SEC Info - Vanguard Tax-Managed Funds - ‘NSAR-B’ for 12/31/08

SEC Info℠

Home

Help

Please Sign In

Vanguard Tax-Managed Funds – ‘NSAR-B’ for 12/31/08

On: Wednesday, 2/25/09, at 9:45am ET · Effective: 2/25/09 · For: 12/31/08 · Accession #: 932471-9-783 · File #: 811-07175

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/25/09  Vanguard Tax-Managed Funds        NSAR-B     12/31/08    4:102K                                   Vanguard Horizon Funds
          → Vanguard Developed Markets Index Fund ⇒ Admiral Shares (VTMGX) — ETF Shares (VEA) — Institutional Shares (VTMNX)
          → Vanguard Tax-Managed Balanced Fund ⇒ Admiral Shares (VTMFX)
          → Vanguard Tax-Managed Capital Appreciation Fund ⇒ Admiral Shares (VTCLX) — Institutional Shares (VTCIX) — Investor Shares (VMCAX)
          → Vanguard Tax-Managed Growth & Income Fund ⇒ Admiral Shares (VTGLX) — Institutional Shares (VTMIX) — Investor Shares (VTGIX)
          → Vanguard Tax-Managed Small-Cap Fund ⇒ Admiral Shares (VTMSX) — Institutional Shares (VTSIX)

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Tax-Managed Nsar 12-31-08                             23     96K 
 4: EX-99       Declaration of Trust                                  28     88K 
 3: EX-99       Supplemental Information                               2     11K 
 2: EX-99.77B ACCT LTTR  Pwc Letter                                    2±    10K

‘NSAR-B’ — Tax-Managed Nsar 12-31-08

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: Vanguard Tax-Managed Funds — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 12/31/08

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 923202
SEC File #: 811-07175

Telephone #: 610-669-1000
2. Address: 100 Vanguard Boulevard
Malvern, PA 19355
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 5
The number of separate Funds/Series (portfolios) reported here: 5...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 3: Vanguard Tax-Managed Balanced Fund — S#4383 ⇒ VTMFX
↓ Series 2: Vanguard Tax-Managed Capital Appreciation Fd [ now
Vanguard Tax-Managed Capital Appreciation Fund ] — S#4384 ⇒ VTCLX & 2 more
↓ Series 1: Vanguard Tax-Managed Growth & Income Fund — S#4385 ⇒ VTGLX & 2 more
↓ Series 5: Vanguard Tax-Managed International Fund [ now
Vanguard Developed Markets Index Fund ] — S#4386 ⇒ VTMGX & 2 more
↓ Series 4: Vanguard Tax-Managed Small-Cap Fund — S#4387 ⇒ VTMSX & VTSIX
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 155

The Identification Code of the family for Form N-SAR Filings: VANGUARDGR
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes

EX-99.77Q1: Other Disclosure? Yes

EX-99.77Q3: Other Info? Yes
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 5 Funds/Series Reported Here

Information Common to All Funds/Series
All: Investment Adviser
8.1 Name: The Vanguard Group Inc.
Role: Adviser
SEC File #: 801-11953
Location: Malvern, PA
All: Administrator
10.1 Name: The Vanguard Group, Inc.
SEC File #: 801-11953
Location: Malvern, PA
All: Principal Underwriter
11.1 Name: Vanguard Marketing Corp.
SEC File #: 008-21570
Location: Malvern, PA
All: Shareholder Servicing/Transfer Agent
12.1 Name: The Vanguard Group, Inc.
SEC File #: 084-00772
Location: Malvern, PA
All: Independent Public Accountant
13.1 Name: Pricewaterhousecoopers LLP
Location: Philadelphia, PA
All: Affiliated Broker/Dealer
14.1 Name: Vanguard Marketing Corp.
SEC File #: 008-21570
All: Custodian
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: Itg, Inc.
IRS #: 95-4339369
Commissions paid ($000s): 591
20.2 Broker: Credit Suisse Securities (USA) LLC
IRS #: 13-5659485
Commissions paid ($000s): 220
20.3 Broker: Lehman Brothers Inc.
IRS #: 13-2518466
Commissions paid ($000s): 216
20.4 Broker: Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #: 13-5674085
Commissions paid ($000s): 109
20.5 Broker: Instinet LLC
Commissions paid ($000s): 85
20.6 Broker: Goldman, Sachs & Co.
IRS #: 13-5108880
Commissions paid ($000s): 64
20.7 Broker: Citigroup Global Markets Inc.
IRS #: 13-2919773
Commissions paid ($000s): 30
20.8 Broker: Morgan Stanley
IRS #: 13-2655998
Commissions paid ($000s): 22
20.9 Broker: Liquidnet, Inc.
IRS #: 13-4095933
Commissions paid ($000s): 20
20.10 Broker: Cantor Fitzgerald & Co.
IRS #: 13-3680184
Commissions paid ($000s): 15
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 1,391
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: Vanguard Market Liquidity Fund
IRS #: 20-0961056
Registrant’s purchases ($000s): 511,420
Registrant’s sales ($000s): 507,089
22.2 Entity: Vanguard Tax-Managed Balanced Fund
IRS #: 23-2764164
Registrant’s purchases ($000s): 52,610
Registrant’s sales ($000s): 52,610
22.3 Entity: Vanguard Intermediate-Term Tax Exempt Fund
IRS #: 23-2471389
Registrant’s purchases ($000s): 21,311
Registrant’s sales ($000s): 49,666
22.4 Entity: Vanguard Municipal Cash Management Fund
IRS #: 20-0961103
Registrant’s purchases ($000s): 15,400
Registrant’s sales ($000s): 19,000
22.5 Entity: Vanguard Florida Long-Term Tax-Exempt Fund
IRS #: 23-2687102
Registrant’s purchases ($000s): 22,960
Registrant’s sales ($000s): 5,800
22.6 Entity: Anheuser-Busch Cos., Inc.
Registrant’s sales ($000s): 26,272
22.7 Entity: Vanguard Ohio Tax-Exempt Money Market Fund
IRS #: 23-2601140
Registrant’s purchases ($000s): 12,100
Registrant’s sales ($000s): 10,910
22.8 Entity: Citigroup Global Markets Inc.
IRS #: 13-2919773
Registrant’s purchases ($000s): 9,742
Registrant’s sales ($000s): 11,940
22.9 Entity: Vanguard Insured Long-Term Tax-Exempt Fund
IRS #: 23-2471392
Registrant’s purchases ($000s): 8,300
Registrant’s sales ($000s): 9,660
22.10 Entity: J.P. Morgan Securities Inc.
IRS #: 13-3224016
Registrant’s purchases ($000s): 8,089
Registrant’s sales ($000s): 8,571
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 808,480
Aggregate sales ($000s): 1,033,535
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... Yes
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. Yes
Other .................................................................. No
All: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
All: Payment Plan for the Distribution of Fund Shares
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 0
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
All: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? No
All: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $10,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
All: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: ICI Mutual Insurance Co.
2nd Insurer: N/A

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 400,000
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company): 201
82. Does the mandatory coverage of the fidelity bond have a deductible? No
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Series 1 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Vanguard Tax-Managed Growth & Income Fund — S#4385 ⇒ VTGLX & 2 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 1: Custodian
15.1 Name: JP Morgan Chase Bank
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 1: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Goldman, Sachs & Co.
IRS #: 13-5108880
Type of security owned: Equity
Value of securities owned at period end ($000s): 8,942
25.2 Name: Merrill Lynch, Pierce, Fenner & Smith
IRS #: 13-5674085
Type of security owned: Equity
Value of securities owned at period end ($000s): 4,488
25.3 Name: (See a prior Form N-SAR for who was...) Deleted
25.4 Name: Citigroup Global Markets Inc.
IRS #: 13-2919773
Type of security owned: Equity
Value of securities owned at period end ($000s): 8,767
25.5 Name: Morgan Stanley
IRS #: 13-2655998
Type of security owned: Equity
Value of securities owned at period end ($000s): 4,084
25.6 Name: (See a prior Form N-SAR for who was...) Deleted
S 1: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 20,959
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 54,039
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 13,639
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 13,085
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 18,137
Reinvestment of dividends and distributions ................ 12,564
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 25,977
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 45,859
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 102,365
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 39,161
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 55,662
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 25,958
Reinvestment of dividends and distributions ................ 12,174
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 115,800

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 163,713
Reinvestment of dividends and distributions ................ 24,738
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 366,928

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 1: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 1,146
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 1: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 1: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 1: Classification and Asset Allocation
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? Yes
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? Yes
S 1: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? No –
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes to both
Margin purchases? No –
Short selling? No –
S 1: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 221,980
Sales ($000s): 378,247

Monthly average Value of portfolio ($000s): 2,779,618

Percent turnover (lesser of Purchases or Sales, divided by Value): 8%
S 1: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 27
Net dividend income .............................................. 62,990
Account maintenance fees ......................................... –
Net other income ................................................. 9

Expenses ($000s)
Advisory fees .................................................... 129
Administrator fees ............................................... 1,308
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 731
Custodian fees ................................................... 53
Postage .......................................................... –
Printing expenses ................................................ 33
Directors’ fees .................................................. 4
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 23
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 668
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 2,949

Expense reimbursements ($000s): 0

Net investment income ($000s): 60,077

Realized capital gains ($000s): 41,188
Realized capital losses ($000s): 169,495

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 1,150,385

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 1: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 1,885,314
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 524
Receivables from portfolio instruments sold ...................... 16,905
Receivables from affiliated persons .............................. –
Other receivables ................................................ 5,555
All other assets ................................................. –
Total assets ..................................................... 1,908,298

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 2,714
Amounts owed to affiliated persons ............................... 4,958
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 15,024

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 1,885,602

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 24,403

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 2,778,634
Series 2 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Vanguard Tax-Managed Capital Appreciation Fd [ now
Vanguard Tax-Managed Capital Appreciation Fund ] — S#4384 ⇒ VTCLX & 2 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 2: Custodian
15.1 Name: JP Morgan Chase Bank
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 2: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Goldman, Sachs & Co.
IRS #: 13-5108880
Type of security owned: Equity
Value of securities owned at period end ($000s): 11,800
25.2 Name: Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #: 13-5674085
Type of security owned: Equity
Value of securities owned at period end ($000s): 1,541
25.3 Name: (See a prior Form N-SAR for who was...) Deleted
25.4 Name: Citigroup Global Markets Inc.
IRS #: 13-2919773
Type of security owned: Equity
Value of securities owned at period end ($000s): 6,895
25.5 Name: Morgan Stanley
IRS #: 13-2655998
Type of security owned: Equity
Value of securities owned at period end ($000s): 4,247
25.6 Name: (See a prior Form N-SAR for who was...) Deleted
25.7 Name: (See a prior Form N-SAR for who was...) Deleted
S 2: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 45,342
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 31,962
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 32,739
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 19,435
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 35,018
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 40,195
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 59,179
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 88,513
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 34,556
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 48,583
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 36,041
Reinvestment of dividends and distributions ................ 49,365
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 85,628

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 242,875
Reinvestment of dividends and distributions ................ 49,365
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 314,316

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 2: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 1,036
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 2: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 2: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 2: Classification and Asset Allocation
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? Yes
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? Yes
S 2: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? No –
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 2: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 405,516
Sales ($000s): 301,571

Monthly average Value of portfolio ($000s): 3,769,976

Percent turnover (lesser of Purchases or Sales, divided by Value): 8%
S 2: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 78
Net dividend income .............................................. 67,800
Account maintenance fees ......................................... –
Net other income ................................................. 8

Expenses ($000s)
Advisory fees .................................................... 148
Administrator fees ............................................... 1,870
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1,325
Custodian fees ................................................... 20
Postage .......................................................... –
Printing expenses ................................................ 15
Directors’ fees .................................................. 5
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 23
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 580
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 3,986

Expense reimbursements ($000s): 0

Net investment income ($000s): 63,900

Realized capital gains ($000s): 71,813
Realized capital losses ($000s): 227,885

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 1,592,772

Total income dividends for which the record date passed during the
period ($000s): 0

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 2: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 2,702,599
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 723
Receivables from portfolio instruments sold ...................... 18,909
Receivables from affiliated persons .............................. –
Other receivables ................................................ 6,785
All other assets ................................................. –
Total assets ..................................................... 2,729,016

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 10,691
Amounts owed to affiliated persons ............................... 6,107
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 9,279

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 2,702,939

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 29,145

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 3,770,072
Series 3 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Vanguard Tax-Managed Balanced Fund — S#4383 ⇒ VTMFX

Is this the final Form N-SAR filed for this Fund/Series? No
S 3: Custodian
15.1 Name: JP Morgan Chase Bank
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 3: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Citigroup Global Markets Inc.
IRS #: 13-2919773
Type of security owned: Equity
Value of securities owned at period end ($000s): 895
25.2 Name: J.P. Morgan Securities Inc.
IRS #: 13-3224016
Type of security owned: Equity
Value of securities owned at period end ($000s): 3,581
25.3 Name: Goldman, Sachs & Co.
IRS #: 13-5108880
Type of security owned: Equity
Value of securities owned at period end ($000s): 1,300
25.4 Name: Morgan Stanley
IRS #: 13-2655998
Type of security owned: Equity
Value of securities owned at period end ($000s): 232
25.5 Name: (See a prior Form N-SAR for who was...) Deleted
25.6 Name: (See a prior Form N-SAR for who was...) Deleted
S 3: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,242
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 6,359
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,012
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,485
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,537
Reinvestment of dividends and distributions ................ 4,294
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 6,177
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 7,151
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 13,724
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,018
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,061
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 8,417
Reinvestment of dividends and distributions ................ 4,547
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,742

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 35,377
Reinvestment of dividends and distributions ................ 8,841
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 45,548

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 3: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 266
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 3: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 3: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 3: Classification and Asset Allocation
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? No
Income? No
Total return? Yes
67. Is the Registrant/Series a “balanced” Fund? Yes
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 3: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? No –
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes to both
Margin purchases? No –
Short selling? No –
S 3: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 149,639
Sales ($000s): 124,630

Monthly average Value of portfolio ($000s): 664,543

Percent turnover (lesser of Purchases or Sales, divided by Value): 19%
S 3: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 15,234
Net dividend income .............................................. 5,892
Account maintenance fees ......................................... –
Net other income ................................................. 11

Expenses ($000s)
Advisory fees .................................................... 77
Administrator fees ............................................... 409
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 219
Custodian fees ................................................... 3
Postage .......................................................... –
Printing expenses ................................................ 11
Directors’ fees .................................................. 1
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 22
Legal fees ....................................................... 131
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 873

Expense reimbursements ($000s): 14

Net investment income ($000s): 20,278

Realized capital gains ($000s): 5,109
Realized capital losses ($000s): 26,202

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 133,875

Total income dividends for which the record date passed during the
period ($000s): 20,382

Dividends from net investment income: $0.5650

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 3: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 279
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 35,107
Long-term debt securities, including convertible debt ............ 263,314
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 284,682
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 155
Receivables from portfolio instruments sold ...................... 392
Receivables from affiliated persons .............................. –
Other receivables ................................................ 5,489
All other assets ................................................. –
Total assets ..................................................... 589,418

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 113
Amounts owed to affiliated persons ............................... 1,175
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 851

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 587,279

Number of shares outstanding (000s): 36,265

Net Asset Value (NAV) per share (to nearest cent): $16.19

Total number of shareholder accounts: 9,126

Total value of assets in segregated accounts ($000s): 0
75. Daily average net assets during the period ($000s): 676,107
Series 4 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Vanguard Tax-Managed Small-Cap Fund — S#4387 ⇒ VTMSX & VTSIX

Is this the final Form N-SAR filed for this Fund/Series? No
S 4: Custodian
15.1 Name: JP Morgan Chase Bank
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 4: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 4: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 82,653
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 68,224
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 22,665
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 5,032
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 45,939
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,973
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 27,920
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 65,732
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 18,372
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 26,838
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 23,356
Reinvestment of dividends and distributions ................ 16,533
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 43,611

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 220,905
Reinvestment of dividends and distributions ................ 16,533
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 220,410

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 4: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 881
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 4: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 4: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 4: Classification and Asset Allocation
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? Yes
Growth? No
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? Yes
S 4: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? No –
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes to both
Margin purchases? No –
Short selling? No –
S 4: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 930,213
Sales ($000s): 887,256

Monthly average Value of portfolio ($000s): 1,785,582

Percent turnover (lesser of Purchases or Sales, divided by Value): 50%
S 4: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 61
Net dividend income .............................................. 22,801
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 93
Administrator fees ............................................... 875
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 855
Custodian fees ................................................... 19
Postage .......................................................... –
Printing expenses ................................................ 15
Directors’ fees .................................................. 2
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 23
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 482
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 2,364

Expense reimbursements ($000s): 0

Net investment income ($000s): 20,498

Realized capital gains ($000s): 269,794
Realized capital losses ($000s): 172,899

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 747,423

Total income dividends for which the record date passed during the
period ($000s): 19,336
Dividends for a second class of shares ($000s): 1,688

Dividends from net investment income: $0.2720
Dividends for a second class of shares: $0.2810

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 4: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 5
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 1,361,540
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 4,885
Receivables from portfolio instruments sold ...................... 24,885
Receivables from affiliated persons .............................. –
Other receivables ................................................ 4,116
All other assets ................................................. –
Total assets ..................................................... 1,395,431

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 29,573
Amounts owed to affiliated persons ............................... 2,599
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 2,847

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 1,360,412

Number of shares outstanding (000s): 72,162
Number of shares outstanding of a second class of shares (000s): 5,843

Net Asset Value (NAV) per share (to nearest cent): $17.44
NAV per share of a second class of shares (to nearest cent): $17.47

Total number of shareholder accounts: 21,321

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 1,784,617
Series 5 ↑Information Common to All Funds/Series ↑List of 5 Funds/Series
7. Name: Vanguard Tax-Managed International Fund [ now
Vanguard Developed Markets Index Fund ] — S#4386 ⇒ VTMGX & 2 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 5: Custodian
15.1 Name: Brown Brothers Harriman & Co.
Role: Custodian
Location: Boston, MA

Type of custody: Section 17(f)(1) — Bank
S 5: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Credit Suisse Securities (USA) LLC
IRS #: 13-5659485
Type of security owned: Equity
Value of securities owned at period end ($000s): 13,930
25.2 Name: (See a prior Form N-SAR for who was...) Deleted
S 5: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 494,362
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,566
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 155,752
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 12,151
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 178,857
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 92,951
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 209,014
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 93,851
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 208,897
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 40,723
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 614,115
Reinvestment of dividends and distributions ................ 34,350
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 70,988

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,860,997
Reinvestment of dividends and distributions ................ 34,350
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 321,230

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 5: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 1,382
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 5: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 5: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 5: Classification and Asset Allocation
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? Yes
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? Yes
69. Is the Registrant/Series an index Fund? Yes
S 5: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 5: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 3,000,371
Sales ($000s): 543,882

Monthly average Value of portfolio ($000s): 3,441,232

Percent turnover (lesser of Purchases or Sales, divided by Value): 16%
S 5: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 140
Net dividend income .............................................. 122,611
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 128
Administrator fees ............................................... 1,714
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 809
Custodian fees ................................................... 742
Postage .......................................................... –
Printing expenses ................................................ 47
Directors’ fees .................................................. 4
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 32
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 804
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 4,280

Expense reimbursements ($000s): 42

Net investment income ($000s): 118,513

Realized capital gains ($000s): 30,402
Realized capital losses ($000s): 279,620

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 1,665,734

Total income dividends for which the record date passed during the
period ($000s): 0

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 5: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 3,684,441
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 783
Receivables from portfolio instruments sold ...................... 12,333
Receivables from affiliated persons .............................. –
Other receivables ................................................ 58,148
All other assets ................................................. –
Total assets ..................................................... 3,755,705

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 50,315
Amounts owed to affiliated persons ............................... 2,607
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 37,618

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 3,665,165

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 24,039

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 3,440,169
Signature ↑Top of Form N-SAR
/s/ Chuck Simpkins
Name: Chuck Simpkins
Title: Manager

↑Top

Filing Submission 0000932471-09-000783 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Vanguard Tax-Managed Funds – ‘NSAR-B’ for 12/31/08

On: Wednesday, 2/25/09, at 9:45am ET · Effective: 2/25/09 · For: 12/31/08 · Accession #: 932471-9-783 · File #: 811-07175

Previous ‘NSAR-B’: ‘NSAR-B’ on 2/27/08 for 12/31/07 · Next: ‘NSAR-B’ on 2/24/10 for 12/31/09 · Latest: ‘NSAR-B’ on 2/27/18 for 12/31/17

Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

‘NSAR-B’ — Tax-Managed Nsar 12-31-08

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents