0000932471-13-006914.txt : 20130612 0000932471-13-006914.hdr.sgml : 20130612 20130612110042 ACCESSION NUMBER: 0000932471-13-006914 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130612 DATE AS OF CHANGE: 20130612 EFFECTIVENESS DATE: 20130612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TAX-MANAGED FUNDS CENTRAL INDEX KEY: 0000923202 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-53683 FILM NUMBER: 13908150 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX MANAGED FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX-MANAGED FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX MANAGED FUND INC DATE OF NAME CHANGE: 19940517 0000923202 S000004386 Vanguard Tax-Managed International Fund C000012140 Admiral Shares VTMGX C000012141 Institutional Shares VTMNX C000051262 ETF Shares VEA 497 1 taxman.htm TAXMANAGED497 taxman.htm - Generated by SEC Publisher for SEC Filing

June 12, 2013

U.S. Securities & Exchange Commission
100 F Street, N.E.
Washington, DC 20549
 
 
Re: Vanguard Tax-Managed Funds (the “Trust”); File No. 33-53683
 
 
Commissioners:
 
Pursuant to Rule 497(e) under the Securities Act of 1933, we hereby file exhibits containing
interactive data format risk/return summary information that reflects the risk/return summary
information in the supplements dated May 29, 2013, filed pursuant to Rule 497(e), for the Vanguard
Tax-Managed International Fund, a series of the above mentioned Trust.
 
If you have any questions or comments concerning the foregoing, please contact me at
(610) 669-1538.
 
 
Sincerely,
 
 
 
Judith L. Gaines
Associate Counsel
The Vanguard Group, Inc.
 
 
Enclosures
 
 
cc: Amy Miller, Esq.
U. S. Securities and Exchange Commission

 

 
 EX-101.INS 3 taxmanagedstkr-20130529.xml INSTANCE 0.07 2013-04-26 2013-04-26 2013-04-26 <p></p><p>[SHIP LOGO VANGUARD (R)]</p><p></p><p></p><p></p><p></p><p></p><p>Vanguard Tax-Managed International Fund</p><p>Supplement to the Prospectus and Summary Prospectus for Exchange-Traded Fund Shares</p><p>New Target Index</p><p>Effective immediately, Vanguard Tax-Managed International Fund has begun tracking its new target index, the FTSE Developed ex North America Index, as previously approved by the Fund's board of trustees. The board believes that the new index is well-constructed and offers comprehensive coverage of the Fund's market segment. In addition, Vanguard's agreement with the new index provider may result in considerable savings to shareholders over time in the form of lower expense ratios.</p><p>The new index measures the same market segment as the previous index, so the investment objective and risks described in the Fund's current prospectus have not changed. The Fund's new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index. </p><p>Name Change for ETF Shares</p><p>To better coincide with the Fund's new target index, the ETF share class of the Fund, previously known as Vanguard MSCI EAFE ETF, has changed its name to Vanguard FTSE Developed Markets ETF.</p><p>Prospectus and Summary Prospectus Text Changes</p><p>The paragraph under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund purchases stocks included in the FTSE Developed ex North America Index, which includes approximately 1,385 common stocks of companies located in developed countries of Europe, Australia, Asia, and the Far East. The Fund uses 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.</p><p>The paragraph under 'Annual Total Returns' is replaced with the following:</p><p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. MSCI EAFE Index returns are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p><p>Vanguard Tax-Managed International Fund (the 'Fund') is not in any way sponsored, endorsed, sold, or promoted by FTSE International Limited ('FTSE') or the London Stock Exchange Group companies ('LSEG') (together the 'Licensor Parties'), and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE Developed ex North America Index (the 'Index') (upon which the Fund is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Vanguard or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. All rights in the Index vest in FTSE. 'FTSE(R)' is a trademark of LSEG and is used by FTSE under licence. </p><p>(C) 2013 The Vanguard Group, Inc. All rights reserved.</p><p>Vanguard Marketing Corporation, Distributor. PS 936 052013</p> <p></p><p>[SHIP LOGO VANGUARD (R)]</p><p></p><p></p><p></p><p></p><p>Vanguard Tax-Managed International Fund</p><p>Supplement to the Prospectus and Summary Prospectus for Institutional Shares</p><p>New Target Index</p><p>Effective immediately, Vanguard Tax-Managed International Fund has begun tracking its new target index, the FTSE Developed ex North America Index, as previously approved by the Fund's board of trustees. The board believes that the new index is well-constructed and offers comprehensive coverage of the Fund's market segment. In addition, Vanguard's agreement with the new index provider may result in considerable savings to shareholders over time in the form of lower expense ratios.</p><p>The new index measures the same market segment as the previous index, so the investment objective and risks described in the Fund's current prospectus have not changed. The Fund's new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index. </p><p>Name Change for ETF Shares</p><p>To better coincide with the Fund's new target index, the ETF share class of the Fund, previously known as Vanguard MSCI EAFE ETF, has changed its name to Vanguard FTSE Developed Markets ETF. </p><p>Prospectus and Summary Prospectus Text Changes</p><p>The paragraph under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund purchases stocks included in the FTSE Developed ex North America Index, which includes approximately 1,385 common stocks of companies located in developed countries of Europe, Australia, Asia, and the Far East. The Fund uses 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.</p><p>The paragraph under 'Annual Total Returns' is replaced with the following:</p><p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. MSCI EAFE Index returns are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p><p>Vanguard Tax-Managed International Fund (the 'Fund') is not in any way sponsored, endorsed, sold, or promoted by FTSE International Limited ('FTSE') or the London Stock Exchange Group companies ('LSEG') (together the 'Licensor Parties'), and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE Developed ex North America Index (the 'Index') (upon which the Fund is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Vanguard or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. All rights in the Index vest in FTSE. 'FTSE(R)' is a trademark of LSEG and is used by FTSE under licence.</p><p>(C) 2013 The Vanguard Group, Inc. All rights reserved.</p><p>Vanguard Marketing Corporation, Distributor. PSI 136 052013</p> <p></p><p>[SHIP LOGO VANGUARD (R)]</p><p></p><p></p><p></p><p></p><p>Vanguard Tax-Managed International Fund</p><p>Supplement to the Prospectus and Summary Prospectus for Admiral(tm) Shares</p><p>New Target Index</p><p>Effective immediately, Vanguard Tax-Managed International Fund has begun tracking its new target index, the FTSE Developed ex North America Index, as previously approved by the Fund's board of trustees. The board believes that the new index is well-constructed and offers comprehensive coverage of the Fund's market segment. In addition, Vanguard's agreement with the new index provider may result in considerable savings to shareholders over time in the form of lower expense ratios.</p><p>The new index measures the same market segment as the previous index, so the investment objective and risks described in the Fund's current prospectus have not changed. The Fund's new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index. </p><p>Name Change for ETF Shares</p><p>To better coincide with the Fund's new target index, the ETF share class of the Fund, previously known as Vanguard MSCI EAFE ETF, has changed its name to Vanguard FTSE Developed Markets ETF. </p><p>Prospectus and Summary Prospectus Text Changes</p><p>The paragraph under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund purchases stocks included in the FTSE Developed ex North America Index, which includes approximately 1,385 common stocks of companies located in developed countries of Europe, Australia, Asia, and the Far East. The Fund uses 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.</p><p>The paragraph under 'Annual Total Returns' is replaced with the following:</p><p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. MSCI EAFE Index returns are adjusted for withholding taxes. The Fund's Investor Shares were renamed Admiral Shares on May 13, 2011. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p><p>Vanguard Tax-Managed International Fund (the 'Fund') is not in any way sponsored, endorsed, sold, or promoted by FTSE International Limited ('FTSE') or the London Stock Exchange Group companies ('LSEG') (together the 'Licensor Parties'), and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE Developed ex North America Index (the 'Index') (upon which the Fund is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Vanguard or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. All rights in the Index vest in FTSE. 'FTSE(R)' is a trademark of LSEG and is used by FTSE under licence.</p><p>(C) 2013 The Vanguard Group, Inc. All rights reserved.</p><p>Vanguard Marketing Corporation, Distributor. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2012
Registrant Name dei_EntityRegistrantName Vanguard Tax-Managed Funds
Central Index Key dei_EntityCentralIndexKey 0000923202
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate May 29, 2013
Document Effective Date dei_DocumentEffectiveDate May 29, 2013
Vanguard Tax-Managed International Fund | ETF
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Apr. 26, 2013
PortfolioTurnover, Rate rr_PortfolioTurnoverRate 7.00%
Vanguard Tax-Managed International Fund | Institutional
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Apr. 26, 2013
Vanguard Tax-Managed International Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Apr. 26, 2013
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Supplement (Vanguard Tax-Managed International Fund)
 12 Months Ended
Dec. 31, 2012
ETF
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (R)]

Vanguard Tax-Managed International Fund

Supplement to the Prospectus and Summary Prospectus for Exchange-Traded Fund Shares

New Target Index

Effective immediately, Vanguard Tax-Managed International Fund has begun tracking its new target index, the FTSE Developed ex North America Index, as previously approved by the Fund's board of trustees. The board believes that the new index is well-constructed and offers comprehensive coverage of the Fund's market segment. In addition, Vanguard's agreement with the new index provider may result in considerable savings to shareholders over time in the form of lower expense ratios.

The new index measures the same market segment as the previous index, so the investment objective and risks described in the Fund's current prospectus have not changed. The Fund's new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index.

Name Change for ETF Shares

To better coincide with the Fund's new target index, the ETF share class of the Fund, previously known as Vanguard MSCI EAFE ETF, has changed its name to Vanguard FTSE Developed Markets ETF.

Prospectus and Summary Prospectus Text Changes

The paragraph under 'Primary Investment Strategies' is replaced with the following:

The Fund purchases stocks included in the FTSE Developed ex North America Index, which includes approximately 1,385 common stocks of companies located in developed countries of Europe, Australia, Asia, and the Far East. The Fund uses 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.

The paragraph under 'Annual Total Returns' is replaced with the following:

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. MSCI EAFE Index returns are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Vanguard Tax-Managed International Fund (the 'Fund') is not in any way sponsored, endorsed, sold, or promoted by FTSE International Limited ('FTSE') or the London Stock Exchange Group companies ('LSEG') (together the 'Licensor Parties'), and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE Developed ex North America Index (the 'Index') (upon which the Fund is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Vanguard or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. All rights in the Index vest in FTSE. 'FTSE(R)' is a trademark of LSEG and is used by FTSE under licence.

(C) 2013 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor. PS 936 052013
Institutional
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (R)]

Vanguard Tax-Managed International Fund

Supplement to the Prospectus and Summary Prospectus for Institutional Shares

New Target Index

Effective immediately, Vanguard Tax-Managed International Fund has begun tracking its new target index, the FTSE Developed ex North America Index, as previously approved by the Fund's board of trustees. The board believes that the new index is well-constructed and offers comprehensive coverage of the Fund's market segment. In addition, Vanguard's agreement with the new index provider may result in considerable savings to shareholders over time in the form of lower expense ratios.

The new index measures the same market segment as the previous index, so the investment objective and risks described in the Fund's current prospectus have not changed. The Fund's new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index.

Name Change for ETF Shares

To better coincide with the Fund's new target index, the ETF share class of the Fund, previously known as Vanguard MSCI EAFE ETF, has changed its name to Vanguard FTSE Developed Markets ETF.

Prospectus and Summary Prospectus Text Changes

The paragraph under 'Primary Investment Strategies' is replaced with the following:

The Fund purchases stocks included in the FTSE Developed ex North America Index, which includes approximately 1,385 common stocks of companies located in developed countries of Europe, Australia, Asia, and the Far East. The Fund uses 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.

The paragraph under 'Annual Total Returns' is replaced with the following:

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. MSCI EAFE Index returns are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Vanguard Tax-Managed International Fund (the 'Fund') is not in any way sponsored, endorsed, sold, or promoted by FTSE International Limited ('FTSE') or the London Stock Exchange Group companies ('LSEG') (together the 'Licensor Parties'), and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE Developed ex North America Index (the 'Index') (upon which the Fund is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Vanguard or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. All rights in the Index vest in FTSE. 'FTSE(R)' is a trademark of LSEG and is used by FTSE under licence.

(C) 2013 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor. PSI 136 052013
Retail
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (R)]

Vanguard Tax-Managed International Fund

Supplement to the Prospectus and Summary Prospectus for Admiral(tm) Shares

New Target Index

Effective immediately, Vanguard Tax-Managed International Fund has begun tracking its new target index, the FTSE Developed ex North America Index, as previously approved by the Fund's board of trustees. The board believes that the new index is well-constructed and offers comprehensive coverage of the Fund's market segment. In addition, Vanguard's agreement with the new index provider may result in considerable savings to shareholders over time in the form of lower expense ratios.

The new index measures the same market segment as the previous index, so the investment objective and risks described in the Fund's current prospectus have not changed. The Fund's new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index.

Name Change for ETF Shares

To better coincide with the Fund's new target index, the ETF share class of the Fund, previously known as Vanguard MSCI EAFE ETF, has changed its name to Vanguard FTSE Developed Markets ETF.

Prospectus and Summary Prospectus Text Changes

The paragraph under 'Primary Investment Strategies' is replaced with the following:

The Fund purchases stocks included in the FTSE Developed ex North America Index, which includes approximately 1,385 common stocks of companies located in developed countries of Europe, Australia, Asia, and the Far East. The Fund uses 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.

The paragraph under 'Annual Total Returns' is replaced with the following:

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. MSCI EAFE Index returns are adjusted for withholding taxes. The Fund's Investor Shares were renamed Admiral Shares on May 13, 2011. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Vanguard Tax-Managed International Fund (the 'Fund') is not in any way sponsored, endorsed, sold, or promoted by FTSE International Limited ('FTSE') or the London Stock Exchange Group companies ('LSEG') (together the 'Licensor Parties'), and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE Developed ex North America Index (the 'Index') (upon which the Fund is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Vanguard or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. All rights in the Index vest in FTSE. 'FTSE(R)' is a trademark of LSEG and is used by FTSE under licence.

(C) 2013 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor. PS 103A 052013