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This Fine Fund Takes a Belt-and-Suspenders Approach to Tax Management

Adam McCullough, CFA (adam.mccullough@morningstar.com)

The following is our latest Fund Analyst Report for Vanguard Tax-Managed Capital Appreciation VTCLX . Vanguard Tax-Managed Capital Appreciation is an excellent choice for tax-efficient exposure to large- and mid-cap U.S. stocks. The fund seeks to track the Russell 1000 Index while minimizing the tax consequences.