Vanguard Tax-Managed International Fund Annual Report ...

Tax-Managed International Fund
Fund Profile
As of December 31, 2009
Portfolio Characteristics
Comparative Broad
Fund Index1 Index2 Number of Stocks 935 957 1,817
Turnover Rate 9% — —
Expense Ratio3 — —
Investor Shares 0.20%
Institutional Shares
Europe Pacific
0.10%
ETF Shares 0.16%
Short-Term Reserves 0.0% — —
Volatility Measures4 Fund Versus Fund Versus
Comparative Index1 Broad Index2 R-Squared 0.98 0.96
Beta 1.02 0.94
Sector Diversification (% of equity exposure)
Comparative Broad
Fund Index1 Index2 Consumer Discretionary 9.7% 9.7% 8.4%
Consumer Staples 10.1 10.1 8.6
Energy 8.4 8.4 11.1
Financials 24.9 25.3 25.9
Health Care 8.4 8.4 6.4
Industrials 11.4 11.2 9.8
Information Technology 4.8 4.8 6.6
Materials
Telecommunication
10.5 10.4 12.0
Services 5.9 5.8 6.2
Utilities 5.9 5.9 5.0
Ten Largest Holdings 5 (% of total net assets)
BHP Billiton diversified metals
and mining 2.0%
HSBC Holdings PLC diversified banks 2.0
Royal Dutch Shell PLC integrated oil
and gas 1.8
BP PLC integrated oil
and gas 1.8
Nestle SA packaged foods
and meats 1.7
Banco Santander SA diversified banks 1.3
Total SA integrated oil
and gas 1.3
Toyota Motor Corp. automobile
manufacturers 1.2
Vodafone Group PLC wireless
telecommunication
services 1.2
Roche Holdings AG pharmaceuticals 1.2
Top Ten 15.5%
Fund Allocation by Region
■ 67.0% Europe
■ 33.0% Pacific
1 MSCI EAFE Index.
2 MSCI All Country World Index ex USA.
3 The expense ratios shown are from the prospectuses dated April 24, 2009, and represent estimated costs for the current fiscal year
based on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the expense ratios were 0.20%
for Investor Shares, 0.10% for Institutional Shares, and 0.15% for Europe Pacific ETF Shares.
4 For an explanation of R-squared, beta, and other terms used here, see the Glossary.
5 The holdings listed exclude any temporary cash investments and equity index products.
9