Mutual Fund Summary Prospectus (497k)
29 7월 2013 - 10:11PM
Edgar (US Regulatory)
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Vanguard Tax-Managed International Fund
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Summary Prospectus
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July 29, 2013
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Admiral Shares
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Vanguard Tax-Managed International Fund Admiral Shares (VTMGX)
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The Funds statutory Prospectus and Statement of Additional Information dated
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July 29, 2013, are incorporated into and made part of this Summary Prospectus
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by reference.
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Before you invest, you may want to review the Funds Prospectus, which
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contains more information about the Fund and its risks. You can find
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the Funds Prospectus and other information about the Fund online at
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www.vanguard.com/prospectus
. You can also get this information at no
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cost by calling 800-662-7447 or by sending an e-mail request to
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online@vanguard.com.
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The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or
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passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
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Investment Objective
The Fund seeks to provide a tax-efficient investment return consisting of long-term capital appreciation.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
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Shareholder Fees
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(Fees paid directly from your investment)
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Sales Charge (Load) Imposed on Purchases
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None
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Purchase Fee
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None
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Sales Charge (Load) Imposed on Reinvested Dividends
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None
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Redemption Fee
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None
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Account Service Fee (for fund account balances below $10,000)
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$20/year
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Annual Fund Operating Expenses
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(Expenses that you pay each year as a percentage of the value of your investment)
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Management Expenses
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0.06%
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12b-1 Distribution Fee
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None
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Other Expenses
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0.04%
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Total Annual Fund Operating Expenses
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0.10%
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Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$10
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$32
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$56
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$128
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7%.
Primary Investment Strategies
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.
Primary Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund is subject to the following risks, which could affect the Fund’s performance:
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Stock market risk
, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund’s investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times,
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moved in opposite directions. In addition, the Funds benchmark index may, at times, become focused in stocks of a particular sector, category, or group of companies.
Country/regional risk,
which is the chance that world eventssuch as political upheaval, financial troubles, or natural disasterswill adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, the Funds performance may be hurt disproportionately by the poor performance of its investments in that area.
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Currency risk
, which is the chance that the value of a foreign investment, measured in
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dollars, will decrease because of unfavorable changes in currency exchange rates.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
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 Funds 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 Funds Investor Shares were renamed Admiral Shares on May 13, 2011. Keep in mind that the Funds 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.
Annual Total Returns Vanguard Tax-Managed International Fund Admiral Shares
During the periods shown in the bar chart, the highest return for a calendar quarter was 25.41% (quarter ended June 30, 2009), and the lowest return for a quarter was 20.03% (quarter ended September 30, 2011).
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Average Annual Total Returns for Periods Ended December 31, 2012
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1 Year
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5 Years
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10 Years
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Vanguard Tax-Managed International Fund Admiral Shares
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Return Before Taxes
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18.56%
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3.27%
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8.45%
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Return After Taxes on Distributions
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18.18
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3.54
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8.20
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Return After Taxes on Distributions and Sale of Fund Shares
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12.90
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2.66
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7.62
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MSCI EAFE Index
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(reflects no deduction for fees or expenses)
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17.32%
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3.69%
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8.21%
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Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned
Return After Taxes on Distributions and Sale of Fund Shares
will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Investment Advisor
The Vanguard Group, Inc.
Portfolio Manager
Christine D. Franquin, Principal of Vanguard. She has managed the Fund since 2013.
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Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (
vanguard.com)
, by mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone (800-662-2739). The following table provides the Fund’s minimum initial and subsequent investment requirements.
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Account Minimums
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Admiral Shares
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To open and maintain an account
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$10,000
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To add to an existing account
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Generally $100 (other than by Automatic Investment
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Plan, which has no established minimum)
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Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain.
Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.
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Vanguard Tax-Managed International Fund Admiral SharesFund Number 127
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
®
is a trademark of LSEG and is used by FTSE under licence.
© 2013 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SP 127 072013
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