SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1
UNDER THE INVESTMENT COMPANY ACT OF 1940.
VANGUARD TAX-MANAGED FUND, INC.
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NOTIFICATION OF ELECTION
The undersigned registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to
pay in cash all redemptions by a shareholder of record as provided by Rule
18f-1 under the Investment Company Act of 1940. It is understood that this
election is irrevocable while such Rule is in effect unless the Commission
by order upon application permits the withdrawal of this Notification of
Election.
SIGNATURE
Pursuant to the requirements of Rule 18f-1 under the Investment
Company Act of 1940, the registrant has caused this notification of
election to be duly executed on its behalf in the city of Valley Forge and
the state of Pennsylvania on the 2nd day of August, 1994.
VANGUARD TAX-MANAGED FUND, INC.
By: Raymond J. Klapinsky
Senior Vice President and Secretary
