(VCIP) Vanguard Conservative Income ETF Portfolio

The management expense ratio (MER) is the audited MER, including waivers and absorptions, and is expressed as an annualized percentage of the daily average net asset value. For the index ETFs, MERs are as of December 31, 2024, and for the factor ETFs, asset allocation ETFs and mutual funds MERs are as of March 31, 2025. Based on MERs without any waivers or absorptions, the MER would have been 0.06% for VCE, 0.05% for VCN, 0.22% for VDY, 0.39% for VRE, 0.17% for VUN, 0.16% for VUS, 0.09% for VFV, 0.09% for VSP, 0.30% for VGG, 0.31% for VGH, 0.23% for VIU, 0.22% for VI, 0.22% for VDU, 0.22% for VEF, 0.32% for VIDY, 0.23% for VE, 0.23% for VA, 0.25% for VEE, 0.22% for VXC, 0.09% for VAB, 0.17% for VGV, 0.17% for VCB, 0.11% for VSB, 0.11% for VSC, 0.17% for VLB, 0.23% for VBU, 0.39% for VBG, 0.33% for VGAB, 0.25% for VCNS, 0.24% for VBAL, 0.24% for VGRO, 0.25% for VCIP, 0.24% for VEQT, 0.32% for VRIF, 0.40% for VVO, 0.38% for VVL, and 0.38% for VMO. For mutual funds, the MER before waivers would have been 0.78% for VIC300, 0.74% for VIC400, 0.71% for VIC200, 0.71% for VIC100, 0.99% for VIC500, and 1.29% for VIC600. Vanguard Investments Canada Inc. expects to continue absorbing or waiving certain fees indefinitely but may, in its discretion, discontinue this practice at any time. For recently launched funds, MER information is not yet available.