Vanguard Tax-Managed International Fund Annual Report ...

Tax-Managed International Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Year Ended December 31,
Throughout Each Period 2009 2008 2007 2006 2005
Net Asset Value, Beginning of Period $8.74 $15.40 $14.16 $11.48 $10.33
Investment Operations
Net Investment Income .2771 Net Realized and Unrealized Gain (Loss)
.290 .332 .331 .246
on Investments 2.190 (6.661) 1.244 2.685 1.161
Total from Investment Operations
Distributions
2.467 (6.371) 1.576 3.016 1.407
Dividends from Net Investment Income (.257) (.289) (.336) (.336) (.257)
Distributions from Realized Capital Gains — — — — —
Total Distributions (.257) (.289) (.336) (.336) (.257)
Net Asset Value, End of Period $10.95 $8.74 $15.40 $14.16 $11.48
Total Return 2 28.27% –41.27% 11.15% 26.27% 13.60%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)
Ratio of Total Expenses to
$1,409 $1,131 $1,915 $1,624 $1,119
Average Net Assets
Ratio of Net Investment Income to
0.20% 0.15% 0.15% 0.20% 0.20%
Average Net Assets 2.87% 3.47% 2.71% 2.70% 2.50%
Portfolio Turnover Rate3 1 Calculated based on average shares outstanding.
9% 16% 6% 4% 5%
2 Total returns do not reflect the 1% redemption fee on shares held for less than five years; the 2% redemption fee assessed prior to
September 14, 2005, on shares held for less than one year; or the account service fee that may be applicable to certain accounts with
balances below $10,000.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares,
including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
27