Vanguard Tax-Managed International Fund Annual Report ...

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Tax-Managed International Fund At December 31, 2009, net assets consisted of: Amount ($000) Paid-in Capital 6,120,848 Overdistributed Net Investment Income (3,597) Accumulated Net Realized Losses (547,447) Unrealized Appreciation (Depreciation) Investment Securities 414,906 Foreign Currencies (172) Net Assets 5,984,538 Investor Shares—Net Assets Applicable to 128,737,412 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 1,409,479 Net Asset Value Per Share— Investor Shares $10.95 Institutional Shares—Net Assets Applicable to 20,021,021 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 219,396 Net Asset Value Per Share— Institutional Shares $10.96 ETF Shares—Net Assets Applicable to 127,882,725 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 4,355,663 Net Asset Value Per Share— ETF Shares $34.06 • See Note A in Notes to Financial Statements. * Non-income-producing security. ADR—American Depositary Receipt. See accompanying Notes, which are an integral part of the Financial Statements. 24
Tax-Managed International Fund Statement of Operations Investment Income Income Year Ended December 31, 2009 Dividends 1 140,791 Interest 2 15 Total Income 140,806 Expenses The Vanguard Group—Note B ($000) Investment Advisory Services 211 Management and Administrative—Investor Shares 1,903 Management and Administrative—Institutional Shares 115 Management and Administrative—ETF Shares 3,213 Marketing and Distribution—Investor Shares 252 Marketing and Distribution—Institutional Shares 62 Marketing and Distribution—ETF Shares 850 Custodian Fees 507 Auditing Fees 31 Shareholders’ Reports and Proxies—Investor Shares 33 Shareholders’ Reports and Proxies—Institutional Shares — Shareholders’ Reports and Proxies—ETF Shares 185 Trustees’ Fees and Expenses 7 Total Expenses 7,369 Expenses Paid Indirectly (70) Net Expenses 7,299 Net Investment Income 133,507 Realized Net Gain (Loss) Investment Securities Sold (195,088) Foreign Currencies 2,812 Realized Net Gain (Loss) (192,276) Change in Unrealized Appreciation (Depreciation) Investment Securities 1,325,356 Foreign Currencies (150) Change in Unrealized Appreciation (Depreciation) 1,325,206 Net Increase (Decrease) in Net Assets Resulting from Operations 1,266,437 1 Dividends are net of foreign withholding taxes of $12,739,000. 2 Interest income from an affiliated company of the fund was $15,000. See accompanying Notes, which are an integral part of the Financial Statements. 25
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