Fund Description: Vanguard FTSE Developed Markets ETF, formerly Vanguard MSCI EAFE ETF, formerly the Vanguard Europe Pacific ETF, is an exchange-traded index fund or Index ETF which is an exchange-traded share class of the Vanguard Tax-Managed International Fund. INVESTMENT OBJECTIVE: Vanguard FTSE Developed Markets ETF seeks to track the performance of the FTSE Developed All Cap ex US Index, formerly FTSE Developed ex North America Index, formerly MSCI EAFE Index. INDEX DESCRIPTION: The FTSE Developed All Cap ex US Index FUND STRATEGY: The Fund purchases stocks included in the Index. The Fund follows a passively managed, index sampling approach using statistical methods to sample the Index, aiming to closely track its investment performance while limiting investments in Index securities that have undesirable tax characteristics in an attempt to minimize taxable income distributions. FUND MANAGEMENT: The Vanguard Group, Inc. serves as advisor to the Funds.