Fund Description: Vanguard Total International Stock ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Star Funds, an investment management company. INVESTMENT OBJECTIVE: The Vanguard Total International Stock ETF seeks to track the performance of the MSCI All Country World ex USA Investable Market Index. INDEX DESCRIPTION: The MSCI All Country World ex USA Investable Market Index is a free float adjusted market capitalization index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The Index covers 98% of the world’s non-U.S. markets, including markets in the European, Pacific, emerging markets, and North American regions. The Index includes more than 6,000 issues encompassing stocks of large-, mid-, and small-capitalization companies in 44 countries. As of October 31, 2010, the largest markets covered in the Index were the United Kingdom, Japan, Canada, France, FUND STRATEGY: The Fund invests substantially all of its assets in the common stocks included in its Index, The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. The Fund uses the replication method of investing, meaning that the Fund generally holds the same stocks as its Index, and in approximately the same proportion. FUND MANAGEMENT: The Vanguard Group, Inc. serves as Investment Advisor to the Fund.