Vanguard Conservative Income ETF Portfolio

Vanguard Conservative Income ETF Portfolio (the ETF) seeks to provide a combination of income and some long-term capital growth. Fund investing primarily in equity and fixed income securities. The ETF may do so either directly or indirectly through investment in one or more exchangetraded funds managed by Vanguard Investments Canada Inc. (the Manager) or an affiliate or certain other investment funds (Underlying Funds). Under normal market conditions, the sub advisor will strive to maintain a long term strategic asset allocation of equity (approximately 20%) and fixed income (approximately 80%) securities. The portfolio asset mix may be reconstituted and rebalanced from time to time at the discretion of the sub advisor. The portfolios of the Underlying Funds are expected to consist of index funds that provide exposure to broad based equity and fixed income markets.