# EDGAR Filing Document

**Accession Number:** 0000923202
**File Stem:** 0001683863-23-000898
**Filing Date:** 2023-2
**Character Count:** 11243
**Document Hash:** b683210a907d6694bc2494c1517040e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000898.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001683863-23-000898

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**EFFECTIVENESS DATE**: 20230217

**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:** 23640463

**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

## Series and Classes Contracts Data

### Vanguard Tax-Managed Balanced Fund (Series ID: S000004383)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Admiral Shares | VTMFX         | C000012133 |

---

### Vanguard Tax-Managed Capital Appreciation Fund (Series ID: S000004384)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| Admiral Shares       | VTCLX         | C000012135 |
| Institutional Shares | VTCIX         | C000012136 |

---

### Vanguard Tax-Managed Small-Cap Fund (Series ID: S000004387)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| Admiral Shares       | VTMSX         | C000012142 |
| Institutional Shares | VTSIX         | C000012143 |

---

## Series and Classes Contracts Data

### Vanguard Tax-Managed Balanced Fund (Series ID: S000004383)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012133 | Admiral Shares | VTMFX           |

### Vanguard Tax-Managed Capital Appreciation Fund (Series ID: S000004384)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012135 | Admiral Shares       | VTCLX           |
| C000012136 | Institutional Shares | VTCIX           |

### Vanguard Tax-Managed Small-Cap Fund (Series ID: S000004387)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012142 | Admiral Shares       | VTMSX           |
| C000012143 | Institutional Shares | VTSIX           |

![](vanguard.jpg)

Vanguard Tax-Managed Funds

**Supplement Dated February 17, 2023, to the Prospectuses and Summary Prospectuses Dated April 29, 2022**

**Important Changes to Vanguard Tax-Managed Balanced Fund**

Effective immediately, Aurélie Denis and Michael R. Roach have been added as co-portfolio managers of Vanguard Tax-Managed Balanced Fund (the Fund). They replace William A. Coleman, who had previously co-managed the Fund, and join Walter Nejman and James M. D'arcy, who will continue to co-manage the Fund.

Accordingly, all references to Mr. Coleman in the Fund's Prospectus and Summary Prospectus are hereby deleted in their entirety. The Fund's investment objective, strategies, and policies remain unchanged.

**Prospectus and Summary Prospectus Text Changes**

The following replaces William A. Coleman under the heading "Investment Advisor" in the **Fund Summary** section for the Fund:

Aurélie Denis, CFA, Portfolio Manager at Vanguard. She has co-managed the stock portion of the Fund since February 2023.

Michael R. Roach, CFA, Portfolio Manager at Vanguard. He has co-managed the stock portion of the Fund since February 2023.

**Important Changes to Vanguard Tax-Managed Capital Appreciation Fund**

Effective immediately, Walter Nejman has been added as a co-portfolio manager of Vanguard Tax-Managed Capital Appreciation Fund (the Fund). He replaces William A. Coleman, who had previously co-managed the Fund, and joins Awais Khan, who will continue to co-manage the Fund.

Accordingly, all references to Mr. Coleman in the Fund's Prospectuses and Summary Prospectuses are hereby deleted in their entirety. The Fund's investment objective, strategies, and policies remain unchanged.

------

**Prospectus and Summary Prospectus Text Changes**

The following replaces William A. Coleman under the heading "Investment Advisor" in the **Fund Summary** section for the Fund:

Walter Nejman, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2023.

**Important Changes to Vanguard Tax-Managed Small Cap Fund**

Effective immediately, Walter Nejman has been added as a co-portfolio manager of Vanguard Tax-Managed Small Cap Fund (the Fund). He replaces William A. Coleman, who had previously co-managed the Fund, and joins Donald M. Butler, who will continue to co-manage the Fund.

Accordingly, all references to Mr. Coleman in the Fund's Prospectuses and Summary Prospectuses are hereby deleted in their entirety. The Fund's investment objective, strategies, and policies remain unchanged.

**Prospectus and Summary Prospectus Text Changes**

The following replaces William A. Coleman and Walter Nejman under the heading "Investment Advisor" in the **Fund Summary** section for the Fund:

Walter Nejman, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2023.

**Prospectus Text Changes**

The following replaces William A. Coleman under the heading "Investment Advisor" in the **More on the Funds** section:

**Aurélie Denis,** CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2016, has worked in investment management since 2017, has managed investment portfolios since 2023, and has co-managed the stock portion of Vanguard Tax-Managed Balanced Fund since February 2023. Education: B.S., Pennsylvania State University.

**Michael R. Roach,** CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 1998, has worked in investment management since 2005, had previously managed investment portfolios from 2009-2019, and has co-managed the stock portion of Vanguard Tax-Managed Balanced Fund since February 2023. Education: B.S., Bloomsburg University of Pennsylvania; M.S., Drexel University.

------

**Walter Nejman,** Portfolio Manager at Vanguard. He has been with Vanguard since 2005; has worked in investment management since 2008; has co-managed Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small Cap Fund since February 2023, and the stock portion of Vanguard Tax-Managed Balanced Fund since 2021. Education: B.A., Arcadia University; M.B.A., Villanova University.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 103A 022023

*CFA*<sup>®</sup> is a registered trademark owned by CFA Institute.

------

![](vanguard.jpg)

**Vanguard Tax-Managed Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Supplement Dated February 17, 2023, to the Statement of Additional Information Dated April 29, 2022**

**Important Changes to Vanguard Tax-Managed Funds**

**Vanguard Tax-Managed Balanced Fund**

Effective immediately, Aurélie Denis and Michael R. Roach have been added as co-portfolio managers of Vanguard Tax-Managed Balanced Fund (the Fund). They replace William A. Coleman, who had previously co-managed the Fund, and join Walter Nejman and James M. D'arcy, who will continue to co-manage the Fund. All references to Mr. Coleman in the Statement of Additional Information are hereby deleted in their entirety.

The Fund's investment objective, strategies, and policies remain unchanged.

**Vanguard Tax-Managed Capital Appreciation Fund**

Effective immediately, Walter Nejman has been added as a co-portfolio manager of Vanguard Tax-Managed Capital Appreciation Fund (the Fund). He replaces William A. Coleman, who had previously co-managed the Fund, and joins Awais Khan, who will continue to co-manage the Fund. All references to Mr. Coleman in the Statement of Additional Information are hereby deleted in their entirety.

The Fund's investment objective, strategies, and policies remain unchanged.

**Vanguard Tax-Managed Small Cap Fund**

Effective immediately, Walter Nejman has been added as a co-portfolio manager of Vanguard Tax-Managed Capital Appreciation Fund (the Fund). He replaces William A. Coleman, who had previously co-managed the Fund, and joins Donald M. Butler, who will continue to co-manage the Fund. All references to Mr. Coleman in the Statement of Additional Information are hereby deleted in their entirety.

The Fund's investment objective, strategies, and policies remain unchanged.

**Statement of Additional Information Text Changes**

In the **Investment Advisory and Other Services** section, the following text replaces the information on the table for William A. Coleman under the subheading "**1. Other Accounts Managed"** on page B-45:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** |  | **No. of** <br> **accounts**<br>| **Total assets** | **No. of accounts with**<br> **performance-based** <br> **fees**<br>| **Total assets in**<br> **accounts with**<br> **performance-based** <br> **fees**<br>|
| Aurélie Denis<sup>1</sup> <br>| Registered investment companies<sup>2</sup> <br>| &nbsp;&nbsp; 0 <br>| $0 | 0 | $0 |
|  | Other pooled investment vehicles | &nbsp;&nbsp; 0 | $0 | 0 | $0 |
|  | Other accounts | &nbsp;&nbsp; 0 | $0 | 0 | $0 |
| Walter Nejman<sup>3</sup> <br>| Registered investment companies<sup>4</sup> <br>| 46 | $2.39T | 0 | $0 |
|  | Other pooled investment vehicles | 16 | $119B | 0 | $0 |
|  | Other accounts | &nbsp;&nbsp; 0 | $0 | 0 | $0 |
| Michael R. Roach<sup>5</sup> <br>| Registered investment companies<sup>6</sup> <br>| &nbsp;&nbsp; 0 <br>| $0 | 0 | $0 |
|  | Other pooled investment vehicles | &nbsp;&nbsp; 0 | $0 | 0 | $0 |
|  | Other accounts | &nbsp;&nbsp; 0 | $0 | 0 | $0 |

---

1 Ms. Denis began co-managing Vanguard Tax-Managed Balanced Fund on February 17, 2023.

2 Information provided as of December 31, 2022.

3 Mr. Nejman began co-managing Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund on February 17, 2023.

4 Information provided as of December 31, 2022.

------

5 Mr. Roach beginning co-managing Vanguard Tax-Managed Balanced Fund on February 17, 2023.

6 Information provided as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Within the same section, the following text is added under the subheading **"4. Ownership of Securities"** on page B-46:

As of December 31, 2022, Ms. Denis and Mr. Roach did not own shares of Vanguard Tax-Managed Balanced Fund.

As of December 31, 2022, Mr. Nejman did not own shares of Vanguard Tax-Managed Capital Appreciation Fund or Vanguard Tax-Managed Small Cap Fund.© 2023 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

**SAI 103A 022023**

------