UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: | 811-07175 |
Name of Registrant: | Vanguard Tax-Managed Funds |
Address of Registrant: | P.O. Box 2600 Valley Forge, PA 19482 |
Name and address of agent for service: | Heidi Stam, Esquire P.O. Box 876 Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: | December 31 |
Date of reporting period: | January 1, 2005 - June 30, 2005 |
Item 1: | Reports to Shareholders |
Vanguard Tax-Managed Funds® | ||
---|---|---|
June 30, 2005 |
CONTENTS | |
---|---|
1 | CHAIRMAN'S LETTER |
6 | FUND PROFILES |
13 | GLOSSARY OF INVESTMENT TERMS |
15 | PERFORMANCE SUMMARIES |
18 | YOUR FUND'S AFTER-TAX RETURNS |
19 | FINANCIAL STATEMENTS |
40 | ABOUT YOUR FUND'S EXPENSES |
42 | ADVISORY AGREEMENT |
43 | ADVANTAGES OF VANGUARD.COM |
SUMMARY | |
• | During the six months ended June 30, 2005, returns for the Investor Shares of the Vanguard Tax-Managed Funds ranged from –1.5% for the Tax-Managed International Fund to 1.9% for the Tax-Managed Small-Cap Fund. |
• | The funds extended their record of avoiding capital gain distributions. |
• | The stock market was flat on balance during the period amid investor skepticism about the strength of the economy, while long-term bonds rallied. |
VANGUARD’S PLEDGE TO CLIENTS | ||
We recognize that your relationship with Vanguard rests on the twin pillars of trust and excellence, each of which is built upon the character of our people. Our Pledge to Clients reflects our ongoing efforts to deserve your trust and to continually improve so that we can offer you excellence in all that we do. | ||
We will: | ||
• | Put your interests first at all times. | |
• | Continually seek to earn your trust by adhering to the highest standards of ethical behavior and fiduciary responsibility. | |
• | Strive to be the highest-value provider of investment services, which means outstanding investment performance and service, both at the lowest possible cost. | |
• | Communicate candidly not only about the rewards of investing but also about the risks and costs. | |
• | Maintain highly effective controls to safeguard your assets and protect your confidential information. | |
• | Invest a majority of our personal assets alongside yours. | |
| ||
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. | ||
| ||
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CHAIRMAN'S LETTER | |
Dear Shareholder,
The stock market was flat on balance during the year’s first half, as investors remained cautious despite generally strong corporate earnings and economic growth. Returns for the Investor Shares of the Vanguard Tax-Managed Funds ranged from –1.5% for the Tax-Managed International Fund to 1.9% for the Tax-Managed Small-Cap Fund.
Returns for all five of the funds exceeded the average returns of their respective peer funds. Most funds in the peer groups are actively managed and incur greater costs than Vanguard’s index-oriented portfolios. The returns of four of our five funds matched or slightly exceeded the returns of their benchmark indexes—an impressive accomplishment given that the unmanaged indexes incur no expenses. Bear in mind that the funds are not pure indexed portfolios. However, the funds’ strong orientations toward their benchmark indexes translate into close tracking over the long term. Variations typically are the result of the advisors’ efforts to avoid taxable gains.
The table on page 2 shows the total returns for the funds’ various share classes, the peer-group averages, and the results for benchmark indexes. The funds’ total returns are based on the changes in net asset value during the half-year plus income distributions to shareholders. The table on page 5 provides details about share prices and distributions.
STOCKS MADE LITTLE HEADWAY
Following a formidable rally to close out 2004, U.S. stocks at different times stumbled and surged during the first half of 2005, but the net effect was a flat finish for the broad market, as measured by the Dow Jones Wilshire 5000 Composite Index.
1
Total Returns | Six Months Ended June 30, 2005 |
---|---|
Vanguard Tax-Managed Balanced Fund* | 1.3% |
Tax-Managed Balanced Composite Index** | 0.9 |
Average Balanced Fund† | 0.4 |
Vanguard Tax-Managed | |
Growth and Income Fund* | |
Investor Shares | -0.8% |
Admiral Shares | -0.8 |
Institutional Shares | -0.8 |
S&P 500 Index | -0.8 |
Average Large-Cap Core Fund† | -1.2 |
Vanguard Tax-Managed | |
Capital Appreciation Fund* | |
Investor Shares | 0.5% |
Admiral Shares | 0.5 |
Institutional Shares | 0.6 |
Russell 1000 Index | 0.1 |
Average Multi-Cap Core Fund† | -0.3 |
Vanguard Tax-Managed Small-Cap Fund* | |
Investor Shares | 1.9% |
Institutional Shares | 1.9 |
S&P SmallCap 600 Index | 1.8 |
Average Small-Cap Core Fund† | -0.1 |
Vanguard Tax-Managed International Fund* | |
Investor Shares | -1.5% |
Institutional Shares | -1.4 |
MSCI EAFE Index | -1.2 |
Average International Fund† | -1.1 |
*Returns do not reflect the 2% fee on sales of shares held for less than one year or the 1% fee on sales of shares held at least one year but less than five years. **50% Russell 1000 Index, 50% Lehman 7 Year Municipal Bond Index. †Derived from data provided by Lipper Inc. For the average balanced fund, the bond component is not tax-exempt. |
Investors were cheered as home-buying activity remained high by historical standards, knowing that new homeowners fuel the economy by buying appliances and other home furnishings. But the market also faced headwinds: rising short-term interest rates and gas prices (which can curtail consumer spending) and mounting trade and budget deficits. Some analysts wondered if even the home-buying spree was a problem, given signs that some buyers were speculating on real estate.
Value stocks—those with prices below average, given the companies’ book value and other criteria—prolonged their five-year roll of outperforming growth stocks, which dominated the market in the late 1990s. According to indexes maintained by Frank Russell Company, returns for large-capitalization stocks topped those of the market’s smaller companies, a reversal of recent trends. But according to Standard & Poor’s, which sponsors two of the indexes that are benchmarks for the Tax-Managed Funds, smaller shares did better. International stocks outperformed their U.S. counterparts; however, a strengthening dollar wiped out most of that edge for U.S. investors. The dollar rallied as the gap between short-term interest rates in the States and in Europe widened.
THE BOND MARKET’S DICHOTOMY PERSISTED
The Lehman Brothers Aggregate Bond Index, which reflects the taxable investment-grade bond market, posted a 2.5% return during the six
2
months. U.S. government and municipal issues performed best, while corporate securities matched the index return and mortgage-backed debt trailed.
The Federal Reserve Board raised the target federal funds rate in four equal steps by a total of 1 percentage point, leaving it at 3.25% at the end of the period. The yield of the 3-month U.S. Treasury bill moved in sync, closing the period at 3.12%. Long-term rates didn’t follow. The yield of the 10-year Treasury note finished the period at 3.91%, a drop of 31 basis points (0.31 percentage point) over the six months. The yield of the 30-year Treasury bond fell 64 basis points to 4.19%.
Admiral™ Shares
A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund.
Institutional Shares
This class of shares also carries low expenses and is available for a minimum investment of $5 million.
THE FUNDS’ RETURNS CLUSTERED IN A NARROW RANGE
In a market with few areas of outperformance, the funds’ returns were fairly close together. The most conservative portfolio, the Tax-Managed Balanced Fund, provided a modest 1.3% gain, exactly the gain we reported one year ago. Much of the advance came from the strength of its municipal bond portfolio, which rallied during the half-year as investors sought longer-duration, high-quality debt.
The Tax-Managed Growth and Income Fund’s performance reflected the weaknesses of the S&P 500 Index; both declined –0.8%.
Market Barometer | Total Returns Periods Ended June 30, 2005 | ||
---|---|---|---|
| Six Months | One Year | Five Years* |
Stocks | |||
Russell 1000 Index (Large-caps) | 0.1% | 7.9% | -1.9% |
Russell 2000 Index (Small-caps) | -1.3 | 9.4 | 5.7 |
Dow Jones Wilshire 5000 Index | 0.0 | 8.4 | -1.3 |
(Entire market) | |||
MSCI All Country World Index | |||
ex USA (International) | 0.3 | 17.0 | 0.8 |
Bonds | |||
Lehman Aggregate Bond Index | 2.5% | 6.8% | 7.4% |
(Broad taxable market) | |||
Lehman Municipal Bond Index | 2.9 | 8.2 | 6.9 |
Citigroup 3-Month Treasury Bill Index | 1.3 | 2.0 | 2.5 |
CPI | |||
Consumer Price Index | 2.2% | 2.5% | 2.4% |
*Annualized. |
Interest rate trends helped to slow financial services stocks, the index’s largest sector. The consumer discretionary sector, another large weighting, suffered on concerns about the sustainability of strong consumer
3
spending in the face of rising short-term interest rates and energy prices. Such trends hurt the sector’s retail, media, and entertainment companies. Meanwhile, technology companies declined as corporate IT spending continued to disappoint.
The Tax-Managed Capital Appreciation Fund performed slightly better, 0.5% for Investor Shares. The fund and the Russell 1000 Index are similar to the S&P 500 Index in that their largest sector weightings are in financial services, consumer discretionary, and technology—all of which turned in negative performances.
Annualized Expense Ratios*: Your fund compared with its peer group | |
---|---|
Tax-Managed Fund | Expense Ratio |
Balanced | 0.12% |
Average Balanced Fund | 1.28 |
Growth and Income | |
Investor Shares | 0.14% |
Admiral Shares | 0.10 |
Institutional Shares | 0.07 |
Average Large-Cap Core Fund | 1.45 |
Capital Appreciation | |
Investor Shares | 0.14% |
Admiral Shares | 0.10 |
Institutional Shares | 0.07 |
Average Multi-Cap Core Fund | 1.36 |
Small-Cap | |
Investor Shares | 0.14% |
Institutional Shares | 0.09 |
Average Small-Cap Core Fund | 1.73 |
International | |
Investor Shares | 0.23% |
Institutional Shares | 0.15 |
Average International Fund | 1.73 |
*Fund expense ratios reflect the six months ended June 30, 2005. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2004. |
The Tax-Managed Small-Cap Fund gained 1.9%, in line with the advance of the S&P SmallCap 600 Index. The largest sector in the fund, consumer discretionary, rose 4.0%, as the restaurants, clothing stores, and entertainment companies within the sector did well. The same sector in both the S&P 500 Index and the Russell 1000 Index declined.
The –1.5% return of the Tax-Managed International Fund’s Investor Shares varied slightly from the –1.2% result of the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index. The EAFE Index returned 8.4% in local currencies, but that became a decline when translated into U.S. dollars.
THE FUNDS OFFER TWO IMPORTANT TOOLS TO INVESTORS
Since inception, none of the Tax-Managed Funds has distributed a capital gain, helping us maximize the share of fund returns available to investors. When you sell any shares that have appreciated, you will of course owe taxes on that gain. But in that case the decision of when to pay taxes is determined by your actions, not by ours. We can’t guarantee that none of the funds will ever make a capital-gains distribution, but we are confident in our managers’ skills at pursuing the funds’ tax-management mandates.
4
In addition to helping you control your tax bill, the Vanguard Tax-Managed Funds help you keep your investment costs in check by offering some of the lowest expense ratios in our industry. We are very careful with your money because we understand that, by keeping your costs and taxes to a minimum, we are helping you to meet your financial goals. Which is, after all, our goal.
Thank you for investing your assets with Vanguard.
Sincerely,
John J. Brennan
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
JULY 20, 2005
Your Fund's Performance at a Glance | December 31, 2004-June 30, 2005 | |||
---|---|---|---|---|
Distributions Per Share | ||||
Tax-Managed Fund | Starting Share Price | Ending Share Price | Income Dividends | Capital Gains |
Balanced | $18.49 | $18.51 | $0.210 | $0.000 |
Growth and Income | ||||
Investor Shares | $26.36 | $25.95 | $0.200 | $0.000 |
Admiral Shares | 54.17 | 53.32 | 0.420 | 0.000 |
Institutional Shares | 26.36 | 25.95 | 0.208 | 0.000 |
Capital Appreciation | ||||
Investor Shares | $28.05 | $28.19 | $0.000 | $0.000 |
Admiral Shares | 56.46 | 56.76 | 0.000 | 0.000 |
Institutional Shares | 28.05 | 28.21 | 0.000 | 0.000 |
Small-Cap | ||||
Investor Shares | $21.25 | $21.65 | $0.000 | $0.000 |
Institutional Shares | 21.28 | 21.69 | 0.000 | 0.000 |
International | ||||
Investor Shares | $10.33 | $10.17 | $0.002 | $0.000 |
Institutional Shares | 10.33 | 10.18 | 0.002 | 0.000 |
5
FUND PROFILES | |
---|---|
As of 6/30/2005 | These Profiles provide snapshots of each fund’s characteristics, compared where indicated with both an appropriate market index and a broad market index. Key terms are defined on pages 13 and 14. |
TAX-MANAGED BALANCED FUND | |
---|---|
Total Fund Characteristics | |
Yield | 2.3% |
Turnover Rate | 9%* |
Expense Ratio | 0.12%* |
Short-Term Reserves | 0% |
Total Fund Volatility Measures | ||||
---|---|---|---|---|
| Fund | Composite Index** | Fund | Broad Index† |
R-Squared | 0.99 | 1.00 | 0.89 | 1.00 |
Beta | 0.96 | 1.00 | 0.43 | 1.00 |
Sector Diversification (% of equity portfolio) | |||
---|---|---|---|
| Fund | Comparative Index†† | Broad Index† |
Auto & Transportation | 2% | 2% | 2% |
Consumer Discretionary | 17 | 15 | 16 |
Consumer Staples | 7 | 7 | 7 |
Financial Services | 19 | 22 | 22 |
Health Care | 14 | 13 | 13 |
Integrated Oils | 5 | 5 | 4 |
Other Energy | 5 | 3 | 4 |
Materials & Processing | 3 | 4 | 4 |
Producer Durables | 5 | 4 | 5 |
Technology | 14 | 13 | 12 |
Utilities | 5 | 8 | 7 |
Other | 4 | 4 | 4 |
Ten Largest Stocks (% of equity portfolio) | |
---|---|
ExxonMobil Corp. | 3.1% |
(oil) | |
General Electric Co. | 3.0 |
(conglomerate) | |
Citigroup, Inc. | 2.0 |
(banking) | |
Microsoft Corp. | 1.8 |
(software) | |
Pfizer Inc. | 1.6 |
(pharmaceuticals) | |
Johnson & Johnson | 1.6 |
(pharmaceuticals) | |
Bank of America Corp. | 1.5 |
(banking) | |
Intel Corp. | 1.4 |
(electronics) | |
The Procter & Gamble Co. | 1.1 |
(consumer products manufacturer) | |
American International Group, Inc. | 1.0 |
(insurance) | |
Top Ten | 18.1% |
Top Ten as % of Total Net Assets | 8.6% |
“Ten Largest Stocks” excludes any temporary cash investments and equity index products. |
Fund Asset Allocation
*Annualized.
**50% Russell 1000 Index, 50% Lehman 7 Year Municipal Bond Index.
†Dow Jones Wilshire 5000 Index.
††Russell 1000 Index.
6
Equity Characteristics | |||
---|---|---|---|
| Fund | Comparative Index* | Broad Index** |
Number of Stocks | 587 | 1,000 | 4,937 |
Median Market Cap | $31.3B | $35.5B | $25.0B |
Price/Earnings Ratio | 18.9x | 18.6x | 21.7x |
Price/Book Ratio | 2.9x | 2.8x | 2.8x |
Dividend Yield | 1.4% | 1.8% | 1.6% |
Return on Equity | 19.3% | 19.1% | 18.3% |
Earnings Growth Rate | 13.6% | 11.3% | 9.7% |
Foreign Holdings | 0.0% | 0.0% | 1.1% |
Fixed Income Characteristics | |||
---|---|---|---|
| Fund | Comparative Index† | Broad Index†† |
Number of Bonds | 152 | 4,159 | 35,542 |
Yield to Maturity | 3.1%‡ | 3.3% | 3.6% |
Average Coupon | 4.6% | 5.2% | 5.1% |
Average Effective Maturity | 6.2 years | 6.3 years | 6.4 years |
Average Quality | AAA | AAA | AA+ |
Average Duration | 5.0 years | 5.3 years | 5.2 years |
Distribution by Credit Quality (% of fixed income portfolio) | |||
---|---|---|---|
AAA | 77% | ||
AA | 20 | ||
A | 1 | ||
BBB | 2 | ||
Total | 100% | ||
Distribution by Maturity (% of fixed income portfolio) | |
---|---|
Under 1 Year | 14% |
1-5 Years | 28 |
5-10 Years | 46 |
10-20 Years | 12 |
Total | 100% |
Equity Investment Focus
Fixed Income Investment Focus
Largest State Concentrations (% of fixed income portfolio) | |
---|---|
New York | 11% |
Texas | 9 |
New Jersey | 7 |
California | 7 |
Ohio | 7 |
Georgia | 5 |
Massachusetts | 5 |
Michigan | 5 |
Colorado | 4 |
Pennsylvania | 4 |
Top Ten | 64% |
“Largest State Concentrations” figures exclude any fixed income futures contracts. |
*Russell 1000 Index.
**Dow Jones Wilshire 5000 Index.
†Lehman 7 Year Municipal Bond Index.
††Lehman Municipal Bond Index.
‡Before expenses.
Visit our website at Vanguard.com
for regularly updated fund information.
7
FUND PROFILES (CONTINUED) | |||
---|---|---|---|
TAX-MANAGED GROWTH AND INCOME FUND | |||
Portfolio Characteristics | |||
| Fund | Comparative Index* | Broad Index** |
Number of Stocks | 505 | 500 | 4,937 |
Median Market Cap | $48.8B | $48.8B | $25.0B |
Price/Earnings Ratio | 18.0x | 18.0x | 21.7x |
Price/Book Ratio | 2.8x | 2.8x | 2.8x |
Yield | 1.9% | 1.6% | |
Investor Shares | 1.7% | ||
Admiral Shares | 1.8% | ||
Institutional Shares | 1.8% | ||
Return on Equity | 19.6% | 19.6% | 18.3% |
Earnings Growth Rate | 10.7% | 10.7% | 9.7% |
Foreign Holdings | 0.0% | 0.0% | 1.1% |
Turnover Rate | 9%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.14%† | ||
Admiral Shares | 0.10%† | ||
Institutional Shares | 0.07%† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
| Fund | Comparative Index* | Fund | Broad Index** |
R-Squared | 1.00 | 1.00 | 0.99 | 1.00 |
Beta | 1.00 | 1.00 | 0.99 | 1.00 |
Sector Diversification (% of portfolio) | ||||
---|---|---|---|---|
| Fund | Comparative Index* | Broad Index** | |
Auto & Transportation | 2% | 2% | 2% | |
Consumer Discretionary | 14 | 14 | 16 | |
Consumer Staples | 7 | 7 | 7 | |
Financial Services | 22 | 22 | 22 | |
Health Care | 13 | 13 | 13 | |
Integrated Oils | 6 | 6 | 4 | |
Other Energy | 3 | 3 | 4 | |
Materials & Processing | 3 | 3 | 4 | |
Producer Durables | 4 | 4 | 5 | |
Technology | 14 | 14 | 12 | |
Utilities | 7 | 7 | 7 | |
Other | 5 | 5 | 4 | |
*S&P 500 Index. | ||||
**Dow Jones Wilshire 5000 Index. | ||||
†Annualized | ||||
Ten Largest Holdings (% of total net assets) | |
---|---|
General Electric Co. | 3.4% |
(conglomerate) | |
ExxonMobil Corp. | 3.4 |
(oil) | |
Microsoft Corp. | 2.3 |
(software) | |
Citigroup, Inc. | 2.2 |
(banking) | |
Pfizer Inc. | 1.9 |
(pharmaceuticals) | |
Johnson & Johnson | 1.8 |
(pharmaceuticals) | |
Bank of America Corp. | 1.7 |
(banking) | |
Wal-Mart Stores, Inc. | 1.5 |
(retail) | |
Intel Corp. | 1.5 |
(electronics) | |
American International Group, Inc. | 1.4 |
(insurance) | |
Top Ten | 21.1% |
“Ten Largest Holdings” excludes any temporary cash investments and equity index products. |
Investment Focus
8
TAX-MANAGED CAPITAL APPRECITION FUND | |||
---|---|---|---|
Portfolio Characteristics | |||
| Fund | Comparative Index* | Broad Index** |
Number of Stocks | 602 | 1,000 | 4,937 |
Median Market Cap | $28.8B | $35.5B | $25.0B |
Price/Earnings Ratio | 19.0x | 18.6x | 21.7x |
Price/Book Ratio | 2.9x | 2.8x | 2.8x |
Yield | 1.8% | 1.6% | |
Investor Shares | 1.2% | ||
Admiral Shares | 1.3% | ||
Institutional Shares | 1.3% | ||
Return on Equity | 19.1% | 19.1% | 18.3% |
Earnings Growth Rate | 13.5% | 11.3% | 9.7% |
Foreign Holdings | 0.0% | 0.0% | 1.1% |
Turnover Rate | 7%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.14%† | ||
Admiral Shares | 0.10%† | ||
Institutional Shares | 0.07%† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
| Fund | Comparative Index* | Fund | Broad Index** |
R-Squared | 0.99 | 1.00 | 0.99 | 1.00 |
Beta | 1.05 | 1.00 | 1.04 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
| Fund | Comparative Index* | Broad Index** |
Auto & Transportation | 2% | 2% | 2% |
Consumer Discretionary | 17 | 15 | 16 |
Consumer Staples | 6 | 7 | 7 |
Financial Services | 20 | 22 | 22 |
Health Care | 14 | 13 | 13 |
Integrated Oils | 5 | 5 | 4 |
Other Energy | 4 | 3 | 4 |
Materials & Processing | 4 | 4 | 4 |
Producer Durables | 5 | 4 | 5 |
Technology | 14 | 13 | 12 |
Utilities | 5 | 8 | 7 |
Other | 4 | 4 | 4 |
*Russell 1000 Index. | |||
**Dow Jones Wilshire 5000 Index. | |||
†Annualized. | |||
Ten Largest Holdings (% of total net assets) | |
---|---|
ExxonMobil Corp. | 3.0% |
(oil) | |
General Electric Co. | 2.9 |
(conglomerate) | |
Citigroup, Inc. | 1.9 |
(banking) | |
Microsoft Corp. | 1.8 |
(software) | |
Pfizer Inc. | 1.6 |
(pharmaceuticals) | |
Johnson & Johnson | 1.5 |
(pharmaceuticals) | |
Bank of America Corp. | 1.4 |
(banking) | |
Intel Corp. | 1.3 |
(electronics) | |
American International Group, Inc. | 1.2 |
(insurance) | |
Cisco Systems, Inc. | 1.1 |
(computer hardware) | |
Top Ten | 17.7% |
Ten Largest Holdings” excludes any temporary cash investments and equity index products. |
Investment Focus
Visit our website at Vanguard.com
for regularly updated fund information.
9
FUND PROFILES (CONTINUED) | |||
---|---|---|---|
TAX-MANAGED SMALL-CAP FUND | |||
Portfolio Characteristics | |||
| Fund | Comparative Index* | Broad Index** |
Number of Stocks | 600 | 600 | 4,937 |
Median Market Cap | $1.2B | $1.2B | $25.0B |
Price/Earnings Ratio | 20.4x | 20.3x | 21.7x |
Price/Book Ratio | 2.3x | 2.3x | 2.8x |
Yield | 1.0% | 1.6% | |
Investor Shares | 0.9% | ||
Institutional Shares | 0.9% | ||
Return on Equity | 13.7% | 13.6% | 18.3% |
Earnings Growth Rate | 13.7% | 13.7% | 9.7% |
Foreign Holdings | 0.0% | 0.0% | 1.1% |
Turnover Rate | 12%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.14%† | ||
Institutional Shares | 0.09%† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
| Fund | Comparative Index* | Fund | Broad Index** |
R-Squared | 1.00 | 1.00 | 0.77 | 1.00 |
Beta | 0.99 | 1.00 | 1.07 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
| Fund | Comparative Index* | Broad Index** |
Auto & Transportation | 4% | 4% | 2% |
Consumer Discretionary | 19 | 19 | 16 |
Consumer Staples | 3 | 3 | 7 |
Financial Services | 17 | 17 | 22 |
Health Care | 12 | 12 | 13 |
Integrated Oils | 0 | 0 | 4 |
Other Energy | 6 | 6 | 4 |
Materials & Processing | 12 | 11 | 4 |
Producer Durables | 12 | 12 | 5 |
Technology | 9 | 10 | 12 |
Utilities | 6 | 6 | 7 |
Other | 0 | 0 | 4 |
*S&P SmallCap 600 Index. | |||
*Dow Jones Wilshire 5000 Index. | |||
†Annualized. | |||
Ten Largest Holdings (% of total net assets) | |
---|---|
NVR, Inc. | 0.9% |
(construction) | |
Southwestern Energy Co. | 0.7 |
(energy & utilities) | |
Cimarex Energy Co. | 0.6 |
(energy & utilities) | |
MDC Holdings, Inc. | 0.6 |
(construction) | |
Roper Industries Inc. | 0.6 |
(industrial manufacturing) | |
Standard Pacific Corp. | 0.6 |
(construction) | |
Oshkosh Truck Corp. | 0.6 |
(automotive & transport) | |
UGI Corp. Holding Co. | 0.6 |
(energy & utilities) | |
Massey Energy Co. | 0.6 |
(metals & mining) | |
Florida Rock Industries, Inc. | 0.5 |
(construction) | |
Top Ten | 6.3% |
“Ten Largest Holdings” excludes any temporary cash investments and equity index products. |
Investment Focus
10
TAX-MANAGED INTERNATIONAL FUND | |||
---|---|---|---|
Portfolio Characteristics | |||
| Fund | Comparative Index* | Broad Index** |
Number of Stocks | 1,126 | 1,147 | 2,051 |
Turnover Rate | 6%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.23%† | ||
Institutional Shares | 0.15%† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
| Fund | Comparative Index* | Fund | Broad Index** |
R-Squared | 1.00 | 1.00 | 0.99 | 1.00 |
Beta | 1.01 | 1.00 | 1.01 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
| Fund | Comparative Index* | Broad Index** |
Consumer Discretionary | 12% | 12% | 11% |
Consumer Staples | 8 | 8 | 8 |
Energy | 9 | 9 | 11 |
Financials | 27 | 27 | 27 |
Health Care | 8 | 8 | 7 |
Industrials | 10 | 10 | 9 |
Information Technology | 6 | 6 | 7 |
Materials | 7 | 7 | 8 |
Telecommunication Services | 7 | 7 | 7 |
Utilities | 6 | 6 | 5 |
*MSCI EAFE Index. | |||
**MSCI All Country World Index ex USA. | |||
†Annualized. | |||
Ten Largest Holdings (% of total net assets) | |
---|---|
BP PLC | 2.5% |
(oil) | |
HSBC Holdings PLC | 2.0 |
(banking) | |
Vodafone Group PLC | 1.8 |
(cellular communications) | |
GlaxoSmithKline PLC | 1.6 |
(pharmaceuticals) | |
Total SA | 1.5 |
(integrated oils) | |
Royal Dutch Petroleum Co. | 1.5 |
(energy) | |
Novartis AG (Registered) | 1.2 |
(pharmaceuticals) | |
Toyota Motor Corp. | 1.2 |
(automobiles) | |
Nestle SA (Registered) | 1.2 |
(food, beverage, & tobacco) | |
Royal Bank of Scotland Group PLC | 1.1 |
(banking) | |
Top Ten | 15.6% |
Ten Largest Holdings”excludes any temporary cash investments and equity index products. |
Fund Allocation by Region
Visit our website at Vanguard.com
for regularly updated fund information.
11
FUND PROFILES (CONTINUED) | |||
---|---|---|---|
Country Diversification (% of portfolio) | |||
| Fund | Comparative Index* | Broad Index** |
EUROPE | |||
United Kingdom | 25% | 25% | 21% |
France | 10 | 9 | 8 |
Germany | 7 | 7 | 6 |
Switzerland | 7 | 7 | 6 |
Netherlands | 5 | 5 | 4 |
Spain | 4 | 4 | 3 |
Italy | 4 | 4 | 3 |
Sweden | 2 | 2 | 2 |
Finland | 1 | 2 | 1 |
Belgium | 1 | 1 | 1 |
Ireland | 1 | 1 | 1 |
Denmark | 1 | 1 | 1 |
Norway | 1 | 1 | 1 |
Greece | 1 | 1 | 0 |
Subtotal | 70% | 70% | 58% |
PACIFIC | |||
Japan | 22% | 22% | 18% |
Australia | 5 | 5 | 5 |
Hong Kong | 2 | 2 | 2 |
Singapore | 1 | 1 | 1 |
Subtotal | 30% | 30% | 26% |
EMERGING MARKETS | |||
Combined | 0% | — | 10% |
NORTH AMERICA | |||
Canada | 0% | — | 6% |
Total | 100% | 100% | 100% |
*MSCI EAFE Index. | |||
**MSCI All Country World Index ex USA. | |||
Visit our website at Vanguard.com
for regularly updated fund information.
12
GLOSSARY OF INVESTMENT TERMS | |
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Effective Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid, taking into consideration the possibility that the issuer may call the bond before its maturity date. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average effective maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Average Quality. An indicator of credit risk, this figure is the average of the ratings assigned to a fund’s fixed income holdings by credit-rating agencies. The agencies make their judgment after appraising an issuer’s ability to meet its obligations. Quality is graded on a scale, with Aaa or AAA indicating the most creditworthy bond issuers. U.S. Treasury securities are considered to have the highest credit quality.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. The current, annualized rate of dividends paid on a share of stock, divided by its current share price. For a fund, the weighted average yield for stocks it holds. The index yield is based on the current annualized rate of dividends paid on stocks in the index.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Foreign Holdings. The percentage of a fund’s equity assets represented by stocks or depositary receipts of companies based outside the United States.
Largest State Concentrations. An indicator of diversification. The less concentrated a fund’s holdings of bonds, the less the fund will be hurt by any financial problems in a single state or region.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
13
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Yield. A snapshot of a fund’s income from interest and dividends. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days and is annualized, or projected forward for the coming year. The index yield is based on the current annualized rate of income provided by securities in the index.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
14
PERFORMANCE SUMMARIES | |
---|---|
As of 6/30/2005 | All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the funds. (For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at www.vanguard.com.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. |
TAX-MANAGED BALANCED FUND
Fiscal-Year Total Returns (%) December 31, 1994-June 30, 2005
*50% Russell 1000 Index, 50% Lehman 7 Year Municipal Bond Index.
**Six months ended June 30, 2005.
Note: See Financial Highlights table on page 24 for dividend and capital gains information.
Average Annual Total Returns for periods ended June 30, 2005 | ||||||
---|---|---|---|---|---|---|
Ten Years | ||||||
| Inception Date | One Year | Five Years | Capital | Income | Total |
Tax-Managed Balanced Fund | 9/6/1994 | 7.11% | 1.85% | 5.31% | 2.81% | 8.12% |
Fee-Adjusted Returns* | 6.07 | 1.85 | 5.31 | 2.81 | 8.12 | |
*Reflective of the 2% fee assessed on redemptions of shares held in the fund for less than one year and the 1% fee assessed on redemptions of shares held in the fund for at least one year but less than five years. |
15
PERFORMANCE SUMMARIES (CONTINUED)
TAX-MANAGED GROWTH AND INCOME FUND
Fiscal-Year Total Returns (%) December 31, 1994-June 30, 2005
*Six months ended June 30, 2005.
Note: See Financial Highlights tables on pages 25–27 for dividend and capital gains information.
TAX-MANAGED CAPITAL APPRECIATION FUND
Fiscal-Year Total Returns (%) December 31, 1994-June 30, 2005
*Six months ended June 30, 2005.
Note: See Financial Highlights tables on pages 28–30 for dividend and capital gains information.
Average Annual Total Returns for periods ended June 30, 2005 | ||||||
---|---|---|---|---|---|---|
Ten Years | ||||||
| Inception Date | One Year | Five Years | Capital | Income | Total |
Tax-Managed Growth and Income Fund | ||||||
Investor Shares | 9/6/1994 | 6.30% | -2.35% | 8.36% | 1.60% | 9.96% |
Fee-Adjusted Returns* | 5.26 | -2.35 | 8.36 | 1.60 | 9.96 | |
Admiral Shares | 11/12/2001 | 6.35 | 3.59** | — | — | — |
Fee-Adjusted Returns* | 5.31 | 3.32** | — | — | — | |
Institutional Shares | 3/4/1999 | 6.38 | -2.28 | -0.62** | 1.52** | 0.90** |
Fee-Adjusted Returns* | 5.33 | -2.28 | -0.62** | 1.52** | 0.90** | |
Tax-Managed Capital Appreciation Fund | ||||||
Investor Shares | 9/6/1994 | 8.14% | -3.51% | 8.96% | 0.79% | 9.75% |
Fee-Adjusted Returns* | 7.07 | -3.51 | 8.96 | 0.79 | 9.75 | |
Admiral Shares | 11/12/2001 | 8.18 | 4.74** | — | — | — |
Fee-Adjusted Returns* | 7.11 | 4.46** | — | — | — | |
Institutional Shares | 2/24/1999 | 8.21 | -3.43 | 1.10** | 0.83** | 1.93** |
Fee-Adjusted Returns* | 7.14 | -3.43 | 1.10** | 0.83** | 1.93** | |
*Reflective of the 2% fee assessed on redemptions of shares held in the fund for less than one year and the 1% fee assessed on redemptions of shares held in the fund for at least one year but less than five years. **Return since inception. |
16
TAX-MANAGED SMALL-CAP FUND
Fiscal-Year Total Returns (%) March 25, 1999-June 30,2005
*Six months ended June 30, 2005.
Note: See Financial Highlights tables on pages 31 and 32 for dividend and capital gains information.
TAX-MANAGED INTERNATIONAL FUND
Fiscal-Year Total Returns (%) August 17, 1999-June 30,2005
*Six months ended June 30, 2005.
Note: See Financial Highlights tables on pages 33 and 34 for dividend and capital gains information.
Average Annual Total Returns for periods ended June 30, 2005 | ||||||
---|---|---|---|---|---|---|
Ten Years | ||||||
| Inception Date | One Year | Five Years | Capital | Income | Total |
Tax-Managed Small-Cap Fund | ||||||
Investor Shares | 3/25/1999 | 13.68% | 10.53% | 13.07% | 0.67% | 13.74% |
Fee-Adjusted Returns* | 12.55 | 10.53 | 13.07 | 0.67 | 13.74 | |
Institutional Shares | 4/21/1999 | 13.74 | 10.61 | 11.99 | 0.72 | 12.71 |
Fee-Adjusted Returns* | 12.61 | 10.61 | 11.99 | 0.72 | 12.71 | |
Tax-Managed International Fund | ||||||
Investor Shares | 8/17/1999 | 12.84% | -0.66% | 0.29% | 1.54% | 1.83% |
Fee-Adjusted Returns* | 11.74 | -0.66 | 0.29 | 1.54 | 1.83 | |
Institutional Shares | 1/4/2001 | 13.02 | 1.89** | — | — | — |
Fee-Adjusted Returns* | 11.91 | 1.68** | — | — | — | |
*Reflective of the 2% fee assessed on redemptions of shares held in the fund for less than one year and the 1% fee assessed on redemptions of shares held in the fund for at least one year but less than five years. **Return since inception. |
17
YOUR FUND'S AFTER-TAX RETURNS | |
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect the reduced tax rates on ordinary income (including qualified dividend income) and short-term capital gains that became effective as of January 1, 2003, and on long-term capital gains realized on or after May 6, 2003. To calculate qualified dividend income, we used actual 2004 figures and estimates for 2005. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns* | Periods Ended June 30, 2005 | ||
---|---|---|---|
One Year | Five Years | Ten Years** | |
Tax-Managed Balanced Fund | |||
Returns Before Taxes | 6.07% | 1.85% | 8.12% |
Returns After Taxes on Distributions | 5.90 | 1.72 | 7.97 |
Returns After Taxes on Distributions and Sale of Fund Shares | 4.75 | 1.81 | 7.40 |
Tax-Managed Growth and Income Fund | |||
Returns Before Taxes | 5.26% | -2.35% | 9.96% |
Returns After Taxes on Distributions | 4.95 | -2.73 | 9.44 |
Returns After Taxes on Distributions and Sale of Fund Shares | 3.82 | -2.16 | 8.56 |
Tax-Managed Capital Appreciation Fund | |||
Returns Before Taxes | 7.07% | -3.51% | 9.75% |
Returns After Taxes on Distributions | 6.86 | -3.73 | 9.50 |
Returns After Taxes on Distributions and Sale of Fund Shares | 4.87 | -3.06 | 8.55 |
Tax-Managed Small-Cap Fund | |||
Returns Before Taxes | 12.55% | 10.53% | 13.74% |
Returns After Taxes on Distributions | 12.41 | 10.32 | 13.54 |
Returns After Taxes on Distributions and Sale of Fund Shares | 8.34 | 9.07 | 12.05 |
Tax-Managed International Fund | |||
Returns Before Taxes | 11.74% | -0.66% | 1.83% |
Returns After Taxes on Distributions | 11.54 | -1.02 | 1.50 |
Returns After Taxes on Distributions and Sale of Fund Shares | 8.20 | -0.70 | 1.43 |
*All fund returns are adjusted to reflect fees. Each of the Vanguard Tax-Managed Funds assesses a 2% fee on redemptions of shares held in the fund for less than one year and a 1% fee on redemptions of shares held in the fund for at least one year but less than five years. **Since inception for the Tax-Managed Small-Cap Fund (March 25, 1999) and the Tax-Managed International Fund (August 17, 1999). |
18
As of 6/30/2005 | FINANCIAL STATEMENTS (UNAUDITED) |
---|---|
The Statement of Net Assets—an integral part of the Financial Statements for each of the Vanguard Tax-Managed Funds—is included as an insert to this report. |
STATEMENT OF OPERATIONS
This Statement shows the types of income earned by each fund during the reporting period, and details the operating expenses charged to each class of its shares. These expenses directly reduce the amount of investment income available to pay to shareholders as income dividends. This Statement also shows any Net Gain (Loss) realized on the sale of investments, and the increase or decrease in the Unrealized Appreciation (Depreciation) of investments during the period.
Tax-Managed Balanced Fund Six Months Ended June 30, 2005 (000) | |
---|---|
INVESTMENT INCOME | |
Income | |
Dividends | $1,822 |
Interest | 5,972 |
Security Lending | 5 |
Total Income | 7,799 |
Expenses | |
The Vanguard Group--Note B | |
Investment Advisory Services | 112 |
Management and Administrative | 185 |
Marketing and Distribution | 34 |
Custodian Fees | 3 |
Shareholders' Reports | 7 |
Total Expenses | 341 |
Expenses Paid Indirectly--Note C | (6) |
Net Expenses | 335 |
NET INVESTMENT INCOME | 7,464 |
REALIZED NET GAIN (LOSS) ON INVESTMENT SECURITIES SOLD | 391 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES | (753) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $7,102 |
19
STATEMENT OF OPERATIONS (CONTINUED) | ||||||
---|---|---|---|---|---|---|
Tax-Managed Growth and Income Fund | Tax-Managed Capital Appreciation Fund | Tax-Managed Small-Cap Fund | Tax-Managed International Fund | |||
| Six Months Ended June 30, 2005 | |||||
| (000) | (000) | (000) | (000) | ||
INVESTMENT INCOME | ||||||
Income | ||||||
Dividends* | $23,049 | $20,195 | $6,721 | $19,519 | ||
Interest | 16 | 26 | 22 | 22 | ||
Security Lending | 9 | 78 | 129 | 29 | ||
Total Income | 23,074 | 20,299 | 6,872 | 19,570 | ||
Expenses | ||||||
The Vanguard Group--Note B | ||||||
Investment Advisory Services | 95 | 95 | 95 | 95 | ||
Management and Administrative | ||||||
Investor Shares | 738 | 874 | 669 | 726 | ||
Admiral Shares | 375 | 591 | — | — | ||
Institutional Shares | 59 | 29 | 6 | 61 | ||
Marketing and Distribution | ||||||
Investor Shares | 77 | 88 | 74 | 53 | ||
Admiral Shares | 52 | 73 | — | — | ||
Institutional Shares | 19 | 5 | 1 | 9 | ||
Custodian Fees | 40 | 19 | 44 | 158 | ||
Shareholders' Reports | ||||||
Investor Shares | 23 | 24 | 12 | 5 | ||
Admiral Shares | 1 | 2 | — | — | ||
Institutional Shares | — | — | — | — | ||
Trustees' Fees and Expenses | 2 | 2 | 1 | 1 | ||
Total Expenses | 1,481 | 1,802 | 902 | 1,108 | ||
NET INVESTMENT INCOME | 21,593 | 18,497 | 5,970 | 18,462 | ||
REALIZED NET GAIN (LOSS) | ||||||
Investment Securities Sold | (19,076) | 8,118 | 6,271 | (4,816) | ||
Foreign Currencies | — | — | — | (159) | ||
REALIZED NET GAIN (LOSS) | (19,076) | 8,118 | 6,271 | (4,975) | ||
CHANGE IN UNREALIZED APPRECIATION | ||||||
(DEPRECIATION) | ||||||
Investment Securities | (23,865) | (9,627) | 15,687 | (29,256) | ||
Foreign Currencies | — | — | — | (121) | ||
CHANGE IN UNREALIZED APPRECIATION | ||||||
(DEPRECIATION) | (23,865) | (9,627) | 15,687 | (29,377) | ||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||
RESULTING FROM OPERATIONS | $(21,348) | $16,988 | $27,928 | $(15,890) | ||
*Dividends for the Tax-Managed International Fund are net of foreign withholding taxes of $1,947,000. |
20
STATEMENT OF CHANGES IN NET ASSETS
This Statement shows how each fund's total net assets changed during the two most recent reporting periods. The Operations section summarizes information detailed in the Statement of Operations. The amounts shown as Distributions to shareholders from the fund's net income and capital gains may not match the amounts shown in the Operations section, because distributions are determined on a tax basis and may be made in a period different from the one in which the income was earned or the gains were realized on the financial statements. The Capital Share Transactions section shows the net amount shareholders invested in or redeemed from the fund. Distributions and Capital Share Transactions are shown separately for each class of shares.
Tax-Managed Balanced Fund | Tax-Managed Growth and Income Fund | |||
---|---|---|---|---|
| Six Months Ended June 30, 2005 (000) | Year Ended Dec. 31, 2004 (000) | Six Months Ended June 30, 2005 (000) | Year Ended Dec. 31, 2004 (000) |
INCREASE (DECREASE) IN NET ASSETS | ||||
Operations | ||||
Net Investment Income | $7,464 | $14,163 | $21,593 | $46,828 |
Realized Net Gain (Loss) | 391 | 1,316 | (19,076) | 25,717 |
Change in Unrealized Appreciation (Depreciation) | (753) | 21,369 | (23,865) | 184,037 |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 7,102 | 36,848 | (21,348) | 256,582 |
Distributions | ||||
Net Investment Income | ||||
Investor Shares | (6,537) | (14,189) | (10,026) | (25,102) |
Admiral Shares | — | — | (7,899) | (16,926) |
Institutional Shares | — | — | (2,157) | (4,945) |
Realized Capital Gain | ||||
Investor Shares | — | — | — | — |
Admiral Shares | — | — | — | — |
Institutional Shares | — | — | — | — |
Total Distributions | (6,537) | (14,189) | (20,082) | (46,973) |
Capital Share Transactions-Note F | ||||
Investor Shares | 18,636 | 40,396 | (121,104) | (38,504) |
Admiral Shares | — | — | 103,311 | 102,068 |
Institutional Shares | — | — | 16,285 | 27,999 |
Net Increase (Decrease) from | ||||
Capital Share Transactions | 18,636 | 40,396 | (1,508) | 91,563 |
Total Increase (Decrease) | 19,201 | 63,055 | (42,938) | 301,172 |
Net Assets | ||||
Beginning of Period | 561,338 | 498,283 | 2,615,184 | 2,314,012 |
End of Period | $580,539 | $561,338 | $2,572,246 | $2,615,184 |
21
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED) | ||||
---|---|---|---|---|
Tax-Managed Capital Appreciation Fund | Tax-Managed Small-Cap Fund | |||
| Six Months Ended June 30, 2005 (000) | Year Ended Dec. 31, 2004 (000) | Six Months Ended June 30, 2005 (000) | Year Ended Dec. 31, 2004 (000) |
INCREASE (DECREASE) IN NET ASSETS | ||||
Operations | ||||
Net Investment Income | $18,497 | $40,398 | 5$,970 | $10,312 |
Realized Net Gain (Loss) | 8,118 | 32,484 | 6,271 | 44,195 |
Change in Unrealized Appreciation (Depreciation) | (9,627) | 251,465 | 15,687 | 177,157 |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 16,988 | 324,347 | 27,928 | 231,664 |
Distributions | ||||
Net Investment Income | ||||
Investor Shares | — | (20,662) | — | (10,373) |
Admiral Shares | — | (18,689) | — | — |
Institutional Shares | — | (1,399) | — | (125) |
Realized Capital Gain | ||||
Investor Shares | — | — | — | — |
Admiral Shares | — | — | — | — |
Institutional Shares | — | — | — | — |
Total Distributions | — | (40,750) | — | (10,498) |
Capital Share Transactions-Note F | ||||
Investor Shares | (176,908) | (18,665) | 46,119 | 134,325 |
Admiral Shares | 127,583 | 168,812 | — | — |
Institutional Shares | 86,564 | (11,442) | 45,264 | (450) |
Net Increase (Decrease) from | ||||
Capital Share Transactions | 37,239 | 138,705 | 91,383 | 133,875 |
Total Increase (Decrease) | 54,227 | 422,302 | 119,311 | 355,041 |
Net Assets | ||||
Beginning of Period | 3,095,040 | 2,672,738 | 1,296,665 | 941,624 |
End of Period | $3,149,267 | $3,095,040 | $1,415,976 | $1,296,665 |
22
Tax-Managed International Fund | ||
---|---|---|
| Six Months Ended June 30, 2005 (000) | Year Ended Dec. 31, 2004 (000) |
INCREASE (DECREASE) IN NET ASSETS | ||
Operations | ||
Net Investment Income | $18,462 | $18,105 |
Realized Net Gain (Loss) | (4,975) | (4,922) |
Change in Unrealized Appreciation (Depreciation) | (29,377) | 139,697 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (15,890) | 152,880 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (173) | (15,765) |
Institutional Shares | (28) | (2,860) |
Realized Capital Gain | — | — |
Institutional Shares | — | — |
Total Distributions | (201) | (18,625) |
Capital Share Transactions--Note F | ||
Investor Shares | 111,711 | 197,575 |
Institutional Shares | 10,499 | 20,512 |
Net Increase (Decrease) from Capital Share Transactions | 122,210 | 218,087 |
Total Increase (Decrease) | 106,119 | 352,342 |
Net Assets | ||
Beginning of Period | 968,285 | 615,943 |
End of Period | $1,074,404 | $968,285 |
23
FINANCIAL HIGHLIGHTS
This table summarizes each fund’s investment results and distributions to shareholders on a per-share basis for each class of shares. It also presents the Total Return and shows net investment income and expenses as percentages of average net assets. These data will help you assess: the variability of the fund’s net income and total returns from year to year; the relative contributions of net income and capital gains to the fund’s total return; how much it costs to operate the fund; and the extent to which the fund tends to distribute capital gains. The table also shows the Portfolio Turnover Rate, a measure of trading activity. A turnover rate of 100% means that the average security is held in the fund for one year.
Tax-Managed Balanced Fund | ||||||
---|---|---|---|---|---|---|
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $18.49 | $17.72 | $15.54 | $17.18 | $18.30 | $18.87 |
Investment Operations | ||||||
Net Investment Income | .24 | .48* | .42 | .44 | .46 | .48 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments** | (.01) | .77 | 2.20 | (1.65) | (1.12) | (.56) |
Total from Investment Operations | .23 | 1.25 | 2.62 | (1.21) | (.66) | (.08) |
Distributions | ||||||
Dividends from Net Investment Income† | (.21) | (.48) | (.44) | (.43) | (.46) | (.49) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.21) | (.48) | (.44) | (.43) | (.46) | (.49) |
Net Asset Value, End of Period | $18.51 | $18.49 | $17.72 | $15.54 | $17.18 | $18.30 |
Total Return†† | 1.26% | 7.16% | 17.05% | -7.07% | -3.54% | -0.50% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $581 | $561 | $498 | $416 | $419 | $400 |
Ratio of Total Expenses to Average Net Assets | 0.12%‡ | 0.12% | 0.17% | 0.18% | 0.19% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 2.64%‡ | 2.70%* | 2.58% | 2.69% | 2.64% | 2.61% |
Portfolio Turnover Rate | 9%‡ | 15% | 16% | 24% | 21% | 15% |
*Net investment income per share and ratio of net investment income to average net assets include $.02 and 0.13%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. **Includes increases from redemption fees of $.00, $.01, $.01, $.01, $.01, and $.01. †For tax purposes, nontaxable dividends represent 77%, 73%, 77%, 82%, 87%, and 92% of dividends from net investment income. ††Total returns do not reflect the 2% redemption fee on shares held less than one year or the 1% redemption fee on shares held at least one year but less than five years. ‡Annualized. |
24
Tax-Managed Growth and Income Fund Investor Shares | ||||||
---|---|---|---|---|---|---|
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $26.36 | $24.23 | $19.15 | $24.93 | $28.66 | $31.81 |
Investment Operations | ||||||
Net Investment Income | .21 | .47* | .34 | .313 | .294 | .295 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments** | (.42) | 2.13 | 5.08 | (5.768) | (3.725) | (3.148) |
Total from Investment Operations | (.21) | 2.60 | 5.42 | (5.455) | (3.431) | (2.853) |
Distributions | ||||||
Dividends from Net Investment Income | (.20) | (.47) | (.34) | (.325) | (.299) | (.297) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.20) | (.47) | (.34) | (.325) | (.299) | (.297) |
Net Asset Value, End of Period | $25.95 | $26.36 | $24.23 | $19.15 | $24.93 | $28.66 |
Total Return† | -0.79% | 10.83% | 28.53% | -21.95% | -11.93% | -9.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,251 | $1,395 | $1,321 | $1,077 | $1,606 | $2,320 |
Ratio of Total Expenses to Average Net Assets | 0.14%†† | 0.14% | 0.17% | 0.17% | 0.18% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 1.67%†† | 1.89%* | 1.63% | 1.44% | 1.13% | 0.96% |
Portfolio Turnover Rate | 9%†† | 8% | 5% | 9% | 5% | 5% |
*Net investment income per share and the ratio of net investment income to average net assets include $.08 and 0.31%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. **Includes increases from redemption fees of $.00, $.01, $.01, $.03, $.02, and $.02. †Total returns do not reflect the 2% redemption fee on shares held less than one year or the 1% redemption fee on shares held at least one year but less than five years. ††Annualized. |
25
FINANCIAL HIGHLIGHTS (CONTINUED) | |||||
---|---|---|---|---|---|
Tax-Managed Growth and Income Fund Admiral Shares | |||||
Six Months Ended June 30, | Year Ended December 31, | Nov.12* to Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 |
Net Asset Value, Beginning of Period | $54.17 | $49.80 | $39.35 | $51.24 | $50.00 |
Investment Operations | |||||
Net Investment Income | .45 | .99** | .733 | .673 | .087 |
Net Realized and Unrealized Gain (Loss) on Investments† | (.88) | 4.37 | 10.443 | (11.870) | 1.348 |
Total from Investment Operations | (.43) | 5.36 | 11.176 | (11.197) | 1.435 |
Distributions | |||||
Dividends from Net Investment Income | (.42) | (.99) | (.726) | (.693) | (.195) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.42) | (.99) | (.726) | (.693) | (.195) |
Net Asset Value, End of Period | $53.32 | $54.17 | $49.80 | $39.35 | $51.24 |
Total Return†† | -0.79% | 10.87% | 28.64% | -21.92% | 2.87% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,043 | $954 | $777 | $520 | $505 |
Ratio of Total Expenses to Average Net Assets | 0.10%‡ | 0.10% | 0.11% | 0.11% | 0.14%‡ |
Ratio of Net Investment Income to Average Net Assets | 1.71%‡ | 1.96%** | 1.69% | 1.52% | 1.26%‡ |
Portfolio Turnover Rate | 9%‡ | 8% | 5% | 9% | 5% |
*Inception. **Net investment income per share and the ratio of net investment income to average net assets include $.16 and 0.31%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. †Includes increases from redemption fees of $.01, $.02, $.02, $.05, and $.03. ††Total returns do not reflect the 2% redemption fee on shares held less than one year or the 1% redemption fee on shares held at least one year but less than five years. ‡Annualized. |
26
Tax-Managed Growth and Income Fund Institutional Shares | ||||||
---|---|---|---|---|---|---|
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $26.36 | $24.24 | $19.15 | $24.93 | $28.66 | $31.81 |
Investment Operations | ||||||
Net Investment Income | .218 | .479* | .369 | .331 | .319 | .319 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments** | (.420) | 2.130 | 5.080 | (5.768) | (3.725) | (3.148) |
Total from Investment Operations | (.202) | 2.609 | 5.449 | (5.437) | (3.406) | (2.829) |
Distributions | ||||||
Dividends from Net Investment Income | (.208) | (.489) | (.359) | (.343) | (.324) | (.321) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.208) | (.489) | (.359) | (.343) | (.324) | (.321) |
Net Asset Value, End of Period | $25.95 | $26.36 | $24.24 | $19.15 | $24.93 | $28.66 |
Total Return† | -0.76% | 10.87% | 28.69% | -21.88% | -11.84% | -8.96% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $278 | $266 | $217 | $167 | $158 | $95 |
Ratio of Total Expenses to Average Net Assets | 0.07%†† | 0.07% | 0.08% | 0.08% | 0.08% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 1.74%†† | 1.97%* | 1.72% | 1.54% | 1.25% | 1.04% |
Portfolio Turnover Rate | 9%†† | 8% | 5% | 9% | 5% | 5% |
*Net investment income per share and the ratio of net investment income to average net assets include $.077 and 0.31%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. **Includes increases from redemption fees of $.00, $.01, $.01, $.03, $.02, and $.02. †Total returns do not reflect the 2% redemption fee on shares held less than one year or the 1% redemption fee on shares held at least one year but less than five years. ††Annualized. |
27
FINANCIAL HIGHLIGHTS (CONTINUED) | ||||||
---|---|---|---|---|---|---|
Tax-Managed Capital Appreciation Fund Investor Shares | ||||||
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $28.05 | $25.43 | $19.49 | $25.73 | $30.59 | $34.17 |
Investment Operations | ||||||
Net Investment Income | .16 | .365* | .238 | .196 | .164 | .117 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments** | (.02) | 2.622 | 5.940 | (6.231) | (4.854) | (3.578) |
Total from Investment Operations | .14 | 2.987 | 6.178 | (6.035) | (4.690) | (3.461) |
Distributions | ||||||
Dividends from Net Investment Income | — | (.367) | (.238) | (.205) | (.170) | (.119) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | — | (.367) | (.238) | (.205) | (.170) | (.119) |
Net Asset Value, End of Period | $28.19 | $28.05 | $25.43 | $19.49 | $25.73 | $30.59 |
Total Return† | 0.50% | 11.75% | 31.72% | -23.45% | -15.34% | -10.13% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,424 | $1,596 | $1,466 | $1,154 | $1,678 | $2,643 |
Ratio of Total Expenses to Average Net Assets | 0.14%†† | 0.14% | 0.17% | 0.17% | 0.18% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 1.19%†† | 1.40%* | 1.09% | 0.87% | 0.60% | 0.36% |
Portfolio Turnover Rate | 7%†† | 5% | 11% | 10% | 13% | 17% |
*Net investment income per share and the ratio of net investment income to average net assets include $.061 and 0.24%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. **Includes increases from redemption fees of $.00, $.01, $.01, $.02, $.02, and $.01. †Total returns do not reflect the 2% redemption fee on shares held less than one year or the 1% redemption fee on shares held at least one year but less than five years. ††Annualized. |
28
Tax-Managed Capital Appreciation Fund Admiral Shares | |||||
---|---|---|---|---|---|
Six Months Ended June 30, | Year Ended December 31, | Nov.12* to Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 |
Net Asset Value, Beginning of Period | $56.46 | $51.20 | $39.24 | $51.79 | $50.00 |
Investment Operations | |||||
Net Investment Income | .34 | .762** | .51 | .42 | .064 |
Net Realized and Unrealized Gain (Loss) on Investments† | (.04) | 5.263 | 11.96 | (12.53) | 2.072 |
Total from Investment Operations | .30 | 6.025 | 12.47 | (12.11) | 2.136 |
Distributions | |||||
Dividends from Net Investment Income | — | (.765) | (.51) | (.44) | (.346) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | — | (.765) | (.51) | (.44) | (.346) |
Net Asset Value, End of Period | $56.76 | $56.46 | $51.20 | $39.24 | $51.79 |
Total Return†† | 0.53% | 11.77% | 31.80% | -23.38% | 4.26% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,536 | $1,397 | $1,103 | $741 | $778 |
Ratio of Total Expenses to Average Net Assets | 0.10%‡ | 0.10% | 0.11% | 0.11% | 0.14%‡ |
Ratio of Net Investment Income to Average Net Assets | 1.23%‡ | 1.47%** | 1.16% | 0.95% | 0.79%‡ |
Portfolio Turnover Rate | 7%‡ | 5% | 11% | 10% | 13% |
*Inception. **Net investment income per share and the ratio of net investment income to average net assets include $.122 and 0.24%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. †Includes increases from redemption fees of $.01, $.01, $.02, $.03, and $.03. ††Total returns do not reflect the 2% redemption fee on shares held less than one year or the 1% redemption fee on shares held at least one year but less than five years. ‡Annualized. |
29
FINANCIAL HIGHLIGHTS (CONTINUED) | ||||||
---|---|---|---|---|---|---|
Tax-Managed Capital Appreciation Fund Institutional Shares | ||||||
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $28.05 | $25.44 | $19.49 | $25.73 | $30.59 | $34.18 |
Investment Operations | ||||||
Net Investment Income | .18 | .375* | .267 | .216 | .188 | .136 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments** | (.02) | 2.622 | 5.940 | (6.231) | (4.854) | (3.578) |
Total from Investment Operations | .16 | 2.997 | 6.207 | (6.015) | (4.666) | (3.442) |
Distributions | ||||||
Dividends from Net Investment Income | — | (.387) | (.257) | (.225) | (.194) | (.148) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | — | (.387) | (.257) | (.225) | (.194) | (.148) |
Net Asset Value, End of Period | $28.21 | $28.05 | $25.44 | $19.49 | $25.73 | $30.59 |
Total Return† | 0.57% | 11.78% | 31.87% | -23.37% | -15.26% | -10.07% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $189 | $102 | $104 | $106 | $121 | $210 |
Ratio of Total Expenses to Average Net Assets | 0.07%†† | 0.07% | 0.08% | 0.08% | 0.08% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.25%†† | 1.47%* | 1.17% | 0.98% | 0.69% | 0.46% |
Portfolio Turnover Rate | 7%†† | 5% | 11% | 10% | 13% | 17% |
*Net investment income per share and the ratio of net investment income to average net assets include $.061 and 0.24%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. **Includes increases from redemption fees of $.00, $.01, $.01, $.02, $.02, and $.01. †Total returns do not reflect the 2% redemption fee on shares held less than one year or the 1% redemption fee on shares held at least one year but less than five years. ††Annualized. |
30
Tax-Managed Small-Cap Fund Investor Shares | ||||||
---|---|---|---|---|---|---|
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $21.25 | $17.44 | $12.67 | $14.92 | $14.23 | $12.61 |
Investment Operations | ||||||
Net Investment Income | .09 | .172 | .109 | .092 | .079 | .074 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments* | .31 | 3.811 | 4.770 | (2.247) | .696 | 1.620 |
Total from Investment Operations | .40 | 3.983 | 4.879 | (2.155) | .775 | 1.694 |
Distributions | ||||||
Dividends from Net Investment Income | — | (.173) | (.109) | (.095) | (.085) | (.074) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | — | (.173) | (.109) | (.095) | (.085) | (.074) |
Net Asset Value, End of Period | $21.65 | $21.25 | $17.44 | $12.67 | $14.92 | $14.23 |
Total Return** | 1.88% | 22.84% | 38.51% | -14.44% | 5.44% | 13.44% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,355 | $1,282 | $929 | $601 | $568 | $368 |
Ratio of Total Expenses to Average Net Assets | 0.14%† | 0.14% | 0.17% | 0.17% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 0.91%† | 0.96% | 0.77% | 0.68% | 0.63% | 0.64% |
Portfolio Turnover Rate | 12%† | 19% | 21% | 21% | 25% | 64% |
*Includes increases from redemption fees of $.01, $.01, $.01, $.01, $.00, and $.00. **Total returns do not reflect the transaction fee on purchases (0.5% from April 1, 2000, through March 31, 2002; 1% through March 31, 2000), the 2% redemption fee on shares held less than one year, or the 1% redemption fee on shares held at least one year but less than five years. †Annualized. |
31
FINANCIAL HIGHLIGHTS (CONTINUED) | ||||||
---|---|---|---|---|---|---|
Tax-Managed Small-Cap Fund Institutional Shares | ||||||
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $21.28 | $17.47 | $12.68 | $14.92 | $14.23 | $12.61 |
Investment Operations | ||||||
Net Investment Income | .10 | .178 | .134 | .105 | .092 | .085 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments* | .31 | 3.811 | 4.770 | (2.247) | .696 | 1.620 |
Total from Investment Operations | .41 | 3.989 | 4.904 | (2.142) | .788 | 1.705 |
Distributions | ||||||
Dividends from Net Investment Income | — | (.179) | (.114) | (.098) | (.098) | (.085) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | — | (.179) | (.114) | (.098) | (.098) | (.085) |
Net Asset Value, End of Period | $21.69 | $21.28 | $17.47 | $12.68 | $14.92 | $14.23 |
Total Return** | 1.93% | 22.83% | 38.68% | -14.36% | 5.53% | 13.53% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $61 | $15 | $12 | $29 | $53 | $46 |
Ratio of Total Expenses to Average Net Assets | 0.09%† | 0.09% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.96%† | 1.01% | 0.84% | 0.74% | 0.73% | 0.76% |
Portfolio Turnover Rate | 12%† | 19% | 21% | 21% | 25% | 64% |
*Includes increases from redemption fees of $.00, $.01, $.01, $.01, $.00, and $.00. **Total returns do not reflect the transaction fee on purchases (0.5% from April 1, 2000, through March 31, 2002; 1% through March 31, 2000), the 2% redemption fee on shares held less than one year, or the 1% redemption fee on shares held at least one year but less than five years. †Annualized. |
32
Tax-Managed International Fund Investor Shares | ||||||
---|---|---|---|---|---|---|
Six Months Ended June 30, | Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $10.33 | $8.76 | $6.43 | $7.79 | $10.14 | $11.96 |
Investment Operations | ||||||
Net Investment Income | .174 | .201 | .158 | .14 | .111 | .11 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments* | (.332) | 1.571 | 2.325 | (1.36) | (2.336) | (1.82) |
Total from Investment Operations | (.158) | 1.772 | 2.483 | (1.22) | (2.225) | (1.71) |
Distributions | ||||||
Dividends from Net Investment Income | (.002) | (.202) | (.153) | (.14) | (.125) | (.11) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.002) | (.202) | (.153) | (.14) | (.125) | (.11) |
Net Asset Value, End of Period | $10.17 | $10.33 | $8.76 | $6.43 | $7.79 | $10.14 |
Total Return** | -1.53% | 20.25% | 38.67% | -15.62% | -21.94% | -14.29% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $923 | $825 | $514 | $334 | $327 | $241 |
Ratio of Total Expenses to Average Net Assets | 0.23%† | 0.23% | 0.28% | 0.31% | 0.35% | 0.35% |
Ratio of Net Investment Income to Average Net Assets | 3.62%† | 2.34% | 2.33% | 2.04% | 1.49% | 1.24% |
Portfolio Turnover Rate | 6%† | 5% | 9% | 7% | 20% | 5% |
*Includes increases from redemption fees of $.00, $.00, $.01, $.01, $.00, and $.01. **Total returns do not reflect the transaction fee on purchases (0.25% from April 1, 2000, through March 31, 2002; 0.75% through March 31, 2000), the 2% redemption fee on shares held less than one year, or the 1% redemption fee on shares held at least one year but less than five years. †Annualized. |
33
FINANCIAL HIGHLIGHTS (CONTINUED) | ||||||
---|---|---|---|---|---|---|
Tax-Managed International Fund Institutional Shares | ||||||
Six Months Ended June, 30 | Year Ended December 31, | Jan. 4* to Dec. 31, | ||||
For a Share Outstanding Throughout Each Period | 2005 | 2004 | 2003 | 2002 | 2001 | |
Net Asset Value, Beginning of Period | $10.33 | $8.77 | $6.43 | $7.79 | $10.13 | |
Investment Operations | ||||||
Net Investment Income | .184 | .198 | .17 | .148 | .123 | |
Net Realized and Unrealized Gain (Loss) on Investments** | (.332) | 1.571 | 2.33 | (1.361) | (2.329) | |
Total from Investment Operations | (.148) | 1.769 | 2.50 | (1.213) | (2.206) | |
Distributions | ||||||
Dividends from Net Investment Income | (.002) | (.209) | (.16) | (.147) | (.134) | |
Distributions from Realized Capital Gains | — | — | — | — | — | |
Total Distributions | (.002) | (.209) | (.16) | (.147) | (.134) | |
Net Asset Value, End of Period | $10.18 | $10.33 | $8.77 | $6.43 | $7.79 | |
Total Return† | -1.43% | 20.19% | 38.94% | -15.52% | -21.77% | |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $152 | $143 | $102 | $47 | $55 | |
Ratio of Total Expenses to Average Net Assets | 0.15%†† | 0.15% | 0.17% | 0.20% | 0.22%†† | |
Ratio of Net Investment Income to Average Net Assets | 3.69%†† | 2.42% | 2.44% | 2.16% | 1.68%†† | |
Portfolio Turnover Rate | 6%†† | 5% | 9% | 7% | 20% | |
*Inception. **Includes increases from redemption fees of $.00, $.00, $.00, $.01, and $.00. †Total returns do not reflect the 0.25% transaction fee on purchases through March 31, 2002, the 2% redemption fee on shares held less than one year, or the 1% redemption fee on shares held at least one year but less than five years. ††Annualized. |
SEE ACCOMPANYING NOTES, WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
34
NOTES TO FINANCIAL STATEMENTS
Vanguard Tax-Managed Funds comprise the Tax-Managed Balanced, Tax-Managed Growth and Income, Tax-Managed Capital Appreciation, Tax-Managed Small-Cap, and Tax-Managed International Funds, each of which is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
The Tax-Managed Growth and Income and Tax-Managed Capital Appreciation Funds each offer three classes of shares: Investor Shares, Admiral Shares, and Institutional Shares. The Tax-Managed Small-Cap and Tax-Managed International Funds each offer two classes of shares: Investor Shares and Institutional Shares. The Tax-Managed Balanced Fund offers only Investor Shares. Investor Shares are available to any investor who meets the funds' minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, servicing, tenure, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and servicing criteria and invest a minimum of $5 million.
The Tax-Managed Balanced Fund invests in debt instruments of many municipal issuers; the issuers' abilities to meet their obligations may be affected by economic and political developments in a specific state or region. The Tax-Managed International Fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of United States corporations.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The funds consistently follow such policies in preparing their financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the funds' pricing time but after the close of the securities' primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the funds' pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates on the valuation date as employed by Morgan Stanley Capital International (MSCI) in the calculation of its indexes. As part of the funds' fair-value procedures, exchange rates may be adjusted if they change significantly before the funds' pricing time but after the time at which the MSCI rates are determined (generally 11:00 a.m. Eastern time). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the asset or liability is settled in cash, when they are recorded as realized foreign currency gains (losses).
3. Federal Income Taxes: Each fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
35
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. Security Lending: The funds may lend their securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The funds invest cash collateral received in Vanguard Market Liquidity Fund, and record a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
6. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on redemptions of capital shares are credited to paid-in capital. Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to each fund under methods approved by the board of trustees. Each fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At June 30, 2005, the funds had contributed capital to Vanguard (included in Other Assets) of:
Tax-Managed Fund | Capital Contribution to Vanguard (000) | Percentage of Fund Net Assets | Percentage of Vanguard's Capitalization |
---|---|---|---|
Balanced | $73 | 0.01% | 0.07% |
Growth and Income | 326 | 0.01 | 0.33 |
Capital Appreciation | 396 | 0.01 | 0.40 |
Small-Cap | 172 | 0.01 | 0.17 |
International | 133 | 0.01 | 0.13 |
The funds’ trustees and officers are also directors and officers of Vanguard.
C. The Tax-Managed Balanced Fund’s investment advisor may direct new issue purchases, subject to obtaining the best price and execution, to underwriters who have agreed to rebate or credit to the fund part of the underwriting fees generated. Such rebates or credits are used solely to reduce the fund’s management and administrative expenses. The funds’ custodian banks have also agreed to reduce their fees when the funds maintain cash on deposit in their non-interest-bearing custody accounts. For the six months ended June 30, 2005, these arrangements reduced the Tax-Managed Balanced Fund’s management and administrative expenses by $5,000 and custodian fees by $1,000.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
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During the six months ended June 30, 2005, the Tax-Managed International Fund realized net foreign currency losses of $159,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. The funds’ tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2004, the following funds had tax-basis capital losses available to offset future net capital gains:
Capital Losses | ||
---|---|---|
Tax-Managed Fund | Amount (000) | Expiration: Fiscal Years Ending December 31, |
Balanced | $35,606 | 2009-2012 |
Growth and Income | 410,730 | 2008-2013 |
Capital Appreciation | 574,379 | 2008-2011 |
Small-Cap | 21,127 | 2011 |
International | 79,149 | 2007-2012 |
The funds will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2005; should the funds realize net capital losses for the year, the losses will be added to the loss carryforward balances above.
At June 30, 2005, net unrealized appreciation (depreciation) of investment securities for tax purposes was:
(000) | |||
---|---|---|---|
Tax-Managed Fund | Appreciated Securities | Depreciated Securities | Net Unrealized Appreciation (Depreciation) |
Balanced | $114,887 | $(3,297) | $111,590 |
Growth and Income | 758,627 | (99,653) | 658,974 |
Capital Appreciation | 1,201,422 | (62,216) | 1,139,206 |
Small-Cap | 507,495 | (12,745) | 494,750 |
International | 183,383 | (29,865) | 153,518 |
E. During the six months ended June 30, 2005, purchases and sales of investment securities other than temporary cash investments were:
(000) | ||
---|---|---|
Tax-Managed Fund | Purchases | Sales |
Balanced | $37,280 | $24,021 |
Growth and Income | 117,182 | 117,300 |
Capital Appreciation | 167,616 | 101,319 |
Small-Cap | 191,814 | 82,464 |
International | 172,190 | 29,942 |
37
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
F. Capital share transactions for each class of shares were:
Six Months Ended June 30, 2005 | Year Ended December 31, 2004 | |||
---|---|---|---|---|
Tax-Managed Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Balanced | ||||
Issued | $39,976 | 2,176 | $71,639 | 3,998 |
Issued in Lieu of Cash Distributions | 5,541 | 302 | 11,958 | 665 |
Redeemed* | (26,881) | (1,468) | (43,201) | (2,424) |
Net Increase (Decrease)—Investor Shares | 18,636 | 1,010 | 40,396 | 2,239 |
Growth and Income | ||||
Investor Shares | ||||
Issued | $56,927 | 2,204 | $135,059 | 5,470 |
Issued in Lieu of Cash Distributions | 8,681 | 338 | 21,734 | 863 |
Redeemed** | (186,712) | (7,242) | (195,297) | (7,904) |
Net Increase (Decrease)—Investor Shares | (121,104) | (4,700) | (38,504) | (1,571) |
Admiral Shares | ||||
Issued | 152,351 | 2,874 | 158,828 | 3,131 |
Issued in Lieu of Cash Distributions | 5,990 | 113 | 13,068 | 252 |
Redeemed** | (55,030) | (1,033) | (69,828) | (1,363) |
Net Increase (Decrease)—Admiral Shares | 103,311 | 1,954 | 102,068 | 2,020 |
Institutional Shares | ||||
Issued | 17,888 | 681 | 51,589 | 2,110 |
Issued in Lieu of Cash Distributions | 1,459 | 57 | 3,381 | 134 |
Redeemed** | (3,062) | (118) | (26,971) | (1,105) |
Net Increase (Decrease)—Institutional Shares | 16,285 | 620 | 27,999 | 1,139 |
Capital Appreciation | ||||
Investor Shares | ||||
Issued | $81,505 | 2,956 | $176,622 | 6,784 |
Issued in Lieu of Cash Distributions | — | — | 18,193 | 649 |
Redeemed† | (258,413) | (9,345) | (213,480) | (8,148) |
Net Increase (Decrease)—Investor Shares | (176,908) | (6,389) | (18,665) | (715) |
Admiral Shares | ||||
Issued | 250,500 | 4,497 | 222,137 | 4,213 |
Issued in Lieu of Cash Distributions | — | — | 14,307 | 253 |
Redeemed† | (122,917) | (2,174) | (67,632) | (1,274) |
Net Increase (Decrease)—Admiral Shares | 127,583 | 2,323 | 168,812 | 3,192 |
Institutional Shares | ||||
Issued | 98,191 | 3,466 | 817 | 31 |
Issued in Lieu of Cash Distributions | — | — | 1,038 | 37 |
Redeemed† | (11,627) | (415) | (13,297) | (509) |
Net Increase (Decrease)—Institutional Shares | 86,564 | 3,051 | (11,442) | (441) |
*Net of redemption fees for 2005 and 2004 of $120,000 and $256,000, respectively. **Net of redemption fees for 2005 and 2004 of $411,000 and $847,000, respectively (fund totals). †Net of redemption fees for 2005 and 2004 of $412,000 and $708,000, respectively (fund totals). |
38
Six Months Ended June 30, 2005 | Year Ended December 31, 2004 | |||
---|---|---|---|---|
Tax-Managed Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Small-Cap | ||||
Investor Shares | ||||
Issued | $139,506 | 6,713 | $187,713 | 9,976 |
Issued in Lieu of Cash Distributions | — | — | 8,358 | 393 |
Redeemed* | (93,387) | (4,447) | (61,746) | (3,329) |
Net Increase (Decrease)—Investor Shares | 46,119 | 2,266 | 134,325 | 7,040 |
Institutional Shares | ||||
Issued | 45,264 | 2,109 | 3,942 | 223 |
Issued in Lieu of Cash Distributions | — | — | 125 | 6 |
Redeemed* | — | — | (4,517) | (227) |
Net Increase (Decrease)—Institutional Shares | 45,264 | 2,109 | (450) | 2 |
International | ||||
Investor Shares | ||||
Issued | $136,693 | 13,311 | $213,024 | 23,127 |
Issued in Lieu of Cash Distributions | 142 | 13 | 12,906 | 1,261 |
Redeemed** | (25,124) | (2,478) | (28,355) | (3,126) |
Net Increase (Decrease)—Investor Shares | 111,711 | 10,846 | 197,575 | 21,262 |
Institutional Shares | ||||
Issued | 11,678 | 1,151 | 19,418 | 2,131 |
Issued in Lieu of Cash Distributions | 21 | 2 | 2,144 | 209 |
Redeemed** | (1,200) | (119) | (1,050) | (113) |
Net Increase (Decrease)—Institutional Shares | 10,499 | 1,034 | 20,512 | 2,227 |
*Net of redemption fees for 2005 and 2004 of $349,000 and $550,000, respectively (fund totals). **Net of redemption fees for 2005 and 2004 of $134,000 and $245,000, respectively (fund totals). |
39
ABOUT YOUR FUND'S EXPENSES | |
Six Months Ended June 30, 2005 | |||
---|---|---|---|
Tax-Managed Fund | Beginning Account Value 12/31/2004 | Ending Account Value 6/30/2005 | Expenses Paid During Period* |
Based on Actual Fund Return | |||
Balanced | $1,000.00 | $1,012.59 | $0.60 |
Growth & Income | |||
Investor Shares | $1,000.00 | $992.12 | $0.69 |
Admiral Shares | 1,000.00 | 992.14 | 0.49 |
Institutional Shares | 1,000.00 | 992.42 | 0.35 |
Capital Appreciation | |||
Investor Shares | $1,000.00 | $1,004.99 | $0.70 |
Admiral Shares | 1,000.00 | 1,005.31 | 0.50 |
Institutional Shares | 1,000.00 | 1,005.70 | 0.35 |
Small-Cap | |||
Investor Shares | $1,000.00 | $1,018.82 | $0.70 |
Institutional Shares | 1,000.00 | 1,019.27 | 0.45 |
International | |||
Investor Shares | $1,000.00 | $984.70 | $1.13 |
Institutional Shares | 1,000.00 | 985.67 | 0.74 |
Based on Hypothetical 5% Yearly Return | |||
Balanced | $1,000.00 | $1,024.20 | $0.60 |
Growth & Income | |||
Investor Shares | $1,000.00 | $1,024.10 | $0.70 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Institutional Shares | 1,000.00 | 1,024.45 | 0.35 |
Capital Appreciation | |||
Investor Shares | $1,000.00 | $1,024.10 | $0.70 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Institutional Shares | 1,000.00 | 1,024.45 | 0.35 |
Small-Cap | |||
Investor Shares | $1,000.00 | $1,024.10 | $0.70 |
Institutional Shares | 1,000.00 | 1,024.35 | 0.45 |
International | |||
Investor Shares | $1,000.00 | $1,023.65 | $1.15 |
Institutional Shares | 1,000.00 | 1,024.05 | 0.75 |
*The calculations are based on expenses incurred during the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Tax-Managed Balanced Fund, 0.12%; for the Tax-Managed Growth and Income Fund, 0.14% for Investor Shares, 0.10% for Admiral Shares, and 0.07% for Institutional Shares; for the Tax-Managed Capital Appreciation Fund, 0.14% for Investor Shares, 0.10% for Admiral Shares, and 0.07% for Institutional Shares; for the Tax-Managed Small-Cap Fund, 0.14% for Investor Shares and 0.09% for Institutional Shares; for the Tax-Managed International Fund, 0.23% for Investor Shares and 0.15% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period. |
As a shareholder of the fund, you incur on-going costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The adjacent examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The table at left illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
40
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table on page 40 are meant to highlight and help you compare ongoing costs only; they do not include low-balance fees, account maintenance fees, or transaction fees on redemptions. These fees are fully described in the prospectus; they also are noted on the Performance Summary pages in this report. If these fees were applied to your account, your costs would be higher. The funds do not carry “sales loads.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about your fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate fund prospectus.
41
TRUSTEES RENEW ADVISORY ARRANGEMENT | |
The board of trustees of the Vanguard Tax-Managed Funds has renewed the funds’ investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Quantitative Equity and Fixed Income Groups—serves as the investment advisor for the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.
The board based its decision upon its most recent evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
NATURE, EXTENT, AND QUALITY OF SERVICES
The board considered the quality of the funds’ investment management over both short-and long-term periods, and took into account the organizational depth and stability of the advisor. Vanguard has been managing investments for more than two decades. George U. Sauter, Vanguard managing director and chief investment officer, has been in the investment management business since 1985 and oversees more than $600 billion in assets (stocks and bonds). Mr. Sauter has led the Quantitative Equity Group since 1987. Robert F. Auwaerter, principal in charge of the Fixed Income Group, has been in the investment management business since 1978. Both the Quantitative Equity Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
INVESTMENT PERFORMANCE
The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. The board noted that the funds have performed in line with expectations, and that their results have been consistent with their investment strategies. Information about the funds’ performance, including some of the data considered by the board, can be found in the “Performance Summaries” section of this report.
COST
The funds’ expense ratios were far below the average expense ratios charged by funds in their respective peer groups. The funds’ advisory expense ratios were also well below their peer-group averages. Information about the funds’ expense ratios appears in the “About Your Fund’s Expenses” section of this report as well as in the “Financial Statements” section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
THE BENEFIT OF ECONOMIES OF SCALE
The board of trustees concluded that the Vanguard Tax-Managed Funds’ low-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
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43
THE PEOPLE WHO GOVERN YOUR FUND
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis. | |
A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. | |
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are |
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
John J. Brennan* (1954) May 1987 | Chairman of the Board, Chief Executive Officer, and Trustee (133) | Chairman of the Board,Chief Executive Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group. |
INDEPENDENT TRUSTEES | ||
Charles D. Ellis (1937) January 2001 | Trustee (133) | Applecore Partners (pro bono ventures in education); Senior Advisor to Greenwich Associates (international business strategy consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
Rajiv L. Gupta (1945) December 2001** | Trustee (133) | Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Board Member of the American Chemistry Council; Director of Tyco International, Ltd. (diversified manufacturing and services) (since 2005);Trustee of Drexel University and of the Chemical Heritage Foundation. |
JoAnn Heffernan Heisen (1950) July 1998 | Trustee (133) | Vice President, Chief Information Officer, and Member of the Executive Committee of Johnson & Johnson (pharmaceuticals/consumer products); Director of the University Medical Center at Princeton and Women's Research and Education Institute. |
Burton G. Malkiel (1932) May 1977 | Trustee (130) | Chemical Bank Chairman's Professor of Economics, Princeton University; Director of Vanguard Investment Series plc (Irish investment fund) (since November 2001), Vanguard Group (Ireland) Limited (investment management) (since November 2001), BKF Capital (investment management), The Jeffrey Co. (holding company), and CareGain, Inc. (health care management). |
André F. Perold (1952) December 2004 | Trustee (133) | George Gund Professor of Finance and Banking, Harvard Business School (since 2000); Senior Associate Dean, Director of Faculty Recruiting, and Chair of Finance Faculty, Harvard Business School; Director and Chairman of UNX, Inc. (equities trading firm) (since 2003); Director of registered investment companies advised by Merrill Lynch Investment Managers and affiliates (1985–2004), Genbel Securities Limited (South African financial services firm) (1999–2003), Gensec Bank (1999–2003), Sanlam Investment Management (1999–2001), Sanlam, Ltd. (South African insurance company) (2001–2003), Stockback, Inc. (credit card firm) (2000–2002), and Bulldogresearch.com (investment research) (1999–2001); and Trustee of Commonfund (investment management) (1989–2001). |
selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers. | |
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. |
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
Alfred M. Rankin, Jr. (1941) January 1993 | Trustee (133) | Chairman, President, Chief Executive Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director of Goodrich Corporation (industrial products/aircraft systems and services); Director of Standard Products Company (supplier for the automotive industry) until 1998. |
J. Lawrence Wilson (1936) April 1985 | Trustee (133) | Retired Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines), MeadWestvaco Corp. (packaging products), and AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University and of Culver Educational Foundation. |
EXECUTIVE OFFICERS* | ||
R. Gregory Barton (1951) June 2001 | Secretary (133) | Managing Director and General Counsel of The Vanguard Group, Inc.; Secretary of The Vanguard Group, Inc. and of each of the investment companies served by The Vanguard Group since June 2001. |
Thomas J. Higgins (1957) July 1998 | Treasurer (133) | Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group. |
* | Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940. |
** | December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
VANGUARD SENIOR MANAGEMENT TEAM | |
---|---|
Mortimer J. Buckley, Information Technology. James H. Gately, Investment Programs and Services. Kathleen C. Gubanich, Human Resources. F. William McNabb, III, Client Relationship Group. | Michael S. Miller, Planning and Development. Ralph K. Packard, Finance. George U. Sauter, Chief Investment Officer. |
John C. Bogle, Founder; Chairman and Chief Executive Officer, 1974-1996. | |
Post Office Box 2600
Valley Forge, PA 19482-2600
Vanguard, The Vanguard Group, Vanguard.com, Vanguard Tax-Managed Funds, Admiral, and the ship logo are trademarks of The Vanguard Group, Inc.
All other marks are the exclusive property of their respective owners.
All comparative mutual fund data are from Lipper Inc. or Morningstar, Inc., unless otherwise noted.
For More Information
This report is intended for the funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current fund prospectus. To receive a free copy of the prospectus or the Statement of Additional Information, or to request additional information about the funds or other Vanguard funds, please contact us at one of the adjacent telephone numbers or by e-mail through Vanguard.com. Prospectuses may also be viewed online.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting our website, www.vanguard.com, and searching for “proxy voting guidelines,” or by calling Vanguard at 800- 662-2739. They are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either www.vanguard.com or www.sec.gov.
You can review and copy information about your fund at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at 202-942- 8090. Information about your fund is also available on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request in either of two ways: via e-mail addressed to publicinfo@sec.gov or via regular mail addressed to the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549–0102.
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Q872 082005
As of 6/30/2005 | VANGUARD TAX-MANAGED FUNDS® |
STATEMENT OF NET ASSETS (UNAUDITED)
The Statement of Net Assets should be read in conjunction with the Statement of Operations, Statement of Changes in Net Assets, Financial Highlights, and Notes to Financial Statements, all of which appear in the accompanying report. This Statement provides a detailed list of each fund’s holdings, including each security’s market value on the last day of the reporting period. Securities are grouped and subtotaled by asset type (common stocks, bonds, etc.), with common stocks grouped by industry sector (grouped by country for the Tax-Managed International Fund). The Tax-Managed Balanced Fund’s municipal bond holdings are grouped and subtotaled by state. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund’s Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement of Net Assets of each fund, you will find a table displaying the composition of the fund’s net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
Each fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Contents | ||
---|---|---|
Tax-Managed Balanced Fund .............................. 1 | Tax-Managed Small-Cap Fund .........................26 | |
Tax-Managed Growth and Income Fund ............13 | Tax-Managed International Fund ......................33 | |
Tax-Managed Capital Appreciation Fund ...........19 |
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (46.9%) | ||
Auto & Transportation (1.0%) | ||
United Parcel Service, Inc. | 12,200 | $ 844 |
FedEx Corp. | 8,800 | 713 |
Burlington Northern Santa Fe Corp. | 10,338 | 487 |
Harley-Davidson, Inc. | 9,300 | 461 |
Norfolk Southern Corp. | 14,200 | 440 |
Southwest Airlines Co. | 29,618 | 413 |
Union Pacific Corp. | 5,959 | 386 |
CSX Corp. | 9,000 | 384 |
C.H. Robinson Worldwide, Inc. | 4,800 | 279 |
Expeditors International | ||
of Washington, Inc. | 5,300 | 264 |
Oshkosh Truck Corp. | 2,800 | 219 |
Gentex Corp. | 10,200 | 186 |
J.B. Hunt Transport Services, Inc. | 9,300 | 179 |
1
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
Ford Motor Co. | 15,165 | $155 |
*Navistar International Corp. | 4,600 | 147 |
Lear Corp. | 3,700 | 135 |
*JetBlue Airways Corp. | 3,929 | 80 |
BorgWarner, Inc. | 1,400 | 75 |
PACCAR, Inc. | 400 | 27 |
General Motors Corp. | 479 | 16 |
5,890 | ||
Consumer Discretionary (7.7%) | ||
Wal-Mart Stores, Inc. | 53,400 | 2,574 |
Home Depot, Inc. | 46,700 | 1,817 |
*Time Warner, Inc. | 92,940 | 1,553 |
The Walt Disney Co. | 53,000 | 1,335 |
Target Corp. | 23,400 | 1,273 |
Gillette Co. | 23,800 | 1,205 |
Lowe's Cos., Inc. | 20,500 | 1,194 |
*Yahoo! Inc. | 29,200 | 1,012 |
McDonald's Corp. | 34,500 | 957 |
Viacom Inc. Class B | 26,416 | 846 |
*Liberty Media Corp. | 76,828 | 783 |
*eBay Inc. | 23,700 | 782 |
Cendant Corp. | 29,595 | 662 |
*Google Inc. | 2,090 | 615 |
*Starbucks Corp. | 11,800 | 610 |
Costco Wholesale Corp. | 13,300 | 596 |
Kimberly-Clark Corp. | 9,172 | 574 |
Yum! Brands, Inc. | 10,200 | 531 |
Staples, Inc. | 24,355 | 519 |
Waste Management, Inc. | 18,301 | 519 |
*Electronic Arts Inc. | 9,043 | 512 |
*Coach, Inc. | 14,800 | 497 |
NIKE, Inc. Class B | 5,700 | 494 |
Federated Department Stores, Inc. | 6,600 | 484 |
Omnicom Group Inc. | 6,000 | 479 |
Marriott International, Inc. Class A | 6,900 | 471 |
Best Buy Co., Inc. | 6,850 | 469 |
Gannett Co., Inc. | 6,600 | 469 |
Starwood Hotels & Resorts | ||
Worldwide, Inc. | 8,001 | 469 |
The News Corp., Inc. | 28,700 | 464 |
Harrah's Entertainment, Inc. | 6,382 | 460 |
*Bed Bath & Beyond, Inc. | 10,700 | 447 |
*Kohl's Corp. | 7,800 | 436 |
The Gap, Inc. | 21,525 | 425 |
*Sears Holdings Corp. | 2,700 | 405 |
Avon Products, Inc. | 10,600 | 401 |
Hilton Hotels Corp. | 15,979 | 381 |
*Apollo Group, Inc. Class A | 4,700 | 368 |
*Office Depot, Inc. | 15,700 | 359 |
Black & Decker Corp. | 3,800 | 341 |
Abercrombie & Fitch Co. | 4,900 | 337 |
*DirecTV Group, Inc. | 21,371 | 331 |
International Game Technology | 11,600 | 327 |
*Toys R Us, Inc. | 12,000 | 318 |
Darden Restaurants Inc. | 9,550 | 315 |
*XM Satellite Radio Holdings, Inc. | 8,900 | 300 |
Republic Services, Inc. Class A | 8,200 | 295 |
Mattel, Inc. | 16,080 | 294 |
*MGM Mirage, Inc. | 7,428 | 294 |
*Liberty Global Inc. Class A | 6,039 | 282 |
Michaels Stores, Inc. | 6,800 | 281 |
*AutoZone Inc. | 3,000 | 277 |
EchoStar Communications Corp. | ||
Class A | 9,057 | 273 |
Tiffany & Co. | 8,100 | 265 |
Dollar General Corp. | 12,860 | 262 |
*Mohawk Industries, Inc. | 3,100 | 256 |
PETsMART, Inc. | 8,400 | 255 |
*Brinker International, Inc. | 6,350 | 254 |
Fastenal Co. | 4,100 | 251 |
*Fisher Scientific International Inc. | 3,864 | 251 |
Liz Claiborne, Inc. | 6,300 | 250 |
*O'Reilly Automotive, Inc. | 8,400 | 250 |
*AutoNation, Inc. | 12,200 | 250 |
*Williams-Sonoma, Inc. | 6,200 | 245 |
*Amazon.com, Inc. | 7,300 | 241 |
GTECH Holdings Corp. | 8,200 | 240 |
Circuit City Stores, Inc. | 13,500 | 233 |
*Saks Inc. | 12,300 | 233 |
Clear Channel Communications, Inc. | 7,520 | 233 |
Polo Ralph Lauren Corp. | 5,300 | 228 |
*IAC/InterActiveCorp | 9,400 | 226 |
International Speedway Corp. | 4,010 | 226 |
*Pixar, Inc. | 4,500 | 225 |
*Timberland Co. | 5,800 | 225 |
Reebok International Ltd. | 5,300 | 222 |
Hasbro, Inc. | 10,625 | 221 |
*Iron Mountain, Inc. | 7,050 | 219 |
Applebee's International, Inc. | 8,200 | 217 |
Robert Half International, Inc. | 8,600 | 215 |
*Lamar Advertising Co. Class A | 5,000 | 214 |
*Barnes & Noble, Inc. | 5,500 | 213 |
Jones Apparel Group, Inc. | 6,800 | 211 |
Manpower Inc. | 5,300 | 211 |
Outback Steakhouse, Inc. | 4,650 | 210 |
*The Cheesecake Factory Inc. | 6,000 | 208 |
CDW Corp. | 3,600 | 205 |
The Brink's Co. | 5,500 | 198 |
*Weight Watchers | ||
International, Inc. | 3,800 | 196 |
E.W. Scripps Co. Class A | 4,000 | 195 |
Dillard's Inc. | 8,300 | 194 |
Borders Group, Inc. | 7,500 | 190 |
*Education Management Corp. | 5,600 | 189 |
2
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
Alberto-Culver Co. Class B | 4,250 | $ 184 |
The McGraw-Hill Cos., Inc. | 4,100 | 181 |
Hearst-Argyle Television Inc. | 7,200 | 176 |
Cintas Corp. | 4,550 | 176 |
*Career Education Corp. | 4,700 | 172 |
*Dollar Tree Stores, Inc. | 6,850 | 164 |
ServiceMaster Co. | 11,900 | 159 |
*CarMax, Inc. | 5,703 | 152 |
*Chico's FAS, Inc. | 4,200 | 144 |
*Columbia Sportswear Co. | 2,800 | 138 |
*Rent-A-Center, Inc. | 5,700 | 133 |
Estee Lauder Cos. Class A | 3,000 | 117 |
Harman International | ||
Industries, Inc. | 1,400 | 114 |
*Univision Communications Inc. | 3,710 | 102 |
MSC Industrial Direct Co., Inc. | ||
Class A | 2,500 | 84 |
RadioShack Corp. | 3,400 | 79 |
*Allied Waste Industries, Inc. | 9,800 | 78 |
The Neiman Marcus Group, Inc. | ||
Class A | 800 | 78 |
Foot Locker, Inc. | 2,800 | 76 |
Adesa, Inc. | 3,400 | 74 |
Family Dollar Stores, Inc. | 2,800 | 73 |
Aramark Corp. Class B | 2,400 | 63 |
Nordstrom, Inc. | 900 | 61 |
*Sirius Satellite Radio, Inc. | 9,200 | 60 |
The McClatchy Co. Class A | 900 | 59 |
Dex Media, Inc. | 2,400 | 59 |
*Tech Data Corp. | 1,400 | 51 |
Sabre Holdings Corp. | 2,540 | 51 |
*Convergys Corp. | 3,100 | 44 |
Belo Corp. Class A | 1,400 | 33 |
Limited Brands, Inc. | 1,424 | 31 |
*Interpublic Group of Cos., Inc. | 2,500 | 30 |
TJX Cos., Inc. | 1,200 | 29 |
Ross Stores, Inc. | 900 | 26 |
Newell Rubbermaid, Inc. | 218 | 5 |
Westwood One, Inc. | 200 | 4 |
Tribune Co. | 100 | 4 |
44,803 | ||
Consumer Staples (3.1%) | ||
The Procter & Gamble Co. | 56,900 | 3,001 |
Altria Group, Inc. | 41,800 | 2,703 |
PepsiCo, Inc. | 40,300 | 2,173 |
The Coca-Cola Co. | 38,800 | 1,620 |
Walgreen Co. | 27,400 | 1,260 |
Anheuser-Busch Cos., Inc. | 18,800 | 860 |
Sysco Corp. | 18,800 | 680 |
CVS Corp. | 21,256 | 618 |
Colgate-Palmolive Co. | 9,300 | 464 |
Wm. Wrigley Jr. Co. | 6,000 | 413 |
Whole Foods Market, Inc. | 3,000 | 355 |
The Clorox Co. | 5,400 | 301 |
Coca-Cola Enterprises, Inc. | 13,400 | 295 |
*Dean Foods Co. | 7,650 | 270 |
*Constellation Brands, Inc. Class A | 9,000 | 266 |
Tyson Foods, Inc. | 14,531 | 259 |
The Pepsi Bottling Group, Inc. | 9,000 | 257 |
*The Kroger Co. | 12,400 | 236 |
PepsiAmericas, Inc. | 8,800 | 226 |
Church & Dwight, Inc. | 6,200 | 224 |
The Hershey Co. | 3,400 | 211 |
*Smithfield Foods, Inc. | 7,500 | 205 |
*Del Monte Foods Co. | 18,000 | 194 |
Pilgrim's Pride Corp. | 5,400 | 184 |
Kellogg Co. | 3,200 | 142 |
Reynolds American Inc. | 1,501 | 118 |
General Mills, Inc. | 2,400 | 112 |
Safeway, Inc. | 4,734 | 107 |
*Rite Aid Corp. | 22,300 | 93 |
Sara Lee Corp. | 4,700 | 93 |
Hormel Foods Corp. | 3,000 | 88 |
*TreeHouse Foods Inc. | 1,530 | 44 |
ConAgra Foods, Inc. | 1,200 | 28 |
18,100 | ||
Financial Services (9.1%) | ||
Citigroup, Inc. | 118,097 | 5,460 |
Bank of America Corp. | 89,422 | 4,078 |
American International Group, Inc. | 49,006 | 2,847 |
JPMorgan Chase & Co. | 70,516 | 2,491 |
Wells Fargo & Co. | 34,000 | 2,094 |
American Express Co. | 28,200 | 1,501 |
Wachovia Corp. | 29,600 | 1,468 |
U.S. Bancorp | 41,500 | 1,212 |
Fannie Mae | 20,500 | 1,197 |
Morgan Stanley | 21,960 | 1,152 |
Merrill Lynch & Co., Inc. | 18,900 | 1,040 |
Prudential Financial, Inc. | 14,500 | 952 |
The Goldman Sachs Group, Inc. | 9,200 | 939 |
First Data Corp. | 21,914 | 880 |
Freddie Mac | 12,600 | 822 |
Lehman Brothers Holdings, Inc. | 8,164 | 811 |
AFLAC Inc. | 15,500 | 671 |
SLM Corp. | 12,700 | 645 |
Countrywide Financial Corp. | 16,598 | 641 |
Washington Mutual, Inc. | 15,671 | 638 |
Progressive Corp. of Ohio | 6,400 | 632 |
Capital One Financial Corp. | 7,500 | 600 |
MetLife, Inc. | 12,700 | 571 |
Allstate Corp. | 9,400 | 562 |
Golden West Financial Corp. | 8,400 | 541 |
CIGNA Corp. | 4,500 | 482 |
The Principal Financial Group, Inc. | 11,400 | 478 |
3
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
Moody's Corp. | 10,000 | $ 450 |
Loews Corp. | 5,600 | 434 |
Franklin Resources Corp. | 5,600 | 431 |
Bear Stearns Co., Inc. | 4,100 | 426 |
*SunGard Data Systems, Inc. | 12,100 | 426 |
Charles Schwab Corp. | 36,650 | 413 |
MBNA Corp. | 15,000 | 392 |
The Hartford Financial | ||
Services Group Inc. | 5,200 | 389 |
*Fiserv, Inc. | 8,025 | 345 |
Automatic Data Processing, Inc. | 8,100 | 340 |
Sovereign Bancorp, Inc. | 15,000 | 335 |
MBIA, Inc. | 5,600 | 332 |
M & T Bank Corp. | 3,100 | 326 |
Simon Property Group, Inc. REIT | 4,400 | 319 |
Host Marriott Corp. REIT | 18,000 | 315 |
Paychex, Inc. | 9,650 | 314 |
State Street Corp. | 6,500 | 314 |
Zions Bancorp | 4,200 | 309 |
Ambac Financial Group, Inc. | 4,350 | 303 |
SAFECO Corp. | 5,500 | 299 |
Legg Mason Inc. | 2,800 | 292 |
*Providian Financial Corp. | 16,500 | 291 |
MGIC Investment Corp. | 4,400 | 287 |
Torchmark Corp. | 5,400 | 282 |
Genworth Financial Inc. | 9,300 | 281 |
*AmeriCredit Corp. | 11,000 | 281 |
W.R. Berkley Corp. | 7,500 | 268 |
*The Dun & Bradstreet Corp. | 4,300 | 265 |
Equifax, Inc. | 7,400 | 264 |
Catellus Development Corp. REIT | 7,843 | 257 |
The PMI Group Inc. | 6,500 | 253 |
Plum Creek Timber Co. Inc. REIT | 6,900 | 250 |
Radian Group, Inc. | 5,300 | 250 |
*Markel Corp. | 700 | 237 |
*Conseco, Inc. | 10,800 | 236 |
Eaton Vance Corp. | 9,600 | 230 |
*DST Systems, Inc. | 4,900 | 229 |
IndyMac Bancorp, Inc. | 5,600 | 228 |
Leucadia National Corp. | 5,850 | 226 |
HCC Insurance Holdings, Inc. | 5,800 | 220 |
Certegy, Inc. | 5,500 | 210 |
Mellon Financial Corp. | 7,300 | 209 |
Janus Capital Group Inc. | 13,900 | 209 |
Brown & Brown, Inc. | 4,600 | 207 |
BlackRock, Inc. | 2,500 | 201 |
Federated Investors, Inc. | 6,700 | 201 |
BB&T Corp. | 5,000 | 200 |
*Alleghany Corp. | 656 | 195 |
*WellChoice Inc. | 2,800 | 195 |
St. Paul Travelers Cos., Inc. | 4,889 | 193 |
StanCorp Financial Group, Inc. | 2,500 | 191 |
SunTrust Banks, Inc. | 2,600 | 188 |
Jefferies Group, Inc. | 4,900 | 186 |
*CNA Financial Corp. | 6,300 | 179 |
BOK Financial Corp. | 3,840 | 177 |
Reinsurance Group of America, Inc. | 3,800 | 177 |
Transatlantic Holdings, Inc. | 3,150 | 176 |
Total System Services, Inc. | 6,900 | 166 |
Investors Financial Services Corp. | 4,300 | 163 |
Raymond James Financial, Inc. | 5,600 | 158 |
National City Corp. | 4,400 | 150 |
SEI Corp. | 3,700 | 138 |
CIT Group Inc. | 3,000 | 129 |
The Chicago Mercantile Exchange | 400 | 118 |
*The First Marblehead Corp. | 3,300 | 116 |
The Bank of New York Co., Inc. | 3,700 | 106 |
Fair, Isaac, Inc. | 2,000 | 73 |
ProLogis REIT | 1,565 | 63 |
*Instinet Group Inc. | 12,016 | 63 |
Fifth Third Bancorp | 1,300 | 54 |
*CapitalSource Inc. | 2,100 | 41 |
Global Payments Inc. | 600 | 41 |
Westcorp, Inc. | 600 | 31 |
First Horizon National Corp. | 300 | 13 |
PNC Financial Services Group | 100 | 5 |
52,666 | ||
Health Care (6.7%) | ||
Pfizer Inc. | 158,910 | 4,383 |
Johnson & Johnson | 67,232 | 4,370 |
*Amgen, Inc. | 28,824 | 1,743 |
UnitedHealth Group Inc. | 32,274 | 1,683 |
Medtronic, Inc. | 30,600 | 1,585 |
Abbott Laboratories | 29,600 | 1,451 |
Merck & Co., Inc. | 38,400 | 1,183 |
*WellPoint Inc. | 15,672 | 1,091 |
*Genentech, Inc. | 12,400 | 995 |
Wyeth | 21,500 | 957 |
Eli Lilly & Co. | 15,500 | 864 |
HCA Inc. | 13,102 | 742 |
Bristol-Myers Squibb Co. | 29,000 | 724 |
Aetna Inc. | 8,638 | 715 |
Cardinal Health, Inc. | 11,190 | 644 |
Guidant Corp. | 9,300 | 626 |
*Gilead Sciences, Inc. | 13,000 | 572 |
*Zimmer Holdings, Inc. | 7,470 | 569 |
*Caremark Rx, Inc. | 12,600 | 561 |
*Medco Health Solutions, Inc. | 9,678 | 516 |
Schering-Plough Corp. | 26,300 | 501 |
*St. Jude Medical, Inc. | 11,368 | 496 |
*Boston Scientific Corp. | 18,300 | 494 |
McKesson Corp. | 10,700 | 479 |
Stryker Corp. | 9,900 | 471 |
*Genzyme Corp.-General Division | 7,400 | 445 |
4
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
Becton, Dickinson & Co. | 7,700 | $ 404 |
Quest Diagnostics, Inc. | 7,200 | 384 |
*Forest Laboratories, Inc. | 9,700 | 377 |
AmerisourceBergen Corp. | 5,100 | 353 |
*Laboratory Corp. of | ||
America Holdings | 6,900 | 344 |
*Coventry Health Care Inc. | 4,800 | 340 |
Health Management | ||
Associates Class A | 12,812 | 335 |
*Hospira, Inc. | 8,460 | 330 |
Biomet, Inc. | 9,225 | 319 |
*Celgene Corp. | 7,800 | 318 |
*Humana Inc. | 7,900 | 314 |
Omnicare, Inc. | 7,100 | 301 |
*Patterson Cos | 6,600 | 298 |
IMS Health, Inc. | 11,876 | 294 |
*Sepracor Inc. | 4,900 | 294 |
Mylan Laboratories, Inc. | 14,850 | 286 |
*Barr Pharmaceuticals Inc. | 5,775 | 281 |
*Express Scripts Inc. | 5,600 | 280 |
*Varian Medical Systems, Inc. | 7,200 | 269 |
*Henry Schein, Inc. | 6,200 | 257 |
DENTSPLY International Inc. | 4,600 | 248 |
*IVAX Corp. | 11,546 | 248 |
Baxter International, Inc. | 6,400 | 237 |
*Lincare Holdings, Inc. | 5,700 | 233 |
*MedImmune Inc. | 8,324 | 222 |
Universal Health Services Class B | 3,400 | 211 |
Dade Behring Holdings Inc. | 3,200 | 208 |
*Watson Pharmaceuticals, Inc. | 7,000 | 207 |
*Biogen Idec Inc. | 5,460 | 188 |
Cooper Cos., Inc. | 3,000 | 183 |
*Stericycle, Inc. | 3,600 | 181 |
*Endo Pharmaceuticals | ||
Holdings, Inc. | 6,500 | 171 |
*Chiron Corp. | 4,540 | 158 |
Allergan, Inc. | 1,800 | 153 |
*Eon Labs, Inc. | 4,300 | 132 |
*American Pharmaceuticals | ||
Partners, Inc. | 2,950 | 122 |
*Kinetic Concepts, Inc. | 1,900 | 114 |
*Health Net Inc. | 2,900 | 111 |
C.R. Bard, Inc. | 1,600 | 106 |
*Tenet Healthcare Corp. | 6,290 | 77 |
*Millipore Corp. | 1,300 | 74 |
Beckman Coulter, Inc. | 1,100 | 70 |
38,892 | ||
Integrated Oils (2.3%) | ||
ExxonMobil Corp. | 148,344 | 8,525 |
Chevron Corp. | 43,638 | 2,440 |
ConocoPhillips Co. | 26,952 | 1,549 |
Amerada Hess Corp. | 3,500 | 373 |
Murphy Oil Corp. | 6,000 | 313 |
Occidental Petroleum Corp. | 3,600 | 277 |
Marathon Oil Corp. | 300 | 16 |
13,493 | ||
Other Energy (2.1%) | ||
Devon Energy Corp. | 14,246 | 722 |
Apache Corp. | 10,446 | 675 |
Valero Energy Corp. | 8,200 | 649 |
Burlington Resources, Inc. | 11,700 | 646 |
Anadarko Petroleum Corp. | 7,396 | 607 |
Baker Hughes, Inc. | 11,140 | 570 |
EOG Resources, Inc. | 9,100 | 517 |
XTO Energy, Inc. | 13,033 | 443 |
Williams Cos., Inc. | 23,100 | 439 |
BJ Services Co. | 7,200 | 378 |
*National-Oilwell Varco Inc. | 7,739 | 368 |
*Newfield Exploration Co. | 7,800 | 311 |
Smith International, Inc. | 4,800 | 306 |
ENSCO International, Inc. | 8,500 | 304 |
Peabody Energy Corp. | 5,800 | 302 |
Patterson-UTI Energy, Inc. | 10,802 | 301 |
Pioneer Natural Resources Co. | 7,100 | 299 |
Noble Energy, Inc. | 3,900 | 295 |
CONSOL Energy, Inc. | 5,400 | 289 |
Kerr-McGee Corp. | 3,768 | 288 |
Premcor, Inc. | 3,700 | 274 |
*Pride International, Inc. | 10,500 | 270 |
*Reliant Energy, Inc. | 21,700 | 269 |
*Cooper Cameron Corp. | 4,000 | 248 |
Rowan Cos., Inc. | 8,300 | 247 |
Arch Coal, Inc. | 4,300 | 234 |
Tesoro Petroleum Corp. | 4,800 | 223 |
Pogo Producing Co. | 4,300 | 223 |
Range Resources Corp. | 8,000 | 215 |
Massey Energy Co. | 5,600 | 211 |
*FMC Technologies Inc. | 6,103 | 195 |
*Dynegy, Inc. | 38,400 | 187 |
Halliburton Co. | 3,600 | 172 |
*NRG Energy, Inc. | 4,500 | 169 |
Chesapeake Energy Corp. | 6,000 | 137 |
*Grant Prideco, Inc. | 115 | 3 |
11,986 | ||
Materials & Processing (1.5%) | ||
E.I. du Pont de Nemours & Co. | 16,900 | 727 |
Dow Chemical Co. | 13,700 | 610 |
Praxair, Inc. | 11,200 | 522 |
Newmont Mining Corp. | ||
(Holding Co.) | 12,889 | 503 |
Monsanto Co. | 6,354 | 399 |
Alcoa Inc. | 14,588 | 381 |
Phelps Dodge Corp. | 3,800 | 352 |
Archer-Daniels-Midland Co. | 16,121 | 345 |
5
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
Nucor Corp. | 7,000 | $ 319 |
Precision Castparts Corp. | 3,800 | 296 |
The St. Joe Co. | 3,500 | 285 |
*Energizer Holdings, Inc. | 4,400 | 274 |
Fluor Corp. | 4,700 | 271 |
Lyondell Chemical Co. | 10,000 | 264 |
Martin Marietta Materials, Inc. | 3,700 | 256 |
*Jacobs Engineering Group Inc. | 4,500 | 253 |
*Owens-Illinois, Inc. | 9,900 | 248 |
Freeport-McMoRan | ||
Copper & Gold, Inc. Class B | 6,300 | 236 |
Sigma-Aldrich Corp. | 4,100 | 230 |
*Sealed Air Corp. | 4,600 | 229 |
Forest City Enterprise Class A | 3,200 | 227 |
*Pactiv Corp. | 9,900 | 214 |
United States Steel Corp. | 6,200 | 213 |
*Scotts Miracle-Gro Co. | 2,800 | 199 |
Georgia Pacific Group | 6,172 | 196 |
Cytec Industries, Inc. | 4,800 | 191 |
Ashland, Inc. | 2,500 | 180 |
Packaging Corp. of America | 7,300 | 154 |
Smurfit-Stone Container Corp. | 10,688 | 109 |
International Paper Co. | 3,300 | 100 |
American Standard Cos., Inc. | 700 | 29 |
Ball Corp. | 500 | 18 |
8,830 | ||
Producer Durables (2.5%) | ||
The Boeing Co. | 22,040 | 1,455 |
United Technologies Corp. | 27,200 | 1,397 |
Lockheed Martin Corp. | 11,200 | 727 |
Applied Materials, Inc. | 42,500 | 688 |
Illinois Tool Works, Inc. | 7,300 | 582 |
Caterpillar, Inc. | 5,000 | 476 |
Danaher Corp. | 8,400 | 440 |
Centex Corp. | 5,700 | 403 |
D. R. Horton, Inc. | 10,700 | 402 |
*Xerox Corp. | 27,700 | 382 |
Pulte Homes, Inc. | 4,200 | 354 |
Lennar Corp. Class A | 5,400 | 343 |
Rockwell Collins, Inc. | 6,900 | 329 |
KLA-Tencor Corp. | 7,500 | 328 |
Northrop Grumman Corp. | 5,918 | 327 |
*Toll Brothers, Inc. | 2,900 | 294 |
*Lexmark International, Inc. | 4,500 | 292 |
Ryland Group, Inc. | 3,800 | 288 |
*NVR, Inc. | 350 | 284 |
Roper Industries Inc. | 3,700 | 264 |
*LAM Research Corp. | 9,100 | 263 |
Emerson Electric Co. | 4,200 | 263 |
*Agilent Technologies, Inc. | 10,863 | 250 |
*Thermo Electron Corp. | 9,075 | 244 |
Pall Corp. | 8,000 | 243 |
*Alliant Techsystems, Inc. | 3,400 | 240 |
*Waters Corp. | 6,400 | 238 |
Ametek, Inc. | 5,600 | 234 |
American Power Conversion Corp. | 9,700 | 229 |
Molex, Inc. | 8,466 | 220 |
W.W. Grainger, Inc. | 4,000 | 219 |
*Hovnanian Enterprises Inc. Class A | 3,300 | 215 |
Herman Miller, Inc. | 6,900 | 213 |
Pentair, Inc. | 4,900 | 210 |
Tektronix, Inc. | 8,400 | 195 |
Donaldson Co., Inc. | 6,400 | 194 |
*Mettler-Toledo International Inc. | 3,900 | 182 |
MDC Holdings, Inc. | 1,900 | 156 |
Beazer Homes USA, Inc. | 2,500 | 143 |
*Teradyne, Inc. | 8,000 | 96 |
Parker Hannifin Corp. | 1,100 | 68 |
Graco, Inc. | 1,900 | 65 |
Deere & Co. | 700 | 46 |
Lennar Corp. Class B | 680 | 40 |
Novellus Systems, Inc. | 1,000 | 25 |
14,546 | ||
Technology (6.7%) | ||
Microsoft Corp. | 199,100 | 4,946 |
Intel Corp. | 143,900 | 3,750 |
*Cisco Systems, Inc. | 144,300 | 2,757 |
International Business | ||
Machines Corp. | 34,200 | 2,538 |
*Dell Inc. | 57,000 | 2,252 |
Hewlett-Packard Co. | 73,112 | 1,719 |
QUALCOMM Inc. | 41,900 | 1,383 |
*Oracle Corp. | 94,900 | 1,253 |
Texas Instruments, Inc. | 44,300 | 1,244 |
Motorola, Inc. | 65,006 | 1,187 |
*Apple Computer, Inc. | 22,800 | 839 |
*EMC Corp. | 51,900 | 712 |
*Corning, Inc. | 42,500 | 706 |
General Dynamics Corp. | 5,800 | 635 |
Adobe Systems, Inc. | 17,000 | 486 |
Computer Associates | ||
International, Inc. | 17,030 | 468 |
Analog Devices, Inc. | 11,834 | 441 |
*Symantec Corp. | 19,800 | 430 |
Maxim Integrated Products, Inc. | 10,100 | 386 |
*Veritas Software Corp. | 15,719 | 384 |
*Lucent Technologies, Inc. | 130,300 | 379 |
Electronic Data Systems Corp. | 19,500 | 375 |
*Network Appliance, Inc. | 12,912 | 365 |
Autodesk, Inc. | 10,500 | 361 |
National Semiconductor Corp. | 15,600 | 344 |
L-3 Communications Holdings, Inc. | 4,400 | 337 |
*Sun Microsystems, Inc. | 85,000 | 317 |
*Broadcom Corp. | 8,900 | 316 |
6
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
*NCR Corp. | 8,936 | $ 314 |
*Intuit, Inc. | 6,900 | 311 |
Linear Technology Corp. | 8,200 | 301 |
*Altera Corp. | 14,800 | 293 |
*Jabil Circuit, Inc. | 9,500 | 292 |
Scientific-Atlanta, Inc. | 8,600 | 286 |
*Advanced Micro Devices, Inc. | 16,400 | 284 |
*Comverse Technology, Inc. | 11,967 | 283 |
*Storage Technology Corp. | 7,700 | 279 |
*NVIDIA Corp. | 10,400 | 278 |
*Affiliated Computer | ||
Services, Inc. Class A | 5,300 | 271 |
Microchip Technology, Inc. | 8,800 | 261 |
*Computer Sciences Corp. | 5,700 | 249 |
Amphenol Corp. | 6,100 | 245 |
Intersil Corp. | 12,600 | 237 |
*Arrow Electronics, Inc. | 8,100 | 220 |
*Citrix Systems, Inc. | 9,200 | 199 |
*Tellabs, Inc. | 22,600 | 197 |
*Avnet, Inc. | 8,500 | 191 |
*Compuware Corp. | 26,600 | 191 |
*Ingram Micro, Inc. Class A | 12,100 | 189 |
*BMC Software, Inc. | 10,100 | 181 |
*Cadence Design Systems, Inc. | 12,400 | 169 |
Xilinx, Inc. | 5,700 | 145 |
*Zebra Technologies Corp. Class A | 3,198 | 140 |
*Sanmina-SCI Corp. | 22,908 | 125 |
*Ceridian Corp. | 6,400 | 125 |
*LSI Logic Corp. | 14,400 | 122 |
*Solectron Corp. | 31,800 | 121 |
*ADC Telecommunications, Inc. | 5,528 | 120 |
Rockwell Automation, Inc. | 2,400 | 117 |
*Avaya Inc. | 11,300 | 94 |
*Freescale Semiconductor, Inc. | ||
Class B | 4,373 | 93 |
Reynolds & Reynolds Class A | 3,300 | 89 |
Siebel Systems, Inc. | 9,610 | 86 |
*Mercury Interactive Corp. | 2,200 | 84 |
*Synopsys, Inc. | 4,800 | 80 |
*Juniper Networks, Inc. | 3,100 | 78 |
AVX Corp. | 6,000 | 73 |
*Western Digital Corp. | 4,800 | 64 |
Symbol Technologies, Inc. | 6,300 | 62 |
*BEA Systems, Inc. | 6,100 | 53 |
*Micron Technology, Inc. | 2,600 | 27 |
*Unisys Corp. | 1,800 | 11 |
38,940 | ||
Utilities (2.3%) | ||
Verizon Communications Inc. | 52,000 | 1,797 |
SBC Communications Inc. | 58,444 | 1,388 |
*Nextel Communications, Inc. | 28,700 | 927 |
*Comcast Corp. Special Class A | 27,492 | 823 |
*Comcast Corp. Class A | 24,516 | 753 |
BellSouth Corp. | 27,000 | 717 |
Sprint Corp. | 22,500 | 565 |
PG&E Corp. | 13,700 | 514 |
Edison International | 11,800 | 478 |
*AES Corp. | 25,600 | 419 |
Kinder Morgan, Inc. | 4,600 | 383 |
Exelon Corp. | 7,300 | 375 |
*Cablevision Systems | ||
NY Group Class A | 10,194 | 328 |
Questar Corp. | 4,400 | 290 |
CenturyTel, Inc. | 8,175 | 283 |
*NTL Inc. | 4,057 | 278 |
NSTAR | 8,200 | 253 |
Western Gas Resources, Inc. | 6,800 | 237 |
Southern Co. | 6,600 | 229 |
Duke Energy Corp. | 6,900 | 205 |
PanAmSat Holding Corp. | 9,840 | 202 |
ALLTEL Corp. | 3,230 | 201 |
*U.S. Cellular Corp. | 4,000 | 200 |
Dominion Resources, Inc. | 2,590 | 190 |
Northeast Utilities | 8,900 | 186 |
TXU Corp. | 2,200 | 183 |
Aqua America, Inc. | 4,500 | 134 |
Telephone & Data Systems, Inc. | 3,000 | 122 |
Telephone & Data Systems, Inc.- | ||
Special Shares | 3,000 | 115 |
*Qwest Communications | ||
International Inc. | 26,900 | 100 |
SCANA Corp. | 1,400 | 60 |
FirstEnergy Corp. | 700 | 34 |
Cinergy Corp. | 700 | 31 |
NiSource, Inc. | 1,077 | 27 |
Citizens Communications Co. | 937 | 13 |
13,040 | ||
Other (1.9%) | ||
General Electric Co. | 233,609 | 8,095 |
3M Co. | 14,600 | 1,056 |
ITT Industries, Inc. | 4,000 | 391 |
Honeywell International Inc. | 9,800 | 359 |
Fortune Brands, Inc. | 3,100 | 275 |
Brunswick Corp. | 5,600 | 242 |
SPX Corp. | 4,100 | 189 |
Wesco Financial Corp. | 480 | 173 |
10,780 | ||
TOTAL COMMON STOCKS | ||
(Cost $172,287) | 271,966 | |
7
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
MUNICIPAL BONDS (52.5%) | ||
Alaska (0.3%) | ||
Matanuska-Susitna Borough AK GO | ||
5.500%, 3/1/2012 (3) | $1,695 | $1,895 |
Arizona (1.9%) | ||
Arizona Transp. Board Highway Rev | ||
5.250%, 7/1/2017 | 2,215 | 2,445 |
5.250%, 7/1/2020 | 1,965 | 2,215 |
Phoenix AZ Civic Improvement Corp. | ||
Water System Rev | ||
5.500%, 7/1/2015 (3) | 5,525 | 6,199 |
10,859 | ||
California (3.6%) | ||
California GO | ||
6.400%, 2/1/2006 (1) | 500 | 511 |
6.000%, 2/1/2016 | 2,000 | 2,369 |
California Health Fac. Finance | ||
Auth. Rev. (Catholic | ||
Healthcare West) | ||
6.250%, 7/1/2006 (1) | 395 | 409 |
California Public Works | ||
Board Lease Rev | ||
(Dept. of Corrections) | ||
5.000%, 9/1/2011 (2) | 1,535 | 1,643 |
California State Dept. of Water | ||
Resources Power Supply Rev | ||
5.500%, 5/1/2014 (2) | 4,065 | 4,623 |
5.500%, 5/1/2015 (2) | 3,000 | 3,384 |
California State Econ | ||
Recovery Bonds | ||
5.000%, 7/1/2015 | 2,100 | 2,324 |
Central Coast California Water | ||
Auth. Rev | ||
6.000%, 10/1/2008 (2) | 1,000 | 1,060 |
Clovis CA USD GO | ||
0.000%, 8/1/2005 (3) (ETM) | 2,000 | 1,996 |
Los Angeles CA USD GO | ||
6.000%, 7/1/2008 (3) | 1,000 | 1,092 |
San Bernardino County | ||
CA Medical Center COP | ||
5.500%, 8/1/2005 (1) | 500 | 501 |
South Orange County | ||
CA Public Finance Auth. Rev | ||
7.000%, 9/1/2006 (1) | 875 | 918 |
20,830 | ||
Colorado (2.2%) | ||
Colorado Dept. of Transp. Rev | ||
5.250%, 12/15/2013 (2) (Prere.) | 3,750 | 4,242 |
Colorado Springs CO | ||
Util. System Rev | ||
5.375%, 11/15/2013 | 2,775 | 3,097 |
Univ. of Colorado | ||
Enterprise System Rev | ||
5.000%, 6/1/2023 (3) | 5,025 | 5,437 |
12,776 | ||
District of Columbia (0.9%) | ||
District of Columbia GO | ||
5.500%, 6/1/2007 (4) | 1,490 | 1,564 |
5.400%, 6/1/2012 (2) | 455 | 484 |
District of Columbia Univ. Rev | ||
(George Washington Univ.) | ||
6.000%, 9/15/2011 (1) | 3,000 | 3,349 |
5,397 | ||
Florida (1.4%) | ||
Florida Turnpike Auth. Rev | ||
5.250%, 7/1/2009 (3) | 485 | 522 |
5.250%, 7/1/2010 (3) | 825 | 885 |
Orange County FL | ||
School Board VRDO | ||
2.250%, 7/1/2005 (1) | 3,300 | 3,300 |
Orlando & Orange County | ||
FL Expressway Auth. VRDO | ||
2.230%, 7/7/2005 (4) | 450 | 450 |
Sunshine State Florida Govt | ||
Financing Comm. Rev. VRDO | ||
2.400%, 7/7/2005 (2) | 2,100 | 2,100 |
Tampa FL Health System Rev | ||
(Catholic Healthcare East) | ||
5.000%, 11/15/2009 (1) | 1,000 | 1,075 |
8,332 | ||
Georgia (2.9%) | ||
Atlanta GA Airport Fac. Rev | ||
5.750%, 1/1/2013 (3) | 3,370 | 3,733 |
Atlanta GA Water & | ||
Wastewater Rev. VRDO | ||
2.250%, 7/1/2005 (4) | 3,100 | 3,100 |
Burke County GA Dev. Auth. PCR | ||
(Oglethorpe Power Corp.) VRDO | ||
2.280%, 7/1/2005 (2) | 1,600 | 1,600 |
Georgia GO | ||
5.500%, 7/1/2014 | 4,000 | 4,650 |
Georgia Muni. Electric | ||
Power Auth. Rev | ||
6.250%, 1/1/2012 (1) | 3,000 | 3,506 |
16,589 | ||
Hawaii (0.9%) | ||
Hawaii GO | ||
5.875%, 10/1/2010 (1) (Prere.) | 1,870 | 2,123 |
5.000%, 10/1/2024 (1) | 3,000 | 3,220 |
5,343 | ||
8
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
Illinois (1.6%) | ||
Chicago IL (City Colleges | ||
Improvement) GO | ||
0.000%, 1/1/2012 (3) | $2,380 | $1,874 |
Illinois GO | ||
5.250%, 8/1/2012 (1) | 3,700 | 4,136 |
Illinois Sales Tax Rev | ||
0.000%, 12/15/2016 (2) | 5,000 | 3,134 |
9,144 | ||
Indiana (0.8%) | ||
Indiana Muni. Power Agency Rev | ||
5.250%, 1/1/2015 (1) | 4,440 | 4,915 |
Louisiana (0.5%) | ||
Louisiana GO | ||
5.500%, 5/15/2015 (3) | 2,665 | 2,958 |
Maryland (1.7%) | ||
Baltimore MD Consolidated | ||
Public Improvement GO | ||
5.000%, 10/15/2017 (2) | 2,240 | 2,489 |
5.000%, 10/15/2018 (2) | 2,365 | 2,615 |
5.000%, 10/15/2019 (2) | 2,185 | 2,407 |
Maryland GO | ||
5.500%, 8/1/2008 | 2,250 | 2,431 |
9,942 | ||
Massachusetts (2.6%) | ||
Chelsea MA GO | ||
5.500%, 6/15/2011 (2) | 740 | 798 |
5.500%, 6/15/2012 (2) | 735 | 793 |
Massachusetts Bay Transp. Auth. Rev | ||
5.125%, 3/1/2009 (Prere.) | 1,695 | 1,828 |
Massachusetts GO | ||
5.500%, 11/1/2013 (3) | 2,000 | 2,290 |
Massachusetts Health & Educ. Fac | ||
Auth. Rev. (Caritas Christi | ||
Obligated Group) | ||
6.500%, 7/1/2012 | 1,880 | 2,106 |
Massachusetts Health & Educ. Fac | ||
Auth. Rev. (Northeastern Univ.) | ||
5.000%, 10/1/2017 (1) | 1,000 | 1,063 |
Massachusetts Water Pollution | ||
Abatement Trust | ||
6.000%, 8/1/2009 (Prere.) | 415 | 467 |
6.000%, 8/1/2010 | 1,365 | 1,525 |
Massachusetts Water | ||
Resources Auth. Rev | ||
5.250%, 8/1/2017 (4) | 3,000 | 3,450 |
Massachusetts Water | ||
Resources Auth. Rev. VRDO | ||
2.260%, 7/7/2005 (2) | 990 | 990 |
15,310 | ||
Michigan (2.4%) | ||
Detroit MI City School Dist. GO | ||
5.000%, 5/1/2011 (3) | $3,510 | $3,836 |
Mason MI Public School Dist | ||
(School Building & Site) GO | ||
5.250%, 5/1/2017 (4) | 1,850 | 2,070 |
Michigan Building Auth. Rev | ||
5.300%, 10/1/2007 (2) (Prere.) | 1,250 | 1,343 |
5.125%, 10/15/2008 (Prere.) | 3,015 | 3,224 |
Michigan Muni. Bond Auth. Rev | ||
(Clean Water Revolving Fund) | ||
5.875%, 10/1/2010 (Prere.) | 2,110 | 2,405 |
Univ. of Michigan Hosp. Rev. VRDO | ||
2.210%, 7/7/2005 | 1,000 | 1,000 |
13,878 | ||
Mississippi (1.0%) | ||
Mississippi GO | ||
5.500%, 12/1/2018 | 2,750 | 3,251 |
5.500%, 12/1/2019 | 2,000 | 2,372 |
5,623 | ||
Missouri (1.3%) | ||
Missouri Health & Educ. Fac | ||
Auth. (Washington Univ.) | ||
6.000%, 3/1/2010 (Prere.) | 4,000 | 4,538 |
Missouri Health & Educ. Fac | ||
Auth. Health Fac. Rev | ||
(St. Luke's Episcopal- | ||
Presbyterian Hosp.) | ||
5.500%, 12/1/2015 (4) | 2,965 | 3,262 |
7,800 | ||
Nebraska (0.1%) | ||
Nebraska Public Power Dist. Rev | ||
5.250%, 1/1/2008 (1) (Prere.) | 135 | 144 |
5.250%, 1/1/2008 (1) (Prere.) | 100 | 107 |
5.250%, 1/1/2008 (1) (Prere.) | 40 | 43 |
5.250%, 1/1/2010 (1) | 25 | 27 |
5.250%, 1/1/2011 (1) | 50 | 53 |
374 | ||
Nevada (0.4%) | ||
Clark County NV Airport Improvement Rev | ||
5.000%, 7/1/2005 (1) | 1,705 | 1,705 |
Clark County NV School Dist. GO | ||
5.900%, 6/15/2006 (3) (Prere.) | 750 | 781 |
2,486 | ||
New Jersey (3.8%) | ||
New Jersey GO | ||
5.000%, 7/15/2009 | 3,000 | 3,219 |
New Jersey Transp. Corp. COP | ||
5.500%, 9/15/2011 (2) | 3,000 | 3,356 |
9
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
New Jersey Transp | ||
Trust Fund Auth. Rev | ||
6.000%, 6/15/2007 (Prere.) | $250 | $270 |
5.000%, 6/15/2008 (Prere.) | 1,555 | 1,649 |
6.000%, 12/15/2011 (1) (Prere.) | 625 | 726 |
6.000%, 12/15/2011 (1) (Prere.) | 330 | 383 |
6.000%, 12/15/2011 (1) (Prere.) | 1,440 | 1,673 |
5.500%, 12/15/2020 (3) | 4,000 | 4,727 |
New Jersey Turnpike Auth. Rev | ||
5.500%, 1/1/2025 (2) | 5,000 | 5,964 |
21,967 | ||
New York (5.7%) | ||
Erie County NY GO | ||
6.125%, 1/15/2011 (3) | 610 | 700 |
Hempstead NY GO | ||
5.625%, 2/1/2006 (3) (Prere.) | 155 | 161 |
5.625%, 2/1/2011 (3) | 685 | 710 |
Huntington NY GO | ||
6.700%, 2/1/2010 (3) | 375 | 432 |
Long Island NY Power Auth | ||
Electric System Rev | ||
5.500%, 12/1/2009 (2) | 2,000 | 2,201 |
5.500%, 12/1/2011 (2) | 3,000 | 3,382 |
5.500%, 12/1/2012 (4) (ETM) | 2,000 | 2,286 |
Metro. New York Transp | ||
Auth. Rev. (Commuter Fac.) | ||
6.000%, 7/1/2006 (1) (ETM) | 1,000 | 1,034 |
Metro. New York Transp. Auth. Rev | ||
(Dedicated Petroleum Tax) | ||
6.125%, 4/1/2010 (3) (Prere.) | 2,110 | 2,402 |
New York City NY GO | ||
6.375%, 8/15/2005 (Prere.) | 640 | 650 |
New York City NY Muni. Water | ||
Finance Auth. Water & Sewer | ||
System Rev. VRDO | ||
2.340%, 7/1/2005 (3) | 1,900 | 1,900 |
New York City NY Transitional | ||
Finance Auth. Rev | ||
5.875%, 5/1/2010 (Prere.) | 3,305 | 3,760 |
5.375%, 2/1/2013 | 2,000 | 2,242 |
New York City NY Transitional | ||
Finance Auth. Rev. VRDO | ||
2.170%, 7/1/2005 | 1,300 | 1,300 |
2.180%, 7/1/2005 | 1,800 | 1,800 |
New York State Dormitory | ||
Auth. Rev. (State Univ.) | ||
5.375%, 5/15/2007 (2) | 400 | 419 |
New York State Dormitory | ||
Auth. Rev. (Vassar Brothers Hosp.) | ||
5.100%, 7/1/2010 (4) | 1,500 | 1,596 |
New York State Environmental | ||
Fac. Corp. PCR (State Water | ||
Recovery Fund) | ||
6.350%, 6/15/2006 | $225 | $227 |
New York State Thruway Auth | ||
Rev. (Service Contract) | ||
5.500%, 4/1/2014 | 4,000 | 4,454 |
Suffolk County NY GO | ||
5.000%, 4/1/2007 (3) | 1,120 | 1,164 |
32,820 | ||
North Carolina (0.8%) | ||
North Carolina Eastern Muni | ||
Power Agency Rev | ||
5.125%, 1/1/2014 | 2,400 | 2,572 |
North Carolina GO | ||
5.000%, 3/1/2020 | 2,000 | 2,185 |
4,757 | ||
Ohio (3.5%) | ||
Butler County OH Transp | ||
Improvement Dist. Rev | ||
6.000%, 4/1/2012 (4) | 2,250 | 2,468 |
Lorain County OH Hosp. Fac. Rev | ||
(Catholic Healthcare Partners) | ||
5.625%, 9/1/2013 (1) | 1,775 | 1,901 |
Ohio GO | ||
5.500%, 2/1/2019 | 2,000 | 2,365 |
Ohio Housing Finance | ||
Agency Mortgage Rev | ||
5.025%, 3/1/2021 | 50 | 50 |
Ohio State Conservation Projects GO | ||
5.000%, 3/1/2017 | 3,885 | 4,263 |
Ohio Water Dev. Auth. PCR | ||
5.000%, 6/1/2017 | 5,000 | 5,498 |
6.000%, 12/1/2008 (2) | 75 | 75 |
Ohio Water Dev. Auth | ||
Rev. (Pure Water) | ||
5.750%, 12/1/2005 (1) | 105 | 105 |
Univ. of Toledo OH General | ||
Receipts VRDO | ||
2.300%, 7/1/2005 (3) | 3,450 | 3,450 |
20,175 | ||
Oregon (0.5%) | ||
Oregon State Dept | ||
Administrative Services | ||
5.750%, 4/1/2009 (4) (Prere.) | 2,400 | 2,654 |
10
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
Pennsylvania (2.1%) | ||
Geisinger Health System Auth. of | ||
Pennsylvania Rev. (Penn State | ||
Geisinger Health System) VRDO | ||
2.290%, 7/1/2005 | $800 | $800 |
2.300%, 7/1/2005 | 350 | 350 |
Northampton County PA | ||
Higher Educ. Auth. Rev | ||
(Lehigh Univ.) VRDO | ||
2.240%, 7/7/2005 | 500 | 500 |
Pennsylvania Convention | ||
Center Auth. Rev | ||
6.700%, 9/1/2014 (1) | 500 | 512 |
Pennsylvania Higher | ||
Educ. Fac. Auth. Rev | ||
(Drexel Univ.) VRDO | ||
2.260%, 7/7/2005 LOC | 2,340 | 2,340 |
Pennsylvania Turnpike Comm | ||
Oil Franchise Tax Rev | ||
5.250%, 12/1/2009 (2) (ETM) | 420 | 454 |
5.250%, 12/1/2009 (2) | 195 | 211 |
5.250%, 12/1/2011 (2) (ETM) | 310 | 335 |
5.250%, 12/1/2011 (2) | 145 | 157 |
Philadelphia PA Airport Parking Auth | ||
5.750%, 9/1/2008 (2) | 1,150 | 1,246 |
Philadelphia PA Hosp. & Higher Educ | ||
Fac. Auth. Rev. (Children's Hosp | ||
Of Philadelphia) VRDO | ||
2.280%, 7/1/2005 | 2,570 | 2,570 |
Philadelphia PA School Dist. GO | ||
6.250%, 9/1/2005 (2) (ETM) | 870 | 875 |
Philadelphia PA Water & | ||
Waste Water Rev | ||
6.250%, 8/1/2009 (1) | 1,000 | 1,123 |
Pittsburgh PA GO | ||
5.200%, 9/1/2005 (3) (Prere.) | 580 | 583 |
Pittsburgh PA Water & Sewer Auth. Rev | ||
5.600%, 9/1/2005 (3) (Prere.) | 235 | 236 |
12,292 | ||
Puerto Rico (0.5%) | ||
Puerto Rico Public Buildings | ||
Auth. Govt. Fac. Rev | ||
5.250%, 7/1/2014 (3) | 2,425 | 2,772 |
South Carolina (1.8%) | ||
Piedmont SC Muni. Power Agency Rev | ||
0.000%, 1/1/2024 (3) | 4,000 | 1,718 |
South Carolina GO | ||
5.000%, 7/1/2008 | 2,250 | 2,394 |
South Carolina Transp | ||
Infrastructure Rev | ||
5.250%, 10/1/2013 (2) | $5,700 | 6,438 |
10,550 | ||
South Dakota (0.2%) | ||
South Dakota Building | ||
Auth. Lease Rev | ||
5.250%, 12/1/2010 (2) | 1,000 | 1,052 |
Tennessee (0.8%) | ||
Memphis TN Electric System Rev | ||
5.000%, 12/1/2010 (1) | 2,300 | 2,510 |
Metro. Govt. of Nashville & | ||
Davidson County TN | ||
Water & Sewer Rev | ||
6.500%, 1/1/2009 (3) | 2,000 | 2,233 |
4,743 | ||
Texas (4.6%) | ||
Austin TX Water & | ||
Wastewater System Rev | ||
5.750%, 5/15/2010 (1) (Prere.) | 2,200 | 2,465 |
Brazos River TX Harbor Navigation | ||
Dist. Brazoria County Environmental | ||
(Dow Chemical Co. Project) PUT | ||
5.200%, 5/15/2008 | 800 | 836 |
Carrollton TX Independent | ||
School Dist. GO | ||
6.000%, 2/15/2009 (Prere.) | 2,925 | 3,228 |
Dallas TX Civic Center | ||
Refunding & Improvement Rev | ||
4.600%, 8/15/2009 (1) | 110 | 116 |
4.700%, 8/15/2010 (1) | 815 | 859 |
Harris County TX Health Fac | ||
Dev. Corp. Rev. (Methodist | ||
Hosp.) VRDO | ||
2.300%, 7/1/2005 | 3,900 | 3,900 |
Harris County TX Health Fac | ||
Dev. Corp. Rev. (St. Luke's | ||
Episcopal Hosp.) VRDO | ||
2.300%, 7/1/2005 | 4,100 | 4,100 |
Houston TX Water & Sewer | ||
System Rev | ||
0.000%, 12/1/2008 (2) | 2,750 | 2,472 |
Lubbock TX Health Fac. Dev. | ||
Corp. Rev. (St. Joseph's | ||
Health System) | ||
5.000%, 7/1/2008 (4) | 1,645 | 1,738 |
San Antonio TX Electric & Gas Rev | ||
5.125%, 2/1/2009 | 1,000 | 1,072 |
11
Tax-Managed Balanced Fund | Shares | Market Value^ (000) |
---|---|---|
San Antonio TX Water Rev | ||
6.500%, 5/15/2010 (1) (ETM) | $75 | $84 |
Texas Muni. Power Agency Rev | ||
0.000%, 9/1/2010 (2) (ETM) | 160 | 135 |
Univ. of Texas Permanent | ||
Univ. Fund Rev | ||
5.250%, 8/15/2018 | 4,900 | 5,623 |
26,628 | ||
Utah (0.8%) | ||
Salt Lake County UT Building | ||
Auth. Lease Rev | ||
5.500%, 10/1/2009 (Prere.) | 4,340 | 4,772 |
Washington (0.4%) | ||
King County WA Library System GO | ||
6.050%, 12/1/2006 (Prere.) | 1,000 | 1,047 |
Washington GO | ||
6.000%, 6/1/2012 | 1,000 | 1,158 |
2,205 | ||
Wisconsin (0.5%) | ||
Wisconsin GO | ||
5.750%, 5/1/2011 (Prere.) | 1,355 | 1,540 |
5.750%, 5/1/2011 (Prere.) | 1,340 | 1,523 |
3,063 | ||
TOTAL MUNICIPAL BONDS | ||
(Cost $292,990) | 304,901 | |
TOTAL INVESTMENTS (99.4%) | ||
(Cost $465,277) | 576,867 | |
OTHER ASSETS AND LIABILITIES (0.6%) | ||
Other Assets—Note B | 5,226 | |
Liabilities | (1,554) | |
3,672 | ||
NET ASSETS (100%) | ||
Applicable to 31,361,810 outstanding $.001 | ||
par value shares of beneficial interest | ||
(unlimited authorization) | $580,539 | |
NET ASSET VALUE PER SHARE | $18.51 | |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security. | ||
Amount | Per | |
(000) | Share | |
AT JUNE 30, 2005, NET ASSETS CONSISTED OF: | ||
Paid-in Capital | $504,182 | $16.08 |
Undistributed Net | ||
Investment Income | 54 | — |
Accumulated Net Realized Losses | (35,287) | (1.13) |
Unrealized Appreciation | 111,590 | 3.56 |
NET ASSETS | $580,539 | $18.51 |
See Note D in Notes to Financial Statements for the tax-basis components of net assets. KEY TO ABBREVIATIONS ARS–Auction Rate Security. BAN–Bond Anticipation Note. COP–Certificate of Participation. CP–Commercial Paper. FR–Floating Rate. GAN–Grant Anticipation Note. GO–General Obligation Bond. IDA–Industrial Development Authority Bond. IDR–Industrial Development Revenue Bond. PCR–Pollution Control Revenue Bond. PUT–Put Option Obligation. RAN–Revenue Anticipation Note. REIT–Real Estate Investment Trust. TAN–Tax Anticipation Note. TOB–Tender Option Bond. TRAN–Tax Revenue Anticipation Note. UFSD–Union Free School District. USD–United School District. VRDO–Variable Rate Demand Obligation. (ETM)–Escrowed to Maturity. (Prere.)–Prerefunded. Scheduled principal and interest payments are guaranteed by: (1) MBIA (Municipal Bond Insurance Association). (2) AMBAC (Ambac Assurance Corporation). (3) FGIC (Financial Guaranty Insurance Company). (4) FSA (Financial Security Assurance). The insurance does not guarantee the market value of the municipal bonds. LOC–Scheduled principal and interest payments are guaranteed by bank letter of credit. |
12
Tax-Managed Growth and Income Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (100.0%) | ||
Auto & Transportation (2.3%) | ||
United Parcel Service, Inc. | 262,976 | $ 18,187 |
FedEx Corp. | 71,258 | 5,773 |
General Motors Corp. | 133,876 | 4,552 |
Ford Motor Co. | 435,693 | 4,461 |
Burlington Northern | ||
Santa Fe Corp. | 89,086 | 4,194 |
Union Pacific Corp. | 62,279 | 4,036 |
Harley-Davidson, Inc. | 67,367 | 3,341 |
Norfolk Southern Corp. | 95,744 | 2,964 |
PACCAR, Inc. | 41,189 | 2,801 |
Southwest Airlines Co. | 174,167 | 2,426 |
CSX Corp. | 51,292 | 2,188 |
Genuine Parts Co. | 41,118 | 1,690 |
*The Goodyear Tire & Rubber Co. | 41,716 | 622 |
Delphi Corp. | 132,917 | 618 |
Dana Corp. | 35,611 | 535 |
*Navistar International Corp. | 15,856 | 507 |
Cooper Tire & Rubber Co. | 15,685 | 291 |
Visteon Corp. | 31,395 | 189 |
*Delta Air Lines, Inc. | 34,098 | 128 |
59,503 | ||
Consumer Discretionary (13.4%) | ||
Wal-Mart Stores, Inc. | 789,915 | 38,074 |
Home Depot, Inc. | 506,805 | 19,715 |
*Time Warner, Inc. | 1,102,477 | 18,422 |
The Walt Disney Co. | 481,989 | 12,136 |
Viacom Inc. Class B | 376,898 | 12,068 |
Gillette Co. | 235,512 | 11,924 |
Target Corp. | 208,495 | 11,344 |
The News Corp., Inc. | 680,857 | 11,016 |
*Yahoo! Inc. | 309,900 | 10,738 |
Lowe's Cos., Inc. | 182,395 | 10,619 |
*eBay Inc. | 286,800 | 9,467 |
McDonald's Corp. | 299,265 | 8,305 |
Kimberly-Clark Corp. | 113,162 | 7,083 |
Carnival Corp. | 124,367 | 6,784 |
Cendant Corp. | 248,934 | 5,569 |
Costco Wholesale Corp. | 113,102 | 5,069 |
Best Buy Co., Inc. | 70,712 | 4,847 |
*Starbucks Corp. | 92,179 | 4,762 |
NIKE, Inc. Class B | 53,986 | 4,675 |
*Kohl's Corp. | 76,970 | 4,303 |
Avon Products, Inc. | 111,742 | 4,229 |
Gannett Co., Inc. | 58,765 | 4,180 |
*Electronic Arts Inc. | 72,555 | 4,107 |
The McGraw-Hill Cos., Inc. | 88,600 | 3,921 |
Waste Management, Inc. | 134,130 | 3,801 |
Staples, Inc. | 174,359 | 3,717 |
Clear Channel | ||
Communications, Inc. | 119,588 | 3,699 |
*Sears Holdings Corp. | 24,231 | 3,632 |
Yum! Brands, Inc. | 68,530 | 3,569 |
The Gap, Inc. | 179,330 | 3,542 |
Omnicom Group Inc. | 43,332 | 3,460 |
J.C. Penney Co., Inc. (Holding Co.) | 62,324 | 3,277 |
Marriott International, Inc. | ||
Class A | 46,904 | 3,200 |
Harrah's Entertainment, Inc. | 43,026 | 3,101 |
*Apollo Group, Inc. Class A | 38,677 | 3,025 |
Starwood Hotels & Resorts | ||
Worldwide, Inc. | 51,229 | 3,000 |
*Coach, Inc. | 89,248 | 2,996 |
Federated Department Stores, Inc. | 40,437 | 2,963 |
*Bed Bath & Beyond, Inc. | 69,934 | 2,922 |
May Department Stores Co. | 70,900 | 2,847 |
TJX Cos., Inc. | 111,368 | 2,712 |
Tribune Co. | 70,361 | 2,475 |
International Game Technology | 81,378 | 2,291 |
Hilton Hotels Corp. | 90,344 | 2,155 |
Nordstrom, Inc. | 29,048 | 1,974 |
Limited Brands, Inc. | 89,968 | 1,927 |
*Fisher Scientific International Inc. | 28,517 | 1,851 |
*Univision Communications Inc. | 66,397 | 1,829 |
Eastman Kodak Co. | 68,036 | 1,827 |
Mattel, Inc. | 97,400 | 1,782 |
R.R. Donnelley & Sons Co. | 50,427 | 1,740 |
*Office Depot, Inc. | 74,679 | 1,706 |
Black & Decker Corp. | 18,886 | 1,697 |
Newell Rubbermaid, Inc. | 65,209 | 1,555 |
Dollar General Corp. | 71,962 | 1,465 |
*AutoZone Inc. | 15,482 | 1,431 |
*Toys R Us, Inc. | 52,491 | 1,390 |
Cintas Corp. | 35,708 | 1,378 |
VF Corp. | 23,842 | 1,364 |
Wendy's International, Inc. | 27,251 | 1,299 |
*Interpublic Group of Cos., Inc. | 100,934 | 1,229 |
Leggett & Platt, Inc. | 44,881 | 1,193 |
Darden Restaurants Inc. | 34,411 | 1,135 |
Tiffany & Co. | 33,983 | 1,113 |
Whirlpool Corp. | 15,753 | 1,104 |
New York Times Co. Class A | 34,902 | 1,087 |
*AutoNation, Inc. | 52,800 | 1,083 |
Knight Ridder | 17,570 | 1,078 |
Liz Claiborne, Inc. | 25,838 | 1,027 |
Family Dollar Stores, Inc. | 39,276 | 1,025 |
Robert Half International, Inc. | 37,700 | 941 |
Jones Apparel Group, Inc. | 28,500 | 885 |
Alberto-Culver Co. Class B | 20,379 | 883 |
RadioShack Corp. | 36,846 | 854 |
13
Tax-Managed Growth and Income Fund | Shares | Market Value^ (000) |
---|---|---|
*Monster Worldwide Inc. | 29,082 | $ 834 |
Hasbro, Inc. | 40,025 | 832 |
The Stanley Works | 18,106 | 825 |
Circuit City Stores, Inc. | 45,800 | 792 |
International Flavors & | ||
Fragrances, Inc. | 21,282 | 771 |
Sabre Holdings Corp. | 31,056 | 620 |
Reebok International Ltd. | 13,491 | 564 |
Meredith Corp. | 10,596 | 520 |
*Allied Waste Industries, Inc. | 64,150 | 509 |
OfficeMax, Inc. | 16,730 | 498 |
Snap-On Inc. | 14,067 | 482 |
*Convergys Corp. | 33,900 | 482 |
Dillard's Inc. | 17,086 | 400 |
*Big Lots Inc. | 26,952 | 357 |
Maytag Corp. | 19,561 | 306 |
Viacom Inc. Class A | 3,800 | 122 |
News Corp., Inc., Class B | 200 | 3 |
345,510 | ||
Consumer Staples (7.4%) | ||
Altria Group, Inc. | 488,954 | 31,616 |
The Procter & Gamble Co. | 584,268 | 30,820 |
The Coca-Cola Co. | 534,404 | 22,311 |
PepsiCo, Inc. | 395,354 | 21,321 |
Walgreen Co. | 241,354 | 11,100 |
Anheuser-Busch Cos., Inc. | 183,237 | 8,383 |
Colgate-Palmolive Co. | 123,807 | 6,179 |
CVS Corp. | 191,794 | 5,575 |
Sysco Corp. | 149,795 | 5,421 |
General Mills, Inc. | 87,554 | 4,097 |
Sara Lee Corp. | 186,311 | 3,691 |
Kellogg Co. | 82,736 | 3,677 |
The Hershey Co. | 51,475 | 3,197 |
Wm. Wrigley Jr. Co. | 46,394 | 3,194 |
*The Kroger Co. | 165,947 | 3,158 |
H.J. Heinz Co. | 82,623 | 2,927 |
ConAgra Foods, Inc. | 122,776 | 2,843 |
Safeway, Inc. | 106,116 | 2,397 |
Campbell Soup Co. | 76,922 | 2,367 |
Reynolds American Inc. | 27,400 | 2,159 |
The Clorox Co. | 36,698 | 2,045 |
Coca-Cola Enterprises, Inc. | 83,310 | 1,834 |
Albertson's, Inc. | 87,728 | 1,814 |
UST, Inc. | 39,381 | 1,798 |
The Pepsi Bottling Group, Inc. | 46,297 | 1,325 |
Brown-Forman Corp. Class B | 21,544 | 1,303 |
Molson Coors Brewing Co. Class B | 18,507 | 1,147 |
McCormick & Co., Inc. | 32,400 | 1,059 |
SuperValu Inc. | 32,374 | 1,056 |
*Constellation Brands, Inc. Class A | 312 | 9 |
189,823 | ||
Financial Services (21.4%) | ||
Citigroup, Inc. | 1,228,350 | 56,787 |
Bank of America Corp. | 949,575 | 43,310 |
American International | ||
Group, Inc. | 612,723 | 35,599 |
JPMorgan Chase & Co. | 830,853 | 29,346 |
Wells Fargo & Co. | 398,424 | 24,535 |
Wachovia Corp. | 372,164 | 18,459 |
American Express Co. | 276,512 | 14,719 |
Morgan Stanley | 258,694 | 13,574 |
Fannie Mae | 228,484 | 13,343 |
U.S. Bancorp | 432,724 | 12,636 |
Merrill Lynch & Co., Inc. | 223,177 | 12,277 |
The Goldman Sachs Group, Inc. | 104,335 | 10,644 |
Freddie Mac | 163,062 | 10,637 |
Allstate Corp. | 157,782 | 9,427 |
Washington Mutual, Inc. | 207,120 | 8,428 |
Prudential Financial, Inc. | 123,518 | 8,110 |
MBNA Corp. | 300,076 | 7,850 |
MetLife, Inc. | 173,137 | 7,781 |
First Data Corp. | 182,082 | 7,309 |
Lehman Brothers Holdings, Inc. | 65,398 | 6,493 |
St. Paul Travelers Cos., Inc. | 159,066 | 6,288 |
SunTrust Banks, Inc. | 80,339 | 5,804 |
Automatic Data Processing, Inc. | 137,742 | 5,781 |
Countrywide Financial Corp. | 139,158 | 5,373 |
The Bank of New York Co., Inc. | 183,801 | 5,290 |
The Hartford Financial | ||
Services Group Inc. | 69,949 | 5,231 |
BB&T Corp. | 129,296 | 5,168 |
AFLAC Inc. | 118,389 | 5,124 |
Fifth Third Bancorp | 123,139 | 5,075 |
SLM Corp. | 99,265 | 5,043 |
National City Corp. | 140,225 | 4,784 |
Capital One Financial Corp. | 59,750 | 4,781 |
Progressive Corp. of Ohio | 46,979 | 4,642 |
Golden West Financial Corp. | 66,808 | 4,301 |
The Chubb Corp. | 46,287 | 3,963 |
State Street Corp. | 78,339 | 3,780 |
Simon Property Group, Inc. REIT | 51,976 | 3,768 |
Regions Financial Corp. | 109,979 | 3,726 |
PNC Financial Services Group | 67,022 | 3,650 |
Franklin Resources Corp. | 46,700 | 3,595 |
Marsh & McLennan Cos., Inc. | 126,245 | 3,497 |
CIGNA Corp. | 30,902 | 3,307 |
Equity Office Properties Trust REIT | 96,574 | 3,197 |
KeyCorp | 96,222 | 3,190 |
North Fork Bancorp, Inc. | 113,127 | 3,178 |
ACE Ltd. | 68,076 | 3,053 |
Charles Schwab Corp. | 269,714 | 3,042 |
Moody's Corp. | 65,360 | 2,939 |
14
Tax-Managed Growth and Income Fund | Shares | Market Value^ (000) |
---|---|---|
Loews Corp. | 37,600 | $ 2,914 |
The Principal Financial Group, Inc. | 69,517 | 2,913 |
Mellon Financial Corp. | 100,412 | 2,881 |
Bear Stearns Co., Inc. | 27,001 | 2,806 |
Paychex, Inc. | 83,975 | 2,733 |
Equity Residential REIT | 67,880 | 2,499 |
XL Capital Ltd. Class A | 33,277 | 2,477 |
M & T Bank Corp. | 23,120 | 2,431 |
*SunGard Data Systems, Inc. | 68,976 | 2,426 |
Comerica, Inc. | 39,953 | 2,309 |
H & R Block, Inc. | 38,999 | 2,276 |
Marshall & Ilsley Corp. | 50,455 | 2,243 |
Northern Trust Corp. | 47,988 | 2,188 |
AmSouth Bancorp | 83,489 | 2,171 |
CIT Group Inc. | 49,882 | 2,143 |
Synovus Financial Corp. | 73,407 | 2,105 |
*Fiserv, Inc. | 45,225 | 1,942 |
Lincoln National Corp. | 41,119 | 1,929 |
Sovereign Bancorp, Inc. | 86,268 | 1,927 |
MBIA, Inc. | 31,985 | 1,897 |
Aon Corp. | 75,255 | 1,884 |
T. Rowe Price Group Inc. | 29,200 | 1,828 |
Archstone-Smith Trust REIT | 46,868 | 1,810 |
ProLogis REIT | 44,282 | 1,782 |
Ambac Financial Group, Inc. | 25,500 | 1,779 |
SAFECO Corp. | 30,320 | 1,648 |
Jefferson-Pilot Corp. | 32,243 | 1,626 |
Plum Creek Timber Co. Inc. REIT | 43,878 | 1,593 |
Zions Bancorp | 21,400 | 1,574 |
Cincinnati Financial Corp. | 39,332 | 1,556 |
MGIC Investment Corp. | 22,282 | 1,453 |
Huntington Bancshares Inc. | 55,489 | 1,340 |
Compass Bancshares Inc. | 29,172 | 1,313 |
UnumProvident Corp. | 70,541 | 1,292 |
Torchmark Corp. | 24,604 | 1,284 |
First Horizon National Corp. | 29,400 | 1,241 |
*Providian Financial Corp. | 69,728 | 1,229 |
*E*TRADE Financial Corp. | 87,142 | 1,219 |
Equifax, Inc. | 30,707 | 1,097 |
Apartment Investment & | ||
Management Co. Class A REIT | 22,500 | 921 |
Janus Capital Group Inc. | 53,685 | 807 |
Federated Investors, Inc. | 22,900 | 687 |
Dow Jones & Co., Inc. | 17,000 | 603 |
Ryder System, Inc. | 15,364 | 562 |
551,172 | ||
Health Care (13.0%) | ||
Pfizer Inc. | 1,755,662 | 48,421 |
Johnson & Johnson | 702,096 | 45,636 |
Abbott Laboratories | 366,116 | 17,943 |
*Amgen, Inc. | 292,174 | 17,665 |
Merck & Co., Inc. | 517,527 | 15,940 |
UnitedHealth Group Inc. | 298,880 | 15,584 |
Eli Lilly & Co. | 266,057 | 14,822 |
Medtronic, Inc. | 285,527 | 14,787 |
Wyeth | 316,037 | 14,064 |
Bristol-Myers Squibb Co. | 458,904 | 11,463 |
*WellPoint Inc. | 144,602 | 10,070 |
Schering-Plough Corp. | 348,299 | 6,639 |
Cardinal Health, Inc. | 101,332 | 5,835 |
Aetna Inc. | 68,740 | 5,693 |
HCA Inc. | 98,886 | 5,604 |
Baxter International, Inc. | 146,928 | 5,451 |
Guidant Corp. | 76,738 | 5,164 |
*Boston Scientific Corp. | 177,464 | 4,792 |
*Caremark Rx, Inc. | 107,331 | 4,778 |
*Gilead Sciences, Inc. | 106,989 | 4,706 |
*Zimmer Holdings, Inc. | 58,267 | 4,438 |
Stryker Corp. | 88,800 | 4,223 |
*St. Jude Medical, Inc. | 85,544 | 3,731 |
*Genzyme Corp.-General Division | 59,779 | 3,592 |
*Medco Health Solutions, Inc. | 65,761 | 3,509 |
Becton, Dickinson & Co. | 59,569 | 3,126 |
McKesson Corp. | 69,645 | 3,119 |
*Forest Laboratories, Inc. | 79,657 | 3,095 |
*Biogen Idec Inc. | 81,643 | 2,813 |
Allergan, Inc. | 30,820 | 2,627 |
Quest Diagnostics, Inc. | 42,994 | 2,290 |
Biomet, Inc. | 59,466 | 2,060 |
*Express Scripts Inc. | 34,964 | 1,748 |
AmerisourceBergen Corp. | 25,122 | 1,737 |
C.R. Bard, Inc. | 24,954 | 1,660 |
*Laboratory Corp. of | ||
America Holdings | 31,710 | 1,582 |
*Humana Inc. | 38,480 | 1,529 |
Health Management | ||
Associates Class A | 58,277 | 1,526 |
*MedImmune Inc. | 56,596 | 1,512 |
*Hospira, Inc. | 37,374 | 1,458 |
*Tenet Healthcare Corp. | 111,717 | 1,367 |
IMS Health, Inc. | 53,584 | 1,327 |
*Chiron Corp. | 35,250 | 1,230 |
Mylan Laboratories, Inc. | 63,815 | 1,228 |
Bausch & Lomb, Inc. | 12,802 | 1,063 |
Manor Care, Inc. | 20,713 | 823 |
*Watson Pharmaceuticals, Inc. | 26,097 | 771 |
*Millipore Corp. | 12,094 | 686 |
*King Pharmaceuticals, Inc. | 57,277 | 597 |
335,524 | ||
Integrated Oils (5.9%) | ||
ExxonMobil Corp. | 1,503,086 | 86,382 |
Chevron Corp. | 495,417 | 27,704 |
15
Tax-Managed Growth and Income Fund | Shares | Market Value^ (000) |
---|---|---|
ConocoPhillips Co. | 328,732 | $18,899 |
Occidental Petroleum Corp. | 94,000 | 7,231 |
Marathon Oil Corp. | 79,358 | 4,235 |
Unocal Corp. | 64,148 | 4,173 |
Amerada Hess Corp. | 20,317 | 2,164 |
150,788 | ||
Other Energy (2.9%) | ||
Schlumberger Ltd. | 139,051 | 10,560 |
Halliburton Co. | 119,413 | 5,710 |
Devon Energy Corp. | 112,106 | 5,682 |
Burlington Resources, Inc. | 91,205 | 5,038 |
Apache Corp. | 77,429 | 5,002 |
Valero Energy Corp. | 60,680 | 4,800 |
Anadarko Petroleum Corp. | 55,752 | 4,580 |
*Transocean Inc. | 77,280 | 4,171 |
Baker Hughes, Inc. | 79,949 | 4,090 |
EOG Resources, Inc. | 56,580 | 3,214 |
XTO Energy, Inc. | 85,470 | 2,905 |
Williams Cos., Inc. | 134,775 | 2,561 |
*Nabors Industries, Inc. | 35,200 | 2,134 |
Kerr-McGee Corp. | 27,580 | 2,105 |
BJ Services Co. | 38,380 | 2,014 |
Noble Corp. | 31,984 | 1,967 |
*National-Oilwell Varco Inc. | 40,743 | 1,937 |
Sunoco, Inc. | 16,264 | 1,849 |
El Paso Corp. | 153,379 | 1,767 |
Rowan Cos., Inc. | 25,786 | 766 |
*Calpine Corp. | 127,461 | 433 |
*Dynegy, Inc. | 78,981 | 384 |
73,669 | ||
Materials & Processing (3.4%) | ||
E.I. du Pont de Nemours & Co. | 235,111 | 10,112 |
Dow Chemical Co. | 226,948 | 10,106 |
Alcoa Inc. | 206,555 | 5,397 |
Newmont Mining Corp. | ||
(Holding Co.) | 105,288 | 4,109 |
Monsanto Co. | 63,527 | 3,994 |
Weyerhaeuser Co. | 57,923 | 3,687 |
Praxair, Inc. | 76,303 | 3,556 |
International Paper Co. | 115,763 | 3,497 |
Air Products & Chemicals, Inc. | 54,362 | 3,278 |
Masco Corp. | 102,651 | 3,260 |
Archer-Daniels-Midland Co. | 147,214 | 3,147 |
PPG Industries, Inc. | 40,604 | 2,548 |
Phelps Dodge Corp. | 23,028 | 2,130 |
Rohm & Haas Co. | 45,657 | 2,116 |
Georgia Pacific Group | 61,363 | 1,951 |
American Standard Cos., Inc. | 42,200 | 1,769 |
Nucor Corp. | 37,770 | 1,723 |
Ecolab, Inc. | 51,860 | 1,678 |
Freeport-McMoRan | ||
Copper & Gold, Inc. Class B | 42,876 | 1,605 |
Vulcan Materials Co. | 24,100 | 1,566 |
Sherwin-Williams Co. | 29,594 | 1,394 |
Avery Dennison Corp. | 24,284 | 1,286 |
MeadWestvaco Corp. | 44,179 | 1,239 |
Fluor Corp. | 20,554 | 1,184 |
Ashland, Inc. | 15,906 | 1,143 |
Temple-Inland Inc. | 29,556 | 1,098 |
Eastman Chemical Co. | 19,082 | 1,052 |
*Sealed Air Corp. | 20,036 | 998 |
Ball Corp. | 26,304 | 946 |
United States Steel Corp. | 27,200 | 935 |
Sigma-Aldrich Corp. | 16,500 | 925 |
Engelhard Corp. | 28,490 | 813 |
*Pactiv Corp. | 35,477 | 766 |
Bemis Co., Inc. | 25,650 | 681 |
Louisiana-Pacific Corp. | 26,600 | 654 |
Allegheny Technologies Inc. | 21,600 | 477 |
Great Lakes Chemical Corp. | 12,432 | 391 |
*Hercules, Inc. | 26,917 | 381 |
87,592 | ||
Producer Durables (4.2%) | ||
The Boeing Co. | 195,083 | 12,875 |
United Technologies Corp. | 241,686 | 12,411 |
Caterpillar, Inc. | 80,851 | 7,706 |
Applied Materials, Inc. | 389,174 | 6,297 |
Lockheed Martin Corp. | 95,614 | 6,202 |
Emerson Electric Co. | 98,571 | 6,174 |
Illinois Tool Works, Inc. | 64,616 | 5,149 |
Northrop Grumman Corp. | 84,772 | 4,684 |
Deere & Co. | 58,150 | 3,808 |
Danaher Corp. | 65,300 | 3,418 |
*Xerox Corp. | 226,255 | 3,120 |
Ingersoll-Rand Co. | 39,831 | 2,842 |
Pitney Bowes, Inc. | 54,359 | 2,367 |
Pulte Homes, Inc. | 28,062 | 2,364 |
*Agilent Technologies, Inc. | 102,101 | 2,350 |
Centex Corp. | 30,306 | 2,142 |
KLA-Tencor Corp. | 46,479 | 2,031 |
Rockwell Collins, Inc. | 42,228 | 2,013 |
*Lexmark International, Inc. | 29,900 | 1,938 |
Parker Hannifin Corp. | 28,647 | 1,776 |
Dover Corp. | 48,466 | 1,763 |
KB Home | 19,822 | 1,511 |
Cooper Industries, Inc. Class A | 22,183 | 1,418 |
Goodrich Corp. | 28,828 | 1,181 |
W.W. Grainger, Inc. | 19,923 | 1,092 |
Molex, Inc. | 39,782 | 1,036 |
*Waters Corp. | 27,700 | 1,030 |
*Thermo Electron Corp. | 38,188 | 1,026 |
American Power Conversion Corp. | 42,930 | 1,013 |
Pall Corp. | 29,595 | 899 |
Novellus Systems, Inc. | 31,747 | 784 |
16
Tax-Managed Growth and Income Fund | Shares | Market Value^ (000) |
---|---|---|
Cummins Inc. | 10,341 | $772 |
*Teradyne, Inc. | 46,400 | 555 |
*Andrew Corp. | 38,500 | 491 |
Tektronix, Inc. | 20,452 | 476 |
106,714 | ||
Technology (13.6%) | ||
Microsoft Corp. | 2,372,556 | 58,934 |
Intel Corp. | 1,457,581 | 37,985 |
*Cisco Systems, Inc. | 1,508,973 | 28,836 |
International Business | ||
Machines Corp. | 380,864 | 28,260 |
*Dell Inc. | 571,658 | 22,586 |
Hewlett-Packard Co. | 668,133 | 15,708 |
*Oracle Corp. | 1,043,985 | 13,781 |
QUALCOMM Inc. | 385,711 | 12,732 |
Texas Instruments, Inc. | 390,752 | 10,968 |
Motorola, Inc. | 578,948 | 10,572 |
*EMC Corp. | 567,362 | 7,779 |
*Apple Computer, Inc. | 194,529 | 7,161 |
*Corning, Inc. | 343,123 | 5,703 |
General Dynamics Corp. | 47,307 | 5,182 |
Raytheon Co. | 107,174 | 4,193 |
*Symantec Corp. | 167,960 | 3,651 |
Computer Associates | ||
International, Inc. | 126,135 | 3,466 |
Adobe Systems, Inc. | 115,450 | 3,304 |
Analog Devices, Inc. | 87,517 | 3,265 |
*Lucent Technologies, Inc. | 1,048,807 | 3,052 |
*Sun Microsystems, Inc. | 806,372 | 3,008 |
Maxim Integrated Products, Inc. | 77,661 | 2,967 |
Linear Technology Corp. | 69,797 | 2,561 |
*Veritas Software Corp. | 101,212 | 2,470 |
*Broadcom Corp. | 69,330 | 2,462 |
*Network Appliance, Inc. | 86,738 | 2,452 |
Electronic Data Systems Corp. | 122,880 | 2,365 |
L-3 Communications Holdings, Inc. | 28,177 | 2,158 |
Xilinx, Inc. | 83,066 | 2,118 |
Rockwell Automation, Inc. | 41,253 | 2,009 |
*Intuit, Inc. | 43,872 | 1,979 |
*Computer Sciences Corp. | 43,434 | 1,898 |
Autodesk, Inc. | 53,914 | 1,853 |
National Semiconductor Corp. | 82,580 | 1,819 |
*Altera Corp. | 87,711 | 1,738 |
*Freescale Semiconductor, Inc. | ||
Class B | 77,840 | 1,649 |
*Advanced Micro Devices, Inc. | 93,852 | 1,627 |
*NCR Corp. | 44,439 | 1,561 |
*Affiliated Computer Services, Inc. | ||
Class A | 29,800 | 1,523 |
*Micron Technology, Inc. | 145,617 | 1,487 |
*Jabil Circuit, Inc. | 43,890 | 1,349 |
Scientific-Atlanta, Inc. | 36,256 | 1,206 |
*Comverse Technology, Inc. | 47,277 | 1,118 |
Siebel Systems, Inc. | 122,416 | 1,090 |
*NVIDIA Corp. | 39,977 | 1,068 |
*BMC Software, Inc. | 52,485 | 942 |
*Avaya Inc. | 112,869 | 939 |
Applera Corp.-Applied | ||
Biosystems Group | 46,947 | 923 |
*Tellabs, Inc. | 106,115 | 923 |
*Citrix Systems, Inc. | 40,600 | 879 |
*Solectron Corp. | 230,247 | 873 |
*Mercury Interactive Corp. | 20,600 | 790 |
*LSI Logic Corp. | 92,174 | 783 |
*Sanmina-SCI Corp. | 124,500 | 681 |
*QLogic Corp. | 21,500 | 664 |
*Compuware Corp. | 91,996 | 661 |
*ADC Telecommunications, Inc. | 28,057 | 611 |
PerkinElmer, Inc. | 31,257 | 591 |
Symbol Technologies, Inc. | 57,524 | 568 |
*Novell, Inc. | 90,202 | 559 |
*JDS Uniphase Corp. | 342,930 | 521 |
*Unisys Corp. | 80,247 | 508 |
*Parametric Technology Corp. | 65,700 | 419 |
*PMC Sierra Inc. | 42,800 | 399 |
*Freescale Semiconductor Inc. | ||
Class A | 17,800 | 374 |
*CIENA Corp. | 136,538 | 285 |
*Gateway, Inc. | 73,100 | 241 |
*Applied Micro Circuits Corp. | 72,600 | 186 |
348,973 | ||
Utilities (7.3%) | ||
Verizon Communications Inc. | 649,842 | 22,452 |
SBC Communications Inc. | 775,590 | 18,420 |
*Comcast Corp. Class A | 463,858 | 14,240 |
BellSouth Corp. | 429,953 | 11,424 |
Sprint Corp. | 349,394 | 8,766 |
*Nextel Communications, Inc. | 265,735 | 8,586 |
Exelon Corp. | 157,926 | 8,106 |
Duke Energy Corp. | 219,384 | 6,522 |
Southern Co. | 175,749 | 6,093 |
Dominion Resources, Inc. | 80,618 | 5,917 |
ALLTEL Corp. | 77,222 | 4,809 |
TXU Corp. | 56,721 | 4,713 |
FPL Group, Inc. | 92,834 | 3,905 |
Entergy Corp. | 50,100 | 3,785 |
FirstEnergy Corp. | 78,141 | 3,759 |
AT&T Corp. | 189,773 | 3,613 |
Public Service Enterprise | ||
Group, Inc. | 56,414 | 3,431 |
American Electric Power Co., Inc. | 90,617 | 3,341 |
PG&E Corp. | 87,658 | 3,291 |
17
Tax-Managed Growth and Income Fund | Shares | Market Value^ (000) |
---|---|---|
Edison International | 76,900 | $3,118 |
Consolidated Edison Inc. | 57,380 | 2,688 |
Progress Energy, Inc. | 59,090 | 2,673 |
Ameren Corp. | 48,181 | 2,664 |
PPL Corp. | 44,759 | 2,658 |
*AES Corp. | 154,656 | 2,533 |
Constellation Energy Group, Inc. | 42,136 | 2,431 |
Sempra Energy | 56,642 | 2,340 |
Kinder Morgan, Inc. | 25,600 | 2,130 |
Cinergy Corp. | 46,978 | 2,106 |
DTE Energy Co. | 41,379 | 1,935 |
Xcel Energy, Inc. | 95,494 | 1,864 |
*Comcast Corp. Special Class A | 57,192 | 1,713 |
KeySpan Corp. | 40,878 | 1,664 |
NiSource, Inc. | 64,762 | 1,602 |
*Qwest Communications | ||
International Inc. | 395,899 | 1,469 |
Citizens Communications Co. | 80,700 | 1,085 |
CenturyTel, Inc. | 30,713 | 1,064 |
Pinnacle West Capital Corp. | 23,300 | 1,036 |
*Allegheny Energy, Inc. | 38,700 | 976 |
TECO Energy, Inc. | 49,530 | 937 |
CenterPoint Energy Inc. | 69,387 | 917 |
*CMS Energy Corp. | 51,800 | 780 |
NICOR Inc. | 10,780 | 444 |
Peoples Energy Corp. | 9,219 | 401 |
188,401 | ||
Other (5.2%) | ||
General Electric Co. | 2,504,332 | 86,775 |
Tyco International Ltd. | 476,804 | 13,923 |
3M Co. | 181,679 | 13,135 |
Honeywell International Inc. | 201,355 | 7,376 |
Fortune Brands, Inc. | 34,263 | 3,043 |
Johnson Controls, Inc. | 45,329 | 2,553 |
Textron, Inc. | 31,804 | 2,412 |
Eaton Corp. | 35,601 | 2,133 |
ITT Industries, Inc. | 21,801 | 2,128 |
Brunswick Corp. | 22,826 | 989 |
134,467 | ||
TOTAL COMMON STOCKS | ||
(Cost $1,913,162) | 2,572,136 | |
TEMPORARY CASH INVESTMENT (0.0%) | ||
Vanguard Market Liquidity | ||
Fund, 3.139%** | ||
(Cost $977) | 976,783 | 977 |
TOTAL INVESTMENTS (100.0%) | ||
(Cost $1,914,139) | 2,573,113 | |
OTHER ASSETS AND LIABILITIES (0.0%) | ||
Other Assets--Note B | $4,134 | |
Liabilities | (5,001) | |
(867) | ||
NET ASSETS (100%) | $2,572,246 | |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security. **Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. REIT–Real Estate Investment Trust. | ||
AT JUNE 30, 2005, NET ASSETS CONSISTED OF: | |
---|---|
Amount (000) | |
Paid-in Capital | $2,344,037 |
Overdistributed Net Investment Income | (961) |
Accumulated Net Realized Losses | (429,804) |
Unrealized Appreciation | 658,974 |
NET ASSETS | $2,572,246 |
Investor Shares-Net Assets | |
Applicable to 48,224,967 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,251,237 |
NET ASSET VALUE PER SHARE- | |
INVESTOR SHARES | $25.95 |
Admiral Shares-Net Assets | |
Applicable to 19,569,911 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,043,481 |
NET ASSET VALUE PER SHARE- | |
ADMIRAL SHARES | $53.32 |
Institutional Shares-Net Assets | |
Applicable to 10,695,846 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $277,528 |
NET ASSET VALUE PER SHARE- | |
INSTITUTIONAL SHARES | $25.95 |
See Note D in Notes to Financial Statements for the tax-basis components of net assets. |
18
Tax-Managed Capital Appreciation Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (99.9%) | ||
Auto & Transportation (2.1%) | ||
United Parcel Service, Inc. | 147,300 | $10,187 |
FedEx Corp. | 96,200 | 7,793 |
Harley-Davidson, Inc. | 108,200 | 5,367 |
Norfolk Southern Corp. | 160,800 | 4,978 |
Southwest Airlines Co. | 317,587 | 4,424 |
CSX Corp. | 102,500 | 4,373 |
C.H. Robinson Worldwide, Inc. | 57,200 | 3,329 |
Expeditors International of | ||
Washington, Inc. | 58,800 | 2,929 |
Oshkosh Truck Corp. | 35,400 | 2,771 |
J.B. Hunt Transport Services, Inc. | 119,800 | 2,312 |
Gentex Corp. | 116,252 | 2,116 |
Union Pacific Corp. | 31,253 | 2,025 |
Ford Motor Co. | 192,513 | 1,971 |
General Motors Corp. | 55,882 | 1,900 |
*JetBlue Airways Corp. | 83,550 | 1,708 |
*Navistar International Corp. | 52,700 | 1,686 |
Lear Corp. | 42,200 | 1,535 |
*TRW Automotive Holdings Corp. | 40,300 | 988 |
*Yellow Roadway Corp. | 17,512 | 890 |
Burlington Northern | ||
Santa Fe Corp. | 14,493 | 682 |
PACCAR, Inc. | 9,300 | 632 |
Delphi Corp. | 102,200 | 475 |
65,071 | ||
Consumer Discretionary (16.5%) | ||
Wal-Mart Stores, Inc. | 697,600 | 33,624 |
*Time Warner, Inc. | 1,151,647 | 19,244 |
Home Depot, Inc. | 480,000 | 18,672 |
The Walt Disney Co. | 590,409 | 14,866 |
Lowe's Cos., Inc. | 232,400 | 13,530 |
Viacom Inc. Class B | 415,768 | 13,313 |
Target Corp. | 243,300 | 13,238 |
Gillette Co. | 237,016 | 12,000 |
*Yahoo! Inc. | 325,000 | 11,261 |
McDonald's Corp. | 379,700 | 10,537 |
*Liberty Media Corp. | 860,758 | 8,771 |
*eBay Inc. | 265,420 | 8,762 |
Cendant Corp. | 331,925 | 7,425 |
*Google Inc. | 24,520 | 7,213 |
*Starbucks Corp. | 137,352 | 7,096 |
Costco Wholesale Corp. | 156,100 | 6,996 |
Best Buy Co., Inc. | 95,100 | 6,519 |
Avon Products, Inc. | 158,000 | 5,980 |
Yum! Brands, Inc. | 114,780 | 5,978 |
*Electronic Arts Inc. | 104,800 | 5,933 |
Waste Management, Inc. | 204,297 | 5,790 |
*Kohl's Corp. | 103,500 | 5,787 |
NIKE, Inc. Class B | 63,600 | 5,508 |
Kimberly-Clark Corp. | 87,496 | 5,476 |
Marriott International, Inc. | ||
Class A | 79,200 | 5,403 |
Harrah's Entertainment, Inc. | 73,410 | 5,291 |
*Coach, Inc. | 156,900 | 5,267 |
The News Corp., Inc. | 325,000 | 5,259 |
Starwood Hotels & Resorts | ||
Worldwide, Inc. | 88,624 | 5,191 |
Federated Department Stores, Inc. | 70,100 | 5,137 |
*Bed Bath & Beyond, Inc. | 118,717 | 4,960 |
The Gap, Inc. | 246,487 | 4,868 |
Clear Channel | ||
Communications, Inc. | 140,636 | 4,350 |
Hilton Hotels Corp. | 182,050 | 4,342 |
*Apollo Group, Inc. Class A | 52,984 | 4,144 |
*DirecTV Group, Inc. | 266,802 | 4,135 |
*Office Depot, Inc. | 170,300 | 3,890 |
*Liberty Global Inc. Class A | 82,297 | 3,841 |
*Sirius Satellite Radio, Inc. | 591,100 | 3,830 |
*Toys R Us, Inc. | 144,100 | 3,816 |
Black & Decker Corp. | 42,400 | 3,810 |
International Game Technology | 132,600 | 3,733 |
Darden Restaurants Inc. | 111,850 | 3,689 |
*MGM Mirage, Inc. | 88,664 | 3,509 |
*Chico's FAS, Inc. | 101,800 | 3,490 |
Abercrombie & Fitch Co. | 50,500 | 3,469 |
Republic Services, Inc. Class A | 96,100 | 3,461 |
Michaels Stores, Inc. | 81,800 | 3,384 |
Mattel, Inc. | 178,032 | 3,258 |
EchoStar Communications | ||
Corp. Class A | 106,200 | 3,202 |
*XM Satellite Radio Holdings, Inc. | 94,800 | 3,191 |
*AutoZone Inc. | 33,300 | 3,079 |
Circuit City Stores, Inc. | 172,000 | 2,974 |
PETsMART, Inc. | 97,300 | 2,953 |
The Neiman Marcus Group, Inc. | ||
Class A | 30,000 | 2,908 |
Liz Claiborne, Inc. | 72,400 | 2,879 |
*Fisher Scientific International Inc. | 44,352 | 2,878 |
Fastenal Co. | 46,800 | 2,867 |
*Mohawk Industries, Inc. | 34,700 | 2,863 |
Foot Locker, Inc. | 103,900 | 2,828 |
*Interpublic Group of Cos., Inc. | 231,600 | 2,821 |
*AutoNation, Inc. | 137,300 | 2,817 |
*O'Reilly Automotive, Inc. | 93,848 | 2,798 |
*Pixar, Inc. | 55,686 | 2,787 |
*Brinker International, Inc. | 68,500 | 2,743 |
*Amazon.com, Inc. | 82,900 | 2,742 |
*Williams-Sonoma, Inc. | 69,100 | 2,734 |
Cintas Corp. | 70,766 | 2,732 |
Dollar General Corp. | 131,987 | 2,687 |
19
Tax-Managed Capital Appreciation Fund | Shares | Market Value^ (000) |
---|---|---|
*Saks Inc. | 139,400 | $2,644 |
*Weight Watchers | ||
International, Inc. | 50,200 | 2,591 |
*Iron Mountain, Inc. | 83,400 | 2,587 |
*Timberland Co. | 66,800 | 2,586 |
Estee Lauder Cos. Class A | 65,600 | 2,567 |
Robert Half International, Inc. | 102,500 | 2,559 |
*CarMax, Inc. | 95,079 | 2,534 |
Polo Ralph Lauren Corp. | 58,500 | 2,522 |
*Univision Communications Inc. | 90,095 | 2,482 |
Borders Group, Inc. | 97,100 | 2,458 |
Outback Steakhouse, Inc. | 53,950 | 2,441 |
Harman International | ||
Industries, Inc. | 29,700 | 2,416 |
Jones Apparel Group, Inc. | 77,600 | 2,409 |
*Lamar Advertising Co. Class A | 56,186 | 2,403 |
Alberto-Culver Co. Class B | 55,350 | 2,398 |
*IAC/InterActiveCorp | 98,060 | 2,358 |
*The Cheesecake Factory Inc. | 66,900 | 2,323 |
Reebok International Ltd. | 55,500 | 2,322 |
*Career Education Corp. | 62,600 | 2,292 |
GTECH Holdings Corp. | 78,200 | 2,287 |
International Speedway Corp. | 40,064 | 2,254 |
*Barnes & Noble, Inc. | 57,300 | 2,223 |
Manpower Inc. | 55,600 | 2,212 |
Gannett Co., Inc. | 30,900 | 2,198 |
Hasbro, Inc. | 102,100 | 2,123 |
RadioShack Corp. | 88,300 | 2,046 |
E.W. Scripps Co. Class A | 41,870 | 2,043 |
*Tech Data Corp. | 55,510 | 2,032 |
Staples, Inc. | 94,495 | 2,015 |
*Dollar Tree Stores, Inc. | 83,650 | 2,008 |
*Convergys Corp. | 135,200 | 1,923 |
*Education Management Corp. | 56,800 | 1,916 |
American Eagle Outfitters, Inc. | 58,300 | 1,787 |
Aramark Corp. Class B | 67,200 | 1,774 |
Ross Stores, Inc. | 59,955 | 1,733 |
*Columbia Sportswear Co. | 33,700 | 1,664 |
Westwood One, Inc. | 81,000 | 1,655 |
*Allied Waste Industries, Inc. | 205,400 | 1,629 |
*Rent-A-Center, Inc. | 68,600 | 1,598 |
Applebee's International, Inc. | 59,845 | 1,585 |
Omnicom Group Inc. | 19,600 | 1,565 |
Hearst-Argyle Television Inc. | 61,400 | 1,504 |
The Brink's Co. | 36,800 | 1,325 |
Dillard's Inc. | 48,100 | 1,127 |
*Sears Holdings Corp. | 6,400 | 959 |
Belo Corp. Class A | 38,400 | 920 |
Nordstrom, Inc. | 13,500 | 918 |
The McClatchy Co. Class A | 13,900 | 910 |
ServiceMaster Co. | 66,000 | 884 |
Sabre Holdings Corp. | 43,200 | 862 |
Limited Brands, Inc. | 36,609 | 784 |
Newell Rubbermaid, Inc. | 32,660 | 779 |
Washington Post Co. Class B | 600 | 501 |
Viacom Inc. Class A | 13,688 | 441 |
Harte-Hanks, Inc. | 6,400 | 190 |
The Toro Co. | 3,500 | 135 |
*Wynn Resorts Ltd. | 2,000 | 95 |
CDW Corp. | 1,358 | 78 |
518,103 | ||
Consumer Staples (6.2%) | ||
The Procter & Gamble Co. | 593,200 | 31,291 |
Altria Group, Inc. | 473,500 | 30,616 |
PepsiCo, Inc. | 464,800 | 25,067 |
The Coca-Cola Co. | 474,000 | 19,790 |
Walgreen Co. | 307,300 | 14,133 |
CVS Corp. | 286,444 | 8,327 |
Anheuser-Busch Cos., Inc. | 151,400 | 6,927 |
Sysco Corp. | 163,300 | 5,910 |
*The Kroger Co. | 277,400 | 5,279 |
Wm. Wrigley Jr. Co. | 63,200 | 4,351 |
Whole Foods Market, Inc. | 36,400 | 4,306 |
Safeway, Inc. | 178,384 | 4,030 |
Colgate-Palmolive Co. | 78,900 | 3,938 |
*Constellation Brands, Inc. | ||
Class A | 131,200 | 3,870 |
Coca-Cola Enterprises, Inc. | 160,800 | 3,539 |
The Pepsi Bottling Group, Inc. | 102,800 | 2,941 |
*Dean Foods Co. | 82,100 | 2,893 |
Tyson Foods, Inc. | 162,345 | 2,890 |
PepsiAmericas, Inc. | 103,700 | 2,661 |
*Smithfield Foods, Inc. | 89,300 | 2,435 |
*Del Monte Foods Co. | 186,700 | 2,011 |
Church & Dwight, Inc. | 51,700 | 1,872 |
*Rite Aid Corp. | 417,400 | 1,745 |
Pilgrim's Pride Corp. | 50,900 | 1,737 |
General Mills, Inc. | 22,200 | 1,039 |
Sara Lee Corp. | 44,600 | 884 |
The Hershey Co. | 13,100 | 814 |
*TreeHouse Foods Inc. | 16,420 | 468 |
*7-Eleven, Inc. | 12,600 | 381 |
The Clorox Co. | 6,420 | 358 |
ConAgra Foods, Inc. | 11,200 | 259 |
Kellogg Co. | 100 | 4 |
Reynolds American Inc. | 53 | 4 |
196,770 | ||
Financial Services (20.2%) | ||
Citigroup, Inc. | 1,282,844 | 59,305 |
Bank of America Corp. | 975,392 | 44,487 |
American International | ||
Group, Inc. | 635,131 | 36,901 |
20
Tax-Managed Capital Appreciation Fund | Shares | Market Value^ (000) |
---|---|---|
JPMorgan Chase & Co. | 803,989 | $28,397 |
Wells Fargo & Co. | 366,590 | 22,574 |
American Express Co. | 321,300 | 17,103 |
Fannie Mae | 285,900 | 16,696 |
Wachovia Corp. | 333,600 | 16,546 |
Merrill Lynch & Co., Inc. | 276,800 | 15,227 |
Freddie Mac | 206,600 | 13,477 |
Morgan Stanley | 235,000 | 12,330 |
U.S. Bancorp | 392,700 | 11,467 |
Prudential Financial, Inc. | 165,200 | 10,847 |
First Data Corp. | 250,995 | 10,075 |
The Goldman Sachs Group, Inc. | 86,300 | 8,804 |
Lehman Brothers Holdings, Inc. | 88,069 | 8,743 |
MBNA Corp. | 321,500 | 8,410 |
Countrywide Financial Corp. | 199,298 | 7,695 |
AFLAC Inc. | 173,700 | 7,518 |
Progressive Corp. of Ohio | 74,300 | 7,342 |
SLM Corp. | 140,700 | 7,148 |
Capital One Financial Corp. | 83,600 | 6,689 |
Washington Mutual, Inc. | 157,111 | 6,393 |
Allstate Corp. | 102,300 | 6,112 |
Golden West Financial Corp. | 94,600 | 6,090 |
MetLife, Inc. | 128,400 | 5,770 |
State Street Corp. | 118,100 | 5,698 |
CIGNA Corp. | 52,200 | 5,587 |
St. Paul Travelers Cos., Inc. | 140,077 | 5,537 |
Legg Mason Inc. | 53,100 | 5,528 |
Franklin Resources Corp. | 71,600 | 5,512 |
Moody's Corp. | 110,600 | 4,973 |
Loews Corp. | 62,300 | 4,828 |
The Principal Financial | ||
Group, Inc. | 113,500 | 4,756 |
Bear Stearns Co., Inc. | 45,700 | 4,750 |
Charles Schwab Corp. | 418,700 | 4,723 |
*SunGard Data Systems, Inc. | 133,600 | 4,699 |
Paychex, Inc. | 127,180 | 4,138 |
Automatic Data Processing, Inc. | 98,100 | 4,117 |
Sovereign Bancorp, Inc. | 173,600 | 3,878 |
*Fiserv, Inc. | 89,450 | 3,842 |
The Chicago Mercantile Exchange | 12,890 | 3,809 |
M & T Bank Corp. | 36,200 | 3,807 |
Ambac Financial Group, Inc. | 53,850 | 3,757 |
The Hartford Financial | ||
Services Group Inc. | 49,200 | 3,679 |
Host Marriott Corp. REIT | 209,943 | 3,674 |
Plum Creek Timber Co. Inc. REIT | 100,900 | 3,663 |
Marshall & Ilsley Corp. | 79,800 | 3,547 |
MGIC Investment Corp. | 54,200 | 3,535 |
Zions Bancorp | 47,600 | 3,500 |
Genworth Financial Inc. | 113,800 | 3,440 |
MBIA, Inc. | 57,000 | 3,381 |
*Providian Financial Corp. | 183,200 | 3,230 |
Equifax, Inc. | 88,300 | 3,153 |
Fifth Third Bancorp | 75,800 | 3,124 |
*AmeriCredit Corp. | 121,600 | 3,101 |
Torchmark Corp. | 58,600 | 3,059 |
Catellus Development Corp. REIT | 92,708 | 3,041 |
Commerce Bancorp, Inc. | 99,100 | 3,004 |
*The Dun & Bradstreet Corp. | 47,400 | 2,922 |
W.R. Berkley Corp. | 81,300 | 2,901 |
The PMI Group Inc. | 73,300 | 2,857 |
*DST Systems, Inc. | 59,900 | 2,803 |
Leucadia National Corp. | 71,250 | 2,752 |
*Markel Corp. | 8,100 | 2,746 |
Eaton Vance Corp. | 114,600 | 2,740 |
Radian Group, Inc. | 57,320 | 2,707 |
*WellChoice Inc. | 38,200 | 2,654 |
Commerce Bancshares, Inc. | 52,100 | 2,626 |
Janus Capital Group Inc. | 172,100 | 2,588 |
City National Corp. | 34,200 | 2,452 |
*Conseco, Inc. | 110,000 | 2,400 |
SEI Corp. | 64,135 | 2,395 |
*Alleghany Corp. | 8,032 | 2,385 |
Webster Financial Corp. | 50,000 | 2,335 |
HCC Insurance Holdings, Inc. | 61,600 | 2,333 |
Certegy, Inc. | 61,000 | 2,331 |
StanCorp Financial Group, Inc. | 30,200 | 2,313 |
AmerUs Group Co. | 47,700 | 2,292 |
IndyMac Bancorp, Inc. | 56,000 | 2,281 |
BlackRock, Inc. | 27,800 | 2,237 |
Federated Investors, Inc. | 73,950 | 2,219 |
Investors Financial Services Corp. | 58,100 | 2,197 |
Reinsurance Group of America, Inc. | 46,500 | 2,163 |
Westcorp, Inc. | 41,100 | 2,154 |
The Bank of New York Co., Inc. | 74,200 | 2,135 |
SunTrust Banks, Inc. | 29,400 | 2,124 |
BOK Financial Corp. | 45,533 | 2,100 |
Downey Financial Corp. | 27,200 | 1,991 |
Transatlantic Holdings, Inc. | 35,112 | 1,960 |
Marsh & McLennan Cos., Inc. | 70,600 | 1,956 |
*Ameritrade Holding Corp. | 100,000 | 1,859 |
Fair, Isaac, Inc. | 50,800 | 1,854 |
BB&T Corp. | 46,300 | 1,851 |
*CNA Financial Corp. | 63,000 | 1,790 |
Total System Services, Inc. | 73,550 | 1,773 |
*Instinet Group Inc. | 324,726 | 1,702 |
National City Corp. | 48,800 | 1,665 |
Brown & Brown, Inc. | 35,800 | 1,609 |
*CapitalSource Inc. | 81,700 | 1,604 |
New York Community Bancorp, Inc. | 86,400 | 1,566 |
East West Bancorp, Inc. | 43,801 | 1,471 |
Global Payments Inc. | 18,900 | 1,281 |
21
Tax-Managed Capital Appreciation Fund | Shares | Market Value^ (000) |
---|---|---|
*The First Marblehead Corp. | 34,500 | $1,210 |
ProLogis REIT | 18,389 | 740 |
Assurant, Inc. | 10,200 | 368 |
Mellon Financial Corp. | 12,500 | 359 |
PNC Financial Services Group | 3,800 | 207 |
International Bancshares Corp. | 3,500 | 99 |
First Horizon National Corp. | 300 | 13 |
Hudson City Bancorp, Inc. | 400 | 5 |
636,291 | ||
Health Care (14.3%) | ||
Pfizer Inc. | 1,853,760 | 51,127 |
Johnson & Johnson | 744,298 | 48,379 |
*Amgen, Inc. | 354,075 | 21,407 |
UnitedHealth Group Inc. | 367,662 | 19,170 |
Medtronic, Inc. | 330,400 | 17,111 |
Abbott Laboratories | 320,000 | 15,683 |
Merck & Co., Inc. | 455,200 | 14,020 |
*WellPoint Inc. | 189,454 | 13,194 |
Wyeth | 255,800 | 11,383 |
*Genentech, Inc. | 135,700 | 10,894 |
Eli Lilly & Co. | 180,100 | 10,033 |
Schering-Plough Corp. | 471,300 | 8,983 |
HCA Inc. | 151,621 | 8,592 |
Cardinal Health, Inc. | 145,512 | 8,379 |
Bristol-Myers Squibb Co. | 333,500 | 8,331 |
Aetna Inc. | 98,994 | 8,199 |
*Caremark Rx, Inc. | 161,623 | 7,195 |
*Gilead Sciences, Inc. | 157,200 | 6,915 |
*Zimmer Holdings, Inc. | 81,170 | 6,183 |
*Medco Health Solutions, Inc. | 114,321 | 6,100 |
*St. Jude Medical, Inc. | 139,832 | 6,098 |
*Boston Scientific Corp. | 207,500 | 5,603 |
Stryker Corp. | 109,200 | 5,194 |
*Genzyme Corp.-General Division | 78,200 | 4,699 |
Allergan, Inc. | 53,400 | 4,552 |
*Forest Laboratories, Inc. | 114,700 | 4,456 |
Quest Diagnostics, Inc. | 80,200 | 4,272 |
Becton, Dickinson & Co. | 80,600 | 4,229 |
AmerisourceBergen Corp. | 60,600 | 4,190 |
*Celgene Corp. | 97,800 | 3,987 |
*Coventry Health Care Inc. | 56,250 | 3,980 |
*Express Scripts Inc. | 78,200 | 3,908 |
*Humana Inc. | 91,100 | 3,620 |
*Hospira, Inc. | 91,940 | 3,586 |
Biomet, Inc. | 103,175 | 3,574 |
*Laboratory Corp. of | ||
America Holdings | 71,600 | 3,573 |
Health Management | ||
Associates Class A | 135,368 | 3,544 |
*Sepracor Inc. | 58,700 | 3,523 |
*Biogen Idec Inc. | 99,340 | 3,422 |
IMS Health, Inc. | 135,552 | 3,358 |
*Patterson Cos | 73,530 | 3,315 |
McKesson Corp. | 73,424 | 3,289 |
Mylan Laboratories, Inc. | 159,637 | 3,071 |
Beckman Coulter, Inc. | 47,600 | 3,026 |
*Health Net Inc. | 78,400 | 2,992 |
DENTSPLY International Inc. | 54,600 | 2,948 |
*Henry Schein, Inc. | 70,200 | 2,915 |
*IVAX Corp. | 133,093 | 2,862 |
*Varian Medical Systems, Inc. | 76,000 | 2,837 |
*Barr Pharmaceuticals Inc. | 58,025 | 2,828 |
Universal Health | ||
Services Class B | 45,300 | 2,817 |
*Lincare Holdings, Inc. | 66,500 | 2,716 |
*Millipore Corp. | 46,200 | 2,621 |
*Tenet Healthcare Corp. | 202,705 | 2,481 |
*Watson Pharmaceuticals, Inc. | 78,500 | 2,320 |
*Endo Pharmaceuticals | ||
Holdings, Inc. | 86,000 | 2,260 |
*MedImmune Inc. | 84,000 | 2,244 |
*Kinetic Concepts, Inc. | 34,600 | 2,076 |
*Stericycle, Inc. | 40,000 | 2,013 |
C.R. Bard, Inc. | 29,300 | 1,949 |
Cooper Cos., Inc. | 31,600 | 1,923 |
*American Pharmaceuticals | ||
Partners, Inc. | 44,198 | 1,823 |
*Chiron Corp. | 51,740 | 1,805 |
*Eon Labs, Inc. | 58,300 | 1,786 |
Omnicare, Inc. | 40,900 | 1,735 |
Guidant Corp. | 21,100 | 1,420 |
Baxter International, Inc. | 33,300 | 1,235 |
Bausch & Lomb, Inc. | 9,600 | 797 |
*DaVita, Inc. | 4,000 | 182 |
450,932 | ||
Integrated Oils (4.6%) | ||
ExxonMobil Corp. | 1,650,334 | 94,845 |
Chevron Corp. | 483,038 | 27,011 |
ConocoPhillips Co. | 284,048 | 16,330 |
Amerada Hess Corp. | 37,800 | 4,026 |
Occidental Petroleum Corp. | 43,900 | 3,377 |
Marathon Oil Corp. | 5,900 | 315 |
145,904 | ||
Other Energy (4.1%) | ||
Devon Energy Corp. | 170,222 | 8,627 |
Burlington Resources, Inc. | 141,300 | 7,805 |
Apache Corp. | 115,462 | 7,459 |
Anadarko Petroleum Corp. | 89,408 | 7,345 |
Valero Energy Corp. | 91,100 | 7,207 |
Baker Hughes, Inc. | 126,480 | 6,471 |
EOG Resources, Inc. | 96,800 | 5,498 |
XTO Energy, Inc. | 161,133 | 5,477 |
Williams Cos., Inc. | 252,300 | 4,794 |
*National-Oilwell Varco Inc. | 89,723 | 4,265 |
22
Tax-Managed Capital Appreciation Fund | Shares | Market Value^ (000) |
---|---|---|
BJ Services Co. | 76,700 | $4,025 |
Peabody Energy Corp. | 68,700 | 3,575 |
Pioneer Natural Resources Co. | 83,600 | 3,518 |
*Newfield Exploration Co. | 85,600 | 3,415 |
Smith International, Inc. | 53,400 | 3,402 |
ENSCO International, Inc. | 94,800 | 3,389 |
Noble Energy, Inc. | 43,800 | 3,313 |
Premcor, Inc. | 43,000 | 3,190 |
Kerr-McGee Corp. | 41,537 | 3,170 |
Patterson-UTI Energy, Inc. | 110,900 | 3,086 |
*Pride International, Inc. | 116,900 | 3,004 |
*Grant Prideco, Inc. | 112,300 | 2,970 |
*Reliant Energy, Inc. | 239,200 | 2,961 |
Pogo Producing Co. | 53,800 | 2,793 |
Rowan Cos., Inc. | 88,800 | 2,638 |
*Cooper Cameron Corp. | 41,800 | 2,594 |
*NRG Energy, Inc. | 61,200 | 2,301 |
*FMC Technologies Inc. | 69,725 | 2,229 |
*Dynegy, Inc. | 424,300 | 2,062 |
Arch Coal, Inc. | 32,600 | 1,776 |
Halliburton Co. | 25,500 | 1,219 |
Massey Energy Co. | 23,700 | 894 |
Chesapeake Energy Corp. | 25,200 | 575 |
Diamond Offshore Drilling, Inc. | 5,800 | 310 |
127,357 | ||
Materials & Processing (3.6%) | ||
E.I. du Pont de Nemours & Co. | 175,000 | 7,527 |
Dow Chemical Co. | 159,800 | 7,116 |
Alcoa Inc. | 242,128 | 6,327 |
Monsanto Co. | 98,467 | 6,191 |
Newmont Mining Corp. | ||
(Holding Co.) | 153,156 | 5,978 |
Praxair, Inc. | 118,200 | 5,508 |
Archer-Daniels-Midland Co. | 248,073 | 5,304 |
American Standard Cos., Inc. | 95,700 | 4,012 |
Phelps Dodge Corp. | 42,200 | 3,904 |
Nucor Corp. | 79,800 | 3,640 |
Fluor Corp. | 61,600 | 3,548 |
The St. Joe Co. | 43,200 | 3,523 |
Precision Castparts Corp. | 44,600 | 3,474 |
Georgia Pacific Group | 108,642 | 3,455 |
*Energizer Holdings, Inc. | 49,128 | 3,054 |
Lyondell Chemical Co. | 112,500 | 2,972 |
*Owens-Illinois, Inc. | 118,100 | 2,958 |
*Jacobs Engineering Group Inc. | 50,500 | 2,841 |
Martin Marietta Materials, Inc. | 40,300 | 2,786 |
Freeport-McMoRan | ||
Copper & Gold, Inc. Class B | 72,900 | 2,729 |
Sigma-Aldrich Corp. | 47,000 | 2,634 |
United States Steel Corp. | 74,600 | 2,564 |
*Sealed Air Corp. | 50,136 | 2,496 |
*Pactiv Corp. | 111,700 | 2,410 |
AptarGroup Inc. | 46,000 | 2,337 |
Airgas, Inc. | 90,000 | 2,220 |
Cytec Industries, Inc. | 54,000 | 2,149 |
*Scotts Miracle-Gro Co. | 29,000 | 2,065 |
Forest City Enterprise Class A | 28,500 | 2,024 |
Packaging Corp. of America | 91,200 | 1,920 |
Smurfit-Stone Container Corp. | 144,765 | 1,472 |
International Paper Co. | 34,600 | 1,045 |
Florida Rock Industries, Inc. | 4,200 | 308 |
112,491 | ||
Producer Durables (4.9%) | ||
United Technologies Corp. | 287,400 | 14,758 |
The Boeing Co. | 207,770 | 13,713 |
Applied Materials, Inc. | 516,300 | 8,354 |
Lockheed Martin Corp. | 116,800 | 7,577 |
Illinois Tool Works, Inc. | 84,500 | 6,733 |
D. R. Horton, Inc. | 132,566 | 4,986 |
Danaher Corp. | 93,800 | 4,909 |
Centex Corp. | 63,700 | 4,502 |
Emerson Electric Co. | 71,200 | 4,459 |
Rockwell Collins, Inc. | 92,000 | 4,387 |
Pulte Homes, Inc. | 50,400 | 4,246 |
*Agilent Technologies, Inc. | 183,525 | 4,225 |
*Xerox Corp. | 305,400 | 4,211 |
Caterpillar, Inc. | 44,000 | 4,194 |
Northrop Grumman Corp. | 72,268 | 3,993 |
KLA-Tencor Corp. | 80,300 | 3,509 |
Lennar Corp. Class A | 54,600 | 3,464 |
*NVR, Inc. | 4,200 | 3,402 |
*Toll Brothers, Inc. | 32,300 | 3,280 |
*Lexmark International, Inc. | 50,300 | 3,261 |
Ryland Group, Inc. | 37,500 | 2,845 |
*LAM Research Corp. | 97,208 | 2,813 |
Molex, Inc. | 104,756 | 2,728 |
*Waters Corp. | 72,900 | 2,710 |
American Power | ||
Conversion Corp. | 109,800 | 2,590 |
*American Tower Corp. Class A | 121,500 | 2,554 |
*Thermo Electron Corp. | 93,034 | 2,500 |
Ametek, Inc. | 59,400 | 2,486 |
*Hovnanian Enterprises Inc. | ||
Class A | 37,900 | 2,471 |
*Alliant Techsystems, Inc. | 33,700 | 2,379 |
W.W. Grainger, Inc. | 43,400 | 2,378 |
Herman Miller, Inc. | 75,300 | 2,322 |
IDEX Corp. | 57,600 | 2,224 |
*Mettler-Toledo International Inc. | 44,100 | 2,054 |
Donaldson Co., Inc. | 59,300 | 1,799 |
Roper Industries Inc. | 24,600 | 1,756 |
*Teradyne, Inc. | 110,200 | 1,319 |
Pentair, Inc. | 15,800 | 676 |
Lennar Corp. Class B | 8,300 | 488 |
23
Tax-Managed Capital Appreciation Fund | Shares | Market Value^ (000) |
---|---|---|
Deere & Co. | 6,500 | $426 |
Novellus Systems, Inc. | 13,100 | 324 |
Pall Corp. | 4,200 | 128 |
154,133 | ||
Technology (14.2%) | ||
Microsoft Corp. | 2,245,500 | 55,778 |
Intel Corp. | 1,536,700 | 40,046 |
*Cisco Systems, Inc. | 1,793,300 | 34,270 |
International Business | ||
Machines Corp. | 394,158 | 29,247 |
*Dell Inc. | 681,800 | 26,938 |
Texas Instruments, Inc. | 521,900 | 14,650 |
*Oracle Corp. | 1,099,848 | 14,518 |
Hewlett-Packard Co. | 576,758 | 13,560 |
QUALCOMM Inc. | 384,120 | 12,680 |
*EMC Corp. | 747,800 | 10,252 |
*Apple Computer, Inc. | 263,600 | 9,703 |
*Corning, Inc. | 478,200 | 7,948 |
Motorola, Inc. | 420,446 | 7,677 |
General Dynamics Corp. | 59,700 | 6,540 |
Adobe Systems, Inc. | 188,800 | 5,403 |
Analog Devices, Inc. | 144,366 | 5,386 |
Computer Associates | ||
International, Inc. | 180,766 | 4,967 |
*Symantec Corp. | 218,600 | 4,752 |
*Sun Microsystems, Inc. | 1,229,900 | 4,588 |
Linear Technology Corp. | 124,200 | 4,557 |
*Lucent Technologies, Inc. | 1,542,354 | 4,488 |
*Veritas Software Corp. | 183,200 | 4,470 |
Maxim Integrated Products, Inc. | 113,700 | 4,344 |
*Network Appliance, Inc. | 144,963 | 4,098 |
Autodesk, Inc. | 116,988 | 4,021 |
*NCR Corp. | 110,474 | 3,880 |
L-3 Communications | ||
Holdings, Inc. | 49,400 | 3,783 |
*Broadcom Corp. | 105,500 | 3,746 |
Xilinx, Inc. | 146,400 | 3,733 |
National Semiconductor Corp. | 166,600 | 3,670 |
*Computer Sciences Corp. | 78,900 | 3,448 |
*Altera Corp. | 171,276 | 3,395 |
*Advanced Micro Devices, Inc. | 189,600 | 3,288 |
Scientific-Atlanta, Inc. | 97,400 | 3,240 |
*Intuit, Inc. | 71,300 | 3,216 |
*Comverse Technology, Inc. | 133,396 | 3,155 |
*Storage Technology Corp. | 85,700 | 3,110 |
*Jabil Circuit, Inc. | 98,100 | 3,015 |
*Juniper Networks, Inc. | 119,000 | 2,996 |
Microchip Technology, Inc. | 100,800 | 2,986 |
*Affiliated Computer | ||
Services, Inc. Class A | 58,400 | 2,984 |
*NVIDIA Corp. | 103,800 | 2,774 |
*Tellabs, Inc. | 293,900 | 2,557 |
*QLogic Corp. | 82,000 | 2,531 |
*Micron Technology, Inc. | 244,000 | 2,491 |
*Arrow Electronics, Inc. | 91,500 | 2,485 |
*ADC Telecommunications, Inc. | 112,343 | 2,446 |
*SanDisk Corp. | 101,200 | 2,401 |
*Avnet, Inc. | 105,400 | 2,375 |
*Cadence Design Systems, Inc. | 173,000 | 2,363 |
Siebel Systems, Inc. | 262,549 | 2,337 |
Amphenol Corp. | 57,400 | 2,306 |
*Compuware Corp. | 294,562 | 2,118 |
*Ingram Micro, Inc. Class A | 125,000 | 1,958 |
*Mercury Interactive Corp. | 50,500 | 1,937 |
*Solectron Corp. | 505,700 | 1,917 |
*BMC Software, Inc. | 106,100 | 1,904 |
*Zebra Technologies Corp. Class A | 42,757 | 1,872 |
*FLIR Systems, Inc. | 62,070 | 1,852 |
*Western Digital Corp. | 136,500 | 1,832 |
Reynolds & Reynolds Class A | 65,200 | 1,762 |
*Ceridian Corp. | 89,900 | 1,751 |
*Avaya Inc. | 207,600 | 1,727 |
*Sanmina-SCI Corp. | 305,046 | 1,669 |
Intersil Corp. | 85,600 | 1,607 |
*Synopsys, Inc. | 96,154 | 1,603 |
Symbol Technologies, Inc. | 158,300 | 1,562 |
*Citrix Systems, Inc. | 71,356 | 1,546 |
*LSI Logic Corp. | 180,700 | 1,534 |
*Freescale Semiconductor, Inc. | ||
Class B | 43,111 | 913 |
*BEA Systems, Inc. | 67,300 | 591 |
Applera Corp.-Applied | ||
Biosystems Group | 19,800 | 389 |
Harris Corp. | 1,800 | 56 |
*JDS Uniphase Corp. | 20,000 | 30 |
447,722 | ||
Utilities (5.4%) | ||
Verizon Communications Inc. | 604,142 | 20,873 |
SBC Communications Inc. | 681,220 | 16,179 |
*Nextel Communications, Inc. | 310,388 | 10,029 |
*Comcast Corp. Class A | 315,957 | 9,700 |
*Comcast Corp. Special Class A | 282,232 | 8,453 |
BellSouth Corp. | 309,700 | 8,229 |
Edison International | 147,200 | 5,969 |
PG&E Corp. | 149,700 | 5,620 |
Sprint Corp. | 214,750 | 5,388 |
*AES Corp. | 300,800 | 4,927 |
Kinder Morgan, Inc. | 52,000 | 4,326 |
Exelon Corp. | 79,600 | 4,086 |
Questar Corp. | 50,800 | 3,348 |
CenturyTel, Inc. | 92,600 | 3,207 |
SCANA Corp. | 74,200 | 3,169 |
24
Tax-Managed Capital Appreciation Fund | Shares | Market Value^ (000) |
---|---|---|
Constellation Energy Group, Inc. | 53,900 | $3,109 |
*NTL Inc. | 45,296 | 3,099 |
*Cablevision Systems | ||
NY Group Class A | 95,544 | 3,077 |
Wisconsin Energy Corp. | 74,800 | 2,917 |
*Qwest Communications | ||
International Inc. | 771,679 | 2,863 |
NSTAR | 92,000 | 2,836 |
CenterPoint Energy Inc. | 208,900 | 2,760 |
FirstEnergy Corp. | 55,900 | 2,689 |
ALLTEL Corp. | 42,953 | 2,675 |
Citizens Communications Co. | 195,702 | 2,630 |
Aqua America, Inc. | 85,900 | 2,555 |
Duke Energy Corp. | 84,900 | 2,524 |
*U.S. Cellular Corp. | 48,100 | 2,402 |
Energen Corp. | 65,700 | 2,303 |
Northeast Utilities | 107,400 | 2,240 |
Southern Co. | 64,200 | 2,226 |
DPL Inc. | 75,000 | 2,059 |
*Western Wireless Corp. Class A | 47,900 | 2,026 |
PanAmSat Holding Corp. | 98,400 | 2,018 |
Dominion Resources, Inc. | 27,139 | 1,992 |
Telephone & Data Systems, Inc. | 39,400 | 1,608 |
TXU Corp. | 19,100 | 1,587 |
Telephone & Data Systems, Inc. | ||
Special Common Shares | 33,200 | 1,273 |
NiSource, Inc. | 35,920 | 888 |
AT&T Corp. | 35,017 | 667 |
Cinergy Corp. | 5,700 | 255 |
Western Gas Resources, Inc. | 5,500 | 192 |
PNM Resources Inc. | 5,400 | 156 |
171,129 | ||
Other (3.8%) | ||
General Electric Co. | 2,667,734 | 92,437 |
3M Co. | 154,200 | 11,149 |
ITT Industries, Inc. | 45,000 | 4,393 |
Honeywell International Inc. | 106,800 | 3,912 |
Brunswick Corp. | 56,400 | 2,443 |
SPX Corp. | 48,300 | 2,221 |
Carlisle Co., Inc. | 31,500 | 2,162 |
Wesco Financial Corp. | 4,930 | 1,775 |
120,492 | ||
TOTAL COMMON STOCKS | ||
(Cost $2,007,189) | 3,146,395 | |
TEMPORARY CASH INVESTMENT (0.0%) | ||
Vanguard Market | ||
Liquidity Fund, 3.139%** | ||
(Cost $441) | 440,516 | 441 |
TOTAL INVESTMENTS (99.9%) | ||
(Cost $2,007,630) | 3,146,836 | |
OTHER ASSETS AND LIABILITIES (0.1%) | ||
Other Assets--Note B | $11,127 | |
Liabilities | (8,696) | |
2,431 | ||
NET ASSETS (100%) | $3,149,267 | |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security. **Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. REIT–Real Estate Investment Trust. | ||
AT JUNE 30, 2005, NET ASSETS CONSISTED OF: | |
---|---|
Amount (000) | |
Paid-in Capital | $2,561,254 |
Undistributed Net Investment Income | 15,068 |
Accumulated Net Realized Losses | (566,261) |
Unrealized Appreciation | 1,139,206 |
NET ASSETS | $3,149,267 |
Investor Shares--Net Assets | |
Applicable to 50,516,197 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,424,196 |
NET ASSET VALUE PER SHARE-- | |
INVESTOR SHARES | $28.19 |
Admiral Shares--Net Assets | |
Applicable to 27,065,972 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,536,339 |
NET ASSET VALUE PER SHARE-- | |
ADMIRAL SHARES | $56.76 |
Institutional Shares--Net Assets | |
Applicable to 6,690,571 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $188,732 |
NET ASSET VALUE PER SHARE-- | |
INSTITUTIONAL SHARES | $28.21 |
See Note D in Notes to Financial Statements for the tax-basis components of net assets. |
25
Tax-Managed Small-Cap Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (100.1%) | ||
Auto & Transportation (4.4%) | ||
Oshkosh Truck Corp. | 100,462 | $7,864 |
Polaris Industries, Inc. | 117,081 | 6,322 |
*Landstar System, Inc. | 164,993 | 4,970 |
*Kansas City Southern | 223,318 | 4,507 |
Heartland Express, Inc. | 166,899 | 3,243 |
Knight Transportation, Inc. | 128,635 | 3,130 |
*Kirby Corp. | 64,659 | 2,916 |
Skywest, Inc. | 158,307 | 2,878 |
Winnebago Industries, Inc. | 83,254 | 2,727 |
Forward Air Corp. | 88,227 | 2,494 |
*Offshore Logistics, Inc. | 63,979 | 2,101 |
*EGL, Inc. | 103,300 | 2,099 |
Arkansas Best Corp. | 65,752 | 2,091 |
Wabash National Corp. | 84,794 | 2,055 |
*TBC Corp. | 61,131 | 1,658 |
Superior Industries | ||
International, Inc. | 67,100 | 1,590 |
*Fleetwood Enterprises, Inc. | 152,430 | 1,547 |
Monaco Coach Corp. | 81,150 | 1,395 |
*AAR Corp. | 88,700 | 1,393 |
*Old Dominion Freight Line, Inc. | 51,687 | 1,387 |
*Frontier Airlines, Inc. | 98,200 | 1,014 |
Arctic Cat, Inc. | 43,520 | 893 |
*Mesa Air Group Inc. | 84,673 | 568 |
Standard Motor Products, Inc. | 42,064 | 555 |
Coachmen Industries, Inc. | 41,570 | 521 |
61,918 | ||
Consumer Discretionary (18.8%) | ||
*Panera Bread Co. | 83,440 | 5,180 |
*Quiksilver, Inc. | 316,753 | 5,062 |
*Sonic Corp. | 164,951 | 5,036 |
SCP Pool Corp. | 143,307 | 5,029 |
*Take-Two Interactive | ||
Software, Inc. | 192,399 | 4,897 |
*Men's Wearhouse, Inc. | 140,758 | 4,846 |
*Waste Connections, Inc. | 129,607 | 4,833 |
*Tractor Supply Co. | 97,005 | 4,763 |
The Toro Co. | 118,460 | 4,574 |
*United Stationers, Inc. | 90,467 | 4,442 |
*Zale Corp. | 140,077 | 4,439 |
*P.F. Chang's China Bistro, Inc. | 70,823 | 4,177 |
*CEC Entertainment Inc. | 98,396 | 4,141 |
*Guitar Center, Inc. | 69,905 | 4,080 |
*Spectrum Brands Inc | 117,925 | 3,892 |
Wolverine World Wide, Inc. | 157,268 | 3,776 |
*Jack in the Box Inc. | 98,712 | 3,743 |
Burlington Coat Factory | ||
Warehouse Corp. | 86,775 | 3,700 |
Arbitron Inc. | 85,565 | 3,671 |
*Argosy Gaming Co. | 76,924 | 3,585 |
*Fossil, Inc. | 154,129 | 3,499 |
*Labor Ready, Inc. | 142,000 | 3,310 |
*Aztar Corp. | 95,479 | 3,270 |
Ethan Allen Interiors, Inc. | 96,661 | 3,239 |
*THQ Inc. | 109,904 | 3,217 |
*United Natural Foods, Inc. | 105,554 | 3,206 |
*Electronics Boutique | ||
Holdings Corp. | 49,078 | 3,116 |
Aaron Rents, Inc. Class B | 121,287 | 3,019 |
*GameStop Corp. | 91,100 | 2,980 |
*Linens `n Things, Inc. | 124,013 | 2,934 |
*School Specialty, Inc. | 62,679 | 2,915 |
*Rare Hospitality International Inc. | 94,334 | 2,874 |
Chemed Corp. | 68,568 | 2,803 |
Phillips-Van Heusen Corp. | 84,583 | 2,765 |
*Shuffle Master, Inc. | 97,616 | 2,736 |
ADVO, Inc. | 85,531 | 2,724 |
*Insight Enterprises, Inc. | 134,937 | 2,723 |
K-Swiss, Inc. | 83,014 | 2,685 |
*The Children's Place | ||
Retail Stores, Inc. | 57,089 | 2,664 |
Nautilus Inc. | 85,690 | 2,442 |
*Hibbett Sporting Goods, Inc. | 64,338 | 2,435 |
*WMS Industries, Inc. | 71,580 | 2,416 |
Finish Line, Inc. | 126,638 | 2,396 |
*Hot Topic, Inc. | 125,032 | 2,391 |
IHOP Corp. | 54,817 | 2,379 |
ABM Industries Inc. | 121,883 | 2,377 |
Watson Wyatt & Co. Holdings | 89,168 | 2,285 |
*Genesco, Inc. | 61,590 | 2,284 |
*Too Inc. | 94,100 | 2,199 |
G & K Services, Inc. Class A | 57,890 | 2,184 |
*Select Comfort Corp. | 101,357 | 2,172 |
*Stage Stores, Inc. | 49,647 | 2,165 |
*Pinnacle Entertainment, Inc. | 109,753 | 2,147 |
The Pep Boys | ||
(Manny, Moe & Jack) | 154,890 | 2,097 |
*Tetra Tech, Inc. | 154,717 | 2,093 |
Sonic Automotive, Inc. | 98,319 | 2,090 |
La-Z-Boy Inc. | 142,984 | 2,083 |
Stein Mart, Inc. | 93,757 | 2,063 |
Movie Gallery, Inc. | 77,921 | 2,059 |
*Global Imaging Systems, Inc. | 64,580 | 2,058 |
Kellwood Co. | 76,190 | 2,050 |
*ShopKo Stores, Inc. | 81,533 | 1,982 |
Brown Shoe Co., Inc. | 49,900 | 1,953 |
MAXIMUS, Inc. | 54,800 | 1,934 |
Landry's Restaurants, Inc. | 63,131 | 1,900 |
Russell Corp. | 89,500 | 1,830 |
Oxford Industries, Inc. | 42,200 | 1,817 |
26
Tax-Managed Small-Cap Fund | Shares | Market Value^ (000) |
---|---|---|
Fred's, Inc. | 108,400 | $1,797 |
Christopher & Banks Corp. | 98,059 | 1,791 |
Cato Corp. Class A | 85,200 | 1,759 |
Viad Corp. | 60,750 | 1,722 |
Pre-Paid Legal Services, Inc. | 37,920 | 1,693 |
*Jo-Ann Stores, Inc. | 62,652 | 1,653 |
Lone Star Steakhouse & | ||
Saloon, Inc. | 54,283 | 1,651 |
*K2 Inc. | 128,855 | 1,634 |
Triarc Cos., Inc. Class B | 108,522 | 1,613 |
*The Dress Barn, Inc. | 71,151 | 1,610 |
*Ryan's Restaurant Group, Inc. | 114,890 | 1,610 |
The Marcus Corp. | 75,500 | 1,602 |
*Coinstar, Inc. | 69,189 | 1,570 |
*Papa John's International, Inc. | 39,100 | 1,563 |
*Group 1 Automotive, Inc. | 63,976 | 1,538 |
Administaff, Inc. | 64,300 | 1,528 |
World Fuel Services Corp. | 63,056 | 1,476 |
*GameStop Corp. Class B | 48,757 | 1,458 |
*Consolidated Graphics, Inc. | 35,060 | 1,429 |
*Steak n Shake Co. | 76,300 | 1,421 |
*Heidrick & Struggles | ||
International, Inc. | 53,206 | 1,388 |
*JAKKS Pacific, Inc. | 72,183 | 1,387 |
The Stride Rite Corp. | 99,000 | 1,365 |
Bowne & Co., Inc. | 93,000 | 1,345 |
*Cross Country Healthcare, Inc. | 72,172 | 1,227 |
Central Parking Corp. | 86,477 | 1,189 |
*The Gymboree Corp. | 84,900 | 1,160 |
*O'Charley's Inc. | 59,991 | 1,059 |
*Vertrue Inc. | 26,984 | 1,051 |
*Midas Inc. | 40,927 | 941 |
CDI Corp. | 42,900 | 940 |
Haverty Furniture Cos., Inc. | 62,750 | 927 |
*SOURCECORP, Inc. | 43,300 | 858 |
Oshkosh B' Gosh, Inc. Class A | 32,392 | 842 |
*Volt Information Sciences Inc. | 32,756 | 777 |
Thomas Nelson, Inc. | 35,700 | 777 |
Lawson Products, Inc. | 19,502 | 757 |
*4Kids Entertainment Inc. | 37,007 | 736 |
*J. Jill Group, Inc. | 52,732 | 725 |
National Presto Industries, Inc. | 16,040 | 707 |
Triarc Cos., Inc. Class A | 43,900 | 707 |
*Cost Plus, Inc. | 27,700 | 691 |
Angelica Corp. | 25,100 | 615 |
Libbey, Inc. | 38,315 | 606 |
*Pegasus Solutions Inc. | 53,784 | 600 |
Bassett Furniture Industries, Inc. | 30,545 | 576 |
Goody's Family Clothing | 73,155 | 540 |
*Multimedia Games Inc. | 46,574 | 513 |
Action Performance Cos., Inc. | 51,800 | 457 |
Sturm, Ruger & Co., Inc. | 53,150 | 445 |
CPI Corp. | 21,500 | 388 |
*Department 56 Inc. | 37,800 | 387 |
Haggar Corp. | 17,800 | 362 |
*Miva Inc. | 78,061 | 362 |
Hancock Fabrics, Inc. | 54,426 | 361 |
*On Assignment, Inc. | 71,020 | 354 |
*Ashworth, Inc. | 38,621 | 348 |
*Bally Total Fitness Holding Corp. | 97,468 | 316 |
*Spherion Corp. | 45,100 | 298 |
Fedders Corp. | 75,740 | 167 |
*Applica Inc. | 19,400 | 63 |
Startek, Inc. | 500 | 8 |
266,266 | ||
Consumer Staples (2.8%) | ||
*NBTY, Inc. | 167,579 | 4,347 |
*Performance Food Group Co. | 128,215 | 3,873 |
Longs Drug Stores, Inc. | 89,854 | 3,868 |
Flowers Foods, Inc. | 104,165 | 3,683 |
Ralcorp Holdings, Inc. | 80,997 | 3,333 |
Casey's General Stores, Inc. | 137,887 | 2,733 |
*TreeHouse Foods Inc. | 80,700 | 2,301 |
*The Great Atlantic & | ||
Pacific Tea Co., Inc. | 77,588 | 2,255 |
Sanderson Farms, Inc. | 42,439 | 1,928 |
*Hain Celestial Group, Inc. | 91,100 | 1,776 |
Alliance One International, Inc. | 238,000 | 1,430 |
Lance, Inc. | 77,698 | 1,337 |
Schweitzer-Mauduit | ||
International, Inc. | 41,603 | 1,295 |
Nash-Finch Co. | 34,732 | 1,276 |
J & J Snack Foods Corp. | 21,607 | 1,131 |
*Peet's Coffee & Tea Inc. | 33,400 | 1,104 |
American Italian Pasta Co. | 50,300 | 1,057 |
Nature's Sunshine Inc. | 37,705 | 658 |
39,385 | ||
Financial Services (17.3%) | ||
New Century REIT, Inc. | 140,158 | 7,211 |
Global Payments Inc. | 97,653 | 6,621 |
Shurgard Storage Centers, Inc. | ||
Class A REIT | 127,416 | 5,856 |
The South Financial Group, Inc. | 199,401 | 5,667 |
Whitney Holdings Corp. | 172,520 | 5,629 |
Essex Property Trust, Inc. REIT | 62,755 | 5,212 |
East West Bancorp, Inc. | 143,796 | 4,830 |
*Philadelphia Consolidated | ||
Holding Corp. | 56,183 | 4,762 |
Downey Financial Corp. | 64,934 | 4,753 |
Fremont General Corp. | 194,507 | 4,732 |
Colonial Properties Trust REIT | 106,679 | 4,694 |
Hudson United Bancorp | 122,731 | 4,431 |
27
Tax-Managed Small-Cap Fund | Shares | Market Value^ (000) |
---|---|---|
First Midwest Bancorp, Inc. | 125,445 | $4,412 |
Capital Automotive REIT | 114,061 | 4,354 |
Amegy Bancorporation, Inc. | 192,311 | 4,304 |
First BanCorp Puerto Rico | 104,993 | 4,215 |
Zenith National Insurance Corp. | 60,935 | 4,135 |
UCBH Holdings, Inc. | 249,481 | 4,052 |
United Bankshares, Inc. | 107,025 | 3,811 |
FactSet Research Systems Inc. | 106,309 | 3,810 |
Selective Insurance Group | 76,864 | 3,809 |
Kilroy Realty Corp. REIT | 78,824 | 3,743 |
MAF Bancorp, Inc. | 86,315 | 3,680 |
Delphi Financial Group, Inc. | 81,701 | 3,607 |
Commercial Federal Corp. | 106,600 | 3,590 |
*Kronos, Inc. | 87,261 | 3,524 |
Gables Residential Trust REIT | 80,418 | 3,476 |
Chittenden Corp. | 127,138 | 3,458 |
Hilb, Rogal and Hamilton Co. | 98,616 | 3,392 |
Wintrust Financial Corp. | 64,314 | 3,367 |
*ProAssurance Corp. | 79,984 | 3,340 |
UICI | 110,547 | 3,291 |
Lexington Corporate | ||
Properties Trust REIT | 133,256 | 3,239 |
Entertainment Properties | ||
Trust REIT | 69,185 | 3,183 |
Susquehanna Bancshares, Inc. | 127,727 | 3,141 |
Central Pacific Financial Co. | 83,024 | 2,956 |
LandAmerica Financial | ||
Group, Inc. | 49,720 | 2,952 |
Commercial Net Lease | ||
Realty REIT | 142,581 | 2,919 |
Provident Bankshares Corp. | 90,911 | 2,901 |
John H. Harland Co. | 76,090 | 2,891 |
Republic Bancorp, Inc. | 192,854 | 2,889 |
Umpqua Holdings Corp. | 122,420 | 2,882 |
R.L.I. Corp. | 63,244 | 2,821 |
Brookline Bancorp, Inc. | 169,365 | 2,754 |
BankAtlantic Bancorp, Inc. | ||
Class A | 144,620 | 2,740 |
*First Federal Financial Corp. | 45,384 | 2,705 |
TrustCo Bank NY | 204,811 | 2,675 |
EastGroup Properties, Inc. REIT | 58,970 | 2,483 |
Flagstar Bancorp, Inc. | 128,451 | 2,432 |
*Investment Technology Group, Inc. | 115,100 | 2,419 |
*eFunds Corp. | 130,756 | 2,352 |
CRT Properties, Inc. REIT | 86,056 | 2,349 |
*Sterling Financial Corp. | 62,641 | 2,343 |
*Digital Insight Corp. | 97,522 | 2,333 |
First Republic Bank | 65,068 | 2,299 |
BankUnited Financial Corp. | 77,083 | 2,084 |
Stewart Information | ||
Services Corp. | 49,584 | 2,083 |
Community Bank System, Inc. | 84,235 | 2,054 |
Glenborough Realty | ||
Trust, Inc. REIT | 98,700 | 2,032 |
Infinity Property & Casualty Corp. | 56,674 | 1,977 |
Sovran Self Storage, Inc. REIT | 43,460 | 1,976 |
Sterling Bancshares, Inc. | 123,782 | 1,926 |
Parkway Properties Inc. REIT | 38,500 | 1,925 |
Boston Private Financial | ||
Holdings, Inc. | 75,937 | 1,914 |
*NCO Group, Inc. | 87,718 | 1,897 |
Financial Federal Corp. | 47,700 | 1,843 |
PrivateBancorp, Inc. | 51,451 | 1,820 |
NDCHealth Corp. | 98,800 | 1,775 |
Anchor Bancorp Wisconsin Inc. | 57,392 | 1,737 |
Cash America International Inc. | 80,500 | 1,620 |
Acadia Realty Trust REIT | 86,062 | 1,605 |
Gold Banc Corp., Inc. | 110,248 | 1,604 |
*World Acceptance Corp. | 52,460 | 1,576 |
Dime Community Bancshares | 92,608 | 1,408 |
Irwin Financial Corp. | 63,407 | 1,407 |
Presidential Life Corp. | 70,578 | 1,208 |
*Piper Jaffray Cos., Inc. | 34,800 | 1,059 |
*iPayment Holdings, Inc. | 28,561 | 1,043 |
Nara Bancorp, Inc. | 64,133 | 941 |
SWS Group, Inc. | 44,272 | 761 |
*Carreker Corp. | 64,810 | 355 |
*PRG-Schultz International, Inc. | 118,874 | 335 |
*SCPIE Holdings Inc. | 28,100 | 320 |
*Rewards Network Inc. | 45,900 | 248 |
244,959 | ||
Health Care (12.4%) | ||
Cooper Cos., Inc. | 119,044 | 7,245 |
*Respironics, Inc. | 194,660 | 7,029 |
*Pharmaceutical Product | ||
Development, Inc. | 144,642 | 6,778 |
*ResMed Inc. | 94,294 | 6,222 |
*Cerner Corp. | 89,901 | 6,110 |
*Accredo Health, Inc. | 134,370 | 6,100 |
*IDEXX Laboratories Corp. | 91,149 | 5,681 |
*AMERIGROUP Corp. | 139,109 | 5,592 |
*Sierra Health Services, Inc. | 73,127 | 5,226 |
Medicis Pharmaceutical Corp. | 148,829 | 4,722 |
*Pediatrix Medical Group, Inc. | 62,401 | 4,589 |
*MGI Pharma, Inc. | 195,652 | 4,257 |
Mentor Corp. | 99,543 | 4,129 |
*Sybron Dental Specialties, Inc. | 109,703 | 4,127 |
*United Surgical Partners | ||
International, Inc. | 78,990 | 4,114 |
*American Healthways Inc. | 90,640 | 3,831 |
Invacare Corp. | 86,233 | 3,825 |
*Centene Corp. | 113,808 | 3,822 |
*Immucor Inc. | 123,699 | 3,581 |
Owens & Minor, Inc. Holding Co. | 108,481 | 3,509 |
28
Tax-Managed Small-Cap Fund | Shares | Market Value^ (000) |
---|---|---|
*American Medical | ||
Systems Holdings, Inc. | 168,140 | $3,472 |
Diagnostic Products Corp. | 72,039 | 3,410 |
*Haemonetics Corp. | 71,248 | 2,896 |
*Sunrise Senior Living, Inc. | 51,690 | 2,790 |
PolyMedica Corp. | 76,147 | 2,715 |
*Cyberonics, Inc. | 61,698 | 2,677 |
*Biosite Inc. | 46,128 | 2,536 |
*CONMED Corp. | 82,001 | 2,523 |
*Priority Healthcare Corp. Class B | 99,043 | 2,512 |
LCA-Vision Inc. | 49,400 | 2,394 |
*Hologic, Inc. | 58,475 | 2,324 |
*ArthroCare Corp. | 65,391 | 2,285 |
*AmSurg Corp. | 80,283 | 2,223 |
*Advanced Neuromodulation | ||
Systems, Inc. | 54,315 | 2,155 |
*Integra LifeSciences Holdings | 67,634 | 1,975 |
*SurModics, Inc. | 45,379 | 1,968 |
*LabOne, Inc. | 47,360 | 1,885 |
Alpharma, Inc. Class A | 129,100 | 1,868 |
*Viasys Healthcare Inc. | 81,100 | 1,832 |
*SFBC International, Inc. | 46,261 | 1,787 |
*Connetics Corp. | 98,771 | 1,742 |
Analogic Corp. | 34,499 | 1,736 |
*Amedisys Inc. | 41,914 | 1,541 |
*DJ Orthopedics Inc. | 54,536 | 1,496 |
*Enzo Biochem, Inc. | 82,556 | 1,480 |
*PAREXEL International Corp. | 71,923 | 1,428 |
*Wilson Greatbatch | ||
Technologies, Inc. | 58,819 | 1,406 |
Healthcare Services Group, Inc. | 62,295 | 1,251 |
Datascope Corp. | 37,258 | 1,243 |
*RehabCare Group, Inc. | 45,600 | 1,219 |
*ICU Medical, Inc. | 37,430 | 1,204 |
*Gentiva Health Services, Inc. | 65,800 | 1,175 |
*Noven Pharmaceuticals, Inc. | 64,401 | 1,126 |
*Merit Medical Systems, Inc. | 72,921 | 1,124 |
*Regeneron Pharmaceuticals, Inc. | 132,148 | 1,109 |
Vital Signs, Inc. | 25,213 | 1,092 |
*Kensey Nash Corp. | 31,323 | 947 |
*Savient Pharmaceuticals Inc. | 168,975 | 745 |
*Odyssey Healthcare, Inc. | 47,825 | 690 |
*ArQule, Inc. | 85,573 | 554 |
*Possis Medical Inc. | 48,820 | 495 |
*CryoLife Inc. | 62,690 | 486 |
*Bradley Pharmaceuticals, Inc. | 41,980 | 451 |
Hooper Holmes, Inc. | 108,700 | 451 |
*Theragenics Corp. | 88,100 | 284 |
BioLase Technology, Inc. | 10,078 | 64 |
175,255 | ||
Other Energy (5.9%) | ||
*Cimarex Energy Co. | 221,179 | 8,606 |
Massey Energy Co. | 208,352 | 7,859 |
*Cal Dive International, Inc. | 105,129 | 5,506 |
*Unit Corp. | 114,073 | 5,020 |
Vintage Petroleum, Inc. | 164,731 | 5,019 |
Cabot Oil & Gas Corp. | 133,126 | 4,619 |
St. Mary Land & Exploration Co. | 156,881 | 4,546 |
Frontier Oil Corp. | 148,982 | 4,373 |
*SEACOR Holdings Inc. | 67,158 | 4,318 |
*Stone Energy Corp. | 69,584 | 3,403 |
*Hydrill Co. | 58,488 | 3,179 |
CARBO Ceramics Inc. | 39,512 | 3,120 |
*Spinnaker Exploration Co. | 83,590 | 2,967 |
*Swift Energy Co. | 77,048 | 2,760 |
*Oceaneering International, Inc. | 70,281 | 2,716 |
*Veritas DGC Inc. | 91,559 | 2,540 |
*Remington Oil & Gas Corp. | 69,302 | 2,474 |
*Atwood Oceanics, Inc. | 36,969 | 2,276 |
Penn Virginia Corp. | 50,945 | 2,276 |
*TETRA Technologies, Inc. | 61,637 | 1,963 |
*W-H Energy Services, Inc. | 76,397 | 1,905 |
*Input/Output, Inc. | 187,840 | 1,180 |
*Dril-Quip, Inc. | 32,900 | 954 |
*Petroleum Development Corp. | 16,700 | 532 |
84,111 | ||
Materials & Processing (11.5%) | ||
Florida Rock Industries, Inc. | 102,282 | 7,502 |
The Timken Co. | 250,042 | 5,776 |
Hughes Supply, Inc. | 181,091 | 5,089 |
AptarGroup Inc. | 97,185 | 4,937 |
Corn Products International, Inc. | 205,970 | 4,894 |
*Shaw Group, Inc. | 210,949 | 4,538 |
*URS Corp. | 116,343 | 4,345 |
Clarcor Inc. | 140,333 | 4,105 |
Commercial Metals Co. | 163,307 | 3,890 |
Brady Corp. Class A | 122,294 | 3,791 |
*Armor Holdings, Inc. | 93,902 | 3,719 |
*Lone Star Technologies, Inc. | 80,777 | 3,675 |
Quanex Corp. | 68,349 | 3,623 |
Simpson Manufacturing Co. | 115,825 | 3,538 |
*Maverick Tube Corp. | 116,905 | 3,484 |
Carpenter Technology Corp. | 66,643 | 3,452 |
Texas Industries, Inc. | 61,332 | 3,449 |
Cleveland-Cliffs Inc. | 59,358 | 3,429 |
Lennox International Inc. | 151,765 | 3,213 |
Acuity Brands, Inc. | 119,403 | 3,067 |
Reliance Steel & Aluminum Co. | 81,483 | 3,021 |
Watsco, Inc. | 69,187 | 2,947 |
Georgia Gulf Corp. | 93,279 | 2,896 |
Albany International Corp. | 87,178 | 2,799 |
29
Tax-Managed Small-Cap Fund | Shares | Market Value^ (000) |
---|---|---|
Mueller Industries Inc. | 100,553 | $2,725 |
H.B. Fuller Co. | 78,773 | 2,683 |
Building Materials Holding Corp. | 37,784 | 2,618 |
Delta & Pine Land Co. | 103,100 | 2,584 |
MacDermid, Inc. | 75,500 | 2,353 |
Kaydon Corp. | 77,741 | 2,165 |
*EMCOR Group, Inc. | 42,020 | 2,055 |
Universal Forest Products, Inc. | 46,877 | 1,943 |
Barnes Group, Inc. | 58,178 | 1,926 |
*RTI International Metals, Inc. | 59,898 | 1,881 |
*Rogers Corp. | 45,866 | 1,860 |
*Aleris International Inc | 76,728 | 1,730 |
Wausau Paper Corp. | 141,789 | 1,699 |
*PolyOne Corp. | 251,670 | 1,666 |
*Griffon Corp. | 73,065 | 1,622 |
*Ceradyne, Inc. | 66,828 | 1,608 |
Arch Chemicals, Inc. | 64,345 | 1,606 |
*Century Aluminum Co. | 75,423 | 1,539 |
A. Schulman Inc. | 84,493 | 1,512 |
ElkCorp | 52,197 | 1,490 |
Valmont Industries, Inc. | 55,700 | 1,437 |
Tredegar Corp. | 91,100 | 1,421 |
*OM Group, Inc. | 57,000 | 1,407 |
*Mobile Mini, Inc. | 40,364 | 1,392 |
Cambrex Corp. | 71,800 | 1,368 |
AMCOL International Corp. | 70,881 | 1,332 |
Deltic Timber Corp. | 33,595 | 1,278 |
Neenah Paper Inc. | 41,100 | 1,273 |
WD-40 Co. | 45,394 | 1,268 |
*Insituform Technologies Inc. | ||
Class A | 73,373 | 1,176 |
Rock-Tenn Co. | 92,000 | 1,164 |
Apogee Enterprises, Inc. | 75,200 | 1,156 |
The Standard Register Co. | 72,270 | 1,143 |
Chesapeake Corp. of Virginia | 54,075 | 1,132 |
Myers Industries, Inc. | 90,180 | 1,127 |
*Interface, Inc. | 135,665 | 1,092 |
Ryerson Tull, Inc. | 68,993 | 985 |
Wellman, Inc. | 88,545 | 902 |
*Caraustar Industries, Inc. | 78,686 | 826 |
*Buckeye Technology, Inc. | 92,100 | 734 |
Steel Technologies, Inc. | 33,390 | 564 |
*A.M. Castle & Co. | 35,700 | 552 |
*Material Sciences Corp. | 37,425 | 545 |
*Brush Engineered Materials Inc. | 38,200 | 545 |
*Omnova Solutions Inc. | 112,800 | 526 |
Pope & Talbot, Inc. | 45,100 | 501 |
Quaker Chemical Corp. | 27,000 | 471 |
Penford Corp. | 24,804 | 397 |
*Lydall, Inc. | 44,200 | 381 |
*Wolverine Tube, Inc. | 26,900 | 158 |
162,697 | ||
Producer Durables (11.7%) | ||
*NVR, Inc. | 15,140 | 12,263 |
MDC Holdings, Inc. | 103,186 | 8,487 |
Roper Industries Inc. | 115,567 | 8,248 |
Standard Pacific Corp. | 92,419 | 8,128 |
IDEX Corp. | 139,305 | 5,379 |
*Meritage Corp. | 65,903 | 5,239 |
Briggs & Stratton Corp. | 141,140 | 4,886 |
Engineered Support Systems, Inc. | 112,081 | 4,016 |
*Headwaters Inc. | 111,526 | 3,834 |
JLG Industries, Inc. | 137,613 | 3,782 |
*Varian Semiconductor | ||
Equipment Associates, Inc. | 100,089 | 3,703 |
*CUNO Inc. | 47,211 | 3,373 |
The Manitowoc Co., Inc. | 81,344 | 3,337 |
*Moog Inc. | 100,714 | 3,171 |
Curtiss-Wright Corp. | 58,705 | 3,167 |
Cognex Corp. | 120,528 | 3,157 |
*ATMI, Inc. | 102,852 | 2,984 |
*Teledyne Technologies, Inc. | 91,088 | 2,968 |
*Itron, Inc. | 63,277 | 2,827 |
*Esterline Technologies Corp. | 68,731 | 2,755 |
Belden CDT Inc. | 128,900 | 2,733 |
*Cymer, Inc. | 101,156 | 2,665 |
Watts Water Technologies, Inc. | 79,142 | 2,650 |
Woodward Governor Co. | 29,135 | 2,448 |
Applied Industrial Technology, Inc. | 74,642 | 2,410 |
*Gardner Denver Inc. | 68,407 | 2,400 |
*Dionex Corp. | 53,834 | 2,348 |
Regal-Beloit Corp. | 79,800 | 2,327 |
*Photronics Inc. | 99,080 | 2,313 |
Baldor Electric Co. | 83,460 | 2,030 |
*Champion Enterprises, Inc. | 202,131 | 2,009 |
*Paxar Corp. | 104,056 | 1,847 |
MTS Systems Corp. | 54,734 | 1,838 |
*Brooks Automation, Inc. | 123,276 | 1,831 |
*FEI Co. | 79,900 | 1,823 |
A.O. Smith Corp. | 67,386 | 1,800 |
Stewart & Stevenson | ||
Services, Inc. | 79,066 | 1,792 |
*Littelfuse, Inc. | 60,995 | 1,699 |
Thomas Industries, Inc. | 40,200 | 1,606 |
Technitrol, Inc. | 109,500 | 1,547 |
*Triumph Group, Inc. | 43,900 | 1,526 |
*Electro Scientific Industries, Inc. | 78,218 | 1,399 |
*Symmetricom Inc. | 126,536 | 1,312 |
*Veeco Instruments, Inc. | 77,023 | 1,254 |
*Imagistics International Inc. | 44,779 | 1,254 |
CTS Corp. | 101,112 | 1,243 |
*Ultratech, Inc. | 65,313 | 1,195 |
Cohu, Inc. | 59,185 | 1,187 |
*Astec Industries, Inc. | 50,504 | 1,171 |
30
Tax-Managed Small-Cap Fund | Shares | Market Value^ (000) |
---|---|---|
*Sonic Solutions, Inc. | 62,306 | $1,159 |
Vicor Corp. | 84,095 | 1,144 |
*Kulicke & Soffa Industries, Inc. | 142,047 | 1,124 |
*Axcelis Technologies, Inc. | 160,443 | 1,101 |
*Photon Dynamics, Inc. | 46,766 | 964 |
Helix Technology Corp. | 71,941 | 955 |
*Artesyn Technologies, Inc. | 108,312 | 942 |
Standex International Corp. | 32,000 | 909 |
*C-COR Inc. | 131,074 | 898 |
*Audiovox Corp. | 57,500 | 891 |
Skyline Corp. | 21,080 | 842 |
Lindsay Manufacturing Co. | 32,600 | 769 |
Robbins & Myers, Inc. | 35,600 | 766 |
Keithley Instruments Inc. | 42,100 | 649 |
X-Rite Inc. | 53,990 | 621 |
*Rudolph Technologies, Inc. | 42,040 | 602 |
Applied Signal Technology, Inc. | 31,207 | 594 |
*Advanced Energy Industries, Inc. | 75,350 | 592 |
C & D Technologies, Inc. | 38,700 | 356 |
*Tollgrade Communications, Inc. | 30,883 | 232 |
*Milacron Inc. | 121,381 | 229 |
*EnPro Industries, Inc. | 2,100 | 61 |
165,761 | ||
Technology (9.4%) | ||
*FLIR Systems, Inc. | 190,161 | 5,674 |
*Trimble Navigation Ltd. | 142,881 | 5,568 |
*CACI International, Inc. | 81,839 | 5,169 |
*Avid Technology, Inc. | 94,719 | 5,047 |
*MICROS Systems, Inc. | 103,600 | 4,636 |
*Hyperion Solutions Corp. | 109,548 | 4,408 |
DRS Technologies, Inc. | 75,159 | 3,854 |
*Anixter International Inc. | 94,635 | 3,517 |
*Benchmark Electronics, Inc. | 113,423 | 3,450 |
*Microsemi Corp. | 167,801 | 3,155 |
*Websense, Inc. | 65,086 | 3,127 |
*ANSYS, Inc. | 86,601 | 3,075 |
*Progress Software Corp. | 100,856 | 3,041 |
*Coherent, Inc. | 84,097 | 3,028 |
*FileNET Corp. | 113,447 | 2,852 |
*WebEx Communications, Inc. | 105,978 | 2,799 |
*Hutchinson Technology, Inc. | 69,162 | 2,663 |
*Internet Security Systems, Inc. | 118,217 | 2,399 |
*Skyworks Solutions, Inc. | 312,359 | 2,302 |
*Intermagnetics General Corp. | 70,406 | 2,166 |
*ManTech International Corp. | 68,458 | 2,125 |
*j2 Global Communications, Inc. | 59,339 | 2,044 |
*Checkpoint Systems, Inc. | 108,900 | 1,927 |
*SERENA Software, Inc. | 95,778 | 1,849 |
*DSP Group Inc. | 76,954 | 1,837 |
*Power Integrations, Inc. | 83,396 | 1,799 |
*Exar Corp. | 115,799 | 1,724 |
Black Box Corp. | 47,560 | 1,684 |
Talx Corp. | 56,922 | 1,646 |
*Dendrite International, Inc. | 115,294 | 1,591 |
*Manhattan Associates, Inc. | 82,738 | 1,589 |
*Mercury Computer Systems, Inc. | 57,818 | 1,582 |
*Synaptics Inc. | 72,000 | 1,538 |
*ScanSource, Inc. | 34,661 | 1,488 |
EDO Corp. | 48,427 | 1,448 |
SS&C Technologies, Inc. | 44,156 | 1,399 |
*ViaSat, Inc. | 66,335 | 1,349 |
Park Electrochemical Corp. | 52,098 | 1,313 |
*Ciber, Inc. | 161,275 | 1,287 |
Agilysys, Inc. | 79,182 | 1,243 |
Inter-Tel, Inc. | 64,908 | 1,208 |
*Standard Microsystem Corp. | 51,605 | 1,207 |
Methode Electronics, Inc. Class A | 99,600 | 1,182 |
*NETGEAR, Inc. | 60,679 | 1,129 |
*Pinnacle Systems, Inc. | 192,455 | 1,059 |
Cubic Corp. | 57,800 | 1,025 |
*Kopin Corp. | 193,733 | 988 |
*Aeroflex, Inc. | 115,934 | 974 |
BEI Technologies, Inc. | 36,381 | 971 |
*Harmonic, Inc. | 199,100 | 962 |
*Actel Corp. | 69,151 | 961 |
Daktronics, Inc. | 47,600 | 952 |
Bel Fuse, Inc. Class B | 30,992 | 947 |
*MRO Software Inc. | 63,046 | 921 |
*JDA Software Group, Inc. | 80,098 | 912 |
*RadiSys Corp. | 54,866 | 886 |
*SPSS, Inc. | 45,743 | 879 |
*Radiant Systems, Inc. | 65,981 | 752 |
*Bell Microproducts Inc. | 78,973 | 742 |
*Digi International, Inc. | 62,354 | 740 |
*EPIQ Systems, Inc. | 43,496 | 712 |
*Supertex, Inc. | 36,097 | 637 |
*Pericom Semiconductor Corp. | 73,784 | 601 |
*MapInfo Corp. | 56,693 | 596 |
*Ditech Communications Corp. | 88,447 | 574 |
*Catapult Communications Corp. | 31,677 | 540 |
*Phoenix Technologies Ltd. | 68,438 | 532 |
*NYFIX, Inc. | 85,868 | 507 |
*Adaptec, Inc. | 117,916 | 457 |
*PC-Tel, Inc. | 55,293 | 433 |
*Altiris, Inc. | 27,612 | 405 |
*Gerber Scientific, Inc. | 58,200 | 405 |
*Brooktrout Technology, Inc. | 36,100 | 403 |
*SBS Technologies, Inc. | 42,772 | 397 |
*ESS Technology, Inc. | 90,154 | 380 |
*Network Equipment | ||
Technologies, Inc. | 70,498 | 364 |
*Captaris Inc. | 86,621 | 359 |
31
Tax-Managed Small-Cap Fund | Shares | Market Value^ (000) |
---|---|---|
*Planar Systems, Inc. | 41,590 | $306 |
*Zix Corp. | 84,810 | 265 |
*Verity, Inc. | 24,008 | 211 |
*Meade Instruments Corp. | 50,766 | 142 |
*Napster, Inc. | 30,700 | 129 |
133,144 | ||
Utilities (5.6%) | ||
*Southwestern Energy Co. | 199,028 | 9,350 |
UGI Corp. Holding Co. | 281,784 | 7,862 |
Energen Corp. | 199,962 | 7,009 |
*Southern Union Co. | 264,913 | 6,504 |
Atmos Energy Corp. | 217,543 | 6,265 |
Piedmont Natural Gas, Inc. | 209,733 | 5,038 |
ALLETE, Inc. | 81,365 | 4,060 |
New Jersey Resources Corp. | 73,683 | 3,555 |
Cleco Corp. | 134,900 | 2,910 |
UniSource Energy Corp. | 94,129 | 2,894 |
Northwest Natural Gas Co. | 75,616 | 2,892 |
*El Paso Electric Co. | 129,775 | 2,654 |
Southwest Gas Corp. | 100,560 | 2,565 |
Avista Corp. | 133,300 | 2,478 |
Commonwealth Telephone | ||
Enterprises, Inc. | 58,056 | 2,433 |
CH Energy Group, Inc. | 43,400 | 2,110 |
UIL Holdings Corp. | 37,352 | 2,010 |
The Laclede Group, Inc. | 57,607 | 1,830 |
*General Communication, Inc. | 144,840 | 1,430 |
American States Water Co. | 45,750 | 1,344 |
*Intrado Inc. | 48,379 | 724 |
Cascade Natural Gas Corp. | 31,300 | 642 |
Central Vermont | ||
Public Service Corp. | 33,714 | 624 |
Green Mountain Power Corp. | 14,375 | 429 |
79,612 | ||
Other (0.3%) | ||
*GenCorp, Inc. | 140,900 | 2,714 |
Kaman Corp. Class A | 62,340 | 1,125 |
3,839 | ||
TOTAL COMMON STOCKS | ||
(Cost $922,197) | 1,416,947 | |
TEMPORARY CASH INVESTMENT (0.1%) | ||
Vanguard Market | ||
Liquidity Fund, 3.139%** | ||
(Cost $1,128) | 1,127,678 | 1,128 |
TOTAL INVESTMENTS (100.2%) | ||
(Cost $923,325) | 1,418,075 | |
OTHER ASSETS AND LIABILITIES (-0.2%) | ||
Other Assets--Note B | 3,353 | |
Liabilities | (5,452) | |
(2,099) | ||
NET ASSETS (100%) | $1,415,976 | |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security. **Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. REIT–Real Estate Investment Trust. | ||
AT JUNE 30, 2005, NET ASSETS CONSISTED OF: | |
---|---|
Amount (000) | |
Paid-in Capital | $931,097 |
Undistributed Net Investment Income | 5,026 |
Accumulated Net Realized Losses | (14,897) |
Unrealized Appreciation | 494,750 |
NET ASSETS | $1,415,976 |
Investor Shares--Net Assets | |
Applicable to 62,586,268 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,354,943 |
NET ASSET VALUE PER SHARE-- | |
INVESTOR SHARES | $21.65 |
Institutional Shares--Net Assets | |
Applicable to 2,813,780 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $61,033 |
NET ASSET VALUE PER SHARE-- | |
INSTITUTIONAL SHARES | $21.69 |
See Note D in Notes to Financial Statements for the tax-basis components of net assets. |
32
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (100.0%) | ||
Australia (5.4%) | ||
BHP Billiton Ltd. | 437,694 | $5,985 |
Commonwealth | ||
Bank of Australia | 156,253 | 4,511 |
National Australia Bank Ltd. | 191,891 | 4,490 |
Australia & New Zealand | ||
Bank Group Ltd. | 225,173 | 3,723 |
Westpac Banking Corp., Ltd. | 222,907 | 3,380 |
Woolworths Ltd. | 134,460 | 1,687 |
Wesfarmers Ltd. | 49,043 | 1,488 |
Woodside Petroleum Ltd. | 61,975 | 1,378 |
Rinker Group Ltd. | 125,173 | 1,328 |
Macquarie Bank Ltd. | 29,183 | 1,325 |
Rio Tinto Ltd. | 36,848 | 1,252 |
QBE Insurance Group Ltd. | 100,231 | 1,221 |
AMP Ltd. | 245,460 | 1,206 |
Suncorp-Metway Ltd. | 72,823 | 1,114 |
Telstra Corp. Ltd. | 284,791 | 1,097 |
Coles Myer Ltd. | 154,147 | 1,085 |
Foster's Group Ltd. | 267,956 | 1,084 |
Insurance Australia Group Ltd. | 213,801 | 976 |
Tabcorp Holdings Ltd. | 72,364 | 902 |
Brambles Industries Ltd. | 132,072 | 819 |
Santos Ltd. | 85,337 | 733 |
CSL Ltd. | 28,135 | 721 |
Australian Gas Light Co., Ltd. | 66,393 | 719 |
Alumina Ltd. | 165,260 | 699 |
Newcrest Mining Ltd. | 50,584 | 666 |
Amcor Ltd. | 129,195 | 658 |
Origin Energy Ltd. | 112,454 | 651 |
BlueScope Steel Ltd. | 104,015 | 647 |
Orica Ltd. | 42,132 | 570 |
Lend Lease Corp. | 56,453 | 557 |
John Fairfax Holdings Ltd. | 149,664 | 489 |
Coca-Cola Amatil Ltd. | 81,065 | 487 |
Boral Ltd. | 97,073 | 478 |
Aristocrat Leisure Ltd. | 53,074 | 467 |
AXA Asia Pacific Holdings Ltd. | 138,948 | 464 |
Qantas Airways Ltd. | 160,334 | 410 |
Toll Holdings Ltd. | 40,901 | 406 |
Patrick Corp. Ltd. | 94,967 | 403 |
Sonic Healthcare Ltd. | 42,077 | 402 |
Mayne Group Ltd. | 108,225 | 390 |
Australian Stock Exchange Ltd. | 19,986 | 351 |
Alinta Ltd. | 46,180 | 342 |
Computershare Ltd. | 75,549 | 335 |
Macquarie Airports | 120,935 | 329 |
Perpetual Trustees Australia Ltd. | 7,276 | 318 |
Lion Nathan Ltd. | 54,058 | 311 |
CSR Ltd. | 145,820 | 297 |
Publishing & Broadcasting Ltd. | 26,140 | 295 |
Iluka Resources Ltd. | 51,403 | 294 |
Unitab Ltd. | 26,060 | 282 |
Leighton Holdings Ltd. | 32,190 | 281 |
Paperlinx Ltd. | 121,096 | 276 |
Caltex Australia Ltd. | 22,370 | 269 |
Cochlear Ltd. | 8,995 | 268 |
APN News & Media Ltd. | 65,745 | 257 |
Ansell Ltd. | 32,961 | 251 |
OneSteel Ltd. | 122,231 | 245 |
Harvey Norman Holdings Ltd. | 120,957 | 230 |
*Challenger Financial | ||
Services Group Ltd. | 95,966 | 227 |
Pacific Brands Ltd. | 123,807 | 213 |
DCA Group Ltd. | 73,794 | 213 |
SFE Corp. Ltd. | 25,314 | 205 |
Futuris Corp., Ltd. | 147,137 | 204 |
Downer EDI Ltd. | 49,479 | 200 |
Billabong International Ltd. | 10,285 | 106 |
*Babcock & Brown Ltd. | 3,884 | 41 |
57,708 | ||
Austria (0.4%) | ||
OMV AG | 2,262 | 985 |
Telekom Austria AG | 47,318 | 920 |
Erste Bank der Oesterreichischen | ||
Sparkassen AG | 14,625 | 731 |
Bank Austria Creditanstalt | 5,571 | 580 |
Wienerberger AG | 7,461 | 346 |
*Meinl European Land Ltd. | 15,991 | 277 |
Voestalpine AG | 2,963 | 208 |
Oesterreichische | ||
Elektrizitaetswirtschafts AG | ||
Class A | 710 | 196 |
Mayr-Melnhof Karton AG | 905 | 125 |
Flughafen Wien AG | 1,602 | 104 |
Boehler-Uddeholm AG | 787 | 104 |
Andritz AG | 1,085 | 104 |
*RHI AG | 1,970 | 54 |
4,734 | ||
Belgium (1.3%) | ||
Fortis Group | 143,974 | 3,986 |
KBC Bankverzekeringsholding | 23,019 | 1,817 |
Dexia | 72,353 | 1,591 |
Electrabel SA | 3,482 | 1,521 |
Belgacom SA | 21,988 | 750 |
Solvay SA | 6,932 | 712 |
InBev | 20,650 | 698 |
UCB SA | 9,699 | 471 |
Delhaize Group | 7,754 | 465 |
Colruyt NV | 2,588 | 353 |
Agfa Gevaert NV | 12,460 | 345 |
33
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Mobistar SA | 4,092 | $342 |
Umicore | 2,989 | 239 |
Cofinimmo | 1,351 | 212 |
Bekaert NV | 2,542 | 191 |
Euronav SA | 6,069 | 178 |
Compagnie Maritime Belge SA | 4,342 | 135 |
Omega Pharma SA | 2,311 | 120 |
D'Ieteren SA | 544 | 112 |
Barco NV | 1,397 | 100 |
14,338 | ||
Denmark (0.8%) | ||
Danske Bank A/S | 55,268 | 1,661 |
Novo Nordisk A/S B Shares | 29,294 | 1,489 |
AP Moller-Maersk A/S | 137 | 1,304 |
TDC A/S | 21,144 | 906 |
Danisco A/S | 6,329 | 411 |
*Vestas Wind Systems A/S | 19,105 | 316 |
Coloplast A/S B Shares | 5,050 | 293 |
Novozymes A/S | 5,824 | 288 |
GN Store Nord A/S | 25,167 | 284 |
DSV, De Sammensluttede | ||
Vognmaend A/S | 2,300 | 195 |
Carlsberg A/S B Shares | 3,656 | 187 |
H. Lundbeck A/S | 7,318 | 184 |
*Topdanmark A/S | 2,500 | 182 |
Kobenhavns Lufthavne A/S | 660 | 157 |
*William Demant A/S | 3,100 | 154 |
East Asiatic Co. A/S | 1,950 | 138 |
Bang & Olufsen A/S B Shares | 1,709 | 120 |
D/S TORM A/S | 1,735 | 93 |
NKT Holding A/S | 2,140 | 80 |
FLS Industries A/S B Shares | 3,799 | 77 |
8,519 | ||
Finland (1.5%) | ||
Nokia Oyj | 527,633 | 8,783 |
UPM-Kymmene Oyj | 60,032 | 1,149 |
Stora Enso Oyj R Shares | 79,645 | 1,014 |
Fortum Oyj | 45,615 | 731 |
Sampo Oyj A Shares | 46,872 | 730 |
*Neste Oil Oyj | 16,881 | 437 |
TietoEnator Oyj B Shares | 12,935 | 393 |
Metso Oyj | 17,640 | 384 |
*Kone Oyj | 5,685 | 341 |
Elisa Oyj Class A | 21,093 | 330 |
Kesko Oyj | 10,760 | 270 |
Wartsila Oyj B Shares | 9,075 | 262 |
Nokian Renkaat Oyj | 12,590 | 230 |
*Cargotec Corp. | 6,157 | 172 |
Pohjola Group PLC D Shares | 11,570 | 168 |
Rautaruuki Oyj | 10,970 | 164 |
Amer Group Ltd. | 8,571 | 163 |
YIT-Yhtyma Oyj | 4,781 | 160 |
Uponor Oyj | 7,590 | 148 |
Outokumpu Oyj A Shares | 11,200 | 144 |
Orion-Yhtyma Oyj B Shares | 7,300 | 141 |
KCI Konecranes Oyj | 2,700 | 115 |
16,429 | ||
France (9.5%) | ||
Total SA | 69,259 | 16,213 |
Sanofi-Aventis | 128,679 | 10,543 |
BNP Paribas SA | 96,521 | 6,595 |
France Telecom SA | 177,247 | 5,160 |
AXA | 172,234 | 4,290 |
Societe Generale Class A | 40,717 | 4,131 |
Vivendi Universal SA | 126,752 | 3,974 |
Carrefour SA | 68,799 | 3,329 |
Suez SA | 98,963 | 2,676 |
L'Oreal SA | 35,677 | 2,556 |
Groupe Danone | 28,225 | 2,474 |
L'Air Liquide SA (Registered) | 13,540 | 2,304 |
LVMH Louis Vuitton | ||
Moet Hennessy | 28,277 | 2,178 |
Cie. de St. Gobain SA | 38,091 | 2,108 |
Renault SA | 23,705 | 2,083 |
Schneider Electric SA | 26,219 | 1,972 |
Credit Agricole SA | 77,042 | 1,947 |
Lafarge SA | 20,678 | 1,880 |
*Alcatel SA | 154,397 | 1,684 |
Vinci SA | 18,378 | 1,528 |
Veolia Environnement | 36,715 | 1,375 |
PSA Peugeot Citroen | 20,448 | 1,206 |
Lagardere S.C.A | 14,622 | 1,081 |
European Aeronautic | ||
Defence and Space Co. | 33,207 | 1,054 |
Accor SA | 22,294 | 1,043 |
Compagnie Generale des | ||
Etablissements Michelin | ||
SA B Shares | 17,033 | 1,035 |
Bouygues SA | 23,377 | 967 |
Pinault-Printemps-Redoute SA | 9,261 | 953 |
Pernod Ricard SA | 5,741 | 917 |
Essilor International SA | 12,699 | 866 |
Unibail Co. | 6,387 | 820 |
Thomson SA | 33,816 | 807 |
*Alstom | 639,279 | 634 |
STMicroelectronics NV | 39,604 | 631 |
*Atos Origin SA | 8,447 | 534 |
Euronext NV | 13,092 | 442 |
*Etablissements Economiques du | ||
Casino Guichard-Perrachon SA | 6,188 | 434 |
*Cap Gemini SA | 13,601 | 431 |
Valeo SA | 9,433 | 423 |
34
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Autoroutes du Sud de la France | 7,357 | $421 |
Technip SA | 8,892 | 413 |
Safran SA | 19,570 | 404 |
Publicis Groupe SA | 13,494 | 397 |
Klepierre | 4,093 | 390 |
Dassault Systemes SA | 7,746 | 375 |
CNP Assurances | 5,757 | 368 |
Thales SA | 8,927 | 362 |
Societe Television Francaise 1 | 13,257 | 352 |
Sodexho Alliance SA | 10,342 | 320 |
Air France | 18,420 | 279 |
Neopost SA | 2,853 | 251 |
Hermes International | 1,238 | 250 |
Imerys SA | 3,620 | 249 |
PagesJaunes SA | 10,625 | 248 |
*Gecina SA | 2,129 | 242 |
Zodiac SA | 4,377 | 235 |
Societe BIC SA | 3,486 | 208 |
*Business Objects SA | 7,554 | 200 |
Societe des Autoroutes | ||
Paris-Rhin-Rhone | 2,576 | 153 |
SCOR SA | 51,628 | 104 |
*Societe des Autoroutes du Nord | ||
et de l'Est de la France | 1,118 | 60 |
101,559 | ||
Germany (6.8%) | ||
Siemens AG | 97,412 | 7,081 |
E.On AG | 75,046 | 6,665 |
Deutsche Telekom AG | 332,472 | 6,128 |
Allianz AG | 42,450 | 4,844 |
SAP AG | 27,106 | 4,691 |
Deutsche Bank AG | 59,513 | 4,636 |
DaimlerChrysler AG (Registered) | 105,781 | 4,280 |
BASF AG | 64,000 | 4,238 |
RWE AG | 51,268 | 3,294 |
Bayer AG | 81,600 | 2,713 |
*Bayerische Hypo-und | ||
Vereinsbank AG | 70,972 | 1,842 |
Muenchener Rueckversicherungs- | ||
Gesellschaft AG (Registered) | 16,641 | 1,765 |
Deutsche Post AG | 57,707 | 1,344 |
Schering AG | 21,358 | 1,313 |
Volkswagen AG | 26,905 | 1,227 |
Commerzbank AG | 55,294 | 1,196 |
Continental AG | 16,305 | 1,170 |
Deutsche Boerse AG | 13,306 | 1,037 |
Adidas-Salomon AG | 5,600 | 935 |
Metro AG | 16,982 | 842 |
ThyssenKrupp AG | 46,840 | 810 |
Man AG | 19,560 | 809 |
Porsche AG | 925 | 693 |
Hypo Real Estate Holding AG | 18,159 | 689 |
HeidelbergerCement AG | 9,303 | 665 |
Depfa Bank PLC | 41,618 | 664 |
Linde AG | 9,808 | 660 |
Henkel KGaA | 7,001 | 626 |
TUI AG | 23,374 | 578 |
Altana AG | 9,445 | 540 |
Volkswagen AG Pfd. | 13,519 | 478 |
Puma AG | 1,873 | 463 |
Merck KGaA | 5,726 | 455 |
Celesio AG | 5,475 | 430 |
Deutsche Lufthansa AG | 30,776 | 376 |
Fresenius Medical Care AG | 3,962 | 337 |
IVG Immobilien AG | 15,080 | 280 |
RWE AG Pfd. | 4,449 | 254 |
*Qiagen NV | 21,725 | 253 |
Hochtief AG | 7,114 | 249 |
ProSieben Sat.1 Media AG | 13,883 | 238 |
Fresenius Medical Care AG | 2,952 | 206 |
Beiersdorf AG | 1,817 | 204 |
MLP AG | 9,019 | 168 |
*Infineon Technologies AG | 17,678 | 164 |
*Heidelberger Druckmaschinen AG | 5,056 | 148 |
Douglas Holding AG | 3,391 | 123 |
Suedzucker AG | 6,032 | 121 |
*Premier AG | 2,436 | 84 |
Wincor Nixdorf AG | 921 | 75 |
*EPCOS AG | 6,044 | 75 |
*Karstadt Quelle AG | 5,141 | 68 |
73,224 | ||
Greece (0.6%) | ||
National Bank of Greece SA | 31,529 | 1,069 |
Alpha Credit Bank SA | 32,444 | 863 |
EFG Eurobank Ergasias | 22,597 | 695 |
Greek Organization of | ||
Football Prognostics | 18,650 | 539 |
*Hellenic Telecommunication | ||
Organization SA | 26,680 | 517 |
Bank of Piraeus | 21,225 | 394 |
Public Power Corp. | 13,490 | 336 |
Coca-Cola Hellenic Bottling Co. SA | 12,307 | 334 |
Cosmote Mobile | ||
Communications SA | 17,910 | 327 |
*Commercial Bank of Greece SA | 10,020 | 298 |
Titan Cement Co. SA | 6,400 | 197 |
Hellenic Petroleum SA | 11,990 | 128 |
Hyatt Regency Hotels and | ||
Tourism SA | 10,000 | 109 |
Germanos SA | 2,600 | 87 |
Viohalco, Hellenic Copper & | ||
Aluminum Industry SA | 12,610 | 81 |
35
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Hellenic Technodomiki Tev SA | 12,776 | $64 |
Technical Olympic SA | 8,000 | 48 |
Folli-Follie SA | 1,400 | 41 |
Hellenic Exchanges SA | 5,500 | 41 |
*Intracom SA | 7,700 | 39 |
Hellenic Duty Free Shops SA | 1,100 | 19 |
6,226 | ||
Hong Kong (1.8%) | ||
Hutchison Whampoa Ltd. | 248,512 | 2,236 |
Cheung Kong Holdings Ltd. | 187,000 | 1,813 |
Sun Hung Kai Properties Ltd. | 172,064 | 1,692 |
CLP Holdings Ltd. | 228,732 | 1,310 |
Hang Seng Bank Ltd. | 90,543 | 1,231 |
Swire Pacific Ltd. A Shares | 126,198 | 1,112 |
Hong Kong & China Gas Co., Ltd. | 429,177 | 871 |
Hong Kong Electric Holdings Ltd. | 188,600 | 860 |
Boc Hong Kong Holdings Ltd. | 427,000 | 805 |
Esprit Holdings Ltd. | 103,072 | 743 |
Wharf Holdings Ltd. | 153,215 | 536 |
Henderson Land | ||
Development Co. Ltd. | 104,006 | 495 |
Bank of East Asia Ltd. | 153,749 | 453 |
Hang Lung Properties Ltd. | 291,700 | 428 |
Li & Fung Ltd. | 167,850 | 347 |
New World | ||
Development Co., Ltd. | 261,150 | 319 |
Hong Kong Exchanges & | ||
Clearing Ltd. | 121,000 | 312 |
Sino Land Co. | 255,000 | 271 |
Kerry Properties Ltd. | 118,000 | 262 |
MTR Corp. | 133,000 | 256 |
Techtronic Industries Co., Ltd. | 100,000 | 252 |
PCCW Ltd. | 375,000 | 234 |
*Hutchison Telecommunications | ||
International Ltd. | 202,000 | 199 |
Hopewell Holdings Ltd. | 74,000 | 189 |
Shangri-La Asia Ltd. | 117,059 | 181 |
Cathay Pacific Airways Ltd. | 97,170 | 176 |
Yue Yuen Industrial (Holdings) Ltd. | 57,500 | 175 |
Cheung Kong Infrastructure | ||
Holdings Ltd. | 59,000 | 175 |
Television Broadcasts Ltd. | 29,000 | 163 |
Hysan Development Co., Ltd. | 78,000 | 161 |
Johnson Electric Holdings Ltd. | 148,498 | 136 |
Kingboard Chemical Holdings Ltd. | 42,000 | 133 |
Orient Overseas International Ltd. | 25,300 | 110 |
Giordano International Ltd. | 129,000 | 89 |
Solomon Systech | ||
International Ltd. | 224,000 | 79 |
ASM Pacific Technology Ltd. | 16,500 | 77 |
Texwinca Holdings Ltd. | 72,000 | 60 |
Wing Hang Bank Ltd. | 9,000 | 59 |
SCMP Group Ltd. | 79,863 | 35 |
19,035 | ||
Ireland (0.8%) | ||
Allied Irish Banks PLC | 100,899 | 2,159 |
Bank of Ireland | 120,109 | 1,950 |
CRH PLC | 61,137 | 1,621 |
Irish Life & Permanent PLC | 32,473 | 568 |
*Elan Corp. PLC | 62,137 | 425 |
Kerry Group PLC A Shares | 14,965 | 370 |
*Grafton Group PLC | 27,589 | 320 |
Independent News & Media PLC | 81,284 | 251 |
DCC PLC | 9,780 | 195 |
*Ryanair Holdings PLC | 24,757 | 190 |
Eircom Group PLC | 77,368 | 172 |
Kingspan Group PLC | 13,404 | 158 |
Paddy Power PLC | 8,265 | 141 |
Fyffes PLC | 33,722 | 101 |
IAWS Group PLC | 5,577 | 78 |
Greencore Group PLC | 13,017 | 57 |
8,756 | ||
Italy (4.0%) | ||
ENI SpA | 316,713 | 8,141 |
Telecom Italia SpA | 1,308,481 | 4,082 |
ENEL SpA | 433,958 | 3,789 |
Assicurazioni Generali SpA | 113,538 | 3,539 |
Unicredito Italiano SpA | 518,536 | 2,735 |
Telecom Italia SpA RNC | 724,598 | 1,875 |
San Paolo-IMI SpA | 131,026 | 1,796 |
Banca Intesa SpA | 373,498 | 1,706 |
Mediaset SpA | 91,143 | 1,072 |
Capitalia SpA | 188,716 | 1,053 |
Mediobanca Banca di | ||
Credito Finanziaria SpA | 53,842 | 1,007 |
Autostrade SpA | 35,565 | 943 |
Banca Antonveneta SpA | 26,852 | 867 |
Banche Popolari | ||
Unite Scarl SpA | 42,587 | 845 |
Banco Popolare di Verona e | ||
Novara Scarl SpA | 46,897 | 799 |
Riunione Adriatica di Sicurta SpA | 35,913 | 698 |
*Banca Nazionale del | ||
Lavoro (BNL) SpA | 190,556 | 657 |
Alleanza Assicurazioni SpA | 58,864 | 639 |
Finmeccanica SpA | 678,032 | 632 |
Snam Rete Gas SpA | 115,687 | 619 |
Banca Monte dei Paschi | ||
di Siena SpA | 158,670 | 559 |
*Fiat SpA | 67,403 | 488 |
Banca Intesa SpA Non | ||
Convertible Risp | 108,576 | 463 |
36
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Banca Popolare di Milano SpA | 45,909 | $452 |
*Edison SpA | 152,320 | 339 |
Terna SpA | 126,907 | 329 |
Luxottica Group SpA | 15,894 | 329 |
Pirelli & C. Accomandita | ||
per Azioni SpA | 293,329 | 305 |
FinecoGroup SpA | 23,311 | 208 |
Banca Fideuram SpA | 41,244 | 195 |
*Seat Pagine Gialle SpA | 457,790 | 190 |
Mediolanum SpA | 29,536 | 184 |
Autogrill SpA | 12,148 | 160 |
Bulgari SpA | 13,389 | 150 |
Lottomatica SpA | 4,458 | 145 |
Italcementi SpA | 8,752 | 137 |
Mondadori (Arnoldo) Editore SpA | 13,486 | 128 |
Gruppo Editoriale L'Espresso SpA | 19,257 | 105 |
*Telecom Italia Media SpA | 200,572 | 96 |
*Tiscali SpA | 17,212 | 49 |
Benetton Group SpA | 4,600 | 42 |
*Parmalat Finanziaria SpA | 34,147 | -- |
42,547 | ||
Japan (21.8%) | ||
Toyota Motor Corp. | 350,100 | 12,505 |
Takeda Chemical Industries Ltd. | 108,500 | 5,370 |
Mitsubishi Tokyo | ||
Financial Group Inc. | 588 | 4,960 |
Canon, Inc. | 92,000 | 4,826 |
Mizuho Financial Group, Inc. | 1,023 | 4,603 |
Honda Motor Co., Ltd. | 93,500 | 4,596 |
Sony Corp. | 113,900 | 3,914 |
Matsushita Electric | ||
Industrial Co., Ltd. | 257,034 | 3,888 |
Sumitomo Mitsui | ||
Financial Group, Inc. | 502 | 3,381 |
Tokyo Electric Power Co. | 140,300 | 3,345 |
Nippon Telegraph and | ||
Telephone Corp. | 643 | 2,752 |
Nissan Motor Co., Ltd. | 278,100 | 2,752 |
NTT DoCoMo, Inc. | 1,793 | 2,644 |
Nomura Holdings Inc. | 218,000 | 2,592 |
Millea Holdings, Inc. | 189 | 2,537 |
*UFJ Holdings Inc. | 480 | 2,485 |
Hitachi Ltd. | 382,000 | 2,312 |
Astellas Pharma Inc. | 66,714 | 2,274 |
East Japan Railway Co. | 424 | 2,176 |
Mitsubishi Corp. | 144,500 | 1,956 |
Kansai Electric Power Co., Inc. | 96,700 | 1,944 |
Sharp Corp. | 117,000 | 1,822 |
Nippon Steel Corp. | 779,000 | 1,802 |
Fuji Photo Film Co., Ltd. | 55,700 | 1,802 |
Chubu Electric Power Co. | 74,300 | 1,782 |
Shin-Etsu Chemical Co., Ltd. | 42,200 | 1,598 |
Kyocera Corp. | 20,900 | 1,595 |
Mitsubishi Estate Co., Ltd. | 144,000 | 1,577 |
JFE Holdings, Inc. | 63,500 | 1,562 |
Denso Corp. | 67,500 | 1,534 |
Mitsui & Co., Ltd. | 162,000 | 1,528 |
Orix Corp. | 10,200 | 1,524 |
Japan Tobacco, Inc. | 113 | 1,504 |
Bridgestone Corp. | 77,000 | 1,477 |
Toshiba Corp. | 371,000 | 1,473 |
Kao Corp. | 62,000 | 1,458 |
Hoya Corp. | 12,400 | 1,426 |
KDDI Corp. | 303 | 1,400 |
Murata Manufacturing Co., Ltd. | 27,300 | 1,384 |
Mitsui Sumitomo Insurance Co. | 151,880 | 1,360 |
Dai-Nippon Printing Co., Ltd. | 83,000 | 1,332 |
Ricoh Co. | 85,000 | 1,325 |
Aeon Co., Ltd. | 86,200 | 1,312 |
Rohm Co., Ltd. | 13,600 | 1,305 |
Ito-Yokado Co., Ltd. | 39,100 | 1,291 |
Fanuc Co., Ltd. | 20,100 | 1,273 |
Seven Eleven Japan Co. Ltd. | 44,600 | 1,235 |
T & D Holdings, Inc. | 25,850 | 1,211 |
Nintendo Co. | 11,600 | 1,211 |
Tohoku Electric Power Co. | 56,000 | 1,194 |
Asahi Glass Co., Ltd. | 113,000 | 1,182 |
Mitsui Fudosan Co., Ltd. | 104,000 | 1,161 |
Mitsubishi Electric Corp. | 218,000 | 1,151 |
NEC Corp. | 211,400 | 1,138 |
Nitto Denko Corp. | 19,400 | 1,106 |
*Resona Holdings Inc. | 595,000 | 1,102 |
Tokyo Gas Co., Ltd. | 294,000 | 1,099 |
Softbank Corp. | 27,200 | 1,061 |
Fujitsu Ltd. | 203,000 | 1,059 |
Yahoo Japan Corp. | 506 | 1,057 |
Secom Co., Ltd. | 24,500 | 1,052 |
Kyushu Electric Power Co., Inc. | 48,100 | 1,045 |
Sompo Japan Insurance Inc. | 104,000 | 1,045 |
Tokyo Electron Ltd. | 19,800 | 1,041 |
Nippon Oil Corp. | 149,000 | 1,009 |
Daiwa Securities Group Inc. | 162,000 | 996 |
TDK Corp. | 14,500 | 986 |
Eisai Co., Ltd. | 29,200 | 979 |
Mitsubishi Heavy | ||
Industries Ltd. | 367,000 | 959 |
Takefuji Corp. | 14,120 | 951 |
Central Japan Railway Co. | 120 | 926 |
Ajinomoto Co., Inc. | 81,000 | 900 |
Sumitomo Corp. | 112,000 | 894 |
Bank of Yokohama Ltd. | 155,000 | 891 |
Kirin Brewery Co., Ltd. | 91,000 | 880 |
37
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Sumitomo Trust & | ||
Banking Co., Ltd. | 145,000 | $878 |
Sumitomo Metal Industries Ltd. | 516,000 | 877 |
Komatsu Ltd. | 110,000 | 851 |
Sankyo Co., Ltd. | 43,400 | 831 |
Itochu Corp. | 165,000 | 830 |
Keyence Corp. | 3,710 | 828 |
Daikin Industries Ltd. | 33,000 | 823 |
Sumitomo Electric Industries Ltd. | 80,000 | 816 |
Osaka Gas Co., Ltd. | 259,000 | 814 |
SMC Corp. | 7,500 | 814 |
Daiwa House Industry Co., Ltd. | 70,000 | 798 |
Nikko Securities Co., Ltd. | 179,000 | 783 |
Advantest Corp. | 10,500 | 773 |
Toppan Printing Co., Ltd. | 72,000 | 760 |
West Japan Railway Co. | 219 | 750 |
Sumitomo Chemical Co. | 160,000 | 733 |
Mitsubishi Chemical Corp. | 247,000 | 720 |
Sekisui House Ltd. | 71,000 | 714 |
Mitsui Osk Lines Ltd. | 116,000 | 712 |
Yamato Transport Co., Ltd. | 51,000 | 706 |
Terumo Corp. | 24,500 | 706 |
Toray Industries, Inc. | 148,000 | 699 |
Asahi Kasei Corp. | 144,000 | 682 |
Aiful Corp. | 9,000 | 670 |
Dentsu Inc. | 267 | 658 |
Promise Co., Ltd. | 10,200 | 652 |
Nidec Corp. | 6,100 | 644 |
Kubota Corp. | 117,000 | 639 |
Sumitomo Realty & | ||
Development Co. | 57,000 | 635 |
Daiichi Pharmaceutical Co., Ltd. | 28,700 | 633 |
Mitsui Trust Holding Inc. | 61,100 | 624 |
Nippon Yusen | ||
Kabushiki Kaisha Co. | 108,000 | 618 |
Shinsei Bank, Ltd. | 110,000 | 591 |
Acom Co., Ltd. | 9,140 | 583 |
Shizuoka Bank Ltd. | 66,000 | 565 |
Chiba Bank Ltd. | 86,000 | 565 |
Aisin Seiki Co., Ltd. | 26,000 | 562 |
Asahi Breweries Ltd. | 45,500 | 542 |
Omron Corp. | 24,300 | 535 |
Credit Saison Co., Ltd. | 16,100 | 533 |
Kinki Nippon Railway Co. | 175,190 | 533 |
Yamada Denki Co., Ltd. | 9,200 | 529 |
Nippon Express Co., Ltd. | 122,000 | 528 |
Kobe Steel Ltd. | 273,000 | 512 |
NTT Data Corp. | 150 | 510 |
Ohbayashi Corp. | 94,000 | 504 |
Odakyu Electric Railway Co. | 95,000 | 502 |
Tokyu Corp. | 112,000 | 502 |
Marui Co., Ltd. | 37,300 | 501 |
Hokkaido Electric Power Co., Ltd. | 24,400 | 499 |
Olympus Corp. | 26,000 | 498 |
ToneGeneral Sekiyu K.K | 46,000 | 497 |
Nippon Mining Holdings Inc. | 87,500 | 495 |
Marubeni Corp. | 144,000 | 491 |
Shiseido Co., Ltd. | 39,000 | 491 |
OJI Paper Co., Ltd. | 94,000 | 489 |
Chugai Pharmaceutical Co., Ltd. | 31,600 | 487 |
Sega Sammy Holdings Inc. | 7,944 | 485 |
JS Group Corp. | 28,512 | 482 |
Electric Power | ||
Development Co., Ltd. | 16,500 | 476 |
Daito Trust Construction Co., Ltd. | 12,700 | 475 |
Oriental Land Co., Ltd. | 8,000 | 474 |
Sumitomo Metal Mining Co. | 69,000 | 470 |
Shionogi & Co., Ltd. | 36,000 | 463 |
Konica Minolta Holdings, Inc. | 49,500 | 460 |
Keihin Electric Express | ||
Railway Co., Ltd. | 74,000 | 452 |
Alps Electric Co., Ltd. | 28,000 | 427 |
Kuraray Co., Ltd. | 45,000 | 425 |
JSR Corp. | 20,300 | 425 |
Teijin Ltd. | 91,000 | 422 |
Showa Denko K.K | 175,000 | 414 |
Nippon Electric Glass Co., Ltd. | 27,000 | 406 |
Mitsui Chemicals, Inc. | 69,000 | 404 |
Tobu Railway Co., Ltd. | 111,000 | 402 |
Nissin Food Products Co., Ltd. | 15,500 | 397 |
Taiheiyo Cement Corp. | 148,000 | 394 |
Taisei Corp. | 117,000 | 393 |
Trend Micro Inc. | 11,000 | 391 |
Taisho Pharmaceutical Co. | 20,000 | 389 |
Kajima Corp. | 105,000 | 387 |
Joyo Bank Ltd. | 79,000 | 385 |
Nippon Paper Group, Inc. | 105 | 384 |
Hirose Electric Co., Ltd. | 3,500 | 384 |
NSK Ltd. | 75,000 | 384 |
Mitsui Mining & | ||
Smelting Co., Ltd. | 82,000 | 383 |
Leopalace21 Corp. | 23,000 | 382 |
Yamaha Motor Co., Ltd. | 20,800 | 381 |
Seiko Epson Corp. | 11,300 | 376 |
Nikon Corp. | 33,000 | 372 |
Bank of Fukuoka, Ltd. | 61,000 | 360 |
Kaneka Corp. | 32,000 | 358 |
Yokogawa Electric Corp. | 29,000 | 356 |
Hokuhoku Financial Group, Inc. | 115,000 | 351 |
Mitsukoshi, Ltd. | 78,000 | 350 |
NGK Spark Plug Co. | 30,000 | 345 |
Keio Electric Railway Co., Ltd. | 63,000 | 340 |
38
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
NOK Corp. | 12,200 | $338 |
Chiyoda Corp. | 27,000 | 333 |
Citizen Watch Co., Ltd. | 36,900 | 333 |
INPEX Corp. | 59 | 332 |
*Furukawa Electric Co. | 85,000 | 327 |
Kawasaki Kisen Kaisha Ltd. | 55,000 | 324 |
Tokyu Land Corp. | 69,000 | 323 |
Fast Retailing Co., Ltd. | 6,200 | 321 |
JGC Corp. | 26,000 | 319 |
Sekisui Chemical Co. | 46,000 | 316 |
Fujikura Ltd. | 64,000 | 311 |
Mabuchi Motor Co. | 5,400 | 311 |
Mitsubishi Gas Chemical Co. | 61,000 | 311 |
Nisshin Steel Co. | 124,000 | 310 |
Shinko Securities Co., Ltd. | 98,000 | 309 |
Yamaha Corp. | 19,500 | 304 |
Tokyo Tatemono Co., Ltd. | 45,000 | 301 |
NGK Insulators Ltd. | 31,000 | 301 |
CSK Corp. | 7,600 | 297 |
Casio Computer Co. | 22,700 | 296 |
ZEON Corp. | 34,000 | 293 |
Teikoku Oil Co., Ltd. | 39,000 | 289 |
Japan Airlines System Co. | 107,000 | 288 |
Sankyo Co., Ltd. | 6,200 | 288 |
NEC Electronics Corp. | 6,400 | 287 |
Pioneer Corp. | 18,900 | 286 |
Toyo Seikan Kaisha Ltd. | 18,000 | 283 |
Matsushita Electric Works, Ltd. | 34,000 | 283 |
Sumitomo Heavy Industries Ltd. | 59,000 | 283 |
Kikkoman Corp. | 32,000 | 282 |
Oki Electric Industry Co. Ltd. | 79,000 | 277 |
Takashimaya Co. | 31,000 | 277 |
Toto Ltd. | 35,000 | 276 |
Skylark Co., Ltd. | 17,900 | 272 |
FamilyMart Co., Ltd. | 9,500 | 272 |
Stanley Electric Co. | 16,700 | 270 |
Shimizu Corp. | 58,000 | 269 |
Isetan Co. | 21,400 | 268 |
Kawasaki Heavy Industries Ltd. | 139,000 | 266 |
*Ishikawajima-Harima | ||
Heavy Industries Co. | 183,000 | 265 |
Kyowa Hakko Kogyo Co. | 41,000 | 265 |
NTN Corp. | 49,000 | 263 |
Nomura Research Institute, Ltd. | 2,600 | 259 |
Shimano, Inc. | 9,000 | 255 |
Makita Corp. | 13,000 | 254 |
*Elpida Memory Inc. | 7,900 | 253 |
Gunma Bank Ltd. | 42,000 | 251 |
Ebara Corp. | 65,000 | 249 |
Ushio Inc. | 14,000 | 249 |
Mitsubishi Materials Corp. | 104,000 | 244 |
Amada Co., Ltd. | 36,000 | 244 |
Sanwa Shutter Corp. | 42,000 | 242 |
Net One Systems Co., Ltd. | 94 | 241 |
Index Corp. | 79 | 239 |
Mitsubishi Rayon Co., Ltd. | 57,000 | 236 |
Yakult Honsha Co., Ltd. | 13,000 | 234 |
Fuji Television Network, Inc. | 121 | 234 |
THK Co., Inc. | 11,300 | 232 |
Lawson Inc. | 6,600 | 230 |
Dai-Nippon Ink & Chemicals, Inc. | 72,000 | 230 |
NTT Urban Development Corp. | 56 | 229 |
77 Bank Ltd. | 37,000 | 227 |
Benesse Corp. | 7,100 | 227 |
Konami Corp. | 10,700 | 225 |
Mitsubishi Logistics Corp. | 22,000 | 224 |
Tosoh Corp. | 54,000 | 223 |
Daimaru, Inc. | 25,000 | 221 |
House Foods Industry Corp. | 14,900 | 220 |
Canon Sales Co. Inc. | 13,000 | 219 |
Nisshin Seifun Group Inc. | 21,000 | 217 |
Kamigumi Co., Ltd. | 28,000 | 216 |
Uny Co., Ltd. | 19,000 | 215 |
Dowa Mining Co. Ltd. | 32,000 | 212 |
Toho Co., Ltd. | 14,700 | 212 |
Toyota Tsusho Corp. | 13,000 | 211 |
The Suruga Bank, Ltd. | 26,000 | 211 |
Nippon Meat Packers, Inc. | 18,000 | 209 |
Ube Industries Ltd. | 103,000 | 209 |
Hitachi Chemical Co., Ltd. | 11,400 | 208 |
Fuji Electric Holdings Co., Ltd. | 68,000 | 206 |
Katokichi Co., Ltd. | 30,200 | 205 |
Aeon Credit Service Co. Ltd. | 3,270 | 204 |
Onward Kashiyama Co., Ltd. | 16,000 | 202 |
Koyo Seiko Co., Ltd. | 15,000 | 201 |
Ibiden Co., Ltd. | 7,500 | 196 |
Nissan Chemical Industries, Ltd. | 18,000 | 193 |
JAFCO Co., Ltd. | 3,600 | 190 |
Kose Corp. | 5,500 | 190 |
Shimamura Co., Ltd. | 2,200 | 185 |
Uni-Charm Corp. | 4,600 | 185 |
Tanabe Seiyaku Co., Ltd. | 19,000 | 183 |
Denki Kagaku Kogyo K.K | 50,000 | 179 |
MEDICEO Holdings Co., Ltd. | 13,400 | 178 |
USS Co., Ltd. | 2,780 | 177 |
Dai-Nippon Screen | ||
Manufacturing Co., Ltd. | 26,000 | 174 |
All Nippon Airways Co., Ltd. | 57,000 | 173 |
Bandai Co., Ltd. | 8,600 | 173 |
Showa Shell Sekiyu K.K | 17,300 | 173 |
Kurita Water Industries Ltd. | 11,100 | 171 |
Aoyama Trading Co., Ltd. | 6,600 | 166 |
39
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Kokuyo Co., Ltd. | 12,200 | $164 |
Wacoal Corp. | 13,000 | 164 |
Nippon Sheet Glass Co., Ltd. | 42,000 | 164 |
Hino Motors, Ltd. | 28,000 | 162 |
Bank of Kyoto Ltd. | 19,000 | 161 |
Ito En, Ltd. | 3,100 | 159 |
Meiji Seika Kaisha Ltd. | 32,000 | 157 |
Toyo Suisan Kaisha, Ltd. | 10,000 | 156 |
Sanken Electric Co., Ltd. | 12,000 | 156 |
Asatsu-DK Inc. | 5,600 | 155 |
Sapparo Holdings Ltd. | 32,000 | 154 |
Toyobo Ltd. | 66,000 | 154 |
Shimachu Co. | 6,100 | 153 |
Seino Transportation Co., Ltd. | 17,000 | 153 |
Nippon Sanso Corp. | 30,000 | 152 |
Daicel Chemical Industries Ltd. | 29,000 | 152 |
World Co., Ltd. | 4,300 | 150 |
Minebea Co., Ltd. | 37,000 | 149 |
Mitsui Engineering & | ||
Shipbuilding Co., Ltd. | 76,000 | 148 |
Nisshinbo Industries, Inc. | 18,000 | 147 |
Comsys Holdings Corp. | 16,000 | 147 |
The Nishi-Nippon City Bank, Ltd. | 33,000 | 143 |
Ryohin Keikaku Co., Ltd. | 2,900 | 143 |
Amano Corp. | 12,000 | 143 |
Meiji Dairies Corp. | 25,000 | 142 |
Kansai Paint Co., Ltd. | 22,000 | 141 |
Susuken Co., Ltd. | 5,560 | 140 |
Nitori Co., Ltd. | 1,950 | 140 |
Oracle Corp. Japan | 3,700 | 139 |
TIS Inc. | 4,000 | 136 |
Taiyo Yuden Co., Ltd. | 12,000 | 132 |
Hitachi Capital Corp. | 6,700 | 132 |
Meitec Corp. | 4,300 | 132 |
Central Glass Co., Ltd. | 21,000 | 131 |
Hitachi Construction Machinery Co. | 11,000 | 130 |
Takara Holdings Inc. | 20,000 | 124 |
Matsumotokiyoshi Co., Ltd. | 4,500 | 123 |
Sumitomo Bakelite Co. Ltd. | 19,000 | 123 |
Itochu Techno-Science Corp. | 3,500 | 122 |
Nippon Shokubai Co., Ltd. | 15,000 | 122 |
Yamazaki Baking Co., Ltd. | 14,000 | 121 |
Sumitomo Osaka Cement Co., Ltd. | 45,000 | 119 |
Obic Co., Ltd. | 700 | 119 |
Okumura Corp. | 21,000 | 119 |
Santen Pharmaceutical Co. Ltd. | 5,200 | 118 |
Gunze Ltd. | 26,000 | 117 |
Coca-Cola West Japan Co. Ltd. | 5,100 | 115 |
Namco Ltd. | 8,600 | 114 |
Nichirei Corp. | 29,000 | 113 |
Nishimatsu Construction Co. | 31,000 | 112 |
Kinden Corp. | 15,000 | 111 |
Uniden Corp. | 7,000 | 110 |
Nippon Light Metal Co. | 46,000 | 109 |
Softbank Investment Corp. | 323 | 108 |
Autobacs Seven Co., Ltd. | 3,200 | 107 |
Toyoda Gosei Co., Ltd. | 6,600 | 106 |
Mitsubishi Securities Co., Ltd. | 12,000 | 106 |
Circle K Sunkus Co., Ltd. | 4,700 | 106 |
Komori Corp. | 7,000 | 106 |
Hakuhodo DY Holdings Inc. | 1,500 | 105 |
Daido Steel Co., Ltd. | 23,000 | 103 |
Tokyo Broadcasting System, Inc. | 6,200 | 102 |
Toda Corp. | 24,000 | 102 |
Sumitomo Rubber Industries Ltd. | 10,000 | 102 |
Fuji Soft ABC Inc. | 3,200 | 102 |
Hikari Tsushin, Inc. | 1,400 | 100 |
Tokyo Style Co. | 10,000 | 100 |
Tokuyama Corp. | 14,000 | 99 |
Rinnai Corp. | 4,000 | 98 |
Alfresa Holdings Corp. | 2,200 | 98 |
eAccess Ltd. | 146 | 98 |
Hitachi Cable Ltd. | 22,000 | 96 |
Nippon Kayaku Co., Ltd. | 16,000 | 96 |
Hankyu Department Stores, Inc. | 15,000 | 95 |
Aderans Co. Ltd. | 4,000 | 95 |
Q.P. Corp. | 11,200 | 94 |
Mitsumi Electric Co., Ltd. | 8,900 | 91 |
*Sojitz Holdings Corp. | 20,600 | 88 |
The Goodwill Group, Inc. | 47 | 85 |
SFCG Co., Ltd. | 350 | 82 |
Tokyo Steel Manufacturing Co. | 6,500 | 82 |
Ishihara Sangyo Kaisha Ltd. | 35,000 | 77 |
NHK Spring Co. | 9,000 | 76 |
Kaken Pharmaceutical Co. | 10,000 | 68 |
Sanden Corp. | 16,000 | 67 |
*Yaskawa Electric Corp. | 11,000 | 65 |
Nichii Gakkan Co. | 2,630 | 64 |
Anritsu Corp. | 10,000 | 61 |
Keisei Electric Railway Co., Ltd. | 12,000 | 60 |
Matsui Securities Co., Ltd. | 5,400 | 58 |
E*Trade Securities Co., Ltd. | 19 | 57 |
Takuma Co., Ltd. | 8,000 | 57 |
Hitachi Software | ||
Engineering Co., Ltd. | 3,100 | 53 |
Ariake Japan Co., Ltd. | 2,090 | 48 |
Glory Ltd. | 1,500 | 24 |
234,011 | ||
Luxembourg (0.1%) | ||
Arcelor | 57,295 | 1,118 |
*Stolt Offshore SA | 21,455 | 194 |
1,312 | ||
40
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Netherlands (4.9%) | ||
Royal Dutch Petroleum Co. | 248,351 | $16,152 |
ING Groep NV | 225,196 | 6,332 |
ABN-AMRO Holding NV | 207,856 | 5,109 |
Unilever NV | 70,070 | 4,540 |
Koninklijke (Royal) Philips | ||
Electronics NV | 158,381 | 3,991 |
Aegon NV | 168,100 | 2,166 |
Koninklijke KPN NV | 254,408 | 2,129 |
*Koninklijke Ahold NV | 194,136 | 1,591 |
Akzo Nobel NV | 32,091 | 1,262 |
Reed Elsevier NV | 84,251 | 1,173 |
TNT NV | 44,349 | 1,122 |
Heineken NV | 30,194 | 932 |
*ASML Holding NV | 53,427 | 838 |
Verenigde Nederlandse | ||
Uitgeversbedrijven NV | 28,163 | 784 |
*Koninklijke Numico NV | 17,278 | 690 |
Wolters Kluwer NV | 31,060 | 593 |
DSM NV | 8,087 | 553 |
Rodamco Europe NV | 6,651 | 545 |
James Hardie Industries NV | 79,988 | 461 |
Vedior NV | 27,702 | 390 |
Corio NV | 6,680 | 372 |
Wereldhave NV | 3,482 | 371 |
*Hagemeyer NV | 103,010 | 243 |
SBM Offshore NV | 3,287 | 225 |
Randstad Holding NV | 4,755 | 164 |
Getronics NV | 12,395 | 145 |
Oce NV | 9,537 | 140 |
Buhrmann NV | 13,750 | 135 |
53,148 | ||
New Zealand (0.2%) | ||
Telecom Corp. of | ||
New Zealand Ltd. | 224,327 | 938 |
Fletcher Building Ltd. | 53,649 | 257 |
Sky City Entertainment | ||
Group Ltd. | 82,761 | 257 |
Auckland International | ||
Airport Ltd. | 133,232 | 221 |
Contact Energy Ltd. | 41,306 | 221 |
Sky Network Television, Ltd. | 33,498 | 163 |
Carter Holt Harvey Ltd. | 62,848 | 99 |
The Warehouse Group Ltd. | 34,171 | 95 |
Fisher & Paykel Healthcare | ||
Corp. Ltd. | 36,640 | 83 |
Kiwi Income Property Trust | 84,000 | 64 |
Fisher & Paykel Appliances | ||
Holdings Ltd. | 24,054 | 56 |
Independent Newspapers Ltd. | 11,173 | 51 |
*Tower Ltd. | 33,196 | 49 |
Waste Management NZ Ltd. | 9,000 | 42 |
NGC Holdings, Ltd. | 12,944 | 34 |
2,630 | ||
Norway (0.7%) | ||
Statoil ASA | 84,936 | 1,728 |
Norsk Hydro ASA | 18,162 | 1,650 |
DnB NOR ASA | 89,880 | 934 |
Orkla ASA | 22,055 | 811 |
Telenor ASA | 93,526 | 743 |
Storebrand ASA | 36,400 | 339 |
Yara International ASA | 20,852 | 329 |
Frontline Ltd. | 5,710 | 227 |
Tandberg ASA | 18,500 | 197 |
Norske Skogindustrier ASA | 10,700 | 175 |
Schibsted ASA | 5,580 | 153 |
*Petroleum Geo-Services ASA | 6,240 | 150 |
*Tandberg Television ASA | 9,271 | 114 |
Stolt-Nielsen SA | 2,747 | 92 |
Tomra Systems ASA | 17,800 | 73 |
Smedvig ASA A Shares | 3,320 | 67 |
ProSafe ASA | 831 | 25 |
7,807 | ||
Portugal (0.3%) | ||
Portugal Telecom SGPS SA | 92,023 | 876 |
Electricidade de Portugal SA | 256,668 | 645 |
Banco Comercial Portugues SA | 244,400 | 626 |
Brisa-Auto Estradas | ||
de Portugal SA | 39,438 | 310 |
Banco Espirito Santo SA | 16,675 | 260 |
Banco BPI SA | 38,549 | 147 |
Cimpor-Cimento de Portugal SA | 23,293 | 131 |
PT Multimedia Servicos de | ||
Telecomunicacoes e | ||
Multimedia SGPS SA | 10,936 | 115 |
Sonae SGPS SA | 80,058 | 110 |
Jeronimo Martins & | ||
Filho, SGPS, SA | 2,748 | 39 |
3,259 | ||
Singapore (0.9%) | ||
Singapore | ||
Telecommunications Ltd. | 812,980 | 1,332 |
United Overseas Bank Ltd. | 137,504 | 1,155 |
DBS Group Holdings Ltd. | 129,082 | 1,091 |
Oversea-Chinese | ||
Banking Corp., Ltd. | 129,650 | 890 |
Singapore Press Holdings Ltd. | 180,250 | 458 |
Keppel Corp., Ltd. | 62,000 | 458 |
Singapore Airlines Ltd. | 64,751 | 429 |
City Developments Ltd. | 85,000 | 377 |
Capitaland Ltd. | 170,000 | 239 |
Venture Corp. Ltd. | 24,000 | 227 |
41
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Singapore Technologies | ||
Engineering Ltd. | 144,906 | $208 |
ComfortDelgro Corp Ltd. | 203,000 | 203 |
Singapore Land Ltd. | 52,000 | 174 |
United Overseas Land Ltd. | 128,000 | 173 |
Fraser & Neave Ltd. | 18,130 | 168 |
Singapore Exchange Ltd. | 129,000 | 161 |
Allgreen Properties Ltd. | 209,000 | 143 |
Sembcorp Industries Ltd. | 83,660 | 132 |
Keppel Land Ltd. | 86,000 | 127 |
Jardine Cycle N Carriage Ltd. | 14,037 | 110 |
SembCorp Marine Ltd. | 68,000 | 106 |
Neptune Orient Lines Ltd. | 47,000 | 105 |
Wing Tai Holdings Ltd. | 169,000 | 99 |
*Oversea-Chinese Banking | ||
Corp. Ltd. Rights | ||
Exp. 7/7/2005 | 25,930 | 99 |
Noble Group Ltd. | 105,000 | 90 |
Singapore Post Ltd. | 137,000 | 81 |
*Chartered Semiconductor | ||
Manufacturing Ltd. | 90,398 | 70 |
Parkway Holdings Ltd. | 63,000 | 70 |
SMRT Corp. Ltd. | 100,000 | 70 |
*STATS ChipPAC Ltd. | 96,000 | 68 |
Want Want Holdings Ltd. | 46,000 | 58 |
Cosco Corp. Singapore Ltd. | 45,000 | 51 |
Overseas Union Enterprise Ltd. | 8,000 | 43 |
*Olam International Ltd. | 74,000 | 38 |
Singapore Petroleum Co. Ltd. | 13,000 | 38 |
Creative Technology Ltd. | 4,450 | 29 |
Datacraft Asia Ltd. | 25,000 | 28 |
SembCorp Logistics Ltd. | 23,500 | 24 |
United Overseas Land Ltd. | 13,750 | 19 |
9,441 | ||
Spain (4.0%) | ||
Telefonica SA | 536,786 | 8,761 |
Banco Santander | ||
Central Hispano SA | 712,122 | 8,248 |
Banco Bilbao Vizcaya | ||
Argentaria SA | 402,882 | 6,193 |
Endesa SA | 117,111 | 2,723 |
Repsol-YPF SA | 107,081 | 2,719 |
Iberdrola SA | 93,973 | 2,476 |
Banco Popular Espanol SA | 109,385 | 1,320 |
Altadis SA | 30,886 | 1,293 |
ACS, Actividades de | ||
Contruccion y Servisios, SA | 30,381 | 849 |
Industria de Diseno Textil SA | 29,543 | 759 |
Union Fenosa SA | 24,483 | 745 |
Abertis Infraestructuras SA | 28,016 | 713 |
Gas Natural SDG SA | 22,334 | 657 |
Grupo Ferrovial, SA | 6,968 | 449 |
Metrovacesa SA | 6,709 | 395 |
Cintra Concesiones de | ||
Infraestructuras de | ||
Transporte SA | 31,300 | 367 |
Fomento de Construc y Contra SA | 6,203 | 349 |
Amadeus Global Travel | ||
Distribution SA | 38,012 | 332 |
Antena 3 Television | 15,140 | 303 |
Acciona SA | 3,052 | 302 |
Sacyr Vallehermoso SA | 12,350 | 291 |
Acerinox SA | 19,684 | 268 |
Indra Sistemas, SA | 13,384 | 265 |
Iberia (Linea Aerea Espana) | 91,994 | 263 |
Inmobiliaria Colonial SA | 4,881 | 260 |
Corporacion Mapfre SA | 14,531 | 217 |
Telefonica Publicidad e | ||
Informacion, SA | 19,201 | 167 |
*Sogecable SA | 4,512 | 160 |
Promotora de Informaciones SA | 8,172 | 158 |
Gamesa Corporacion | ||
Tecnologica, SA | 10,939 | 148 |
Sociedad General de | ||
Aguas de Barcelona SA | 6,202 | 134 |
*NH Hoteles SA | 8,543 | 117 |
*Zeltia SA | 14,509 | 98 |
Ebro Puleva SA | 4,336 | 77 |
*Metrovacesa SA Rights | ||
Exp. 7/5/2005 | 6,709 | 36 |
*Sacyr Vallehermoso SA Rights | ||
Exp. 7/12/2005 | 12,350 | 9 |
42,621 | ||
Sweden (2.4%) | ||
Telefonaktiebolaget LM | ||
Ericsson AB Class B | 1,805,215 | 5,762 |
Nordea Bank AB | 253,174 | 2,295 |
Hennes & Mauritz AB B Shares | 54,796 | 1,923 |
Svenska Handelsbanken | ||
AB A Shares | 59,370 | 1,210 |
TeliaSonera AB | 242,847 | 1,156 |
Volvo AB B Shares | 27,670 | 1,123 |
Sandvik AB | 26,721 | 991 |
Skandinaviska Enskilda | ||
Banken AB A Shares | 56,724 | 942 |
Electrolux AB Series B | 37,036 | 787 |
Svenska Cellulosa AB B Shares | 24,410 | 780 |
Atlas Copco AB A Shares | 38,757 | 612 |
Skandia Forsakrings AB | 109,000 | 599 |
Securitas AB B Shares | 32,140 | 535 |
Skanska AB B Shares | 42,768 | 527 |
Swedish Match AB | 41,331 | 469 |
42
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Volvo AB A Shares | 11,552 | $454 |
Assa Abloy AB | 32,600 | 418 |
SKF AB B Shares | 39,480 | 402 |
Scania AB Class B | 10,500 | 387 |
Atlas Copco AB Class B Shares | 23,790 | 341 |
Eniro AB | 29,600 | 336 |
Tele2 AB B Shares | 35,838 | 336 |
Fabege AB | 13,965 | 304 |
Castellum AB | 7,357 | 299 |
Getinge AB B Shares | 18,600 | 253 |
Gambro AB A Shares | 18,600 | 248 |
*Modern Times Group AB | 6,200 | 189 |
Svenskt Stal AB A Shares | 7,317 | 168 |
Trelleborg AB B Shares | 11,220 | 166 |
Holmen AB | 6,096 | 164 |
Gambro AB B Shares | 11,200 | 150 |
*Lundin Petroleum AB | 16,000 | 137 |
*Elekta AB B Shares | 3,200 | 133 |
Alfa Laval AB | 9,000 | 130 |
Hoganas AB B Shares | 4,800 | 129 |
*Capio AB | 8,400 | 124 |
*Wihlborgs Fastigheter | 4,640 | 113 |
*OMX AB | 8,860 | 101 |
*SAS AB | 9,375 | 81 |
Billerud Aktiebolag | 6,500 | 78 |
WM-Data AB Class B | 30,000 | 75 |
D. Carnegie & Co. AB | 6,100 | 72 |
Oriflame Cosmetics SA | 3,007 | 68 |
Axfood AB | 2,650 | 66 |
*Telelogic AB | 28,900 | 55 |
Svenskt Stal AB | 2,322 | 51 |
25,739 | ||
Switzerland (6.8%) | ||
Novartis AG (Registered) | 282,634 | 13,423 |
Nestle SA (Registered) | 48,851 | 12,484 |
Roche Holdings AG | 84,922 | 10,719 |
UBS AG (Registered) | 127,105 | 9,912 |
Credit Suisse Group (Registered) | 148,089 | 5,807 |
Zurich Financial Services AG | 17,968 | 3,083 |
Swiss Re (Registered) | 39,775 | 2,440 |
Cie. Financiere Richemont AG | 60,780 | 2,039 |
*ABB Ltd. | 222,445 | 1,440 |
Holcim Ltd. (Registered) | 20,796 | 1,264 |
Syngenta AG | 12,276 | 1,256 |
Swisscom AG | 3,053 | 995 |
Adecco SA (Registered) | 15,039 | 683 |
Synthes, Inc. | 5,352 | 587 |
Givaudan SA | 1,003 | 583 |
Swatch Group AG (Bearer) | 4,132 | 579 |
Nobel Biocare Holding AG | 2,622 | 531 |
Serono SA Class B | 823 | 527 |
CIBA Specialty Chemicals | ||
AG (Registered) | 7,724 | 449 |
SGS Societe Generale de | ||
Surveillance Holding SA | ||
(Registered) | 537 | 368 |
Clariant AG | 26,421 | 350 |
PSP Swiss Property AG | 7,187 | 312 |
*Logitech International SA | 9,466 | 304 |
Geberit AG | 406 | 260 |
Lonza AG (Registered) | 4,428 | 245 |
Schindler Holding AG (Ptg. Ctf.) | 616 | 222 |
*Unaxis Holding AG | 1,606 | 220 |
Swatch Group AG (Registered) | 7,181 | 205 |
Straumann Holding AG | 906 | 189 |
Sulzer AG (Registered) | 419 | 173 |
Phonak Holding AG | 4,454 | 167 |
*Micronas Semiconductor | ||
Holding AG | 3,849 | 145 |
Kudelski SA | 3,864 | 141 |
Rieter Holding AG | 481 | 133 |
*Kuoni Reisen Holding AG | ||
(Registered) | 321 | 130 |
SIG Holding AG | 364 | 82 |
*Valora Holding AG | 345 | 78 |
UBS AG | 741 | 58 |
72,583 | ||
United Kingdom (25.0%) | ||
BP PLC | 2,519,572 | 26,214 |
HSBC Holdings PLC | 1,355,094 | 21,558 |
Vodafone Group PLC | 7,851,177 | 19,096 |
GlaxoSmithKline PLC | 708,270 | 17,121 |
Royal Bank of Scotland | ||
Group PLC | 384,233 | 11,574 |
Shell Transport & | ||
Trading Co. PLC | 1,149,109 | 11,131 |
AstraZeneca Group PLC | 198,148 | 8,173 |
Barclays PLC | 784,765 | 7,782 |
HBOS PLC | 477,933 | 7,351 |
Lloyds TSB Group PLC | 681,720 | 5,760 |
Diageo PLC | 367,973 | 5,415 |
Tesco PLC | 936,039 | 5,335 |
BT Group PLC | 1,047,624 | 4,316 |
Anglo American PLC | 172,379 | 4,033 |
Rio Tinto PLC | 130,325 | 3,970 |
BHP Billiton PLC | 300,840 | 3,837 |
British American Tobacco PLC | 196,700 | 3,790 |
National Grid Transco PLC | 378,962 | 3,664 |
BG Group PLC | 435,160 | 3,574 |
Unilever PLC | 339,456 | 3,267 |
Aviva PLC | 290,157 | 3,223 |
Cadbury Schweppes PLC | 255,783 | 2,435 |
43
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Imperial Tobacco Group PLC | 85,389 | $2,296 |
Reckitt Benckiser PLC | 76,277 | 2,242 |
BAE Systems PLC | 400,942 | 2,055 |
Prudential PLC | 224,174 | 1,987 |
ScottishPower PLC | 223,660 | 1,985 |
Scottish & Southern Energy PLC | 107,528 | 1,947 |
GUS PLC | 122,973 | 1,936 |
Centrica PLC | 466,791 | 1,934 |
Legal & General Group PLC | 774,253 | 1,590 |
SABMiller PLC | 100,610 | 1,568 |
Reed Elsevier PLC | 162,382 | 1,552 |
BAA PLC | 135,974 | 1,507 |
Land Securities Group PLC | 60,322 | 1,498 |
WPP Group PLC | 140,006 | 1,435 |
Wolseley PLC | 68,213 | 1,431 |
British Sky Broadcasting | ||
Group PLC | 145,740 | 1,371 |
Kingfisher PLC | 299,740 | 1,316 |
Gallaher Group PLC | 83,637 | 1,242 |
Marks & Spencer Group PLC | 188,977 | 1,218 |
Reuters Group PLC | 167,073 | 1,179 |
Smiths Group PLC | 71,398 | 1,172 |
Smith & Nephew PLC | 111,744 | 1,099 |
Carnival PLC | 19,246 | 1,092 |
British Land Co., PLC | 69,391 | 1,087 |
Pearson PLC | 92,044 | 1,082 |
Rolls-Royce Group PLC | 202,970 | 1,042 |
ITV PLC | 469,848 | 1,032 |
BOC Group PLC | 56,488 | 1,014 |
3i Group PLC | 81,093 | 982 |
Boots Group PLC | 85,010 | 926 |
Man Group PLC | 35,689 | 922 |
Hilton Group PLC | 179,542 | 918 |
J. Sainsbury PLC | 163,213 | 832 |
Next PLC | 30,346 | 818 |
Cable and Wireless PLC | 305,741 | 814 |
Hanson Building Materials PLC | 84,115 | 807 |
Friends Provident PLC | 242,187 | 788 |
Scottish & Newcastle PLC | 92,093 | 763 |
InterContinental Hotels Group PLC | 60,368 | 760 |
United Utilities PLC | 63,991 | 755 |
Severn Trent PLC | 39,702 | 722 |
Enterprise Inns PLC | 47,274 | 705 |
Dixons Group PLC | 239,525 | 672 |
Hammerson PLC | 40,838 | 650 |
International Power PLC | 169,611 | 625 |
Imperial Chemical Industries PLC | 136,743 | 622 |
Liberty International PLC | 35,855 | 621 |
Yell Group PLC | 81,595 | 621 |
Amvescap PLC | 104,077 | 618 |
Exel PLC | 40,667 | 617 |
The Sage Group PLC | 149,252 | 597 |
Slough Estates PLC | 63,518 | 591 |
Royal & Sun Alliance | ||
Insurance Group PLC | 390,909 | 585 |
Rentokil Initial PLC | 201,209 | 576 |
BP PLC ADR | 9,184 | 573 |
Compass Group PLC | 134,361 | 563 |
Rexam PLC | 63,394 | 546 |
Kelda Group PLC | 43,527 | 544 |
Persimmon PLC | 38,890 | 543 |
BPB PLC | 57,201 | 541 |
William Hill PLC | 55,533 | 535 |
GKN PLC | 110,184 | 508 |
Capita Group PLC | 75,979 | 500 |
Johnson Matthey PLC | 25,336 | 483 |
The Peninsular & Oriental | ||
Steam Navigation Co. | 85,059 | 483 |
Whitbread PLC | 28,146 | 479 |
Emap PLC | 33,551 | 467 |
Alliance Unichem PLC | 30,464 | 463 |
Group 4 Securicor PLC | 176,225 | 463 |
Brambles Industries PLC | 84,270 | 460 |
Punch Taverns PLC | 33,678 | 441 |
Hays PLC | 188,182 | 435 |
George Wimpey PLC | 54,763 | 430 |
Tomkins PLC | 88,948 | 416 |
Daily Mail and General Trust | 34,989 | 411 |
Tate & Lyle PLC | 47,308 | 404 |
ARM Holdings PLC | 199,386 | 403 |
EMI Group PLC | 87,724 | 398 |
Taylor Woodrow PLC | 65,918 | 398 |
Signet Group PLC | 199,530 | 388 |
IMI PLC | 51,624 | 385 |
Trinity Mirror PLC | 34,376 | 380 |
Bunzl PLC | 38,808 | 360 |
Provident Financial PLC | 27,873 | 358 |
*Corus Group PLC | 477,923 | 357 |
Barratt Developments PLC | 27,558 | 353 |
*British Airways PLC | 73,564 | 345 |
Mitchells & Butlers PLC | 57,342 | 344 |
Pilkington PLC | 160,593 | 344 |
Travis Perkins PLC | 10,998 | 342 |
Associated British Ports | ||
Holdings PLC | 38,367 | 338 |
United Utilities PLC Class A | 56,521 | 333 |
ICAP PLC | 59,933 | 318 |
Cobham PLC | 12,055 | 305 |
Rank Group PLC | 63,300 | 304 |
Inchape PLC | 8,187 | 301 |
Cattles PLC | 53,662 | 296 |
London Stock Exchange PLC | 33,148 | 292 |
44
Tax-Managed International Fund | Shares | Market Value^ (000) |
---|---|---|
Kesa Electricals PLC | 56,844 | $284 |
United Business Media PLC | 31,915 | 283 |
Balfour Beatty PLC | 47,969 | 283 |
*The Berkeley Group Holdings | 17,147 | 280 |
Bellway PLC | 17,778 | 274 |
BBA Group PLC | 48,282 | 267 |
LogicaCMG PLC | 81,354 | 253 |
FirstGroup PLC | 42,770 | 252 |
Misys PLC | 59,036 | 251 |
Serco Group PLC | 53,955 | 246 |
Great Portland Estates PLC | 38,748 | 242 |
Meggitt PLC | 46,047 | 233 |
National Express Group PLC | 14,246 | 232 |
Schroders PLC | 16,788 | 227 |
De La Rue Group PLC | 31,190 | 226 |
Intertek Testing Services PLC | 17,796 | 223 |
Aegis Group PLC | 118,779 | 211 |
The Davis Service Group PLC | 24,608 | 200 |
Amec PLC | 33,458 | 197 |
Electrocomponents PLC | 45,755 | 196 |
Close Brothers Group PLC | 14,851 | 196 |
Arriva PLC | 19,438 | 189 |
HMV Group PLC | 44,537 | 188 |
Stagecoach Group PLC | 84,745 | 179 |
MFI Furniture Group PLC | 64,913 | 129 |
*Invensys PLC | 654,733 | 123 |
*Cookson Group PLC | 22,271 | 121 |
*Marconi Corp. PLC | 22,273 | 121 |
Premier Farnell PLC | 38,033 | 110 |
*Filtrona PLC | 24,948 | 109 |
Britannic Group PLC | 11,638 | 107 |
Isoft Group PLC | 14,104 | 106 |
SSL International PLC | 20,805 | 105 |
WPP Group PLC ADR | 2,004 | 102 |
FKI PLC | 58,917 | 102 |
First Choice Holidays PLC | 28,420 | 97 |
ScottishPower PLC ADR | 2,320 | 83 |
Bovis Homes Group PLC | 5,748 | 73 |
Aggreko PLC | 21,868 | 72 |
268,937 | ||
TOTAL INVESTMENTS (100.0%) | ||
(Cost $921,045) | 1,074,563 | |
OTHER ASSETS AND LIABILITIES (0.0%) | ||
Other Assets--Note B | 9,706 | |
Liabilities | (9,865) | |
(159) | ||
NET ASSETS (100%) | $1,074,404 | |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security. | ||
ADR-American Depositary Receipt. | ||
(Ptg. Ctf.)-Participating Certificates. | ||
AT JUNE 30, 2005, NET ASSETS CONSISTED OF: | |
---|---|
Amount (000) | |
Paid-in Capital | $987,331 |
Undistributed Net Investment Income | 17,967 |
Accumulated Net Realized Losses | (84,328) |
Unrealized Appreciation (Deprecation) | |
Investment Securities | 153,518 |
Foreign Currencies | (84) |
NET ASSETS | $1,074,404 |
Investor Shares--Net Assets | |
Applicable to 90,724,706 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $922,593 |
NET ASSET VALUE PER SHARE-- | |
INVESTOR SHARES | $10.17 |
Institutional Shares--Net Assets | |
Applicable to 14,915,636 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $151,811 |
NET ASSET VALUE PER SHARE-- | |
INSTITUTIONAL SHARES | $10.18 |
See Note D in Notes to Financial Statements for the tax-basis components of net assets. |
45
THIS PAGE INTENTIONALLY LEFT BLANK.
THIS PAGE INTENTIONALLY LEFT BLANK.
© 2005 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing
Corporation, Distributor.
F872 082005
Item 2: Not Applicable
Item 3: Not Applicable
Item 4: Not Applicable
Item 5: Not applicable.
Item 6: Not applicable.
Item 7: Not applicable.
Item 8: Not applicable.
Item 9: Not applicable.
Item 10: Not applicable.
Item 11: Controls and Procedures
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD TAX-MANAGED FUNDS | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | August 16, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD TAX-MANAGED FUNDS | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | August 16, 2005 |
VANGUARD TAX-MANAGED FUNDS | |
BY: | (signature) |
(HEIDI STAM) THOMAS J. HIGGINS* TREASURER |
Date: | August 16, 2005 |
*By Power of Attorney. Filed on December 20, 2004, see File Number 002-14336. Incorporated by Reference.