UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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, 2013 – December 31, 2013
Item 1: Reports to Shareholders
Annual Report | December 31, 2013
Vanguard Tax-Managed Funds®
Vanguard Tax-Managed Balanced Fund Vanguard Tax-Managed Growth and Income Fund Vanguard Tax-Managed Capital Appreciation Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Tax-Managed Balanced Fund. | 9 |
Tax-Managed Growth and Income Fund. | 61 |
Tax-Managed Capital Appreciation Fund. | 79 |
Tax-Managed Small-Cap Fund. | 97 |
Your Fund’s After-Tax Returns. | 118 |
About Your Fund’s Expenses. | 120 |
Glossary. | 122 |
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 front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas. This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns | |
Fiscal Year Ended December 31, 2013 | |
Total | |
Returns | |
Vanguard Tax-Managed Balanced Fund | 14.34% |
Tax-Managed Balanced Composite Index | 14.95 |
Mixed-Asset Target Allocation Moderate Funds Average | 14.05 |
For a benchmark description, see the Glossary. | |
Mixed-Asset Target Allocation Moderate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Growth and Income Fund | |
Admiral™ Shares | 32.25% |
Institutional Shares | 32.30 |
S&P 500 Index | 32.39 |
Large-Cap Core Funds Average | 31.42 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Capital Appreciation Fund | |
Admiral Shares | 33.67% |
Institutional Shares | 33.73 |
Russell 1000 Index | 33.11 |
Multi-Cap Core Funds Average | 32.12 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Small-Cap Fund | |
Admiral Shares | 41.00% |
Institutional Shares | 41.09 |
S&P SmallCap 600 Index | 41.31 |
Small-Cap Core Funds Average | 36.57 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Institutional Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
1
Dear Shareholder, Stocks and bonds traveled very different routes during 2013. A remarkable rally lifted the returns of the stock-only Vanguard Tax-Managed Funds to their highest levels since their operations began almost 15 years ago. The upswing in stocks also helped the Tax-Managed Balanced Fund, which, in a tough year for the bond market, nevertheless achieved a strong result. The funds’ | |
Chairman’s Letter | returns ranged from about 14% for the Tax-Managed Balanced Fund to about 41% for the Tax-Managed Small-Cap Fund, consistent with those of their benchmark indexes. The funds use an index-oriented strategy to accomplish their goal of minimizing taxes; as they have since their inception, they met that objective. As you may be aware by now, the Vanguard Tax-Managed Growth and Income Fund will be merged into the 500 Index Fund in the coming months, a step intended to simplify our fund lineup. The tax-managed fund is designed to closely follow the S&P 500 Index as its benchmark. The effect of the funds’ tax-management strategy is shown in the Performance at a Glance chart on page 8. The advisors, Vanguard’s Equity Investment Group and Fixed Income Group, continued to avoid distributing capital gains to shareholders while deviating as little as possible from the funds’ indexing strategy. |
2
You may wish to review the table later in this report that shows the funds’ after-tax returns for the past one, five, and ten years. (We review the performance of Vanguard Tax-Managed International Fund in a separate report.)
Earnings, optimism, and stimulus made it a big year for U.S. stocks
The surge in stocks for the 12 months ended December 31—the Russell 3000 Index returned almost 34%, for example—produced their best calendar-year finish since 1995. Corporations posted solid earnings and investors placed a higher premium on those earnings. The Federal Reserve’s massive bond-buying program aimed at stimulating the economy by lowering interest rates also supported
stock markets. In fact, stocks slumped briefly in the summer—and then snapped back—when questions arose about the timing of the program’s unwinding. The downturn in bonds lasted longer, affecting the whole year as speculation continued. In December, the Fed ended the uncertainty by announcing that it would begin paring its bond purchases in January 2014.
International stocks returned about 15%; the developed markets of Europe and the Pacific region posted double-digit results, but emerging markets dipped into negative territory.
For 2014, Vanguard Chief Economist Joe Davis and his team are guarded in their outlook for global stock returns,
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2013 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 33.11% | 16.30% | 18.59% |
Russell 2000 Index (Small-caps) | 38.82 | 15.67 | 20.08 |
Russell 3000 Index (Broad U.S. market) | 33.55 | 16.24 | 18.71 |
MSCI All Country World Index ex USA (International) | 15.29 | 5.14 | 12.81 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | -2.02% | 3.26% | 4.44% |
Barclays Municipal Bond Index (Broad tax-exempt market) | -2.55 | 4.83 | 5.89 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.05 | 0.06 | 0.09 |
CPI | |||
Consumer Price Index | 1.50% | 2.07% | 2.08% |
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and their forecast for the bond market remains muted. Although Joe readily acknowledges that such forecasts are accompanied by uncertainty, he writes, “We believe a balanced and diversified, low-cost portfolio can remain a high-value proposition in the decade ahead.” (You can read more about our expectations for bond and stock returns in Vanguard’s Economic and Investment Outlook, available at vanguard.com/research.)
Bond returns faltered as the Fed’s phaseout loomed
The Fed’s plans for phasing out its bond-buying program rattled investors, who sold bonds in anticipation of further price declines. The broad U.S. taxable bond
market returned –2.02%—its first negative calendar-year result since 1999 and its worst calendar-year performance since 1994. Municipal bonds returned –2.55% in aggregate. As bond prices declined, yields rose. (Bond yields and prices move in opposite directions.) The yield of the benchmark 10-year Treasury note closed at 2.97%, up from 1.76% at the close of December 2012.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –3.08%. Money market fund and savings account returns remained tiny as the Fed held short-term interest rates between 0% and 0.25%.
Expense Ratios | |||
Your Fund Compared With Its Peer Group | |||
Admiral | Institutional | Peer Group | |
Shares | Shares | Average | |
Tax-Managed Balanced Fund | 0.12% | — | 0.96% |
Tax-Managed Growth and Income Fund | 0.12 | 0.08% | 1.15 |
Tax-Managed Capital Appreciation Fund | 0.12 | 0.08 | 1.20 |
Tax-Managed Small-Cap Fund | 0.14 | 0.10 | 1.34 |
The fund expense ratios shown are from the prospectus dated December 19, 2013, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2013, the funds’ expense ratios were: for the Tax-Managed Balanced Fund, 0.12%; for the Tax-Managed Growth and Income Fund, 0.12% for Admiral Shares and 0.08% for Institutional Shares; for the Tax-Managed Capital Appreciation Fund, 0.12% for Admiral Shares and 0.08% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.12% for Admiral Shares and 0.08% for Institutional Shares. Peer group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2012.
Peer groups: For the Tax-Managed Balanced Fund, Mixed-Asset Target Allocation Moderate Funds; for the Tax-Managed Growth and Income Fund, Large-Cap Core Funds; for the Tax-Managed Capital Appreciation Fund, Multi-Cap Core Funds; and for the Tax-Managed Small-Cap Fund, Small-Cap Core Funds.
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Similar sector trends benefited each fund
The Small-Cap Fund returned about 41%. This result was bolstered by both the broad rally in stocks and the leadership position that small-caps have generally experienced since the financial crisis.
The returns of the Growth and Income Fund and the Capital Appreciation Fund were about the same—32% and 34%.
The Growth and Income Fund tracks the S&P 500 Index, which is dominated by large-cap stocks; the Capital Appreciation Fund follows the Russell 1000 Index of large- and mid-caps.
The Tax-Managed Balanced Fund, which seeks to hold half of its assets in stocks and half in municipal bonds, returned 14.34%. For perspective on the extreme market dynamics affecting the fund, note
Total Returns | |
Ten Years Ended December 31, 2013 | |
Average | |
Annual Return | |
Tax-Managed Balanced Fund | 6.24% |
Tax-Managed Balanced Composite Index | 6.50 |
Mixed-Asset Target Allocation Moderate Funds Average | 5.53 |
For a benchmark description, see the Glossary. |
Mixed-Asset Target Allocation Moderate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Tax-Managed Growth and Income Fund Admiral Shares | 7.37% |
S&P 500 Index | 7.41 |
Large-Cap Core Funds Average | 6.12 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Tax-Managed Capital Appreciation Fund Admiral Shares | 7.97% |
Russell 1000 Index | 7.78 |
Multi-Cap Core Funds Average | 6.88 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Tax-Managed Small-Cap Fund Admiral Shares | 10.65% |
S&P SmallCap 600 Index | 10.65 |
Small-Cap Core Funds Average | 8.46 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) 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.
5
that the benchmark for the equity portion (the Russell 1000 Index) returned about 33%, and the index for the bond portion (the Barclays 1–15 Year Municipal Bond Index) returned about -1%.
Despite their differing mandates, the funds were affected by some similar broad trends.
For each fund, stocks in the health care sector returned more than 40% for the year as some of the uncertainty over the impact of the new federal health care law dissipated. Consumer discretionary and industrial stocks also returned nearly 40% or more in each fund. These companies are particularly attuned to the rhythms of the business cycle, which seems to be strengthening. Financials returned more than 30% as uncertainty over new regulations diminished, stocks rebounded, and longer-term yields rose as shorter-term yields (anchored by Fed policy) were relatively unchanged—a relationship that has the potential to increase profit margins.
The funds’ indexing strategy has worked well over the decade
For the past decade, the four domestic Tax-Managed Funds have succeeded in capturing the returns of the markets they track, as shown in the table on page 5. Slight differences between a fund and its index can primarily be attributable to the expenses that real-life funds incur and indexes don’t. The funds have also outpaced the average return of their competitive peers by a significant margin.
These results reflect the skill of the funds’ advisors, Vanguard’s Equity Investment Group and Fixed Income Group, and the experience they have accumulated over many years of implementing low-cost index strategies.
The power of compounding can put time on your side
The purpose of my annual letter to you is, of course, to report on how your fund fared over the past year. It’s important to be aware of how your fund is doing in the latest market environment; however, short-term performance isn’t what matters most. The focus on the preceding 12 months shouldn’t distract investors from the long-term commitment they need.
To be sure, you can’t influence many aspects of investing success, including overall market performance. But you can control how long you invest. That’s important because it allows you to harness the power of compounding—the snowball effect that occurs when your earnings generate even more earnings. As Benjamin Franklin said, “Money makes money.”
A simple example illustrates the benefits that can potentially result from investing and then reinvesting your money over the long haul. Suppose you were able to put away $10,000 and earn 6% a year (keep in mind that this is hypothetical; actual returns would likely be different and less predictable). If you keep reinvesting the
6
earnings, after ten years your investment
will have grown to almost $18,000. After
30 years, it will total more than $57,000.
Compounding can make a real difference
over time, particularly when combined
with Vanguard’s low expense ratios, which
allow you to keep more of the return on
your investment.
As always, thank you for entrusting your
assets to Vanguard.
F. William McNabb III
Chairman and Chief Executive Officer
January 17, 2014
A note on expense ratios
The Expense Ratios table in each shareholder report’s Chairman’s Letter displays fund expense ratios from the most recent prospectus. These figures include the funds’ actual operating expenses. For some funds, the figures also include “acquired fund fees and expenses,” which result from the funds’ holdings in business development companies (BDCs).
Although the Securities and Exchange Commission requires that BDC costs be included in a fund’s expense ratio, these fees are not incurred by the fund. They have no impact on a fund’s total return or on its tracking error relative to an index. A footnote to the Expense Ratios table reports the fund’s actual expenses for the fiscal year, a more relevant tally of the operating costs incurred by shareholders.
7
Your Fund’s Performance at a Glance | ||||
December 31, 2012, Through December 31, 2013 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Tax-Managed Balanced Fund | $22.25 | $24.90 | $0.514 | $0.000 |
Vanguard Tax-Managed Growth and Income | ||||
Fund | ||||
Admiral Shares | $63.89 | $82.86 | $1.475 | $0.000 |
Institutional Shares | 31.09 | 40.32 | 0.732 | 0.000 |
Vanguard Tax-Managed Capital Appreciation | ||||
Fund | ||||
Admiral Shares | $71.17 | $93.70 | $1.421 | $0.000 |
Institutional Shares | 35.36 | 46.56 | 0.722 | 0.000 |
Vanguard Tax-Managed Small-Cap Fund | ||||
Admiral Shares | $31.16 | $43.53 | $0.402 | $0.000 |
Institutional Shares | 31.22 | 43.63 | 0.416 | 0.000 |
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Tax-Managed Balanced Fund
Fund Profile
As of December 31, 2013
Equity and Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Stock | |||
Russell | Market | ||
1000 | FA | ||
Fund | Index | Index | |
Number of Stocks | 648 | 1,015 | 3,653 |
Median Market Cap | $47.2B | $56.1B | $43.0B |
Price/Earnings Ratio | 20.0x | 19.9x | 20.7x |
Price/Book Ratio | 2.7x | 2.7x | 2.7x |
Return on Equity | 17.3% | 17.3% | 16.5% |
Earnings Growth | |||
Rate | 12.4% | 11.4% | 11.4% |
Dividend Yield | 1.6% | 1.9% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 9% | — | — |
Ticker Symbol | VTMFX | — | — |
Expense Ratio1 | 0.12% | — | — |
30-Day SEC Yield | 1.89% | — | — |
Short-Term Reserves | 0.0% | — | — |
Fixed Income Characteristics | |||
Barclays Barclays | |||
1-15 Year | Municipal | ||
Municipal | Bond | ||
Fund | Index | Index | |
Number of Bonds | 1,110 | 37,757 | 46,548 |
Yield to Maturity | |||
(before expenses) | 2.4% | 2.4% | 3.2% |
Average Coupon | 4.3% | 4.8% | 4.9% |
Average Duration | 5.3 years | 5.9 years | 8.4 years |
Average Effective | |||
Maturity | 5.4 years | 5.2 years | 7.4 years |
Total Fund Volatility Measures | ||
DJ | ||
U.S. Total | ||
Tax-Managed | Stock | |
Balanced | Market | |
Comp Index | FA Index | |
R-Squared | 1.00 | 0.91 |
Beta | 1.00 | 0.46 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Stocks (% of equity portfolio)
Apple Inc. | Computer Hardware | 2.7% |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.3 |
Google Inc. | Internet Software & | |
Services | 1.7 | |
General Electric Co. | Industrial | |
Conglomerates | 1.5 | |
Microsoft Corp. | Systems Software | 1.5 |
Johnson & Johnson | Pharmaceuticals | 1.2 |
Berkshire Hathaway Inc. Property & Casualty | ||
Insurance | 1.2 | |
Chevron Corp. | Integrated Oil & Gas | 1.2 |
Procter & Gamble Co. | Household Products | 1.1 |
Wells Fargo & Co. | Diversified Banks | 1.1 |
Top Ten | 15.5% | |
Top Ten as % of Total Net Assets | 7.4% |
The holdings listed exclude any temporary cash investments and equity index products.
Fund Asset Allocation
1 The expense ratio shown is from the prospectus dated December 19, 2013, and represents estimated costs for the current fiscal year. For the fiscal year ended December 31, 2013, the expense ratio was 0.12%.
9
Tax-Managed Balanced Fund
Sector Diversification (% of equity exposure)
DJ | |||
U.S. Total | |||
Russell | Stock | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 15.3% | 15.0% | 15.0% |
Consumer Staples | 7.9 | 7.9 | 7.5 |
Energy | 9.6 | 9.6 | 9.5 |
Financial Services | 18.7 | 18.6 | 18.8 |
Health Care | 12.2 | 12.4 | 12.4 |
Materials & | |||
Processing | 4.5 | 4.3 | 4.6 |
Producer Durables | 11.5 | 11.6 | 11.8 |
Technology | 15.6 | 15.6 | 15.5 |
Utilities | 4.7 | 5.0 | 4.9 |
Distribution by Credit Quality (% of fixed | |
income portfolio) | |
AAA | 20.4% |
AA | 49.3 |
A | 24.5 |
BBB | 5.4 |
Not Rated | 0.4 |
For information about these ratings, see the Glossary entry for Credit Quality.
Equity Investment Focus | ||||
Style | Value | Blend | Growth | |
Market Cap | Large | |||
Medium | ||||
Small |
Fixed Income Investment Focus
Average Maturity | Short | Med. | Long | |
Credit Quality | High | |||
Medium | ||||
Low |
Distribution by Effective Maturity | |
(% of fixed income portfolio) | |
Under 1 Year | 13.8% |
1 - 3 Years | 15.3 |
3 - 5 Years | 17.0 |
5 - 10 Years | 48.4 |
10 - 20 Years | 5.5 |
Largest Area Concentrations (% of fixed income portfolio)
New York | 15.3% |
California | 14.7 |
Texas | 7.3 |
Pennsylvania | 5.9 |
Massachusetts | 5.2 |
New Jersey | 4.9 |
Florida | 4.7 |
Illinois | 4.4 |
Ohio | 3.2 |
Arizona | 2.9 |
Top Ten | 68.5% |
"Largest Area Concentration" figures exclude any fixed income futures contracts.
10
Tax-Managed Balanced Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) 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.
For a benchmark description, see the Glossary.
Mixed-Asset Target Allocation Moderate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
See Financial Highlights for dividend and capital gains information.
11
Tax-Managed Balanced Fund
Fiscal-Year Total Returns (%): December 31, 2003, Through December 31, 2013
Tax-Managed Balanced Fund
Tax-Managed Balanced Composite Index
For a benchmark description, see the Glossary.
12
Tax-Managed Balanced Fund
Financial Statements
Statement of Net Assets
As of December 31, 2013
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | Market | ||||
Value | Value | ||||
Shares | ($000) | Shares | ($000) | ||
Common Stocks (47.9%) | Ross Stores Inc. | 11,104 | 832 | ||
Consumer Discretionary (7.3%) | Tractor Supply Co. | 10,314 | 800 | ||
* Amazon.com Inc. | 14,002 | 5,584 | Marriott International Inc. | ||
Walt Disney Co. | 68,566 | 5,238 | Class A | 15,783 | 779 |
Comcast Corp. Class A | 91,445 | 4,752 | Polaris Industries Inc. | 5,200 | 757 |
Wal-Mart Stores Inc. | 56,649 | 4,458 | PVH Corp. | 5,483 | 746 |
Home Depot Inc. | 42,999 | 3,540 | * Jarden Corp. | 12,138 | 745 |
* eBay Inc. | 52,744 | 2,895 | Coach Inc. | 13,120 | 736 |
Twenty-First Century Fox Inc. | * Liberty Global plc | 8,653 | 730 | ||
Class A | 79,051 | 2,781 | Ralph Lauren Corp. Class A | 4,073 | 719 |
McDonald’s Corp. | 26,674 | 2,588 | * Liberty Global plc Class A | 7,927 | 705 |
* priceline.com Inc. | 2,158 | 2,508 | Expedia Inc. | 10,091 | 703 |
Starbucks Corp. | 30,263 | 2,372 | Gap Inc. | 17,925 | 700 |
NIKE Inc. Class B | 29,894 | 2,351 | Newell Rubbermaid Inc. | 21,418 | 694 |
Lowe’s Cos. Inc. | 44,915 | 2,226 | Advance Auto Parts Inc. | 6,264 | 693 |
Ford Motor Co. | 142,400 | 2,197 | * Dollar Tree Inc. | 12,088 | 682 |
Time Warner Inc. | 30,596 | 2,133 | Carnival Corp. | 16,650 | 669 |
Costco Wholesale Corp. | 17,617 | 2,097 | * Michael Kors Holdings Ltd. | 8,200 | 666 |
TJX Cos. Inc. | 31,586 | 2,013 | Nu Skin Enterprises Inc. | ||
CBS Corp. Class B | 28,800 | 1,836 | Class A | 4,800 | 663 |
* DIRECTV | 23,818 | 1,646 | Kohl’s Corp. | 11,385 | 646 |
Viacom Inc. Class B | 17,927 | 1,566 | Fortune Brands Home | ||
* General Motors Co. | 37,900 | 1,549 | & Security Inc. | 14,125 | 645 |
Target Corp. | 22,045 | 1,395 | Scripps Networks | ||
Yum! Brands Inc. | 16,305 | 1,233 | Interactive Inc. Class A | 7,068 | 611 |
Johnson Controls Inc. | 21,300 | 1,093 | * DR Horton Inc. | 27,322 | 610 |
Macy’s Inc. | 20,294 | 1,084 | * WABCO Holdings Inc. | 6,496 | 607 |
Time Warner Cable Inc. | 7,643 | 1,036 | Royal Caribbean Cruises Ltd. | 12,547 | 595 |
Estee Lauder Cos. Inc. | * Discovery Communications | ||||
Class A | 12,718 | 958 | Inc. Class A | 6,441 | 582 |
* Bed Bath & Beyond Inc. | 11,700 | 939 | Lear Corp. | 7,000 | 567 |
Harley-Davidson Inc. | 13,490 | 934 | BorgWarner Inc. | 9,752 | 545 |
* Dollar General Corp. | 15,400 | 929 | PetSmart Inc. | 7,424 | 540 |
* AutoZone Inc. | 1,921 | 918 | Harman International | ||
* Liberty Media Corp. Class A | 5,904 | 865 | Industries Inc. | 6,307 | 516 |
Starwood Hotels & Resorts | * NVR Inc. | 500 | 513 | ||
Worldwide Inc. | 10,707 | 851 | * TripAdvisor Inc. | 6,191 | 513 |
* O’Reilly Automotive Inc. | 6,562 | 845 | Dillard’s Inc. Class A | 5,013 | 487 |
* DISH Network Corp. Class A | 14,505 | 840 | Hanesbrands Inc. | 6,900 | 485 |
Chico’s FAS Inc. | 24,700 | 465 |
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Tax-Managed Balanced Fund | |||||
Market | Market | ||||
Value | Value | ||||
Shares | ($000) | Shares | ($000) | ||
International Game | Walgreen Co. | 28,118 | 1,615 | ||
Technology | 25,567 | 464 | Archer-Daniels-Midland Co. | 31,873 | 1,383 |
Wyndham Worldwide Corp. | 6,300 | 464 | Whole Foods Market Inc. | 19,200 | 1,110 |
Lennar Corp. Class A | 11,723 | 464 | Mead Johnson Nutrition Co. | 11,313 | 948 |
Service Corp. | Hershey Co. | 9,000 | 875 | ||
International | 25,400 | 460 | Coca-Cola Enterprises Inc. | 18,186 | 803 |
Brinker International Inc. | 9,637 | 447 | Tyson Foods Inc. Class A | 23,410 | 783 |
Domino’s Pizza Inc. | 6,400 | 446 | Bunge Ltd. | 9,330 | 766 |
DSW Inc. Class A | 10,400 | 444 | Kroger Co. | 19,300 | 763 |
Las Vegas Sands Corp. | 5,600 | 442 | * Constellation Brands Inc. | ||
* Starz | 15,104 | 442 | Class A | 10,787 | 759 |
Aaron’s Inc. | 14,711 | 432 | Brown-Forman Corp. Class B | 9,888 | 747 |
John Wiley & Sons Inc. | Beam Inc. | 10,800 | 735 | ||
Class A | 7,818 | 432 | * Green Mountain Coffee | ||
Thor Industries Inc. | 7,000 | 387 | Roasters Inc. | 9,629 | 728 |
Wendy’s Co. | 43,670 | 381 | * Monster Beverage Corp. | 10,638 | 721 |
* News Corp. Class A | 21,037 | 379 | JM Smucker Co. | 6,951 | 720 |
McGraw Hill Financial Inc. | 4,600 | 360 | McCormick & Co. Inc. | 9,747 | 672 |
Gentex Corp. | 10,743 | 354 | Church & Dwight Co. Inc. | 10,055 | 666 |
Signet Jewelers Ltd. | 4,400 | 346 | Safeway Inc. | 20,134 | 656 |
* Bally Technologies Inc. | 4,200 | 329 | Molson Coors Brewing Co. | ||
Comcast Corp. | 6,476 | 323 | Class B | 11,000 | 618 |
* Liberty Ventures Class A | 2,542 | 312 | Energizer Holdings Inc. | 5,665 | 613 |
Burger King Worldwide Inc. | 13,300 | 304 | Herbalife Ltd. | 7,427 | 585 |
Omnicom Group Inc. | 3,800 | 283 | Hormel Foods Corp. | 12,892 | 582 |
Delphi Automotive plc | 4,600 | 277 | Kimberly-Clark Corp. | 5,172 | 540 |
Dunkin’ Brands Group Inc. | 5,700 | 275 | Ingredion Inc. | 7,686 | 526 |
* Panera Bread Co. Class A | 1,300 | 230 | Hillshire Brands Co. | 14,887 | 498 |
* MGM Resorts International | 8,013 | 188 | * WhiteWave Foods Co. | ||
Family Dollar Stores Inc. | 2,666 | 173 | Class A | 20,166 | 463 |
* Toll Brothers Inc. | 2,000 | 74 | Dean Foods Co. | 23,001 | 395 |
CST Brands Inc. | 1,966 | 72 | Dr Pepper Snapple Group Inc. 7,332 | 357 | |
* Murphy USA Inc. | 1,675 | 70 | GNC Holdings Inc. Class A | 5,200 | 304 |
* Netflix Inc. | 177 | 65 | Kraft Foods Group Inc. | 4,779 | 258 |
* Liberty Interactive Corp. | General Mills Inc. | 5,114 | 255 | ||
Class A | 2,138 | 63 | Clorox Co. | 500 | 46 |
Weight Watchers | 53,153 | ||||
International Inc. | 1,317 | 43 | Energy (4.6%) | ||
* AMC Networks Inc. Class A | 573 | 39 | Exxon Mobil Corp. | 153,915 | 15,576 |
Lennar Corp. Class B | 680 | 23 | Chevron Corp. | 61,832 | 7,723 |
H&R Block Inc. | 500 | 14 | Schlumberger Ltd. | 36,667 | 3,304 |
DeVry Education Group Inc. | 300 | 11 | ConocoPhillips | 30,112 | 2,127 |
Cablevision Systems Corp. | Phillips 66 | 26,406 | 2,037 | ||
Class A | 394 | 7 | EOG Resources Inc. | 11,828 | 1,985 |
102,515 | Occidental Petroleum Corp. | 20,404 | 1,940 | ||
Consumer Staples (3.8%) | Anadarko Petroleum Corp. | 20,490 | 1,625 | ||
Procter & Gamble Co. | 92,149 | 7,502 | Halliburton Co. | 31,325 | 1,590 |
Coca-Cola Co. | 136,364 | 5,633 | Apache Corp. | 15,914 | 1,368 |
Philip Morris International Inc. | 50,494 | 4,400 | Pioneer Natural | ||
PepsiCo Inc. | 45,890 | 3,806 | Resources Co. | 6,719 | 1,237 |
CVS Caremark Corp. | 48,092 | 3,442 | Hess Corp. | 14,804 | 1,229 |
Mondelez International Inc. | Noble Energy Inc. | 17,598 | 1,199 | ||
Class A | 72,537 | 2,561 | Devon Energy Corp. | 18,657 | 1,154 |
Colgate-Palmolive Co. | 38,670 | 2,522 | Marathon Petroleum Corp. | 12,141 | 1,114 |
Altria Group Inc. | 46,800 | 1,797 | National Oilwell Varco Inc. | 12,629 | 1,004 |
14
Tax-Managed Balanced Fund | |||||
Market | Market | ||||
Value | Value | ||||
Shares | ($000) | Shares | ($000) | ||
Cabot Oil & Gas Corp. | 23,804 | 923 | US Bancorp | 46,300 | 1,871 |
* Cameron International Corp. | 14,852 | 884 | Capital One Financial Corp. | 22,592 | 1,731 |
Range Resources Corp. | 10,046 | 847 | American Tower Corporation | 17,573 | 1,403 |
EQT Corp. | 9,297 | 835 | Discover Financial Services | 24,229 | 1,356 |
* FMC Technologies Inc. | 15,086 | 788 | IntercontinentalExchange | ||
* Concho Resources Inc. | 7,200 | 778 | Group Inc. | 5,621 | 1,264 |
Cimarex Energy Co. | 6,576 | 690 | Franklin Resources Inc. | 20,875 | 1,205 |
Helmerich & Payne Inc. | 7,915 | 665 | Aon plc | 14,000 | 1,174 |
* Whiting Petroleum Corp. | 10,200 | 631 | SunTrust Banks Inc. | 28,729 | 1,058 |
HollyFrontier Corp. | 12,492 | 621 | Charles Schwab Corp. | 38,805 | 1,009 |
SM Energy Co. | 7,172 | 596 | Public Storage | 6,572 | 989 |
* Continental | Moody’s Corp. | 12,400 | 973 | ||
Resources Inc. | 5,164 | 581 | State Street Corp. | 13,069 | 959 |
* Denbury Resources Inc. | 33,900 | 557 | Travelers Cos. Inc. | 10,589 | 959 |
QEP Resources Inc. | 17,725 | 543 | Hartford Financial Services | ||
CONSOL Energy Inc. | 14,205 | 540 | Group Inc. | 26,400 | 956 |
Nabors Industries Ltd. | 31,490 | 535 | * Fiserv Inc. | 15,942 | 941 |
* Oil States International Inc. | 5,198 | 529 | Progressive Corp. | 33,697 | 919 |
* Dresser-Rand Group Inc. | 8,522 | 508 | * Alliance Data Systems Corp. | 3,477 | 914 |
* Dril-Quip Inc. | 4,600 | 506 | Allstate Corp. | 16,400 | 894 |
* Rowan Cos. plc Class A | 14,283 | 505 | Boston Properties Inc. | 8,781 | 881 |
* Superior Energy Services Inc. | 18,921 | 503 | Loews Corp. | 18,116 | 874 |
* SandRidge Energy Inc. | 81,113 | 492 | Lincoln National Corp. | 16,830 | 869 |
Patterson-UTI Energy Inc. | 19,302 | 489 | Host Hotels & Resorts Inc. | 44,299 | 861 |
* Newfield Exploration Co. | 19,327 | 476 | Regions Financial Corp. | 84,715 | 838 |
World Fuel Services Corp. | 10,500 | 453 | Fidelity National Information | ||
Murphy Oil Corp. | 6,700 | 435 | Services Inc. | 15,481 | 831 |
* Kosmos Energy Ltd. | 32,697 | 366 | Fifth Third Bancorp | 38,275 | 805 |
Valero Energy Corp. | 7,200 | 363 | KeyCorp | 59,618 | 800 |
* First Solar Inc. | 5,800 | 317 | * Affiliated Managers | ||
Marathon Oil Corp. | 8,482 | 299 | Group Inc. | 3,684 | 799 |
Baker Hughes Inc. | 5,150 | 285 | General Growth | ||
* Southwestern Energy Co. | 4,331 | 170 | Properties Inc. | 37,600 | 755 |
Chesapeake Energy Corp. | 4,500 | 122 | Ameriprise Financial Inc. | 6,380 | 734 |
* McDermott International Inc. | 11,085 | 102 | Unum Group | 20,827 | 731 |
Williams Cos. Inc. | 1,500 | 58 | Comerica Inc. | 14,900 | 708 |
Diamond Offshore Drilling Inc. 800 | 46 | MetLife Inc. | 12,940 | 698 | |
Kinder Morgan Inc. | 700 | 25 | TD Ameritrade Holding Corp. | 21,961 | 673 |
Peabody Energy Corp. | 9 | — | * E*TRADE Financial Corp. | 34,200 | 672 |
64,275 | SL Green Realty Corp. | 7,059 | 652 | ||
Financial Services (8.9%) | * CBRE Group Inc. Class A | 24,373 | 641 | ||
* Berkshire Hathaway Inc. | Torchmark Corp. | 8,148 | 637 | ||
Class B | 67,377 | 7,988 | Legg Mason Inc. | 14,354 | 624 |
Wells Fargo & Co. | 160,021 | 7,265 | * Arch Capital Group Ltd. | 10,450 | 624 |
JPMorgan Chase & Co. | 117,801 | 6,889 | Equifax Inc. | 8,958 | 619 |
Citigroup Inc. | 115,392 | 6,013 | Everest Re Group Ltd. | 3,900 | 608 |
Visa Inc. Class A | 19,224 | 4,281 | PNC Financial Services | ||
MasterCard Inc. Class A | 4,610 | 3,851 | Group Inc. | 7,700 | 597 |
American Express Co. | 37,459 | 3,399 | Raymond James | ||
Goldman Sachs Group Inc. | 18,185 | 3,223 | Financial Inc. | 11,434 | 597 |
Bank of America Corp. | 197,817 | 3,080 | Global Payments Inc. | 9,114 | 592 |
American International | Aflac Inc. | 8,800 | 588 | ||
Group Inc. | 58,900 | 3,007 | East West Bancorp Inc. | 16,769 | 586 |
Morgan Stanley | 65,960 | 2,069 | Federal Realty | ||
Simon Property Group Inc. | 12,878 | 1,960 | Investment Trust | 5,719 | 580 |
15
Tax-Managed Balanced Fund | ||||||
Market | Market | |||||
Value | Value | |||||
Shares | ($000) | Shares | ($000) | |||
Chubb Corp. | 6,000 | 580 | First Citizens | |||
Reinsurance Group | BancShares Inc. Class A | 1,767 | 393 | |||
of America Inc. Class A | 7,470 | 578 | Commerce | |||
Assurant Inc. | 8,700 | 577 | Bancshares Inc. | 8,713 | 391 | |
* Howard Hughes Corp. | 4,800 | 577 | Morningstar Inc. | 4,828 | 377 | |
Equity Residential | 10,950 | 568 | * Brixmor Property Group Inc. | 18,500 | 376 | |
* MSCI Inc. Class A | 12,934 | 565 | CNA Financial Corp. | 8,693 | 373 | |
* Realogy Holdings Corp. | 11,400 | 564 | Apartment Investment | |||
* Markel Corp. | 971 | 564 | & Management Co. Class A | 14,176 | 367 | |
Zions Bancorporation | 18,451 | 553 | Douglas Emmett Inc. | 15,734 | 366 | |
SEI Investments Co. | 15,847 | 550 | Huntington | |||
Total System Services Inc. | 16,500 | 549 | Bancshares Inc. | 34,600 | 334 | |
First Republic Bank | 10,400 | 544 | * TFS Financial Corp. | 27,100 | 328 | |
NASDAQ OMX Group Inc. | 13,673 | 544 | American Homes 4 Rent | |||
* Alleghany Corp. | 1,339 | 536 | Class A | 18,900 | 306 | |
* American Capital Ltd. | 33,600 | 526 | Hanover Insurance Group Inc. | 5,014 | 299 | |
City National Corp. | 6,600 | 523 | Bank of New York | |||
Jones Lang LaSalle Inc. | 5,012 | 513 | Mellon Corp. | 7,732 | 270 | |
Weyerhaeuser Co. | 16,207 | 512 | ACE Ltd. | 2,600 | 269 | |
Prudential Financial Inc. | 5,512 | 508 | Synovus Financial Corp. | 74,500 | 268 | |
Leucadia National Corp. | 17,933 | 508 | BOK Financial Corp. | 4,040 | 268 | |
Allied World Assurance Co. | * Signature Bank | 2,400 | 258 | |||
Holdings AG | 4,448 | 502 | Retail Properties | |||
RenaissanceRe Holdings Ltd. | 5,098 | 496 | of America Inc. | 19,700 | 251 | |
BRE Properties Inc. | 9,000 | 492 | ProAssurance Corp. | 5,000 | 242 | |
* Gaming and Leisure | Washington Federal Inc. | 10,100 | 235 | |||
Properties Inc. | 9,600 | 488 | Essex Property Trust Inc. | 1,600 | 230 | |
White Mountains Insurance | Lazard Ltd. Class A | 5,025 | 228 | |||
Group Ltd. | 798 | 481 | BB&T Corp. | 5,800 | 216 | |
LPL Financial Holdings Inc. | 10,200 | 480 | CME Group Inc. | 2,495 | 196 | |
StanCorp Financial Group Inc. | 7,200 | 477 | Prologis Inc. | 3,600 | 133 | |
HCC Insurance Holdings Inc. | 10,264 | 474 | CBOE Holdings Inc. | 2,400 | 125 | |
FactSet Research | CIT Group Inc. | 2,100 | 109 | |||
Systems Inc. | 4,299 | 467 | Assured Guaranty Ltd. | 3,894 | 92 | |
Brown & Brown Inc. | 14,861 | 467 | Hospitality Properties Trust | 3,122 | 84 | |
Extra Space Storage Inc. | 10,800 | 455 | * St. Joe Co. | 3,900 | 75 | |
* Forest City Enterprises Inc. | Western Union Co. | 4,165 | 72 | |||
Class A | 23,813 | 455 | Dun & Bradstreet Corp. | 500 | 61 | |
WR Berkley Corp. | 10,443 | 453 | Taubman Centers Inc. | 400 | 26 | |
Equity Lifestyle | Cullen/Frost Bankers Inc. | 200 | 15 | |||
Properties Inc. | 12,500 | 453 | People’s United Financial Inc. | 400 | 6 | |
First Horizon National Corp. | 38,640 | 450 | 124,034 | |||
BlackRock Inc. | 1,422 | 450 | Health Care (5.8%) | |||
DDR Corp. | 29,107 | 447 | Johnson & Johnson | 89,744 | 8,220 | |
TCF Financial Corp. | 27,300 | 444 | Pfizer Inc. | 187,987 | 5,758 | |
ING US Inc. | 12,300 | 432 | * Gilead Sciences Inc. | 59,302 | 4,457 | |
CapitalSource Inc. | 29,714 | 427 | Merck & Co. Inc. | 88,921 | 4,451 | |
Associated Banc-Corp | 24,527 | 427 | Amgen Inc. | 29,255 | 3,340 | |
* MBIA Inc. | 35,575 | 425 | * Celgene Corp. | 17,012 | 2,874 | |
Lender Processing | UnitedHealth Group Inc. | 37,813 | 2,847 | |||
Services Inc. | 11,300 | 422 | * Biogen Idec Inc. | 9,811 | 2,745 | |
Artisan Partners Asset | Bristol-Myers Squibb Co. | 45,160 | 2,400 | |||
Management Inc. Class A | 6,400 | 417 | * Express Scripts Holding Co. | 34,149 | 2,399 | |
* Genworth Financial Inc. | Abbott Laboratories | 54,800 | 2,100 | |||
Class A | 25,800 | 401 | AbbVie Inc. | 38,200 | 2,017 |
16
Tax-Managed Balanced Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Thermo Fisher Scientific Inc. | 16,567 | 1,845 | |
McKesson Corp. | 10,636 | 1,717 | |
Allergan Inc. | 13,909 | 1,545 | |
* | Actavis plc | 8,325 | 1,399 |
* | Alexion Pharmaceuticals Inc. | 10,086 | 1,342 |
Medtronic Inc. | 23,200 | 1,331 | |
Aetna Inc. | 18,655 | 1,280 | |
Cigna Corp. | 14,562 | 1,274 | |
Stryker Corp. | 14,949 | 1,123 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 3,800 | 1,046 | |
* | Perrigo Co. plc | 6,728 | 1,032 |
* | Mylan Inc. | 23,756 | 1,031 |
* | Forest Laboratories Inc. | 17,119 | 1,028 |
AmerisourceBergen Corp. | |||
Class A | 14,506 | 1,020 | |
WellPoint Inc. | 10,526 | 973 | |
Humana Inc. | 8,800 | 908 | |
St. Jude Medical Inc. | 13,835 | 857 | |
* | Life Technologies Corp. | 10,617 | 805 |
Covidien plc | 11,800 | 804 | |
* | HCA Holdings Inc. | 16,644 | 794 |
Zimmer Holdings Inc. | 8,270 | 771 | |
* | DaVita HealthCare | ||
Partners Inc. | 11,800 | 748 | |
CR Bard Inc. | 5,565 | 745 | |
Omnicare Inc. | 10,893 | 658 | |
* | Illumina Inc. | 5,800 | 642 |
* | Endo Health Solutions Inc. | 9,169 | 619 |
Universal Health Services Inc. | |||
Class B | 7,517 | 611 | |
* | Vertex Pharmaceuticals Inc. | 7,900 | 587 |
DENTSPLY International Inc. | 12,083 | 586 | |
* | Intuitive Surgical Inc. | 1,490 | 572 |
* | Hospira Inc. | 13,860 | 572 |
Cooper Cos. Inc. | 4,484 | 555 | |
Baxter International Inc. | 7,800 | 542 | |
* | QIAGEN NV | 22,400 | 533 |
Eli Lilly & Co. | 10,400 | 530 | |
PerkinElmer Inc. | 12,700 | 524 | |
Techne Corp. | 5,400 | 511 | |
Cardinal Health Inc. | 7,245 | 484 | |
* | Laboratory Corp. of America | ||
Holdings | 5,191 | 474 | |
* | Varian Medical Systems Inc. | 5,800 | 451 |
* | Tenet Healthcare Corp. | 10,525 | 443 |
Hill-Rom Holdings Inc. | 10,722 | 443 | |
Quest Diagnostics Inc. | 8,019 | 429 | |
Zoetis Inc. | 12,589 | 412 | |
Patterson Cos. Inc. | 9,300 | 383 | |
* | Quintiles Transnational | ||
Holdings Inc. | 7,800 | 361 | |
* | CareFusion Corp. | 8,395 | 334 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 2,100 | 260 |
Market | |||
Value | |||
Shares | ($000) | ||
Becton Dickinson and Co. | 1,884 | 208 | |
* | Mallinckrodt plc | 1,475 | 77 |
* | Edwards Lifesciences Corp. | 919 | 60 |
* | Cerner Corp. | 1,010 | 56 |
81,943 | |||
Materials & Processing (2.2%) | |||
Monsanto Co. | 21,308 | 2,483 | |
Precision Castparts Corp. | 6,652 | 1,791 | |
Ecolab Inc. | 12,500 | 1,303 | |
EI du Pont de Nemours & Co. | 17,028 | 1,106 | |
LyondellBasell Industries NV | |||
Class A | 13,538 | 1,087 | |
Ingersoll-Rand plc | 15,400 | 949 | |
Sherwin-Williams Co. | 5,000 | 917 | |
Dow Chemical Co. | 20,600 | 915 | |
CF Industries Holdings Inc. | 3,912 | 912 | |
Eastman Chemical Co. | 9,640 | 778 | |
Sigma-Aldrich Corp. | 8,180 | 769 | |
FMC Corp. | 9,598 | 724 | |
Celanese Corp. Class A | 12,240 | 677 | |
Freeport-McMoRan Copper | |||
& Gold Inc. | 17,769 | 671 | |
* | WR Grace & Co. | 6,600 | 653 |
Vulcan Materials Co. | 10,934 | 650 | |
PPG Industries Inc. | 3,400 | 645 | |
Ball Corp. | 12,218 | 631 | |
Rock Tenn Co. Class A | 6,000 | 630 | |
* | Owens-Illinois Inc. | 17,000 | 608 |
Ashland Inc. | 6,198 | 601 | |
* | Crown Holdings Inc. | 12,941 | 577 |
Praxair Inc. | 4,400 | 572 | |
Airgas Inc. | 5,019 | 561 | |
Valspar Corp. | 7,800 | 556 | |
Reliance Steel | |||
& Aluminum Co. | 7,200 | 546 | |
Southern Copper Corp. | 18,000 | 517 | |
Cytec Industries Inc. | 5,433 | 506 | |
Eagle Materials Inc. | 6,400 | 496 | |
Valmont Industries Inc. | 3,311 | 494 | |
Westlake Chemical Corp. | 3,900 | 476 | |
* | MRC Global Inc. | 14,500 | 468 |
Tanger Factory Outlet | |||
Centers | 13,800 | 442 | |
* | Tahoe Resources Inc. | 25,799 | 429 |
Silgan Holdings Inc. | 8,842 | 425 | |
Albemarle Corp. | 6,600 | 418 | |
Lennox International Inc. | 4,800 | 408 | |
* | Armstrong World | ||
Industries Inc. | 7,003 | 403 | |
* | Owens Corning | 9,900 | 403 |
Sealed Air Corp. | 11,800 | 402 | |
Nucor Corp. | 7,400 | 395 | |
Scotts Miracle-Gro Co. | |||
Class A | 5,042 | 314 | |
NewMarket Corp. | 860 | 287 |
17
Tax-Managed Balanced Fund | ||||||
Market | Market | |||||
Value | Value | |||||
Shares | ($000) | Shares | ($000) | |||
United States Steel Corp. | 9,482 | 280 | * Mettler-Toledo | |||
Fastenal Co. | 5,725 | 272 | International Inc. | 2,400 | 582 | |
Newmont Mining Corp. | 11,454 | 264 | Lincoln Electric Holdings Inc. | 8,123 | 580 | |
International Paper Co. | 4,943 | 242 | Donaldson Co. Inc. | 13,286 | 577 | |
Mosaic Co. | 2,600 | 123 | Trinity Industries Inc. | 10,500 | 572 | |
Martin Marietta Materials Inc. | 1,086 | 109 | JB Hunt Transport | |||
Air Products & Chemicals Inc. | 500 | 56 | Services Inc. | 7,310 | 565 | |
Royal Gold Inc. | 71 | 3 | SPX Corp. | 5,597 | 558 | |
30,944 | Huntington Ingalls | |||||
Producer Durables (5.5%) | Industries Inc. | 6,169 | 555 | |||
General Electric Co. | 368,409 | 10,327 | * WESCO International Inc. | 6,019 | 548 | |
Union Pacific Corp. | 18,826 | 3,163 | Carlisle Cos. Inc. | 6,800 | 540 | |
United Technologies Corp. | 24,876 | 2,831 | Manpowergroup Inc. | 6,250 | 537 | |
Boeing Co. | 19,920 | 2,719 | Terex Corp. | 12,600 | 529 | |
3M Co. | 17,400 | 2,440 | Toro Co. | 8,318 | 529 | |
Danaher Corp. | 25,851 | 1,996 | AGCO Corp. | 8,937 | 529 | |
FedEx Corp. | 13,476 | 1,937 | Waste Connections Inc. | 12,000 | 524 | |
United Parcel Service Inc. | Robert Half International Inc. | 12,200 | 512 | |||
Class B | 16,300 | 1,713 | Deere & Co. | 5,600 | 511 | |
Honeywell International Inc. | 17,000 | 1,553 | * Spirit Aerosystems | |||
Accenture plc Class A | 15,600 | 1,283 | Holdings Inc. Class A | 14,800 | 504 | |
Delta Air Lines Inc. | 45,400 | 1,247 | Nordson Corp. | 6,750 | 502 | |
Agilent Technologies Inc. | 19,007 | 1,087 | KBR Inc. | 15,596 | 497 | |
Caterpillar Inc. | 11,600 | 1,053 | Manitowoc Co. Inc. | 21,300 | 497 | |
Cummins Inc. | 7,321 | 1,032 | Babcock & Wilcox Co. | 14,319 | 490 | |
Raytheon Co. | 10,049 | 911 | Republic Services Inc. | |||
CSX Corp. | 29,700 | 854 | Class A | 14,710 | 488 | |
Roper Industries Inc. | 6,110 | 847 | Triumph Group Inc. | 6,200 | 472 | |
Kansas City Southern | 6,800 | 842 | Cintas Corp. | 7,850 | 468 | |
Flowserve Corp. | 10,413 | 821 | National Instruments Corp. | 14,511 | 465 | |
Southwest Airlines Co. | 43,257 | 815 | Alliant Techsystems Inc. | 3,786 | 461 | |
AMETEK Inc. | 15,400 | 811 | Regal-Beloit Corp. | 6,200 | 457 | |
Fluor Corp. | 9,958 | 800 | * AECOM Technology Corp. | 15,334 | 451 | |
Emerson Electric Co. | 11,200 | 786 | CH Robinson Worldwide Inc. | 7,611 | 444 | |
Pentair Ltd. | 10,087 | 783 | Landstar System Inc. | 7,685 | 442 | |
Textron Inc. | 21,311 | 783 | AO Smith Corp. | 8,100 | 437 | |
WW Grainger Inc. | 2,932 | 749 | MSC Industrial Direct Co. Inc. | |||
Pall Corp. | 8,400 | 717 | Class A | 5,300 | 429 | |
Wabtec Corp. | 9,306 | 691 | Air Lease Corp. Class A | 13,600 | 423 | |
Chicago Bridge & Iron Co. NV | 8,088 | 672 | Rockwell Collins Inc. | 5,500 | 407 | |
* Jacobs Engineering | Stanley Black & Decker Inc. | 4,927 | 398 | |||
Group Inc. | 10,595 | 667 | Xylem Inc. | 11,339 | 392 | |
Expeditors International | * Navistar International Corp. | 10,246 | 391 | |||
of Washington Inc. | 15,066 | 667 | Kennametal Inc. | 7,500 | 391 | |
* B/E Aerospace Inc. | 7,511 | 654 | Automatic Data | |||
TransDigm Group Inc. | 4,010 | 646 | Processing Inc. | 4,774 | 386 | |
Xerox Corp. | 51,555 | 627 | Oshkosh Corp. | 7,547 | 380 | |
Towers Watson & Co. | * United Continental | |||||
Class A | 4,900 | 625 | Holdings Inc. | 9,800 | 371 | |
* Waters Corp. | 6,218 | 622 | Lockheed Martin Corp. | 2,403 | 357 | |
* Stericycle Inc. | 5,198 | 604 | ADT Corp. | 8,650 | 350 | |
ITT Corp. | 13,869 | 602 | General Dynamics Corp. | 3,491 | 334 | |
* Quanta Services Inc. | 18,995 | 599 | Illinois Tool Works Inc. | 3,700 | 311 | |
Copa Holdings SA Class A | 3,738 | 598 | * Verisk Analytics Inc. Class A | 4,600 | 302 | |
Paychex Inc. | 6,600 | 301 |
18
Tax-Managed Balanced Fund
Market | Market | ||
Value | Value | ||
Shares | ($000) | Shares | ($000) |
Con-way Inc. Eaton Corp. plc IDEX Corp. Joy Global Inc. Covanta Holding Corp. Norfolk Southern Corp. | |
* | Allegion plc FLIR Systems Inc. |
Lexmark International Inc. Class A | |
Ryder System Inc. L-3 Communications Holdings Inc. |
Technology (7.5%)
Apple Inc.
* | Google Inc. Class A Microsoft Corp. |
International Business Machines Corp. Oracle Corp. QUALCOMM Inc. Intel Corp. | |
Cisco Systems Inc. | |
* | Facebook Inc. Class A EMC Corp. |
* | Yahoo! Inc. Hewlett-Packard Co. |
* | Salesforce.com Inc. |
* | Cognizant Technology Solutions Corp. Class A |
* | Adobe Systems Inc. Texas Instruments Inc. |
Intuit Inc. | |
* | Crown Castle International Corp. |
Corning Inc. | |
Applied Materials Inc. Motorola Solutions Inc. Symantec Corp. | |
Avago Technologies Ltd. Class A | |
Amphenol Corp. Class A NetApp Inc. | |
Xilinx | Inc. |
* | SBA Communications Corp. |
Class | A |
* | Autodesk Inc. |
* | Citrix Systems Inc. |
Altera | Corp. |
Western | Digital Corp. |
Analog | Devices Inc. |
NVIDIA | Corp. |
* | VeriSign Inc. |
LSI | Corp. |
7,565 | 300 | * | Lam Research Corp. | 12,200 | 664 |
3,500 | 266 | Activision Blizzard Inc. | 35,860 | 639 | |
3,529 | 261 | Computer Sciences Corp. | 10,800 | 604 | |
4,381 | 256 | Broadcom Corp. Class A | 19,743 | 585 | |
14,400 | 256 | Solera Holdings Inc. | 8,190 | 580 | |
2,700 | 251 | * | Synopsys Inc. | 14,100 | 572 |
5,133 | 227 | * | NCR Corp. | 16,100 | 548 |
6,269 | 189 | IAC/InterActiveCorp | 7,800 | 536 | |
Avnet Inc. | 11,700 | 516 | |||
5,300 | 188 | * | Brocade Communications | ||
1,800 | 133 | Systems Inc. | 55,900 | 496 | |
DST Systems Inc. | 5,430 | 493 | |||
489 | 52 | * | Ingram Micro Inc. | 19,800 | 465 |
77,299 | * | Atmel Corp. | 54,200 | 424 | |
Linear Technology Corp. | 8,200 | 374 | |||
32,324 | 18,137 | AVX Corp. | 25,300 | 352 | |
9,952 | 11,153 | * | Teradata Corp. | 7,736 | 352 |
272,056 | 10,183 | Amdocs Ltd. | 6,900 | 285 | |
* | Arrow Electronics Inc. | 4,300 | 233 | ||
38,147 | 7,155 | * | Fairchild Semiconductor | ||
136,990 | 5,241 | International Inc. Class A | 16,325 | 218 | |
66,500 | 4,938 | * | Teradyne Inc. | 12,000 | 211 |
151,400 | 3,930 | CA Inc. | 5,007 | 169 | |
172,915 | 3,882 | Maxim Integrated | |||
67,100 | 3,668 | Products Inc. | 5,500 | 154 | |
78,336 | 1,970 | * | Tech Data Corp. | 1,400 | 72 |
40,466 | 1,636 | * | Freescale Semiconductor Ltd. 2,600 | 42 | |
58,473 | 1,636 | 104,682 | |||
28,312 | 1,563 | Utilities (2.3%) | |||
AT&T Inc. | 163,666 | 5,754 | |||
15,098 | 1,525 | Verizon Communications Inc. | 83,200 | 4,088 | |
23,996 | 1,437 | NextEra Energy Inc. | 18,797 | 1,609 | |
27,046 | 1,188 | Sempra Energy | 12,529 | 1,125 | |
15,124 | 1,154 | Dominion Resources Inc. | 15,608 | 1,010 | |
Duke Energy Corp. | 13,130 | 906 | |||
14,467 | 1,062 | Edison International | 19,008 | 880 | |
58,977 | 1,051 | ONEOK Inc. | 13,184 | 820 | |
53,080 | 939 | Vornado Realty Trust | 9,000 | 799 | |
13,767 | 929 | * | Sprint Corp. | 71,245 | 766 |
38,839 | 916 | Public Service Enterprise | |||
Group Inc. | 22,200 | 711 | |||
16,735 | 885 | AES Corp. | 45,769 | 664 | |
9,496 | 847 | * | Level 3 Communications Inc. | 19,700 | 653 |
20,271 | 834 | NRG Energy Inc. | 22,624 | 650 | |
17,029 | 782 | * | T-Mobile US Inc. | 18,600 | 626 |
American Water | |||||
8,611 | 774 | Works Co. Inc. | 14,628 | 618 | |
15,208 | 765 | * | Calpine Corp. | 31,610 | 617 |
11,954 | 756 | Wisconsin Energy Corp. | 14,532 | 601 | |
22,452 | 730 | PG&E Corp. | 14,635 | 589 | |
8,400 | 705 | Xcel Energy Inc. | 21,000 | 587 | |
13,596 | 692 | OGE Energy Corp. | 17,186 | 583 | |
42,800 | 686 | MDU Resources Group Inc. | 18,704 | 571 | |
11,328 | 677 | Energen Corp. | 7,630 | 540 | |
61,000 | 672 | National Fuel Gas Co. | 7,501 | 536 |
19
Tax-Managed Balanced Fund | ||||||
Market | Market | |||||
Value | Value | |||||
Shares | ($000) | Shares | ($000) | |||
ITC Holdings Corp. | 5,470 | 524 | Telephone & Data | |||
UGI Corp. | 12,452 | 516 | Systems Inc. | 12,630 | 326 | |
CMS Energy Corp. | 19,027 | 509 | United States Cellular Corp. 7,715 | 323 | ||
Aqua America Inc. | 20,978 | 495 | AGL Resources Inc. | 6,000 | 283 | |
Questar Corp. | 20,833 | 479 | American Electric | |||
Southern Co. | 11,400 | 469 | Power Co. Inc. | 5,400 | 252 | |
* tw telecom inc Class A | 15,300 | 466 | 32,024 | |||
Alliant Energy Corp. | 7,713 | 398 | ||||
Total Common Stocks | ||||||
Consolidated Edison Inc. | 6,400 | 354 | ||||
(Cost $330,799) | 670,869 | |||||
* Intelsat SA | 14,500 | 327 | ||||
Face | Market | |||||
Maturity | Amount | Value | ||||
Coupon | Date | ($000) | ($000) | |||
Tax-Exempt Municipal Bonds (50.9%) | ||||||
Alabama (0.2%) | ||||||
Alabama 21st Century Authority | ||||||
Tobacco Settlement Revenue | 5.000% | 6/1/20 | 500 | 560 | ||
Alabama Incentives Financing Authority | ||||||
Special Obligation Revenue | 5.000% | 9/1/32 | 380 | 391 | ||
Alabama Public School & College Authority | ||||||
Capital Improvement Revenue | 5.000% | 12/1/21 | 500 | 565 | ||
Alabama Public School & College Authority | ||||||
Capital Improvement Revenue | 5.000% | 12/1/22 | 500 | 562 | ||
Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 515 | ||
Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 (4) | 500 | 262 | ||
2,855 | ||||||
Alaska (0.0%) | ||||||
Alaska Housing Finance Corp. | ||||||
General Housing Revenue | 5.000% | 12/1/29 | 500 | 533 | ||
Arizona (1.5%) | ||||||
Arizona Board Regents Arizona State University | ||||||
System COP | 5.000% | 7/1/22 (14) | 1,500 | 1,657 | ||
Arizona Board Regents Arizona State University | ||||||
System Revenue | 5.875% | 7/1/24 | 100 | 116 | ||
Arizona COP | 5.000% | 10/1/18 (4) | 500 | 568 | ||
Arizona Health Facilities Authority Revenue | ||||||
(Banner Health) | 5.000% | 1/1/25 | 500 | 531 | ||
Arizona School Facilities Board COP | 5.500% | 9/1/23 | 500 | 545 | ||
Arizona School Facilities Board Revenue | ||||||
(School Improvement) | 5.750% | 7/1/14 (Prere.) | 500 | 514 | ||
Arizona Transportation Board Excise Tax Revenue | ||||||
(Maricopa County Regional Area) | 5.000% | 7/1/24 | 500 | 566 | ||
Arizona Transportation Board Excise Tax Revenue | ||||||
(Maricopa County Regional Area) | 5.000% | 7/1/25 | 500 | 547 | ||
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 | 2,005 | 2,341 | ||
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/32 | 500 | 534 | ||
Arizona Water Infrastructure Finance | ||||||
Authority Revenue | 4.000% | 10/1/14 | 500 | 514 | ||
Glendale AZ Industrial Development Authority | ||||||
Revenue (Midwestern University) | 5.000% | 5/15/30 | 275 | 279 |
20
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Maricopa County AZ School District No. 28 | ||||
(Kyrene Elementary) GO | 1.000% | 7/1/19 | 900 | 935 |
Mesa AZ Excise Tax Revenue | 5.000% | 7/1/27 | 2,500 | 2,702 |
Mesa AZ Utility System Revenue | 5.000% | 7/1/14 (Prere.) | 500 | 512 |
Phoenix AZ Civic Improvement Corp. | ||||
Airport Revenue | 5.000% | 7/1/24 | 300 | 326 |
Phoenix AZ Civic Improvement Corp. | ||||
Airport Revenue (Light Rail Project) | 5.000% | 7/1/14 (Prere.) | 780 | 799 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/21 (14) | 500 | 530 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 500 | 576 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/28 | 750 | 804 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/28 | 500 | 550 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,185 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 500 | 539 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 510 | 528 |
University Medical Center Corp. Arizona | ||||
Hospital Revenue | 5.000% | 7/1/19 | 500 | 548 |
Yavapai County AZ Industrial Development | ||||
Authority Hospital Facility Revenue | ||||
(Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 567 |
20,813 | ||||
California (7.5%) | ||||
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Episcopal Senior | ||||
Communities) | 5.000% | 7/1/22 | 500 | 522 |
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Jackson Laboratory) | 5.000% | 7/1/21 | 760 | 847 |
Alameda CA Corridor Transportation | ||||
Authority Revenue | 0.000% | 10/1/30 (2) | 740 | 279 |
Alameda CA Corridor Transportation | ||||
Authority Revenue | 0.000% | 10/1/32 (14) | 1,650 | 591 |
Bay Area CA Infrastructure Financing | ||||
Authority Revenue | 5.000% | 8/1/17 (14) | 500 | 512 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 500 | 552 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 10/1/30 | 500 | 522 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 500 | 534 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 1,000 | 1,049 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/16 | 500 | 553 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/17 | 500 | 571 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 165 | 193 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 500 | 584 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 575 | 680 |
21
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
California Department of Water Resources | ||||
Water System Revenue (Central Valley Project) | 5.000% | 12/1/28 | 500 | 553 |
California Economic Recovery GO | 5.000% | 7/1/14 (Prere.) | 205 | 210 |
California Economic Recovery GO | 5.000% | 7/1/15 | 295 | 302 |
California Economic Recovery GO | 5.000% | 7/1/18 | 500 | 585 |
California Economic Recovery GO | 5.000% | 7/1/19 | 500 | 590 |
California Economic Recovery GO | 5.000% | 7/1/20 | 500 | 584 |
California Economic Recovery GO | 5.250% | 7/1/21 | 500 | 586 |
California Economic Recovery GO | 5.000% | 7/1/22 | 500 | 548 |
California Educational Facilities Authority Revenue | ||||
(University of San Francisco) | 6.125% | 10/1/30 | 500 | 573 |
California GO | 5.000% | 6/1/15 | 500 | 522 |
California GO | 6.000% | 2/1/16 | 500 | 559 |
California GO | 5.000% | 11/1/16 | 350 | 394 |
California GO | 5.000% | 3/1/17 | 500 | 566 |
California GO | 5.000% | 4/1/17 | 500 | 568 |
California GO | 6.000% | 4/1/18 | 500 | 601 |
California GO | 5.000% | 9/1/18 | 500 | 555 |
California GO | 5.000% | 11/1/18 (14) | 500 | 570 |
California GO | 5.500% | 4/1/19 | 785 | 935 |
California GO | 5.000% | 6/1/19 (14) | 500 | 564 |
California GO | 5.000% | 2/1/20 | 500 | 583 |
California GO | 5.000% | 9/1/21 | 500 | 581 |
California GO | 5.000% | 10/1/21 | 250 | 276 |
California GO | 5.000% | 6/1/25 | 495 | 516 |
California GO | 5.500% | 3/1/26 | 500 | 564 |
California GO | 5.000% | 6/1/27 (14) | 500 | 534 |
California GO | 4.500% | 8/1/27 | 85 | 87 |
California GO | 5.000% | 9/1/27 | 500 | 532 |
California GO | 5.000% | 2/1/28 | 690 | 742 |
California GO | 4.500% | 8/1/28 (2) | 725 | 734 |
California GO | 5.750% | 4/1/29 | 500 | 561 |
California GO | 5.000% | 9/1/29 (2) | 500 | 517 |
California GO | 5.000% | 9/1/29 | 495 | 523 |
California GO | 5.000% | 10/1/29 | 2,700 | 2,842 |
California GO | 5.250% | 3/1/30 | 500 | 545 |
California GO | 5.250% | 9/1/30 | 500 | 540 |
California GO | 5.000% | 2/1/32 | 500 | 520 |
California GO | 5.000% | 6/1/32 | 370 | 381 |
California Health Facilities Financing Authority | ||||
Revenue (Adventist Health System/West) | 5.000% | 3/1/23 | 1,000 | 1,110 |
California Health Facilities Financing Authority | ||||
Revenue (Catholic Healthcare West) | 5.250% | 3/1/22 | 300 | 337 |
California Health Facilities Financing Authority | ||||
Revenue (Catholic Healthcare West) PUT | 5.000% | 7/1/14 | 500 | 512 |
California Health Facilities Financing Authority | ||||
Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/17 | 500 | 571 |
California Health Facilities Financing Authority | ||||
Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,053 |
California Health Facilities Financing Authority | ||||
Revenue (Lucile Salter Packard | ||||
Children’s Hospital at Stanford) | 5.000% | 8/15/20 | 325 | 379 |
California Health Facilities Financing Authority | ||||
Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 500 | 513 |
22
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.500% | 8/15/26 | 500 | 555 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.000% | 8/15/30 | 110 | 112 |
California Infrastructure & Economic | ||||
Development Bank Revenue (Bay Area | ||||
Toll Bridges Seismic Retrofit) | 5.000% | 1/1/28 (Prere.) | 500 | 584 |
1 California Infrastructure & Economic | ||||
Development Bank Revenue (J. Paul Getty | ||||
Trust) PUT | 0.340% | 4/1/16 | 1,000 | 996 |
California Municipal Finance Authority | ||||
Revenue (University of La Verne) | 6.125% | 6/1/30 | 500 | 536 |
California Pollution Control Financing Authority | ||||
Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 1/2/14 LOC | 2,000 | 2,000 |
California Pollution Control Financing Authority | ||||
Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 1/2/14 LOC | 2,300 | 2,300 |
California Public Works Board Lease Revenue | ||||
(Davidson Library) | 5.000% | 3/1/23 (Prere.) | 20 | 24 |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/22 | 1,000 | 1,131 |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/27 | 1,000 | 1,062 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 316 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.125% | 12/1/29 | 250 | 263 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 10/1/16 (Prere.) | 100 | 112 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 10/1/16 (Prere.) | 40 | 45 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 3/1/18 (Prere.) | 200 | 233 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 70 | 83 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 120 | 142 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 12/1/21 (Prere.) | 35 | 42 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 25 | 30 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.375% | 3/1/23 | 1,000 | 1,120 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,030 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 4/1/32 | 350 | 358 |
California State University Revenue Systemwide | 5.750% | 11/1/27 | 500 | 563 |
California State University Revenue Systemwide | 5.250% | 11/1/29 | 300 | 321 |
California State University Revenue Systemwide | 5.000% | 11/1/30 | 1,000 | 1,079 |
California Statewide Communities Development | ||||
Authority Revenue (Kaiser Permanente) | 5.000% | 4/1/19 | 500 | 581 |
Chabot-Las Positas CA Community | ||||
College District GO | 5.000% | 8/1/31 | 1,000 | 1,050 |
23
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Chula Vista CA Municipal Financing Authority | ||||
Special Tax Revenue | 5.500% | 9/1/27 | 1,000 | 1,060 |
Colton CA Public Financing Authority | ||||
Electric Revenue | 5.000% | 4/1/28 | 500 | 522 |
Contra Costa CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,070 |
Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/33 | 1,000 | 1,064 |
1 Contra Costa CA Transportation Authority | ||||
Sales Tax Revenue PUT | 0.483% | 12/15/15 | 1,600 | 1,594 |
Corona-Norco CA Unified School District | ||||
Special Tax Revenue (Community Facilities | ||||
District No. 98-1) | 5.000% | 9/1/22 | 970 | 1,048 |
1 East Bay CA Municipal Utility District Waste Water | ||||
System Revenue PUT | 0.260% | 12/1/15 | 1,100 | 1,100 |
2 Foothill/Eastern Transportation Corridor Agency | ||||
California Toll Road Revenue | 0.000% | 1/15/29 | 1,390 | 749 |
La Quinta CA Redevelopment Agency | ||||
Tax Allocation Revenue | 5.000% | 9/1/26 | 1,500 | 1,583 |
Long Beach CA Finance Authority Natural Gas | ||||
Purchase Revenue | 5.250% | 11/15/19 | 75 | 84 |
Long Beach CA Finance Authority Natural Gas | ||||
Purchase Revenue | 5.250% | 11/15/23 | 205 | 222 |
Long Beach CA Unified School District GO | 0.000% | 8/1/24 (12) | 1,290 | 816 |
Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 500 | 539 |
Los Angeles CA Community College District GO | 5.000% | 8/1/31 (4) | 1,045 | 1,098 |
Los Angeles CA Department of Airports | ||||
International Airport Revenue | 5.000% | 5/15/27 | 500 | 540 |
Los Angeles CA Department of Water & Power | ||||
Revenue | 5.000% | 7/1/24 | 500 | 569 |
Los Angeles CA Department of Water & Power | ||||
Revenue | 5.000% | 7/1/31 (4) | 1,500 | 1,562 |
Los Angeles CA GO | 5.000% | 9/1/14 (Prere.) | 500 | 516 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/21 (4) | 1,825 | 2,063 |
Los Angeles CA Unified School District GO | 4.500% | 7/1/24 (4) | 1,500 | 1,606 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 500 | 564 |
Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 745 | 764 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 539 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 539 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 150 | 156 |
Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/29 | 500 | 531 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/19 | 560 | 663 |
Los Angeles County CA Public Works Financing | ||||
Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 542 |
Los Angeles County CA Redevelopment Authority | ||||
Tax Allocation Revenue (Hollywood/North | ||||
Hollywood Redevelopment Project) | 5.000% | 7/1/20 | 1,500 | 1,713 |
Marysville CA Revenue (Fremont-Rideout | ||||
Health Group) | 5.250% | 1/1/24 | 600 | 637 |
Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 292 |
Oakland CA Redevelopment Agency | ||||
Tax Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 552 |
2 Orange County CA Development Agency | ||||
(Santa Ana Heights Project) | 5.000% | 3/1/21 | 1,170 | 1,276 |
Orange County CA Transportation Authority | ||||
Toll Road Revenue | 5.000% | 8/15/29 | 1,250 | 1,329 |
24
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Palomar Pomerado Health California GO | 0.000% | 8/1/26 (12) | 1,040 | 559 |
Palomar Pomerado Health California GO | 0.000% | 8/1/32 (12) | 700 | 251 |
Riverside County CA Transportation Commission | ||||
Sales Tax Revenue | 5.250% | 6/1/29 | 1,000 | 1,110 |
Riverside County CA Transportation Commission | ||||
Toll Revenue | 0.000% | 6/1/30 | 2,415 | 852 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/16 | 100 | 107 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/23 | 140 | 150 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/25 | 245 | 257 |
Sacramento CA Municipal Utility District Financing | ||||
Authority Revenue (Cosumnes Project) | 5.125% | 7/1/29 (14) | 1,000 | 1,022 |
Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/27 (4) | 500 | 540 |
Sacramento CA Regional Transit District Farebox | ||||
Revenue | 5.000% | 3/1/23 | 500 | 537 |
Sacramento County CA Airport Revenue | 5.625% | 7/1/29 | 500 | 554 |
San Bernardino County CA | ||||
Transportation Authority Revenue | 5.000% | 3/1/31 | 500 | 536 |
San Diego CA Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,098 |
San Diego CA Community College District GO | 5.000% | 8/1/31 | 500 | 535 |
San Diego CA Public Facilities Financing | ||||
Authority Sewer Revenue | 5.000% | 5/15/28 | 500 | 529 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.250% | 8/1/28 | 500 | 551 |
San Diego CA Unified School District GO | 0.000% | 7/1/27 | 500 | 273 |
San Diego CA Unified School District GO | 5.500% | 7/1/27 (4) | 500 | 582 |
San Diego CA Unified School District GO | 0.000% | 7/1/28 | 500 | 255 |
San Diego CA Unified School District GO | 0.000% | 7/1/29 | 500 | 242 |
San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 44 |
San Diego County CA Regional Airport Authority | ||||
Revenue | 5.000% | 7/1/30 (4) | 500 | 517 |
San Diego County CA Regional Transportation | ||||
Commission Sales Tax Revenue | 5.000% | 4/1/31 | 560 | 606 |
San Francisco CA Bay Area Rapid Transit | ||||
District Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 390 |
San Francisco CA City & County | ||||
(Earthquake Safety & Emergency Response) GO | 5.000% | 6/15/28 | 500 | 552 |
San Francisco CA City & County | ||||
(Laguna Honda Hospital) GO | 5.000% | 6/15/28 (12) | 2,000 | 2,088 |
San Francisco CA City & County | ||||
International Airport Revenue | 5.250% | 5/1/22 | 500 | 572 |
San Francisco CA City & County | ||||
International Airport Revenue | 5.000% | 5/1/27 | 225 | 242 |
San Francisco CA City & County | ||||
International Airport Revenue | 5.000% | 5/1/30 | 500 | 522 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.500% | 11/1/30 | 500 | 554 |
San Jose CA Redevelopment Agency | ||||
Tax Allocation Revenue | 6.500% | 8/1/28 | 700 | 734 |
Southern California Public Power Authority | ||||
Revenue (Natural Gas Project) | 5.000% | 11/1/15 | 245 | 260 |
University of California Revenue | 5.000% | 5/15/21 | 500 | 535 |
University of California Revenue | 5.000% | 5/15/23 | 1,000 | 1,148 |
25
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
University of California Revenue | 5.000% | 5/15/25 | 500 | 564 |
University of California Revenue | 5.000% | 5/15/27 (14) | 500 | 537 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,098 |
University of California Revenue | 5.000% | 5/15/28 (14) | 500 | 529 |
University of California Revenue | 4.750% | 5/15/33 | 155 | 155 |
University of California Revenue PUT | 5.000% | 5/15/23 | 1,500 | 1,739 |
104,503 | ||||
Colorado (0.5%) | ||||
Board of Governors of the Colorado State | ||||
University System Enterprise Revenue | 5.000% | 3/1/23 | 300 | 339 |
Board of Governors of the Colorado State | ||||
University System Enterprise Revenue | 5.000% | 3/1/33 | 750 | 804 |
Colorado (UCDHSC Fitzsimons Academic | ||||
Projects) COP | 5.000% | 11/1/21 | 500 | 573 |
Colorado Department of Transportation RAN | 5.500% | 6/15/15 (14) | 500 | 538 |
Colorado Health Facilities Authority Revenue | ||||
(Catholic Health Initiatives) | 5.250% | 2/1/31 | 500 | 511 |
Colorado Health Facilities Authority Revenue | ||||
(Covenant Retirement Community Inc.) | 5.000% | 12/1/27 | 500 | 493 |
Colorado Springs CO Utility System Revenue | 5.000% | 11/15/28 | 500 | 547 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/20 | 500 | 576 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/26 | 430 | 456 |
E-470 Public Highway Authority | ||||
Colorado Revenue | 5.250% | 9/1/18 (14) | 1,500 | 1,665 |
E-470 Public Highway Authority | ||||
Colorado Revenue | 5.375% | 9/1/26 | 500 | 511 |
University of Colorado Enterprise | ||||
System Revenue | 5.000% | 6/1/29 | 500 | 542 |
7,555 | ||||
Connecticut (0.5%) | ||||
Connecticut GO | 5.000% | 1/1/14 | 500 | 500 |
Connecticut GO | 5.000% | 11/1/14 | 500 | 520 |
Connecticut GO | 5.000% | 12/1/14 | 500 | 522 |
1 Connecticut GO | 0.560% | 5/15/15 | 1,000 | 1,003 |
Connecticut GO | 5.000% | 11/1/16 | 410 | 461 |
Connecticut GO | 5.000% | 4/15/21 | 500 | 582 |
Connecticut GO | 5.000% | 4/15/24 | 500 | 563 |
Connecticut GO | 5.000% | 4/15/28 | 500 | 544 |
Connecticut GO | 5.000% | 10/15/32 | 705 | 750 |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Hartford Healthcare) | 5.000% | 7/1/26 | 500 | 521 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 2/1/16 | 110 | 120 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 11/1/25 | 500 | 551 |
Hartford CT GO | 5.000% | 4/1/30 | 435 | 454 |
7,091 | ||||
Delaware (0.2%) | ||||
Delaware GO | 5.000% | 2/1/19 | 600 | 706 |
Delaware GO | 5.000% | 7/1/20 | 600 | 713 |
Delaware GO | 5.000% | 10/1/20 | 700 | 833 |
2,252 |
26
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
District of Columbia (0.5%) | ||||
District of Columbia GO | 5.000% | 6/1/21 (4) | 500 | 569 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 729 |
District of Columbia Income Tax Revenue | 5.250% | 12/1/27 | 500 | 557 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/30 | 500 | 535 |
District of Columbia Revenue (American | ||||
University) VRDO | 0.040% | 1/2/14 LOC | 3,900 | 3,900 |
Metropolitan Washington DC/VA Airports | ||||
Authority Airport System Revenue | 5.000% | 10/1/24 | 500 | 565 |
6,855 | ||||
Florida (2.4%) | ||||
Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,088 |
Broward County FL Airport System Revenue | 5.000% | 10/1/28 | 400 | 420 |
Broward County FL Airport System Revenue | 5.375% | 10/1/29 | 500 | 536 |
Broward County FL Airport System Revenue | 5.500% | 10/1/31 | 1,000 | 1,073 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.000% | 6/1/15 | 1,000 | 1,062 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.250% | 6/1/17 | 435 | 491 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.500% | 6/1/17 | 1,295 | 1,474 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Personal Lines Account/Commercial Lines | ||||
Account) | 5.000% | 6/1/20 | 450 | 510 |
Florida Board of Education Capital Outlay GO | 5.000% | 1/1/14 | 500 | 500 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/16 (2) | 500 | 539 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/18 | 500 | 579 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 4.000% | 6/1/16 | 300 | 325 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 220 | 259 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 750 | 880 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 500 | 575 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/24 | 500 | 561 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/24 | 600 | 693 |
Florida Department of Environmental Protection | ||||
& Preservation Revenue | 5.000% | 7/1/15 (14) | 625 | 668 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 545 | 640 |
Florida Municipal Power Agency Revenue | ||||
(St. Lucie Project) | 5.000% | 10/1/26 | 500 | 535 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/19 | 500 | 586 |
Fort Myers FL Improvement Revenue | 4.750% | 12/1/31 (14) | 100 | 100 |
Hillsborough County FL Industrial Development | ||||
Authority Hospital Revenue (Tampa General | ||||
Hospital Project) | 5.000% | 10/1/28 | 500 | 514 |
Jacksonville FL Electric Authority Electric System | ||||
Revenue VRDO | 0.050% | 1/8/14 | 1,200 | 1,200 |
Jacksonville FL Electric Authority Water | ||||
& Sewer Revenue | 5.000% | 10/1/31 | 500 | 525 |
Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 520 |
27
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Lakeland FL Educational Facilities Revenue | ||||
(Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 852 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 4.875% | 10/1/24 | 500 | 535 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/30 | 585 | 596 |
Miami-Dade County FL Health Facilities Authority | ||||
Hospital Revenue (Miami Children’s Hospital) | 5.000% | 8/1/25 | 1,000 | 1,038 |
Miami-Dade County FL School Board COP | 5.000% | 11/1/21 (2) | 100 | 111 |
Miami-Dade County FL School Board COP | 5.000% | 11/1/22 (2) | 640 | 708 |
Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,500 | 1,639 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/24 | 1,000 | 1,088 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/30 | 500 | 512 |
Miami-Dade County FL Water & Sewer Revenue | 5.000% | 10/1/26 (14) | 500 | 541 |
Orange County FL Health Facilities Authority | ||||
Revenue (Nemours Foundation Project) | 5.000% | 1/1/19 | 500 | 574 |
Orlando & Orange County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/30 | 500 | 515 |
Orlando FL Utility Commission Water | ||||
& Electric Revenue | 5.250% | 10/1/14 (ETM) | 500 | 519 |
Palm Beach County FL Revenue | ||||
(Pine Crest Preparatory, Inc.) VRDO | 0.050% | 1/8/14 LOC | 1,000 | 1,000 |
Polk County FL Constitutional Fuel Tax Revenue | 5.000% | 12/1/20 (14) | 590 | 650 |
3 South Florida Water Management District | ||||
COP TOB VRDO | 0.070% | 1/2/14 | 900 | 900 |
St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 729 |
Sunshine State Governmental Financing | ||||
Commission Florida Revenue | ||||
(Miami Dade County Program) | 5.000% | 9/1/26 | 1,000 | 1,071 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 215 |
Tampa FL Health System Revenue | ||||
(Baycare Health System) | 5.000% | 11/15/33 | 1,535 | 1,559 |
Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 802 |
Tohopekaliga FL Water Authority | ||||
Utility System Revenue | 5.750% | 10/1/30 | 500 | 563 |
33,570 | ||||
Georgia (1.3%) | ||||
Atlanta GA Airport Revenue | 5.000% | 1/1/16 | 525 | 571 |
Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 (4) | 500 | 580 |
Burke County GA Development Authority | ||||
Pollution Control Revenue (Georgia Power Co. | ||||
Plant Vogtle Project) PUT | 1.750% | 6/1/17 | 500 | 503 |
Cobb County GA Kennestone Hospital Authority | ||||
Revenue | 5.000% | 4/1/24 | 400 | 441 |
DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 534 |
Georgia GO | 4.000% | 1/1/15 | 575 | 597 |
Georgia GO | 5.000% | 9/1/15 (Prere.) | 500 | 539 |
Georgia GO | 5.000% | 4/1/16 | 500 | 551 |
Georgia GO | 5.000% | 5/1/16 | 500 | 553 |
Georgia GO | 5.000% | 7/1/16 | 500 | 557 |
Georgia GO | 5.000% | 7/1/16 | 400 | 445 |
Georgia GO | 5.750% | 8/1/17 | 500 | 588 |
28
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Georgia GO | 5.000% | 10/1/19 | 750 | 890 |
Georgia GO | 5.000% | 7/1/21 | 2,500 | 2,968 |
Georgia GO | 5.000% | 7/1/22 | 500 | 580 |
Georgia GO | 5.000% | 5/1/25 | 500 | 571 |
Georgia Road & Tollway Authority GAN | 5.000% | 6/1/14 | 500 | 510 |
Georgia Road & Tollway Authority Revenue | 5.000% | 6/1/17 | 500 | 569 |
Gwinnett County GA School District GO | 5.000% | 2/1/17 (ETM) | 500 | 567 |
Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 571 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/14 | 100 | 101 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/16 | 590 | 639 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.125% | 9/15/16 | 80 | 87 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.250% | 9/15/18 | 100 | 112 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/19 | 250 | 276 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/21 | 500 | 545 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/22 | 245 | 263 |
Milledgeville-Baldwin County GA Development | ||||
Authority Revenue (Georgia College | ||||
& State University Foundation) | 5.625% | 9/1/14 (Prere.) | 500 | 523 |
Municipal Electric Authority Georgia Revenue | ||||
(Combined Cycle Project) | 5.000% | 11/1/17 | 365 | 419 |
Municipal Electric Authority Georgia Revenue | ||||
(Project One) | 5.250% | 1/1/17 | 525 | 592 |
Private Colleges & University Authority of Georgia | ||||
Revenue (Emory University) | 5.000% | 9/1/28 | 500 | 544 |
17,786 | ||||
Guam (0.1%) | ||||
Guam Government Waterworks Authority Water | ||||
& Waste Water System Revenue | 5.250% | 7/1/23 | 1,000 | 1,057 |
Guam International Airport Authority Revenue | 5.000% | 10/1/21 | 350 | 366 |
1,423 | ||||
Hawaii (0.5%) | ||||
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/19 | 250 | 282 |
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/20 | 300 | 336 |
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/21 | 400 | 443 |
Hawaii GO | 5.000% | 7/1/14 (2) | 500 | 512 |
Hawaii GO | 5.750% | 2/1/15 (4) | 500 | 530 |
Hawaii GO | 5.000% | 11/1/16 | 200 | 225 |
Hawaii GO | 5.000% | 4/1/17 (Prere.) | 55 | 63 |
Hawaii GO | 5.000% | 4/1/19 (2) | 445 | 501 |
Hawaii GO | 5.000% | 12/1/21 | 375 | 440 |
29
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Hawaii GO | 5.000% | 6/1/29 | 500 | 552 |
Hawaii GO | 5.000% | 12/1/29 | 500 | 547 |
Hawaii Pacific Health Revenue | 5.000% | 7/1/19 | 575 | 631 |
Honolulu HI City & County GO | 5.000% | 7/1/20 (4) | 500 | 564 |
Honolulu HI City & County GO | 5.000% | 12/1/30 | 310 | 334 |
Honolulu HI City & County GO | 5.250% | 8/1/31 | 500 | 548 |
University of Hawaii Revenue | 5.000% | 10/1/27 | 500 | 545 |
7,053 | ||||
Illinois (2.3%) | ||||
Chicago IL Board of Education GO | 5.000% | 12/1/18 (2) | 295 | 327 |
Chicago IL Board of Education GO | 5.000% | 12/1/19 (14) | 210 | 228 |
Chicago IL Board of Education GO | 5.250% | 12/1/21 (14)(3) | 500 | 542 |
Chicago IL Board of Education GO | 5.000% | 12/1/24 (4) | 100 | 102 |
Chicago IL Board of Education GO | 5.250% | 12/1/24 (4) | 500 | 517 |
Chicago IL Board of Education GO | 5.250% | 12/1/26 (12) | 500 | 512 |
Chicago IL Board of Education GO | 4.750% | 12/1/29 (4) | 105 | 102 |
Chicago IL Board of Education GO | 0.000% | 12/1/30 (14)(3) | 110 | 37 |
Chicago IL Board of Education GO | 0.000% | 12/1/31 (14) | 150 | 46 |
Chicago IL Board of Education GO | 4.750% | 12/1/31 (4) | 50 | 48 |
Chicago IL GO | 5.000% | 12/1/16 (2) | 500 | 550 |
Chicago IL GO | 5.500% | 1/1/17 (4) | 500 | 558 |
Chicago IL GO | 5.000% | 1/1/19 (2) | 500 | 531 |
Chicago IL Metropolitan Water | ||||
Reclamation District GO | 5.000% | 12/1/31 | 500 | 524 |
Chicago IL Metropolitan Water | ||||
Reclamation District GO | 5.250% | 12/1/32 | 750 | 817 |
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/15 (14) | 155 | 163 |
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/17 (14) | 370 | 415 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/24 (4) | 500 | 538 |
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/24 (14) | 500 | 531 |
Chicago IL O’Hare International Airport Revenue | 5.500% | 1/1/26 | 1,000 | 1,059 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/32 | 500 | 506 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/33 (14)(3) | 540 | 541 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/33 (4) | 275 | 276 |
Chicago IL O’Hare International Airport Revenue | 4.750% | 1/1/34 (4) | 50 | 48 |
Cook County IL GO | 5.000% | 11/15/21 | 500 | 543 |
Cook County IL GO | 5.000% | 11/15/28 | 500 | 508 |
Cook County IL GO | 5.250% | 11/15/28 | 500 | 520 |
Cook County IL GO | 4.750% | 11/15/30 (2) | 200 | 194 |
Illinois Finance Authority Revenue | ||||
(Art Institute of Chicago) | 4.000% | 3/1/16 | 500 | 533 |
Illinois Finance Authority Revenue | ||||
(Ascension Health Credit Group) | 5.000% | 11/15/32 | 500 | 510 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.750% | 8/15/30 | 95 | 104 |
Illinois Finance Authority Revenue | ||||
(Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 | 2,000 | 2,049 |
Illinois Finance Authority Revenue | ||||
(Trinity Health Corp.) | 5.000% | 12/1/30 | 500 | 514 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/29 | 500 | 536 |
Illinois GO | 5.000% | 1/1/17 | 330 | 364 |
Illinois GO | 5.000% | 1/1/18 | 500 | 557 |
Illinois GO | 5.000% | 8/1/19 | 250 | 278 |
30
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Illinois GO | 5.000% | 1/1/20 (4) | 200 | 222 |
Illinois GO | 5.000% | 8/1/20 | 500 | 549 |
Illinois GO | 5.000% | 1/1/21 (4) | 710 | 766 |
Illinois GO | 5.000% | 8/1/21 | 500 | 540 |
Illinois GO | 5.500% | 7/1/24 | 1,000 | 1,088 |
Illinois GO | 5.000% | 6/1/26 | 500 | 502 |
Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,014 |
Illinois Regional Transportation Authority Revenue | 6.250% | 7/1/23 (4) | 500 | 606 |
Illinois Sales Tax Revenue | 5.500% | 6/15/17 (3) | 500 | 574 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/25 (4) | 500 | 546 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 | 500 | 523 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,031 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 508 |
Illinois Unemployment Insurance Fund | ||||
Building Receipts Revenue | 5.000% | 6/15/19 | 650 | 688 |
Illinois Unemployment Insurance Fund | ||||
Building Receipts Revenue | 5.000% | 12/15/19 | 250 | 260 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/19 (14) | 1,120 | 951 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/21 (14) | 1,000 | 741 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 (4) | 500 | 265 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 (4) | 250 | 122 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/31 (14) | 290 | 103 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.250% | 6/1/20 | 665 | 762 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.500% | 6/1/23 | 1,060 | 1,169 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 6.000% | 6/1/28 | 400 | 435 |
Will County IL Community High School District | ||||
No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 500 | 522 |
Will County IL Community High School District | ||||
No. 210 (Lincoln-Way) GO | 0.000% | 1/1/33 | 750 | 248 |
31,463 | ||||
Indiana (0.8%) | ||||
Indiana Bond Bank Special Program Gas Revenue | 5.250% | 10/15/16 | 250 | 277 |
Indiana Finance Authority Revenue | ||||
(Lease Appropriation) VRDO | 0.040% | 1/2/14 | 7,475 | 7,475 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/18 | 500 | 579 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/32 | 500 | 540 |
Indiana Finance Authority Wastewater Utility | ||||
Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 516 |
Indiana Health & Educational Facility | ||||
Financing Authority Hospital Revenue | ||||
(Clarian Health Obligated Group) | 5.000% | 2/15/25 | 290 | 306 |
Indiana Office Building Commission Facilities | ||||
Revenue (New Castle Correctional Facility) | 5.250% | 7/1/19 (14) | 500 | 584 |
Indiana University Student Fee Revenue | 5.000% | 6/1/19 | 445 | 523 |
Indiana University Student Fee Revenue | 5.000% | 8/1/23 | 100 | 114 |
10,914 |
31
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Iowa (0.0%) | ||||
Iowa Special Obligation Revenue (Ijobs Program) | 5.000% | 6/1/24 | 220 | 251 |
Kansas (0.3%) | ||||
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/22 | 500 | 565 |
Kansas Development Finance Authority Hospital | ||||
Revenue (Adventist Health System/Sunbelt | ||||
Obligated Group) | 5.000% | 11/15/24 | 100 | 108 |
Leavenworth County KS Unified School District GO | 4.500% | 9/1/19 (12) | 500 | 568 |
University of Kansas Hospital Authority | ||||
Health Facilities Improvement Revenue | 5.000% | 9/1/16 | 1,250 | 1,389 |
University of Kansas Hospital Authority | ||||
Health Facilities Improvement Revenue | 5.000% | 9/1/17 | 900 | 993 |
Wichita KS Hospital Facilities Revenue | ||||
(Via Christi Health System Inc.) | 5.000% | 11/15/21 (Prere.) | 500 | 594 |
Wyandotte County/Kansas City KS | ||||
Unified Government Utility System Revenue | 5.000% | 9/1/23 | 500 | 560 |
4,777 | ||||
Kentucky (0.5%) | ||||
Kentucky Property & Building Commission | ||||
Revenue | 5.250% | 10/1/15 (4) | 150 | 163 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/23 | 500 | 577 |
Kentucky Property & Building Commission | ||||
Revenue | 5.000% | 11/1/26 (4) | 500 | 538 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue | ||||
(Downtown Crossing Project) BAN | 0.000% | 7/1/21 | 750 | 532 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue | ||||
(Downtown Crossing Project) BAN | 0.000% | 7/1/22 | 810 | 532 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 4.000% | 7/1/17 | 500 | 553 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/25 | 305 | 344 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/28 | 1,000 | 1,100 |
Warren County KY Revenue | ||||
(Western Kentucky University Student Life | ||||
Foundation Inc. Project) VRDO | 0.060% | 1/8/14 LOC | 2,900 | 2,900 |
7,239 | ||||
Louisiana (0.4%) | ||||
Jefferson Parish LA Environmental Facilities | ||||
& Community Development Authority Revenue | 5.000% | 4/1/18 | 405 | 459 |
Louisiana Citizens Property Insurance Corp. | ||||
Assessment Revenue | 5.000% | 6/1/22 (2) | 500 | 535 |
Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/31 (4) | 500 | 524 |
Louisiana GO | 5.000% | 5/1/16 (Prere.) | 500 | 552 |
Louisiana GO | 5.000% | 5/1/16 (Prere.) | 500 | 552 |
Louisiana Public Facilities Authority Revenue | ||||
(Ochsner Clinic Foundation Project) | 5.000% | 5/15/16 | 1,260 | 1,358 |
32
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Louisiana State University Revenue | 5.000% | 7/1/23 | 400 | 453 |
New Orleans LA GO | 5.000% | 12/1/31 | 500 | 502 |
St. Charles Parish LA Gulf Opportunity Zone | ||||
Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 385 | 379 |
5,314 | ||||
Maine (0.3%) | ||||
Maine Health & Higher Educational Facilities | ||||
Authority Revenue (Bowdoin College) VRDO | 0.050% | 1/8/14 LOC | 4,100 | 4,100 |
Portland ME Airport Revenue | 5.000% | 1/1/20 (4) | 500 | 567 |
4,667 | ||||
Maryland (1.4%) | ||||
Baltimore MD Consolidated Public | ||||
Improvement GO | 5.000% | 10/15/28 | 650 | 716 |
Howard County MD GO | 5.000% | 2/15/22 | 750 | 876 |
Howard County MD GO | 5.000% | 8/15/24 | 200 | 230 |
Maryland Department of Transportation Revenue | 5.000% | 2/15/18 | 500 | 580 |
Maryland GO | 5.000% | 3/1/15 | 550 | 581 |
Maryland GO | 5.250% | 3/1/15 | 500 | 529 |
Maryland GO | 5.000% | 8/1/15 | 500 | 537 |
Maryland GO | 5.000% | 8/1/15 (Prere.) | 500 | 537 |
Maryland GO | 5.000% | 8/1/16 (Prere.) | 450 | 502 |
Maryland GO | 5.000% | 11/1/16 | 105 | 118 |
Maryland GO | 5.000% | 3/15/17 | 500 | 569 |
Maryland GO | 5.000% | 7/15/17 | 610 | 700 |
Maryland GO | 5.000% | 8/1/17 | 500 | 575 |
Maryland GO | 5.250% | 8/15/17 | 500 | 580 |
Maryland GO | 5.250% | 3/1/18 | 200 | 234 |
Maryland GO | 5.000% | 8/1/21 | 870 | 1,013 |
Maryland GO | 5.000% | 3/15/22 | 500 | 569 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Anne Arundel Health System) | 5.000% | 7/1/27 | 500 | 527 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Johns Hopkins | ||||
Health System Obligated Group) | 5.000% | 7/1/24 | 500 | 558 |
1 Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Johns Hopkins | ||||
Health System Obligated Group) PUT | 1.263% | 11/15/16 | 2,000 | 2,026 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Loyola University) | 5.000% | 10/1/16 | 575 | 642 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Maryland Institute | ||||
College of Art) | 5.000% | 6/1/20 | 500 | 553 |
Maryland Transportation Authority Facilities | ||||
Projects Revenue | 5.000% | 7/1/15 (4) | 750 | 768 |
Maryland Transportation Authority Facilities | ||||
Projects Revenue | 5.000% | 7/1/22 | 500 | 565 |
Maryland Transportation Authority GAN | 5.000% | 3/1/16 | 465 | 510 |
Maryland Transportation Authority GAN | 5.250% | 3/1/16 | 585 | 645 |
Maryland Transportation Authority GAN | 5.250% | 3/1/18 | 700 | 817 |
Maryland Transportation Authority GAN | 5.250% | 3/1/20 | 500 | 583 |
Montgomery County MD GO | 5.000% | 7/1/17 | 500 | 574 |
Montgomery County MD GO | 5.000% | 11/1/17 | 500 | 579 |
Prince Georges County MD GO | 5.000% | 9/15/23 | 500 | 578 |
19,371 |
33
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts (2.6%) | ||||
Boston MA GO | 5.000% | 2/1/22 | 500 | 592 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 500 | 586 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/22 | 480 | 573 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.500% | 7/1/26 (14) | 400 | 476 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/28 | 500 | 574 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/31 | 915 | 994 |
Massachusetts College Building Authority | ||||
Revenue | 5.000% | 5/1/16 (Prere.) | 500 | 553 |
Massachusetts College Building Authority | ||||
Revenue | 5.250% | 5/1/29 | 445 | 483 |
Massachusetts Department of Transportation | ||||
Metropolitan Highway System Revenue | 5.000% | 1/1/23 | 500 | 547 |
Massachusetts Development Finance Agency | ||||
Revenue (Emerson College) | 5.500% | 1/1/30 | 450 | 466 |
Massachusetts Development Finance Agency | ||||
Revenue (Harvard University) | 5.000% | 1/1/20 | 355 | 419 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.125% | 7/1/26 | 500 | 518 |
Massachusetts Educational Financing Authority | ||||
Education Loan Revenue | 5.500% | 1/1/22 | 300 | 329 |
Massachusetts GO | 5.000% | 5/1/14 | 500 | 508 |
Massachusetts GO | 5.000% | 8/1/14 | 500 | 514 |
Massachusetts GO | 5.000% | 8/1/15 | 500 | 538 |
Massachusetts GO | 4.750% | 8/1/16 (Prere.) | 500 | 555 |
Massachusetts GO | 5.500% | 11/1/16 | 500 | 569 |
Massachusetts GO | 5.500% | 10/1/18 | 500 | 596 |
Massachusetts GO | 5.000% | 7/1/20 | 500 | 582 |
Massachusetts GO | 5.000% | 8/1/20 | 500 | 589 |
Massachusetts GO | 5.250% | 8/1/20 | 300 | 358 |
Massachusetts GO | 5.500% | 10/1/20 | 500 | 605 |
Massachusetts GO | 5.500% | 10/1/20 (14) | 500 | 605 |
Massachusetts GO | 5.250% | 8/1/23 | 500 | 597 |
Massachusetts GO | 5.250% | 8/1/24 (4) | 800 | 908 |
Massachusetts GO | 5.000% | 3/1/26 | 500 | 564 |
Massachusetts GO | 5.000% | 4/1/29 | 500 | 542 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Harvard University) | 5.000% | 12/15/28 | 500 | 550 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Lahey Clinic Medical Center) | 5.000% | 8/15/15 (14) | 500 | 534 |
3 Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Partners Healthcare System) | ||||
TOB VRDO | 0.070% | 1/8/14 | 1,200 | 1,200 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Partners Healthcare System) | ||||
VRDO | 0.020% | 1/2/14 | 500 | 500 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Stonehill College) VRDO | 0.030% | 1/2/14 LOC | 6,690 | 6,690 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Tufts University) VRDO | 0.020% | 1/2/14 | 500 | 500 |
34
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Tufts University) VRDO | 0.020% | 1/2/14 | 1,700 | 1,700 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Tufts University) VRDO | 0.020% | 1/2/14 | 600 | 600 |
Massachusetts Port Authority Revenue | 5.000% | 7/1/17 | 415 | 473 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/15 (Prere.) | 195 | 210 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/15 (Prere.) | 65 | 70 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/15 (Prere.) | 305 | 328 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/15 (Prere.) | 415 | 447 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/15 (Prere.) | 600 | 646 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 | 500 | 586 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 10/15/20 | 225 | 265 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/21 | 900 | 1,055 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/23 | 495 | 571 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/30 (4) | 20 | 21 |
Massachusetts Special Obligation | ||||
Dedicated Tax Revenue | 5.500% | 1/1/26 (3) | 500 | 572 |
Massachusetts Turnpike Authority Revenue | ||||
(Metropolitan Highway System) | 0.000% | 1/1/29 (14) | 300 | 156 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.000% | 8/1/19 | 240 | 284 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/20 | 200 | 240 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/21 | 500 | 600 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/30 | 625 | 715 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/25 | 895 | 1,003 |
University of Massachusetts Building Authority | ||||
Revenue | 5.250% | 11/1/14 (Prere.) | 500 | 521 |
36,777 | ||||
Michigan (1.1%) | ||||
Birmingham MI City School District GO | 5.000% | 5/1/22 | 740 | 852 |
Detroit MI City School District GO | 5.250% | 5/1/28 (4) | 500 | 513 |
Mason MI Public School District GO | 5.250% | 5/1/14 (Prere.) | 165 | 168 |
Mason MI Public School District GO | 5.250% | 5/1/17 (4) | 1,685 | 1,710 |
Michigan Building Authority Revenue | 5.000% | 10/15/20 (4) | 500 | 558 |
Michigan Finance Authority Revenue | ||||
(Sparrow Obligated Group) | 5.000% | 11/15/27 | 500 | 514 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/27 | 1,000 | 1,102 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/31 | 500 | 532 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/18 | 500 | 576 |
35
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Michigan GO | 5.000% | 9/15/14 (4) | 500 | 516 |
Michigan GO | 5.000% | 5/1/18 | 500 | 579 |
Michigan GO | 5.500% | 11/1/25 | 595 | 663 |
Michigan Housing Development Authority | ||||
Single Family Mortgage Revenue VRDO | 0.050% | 1/8/14 | 3,070 | 3,070 |
Michigan Trunk Line Revenue | 5.000% | 11/1/21 | 500 | 558 |
Oakland University of Michigan Revenue VRDO | 0.050% | 1/8/14 LOC | 2,800 | 2,800 |
Wayne County MI Airport Authority Revenue | ||||
(Detroit Metropolitan Wayne County Airport) | 5.000% | 12/1/16 | 500 | 555 |
15,266 | ||||
Minnesota (0.4%) | ||||
Chisago Lakes MN Independent School | ||||
District GO | 5.000% | 2/1/15 (4) | 500 | 525 |
Minnesota GO | 5.000% | 11/1/14 | 500 | 520 |
Minnesota GO | 5.000% | 8/1/15 | 500 | 537 |
Minnesota GO | 5.000% | 10/1/17 | 500 | 577 |
Minnesota GO | 5.000% | 8/1/19 | 500 | 591 |
Minnesota GO | 5.000% | 11/1/20 | 325 | 382 |
Minnesota GO | 5.000% | 8/1/21 | 500 | 583 |
Minnesota Public Facilities Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 3/1/15 | 500 | 528 |
Southern Minnesota Municipal Power Agency | ||||
Power Supply System Revenue | 5.250% | 1/1/30 | 500 | 525 |
University of Minnesota Revenue | 5.000% | 8/1/19 | 500 | 586 |
University of Minnesota Revenue | 5.250% | 12/1/29 | 500 | 562 |
5,916 | ||||
Mississippi (0.2%) | ||||
DeSoto County MS School District GO | 5.000% | 5/1/19 | 370 | 432 |
Mississippi Development Bank Special Obligation | ||||
Revenue (Capital City Convention Center Project) | 5.000% | 3/1/30 | 675 | 722 |
Mississippi GO | 5.500% | 12/1/18 | 750 | 897 |
Mississippi State University Educational Building | ||||
Corp. Revenue | 5.000% | 8/1/32 | 1,000 | 1,059 |
3,110 | ||||
Missouri (0.2%) | ||||
Curators of the University of Missouri System | ||||
Facilities Revenue | 5.000% | 11/1/15 (Prere.) | 130 | 141 |
Curators of the University of Missouri System | ||||
Facilities Revenue | 5.000% | 11/1/26 | 370 | 397 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 5/1/15 | 300 | 319 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 5/1/17 | 500 | 569 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 2/1/23 | 600 | 712 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 5/1/23 | 500 | 557 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.250% | 5/1/23 | 350 | 396 |
3,091 | ||||
Nebraska (0.3%) | ||||
Lincoln County NE Hospital Authority No. 1 | ||||
Hospital Revenue (Great Plains Regional Medical | ||||
Center Project) | 5.000% | 11/1/23 | 750 | 800 |
36
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Lincoln NE Electric System Revenue | 5.000% | 9/1/25 | 400 | 451 |
Municipal Energy Agency of Nebraska Power | ||||
Supply System Revenue | 5.000% | 4/1/31 | 345 | 357 |
Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,584 |
Omaha NE Public Power District Electric Revenue | 4.000% | 2/1/16 | 350 | 376 |
3,568 | ||||
Nevada (0.4%) | ||||
Carson City NV Hospital Revenue (Carson Tahoe | ||||
Regional Medical Center) | 5.000% | 9/1/33 | 1,500 | 1,395 |
Clark County NV GO | 5.000% | 12/1/29 | 500 | 525 |
Clark County NV Highway Improvement | ||||
Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/27 | 500 | 537 |
Clark County NV Passenger Facility Charge | ||||
Revenue (Las Vegas McCarran | ||||
International Airport) | 5.000% | 7/1/15 | 155 | 165 |
Clark County NV Passenger Facility Charge | ||||
Revenue (Las Vegas McCarran | ||||
International Airport) | 4.500% | 7/1/20 | 455 | 504 |
Clark County NV School District GO | 5.000% | 6/15/18 | 1,690 | 1,900 |
Nevada Capital Improvement & Cultural Affairs GO | 5.000% | 12/1/26 (3) | 500 | 553 |
5,579 | ||||
New Hampshire (0.1%) | ||||
Manchester NH General Airport Revenue | 5.000% | 1/1/17 | 500 | 546 |
New Hampshire Municipal Bond Bank Revenue | 5.000% | 8/15/16 | 115 | 128 |
674 | ||||
New Jersey (2.5%) | ||||
Garden State Preservation Trust New Jersey | ||||
Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/21 (4) | 500 | 393 |
Garden State Preservation Trust New Jersey | ||||
Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/22 (4) | 500 | 373 |
Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 542 |
Morris County NJ Improvement Authority | ||||
School District Revenue | ||||
(Morris Hills Regional District Project) | 5.000% | 10/1/23 | 495 | 577 |
New Jersey COP | 5.250% | 6/15/30 | 465 | 486 |
New Jersey Economic Development Authority | ||||
Revenue (Bayonne/IMTT Project) VRDO | 0.040% | 1/2/14 LOC | 800 | 800 |
New Jersey Economic Development Authority | ||||
Revenue (Cigarette Tax) | 5.750% | 6/15/14 (Prere.) | 500 | 513 |
New Jersey Economic Development Authority | ||||
Revenue (Cigarette Tax) | 5.000% | 6/15/23 | 500 | 534 |
New Jersey Economic Development Authority | ||||
Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,500 | 1,539 |
New Jersey Economic Development Authority | ||||
Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/26 (14) | 500 | 557 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.000% | 9/1/14 | 500 | 516 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.250% | 3/1/15 (Prere.) | 500 | 529 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.250% | 12/15/15 (14) | 400 | 437 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.250% | 9/1/24 | 300 | 333 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.500% | 9/1/24 (2) | 300 | 346 |
37
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) PUT | 5.000% | 9/1/14 (Prere.) | 500 | 516 |
New Jersey Economic Development Authority | ||||
Revenue (New Jersey Transit Light Rail | ||||
Transit System Project) | 5.000% | 5/1/17 | 500 | 565 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/18 | 500 | 573 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/19 | 500 | 575 |
New Jersey Educational Facilities Authority | ||||
Revenue (University Medical & Dentistry) | 6.500% | 6/1/19 (Prere.) | 195 | 245 |
New Jersey GO | 5.250% | 7/15/15 (2) | 500 | 538 |
New Jersey GO | 5.000% | 8/15/15 | 790 | 850 |
New Jersey GO | 5.250% | 7/1/16 (14) | 500 | 558 |
New Jersey GO | 5.000% | 8/1/16 | 440 | 490 |
New Jersey GO | 5.250% | 7/15/18 (2) | 500 | 586 |
New Jersey GO | 5.000% | 8/15/19 | 750 | 879 |
New Jersey Health Care Facilities Financing | ||||
Authority Department of Human Services | ||||
Lease Revenue (Greystone Park Psychiatric | ||||
Hospital Project) | 5.000% | 9/15/24 | 500 | 541 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,082 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack University | ||||
Medical Center) | 5.000% | 1/1/19 | 500 | 554 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Meridian Health System | ||||
Obligated Group) | 5.000% | 7/1/21 | 500 | 558 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Virtua Health) VRDO | 0.030% | 1/2/14 LOC | 1,500 | 1,500 |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.000% | 12/1/16 | 245 | 270 |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.250% | 12/1/28 | 345 | 359 |
New Jersey Sports & Exposition Authority | ||||
Revenue | 5.000% | 9/1/16 | 200 | 222 |
New Jersey Transportation Corp. COP | 5.500% | 9/15/15 (2) | 200 | 216 |
New Jersey Transportation Corp. COP | 5.000% | 9/15/19 (4) | 500 | 536 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 6/15/14 (Prere.) | 500 | 512 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/14 (14) | 500 | 524 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/15 (2) | 230 | 252 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/15 (14) | 375 | 412 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/16 | 275 | 309 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/17 (4) | 150 | 175 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/19 | 650 | 750 |
38
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/20 (3) | 2,500 | 2,928 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/21 (14) | 245 | 283 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/21 (12) | 150 | 176 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/23 | 605 | 703 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,057 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 6/15/31 | 500 | 537 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 | 500 | 552 |
New Jersey Turnpike Authority Revenue | 5.500% | 1/1/25 (2) | 500 | 586 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 1,000 | 1,047 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,044 |
Newark NJ GO | 5.000% | 10/1/19 | 500 | 569 |
South Jersey Transportation Authority New Jersey | ||||
Transportation System Revenue | 5.000% | 11/1/25 | 500 | 532 |
Tobacco Settlement Financing Corp. New Jersey | ||||
Revenue | 5.000% | 6/1/18 | 500 | 541 |
Tobacco Settlement Financing Corp. New Jersey | ||||
Revenue | 5.000% | 6/1/19 | 100 | 107 |
West Deptford Township NJ GO | 5.000% | 7/1/27 (4) | 635 | 681 |
34,965 | ||||
New Mexico (0.1%) | ||||
New Mexico Educational Assistance Foundation | ||||
Revenue | 5.000% | 12/1/19 | 500 | 585 |
New Mexico Finance Authority Transportation | ||||
Revenue | 5.000% | 6/15/23 | 500 | 563 |
1,148 | ||||
New York (7.8%) | ||||
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/15 | 500 | 531 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/18 | 500 | 576 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/19 | 500 | 581 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.250% | 5/1/31 | 500 | 532 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 5/1/14 (ETM) | 410 | 416 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 12/1/17 | 630 | 696 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 12/1/18 (14) | 400 | 440 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 5/1/19 (14) | 500 | 547 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 4/1/23 | 575 | 613 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/24 | 45 | 49 |
39
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Monroe County NY Industrial Development Corp. | ||||
Mortgage Revenue (Unity Hospital Rochester | ||||
Project) | 5.500% | 8/15/23 | 1,000 | 1,067 |
New York City NY GO | 5.000% | 1/1/14 | 500 | 500 |
New York City NY GO | 5.250% | 9/1/14 (ETM) | 20 | 21 |
New York City NY GO | 5.000% | 11/1/14 (Prere.) | 90 | 94 |
New York City NY GO | 5.000% | 8/1/15 (Prere.) | 575 | 618 |
New York City NY GO | 5.000% | 8/1/15 (Prere.) | 320 | 344 |
New York City NY GO | 5.000% | 2/1/16 | 105 | 115 |
New York City NY GO | 5.000% | 8/1/16 | 500 | 556 |
New York City NY GO | 5.000% | 2/1/17 | 500 | 561 |
New York City NY GO | 5.250% | 8/1/17 | 700 | 804 |
New York City NY GO | 5.000% | 9/1/17 | 500 | 537 |
New York City NY GO | 5.000% | 2/1/18 | 500 | 557 |
New York City NY GO | 5.000% | 8/1/19 | 500 | 566 |
New York City NY GO | 5.000% | 8/1/21 | 380 | 436 |
New York City NY GO | 5.000% | 8/1/21 | 515 | 590 |
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,293 |
New York City NY GO | 5.000% | 10/1/22 | 500 | 568 |
New York City NY GO | 5.000% | 8/1/23 | 380 | 427 |
New York City NY GO | 5.000% | 8/1/23 (14) | 180 | 192 |
New York City NY GO | 5.000% | 11/1/23 | 215 | 222 |
New York City NY GO | 5.250% | 8/15/24 | 500 | 567 |
New York City NY GO | 5.000% | 8/1/25 | 750 | 823 |
New York City NY GO | 5.000% | 8/1/25 | 330 | 352 |
New York City NY GO | 5.000% | 8/1/26 | 500 | 549 |
New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,102 |
New York City NY GO | 5.000% | 8/15/26 | 475 | 526 |
New York City NY GO | 5.000% | 5/15/28 | 480 | 527 |
New York City NY GO | 5.000% | 8/1/28 | 400 | 427 |
New York City NY GO | 5.000% | 8/1/28 | 500 | 534 |
New York City NY GO | 5.500% | 11/15/28 | 300 | 339 |
New York City NY GO | 5.625% | 4/1/29 | 840 | 947 |
New York City NY GO | 5.000% | 5/15/29 | 500 | 546 |
New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,068 |
New York City NY GO | 5.000% | 3/1/31 | 1,340 | 1,418 |
New York City NY GO | 5.000% | 8/1/31 | 365 | 383 |
New York City NY GO VRDO | 0.040% | 1/8/14 LOC | 1,300 | 1,300 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/24 | 1,500 | 1,616 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/30 | 500 | 517 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,069 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/15 | 250 | 267 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 750 | 706 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 500 | 553 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 500 | 533 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 4.750% | 6/15/30 | 255 | 265 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 345 | 359 |
40
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 500 | 531 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 500 | 533 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 2,500 | 2,589 |
New York City NY Sales Tax Asset | ||||
Receivable Corp. | 5.000% | 10/15/32 (2) | 2,000 | 2,048 |
New York City NY Sales Tax Asset | ||||
Receivable Corp. Revenue | 5.000% | 10/15/24 (14) | 500 | 518 |
New York City NY Sales Tax Asset | ||||
Receivable Corp. Revenue | 5.000% | 10/15/26 (14) | 500 | 517 |
New York City NY Sales Tax Asset | ||||
Receivable Corp. Revenue | 5.000% | 10/15/32 (4) | 2,000 | 2,048 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/24 | 500 | 565 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/25 | 500 | 561 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/26 | 500 | 563 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.125% | 1/15/29 | 1,070 | 1,163 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/32 | 250 | 263 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/16 (Prere.) | 245 | 273 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 165 | 188 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 165 | 188 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/18 | 200 | 230 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/18 | 335 | 377 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/22 | 35 | 39 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/23 | 335 | 374 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/24 | 500 | 558 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 1,000 | 1,108 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 400 | 445 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/29 | 850 | 923 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/30 | 500 | 538 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 2/1/30 | 500 | 542 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/31 | 500 | 531 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/31 | 300 | 321 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/31 | 500 | 536 |
41
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/32 | 500 | 533 |
3 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.060% | 1/2/14 | 920 | 920 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.040% | 1/8/14 | 3,100 | 3,100 |
New York City NY Trust for Cultural Resources | ||||
Revenue (American Museum of Natural History) | ||||
VRDO | 0.030% | 1/2/14 | 1,400 | 1,400 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 1,000 | 1,039 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,069 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/21 | 210 | 239 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/21 (3) | 300 | 347 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/23 | 500 | 547 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/27 (14) | 110 | 117 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 500 | 525 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/30 | 500 | 521 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/30 | 500 | 521 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/30 | 500 | 526 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 500 | 515 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/33 | 1,500 | 1,538 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/24 | 600 | 684 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/16 (Prere.) | 500 | 563 |
New York Metropolitan Transportation Authority | ||||
Revenue (Service Contract) | 5.500% | 7/1/15 | 500 | 539 |
New York Metropolitan Transportation Authority | ||||
Revenue (Service Contract) | 5.750% | 1/1/17 (14) | 560 | 641 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.500% | 11/15/14 (14) | 500 | 523 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.500% | 11/15/18 | 600 | 666 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.000% | 11/15/31 | 1,165 | 1,209 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 (2) | 500 | 585 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 (2) | 500 | 578 |
New York State Dormitory Authority Lease | ||||
Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 | 500 | 573 |
New York State Dormitory Authority Revenue | ||||
(City University System) | 5.000% | 7/1/24 | 400 | 442 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/25 (4) | 250 | 273 |
42
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/30 | 500 | 522 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | 5.000% | 8/15/15 | 100 | 107 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 500 | 543 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of | ||||
New York University) | 5.000% | 7/1/24 (14) | 500 | 535 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 6.000% | 7/1/19 (14) | 500 | 607 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish | ||||
Obligated Group) | 5.000% | 5/1/26 | 500 | 529 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/15 | 165 | 174 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/15 | 600 | 635 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/17 | 500 | 566 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 200 | 229 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/23 | 1,000 | 1,146 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/24 | 615 | 694 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/26 | 500 | 554 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/28 | 500 | 546 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/32 | 500 | 528 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/33 | 300 | 315 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/20 | 500 | 572 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/21 (4) | 390 | 449 |
New York State Dormitory Authority Revenue | ||||
(Service Contract) | 5.000% | 7/1/16 | 275 | 305 |
New York State Dormitory Authority Revenue | ||||
(Service Contract) | 5.000% | 7/1/22 | 500 | 562 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.250% | 7/1/30 | 500 | 529 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/22 | 500 | 561 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/24 | 365 | 412 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 500 | 569 |
New York State GO | 4.500% | 2/1/17 | 500 | 560 |
New York State GO | 4.500% | 2/1/18 | 500 | 569 |
New York State GO | 4.500% | 2/1/19 | 500 | 573 |
43
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
New York State GO | 5.000% | 2/15/30 | 315 | 340 |
New York State Local Government Assistance | ||||
Corp. Revenue | 5.000% | 4/1/21 | 500 | 577 |
New York State Thruway Authority Revenue | 5.000% | 1/1/15 (14) | 550 | 576 |
New York State Thruway Authority Revenue | 5.000% | 1/1/20 (14) | 500 | 562 |
New York State Thruway Authority Revenue | 5.000% | 1/1/21 (14) | 490 | 549 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 500 | 524 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 (14)(3) | 600 | 620 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/18 (2) | 500 | 539 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/24 | 500 | 561 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/25 (2) | 500 | 533 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/26 (2) | 500 | 548 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/15 (Prere.) | 385 | 407 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/16 | 225 | 248 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/19 | 500 | 584 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 500 | 583 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 500 | 556 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 12/15/14 | 100 | 105 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 1/1/15 | 500 | 524 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 12/15/15 | 400 | 437 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 12/15/18 | 500 | 585 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/15 | 275 | 300 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 600 | 702 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.500% | 3/15/22 (14) | 530 | 634 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/25 | 1,500 | 1,678 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,568 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/18 | 540 | 619 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/26 | 500 | 552 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,699 |
Tobacco Settlement Financing Corp. New York | ||||
Revenue | 5.000% | 6/1/22 | 500 | 540 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.250% | 11/15/15 | 500 | 546 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/25 | 500 | 545 |
44
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/33 | 1,600 | 1,736 |
Westchester County NY GO | 5.000% | 7/1/20 | 500 | 594 |
Westchester County NY Health Care Corp. | ||||
Revenue | 5.000% | 11/1/30 | 500 | 508 |
109,215 | ||||
North Carolina (1.2%) | ||||
Cary NC Combined Enterprise System Revenue | 5.000% | 12/1/27 | 500 | 564 |
Charlotte NC Water & Sewer System Revenue | 5.000% | 12/1/20 | 235 | 278 |
Durham County NC GO | 5.000% | 4/1/20 | 685 | 808 |
Mecklenburg County NC GO | 5.000% | 3/1/17 | 500 | 568 |
Mecklenburg County NC Public Facilities Corp. | ||||
Revenue (Annual Appropriation) | 5.000% | 3/1/26 | 500 | 544 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/19 | 555 | 649 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/29 | 500 | 541 |
North Carolina Eastern Municipal Power Agency | ||||
Power Systems Revenue | 6.000% | 1/1/18 (2) | 510 | 601 |
North Carolina Eastern Municipal Power Agency | ||||
Power Systems Revenue | 5.000% | 1/1/26 | 500 | 535 |
North Carolina GO | 5.000% | 3/1/16 | 500 | 550 |
North Carolina GO | 5.000% | 3/1/17 | 520 | 591 |
North Carolina GO | 5.000% | 3/1/18 | 500 | 574 |
North Carolina GO | 5.000% | 3/1/20 | 275 | 326 |
North Carolina GO | 4.000% | 6/1/20 | 500 | 563 |
North Carolina GO | 5.000% | 5/1/22 | 250 | 297 |
North Carolina GO | 5.000% | 5/1/26 | 750 | 892 |
North Carolina Infrastructure Financial Corp. | ||||
Capital Improvements COP | 5.000% | 2/1/21 (4) | 2,000 | 2,234 |
North Carolina Medical Care Commission | ||||
Health Care Facilities Revenue (Vidant Health) | 5.000% | 6/1/21 | 1,000 | 1,126 |
North Carolina Medical Care Commission Hospital | ||||
Revenue (Southeastern Regional Medical Center) | 5.000% | 6/1/24 | 600 | 640 |
North Carolina Municipal Power Agency Revenue | 5.000% | 1/1/30 | 500 | 523 |
Orange County NC Public Facilities Co. Revenue | 5.000% | 10/1/24 | 500 | 559 |
1 University of North Carolina University System | ||||
Revenue PUT | 0.863% | 12/1/17 | 1,000 | 1,001 |
Wake County NC GO | 4.000% | 2/1/18 | 695 | 778 |
Wake County NC GO | 5.000% | 3/1/18 | 500 | 581 |
Wake County NC Public Improvement GO | 5.000% | 3/1/16 | 100 | 110 |
16,433 | ||||
Ohio (1.6%) | ||||
Allen County OH Hospital Facilities Revenue | ||||
(Catholic Healthcare Partners) | 5.000% | 9/1/16 | 500 | 553 |
American Municipal Power Ohio Inc. Revenue | ||||
(Fremont Energy Center Project) | 5.250% | 2/15/27 | 570 | 615 |
American Municipal Power Ohio Inc. Revenue | ||||
(Hydroelectric Projects) | 5.250% | 2/15/18 | 500 | 571 |
Butler County OH Hospital Facilities Revenue | ||||
(Kettering Health Network) | 5.250% | 4/1/31 | 500 | 508 |
Butler County OH Hospital Facilities Revenue | ||||
(UC Health) | 5.250% | 11/1/29 | 435 | 441 |
Cincinnati OH City School District GO | 5.250% | 12/1/26 (14) | 500 | 582 |
Cleveland OH Airport System Revenue | 5.250% | 1/1/18 (2) | 260 | 293 |
Cleveland OH Airport System Revenue | 5.000% | 1/1/31 (4) | 500 | 501 |
45
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Cleveland OH Public Power System Revenue | 5.000% | 11/15/20 (3) | 500 | 547 |
Columbus OH GO | 5.000% | 7/1/23 | 600 | 707 |
Columbus OH GO | 5.000% | 7/1/25 | 535 | 610 |
Fairfield County OH Hospital Facilities Revenue | ||||
(Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 604 |
Hamilton County OH Sales Tax Revenue | 4.500% | 12/1/15 (2) | 350 | 376 |
Kent State University OH Revenue | 5.000% | 5/1/23 (12) | 500 | 564 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 | 500 | 528 |
Ohio (Mental Health Facilities Improvement Fund | ||||
Projects) Revenue | 5.000% | 2/1/22 | 750 | 856 |
Ohio Building Authority Revenue | ||||
(Administration Building Fund) | 5.000% | 10/1/20 | 100 | 117 |
Ohio Common Schools GO | 5.000% | 6/15/16 (Prere.) | 750 | 833 |
Ohio Conservation Projects GO | 5.000% | 3/1/14 (Prere.) | 1,885 | 1,900 |
Ohio GO | 5.000% | 9/15/19 | 260 | 283 |
Ohio GO | 5.000% | 8/1/23 | 500 | 579 |
Ohio GO | 5.000% | 8/1/24 | 500 | 585 |
Ohio Higher Education GO | 5.000% | 8/1/17 | 770 | 883 |
Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 587 |
Ohio Higher Educational Facility Commission | ||||
Revenue (Case Western Reserve | ||||
University Project) | 5.000% | 12/1/22 | 550 | 630 |
Ohio Major New State Infrastructure Project | ||||
Revenue | 5.000% | 12/15/14 | 500 | 522 |
Ohio Major New State Infrastructure Project | ||||
Revenue | 5.000% | 12/15/15 | 550 | 597 |
Ohio State University General Receipts Revenue | 5.000% | 12/1/16 (ETM) | 30 | 34 |
Ohio State University General Receipts Revenue | 5.000% | 12/1/16 | 470 | 530 |
Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/15 (3) | 500 | 529 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,000 | 1,063 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/31 | 500 | 522 |
Ohio Water Development Authority Pollution | ||||
Control Revenue (Water Quality) | 5.250% | 6/1/19 | 435 | 517 |
Ohio Water Development Authority | ||||
Water Pollution Control Loan Fund Revenue | 5.000% | 6/1/14 (Prere.) | 2,365 | 2,413 |
Ohio Water Development Authority | ||||
Water Pollution Control Loan Fund Revenue | 5.000% | 6/1/14 (Prere.) | 635 | 648 |
Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 142 |
22,770 | ||||
Oklahoma (0.1%) | ||||
Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 594 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/31 | 300 | 320 |
University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 513 |
1,427 | ||||
Oregon (0.2%) | ||||
Clackamas County OR School District No. 46 GO | 0.000% | 6/15/32 | 1,670 | 681 |
Deschutes & Jefferson Counties OR | ||||
School District No. 2J GO | 0.000% | 6/15/31 | 750 | 328 |
Oregon Department of Administrative Services | ||||
Lottery Revenue | 5.250% | 4/1/31 | 500 | 549 |
Oregon GO | 5.000% | 5/1/23 | 500 | 578 |
Portland OR Sewer System Revenue | 5.000% | 6/15/22 (4) | 500 | 568 |
2,704 |
46
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania (3.0%) | ||||
Allegheny County PA Higher Education | ||||
Building Authority University Revenue | ||||
(Duquesne University) | 5.500% | 3/1/29 | 325 | 349 |
Allegheny County PA Hospital | ||||
Development Authority Revenue | ||||
(University of Pittsburgh Medical Center) | 5.000% | 5/15/18 | 500 | 572 |
Allegheny County PA Hospital | ||||
Development Authority Revenue | ||||
(University of Pittsburgh Medical Center) | 5.375% | 8/15/29 | 210 | 226 |
Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 547 |
Allentown PA Neighborhood Improvement Zone | ||||
Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,015 |
Beaver County PA Industrial | ||||
Development Authority Pollution Control Revenue | ||||
(FirstEnergy Generation Project) PUT | 2.500% | 6/1/17 | 500 | 484 |
Central Bradford PA Progress Authority Revenue | ||||
(Guthrie Healthcare System) | 5.500% | 12/1/31 | 500 | 526 |
Chester County PA GO | 5.000% | 11/15/31 | 750 | 825 |
Commonwealth Financing Authority | ||||
Pennsylvania Revenue | 5.000% | 6/1/25 (14) | 500 | 526 |
Commonwealth Financing Authority | ||||
Pennsylvania Revenue | 5.000% | 6/1/32 | 500 | 510 |
Emmaus PA General Authority Revenue VRDO | 0.050% | 1/8/14 LOC | 1,700 | 1,700 |
Geisinger Health System Authority of | ||||
Pennsylvania Revenue (Penn State Geisinger | ||||
Health System) VRDO | 0.020% | 1/2/14 | 1,700 | 1,700 |
Geisinger Health System Authority of | ||||
Pennsylvania Revenue (Penn State Geisinger | ||||
Health System) VRDO | 0.010% | 1/3/14 | 315 | 315 |
Monroeville PA Finance Authority Revenue | ||||
(UPMC Health System) | 5.000% | 2/15/19 | 500 | 570 |
Montgomery County PA Higher Education | ||||
& Health Authority Hospital Revenue | ||||
(Abington Memorial Hospital) | 5.000% | 6/1/31 | 500 | 501 |
Montgomery County PA Higher Education | ||||
& Health Authority Revenue (Arcadia University) | 2.000% | 4/1/14 | 100 | 100 |
Montgomery County PA Higher Education | ||||
& Health Authority Revenue (Arcadia University) | 3.000% | 4/1/15 | 100 | 102 |
Montgomery County PA Higher Education | ||||
& Health Authority Revenue (Arcadia University) | 3.000% | 4/1/16 | 200 | 206 |
Montgomery County PA Industrial Development | ||||
Authority Retirement Community Revenue | ||||
(ACTS Retirement- Life Communities | ||||
Obligated Group) | 5.000% | 11/15/25 | 1,250 | 1,254 |
Pennsylvania Economic Development Financing | ||||
Authority Health System Revenue | ||||
(Albert Einstein Healthcare Network) | 6.250% | 10/15/23 | 1,000 | 1,076 |
Pennsylvania Economic Development Financing | ||||
Authority Solid Waste Disposal Revenue | ||||
(Waste Management Inc. Project) PUT | 3.700% | 5/1/15 | 750 | 772 |
Pennsylvania Economic Development Financing | ||||
Authority Unemployment Compensation | ||||
Revenue | 4.000% | 1/1/18 | 325 | 363 |
Pennsylvania GO | 5.000% | 9/1/14 (4) | 500 | 516 |
Pennsylvania GO | 5.000% | 5/1/15 | 405 | 431 |
47
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania GO | 5.250% | 7/1/15 | 500 | 537 |
Pennsylvania GO | 5.000% | 3/1/16 | 100 | 110 |
Pennsylvania GO | 5.000% | 7/1/16 | 400 | 445 |
Pennsylvania GO | 5.000% | 7/1/16 | 120 | 133 |
Pennsylvania GO | 5.000% | 7/1/18 | 570 | 664 |
Pennsylvania GO | 5.000% | 7/1/20 | 500 | 588 |
Pennsylvania GO | 5.000% | 11/15/20 | 250 | 295 |
Pennsylvania GO | 5.375% | 7/1/21 | 500 | 599 |
Pennsylvania GO | 5.000% | 8/1/22 | 500 | 562 |
Pennsylvania GO | 5.000% | 11/15/22 | 500 | 577 |
Pennsylvania GO | 5.000% | 1/1/26 | 100 | 107 |
Pennsylvania GO | 5.000% | 4/15/28 | 500 | 560 |
Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,076 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Foundation for Indiana | ||||
University of Pennsylvania Student Housing) | 5.000% | 7/1/17 (10) | 500 | 532 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Philadelphia University) | 5.500% | 6/1/20 | 1,000 | 1,042 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 | 200 | 215 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Temple University) | 5.000% | 4/1/32 | 500 | 519 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue | ||||
(Trustees of the University of Pennsylvania) | 5.000% | 9/1/28 | 500 | 541 |
Pennsylvania State University Revenue | 5.000% | 3/1/25 | 500 | 563 |
Pennsylvania State University Revenue | 5.000% | 8/15/27 | 1,000 | 1,081 |
Pennsylvania Turnpike Commission Oil Franchise | ||||
Tax Revenue | 5.000% | 12/1/24 | 1,000 | 1,128 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | 345 | 380 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/22 (2) | 1,000 | 1,064 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/29 | 1,050 | 1,080 |
Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/31 (2) | 1,610 | 1,657 |
Philadelphia PA Airport Revenue | 5.000% | 6/15/15 | 505 | 536 |
Philadelphia PA Gas Works Revenue VRDO | 0.040% | 1/8/14 LOC | 4,500 | 4,500 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue | ||||
(Children’s Hospital of Philadelphia Project) | ||||
VRDO | 0.030% | 1/2/14 | 1,700 | 1,700 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue | ||||
(Temple University Health System | ||||
Obligated Group) | 5.500% | 7/1/30 | 245 | 211 |
Philadelphia PA Municipal Authority Revenue | 6.375% | 4/1/29 | 500 | 547 |
Philadelphia PA School District GO | 5.000% | 8/1/20 (2) | 500 | 531 |
Philadelphia PA School District GO | 5.250% | 9/1/22 | 500 | 551 |
Philadelphia PA Water & Waste Water Revenue | 5.000% | 8/1/22 (4) | 560 | 622 |
St. Mary Hospital Authority Pennsylvania Health | ||||
System Revenue (Catholic Health Initiatives) | 5.000% | 11/15/26 | 1,000 | 1,054 |
University of Pittsburgh of the Commonwealth | ||||
System of Higher Education Pennsylvania | ||||
Revenue (University Capital Project) | 5.250% | 9/15/24 | 500 | 575 |
42,068 |
48
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Puerto Rico (0.4%) | ||||
Puerto Rico Electric Power Authority Revenue | 5.250% | 7/1/20 | 500 | 384 |
Puerto Rico Electric Power Authority Revenue | 5.000% | 7/1/21 (14) | 500 | 448 |
Puerto Rico Electric Power Authority Revenue | 5.500% | 7/1/21 | 500 | 381 |
Puerto Rico Electric Power Authority Revenue | 5.250% | 7/1/22 (14) | 500 | 448 |
Puerto Rico Electric Power Authority Revenue | 5.000% | 7/1/23 | 500 | 345 |
Puerto Rico Electric Power Authority Revenue | 5.250% | 7/1/26 | 500 | 330 |
Puerto Rico GO | 6.000% | 7/1/27 (14) | 500 | 450 |
Puerto Rico Highway & Transportation Authority | ||||
Revenue | 5.250% | 7/1/22 (3) | 500 | 367 |
Puerto Rico Highway & Transportation Authority | ||||
Revenue | 5.500% | 7/1/25 | 500 | 350 |
Puerto Rico Public Buildings Authority | ||||
Government Facilities Revenue | 5.250% | 7/1/29 | 500 | 320 |
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 1,000 | 1,221 |
Puerto Rico Sales Tax Financing Corp. Revenue | 5.250% | 8/1/27 | 500 | 411 |
Puerto Rico Sales Tax Financing Corp. Revenue | 5.250% | 8/1/30 | 500 | 377 |
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 8/1/33 | 1,000 | 180 |
6,012 | ||||
South Carolina (0.4%) | ||||
Charleston SC Educational Excellence Financing | ||||
Corp. Revenue (Charleston County School | ||||
District, South Carolina Project) | 5.000% | 12/1/19 | 500 | 558 |
Charleston SC Educational Excellence Financing | ||||
Corp. Revenue (Charleston County School | ||||
District, South Carolina Project) | 5.000% | 12/1/23 | 500 | 574 |
Columbia SC Waterworks & Sewer System | ||||
Revenue | 5.000% | 2/1/27 | 250 | 277 |
Greenville County SC School District GO | 5.000% | 12/1/27 | 500 | 533 |
Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 (3) | 1,600 | 1,060 |
South Carolina GO | 5.000% | 4/1/20 | 450 | 533 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/24 (4) | 500 | 526 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/26 | 1,000 | 1,039 |
South Carolina Public Service Authority Revenue | 5.000% | 1/1/14 (Prere.) | 400 | 400 |
South Carolina Public Service Authority Revenue | 5.000% | 1/1/16 | 130 | 142 |
South Carolina Public Service Authority Revenue | 5.000% | 1/1/29 | 500 | 523 |
6,165 | ||||
Tennessee (0.9%) | ||||
Chattanooga TN Health Educational & Housing | ||||
Facility Board Revenue (Catholic Health | ||||
Initiatives) | 5.000% | 1/1/33 | 1,500 | 1,480 |
Memphis TN Electric System Revenue | 5.000% | 12/1/17 | 500 | 578 |
Memphis TN GO | 5.000% | 5/1/30 | 500 | 537 |
Metropolitan Government of Nashville & Davidson | ||||
County TN GO | 5.000% | 7/1/21 | 625 | 730 |
Metropolitan Government of Nashville & Davidson | ||||
County TN Health & Educational Facilities Board | ||||
Revenue (Blakeford at Green Hills) | 5.000% | 7/1/27 | 500 | 496 |
Metropolitan Government of Nashville & Davidson | ||||
County TN Health & Educational Facilities Board | ||||
Revenue (Vanderbilt University) | 5.000% | 10/1/15 | 350 | 379 |
Metropolitan Government of Nashville & Davidson | ||||
County TN Water & Sewer Revenue | 5.000% | 7/1/20 | 500 | 580 |
Shelby County TN GO | 5.000% | 3/1/19 | 500 | 586 |
49
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Shelby County TN GO | 5.000% | 4/1/19 (ETM) | 100 | 118 |
Shelby County TN GO | 5.000% | 4/1/19 | 400 | 469 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 9/1/16 | 500 | 538 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/17 | 250 | 271 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/17 | 500 | 550 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/18 | 525 | 583 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/22 | 1,115 | 1,208 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/24 | 1,500 | 1,580 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/24 | 250 | 266 |
Tennessee GO | 5.000% | 8/1/14 | 500 | 514 |
Tennessee GO | 5.000% | 8/1/20 | 625 | 741 |
12,204 | ||||
Texas (3.7%) | ||||
Austin TX Combined Utility System Revenue | 0.000% | 5/15/18 (3) | 1,000 | 929 |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/21 | 500 | 583 |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/24 | 275 | 306 |
Central Texas Regional Mobility Authority | ||||
Revenue | 0.000% | 1/1/25 | 100 | 55 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.750% | 1/1/25 | 500 | 528 |
Central Texas Regional Mobility Authority | ||||
Revenue | 0.000% | 1/1/26 | 180 | 92 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/33 | 500 | 480 |
Clifton TX Higher Education Finance Corp. | ||||
Revenue (Baylor University) | 5.250% | 3/1/29 | 200 | 216 |
Cypress-Fairbanks TX Independent School District | ||||
GO | 5.000% | 2/15/25 | 500 | 560 |
Cypress-Fairbanks TX Independent School District | ||||
GO | 5.000% | 2/15/30 | 500 | 533 |
Dallas TX Area Rapid Transit Sales Tax | ||||
Revenue | 4.500% | 12/1/27 | 500 | 522 |
Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/27 | 500 | 556 |
Dallas TX GO | 5.000% | 2/15/15 | 500 | 527 |
Dallas TX Independent School District GO | 5.000% | 8/15/14 | 500 | 515 |
Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 557 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/15 (2) | 485 | 525 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/17 | 200 | 230 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/22 | 330 | 381 |
Dallas-Fort Worth TX International Airport Revenue | 5.000% | 11/1/16 | 515 | 577 |
Dallas-Fort Worth TX International Airport Revenue | 5.250% | 11/1/29 | 1,000 | 1,066 |
El Paso TX Water & Sewer Revenue | 5.000% | 3/1/22 | 765 | 889 |
Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 501 |
Grand Parkway Transportation Corp. Texas | ||||
System Toll Revenue | 0.000% | 10/1/30 | 1,550 | 965 |
Harris County TX Flood Control District GO | 5.250% | 10/1/18 | 435 | 515 |
Harris County TX GO | 5.000% | 10/1/23 | 500 | 556 |
Harris County TX GO | 5.000% | 10/1/23 | 300 | 343 |
Harris County TX GO | 5.000% | 8/15/32 | 400 | 429 |
1 Harris County TX Toll Road Revenue | 0.840% | 8/15/18 | 1,000 | 1,007 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/27 | 500 | 555 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 500 | 527 |
Houston TX Airport System Revenue | 5.000% | 7/1/19 (14) | 1,000 | 1,104 |
Houston TX Community College System GO | 5.000% | 2/15/27 | 1,000 | 1,038 |
Houston TX GO | 5.000% | 3/1/20 | 500 | 572 |
Houston TX Independent School District GO | 5.000% | 7/15/15 (4) | 500 | 536 |
50
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Houston TX Utility System Revenue | 5.125% | 5/15/28 (14) | 500 | 507 |
Houston TX Utility System Revenue | 5.000% | 11/15/28 (4) | 500 | 538 |
Houston TX Utility System Revenue | 5.250% | 11/15/30 | 500 | 544 |
1 Houston TX Utility System Revenue PUT | 0.660% | 8/1/16 | 1,000 | 1,002 |
Katy TX Independent School District GO | 5.000% | 2/15/20 | 2,000 | 2,244 |
Lake Travis TX Independent School District GO | 5.000% | 2/15/32 | 500 | 537 |
Lone Star College System Texas GO | 5.000% | 8/15/23 | 250 | 285 |
Lower Colorado River Authority Texas Revenue | 5.750% | 5/15/15 (Prere.) | 40 | 43 |
Lower Colorado River Authority Texas Revenue | 5.750% | 5/15/15 (Prere.) | 415 | 446 |
Lower Colorado River Authority Texas Revenue | 5.750% | 5/15/28 | 45 | 47 |
Lubbock TX GO | 5.000% | 2/15/23 | 500 | 571 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. First Mortgage Revenue | ||||
(Morningside Ministries Project) | 6.250% | 1/1/33 | 1,640 | 1,646 |
North East TX Independent School District GO | 5.250% | 2/1/22 | 500 | 593 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/20 | 500 | 572 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/25 | 500 | 564 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/28 | 250 | 280 |
North Texas Tollway Authority System Revenue | 5.500% | 9/1/28 | 500 | 553 |
SA Energy Acquisition Public Facility Corp. | ||||
Texas Gas Supply Revenue | 5.250% | 8/1/17 | 500 | 549 |
SA Energy Acquisition Public Facility Corp. | ||||
Texas Gas Supply Revenue | 5.500% | 8/1/19 | 500 | 566 |
Sam Rayburn TX Municipal Power Agency | ||||
Revenue | 5.000% | 10/1/19 | 210 | 238 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/16 (Prere.) | 905 | 991 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/19 | 500 | 585 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/21 | 500 | 584 |
San Antonio TX GO | 5.000% | 8/1/20 | 125 | 147 |
San Antonio TX GO | 5.000% | 2/1/22 | 1,000 | 1,156 |
San Antonio TX GO | 5.000% | 2/1/24 | 500 | 564 |
1 San Antonio TX Water Revenue PUT | 0.740% | 11/1/16 | 1,000 | 1,000 |
Southwest Texas Higher Education Authority Inc. | ||||
Revenue (Southern Methodist University Project) | 5.000% | 10/1/16 (2) | 260 | 291 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Hospital Revenue | ||||
(Methodist Hospitals of Dallas) | 5.250% | 10/1/31 | 1,000 | 1,047 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (CHRISTUS Health) | 6.250% | 7/1/28 (12) | 325 | 359 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (Texas Health Resources) | 5.000% | 2/15/26 | 735 | 774 |
Texas A&M University System Revenue | ||||
Financing System Revenue | 5.000% | 5/15/26 | 500 | 565 |
Texas GO | 4.000% | 4/1/18 | 400 | 449 |
Texas GO | 5.000% | 8/1/31 | 500 | 543 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/17 | 550 | 626 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/21 | 240 | 263 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.000% | 12/15/22 | 405 | 423 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.000% | 12/15/23 | 380 | 392 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/23 | 190 | 206 |
51
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/24 | 495 | 531 |
Texas Municipal Power Agency Revenue | 0.000% | 9/1/15 (14) | 1,500 | 1,484 |
Texas Public Finance Authority Revenue | ||||
(Texas Southern University) | 5.000% | 11/1/21 (15) | 1,000 | 1,071 |
Texas Public Finance Authority Revenue | ||||
(Unemployment Compensation) | 5.000% | 7/1/14 | 500 | 512 |
Texas Public Finance Authority Revenue | ||||
(Unemployment Compensation) | 5.000% | 1/1/15 | 425 | 445 |
Texas Public Finance Authority Revenue | ||||
(Unemployment Compensation) | 5.000% | 1/1/18 | 500 | 535 |
Texas Tech University System | ||||
Financing System Revenue | 5.000% | 2/15/28 | 500 | 540 |
Texas Transportation Commission Revenue | 4.750% | 4/1/24 | 500 | 542 |
Texas Transportation Commission Revenue | 5.000% | 4/1/25 | 500 | 546 |
Texas Transportation Commission Revenue | 5.000% | 4/1/26 | 500 | 544 |
Texas Water Financial Assistance GO | 5.000% | 8/1/24 | 500 | 575 |
Texas Water Financial Assistance GO | 5.000% | 8/1/25 | 500 | 574 |
Texas Water Financial Assistance GO | 5.000% | 8/1/27 | 500 | 557 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/19 | 325 | 383 |
University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/21 | 500 | 591 |
Williamson County TX GO | 5.000% | 2/15/23 | 230 | 266 |
52,261 | ||||
Utah (0.4%) | ||||
Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 540 |
Murray UT Hospital Revenue (IHC Health | ||||
Services) VRDO | 0.030% | 1/2/14 | 4,105 | 4,105 |
Utah Associated Municipal Power Systems | ||||
Revenue (Horse Butte Wind Project) | 5.000% | 9/1/32 | 350 | 359 |
Utah GO | 5.000% | 7/1/16 | 500 | 558 |
Utah GO | 5.000% | 7/1/16 | 500 | 558 |
6,120 | ||||
Virgin Islands (0.0%) | ||||
Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/29 | 500 | 494 |
Virginia (0.6%) | ||||
Arlington County VA GO | 5.000% | 8/1/17 | 750 | 863 |
Arlington County VA GO | 5.000% | 8/1/23 | 600 | 704 |
Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 542 |
Chesterfield County VA GO | 5.000% | 1/1/22 | 900 | 1,067 |
Fairfax County VA Public Improvement GO | 5.000% | 10/1/17 | 500 | 577 |
Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 300 | 356 |
Fairfax County VA Public Improvement GO | 5.000% | 4/1/23 | 500 | 594 |
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/25 | 500 | 571 |
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/26 | 625 | 707 |
Norfolk VA Water Revenue | 5.000% | 11/1/31 | 500 | 538 |
Roanoke VA Economic Development Authority | ||||
Hospital Revenue (Carilion Clinic Obligated | ||||
Group) | 5.000% | 7/1/30 | 500 | 514 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College |
& Equipment Programs) | 5.000% | 2/1/17 | 200 | 226 |
52
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Virginia College Building Authority Educational | ||||
Facilities Revenue | ||||
(Public Higher Education Financing Program) | 5.000% | 9/1/22 | 355 | 416 |
Virginia Public School Authority Revenue | 5.000% | 8/1/19 | 500 | 588 |
8,263 | ||||
Washington (1.0%) | ||||
Energy Northwest Washington Electric Revenue | ||||
(Columbia Generating Station) | 5.000% | 7/1/20 | 500 | 587 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 1) | 5.250% | 7/1/16 | 500 | 559 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 1) | 5.000% | 7/1/17 | 500 | 572 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 3) | 5.000% | 7/1/15 | 100 | 107 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 3) | 5.000% | 7/1/16 | 865 | 961 |
King County WA GO | 5.000% | 1/1/19 | 150 | 175 |
King County WA GO | 5.000% | 1/1/24 | 500 | 571 |
Port of Seattle WA Revenue | 5.000% | 3/1/20 (14) | 665 | 696 |
Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 266 |
University of Washington Revenue | 5.000% | 4/1/31 | 335 | 358 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 426 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 425 | 483 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/28 | 500 | 544 |
Washington GO | 5.700% | 10/1/15 (4) | 220 | 231 |
Washington GO | 5.000% | 2/1/16 | 500 | 547 |
Washington GO | 5.000% | 7/1/16 (Prere.) | 500 | 556 |
Washington GO | 5.000% | 7/1/17 | 200 | 229 |
Washington GO | 5.000% | 7/1/18 | 675 | 787 |
Washington GO | 0.000% | 6/1/20 (3) | 500 | 426 |
Washington GO | 5.000% | 8/1/20 | 500 | 578 |
Washington GO | 5.000% | 7/1/21 | 500 | 571 |
Washington GO | 5.000% | 7/1/23 | 1,000 | 1,169 |
Washington GO | 5.000% | 7/1/25 | 500 | 565 |
Washington GO | 5.000% | 2/1/32 | 500 | 533 |
Washington Health Care Facilities Authority | ||||
Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 891 |
Washington State University General Revenue | 5.000% | 10/1/31 | 500 | 538 |
13,926 | ||||
Wisconsin (0.5%) | ||||
Wisconsin Annual Appropriation Revenue | 5.625% | 5/1/28 | 460 | 516 |
Wisconsin GO | 5.000% | 5/1/15 (Prere.) | 600 | 638 |
Wisconsin GO | 4.000% | 9/1/15 | 970 | 1,029 |
Wisconsin GO | 5.000% | 5/1/16 | 500 | 552 |
Wisconsin GO | 5.000% | 5/1/21 | 750 | 877 |
Wisconsin GO | 5.000% | 5/1/23 | 500 | 568 |
Wisconsin GO | 5.000% | 5/1/24 | 500 | 572 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 525 |
53
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
Wisconsin Public Power System Power Supply | ||||
System Revenue | 5.000% | 7/1/32 | 500 | 515 |
Wisconsin Transportation Revenue | 5.250% | 7/1/14 | 500 | 513 |
Wisconsin Transportation Revenue | 5.000% | 7/1/23 | 500 | 576 |
6,881 | ||||
Total Tax-Exempt Municipal Bonds (Cost $705,315) | 713,322 | |||
Total Investments (98.8%) (Cost $1,036,114) | 1,384,191 | |||
Other Assets and Liabilities (1.2%) | ||||
Other Assets | 20,575 | |||
Liabilities | (4,234) | |||
16,341 | ||||
Net Assets (100%) | ||||
Applicable to 56,249,462 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 1,400,532 | |||
Net Asset Value Per Share | $24.90 | |||
At December 31, 2013, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 1,055,278 | |||
Overdistributed Net Investment Income | (1,369) | |||
Accumulated Net Realized Losses | (1,454) | |||
Unrealized Appreciation (Depreciation) | 348,077 | |||
Net Assets | 1,400,532 |
See Note A in Notes to Financial Statements.
Non-income-producing security.
Adjustable-rate security.
Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2013.
Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, the aggregate value of these securities was $3,020,000, representing 0.2% of net assets.
A key to abbreviations and other references follows the Statement of Net Assets. See accompanying Notes, which are an integral part of the Financial Statements.
54
Tax-Managed Balanced Fund
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.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by: (1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company). (4) AGM (Assured Guaranty Municipal Corporation). (5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation. (10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty). (12) Assured Guaranty Corporation.
(13) Berkshire Hathaway Assurance Corporation. (14) National Public Finance Guarantee Corporation. (15) Build America Mutual Assurance Company.
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.
55
Tax-Managed Balanced Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2013 | |
($000) | |
Investment Income | |
Income | |
Dividends | 10,222 |
Interest | 17,788 |
Total Income | 28,010 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 83 |
Management and Administrative | 1,112 |
Marketing and Distribution | 196 |
Custodian Fees | 13 |
Auditing Fees | 27 |
Shareholders’ Reports | 12 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,444 |
Net Investment Income | 26,566 |
Realized Net Gain (Loss) on Investment Securities Sold | 7,341 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 126,559 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 160,466 |
See accompanying Notes, which are an integral part of the Financial Statements.
56
Tax-Managed Balanced Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2013 | 2012 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 26,566 | 22,390 |
Realized Net Gain (Loss) | 7,341 | 3,463 |
Change in Unrealized Appreciation (Depreciation) | 126,559 | 65,367 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 160,466 | 91,220 |
Distributions | ||
Net Investment Income | (26,718) | (22,423) |
Realized Capital Gain | — | — |
Total Distributions | (26,718) | (22,423) |
Capital Share Transactions | ||
Issued | 319,975 | 212,247 |
Issued in Lieu of Cash Distributions | 23,002 | 19,131 |
Redeemed | (91,646) | (82,059) |
Net Increase (Decrease) from Capital Share Transactions | 251,331 | 149,319 |
Total Increase (Decrease) | 385,079 | 218,116 |
Net Assets | ||
Beginning of Period | 1,015,453 | 797,337 |
End of Period1 | 1,400,532 | 1,015,453 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,369,000) and ($1,223,000).
See accompanying Notes, which are an integral part of the Financial Statements.
57
Tax-Managed Balanced Fund | |||||
Financial Highlights | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $22.25 | $20.55 | $19.96 | $18.75 | $16.19 |
Investment Operations | |||||
Net Investment Income | . 517 | .525 | .519 | . 496 | .491 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.647 | 1.696 | .585 | 1.210 | 2.566 |
Total from Investment Operations | 3.164 | 2.221 | 1.104 | 1.706 | 3.057 |
Distributions | |||||
Dividends from Net Investment Income1 | (. 514) | (. 521) | (. 514) | (.496) | (.497) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.514) | (. 521) | (. 514) | (.496) | (.497) |
Net Asset Value, End of Period | $24.90 | $22.25 | $20.55 | $19.96 | $18.75 |
Total Return2 | 14.34% | 10.87% | 5.58% | 9.22% | 19.14% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,401 | $1,015 | $797 | $733 | $669 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.12% | 0.12% | 0.12% | 0.15% | 0.15% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.21% | 2.43% | 2.55% | 2.58% | 2.86% |
Portfolio Turnover Rate | 9% | 7% | 12% | 23% | 27% |
1 For tax purposes, nontaxable dividends represent 63%, 62%, 70%, 70%, and 69% of dividends from net investment income.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
58
Tax-Managed Balanced Fund
Notes to Financial Statements
Vanguard Tax-Managed Balanced Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 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. 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 materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2010–2013), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Other: Dividend income is recorded on the ex-dividend date. Interest income 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.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2013, the fund had contributed capital of $153,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.06% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
59
Tax-Managed Balanced Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2013, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 670,869 | — | — |
Tax-Exempt Municipal Bonds | — | 713,322 | — |
Total | 670,869 | 713,322 | — |
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.
For tax purposes, at December 31, 2013, the fund used capital loss carryforwards of $7,346,000 to offset taxable capital gains realized during the year ended December 31, 2013. At December 31, 2013, the fund had available capital losses totaling $1,449,000 to offset future net capital gains through December 31, 2017.
At December 31, 2013, the cost of investment securities for tax purposes was $1,036,203,000. Net unrealized appreciation of investment securities for tax purposes was $347,988,000, consisting of unrealized gains of $358,611,000 on securities that had risen in value since their purchase and $10,623,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2013, the fund purchased $320,583,000 of investment securities and sold $103,750,000 of investment securities, other than temporary cash investments.
F. Capital shares issued and redeemed were: | ||
Year Ended December 31, | ||
2013 | 2012 | |
Shares | Shares | |
(000) | (000) | |
Issued | 13,516 | 9,707 |
Issued in Lieu of Cash Distributions | 964 | 873 |
Redeemed | (3,869) | (3,737) |
Net Increase (Decrease) in Shares Outstanding | 10,611 | 6,843 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2013, that would require recognition or disclosure in these financial statements.
60
Tax-Managed Growth and Income Fund
Fund Profile | |||
As of December 31, 2013 | |||
Share-Class Characteristics | |||
Admiral | Institutional | ||
Shares | Shares | ||
Ticker Symbol | VTGLX | VTMIX | |
Expense Ratio1 | 0.12% | 0.08% | |
30-Day SEC Yield | 1.90% | 1.94% | |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Stock | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Number of Stocks | 502 | 500 | 3,653 |
Median Market Cap | $70.5B | $70.5B | $43.0B |
Price/Earnings Ratio | 19.2x | 19.2x | 20.7x |
Price/Book Ratio | 2.7x | 2.7x | 2.7x |
Return on Equity | 18.1% | 17.9% | 16.5% |
Earnings Growth | |||
Rate | 11.0% | 11.0% | 11.4% |
Dividend Yield | 2.0% | 2.0% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 4% | — | — |
Short-Term Reserves | 0.2% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Stock Market | |
Index | FA Index | |
R-Squared | 1.00 | 1.00 |
Beta | 1.00 | 0.95 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
Apple Inc. | Computer Hardware | 3.1% |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.7 |
Google Inc. | Internet Software & | |
Services | 1.9 | |
Microsoft Corp. | Systems Software | 1.7 |
General Electric Co. | Industrial | |
Conglomerates | 1.7 | |
Johnson & Johnson | Pharmaceuticals | 1.6 |
Chevron Corp. | Integrated Oil & Gas | 1.5 |
Procter & Gamble Co. | Household Products | 1.3 |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.3 | |
Wells Fargo & Co. | Diversified Banks | 1.3 |
Top Ten | 18.1% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
Style
Value Blend Growth
Market Cap
Large
Medium
Small
1 The expense ratios shown are from the prospectus dated December 19, 2013, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2013, the expense ratios were 0.12% for Admiral Shares and 0.08% for Institutional Shares.
61
Tax-Managed Growth and Income Fund
Sector Diversification (% of equity exposure)
DJ | |||
U.S. Total | |||
Stock | |||
S&P 500 | Market | ||
Fund | Index FA Index | ||
Consumer | |||
Discretionary | 12.5% | 12.5% | 13.3% |
Consumer Staples | 9.8 | 9.8 | 8.5 |
Energy | 10.3 | 10.3 | 9.4 |
Financials | 16.2 | 16.2 | 17.3 |
Health Care | 13.0 | 13.0 | 12.6 |
Industrials | 10.9 | 10.9 | 11.8 |
Information | |||
Technology | 18.6 | 18.6 | 18.1 |
Materials | 3.5 | 3.5 | 3.9 |
Telecommunication | |||
Services | 2.3 | 2.3 | 2.1 |
Utilities | 2.9 | 2.9 | 3.0 |
62
Tax-Managed Growth and Income Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) 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.
Cumulative Performance: December 31, 2003, Through December 31, 2013
Initial Investment of $10,000
4,000 | ||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |
Average Annual Total Returns | ||||||||||
Periods Ended December 31, 2013 | ||||||||||
Final Value | ||||||||||
One | Five | Ten | of a $10,000 | |||||||
Year | Years | Years | Investment | |||||||
Tax-Managed Growth and Income | ||||||||||
Fund Admiral Shares | 32.25% | 17.87% | 7.37% | $20,360 | ||||||
•••••••• | S&P 500 Index | 32.39 | 17.94 | 7.41 | 20,430 | |||||
– – – – | Large-Cap Core Funds Average | 31.42 | 16.62 | 6.12 | 18,114 | |||||
Dow Jones U.S. Total Stock Market | ||||||||||
Float Adjusted Index | 33.47 | 18.86 | 8.09 | 21,777 | ||||||
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
See Financial Highlights for dividend and capital gains information.
63
Tax-Managed Growth and Income Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2013 | ||||
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Growth and Income Fund | ||||
Institutional Shares | 32.30% | 17.92% | 7.40% | $10,213,565 |
S&P 500 Index | 32.39 | 17.94 | 7.41 | 10,214,756 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 33.47 | 18.86 | 8.09 | 10,888,699 |
Fiscal-Year Total Returns (%): December 31, 2003, Through December 31, 2013
Tax-Managed Growth and Income Fund Admiral Shares
S&P 500 Index
64
Tax-Managed Growth and Income Fund
Financial Statements
Statement of Net Assets
As of December 31, 2013
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | Market | ||||
Value | Value | ||||
Shares | ($000) | Shares | ($000) | ||
Common Stocks (100.0%) | Coach Inc. | 56,463 | 3,169 | ||
Consumer Discretionary (12.5%) | Wynn Resorts Ltd. | 16,293 | 3,164 | ||
* Amazon.com Inc. | 74,927 | 29,880 | Harley-Davidson Inc. | 44,527 | 3,083 |
Comcast Corp. Class A | 492,733 | 25,605 | Starwood Hotels & Resorts | ||
Walt Disney Co. | 330,308 | 25,236 | Worldwide Inc. | 38,711 | 3,076 |
Home Depot Inc. | 284,606 | 23,434 | L Brands Inc. | 49,468 | 3,060 |
McDonald’s Corp. | 201,162 | 19,519 | * Michael Kors Holdings Ltd. | 36,140 | 2,934 |
Twenty-First Century Fox | * O’Reilly Automotive Inc. | 21,568 | 2,776 | ||
Inc. Class A | 396,624 | 13,953 | Genuine Parts Co. | 31,276 | 2,602 |
Time Warner Inc. | 182,866 | 12,749 | BorgWarner Inc. | 46,202 | 2,583 |
Ford Motor Co. | 796,075 | 12,283 | Whirlpool Corp. | 15,773 | 2,474 |
* priceline.com Inc. | 10,401 | 12,090 | * Dollar Tree Inc. | 42,116 | 2,376 |
Starbucks Corp. | 152,141 | 11,926 | Kohl’s Corp. | 40,613 | 2,305 |
NIKE Inc. Class B | 150,804 | 11,859 | PVH Corp. | 16,611 | 2,259 |
Lowe’s Cos. Inc. | 211,382 | 10,474 | Marriott International Inc. | ||
* General Motors Co. | 230,328 | 9,414 | Class A | 45,224 | 2,232 |
TJX Cos. Inc. | 143,838 | 9,167 | Best Buy Co. Inc. | 55,378 | 2,208 |
Target Corp. | 127,473 | 8,065 | Ralph Lauren Corp. Class A | 12,135 | 2,143 |
Time Warner Cable Inc. | 56,985 | 7,721 | * CarMax Inc. | 45,191 | 2,125 |
CBS Corp. Class B | 112,743 | 7,186 | Staples Inc. | 132,530 | 2,106 |
Viacom Inc. Class B | 81,799 | 7,144 | Gap Inc. | 53,510 | 2,091 |
Johnson Controls Inc. | 138,122 | 7,086 | Tiffany & Co. | 22,303 | 2,069 |
* DIRECTV | 98,791 | 6,825 | Wyndham Worldwide Corp. | 26,296 | 1,938 |
Yum! Brands Inc. | 89,762 | 6,787 | Scripps Networks | ||
VF Corp. | 71,368 | 4,449 | Interactive Inc. Class A | 22,281 | 1,925 |
* Netflix Inc. | 11,959 | 4,403 | Newell Rubbermaid Inc. | 58,489 | 1,896 |
* Discovery Communications | * TripAdvisor Inc. | 22,413 | 1,856 | ||
Inc. Class A | 45,600 | 4,123 | * Mohawk Industries Inc. | 12,334 | 1,837 |
Macy’s Inc. | 74,486 | 3,978 | * News Corp. Class A | 100,231 | 1,806 |
Omnicom Group Inc. | 51,975 | 3,865 | Nordstrom Inc. | 28,636 | 1,770 |
* Dollar General Corp. | 59,563 | 3,593 | Comcast Corp. | 33,914 | 1,692 |
Carnival Corp. | 88,540 | 3,557 | H&R Block Inc. | 55,157 | 1,602 |
* Bed Bath & Beyond Inc. | 43,364 | 3,482 | PetSmart Inc. | 20,749 | 1,510 |
Delphi Automotive plc | 56,548 | 3,400 | Interpublic Group | ||
* Chipotle Mexican Grill Inc. | of Cos. Inc. | 83,809 | 1,483 | ||
Class A | 6,258 | 3,334 | Expedia Inc. | 20,813 | 1,450 |
Ross Stores Inc. | 43,923 | 3,291 | Darden Restaurants Inc. | 26,211 | 1,425 |
* AutoZone Inc. | 6,872 | 3,284 | PulteGroup Inc. | 69,907 | 1,424 |
Mattel Inc. | 68,383 | 3,254 | Gannett Co. Inc. | 45,525 | 1,347 |
Lennar Corp. Class A | 33,969 | 1,344 |
65
Tax-Managed Growth and Income Fund | |||||
Market | Market | ||||
Value | Value | ||||
Shares | ($000) | Shares | ($000) | ||
Hasbro Inc. | 23,105 | 1,271 | Dr Pepper Snapple Group | ||
Family Dollar Stores Inc. | 19,556 | 1,271 | Inc. | 40,418 | 1,969 |
* DR Horton Inc. | 56,755 | 1,267 | * Monster Beverage Corp. | 27,463 | 1,861 |
Goodyear Tire & Rubber Co. | 50,143 | 1,196 | McCormick & Co. Inc. | 26,843 | 1,850 |
GameStop Corp. Class A | 23,921 | 1,178 | Tyson Foods Inc. Class A | 54,831 | 1,835 |
* Fossil Group Inc. | 9,812 | 1,177 | Molson Coors Brewing Co. | ||
Garmin Ltd. | 25,000 | 1,156 | Class B | 31,710 | 1,781 |
Harman International | Safeway Inc. | 50,010 | 1,629 | ||
Industries Inc. | 13,581 | 1,112 | Campbell Soup Co. | 36,530 | 1,581 |
International Game | Avon Products Inc. | 87,243 | 1,502 | ||
Technology | 49,978 | 908 | Hormel Foods Corp. | 27,400 | 1,238 |
Leggett & Platt Inc. | 28,981 | 897 | 325,217 | ||
* Urban Outfitters Inc. | 21,740 | 807 | Energy (10.3%) | ||
Cablevision Systems Corp. | Exxon Mobil Corp. | 882,667 | 89,326 | ||
Class A | 44,068 | 790 | Chevron Corp. | 388,597 | 48,540 |
* AutoNation Inc. | 13,049 | 648 | Schlumberger Ltd. | 266,193 | 23,987 |
* Graham Holdings Co. Class B 900 | 597 | ConocoPhillips | 247,750 | 17,504 | |
417,831 | Occidental Petroleum Corp. 162,968 | 15,498 | |||
Consumer Staples (9.8%) | Phillips 66 | 121,193 | 9,348 | ||
Procter & Gamble Co. | 549,294 | 44,718 | EOG Resources Inc. | 55,229 | 9,270 |
Coca-Cola Co. | 767,409 | 31,702 | Halliburton Co. | 171,495 | 8,703 |
Philip Morris International | Anadarko Petroleum Corp. | 101,466 | 8,048 | ||
Inc. | 323,817 | 28,214 | Apache Corp. | 80,684 | 6,934 |
Wal-Mart Stores Inc. | 327,013 | 25,733 | National Oilwell Varco Inc. | 86,453 | 6,876 |
PepsiCo Inc. | 309,934 | 25,706 | Marathon Petroleum Corp. | 60,824 | 5,579 |
CVS Caremark Corp. | 240,574 | 17,218 | Valero Energy Corp. | 108,815 | 5,484 |
Altria Group Inc. | 404,252 | 15,519 | Williams Cos. Inc. | 137,810 | 5,315 |
Mondelez International Inc. | Pioneer Natural | ||||
Class A | 354,544 | 12,515 | Resources Co. | 28,730 | 5,288 |
Colgate-Palmolive Co. | 177,638 | 11,584 | Marathon Oil Corp. | 140,744 | 4,968 |
Costco Wholesale Corp. | 88,153 | 10,491 | Baker Hughes Inc. | 89,640 | 4,953 |
Walgreen Co. | 175,702 | 10,092 | Noble Energy Inc. | 72,366 | 4,929 |
Kimberly-Clark Corp. | 77,086 | 8,052 | Kinder Morgan Inc. | 135,724 | 4,886 |
Kraft Foods Group Inc. | 120,193 | 6,481 | Spectra Energy Corp. | 135,371 | 4,822 |
General Mills Inc. | 128,169 | 6,397 | Devon Energy Corp. | 77,308 | 4,783 |
Archer-Daniels-Midland Co. | 132,739 | 5,761 | Hess Corp. | 57,411 | 4,765 |
Whole Foods Market Inc. | 75,028 | 4,339 | Transocean Ltd. | 68,573 | 3,389 |
Sysco Corp. | 117,485 | 4,241 | Cabot Oil & Gas Corp. | 84,676 | 3,282 |
Kroger Co. | 105,473 | 4,169 | * Cameron International Corp. | 48,075 | 2,862 |
Estee Lauder Cos. Inc. | Range Resources Corp. | 33,186 | 2,798 | ||
Class A | 51,892 | 3,909 | * Southwestern Energy Co. | 71,053 | 2,794 |
Lorillard Inc. | 74,425 | 3,772 | Chesapeake Energy Corp. | 102,527 | 2,783 |
Mead Johnson Nutrition Co. | 40,690 | 3,408 | EQT Corp. | 30,282 | 2,719 |
Kellogg Co. | 51,793 | 3,163 | Ensco plc Class A | 47,275 | 2,703 |
Reynolds American Inc. | 63,137 | 3,156 | * FMC Technologies Inc. | 47,956 | 2,504 |
Hershey Co. | 30,218 | 2,938 | Murphy Oil Corp. | 35,566 | 2,307 |
ConAgra Foods Inc. | 84,802 | 2,858 | Noble Corp. plc | 51,051 | 1,913 |
Brown-Forman Corp. | Helmerich & Payne Inc. | 21,487 | 1,807 | ||
Class B | 32,525 | 2,458 | CONSOL Energy Inc. | 46,589 | 1,772 |
Clorox Co. | 25,928 | 2,405 | Tesoro Corp. | 26,684 | 1,561 |
* Constellation Brands Inc. | * Denbury Resources Inc. | 73,792 | 1,212 | ||
Class A | 33,722 | 2,373 | QEP Resources Inc. | 36,468 | 1,118 |
Beam Inc. | 33,020 | 2,247 | Peabody Energy Corp. | 55,275 | 1,079 |
JM Smucker Co. | 21,228 | 2,200 | Nabors Industries Ltd. | 52,606 | 894 |
Coca-Cola Enterprises Inc. | 48,760 | 2,152 | * Rowan Cos. plc Class A | 24,886 | 880 |
66
Tax-Managed Growth and Income Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | WPX Energy Inc. | 40,918 | 834 |
Diamond Offshore | |||
Drilling Inc. | 14,311 | 815 | |
* | Newfield Exploration Co. | 27,011 | 665 |
342,497 | |||
Financials (16.2%) | |||
JPMorgan Chase & Co. | 759,586 | 44,421 | |
Wells Fargo & Co. | 968,633 | 43,976 |
* | Berkshire Hathaway Inc. |
Class B | 329,209 | 39,031 | |
Bank of America Corp. | 2,155,252 | 33,557 | |
Citigroup Inc. | 612,946 | 31,941 | |
American Express Co. | 186,253 | 16,899 | |
American International | |||
Group Inc. | 297,564 | 15,191 | |
Goldman Sachs Group Inc. | 85,182 | 15,099 | |
US Bancorp | 369,174 | 14,915 | |
MetLife Inc. | 226,237 | 12,199 | |
Simon Property Group Inc. | 62,701 | 9,540 | |
Capital One Financial Corp. | 116,523 | 8,927 | |
Morgan Stanley | 280,071 | 8,783 | |
Prudential Financial Inc. | 93,533 | 8,626 | |
PNC Financial Services | |||
Group Inc. | 107,376 | 8,330 | |
BlackRock Inc. | 25,693 | 8,131 | |
Bank of New York Mellon | |||
Corp. | 231,674 | 8,095 | |
ACE Ltd. | 68,819 | 7,125 | |
Travelers Cos. Inc. | 73,567 | 6,661 | |
State Street Corp. | 88,705 | 6,510 | |
American Tower Corporation 79,557 | 6,350 | ||
Aflac Inc. | 93,917 | 6,274 | |
Charles Schwab Corp. | 234,613 | 6,100 | |
Discover Financial Services | 96,833 | 5,418 | |
Marsh & McLennan | |||
Cos. Inc. | 111,215 | 5,378 | |
BB&T Corp. | 142,057 | 5,301 | |
IntercontinentalExchange | |||
Group Inc. | 23,259 | 5,231 | |
Aon plc | 60,839 | 5,104 | |
Allstate Corp. | 91,876 | 5,011 | |
CME Group Inc. | 63,810 | 5,006 | |
Chubb Corp. | 50,854 | 4,914 | |
Franklin Resources Inc. | 81,578 | 4,709 | |
Ameriprise Financial Inc. | 39,242 | 4,515 | |
T. Rowe Price Group Inc. | 52,748 | 4,419 | |
Public Storage | 29,189 | 4,393 | |
McGraw Hill Financial Inc. | 54,747 | 4,281 | |
* | Berkshire Hathaway Inc. | ||
Class A | 23 | 4,092 | |
SunTrust Banks Inc. | 107,914 | 3,972 | |
Fifth Third Bancorp | 178,019 | 3,744 | |
Prologis Inc. | 101,170 | 3,738 | |
Weyerhaeuser Co. | 117,528 | 3,710 | |
Equity Residential | 67,432 | 3,498 |
Market | ||||
Value | ||||
Shares | ($000) | |||
Ventas Inc. | 59,558 | 3,411 | ||
HCP Inc. | 91,718 | 3,331 | ||
Hartford Financial Services | ||||
Group Inc. | 90,344 | 3,273 | ||
Invesco Ltd. | 89,471 | 3,257 | ||
Health Care REIT Inc. | 58,303 | 3,123 | ||
Boston Properties Inc. | 31,002 | 3,112 | ||
Vornado Realty Trust | 34,957 | 3,104 | ||
M&T Bank Corp. | 26,409 | 3,074 | ||
Progressive Corp. | 112,093 | 3,057 | ||
Moody’s Corp. | 38,218 | 2,999 | ||
Loews Corp. | 61,894 | 2,986 | ||
Host Hotels & Resorts Inc. | 152,242 | 2,959 | ||
AvalonBay Communities Inc. | 24,662 | 2,916 | ||
Northern Trust Corp. | 45,248 | 2,800 | ||
Regions Financial Corp. | 277,713 | 2,746 | ||
Lincoln National Corp. | 52,725 | 2,722 | ||
Principal Financial Group Inc. | 55,114 | 2,718 | ||
KeyCorp | 180,760 | 2,426 | ||
SLM Corp. | 88,237 | 2,319 | ||
General Growth | ||||
Properties Inc. | 108,605 | 2,180 | ||
Unum Group | 52,625 | 1,846 | ||
XL Group plc Class A | 56,726 | 1,806 | ||
Leucadia National Corp. | 63,639 | 1,803 | ||
Comerica Inc. | 37,193 | 1,768 | ||
Macerich Co. | 28,591 | 1,684 | ||
Plum Creek Timber Co. Inc. | 35,515 | 1,652 | ||
Kimco Realty Corp. | 82,123 | 1,622 | ||
Huntington Bancshares Inc. | 166,823 | 1,610 | ||
Cincinnati Financial Corp. | 29,895 | 1,566 | ||
* | Genworth Financial Inc. | |||
Class A | 100,034 | 1,553 | ||
* | CBRE Group Inc. Class A | 56,221 | 1,479 | |
Torchmark Corp. | 18,399 | 1,438 | ||
* | E*TRADE Financial Corp. | 57,259 | 1,124 | |
Zions Bancorporation | 36,740 | 1,101 | ||
Assurant Inc. | 14,609 | 970 | ||
People’s United Financial Inc. 64,032 | 968 | |||
NASDAQ OMX Group Inc. | 23,395 | 931 | ||
Legg Mason Inc. | 21,336 | 928 | ||
Hudson City Bancorp Inc. | 95,019 | 896 | ||
Apartment Investment | ||||
& Management Co. | ||||
Class A | 29,092 | 754 | ||
539,127 | ||||
Health Care (13.0%) | ||||
Johnson & Johnson | 570,141 | 52,219 | ||
Pfizer Inc. | 1,309,593 | 40,113 | ||
Merck & Co. Inc. | 590,459 | 29,552 | ||
* | Gilead Sciences Inc. | 309,920 | 23,290 | |
Bristol-Myers Squibb Co. | 332,817 | 17,689 | ||
Amgen Inc. | 152,396 | 17,398 | ||
AbbVie Inc. | 321,535 | 16,980 | ||
UnitedHealth Group Inc. | 203,472 | 15,321 |
67
Tax-Managed Growth and Income Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Celgene Corp. | 83,281 | 14,071 |
* | Biogen Idec Inc. | 47,738 | 13,355 |
Abbott Laboratories | 312,535 | 11,979 | |
Medtronic Inc. | 201,426 | 11,560 | |
* | Express Scripts Holding Co. | 162,872 | 11,440 |
Eli Lilly & Co. | 200,048 | 10,202 | |
Thermo Fisher Scientific Inc. | 73,154 | 8,146 | |
Baxter International Inc. | 109,858 | 7,641 | |
McKesson Corp. | 46,435 | 7,495 | |
Allergan Inc. | 59,967 | 6,661 | |
Covidien plc | 92,778 | 6,318 | |
* | Actavis plc | 35,177 | 5,910 |
WellPoint Inc. | 59,652 | 5,511 | |
* | Alexion Pharmaceuticals Inc. | 39,744 | 5,288 |
Aetna Inc. | 74,243 | 5,092 | |
Cigna Corp. | 55,866 | 4,887 | |
Cardinal Health Inc. | 69,055 | 4,614 | |
Stryker Corp. | 59,750 | 4,490 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 15,832 | 4,358 | |
Becton Dickinson and Co. | 39,316 | 4,344 | |
* | Perrigo Co. plc | 26,902 | 4,128 |
Agilent Technologies Inc. | 67,084 | 3,837 | |
St. Jude Medical Inc. | 59,008 | 3,656 | |
* | Vertex Pharmaceuticals Inc. | 47,253 | 3,511 |
* | Mylan Inc. | 77,474 | 3,362 |
* | Cerner Corp. | 59,876 | 3,338 |
Zoetis Inc. | 100,700 | 3,292 | |
AmerisourceBergen Corp. | |||
Class A | 46,424 | 3,264 | |
Humana Inc. | 31,562 | 3,258 | |
* | Boston Scientific Corp. | 269,216 | 3,236 |
Zimmer Holdings Inc. | 34,596 | 3,224 | |
* | Intuitive Surgical Inc. | 7,695 | 2,956 |
* | Forest Laboratories Inc. | 48,023 | 2,883 |
* | Life Technologies Corp. | 34,782 | 2,636 |
* | DaVita HealthCare | ||
Partners Inc. | 35,826 | 2,270 | |
CR Bard Inc. | 15,729 | 2,107 | |
* | Waters Corp. | 17,377 | 1,738 |
* | CareFusion Corp. | 42,489 | 1,692 |
* | Varian Medical Systems Inc. | 21,249 | 1,651 |
* | Laboratory Corp. of America | ||
Holdings | 17,668 | 1,614 | |
Quest Diagnostics Inc. | 29,342 | 1,571 | |
* | Edwards Lifesciences Corp. | 22,043 | 1,450 |
DENTSPLY International Inc. | 29,053 | 1,409 | |
* | Hospira Inc. | 33,654 | 1,389 |
PerkinElmer Inc. | 22,637 | 933 | |
* | Tenet Healthcare Corp. | 20,204 | 851 |
Patterson Cos. Inc. | 16,540 | 681 | |
431,861 |
Market | ||
Value | ||
Shares | ($000) | |
Industrials (10.9%) | ||
General Electric Co. | 2,044,275 | 57,301 |
United Technologies Corp. | 170,596 | 19,414 |
Boeing Co. | 139,801 | 19,081 |
3M Co. | 129,298 | 18,134 |
Union Pacific Corp. | 93,077 | 15,637 |
United Parcel Service Inc. | ||
Class B | 144,499 | 15,184 |
Honeywell International Inc. | 158,657 | 14,496 |
Caterpillar Inc. | 128,776 | 11,694 |
Emerson Electric Co. | 142,300 | 9,987 |
Danaher Corp. | 121,266 | 9,362 |
FedEx Corp. | 60,034 | 8,631 |
Lockheed Martin Corp. | 54,299 | 8,072 |
Precision Castparts Corp. | 29,364 | 7,908 |
Eaton Corp. plc | 95,706 | 7,285 |
Deere & Co. | 77,193 | 7,050 |
Illinois Tool Works Inc. | 82,457 | 6,933 |
General Dynamics Corp. | 67,722 | 6,471 |
CSX Corp. | 204,517 | 5,884 |
Raytheon Co. | 64,582 | 5,858 |
Norfolk Southern Corp. | 62,384 | 5,791 |
Northrop Grumman Corp. | 44,789 | 5,133 |
Cummins Inc. | 35,244 | 4,968 |
Delta Air Lines Inc. | 172,571 | 4,741 |
PACCAR Inc. | 71,535 | 4,233 |
Waste Management Inc. | 88,134 | 3,955 |
Tyco International Ltd. | 94,368 | 3,873 |
Parker Hannifin Corp. | 30,090 | 3,871 |
Ingersoll-Rand plc | 54,100 | 3,333 |
Dover Corp. | 34,384 | 3,319 |
Rockwell Automation Inc. | 27,903 | 3,297 |
WW Grainger Inc. | 12,433 | 3,176 |
Pentair Ltd. | 40,389 | 3,137 |
Roper Industries Inc. | 20,059 | 2,782 |
Kansas City Southern | 22,349 | 2,767 |
Southwest Airlines Co. | 140,824 | 2,653 |
Fluor Corp. | 32,868 | 2,639 |
AMETEK Inc. | 49,586 | 2,612 |
Fastenal Co. | 54,882 | 2,607 |
Stanley Black & Decker Inc. | 31,289 | 2,525 |
Nielsen Holdings NV | 51,245 | 2,352 |
Flowserve Corp. | 28,104 | 2,215 |
Textron Inc. | 57,063 | 2,098 |
* Stericycle Inc. | 17,464 | 2,029 |
Rockwell Collins Inc. | 27,214 | 2,012 |
Pall Corp. | 22,573 | 1,927 |
L-3 Communications | ||
Holdings Inc. | 17,877 | 1,910 |
Expeditors International | ||
of Washington Inc. | 41,660 | 1,843 |
Republic Services Inc. | ||
Class A | 54,111 | 1,796 |
CH Robinson Worldwide Inc. | 30,580 | 1,784 |
Equifax Inc. | 24,367 | 1,684 |
68
Tax-Managed Growth and Income Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Jacobs Engineering | ||
Group Inc. | 26,482 | 1,668 | |
Masco Corp. | 72,619 | 1,654 | |
ADT Corp. | 40,486 | 1,638 | |
* | Quanta Services Inc. | 43,569 | 1,375 |
Xylem Inc. | 37,056 | 1,282 | |
Snap-on Inc. | 11,667 | 1,278 | |
Joy Global Inc. | 21,189 | 1,239 | |
Cintas Corp. | 20,202 | 1,204 | |
Robert Half International Inc. 27,801 | 1,167 | ||
Iron Mountain Inc. | 34,342 | 1,042 | |
Dun & Bradstreet Corp. | 7,796 | 957 | |
Pitney Bowes Inc. | 40,481 | 943 | |
* | Allegion plc | 18,266 | 807 |
Ryder System Inc. | 10,604 | 782 | |
364,480 | |||
Information Technology (18.6%) | |||
Apple Inc. | 181,793 | 102,006 | |
* | Google Inc. Class A | 56,704 | 63,549 |
Microsoft Corp. | 1,534,941 | 57,453 | |
International Business | |||
Machines Corp. | 206,327 | 38,701 | |
Oracle Corp. | 709,112 | 27,131 | |
Intel Corp. | 1,004,480 | 26,076 | |
QUALCOMM Inc. | 341,464 | 25,354 | |
Cisco Systems Inc. | 1,080,525 | 24,258 | |
Visa Inc. Class A | 102,925 | 22,919 | |
* | Facebook Inc. Class A | 332,400 | 18,169 |
MasterCard Inc. Class A | 20,926 | 17,483 | |
* | eBay Inc. | 235,481 | 12,926 |
Hewlett-Packard Co. | 387,798 | 10,851 | |
Accenture plc Class A | 128,489 | 10,564 | |
EMC Corp. | 416,030 | 10,463 | |
Texas Instruments Inc. | 221,240 | 9,715 | |
Automatic Data | |||
Processing Inc. | 97,324 | 7,865 | |
* | Yahoo! Inc. | 190,661 | 7,710 |
* | Salesforce.com Inc. | 112,168 | 6,191 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 61,238 | 6,184 | |
* | Adobe Systems Inc. | 93,930 | 5,624 |
Corning Inc. | 292,519 | 5,213 | |
* | Micron Technology Inc. | 212,761 | 4,630 |
TE Connectivity Ltd. | 82,755 | 4,561 | |
Intuit Inc. | 57,572 | 4,394 | |
Applied Materials Inc. | 242,695 | 4,293 | |
Seagate Technology plc | 65,717 | 3,691 | |
Western Digital Corp. | 42,661 | 3,579 | |
Symantec Corp. | 139,952 | 3,300 | |
Broadcom Corp. Class A | 109,050 | 3,233 | |
SanDisk Corp. | 45,785 | 3,230 | |
Analog Devices Inc. | 62,684 | 3,192 | |
Fidelity National Information | |||
Services Inc. | 58,641 | 3,148 | |
Motorola Solutions Inc. | 46,468 | 3,137 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Fiserv Inc. | 51,934 | 3,067 |
Paychex Inc. | 65,925 | 3,002 | |
Amphenol Corp. Class A | 31,841 | 2,840 | |
Xerox Corp. | 232,420 | 2,828 | |
NetApp Inc. | 68,718 | 2,827 | |
* | Alliance Data Systems Corp. | 9,849 | 2,590 |
Xilinx Inc. | 54,236 | 2,490 | |
* | Citrix Systems Inc. | 37,803 | 2,391 |
* | Autodesk Inc. | 45,733 | 2,302 |
* | Juniper Networks Inc. | 101,298 | 2,286 |
CA Inc. | 65,600 | 2,207 | |
KLA-Tencor Corp. | 33,759 | 2,176 | |
* | Red Hat Inc. | 38,427 | 2,153 |
Linear Technology Corp. | 46,947 | 2,138 | |
Altera Corp. | 64,721 | 2,105 | |
Western Union Co. | 111,622 | 1,925 | |
NVIDIA Corp. | 117,681 | 1,885 | |
Microchip Technology Inc. | 40,199 | 1,799 | |
* | Lam Research Corp. | 32,904 | 1,792 |
* | Akamai Technologies Inc. | 36,053 | 1,701 |
Computer Sciences Corp. | 29,584 | 1,653 | |
* | VeriSign Inc. | 26,031 | 1,556 |
Harris Corp. | 21,420 | 1,495 | |
* | Teradata Corp. | 32,859 | 1,495 |
* | Electronic Arts Inc. | 62,688 | 1,438 |
* | F5 Networks Inc. | 15,794 | 1,435 |
LSI Corp. | 109,232 | 1,204 | |
Total System Services Inc. | 33,998 | 1,131 | |
FLIR Systems Inc. | 28,796 | 867 | |
* | First Solar Inc. | 14,133 | 772 |
Jabil Circuit Inc. | 36,840 | 642 | |
620,985 | |||
Materials (3.5%) | |||
Monsanto Co. | 106,310 | 12,390 | |
EI du Pont de Nemours | |||
& Co. | 187,247 | 12,165 | |
Dow Chemical Co. | 245,145 | 10,884 | |
Freeport-McMoRan Copper | |||
& Gold Inc. | 209,331 | 7,900 | |
Praxair Inc. | 59,634 | 7,754 | |
LyondellBasell Industries NV | |||
Class A | 88,292 | 7,088 | |
Ecolab Inc. | 54,657 | 5,699 | |
PPG Industries Inc. | 28,637 | 5,431 | |
Air Products & Chemicals Inc. | 42,610 | 4,763 | |
International Paper Co. | 89,418 | 4,384 | |
Nucor Corp. | 64,527 | 3,444 | |
Mosaic Co. | 69,115 | 3,267 | |
Sherwin-Williams Co. | 17,354 | 3,185 | |
CF Industries Holdings Inc. | 11,609 | 2,705 | |
Eastman Chemical Co. | 30,943 | 2,497 | |
Newmont Mining Corp. | 100,979 | 2,326 | |
Sigma-Aldrich Corp. | 24,359 | 2,290 | |
Alcoa Inc. | 215,403 | 2,290 | |
FMC Corp. | 26,928 | 2,032 |
69
Tax-Managed Growth and Income Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Vulcan Materials Co. | 26,530 | 1,576 | |
Airgas Inc. | 13,497 | 1,510 | |
Ball Corp. | 29,051 | 1,501 | |
International Flavors | |||
& Fragrances Inc. | 16,654 | 1,432 | |
Sealed Air Corp. | 39,892 | 1,358 | |
MeadWestvaco Corp. | 35,555 | 1,313 | |
* | Owens-Illinois Inc. | 32,885 | 1,177 |
Avery Dennison Corp. | 19,187 | 963 | |
United States Steel Corp. | 29,680 | 876 | |
Bemis Co. Inc. | 20,450 | 838 | |
Cliffs Natural Resources Inc. | 31,469 | 825 | |
Allegheny Technologies Inc. | 22,220 | 792 | |
116,655 | |||
Telecommunication Services (2.3%) | |||
AT&T Inc. | 1,064,484 | 37,427 | |
Verizon | |||
Communications Inc. | 578,320 | 28,419 | |
* | Crown Castle International | ||
Corp. | 67,554 | 4,960 | |
CenturyLink Inc. | 119,426 | 3,804 | |
Windstream Holdings Inc. | 120,758 | 964 | |
Frontier Communications | |||
Corp. | 199,222 | 926 | |
76,500 | |||
Utilities (2.9%) | |||
Duke Energy Corp. | 142,399 | 9,827 | |
Dominion Resources Inc. | 117,446 | 7,598 | |
NextEra Energy Inc. | 87,155 | 7,462 | |
Southern Co. | 178,277 | 7,329 | |
Exelon Corp. | 172,530 | 4,726 | |
American Electric | |||
Power Co. Inc. | 98,752 | 4,616 | |
Sempra Energy | 45,752 | 4,107 | |
PPL Corp. | 127,113 | 3,825 | |
PG&E Corp. | 90,477 | 3,644 | |
Public Service Enterprise | |||
Group Inc. | 102,389 | 3,281 |
Market | ||
Value | ||
Shares | ($000) | |
Consolidated Edison Inc. | 59,032 | 3,263 |
Edison International | 65,670 | 3,040 |
Xcel Energy Inc. | 100,079 | 2,796 |
FirstEnergy Corp. | 84,004 | 2,770 |
Northeast Utilities | 63,957 | 2,711 |
ONEOK Inc. | 41,424 | 2,576 |
DTE Energy Co. | 35,679 | 2,369 |
Entergy Corp. | 35,835 | 2,267 |
NiSource Inc. | 63,658 | 2,093 |
CenterPoint Energy Inc. | 85,988 | 1,993 |
AES Corp. | 133,105 | 1,931 |
Wisconsin Energy Corp. | 45,842 | 1,895 |
NRG Energy Inc. | 65,274 | 1,875 |
Ameren Corp. | 49,221 | 1,780 |
CMS Energy Corp. | 53,775 | 1,440 |
SCANA Corp. | 28,388 | 1,332 |
Pinnacle West Capital Corp. | 22,440 | 1,187 |
AGL Resources Inc. | 24,089 | 1,138 |
Pepco Holdings Inc. | 49,655 | 950 |
Integrys Energy Group Inc. | 16,073 | 875 |
TECO Energy Inc. | 40,750 | 702 |
97,398 | ||
Total Common Stocks | ||
(Cost $2,031,572) | 3,332,551 | |
Temporary Cash Investment (0.2%) | ||
Money Market Fund (0.2%) | ||
1 Vanguard Market | ||
Liquidity Fund, 0.125% | ||
(Cost $5,954) | 5,953,645 | 5,954 |
Total Investments (100.2%) | ||
(Cost $2,037,526) | 3,338,505 | |
Other Assets and Liabilities (-0.2%) | ||
Other Assets | 5,476 | |
Liabilities | (11,579) | |
(6,103) | ||
Net Assets (100%) | 3,332,402 |
70
Tax-Managed Growth and Income Fund
At December 31, 2013, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 2,046,193 |
Overdistributed Net Investment Income | (2,871) |
Accumulated Net Realized Losses | (11,899) |
Unrealized Appreciation (Depreciation) | 1,300,979 |
Net Assets | 3,332,402 |
Admiral Shares—Net Assets | |
Applicable to 35,068,387 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 2,905,665 |
Net Asset Value Per Share— | |
Admiral Shares | $82.86 |
Institutional Shares—Net Assets | |
Applicable to 10,583,781 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 426,737 |
Net Asset Value Per Share— | |
Institutional Shares | $40.32 |
See Note A in Notes to Financial Statements.
Non-income-producing security.
1 Afflitiated 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.
See accompanying Notes which are an integral part of the Financial Statements.
71
Tax-Managed Growth and Income Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2013 | |
($000) | |
Investment Income | |
Income | |
Dividends | 62,563 |
Interest1 | 2 |
Total Income | 62,565 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 272 |
Management and Administrative—Admiral Shares | 2,344 |
Management and Administrative—Institutional Shares | 204 |
Marketing and Distribution—Admiral Shares | 420 |
Marketing and Distribution—Institutional Shares | 50 |
Custodian Fees | 40 |
Auditing Fees | 28 |
Shareholders’ Reports—Admiral Shares | 20 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 3,381 |
Net Investment Income | 59,184 |
Realized Net Gain (Loss) on Investment Securities Sold | 11,494 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 744,137 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 814,815 |
1 Interest income from an affiliated company of the fund was $2,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
72
Tax-Managed Growth and Income Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2013 | 2012 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 59,184 | 54,359 |
Realized Net Gain (Loss) | 11,494 | 64,936 |
Change in Unrealized Appreciation (Depreciation) | 744,137 | 237,932 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 814,815 | 357,227 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (51,362) | (47,505) |
Institutional Shares | (7,596) | (6,710) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (58,958) | (54,215) |
Capital Share Transactions | ||
Admiral Shares | 37,650 | (60,751) |
Institutional Shares | 22,978 | 5,184 |
Net Increase (Decrease) from Capital Share Transactions | 60,628 | (55,567) |
Total Increase (Decrease) | 816,485 | 247,445 |
Net Assets | ||
Beginning of Period | 2,515,917 | 2,268,472 |
End of Period1 | 3,332,402 | 2,515,917 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,871,000) and ($3,097,000).
See accompanying Notes, which are an integral part of the Financial Statements.
73
Tax-Managed Growth and Income Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $63.89 | $56.33 | $56.31 | $49.94 | $40.39 |
Investment Operations | |||||
Net Investment Income | 1.482 | 1.365 | 1.104 | 1.017 | 1.036 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 18.963 | 7.559 | .018 | 6.374 | 9.532 |
Total from Investment Operations | 20.445 | 8.924 | 1.122 | 7.391 | 10.568 |
Distributions | |||||
Dividends from Net Investment Income | (1.475) | (1.364) | (1.102) | (1.021) | (1.018) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.475) | (1.364) | (1.102) | (1.021) | (1.018) |
Net Asset Value, End of Period | $82.86 | $63.89 | $56.33 | $56.31 | $49.94 |
Total Return1 | 32.25% | 15.91% | 2.00% | 14.99% | 26.54% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,906 | $2,208 | $2,001 | $1,614 | $1,466 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.15% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.01% | 2.19% | 1.93% | 1.98% | 2.40% |
Portfolio Turnover Rate | 4% | 5% | 6% | 6% | 38% |
1 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
74
Tax-Managed Growth and Income Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $31.09 | $27.41 | $27.40 | $24.30 | $19.65 |
Investment Operations | |||||
Net Investment Income | .736 | .677 | .549 | .506 | .515 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 9.226 | 3.679 | .009 | 3.101 | 4.642 |
Total from Investment Operations | 9.962 | 4.356 | .558 | 3.607 | 5.157 |
Distributions | |||||
Dividends from Net Investment Income | (.732) | (.676) | (.548) | (.507) | (.507) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.732) | (.676) | (.548) | (.507) | (.507) |
Net Asset Value, End of Period | $40.32 | $31.09 | $27.41 | $27.40 | $24.30 |
Total Return1 | 32.30% | 15.96% | 2.05% | 15.04% | 26.63% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $427 | $308 | $267 | $225 | $200 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.05% | 2.23% | 1.97% | 2.02% | 2.46% |
Portfolio Turnover Rate | 4% | 5% | 6% | 6% | 38% |
1 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
See accompanying Notes, which are an integral part of the Financial Statements.
75
Tax-Managed Growth and Income Fund
Notes to Financial Statements
Vanguard Tax-Managed Growth and Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Admiral Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 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. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2010–2013), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. 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. 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.
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 the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2013, the fund had contributed capital of $366,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.15% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
76
Tax-Managed Growth and Income Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At December 31, 2013, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
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.
For tax purposes, at December 31, 2013, the fund had $482,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $11,512,000 to offset taxable capital gains realized during the year ended December 31, 2013. At December 31, 2013, the fund had available capital losses totaling $11,873,000 to offset future net capital gains through December 31, 2016.
At December 31, 2013, the cost of investment securities for tax purposes was $2,037,552,000.
Net unrealized appreciation of investment securities for tax purposes was $1,300,953,000, consisting of unrealized gains of $1,406,338,000 on securities that had risen in value since their purchase and $105,385,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2013, the fund purchased $177,601,000 of investment securities and sold $116,075,000 of investment securities, other than temporary cash investments.
77
Tax-Managed Growth and Income Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2013 | 2012 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 124,477 | 1,715 | 83,163 | 1,337 |
Issued in Lieu of Cash Distributions | 40,787 | 541 | 37,977 | 605 |
Redeemed | (127,614) | (1,742) | (181,891) | (2,915) |
Net Increase (Decrease) —Admiral Shares | 37,650 | 514 | (60,751) | (973) |
Institutional Shares | ||||
Issued | 29,862 | 840 | 20,495 | 670 |
Issued in Lieu of Cash Distributions | 5,838 | 159 | 5,111 | 167 |
Redeemed | (12,722) | (335) | (20,422) | (664) |
Net Increase (Decrease) —Institutional Shares | 22,978 | 664 | 5,184 | 173 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2013, that would require recognition in these financial statements.
On October 16, 2013, Vanguard announced plans to merge Vanguard Tax-Managed Growth and Income Fund into Vanguard 500 Index Fund in the second quarter of 2014. Both funds seek to track the Standard & Poor’s 500 Index.
78
Tax-Managed Capital Appreciation Fund
Fund Profile
As of December 31, 2013
Share-Class Characteristics | |||
Admiral | Institutional | ||
Shares | Shares | ||
Ticker Symbol | VTCLX | VTCIX | |
Expense Ratio1 | 0.12% | 0.08% | |
30-Day SEC Yield | 1.59% | 1.63% | |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Stock | |||
Russell | Market | ||
1000 | FA | ||
Fund | Index | Index | |
Number of Stocks | 653 | 1,015 | 3,653 |
Median Market Cap | $50.4B | $56.1B | $43.0B |
Price/Earnings Ratio | 20.1x | 19.9x | 20.7x |
Price/Book Ratio | 2.7x | 2.7x | 2.7x |
Return on Equity | 17.4% | 17.3% | 16.5% |
Earnings Growth | |||
Rate | 11.5% | 11.4% | 11.4% |
Dividend Yield | 1.7% | 1.9% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 4% | — | — |
Short-Term Reserves | 0.1% | — | — |
Sector Diversification (% of equity exposure)
DJ | |||
U.S. Total | |||
Russell | Stock | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 15.6% | 15.0% | 15.0% |
Consumer Staples | 7.8 | 7.9 | 7.5 |
Energy | 9.5 | 9.6 | 9.5 |
Financial Services | 18.7 | 18.6 | 18.8 |
Health Care | 12.3 | 12.4 | 12.4 |
Materials & | |||
Processing | 4.3 | 4.3 | 4.6 |
Producer Durables | 11.5 | 11.6 | 11.8 |
Technology | 15.8 | 15.6 | 15.5 |
Utilities | 4.5 | 5.0 | 4.9 |
Volatility Measures | ||
DJ | ||
Russell | U.S. Total | |
1000 | Stock Market | |
Index | FA Index | |
R-Squared | 1.00 | 1.00 |
Beta | 1.02 | 1.00 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
Apple Inc. | Computer Hardware | 2.7% |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.4 |
Google Inc. | Internet Software & | |
Services | 1.6 | |
Microsoft Corp. | Systems Software | 1.5 |
General Electric Co. | Industrial | |
Conglomerates | 1.4 | |
Johnson & Johnson | Pharmaceuticals | 1.3 |
Chevron Corp. | Integrated Oil & Gas | 1.3 |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.2 | |
Procter & Gamble Co. | Household Products | 1.2 |
Berkshire Hathaway Inc. Property & Casualty | ||
Insurance | 1.2 | |
Top Ten | 15.8% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectus dated December 19, 2013, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2013, the expense ratios were 0.12% for Admiral Shares and 0.08% for Institutional Shares.
79
Tax-Managed Capital Appreciation Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) 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.
Cumulative Performance: December 31, 2003, Through December 31, 2013
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2013 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Tax-Managed Capital Appreciation | |||||
Fund Admiral Shares | 33.67% | 18.75% | 7.97% | $21,521 | |
•••••••• | Russell 1000 Index | 33.11 | 18.59 | 7.78 | 21,161 |
– – – – | Multi-Cap Core Funds Average | 32.12 | 17.45 | 6.88 | 19,459 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 33.47 | 18.86 | 8.09 | 21,777 | |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
See Financial Highlights for dividend and capital gains information.
80
Tax-Managed Capital Appreciation Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2013 | ||||
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Capital Appreciation Fund | ||||
Institutional Shares | 33.73% | 18.81% | 8.00% | $10,799,457 |
Russell 1000 Index | 33.11 | 18.59 | 7.78 | 10,580,472 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 33.47 | 18.86 | 8.09 | 10,888,699 |
Fiscal-Year Total Returns (%): December 31, 2003, Through December 31, 2013
Tax-Managed Capital Appreciation Fund Admiral Shares
Russell 1000 Index
81
Tax-Managed Capital Appreciation Fund
Financial Statements
Statement of Net Assets
As of December 31, 2013
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.9%) | |||
Consumer Discretionary (15.6%) | |||
* | Amazon.com Inc. | 114,220 | 45,550 |
Walt Disney Co. | 542,636 | 41,457 | |
Comcast Corp. Class A | 755,371 | 39,253 | |
Wal-Mart Stores Inc. | 488,128 | 38,411 | |
Home Depot Inc. | 445,800 | 36,707 | |
McDonald’s Corp. | 306,260 | 29,716 | |
* | eBay Inc. | 423,598 | 23,251 |
Twenty-First Century Fox | |||
Inc. Class A | 637,530 | 22,428 | |
Time Warner Inc. | 315,349 | 21,986 | |
Starbucks Corp. | 254,952 | 19,986 | |
NIKE Inc. Class B | 243,200 | 19,125 | |
Ford Motor Co. | 1,209,933 | 18,669 | |
Lowe’s Cos. Inc. | 367,400 | 18,205 | |
Costco Wholesale Corp. | 144,000 | 17,137 | |
* | priceline.com Inc. | 13,015 | 15,129 |
Viacom Inc. Class B | 171,033 | 14,938 | |
Target Corp. | 220,900 | 13,976 | |
* | DIRECTV | 186,409 | 12,879 |
Time Warner Cable Inc. | 94,542 | 12,810 | |
* | General Motors Co. | 312,285 | 12,763 |
Johnson Controls Inc. | 237,600 | 12,189 | |
Yum! Brands Inc. | 159,210 | 12,038 | |
Las Vegas Sands Corp. | 118,640 | 9,357 | |
McGraw Hill Financial Inc. | 117,000 | 9,149 | |
* | Bed Bath & Beyond Inc. | 102,415 | 8,224 |
CBS Corp. Class B | 127,174 | 8,106 | |
* | Liberty Interactive Corp. | ||
Class A | 269,426 | 7,908 | |
Estee Lauder Cos. Inc. | |||
Class A | 104,900 | 7,901 | |
* | AutoZone Inc. | 16,290 | 7,786 |
Ross Stores Inc. | 103,292 | 7,740 | |
* | Discovery | ||
Communications Inc. | 90,137 | 7,559 | |
* | O’Reilly Automotive Inc. | 57,848 | 7,446 |
* | Liberty Global plc | 87,212 | 7,354 |
Market | |||
Value | |||
Shares | ($000) | ||
Starwood Hotels & | |||
Resorts Worldwide Inc. | 89,818 | 7,136 | |
BorgWarner Inc. | 123,400 | 6,899 | |
* | Dollar Tree Inc. | 120,738 | 6,812 |
TJX Cos. Inc. | 103,996 | 6,628 | |
Marriott International Inc. | |||
Class A | 128,575 | 6,346 | |
Coach Inc. | 111,500 | 6,259 | |
PVH Corp. | 45,231 | 6,152 | |
* | TripAdvisor Inc. | 73,256 | 6,068 |
* | CarMax Inc. | 128,143 | 6,025 |
* | Sirius XM Holdings Inc. | 1,701,325 | 5,938 |
Gap Inc. | 148,547 | 5,805 | |
* | Mohawk Industries Inc. | 38,900 | 5,792 |
* | MGM Resorts International | 241,823 | 5,688 |
Advance Auto Parts Inc. | 50,702 | 5,612 | |
Ralph Lauren Corp. Class A | 31,300 | 5,527 | |
Harley-Davidson Inc. | 78,500 | 5,435 | |
Interpublic Group of | |||
Cos. Inc. | 294,400 | 5,211 | |
Scripps Networks | |||
Interactive Inc. Class A | 59,478 | 5,140 | |
* | WABCO Holdings Inc. | 53,541 | 5,001 |
Royal Caribbean | |||
Cruises Ltd. | 104,800 | 4,970 | |
* | DR Horton Inc. | 218,469 | 4,876 |
Expedia Inc. | 68,906 | 4,800 | |
PulteGroup Inc. | 233,330 | 4,753 | |
* | Toll Brothers Inc. | 127,860 | 4,731 |
PetSmart Inc. | 65,000 | 4,729 | |
* | Liberty Global plc Class A | 51,815 | 4,611 |
* | Liberty Media Corp. | ||
Class A | 30,877 | 4,522 | |
* | Tempur Sealy | ||
International Inc. | 80,650 | 4,352 | |
Lennar Corp. Class A | 108,953 | 4,310 | |
* | Dollar General Corp. | 71,400 | 4,307 |
Hasbro Inc. | 77,100 | 4,241 | |
Darden Restaurants Inc. | 77,080 | 4,191 | |
Brinker International Inc. | 88,250 | 4,090 |
82
Tax-Managed Capital Appreciation Fund
Market | |||
Value | |||
Shares | ($000) | ||
Hanesbrands Inc. | 57,986 | 4,075 | |
* | NVR Inc. | 3,950 | 4,053 |
* | Apollo Education Group Inc. | 148,229 | 4,050 |
* | Netflix Inc. | 10,930 | 4,024 |
Dillard’s Inc. Class A | 40,246 | 3,912 | |
Kohl’s Corp. | 68,850 | 3,907 | |
Omnicom Group Inc. | 50,600 | 3,763 | |
Harman International | |||
Industries Inc. | 43,600 | 3,569 | |
Gentex Corp. | 107,252 | 3,538 | |
Aaron’s Inc. | 110,682 | 3,254 | |
* | Sears Holdings Corp. | 62,700 | 3,075 |
Macy’s Inc. | 56,800 | 3,033 | |
John Wiley & Sons Inc. | |||
Class A | 53,700 | 2,964 | |
* | Lamar Advertising Co. | ||
Class A | 56,186 | 2,936 | |
Foot Locker Inc. | 70,600 | 2,926 | |
* | AutoNation Inc. | 58,225 | 2,893 |
* | News Corp. Class A | 159,382 | 2,872 |
Nu Skin Enterprises Inc. | |||
Class A | 20,700 | 2,861 | |
Avon Products Inc. | 163,398 | 2,814 | |
* | Tesla Motors Inc. | 17,950 | 2,699 |
* | Hyatt Hotels Corp. Class A | 54,083 | 2,675 |
* | Hertz Global Holdings Inc. | 91,877 | 2,630 |
* | Liberty Ventures Class A | 18,529 | 2,272 |
KAR Auction Services Inc. | 71,953 | 2,126 | |
Nordstrom Inc. | 32,300 | 1,996 | |
Weight Watchers | |||
International Inc. | 50,300 | 1,656 | |
Comcast Corp. | 26,219 | 1,308 | |
CST Brands Inc. | 29,575 | 1,086 | |
GameStop Corp. Class A | 20,430 | 1,006 | |
American Eagle | |||
Outfitters Inc. | 66,991 | 965 | |
* | Michael Kors Holdings Ltd. | 11,800 | 958 |
* | AMC Networks Inc. | ||
Class A | 13,586 | 925 | |
* | Starz | 30,877 | 903 |
* | Madison Square Garden Co. | ||
Class A | 13,586 | 782 | |
Abercrombie & Fitch Co. | 23,300 | 767 | |
Best Buy Co. Inc. | 15,759 | 628 | |
Mattel Inc. | 12,557 | 597 | |
Chico’s FAS Inc. | 28,340 | 534 | |
* | TRW Automotive | ||
Holdings Corp. | 7,000 | 521 | |
Goodyear Tire & Rubber Co. | 20,770 | 495 | |
* | JC Penney Co. Inc. | 44,100 | 404 |
Wynn Resorts Ltd. | 2,000 | 388 | |
Lennar Corp. Class B | 8,300 | 280 | |
Cablevision Systems Corp. | |||
Class A | 14,944 | 268 | |
Carnival Corp. | 5,800 | 233 | |
Staples Inc. | 9,495 | 151 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Norwegian Cruise Line | ||
Holdings Ltd. | 3,900 | 138 | |
Nielsen Holdings NV | 3,000 | 138 | |
Fortune Brands Home & | |||
Security Inc. | 2,546 | 116 | |
International Game | |||
Technology | 400 | 7 | |
858,261 | |||
Consumer Staples (7.8%) | |||
Procter & Gamble Co. | 796,678 | 64,858 | |
Coca-Cola Co. | 1,145,800 | 47,333 | |
PepsiCo Inc. | 469,139 | 38,910 | |
Philip Morris | |||
International Inc. | 426,809 | 37,188 | |
CVS Caremark Corp. | 388,354 | 27,794 | |
Walgreen Co. | 302,300 | 17,364 | |
Colgate-Palmolive Co. | 231,800 | 15,116 | |
Altria Group Inc. | 388,723 | 14,923 | |
Mondelez International Inc. | |||
Class A | 351,526 | 12,409 | |
Archer-Daniels-Midland Co. | 243,273 | 10,558 | |
Kroger Co. | 221,700 | 8,764 | |
Hershey Co. | 72,600 | 7,059 | |
Coca-Cola Enterprises Inc. | 153,000 | 6,752 | |
* | Constellation Brands Inc. | ||
Class A | 91,120 | 6,413 | |
Kraft Foods Group Inc. | 117,175 | 6,318 | |
Tyson Foods Inc. Class A | 187,944 | 6,289 | |
Clorox Co. | 66,120 | 6,133 | |
Bunge Ltd. | 71,400 | 5,863 | |
* | Monster Beverage Corp. | 86,500 | 5,862 |
Brown-Forman Corp. | |||
Class B | 74,469 | 5,628 | |
Dr Pepper Snapple | |||
Group Inc. | 109,700 | 5,345 | |
* | Green Mountain Coffee | ||
Roasters Inc. | 69,983 | 5,289 | |
Safeway Inc. | 158,562 | 5,164 | |
Church & Dwight Co. Inc. | 76,988 | 5,103 | |
JM Smucker Co. | 49,024 | 5,080 | |
Energizer Holdings Inc. | 45,169 | 4,889 | |
McCormick & Co. Inc. | 70,300 | 4,845 | |
Hormel Foods Corp. | 105,200 | 4,752 | |
Kimberly-Clark Corp. | 45,440 | 4,747 | |
General Mills Inc. | 88,800 | 4,432 | |
Campbell Soup Co. | 97,400 | 4,215 | |
Molson Coors Brewing Co. | |||
Class B | 71,900 | 4,037 | |
Whole Foods Market Inc. | 65,680 | 3,798 | |
Ingredion Inc. | 54,900 | 3,758 | |
Beam Inc. | 37,700 | 2,566 | |
Mead Johnson | |||
Nutrition Co. | 30,021 | 2,515 | |
* | WhiteWave Foods Co. | ||
Class A | 104,340 | 2,394 |
83
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Dean Foods Co. | 84,248 | 1,448 | |
Kellogg Co. | 22,800 | 1,392 | |
Sysco Corp. | 17,111 | 618 | |
ConAgra Foods Inc. | 11,200 | 377 | |
Hillshire Brands Co. | 8,920 | 298 | |
428,596 | |||
Energy (9.5%) | |||
Exxon Mobil Corp. | 1,288,164 | 130,362 | |
Chevron Corp. | 569,538 | 71,141 | |
Schlumberger Ltd. | 375,599 | 33,845 | |
Occidental Petroleum Corp. | 190,339 | 18,101 | |
ConocoPhillips | 249,132 | 17,601 | |
EOG Resources Inc. | 96,700 | 16,230 | |
Anadarko Petroleum Corp. | 172,523 | 13,685 | |
Phillips 66 | 157,963 | 12,184 | |
Apache Corp. | 140,417 | 12,067 | |
National Oilwell Varco Inc. | 146,541 | 11,654 | |
Hess Corp. | 123,200 | 10,226 | |
Pioneer Natural | |||
Resources Co. | 53,587 | 9,864 | |
Noble Energy Inc. | 144,000 | 9,808 | |
Valero Energy Corp. | 182,480 | 9,197 | |
Devon Energy Corp. | 145,622 | 9,010 | |
Baker Hughes Inc. | 150,671 | 8,326 | |
Cabot Oil & Gas Corp. | 209,940 | 8,137 | |
* | Cameron | ||
International Corp. | 122,202 | 7,275 | |
Range Resources Corp. | 82,800 | 6,981 | |
* | Southwestern Energy Co. | 176,300 | 6,934 |
EQT Corp. | 75,000 | 6,733 | |
Halliburton Co. | 128,600 | 6,526 | |
* | FMC Technologies Inc. | 124,300 | 6,490 |
* | Concho Resources Inc. | 55,500 | 5,994 |
Cimarex Energy Co. | 56,501 | 5,928 | |
Williams Cos. Inc. | 128,600 | 4,960 | |
Helmerich & Payne Inc. | 57,980 | 4,875 | |
* | Denbury Resources Inc. | 280,876 | 4,615 |
* | Continental Resources Inc. | 39,400 | 4,433 |
SM Energy Co. | 51,556 | 4,285 | |
QEP Resources Inc. | 139,565 | 4,278 | |
Marathon Petroleum Corp. | 46,450 | 4,261 | |
* | Ultra Petroleum Corp. | 185,271 | 4,011 |
World Fuel Services Corp. | 88,747 | 3,830 | |
* | SandRidge Energy Inc. | 615,254 | 3,735 |
* | Dresser-Rand Group Inc. | 61,355 | 3,659 |
Diamond Offshore | |||
Drilling Inc. | 62,374 | 3,550 | |
Patterson-UTI Energy Inc. | 135,089 | 3,420 | |
Marathon Oil Corp. | 92,900 | 3,279 | |
* | Newfield Exploration Co. | 127,251 | 3,134 |
* | Rowan Cos. plc Class A | 85,600 | 3,027 |
* | WPX Energy Inc. | 77,400 | 1,577 |
Tesoro Corp. | 26,500 | 1,550 | |
CONSOL Energy Inc. | 33,900 | 1,290 | |
Chesapeake Energy Corp. | 25,211 | 684 | |
* | Unit Corp. | 12,800 | 661 |
Market | |||
Value | |||
Shares | ($000) | ||
Kinder Morgan Inc. | 8,193 | 295 | |
* | Superior Energy | ||
Services Inc. | 1,048 | 28 | |
523,736 | |||
Financial Services (18.7%) | |||
JPMorgan Chase & Co. | 1,111,121 | 64,978 | |
* | Berkshire Hathaway Inc. | ||
Class B | 544,045 | 64,502 | |
Wells Fargo & Co. | 1,236,508 | 56,137 | |
Citigroup Inc. | 830,900 | 43,298 | |
Bank of America Corp. | 2,605,333 | 40,565 | |
Visa Inc. Class A | 164,098 | 36,541 | |
MasterCard Inc. Class A | 36,660 | 30,628 | |
American Express Co. | 300,500 | 27,264 | |
American International | |||
Group Inc. | 422,780 | 21,583 | |
Goldman Sachs Group Inc. | 109,200 | 19,357 | |
US Bancorp | 392,700 | 15,865 | |
Simon Property Group Inc. | 98,448 | 14,980 | |
Prudential Financial Inc. | 161,904 | 14,931 | |
State Street Corp. | 164,978 | 12,108 | |
American Tower | |||
Corporation | 147,000 | 11,734 | |
Aflac Inc. | 172,500 | 11,523 | |
Discover Financial | |||
Services | 202,200 | 11,313 | |
Ameriprise Financial Inc. | 87,960 | 10,120 | |
Charles Schwab Corp. | 377,200 | 9,807 | |
Franklin Resources Inc. | 166,200 | 9,595 | |
Travelers Cos. Inc. | 101,877 | 9,224 | |
Capital One Financial Corp. | 117,800 | 9,025 | |
SunTrust Banks Inc. | 229,890 | 8,462 | |
IntercontinentalExchange | |||
Group Inc. | 37,569 | 8,450 | |
Public Storage | 55,200 | 8,309 | |
T. Rowe Price Group Inc. | 92,978 | 7,789 | |
Fifth Third Bancorp | 368,920 | 7,758 | |
* | Fiserv Inc. | 131,100 | 7,741 |
Lincoln National Corp. | 143,986 | 7,433 | |
Progressive Corp. | 267,900 | 7,306 | |
Weyerhaeuser Co. | 228,100 | 7,201 | |
Fidelity National | |||
Information Services Inc. | 130,478 | 7,004 | |
Loews Corp. | 144,508 | 6,971 | |
Boston Properties Inc. | 68,200 | 6,845 | |
Host Hotels & Resorts Inc. | 334,772 | 6,508 | |
* | Affiliated Managers | ||
Group Inc. | 29,750 | 6,452 | |
KeyCorp | 457,769 | 6,143 | |
MetLife Inc. | 112,842 | 6,084 | |
Equity Residential | 115,600 | 5,996 | |
CIT Group Inc. | 114,835 | 5,986 | |
Principal Financial | |||
Group Inc. | 120,400 | 5,937 | |
Unum Group | 166,800 | 5,851 | |
Allstate Corp. | 102,300 | 5,579 |
84
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Morgan Stanley | 176,400 | 5,532 | |
Moody’s Corp. | 70,100 | 5,501 | |
* | CBRE Group Inc. Class A | 205,090 | 5,394 |
M&T Bank Corp. | 46,286 | 5,389 | |
Torchmark Corp. | 68,650 | 5,365 | |
TD Ameritrade | |||
Holding Corp. | 174,400 | 5,344 | |
* | Genworth Financial Inc. | ||
Class A | 341,860 | 5,309 | |
* | Arch Capital Group Ltd. | 88,800 | 5,300 |
General Growth | |||
Properties Inc. | 263,357 | 5,286 | |
* | Markel Corp. | 8,976 | 5,209 |
Equifax Inc. | 74,000 | 5,113 | |
SL Green Realty Corp. | 55,110 | 5,091 | |
Western Union Co. | 290,095 | 5,004 | |
Assurant Inc. | 75,300 | 4,998 | |
Global Payments Inc. | 75,417 | 4,901 | |
* | E*TRADE Financial Corp. | 249,379 | 4,898 |
Aon plc | 58,100 | 4,874 | |
* | Realogy Holdings Corp. | 97,100 | 4,804 |
First Republic Bank | 90,357 | 4,730 | |
East West Bancorp Inc. | 134,700 | 4,710 | |
Raymond James | |||
Financial Inc. | 89,650 | 4,679 | |
* | Howard Hughes Corp. | 38,899 | 4,672 |
PNC Financial Services | |||
Group Inc. | 59,631 | 4,626 | |
* | MSCI Inc. Class A | 105,164 | 4,598 |
Jones Lang LaSalle Inc. | 44,677 | 4,574 | |
BlackRock Inc. | 14,450 | 4,573 | |
NASDAQ OMX Group Inc. | 114,892 | 4,573 | |
Reinsurance Group of | |||
America Inc. Class A | 58,819 | 4,553 | |
Plum Creek Timber Co. Inc. | 97,800 | 4,549 | |
AvalonBay | |||
Communities Inc. | 38,375 | 4,537 | |
* | American Capital Ltd. | 288,458 | 4,511 |
Zions Bancorporation | 150,084 | 4,496 | |
Dun & Bradstreet Corp. | 36,200 | 4,444 | |
* | Alleghany Corp. | 11,059 | 4,423 |
CME Group Inc. | 55,950 | 4,390 | |
* | Signature Bank | 40,400 | 4,340 |
SEI Investments Co. | 123,770 | 4,299 | |
Prologis Inc. | 109,525 | 4,047 | |
HCC Insurance | |||
Holdings Inc. | 87,200 | 4,023 | |
CapitalSource Inc. | 277,939 | 3,994 | |
* | CoreLogic Inc. | 111,746 | 3,970 |
WR Berkley Corp. | 90,396 | 3,922 | |
* | Popular Inc. | 130,744 | 3,756 |
Brown & Brown Inc. | 118,600 | 3,723 | |
White Mountains Insurance | |||
Group Ltd. | 6,141 | 3,703 | |
Eaton Vance Corp. | 86,202 | 3,689 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Forest City Enterprises Inc. | ||
Class A | 191,191 | 3,652 | |
Bank of New York | |||
Mellon Corp. | 103,106 | 3,603 | |
Cullen/Frost Bankers Inc. | 47,600 | 3,543 | |
* | MBIA Inc. | 294,850 | 3,520 |
StanCorp Financial | |||
Group Inc. | 50,600 | 3,352 | |
First Horizon National Corp. | 286,849 | 3,342 | |
DDR Corp. | 216,364 | 3,325 | |
Commerce Bancshares Inc. | 73,724 | 3,311 | |
Lender Processing | |||
Services Inc. | 88,238 | 3,298 | |
Leucadia National Corp. | 116,219 | 3,294 | |
SLM Corp. | 123,245 | 3,239 | |
Hospitality Properties Trust | 119,270 | 3,224 | |
* | TFS Financial Corp. | 260,720 | 3,159 |
* | St. Joe Co. | 163,500 | 3,138 |
Equity Lifestyle | |||
Properties Inc. | 85,264 | 3,089 | |
First Citizens | |||
BancShares Inc. Class A | 13,840 | 3,081 | |
* | Alliance Data Systems Corp. | 11,600 | 3,050 |
* | Brixmor Property Group Inc. | 150,000 | 3,049 |
Douglas Emmett Inc. | 130,873 | 3,048 | |
Chubb Corp. | 30,900 | 2,986 | |
CNA Financial Corp. | 69,500 | 2,981 | |
Associated Banc-Corp | 170,670 | 2,970 | |
Hanover Insurance | |||
Group Inc. | 49,600 | 2,962 | |
American Homes 4 Rent | |||
Class A | 182,800 | 2,961 | |
Taubman Centers Inc. | 45,862 | 2,931 | |
Post Properties Inc. | 63,600 | 2,877 | |
Apartment Investment & | |||
Management Co. Class A | 108,443 | 2,810 | |
Retail Properties of | |||
America Inc. | 209,357 | 2,663 | |
BOK Financial Corp. | 38,571 | 2,558 | |
Lazard Ltd. Class A | 55,686 | 2,524 | |
Total System Services Inc. | 74,759 | 2,488 | |
Alexandria Real Estate | |||
Equities Inc. | 38,630 | 2,458 | |
Camden Property Trust | 42,400 | 2,412 | |
Hartford Financial Services | |||
Group Inc. | 64,184 | 2,325 | |
Broadridge Financial | |||
Solutions Inc. | 58,725 | 2,321 | |
ACE Ltd. | 20,902 | 2,164 | |
Legg Mason Inc. | 47,500 | 2,065 | |
BB&T Corp. | 53,000 | 1,978 | |
Jack Henry & | |||
Associates Inc. | 31,457 | 1,863 | |
American Financial | |||
Group Inc. | 32,200 | 1,859 |
85
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
New York Community | |||
Bancorp Inc. | 86,400 | 1,456 | |
Digital Realty Trust Inc. | 28,440 | 1,397 | |
Interactive Brokers | |||
Group Inc. | 51,335 | 1,249 | |
Bank of Hawaii Corp. | 20,100 | 1,189 | |
Northern Trust Corp. | 19,050 | 1,179 | |
BRE Properties Inc. | 21,500 | 1,176 | |
Federal Realty Investment | |||
Trust | 8,200 | 832 | |
People’s United | |||
Financial Inc. | 42,614 | 644 | |
Invesco Ltd. | 12,010 | 437 | |
Extra Space Storage Inc. | 6,100 | 257 | |
* | Gaming and Leisure | ||
Properties Inc. | 899 | 46 | |
Essex Property Trust Inc. | 300 | 43 | |
1,030,677 | |||
Health Care (12.2%) | |||
Johnson & Johnson | 795,698 | 72,878 | |
Pfizer Inc. | 1,753,126 | 53,698 | |
Merck & Co. Inc. | 742,926 | 37,183 | |
* | Gilead Sciences Inc. | 482,400 | 36,252 |
Amgen Inc. | 241,637 | 27,585 | |
UnitedHealth Group Inc. | 328,662 | 24,748 | |
* | Celgene Corp. | 139,419 | 23,556 |
* | Biogen Idec Inc. | 80,461 | 22,509 |
AbbVie Inc. | 407,600 | 21,525 | |
* | Express Scripts Holding Co. | 266,195 | 18,698 |
Bristol-Myers Squibb Co. | 335,641 | 17,839 | |
Abbott Laboratories | 407,600 | 15,623 | |
Medtronic Inc. | 263,600 | 15,128 | |
Thermo Fisher | |||
Scientific Inc. | 132,556 | 14,760 | |
Allergan Inc. | 112,730 | 12,522 | |
McKesson Corp. | 73,424 | 11,851 | |
* | Actavis plc | 69,165 | 11,620 |
WellPoint Inc. | 124,216 | 11,476 | |
Cigna Corp. | 118,300 | 10,349 | |
Aetna Inc. | 144,422 | 9,906 | |
Cardinal Health Inc. | 145,512 | 9,722 | |
Becton Dickinson and Co. | 80,600 | 8,906 | |
Baxter International Inc. | 127,341 | 8,857 | |
* | Forest Laboratories Inc. | 136,900 | 8,218 |
Stryker Corp. | 109,200 | 8,205 | |
St. Jude Medical Inc. | 131,832 | 8,167 | |
AmerisourceBergen Corp. | |||
Class A | 115,100 | 8,093 | |
* | Mylan Inc. | 180,570 | 7,837 |
Zimmer Holdings Inc. | 81,170 | 7,564 | |
Humana Inc. | 72,800 | 7,514 | |
* | Vertex Pharmaceuticals Inc. | 100,988 | 7,503 |
Eli Lilly & Co. | 144,995 | 7,395 | |
* | Perrigo Co. plc | 47,740 | 7,326 |
Zoetis Inc. | 202,699 | 6,626 | |
* | Life Technologies Corp. | 86,435 | 6,552 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Henry Schein Inc. | 52,400 | 5,987 |
* | Endo Health Solutions Inc. | 81,247 | 5,481 |
Universal Health Services | |||
Inc. Class B | 67,400 | 5,477 | |
* | Hospira Inc. | 115,240 | 4,757 |
* | Laboratory Corp. of | ||
America Holdings | 51,900 | 4,742 | |
DENTSPLY International Inc. | 95,800 | 4,644 | |
PerkinElmer Inc. | 109,504 | 4,515 | |
* | QIAGEN NV | 189,602 | 4,514 |
Techne Corp. | 46,700 | 4,421 | |
Cooper Cos. Inc. | 33,500 | 4,149 | |
CR Bard Inc. | 29,300 | 3,924 | |
Quest Diagnostics Inc. | 72,800 | 3,898 | |
* | CareFusion Corp. | 97,796 | 3,894 |
* | Alexion Pharmaceuticals Inc. | 26,264 | 3,495 |
Teleflex Inc. | 37,000 | 3,473 | |
Patterson Cos. Inc. | 73,530 | 3,029 | |
* | Myriad Genetics Inc. | 130,450 | 2,737 |
Omnicare Inc. | 40,900 | 2,469 | |
Covidien plc | 36,200 | 2,465 | |
* | Health Net Inc. | 74,200 | 2,202 |
* | Varian Medical Systems Inc. | 28,200 | 2,191 |
* | Regeneron | ||
Pharmaceuticals Inc. | 5,900 | 1,624 | |
* | Incyte Corp. Ltd. | 18,900 | 957 |
* | Boston Scientific Corp. | 72,350 | 870 |
* | Medivation Inc. | 12,554 | 801 |
* | DaVita HealthCare | ||
Partners Inc. | 4,400 | 279 | |
* | Intuitive Surgical Inc. | 630 | 242 |
* | Mallinckrodt plc | 4,525 | 237 |
* | Brookdale Senior Living Inc. | ||
Class A | 3,600 | 98 | |
675,763 | |||
Materials & Processing (4.3%) | |||
Precision Castparts Corp. | 53,300 | 14,354 | |
Praxair Inc. | 103,500 | 13,458 | |
Freeport-McMoRan | |||
Copper & Gold Inc. | 295,407 | 11,149 | |
Ecolab Inc. | 104,738 | 10,921 | |
LyondellBasell Industries NV | |||
Class A | 132,900 | 10,669 | |
EI du Pont de | |||
Nemours & Co. | 160,300 | 10,415 | |
Monsanto Co. | 87,134 | 10,155 | |
Dow Chemical Co. | 178,640 | 7,932 | |
CF Industries Holdings Inc. | 31,660 | 7,378 | |
Sherwin-Williams Co. | 40,131 | 7,364 | |
Nucor Corp. | 129,600 | 6,918 | |
Sigma-Aldrich Corp. | 65,500 | 6,158 | |
FMC Corp. | 80,900 | 6,105 | |
Fastenal Co. | 126,000 | 5,986 | |
* | WR Grace & Co. | 55,889 | 5,526 |
Celanese Corp. Class A | 99,111 | 5,482 | |
* | Owens-Illinois Inc. | 145,880 | 5,220 |
86
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Vulcan Materials Co. | 87,217 | 5,182 | |
Ball Corp. | 97,900 | 5,057 | |
Airgas Inc. | 43,400 | 4,854 | |
* | Crown Holdings Inc. | 105,800 | 4,715 |
Valspar Corp. | 65,700 | 4,684 | |
United States Steel Corp. | 156,500 | 4,617 | |
Rockwood Holdings Inc. | 62,760 | 4,514 | |
Cytec Industries Inc. | 47,400 | 4,416 | |
Westlake Chemical Corp. | 35,100 | 4,285 | |
* | Owens Corning | 104,987 | 4,275 |
Albemarle Corp. | 63,000 | 3,993 | |
Sealed Air Corp. | 106,072 | 3,612 | |
Valmont Industries Inc. | 23,637 | 3,525 | |
Reliance Steel & | |||
Aluminum Co. | 46,300 | 3,511 | |
* | Tahoe Resources Inc. | 210,796 | 3,508 |
Mosaic Co. | 71,400 | 3,375 | |
Scotts Miracle-Gro Co. | |||
Class A | 51,099 | 3,179 | |
Martin Marietta | |||
Materials Inc. | 30,600 | 3,058 | |
Lennox International Inc. | 35,090 | 2,985 | |
Eastman Chemical Co. | 35,507 | 2,865 | |
Newmont Mining Corp. | 105,056 | 2,419 | |
Allegheny Technologies Inc. | 50,100 | 1,785 | |
International Paper Co. | 35,900 | 1,760 | |
Packaging Corp. of America | 26,600 | 1,683 | |
Royal Gold Inc. | 21,768 | 1,003 | |
Southern Copper Corp. | 34,224 | 983 | |
Air Products & | |||
Chemicals Inc. | 5,700 | 637 | |
* | MRC Global Inc. | 8,581 | 277 |
Cliffs Natural Resources Inc. | 261 | 7 | |
235,954 | |||
Producer Durables (11.5%) | |||
General Electric Co. | 2,717,272 | 76,165 | |
Boeing Co. | 236,770 | 32,317 | |
United Technologies Corp. | 280,100 | 31,875 | |
Union Pacific Corp. | 131,214 | 22,044 | |
3M Co. | 154,200 | 21,627 | |
FedEx Corp. | 116,000 | 16,677 | |
Danaher Corp. | 209,200 | 16,150 | |
United Parcel Service Inc. | |||
Class B | 147,300 | 15,478 | |
Honeywell International Inc. | 137,200 | 12,536 | |
Illinois Tool Works Inc. | 141,200 | 11,872 | |
Caterpillar Inc. | 128,820 | 11,698 | |
General Dynamics Corp. | 121,400 | 11,600 | |
Norfolk Southern Corp. | 121,650 | 11,293 | |
CSX Corp. | 389,800 | 11,215 | |
Cummins Inc. | 75,400 | 10,629 | |
Emerson Electric Co. | 142,400 | 9,994 | |
Delta Air Lines Inc. | 351,400 | 9,653 | |
Deere & Co. | 104,800 | 9,571 | |
Agilent Technologies Inc. | 156,606 | 8,956 |
Market | |||
Value | |||
Shares | ($000) | ||
Parker Hannifin Corp. | 67,500 | 8,683 | |
PACCAR Inc. | 142,910 | 8,456 | |
Northrop Grumman Corp. | 72,268 | 8,283 | |
Accenture plc Class A | 97,213 | 7,993 | |
Southwest Airlines Co. | 394,287 | 7,428 | |
Raytheon Co. | 80,915 | 7,339 | |
Xerox Corp. | 577,604 | 7,029 | |
Flowserve Corp. | 87,550 | 6,902 | |
WW Grainger Inc. | 27,000 | 6,896 | |
AMETEK Inc. | 127,475 | 6,714 | |
Roper Industries Inc. | 47,800 | 6,629 | |
Fluor Corp. | 81,200 | 6,520 | |
Waste Management Inc. | 140,297 | 6,295 | |
Pall Corp. | 69,300 | 5,915 | |
L-3 Communications | |||
Holdings Inc. | 54,000 | 5,770 | |
* | Stericycle Inc. | 48,408 | 5,624 |
Textron Inc. | 149,220 | 5,485 | |
Expeditors International of | |||
Washington Inc. | 123,861 | 5,481 | |
Rockwell Collins Inc. | 73,700 | 5,448 | |
Wabtec Corp. | 71,600 | 5,318 | |
IDEX Corp. | 71,845 | 5,306 | |
* | Verisk Analytics Inc. | ||
Class A | 80,005 | 5,258 | |
* | Jacobs Engineering | ||
Group Inc. | 82,566 | 5,201 | |
* | Waters Corp. | 51,650 | 5,165 |
* | Mettler-Toledo | ||
International Inc. | 21,000 | 5,094 | |
Huntington Ingalls | |||
Industries Inc. | 55,100 | 4,960 | |
JB Hunt Transport | |||
Services Inc. | 63,096 | 4,877 | |
* | Quanta Services Inc. | 151,348 | 4,777 |
Manpowergroup Inc. | 54,600 | 4,688 | |
Terex Corp. | 108,966 | 4,576 | |
Carlisle Cos. Inc. | 56,500 | 4,486 | |
Donaldson Co. Inc. | 103,200 | 4,485 | |
CH Robinson | |||
Worldwide Inc. | 74,090 | 4,322 | |
FLIR Systems Inc. | 141,500 | 4,259 | |
Cintas Corp. | 70,766 | 4,217 | |
Toro Co. | 66,100 | 4,204 | |
Oshkosh Corp. | 80,757 | 4,069 | |
Alliant Techsystems Inc. | 33,100 | 4,028 | |
Towers Watson & Co. | |||
Class A | 31,300 | 3,994 | |
Automatic Data | |||
Processing Inc. | 47,100 | 3,806 | |
SPX Corp. | 37,400 | 3,725 | |
Robert Half International Inc. | 87,500 | 3,674 | |
* | AECOM Technology Corp. | 123,901 | 3,646 |
Landstar System Inc. | 59,989 | 3,446 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 41,700 | 3,372 |
87
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
TransDigm Group Inc. | 19,434 | 3,129 | |
Joy Global Inc. | 52,500 | 3,071 | |
Xylem Inc. | 87,100 | 3,014 | |
KBR Inc. | 89,249 | 2,846 | |
Lockheed Martin Corp. | 17,330 | 2,576 | |
Graco Inc. | 27,658 | 2,161 | |
Stanley Black & Decker Inc. | 26,745 | 2,158 | |
Eaton Corp. plc | 28,294 | 2,154 | |
ITT Corp. | 43,550 | 1,891 | |
Allison Transmission | |||
Holdings Inc. | 68,285 | 1,885 | |
Lexmark International Inc. | |||
Class A | 50,300 | 1,787 | |
* | United Continental | ||
Holdings Inc. | 46,200 | 1,748 | |
Exelis Inc. | 87,100 | 1,660 | |
* | Zebra Technologies Corp. | 27,257 | 1,474 |
Manitowoc Co. Inc. | 62,200 | 1,451 | |
* | Navistar International Corp. | 32,334 | 1,235 |
* | Copart Inc. | 27,700 | 1,015 |
Iron Mountain Inc. | 26,946 | 818 | |
Republic Services Inc. | |||
Class A | 19,512 | 648 | |
AGCO Corp. | 10,600 | 627 | |
ADT Corp. | 15,050 | 609 | |
Pentair Ltd. | 6,070 | 471 | |
Ryder System Inc. | 5,200 | 384 | |
Babcock & Wilcox Co. | 10,920 | 373 | |
634,378 | |||
Technology (15.8%) | |||
Apple Inc. | 268,330 | 150,563 | |
* | Google Inc. Class A | 80,698 | 90,439 |
Microsoft Corp. | 2,211,000 | 82,758 | |
International Business | |||
Machines Corp. | 307,358 | 57,651 | |
Oracle Corp. | 1,112,634 | 42,569 | |
Cisco Systems Inc. | 1,609,290 | 36,129 | |
QUALCOMM Inc. | 472,620 | 35,092 | |
Intel Corp. | 1,160,830 | 30,135 | |
* | Facebook Inc. Class A | 545,917 | 29,840 |
EMC Corp. | 718,800 | 18,078 | |
Texas Instruments Inc. | 389,800 | 17,116 | |
* | Yahoo! Inc. | 342,420 | 13,847 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 122,497 | 12,370 | |
* | Adobe Systems Inc. | 202,700 | 12,138 |
Intuit Inc. | 126,660 | 9,667 | |
* | Crown Castle | ||
International Corp. | 130,423 | 9,577 | |
Corning Inc. | 478,200 | 8,521 | |
Western Digital Corp. | 98,400 | 8,256 | |
Hewlett-Packard Co. | 274,723 | 7,687 | |
Symantec Corp. | 316,351 | 7,460 | |
Amphenol Corp. Class A | 79,800 | 7,117 | |
Broadcom Corp. Class A | 230,450 | 6,833 | |
NetApp Inc. | 164,263 | 6,758 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Juniper Networks Inc. | 287,529 | 6,490 |
* | Autodesk Inc. | 126,488 | 6,366 |
* | SBA Communications Corp. | ||
Class A | 67,103 | 6,029 | |
Analog Devices Inc. | 118,166 | 6,018 | |
Applied Materials Inc. | 335,600 | 5,937 | |
KLA-Tencor Corp. | 90,600 | 5,840 | |
Linear Technology Corp. | 124,200 | 5,657 | |
* | Citrix Systems Inc. | 89,256 | 5,645 |
Altera Corp. | 164,935 | 5,365 | |
NVIDIA Corp. | 329,244 | 5,274 | |
* | Salesforce.com Inc. | 94,891 | 5,237 |
* | Lam Research Corp. | 94,645 | 5,153 |
LSI Corp. | 458,928 | 5,057 | |
Avnet Inc. | 108,600 | 4,790 | |
* | Arrow Electronics Inc. | 87,100 | 4,725 |
Motorola Solutions Inc. | 69,204 | 4,671 | |
* | Brocade Communications | ||
Systems Inc. | 515,900 | 4,576 | |
* | Micron Technology Inc. | 207,900 | 4,524 |
Solera Holdings Inc. | 63,396 | 4,486 | |
* | Synopsys Inc. | 108,990 | 4,422 |
Computer Sciences Corp. | 78,900 | 4,409 | |
* | AOL Inc. | 92,340 | 4,305 |
DST Systems Inc. | 42,800 | 3,884 | |
CA Inc. | 113,266 | 3,811 | |
* | VeriFone Systems Inc. | 141,252 | 3,788 |
* | Teradata Corp. | 81,064 | 3,688 |
* | Cadence Design | ||
Systems Inc. | 245,160 | 3,437 | |
* | Zynga Inc. Class A | 896,200 | 3,406 |
* | NCR Corp. | 99,574 | 3,391 |
Xilinx Inc. | 71,336 | 3,276 | |
Compuware Corp. | 276,640 | 3,101 | |
* | Ingram Micro Inc. | 125,000 | 2,932 |
* | Tech Data Corp. | 55,510 | 2,864 |
* | Rovi Corp. | 134,500 | 2,648 |
Activision Blizzard Inc. | 132,400 | 2,361 | |
* | Fairchild Semiconductor | ||
International Inc. Class A | 163,958 | 2,189 | |
* | Atmel Corp. | 248,700 | 1,947 |
* | Teradyne Inc. | 110,200 | 1,942 |
IAC/InterActiveCorp | 24,515 | 1,684 | |
* | Polycom Inc. | 140,400 | 1,577 |
Microchip Technology Inc. | 31,400 | 1,405 | |
Amdocs Ltd. | 12,000 | 495 | |
* | VeriSign Inc. | 7,105 | 425 |
Harris Corp. | 4,300 | 300 | |
* | Electronic Arts Inc. | 100 | 2 |
870,130 | |||
Utilities (4.5%) | |||
AT&T Inc. | 1,393,219 | 48,986 | |
Verizon | |||
Communications Inc. | 711,342 | 34,955 | |
NextEra Energy Inc. | 146,807 | 12,570 | |
Sempra Energy | 100,036 | 8,979 |
88
Market | |||
Value | |||
Shares | ($000) | ||
Duke Energy Corp. | 111,730 | 7,711 | |
Edison International | 138,600 | 6,417 | |
* | Sprint Corp. | 594,942 | 6,396 |
Northeast Utilities | 142,899 | 6,058 | |
PG&E Corp. | 145,600 | 5,865 | |
AES Corp. | 386,798 | 5,612 | |
NRG Energy Inc. | 186,206 | 5,348 | |
Southern Co. | 124,900 | 5,135 | |
* | Calpine Corp. | 260,680 | 5,086 |
CenterPoint Energy Inc. | 217,600 | 5,044 | |
Wisconsin Energy Corp. | 120,084 | 4,964 | |
* | T-Mobile US Inc. | 145,917 | 4,909 |
* | Level 3 | ||
Communications Inc. | 145,470 | 4,825 | |
Dominion Resources Inc. | 73,086 | 4,728 | |
MDU Resources Group Inc. | 148,850 | 4,547 | |
CMS Energy Corp. | 164,986 | 4,417 | |
OGE Energy Corp. | 125,800 | 4,265 | |
National Fuel Gas Co. | 59,025 | 4,214 | |
ITC Holdings Corp. | 43,093 | 4,129 | |
American Water | |||
Works Co. Inc. | 95,720 | 4,045 | |
Energen Corp. | 56,100 | 3,969 | |
SCANA Corp. | 80,500 | 3,778 | |
Aqua America Inc. | 155,828 | 3,676 | |
Integrys Energy Group Inc. | 61,481 | 3,345 | |
Telephone & | |||
Data Systems Inc. | 118,894 | 3,065 | |
American Electric | |||
Power Co. Inc. | 60,600 | 2,832 | |
Questar Corp. | 115,800 | 2,662 | |
United States Cellular Corp. | 59,254 | 2,478 | |
Consolidated Edison Inc. | 44,100 | 2,438 | |
FirstEnergy Corp. | 71,207 | 2,348 | |
Exelon Corp. | 79,200 | 2,169 | |
CenturyLink Inc. | 56,364 | 1,795 | |
UGI Corp. | 34,466 | 1,429 | |
NiSource Inc. | 35,920 | 1,181 | |
Entergy Corp. | 15,600 | 987 | |
Frontier Communications | |||
Corp. | 5 | — | |
247,357 | |||
Total Common Stocks | |||
(Cost $2,857,720) | 5,504,852 |
Tax-Managed Capital Appreciation Fund
Market | ||
Value | ||
Shares | ($000) | |
Temporary Cash Investment (0.1%) | ||
Money Market Fund (0.1%) | ||
1 Vanguard Market Liquidity | ||
Fund, 0.125% | ||
(Cost $3,755) | 3,755,149 | 3,755 |
Total Investments (100.0%) | ||
(Cost $2,861,475) | 5,508,607 | |
Other Assets and Liabilities (0.0%) | ||
Other Assets | 10,848 | |
Liabilities | (11,092) | |
(244) | ||
Net Assets (100%) | 5,508,363 |
At December 31, 2013, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 2,899,190 |
Overdistributed Net Investment Income | (4,671) |
Accumulated Net Realized Losses | (33,288) |
Unrealized Appreciation (Depreciation) | 2,647,132 |
Net Assets | 5,508,363 |
Admiral Shares—Net Assets | |
Applicable to 53,789,880 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,040,125 |
Net Asset Value Per Share— | |
Admiral Shares | $93.70 |
Institutional Shares—Net Assets | |
Applicable to 10,057,144 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 468,238 |
Net Asset Value Per Share— | |
Institutional Shares | $46.56 |
See Note A in Notes to Financial Statements.
Non-income-producing security.
1 Affiliated money market available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements
89
Tax-Managed Capital Appreciation Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2013 | |
($000) | |
Investment Income | |
Income | |
Dividends | 87,757 |
Interest1 | 6 |
Total Income | 87,763 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 394 |
Management and Administrative—Admiral Shares | 4,150 |
Management and Administrative—Institutional Shares | 236 |
Marketing and Distribution—Admiral Shares | 685 |
Marketing and Distribution—Institutional Shares | 51 |
Custodian Fees | 35 |
Auditing Fees | 28 |
Shareholders’ Reports—Admiral Shares | 19 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 5 |
Total Expenses | 5,603 |
Net Investment Income | 82,160 |
Realized Net Gain (Loss) on Investment Securities Sold | 3,156 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 1,297,582 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,382,898 |
1 Interest income from an affiliated company of the fund was $6,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
90
Tax-Managed Capital Appreciation Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2013 | 2012 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 82,160 | 77,353 |
Realized Net Gain (Loss) | 3,156 | 9,245 |
Change in Unrealized Appreciation (Depreciation) | 1,297,582 | 498,898 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,382,898 | 585,496 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (75,511) | (70,710) |
Institutional Shares | (7,196) | (6,334) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (82,707) | (77,044) |
Capital Share Transactions | ||
Admiral Shares | 147,843 | (69,323) |
Institutional Shares | 41,279 | (27,435) |
Net Increase (Decrease) from Capital Share Transactions | 189,122 | (96,758) |
Total Increase (Decrease) | 1,489,313 | 411,694 |
Net Assets | ||
Beginning of Period | 4,019,050 | 3,607,356 |
End of Period1 | 5,508,363 | 4,019,050 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($4,671,000) and ($4,124,000).
See accompanying Notes, which are an integral part of the Financial Statements.
91
Tax-Managed Capital Appreciation Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $71.17 | $62.36 | $62.56 | $54.72 | $43.04 |
Investment Operations | |||||
Net Investment Income | 1.414 | 1.384 | 1.072 | .915 | .855 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 22.537 | 8.806 | (.202) | 7.849 | 11.673 |
Total from Investment Operations | 23.951 | 10.190 | .870 | 8.764 | 12.528 |
Distributions | |||||
Dividends from Net Investment Income | (1.421) | (1.380) | (1.070) | (.924) | (.848) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.421) | (1.380) | (1.070) | (.924) | (.848) |
Net Asset Value, End of Period | $93.70 | $71.17 | $62.36 | $62.56 | $54.72 |
Total Return1 | 33.67% | 16.35% | 1.38% | 16.02% | 29.11% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,040 | $3,702 | $3,305 | $2,860 | $2,526 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.15% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.71% | 1.96% | 1.65% | 1.59% | 1.80% |
Portfolio Turnover Rate | 4% | 3% | 2% | 7% | 26% |
1 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
92
Tax-Managed Capital Appreciation Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $35.36 | $30.98 | $31.09 | $27.19 | $21.38 |
Investment Operations | |||||
Net Investment Income | .719 | .702 | .548 | .466 | .439 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 11.203 | 4.379 | (.113) | 3.905 | 5.806 |
Total from Investment Operations | 11.922 | 5.081 | .435 | 4.371 | 6.245 |
Distributions | |||||
Dividends from Net Investment Income | (.722) | (.701) | (.545) | (. 471) | (.435) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.722) | (.701) | (.545) | (. 471) | (.435) |
Net Asset Value, End of Period | $46.56 | $35.36 | $30.98 | $31.09 | $27.19 |
Total Return1 | 33.73% | 16.41% | 1.39% | 16.08% | 29.21% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $468 | $317 | $302 | $282 | $225 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.75% | 2.00% | 1.69% | 1.63% | 1.86% |
Portfolio Turnover Rate | 4% | 3% | 2% | 7% | 26% |
1 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
See accompanying Notes, which are an integral part of the Financial Statements.
93
Tax-Managed Capital Appreciation Fund
Notes to Financial Statements
Vanguard Tax-Managed Capital Appreciation Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Admiral Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 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. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2010–2013), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. 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. 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.
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 the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2013, the fund had contributed capital of $605,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.24% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
94
Tax-Managed Capital Appreciation Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At December 31, 2013, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
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.
For tax purposes, at December 31, 2013, the fund had $521,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $3,156,000 to offset taxable capital gains realized during the year ended December 31, 2013. At December 31, 2013, the fund had available capital losses totaling $33,288,000 to offset future net capital gains. Of this amount, $13,590,000 is subject to expiration on December 31, 2018. Capital losses of $19,698,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2013, the cost of investment securities for tax purposes was $2,861,734,000. Net unrealized appreciation of investment securities for tax purposes was $2,646,873,000, consisting of unrealized gains of $2,659,863,000 on securities that had risen in value since their purchase and $12,990,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2013, the fund purchased $379,151,000 of investment securities and sold $187,791,000 of investment securities, other than temporary cash investments.
95
Tax-Managed Capital Appreciation Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2013 | 2012 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 305,664 | 3,728 | 186,797 | 2,686 |
Issued in Lieu of Cash Distributions | 59,261 | 637 | 55,442 | 783 |
Redeemed | (217,082) | (2,592) | (311,562) | (4,459) |
Net Increase (Decrease) —Admiral Shares | 147,843 | 1,773 | (69,323) | (990) |
Institutional Shares | ||||
Issued | 74,366 | 1,922 | 6,796 | 195 |
Issued in Lieu of Cash Distributions | 4,418 | 96 | 3,552 | 101 |
Redeemed | (37,505) | (921) | (37,783) | (1,080) |
Net Increase (Decrease) —Institutional Shares | 41,279 | 1,097 | (27,435) | (784) |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2013, that would require recognition or disclosure in these financial statements.
96
Tax-Managed Small-Cap Fund
Fund Profile
As of December 31, 2013
Share-Class Characteristics | |||
Admiral | Institutional | ||
Shares | Shares | ||
Ticker Symbol | VTMSX | VTSIX | |
Expense Ratio1 | 0.14% | 0.10% | |
30-Day SEC Yield | 1.01% | 1.05% | |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Stock | |||
S&P | Market | ||
SmallCap | FA | ||
Fund | 600 Index | Index | |
Number of Stocks | 603 | 600 | 3,653 |
Median Market Cap | $1.6B | $1.6B | $43.0B |
Price/Earnings Ratio | 27.7x | 28.0x | 20.7x |
Price/Book Ratio | 2.3x | 2.3x | 2.7x |
Return on Equity | 10.4% | 10.2% | 16.5% |
Earnings Growth | |||
Rate | 12.2% | 11.6% | 11.4% |
Dividend Yield | 1.0% | 1.1% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 31% | — | — |
Short-Term Reserves | 0.1% | — | — |
Volatility Measures | |||
DJ | |||
U.S. Total | |||
S&P SmallCap | Stock Market | ||
600 Index | FA Index | ||
R-Squared | 1.00 | 0.92 | |
Beta | 1.00 | 1.17 | |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. | |||
Ten Largest Holdings (% of total net assets) | |||
Align Technology Inc. | Health Care Supplies | 0.6% | |
Fifth & Pacific Cos. Inc. | Apparel Accessories | ||
& Luxury Goods | 0.6 | ||
FEI Co. | Electronic Equipment | ||
& Instruments | 0.5 | ||
Toro Co. | Construction & Farm | ||
Machinery & Heavy | |||
Trucks | 0.5 | ||
Financial Engines Inc. | Asset Management | ||
& Custody Banks | 0.5 | ||
Teledyne Technologies | Aerospace & | ||
Inc. | Defense | 0.5 | |
PolyOne Corp. | Specialty Chemicals | 0.5 | |
West Pharmaceutical | |||
Services Inc. | Health Care Supplies | 0.5 | |
Wolverine World Wide | |||
Inc. | Footwear | 0.5 | |
EnerSys Inc. | Electrical | ||
Components & | |||
Equipment | 0.5 | ||
Top Ten | 5.2% | ||
The holdings listed exclude any temporary cash investments and equity index products. | |||
Investment Focus
1 The expense ratios shown are from the prospectus dated December 19, 2013, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2013, the expense ratios were 0.12% for Admiral Shares and 0.08% for Institutional Shares.
97
Tax-Managed Small-Cap Fund
Sector Diversification (% of equity exposure)
DJ | |||
U.S. Total | |||
S&P | Stock | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Consumer | |||
Discretionary | 16.2% | 16.0% | 13.3% |
Consumer Staples | 4.0 | 3.5 | 8.5 |
Energy | 4.0 | 4.1 | 9.4 |
Financials | 21.1 | 21.6 | 17.3 |
Health Care | 11.4 | 11.7 | 12.6 |
Industrials | 14.8 | 14.7 | 11.8 |
Information | |||
Technology | 18.5 | 18.5 | 18.1 |
Materials | 6.1 | 6.1 | 3.9 |
Telecommunication | |||
Services | 0.4 | 0.4 | 2.1 |
Utilities | 3.5 | 3.4 | 3.0 |
98
Tax-Managed Small-Cap Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) 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.
Cumulative Performance: December 31, 2003, Through December 31, 2013
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2013 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Tax-Managed Small-Cap Fund | |||||
Admiral Shares | 41.00% | 21.25% | 10.65% | $27,523 | |
•••••••• | S&P SmallCap 600 Index | 41.31 | 21.37 | 10.65 | 27,517 |
– – – – | Small-Cap Core Funds Average | 36.57 | 19.95 | 8.46 | 22,527 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 33.47 | 18.86 | 8.09 | 21,777 | |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
See Financial Highlights for dividend and capital gains information.
99
Tax-Managed Small-Cap Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2013 | ||||
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Small-Cap Fund Institutional | ||||
Shares | 41.09% | 21.33% | 10.71% | $13,836,002 |
S&P SmallCap 600 Index | 41.31 | 21.37 | 10.65 | 13,758,734 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 33.47 | 18.86 | 8.09 | 10,888,699 |
Fiscal-Year Total Returns (%): December 31, 2003, Through December 31, 2013
100
Tax-Managed Small-Cap Fund
Financial Statements
Statement of Net Assets
As of December 31, 2013
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.9%) | |||
Consumer Discretionary (16.2%) | |||
* | Fifth & Pacific Cos. Inc. | 607,925 | 19,496 |
Wolverine World Wide Inc. | 497,614 | 16,899 | |
* | Lumber Liquidators | ||
Holdings Inc. | 136,395 | 14,034 | |
* | Live Nation | ||
Entertainment Inc. | 699,118 | 13,815 | |
* | Buffalo Wild Wings Inc. | 93,131 | 13,709 |
Pool Corp. | 232,423 | 13,513 | |
Cracker Barrel Old Country | |||
Store Inc. | 117,975 | 12,985 | |
Men’s Wearhouse Inc. | 224,057 | 11,445 | |
* | Steven Madden Ltd. | 298,673 | 10,928 |
* | Jack in the Box Inc. | 215,087 | 10,759 |
* | Iconix Brand Group Inc. | 269,109 | 10,684 |
Ryland Group Inc. | 229,026 | 9,942 | |
* | Outerwall Inc. | 139,242 | 9,367 |
Hillenbrand Inc. | 311,734 | 9,171 | |
* | Genesco Inc. | 119,190 | 8,708 |
* | Hibbett Sports Inc. | 129,059 | 8,674 |
* | Dorman Products Inc. | 151,003 | 8,467 |
Monro Muffler Brake Inc. | 147,984 | 8,340 | |
Texas Roadhouse Inc. | |||
Class A | 296,351 | 8,239 | |
* | Meritage Homes Corp. | 168,866 | 8,104 |
La-Z-Boy Inc. | 260,302 | 8,069 | |
* | Marriott Vacations | ||
Worldwide Corp. | 150,912 | 7,962 | |
* | Vitamin Shoppe Inc. | 150,877 | 7,847 |
Lithia Motors Inc. Class A | 111,542 | 7,743 | |
* | Jos A Bank Clothiers Inc. | 139,010 | 7,608 |
Group 1 Automotive Inc. | 106,677 | 7,576 | |
* | Pinnacle Entertainment Inc. | 290,600 | 7,553 |
* | Helen of Troy Ltd. | 149,333 | 7,393 |
Buckle Inc. | 139,166 | 7,315 | |
Papa John’s | |||
International Inc. | 158,659 | 7,203 | |
Sturm Ruger & Co. Inc. | 96,136 | 7,027 |
Market | |||
Value | |||
Shares | ($000) | ||
Finish Line Inc. Class A | 245,139 | 6,906 | |
DineEquity Inc. | 80,767 | 6,748 | |
* | Standard Pacific Corp. | 741,836 | 6,714 |
* | Skechers U.S.A. Inc. | ||
Class A | 196,353 | 6,505 | |
* | Children’s Place | ||
Retail Stores Inc. | 111,192 | 6,335 | |
* | Crocs Inc. | 388,867 | 6,191 |
Interval Leisure Group Inc. | 196,635 | 6,076 | |
* | Select Comfort Corp. | 275,024 | 5,800 |
Oxford Industries Inc. | 71,586 | 5,775 | |
Brown Shoe Co. Inc. | 203,787 | 5,735 | |
* | Quiksilver Inc. | 635,118 | 5,570 |
Drew Industries Inc. | 108,144 | 5,537 | |
* | Sonic Corp. | 261,869 | 5,287 |
* | iRobot Corp. | 142,176 | 4,943 |
* | Red Robin | ||
Gourmet Burgers Inc. | 64,783 | 4,764 | |
* | Multimedia Games | ||
Holding Co. Inc. | 143,820 | 4,510 | |
Cato Corp. Class A | 134,005 | 4,261 | |
* | Boyd Gaming Corp. | 373,947 | 4,211 |
Sonic Automotive Inc. | |||
Class A | 171,853 | 4,207 | |
Movado Group Inc. | 89,848 | 3,954 | |
Ethan Allen Interiors Inc. | 129,721 | 3,946 | |
* | Winnebago Industries Inc. | 139,805 | 3,838 |
* | American Public | ||
Education Inc. | 88,282 | 3,838 | |
Arctic Cat Inc. | 66,683 | 3,800 | |
Standard Motor | |||
Products Inc. | 102,716 | 3,780 | |
CEC Entertainment Inc. | 83,506 | 3,698 | |
Capella Education Co. | 55,511 | 3,688 | |
* | Biglari Holdings Inc. | 7,267 | 3,682 |
Stage Stores Inc. | 162,166 | 3,603 | |
* | Aeropostale Inc. | 386,581 | 3,514 |
* | Francesca’s Holdings Corp. | 182,067 | 3,352 |
Scholastic Corp. | 97,870 | 3,329 | |
* | EW Scripps Co. Class A | 153,181 | 3,327 |
101
Tax-Managed Small-Cap Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | BJ’s Restaurants Inc. | 106,469 | 3,307 |
* | Pep Boys-Manny Moe | ||
& Jack | 265,704 | 3,226 | |
Fred’s Inc. Class A | 169,690 | 3,143 | |
Haverty Furniture Cos. Inc. | 99,473 | 3,113 | |
* | M/I Homes Inc. | 121,042 | 3,080 |
* | ITT Educational Services Inc. | 90,522 | 3,040 |
* | FTD Cos. Inc. | 92,179 | 3,003 |
* | G-III Apparel Group Ltd. | 40,500 | 2,988 |
Callaway Golf Co. | 353,198 | 2,977 | |
* | Blue Nile Inc. | 61,895 | 2,915 |
* | Tuesday Morning Corp. | 182,085 | 2,906 |
* | Universal Electronics Inc. | 76,053 | 2,898 |
* | Zumiez Inc. | 109,755 | 2,854 |
* | Barnes & Noble Inc. | 184,371 | 2,756 |
* | Zale Corp. | 161,766 | 2,551 |
Ruth’s Hospitality | |||
Group Inc. | 178,502 | 2,536 | |
Superior Industries | |||
International Inc. | 116,010 | 2,393 | |
Nutrisystem Inc. | 142,523 | 2,343 | |
Regis Corp. | 150,139 | 2,178 | |
* | Ruby Tuesday Inc. | 287,666 | 1,994 |
* | MarineMax Inc. | 120,877 | 1,944 |
Stein Mart Inc. | 139,011 | 1,870 | |
* | Kirkland’s Inc. | 74,784 | 1,770 |
Big 5 Sporting Goods Corp. | 88,192 | 1,748 | |
Harte-Hanks Inc. | 217,096 | 1,698 | |
PetMed Express Inc. | 100,205 | 1,666 | |
* | Career Education Corp. | 286,318 | 1,632 |
* | VOXX International Corp. | ||
Class A | 97,243 | 1,624 | |
* | Christopher & Banks Corp. | 183,699 | 1,569 |
* | Digital Generation Inc. | 104,694 | 1,335 |
Marcus Corp. | 93,608 | 1,258 | |
Spartan Motors Inc. | 171,265 | 1,147 | |
* | Perry Ellis International Inc. | 62,289 | 984 |
* | Monarch Casino | ||
& Resort Inc. | 48,227 | 968 | |
JAKKS Pacific Inc. | 102,991 | 693 | |
Universal Technical | |||
Institute Inc. | 49,021 | 682 | |
Blyth Inc. | 42,664 | 464 | |
* | Strayer Education Inc. | 4,104 | 141 |
Lincoln Educational | |||
Services Corp. | 1,182 | 6 | |
547,399 | |||
Consumer Staples (4.0%) | |||
* | Darling International Inc. | 779,002 | 16,266 |
Casey’s General Stores Inc. | 190,834 | 13,406 | |
* | Hain Celestial Group Inc. | 142,205 | 12,910 |
* | TreeHouse Foods Inc. | 180,515 | 12,441 |
* | Boston Beer Co. Inc. | ||
Class A | 43,265 | 10,461 |
Market | |||
Value | |||
Shares | ($000) | ||
B&G Foods Inc. | 262,969 | 8,917 | |
Andersons Inc. | 86,947 | 7,753 | |
Sanderson Farms Inc. | 100,383 | 7,261 | |
Snyders-Lance Inc. | 241,160 | 6,926 | |
J&J Snack Foods Corp. | 72,167 | 6,393 | |
WD-40 Co. | 72,657 | 5,426 | |
Cal-Maine Foods Inc. | 74,134 | 4,465 | |
Spartan Stores Inc. | 183,424 | 4,454 | |
* | Annie’s Inc. | 83,344 | 3,587 |
Inter Parfums Inc. | 83,953 | 3,006 | |
* | Diamond Foods Inc. | 100,902 | 2,607 |
Calavo Growers Inc. | 64,703 | 1,958 | |
* | Medifast Inc. | 63,561 | 1,661 |
* | Central Garden and Pet Co. | ||
Class A | 209,525 | 1,414 | |
* | Alliance One | ||
International Inc. | 409,812 | 1,250 | |
* | Seneca Foods Corp. Class A | 38,695 | 1,234 |
133,796 | |||
Energy (4.0%) | |||
Bristow Group Inc. | 180,213 | 13,527 | |
* | Exterran Holdings Inc. | 290,208 | 9,925 |
* | PDC Energy Inc. | 176,841 | 9,412 |
* | Carrizo Oil & Gas Inc. | 203,958 | 9,131 |
* | Stone Energy Corp. | 248,167 | 8,584 |
* | SEACOR Holdings Inc. | 92,720 | 8,456 |
* | Hornbeck Offshore | ||
Services Inc. | 160,681 | 7,910 | |
* | Geospace | ||
Technologies Corp. | 64,071 | 6,076 | |
* | Cloud Peak Energy Inc. | 300,927 | 5,417 |
* | Newpark Resources Inc. | 434,262 | 5,337 |
* | C&J Energy Services Inc. | 224,531 | 5,187 |
* | TETRA Technologies Inc. | 390,759 | 4,830 |
* | Northern Oil and Gas Inc. | 295,333 | 4,451 |
Comstock Resources Inc. | 223,187 | 4,082 | |
* | Contango Oil & Gas Co. | 75,730 | 3,579 |
* | Matrix Service Co. | 129,628 | 3,172 |
* | Tesco Corp. | 156,408 | 3,094 |
* | Era Group Inc. | 94,584 | 2,919 |
* | Swift Energy Co. | 215,884 | 2,914 |
Arch Coal Inc. | 619,978 | 2,759 | |
* | Penn Virginia Corp. | 272,760 | 2,572 |
* | Pioneer Energy | ||
Services Corp. | 310,278 | 2,485 | |
Green Plains | |||
Renewable Energy Inc. | 115,585 | 2,241 | |
* | Basic Energy Services Inc. | 136,773 | 2,158 |
* | Forest Oil Corp. | 596,101 | 2,152 |
Gulf Island Fabrication Inc. | 63,694 | 1,479 | |
* | Approach Resources Inc. | 24,170 | 466 |
* | ION Geophysical Corp. | 108,799 | 359 |
* | PetroQuest Energy Inc. | 82,032 | 354 |
135,028 |
102
Tax-Managed Small-Cap Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Exchange-Traded Fund (2.7%) | |||
1 | Vanguard REIT ETF | 1,428,000 | 92,192 |
Financials (18.4%) | |||
Financial Engines Inc. | 246,505 | 17,127 | |
ProAssurance Corp. | 305,009 | 14,787 | |
* | Stifel Financial Corp. | 293,161 | 14,048 |
* | Portfolio Recovery | ||
Associates Inc. | 251,507 | 13,290 | |
* | Texas Capital | ||
Bancshares Inc. | 202,687 | 12,607 | |
MarketAxess Holdings Inc. | 186,188 | 12,450 | |
Susquehanna | |||
Bancshares Inc. | 927,794 | 11,913 | |
UMB Financial Corp. | 183,354 | 11,786 | |
Geo Group Inc. | 356,841 | 11,497 | |
Glacier Bancorp Inc. | 364,774 | 10,867 | |
Umpqua Holdings Corp. | 556,371 | 10,649 | |
First Financial | |||
Bankshares Inc. | 150,678 | 9,993 | |
FNB Corp. | 763,633 | 9,637 | |
PrivateBancorp Inc. | 323,808 | 9,368 | |
Evercore Partners Inc. | |||
Class A | 155,482 | 9,295 | |
Wintrust Financial Corp. | 197,863 | 9,125 | |
* | First Cash Financial | ||
Services Inc. | 143,386 | 8,867 | |
Home BancShares Inc. | 235,264 | 8,787 | |
Bank of the Ozarks Inc. | 154,697 | 8,754 | |
MB Financial Inc. | 272,585 | 8,747 | |
PacWest Bancorp | 198,882 | 8,397 | |
RLI Corp. | 84,751 | 8,253 | |
LaSalle Hotel Properties | 261,864 | 8,081 | |
Prospect Capital Corp. | 713,890 | 8,010 | |
Community Bank | |||
System Inc. | 199,689 | 7,924 | |
CVB Financial Corp. | 463,488 | 7,912 | |
Old National Bancorp | 502,599 | 7,725 | |
Tanger Factory Outlet | |||
Centers | 237,378 | 7,601 | |
Selective Insurance | |||
Group Inc. | 276,515 | 7,482 | |
United Bankshares Inc. | 228,498 | 7,186 | |
Columbia Banking | |||
System Inc. | 254,244 | 6,994 | |
Northwest Bancshares Inc. | 467,183 | 6,905 | |
* | Virtus Investment | ||
Partners Inc. | 34,248 | 6,851 | |
National Penn | |||
Bancshares Inc. | 584,192 | 6,619 | |
First Midwest Bancorp Inc. | 372,198 | 6,525 | |
BBCN Bancorp Inc. | 392,678 | 6,515 | |
EPR Properties | 129,191 | 6,351 | |
Horace Mann | |||
Educators Corp. | 198,284 | 6,254 |
Market | |||
Value | |||
Shares | ($000) | ||
Post Properties Inc. | 137,702 | 6,228 | |
Interactive Brokers | |||
Group Inc. | 248,058 | 6,038 | |
* | Encore Capital Group Inc. | 115,928 | 5,827 |
DiamondRock | |||
Hospitality Co. | 491,193 | 5,673 | |
NBT Bancorp Inc. | 218,036 | 5,647 | |
Cash America | |||
International Inc. | 141,773 | 5,430 | |
Pinnacle Financial | |||
Partners Inc. | 164,220 | 5,342 | |
* | Sterling Bancorp | 387,877 | 5,186 |
Provident Financial | |||
Services Inc. | 267,581 | 5,170 | |
Sovran Self Storage Inc. | 79,296 | 5,168 | |
Healthcare Realty Trust Inc. | 241,004 | 5,136 | |
First Financial Bancorp | 287,556 | 5,012 | |
Boston Private Financial | |||
Holdings Inc. | 395,893 | 4,996 | |
Medical Properties Trust Inc. | 402,241 | 4,915 | |
ViewPoint Financial | |||
Group Inc. | 178,600 | 4,903 | |
Employers Holdings Inc. | 153,902 | 4,871 | |
* | World Acceptance Corp. | 54,662 | 4,785 |
* | BofI Holding Inc. | 59,290 | 4,650 |
Cousins Properties Inc. | 450,730 | 4,643 | |
Associated Estates | |||
Realty Corp. | 283,580 | 4,551 | |
Independent Bank Corp. | 115,431 | 4,524 | |
* | HFF Inc. Class A | 164,607 | 4,420 |
EastGroup Properties Inc. | 76,139 | 4,411 | |
Banner Corp. | 96,928 | 4,344 | |
First Commonwealth | |||
Financial Corp. | 486,134 | 4,288 | |
* | eHealth Inc. | 91,750 | 4,265 |
Infinity Property | |||
& Casualty Corp. | 57,606 | 4,133 | |
AMERISAFE Inc. | 91,682 | 3,873 | |
PS Business Parks Inc. | 50,447 | 3,855 | |
* | Investment Technology | ||
Group Inc. | 186,343 | 3,831 | |
S&T Bancorp Inc. | 147,935 | 3,744 | |
* | Forestar Group Inc. | 172,929 | 3,678 |
City Holding Co. | 77,842 | 3,606 | |
Safety Insurance Group Inc. | 63,885 | 3,597 | |
Acadia Realty Trust | 143,194 | 3,556 | |
Hanmi Financial Corp. | 157,647 | 3,451 | |
Government Properties | |||
Income Trust | 137,307 | 3,412 | |
* | United Community | ||
Banks Inc. | 191,611 | 3,401 | |
Wilshire Bancorp Inc. | 308,897 | 3,376 | |
TrustCo Bank Corp. NY | 467,481 | 3,357 | |
Brookline Bancorp Inc. | 349,359 | 3,343 |
103
Tax-Managed Small-Cap Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Stewart Information | |||
Services Corp. | 103,528 | 3,341 | |
* | Navigators Group Inc. | 52,683 | 3,327 |
Pennsylvania REIT | 174,185 | 3,306 | |
* | Piper Jaffray Cos. | 80,414 | 3,180 |
FXCM Inc. Class A | 178,148 | 3,178 | |
LTC Properties Inc. | 89,412 | 3,164 | |
Oritani Financial Corp. | 194,189 | 3,117 | |
United Fire Group Inc. | 108,311 | 3,104 | |
Simmons First National Corp. | |||
Class A | 82,094 | 3,050 | |
Capstead Mortgage Corp. | 245,984 | 2,971 | |
Tompkins Financial Corp. | 57,579 | 2,959 | |
Parkway Properties Inc. | 151,607 | 2,925 | |
American Assets Trust Inc. | 87,539 | 2,751 | |
Franklin Street Properties | |||
Corp. | 227,894 | 2,723 | |
Lexington Realty Trust | 265,886 | 2,715 | |
Cardinal Financial Corp. | 150,387 | 2,707 | |
HCI Group Inc. | 50,164 | 2,684 | |
* | Green Dot Corp. Class A | 105,349 | 2,650 |
Sabra Health Care REIT Inc. | 97,629 | 2,552 | |
Dime Community | |||
Bancshares Inc. | 144,856 | 2,451 | |
* | First BanCorp | 384,270 | 2,379 |
Inland Real Estate Corp. | 210,401 | 2,213 | |
Agree Realty Corp. | 73,453 | 2,132 | |
Kite Realty Group Trust | 316,783 | 2,081 | |
* | Taylor Capital Group Inc. | 76,097 | 2,023 |
Meadowbrook Insurance | |||
Group Inc. | 233,535 | 1,625 | |
Saul Centers Inc. | 33,695 | 1,608 | |
Bank Mutual Corp. | 215,385 | 1,510 | |
Universal Health Realty | |||
Income Trust | 33,243 | 1,332 | |
Getty Realty Corp. | 69,868 | 1,283 | |
Urstadt Biddle Properties Inc. | |||
Class A | 67,154 | 1,239 | |
Cedar Realty Trust Inc. | 158,489 | 992 | |
* | SWS Group Inc. | 144,380 | 878 |
* | Ezcorp Inc. Class A | 68,955 | 806 |
Calamos Asset | |||
Management Inc. Class A | 23,232 | 275 | |
CoreSite Realty Corp. | 5,924 | 191 | |
Tower Group | |||
International Ltd. | 19,963 | 67 | |
621,304 | |||
Health Care (11.3%) | |||
* | Align Technology Inc. | 348,438 | 19,913 |
West Pharmaceutical | |||
Services Inc. | 345,950 | 16,972 | |
* | Centene Corp. | 270,739 | 15,960 |
* | Medidata Solutions Inc. | 248,685 | 15,063 |
Questcor | |||
Pharmaceuticals Inc. | 273,535 | 14,894 |
Market | |||
Value | |||
Shares | ($000) | ||
* | PAREXEL | ||
International Corp. | 279,838 | 12,643 | |
* | Medicines Co. | 309,961 | 11,971 |
* | MWI Veterinary Supply Inc. | 63,498 | 10,832 |
* | Haemonetics Corp. | 254,765 | 10,733 |
* | Air Methods Corp. | 173,683 | 10,131 |
* | Prestige Brands | ||
Holdings Inc. | 254,012 | 9,094 | |
* | ViroPharma Inc. | 174,848 | 8,716 |
* | Akorn Inc. | 353,396 | 8,704 |
* | Neogen Corp. | 179,143 | 8,187 |
* | Magellan Health | ||
Services Inc. | 134,426 | 8,053 | |
* | Cyberonics Inc. | 122,006 | 7,993 |
* | Impax Laboratories Inc. | 316,101 | 7,947 |
* | Amsurg Corp. Class A | 160,279 | 7,360 |
* | NuVasive Inc. | 220,932 | 7,143 |
* | Hanger Inc. | 172,324 | 6,779 |
Chemed Corp. | 86,958 | 6,663 | |
* | Acorda Therapeutics Inc. | 201,963 | 5,897 |
CONMED Corp. | 138,235 | 5,875 | |
Cantel Medical Corp. | 164,866 | 5,591 | |
Meridian Bioscience Inc. | 206,180 | 5,470 | |
* | Integra LifeSciences | ||
Holdings Corp. | 113,965 | 5,437 | |
Analogic Corp. | 60,865 | 5,390 | |
Kindred Healthcare Inc. | 269,365 | 5,317 | |
* | Ligand Pharmaceuticals Inc. | ||
Class B | 100,630 | 5,293 | |
* | Greatbatch Inc. | 119,369 | 5,281 |
* | IPC The Hospitalist Co. Inc. | 83,685 | 4,970 |
* | Molina Healthcare Inc. | 139,764 | 4,857 |
* | ABIOMED Inc. | 175,476 | 4,692 |
Quality Systems Inc. | 215,864 | 4,546 | |
* | Omnicell Inc. | 172,855 | 4,413 |
Ensign Group Inc. | 96,934 | 4,291 | |
* | Abaxis Inc. | 104,306 | 4,174 |
* | ICU Medical Inc. | 64,711 | 4,123 |
* | Momenta | ||
Pharmaceuticals Inc. | 228,662 | 4,043 | |
* | Luminex Corp. | 182,235 | 3,535 |
* | AMN Healthcare | ||
Services Inc. | 229,965 | 3,380 | |
Invacare Corp. | 145,620 | 3,380 | |
* | HealthStream Inc. | 100,005 | 3,277 |
* | Emergent Biosolutions Inc. | 142,453 | 3,275 |
Computer Programs | |||
& Systems Inc. | 51,751 | 3,199 | |
* | PharMerica Corp. | 148,311 | 3,189 |
* | Merit Medical Systems Inc. | 200,929 | 3,163 |
* | Bio-Reference Labs Inc. | 122,346 | 3,125 |
* | Natus Medical Inc. | 136,407 | 3,069 |
* | Affymetrix Inc. | 356,575 | 3,056 |
* | Corvel Corp. | 59,048 | 2,758 |
* | Cambrex Corp. | 150,290 | 2,680 |
104
Tax-Managed Small-Cap Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Healthways Inc. | 170,876 | 2,623 |
* | Cynosure Inc. Class A | 96,658 | 2,579 |
* | Hi-Tech Pharmacal Co. Inc. | 55,946 | 2,427 |
* | Amedisys Inc. | 160,001 | 2,341 |
* | Spectrum | ||
Pharmaceuticals Inc. | 264,178 | 2,338 | |
* | Anika Therapeutics Inc. | 56,558 | 2,158 |
Landauer Inc. | 37,602 | 1,978 | |
* | Symmetry Medical Inc. | 185,817 | 1,873 |
* | Gentiva Health Services Inc. | 142,593 | 1,770 |
* | SurModics Inc. | 71,010 | 1,732 |
* | LHC Group Inc. | 62,791 | 1,509 |
CryoLife Inc. | 125,322 | 1,390 | |
* | Cross Country | ||
Healthcare Inc. | 139,108 | 1,388 | |
* | Almost Family Inc. | 20,257 | 655 |
* | Arqule Inc. | 292,942 | 630 |
383,888 | |||
Industrials (14.8%) | |||
Toro Co. | 282,117 | 17,943 | |
* | Teledyne Technologies Inc. | 185,581 | 17,047 |
EnerSys Inc. | 236,053 | 16,545 | |
* | Moog Inc. Class A | 224,609 | 15,260 |
Curtiss-Wright Corp. | 233,272 | 14,517 | |
EMCOR Group Inc. | 332,760 | 14,122 | |
Actuant Corp. Class A | 363,060 | 13,303 | |
Applied Industrial | |||
Technologies Inc. | 209,320 | 10,276 | |
Healthcare Services | |||
Group Inc. | 346,804 | 9,839 | |
United Stationers Inc. | 196,681 | 9,026 | |
* | Tetra Tech Inc. | 322,284 | 9,017 |
Mueller Industries Inc. | 139,713 | 8,803 | |
Watts Water | |||
Technologies Inc. Class A | 141,615 | 8,762 | |
Franklin Electric Co. Inc. | 193,462 | 8,636 | |
Barnes Group Inc. | 225,132 | 8,625 | |
* | WageWorks Inc. | 144,449 | 8,586 |
* | Mobile Mini Inc. | 202,194 | 8,326 |
UniFirst Corp. | 75,362 | 8,064 | |
* | On Assignment Inc. | 228,820 | 7,990 |
Allegiant Travel Co. Class A | 74,604 | 7,866 | |
Simpson | |||
Manufacturing Co. Inc. | 202,325 | 7,431 | |
ABM Industries Inc. | 254,447 | 7,275 | |
Brady Corp. Class A | 230,956 | 7,143 | |
CIRCOR International Inc. | 87,300 | 7,052 | |
* | Hub Group Inc. Class A | 175,922 | 7,016 |
* | Orbital Sciences Corp. | 298,822 | 6,963 |
Forward Air Corp. | 151,665 | 6,660 | |
* | Korn/Ferry International | 245,064 | 6,401 |
Interface Inc. Class A | 288,753 | 6,341 | |
Tennant Co. | 91,711 | 6,219 | |
AZZ Inc. | 126,386 | 6,175 | |
G&K Services Inc. Class A | 97,724 | 6,081 |
Market | |||
Value | |||
Shares | ($000) | ||
* | EnPro Industries Inc. | 103,991 | 5,995 |
* | DXP Enterprises Inc. | 51,507 | 5,934 |
Knight Transportation Inc. | 297,405 | 5,454 | |
Cubic Corp. | 103,502 | 5,450 | |
* | GenCorp Inc. | 300,833 | 5,421 |
AAR Corp. | 193,320 | 5,415 | |
Kaman Corp. | 134,448 | 5,342 | |
Lindsay Corp. | 63,918 | 5,289 | |
* | TrueBlue Inc. | 202,675 | 5,225 |
Briggs & Stratton Corp. | 240,030 | 5,223 | |
Universal Forest | |||
Products Inc. | 98,602 | 5,141 | |
Apogee Enterprises Inc. | 142,801 | 5,128 | |
Exponent Inc. | 65,574 | 5,078 | |
Encore Wire Corp. | 92,420 | 5,009 | |
Albany International Corp. | 138,695 | 4,983 | |
* | Navigant Consulting Inc. | 251,848 | 4,835 |
Heartland Express Inc. | 240,167 | 4,712 | |
* | Dycom Industries Inc. | 164,265 | 4,565 |
* | Federal Signal Corp. | 310,655 | 4,551 |
ESCO Technologies Inc. | 131,341 | 4,500 | |
AAON Inc. | 138,876 | 4,437 | |
* | Aegion Corp. Class A | 194,081 | 4,248 |
Insperity Inc. | 113,249 | 4,092 | |
Arkansas Best Corp. | 120,194 | 4,048 | |
Titan International Inc. | 220,904 | 3,972 | |
Standex International Corp. | 63,149 | 3,971 | |
John Bean | |||
Technologies Corp. | 134,438 | 3,943 | |
* | Saia Inc. | 120,490 | 3,862 |
SkyWest Inc. | 258,764 | 3,837 | |
Quanex Building | |||
Products Corp. | 183,914 | 3,664 | |
Comfort Systems USA Inc. | 186,010 | 3,607 | |
Astec Industries Inc. | 92,339 | 3,567 | |
Kelly Services Inc. Class A | 135,529 | 3,380 | |
Powell Industries Inc. | 45,802 | 3,068 | |
* | II-VI Inc. | 169,424 | 2,982 |
Griffon Corp. | 224,415 | 2,965 | |
Resources Connection Inc. | 203,714 | 2,919 | |
* | Aerovironment Inc. | 98,095 | 2,858 |
* | Engility Holdings Inc. | 85,502 | 2,856 |
Viad Corp. | 100,984 | 2,805 | |
American Science | |||
& Engineering Inc. | 38,899 | 2,797 | |
* | Consolidated Graphics Inc. | 40,711 | 2,746 |
* | Gibraltar Industries Inc. | 144,898 | 2,694 |
* | Atlas Air Worldwide |
Holdings Inc. | 64,471 | 2,653 | |
* | American Woodmark Corp. | 57,420 | 2,270 |
* | National Presto | ||
Industries Inc. | 24,392 | 1,964 | |
Heidrick & Struggles | |||
International Inc. | 81,825 | 1,648 | |
* | Orion Marine Group Inc. | 136,013 | 1,636 |
105
Tax-Managed Small-Cap Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Lydall Inc. | 84,636 | 1,491 |
CDI Corp. | 71,571 | 1,326 | |
* | Vicor Corp. | 94,045 | 1,262 |
500,128 | |||
Information Technology (18.5%) | |||
FEI Co. | 207,114 | 18,508 | |
* | Cognex Corp. | 409,990 | 15,653 |
Belden Inc. | 216,092 | 15,224 | |
MAXIMUS Inc. | 338,169 | 14,876 | |
* | Tyler Technologies Inc. | 138,945 | 14,190 |
* | ARRIS Group Inc. | 568,720 | 13,857 |
* | ViaSat Inc. | 207,222 | 12,982 |
Anixter International Inc. | 131,589 | 11,822 | |
* | Microsemi Corp. | 462,383 | 11,536 |
* | Manhattan Associates Inc. | 95,262 | 11,191 |
j2 Global Inc. | 215,592 | 10,782 | |
* | Dealertrack | ||
Technologies Inc. | 217,110 | 10,439 | |
Littelfuse Inc. | 111,054 | 10,320 | |
* | Cardtronics Inc. | 222,609 | 9,672 |
* | Hittite Microwave Corp. | 156,549 | 9,664 |
Heartland Payment | |||
Systems Inc. | 182,805 | 9,111 | |
* | OpenTable Inc. | 113,802 | 9,032 |
* | Coherent Inc. | 121,227 | 9,018 |
* | Electronics For Imaging Inc. | 230,636 | 8,932 |
* | SYNNEX Corp. | 129,609 | 8,736 |
* | Synaptics Inc. | 165,778 | 8,589 |
Blackbaud Inc. | 227,020 | 8,547 | |
* | CACI International Inc. | ||
Class A | 115,468 | 8,455 | |
Power Integrations Inc. | 146,836 | 8,196 | |
MKS Instruments Inc. | 263,804 | 7,898 | |
* | Take-Two Interactive | ||
Software Inc. | 440,019 | 7,643 | |
NIC Inc. | 296,125 | 7,365 | |
* | Plexus Corp. | 169,079 | 7,319 |
* | Progress Software Corp. | 266,778 | 6,891 |
* | Sanmina Corp. | 412,017 | 6,881 |
* | TriQuint Semiconductor Inc. | 787,651 | 6,569 |
* | Bottomline Technologies | ||
de Inc. | 179,596 | 6,494 | |
* | Cirrus Logic Inc. | 314,852 | 6,432 |
* | Veeco Instruments Inc. | 194,684 | 6,407 |
* | NETGEAR Inc. | 191,969 | 6,323 |
* | Benchmark Electronics Inc. | 271,078 | 6,256 |
Monotype Imaging | |||
Holdings Inc. | 192,482 | 6,132 | |
Methode Electronics Inc. | 175,836 | 6,012 | |
* | Blucora Inc. | 204,308 | 5,958 |
* | ScanSource Inc. | 139,264 | 5,909 |
* | Monolithic Power | ||
Systems Inc. | 169,919 | 5,889 | |
* | iGATE Corp. | 145,011 | 5,824 |
Market | |||
Value | |||
Shares | ($000) | ||
* | GT Advanced | ||
Technologies Inc. | 652,356 | 5,689 | |
MTS Systems Corp. | 78,752 | 5,611 | |
* | MicroStrategy Inc. Class A | 44,883 | 5,576 |
* | Netscout Systems Inc. | 184,748 | 5,467 |
* | Rogers Corp. | 86,067 | 5,293 |
* | Cabot Microelectronics | ||
Corp. | 115,812 | 5,293 | |
* | Interactive Intelligence | ||
Group Inc. | 77,668 | 5,232 | |
* | QLogic Corp. | 442,163 | 5,231 |
* | Kulicke & Soffa | ||
Industries Inc. | 373,786 | 4,971 | |
CSG Systems | |||
International Inc. | 168,917 | 4,966 | |
* | FARO Technologies Inc. | 84,985 | 4,955 |
* | OSI Systems Inc. | 93,109 | 4,945 |
* | ATMI Inc. | 159,021 | 4,804 |
* | Insight Enterprises Inc. | 208,909 | 4,744 |
Tessera Technologies Inc. | 240,597 | 4,742 | |
* | comScore Inc. | 164,783 | 4,714 |
* | Synchronoss | ||
Technologies Inc. | 149,426 | 4,643 | |
* | CalAmp Corp. | 163,420 | 4,571 |
* | Measurement | ||
Specialties Inc. | 73,743 | 4,475 | |
* | Virtusa Corp. | 115,849 | 4,413 |
* | Sykes Enterprises Inc. | 196,284 | 4,281 |
* | Diodes Inc. | 180,456 | 4,252 |
* | ExlService Holdings Inc. | 152,777 | 4,220 |
* | Advanced Energy | ||
Industries Inc. | 182,250 | 4,166 | |
* | Perficient Inc. | 166,868 | 3,908 |
Badger Meter Inc. | 71,378 | 3,890 | |
* | LogMeIn Inc. | 113,310 | 3,802 |
* | Rofin-Sinar | ||
Technologies Inc. | 140,685 | 3,801 | |
* | Harmonic Inc. | 501,597 | 3,702 |
* | Monster Worldwide Inc. | 517,217 | 3,688 |
* | LivePerson Inc. | 245,377 | 3,636 |
* | Newport Corp. | 194,522 | 3,515 |
* | Ultratech Inc. | 117,116 | 3,396 |
CTS Corp. | 167,188 | 3,329 | |
* | Checkpoint Systems Inc. | 204,733 | 3,229 |
* | Tangoe Inc. | 165,949 | 2,989 |
* | Stamps.com Inc. | 70,669 | 2,975 |
Park Electrochemical Corp. | 103,456 | 2,971 | |
* | Liquidity Services Inc. | 127,194 | 2,882 |
* | Exar Corp. | 235,802 | 2,780 |
Brooks Automation Inc. | 263,757 | 2,767 | |
* | Super Micro Computer Inc. | 161,055 | 2,764 |
* | Digital River Inc. | 145,108 | 2,684 |
Comtech | |||
Telecommunications Corp. | 82,677 | 2,606 | |
Epiq Systems Inc. | 160,472 | 2,601 |
106
Tax-Managed Small-Cap Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Daktronics Inc. | 162,228 | 2,544 | |
Forrester Research Inc. | 66,401 | 2,540 | |
Black Box Corp. | 80,331 | 2,394 | |
Ebix Inc. | 158,669 | 2,336 | |
Micrel Inc. | 236,350 | 2,333 | |
* | TeleTech Holdings Inc. | 95,340 | 2,282 |
* | DTS Inc. | 92,136 | 2,209 |
* | Nanometrics Inc. | 110,184 | 2,099 |
* | Rudolph Technologies Inc. | 163,678 | 1,922 |
* | XO Group Inc. | 126,229 | 1,876 |
* | Mercury Systems Inc. | 161,114 | 1,764 |
* | Oplink Communications Inc. | 94,328 | 1,754 |
* | Higher One Holdings Inc. | 161,723 | 1,578 |
* | Digi International Inc. | 130,089 | 1,577 |
* | Ceva Inc. | 102,024 | 1,553 |
* | Procera Networks Inc. | 103,102 | 1,549 |
* | Dice Holdings Inc. | 203,541 | 1,476 |
* | CIBER Inc. | 335,896 | 1,391 |
* | Kopin Corp. | 308,305 | 1,301 |
* | Supertex Inc. | 51,678 | 1,295 |
* | QuinStreet Inc. | 142,530 | 1,239 |
* | Entropic | ||
Communications Inc. | 258,771 | 1,219 | |
Cohu Inc. | 115,175 | 1,209 | |
* | DSP Group Inc. | 112,151 | 1,089 |
Bel Fuse Inc. Class B | 50,659 | 1,080 | |
* | Ixia | 78,890 | 1,050 |
* | TTM Technologies Inc. | 121,048 | 1,039 |
* | Avid Technology Inc. | 122,744 | 1,000 |
* | Agilysys Inc. | 70,828 | 986 |
* | Pericom Semiconductor | ||
Corp. | 106,730 | 946 | |
* | Intevac Inc. | 119,958 | 891 |
* | Rubicon Technology Inc. | 88,323 | 879 |
Electro Scientific | |||
Industries Inc. | 82,402 | 862 | |
PC-Tel Inc. | 87,735 | 840 | |
* | VASCO Data Security | ||
International Inc. | 105,551 | 816 | |
* | Sigma Designs Inc. | 16,880 | 80 |
625,701 | |||
Materials (6.1%) | |||
PolyOne Corp. | 482,129 | 17,043 | |
HB Fuller Co. | 247,661 | 12,888 | |
* | KapStone Paper | ||
and Packaging Corp. | 198,747 | 11,102 | |
Balchem Corp. | 148,337 | 8,707 | |
Schweitzer-Mauduit | |||
International Inc. | 156,200 | 8,040 | |
* | SunCoke Energy Inc. | 348,133 | 7,941 |
* | Texas Industries Inc. | 106,480 | 7,324 |
* | Stillwater Mining Co. | 591,871 | 7,304 |
Kaiser Aluminum Corp. | 93,054 | 6,536 | |
Stepan Co. | 94,292 | 6,188 | |
PH Glatfelter Co. | 213,778 | 5,909 |
Market | |||
Value | |||
Shares | ($000) | ||
Globe Specialty Metals Inc. | 321,299 | 5,787 | |
* | OM Group Inc. | 158,656 | 5,777 |
* | Clearwater Paper Corp. | 109,790 | 5,764 |
* | AK Steel Holding Corp. | 676,971 | 5,551 |
* | Calgon Carbon Corp. | 269,405 | 5,542 |
Innophos Holdings Inc. | 108,910 | 5,293 | |
A Schulman Inc. | 147,357 | 5,196 | |
* | RTI International Metals Inc. 151,507 | 5,183 | |
Quaker Chemical Corp. | 65,313 | 5,034 | |
Koppers Holdings Inc. | 103,255 | 4,724 | |
* | Flotek Industries Inc. | 223,681 | 4,489 |
AMCOL International Corp. | 126,636 | 4,303 | |
* | LSB Industries Inc. | 94,813 | 3,889 |
Deltic Timber Corp. | 55,537 | 3,773 | |
* | Kraton Performance | ||
Polymers Inc. | 161,757 | 3,728 | |
Tredegar Corp. | 125,050 | 3,603 | |
* | Headwaters Inc. | 363,125 | 3,555 |
Neenah Paper Inc. | 79,726 | 3,410 | |
Haynes International Inc. | 61,391 | 3,391 | |
Materion Corp. | 102,389 | 3,159 | |
Wausau Paper Corp. | 246,140 | 3,121 | |
American Vanguard Corp. | 123,884 | 3,009 | |
Myers Industries Inc. | 133,426 | 2,818 | |
* | Century Aluminum Co. | 255,761 | 2,675 |
Zep Inc. | 112,981 | 2,052 | |
Olympic Steel Inc. | 45,979 | 1,332 | |
* | AM Castle & Co. | 85,084 | 1,257 |
Hawkins Inc. | 28,240 | 1,050 | |
FutureFuel Corp. | 11,926 | 188 | |
207,635 | |||
Telecommunication Services (0.4%) | |||
* | Cincinnati Bell Inc. | 1,035,122 | 3,685 |
Atlantic Tele-Network Inc. | 49,313 | 2,790 | |
Lumos Networks Corp. | 87,915 | 1,846 | |
* | General Communication Inc. | ||
Class A | 161,432 | 1,800 | |
USA Mobility Inc. | 108,880 | 1,555 | |
NTELOS Holdings Corp. | 75,991 | 1,537 | |
* | Cbeyond Inc. | 76,783 | 530 |
13,743 | |||
Utilities (3.5%) | |||
Southwest Gas Corp. | 230,729 | 12,900 | |
Piedmont Natural Gas | |||
Co. Inc. | 377,171 | 12,507 | |
UNS Energy Corp. | 205,757 | 12,315 | |
UIL Holdings Corp. | 276,921 | 10,731 | |
New Jersey Resources | |||
Corp. | 204,222 | 9,443 | |
ALLETE Inc. | 181,102 | 9,033 | |
South Jersey Industries Inc. | 159,922 | 8,949 | |
Avista Corp. | 297,532 | 8,388 | |
NorthWestern Corp. | 190,658 | 8,259 | |
El Paso Electric Co. | 199,753 | 7,013 |
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Tax-Managed Small-Cap Fund | |||
Market | |||
Value | |||
Shares | ($000) | ||
Laclede Group Inc. | 151,099 | 6,881 | |
Northwest Natural Gas Co. | 134,162 | 5,745 | |
American States Water Co. | 192,216 | 5,522 | |
117,686 | |||
Total Common Stocks | |||
(Cost $1,936,672) | 3,378,500 | ||
Money Market Instruments (0.1%) | |||
Money Market Fund (0.1%) | |||
2 | Vanguard Market | ||
Liquidity Fund, 0.125% | 3,299,835 | 3,300 | |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
3 | Federal Home Loan Bank | ||
Discount Notes, | |||
0.120%, 5/28/14 | 100 | 100 | |
3 | Federal Home Loan Bank | ||
Discount Notes, | |||
0.125%, 5/30/14 | 100 | 100 | |
200 | |||
Total Temporary Cash Investments | |||
(Cost $3,500) | 3,500 | ||
Total Investments (100.0%) | |||
(Cost $1,940,172) | 3,382,000 | ||
Other Assets and Liabilities (0.0%) | |||
Other Assets | 31,750 | ||
Liabilities | (33,280) | ||
(1,530) | |||
Net Assets (100%) | 3,380,470 |
At December 31, 2013, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 1,953,616 |
Overdistributed Net Investment Income | (2,443) |
Accumulated Net Realized Losses | (12,531) |
Unrealized Appreciation (Depreciation) | 1,441,828 |
Net Assets | 3,380,470 |
Admiral Shares—Net Assets | |
Applicable to 72,215,356 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,143,482 |
Net Asset Value Per Share— | |
Admiral Shares | $43.53 |
Institutional Shares—Net Assets | |
Applicable to 5,432,261 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 236,988 |
Net Asset Value Per Share— | |
Institutional Shares | $43.63 |
See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
108
Tax-Managed Small-Cap Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2013 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 33,037 |
Interest1 | 4 |
Total Income | 33,041 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 257 |
Management and Administrative—Admiral Shares | 2,283 |
Management and Administrative—Institutional Shares | 86 |
Marketing and Distribution—Admiral Shares | 507 |
Marketing and Distribution—Institutional Shares | 50 |
Custodian Fees | 81 |
Auditing Fees | 28 |
Shareholders’ Reports—Admiral Shares | 19 |
Shareholders’ Reports—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 3,316 |
Net Investment Income | 29,725 |
Realized Net Gain (Loss) on Investment Securities Sold1 | 179,174 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 760,136 |
Net Increase (Decrease) in Net Assets Resulting from Operations 969,035
1 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $697,000, $4,000, and $5,387,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
109
Tax-Managed Small-Cap Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2013 | 2012 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 29,725 | 35,169 |
Realized Net Gain (Loss) | 179,174 | 26,120 |
Change in Unrealized Appreciation (Depreciation) | 760,136 | 260,786 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 969,035 | 322,075 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (29,056) | (31,431) |
Institutional Shares | (2,254) | (2,715) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (31,310) | (34,146) |
Capital Share Transactions | ||
Admiral Shares | 143,195 | 8,542 |
Institutional Shares | (7,441) | 4,886 |
Net Increase (Decrease) from Capital Share Transactions | 135,754 | 13,428 |
Total Increase (Decrease) | 1,073,479 | 301,357 |
Net Assets | ||
Beginning of Period | 2,306,991 | 2,005,634 |
End of Period1 | 3,380,470 | 2,306,991 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,443,000) and ($1,865,000).
See accompanying Notes, which are an integral part of the Financial Statements.
110
Tax-Managed Small-Cap Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $31.16 | $27.26 | $27.17 | $21.75 | $17.44 |
Investment Operations | |||||
Net Investment Income | . 383 | .479 | .245 | .231 | .146 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments1 | 12.389 | 3.885 | .089 | 5.424 | 4.316 |
Total from Investment Operations | 12.772 | 4.364 | .334 | 5.655 | 4.462 |
Distributions | |||||
Dividends from Net Investment Income | (.402) | (.464) | (.244) | (. 235) | (.152) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.402) | (.464) | (.244) | (. 235) | (.152) |
Net Asset Value, End of Period | $43.53 | $31.16 | $27.26 | $27.17 | $21.75 |
Total Return2 | 41.00% | 16.03% | 1.22% | 25.99% | 25.59% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,143 | $2,132 | $1,857 | $1,879 | $1,527 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.12% | 0.12% | 0.12% | 0.18% | 0.19% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.05% | 1.59% | 0.88% | 0.98% | 0.79% |
Portfolio Turnover Rate 3 | 31% | 42% | 40% | 46% | 37% |
Investor Shares were renamed Admiral Shares as of the close of business on May 13, 2011. Prior periods’ Financial Highlights are for the Investor Class.
1 Includes increases from redemption fees of $.00, $.00, $.00, $.00, and $.01. Effective April 28, 2011, the redemption fee was eliminated.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
111
Tax-Managed Small-Cap Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $31.22 | $27.33 | $27.23 | $21.80 | $17.47 |
Investment Operations | |||||
Net Investment Income | . 398 | .492 | .257 | .257 | .161 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments1 | 12.428 | 3.888 | .088 | 5.432 | 4.337 |
Total from Investment Operations | 12.826 | 4.380 | .345 | 5.689 | 4.498 |
Distributions | |||||
Dividends from Net Investment Income | (.416) | (.490) | (.245) | (. 259) | (.168) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.416) | (.490) | (.245) | (. 259) | (.168) |
Net Asset Value, End of Period | $43.63 | $31.22 | $27.33 | $27.23 | $21.80 |
Total Return2 | 41.09% | 16.05% | 1.26% | 26.09% | 25.75% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $237 | $175 | $149 | $147 | $99 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.09% | 1.63% | 0.92% | 1.08% | 0.89% |
Portfolio Turnover Rate 3 | 31% | 42% | 40% | 46% | 37% |
1 Includes increases from redemption fees of $.00, $.00, $.00, $.00, and $.02. Effective April 28, 2011, the redemption fee was eliminated.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
112
Tax-Managed Small-Cap Fund
Notes to Financial Statements
Vanguard Tax-Managed Small-Cap Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Admiral Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 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. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2010–2013), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. 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.
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 the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2013, the fund had contributed capital of $374,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.15% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
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Tax-Managed Small-Cap Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of December 31, 2013, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 3,378,500 | — | — |
Temporary Cash Investments | 3,300 | 200 | — |
Total | 3,381,800 | 200 | — |
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.
During the year ended December 31, 2013, the fund realized $156,886,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund has reclassified $1,007,000 from paid-in capital to overdistributed net investment income, representing utilized capital loss carryforwards that are required to be included in distributable net income for tax purposes.
For tax purposes, at December 31, 2013, the fund had no ordinary income available for distribution. The fund used capital loss carryforwards of $23,135,000 to offset taxable capital gains realized during the year ended December 31, 2013. At December 31, 2013, the fund had available capital losses totaling $9,756,000 to offset future net capital gains. Of this amount, $6,546,000 is subject to expiration on December 31, 2017. Capital losses of $3,210,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2013, the cost of investment securities for tax purposes was $1,942,947,000. Net unrealized appreciation of investment securities for tax purposes was $1,439,053,000, consisting of unrealized gains of $1,448,168,000 on securities that had risen in value since their purchase and $9,115,000 in unrealized losses on securities that had fallen in value since their purchase.
114
Tax-Managed Small-Cap Fund
E. During the year ended December 31, 2013, the fund purchased $1,248,995,000 of investment securities and sold $1,119,272,000 of investment securities, other than temporary cash investments. Purchases and sales include $252,861,000 and $243,524,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2013 | 2012 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 362,747 | 9,487 | 164,904 | 5,532 |
Issued in Lieu of Cash Distributions | 22,870 | 528 | 24,791 | 806 |
Redeemed | (242,422) | (6,235) | (181,153) | (6,018) |
Net Increase (Decrease) —Admiral Shares | 143,195 | 3,780 | 8,542 | 320 |
Institutional Shares | ||||
Issued | 210,727 | 5,081 | 47,431 | 1,534 |
Issued in Lieu of Cash Distributions | 1,227 | 28 | 1,547 | 50 |
Redeemed | (219,395) | (5,274) | (44,092) | (1,421) |
Net Increase (Decrease) —Institutional Shares | (7,441) | (165) | 4,886 | 163 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2013, that would require recognition or disclosure in these financial statements.
115
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Tax-Managed Funds and the Shareholders of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Growth and Income Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Growth and Income Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund (constituting separate portfolios of Vanguard Tax-Managed Funds, hereafter referred to as the “Funds”) at December 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodians and by agreement to the underlying ownership records of the transfer agent, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2014
116
Special 2013 tax information (unaudited) for Vanguard Tax-Managed Funds
This information for the fiscal year ended December 31, 2013, is included pursuant to provisions of the Internal Revenue Code.
The Tax-Managed Balanced Fund designates 63.24% of its income dividends as exempt-interest dividends.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Fund | ($000) |
Tax-Managed Balanced Fund | 9,822 |
Tax-Managed Growth and Income Fund | 58,958 |
Tax-Managed Capital Appreciation Fund | 82,707 |
Tax-Managed Small-Cap Fund | 28,298 |
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows:
Fund | Percentage |
Tax-Managed Balanced Fund | 98.6%1 |
Tax-Managed Growth and Income Fund | 100.0 |
Tax-Managed Capital Appreciation Fund | 100.0 |
Tax-Managed Small-Cap Fund | 96.0 |
1 The percentage applies only to the taxable ordinary income that has been reported on Form 1099-DIV. |
117
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 any qualified dividend income. (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 one share class 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: Tax-Managed Funds
Periods Ended December 31, 2013
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Balanced Fund | |||
Returns Before Taxes | 14.34% | 11.74% | 6.24% |
Returns After Taxes on Distributions | 13.76 | 11.47 | 6.05 |
Returns After Taxes on Distributions and Sale of Fund Shares | 8.56 | 9.64 | 5.34 |
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Growth and Income Fund Admiral Shares | |||
Returns Before Taxes | 32.25% | 17.87% | 7.37% |
Returns After Taxes on Distributions | 31.64 | 17.46 | 7.03 |
Returns After Taxes on Distributions and Sale of Fund Shares | 18.67 | 14.55 | 6.00 |
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Capital Appreciation Fund Admiral Shares | |||
Returns Before Taxes | 33.67% | 18.75% | 7.97% |
Returns After Taxes on Distributions | 33.19 | 18.43 | 7.69 |
Returns After Taxes on Distributions and Sale of Fund Shares | 19.45 | 15.33 | 6.51 |
118
Average Annual Total Returns: Tax-Managed Funds | |||
Periods Ended December 31, 2013 | |||
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Small-Cap Fund Admiral Shares | |||
Returns Before Taxes | 41.00% | 21.25% | 10.65% |
Returns After Taxes on Distributions | 40.66 | 21.05 | 10.48 |
Returns After Taxes on Distributions and Sale of Fund Shares | 23.43 | 17.45 | 8.48 |
119
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing 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 following 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 accompanying table 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.
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 are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
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 the 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 your fund’s current prospectus.
120
Six Months Ended December 31, 2013 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2013 | 12/31/2013 | Period | |
Based on Actual Fund Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,087.06 | $0.63 |
Tax-Managed Growth and Income Fund | |||
Admiral Shares | $1,000.00 | $1,162.47 | $0.65 |
Institutional Shares | 1,000.00 | 1,162.69 | 0.44 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,173.90 | $0.66 |
Institutional Shares | 1,000.00 | 1,174.27 | 0.44 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,214.34 | $0.67 |
Institutional Shares | 1,000.00 | 1,214.47 | 0.45 |
Based on Hypothetical 5% Yearly Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,024.60 | $0.61 |
Tax-Managed Growth and Income Fund | |||
Admiral Shares | $1,000.00 | $1,024.60 | $0.61 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,024.60 | $0.61 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,024.60 | $0.61 |
Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
The calculations are based on expenses incurred in 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, 0.12% for Admiral Shares and 0.08% for Institutional Shares; for the Tax-Managed Capital Appreciation Fund, 0.12% for Admiral Shares and 0.08% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.12% for Admiral Shares and 0.08% 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.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
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.
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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.
Credit Quality. For Vanguard tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “Not Rated” is used to classify securities for which a rating is not available. Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used.
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.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
122
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Largest Area 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.
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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
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 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.
123
Benchmark Information
Tax-Managed Balanced Composite Index: Weighted 50% Russell 1000 Index and 50% Barclays 7 Year Municipal Bond Index through January 31, 2002, and 50% Russell 1000 Index and 50% Barclays 1-15 Year Municipal Bond Index thereafter.
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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’s 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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 182 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
Senior Advisor at New Mountain Capital; Trustee of | |
F. William McNabb III | The Conference Board. |
Born 1957. Trustee Since July 2009. Chairman of the | |
Board. Principal Occupation(s) During the Past Five | Amy Gutmann |
Years: Chairman of the Board of The Vanguard Group, | Born 1949. Trustee Since June 2006. Principal |
Inc., and of each of the investment companies served | Occupation(s) During the Past Five Years: President |
by The Vanguard Group, since January 2010; Director | of the University of Pennsylvania; Christopher H. |
of The Vanguard Group since 2008; Chief Executive | Browne Distinguished Professor of Political Science |
Officer and President of The Vanguard Group and of | in the School of Arts and Sciences with secondary |
each of the investment companies served by The | appointments at the Annenberg School for |
Vanguard Group since 2008; Director of Vanguard | Communication and the Graduate School of Education |
Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Member of the |
Vanguard Group (1995–2008). | National Commission on the Humanities and Social |
Sciences; Trustee of Carnegie Corporation of New | |
York and of the National Constitution Center; Chair | |
IndependentTrustees | of the U.S. Presidential Commission for the Study |
of Bioethical Issues. | |
Emerson U. Fullwood | |
Born 1948. Trustee Since January 2008. Principal | |
Occupation(s) During the Past Five Years: Executive | JoAnn Heffernan Heisen |
Chief Staff and Marketing Officer for North America | Born 1950. Trustee Since July 1998. Principal |
and Corporate Vice President (retired 2008) of Xerox | Occupation(s) During the Past Five Years: Corporate |
Corporation (document management products and | Vice President and Chief Global Diversity Officer |
services); Executive in Residence and 2010 | (retired 2008) and Member of the Executive |
Distinguished Minett Professor at the Rochester | Committee (1997–2008) of Johnson & Johnson |
Institute of Technology; Director of SPX Corporation | (pharmaceuticals/medical devices/consumer |
(multi-industry manufacturing), the United Way of | products); Director of Skytop Lodge Corporation |
Rochester, Amerigroup Corporation (managed health | (hotels), the University Medical Center at Princeton, |
care), the University of Rochester Medical Center, | the Robert Wood Johnson Foundation, and the Center |
Monroe Community College Foundation, and North | for Talent Innovation; Member of the Advisory Board |
Carolina A&T University. | of the Maxwell School of Citizenship and Public Affairs |
at Syracuse University. | |
Rajiv L. Gupta | |
Born 1945. Trustee Since December 2001.2 | F. Joseph Loughrey |
Principal Occupation(s) During the Past Five Years: | Born 1949. Trustee Since October 2009. Principal |
Chairman and Chief Executive Officer (retired 2009) | Occupation(s) During the Past Five Years: President |
and President (2006–2008) of Rohm and Haas Co. | and Chief Operating Officer (retired 2009) of Cummins |
(chemicals); Director of Tyco International, Ltd. | Inc. (industrial machinery); Chairman of the Board of |
(diversified manufacturing and services), Hewlett- | of Oxfam America; Director of SKF AB (industrial |
Packard Co. (electronic computer manufacturing), |
machinery), Hyster-Yale Materials Handling, Inc. | Executive Officers | |
(forklift trucks), and the Lumina Foundation for | ||
Education; Member of the Advisory Council for the | Glenn Booraem | |
College of Arts and Letters and of the Advisory Board | Born 1967. Controller Since July 2010. Principal | |
to the Kellogg Institute for International Studies, both | Occupation(s) During the Past Five Years: Principal | |
at the University of Notre Dame. | of The Vanguard Group, Inc.; Controller of each of | |
the investment companies served by The Vanguard | ||
Mark Loughridge | Group; Assistant Controller of each of the investment | |
Born 1953. Trustee Since March 2012. Principal | companies served by The Vanguard Group (2001–2010). | |
Occupation(s) During the Past Five Years: Senior Vice | ||
President and Chief Financial Officer at IBM (information | Thomas J. Higgins | |
technology services); Fiduciary Member of IBM’s | Born 1957. Chief Financial Officer Since September | |
Retirement Plan Committee. | 2008. Principal Occupation(s) During the Past Five | |
Years: Principal of The Vanguard Group, Inc.; Chief | ||
Scott C. Malpass | Financial Officer of each of the investment companies | |
Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
Investment Officer and Vice President at the University | Group (1998–2008). | |
of Notre Dame; Assistant Professor of Finance at the | ||
Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
Director of TIFF Advisory Services, Inc. (investment | Occupation(s) During the Past Five Years: Principal of | |
advisor); Member of the Investment Advisory | The Vanguard Group, Inc.; Treasurer of each of the | |
Committees of the Financial Industry Regulatory | investment companies served by The Vanguard | |
Authority (FINRA) and of Major League Baseball. | Group; Assistant Treasurer of each of the investment | |
companies served by The Vanguard Group (1988–2008). | ||
André F. Perold | ||
Born 1952. Trustee Since December 2004. Principal | Heidi Stam | |
Occupation(s) During the Past Five Years: George | Born 1956. Secretary Since July 2005. Principal | |
Gund Professor of Finance and Banking at the Harvard | Occupation(s) During the Past Five Years: Managing | |
Business School (retired 2011); Chief Investment | Director of The Vanguard Group, Inc.; General Counsel | |
Officer and Managing Partner of HighVista Strategies | of The Vanguard Group; Secretary of The Vanguard | |
LLC (private investment firm); Director of Rand | Group and of each of the investment companies | |
Merchant Bank; Overseer of the Museum of Fine | served by The Vanguard Group; Director and Senior | |
Arts Boston. | Vice President of Vanguard Marketing Corporation. | |
Alfred M. Rankin, Jr. | ||
Vanguard Senior ManagementTeam | ||
Born 1941. Trustee Since January 1993. Principal | ||
Occupation(s) During the Past Five Years: Chairman, | Mortimer J. Buckley | Chris D. McIsaac |
President, and Chief Executive Officer of NACCO | Kathleen C. Gubanich | Michael S. Miller |
Industries, Inc. (housewares/lignite) and of Hyster-Yale | Paul A. Heller | James M. Norris |
Materials Handling, Inc. (forklift trucks); Director of | Martha G. King | Glenn W. Reed |
the National Association of Manufacturers; Chairman | John T. Marcante | |
of the Board of University Hospitals of Cleveland; | ||
Advisory Chairman of the Board of The Cleveland | ||
Museum of Art. | Chairman Emeritus and Senior Advisor | |
John J. Brennan | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | Chairman, 1996–2009 | |
Occupation(s) During the Past Five Years: President | Chief Executive Officer and President, 1996–2008 | |
and Chief Operating Officer (retired 2010) of Corning | ||
Incorporated (communications equipment); Director | Founder | |
of SPX Corporation (multi-industry manufacturing); | ||
Overseer of the Amos Tuck School of Business | John C. Bogle | |
Administration at Dartmouth College; Advisor to the | Chairman and Chief Executive Officer, 1974–1996 | |
Norris Cotton Cancer Center. |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447 | |
Direct Investor Account Services > 800-662-2739 | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
With Hearing Impairment > 800-749-7273 | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, 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 | |
vanguard.com/proxyreporting or 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 | |
202-551-8090. 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 20549-1520. | |
© 2014 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q870 022014 |
Annual Report | December 31, 2013
Vanguard Tax-Managed International Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Fund Profile. | 8 |
Performance Summary. | 10 |
Financial Statements. | 13 |
Your Fund’s After-Tax Returns. | 29 |
About Your Fund’s Expenses. | 30 |
Glossary. | 32 |
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 front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: The ship's wheel represents leadership and guidance, essential qualities in navigating difficult seas.
This one is a replica based on an 18th-century British vessel. The HMS Vanguard, another ship of that era, served as the flagship for Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns | |
Fiscal Year Ended December 31, 2013 | |
Total Returns | |
Vanguard Tax-Managed International Fund | |
Investor Shares (Inception: 12/19/2013) | 3.40% |
Admiral™ Shares | 22.06 |
Institutional Shares | 22.15 |
FTSE Developed Markets ETF Shares | |
Market Price | 21.89 |
Net Asset Value | 22.12 |
Spliced Developed ex North America Index | 22.71 |
International Funds Average | 19.46 |
For a benchmark description, see the Glossary.
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Institutional Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares’ market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares’ market price was above or below the NAV.
Your Fund’s Performance at a Glance | ||||
December 31, 2012, Through December 31, 2013 | ||||
Distributions Per Share | ||||
Starting | Ending | |||
Share | Share | Income | Capital | |
Price | Price | Dividends | Gains | |
Vanguard Tax-Managed International Fund | ||||
Investor Shares (Inception: 12/19/2013) | $10.00 | $10.34 | $0.000 | $0.000 |
Admiral Shares | 11.26 | 13.35 | 0.348 | 0.000 |
Institutional Shares | 11.27 | 13.37 | 0.350 | 0.000 |
FTSE Developed Markets ETF Shares | 35.02 | 41.53 | 1.083 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
Stocks in the developed markets outside the United States posted strong gains in 2013, although not as robust as those seen on Wall Street.
For the 12 months ended December 31, 2013, Vanguard Tax-Managed International Fund returned about 22% for its Admiral and Institutional share classes; the result for Vanguard FTSE Developed Markets ETF was similar. (The fund’s Investor Shares, which were offered for the first time on December 19, recorded less than two weeks of returns.)
The fund’s result diverged a bit from that of its benchmark, the Spliced Developed ex North America Index, because of the effect of fair-value pricing policies required by the Securities and Exchange Commission. (See the box on page 6 for an explanation of these policies.)
Peer international funds, on average, trailed the Tax-Managed International Fund by more than 2 percentage points. Unlike many of its competitors, your fund has minimal exposure to emerging-market stocks, whose returns were far below those of the European and Pacific developed markets.
During the year, the fund’s advisor, Vanguard Equity Investment Group, continued to avoid distributing taxable gains to shareholders. A table showing the fund’s annualized after-tax returns appears later in this report.
2
Your fund will be merged with the Developed Markets Index Fund
In October, your fund’s board of trustees announced that Vanguard Tax-Managed International Fund would merge with Vanguard Developed Markets Index Fund. The merger, expected to be completed in April 2014, continues our efforts to simplify the Vanguard fund lineup and is expected to benefit shareholders of both funds by spreading fixed expenses over a larger asset base. The two funds share a benchmark, the FTSE Developed ex North America Index, and have similar holdings and identical expense ratios.
The merged fund will be named Vanguard Developed Markets Index Fund and will be suitable for investors in nontaxable and tax-deferred accounts. It will offer Investor, Admiral, Institutional, Institutional Plus, and ETF Shares.
Until the merger has been completed, the Developed Markets Index Fund will be closed to new accounts. However, no restrictions are being placed on additional investments by current shareholders.
Earnings, optimism, and stimulus made it a big year for U.S. stocks
For the 12 months ended December 31, U.S. stocks surged about 34%, their best calendar-year finish since 1995. Corporations posted solid earnings, and investors placed a higher premium on those earnings. The Federal Reserve’s stimulative bond-buying program also
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2013 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 33.11% | 16.30% | 18.59% |
Russell 2000 Index (Small-caps) | 38.82 | 15.67 | 20.08 |
Russell 3000 Index (Broad U.S. market) | 33.55 | 16.24 | 18.71 |
MSCI All Country World Index ex USA (International) | 15.29 | 5.14 | 12.81 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | -2.02% | 3.26% | 4.44% |
Barclays Municipal Bond Index (Broad tax-exempt market) | -2.55 | 4.83 | 5.89 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.05 | 0.06 | 0.09 |
CPI | |||
Consumer Price Index | 1.50% | 2.07% | 2.08% |
3
supported stock markets; in fact, markets slumped a bit in the summer when questions arose about the timing of the program’s unwinding. In December, the Fed ended the uncertainty by announcing that it would begin paring its bond purchases in January 2014.
International stocks returned about 15%. The developed markets of Europe and the Pacific region posted double-digit results, but emerging markets dipped into negative territory.
For 2014, Vanguard Chief Economist Joe Davis and his team are guarded in their outlook for global stock returns, and their forecast for the bond market remains muted. Although Joe readily acknowledges that such forecasts are accompanied by uncertainty, he writes, “We believe a balanced and diversified, low-cost portfolio can remain a high-value proposition in the decade ahead.” (You can read more about our expectations for bond and stock returns in Vanguard’s Economic and Investment Outlook, available at vanguard.com/research.)
Bond returns faltered as Fed tapering loomed
The broad U.S. taxable bond market returned –2.02%—its first negative calendar-year result since 1999 and its worst since 1994. The Fed’s plans for phasing out its bond-buying program rattled investors, who sold bonds in anticipation of further price declines.
Expense Ratios | |||||
Your Fund Compared With Its Peer Group | |||||
FTSE | |||||
Developed | |||||
Markets | |||||
Investor | Admiral | Institutional | ETF | Peer Group | |
Shares | Shares | Shares | Shares | Average | |
Tax-Managed International Fund | 0.20% | 0.10% | 0.07% | 0.10% | 1.33% |
The fund expense ratios shown are from the prospectus dated December 19, 2013 (July 29, 2013, for ETF Shares), and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2013, the fund’s expense ratios were 0.20% (annualized) for Investor Shares, 0.09% for Admiral Shares, 0.07% for Institutional Shares, and 0.09% for FTSE Developed Markets ETF Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2012.
Peer group: International Funds.
4
Municipal bonds returned –2.55%. The yield of the 10-year Treasury note closed at 2.97%, up from 1.76% at the close of December 2012. (Bond yields and prices move in opposite directions.)
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –3.08%. Money market fund and savings account returns remained tiny as the Fed held short-term interest rates between 0% and 0.25%.
Europe and Japan performed well, pushing the fund’s returns higher
The developed markets of Europe and the Asia-Pacific region account for about 75% of the non-U.S. equity market—and nearly every market in the two regions delivered a double-digit return for the fiscal year.
Investors seemed to take heart from tentative signs of improvement in Europe. Many long-term problems weighed on its economy, including high unemployment and some countries’ austerity measures, but the Eurozone’s emergence from recession and an apparent stabilization of the banking crisis fueled a sharp rise in stocks. Germany returned 32% and France 28%, and some markets more directly affected by the crisis (Ireland and Spain, for example) also did well. The United Kingdom, which accounts for about one-fifth of the fund’s assets, returned 21%.
Many European financial service companies saw their stock prices strongly rebound. Other bright spots included mobile communications and consumer services.
Total Returns | |
Ten Years Ended December 31, 2013 | |
Average | |
Annual Return | |
Tax-Managed International Fund Admiral Shares | 7.08% |
Spliced Developed ex North America Index | 6.91 |
International Funds Average | 6.57 |
For a benchmark description, see the Glossary.
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) 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.
5
Along the Pacific Rim, the standout was Japan, where the fund’s holdings returned about 28%. Investors applauded “Abenomics”—Prime Minister Shinzo Abe’s aggressive stimulus program aimed at ending deflation and breathing new life into one of the world’s largest economies. This program resulted in a significant weakening of the yen, which led to a strong rally in stocks of export-oriented companies, particularly automakers and equipment manufacturers. Financial stocks also shot up as asset prices rose and the outlook for the Japanese economy improved.
Other developed Asia-Pacific markets generally produced solid but more modest returns. The second-largest market, Australia, returned just 6% as a slowdown in its commodity export businesses muted investor enthusiasm. A sharp drop (–16%) in the value of the Australian dollar versus the U.S. dollar also crimped returns for U.S.-based investors.
Soft global demand for energy and commodities led oil and gas, mining, and utility stocks to turn in some of the developed markets’ weaker performances.
In a decade with ups and downs, the fund closely tracked its index
For the ten years ended December 31, 2013, Vanguard Tax-Managed International Fund posted an average annual return of 7.08% for Admiral Shares. It achieved its tax-management objective, closely tracked its benchmark, and slightly outpaced its peer average.
A note on fair-value pricing |
The reported return of a fund that tracks an index sometimes may diverge from the index’s |
return a bit more than would be expected. This may be the result of a fair-value pricing |
adjustment. |
These adjustments, which are required by the Securities and Exchange Commission, address |
pricing discrepancies that may arise because of time-zone differences among global stock |
markets. Foreign stocks may trade on exchanges that close many hours before a fund’s |
closing share price is calculated in the United States, generally at 4 p.m., Eastern time. In |
the hours between the foreign close and the U.S. close, the value of these foreign securities |
may change—because of company-specific announcements or market-wide developments, |
for example. Such price changes are not immediately reflected in international index values. |
Fair-value pricing takes such changes into account in calculating the fund’s daily net asset |
value, thus ensuring that the NAV doesn’t include “stale” prices. The result can be a temporary |
divergence between the return of the fund and that of its benchmark index—a difference that |
usually corrects itself when the foreign markets reopen. |
6
Vanguard Equity Investment Group deserves credit for the fund’s success in tracking the benchmark during a volatile ten years that included the financial crisis and global recession of 2008-2009. The advisor was helped in this effort by the fund’s low expenses, which are far below the average for its peer group.
The power of compounding can put time on your side
The purpose of my annual letter to you is, of course, to report on how your fund fared over the past year. It’s important to be aware of how your fund is doing in the latest market environment; however, short-term performance isn’t what matters most. The focus on the preceding 12 months shouldn’t distract investors from the long-term commitment they need to help reach their goals.
To be sure, there are many aspects of investing success that you can’t control, including overall market performance. But you can control how long you invest. That’s important because it allows you to harness the power of compounding—the snowball effect that occurs when your earnings generate even more earnings. As Benjamin Franklin said, “Money makes money.”
A simple example illustrates the benefits that can potentially result from investing and then reinvesting your money over the long haul. Suppose you were able to put away $10,000 and earn 6% a year (keep in mind that this is hypothetical; actual returns would probably be different and less predictable). If you keep reinvesting the earnings, after ten years your investment will grow to almost $18,000. After 30 years, it will total more than $57,000.
Compounding can make a real difference in your account balance over time, particularly when combined with Vanguard’s low expense ratios—which allow you to keep more of the return on your investment.
As always, thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 21, 2014
7
Tax-Managed International Fund
Fund Profile
As of December 31, 2013
Share-Class Characteristics | ||||
FTSE Developed | ||||
Investor | Admiral | Institutional | Markets | |
Shares | Shares | Shares | ETF Shares | |
Ticker Symbol | VDVIX | VTMGX | VTMNX | VEA |
Expense Ratio1 | 0.20% | 0.10% | 0.07% | 0.10% |
Portfolio Characteristics | |||
FTSE | MSCI | ||
Developed | AC | ||
ex North | World | ||
America | Index | ||
Fund | Index | ex USA | |
Number of Stocks | 1,302 | 1,340 | 1,813 |
Median Market Cap | $37.9B | $37.8B | $35.8B |
Price/Earnings Ratio | 18.0x | 18.2x | 16.8x |
Price/Book Ratio | 1.7x | 1.6x | 1.7x |
Return on Equity | 13.5% | 13.4% | 14.6% |
Earnings Growth | |||
Rate | 5.3% | 5.4% | 6.9% |
Dividend Yield | 2.8% | 2.8% | 2.9% |
Turnover Rate | 13% | — | — |
Short-Term Reserves | 0.1% | — | — |
Sector Diversification (% of equity exposure)
FTSE | MSCI | ||
Developed | AC | ||
ex North | World | ||
America | Index | ||
Fund | Index | ex USA | |
Basic Materials | 8.5% | 8.4% | 8.5% |
Consumer Goods | 17.8 | 18.0 | 15.6 |
Consumer Services | 8.0 | 7.8 | 7.4 |
Financials | 24.5 | 24.7 | 26.6 |
Health Care | 8.5 | 8.6 | 7.2 |
Industrials | 14.2 | 14.2 | 12.5 |
Oil & Gas | 6.5 | 6.5 | 8.9 |
Technology | 3.4 | 3.3 | 4.3 |
Telecommunications | 5.1 | 5.0 | 5.6 |
Utilities | 3.5 | 3.5 | 3.4 |
Volatility Measures | ||
Spliced | MSCI | |
Developed | AC | |
ex North | World | |
America | Index | |
Index | ex USA | |
R-Squared | 0.98 | 0.95 |
Beta | 1.00 | 0.98 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
Nestle SA | Food Products | 1.6% |
Royal Dutch Shell plc | Integrated Oil & Gas | 1.6 |
HSBC Holdings plc | Banks | 1.4 |
Roche Holding AG | Pharmaceuticals | 1.4 |
Vodafone Group plc | Mobile | |
Telecommunications | 1.3 | |
Novartis AG | Pharmaceuticals | 1.3 |
BHP Billiton Ltd. | General Mining | 1.2 |
Toyota Motor Corp. | Automobiles | 1.1 |
BP plc | Integrated Oil & Gas | 1.1 |
Samsung Electronics | Consumer | |
Co. Ltd. | Electronics | 1.0 |
Top Ten | 13.0% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated December 19, 2013 (July 29, 2013, for ETF Shares), and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2013, the expense ratios were 0.20% (annualized) for Investor Shares, 0.09% for Admiral Shares, 0.07% for Institutional Shares, and 0.09% for FTSE Developed Markets ETF Shares.
8
Tax-Managed International Fund
Market Diversification (% of equity exposure) | |||
FTSE | MSCI | ||
Developed | AC | ||
ex North | World | ||
America | Index | ||
Fund | Index | ex USA | |
Europe | |||
United Kingdom | 20.6% | 20.5% | 15.8% |
France | 8.9 | 8.9 | 7.0 |
Germany | 8.6 | 8.7 | 6.8 |
Switzerland | 8.3 | 8.4 | 6.4 |
Spain | 3.1 | 3.1 | 2.4 |
Sweden | 3.0 | 3.0 | 2.3 |
Netherlands | 2.9 | 2.8 | 2.2 |
Italy | 2.1 | 2.2 | 1.6 |
Denmark | 1.1 | 1.2 | 0.9 |
Belgium | 1.0 | 1.1 | 0.9 |
Other | 2.3 | 2.2 | 1.8 |
Subtotal | 61.9% | 62.1% | 48.1% |
Pacific | |||
Japan | 21.3% | 21.2% | 14.8% |
Australia | 7.2 | 7.2 | 5.4 |
South Korea | 4.2 | 4.2 | 3.2 |
Hong Kong | 3.3 | 3.3 | 2.2 |
Singapore | 1.4 | 1.4 | 1.1 |
Other | 0.1 | 0.1 | 0.1 |
Subtotal | 37.5% | 37.4% | 26.8% |
Emerging Markets | 0.1% | 0.0% | 17.7% |
North America | 0.0% | 0.0% | 7.1% |
Middle East | 0.5% | 0.5% | 0.3% |
Allocation by Region (% of portfolio)
9
Tax-Managed International Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) 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.
Cumulative Performance: July 20, 2007, Through December 31, 2013
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended December 31, 2013 | ||||
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (7/20/2007) | Investment | |
FTSE Developed Markets ETF Shares | ||||
Net Asset Value | 22.12% | 12.01% | 0.23% | $10,148 |
FTSE Developed Markets ETF Shares | ||||
Market Price | 21.89 | 11.83 | 0.25 | 10,165 |
Spliced Developed ex North America Index | 22.71 | 12.42 | -0.07 | 9,953 |
International Funds Average | 19.46 | 12.35 | -0.28 | 9,819 |
MSCI All Country World Index ex USA | 15.29 | 12.81 | -0.06 | 9,961 |
For a benchmark description, see the Glossary
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
“Since Inception” performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Tax-Managed International Fund Admiral Shares | 22.06% | 11.97% | 7.08% | $19,814 |
Spliced Developed ex North America Index | 22.71 | 12.42 | 6.91 | 19,499 |
MSCI All Country World Index ex USA | 15.29 | 12.81 | 7.57 | 20,737 |
See Financial Highlights for dividend and capital gains information.
10
Tax-Managed International Fund | ||||
Average Annual Total Returns | ||||
Periods Ended December 31, 2013 | Final Value | |||
One | Five | Ten of a $5,000,000 | ||
Year | Years | Years | Investment | |
Tax-Managed International Fund Institutional Shares | 22.15% | 12.06% | 7.14% | $9,965,049 |
Spliced Developed ex North America Index | 22.71 | 12.42 | 6.91 | 9,749,400 |
MSCI All Country World Index ex USA | 15.29 | 12.81 | 7.57 | 10,368,546 |
Cumulative Returns of ETF Shares: July 20, 2007, Through December 31, 2013 | ||||
Since | ||||
One | Five | Inception | ||
Year | Years | (7/20/2007) | ||
FTSE Developed Markets ETF Shares Market Price | 21.89% | 74.88% | 1.65% | |
FTSE Developed Markets ETF Shares Net Asset Value | 22.12 | 76.28 | 1.48 | |
Spliced Developed ex North America Index | 22.71 | 79.59 | -0.47 |
“Since Inception” performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard.
11
Tax-Managed International Fund
Fiscal-Year Total Returns (%): December 31, 2003, Through December 31, 2013
Tax-Managed International Fund Admiral Shares
Spliced Developed ex North America Index
For a benchmark description, see the Glossary.
12
Tax-Managed International Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2013
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. 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).
Market | Percentage | ||
Value | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Australia | |||
Commonwealth Bank of Australia | 2,430,339 | 169,340 | 0.8% |
BHP Billiton Ltd. | 4,835,651 | 164,863 | 0.8% |
Westpac Banking Corp. | 4,679,465 | 135,652 | 0.6% |
Australia & New Zealand Banking Group Ltd. | 4,141,144 | 119,548 | 0.5% |
National Australia Bank Ltd. | 3,486,517 | 108,822 | 0.5% |
Australia—Other † | 841,419 | 3.9% | |
1,539,644 | 7.1% | ||
Austria † | 57,945 | 0.3% | |
Belgium | |||
Anheuser-Busch InBev NV | 1,191,293 | 126,678 | 0.6% |
Belgium—Other † | 97,101 | 0.4% | |
223,779 | 1.0% | ||
Brazil † | 23,749 | 0.1% | |
Denmark | |||
Novo Nordisk A/S Class B | 581,737 | 106,664 | 0.5% |
Denmark—Other † | 138,125 | 0.6% | |
244,789 | 1.1% | ||
Finland † | 180,485 | 0.8% | |
France | |||
Total SA | 3,025,466 | 185,702 | 0.9% |
Sanofi | 1,707,150 | 182,316 | 0.9% |
BNP Paribas SA | 1,454,786 | 113,484 | 0.5% |
France—Other † | 1,427,306 | 6.6% | |
1,908,808 | 8.9% |
13
Tax-Managed International Fund | |||
Market | Percentage | ||
Value | of Net | ||
Shares | ($000) | Assets | |
Germany | |||
Bayer AG | 1,238,393 | 173,884 | 0.8% |
Siemens AG | 1,179,756 | 161,767 | 0.7% |
BASF SE | 1,374,013 | 146,654 | 0.7% |
Daimler AG | 1,420,882 | 123,311 | 0.6% |
Allianz SE | 680,373 | 122,417 | 0.6% |
SAP AG | 1,341,679 | 116,353 | 0.5% |
Deutsche Telekom AG | 4,593,064 | 79,140 | 0.4% |
Kabel Deutschland Holding AG | 33,747 | 4,381 | 0.0% |
Germany—Other † | 913,506 | 4.2% | |
1,841,413 | 8.5% | ||
Greece † | 6,174 | 0.0% | |
Hong Kong | |||
AIA Group Ltd. | 17,931,976 | 90,260 | 0.4% |
Hang Seng Bank Ltd. | 1,068,705 | 17,357 | 0.1% |
Hong Kong—Other † | 611,054 | 2.8% | |
718,671 | 3.3% | ||
Ireland † | 37,915 | 0.2% | |
Israel | |||
Osem Investments Ltd. | 57,249 | 1,398 | 0.0% |
Israel—Other † | 105,375 | 0.5% | |
106,773 | 0.5% | ||
Italy | |||
Eni SPA | 3,656,245 | 88,349 | 0.4% |
Italy—Other † | 358,727 | 1.7% | |
447,076 | 2.1% | ||
Japan | |||
Toyota Motor Corp. | 3,946,918 | 240,664 | 1.1% |
Mitsubishi UFJ Financial Group Inc. | 21,231,044 | 140,961 | 0.7% |
SoftBank Corp. | 1,404,100 | 123,211 | 0.6% |
Honda Motor Co. Ltd. | 2,681,439 | 110,682 | 0.5% |
Sumitomo Mitsui Financial Group Inc. | 2,025,158 | 105,315 | 0.5% |
Chugai Pharmaceutical Co. Ltd. | 366,500 | 8,113 | 0.0% |
Hino Motors Ltd. | 417,000 | 6,569 | 0.0% |
Daihatsu Motor Co. Ltd. | 301,600 | 5,116 | 0.0% |
Japan—Other † | 3,775,765 | 17.5% | |
4,516,396 | 20.9% | ||
Netherlands | |||
Unilever NV | 2,332,186 | 93,767 | 0.4% |
ING Groep NV | 5,818,331 | 81,274 | 0.4% |
Netherlands—Other † | 438,185 | 2.0% | |
613,226 | 2.8% | ||
New Zealand † | 32,034 | 0.1% | |
Norway † | 162,005 | 0.8% | |
Portugal † | 32,756 | 0.2% |
14
Tax-Managed International Fund | ||||
Market | Percentage | |||
Value | of Net | |||
Shares | ($000) | Assets | ||
Singapore † | 302,083 | 1.4% | ||
South Korea | ||||
Samsung Electronics Co. Ltd. | 102,020 | 132,937 | 0.6% | |
South Korea—Other † | 774,018 | 3.6% | ||
906,955 | 4.2% | |||
Spain | ||||
Banco Santander SA | 16,830,737 | 151,351 | 0.7% | |
Banco Bilbao Vizcaya Argentaria SA | 8,636,775 | 106,842 | 0.5% | |
Telefonica SA | 5,909,251 | 96,621 | 0.5% | |
Spain—Other † | 309,692 | 1.4% | ||
664,506 | 3.1% | |||
Sweden † | 640,907 | 3.0% | ||
Switzerland | ||||
Nestle SA | 4,793,130 | 351,289 | 1.6% | |
Roche Holding AG | 1,047,332 | 293,385 | 1.4% | |
Novartis AG | 3,472,075 | 278,285 | 1.3% | |
UBS AG | 5,274,222 | 100,987 | 0.5% | |
ABB Ltd. | 3,437,771 | 90,895 | 0.4% | |
Switzerland—Other † | 668,619 | 3.1% | ||
1,783,460 | 8.3% | |||
United Kingdom | ||||
HSBC Holdings plc | 28,017,487 | 307,470 | 1.4% | |
Vodafone Group plc | 72,524,380 | 285,544 | 1.3% | |
BP plc | 28,013,366 | 227,025 | 1.1% | |
Royal Dutch Shell plc Class A | 5,976,443 | 214,186 | 1.0% | |
GlaxoSmithKline plc | 7,248,336 | 193,658 | 0.9% | |
British American Tobacco plc | 2,787,599 | 149,623 | 0.7% | |
Royal Dutch Shell plc Class B | 3,492,632 | 131,743 | 0.6% | |
Diageo plc | 3,742,951 | 124,037 | 0.6% | |
AstraZeneca plc | 1,866,167 | 110,715 | 0.5% | |
BG Group plc | 5,071,857 | 109,139 | 0.5% | |
Barclays plc | 23,962,955 | 108,358 | 0.5% | |
Rio Tinto plc | 1,855,953 | 104,880 | 0.5% | |
BHP Billiton plc | 3,125,713 | 96,991 | 0.5% | |
Lloyds Banking Group plc | 72,176,088 | 94,709 | 0.4% | |
Prudential plc | 3,805,988 | 85,041 | 0.4% | |
United Kingdom—Other † | 2,049,045 | 9.5% | ||
4,392,164 | 20.4% | |||
Total Common Stocks (Cost $17,725,791) | 21,383,713 | 99.1%1 | ||
Coupon | ||||
Temporary Cash Investments | ||||
Money Market Fund | ||||
2Vanguard Market Liquidity Fund | 0.125% | 158,118,219 | 158,118 | 0.7% |
3U.S. Government and Agency Obligations † | 8,047 | 0.1% | ||
Total Temporary Cash Investments (Cost $166,166) | 166,165 | 0.8%1 | ||
Total Investments (Cost $17,891,957) | 21,549,878 | 99.9% |
15
Tax-Managed International Fund | ||
Market | Percentage | |
Value | of Net | |
($000) | Assets | |
Other Assets and Liabilities | ||
Other Assets | 79,575 | 0.4% |
Liabilities | (66,583) | (0.3%) |
12,992 | 0.1% | |
Net Assets | 21,562,870 | 100.0% |
At December 31, 2013, net assets consisted of: | ||
Amount | ||
($000) | ||
Paid-in Capital | 18,859,763 | |
Overdistributed Net Investment Income | (11,529) | |
Accumulated Net Realized Losses | (950,076) | |
Unrealized Appreciation (Depreciation) | ||
Investment Securities | 3,657,921 | |
Futures Contracts | 5,635 | |
Foreign Currencies | 1,156 | |
Net Assets | 21,562,870 | |
Investor Shares—Net Assets | ||
Applicable to 9,474 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 98 | |
Net Asset Value Per Share—Investor Shares | $10.34 | |
Admiral Shares—Net Assets | ||
Applicable to 154,254,988 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 2,059,749 | |
Net Asset Value Per Share—Admiral Shares | $13.35 | |
Institutional Shares—Net Assets | ||
Applicable to 36,094,113 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 482,470 | |
Net Asset Value Per Share—Institutional Shares | $13.37 | |
ETF Shares—Net Assets | ||
Applicable to 458,045,747 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 19,020,553 | |
Net Asset Value Per Share—ETF Shares | $41.53 |
See Note A in Notes to Financial Statements.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.8% and 0.1%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Securities with a value of $7,547,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
16
Tax-Managed International Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2013 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 498,099 |
Interest2 | 72 |
Total Income | 498,171 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 881 |
Management and Administrative—Investor Shares | 1 |
Management and Administrative—Admiral Shares | 879 |
Management and Administrative—Institutional Shares | 110 |
Management and Administrative—ETF Shares | 7,028 |
Marketing and Distribution—Investor Shares | — |
Marketing and Distribution—Admiral Shares | 333 |
Marketing and Distribution—Institutional Shares | 73 |
Marketing and Distribution—ETF Shares | 3,367 |
Custodian Fees | 1,859 |
Auditing Fees | 36 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—Admiral Shares | 3 |
Shareholders’ Reports—Institutional Shares | 1 |
Shareholders’ Reports—ETF Shares | 267 |
Trustees’ Fees and Expenses | 16 |
Total Expenses | 14,854 |
Net Investment Income | 483,317 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (285,356) |
Futures Contracts | 3,895 |
Foreign Currencies | (3,635) |
Realized Net Gain (Loss) | (285,096) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 3,140,442 |
Futures Contracts | 5,635 |
Foreign Currencies | 953 |
Change in Unrealized Appreciation (Depreciation) | 3,147,030 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,345,251 |
1 Dividends are net of foreign withholding taxes of $33,873,000. | |
2 Interest income from an affiliated company of the fund was $69,000. | |
See accompanying Notes, which are an integral part of the Financial Statements. |
17
Tax-Managed International Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2013 | 2012 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 483,317 | 349,511 |
Realized Net Gain (Loss) | (285,096) | (112,180) |
Change in Unrealized Appreciation (Depreciation) | 3,147,030 | 1,528,577 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,345,251 | 1,765,908 |
Distributions | ||
Net Investment Income | ||
Investor Shares | — | — |
Admiral Shares | (48,139) | (41,759) |
Institutional Shares | (10,060) | (11,033) |
ETF Shares | (421,854) | (303,175) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (480,053) | (355,967) |
Capital Share Transactions | ||
Investor Shares | 96 | — |
Admiral Shares | 344,713 | 12,399 |
Institutional Shares | 89,173 | (8,273) |
ETF Shares | 5,527,704 | 3,363,880 |
Net Increase (Decrease) from Capital Share Transactions | 5,961,686 | 3,368,006 |
Total Increase (Decrease) | 8,826,884 | 4,777,947 |
Net Assets | ||
Beginning of Period | 12,735,986 | 7,958,039 |
End of Period1 | 21,562,870 | 12,735,986 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($11,529,000) and ($11,932,000).
See accompanying Notes, which are an integral part of the Financial Statements.
18
Tax-Managed International Fund | |
Financial Highlights | |
Investor Shares | |
December 19, 20131 to | |
For a Share Outstanding Throughout the Period | December 31, 2013 |
Net Asset Value, Beginning of Period | $10.00 |
Investment Operations | |
Net Investment Income | .008 |
Net Realized and Unrealized Gain (Loss) on Investments | .332 |
Total from Investment Operations | .340 |
Distributions | |
Dividends from Net Investment Income | — |
Distributions from Realized Capital Gains | — |
Total Distributions | — |
Net Asset Value, End of Period | $10.34 |
Total Return2 | 3.40% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $0.1 |
Ratio of Total Expenses to Average Net Assets | 0.20%3 |
Ratio of Net Investment Income to Average Net Assets | 2.80%3 |
Portfolio Turnover Rate4 | 13% |
1 Inception.
2 Total returns do not include account services fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account services fees.
3 Annualized.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Tax-Managed International Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $11.26 | $9.79 | $11.58 | $10.95 | $8.74 |
Investment Operations | |||||
Net Investment Income | .353 | .332 | .342 | .278 | .2771 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.085 | 1.474 | (1.794) | .634 | 2.190 |
Total from Investment Operations | 2.438 | 1.806 | (1.452) | .912 | 2.467 |
Distributions | |||||
Dividends from Net Investment Income | (.348) | (.336) | (.338) | (.282) | (.257) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.348) | (.336) | (.338) | (.282) | (.257) |
Net Asset Value, End of Period | $13.35 | $11.26 | $9.79 | $11.58 | $10.95 |
Total Return2 | 22.06% | 18.56% | -12.51% | 8.36% | 28.27% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,060 | $1,425 | $1,229 | $1,476 | $1,409 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.09% | 0.10% | 0.12% | 0.18% | 0.20% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.91% | 3.40% | 3.31% | 2.70% | 2.87% |
Portfolio Turnover Rate3 | 13% | 7% | 5% | 6% | 9% |
The fund’s original Investor Shares were renamed Admiral Shares as of the close of business on May 13, 2011 and prior periods’ Financial Highlights are for the Investor Share class. The Investor Shares recommenced on December 19, 2013 and are presented separately.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed International Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $11.27 | $9.79 | $11.60 | $10.96 | $8.74 |
Investment Operations | |||||
Net Investment Income | .356 | .336 | .347 | .289 | .2881 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.094 | 1.483 | (1.813) | .644 | 2.197 |
Total from Investment Operations | 2.450 | 1.819 | (1.466) | .933 | 2.485 |
Distributions | |||||
Dividends from Net Investment Income | (.350) | (.339) | (.344) | (.293) | (.265) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.350) | (.339) | (.344) | (.293) | (.265) |
Net Asset Value, End of Period | $13.37 | $11.27 | $9.79 | $11.60 | $10.96 |
Total Return2 | 22.15% | 18.70% | -12.62% | 8.55% | 28.48% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $482 | $332 | $294 | $253 | $219 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.07% | 0.07% | 0.08% | 0.08% | 0.10% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.93% | 3.43% | 3.35% | 2.80% | 2.97% |
Portfolio Turnover Rate3 | 13% | 7% | 5% | 6% | 9% |
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Tax-Managed International Fund | |||||
Financial Highlights | |||||
FTSE Developed Markets ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $35.02 | $30.44 | $36.04 | $34.06 | $27.18 |
Investment Operations | |||||
Net Investment Income | 1.099 | 1.035 | 1.067 | .887 | .8601 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 6.494 | 4.591 | (5.609) | 1.990 | 6.836 |
Total from Investment Operations | 7.593 | 5.626 | (4.542) | 2.877 | 7.696 |
Distributions | |||||
Dividends from Net Investment Income | (1.083) | (1.046) | (1.058) | (.897) | (.816) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.083) | (1.046) | (1.058) | (.897) | (.816) |
Net Asset Value, End of Period | $41.53 | $35.02 | $30.44 | $36.04 | $34.06 |
Total Return | 22.12% | 18.60% | -12.57% | 8.47% | 28.34% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $19,021 | $10,979 | $6,435 | $5,414 | $4,356 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.09% | 0.10% | 0.12% | 0.12% | 0.15% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.91% | 3.40% | 3.31% | 2.76% | 2.92% |
Portfolio Turnover Rate2 | 13% | 7% | 5% | 6% | 9% |
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
22
Tax-Managed International Fund
Notes to Financial Statements
Vanguard Tax-Managed International Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, Admiral Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. The fund has not issued any Institutional Plus Shares through December 31, 2013. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 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. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s 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 obtaining quotations from an independent pricing service, 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 fund’s 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. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. 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 assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
23
Tax-Managed International Fund
3. Futures Contracts: The fund may use index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended December 31, 2013, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2010–2013), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
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.
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.
24
Tax-Managed International Fund
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2013, the fund had contributed capital of $2,339,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.94% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of December 31, 2013, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 46,652 | 21,337,061 | — |
Temporary Cash Investments | 158,118 | 8,047 | — |
Futures Contracts—Assets1 | 1,264 | — | — |
Total | 206,034 | 21,345,108 | — |
1 Represents variation margin on the last day of the reporting period. |
At December 31, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Aggregate | ||||
Number of | Settlement | Unrealized | ||
Long (Short) | Value | Appreciation | ||
Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
Topix Index | March 2014 | 269 | 33,335 | 1,502 |
Dow Jones EURO STOXX 50 Index | March 2014 | 1012 | 43,341 | 1,907 |
S&P ASX 200 Index | March 2014 | 152 | 18,080 | 734 |
FTSE 100 Index | March 2014 | 397 | 44,038 | 1,492 |
5,635 |
Unrealized appreciation (depreciation) on open FTSE 100 Index and Dow Jones EURO STOXX 50 Index futures contracts are required to be treated as realized gain (loss) for tax purposes.
25
Tax-Managed International Fund
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.
During the year ended December 31, 2013, the fund realized net foreign currency losses of $3,635,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to overdistributed net investment income. Certain of the fund’s investments are in securities considered to be passive foreign investment companies, for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the year ended December 31, 2013, the fund realized gains on the sale of passive foreign investment companies of $774,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to overdistributed net investment income. Passive foreign investment companies held at December 31, 2013, had unrealized appreciation of $5,034,000.
During the year ended December 31, 2013, the fund realized $125,177,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2013, the fund had $2,198,000 of ordinary income available for distribution. At December 31, 2013, the fund had available capital losses totaling $937,618,000 to offset future net capital gains. Of this amount, $429,605,000 is subject to expiration dates; $90,589,000 may be used to offset future net capital gains through December 31, 2016 and $339,016,000 through December 31, 2017. Capital losses of $508,013,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2013, the cost of investment securities for tax purposes was $17,906,050,000.
Net unrealized appreciation of investment securities for tax purposes was $3,643,828,000, consisting of unrealized gains of $4,179,174,000 on securities that had risen in value since their purchase and $535,346,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2013, the fund purchased $8,220,805,000 of investment securities and sold $2,435,233,000 of investment securities, other than temporary cash investments. Purchases and sales include $5,604,443,000 and $295,807,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
26
Tax-Managed International Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2013 | 2012 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares1 | ||||
Issued | 96 | 9 | — | — |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | — | — | — | — |
Net Increase (Decrease)—Investor Shares | 96 | 9 | — | — |
Admiral Shares | ||||
Issued | 414,929 | 33,436 | 157,596 | 14,955 |
Issued in Lieu of Cash Distributions | 37,793 | 3,170 | 32,646 | 2,975 |
Redeemed | (108,009) | (8,865) | (177,843) | (16,994) |
Net Increase (Decrease)—Admiral Shares | 344,713 | 27,741 | 12,399 | 936 |
Institutional Shares | ||||
Issued | 120,193 | 9,170 | 62,751 | 5,966 |
Issued in Lieu of Cash Distributions | 7,692 | 645 | 8,839 | 805 |
Redeemed | (38,712) | (3,203) | (79,863) | (7,269) |
Net Increase (Decrease)—Institutional Shares | 89,173 | 6,612 | (8,273) | (498) |
ETF Shares | ||||
Issued | 5,832,350 | 152,556 | 3,363,880 | 102,066 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (304,646) | (8,000) | — | — |
Net Increase (Decrease)—ETF Shares | 5,527,704 | 144,556 | 3,363,880 | 102,066 |
1 Inception date: December 19, 2013. |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2013, that would require recognition or disclosure in these financial statements.
In October 2013, Vanguard announced plans to merge Vanguard Developed Markets Index Fund with Vanguard Tax-Managed International Fund in the second quarter of 2014. The funds share similar holdings and seek to track the same benchmark—the FTSE Developed ex North America Index. The merged fund, to be named Vanguard Developed Markets Index Fund, will offer Investor, Admiral, Institutional, Institutional Plus, and ETF Shares.
27
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Tax-Managed Funds and the Shareholders of Vanguard Tax-Managed International Fund:
In our opinion, the accompanying statement of net assets–investments summary and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Tax-Managed International Fund (constituting a separate portfolio of Vanguard Tax-Managed Funds, hereafter referred to as the “Fund”) at December 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and broker and by agreement to the underlying ownership records of the transfer agent, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 18, 2014
Special 2013 tax information (unaudited) for Vanguard Tax-Managed International Fund
This information for the fiscal year ended December 31, 2013, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $480,053,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $531,928,000 and foreign taxes paid of $32,398,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2014 to determine the calendar-year amounts to be included on their 2013 tax returns.
28
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 any qualified dividend income. (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 one share class 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: FTSE Developed Markets ETF Shares | |||
Periods Ended December 31, 2013 | |||
Since | |||
One | Five | Inception | |
Year | Years | (7/20/2007) | |
Returns Before Taxes | 22.12% | 12.01% | 0.23% |
Returns After Taxes on Distributions | 21.41 | 11.63 | –0.11 |
Returns After Taxes on Distributions and Sale of Fund Shares | 13.20 | 9.83 | 0.40 |
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing 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 following 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 accompanying table 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.
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 are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
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 the 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 your fund’s current prospectus.
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Six Months Ended December 31, 2013 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Tax-Managed International Fund | 6/30/2013 | 12/31/2013 | Period |
Based on Actual Fund Return | |||
Admiral Shares | $1,000.00 | $1,178.99 | $0.49 |
Institutional Shares | 1,000.00 | 1,179.80 | 0.38 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,179.55 | 0.49 |
Based on Hypothetical 5% Yearly Return | |||
Admiral Shares | $1,000.00 | $1,024.75 | $0.46 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.75 | 0.46 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.09% for Admiral Shares, 0.07% for Institutional Shares, and 0.09% for FTSE Developed Markets ETF 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. This table does not include figures for share classes with less than six months of history.
31
Glossary
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
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.
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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
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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.
Benchmark Information
Spliced Developed ex North America Index: MSCI EAFE Index through May 28, 2013; FTSE
Developed ex North America Index thereafter.
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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’s 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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 182 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
Senior Advisor at New Mountain Capital; Trustee of | |
F. William McNabb III | The Conference Board. |
Born 1957. Trustee Since July 2009. Chairman of the | |
Board. Principal Occupation(s) During the Past Five | Amy Gutmann |
Years: Chairman of the Board of The Vanguard Group, | Born 1949. Trustee Since June 2006. Principal |
Inc., and of each of the investment companies served | Occupation(s) During the Past Five Years: President |
by The Vanguard Group, since January 2010; Director | of the University of Pennsylvania; Christopher H. |
of The Vanguard Group since 2008; Chief Executive | Browne Distinguished Professor of Political Science |
Officer and President of The Vanguard Group and of | in the School of Arts and Sciences with secondary |
each of the investment companies served by The | appointments at the Annenberg School for |
Vanguard Group since 2008; Director of Vanguard | Communication and the Graduate School of Education |
Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Member of the |
Vanguard Group (1995–2008). | National Commission on the Humanities and Social |
Sciences; Trustee of Carnegie Corporation of New | |
York and of the National Constitution Center; Chair | |
IndependentTrustees | of the U.S. Presidential Commission for the Study |
of Bioethical Issues. | |
Emerson U. Fullwood | |
Born 1948. Trustee Since January 2008. Principal | |
Occupation(s) During the Past Five Years: Executive | JoAnn Heffernan Heisen |
Chief Staff and Marketing Officer for North America | Born 1950. Trustee Since July 1998. Principal |
and Corporate Vice President (retired 2008) of Xerox | Occupation(s) During the Past Five Years: Corporate |
Corporation (document management products and | Vice President and Chief Global Diversity Officer |
services); Executive in Residence and 2010 | (retired 2008) and Member of the Executive |
Distinguished Minett Professor at the Rochester | Committee (1997–2008) of Johnson & Johnson |
Institute of Technology; Director of SPX Corporation | (pharmaceuticals/medical devices/consumer |
(multi-industry manufacturing), the United Way of | products); Director of Skytop Lodge Corporation |
Rochester, Amerigroup Corporation (managed health | (hotels), the University Medical Center at Princeton, |
care), the University of Rochester Medical Center, | the Robert Wood Johnson Foundation, and the Center |
Monroe Community College Foundation, and North | for Talent Innovation; Member of the Advisory Board |
Carolina A&T University. | of the Maxwell School of Citizenship and Public Affairs |
at Syracuse University. | |
Rajiv L. Gupta | |
Born 1945. Trustee Since December 2001.2 | F. Joseph Loughrey |
Principal Occupation(s) During the Past Five Years: | Born 1949. Trustee Since October 2009. Principal |
Chairman and Chief Executive Officer (retired 2009) | Occupation(s) During the Past Five Years: President |
and President (2006–2008) of Rohm and Haas Co. | and Chief Operating Officer (retired 2009) of Cummins |
(chemicals); Director of Tyco International, Ltd. | Inc. (industrial machinery); Chairman of the Board of |
(diversified manufacturing and services), Hewlett- | Hillenbrand, Inc. (specialized consumer services) and |
Packard Co. (electronic computer manufacturing), | of Oxfam America; Director of SKF AB (industrial |
machinery), Hyster-Yale Materials Handling, Inc. | Executive Officers | |
(forklift trucks), and the Lumina Foundation for | ||
Education; Member of the Advisory Council for the | Glenn Booraem | |
College of Arts and Letters and of the Advisory Board | Born 1967. Controller Since July 2010. Principal | |
to the Kellogg Institute for International Studies, both | Occupation(s) During the Past Five Years: Principal | |
at the University of Notre Dame. | of The Vanguard Group, Inc.; Controller of each of | |
the investment companies served by The Vanguard | ||
Mark Loughridge | Group; Assistant Controller of each of the investment | |
Born 1953. Trustee Since March 2012. Principal | companies served by The Vanguard Group (2001–2010). | |
Occupation(s) During the Past Five Years: Senior Vice | ||
President and Chief Financial Officer at IBM (information | Thomas J. Higgins | |
technology services); Fiduciary Member of IBM’s | Born 1957. Chief Financial Officer Since September | |
Retirement Plan Committee. | 2008. Principal Occupation(s) During the Past Five | |
Years: Principal of The Vanguard Group, Inc.; Chief | ||
Scott C. Malpass | Financial Officer of each of the investment companies | |
Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
Investment Officer and Vice President at the University | Group (1998–2008). | |
of Notre Dame; Assistant Professor of Finance at the | ||
Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
Director of TIFF Advisory Services, Inc. (investment | Occupation(s) During the Past Five Years: Principal of | |
advisor); Member of the Investment Advisory | The Vanguard Group, Inc.; Treasurer of each of the | |
Committees of the Financial Industry Regulatory | investment companies served by The Vanguard | |
Authority (FINRA) and of Major League Baseball. | Group; Assistant Treasurer of each of the investment | |
companies served by The Vanguard Group (1988–2008). | ||
André F. Perold | ||
Born 1952. Trustee Since December 2004. Principal | Heidi Stam | |
Occupation(s) During the Past Five Years: George | Born 1956. Secretary Since July 2005. Principal | |
Gund Professor of Finance and Banking at the Harvard | Occupation(s) During the Past Five Years: Managing | |
Business School (retired 2011); Chief Investment | Director of The Vanguard Group, Inc.; General Counsel | |
Officer and Managing Partner of HighVista Strategies | of The Vanguard Group; Secretary of The Vanguard | |
LLC (private investment firm); Director of Rand | Group and of each of the investment companies | |
Merchant Bank; Overseer of the Museum of Fine | served by The Vanguard Group; Director and Senior | |
Arts Boston. | Vice President of Vanguard Marketing Corporation. | |
Alfred M. Rankin, Jr. | ||
Vanguard Senior ManagementTeam | ||
Born 1941. Trustee Since January 1993. Principal | ||
Occupation(s) During the Past Five Years: Chairman, | Mortimer J. Buckley | Chris D. McIsaac |
President, and Chief Executive Officer of NACCO | Kathleen C. Gubanich | Michael S. Miller |
Industries, Inc. (housewares/lignite) and of Hyster-Yale | Paul A. Heller | James M. Norris |
Materials Handling, Inc. (forklift trucks); Director of | Martha G. King | Glenn W. Reed |
the National Association of Manufacturers; Chairman | John T. Marcante | |
of the Board of University Hospitals of Cleveland; | ||
Advisory Chairman of the Board of The Cleveland | ||
Museum of Art. | Chairman Emeritus and Senior Advisor | |
John J. Brennan | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | Chairman, 1996–2009 | |
Occupation(s) During the Past Five Years: President | Chief Executive Officer and President, 1996–2008 | |
and Chief Operating Officer (retired 2010) of Corning | ||
Incorporated (communications equipment); Director | Founder | |
of SPX Corporation (multi-industry manufacturing); | ||
Overseer of the Amos Tuck School of Business | John C. Bogle | |
Administration at Dartmouth College; Advisor to the | Chairman and Chief Executive Officer, 1974–1996 | |
Norris Cotton Cancer Center. |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447 | |
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With Hearing Impairment > 800-749-7273 | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, 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 | |
vanguard.com/proxyreporting or 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 | |
202-551-8090. 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 20549-1520. | |
© 2014 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1270 022014 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, André F. Perold, and Alfred M. Rankin, Jr.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2013: $147,000
Fiscal Year Ended December 31, 2012: $147,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2013: $5,714,113
Fiscal Year Ended December 31, 2012: $4,809,780
Includes fees billed in connection with audits of the Registrant and other registered investment companies in the Vanguard complex. Also includes fees billed in connection with audits of The Vanguard Group, Inc. and Vanguard Marketing Corporation for Fiscal Year Ended December 31, 2013.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2013: $1,552,950
Fiscal Year Ended December 31, 2012: $1,812,565
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2013: $110,000
Fiscal Year Ended December 31, 2012: $490,518
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. Also includes fees billed in connection with certain tax services related to audits of the Registrant and other registered investment companies in the Vanguard complex for Fiscal Year Ended December 31, 2012.
(d) All Other Fees.
Fiscal Year Ended December 31, 2013: $132,000
Fiscal Year Ended December 31, 2012: $16,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2013: $242,000
Fiscal Year Ended December 31, 2012: $506,518
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Emerson U. Fullwood, Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, André F. Perold, Alfred M. Rankin, Jr., and Peter F. Volanakis.
Item 6: Investments.
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Common Stocks (99.1%)1 | ||
Australia (7.1%) | ||
Commonwealth Bank of Australia | 2,430,339 | 169,340 |
BHP Billiton Ltd. | 4,835,651 | 164,863 |
Westpac Banking Corp. | 4,679,465 | 135,652 |
Australia & New Zealand Banking Group Ltd. | 4,141,144 | 119,548 |
National Australia Bank Ltd. | 3,486,517 | 108,822 |
Wesfarmers Ltd. | 1,774,644 | 69,873 |
Woolworths Ltd. | 1,916,702 | 58,041 |
CSL Ltd. | 776,157 | 47,848 |
Rio Tinto Ltd. | 679,287 | 41,578 |
Woodside Petroleum Ltd. | 983,376 | 34,250 |
Telstra Corp. Ltd. | 7,121,416 | 33,425 |
* Macquarie Group Ltd. | 505,661 | 24,819 |
Suncorp Group Ltd. | 2,035,914 | 23,897 |
Origin Energy Ltd. | 1,708,066 | 21,526 |
Santos Ltd. | 1,555,046 | 20,380 |
Brambles Ltd. | 2,478,663 | 20,308 |
QBE Insurance Group Ltd. | 1,807,527 | 18,646 |
Insurance Australia Group Ltd. | 3,492,709 | 18,185 |
AMP Ltd. | 4,619,407 | 18,156 |
Amcor Ltd. | 1,917,116 | 18,109 |
Transurban Group | 2,554,626 | 15,623 |
Aurizon Holdings Ltd. | 3,353,646 | 14,647 |
Oil Search Ltd. | 1,942,147 | 14,110 |
ASX Ltd. | 428,868 | 14,103 |
AGL Energy Ltd. | 965,161 | 12,975 |
Fortescue Metals Group Ltd. | 2,452,282 | 12,810 |
Orica Ltd. | 556,628 | 11,903 |
Crown Resorts Ltd. | 631,698 | 9,531 |
Lend Lease Group | 946,016 | 9,441 |
Sonic Healthcare Ltd. | 630,472 | 9,357 |
Coca-Cola Amatil Ltd. | 862,317 | 9,277 |
Asciano Ltd. | 1,653,360 | 8,524 |
Computershare Ltd. | 823,268 | 8,390 |
Bendigo and Adelaide Bank Ltd. | 781,549 | 8,216 |
Ramsay Health Care Ltd. | 211,458 | 8,184 |
Newcrest Mining Ltd. | 1,160,982 | 8,153 |
APA Group | 1,508,864 | 8,098 |
James Hardie Industries plc | 689,802 | 8,006 |
Tatts Group Ltd. | 2,462,919 | 6,828 |
Incitec Pivot Ltd. | 2,737,086 | 6,566 |
Bank of Queensland Ltd. | 594,808 | 6,476 |
Toll Holdings Ltd. | 1,218,485 | 6,197 |
Sydney Airport | 1,780,685 | 6,052 |
Shopping Centres Australasia Property Group | 4,323,073 | 5,968 |
Boral Ltd. | 1,369,118 | 5,855 |
Challenger Ltd. | 1,010,356 | 5,611 |
WorleyParsons Ltd. | 354,782 | 5,278 |
Iluka Resources Ltd. | 668,176 | 5,178 |
ALS Ltd. | 625,706 | 4,937 |
Cochlear Ltd. | 91,811 | 4,837 |
* BlueScope Steel Ltd. | 910,361 | 4,750 |
Tabcorp Holdings Ltd. | 1,439,827 | 4,675 |
IOOF Holdings Ltd. | 569,666 | 4,569 |
Treasury Wine Estates Ltd. | 1,049,717 | 4,527 |
Ansell Ltd. | 243,294 | 4,496 |
Caltex Australia Ltd. | 245,786 | 4,417 |
Metcash Ltd. | 1,517,126 | 4,284 |
* Alumina Ltd. | 4,291,110 | 4,260 |
SP AusNet | 3,606,546 | 4,016 |
Flight Centre Travel Group Ltd. | 92,942 | 3,958 |
Perpetual Ltd. | 89,895 | 3,887 |
1
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Aristocrat Leisure Ltd. | 883,531 | 3,712 |
Leighton Holdings Ltd. | 253,369 | 3,659 |
Downer EDI Ltd. | 789,722 | 3,441 |
DuluxGroup Ltd. | 712,077 | 3,415 |
Arrium Ltd. | 2,124,385 | 3,336 |
Echo Entertainment Group Ltd. | 1,503,298 | 3,312 |
Platinum Asset Management Ltd. | 532,459 | 3,287 |
Harvey Norman Holdings Ltd. | 1,030,694 | 2,917 |
Adelaide Brighton Ltd. | 856,792 | 2,814 |
* Sims Metal Management Ltd. | 286,068 | 2,787 |
Seven West Media Ltd. | 1,207,202 | 2,544 |
Envestra Ltd. | 2,255,154 | 2,298 |
* Orora Ltd. | 2,053,733 | 2,127 |
* Recall Holdings Ltd. | 583,463 | 2,115 |
CSR Ltd. | 891,140 | 2,114 |
Fairfax Media Ltd. | 3,345,462 | 1,918 |
* Whitehaven Coal Ltd. | 1,118,903 | 1,915 |
* Qantas Airways Ltd. | 1,944,257 | 1,907 |
Goodman Fielder Ltd. | 3,059,927 | 1,875 |
Macquarie Atlas Roads Group | 739,561 | 1,820 |
OZ Minerals Ltd. | 545,609 | 1,542 |
New Hope Corp. Ltd. | 504,646 | 1,504 |
Atlas Iron Ltd. | 1,430,737 | 1,479 |
GWA Group Ltd. | 512,906 | 1,396 |
Nufarm Ltd. | 325,062 | 1,277 |
* Aquila Resources Ltd. | 408,297 | 842 |
* Ten Network Holdings Ltd. | 3,255,339 | 816 |
* Paladin Energy Ltd. | 1,757,950 | 733 |
* Energy Resources of Australia Ltd. | 449,173 | 506 |
1,539,644 | ||
Austria (0.3%) | ||
Erste Group Bank AG | 431,765 | 15,052 |
OMV AG | 222,181 | 10,638 |
Voestalpine AG | 170,376 | 8,187 |
IMMOFINANZ AG | 1,461,245 | 6,771 |
Andritz AG | 106,601 | 6,681 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 61,685 | 3,083 |
Raiffeisen Bank International AG | 67,110 | 2,370 |
Telekom Austria AG | 299,681 | 2,270 |
Verbund AG | 98,268 | 2,098 |
Strabag SE | 27,080 | 795 |
57,945 | ||
Belgium (1.0%) | ||
Anheuser-Busch InBev NV | 1,191,293 | 126,678 |
KBC Groep NV | 412,548 | 23,456 |
Ageas | 322,098 | 13,735 |
Solvay SA Class A | 85,217 | 13,487 |
UCB SA | 178,710 | 13,314 |
Delhaize Group SA | 152,622 | 9,080 |
Umicore SA | 166,937 | 7,800 |
Belgacom SA | 208,400 | 6,167 |
Colruyt SA | 101,936 | 5,696 |
Telenet Group Holding NV | 73,118 | 4,366 |
223,779 | ||
Brazil (0.1%) | ||
Porsche Automobil Holding SE Pfd. Prior Pfd. | 227,497 | 23,749 |
Denmark (1.1%) | ||
Novo Nordisk A/S Class B | 581,737 | 106,664 |
* Danske Bank A/S | 1,177,865 | 27,058 |
AP Moeller - Maersk A/S Class B | 2,138 | 23,137 |
Carlsberg A/S Class B | 159,172 | 17,613 |
Novozymes A/S | 341,996 | 14,446 |
TDC A/S | 1,214,367 | 11,785 |
2
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Coloplast A/S Class B | 144,587 | 9,586 |
AP Moeller - Maersk A/S Class A | 811 | 8,354 |
DSV A/S | 237,102 | 7,785 |
Chr Hansen Holding A/S | 133,929 | 5,309 |
FLSmidth & Co. A/S | 72,529 | 3,966 |
Tryg A/S | 37,027 | 3,581 |
H Lundbeck A/S | 94,459 | 2,389 |
* William Demant Holding A/S | 23,762 | 2,308 |
Rockwool International A/S Class B | 4,561 | 808 |
244,789 | ||
Finland (0.8%) | ||
* Nokia Oyj | 5,577,696 | 45,068 |
Sampo | 712,394 | 35,016 |
Kone Oyj Class B | 555,289 | 25,043 |
Fortum Oyj | 681,447 | 15,576 |
UPM-Kymmene Oyj | 789,784 | 13,395 |
Wartsila OYJ Abp | 238,598 | 11,763 |
Nokian Renkaat Oyj | 200,201 | 9,600 |
Stora Enso Oyj | 867,124 | 8,713 |
Metso Oyj | 198,674 | 8,496 |
Kesko Oyj Class B | 106,253 | 3,920 |
Neste Oil Oyj | 196,950 | 3,895 |
180,485 | ||
France (8.9%) | ||
Total SA | 3,025,466 | 185,702 |
Sanofi | 1,707,150 | 182,316 |
BNP Paribas SA | 1,454,786 | 113,484 |
AXA SA | 2,801,247 | 78,008 |
Schneider Electric SA | 786,526 | 68,618 |
LVMH Moet Hennessy Louis Vuitton SA | 364,279 | 66,552 |
Air Liquide SA | 455,967 | 64,535 |
Societe Generale SA | 1,063,360 | 61,835 |
L'Oreal SA | 345,396 | 60,656 |
European Aeronautic Defence and Space Co. NV | 779,303 | 59,827 |
Danone | 808,351 | 58,316 |
Vivendi SA | 1,893,796 | 49,954 |
Vinci SA | 705,636 | 46,383 |
GDF Suez | 1,959,064 | 46,076 |
Carrefour SA | 880,372 | 34,945 |
Orange SA | 2,671,989 | 33,173 |
Pernod Ricard SA | 288,173 | 32,832 |
Cie de St-Gobain | 579,757 | 31,937 |
Essilor International SA | 288,821 | 30,733 |
Cie Generale des Etablissements Michelin | 273,912 | 29,145 |
Safran SA | 379,217 | 26,366 |
Kering | 108,171 | 22,865 |
Publicis Groupe SA | 229,883 | 21,063 |
Legrand SA | 370,465 | 20,417 |
Lafarge SA | 267,859 | 20,106 |
Renault SA | 244,535 | 19,679 |
* Credit Agricole SA | 1,504,544 | 19,287 |
* Alcatel-Lucent | 4,035,915 | 17,910 |
Technip SA | 157,809 | 15,191 |
Cap Gemini SA | 214,564 | 14,523 |
Christian Dior SA | 75,129 | 14,221 |
SES SA | 437,229 | 14,165 |
Electricite de France | 387,788 | 13,719 |
Sodexo | 127,192 | 12,898 |
Valeo SA | 114,392 | 12,677 |
Klepierre | 270,290 | 12,529 |
Accor SA | 253,506 | 11,973 |
Dassault Systemes | 96,114 | 11,935 |
Alstom SA | 317,642 | 11,583 |
Fonciere Des Regions | 126,303 | 10,903 |
3
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Veolia Environnement SA | 636,356 | 10,393 |
Bouygues SA | 262,160 | 9,914 |
Edenred | 288,263 | 9,652 |
Arkema SA | 81,453 | 9,510 |
Casino Guichard Perrachon SA | 80,915 | 9,337 |
Vallourec SA | 169,596 | 9,253 |
Zodiac Aerospace | 51,619 | 9,147 |
Bureau Veritas SA | 311,371 | 9,090 |
Gecina SA | 68,558 | 9,078 |
Thales SA | 138,356 | 8,916 |
ICADE | 92,687 | 8,628 |
AtoS | 94,755 | 8,585 |
Wendel SA | 58,003 | 8,455 |
Natixis | 1,363,305 | 8,021 |
STMicroelectronics NV | 942,650 | 7,567 |
Rexel SA | 279,484 | 7,335 |
Suez Environnement Co. | 406,935 | 7,298 |
SCOR SE | 197,366 | 7,219 |
Groupe Eurotunnel SA | 680,323 | 7,152 |
Aeroports de Paris | 60,273 | 6,844 |
Iliad SA | 33,143 | 6,791 |
Lagardere SCA | 168,785 | 6,274 |
Eutelsat Communications SA | 185,892 | 5,800 |
Eurazeo SA | 64,972 | 5,096 |
Societe BIC SA | 39,369 | 4,825 |
CNP Assurances | 233,086 | 4,780 |
* Peugeot SA | 360,614 | 4,693 |
Bollore SA | 7,698 | 4,521 |
* CGG SA | 254,539 | 4,418 |
Hermes International | 11,440 | 4,149 |
JCDecaux SA | 90,588 | 3,740 |
Imerys SA | 42,173 | 3,671 |
Eiffage SA | 52,408 | 3,021 |
Societe Television Francaise 1 | 149,503 | 2,881 |
SEB SA | 30,863 | 2,791 |
Remy Cointreau SA | 32,537 | 2,733 |
Euler Hermes SA | 18,789 | 2,587 |
* Air France-KLM | 194,940 | 2,037 |
Ipsen SA | 32,633 | 1,544 |
BioMerieux | 10,661 | 1,119 |
Eramet | 9,372 | 906 |
1,908,808 | ||
Germany (8.5%) | ||
Bayer AG | 1,238,393 | 173,884 |
Siemens AG | 1,179,756 | 161,767 |
BASF SE | 1,374,013 | 146,654 |
Daimler AG | 1,420,882 | 123,311 |
Allianz SE | 680,373 | 122,417 |
SAP AG | 1,341,679 | 116,353 |
Deutsche Telekom AG | 4,593,064 | 79,140 |
Deutsche Bank AG | 1,534,030 | 73,697 |
Volkswagen AG Pfd. Prior Pfd. | 206,468 | 58,104 |
Linde AG | 274,351 | 57,445 |
Bayerische Motoren Werke AG | 477,900 | 56,121 |
Muenchener Rueckversicherungs AG | 239,904 | 52,916 |
Deutsche Post AG | 1,417,598 | 51,778 |
E.ON SE | 2,758,262 | 50,995 |
Adidas AG | 313,660 | 39,997 |
Continental AG | 161,609 | 35,504 |
Fresenius SE & Co. KGaA | 192,340 | 29,577 |
RWE AG | 727,543 | 26,657 |
Deutsche Boerse AG | 296,061 | 24,536 |
Henkel AG & Co. KGaA Pfd. Prior Pfd. | 206,196 | 23,967 |
Henkel AG & Co. KGaA | 224,459 | 23,402 |
4
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Commerzbank AG | 1,409,016 | 22,746 |
Fresenius Medical Care AG & Co. KGaA | 314,397 | 22,425 |
Merck KGaA | 101,209 | 18,160 |
Infineon Technologies AG | 1,628,383 | 17,394 |
HeidelbergCement AG | 210,710 | 16,000 |
* ThyssenKrupp AG | 622,368 | 15,177 |
Beiersdorf AG | 147,803 | 14,985 |
Volkswagen AG | 52,359 | 14,216 |
Brenntag AG | 74,035 | 13,741 |
GEA Group AG | 262,471 | 12,516 |
Metro AG | 201,959 | 9,791 |
K&S AG | 288,470 | 8,889 |
* QIAGEN NV | 366,511 | 8,557 |
LANXESS AG | 124,200 | 8,299 |
Hannover Rueck SE | 93,804 | 8,064 |
* Deutsche Lufthansa AG | 348,998 | 7,398 |
* OSRAM Licht AG | 127,516 | 7,199 |
United Internet AG | 168,466 | 7,182 |
Bilfinger SE | 59,663 | 6,702 |
Hugo Boss AG | 45,363 | 6,461 |
MAN SE | 43,509 | 5,343 |
Fuchs Petrolub SE | 57,487 | 4,898 |
MTU Aero Engines AG | 49,341 | 4,849 |
Fraport AG Frankfurt Airport Services Worldwide | 61,729 | 4,626 |
Kabel Deutschland Holding AG | 33,747 | 4,381 |
* Evonik Industries AG | 104,323 | 4,256 |
Axel Springer SE | 62,111 | 3,999 |
Celesio AG | 121,964 | 3,867 |
Hochtief AG | 41,871 | 3,583 |
* TUI AG | 212,168 | 3,500 |
Software AG | 96,788 | 3,391 |
* Telefonica Deutschland Holding AG | 392,903 | 3,247 |
Suedzucker AG | 113,984 | 3,079 |
Fuchs Petrolub SE Pfd. Prior Pfd. | 27,250 | 2,670 |
Wacker Chemie AG | 22,926 | 2,542 |
Salzgitter AG | 50,850 | 2,169 |
* Talanx AG | 53,846 | 1,827 |
Puma SE | 4,811 | 1,556 |
Fielmann AG | 11,979 | 1,403 |
Deutsche Postbank AG | 21,400 | 1,140 |
Generali Deutschland Holding AG | 6,218 | 963 |
1,841,413 | ||
Greece (0.0%) | ||
* Hellenic Telecommunications Organization SA | 381,783 | 5,085 |
Hellenic Petroleum SA | 104,319 | 1,089 |
6,174 | ||
Hong Kong (3.3%) | ||
AIA Group Ltd. | 17,931,976 | 90,260 |
Hutchison Whampoa Ltd. | 3,557,512 | 48,474 |
Cheung Kong Holdings Ltd. | 2,012,500 | 31,839 |
Hong Kong Exchanges and Clearing Ltd. | 1,786,477 | 29,862 |
Sands China Ltd. | 3,617,600 | 29,647 |
Sun Hung Kai Properties Ltd. | 2,325,768 | 29,559 |
* Galaxy Entertainment Group Ltd. | 3,133,037 | 28,208 |
Link REIT | 4,363,000 | 21,161 |
Hong Kong & China Gas Co. Ltd. | 8,372,689 | 19,224 |
Jardine Matheson Holdings Ltd. | 352,800 | 18,482 |
CLP Holdings Ltd. | 2,231,932 | 17,653 |
Wharf Holdings Ltd. | 2,268,815 | 17,379 |
Hang Seng Bank Ltd. | 1,068,705 | 17,357 |
BOC Hong Kong Holdings Ltd. | 5,115,500 | 16,429 |
Power Assets Holdings Ltd. | 1,965,600 | 15,647 |
Want Want China Holdings Ltd. | 9,921,000 | 14,359 |
Swire Pacific Ltd. Class A | 1,047,588 | 12,309 |
5
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Li & Fung Ltd. | 8,481,670 | 10,964 |
Hang Lung Properties Ltd. | 3,453,810 | 10,948 |
Jardine Strategic Holdings Ltd. | 332,000 | 10,638 |
Hongkong Land Holdings Ltd. | 1,793,000 | 10,594 |
China Mengniu Dairy Co. Ltd. | 2,098,000 | 9,978 |
Henderson Land Development Co. Ltd. | 1,641,756 | 9,386 |
SJM Holdings Ltd. | 2,737,000 | 9,200 |
Tingyi Cayman Islands Holding Corp. | 2,884,000 | 8,346 |
Bank of East Asia Ltd. | 1,903,863 | 8,082 |
New World Development Co. Ltd. | 5,821,125 | 7,371 |
Wynn Macau Ltd. | 1,578,800 | 7,177 |
MTR Corp. Ltd. | 1,863,000 | 7,061 |
Prada SPA | 754,300 | 6,738 |
Sino Land Co. Ltd. | 4,711,300 | 6,461 |
Hang Lung Group Ltd. | 1,236,000 | 6,253 |
Samsonite International SA | 1,951,800 | 5,953 |
Wheelock & Co. Ltd. | 1,261,000 | 5,809 |
* Esprit Holdings Ltd. | 2,764,100 | 5,341 |
Techtronic Industries Co. | 1,867,000 | 5,318 |
AAC Technologies Holdings Inc. | 1,046,500 | 5,092 |
MGM China Holdings Ltd. | 1,186,400 | 5,078 |
Swire Properties Ltd. | 1,944,824 | 4,925 |
Sun Art Retail Group Ltd. | 3,357,500 | 4,742 |
Cheung Kong Infrastructure Holdings Ltd. | 740,000 | 4,678 |
Melco International Development Ltd. | 1,219,000 | 4,497 |
Hysan Development Co. Ltd. | 1,030,000 | 4,446 |
First Pacific Co. Ltd. | 3,872,000 | 4,415 |
Shangri-La Asia Ltd. | 2,168,552 | 4,234 |
Yue Yuen Industrial Holdings Ltd. | 1,261,000 | 4,216 |
Wing Hang Bank Ltd. | 252,775 | 3,819 |
Kerry Properties Ltd. | 1,036,500 | 3,609 |
NWS Holdings Ltd. | 1,992,500 | 3,041 |
ASM Pacific Technology Ltd. | 352,800 | 2,955 |
VTech Holdings Ltd. | 207,800 | 2,699 |
Television Broadcasts Ltd. | 376,000 | 2,519 |
* Semiconductor Manufacturing International Corp. | 31,855,000 | 2,518 |
Cathay Pacific Airways Ltd. | 1,187,770 | 2,517 |
Xinyi Glass Holdings Ltd. | 2,612,000 | 2,311 |
PCCW Ltd. | 5,154,000 | 2,308 |
Chow Tai Fook Jewellery Group Ltd. | 1,523,200 | 2,276 |
Hopewell Holdings Ltd. | 624,500 | 2,118 |
New World China Land Ltd. | 4,048,000 | 1,959 |
Johnson Electric Holdings Ltd. | 2,018,500 | 1,954 |
Shougang Fushan Resources Group Ltd. | 5,176,000 | 1,820 |
* FIH Mobile Ltd. | 3,303,001 | 1,780 |
Huabao International Holdings Ltd. | 3,134,000 | 1,737 |
Shui On Land Ltd. | 5,193,500 | 1,597 |
Uni-President China Holdings Ltd. | 1,494,000 | 1,524 |
* Macau Legend Development Ltd. | 1,380,894 | 1,455 |
Shun Tak Holdings Ltd. | 2,338,000 | 1,377 |
* Brightoil Petroleum Holdings Ltd. | 4,521,000 | 1,243 |
L'Occitane International SA | 569,500 | 1,213 |
Cafe de Coral Holdings Ltd. | 352,000 | 1,136 |
Orient Overseas International Ltd. | 219,300 | 1,104 |
Lifestyle International Holdings Ltd. | 568,000 | 1,053 |
Dah Sing Financial Holdings Ltd. | 170,000 | 975 |
* United Co. RUSAL plc | 3,124,000 | 928 |
Kowloon Development Co. Ltd. | 730,000 | 901 |
Hopewell Highway Infrastructure Ltd. | 1,765,500 | 841 |
Texwinca Holdings Ltd. | 798,000 | 841 |
* Kerry Logistics Network Ltd. | 571,250 | 812 |
Dah Sing Banking Group Ltd. | 459,200 | 808 |
* China Rongsheng Heavy Industries Group Holdings Ltd. | 4,451,000 | 696 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,780,000 | 676 |
6
Vanguard® Tax-Managed International Fund | |||
Schedule of Investments | |||
December 31, 2013 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Xinyi Solar Holdings Ltd. | 3,208,000 | 662 |
Parkson Retail Group Ltd. | 1,924,000 | 593 | |
Hutchison Harbour Ring Ltd. | 4,216,000 | 337 | |
* | Mongolian Mining Corp. | 1,272,500 | 169 |
718,671 | |||
Ireland (0.2%) | |||
Kerry Group plc Class A | 213,326 | 14,831 | |
* | Bank of Ireland | 41,261,342 | 14,381 |
* | Ryanair Holdings plc ADR | 124,266 | 5,832 |
* | Ryanair Holdings plc | 333,607 | 2,871 |
* | Irish Bank Resolution Corp. Ltd. | 257,065 | — |
37,915 | |||
Israel (0.5%) | |||
Teva Pharmaceutical Industries Ltd. | 1,280,951 | 51,253 | |
Bank Hapoalim BM | 1,541,567 | 8,637 | |
* | Bank Leumi Le-Israel BM | 1,963,530 | 8,018 |
Israel Chemicals Ltd. | 669,221 | 5,582 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 2,905,197 | 4,927 | |
NICE Systems Ltd. | 88,953 | 3,638 | |
Delek Group Ltd. | 7,217 | 2,757 | |
Azrieli Group | 67,307 | 2,238 | |
* | Israel Discount Bank Ltd. Class A | 1,071,337 | 2,045 |
Mizrahi Tefahot Bank Ltd. | 150,093 | 1,965 | |
Elbit Systems Ltd. | 31,635 | 1,911 | |
Gazit-Globe Ltd. | 132,138 | 1,777 | |
* | Israel Corp. Ltd. | 3,365 | 1,772 |
Osem Investments Ltd. | 57,249 | 1,398 | |
* | EZchip Semiconductor Ltd. | 44,557 | 1,110 |
* | Partner Communications Co. Ltd. | 105,976 | 989 |
Harel Insurance Investments & Financial Services Ltd. | 158,512 | 922 | |
* | Paz Oil Co. Ltd. | 5,612 | 917 |
Strauss Group Ltd. | 42,964 | 822 | |
Cellcom Israel Ltd. (Registered) | 52,331 | 721 | |
* | Delek Energy Systems Ltd. | 869 | 600 |
* | Oil Refineries Ltd. | 1,853,317 | 597 |
Shikun & Binui Ltd. | 239,883 | 587 | |
Clal Insurance Enterprises Holdings Ltd. | 23,877 | 464 | |
Ormat Industries | 53,968 | 370 | |
Migdal Insurance & Financial Holding Ltd. | 176,457 | 311 | |
First International Bank Of Israel Ltd. | 14,196 | 236 | |
Shufersal Ltd. | 37,385 | 144 | |
Delek Automotive Systems Ltd. | 6,049 | 65 | |
106,773 | |||
Italy (2.1%) | |||
Eni SPA | 3,656,245 | 88,349 | |
UniCredit SPA | 6,674,446 | 49,235 | |
Assicurazioni Generali SPA | 1,864,857 | 43,814 | |
Enel SPA | 9,641,922 | 42,072 | |
Intesa Sanpaolo SPA (Registered) | 16,471,329 | 40,515 | |
Snam SPA | 3,091,686 | 17,281 | |
Telecom Italia SPA (Registered) | 16,043,435 | 15,998 | |
Tenaris SA | 706,844 | 15,403 | |
Luxottica Group SPA | 253,586 | 13,590 | |
Atlantia SPA | 579,914 | 12,990 | |
Terna Rete Elettrica Nazionale SPA | 2,135,796 | 10,666 | |
* | Fiat SPA | 1,255,552 | 10,277 |
Unione di Banche Italiane SCPA | 1,283,439 | 8,701 | |
Pirelli & C. SPA | 482,341 | 8,345 | |
Saipem SPA | 374,372 | 8,029 | |
Prysmian SPA | 309,273 | 7,963 | |
Exor SPA | 176,999 | 7,035 | |
Telecom Italia SPA (Bearer) | 8,498,540 | 6,668 | |
* | Mediobanca SPA | 735,276 | 6,430 |
7
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Enel Green Power SPA | 2,412,922 | 6,070 |
* Banco Popolare SC | 2,696,264 | 5,164 |
* Mediaset SPA | 1,012,175 | 4,800 |
* Finmeccanica SPA | 556,396 | 4,223 |
Mediolanum SPA | 361,836 | 3,135 |
Davide Campari-Milano SPA | 334,080 | 2,789 |
Gtech SPA | 82,072 | 2,501 |
* Banca Monte dei Paschi di Siena SPA | 9,001,197 | 2,166 |
Buzzi Unicem SPA | 93,386 | 1,681 |
Parmalat SPA | 348,312 | 1,186 |
447,076 | ||
Japan (20.9%) | ||
Toyota Motor Corp. | 3,946,918 | 240,664 |
Mitsubishi UFJ Financial Group Inc. | 21,231,044 | 140,961 |
SoftBank Corp. | 1,404,100 | 123,211 |
Honda Motor Co. Ltd. | 2,681,439 | 110,682 |
Sumitomo Mitsui Financial Group Inc. | 2,025,158 | 105,315 |
Mizuho Financial Group Inc. | 36,002,961 | 78,164 |
Mitsubishi Estate Co. Ltd. | 1,914,935 | 57,306 |
Japan Tobacco Inc. | 1,745,800 | 56,806 |
Canon Inc. | 1,699,533 | 54,229 |
FANUC Corp. | 295,200 | 54,093 |
Takeda Pharmaceutical Co. Ltd. | 1,178,294 | 54,043 |
Hitachi Ltd. | 6,949,758 | 52,694 |
KDDI Corp. | 817,100 | 50,346 |
Seven & I Holdings Co. Ltd. | 1,181,441 | 47,041 |
Mitsui Fudosan Co. Ltd. | 1,284,738 | 46,341 |
East Japan Railway Co. | 576,600 | 45,931 |
Nippon Steel & Sumitomo Metal Corp. | 12,737,580 | 42,719 |
Nomura Holdings Inc. | 5,464,577 | 42,229 |
Astellas Pharma Inc. | 706,314 | 41,875 |
Mitsubishi Corp. | 2,167,186 | 41,605 |
Denso Corp. | 724,400 | 38,269 |
Bridgestone Corp. | 1,007,531 | 38,172 |
Mitsubishi Electric Corp. | 2,983,000 | 37,510 |
Panasonic Corp. | 3,208,553 | 37,403 |
Shin-Etsu Chemical Co. Ltd. | 621,100 | 36,328 |
Sumitomo Realty & Development Co. Ltd. | 725,000 | 36,125 |
Mitsui & Co. Ltd. | 2,568,400 | 35,806 |
NTT DOCOMO Inc. | 2,128,800 | 35,053 |
Tokio Marine Holdings Inc. | 1,020,000 | 34,139 |
Fast Retailing Co. Ltd. | 80,000 | 33,042 |
Central Japan Railway Co. | 277,500 | 32,704 |
Nippon Telegraph & Telephone Corp. | 606,500 | 32,666 |
Nissan Motor Co. Ltd. | 3,768,600 | 31,581 |
Kubota Corp. | 1,894,000 | 31,416 |
Sumitomo Mitsui Trust Holdings Inc. | 5,776,270 | 30,563 |
Mitsubishi Heavy Industries Ltd. | 4,845,000 | 30,008 |
Keyence Corp. | 68,518 | 29,338 |
Komatsu Ltd. | 1,427,900 | 29,317 |
ITOCHU Corp. | 2,348,700 | 29,036 |
Fuji Heavy Industries Ltd. | 949,000 | 27,273 |
Daiwa Securities Group Inc. | 2,721,000 | 27,252 |
Murata Manufacturing Co. Ltd. | 302,500 | 26,902 |
Toshiba Corp. | 6,237,000 | 26,257 |
Sony Corp. | 1,504,300 | 25,932 |
Kao Corp. | 794,501 | 25,012 |
Daikin Industries Ltd. | 400,100 | 24,967 |
Kyocera Corp. | 493,400 | 24,666 |
Dai-ichi Life Insurance Co. Ltd. | 1,458,800 | 24,410 |
SMC Corp. | 94,600 | 23,876 |
MS&AD Insurance Group Holdings | 826,533 | 22,216 |
* Mazda Motor Corp. | 4,113,000 | 21,314 |
Sumitomo Corp. | 1,682,000 | 21,140 |
8
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
FUJIFILM Holdings Corp. | 711,000 | 20,182 |
Sumitomo Electric Industries Ltd. | 1,174,300 | 19,630 |
Tokyo Gas Co. Ltd. | 3,947,000 | 19,454 |
Daiichi Sankyo Co. Ltd. | 1,057,963 | 19,345 |
Kirin Holdings Co. Ltd. | 1,343,000 | 19,341 |
Secom Co. Ltd. | 319,500 | 19,277 |
JX Holdings Inc. | 3,740,150 | 19,260 |
Daiwa House Industry Co. Ltd. | 991,000 | 19,201 |
Asahi Group Holdings Ltd. | 663,900 | 18,735 |
Hoya Corp. | 664,100 | 18,470 |
Marubeni Corp. | 2,558,000 | 18,415 |
Eisai Co. Ltd. | 446,900 | 17,321 |
Suzuki Motor Corp. | 637,000 | 17,165 |
Nidec Corp. | 168,900 | 16,639 |
JFE Holdings Inc. | 697,700 | 16,626 |
Toray Industries Inc. | 2,395,000 | 16,590 |
NKSJ Holdings Inc. | 592,300 | 16,486 |
Asahi Kasei Corp. | 2,057,000 | 16,135 |
Resona Holdings Inc. | 2,976,536 | 15,188 |
Ajinomoto Co. Inc. | 995,500 | 14,412 |
Tokyo Electron Ltd. | 259,600 | 14,305 |
T&D Holdings Inc. | 1,016,030 | 14,221 |
* Olympus Corp. | 447,527 | 14,194 |
* Fujitsu Ltd. | 2,732,000 | 14,159 |
Omron Corp. | 318,900 | 14,093 |
Chubu Electric Power Co. Inc. | 1,083,800 | 14,011 |
Dentsu Inc. | 341,288 | 13,958 |
Terumo Corp. | 281,000 | 13,567 |
* Kansai Electric Power Co. Inc. | 1,172,050 | 13,490 |
JGC Corp. | 342,000 | 13,421 |
West Japan Railway Co. | 300,000 | 12,999 |
Tokyu Corp. | 1,976,000 | 12,803 |
Yamato Holdings Co. Ltd. | 626,300 | 12,666 |
Sekisui House Ltd. | 891,359 | 12,473 |
Aisin Seiki Co. Ltd. | 303,800 | 12,351 |
Osaka Gas Co. Ltd. | 3,139,000 | 12,329 |
Aeon Co. Ltd. | 904,973 | 12,268 |
Isuzu Motors Ltd. | 1,925,000 | 12,006 |
LIXIL Group Corp. | 433,412 | 11,898 |
Oriental Land Co. Ltd. | 81,100 | 11,696 |
Yahoo Japan Corp. | 2,030,400 | 11,322 |
Ricoh Co. Ltd. | 1,059,000 | 11,262 |
Bank of Yokohama Ltd. | 1,966,000 | 10,969 |
Shionogi & Co. Ltd. | 504,600 | 10,955 |
Daito Trust Construction Co. Ltd. | 116,900 | 10,929 |
* Tokyo Electric Power Co. Inc. | 2,197,870 | 10,829 |
Sumitomo Metal Mining Co. Ltd. | 821,000 | 10,758 |
Hankyu Hanshin Holdings Inc. | 1,985,000 | 10,726 |
Dai Nippon Printing Co. Ltd. | 1,007,800 | 10,705 |
Shizuoka Bank Ltd. | 993,000 | 10,607 |
Nitto Denko Corp. | 250,400 | 10,588 |
Unicharm Corp. | 180,000 | 10,271 |
Nikon Corp. | 530,100 | 10,131 |
Makita Corp. | 192,100 | 10,103 |
Kawasaki Heavy Industries Ltd. | 2,403,000 | 10,092 |
Shimano Inc. | 117,000 | 10,044 |
Mitsubishi Chemical Holdings Corp. | 2,159,500 | 9,994 |
Shiseido Co. Ltd. | 613,500 | 9,866 |
Sumitomo Chemical Co. Ltd. | 2,453,000 | 9,628 |
Kintetsu Corp. | 2,742,190 | 9,622 |
NSK Ltd. | 763,000 | 9,509 |
IHI Corp. | 2,164,000 | 9,359 |
TDK Corp. | 188,700 | 9,053 |
* Kyushu Electric Power Co. Inc. | 705,900 | 9,016 |
9
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Asahi Glass Co. Ltd. | 1,437,035 | 8,948 |
Odakyu Electric Railway Co. Ltd. | 985,000 | 8,908 |
Toyota Tsusho Corp. | 354,493 | 8,791 |
Tobu Railway Co. Ltd. | 1,786,000 | 8,660 |
Yakult Honsha Co. Ltd. | 168,100 | 8,494 |
NEC Corp. | 3,706,400 | 8,366 |
NGK Insulators Ltd. | 439,000 | 8,355 |
TOTO Ltd. | 524,000 | 8,311 |
Sekisui Chemical Co. Ltd. | 672,000 | 8,246 |
* Tohoku Electric Power Co. Inc. | 731,000 | 8,235 |
Toppan Printing Co. Ltd. | 1,023,000 | 8,189 |
Isetan Mitsukoshi Holdings Ltd. | 572,940 | 8,156 |
Konica Minolta Inc. | 813,500 | 8,130 |
Chugai Pharmaceutical Co. Ltd. | 366,500 | 8,113 |
Chiba Bank Ltd. | 1,192,000 | 8,044 |
Nippon Yusen KK | 2,498,000 | 7,987 |
NGK Spark Plug Co. Ltd. | 336,000 | 7,963 |
Mitsui OSK Lines Ltd. | 1,763,000 | 7,957 |
Chugoku Electric Power Co. Inc. | 496,900 | 7,737 |
Oji Holdings Corp. | 1,503,000 | 7,710 |
Lawson Inc. | 102,690 | 7,685 |
Sega Sammy Holdings Inc. | 300,988 | 7,671 |
Tokyo Tatemono Co. Ltd. | 677,000 | 7,528 |
MEIJI Holdings Co. Ltd. | 116,354 | 7,479 |
Taisei Corp. | 1,632,000 | 7,427 |
NTT Data Corp. | 197,000 | 7,278 |
Nippon Express Co. Ltd. | 1,496,000 | 7,242 |
* Sharp Corp. | 2,274,287 | 7,241 |
Taiheiyo Cement Corp. | 1,863,000 | 7,165 |
Mitsubishi Materials Corp. | 1,926,000 | 7,119 |
* Tokyu Fudosan Holdings Corp. | 738,259 | 6,940 |
* Kobe Steel Ltd. | 4,010,000 | 6,875 |
Namco Bandai Holdings Inc. | 307,700 | 6,832 |
Keikyu Corp. | 828,000 | 6,827 |
Hulic Co. Ltd. | 459,200 | 6,796 |
Rohm Co. Ltd. | 139,000 | 6,780 |
Hisamitsu Pharmaceutical Co. Inc. | 133,000 | 6,702 |
Credit Saison Co. Ltd. | 252,900 | 6,667 |
Keio Corp. | 991,000 | 6,604 |
Kuraray Co. Ltd. | 552,700 | 6,597 |
Hino Motors Ltd. | 417,000 | 6,569 |
Electric Power Development Co. Ltd. | 225,240 | 6,567 |
Yamaha Motor Co. Ltd. | 431,300 | 6,484 |
Sysmex Corp. | 109,100 | 6,444 |
Yaskawa Electric Corp. | 405,000 | 6,417 |
Fukuoka Financial Group Inc. | 1,447,800 | 6,355 |
Seiko Epson Corp. | 234,500 | 6,314 |
JSR Corp. | 325,400 | 6,307 |
Joyo Bank Ltd. | 1,223,000 | 6,253 |
Kansai Paint Co. Ltd. | 418,000 | 6,181 |
* Mitsubishi Motors Corp. | 572,500 | 6,159 |
JTEKT Corp. | 359,000 | 6,126 |
J Front Retailing Co. Ltd. | 805,200 | 6,108 |
Obayashi Corp. | 1,059,000 | 6,040 |
Nissin Foods Holdings Co. Ltd. | 143,100 | 6,039 |
Yokogawa Electric Corp. | 391,400 | 6,018 |
Toyo Seikan Group Holdings Ltd. | 279,000 | 6,006 |
Trend Micro Inc. | 170,200 | 5,964 |
Nippon Paint Co. Ltd. | 353,000 | 5,873 |
Stanley Electric Co. Ltd. | 255,300 | 5,853 |
Mitsubishi Tanabe Pharma Corp. | 419,450 | 5,850 |
Santen Pharmaceutical Co. Ltd. | 125,400 | 5,843 |
Shinsei Bank Ltd. | 2,352,014 | 5,758 |
Suruga Bank Ltd. | 314,000 | 5,639 |
10
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Brother Industries Ltd. | 407,200 | 5,570 |
Nippon Meat Packers Inc. | 321,000 | 5,517 |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 881,100 | 5,417 |
Iyo Bank Ltd. | 549,900 | 5,395 |
Nitori Holdings Co. Ltd. | 56,600 | 5,359 |
Kyowa Hakko Kirin Co. Ltd. | 485,000 | 5,352 |
Kajima Corp. | 1,422,000 | 5,348 |
SBI Holdings Inc. | 350,290 | 5,319 |
Bank of Kyoto Ltd. | 635,000 | 5,308 |
Amada Co. Ltd. | 598,000 | 5,281 |
Kikkoman Corp. | 279,000 | 5,275 |
Shimizu Corp. | 1,039,000 | 5,250 |
Aozora Bank Ltd. | 1,822,604 | 5,165 |
Daihatsu Motor Co. Ltd. | 301,600 | 5,116 |
Toho Co. Ltd. | 232,400 | 5,113 |
Takashimaya Co. Ltd. | 506,860 | 5,057 |
Casio Computer Co. Ltd. | 412,100 | 5,050 |
Don Quijote Holdings Co. Ltd. | 82,800 | 5,019 |
Sony Financial Holdings Inc. | 274,900 | 5,008 |
Mitsubishi Gas Chemical Co. Inc. | 670,000 | 4,939 |
* Iida Group Holdings Co. Ltd. | 246,700 | 4,924 |
Rinnai Corp. | 62,900 | 4,900 |
Nomura Research Institute Ltd. | 154,600 | 4,886 |
Kamigumi Co. Ltd. | 530,000 | 4,863 |
Aeon Mall Co. Ltd. | 173,520 | 4,861 |
Yokohama Rubber Co. Ltd. | 494,000 | 4,858 |
Hachijuni Bank Ltd. | 829,600 | 4,843 |
TonenGeneral Sekiyu KK | 513,000 | 4,707 |
Asics Corp. | 274,596 | 4,693 |
Japan Airlines Co. Ltd. | 95,114 | 4,692 |
Nissan Chemical Industries Ltd. | 294,500 | 4,680 |
Hokuhoku Financial Group Inc. | 2,339,000 | 4,676 |
USS Co. Ltd. | 340,700 | 4,673 |
THK Co. Ltd. | 186,000 | 4,645 |
Suntory Beverage & Food Ltd. | 145,500 | 4,642 |
Hamamatsu Photonics KK | 113,500 | 4,542 |
Nomura Real Estate Holdings Inc. | 201,371 | 4,537 |
Dainippon Sumitomo Pharma Co. Ltd. | 288,600 | 4,520 |
Keisei Electric Railway Co. Ltd. | 490,000 | 4,509 |
Toyo Suisan Kaisha Ltd. | 150,000 | 4,506 |
FamilyMart Co. Ltd. | 98,500 | 4,500 |
MISUMI Group Inc. | 142,400 | 4,477 |
Tosoh Corp. | 958,000 | 4,464 |
Gunma Bank Ltd. | 791,000 | 4,420 |
Yamada Denki Co. Ltd. | 1,348,900 | 4,412 |
Marui Group Co. Ltd. | 431,200 | 4,386 |
Ebara Corp. | 681,000 | 4,384 |
Nagoya Railroad Co. Ltd. | 1,521,000 | 4,382 |
AEON Financial Service Co. Ltd. | 161,110 | 4,320 |
Idemitsu Kosan Co. Ltd. | 188,436 | 4,290 |
Yamaha Corp. | 269,500 | 4,285 |
Miraca Holdings Inc. | 90,200 | 4,255 |
Nisshin Seifun Group Inc. | 411,140 | 4,252 |
Benesse Holdings Inc. | 105,500 | 4,238 |
Toho Gas Co. Ltd. | 870,000 | 4,235 |
Daicel Corp. | 518,000 | 4,222 |
Fuji Electric Co. Ltd. | 898,000 | 4,208 |
Nabtesco Corp. | 181,000 | 4,177 |
Sumitomo Rubber Industries Ltd. | 289,800 | 4,125 |
Shimadzu Corp. | 473,000 | 4,118 |
Nippon Kayaku Co. Ltd. | 288,000 | 4,096 |
Yamaguchi Financial Group Inc. | 438,000 | 4,062 |
Ryohin Keikaku Co. Ltd. | 37,500 | 4,056 |
Sumitomo Heavy Industries Ltd. | 877,000 | 4,041 |
11
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Citizen Holdings Co. Ltd. | 478,200 | 4,035 |
Dena Co. Ltd. | 190,700 | 4,020 |
Teijin Ltd. | 1,803,000 | 4,016 |
Hokuriku Electric Power Co. | 295,400 | 4,012 |
Shimamura Co. Ltd. | 42,700 | 4,003 |
Hiroshima Bank Ltd. | 945,000 | 3,916 |
Minebea Co. Ltd. | 533,000 | 3,905 |
Sanrio Co. Ltd. | 92,300 | 3,887 |
Kurita Water Industries Ltd. | 186,700 | 3,873 |
Kaneka Corp. | 588,000 | 3,861 |
Sankyo Co. Ltd. | 83,700 | 3,860 |
Alfresa Holdings Corp. | 76,100 | 3,777 |
DIC Corp. | 1,231,000 | 3,753 |
Mitsui Chemicals Inc. | 1,550,000 | 3,748 |
Suzuken Co. Ltd. | 115,660 | 3,747 |
Mitsubishi Logistics Corp. | 236,000 | 3,736 |
Konami Corp. | 161,300 | 3,730 |
ANA Holdings Inc. | 1,863,317 | 3,723 |
Ube Industries Ltd. | 1,738,000 | 3,723 |
Kakaku.com Inc. | 211,700 | 3,719 |
Hakuhodo DY Holdings Inc. | 475,500 | 3,686 |
* NTN Corp. | 809,000 | 3,679 |
* Shikoku Electric Power Co. Inc. | 239,200 | 3,587 |
MediPal Holdings Corp. | 270,600 | 3,572 |
Hitachi Metals Ltd. | 252,000 | 3,566 |
Ibiden Co. Ltd. | 188,800 | 3,535 |
Nishi-Nippon City Bank Ltd. | 1,311,000 | 3,532 |
Hitachi Construction Machinery Co. Ltd. | 164,900 | 3,529 |
Dowa Holdings Co. Ltd. | 357,000 | 3,493 |
Showa Denko KK | 2,442,000 | 3,464 |
Nippon Electric Glass Co. Ltd. | 654,500 | 3,438 |
COMSYS Holdings Corp. | 217,900 | 3,426 |
Keihan Electric Railway Co. Ltd. | 898,000 | 3,415 |
Air Water Inc. | 251,805 | 3,413 |
Advantest Corp. | 272,700 | 3,398 |
GS Yuasa Corp. | 590,000 | 3,395 |
Koito Manufacturing Co. Ltd. | 174,712 | 3,338 |
77 Bank Ltd. | 689,000 | 3,337 |
Taiyo Nippon Sanso Corp. | 468,000 | 3,332 |
M3 Inc. | 1,328 | 3,326 |
* Hokkaido Electric Power Co. Inc. | 287,000 | 3,303 |
Nippon Paper Industries Co. Ltd. | 172,200 | 3,198 |
Toyoda Gosei Co. Ltd. | 137,200 | 3,196 |
Otsuka Corp. | 24,960 | 3,189 |
Century Tokyo Leasing Corp. | 96,500 | 3,187 |
* Haseko Corp. | 417,700 | 3,182 |
Tsumura & Co. | 119,200 | 3,159 |
Sojitz Corp. | 1,764,100 | 3,141 |
Showa Shell Sekiyu KK | 305,700 | 3,107 |
* Alps Electric Co. Ltd. | 271,300 | 3,089 |
DMG Mori Seiki Co. Ltd. | 165,900 | 2,990 |
Chugoku Bank Ltd. | 234,000 | 2,974 |
Park24 Co. Ltd. | 156,100 | 2,944 |
Denki Kagaku Kogyo KK | 709,000 | 2,931 |
Japan Steel Works Ltd. | 521,513 | 2,922 |
OKUMA Corp. | 261,000 | 2,882 |
NHK Spring Co. Ltd. | 253,100 | 2,860 |
Zeon Corp. | 305,000 | 2,858 |
Sawai Pharmaceutical Co. Ltd. | 44,100 | 2,848 |
Rohto Pharmaceutical Co. Ltd. | 180,000 | 2,747 |
Mitsui Mining & Smelting Co. Ltd. | 893,000 | 2,746 |
Takara Holdings Inc. | 293,000 | 2,735 |
Hitachi Chemical Co. Ltd. | 170,700 | 2,722 |
Obic Co. Ltd. | 92,100 | 2,721 |
12
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Ushio Inc. | 203,800 | 2,709 |
Furukawa Electric Co. Ltd. | 1,070,000 | 2,690 |
NOK Corp. | 163,500 | 2,678 |
Matsui Securities Co. Ltd. | 205,000 | 2,633 |
Nippon Shokubai Co. Ltd. | 238,000 | 2,629 |
Hitachi High-Technologies Corp. | 101,751 | 2,562 |
Seino Holdings Co. Ltd. | 238,000 | 2,505 |
Disco Corp. | 37,400 | 2,482 |
Sapporo Holdings Ltd. | 589,000 | 2,477 |
Sumitomo Forestry Co. Ltd. | 212,200 | 2,471 |
Sugi Holdings Co. Ltd. | 60,200 | 2,446 |
Toyobo Co. Ltd. | 1,322,000 | 2,440 |
Taiyo Yuden Co. Ltd. | 186,300 | 2,435 |
Fujikura Ltd. | 517,000 | 2,427 |
Hikari Tsushin Inc. | 31,900 | 2,406 |
Mitsui Engineering & Shipbuilding Co. Ltd. | 1,158,000 | 2,392 |
Nisshinbo Holdings Inc. | 248,000 | 2,388 |
Daido Steel Co. Ltd. | 478,000 | 2,379 |
Kobayashi Pharmaceutical Co. Ltd. | 42,300 | 2,361 |
Hitachi Capital Corp. | 80,500 | 2,348 |
Kawasaki Kisen Kaisha Ltd. | 898,000 | 2,274 |
Nichirei Corp. | 443,000 | 2,259 |
UNY Group Holdings Co. Ltd. | 364,400 | 2,235 |
Oracle Corp. Japan | 61,100 | 2,233 |
Sundrug Co. Ltd. | 49,900 | 2,229 |
* Acom Co. Ltd. | 653,400 | 2,226 |
Sotetsu Holdings Inc. | 648,000 | 2,220 |
Azbil Corp. | 95,200 | 2,219 |
Coca-Cola West Co. Ltd. | 104,400 | 2,211 |
Sohgo Security Services Co. Ltd. | 110,700 | 2,205 |
Kewpie Corp. | 158,000 | 2,194 |
Rengo Co. Ltd. | 364,000 | 2,191 |
Square Enix Holdings Co. Ltd. | 124,000 | 2,170 |
Aoyama Trading Co. Ltd. | 80,100 | 2,166 |
Yamazaki Baking Co. Ltd. | 211,000 | 2,164 |
Nagase & Co. Ltd. | 177,800 | 2,156 |
Yamato Kogyo Co. Ltd. | 66,900 | 2,140 |
Glory Ltd. | 82,400 | 2,138 |
Sumitomo Osaka Cement Co. Ltd. | 556,000 | 2,137 |
Hoshizaki Electric Co. Ltd. | 60,100 | 2,137 |
Wacoal Holdings Corp. | 209,000 | 2,128 |
NTT Urban Development Corp. | 183,600 | 2,116 |
Ito En Ltd. | 100,200 | 2,097 |
Calbee Inc. | 85,896 | 2,086 |
Juroku Bank Ltd. | 565,000 | 2,075 |
Kaken Pharmaceutical Co. Ltd. | 137,000 | 2,057 |
KYORIN Holdings Inc. | 94,300 | 2,020 |
* Aiful Corp. | 476,100 | 1,994 |
* Cosmo Oil Co. Ltd. | 1,042,000 | 1,991 |
Nishi-Nippon Railroad Co. Ltd. | 534,000 | 1,975 |
* Dainippon Screen Manufacturing Co. Ltd. | 345,000 | 1,955 |
Shiga Bank Ltd. | 367,000 | 1,928 |
K's Holdings Corp. | 66,600 | 1,925 |
Kose Corp. | 58,900 | 1,871 |
Lion Corp. | 333,000 | 1,858 |
SKY Perfect JSAT Holdings Inc. | 342,900 | 1,856 |
Kagome Co. Ltd. | 113,100 | 1,849 |
Matsumotokiyoshi Holdings Co. Ltd. | 52,900 | 1,844 |
Keiyo Bank Ltd. | 380,000 | 1,830 |
Ezaki Glico Co. Ltd. | 160,000 | 1,810 |
Izumi Co. Ltd. | 57,600 | 1,805 |
House Foods Group Inc. | 117,300 | 1,772 |
Capcom Co. Ltd. | 98,600 | 1,768 |
SCSK Corp. | 67,300 | 1,766 |
13
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Higo Bank Ltd. | 317,000 | 1,741 |
Daishi Bank Ltd. | 504,000 | 1,740 |
North Pacific Bank Ltd. | 419,000 | 1,706 |
Shimachu Co. Ltd. | 71,500 | 1,693 |
* Nippon Sheet Glass Co. Ltd. | 1,295,000 | 1,689 |
Takata Corp. | 58,500 | 1,678 |
Autobacs Seven Co. Ltd. | 106,700 | 1,662 |
* Orient Corp. | 703,500 | 1,652 |
San-In Godo Bank Ltd. | 230,000 | 1,650 |
Itochu Techno-Solutions Corp. | 40,700 | 1,650 |
Musashino Bank Ltd. | 48,600 | 1,629 |
Hokkoku Bank Ltd. | 448,000 | 1,607 |
Nexon Co. Ltd. | 173,700 | 1,605 |
Exedy Corp. | 54,400 | 1,594 |
Fuji Media Holdings Inc. | 77,200 | 1,581 |
Hyakugo Bank Ltd. | 391,000 | 1,565 |
Tokai Rika Co. Ltd. | 78,100 | 1,555 |
Kagoshima Bank Ltd. | 244,000 | 1,551 |
Senshu Ikeda Holdings Inc. | 332,800 | 1,551 |
H2O Retailing Corp. | 193,000 | 1,544 |
Nipro Corp. | 168,200 | 1,523 |
Nanto Bank Ltd. | 406,000 | 1,518 |
Fukuyama Transporting Co. Ltd. | 276,000 | 1,516 |
Mochida Pharmaceutical Co. Ltd. | 25,000 | 1,486 |
KYB Co. Ltd. | 279,000 | 1,469 |
Onward Holdings Co. Ltd. | 193,000 | 1,463 |
Toshiba TEC Corp. | 209,000 | 1,450 |
Shochiku Co. Ltd. | 154,000 | 1,418 |
Gree Inc. | 143,300 | 1,413 |
Hyakujushi Bank Ltd. | 404,000 | 1,407 |
Nisshin Steel Holdings Co. Ltd. | 117,000 | 1,402 |
Sumco Corp. | 158,460 | 1,398 |
Lintec Corp. | 75,400 | 1,398 |
Nippo Corp. | 84,000 | 1,396 |
Nippon Television Holdings Inc. | 76,600 | 1,383 |
Ogaki Kyoritsu Bank Ltd. | 503,000 | 1,383 |
Canon Marketing Japan Inc. | 97,800 | 1,365 |
Toda Corp. | 383,000 | 1,330 |
Awa Bank Ltd. | 265,000 | 1,329 |
Maeda Road Construction Co. Ltd. | 80,000 | 1,315 |
ABC-Mart Inc. | 29,300 | 1,280 |
FP Corp. | 17,600 | 1,255 |
Anritsu Corp. | 113,300 | 1,249 |
Kokuyo Co. Ltd. | 168,500 | 1,235 |
Tsuruha Holdings Inc. | 13,400 | 1,230 |
Pola Orbis Holdings Inc. | 34,000 | 1,214 |
Hitachi Transport System Ltd. | 80,900 | 1,209 |
Calsonic Kansei Corp. | 234,000 | 1,209 |
Toyota Boshoku Corp. | 93,500 | 1,169 |
Tokai Carbon Co. Ltd. | 334,000 | 1,167 |
PanaHome Corp. | 157,000 | 1,157 |
Komeri Co. Ltd. | 44,100 | 1,127 |
Asatsu-DK Inc. | 45,700 | 1,075 |
Sumitomo Real Estate Sales Co. Ltd. | 34,000 | 1,040 |
Sumitomo Bakelite Co. Ltd. | 286,000 | 1,029 |
Cosmos Pharmaceutical Corp. | 9,400 | 1,020 |
Nissan Shatai Co. Ltd. | 65,000 | 945 |
Kandenko Co. Ltd. | 165,000 | 930 |
Shinko Electric Industries Co. Ltd. | 108,600 | 904 |
Heiwa Corp. | 54,200 | 877 |
Pacific Metals Co. Ltd. | 235,000 | 859 |
Tokyo Broadcasting System Holdings Inc. | 63,300 | 787 |
Toppan Forms Co. Ltd. | 85,600 | 785 |
Adastria Holdings Co. Ltd. | 21,550 | 778 |
14
Vanguard® Tax-Managed International Fund | |||
Schedule of Investments | |||
December 31, 2013 | |||
Market | |||
Value | |||
Shares | ($000) | ||
NS Solutions Corp. | 30,800 | 681 | |
Tokai Rubber Industries Ltd. | 59,000 | 577 | |
Mitsubishi Shokuhin Co. Ltd. | 22,300 | 542 | |
OSAKA Titanium Technologies Co. Ltd. | 27,300 | 475 | |
Hitachi Koki Co. Ltd. | 62,400 | 458 | |
Kansai Urban Banking Corp. | 385,000 | 446 | |
4,516,396 | |||
Netherlands (2.8%) | |||
Unilever NV | 2,332,186 | 93,767 | |
* | ING Groep NV | 5,818,331 | 81,274 |
Koninklijke Philips NV | 1,394,196 | 51,336 | |
ASML Holding NV | 493,768 | 46,247 | |
Unibail-Rodamco SE | 168,518 | 43,184 | |
Heineken NV | 424,512 | 28,691 | |
Akzo Nobel NV | 352,760 | 27,355 | |
Aegon NV | 2,860,860 | 27,111 | |
ArcelorMittal | 1,485,975 | 26,543 | |
Reed Elsevier NV | 995,870 | 21,166 | |
Koninklijke DSM NV | 265,247 | 20,875 | |
Koninklijke Ahold NV | 1,013,363 | 18,211 | |
* | CNH Industrial NV | 1,327,927 | 15,174 |
* | Koninklijke KPN NV | 4,611,642 | 14,901 |
Gemalto NV | 119,983 | 13,205 | |
Wolters Kluwer NV | 432,176 | 12,341 | |
Randstad Holding NV | 154,727 | 10,041 | |
Ziggo NV | 209,391 | 9,575 | |
Corio NV | 208,900 | 9,375 | |
Heineken Holding NV | 140,420 | 8,889 | |
Fugro NV | 110,376 | 6,584 | |
TNT Express NV | 645,817 | 6,007 | |
* | SBM Offshore NV | 269,724 | 5,495 |
* | OCI | 121,823 | 5,490 |
Koninklijke Boskalis Westminster NV | 99,165 | 5,245 | |
Koninklijke Vopak NV | 87,872 | 5,144 | |
613,226 | |||
New Zealand (0.1%) | |||
Fletcher Building Ltd. | 1,040,606 | 7,292 | |
Telecom Corp. of New Zealand Ltd. | 2,709,585 | 5,143 | |
Auckland International Airport Ltd. | 1,741,552 | 5,058 | |
Sky Network Television Ltd. | 672,582 | 3,233 | |
SKYCITY Entertainment Group Ltd. | 944,531 | 2,899 | |
Fisher & Paykel Healthcare Corp. Ltd. | 807,293 | 2,558 | |
Contact Energy Ltd. | 555,328 | 2,345 | |
Vector Ltd. | 567,583 | 1,201 | |
Air New Zealand Ltd. | 728,409 | 984 | |
Chorus Ltd. | 693,778 | 823 | |
Warehouse Group Ltd. | 161,764 | 498 | |
32,034 | |||
Norway (0.8%) | |||
Statoil ASA | 1,453,843 | 35,352 | |
DNB ASA | 1,611,775 | 28,929 | |
Telenor ASA | 914,633 | 21,854 | |
Seadrill Ltd. | 531,712 | 21,792 | |
Yara International ASA | 241,690 | 10,424 | |
Orkla ASA | 1,166,954 | 9,121 | |
Norsk Hydro ASA | 1,901,234 | 8,505 | |
Subsea 7 SA | 439,794 | 8,431 | |
Schibsted ASA | 123,105 | 8,158 | |
Gjensidige Forsikring ASA | 269,617 | 5,157 | |
Aker Solutions ASA | 239,180 | 4,282 | |
162,005 | |||
Portugal (0.2%) | |||
EDP - Energias de Portugal SA | 2,488,312 | 9,140 |
15
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Galp Energia SGPS SA | 449,877 | 7,373 |
Jeronimo Martins SGPS SA | 359,700 | 7,034 |
* Banco Espirito Santo SA | 3,049,091 | 4,355 |
Portugal Telecom SGPS SA | 788,630 | 3,433 |
EDP Renovaveis SA | 267,613 | 1,421 |
32,756 | ||
Singapore (1.4%) | ||
DBS Group Holdings Ltd. | 2,669,123 | 36,273 |
Oversea-Chinese Banking Corp. Ltd. | 4,195,300 | 34,004 |
Singapore Telecommunications Ltd. | 11,199,290 | 32,569 |
United Overseas Bank Ltd. | 1,837,504 | 31,030 |
Keppel Corp. Ltd. | 2,246,904 | 19,958 |
Global Logistic Properties Ltd. | 4,916,400 | 11,278 |
Genting Singapore plc | 9,257,000 | 11,008 |
Singapore Exchange Ltd. | 1,833,000 | 10,570 |
CapitaLand Ltd. | 4,367,000 | 10,526 |
Wilmar International Ltd. | 3,400,000 | 9,235 |
Singapore Press Holdings Ltd. | 2,658,250 | 8,687 |
City Developments Ltd. | 1,040,000 | 7,947 |
Singapore Technologies Engineering Ltd. | 2,413,906 | 7,597 |
Sembcorp Industries Ltd. | 1,631,660 | 7,118 |
Singapore Airlines Ltd. | 814,502 | 6,728 |
Hutchison Port Holdings Trust | 8,686,251 | 5,870 |
ComfortDelGro Corp. Ltd. | 3,298,184 | 5,274 |
Noble Group Ltd. | 5,910,766 | 5,034 |
Sembcorp Marine Ltd. | 1,405,600 | 4,970 |
Jardine Cycle & Carriage Ltd. | 151,037 | 4,315 |
Keppel Land Ltd. | 1,605,000 | 4,260 |
Golden Agri-Resources Ltd. | 9,833,020 | 4,257 |
UOL Group Ltd. | 841,750 | 4,143 |
StarHub Ltd. | 961,000 | 3,276 |
Olam International Ltd. | 2,190,800 | 2,672 |
Singapore Post Ltd. | 2,031,000 | 2,134 |
SIA Engineering Co. Ltd. | 475,000 | 1,906 |
Venture Corp. Ltd. | 306,000 | 1,863 |
Yanlord Land Group Ltd. | 1,616,000 | 1,573 |
Wing Tai Holdings Ltd. | 1,003,000 | 1,567 |
M1 Ltd. | 417,000 | 1,083 |
* Neptune Orient Lines Ltd. | 1,130,000 | 1,010 |
SMRT Corp. Ltd. | 1,091,000 | 1,003 |
Cosco Corp. Singapore Ltd. | 1,408,000 | 845 |
Indofood Agri Resources Ltd. | 712,000 | 500 |
302,083 | ||
South Korea (4.2%) | ||
Samsung Electronics Co. Ltd. | 102,020 | 132,937 |
Samsung Electronics Co. Ltd. GDR | 114,325 | 74,808 |
Hyundai Motor Co. | 228,464 | 51,283 |
POSCO | 108,992 | 33,914 |
NAVER Corp. | 40,711 | 28,055 |
Hyundai Mobis | 100,644 | 28,020 |
* SK Hynix Inc. | 782,380 | 27,366 |
Kia Motors Corp. | 385,706 | 20,539 |
LG Chem Ltd. | 65,150 | 18,531 |
Hana Financial Group Inc. | 435,010 | 18,126 |
Shinhan Financial Group Co. Ltd. | 389,552 | 17,489 |
Hyundai Heavy Industries Co. Ltd. | 65,424 | 15,976 |
Samsung Life Insurance Co. Ltd. | 148,668 | 14,668 |
Samsung Fire & Marine Insurance Co. Ltd. | 57,855 | 14,217 |
* Shinhan Financial Group Co. Ltd. ADR | 288,868 | 13,201 |
KB Financial Group Inc. | 321,213 | 12,983 |
SK Innovation Co. Ltd. | 92,539 | 12,442 |
KT&G Corp. | 174,997 | 12,360 |
SK Telecom Co. Ltd. ADR | 434,770 | 10,704 |
KB Financial Group Inc. ADR | 257,597 | 10,435 |
16
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
LG Electronics Inc. | 159,862 | 10,337 |
* Korea Electric Power Corp. | 293,945 | 9,708 |
Samsung Heavy Industries Co. Ltd. | 260,340 | 9,409 |
Samsung C&T Corp. | 162,702 | 9,362 |
LG Corp. | 135,001 | 8,200 |
E-Mart Co. Ltd. | 32,055 | 8,107 |
* LG Display Co. Ltd. | 334,910 | 8,088 |
Samsung SDI Co. Ltd. | 52,258 | 8,046 |
LG Household & Health Care Ltd. | 14,079 | 7,321 |
SK Holdings Co. Ltd. | 38,881 | 7,049 |
Hyundai Steel Co. | 85,697 | 7,026 |
Lotte Shopping Co. Ltd. | 17,938 | 6,872 |
Woori Finance Holdings Co. Ltd. | 533,530 | 6,740 |
Hyundai Engineering & Construction Co. Ltd. | 108,433 | 6,251 |
Samsung Electro-Mechanics Co. Ltd. | 85,821 | 5,949 |
Hankook Tire Co. Ltd. | 103,162 | 5,944 |
Cheil Industries Inc. | 70,382 | 5,911 |
NCSoft Corp. | 23,347 | 5,509 |
Coway Co. Ltd. | 83,070 | 5,233 |
Kangwon Land Inc. | 175,960 | 5,167 |
Hyundai Glovis Co. Ltd. | 23,034 | 5,048 |
Orion Corp. | 5,521 | 4,971 |
Korea Zinc Co. Ltd. | 16,419 | 4,953 |
OCI Co. Ltd. | 27,048 | 4,907 |
S-Oil Corp. | 69,794 | 4,903 |
Lotte Chemical Corp. | 21,564 | 4,755 |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 141,390 | 4,703 |
BS Financial Group Inc. | 309,280 | 4,699 |
Amorepacific Corp. | 4,853 | 4,601 |
GS Holdings | 78,519 | 4,273 |
Samsung Securities Co. Ltd. | 101,405 | 4,240 |
SK C&C Co. Ltd. | 32,161 | 4,120 |
Hyundai Wia Corp. | 22,394 | 4,041 |
Dongbu Insurance Co. Ltd. | 73,223 | 3,901 |
Hyundai Greenfood Co. Ltd. | 25,471 | 3,895 |
* Cheil Worldwide Inc. | 142,500 | 3,720 |
Daelim Industrial Co. Ltd. | 40,866 | 3,651 |
Celltrion Inc. | 98,201 | 3,573 |
* KT Corp. ADR | 237,080 | 3,525 |
* LG Uplus Corp. | 320,490 | 3,268 |
Samsung Techwin Co. Ltd. | 62,543 | 3,229 |
Industrial Bank of Korea | 273,570 | 3,155 |
CJ CheilJedang Corp. | 11,723 | 3,081 |
* Korea Electric Power Corp. ADR | 177,871 | 2,954 |
Samsung Engineering Co. Ltd. | 46,932 | 2,940 |
Hanwha Corp. | 76,930 | 2,862 |
KCC Corp. | 6,301 | 2,802 |
DGB Financial Group Inc. | 175,010 | 2,742 |
Korea Gas Corp. | 43,205 | 2,731 |
Hyundai Marine & Fire Insurance Co. Ltd. | 87,210 | 2,687 |
Korea Investment Holdings Co. Ltd. | 64,160 | 2,484 |
Daewoo Securities Co. Ltd. | 291,910 | 2,469 |
Daewoo International Corp. | 62,870 | 2,466 |
SK Telecom Co. Ltd. | 11,198 | 2,451 |
Shinsegae Co. Ltd. | 10,194 | 2,442 |
Samsung Card Co. Ltd. | 67,340 | 2,389 |
Hyosung Corp. | 35,686 | 2,381 |
CJ Corp. | 21,435 | 2,371 |
KT Corp. | 77,740 | 2,329 |
Kumho Petro chemical Co. Ltd. | 25,401 | 2,299 |
Hanwha Life Insurance Co. Ltd. | 313,970 | 2,263 |
S-1 Corp. | 31,545 | 2,238 |
Mando Corp. | 18,375 | 2,181 |
Yuhan Corp. | 11,945 | 2,120 |
17
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Hanwha Chemical Corp. | 103,350 | 2,117 |
Lotte Confectionery Co. Ltd. | 1,163 | 2,108 |
Doosan Heavy Industries & Construction Co. Ltd. | 60,410 | 2,032 |
* Daewoo Engineering & Construction Co. Ltd. | 284,760 | 1,991 |
Hyundai Development Co-Engineering & Construction | 90,200 | 1,988 |
AMOREPACIFIC Group | 4,495 | 1,983 |
* NHN Entertainment Corp. | 20,668 | 1,892 |
LS Corp. | 24,009 | 1,843 |
Halla Visteon Climate Control Corp. | 48,420 | 1,782 |
Doosan Corp. | 12,889 | 1,705 |
Woori Investment & Securities Co. Ltd. | 181,900 | 1,657 |
Mirae Asset Securities Co. Ltd. | 44,574 | 1,626 |
* Doosan Infracore Co. Ltd. | 134,660 | 1,613 |
Hyundai Hysco Co. Ltd. | 40,910 | 1,599 |
* CJ Korea Express Co. Ltd. | 16,312 | 1,548 |
Daum Communications Corp. | 19,280 | 1,536 |
SK Networks Co. Ltd. | 209,060 | 1,500 |
GS Engineering & Construction Corp. | 48,900 | 1,416 |
* Korean Air Lines Co. Ltd. | 40,742 | 1,211 |
Lotte Chilsung Beverage Co. Ltd. | 824 | 1,192 |
Hyundai Securities Co. Ltd. | 205,980 | 1,144 |
* Hyundai Merchant Marine Co. Ltd. | 103,020 | 1,115 |
NongShim Co. Ltd. | 4,525 | 1,077 |
LG Hausys Ltd. | 7,918 | 1,063 |
Samsung Fine Chemicals Co. Ltd. | 23,855 | 1,009 |
Hite Jinro Co. Ltd. | 43,210 | 904 |
KEPCO Engineering & Construction Co. Inc. | 15,437 | 885 |
SKC Co. Ltd. | 30,290 | 879 |
* Hanjin Shipping Co. Ltd. | 116,350 | 846 |
Dongkuk Steel Mill Co. Ltd. | 58,440 | 730 |
Daishin Securities Co. Ltd. Pfd. Prior Pfd. | 129,700 | 685 |
* STX Pan Ocean Co. Ltd. | 160,820 | 116 |
Daishin Securities Co. Ltd. | 9,030 | 67 |
906,955 | ||
Spain (3.1%) | ||
* Banco Santander SA | 16,830,737 | 151,351 |
Banco Bilbao Vizcaya Argentaria SA | 8,636,775 | 106,842 |
Telefonica SA | 5,909,251 | 96,621 |
Inditex SA | 312,927 | 51,668 |
Iberdrola SA | 7,177,691 | 45,807 |
Repsol SA | 1,314,526 | 33,170 |
Amadeus IT Holding SA | 580,309 | 24,858 |
Abertis Infraestructuras SA | 767,084 | 17,062 |
* CaixaBank SA | 2,551,164 | 13,289 |
Banco de Sabadell SA | 5,023,342 | 13,117 |
Gas Natural SDG SA | 469,058 | 12,073 |
Ferrovial SA | 616,424 | 11,941 |
Grifols SA | 246,431 | 11,793 |
Banco Popular Espanol SA | 1,869,875 | 11,294 |
Red Electrica Corp. SA | 165,492 | 11,048 |
* ACS Actividades de Construccion y Servicios SA | 267,938 | 9,236 |
Enagas SA | 314,566 | 8,217 |
Distribuidora Internacional de Alimentacion SA | 874,148 | 7,827 |
Bankinter SA | 1,030,602 | 7,082 |
Mapfre SA | 1,537,559 | 6,595 |
* Endesa SA | 133,624 | 4,286 |
Zardoya Otis SA | 199,409 | 3,610 |
* Mediaset Espana Comunicacion SA | 234,060 | 2,704 |
Acciona SA | 36,378 | 2,096 |
* Acerinox SA | 72,105 | 919 |
664,506 | ||
Sweden (3.0%) | ||
Hennes & Mauritz AB Class B | 1,436,119 | 66,143 |
Nordea Bank AB | 4,867,495 | 65,627 |
18
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Telefonaktiebolaget LM Ericsson Class B | 4,483,452 | 54,741 |
Swedbank AB Class A | 1,603,264 | 45,163 |
Svenska Handelsbanken AB Class A | 750,274 | 36,889 |
Atlas Copco AB Class A | 1,255,584 | 34,863 |
Skandinaviska Enskilda Banken AB Class A | 2,314,921 | 30,583 |
Volvo AB Class B | 2,310,990 | 30,409 |
TeliaSonera AB | 3,457,044 | 28,833 |
Svenska Cellulosa AB SCA Class B | 897,018 | 27,635 |
Assa Abloy AB Class B | 482,910 | 25,567 |
Sandvik AB | 1,668,547 | 23,549 |
SKF AB | 656,598 | 17,220 |
Investment AB Kinnevik | 341,341 | 15,825 |
Alfa Laval AB | 506,441 | 13,012 |
Skanska AB Class B | 625,708 | 12,801 |
Hexagon AB Class B | 402,598 | 12,735 |
Swedish Match AB | 316,291 | 10,169 |
Scania AB Class B | 499,760 | 9,795 |
Getinge AB | 279,609 | 9,584 |
Electrolux AB Class B | 366,511 | 9,578 |
Elekta AB Class B | 556,109 | 8,510 |
Boliden AB | 492,552 | 7,552 |
Atlas Copco AB Class B | 268,475 | 6,825 |
* Lundin Petroleum AB | 332,332 | 6,467 |
Securitas AB Class B | 500,473 | 5,325 |
* Tele2 AB | 465,633 | 5,288 |
Modern Times Group AB Class B | 96,560 | 5,006 |
Ratos AB | 485,589 | 4,391 |
SSAB AB Class A | 515,715 | 3,962 |
Husqvarna AB | 645,936 | 3,889 |
Holmen AB | 81,661 | 2,971 |
640,907 | ||
Switzerland (8.3%) | ||
Nestle SA | 4,793,130 | 351,289 |
Roche Holding AG | 1,047,332 | 293,385 |
Novartis AG | 3,472,075 | 278,285 |
UBS AG | 5,274,222 | 100,987 |
ABB Ltd. | 3,437,771 | 90,895 |
* Cie Financiere Richemont SA | 738,168 | 73,741 |
Credit Suisse Group AG | 2,350,460 | 72,543 |
Zurich Insurance Group AG | 219,823 | 63,763 |
Syngenta AG | 137,800 | 54,940 |
Swiss Re AG | 552,479 | 50,932 |
Swatch Group AG (Bearer) | 57,442 | 38,073 |
Transocean Ltd. | 519,667 | 25,432 |
Holcim Ltd. | 330,459 | 24,707 |
Givaudan SA | 13,499 | 19,311 |
Swisscom AG | 34,191 | 18,070 |
SGS SA | 7,772 | 17,893 |
Julius Baer Group Ltd. | 351,460 | 16,890 |
Geberit AG | 54,406 | 16,506 |
Adecco SA | 190,021 | 15,085 |
Actelion Ltd. | 159,951 | 13,567 |
Sonova Holding AG | 96,396 | 12,998 |
Sika AG | 3,049 | 10,865 |
Aryzta AG | 124,637 | 9,577 |
Kuehne & Nagel International AG | 72,222 | 9,493 |
Swiss Life Holding AG | 44,410 | 9,233 |
Baloise Holding AG | 71,836 | 9,160 |
Schindler Holding AG (Registered) | 61,934 | 9,137 |
Lonza Group AG | 82,070 | 7,799 |
Lindt & Spruengli AG Regular | 140 | 7,556 |
Clariant AG | 396,346 | 7,254 |
Partners Group Holding AG | 27,208 | 7,249 |
Lindt & Spruengli AG | 1,430 | 6,450 |
19
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Swiss Prime Site AG | 78,062 | 6,045 |
PSP Swiss Property AG | 69,689 | 5,905 |
Sulzer AG | 34,701 | 5,607 |
Schindler Holding AG | 37,745 | 5,557 |
GAM Holding AG | 280,847 | 5,468 |
Barry Callebaut AG | 2,712 | 3,408 |
EMS-Chemie Holding AG | 9,187 | 3,276 |
DKSH Holding AG | 37,397 | 2,909 |
Banque Cantonale Vaudoise | 2,970 | 1,624 |
Swatch Group AG (Registered) | 5,284 | 596 |
1,783,460 | ||
United Kingdom (20.4%) | ||
HSBC Holdings plc | 28,017,487 | 307,470 |
Vodafone Group plc | 72,524,380 | 285,544 |
BP plc | 28,013,366 | 227,025 |
Royal Dutch Shell plc Class A | 5,976,443 | 214,186 |
GlaxoSmithKline plc | 7,248,336 | 193,658 |
British American Tobacco plc | 2,787,599 | 149,623 |
Royal Dutch Shell plc Class B | 3,492,632 | 131,743 |
Diageo plc | 3,742,951 | 124,037 |
AstraZeneca plc | 1,866,167 | 110,715 |
BG Group plc | 5,071,857 | 109,139 |
Barclays plc | 23,962,955 | 108,358 |
Rio Tinto plc | 1,855,953 | 104,880 |
BHP Billiton plc | 3,125,713 | 96,991 |
* Lloyds Banking Group plc | 72,176,088 | 94,709 |
Prudential plc | 3,805,988 | 85,041 |
Reckitt Benckiser Group plc | 950,753 | 75,524 |
Glencore Xstrata plc | 14,265,057 | 74,215 |
BT Group plc | 11,698,549 | 73,771 |
Unilever plc | 1,792,304 | 73,746 |
National Grid plc | 5,612,690 | 73,410 |
SABMiller plc | 1,402,903 | 72,215 |
Standard Chartered plc | 2,931,397 | 66,212 |
Tesco plc | 11,864,630 | 65,889 |
Rolls-Royce Holdings plc | 2,769,805 | 58,585 |
Imperial Tobacco Group plc | 1,434,548 | 55,615 |
WPP plc | 1,982,449 | 45,406 |
Centrica plc | 7,715,923 | 44,495 |
Anglo American plc London Shares | 1,945,544 | 42,579 |
Compass Group plc | 2,639,515 | 42,377 |
Shire plc | 827,237 | 38,986 |
ARM Holdings plc | 2,084,706 | 37,906 |
BAE Systems plc | 4,769,064 | 34,408 |
Aviva plc | 4,376,559 | 32,743 |
Legal & General Group plc | 8,715,553 | 32,217 |
SSE plc | 1,405,099 | 31,930 |
Experian plc | 1,482,250 | 27,381 |
Pearson plc | 1,197,707 | 26,704 |
Land Securities Group plc | 1,655,468 | 26,445 |
Reed Elsevier plc | 1,730,958 | 25,815 |
British Land Co. plc | 2,216,145 | 23,105 |
Old Mutual plc | 7,184,136 | 22,541 |
Kingfisher plc | 3,460,031 | 22,089 |
Wolseley plc | 385,312 | 21,906 |
Associated British Foods plc | 522,625 | 21,196 |
CRH plc | 828,853 | 21,005 |
Standard Life plc | 3,466,293 | 20,700 |
British Sky Broadcasting Group plc | 1,439,999 | 20,144 |
Next plc | 215,849 | 19,511 |
Tullow Oil plc | 1,345,141 | 19,091 |
ITV plc | 5,563,229 | 17,903 |
Smith & Nephew plc | 1,244,578 | 17,776 |
* Royal Bank of Scotland Group plc | 3,133,068 | 17,645 |
20
Vanguard® Tax-Managed International Fund | ||
Schedule of Investments | ||
December 31, 2013 | ||
Market | ||
Value | ||
Shares | ($000) | |
Marks & Spencer Group plc | 2,357,777 | 16,931 |
Capita plc | 959,813 | 16,522 |
Burberry Group plc | 652,268 | 16,434 |
Whitbread plc | 262,982 | 16,367 |
Johnson Matthey plc | 300,655 | 16,360 |
Hammerson plc | 1,948,432 | 16,221 |
GKN plc | 2,392,225 | 14,824 |
Smiths Group plc | 567,491 | 13,935 |
WM Morrison Supermarkets plc | 3,119,959 | 13,506 |
InterContinental Hotels Group plc | 380,737 | 12,700 |
J Sainsbury plc | 2,025,373 | 12,258 |
Babcock International Group plc | 533,144 | 11,980 |
Aberdeen Asset Management plc | 1,437,382 | 11,953 |
Intu Properties plc | 2,324,160 | 11,931 |
Resolution Ltd. | 2,004,394 | 11,765 |
* Sage Group plc | 1,733,459 | 11,604 |
Intertek Group plc | 218,014 | 11,378 |
United Utilities Group plc | 1,017,019 | 11,323 |
IMI plc | 445,698 | 11,287 |
Carnival plc | 271,017 | 11,220 |
Bunzl plc | 463,320 | 11,134 |
Segro plc | 1,936,435 | 10,719 |
Weir Group plc | 302,120 | 10,697 |
Aggreko plc | 376,815 | 10,687 |
* International Consolidated Airlines Group SA (London Shares) | 1,518,814 | 10,120 |
Meggitt plc | 1,152,883 | 10,094 |
G4S plc | 2,262,240 | 9,843 |
Rexam plc | 1,106,607 | 9,736 |
Severn Trent plc | 337,675 | 9,547 |
Melrose Industries plc | 1,768,558 | 8,973 |
London Stock Exchange Group plc | 301,135 | 8,663 |
William Hill plc | 1,286,088 | 8,574 |
Tate & Lyle plc | 637,729 | 8,555 |
Randgold Resources Ltd. | 133,904 | 8,420 |
easyJet plc | 326,688 | 8,326 |
Coca-Cola HBC AG (London Shares) | 282,984 | 8,282 |
RSA Insurance Group plc | 5,419,509 | 8,207 |
Drax Group plc | 610,500 | 8,100 |
Informa plc | 834,863 | 7,946 |
Invensys plc | 938,812 | 7,935 |
Croda International plc | 194,484 | 7,928 |
Hargreaves Lansdown plc | 352,045 | 7,908 |
Schroders plc (Voting Shares) | 182,621 | 7,876 |
Inmarsat plc | 627,773 | 7,871 |
Petrofac Ltd. | 387,471 | 7,857 |
AMEC plc | 432,008 | 7,800 |
Antofagasta plc | 510,406 | 6,997 |
Cobham plc | 1,497,273 | 6,816 |
Daily Mail & General Trust plc | 409,987 | 6,531 |
ICAP plc | 839,952 | 6,291 |
Serco Group plc | 743,614 | 6,153 |
Admiral Group plc | 281,818 | 6,126 |
John Wood Group plc | 534,830 | 6,097 |
Investec plc | 837,595 | 6,083 |
CRH plc (London Shares) | 233,341 | 5,925 |
TUI Travel plc | 745,520 | 5,110 |
Rentokil Initial plc | 2,582,617 | 4,960 |
Ladbrokes plc | 1,362,007 | 4,048 |
Ashmore Group plc | 598,207 | 3,985 |
Polyus Gold International Ltd. | 1,130,667 | 3,733 |
* Cairn Energy plc | 805,851 | 3,603 |
Man Group plc | 2,536,864 | 3,584 |
Fresnillo plc | 245,340 | 3,051 |
Polymetal International plc | 314,532 | 3,019 |
21
Vanguard® Tax-Managed International Fund | |||||
Schedule of Investments | |||||
December 31, 2013 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
* | Lonmin plc | 536,710 | 2,752 | ||
Schroders plc | 64,385 | 2,154 | |||
Vedanta Resources plc | 135,421 | 2,102 | |||
Kazakhmys plc | 381,066 | 1,383 | |||
* | Evraz plc | 677,670 | 1,261 | ||
Ferrexpo plc | 195,600 | 622 | |||
African Barrick Gold plc | 172,696 | 534 | |||
* | Essar Energy plc | 366,171 | 440 | ||
Coca-Cola HBC AG | 6,981 | 202 | |||
4,392,164 | |||||
Total Common Stocks (Cost $17,725,791) | 21,383,713 | ||||
Coupon | |||||
Temporary Cash Investments (0.8%)1 | |||||
Money Market Fund (0.7%) | |||||
2 | Vanguard Market Liquidity Fund | 0.125% | 158,118,219 | 158,118 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
3,4 | Fannie Mae Discount Notes | 0.050% | 1/22/14 | 500 | 500 |
3,4 | Fannie Mae Discount Notes | 0.065% | 2/3/14 | 200 | 200 |
3,4 | Fannie Mae Discount Notes | 0.075% | 3/5/14 | 500 | 500 |
4,5 | Federal Home Loan Bank Discount Notes | 0.050% | 1/10/14 | 700 | 700 |
4,5 | Federal Home Loan Bank Discount Notes | 0.090-0.190% | 1/15/14 | 950 | 950 |
4,5 | Federal Home Loan Bank Discount Notes | 0.065% | 1/31/14 | 200 | 200 |
4,5 | Federal Home Loan Bank Discount Notes | 0.090% | 3/21/14 | 1,300 | 1,299 |
4,5 | Federal Home Loan Bank Discount Notes | 0.120% | 5/28/14 | 2,700 | 2,698 |
5 | Federal Home Loan Bank Discount Notes | 0.125% | 5/30/14 | 300 | 300 |
3,4 | Freddie Mac Discount Notes | 0.100% | 1/27/14 | 100 | 100 |
3,4 | Freddie Mac Discount Notes | 0.150% | 2/3/14 | 300 | 300 |
3,4 | Freddie Mac Discount Notes | 0.085% | 3/12/14 | 300 | 300 |
8,047 | |||||
Total Temporary Cash Investments (Cost $166,166) | 166,165 | ||||
Total Investments (99.9%) (Cost $17,891,957) | 21,549,878 | ||||
Other Assets and Liabilities—Net (0.1%) | 12,992 | ||||
Net Assets (100%) | 21,562,870 |
* | Non-income-producing security. |
1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.8% and 0.1%, respectively, of net assets. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
4 | Securities with a value of $7,547,000 have been segregated as initial margin for open futures contracts. |
5 | The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government. |
ADR—American Depositary Receipt. GDR—Global Depositary Receipt. REIT—Real Estate Investment Trust. |
22
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© 2014 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA1270_032014
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
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.
(a) Code of Ethics.
(b) 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: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: February 20, 2014 |
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: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: February 20, 2014 |
VANGUARD TAX-MANAGED FUNDS | |
By: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: February 20, 2014 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012 see file Number 2-11444, Incorporated by Reference.