OYJ Series B 7,196 11,452 0.0 2,691 SAS AB 10,095 5,541 0.0 41 SAS AB Preferred 3,461 3,147 0.0 774 Schibsted ASA Cl. A 29,078 23,888 0.0 842 Schibsted ASA Cl. B 30,645 24,006 0.0 3,280 SES S.A. 116,914 97,081 0.1 326 Sixt SE Preferred 16,199 18,007 0.0 252 Skistar AB Series B 4,823 5,673 0.0 9,780 Sky PLC 186,686 160,603 0.2 441 Sodexco SA, Registered Loyalty Bonus Shares 60,561 68,117 0.1 374 Sodexo SA 51,247 57,768 0.1 9,146 Sonae SGPS SA 12,795 11,307 0.0 2,580 Sports Direct International 19,474 11,911 0.0 4,363 SSP Group PLC 23,393 27,994 0.0 4,389 Stagecoach Group PLC 22,980 15,724 0.0 318 Stockmann OYJ Abp Cl. B 3,053 3,176 0.0 263 Stroeer SE 20,380 15,515 0.0 305 Takkt AG 7,491 9,280 0.0 3,438 Technicolor SA 28,297 24,996 0.0 467 Telenet Group Holding NV 31,014 34,825 0.0 1,071 Television Francaise 1 SA 16,745 14,317 0.0 75,987 Tesco PLC 280,745 260,456 0.3 439 The Go-Ahead Group PLC 21,771 16,302 0.0 13,263 Thomas Cook Group PLC 26,601 19,165 0.0 4,523 TUI AG 88,357 87,166 0.1 3,740 UBM PLC 47,213 45,334 0.1 26 Valora Holding AG 8,083 9,923 0.0 10,042 Vivendi SA 279,674 256,456 0.3 1,029 WH Smith PLC 34,577 26,566 0.0 1,662 Whitbread PLC 117,458 103,993 0.1 8,282 William Hill PLC 60,404 39,827 0.1 450 Wizz Air Holdings PLC 15,113 13,355 0.0 20,751 WM Morrison Supermarkets PLC 79,949 79,328 0.1 2,695 Wolters Kluwer NV 136,764 131,209 0.1 11,792 WPP PLC 348,541 354,849 0.3 1,005 XXL ASA 15,361 15,344 0.0 613 Yoox SpA 23,658 23,359 0.0 1,009 Zalando SE 42,941 51,793 0.1 2,414 Zoopla Property Group PLC 10,810 12,773 0.0 8,665,554 8,038,788 7.4 Financials 8,927 3i Group PLC 73,768 104,140 0.1 556 Aareal Bank AG 23,578 28,127 0.0 711 AB Sagax Preferred 3,598 3,191 0.0 9,507 Aberdeen Asset Management PLC 49,765 40,534 0.1 2,575 ABN AMRO Group NV ADR 69,473 76,670 0.1 237 Ackermans & Van Haaren NV 41,421 44,284 0.1 1,803 Admiral Group PLC 67,345 54,585 0.1 303 ADO Properties SA 13,751 13,719 0.0 131 Aedifica SA 14,439 13,171 0.0 16,010 Aegon NV 113,507 118,392 0.1 1,825 Ageas 94,969 97,087 0.1 222 Aker ASA Series A 5,648 11,172 0.0 1,579 Aldermore Group PLC 6,608 6,196 0.0 4,231 Allianz SE 879,944 939,587 0.9 1,510 Allied Minds PLC 9,971 11,760 0.0 84 Allreal Holding AG 15,152 16,769 0.0 516 Alm. Brand A/S (Almindelig Brand) 4,788 5,301 0.0 1,126 Alstria Office REIT-AG 19,661 18,969 0.0 360 Amundi SA 20,674 25,320 0.0 2,185 Anima Holding SpA 19,363 15,948 0.0 4,005 Ashmore Group PLC 20,688 18,762 0.0 399 ASR Nederland NV 11,872 12,755 0.0 11,763 Assicurazioni Generali SPA 223,901 234,935 0.2 16,944 Assura PLC 16,582 16,004 0.0 469 Atrium Ljungberg AB Series B 9,651 9,852 0.0 277 Avanza Bank Holding AB 14,377 15,088 0.0 37,795 Aviva PLC 329,172 304,627 0.3

158 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 17,819 AXA SA 544,110 604,530 0.6 593 Axiare Patrimonio SOCIMI, SA 11,126 11,592 0.0 1,164 Azimut Holding SPA 31,127 26,113 0.0 452 Baloise Holding, Ltd. 77,554 76,519 0.1 5,962 Banca Carige SPA 4,692 2,682 0.0 582 Banca Generali SPA 21,910 18,654 0.0 178 Banca IFIS SPA 6,866 6,546 0.0 2,357 Banca Mediolanum SPA 23,665 22,771 0.0 247 Banca Monte dei Paschi di Siena SPA 19,497 5,269 0.0 4,397 Banca Popolare dell’Emilia Romagna SC 30,130 31,470 0.0 40,878 Banca Popolare di Milano Scarl 39,139 20,717 0.0 4,610 Banca Popolare di Sondrio Scrl 22,272 20,397 0.0 60,836 Banco Bilbao Vizcaya Argentaria SA 543,931 551,930 0.5 2,661 Banco BPI SA 4,565 4,257 0.0 5,569 Banco Comercial Portugues, SA Cl. R 23,897 8,436 0.0 47,042 Banco de Sabadell SA 103,265 88,032 0.1 7,733 Banco Popolare Societa Cooperativa 51,693 25,070 0.0 29,515 Banco Popular Espanol, SA 77,425 38,325 0.1 133,430 Banco Santander, SA 814,862 935,927 0.9 263,572 Bank of Ireland 106,306 87,239 0.1 43,978 Bankia, SA 52,773 60,402 0.1 5,854 Bankinter SA 53,045 60,943 0.1 26 Banque Cantonale Vaudoise 22,741 22,128 0.0 158,437 Barclays PLC 513,010 586,648 0.6 4,937 Beazley PLC 30,054 31,701 0.0 198 Befimmo S.C.A. 15,536 14,944 0.0 10,628 Beni Stabili SPA 9,608 8,163 0.0 335 BGEO Group PLC 12,404 16,565 0.0 1,467 Big Yellow Group PLC 20,907 16,664 0.0 9,031 BNP Paribas SA 610,294 773,472 0.7 722 Bolsas y Mercados Espanoles 30,906 28,590 0.0 841 Bonava AB (publ) Cl.B 14,930 17,530 0.0 2,778 Brewin Dolphin Holdings PLC 13,576 14,045 0.0 9,485 British Land Company PLC 121,871 98,940 0.1 445 Bure Equity AB 4,591 6,799 0.0 875 BUWOG AG 24,645 27,340 0.0 628 CA Immobilien Anlagen AG 14,509 15,514 0.0 29,654 Caixabank, SA 115,570 131,707 0.1 6,932 Capital & Counties Properties PLC 41,784 34,127 0.0 2,257 Castellum AB 39,715 41,613 0.1 259 Cembra Money Bank AG 22,776 25,357 0.0 1,403 Chesnara PLC 7,595 8,492 0.0 4,054 Citycon OYJ 13,118 13,407 0.0 1,000 Close Brothers Group PLC 24,613 23,945 0.0 1,106 CMC Markets PLC 5,489 1,999 0.0 1,558 CNP Assurances 31,574 38,786 0.1 746 Coface SA 7,761 6,542 0.0 135 Cofinimmo SA 20,557 20,747 0.0 333 Collector AB 6,955 5,063 0.0 352 Comdirect Bank AG 5,093 4,796 0.0 9,949 Commerzbank AG 117,631 101,970 0.1 481 Conwert Immobilien Invest SE 9,095 11,035 0.0 165 Corporacion Financiera Alba, SA (Alba) 8,277 10,008 0.0 1,488 Countrywide PLC 10,838 4,346 0.0 10,428 Credit Agricole SA 149,445 173,756 0.2 19,458 Credit Suisse Group AG 386,567 375,103 0.4 188 Credit Suisse Real Estate Fund LivingPlus 35,502 34,357 0.0 659 Credito Emiliano SPA 6,084 5,322 0.0 11,412 Credito Valtellinese SC 11,204 6,013 0.0 8,393 CYBG PLC 32,415 39,025 0.1 39 Daejan Holdings PLC 4,256 4,000 0.0 6,806 Danske Bank A/S 255,420 277,329 0.3 1,106 Dea Capital SPA 2,085 1,874 0.0 4,185 Delta Lloyd NV 27,261 31,474 0.0 953 Derwent Valley Holdings PLC 54,955 43,775 0.1 1,738 Deutche Boerse AG 192,035 190,621 0.2 12,885 Deutsche Bank AG 328,417 314,389 0.3 126 Deutsche Beteiligungs AG 5,065 5,479 0.0 308 Deutsche Euroshop AG 17,701 16,847 0.0 1,050 Deutsche Pfandbriefbank AG 14,700 13,545 0.0 3,126 Deutsche Wohnen AG 114,256 131,942 0.1

159 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 416 DIC Asset AG 5,037 5,355 0.0 13,288 Direct Line Insurance Group PLC 98,844 81,339 0.1 9,904 DnB ASA 164,219 198,122 0.2 821 EFG International 6,815 6,673 0.0 816 Entra ASA 10,421 10,901 0.0 2,620 Erste Group Bank AG 93,116 103,117 0.1 2,494 esure Group PLC 12,489 8,327 0.0 162 Euler & Hermes SA 18,222 19,134 0.0 427 Eurocommercial Properties NV 23,602 22,097 0.0 667 Euronext NV 36,029 36,988 0.1 1,021 EXOR NV 46,161 59,182 0.1 5,407 F&C Commercial Property Trust Limited 13,430 12,221 0.0 1,245 Fabege AB Series B 25,717 27,365 0.0 93 Fastighets AB Balder Preferred 4,550 4,438 0.0 625 Fastighets AB Balder Series B 18,993 16,985 0.0 37 FFP 3,417 3,781 0.0 3,873 FinecoBank Banca Fineco SPA 34,803 29,199 0.0 299 Flow Traders 18,208 13,845 0.0 346 Fonciere des Regions 39,537 40,591 0.1 2,312 Foxtons Group PLC 7,035 3,908 0.0 1,428 GAM Holding AG 28,088 22,234 0.0 382 Gecina 63,080 71,026 0.1 195 Gimv NV 13,235 14,522 0.0 1,608 Gjensidige Forsikring ASA 34,390 34,321 0.0 4,315 Grainger PLC 17,457 17,003 0.0 3,284 Great Portland Estates PLC 43,798 36,378 0.1 6,690 Green REIT PLC 14,121 12,983 0.0 674 Groupe Bruxelles Lambert SA 71,485 76,001 0.1 459 Grupo Catalana Occidente, SA 17,413 20,198 0.0 7,491 Hammerson PLC 78,317 71,127 0.1 553 Hannover Rueckversicherungs AG 76,672 80,410 0.1 7,490 Hansteen Holdings PLC 15,470 14,087 0.0 2,163 Hargreaves Lansdown PLC 50,271 43,477 0.1 2,696 Hastings Group Holdings Limited 9,009 11,035 0.0 880 Helical Bar PLC 6,353 4,298 0.0 58 Helvetia Holding AG 42,904 41,977 0.1 1,016 Hemfosa Fastigheter AB 13,891 12,748 0.0 10,153 Henderson Group PLC 47,009 39,638 0.1 5,629 Hibernia Reit PLC 11,221 9,801 0.0 2,751 Hiscox, Ltd. 50,256 46,361 0.1 909 Hispania Activos Inmobiliarios, SA 15,382 14,394 0.0 186,615 HSBC Holdings PLC 1,596,160 2,031,356 1.9 1,123 Hufvudstaden AB Series A 21,994 23,855 0.0 334 ICADE NPV 31,420 32,026 0.0 3,506 IG Group Holdings PLC 50,628 28,706 0.0 7,347 Immofinanz Immobilien Anlagen AG 21,454 19,257 0.0 1,861 Industrivarden AB Series A 44,498 49,504 0.1 1,707 Industrivarden AB Series C 36,661 42,787 0.1 35,817 ING Groep NV 526,444 677,353 0.6 2,129 Inmobiliaria Colonial, SA 19,741 19,824 0.0 2,743 Intermediate Capital Group PLC 33,863 31,817 0.0 2,293 International Personnel Finance 12,145 6,547 0.0 13 Intershop Holding AG 8,914 8,594 0.0 114,764 Intesa Sanpaolo SPA 418,758 393,814 0.4 3,978 Intesa Sanpaolo SPA Savings Shares 12,927 12,570 0.0 565 Intrum Justitia AB 23,910 25,638 0.0 6,992 Intu Properties PLC 39,648 32,592 0.0 5,615 Investec PLC 50,575 49,872 0.1 316 Investment AB Latour Cl. B 15,695 15,963 0.0 348 Investment AB Oresund 6,289 7,834 0.0 4,233 Investor AB Series B 191,925 212,767 0.2 432 JM AB Series B 14,078 16,785 0.0 3,762 John Laing Group PLC 15,896 16,881 0.0 1,909 Julius Baer Group, Ltd. 109,525 113,929 0.1 3,905 Jupiter Fund Management PLC 30,139 28,705 0.0 687 Jyske Bank A/S 41,562 44,003 0.1 276 KBC Ancora NPV 13,997 15,528 0.0 2,563 KBC Groep NV 182,828 213,276 0.2 1,061 Kennedy Wilson Europe Real Estate PLC 23,967 16,861 0.0 1,668 Kinnevik AB Cl. B 58,178 53,751 0.1 1,863 Klepierre SA 106,895 98,410 0.1

160 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 7,324 Klovern AB Cl. B 10,569 10,320 0.0 1,424 Kungsleden AB 12,679 12,140 0.0 257 L E Lundbergforetagen AB Series B 17,563 21,188 0.0 2,039 Lancashire Holdings Ltd 20,681 23,449 0.0 7,288 Land Securities Group PLC 145,453 128,738 0.1 606 LEG Immobilien AG 66,215 63,259 0.1 55,445 Legal & General Group PLC 246,260 227,485 0.2 89 Leonteq AG 12,609 3,993 0.0 3,433 Liberbank, SA 5,596 4,783 0.0 593,383 Lloyds Banking Group PLC 788,654 614,646 0.6 2,769 London Stock Exchange Group PLC 148,833 133,707 0.1 6,073 LondonMetric Property PLC 18,316 15,649 0.0 14,505 Man Group PLC 41,816 28,434 0.0 9,552 Mapfre SA 28,300 39,182 0.1 5,336 Mediobanca SPA 51,767 58,532 0.1 93 Melker Schorling AB 7,279 7,379 0.0 434 Mercialys 12,509 11,814 0.0 3,066 Merlin Properties Socimi, SA 43,407 44,799 0.1 649 Metro Bank PLC 31,225 31,457 0.0 55 Mobimo Holding AG 16,636 18,488 0.0 1,339 Muenchener Rueckversicherungs-Gesellschaft AG 352,546 340,253 0.3 8,936 Natixis 64,988 67,749 0.1 2,954 NEX Group PLC 45,858 22,737 0.0 425 Nexity 27,240 26,727 0.0 1,057 Nieuwe Steen Investments NV 6,157 5,360 0.0 3,026 NN Group NV 125,215 137,801 0.1 29,780 Nordea Bank AB 406,991 445,321 0.4 925 Nordnet AB Cl. B 4,973 5,093 0.0 1,672 Norwegian Property ASA 2,225 2,602 0.0 45,453 Old Mutual PLC 165,187 156,136 0.2 764 OneSavings Bank PLC 4,235 4,279 0.0 124 Orascom Development Holding AG 1,478 836 0.0 523 Pandox AB Cl. B 11,661 10,917 0.0 2,207 Paragon Group Companies PLC 13,570 15,170 0.0 291 Pargesa Holdings SA 23,682 25,457 0.0 203 Partners Group Holding AG 105,782 127,833 0.1 437 Patrizia Immobilien AG 12,501 9,757 0.0 1,395 Permanent tsb Group Holdings PLC 5,725 5,446 0.0 3,358 Phoenix Group Holdings 44,252 40,899 0.1 5,582 Picton Property Income, Ltd. 7,345 7,007 0.0 10 Plazza AG Registered Cl. A 2,681 2,961 0.0 4,016 Poste Italiane SPA 38,530 35,816 0.0 1,401 Provident Financial PLC 82,568 66,141 0.1 23,916 Prudential PLC 601,352 644,985 0.6 303 PSP Swiss Property AG 35,682 35,183 0.0 1,051 Raiffeisen International Bank-Holding AG 19,890 25,837 0.0 1,965 Ratos AB Series B 16,046 12,514 0.0 12,391 Redefine International PLC 10,680 8,047 0.0 636 Resurs Holding AB 5,069 5,520 0.0 30,438 Royal Bank of Scotland Group PLC 132,220 113,283 0.1 9,245 RSA Insurance Group PLC 77,314 89,773 0.1 458 S IMMO AG 5,199 6,478 0.0 2,136 Safestore Holdings PLC 14,103 12,388 0.0 4,318 Sampo OYJ Series A 264,418 260,127 0.3 1,312 Savills PLC 16,795 15,229 0.0 4,042 Schroder Real Estate Investment Trust Limited 4,504 3,818 0.0 1,090 Schroders PLC 54,774 54,150 0.1 1,512 SCOR SE 71,036 70,213 0.1 7,456 SEGRO PLC 57,014 56,599 0.1 1,851 Shaftesbury PLC 30,333 27,881 0.0 1,452 Shawbrook Group PLC 8,344 6,542 0.0 13,339 Skandinaviska Enskilda Banken Series A 178,213 188,145 0.2 1,764 Societa Cattolica di Assicurazioni SCRL 15,852 13,898 0.0 6,856 Societe Generale 349,385 453,315 0.4 128 Sofina SA 19,172 22,695 0.0 793 Spar Nord Bank A/S 9,371 12,219 0.0 1,212 SpareBank 1 SMN 9,946 12,226 0.0 1,161 SpareBank 1 SR-Bank ASA 7,385 10,988 0.0 2,495 Sponda OYJ 13,892 15,443 0.0 23 St. Galler Kantonalbank AG 12,465 12,018 0.0 4,988 St. Jame’s Place PLC 84,149 83,812 0.1

161 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 1,721 St. Modwen Properties PLC 9,614 8,667 0.0 25,050 Standard Chartered PLC 230,009 275,457 0.3 18,208 Standard Life PLC 121,447 112,239 0.1 3,849 Storebrand ASA Cl. A 20,281 27,536 0.0 385 Svenska Handelsbanken AB Cl. B 6,783 7,013 0.0 13,313 Svenska Handelsbanken AB Series A 231,316 248,799 0.2 1,076 SVG Capital PLC 10,069 12,624 0.0 9,875 Swedbank AB Series A 272,886 321,137 0.3 292 Swiss Life Holding 100,800 111,040 0.1 583 Swiss Prime Site AG 65,478 64,117 0.1 3,068 Swiss Re AG 367,801 390,647 0.4 119 Swissquote Group Holding SA Registered Shares 4,020 3,745 0.0 533 Sydbank A/S 20,641 22,225 0.0 1,403 TAG Immobilien AG 23,818 24,925 0.0 396 Talanx Aktiengesellschaft 15,575 17,795 0.0 580 TLG Immobilien AG 16,081 14,685 0.0 446 Topdanmark A/S 14,473 15,212 0.0 10,864 Tritax Big Box REIT PLC 26,747 25,113 0.0 949 Tryg A/S 23,594 23,054 0.0 4,812 Tullett Prebon PLC 32,093 34,551 0.0 8,244 UBI Banca - Unione di Banche Italiane ScpA 44,928 30,458 0.0 32,308 UBS Group AG 699,873 679,943 0.6 6,737 UK Commercial Property Trust 10,256 9,433 0.0 919 Unibail-Rodamco SE 442,513 294,752 0.3 53,888 UniCredit SPA 261,227 208,394 0.2 46 Union Financiere de France Banque 1,753 1,549 0.0 5,044 Unipol Gruppo Finanziario Spa 24,697 24,429 0.0 9,605 UnipolSai SPA 27,216 27,580 0.0 1,094 UNIQA Insurance Group AG 9,590 11,142 0.0 1,645 Unite Group PLC 19,928 16,519 0.0 113 Valiant Holding AG 15,475 15,119 0.0 1,993 Vanguard FTSE Europe ETF* 124,906 128,130 0.1 162 VastNed Retail NV 9,484 8,446 0.0 383 Vienna Insurance Group 11,105 11,539 0.0 2,585 Virgin Money Holdings (UK) PLC 17,950 12,966 0.0 4,343 Vonovia SE 187,638 189,851 0.2 136 Vontobel Holding AG 7,924 9,592 0.0 27 VZ Holding AG 9,946 10,884 0.0 1,788 Wallenstam AB Series B 18,906 18,713 0.0 168 Warehouses De Pauw SCA 19,115 20,173 0.0 290 Wendel 38,334 46,927 0.1 27 Wereldhave Belgium NV 4,310 4,113 0.0 306 Wereldhave NV 20,980 18,508 0.0 681 Wihlborgs Fastigheter AB 17,829 17,029 0.0 1,189 Workspace Group PLC 16,488 15,604 0.0 229 Wuestenrot & Wuerttembergische AG 6,047 6,013 0.0 1,384 Zurich Insurance Group AG 419,018 512,054 0.5 23,091,410 23,976,499 22.2 Health Care 888 Actelion, Ltd. 172,249 258,359 0.3 60 ALK-Abello A/S Cl. B 11,344 10,501 0.0 617 Almirall, SA 14,237 12,881 0.0 226 Ambu A/S Cl. B 10,278 12,188 0.0 840 Amplifon SPA 8,845 10,753 0.0 11,711 AstraZeneca PLC 906,456 861,138 0.8 1,345 Attendo AB 16,219 15,636 0.0 33 Bachem AG Series B 2,599 3,932 0.0 61 Basilea Pharmaceutica AG 5,888 5,884 0.0 338 Bavarian Nordic A/S 17,608 16,010 0.0 453 BB Biotech AG Registered 29,281 32,935 0.0 130 BioMerieux 19,169 26,093 0.0 159 Biotest AG 3,526 3,576 0.0 43 Boiron SA 4,501 5,119 0.0 3,648 BTG PLC 43,597 35,665 0.0 147 Carl Zeiss Meditec AG 6,104 7,277 0.0 793 Chr. Hansen Holding A/S 65,761 58,999 0.1 921 Coloplast A/S Series B 96,922 83,449 0.1 47 COSMO Pharmaceuticals NV 10,037 10,499 0.0 207 DBV Technologies SA 16,556 19,427 0.0 701 Dechra Pharmaceuticals PLC 15,494 15,624 0.0

162 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 240 DiaSorin 17,243 19,095 0.0 101 Dragerwerk AG & Co. KGaA Preferred 9,398 11,356 0.0 3,377 Elekta AB Series B 34,023 40,180 0.0 1,890 Essilor International SA 311,564 286,984 0.3 91 Eurofins Scientific 44,271 52,130 0.1 5,006 Faes Farma, SA 10,238 12,218 0.0 2,018 Fresenius Medical Care AG & Co. KGaA 227,656 229,637 0.2 3,709 Fresenius SE 334,927 389,589 0.4 344 Galapagos NV 20,731 29,652 0.0 309 Genfit 12,247 9,183 0.0 523 Genmab A/S 85,240 116,703 0.1 621 Genus PLC 17,212 18,482 0.0 302 Gerresheimer AG 28,988 30,167 0.0 1,753 Getinge AB Series B 51,937 37,807 0.0 45,196 GlaxoSmithKline PLC 1,209,284 1,169,826 1.1 1,388 GN Store Nord A/S 36,901 38,629 0.0 527 GrandVision NV 19,750 15,583 0.0 3,261 Grifols, SA 98,230 87,086 0.1 2,138 Grifols, SA Cl. B Preferred Shares 44,342 45,982 0.1 60 Guerbet SA 6,293 6,042 0.0 557 H. Lundbeck A/S 25,542 30,442 0.0 1,331 Hikma Pharmaceuticals PLC 44,416 41,751 0.1 7,192 Indivior PLC 25,233 35,300 0.0 193 Ion Beam Applications SA 10,182 11,367 0.0 319 Ipsen SA 22,746 30,999 0.0 8,542 Koninklijke Philips NV 302,782 350,390 0.3 391 Korian SA 14,822 15,397 0.0 473 Lonza Group AG 98,773 110,031 0.1 3,768 Mediclinic International PLC 63,127 48,140 0.1 1,158 Merck KGaA 135,234 162,404 0.2 283 MorphoSys AG 16,948 19,514 0.0 758 NMC Health PLC 13,702 19,394 0.0 21,989 Novartis AG 2,156,290 2,149,935 2.0 17,167 Novo Nordisk A/S Cl. B 1,292,013 831,777 0.8 2,033 Novozymes A/S Series B 119,043 94,172 0.1 1,141 Oriola-KD OYJ Series B 7,237 6,956 0.0 966 Orion OYJ Series B 42,282 57,784 0.1 409 Orpea 45,319 44,407 0.1 1,368 Pharma Mar, SA 4,692 5,244 0.0 2,158 Qiagen NV 63,301 81,439 0.1 983 Recordati SPA 31,112 37,430 0.0 375 Rhoen-Klinikum AG 15,327 13,611 0.0 6,809 Roche Holding AG 2,305,321 2,091,298 2.0 10,375 Sanofi 1,114,097 1,128,519 1.1 246 Sartorius Stedim Biotech 21,245 20,867 0.0 8,430 Shire PLC 647,427 654,312 0.6 21 Siegfried Holding AG Registered Shares 5,241 5,902 0.0 8,295 Smith & Nephew PLC 180,586 167,831 0.2 460 Sonova Holding AG 76,741 74,899 0.1 2,896 Spire Healthcare Group PLC 19,196 16,206 0.0 598 Stada Arzneimittel AG 27,738 41,603 0.0 41 Stallergenes Greer PLC 1,713 1,792 0.0 95 Straumann AG 42,689 49,827 0.1 1,629 Swedish Orphan Biovitrum AB 26,581 25,658 0.0 117 Tecan AG 23,994 24,531 0.0 1,092 UCB SA 112,151 94,082 0.1 2,024 UDG Healthcare PLC 21,387 22,421 0.0 6,320 Vectura Group PLC 18,624 14,358 0.0 43 Virbac SA 10,760 10,169 0.0 121 Vitrolife AB 9,965 6,913 0.0 1,005 William Demant Holding A/S 25,280 23,477 0.0 29 Ypsomed Holding AG Registered Shares 5,202 7,079 0.0 13,343,207 12,831,904 11.9 Industrials 40 A.P. Moller - Maersk A/S Series A 70,172 81,191 0.1 58 A.P. Moller - Maersk A/S Series B 105,867 124,347 0.1 5,681 AA PLC 29,703 26,086 0.0 549 Aalberts Industries NV 23,632 23,933 0.0 3,354 AB SKF Series B 77,534 82,981 0.1 17,967 ABB, Ltd. 430,640 509,227 0.5

163 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 6,303 Abertis Infraestructuras, SA 123,503 118,531 0.1 210 Acciona SA 21,732 20,772 0.0 1,603 ACS, Actividades de Construccion y Servicios SA 60,851 68,067 0.1 1,465 Adecco Group AG 121,136 128,837 0.1 607 Aena SA 93,546 111,316 0.1 275 Aeroports de Paris SA 42,937 39,598 0.0 552 AF AB Series B 12,232 13,608 0.0 391 AFG Arbonia-Forster-Holding AG Registered Shares 5,920 8,461 0.0 1,571 Agfa-Gevaert NV 8,507 8,162 0.0 2,301 Aggreko PLC 45,290 35,003 0.0 5,120 Airbus Group NV 455,955 455,093 0.4 111 Aktieselskabet Schouw & Co. 8,818 11,107 0.0 3,009 Alfa Laval AB 65,189 66,983 0.1 1,463 Alstom SA 47,034 54,166 0.1 3,877 Amadeus IT Holding SA 216,070 236,740 0.2 684 Andritz AG 49,147 46,145 0.1 831 Ansaldo STS SPA 12,233 13,917 0.0 983 Applus Services, SA 11,256 13,418 0.0 683 Arcadis NV 16,063 12,878 0.0 4,633 Ashtead Group PLC 75,907 121,300 0.1 8,738 ASSA ABLOY AB Series B 224,354 218,120 0.2 137 Assystem 4,820 5,129 0.0 548 Astaldi SPA 3,415 4,186 0.0 4,976 Atlantia SPA 171,019 156,675 0.2 5,890 Atlas Copco AB Series A 192,408 241,278 0.2 3,335 Atlas Copco AB Series B 100,457 122,387 0.1 2,401 Babcock International Group PLC 43,302 37,916 0.0 29,580 BAE Systems PLC 279,349 289,930 0.3 6,416 Balfour Beatty PLC 30,634 28,589 0.0 74 Barco NV 6,794 8,378 0.0 9,944 BBA Aviation PLC 36,787 46,682 0.1 161 Bekaert SA 8,519 8,764 0.0 4 Belimo Holding AG Registered Shares 13,782 16,245 0.0 1,653 Berendsen PLC 36,232 23,844 0.0 42 Bertrandt AG 6,224 5,744 0.0 336 Bilfinger Berger AG 20,542 17,383 0.0 1,953 Bodycote PLC 21,927 20,841 0.0 9,325 Bollore SA 50,091 44,186 0.1 1,851 Bouygues SA 98,360 89,136 0.1 928 bpost SA 32,590 29,534 0.0 235 Braas Monier Building Group SA 7,196 8,368 0.0 1,091 Bravida Holding AB 9,478 8,898 0.0 169 Brunel International NV 4,531 3,679 0.0 65 Bucher Industries AG 20,078 21,506 0.0 2,846 Bunzl PLC 107,341 99,461 0.1 32 Burckhardt Compression Holding AG 14,330 11,305 0.0 2,473 Bureau Veritas SA 68,346 64,398 0.1 450 Buzzi Unicem SPA 10,649 14,328 0.0 707 Buzzi Unicem SPA Savings Shares 9,283 11,530 0.0 861 BW LPG Limited 7,478 4,873 0.0 6,351 Capita PLC 124,371 55,883 0.1 375 Cargotec OYJ Cl. B 17,089 22,750 0.0 3,855 Carillion PLC 21,162 15,082 0.0 1,284 Caverion Corporation 17,098 14,384 0.0 680 Cementir SPA 4,782 4,042 0.0 1,966 Cerved Information Solutions SPA 20,535 21,941 0.0 2,591 Chemring Group PLC 6,811 7,299 0.0 2,459 CIR-Compagnie Industriali Riunite SPA 3,658 3,593 0.0 8,808 CNH Industrial NV 80,104 102,971 0.1 16,349 Cobham PLC 55,042 44,349 0.1 3,924 Cofide SPA 2,314 2,115 0.0 4,434 Compagnie de Saint-Gobain 244,744 277,557 0.3 68 Compagnie d’Entreprises CFE 8,925 9,950 0.0 369 Compania de Distribucion Integral Logista Holding, SA 11,013 11,483 0.0 348 Concentric AB 5,377 5,843 0.0 180 Construcciones y Auxiliar de Ferrocarriles, SA 7,285 9,751 0.0 9 Conzzeta AG 7,753 8,550 0.0 217 Cramo OYJ 6,055 7,302 0.0 7,704 CRH PLC 282,831 361,279 0.3 348 CTS Eventim AG & Co. KGaA 16,143 14,742 0.0 1,518 CTT-Correios de Portugal, SA 17,095 13,839 0.0

164 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 101 D/S Norden A/S 1,871 2,123 0.0 49 Daetwyler Holding AG 8,989 8,948 0.0 418 Danieli SPA 11,776 11,417 0.0 249 Datalogic SPA 5,913 6,583 0.0 789 DCC PLC 84,685 78,969 0.1 1,021 De La Rue PLC 8,494 10,405 0.0 948 Derichebourg 3,953 5,633 0.0 8,822 Deutsche Post AG 306,878 389,765 0.4 724 Deutz AG 4,071 5,474 0.0 313 DFDS A/S 14,718 19,208 0.0 1,160 Diploma plc 16,461 19,972 0.0 244 DKSH Holding Limited 21,886 22,521 0.0 171 DMG Mori Aktiengesellschaft 9,560 10,439 0.0 28 dorma+kaba Holding AG Registered Cl. B 22,900 27,968 0.0 9,042 DS Smith PLC 67,216 61,146 0.1 1,727 DSV A/S Series B 95,178 103,224 0.1 142 Duerr AG 12,624 15,335 0.0 1,931 Edenred 48,836 51,445 0.1 690 Eiffage SA 65,826 64,659 0.1 3,846 Electrocomponents PLC 17,332 30,380 0.0 773 Elis SA 18,484 18,533 0.0 2,013 Enav SPA 9,282 9,351 0.0 2,443 Essentra PLC 39,092 18,662 0.0 388 Eurazeo NPV 30,969 30,503 0.0 1,333 Euronav SA 17,691 14,290 0.0 120 EVS Broadcast Equipment SA 5,628 5,635 0.0 8,949 Experian PLC 204,350 233,410 0.2 68 Faiveley SA 9,466 9,632 0.0 1,459 Fenner PLC 3,891 5,700 0.0 4,207 Ferrovial, SA 111,261 101,132 0.1 5,751 Fincantieri SPA 2,976 3,847 0.0 2,474 Fingerprint Cards AB Cl. B 35,593 22,953 0.0 455 FLS Industries A/S Cl. B 22,898 25,361 0.0 120 Flughafen Wien Aktiengesellschaft 4,151 3,972 0.0 144 Flughafen Zuerich AG Registered Shares 31,455 35,892 0.0 770 Fomento de Construcciones y Contratas SA 9,281 8,224 0.0 8 Forbo Holding AG 12,004 13,860 0.0 345 Fraport AG 26,375 27,411 0.0 14,821 G4S PLC 59,442 57,715 0.1 187 Gaztransport Et Technigaz SA 8,506 10,870 0.0 1,633 GEA Group AG 101,579 88,305 0.1 345 Geberit AG 169,161 185,821 0.2 39 Georg Fischer AG 38,874 42,917 0.1 104 GL events 2,683 2,501 0.0 2,195 Grafton Group PLC 27,927 20,005 0.0 77 Grenkeleasing AG 20,565 16,228 0.0 4,412 Groupe Eurotunnel SE 63,403 56,378 0.1 3,649 Halma PLC 61,342 54,269 0.1 238 Hamburger Hafen und Logistik AG 4,818 5,959 0.0 184 Hapag-Lloyd AG 4,507 5,713 0.0 141 Haulotte Group SA 2,935 2,804 0.0 13,421 Hays PLC 30,665 33,181 0.0 1,382 HeidelbergCement AG 144,561 173,254 0.2 2,218 Heidelberger Druckmaschinen AG 6,074 7,947 0.0 175 Hochtief AG 26,461 32,934 0.0 358 Hoegh LNG Holdings, Ltd. 5,313 5,382 0.0 2,332 HomeServe PLC 18,801 23,959 0.0 5,829 Howden Joinery Group PLC 50,799 37,071 0.0 1,002 Huhtamaki OYJ Series I 45,664 50,002 0.1 148 I.M.A. Industria Macchine Automatiche SPA 10,615 12,058 0.0 2,389 Ibstock PLC 6,323 7,375 0.0 2,606 IMI PLC 45,580 44,911 0.1 148 Implenia AG 11,854 14,695 0.0 193 Indus Holding AG 11,674 14,097 0.0 846 Indutrade AB 21,544 22,854 0.0 753 Interpump Group SPA 14,409 16,562 0.0 1,484 Interserve PLC 12,268 8,404 0.0 1,455 Intertek Group PLC 84,878 83,928 0.1 1,689 ISS AS 81,978 76,598 0.1 84 Italmobiliare SPA 9,649 5,305 0.0 6,135 IWG PLC 34,348 25,009 0.0

165 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 371 Jenoptik AG 6,826 8,619 0.0 348 Jungheinrich AG Preferred 12,188 13,418 0.0 66 Kapsch TrafficCom AG 2,893 3,483 0.0 496 KCI Konecranes OYJ 15,338 23,699 0.0 721 Keller Group PLC 11,193 10,084 0.0 707 Kier Group PLC 17,417 16,085 0.0 1,690 Kingspan Group PLC 53,676 61,674 0.1 636 KION Group AG 43,070 47,553 0.1 3,554 Kone OYJ Series B 212,179 214,001 0.2 518 Kongsberg Gruppen ASA 10,739 10,047 0.0 2,150 Koninklijke BAM Groep NV 13,223 13,350 0.0 747 Koninklijke Boskalis Westminster NV 39,840 34,858 0.0 630 Koninklijke Vopak NV 40,305 39,989 0.1 131 Krones AG 19,359 16,102 0.0 479 Kuehne & Nagel International AG 87,515 85,071 0.1 4,517 LafargeHolcim, Ltd. Registered Shares 257,246 319,758 0.3 2,448 Legrand SA 171,146 186,809 0.2 5 LEM Holding SA Registered Shares 7,707 6,281 0.0 3,643 Leonardo SPA 54,377 68,740 0.1 336 Leoni AG 14,345 16,085 0.0 471 Lifco AB 16,162 16,214 0.0 511 Lindab International AB 5,274 5,510 0.0 661 Loomis AB Cl. B 23,943 26,453 0.0 333 MAN SE 46,178 44,431 0.1 118 Manitou BF 2,679 3,121 0.0 81 Mayr Melnhof Karton AG 12,016 11,537 0.0 7,434 Meggitt PLC 58,656 56,493 0.1 17,154 Melrose Industries PLC 34,112 56,211 0.1 151 Mersen (Ex Carbon Lorraine) 2,824 4,340 0.0 1,270 Metso OYJ 41,502 48,682 0.1 623 Meyer Burger Technology AG 4,548 551 0.0 3,723 Mitie Group PLC 19,261 13,844 0.0 2,930 Morgan Crucible Company PLC 13,249 13,857 0.0 1,097 Mota Engil SGPS SA 3,115 2,498 0.0 486 MTU Aero Engines Holding AG 59,073 75,480 0.1 841 NCC AB Cl. B 38,125 27,983 0.0 4,847 NETeller PLC 37,238 29,822 0.0 340 Nexans SA 19,251 23,666 0.0 1,933 NIBE Industrier AB Cl. B 19,331 20,488 0.0 244 NKT Holding A/S 17,663 23,157 0.0 1,272 Northgate PLC 10,072 10,391 0.0 1,539 Obrascon Huarte Lain SA 13,128 7,173 0.0 1,547 OC Oerlikon Corporation AG 20,503 20,412 0.0 498 Ocean Yield ASA 3,992 5,043 0.0 346 Oesterreichische Post AG 17,892 15,607 0.0 1,769 Outotec OYJ 8,803 12,491 0.0 462 Oxford Instruments PLC 6,160 5,604 0.0 3,135 Pagegroup PLC 23,776 20,286 0.0 137 Palfinger AG 5,019 5,542 0.0 125 Panalpina Welttransport Holding AG 17,574 20,980 0.0 1,641 Peab AB Series B 18,429 17,514 0.0 101 Pfeiffer Vacuum Technology AG 13,208 12,689 0.0 346 Philips Lighting NV 11,475 11,452 0.0 1,970 Polypipe Group PLC 13,007 10,573 0.0 4,548 PostNL NV 23,664 26,324 0.0 1,839 Prosegur Compania de Seguridad, SA 13,081 15,451 0.0 1,974 Prysmian SPA 56,115 68,129 0.1 3,984 Qinetiq Group PLC 17,905 17,349 0.0 541 Ramirent OYJ 4,907 5,655 0.0 1,049 Randstad Holdings NV 73,793 76,459 0.1 38 Rational AG 26,030 22,790 0.0 372 Renishaw PLC 12,435 15,583 0.0 17,664 Rentokil Initial PLC 54,654 65,039 0.1 2,863 Rexel SA 49,599 63,316 0.1 226 Rhi AG 5,494 7,752 0.0 47 Rieter Holding AG 12,580 10,983 0.0 65 Rockwool International A/S Series A 13,270 15,407 0.0 15,437 Rolls-Royce Holdings PLC 206,610 170,875 0.2 8,152 Rotork PLC 27,769 32,582 0.0 8,740 Royal Mail PLC 75,216 66,925 0.1 3,112 RPC Group PLC 42,891 54,920 0.1

166 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 2,181 RPS Group PLC 8,578 8,041 0.0 428 Saab AB Series B 18,243 21,513 0.0 2,665 Sacyr Vallehermoso SA 7,287 8,368 0.0 2,762 Safran SA 241,819 267,301 0.3 1,923 Salini Impregilo SPA 10,390 8,166 0.0 9,647 Sandvik AB NPV 125,155 160,493 0.2 337 Sartorius AG Preferred Non-Voting 29,597 33,606 0.0 560 Schindler Holding AG 131,798 132,230 0.2 5,017 Schneider Electric SE 416,946 469,144 0.4 9 Schweiter Technologies AG 10,019 13,657 0.0 2,970 Securitas AB Series B 59,901 62,870 0.1 118 Semperit AG Holding 5,793 4,299 0.0 4,309 Senior PLC 18,139 13,874 0.0 10,016 Serco Group PLC 19,582 23,784 0.0 162 SFS Group AG 15,311 17,763 0.0 542 SGL Carbon AG 7,732 6,409 0.0 47 SGS SA 128,093 128,496 0.1 5,989 Shanks Group PLC 8,831 9,130 0.0 7,078 Siemens AG 936,047 1,169,359 1.1 5,757 SIG PLC 15,867 9,845 0.0 20 Sika AG 103,518 129,098 0.1 3,300 Skanska AB Series B 94,923 104,784 0.1 3,754 Smiths Group PLC 74,510 88,084 0.1 2,249 Smurfit Kappa Group PLC 74,700 69,333 0.1 659 Societa Iniziative Autostradali e Servizi SPA (SIAS) 8,108 7,550 0.0 71 Solar A/S Series B 4,720 4,876 0.0 1,133 Spectris PLC 37,983 43,426 0.1 601 SPIE SA 14,965 17,015 0.0 698 Spirax-Sarco Engineering PLC 45,948 48,394 0.1 216 Stolt-Nielsen Limited 2,967 3,567 0.0 145 Strabag SE 5,391 6,902 0.0 130 Sulzer AG 16,985 18,011 0.0 694 SWECO AB (publ) Series B 14,892 18,461 0.0 257 Tarkett SA 10,421 12,392 0.0 550 Teleperformance 60,177 74,140 0.1 966 Thales SA 102,804 125,885 0.1 2,037 The Weir Group PLC 39,764 63,796 0.1 3,903 ThyssenKrupp AG 97,207 124,988 0.1 420 TKH Group NV 21,418 22,331 0.0 1,327 Tomra Systems ASA 17,661 18,710 0.0 2,389 Travis Perkins PLC 81,411 57,481 0.1 2,357 Trelleborg AB Series B 55,750 62,385 0.1 529 Ultra Electronics Holdings PLC 17,354 17,015 0.0 557 Uponor OYJ Cl. A 10,029 13,008 0.0 2,876 Vallourec SA 14,867 26,646 0.0 1,217 Valmet Corporation 17,532 24,065 0.0 141 VAT Group AG 15,329 15,786 0.0 735 Veidekke ASA 12,640 14,142 0.0 1,308 Vesuvius PLC 8,468 8,568 0.0 2 Vetropack Holding AG 4,180 4,684 0.0 158 Vicat SA 13,005 12,886 0.0 165 Vidrala, SA 12,298 11,436 0.0 4,362 Vinci 410,860 399,194 0.4 14,365 Volvo AB Series B 199,490 225,625 0.2 104 Vossloh AG 8,220 8,769 0.0 193 Wacker Neuson SE 4,077 4,208 0.0 1,422 Wartsila Oyj Abp Series B 80,074 85,846 0.1 1,059 Wienerberger AG 25,320 24,708 0.0 814 Wilh. Wilhelmsen ASA 5,056 4,286 0.0 1,107 Wirecard AG 57,134 64,026 0.1 2,242 Wolseley PLC 161,053 184,346 0.2 404 Worldline SA 12,389 15,303 0.0 14,833 Worldpay Group PLC 74,515 66,340 0.1 924 WS Atkins PLC 22,605 22,324 0.0 706 Xaar PLC 6,026 4,680 0.0 1,251 YIT OYJ 9,455 13,431 0.0 1,807 Zardoya Otis SA 24,476 20,524 0.0 118 Zehnder Group AG Registered Shares 6,106 5,006 0.0 358 Zignago Vetro SPA 2,785 2,795 0.0 1,861 Zodiac Aerospace 48,318 57,424 0.1 216 Zumtobel AG 4,947 5,191 0.0 14,448,383 15,552,417 14.4

167 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets Oil & Gas 1,830 Akastor ASA 2,008 4,619 0.0 998 Aker BP ASA 9,859 24,022 0.0 1,309 Aker Solutions ASA 5,962 8,437 0.0 3,652 Amec Foster Wheeler PLC 31,861 28,443 0.0 317 Bourbon SA 6,412 5,493 0.0 174,319 BP PLC 1,180,235 1,472,022 1.4 5,938 Cairn Energy PLC 19,182 23,212 0.0 1,518 Cape PLC 6,592 3,673 0.0 192 CGG SA 6,798 3,723 0.0 249 CropEnergies AG 1,355 1,795 0.0 5,557 Det Norske Oljeselskap (DNO) ASA 6,114 7,342 0.0 22,949 Eni SPA 450,469 502,167 0.5 32 Esso S.A.F. 2,031 1,863 0.0 1,091 Etablissements Maurel et Prom 5,613 6,512 0.0 694 Fugro NV CVA 18,139 14,278 0.0 4,870 Galp Energia, SGPS, SA Cl. B 79,013 97,748 0.1 2,147 Gamesa Corporation Tecnologica, SA 52,430 58,521 0.1 1,404 Hunting PLC 10,336 14,599 0.0 3,441 John Wood Group PLC 41,595 49,949 0.1 3,271 Lamprell PLC 6,573 4,987 0.0 1,728 Lundin Petroleum AB 37,092 50,532 0.1 1,226 Neste OYJ 52,593 63,296 0.1 634 Nordex SE 24,676 18,285 0.0 757 Nostrum Oil & Gas PLC 3,765 4,842 0.0 1,372 OMV AG 51,056 65,128 0.1 7,060 Ophir Energy PLC 11,202 11,289 0.0 2,431 Petrofac Limited 44,014 35,006 0.0 244 Petroleum Geo Services ASA, Rights (Exp. 05/01/17) — 255 0.0 2,183 Petroleum Geo-Services ASA 8,928 9,931 0.0 4,373 Premier Oil PLC 4,310 5,362 0.0 13,935 REC Silicon ASA 3,195 2,475 0.0 10,077 Repsol, SA 158,222 191,284 0.2 10,077 Repsol, SA, Rights (Exp. 01/09/17) — 5,017 0.0 38,672 Royal Dutch Shell PLC Cl. A 1,224,835 1,436,981 1.3 36,660 Royal Dutch Shell PLC Cl. B 1,165,160 1,430,010 1.3 54,678 Saipem SPA 30,408 41,377 0.0 3,022 Saras SPA 6,158 7,352 0.0 1,730 SBM Offshore NV 31,611 36,498 0.0 109 Schoeller-Bleckmann Oilfield Equipment AG 8,991 11,799 0.0 3,615 Seadrill, Ltd. 24,011 16,795 0.0 93 SMA Solar Technology AG 5,545 3,304 0.0 1,893 SOCO International PLC 6,209 5,003 0.0 8,875 Statoil ASA 184,975 219,019 0.2 2,540 Subsea 7 SA 24,674 43,253 0.0 1,054 Technip SA 75,274 101,095 0.1 313 Tecnicas Reunidas SA 12,021 17,251 0.0 849 TGS Nopec Geophysical Company ASA 18,515 25,356 0.0 20,234 Total SA 1,258,778 1,394,388 1.3 8,605 Tullow Oil PLC 33,764 44,588 0.1 2,040 Vestas Wind Systems A/S 181,301 178,126 0.2 6,633,860 7,808,302 7.2 Technology 762 Aixtron AG 3,626 3,340 0.0 235 Alten SA 18,458 22,178 0.0 852 Altran Technologies SA 13,598 16,727 0.0 514 ams AG 21,645 19,600 0.0 319 Ascom Holding AG Registered Shares 7,484 6,735 0.0 446 ASM International NV 25,042 26,896 0.1 2,971 ASML Holding NV 378,327 448,186 0.4 966 Atea ASA 11,758 11,965 0.0 836 Atos SE 83,254 118,545 0.1 656 Aveva Group PLC 19,142 20,425 0.0 340 BE Semiconductor Industries NV 13,997 15,216 0.0 122 Bechtle AG 13,874 17,053 0.0 1,473 Cap Gemini SA 166,175 166,994 0.2 234 CompuGroup Medical AG 11,920 12,890 0.0 700 Computacenter PLC 11,167 9,280 0.0 1,161 Dassault Systemes SA 116,541 118,879 0.1 675 Dialog Semiconductor PLC 32,035 38,348 0.1

168 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 482 Econocom Group 6,141 9,504 0.0 175 EI Towers SPA 13,073 12,674 0.0 352 Esprinet SPA 4,231 3,525 0.0 391 Fidessa Group PLC 17,025 14,831 0.0 761 F-Secure OYJ 2,655 3,746 0.0 777 Gemalto NV 74,565 60,359 0.1 2,376 Hexagon AB Series B 110,574 114,166 0.1 141 Huber & Suhner AG 8,644 10,512 0.0 225 Iliad SA 72,038 58,129 0.1 2,242 Imagination Technologies Group PLC 7,036 9,362 0.0 1,184 Indra Sistemas SA Series A 16,711 17,434 0.0 10,413 Infineon Technologies AG 176,091 243,174 0.2 524 Ingenico SA 72,421 56,234 0.1 319 Kudelski SA 6,301 7,429 0.0 2,794 Laird PLC 19,843 7,084 0.0 1,351 Logitech International SA 28,954 45,278 0.1 214 Melexis NV 14,890 19,267 0.0 2,038 Micro Focus International PLC 57,300 73,587 0.1 2,764 NCC Group PLC 16,399 8,279 0.0 186 Nemetschek AG 10,649 14,538 0.0 339 Neopost SA 10,952 14,251 0.0 53,246 Nokia OYJ 423,863 345,545 0.3 1,566 Nordic Semiconductor ASA 10,726 8,564 0.0 954 Opera Software ASA 10,009 5,544 0.0 243 Parrot SA 6,999 3,568 0.0 39 Reply SPA 7,489 6,509 0.0 8,287 SAP SE 855,400 970,677 0.9 345 SimCorp A/S 20,884 22,590 0.0 480 Software AG 23,130 23,413 0.0 2,200 Sophos Group PLC 9,005 9,537 0.0 127 Sopra Group 17,959 19,374 0.0 5,955 STMicroelectronics NV 46,083 90,760 0.1 987 Tele Columbus AG 11,795 11,029 0.0 27,735 Telefonaktiebolaget LM Ericsson Series B 342,052 219,039 0.2 561 Temenos Group AG 38,562 52,482 0.1 9,079 The Sage Group PLC 101,751 98,542 0.1 686 TietoEnator OYJ 24,338 25,151 0.0 1,124 TomTom NV 13,276 13,589 0.0 59 u-blox AG 15,952 14,885 0.0 1,133 United Internet AG 73,602 59,448 0.1 53 Wincor Nixdorf AG 4,996 4,944 0.0 24 XING AG 5,514 5,956 0.0 3,757,921 3,887,766 3.6 Telecommunications 3,399 Altice NV Cl. A 68,791 90,531 0.1 1,141 Altice NV Cl. B 23,616 30,551 0.0 78,303 BT Group PLC 682,511 476,065 0.5 1,316 Cellnex Telecom SAU 27,568 25,437 0.0 1,321 Com Hem Holding AB 15,652 16,946 0.0 30,022 Deutsche Telekom AG 679,697 694,520 0.7 331 Drillisch AG 18,243 19,147 0.0 1,534 Elisa OYJ Series A 73,205 67,112 0.1 1,009 Euskaltel SA 14,700 12,017 0.0 1,015 Freenet AG NPV 41,742 38,419 0.0 2,450 Infrastrutture Wireless Italiane SPA 16,649 15,255 0.0 4,295 Inmarsat PLC 76,933 53,485 0.1 5,239 KCOM Group PLC 11,151 8,226 0.0 28,755 Koninklijke (Royal) KPN NV 144,190 114,454 0.1 259 Orange Belgium SA 7,318 7,274 0.0 17,877 Orange SA 413,854 365,011 0.3 1,326 Proximus SA 58,046 51,316 0.1 862 SFR Group SA 42,480 32,713 0.0 409 Sonaecom, SGPS, SA 1,117 1,476 0.0 316 Sunrise Communications Group AG 26,058 27,936 0.0 214 Swisscom AG 146,506 128,788 0.1 4,721 Talktalk Telecom Group PLC 22,660 13,236 0.0 7,694 TDC A/S Cl. B 46,925 53,072 0.1 3,367 Tele2 AB Series B 38,527 36,308 0.0 110,344 Telecom Italia SPA 153,353 130,638 0.1 46,556 Telecom Italia SPA Savings Shares 52,625 45,240 0.1

169 Vanguard FTSE Developed Europe All Cap Index ETF

Number of Shares Description Average Cost ($) Fair Value ($) % of Net Assets 597 Telecom plus PLC 10,217 11,634 0.0 6,524 Telefonica Deutschland Holding AG 44,085 37,558 0.0 39,511 Telefonica SA 549,045 492,925 0.5 921 Telekom Austria AG 7,032 7,308 0.0 6,477 Telenor ASA 138,558 130,173 0.1 24,073 Telia Company AB 157,066 130,453 0.1 245,751 Vodafone Group PLC 1,016,626 813,841 0.8 4,826,746 4,179,065 3.9 Utilities 14,488 A2A SPA 22,688 25,206 0.0 457 ACEA SPA 8,276 7,466 0.0 194 Albioma SA 4,069 4,539 0.0 34 Alpiq Holding AG Registered 3,097 3,791 0.0 119 BKW AG 6,142 7,733 0.0 50,683 Centrica PLC 216,249 196,609 0.2 742 DONG Energy A/S 38,202 37,772 0.0 3,740 Drax Group PLC 19,355 23,420 0.0 17,493 E.ON AG 216,256 165,781 0.2 18,426 EDP - Energias de Portugal SA 75,908 75,427 0.1 2,015 EDP Renovaveis SA 19,057 17,204 0.0 2,837 Electricite de France SA 42,167 38,844 0.0 276 Elia System Operator SA 17,807 19,397 0.0 2,178 Enagas SA 81,665 74,322 0.1 2,897 Endesa, SA 70,700 82,467 0.1 71,675 ENEL - SPA 394,609 424,589 0.4 13,523 Engie SA 276,059 231,830 0.2 449 Erg SPA 7,531 6,478 0.0 355 EVN AG 5,209 5,626 0.0 4,043 Fortum OYJ 78,043 83,322 0.1 2,950 Gas Natural SDG SA Series E 72,189 74,733 0.1 6,878 Hera SPA 25,540 21,325 0.0 52,743 Iberdrola SA 455,540 465,078 0.4 1,139 innogy SE 61,351 53,182 0.1 5,549 IREN SPA 11,672 12,213 0.0 4,791 Italgas SPA 28,773 25,331 0.0 35,154 National Grid PLC 636,805 554,331 0.5 3,974 Pennon Group PLC 59,277 54,460 0.1 3,998 Red Electrica Corporacion, SA 108,580 101,367 0.1 2,835 Redes Energeticas Nacionais SA 10,979 10,819 0.0 333 Rubis 34,629 36,895 0.0 4,661 RWE AG Cl. A 74,600 77,895 0.1 2,128 Severn Trent PLC 84,675 78,353 0.1 22,364 Snam SPA 163,488 123,813 0.1 9,418 SSE PLC 257,962 242,365 0.2 2,862 Suez 65,843 56,736 0.1 12,944 Terna SPA 89,232 79,680 0.1 1,823 Uniper SE 26,828 33,818 0.0 6,299 United Utilities Group PLC 108,315 94,045 0.1 4,487 Veolia Environnement 135,121 102,659 0.1 656 Verbund AG Cl. A 10,533 14,081 0.0 4,125,021 3,845,002 3.6 Total investments 105,359,985 107,802,462 99.6 Other assets and liabilities (net) 396,178 0.4 Total net assets attributable to holders of redeemable units 108,198,640 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

170 Vanguard FTSE Developed Europe All Cap Index ETF

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015* Equity investments Financials 22.2 23.1 Consumer Goods 17.6 18.3 Industrials 14.4 13.6 Health Care 11.9 12.3 Basic Materials 7.8 6.5 Consumer Services 7.4 8.2 Oil & Gas 7.2 5.9 Telecommunications 3.9 4.6 Utilities 3.6 3.7 Technology 3.6 3.8 Other assets and liabilities (net) 0.4 — Net assets attributable to holders of redeemable units 100.0 100.0 * During the year ended December 31, 2016, the ETF sold its sole investment in a U.S.-domiciled fund and purchased the individual securities in approximately the same proportion as held in the underlying fund.

December 31, December 31, Country allocation 2016 2015* Equity Investments United Kingdom 30.0 31.5 France 14.4 13.6 Germany 14.2 13.6 Switzerland 13.3 13.7 Sweden 5.0 4.8 Spain 4.9 4.8 Netherlands 4.9 4.5 Italy 3.8 4.1 Denmark 2.6 2.9 Belgium 2.1 2.3 Finland 1.8 1.6 Norway 1.3 1.0 Other 1.7 1.6 Net assets attributable to holders of redeemable units 100.0 100.0 * During the year ended December 31, 2016, the ETF sold its sole investment in a U.S.-domiciled fund and purchased the individual securities in approximately the same proportion as held in the underlying fund.

171 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged)

Statement of Financial Position As at December 31, 2016*

2016* Assets Current assets Investments $1,312,583 Amounts receivable for investments sold 6,033 Income distributions receivable 6,014 Unrealized appreciation of foreign currency contracts 26,494 Total assets 1,351,124 Liabilities Current liabilities Bank overdraft 12,819 Amounts payable for investments purchased 20,032 Distributions payable 6,018 Accounts payable and accrued expenses 14 Unrealized depreciation of foreign currency contracts 1,551 Total liabilities excluding net assets attributable to holders of redeemable units 40,434 Total net assets attributable to holders of redeemable units $1,310,690 Number of redeemable units outstanding (Note 7) 50,000 Net assets attributable to holders of redeemable units per unit $26.21 * The Fund commenced operations on October 3, 2016.

Statement of Comprehensive Income For the period ended December 31, 2016*

2016* Income Net gain (loss) on investments Income distribution from underlying funds $6,014 Net realized gain (loss) on sale of investments (8,401) Change in unrealized appreciation (depreciation) of investments 20,882 Net gain (loss) on investments 18,495 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 44,582 Change in unrealized appreciation (depreciation) of foreign currency contracts 24,943 Net gain (loss) on derivatives 69,525 Total income (net) 88,020 Expenses (Note 8) Management fees 9 Independent Review Committee fees 2,383 Transaction costs (Note 3) 28 Total expenses 2,420 Expenses absorbed by manager (2,383) Net expenses 37 Increase (decrease) in net assets attributable to holders of redeemable units $87,983 Weighted average number of redeemable units 58,056 Increase (decrease) in net assets attributable to holders of redeemable units per unit $1.52 * The Fund commenced operations on October 3, 2016.

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

172 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the period ended December 31, 2016*

2016* Net assets attributable to holders of redeemable units, beginning of year — Increase (decrease) in net assets attributable to holders of redeemable units $87,983 Distributions to holders of redeemable units Net investment income (6,018) Net realized gains (23,313) (29,331) Redeemable unit transactions Proceeds from sale of redeemable units 1,873,943 Reinvestment of distributions to holders of redeemable units 23,313 Payment for redeemable units redeemed (645,218) 1,252,038 Net assets attributable to holders of redeemable units, end of period $1,310,690 * The Fund commenced operations on October 3, 2016.

Statement of Cash Flows For the period ended December 31, 2016*

2016* Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $87,983 Adjustments for: Net realized (gain) loss on sale of investments 8,401 Change in unrealized (appreciation) depreciation of investments (20,882) Change in unrealized (appreciation) depreciation of derivatives (24,943) Purchase of investments¹ (1,292,374) Proceeds from sale of investments¹ 2 (1,329,796) Change in non-cash working capital (6,000) Net cash from (used in) operating activities (1,247,813) Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 1,250,900 Payment for redeemable units redeemed¹ (15,906) Net cash from (used in) financing activities 1,234,994 Net increase (decrease) in cash during the period ($12,819) Cash, beginning of period — Cash (Bank overdraft), end of period ($12,819) Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes — 1 Excludes in-kind transactions for the year ended December 31, 2016. * The Fund commenced operations on October 3, 2016.

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

173 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged)

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 51,758 *Vanguard FTSE Developed Europe All Cap Index ETF 1,291,701 1,312,583 100.1 Total investments 1,291,701 1,312,583 100.1 Foreign currency contracts (Schedule 1) 24,943 1.9 Other assets and liabilities (net) (26,836) (2.0) Total net assets attributable to holders of redeemable units 1,310,690 100.0 * This fund (a Canadian-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Canadian Dollar 15,913 Danish Krone 85,205 01/04/17 296 A+ 1 Canadian Dollar 158 Danish Krone 831 01/04/17 — A+ 1 Canadian Dollar 282,341 Euro 203,281 01/04/17 5,194 A+ 1 Canadian Dollar 2,801 Euro 1,983 01/04/17 4 A+ 1 Canadian Dollar 7,617 Norwegian Krone 49,339 01/04/17 70 A+ 1 Canadian Dollar 75 Norwegian Krone 482 01/04/17 — A+ 1 Canadian Dollar 1,397 Norwegian Krone 8,970 02/02/17 — AA- 1 Canadian Dollar 187,592 Pound Sterling 113,285 01/04/17 129 A+ 1 Canadian Dollar 373,100 Pound Sterling 225,164 01/04/17 12 AA- 1 Canadian Dollar 30,574 Swedish Krona 213,320 01/04/17 915 A+ 1 Canadian Dollar 539 Swedish Krona 3,695 01/04/17 7 AA- 1 Canadian Dollar 82,167 Swiss Franc 63,564 01/04/17 1,704 A+ 1 Canadian Dollar 166,696 Swiss Franc 126,338 01/04/17 4 AA- 1 Canadian Dollar 818 Swiss Franc 620 01/04/17 — A+ 1 Danish Krone 256,864 Canadian Dollar 49,319 01/04/17 455 A+ 1 Euro 612,824 Canadian Dollar 875,352 01/04/17 8,530 A+ 1 Norwegian Krone 148,739 Canadian Dollar 23,487 01/04/17 314 A+ 1 Pound Sterling 341,517 Canadian Dollar 574,137 01/04/17 8,220 A+ 1 Swiss Franc 191,623 Canadian Dollar 253,481 01/04/17 640 A+ Unrealized appreciation of foreign currency contracts 26,494 1 Canadian Dollar 283 Danish Krone 1,476 01/04/17 (2) AA- 1 Canadian Dollar 32,221 Danish Krone 169,352 01/04/17 (5) AA- 1 Canadian Dollar 2,914 Danish Krone 15,273 02/02/17 (5) AA- 1 Canadian Dollar 5,015 Euro 3,521 01/04/17 (34) AA- 1 Canadian Dollar 571,595 Euro 404,039 01/04/17 (93) AA- 1 Canadian Dollar 52,315 Euro 36,895 02/02/17 (69) AA- 1 Canadian Dollar 15,279 Norwegian Krone 98,063 01/04/17 (1) AA- 1 Canadian Dollar 135 Norwegian Krone 855 01/04/17 (2) AA- 1 Canadian Dollar 1,835 Pound Sterling 1,105 01/04/17 (4) A+ 1 Canadian Dollar 3,295 Pound Sterling 1,963 01/04/17 (42) AA- 1 Canadian Dollar 33,229 Pound Sterling 20,025 02/02/17 (31) AA- 1 Canadian Dollar 307 Swedish Krona 2,081 01/04/17 — A+ 1 Canadian Dollar 62,601 Swedish Krona 423,993 01/04/17 (12) AA- 1 Canadian Dollar 5,542 Swedish Krona 37,438 02/02/17 (7) AA- 1 Canadian Dollar 1,457 Swiss Franc 1,101 01/04/17 (4) AA- 1 Canadian Dollar 14,889 Swiss Franc 11,250 02/02/17 (20) AA-

174 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged)

Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* 1 Danish Krone 195,620 Canadian Dollar 37,261 02/02/17 (1) AA- 1 Euro 472,563 Canadian Dollar 669,158 02/02/17 (32) AA- 1 Norwegian Krone 114,891 Canadian Dollar 17,896 02/02/17 (2) AA- 1 Pound Sterling 256,476 Canadian Dollar 425,148 02/02/17 (35) AA- 1 Swedish Krona 643,089 Canadian Dollar 93,831 01/04/17 (1,101) A+ 1 Swedish Krona 479,513 Canadian Dollar 70,890 02/02/17 (1) AA- 1 Swiss Franc 144,086 Canadian Dollar 190,393 02/02/17 (48) AA- Unrealized depreciation of foreign currency contracts (1,551) Net unrealized appreciation of foreign currency contracts 24,943 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, Sector allocation 2016 Underlying Canada-domiciled Vanguard Fund Financials 22.2 Consumer Goods 17.6 Industrials 14.4 Health Care 11.9 Basic Materials 7.8 Consumer Services 7.4 Oil & Gas 7.2 Telecommunications 3.9 Utilities 3.6 Technology 3.6 Other assets and liabilities (net) 0.4 Net assets attributable to holders of redeemable units 100.0 Information displayed is for the Canada-domiciled Vanguard FTSE Developed Europe All Cap Index ETF in which the ETF primarily invests. The prospectus and other information about this Canada- domiciled Vanguard fund are available on the internet at www.sedar.com.

December 31, Country allocation 2016 Underlying Canada-domiciled Vanguard Fund United Kingdom 30.2 France 14.4 Germany 14.3 Switzerland 13.4 Sweden 5.0 Netherlands 4.9 Spain 4.9 Italy 3.9 Denmark 2.6 Belgium 2.1 Finland 1.8 Norway 1.3 Other 1.2 Net assets attributable to holders of redeemable units 100.0 Information displayed is for the Canada-domiciled Vanguard FTSE Developed Europe All Cap Index ETF in which the ETF primarily invests. The prospectus and other information about this Canada- domiciled Vanguard fund are available on the internet at www.sedar.com.

175 Vanguard FTSE Emerging Markets All Cap Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $376,295,099 $266,534,629 Cash 50,932 1,129,982 Amounts receivable for investments sold 1,544,885 — Income distributions receivable 5,032 5,186 Total assets 377,895,948 267,669,797 Liabilities Current liabilities Distributions payable 1,193,226 1,050,841 Accounts payable and accrued expenses 2,510 956 Total liabilities excluding net assets attributable to holders of redeemable units 1,195,736 1,051,797 Total net assets attributable to holders of redeemable units $376,700,212 $266,618,000 Number of redeemable units outstanding (Note 7) 13,030,000 9,790,000 Net assets attributable to holders of redeemable units per unit $28.91 $27.23

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distribution purposes $187 $875 Income distribution from underlying funds 8,474,322 7,723,718 Net realized gain (loss) on sale of investments 801,154 6,621,131 Change in unrealized appreciation (depreciation) of investments 18,632,295 (10,112,714) Net gain (loss) on investments 27,907,958 4,233,010 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (3,871) (1,879) Net gain (loss) on derivatives (3,871) (1,879) Net realized gain (loss) on foreign currency transactions (39,994) (45,074) Change in unrealized appreciation (depreciation) of foreign currency translations (3,649) (272) Total income (net) 27,860,444 4,185,785 Expenses (Note 8) Management fees 270,200 245,277 Overdraft expenses — 466 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 1,264,414 1,149,631 Transaction costs (Note 3) 398 317 Total expenses 1,539,097 1,400,011 Expenses absorbed by manager (4,085) (4,320) Net expenses 1,535,012 1,395,691 Increase (decrease) in net assets attributable to holders of redeemable units $26,325,432 $2,790,094 Weighted average number of redeemable units 11,249,180 9,705,836 Increase (decrease) in net assets attributable to holders of redeemable units per unit $2.34 $0.29

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

176 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $266,618,000 $221,871,123 Increase (decrease) in net assets attributable to holders of redeemable units $26,325,432 $2,790,094 Distributions to holders of redeemable units Net investment income (6,793,855) (6,337,829) Net realized gains (95,515) — Return of capital (12,821) (2,148) (6,902,191) (6,339,977) Redeemable unit transactions Proceeds from sale of redeemable units 101,291,556 222,764,940 Reinvestment of distributions to holders of redeemable units 95,515 — Payment for redeemable units redeemed (10,728,100) (174,468,180) 90,658,971 48,296,760 Net assets attributable to holders of redeemable units, end of year $376,700,212 $266,618,000

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $26,325,432 $2,790,094 Adjustments for: Net realized (gain) loss on sale of investments (801,154) (6,621,131) Change in unrealized (appreciation) depreciation of investments (18,632,295) 10,112,714 Change in unrealized (appreciation) depreciation of foreign currency translations 3,649 272 Purchase of investments¹ (1,497,411) (1,074,040) Proceeds from sale of investments¹ 146,816 1,131,898 20,780,395 3,549,713 Change in non-cash working capital 1,708 (9,615) Net cash from (used in) operating activities 5,546,745 6,330,192 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 46,570 89,902 Distributions to holders of redeemable units, net of reinvested distributions (6,664,291) (6,016,463) Payment for redeemable units redeemed¹ (4,425) (82,755) Net cash from (used in) financing activities (6,622,146) (6,009,316) Change in unrealized (appreciation) depreciation of foreign currency translations (3,649) (272) Net increase (decrease) in cash during the year ($1,079,050) $320,604 Cash, beginning of year $1,129,982 $809,378 Cash, end of year $50,932 $1,129,982 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $7,210,062 $6,572,158 Interest received $187 $875 1 Excludes in-kind transactions for the year ended December 31, 2016 and 2015.

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

177 Vanguard FTSE Emerging Markets All Cap Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 7,832,951 *Vanguard FTSE Emerging Markets ETF 354,788,481 376,295,099 99.9 Total investments 354,788,481 376,295,099 99.9 Other assets and liabilities (net) 405,113 0.1 Total net assets attributable to holders of redeemable units 376,700,212 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Financials 29.3 30.4 Technology 12.2 12.5 Industrials 11.8 11.0 Consumer Goods 10.2 10.3 Oil & Gas 8.5 7.9 Basic Materials 7.8 6.3 Consumer Services 7.5 7.6 Telecommunications 5.7 6.9 Utilities 3.8 3.8 Health Care 3.2 3.3 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard FTSE Emerging Markets ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

December 31, December 31, Country allocation 2016 2015 Equity Investments China 28.4 29.6 Taiwan 15.5 14.7 India 11.4 13.2 Brazil 8.6 6.5 South Africa 8.0 8.1 Russia 4.8 4.1 Thailand 4.1 2.6 Mexico 4.0 5.4 Malaysia 3.5 4.3 Indonesia 2.7 2.6 Philippines 1.5 1.9 Chile 1.3 1.3 Poland 1.3 1.5 Turkey 1.2 1.6 United Arab Emirates 1.1 — Other 2.6 2.6 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard FTSE Emerging Markets ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

178 Vanguard FTSE Global All Cap ex Canada Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $507,474,342 $319,974,395 Cash 219,880 1,625,613 Amounts receivable for redeemable units issued 1,888,596 — Amounts receivable for investments sold 2,775,667 — Income distributions receivable 4,980 12,481 Unrealized appreciation of foreign currency contracts 773 — Total assets 512,364,238 321,612,489 Liabilities Current liabilities Amounts payable for investments purchased 1,888,819 — Distributions payable 2,310,201 1,467,492 Accounts payable and accrued expenses 33,895 22,760 Unrealized depreciation of foreign currency contracts — 342 Total liabilities excluding net assets attributable to holders of redeemable units 4,232,915 1,490,594 Total net assets attributable to holders of redeemable units $508,131,323 $320,121,895 Number of redeemable units outstanding (Note 7) 16,280,000 10,530,000 Net assets attributable to holders of redeemable units per unit $31.21 $30.40

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $342 $83 Income distribution from underlying funds 10,804,211 5,417,654 Net realized gain (loss) on sale of investments 3,875,200 188,202 Change in unrealized appreciation (depreciation) of investments 17,496,948 14,564,248 Net gain (loss) on investments 32,176,701 20,170,187 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (48,757) (11,119) Change in unrealized appreciation (depreciation) of foreign currency contracts 1,115 (342) Net gain (loss) on derivatives (47,642) (11,461) Net realized gain (loss) on foreign currency transactions (9,922) (8,776) Change in unrealized appreciation (depreciation) of foreign currency translations (10,632) (3,406) Total income (net) 32,108,505 20,146,544 Expenses (Note 8) Management fees 681,798 308,294 Overdraft expenses 315 345 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 1,620,952 809,376 Transaction costs (Note 3) 3,015 1,809 Total expenses 2,310,165 1,124,144 Expenses absorbed by manager (4,085) (4,320) Net expenses 2,306,080 1,119,824 Increase (decrease) in net assets attributable to holders of redeemable units $29,802,425 $19,026,720 Weighted average number of redeemable units 13,986,148 6,563,671 Increase (decrease) in net assets attributable to holders of redeemable units per unit $2.13 $2.90

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

179 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $320,121,895 $33,087,643 Increase (decrease) in net assets attributable to holders of redeemable units $29,802,425 $19,026,720 Distributions to holders of redeemable units Net investment income (8,391,143) (4,275,041) Net realized gains (2,927,203) — Return of capital (15,668) (20,904) (11,334,014) (4,295,945) Redeemable unit transactions Proceeds from sale of redeemable units 187,273,458 274,645,855 Reinvestment of distributions to holders of redeemable units 2,927,203 — Payment for redeemable units redeemed (20,659,644) (2,342,378) 169,541,017 272,303,477 Net assets attributable to holders of redeemable units, end of year $508,131,323 $320,121,895

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $29,802,425 $19,026,720 Adjustments for: Net realized (gain) loss on sale of investments (3,875,200) (188,202) Change in unrealized (appreciation) depreciation of investments (17,496,948) (14,564,248) Change in unrealized (appreciation) depreciation of derivatives (1,115) 342 Change in unrealized (appreciation) depreciation of foreign currency translations 10,632 3,406 Purchase of investments¹ (50,054,921) (9,727,216) Proceeds from sale of investments¹ 43,723,267 9,738,429 (27,694,285) (14,737,489) Change in non-cash working capital 18,636 8,065 Net cash from (used in) operating activities 2,126,776 4,297,296 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 4,360,403 120,932 Distributions to holders of redeemable units, net of reinvested distributions (7,564,102) (2,965,582) Payment for redeemable units redeemed¹ (318,178) (569) Net cash from (used in) financing activities (3,521,877) (2,845,219) Change in unrealized (appreciation) depreciation of foreign currency translations (10,632) (3,406) Net increase (decrease) in cash during the year ($1,405,733) $1,448,671 Cash, beginning of year $1,625,613 $176,942 Cash, end of year $219,880 $1,625,613 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $9,190,760 $4,595,797 Interest received $342 $83 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015.

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

180 Vanguard FTSE Global All Cap ex Canada Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 982,321 *Vanguard FTSE Emerging Markets ETF 46,812,960 47,190,717 9.3 1,628,468 *Vanguard FTSE Europe ETF 107,105,223 104,819,015 20.6 914,552 *Vanguard FTSE Pacific ETF 68,410,500 71,366,899 14.1 1,794,570 *Vanguard Large-Cap ETF 217,688,820 246,658,407 48.5 216,227 *Vanguard Small-Cap ETF 34,402,984 37,439,304 7.4 Total investments 474,420,487 507,474,342 99.9 Foreign currency contracts (Schedule 1) 773 0.0 Other assets and liabilities (net) 656,208 0.1 Total net assets attributable to holders of redeemable units 508,131,323 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 U.S. Dollar 1,030,529 Canadian Dollar 1,384,413 01/03/17 773 AA- Unrealized appreciation of foreign currency contracts 773 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Exchange-traded funds North America 55.9 54.3 Europe 20.6 22.1 Pacific 14.1 14.4 Emerging Markets 9.3 9.2 Other assets and liabilities (net) 0.1 0.0 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled ETFs in which the ETF primarily invests: Vanguard FTSE Emerging Markets ETF, Vanguard FTSE Europe ETF, Vanguard FTSE Pacific ETF, Vanguard Large-Cap ETF as at December 31, 2015; and Vanguard FTSE Emerging Markets ETF, Vanguard FTSE Europe ETF, Vanguard FTSE Pacific ETF, Vanguard Large-Cap ETF and Vanguard Small-Cap ETF as at December 31, 2016. The prospectus and other information about these U.S.-domiciled Vanguard funds are available on the internet at www.sec.gov/edgar.shtml.

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $98,801,951 $45,755,431 Cash — 96,672 Amounts receivable for investments sold — 1,931,288 Income distributions receivable 622,577 — Unrealized appreciation of foreign currency contracts 231,389 238,086 Total assets 99,655,917 48,021,477 Liabilities Current liabilities Bank overdraft 126,209 — Amounts payable for investments purchased 224,145 — Distributions payable 475,529 92,251 Accounts payable and accrued expenses 8,939 3,430 Unrealized depreciation of foreign currency contracts 134,103 1,987,630 Total liabilities excluding net assets attributable to holders of redeemable units 968,925 2,083,311 Total net assets attributable to holders of redeemable units $98,686,992 $45,938,166 Number of redeemable units outstanding (Note 7) 3,710,000 1,770,000 Net assets attributable to holders of redeemable units per unit $26.60 $25.95

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Income distribution from underlying funds $1,687,807 $608,406 Net realized gain (loss) on sale of investments 1,456,645 1,132,042 Change in unrealized appreciation (depreciation) of investments (987,147) 4,132,381 Net gain (loss) on investments 2,157,305 5,872,829 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (1,751,210) (3,874,849) Change in unrealized appreciation (depreciation) of foreign currency contracts 1,846,830 (1,624,198) Net gain (loss) on derivatives 95,620 (5,499,047) Miscellaneous Income 4,015 — Net realized gain (loss) on foreign currency transactions (21,080) (53,684) Change in unrealized appreciation (depreciation) of foreign currency translations (1,109) (336) Total income (net) 2,234,751 319,762 Expenses (Note 8) Management fees 182,571 61,704 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 253,355 90,744 Transaction costs (Note 3) 174 156 Total expenses 440,185 156,924 Expenses absorbed by manager (4,085) (4,320) Net expenses 436,100 152,604 Increase (decrease) in net assets attributable to holders of redeemable units $1,798,651 $167,158 Weighted average number of redeemable units 3,080,437 1,325,671 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.58 $0.13

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

182 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $45,938,166 $9,595,089 Increase (decrease) in net assets attributable to holders of redeemable units $1,798,651 $167,158 Distributions to holders of redeemable units Net investment income (1,245,698) (454,410) Return of capital (15,381) (2,085) (1,261,079) (456,495) Redeemable unit transactions Proceeds from sale of redeemable units 80,361,163 43,632,434 Payment for redeemable units redeemed (28,149,909) (7,000,020) 52,211,254 36,632,414 Net assets attributable to holders of redeemable units, end of year $98,686,992 $45,938,166

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $1,798,651 $167,158 Adjustments for: Net realized (gain) loss on sale of investments (1,456,645) (1,132,042) Change in unrealized (appreciation) depreciation of investments 987,147 (4,132,381) Change in unrealized (appreciation) depreciation of derivatives (1,846,830) 1,624,198 Change in unrealized (appreciation) depreciation of foreign currency translations 1,109 336 Purchase of investments¹ (9,756,760) (2,779,426) Proceeds from sale of investments¹ 11,376,823 6,437,179 (695,156) 17,864 Change in non-cash working capital (617,068) 4,253 Net cash from (used in) operating activities 486,427 189,275 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 446,242 297,262 Distributions to holders of redeemable units, net of reinvested distributions (877,801) (374,248) Payment for redeemable units redeemed¹ (276,640) (30,559) Net cash from (used in) financing activities (708,199) (107,545) Change in unrealized (appreciation) depreciation of foreign currency translations (1,109) (336) Net increase (decrease) in cash during the year ($222,881) $81,394 Cash, beginning of year $96,672 $15,278 Cash (Bank overdraft), end of year ($126,209) $96,672 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $811,875 $519,092 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 1,355,448 *Vanguard Total International Bond Index ETF 95,167,675 98,801,951 100.1 Total investments 95,167,675 98,801,951 100.1 Foreign currency contracts (Schedule 1) 97,286 0.1 Other assets and liabilities (net) (212,245) (0.2) Total net assets attributable to holders of redeemable units 98,686,992 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Canadian Dollar 98,922,400 U.S. Dollar 73,765,986 01/04/17 118,131 A+ 1 Canadian Dollar 18,067 U.S. Dollar 13,712 01/04/17 343 AA- 1 Canadian Dollar 24,016 U.S. Dollar 18,000 01/04/17 151 AA- 1 Canadian Dollar 5,117 U.S. Dollar 3,855 01/04/17 59 AA- 1 Canadian Dollar 230,521 U.S. Dollar 171,698 01/04/17 6 A+ 1 Canadian Dollar 606,413 U.S. Dollar 452,353 02/02/17 711 AA- 1 U.S. Dollar 72,169,251 Canadian Dollar 97,007,020 01/04/17 110,316 A+ 1 U.S. Dollar 102,666 Canadian Dollar 139,128 01/04/17 1,285 AA- 1 U.S. Dollar 736,748 Canadian Dollar 989,210 02/02/17 387 AA- Unrealized appreciation of foreign currency contracts 231,389 1 Canadian Dollar 541,000 U.S. Dollar 402,775 01/04/17 (215) AA- 1 Canadian Dollar 1,194,687 U.S. Dollar 888,780 01/04/17 (1,383) A+ 1 Canadian Dollar 449,824 U.S. Dollar 334,902 02/02/17 (337) AA- 1 U.S. Dollar 6,674 Canadian Dollar 8,946 01/04/17 (14) AA- 1 U.S. Dollar 14,605 Canadian Dollar 19,443 01/04/17 (166) AA- 1 U.S. Dollar 197,344 Canadian Dollar 264,673 01/04/17 (287) A+ 1 U.S. Dollar 233,403 Canadian Dollar 313,000 01/04/17 (379) AA- 1 U.S. Dollar 192,568 Canadian Dollar 257,306 01/04/17 (1,242) A+ 1 U.S. Dollar 193,240 Canadian Dollar 256,576 01/04/17 (2,874) A+ 1 U.S. Dollar 1,985,683 Canadian Dollar 2,653,264 01/04/17 (12,777) A+ 1 U.S. Dollar 73,765,986 Canadian Dollar 98,890,312 02/02/17 (114,429) A+ Unrealized depreciation of foreign currency contracts (134,103) Net unrealized appreciation of foreign currency contracts 97,286 * Source: Standard & Poor’s and Fitch.

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

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Foreign Government 82.6 82.1 Industrial 5.6 5.1 Finance 5.5 5.7 Other 5.1 5.6 Utilities 1.1 1.3 Asset-Backed 0.1 0.2 Agency 0.0 0.0 CMBS 0.0 0.0 Government Mortgage-Backed 0.0 0.0 Treasury 0.0 0.0 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard Total International Bond ETF in which the ETF primarily invests. The prospectus and other information about the U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

185 Vanguard S&P 500 Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $970,136,923 $770,820,216 Cash 470,953 3,527,316 Amounts receivable for redeemable units issued 11,861,498 1,018,938 Amounts receivable for investments sold 5,116,719 — Income distributions receivable 17,074 20,095 Unrealized appreciation of foreign currency contracts 2,873 — Total assets 987,606,040 775,386,565 Liabilities Current liabilities Amounts payable for investments purchased 11,821,518 1,018,527 Distributions payable 4,811,107 3,480,459 Accounts payable and accrued expenses 3,714 11,471 Total liabilities excluding net assets attributable to holders of redeemable units 16,636,339 4,510,457 Total net assets attributable to holders of redeemable units $970,969,701 $770,876,108 Number of redeemable units outstanding (Note 7) 18,180,000 15,380,000 Net assets attributable to holders of redeemable units per unit $53.41 $50.12

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $1,192 $800 Income distribution from underlying funds 17,294,785 13,866,790 Net realized gain (loss) on sale of investments 19,899,321 19,673,168 Change in unrealized appreciation (depreciation) of investments 36,515,007 81,290,067 Net gain (loss) on investments 73,710,305 114,830,825 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 17,455 (80,271) Change in unrealized appreciation (depreciation) of foreign currency contracts 2,873 — Net gain (loss) on derivatives 20,328 (80,271) Net realized gain (loss) on foreign currency transactions (72,638) 76,355 Change in unrealized appreciation (depreciation) of foreign currency translations (49,766) (144) Total income (net) 73,608,229 114,826,765 Expenses (Note 8) Management fees 245,953 206,639 Overdraft expenses — 380 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 2,569,050 2,074,489 Transaction costs (Note 3) 392 218 Total expenses 2,819,480 2,286,046 Expenses absorbed by manager (4,085) (4,320) Net expenses 2,815,395 2,281,726 Increase (decrease) in net assets attributable to holders of redeemable units $70,792,834 $112,545,039 Weighted average number of redeemable units 15,875,601 13,493,096 Increase (decrease) in net assets attributable to holders of redeemable units per unit $4.46 $8.34

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

186 Vanguard S&P 500 Index ETF

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units For the years ended December 31, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $770,876,108 $486,069,719 Increase (decrease) in net assets attributable to holders of redeemable units $70,792,834 $112,545,039 Distributions to holders of redeemable units Net investment income (14,369,389) (11,354,017) Net realized gains (864,410) (154,532) Return of capital (5,360) (18,139) (15,239,159) (11,526,688) Redeemable unit transactions Proceeds from sale of redeemable units 242,257,074 266,501,513 Reinvestment of distributions to holders of redeemable units 864,410 154,532 Payment for redeemable units redeemed (98,581,566) (82,868,007) 144,539,918 183,788,038 Net assets attributable to holders of redeemable units, end of year $970,969,701 $770,876,108

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $70,792,834 $112,545,039 Adjustments for: Net realized (gain) loss on sale of investments (19,899,321) (19,673,168) Change in unrealized (appreciation) depreciation of investments (36,515,007) (81,290,067) Change in unrealized (appreciation) depreciation of derivatives (2,873) — Change in unrealized (appreciation) depreciation of foreign currency translations 49,766 144 Purchase of investments¹ (6,136,798) (3,527,431) Proceeds from sale of investments¹ 703,997 6,532,609 (61,800,236) (97,957,913) Change in non-cash working capital (4,736) (5,776) Net cash from (used in) operating activities 8,987,862 14,581,350 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 1,084,671 88,034 Distributions to holders of redeemable units, net of reinvested distributions (13,044,101) (10,038,238) Payment for redeemable units redeemed¹ (35,029) (3,305,628) Net cash from (used in) financing activities (11,994,459) (13,255,832) Change in unrealized (appreciation) depreciation of foreign currency translations (49,766) (144) Net increase (decrease) in cash during the year ($3,056,363) $1,325,374 Cash, beginning of year $3,527,316 $2,201,942 Cash, end of year $470,953 $3,527,316 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $14,728,756 $11,782,130 Interest received $1,192 $800 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

187 Vanguard S&P 500 Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 3,519,331 *Vanguard S&P 500 ETF 749,226,666 970,136,923 99.9 Total investments 749,226,666 970,136,923 99.9 Foreign currency contracts (Schedule 1) 2,873 0.0 Other assets and liabilities (net) 829,905 0.1 Total net assets attributable to holders of redeemable units 970,969,701 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 U.S. Dollar 3,830,246 Canadian Dollar 5,145,552 01/03/17 2,873 AA- Unrealized appreciation of foreign currency contracts 2,873 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Information Technology 20.8 20.7 Financials 14.8 16.5 Health Care 13.6 15.1 Consumer Discretionary 12.0 12.9 Industrials 10.3 10.0 Consumer Staples 9.4 10.1 Energy 7.5 6.5 Utilities 3.2 3.0 Real Estate 2.9 — Materials 2.8 2.8 Telecommunication Services 2.7 2.4 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard S&P 500 ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $399,332,613 $213,192,314 Cash 462,292 1,111,029 Amounts receivable for redeemable units issued 3,980,250 — Amounts receivable for investments sold 2,223,812 8,861,675 Income distributions receivable 15,278 15,825 Unrealized appreciation of foreign currency contracts 957,986 47,371 Total assets 406,972,231 223,228,214 Liabilities Current liabilities Amounts payable for investments purchased 4,596,949 — Distributions payable 2,062,847 999,906 Accounts payable and accrued expenses 4,874 2,931 Unrealized depreciation of foreign currency contracts 347,728 8,917,169 Total liabilities excluding net assets attributable to holders of redeemable units 7,012,398 9,920,006 Total net assets attributable to holders of redeemable units $399,959,833 $213,308,208 Number of redeemable units outstanding (Note 7) 10,090,000 5,880,000 Net assets attributable to holders of redeemable units per unit $39.64 $36.28

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $3,540 $964 Income distribution from underlying funds 7,889,444 3,290,656 Net realized gain (loss) on sale of investments 12,493,307 10,458,329 Change in unrealized appreciation (depreciation) of investments 20,386,235 12,583,286 Net gain (loss) on investments 40,772,526 26,333,235 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (3,439,618) (17,514,600) Change in unrealized appreciation (depreciation) of foreign currency contracts 9,480,056 (7,616,252) Net gain (loss) on derivatives 6,040,438 (25,130,852) Net realized gain (loss) on foreign currency transactions (511,572) (249,072) Change in unrealized appreciation (depreciation) of foreign currency translations (20,405) (72) Total income (net) 46,280,987 953,239 Expenses (Note 8) Management fees 114,602 45,428 Overdraft expenses 242 621 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 1,177,902 491,893 Transaction costs (Note 3) 2,562 2,434 Total expenses 1,299,393 544,696 Expenses absorbed by manager (4,085) (4,320) Net expenses 1,295,308 540,376 Increase (decrease) in net assets attributable to holders of redeemable units $44,985,679 $412,863 Weighted average number of redeemable units 9,231,421 3,782,356 Increase (decrease) in net assets attributable to holders of redeemable units per unit $4.87 $0.11

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

189 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $213,308,208 $87,080,717 Increase (decrease) in net assets attributable to holders of redeemable units $44,985,679 $412,863 Distributions to holders of redeemable units Net investment income (6,556,700) (2,618,593) Return of capital — (51,016) (6,556,700) (2,669,609) Redeemable unit transactions Proceeds from sale of redeemable units 266,961,164 155,574,286 Payment for redeemable units redeemed (118,738,518) (27,090,049) 148,222,646 128,484,237 Net assets attributable to holders of redeemable units, end of year $399,959,833 $213,308,208

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $44,985,679 $412,863 Adjustments for: Net realized (gain) loss on sale of investments (12,493,307) (10,458,329) Change in unrealized (appreciation) depreciation of investments (20,386,235) (12,583,286) Change in unrealized (appreciation) depreciation of derivatives (9,480,056) 7,616,252 Change in unrealized (appreciation) depreciation of foreign currency translations 20,405 72 Purchase of investments¹ (40,540,259) (12,928,085) Proceeds from sale of investments¹ 40,347,478 30,170,513 (42,531,974) 1,817,137 Change in non-cash working capital 2,490 (4,152) Net cash from (used in) operating activities 2,456,195 2,225,848 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 3,143,349 603,765 Distributions to holders of redeemable units, net of reinvested distributions (5,493,759) (2,062,120) Payment for redeemable units redeemed¹ (734,117) (96,595) Net cash from (used in) financing activities (3,084,527) (1,554,950) Change in unrealized (appreciation) depreciation of foreign currency translations (20,405) (72) Net increase (decrease) in cash during the year ($648,737) $670,826 Cash, beginning of year $1,111,029 $440,203 Cash, end of year $462,292 $1,111,029 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $6,712,089 $2,792,943 Interest received $3,540 $964 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 1,450,373 *Vanguard S&P 500 ETF 350,076,983 399,332,613 99.8 Total investments 350,076,983 399,332,613 99.8 Foreign currency contracts (Schedule 1) 610,258 0.2 Other assets and liabilities (net) 16,962 0.0 Total net assets attributable to holders of redeemable units 399,959,833 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Canadian Dollar 381,377 U.S. Dollar 290,556 01/04/17 8,268 A+ 1 Canadian Dollar 3,891,896 U.S. Dollar 2,905,486 01/04/17 4,452 A+ 1 Canadian Dollar 1,553,763 U.S. Dollar 1,161,857 01/04/17 4,324 A+ 1 Canadian Dollar 391,940,749 U.S. Dollar 292,268,442 01/04/17 417 A+ 1 U.S. Dollar 1,653,459 Canadian Dollar 2,221,256 01/03/17 3,886 AA- 1 U.S. Dollar 279,960,967 Canadian Dollar 376,312,333 01/04/17 875,878 A+ 1 U.S. Dollar 1,413,899 Canadian Dollar 1,918,716 01/04/17 22,633 A+ 1 U.S. Dollar 10,012,713 Canadian Dollar 13,448,731 01/04/17 21,368 A+ 1 U.S. Dollar 1,206,481 Canadian Dollar 1,617,959 01/04/17 9 A+ 1 U.S. Dollar 292,268,442 Canadian Dollar 391,813,612 02/02/17 14,249 A+ 1 U.S. Dollar 4,777,747 Canadian Dollar 6,407,293 02/02/17 2,502 A+ Unrealized appreciation of foreign currency contracts 957,986 1 Canadian Dollar 6,757,515 U.S. Dollar 5,000,000 01/04/17 (52,358) AA- 1 Canadian Dollar 9,723,829 U.S. Dollar 7,193,964 01/04/17 (76,498) A+ 1 Canadian Dollar 589,372 U.S. Dollar 439,032 01/05/17 (608) A+ 1 U.S. Dollar 2,905,247 Canadian Dollar 3,892,061 01/04/17 (3,967) AA- 1 U.S. Dollar 290,415 Canadian Dollar 383,909 01/04/17 (5,546) A+ 1 U.S. Dollar 4,648,622 Canadian Dollar 6,223,998 01/04/17 (9,950) AA- 1 U.S. Dollar 2,325,411 Canadian Dollar 3,099,089 01/04/17 (19,360) A+ 1 U.S. Dollar 7,263,031 Canadian Dollar 9,560,511 01/04/17 (179,441) A+ Unrealized depreciation of foreign currency contracts (347,728) Net unrealized appreciation of foreign currency contracts 610,258 * Source: Standard & Poor’s and Fitch.

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

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Information Technology 20.8 20.7 Financials 14.8 16.5 Health Care 13.6 15.1 Consumer Discretionary 12.0 12.9 Industrials 10.3 10.0 Consumer Staples 9.4 10.1 Energy 7.5 6.5 Utilities 3.2 3.0 Real Estate 2.9 — Materials 2.8 2.8 Telecommunication Services 2.7 2.4 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard S&P 500 ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $100,180,065 $31,881,370 Cash 275,061 65,256 Amounts receivable for redeemable units issued 742,941 — Amounts receivable for investments sold — 740,873 Income distributions receivable 223,209 1,963 Unrealized appreciation of foreign currency contracts 231,878 263,902 Total assets 101,653,154 32,953,364 Liabilities Current liabilities Amounts payable for investments purchased 965,672 — Distributions payable 174,829 68,290 Accounts payable and accrued expenses 6,266 1,683 Unrealized depreciation of foreign currency contracts 236,103 878,279 Total liabilities excluding net assets attributable to holders of redeemable units 1,382,870 948,252 Total net assets attributable to holders of redeemable units $100,270,284 $32,005,112 Number of redeemable units outstanding (Note 7) 4,040,000 1,290,000 Net assets attributable to holders of redeemable units per unit $24.82 $24.81

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Income distribution from underlying funds $1,663,916 $436,001 Net realized gain (loss) on sale of investments 154,458 729,482 Change in unrealized appreciation (depreciation) of investments (1,121,344) 1,295,666 Net gain (loss) on investments 697,030 2,461,149 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (793,880) (1,796,204) Change in unrealized appreciation (depreciation) of foreign currency contracts 610,152 (551,732) Net gain (loss) on derivatives (183,728) (2,347,936) Net realized gain (loss) on foreign currency transactions (24,075) (20,935) Change in unrealized appreciation (depreciation) of foreign currency translations 3,356 (29) Total income (net) 492,583 92,249 Expenses (Note 8) Management fees 101,655 22,237 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes (6,963) 64,275 Transaction costs (Note 3) 132 71 Total expenses 98,909 90,903 Expenses absorbed by manager (4,085) (4,320) Net expenses 94,824 86,583 Increase (decrease) in net assets attributable to holders of redeemable units $397,759 $5,666 Weighted average number of redeemable units 2,567,951 614,986 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.15 $0.01

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

193 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $32,005,112 $4,028,291 Increase (decrease) in net assets attributable to holders of redeemable units $397,759 $5,666 Distributions to holders of redeemable units Net investment income (1,348,782) (316,186) Return of capital (37,930) (26,469) (1,386,712) (342,655) Redeemable unit transactions Proceeds from sale of redeemable units 92,435,034 35,590,655 Payment for redeemable units redeemed (23,180,909) (7,276,845) 69,254,125 28,313,810 Net assets attributable to holders of redeemable units, end of year $100,270,284 $32,005,112

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $397,759 $5,666 Adjustments for: Net realized (gain) loss on sale of investments (154,458) (729,482) Change in unrealized (appreciation) depreciation of investments 1,121,344 (1,295,666) Change in unrealized (appreciation) depreciation of derivatives (610,152) 551,732 Change in unrealized (appreciation) depreciation of foreign currency translations (3,356) 29 Purchase of investments¹ (6,237,859) (1,263,058) Proceeds from sale of investments¹ 6,856,031 3,082,731 971,550 346,286 Change in non-cash working capital (216,663) (504) Net cash from (used in) operating activities 1,152,646 351,448 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 516,041 87,697 Distributions to holders of redeemable units, net of reinvested distributions (1,280,173) (284,771) Payment for redeemable units redeemed¹ (182,065) (106,478) Net cash from (used in) financing activities (946,197) (303,552) Change in unrealized (appreciation) depreciation of foreign currency translations 3,356 (29) Net increase (decrease) in cash during the year $209,805 $47,867 Cash, beginning of year $65,256 $17,389 Cash, end of year $275,061 $65,256 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $1,449,633 $369,763 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 923,551 *Vanguard Total Bond Market ETF 99,742,495 100,180,065 99.9 Total investments 99,742,495 100,180,065 99.9 Foreign currency contracts (Schedule 1) (4,225) 0.0 Other assets and liabilities (net) 94,444 0.1 Total net assets attributable to holders of redeemable units 100,270,284 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Canadian Dollar 99,859,115 U.S. Dollar 74,464,490 01/04/17 119,249 A+ 1 Canadian Dollar 248,067 U.S. Dollar 186,807 01/04/17 2,746 AA- 1 Canadian Dollar 112,626 U.S. Dollar 84,601 01/04/17 962 AA- 1 Canadian Dollar 24,148 U.S. Dollar 18,327 01/04/17 459 AA- 1 Canadian Dollar 269,331 U.S. Dollar 200,605 01/04/17 7 A+ 1 Canadian Dollar 405,591 U.S. Dollar 302,550 02/02/17 475 AA- 1 U.S. Dollar 56,988,549 Canadian Dollar 76,601,728 01/04/17 87,111 A+ 1 U.S. Dollar 2,412,289 Canadian Dollar 3,254,733 01/04/17 15,918 AA- 1 U.S. Dollar 544,939 Canadian Dollar 735,963 01/04/17 4,311 AA- 1 U.S. Dollar 23,775 Canadian Dollar 32,219 01/04/17 298 AA- 1 U.S. Dollar 650,782 Canadian Dollar 873,786 02/02/17 342 AA- Unrealized appreciation of foreign currency contracts 231,878

1 Canadian Dollar 546,500 U.S. Dollar 406,869 01/04/17 (217) AA- 1 Canadian Dollar 1,927,387 U.S. Dollar 1,433,868 01/04/17 (2,230) A+ 1 Canadian Dollar 328,888 U.S. Dollar 244,863 02/02/17 (246) AA- 1 U.S. Dollar 5,192 Canadian Dollar 6,960 01/04/17 (11) AA- 1 U.S. Dollar 238,996 Canadian Dollar 320,500 01/04/17 (388) AA- 1 U.S. Dollar 369,729 Canadian Dollar 495,891 01/04/17 (519) AA- 1 U.S. Dollar 178,648 Canadian Dollar 236,975 01/04/17 (2,883) AA- 1 U.S. Dollar 548,870 Canadian Dollar 733,389 01/04/17 (3,541) A+ 1 U.S. Dollar 737,808 Canadian Dollar 984,382 01/04/17 (6,222) A+ 1 U.S. Dollar 737,807 Canadian Dollar 984,379 01/04/17 (6,224) AA- 1 U.S. Dollar 4,059,127 Canadian Dollar 5,440,549 01/04/17 (9,362) AA- 1 U.S. Dollar 367,735 Canadian Dollar 482,810 01/04/17 (10,923) A+ 1 U.S. Dollar 369,257 Canadian Dollar 484,808 01/04/17 (10,968) A+ 1 U.S. Dollar 369,257 Canadian Dollar 484,743 01/04/17 (11,033) AA- 1 U.S. Dollar 8,675,716 Canadian Dollar 11,592,466 01/04/17 (55,823) A+ 1 U.S. Dollar 74,464,490 Canadian Dollar 99,826,723 02/02/17 (115,513) A+ Unrealized depreciation of foreign currency contracts (236,103) Net unrealized depreciation of foreign currency contracts (4,225) * Source: Standard & Poor’s and Fitch.

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

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Treasury 39.9 40.2 Government Mortgage-Backed 21.0 20.9 Industrial 17.4 16.3 Finance 9.0 8.6 Foreign Government 5.8 6.0 Agency 2.4 3.0 Utilities 2.2 2.0 CMBS 1.6 2.1 Asset-Backed 0.4 0.6 Other 0.3 0.3 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.- domiciled Vanguard Total Bond Market ETF in which the ETF primarily invests. The prospectus and other information about this U.S.- domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml

196 Vanguard U.S. Dividend Appreciation Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $264,176,279 $205,050,439 Cash 35,394 1,077,642 Amounts receivable for redeemable units issued 1,972,720 — Amounts receivable for investments sold 1,478,228 — Unrealized appreciation of foreign currency contracts 865 — Total assets 267,663,486 206,128,081 Liabilities Current liabilities Amounts payable for investments purchased 1,972,547 — Distributions payable 1,250,559 920,544 Accounts payable and accrued expenses 18,366 18,171 Total liabilities excluding net assets attributable to holders of redeemable units 3,241,472 938,715 Total net assets attributable to holders of redeemable units $264,422,014 $205,189,366 Number of redeemable units outstanding (Note 7) 6,780,000 5,590,000 Net assets attributable to holders of redeemable units per unit $39.00 $36.71

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $232 $399 Income distribution from underlying funds 5,175,152 3,982,483 Net realized gain (loss) on sale of investments 2,647,881 1,460,463 Change in unrealized appreciation (depreciation) of investments 12,716,726 18,189,128 Net gain (loss) on investments 20,539,991 23,632,473 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts 6,766 (2,693) Change in unrealized appreciation (depreciation) of foreign currency contracts 865 — Net gain (loss) on derivatives 7,631 (2,693) Net realized gain (loss) on foreign currency transactions (41,447) 9,359 Change in unrealized appreciation (depreciation) of foreign currency translations (4,746) (257) Total income (net) 20,501,429 23,638,882 Expenses (Note 8) Management fees 466,851 322,413 Overdraft expenses — 181 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 769,118 592,747 Transaction costs (Note 3) 184 183 Total expenses 1,240,238 919,844 Expenses absorbed by manager (4,085) (4,320) Net expenses 1,236,153 915,524 Increase (decrease) in net assets attributable to holders of redeemable units $19,265,276 $22,723,358 Weighted average number of redeemable units 6,134,071 4,619,096 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.14 $4.92

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

197 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $205,189,366 $98,119,626 Increase (decrease) in net assets attributable to holders of redeemable units $19,265,276 $22,723,358 Distributions to holders of redeemable units Net investment income (3,948,629) (3,011,252) Return of capital — (21,444) (3,948,629) (3,032,696) Redeemable unit transactions Proceeds from sale of redeemable units 60,690,129 98,423,187 Payment for redeemable units redeemed (16,774,128) (11,044,109) 43,916,001 87,379,078 Net assets attributable to holders of redeemable units, end of year $264,422,014 $205,189,366

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $19,265,276 $22,723,358 Adjustments for: Net realized (gain) loss on sale of investments (2,647,881) (1,460,463) Change in unrealized (appreciation) depreciation of investments (12,716,726) (18,189,128) Change in unrealized (appreciation) depreciation of derivatives (865) — Change in unrealized (appreciation) depreciation of foreign currency translations 4,746 257 Purchase of investments¹ (1,494,986) (1,250,149) Proceeds from sale of investments¹ 160,116 1,273,690 (16,695,596) (19,625,793) Change in non-cash working capital 195 11,738 Net cash from (used in) operating activities 2,569,875 3,109,303 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 16,448 31,064 Distributions to holders of redeemable units, net of reinvested distributions (3,618,614) (2,525,637) Payment for redeemable units redeemed¹ (5,211) (3,327) Net cash from (used in) financing activities (3,607,377) (2,497,900) Change in unrealized (appreciation) depreciation of foreign currency translations (4,746) (257) Net increase (decrease) in cash during the year ($1,042,248) $611,146 Cash, beginning of year $1,077,642 $466,496 Cash, end of year $35,394 $1,077,642 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $4,406,034 $3,391,885 Interest received $232 $399 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

198 Vanguard U.S. Dividend Appreciation Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 2,309,901 *Vanguard Dividend Appreciation ETF 221,665,080 264,176,279 99.9 Total investments 221,665,080 264,176,279 99.9 Foreign currency contracts (Schedule 1) 865 0.0 Other assets and liabilities (net) 244,870 0.1 Total net assets attributable to holders of redeemable units 264,422,014 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 U.S. Dollar 1,152,913 Canadian Dollar 1,548,823 01/03/17 865 AA- Unrealized appreciation of foreign currency contracts 865 * Source: Standard & Poor’s and Fitch.

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Industrials 25.3 21.8 Consumer Goods 21.2 22.0 Consumer Services 17.1 17.9 Health Care 11.0 11.2 Technology 8.5 13.3 Financials 8.4 6.2 Basic Materials 4.2 4.1 Utilities 2.8 2.3 Oil & Gas 1.4 1.1 Telecommunications 0.1 0.1 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard Dividend Appreciation ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $134,542,560 $54,660,951 Cash 301,048 322,702 Amounts receivable for redeemable units issued — 279,661 Amounts receivable for investments sold 755,402 2,383,251 Unrealized appreciation of foreign currency contracts 307,215 1,009 Total assets 135,906,225 57,647,574 Liabilities Current liabilities Amounts payable for investments purchased 186,700 279,147 Distributions payable 641,787 253,379 Accounts payable and accrued expenses 11,212 4,754 Unrealized depreciation of foreign currency contracts 113,815 2,387,414 Total liabilities excluding net assets attributable to holders of redeemable units 953,514 2,924,694 Total net assets attributable to holders of redeemable units $134,952,711 $54,722,880 Number of redeemable units outstanding (Note 7) 4,479,000 1,979,000 Net assets attributable to holders of redeemable units per unit $30.13 $27.65

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $1,241 $372 Income distribution from underlying funds 2,470,184 1,186,074 Net realized gain (loss) on sale of investments 1,508,422 2,536,843 Change in unrealized appreciation (depreciation) of investments 6,729,743 3,686,417 Net gain (loss) on investments 10,709,590 7,409,706 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (1,927,034) (6,722,473) Change in unrealized appreciation (depreciation) of foreign currency contracts 2,579,805 (1,907,450) Net gain (loss) on derivatives 652,771 (8,629,923) Net realized gain (loss) on foreign currency transactions (134,883) 15,605 Change in unrealized appreciation (depreciation) of foreign currency translations (11,214) 46 Total income (net) 11,216,264 (1,204,566) Expenses (Note 8) Management fees 214,288 98,531 Overdraft expenses — 128 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 368,340 176,588 Transaction costs (Note 3) 1,326 1,343 Total expenses 588,039 280,910 Expenses absorbed by manager (4,085) (4,320) Net expenses 583,954 276,590 Increase (decrease) in net assets attributable to holders of redeemable units $10,632,310 ($1,481,156) Weighted average number of redeemable units 3,528,098 1,721,986 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.01 ($0.86)

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

200 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $54,722,880 $35,307,276 Increase (decrease) in net assets attributable to holders of redeemable units $10,632,310 ($1,481,156) Distributions to holders of redeemable units Net investment income (1,866,536) (901,005) (1,866,536) (901,005) Redeemable unit transactions Proceeds from sale of redeemable units 78,553,219 30,536,641 Payment for redeemable units redeemed (7,089,162) (8,738,876) 71,464,057 21,797,765 Net assets attributable to holders of redeemable units, end of year $134,952,711 $54,722,880

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $10,632,310 ($1,481,156) Adjustments for: Net realized (gain) loss on sale of investments (1,508,422) (2,536,843) Change in unrealized (appreciation) depreciation of investments (6,729,743) (3,686,417) Change in unrealized (appreciation) depreciation of derivatives (2,579,805) 1,907,450 Change in unrealized (appreciation) depreciation of foreign currency translations 11,214 (46) Purchase of investments¹ (11,465,951) (4,784,006) Proceeds from sale of investments¹ 12,178,508 11,321,294 (10,094,199) 2,221,432 Change in non-cash working capital 6,458 5,761 Net cash from (used in) operating activities 544,569 746,037 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 1,016,650 172,692 Distributions to holders of redeemable units, net of reinvested distributions (1,478,128) (795,882) Payment for redeemable units redeemed¹ (93,531) (1,844) Net cash from (used in) financing activities (555,009) (625,034) Change in unrealized (appreciation) depreciation of foreign currency translations (11,214) 46 Net increase (decrease) in cash during the year ($21,654) $121,049 Cash, beginning of year $322,702 $201,653 Cash, end of year $301,048 $322,702 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $2,101,844 $1,013,477 Interest received $1,241 $372 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 1,177,815 *Vanguard Dividend Appreciation ETF 119,949,059 134,542,560 99.7 Total investments 119,949,059 134,542,560 99.7 Foreign currency contracts (Schedule 1) 193,400 0.1 Other assets and liabilities (net) 216,751 0.2 Total net assets attributable to holders of redeemable units 134,952,711 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Canadian Dollar 595,432 U.S. Dollar 445,586 01/04/17 2,113 A+ 1 Canadian Dollar 895,479 U.S. Dollar 668,484 01/04/17 979 A+ 1 Canadian Dollar 298,216 U.S. Dollar 222,736 01/04/17 480 A+ 1 Canadian Dollar 133,814,357 U.S. Dollar 99,784,760 01/04/17 142 A+ 1 U.S. Dollar 578,277 Canadian Dollar 776,857 01/03/17 1,359 AA- 1 U.S. Dollar 92,857,899 Canadian Dollar 124,815,874 01/04/17 290,513 A+ 1 U.S. Dollar 3,169,292 Canadian Dollar 4,256,884 01/04/17 6,764 A+ 1 U.S. Dollar 99,784,760 Canadian Dollar 133,770,950 02/02/17 4,865 A+ Unrealized appreciation of foreign currency contracts 307,215

1 Canadian Dollar 647,652 U.S. Dollar 477,254 01/04/17 (7,640) A+ 1 Canadian Dollar 186,893 U.S. Dollar 139,219 01/05/17 (193) A+ 1 U.S. Dollar 421,885 Canadian Dollar 565,767 01/04/17 (2) A 1 U.S. Dollar 222,890 Canadian Dollar 296,331 01/04/17 (2,572) A+ 1 U.S. Dollar 1,782,490 Canadian Dollar 2,375,090 01/04/17 (15,286) A+ 1 U.S. Dollar 3,566,249 Canadian Dollar 4,694,344 01/04/17 (88,108) A+ 1 U.S. Dollar 345,702 Canadian Dollar 463,416 02/02/17 (14) AA- Unrealized depreciation of foreign currency contracts (113,815) Net unrealized appreciation of foreign currency contracts 193,400 * Source: Standard & Poor’s and Fitch.

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

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Industrials 25.3 21.8 Consumer Goods 21.2 22.0 Consumer Services 17.1 17.9 Health Care 11.0 11.2 Technology 8.5 13.3 Financials 8.4 6.2 Basic Materials 4.2 4.1 Utilities 2.8 2.3 Oil & Gas 1.4 1.1 Telecommunications 0.1 0.1 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard Dividend Appreciation ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

203 Vanguard U.S. Total Market Index ETF

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $760,721,216 $632,496,460 Cash 525,933 2,880,680 Amounts receivable for redeemable units issued — 398,837 Amounts receivable for investments sold 4,070,250 — Income distributions receivable 12,641 14,900 Total assets 765,330,040 635,790,877 Liabilities Current liabilities Amounts payable for investments purchased — 398,661 Distributions payable 3,429,049 2,778,239 Accounts payable and accrued expenses 21,490 31,389 Total liabilities excluding net assets attributable to holders of redeemable units 3,450,539 3,208,289 Total net assets attributable to holders of redeemable units $761,879,501 $632,582,588 Number of redeemable units outstanding (Note 7) 18,092,000 16,112,000 Net assets attributable to holders of redeemable units per unit $42.11 $39.26

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $1,666 $689 Income distribution from underlying funds 13,408,861 10,438,356 Net realized gain (loss) on sale of investments 5,443,090 3,735,424 Change in unrealized appreciation (depreciation) of investments 44,375,183 65,667,831 Net gain (loss) on investments 63,228,800 79,842,300 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (54,465) (13,394) Net gain (loss) on derivatives (54,465) (13,394) Net realized gain (loss) on foreign currency transactions (23,968) 20,999 Change in unrealized appreciation (depreciation) of foreign currency translations 878 (1,960) Total income (net) 63,151,245 79,847,945 Expenses (Note 8) Management fees 688,288 556,244 Overdraft expenses 36 888 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 2,011,482 1,565,662 Transaction costs (Note 3) 427 296 Total expenses 2,704,318 2,127,410 Expenses absorbed by manager (4,085) (4,320) Net expenses 2,700,233 2,123,090 Increase (decrease) in net assets attributable to holders of redeemable units $60,451,012 $77,724,855 Weighted average number of redeemable units 16,587,710 13,276,959 Increase (decrease) in net assets attributable to holders of redeemable units per unit $3.64 $5.85

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

204 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $632,582,588 $312,273,101 Increase (decrease) in net assets attributable to holders of redeemable units $60,451,012 $77,724,855 Distributions to holders of redeemable units Net investment income (10,584,253) (8,180,546) Return of capital (36,018) (31,050) (10,620,271) (8,211,596) Redeemable unit transactions Proceeds from sale of redeemable units 117,117,739 273,195,729 Payment for redeemable units redeemed (37,651,567) (22,399,501) 79,466,172 250,796,228 Net assets attributable to holders of redeemable units, end of year $761,879,501 $632,582,588

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $60,451,012 $77,724,855 Adjustments for: Net realized (gain) loss on sale of investments (5,443,090) (3,735,424) Change in unrealized (appreciation) depreciation of investments (44,375,183) (65,667,831) Change in unrealized (appreciation) depreciation of foreign currency translations (878) 1,960 Purchase of investments¹ (5,215,375) (3,402,548) Proceeds from sale of investments¹ 993,571 2,897,349 (54,040,955) (69,906,494) Change in non-cash working capital (7,640) 1,334 Net cash from (used in) operating activities 6,402,417 7,819,695 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 1,220,907 95,155 Distributions to holders of redeemable units, net of reinvested distributions (9,969,461) (6,623,259) Payment for redeemable units redeemed¹ (9,488) (8,807) Net cash from (used in) financing activities (8,758,042) (6,536,911) Change in unrealized (appreciation) depreciation of foreign currency translations 878 (1,960) Net increase (decrease) in cash during the year ($2,354,747) $1,280,824 Cash, beginning of year $2,880,680 $1,599,856 Cash, end of year $525,933 $2,880,680 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $11,399,638 $8,857,794 Interest received $1,666 $689 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

205 Vanguard U.S. Total Market Index ETF

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 4,913,128 *Vanguard Total Stock Market ETF 610,438,142 760,721,216 99.8 Total investments 610,438,142 760,721,216 99.8 Other assets and liabilities (net) 1,158,285 0.2 Total net assets attributable to holders of redeemable units 761,879,501 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Financials 20.7 19.5 Technology 16.3 16.2 Consumer Services 13.0 14.1 Industrials 12.9 14.0 Health Care 12.3 12.3 Consumer Goods 9.6 10.3 Oil & Gas 7.0 6.0 Utilities 3.2 3.1 Basic Materials 2.6 2.2 Telecommunications 2.4 2.3 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard Total Stock Market ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

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

Statement of Financial Position As at December 31, 2016 and 2015

2016 2015 Assets Current assets Investments $390,338,168 $305,358,880 Cash 407,752 1,631,091 Amounts receivable for investments sold 2,132,781 13,540,596 Income distributions receivable 6,380 100,639 Unrealized appreciation of foreign currency contracts 904,233 6,183 Total assets 393,789,314 320,637,389 Liabilities Current liabilities Amounts payable for investments purchased 775,171 — Distributions payable 1,638,858 1,412,000 Accounts payable and accrued expenses 11,852 14,873 Unrealized depreciation of foreign currency contracts 111,951 13,546,511 Total liabilities excluding net assets attributable to holders of redeemable units 2,537,832 14,973,384 Total net assets attributable to holders of redeemable units $391,251,482 $305,664,005 Number of redeemable units outstanding (Note 7) 8,738,000 7,508,000 Net assets attributable to holders of redeemable units per unit $44.78 $40.71

Statement of Comprehensive Income For the years ended December 31, 2016 and 2015

2016 2015 Income Net gain (loss) on investments Interest for distributions purposes $3,748 $1,868 Income distribution from underlying funds 7,481,653 5,608,772 Net realized gain (loss) on sale of investments 21,489,758 42,396,681 Change in unrealized appreciation (depreciation) of investments 8,845,322 5,440,678 Net gain (loss) on investments 37,820,481 53,447,999 Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (6,937,969) (44,888,985) Change in unrealized appreciation (depreciation) of foreign currency contracts 14,332,610 (9,313,623) Net gain (loss) on derivatives 7,394,641 (54,202,608) Net realized gain (loss) on foreign currency transactions (449,582) 19,903 Change in unrealized appreciation (depreciation) of foreign currency translations (8,274) (108) Total income (net) 44,757,266 (734,814) Expenses (Note 8) Management fees 394,002 309,789 Overdraft expenses — 412 Independent Review Committee fees 4,085 4,320 Foreign withholding taxes 1,123,898 837,672 Transaction costs (Note 3) 3,711 5,342 Total expenses 1,525,696 1,157,535 Expenses absorbed by manager (4,085) (4,320) Net expenses 1,521,611 1,153,215 Increase (decrease) in net assets attributable to holders of redeemable units $43,235,655 ($1,888,029) Weighted average number of redeemable units 8,611,716 6,640,932 Increase (decrease) in net assets attributable to holders of redeemable units per unit $5.02 ($0.28)

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

207 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, 2016 and 2015

2016 2015 Net assets attributable to holders of redeemable units, beginning of year $305,664,005 $282,254,453 Increase (decrease) in net assets attributable to holders of redeemable units $43,235,655 ($1,888,029) Distributions to holders of redeemable units Net investment income (5,910,296) (4,461,099) (5,910,296) (4,461,099) Redeemable unit transactions Proceeds from sale of redeemable units 120,678,911 100,301,167 Payment for redeemable units redeemed (72,416,793) (70,542,487) 48,262,118 29,758,680 Net assets attributable to holders of redeemable units, end of year $391,251,482 $305,664,005

Statement of Cash Flows For the years ended December 31, 2016 and 2015

2016 20152 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $43,235,655 ($1,888,029) Adjustments for: Net realized (gain) loss on sale of investments (21,489,758) (42,396,681) Change in unrealized (appreciation) depreciation of investments (8,845,322) (5,440,678) Change in unrealized (appreciation) depreciation of derivatives (14,332,610) 9,313,623 Change in unrealized (appreciation) depreciation of foreign currency translations 8,274 108 Purchase of investments¹ (42,533,160) (23,571,103) Proceeds from sale of investments¹ 46,957,511 68,029,434 (40,235,065) 5,934,703 Change in non-cash working capital 91,238 (62,919) Net cash from (used in) operating activities 3,091,828 3,983,755 Cash flows from (used in) financing activities Proceeds from sale of redeemable units¹ 1,847,145 390,962 Distributions to holders of redeemable units, net of reinvested distributions (5,683,438) (4,140,297) Payment for redeemable units redeemed¹ (470,600) 184,656 Net cash from (used in) financing activities (4,306,893) (3,564,679) Change in unrealized (appreciation) depreciation of foreign currency translations (8,274) (108) Net increase (decrease) in cash during the year ($1,223,339) $418,968 Cash, beginning of year $1,631,091 $1,212,123 Cash, end of year $407,752 $1,631,091 Supplemental cash flow information relating to operating activities Income distributions received, net of foreign withholding taxes $6,452,014 $4,707,214 Interest received $3,748 $1,868 1 Excludes in-kind transactions for the years ended December 31, 2016 and 2015. 2 See Note 1 in the Notes to the Financial Statements.

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

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

Schedule of Investment Portfolio As at December 31, 2016

Number of Units Description Average Cost ($) Fair Value ($) % of Net Assets Exchange-Traded Funds 2,524,012 *Vanguard Total Stock Market ETF 299,066,071 390,338,168 99.8 Total investments 299,066,071 390,338,168 99.8 Foreign currency contracts (Schedule 1) 792,282 0.2 Other assets and liabilities (net) 121,032 0.0 Total net assets attributable to holders of redeemable units 391,251,482 100.0 * This fund (a U.S.-based Vanguard ETF) is managed by The Vanguard Group, Inc. Refer to Note 8(b).

Schedule 1—Foreign Currency Contracts As at December 31, 2016 Unrealized Number of Settlement Appreciation Credit Contracts Currency Sold Currency Bought Date (Depreciation) ($) Rating* Schedule 1—Foreign Currency Contracts 1 Canadian Dollar 1,755,119 U.S. Dollar 1,312,425 01/04/17 4,884 A+ 1 Canadian Dollar 383,501,797 U.S. Dollar 285,975,554 01/04/17 408 A+ 1 U.S. Dollar 270,852,134 Canadian Dollar 364,068,604 01/04/17 847,380 A+ 1 U.S. Dollar 13,882,760 Canadian Dollar 18,646,845 01/04/17 29,627 A+ 1 U.S. Dollar 655,920 Canadian Dollar 886,584 01/04/17 6,975 A+ 1 U.S. Dollar 1,031,822 Canadian Dollar 1,383,732 01/04/17 8 A+ 1 U.S. Dollar 285,975,554 Canadian Dollar 383,377,398 02/02/17 13,942 A+ 1 U.S. Dollar 4,469,329 Canadian Dollar 5,992,351 02/02/17 1,009 A+ Unrealized appreciation of foreign currency contracts 904,233 1 Canadian Dollar 662,215 U.S. Dollar 493,466 01/04/17 (461) A+ 1 Canadian Dollar 1,654,998 U.S. Dollar 1,219,558 01/04/17 (19,532) AA- 1 Canadian Dollar 775,971 U.S. Dollar 578,033 01/05/17 (800) A+ 1 U.S. Dollar 328,070 Canadian Dollar 431,766 01/04/17 (8,186) A+ 1 U.S. Dollar 656,094 Canadian Dollar 871,595 01/04/17 (8,247) A+ 1 U.S. Dollar 2,626,025 Canadian Dollar 3,446,857 01/04/17 (74,725) A+ Unrealized depreciation of foreign currency contracts (111,951) Net unrealized appreciation of foreign currency contracts 792,282 * Source: Standard & Poor’s and Fitch.

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

Fund-Specific Notes—Concentration Risk % of net assets attributable to holders of redeemable units

December 31, December 31, Sector allocation 2016 2015 Underlying U.S.-domiciled Vanguard Fund Financials 20.7 19.5 Technology 16.3 16.2 Health Care 12.3 14.1 Consumer Services 13.0 14.0 Industrials 12.9 12.3 Consumer Goods 9.6 10.3 Oil & Gas 7.0 6.0 Utilities 3.2 3.1 Basic Materials 2.6 2.3 Telecommunications 2.4 2.2 Net assets attributable to holders of redeemable units 100.0 100.0 Information displayed is for the U.S.-domiciled Vanguard Total Stock Market ETF in which the ETF primarily invests. The prospectus and other information about this U.S.-domiciled Vanguard fund are available on the internet at www.sec.gov/edgar.shtml.

210 Notes to the Financial Statements December 31, 2016 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 each established on the formation dates noted below as open-ended trusts 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 units of the Funds are listed on the Toronto Stock Exchange (“TSX”). The Funds were formed and commenced operations on the following dates:

Closing Market Price TSX Ticker Formation Date of Fund Name December 31, 2016 Symbol Date Commencement Vanguard Canadian Aggregate Bond Index ETF $25.43 VAB Nov. 4, 2011 Nov. 30, 2011 Vanguard Canadian Short-Term Bond Index ETF $24.40 VSB Nov. 4, 2011 Nov. 30, 2011 Vanguard Canadian Short-Term Corporate Bond Index ETF $24.71 VSC Oct. 10, 2012 Nov. 2, 2012 Vanguard FTSE Canada All Cap Index ETF $30.96 VCN Jul. 19, 2013 Aug. 2, 2013 Vanguard FTSE Canada Index ETF $32.35 VCE Nov. 4, 2011 Nov. 30, 2011 Vanguard FTSE Canadian Capped REIT Index ETF $29.04 VRE Oct. 10, 2012 Nov. 2, 2012 Vanguard FTSE Canadian High Dividend Yield Index ETF $33.23 VDY Oct. 10, 2012 Nov. 2, 2012 Vanguard FTSE Developed All Cap ex North America Index ETF $24.50 VIU Aug. 18, 2015 Dec. 1, 2015 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) $25.28 VI Aug. 18, 2015 Dec. 1, 2015 Vanguard FTSE Developed All Cap ex U.S. Index ETF $30.83 VDU Jul. 19, 2013 Aug. 2, 2013 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) $36.41 VEF Nov. 4, 2011 Nov. 30, 2011 Vanguard FTSE Developed Asia Pacific All Cap Index ETF $29.37 VA Jun. 13, 2014 Jun. 30, 2014 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) $26.70 VAH Jun. 28, 2016 Oct. 3, 2016 Vanguard FTSE Developed Europe All Cap Index ETF $25.26 VE Jun. 13, 2014 Jun. 30, 2014 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) $26.18 VEH Jun. 28, 2016 Oct. 3, 2016 Vanguard FTSE Emerging Markets All Cap Index ETF $28.91 VEE Nov. 4, 2011 Nov. 30, 2011 Vanguard FTSE Global All Cap ex Canada Index ETF $31.21 VXC Jun. 13, 2014 Jun. 30, 2014 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) $26.60 VBG Jun. 13, 2014 Jun. 30, 2014 Vanguard S&P 500 Index ETF $53.38 VFV Oct. 10, 2012 Nov. 2, 2012 Vanguard S&P 500 Index ETF (CAD-hedged) $39.63 VSP Oct. 10, 2012 Nov. 2, 2012 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) $24.82 VBU Jun. 13, 2014 Jun. 30, 2014 Vanguard U.S. Dividend Appreciation Index ETF $38.95 VGG Jul. 19, 2013 Aug. 2, 2013 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) $30.13 VGH Jul. 19, 2013 Aug. 2, 2013 Vanguard U.S. Total Market Index ETF $42.10 VUN Jul. 19, 2013 Aug. 2, 2013 Vanguard U.S. Total Market Index ETF (CAD-hedged) $44.78 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 commencement date.

The information provided in the financial statements for Vanguard Canadian Aggregate Bond Index ETF, Vanguard Canadian Short-Term Bond Index ETF, Vanguard Canadian Short-Term Corporate Bond Index ETF, Vanguard FTSE Canada All Cap Index ETF, Vanguard FTSE Canada Index ETF, Vanguard FTSE Canadian Capped REIT Index ETF, Vanguard FTSE Canadian High Dividend Yield Index ETF, Vanguard FTSE Developed All Cap ex U.S. Index ETF, Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged), Vanguard FTSE Developed Asia Pacific All Cap Index ETF, Vanguard FTSE Developed Europe All Cap Index ETF, 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) is as at and for the years ended December 31, 2016 and 2015. The Statements of Financial Position are as at December 31, 2016, and December 31, 2015. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are for the years ended December 31, 2016, and December 31, 2015. The information provided in the financial statements for Vanguard FTSE Developed All Cap ex North America Index ETF and Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) is as at December 31, 2016 and 2015, for the year ended December 31, 2016, and for the period from December 1, 2015 (commencement of operations), to December 31, 2015. The Statements of Financial Position are as at December 31, 2016 and 2015. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are for the year ended December 31, 2016, and the period from December 1, 2015 (commencement of operations), to December 31, 2015.

211 Where applicable, certain comparative figures on the Statements of Cash Flows have been revised. The purchase of investments, proceeds from sale of investments, proceeds from sale of redeemable units, and payment for redeemable units have been revised for unsettled in-kind receivables and payables. The net impact on the net cash from/used in operating activities is equal and offsetting to the net impact on net cash from/used in financing activities. Amounts related to unsettled purchases and sales previously included in non-cash working capital have been reclassified to purchase of investments and proceeds from sale of investments, as applicable. The impact on the net cash from/used in operating activities is nil. The information provided in the financial statements for Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) and Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) is as at December 31, 2016, and for the period from October 3, 2016 (commencement of operations), to December 31, 2016. The Statements of Financial Position are as at December 31, 2016. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are for the period from October 3, 2016 (commencement of operations), to December 31, 2016. 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 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. The address of the Funds’ registered office is 22 Adelaide Street West, Suite 2500, Toronto, ON M5H 4E3. These financial statements were authorized for issuance by the Board of Directors of the Manager on March 22, 2017.

2. Basis of presentation and adoption of IFRS These financial statements have been prepared in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

3. Summary of significant accounting policies These financial statements have been prepared on the historical cost basis except for financial assets and liabilities held at fair value through profit or loss and held for trading derivatives that have been accounted for based on fair value. 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: In classifying and measuring financial instruments held by the Funds, the Manager is required to make significant judgments about whether or not the business of the Funds is to invest on a total return basis for the purpose of applying the fair value option for financial assets under IAS 39, Financial Instruments—Recognition and Measurement. The most significant judgments made include the determination that certain investments are held for trading and that the fair value option can be applied to those which are not. 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 generally 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 and commit to their investors that their business purpose is to invest funds solely for returns from capital appreciation, investment income or both. The Funds measure and evaluate the performance of substantially all of their investments on a fair value basis. IAS 32, Financial Instruments: Presentation, requires that securities of the Funds, which are considered puttable instruments, be classified as either financial liabilities or equity instruments. Under IFRS, the units of the Funds which include contractual obligation for the issuer 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 which 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. Financial instruments The classification of a financial instrument depends upon its characteristics as well as the purpose for which it was acquired. This initial classification is not subsequently changed except in very limited circumstances. The Funds recognize financial assets and liabilities at fair value on the trade date when the Funds become a party to the contractual provisions of the instrument. All of the financial assets, other than derivatives, of the Funds are designated as fair value through profit and loss (“FVTPL”). The Funds consider loans and receivables as non-derivative financial assets which have not been designated as held for trading (“HFT”), FVTPL or available for sale (“AFS”), provided the financial asset has fixed or determinable payments and is not quoted in an active market. Loans and receivables are stated on the Statement of Financial Position at amortized cost less any allowance for credit losses. Accrued interest is recorded in “Interest receivable” on the Statement of Financial Position. The Funds classify “Cash,” “Amounts receivable for redeemable units issued,” “Amounts receivable for investments sold,” “Dividends receivable” and “Income distributions receivable” as loans and receivables. The Funds consider financial liabilities to be any liability that is a contractual obligation to deliver cash or another financial asset to another party or to exchange financial instruments with another party under conditions that are potentially unfavorable to the Funds. Financial liabilities, other than derivative instruments and obligations related to redeemable units, are initially recognized at fair value and subsequently measured at amortized cost. The Funds classify “Amounts payable for redeemable units redeemed,” “Amounts payable for investments purchased,” “Distributions payable” and “Accounts payable and accrued expenses” as financial liabilities recorded at amortized cost. The Funds’ accounting policy regarding redeemable units and derivative instruments is described in sections below.

212 Gains and losses arising from changes in fair value of financial instruments are included directly in the Statement of Comprehensive Income and are reported as “Net unrealized appreciation (depreciation) on investments” or “Net realized gain (loss) on investments” where applicable. Net assets attributable to holders of redeemable units On any trading day, unitholders may exchange a minimum of a prescribed number of units (and any additional multiple thereof) for baskets of securities and/or cash equal to net asset value (“NAV”). Each Fund’s outstanding redeemable units are redeemable by unitholders for cash at a redemption price per unit equal to the lesser of: (i) 95% of the closing price for the applicable redeemable units on TSX on the effective day of the redemption and (ii) the net asset value per unit on the effective day of the redemption. Any gain or loss determined on such redemptions is recorded as gain or loss on redemption on the Statement of Comprehensive Income, if any. Such reduced redemption price causes cash flows on redemption which are not substantially based on profit or loss, changes in net assets or changes in fair value of net assets, and thus the units are classified as financial liabilities in accordance with IAS 32. The obligation of net assets attributable to holders of redeemable units is recorded on the Statement of Financial Position at the value of the net assets to which unitholders are entitled. Net asset value per unit (“NAVPU”) is computed by dividing the 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 the TSX is open for trading. NAV is the fair value of the total assets of a fund less its total liabilities excluding redeemable units determined, on each valuation day, in accordance with National Instrument 81-106, “Investment Fund Continuous Disclosure” (“NI 81-106”). The calculations of the NAV for trading purposes and net assets are both based on the closed or last-traded prices of investment securities where the close or last-traded price falls within the day’s bid-ask spread. As such, there is no difference between NAVPU and net assets per unit on the Statement of Financial Position date. Derivative transactions The Funds may use derivative instruments to achieve their investment objectives. Derivatives are classified as held for trading and are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently measured at their fair value through profit and loss. Derivative instruments are valued daily using recognized exchange reporting sources for exchange-traded derivatives and specific broker enquiry for over-the-counter derivatives. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative and are reported on the Statement of Financial Position. Forward currency contracts A forward currency contract is an agreement between two parties (the Fund and the counterparty) to purchase or sell a currency against another currency at a set price on a future date. The Fund may enter into forward 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, either directly or indirectly. 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 value of forward currency contracts entered into by the Fund is recorded as the difference between the value of the contract on the valuation date and the value on the date the contract originated. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and in the principal market, or in its absence, the most advantageous market to which the Funds have access. The fair value of financial instruments as at the financial reporting date is determined as follows: Financial instruments held that are traded in an active market are based on the quoted market prices at the close of trading on the reporting date. The Funds use the last-traded market prices for both financial assets and financial liabilities where the last-traded price falls within that day’s bid-ask spread. In circumstances where the last-traded price is not within the bid-ask spread, the Manager determines the point within the bid-ask spread that is most representative of fair value. Financial instruments held that are not traded in an active market are valued primarily based on the results of valuation techniques using observable market inputs, on such basis and in such manner established by the Manager. Bonds and similar securities are valued based on the closing quotation received from recognized investment dealers. Forward currency contracts are valued based on the difference between the value of the contract on the valuation date and the value on the date the contract was originated. All fair value measurements discussed above are recurring. The carrying values of cash and short-term investments, amounts receivable for redeemable units issued, amounts payable for investments sold, amounts payable for redeemable units redeemed, amounts payable for investments purchased and accounts payable and accrued expenses approximate the fair values because of their short-term nature. Fair value hierarchy The Funds classify fair value measurements using a three-level fair value hierarchy that reflects the significance of the inputs used in measuring fair values. The Funds’ policy for the three-level fair value hierarchy levels is as follows: Level 1—Fair values are based on unadjusted quoted prices from an active market for identical assets. Level 2—Fair values are based on inputs other than quoted prices that are directly or indirectly observable in an active market. Level 3—Fair values are based on inputs not observable in the market. The Funds recognize transfers between levels of fair value hierarchy as of the end of the reporting period during which the change occurred. Disclosures regarding the Funds’ fair value measurement classifications are included in Note 5(a) and 5(b).

213 Impairment of financial assets At each reporting period, the Funds assess whether there is objective evidence that a financial asset valued at amortized cost is impaired. If such evidence exists, the Funds recognize an impairment loss as the difference between the amortized cost of the financial asset and the present value of the estimated future cash flows, discounted using the instrument’s original effective interest rate. An impaired asset is written off when collection efforts are no longer expected to yield further benefits. Impairment losses on a financial asset at amortized cost are reversed in subsequent periods if the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized. Investments in associates, joint ventures, subsidiaries and structured entities Subsidiaries are all 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. The Funds have determined that they are investment entities and, as such, account for subsidiaries, if any, at FVTPL. Associates and joint ventures are investments over which the Funds have significant influence or joint control, which, if any, are designated at FVTPL. 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 held by the Funds typically meet the definition of structured entities. The Funds account for their investments in unconsolidated structured entities at FVTPL. Disclosures regarding the Funds’ investments in associates, joint ventures, subsidiaries and unconsolidated structured entities, as applicable, are included in Note 5(d). Transaction costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of an investment. These costs include fees and commissions paid to agents, advisors, brokers and dealers. Transaction costs incurred in the purchase and sale of securities designated at FVTPL are expensed and are included in “Transaction costs” on the Statement of Comprehensive Income. Cash Cash is composed of demand deposits with financial institutions and bank overdrafts. Bank overdrafts are shown in current liabilities on the Statement of Financial Position and included as negative cash in the Statement of Cash Flows. Translation of foreign currency The Funds’ functional and presentation currency is Canadian dollars. Assets and liabilities denominated in foreign currencies are translated in Canadian dollars at the rates of exchange prevailing at the measurement date. Purchases and sales of investments, and income and expenses, are translated into the functional currency using the exchange rates prevailing at the dates that transactions occur. Realized and unrealized foreign currency gains (losses) on investments classified as FVTPL are included in the Statement of Comprehensive Income as part of “Change in unrealized appreciation (depreciation) of investments” and “Net realized gain (loss) on sale of investments,” respectively. Realized and unrealized foreign currency gains (losses) on non- investment assets and liabilities denominated in foreign currencies are included in the Statement of Comprehensive Income as “Change in unrealized appreciation (depreciation) on foreign currency translations” and “Net realized gain (loss) on foreign currency translations,” respectively. Investment transactions and income Investment transactions are accounted for on a trade-date basis. Dividend income, including stock dividends, is recorded on the ex-dividend date. 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. 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. Future accounting standards not yet adopted The final version of IFRS 9, Financial Instruments, was issued by the IASB in July 2014 and will replace IAS 39, Financial Instruments: Recognition and Measurement. IFRS 9 introduces a model for classification and measurement, a single, forward-looking “expected loss” impairment model and a substantially reformed approach to hedge accounting. The new single, principle-based approach for determining the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. The new model results in a single impairment model being applied to all financial instruments, which will require more timely recognition of expected credit losses. It also includes changes with respect to an entity’s own credit risk in measuring liabilities elected to be measured at fair value, so that gains caused by the deterioration of an entity’s own credit risk on such liabilities are no longer recognized in profit or loss. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, but is available for early adoption. In addition, the credit changes can be applied early in isolation without otherwise changing the accounting for financial instruments. The Funds are in the process of assessing the impact of IFRS 9. IFRS 15, Revenue From Contracts With Customers, is a new standard effective for years beginning on or after January 1, 2018, which will supersede IAS 18, Revenue, and Related Interpretations. The Manager is in the process of assessing the impact of IFRS 15 to the Funds.

4. Financial instrument risk The Funds’ activities expose them to a variety of risks associated with financial instruments. Those Funds which invest in underlying funds or exchange- traded funds are indirectly exposed to the risks in those underlying funds. The Manager seeks to minimize potential adverse effects of these risks 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.

214 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. The Funds are exposed to the risk that the value of financial instruments denominated in currencies other than the Canadian dollar will fluctuate owing to changes in exchange rates. The tables below indicate the currencies to which certain Funds had exposure either directly or indirectly when the Fund invested in underlying funds as at December 31, 2016, and December 31, 2015, where applicable on their trading monetary and non-monetary financial instruments as well as the underlying principal amount of forward currency contracts. The tables below 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. For Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged), Vanguard FTSE Developed All Cap ex U.S. Index ETF, Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged), Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged), Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged), Vanguard FTSE Emerging Markets All Cap 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), the exposures are indirect and represent the risk exposure of the underlying fund.

Vanguard FTSE Developed All Cap ex North America Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 10,687,393 1,686 343,351 11,032,430 551,622 Danish Krone 2,342,524 19 65,199 2,407,742 120,387 European Euro 42,108,004 3,220 1,364,221 43,475,445 2,173,772 Hong Kong Dollar 4,835,042 2,349 167,338 5,004,729 250,236 Israeli Shekel 819,243 (740) — 818,503 40,925 Japanese Yen 36,179,166 3,380 1,022,815 37,205,361 1,860,268 New Zealand Dollar 486,301 1,842 12,000 500,143 25,007 Norwegian Krone 1,117,144 9 40,291 1,157,444 57,872 Pound Sterling 26,720,576 11,568 867,388 27,599,532 1,379,977 Singapore Dollar 1,860,122 1,656 56,431 1,918,209 95,910 South Korean Won 6,461,459 11,599 (9,768) 6,463,290 323,165 Swedish Krona 4,450,140 1,700 143,445 4,595,285 229,764 Swiss Franc 11,944,787 31 409,975 12,354,793 617,740 U.S. Dollar 835,407 654,495 (163,112) 1,326,790 66,340 Total 150,847,308 692,814 4,319,574 155,859,696 7,792,985

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 984,787 — — 984,787 49,240 Danish Krone 277,078 — — 277,078 13,855 European Euro 4,211,410 (88,894) — 4,122,516 206,125 Hong Kong Dollar 477,302 (71) — 477,231 23,860 Israeli Shekel 112,087 — 93 112,180 5,610 Japanese Yen 3,588,441 (4,135) 3,904 3,588,210 179,410 New Zealand Dollar 44,188 — — 44,188 2,210 Norwegian Krone 95,991 — — 95,991 4,800 Pound Sterling 2,881,252 (75,487) — 2,805,765 140,290 Singapore Dollar 193,159 — — 193,159 9,660 South Korean Won 645,317 232,948 — 878,265 43,915 Swedish Krona 443,768 — — 443,768 22,190 Swiss Franc 1,261,339 — — 1,261,339 63,065 U.S. Dollar 34,426 (39,328) (1,479) (6,381) 320 Total 15,250,545 25,033 2,518 15,278,096 763,910

215 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 3,153,735 — (3,311,386) (157,651) 7,883 Danish Krone 688,278 — — 688,278 34,414 European Euro 12,427,908 — (13,114,278) (686,370) 34,319 Hong Kong Dollar 1,430,654 — — 1,430,654 71,533 Israeli Shekel 233,978 — (248,227) (14,249) 712 Japanese Yen 10,635,539 — (10,722,843) (87,304) 4,365 New Zealand Dollar 142,971 — — 142,971 7,149 Norwegian Krone 330,868 — (332,257) (1,389) 69 Pound Sterling 7,889,613 — (7,892,873) (3,260) 163 Singapore Dollar 548,340 — — 548,340 27,417 South Korean Won 1,847,599 — (2,002,259) (154,660) 7,733 Swedish Krona 1,313,610 — (1,315,974) (2,364) 118 Swiss Franc 3,531,746 — (3,535,269) (3,523) 176 U.S. Dollar 379,277 — (2,055,421) (1,676,144) 83,807 Total 44,554,116 — (44,530,787) 23,329 1,166

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 153,314 — (164,252) (10,938) 545 Danish Krone 43,136 — — 43,136 2,155 European Euro 641,803 — (722,674) (80,871) 4,045 Hong Kong Dollar 74,297 — — 74,297 3,715 Israeli Shekel 17,450 — (18,171) (721) 35 Japanese Yen 558,014 — (577,085) (19,071) 955 New Zealand Dollar 6,879 — — 6,879 345 Norwegian Krone 14,944 — (15,203) (259) 15 Pound Sterling 436,808 — (463,974) (27,166) 1,360 Singapore Dollar 30,072 — — 30,072 1,505 South Korean Won 136,730 — (103,101) 33,629 1,680 Swedish Krona 69,087 — (71,271) (2,184) 110 Swiss Franc 196,368 — (201,002) (4,634) 230 U.S. Dollar (763) — (112,439) (113,202) 5,660 Total 2,378,139 — (2,449,172) (71,033) 3,550

Vanguard FTSE Developed All Cap ex U.S. Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 17,575,791 — — 17,575,791 878,790 Danish Krone 3,850,805 — — 3,850,805 192,540 European Euro 69,772,631 — — 69,772,631 3,488,632 Hong Kong Dollar 7,964,347 — — 7,964,347 398,217 Israeli Shekel 1,387,990 — — 1,387,990 69,400 Japanese Yen 59,689,113 — — 59,689,113 2,984,456 New Zealand Dollar 792,863 — — 792,863 39,643 Norwegian Krone 1,850,881 — — 1,850,881 92,544 Pound Sterling 43,550,803 — — 43,550,803 2,177,540 Singapore Dollar 3,113,533 — — 3,113,533 155,677 South Korean Won 10,990,359 — — 10,990,359 549,518

216 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Swedish Krona 7,329,896 — — 7,329,896 366,495 Swiss Franc 19,487,780 — — 19,487,780 974,389 U.S. Dollar 4,742,082 23,176 (1,985,427) 2,779,831 138,992 Total 252,098,874 23,176 (1,985,427) 250,136,623 12,506,831

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 18,946,304 — — 18,946,304 947,315 Danish Krone 5,237,402 — — 5,237,402 261,870 European Euro 81,175,114 — — 81,175,114 4,058,755 Hong Kong Dollar 9,346,783 — — 9,346,783 467,340 Israeli Shekel 2,105,394 — — 2,105,394 105,270 Japanese Yen 68,574,067 — — 68,574,067 3,428,705 New Zealand Dollar 631,330 — — 631,330 31,565 Norwegian Krone 1,605,446 — — 1,605,446 80,270 Pound Sterling 54,176,592 — — 54,176,592 2,708,830 Singapore Dollar 3,491,348 — — 3,491,348 174,565 South Korean Won 10,956,905 — — 10,956,905 547,845 Swedish Krona 7,866,699 — — 7,866,699 393,335 Swiss Franc 24,888,680 — — 24,888,680 1,244,435 U.S. Dollar 2,187,466 34,058 — 2,221,524 111,075 Total 291,189,530 34,058 — 291,223,588 14,561,180

Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 27,326,820 — (29,178,552) (1,851,732) 92,587 Danish Krone 5,987,227 — — 5,987,227 299,361 European Euro 108,482,409 — (115,557,565) (7,075,156) 353,758 Hong Kong Dollar 12,382,957 — — 12,382,957 619,148 Israeli Shekel 2,158,045 — (2,187,275) (29,230) 1,462 Japanese Yen 92,804,566 — (94,485,237) (1,680,671) 84,034 New Zealand Dollar 1,232,742 — — 1,232,742 61,637 Norwegian Krone 2,877,748 — (2,927,707) (49,959) 2,498 Pound Sterling 67,719,791 — (69,548,707) (1,828,916) 91,446 Singapore Dollar 4,840,918 — — 4,840,918 242,046 South Korean Won 17,087,797 — (17,643,068) (555,271) 27,764 Swedish Krona 11,396,514 — (11,595,816) (199,302) 9,965 Swiss Franc 30,299,579 — (31,151,321) (851,742) 42,587 U.S. Dollar 7,372,984 30,613 (15,329,896) (7,926,299) 396,315 Total 391,970,097 30,613 (389,605,144) 2,395,566 119,778

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 25,533,298 — (26,572,815) (1,039,517) 51,975 Danish Krone 7,058,270 — — 7,058,270 352,915 European Euro 109,396,976 — (117,691,779) (8,294,803) 414,740 Hong Kong Dollar 12,596,346 — — 12,596,346 629,815

217 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Israeli Shekel 2,837,369 — (2,922,377) (85,008) 4,250 Japanese Yen 92,414,968 — (93,616,125) (1,201,157) 60,060 New Zealand Dollar 850,823 — — 850,823 42,540 Norwegian Krone 2,163,606 — (2,190,158) (26,552) 1,330 Pound Sterling 73,011,974 — (74,243,594) (1,231,620) 61,580 Singapore Dollar 4,705,173 — — 4,705,173 235,260 South Korean Won 14,766,254 — (16,065,034) (1,298,780) 64,940 Swedish Krona 10,601,686 — (10,723,437) (121,751) 6,090 Swiss Franc 33,541,638 — (34,384,177) (842,539) 42,125 U.S. Dollar 2,947,974 (105,238) (42,418,209) (39,575,473) 1,978,775 Total 392,426,355 (105,238) (420,827,705) (28,506,588) 1,425,330

Vanguard FTSE Developed Asia Pacific All Cap Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 6,744,098 (6,334) — 6,737,764 336,888 Hong Kong Dollar 3,043,104 1,890 — 3,044,994 152,250 Japanese Yen 22,916,098 11,998 (129,596) 22,798,500 1,139,925 New Zealand Dollar 303,974 — — 303,974 15,199 Singapore Dollar 1,191,228 345 (10,029) 1,181,544 59,077 South Korean Won 4,279,804 20,444 (20,040) 4,280,208 214,010 U.S. Dollar 246,120 187,535 (73,658) 359,997 18,000 Total 38,724,426 215,878 (233,323) 38,706,981 1,935,349

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 4,675,799 — — 4,675,799 233,790 Hong Kong Dollar 2,291,050 — — 2,291,050 114,555 Japanese Yen 16,984,875 — — 16,984,875 849,245 New Zealand Dollar 202,254 — — 202,254 10,115 Singapore Dollar 917,491 — — 917,491 45,875 South Korean Won 3,009,307 — — 3,009,307 150,465 U.S. Dollar 171,732 264,849 — 436,581 21,829 Total 28,252,508 264,849 — 28,517,357 1,425,868

Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 683,994 — (699,277) (15,283) 764 Hong Kong Dollar 309,117 — (310,976) (1,859) 93 Japanese Yen 2,314,422 — (2,365,932) (51,510) 2,576 New Zealand Dollar 30,858 — (31,332) (474) 24 Singapore Dollar 119,946 — (123,275) (3,329) 166 South Korean Won 434,511 — (441,787) (7,276) 364 U.S. Dollar 36,545 — (19,847) 16,698 835 Total 3,929,393 — (3,992,426) (63,033) 3,152

218 Vanguard FTSE Developed Europe All Cap Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Danish Krone 2,827,865 14 — 2,827,879 141,394 European Euro 51,161,897 5,255 — 51,167,152 2,558,358 Norwegian Krone 1,367,610 154 — 1,367,764 68,388 Pound Sterling 32,433,852 14,649 — 32,448,501 1,622,425 Swedish Krona 5,400,055 1,487 — 5,401,542 270,077 Swiss Franc 14,439,954 94 — 14,440,048 722,002 U.S. Dollar 171,229 101,130 — 272,359 13,618 Total 107,802,462 122,783 — 107,925,245 5,396,262

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Danish Krone 4,494,822 — — 4,494,822 224,740 European Euro 70,697,967 — — 70,697,967 3,534,900 Norwegian Krone 1,581,970 — — 1,581,970 79,100 Pound Sterling 47,459,322 — — 47,459,322 2,372,965 Swedish Krona 7,373,648 — — 7,373,648 368,680 Swiss Franc 20,729,544 — — 20,729,544 1,036,475 U.S. Dollar 503,825 569,096 — 1,072,921 53,646 Total 152,841,098 569,096 — 153,410,194 7,670,510

Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Danish Krone 34,232 — (34,352) (120) 6 European Euro 619,392 — (616,943) 2,449 122 Norwegian Krone 16,557 — (16,501) 56 3 Pound Sterling 392,798 — (391,986) 812 41 Swedish Krona 65,387 — (65,356) 31 2 Swiss Franc 174,800 — (175,572) (772) 39 U.S. Dollar 3,297 — — 3,297 165 Total 1,306,463 — (1,300,710) 5,753 288

Vanguard FTSE Emerging Markets All Cap Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Brazilian Real 35,728,122 — — 35,728,122 1,786,406 Chilean Peso 5,142,386 — — 5,142,386 257,119 Colombian Peso 2,039,307 — — 2,039,307 101,965 Czech Koruna 829,133 — — 829,133 41,457 Egyptian Pound 840,630 — — 840,630 42,031 European Euro 1,702,585 — — 1,702,585 85,129 Hong Kong Dollar 94,227,994 — — 94,227,994 4,711,400 Hungarian Forint 1,407,338 — — 1,407,338 70,367 Indian Rupee 44,113,154 — — 44,113,154 2,205,658 Indonesian Rupiah 10,405,821 — — 10,405,821 520,291 Malaysian Ringgit 13,396,139 — — 13,396,139 669,807

219 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Mexican Peso 16,499,345 — — 16,499,345 824,967 New Taiwan Dollar 54,262,685 — — 54,262,685 2,713,134 Pakistan Rupee 299,195 — — 299,195 14,960 Peruvian Nuevo Sol 1 — — 1 — Philippine Peso 5,488,224 — — 5,488,224 274,411 Polish Zloty 5,104,772 — — 5,104,772 255,238 Qatari Rial 2,196,456 — — 2,196,456 109,823 South African Rand 33,937,232 — — 33,937,232 1,696,862 Thai Baht 14,225,721 — — 14,225,721 711,286 Turkish Lira 4,743,581 — — 4,743,581 237,179 UAE Dirham 4,158,692 — — 4,158,692 207,935 U.S. Dollar 25,546,586 (1,502,334) — 24,044,252 1,202,213 Total 376,295,099 (1,502,334) — 374,792,765 18,739,638

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Argentine Peso 5 — — 5 0 Brazilian Real 14,121,677 — — 14,121,677 706,085 Chilean Peso 2,971,406 — — 2,971,406 148,570 Colombian Peso 1,268,397 — — 1,268,397 63,420 Czech Koruna 536,209 — — 536,209 26,810 Egyptian Pound 770,303 — — 770,303 38,515 Hong Kong Dollar 73,264,389 — — 73,264,389 3,663,220 Hungarian Forint 851,144 — — 851,144 42,555 Indian Rupee 34,168,940 — — 34,168,940 1,708,445 Indonesian Rupiah 6,879,207 — — 6,879,207 343,960 Malaysian Ringgit 11,465,822 — — 11,465,822 573,290 Mexican Peso 14,270,651 — — 14,270,651 713,535 New Russian Ruble 2,162,433 — — 2,162,433 108,120 New Taiwan Dollar 34,658,933 — — 34,658,933 1,732,945 Peruvian Nuevo Sol 10,182 — — 10,182 510 Philippine Peso 5,173,928 — — 5,173,928 258,695 Polish Zloty 4,061,467 — — 4,061,467 203,075 South African Rand 21,687,679 — — 21,687,679 1,084,385 Thai Baht 6,796,355 — — 6,796,355 339,820 Turkish Lira 4,238,495 — — 4,238,495 211,925 UAE Dirham 2,300,534 — — 2,300,534 115,025 U.S. Dollar 20,333,271 32,761 — 20,366,032 1,018,300 Yuan Renminbi 4,543,202 — — 4,543,202 227,160 Total 266,534,629 32,761 — 266,567,390 13,328,365

Vanguard FTSE Global All Cap ex Canada Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 507,474,342 (1,335,138) (1,383,640) 504,755,564 25,237,778 Total 507,474,342 (1,335,138) (1,383,640) 504,755,564 25,237,778

220 As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 319,974,395 824,160 (743,241) 320,055,314 16,002,765 Total 319,974,395 824,160 (743,241) 320,055,314 16,002,765

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 2,823,527 — — 2,823,527 141,176 Czech Koruna 176,900 — — 176,900 8,845 Danish Krone 608,738 — — 608,738 30,437 European Euro 50,286,913 — — 50,286,913 2,514,346 Hong Kong Dollar 31,627 — — 31,627 1,581 Israeli Shekel 232,069 — — 232,069 11,603 Italian Lira 5,480 — — 5,480 274 Japanese Yen 22,252,451 — — 22,252,451 1,112,623 Malaysian Ringgit 531,256 — — 531,256 26,563 Mexican Peso 571,145 — — 571,145 28,557 New Russian Ruble 202,856 — — 202,856 10,143 New Zealand Dollar 297,209 — — 297,209 14,860 Norwegian Krone 225,388 — — 225,388 11,269 Polish Zloty 392,617 — — 392,617 19,631 Pound Sterling 8,561,142 — — 8,561,142 428,057 Singapore Dollar 396,564 — — 396,564 19,828 South African Rand 454,828 — — 454,828 22,741 South Korean Won 2,411,799 — — 2,411,799 120,590 Swedish Krona 956,110 — — 956,110 47,806 Swiss Franc 1,453,824 — — 1,453,824 72,691 Thai Baht 460,094 — — 460,094 23,005 U.S. Dollar 45,114 (620,675) (98,709,547) (99,285,108) 4,964,255 Total 93,377,651 (620,675) (98,709,547) (5,952,571) 297,629

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Australian Dollar 1,223,678 — — 1,223,678 61,185 Czech Koruna 91,333 — — 91,333 4,565 Danish Krone 257,929 — — 257,929 12,895 European Euro 22,829,822 — — 22,829,822 1,141,490 Hong Kong Dollar 14,881 — — 14,881 745 Israeli Shekel 114,197 — — 114,197 5,710 Italian Lira 3,489 — — 3,489 175 Japanese Yen 10,376,870 — — 10,376,870 518,845 Malaysian Ringgit 251,892 — — 251,892 12,595 Mexican Peso 356,087 — — 356,087 17,805 New Russian Ruble 61,584 — — 61,584 3,080 New Zealand Dollar 130,322 — — 130,322 6,515 Norwegian Krone 109,242 — — 109,242 5,460 Polish Zloty 201,416 — — 201,416 10,070 Pound Sterling 4,422,914 — — 4,422,914 221,145 Singapore Dollar 158,328 — — 158,328 7,915 South African Rand 168,972 — — 168,972 8,450 South Korean Won 1,153,334 — — 1,153,334 57,665

221 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact Swedish Krona 436,738 — — 436,738 21,835 Swiss Franc 680,772 — — 680,772 34,040 Thai Baht 231,101 — — 231,101 11,555 Turkish Lira 140,684 — — 140,684 7,035 U.S. Dollar — 96,528 (47,784,681) (47,688,153) 2,384,410 Total 43,415,585 96,528 (47,784,681) (4,272,568) 213,630

Vanguard S&P 500 Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 970,136,923 41,664 (5,142,679) 965,035,908 48,251,795 Total 970,136,923 41,664 (5,142,679) 965,035,908 48,251,795

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 770,820,216 22,489 — 770,842,705 38,542,135 Total 770,820,216 22,489 — 770,842,705 38,542,135

Vanguard S&P 500 Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 399,332,613 (4,696) (401,450,712) (2,122,795) 106,140 Total 399,332,613 (4,696) (401,450,712) (2,122,795) 106,140

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 213,192,314 97,232 (224,260,623) (10,971,077) 548,555 Total 213,192,314 97,232 (224,260,623) (10,971,077) 548,555

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 100,180,065 (211,299) (99,855,577) 113,189 5,659 Total 100,180,065 (211,299) (99,855,577) 113,189 5,659

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 31,881,370 64,339 (32,703,113) (757,404) 37,820 Total 31,881,370 64,339 (32,703,113) (757,404) 37,820

Vanguard U.S. Dividend Appreciation Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 264,176,279 19,976 (1,547,959) 262,648,296 13,132,415 Total 264,176,279 19,976 (1,547,959) 262,648,296 13,132,415

222 As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 205,050,439 68,027 — 205,118,466 10,255,925 Total 205,050,439 68,027 — 205,118,466 10,255,925

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 134,542,560 18,068 (135,384,082) (823,454) 41,173 Total 134,542,560 18,068 (135,384,082) (823,454) 41,173

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 54,660,951 64,562 (57,650,532) (2,925,019) 146,250 Total 54,660,951 64,562 (57,650,532) (2,925,019) 146,250

Vanguard U.S. Total Market Index ETF As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 760,721,216 (4,046,590) — 756,674,626 37,833,731 Total 760,721,216 (4,046,590) — 756,674,626 37,833,731

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 632,496,460 330,929 — 632,827,389 31,641,370 Total 632,496,460 330,929 — 632,827,389 31,641,370

Vanguard U.S. Total Market Index ETF (CAD-hedged) As at December 31, 2016 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 390,338,168 (2,018,161) (389,963,351) (1,643,344) 82,167 Total 390,338,168 (2,018,161) (389,963,351) (1,643,344) 82,167

As at December 31, 2015 Forward Currency +/–5% Currency Investments Cash Contracts Net Impact U.S. Dollar 305,358,880 91,680 (321,815,642) (16,365,082) 818,255 Total 305,358,880 91,680 (321,815,642) (16,365,082) 818,255

(b) Interest rate risk Interest rate risk arises on interest-bearing financial instruments held in the investment portfolio, such as bonds. The Funds listed below are exposed, either directly or indirectly when the Fund is invested in underlying funds, to the risk that the value of interest-bearing financial instruments will fluctuate owing to changes in the prevailing levels of market interest rates. Interest rate risk is moderate for Vanguard Canadian Aggregate Bond Index ETF, Vanguard Canadian Short-Term Bond Index ETF and Vanguard Canadian Short-Term Corporate Bond Index ETF because the weighted average duration is relatively low and prices are less sensitive to interest rate changes. As at December 31, 2016, and December 31, 2015, Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) and Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) had no significant direct investment in debt securities. The two Funds were exposed to indirect interest rate risk as the underlying funds invest in debt instruments.

223 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. The tables below summarize the fixed income Funds’ exposure to interest rate risks.

Vanguard Canadian Aggregate Bond Index ETF As at December 31, 2016 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments — 255,135,092 218,493,005 643,686,134 1,117,314,231 84,580,687

As at December 31, 2015 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments — 112,652,003 100,838,994 305,080,927 518,571,924 39,722,609

Vanguard Canadian Short-Term Bond Index ETF As at December 31, 2016 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments — 398,474,397 357,458,697 30,810,919 786,744,013 22,186,181

As at December 31, 2015 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments — 341,867,147 283,113,210 30,032,029 655,012,386 18,209,344

Vanguard Canadian Short-Term Corporate Bond Index ETF As at December 31, 2016 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments 100,797 382,761,747 490,415,675 129,890,264 1,003,168,483 29,593,470

As at December 31, 2015 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments — 292,690,123 303,733,242 103,310,263 699,733,628 19,872,435

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments 701,494 19,147,818 20,659,488 58,293,151 98,801,951 7,400,266

As at December 31, 2015 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments 947,138 8,890,280 9,791,662 26,126,351 45,755,431 3,271,513

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments 761,369 22,410,280 21,228,156 55,780,260 100,180,065 5,900,606

As at December 31, 2015 Less Than 1–3 3–5 More Than 5 +/–1% 1 Year Years Years Years Total Impact Debt investments 258,239 7,511,251 6,867,247 17,244,633 31,881,370 1,763,040

224 (c) Other price risk 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. 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 risk resulting from a financial instrument is equivalent to its fair value. The Funds’ equities and debt are susceptible to other market risk arising from uncertainties about future prices of the instruments. The table below summarizes management’s estimate of the effect on net assets of a 10% change in the quoted prices, as at December 31, 2016, and December 31, 2015, with all other variables held constant. Where the Fund invests in underlying funds, it is exposed to indirect other price risk in the event that the underlying fund invests in securities that trade in an active market. As at December 31, 2016

Fund Benchmark +/–10% Impact Vanguard FTSE Canada All Cap Index ETF FTSE Canada All Cap Index 66,391,987 Vanguard FTSE Canada Index ETF FTSE Canada Index 46,706,278 Vanguard FTSE Canadian Capped REIT Index ETF FTSE Canada All Cap Real Estate Capped 25% Index 11,978,263 Vanguard FTSE Canadian High Dividend Yield Index ETF FTSE Canada High Dividend Yield Index 36,030,593 Vanguard FTSE Developed All Cap ex North America Index ETF FTSE Developed All Cap ex North America Index 15,084,731 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) FTSE Developed All Cap ex North America Hedged to CAD Index 4,456,858 Vanguard FTSE Developed All Cap ex U.S. Index ETF FTSE Developed All Cap ex US Index 27,612,594 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) FTSE Developed All Cap ex US Hedged to CAD Index 42,932,735 Vanguard FTSE Developed Asia Pacific All Cap Index ETF FTSE Developed Asia Pacific All Cap Index 3,872,443 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) FTSE Developed Asia Pacific All Cap Hedged to CAD Index 393,301 Vanguard FTSE Developed Europe All Cap Index ETF FTSE Developed Europe All Cap Index 10,780,246 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) FTSE Developed Europe All Cap Hedged to CAD Index 131,258 Vanguard FTSE Emerging Markets All Cap Index ETF FTSE Emerging Markets All Cap China A Inclusion Index 37,629,510 Vanguard FTSE Global All Cap ex Canada Index ETF FTSE Global All Cap ex Canada China A Inclusion Index 50,747,434 Vanguard S&P 500 Index ETF S&P 500 Index 97,013,692 Vanguard S&P 500 Index ETF (CAD-hedged) S&P 500 Index (CAD-Hedged) 39,933,261 Vanguard U.S. Dividend Appreciation Index ETF NASDAQ US Dividend Achievers Select Index 26,417,628 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) NASDAQ US Dividend Achievers Select Index (CAD-hedged) 13,454,256 Vanguard U.S. Total Market Index ETF CRSP US Total Market Index 76,072,122 Vanguard U.S. Total Market Index ETF (CAD-hedged) CRSP US Total Market Index (CAD-hedged) 39,033,817

As at December 31, 2015

Fund Benchmark +/–10% Impact Vanguard FTSE Canada All Cap Index ETF FTSE Canada All Cap Index 32,969,063 Vanguard FTSE Canada Index ETF FTSE Canada Index 34,407,269 Vanguard FTSE Canadian Capped REIT Index ETF FTSE Canada All Cap Real Estate Capped 25% Index 8,776,173 Vanguard FTSE Canadian High Dividend Yield Index ETF FTSE Canada High Dividend Yield Index 17,033,473 Vanguard FTSE Developed All Cap ex North America Index ETF FTSE Developed All Cap ex North America Index 1,525,054 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) FTSE Developed All Cap ex North America Hedged to CAD Index 238,061 Vanguard FTSE Developed All Cap ex U.S. Index ETF FTSE Developed All Cap ex US Transition Index 29,477,019 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) FTSE Developed All Cap ex US Hedged to CAD Transition Index 39,725,189 Vanguard FTSE Developed Asia Pacific All Cap Index ETF FTSE Developed Asia Pacific All Cap Index 2,825,251 Vanguard FTSE Developed Europe All Cap Index ETF FTSE Developed Europe All Cap Index 15,284,110 Vanguard FTSE Emerging Markets All Cap Index ETF FTSE Emerging Markets All Cap China A Transition Index 26,653,463 Vanguard FTSE Global All Cap ex Canada Index ETF FTSE Global All Cap ex Canada China A Inclusion Index 31,997,440 Vanguard S&P 500 Index ETF S&P 500 Index 77,082,022 Vanguard S&P 500 Index ETF (CAD-hedged) S&P 500 Index (CAD-Hedged) 21,319,231 Vanguard U.S. Dividend Appreciation Index ETF NASDAQ US Dividend Achievers Select Index 20,505,044 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) NASDAQ US Dividend Achievers Select Index (CAD-hedged) 5,466,095 Vanguard U.S. Total Market Index ETF CRSP US Total Market Index 63,249,646 Vanguard U.S. Total Market Index ETF (CAD-hedged) CRSP US Total Market Index (CAD-hedged) 30,535,888

225 (d) Credit risk The Funds are exposed to counterparty 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 capital units once the broker has delivered payments. Payment is made on a purchase primarily through issuance of capital units once the securities have been delivered by the broker. The trade will fail if either party fails to meet its obligation. As at December 31, 2016, and December 31, 2015, Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) and Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) had no significant direct investment in debt securities. The two Funds were exposed to indirect credit risk as the underlying funds invest in debt instruments. The Funds are also exposed to counterparty risk arising on forward currency contracts. This is mitigated by investing primarily in instruments issued by counterparties who have been rated by third-party rating agencies as having a superior ability to repay short-term debt. The majority of credit risk to which the Funds are exposed arises from their investments in debt securities. Credit risk arising on investments in fixed income securities is mitigated by investing primarily in instruments that have been rated as “investment grade or above” by independent third-party rating agencies. The following Funds invested in debt securities with the following credit ratings:

Vanguard Canadian Aggregate Bond Index ETF December 31, 2016 December 31, 2015 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 45.6 44.9 AA 37.5 36.0 A 7.7 10.0 BBB 8.7 8.4 Total 99.5 99.3

Vanguard Canadian Short-Term Bond Index ETF December 31, 2016 December 31, 2015 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 56.8 54.4 AA 23.1 23.9 A 10.0 11.1 BBB 9.6 9.4 Total 99.5 98.8

Vanguard Canadian Short-Term Corporate Bond Index ETF December 31, 2016 December 31, 2015 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 10.6 7.3 AA 33.5 30.3 A 24.7 32.1 BBB 30.6 28.9 Total 99.4 98.6

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) December 31, 2016 December 31, 2015 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 22.6 22.3 AA 27.5 27.5 A 30.6 31.2 BBB 19.3 19.0 Total 100.0 100.0

226 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) December 31, 2016 December 31, 2015 Portfolio by rating category % of Total Net Assets % of Total Net Assets AAA 68.6 69.7 AA 4.5 4.0 A 12.0 11.7 BBB 14.9 14.6 Total 100.0 100.0

(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. As at December 31, 2016, and December 31, 2015, where applicable, the Funds did not have a significant amount of financial liabilities with maturities greater than three months.

5. Fair value measurement (a) Fair value hierarchy for financial instruments carried at 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. There were no transfers between levels for any of the periods presented below. Assets at Fair Value as at December 31, 2016 ($) Level 1 Level 2 Level 3 Total Vanguard Canadian Aggregate Bond Index ETF Fixed income — 1,117,314,231 — 1,117,314,231 Total — 1,117,314,231 — 1,117,314,231

Vanguard Canadian Short-Term Bond Index ETF Fixed income — 786,744,013 — 786,744,013 Total — 786,744,013 — 786,744,013

Vanguard Canadian Short-Term Corporate Bond Index ETF Fixed income — 1,003,168,483 — 1,003,168,483 Total — 1,003,168,483 — 1,003,168,483

Vanguard FTSE Canada All Cap Index ETF Equities 663,919,874 — — 663,919,874 Total 663,919,874 — — 663,919,874

Vanguard FTSE Canada Index ETF Equities 467,062,784 — — 467,062,784 Total 467,062,784 — — 467,062,784

Vanguard FTSE Canadian Capped REIT Index ETF Equities 119,782,626 — — 119,782,626 Total 119,782,626 — — 119,782,626

Vanguard FTSE Canadian High Dividend Yield Index ETF Equities 360,305,926 — — 360,305,926 Total 360,305,926 — — 360,305,926

Vanguard FTSE Developed All Cap ex North America Index ETF Equities 150,847,308 — — 150,847,308 Unrealized appreciation of foreign currency contracts — 6,484 — 6,484 Unrealized (depreciation) of foreign currency contracts — (1,030) — (1,030) Total 150,847,308 5,454 — 150,852,762

227 Assets at Fair Value as at December 31, 2016 ($) Level 1 Level 2 Level 3 Total Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) Exchange-traded funds 44,568,581 — — 44,568,581 Unrealized appreciation of foreign currency contracts — 695,428 — 695,428 Unrealized (depreciation) of foreign currency contracts — (76,900) — (76,900) Total 44,568,581 618,528 — 45,187,109

Vanguard FTSE Developed All Cap ex U.S. Index ETF Exchange-traded funds 276,125,941 — — 276,125,941 Unrealized appreciation of foreign currency contracts — 1,109 — 1,109 Total 276,125,941 1,109 — 276,127,050

Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) Exchange-traded funds 429,327,353 — — 429,327,353 Unrealized appreciation of foreign currency contracts — 6,185,862 — 6,185,862 Unrealized (depreciation) of foreign currency contracts — (322,408) — (322,408) Total 429,327,353 5,863,454 — 435,190,807

Vanguard FTSE Developed Asia Pacific All Cap Index ETF Equities 38,724,426 — — 38,724,426 Unrealized appreciation of foreign currency contracts — 2,796 — 2,796 Unrealized (depreciation) of foreign currency contracts — (1,119) — (1,119) Total 38,724,426 1,677 — 38,726,103

Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) Exchange-traded funds 3,933,012 — — 3,933,012 Unrealized appreciation of foreign currency contracts — 49,981 — 49,981 Unrealized (depreciation) of foreign currency contracts — (42,965) — (42,965) Total 3,933,012 7,016 — 3,940,028

Vanguard FTSE Developed Europe All Cap Index ETF Equities 107,802,462 — — 107,802,462 Total 107,802,462 — — 107,802,462

Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) Exchange-traded funds 1,312,583 — — 1,312,583 Unrealized appreciation of foreign currency contracts — 26,494 — 26,494 Unrealized (depreciation) of foreign currency contracts — (1,551) — (1,551) Total 1,312,583 24,943 — 1,337,526

Vanguard FTSE Emerging Markets All Cap Index ETF Exchange-traded funds 376,295,099 — — 376,295,099 Total 376,295,099 — — 376,295,099

Vanguard FTSE Global All Cap ex Canada Index ETF Exchange-traded funds 507,474,342 — — 507,474,342 Unrealized appreciation of foreign currency contracts — 773 — 773 Total 507,474,342 773 — 507,475,115

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 98,801,951 — — 98,801,951 Unrealized appreciation of foreign currency contracts — 231,389 — 231,389 Unrealized (depreciation) of foreign currency contracts — (134,103) — (134,103) Total 98,801,951 97,286 — 98,899,237

228 Assets at Fair Value as at December 31, 2016 ($) Level 1 Level 2 Level 3 Total Vanguard S&P 500 Index ETF Exchange-traded funds 970,136,923 — — 970,136,923 Unrealized appreciation of foreign currency contracts — 2,873 — 2,873 Total 970,136,923 2,873 — 970,139,796

Vanguard S&P 500 Index ETF (CAD-hedged) Exchange-traded funds 399,332,613 — — 399,332,613 Unrealized appreciation of foreign currency contracts — 957,986 — 957,986 Unrealized (depreciation) of foreign currency contracts — (347,728) — (347,728) Total 399,332,613 610,258 — 399,942,871

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 100,180,065 — — 100,180,065 Unrealized appreciation of foreign currency contracts — 231,878 — 231,878 Unrealized (depreciation) of foreign currency contracts — (236,103) — (236,103) Total — 100,175,840 — 100,175,840

Vanguard U.S. Dividend Appreciation Index ETF Exchange-traded funds 264,176,279 — — 264,176,279 Unrealized appreciation of foreign currency contracts — 865 — 865 Total 264,176,279 865 — 264,177,144

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) Exchange-traded funds 134,542,560 — — 134,542,560 Unrealized appreciation of foreign currency contracts — 307,215 — 307,215 Unrealized (depreciation) of foreign currency contracts — (113,815) — (113,815) Total 134,542,560 193,400 — 134,735,960

Vanguard U.S. Total Market Index ETF Exchange-traded funds 760,721,216 — — 760,721,216 Total 760,721,216 — — 760,721,216

Vanguard U.S. Total Market Index ETF (CAD-hedged) Exchange-traded funds 390,338,168 — — 390,338,168 Unrealized appreciation of foreign currency contracts — 904,233 — 904,233 Unrealized (depreciation) of foreign currency contracts — (111,951) — (111,951) Total 390,338,168 792,282 — 391,130,450

Assets at Fair Value as at December 31, 2015 ($) Level 1 Level 2 Level 3 Total Vanguard Canadian Aggregate Bond Index ETF Fixed income — 518,571,924 — 518,571,924 Total — 518,571,924 — 518,571,924

Vanguard Canadian Short-Term Bond Index ETF Fixed income — 655,012,386 — 655,012,386 Total — 655,012,386 — 655,012,386

Vanguard Canadian Short-Term Corporate Bond Index ETF Fixed income — 699,733,628 — 699,733,628 Total — 699,733,628 — 699,733,628

229 Assets at Fair Value as at December 31, 2015 ($) Level 1 Level 2 Level 3 Total Vanguard FTSE Canada All Cap Index ETF Equities 329,690,626 — — 329,690,626 Unrealized (depreciation) of foreign currency contracts — (4) — (4) Total 329,690,626 (4) — 329,690,622

Vanguard FTSE Canada Index ETF Equities 344,072,687 — — 344,072,687 Total 344,072,687 — — 344,072,687

Vanguard FTSE Canadian Capped REIT Index ETF Equities 87,761,729 — — 87,761,729 Total 87,761,729 — — 87,761,729

Vanguard FTSE Canadian High Dividend Yield Index ETF Equities 170,334,725 — — 170,334,725 Total 170,334,725 — — 170,334,725

Vanguard FTSE Developed All Cap ex North America Index ETF Equities 15,250,545 — — 15,250,545 Unrealized appreciation of foreign currency contracts — 4,220 — 4,220 Unrealized (depreciation) of foreign currency contracts — (1,795) — (1,795) Total 15,250,545 2,425 — 15,252,970

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) Exchange-traded funds 2,380,615 — — 2,380,615 Unrealized appreciation of foreign currency contracts — 63 — 63 Unrealized (depreciation) of foreign currency contracts — (121,491) — (121,491) Total 2,380,615 (121,428) — 2,259,187

Vanguard FTSE Developed All Cap ex U.S. Index ETF Exchange-traded funds 294,770,191 — — 294,770,191 Total 294,770,191 — — 294,770,191

Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) Exchange-traded funds 397,251,892 — — 397,251,892 Unrealized appreciation of foreign currency contracts — 112,775 — 112,775 Unrealized (depreciation) of foreign currency contracts — (22,494,473) — (22,494,473) Total 397,251,892 (23,381,698) — 374,870,194

Vanguard FTSE Developed Asia Pacific All Cap Index ETF Exchange-traded funds 28,252,508 — — 28,252,508 Total 28,252,508 — — 28,252,508

Vanguard FTSE Developed Europe All Cap Index ETF Exchange-traded funds 152,841,098 — — 152,841,098 Total 152,841,098 — — 152,841,098

Vanguard FTSE Emerging Markets All Cap Index ETF Exchange-traded funds 266,534,629 — — 266,534,629 Total 266,534,629 — — 266,534,629

Vanguard FTSE Global All Cap ex Canada Index ETF Exchange-traded funds 319,974,395 — — 319,974,395 Unrealized (depreciation) of foreign currency contracts — (342) — (342) Total 319,974,395 (342) — 319,974,053

230 Assets at Fair Value as at December 31, 2015 ($) Level 1 Level 2 Level 3 Total Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 45,755,431 — — 45,755,431 Unrealized appreciation of foreign currency contracts — 238,086 — 238,086 Unrealized (depreciation) of foreign currency contracts — (1,987,630) — (1,987,630) Total 45,755,431 (1,749,544) — 44,005,887

Vanguard S&P 500 Index ETF Exchange-traded funds 770,820,216 — — 770,820,216 Total 770,820,216 — — 770,820,216

Vanguard S&P 500 Index ETF (CAD-hedged) Exchange-traded funds 213,192,314 — — 213,192,314 Unrealized appreciation of foreign currency contracts — 47,371 — 47,371 Unrealized (depreciation) of foreign currency contracts — (8,917,169) — (8,917,169) Total 213,192,314 (8,869,798) — 204,322,516

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) Exchange-traded funds 31,881,370 — — 31,881,370 Unrealized appreciation of foreign currency contracts — 263,902 — 263,902 Unrealized (depreciation) of foreign currency contracts — (878,279) — (878,279) Total 31,881,370 (614,377) — 31,266,993

Vanguard U.S. Dividend Appreciation Index ETF Exchange-traded funds 205,050,439 — — 205,050,439 Total 205,050,439 — — 205,050,439

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) Exchange-traded funds 54,660,951 — — 54,660,951 Unrealized appreciation of foreign currency contracts — 1,009 — 1,009 Unrealized (depreciation) of foreign currency contracts — (2,387,414) — (2,387,414) Total 54,660,951 (2,386,405) — 52,274,546

Vanguard U.S. Total Market Index ETF Exchange-traded funds 632,496,460 — — 632,496,460 Total 632,496,460 — — 632,496,460

Vanguard U.S. Total Market Index ETF (CAD-hedged) Exchange-traded funds 305,358,880 — — 305,358,880 Unrealized appreciation of foreign currency contracts — 6,183 — 6,183 Unrealized (depreciation) of foreign currency contracts — (13,546,511) — (13,546,511) Total 305,358,880 (13,540,328) — 291,818,552

(b) Fair value hierarchy for financial instruments not measured at fair value The Funds’ financial instruments not measured at fair value on the Statement of Financial Position are “Cash,” “Amounts receivable for redeemable units issued,” “Amounts receivable for investments sold,” “Amounts payable for redeemable units redeemed,” “Amounts payable for investments purchased,” “Accounts payable and accrued expenses” and “Distributions payable.” The carrying amounts of these financial instruments approximate their fair values because of their short-term nature. (c) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported on the Statement of Financial Position when the Funds have a legally enforceable right to offset and the Funds either intend to settle on a net basis or realize the asset or settle the liability simultaneously. The following tables present the recognized financial instruments that are offset, or subject to enforceable master netting agreements or other similar agreements but that are not offset as at December 31, 2016, and December 31, 2015, where applicable. The “Net” column shows what the impact on the Fund’s Statement of Financial Position would be if all off-set rights were exercised.

231 Vanguard FTSE Canada All Cap Index ETF As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized (depreciation) of foreign currency contracts — — — — — —

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized (depreciation) of foreign currency contracts (4) — (4) — — (4)

Vanguard FTSE Developed All Cap ex North America Index ETF As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 6,484 — 6,484 (36) — 6,448 Unrealized (depreciation) of foreign currency contracts (1,030) — (1,030) 36 — (994)

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 4,220 — 4,220 — — 4,220 Unrealized (depreciation) of foreign currency contracts (1,795) — (1,795) — — (1,795)

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 695,428 — 695,428 (73,340) — 622,088 Unrealized (depreciation) of foreign currency contracts (76,900) — (76,900) 73,340 — (3,560)

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 63 — 63 (63) — — Unrealized (depreciation) of foreign currency contracts (121,491) — (121,491) 63 — 121,428

Vanguard FTSE Developed All Cap ex U.S. Index ETF As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 1,109 — 1,109 — — 1,109

Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 6,185,862 — 6,185,862 (321,856) — 5,864,006 Unrealized (depreciation) of foreign currency contracts (322,408) — (322,408) 321,856 — (552)

232 As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 112,775 — 112,775 (107,470) — 5,305 Unrealized (depreciation) of foreign currency contracts (22,494,473) — (22,494,473) 107,470 — (22,387,003)

Vanguard FTSE Developed Asia Pacific All Cap Index ETF As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 2,796 — 2,796 (1,070) — 1,726 Unrealized (depreciation) of foreign currency contracts (1,119) — (1,119) 1,070 — (49)

Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 49,981 — 49,981 (39,634) — 10,347 Unrealized (depreciation) of foreign currency contracts (42,965) — (42,965) 39,634 — (3,331)

Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 26,494 — 26,494 (1,128) — 25,366 Unrealized (depreciation) of foreign currency contracts (1,551) — (1,551) 1,128 — (423)

Vanguard FTSE Global All Cap ex Canada Index ETF As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 773 — 773 — — 773

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized (depreciation) of foreign currency contracts (342) — (342) — — (342)

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 231,389 — 231,389 (132,867) — 98,522 Unrealized (depreciation) of foreign currency contracts (134,103) — (134,103) 132,867 — (1,236)

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 238,086 — 238,086 (238,086) — — Unrealized (depreciation) of foreign currency contracts (1,987,630) — (1,987,630) 238,086 — (1,749,544)

233 Vanguard S&P 500 Index ETF As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 2,873 — 2,873 — — 2,873

Vanguard S&P 500 Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 957,986 — 957,986 (268,320) — 689,666 Unrealized (depreciation) of foreign currency contracts (347,728) — (347,728) 268,320 — (79,408)

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 47,371 — 47,371 (47,212) — 159 Unrealized (depreciation) of foreign currency contracts (8,917,169) — (8,917,169) 47,212 — (8,869,957)

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 231,878 — 231,878 (205,306) — 26,572 Unrealized (depreciation) of foreign currency contracts (236,103) — (236,103) 205,306 — (30,797)

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 263,902 — 263,902 (263,902) — — Unrealized (depreciation) of foreign currency contracts (878,279) — (878,279) 263,902 — (614,377)

Vanguard U.S. Dividend Appreciation Index ETF As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 865 — 865 — — 865

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 307,215 — 307,215 (113,606) — 193,609 Unrealized (depreciation) of foreign currency contracts (113,815) — (113,815) 113,606 — (209)

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 1,009 — 1,009 (972) — 37 Unrealized (depreciation) of foreign currency contracts (2,387,414) — (2,387,414) 972 — (2,386,442)

234 Vanguard U.S. Total Market Index ETF (CAD-hedged) As at December 31, 2016 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 904,233 — 904,233 (91,619) — 812,614 Unrealized (depreciation) of foreign currency contracts (111,951) — (111,951) 91,619 — (20,332)

As at December 31, 2015 Amounts Offset Amounts Not Offset Gross Asset/ Gross Asset/ Net Amounts Financial Cash Collateral Financial assets and liabilities Liabilities Liabilities Offset Presented Instruments Received Net Unrealized appreciation of foreign currency contracts 6,183 — 6,183 (6,183) — — Unrealized (depreciation) of foreign currency contracts (13,546,511) — (13,546,511) 6,183 — (13,540,328)

(d) Investments in underlying Funds Information about the Funds’ interests in unconsolidated structured entities is included in the following tables. The fair values of the 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 As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Europe ETF 0.2 United States 0.0 247,259 14,455,168,127 Vanguard FTSE Pacific ETF 0.1 United States 0.0 179,890 4,230,307,776

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed All Cap ex North America Index ETF 99.5 Canada 29.4 44,568,581 151,796,893

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed All Cap ex North America Index ETF 98.7 Canada 15.5 2,380,615 15,311,217

Vanguard FTSE Developed All Cap ex U.S. Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 99.9 United States 0.5 276,125,941 54,032,038,486

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 100.0 United States 0.7 294,770,191 40,525,357,001

235 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 99.9 United States 0.8 429,327,353 53,967,649,958

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Markets ETF 100.0 United States 1.0 397,251,892 40,525,357,001

Vanguard FTSE Developed Asia Pacific All Cap Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Pacific ETF 0.1 United States 0.0 51,753 4,230,307,776

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Pacific ETF 99.8 United States 0.7 28,252,508 4,238,830,930

Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Developed Asia Pacific All Cap Index ETF 98.5 Canada 10.1 3,933,012 38,996,382

Vanguard FTSE Developed Europe All Cap Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Europe ETF 0.1 United States 0.0 128,130 14,455,168,127

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Europe ETF 99.9 United States 0.7 152,841,098 20,654,503,688

Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) As at December 31, 2016 Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Developed Europe All Cap Index ETF 100.1 Canada 1.2 1,312,583 108,198,640

236 Vanguard FTSE Emerging Markets All Cap Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Emerging Markets ETF 99.9 United States 0.6 376,295,099 59,006,020,758

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard FTSE Emerging Markets ETF 100.0 United States 0.6 266,534,629 47,670,713,057

Vanguard FTSE Global All Cap ex Canada Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Small-Cap ETF 7.4 United States 0.2 37,439,304 21,687,727,426 Vanguard Large-Cap ETF 48.5 United States 2.2 246,658,407 11,369,994,025 Vanguard FTSE Europe ETF 20.6 United States 0.7 104,819,015 14,472,414,515 Vanguard FTSE Pacific ETF 14.1 United States 1.7 71,366,899 4,235,354,935 Vanguard FTSE Emerging Markets ETF 9.3 United States 0.1 47,190,717 59,006,020,758

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Large-Cap ETF 54.3 United States 1.9 173,838,712 8,951,635,257 Vanguard FTSE Europe ETF 22.1 United States 0.3 70,571,606 20,654,503,688 Vanguard FTSE Pacific ETF 14.4 United States 1.1 46,098,735 4,238,830,930 Vanguard FTSE Emerging Markets ETF 9.2 United States 0.1 29,465,342 47,670,713,057

Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total International Bond ETF 100.1 United States 1.2 98,801,951 8,166,655,012

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total International Bond ETF 99.6 United States 0.8 45,755,431 6,004,913,585

Vanguard S&P 500 Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 99.9 United States 1.3 970,136,923 76,058,903,860

237 As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 100.0 United States 1.4 770,820,216 55,956,671,917

Vanguard S&P 500 Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 99.8 United States 0.5 399,332,613 75,968,266,509 As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard S&P 500 ETF 99.9 United States 0.4 213,192,314 55,956,671,917

Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Bond Market ETF 99.9 United States 0.2 100,180,065 42,219,789,458

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Bond Market ETF 99.6 United States 0.1 31,881,370 37,746,046,891

Vanguard U.S. Dividend Appreciation Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 99.9 United States 0.9 264,176,279 30,059,615,144

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 99.9 United States 0.8 205,050,439 26,601,383,308

Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 99.7 United States 0.4 134,542,560 30,023,793,908

238 As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Dividend Appreciation ETF 99.9 United States 0.2 54,660,951 26,601,383,308

Vanguard U.S. Total Market Index ETF As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 99.8 United States 0.8 760,721,216 93,835,829,138

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 100.0 United States 0.8 632,496,460 79,471,265,206

Vanguard U.S. Total Market Index ETF (CAD-hedged) As at December 31, 2016 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 99.8 United States 0.4 390,338,168 93,724,007,502

As at December 31, 2015 Country of Fair Value Establishment and % of of Fund’s % of Principal Place Ownership in Investment in NAV of Net Assets of Business Underlying Fund Underlying Fund Underlying Fund Vanguard Total Stock Market ETF 99.9 United States 0.4 305,358,880 79,471,265,206

6. Income tax The Funds qualify as mutual fund trusts under the Income Tax Act (Canada) (the “Tax Act”) and, accordingly, are not subject to income tax on the portion of their net income, including net realized capital gains, which is paid or payable to unitholders. Such distributed income is taxable in the hands of the unitholders. The taxation year-end for the Funds is December 15, 2016. Temporary differences between the carrying value of assets and liabilities for accounting and income tax purposes give rise to future income tax assets and liabilities. The most significant temporary difference is between the reported fair value of the Funds’ investment portfolio and their adjusted cost base for income tax purposes. Since the Funds’ distribution policy is to distribute all net realized capital gains, future tax liabilities with respect to unrealized capital gains and future tax assets with respect to unrealized capital losses are not realized by the Funds and are therefore not recorded by the Funds. As at December 15, 2016, tax year-end, the Funds had the following capital and non-capital losses. Capital losses realized by the Funds may be carried forward indefinitely to reduce future realized capital gains. Non-capital losses may be carried forward to reduce future taxable income or realized capital gains.

Fund Gross Non-Capital Losses ($) Gross Capital Losses ($) Vanguard Canadian Short-Term Bond Index ETF — 5,814,969 Vanguard Canadian Short-Term Corporate Bond Index ETF — 5,055,830 Vanguard FTSE Canada Index ETF — 3,970,207 Vanguard FTSE Canadian High Dividend Yield Index ETF — 6,076,201 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) — 8,145,637 Vanguard FTSE Developed Asia Pacific All Cap Index ETF — 280,727

239 Fund Gross Non-Capital Losses ($) Gross Capital Losses ($) Vanguard FTSE Developed Europe All Cap Index ETF — 11,958,982 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) — 3,308,185 Vanguard S&P 500 Index ETF (CAD-hedged) — 10,593,666 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) — 1,842,949 Vanguard U.S. Dividend Appreciation Index ETF — 53 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) — 5,761,649 Vanguard U.S. Total Market Index ETF (CAD-hedged) — 9450,556

Other funds have neither non-capital losses nor net capital losses to carry forward. The Funds currently incur withholding taxes imposed by certain countries on investment income. Such income is recorded on a gross basis and the related withholding taxes are shown as a separate expense in the Statement of Comprehensive Income. 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.

7. Redeemable units The capital of the Funds is represented by the net assets attributable to holders of the redeemable units with no par value. The unitholders are entitled to distributions, if any, and to the payment of distributions in the form of cash or units of the Funds based on the equivalent number of units equal to the distribution amount divided by the Funds’ NAVPU upon distribution. Capital gains distributions are automatically reinvested in additional units of the Fund, which are immediately consolidated so that the NAV per unit 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 period ended December 31, 2016 Units Units Outstanding Outstanding Fund Beginning of Period Issued Redeemed End of Period Vanguard Canadian Aggregate Bond Index ETF 20,300,000 24,500,000 (500,000) 44,300,000 Vanguard Canadian Short-Term Bond Index ETF 26,800,000 24,700,000 (19,000,000) 32,500,000 Vanguard Canadian Short-Term Corporate Bond Index ETF 28,600,000 12,400,000 — 41,000,000 Vanguard FTSE Canada All Cap Index ETF 12,675,000 9,075,000 (225,000) 21,525,000 Vanguard FTSE Canada Index ETF 12,500,000 2,300,000 (300,000) 14,500,000 Vanguard FTSE Canadian Capped REIT Index ETF 3,350,000 1,250,000 (450,000) 4,150,000 Vanguard FTSE Canadian High Dividend Yield Index ETF 6,300,000 4,650,000 (50,000) 10,900,000 Vanguard FTSE Developed All Cap ex North America Index ETF 600,000 5,600,000 — 6,200,000 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 100,000 1,825,000 (150,000) 1,775,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF 9,235,000 930,000 (1,200,000) 8,965,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 11,325,000 2,275,000 (1,775,000) 11,825,000 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 960,000 650,000 (290,000) 1,320,000 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) — 300,000 (150,000) 150,000 Vanguard FTSE Developed Europe All Cap Index ETF 5,670,000 460,000 (1,860,000) 4,270,000 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) — 75,000 (25,000) 50,000 Vanguard FTSE Emerging Markets All Cap Index ETF 9,790,000 3,610,000 (370,000) 13,030,000 Vanguard FTSE Global All Cap ex Canada Index ETF 10,530,000 6,430,000 (680,000) 16,280,000 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 1,770,000 2,990,000 (1,050,000) 3,710,000 Vanguard S&P 500 Index ETF 15,380,000 4,870,000 (2,070,000) 18,180,000 Vanguard S&P 500 Index ETF (CAD-hedged) 5,880,000 7,390,000 (3,180,000) 10,090,000 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 1,290,000 3,660,000 (910,000) 4,040,000 Vanguard U.S. Dividend Appreciation Index ETF 5,590,000 1,640,000 (450,000) 6,780,000 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 1,979,000 2,740,000 (240,000) 4,479,000 Vanguard U.S. Total Market Index ETF 16,112,000 2,990,000 (1,010,000) 18,092,000 Vanguard U.S. Total Market Index ETF (CAD-hedged) 7,508,000 3,010,000 (1,780,000) 8,738,000

240 For the period ended December 31, 2015 Units Units Outstanding Outstanding Fund Beginning of Period Issued Redeemed End of Period Vanguard Canadian Aggregate Bond Index ETF 7,600,000 12,900,000 (200,000) 20,300,000 Vanguard Canadian Short-Term Bond Index ETF 14,700,000 12,100,000 — 26,800,000 Vanguard Canadian Short-Term Corporate Bond Index ETF 19,100,000 10,400,000 (900,000) 28,600,000 Vanguard FTSE Canada All Cap Index ETF 5,475,000 7,200,000 — 12,675,000 Vanguard FTSE Canada Index ETF 9,850,000 2,800,000 (150,000) 12,500,000 Vanguard FTSE Canadian Capped REIT Index ETF 2,250,000 1,200,000 (100,000) 3,350,000 Vanguard FTSE Canadian High Dividend Yield Index ETF 4,600,000 1,750,000 (50,000) 6,300,000 Vanguard FTSE Developed All Cap ex North America Index ETF — 600,004 (4) 600,000 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) — 100,004 (4) 100,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF 5,985,000 4,420,000 (1,170,000) 9,235,000 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 6,350,000 4,975,000 — 11,325,000 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 250,000 860,000 (150,000) 960,000 Vanguard FTSE Developed Europe All Cap Index ETF 510,000 5,370,000 (210,000) 5,670,000 Vanguard FTSE Emerging Markets All Cap Index ETF 7,930,000 8,090,000 (6,230,000) 9,790,000 Vanguard FTSE Global All Cap ex Canada Index ETF 1,250,000 9,360,000 (80,000) 10,530,000 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 370,000 1,670,000 (270,000) 1,770,000 Vanguard S&P 500 Index ETF 11,460,000 5,700,000 (1,780,000) 15,380,000 Vanguard S&P 500 Index ETF (CAD-hedged) 2,370,000 4,260,000 (750,000) 5,880,000 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 160,000 1,420,000 (290,000) 1,290,000 Vanguard U.S. Dividend Appreciation Index ETF 3,050,000 2,860,000 (320,000) 5,590,000 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 1,219,000 1,080,000 (320,000) 1,979,000 Vanguard U.S. Total Market Index ETF 9,322,000 7,390,000 (600,000) 16,112,000 Vanguard U.S. Total Market Index ETF (CAD-hedged) 6,788,000 2,430,000 (1,710,000) 7,508,000

8. Related party transactions (a) Management fees Each Fund pays a management fee, plus applicable taxes, to the Manager based on the annual rate set forth in the table below applied to the NAV. The Manager may, in its discretion, agree to charge the Fund a reduced management fee as compared with the management fee that it otherwise would be entitled to receive, provided that the amount of the reduced management fee is distributed periodically by the Fund to the Unitholder as a management fee distribution. Any reduction will depend on a number of factors, including the amount invested, the NAV of the Fund and the expected amount of account activity. Any tax consequences of a management fee distribution will generally be borne by the Unitholder who receives the distribution. 2016 Annual 2015 Annual Fund Management Fee Management Fee Vanguard Canadian Aggregate Bond Index ETF 0.12% of NAV 0.12% of NAV Vanguard Canadian Short-Term Bond Index ETF 0.10% of NAV 0.10% of NAV Vanguard Canadian Short-Term Corporate Bond Index ETF 0.10% of NAV 0.10% of NAV Vanguard FTSE Canada All Cap Index ETF 0.05% of NAV 0.05% of NAV Vanguard FTSE Canada Index ETF 0.05% of NAV 0.05% of NAV Vanguard FTSE Canadian Capped REIT Index ETF 0.35% of NAV 0.35% of NAV Vanguard FTSE Canadian High Dividend Yield Index ETF 0.20% of NAV 0.20% of NAV Vanguard FTSE Developed All Cap ex North America Index ETF 0.20% of NAV 0.20% of NAV Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 0.20% of NAV1 0.20% of NAV1 Vanguard FTSE Developed All Cap ex U.S. Index ETF 0.20% of NAV2 0.20% of NAV2 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 0.20% of NAV2 0.20% of NAV2 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 0.20% of NAV 0.20% of NAV2 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) 0.20% of NAV3 — Vanguard FTSE Developed Europe All Cap Index ETF 0.20% of NAV 0.20% of NAV2

241 2016 Annual 2015 Annual Fund Management Fee Management Fee Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) 0.20% of NAV4 — Vanguard FTSE Emerging Markets All Cap Index ETF 0.23% of NAV2 0.23% of NAV2 Vanguard FTSE Global All Cap ex Canada Index ETF 0.25% of NAV2 0.25% of NAV2 Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 0.35% of NAV2 0.35% of NAV2 Vanguard S&P 500 Index ETF 0.08% of NAV2 0.08% of NAV2 Vanguard S&P 500 Index ETF (CAD-hedged) 0.08% of NAV2 0.08% of NAV2 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 0.20% of NAV2 0.20% of NAV2 Vanguard U.S. Dividend Appreciation Index ETF 0.28% of NAV2 0.28% of NAV2 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 0.28% of NAV2 0.28% of NAV2 Vanguard U.S. Total Market Index ETF 0.15% of NAV2 0.15% of NAV2 Vanguard U.S. Total Market Index ETF (CAD-hedged) 0.15% of NAV2 0.15% of NAV2 1 This Vanguard ETF invests primarily in Vanguard FTSE Developed All Cap ex North America Index ETF. There is no duplication of management fees. 2 This Vanguard ETF invests primarily in a U.S.-domiciled Vanguard Fund. To ensure that there is no duplication of management fees chargeable in connection with the Vanguard ETF and its investment in the Vanguard Fund, the management fee payable by the Vanguard ETF 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. 3 This Vanguard ETF invests primarily in Vanguard FTSE Developed Asia Pacific All Cap Index ETF. There is no duplication of management fees. 4 This Vanguard ETF invests primarily in Vanguard FTSE Developed Europe All Cap Index ETF. There is no duplication of management fees.

The only expenses payable by each Fund are the applicable management fees, fees and expenses relating to the implementation and on-going operation of the Independent Review Committee (“IRC”), brokerage expenses and commissions, 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. The Manager may decide, in its discretion, to pay for some of these operating expenses otherwise payable by a Fund, rather than having the Fund incur such operating expenses. The Manager has agreed to reimburse the Funds for the ongoing operating expenses of the IRC; however, the Manager, may, in its discretion, 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 Developed Asia Pacific All Cap Index ETF, Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged), Vanguard FTSE Developed Europe All Cap Index ETF, Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged), 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), that 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 In accordance with the IRC’s approval and standing instruction, in making a decision to cause the Fund to make an inter-fund trade, the Manager and the Sub-Advisor are required to comply with the Manager’s written policies and procedures governing inter-fund trades (the “Policies”) and provide a written report to the IRC on an annual basis describing the Manager’s compliance with the Policies, the Sub-Advisor’s compliance with the Policies, the Sub-Advisor’s rationale for conducting the inter-fund trades, and such further information as the IRC may reasonably request. The Policies are designed to ensure, among other things, that the inter-fund trades are made free from any influence of the Manager or Sub-Advisor and without taking into account any considerations relevant to the Manager or Sub-Advisor, represent the business judgment of the Manager or Sub-Advisor or both, uninfluenced by considerations other than the best interests of the Fund, and achieve a fair and reasonable result for the Fund.

242 The tables below indicate the funds with inter-fund trades: For the year ended December 31, 2016

Selling Fund Purchasing Fund Proceeds of Sale Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 1,996,745 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Aggregate Bond Index ETF 210,746 Vanguard Canadian Short-Term Bond Index Vanguard Canadian Short-Term Corporate Bond Index ETF 2,983,110 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 1,145,636

For the year ended December 31, 2015

Selling Fund Purchasing Fund Proceeds of Sale Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF 548,589 Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 303,060 Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF 1,664,706

(d) Sub-Advisor The Manager has retained The Vanguard Group, Inc., to act as Sub-Advisor to the Funds. A portion of the management fee paid by the Funds is remitted to the Sub-Advisor as compensation for these services.

243 This page intentionally left blank. The Vanguard ETFs are not sponsored, endorsed, issued, sold or promoted by Barclays Risk Analytics and Index Solutions Limited or any of its affiliates (“Barclays”). Barclays makes no representation or warranty, express or implied, to the owners or purchasers of 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 Barclays Index to track general bond market performance. Barclays has not passed on the legality or suitability of the Vanguard ETFs with respect to any person or entity. Barclays’ only relationship to Vanguard and the Vanguard ETFs is the licensing of the Barclays Index which is determined, composed and calculated by Barclays without regard to Vanguard or the Vanguard ETFs or any owners or purchasers of the Vanguard ETFs. Barclays has no obligation to take the needs of Vanguard, the Vanguard ETFs or the owners of the Vanguard ETFs into consideration in determining, composing or calculating the Barclays Index. Barclays is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Vanguard ETFs to be issued. Barclays has no obligation or liability in connection with the administration, marketing or trading of the Vanguard ETFs.

BARCLAYS SHALL HAVE NO LIABILITY TO THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE VANGUARD ETFS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDICES, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDICES. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY INDIRECT OR CONSEQUENTIAL DAMAGES RESULTING FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.

©2017 Barclays. Used with Permission.

Source: Barclays Global Family of Indices. Copyright 2017, Barclays. All rights reserved. Vanguard Investments Canada Inc. 22 Adelaide Street West Suite 2500 Toronto, ON M5H 4E3

This report may contain forward-looking London Stock Exchange Group companies include FTSE International statements relating to anticipated future Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next events, results, circumstances, performance Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, or expectations that are not historical facts but “FTSE TMX®” and “FTSE Russell” and other service marks and instead represent certain beliefs regarding future trademarks related to the FTSE or Russell indexes are trademarks events. By their nature, forward-looking statements of the London Stock Exchange Group companies and are used by involve assumptions and are subject to inherent FTSE, MTS, FTSE TMX and Russell under licence. All information is risks and uncertainties. There is significant risk that provided for information purposes only. No responsibility or liability predictions and other forward-looking statements can be accepted by the London Stock Exchange Group companies will not prove to be accurate. Readers of this nor its licensors for any errors or for any loss from use of this document are cautioned not to place undue reliance publication. Neither the London Stock Exchange Group companies nor any of its licensors make any claim, prediction, warranty or on any forward-looking statements contained in representation whatsoever, expressly or impliedly, either as to this report as a number of factors could cause the results to be obtained from the use of the FTSE Indexes or actual future results, conditions, actions or events the fitness or suitability of the Indexes for any particular purpose to differ materially from the targets, expectations, to which they might be put. estimates or intentions expressed or implied in the The S&P 500 Index and S&P 500 Index (CAD-Hedged) are products forward-looking statements. Actual results may of S&P Dow Jones Indices LLC (“SPDJI”), and have been licensed differ materially from management expectations for use by Vanguard. Standard & Poor’s® and S&P® are registered as projected in such forward-looking statements trademarks of Standard & Poor’s Financial Services LLC (“S&P”); for a variety of reasons, including but not limited to Dow Jones® is a registered trademark of Dow Jones Trademark market and general economic conditions, interest Holdings LLC (“Dow Jones”); S&P® and S&P 500® are trademarks rates, regulatory and statutory developments, of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard’s the effects of competition in the geographic and products are not sponsored, endorsed, sold or promoted by SPDJI, business areas in which the ETF may invest and Dow Jones, S&P, or their respective affiliates and none of such the risks detailed from time to time in the ETF’s parties make any representation regarding the advisability of prospectus. We caution that the foregoing list of investing in such products nor do they have any liability for any factors is not exhaustive and that when relying on errors, omissions, or interruptions of the S&P 500 Index or forward-looking statements to make decisions with S&P 500 Index (CAD-Hedged). 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 state- ments. 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.

© 2017 Vanguard Investments Canada Inc. All rights reserved.

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