Vanguard Tax-Managed Funds - Definitive materials filed by investment companies. (497)
February 07 2008 - 2:59PM
Edgar (US Regulatory)
[SHIP LOGO] [VANGUARD/(R)/ LOGO]
VANGUARD/(R)/ TAX-MANAGED SMALL-CAP FUND
SUPPLEMENT TO THE PROSPECTUS DATED JULY 20, 2007
The Tax-Managed Small-Cap Fund's Primary Investment Strategies are replaced with
the following:
PRIMARY INVESTMENT STRATEGIES
The Fund purchases stocks included in the Standard & Poor's SmallCap 600
Index--an index that is made up of stocks of smaller U.S. companies--in
approximately the same proportions as in the Index. To improve tax efficiency,
the Fund may limit investments in Index securities that have undesirable tax
characteristics, and may continue to hold securities of issuers no longer
included in the Index. For more information, see "Security Selection" under MORE
ON THE FUNDS.
(C) 2008 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor. PSA087 022008
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