Vanguard ETFs. Annual Financial Statements December 31, Contents

Annual Financial Statements December 31, 2017 Vanguard ETFs Contents Independent Auditor s Report 1 Vanguard Canadian Aggregate Bond Index ETF 2 Vanguard Canadian Corporate Bond Index ETF 18 Vanguard Canadian Government Bond Index ETF 28 Vanguard Canadian Long-Term Bond Index ETF 34 Vanguard Canadian Short-Term Bond Index ETF 40 Vanguard Canadian Short-Term Corporate Bond Index ETF 49 Vanguard Canadian Short-Term Government Bond Index ETF 56 Vanguard FTSE Canada All Cap Index ETF 61 Vanguard FTSE Canada Index ETF 68 Vanguard FTSE Canadian Capped REIT Index ETF 72 Vanguard FTSE Canadian High Dividend Yield Index ETF 75 Vanguard FTSE Developed All Cap ex North America Index ETF 79 Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) 137 Vanguard FTSE Developed All Cap ex U.S. Index ETF 143 Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) 147 Vanguard FTSE Developed Asia Pacific All Cap Index ETF 153 Vanguard FTSE Developed Asia Pacific All Cap Index ETF (CAD-hedged) 192 Vanguard FTSE Developed Europe All Cap Index ETF 197 Vanguard FTSE Developed Europe All Cap Index ETF (CAD-hedged) 221 Vanguard FTSE Emerging Markets All Cap Index ETF 226 Vanguard FTSE Global All Cap ex Canada Index ETF 230 Vanguard Global ex-u.s. Aggregate Bond Index ETF (CAD-hedged) 233 Vanguard S&P 500 Index ETF 237 Vanguard S&P 500 Index ETF (CAD-hedged) 240 Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) 244 Vanguard U.S. Dividend Appreciation Index ETF 248 Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) 251 Vanguard U.S. Total Market Index ETF 255 Vanguard U.S. Total Market Index ETF (CAD-hedged) 258 Notes to the Financial Statements 262

Independent Auditor s Report To the Unitholders and Trustee of Vanguard Canadian Aggregate Bond Index ETF Vanguard Canadian Corporate Bond Index ETF Vanguard Canadian Government Bond Index ETF Vanguard Canadian Long-Term Bond Index ETF Vanguard Canadian Short-Term Bond Index ETF Vanguard Canadian Short-Term Corporate Bond Index ETF Vanguard Canadian Short-Term Government 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 North America Index ETF 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 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 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 Vanguard U.S. Total Market Index ETF (CAD-hedged) (Collectively, the Funds) We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position as at December 31, 2017 and December, 31, 2016, as applicable, and the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for the periods indicated in Note 1, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for 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. Auditor s responsibility Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position, financial performance and cash flows of each of the Funds as at and for the periods indicated in Note 1, in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants Toronto, Ontario March 16, 2018 1

Vanguard Canadian Aggregate Bond Index ETF Statement of Financial Position As at December 31, 2017 and 2016 2017 2016 Assets Current assets Investments $1,312,016,829 $1,117,314,231 Cash and cash equivalents 7,167,230 2,579,286 Amounts receivable for investments sold 28,331,329 17,308,978 Interest receivable 6,562,619 5,580,327 Total assets 1,354,078,007 1,142,782,822 Liabilities Current liabilities Amounts payable for investments purchased 29,338,184 17,387,109 Distributions payable 3,325,268 2,218,175 Accounts payable and accrued expenses 68,828 55,421 Total liabilities excluding net assets attributable to holders of redeemable units 32,732,280 19,660,705 Total net assets attributable to holders of redeemable units $1,321,345,727 $1,123,122,117 Number of redeemable units outstanding (Note 7) 52,400,000 44,300,000 Net assets attributable to holders of redeemable units per unit $25.22 $25.35 Statement of Comprehensive Income For the years ended December 31, 2017 and 2016 2017 2016 Income Net gain (loss) on investments Interest for distribution purposes $36,848,351 $25,200,750 Net realized gain (loss) on sale of investments (8,439,485) (193,275) Change in unrealized appreciation (depreciation) of investments (578,367) (25,306,770) Net gain (loss) on investments 27,830,499 (299,295) Net gain (loss) on derivatives Net realized gain (loss) on foreign currency contracts (3) Net gain (loss) on derivatives (3) Miscellaneous Income 18,187 Net realized gain (loss) on foreign currency transactions 1 Total income (net) 27,830,497 (281,108) Expenses (Note 8) Management fees 1,685,532 1,147,676 Overdraft expenses 645 Independent Review Committee fees 3,110 4,085 Foreign withholding taxes 242 Total expenses 1,689,529 1,151,761 Expenses absorbed by manager (3,110) (4,085) Net expenses 1,686,419 1,147,676 Increase (decrease) in net assets attributable to holders of redeemable units $26,144,078 $(1,428,784) Weighted average number of redeemable units 49,585,205 33,062,568 Increase (decrease) in net assets attributable to holders of redeemable units per unit $0.53 $(0.04) 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, 2017 and 2016 2017 2016 Net assets attributable to holders of redeemable units, beginning of year $1,123,122,117 $521,755,493 Increase (decrease) in net assets attributable to holders of redeemable units $26,144,078 $(1,428,784) Distributions to holders of redeemable units Net investment income (34,875,993) (23,404,555) Net realized gains (388,109) Return of capital (Note 3) (38,075) (30,047) (34,914,068) (23,822,711) Redeemable unit transactions Proceeds from sale of redeemable units 269,947,430 638,961,740 Reinvestment of distributions to holders of redeemable units 388,109 Payment for redeemable units redeemed (62,953,830) (12,731,730) 206,993,600 626,618,119 Net assets attributable to holders of redeemable units, end of year $1,321,345,727 $1,123,122,117 Statement of Cash Flows For the years ended December 31, 2017 and 2016 2017 2016 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $26,144,078 $(1,428,784) Adjustments for: Net realized (gain) loss on sale of investments 8,439,485 193,275 Change in unrealized (appreciation) depreciation of investments 578,367 25,306,770 Purchase of investments 1 (413,743,600) (282,044,918) Proceeds from sale of investments 1 376,668,685 228,398,829 (28,057,063) (28,146,044) Change in non-cash working capital (968,885) (2,886,272) Net cash from (used in) operating activities (2,881,870) (32,461,100) Cash flows from (used in) financing activities Proceeds from sale of redeemable units 1 71,730,894 54,807,306 Distributions to holders of redeemable units, net of reinvested distributions (33,806,975) (22,260,828) Payment for redeemable units redeemed 1 (30,454,105) (279,946) Net cash from (used in) financing activities 7,469,814 32,266,532 Net increase (decrease) in cash during the year $4,587,944 $(194,568) Cash, beginning of year $2,579,286 $2,773,854 Cash, end of year $7,167,230 $2,579,286 Supplemental cash flow information relating to operating activities Interest received, net of withholding taxes $35,865,817 $22,289,757 1 Excludes in-kind transactions for the years ended December 31, 2017 and 2016. 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, 2017 Description Par Value Average Cost ($) Fair Value ($) % of Net Assets Fixed Income Investments Financial The Toronto-Dominion Bank 2.62% Dec 22/21 2,220,000 2,291,696 2,235,340 0.2 The Toronto-Dominion Bank 1.68% Jun 08/21 2,170,000 2,168,344 2,125,363 0.2 The Bank of Nova Scotia 1.90% Dec 02/21 2,140,000 2,136,264 2,092,642 0.2 Royal Bank of Canada 2.03% Mar 15/21 2,070,000 2,091,166 2,045,470 0.2 The Toronto-Dominion Bank 1.91% Jul 18/23 2,039,000 2,033,317 1,965,800 0.2 Canadian Imperial Bank of Commerce 1.66% Jan 20/20 1,945,000 1,942,280 1,925,317 0.1 HSBC Bank Canada 2.45% Jan 29/21 1,890,000 1,915,546 1,888,979 0.1 Royal Bank of Canada 1.97% Mar 02/22 1,817,000 1,802,099 1,779,225 0.1 Royal Bank of Canada 1.92% Jul 17/20 1,775,000 1,782,699 1,758,972 0.1 Royal Bank of Canada 2.99% Dec 06/24 1,685,000 1,737,888 1,705,928 0.1 Royal Bank of Canada 2.00% Mar 21/22 1,740,000 1,736,977 1,703,530 0.1 The Toronto-Dominion Bank 2.05% Mar 08/21 1,670,000 1,670,702 1,654,619 0.1 The Toronto-Dominion Bank 3.23% Jul 24/24 1,586,000 1,663,290 1,635,610 0.1 The Bank of Nova Scotia 3.27% Jan 11/21 1,583,000 1,677,507 1,623,509 0.1 Bank of Montreal 2.27% Jul 11/22 1,620,000 1,615,359 1,602,293 0.1 The Manufacturers Life Insurance Company 2.10% Jun 01/25 1,564,000 1,543,795 1,552,035 0.1 Bank of Montreal 3.40% Apr 23/21 1,468,000 1,565,671 1,513,024 0.1 The Bank of Nova Scotia 2.40% Oct 28/19 1,451,000 1,484,521 1,458,052 0.1 The Toronto-Dominion Bank 2.45% Apr 02/19 1,430,000 1,463,546 1,438,752 0.1 Canadian Imperial Bank of Commerce 2.47% Dec 05/22 1,440,000 1,439,870 1,431,576 0.1 The Bank of Nova Scotia 2.36% Nov 08/22 1,425,000 1,424,663 1,409,681 0.1 Royal Bank of Canada 1.58% Sep 13/21 1,405,000 1,402,540 1,361,909 0.1 The Toronto-Dominion Bank 3.22% Jul 25/29 1,350,000 1,349,835 1,346,220 0.1 The Bank of Nova Scotia 2.13% Jun 15/20 1,320,000 1,336,664 1,316,608 0.1 The Toronto-Dominion Bank 1.69% Apr 02/20 1,330,000 1,333,292 1,314,771 0.1 Federation des Caisses Desjardins du Quebec 2.09% Jan 17/22 1,330,000 1,329,552 1,308,866 0.1 Royal Bank of Canada 1.65% Jul 15/21 1,340,000 1,341,303 1,305,830 0.1 Bank of Montreal 1.61% Oct 28/21 1,347,000 1,338,555 1,305,661 0.1 Brookfield Asset Management Inc. 4.82% Jan 28/26 1,199,000 1,305,639 1,297,810 0.1 The Bank of Nova Scotia 2.87% Jun 04/21 1,279,000 1,331,715 1,297,584 0.1 Canadian Imperial Bank of Commerce 2.30% Jul 11/22 1,300,000 1,299,935 1,287,455 0.1 The Toronto-Dominion Bank 2.98% Sep 30/25 1,258,000 1,260,501 1,271,939 0.1 Royal Bank of Canada 2.86% Mar 04/21 1,248,000 1,310,298 1,265,871 0.1 Canadian Imperial Bank of Commerce 1.85% Jul 14/20 1,270,000 1,271,014 1,257,008 0.1 Wells Fargo & Company 2.51% Oct 27/23 1,290,000 1,290,465 1,256,473 0.1 The Bank of Nova Scotia 2.09% Sep 09/20 1,260,000 1,266,830 1,253,524 0.1 The Bank of Nova Scotia 3.37% Dec 08/25 1,220,000 1,250,034 1,244,193 0.1 Bank of Montreal 2.70% Sep 11/24 1,240,000 1,239,839 1,237,036 0.1 Bank of Montreal 2.43% Mar 04/19 1,210,000 1,237,180 1,215,881 0.1 Canadian Imperial Bank of Commerce 2.04% Mar 21/22 1,210,000 1,207,893 1,187,990 0.1 Bank of Montreal 3.34% Dec 08/25 1,160,000 1,188,655 1,181,472 0.1 Bank of Montreal 2.10% Oct 06/20 1,184,000 1,207,635 1,177,748 0.1 HSBC Bank Canada 2.94% Jan 14/20 1,124,000 1,153,826 1,139,298 0.1 Royal Bank of Canada 2.98% May 07/19 1,118,000 1,163,563 1,131,897 0.1 National Bank of Canada 2.40% Oct 28/19 1,125,000 1,150,031 1,130,535 0.1 Canadian Imperial Bank of Commerce 1.90% Apr 26/21 1,141,000 1,147,704 1,123,394 0.1 The Bank of Nova Scotia 2.62% Dec 02/26 1,140,000 1,129,215 1,118,408 0.1 Wells Fargo Canada Corporation 3.04% Jan 29/21 1,095,000 1,142,274 1,116,550 0.1 Bank of Montreal 4.61% Sep 10/25 993,000 1,153,326 1,114,752 0.1 Manulife Financial Capital Trust II 7.41% Dec 31/2108 1,021,000 1,170,921 1,111,614 0.1 Canadian Imperial Bank of Commerce 1.64% Jul 12/21 1,130,000 1,130,694 1,100,869 0.1 Royal Bank of Canada 2.35% Dec 09/19 1,058,000 1,077,343 1,061,872 0.1 The Bank of Nova Scotia 2.46% Mar 14/19 1,045,000 1,065,448 1,051,448 0.1 Royal Office Finance LP 5.21% Nov 12/37 873,350 1,060,603 1,042,317 0.1 Royal Bank of Canada 3.31% Jan 20/26 1,020,000 1,025,903 1,036,575 0.1 Morgan Stanley 3.13% Aug 05/21 1,015,000 1,042,548 1,030,793 0.1 Royal Bank of Canada 2.33% Dec 05/23 1,047,000 1,052,616 1,027,840 0.1 The Bank of Nova Scotia 2.58% Mar 30/27 1,021,000 996,952 1,005,507 0.1 4

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets The Toronto-Dominion Bank 2.69% Jun 24/25 1,000,000 1,005,350 1,002,230 0.1 Royal Bank of Canada 2.48% Jun 04/25 1,000,000 1,003,000 996,080 0.1 The Toronto-Dominion Bank 4.86% Mar 04/31 902,000 988,110 993,382 0.1 Royal Bank of Canada 2.36% Dec 05/22 1,000,000 999,910 989,560 0.1 National Bank of Canada 1.81% Jul 26/21 1,005,000 1,004,078 984,247 0.1 Caisse Centrale Desjardins 1.75% Mar 02/20 990,000 990,672 980,021 0.1 Laurentian Bank of Canada 2.50% Jan 23/20 970,000 976,328 967,517 0.1 HSBC Bank Canada 2.91% Sep 29/21 952,000 976,614 964,490 0.1 Bank of America Corporation 2.60% Mar 15/23 950,000 956,425 943,122 0.1 Bank of Montreal 1.88% Mar 31/21 949,000 956,909 934,366 0.1 The Bank of Nova Scotia 3.04% Oct 18/24 920,000 947,801 931,298 0.1 Fairfax Financial Holdings Limited 6.40% May 25/21 835,200 937,665 921,368 0.1 Royal Bank of Canada 4.93% Jul 16/25 775,000 911,324 885,189 0.1 Bank of Montreal 2.12% Mar 16/22 899,000 907,962 884,850 0.1 HSBC Bank Canada 2.49% May 13/19 872,000 881,101 876,238 0.1 First Capital Realty Inc. 4.79% Aug 30/24 802,000 882,663 863,305 0.1 Wells Fargo & Company 3.87% May 21/25 818,000 854,292 835,472 0.1 Wells Fargo Canada Corporation 2.94% Jul 25/19 812,000 839,752 822,012 0.1 Bank of Montreal 3.12% Sep 19/24 785,000 789,504 792,738 0.1 Capital Desjardins Inc. 5.19% May 05/20 740,000 823,860 786,087 0.1 National Bank of Canada 2.11% Mar 18/22 784,000 783,495 770,562 0.1 Bank of Montreal 3.32% Jun 01/26 754,000 760,145 766,720 0.1 Wells Fargo & Company 2.98% May 19/26 785,000 784,812 764,778 0.1 Intact Financial Corporation 4.70% Aug 18/21 708,400 786,590 759,348 0.1 Bank of Montreal 2.70% Dec 09/26 766,000 770,717 756,272 0.1 Royal Bank of Canada 1.40% Apr 26/19 750,000 749,760 745,305 0.1 Wells Fargo & Company 2.09% Apr 25/22 760,000 759,567 740,255 0.1 The Bank of Nova Scotia 1.83% Apr 27/22 760,000 752,891 738,469 0.1 The Bank of Nova Scotia 2.29% Jun 28/24 750,000 731,489 731,422 0.1 Great-West Lifeco Inc. 4.65% Aug 13/20 691,000 760,695 730,684 0.1 Bank of Montreal 2.84% Jun 04/20 715,000 738,949 724,724 0.1 Royal Bank of Canada 3.45% Sep 29/26 710,000 722,149 724,534 0.1 HSBC Bank Canada 1.82% Jul 07/20 725,000 721,348 715,821 0.1 Canadian Imperial Bank of Commerce 3.00% Oct 28/24 702,000 704,979 707,307 0.1 Wells Fargo Canada Corporation 3.46% Jan 24/23 675,000 711,492 699,671 0.1 The Toronto-Dominion Bank 2.56% Jun 24/20 690,000 709,130 695,030 0.1 Federation des Caisses Desjardins du Quebec 2.39% Aug 25/22 700,000 700,000 694,414 0.1 Scotiabank Capital Trust 5.65% Dec 31/56 565,000 659,477 690,164 0.1 Canadian Imperial Bank of Commerce 3.42% Jan 26/26 675,000 680,305 688,500 0.1 GE Capital Canada Funding Company 4.60% Jan 26/22 638,000 727,317 684,663 0.1 Brookfield Asset Management Inc. 3.95% Apr 09/19 644,000 674,470 657,659 0.1 HSBC Bank Canada 2.17% Jun 29/22 663,000 665,148 649,919 0.1 TD Capital Trust IV 6.63% Jun 30/2108 575,000 678,026 644,000 0.1 Citigroup Inc. 4.09% Jun 09/25 624,000 637,670 643,681 0.1 Royal Bank of Canada 3.04% Jul 17/24 636,000 636,609 641,476 0.0 Capital Desjardins Inc. 4.95% Dec 15/26 574,000 646,165 623,094 0.0 Caisse Centrale Desjardins 2.44% Jul 17/19 618,000 633,616 621,047 0.0 Bank of America Corporation 3.41% Sep 20/25 610,000 610,000 620,541 0.0 RioCan Real Estate Investment Trust 3.29% Feb 12/24 620,000 628,714 620,143 0.0 The Goldman Sachs Group, Inc. 3.31% Oct 31/25 615,000 615,000 614,231 0.0 Manulife Finance Delaware LP 5.06% Dec 15/41 542,000 582,662 611,766 0.0 Morgan Stanley 3.00% Feb 07/24 605,000 612,506 600,686 0.0 Bank of Montreal 2.57% Jun 01/27 600,000 592,656 589,362 0.0 Citigroup Inc. 3.39% Nov 18/21 535,000 556,693 548,733 0.0 Sun Life Financial Inc. 5.40% May 29/42 454,000 509,381 545,364 0.0 Plenary Properties LTAP LP 6.29% Jan 31/44 400,898 528,190 533,583 0.0 IGM Financial Inc. 7.35% Apr 08/19 500,000 584,408 529,340 0.0 Capital City Link General Partnership 4.39% Mar 31/46 490,748 536,075 529,237 0.0 The Manufacturers Life Insurance Company 3.18% Nov 22/27 510,000 511,274 520,460 0.0 The Bank of Nova Scotia 2.27% Jan 13/20 516,000 524,941 517,238 0.0 Industrial Alliance Insurance and Financial Services Inc. 3.30% Sep 15/28 509,000 522,800 514,462 0.0 Fairfax Financial Holdings Limited 4.25% Dec 06/27 510,000 508,946 504,609 0.0 Sun Life Financial Inc. 4.57% Aug 23/21 467,000 528,167 499,952 0.0 HSBC Bank Canada 2.54% Jan 31/23 500,000 500,000 495,200 0.0 5

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets Great-West Lifeco Inc. 6.00% Nov 16/39 363,000 468,101 482,319 0.0 HSBC Holdings PLC 3.20% Dec 05/23 465,000 465,000 468,669 0.0 RioCan Real Estate Investment Trust 2.19% Apr 09/21 470,000 470,000 462,113 0.0 The Goldman Sachs Group, Inc. 2.43% Apr 26/23 470,000 470,000 460,685 0.0 The Manufacturers Life Insurance Company 2.81% Feb 21/24 455,000 469,950 457,807 0.0 HCN Canadian Holdings-1 LP 3.35% Nov 25/20 438,000 453,073 448,021 0.0 JPMorgan Chase & Co. 3.19% Mar 05/21 432,000 446,316 441,603 0.0 Sun Life Financial Inc. 3.10% Feb 19/26 432,000 437,609 436,920 0.0 The Toronto-Dominion Bank 1.99% Mar 23/22 440,000 440,000 431,354 0.0 National Bank of Canada 1.74% Mar 03/20 410,000 408,672 405,810 0.0 Sun Life Financial Inc. 2.75% Nov 23/27 400,000 399,832 397,692 0.0 Sun Life Financial Inc. 2.60% Sep 25/25 397,000 397,869 396,909 0.0 RioCan Real Estate Investment Trust 3.85% Jun 28/19 375,000 395,026 383,400 0.0 CI Financial Corp. 2.65% Dec 07/20 375,000 376,810 375,907 0.0 Sun Life Financial Inc. 3.05% Sep 19/28 367,000 373,805 367,620 0.0 Great-West Lifeco Inc. 6.67% Mar 21/33 263,000 353,439 355,550 0.0 Fairfax Financial Holdings Limited 4.50% Mar 22/23 335,000 339,355 349,331 0.0 Manulife Bank of Canada 2.08% May 26/22 355,000 355,000 347,130 0.0 First Capital Realty Inc. 3.60% May 06/26 330,000 337,156 326,284 0.0 Brookfield Asset Management Inc. 4.54% Mar 31/23 305,000 329,708 326,079 0.0 Brookfield Asset Management Inc. 5.95% Jun 14/35 277,000 304,932 324,921 0.0 Fairfax Financial Holdings Limited 4.70% Dec 16/26 312,000 311,635 322,386 0.0 Wells Fargo & Company 2.22% Mar 15/21 325,000 325,026 321,575 0.0 Central 1 Credit Union 1.87% Mar 16/20 325,000 324,916 320,798 0.0 Sun Life Financial Inc. 5.70% Jul 02/19 291,000 330,036 305,896 0.0 IGM Financial Inc. 3.44% Jan 26/27 303,000 310,789 303,651 0.0 Brookfield Asset Management Inc. 5.04% Mar 08/24 275,000 304,414 300,853 0.0 CIBC Capital Trust 10.25% Jun 30/2108 233,000 322,055 300,663 0.0 Central 1 Credit Union 2.60% Nov 07/22 300,000 299,889 296,394 0.0 First Capital Realty Inc. 3.90% Oct 30/23 277,000 290,517 285,698 0.0 Brookfield Asset Management Inc. 3.80% Mar 16/27 270,000 270,908 272,665 0.0 First Capital Realty Inc. 3.75% Jul 12/27 260,000 260,000 257,959 0.0 Aviva PLC 4.50% May 10/21 232,000 238,958 243,407 0.0 National Bank of Canada 1.96% Jun 30/22 240,000 239,589 234,108 0.0 BP LP 3.24% Jan 09/20 228,363 234,637 228,513 0.0 Brookfield Asset Management Inc. 5.30% Mar 01/21 177,000 197,694 190,381 0.0 Manulife Financial Corporation 3.05% Aug 20/29 185,000 185,000 183,372 0.0 Bank of America Corporation 3.23% Jun 22/22 177,000 179,315 180,390 0.0 Commonwealth Bank of Australia 5.15% Apr 09/20 165,000 184,207 175,090 0.0 Fairfax Financial Holdings Limited 4.95% Mar 03/25 164,400 168,940 174,014 0.0 Royal Bank of Canada 1.59% Mar 23/20 150,000 149,979 148,301 0.0 The Manufacturers Life Insurance Company 2.64% Jan 15/25 144,000 146,740 144,685 0.0 Laurentian Bank of Canada 2.81% Jun 13/19 139,000 140,412 139,674 0.0 Granite REIT Holdings Limited Partnership 3.87% Nov 30/23 95,000 98,055 95,266 0.0 Intact Financial Corporation 2.85% Jun 07/27 85,000 82,754 81,441 0.0 Fairfax Financial Holdings Limited 5.84% Oct 14/22 70,000 76,456 77,186 0.0 143,486,859 141,369,723 10.7 Government Government of Canada 1.00% Sep 01/22 26,215,000 25,419,450 25,182,653 1.9 Government of Canada 0.50% Mar 01/22 23,750,000 22,846,811 22,484,363 1.7 Government of Canada 3.75% Jun 01/19 20,585,000 22,440,525 21,174,143 1.6 Government of Canada 1.50% Mar 01/20 20,161,000 20,524,651 20,055,356 1.5 Government of Canada 1.75% Sep 01/19 17,410,000 17,944,562 17,430,196 1.3 Government of Canada 5.75% Jun 01/33 10,665,000 16,468,880 15,628,704 1.2 Government of Canada 3.50% Dec 01/45 12,265,000 16,026,883 15,321,438 1.2 Government of Canada 0.75% Sep 01/20 15,235,000 15,065,361 14,849,555 1.1 Government of Canada 1.00% Jun 01/27 16,288,000 15,080,545 14,815,239 1.1 Government of Canada 4.00% Jun 01/41 11,096,000 15,090,155 14,526,328 1.1 Government of Canada 5.00% Jun 01/37 10,137,000 15,223,284 14,525,003 1.1 Government of Canada 2.75% Dec 01/48 13,082,000 14,571,457 14,449,592 1.1 Government of Canada 0.75% May 01/19 13,735,000 13,685,227 13,579,657 1.0 Government of Canada 1.75% Mar 01/19 13,534,000 13,932,395 13,567,158 1.0 Government of Canada 5.75% Jun 01/29 8,886,000 13,038,285 12,137,299 0.9 Government of Canada 2.25% Jun 01/25 11,363,000 12,313,187 11,548,103 0.9 6

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets Government of Canada 2.75% Jun 01/22 10,980,000 11,738,079 11,396,911 0.9 Government of Canada 1.50% Jun 01/23 11,591,000 11,820,672 11,348,284 0.9 Government of Canada 1.50% Jun 01/26 11,708,000 11,759,002 11,219,776 0.9 Government of Canada 1.25% Nov 01/19 11,010,000 10,954,268 10,926,104 0.8 Government of Canada 0.50% Feb 01/19 10,715,000 10,602,021 10,593,278 0.8 Government of Canada 0.75% Mar 01/21 10,249,000 10,272,464 9,924,927 0.8 Government of Canada 3.25% Jun 01/21 9,277,000 10,420,588 9,723,873 0.7 Government of Canada 2.50% Jun 01/24 8,311,000 8,798,904 8,580,443 0.7 Government of Canada 0.75% Aug 01/19 8,550,000 8,489,440 8,431,155 0.6 Government of Canada 0.75% Sep 01/21 7,435,000 7,454,175 7,160,574 0.5 Government of Canada 3.50% Jun 01/20 6,272,000 6,915,003 6,530,030 0.5 Government of Canada 2.75% Dec 01/64 5,425,000 6,372,309 6,213,578 0.5 Government of Canada 8.00% Jun 01/27 3,461,000 5,808,587 5,214,239 0.4 Government of Canada 2.00% Jun 01/28 3,000,000 2,960,960 2,972,160 0.2 Government of Canada 9.00% Jun 01/25 1,766,000 2,923,362 2,613,009 0.2 Government of Canada 8.00% Jun 01/23 1,215,000 1,762,601 1,593,594 0.1 398,724,093 385,716,722 29.2 Government-Related Agencies Canada Housing Trust No. 1 1.75% Jun 15/22 11,200,000 11,187,192 11,021,584 0.8 Canada Housing Trust No. 1 1.95% Jun 15/19 8,840,000 9,008,343 8,872,001 0.7 Canada Housing Trust No. 1 1.25% Jun 15/21 8,776,000 8,801,295 8,549,930 0.6 Canada Housing Trust No. 1 2.00% Dec 15/19 8,224,000 8,502,185 8,252,949 0.6 Canada Housing Trust No. 1 1.25% Dec 15/20 8,080,000 8,106,997 7,925,995 0.6 Canada Housing Trust No. 1 3.80% Jun 15/21 5,799,500 6,380,424 6,144,164 0.5 Canada Housing Trust No. 1 2.90% Jun 15/24 5,736,000 6,110,884 5,950,871 0.5 Canada Housing Trust No. 1 2.65% Mar 15/22 5,779,000 6,183,275 5,911,281 0.5 Canada Housing Trust No. 1 2.40% Dec 15/22 5,357,000 5,614,030 5,420,213 0.4 Canada Housing Trust No. 1 1.90% Sep 15/26 5,577,000 5,451,602 5,358,382 0.4 Canada Housing Trust No. 1 2.35% Mar 15/28 5,380,000 5,367,841 5,344,869 0.4 Canada Housing Trust No. 1 1.15% Dec 15/21 4,676,000 4,654,559 4,514,210 0.3 Canada Housing Trust No. 1 3.35% Dec 15/20 4,182,000 4,590,977 4,354,006 0.3 Canada Housing Trust No. 1 2.55% Mar 15/25 4,196,000 4,442,324 4,258,982 0.3 Canada Housing Trust No. 1 1.50% Dec 15/21 4,300,000 4,288,920 4,211,205 0.3 Canada Housing Trust No. 1 3.75% Mar 15/20 3,960,000 4,321,549 4,122,994 0.3 Canada Housing Trust No. 1 1.45% Jun 15/20 3,946,000 4,001,033 3,905,751 0.3 Canada Housing Trust No. 1 1.20% Jun 15/20 3,815,000 3,822,407 3,752,510 0.3 Canada Housing Trust No. 1 2.25% Dec 15/25 3,705,000 3,841,625 3,672,396 0.3 Canada Housing Trust No. 1 3.15% Sep 15/23 2,661,000 2,921,655 2,791,016 0.2 Canada Housing Trust No. 1 2.35% Sep 15/23 2,229,000 2,262,481 2,242,954 0.2 Canada Housing Trust No. 1 1.95% Dec 15/25 1,797,000 1,793,998 1,742,353 0.1 PSP Capital Inc. 1.73% Jun 21/22 1,468,000 1,454,641 1,435,792 0.1 KfW 1.38% Jan 28/20 1,245,000 1,240,621 1,230,854 0.1 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.86% Dec 01/48 1,023,000 1,229,965 1,218,577 0.1 CPPIB Capital Inc. 1.10% Jun 10/19 1,202,000 1,201,449 1,189,884 0.1 PSP Capital Inc. 1.34% Aug 18/21 1,110,000 1,109,767 1,080,041 0.1 Labrador-Island Link Funding Trust 3.85% Dec 01/53 837,000 999,691 1,007,949 0.1 Canada Housing Trust No. 1 2.35% Jun 15/27 1,000,000 1,006,350 994,780 0.1 Maritime Link Financing Trust 3.50% Dec 01/52 920,000 997,601 984,409 0.1 PSP Capital Inc. 2.09% Nov 22/23 1,000,000 999,870 983,660 0.1 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.83% Jun 01/37 850,455 1,007,329 971,704 0.1 KfW 5.05% Feb 04/25 825,000 1,020,048 954,913 0.1 CPPIB Capital Inc. 1.00% Jan 15/19 900,000 900,302 894,258 0.1 CPPIB Capital Inc. 1.40% Jun 04/20 900,000 902,070 888,606 0.1 CDP Financial Inc. 4.60% Jul 15/20 791,000 887,131 840,366 0.1 KfW 1.75% Oct 29/19 808,000 828,688 805,907 0.1 OPB Finance Trust 2.98% Jan 25/27 746,000 758,458 754,009 0.1 Labrador-Island Link Funding Trust 3.76% Jun 01/33 654,000 740,511 731,519 0.1 Landwirtschaftliche Rentenbank 1.88% Nov 21/19 595,000 604,082 594,119 0.0 Bank Nederlandse Gemeenten NV 4.55% Feb 15/19 550,000 596,763 565,785 0.0 PSP Capital Inc. 3.29% Apr 04/24 535,000 577,602 561,766 0.0 Export Development Canada 1.80% Sep 01/22 565,000 564,220 555,565 0.0 Labrador-Island Link Funding Trust 3.86% Dec 01/45 472,000 600,988 554,581 0.0 Canada Post Corporation 4.36% Jul 16/40 415,000 545,261 512,497 0.0 Svensk Exportkredit AB 4.45% Mar 15/19 334,000 356,064 343,572 0.0 7

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets Muskrat Falls / Labrador Transmission Assets Funding Trust 3.63% Jun 01/29 276,000 299,220 301,389 0.0 KfW 4.70% Jun 02/37 227,000 271,287 281,296 0.0 The Export-Import Bank of Korea 1.93% Feb 24/20 230,000 229,832 224,538 0.0 Canada Post Corporation 4.08% Jul 16/25 200,000 231,671 221,923 0.0 Kommunalbanken AS 4.48% Feb 15/19 200,000 218,584 205,484 0.0 OPB Finance Trust 1.88% Feb 24/22 195,000 190,574 191,424 0.0 KfW 4.65% Feb 28/23 65,000 75,303 71,701 0.0 The Export-Import Bank of Korea 2.71% Dec 05/19 50,000 50,000 49,988 0.0 144,351,539 140,523,472 10.6 Government-Related Supranational European Investment Bank 1.13% Feb 18/20 1,375,000 1,367,209 1,352,381 0.1 International Bank for Reconstruction and Development 1.13% Mar 11/20 1,284,000 1,281,986 1,262,840 0.1 Inter-American Development Bank 4.40% Jan 26/26 796,000 932,468 895,174 0.1 European Investment Bank 2.13% Feb 04/19 875,000 905,453 878,202 0.1 European Investment Bank 1.25% Nov 05/20 795,000 789,876 778,035 0.1 Asian Development Bank 4.65% Feb 16/27 670,000 803,116 777,086 0.1 International Bank for Reconstruction and Development 1.88% May 30/19 683,364 693,372 684,963 0.1 Asian Development Bank 1.38% Jun 11/20 550,000 549,738 540,985 0.0 International Bank for Reconstruction & Development 1.25% Mar 18/21 538,000 531,254 524,270 0.0 Inter-American Development Bank 1.88% Mar 20/20 339,000 344,951 337,224 0.0 Asian Development Bank 2.25% Sep 16/21 145,000 150,612 145,423 0.0 EUROFIMA 4.55% Mar 30/27 120,000 131,423 134,580 0.0 8,481,458 8,311,163 0.7 Industrial Apple Inc. 2.51% Aug 19/24 2,057,000 2,056,977 2,033,879 0.2 Bell Canada 3.00% Oct 03/22 1,497,000 1,511,487 1,512,898 0.1 Shaw Communications Inc. 6.75% Nov 09/39 1,033,000 1,263,080 1,324,017 0.1 Rogers Communications Inc. 5.34% Mar 22/21 1,207,000 1,355,596 1,310,392 0.1 North West Redwater Partnership / NWR Financing Co., Ltd. 4.05% Jul 22/44 1,141,000 1,150,172 1,190,953 0.1 TransCanada PipeLines Limited 3.30% Jul 17/25 991,000 1,034,328 1,022,425 0.1 Rogers Communications Inc. 6.68% Nov 04/39 751,000 979,903 1,006,700 0.1 Bell Canada 3.35% Jun 18/19 982,000 1,019,335 999,008 0.1 The Walt Disney Company 2.76% Oct 07/24 1,000,000 1,000,000 997,460 0.1 Anheuser-Busch InBev Finance Inc. 2.60% May 15/24 1,010,000 1,009,545 987,356 0.1 Ford Credit Canada Limited 3.28% Jul 02/21 970,000 987,655 982,882 0.1 Loblaw Companies Limited 4.86% Sep 12/23 882,000 986,393 964,979 0.1 TELUS Corporation 3.35% Apr 01/24 900,000 918,612 915,615 0.1 TELUS Corporation 2.35% Mar 28/22 905,000 894,804 894,285 0.1 407 International Inc. 5.75% Feb 14/36 682,000 870,877 881,499 0.1 Bell Canada Inc. 2.70% Feb 27/24 877,000 874,654 859,934 0.1 Bell Canada 4.75% Sep 29/44 796,000 836,144 854,251 0.1 Shaw Communications Inc. 5.50% Dec 07/20 787,000 885,263 851,849 0.1 North West Redwater Partnership / NWR Financing Co., Ltd. 2.10% Feb 23/22 825,000 825,145 808,995 0.1 Canadian Natural Resources, Ltd. 2.89% Aug 14/20 795,000 801,735 801,821 0.1 McDonald s Corporation 3.13% Mar 04/25 795,000 793,851 799,786 0.1 Rogers Communications Inc. 4.70% Sep 29/20 753,000 829,034 799,001 0.1 Bell Canada 6.10% Mar 16/35 640,000 777,713 796,173 0.1 Bell Canada 3.35% Mar 22/23 765,000 794,183 782,572 0.1 AT&T Inc. 3.83% Nov 25/20 753,000 796,156 778,165 0.1 TELUS Corporation 5.05% Dec 04/19 739,000 813,867 777,679 0.1 Canadian Natural Resources, Ltd. 3.31% Feb 11/22 758,000 766,976 773,501 0.1 Enbridge Inc. 3.19% Dec 05/22 754,000 771,721 759,843 0.1 Alimentation Couche-Tard Inc. 3.60% Jun 02/25 741,000 768,318 753,930 0.1 Ford Credit Canada Limited 2.58% May 10/21 759,000 759,480 752,791 0.1 Thomson Reuters Corporation 3.31% Nov 12/21 734,000 769,737 751,961 0.1 Bell Canada 3.25% Jun 17/20 732,000 756,705 747,467 0.1 TransCanada PipeLines Limited 4.55% Nov 15/41 676,000 694,301 741,924 0.1 TELUS Corporation 4.40% Jan 29/46 740,000 713,949 734,435 0.1 Canadian Natural Resources Limited 2.05% Jun 01/20 735,000 734,831 727,503 0.1 Bell Canada Inc. 3.60% Sep 29/27 720,000 717,905 725,746 0.1 Inter Pipeline, Ltd. 2.73% Apr 18/24 745,000 743,731 724,557 0.1 North West Redwater Partnership / NWR Financing Co., Ltd. 4.35% Jan 10/39 655,000 697,867 707,118 0.1 Rogers Communications Inc. 5.38% Nov 04/19 668,000 748,051 705,528 0.1 8

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets PepsiCo, Inc. 2.15% May 06/24 720,000 719,407 696,686 0.1 Ford Credit Canada Company 2.71% Feb 23/22 695,000 698,473 687,543 0.1 Greater Toronto Airports Authority 5.30% Feb 25/41 504,000 639,964 683,414 0.1 Rogers Communications Inc. 4.00% Jun 06/22 643,000 687,555 678,526 0.1 TELUS Corporation 3.75% Jan 17/25 652,000 690,993 676,945 0.1 Husky Energy Inc. 3.55% Mar 12/25 662,000 666,519 669,990 0.1 Shaw Communications Inc. 5.65% Oct 01/19 634,000 704,790 669,529 0.1 TELUS Corporation 3.35% Mar 15/23 645,000 664,005 659,764 0.1 Daimler Canada Finance Inc. 1.78% Aug 19/19 662,000 661,367 656,155 0.1 Bell Canada 4.70% Sep 11/23 603,000 675,352 655,793 0.1 Enbridge Pipelines Inc. 3.45% Sep 29/25 627,000 640,165 645,797 0.1 AT&T Inc. 4.85% May 25/47 644,000 644,542 645,003 0.1 Teranet Holdings LP 4.81% Dec 16/20 614,000 671,296 642,299 0.1 Pembina Pipeline Corporation 4.24% Jun 15/27 615,000 642,168 638,677 0.1 Bell Canada 2.90% Aug 12/26 659,000 653,301 636,390 0.1 Shaw Communications Inc. 3.80% Mar 01/27 624,000 627,830 634,514 0.1 Toyota Credit Canada Inc. 1.80% Feb 19/20 640,000 636,360 634,330 0.1 WestJet Airlines, Ltd. 3.29% Jul 23/19 627,000 637,589 633,947 0.1 Loblaw Companies Limited 3.75% Mar 12/19 622,000 650,985 633,619 0.1 407 International Inc. 5.96% Dec 03/35 465,000 624,575 628,461 0.1 Bell Canada 2.00% Oct 01/21 640,000 638,746 625,997 0.1 Canadian National Railway Company 3.60% Aug 01/47 617,000 612,965 624,416 0.1 407 International Inc. 3.65% Sep 08/44 598,000 600,781 611,670 0.1 VW Credit Canada, Inc. 2.15% Jun 24/20 614,000 610,826 610,052 0.1 Suncor Energy Inc. 3.00% Sep 14/26 619,000 617,440 609,554 0.1 Bell Canada 3.55% Mar 02/26 600,000 599,638 607,968 0.1 TransCanada PipeLines Limited 3.65% Nov 15/21 575,500 620,675 602,382 0.1 Pembina Pipeline Corporation 4.81% Mar 25/44 582,000 554,913 596,253 0.1 Rogers Communications Inc. 4.00% Mar 13/24 561,000 601,053 593,370 0.1 Enbridge Inc. 3.94% Jun 30/23 570,000 597,553 592,823 0.1 Bell Canada 3.15% Sep 29/21 580,000 604,247 590,504 0.1 Enbridge Inc. 4.57% Mar 11/44 585,000 579,255 590,044 0.1 Pembina Pipeline Corporation 3.71% Aug 11/26 580,000 583,888 583,724 0.1 TELUS Corporation 4.85% Apr 05/44 544,000 556,787 579,474 0.1 Metro Inc. 5.97% Oct 15/35 475,000 571,360 576,384 0.1 Greater Toronto Airports Authority 6.98% Oct 15/32 390,000 567,764 573,183 0.1 Alimentation Couche-Tard Inc. 3.06% Jul 26/24 575,000 575,000 572,177 0.1 United Parcel Service, Inc. 2.13% May 21/24 590,000 588,763 570,931 0.1 TransCanada PipeLines Limited 4.35% Jun 06/46 525,000 551,064 563,750 0.1 Greater Toronto Airports Authority 7.05% Jun 12/30 394,000 560,931 559,043 0.1 North West Redwater Partnership / NWR Financing Co., Ltd. 3.65% Jun 01/35 547,000 546,634 550,643 0.1 Husky Energy Inc. 3.60% Mar 10/27 546,000 545,108 543,778 0.1 TransCanada PipeLines Limited 3.69% Jul 19/23 511,000 542,736 539,145 0.1 Anheuser-Busch InBev Finance Inc. 4.32% May 15/47 513,000 513,167 538,727 0.0 Cameco Corporation 3.75% Nov 14/22 545,000 556,158 536,950 0.0 Enbridge Gas Distribution Inc. 3.31% Sep 11/25 517,000 532,157 535,793 0.0 Suncor Energy Inc. 3.10% Nov 26/21 522,000 540,033 533,406 0.0 Toyota Credit Canada Inc. 2.02% Feb 28/22 528,000 527,826 518,934 0.0 Cameco Corporation 5.67% Sep 02/19 500,000 543,924 518,020 0.0 Shaw Communications Inc. 4.35% Jan 31/24 482,000 520,424 515,226 0.0 TransCanada PipeLines Ltd. 4.33% Sep 16/47 480,000 479,918 511,958 0.0 Enbridge Inc. 4.24% Aug 27/42 528,000 471,174 507,196 0.0 TELUS Corporation 4.40% Apr 01/43 507,000 493,346 504,141 0.0 Pembina Pipeline Corporation 4.74% Jan 21/47 500,000 491,158 503,375 0.0 AT&T Inc. 2.85% May 25/24 511,000 510,969 496,421 0.0 Canadian Natural Resources, Ltd. 2.60% Dec 03/19 494,000 467,796 495,783 0.0 Molson Coors International LP 3.44% Jul 15/26 500,000 491,864 491,885 0.0 Pembina Pipeline Corporation 3.54% Feb 03/25 485,000 476,665 487,347 0.0 AltaGas, Ltd. 3.84% Jan 15/25 474,000 484,047 485,987 0.0 TELUS Corporation 3.75% Mar 10/26 465,000 484,793 479,475 0.0 North West Redwater Partnership / NWR Financing Co., Ltd. 3.70% Feb 23/43 478,000 456,594 471,279 0.0 Canadian Natural Resources Limited 3.42% Dec 01/26 477,000 477,000 467,212 0.0 Honda Canada Finance Inc. 2.54% Mar 01/23 460,000 460,000 457,346 0.0 Ford Credit Canada Company 2.77% Jun 22/22 460,000 460,000 454,406 0.0 9

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets Metro, Inc. 3.39% Dec 06/27 458,000 457,688 453,718 0.0 Canadian Natural Resources, Ltd. 3.05% Jun 19/19 445,000 448,072 449,980 0.0 Canadian Pacific Railway Company 6.45% Nov 17/39 315,000 409,345 439,033 0.0 Husky Energy Inc. 5.00% Mar 12/20 417,000 455,889 438,788 0.0 TransCanada PipeLines Limited 8.05% Feb 17/39 280,000 428,802 438,659 0.0 Westcoast Energy Inc. 5.60% Jan 16/19 411,000 445,375 425,373 0.0 Enbridge Inc. 3.16% Mar 11/21 420,000 433,925 424,456 0.0 TELUS Corporation 3.20% Apr 05/21 413,000 430,838 422,003 0.0 Rogers Communications Inc. 6.11% Aug 25/40 332,000 394,183 419,645 0.0 General Motors Financial of Canada, Ltd. 2.60% Jun 01/22 425,000 422,912 417,176 0.0 Inter Pipeline, Ltd. 4.97% Feb 02/21 390,000 429,499 416,118 0.0 Toyota Credit Canada Inc. 1.75% Jul 21/21 425,000 423,118 415,127 0.0 BMW Canada Inc. 1.83% Jun 15/21 420,000 417,245 411,340 0.0 Molson Coors International LP 2.75% Sep 18/20 409,000 413,994 410,922 0.0 Ford Credit Canada Limited 2.92% Sep 16/20 408,000 406,755 410,468 0.0 407 International Inc. 4.45% Nov 15/41 355,000 396,003 406,929 0.0 Enbridge Pipelines Inc. 3.00% Aug 10/26 410,000 412,805 406,240 0.0 Capital Power Corporation 4.28% Sep 18/24 400,000 402,080 405,833 0.0 Nissan Canada Financial Services Inc. 1.58% Oct 07/19 410,000 410,438 405,347 0.0 Honda Canada Finance Inc. 2.27% Jul 15/22 410,000 409,549 404,609 0.0 Bell Canada Inc. 4.45% Feb 27/47 384,892 385,966 396,558 0.0 BMW Canada Inc. 1.88% Dec 11/20 400,000 398,654 394,376 0.0 Kraft Canada Inc. 2.70% Jul 06/20 385,000 392,410 385,943 0.0 Thomson Reuters Corporation 3.37% May 23/19 378,000 395,573 384,124 0.0 Inter Pipeline, Ltd. 3.48% Dec 16/26 385,000 385,000 383,294 0.0 Daimler Canada Finance Inc. 1.57% May 25/20 390,000 390,000 382,621 0.0 Inter Pipeline, Ltd. 4.64% May 30/44 362,000 375,372 382,489 0.0 John Deere Canada Funding Inc. 2.05% Sep 17/20 385,000 388,709 382,005 0.0 Bell Canada 4.95% May 19/21 352,000 393,167 378,590 0.0 Enbridge Income Fund 3.95% Nov 19/24 367,000 385,108 378,263 0.0 407 International Inc. 4.30% May 26/21 356,000 393,399 378,072 0.0 Loblaw Companies Limited 5.22% Jun 18/20 354,000 391,134 377,364 0.0 TELUS Corporation 5.05% Jul 23/20 349,000 388,082 372,062 0.0 Thomson Reuters Corporation 4.35% Sep 30/20 352,000 379,277 369,991 0.0 Magna International, Inc. 3.10% Dec 15/22 365,000 372,172 369,734 0.0 Metro, Inc. 4.27% Dec 04/47 365,000 369,980 365,172 0.0 TELUS Corporation 3.60% Jan 26/21 352,000 371,030 363,753 0.0 Aeroports de Montreal 5.17% Sep 17/35 280,000 354,897 355,096 0.0 Enbridge Income Fund 4.10% Feb 22/19 348,000 361,764 354,915 0.0 Teranet Holdings LP 5.75% Dec 17/40 329,000 368,818 349,730 0.0 Enbridge Gas Distribution Inc. 4.00% Aug 22/44 321,000 333,990 346,494 0.0 407 International Inc. 4.19% Apr 25/42 311,000 346,374 344,454 0.0 Westcoast Energy Inc. 3.77% Dec 08/25 325,000 333,399 339,219 0.0 Pembina Pipeline Corporation 4.75% Apr 30/43 335,000 338,038 337,590 0.0 Saputo Inc. 2.65% Nov 26/19 331,000 341,551 333,430 0.0 SSL Finance Inc. 4.10% Oct 31/45 320,000 323,964 330,826 0.0 Molson Coors International LP 2.84% Jul 15/23 335,000 335,039 329,945 0.0 Honda Canada Finance Inc. 2.16% Feb 18/21 325,000 330,585 322,348 0.0 Enbridge Pipelines Inc. 4.55% Sep 29/45 295,000 300,714 322,178 0.0 Canadian Natural Resources, Ltd. 3.55% Jun 03/24 315,000 313,195 320,078 0.0 SNC-Lavalin Group Inc. 6.19% Jul 03/19 303,000 336,915 319,244 0.0 Enbridge Gas Distribution Inc. 5.21% Feb 25/36 259,000 316,223 318,619 0.0 Canadian Natural Resources, Ltd. 4.85% May 30/47 310,000 310,151 318,004 0.0 Daimler Canada Finance Inc. 2.23% Dec 16/21 319,000 320,417 314,745 0.0 Saputo Inc. 1.94% Jun 13/22 325,000 318,341 314,587 0.0 Enbridge Inc. 4.53% Mar 09/20 300,000 322,382 312,723 0.0 Enbridge Gas Distribution Inc. 4.04% Nov 23/20 296,000 320,614 310,738 0.0 Bell Canada 5.52% Feb 26/19 292,000 319,244 303,297 0.0 Enbridge Pipelines Inc. 4.55% Aug 17/43 277,000 305,371 301,387 0.0 Metro Inc. 3.20% Dec 01/21 295,000 307,808 300,685 0.0 TELUS Corporation 4.70% Mar 06/48 285,000 282,335 297,868 0.0 Enbridge Pipelines Inc. 4.13% Aug 09/46 290,000 296,943 297,027 0.0 Saputo Inc. 2.20% Jun 23/21 300,000 297,427 296,817 0.0 Inter Pipeline, Ltd. 2.61% Sep 13/23 302,000 303,331 294,154 0.0 10

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets 407 International Inc. 2.43% May 04/27 300,000 299,889 290,883 0.0 TransCanada PipeLines Ltd. 3.39% Mar 15/28 285,000 284,875 285,995 0.0 Enbridge Inc. 3.20% Jun 08/27 295,000 294,876 284,439 0.0 Inter Pipeline, Ltd. 3.45% Jul 20/20 275,000 287,655 281,130 0.0 Ford Credit Canada Limited 3.14% Jun 14/19 275,000 281,149 278,044 0.0 BP Capital Markets PLC 3.50% Nov 09/20 265,000 278,769 272,892 0.0 Toyota Credit Canada Inc. 2.20% Feb 25/21 270,000 270,495 268,475 0.0 Veresen Inc. 3.43% Nov 10/21 262,000 262,016 267,046 0.0 AltaGas, Ltd. 3.57% Jun 12/23 260,000 271,066 265,664 0.0 John Deere Canada Funding Inc. 2.35% Jun 24/19 262,000 267,573 262,962 0.0 Nissan Canada Financial Services Inc. 1.75% Apr 09/20 265,000 264,997 261,637 0.0 Rogers Communications Inc. 6.56% Mar 22/41 195,000 242,770 260,419 0.0 Reliance LP 3.81% Sep 15/20 255,000 253,201 260,069 0.0 AltaGas, Ltd. 4.12% Apr 07/26 250,000 249,858 259,710 0.0 Alimentation Couche-Tard Inc. 4.21% Aug 21/20 247,000 267,221 258,051 0.0 Suncor Energy Inc. 4.34% Sep 13/46 239,000 238,994 253,330 0.0 Enbridge Pipelines Inc. 4.45% Apr 06/20 240,000 263,906 251,674 0.0 Westcoast Energy Inc. 3.43% Sep 12/24 242,000 246,556 248,374 0.0 Honda Canada Finance Inc. 2.49% Dec 19/22 250,000 249,999 247,933 0.0 BMW Canada Inc. 1.78% Oct 19/20 250,000 246,220 246,180 0.0 Enbridge Gas Distribution Inc. 4.95% Nov 22/50 193,000 218,046 242,236 0.0 Canadian National Railway Company 2.80% Sep 22/25 240,000 251,558 241,121 0.0 North West Redwater Partnership / NWR Financing Co., Ltd. 4.75% Jun 01/37 210,000 232,195 239,484 0.0 Aeroports de Montreal 5.67% Oct 16/37 171,000 223,618 233,860 0.0 Canadian National Railway Company 3.95% Sep 22/45 214,000 221,112 230,709 0.0 Toyota Credit Canada Inc. 2.35% Jul 18/22 226,000 224,000 224,081 0.0 Ottawa MacDonald-Cartier International Airport Authority 3.93% Jun 09/45 209,000 226,906 221,656 0.0 Inter Pipeline, Ltd. 3.17% Mar 24/25 221,000 218,329 218,474 0.0 Bell Canada 3.54% Jun 12/20 208,000 219,574 213,943 0.0 Metro, Inc. 2.68% Dec 05/22 215,000 214,989 213,553 0.0 AltaGas, Ltd. 4.50% Aug 15/44 216,000 209,745 211,912 0.0 Cameco Corporation 4.19% Jun 24/24 213,000 218,330 211,460 0.0 Enbridge Pipelines Inc. 5.33% Apr 06/40 173,000 202,588 206,486 0.0 Pembina Pipeline Corporation 3.77% Oct 24/22 195,000 200,212 201,427 0.0 APT Pipelines, Ltd. 4.25% Jul 24/19 196,000 202,066 200,900 0.0 Capital Power Corp. 5.28% Nov 16/20 181,000 189,160 192,383 0.0 Loblaw Companies Limited 5.90% Jan 18/36 157,000 188,723 190,589 0.0 Toyota Credit Canada Inc. 2.25% May 23/19 190,000 194,370 190,217 0.0 John Deere Canada Funding Inc. 2.63% Sep 21/22 190,000 189,920 190,084 0.0 TELUS Corporation 5.15% Nov 26/43 171,000 189,074 189,649 0.0 Daimler Canada Finance Inc. 1.91% Jul 08/21 190,000 189,141 186,080 0.0 Bell Canada 7.30% Feb 23/32 136,000 186,058 184,272 0.0 Bell Canada 4.35% Dec 18/45 180,000 177,082 182,128 0.0 TELUS Corporation 4.75% Jan 17/45 170,000 165,404 177,779 0.0 Honda Canada Finance Inc. Series 16-4 1.82% Dec 07/21 180,000 178,244 175,621 0.0 Enbridge Gas Distribution Inc. 2.50% Aug 05/26 175,000 174,406 170,844 0.0 North West Redwater Partnership / NWR Financing Co., Ltd. 4.15% Jun 01/33 160,000 171,885 170,763 0.0 Inter Pipeline, Ltd. 3.78% May 30/22 157,000 166,977 162,930 0.0 407 International Inc. 3.60% May 21/47 156,000 155,627 159,508 0.0 Enbridge Pipelines Inc. 4.49% Nov 12/19 153,000 161,683 159,470 0.0 North West Redwater Partnership / NWR Financing Co., Ltd. 4.25% Jun 01/29 146,000 159,247 157,622 0.0 Greater Toronto Airports Authority 1.51% Feb 16/21 160,000 159,556 156,701 0.0 Shaw Communications Inc. 3.15% Feb 19/21 150,000 149,835 152,745 0.0 North West Redwater Partnership / NWR Financing Co., Ltd. 2.80% Jun 01/27 155,000 152,750 149,724 0.0 Metro Inc. 5.03% Dec 01/44 133,000 135,550 149,336 0.0 407 International Inc. 3.98% Sep 11/52 131,000 133,369 141,712 0.0 Enbridge Inc. 4.77% Sep 02/19 135,000 145,572 140,223 0.0 Cogeco Cable Inc. 4.18% May 26/23 128,000 135,747 134,122 0.0 Enbridge Gas Distribution Inc. 3.51% Nov 29/47 120,000 120,000 120,062 0.0 AltaGas, Ltd. 3.72% Sep 28/21 106,000 108,238 109,517 0.0 407 International Inc. 4.99% Jun 16/20 98,000 110,161 104,467 0.0 Reliance LP 3.84% Mar 15/25 100,000 99,998 99,522 0.0 Bell Canada 6.17% Feb 26/37 78,000 95,719 97,989 0.0 Bell Canada 7.85% Apr 02/31 49,000 68,972 68,508 0.0 11

Vanguard Canadian Aggregate Bond Index ETF Description Par Value Average Cost ($) Fair Value ($) % of Net Assets Ford Credit Canada Company 3.35% Sep 19/22 50,000 50,000 50,590 0.0 Rogers Communications Inc. 2.80% Mar 13/19 42,000 43,113 42,365 0.0 Alimentation Couche-Tard Inc. 3.32% Nov 01/19 40,000 41,832 40,742 0.0 NAV Canada 7.56% Mar 01/27 25,000 30,880 29,856 0.0 Penske Truck Leasing Canada Inc. 2.85% Dec 07/22 25,000 24,999 24,912 0.0 Pembina Pipeline Corporation 2.99% Jan 22/24 25,000 25,553 24,606 0.0 Aeroports de Montreal 6.55% Oct 11/33 15,000 21,656 21,204 0.0 109,853,689 109,493,816 8.3 Provincials/Municipals Province of Ontario 3.45% Jun 02/45 13,308,000 14,255,840 14,534,066 1.1 Province of Ontario 4.65% Jun 02/41 9,684,000 12,368,758 12,439,485 0.9 Province of Ontario 2.80% Jun 02/48 12,631,000 12,076,589 12,284,279 0.9 Province of Ontario 3.15% Jun 02/22 10,625,000 11,367,239 11,039,269 0.8 Province of Ontario 2.90% Dec 02/46 10,911,000 10,560,594 10,769,484 0.8 Province of Ontario 2.60% Jun 02/25 10,467,000 10,757,418 10,521,742 0.8 Province of Ontario 4.20% Jun 02/20 9,836,000 10,841,567 10,362,423 0.8 Province of Ontario 4.60% Jun 02/39 8,177,000 10,239,573 10,326,733 0.8 Province of Ontario 2.85% Jun 02/23 9,994,000 10,534,984 10,260,740 0.8 Province of Ontario 3.50% Jun 02/24 9,610,000 10,566,076 10,209,856 0.8 Province of Ontario 3.50% Jun 02/43 9,297,000 9,971,944 10,194,253 0.8 Province of Quebec 5.00% Dec 01/41 7,452,000 9,825,248 10,079,352 0.8 Province of Quebec 3.50% Dec 01/45 8,766,000 9,433,630 9,683,713 0.7 Province of Ontario 4.70% Jun 02/37 7,553,000 9,337,782 9,550,995 0.7 Province of Quebec 3.50% Dec 01/48 8,504,000 9,281,290 9,490,464 0.7 Province of Ontario 5.60% Jun 02/35 6,316,000 8,764,100 8,668,899 0.7 Hydro-Quebec 5.00% Feb 15/50 5,628,000 7,767,437 8,046,183 0.6 Province of Ontario 4.00% Jun 02/21 7,211,000 8,033,026 7,665,365 0.6 Province of Ontario 2.60% Jun 02/27 7,614,000 7,635,625 7,593,671 0.6 Province of Quebec 4.25% Dec 01/43 6,114,000 7,346,773 7,550,301 0.6 Province of Ontario 4.40% Jun 02/19 6,709,000 7,382,156 6,960,118 0.5 Province of Quebec 4.25% Dec 01/21 6,179,000 7,009,841 6,668,439 0.5 Province of Quebec 5.00% Dec 01/38 4,786,000 6,240,634 6,347,097 0.5 Province of Ontario 2.40% Jun 02/26 6,008,000 6,154,675 5,925,690 0.5 Province of Quebec 3.75% Sep 01/24 5,425,000 6,044,629 5,865,347 0.5 Province of Quebec 3.00% Sep 01/23 5,545,000 5,921,639 5,740,129 0.4 Province of Quebec 6.25% Jun 01/32 4,069,000 5,802,592 5,707,953 0.4 Hydro-Quebec 5.00% Feb 15/45 3,981,000 5,430,157 5,490,476 0.4 Province of Quebec 5.75% Dec 01/36 3,872,000 5,380,634 5,478,532 0.4 Province of Ontario 6.50% Mar 08/29 3,958,000 5,557,687 5,385,888 0.4 Province of Ontario 7.60% Jun 02/27 3,803,000 5,681,752 5,376,681 0.4 Province of Ontario 5.85% Mar 08/33 3,876,000 5,391,717 5,313,647 0.4 Province of Quebec 4.50% Dec 01/20 4,825,000 5,488,236 5,167,285 0.4 Province of Quebec 2.50% Sep 01/26 4,992,000 5,129,810 4,964,145 0.4 Hydro-Quebec 6.00% Feb 15/40 3,205,000 4,737,003 4,786,635 0.4 Province of Quebec 2.75% Sep 01/25 4,644,000 4,815,256 4,720,440 0.4 Hydro-Quebec 6.50% Feb 15/35 3,048,000 4,494,227 4,532,254 0.4 Province of Quebec 3.50% Dec 01/22 4,207,000 4,619,590 4,450,669 0.3 Province of Quebec 4.50% Dec 01/19 4,198,000 4,645,614 4,406,892 0.3 Province of Alberta 3.30% Dec 01/46 3,997,000 4,137,327 4,206,123 0.3 Province of British Columbia 4.30% Jun 18/42 3,081,000 3,745,149 3,847,029 0.3 Province of Alberta 3.05% Dec 01/48 3,796,000 3,699,999 3,828,608 0.3 Province of Quebec 6.00% Oct 01/29 2,740,000 3,777,316 3,630,856 0.3 Province of British Columbia 4.95% Jun 18/40 2,398,000 3,241,309 3,216,054 0.3 Province of British Columbia 3.20% Jun 18/44 3,040,000 3,120,297 3,215,134 0.3 Province of Alberta 2.20% Jun 01/26 3,290,000 3,270,247 3,183,371 0.2 Province of British Columbia 5.70% Jun 18/29 2,288,000 3,042,210 2,959,917 0.2 Province of British Columbia 2.80% Jun 18/48 2,977,000 2,900,904 2,924,724 0.2 Province of Ontario 6.20% Jun 02/31 2,104,000 2,986,531 2,898,660 0.2 Province of Alberta 1.35% Sep 01/21 2,585,000 2,573,234 2,519,121 0.2 Province of Quebec 9.38% Jan 16/23 1,845,000 2,665,380 2,458,942 0.2 Province of Quebec 8.50% Apr 01/26 1,680,000 2,617,456 2,402,938 0.2 Province of Quebec 2.75% Sep 01/27 2,328,000 2,376,316 2,355,214 0.2 Province of Alberta 2.35% Jun 01/25 2,320,000 2,341,064 2,288,518 0.2 Province of Ontario 1.35% Mar 08/22 2,350,000 2,319,042 2,271,862 0.2 12