VANGUARD TAX MANAGED FUND INC
NSAR-B, 1997-02-21
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<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 0000923202
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 VANGUARD TAX-MANAGED FUND, INC.
001 B000000 811-07175
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 GROWTH AND INCOME PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 CAPITAL APPRECIATION PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 BALANCED PORTFOLIO
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
015 A00AA01 THE CHASE MANHATTAN BANK, N.A.
015 B00AA01 C
015 C01AA01 BROOKLYN
015 C02AA01 NY
015 C03AA01 11245
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   94
019 C00AA00 VANGUARDGR
020 A000001 INVESTMENT TECHNOLOGY GROUP, INC.
020 B000001 95-4339369
020 C000001     81
<PAGE>      PAGE  2
020 A000002 PAINEWEBBER INCORPORATED
020 B000002 13-2638166
020 C000002     34
020 A000003 FAHNESTOCK & CO. INC.
020 B000003 13-5657518
020 C000003     27
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004     18
020 A000005 BEAR, STEARNS & CO.
020 B000005 13-3299429
020 C000005     13
020 A000006 CANTOR FITZGERALD & CO.
020 B000006 13-3680184
020 C000006     13
020 A000007 INSTINET CORPORATION
020 B000007 13-3443395
020 C000007     12
020 A000008 SALOMON BROTHERS INC.
020 B000008 13-3082694
020 C000008      3
020 A000009 SCHRODER WERTHEIM & CO. INCORPORATED
020 B000009 13-2697272
020 C000009      2
020 A000010 SPEAR, LEEDS & KELLOGG
020 B000010 13-5515160
020 C000010      1
021  000000      204
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001    480814
022 D000001         0
022 A000002 TROSTER SINGER
022 B000002 13-5515160
022 C000002     41989
022 D000002      1908
022 A000003 VANGUARD SMALL CAPITALIZATION STOCK PORTFOLIO
022 B000003 52-0794097
022 C000003     12312
022 D000003      4429
022 A000004 VANGUARD FLORIDA INSURED TAX-FREE FUND
022 B000004 23-2687102
022 C000004      5490
022 D000004      5386
022 A000005 MONEY MARKET PORTFOLIO/VANGUARD MUNI BOND FD
022 B000005 23-2471394
022 C000005      5360
022 D000005      4500
022 A000006 BALANCED PORTFOLIO/VANGUARD TAX-MANAGED FUND
022 B000006 23-2764164
022 C000006      4071
<PAGE>      PAGE  3
022 D000006      4265
022 A000007 500 PORTFOLIO/VANGUARD INDEX TRUST
022 B000007 23-1999755
022 C000007       146
022 D000007      7658
022 A000008 HIGH YIELD PORTFOLIO/VANGUARD MUNICIPAL BOND
022 B000008 23-2473415
022 C000008      3531
022 D000008      2195
022 A000009 SHORT-TERM PORTFOLIO/VANGUARD MUNICIPAL BOND
022 B000009 23-2022170
022 C000009      2670
022 D000009      2285
022 A000010 INTERMEDIATE-TERM PORTFOLIO/VANGUARD MUNI BD
022 B000010 23-2471389
022 C000010      1725
022 D000010      2025
023 C000000     577042
023 D000000      47575
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<PAGE>      PAGE  4
077 O000000 N
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000923202
<NAME> VANGUARD TAX-MANAGED FUND, INC.
<SERIES>
   <NUMBER> 01
   <NAME> GROWTH AND INCOME PORTFOLIO
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</TABLE>

<TABLE> <S> <C>

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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000923202
<NAME> VANGUARD TAX-MANAGED FUND, INC.
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<PER-SHARE-NII>                                   0.36
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<PER-SHARE-NAV-END>                              12.92
<EXPENSE-RATIO>                                   0.20
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

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