<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
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
<PAGE> PAGE 4
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 200000
081 A00AA00 Y
081 B00AA00 112
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 8350
028 A020100 0
028 A030100 0
028 A040100 677
028 B010100 7739
028 B020100 0
028 B030100 0
028 B040100 270
028 C010100 6044
028 C020100 704
028 C030100 0
028 C040100 154
028 D010100 9700
028 D020100 0
028 D030100 0
028 D040100 424
028 E010100 6925
028 E020100 0
028 E030100 0
028 E040100 223
028 F010100 10168
028 F020100 1012
028 F030100 0
028 F040100 266
028 G010100 48926
028 G020100 1716
028 G030100 0
028 G040100 2014
028 H000100 0
037 000100 Y
038 000100 46
039 000100 N
040 000100 N
<PAGE> PAGE 5
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 117788
071 B000100 12067
071 C000100 166649
071 D000100 7
072 A000100 12
072 B000100 45
072 C000100 3692
072 D000100 0
072 E000100 0
072 F000100 12
072 G000100 159
072 H000100 0
072 I000100 61
072 J000100 35
072 K000100 0
<PAGE> PAGE 6
072 L000100 6
072 M000100 0
072 N000100 0
072 O000100 12
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 0
072 T000100 39
072 U000100 0
072 V000100 1
072 W000100 0
072 X000100 333
072 Y000100 0
072 Z000100 3404
072AA000100 434
072BB000100 1592
072CC010100 33212
072CC020100 0
072DD010100 3500
072DD020100 0
072EE000100 0
073 A010100 0.2800
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 1588
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 235115
074 G000100 0
074 H000100 0
074 I000100 20
074 J000100 12
074 K000100 0
074 L000100 2655
074 M000100 0
074 N000100 239390
074 O000100 4557
074 P000100 40
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 274
074 S000100 0
074 T000100 234519
074 U010100 14763
074 U020100 0
<PAGE> PAGE 7
074 V010100 15.89
074 V020100 0.00
074 W000100 0.0000
074 X000100 3584
074 Y000100 0
075 A000100 0
075 B000100 166821
076 000100 0.00
028 A010200 15640
028 A020200 0
028 A030200 0
028 A040200 1109
028 B010200 17298
028 B020200 0
028 B030200 0
028 B040200 474
028 C010200 12788
028 C020200 0
028 C030200 0
028 C040200 303
028 D010200 13000
028 D020200 0
028 D030200 0
028 D040200 598
028 E010200 10580
028 E020200 0
028 E030200 0
028 E040200 419
028 F010200 9602
028 F020200 2907
028 F030200 0
028 F040200 372
028 G010200 78908
028 G020200 2907
028 G030200 0
028 G040200 3275
028 H000200 0
037 000200 Y
038 000200 75
039 000200 N
040 000200 N
071 A000200 238644
071 B000200 47351
071 C000200 393439
071 D000200 12
072 A000200 12
072 B000200 157
072 C000200 4224
072 D000200 0
072 E000200 0
072 F000200 21
<PAGE> PAGE 8
072 G000200 429
072 H000200 0
072 I000200 152
072 J000200 36
072 K000200 0
072 L000200 18
072 M000200 1
072 N000200 0
072 O000200 22
072 P000200 0
072 Q000200 0
072 R000200 8
072 S000200 0
072 T000200 99
072 U000200 0
072 V000200 2
072 W000200 0
072 X000200 788
072 Y000200 0
072 Z000200 3593
072AA000200 2126
072BB000200 10973
072CC010200 80776
072CC020200 0
072DD010200 3520
072DD020200 0
072EE000200 0
073 A010200 0.1100
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 2070
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 516959
074 G000200 0
074 H000200 0
074 I000200 46
074 J000200 280
074 K000200 0
074 L000200 8705
074 M000200 0
074 N000200 528060
074 O000200 3758
074 P000200 83
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
<PAGE> PAGE 9
074 R040200 6828
074 S000200 0
074 T000200 517391
074 U010200 32431
074 U020200 0
074 V010200 15.95
074 V020200 0.00
074 W000200 0.0000
074 X000200 7558
074 Y000200 0
075 A000200 0
075 B000200 393682
076 000200 0.00
028 A010300 1371
028 A020300 0
028 A030300 0
028 A040300 237
028 B010300 1637
028 B020300 0
028 B030300 0
028 B040300 353
028 C010300 1239
028 C020300 398
028 C030300 0
028 C040300 300
028 D010300 1130
028 D020300 0
028 D030300 0
028 D040300 320
028 E010300 1101
028 E020300 0
028 E030300 0
028 E040300 87
028 F010300 849
028 F020300 461
028 F030300 0
028 F040300 102
028 G010300 7327
028 G020300 859
028 G030300 0
028 G040300 1399
028 H000300 0
037 000300 Y
038 000300 27
039 000300 N
040 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
<PAGE> PAGE 10
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 Y
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 22655
071 B000300 2731
071 C000300 50571
071 D000300 5
072 A000300 12
072 B000300 1411
072 C000300 305
072 D000300 0
072 E000300 0
072 F000300 24
072 G000300 8
072 H000300 0
072 I000300 13
072 J000300 25
072 K000300 0
072 L000300 4
072 M000300 0
072 N000300 0
072 O000300 10
072 P000300 0
<PAGE> PAGE 11
072 Q000300 0
072 R000300 8
072 S000300 0
072 T000300 13
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 105
072 Y000300 0
072 Z000300 1611
072AA000300 265
072BB000300 390
072CC010300 4790
072CC020300 0
072DD010300 1615
072DD020300 0
072EE000300 0
073 A010300 0.3600
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 7
074 B000300 0
074 C000300 4382
074 D000300 29727
074 E000300 0
074 F000300 30149
074 G000300 0
074 H000300 0
074 I000300 6
074 J000300 0
074 K000300 0
074 L000300 702
074 M000300 0
074 N000300 64973
074 O000300 1700
074 P000300 17
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 128
074 S000300 0
074 T000300 63128
074 U010300 4885
074 U020300 0
074 V010300 12.92
074 V020300 0.00
074 W000300 0.0000
074 X000300 1467
074 Y000300 0
<PAGE> PAGE 12
075 A000300 0
075 B000300 52970
076 000300 0.00
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
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 186747
<INVESTMENTS-AT-VALUE> 236703
<RECEIVABLES> 2667
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239390
<PAYABLE-FOR-SECURITIES> 4557
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 314
<TOTAL-LIABILITIES> 4871
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 186145
<SHARES-COMMON-STOCK> 14763
<SHARES-COMMON-PRIOR> 7473
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 125
<ACCUMULATED-NET-GAINS> (1457)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49956
<NET-ASSETS> 234519
<DIVIDEND-INCOME> 3692
<INTEREST-INCOME> 45
<OTHER-INCOME> 0
<EXPENSES-NET> 333
<NET-INVESTMENT-INCOME> 3404
<REALIZED-GAINS-CURRENT> (1158)
<APPREC-INCREASE-CURRENT> 33212
<NET-CHANGE-FROM-OPS> 35458
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3500
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7344
<NUMBER-OF-SHARES-REDEEMED> 233
<SHARES-REINVESTED> 180
<NET-CHANGE-IN-ASSETS> 136182
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (299)
<OVERDISTRIB-NII-PRIOR> 29
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333
<AVERAGE-NET-ASSETS> 166821
<PER-SHARE-NAV-BEGIN> 13.16
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> 0.28
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.89
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923202
<NAME> VANGUARD TAX-MANAGED FUND, INC.
<SERIES>
<NUMBER> 02
<NAME> CAPITAL APPRECIATION PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 395833
<INVESTMENTS-AT-VALUE> 519029
<RECEIVABLES> 8985
<ASSETS-OTHER> 46
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 528060
<PAYABLE-FOR-SECURITIES> 3758
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6911
<TOTAL-LIABILITIES> 10669
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 404544
<SHARES-COMMON-STOCK> 32431
<SHARES-COMMON-PRIOR> 19147
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 93
<ACCUMULATED-NET-GAINS> (10256)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 123196
<NET-ASSETS> 517391
<DIVIDEND-INCOME> 4224
<INTEREST-INCOME> 157
<OTHER-INCOME> 0
<EXPENSES-NET> 788
<NET-INVESTMENT-INCOME> 3593
<REALIZED-GAINS-CURRENT> (8847)
<APPREC-INCREASE-CURRENT> 80776
<NET-CHANGE-FROM-OPS> 75522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3520
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13509
<NUMBER-OF-SHARES-REDEEMED> 405
<SHARES-REINVESTED> 180
<NET-CHANGE-IN-ASSETS> 263158
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1409)
<OVERDISTRIB-NII-PRIOR> 166
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 788
<AVERAGE-NET-ASSETS> 393682
<PER-SHARE-NAV-BEGIN> 13.28
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.66
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.95
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923202
<NAME> VANGUARD TAX-MANAGED FUND, INC.
<SERIES>
<NUMBER> 03
<NAME> BALANCED PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 54541
<INVESTMENTS-AT-VALUE> 64258
<RECEIVABLES> 702
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64973
<PAYABLE-FOR-SECURITIES> 1700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145
<TOTAL-LIABILITIES> 1845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53608
<SHARES-COMMON-STOCK> 4885
<SHARES-COMMON-PRIOR> 3269
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 29
<ACCUMULATED-NET-GAINS> (168)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9717
<NET-ASSETS> 63128
<DIVIDEND-INCOME> 305
<INTEREST-INCOME> 1411
<OTHER-INCOME> 0
<EXPENSES-NET> 105
<NET-INVESTMENT-INCOME> 1611
<REALIZED-GAINS-CURRENT> (125)
<APPREC-INCREASE-CURRENT> 4790
<NET-CHANGE-FROM-OPS> 6276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1615
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1728
<NUMBER-OF-SHARES-REDEEMED> 224
<SHARES-REINVESTED> 112
<NET-CHANGE-IN-ASSETS> 24391
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (43)
<OVERDISTRIB-NII-PRIOR> 25
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 105
<AVERAGE-NET-ASSETS> 52970
<PER-SHARE-NAV-BEGIN> 11.85
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 1.07
<PER-SHARE-DIVIDEND> 0.36
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.92
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>