Vanguard Tax-Managed Balanced Adm (Vanguard Tax-Managed Fund Balan) Fonds

The fund invests in both fixed income securities and equity securities. The fund invests at least 75% of its fixed income assets in municipal bonds rated in one of the top three credit-rating categories as determined by an independent bond-rating agency (e.g. Aaa, Aa, and A by Moody’s) or, if unrated, determined to be of comparable quality by the advisor.