Vanguard Total World Stock ETF

Vanguard Total World Stock Index Fund ETF (the Fund) is an open-end investment company. The Fund seeks to track the performance of the FTSE Global All Cap Index, which covers both well-established and still-developing markets. The Fund invests in both foreign and the United States stocks. The fund offers three classes of shares: Investor Shares, Institutional Shares, and ETF Shares.

As of April 30, 2012, the Fund invests in sectors, such as consumer discretionary, consumer staples, energy, financials, healthcare, industrials, information technology, materials, telecommunication services and utilities. As of July 31, 2012, the Fund 10 largest holdings included Apple Inc. , Exxon Mobil Corp. , Microsoft Corp, International Business Machines Corp, General Electric Co. , Chevron Corp, Royal Dutch Shell PLC, AT&T Inc. , Nestle SA and Wal-Mart Stores Inc. The Vanguard Group, Inc. is the investment advisor of the Fund. .