<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923202
<NAME> VANGUARD TAX-MANAGED FUNDS
<SERIES>
<NUMBER> 041
<NAME> VANGUARD TAX-MANAGED SMALL-CAP FUND-INVESTOR SHARES
<MULTIPLIER> 1000
<CURRENCY> US
<S> <C>
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<FISCAL-YEAR-END> DEC-31-2000
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<PERIOD-END> JUN-30-2000
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<NUMBER-OF-SHARES-SOLD> 6188
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<NET-CHANGE-IN-ASSETS> 119705
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
