Vanguard Tax-Managed International Fund Annual Report ...

Tax-Managed International Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future
results that may be achieved by the fund. (Current performance may be lower or higher than
the performance data cited. For performance data current to the most recent month-end, visit
our website at www.vanguard.com/performance.) Note, too, that both investment returns and
principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more
or less than their original cost. The returns shown do not reflect taxes that a shareholder would
pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 1999–December 31, 2009
Initial Investment of $10,000
2000
2001
2002
2003
2004
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Reflects the 1% fee assessed on redemptions of shares held for less than five years, but not the account service fee that may be
applicable to certain accounts with balances below $10,000.
3 Derived from data provided by Lipper Inc.
4 Performance for the fund’s Institutional Shares and comparative standards is calculated since the Institutional Shares’ inception date:
January 4, 2001.
5 Reflects the 1% fee assessed on redemptions of shares held for less than five years.
See Financial Highlights for dividend and capital gains information.
2005
2006
2007
2008
2009
$20,000
11,308
1,000
Average Annual Total Returns
Periods Ended December 31, 2009
Final Value
of a $10,000
One Year Five Years Ten Years Investment
Tax-Managed International Fund
Investor Shares1 28.27% 3.73% 1.24% $11,308
Fee-Adjusted Returns2 27.02 3.73 1.24 11,308
MSCI All Country World Index ex USA 42.14 6.30 3.12 13,590
MSCI EAFE Index 31.78 3.54 1.17 11,238
International Funds Average3 32.84 3.53 0.27 10,272
Since
Final Value of
a $5,000,000
One Year Five Years Inception4 Investment
Tax-Managed International Fund Institutional Shares 28.48% 3.81% 3.23% $6,652,993
Fee-Adjusted Returns5 27.22 3.81 3.23 6,652,993
MSCI All Country World Index ex USA 42.14 6.30 5.20 7,884,078
MSCI EAFE Index 31.78 3.54 3.06 6,554,018
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