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:
Anne E. Robinson, 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, 2016 – December 31, 2016
Item 1: Reports to Shareholders
![]() |
Annual Report | December 31, 2016 |
Vanguard Tax-Managed Funds® |
Vanguard Tax-Managed Balanced Fund |
Vanguard Tax-Managed Capital Appreciation Fund |
Vanguard Tax-Managed Small-Cap Fund |
A new format, unwavering commitment
As you begin reading this report, you’ll notice that we’ve made some improvements to the opening sections—based on feedback from you, our clients.
Page 1 starts with a new ”Your Fund’s Performance at a Glance,” a concise, handy summary of how your fund performed during the period.
In the renamed ”Chairman’s Perspective,” Bill McNabb will focus on enduring principles and investment insights.
We’ve modified some tables, and eliminated some redundancy, but we haven’t removed any information.
At Vanguard, we’re always looking for better ways to communicate and to help you make sound investment decisions. Thank you for entrusting your assets to us.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 3 |
Tax-Managed Balanced Fund. | 7 |
Tax-Managed Capital Appreciation Fund. | 79 |
Tax-Managed Small-Cap Fund. | 100 |
Your Fund’s After-Tax Returns. | 123 |
About Your Fund’s Expenses. | 124 |
Glossary. | 126 |
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: No matter what language you speak, Vanguard has one consistent message and set of principles. Our primary focus is on you, our clients. We conduct our business with integrity as a faithful steward of your assets. This message is shown translated into seven languages, reflecting our expanding global presence.
Your Fund’s Performance at a Glance
• Returns in 2016 for the Vanguard Tax-Managed Funds ranged from just shy of 6% for the Balanced Fund to nearly 26% for the Small-Cap Fund. The Capital Appreciation Fund’s return fell in between at around 12%. The funds’ results compared with those of their benchmark indexes and peer groups were mixed.
• The broad U.S. equity market rose by close to 13% in 2016, notwithstanding significant volatility, and small-capitalization stocks did even better. U.S. bonds returned almost 3%, but municipal bonds, which make up roughly half of the Balanced Fund, were barely positive.
• Concerns about global growth and commodity prices early in the year and the United Kingdom’s unexpected vote in June to leave the European Union put pressure on riskier assets. Those concerns, however, gave way to greater optimism about growth and inflation, especially following the U.S. presidential election.
Total Returns: Fiscal Year Ended December 31, 2016 | |
Total | |
Returns | |
Vanguard Tax-Managed Balanced Fund | 5.94% |
Tax-Managed Balanced Composite Index | 6.12 |
Mixed-Asset Target Allocation Moderate Funds Average | 7.03 |
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 Capital Appreciation Fund | |
Admiral™ Shares | 12.01% |
Institutional Shares | 12.06 |
Russell 1000 Index | 12.05 |
Multi-Cap Core Funds Average | 10.19 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Small-Cap Fund | |
Admiral Shares | 25.73% |
Institutional Shares | 25.78 |
S&P SmallCap 600 Index | 26.56 |
Small-Cap Core Funds Average | 20.61 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
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Total Returns: Ten Years Ended December 31, 2016 | |
Average | |
Annual Return | |
Tax-Managed Balanced Fund | 5.94% |
Tax-Managed Balanced Composite Index | 6.15 |
Mixed-Asset Target Allocation Moderate Funds Average | 4.14 |
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 Capital Appreciation Fund Admiral Shares | 7.20% |
Russell 1000 Index | 7.08 |
Multi-Cap Core Funds Average | 5.51 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Tax-Managed Small-Cap Fund Admiral Shares | 9.10% |
S&P SmallCap 600 Index | 9.03 |
Small-Cap Core Funds Average | 6.33 |
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.
Expense Ratios | |||
Your Fund Compared With Its Peer Group | |||
Admiral | Institutional | Peer Group | |
Shares | Shares | Average | |
Tax-Managed Balanced Fund | 0.11% | — | 0.87% |
Tax-Managed Capital Appreciation Fund | 0.11 | 0.07% | 1.17 |
Tax-Managed Small-Cap Fund | 0.11 | 0.07 | 1.25 |
The fund expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2016, the funds’ expense ratios were: for the Tax-Managed Balanced Fund, 0.09%; for the Tax-Managed Capital Appreciation Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares. Peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2015.
Peer groups: For the Tax-Managed Balanced Fund, Mixed-Asset Target Allocation Moderate 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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Chairman’s Perspective
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx5x1.jpg)
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
If you’re like most investors, a big question on your mind is: What’s in store for the markets and the economy in 2017?
At Vanguard, we’re just as curious about the immediate future. But our curiosity is tempered by our belief that forecasts should give a range of possible outcomes, not pinpoint predictions. After all, there are bound to be occurrences the experts won’t see coming.
What really matters for investors
In 2016, we saw two cases in point: The United Kingdom’s June vote to exit the European Union and the November election of Donald Trump as U.S. president. Both unexpected outcomes triggered swift market reactions. But despite some short-term volatility, the markets’ 12-month performance as of December 31, 2016, proved to be less dramatic. U.S. stocks posted healthy returns, and U.S. bonds provided returns close to their long-term averages. International stocks and bonds also advanced, although returns for U.S. investors were reduced by the strength of the U.S. dollar.
The surprises of 2016 remind us to be skeptical of overly precise short-term predictions about 2017. At the cusp of a new year, market prognosticators forecast where the Standard & Poor’s 500 Index or the yield on the 10-year Treasury note will end up in 12 months. Such predictions can be attention-getting. They can also be dead wrong.
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Investors are better off taking note of long-term trends that stand to influence our economies and markets. We’re watching these trends closely, and we discuss our latest assessment in our 2017 economic and market outlook, which you can read at vanguard.com/research.
Our global economic outlook: Expect stabilization, not stagnation
One phenomenon in particular that we’re watching is the low-growth, low-interest-rate environment that has marked the global economy since the 2008–09 financial crisis. We don’t think this economic backdrop is simply the result of cyclically weak demand or long-term stagnation. Instead, certain structural forces are contributing: Falling technology costs are restraining the amounts businesses are spending on
capital investment, an aging population is weighing on growth in the developed world, and the free movement of capital and products across the globe has restrained prices and wages.
In the near term, these forces will continue to dampen growth, inflation, and interest rates. They also make it unlikely that further monetary stimulus from central banks will do much to spur growth.
I realize this all may sound gloomy, but that’s not how we see it. We expect global growth to stabilize at more modest levels, not stagnate. The world isn’t headed for Japanese-style deflation, in which a widespread sustained drop in prices puts economic activity into hibernation.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2016 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 12.05% | 8.59% | 14.69% |
Russell 2000 Index (Small-caps) | 21.31 | 6.74 | 14.46 |
Russell 3000 Index (Broad U.S. market) | 12.74 | 8.43 | 14.67 |
FTSE All-World ex US Index (International) | 4.80 | -1.16 | 5.52 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 2.65% | 3.03% | 2.23% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 0.25 | 4.14 | 3.28 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.27 | 0.09 | 0.08 |
CPI | |||
Consumer Price Index | 2.07% | 1.18% | 1.36% |
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In fact, we believe that global growth could pick up modestly over time. Our expectation is based on a potential rebound in productivity as new digital technologies are used more effectively. We also anticipate a slight recovery in the labor force as the baby boom generation finishes its transition to retirement, nudging up demand for workers.
Put expansion in perspective
Looking to the United States, the world’s largest economy remains firmly on a long-term-growth path of about 2% per year. That’s lower than the historical average of 3.25% since 1950. We see such growth at this level as fundamentally sound, rather than abnormally low. Our evaluation takes into account lower U.S. population growth and the reality that the economic expansion from the 1980s until the financial crisis was fueled by debt, distorting the numbers.
Turning to prices, we think that core U.S. inflation should modestly exceed 2% in 2017. That, in turn, will support further interest rate hikes by the Federal Reserve, similar to the one at the end of 2016.
We expect the Fed to raise rates in 2017 before taking an extended pause, and we see the federal funds rate staying below 2% through at least 2018.
Prepare for muted returns
And what about prospects for the markets? Vanguard’s outlook for global stocks and bonds remains the most guarded in ten years, given fairly high stock valuations
Expect more modest returns, rely on time-tested principles |
In Vanguard’s economic and market outlook for 2017, Global Chief Economist Joseph Davis |
and his team offer a projection of more modest returns from the global stock and bond |
markets. They caution that, over the next decade, returns for a balanced portfolio are likely |
to be moderately below long-run historical averages. |
The team’s simulations indicate that for the decade ending in 2026, the average annualized |
return of a 60% stock/40% bond portfolio is likely to be centered in the 3%–5% range after |
inflation. That’s below the actual average after-inflation return of 6% for the same portfolio |
for the nine decades since 1926. |
Ultimately, our global market outlook points toward a somewhat more challenging environment, |
yet one in which, over time, investors with an appropriate level of discipline, diversification, and |
patience are likely to be rewarded with reasonable inflation-adjusted returns. |
For more information about our expectations and the probability of various outcomes, see 2017 |
Economic and Market Outlook: Stabilization, Not Stagnation, available at vanguard.com/research. |
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model® (VCMM) regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Distribution of return outcomes from the VCMM are derived from 10,000 simulations for each modeled asset class. Simulations as of September 30, 2016. Results from the model may vary with each use and over time. For more information, see the note at the end of this letter.
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and the low-interest-rate environment. We don’t expect global bond yields to increase materially from year-end 2016 levels.
Our outlook for global equities is annualized returns of 5%–8% over the next decade. This outlook isn’t bearish, but is actually fairly positive when you take into account the current low-rate environment. (See the box titled Expect more modest returns, rely on time-tested principles for more.)
Focus on the four keys to investment success
Significant trends often happen gradually. Like shifting tides, they’re sometimes barely noticeable at first but ultimately can change the landscape entirely. Other times, apparent trends can end up receding before they have much of a long-term impact. Given the future’s inherent unpredictability, it’s not reasonable to expect a surefire block-buster revelation from any prognosticator or investment firm.
What to conclude, then? No matter what scenario plays out, we believe investors have the best chance for success if they stay focused on what they can control: their goals, asset allocation, and investment costs, along with the discipline to stick to a plan. As Tim Buckley, our chief investment officer, likes to say, this can be easy to say but harder to do, especially in times of uncertainty. Investors who can stay focused on those four keys will find themselves well-positioned to weather any market.
As always, thank you for investing with Vanguard.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx8x1.jpg)
F. William McNabb III
Chairman and Chief Executive Officer
January 16, 2017
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s Investment Strategy Group. The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset classes include U.S. and international equity markets, several maturities of the U.S. Treasury and corporate fixed income markets, international fixed income markets, U.S. money markets, commodities, and certain alternative investment strategies. The theoretical and empirical foundation for the Vanguard Capital Markets Model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk (beta). At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available monthly financial and economic data. Using a system of estimated equations, the model then applies a Monte Carlo simulation method to project the estimated interrelationships among risk factors and asset classes as well as uncertainty and randomness over time. The model generates a large set of simulated outcomes for each asset class over several time horizons. Forecasts are obtained by computing measures of central tendency in these simulations. Results produced by the tool will vary with each use and over time.
6
Tax-Managed Balanced Fund
Fund Profile
As of December 31, 2016
Equity and Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Russell | Total | ||
1000 | Market | ||
Fund | Index FA Index | ||
Number of Stocks | 880 | 999 | 3,833 |
Median Market Cap | $63.6B | $67.1B | $54.1B |
Price/Earnings Ratio | 23.6x | 23.7x | 24.4x |
Price/Book Ratio | 2.9x | 2.9x | 2.8x |
Return on Equity | 17.3% | 17.0% | 16.5% |
Earnings Growth | |||
Rate | 8.3% | 8.3% | 8.2% |
Dividend Yield | 1.9% | 2.0% | 2.0% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 11% | — | — |
Ticker Symbol | VTMFX | — | — |
Expense Ratio1 | 0.11% | — | — |
30-Day SEC Yield | 2.10% | — | — |
Short-Term Reserves | 0.0% | — | — |
Fixed Income Characteristics | |||
Bloomberg | |||
Barclays | Bloomberg | ||
1-15 Year | Barclays | ||
Municipal | Municipal | ||
Fund | Index Bond Index | ||
Number of Bonds | 1,590 | 40,573 | 50,117 |
Yield to Maturity | |||
(before expenses) | 2.4% | 2.3% | 2.7% |
Average Coupon | 4.6% | 4.8% | 4.8% |
Average Duration | 5.2 years | 4.8 years | 6.2 years |
Average Stated | |||
Maturity | 8.5 years | 7.9 years | 12.8 years |
Total Fund Volatility Measures | ||
DJ | ||
Tax-Managed | U.S. Total | |
Balanced | Market | |
Comp Index | FA Index | |
R-Squared | 1.00 | 0.89 |
Beta | 0.97 | 0.43 |
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 | |
Technology | 2.9% | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.2 | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.2 | |
Exxon Mobil Corp. | Oil: Integrated | 1.7 |
Johnson & Johnson | Pharmaceuticals | 1.5 |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.5 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.4 | |
Amazon.com Inc. | Diversified Retail | 1.3 |
General Electric Co. | Diversified | |
Manufacturing | ||
Operations | 1.3 | |
AT&T Inc. | Utilities: | |
Telecommunications | 1.2 | |
Top Ten | 17.2% | |
Top Ten as % of Total Net Assets | 8.4% |
The holdings listed exclude any temporary cash investments and equity index products.
Fund Asset Allocation
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx9x1.jpg)
1 The expense ratio shown is from the prospectus dated April 8, 2016, and represents estimated costs for the current fiscal year. For the fiscal year ended December 31, 2016, the expense ratio was 0.09%.
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Tax-Managed Balanced Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 13.7% | 13.7% | 13.7% |
Consumer Staples | 7.7 | 7.9 | 7.4 |
Energy | 7.2 | 7.3 | 7.0 |
Financial Services | 21.3 | 20.8 | 21.3 |
Health Care | 12.2 | 13.0 | 13.0 |
Materials & | |||
Processing | 3.6 | 3.6 | 3.9 |
Producer Durables | 11.1 | 10.9 | 11.0 |
Technology | 17.4 | 17.2 | 17.2 |
Utilities | 5.8 | 5.6 | 5.5 |
Distribution by Credit Quality (% of fixed income portfolio) | |
AAA | 22.8% |
AA | 51.9 |
A | 17.0 |
BBB | 6.9 |
BB | 0.1 |
B | 0.4 |
Not Rated | 0.9 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to classify securities for which a rating is not available. For more information about these ratings, see the Glossary entry for Credit Quality.
Equity Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx10x1.jpg)
Fixed Income Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx10x2.jpg)
Distribution by Average Stated Maturity (% of fixed income portfolio) | |
Under 1 Year | 6.1% |
1 - 3 Years | 13.9 |
3 - 5 Years | 12.9 |
5 - 10 Years | 28.9 |
10 - 20 Years | 37.9 |
20 - 30 Years | 0.2 |
Over 30 Years | 0.1 |
Largest Area Concentrations (% of fixed income portfolio) | |
New York | 15.2% |
California | 13.0 |
Texas | 9.9 |
Illinois | 5.3 |
Pennsylvania | 5.0 |
Florida | 4.3 |
Maryland | 4.3 |
Massachusetts | 3.7 |
Michigan | 3.2 |
Arizona | 3.1 |
Top Ten | 67.0% |
"Largest Area Concentration" figures exclude any fixed income futures contracts.
8
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.
Cumulative Performance: December 31, 2006, Through December 31, 2016
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended December 31, 2016 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Tax-Managed Balanced Fund | 5.94% | 8.58% | 5.94% | $17,804 |
Tax-Managed Balanced Composite | ||||
Index | 6.12 | 8.69 | 6.15 | 18,165 |
Mixed-Asset Target Allocation | ||||
Moderate Funds Average | 7.03 | 6.92 | 4.14 | 15,009 |
Bloomberg Barclays Municipal Bond | ||||
Index | 0.25 | 3.28 | 4.25 | 15,158 |
Dow Jones U.S. Total Stock Market | ||||
Float Adjusted Index | 12.62 | 14.59 | 7.18 | 20,003 |
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.
9
Tax-Managed Balanced Fund
Fiscal-Year Total Returns (%): December 31, 2006, Through December 31, 2016
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx12x1.jpg)
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Tax-Managed Balanced Fund
Financial Statements
Statement of Net Assets
As of December 31, 2016
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 (48.4%) | |||
Consumer Discretionary (6.6%) | |||
* | Amazon.com Inc. | 26,837 | 20,124 |
Walt Disney Co. | 112,466 | 11,721 | |
Home Depot Inc. | 87,099 | 11,678 | |
Comcast Corp. Class A | 166,121 | 11,471 | |
Wal-Mart Stores Inc. | 105,249 | 7,275 | |
McDonald’s Corp. | 59,574 | 7,251 | |
* | Priceline Group Inc. | 3,654 | 5,357 |
Starbucks Corp. | 93,826 | 5,209 | |
Time Warner Inc. | 51,696 | 4,990 | |
Costco Wholesale Corp. | 30,493 | 4,882 | |
NIKE Inc. Class B | 87,828 | 4,464 | |
Lowe’s Cos. Inc. | 57,915 | 4,119 | |
* | Charter Communications Inc. | ||
Class A | 13,061 | 3,761 | |
* | Netflix Inc. | 26,568 | 3,289 |
General Motors Co. | 91,500 | 3,188 | |
TJX Cos. Inc. | 42,186 | 3,169 | |
Ford Motor Co. | 247,200 | 2,999 | |
* | eBay Inc. | 95,708 | 2,842 |
CBS Corp. Class B | 42,313 | 2,692 | |
Target Corp. | 37,045 | 2,676 | |
Marriott International Inc. | |||
Class A | 29,328 | 2,425 | |
* | O’Reilly Automotive Inc. | 8,274 | 2,304 |
Ross Stores Inc. | 33,108 | 2,172 | |
Twenty-First Century Fox Inc. | |||
Class A | 76,951 | 2,158 | |
Newell Brands Inc. | 46,696 | 2,085 | |
* | AutoZone Inc. | 2,377 | 1,877 |
Dollar General Corp. | 22,000 | 1,630 | |
* | MGM Resorts International | 54,205 | 1,563 |
* | Dollar Tree Inc. | 20,151 | 1,555 |
Yum! Brands Inc. | 23,005 | 1,457 | |
Advance Auto Parts Inc. | 8,204 | 1,387 | |
Domino’s Pizza Inc. | 8,620 | 1,373 | |
* | DISH Network Corp. | ||
Class A | 23,646 | 1,370 |
Estee Lauder Cos. Inc. | |||
Class A | 17,818 | 1,363 | |
Lear Corp. | 10,000 | 1,324 | |
Sirius XM Holdings Inc. | 296,568 | 1,320 | |
* | Mohawk Industries Inc. | 6,574 | 1,313 |
Expedia Inc. | 11,176 | 1,266 | |
Royal Caribbean Cruises Ltd. | 15,347 | 1,259 | |
Hilton Worldwide Holdings | |||
Inc. | 46,050 | 1,253 | |
Las Vegas Sands Corp. | 22,800 | 1,218 | |
Thor Industries Inc. | 12,100 | 1,211 | |
Carnival Corp. | 23,150 | 1,205 | |
L Brands Inc. | 16,200 | 1,067 | |
Fortune Brands Home | |||
& Security Inc. | 19,125 | 1,022 | |
Lennar Corp. Class A | 22,903 | 983 | |
DR Horton Inc. | 35,942 | 982 | |
VF Corp. | 18,000 | 960 | |
Gentex Corp. | 48,470 | 954 | |
Tractor Supply Co. | 12,514 | 949 | |
CST Brands Inc. | 19,366 | 932 | |
* | Live Nation Entertainment | ||
Inc. | 33,419 | 889 | |
* | Ulta Salon Cosmetics | ||
& Fragrance Inc. | 3,464 | 883 | |
Wyndham Worldwide Corp. | 11,500 | 878 | |
News Corp. Class A | 74,867 | 858 | |
Coach Inc. | 24,420 | 855 | |
* | NVR Inc. | 507 | 846 |
Service Corp. International | 28,000 | 795 | |
Hanesbrands Inc. | 36,400 | 785 | |
* | WABCO Holdings Inc. | 7,196 | 764 |
Dunkin’ Brands Group Inc. | 14,492 | 760 | |
PVH Corp. | 8,403 | 758 | |
Twenty-First Century Fox Inc. 27,500 | 749 | ||
Wendy’s Co. | 54,370 | 735 | |
Harley-Davidson Inc. | 12,290 | 717 | |
Harman International | |||
Industries Inc. | 6,307 | 701 |
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Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | JC Penney Co. Inc. | 84,253 | 700 |
Macy’s Inc. | 19,394 | 694 | |
Nordstrom Inc. | 14,400 | 690 | |
* | CarMax Inc. | 10,501 | 676 |
Omnicom Group Inc. | 7,900 | 672 | |
Delphi Automotive plc | 9,900 | 667 | |
Scripps Networks Interactive | |||
Inc. Class A | 9,268 | 661 | |
Best Buy Co. Inc. | 15,300 | 653 | |
* | Discovery Communications | ||
Inc. | 24,041 | 644 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 1,648 | 622 | |
* | Yum China Holdings Inc. | 23,005 | 601 |
Visteon Corp. | 7,400 | 595 | |
* | Madison Square Garden Co. | ||
Class A | 3,385 | 581 | |
Kohl’s Corp. | 11,385 | 562 | |
John Wiley & Sons Inc. | |||
Class A | 9,018 | 491 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM | 14,410 | 489 | |
Mattel Inc. | 17,700 | 488 | |
Viacom Inc. Class A | 12,501 | 481 | |
* | LKQ Corp. | 15,632 | 479 |
Brinker International Inc. | 9,637 | 477 | |
Dillard’s Inc. Class A | 7,453 | 467 | |
* | Liberty Broadband Corp. | 5,973 | 442 |
* | Liberty Media Corp-Liberty | ||
SiriusXM | 12,657 | 437 | |
Vail Resorts Inc. | 2,700 | 436 | |
Wynn Resorts Ltd. | 4,991 | 432 | |
Polaris Industries Inc. | 5,200 | 428 | |
Signet Jewelers Ltd. | 4,400 | 415 | |
Bed Bath & Beyond Inc. | 10,100 | 410 | |
* | TripAdvisor Inc. | 8,791 | 408 |
Foot Locker Inc. | 5,700 | 404 | |
* | Michael Kors Holdings Ltd. | 9,283 | 399 |
* | Vista Outdoor Inc. | 10,772 | 397 |
Gap Inc. | 17,685 | 397 | |
Lions Gate Entertainment | |||
Corp. Class B | 15,737 | 386 | |
* | Panera Bread Co. Class A | 1,827 | 375 |
BorgWarner Inc. | 8,952 | 353 | |
Coty Inc. Class A | 18,849 | 345 | |
Viacom Inc. Class B | 9,527 | 334 | |
Hasbro Inc. | 4,200 | 327 | |
* | Liberty Broadband Corp. | ||
Class A | 4,259 | 309 | |
* | Lululemon Athletica Inc. | 4,692 | 305 |
* | Adient plc | 5,095 | 299 |
Ralph Lauren Corp. Class A | 3,073 | 278 | |
* | Fitbit Inc. Class A | 37,859 | 277 |
Nielsen Holdings plc | 6,500 | 273 | |
Tiffany & Co. | 3,500 | 271 |
* | ServiceMaster Global | ||
Holdings Inc. | 6,876 | 259 | |
Darden Restaurants Inc. | 3,500 | 255 | |
Genuine Parts Co. | 2,600 | 248 | |
Whirlpool Corp. | 1,300 | 236 | |
* | Liberty Ventures Class A | 5,781 | 213 |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 10,238 | 205 | |
H&R Block Inc. | 8,800 | 202 | |
Williams-Sonoma Inc. | 4,000 | 194 | |
* | Discovery Communications | ||
Inc. Class A | 6,841 | 188 | |
* | Murphy USA Inc. | 2,740 | 168 |
Interpublic Group of Cos. Inc. 6,900 | 162 | ||
Aramark | 4,400 | 157 | |
* | Liberty Expedia Holdings Inc. | ||
Class A | 3,854 | 153 | |
Goodyear Tire & Rubber Co. | 4,600 | 142 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 3,329 | 142 | |
* | Sally Beauty Holdings Inc. | 5,084 | 134 |
* | Pandora Media Inc. | 9,798 | 128 |
* | Burlington Stores Inc. | 1,500 | 127 |
Penske Automotive Group | |||
Inc. | 2,200 | 114 | |
Leggett & Platt Inc. | 2,300 | 112 | |
AMERCO | 300 | 111 | |
PulteGroup Inc. | 6,000 | 110 | |
Dick’s Sporting Goods Inc. | 1,800 | 96 | |
KAR Auction Services Inc. | 2,200 | 94 | |
* | Toll Brothers Inc. | 2,401 | 74 |
Garmin Ltd. | 1,500 | 73 | |
* | Cabela’s Inc. | 1,083 | 63 |
* | Tempur Sealy International | ||
Inc. | 873 | 60 | |
* | Urban Outfitters Inc. | 1,911 | 54 |
* | Avis Budget Group Inc. | 1,400 | 51 |
* | Hertz Global Holdings Inc. | 2,248 | 48 |
* | Under Armour Inc. | 1,811 | 46 |
* | Kate Spade & Co. | 2,300 | 43 |
* | Michaels Cos. Inc. | 1,794 | 37 |
* | AMC Networks Inc. Class A | 573 | 30 |
Lennar Corp. Class B | 680 | 23 | |
205,146 | |||
Consumer Staples (3.7%) | |||
Procter & Gamble Co. | 183,420 | 15,422 | |
Coca-Cola Co. | 262,664 | 10,890 | |
PepsiCo Inc. | 92,790 | 9,709 | |
Altria Group Inc. | 141,180 | 9,547 | |
Philip Morris International | |||
Inc. | 92,449 | 8,458 | |
Mondelez International Inc. | |||
Class A | 109,437 | 4,851 | |
Walgreens Boots Alliance | |||
Inc. | 58,078 | 4,807 |
12
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
CVS Health Corp. | 54,692 | 4,316 | |
Colgate-Palmolive Co. | 64,670 | 4,232 | |
Kraft Heinz Co. | 39,259 | 3,428 | |
Reynolds American Inc. | 59,091 | 3,311 | |
Kimberly-Clark Corp. | 21,752 | 2,482 | |
Kroger Co. | 58,600 | 2,022 | |
Constellation Brands Inc. | |||
Class A | 12,887 | 1,976 | |
General Mills Inc. | 30,514 | 1,885 | |
Tyson Foods Inc. Class A | 27,747 | 1,711 | |
* | Monster Beverage Corp. | 37,051 | 1,643 |
Archer-Daniels-Midland Co. | 35,973 | 1,642 | |
Sysco Corp. | 27,800 | 1,539 | |
Dr Pepper Snapple Group | |||
Inc. | 16,632 | 1,508 | |
Molson Coors Brewing Co. | |||
Class B | 14,200 | 1,382 | |
Hershey Co. | 13,200 | 1,365 | |
JM Smucker Co. | 9,651 | 1,236 | |
McCormick & Co. Inc. | 13,147 | 1,227 | |
Ingredion Inc. | 9,686 | 1,210 | |
Clorox Co. | 10,000 | 1,200 | |
* | WhiteWave Foods Co. | ||
Class A | 20,815 | 1,157 | |
Church & Dwight Co. Inc. | 25,710 | 1,136 | |
Hormel Foods Corp. | 30,684 | 1,068 | |
Brown-Forman Corp. | |||
Class B | 23,276 | 1,046 | |
Mead Johnson Nutrition Co. | 12,513 | 885 | |
* | Rite Aid Corp. | 94,214 | 776 |
Kellogg Co. | 10,400 | 767 | |
* | Herbalife Ltd. | 15,255 | 734 |
Conagra Brands Inc. | 16,800 | 664 | |
Bunge Ltd. | 7,914 | 572 | |
* | Blue Buffalo Pet Products | ||
Inc. | 20,612 | 496 | |
Whole Foods Market Inc. | 16,000 | 492 | |
* | US Foods Holding Corp. | 17,141 | 471 |
* | Edgewell Personal Care Co. | 6,311 | 461 |
Pilgrim’s Pride Corp. | 17,141 | 326 | |
Energizer Holdings Inc. | 6,965 | 311 | |
Campbell Soup Co. | 4,600 | 278 | |
* | Hain Celestial Group Inc. | 5,900 | 230 |
* | Lamb Weston Holdings Inc. | 5,600 | 212 |
* | Post Holdings Inc. | 1,700 | 137 |
Pinnacle Foods Inc. | 2,000 | 107 | |
Flowers Foods Inc. | 4,800 | 96 | |
Casey’s General Stores Inc. | 200 | 24 | |
115,445 | |||
Energy (3.5%) | |||
Exxon Mobil Corp. | 288,315 | 26,023 | |
Chevron Corp. | 130,132 | 15,317 | |
Schlumberger Ltd. | 98,067 | 8,233 | |
ConocoPhillips | 82,212 | 4,122 | |
EOG Resources Inc. | 36,156 | 3,655 |
Occidental Petroleum Corp. | 50,004 | 3,562 | |
Halliburton Co. | 59,825 | 3,236 | |
Phillips 66 | 33,106 | 2,861 | |
Kinder Morgan Inc. | 117,500 | 2,433 | |
Anadarko Petroleum Corp. | 33,792 | 2,356 | |
Pioneer Natural Resources | |||
Co. | 11,839 | 2,132 | |
* | Concho Resources Inc. | 14,880 | 1,973 |
Valero Energy Corp. | 25,700 | 1,756 | |
Marathon Petroleum Corp. | 34,482 | 1,736 | |
Spectra Energy Corp. | 40,100 | 1,648 | |
Baker Hughes Inc. | 25,250 | 1,640 | |
* | Continental Resources Inc. | 31,728 | 1,635 |
Williams Cos. Inc. | 48,200 | 1,501 | |
Devon Energy Corp. | 31,554 | 1,441 | |
Cimarex Energy Co. | 9,876 | 1,342 | |
* | FMC Technologies Inc. | 34,715 | 1,233 |
* | Newfield Exploration Co. | 28,918 | 1,171 |
Apache Corp. | 18,138 | 1,151 | |
Marathon Oil Corp. | 57,682 | 998 | |
EQT Corp. | 13,897 | 909 | |
Hess Corp. | 13,930 | 868 | |
Noble Energy Inc. | 21,298 | 811 | |
National Oilwell Varco Inc. | 21,529 | 806 | |
World Fuel Services Corp. | 17,200 | 790 | |
Patterson-UTI Energy Inc. | 28,702 | 773 | |
ONEOK Inc. | 13,184 | 757 | |
* | Cheniere Energy Inc. | 16,902 | 700 |
* | Energen Corp. | 12,130 | 700 |
Tesoro Corp. | 7,200 | 630 | |
Helmerich & Payne Inc. | 7,915 | 613 | |
Cabot Oil & Gas Corp. | 25,804 | 603 | |
RPC Inc. | 28,107 | 557 | |
Targa Resources Corp. | 9,700 | 544 | |
Range Resources Corp. | 13,046 | 448 | |
HollyFrontier Corp. | 12,392 | 406 | |
* | Chesapeake Energy Corp. | 51,300 | 360 |
* | Southwestern Energy Co. | 24,897 | 269 |
Nabors Industries Ltd. | 16,420 | 269 | |
* | Antero Resources Corp. | 10,320 | 244 |
* | Diamondback Energy Inc. | 2,410 | 244 |
Murphy Oil Corp. | 7,300 | 227 | |
* | Transocean Ltd. | 15,300 | 226 |
CONSOL Energy Inc. | 12,300 | 224 | |
* | WPX Energy Inc. | 12,644 | 184 |
* | Whiting Petroleum Corp. | 14,000 | 168 |
SM Energy Co. | 4,400 | 152 | |
PBF Energy Inc. Class A | 5,400 | 151 | |
* | Parsley Energy Inc. Class A | 3,900 | 137 |
* | QEP Resources Inc. | 7,200 | 133 |
* | Rice Energy Inc. | 4,550 | 97 |
* | Laredo Petroleum Inc. | 6,190 | 88 |
* | Rowan Cos. plc Class A | 4,300 | 81 |
* | First Solar Inc. | 1,400 | 45 |
13
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Weatherford International | ||
plc | 8,300 | 41 | |
107,410 | |||
Financial Services (10.3%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 133,452 | 21,750 | |
JPMorgan Chase & Co. | 250,001 | 21,573 | |
Wells Fargo & Co. | 314,059 | 17,308 | |
Bank of America Corp. | 701,280 | 15,498 | |
Citigroup Inc. | 200,498 | 11,916 | |
Visa Inc. Class A | 131,515 | 10,261 | |
Goldman Sachs Group Inc. | 32,335 | 7,743 | |
Mastercard Inc. Class A | 67,000 | 6,918 | |
American International | |||
Group Inc. | 81,900 | 5,349 | |
US Bancorp | 92,400 | 4,747 | |
American Express Co. | 60,159 | 4,457 | |
Simon Property Group Inc. | 23,328 | 4,145 | |
Morgan Stanley | 87,560 | 3,699 | |
Chubb Ltd. | 27,485 | 3,631 | |
* | PayPal Holdings Inc. | 90,734 | 3,581 |
American Tower Corporation | 33,519 | 3,542 | |
Charles Schwab Corp. | 89,405 | 3,529 | |
Bank of New York Mellon | |||
Corp. | 73,032 | 3,460 | |
MetLife Inc. | 58,940 | 3,176 | |
PNC Financial Services | |||
Group Inc. | 26,300 | 3,076 | |
BlackRock Inc. | 7,712 | 2,935 | |
Capital One Financial Corp. | 31,892 | 2,782 | |
Aon plc | 23,340 | 2,603 | |
Prudential Financial Inc. | 24,912 | 2,592 | |
Synchrony Financial | 71,463 | 2,592 | |
Public Storage | 11,572 | 2,586 | |
CME Group Inc. | 22,095 | 2,549 | |
Crown Castle International | |||
Corp. | 24,967 | 2,166 | |
SunTrust Banks Inc. | 38,929 | 2,135 | |
Allstate Corp. | 28,400 | 2,105 | |
BB&T Corp. | 43,800 | 2,059 | |
Equity Residential | 31,550 | 2,031 | |
* | Fiserv Inc. | 19,060 | 2,026 |
Intercontinental Exchange | |||
Inc. | 33,455 | 1,888 | |
Equinix Inc. | 5,196 | 1,857 | |
Travelers Cos. Inc. | 15,089 | 1,847 | |
AvalonBay Communities Inc. | 10,200 | 1,807 | |
State Street Corp. | 22,969 | 1,785 | |
Marsh & McLennan Cos. | |||
Inc. | 26,000 | 1,757 | |
Discover Financial Services | 24,229 | 1,747 | |
Prologis Inc. | 32,400 | 1,710 | |
First Republic Bank | 17,776 | 1,638 | |
Hartford Financial Services | |||
Group Inc. | 34,200 | 1,630 |
Vornado Realty Trust | 15,600 | 1,628 | |
Fidelity National Information | |||
Services Inc. | 21,481 | 1,625 | |
Boston Properties Inc. | 12,781 | 1,608 | |
Progressive Corp. | 44,997 | 1,597 | |
Welltower Inc. | 23,800 | 1,593 | |
Loews Corp. | 33,975 | 1,591 | |
* | SVB Financial Group | 9,175 | 1,575 |
KeyCorp | 84,218 | 1,539 | |
Zions Bancorporation | 35,733 | 1,538 | |
Equifax Inc. | 12,488 | 1,476 | |
Comerica Inc. | 21,600 | 1,471 | |
Weyerhaeuser Co. | 48,386 | 1,456 | |
* | Arch Capital Group Ltd. | 16,812 | 1,451 |
* | Markel Corp. | 1,571 | 1,421 |
Essex Property Trust Inc. | 5,973 | 1,389 | |
S&P Global Inc. | 12,900 | 1,387 | |
* | Alleghany Corp. | 2,211 | 1,345 |
Moody’s Corp. | 14,200 | 1,339 | |
Ventas Inc. | 21,400 | 1,338 | |
Torchmark Corp. | 18,022 | 1,329 | |
* | E*TRADE Financial Corp. | 37,548 | 1,301 |
Regions Financial Corp. | 90,215 | 1,295 | |
General Growth Properties | |||
Inc. | 51,800 | 1,294 | |
Aflac Inc. | 18,100 | 1,260 | |
Realty Income Corp. | 21,500 | 1,236 | |
Global Payments Inc. | 17,428 | 1,210 | |
Huntington Bancshares Inc. | 89,700 | 1,186 | |
* | Signature Bank | 7,880 | 1,184 |
Digital Realty Trust Inc. | 11,800 | 1,159 | |
WR Berkley Corp. | 16,593 | 1,104 | |
Unum Group | 25,027 | 1,099 | |
Lincoln National Corp. | 16,530 | 1,095 | |
Reinsurance Group of | |||
America Inc. Class A | 8,670 | 1,091 | |
SL Green Realty Corp. | 10,059 | 1,082 | |
East West Bancorp Inc. | 21,269 | 1,081 | |
RenaissanceRe Holdings Ltd. | 7,918 | 1,079 | |
MSCI Inc. Class A | 13,634 | 1,074 | |
Fifth Third Bancorp | 39,575 | 1,067 | |
American Homes 4 Rent | |||
Class A | 50,035 | 1,050 | |
Federal Realty Investment | |||
Trust | 7,319 | 1,040 | |
Assured Guaranty Ltd. | 27,394 | 1,035 | |
Extra Space Storage Inc. | 13,300 | 1,027 | |
Nasdaq Inc. | 15,273 | 1,025 | |
Commerce Bancshares Inc. | 17,337 | 1,002 | |
Equity LifeStyle Properties | |||
Inc. | 13,673 | 986 | |
Total System Services Inc. | 19,900 | 976 | |
Assurant Inc. | 10,500 | 975 | |
SEI Investments Co. | 19,647 | 970 | |
FactSet Research Systems | |||
Inc. | 5,919 | 967 |
14
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Synovus Financial Corp. | 23,542 | 967 | |
Brown & Brown Inc. | 21,461 | 963 | |
TD Ameritrade Holding Corp. | 21,961 | 958 | |
Lamar Advertising Co. | |||
Class A | 14,200 | 955 | |
Everest Re Group Ltd. | 4,400 | 952 | |
Annaly Capital Management | |||
Inc. | 95,200 | 949 | |
First Horizon National Corp. | 47,340 | 947 | |
* | Howard Hughes Corp. | 8,140 | 929 |
Douglas Emmett Inc. | 25,134 | 919 | |
* | Equity Commonwealth | 30,186 | 913 |
Popular Inc. | 20,800 | 911 | |
Mid-America Apartment | |||
Communities Inc. | 9,294 | 910 | |
Kilroy Realty Corp. | 12,189 | 892 | |
White Mountains Insurance | |||
Group Ltd. | 1,066 | 891 | |
Associated Banc-Corp | 35,827 | 885 | |
Host Hotels & Resorts Inc. | 46,699 | 880 | |
HCP Inc. | 29,600 | 880 | |
CBOE Holdings Inc. | 11,800 | 872 | |
Alliance Data Systems Corp. | 3,804 | 869 | |
Apartment Investment | |||
& Management Co. | 18,776 | 853 | |
Forest City Realty Trust Inc. | |||
Class A | 40,632 | 847 | |
* | Western Alliance Bancorp | 17,239 | 840 |
Empire State Realty Trust | |||
Inc. | 39,457 | 797 | |
Raymond James Financial | |||
Inc. | 11,434 | 792 | |
Franklin Resources Inc. | 19,575 | 775 | |
TCF Financial Corp. | 39,500 | 774 | |
* | CBRE Group Inc. Class A | 24,393 | 768 |
* | First Data Corp. Class A | 51,824 | 735 |
Taubman Centers Inc. | 9,800 | 725 | |
Allied World Assurance Co. | |||
Holdings AG | 13,344 | 717 | |
* | Zillow Group Inc. | 18,096 | 660 |
Hanover Insurance Group | |||
Inc. | 7,214 | 657 | |
Dun & Bradstreet Corp. | 5,400 | 655 | |
TFS Financial Corp. | 34,400 | 655 | |
M&T Bank Corp. | 4,100 | 641 | |
Macerich Co. | 8,800 | 623 | |
Morningstar Inc. | 8,088 | 595 | |
Tanger Factory Outlet | |||
Centers Inc. | 16,300 | 583 | |
First Hawaiian Inc. | 16,576 | 577 | |
* | Credit Acceptance Corp. | 2,586 | 562 |
AGNC Investment Corp. | 29,900 | 542 | |
* | Affiliated Managers Group | ||
Inc. | 3,684 | 535 | |
* | Square Inc. | 37,588 | 512 |
Northern Trust Corp. | 5,700 | 508 |
Jones Lang LaSalle Inc. | 5,012 | 506 | |
* | FleetCor Technologies Inc. | 3,491 | 494 |
Kimco Realty Corp. | 19,200 | 483 | |
Ally Financial Inc. | 24,954 | 475 | |
Brixmor Property Group Inc. | 19,000 | 464 | |
Citizens Financial Group Inc. | 12,700 | 453 | |
DDR Corp. | 29,107 | 444 | |
Invesco Ltd. | 14,500 | 440 | |
Principal Financial Group Inc. | 7,500 | 434 | |
Legg Mason Inc. | 14,354 | 429 | |
CNA Financial Corp. | 8,693 | 361 | |
Thomson Reuters Corp. | 7,900 | 346 | |
BOK Financial Corp. | 4,040 | 335 | |
New York Community | |||
Bancorp Inc. | 19,700 | 313 | |
Retail Properties of America | |||
Inc. | 19,700 | 302 | |
Iron Mountain Inc. | 9,100 | 296 | |
UDR Inc. | 7,800 | 285 | |
ProAssurance Corp. | 5,000 | 281 | |
* | Vantiv Inc. Class A | 4,683 | 279 |
T. Rowe Price Group Inc. | 3,700 | 278 | |
FNF Group | 7,847 | 266 | |
* | OneMain Holdings Inc. | ||
Class A | 11,013 | 244 | |
NorthStar Realty Finance | |||
Corp. | 14,900 | 226 | |
National Retail Properties | |||
Inc. | 5,100 | 225 | |
XL Group Ltd. | 5,900 | 220 | |
* | CoreCivic Inc. | 8,500 | 208 |
Lazard Ltd. Class A | 5,025 | 206 | |
Cincinnati Financial Corp. | 2,700 | 205 | |
Leucadia National Corp. | 8,733 | 203 | |
Western Union Co. | 8,700 | 189 | |
VEREIT Inc. | 20,300 | 172 | |
Voya Financial Inc. | 4,100 | 161 | |
Duke Realty Corp. | 5,900 | 157 | |
Arthur J Gallagher & Co. | 3,000 | 156 | |
CIT Group Inc. | 3,500 | 149 | |
Alexandria Real Estate | |||
Equities Inc. | 1,300 | 144 | |
American Campus | |||
Communities Inc. | 2,900 | 144 | |
Broadridge Financial | |||
Solutions Inc. | 2,100 | 139 | |
* | TransUnion | 4,475 | 138 |
Ameriprise Financial Inc. | 1,180 | 131 | |
Camden Property Trust | 1,500 | 126 | |
* | CoreLogic Inc. | 3,411 | 126 |
Jack Henry & Associates Inc. | 1,400 | 124 | |
Regency Centers Corp. | 1,800 | 124 | |
Two Harbors Investment | |||
Corp. | 14,000 | 122 | |
Outfront Media Inc. | 4,615 | 115 | |
WP Carey Inc. | 1,800 | 106 |
15
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Omega Healthcare Investors | |||
Inc. | 3,400 | 106 | |
Endurance Specialty | |||
Holdings Ltd. | 1,100 | 102 | |
* | WEX Inc. | 901 | 101 |
Communications Sales | |||
& Leasing Inc. | 3,900 | 99 | |
Hospitality Properties Trust | 3,122 | 99 | |
* | Quality Care Properties Inc. | 5,920 | 92 |
Spirit Realty Capital Inc. | 8,000 | 87 | |
Liberty Property Trust | 2,100 | 83 | |
Starwood Property Trust Inc. | 3,500 | 77 | |
* | SLM Corp. | 6,800 | 75 |
Paramount Group Inc. | 4,666 | 75 | |
MarketAxess Holdings Inc. | 500 | 73 | |
Interactive Brokers Group Inc. | 1,820 | 66 | |
PacWest Bancorp | 1,200 | 65 | |
Axis Capital Holdings Ltd. | 1,000 | 65 | |
American Financial Group Inc. | 700 | 62 | |
* | Santander Consumer USA | ||
Holdings Inc. | 3,500 | 47 | |
People’s United Financial Inc. | 2,400 | 46 | |
Gaming and Leisure | |||
Properties Inc. | 900 | 28 | |
Navient Corp. | 1,600 | 26 | |
Highwoods Properties Inc. | 500 | 26 | |
CubeSmart | 900 | 24 | |
Sun Communities Inc. | 300 | 23 | |
EPR Properties | 300 | 22 | |
Senior Housing Properties | |||
Trust | 1,100 | 21 | |
Cullen/Frost Bankers Inc. | 200 | 18 | |
318,034 | |||
Health Care (5.9%) | |||
Johnson & Johnson | 192,444 | 22,171 | |
Pfizer Inc. | 374,987 | 12,180 | |
Merck & Co. Inc. | 191,421 | 11,269 | |
UnitedHealth Group Inc. | 61,813 | 9,893 | |
Amgen Inc. | 54,555 | 7,976 | |
Medtronic plc | 99,010 | 7,052 | |
* | Celgene Corp. | 55,424 | 6,415 |
Gilead Sciences Inc. | 88,674 | 6,350 | |
AbbVie Inc. | 90,754 | 5,683 | |
Bristol-Myers Squibb Co. | 85,560 | 5,000 | |
* | Biogen Inc. | 15,363 | 4,357 |
Thermo Fisher Scientific Inc. | 27,567 | 3,890 | |
Abbott Laboratories | 94,800 | 3,641 | |
Eli Lilly & Co. | 48,000 | 3,530 | |
* | Allergan plc | 16,290 | 3,421 |
* | Express Scripts Holding Co. | 48,031 | 3,304 |
Danaher Corp. | 38,551 | 3,001 | |
Aetna Inc. | 22,455 | 2,785 | |
Stryker Corp. | 22,549 | 2,702 | |
Cigna Corp. | 19,741 | 2,633 | |
* | Boston Scientific Corp. | 115,541 | 2,499 |
Anthem Inc. | 16,126 | 2,318 | |
Humana Inc. | 10,600 | 2,163 | |
Zoetis Inc. | 39,180 | 2,097 | |
* | HCA Holdings Inc. | 28,031 | 2,075 |
St. Jude Medical Inc. | 22,035 | 1,767 | |
* | Alexion Pharmaceuticals Inc. | 14,386 | 1,760 |
* | Regeneron Pharmaceuticals | ||
Inc. | 4,614 | 1,694 | |
Becton Dickinson and Co. | 9,658 | 1,599 | |
CR Bard Inc. | 6,965 | 1,565 | |
Baxter International Inc. | 35,100 | 1,556 | |
* | Quintiles IMS Holdings Inc. | 19,841 | 1,509 |
McKesson Corp. | 10,636 | 1,494 | |
Zimmer Biomet Holdings Inc. | 13,970 | 1,442 | |
* | Laboratory Corp. of America | ||
Holdings | 11,072 | 1,421 | |
* | Intuitive Surgical Inc. | 2,144 | 1,360 |
Agilent Technologies Inc. | 29,707 | 1,353 | |
* | Cerner Corp. | 27,828 | 1,318 |
Cooper Cos. Inc. | 7,263 | 1,270 | |
* | Edwards Lifesciences Corp. | 12,966 | 1,215 |
* | DaVita Inc. | 18,845 | 1,210 |
AmerisourceBergen Corp. | |||
Class A | 14,706 | 1,150 | |
Dentsply Sirona Inc. | 19,508 | 1,126 | |
* | Incyte Corp. | 11,200 | 1,123 |
Universal Health Services Inc. | |||
Class B | 10,447 | 1,111 | |
* | Illumina Inc. | 8,400 | 1,076 |
* | BioMarin Pharmaceutical Inc. | 11,600 | 961 |
PerkinElmer Inc. | 17,000 | 887 | |
* | QIAGEN NV | 30,600 | 857 |
* | Varian Medical Systems Inc. | 8,726 | 783 |
Perrigo Co. plc | 9,000 | 749 | |
Quest Diagnostics Inc. | 8,019 | 737 | |
Hill-Rom Holdings Inc. | 12,322 | 692 | |
Bio-Techne Corp. | 6,600 | 679 | |
* | Vertex Pharmaceuticals Inc. | 7,855 | 579 |
* | Premier Inc. Class A | 19,035 | 578 |
* | OPKO Health Inc. | 59,381 | 552 |
Cardinal Health Inc. | 7,545 | 543 | |
Patterson Cos. Inc. | 12,600 | 517 | |
* | Alkermes plc | 9,200 | 511 |
* | United Therapeutics Corp. | 3,218 | 462 |
* | Centene Corp. | 7,463 | 422 |
* | Charles River Laboratories | ||
International Inc. | 5,500 | 419 | |
* | Henry Schein Inc. | 2,564 | 389 |
* | IDEXX Laboratories Inc. | 3,255 | 382 |
* | Hologic Inc. | 8,893 | 357 |
* | Mallinckrodt plc | 7,075 | 352 |
ResMed Inc. | 4,300 | 267 | |
* | Seattle Genetics Inc. | 4,692 | 248 |
* | DexCom Inc. | 4,119 | 246 |
* | Endo International plc | 12,800 | 211 |
16
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Alere Inc. | 4,900 | 191 |
* | Align Technology Inc. | 1,810 | 174 |
* | Tenet Healthcare Corp. | 10,525 | 156 |
* | Neurocrine Biosciences Inc. | 3,900 | 151 |
* | Akorn Inc. | 6,834 | 149 |
Teleflex Inc. | 800 | 129 | |
* | VCA Inc. | 1,809 | 124 |
* | Intercept Pharmaceuticals | ||
Inc. | 1,127 | 122 | |
* | Patheon NV | 4,115 | 118 |
* | Intrexon Corp. | 4,638 | 113 |
* | MEDNAX Inc. | 1,373 | 91 |
* | WellCare Health Plans Inc. | 600 | 82 |
* | Veeva Systems Inc. Class A | 1,938 | 79 |
* | Agios Pharmaceuticals Inc. | 1,819 | 76 |
* | Allscripts Healthcare | ||
Solutions Inc. | 6,694 | 68 | |
West Pharmaceutical | |||
Services Inc. | 800 | 68 | |
* | LifePoint Health Inc. | 655 | 37 |
Bruker Corp. | 1,500 | 32 | |
* | ABIOMED Inc. | 200 | 23 |
182,887 | |||
Materials & Processing (1.8%) | |||
EI du Pont de Nemours | |||
& Co. | 57,228 | 4,201 | |
Dow Chemical Co. | 72,987 | 4,176 | |
Monsanto Co. | 27,533 | 2,897 | |
Ecolab Inc. | 17,900 | 2,098 | |
Vulcan Materials Co. | 14,444 | 1,808 | |
LyondellBasell Industries NV | |||
Class A | 20,738 | 1,779 | |
Newmont Mining Corp. | 50,966 | 1,736 | |
Sherwin-Williams Co. | 6,460 | 1,736 | |
Praxair Inc. | 14,752 | 1,729 | |
* | Freeport-McMoRan Inc. | 129,128 | 1,703 |
Air Products & Chemicals | |||
Inc. | 11,600 | 1,668 | |
Ingersoll-Rand plc | 20,400 | 1,531 | |
PPG Industries Inc. | 15,400 | 1,459 | |
Martin Marietta Materials | |||
Inc. | 6,586 | 1,459 | |
Celanese Corp. Class A | 15,540 | 1,224 | |
Eagle Materials Inc. | 11,900 | 1,172 | |
International Paper Co. | 22,043 | 1,170 | |
Ball Corp. | 15,418 | 1,157 | |
Valspar Corp. | 10,400 | 1,078 | |
* | Crown Holdings Inc. | 19,669 | 1,034 |
Lennox International Inc. | 6,600 | 1,011 | |
Southern Copper Corp. | 30,200 | 965 | |
Sealed Air Corp. | 20,800 | 943 | |
Albemarle Corp. | 10,400 | 895 | |
Hexcel Corp. | 16,000 | 823 | |
Valmont Industries Inc. | 5,211 | 734 | |
NewMarket Corp. | 1,720 | 729 |
Owens Corning | 13,800 | 711 | |
Ashland Global Holdings Inc. | 6,198 | 677 | |
Nucor Corp. | 11,200 | 667 | |
WR Grace & Co. | 9,792 | 662 | |
WestRock Co. | 12,660 | 643 | |
Reliance Steel & Aluminum | |||
Co. | 7,600 | 604 | |
Mosaic Co. | 19,630 | 576 | |
* | Owens-Illinois Inc. | 32,798 | 571 |
Silgan Holdings Inc. | 9,942 | 509 | |
CF Industries Holdings Inc. | 16,059 | 506 | |
FMC Corp. | 8,798 | 498 | |
Scotts Miracle-Gro Co. | |||
Class A | 5,042 | 482 | |
Westlake Chemical Corp. | 7,800 | 437 | |
Fastenal Co. | 8,625 | 405 | |
Eastman Chemical Co. | 4,640 | 349 | |
Acuity Brands Inc. | 1,400 | 323 | |
United States Steel Corp. | 8,000 | 264 | |
* | Alcoa Corp. | 9,388 | 264 |
* | Armstrong World Industries | ||
Inc. | 5,203 | 217 | |
Masco Corp. | 6,000 | 190 | |
* | Axalta Coating Systems Ltd. | 6,954 | 189 |
Packaging Corp. of America | 2,100 | 178 | |
Royal Gold Inc. | 2,800 | 177 | |
International Flavors | |||
& Fragrances Inc. | 1,400 | 165 | |
* | Versum Materials Inc. | 5,800 | 163 |
Steel Dynamics Inc. | 4,200 | 149 | |
* | USG Corp. | 5,000 | 144 |
RPM International Inc. | 2,300 | 124 | |
Tahoe Resources Inc. | 9,100 | 86 | |
* | Berry Plastics Group Inc. | 1,715 | 84 |
Sonoco Products Co. | 900 | 47 | |
* | AdvanSix Inc. | 1,888 | 42 |
Bemis Co. Inc. | 500 | 24 | |
AptarGroup Inc. | 300 | 22 | |
Fortis Inc. | 1 | — | |
54,064 | |||
Producer Durables (5.4%) | |||
General Electric Co. | 623,421 | 19,700 | |
3M Co. | 38,300 | 6,839 | |
Boeing Co. | 41,320 | 6,433 | |
United Technologies Corp. | 57,076 | 6,257 | |
Union Pacific Corp. | 56,950 | 5,905 | |
Honeywell International Inc. | 48,800 | 5,654 | |
United Parcel Service Inc. | |||
Class B | 40,900 | 4,689 | |
Accenture plc Class A | 39,700 | 4,650 | |
Lockheed Martin Corp. | 17,092 | 4,272 | |
FedEx Corp. | 21,336 | 3,973 | |
Caterpillar Inc. | 34,475 | 3,197 | |
Delta Air Lines Inc. | 59,300 | 2,917 |
17
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Automatic Data Processing | |||
Inc. | 27,974 | 2,875 | |
Southwest Airlines Co. | 53,617 | 2,672 | |
* | United Continental Holdings | ||
Inc. | 33,759 | 2,460 | |
Johnson Controls | |||
International plc | 53,351 | 2,198 | |
Raytheon Co. | 15,049 | 2,137 | |
General Dynamics Corp. | 12,091 | 2,088 | |
Emerson Electric Co. | 36,900 | 2,057 | |
CSX Corp. | 57,100 | 2,052 | |
Norfolk Southern Corp. | 18,100 | 1,956 | |
Deere & Co. | 18,700 | 1,927 | |
Northrop Grumman Corp. | 8,100 | 1,884 | |
Eaton Corp. plc | 27,200 | 1,825 | |
Roper Technologies Inc. | 8,710 | 1,595 | |
Textron Inc. | 31,211 | 1,516 | |
Illinois Tool Works Inc. | 12,300 | 1,506 | |
* | Verisk Analytics Inc. Class A | 18,185 | 1,476 |
Waste Management Inc. | 19,300 | 1,369 | |
TransDigm Group Inc. | 5,476 | 1,363 | |
Cintas Corp. | 11,770 | 1,360 | |
Huntington Ingalls | |||
Industries Inc. | 7,269 | 1,339 | |
Cummins Inc. | 9,721 | 1,329 | |
Xylem Inc. | 25,639 | 1,270 | |
Nordson Corp. | 11,050 | 1,238 | |
* | Mettler-Toledo International | ||
Inc. | 2,920 | 1,222 | |
Rockwell Collins Inc. | 13,100 | 1,215 | |
American Airlines Group Inc. | 24,967 | 1,166 | |
Wabtec Corp. | 13,965 | 1,159 | |
Spirit AeroSystems Holdings | |||
Inc. Class A | 19,828 | 1,157 | |
Toro Co. | 20,236 | 1,132 | |
JB Hunt Transport Services | |||
Inc. | 11,510 | 1,117 | |
AMETEK Inc. | 22,900 | 1,113 | |
* | Jacobs Engineering Group | ||
Inc. | 19,495 | 1,111 | |
Oshkosh Corp. | 17,147 | 1,108 | |
Fortive Corp. | 20,625 | 1,106 | |
AO Smith Corp. | 23,300 | 1,103 | |
CH Robinson Worldwide Inc. | 15,011 | 1,100 | |
Expeditors International of | |||
Washington Inc. | 20,666 | 1,095 | |
* | Quanta Services Inc. | 31,395 | 1,094 |
Landstar System Inc. | 12,535 | 1,069 | |
* | Waters Corp. | 7,918 | 1,064 |
IDEX Corp. | 11,229 | 1,011 | |
BWX Technologies Inc. | 25,219 | 1,001 | |
Carlisle Cos. Inc. | 9,000 | 993 | |
* | HD Supply Holdings Inc. | 22,965 | 976 |
PACCAR Inc. | 15,200 | 971 |
Republic Services Inc. | |||
Class A | 16,510 | 942 | |
* | United Rentals Inc. | 8,891 | 939 |
WW Grainger Inc. | 3,982 | 925 | |
Allegion plc | 13,833 | 885 | |
Orbital ATK Inc. | 10,086 | 885 | |
FLIR Systems Inc. | 24,300 | 879 | |
AGCO Corp. | 15,037 | 870 | |
Fluor Corp. | 16,458 | 864 | |
* | AECOM | 23,634 | 859 |
* | Manitowoc Foodservice Inc. | 44,290 | 856 |
Lincoln Electric Holdings Inc. | 10,223 | 784 | |
Paychex Inc. | 12,600 | 767 | |
ITT Inc. | 19,369 | 747 | |
Air Lease Corp. Class A | 21,300 | 731 | |
Stanley Black & Decker Inc. | 6,327 | 726 | |
Robert Half International Inc. | 14,500 | 707 | |
Flowserve Corp. | 14,313 | 688 | |
B/E Aerospace Inc. | 10,890 | 655 | |
* | Copart Inc. | 11,159 | 618 |
KBR Inc. | 35,982 | 601 | |
Pentair plc | 10,087 | 566 | |
Donaldson Co. Inc. | 13,286 | 559 | |
Trinity Industries Inc. | 19,100 | 530 | |
Arconic Inc. | 28,166 | 522 | |
ManpowerGroup Inc. | 5,650 | 502 | |
L-3 Communications | |||
Holdings Inc. | 3,289 | 500 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 5,300 | 490 | |
National Instruments Corp. | 14,511 | 447 | |
* | Stericycle Inc. | 5,198 | 400 |
Parker-Hannifin Corp. | 2,700 | 378 | |
Alaska Air Group Inc. | 4,200 | 373 | |
Copa Holdings SA Class A | 4,039 | 367 | |
* | WESCO International Inc. | 5,246 | 349 |
* | Keysight Technologies Inc. | 9,503 | 348 |
Xerox Corp. | 38,655 | 337 | |
Rockwell Automation Inc. | 2,500 | 336 | |
* | Clean Harbors Inc. | 6,021 | 335 |
Kansas City Southern | 3,200 | 272 | |
Chicago Bridge & Iron Co. | |||
NV | 8,058 | 256 | |
Covanta Holding Corp. | 14,400 | 225 | |
* | Old Dominion Freight Line | ||
Inc. | 2,437 | 209 | |
Dover Corp. | 2,700 | 202 | |
* | Middleby Corp. | 1,528 | 197 |
Regal Beloit Corp. | 2,800 | 194 | |
* | Trimble Inc. | 6,173 | 186 |
Macquarie Infrastructure | |||
Corp. | 2,200 | 180 | |
Snap-on Inc. | 1,000 | 171 | |
* | Spirit Airlines Inc. | 2,859 | 165 |
* | Colfax Corp. | 3,531 | 127 |
18
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | JetBlue Airways Corp. | 5,349 | 120 |
Hubbell Inc. Class B | 1,000 | 117 | |
* | Zebra Technologies Corp. | 1,282 | 110 |
* | CoStar Group Inc. | 582 | 110 |
Avery Dennison Corp. | 1,500 | 105 | |
Ryder System Inc. | 1,400 | 104 | |
Terex Corp. | 2,800 | 88 | |
* | Genpact Ltd. | 3,249 | 79 |
* | Kirby Corp. | 601 | 40 |
* | Herc Holdings Inc. | 749 | 30 |
* | Genesee & Wyoming Inc. | ||
Class A | 419 | 29 | |
166,644 | |||
Technology (8.4%) | |||
Apple Inc. | 380,415 | 44,060 | |
Microsoft Corp. | 527,756 | 32,795 | |
* | Facebook Inc. Class A | 155,288 | 17,866 |
* | Alphabet Inc. Class A | 21,528 | 17,060 |
* | Alphabet Inc. | 20,024 | 15,455 |
Intel Corp. | 333,500 | 12,096 | |
Cisco Systems Inc. | 346,315 | 10,466 | |
International Business | |||
Machines Corp. | 61,403 | 10,192 | |
Oracle Corp. | 215,590 | 8,289 | |
QUALCOMM Inc. | 98,475 | 6,421 | |
NVIDIA Corp. | 49,600 | 5,294 | |
Texas Instruments Inc. | 65,646 | 4,790 | |
Broadcom Ltd. | 24,581 | 4,345 | |
* | Adobe Systems Inc. | 37,096 | 3,819 |
* | salesforce.com Inc. | 48,723 | 3,336 |
Applied Materials Inc. | 90,580 | 2,923 | |
Hewlett Packard Enterprise | |||
Co. | 124,273 | 2,876 | |
* | Yahoo! Inc. | 67,022 | 2,592 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 39,715 | 2,225 | |
Intuit Inc. | 19,124 | 2,192 | |
Amphenol Corp. Class A | 26,942 | 1,810 | |
Corning Inc. | 71,577 | 1,737 | |
Activision Blizzard Inc. | 47,560 | 1,717 | |
HP Inc. | 113,473 | 1,684 | |
* | Autodesk Inc. | 21,967 | 1,626 |
Motorola Solutions Inc. | 18,528 | 1,536 | |
Lam Research Corp. | 14,500 | 1,533 | |
* | Electronic Arts Inc. | 19,455 | 1,532 |
* | Citrix Systems Inc. | 15,528 | 1,387 |
Analog Devices Inc. | 18,996 | 1,379 | |
* | Micron Technology Inc. | 61,500 | 1,348 |
Western Digital Corp. | 19,616 | 1,333 | |
Xilinx Inc. | 21,429 | 1,294 | |
* | Synopsys Inc. | 19,382 | 1,141 |
Juniper Networks Inc. | 40,200 | 1,136 | |
Skyworks Solutions Inc. | 15,100 | 1,127 | |
Symantec Corp. | 46,939 | 1,121 | |
CDK Global Inc. | 18,758 | 1,120 |
* | NCR Corp. | 27,601 | 1,119 |
* | Cadence Design Systems | ||
Inc. | 42,138 | 1,063 | |
Teradyne Inc. | 39,300 | 998 | |
* | VeriSign Inc. | 11,892 | 905 |
Avnet Inc. | 19,000 | 905 | |
* | CommScope Holding Co. | ||
Inc. | 24,309 | 904 | |
Computer Sciences Corp. | 15,000 | 891 | |
* | SBA Communications Corp. | ||
Class A | 8,611 | 889 | |
Amdocs Ltd. | 14,500 | 845 | |
Dolby Laboratories Inc. | |||
Class A | 18,600 | 840 | |
DST Systems Inc. | 6,630 | 710 | |
Brocade Communications | |||
Systems Inc. | 55,900 | 698 | |
* | IAC/InterActiveCorp | 10,500 | 680 |
* | Akamai Technologies Inc. | 10,183 | 679 |
Sabre Corp. | 27,200 | 679 | |
* | Twitter Inc. | 38,004 | 619 |
* | ServiceNow Inc. | 8,282 | 616 |
Linear Technology Corp. | 9,600 | 599 | |
* | Palo Alto Networks Inc. | 4,764 | 596 |
KLA-Tencor Corp. | 7,000 | 551 | |
Leidos Holdings Inc. | 10,350 | 529 | |
Harris Corp. | 5,100 | 523 | |
* | GoDaddy Inc. Class A | 14,759 | 516 |
* | Dell Technologies Inc. | ||
Class V | 8,857 | 487 | |
CSRA Inc. | 15,000 | 478 | |
NetApp Inc. | 13,071 | 461 | |
* | Red Hat Inc. | 6,592 | 459 |
* | Qorvo Inc. | 8,229 | 434 |
* | Black Knight Financial | ||
Services Inc. Class A | 11,262 | 426 | |
* | ON Semiconductor Corp. | 32,701 | 417 |
* | Match Group Inc. | 24,226 | 414 |
Maxim Integrated Products | |||
Inc. | 9,000 | 347 | |
Microchip Technology Inc. | 5,351 | 343 | |
* | F5 Networks Inc. | 2,236 | 324 |
* | ARRIS International plc | 10,424 | 314 |
* | Workday Inc. Class A | 4,682 | 309 |
CA Inc. | 8,807 | 280 | |
* | Arrow Electronics Inc. | 3,482 | 248 |
* | Teradata Corp. | 9,030 | 245 |
* | Gartner Inc. | 2,246 | 227 |
* | Splunk Inc. | 4,128 | 211 |
* | ANSYS Inc. | 2,064 | 191 |
* | VMware Inc. Class A | 2,201 | 173 |
Marvell Technology Group | |||
Ltd. | 11,400 | 158 | |
CDW Corp. | 2,900 | 151 | |
* | Cree Inc. | 5,113 | 135 |
19
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Fortinet Inc. | 3,338 | 101 |
* | Arista Networks Inc. | 982 | 95 |
* | EchoStar Corp. Class A | 1,746 | 90 |
* | Ultimate Software Group Inc. | 464 | 85 |
* | Zynga Inc. Class A | 30,672 | 79 |
SS&C Technologies Holdings | |||
Inc. | 2,400 | 69 | |
* | Groupon Inc. Class A | 19,439 | 65 |
* | Tableau Software Inc. | ||
Class A | 1,510 | 64 | |
* | PTC Inc. | 1,365 | 63 |
* | IPG Photonics Corp. | 627 | 62 |
* | Tyler Technologies Inc. | 400 | 57 |
* | Yelp Inc. Class A | 1,367 | 52 |
* | Atlassian Corp. plc Class A | 1,239 | 30 |
* | CommerceHub Inc. | 1,927 | 29 |
Cognex Corp. | 400 | 25 | |
* | CommerceHub Inc. Class A | 963 | 14 |
260,219 | |||
Utilities (2.8%) | |||
AT&T Inc. | 422,689 | 17,977 | |
Verizon Communications | |||
Inc. | 277,013 | 14,787 | |
Duke Energy Corp. | 56,930 | 4,419 | |
NextEra Energy Inc. | 34,897 | 4,169 | |
Dominion Resources Inc. | 48,008 | 3,677 | |
Southern Co. | 71,630 | 3,523 | |
American Electric Power Co. | |||
Inc. | 39,900 | 2,512 | |
PG&E Corp. | 40,335 | 2,451 | |
Exelon Corp. | 65,800 | 2,335 | |
Sempra Energy | 19,829 | 1,996 | |
Consolidated Edison Inc. | 22,700 | 1,673 | |
Public Service Enterprise | |||
Group Inc. | 37,900 | 1,663 | |
WEC Energy Group Inc. | 27,832 | 1,632 | |
* | Level 3 Communications Inc. | 28,775 | 1,622 |
* | T-Mobile US Inc. | 27,900 | 1,605 |
American Water Works Co. | |||
Inc. | 19,228 | 1,391 | |
PPL Corp. | 40,300 | 1,372 | |
Edison International | 18,117 | 1,304 | |
UGI Corp. | 24,078 | 1,109 | |
AES Corp. | 86,469 | 1,005 | |
Xcel Energy Inc. | 24,600 | 1,001 | |
NiSource Inc. | 44,300 | 981 | |
FirstEnergy Corp. | 29,700 | 920 | |
* | Sprint Corp. | 109,174 | 919 |
Alliant Energy Corp. | 24,226 | 918 | |
Aqua America Inc. | 29,478 | 886 | |
OGE Energy Corp. | 25,486 | 852 | |
CMS Energy Corp. | 20,227 | 842 | |
Telephone & Data Systems | |||
Inc. | 24,630 | 711 | |
* | United States Cellular Corp. | 14,915 | 652 |
Westar Energy Inc. Class A | 11,300 | 637 | |
* | Calpine Corp. | 53,807 | 615 |
NRG Energy Inc. | 40,924 | 502 | |
Eversource Energy | 8,000 | 442 | |
Ameren Corp. | 8,400 | 441 | |
Entergy Corp. | 5,900 | 433 | |
DTE Energy Co. | 4,400 | 433 | |
CenterPoint Energy Inc. | 17,200 | 424 | |
National Fuel Gas Co. | 5,771 | 327 | |
MDU Resources Group Inc. | 9,950 | 286 | |
Avangrid Inc. | 4,545 | 172 | |
SCANA Corp. | 2,300 | 169 | |
Pinnacle West Capital Corp. | 1,900 | 148 | |
Atmos Energy Corp. | 1,800 | 133 | |
* | Zayo Group Holdings Inc. | 2,300 | 76 |
Great Plains Energy Inc. | 2,400 | 66 | |
86,208 | |||
Total Common Stocks | |||
(Cost $924,460) | 1,496,057 |
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Tax-Exempt Municipal Bonds (51.6%) | ||||
Alabama (0.2%) | ||||
Alabama 21st Century Authority Tobacco | ||||
Settlement Revenue | 5.000% | 6/1/20 | 500 | 550 |
Alabama Incentives Financing Authority Special | ||||
Obligation Revenue | 5.000% | 9/1/32 | 380 | 423 |
1 Alabama Public School & College Authority | ||||
Capital Improvement Revenue | 5.000% | 12/1/17 (Prere.) | 500 | 518 |
Birmingham AL Water Works Board | ||||
Water Revenue | 5.000% | 1/1/24 | 1,175 | 1,373 |
20
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Black Belt Energy Gas District Alabama Gas | ||||
Supply Revenue PUT | 4.000% | 6/1/21 | 1,000 | 1,066 |
Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 535 |
Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 (4) | 500 | 357 |
Tuscaloosa AL City Board of Education School | ||||
Tax Warrants Revenue | 5.000% | 8/1/27 | 500 | 590 |
Tuscaloosa AL City Board of Education School | ||||
Tax Warrants Revenue | 5.000% | 8/1/28 | 850 | 994 |
University of South Alabama University Facilities | ||||
Revenue | 5.000% | 11/1/23 (4) | 565 | 643 |
7,049 | ||||
Alaska (0.1%) | ||||
Alaska Housing Finance Corp. General Housing | ||||
Revenue | 5.000% | 12/1/29 | 500 | 554 |
Alaska Municipal Bond Bank Authority Revenue | 5.000% | 9/1/21 | 1,650 | 1,861 |
Matanuska-Susitna Borough AK Lease Revenue | ||||
(Goose Creek Correctional Center) GO | 5.000% | 9/1/31 | 1,345 | 1,509 |
3,924 | ||||
Arizona (1.6%) | ||||
Arizona Board of Regents Arizona State University | ||||
System Revenue | 5.000% | 7/1/30 | 675 | 784 |
Arizona Board of Regents Arizona State University | ||||
System Revenue | 5.000% | 7/1/36 | 1,000 | 1,135 |
Arizona Board Regents Arizona State University | ||||
System COP | 5.000% | 7/1/22 (14) | 1,500 | 1,528 |
Arizona Board Regents Arizona State University | ||||
System Revenue | 5.875% | 7/1/18 (Prere.) | 100 | 107 |
Arizona COP | 5.000% | 10/1/18 (4) | 500 | 531 |
Arizona Health Facilities Authority Revenue | ||||
(Banner Health) | 5.000% | 1/1/18 (Prere.) | 500 | 520 |
1 Arizona School Facilities Board COP | 5.500% | 9/1/18 (Prere.) | 500 | 535 |
Arizona School Facilities Board COP | 5.000% | 9/1/19 | 1,000 | 1,087 |
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/21 | 2,240 | 2,552 |
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/23 | 1,955 | 2,296 |
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/24 | 2,000 | 2,382 |
Arizona Transportation Board Excise Tax Revenue | ||||
(Maricopa County Regional Area) | 5.000% | 7/1/17 (Prere.) | 500 | 510 |
Arizona Transportation Board Excise Tax Revenue | ||||
(Maricopa County Regional Area) | 5.000% | 7/1/20 (Prere.) | 500 | 557 |
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 (Prere.) | 500 | 578 |
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 | 2,005 | 2,322 |
Chandler AZ GO | 5.000% | 7/1/23 | 1,000 | 1,181 |
Glendale AZ Industrial Development Authority | ||||
Revenue (Midwestern University) | 5.000% | 5/15/30 | 335 | 360 |
Glendale AZ Senior Excise Tax Revenue | 5.000% | 7/1/18 | 1,100 | 1,159 |
Maricopa County AZ Industrial Development | ||||
Authority Health Facilities Revenue | ||||
(Banner Health Obligated Group) | 5.000% | 1/1/28 | 1,000 | 1,187 |
Maricopa County AZ School District No. 28 | ||||
(Kyrene Elementary) GO | 4.000% | 7/1/19 | 900 | 956 |
Mesa AZ Excise Tax Revenue | 5.000% | 7/1/27 | 2,500 | 2,546 |
Phoenix AZ Civic Improvement Corp. Airport | ||||
Revenue | 5.000% | 7/1/24 | 300 | 332 |
Phoenix AZ Civic Improvement Corp. | ||||
Wastewater System Revenue | 5.000% | 7/1/22 | 2,190 | 2,526 |
21
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
2 Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/21 | 525 | 599 |
2 Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/22 | 1,200 | 1,392 |
2 Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/23 | 2,000 | 2,355 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/26 | 2,500 | 2,945 |
2 Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/35 | 1,900 | 2,203 |
Phoenix AZ GO | 5.000% | 7/1/26 | 1,000 | 1,224 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 500 | 557 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/24 | 1,000 | 1,188 |
Regional Public Transportation Authority | ||||
Arizona Excise Tax Revenue (Maricopa County | ||||
Public Transportation) | 5.250% | 7/1/24 | 1,000 | 1,205 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/28 | 750 | 801 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/28 | 500 | 569 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,272 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,540 | 1,790 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 870 | 993 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 510 | 594 |
University Medical Center Corp. Arizona | ||||
Hospital Revenue | 5.000% | 7/1/19 (ETM) | 500 | 543 |
Yavapai County AZ Industrial Development | ||||
Authority Hospital Facility Revenue | ||||
(Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 568 |
49,469 | ||||
Arkansas (0.1%) | ||||
Pulaski County AR Hospital Revenue | ||||
(Arkansas Children’s Hospital) | 5.000% | 3/1/29 | 1,000 | 1,160 |
Rogers AR Sales & Use Tax Revenue | 2.125% | 11/1/29 | 350 | 347 |
University of Arkansas Revenue | 5.000% | 11/1/21 | 750 | 850 |
University of Arkansas Revenue | 5.000% | 11/1/24 | 750 | 888 |
University of Arkansas Revenue | 5.000% | 11/1/30 | 725 | 849 |
4,094 | ||||
California (6.7%) | ||||
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Episcopal Senior | ||||
Communities) | 5.000% | 7/1/22 | 500 | 557 |
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Jackson Laboratory) | 5.000% | 7/1/21 | 760 | 854 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 5.300% | 10/1/17 (Prere.) | 200 | 206 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 0.000% | 10/1/30 (2) | 740 | 405 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 0.000% | 10/1/32 (14) | 1,650 | 895 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 10/1/30 | 500 | 551 |
22
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 500 | 556 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 1,000 | 1,136 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.500% | 4/2/18 | 750 | 750 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.320% | 4/1/20 | 1,000 | 1,001 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/20 | 1,500 | 1,501 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.420% | 4/1/21 | 1,000 | 1,000 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.620% | 5/1/23 | 1,000 | 994 |
Brea CA Redevelopment Agency | ||||
Successor Agency Tax Allocation Revenue | ||||
(Redevelopment Project AB) | 0.000% | 8/1/29 (2) | 1,000 | 593 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/17 | 500 | 507 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 165 | 173 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 500 | 526 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 4,500 | 5,002 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 575 | 639 |
California Department of Water Resources | ||||
Water System Revenue (Central Valley Project) | 5.000% | 6/1/18 (Prere.) | 480 | 506 |
California Department of Water Resources | ||||
Water System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 500 | 604 |
California Department of Water Resources | ||||
Water System Revenue (Central Valley Project) | 5.000% | 12/1/28 | 20 | 21 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 390 | 412 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 110 | 116 |
California Economic Recovery GO | 5.000% | 7/1/19 (Prere.) | 500 | 544 |
California Economic Recovery GO | 5.000% | 7/1/19 (ETM) | 500 | 544 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 315 | 345 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 185 | 202 |
California Educational Facilities Authority Revenue | ||||
(University of San Francisco) | 6.125% | 10/1/30 | 500 | 587 |
California GO | 5.000% | 3/1/17 | 500 | 504 |
California GO | 5.000% | 6/1/17 (Prere.) | 500 | 509 |
California GO | 5.000% | 6/1/17 (Prere.) | 195 | 198 |
California GO | 5.000% | 6/1/17 (Prere.) | 185 | 188 |
California GO | 5.000% | 6/1/17 (Prere.) | 305 | 310 |
California GO | 6.000% | 4/1/18 | 500 | 531 |
California GO | 5.000% | 9/1/18 | 1,905 | 2,025 |
California GO | 5.000% | 11/1/18 (14) | 500 | 517 |
California GO | 5.000% | 8/1/19 | 1,500 | 1,636 |
California GO | 5.000% | 2/1/20 | 500 | 552 |
California GO | 5.000% | 10/1/20 | 2,000 | 2,243 |
California GO | 5.000% | 9/1/21 | 500 | 571 |
California GO | 5.000% | 12/1/22 | 1,635 | 1,905 |
California GO | 5.000% | 11/1/23 | 1,155 | 1,362 |
23
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
California GO | 5.000% | 9/1/25 | 1,560 | 1,877 |
California GO | 5.000% | 12/1/25 | 1,000 | 1,163 |
California GO | 5.000% | 3/1/26 | 530 | 630 |
California GO | 5.500% | 3/1/26 | 500 | 525 |
California GO | 4.500% | 8/1/27 | 85 | 85 |
California GO | 5.000% | 2/1/28 | 690 | 787 |
California GO | 4.500% | 8/1/28 (2) | 725 | 727 |
California GO | 5.750% | 4/1/29 | 500 | 544 |
California GO | 5.000% | 9/1/29 | 455 | 543 |
California GO | 5.000% | 9/1/29 | 1,535 | 1,827 |
California GO | 5.000% | 9/1/29 | 495 | 525 |
California GO | 5.000% | 10/1/29 | 3,500 | 3,659 |
California GO | 5.000% | 11/1/29 | 1,700 | 1,954 |
California GO | 5.250% | 3/1/30 | 500 | 551 |
California GO | 5.000% | 9/1/30 | 1,000 | 1,127 |
California GO | 5.250% | 9/1/30 | 500 | 569 |
California GO | 5.000% | 2/1/32 | 500 | 556 |
California GO | 5.000% | 10/1/32 | 1,875 | 2,159 |
California GO | 5.000% | 8/1/33 | 2,865 | 3,334 |
California GO | 4.000% | 9/1/33 | 2,000 | 2,100 |
California GO | 4.000% | 9/1/35 | 1,815 | 1,884 |
California GO | 4.000% | 9/1/35 | 1,000 | 1,038 |
California GO PUT | 4.000% | 12/1/17 | 2,400 | 2,430 |
California Health Facilities Financing Authority | ||||
Revenue (Adventist Health System/West) | 5.000% | 3/1/23 | 1,050 | 1,212 |
California Health Facilities Financing Authority | ||||
Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/17 | 500 | 512 |
California Health Facilities Financing Authority | ||||
Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,103 |
California Health Facilities Financing Authority | ||||
Revenue (Lucile Salter Packard Children’s | ||||
Hospitalat Stanford) | 5.000% | 8/15/20 | 325 | 363 |
California Health Facilities Financing Authority | ||||
Revenue (Providence St. Joseph Health | ||||
Obligated Group) PUT | 4.000% | 10/1/24 | 1,090 | 1,195 |
California Health Facilities Financing Authority | ||||
Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 965 | 1,073 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.500% | 8/15/26 | 500 | 562 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.000% | 8/15/30 | 110 | 115 |
California Infrastructure & Economic | ||||
Development Bank Revenue (Bay Area | ||||
Toll Bridges Seismic Retrofit) | 5.000% | 1/1/28 (Prere.) | 500 | 607 |
California Municipal Finance Authority Revenue | ||||
(Anaheim Electric Utility Distribution System) | 5.000% | 10/1/30 | 965 | 1,125 |
California Municipal Finance Authority Revenue | ||||
(University of La Verne) | 6.125% | 6/1/30 | 500 | 561 |
California Pollution Control Financing Authority | ||||
Water Furnishing Revenue (San Diego County | ||||
Water Authority Desalination Project Pipeline) | 5.000% | 7/1/37 | 1,000 | 1,003 |
California Public Works Board Lease Revenue | ||||
(Davidson Library) | 5.000% | 3/1/23 (Prere.) | 20 | 23 |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/22 | 1,000 | 1,151 |
24
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/27 | 1,000 | 1,137 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.000% | 10/1/26 | 1,000 | 1,164 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 340 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.125% | 12/1/29 | 250 | 285 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 3/1/18 (Prere.) | 200 | 209 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 70 | 76 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 120 | 130 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 12/1/21 (Prere.) | 35 | 40 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 5/1/19 | 1,000 | 1,080 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 25 | 29 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.375% | 3/1/23 | 1,000 | 1,108 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 4.000% | 11/1/31 | 1,840 | 1,936 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,134 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 4/1/32 | 350 | 391 |
California State University Systemwide Revenue | 5.250% | 5/1/19 (Prere.) | 300 | 327 |
California State University Systemwide Revenue | 5.750% | 5/1/19 (Prere.) | 500 | 550 |
California State University Systemwide Revenue | 5.000% | 11/1/19 | 1,000 | 1,097 |
California State University Systemwide Revenue | 5.000% | 11/1/30 | 1,000 | 1,122 |
California State University Systemwide Revenue | 5.000% | 11/1/32 | 1,000 | 1,173 |
California State University Systemwide Revenue | 5.000% | 11/1/34 | 2,000 | 2,279 |
California State University Systemwide Revenue | ||||
PUT | 3.000% | 11/1/19 | 1,000 | 1,032 |
California Statewide Communities Development | ||||
Authority Revenue (Buck Institute for | ||||
Age Research) | 4.000% | 11/15/17 | 275 | 282 |
California Statewide Communities Development | ||||
Authority Revenue (Loma Linda University | ||||
Medical Center) | 5.000% | 12/1/28 | 400 | 420 |
Chabot-Las Positas CA Community College | ||||
District GO | 5.000% | 8/1/31 | 1,000 | 1,124 |
Chaffey CA Community College District GO | 5.000% | 6/1/23 | 840 | 985 |
Chino CA Public Financing Authority Special | ||||
Tax Revenue | 5.000% | 9/1/30 (4) | 800 | 909 |
Chula Vista CA Municipal Financing Authority | ||||
Special Tax Revenue | 5.500% | 9/1/27 | 970 | 1,118 |
Citrus CA Community College District GO | 0.000% | 8/1/34 | 1,000 | 810 |
Contra Costa CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,146 |
Contra Costa CA Municipal Water District | ||||
Revenue | 5.000% | 10/1/33 | 1,000 | 1,146 |
Corona-Norco CA Unified School District | ||||
Special Tax Revenue (Community Facilities | ||||
District No. 98-1) | 5.000% | 9/1/22 | 970 | 1,091 |
25
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Foothill/Eastern Transportation Corridor Agency | ||||
California Toll Road Revenue | 0.000% | 1/15/29 | 1,390 | 1,132 |
Gavilan CA Joint Community College District GO | 5.000% | 8/1/28 | 1,000 | 1,184 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 0.000% | 6/1/27 (2) | 2,060 | 1,418 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 5.000% | 6/1/33 | 1,500 | 1,680 |
La Quinta CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 9/1/26 | 1,500 | 1,697 |
La Quinta CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 9/1/30 | 1,000 | 1,138 |
La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/26 | 350 | 382 |
Long Beach CA Finance Authority Natural Gas | ||||
Purchase Revenue | 5.250% | 11/15/19 | 75 | 80 |
Long Beach CA Finance Authority Natural Gas | ||||
Purchase Revenue | 5.250% | 11/15/23 | 330 | 369 |
Long Beach CA Unified School District GO | 0.000% | 8/1/24 (12) | 1,290 | 1,044 |
Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 500 | 530 |
Los Angeles CA Community College District GO | 5.000% | 8/1/22 | 1,000 | 1,161 |
Los Angeles CA Community College District GO | 4.000% | 8/1/32 | 1,000 | 1,048 |
Los Angeles CA Department of Airports | ||||
International Airport Revenue | 5.000% | 5/15/27 | 500 | 551 |
Los Angeles CA Department of Water | ||||
& Power Revenue | 5.000% | 7/1/24 | 500 | 543 |
Los Angeles CA Department of Water | ||||
& Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,153 |
Los Angeles CA Municipal Improvement Corp. | ||||
Lease Revenue (Police Headquarters Facility) | 4.750% | 1/1/17 (Prere.) | 1,175 | 1,175 |
Los Angeles CA Unified School District GO | 4.750% | 7/1/17 (Prere.) | 1,475 | 1,504 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 650 | 663 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 1,825 | 1,863 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/19 | 1,000 | 1,089 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 1,700 | 1,896 |
Los Angeles CA Unified School District GO | 4.500% | 7/1/22 (4) | 1,535 | 1,562 |
Los Angeles CA Unified School District GO | 4.500% | 7/1/24 (4) | 1,500 | 1,526 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 500 | 541 |
Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 745 | 758 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 540 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 540 |
Los Angeles CA Unified School District GO | 3.000% | 7/1/31 | 1,500 | 1,386 |
Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/29 | 500 | 538 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/19 | 560 | 610 |
Los Angeles County CA Public Works Financing | ||||
Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 565 |
Los Angeles County CA Redevelopment | ||||
Authority Tax Allocation Revenue (Hollywood/ | ||||
North Hollywood Redevelopment Project) | 5.000% | 7/1/20 | 1,500 | 1,662 |
Marysville CA Revenue (Fremont-Rideout | ||||
Health Group) | 5.250% | 1/1/24 | 600 | 602 |
3 Metropolitan Water District of Southern | ||||
California Revenue PUT | 1.100% | 3/27/18 | 1,585 | 1,585 |
Milpitas CA Redevelopment Agency Successor | ||||
Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 1,130 | 1,290 |
Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 397 |
26
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Oakland CA Redevelopment Agency Tax | ||||
Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 567 |
Oakland CA Unified School District GO | 5.000% | 8/1/25 (4) | 1,500 | 1,806 |
Orange County CA Development Agency Tax | ||||
Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/21 | 1,170 | 1,294 |
Palomar CA Community College District GO | 4.750% | 5/1/17 (Prere.) | 1,600 | 1,621 |
Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 1,000 | 851 |
Palomar Pomerado Health California GO | 0.000% | 8/1/26 (12) | 1,040 | 739 |
Palomar Pomerado Health California GO | 0.000% | 8/1/32 (12) | 700 | 377 |
Perris CA Public Financing Authority Tax | ||||
Allocation Revenue | 5.000% | 10/1/21 | 1,085 | 1,221 |
Poway CA Unified School District GO | 5.000% | 8/1/24 | 1,750 | 2,084 |
Riverside County CA Transportation Commission | ||||
Sales Tax Revenue | 5.250% | 6/1/29 | 1,000 | 1,164 |
Riverside County CA Transportation Commission | ||||
Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,291 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/23 | 140 | 154 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/25 | 245 | 270 |
Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/22 (15) | 750 | 865 |
Sacramento CA City Financing Authority Tax | ||||
Allocation Revenue | 0.000% | 12/1/30 (14) | 1,815 | 1,021 |
Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/18 (Prere.) | 195 | 207 |
Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/19 | 1,605 | 1,753 |
Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/27 (4) | 305 | 322 |
Sacramento CA Regional Transit District Farebox | ||||
Revenue | 5.000% | 3/1/23 | 500 | 548 |
Sacramento County CA Airport Revenue | 5.625% | 7/1/29 | 500 | 528 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/25 | 435 | 523 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 684 |
San Bernardino CA Community College District | ||||
GO | 0.000% | 8/1/22 (4) | 1,000 | 860 |
San Bernardino County CA Transportation | ||||
Authority Revenue | 5.000% | 3/1/31 | 500 | 556 |
San Diego CA Community College District GO | 5.000% | 8/1/21 (Prere.) | 500 | 570 |
San Diego CA Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,170 |
San Diego CA Public Facilities Financing Authority | ||||
Sewer Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 542 |
San Diego CA Public Facilities Financing Authority | ||||
Water Revenue | 5.250% | 8/1/20 (Prere.) | 500 | 563 |
San Diego CA Public Facilities Financing Authority | ||||
Water Revenue | 5.000% | 8/1/28 | 1,095 | 1,312 |
San Diego CA Public Facilities Financing Authority | ||||
Water Revenue | 5.000% | 8/1/29 | 1,500 | 1,780 |
San Diego CA Public Facilities Financing Authority | ||||
Water Revenue | 5.000% | 8/1/31 | 1,000 | 1,175 |
San Diego CA Unified School District GO | 0.000% | 7/1/27 | 500 | 349 |
San Diego CA Unified School District GO | 5.000% | 7/1/27 | 1,130 | 1,349 |
San Diego CA Unified School District GO | 5.500% | 7/1/27 (4) | 500 | 628 |
San Diego CA Unified School District GO | 0.000% | 7/1/28 | 500 | 335 |
San Diego CA Unified School District GO | 0.000% | 7/1/29 | 500 | 318 |
San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 60 |
27
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
San Diego County CA Regional Airport Authority | ||||
Revenue | 5.000% | 7/1/30 (4) | 500 | 547 |
San Diego County CA Regional Transportation | ||||
Commission Sales Tax Revenue | 5.000% | 4/1/31 | 560 | 623 |
San Diego County CA Water Authority Revenue | 5.000% | 5/1/28 | 1,000 | 1,190 |
San Francisco CA Bay Area Rapid Transit District | ||||
GO | 5.000% | 8/1/30 | 1,520 | 1,803 |
San Francisco CA Bay Area Rapid Transit District | ||||
Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 385 |
San Francisco CA City & County (Earthquake | ||||
Safety & Emergency Response) GO | 5.000% | 6/15/20 (Prere.) | 500 | 557 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/3/21 (Prere.) | 95 | 108 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.250% | 5/1/22 | 500 | 543 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/27 | 225 | 255 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/30 | 405 | 448 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.500% | 11/1/20 (Prere.) | 500 | 571 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 4.000% | 11/1/30 | 1,280 | 1,367 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.000% | 11/1/31 | 1,690 | 2,011 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.000% | 11/1/32 | 1,000 | 1,159 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.000% | 11/1/34 | 1,245 | 1,387 |
San Francisco CA City & County Unified School | ||||
District GO | 4.000% | 6/15/32 | 965 | 1,014 |
San Jose CA Redevelopment Agency | ||||
Tax Allocation Revenue | 5.000% | 8/1/19 (14) | 1,000 | 1,013 |
San Jose CA Redevelopment Agency | ||||
Tax Allocation Revenue | 6.500% | 8/1/28 | 700 | 753 |
San Ramon CA Public Financing Authority | ||||
Tax Allocation Revenue | 0.000% | 2/1/33 (2) | 1,475 | 748 |
Southern California Public Power Authority | ||||
Revenue (Canyon Power Project) | 5.000% | 7/1/22 | 1,105 | 1,251 |
Southern California Public Power Authority | ||||
Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/26 | 1,000 | 1,085 |
State Center California Community College | ||||
District GO | 5.000% | 8/1/29 | 1,000 | 1,174 |
Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 | 1,030 | 1,191 |
Turlock CA Public Financing Authority | ||||
Water Revenue | 4.750% | 5/1/32 | 2,000 | 2,074 |
Union City CA Community Redevelopment | ||||
Agency Successor Agency Tax Allocation | ||||
Revenue | 5.000% | 10/1/30 | 1,590 | 1,819 |
University of California Revenue | 5.000% | 5/15/17 (Prere.) | 500 | 513 |
University of California Revenue | 5.250% | 5/15/19 (Prere.) | 1,985 | 2,164 |
University of California Revenue | 5.000% | 5/15/23 | 1,000 | 1,127 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,161 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,184 |
University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,058 |
28
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
University of California Revenue PUT | 5.000% | 5/15/23 | 3,625 | 4,256 |
West Contra Costa CA Unified School District GO | 0.000% | 8/1/32 (4) | 1,155 | 611 |
207,656 | ||||
Colorado (0.7%) | ||||
Adams & Weld County CO School District | ||||
No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,650 |
Adams County CO COP | 5.000% | 12/1/31 | 650 | 746 |
Board of Governors of the Colorado State | ||||
University System Enterprise Revenue | 5.000% | 3/1/23 | 300 | 349 |
Colorado (UCDHSC Fitzsimons Academic | ||||
Projects) COP | 5.000% | 11/1/21 | 500 | 563 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (Regis University) | 5.000% | 10/1/25 | 1,000 | 1,130 |
Colorado Health Facilities Authority Revenue | ||||
(Adventist Health System/Sunbelt Obligated | ||||
Group) PUT | 5.000% | 11/15/23 | 2,500 | 2,878 |
Colorado Health Facilities Authority Revenue | ||||
(Catholic Health Initiatives) | 5.250% | 2/1/31 | 2,500 | 2,688 |
Colorado Health Facilities Authority Revenue | ||||
(Covenant Retirement Community Inc.) | 5.000% | 12/1/27 | 500 | 537 |
Colorado Health Facilities Authority Revenue | ||||
(NCMC Inc.) | 4.000% | 5/15/30 | 1,500 | 1,585 |
Colorado Springs CO Utility System Revenue | 5.000% | 11/15/28 | 500 | 575 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/20 | 500 | 557 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/24 | 1,000 | 1,172 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/26 | 430 | 477 |
E-470 Public Highway Authority Colorado Revenue | 5.250% | 9/1/18 (14) | 1,500 | 1,585 |
E-470 Public Highway Authority Colorado Revenue | 0.000% | 9/1/23 (14) | 1,000 | 804 |
E-470 Public Highway Authority Colorado Revenue | 5.375% | 9/1/26 | 1,000 | 1,087 |
Garfield, Pitkin, & Eagle County CO School District | ||||
GO | 4.000% | 12/15/34 | 1,000 | 1,059 |
Regional Transportation District of Colorado COP | 5.000% | 6/1/24 | 1,010 | 1,107 |
Regional Transportation District of Colorado COP | 5.000% | 6/1/25 | 1,000 | 1,091 |
University of Colorado Enterprise System Revenue | 5.000% | 6/1/29 | 500 | 567 |
22,207 | ||||
Connecticut (0.4%) | ||||
Connecticut GO | 5.000% | 4/15/21 | 500 | 556 |
Connecticut GO | 5.000% | 11/15/22 | 1,935 | 2,198 |
Connecticut GO | 5.000% | 4/15/24 | 500 | 564 |
Connecticut GO | 5.000% | 9/1/26 | 1,000 | 1,141 |
Connecticut GO | 5.000% | 4/15/28 | 500 | 562 |
Connecticut GO | 5.000% | 3/1/32 | 2,950 | 3,280 |
Connecticut GO | 5.000% | 10/15/32 | 705 | 790 |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Hartford Healthcare) | 5.000% | 7/1/26 | 500 | 546 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 9/1/23 | 1,000 | 1,155 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 11/1/25 | 500 | 531 |
University of Connecticut GO | 5.000% | 2/15/27 | 635 | 737 |
12,060 | ||||
Delaware (0.1%) | ||||
Delaware GO | 5.000% | 2/1/19 | 600 | 646 |
Delaware GO | 5.000% | 7/1/20 | 600 | 670 |
29
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Delaware GO | 5.000% | 10/1/20 | 700 | 786 |
Delaware GO | 5.000% | 7/1/22 | 1,250 | 1,455 |
3,557 | ||||
District of Columbia (0.2%) | ||||
District of Columbia GO | 5.000% | 12/1/17 (Prere.) | 500 | 518 |
District of Columbia Hospital Revenue | ||||
(Children’s Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,119 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 745 |
District of Columbia Income Tax Revenue | 5.250% | 12/1/27 | 500 | 548 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/30 | 500 | 548 |
District of Columbia Revenue | ||||
(National Public Radio, Inc.) | 5.000% | 4/1/27 | 1,000 | 1,165 |
Metropolitan Washington DC/VA Airports | ||||
Authority Airport System Revenue | 5.000% | 10/1/24 | 500 | 553 |
5,196 | ||||
Florida (2.2%) | ||||
Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,143 |
Broward County FL Airport System Revenue | 5.000% | 10/1/28 | 400 | 444 |
Broward County FL Airport System Revenue | 5.375% | 10/1/29 | 500 | 547 |
Broward County FL Airport System Revenue | 5.500% | 10/1/31 | 1,000 | 1,170 |
Central Florida Expressway Authority Revenue | 4.000% | 7/1/32 | 1,000 | 1,029 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.250% | 6/1/17 | 435 | 443 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.500% | 6/1/17 | 1,295 | 1,319 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.000% | 6/1/20 | 1,000 | 1,087 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Personal Lines Account/Commercial Lines | ||||
Account) | 5.000% | 6/1/20 | 450 | 495 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/18 | 1,540 | 1,629 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/17 (Prere.) | 500 | 514 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 220 | 239 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 1,585 | 1,722 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/20 | 1,110 | 1,236 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,000 | 1,139 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,270 | 1,446 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 750 | 854 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 500 | 546 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 1,245 | 1,442 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/24 | 600 | 704 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 1,790 | 1,949 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 545 | 593 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/18 | 1,400 | 1,481 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/19 | 500 | 544 |
30
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Florida Turnpike Authority Revenue | 5.000% | 7/1/24 | 1,500 | 1,779 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/25 | 1,500 | 1,796 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,034 |
Hillsborough County FL Industrial Development | ||||
Authority Hospital Revenue (Tampa General | ||||
Hospital Project) | 5.000% | 10/1/28 | 500 | 563 |
Jacksonville FL Electric Authority Water | ||||
& Sewer Revenue | 5.000% | 10/1/31 | 500 | 555 |
Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 560 |
Lakeland FL Educational Facilities Revenue | ||||
(Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 962 |
Lee County FL School Board COP | 5.000% | 8/1/32 | 1,795 | 2,050 |
Miami Beach FL Health Facilities Authority | ||||
Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,116 |
Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,000 | 1,133 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 4.875% | 10/1/24 | 500 | 545 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/30 | 585 | 640 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/33 | 1,415 | 1,610 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/34 | 1,000 | 1,132 |
Miami-Dade County FL Building Better | ||||
Communities GO | 5.000% | 7/1/36 | 1,160 | 1,320 |
Miami-Dade County FL Health Facilities Authority | ||||
Hospital Revenue (Miami Children’s Hospital) | 5.000% | 8/1/25 | 1,000 | 1,131 |
Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,500 | 1,740 |
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/22 | 1,440 | 1,645 |
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/24 | 1,000 | 1,144 |
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/30 | 500 | 561 |
Miami-Dade County FL Water & Sewer Revenue | 5.000% | 10/1/17 (Prere.) | 500 | 515 |
Orange County FL Health Facilities Authority | ||||
Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,500 | 1,725 |
Orange County FL Health Facilities Authority | ||||
Revenue (Nemours Foundation Project) | 5.000% | 1/1/19 | 500 | 534 |
Orlando & Orange County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/20 (Prere.) | 500 | 555 |
Osceola County FL Expressway System Revenue | ||||
(Poinciana Parkway Project) | 0.000% | 10/1/19 | 815 | 743 |
Osceola County FL Expressway System Revenue | ||||
(Poinciana Parkway Project) | 0.000% | 10/1/20 | 1,270 | 1,099 |
Palm Beach County FL Health Facilities Authority | ||||
Hospital Revenue (BRRH Corp. Obligated Group) | 5.000% | 12/1/25 | 540 | 611 |
Palm Beach County FL Public Improvement | ||||
Revenue | 5.000% | 5/1/33 | 1,245 | 1,446 |
Palm Beach County FL School Board COP | 5.000% | 8/1/29 | 1,520 | 1,743 |
Palm Beach County FL School Board COP | 5.000% | 8/1/32 | 1,500 | 1,701 |
Port St. Lucie FL Utility Revenue | 5.000% | 9/1/26 | 795 | 944 |
Seacoast FL Utility Authority Water | ||||
& Sewer Revenue | 5.000% | 3/1/21 | 1,230 | 1,381 |
St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 906 |
Sunshine State Governmental Financing | ||||
Commission Florida Revenue | ||||
(Miami Dade County Program) | 5.000% | 9/1/26 | 1,000 | 1,154 |
31
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/18 | 350 | 370 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/19 | 425 | 460 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/20 | 535 | 590 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 226 |
Tampa FL Health System Revenue | ||||
(BayCare Health System) | 5.000% | 11/15/33 | 1,535 | 1,695 |
Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 838 |
Tohopekaliga FL Water Authority Utility System | ||||
Revenue | 4.000% | 10/1/21 | 1,245 | 1,364 |
Tohopekaliga FL Water Authority Utility System | ||||
Revenue | 5.750% | 10/1/21 (Prere.) | 500 | 587 |
67,918 | ||||
Georgia (1.2%) | ||||
Athens-Clarke County GA Unified Government | ||||
Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,058 |
Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,270 |
Atlanta GA Development Authority Revenue | 5.000% | 7/1/29 | 1,000 | 1,150 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,250 | 1,496 |
Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 (4) | 500 | 645 |
Burke County GA Development Authority | ||||
Pollution Control Revenue (Georgia Power Co. | ||||
Plant Vogtle Project) PUT | 1.750% | 6/1/17 | 500 | 501 |
Cobb County GA Kennestone Hospital Authority | ||||
Revenue | 5.000% | 4/1/24 | 400 | 458 |
DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 564 |
Georgia GO | 5.750% | 8/1/17 | 500 | 514 |
Georgia GO | 5.000% | 5/1/19 (Prere.) | 500 | 541 |
Georgia GO | 5.000% | 7/1/19 | 2,065 | 2,249 |
Georgia GO | 5.000% | 1/1/20 | 1,685 | 1,859 |
Georgia GO | 5.000% | 2/1/20 | 1,375 | 1,520 |
Georgia GO | 5.000% | 2/1/21 | 1,155 | 1,307 |
Georgia GO | 5.000% | 1/1/22 | 2,110 | 2,433 |
Georgia GO | 5.000% | 7/1/22 | 1,220 | 1,421 |
Georgia GO | 5.000% | 7/1/22 | 500 | 542 |
Georgia GO | 5.000% | 12/1/22 | 1,235 | 1,449 |
Georgia GO | 4.000% | 7/1/25 | 1,135 | 1,290 |
Georgia Road & Tollway Authority Revenue | 5.000% | 6/1/17 | 650 | 661 |
Gwinnett County GA School District GO | 5.000% | 2/1/17 (ETM) | 500 | 502 |
Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 596 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.250% | 9/15/18 | 100 | 105 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/19 | 395 | 414 |
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 | 400 | 437 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 | 1,335 | 1,575 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/32 | 1,590 | 1,867 |
32
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/35 | 1,095 | 1,267 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/19 | 1,000 | 1,068 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 | 1,000 | 1,169 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,500 | 1,668 |
Municipal Electric Authority Georgia Revenue | ||||
(Combined Cycle Project) | 5.000% | 11/1/17 | 365 | 377 |
Municipal Electric Authority Georgia Revenue | ||||
(Project One) | 5.250% | 1/1/17 | 525 | 525 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 10/1/22 | 630 | 735 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 9/1/28 | 500 | 544 |
37,322 | ||||
Guam (0.1%) | ||||
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/23 | 1,000 | 1,125 |
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/33 | 1,305 | 1,427 |
Guam International Airport Authority Revenue | 5.000% | 10/1/21 | 350 | 388 |
2,940 | ||||
Hawaii (0.8%) | ||||
Hawaii Department of Budget & Finance Special | ||||
Purpose Revenue (Hawaii Pacific Health | ||||
Obligated Group) | 5.000% | 7/1/19 | 250 | 270 |
Hawaii Department of Budget & Finance Special | ||||
Purpose Revenue (Hawaii Pacific Health | ||||
Obligated Group) | 5.000% | 7/1/20 | 300 | 332 |
Hawaii Department of Budget & Finance Special | ||||
Purpose Revenue (Hawaii Pacific Health | ||||
Obligated Group) | 5.000% | 7/1/21 | 400 | 451 |
Hawaii GO | 5.000% | 4/1/17 (Prere.) | 55 | 56 |
Hawaii GO | 5.000% | 4/1/17 (Prere.) | 445 | 450 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 285 | 309 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 215 | 233 |
Hawaii GO | 5.000% | 12/1/21 (Prere.) | 310 | 356 |
Hawaii GO | 5.000% | 12/1/21 | 375 | 429 |
Hawaii GO | 5.000% | 8/1/24 | 1,765 | 2,101 |
Hawaii GO | 5.000% | 8/1/25 | 1,500 | 1,780 |
Hawaii GO | 5.000% | 10/1/25 | 1,445 | 1,740 |
Hawaii GO | 5.000% | 10/1/28 | 1,210 | 1,455 |
Hawaii GO | 5.000% | 12/1/29 | 190 | 213 |
Hawaii GO | 4.000% | 4/1/30 | 1,500 | 1,618 |
Hawaii GO | 4.000% | 10/1/30 | 1,250 | 1,353 |
Hawaii GO | 4.000% | 4/1/31 | 1,000 | 1,074 |
Hawaii Highway Revenue | 4.000% | 1/1/23 | 1,000 | 1,107 |
Hawaii Pacific Health Revenue | 5.000% | 7/1/19 | 575 | 620 |
Honolulu HI City & County GO | 5.000% | 7/1/17 (Prere.) | 500 | 510 |
Honolulu HI City & County GO | 5.000% | 10/1/20 | 2,050 | 2,292 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 500 | 576 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 1,245 | 1,434 |
Honolulu HI City & County GO | 5.000% | 10/1/28 | 1,000 | 1,186 |
Honolulu HI City & County GO | 5.000% | 12/1/30 | 310 | 344 |
33
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Honolulu HI City & County Wastewater | ||||
System Revenue | 5.000% | 7/1/30 | 2,000 | 2,329 |
University of Hawaii Revenue | 5.000% | 10/1/27 | 500 | 541 |
25,159 | ||||
Idaho (0.0%) | ||||
Idaho Health Facilities Authority Revenue | ||||
(Trinity Health Group) | 6.125% | 12/1/18 (Prere.) | 105 | 114 |
Illinois (2.8%) | ||||
Chicago IL Board of Education GO | 5.250% | 12/1/17 (14) | 775 | 791 |
Chicago IL Board of Education GO | 5.000% | 12/1/18 (2) | 295 | 296 |
Chicago IL Board of Education GO | 5.000% | 12/1/19 (14) | 210 | 219 |
Chicago IL Board of Education GO | 5.250% | 12/1/21 (14) | 500 | 536 |
Chicago IL Board of Education GO | 5.000% | 12/1/22 | 1,500 | 1,321 |
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 | 521 |
Chicago IL Board of Education GO | 5.250% | 12/1/26 (12) | 500 | 521 |
Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 481 |
Chicago IL Board of Education GO | 4.750% | 12/1/29 (4) | 105 | 106 |
Chicago IL Board of Education GO | 4.750% | 12/1/31 (4) | 50 | 51 |
Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,000 | 785 |
Chicago IL GO | 5.500% | 1/1/17 (ETM) | 190 | 190 |
Chicago IL GO | 5.500% | 1/1/17 (4) | 310 | 310 |
Chicago IL GO | 5.000% | 1/1/19 (2) | 500 | 501 |
Chicago IL GO | 5.000% | 1/1/25 | 1,000 | 983 |
Chicago IL Metropolitan Water Reclamation | ||||
District GO | 5.000% | 12/1/31 | 500 | 550 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/17 | 200 | 200 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/18 | 200 | 204 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/19 | 250 | 259 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/20 | 300 | 313 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 | 300 | 316 |
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/17 (14) | 370 | 370 |
Chicago IL O’Hare International Airport Revenue | 4.750% | 1/1/18 (Prere.) | 50 | 52 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/18 (Prere.) | 500 | 519 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/18 (Prere.) | 2,525 | 2,623 |
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/24 | 200 | 227 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/25 | 1,000 | 1,153 |
Chicago IL O’Hare International Airport Revenue | 5.500% | 1/1/26 | 1,000 | 1,146 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/29 | 1,000 | 1,123 |
2 Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/29 | 1,500 | 1,739 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/31 | 1,000 | 1,113 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/32 | 1,000 | 1,114 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/32 | 500 | 543 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/33 | 1,000 | 1,105 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/34 | 1,500 | 1,660 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/35 | 1,855 | 2,040 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 1,115 | 1,180 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 750 | 794 |
Chicago IL Park District GO | 5.000% | 1/1/32 | 1,225 | 1,341 |
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 | 1,350 | 1,470 |
Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,104 |
Chicago IL Waterworks Revenue | 5.000% | 11/1/36 (2) | 1,000 | 1,002 |
Cook County IL GO | 5.000% | 11/15/21 | 500 | 533 |
Cook County IL GO | 5.000% | 11/15/28 | 500 | 531 |
34
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Cook County IL GO | 5.250% | 11/15/28 | 500 | 543 |
Illinois Finance Authority Revenue | ||||
(Advocate Health Care Network) | 5.000% | 8/1/26 | 1,500 | 1,734 |
Illinois Finance Authority Revenue | ||||
(Advocate Health Care Network) | 5.000% | 8/1/33 | 2,550 | 2,846 |
Illinois Finance Authority Revenue | ||||
(Ascension Health Credit Group) | 5.000% | 11/15/32 | 500 | 555 |
Illinois Finance Authority Revenue | ||||
(Centegra Health System) | 5.000% | 9/1/29 | 1,300 | 1,407 |
Illinois Finance Authority Revenue | ||||
(DePaul University) | 5.000% | 10/1/33 | 1,000 | 1,130 |
Illinois Finance Authority Revenue | ||||
(DePaul University) | 5.000% | 10/1/34 | 1,000 | 1,121 |
Illinois Finance Authority Revenue | ||||
(Mercy Health System) | 4.000% | 12/1/28 | 1,000 | 1,038 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.750% | 8/15/30 | 95 | 105 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.000% | 7/1/35 | 1,000 | 1,102 |
Illinois Finance Authority Revenue | ||||
(Presence Health Network Obligated Group) | 5.000% | 2/15/28 | 1,250 | 1,335 |
Illinois Finance Authority Revenue | ||||
(Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 | 2,000 | 2,263 |
Illinois Finance Authority Revenue | ||||
(Rush University Medical Center) | 5.000% | 11/15/33 | 1,000 | 1,092 |
Illinois Finance Authority Revenue | ||||
(Trinity Health Corp.) | 5.000% | 12/1/30 | 500 | 549 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/29 | 500 | 556 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,124 |
Illinois GO | 5.000% | 1/1/17 | 330 | 330 |
Illinois GO | 5.000% | 1/1/18 | 500 | 512 |
Illinois GO | 5.000% | 11/1/19 | 1,000 | 1,039 |
Illinois GO | 5.000% | 1/1/20 (4) | 200 | 212 |
Illinois GO | 5.000% | 8/1/20 | 305 | 318 |
Illinois GO | 5.000% | 1/1/21 (4) | 710 | 746 |
Illinois GO | 5.000% | 8/1/21 | 500 | 521 |
Illinois GO | 5.000% | 11/1/22 | 1,000 | 1,040 |
Illinois GO | 5.000% | 11/1/23 | 1,000 | 1,036 |
Illinois GO | 5.500% | 7/1/24 | 1,000 | 1,057 |
Illinois GO | 5.000% | 8/1/24 | 1,500 | 1,537 |
Illinois GO | 5.000% | 1/1/25 | 1,570 | 1,616 |
Illinois GO | 5.250% | 2/1/30 | 1,900 | 1,929 |
Illinois GO | 5.000% | 11/1/30 | 1,000 | 1,001 |
Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,014 |
Illinois GO | 5.000% | 9/1/31 | 3,000 | 3,005 |
Illinois Regional Transportation Authority Revenue | 6.250% | 7/1/23 (4) | 500 | 613 |
Illinois Sales Tax Revenue | 5.500% | 6/15/17 (3) | 500 | 510 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 | 500 | 539 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,123 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 558 |
Kane McHenry Cook & DeKalb County IL | ||||
Unit School District GO | 5.000% | 1/1/18 | 1,000 | 1,036 |
35
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/19 (14) | 1,120 | 1,041 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/21 (14) | 1,100 | 935 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 (4) | 500 | 336 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 (4) | 780 | 497 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 (14) | 2,000 | 1,107 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/31 (14) | 290 | 146 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/33 (14) | 1,100 | 508 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/31 (14) | 1,500 | 772 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/32 (14) | 1,100 | 539 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.250% | 6/1/20 | 1,215 | 1,344 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.500% | 6/1/23 | 1,060 | 1,192 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 6.000% | 6/1/28 | 400 | 456 |
Romeoville IL Revenue (Lewis University Project) | 5.000% | 10/1/28 | 1,000 | 1,103 |
Will County IL Community High School District | ||||
No. 210 (Lincoln-Way) GO | 0.000% | 1/1/29 | 1,000 | 511 |
Will County IL Community High School District | ||||
No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 1,000 | 959 |
85,276 | ||||
Indiana (0.5%) | ||||
Carmel IN Local Public Improvement Bond | ||||
Bank Revenue | 5.000% | 7/15/31 | 1,000 | 1,164 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/19 | 1,275 | 1,399 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/22 | 1,100 | 1,276 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,575 |
Indiana Finance Authority Revenue | ||||
(Community Foundation of Northwest Indiana | ||||
Obligated Group) | 5.000% | 3/1/25 | 690 | 764 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,820 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/25 | 650 | 723 |
Indiana Finance Authority Revenue | ||||
(Stadium Project) | 5.250% | 2/1/30 | 1,000 | 1,169 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/18 | 500 | 522 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/32 | 500 | 561 |
36
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Indiana Finance Authority Wastewater Utility | ||||
Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 559 |
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,599 |
Indiana Office Building Commission Facilities | ||||
Revenue (New Castle Correctional Facility) | 5.250% | 7/1/19 (14) | 500 | 543 |
Indiana University Student Fee Revenue | 5.000% | 8/1/18 (Prere.) | 100 | 106 |
Indiana University Student Fee Revenue | 5.000% | 6/1/19 | 445 | 483 |
Purdue University Indiana University Student | ||||
Facilities System Revenue | 5.000% | 7/1/21 | 845 | 964 |
Richmond IN Hospital Authority Revenue | ||||
(Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 700 | 802 |
16,029 | ||||
Iowa (0.1%) | ||||
Iowa Finance Authority Midwestern Disaster Area | ||||
Revenue (Iowa Fertilizer Co. Project) | 5.000% | 12/1/19 | 375 | 375 |
Iowa Finance Authority Midwestern Disaster Area | ||||
Revenue (Iowa Fertilizer Co. Project) | 5.500% | 12/1/22 | 1,750 | 1,749 |
4 Iowa Finance Authority Midwestern Disaster Area | ||||
Revenue (Iowa Fertilizer Co. Project) | 5.875% | 12/1/27 | 320 | 324 |
Iowa Special Obligation Revenue | 5.000% | 6/1/25 | 1,000 | 1,193 |
Iowa Special Obligation Revenue (Ijobs Program) | 5.000% | 6/1/19 (Prere.) | 220 | 239 |
3,880 | ||||
Kansas (0.4%) | ||||
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/18 (Prere.) | 500 | 531 |
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/20 | 1,000 | 1,121 |
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/25 | 500 | 596 |
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/26 | 700 | 833 |
Kansas Development Finance Authority Hospital | ||||
Revenue (Adventist Health System/Sunbelt | ||||
Obligated Group) | 5.000% | 11/15/17 (Prere.) | 100 | 103 |
Kansas Development Finance Authority Revenue | 5.000% | 5/1/20 | 1,395 | 1,541 |
Kansas Development Finance Authority Revenue | 5.000% | 5/1/25 | 1,335 | 1,548 |
Kansas Development Finance Authority Revenue | 5.000% | 5/1/27 | 1,585 | 1,821 |
Kansas Development Finance Authority Revenue | 5.000% | 4/1/32 | 1,325 | 1,477 |
Leavenworth County KS Unified School District | ||||
GO | 4.500% | 9/1/19 (12) | 500 | 539 |
Wichita KS Hospital Facilities Revenue | ||||
(Via Christi Health System Inc.) | 5.000% | 11/15/21 (Prere.) | 500 | 572 |
Wyandotte County/Kansas City KS Unified | ||||
Government Utility System Revenue | 5.000% | 9/1/23 | 500 | 571 |
11,253 | ||||
Kentucky (0.3%) | ||||
Kentucky Economic Development Finance | ||||
Authority Health System Revenue | ||||
(Norton Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 (14) | 1,140 | 837 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue (Baptist Healthcare | ||||
System Obligated Group) | 5.625% | 8/15/27 | 1,200 | 1,264 |
Kentucky Municipal Power Agency Power | ||||
System Revenue | 5.000% | 9/1/29 (14) | 1,000 | 1,121 |
37
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Kentucky Property & Building Commission | ||||
Revenue | 5.000% | 11/1/18 (Prere.) | 500 | 534 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/18 (Prere.) | 440 | 472 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/23 | 60 | 64 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown Crossing | ||||
Project) BAN | 0.000% | 7/1/21 | 1,325 | 1,127 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown | ||||
Crossing Project) BAN | 0.000% | 7/1/22 | 810 | 657 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 4.000% | 7/1/17 | 500 | 508 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/18 | 2,255 | 2,377 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/19 (Prere.) | 305 | 331 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/28 | 1,000 | 1,148 |
10,440 | ||||
Louisiana (0.3%) | ||||
Bossier City LA Utilities Revenue | 5.000% | 10/1/22 | 500 | 576 |
Bossier City LA Utilities Revenue | 5.000% | 10/1/23 | 500 | 584 |
Jefferson Parish LA Environmental Facilities | ||||
& Community Development Authority Revenue | 5.000% | 4/1/18 | 405 | 423 |
3 Louisiana Gasoline & Fuel Tax Revenue PUT | 0.982% | 5/1/18 | 1,000 | 993 |
Louisiana State University Revenue | 5.000% | 7/1/23 | 400 | 457 |
New Orleans LA GO | 5.125% | 12/1/17 (Prere.) | 1,645 | 1,707 |
New Orleans LA GO | 5.000% | 12/1/31 | 500 | 560 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/24 | 900 | 1,028 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/27 | 500 | 567 |
St. Charles Parish LA Gulf Opportunity Zone | ||||
Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 1,300 | 1,361 |
8,256 | ||||
Maine (0.2%) | ||||
Maine Health & Higher Educational Facilities | ||||
Authority Revenue (Bowdoin College) VRDO | 0.710% | 1/5/17 LOC | 4,100 | 4,100 |
Portland ME Airport Revenue | 5.000% | 1/1/20 (4) | 500 | 542 |
4,642 | ||||
Maryland (2.2%) | ||||
Anne Arundel County MD GO | 5.000% | 10/1/19 | 1,455 | 1,594 |
Anne Arundel County MD GO | 5.000% | 10/1/20 | 1,455 | 1,634 |
Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,751 |
Baltimore County MD GO | 5.000% | 2/1/21 | 1,500 | 1,696 |
Baltimore County MD GO | 5.000% | 8/1/21 | 1,435 | 1,638 |
Baltimore MD Consolidated Public Improvement | ||||
GO | 5.000% | 10/15/28 | 650 | 746 |
Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,000 | 2,371 |
Howard County MD GO | 5.000% | 2/15/22 | 750 | 845 |
38
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Howard County MD GO | 5.000% | 8/15/24 | 200 | 227 |
Maryland Department of Transportation Revenue | 5.000% | 2/15/18 | 500 | 522 |
Maryland Department of Transportation Revenue | 5.000% | 2/15/19 | 1,955 | 2,107 |
Maryland Department of Transportation Revenue | 5.000% | 11/1/19 | 3,055 | 3,357 |
Maryland Department of Transportation Revenue | 5.000% | 2/15/20 | 1,090 | 1,205 |
Maryland Department of Transportation Revenue | 5.000% | 11/1/22 | 2,515 | 2,943 |
Maryland Department of Transportation Revenue | 5.000% | 11/1/23 | 1,900 | 2,257 |
Maryland Department of Transportation Revenue | 4.000% | 12/15/29 | 1,365 | 1,485 |
Maryland GO | 5.000% | 3/15/17 | 500 | 504 |
Maryland GO | 5.000% | 7/15/17 | 610 | 624 |
Maryland GO | 5.000% | 8/1/17 | 500 | 512 |
Maryland GO | 5.250% | 8/15/17 | 500 | 514 |
Maryland GO | 5.250% | 3/1/18 | 200 | 210 |
Maryland GO | 5.000% | 3/1/19 | 1,200 | 1,295 |
Maryland GO | 5.000% | 3/15/19 (Prere.) | 500 | 539 |
Maryland GO | 5.250% | 8/1/20 | 1,000 | 1,128 |
Maryland GO | 5.000% | 6/1/21 | 2,415 | 2,751 |
Maryland GO | 4.000% | 8/1/21 | 1,000 | 1,098 |
Maryland GO | 5.000% | 8/1/21 | 870 | 967 |
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,749 |
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,749 |
Maryland GO | 4.000% | 8/1/23 | 2,390 | 2,683 |
Maryland GO | 5.000% | 8/1/23 | 1,500 | 1,779 |
Maryland GO | 4.000% | 8/1/26 | 1,970 | 2,187 |
Maryland GO | 4.000% | 6/1/29 | 2,000 | 2,191 |
Maryland GO | 4.000% | 6/1/30 | 2,000 | 2,174 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Adventist Healthcare | ||||
Obligated Group) | 5.500% | 1/1/31 | 1,850 | 2,072 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Anne Arundel | ||||
Health System) | 5.000% | 7/1/27 | 500 | 562 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Johns Hopkins Health | ||||
System Obligated Group) | 5.000% | 7/1/24 | 500 | 569 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Maryland Institute College | ||||
of Art) | 5.000% | 6/1/20 | 500 | 539 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Meritus Medical Center, Inc.) | 5.000% | 7/1/33 | 1,215 | 1,302 |
Maryland Transportation Authority Facilities | ||||
Projects Revenue | 5.000% | 7/1/22 | 500 | 542 |
Maryland Transportation Authority GAN | 5.250% | 3/1/18 | 700 | 734 |
Maryland Transportation Authority GAN | 5.250% | 3/1/20 | 500 | 539 |
Maryland Water Quality Financing Administration | ||||
Bay Restoration Revolving Loan Fund Revenue | 5.000% | 3/1/24 | 1,620 | 1,927 |
Montgomery County MD GO | 5.000% | 7/1/17 | 500 | 510 |
Montgomery County MD GO | 5.000% | 11/1/17 | 500 | 517 |
Montgomery County MD GO | 5.000% | 11/1/22 | 1,500 | 1,756 |
Montgomery County MD GO | 5.000% | 11/1/23 | 2,800 | 3,327 |
Montgomery County MD GO | 4.000% | 12/1/30 | 1,555 | 1,670 |
Prince Georges County MD GO | 5.000% | 9/15/23 | 500 | 566 |
68,164 |
39
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts (1.9%) | ||||
Boston MA GO | 5.000% | 4/1/20 | 780 | 866 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 500 | 528 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 2,500 | 2,642 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/22 | 480 | 561 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.500% | 7/1/26 (14) | 400 | 500 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/28 | 500 | 624 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/31 | 915 | 1,120 |
Massachusetts College Building Authority | ||||
Revenue | 4.000% | 5/1/17 | 650 | 657 |
Massachusetts College Building Authority | ||||
Revenue | 5.250% | 5/1/19 (Prere.) | 445 | 484 |
Massachusetts Department of Transportation | ||||
Metropolitan Highway System Revenue | 5.000% | 1/1/23 | 500 | 546 |
4 Massachusetts Development Finance Agency | ||||
Revenue (Boston University) TOB VRDO | 0.840% | 1/5/17 LOC | 5,200 | 5,200 |
Massachusetts Development Finance Agency | ||||
Revenue (Emerson College) | 5.500% | 1/1/30 | 450 | 485 |
Massachusetts Development Finance Agency | ||||
Revenue (Harvard University) | 5.000% | 1/1/20 | 355 | 392 |
Massachusetts Development Finance Agency | ||||
Revenue (Harvard University) | 5.000% | 7/15/28 | 1,000 | 1,219 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/25 | 750 | 828 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/26 | 500 | 550 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/27 | 600 | 659 |
Massachusetts Development Finance Agency | ||||
Revenue (Milford Regional Medical Center) | 5.000% | 7/15/17 | 300 | 306 |
Massachusetts Development Finance Agency | ||||
Revenue (Milford Regional Medical Center) | 5.000% | 7/15/18 | 200 | 210 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.000% | 7/1/25 | 1,275 | 1,441 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.125% | 7/1/26 | 720 | 791 |
Massachusetts Educational Financing Authority | ||||
Education Loan Revenue | 5.500% | 1/1/22 | 300 | 325 |
Massachusetts GO | 5.250% | 8/1/17 (Prere.) | 800 | 820 |
Massachusetts GO | 5.500% | 10/1/18 | 500 | 537 |
Massachusetts GO | 5.000% | 3/1/19 (Prere.) | 500 | 539 |
Massachusetts GO | 5.000% | 7/1/19 (Prere.) | 500 | 543 |
Massachusetts GO | 5.000% | 8/1/20 | 500 | 558 |
Massachusetts GO | 5.250% | 8/1/20 | 300 | 337 |
Massachusetts GO | 5.500% | 10/1/20 | 500 | 569 |
Massachusetts GO | 5.500% | 10/1/20 (14) | 500 | 569 |
Massachusetts GO | 5.000% | 4/1/21 (Prere.) | 500 | 566 |
Massachusetts GO | 5.000% | 8/1/22 | 1,000 | 1,157 |
Massachusetts GO | 5.250% | 8/1/23 | 500 | 596 |
40
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts GO | 5.000% | 12/1/23 | 1,520 | 1,797 |
Massachusetts GO | 5.000% | 12/1/24 | 2,000 | 2,398 |
Massachusetts GO | 1.144% | 11/1/25 | 1,380 | 1,313 |
Massachusetts GO | 5.000% | 7/1/26 | 1,375 | 1,675 |
Massachusetts GO | 4.000% | 11/1/30 | 1,980 | 2,102 |
3 Massachusetts GO PUT | 1.020% | 8/1/17 | 1,000 | 1,000 |
4 Massachusetts GO TOB VRDO | 0.770% | 1/3/17 LOC | 2,000 | 2,000 |
4 Massachusetts GO TOB VRDO | 0.770% | 1/4/17 LOC | 1,500 | 1,500 |
Massachusetts GO VRDO | 0.690% | 1/3/17 | 1,900 | 1,900 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Harvard University) | 5.000% | 12/15/19 (Prere.) | 500 | 551 |
Massachusetts Port Authority Revenue | 5.000% | 7/1/17 | 415 | 424 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 | 110 | 119 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 (ETM) | 390 | 422 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 10/15/20 | 225 | 252 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/21 | 900 | 1,022 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/23 | 495 | 573 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/31 | 1,500 | 1,754 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 4.000% | 8/15/32 | 600 | 635 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/34 | 1,000 | 1,154 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/35 | 2,000 | 2,297 |
Massachusetts Special Obligation Dedicated | ||||
Tax Revenue | 5.500% | 1/1/26 (14) | 500 | 607 |
Massachusetts Transportation Fund Revenue | ||||
(Accelerated Bridge Program) | 5.000% | 6/1/18 | 1,400 | 1,476 |
Massachusetts Turnpike Authority Revenue | ||||
(Metropolitan Highway System) | 0.000% | 1/1/29 (14) | 300 | 212 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.000% | 8/1/19 | 240 | 262 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/20 | 200 | 225 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/21 | 500 | 576 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/30 | 625 | 783 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/25 | 895 | 995 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/35 | 1,000 | 1,160 |
58,909 | ||||
Michigan (1.6%) | ||||
Battle Creek MI School District GO | 5.000% | 5/1/25 | 500 | 579 |
Birmingham MI City School District GO | 5.000% | 5/1/22 | 740 | 852 |
Chippewa Valley MI Schools GO | 5.000% | 5/1/33 | 1,000 | 1,130 |
Dearborn MI School District GO | 5.000% | 5/1/34 | 1,200 | 1,337 |
Detroit MI City School District GO | 5.250% | 5/1/28 (4) | 500 | 584 |
41
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Detroit MI Sewage Disposal System Revenue | 7.000% | 7/1/27 (4) | 1,000 | 1,119 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/22 | 370 | 415 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/23 | 1,025 | 1,142 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/32 | 1,000 | 1,079 |
Great Lakes MI Water Authority Sewer Disposal | ||||
System Revenue | 5.000% | 7/1/31 | 1,645 | 1,835 |
Great Lakes MI Water Authority Sewer Disposal | ||||
System Revenue | 5.000% | 7/1/36 | 1,000 | 1,088 |
Great Lakes MI Water Authority Water Supply | ||||
System Revenue | 5.000% | 7/1/28 | 1,000 | 1,140 |
Great Lakes MI Water Authority Water Supply | ||||
System Revenue | 4.000% | 7/1/33 (4) | 1,000 | 1,008 |
Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 (4) | 1,000 | 1,150 |
Marysville MI Public Schools District GO | 5.000% | 5/1/28 | 1,605 | 1,872 |
Michigan Building Authority Revenue | 5.000% | 10/15/20 (4) | 500 | 545 |
Michigan Building Authority Revenue | 5.000% | 4/15/24 | 1,500 | 1,752 |
Michigan Finance Authority Hospital Revenue | ||||
Bonds (Trinity Health Credit Group) | 5.000% | 12/1/35 | 920 | 1,036 |
Michigan Finance Authority Revenue | 5.000% | 4/1/18 | 1,000 | 1,042 |
Michigan Finance Authority Revenue | 5.000% | 10/1/22 | 500 | 557 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/22 (4) | 1,000 | 1,128 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/23 (4) | 1,000 | 1,142 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/28 | 750 | 834 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/29 | 1,500 | 1,672 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/33 | 1,000 | 1,097 |
Michigan Finance Authority Revenue | ||||
(Henry Ford Health System Obligated Group) | 5.000% | 11/15/26 | 1,000 | 1,148 |
Michigan Finance Authority Revenue | ||||
(Sparrow Obligated Group) | 5.000% | 11/15/27 | 500 | 558 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/22 | 2,100 | 2,443 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/27 | 1,000 | 1,150 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/31 | 500 | 568 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/18 | 500 | 520 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 7/1/19 | 1,145 | 1,246 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/22 | 2,000 | 2,077 |
Michigan GAN | 5.000% | 3/15/27 | 1,000 | 1,188 |
Michigan GO | 5.000% | 5/1/18 | 500 | 526 |
Michigan GO | 5.500% | 5/1/19 (Prere.) | 595 | 651 |
Michigan State University Revenue | 5.000% | 8/15/20 | 1,040 | 1,161 |
Michigan Trunk Line Revenue | 5.000% | 11/1/21 | 500 | 545 |
Oakland University MI Revenue | 5.000% | 3/1/30 | 1,155 | 1,323 |
42
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Portage MI Public Schools GO | 5.000% | 11/1/34 | 1,250 | 1,413 |
Rochester MI Community School District GO | 5.000% | 5/1/18 | 1,800 | 1,886 |
Royal Oak MI Hospital Finance Authority Hospital | ||||
Revenue (William Beaumont Hospital) | 5.000% | 9/1/25 | 1,400 | 1,593 |
3 University of Michigan Revenue PUT | 1.150% | 4/2/18 | 1,000 | 996 |
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 | 1,300 | 1,456 |
Wayne County MI Airport Authority Revenue | ||||
(Detroit Metropolitan Wayne County Airport) | 4.500% | 12/1/25 (14) | 1,000 | 1,027 |
50,610 | ||||
Minnesota (0.9%) | ||||
Minneapolis & St. Paul MN Metropolitan Airports | ||||
Commission Revenue | 5.000% | 1/1/25 | 250 | 296 |
Minneapolis & St. Paul MN Metropolitan Airports | ||||
Commission Revenue | 5.000% | 1/1/26 | 200 | 239 |
Minneapolis & St. Paul MN Metropolitan Airports | ||||
Commission Revenue | 5.000% | 1/1/28 | 1,850 | 2,217 |
Minneapolis & St. Paul MN Metropolitan Council | ||||
Wastewater GO | 5.000% | 3/1/21 | 1,435 | 1,626 |
Minneapolis & St. Paul MN Metropolitan Council | ||||
Wastewater GO | 5.000% | 3/1/25 | 1,605 | 1,945 |
Minneapolis MN Special School District No. 1 | ||||
COP | 5.000% | 2/1/26 | 1,855 | 2,135 |
Minnesota 911 Revenue | 5.000% | 6/1/18 | 1,430 | 1,509 |
Minnesota GO | 5.000% | 10/1/17 (ETM) | 10 | 10 |
Minnesota GO | 5.000% | 10/1/17 | 490 | 505 |
Minnesota GO | 5.000% | 8/1/19 (Prere.) | 500 | 545 |
Minnesota GO | 5.000% | 8/1/19 | 500 | 545 |
Minnesota GO | 5.000% | 11/1/20 | 335 | 366 |
Minnesota GO | 5.000% | 8/1/21 | 1,295 | 1,478 |
Minnesota GO | 5.000% | 8/1/22 | 1,305 | 1,519 |
Minnesota GO | 5.000% | 8/1/23 | 1,070 | 1,267 |
Minnesota GO | 5.000% | 8/1/25 | 1,000 | 1,217 |
Minnesota GO | 5.000% | 8/1/25 | 1,500 | 1,825 |
Minnesota GO | 5.000% | 8/1/27 | 1,005 | 1,211 |
Rochester MN Health Care Facilities Revenue | ||||
(Mayo Clinic) | 5.000% | 11/15/31 | 1,000 | 1,226 |
Southern Minnesota Municipal Power Agency | ||||
Power Supply System Revenue | 5.250% | 1/1/19 (Prere.) | 500 | 539 |
University of Minnesota Revenue | 5.000% | 12/1/18 | 1,000 | 1,071 |
University of Minnesota Revenue | 5.000% | 4/1/19 | 2,775 | 2,999 |
University of Minnesota Revenue | 5.000% | 8/1/19 | 500 | 545 |
University of Minnesota Revenue | 5.250% | 12/1/29 | 500 | 564 |
27,399 | ||||
Mississippi (0.2%) | ||||
DeSoto County MS School District GO | 5.000% | 5/1/19 | 370 | 399 |
Mississippi GO | 5.500% | 12/1/18 | 750 | 811 |
Mississippi GO | 5.000% | 10/1/19 | 2,000 | 2,192 |
Mississippi GO | 5.000% | 11/1/29 | 1,000 | 1,176 |
Mississippi State University Educational Building | ||||
Corp. Revenue | 5.000% | 8/1/32 | 1,000 | 1,132 |
5,710 | ||||
Missouri (0.4%) | ||||
Missouri Board of Public Buildings Special | ||||
Obligation Revenue | 4.000% | 4/1/20 | 1,000 | 1,075 |
43
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Missouri Health & Educational Facilities Authority | ||||
Educational Facilities Revenue (St. Louis College | ||||
of Pharmacy Project) | 5.000% | 5/1/30 | 500 | 535 |
Missouri Health & Educational Facilities Authority | ||||
Educational Facilities Revenue (St. Louis College | ||||
of Pharmacy Project) | 5.000% | 5/1/34 | 880 | 926 |
Missouri Health & Educational Facilities Authority | ||||
Health Facilities Revenue (SSM Health System) | 5.000% | 6/1/25 | 1,000 | 1,162 |
Missouri Health & Educational Facilities Authority | ||||
Revenue (Children’s Mercy Hospital) | 5.000% | 5/15/36 | 1,000 | 1,092 |
Missouri Health & Educational Facilities Authority | ||||
Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,662 |
Missouri Health & Educational Facilities Authority | ||||
Revenue (Mercy Health) VRDO | 1.105% | 1/9/17 (2) | 500 | 454 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 5/1/17 | 500 | 507 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.250% | 5/1/17 (Prere.) | 350 | 355 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 2/1/23 | 600 | 706 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 5/1/23 | 500 | 539 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Iatan 2 Project) | 5.000% | 12/1/34 | 1,400 | 1,567 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Prairie Project) | 5.000% | 12/1/34 | 1,000 | 1,114 |
St. Louis MO Parking Revenue | 5.000% | 12/15/23 (4) | 690 | 794 |
St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,151 |
13,639 | ||||
Montana (0.0%) | ||||
Montana Facility Finance Authority Hospital | ||||
Revenue (Benefis Health System) | 5.000% | 2/15/32 | 825 | 919 |
Nebraska (0.3%) | ||||
Central Plains Energy Project Nebraska Gas | ||||
Project Revenue (Project No. 1) | 5.250% | 12/1/18 | 160 | 170 |
Central Plains Energy Project Nebraska Gas | ||||
Supply Revenue PUT | 5.000% | 12/1/19 | 2,000 | 2,184 |
Lincoln County NE Hospital Authority No. 1 | ||||
Hospital Revenue (Great Plains Regional | ||||
Medical Center Project) | 5.000% | 11/1/23 | 750 | 830 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/22 (Prere.) | 135 | 157 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/25 | 265 | 303 |
Municipal Energy Agency of Nebraska Power | ||||
Supply System Revenue | 5.000% | 4/1/31 | 345 | 383 |
Nebraska Public Power District Revenue | 5.000% | 1/1/30 | 1,000 | 1,101 |
Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,649 |
Omaha NE Public Power District Electric Revenue | 5.000% | 2/1/25 | 1,270 | 1,521 |
Scotts Bluff County NE Hospital Authority | ||||
Revenue (Regional West Medical Center) | 5.000% | 2/1/24 | 1,685 | 1,827 |
10,125 |
44
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Nevada (0.8%) | ||||
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/33 | 1,500 | 1,590 |
Clark County NV GO | 5.000% | 12/1/29 | 500 | 544 |
Clark County NV GO | 5.000% | 7/1/33 | 1,000 | 1,119 |
Clark County NV Highway Improvement Motor | ||||
Vehicle Fuel Tax Revenue | 5.000% | 7/1/19 (Prere.) | 500 | 543 |
Clark County NV Passenger Facility Charge | ||||
Revenue (Las Vegas McCarran International | ||||
Airport) | 4.500% | 7/1/20 | 455 | 490 |
Clark County NV School District GO | 5.000% | 12/15/17 (Prere.) | 1,175 | 1,220 |
Clark County NV School District GO | 5.000% | 6/15/18 | 1,690 | 1,750 |
Las Vegas NV GO | 5.000% | 6/1/18 | 1,225 | 1,289 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/21 | 2,000 | 2,271 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,000 | 1,181 |
Las Vegas Valley Water District Nevada GO | 5.000% | 2/1/35 | 1,000 | 1,033 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 2,145 |
Nevada Capital Improvement & Cultural Affairs | ||||
GO | 5.000% | 12/1/17 (Prere.) | 500 | 518 |
Nevada GO | 5.000% | 4/1/22 | 1,710 | 1,963 |
Nevada GO | 5.000% | 11/1/23 | 1,465 | 1,722 |
Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,210 |
Reno NV Health Facility Revenue | ||||
(Dignity Health Obligated Group) | 5.250% | 7/1/31 (Prere.) | 1,100 | 1,124 |
Truckee Meadows NV Water Authority | ||||
Water Revenue | 5.000% | 7/1/34 | 1,500 | 1,721 |
23,433 | ||||
New Hampshire (0.1%) | ||||
Manchester NH General Airport Revenue | 5.000% | 1/1/17 | 500 | 500 |
New Hampshire Health & Education Facilities | ||||
Authority Revenue (Southern New Hampshire | ||||
Medical Center) | 5.000% | 10/1/17 (Prere.) | 1,435 | 1,477 |
New Hampshire Health & Education Facilities | ||||
Authority Revenue (Southern New Hampshire | ||||
Medical Center) | 5.000% | 10/1/32 | 430 | 440 |
New Hampshire Municipal Bond Bank Revenue | 4.000% | 8/15/33 | 1,000 | 1,053 |
3,470 | ||||
New Jersey (1.6%) | ||||
Bergen County NJ GO | 5.000% | 10/15/21 | 1,470 | 1,688 |
Garden State Preservation Trust New Jersey | ||||
Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/21 (4) | 500 | 436 |
Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 527 |
Morris County NJ Improvement Authority | ||||
School District Revenue (Morris Hills Regional | ||||
District Project) | 5.000% | 10/1/23 | 495 | 573 |
New Jersey COP | 5.250% | 6/15/30 | 465 | 475 |
New Jersey Economic Development Authority | ||||
Revenue | 5.000% | 6/15/21 | 1,000 | 1,059 |
New Jersey Economic Development Authority | ||||
Revenue | 5.000% | 6/15/23 | 1,000 | 1,057 |
New Jersey Economic Development Authority | ||||
Revenue | 5.500% | 6/15/29 | 2,000 | 2,150 |
New Jersey Economic Development Authority | ||||
Revenue (Cigarette Tax) | 5.000% | 6/15/19 | 700 | 737 |
45
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Economic Development Authority | ||||
Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,500 | 1,594 |
New Jersey Economic Development Authority | ||||
Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/26 (14) | 500 | 562 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.250% | 9/1/24 | 300 | 318 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.000% | 3/1/28 | 2,095 | 2,135 |
New Jersey Economic Development Authority | ||||
Revenue (New Jersey Transit Light Rail Transit | ||||
System Project) | 5.000% | 5/1/17 | 500 | 505 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/18 | 500 | 517 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/19 | 500 | 523 |
New Jersey Educational Facilities Authority | ||||
Revenue (University Medical & Dentistry) | 6.500% | 6/1/19 (Prere.) | 195 | 218 |
New Jersey GO | 5.250% | 7/15/18 (2) | 500 | 528 |
New Jersey GO | 5.000% | 8/15/19 | 750 | 809 |
New Jersey Health Care Facilities Financing | ||||
Authority Lease Revenue (Greystone Park | ||||
Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 524 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/18 (ETM) | 250 | 264 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,136 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 | 900 | 1,003 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack University | ||||
Medical Center) | 5.000% | 1/1/18 (4) | 385 | 399 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack University | ||||
Medical Center) | 5.000% | 1/1/19 (ETM) | 315 | 338 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack University | ||||
Medical Center) | 5.000% | 1/1/19 | 185 | 197 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Meridian Health System | ||||
Obligated Group) | 5.000% | 7/1/21 | 640 | 718 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (St. Joseph’s Healthcare | ||||
System) | 5.000% | 7/1/27 | 1,000 | 1,117 |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.250% | 12/1/28 | 255 | 267 |
New Jersey Transportation Trust Fund Authority | ||||
Federal Highway Reimbursement Revenue | 5.000% | 6/15/24 | 1,750 | 1,817 |
New Jersey Transportation Trust Fund Authority | ||||
Federal Highway Reimbursement Revenue | 5.000% | 6/15/25 | 1,300 | 1,409 |
New Jersey Transportation Trust Fund Authority | ||||
Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 1,500 | 1,542 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,539 |
46
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/17 (4) | 150 | 155 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/18 (4) | 1,135 | 1,210 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/19 | 650 | 684 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/19 | 500 | 529 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/20 (14) | 2,500 | 2,746 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/21 (14) | 245 | 269 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/21 (12) | 150 | 167 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/22 | 1,315 | 1,426 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/23 | 605 | 657 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,055 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,311 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 6/15/31 | 500 | 524 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 6/15/32 | 700 | 709 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 6/15/32 | 1,000 | 1,029 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 | 500 | 532 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 1,000 | 1,105 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,109 |
South Jersey Transportation Authority | ||||
New Jersey Transportation System Revenue | 5.000% | 11/1/25 | 500 | 547 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/18 | 1,500 | 1,523 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/19 | 850 | 862 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 0.000% | 6/1/41 | 7,100 | 1,854 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 0.000% | 6/1/41 | 1,000 | 257 |
West Deptford Township NJ GO | 5.000% | 7/1/27 (4) | 635 | 647 |
49,588 | ||||
New Mexico (0.2%) | ||||
Albuquerque NM GO | 5.000% | 7/1/20 | 2,000 | 2,230 |
2 Albuquerque NM Municipal School District | ||||
No. 12 GO | 5.000% | 8/1/22 | 250 | 288 |
2 Albuquerque NM Municipal School District | ||||
No. 12 GO | 5.000% | 8/1/23 | 250 | 292 |
Farmington NM Pollution Control Revenue | ||||
(Arizona Public Service Co. Four Corners Project) | 4.700% | 9/1/24 | 1,750 | 1,876 |
New Mexico Educational Assistance Foundation | ||||
Revenue | 5.000% | 12/1/19 | 500 | 547 |
New Mexico Finance Authority Transportation | ||||
Revenue | 5.000% | 6/15/23 | 500 | 552 |
47
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Mexico Hospital Equipment Loan Council | ||||
Hospital System Revenue (Presbyterian | ||||
Healthcare Services) | 5.000% | 8/1/28 | 1,350 | 1,556 |
7,341 | ||||
New York (7.9%) | ||||
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/18 | 500 | 526 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/19 (ETM) | 200 | 217 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/19 | 300 | 325 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.250% | 5/1/31 | 500 | 556 |
Long Island NY Power Authority Electric System | ||||
Revenue | 4.000% | 9/1/18 | 835 | 871 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.250% | 4/1/19 (ETM) | 125 | 136 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.250% | 4/1/19 (ETM) | 75 | 81 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 4/1/23 | 575 | 608 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/24 | 45 | 51 |
3 Long Island NY Power Authority Electric System | ||||
Revenue PUT | 1.082% | 11/1/18 | 1,000 | 1,000 |
Monroe County NY Industrial Development Corp. | ||||
Mortgage Revenue (Unity Hospital Rochester | ||||
Project) | 5.500% | 8/15/23 | 780 | 783 |
Nassau County NY GO | 5.000% | 4/1/23 | 1,000 | 1,149 |
New York City NY GO | 5.000% | 2/1/17 | 500 | 502 |
New York City NY GO | 5.000% | 2/1/17 (Prere.) | 335 | 336 |
New York City NY GO | 5.250% | 8/1/17 | 700 | 718 |
New York City NY GO | 5.000% | 2/1/18 | 165 | 166 |
New York City NY GO | 5.250% | 8/15/18 (Prere.) | 40 | 43 |
New York City NY GO | 5.500% | 11/15/18 (Prere.) | 300 | 324 |
New York City NY GO | 5.625% | 4/1/19 (Prere.) | 450 | 492 |
New York City NY GO | 5.000% | 8/1/19 | 500 | 511 |
New York City NY GO | 5.000% | 8/1/19 | 1,500 | 1,631 |
New York City NY GO | 5.000% | 8/1/19 | 1,065 | 1,158 |
New York City NY GO | 5.000% | 8/1/20 | 2,100 | 2,333 |
New York City NY GO | 5.000% | 8/1/20 | 2,935 | 3,261 |
New York City NY GO | 5.250% | 9/1/20 | 1,000 | 1,064 |
New York City NY GO | 5.000% | 8/1/21 | 1,535 | 1,739 |
New York City NY GO | 5.000% | 8/1/21 | 515 | 584 |
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,266 |
New York City NY GO | 5.000% | 8/1/22 | 500 | 575 |
New York City NY GO | 5.000% | 10/1/22 | 500 | 569 |
New York City NY GO | 5.000% | 8/1/23 | 380 | 434 |
New York City NY GO | 5.000% | 8/1/23 | 1,505 | 1,757 |
New York City NY GO | 5.250% | 8/15/24 | 460 | 488 |
New York City NY GO | 5.000% | 8/1/25 | 1,010 | 1,207 |
48
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY GO | 5.000% | 8/1/25 | 750 | 844 |
New York City NY GO | 5.000% | 8/1/26 | 500 | 567 |
New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,152 |
New York City NY GO | 5.000% | 8/15/26 | 475 | 502 |
New York City NY GO | 5.000% | 5/15/28 | 480 | 517 |
New York City NY GO | 5.000% | 8/1/28 | 400 | 441 |
New York City NY GO | 5.000% | 8/1/28 | 1,500 | 1,783 |
New York City NY GO | 5.625% | 4/1/29 | 390 | 425 |
New York City NY GO | 5.000% | 5/15/29 | 500 | 538 |
New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,151 |
New York City NY GO | 5.000% | 3/1/31 | 1,340 | 1,527 |
New York City NY GO | 5.000% | 8/1/31 | 365 | 407 |
New York City NY GO | 5.000% | 12/1/32 | 1,755 | 2,051 |
New York City NY GO | 5.000% | 12/1/33 | 1,500 | 1,743 |
New York City NY GO | 4.000% | 8/1/35 | 1,000 | 1,036 |
New York City NY GO | 5.000% | 12/1/35 | 1,000 | 1,151 |
New York City NY GO VRDO | 0.710% | 1/3/17 LOC | 4,000 | 4,000 |
New York City NY GO VRDO | 0.710% | 1/3/17 | 800 | 800 |
New York City NY GO VRDO | 0.750% | 1/3/17 LOC | 3,100 | 3,100 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/24 | 1,500 | 1,634 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/30 | 500 | 539 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,149 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 1,000 | 992 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 750 | 735 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 500 | 542 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 1,200 | 1,431 |
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 | 500 | 553 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 500 | 560 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.710% | 1/3/17 | 7,800 | 7,800 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.710% | 1/3/17 | 5,800 | 5,800 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.740% | 1/3/17 | 2,350 | 2,350 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/24 | 500 | 576 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/25 | 500 | 536 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/26 | 500 | 536 |
49
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/28 | 1,730 | 2,039 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.125% | 1/15/29 | 1,070 | 1,142 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/29 | 2,000 | 2,344 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/30 | 1,000 | 1,169 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/32 | 250 | 283 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 330 | 335 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 335 | 340 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 330 | 335 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 660 | 669 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/18 (ETM) | 200 | 208 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/18 | 170 | 172 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/19 | 1,100 | 1,183 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/23 | 165 | 167 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/24 | 170 | 172 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 400 | 450 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 340 | 344 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/28 | 1,325 | 1,571 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/29 | 850 | 980 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/30 | 500 | 572 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 2/1/30 | 500 | 561 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 4.000% | 5/1/30 | 1,500 | 1,610 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/31 | 500 | 554 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/31 | 300 | 342 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/31 | 500 | 576 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/32 | 1,250 | 1,443 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,748 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/32 | 500 | 576 |
50
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% | 8/1/34 | 1,665 | 1,930 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,658 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/34 | 1,500 | 1,726 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/35 | 1,725 | 1,974 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.710% | 1/3/17 | 3,800 | 3,800 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.710% | 1/3/17 | 8,700 | 8,700 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Lincoln Center for the Performing | ||||
Arts Inc.) | 5.000% | 12/1/26 | 1,000 | 1,182 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Museum of Modern Art) | 4.000% | 4/1/26 | 1,000 | 1,124 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 1,000 | 1,117 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,131 |
New York Liberty Development Corp. Revenue | ||||
(Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 500 | 598 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/17 (Prere.) | 500 | 518 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/17 (Prere.) | 110 | 114 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/19 | 1,500 | 1,638 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/20 | 1,500 | 1,672 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/21 | 210 | 238 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/21 | 1,000 | 1,134 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/21 (14) | 300 | 344 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 1,675 | 1,964 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 500 | 524 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/30 | 500 | 559 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/30 | 500 | 558 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 500 | 560 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/33 | 1,500 | 1,671 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 600 | 664 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.250% | 11/15/29 | 1,665 | 2,027 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/32 | 1,455 | 1,713 |
51
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/35 | 2,000 | 2,321 |
New York Metropolitan Transportation Authority | ||||
Revenue (Hudson Yards Development) | 5.000% | 11/15/51 | 2,000 | 2,148 |
New York Metropolitan Transportation Authority | ||||
Revenue (Service Contract) | 5.750% | 1/1/17 (14) | 560 | 560 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.500% | 11/15/18 | 255 | 269 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.000% | 11/15/31 | 1,165 | 1,300 |
3 New York Metropolitan Transportation Authority | ||||
Revenue PUT | 1.080% | 11/15/17 | 1,500 | 1,499 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 (2) | 500 | 602 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 (2) | 500 | 617 |
New York State Dormitory Authority Lease | ||||
Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 | 500 | 555 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/20 | 75 | 82 |
New York State Dormitory Authority Revenue | ||||
(City University System) | 5.000% | 7/1/24 | 400 | 443 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/18 (Prere.) | 250 | 264 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,139 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,117 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 500 | 551 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of New York | ||||
University) | 5.000% | 7/1/17 (Prere.) | 500 | 510 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 6.000% | 7/1/19 (14) | 500 | 553 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/28 | 1,500 | 1,790 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/26 | 500 | 556 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/17 | 500 | 503 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/18 (Prere.) | 500 | 523 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 200 | 216 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/20 | 1,815 | 2,041 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 170 | 196 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 160 | 184 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/23 | 830 | 949 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/24 | 840 | 957 |
52
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/26 | 1,000 | 1,206 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/26 | 500 | 576 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,318 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/32 | 500 | 568 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/33 | 300 | 339 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,264 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/20 | 500 | 558 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/21 (4) | 390 | 442 |
New York State Dormitory Authority Revenue | ||||
(Service Contract) | 5.000% | 7/1/22 | 500 | 542 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.250% | 7/1/20 (Prere.) | 500 | 561 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/21 | 1,135 | 1,286 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/24 | 1,320 | 1,570 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/25 | 1,270 | 1,524 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/33 | 1,720 | 2,020 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/35 | 1,420 | 1,636 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/22 | 500 | 509 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/24 | 365 | 403 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 500 | 575 |
New York State GO | 4.500% | 2/1/17 | 500 | 502 |
New York State GO | 4.500% | 2/1/18 | 500 | 519 |
New York State GO | 4.500% | 2/1/19 | 500 | 533 |
New York State GO | 5.000% | 2/15/30 | 315 | 351 |
New York State Local Government Assistance | ||||
Corp. Revenue | 5.000% | 4/1/21 | 500 | 552 |
New York State Thruway Authority Revenue | 5.000% | 5/1/19 | 1,135 | 1,224 |
New York State Thruway Authority Revenue | 5.000% | 1/1/20 (14) | 500 | 518 |
New York State Thruway Authority Revenue | 5.000% | 1/1/21 (14) | 490 | 508 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 500 | 562 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 (14) | 600 | 618 |
New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,123 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/17 (Prere.) | 500 | 505 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 10/1/18 (Prere.) | 500 | 532 |
53
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/19 | 500 | 540 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 500 | 553 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 500 | 569 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 12/15/18 | 500 | 536 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/17 (Prere.) | 1,035 | 1,075 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/18 | 1,000 | 1,047 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 600 | 644 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.500% | 3/15/22 (14) | 530 | 624 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 1,325 | 1,573 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 2,000 | 2,412 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/25 | 465 | 482 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 2,000 | 2,363 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 1,500 | 1,778 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,660 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,306 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,000 | 2,327 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,701 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/18 | 540 | 561 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.700% | 1/5/17 | 2,600 | 2,600 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/26 | 500 | 528 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/26 | 1,750 | 2,074 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/28 | 1,250 | 1,373 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/29 | 1,000 | 1,176 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/35 | 1,000 | 1,149 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,732 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,525 |
Tobacco Settlement Financing Corp. New York | ||||
Revenue | 5.000% | 6/1/22 | 60 | 60 |
54
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/23 | 1,500 | 1,767 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/25 | 500 | 533 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/34 | 2,000 | 2,305 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/33 | 1,600 | 1,850 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/34 | 1,000 | 1,163 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/35 | 1,945 | 2,255 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/36 | 2,450 | 2,832 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 55 | 61 |
Westchester County NY GO | 5.000% | 7/1/20 | 435 | 486 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 10 | 11 |
Westchester County NY Health Care Corp. | ||||
Revenue | 5.000% | 11/1/30 | 500 | 544 |
Westchester County NY Local Development Corp. | ||||
Revenue (Westchester Medical Center) | 5.000% | 11/1/31 | 1,085 | 1,166 |
Westchester NY Tobacco Asset Securitization | ||||
Revenue | 5.000% | 6/1/28 | 1,400 | 1,561 |
Westchester NY Tobacco Asset Securitization | ||||
Revenue | 5.000% | 6/1/33 | 1,500 | 1,610 |
243,418 | ||||
North Carolina (0.8%) | ||||
Cary NC Combined Enterprise System Revenue | 5.000% | 12/1/27 | 500 | 580 |
Charlotte NC Water & Sewer System Revenue | 5.000% | 12/1/20 | 235 | 265 |
Durham County NC GO | 5.000% | 4/1/20 | 685 | 760 |
Durham County NC GO | 5.000% | 10/1/22 | 500 | 584 |
Durham County NC GO | 5.000% | 10/1/27 | 500 | 612 |
Guilford County NC GO | 5.000% | 3/1/19 | 1,230 | 1,328 |
Mecklenburg County NC GO | 5.000% | 3/1/17 | 500 | 503 |
Mecklenburg County NC Public Facilities Corp. | ||||
Revenue (Annual Appropriation) | 5.000% | 3/1/19 (Prere.) | 500 | 539 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/19 | 555 | 601 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/29 | 500 | 547 |
North Carolina Eastern Municipal Power Agency | ||||
Power Systems Revenue | 6.000% | 1/1/18 (ETM) | 510 | 535 |
North Carolina Eastern Municipal Power Agency | ||||
Power Systems Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 537 |
North Carolina GAN | 5.000% | 3/1/25 | 1,000 | 1,180 |
North Carolina GAN | 5.000% | 3/1/27 | 1,000 | 1,161 |
North Carolina GO | 5.000% | 3/1/17 | 520 | 524 |
North Carolina GO | 5.000% | 3/1/18 | 500 | 522 |
North Carolina GO | 5.000% | 6/1/19 | 2,000 | 2,174 |
North Carolina GO | 5.000% | 3/1/20 | 275 | 305 |
North Carolina GO | 4.000% | 6/1/20 | 500 | 541 |
North Carolina GO | 5.000% | 5/1/22 | 250 | 290 |
North Carolina Infrastructure Financial Corp. | ||||
Capital Improvements COP | 5.000% | 2/1/17 (Prere.) | 2,000 | 2,007 |
North Carolina Medical Care Commission Health | ||||
Care Facilities Revenue (Vidant Health) | 5.000% | 6/1/21 | 1,000 | 1,125 |
55
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
North Carolina Medical Care Commission Hospital | ||||
Revenue (Southeastern Regional Medical Center) | 5.000% | 6/1/24 | 600 | 665 |
North Carolina Municipal Power Agency | ||||
No. 1 Revenue (Catawba Electric) | 5.000% | 1/1/19 (Prere.) | 355 | 380 |
North Carolina Municipal Power Agency | ||||
No. 1 Revenue (Catawba Electric) | 5.000% | 1/1/30 | 145 | 153 |
Orange County NC Public Facilities Co. Revenue | 5.000% | 10/1/24 | 500 | 573 |
Raleigh NC GO | 5.000% | 9/1/27 | 2,000 | 2,488 |
3 University of North Carolina University System | ||||
Revenue PUT | 1.163% | 12/1/17 | 1,200 | 1,203 |
Wake County NC GO | 4.000% | 2/1/18 | 695 | 717 |
Wake County NC GO | 5.000% | 3/1/18 | 500 | 523 |
Wake County NC Limited Obligation Revenue | 4.000% | 12/1/19 | 680 | 728 |
24,650 | ||||
Ohio (0.9%) | ||||
American Municipal Power Ohio Inc. Revenue | ||||
(Fremont Energy Center Project) | 5.250% | 2/15/27 | 570 | 646 |
American Municipal Power Ohio Inc. Revenue | ||||
(Hydroelectric Projects) | 5.250% | 2/15/18 | 500 | 522 |
Buckeye Tobacco Settlement Financing Authority | ||||
Ohio Revenue | 5.000% | 6/1/17 | 190 | 193 |
Butler County OH Hospital Facilities Revenue | ||||
(Kettering Health Network) | 5.250% | 4/1/31 | 500 | 544 |
Butler County OH Hospital Facilities Revenue | ||||
(UC Health) | 5.250% | 11/1/29 | 435 | 485 |
Cleveland OH Airport System Revenue | 5.000% | 1/1/17 (Prere.) | 500 | 500 |
Cleveland OH Airport System Revenue | 5.250% | 1/1/18 (2) | 260 | 270 |
Cleveland OH Public Power System Revenue | 5.000% | 11/15/20 (14) | 235 | 235 |
Columbus OH City School District GO | 0.000% | 12/1/29 (4) | 1,000 | 655 |
Columbus OH GO | 5.000% | 7/1/25 | 535 | 614 |
Columbus OH Sewer Revenue | 5.000% | 6/1/30 | 1,500 | 1,773 |
Cuyahoga County OH Excise Tax Revenue | ||||
(Sports Facilities Improvement Project) | 5.000% | 12/1/25 | 500 | 575 |
Fairfield County OH Hospital Facilities Revenue | ||||
(Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 658 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/20 | 1,000 | 1,117 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/28 | 1,680 | 1,970 |
Greater Cleveland OH Regional Transit Authority | ||||
Sales Tax Revenue | 5.000% | 12/1/18 | 350 | 375 |
Hamilton County OH Hospital Facilities Revenue | ||||
(UC Health) | 5.000% | 2/1/21 | 200 | 221 |
Hamilton County OH Sales Tax Revenue | 5.000% | 12/1/27 | 1,700 | 2,043 |
Kent State University Ohio Revenue | 5.000% | 5/1/19 (Prere.) | 460 | 497 |
Kent State University Ohio Revenue | 5.000% | 5/1/23 (12) | 40 | 43 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 | 500 | 559 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.250% | 11/15/27 | 1,500 | 1,692 |
Ohio Building Authority Revenue | ||||
(Administration Building Fund) | 5.000% | 10/1/20 | 100 | 112 |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Mental Health Facilities Improvement | ||||
Fund Projects) | 5.000% | 2/1/22 | 750 | 858 |
56
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Ohio GO | 5.000% | 2/1/18 | 3,895 | 4,056 |
Ohio GO | 5.000% | 8/1/23 | 500 | 578 |
Ohio GO | 5.000% | 8/1/24 | 500 | 597 |
Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 570 |
Ohio Higher Educational Facility Commission | ||||
Revenue (Case Western Reserve University | ||||
Project) | 5.000% | 12/1/22 | 550 | 637 |
Ohio Major New State Infrastructure Project | ||||
Revenue | 5.000% | 12/15/24 | 1,000 | 1,188 |
Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/20 (14) | 1,000 | 1,114 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,000 | 1,139 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/31 | 500 | 541 |
Ohio Water Development Authority Pollution | ||||
Control Revenue (Water Quality) | 5.250% | 6/1/19 | 435 | 475 |
Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 141 |
28,193 | ||||
Oklahoma (0.1%) | ||||
2 Norman OK Regional Hospital Authority Revenue | 5.000% | 9/1/28 | 1,245 | 1,353 |
Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 587 |
Oklahoma City OK Water Utilities Trust Water | ||||
& Sewer Revenue | 5.000% | 7/1/28 | 1,140 | 1,377 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/31 | 300 | 332 |
University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 526 |
4,175 | ||||
Oregon (0.3%) | ||||
Deschutes & Jefferson Counties OR | ||||
School District No. 2J GO | 0.000% | 6/15/31 | 750 | 464 |
Multnomah County OR School District GO | 5.000% | 6/15/19 | 1,680 | 1,826 |
Oregon Department of Administrative Services | ||||
Lottery Revenue | 5.000% | 4/1/25 | 1,370 | 1,623 |
Oregon Department of Administrative Services | ||||
Lottery Revenue | 5.250% | 4/1/31 | 500 | 558 |
Oregon Facilities Authority Revenue | ||||
(Legacy Health Project) | 5.000% | 6/1/33 | 1,000 | 1,119 |
Oregon Facilities Authority Revenue | ||||
(PeaceHealth) | 5.000% | 11/15/17 | 250 | 258 |
Oregon GO | 5.000% | 5/1/23 | 500 | 577 |
Portland OR GO | 5.000% | 6/15/20 | 1,725 | 1,923 |
Portland OR Sewer System Revenue | 5.000% | 6/15/18 (Prere.) | 500 | 527 |
8,875 | ||||
Pennsylvania (2.6%) | ||||
Allegheny County PA GO | 4.000% | 11/1/30 | 1,000 | 1,052 |
Allegheny County PA Higher Education | ||||
Building Authority University Revenue | ||||
(Duquesne University) | 5.500% | 3/1/21 (Prere.) | 325 | 373 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.000% | 5/15/18 | 500 | 526 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 1.314% | 2/1/21 | 740 | 740 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.375% | 8/15/29 | 210 | 228 |
57
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 569 |
Allentown PA Neighborhood Improvement Zone | ||||
Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,095 |
Beaver County PA Industrial Development | ||||
Authority Pollution Control Revenue | �� | |||
(FirstEnergy Generation Project) PUT | 2.500% | 6/1/17 | 500 | 300 |
Central Bradford PA Progress Authority Revenue | ||||
(Guthrie Healthcare System) | 5.500% | 12/1/31 | 500 | 566 |
Chester County PA GO | 5.000% | 11/15/31 | 750 | 855 |
Dallas PA Area Muni Authority University Revenue | ||||
(Misericordia University Project) | 4.000% | 5/1/17 | 415 | 417 |
East Hempfield Township PA Industrial | ||||
Development Authority Revenue (Millersville | ||||
University Student Housing Project) | 5.000% | 7/1/29 | 1,000 | 1,060 |
Geisinger Authority Health System Pennsylvania | ||||
Revenue (Geisinger Health System) | 5.000% | 6/1/20 | 650 | 717 |
Lehigh County PA General Purpose | ||||
Hospital Authority Revenue (Lehigh Valley | ||||
Health Network) | 5.000% | 7/1/29 | 1,185 | 1,347 |
Lower Merion PA School District GO | 5.000% | 9/1/18 | 1,500 | 1,594 |
Monroeville PA Finance Authority Revenue | ||||
(UPMC Health System) | 5.000% | 2/15/19 | 500 | 536 |
Montgomery County PA GO VRDO | 0.680% | 1/3/17 | 2,100 | 2,100 |
Montgomery County PA Higher Education | ||||
& Health Authority Hospital Revenue | ||||
(Abington Memorial Hospital) | 5.000% | 6/1/31 | 500 | 547 |
Montgomery County PA Industrial Development | ||||
Authority Health Services Revenue | ||||
(Albert Einstein Healthcare Network) | 5.000% | 1/15/23 | 1,015 | 1,116 |
Montgomery County PA Industrial Development | ||||
Authority Health Services Revenue | ||||
(Albert Einstein Healthcare Network) | 5.000% | 1/15/25 | 1,000 | 1,103 |
Montgomery County PA Industrial Development | ||||
Authority Retirement Community Revenue | ||||
(ACTS Retirement-Life Communities | ||||
Obligated Group) | 5.000% | 11/15/25 | 1,250 | 1,381 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue | ||||
(St. Luke’s Hospital Project) | 5.250% | 8/15/18 (Prere.) | 2,000 | 2,125 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue | ||||
(St. Luke’s Hospital Project) | 5.000% | 8/15/25 | 1,000 | 1,151 |
Pennsylvania Economic Development | ||||
Financing Authority Health System Revenue | ||||
(Albert Einstein Healthcare Network) | 6.250% | 10/15/19 (Prere.) | 895 | 987 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 4.000% | 1/1/18 | 750 | 772 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 7/1/20 | 700 | 758 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 1/1/21 | 1,330 | 1,420 |
Pennsylvania GO | 5.000% | 8/1/17 (Prere.) | 500 | 512 |
58
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania GO | 5.000% | 4/15/19 (Prere.) | 500 | 540 |
Pennsylvania GO | 5.000% | 7/1/20 | 500 | 551 |
Pennsylvania GO | 5.375% | 7/1/21 | 500 | 570 |
Pennsylvania GO | 5.000% | 11/15/22 | 500 | 565 |
Pennsylvania GO | 5.000% | 8/15/24 | 1,000 | 1,161 |
Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,762 |
Pennsylvania GO | 4.000% | 8/15/30 (4) | 1,000 | 1,051 |
Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,121 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Foundation for Indiana | ||||
University of Pennsylvania Student Housing) | 5.000% | 7/1/17 (10) | 500 | 501 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Philadelphia University) | 5.000% | 6/1/19 | 740 | 785 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 | 200 | 220 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Temple University) | 5.000% | 4/1/32 | 500 | 554 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Trustees of the University | ||||
of Pennsylvania) | 5.000% | 9/1/19 (Prere.) | 500 | 546 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (University of Pennsylvania | ||||
Health System) | 5.000% | 8/15/25 | 1,000 | 1,175 |
Pennsylvania State University Revenue | 5.000% | 2/15/18 (Prere.) | 1,000 | 1,044 |
Pennsylvania State University Revenue | 5.000% | 3/1/25 | 500 | 548 |
Pennsylvania State University Revenue | 5.000% | 9/1/28 | 755 | 906 |
Pennsylvania Turnpike Commission Oil Franchise | ||||
Tax Revenue | 5.000% | 12/1/24 | 1,000 | 1,158 |
Pennsylvania Turnpike Commission Oil Franchise | ||||
Tax Revenue | 5.000% | 12/1/28 | 500 | 573 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 190 | 206 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 860 | 933 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 (Prere.) | 175 | 192 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 495 | 556 |
3 Pennsylvania Turnpike Commission Revenue | 1.700% | 12/1/21 | 1,215 | 1,212 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | 170 | 185 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 2,271 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,000 | 1,144 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 (4) | 1,635 | 1,899 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,556 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/29 | 1,250 | 1,363 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | 835 | 901 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,234 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,636 |
Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 1,120 | 1,226 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,000 | 1,161 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/27 | 1,000 | 1,153 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/17 (Prere.) | 1,000 | 1,030 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/25 | 1,500 | 1,709 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/29 | 1,000 | 1,127 |
Philadelphia PA GO | 5.000% | 8/1/26 | 1,885 | 2,170 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue (Temple | ||||
University Health System Obligated Group) | 6.250% | 7/1/23 | 500 | 508 |
59
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue (Temple | ||||
University Health System Obligated Group) | 5.500% | 7/1/30 | 245 | 247 |
Philadelphia PA Municipal Authority Revenue | 6.375% | 4/1/29 | 500 | 542 |
Philadelphia PA School District GO | 5.000% | 9/1/21 | 1,035 | 1,112 |
Philadelphia PA School District GO | 5.250% | 9/1/22 | 500 | 535 |
Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 1,011 |
Philadelphia PA Water & Waste Water Revenue | 5.000% | 8/1/20 (Prere.) | 560 | 625 |
Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/26 | 1,000 | 1,147 |
Philadelphia PA Water & Waste Water Revenue | 4.000% | 7/1/35 | 1,110 | 1,134 |
St. Mary Hospital Authority Pennsylvania Health | ||||
System Revenue (Catholic Health Initiatives) | 5.000% | 11/15/26 | 1,000 | 1,089 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School District | ||||
of Philadelphia) | 5.000% | 6/1/24 | 1,535 | 1,704 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School District | ||||
of Philadelphia) | 5.000% | 6/1/26 (4) | 1,650 | 1,837 |
University of Pittsburgh of the Commonwealth | ||||
System of Higher Education Pennsylvania | ||||
Revenue (University Capital Project) | 5.250% | 9/15/24 | 500 | 549 |
West Shore PA Area Authority Hospital Revenue | ||||
(Holy Spirit Hospital of the Sisters of Christian | ||||
Charity Project) | 6.250% | 1/1/31 | 80 | 92 |
80,274 | ||||
Puerto Rico (0.1%) | ||||
Puerto Rico Electric Power Authority Revenue | 5.000% | 7/1/21 (14) | 500 | 506 |
Puerto Rico Highway & Transportation Authority | ||||
Revenue | 5.250% | 7/1/21 (13)(3) | 500 | 551 |
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 1,000 | 1,270 |
2,327 | ||||
Rhode Island (0.0%) | ||||
Rhode Island Commerce Corp. Airport Revenue | 5.000% | 7/1/30 | 500 | 562 |
Rhode Island Health & Educational Building | ||||
Corp. Higher Education Facilities Revenue | ||||
(University of Rhode Island) | 5.000% | 9/15/25 | 500 | 584 |
1,146 | ||||
South Carolina (0.5%) | ||||
Charleston SC Educational Excellence Financing | ||||
Corp. Revenue (Charleston County School | ||||
District, South Carolina Project) | 5.000% | 12/1/23 | 500 | 587 |
Columbia SC Waterworks & Sewer System | ||||
Revenue | 5.000% | 2/1/27 | 250 | 284 |
Florence County SC School District GO | 5.000% | 3/1/18 | 1,000 | 1,045 |
Lexington County SC Health Services District Inc. | ||||
Hospital Revenue | 5.000% | 11/1/34 | 1,500 | 1,651 |
Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,000 | 1,149 |
Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 (14) | 1,600 | 1,315 |
South Carolina Association of Governmental | ||||
Organizations Educational Facilities Corp. | ||||
Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,637 |
South Carolina GO | 5.000% | 4/1/20 | 450 | 500 |
South Carolina Higher Education Revenue | ||||
(Clemson University) | 5.000% | 5/1/21 | 1,000 | 1,134 |
60
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/24 (4) | 500 | 523 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/26 | 1,000 | 1,111 |
South Carolina Public Service Authority Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 537 |
Sumter Two School Facilities Inc. South Carolina | ||||
Installment Purchase Revenue | 5.000% | 12/1/26 (15) | 1,000 | 1,150 |
York County SC School District GO | ||||
(Fort Mill School District No. 4) | 5.000% | 3/1/18 | 1,365 | 1,427 |
14,050 | ||||
South Dakota (0.1%) | ||||
Educational Enhancement Funding Corp. | ||||
South Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 | 2,000 | 2,216 |
Tennessee (0.8%) | ||||
Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,163 |
Chattanooga TN Health Educational | ||||
& Housing Facility Board Revenue | ||||
(Catholic Health Initiatives) | 5.000% | 1/1/33 | 1,500 | 1,628 |
Chattanooga-Hamilton County TN | ||||
Hospital Authority Hospital Revenue | 5.000% | 10/1/27 | 1,000 | 1,111 |
Knox County TN GO | 5.000% | 4/1/18 | 1,000 | 1,049 |
Knox County TN Health Educational | ||||
& Housing Facilities Board Hospital Facilities | ||||
Revenue (Covenant Healthcare) | 5.000% | 1/1/36 | 1,000 | 1,097 |
Memphis TN Electric System Revenue | 5.000% | 12/1/17 | 500 | 518 |
Memphis TN GO | 5.000% | 5/1/30 | 500 | 555 |
Metropolitan Government of Nashville | ||||
& Davidson County TN GO | 5.000% | 7/1/21 | 625 | 693 |
Metropolitan Government of Nashville | ||||
& Davidson County TN GO | 5.000% | 1/1/31 | 1,485 | 1,755 |
Metropolitan Government of Nashville | ||||
& Davidson County TN Health | ||||
& Educational Facilities Board Revenue | ||||
(Blakeford at Green Hills) | 5.000% | 7/1/27 | 500 | 537 |
Metropolitan Government of Nashville | ||||
& Davidson County TN Water & Sewer Revenue | 5.000% | 7/1/20 | 500 | 553 |
Shelby County TN GO | 5.000% | 3/1/19 | 500 | 539 |
Shelby County TN GO | 5.000% | 4/1/19 (ETM) | 100 | 108 |
Shelby County TN GO | 5.000% | 4/1/19 | 400 | 432 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/17 | 250 | 251 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/17 | 500 | 512 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/18 | 725 | 766 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/22 | 1,115 | 1,264 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/24 | 1,500 | 1,679 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/24 | 375 | 429 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/25 | 715 | 806 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/26 | 585 | 681 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/27 | 1,000 | 1,143 |
Tennessee GO | 5.000% | 8/1/20 | 625 | 699 |
Tennessee GO | 5.000% | 8/1/21 | 1,490 | 1,703 |
Tennessee GO | 5.000% | 8/1/22 | 1,475 | 1,720 |
23,391 |
61
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Texas (5.1%) | ||||
Alamo TX Regional Mobility Authority Revenue | 5.000% | 6/15/27 | 1,280 | 1,504 |
Aldine TX Independent School District GO | 5.000% | 2/15/21 | 1,865 | 2,100 |
Allen TX Independent School District GO | 5.000% | 2/15/30 | 1,365 | 1,604 |
Arlington TX GO | 5.000% | 8/15/19 | 1,920 | 2,096 |
Arlington TX Independent School District GO | 5.000% | 2/15/24 | 1,355 | 1,604 |
Austin TX Combined Utility System Revenue | 0.000% | 5/15/18 (14) | 1,000 | 981 |
Austin TX Community College District Public | ||||
Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,159 |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/19 (Prere.) | 65 | 71 |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/21 | 500 | 572 |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/24 | 210 | 230 |
Central Texas Regional Mobility Authority Revenue | 5.750% | 1/1/20 (Prere.) | 500 | 557 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/24 | 1,000 | 1,123 |
Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/25 | 100 | 73 |
Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/26 | 180 | 126 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/26 | 1,000 | 1,133 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/30 | 800 | 881 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/33 | 500 | 535 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/34 | 1,400 | 1,528 |
Clifton TX Higher Education Finance Corp. | ||||
Revenue (Baylor University) | 5.250% | 3/1/29 | 200 | 223 |
Cypress-Fairbanks TX Independent School District | ||||
GO | 5.000% | 2/15/17 (Prere.) | 455 | 457 |
Cypress-Fairbanks TX Independent School District | ||||
GO | 5.000% | 2/15/25 | 500 | 559 |
Cypress-Fairbanks TX Independent School District | ||||
GO | 5.000% | 2/15/30 | 45 | 45 |
Dallas County TX GO | 5.000% | 8/15/25 | 1,000 | 1,207 |
Dallas TX Area Rapid Transit Sales Tax Revenue | 4.500% | 12/1/18 (Prere.) | 500 | 531 |
Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/27 | 500 | 575 |
Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 542 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/17 | 200 | 206 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 (Prere.) | 190 | 217 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 | 1,090 | 1,246 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/22 | 140 | 159 |
Dallas-Fort Worth TX International Airport Revenue | 5.250% | 11/1/29 | 1,000 | 1,162 |
Denton County TX GO | 4.000% | 7/15/18 | 1,500 | 1,564 |
El Paso TX Water & Sewer Revenue | 5.000% | 3/1/26 | 850 | 1,019 |
Fort Worth TX GO | 5.000% | 3/1/24 | 1,000 | 1,178 |
Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 503 |
Frisco TX Independent School District GO | 5.000% | 8/15/26 | 1,100 | 1,331 |
Garland TX Independent School District GO | 5.000% | 2/15/22 | 1,025 | 1,173 |
Grand Parkway Transportation Corp. Texas | ||||
System Toll Revenue | 0.000% | 10/1/30 | 1,550 | 1,327 |
Grapevine-Colleyville TX Independent School | ||||
District GO | 5.000% | 8/15/26 | 1,000 | 1,199 |
Harris County TX Flood Control District GO | 5.250% | 10/1/18 | 435 | 466 |
Harris County TX GO | 5.000% | 10/1/23 | 500 | 546 |
Harris County TX GO | 5.000% | 10/1/23 | 300 | 337 |
Harris County TX GO | 5.000% | 8/15/32 | 1,000 | 1,119 |
Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,375 |
Harris County TX Sports Authority Revenue | 5.000% | 11/15/22 | 945 | 1,062 |
3 Harris County TX Toll Road Revenue | 1.500% | 8/15/18 | 1,000 | 1,001 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/19 (Prere.) | 500 | 545 |
62
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 500 | 563 |
Highland Park TX Independent School District GO | 5.000% | 2/15/19 | 1,000 | 1,076 |
Houston TX Airport System Revenue | 5.000% | 7/1/19 (14) | 1,000 | 1,020 |
Houston TX Airport System Revenue | 5.000% | 7/1/26 (14) | 3,000 | 3,058 |
Houston TX GO | 5.000% | 3/1/18 | 1,650 | 1,724 |
Houston TX GO | 5.000% | 3/1/20 | 500 | 537 |
Houston TX GO | 5.000% | 3/1/26 | 1,500 | 1,812 |
Houston TX Hotel Occupancy Tax & Special | ||||
Revenue (Convention & Entertainment Facilities) | 5.000% | 9/1/24 | 1,000 | 1,154 |
Houston TX Independent School District GO | 5.000% | 2/15/19 | 1,200 | 1,291 |
Houston TX Independent School District GO | 5.000% | 2/15/20 | 1,105 | 1,219 |
Houston TX Independent School District GO | 5.000% | 2/15/31 | 2,000 | 2,342 |
Houston TX Independent School District GO PUT | 3.000% | 6/1/18 | 1,200 | 1,228 |
Houston TX Utility System Revenue | 5.000% | 11/15/17 (Prere.) | 380 | 393 |
Houston TX Utility System Revenue | 5.000% | 5/15/25 | 1,000 | 1,175 |
Houston TX Utility System Revenue | 5.000% | 11/15/28 (4) | 120 | 124 |
Houston TX Utility System Revenue | 4.000% | 11/15/31 | 1,000 | 1,057 |
Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,140 |
Houston TX Utility System Revenue | 5.000% | 11/15/36 | 1,000 | 1,149 |
3 Houston TX Utility System Revenue PUT | 1.620% | 5/1/20 | 1,000 | 996 |
Irving TX Independent School District GO | 5.000% | 2/15/21 | 1,500 | 1,689 |
Judson TX Independent School District | 5.000% | 2/1/22 | 600 | 686 |
Katy TX Independent School District GO | 5.000% | 2/15/20 | 2,000 | 2,010 |
Lake Travis TX Independent School District GO | 5.000% | 2/15/32 | 500 | 553 |
Lamar TX Consolidated Independent School | ||||
District GO | 5.000% | 2/15/25 | 1,245 | 1,492 |
Laredo TX Community College District GO | 5.000% | 8/1/25 | 1,000 | 1,164 |
Lone Star College System Texas GO | 5.000% | 8/15/19 (Prere.) | 250 | 273 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue | ||||
(LCRA Transmission Services Corp.) | 5.000% | 5/15/28 | 1,150 | 1,322 |
Lubbock TX GO | 5.000% | 2/15/23 | 500 | 575 |
Mesquite TX Health Facilities Development Corp. | ||||
Retirement Facility Revenue (Christian Care | ||||
Centers Inc. Project) | 5.000% | 2/15/24 | 350 | 377 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. First Mortgage Revenue | ||||
(Morningside Ministries Project) | 6.250% | 1/1/33 | 1,640 | 1,828 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/26 | 1,060 | 1,165 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/27 | 1,000 | 1,090 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/28 | 870 | 941 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 4.000% | 4/1/17 | 245 | 246 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 4.000% | 4/1/19 | 495 | 510 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/23 | 200 | 218 |
63
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/24 | 210 | 229 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/25 | 240 | 262 |
North East TX Independent School District GO | 5.250% | 2/1/22 | 500 | 581 |
North Texas Municipal Water District Water | ||||
System Revenue | 5.000% | 9/1/22 | 1,645 | 1,903 |
North Texas Municipal Water District Water | ||||
System Revenue | 5.000% | 9/1/23 | 1,025 | 1,203 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 461 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 461 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/19 (Prere.) | 205 | 224 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/20 | 60 | 63 |
North Texas Tollway Authority System Revenue | 6.250% | 2/1/23 | 1,650 | 1,831 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/25 | 60 | 63 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 | 1,000 | 1,144 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/28 | 45 | 49 |
North Texas Tollway Authority System Revenue | 5.500% | 9/1/28 | 500 | 573 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/29 | 1,000 | 1,150 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 | 500 | 564 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 | 1,740 | 1,958 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/33 | 1,500 | 1,680 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/34 | 1,575 | 1,756 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/35 | 1,000 | 1,111 |
Northwest Independent School District Texas GO | 5.000% | 2/15/26 | 1,000 | 1,192 |
Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,087 |
Plano TX Independent School District GO | 5.000% | 2/15/18 | 2,605 | 2,719 |
Plano TX Independent School District GO | 5.000% | 2/15/20 | 1,400 | 1,544 |
Rockwall County TX GO | 5.000% | 2/1/18 | 1,080 | 1,125 |
Rockwall TX GO | 3.000% | 8/1/17 | 600 | 607 |
SA Energy Acquisition Public Facility Corp. Texas | ||||
Gas Supply Revenue | 5.250% | 8/1/17 | 500 | 510 |
SA Energy Acquisition Public Facility Corp. Texas | ||||
Gas Supply Revenue | 5.500% | 8/1/19 | 500 | 542 |
Sam Rayburn TX Municipal Power Agency | ||||
Revenue | 5.000% | 10/1/19 | 210 | 227 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/19 | 500 | 537 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/21 | 500 | 564 |
San Antonio TX GO | 5.000% | 8/1/20 | 125 | 139 |
San Antonio TX GO | 5.000% | 2/1/22 | 1,000 | 1,122 |
San Antonio TX GO | 5.000% | 2/1/24 | 500 | 559 |
San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,193 |
San Antonio TX Water Revenue | 5.000% | 5/15/34 | 1,000 | 1,157 |
3 San Antonio TX Water Revenue PUT | 1.120% | 11/1/17 | 1,500 | 1,500 |
Spring Branch TX Independent School District GO | 5.000% | 2/1/20 | 1,000 | 1,102 |
Spring TX Independent School District GO | 5.000% | 8/15/32 | 1,000 | 1,158 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Hospital Revenue (Methodist | ||||
Hospitals of Dallas) | 5.250% | 10/1/31 | 1,000 | 1,141 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (CHRISTUS Health) | 6.250% | 7/1/28 (12) | 325 | 351 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (Texas Health Resources) | 5.000% | 2/15/26 | 1,735 | 1,744 |
64
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Texas A&M University System Revenue Board | ||||
of Regents Revenue | 5.000% | 5/15/21 | 1,000 | 1,134 |
Texas A&M University System Revenue | ||||
Financing System Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 541 |
Texas GO | 4.000% | 4/1/18 | 400 | 414 |
Texas GO | 5.000% | 10/1/22 | 1,000 | 1,164 |
Texas GO | 5.000% | 10/1/24 | 1,000 | 1,196 |
Texas GO | 5.000% | 10/1/27 | 1,400 | 1,640 |
Texas GO | 5.000% | 10/1/28 | 1,330 | 1,551 |
Texas GO | 5.000% | 8/1/31 | 500 | 559 |
Texas Municipal Gas Acquisition | ||||
& Supply Corp. Revenue | 5.250% | 12/15/17 | 550 | 568 |
Texas Municipal Gas Acquisition | ||||
& Supply Corp. Revenue | 5.250% | 12/15/21 | 240 | 266 |
Texas Municipal Gas Acquisition | ||||
& Supply Corp. Revenue | 5.000% | 12/15/22 | 1,005 | 1,095 |
Texas Municipal Gas Acquisition | ||||
& Supply Corp. Revenue | 5.000% | 12/15/23 | 380 | 415 |
Texas Municipal Gas Acquisition | ||||
& Supply Corp. Revenue | 5.250% | 12/15/23 | 190 | 214 |
Texas Municipal Gas Acquisition | ||||
& Supply Corp. Revenue | 5.250% | 12/15/24 | 495 | 557 |
Texas Municipal Gas Acquisition | ||||
& Supply Corp. Revenue | 5.000% | 12/15/25 | 2,185 | 2,367 |
Texas Public Finance Authority Revenue | ||||
(Texas Southern University) | 5.000% | 11/1/21 (15) | 1,000 | 1,115 |
Texas Public Finance Authority Revenue | ||||
(Unemployment Compensation) | 4.000% | 1/1/18 | 235 | 236 |
Texas Tech University System Financing | ||||
System Revenue | 5.000% | 2/15/28 | 500 | 532 |
Texas Transportation Commission GO | 5.000% | 10/1/22 | 1,175 | 1,367 |
Texas Transportation Commission Mobility Fund | ||||
GO | 5.000% | 10/1/21 | 1,500 | 1,716 |
Texas Transportation Commission Mobility Fund | ||||
GO | 5.000% | 10/1/29 | 1,500 | 1,773 |
3 Texas Transportation Commission Mobility Fund | ||||
GO PUT | 1.100% | 10/1/18 | 1,500 | 1,498 |
Texas Transportation Commission Revenue | 5.000% | 4/1/21 | 1,500 | 1,702 |
Texas Transportation Commission Revenue | 5.000% | 10/1/26 | 1,000 | 1,218 |
Texas Turnpike Authority Central Texas Turnpike | ||||
System Revenue | 0.000% | 8/15/20 (ETM) | 285 | 266 |
Texas Turnpike Authority Central Texas Turnpike | ||||
System Revenue | 0.000% | 8/15/20 (2) | 525 | 485 |
Texas Water Development Board Revenue | 5.000% | 4/15/20 | 1,000 | 1,108 |
Texas Water Development Board Revenue | 5.000% | 4/15/21 | 1,000 | 1,133 |
Texas Water Financial Assistance GO | 5.000% | 8/1/24 | 500 | 528 |
Texas Water Financial Assistance GO | 5.000% | 8/1/25 | 500 | 528 |
Texas Water Financial Assistance GO | 5.000% | 8/1/27 | 500 | 528 |
University of Texas Permanent University Fund | ||||
Revenue | 5.000% | 7/1/19 | 1,225 | 1,333 |
University of Texas Permanent University Fund | ||||
Revenue | 5.000% | 7/1/25 | 1,130 | 1,362 |
University of Texas System Revenue Financing | ||||
System Revenue | 4.750% | 2/15/17 (Prere.) | 820 | 824 |
University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/19 | 325 | 355 |
65
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/20 | 1,000 | 1,118 |
University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/21 | 500 | 570 |
2 University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/23 | 1,000 | 1,179 |
University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/25 | 1,500 | 1,810 |
University of Texas System Revenue Financing | ||||
System Revenue | 4.750% | 8/15/30 | 1,180 | 1,186 |
Williamson County TX GO | 5.000% | 2/15/23 | 230 | 264 |
158,449 | ||||
Utah (0.2%) | ||||
Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 556 |
Utah Associated Municipal Power Systems | ||||
Revenue (Horse Butte Wind Project) | 5.000% | 9/1/32 | 350 | 389 |
Utah GO | 4.500% | 7/1/19 | 2,000 | 2,155 |
Utah GO | 5.000% | 7/1/19 | 615 | 670 |
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 | 1,000 | 1,194 |
4,964 | ||||
Virginia (1.2%) | ||||
Arlington County VA GO | 5.000% | 8/15/19 | 1,535 | 1,677 |
Arlington County VA GO | 5.000% | 8/1/23 | 600 | 696 |
Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 550 |
Chesterfield County VA GO | 5.000% | 1/1/22 | 900 | 1,038 |
Chesterfield County VA Water & Sewer Revenue | 5.000% | 11/1/23 | 1,000 | 1,190 |
Fairfax County VA GO | 4.000% | 10/1/19 | 2,000 | 2,139 |
Fairfax County VA GO | 5.000% | 10/1/23 | 1,255 | 1,492 |
Fairfax County VA GO | 5.000% | 10/1/24 | 1,365 | 1,647 |
Fairfax County VA Public Improvement GO | 5.000% | 10/1/17 | 500 | 515 |
Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 300 | 341 |
Fairfax County VA Sewer Revenue | 4.000% | 7/15/21 | 1,790 | 1,961 |
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/25 | 500 | 571 |
Norfolk VA GO | 5.000% | 10/1/20 | 775 | 868 |
Norfolk VA Water Revenue | 5.000% | 11/1/31 | 500 | 557 |
Richmond VA Public Utility Revenue | 5.000% | 1/15/28 | 1,000 | 1,197 |
Roanoke VA Economic Development Authority | ||||
Hospital Revenue (Carilion Clinic Obligated | ||||
Group) | 5.000% | 7/1/30 | 500 | 550 |
Stafford County VA Economic Development | ||||
Authority Hospital Facilities Revenue | ||||
(Mary Washington Healthcare Obligated Group) | 5.000% | 6/15/24 | 750 | 856 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College | ||||
& Equipment Programs) | 5.000% | 2/1/17 | 200 | 201 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College | ||||
& Equipment Programs) | 5.000% | 2/1/21 | 1,000 | 1,129 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College | ||||
& Equipment Programs) | 4.000% | 2/1/31 | 1,445 | 1,537 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/19 | 1,570 | 1,715 |
66
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 | 411 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 4.000% | 9/1/31 | 1,000 | 1,067 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 5.000% | 9/15/18 | 2,000 | 2,129 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 5.000% | 9/15/21 | 2,410 | 2,755 |
Virginia Public Building Authority Public Facilities | ||||
Revenue | 5.000% | 8/1/19 | 1,495 | 1,629 |
Virginia Public School Authority Revenue | 5.000% | 8/1/19 | 500 | 545 |
Virginia Public School Authority Revenue | 4.000% | 8/1/20 | 1,700 | 1,838 |
Virginia Public School Authority Revenue | 5.000% | 8/1/29 | 1,500 | 1,810 |
Virginia Public School Authority School | ||||
Technology & Security Notes Revenue | 5.000% | 4/15/21 | 1,055 | 1,196 |
35,807 | ||||
Washington (1.0%) | ||||
Central Puget Sound WA Regional Transit | ||||
Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 | 750 | 916 |
Energy Northwest Washington Electric Revenue | ||||
(Columbia Generating Station) | 5.000% | 7/1/20 | 500 | 557 |
Energy Northwest Washington Electric Revenue | ||||
(Columbia Generating Station) | 5.000% | 7/1/31 | 1,200 | 1,392 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 1) | 5.000% | 7/1/17 | 500 | 510 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 1) | 5.000% | 7/1/21 | 1,355 | 1,542 |
King County WA GO | 5.000% | 1/1/19 | 150 | 161 |
King County WA GO | 5.000% | 7/1/20 | 1,250 | 1,393 |
King County WA GO | 5.000% | 1/1/24 | 500 | 573 |
King County WA Sewer Revenue | 5.000% | 1/1/20 | 1,000 | 1,101 |
Lewis County WA Public Utility District No. 1 | ||||
Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 | 1,000 | 1,137 |
Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 280 |
Seattle WA GO | 5.000% | 6/1/21 | 1,000 | 1,141 |
Seattle WA Water System Revenue | 5.000% | 5/1/19 | 1,460 | 1,581 |
University of Washington Revenue | 5.000% | 4/1/31 | 335 | 370 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/17 (Prere.) | 500 | 510 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/18 (Prere.) | 425 | 449 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 424 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,175 |
Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,575 |
Washington Economic Development Finance | ||||
Authority Lease Revenue (Washington | ||||
Biomedical Research Properties 2) | 5.000% | 6/1/25 | 1,080 | 1,278 |
Washington GO | 5.000% | 7/1/17 | 200 | 204 |
Washington GO | 5.000% | 7/1/18 (Prere.) | 500 | 528 |
Washington GO | 5.000% | 7/1/18 | 675 | 714 |
Washington GO | 5.000% | 8/1/19 (Prere.) | 500 | 545 |
Washington GO | 0.000% | 6/1/20 (14) | 500 | 469 |
Washington GO | 5.000% | 7/1/20 | 1,000 | 1,114 |
Washington GO | 5.000% | 7/1/22 | 1,350 | 1,559 |
Washington GO | 5.000% | 7/1/23 | 1,000 | 1,170 |
67
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Washington GO | 5.000% | 7/1/25 | 500 | 575 |
Washington GO | 5.000% | 7/1/25 | 1,500 | 1,778 |
Washington GO | 5.000% | 8/1/27 | 1,000 | 1,186 |
Washington GO | 5.000% | 2/1/32 | 500 | 557 |
Washington Health Care Facilities Authority | ||||
Revenue (Central Washington Health Services | ||||
Association) | 5.000% | 7/1/30 | 1,760 | 1,911 |
Washington Health Care Facilities Authority | ||||
Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 966 |
Washington State University General Revenue | 5.000% | 10/1/31 | 500 | 558 |
31,899 | ||||
West Virginia (0.0%) | ||||
West Virginia Hospital Finance Authority Hospital | ||||
Revenue (Charleston Area Medical Center Inc.) | 5.125% | 9/1/23 | 1,000 | 1,067 |
Wisconsin (0.8%) | ||||
Milwaukee WI GO | 4.000% | 3/15/19 | 1,000 | 1,056 |
Milwaukee WI GO | 4.000% | 3/15/20 | 1,000 | 1,074 |
Wisconsin Annual Appropriation Revenue | 5.625% | 5/1/28 | 460 | 503 |
Wisconsin GO | 5.000% | 5/1/18 (Prere.) | 500 | 526 |
Wisconsin GO | 5.000% | 5/1/19 | 1,335 | 1,446 |
Wisconsin GO | 5.000% | 11/1/19 | 1,250 | 1,372 |
Wisconsin GO | 5.000% | 5/1/20 | 1,000 | 1,110 |
Wisconsin GO | 5.000% | 5/1/21 | 750 | 851 |
Wisconsin GO | 5.000% | 11/1/23 | 2,370 | 2,795 |
Wisconsin GO | 5.000% | 5/1/24 | 500 | 576 |
Wisconsin GO | 5.000% | 5/1/26 | 2,210 | 2,529 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health Alliance | ||||
Credit Group) | 4.000% | 11/15/33 | 2,000 | 2,033 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health Alliance | ||||
Credit Group) | 4.000% | 11/15/34 | 1,500 | 1,515 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health Alliance | ||||
Credit Group) | 5.000% | 11/15/36 | 1,800 | 2,014 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Aspirus, Inc. Obligated | ||||
Group) | 5.000% | 8/15/25 | 1,570 | 1,776 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 560 |
Wisconsin Public Finance Authority Hospital | ||||
Revenue (Renown Regional Medical Center) | 5.000% | 6/1/26 | 1,000 | 1,156 |
Wisconsin Public Power System Power Supply | ||||
System Revenue | 5.000% | 7/1/32 | 500 | 563 |
Wisconsin Transportation Revenue | 5.000% | 7/1/23 | 500 | 577 |
24,032 | ||||
Wyoming (0.0%) | ||||
2 Wyoming Municipal Power Agency Power Supply | ||||
Revenue | 5.000% | 1/1/34 (15) | 1,000 | 1,123 |
Total Tax-Exempt Municipal Bonds (Cost $1,584,643) | 1,597,804 |
68
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Temporary Cash Investments (0.0%) | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
United States Treasury Bill | 0.601% | 4/27/17 | 100 | 100 |
United States Treasury Bill | 0.587% | 5/18/17 | 100 | 100 |
200 | ||||
Total Temporary Cash Investments (Cost $200) | 200 | |||
Total Investments (100.0%) (Cost $2,509,303) | 3,094,061 | |||
Amount | ||||
($000) | ||||
Other Assets and Liabilities (0.0%) | ||||
Other Assets | ||||
Investment in Vanguard | 226 | |||
Receivables for Investment Securities Sold | 320 | |||
Receivables for Accrued Income | 20,723 | |||
Receivables for Capital Shares Issued | 5,233 | |||
Other Assets | 179 | |||
Total Other Assets | 26,681 | |||
Liabilities | ||||
Payables for Investment Securities Purchased | (21,886) | |||
Payables for Capital Shares Redeemed | (1,775) | |||
Payables to Vanguard | (1,446) | |||
Other Liabilities | (97) | |||
Total Liabilities | (25,204) | |||
Net Assets (100%) | ||||
Applicable to 111,133,986 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 3,095,538 | |||
Net Asset Value Per Share | $27.85 |
69
Tax-Managed Balanced Fund | |
At December 31, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 2,537,741 |
Overdistributed Net Investment Income | (1,034) |
Accumulated Net Realized Losses | (25,895) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 584,758 |
Futures Contracts | (32) |
Net Assets | 3,095,538 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Securities with a value of $307,000 have been segregated as initial margin for open futures contracts.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2016.
3 Adjustable-rate security.
4 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, 2016, the aggregate value of these securities was $9,029,000, representing 0.3% 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.
70
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.
PILOT—Payments in Lieu of Taxes.
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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
(18) SBLF (Michigan School Bond Loan Fund).
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.
71
Tax-Managed Balanced Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends | 27,685 |
Interest | 36,807 |
Total Income | 64,492 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 189 |
Management and Administrative | 1,936 |
Marketing and Distribution | 307 |
Custodian Fees | 26 |
Auditing Fees | 33 |
Shareholders’ Reports | 52 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 2,545 |
Net Investment Income | 61,947 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (16,535) |
Futures Contracts | 319 |
Realized Net Gain (Loss) | (16,216) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 118,849 |
Futures Contracts | (22) |
Change in Unrealized Appreciation (Depreciation) | 118,827 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 164,558 |
See accompanying Notes, which are an integral part of the Financial Statements.
72
Tax-Managed Balanced Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 61,947 | 46,173 |
Realized Net Gain (Loss) | (16,216) | 6,843 |
Change in Unrealized Appreciation (Depreciation) | 118,827 | (4,470) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 164,558 | 48,546 |
Distributions | ||
Net Investment Income | (62,031) | (46,224) |
Realized Capital Gain | — | — |
Total Distributions | (62,031) | (46,224) |
Capital Share Transactions | ||
Issued | 824,319 | 762,424 |
Issued in Lieu of Cash Distributions | 52,893 | 39,524 |
Redeemed | (362,291) | (237,271) |
Net Increase (Decrease) from Capital Share Transactions | 514,921 | 564,677 |
Total Increase (Decrease) | 617,448 | 566,999 |
Net Assets | ||
Beginning of Period | 2,478,090 | 1,911,091 |
End of Period1 | 3,095,538 | 2,478,090 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,034,000) and ($950,000).
See accompanying Notes, which are an integral part of the Financial Statements.
73
Tax-Managed Balanced Fund | |||||
Financial Highlights | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $26.86 | $26.79 | $24.90 | $22.25 | $20.55 |
Investment Operations | |||||
Net Investment Income | .595 | .557 | .547 | .517 | .525 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | .989 | .067 | 1.879 | 2.647 | 1.696 |
Total from Investment Operations | 1.584 | .624 | 2.426 | 3.164 | 2.221 |
Distributions | |||||
Dividends from Net Investment Income1 | (. 594) | (. 554) | (. 536) | (. 514) | (. 521) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 594) | (. 554) | (. 536) | (. 514) | (. 521) |
Net Asset Value, End of Period | $27.85 | $26.86 | $26.79 | $24.90 | $22.25 |
Total Return2 | 5.94% | 2.35% | 9.81% | 14.34% | 10.87% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,096 | $2,478 | $1,911 | $1,401 | $1,015 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.11% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.20% | 2.11% | 2.15% | 2.21% | 2.43% |
Portfolio Turnover Rate | 11%3 | 9% | 8% | 9% | 7% |
1 For tax purposes, nontaxable dividends represent 57%, 62%, 64%, 63%, and 62% of dividends from net investment income.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable 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.
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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. investment companies. 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 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. 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. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The fund also uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 settlement values 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, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
3. 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, 2013–2016), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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Tax-Managed Balanced Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2016, or at any time during the period then ended.
6. 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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2016, the fund had contributed to Vanguard capital in the amount of $226,000, representing 0.01% of the fund’s net assets and 0.09% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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).
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Tax-Managed Balanced Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 1,496,057 | — | — |
Tax-Exempt Municipal Bonds | — | 1,597,804 | — |
Temporary Cash Investments | — | 200 | — |
Futures Contracts—Assets1 | 26 | — | — |
Total | 1,496,083 | 1,598,004 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 2016, 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) |
10-Year U.S. Treasury Note | March 2017 | 76 | 9,445 | (32) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. 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, 2016, the fund realized $6,036,000 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, 2016, the fund had $118,000 of ordinary income and $220,000 of tax-exempt income available for distribution. At December 31, 2016, the fund had available capital losses totaling $25,944,000 to offset future net capital gains. Of this amount, $1,449,000 is subject to expiration on December 31, 2017. Capital losses of $24,495,000 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.
77
Tax-Managed Balanced Fund
At December 31, 2016, the cost of investment securities for tax purposes was $2,509,303,000. Net unrealized appreciation of investment securities for tax purposes was $584,758,000, consisting of unrealized gains of $606,028,000 on securities that had risen in value since their purchase and $21,270,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2016, the fund purchased $899,877,000 of investment securities and sold $326,497,000 of investment securities, other than U.S. government securities and temporary cash investments. Sales include $14,821,000 in connection with in-kind redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2016, such purchases and sales were $285,886,000 and $246,334,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
G. Capital shares issued and redeemed were: | ||
Year Ended December 31, | ||
2016 | 2015 | |
Shares | Shares | |
(000) | (000) | |
Issued | 30,189 | 28,278 |
Issued in Lieu of Cash Distributions | 1,921 | 1,475 |
Redeemed | (13,249) | (8,821) |
Net Increase (Decrease) in Shares Outstanding | 18,861 | 20,932 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2016, that would require recognition or disclosure in these financial statements.
78
Tax-Managed Capital Appreciation Fund
Fund Profile
As of December 31, 2016
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTCLX | VTCIX |
Expense Ratio1 | 0.11% | 0.07% |
30-Day SEC Yield | 1.81% | 1.84% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Russell | Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 690 | 999 | 3,833 |
Median Market Cap | $61.4B | $67.1B | $54.1B |
Price/Earnings Ratio | 23.6x | 23.7x | 24.4x |
Price/Book Ratio | 2.9x | 2.9x | 2.8x |
Return on Equity | 17.3% | 17.0% | 16.5% |
Earnings Growth | |||
Rate | 8.4% | 8.3% | 8.2% |
Dividend Yield | 1.9% | 2.0% | 2.0% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 8% | — | — |
Short-Term Reserves | -0.1% | — | — |
Volatility Measures | ||
DJ | ||
Russell | U.S. Total | |
1000 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 1.00 |
Beta | 1.01 | 0.99 |
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 | |
Technology | 2.9% | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.1 | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.1 | |
Exxon Mobil Corp. | Oil: Integrated | 1.7 |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.4 | |
Johnson & Johnson | Pharmaceuticals | 1.4 |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.3 | |
Amazon.com Inc. | Diversified Retail | 1.3 |
General Electric Co. | Diversified | |
Manufacturing | ||
Operations | 1.2 | |
Facebook Inc. | Computer Services | |
Software & Systems | 1.2 | |
Top Ten | 16.6% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2016, the expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
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Tax-Managed Capital Appreciation Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 13.9% | 13.7% | 13.7% |
Consumer Staples | 7.8 | 7.9 | 7.4 |
Energy | 7.4 | 7.3 | 7.0 |
Financial Services | 20.9 | 20.8 | 21.3 |
Health Care | 12.8 | 13.0 | 13.0 |
Materials & | |||
Processing | 3.5 | 3.6 | 3.9 |
Producer Durables | 10.7 | 10.9 | 11.0 |
Technology | 17.4 | 17.2 | 17.2 |
Utilities | 5.6 | 5.6 | 5.5 |
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx82x1.jpg)
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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, 2006, Through December 31, 2016
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx83x1.jpg)
Average Annual Total Returns | ||||
Periods Ended December 31, 2016 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Tax-Managed Capital Appreciation Fund | ||||
Admiral Shares | 12.01% | 14.79% | 7.20% | $20,046 |
Russell 1000 Index | 12.05 | 14.69 | 7.08 | 19,824 |
Multi-Cap Core Funds Average | 10.19 | 12.37 | 5.51 | 17,098 |
Dow Jones U.S. Total Stock Market | ||||
Float Adjusted Index | 12.62 | 14.59 | 7.18 | 20,003 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Capital Appreciation Fund | ||||
Institutional Shares | 12.06% | 14.84% | 7.24% | $10,060,963 |
Russell 1000 Index | 12.05 | 14.69 | 7.08 | 9,912,000 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 12.62 | 14.59 | 7.18 | 10,001,613 |
See Financial Highlights for dividend and capital gains information.
81
Tax-Managed Capital Appreciation Fund
Fiscal-Year Total Returns (%): December 31, 2006, Through December 31, 2016
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx84x1.jpg)
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Tax-Managed Capital Appreciation Fund
Financial Statements
Statement of Net Assets
As of December 31, 2016
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 (99.7%)1 | |||
Consumer Discretionary (13.8%) | |||
* | Amazon.com Inc. | 130,190 | 97,626 |
Walt Disney Co. | 582,279 | 60,685 | |
Home Depot Inc. | 445,141 | 59,685 | |
Comcast Corp. Class A | 780,523 | 53,895 | |
McDonald’s Corp. | 305,804 | 37,222 | |
Wal-Mart Stores Inc. | 487,468 | 33,694 | |
Starbucks Corp. | 544,494 | 30,230 | |
Time Warner Inc. | 304,872 | 29,429 | |
Costco Wholesale Corp. | 167,474 | 26,814 | |
* | Priceline Group Inc. | 17,378 | 25,477 |
Lowe’s Cos. Inc. | 356,815 | 25,377 | |
NIKE Inc. Class B | 485,126 | 24,659 | |
Marriott International Inc. | |||
Class A | 199,777 | 16,518 | |
* | Netflix Inc. | 132,120 | 16,356 |
* | Charter Communications | ||
Inc. Class A | 54,989 | 15,832 | |
TJX Cos. Inc. | 204,469 | 15,362 | |
Ford Motor Co. | 1,208,292 | 14,657 | |
Twenty-First Century Fox | |||
Inc. Class A | 503,599 | 14,121 | |
* | O’Reilly Automotive Inc. | 49,150 | 13,684 |
Ross Stores Inc. | 206,205 | 13,527 | |
* | eBay Inc. | 439,830 | 13,059 |
* | AutoZone Inc. | 16,255 | 12,838 |
General Motors Co. | 299,330 | 10,429 | |
CBS Corp. Class B | 160,925 | 10,238 | |
Yum! Brands Inc. | 158,953 | 10,067 | |
* | Dollar Tree Inc. | 123,504 | 9,532 |
* | MGM Resorts International | 324,221 | 9,347 |
Target Corp. | 126,415 | 9,131 | |
* | Tesla Motors Inc. | 42,254 | 9,029 |
Royal Caribbean Cruises Ltd. | 104,593 | 8,581 | |
Estee Lauder Cos. Inc. | |||
Class A | 112,088 | 8,574 | |
Advance Auto Parts Inc. | 50,598 | 8,557 | |
* | CarMax Inc. | 130,976 | 8,434 |
* | Mohawk Industries Inc. | 40,019 | 7,991 |
Sirius XM Holdings Inc. | 1,742,688 | 7,755 | |
Expedia Inc. | 66,607 | 7,545 | |
Interpublic Group of Cos. | |||
Inc. | 293,791 | 6,878 | |
* | NVR Inc. | 4,041 | 6,744 |
Goodyear Tire & Rubber Co. 208,626 | 6,440 | ||
Gentex Corp. | 316,457 | 6,231 | |
Fortune Brands Home | |||
& Security Inc. | 114,801 | 6,137 | |
PVH Corp. | 66,936 | 6,040 | |
Viacom Inc. Class B | 170,721 | 5,992 | |
Hasbro Inc. | 76,942 | 5,985 | |
DR Horton Inc. | 218,026 | 5,959 | |
Dollar General Corp. | 78,019 | 5,779 | |
* | WABCO Holdings Inc. | 53,422 | 5,671 |
BorgWarner Inc. | 142,961 | 5,638 | |
Harley-Davidson Inc. | 96,566 | 5,634 | |
Darden Restaurants Inc. | 76,927 | 5,594 | |
* | Panera Bread Co. Class A | 26,806 | 5,498 |
Lennar Corp. Class A | 126,340 | 5,424 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 268,706 | 5,369 | |
CST Brands Inc. | 111,065 | 5,348 | |
Harman International | |||
Industries Inc. | 45,014 | 5,004 | |
Foot Locker Inc. | 70,470 | 4,996 | |
Hanesbrands Inc. | 231,493 | 4,993 | |
Scripps Networks | |||
Interactive Inc. Class A | 69,558 | 4,964 | |
Visteon Corp. | 60,650 | 4,873 | |
* | Discovery Communications | ||
Inc. | 180,131 | 4,824 | |
* | Urban Outfitters Inc. | 164,829 | 4,694 |
Brinker International Inc. | 88,041 | 4,361 | |
Omnicom Group Inc. | 50,564 | 4,304 | |
* | Hyatt Hotels Corp. Class A | 77,726 | 4,295 |
PulteGroup Inc. | 232,854 | 4,280 | |
* | Yum China Holdings Inc. | 158,953 | 4,152 |
83
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Tempur Sealy International | ||
Inc. | 60,667 | 4,142 | |
Lear Corp. | 30,629 | 4,054 | |
Carnival Corp. | 77,458 | 4,032 | |
Bed Bath & Beyond Inc. | 97,001 | 3,942 | |
L Brands Inc. | 56,897 | 3,746 | |
Las Vegas Sands Corp. | 66,520 | 3,553 | |
Gap Inc. | 148,246 | 3,327 | |
* | Toll Brothers Inc. | 106,247 | 3,294 |
* | TripAdvisor Inc. | 67,124 | 3,113 |
Nordstrom Inc. | 64,066 | 3,071 | |
KAR Auction Services Inc. | 71,820 | 3,061 | |
John Wiley & Sons Inc. | |||
Class A | 53,577 | 2,920 | |
* | AutoNation Inc. | 58,092 | 2,826 |
Ralph Lauren Corp. Class A | 30,742 | 2,777 | |
Newell Brands Inc. | 59,422 | 2,653 | |
* | Vista Outdoor Inc. | 65,939 | 2,433 |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class C | 64,064 | 2,173 | |
Vail Resorts Inc. | 13,100 | 2,113 | |
Macy’s Inc. | 56,774 | 2,033 | |
News Corp. Class A | 177,364 | 2,033 | |
* | Under Armour Inc. Class A | 62,735 | 1,822 |
VF Corp. | 33,032 | 1,762 | |
* | Liberty Ventures Class A | 46,959 | 1,731 |
Coty Inc. Class A | 91,086 | 1,668 | |
* | Liberty Broadband Corp. | 20,819 | 1,542 |
* | Liberty Expedia Holdings | ||
Inc. Class A | 31,306 | 1,242 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 27,210 | 1,157 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class A | 32,034 | 1,106 | |
Kohl’s Corp. | 21,894 | 1,081 | |
* | Adient plc | 18,417 | 1,079 |
* | Madison Square Garden Co. | ||
Class A | 5,389 | 924 | |
Wynn Resorts Ltd. | 10,511 | 909 | |
Coach Inc. | 25,940 | 908 | |
* | AMC Networks Inc. | ||
Class A | 13,544 | 709 | |
Best Buy Co. Inc. | 15,827 | 675 | |
* | Liberty Broadband Corp. | ||
Class A | 8,008 | 580 | |
GameStop Corp. Class A | 20,418 | 516 | |
* | Lions Gate Entertainment | ||
Corp. Class B | 20,905 | 513 | |
* | Ulta Salon Cosmetics | ||
& Fragrance Inc. | 1,721 | 439 | |
Graham Holdings Co. | |||
Class B | 821 | 420 | |
Lennar Corp. Class B | 8,278 | 286 | |
Signet Jewelers Ltd. | 2,431 | 229 | |
* | LKQ Corp. | 6,802 | 208 |
* | Murphy USA Inc. | 3,307 | 203 |
Polaris Industries Inc. | 2,426 | 200 | |
* | DISH Network Corp. | ||
Class A | 3,285 | 190 | |
* | Pandora Media Inc. | 14,583 | 190 |
* | Live Nation Entertainment | ||
Inc. | 6,740 | 179 | |
* | Lululemon Athletica Inc. | 2,700 | 175 |
* | Sally Beauty Holdings Inc. | 6,440 | 170 |
* | Michael Kors Holdings Ltd. | 3,800 | 163 |
Mattel Inc. | 5,800 | 160 | |
Nielsen Holdings plc | 3,136 | 132 | |
Staples Inc. | 9,722 | 88 | |
* | ServiceMaster Global | ||
Holdings Inc. | 40 | 2 | |
1,022,712 | |||
Consumer Staples (7.8%) | |||
Procter & Gamble Co. | 892,938 | 75,078 | |
Philip Morris International | |||
Inc. | 549,202 | 50,247 | |
PepsiCo Inc. | 468,488 | 49,018 | |
Coca-Cola Co. | 1,144,334 | 47,444 | |
Altria Group Inc. | 552,280 | 37,345 | |
CVS Health Corp. | 388,354 | 30,645 | |
Mondelez International Inc. | |||
Class A | 617,689 | 27,382 | |
Walgreens Boots Alliance | |||
Inc. | 301,845 | 24,981 | |
Colgate-Palmolive Co. | 347,747 | 22,757 | |
Kroger Co. | 442,623 | 15,275 | |
Constellation Brands Inc. | |||
Class A | 85,361 | 13,087 | |
Reynolds American Inc. | 231,531 | 12,975 | |
Archer-Daniels-Midland Co. | 242,866 | 11,087 | |
Kraft Heinz Co. | 123,448 | 10,780 | |
Tyson Foods Inc. Class A | 164,014 | 10,116 | |
* | Monster Beverage Corp. | 227,901 | 10,105 |
Dr Pepper Snapple Group | |||
Inc. | 109,488 | 9,927 | |
Molson Coors Brewing Co. | |||
Class B | 88,874 | 8,648 | |
Clorox Co. | 71,982 | 8,639 | |
JM Smucker Co. | 66,043 | 8,458 | |
* | WhiteWave Foods Co. | ||
Class A | 149,018 | 8,285 | |
Mead Johnson Nutrition Co. | 110,049 | 7,787 | |
McCormick & Co. Inc. | 80,966 | 7,557 | |
Hershey Co. | 72,467 | 7,495 | |
Brown-Forman Corp. | |||
Class B | 166,260 | 7,468 | |
Church & Dwight Co. Inc. | 168,036 | 7,426 | |
Ingredion Inc. | 59,184 | 7,396 | |
Hormel Foods Corp. | 209,953 | 7,309 | |
Campbell Soup Co. | 109,113 | 6,598 | |
Kimberly-Clark Corp. | 54,764 | 6,250 |
84
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
General Mills Inc. | 88,800 | 5,485 | ||
* | Edgewell Personal Care Co. | 63,275 | 4,618 | |
Energizer Holdings Inc. | 62,510 | 2,789 | ||
Whole Foods Market Inc. | 65,508 | 2,015 | ||
Sysco Corp. | 30,598 | 1,694 | ||
Kellogg Co. | 22,838 | 1,683 | ||
Bunge Ltd. | 20,961 | 1,514 | ||
Conagra Brands Inc. | 18,538 | 733 | ||
* | Blue Buffalo Pet Products | |||
Inc. | 15,615 | 375 | ||
* | Lamb Weston Holdings Inc. | 6,179 | 234 | |
Nu Skin Enterprises Inc. | ||||
Class A | 1,013 | 48 | ||
578,753 | ||||
Energy (7.4%) | ||||
Exxon Mobil Corp. | 1,400,628 | 126,421 | ||
Chevron Corp. | 647,982 | 76,268 | ||
Schlumberger Ltd. | 388,481 | 32,613 | ||
ConocoPhillips | 491,868 | 24,662 | ||
EOG Resources Inc. | 227,247 | 22,975 | ||
Halliburton Co. | 381,607 | 20,641 | ||
Phillips 66 | 214,201 | 18,509 | ||
Anadarko Petroleum Corp. | 227,591 | 15,870 | ||
Baker Hughes Inc. | 218,632 | 14,205 | ||
Pioneer Natural Resources | ||||
Co. | 77,710 | 13,993 | ||
Valero Energy Corp. | 182,002 | 12,434 | ||
Occidental Petroleum Corp. | 167,472 | 11,929 | ||
Kinder Morgan Inc. | 574,622 | 11,901 | ||
* | Concho Resources Inc. | 75,872 | 10,061 | |
Cimarex Energy Co. | 68,836 | 9,355 | ||
Patterson-UTI Energy Inc. | 286,601 | 7,715 | ||
* | Newfield Exploration Co. | 176,179 | 7,135 | |
Noble Energy Inc. | 185,706 | 7,068 | ||
Marathon Petroleum Corp. | 140,266 | 7,062 | ||
Williams Cos. Inc. | 223,631 | 6,964 | ||
* | Energen Corp. | 119,978 | 6,919 | |
EQT Corp. | 105,064 | 6,871 | ||
Cabot Oil & Gas Corp. | 290,464 | 6,785 | ||
Spectra Energy Corp. | 148,388 | 6,097 | ||
Devon Energy Corp. | 122,625 | 5,600 | ||
* | Continental Resources Inc. | 106,919 | 5,511 | |
* | WPX Energy Inc. | 353,618 | 5,152 | |
World Fuel Services Corp. | 111,181 | 5,104 | ||
Apache Corp. | 78,179 | 4,962 | ||
* | Rowan Cos. plc Class A | 260,981 | 4,930 | |
Helmerich & Payne Inc. | 57,866 | 4,479 | ||
* | FMC Technologies Inc. | 119,946 | 4,262 | |
Marathon Oil Corp. | 189,854 | 3,286 | ||
Tesoro Corp. | 31,926 | 2,792 | ||
Hess Corp. | 44,484 | 2,771 | ||
National Oilwell Varco Inc. | 56,874 | 2,129 | ||
Targa Resources Corp. | 36,063 | 2,022 | ||
* | Chesapeake Energy Corp. | 176,026 | 1,236 | |
ONEOK Inc. | 19,882 | 1,142 |
* | Southwestern Energy Co. | 94,700 | 1,025 |
* | Transocean Ltd. | 62,292 | 918 |
* | Weatherford International | ||
plc | 166,352 | 830 | |
Range Resources Corp. | 17,800 | 612 | |
HollyFrontier Corp. | 17,272 | 566 | |
SM Energy Co. | 15,180 | 523 | |
CONSOL Energy Inc. | 25,290 | 461 | |
* | Cheniere Energy Inc. | 9,997 | 414 |
Ensco plc Class A | 25,118 | 244 | |
* | Whiting Petroleum Corp. | 19,480 | 234 |
Murphy Oil Corp. | 6,370 | 198 | |
Noble Corp. plc | 27,995 | 166 | |
546,022 | |||
Financial Services (20.9%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 634,996 | 103,492 | |
JPMorgan Chase & Co. | 1,146,364 | 98,920 | |
Wells Fargo & Co. | 1,541,625 | 84,959 | |
Bank of America Corp. | 3,334,090 | 73,683 | |
Citigroup Inc. | 1,079,154 | 64,134 | |
Visa Inc. Class A | 686,529 | 53,563 | |
Mastercard Inc. Class A | 363,828 | 37,565 | |
Goldman Sachs Group Inc. | 153,479 | 36,751 | |
American International | |||
Group Inc. | 457,032 | 29,849 | |
Morgan Stanley | 535,505 | 22,625 | |
American Express Co. | 300,034 | 22,227 | |
US Bancorp | 400,905 | 20,594 | |
Simon Property Group Inc. | 112,646 | 20,014 | |
Charles Schwab Corp. | 496,358 | 19,591 | |
* | PayPal Holdings Inc. | 496,120 | 19,582 |
American Tower | |||
Corporation | 173,628 | 18,349 | |
Prudential Financial Inc. | 148,953 | 15,500 | |
Discover Financial Services | 201,833 | 14,550 | |
Aon plc | 129,154 | 14,405 | |
Intercontinental Exchange | |||
Inc. | 248,935 | 14,045 | |
S&P Global Inc. | 124,501 | 13,389 | |
* | Fiserv Inc. | 122,767 | 13,048 |
Public Storage | 57,988 | 12,960 | |
SunTrust Banks Inc. | 234,876 | 12,883 | |
State Street Corp. | 164,707 | 12,801 | |
Travelers Cos. Inc. | 101,725 | 12,453 | |
Crown Castle International | |||
Corp. | 138,391 | 12,008 | |
Aflac Inc. | 172,218 | 11,986 | |
Equinix Inc. | 33,081 | 11,823 | |
MetLife Inc. | 219,312 | 11,819 | |
AvalonBay Communities Inc. 58,706 | 10,400 | ||
Capital One Financial Corp. | 117,695 | 10,268 | |
Fifth Third Bancorp | 368,271 | 9,932 | |
Chubb Ltd. | 74,677 | 9,866 |
85
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Fidelity National Information | |||
Services Inc. | 130,247 | 9,852 | |
Boston Properties Inc. | 77,995 | 9,810 | |
Ameriprise Financial Inc. | 87,796 | 9,740 | |
PNC Financial Services | |||
Group Inc. | 82,183 | 9,612 | |
Lincoln National Corp. | 143,702 | 9,523 | |
Progressive Corp. | 267,429 | 9,494 | |
First Republic Bank | 100,649 | 9,274 | |
Equity Residential | 142,097 | 9,145 | |
* | E*TRADE Financial Corp. | 256,818 | 8,899 |
KeyCorp | 485,322 | 8,867 | |
Synchrony Financial | 241,273 | 8,751 | |
Equifax Inc. | 73,853 | 8,732 | |
Essex Property Trust Inc. | 36,270 | 8,433 | |
Zions Bancorporation | 194,374 | 8,366 | |
* | Markel Corp. | 9,157 | 8,283 |
* | Arch Capital Group Ltd. | 95,099 | 8,206 |
Global Payments Inc. | 117,263 | 8,139 | |
General Growth Properties | |||
Inc. | 313,287 | 7,826 | |
TD Ameritrade Holding | |||
Corp. | 174,048 | 7,588 | |
Torchmark Corp. | 102,754 | 7,579 | |
Allstate Corp. | 102,184 | 7,574 | |
Reinsurance Group of | |||
America Inc. Class A | 59,891 | 7,536 | |
* | Alleghany Corp. | 12,354 | 7,513 |
* | SLM Corp. | 676,250 | 7,452 |
Unum Group | 166,461 | 7,313 | |
Nasdaq Inc. | 108,085 | 7,255 | |
CME Group Inc. | 62,629 | 7,224 | |
M&T Bank Corp. | 46,002 | 7,196 | |
T. Rowe Price Group Inc. | 92,836 | 6,987 | |
Assurant Inc. | 75,128 | 6,976 | |
MSCI Inc. Class A | 86,829 | 6,840 | |
East West Bancorp Inc. | 134,403 | 6,832 | |
SL Green Realty Corp. | 62,997 | 6,775 | |
Popular Inc. | 153,360 | 6,720 | |
* | CBRE Group Inc. Class A | 212,540 | 6,693 |
Commerce Bancshares Inc. | 114,487 | 6,618 | |
Moody’s Corp. | 69,986 | 6,598 | |
Franklin Resources Inc. | 165,917 | 6,567 | |
Principal Financial Group Inc. | 113,318 | 6,557 | |
Loews Corp. | 138,528 | 6,487 | |
WR Berkley Corp. | 97,378 | 6,477 | |
Federal Realty Investment | |||
Trust | 45,530 | 6,470 | |
Brown & Brown Inc. | 143,235 | 6,426 | |
Total System Services Inc. | 130,880 | 6,417 | |
First Horizon National Corp. | 319,147 | 6,386 | |
Equity LifeStyle Properties | |||
Inc. | 87,665 | 6,321 | |
Apartment Investment | |||
& Management Co. | 137,720 | 6,259 |
* | Signature Bank | 41,611 | 6,250 |
Raymond James Financial | |||
Inc. | 89,465 | 6,197 | |
Extra Space Storage Inc. | 79,539 | 6,144 | |
American Financial Group | |||
Inc. | 69,403 | 6,116 | |
Bank of New York Mellon | |||
Corp. | 128,925 | 6,108 | |
SEI Investments Co. | 123,501 | 6,096 | |
American Homes 4 Rent | |||
Class A | 280,681 | 5,889 | |
White Mountains Insurance | |||
Group Ltd. | 6,999 | 5,852 | |
Welltower Inc. | 87,069 | 5,828 | |
Douglas Emmett Inc. | 159,344 | 5,826 | |
Prologis Inc. | 109,443 | 5,777 | |
Lamar Advertising Co. | |||
Class A | 85,598 | 5,756 | |
Weyerhaeuser Co. | 188,002 | 5,657 | |
BlackRock Inc. | 14,461 | 5,503 | |
* | Howard Hughes Corp. | 47,113 | 5,376 |
Dun & Bradstreet Corp. | 43,819 | 5,316 | |
Mid-America Apartment | |||
Communities Inc. | 53,974 | 5,285 | |
Annaly Capital Management | |||
Inc. | 529,192 | 5,276 | |
Host Hotels & Resorts Inc. | 279,419 | 5,264 | |
TFS Financial Corp. | 271,733 | 5,174 | |
Forest City Realty Trust Inc. | |||
Class A | 246,809 | 5,144 | |
Taubman Centers Inc. | 67,808 | 5,013 | |
Jones Lang LaSalle Inc. | 45,890 | 4,637 | |
Hanover Insurance Group | |||
Inc. | 49,487 | 4,504 | |
* | Affiliated Managers Group | ||
Inc. | 29,691 | 4,314 | |
* | CoreLogic Inc. | 116,575 | 4,293 |
Alexandria Real Estate | |||
Equities Inc. | 38,539 | 4,283 | |
Associated Banc-Corp | 170,283 | 4,206 | |
Cullen/Frost Bankers Inc. | 47,496 | 4,191 | |
Ventas Inc. | 65,000 | 4,064 | |
Jack Henry & Associates | |||
Inc. | 44,906 | 3,987 | |
Broadridge Financial | |||
Solutions Inc. | 58,618 | 3,886 | |
Hospitality Properties Trust | 119,017 | 3,778 | |
Brixmor Property Group Inc. | 149,675 | 3,655 | |
Eaton Vance Corp. | 86,022 | 3,603 | |
Camden Property Trust | 42,323 | 3,558 | |
DDR Corp. | 215,917 | 3,297 | |
HCP Inc. | 108,000 | 3,210 | |
Retail Properties of America | |||
Inc. | 208,902 | 3,202 | |
BOK Financial Corp. | 38,481 | 3,195 |
86
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Hartford Financial Services | ||||
Group Inc. | 64,171 | 3,058 | ||
Leucadia National Corp. | 120,270 | 2,796 | ||
Digital Realty Trust Inc. | 28,422 | 2,793 | ||
Alliance Data Systems Corp. | 11,592 | 2,649 | ||
Interactive Brokers Group | ||||
Inc. | 71,006 | 2,592 | ||
CNA Financial Corp. | 61,718 | 2,561 | ||
BB&T Corp. | 53,177 | 2,500 | ||
Navient Corp. | 123,033 | 2,021 | ||
AGNC Investment Corp. | 102,420 | 1,857 | ||
Paramount Group Inc. | 114,342 | 1,828 | ||
Bank of Hawaii Corp. | 20,064 | 1,779 | ||
Northern Trust Corp. | 19,091 | 1,700 | ||
CoreCivic Inc. | 66,446 | 1,625 | ||
Marsh & McLennan Cos. | ||||
Inc. | 21,585 | 1,459 | ||
Legg Mason Inc. | 47,414 | 1,418 | ||
Omega Healthcare | ||||
Investors Inc. | 37,124 | 1,160 | ||
Iron Mountain Inc. | 28,923 | 939 | ||
FNF Group | 25,471 | 865 | ||
Macerich Co. | 11,658 | 826 | ||
People’s United Financial | ||||
Inc. | 42,624 | 825 | ||
Apple Hospitality REIT Inc. | 39,944 | 798 | ||
Lazard Ltd. Class A | 18,503 | 760 | ||
NorthStar Realty Finance | ||||
Corp. | 33,571 | 509 | ||
* | Quality Care Properties Inc. | 24,236 | 376 | |
Invesco Ltd. | 12,148 | 369 | ||
* | Vantiv Inc. Class A | 4,744 | 283 | |
Western Union Co. | 11,796 | 256 | ||
* | Zillow Group Inc. | 6,200 | 226 | |
* | FleetCor Technologies Inc. | 1,233 | 174 | |
1,546,334 | ||||
Health Care (12.7%) | ||||
Johnson & Johnson | 897,759 | 103,431 | ||
Pfizer Inc. | 1,969,500 | 63,969 | ||
UnitedHealth Group Inc. | 328,174 | 52,521 | ||
Merck & Co. Inc. | 868,033 | 51,101 | ||
Amgen Inc. | 269,967 | 39,472 | ||
Gilead Sciences Inc. | 492,101 | 35,239 | ||
* | Celgene Corp. | 293,518 | 33,975 | |
AbbVie Inc. | 529,731 | 33,172 | ||
Bristol-Myers Squibb Co. | 539,650 | 31,537 | ||
Medtronic plc | 363,939 | 25,923 | ||
* | Biogen Inc. | 85,612 | 24,278 | |
Thermo Fisher Scientific | ||||
Inc. | 153,934 | 21,720 | ||
* | Express Scripts Holding Co. | 272,927 | 18,775 | |
* | Allergan plc | 88,479 | 18,582 | |
Danaher Corp. | 231,447 | 18,016 | ||
Aetna Inc. | 145,181 | 18,004 | ||
Eli Lilly & Co. | 223,671 | 16,451 |
Anthem Inc. | 111,626 | 16,049 | |
Abbott Laboratories | 407,116 | 15,637 | |
Cigna Corp. | 112,107 | 14,954 | |
Becton Dickinson and Co. | 88,320 | 14,621 | |
Humana Inc. | 69,676 | 14,216 | |
* | Boston Scientific Corp. | 623,793 | 13,493 |
Stryker Corp. | 109,046 | 13,065 | |
Zoetis Inc. | 240,279 | 12,862 | |
St. Jude Medical Inc. | 131,597 | 10,553 | |
Cardinal Health Inc. | 145,261 | 10,454 | |
McKesson Corp. | 73,199 | 10,281 | |
* | Incyte Corp. | 95,944 | 9,620 |
CR Bard Inc. | 41,918 | 9,417 | |
Zimmer Biomet Holdings | |||
Inc. | 88,957 | 9,180 | |
Agilent Technologies Inc. | 192,643 | 8,777 | |
AmerisourceBergen Corp. | |||
Class A | 106,401 | 8,320 | |
* | Henry Schein Inc. | 53,592 | 8,130 |
* | Alexion Pharmaceuticals Inc. | 66,060 | 8,082 |
* | Regeneron Pharmaceuticals | ||
Inc. | 21,550 | 7,911 | |
Dentsply Sirona Inc. | 130,580 | 7,538 | |
* | Vertex Pharmaceuticals Inc. 100,811 | 7,427 | |
Cooper Cos. Inc. | 40,631 | 7,108 | |
* | Laboratory Corp. of America | ||
Holdings | 53,808 | 6,908 | |
Baxter International Inc. | 153,258 | 6,795 | |
Quest Diagnostics Inc. | 72,665 | 6,678 | |
Universal Health Services | |||
Inc. Class B | 60,278 | 6,412 | |
Teleflex Inc. | 39,319 | 6,336 | |
* | Quintiles IMS Holdings Inc. | 79,308 | 6,031 |
* | QIAGEN NV | 209,244 | 5,863 |
PerkinElmer Inc. | 109,261 | 5,698 | |
Perrigo Co. plc | 50,657 | 4,216 | |
* | Ionis Pharmaceuticals Inc. | 85,305 | 4,080 |
Bio-Techne Corp. | 38,893 | 3,999 | |
* | Mylan NV | 102,200 | 3,899 |
* | BioMarin Pharmaceutical | ||
Inc. | 44,392 | 3,677 | |
* | Charles River Laboratories | ||
International Inc. | 47,381 | 3,610 | |
Patterson Cos. Inc. | 73,371 | 3,010 | |
* | Centene Corp. | 52,904 | 2,990 |
Bruker Corp. | 138,767 | 2,939 | |
* | Edwards Lifesciences Corp. | 28,770 | 2,696 |
* | Varian Medical Systems Inc. | 29,960 | 2,690 |
* | Illumina Inc. | 18,600 | 2,382 |
* | Endo International plc | 93,089 | 1,533 |
* | Alkermes plc | 22,758 | 1,265 |
* | Intuitive Surgical Inc. | 1,041 | 660 |
* | Cerner Corp. | 7,109 | 337 |
* | VCA Inc. | 4,520 | 310 |
* | IDEXX Laboratories Inc. | 2,431 | 285 |
87
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | DaVita Inc. | 4,382 | 281 |
* | Align Technology Inc. | 2,924 | 281 |
* | United Therapeutics Corp. | 1,913 | 274 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 1,404 | 256 | |
* | Veeva Systems Inc. Class A | 6,212 | 253 |
* | Hologic Inc. | 6,180 | 248 |
* | HCA Holdings Inc. | 3,126 | 231 |
* | Mallinckrodt plc | 4,390 | 219 |
* | MEDNAX Inc. | 2,830 | 189 |
* | Premier Inc. Class A | 5,600 | 170 |
* | Alnylam Pharmaceuticals Inc. | 4,400 | 165 |
* | Agios Pharmaceuticals Inc. | 3,810 | 159 |
* | Alere Inc. | 4,022 | 157 |
* | LifePoint Health Inc. | 2,510 | 143 |
* | Seattle Genetics Inc. | 2,700 | 143 |
* | Intrexon Corp. | 5,800 | 141 |
942,470 | |||
Materials & Processing (3.5%) | |||
EI du Pont de Nemours | |||
& Co. | 349,034 | 25,619 | |
Monsanto Co. | 178,022 | 18,730 | |
Ecolab Inc. | 115,934 | 13,590 | |
Dow Chemical Co. | 226,854 | 12,981 | |
Praxair Inc. | 103,342 | 12,111 | |
LyondellBasell Industries | |||
NV Class A | 132,695 | 11,383 | |
Sherwin-Williams Co. | 40,058 | 10,765 | |
Vulcan Materials Co. | 85,590 | 10,712 | |
Martin Marietta Materials | |||
Inc. | 46,652 | 10,335 | |
Newmont Mining Corp. | 297,030 | 10,120 | |
Celanese Corp. Class A | 100,412 | 7,906 | |
Albemarle Corp. | 90,452 | 7,786 | |
Ball Corp. | 100,054 | 7,511 | |
FMC Corp. | 132,448 | 7,491 | |
Valspar Corp. | 66,760 | 6,917 | |
Sealed Air Corp. | 143,185 | 6,492 | |
Lennox International Inc. | 40,714 | 6,236 | |
* | Crown Holdings Inc. | 112,863 | 5,933 |
Fastenal Co. | 125,785 | 5,909 | |
Owens Corning | 104,758 | 5,401 | |
Southern Copper Corp. | 165,670 | 5,291 | |
Scotts Miracle-Gro Co. | |||
Class A | 50,983 | 4,871 | |
Air Products & Chemicals | |||
Inc. | 32,969 | 4,742 | |
* | Freeport-McMoRan Inc. | 338,050 | 4,459 |
Nucor Corp. | 66,785 | 3,975 | |
WR Grace & Co. | 58,763 | 3,975 | |
Valmont Industries Inc. | 27,984 | 3,943 | |
Reliance Steel & Aluminum | |||
Co. | 46,208 | 3,675 | |
* | Armstrong World Industries | ||
Inc. | 85,415 | 3,570 |
Westlake Chemical Corp. | 54,946 | 3,076 | ||
Packaging Corp. of America | 26,568 | 2,253 | ||
Eagle Materials Inc. | 21,140 | 2,083 | ||
International Paper Co. | 35,971 | 1,909 | ||
Mosaic Co. | 58,059 | 1,703 | ||
* | Owens-Illinois Inc. | 94,689 | 1,649 | |
WestRock Co. | 22,602 | 1,147 | ||
CF Industries Holdings Inc. | 35,225 | 1,109 | ||
Eastman Chemical Co. | 14,072 | 1,058 | ||
United States Steel Corp. | 30,735 | 1,015 | ||
* | Alcoa Corp. | 26,090 | 733 | |
* | Versum Materials Inc. | 16,484 | 463 | |
Hexcel Corp. | 3,533 | 182 | ||
* | AdvanSix Inc. | 6,732 | 149 | |
260,958 | ||||
Producer Durables (10.7%) | ||||
General Electric Co. | 2,836,791 | 89,643 | ||
Boeing Co. | 225,405 | 35,091 | ||
Union Pacific Corp. | 303,684 | 31,486 | ||
United Technologies Corp. | 279,693 | 30,660 | ||
3M Co. | 154,044 | 27,508 | ||
FedEx Corp. | 113,273 | 21,091 | ||
General Dynamics Corp. | 114,543 | 19,777 | ||
Honeywell International Inc. | 168,320 | 19,500 | ||
Illinois Tool Works Inc. | 140,947 | 17,260 | ||
Delta Air Lines Inc. | 350,782 | 17,255 | ||
United Parcel Service Inc. | ||||
Class B | 147,189 | 16,874 | ||
Northrop Grumman Corp. | 72,150 | 16,781 | ||
Southwest Airlines Co. | 313,976 | 15,649 | ||
Accenture plc Class A | 119,404 | 13,986 | ||
CSX Corp. | 389,166 | 13,983 | ||
Norfolk Southern Corp. | 127,762 | 13,807 | ||
* | United Continental Holdings | |||
Inc. | 186,761 | 13,611 | ||
Lockheed Martin Corp. | 45,922 | 11,478 | ||
Raytheon Co. | 80,822 | 11,477 | ||
Waste Management Inc. | 140,109 | 9,935 | ||
Roper Technologies Inc. | 51,607 | 9,448 | ||
Parker-Hannifin Corp. | 67,377 | 9,433 | ||
PACCAR Inc. | 142,675 | 9,117 | ||
* | Mettler-Toledo International | |||
Inc. | 21,107 | 8,835 | ||
Deere & Co. | 82,823 | 8,534 | ||
Huntington Ingalls Industries | ||||
Inc. | 44,901 | 8,270 | ||
Textron Inc. | 170,296 | 8,270 | ||
L-3 Communications | ||||
Holdings Inc. | 53,889 | 8,197 | ||
TransDigm Group Inc. | 32,799 | 8,166 | ||
Cintas Corp. | 70,616 | 8,160 | ||
* | Verisk Analytics Inc. | |||
Class A | 100,411 | 8,150 | ||
Emerson Electric Co. | 142,289 | 7,933 |
88
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Johnson Controls | |||
International plc | 184,179 | 7,586 | |
JB Hunt Transport Services | |||
Inc. | 76,689 | 7,444 | |
Toro Co. | 131,898 | 7,380 | |
Expeditors International of | |||
Washington Inc. | 138,833 | 7,353 | |
* | HD Supply Holdings Inc. | 171,257 | 7,280 |
* | Waters Corp. | 53,043 | 7,128 |
* | Jacobs Engineering Group | ||
Inc. | 121,987 | 6,953 | |
AMETEK Inc. | 143,005 | 6,950 | |
* | Copart Inc. | 124,612 | 6,905 |
Rockwell Collins Inc. | 73,559 | 6,823 | |
* | Old Dominion Freight Line | ||
Inc. | 78,902 | 6,769 | |
Wabtec Corp. | 80,447 | 6,679 | |
Carlisle Cos. Inc. | 59,977 | 6,615 | |
Cummins Inc. | 47,769 | 6,529 | |
* | Middleby Corp. | 50,169 | 6,462 |
IDEX Corp. | 71,688 | 6,456 | |
Landstar System Inc. | 73,936 | 6,307 | |
WW Grainger Inc. | 26,954 | 6,260 | |
Fortive Corp. | 115,723 | 6,206 | |
Caterpillar Inc. | 65,805 | 6,103 | |
FLIR Systems Inc. | 164,529 | 5,954 | |
AGCO Corp. | 98,700 | 5,711 | |
BWX Technologies Inc. | 143,634 | 5,702 | |
* | Manitowoc Foodservice Inc. | 275,298 | 5,322 |
Oshkosh Corp. | 80,575 | 5,206 | |
Xerox Corp. | 576,488 | 5,033 | |
Automatic Data Processing | |||
Inc. | 47,161 | 4,847 | |
ManpowerGroup Inc. | 54,486 | 4,842 | |
Robert Half International | |||
Inc. | 96,924 | 4,728 | |
Donaldson Co. Inc. | 102,983 | 4,334 | |
Xylem Inc. | 86,943 | 4,305 | |
Flowserve Corp. | 87,374 | 4,198 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 41,610 | 3,844 | |
* | Stericycle Inc. | 48,278 | 3,719 |
* | Genpact Ltd. | 151,475 | 3,687 |
Terex Corp. | 113,735 | 3,586 | |
Stanley Black & Decker Inc. | 26,735 | 3,066 | |
Orbital ATK Inc. | 33,013 | 2,896 | |
CH Robinson Worldwide | |||
Inc. | 39,317 | 2,880 | |
* | Keysight Technologies Inc. | 78,164 | 2,858 |
ITT Inc. | 64,187 | 2,476 | |
* | Zebra Technologies Corp. | 27,137 | 2,327 |
Allison Transmission | |||
Holdings Inc. | 68,172 | 2,297 | |
Graco Inc. | 27,607 | 2,294 | |
Arconic Inc. | 78,271 | 1,451 |
* | Spirit Airlines Inc. | 23,229 | 1,344 |
Republic Services Inc. | |||
Class A | 19,556 | 1,116 | |
Eaton Corp. plc | 7,883 | 529 | |
KBR Inc. | 26,436 | 441 | |
Ryder System Inc. | 5,166 | 385 | |
Pentair plc | 6,124 | 343 | |
Spirit AeroSystems | |||
Holdings Inc. Class A | 4,357 | 254 | |
American Airlines Group Inc. 4,847 | 226 | ||
* | CoStar Group Inc. | 1,010 | 190 |
Fluor Corp. | 3,441 | 181 | |
788,125 | |||
Technology (17.3%) | |||
Apple Inc. | 1,885,005 | 218,321 | |
Microsoft Corp. | 2,555,712 | 158,812 | |
* | Facebook Inc. Class A | 751,759 | 86,490 |
* | Alphabet Inc. Class A | 99,621 | 78,945 |
* | Alphabet Inc. | 101,492 | 78,334 |
Intel Corp. | 1,401,884 | 50,846 | |
International Business | |||
Machines Corp. | 300,425 | 49,868 | |
Cisco Systems Inc. | 1,494,557 | 45,166 | |
Oracle Corp. | 1,072,296 | 41,230 | |
QUALCOMM Inc. | 447,670 | 29,188 | |
Texas Instruments Inc. | 389,186 | 28,399 | |
Broadcom Ltd. | 145,561 | 25,731 | |
NVIDIA Corp. | 235,253 | 25,111 | |
* | Adobe Systems Inc. | 199,573 | 20,546 |
Hewlett Packard Enterprise | |||
Co. | 808,655 | 18,712 | |
* | salesforce.com Inc. | 258,085 | 17,668 |
Applied Materials Inc. | 532,975 | 17,199 | |
* | Yahoo! Inc. | 410,583 | 15,877 |
Intuit Inc. | 126,429 | 14,490 | |
* | Cognizant Technology | ||
Solutions Corp. Class A | 249,738 | 13,993 | |
Corning Inc. | 477,384 | 11,586 | |
Amphenol Corp. Class A | 165,003 | 11,088 | |
Activision Blizzard Inc. | 292,430 | 10,560 | |
Lam Research Corp. | 96,753 | 10,230 | |
* | Autodesk Inc. | 129,138 | 9,557 |
* | Citrix Systems Inc. | 103,448 | 9,239 |
Analog Devices Inc. | 117,980 | 8,568 | |
Juniper Networks Inc. | 288,825 | 8,162 | |
* | SBA Communications Corp. | ||
Class A | 77,268 | 7,979 | |
Linear Technology Corp. | 123,969 | 7,729 | |
Symantec Corp. | 315,666 | 7,541 | |
CDK Global Inc. | 123,048 | 7,345 | |
* | Synopsys Inc. | 124,454 | 7,325 |
KLA-Tencor Corp. | 90,426 | 7,115 | |
* | Cadence Design Systems | ||
Inc. | 270,664 | 6,826 | |
Western Digital Corp. | 98,249 | 6,676 |
89
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Brocade Communications | |||
Systems Inc. | 531,669 | 6,641 | |
* | Arrow Electronics Inc. | 89,502 | 6,381 |
Teradyne Inc. | 235,865 | 5,991 | |
Avnet Inc. | 121,410 | 5,780 | |
* | Micron Technology Inc. | 263,090 | 5,767 |
CSRA Inc. | 171,247 | 5,453 | |
Dolby Laboratories Inc. | |||
Class A | 115,638 | 5,226 | |
Xilinx Inc. | 81,750 | 4,935 | |
NetApp Inc. | 137,603 | 4,853 | |
* | Teradata Corp. | 176,523 | 4,796 |
Computer Sciences Corp. | 78,747 | 4,679 | |
DST Systems Inc. | 42,702 | 4,576 | |
HP Inc. | 307,870 | 4,569 | |
* | NCR Corp. | 99,365 | 4,030 |
* | Electronic Arts Inc. | 51,001 | 4,017 |
CA Inc. | 109,686 | 3,485 | |
* | Twitter Inc. | 197,220 | 3,215 |
Motorola Solutions Inc. | 36,182 | 2,999 | |
Microchip Technology Inc. | 43,580 | 2,796 | |
SS&C Technologies | |||
Holdings Inc. | 85,064 | 2,433 | |
* | CommScope Holding Co. | ||
Inc. | 64,859 | 2,413 | |
* | ServiceNow Inc. | 28,052 | 2,085 |
Skyworks Solutions Inc. | 25,309 | 1,890 | |
* | Akamai Technologies Inc. | 27,070 | 1,805 |
* | Dell Technologies Inc. | ||
Class V | 31,964 | 1,757 | |
* | IAC/InterActiveCorp | 24,480 | 1,586 |
Harris Corp. | 13,240 | 1,357 | |
* | VeriSign Inc. | 10,316 | 785 |
Amdocs Ltd. | 11,987 | 698 | |
Leidos Holdings Inc. | 12,576 | 643 | |
* | Palo Alto Networks Inc. | 1,995 | 249 |
* | CommerceHub Inc. | 15,653 | 235 |
* | Gartner Inc. | 2,326 | 235 |
* | IPG Photonics Corp. | 2,308 | 228 |
* | Red Hat Inc. | 3,264 | 227 |
* | Fortinet Inc. | 7,337 | 221 |
* | PTC Inc. | 4,733 | 219 |
* | ANSYS Inc. | 2,329 | 215 |
* | F5 Networks Inc. | 1,424 | 206 |
Sabre Corp. | 8,123 | 203 | |
* | CommerceHub Inc. | ||
Class A | 7,826 | 117 | |
1,282,448 | |||
Utilities (5.6%) | |||
AT&T Inc. | 1,992,276 | 84,732 | |
Verizon Communications | |||
Inc. | 1,222,879 | 65,277 | |
NextEra Energy Inc. | 177,540 | 21,209 | |
Duke Energy Corp. | 262,744 | 20,394 | |
Southern Co. | 285,194 | 14,029 |
PG&E Corp. | 215,510 | 13,097 | |
Exelon Corp. | 351,421 | 12,472 | |
Sempra Energy | 116,390 | 11,714 | |
Edison International | 162,181 | 11,675 | |
WEC Energy Group Inc. | 187,296 | 10,985 | |
* | T-Mobile US Inc. | 185,138 | 10,647 |
Consolidated Edison Inc. | 141,599 | 10,433 | |
Dominion Resources Inc. | 135,240 | 10,358 | |
Eversource Energy | 172,448 | 9,524 | |
* | Level 3 Communications | ||
Inc. | 163,155 | 9,195 | |
American Water Works Co. | |||
Inc. | 117,032 | 8,468 | |
CMS Energy Corp. | 190,417 | 7,925 | |
UGI Corp. | 154,238 | 7,107 | |
Atmos Energy Corp. | 83,514 | 6,193 | |
NiSource Inc. | 276,272 | 6,117 | |
SCANA Corp. | 80,345 | 5,888 | |
DTE Energy Co. | 56,142 | 5,531 | |
Aqua America Inc. | 183,416 | 5,510 | |
* | Sprint Corp. | 652,251 | 5,492 |
CenterPoint Energy Inc. | 213,368 | 5,257 | |
Telephone & Data Systems | |||
Inc. | 167,926 | 4,848 | |
FirstEnergy Corp. | 151,600 | 4,695 | |
PPL Corp. | 136,647 | 4,653 | |
* | United States Cellular Corp. | 94,884 | 4,148 |
American Electric Power | |||
Co. Inc. | 60,633 | 3,817 | |
AES Corp. | 224,088 | 2,604 | |
* | Calpine Corp. | 223,126 | 2,550 |
Alliant Energy Corp. | 66,238 | 2,510 | |
Entergy Corp. | 20,417 | 1,500 | |
* | Zayo Group Holdings Inc. | 35,976 | 1,182 |
NRG Energy Inc. | 81,065 | 994 | |
CenturyLink Inc. | 21,600 | 514 | |
Public Service Enterprise | |||
Group Inc. | 9,498 | 417 | |
Frontier Communications | |||
Corp. | 103,666 | 350 | |
414,011 | |||
Total Common Stocks | |||
(Cost $3,519,400) | 7,381,833 |
90
Tax-Managed Capital Appreciation Fund
Market | ||
Value• | ||
Shares | ($000) | |
Temporary Cash Investments (0.2%)1 | ||
Money Market Fund (0.2%) | ||
2 Vanguard Market Liquidity | ||
Fund, 0.823% | 136,905 | 13,692 |
Face | ||
Amount | ||
($000) | ||
U.S. Government and Agency Obligations (0.0%) | ||
3 United States Treasury Bill, | ||
0.557%, 4/27/17 | 1,500 | 1,497 |
Total Temporary Cash Investments | ||
(Cost $15,189) | 15,189 | |
Total Investments (99.9%) | ||
(Cost $3,534,589) | 7,397,022 | |
Amount | ||
($000) | ||
Other Assets and Liabilities (0.1%) | ||
Other Assets | ||
Investment in Vanguard | 546 | |
Receivables for Accrued Income | 8,338 | |
Receivables for Capital Shares Issued | 6,279 | |
Other Assets | 31 | |
Total Other Assets | 15,194 | |
Liabilities | ||
Payables for Investment Securities | ||
Purchased | (12) | |
Payables for Capital Shares Redeemed | (1,521) | |
Payables to Vanguard | (4,720) | |
Other Liabilities | (65) | |
Total Liabilities | (6,318) | |
Net Assets (100%) | 7,405,898 |
At December 31, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,615,738 |
Overdistributed Net Investment Income | (3,403) |
Accumulated Net Realized Losses | (68,753) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 3,862,433 |
Futures Contracts | (117) |
Net Assets | 7,405,898 |
Admiral Shares—Net Assets | |
Applicable to 59,550,141 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 6,793,278 |
Net Asset Value Per Share— | |
Admiral Shares | $114.08 |
Institutional Shares—Net Assets | |
Applicable to 10,807,391 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 612,620 |
Net Asset Value Per Share— | |
Institutional Shares | $56.69 |
• See Note A in Notes to Financial Statements.
* 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 100.0% 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 $719,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
91
Tax-Managed Capital Appreciation Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends | 134,297 |
Interest1 | 107 |
Total Income | 134,404 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,006 |
Management and Administrative—Admiral Shares | 4,154 |
Management and Administrative—Institutional Shares | 243 |
Marketing and Distribution—Admiral Shares | 369 |
Marketing and Distribution—Institutional Shares | 9 |
Custodian Fees | 82 |
Auditing Fees | 35 |
Shareholders’ Reports—Admiral Shares | 41 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 5 |
Total Expenses | 5,944 |
Net Investment Income | 128,460 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 24,789 |
Futures Contracts | 1,393 |
Realized Net Gain (Loss) | 26,182 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 641,793 |
Futures Contracts | (183) |
Change in Unrealized Appreciation (Depreciation) | 641,610 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 796,252 |
1 Interest income and realized net gain (loss) from an affiliated company of the fund were $99,000 and $1,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
92
Tax-Managed Capital Appreciation Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 128,460 | 109,754 |
Realized Net Gain (Loss) | 26,182 | 15,452 |
Change in Unrealized Appreciation (Depreciation) | 641,610 | (19,638) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 796,252 | 105,568 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (117,677) | (99,464) |
Institutional Shares | (10,981) | (9,671) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (128,658) | (109,135) |
Capital Share Transactions | ||
Admiral Shares | 199,321 | 224,643 |
Institutional Shares | (7,556) | 35,081 |
Net Increase (Decrease) from Capital Share Transactions | 191,765 | 259,724 |
Total Increase (Decrease) | 859,359 | 256,157 |
Net Assets | ||
Beginning of Period | 6,546,539 | 6,290,382 |
End of Period1 | 7,405,898 | 6,546,539 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($3,403,000) and ($3,205,000).
See accompanying Notes, which are an integral part of the Financial Statements.
93
Tax-Managed Capital Appreciation Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $103.75 | $103.82 | $93.70 | $71.17 | $62.36 |
Investment Operations | |||||
Net Investment Income | 2.004 | 1.764 | 1.633 | 1.414 | 1.384 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.332 | (.082) | 10.103 | 22.537 | 8.806 |
Total from Investment Operations | 12.336 | 1.682 | 11.736 | 23.951 | 10.190 |
Distributions | |||||
Dividends from Net Investment Income | (2.006) | (1.752) | (1.616) | (1.421) | (1.380) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.006) | (1.752) | (1.616) | (1.421) | (1.380) |
Net Asset Value, End of Period | $114.08 | $103.75 | $103.82 | $93.70 | $71.17 |
Total Return1 | 12.01% | 1.68% | 12.52% | 33.67% | 16.35% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,793 | $5,982 | $5,760 | $5,040 | $3,702 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.11% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.89% | 1.69% | 1.66% | 1.71% | 1.96% |
Portfolio Turnover Rate | 8%2 | 10%2 | 6% | 4% | 3% |
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.
See accompanying Notes, which are an integral part of the Financial Statements.
94
Tax-Managed Capital Appreciation Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $51.55 | $51.59 | $46.56 | $35.36 | $30.98 |
Investment Operations | |||||
Net Investment Income | 1.011 | .897 | .830 | .719 | .702 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.141 | (.046) | 5.022 | 11.203 | 4.379 |
Total from Investment Operations | 6.152 | .851 | 5.852 | 11.922 | 5.081 |
Distributions | |||||
Dividends from Net Investment Income | (1.012) | (. 891) | (. 822) | (.722) | (.701) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.012) | (. 891) | (. 822) | (.722) | (.701) |
Net Asset Value, End of Period | $56.69 | $51.55 | $51.59 | $46.56 | $35.36 |
Total Return | 12.06% | 1.71% | 12.56% | 33.73% | 16.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $613 | $564 | $530 | $468 | $317 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.07% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.92% | 1.73% | 1.70% | 1.75% | 2.00% |
Portfolio Turnover Rate | 8%1 | 10%1 | 6% | 4% | 3% |
1 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.
95
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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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 settlement values 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, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
3. 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, 2013–2016), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
96
Tax-Managed Capital Appreciation Fund
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2016, or at any time during the period then ended.
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.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2016, the fund had contributed to Vanguard capital in the amount of $546,000, representing 0.01% of the fund’s net assets and 0.22% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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).
97
Tax-Managed Capital Appreciation Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 7,381,833 | — | — |
Temporary Cash Investments | 13,692 | 1,497 | — |
Futures Contracts—Liabilities1 | (65) | — | — |
Total | 7,395,460 | 1,497 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 2016, 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) |
E-mini S&P 500 Index | March 2017 | 205 | 22,921 | (117) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. 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, 2016, the fund realized $42,180,000 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, 2016, the fund had $1,069,000 of ordinary income available for distribution. At December 31, 2016, the fund had available capital losses totaling $68,870,000 to offset future net capital gains. Of this amount, $8,140,000 is subject to expiration on December 31, 2018. Capital losses of $60,730,000 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, 2016, the cost of investment securities for tax purposes was $3,534,589,000. Net unrealized appreciation of investment securities for tax purposes was $3,862,433,000, consisting of unrealized gains of $3,870,726,000 on securities that had risen in value since their purchase and $8,293,000 in unrealized losses on securities that had fallen in value since their purchase.
98
Tax-Managed Capital Appreciation Fund
F. During the year ended December 31, 2016, the fund purchased $805,502,000 of investment securities and sold $615,339,000 of investment securities, other than temporary cash investments. Purchases and sales include $8,018,000 and $77,007,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2016 | 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 503,273 | 4,783 | 504,114 | 4,799 |
Issued in Lieu of Cash Distributions | 88,011 | 814 | 74,719 | 742 |
Redeemed | (391,963) | (3,706) | (354,190) | (3,364) |
Net Increase (Decrease)—Admiral Shares | 199,321 | 1,891 | 224,643 | 2,177 |
Institutional Shares | ||||
Issued | 7,423 | 137 | 52,150 | 986 |
Issued in Lieu of Cash Distributions | 6,211 | 116 | 5,518 | 110 |
Redeemed | (21,190) | (391) | (22,587) | (433) |
Net Increase (Decrease)—Institutional Shares | (7,556) | (138) | 35,081 | 663 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2016, that would require recognition or disclosure in these financial statements.
99
Tax-Managed Small-Cap Fund
Fund Profile
As of December 31, 2016
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTMSX | VTSIX |
Expense Ratio1 | 0.11% | 0.07% |
30-Day SEC Yield | 1.21% | 1.24% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
S&P | Total | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Number of Stocks | 596 | 601 | 3,833 |
Median Market Cap | $1.6B | $1.7B | $54.1B |
Price/Earnings Ratio | 29.5x | 29.3x | 24.4x |
Price/Book Ratio | 2.4x | 2.4x | 2.8x |
Return on Equity | 11.1% | 11.1% | 16.5% |
Earnings Growth | |||
Rate | 8.5% | 8.7% | 8.2% |
Dividend Yield | 1.1% | 1.2% | 2.0% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 45% | — | — |
Short-Term Reserves | 0.1% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P SmallCap | Market | |
600 Index | FA Index | |
R-Squared | 1.00 | 0.72 |
Beta | 0.99 | 1.15 |
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) | ||
Take-Two Interactive | Home Entertainment | |
Software Inc. | Software | 0.6% |
PDC Energy Inc. | Oil & Gas Exploration | |
& Production | 0.6 | |
US Silica Holdings Inc. | Oil & Gas Equipment | |
& Services | 0.6 | |
Chemours Co. | Diversified Chemicals | 0.6 |
Texas Capital | ||
Bancshares Inc. | Regional Banks | 0.5 |
United Bankshares Inc. | Regional Banks | 0.5 |
Wintrust Financial Corp. | Regional Banks | 0.5 |
Coherent Inc. | Electronic Equipment | |
& Instruments | 0.5 | |
Home BancShares Inc. | Regional Banks | 0.5 |
AK Steel Holding Corp. | Steel | 0.4 |
Top Ten | 5.3% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2016, the expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
100
Tax-Managed Small-Cap Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
S&P | U.S. Total | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Consumer | |||
Discretionary | 14.0% | 14.0% | 12.5% |
Consumer Staples | 2.8 | 2.9 | 8.3 |
Energy | 3.6 | 3.5 | 7.0 |
Financials | 18.3 | 18.4 | 15.4 |
Health Care | 11.4 | 11.4 | 13.0 |
Industrials | 18.5 | 18.4 | 10.8 |
Information | |||
Technology | 15.2 | 15.3 | 20.0 |
Materials | 6.3 | 6.4 | 3.3 |
Real Estate | 6.4 | 6.1 | 4.1 |
Telecommunication | |||
Services | 1.1 | 1.1 | 2.4 |
Utilities | 2.4 | 2.5 | 3.2 |
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx103x1.jpg)
101
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, 2006, Through December 31, 2016
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended December 31, 2016 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Tax-Managed Small-Cap Fund Admiral | ||||
Shares | 25.73% | 16.48% | 9.10% | $23,882 |
S&P SmallCap 600 Index | 26.56 | 16.62 | 9.03 | 23,746 |
Small-Cap Core Funds Average | 20.61 | 13.23 | 6.33 | 18,474 |
Dow Jones U.S. Total Stock Market | ||||
Float Adjusted Index | 12.62 | 14.59 | 7.18 | 20,003 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Small-Cap Fund Institutional | ||||
Shares | 25.78% | 16.53% | 9.15% | $12,002,177 |
S&P SmallCap 600 Index | 26.56 | 16.62 | 9.03 | 11,872,948 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 12.62 | 14.59 | 7.18 | 10,001,613 |
See Financial Highlights for dividend and capital gains information.
102
Tax-Managed Small-Cap Fund
Fiscal-Year Total Returns (%): December 31, 2006, Through December 31, 2016
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/taxmanagedx105x1.jpg)
103
Tax-Managed Small-Cap Fund
Financial Statements
Statement of Net Assets
As of December 31, 2016
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 (99.6%)1 | |||
Consumer Discretionary (14.0%) | |||
Drew Industries Inc. | 166,993 | 17,994 | |
Lithia Motors Inc. Class A | 164,756 | 15,953 | |
* | Five Below Inc. | 387,870 | 15,499 |
* | Dorman Products Inc. | 206,829 | 15,111 |
Wolverine World Wide Inc. | 671,271 | 14,734 | |
* | Dave & Buster’s | ||
Entertainment Inc. | 255,900 | 14,407 | |
Marriott Vacations | |||
Worldwide Corp. | 161,274 | 13,684 | |
* | Steven Madden Ltd. | 377,365 | 13,491 |
Core-Mark Holding Co. Inc. | 311,898 | 13,433 | |
* | Cooper-Standard Holdings | ||
Inc. | 125,496 | 12,974 | |
Monro Muffler Brake Inc. | 224,829 | 12,860 | |
ILG Inc. | 692,522 | 12,583 | |
Children’s Place Inc. | 124,113 | 12,529 | |
* | Boyd Gaming Corp. | 555,331 | 11,201 |
Group 1 Automotive Inc. | 143,470 | 11,182 | |
* | iRobot Corp. | 190,575 | 11,139 |
* | American Axle | ||
& Manufacturing | |||
Holdings Inc. | 559,050 | 10,790 | |
La-Z-Boy Inc. | 333,893 | 10,367 | |
Caleres Inc. | 302,557 | 9,930 | |
* | Ollie’s Bargain Outlet | ||
Holdings Inc. | 324,944 | 9,245 | |
* | G-III Apparel Group Ltd. | 306,544 | 9,061 |
* | Asbury Automotive Group | ||
Inc. | 145,050 | 8,950 | |
* | Genesco Inc. | 143,318 | 8,900 |
Tailored Brands Inc. | 348,282 | 8,899 | |
* | Meritage Homes Corp. | 254,874 | 8,870 |
* | TopBuild Corp. | 248,605 | 8,850 |
Sonic Corp. | 328,201 | 8,701 | |
* | Popeyes Louisiana Kitchen | ||
Inc. | 142,360 | 8,610 | |
DineEquity Inc. | 110,985 | 8,546 |
Scholastic Corp. | 173,990 | 8,263 | |
Gannett Co. Inc. | 832,026 | 8,079 | |
Standard Motor Products | |||
Inc. | 147,050 | 7,826 | |
* | EW Scripps Co. Class A | 399,840 | 7,729 |
* | Belmond Ltd. Class A | 563,974 | 7,529 |
* | Ascena Retail Group Inc. | 1,212,395 | 7,505 |
Bob Evans Farms Inc. | 135,538 | 7,212 | |
Capella Education Co. | 80,436 | 7,062 | |
MDC Holdings Inc. | 272,187 | 6,984 | |
* | Select Comfort Corp. | 302,082 | 6,833 |
* | Universal Electronics Inc. | 105,615 | 6,817 |
Sturm Ruger & Co. Inc. | 128,408 | 6,767 | |
Callaway Golf Co. | 613,547 | 6,724 | |
Nutrisystem Inc. | 189,500 | 6,566 | |
Winnebago Industries Inc. | 206,834 | 6,546 | |
Ethan Allen Interiors Inc. | 171,379 | 6,315 | |
Oxford Industries Inc. | 104,670 | 6,294 | |
* | Strayer Education Inc. | 77,662 | 6,262 |
New Media Investment | |||
Group Inc. | 378,277 | 6,049 | |
* | Hibbett Sports Inc. | 161,182 | 6,012 |
Wingstop Inc. | 201,792 | 5,971 | |
Abercrombie & Fitch Co. | 493,612 | 5,923 | |
* | Cavco Industries Inc. | 57,977 | 5,789 |
* | Fox Factory Holding Corp. | 208,336 | 5,781 |
* | Scientific Games Corp. | ||
Class A | 411,593 | 5,762 | |
Finish Line Inc. Class A | 300,377 | 5,650 | |
* | Fiesta Restaurant Group | ||
Inc. | 187,807 | 5,606 | |
Marcus Corp. | 177,651 | 5,596 | |
Cato Corp. Class A | 185,488 | 5,580 | |
Fred’s Inc. Class A | 300,440 | 5,576 | |
* | Gentherm Inc. | 164,626 | 5,573 |
* | Installed Building Products | ||
Inc. | 133,123 | 5,498 | |
Guess? Inc. | 452,641 | 5,477 | |
* | BJ’s Restaurants Inc. | 138,159 | 5,430 |
104
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Sonic Automotive Inc. | |||
Class A | 233,428 | 5,346 | |
* | Red Robin Gourmet | ||
Burgers Inc. | 89,540 | 5,050 | |
World Wrestling | |||
Entertainment Inc. | |||
Class A | 271,720 | 5,000 | |
Buckle Inc. | 217,993 | 4,970 | |
* | Career Education Corp. | 488,368 | 4,928 |
* | Francesca’s Holdings Corp. | 266,112 | 4,798 |
Superior Industries | |||
International Inc. | 180,756 | 4,763 | |
* | Tile Shop Holdings Inc. | 234,209 | 4,579 |
Ruth’s Hospitality Group | |||
Inc. | 245,939 | 4,501 | |
Barnes & Noble Inc. | 402,546 | 4,488 | |
Rent-A-Center Inc. | 397,767 | 4,475 | |
* | M/I Homes Inc. | 172,140 | 4,335 |
* | Iconix Brand Group Inc. | 461,140 | 4,307 |
PetMed Express Inc. | 181,348 | 4,184 | |
* | Unifi Inc. | 127,228 | 4,151 |
* | Nautilus Inc. | 221,305 | 4,094 |
* | Biglari Holdings Inc. | 8,553 | 4,047 |
* | Crocs Inc. | 589,087 | 4,041 |
Movado Group Inc. | 136,286 | 3,918 | |
* | Regis Corp. | 268,954 | 3,905 |
* | Chuy’s Holdings Inc. | 114,321 | 3,710 |
* | Barnes & Noble Education | ||
Inc. | 317,896 | 3,646 | |
Blue Nile Inc. | 88,019 | 3,576 | |
* | MarineMax Inc. | 184,462 | 3,569 |
* | LGI Homes Inc. | 122,018 | 3,506 |
Haverty Furniture Cos. Inc. | 146,092 | 3,462 | |
* | WCI Communities Inc. | 144,433 | 3,387 |
* | Zumiez Inc. | 150,917 | 3,298 |
* | Lumber Liquidators | ||
Holdings Inc. | 189,886 | 2,989 | |
* | FTD Cos. Inc. | 111,207 | 2,651 |
Shoe Carnival Inc. | 93,762 | 2,530 | |
Big 5 Sporting Goods Corp. | 144,198 | 2,502 | |
* | Tuesday Morning Corp. | 440,095 | 2,377 |
* | Perry Ellis International Inc. | 91,354 | 2,276 |
* | Monarch Casino & Resort | ||
Inc. | 86,433 | 2,228 | |
* | Kirkland’s Inc. | 138,259 | 2,144 |
* | El Pollo Loco Holdings Inc. | 169,257 | 2,082 |
Stein Mart Inc. | 345,097 | 1,891 | |
* | American Public Education | ||
Inc. | 66,632 | 1,636 | |
* | Ruby Tuesday Inc. | 478,404 | 1,545 |
* | Express Inc. | 136,794 | 1,472 |
* | Arctic Cat Inc. | 97,561 | 1,465 |
Stage Stores Inc. | 248,334 | 1,085 | |
* | Vitamin Shoppe Inc. | 18,006 | 428 |
* | Motorcar Parts of America | ||
Inc. | 13,406 | 361 | |
* | Vera Bradley Inc. | 9,909 | 116 |
706,891 | |||
Consumer Staples (2.7%) | |||
B&G Foods Inc. | 448,215 | 19,632 | |
* | Darling Ingredients Inc. | 1,150,136 | 14,848 |
J&J Snack Foods Corp. | 99,970 | 13,339 | |
Sanderson Farms Inc. | 133,698 | 12,600 | |
SpartanNash Co. | 265,882 | 10,513 | |
WD-40 Co. | 87,214 | 10,195 | |
Universal Corp. | 145,413 | 9,270 | |
* | SUPERVALU Inc. | 1,945,743 | 9,087 |
Andersons Inc. | 190,751 | 8,527 | |
* | Central Garden & Pet Co. | ||
Class A | 248,378 | 7,675 | |
Cal-Maine Foods Inc. | 162,547 | 7,180 | |
Calavo Growers Inc. | 107,022 | 6,571 | |
Inter Parfums Inc. | 107,875 | 3,533 | |
Medifast Inc. | 72,129 | 3,003 | |
* | Seneca Foods Corp. | ||
Class A | 47,368 | 1,897 | |
* | Central Garden & Pet Co. | 50,952 | 1,686 |
139,556 | |||
Energy (3.5%) | |||
* | PDC Energy Inc. | 386,901 | 28,081 |
US Silica Holdings Inc. | 493,258 | 27,958 | |
* | Carrizo Oil & Gas Inc. | 420,778 | 15,716 |
* | Synergy Resources Corp. | 1,348,831 | 12,018 |
* | Unit Corp. | 364,169 | 9,785 |
* | SEACOR Holdings Inc. | 130,506 | 9,303 |
Atwood Oceanics Inc. | 558,900 | 7,338 | |
Green Plains Inc. | 254,267 | 7,081 | |
Archrock Inc. | 533,677 | 7,045 | |
* | Helix Energy Solutions | ||
Group Inc. | 792,503 | 6,990 | |
* | REX American Resources | ||
Corp. | 50,561 | 4,993 | |
* | Exterran Corp. | 205,572 | 4,913 |
Bristow Group Inc. | 231,771 | 4,747 | |
* | Newpark Resources Inc. | 556,314 | 4,172 |
* | Bill Barrett Corp. | 549,072 | 3,838 |
* | Pioneer Energy Services | ||
Corp. | 531,197 | 3,639 | |
* | Matrix Service Co. | 150,150 | 3,408 |
* | Tesco Corp. | 351,540 | 2,900 |
* | Cloud Peak Energy Inc. | 433,373 | 2,431 |
* | Era Group Inc. | 120,696 | 2,048 |
* | Geospace Technologies | ||
Corp. | 93,364 | 1,901 | |
* | CARBO Ceramics Inc. | 178,366 | 1,866 |
* | Hornbeck Offshore Services | ||
Inc. | 240,259 | 1,735 | |
* | Contango Oil & Gas Co. | 165,379 | 1,545 |
105
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Gulf Island Fabrication Inc. | 96,841 | 1,152 | |
* | Tidewater Inc. | 306,996 | 1,047 |
* | Northern Oil and Gas Inc. | 319,534 | 879 |
* | TETRA Technologies Inc. | 80,670 | 405 |
178,934 | |||
Financials (18.2%) | |||
* | Texas Capital Bancshares | ||
Inc. | 340,322 | 26,681 | |
United Bankshares Inc. | 551,624 | 25,513 | |
Wintrust Financial Corp. | 338,125 | 24,538 | |
Home BancShares Inc. | 819,410 | 22,755 | |
Sterling Bancorp | 880,767 | 20,610 | |
Pinnacle Financial Partners | |||
Inc. | 292,254 | 20,253 | |
ProAssurance Corp. | 354,195 | 19,906 | |
First Financial Bankshares | |||
Inc. | 435,895 | 19,702 | |
Hope Bancorp Inc. | 865,951 | 18,956 | |
Glacier Bancorp Inc. | 513,723 | 18,612 | |
Evercore Partners Inc. | |||
Class A | 262,692 | 18,047 | |
Community Bank System | |||
Inc. | 285,487 | 17,640 | |
Columbia Banking System | |||
Inc. | 393,096 | 17,564 | |
Old National Bancorp | 945,452 | 17,160 | |
Great Western Bancorp Inc. | 393,504 | 17,153 | |
Interactive Brokers Group | |||
Inc. | 454,927 | 16,609 | |
Selective Insurance Group | |||
Inc. | 382,926 | 16,485 | |
RLI Corp. | 259,128 | 16,359 | |
FirstCash Inc. | 339,437 | 15,954 | |
CVB Financial Corp. | 689,156 | 15,802 | |
First Midwest Bancorp Inc. | 560,583 | 14,143 | |
American Equity | |||
Investment Life Holding | |||
Co. | 619,058 | 13,954 | |
United Community Banks | |||
Inc. | 468,722 | 13,884 | |
NBT Bancorp Inc. | 329,526 | 13,801 | |
Independent Bank Corp. | 195,379 | 13,764 | |
Financial Engines Inc. | 362,953 | 13,338 | |
LegacyTexas Financial | |||
Group Inc. | 304,018 | 13,091 | |
* | PRA Group Inc. | 325,285 | 12,719 |
Simmons First National | |||
Corp. Class A | 203,281 | 12,634 | |
First Financial Bancorp | 414,528 | 11,793 | |
Westamerica | |||
Bancorporation | 182,101 | 11,460 | |
* | BofI Holding Inc. | 398,336 | 11,372 |
Northwest Bancshares Inc. | 630,092 | 11,361 | |
Astoria Financial Corp. | 600,884 | 11,206 | |
ServisFirst Bancshares Inc. | 297,638 | 11,144 |
Horace Mann Educators | |||
Corp. | 258,623 | 11,069 | |
Ameris Bancorp | 249,108 | 10,861 | |
Provident Financial Services | |||
Inc. | 362,749 | 10,266 | |
Boston Private Financial | |||
Holdings Inc. | 617,820 | 10,225 | |
City Holding Co. | 150,182 | 10,152 | |
First Commonwealth | |||
Financial Corp. | 715,802 | 10,150 | |
S&T Bancorp Inc. | 258,579 | 10,095 | |
Banner Corp. | 166,524 | 9,294 | |
Maiden Holdings Ltd. | 506,923 | 8,846 | |
Brookline Bancorp Inc. | 537,543 | 8,816 | |
Employers Holdings Inc. | 215,309 | 8,526 | |
Cardinal Financial Corp. | 254,256 | 8,337 | |
Navigators Group Inc. | 70,753 | 8,331 | |
Tompkins Financial Corp. | 88,071 | 8,326 | |
Hanmi Financial Corp. | 238,206 | 8,313 | |
AMERISAFE Inc. | 128,726 | 8,026 | |
Central Pacific Financial | |||
Corp. | 253,792 | 7,974 | |
Stewart Information | |||
Services Corp. | 170,456 | 7,855 | |
* | Customers Bancorp Inc. | 213,727 | 7,656 |
Safety Insurance Group Inc. | 103,140 | 7,601 | |
* | Piper Jaffray Cos. | 103,825 | 7,527 |
United Fire Group Inc. | 147,687 | 7,262 | |
Southside Bancshares Inc. | 189,842 | 7,151 | |
* | Green Dot Corp. Class A | 292,389 | 6,886 |
Infinity Property & Casualty | |||
Corp. | 74,900 | 6,584 | |
TrustCo Bank Corp. NY | 751,005 | 6,571 | |
* | First BanCorp | 967,290 | 6,394 |
Northfield Bancorp Inc. | 319,383 | 6,378 | |
Universal Insurance | |||
Holdings Inc. | 219,386 | 6,231 | |
* | Walker & Dunlop Inc. | 195,246 | 6,092 |
OFG Bancorp | 458,953 | 6,012 | |
Banc of California Inc. | 343,231 | 5,955 | |
National Bank Holdings | |||
Corp. Class A | 181,127 | 5,776 | |
Greenhill & Co. Inc. | 201,151 | 5,572 | |
* | LendingTree Inc. | 51,645 | 5,234 |
* | HomeStreet Inc. | 163,068 | 5,153 |
Bank Mutual Corp. | 529,181 | 5,001 | |
Virtus Investment Partners | |||
Inc. | 39,879 | 4,708 | |
Oritani Financial Corp. | 249,769 | 4,683 | |
Fidelity Southern Corp. | 189,698 | 4,490 | |
Dime Community | |||
Bancshares Inc. | 221,331 | 4,449 | |
Investment Technology | |||
Group Inc. | 218,840 | 4,320 | |
* | INTL. FCStone Inc. | 104,757 | 4,148 |
106
Tax-Managed Small-Cap Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Opus Bank | 133,926 | 4,024 | ||
* | EZCORP Inc. Class A | 375,572 | 4,000 | |
* | World Acceptance Corp. | 57,958 | 3,726 | |
* | Encore Capital Group Inc. | 126,276 | 3,618 | |
Capstead Mortgage Corp. | 347,322 | 3,539 | ||
HCI Group Inc. | 74,406 | 2,938 | ||
* | Enova International Inc. | 197,617 | 2,480 | |
United Insurance Holdings | ||||
Corp. | 131,116 | 1,985 | ||
* | eHealth Inc. | 148,576 | 1,582 | |
* | First NBC Bank Holding Co. | 147,723 | 1,078 | |
Calamos Asset | ||||
Management Inc. Class A | 1,230 | 10 | ||
918,239 | ||||
Health Care (11.4%) | ||||
* | Masimo Corp. | 291,791 | 19,667 | |
Cantel Medical Corp. | 239,655 | 18,873 | ||
* | Medidata Solutions Inc. | 376,679 | 18,710 | |
Chemed Corp. | 113,759 | 18,248 | ||
* | Integra LifeSciences | |||
Holdings Corp. | 201,685 | 17,303 | ||
* | Neogen Corp. | 252,437 | 16,661 | |
* | Medicines Co. | 489,806 | 16,624 | |
* | ICU Medical Inc. | 102,498 | 15,103 | |
* | Haemonetics Corp. | 347,460 | 13,968 | |
* | Ligand Pharmaceuticals Inc. | 135,562 | 13,774 | |
* | Nektar Therapeutics | |||
Class A | 1,073,087 | 13,167 | ||
* | AMN Healthcare Services | |||
Inc. | 332,910 | 12,800 | ||
* | Magellan Health Inc. | 164,251 | 12,360 | |
* | HealthEquity Inc. | 298,828 | 12,108 | |
* | Cambrex Corp. | 218,899 | 11,810 | |
* | Zeltiq Aesthetics Inc. | 247,277 | 10,761 | |
* | HMS Holdings Corp. | 591,869 | 10,748 | |
* | Select Medical Holdings | |||
Corp. | 770,632 | 10,211 | ||
* | Surgical Care Affiliates Inc. | 202,107 | 9,351 | |
* | Omnicell Inc. | 268,364 | 9,097 | |
* | Supernus Pharmaceuticals | |||
Inc. | 352,281 | 8,895 | ||
* | Amedisys Inc. | 202,479 | 8,632 | |
* | AMAG Pharmaceuticals Inc. | 246,020 | 8,561 | |
Abaxis Inc. | 158,484 | 8,363 | ||
* | Emergent BioSolutions Inc. | 251,369 | 8,255 | |
* | Natus Medical Inc. | 235,086 | 8,181 | |
Ensign Group Inc. | 361,224 | 8,023 | ||
* | Repligen Corp. | 259,816 | 8,007 | |
* | Merit Medical Systems Inc. | 295,729 | 7,837 | |
Analogic Corp. | 93,991 | 7,797 | ||
* | Depomed Inc. | 431,663 | 7,779 | |
* | Cynosure Inc. Class A | 167,076 | 7,619 | |
CONMED Corp. | 170,805 | 7,544 | ||
* | Air Methods Corp. | 234,999 | 7,485 | |
* | Inogen Inc. | 108,198 | 7,268 |
* | Momenta Pharmaceuticals | ||
Inc. | 482,637 | 7,264 | |
* | MiMedx Group Inc. | 761,736 | 6,749 |
* | Vascular Solutions Inc. | 120,099 | 6,738 |
US Physical Therapy Inc. | 90,750 | 6,371 | |
* | Innoviva Inc. | 557,244 | 5,962 |
* | Acorda Therapeutics Inc. | 316,019 | 5,941 |
* | Integer Holdings Corp. | 197,804 | 5,825 |
* | Luminex Corp. | 283,713 | 5,739 |
* | Anika Therapeutics Inc. | 111,315 | 5,450 |
* | PharMerica Corp. | 215,272 | 5,414 |
Meridian Bioscience Inc. | 293,880 | 5,202 | |
* | Healthways Inc. | 228,466 | 5,198 |
Aceto Corp. | 229,591 | 5,044 | |
* | LHC Group Inc. | 108,404 | 4,954 |
* | Lannett Co. Inc. | 217,961 | 4,806 |
* | Eagle Pharmaceuticals Inc. | 58,808 | 4,666 |
* | Amphastar Pharmaceuticals | ||
Inc. | 251,399 | 4,631 | |
* | HealthStream Inc. | 182,228 | 4,565 |
* | Quality Systems Inc. | 343,639 | 4,519 |
* | BioTelemetry Inc. | 201,158 | 4,496 |
* | Enanta Pharmaceuticals Inc. 128,706 | 4,312 | |
* | Providence Service Corp. | 109,851 | 4,180 |
* | SciClone Pharmaceuticals | ||
Inc. | 380,245 | 4,107 | |
* | CryoLife Inc. | 212,027 | 4,060 |
Phibro Animal Health Corp. | |||
Class A | 138,490 | 4,058 | |
* | AngioDynamics Inc. | 223,682 | 3,773 |
* | Cross Country Healthcare | ||
Inc. | 240,429 | 3,753 | |
* | ANI Pharmaceuticals Inc. | 61,863 | 3,750 |
* | Almost Family Inc. | 84,462 | 3,725 |
Landauer Inc. | 72,678 | 3,496 | |
* | CorVel Corp. | 90,653 | 3,318 |
Kindred Healthcare Inc. | 419,128 | 3,290 | |
* | Albany Molecular Research | ||
Inc. | 170,532 | 3,199 | |
Invacare Corp. | 244,970 | 3,197 | |
* | Surmodics Inc. | 119,784 | 3,042 |
Computer Programs | |||
& Systems Inc. | 94,712 | 2,235 | |
* | Spectrum Pharmaceuticals | ||
Inc. | 470,091 | 2,082 | |
* | Impax Laboratories Inc. | 138,355 | 1,833 |
* | Quorum Health Corp. | 199,825 | 1,453 |
573,987 | |||
Industrials (18.4%) | |||
* | Hawaiian Holdings Inc. | 361,667 | 20,615 |
Healthcare Services Group | |||
Inc. | 488,608 | 19,139 | |
* | WageWorks Inc. | 250,373 | 18,152 |
John Bean Technologies | |||
Corp. | 199,757 | 17,169 |
107
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Matthews International | |||
Corp. Class A | 218,992 | 16,830 | |
Tetra Tech Inc. | 386,603 | 16,682 | |
Hillenbrand Inc. | 424,030 | 16,262 | |
Barnes Group Inc. | 330,084 | 15,653 | |
ABM Industries Inc. | 378,288 | 15,449 | |
Applied Industrial | |||
Technologies Inc. | 256,658 | 15,245 | |
Allegiant Travel Co. | |||
Class A | 91,418 | 15,212 | |
Mueller Industries Inc. | 377,487 | 15,084 | |
Knight Transportation Inc. | 455,057 | 15,040 | |
UniFirst Corp. | 104,556 | 15,019 | |
* | On Assignment Inc. | 339,022 | 14,971 |
* | Moog Inc. Class A | 220,999 | 14,515 |
Universal Forest Products | |||
Inc. | 134,093 | 13,702 | |
Brink’s Co. | 324,318 | 13,378 | |
SkyWest Inc. | 359,503 | 13,104 | |
Brady Corp. Class A | 347,986 | 13,067 | |
* | Trex Co. Inc. | 199,984 | 12,879 |
G&K Services Inc. Class A | 128,843 | 12,427 | |
Watts Water Technologies | |||
Inc. Class A | 188,215 | 12,272 | |
Simpson Manufacturing Co. | |||
Inc. | 276,472 | 12,096 | |
Korn/Ferry International | 398,703 | 11,734 | |
Actuant Corp. Class A | 436,953 | 11,339 | |
AZZ Inc. | 172,240 | 11,006 | |
Exponent Inc. | 178,924 | 10,789 | |
Matson Inc. | 304,724 | 10,784 | |
ESCO Technologies Inc. | 188,962 | 10,705 | |
* | Hub Group Inc. Class A | 236,340 | 10,340 |
Apogee Enterprises Inc. | 190,991 | 10,229 | |
Forward Air Corp. | 214,926 | 10,183 | |
EnPro Industries Inc. | 149,804 | 10,091 | |
Franklin Electric Co. Inc. | 254,739 | 9,909 | |
Kaman Corp. | 199,893 | 9,781 | |
Mobile Mini Inc. | 320,523 | 9,696 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 183,861 | 9,588 | |
Insperity Inc. | 134,722 | 9,559 | |
Greenbrier Cos. Inc. | 229,631 | 9,541 | |
AAON Inc. | 287,762 | 9,511 | |
* | SPX FLOW Inc. | 295,182 | 9,464 |
* | Navigant Consulting Inc. | 352,899 | 9,239 |
* | Gibraltar Industries Inc. | 221,439 | 9,223 |
Albany International Corp. | 196,321 | 9,090 | |
* | TASER International Inc. | 374,859 | 9,087 |
Comfort Systems USA Inc. | 267,531 | 8,909 | |
* | Chart Industries Inc. | 244,760 | 8,816 |
* | Proto Labs Inc. | 170,963 | 8,779 |
Astec Industries Inc. | 128,496 | 8,668 | |
Interface Inc. Class A | 462,924 | 8,587 |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 477,195 | 8,566 | |
* | Mercury Systems Inc. | 282,001 | 8,522 |
* | Team Inc. | 216,588 | 8,501 |
Tennant Co. | 116,756 | 8,313 | |
Cubic Corp. | 173,184 | 8,304 | |
Viad Corp. | 183,879 | 8,109 | |
* | SPX Corp. | 338,351 | 8,026 |
US Ecology Inc. | 162,914 | 8,007 | |
* | Patrick Industries Inc. | 104,364 | 7,963 |
Harsco Corp. | 564,003 | 7,670 | |
Standex International Corp. | 86,335 | 7,585 | |
* | TrueBlue Inc. | 303,796 | 7,489 |
Heartland Express Inc. | 365,231 | 7,436 | |
Multi-Color Corp. | 94,684 | 7,347 | |
CIRCOR International Inc. | 112,162 | 7,277 | |
* | Saia Inc. | 164,517 | 7,263 |
* | American Woodmark Corp. | 96,376 | 7,252 |
AAR Corp. | 218,696 | 7,228 | |
* | Lydall Inc. | 115,433 | 7,140 |
* | Wabash National Corp. | 451,137 | 7,137 |
Griffon Corp. | 258,965 | 6,785 | |
Federal Signal Corp. | 433,082 | 6,760 | |
* | Aegion Corp. Class A | 283,628 | 6,722 |
General Cable Corp. | 346,942 | 6,609 | |
Raven Industries Inc. | 260,770 | 6,571 | |
Briggs & Stratton Corp. | 285,781 | 6,361 | |
Encore Wire Corp. | 140,529 | 6,092 | |
Essendant Inc. | 267,650 | 5,594 | |
Lindsay Corp. | 74,549 | 5,562 | |
* | Echo Global Logistics Inc. | 212,469 | 5,322 |
Quanex Building Products | |||
Corp. | 261,937 | 5,317 | |
Kelly Services Inc. Class A | 226,977 | 5,202 | |
Alamo Group Inc. | 65,027 | 4,949 | |
ArcBest Corp. | 173,982 | 4,811 | |
* | MYR Group Inc. | 119,238 | 4,493 |
* | PGT Innovations Inc. | 377,708 | 4,325 |
Insteel Industries Inc. | 119,952 | 4,275 | |
* | Engility Holdings Inc. | 125,414 | 4,226 |
Resources Connection Inc. | 218,760 | 4,211 | |
* | Aerovironment Inc. | 153,314 | 4,113 |
Marten Transport Ltd. | 172,383 | 4,017 | |
National Presto Industries | |||
Inc. | 37,346 | 3,974 | |
* | DXP Enterprises Inc. | 110,897 | 3,853 |
Heidrick & Struggles | |||
International Inc. | 148,675 | 3,590 | |
* | Veritiv Corp. | 64,900 | 3,488 |
Titan International Inc. | 303,950 | 3,407 | |
RR Donnelley & Sons Co. | 194,781 | 3,179 | |
* | Roadrunner Transportation | ||
Systems Inc. | 257,955 | 2,680 | |
Powell Industries Inc. | 63,749 | 2,486 | |
* | Orion Group Holdings Inc. | 218,169 | 2,171 |
108
Tax-Managed Small-Cap Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Vicor Corp. | 129,282 | 1,952 | |
Celadon Group Inc. | 230,413 | 1,647 | ||
* | CDI Corp. | 144,936 | 1,073 | |
929,561 | ||||
Information Technology (15.2%) | ||||
* | Take-Two Interactive | |||
Software Inc. | 593,988 | 29,278 | ||
* | Coherent Inc. | 168,193 | 23,107 | |
MKS Instruments Inc. | 353,825 | 21,017 | ||
* | CACI International Inc. | |||
Class A | 164,061 | 20,393 | ||
Blackbaud Inc. | 317,509 | 20,321 | ||
* | Sanmina Corp. | 489,292 | 17,933 | |
* | TiVo Corp. | 838,600 | 17,527 | |
* | Cardtronics plc Class A | 314,741 | 17,175 | |
LogMeIn Inc. | 173,849 | 16,785 | ||
* | Anixter International Inc. | 192,681 | 15,617 | |
* | Itron Inc. | 237,587 | 14,932 | |
* | Semtech Corp. | 462,835 | 14,602 | |
* | Lumentum Holdings Inc. | 376,977 | 14,570 | |
* | Tessera Holding Corp. | 328,174 | 14,505 | |
* | Advanced Energy Industries | |||
Inc. | 261,516 | 14,318 | ||
* | Electronics For Imaging Inc. | 323,854 | 14,204 | |
Power Integrations Inc. | 195,332 | 13,253 | ||
* | MicroStrategy Inc. Class A | 65,430 | 12,916 | |
* | Stamps.com Inc. | 110,564 | 12,676 | |
* | Viavi Solutions Inc. | 1,502,195 | 12,288 | |
* | NETGEAR Inc. | 223,837 | 12,166 | |
* | Plexus Corp. | 221,414 | 11,965 | |
* | Synchronoss Technologies | |||
Inc. | 296,521 | 11,357 | ||
* | II-VI Inc. | 377,012 | 11,178 | |
* | ExlService Holdings Inc. | 217,218 | 10,956 | |
* | Rambus Inc. | 772,415 | 10,636 | |
* | Fabrinet | 262,079 | 10,562 | |
Cabot Microelectronics | ||||
Corp. | 165,881 | 10,479 | ||
Methode Electronics Inc. | 253,255 | 10,472 | ||
CSG Systems International | ||||
Inc. | 215,565 | 10,433 | ||
* | Benchmark Electronics Inc. | 335,244 | 10,225 | |
Progress Software Corp. | 319,454 | 10,200 | ||
* | OSI Systems Inc. | 130,118 | 9,905 | |
* | Insight Enterprises Inc. | 243,574 | 9,850 | |
Ebix Inc. | 168,487 | 9,612 | ||
NIC Inc. | 395,622 | 9,455 | ||
* | Rogers Corp. | 122,571 | 9,415 | |
* | 8x8 Inc. | 629,316 | 8,999 | |
Brooks Automation Inc. | 482,481 | 8,236 | ||
* | SPS Commerce Inc. | 116,291 | 8,128 | |
* | Veeco Instruments Inc. | 277,739 | 8,096 | |
* | Sykes Enterprises Inc. | 275,610 | 7,954 | |
* | TTM Technologies Inc. | 580,708 | 7,915 |
* | Kulicke & Soffa Industries | ||
Inc. | 484,133 | 7,722 | |
* | Super Micro Computer Inc. | 269,750 | 7,567 |
Badger Meter Inc. | 199,457 | 7,370 | |
ADTRAN Inc. | 326,949 | 7,307 | |
ManTech International Corp. | |||
Class A | 171,955 | 7,265 | |
* | ScanSource Inc. | 179,694 | 7,251 |
* | Diodes Inc. | 282,101 | 7,242 |
* | Ixia | 442,570 | 7,125 |
MTS Systems Corp. | 119,016 | 6,748 | |
* | Shutterstock Inc. | 136,967 | 6,509 |
* | Bottomline Technologies | ||
de Inc. | 252,312 | 6,313 | |
* | Qualys Inc. | 198,728 | 6,290 |
CTS Corp. | 248,953 | 5,577 | |
* | ePlus Inc. | 47,637 | 5,488 |
* | Rudolph Technologies Inc. | 232,559 | 5,430 |
* | CEVA Inc. | 155,679 | 5,223 |
* | Virtusa Corp. | 202,933 | 5,098 |
* | Ultratech Inc. | 203,190 | 4,873 |
* | FARO Technologies Inc. | 131,251 | 4,725 |
* | Nanometrics Inc. | 180,568 | 4,525 |
* | Perficient Inc. | 249,663 | 4,367 |
* | CalAmp Corp. | 286,244 | 4,151 |
* | Blucora Inc. | 281,245 | 4,148 |
* | Exar Corp. | 368,707 | 3,975 |
Cohu Inc. | 265,323 | 3,688 | |
Monotype Imaging Holdings | |||
Inc. | 175,330 | 3,480 | |
* | XO Group Inc. | 178,247 | 3,467 |
Forrester Research Inc. | 80,637 | 3,463 | |
* | VASCO Data Security | ||
International Inc. | 252,646 | 3,449 | |
TeleTech Holdings Inc. | 110,849 | 3,381 | |
Daktronics Inc. | 295,541 | 3,162 | |
* | LivePerson Inc. | 387,473 | 2,925 |
* | Harmonic Inc. | 583,877 | 2,919 |
* | DSP Group Inc. | 222,772 | 2,907 |
* | Digi International Inc. | 206,737 | 2,843 |
Comtech | |||
Telecommunications Corp. | 223,230 | 2,645 | |
* | DHI Group Inc. | 405,556 | 2,535 |
Park Electrochemical Corp. | 135,016 | 2,518 | |
* | Liquidity Services Inc. | 230,737 | 2,250 |
Black Box Corp. | 141,861 | 2,163 | |
Bel Fuse Inc. Class B | 69,931 | 2,161 | |
* | Agilysys Inc. | 199,650 | 2,068 |
* | Tangoe Inc. | 246,726 | 1,944 |
* | Electro Scientific Industries | ||
Inc. | 281,493 | 1,666 | |
* | Kopin Corp. | 531,825 | 1,510 |
* | QuinStreet Inc. | 295,925 | 1,113 |
* | Cray Inc. | 33,360 | 691 |
766,848 |
109
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Materials (6.3%) | |||
Chemours Co. | 1,260,057 | 27,835 | |
* | AK Steel Holding Corp. | 2,136,905 | 21,818 |
Balchem Corp. | 213,052 | 17,879 | |
* | Ingevity Corp. | 291,844 | 16,011 |
HB Fuller Co. | 331,244 | 16,002 | |
KapStone Paper and | |||
Packaging Corp. | 612,115 | 13,497 | |
* | Stillwater Mining Co. | 828,297 | 13,344 |
* | Headwaters Inc. | 496,030 | 11,667 |
Innospec Inc. | 160,841 | 11,018 | |
Quaker Chemical Corp. | 83,543 | 10,689 | |
Stepan Co. | 125,951 | 10,263 | |
Schweitzer-Mauduit | |||
International Inc. | 217,677 | 9,911 | |
Neenah Paper Inc. | 112,232 | 9,562 | |
Kaiser Aluminum Corp. | 118,795 | 9,229 | |
* | Clearwater Paper Corp. | 119,485 | 7,832 |
PH Glatfelter Co. | 311,391 | 7,439 | |
Innophos Holdings Inc. | 131,382 | 6,866 | |
A Schulman Inc. | 201,354 | 6,735 | |
* | Kraton Corp. | 220,445 | 6,278 |
* | Boise Cascade Co. | 277,919 | 6,253 |
Deltic Timber Corp. | 80,129 | 6,176 | |
* | US Concrete Inc. | 94,243 | 6,173 |
Calgon Carbon Corp. | 360,602 | 6,130 | |
* | Koppers Holdings Inc. | 144,741 | 5,833 |
* | SunCoke Energy Inc. | 460,017 | 5,217 |
Materion Corp. | 129,701 | 5,136 | |
Rayonier Advanced | |||
Materials Inc. | 300,674 | 4,648 | |
* | AdvanSix Inc. | 208,078 | 4,607 |
Hawkins Inc. | 80,331 | 4,334 | |
Tredegar Corp. | 178,931 | 4,294 | |
* | TimkenSteel Corp. | 265,094 | 4,104 |
* | Century Aluminum Co. | 470,516 | 4,028 |
Haynes International Inc. | 93,238 | 4,008 | |
American Vanguard Corp. | 181,517 | 3,476 | |
* | Flotek Industries Inc. | 290,669 | 2,729 |
Myers Industries Inc. | 184,405 | 2,637 | |
FutureFuel Corp. | 174,119 | 2,420 | |
Olympic Steel Inc. | 67,523 | 1,636 | |
* | LSB Industries Inc. | 171,880 | 1,447 |
319,161 | |||
Other (2.8%) | |||
2 | Vanguard REIT ETF | 1,700,000 | 140,301 |
* | Gerber Scientific Inc. CVR | 110,699 | — |
140,301 | |||
Real Estate (3.6%) | |||
GEO Group Inc. | 473,552 | 17,015 | |
DiamondRock Hospitality | |||
Co. | 949,158 | 10,944 | |
Lexington Realty Trust | 989,463 | 10,686 | |
CoreSite Realty Corp. | 119,734 | 9,503 |
Sabra Health Care REIT Inc. | 382,265 | 9,335 | |
Kite Realty Group Trust | 382,093 | 8,972 | |
Acadia Realty Trust | 260,654 | 8,518 | |
HFF Inc. Class A | 254,117 | 7,687 | |
EastGroup Properties Inc. | 102,659 | 7,580 | |
Chesapeake Lodging Trust | 284,163 | 7,348 | |
Retail Opportunity | |||
Investments Corp. | 332,064 | 7,016 | |
PS Business Parks Inc. | 57,910 | 6,748 | |
Summit Hotel Properties | |||
Inc. | 405,369 | 6,498 | |
RE/MAX Holdings Inc. | |||
Class A | 111,621 | 6,251 | |
Franklin Street Properties | |||
Corp. | 478,360 | 6,200 | |
Government Properties | |||
Income Trust | 314,474 | 5,995 | |
* | Parkway Inc. | 249,291 | 5,547 |
LTC Properties Inc. | 112,403 | 5,281 | |
American Assets Trust Inc. | 118,095 | 5,088 | |
Agree Realty Corp. | 95,563 | 4,401 | |
Four Corners Property | |||
Trust Inc. | 207,607 | 4,260 | |
Pennsylvania REIT | 203,383 | 3,856 | |
CareTrust REIT Inc. | 218,427 | 3,346 | |
Universal Health Realty | |||
Income Trust | 43,915 | 2,880 | |
Saul Centers Inc. | 42,134 | 2,807 | |
* | Forestar Group Inc. | 191,590 | 2,548 |
Urstadt Biddle Properties | |||
Inc. Class A | 98,615 | 2,378 | |
Cedar Realty Trust Inc. | 328,620 | 2,146 | |
Getty Realty Corp. | 83,857 | 2,137 | |
182,971 | |||
Telecommunication Services (1.1%) | |||
Cogent Communications | |||
Holdings Inc. | 279,126 | 11,542 | |
Consolidated | |||
Communications Holdings | |||
Inc. | 366,382 | 9,837 | |
Cincinnati Bell Inc. | 308,598 | 6,897 | |
* | Iridium Communications | ||
Inc. | 624,577 | 5,996 | |
ATN International Inc. | 71,880 | 5,760 | |
Inteliquent Inc. | 227,294 | 5,210 | |
* | General Communication Inc. | ||
Class A | 197,962 | 3,850 | |
Spok Holdings Inc. | 148,538 | 3,082 | |
* | Lumos Networks Corp. | 176,975 | 2,764 |
54,938 | |||
Utilities (2.4%) | |||
ALLETE Inc. | 318,848 | 20,467 | |
Spire Inc. | 312,808 | 20,192 | |
South Jersey Industries Inc. | 511,903 | 17,246 |
110
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Avista Corp. | 400,853 | 16,030 | |
El Paso Electric Co. | 274,186 | 12,750 | |
American States Water Co. | 258,474 | 11,776 | |
California Water Service | |||
Group | 332,780 | 11,281 | |
Northwest Natural Gas Co. | 177,580 | 10,619 | |
120,361 | |||
Total Common Stocks | |||
(Cost $3,238,621) | 5,031,748 | ||
Temporary Cash Investments (0.4%)1 | |||
Money Market Fund (0.4%) | |||
3 | Vanguard Market Liquidity | ||
Fund, 0.823% | 198,492 | 19,851 | |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.481%, 2/17/17 | 100 | 100 | |
5 | United States Treasury Bill, | ||
0.462%, 2/9/17 | 500 | 500 | |
5 | United States Treasury Bill, | ||
0.564%, 5/4/17 | 200 | 199 | |
5 | United States Treasury Bill, | ||
0.607%, 5/25/17 | 100 | 100 | |
899 | |||
Total Temporary Cash Investments | |||
(Cost $20,750) | 20,750 | ||
Total Investments (100.0%) | |||
(Cost $3,259,371) | 5,052,498 |
Other Assets and Liabilities (0.0%) | |
Other Assets | |
Investment in Vanguard | 362 |
Receivables for Investment Securities Sold 19 | |
Receivables for Accrued Income | 5,799 |
Receivables for Capital Shares Issued | 12,101 |
Other Assets 5 | 178 |
Total Other Assets | 18,459 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (13,158) |
Payables for Capital Shares Redeemed | (4,418) |
Payables to Vanguard | (2,567) |
Other Liabilities | (91) |
Total Liabilities | (20,234) |
Net Assets (100%) | 5,050,723 |
111
Tax-Managed Small-Cap Fund
At December 31, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,406,604 |
Overdistributed Net Investment Income | (2,303) |
Accumulated Net Realized Losses | (146,496) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,793,127 |
Futures Contracts | (209) |
Net Assets | 5,050,723 |
Admiral Shares—Net Assets | |
Applicable to 84,687,515 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 4,671,463 |
Net Asset Value Per Share— | |
Admiral Shares | $55.16 |
Institutional Shares—Net Assets | |
Applicable to 6,859,886 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 379,260 |
Net Asset Value Per Share— | |
Institutional Shares | $55.29 |
• See Note A in Notes to Financial Statements.
* 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 99.9% and 0.1%, respectively, of net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 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.
5 Securities with a value of $899,000 and cash of $34,000 have been segregated as initial margin for open futures contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
112
Tax-Managed Small-Cap Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 52,260 |
Interest1 | 126 |
Total Income | 52,386 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 595 |
Management and Administrative—Admiral Shares | 2,458 |
Management and Administrative—Institutional Shares | 128 |
Marketing and Distribution—Admiral Shares | 256 |
Marketing and Distribution—Institutional Shares | 6 |
Custodian Fees | 40 |
Auditing Fees | 35 |
Shareholders’ Reports—Admiral Shares | 46 |
Shareholders’ Reports—Institutional Shares | 3 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 3,570 |
Net Investment Income | 48,816 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 176,694 |
Futures Contracts | 2,517 |
Realized Net Gain (Loss) | 179,211 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 768,732 |
Futures Contracts | (151) |
Change in Unrealized Appreciation (Depreciation) | 768,581 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 996,608 |
1 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $0, $117,000, and $12,270,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
113
Tax-Managed Small-Cap Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 48,816 | 45,254 |
Realized Net Gain (Loss) | 179,211 | 236,256 |
Change in Unrealized Appreciation (Depreciation) | 768,581 | (352,385) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 996,608 | (70,875) |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (45,029) | (42,190) |
Institutional Shares | (3,852) | (3,501) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (48,881) | (45,691) |
Capital Share Transactions | ||
Admiral Shares | 379,355 | 144,254 |
Institutional Shares | 28,870 | 48,450 |
Net Increase (Decrease) from Capital Share Transactions | 408,225 | 192,704 |
Total Increase (Decrease) | 1,355,952 | 76,138 |
Net Assets | ||
Beginning of Period | 3,694,771 | 3,618,633 |
End of Period1 | 5,050,723 | 3,694,771 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,303,000) and ($2,238,000).
See accompanying Notes, which are an integral part of the Financial Statements.
114
Tax-Managed Small-Cap Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $44.37 | $45.78 | $43.53 | $31.16 | $27.26 |
Investment Operations | |||||
Net Investment Income | . 558 | . 556 | . 463 | . 383 | . 479 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.788 | (1.406) | 2.242 | 12.389 | 3.885 |
Total from Investment Operations | 11.346 | (.850) | 2.705 | 12.772 | 4.364 |
Distributions | |||||
Dividends from Net Investment Income | (. 556) | (. 560) | (. 455) | (. 402) | (. 464) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 556) | (. 560) | (. 455) | (. 402) | (. 464) |
Net Asset Value, End of Period | $55.16 | $44.37 | $45.78 | $43.53 | $31.16 |
Total Return1 | 25.73% | -1.85% | 6.23% | 41.00% | 16.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,671 | $3,419 | $3,382 | $3,143 | $2,132 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.11% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.19% | 1.21% | 1.06% | 1.05% | 1.59% |
Portfolio Turnover Rate2 | 45% | 33% | 40% | 31% | 42% |
1 Total returns do not include account services fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.
See accompanying Notes, which are an integral part of the Financial Statements.
115
Tax-Managed Small-Cap Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $44.47 | $45.88 | $43.63 | $31.22 | $27.33 |
Investment Operations | |||||
Net Investment Income | . 572 | . 576 | . 481 | . 398 | . 492 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.818 | (1.406) | 2.242 | 12.428 | 3.888 |
Total from Investment Operations | 11.390 | (.830) | 2.723 | 12.826 | 4.380 |
Distributions | |||||
Dividends from Net Investment Income | (. 570) | (. 580) | (. 473) | (. 416) | (. 490) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 570) | (. 580) | (. 473) | (. 416) | (. 490) |
Net Asset Value, End of Period | $55.29 | $44.47 | $45.88 | $43.63 | $31.22 |
Total Return | 25.78% | -1.80% | 6.26% | 41.09% | 16.05% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $379 | $276 | $236 | $237 | $175 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.07% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.22% | 1.25% | 1.10% | 1.09% | 1.63% |
Portfolio Turnover Rate1 | 45% | 33% | 40% | 31% | 42% |
1 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.
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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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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 settlement values 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, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
3. 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, 2013–2016), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
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Tax-Managed Small-Cap Fund
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2016, or at any time during the period then ended.
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.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2016, the fund had contributed to Vanguard capital in the amount of $362,000, representing 0.01% of the fund’s net assets and 0.14% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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).
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Tax-Managed Small-Cap Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 5,031,748 | — | — |
Temporary Cash Investments | 19,851 | 899 | — |
Futures Contracts—Liabilities1 | (90) | — | — |
Total | 5,051,509 | 899 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 2016, 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) |
E-mini Russell 2000 Index | March 2017 | 250 | 16,961 | (209) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. 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, 2016, the fund realized $216,725,000 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, 2016, the fund had $95,000 of ordinary income available for distribution. At December 31, 2016, the fund had available capital losses totaling $146,705,000 to offset future net capital gains. Of this amount, $6,546,000 is subject to expiration on December 31, 2017. Capital losses of $140,159,000 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, 2016, the cost of investment securities for tax purposes was $3,259,371,000.
Net unrealized appreciation of investment securities for tax purposes was $1,793,127,000, consisting of unrealized gains of $1,823,890,000 on securities that had risen in value since their purchase and $30,763,000 in unrealized losses on securities that had fallen in value since their purchase.
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Tax-Managed Small-Cap Fund
F. During the year ended December 31, 2016, the fund purchased $2,622,165,000 of investment securities and sold $2,212,989,000 of investment securities, other than temporary cash investments. Purchases and sales include $49,826,000 and $361,921,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2016 | 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 1,064,794 | 22,229 | 909,724 | 19,669 |
Issued in Lieu of Cash Distributions | 34,478 | 699 | 32,367 | 729 |
Redeemed | (719,917) | (15,289) | (797,837) | (17,234) |
Net Increase (Decrease)—Admiral Shares | 379,355 | 7,639 | 144,254 | 3,164 |
Institutional Shares | ||||
Issued | 42,859 | 950 | 73,480 | 1,586 |
Issued in Lieu of Cash Distributions | 2,469 | 50 | 2,113 | 48 |
Redeemed | (16,458) | (345) | (27,143) | (577) |
Net Increase (Decrease)—Institutional Shares | 28,870 | 655 | 48,450 | 1,057 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2016, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and the Shareholders of Vanguard Tax-Managed Balanced 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 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, 2016, 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, 2016 by correspondence with the custodians and brokers 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 13, 2017
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Special 2016 tax information (unaudited) for Vanguard Tax-Managed Funds
This information for the fiscal year ended December 31, 2016, is included pursuant to provisions of the Internal Revenue Code.
The Tax-Managed Balanced Fund designates 57% 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 | 26,636 |
Tax-Managed Capital Appreciation Fund | 128,658 |
Tax-Managed Small-Cap Fund | 45,713 |
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 | 92.2%1 |
Tax-Managed Capital Appreciation Fund | 93.9 |
Tax-Managed Small-Cap Fund | 92.5 |
1 The percentage applies only to the taxable ordinary income that has been reported on Form 1099-DIV. |
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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, 2016 | |||
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Balanced Fund | |||
Returns Before Taxes | 5.94% | 8.58% | 5.94% |
Returns After Taxes on Distributions | 5.40 | 8.32 | 5.75 |
Returns After Taxes on Distributions and Sale of Fund Shares | 3.79 | 7.02 | 5.05 |
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Capital Appreciation Fund Admiral Shares | |||
Returns Before Taxes | 12.01% | 14.79% | 7.20% |
Returns After Taxes on Distributions | 11.52 | 14.36 | 6.86 |
Returns After Taxes on Distributions and Sale of Fund Shares | 7.16 | 11.89 | 5.80 |
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Small-Cap Fund Admiral Shares | |||
Returns Before Taxes | 25.73% | 16.48% | 9.10% |
Returns After Taxes on Distributions | 25.37 | 16.18 | 8.87 |
Returns After Taxes on Distributions and Sale of Fund Shares | 14.77 | 13.30 | 7.43 |
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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, 2016 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2016 | 12/31/2016 | Period | |
Based on Actual Fund Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,020.13 | $0.41 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,083.63 | $0.37 |
Institutional Shares | 1,000.00 | 1,083.92 | 0.26 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,188.23 | $0.39 |
Institutional Shares | 1,000.00 | 1,188.35 | 0.28 |
Based on Hypothetical 5% Yearly Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,024.73 | $0.41 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,024.78 | $0.36 |
Institutional Shares | 1,000.00 | 1,024.89 | 0.25 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,024.78 | $0.36 |
Institutional Shares | 1,000.00 | 1,024.89 | 0.25 |
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, 0.08%; for the Tax-Managed Capital Appreciation Fund, 0.07% for Admiral Shares and 0.05% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.07% for Admiral Shares and 0.05% 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 (184/366).
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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 Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. 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 stated 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. Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available.
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.
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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.
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Benchmark Information
Tax-Managed Balanced Composite Index: Weighted 50% Russell 1000 Index and 50% Bloomberg Barclays 7 Year Municipal Bond Index through January 31, 2002, and 50% Russell 1000 Index and 50% Bloomberg Barclays 1–15 Year Municipal Bond Index thereafter.
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Vanguard Tax-Managed Balanced Fund is not sponsored, endorsed, issued, sold or promoted by Barclays Risk Analytics and Index Solutions Limited or any of its affiliates (“Barclays”). Barclays makes no representation or warranty, express or implied, to the owners or purchasers of Vanguard Tax-Managed Balanced Fund or any member of the public regarding the advisability of investing in securities generally or in Vanguard Tax-Managed Balanced Fund particularly or the ability of the Barclays Index to track general bond market performance. Barclays has not passed on the legality or suitability of Vanguard Tax-Managed Balanced Fund with respect to any person or entity. Barclays’ only relationship to Vanguard and Vanguard Tax-Managed Balanced Fund is the licensing of the Barclays Index which is determined, composed and calculated by Barclays without regard to Vanguard or Vanguard Tax-Managed Balanced Fund or any owners or purchasers of Vanguard Tax-Managed Balanced Fund. Barclays has no obligation to take the needs of Vanguard, Vanguard Tax-Managed Balanced Fund or the owners of Vanguard Tax-Managed Balanced Fund into consideration in determining, composing or calculating the Barclays Index. Barclays is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of Vanguard Tax-Managed Balanced Fund to be issued. Barclays has no obligation or liability in connection with the administration, marketing or trading of Vanguard Tax-Managed Balanced Fund.
BARCLAYS SHALL HAVE NO LIABILITY TO THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF VANGUARD TAX-MANAGED BALANCED FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS 1–15 YEAR MUNICIPAL BOND INDEX, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS 1–15 YEAR MUNICIPAL BOND INDEX. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY INDIRECT OR CONSEQUENTIAL DAMAGES RESULTING FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.
© 2017 Barclays. Used with Permission.
Source: Barclays Global Family of Indices. Copyright 2017, Barclays. All rights reserved.
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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 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International plc (diversified manufacturing and services), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, and the Investment Advisory Committee of Major League Baseball; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center.
Executive Officers
Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of
the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Vanguard Senior ManagementTeam | |
Mortimer J. Buckley | Thomas M. Rampulla |
Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi |
Chris D. McIsaac | Michael Rollings |
James M. Norris |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
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, 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 | |
Who Are Deaf or Hard of Hearing> 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 email addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2017 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1030 022017 |
![]() |
Annual Report | December 31, 2016 |
Vanguard Developed Markets Index Fund |
A new format, unwavering commitment
As you begin reading this report, you’ll notice that we’ve made some improvements to the opening sections—based on feedback from you, our clients.
Page 1 starts with a new ”Your Fund’s Performance at a Glance,” a concise, handy summary of how your fund performed during the period.
In the renamed ”Chairman’s Perspective,” Bill McNabb will focus on enduring principles and investment insights.
We’ve modified some tables, and eliminated some redundancy, but we haven’t removed any information.
At Vanguard, we’re always looking for better ways to communicate and to help you make sound investment decisions. Thank you for entrusting your assets to us.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 3 |
Fund Profile. | 7 |
Performance Summary. | 9 |
Financial Statements. | 12 |
Your Fund’s After-Tax Returns. | 33 |
About Your Fund’s Expenses. | 34 |
Glossary. | 36 |
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: No matter what language you speak, Vanguard has one consistent message and set of principles. Our primary focus is on you, our clients. We conduct our business with integrity as a faithful steward of your assets. This message is shown translated into seven languages, reflecting our expanding global presence.
Your Fund’s Performance at a Glance
• Vanguard Developed Markets Index Fund returned about 2% for the 12 months ended December 31, 2016. It closely tracked its target index and exceeded the average return of its international fund peers.
• The fund offers investors exposure to companies of all sizes in the developed markets outside the United States.
• Stocks from North America, where Canada is the lone representative, did much better than stocks from Europe and the Asia-Pacific region. From a country standpoint, Canada was the top contributor to the fund’s return, followed by Australia. Switzerland and Italy were two of the fund’s worst performers.
• The fund recorded positive returns in five of the ten market sectors and negative returns in four. Financial stocks were virtually flat.
• For the ten years ended December 31, 2016, the fund posted an average annual return of about 1%, in line with its benchmark and a fraction ahead of its peers.
Total Returns: Fiscal Year Ended December 31, 2016 | |
Total | |
Returns | |
Vanguard Developed Markets Index Fund | |
Investor Shares | 2.36% |
FTSE Developed Markets ETF Shares | |
Market Price | 2.67 |
Net Asset Value | 2.51 |
Admiral™ Shares | 2.45 |
Institutional Shares | 2.46 |
Institutional Plus Shares | 2.50 |
Spliced Developed ex US Index | 2.29 |
International Funds Average | 0.57 |
For a benchmark description, see the Glossary.
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares and Institutional Plus 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.
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Total Returns: Ten Years Ended December 31, 2016 | |
Average | |
Annual Return | |
Developed Markets Index Fund Admiral Shares | 1.03% |
Spliced Developed ex US Index | 0.93 |
International Funds Average | 0.54 |
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.
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
FTSE Developed Markets | ||||||
Investor | ETF | Admiral | Institutional | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Plus Shares | Average | |
Developed Markets Index Fund | 0.20% | 0.09% | 0.09% | 0.07% | 0.06% | 1.37% |
The fund expense ratios shown are from the prospectus dated August 10, 2016, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2016, the fund’s expense ratios were 0.17% for Investor Shares, 0.07% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2015.
Peer group: International Funds.
2
Chairman’s Perspective
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/gevelopedmarketsindexfunx5x1.jpg)
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
If you’re like most investors, a big question on your mind is: What’s in store for the markets and the economy in 2017?
At Vanguard, we’re just as curious about the immediate future. But our curiosity is tempered by our belief that forecasts should give a range of possible outcomes, not pinpoint predictions. After all, there are bound to be occurrences the experts won’t see coming.
What really matters for investors
In 2016, we saw two cases in point: The United Kingdom’s June vote to exit the European Union and the November election of Donald Trump as U.S. president. Both unexpected outcomes triggered swift market reactions. But despite some short-term volatility, the markets’ 12-month performance as of December 31, 2016, proved to be less dramatic. U.S. stocks posted healthy returns, and U.S. bonds provided returns close to their long-term averages. International stocks and bonds also advanced, although returns for U.S. investors were reduced by the strength of the U.S. dollar.
The surprises of 2016 remind us to be skeptical of overly precise short-term predictions about 2017. At the cusp of a new year, market prognosticators forecast where the Standard & Poor’s 500 Index or the yield on the 10-year Treasury note will end up in 12 months. Such predictions can be attention-getting. They can also be dead wrong.
3
Investors are better off taking note of long-term trends that stand to influence our economies and markets. We’re watching these trends closely, and we discuss our latest assessment in our 2017 economic and market outlook, which you can read at vanguard.com/research.
Our global economic outlook: Expect stabilization, not stagnation
One phenomenon in particular that we’re watching is the low-growth, low-interest-rate environment that has marked the global economy since the 2008–09 financial crisis. We don’t think this economic backdrop is simply the result of cyclically weak demand or long-term stagnation. Instead, certain structural forces are contributing: Falling technology costs are restraining the amounts businesses are spending on
capital investment, an aging population is weighing on growth in the developed world, and the free movement of capital and products across the globe has restrained prices and wages.
In the near term, these forces will continue to dampen growth, inflation, and interest rates. They also make it unlikely that further monetary stimulus from central banks will do much to spur growth.
I realize this all may sound gloomy, but that’s not how we see it. We expect global growth to stabilize at more modest levels, not stagnate. The world isn’t headed for Japanese-style deflation, in which a widespread sustained drop in prices puts economic activity into hibernation.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2016 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 12.05% | 8.59% | 14.69% |
Russell 2000 Index (Small-caps) | 21.31 | 6.74 | 14.46 |
Russell 3000 Index (Broad U.S. market) | 12.74 | 8.43 | 14.67 |
FTSE All-World ex US Index (International) | 4.80 | -1.16 | 5.52 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 2.65% | 3.03% | 2.23% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 0.25 | 4.14 | 3.28 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.27 | 0.09 | 0.08 |
CPI | |||
Consumer Price Index | 2.07% | 1.18% | 1.36% |
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In fact, we believe that global growth could pick up modestly over time. Our expectation is based on a potential rebound in productivity as new digital technologies are used more effectively. We also anticipate a slight recovery in the labor force as the baby boom generation finishes its transition to retirement, nudging up demand for workers.
Put expansion in perspective
Looking to the United States, the world’s largest economy remains firmly on a long-term-growth path of about 2% per year. That’s lower than the historical average of 3.25% since 1950. We see such growth at this level as fundamentally sound, rather than abnormally low. Our evaluation takes into account lower U.S. population growth
and the reality that the economic expansion from the 1980s until the financial crisis was fueled by debt, distorting the numbers.
Turning to prices, we think that core U.S. inflation should modestly exceed 2% in 2017. That, in turn, will support further interest rate hikes by the Federal Reserve, similar to the one at the end of 2016.
We expect the Fed to raise rates in 2017 before taking an extended pause, and we see the federal funds rate staying below 2% through at least 2018.
Prepare for muted returns
And what about prospects for the markets? Vanguard’s outlook for global stocks and bonds remains the most guarded in ten years, given fairly high stock valuations
Expect more modest returns, rely on time-tested principles |
In Vanguard’s economic and market outlook for 2017, Global Chief Economist Joseph Davis |
and his team offer a projection of more modest returns from the global stock and bond |
markets. They caution that, over the next decade, returns for a balanced portfolio are likely |
to be moderately below long-run historical averages. |
The team’s simulations indicate that for the decade ending in 2026, the average annualized |
return of a 60% stock/40% bond portfolio is likely to be centered in the 3%–5% range after |
inflation. That’s below the actual average after-inflation return of 6% for the same portfolio |
for the nine decades since 1926. |
Ultimately, our global market outlook points toward a somewhat more challenging environment, |
yet one in which, over time, investors with an appropriate level of discipline, diversification, and |
patience are likely to be rewarded with reasonable inflation-adjusted returns. |
For more information about our expectations and the probability of various outcomes, see 2017 |
Economic and Market Outlook: Stabilization, Not Stagnation, available at vanguard.com/research. |
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model® (VCMM) regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Distribution of return outcomes from the VCMM are derived from 10,000 simulations for each modeled asset class. Simulations as of September 30, 2016. Results from the model may vary with each use and over time. For more information, see the note at the end of this letter.
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and the low-interest-rate environment. We don’t expect global bond yields to increase materially from year-end 2016 levels.
Our outlook for global equities is annualized returns of 5%–8% over the next decade. This outlook isn’t bearish, but is actually fairly positive when you take into account the current low-rate environment. (See the box titled Expect more modest returns, rely on time-tested principles for more.)
Focus on the four keys to investment success
Significant trends often happen gradually. Like shifting tides, they’re sometimes barely noticeable at first but ultimately can change the landscape entirely. Other times, apparent trends can end up receding before they have much of a long-term impact. Given the future’s inherent unpredictability, it’s not reasonable to expect a surefire block-buster revelation from any prognosticator or investment firm.
What to conclude, then? No matter what scenario plays out, we believe investors have the best chance for success if they stay focused on what they can control: their goals, asset allocation, and investment costs, along with the discipline to stick to a plan. As Tim Buckley, our chief investment officer, likes to say, this can be easy to say but harder to do, especially in times of uncertainty. Investors who can stay focused on those four keys will find themselves well-positioned to weather any market.
As always, thank you for investing with Vanguard.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/gevelopedmarketsindexfunx8x1.jpg)
F. William McNabb III
Chairman and Chief Executive Officer
January 16, 2017
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s Investment Strategy Group. The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset classes include U.S. and international equity markets, several maturities of the U.S. Treasury and corporate fixed income markets, international fixed income markets, U.S. money markets, commodities, and certain alternative investment strategies. The theoretical and empirical foundation for the Vanguard Capital Markets Model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk (beta). At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available monthly financial and economic data. Using a system of estimated equations, the model then applies a Monte Carlo simulation method to project the estimated interrelationships among risk factors and asset classes as well as uncertainty and randomness over time. The model generates a large set of simulated outcomes for each asset class over several time horizons. Forecasts are obtained by computing measures of central tendency in these simulations. Results produced by the tool will vary with each use and over time.
6
Developed Markets Index Fund
Fund Profile
As of December 31, 2016
Share-Class Characteristics
Investor | Admiral | Institutional | Institutional | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | VDVIX | VEA | VTMGX | VTMNX | VDIPX |
Expense Ratio1 | 0.20% | 0.09% | 0.09% | 0.07% | 0.06% |
Portfolio Characteristics | |||
FTSE | FTSE | ||
Developed | Global | ||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Number of Stocks | 3,819 | 3,753 | 5,792 |
Median Market Cap | $25.2B | $25.2B | $22.5B |
Price/Earnings Ratio | 22.0x | 21.8x | 21.2x |
Price/Book Ratio | 1.6x | 1.6x | 1.6x |
Return on Equity | 13.5% | 13.5% | 14.1% |
Earnings Growth | |||
Rate | 6.4% | 6.4% | 7.0% |
Dividend Yield | 2.9% | 2.9% | 2.9% |
Turnover Rate | 11% | — | — |
Short-Term Reserves | -0.2% | — | — |
Sector Diversification (% of equity exposure) | |||
FTSE | FTSE | ||
Developed | Global | ||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Basic Materials | 8.0% | 8.0% | 7.9% |
Consumer Goods | 17.4 | 17.4 | 16.0 |
Consumer Services | 8.5 | 8.5 | 8.3 |
Financials | 25.0 | 25.0 | 25.9 |
Health Care | 8.8 | 8.8 | 7.7 |
Industrials | 15.3 | 15.3 | 14.5 |
Oil & Gas | 6.4 | 6.4 | 6.9 |
Technology | 3.8 | 3.8 | 5.4 |
Telecommunications | 3.6 | 3.6 | 4.0 |
Utilities | 3.2 | 3.2 | 3.4 |
Volatility Measures | ||
Spliced | FTSE Global | |
Developed | All Cap ex US | |
ex US Index | Index | |
R-Squared | 0.97 | 0.95 |
Beta | 0.94 | 0.93 |
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) | ||
Royal Dutch Shell plc | Integrated Oil & Gas | 1.4% |
Nestle SA | Food Products | 1.4 |
Samsung Electronics Co. Consumer | ||
Ltd. | Electronics | 1.1 |
Novartis AG | Pharmaceuticals | 1.1 |
Roche Holding AG | Pharmaceuticals | 1.0 |
HSBC Holdings plc | Banks | 1.0 |
Toyota Motor Corp. | Automobiles | 1.0 |
BP plc | Integrated Oil & Gas | 0.7 |
Unilever | Personal Products | 0.7 |
TOTAL SA | Integrated Oil & Gas | 0.7 |
Top Ten | 10.1% |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of portfolio)
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/gevelopedmarketsindexfunx9x1.jpg)
1 The expense ratios shown are from the prospectus dated August 10, 2016, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2016, the expense ratios were 0.17% for Investor Shares, 0.07% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares.
7
Developed Markets Index Fund
Market Diversification (% of equity exposure) | |||
FTSE | FTSE | ||
Developed Global | |||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Europe | |||
United Kingdom | 16.2% | 16.2% | 13.1% |
France | 7.9 | 7.7 | 6.3 |
Germany | 7.7 | 7.7 | 6.2 |
Switzerland | 7.2 | 7.2 | 5.8 |
Sweden | 2.7 | 2.7 | 2.2 |
Spain | 2.6 | 2.6 | 2.1 |
Netherlands | 2.5 | 2.6 | 2.2 |
Italy | 2.1 | 2.1 | 1.7 |
Denmark | 1.4 | 1.4 | 1.1 |
Belgium | 1.1 | 1.1 | 0.9 |
Finland | 1.0 | 0.9 | 0.8 |
Other | 1.4 | 1.4 | 1.1 |
Subtotal | 53.8% | 53.6% | 43.5% |
Pacific | |||
Japan | 21.7% | 21.9% | 17.9% |
Australia | 6.5 | 6.5 | 5.2 |
South Korea | 4.1 | 4.1 | 3.3 |
Hong Kong | 3.1 | 3.1 | 2.5 |
Singapore | 1.2 | 1.2 | 0.9 |
Other | 0.3 | 0.3 | 0.2 |
Subtotal | 36.9% | 37.1% | 30.0% |
Emerging Markets | 0.0% | 0.0% | 18.9% |
North America | |||
Canada | 8.8% | 8.8% | 7.2% |
Middle East | 0.5% | 0.5% | 0.4% |
8
Developed Markets Index 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, 2016
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/gevelopedmarketsindexfux11x1.jpg)
Average Annual Total Returns | ||||
Periods Ended December 31, 2016 | ||||
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (7/20/2007) | Investment | |
FTSE Developed Markets ETF Shares | ||||
Net Asset Value | 2.51% | 6.91% | -0.23% | $9,788 |
FTSE Developed Markets ETF Shares | ||||
Market Price | 2.67 | 6.79 | -0.24 | 9,771 |
Spliced Developed ex US Index | 2.29 | 6.92 | -0.37 | 9,659 |
International Funds Average | 0.57 | 5.78 | -0.82 | 9,249 |
FTSE Global All Cap ex US Index | 4.72 | 5.65 | -0.11 | 9,900 |
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.
Since | Final Value | ||
One | Inception | of a $10,000 | |
Year | (12/19/2013) | Investment | |
Developed Markets Index Fund Investor | |||
Shares | 2.36% | -0.20% | $9,939 |
Spliced Developed ex US Index | 2.29 | 0.05 | 10,014 |
FTSE Global All Cap ex US Index | 4.72 | -0.14 | 9,957 |
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards. |
See Financial Highlights for dividend and capital gains information.
9
Developed Markets Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2016 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Developed Markets Index Fund Admiral | ||||
Shares | 2.45% | 6.90% | 1.03% | $11,082 |
Spliced Developed ex US Index | 2.29 | 6.92 | 0.93 | 10,971 |
FTSE Global All Cap ex US Index | 4.72 | 5.65 | 1.55 | 11,659 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Developed Markets Index Fund Institutional | ||||
Shares | 2.46% | 6.93% | 1.08% | $5,564,455 |
Spliced Developed ex US Index | 2.29 | 6.92 | 0.93 | 5,485,522 |
FTSE Global All Cap ex US Index | 4.72 | 5.65 | 1.55 | 5,829,546 |
Since | Final Value | ||
One | Inception | of a $100,000,000 | |
Year | (4/1/2014) | Investment | |
Developed Markets Index Fund Institutional | |||
Plus Shares | 2.50% | -1.68% | $95,458,352 |
Spliced Developed ex US Index | 2.29 | -1.43 | 93,964,396 |
FTSE Global All Cap ex US Index | 4.72 | -1.66 | 95,506,057 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standards. |
Cumulative Returns of ETF Shares: July 20, 2007, Through December 31, 2016 | |||
Since | |||
One | Five | Inception | |
Year | Years | (7/20/2007) | |
FTSE Developed Markets ETF Shares Market Price | 2.67% | 38.87% | -2.29% |
FTSE Developed Markets ETF Shares Net Asset | |||
Value | 2.51 | 39.69 | -2.12 |
Spliced Developed ex US Index | 2.29 | 39.71 | -3.41 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards. |
10
Developed Markets Index Fund
Fiscal-Year Total Returns (%): July 20, 2007, Through December 31, 2016
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/gevelopedmarketsindexfux13x1.jpg)
11
Developed Markets Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2016
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 | 7,180,779 | 425,994 | 0.6% |
Westpac Banking Corp. | 13,902,036 | 326,336 | 0.5% |
Australia & New Zealand Banking Group Ltd. | 12,178,086 | 266,593 | 0.4% |
National Australia Bank Ltd. | 11,080,515 | 244,752 | 0.4% |
BHP Billiton Ltd. | 13,442,362 | 240,818 | 0.3% |
1 Australia—Other † | 2,807,000 | 4.2% | |
4,311,493 | 6.4% | ||
Austria † | 182,406 | 0.3% | |
Belgium | |||
Anheuser-Busch InBev SA/NV | 3,335,369 | 353,030 | 0.5% |
Belgium—Other † | 397,564 | 0.6% | |
750,594 | 1.1% | ||
Canada | |||
Royal Bank of Canada | 6,185,183 | 418,611 | 0.6% |
Toronto-Dominion Bank | 7,707,848 | 380,154 | 0.6% |
Bank of Nova Scotia | 5,049,913 | 281,184 | 0.4% |
Suncor Energy Inc. | 6,960,779 | 227,593 | 0.4% |
1 Canada—Other † | 4,600,080 | 6.8% | |
5,907,622 | 8.8% | ||
Denmark | |||
Novo Nordisk A/S Class B | 7,715,308 | 276,765 | 0.4% |
1 Denmark—Other † | 668,736 | 1.0% | |
945,501 | 1.4% | ||
Finland † | 643,861 | 1.0% |
12
Developed Markets Index Fund | |||
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
France | |||
TOTAL SA | 9,081,291 | 465,800 | 0.7% |
Sanofi | 4,663,865 | 377,146 | 0.5% |
BNP Paribas SA | 4,082,344 | 259,793 | 0.4% |
AXA SA | 8,064,487 | 203,297 | 0.3% |
LVMH Moet Hennessy Louis Vuitton SE | 1,047,143 | 199,661 | 0.3% |
1 France—Other † | 3,772,693 | 5.6% | |
5,278,390 | 7.8% | ||
Germany | |||
Siemens AG | 3,176,717 | 388,958 | 0.6% |
Bayer AG | 3,458,276 | 360,296 | 0.5% |
BASF SE | 3,854,879 | 357,258 | 0.5% |
SAP SE | 3,735,402 | 323,132 | 0.5% |
Daimler AG | 4,293,385 | 318,637 | 0.5% |
Allianz SE | 1,902,949 | 314,060 | 0.5% |
Deutsche Telekom AG | 13,461,498 | 230,962 | 0.3% |
1 Germany—Other † | 2,857,625 | 4.2% | |
5,150,928 | 7.6% | ||
Hong Kong | |||
AIA Group Ltd. | 50,312,718 | 281,844 | 0.4% |
Hang Seng Bank Ltd. | 3,218,920 | 59,694 | 0.1% |
1 Hong Kong—Other † | 1,721,527 | 2.6% | |
2,063,065 | 3.1% | ||
Ireland † | 141,038 | 0.2% | |
Israel † | 340,175 | 0.5% | |
1Italy † | 1,381,176 | 2.0% | |
Japan | |||
Toyota Motor Corp. | 11,423,270 | 669,728 | 1.0% |
Mitsubishi UFJ Financial Group Inc. | 56,912,717 | 350,999 | 0.5% |
SoftBank Group Corp. | 3,588,052 | 237,436 | 0.4% |
Honda Motor Co. Ltd. | 7,457,293 | 217,718 | 0.3% |
Sumitomo Mitsui Financial Group Inc. | 5,424,694 | 206,588 | 0.3% |
Chugai Pharmaceutical Co. Ltd. | 922,427 | 26,459 | 0.1% |
Hino Motors Ltd. | 1,135,285 | 11,535 | 0.0% |
Japan—Other † | 12,938,029 | 19.2% | |
14,658,492 | 21.8% | ||
Malta † | — | 0.0% | |
Netherlands | |||
Unilever NV | 6,505,721 | 267,248 | 0.4% |
ING Groep NV | 16,182,812 | 227,835 | 0.3% |
1 Netherlands—Other † | 1,184,745 | 1.8% | |
1,679,828 | 2.5% | ||
New Zealand † | 194,673 | 0.3% | |
1Norway † | 453,982 | 0.7% |
13
Developed Markets Index Fund | |||
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Other † | 728 | 0.0% | |
Portugal † | 106,568 | 0.2% | |
1Singapore † | 776,177 | 1.1% | |
South Korea | |||
Samsung Electronics Co. Ltd. | 383,841 | 571,276 | 0.9% |
Samsung Electronics Co. Ltd. Preference Shares | 77,753 | 92,062 | 0.1% |
* Samsung Electronics Co. Ltd. GDR | 73,872 | 54,924 | 0.1% |
Hankook Shell Oil Co. Ltd. | 3,414 | 1,252 | 0.0% |
South Korea—Other † | 2,017,101 | 3.0% | |
2,736,615 | 4.1% | ||
Spain | |||
Banco Santander SA | 60,127,348 | 312,800 | 0.5% |
1 Spain—Other † | 1,442,443 | 2.1% | |
1,755,243 | 2.6% | ||
1Sweden † | 1,798,631 | 2.7% | |
Switzerland | |||
Nestle SA | 12,895,686 | 923,816 | 1.4% |
Novartis AG | 9,872,861 | 717,989 | 1.1% |
Roche Holding AG | 2,938,332 | 669,800 | 1.0% |
UBS Group AG | 14,592,570 | 228,162 | 0.3% |
Roche Holding AG (Bearer) | 111,852 | 26,105 | 0.0% |
1 Switzerland—Other † | 2,253,151 | 3.3% | |
4,819,023 | 7.1% | ||
United Kingdom | |||
HSBC Holdings plc | 83,832,013 | 676,412 | 1.0% |
BP plc | 78,530,951 | 491,876 | 0.7% |
Royal Dutch Shell plc Class A (London Shares) | 17,780,765 | 490,815 | 0.7% |
Royal Dutch Shell plc Class B | 16,123,262 | 463,255 | 0.7% |
British American Tobacco plc | 7,796,735 | 441,886 | 0.7% |
GlaxoSmithKline plc | 20,298,237 | 389,901 | 0.6% |
AstraZeneca plc | 5,275,961 | 288,110 | 0.4% |
Vodafone Group plc | 110,952,285 | 273,042 | 0.4% |
Diageo plc | 10,520,668 | 273,011 | 0.4% |
Reckitt Benckiser Group plc | 2,627,459 | 222,568 | 0.3% |
Prudential plc | 10,778,057 | 215,104 | 0.3% |
Lloyds Banking Group plc | 267,537,294 | 205,437 | 0.3% |
Unilever plc | 5,045,530 | 204,042 | 0.3% |
Royal Dutch Shell plc Class A | 2,790 | 76 | 0.0% |
1 United Kingdom—Other † | 6,174,600 | 9.2% | |
10,810,135 | 16.0% | ||
Total Common Stocks (Cost $65,053,865) | 66,886,344 | 99.3%2 |
14
Developed Markets Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
3,4 Vanguard Market Liquidity Fund | 0.823% | 9,805,921 | 980,690 | 1.5% |
5,6U.S. Government and Agency Obligations † | 72,327 | 0.1% | ||
Total Temporary Cash Investments (Cost $1,052,938) | 1,053,017 | 1.6%2 | ||
7Total Investments (Cost $66,106,803) | 67,939,361 | 100.9% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 4,799 | |||
Receivables for Investment Securities Sold | 45 | |||
Receivables for Accrued Income | 179,919 | |||
Receivables for Capital Shares Issued | 44,435 | |||
Other Assets4 | 92,378 | |||
Total Other Assets | 321,576 | 0.5% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (63,254) | |||
Collateral for Securities on Loan | (775,417) | |||
Payables for Capital Shares Redeemed | (24,619) | |||
Payables to Vanguard | (23,886) | |||
Other Liabilities | (17,998) | |||
Total Liabilities | (905,174) | (1.4%) | ||
Net Assets | 67,355,763 | 100.0% | ||
At December 31, 2016, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 68,173,095 | |||
Overdistributed Net Investment Income | (98,236) | |||
Accumulated Net Realized Losses | (2,536,476) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 1,832,558 | |||
Futures Contracts | 7,651 | |||
Forward Currency Contracts | (14,718) | |||
Foreign Currencies | (8,111) | |||
Net Assets | 67,355,763 |
15
Developed Markets Index Fund | |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 96,271,838 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 874,946 |
Net Asset Value Per Share—Investor Shares | $9.09 |
ETF Shares—Net Assets | |
Applicable to 1,102,229,208 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 40,242,870 |
Net Asset Value Per Share—ETF Shares | $36.51 |
Admiral Shares—Net Assets | |
Applicable to 826,581,893 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 9,702,486 |
Net Asset Value Per Share—Admiral Shares | $11.74 |
Institutional Shares—Net Assets | |
Applicable to 773,569,266 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 9,091,654 |
Net Asset Value Per Share—Institutional Shares | $11.75 |
Institutional Plus Shares—Net Assets | |
Applicable to 405,170,477 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 7,443,807 |
Net Asset Value Per Share—Institutional Plus Shares | $18.37 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† 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 Certain of the fund’s securities are 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, 2016, the aggregate value of these
securities was $439,071,000, representing 0.7% of net assets.
2 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 99.9% and 1.0%, respectively, of net
assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
4 Includes collateral received for securities on loan, which consists of $774,060,000 in securities and $1,357,000 in cash.
5 Securities with a value of $21,481,000 have been segregated as initial margin for open futures contracts.
6 Securities with a value of $19,464,000 and cash of $1,582,000 have been segregated as collateral for open forward currency contracts.
7 The total value of securities on loan is $742,106,000.
See accompanying Notes, which are an integral part of the Financial Statements.
16
Developed Markets Index Fund | |
Statement of Operations | |
Year Ended | |
December 31, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,807,844 |
Interest2 | 1,903 |
Securities Lending—Net | 61,727 |
Total Income | 1,871,474 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 4,771 |
Management and Administrative—Investor Shares | 1,138 |
Management and Administrative—ETF Shares | 13,624 |
Management and Administrative—Admiral Shares | 3,313 |
Management and Administrative—Institutional Shares | 3,031 |
Management and Administrative—Institutional Plus Shares | 2,036 |
Marketing and Distribution—Investor Shares | 228 |
Marketing and Distribution—ETF Shares | 2,207 |
Marketing and Distribution—Admiral Shares | 962 |
Marketing and Distribution—Institutional Shares | 242 |
Marketing and Distribution—Institutional Plus Shares | 108 |
Custodian Fees | 7,617 |
Auditing Fees | 56 |
Shareholders’ Reports—Investor Shares | 13 |
Shareholders’ Reports—ETF Shares | 578 |
Shareholders’ Reports—Admiral Shares | 74 |
Shareholders’ Reports—Institutional Shares | 26 |
Shareholders’ Reports—Institutional Plus Shares | 6 |
Trustees’ Fees and Expenses | 40 |
Total Expenses | 40,070 |
Net Investment Income | 1,831,404 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (1,709,175) |
Futures Contracts | 37,132 |
Foreign Currencies and Forward Currency Contracts | (40,950) |
Realized Net Gain (Loss) | (1,712,993) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,624,733 |
Futures Contracts | (2,494) |
Foreign Currencies and Forward Currency Contracts | (10,661) |
Change in Unrealized Appreciation (Depreciation) | 1,611,578 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,729,989 |
1 Dividends are net of foreign withholding taxes of $164,911,000.
2 Interest income and realized net gain (loss) from an affiliated company of the fund were $1,664,000 and $81,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
17
Developed Markets Index Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,831,404 | 1,453,520 |
Realized Net Gain (Loss) | (1,712,993) | 573,191 |
Change in Unrealized Appreciation (Depreciation) | 1,611,578 | (2,519,734) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,729,989 | (493,023) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (27,425) | (31,768) |
ETF Shares | (1,078,670) | (765,004) |
Admiral Shares | (278,418) | (202,028) |
Institutional Shares | (269,559) | (226,831) |
Institutional Plus Shares | (230,942) | (199,383) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (1,885,014) | (1,425,014) |
Capital Share Transactions | ||
Investor Shares | (155,754) | (268,886) |
ETF Shares | 11,051,278 | 6,197,663 |
Admiral Shares | 1,786,338 | 2,148,455 |
Institutional Shares | 1,016,504 | 623,195 |
Institutional Plus Shares | 217,224 | 1,597,860 |
Net Increase (Decrease) from Capital Share Transactions | 13,915,590 | 10,298,287 |
Total Increase (Decrease) | 13,760,565 | 8,380,250 |
Net Assets | ||
Beginning of Period | 53,595,198 | 45,214,948 |
End of Period1 | 67,355,763 | 53,595,198 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($98,236,000) and ($28,115,000).
See accompanying Notes, which are an integral part of the Financial Statements.
18
Developed Markets Index Fund | ||||
Financial Highlights | ||||
Investor Shares | ||||
Dec. 19, | ||||
20131 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $9.15 | $9.42 | $10.34 | $10.00 |
Investment Operations | ||||
Net Investment Income | .262 | .261 | .337 | .008 |
Net Realized and Unrealized Gain (Loss) on Investments | (.054) | (.276) | (.919) | .332 |
Total from Investment Operations | . 208 | (. 015) | (. 582) | . 340 |
Distributions | ||||
Dividends from Net Investment Income | (. 268) | (. 255) | (. 338) | — |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (. 268) | (. 255) | (. 338) | — |
Net Asset Value, End of Period | $9.09 | $9.15 | $9.42 | $10.34 |
Total Return2 | 2.36% | -0.29% | -5.82% | 3.40% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $875 | $1,040 | $1,331 | $0.1 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.20% | 0.20% | 0.20%3 |
Ratio of Net Investment Income to Average Net Assets | 3.00% | 2.73% | 3.22% | 2.80%3 |
Portfolio Turnover Rate 4 | 11% | 3% | 4% | 13% |
1 Inception.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service 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
Developed Markets Index Fund | |||||
Financial Highlights | |||||
FTSE Developed Markets ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $36.75 | $37.85 | $41.53 | $35.02 | $30.44 |
Investment Operations | |||||
Net Investment Income | 1.090 | 1.096 | 1.395 | 1.099 | 1.035 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (.216) | (1.125) | (3.681) | 6.494 | 4.591 |
Total from Investment Operations | .874 | (.029) | (2.286) | 7.593 | 5.626 |
Distributions | |||||
Dividends from Net Investment Income | (1.114) | (1.071) | (1.394) | (1.083) | (1.046) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.114) | (1.071) | (1.394) | (1.083) | (1.046) |
Net Asset Value, End of Period | $36.51 | $36.75 | $37.85 | $41.53 | $35.02 |
Total Return | 2.51% | -0.21% | -5.71% | 22.12% | 18.60% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $40,243 | $29,288 | $24,155 | $19,021 | $10,979 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.09% | 0.09% | 0.09% | 0.10% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.10% | 2.84% | 3.33% | 2.91% | 3.40% |
Portfolio Turnover Rate1 | 11% | 3% | 4% | 13% | 7% |
1 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.
20
Developed Markets Index Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $11.82 | $12.17 | $13.35 | $11.26 | $9.79 |
Investment Operations | |||||
Net Investment Income | .350 | .352 | .450 | .353 | .332 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (.071) | (.358) | (1.180) | 2.085 | 1.474 |
Total from Investment Operations | .279 | (.006) | (.730) | 2.438 | 1.806 |
Distributions | |||||
Dividends from Net Investment Income | (. 359) | (. 344) | (. 450) | (. 348) | (. 336) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 359) | (. 344) | (. 450) | (. 348) | (. 336) |
Net Asset Value, End of Period | $11.74 | $11.82 | $12.17 | $13.35 | $11.26 |
Total Return1 | 2.45% | -0.18% | -5.66% | 22.06% | 18.56% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,702 | $7,921 | $6,068 | $2,060 | $1,425 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.09% | 0.09% | 0.09% | 0.10% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.10% | 2.84% | 3.33% | 2.91% | 3.40% |
Portfolio Turnover Rate2 | 11% | 3% | 4% | 13% | 7% |
The fund’s original Investor Shares were renamed Admiral Shares as of the close of business on May 13, 2011. The Investor Shares
recommenced on December 19, 2013, and are presented separately.
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.
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.
21
Developed Markets Index Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $11.83 | $12.18 | $13.37 | $11.27 | $9.79 |
Investment Operations | |||||
Net Investment Income | .352 | .354 | .452 | .356 | .336 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (.072) | (.358) | (1.190) | 2.094 | 1.483 |
Total from Investment Operations | .280 | (.004) | (.738) | 2.450 | 1.819 |
Distributions | |||||
Dividends from Net Investment Income | (. 360) | (. 346) | (. 452) | (. 350) | (. 339) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 360) | (. 346) | (. 452) | (. 350) | (. 339) |
Net Asset Value, End of Period | $11.75 | $11.83 | $12.18 | $13.37 | $11.27 |
Total Return1 | 2.46% | -0.17% | -5.72% | 22.15% | 18.70% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,092 | $8,093 | $7,743 | $482 | $332 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.11% | 2.86% | 3.35% | 2.93% | 3.43% |
Portfolio Turnover Rate2 | 11% | 3% | 4% | 13% | 7% |
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.
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
Developed Markets Index Fund | |||
Financial Highlights | |||
Institutional Plus Shares | |||
April 1, | |||
Year Ended | 20141 to | ||
December 31, | |||
For a Share Outstanding | Dec. 31, | ||
Throughout Each Period | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $18.49 | $19.05 | $20.90 |
Investment Operations | |||
Net Investment Income | . 552 | . 558 | . 438 |
Net Realized and Unrealized Gain (Loss) on Investments | (.107) | (.573) | (1.798) |
Total from Investment Operations | .445 | (.015) | (1.360) |
Distributions | |||
Dividends from Net Investment Income | (. 565) | (. 545) | (. 490) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (. 565) | (. 545) | (. 490) |
Net Asset Value, End of Period | $18.37 | $18.49 | $19.05 |
Total Return | 2.50% | -0.21% | -6.67% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $7,444 | $7,253 | $5,918 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.06%2 |
Ratio of Net Investment Income to Average Net Assets | 3.12% | 2.87% | 2.92%2 |
Portfolio Turnover Rate 3 | 11% | 3% | 4% |
1 Inception.
2 Annualized.
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.
23
Developed Markets Index Fund
Notes to Financial Statements
Vanguard Developed Markets Index 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, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus 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. investment companies. 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 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.
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).
3. Futures and Forward Currency Contracts: The fund uses 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
24
Developed Markets Index Fund
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.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate settlement values and 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 gains (losses) on futures or forward currency contracts.
During the year ended December 31, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
25
Developed Markets Index Fund
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, 2013–2016), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2016, or at any time during the period then ended.
8. 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.
26
Developed Markets Index Fund
Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2016, the fund had contributed to Vanguard capital in the amount of $4,799,000, representing 0.01% of the fund’s net assets and 1.92% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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).
27
Developed Markets Index Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 6,011,155 | 60,868,364 | 6,825 |
Temporary Cash Investments | 980,690 | 72,327 | — |
Futures Contracts—Assets1 | 4,498 | — | — |
Futures Contracts—Liabilities1 | (2,982) | — | — |
Forward Currency Contracts—Assets | — | 193 | — |
Forward Currency Contracts—Liabilities | — | (14,911) | — |
Total | 6,993,361 | 60,925,973 | 6,825 |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 2016, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Statement of Net Assets Caption | ($000) | ($000) | ($000) |
Other Assets | 4,498 | 193 | 4,691 |
Other Liabilities | (2,982) | (14,911) | (17,893) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended December 31, 2016, were:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | 37,132 | — | 37,132 |
Forward Currency Contracts | — | (21,262) | (21,262) |
Realized Net Gain (Loss) on Derivatives | 37,132 | (21,262) | 15,870 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (2,494) | — | (2,494) |
Forward Currency Contracts | — | (8,359) | (8,359) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (2,494) | (8,359) | (10,853) |
28
Developed Markets Index Fund
At December 31, 2016, 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) |
Dow Jones EURO STOXX 50 Index | March 2017 | 4,535 | 157,610 | 4,001 |
Topix Index | March 2017 | 776 | 100,996 | 1,128 |
FTSE 100 Index | March 2017 | 719 | 62,635 | 1,645 |
S&P ASX 200 Index | March 2017 | 369 | 37,614 | 835 |
E-mini S&P 500 Index | March 2017 | 180 | 20,126 | 43 |
S&P/TSX 60 Index | March 2017 | 45 | 6,019 | (1) |
7,651 |
Unrealized appreciation (depreciation) on open Dow Jones EUROSTOXX 50 Index, E-mini S&P 500 Index, and FTSE 100 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
At December 31, 2016, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
Unrealized | ||||||
Contract | Appreciation | |||||
Settlement | Contract Amount (000) | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ||
Toronto-Dominion Securities | 3/22/2017 | EUR | 203,494 | USD | 217,478 | (2,374) |
Bank of America, N.A. | 3/14/2017 | JPY | 13,037,428 | USD | 114,946 | (2,987) |
Barclays Bank plc | 3/22/2017 | GBP | 73,218 | USD | 93,079 | (2,659) |
Credit Suisse International | 3/21/2017 | AUD | 71,924 | USD | 53,882 | (2,078) |
Goldman Sachs International | 3/14/2017 | JPY | 4,652,405 | USD | 40,619 | (667) |
Goldman Sachs International | 3/22/2017 | EUR | 34,355 | USD | 36,740 | (425) |
Citibank, N.A. | 3/14/2017 | JPY | 2,688,000 | USD | 23,492 | (409) |
JPMorgan Chase Bank, N.A. | 3/22/2017 | GBP | 16,618 | USD | 21,162 | (640) |
Citibank, N.A. | 3/22/2017 | EUR | 14,806 | USD | 15,812 | (162) |
JPMorgan Chase Bank, N.A. | 3/22/2017 | EUR | 13,909 | USD | 14,875 | (172) |
Goldman Sachs International | 3/21/2017 | AUD | 15,997 | USD | 11,962 | (441) |
Citibank, N.A. | 3/21/2017 | CAD | 10,765 | USD | 8,218 | (193) |
Toronto-Dominion Securities | 3/14/2017 | JPY | 637,427 | USD | 5,622 | (148) |
Bank of America, N.A. | 3/21/2017 | AUD | 2,393 | USD | 1,790 | (67) |
Bank of America, N.A. | 3/22/2017 | GBP | 39 | USD | 49 | (1) |
BNP Paribas | 3/22/2017 | USD | 129,419 | EUR | 123,366 | (985) |
BNP Paribas | 3/14/2017 | USD | 83,382 | JPY | 9,763,890 | (466) |
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Developed Markets Index Fund
Unrealized | ||||||
Contract | Appreciation | |||||
Settlement | Contract Amount (000) | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ||
BNP Paribas | 3/22/2017 | USD | 33,675 | GBP | 27,154 | 141 |
BNP Paribas | 3/21/2017 | USD | 18,827 | AUD | 26,082 | 42 |
BNP Paribas | 3/22/2017 | USD | 17,188 | GBP | 13,948 | (37) |
Bank of America, N.A. | 3/21/2017 | USD | 10,113 | AUD | 14,032 | 6 |
JPMorgan Chase Bank, N.A. | 3/21/2017 | USD | 2,017 | CAD | 2,700 | 4 |
Bank of America, N.A. | 10/18/2017 | USD | 1 | EUR | 1 | — |
(14,718) | ||||||
AUD—Australian dollar. | ||||||
CAD—Canadian dollar. | ||||||
EUR—Euro. | ||||||
GBP—British pound. | ||||||
JPY—Japanese yen. | ||||||
USD—U.S. dollar. |
E. 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, 2016, the fund realized net foreign currency losses of $19,688,000, which increased distributable net income for tax purposes; accordingly, such gains have been reclassified from accumulated net realized losses to overdistributed net investment income.
During the year ended December 31, 2016, the fund realized $140,488,000 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 gains to paid-in capital.
For tax purposes, at December 31, 2016, the fund had $870,000 of ordinary income available for distribution. At December 31, 2016, the fund had available capital losses totaling $2,545,505,000 to offset future net capital gains. Of this amount, $373,255,000 is subject to expiration on December 31, 2017. Capital losses of $2,172,250,000 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. Capital loss carryforwards of $408,342,000 expired on December 31, 2016; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2016, the cost of investment securities for tax purposes was $66,224,444,000. Net unrealized appreciation of investment securities for tax purposes was $1,714,917,000, consisting of unrealized gains of $7,419,711,000 on securities that had risen in value since their purchase and $5,704,794,000 in unrealized losses on securities that had fallen in value since their purchase.
30
Developed Markets Index Fund
F. During the year ended December 31, 2016, the fund purchased $20,856,910,000 of investment securities and sold $6,924,603,000 of investment securities, other than temporary cash investments. Purchases and sales include $9,199,846,000 and $401,140,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2016 | 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 158,767 | 17,838 | 268,560 | 27,677 |
Issued in Lieu of Cash Distributions | 23,467 | 2,631 | 27,012 | 2,775 |
Redeemed | (337,988) | (37,890) | (564,458) | (58,066) |
Net Increase (Decrease)—Investor Shares | (155,754) | (17,421) | (268,886) | (27,614) |
ETF Shares | ||||
Issued | 11,470,709 | 316,767 | 7,251,525 | 184,779 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (419,431) | (11,500) | (1,053,862) | (26,000) |
Net Increase (Decrease)—ETF Shares | 11,051,278 | 305,267 | 6,197,663 | 158,779 |
Admiral Shares | ||||
Issued | 4,241,004 | 369,711 | 3,752,835 | 302,174 |
Issued in Lieu of Cash Distributions | 228,037 | 19,782 | 169,469 | 13,576 |
Redeemed | (2,682,703) | (233,330) | (1,773,849) | (143,937) |
Net Increase (Decrease)—Admiral Shares | 1,786,338 | 156,163 | 2,148,455 | 171,813 |
Institutional Shares | ||||
Issued | 2,852,708 | 247,221 | 2,562,273 | 205,112 |
Issued in Lieu of Cash Distributions | 246,010 | 21,316 | 210,738 | 16,858 |
Redeemed | (2,082,214) | (179,096) | (2,149,816) | (173,400) |
Net Increase (Decrease)—Institutional Shares | 1,016,504 | 89,441 | 623,195 | 48,570 |
Institutional Plus Shares | ||||
Issued | 1,237,604 | 68,566 | 2,687,702 | 136,253 |
Issued in Lieu of Cash Distributions | 223,230 | 12,377 | 189,239 | 9,680 |
Redeemed | (1,243,610) | (67,980) | (1,279,081) | (64,434) |
Net Increase (Decrease)—Institutional Plus Shares | 217,224 | 12,963 | 1,597,860 | 81,499 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2016, that would require recognition or disclosure in these financial statements.
31
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and the Shareholders of Vanguard Developed Markets Index 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 Developed Markets Index Fund (constituting a separate portfolio of Vanguard Tax-Managed Funds, hereafter referred to as the “Fund”) at December 31, 2016, 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, 2016 by correspondence with the custodian and brokers 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 17, 2017
Special 2016 tax information (unaudited) for Vanguard Developed Markets Index Fund
This information for the fiscal year ended December 31, 2016, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $1,476,720,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $1,655,227,000 and foreign taxes paid of $115,344,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2017 to determine the calendar-year amounts to be included on their 2016 tax returns.
32
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, 2016 | |||
Since | |||
One | Five | Inception | |
Year | Years | (7/20/2007) | |
Returns Before Taxes | 2.51% | 6.91% | -0.23% |
Returns After Taxes on Distributions | 1.72 | 6.23 | -0.70 |
Returns After Taxes on Distributions and Sale of Fund Shares | 1.98 | 5.48 | -0.02 |
33
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.
34
Six Months Ended December 31, 2016 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Developed Markets Index Fund | 6/30/2016 | 12/31/2016 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,048.14 | $0.82 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,048.41 | 0.31 |
Admiral Shares | 1,000.00 | 1,048.73 | 0.31 |
Institutional Shares | 1,000.00 | 1,047.76 | 0.26 |
Institutional Plus Shares | 1,000.00 | 1,048.47 | 0.21 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.33 | $0.81 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.84 | 0.31 |
Admiral Shares | 1,000.00 | 1,024.84 | 0.31 |
Institutional Shares | 1,000.00 | 1,024.89 | 0.25 |
Institutional Plus Shares | 1,000.00 | 1,024.94 | 0.20 |
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 0.16% for Investor Shares, 0.06% for FTSE Developed Markets ETF Shares, 0.06% for Admiral Shares, 0.05% for Institutional Shares, and 0.04% for Institutional Plus 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 (184/366).
35
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.
36
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 US Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed All Cap ex US Transition Index through May 31, 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
37
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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 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International plc (diversified manufacturing and services), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, and the Investment Advisory Committee of Major League Baseball; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center.
Executive Officers
Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Vanguard Senior ManagementTeam | |
Mortimer J. Buckley | Thomas M. Rampulla |
Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi |
Chris D. McIsaac | Michael Rollings |
James M. Norris |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
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, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
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P.O. Box 2600 | |
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This material may be used in conjunction | and trademarks related to the FTSE or Russell indexes |
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fund only if preceded or accompanied by | companies and are used by FTSE, MTS, FTSE TMX and |
the fund’s current prospectus. | Russell under licence. All information is provided for |
information purposes only. No responsibility or liability | |
All comparative mutual fund data are from Lipper, a | can be accepted by the London Stock Exchange Group |
Thomson Reuters Company, or Morningstar, Inc., unless | companies nor its licensors for any errors or for any |
otherwise noted. | loss from use of this publication. Neither the London |
You can obtain a free copy of Vanguard’s proxy voting | Stock Exchange Group companies nor any of its |
guidelines by visiting vanguard.com/proxyreporting or by | licensors make any claim, prediction, warranty or |
calling Vanguard at 800-662-2739. The guidelines are | representation whatsoever, expressly or impliedly, |
also available from the SEC’s website, sec.gov. In | either as to the results to be obtained from the use of |
addition, you may obtain a free report on how your fund | the FTSE Indexes or the fitness or suitability of the |
voted the proxies for securities it owned during the 12 | Indexes for any particular purpose to which they might |
months ended June 30. To get the report, visit either | be put. |
vanguard.com/proxyreporting or sec.gov. | The Industry Classification Benchmark (”ICB”) is owned |
You can review and copy information about your fund at | by FTSE. FTSE does not accept any liability to any |
the SEC’s Public Reference Room in Washington, D.C. To | person for any loss or damage arising out of any error |
find out more about this public service, call the SEC at | or omission in the ICB. |
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 email addressed to | |
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© 2017 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1270 022017 |
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. All members of the Audit Committee have been determined by the
Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: Rajiv L. Gupta,
JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2016: $159,000
Fiscal Year Ended December 31, 2015: $154,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2016: $9,629,849
Fiscal Year Ended December 31, 2015: $7,000,200
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the
Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2016: $2,717,627
Fiscal Year Ended December 31, 2015: $2,899,096
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, 2016: $254,050
Fiscal Year Ended December 31, 2015: $353,389
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.
(d) All Other Fees.
Fiscal Year Ended December 31, 2016: $214,225
Fiscal Year Ended December 31, 2015: $202,313
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, 2016: $468,275
Fiscal Year Ended December 31, 2015: $555,702
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: Rajiv L. Gupta, JoAnn Heffernan
Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 6: Investments.
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Common Stocks (99.3%)1 | ||
Australia (6.4%) | ||
Commonwealth Bank of Australia | 7,180,779 | 425,994 |
Westpac Banking Corp. | 13,902,036 | 326,336 |
Australia & New Zealand Banking Group Ltd. | 12,178,086 | 266,593 |
National Australia Bank Ltd. | 11,080,515 | 244,752 |
BHP Billiton Ltd. | 13,442,362 | 240,818 |
Wesfarmers Ltd. | 4,693,466 | 142,456 |
CSL Ltd. | 1,913,624 | 138,393 |
Woolworths Ltd. | 5,372,099 | 93,247 |
Macquarie Group Ltd. | 1,281,106 | 80,251 |
Rio Tinto Ltd. | 1,776,073 | 76,089 |
Scentre Group | 21,411,001 | 71,673 |
Woodside Petroleum Ltd. | 3,065,820 | 68,669 |
Telstra Corp. Ltd. | 17,552,384 | 64,500 |
Transurban Group | 8,539,534 | 63,554 |
Brambles Ltd. | 6,615,626 | 59,038 |
Westfield Corp. | 8,099,177 | 54,762 |
Suncorp Group Ltd. | 5,361,023 | 52,201 |
Amcor Ltd. | 4,848,286 | 52,181 |
QBE Insurance Group Ltd. | 5,767,391 | 51,530 |
Newcrest Mining Ltd. | 3,197,891 | 45,855 |
AGL Energy Ltd. | 2,836,094 | 45,124 |
AMP Ltd. | 12,278,796 | 44,533 |
South32 Ltd. | 22,307,419 | 43,913 |
Insurance Australia Group Ltd. | 10,018,590 | 43,204 |
Goodman Group | 7,438,099 | 38,199 |
Origin Energy Ltd. | 7,290,464 | 34,493 |
Stockland | 9,993,929 | 33,017 |
Aurizon Holdings Ltd. | 8,247,017 | 29,985 |
Vicinity Centres | 13,793,478 | 29,746 |
Aristocrat Leisure Ltd. | 2,653,523 | 29,604 |
James Hardie Industries plc | 1,861,089 | 29,378 |
APA Group | 4,684,076 | 28,916 |
ASX Ltd. | 803,399 | 28,782 |
Dexus Property Group | 4,057,574 | 28,148 |
Fortescue Metals Group Ltd. | 6,710,996 | 28,045 |
GPT Group | 7,527,345 | 27,291 |
Ramsay Health Care Ltd. | 541,707 | 26,634 |
Sonic Healthcare Ltd. | 1,728,670 | 26,604 |
Oil Search Ltd. | 4,871,329 | 25,072 |
LendLease Group | 2,320,379 | 24,384 |
Caltex Australia Ltd. | 1,092,836 | 23,961 |
Treasury Wine Estates Ltd. | 3,101,924 | 23,862 |
Mirvac Group | 15,499,043 | 23,802 |
Medibank Pvt Ltd. | 11,543,549 | 23,453 |
Santos Ltd. | 7,805,539 | 22,485 |
Cochlear Ltd. | 238,298 | 21,032 |
DUET Group | 10,346,408 | 20,432 |
Sydney Airport | 4,614,319 | 19,917 |
Orica Ltd. | 1,552,002 | 19,725 |
Tatts Group Ltd. | 6,097,178 | 19,647 |
Challenger Ltd. | 2,385,399 | 19,274 |
Boral Ltd. | 4,843,338 | 18,856 |
Computershare Ltd. | 2,026,685 | 18,184 |
Incitec Pivot Ltd. | 7,009,926 | 18,139 |
Bendigo & Adelaide Bank Ltd. | 1,907,990 | 17,454 |
Coca-Cola Amatil Ltd. | 2,283,807 | 16,656 |
BlueScope Steel Ltd. | 2,379,587 | 15,815 |
SEEK Ltd. | 1,443,464 | 15,460 |
^ Alumina Ltd. | 10,531,548 | 13,771 |
Bank of Queensland Ltd. | 1,568,087 | 13,401 |
Crown Resorts Ltd. | 1,577,425 | 13,147 |
1
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Star Entertainment Grp Ltd. | 3,444,960 | 12,821 |
Domino's Pizza Enterprises Ltd. | 261,950 | 12,250 |
Tabcorp Holdings Ltd. | 3,443,416 | 11,930 |
Healthscope Ltd. | 7,227,163 | 11,914 |
Ansell Ltd. | 611,752 | 10,885 |
Orora Ltd. | 5,055,508 | 10,872 |
CIMIC Group Ltd. | 406,163 | 10,220 |
JB Hi-Fi Ltd. | 504,044 | 10,188 |
Qantas Airways Ltd. | 3,966,378 | 9,502 |
ALS Ltd. | 2,137,100 | 9,286 |
Iluka Resources Ltd. | 1,750,132 | 9,113 |
Investa Office Fund | 2,650,103 | 9,026 |
REA Group Ltd. | 223,239 | 8,872 |
Harvey Norman Holdings Ltd. | 2,318,512 | 8,591 |
AusNet Services | 7,452,605 | 8,484 |
^ IOOF Holdings Ltd. | 1,250,132 | 8,286 |
carsales.com Ltd. | 988,105 | 8,073 |
Link Administration Holdings Ltd. | 1,472,363 | 8,027 |
Qube Holdings Ltd. | 4,554,988 | 8,001 |
Downer EDI Ltd. | 1,778,142 | 7,786 |
Magellan Financial Group Ltd. | 444,853 | 7,604 |
OZ Minerals Ltd. | 1,317,412 | 7,443 |
Adelaide Brighton Ltd. | 1,895,312 | 7,413 |
DuluxGroup Ltd. | 1,637,826 | 7,354 |
BT Investment Management Ltd. | 938,198 | 7,167 |
CSR Ltd. | 2,105,932 | 7,002 |
Vocus Communications Ltd. | 2,495,461 | 6,949 |
Macquarie Atlas Roads Group | 1,905,600 | 6,934 |
TPG Telecom Ltd. | 1,398,787 | 6,867 |
GrainCorp Ltd. Class A | 969,420 | 6,680 |
* Metcash Ltd. | 4,036,002 | 6,637 |
Perpetual Ltd. | 187,747 | 6,586 |
Evolution Mining Ltd. | 4,342,320 | 6,493 |
Sims Metal Management Ltd. | 705,667 | 6,487 |
* WorleyParsons Ltd. | 910,712 | 6,339 |
nib holdings Ltd. | 1,840,710 | 6,299 |
Fairfax Media Ltd. | 9,830,263 | 6,298 |
Northern Star Resources Ltd. | 2,405,928 | 6,149 |
Independence Group NL | 1,976,255 | 6,062 |
Charter Hall Group | 1,772,332 | 6,054 |
Primary Health Care Ltd. | 2,015,745 | 5,921 |
* Mayne Pharma Group Ltd. | 5,968,628 | 5,774 |
Bapcor Ltd. | 1,273,848 | 5,430 |
* Whitehaven Coal Ltd. | 2,883,575 | 5,398 |
^ Flight Centre Travel Group Ltd. | 237,385 | 5,350 |
Sigma Pharmaceuticals Ltd. | 5,741,019 | 5,338 |
Aveo Group | 2,122,030 | 5,112 |
Mineral Resources Ltd. | 578,215 | 5,033 |
Nufarm Ltd. | 760,625 | 5,012 |
Super Retail Group Ltd. | 672,617 | 5,007 |
Shopping Centres Australasia Property Group | 3,042,420 | 4,845 |
IRESS Ltd. | 557,944 | 4,768 |
InvoCare Ltd. | 466,299 | 4,660 |
Navitas Ltd. | 1,288,542 | 4,623 |
Charter Hall Retail REIT | 1,489,917 | 4,540 |
Cromwell Property Group | 6,235,636 | 4,428 |
BWP Trust | 2,047,156 | 4,411 |
^ G8 Education Ltd. | 1,670,766 | 4,318 |
Regis Resources Ltd. | 1,991,986 | 4,189 |
^ Blackmores Ltd. | 54,725 | 4,073 |
Premier Investments Ltd. | 391,279 | 4,069 |
Beach Energy Ltd. | 6,374,412 | 3,879 |
Cleanaway Waste Management Ltd. | 4,271,148 | 3,783 |
^ Platinum Asset Management Ltd. | 936,765 | 3,560 |
2
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
ARB Corp. Ltd. | 278,115 | 3,536 | |
Pact Group Holdings Ltd. | 726,939 | 3,532 | |
Southern Cross Media Group Ltd. | 3,164,112 | 3,520 | |
Breville Group Ltd. | 526,293 | 3,284 | |
Myer Holdings Ltd. | 3,299,597 | 3,280 | |
Spotless Group Holdings Ltd. | 4,598,860 | 3,278 | |
Reliance Worldwide Corp. Ltd. | 1,409,520 | 3,251 | |
Ardent Leisure Group | 1,923,645 | 3,238 | |
Retail Food Group Ltd. | 636,184 | 3,216 | |
Steadfast Group Ltd. | 1,870,344 | 2,976 | |
Webjet Ltd. | 384,495 | 2,934 | |
^ | Monadelphous Group Ltd. | 362,933 | 2,933 |
* | St. Barbara Ltd. | 1,993,829 | 2,881 |
Automotive Holdings Group Ltd. | 1,011,475 | 2,879 | |
^ | Viva Energy REIT | 1,637,508 | 2,832 |
APN Outdoor Group Ltd. | 659,104 | 2,803 | |
Abacus Property Group | 1,248,127 | 2,715 | |
^,* | Galaxy Resources Ltd. | 7,114,279 | 2,671 |
GUD Holdings Ltd. | 352,496 | 2,658 | |
Mantra Group Ltd. | 1,183,110 | 2,621 | |
Costa Group Holdings Ltd. | 1,055,397 | 2,614 | |
^ | Altium Ltd. | 447,811 | 2,610 |
* | NEXTDC Ltd. | 989,444 | 2,592 |
^,* | Orocobre Ltd. | 795,612 | 2,583 |
^,* | Aconex Ltd. | 706,015 | 2,580 |
Brickworks Ltd. | 257,770 | 2,525 | |
2 | MYOB Group Ltd. | 929,628 | 2,448 |
Sandfire Resources NL | 594,516 | 2,406 | |
Technology One Ltd. | 589,919 | 2,397 | |
Genworth Mortgage Insurance Australia Ltd. | 990,498 | 2,335 | |
^,* | Western Areas Ltd. | 1,055,878 | 2,318 |
Seven West Media Ltd. | 3,899,504 | 2,259 | |
Eclipx Group Ltd. | 834,118 | 2,252 | |
GWA Group Ltd. | 1,038,619 | 2,213 | |
Australian Pharmaceutical Industries Ltd. | 1,489,813 | 2,209 | |
* | Saracen Mineral Holdings Ltd. | 3,104,939 | 2,178 |
* | Nanosonics Ltd. | 957,606 | 2,145 |
Growthpoint Properties Australia Ltd. | 906,933 | 2,141 | |
* | APN News & Media Ltd. | 1,025,485 | 2,095 |
^,* | Syrah Resources Ltd. | 951,530 | 2,087 |
* | Australian Agricultural Co. Ltd. | 1,683,703 | 2,055 |
Seven Group Holdings Ltd. | 360,413 | 2,033 | |
* | Bradken Ltd. | 871,137 | 2,020 |
Credit Corp. Group Ltd. | 154,968 | 2,001 | |
National Storage REIT | 1,855,260 | 2,000 | |
^ | oOh!media Ltd. | 605,429 | 1,995 |
Cover-More Group Ltd. | 1,435,596 | 1,994 | |
^ | IPH Ltd. | 539,296 | 1,989 |
Sirtex Medical Ltd. | 193,157 | 1,969 | |
Resolute Mining Ltd. | 2,096,748 | 1,907 | |
Nine Entertainment Co. Holdings Ltd. | 2,447,714 | 1,877 | |
^ | Estia Health Ltd. | 971,477 | 1,819 |
Tassal Group Ltd. | 604,900 | 1,809 | |
^ | Corporate Travel Management Ltd. | 136,578 | 1,801 |
McMillan Shakespeare Ltd. | 227,212 | 1,779 | |
FlexiGroup Ltd. | 1,064,761 | 1,733 | |
^ | Regis Healthcare Ltd. | 524,508 | 1,730 |
^ | Gateway Lifestyle | 1,101,756 | 1,715 |
^ | Greencross Ltd. | 343,084 | 1,696 |
^ | Japara Healthcare Ltd. | 1,034,710 | 1,685 |
Collins Foods Ltd. | 341,122 | 1,615 | |
Asaleo Care Ltd. | 1,512,315 | 1,612 | |
^,* | Pilbara Minerals Ltd. | 4,338,342 | 1,564 |
^ | TFS Corp. Ltd. | 1,306,371 | 1,563 |
3
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Bega Cheese Ltd. | 509,405 | 1,555 |
Folkestone Education Trust | 829,499 | 1,518 | |
^ | Select Harvests Ltd. | 303,897 | 1,452 |
^ | 360 Capital Industrial Fund | 799,874 | 1,449 |
Programmed Maintenance Services Ltd. | 1,034,618 | 1,433 | |
IDP Education Ltd. | 497,527 | 1,432 | |
^,* | Infigen Energy | 2,182,498 | 1,415 |
^ | SmartGroup Corp. Ltd. | 312,068 | 1,411 |
^ | Ingenia Communities Group | 712,075 | 1,384 |
^,* | Gold Road Resources Ltd. | 3,275,080 | 1,343 |
Cabcharge Australia Ltd. | 479,910 | 1,342 | |
GDI Property Group | 1,811,896 | 1,294 | |
^ | RCG Corp. Ltd. | 1,170,835 | 1,255 |
iSentia Group Ltd. | 604,104 | 1,247 | |
^ | Arena REIT | 900,043 | 1,215 |
^,* | Highfield Resources Ltd. | 1,245,340 | 1,192 |
Tox Free Solutions Ltd. | 630,428 | 1,176 | |
^ | Bellamy's Australia Ltd. | 242,473 | 1,169 |
Hotel Property Investments | 568,372 | 1,163 | |
WPP AUNZ Ltd. | 1,334,388 | 1,162 | |
Village Roadshow Ltd. | 345,143 | 1,134 | |
* | Karoon Gas Australia Ltd. | 853,724 | 1,100 |
Virtus Health Ltd. | 233,832 | 1,051 | |
^,* | Mesoblast Ltd. | 1,010,007 | 1,040 |
OFX Group Ltd. | 858,150 | 1,039 | |
WiseTech Global Ltd. | 253,405 | 1,032 | |
^,* | Blue Sky Alternative Investments Ltd. | 199,745 | 1,008 |
Astro Japan Property Group | 208,800 | 1,001 | |
SG Fleet Group Ltd. | 415,051 | 997 | |
^,* | Perseus Mining Ltd. | 4,185,160 | 990 |
^ | BWX Ltd. | 333,903 | 975 |
MACA Ltd. | 768,248 | 948 | |
^,* | Liquefied Natural Gas Ltd. | 1,898,336 | 920 |
Thorn Group Ltd. | 653,172 | 905 | |
^,* | Senex Energy Ltd. | 4,721,911 | 898 |
Ainsworth Game Technology Ltd. | 587,488 | 893 | |
* | AWE Ltd. | 1,944,338 | 865 |
RCR Tomlinson Ltd. | 420,679 | 834 | |
^,* | Cardno Ltd. | 1,201,444 | 819 |
^,* | Beadell Resources Ltd. | 4,265,826 | 809 |
^,* | Starpharma Holdings Ltd. | 1,503,204 | 785 |
Cedar Woods Properties Ltd. | 213,753 | 778 | |
^,* | Lynas Corp. Ltd. | 14,730,707 | 774 |
^,* | Ten Network Holdings Ltd. | 1,142,310 | 761 |
Reject Shop Ltd. | 107,977 | 659 | |
* | Mount Gibson Iron Ltd. | 2,444,463 | 614 |
ERM Power Ltd. | 486,128 | 450 | |
CSG Ltd. | 826,321 | 435 | |
^,* | Billabong International Ltd. | 415,982 | 376 |
^,* | Paladin Energy Ltd. | 6,058,533 | 376 |
* | MMA Offshore Ltd. | 1,869,821 | 364 |
Decmil Group Ltd. | 477,455 | 356 | |
* | Watpac Ltd. | 571,456 | 319 |
^ | Cash Converters International Ltd. | 1,269,011 | 306 |
NZME Ltd. | 638,779 | 253 | |
SMS Management & Technology Ltd. | 249,012 | 239 | |
* | Kingsgate Consolidated Ltd. | 982,373 | 201 |
^,* | Slater & Gordon Ltd. | 1,217,032 | 197 |
^,* | Capitol Health Ltd. | 1,842,089 | 172 |
^,* | Arrium Ltd. | 8,838,238 | 140 |
^,* | Acrux Ltd. | 596,723 | 133 |
* | UGL Ltd. | 13,734 | 37 |
^ | Corporate Travel Management Ltd. Rights | 6,127 | 15 |
4,311,493 |
4
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Austria (0.3%) | |||
Erste Group Bank AG | 1,207,725 | 35,311 | |
OMV AG | 602,910 | 21,255 | |
voestalpine AG | 475,312 | 18,586 | |
ANDRITZ AG | 300,991 | 15,084 | |
* | Raiffeisen Bank International AG | 489,535 | 8,924 |
BUWOG AG | 378,436 | 8,785 | |
Wienerberger AG | 483,105 | 8,380 | |
IMMOFINANZ AG | 3,978,374 | 7,744 | |
CA Immobilien Anlagen AG | 323,305 | 5,935 | |
^ | Conwert Immobilien Invest SE | 328,783 | 5,611 |
Oesterreichische Post AG | 140,878 | 4,722 | |
^ | Verbund AG | 273,095 | 4,354 |
Lenzing AG | 32,633 | 3,949 | |
Schoeller-Bleckmann Oilfield Equipment AG | 45,767 | 3,679 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 163,805 | 3,665 | |
Mayr Melnhof Karton AG | 32,353 | 3,432 | |
UNIQA Insurance Group AG | 439,901 | 3,327 | |
Telekom Austria AG Class A | 548,692 | 3,239 | |
RHI AG | 103,188 | 2,627 | |
S IMMO AG | 214,184 | 2,251 | |
Strabag SE | 61,886 | 2,192 | |
Zumtobel Group AG | 111,790 | 1,997 | |
DO & CO AG | 26,703 | 1,755 | |
EVN AG | 127,718 | 1,507 | |
Palfinger AG | 44,827 | 1,348 | |
* | Flughafen Wien AG | 39,865 | 982 |
Semperit AG Holding | 35,628 | 965 | |
Kapsch TrafficCom AG | 20,376 | 800 | |
182,406 | |||
Belgium (1.1%) | |||
Anheuser-Busch InBev SA/NV | 3,335,369 | 353,030 | |
KBC Group NV | 1,155,790 | 71,414 | |
Solvay SA Class A | 291,469 | 34,075 | |
Ageas | 853,550 | 33,738 | |
UCB SA | 508,109 | 32,509 | |
Groupe Bruxelles Lambert SA | 323,636 | 27,115 | |
Umicore SA | 397,918 | 22,638 | |
Proximus SADP | 592,729 | 17,039 | |
Ackermans & van Haaren NV | 102,986 | 14,306 | |
Colruyt SA | 278,955 | 13,787 | |
* | Telenet Group Holding NV | 206,797 | 11,462 |
bpost SA | 422,221 | 9,982 | |
Cofinimmo SA | 83,770 | 9,566 | |
Ontex Group NV | 305,283 | 9,063 | |
Sofina SA | 64,257 | 8,465 | |
Melexis NV | 93,953 | 6,285 | |
Warehouses De Pauw CVA | 68,510 | 6,116 | |
Elia System Operator SA/NV | 115,499 | 6,037 | |
Bekaert SA | 141,868 | 5,734 | |
* | KBC Ancora | 125,675 | 5,255 |
D'ieteren SA/NV | 114,839 | 5,072 | |
Befimmo SA | 80,940 | 4,545 | |
Gimv NV | 81,368 | 4,503 | |
Euronav NV | 526,998 | 4,192 | |
Aedifica SA | 51,551 | 3,855 | |
Ion Beam Applications | 80,383 | 3,517 | |
* | Tessenderlo Chemie NV (Voting Shares) | 95,307 | 3,483 |
Econocom Group SA/NV | 217,980 | 3,196 | |
^,* | Nyrstar (Voting Shares) | 375,413 | 3,077 |
Cie d'Entreprises CFE | 28,324 | 3,075 | |
Barco NV | 33,865 | 2,851 | |
* | AGFA-Gevaert NV | 699,920 | 2,701 |
* | Orange Belgium SA | 116,396 | 2,430 |
5
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
^ Kinepolis Group NV | 52,015 | 2,324 |
Van de Velde NV | 27,274 | 1,898 |
EVS Broadcast Equipment SA | 37,872 | 1,323 |
Wereldhave Belgium NV | 8,266 | 936 |
750,594 | ||
Canada (8.8%) | ||
Royal Bank of Canada | 6,185,183 | 418,611 |
Toronto-Dominion Bank | 7,707,848 | 380,154 |
Bank of Nova Scotia | 5,049,913 | 281,184 |
Suncor Energy Inc. | 6,960,779 | 227,593 |
Canadian National Railway Co. | 2,878,740 | 193,738 |
Bank of Montreal | 2,683,037 | 192,977 |
Enbridge Inc. | 3,922,406 | 165,059 |
TransCanada Corp. | 3,596,506 | 162,166 |
Manulife Financial Corp. | 8,230,088 | 146,562 |
Canadian Natural Resources Ltd. | 4,579,944 | 145,962 |
Canadian Imperial Bank of Commerce | 1,652,798 | 134,868 |
Brookfield Asset Management Inc. Class A | 3,729,018 | 123,037 |
Sun Life Financial Inc. | 2,555,341 | 98,110 |
Canadian Pacific Railway Ltd. | 612,642 | 87,408 |
Barrick Gold Corp. | 4,870,105 | 77,949 |
Alimentation Couche-Tard Inc. Class B | 1,648,064 | 74,728 |
Magna International Inc. | 1,558,974 | 67,693 |
Potash Corp. of Saskatchewan Inc. | 3,505,895 | 63,425 |
Thomson Reuters Corp. | 1,386,178 | 60,665 |
Rogers Communications Inc. Class B | 1,511,263 | 58,294 |
Agrium Inc. | 576,888 | 57,987 |
National Bank of Canada | 1,407,021 | 57,144 |
Cenovus Energy Inc. | 3,477,008 | 52,570 |
* CGI Group Inc. Class A | 1,090,753 | 52,350 |
BCE Inc. | 1,197,967 | 51,777 |
Pembina Pipeline Corp. | 1,636,358 | 51,139 |
Loblaw Cos. Ltd. | 956,615 | 50,472 |
Fortis Inc. | 1,584,584 | 48,931 |
Goldcorp Inc. | 3,558,333 | 48,446 |
Encana Corp. | 4,064,291 | 47,707 |
Fairfax Financial Holdings Ltd. | 96,124 | 46,428 |
Restaurant Brands International Inc. | 943,668 | 44,947 |
Franco-Nevada Corp. | 741,123 | 44,313 |
Intact Financial Corp. | 554,674 | 39,701 |
Teck Resources Ltd. Class B | 1,965,552 | 39,336 |
Agnico Eagle Mines Ltd. | 934,437 | 39,287 |
Imperial Oil Ltd. | 1,109,302 | 38,592 |
Saputo Inc. | 1,063,717 | 37,640 |
Silver Wheaton Corp. | 1,838,739 | 35,524 |
Shaw Communications Inc. Class B | 1,750,711 | 35,128 |
Waste Connections Inc. (New York Shares) | 442,267 | 34,758 |
Inter Pipeline Ltd. | 1,493,629 | 32,973 |
Power Corp. of Canada | 1,469,567 | 32,891 |
Great-West Lifeco Inc. | 1,243,016 | 32,560 |
Dollarama Inc. | 428,433 | 31,393 |
Open Text Corp. | 508,166 | 31,384 |
Crescent Point Energy Corp. | 2,254,727 | 30,647 |
Constellation Software Inc. | 66,323 | 30,138 |
Canadian Tire Corp. Ltd. Class A | 288,248 | 29,899 |
Metro Inc. | 987,118 | 29,526 |
First Quantum Minerals Ltd. | 2,871,146 | 28,548 |
* Tourmaline Oil Corp. | 1,039,767 | 27,809 |
SNC-Lavalin Group Inc. | 633,716 | 27,276 |
CCL Industries Inc. Class B | 136,260 | 26,772 |
RioCan REIT | 1,344,177 | 26,660 |
TELUS Corp. | 831,109 | 26,463 |
* Seven Generations Energy Ltd. Class A | 1,105,231 | 25,774 |
ARC Resources Ltd. | 1,455,428 | 25,051 |
6
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Gildan Activewear Inc. | 975,261 | 24,762 |
Power Financial Corp. | 974,202 | 24,351 |
Onex Corp. | 342,600 | 23,317 |
Keyera Corp. | 765,133 | 23,057 |
Waste Connections Inc. | 292,938 | 22,983 |
Canadian Utilities Ltd. Class A | 807,770 | 21,773 |
CI Financial Corp. | 963,024 | 20,707 |
PrairieSky Royalty Ltd. | 852,084 | 20,270 |
H&R REIT | 1,179,709 | 19,655 |
* Valeant Pharmaceuticals International Inc. | 1,328,958 | 19,271 |
Vermilion Energy Inc. | 434,305 | 18,273 |
George Weston Ltd. | 208,944 | 17,677 |
AltaGas Ltd. | 686,317 | 17,329 |
Cameco Corp. | 1,631,933 | 17,065 |
Industrial Alliance Insurance & Financial Services Inc. | 427,281 | 16,991 |
Methanex Corp. | 376,261 | 16,503 |
* Kinross Gold Corp. | 5,205,811 | 16,246 |
CAE Inc. | 1,101,897 | 15,413 |
* Husky Energy Inc. | 1,270,151 | 15,410 |
Element Fleet Management Corp. | 1,599,210 | 14,841 |
Peyto Exploration & Development Corp. | 595,743 | 14,736 |
* BlackBerry Ltd. | 2,119,466 | 14,586 |
WSP Global Inc. | 418,419 | 13,927 |
Finning International Inc. | 696,505 | 13,638 |
^ Canadian Apartment Properties REIT | 568,316 | 13,278 |
^ Whitecap Resources Inc. | 1,463,051 | 13,250 |
* Bombardier Inc. Class B | 8,050,055 | 12,951 |
Veresen Inc. | 1,317,211 | 12,862 |
* Lundin Mining Corp. | 2,677,518 | 12,763 |
Ritchie Bros Auctioneers Inc. | 372,094 | 12,623 |
2 Hydro One Ltd. | 708,032 | 12,435 |
Cineplex Inc. | 320,014 | 12,208 |
Tahoe Resources Inc. | 1,271,124 | 11,976 |
Yamana Gold Inc. | 3,937,963 | 11,057 |
Smart REIT | 458,934 | 11,037 |
Stantec Inc. | 435,666 | 11,006 |
IGM Financial Inc. | 381,137 | 10,844 |
Enbridge Income Fund Holdings Inc. | 414,328 | 10,730 |
* Turquoise Hill Resources Ltd. | 3,334,615 | 10,704 |
Atco Ltd. | 321,211 | 10,684 |
Canadian REIT | 303,584 | 10,469 |
TFI International Inc. | 392,036 | 10,187 |
* Detour Gold Corp. | 736,058 | 10,027 |
Quebecor Inc. Class B | 353,066 | 9,814 |
* Eldorado Gold Corp. | 2,981,680 | 9,594 |
Enerplus Corp. | 1,003,178 | 9,519 |
* B2Gold Corp. | 3,987,039 | 9,473 |
Algonquin Power & Utilities Corp. | 1,100,444 | 9,335 |
Chartwell Retirement Residences | 850,226 | 9,277 |
TMX Group Ltd. | 172,371 | 9,182 |
Toromont Industries Ltd. | 290,276 | 9,156 |
Allied Properties REIT | 341,592 | 9,146 |
Pan American Silver Corp. | 601,300 | 9,069 |
Linamar Corp. | 208,999 | 8,980 |
^ West Fraser Timber Co. Ltd. | 246,620 | 8,819 |
^ Canadian Western Bank | 383,971 | 8,677 |
Parkland Fuel Corp. | 396,313 | 8,303 |
Gibson Energy Inc. | 582,573 | 8,235 |
MacDonald Dettwiler & Associates Ltd. | 162,887 | 8,115 |
* Parex Resources Inc. | 638,356 | 8,035 |
Cominar REIT | 731,953 | 8,025 |
Northland Power Inc. | 453,781 | 7,875 |
Empire Co. Ltd. | 656,715 | 7,689 |
Alamos Gold Inc. | 1,101,018 | 7,594 |
7
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | New Gold Inc. | 2,124,571 | 7,453 |
OceanaGold Corp. | 2,549,255 | 7,424 | |
DH Corp. | 441,554 | 7,327 | |
* | IAMGOLD Corp. | 1,884,113 | 7,283 |
* | Raging River Exploration Inc. | 924,061 | 7,268 |
Emera Inc. | 213,670 | 7,223 | |
ShawCor Ltd. | 270,068 | 7,209 | |
Capital Power Corp. | 404,597 | 7,000 | |
Granite REIT | 206,512 | 6,895 | |
* | Descartes Systems Group Inc. | 318,387 | 6,789 |
^,* | Amaya Inc. | 475,980 | 6,739 |
TransAlta Corp. | 1,202,443 | 6,654 | |
Maple Leaf Foods Inc. | 316,166 | 6,622 | |
* | Precision Drilling Corp. | 1,206,030 | 6,575 |
^ | Dream Office REIT | 449,977 | 6,552 |
^ | Home Capital Group Inc. Class B | 279,647 | 6,527 |
Laurentian Bank of Canada | 151,034 | 6,494 | |
^ | Boardwalk REIT | 177,636 | 6,437 |
Cott Corp. | 568,212 | 6,433 | |
FirstService Corp. | 135,264 | 6,421 | |
^ | Secure Energy Services Inc. | 725,627 | 6,329 |
* | Birchcliff Energy Ltd. | 899,002 | 6,274 |
Mullen Group Ltd. | 420,884 | 6,216 | |
First Capital Realty Inc. | 403,072 | 6,205 | |
New Flyer Industries Inc. | 203,269 | 6,183 | |
* | Torex Gold Resources Inc. | 396,616 | 6,141 |
* | Celestica Inc. | 516,192 | 6,117 |
* | Advantage Oil & Gas Ltd. | 899,741 | 6,112 |
Canadian Energy Services & Technology Corp. | 1,042,225 | 5,946 | |
Superior Plus Corp. | 621,837 | 5,905 | |
^ | Artis REIT | 617,876 | 5,844 |
Stella-Jones Inc. | 179,355 | 5,822 | |
TORC Oil & Gas Ltd. | 939,182 | 5,785 | |
HudBay Minerals Inc. | 1,005,093 | 5,749 | |
Enercare Inc. | 426,749 | 5,670 | |
Colliers International Group Inc. | 146,474 | 5,399 | |
Russel Metals Inc. | 276,800 | 5,274 | |
* | First Majestic Silver Corp. | 678,500 | 5,185 |
Innergex Renewable Energy Inc. | 488,022 | 5,100 | |
* | Gran Tierra Energy Inc. | 1,648,572 | 4,985 |
* | Pretium Resources Inc. | 596,291 | 4,939 |
Westshore Terminals Investment Corp. | 251,396 | 4,848 | |
^ | Corus Entertainment Inc. Class B | 510,787 | 4,793 |
^ | Hudson's Bay Co. | 482,753 | 4,743 |
^,* | Baytex Energy Corp. | 959,618 | 4,689 |
Jean Coutu Group PJC Inc. Class A | 299,369 | 4,665 | |
Enerflex Ltd. | 366,679 | 4,656 | |
Manitoba Telecom Services Inc. | 164,465 | 4,650 | |
^,* | NovaGold Resources Inc. | 999,200 | 4,569 |
* | SEMAFO Inc. | 1,356,867 | 4,467 |
Norbord Inc. | 173,000 | 4,369 | |
* | Silver Standard Resources Inc. | 477,965 | 4,275 |
Aimia Inc. | 646,231 | 4,274 | |
Osisko Gold Royalties Ltd. | 436,926 | 4,260 | |
North West Co. Inc. | 207,125 | 4,245 | |
^,* | MEG Energy Corp. | 617,500 | 4,245 |
Transcontinental Inc. Class A | 254,500 | 4,206 | |
Dominion Diamond Corp. | 433,492 | 4,200 | |
^,* | ProMetic Life Sciences Inc. | 2,496,600 | 4,147 |
Winpak Ltd. | 122,200 | 4,134 | |
Pason Systems Inc. | 282,500 | 4,132 | |
Centerra Gold Inc. | 866,427 | 4,059 | |
* | Endeavour Mining Corp. | 270,973 | 4,049 |
TransAlta Renewables Inc. | 373,009 | 3,984 |
8
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Genworth MI Canada Inc. | 155,300 | 3,893 |
* | ECN Capital Corp. | 1,522,800 | 3,743 |
* | Canfor Corp. | 322,600 | 3,669 |
^,* | Penn West Petroleum Ltd. | 2,071,789 | 3,657 |
Nevsun Resources Ltd. | 1,161,495 | 3,590 | |
Ensign Energy Services Inc. | 501,400 | 3,503 | |
* | NuVista Energy Ltd. | 671,100 | 3,469 |
* | Great Canadian Gaming Corp. | 179,700 | 3,343 |
* | Crew Energy Inc. | 587,200 | 3,284 |
* | Pengrowth Energy Corp. | 2,242,300 | 3,223 |
Enghouse Systems Ltd. | 76,400 | 3,183 | |
* | ATS Automation Tooling Systems Inc. | 329,200 | 3,070 |
* | Kelt Exploration Ltd. | 604,300 | 3,047 |
Dorel Industries Inc. Class B | 103,200 | 2,982 | |
Just Energy Group Inc. | 544,900 | 2,979 | |
^ | Northview Apartment REIT | 198,300 | 2,964 |
* | Paramount Resources Ltd. Class A | 219,500 | 2,954 |
Extendicare Inc. | 355,500 | 2,616 | |
Aecon Group Inc. | 229,100 | 2,602 | |
Bonterra Energy Corp. | 118,075 | 2,558 | |
Fortis Inc. (New York Shares) | 76,492 | 2,362 | |
Cascades Inc. | 262,100 | 2,362 | |
^,* | Athabasca Oil Corp. | 1,520,200 | 2,321 |
Cogeco Communications Inc. | 44,600 | 2,200 | |
^,* | Sierra Wireless Inc. | 130,500 | 2,043 |
Martinrea International Inc. | 284,000 | 1,817 | |
^ | AutoCanada Inc. | 101,250 | 1,744 |
^,* | Alacer Gold Corp. | 950,100 | 1,585 |
* | Canaccord Genuity Group Inc. | 415,600 | 1,476 |
^ | Morguard REIT | 132,100 | 1,465 |
* | China Gold International Resources Corp. Ltd. | 961,200 | 1,417 |
^,* | Avigilon Corp. | 141,000 | 1,346 |
Sprott Inc. | 585,901 | 1,095 | |
^ | First National Financial Corp. | 53,800 | 1,079 |
* | DREAM Unlimited Corp. Class A | 198,300 | 998 |
^ | Concordia International Corp. | 425,710 | 904 |
* | Osisko Gold Royalties Warrants Exp. 02/26/2019 | 3,963 | 7 |
Pacific Exploration and Production Corp. | 7 | — | |
TFI International Inc. | — | ||
5,907,622 | |||
Denmark (1.4%) | |||
Novo Nordisk A/S Class B | 7,715,308 | 276,765 | |
Danske Bank A/S | 3,120,936 | 94,420 | |
Vestas Wind Systems A/S | 924,726 | 59,889 | |
Pandora A/S | 458,766 | 59,887 | |
AP Moller - Maersk A/S Class B | 26,139 | 41,665 | |
* | Genmab A/S | 228,230 | 37,807 |
Carlsberg A/S Class B | 436,923 | 37,632 | |
DSV A/S | 779,304 | 34,609 | |
Novozymes A/S | 926,519 | 31,883 | |
Coloplast A/S Class B | 419,943 | 28,287 | |
AP Moller - Maersk A/S Class A | 18,133 | 27,365 | |
ISS A/S | 778,625 | 26,242 | |
Chr Hansen Holding A/S | 368,383 | 20,374 | |
* | TDC A/S | 3,344,315 | 17,144 |
Jyske Bank A/S | 294,132 | 13,987 | |
GN Store Nord A/S | 632,041 | 13,071 | |
*,2 | DONG Energy A/S | 326,155 | 12,337 |
* | H Lundbeck A/S | 249,405 | 10,126 |
Sydbank A/S | 283,046 | 8,769 | |
Tryg A/S | 476,293 | 8,601 | |
William Demant Holding A/S | 484,149 | 8,409 | |
FLSmidth & Co. A/S | 201,117 | 8,339 | |
NKT Holding A/S | 106,224 | 7,491 |
9
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
SimCorp A/S | 148,926 | 7,253 | |
Royal Unibrew A/S | 173,789 | 6,701 | |
* | Topdanmark A/S | 234,298 | 5,937 |
Dfds A/S | 122,468 | 5,584 | |
* | Bavarian Nordic A/S | 128,472 | 4,519 |
Rockwool International A/S Class B | 25,373 | 4,471 | |
* | Ambu A/S Class B | 95,403 | 3,825 |
Spar Nord Bank A/S | 327,138 | 3,747 | |
Schouw & Co. AB | 47,582 | 3,542 | |
ALK-Abello A/S | 26,206 | 3,406 | |
2 | Scandinavian Tobacco Group A/S | 200,482 | 3,373 |
Alm Brand A/S | 275,699 | 2,102 | |
Matas A/S | 137,974 | 1,882 | |
* | Bang & Olufsen A/S | 130,518 | 1,477 |
^,* | D/S Norden A/S | 92,367 | 1,442 |
Solar A/S Class B | 22,355 | 1,141 | |
945,501 | |||
Finland (1.0%) | |||
Nokia Oyj | 23,929,524 | 114,770 | |
Sampo Oyj Class A | 1,966,582 | 87,912 | |
Kone Oyj Class B | 1,587,735 | 70,946 | |
UPM-Kymmene Oyj | 2,229,716 | 54,529 | |
Wartsila OYJ Abp | 648,551 | 29,079 | |
Fortum Oyj | 1,873,333 | 28,636 | |
Stora Enso Oyj | 2,400,791 | 25,681 | |
Elisa Oyj | 668,314 | 21,695 | |
Nokian Renkaat Oyj | 563,140 | 20,936 | |
Neste Oyj | 535,769 | 20,503 | |
Orion Oyj Class B | 423,332 | 18,810 | |
Metso Oyj | 566,919 | 16,128 | |
Huhtamaki Oyj | 430,451 | 15,953 | |
Kesko Oyj Class B | 281,065 | 14,027 | |
Amer Sports Oyj | 494,389 | 13,119 | |
Konecranes Oyj | 245,262 | 8,691 | |
Valmet Oyj | 579,275 | 8,505 | |
Tieto Oyj | 304,797 | 8,294 | |
Cargotec Oyj Class B | 172,164 | 7,751 | |
* | Outokumpu Oyj | 839,381 | 7,474 |
^ | Metsa Board Oyj | 938,060 | 6,689 |
^ | Caverion Corp. | 595,201 | 4,953 |
Sponda Oyj | 960,169 | 4,413 | |
YIT Oyj | 518,015 | 4,123 | |
Kemira Oyj | 316,290 | 4,032 | |
Citycon Oyj | 1,592,046 | 3,910 | |
^,* | Outotec Oyj | 743,653 | 3,888 |
Uponor Oyj | 219,666 | 3,812 | |
Sanoma Oyj | 349,320 | 3,030 | |
Cramo Oyj | 100,707 | 2,519 | |
Oriola-KD Oyj | 500,686 | 2,266 | |
Ramirent Oyj | 265,813 | 2,065 | |
Raisio Oyj | 512,417 | 1,924 | |
* | Finnair Oyj | 248,430 | 1,053 |
F-Secure Oyj | 252,727 | 923 | |
^,* | Stockmann OYJ Abp Class B | 110,844 | 822 |
643,861 | |||
France (7.8%) | |||
TOTAL SA | 9,081,291 | 465,800 | |
Sanofi | 4,663,865 | 377,146 | |
BNP Paribas SA | 4,082,344 | 259,793 | |
AXA SA | 8,064,487 | 203,297 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,047,143 | 199,661 | |
Schneider Electric SE | 2,276,732 | 158,162 | |
Airbus SE | 2,289,860 | 151,243 | |
Societe Generale SA | 3,063,199 | 150,669 |
10
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Danone SA | 2,372,526 | 150,131 |
Vinci SA | 1,953,666 | 132,898 |
Air Liquide SA | 1,092,866 | 121,526 |
Orange SA | 7,989,535 | 121,153 |
L'Oreal SA | 636,881 | 116,082 |
Unibail-Rodamco SE | 409,444 | 97,573 |
Pernod Ricard SA | 882,487 | 95,503 |
Essilor International SA | 846,246 | 95,481 |
Cie de Saint-Gobain | 1,988,380 | 92,495 |
Safran SA | 1,226,742 | 88,232 |
Vivendi SA | 4,550,737 | 86,314 |
Cie Generale des Etablissements Michelin | 755,903 | 84,026 |
Engie SA | 6,025,622 | 76,700 |
Kering | 311,671 | 69,909 |
L'Oreal SA Loyalty Line | 368,925 | 67,242 |
Renault SA | 720,832 | 64,022 |
Legrand SA | 1,113,351 | 63,166 |
Air Liquide SA (Prime de fidelite) | 545,732 | 60,685 |
Publicis Groupe SA | 850,909 | 58,632 |
Carrefour SA | 2,364,945 | 56,939 |
* Valeo SA | 987,784 | 56,707 |
Capgemini SA | 661,857 | 55,761 |
Credit Agricole SA | 3,762,831 | 46,579 |
Christian Dior SE | 216,379 | 45,334 |
Thales SA | 451,126 | 43,706 |
Sodexo SA | 371,204 | 42,619 |
Hermes International | 99,154 | 40,675 |
Dassault Systemes SE | 532,228 | 40,511 |
Atos SE | 379,063 | 39,952 |
Veolia Environnement SA | 2,116,083 | 35,956 |
Technip SA | 489,786 | 34,888 |
Klepierre | 871,415 | 34,193 |
SES SA Class A | 1,499,506 | 32,993 |
STMicroelectronics NV | 2,604,944 | 29,526 |
Arkema SA | 296,354 | 28,969 |
Bouygues SA | 808,673 | 28,950 |
Accor SA | 731,143 | 27,237 |
* Peugeot SA | 1,636,948 | 26,661 |
Teleperformance | 239,134 | 23,975 |
Gecina SA | 165,818 | 22,903 |
SCOR SE | 659,751 | 22,769 |
Natixis SA | 3,867,596 | 21,780 |
Eiffage SA | 310,366 | 21,618 |
Bureau Veritas SA | 1,087,768 | 21,053 |
Rexel SA | 1,278,401 | 21,004 |
Suez | 1,389,737 | 20,477 |
Zodiac Aerospace | 839,576 | 19,252 |
Iliad SA | 98,202 | 18,859 |
Groupe Eurotunnel SE | 1,938,659 | 18,417 |
Ingenico Group SA | 229,012 | 18,272 |
* Alstom SA | 642,670 | 17,673 |
Edenred | 861,729 | 17,063 |
Eurofins Scientific SE | 39,201 | 16,701 |
Societe BIC SA | 112,389 | 15,271 |
SEB SA | 112,213 | 15,205 |
Wendel SA | 125,366 | 15,086 |
Bollore SA | 4,130,011 | 14,542 |
Orpea | 175,158 | 14,141 |
Eutelsat Communications SA | 728,780 | 14,093 |
Fonciere Des Regions | 153,941 | 13,422 |
2 Elior Group | 572,576 | 13,080 |
Lagardere SCA | 469,078 | 13,019 |
Aeroports de Paris | 120,529 | 12,907 |
Rubis SCA | 154,000 | 12,684 |
11
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
CNP Assurances | 670,554 | 12,412 | |
2 | Euronext NV | 293,856 | 12,112 |
Faurecia | 311,086 | 12,049 | |
Credit Agricole SA Loyalty Line | 951,298 | 11,776 | |
Imerys SA | 152,489 | 11,553 | |
* | Ubisoft Entertainment SA | 324,601 | 11,535 |
Casino Guichard Perrachon SA | 235,600 | 11,289 | |
* | SFR Group SA | 391,881 | 11,048 |
ICADE | 151,589 | 10,804 | |
Ipsen SA | 147,881 | 10,685 | |
^ | Electricite de France SA | 995,732 | 10,131 |
Eurazeo SA | 173,136 | 10,122 | |
JCDecaux SA | 312,086 | 9,177 | |
BioMerieux | 59,985 | 8,953 | |
Remy Cointreau SA | 104,713 | 8,925 | |
*,2 | Amundi SA | 169,408 | 8,859 |
Nexity SA | 182,979 | 8,558 | |
^,* | Vallourec SA | 1,238,340 | 8,509 |
Technicolor SA | 1,480,595 | 8,006 | |
Cie Plastic Omnium SA | 239,597 | 7,641 | |
Altran Technologies SA | 517,664 | 7,555 | |
* | Nexans SA | 141,747 | 7,331 |
* | Sartorius Stedim Biotech | 107,002 | 6,751 |
Alten SA | 95,001 | 6,670 | |
Elis SA | 348,549 | 6,216 | |
* | DBV Technologies SA | 89,173 | 6,215 |
Sopra Steria Group | 53,632 | 6,085 | |
Euler Hermes Group | 68,374 | 6,005 | |
Havas SA | 664,876 | 5,598 | |
SPIE SA | 246,449 | 5,187 | |
Metropole Television SA | 276,533 | 5,140 | |
IPSOS | 149,888 | 4,709 | |
Korian SA | 157,431 | 4,611 | |
*,2 | Worldline SA | 161,346 | 4,546 |
Neopost SA | 140,205 | 4,379 | |
Television Francaise 1 | 425,056 | 4,219 | |
Vicat SA | 65,893 | 3,999 | |
* | Groupe Fnac SA | 57,167 | 3,862 |
Mercialys SA | 186,680 | 3,781 | |
Tarkett SA | 101,043 | 3,624 | |
Gaztransport Et Technigaz SA | 74,619 | 3,224 | |
* | Virbac SA | 18,132 | 3,189 |
^,* | Air France-KLM | 583,461 | 3,174 |
Trigano SA | 38,851 | 3,038 | |
*,2 | Europcar Groupe SA | 295,330 | 2,992 |
Faiveley Transport SA | 28,115 | 2,963 | |
^,* | Genfit | 117,641 | 2,596 |
* | Etablissements Maurel et Prom | 543,974 | 2,412 |
Electricite de France SA Loyalty Line | 229,038 | 2,330 | |
* | Eramet | 36,828 | 2,194 |
Beneteau SA | 145,779 | 2,109 | |
Coface SA | 313,430 | 2,044 | |
Boiron SA | 21,436 | 1,899 | |
Rallye SA | 84,716 | 1,640 | |
* | Vilmorin & Cie SA | 25,543 | 1,608 |
FFP | 19,762 | 1,503 | |
Guerbet | 19,442 | 1,456 | |
Bonduelle SCA | 55,234 | 1,454 | |
^ | Bourbon Corp. | 109,675 | 1,413 |
Derichebourg SA | 314,745 | 1,391 | |
^ | CGG SA | 90,262 | 1,298 |
Assystem | 45,434 | 1,266 | |
Interparfums SA | 42,806 | 1,235 | |
Albioma SA | 67,787 | 1,180 |
12
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Jacquet Metal Service | 51,787 | 1,079 | |
Mersen SA | 49,989 | 1,069 | |
^,* | Parrot SA | 76,740 | 838 |
Direct Energie | 22,243 | 836 | |
GL Events | 40,997 | 734 | |
Manitou BF SA | 35,552 | 699 | |
Haulotte Group SA | 42,771 | 633 | |
* | Esso SA Francaise | 9,562 | 414 |
Union Financiere de France BQE SA | 16,273 | 408 | |
* | Stallergenes Greer plc | 11,334 | 369 |
* | Euro Disney SCA | 88,874 | 113 |
5,278,390 | |||
Germany (7.6%) | |||
Siemens AG | 3,176,717 | 388,958 | |
Bayer AG | 3,458,276 | 360,296 | |
BASF SE | 3,854,879 | 357,258 | |
SAP SE | 3,735,402 | 323,132 | |
Daimler AG | 4,293,385 | 318,637 | |
Allianz SE | 1,902,949 | 314,060 | |
Deutsche Telekom AG | 13,461,498 | 230,962 | |
adidas AG | 836,256 | 131,893 | |
Deutsche Post AG | 3,977,177 | 130,432 | |
Fresenius SE & Co. KGaA | 1,664,525 | 129,851 | |
Linde AG | 774,391 | 127,030 | |
Bayerische Motoren Werke AG | 1,361,345 | 126,791 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 597,522 | 112,859 | |
Volkswagen AG Preference Shares | 768,583 | 107,538 | |
* | Deutsche Bank AG | 5,775,699 | 104,768 |
Henkel AG & Co. KGaA Preference Shares | 738,230 | 87,879 | |
Continental AG | 452,570 | 87,191 | |
Infineon Technologies AG | 4,699,978 | 81,298 | |
Fresenius Medical Care AG & Co. KGaA | 910,124 | 76,925 | |
Vonovia SE | 1,952,609 | 63,396 | |
* | Deutsche Boerse AG | 749,845 | 61,019 |
HeidelbergCement AG | 605,693 | 56,378 | |
Merck KGaA | 536,162 | 55,826 | |
E.ON SE | 7,852,326 | 55,241 | |
Henkel AG & Co. KGaA | 469,787 | 48,893 | |
Deutsche Wohnen AG | 1,411,007 | 44,258 | |
thyssenkrupp AG | 1,778,477 | 42,248 | |
ProSiebenSat.1 Media SE | 950,516 | 36,587 | |
Brenntag AG | 646,604 | 35,841 | |
Beiersdorf AG | 417,571 | 35,372 | |
Porsche Automobil Holding SE Preference Shares | 640,394 | 34,786 | |
Commerzbank AG | 4,294,003 | 32,694 | |
Symrise AG | 508,976 | 30,924 | |
GEA Group AG | 741,843 | 29,771 | |
* | QIAGEN NV | 975,118 | 27,326 |
Hannover Rueck SE | 248,984 | 26,897 | |
* | RWE AG | 2,030,197 | 25,192 |
LANXESS AG | 380,728 | 24,931 | |
MTU Aero Engines AG | 212,831 | 24,550 | |
METRO AG | 711,888 | 23,661 | |
^ | Wirecard AG | 480,185 | 20,604 |
LEG Immobilien AG | 260,584 | 20,211 | |
United Internet AG | 493,790 | 19,269 | |
^ | K&S AG | 801,367 | 19,089 |
Evonik Industries AG | 639,056 | 19,050 | |
OSRAM Licht AG | 351,591 | 18,411 | |
*,2 | Innogy SE | 529,488 | 18,399 |
Volkswagen AG | 124,736 | 17,903 | |
*,2 | Covestro AG | 260,512 | 17,831 |
Bayerische Motoren Werke AG Preference Shares | 223,818 | 17,093 | |
*,2 | Zalando SE | 444,097 | 16,918 |
13
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
HUGO BOSS AG | 269,786 | 16,470 | |
KION Group AG | 275,254 | 15,283 | |
MAN SE | 145,811 | 14,473 | |
STADA Arzneimittel AG | 258,090 | 13,333 | |
* | KUKA AG | 108,937 | 13,168 |
Freenet AG | 465,661 | 13,087 | |
* | Dialog Semiconductor plc | 299,224 | 12,572 |
Deutsche Lufthansa AG | 968,285 | 12,482 | |
Fuchs Petrolub SE Preference Shares | 296,652 | 12,427 | |
Telefonica Deutschland Holding AG | 2,883,586 | 12,326 | |
RTL Group SA | 162,249 | 11,887 | |
Rheinmetall AG | 175,353 | 11,768 | |
HOCHTIEF AG | 83,474 | 11,654 | |
* | Uniper SE | 819,261 | 11,277 |
Aurubis AG | 187,794 | 10,808 | |
Sartorius AG Preference Shares | 142,259 | 10,540 | |
Gerresheimer AG | 135,571 | 10,055 | |
Aareal Bank AG | 253,466 | 9,506 | |
Axel Springer SE | 192,826 | 9,350 | |
Fraport AG Frankfurt Airport Services Worldwide | 155,155 | 9,155 | |
TUI AG-DI | 619,859 | 8,677 | |
Suedzucker AG | 331,798 | 7,909 | |
Software AG | 216,392 | 7,843 | |
Deutsche EuroShop AG | 192,648 | 7,836 | |
^ | Drillisch AG | 181,898 | 7,813 |
TAG Immobilien AG | 582,196 | 7,672 | |
Rational AG | 17,129 | 7,639 | |
Hella KGaA Hueck & Co. | 184,624 | 6,949 | |
alstria office REIT-AG | 552,363 | 6,913 | |
Fielmann AG | 103,724 | 6,845 | |
Wacker Chemie AG | 64,357 | 6,680 | |
Leoni AG | 182,441 | 6,487 | |
^,* | MorphoSys AG | 125,380 | 6,417 |
Norma Group SE | 147,968 | 6,303 | |
Jungheinrich AG Preference Shares | 200,880 | 5,753 | |
Salzgitter AG | 161,371 | 5,662 | |
^,* | Nordex SE | 263,163 | 5,637 |
* | Kloeckner & Co. SE | 437,884 | 5,468 |
Krones AG | 59,589 | 5,442 | |
2 | Deutsche Pfandbriefbank AG | 567,764 | 5,438 |
Talanx AG | 161,367 | 5,389 | |
FUCHS PETROLUB SE | 134,434 | 5,221 | |
^,* | Bilfinger SE | 134,690 | 5,186 |
Bechtle AG | 49,380 | 5,134 | |
Indus Holding AG | 91,335 | 4,954 | |
GRENKE AG | 30,769 | 4,822 | |
TLG Immobilien AG | 253,761 | 4,777 | |
^ | Stroeer SE & Co. KGaA | 104,153 | 4,565 |
Pfeiffer Vacuum Technology AG | 48,927 | 4,563 | |
Nemetschek SE | 78,459 | 4,562 | |
Duerr AG | 56,754 | 4,551 | |
RHOEN-KLINIKUM AG | 158,931 | 4,290 | |
* | Schaeffler AG Preference Shares | 289,391 | 4,270 |
CTS Eventim AG & Co. KGaA | 133,112 | 4,192 | |
CompuGroup Medical SE | 98,027 | 4,020 | |
2 | ADO Properties SA | 117,953 | 3,987 |
DMG Mori AG | 83,326 | 3,781 | |
*,2 | Tele Columbus AG | 395,874 | 3,291 |
* | zooplus AG | 24,946 | 3,187 |
Sixt SE | 57,299 | 3,069 | |
Takkt AG | 135,640 | 3,065 | |
Puma SE | 10,943 | 2,873 | |
Jenoptik AG | 165,335 | 2,850 | |
* | PATRIZIA Immobilien AG | 168,766 | 2,801 |
14
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | SGL Carbon SE | 318,834 | 2,800 |
* | Vossloh AG | 44,463 | 2,791 |
Sixt SE Preference Shares | 67,599 | 2,776 | |
* | KWS Saat SE | 9,274 | 2,751 |
BRAAS Monier Building Group SA | 101,917 | 2,700 | |
Draegerwerk AG & Co. KGaA Preference Shares | 30,382 | 2,539 | |
^,* | Heidelberger Druckmaschinen AG | 938,696 | 2,497 |
Carl Zeiss Meditec AG | 64,910 | 2,388 | |
Deutsche Boerse AG | 26,630 | 2,137 | |
* | Diebold Nixdorf AG | 30,363 | 2,106 |
XING AG | 11,303 | 2,086 | |
Deutz AG | 361,670 | 2,029 | |
Bertrandt AG | 19,235 | 1,955 | |
^ | ElringKlinger AG | 115,772 | 1,932 |
BayWa AG | 52,942 | 1,714 | |
DIC Asset AG | 172,844 | 1,654 | |
Wacker Neuson SE | 101,996 | 1,652 | |
*,2 | Hapag-Lloyd AG | 66,862 | 1,544 |
* | Wuestenrot & Wuerttembergische AG | 77,476 | 1,513 |
* | HeidelbergCement AG (Milan Shares) | 15,888 | 1,481 |
Hamburger Hafen und Logistik AG | 73,709 | 1,370 | |
Deutsche Beteiligungs AG | 40,349 | 1,306 | |
comdirect bank AG | 120,035 | 1,218 | |
RWE AG Preference Shares | 132,290 | 1,211 | |
Biotest AG Preference Shares | 85,452 | 1,203 | |
Gerry Weber International AG | 99,141 | 1,145 | |
* | AIXTRON SE | 349,052 | 1,136 |
^ | SMA Solar Technology AG | 40,163 | 1,059 |
* | H&R GmbH & Co. KGaA | 60,790 | 956 |
Draegerwerk AG & Co. KGaA | 13,712 | 939 | |
Hornbach Baumarkt AG | 29,547 | 860 | |
CropEnergies AG | 74,938 | 402 | |
Biotest AG | 20,745 | 347 | |
5,150,928 | |||
Hong Kong (3.1%) | |||
AIA Group Ltd. | 50,312,718 | 281,844 | |
CK Hutchison Holdings Ltd. | 11,771,612 | 132,883 | |
Hong Kong Exchanges & Clearing Ltd. | 5,053,550 | 118,851 | |
Sun Hung Kai Properties Ltd. | 5,905,199 | 74,361 | |
Cheung Kong Property Holdings Ltd. | 11,796,946 | 72,044 | |
Link REIT | 9,432,989 | 61,155 | |
Hang Seng Bank Ltd. | 3,218,920 | 59,694 | |
CLP Holdings Ltd. | 6,485,059 | 59,474 | |
Hong Kong & China Gas Co. Ltd. | 31,399,465 | 55,458 | |
BOC Hong Kong Holdings Ltd. | 14,871,349 | 52,965 | |
Power Assets Holdings Ltd. | 5,562,436 | 48,933 | |
Jardine Matheson Holdings Ltd. | 867,850 | 47,886 | |
Sands China Ltd. | 10,127,489 | 43,692 | |
Galaxy Entertainment Group Ltd. | 8,978,248 | 38,886 | |
Wharf Holdings Ltd. | 5,123,552 | 33,938 | |
Jardine Strategic Holdings Ltd. | 934,268 | 30,913 | |
Hongkong Land Holdings Ltd. | 4,842,153 | 30,504 | |
MTR Corp. Ltd. | 5,861,247 | 28,417 | |
AAC Technologies Holdings Inc. | 2,947,848 | 26,683 | |
2 | WH Group Ltd. | 31,919,809 | 25,730 |
Henderson Land Development Co. Ltd. | 4,794,276 | 25,410 | |
New World Development Co. Ltd. | 22,135,740 | 23,322 | |
China Mengniu Dairy Co. Ltd. | 11,423,464 | 21,904 | |
Cheung Kong Infrastructure Holdings Ltd. | 2,660,871 | 21,134 | |
Swire Pacific Ltd. Class A | 2,149,421 | 20,453 | |
Sino Land Co. Ltd. | 13,109,352 | 19,547 | |
Wheelock & Co. Ltd. | 3,407,305 | 19,123 | |
Techtronic Industries Co. Ltd. | 5,257,449 | 18,814 | |
Bank of East Asia Ltd. | 4,907,643 | 18,736 |
15
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hang Lung Properties Ltd. | 8,392,484 | 17,697 | |
^ | Semiconductor Manufacturing International Corp. | 10,997,308 | 17,193 |
Want Want China Holdings Ltd. | 24,911,090 | 15,910 | |
Samsonite International SA | 5,373,989 | 15,298 | |
Swire Properties Ltd. | 4,873,154 | 13,415 | |
Hang Lung Group Ltd. | 3,655,000 | 12,683 | |
Yue Yuen Industrial Holdings Ltd. | 3,175,993 | 11,512 | |
Hysan Development Co. Ltd. | 2,642,584 | 10,898 | |
Li & Fung Ltd. | 24,814,826 | 10,875 | |
ASM Pacific Technology Ltd. | 1,020,264 | 10,790 | |
Tingyi Cayman Islands Holding Corp. | 8,400,494 | 10,184 | |
NWS Holdings Ltd. | 5,977,324 | 9,717 | |
Wynn Macau Ltd. | 6,052,841 | 9,568 | |
PCCW Ltd. | 17,692,278 | 9,564 | |
VTech Holdings Ltd. | 684,515 | 9,139 | |
Hopewell Holdings Ltd. | 2,470,187 | 8,508 | |
Sun Art Retail Group Ltd. | 9,587,883 | 8,401 | |
Minth Group Ltd. | 2,458,000 | 7,632 | |
PRADA SPA | 2,126,324 | 7,188 | |
First Pacific Co. Ltd. | 9,981,738 | 6,963 | |
Kerry Properties Ltd. | 2,493,924 | 6,744 | |
MGM China Holdings Ltd. | 3,249,871 | 6,713 | |
Xinyi Glass Holdings Ltd. | 8,187,077 | 6,670 | |
Vitasoy International Holdings Ltd. | 3,252,000 | 6,516 | |
SJM Holdings Ltd. | 8,117,211 | 6,334 | |
^ | Kingston Financial Group Ltd. | 14,624,000 | 6,290 |
Fortune REIT | 5,467,000 | 6,277 | |
Great Eagle Holdings Ltd. | 1,284,688 | 6,111 | |
* | Esprit Holdings Ltd. | 7,713,303 | 6,046 |
Shangri-La Asia Ltd. | 5,689,753 | 5,992 | |
Cathay Pacific Airways Ltd. | 4,324,101 | 5,675 | |
Champion REIT | 10,045,556 | 5,430 | |
Haitong International Securities Group Ltd. | 9,315,745 | 5,310 | |
Cafe de Coral Holdings Ltd. | 1,566,690 | 5,071 | |
Dah Sing Financial Holdings Ltd. | 694,220 | 4,687 | |
^ | China Goldjoy Group Ltd. | 39,156,000 | 4,527 |
Melco International Development Ltd. | 3,282,460 | 4,436 | |
Man Wah Holdings Ltd. | 6,525,200 | 4,406 | |
^ | Xinyi Solar Holdings Ltd. | 12,266,978 | 3,970 |
Television Broadcasts Ltd. | 1,193,349 | 3,918 | |
Johnson Electric Holdings Ltd. | 1,483,364 | 3,909 | |
Uni-President China Holdings Ltd. | 5,406,722 | 3,805 | |
Orient Overseas International Ltd. | 882,305 | 3,650 | |
Luk Fook Holdings International Ltd. | 1,375,000 | 3,583 | |
^ | Chow Tai Fook Jewellery Group Ltd. | 4,664,617 | 3,559 |
L'Occitane International SA | 1,877,961 | 3,553 | |
NagaCorp Ltd. | 6,018,000 | 3,469 | |
FIH Mobile Ltd. | 10,981,964 | 3,462 | |
* | Freeman FinTech Corp. Ltd. | 53,395,077 | 3,432 |
* | China Baoli Technologies Holdings Ltd. | 116,125,000 | 3,430 |
^ | Value Partners Group Ltd. | 4,297,000 | 3,394 |
^,* | Brightoil Petroleum Holdings Ltd. | 11,825,536 | 3,348 |
Nexteer Automotive Group Ltd. | 2,809,000 | 3,326 | |
* | Huabao International Holdings Ltd. | 7,846,959 | 3,320 |
Shui On Land Ltd. | 15,250,520 | 3,280 | |
* | Global Brands Group Holding Ltd. | 24,026,428 | 3,178 |
Kerry Logistics Network Ltd. | 2,435,862 | 3,066 | |
HKBN Ltd. | 2,782,500 | 3,049 | |
Guotai Junan International Holdings Ltd. | 9,926,844 | 3,040 | |
BEP International Holdings Ltd. | 51,370,000 | 2,934 | |
^ | China Travel International Investment Hong Kong Ltd. | 10,663,704 | 2,919 |
Shougang Fushan Resources Group Ltd. | 14,605,711 | 2,847 | |
^ | United Co. RUSAL plc | 6,686,435 | 2,820 |
SITC International Holdings Co. Ltd. | 4,609,000 | 2,796 |
16
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | KuangChi Science Ltd. | 7,323,000 | 2,695 |
Shun Tak Holdings Ltd. | 7,777,228 | 2,679 | |
CP Pokphand Co. Ltd. | 21,524,000 | 2,659 | |
IGG Inc. | 3,926,000 | 2,630 | |
Town Health International Medical Group Ltd. | 16,312,000 | 2,625 | |
Dah Sing Banking Group Ltd. | 1,388,584 | 2,545 | |
Lifestyle International Holdings Ltd. | 1,968,030 | 2,531 | |
Sunlight REIT | 4,365,000 | 2,512 | |
Giordano International Ltd. | 4,652,000 | 2,508 | |
Stella International Holdings Ltd. | 1,553,500 | 2,499 | |
* | MMG Ltd. | 9,423,576 | 2,404 |
Pou Sheng International Holdings Ltd. | 8,302,000 | 2,380 | |
* | Pacific Basin Shipping Ltd. | 14,550,000 | 2,336 |
Yuexiu REIT | 4,332,000 | 2,282 | |
SEA Holdings Ltd. | 910,000 | 2,259 | |
Pacific Textiles Holdings Ltd. | 1,957,000 | 2,121 | |
^,*,2 | IMAX China Holding Inc. | 431,700 | 2,109 |
K Wah International Holdings Ltd. | 4,548,000 | 2,103 | |
Truly International Holdings Ltd. | 5,414,000 | 2,100 | |
^ | Towngas China Co. Ltd. | 3,899,066 | 2,047 |
2 | BOC Aviation Ltd. | 406,300 | 1,991 |
SmarTone Telecommunications Holdings Ltd. | 1,467,500 | 1,970 | |
Hopewell Highway Infrastructure Ltd. | 3,750,160 | 1,965 | |
^ | Vision Fame International Holding Ltd. | 6,194,000 | 1,952 |
* | China Oceanwide Holdings Ltd. | 18,585,156 | 1,838 |
Prosperity REIT | 4,597,000 | 1,812 | |
* | Nan Hai Corp. Ltd. | 50,300,000 | 1,680 |
Chow Sang Sang Holdings International Ltd. | 903,000 | 1,673 | |
Dynam Japan Holdings Co. Ltd. | 1,094,400 | 1,672 | |
Texwinca Holdings Ltd. | 2,555,930 | 1,668 | |
G-Resources Group Ltd. | 89,010,000 | 1,625 | |
SA Sa International Holdings Ltd. | 4,054,227 | 1,607 | |
^ | Goodbaby International Holdings Ltd. | 3,323,000 | 1,587 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 4,884,435 | 1,572 | |
Yingde Gases Group Co. Ltd. | 4,206,000 | 1,549 | |
CITIC Telecom International Holdings Ltd. | 5,171,000 | 1,549 | |
^ | China LNG Group Ltd. | 66,320,000 | 1,546 |
Far East Consortium International Ltd. | 3,563,000 | 1,516 | |
^,* | HC International Inc. | 2,066,000 | 1,510 |
* | GCL New Energy Holdings Ltd. | 24,506,000 | 1,432 |
Canvest Environmental Protection Group Co. Ltd. | 2,903,000 | 1,430 | |
^,* | United Photovoltaics Group Ltd. | 14,916,000 | 1,399 |
Kowloon Development Co. Ltd. | 1,439,266 | 1,360 | |
* | Convoy Global Holdings Ltd. | 45,516,000 | 1,350 |
^,* | United Laboratories International Holdings Ltd. | 1,974,000 | 1,338 |
^ | Chong Hing Bank Ltd. | 689,000 | 1,328 |
Gemdale Properties & Investment Corp. Ltd. | 21,666,000 | 1,324 | |
^,* | China Strategic Holdings Ltd. | 57,390,000 | 1,307 |
Sun Hung Kai & Co. Ltd. | 2,104,000 | 1,299 | |
* | Microport Scientific Corp. | 1,717,148 | 1,289 |
^,* | Macau Legend Development Ltd. | 6,202,505 | 1,250 |
^,* | Sino Oil And Gas Holdings Ltd. | 50,465,000 | 1,247 |
TCC International Holdings Ltd. | 5,128,000 | 1,193 | |
Lai Sun Development Co. Ltd. | 61,297,500 | 1,149 | |
Emperor Capital Group Ltd. | 12,630,000 | 1,135 | |
^,2 | Regina Miracle International Holdings Ltd. | 1,368,000 | 1,131 |
^,* | China Ocean Industry Group Ltd. | 40,610,000 | 1,130 |
* | Beijing Enterprises Medical & Health Group Ltd. | 19,734,000 | 1,066 |
Spring REIT | 2,562,000 | 1,062 | |
^,* | China Financial International Investments Ltd. | 18,080,000 | 1,035 |
China Harmony New Energy Auto Holding Ltd. | 2,893,500 | 1,033 | |
^ | NewOcean Energy Holdings Ltd. | 3,674,000 | 973 |
^,* | China LotSynergy Holdings Ltd. | 28,660,000 | 920 |
* | China Medical & HealthCare Group Ltd. | 17,980,000 | 901 |
17
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ju Teng International Holdings Ltd. | 2,912,000 | 897 | |
* | NetMind Financial Holdings Ltd. | 113,792,000 | 879 |
China Aerospace International Holdings Ltd. | 6,918,000 | 871 | |
^,* | 13 Holdings Ltd. | 2,947,500 | 863 |
* | Mei Ah Entertainment Group Ltd. | 12,840,000 | 857 |
^,* | Summit Ascent Holdings Ltd. | 3,282,000 | 816 |
^ | Lee's Pharmaceutical Holdings Ltd. | 1,004,000 | 811 |
Liu Chong Hing Investment Ltd. | 590,000 | 787 | |
^ | China Silver Group Ltd. | 4,078,000 | 780 |
Road King Infrastructure Ltd. | 923,000 | 765 | |
* | Honghua Group Ltd. | 7,388,000 | 721 |
APT Satellite Holdings Ltd. | 1,493,500 | 717 | |
Shenwan Hongyuan HK Ltd. | 1,625,000 | 703 | |
^,* | Anton Oilfield Services Group | 4,692,000 | 655 |
^ | Technovator International Ltd. | 1,628,000 | 618 |
Parkson Retail Group Ltd. | 5,584,994 | 610 | |
^,2 | CGN New Energy Holdings Co. Ltd. | 4,050,000 | 597 |
^,* | TOM Group Ltd. | 2,598,000 | 588 |
^,* | Good Resources Holdings Ltd. | 9,399,595 | 578 |
* | Singamas Container Holdings Ltd. | 5,076,000 | 548 |
TPV Technology Ltd. | 3,224,000 | 547 | |
* | New Sports Group Ltd. | 39,640,000 | 541 |
* | Midland Holdings Ltd. | 2,023,500 | 516 |
* | Yanchang Petroleum International Ltd. | 17,790,000 | 510 |
* | Qianhai Health Holdings Ltd. | 26,497,500 | 493 |
AMVIG Holdings Ltd. | 1,380,000 | 486 | |
* | China Innovative Finance Group Ltd. | 6,648,000 | 479 |
EVA Precision Industrial Holdings Ltd. | 4,112,000 | 454 | |
^,* | Emperor Watch & Jewellery Ltd. | 12,340,000 | 445 |
* | Tou Rong Chang Fu Group Ltd. | 18,912,000 | 435 |
* | Xinchen China Power Holdings Ltd. | 2,932,000 | 432 |
Inspur International Ltd. | 1,950,000 | 427 | |
Varitronix International Ltd. | 1,021,000 | 426 | |
* | Lifestyle China Group Ltd. | 1,702,530 | 405 |
* | Peace Map Holding Ltd. | 26,420,000 | 390 |
* | New Focus Auto Tech Holdings Ltd. | 6,176,000 | 389 |
Yip's Chemical Holdings Ltd. | 958,000 | 384 | |
^,* | Suncorp Technologies Ltd. | 51,860,000 | 366 |
Henderson Investment Ltd. | 4,077,000 | 331 | |
* | SOCAM Development Ltd. | 944,000 | 317 |
^,* | Haier Healthwise Holdings Ltd. | 11,514,000 | 316 |
^,* | Sincere Watch Hong Kong Ltd. | 12,270,000 | 315 |
^,* | Sunshine Oilsands Ltd. | 7,261,500 | 308 |
* | Trinity Ltd. | 4,062,000 | 303 |
^ | China Huarong Energy Co. Ltd. | 5,016,191 | 287 |
* | Hong Kong Television Network Ltd. | 1,511,000 | 256 |
* | New World Department Store China Ltd. | 1,887,000 | 242 |
* | Silver Base Group Holdings Ltd. | 3,820,500 | 231 |
* | Auto Italia Holdings | 10,350,000 | 160 |
* | China Healthcare Enterprise Group Ltd. | 9,952,000 | 143 |
* | Kong Sun Holdings Ltd. | 2,925,000 | 128 |
Polytec Asset Holdings Ltd. | 1,893,779 | 127 | |
* | Mason Financial Holdings Ltd. | 5,080,000 | 121 |
* | GT Group Holdings Ltd. | 1,720,000 | 67 |
Midland IC&I Ltd. | 10,117,500 | 59 | |
2,063,065 | |||
Ireland (0.2%) | |||
Kerry Group plc Class A | 609,935 | 43,572 | |
* | Bank of Ireland | 115,150,659 | 28,202 |
Kingspan Group plc | 740,797 | 20,026 | |
Glanbia plc | 737,483 | 12,241 | |
* | Ryanair Holdings plc ADR | 116,049 | 9,662 |
* | Ryanair Holdings plc | 443,706 | 6,730 |
C&C Group plc | 1,320,844 | 5,344 |
18
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Green REIT plc | 2,827,907 | 4,076 |
Hibernia REIT plc | 2,767,617 | 3,579 |
Origin Enterprises plc | 497,536 | 3,241 |
Irish Continental Group plc | 645,474 | 3,051 |
* Permanent TSB Group Holdings plc | 455,384 | 1,314 |
* Irish Bank Resolution Corp. Ltd. | 257,065 | — |
141,038 | ||
Israel (0.5%) | ||
Teva Pharmaceutical Industries Ltd. | 3,738,727 | 134,621 |
Bank Hapoalim BM | 4,114,608 | 24,422 |
* Bank Leumi Le-Israel BM | 5,263,816 | 21,632 |
Bezeq The Israeli Telecommunication Corp. Ltd. | 8,591,261 | 16,296 |
Nice Ltd. | 228,591 | 15,684 |
Elbit Systems Ltd. | 100,275 | 10,130 |
* Israel Discount Bank Ltd. Class A | 4,644,697 | 9,639 |
Azrieli Group Ltd. | 182,782 | 7,933 |
Frutarom Industries Ltd. | 155,176 | 7,921 |
* Tower Semiconductor Ltd. | 415,556 | 7,897 |
Israel Chemicals Ltd. | 1,865,349 | 7,615 |
Mizrahi Tefahot Bank Ltd. | 467,920 | 6,834 |
Delek Group Ltd. | 20,345 | 4,336 |
Teva Pharmaceutical Industries Ltd. ADR | 95,178 | 3,450 |
Gazit-Globe Ltd. | 388,549 | 3,316 |
Alony Hetz Properties & Investments Ltd. | 375,977 | 3,019 |
* Paz Oil Co. Ltd. | 19,295 | 2,829 |
First International Bank Of Israel Ltd. | 180,377 | 2,643 |
* Airport City Ltd. | 241,838 | 2,404 |
Melisron Ltd. | 55,328 | 2,358 |
Strauss Group Ltd. | 134,483 | 2,122 |
Harel Insurance Investments & Financial Services Ltd. | 442,773 | 2,030 |
Reit 1 Ltd. | 678,236 | 1,870 |
* Mazor Robotics Ltd. | 168,902 | 1,864 |
Amot Investments Ltd. | 417,882 | 1,773 |
* Partner Communications Co. Ltd. | 364,400 | 1,741 |
* Cellcom Israel Ltd. (Registered) | 205,936 | 1,651 |
* Oil Refineries Ltd. | 4,517,637 | 1,587 |
Shikun & Binui Ltd. | 803,030 | 1,532 |
* Jerusalem Oil Exploration | 35,574 | 1,518 |
* Israel Corp. Ltd. | 9,012 | 1,490 |
IDI Insurance Co. Ltd. | 30,133 | 1,455 |
* Nova Measuring Instruments Ltd. | 108,275 | 1,441 |
* Delek Energy Systems Ltd. | 2,473 | 1,359 |
* Jerusalem Economy Ltd. | 596,083 | 1,242 |
Formula Systems 1985 Ltd. | 27,488 | 1,101 |
Delta-Galil Industries Ltd. | 37,760 | 1,093 |
* Clal Insurance Enterprises Holdings Ltd. | 81,391 | 1,040 |
Delek Automotive Systems Ltd. | 115,622 | 1,021 |
Shufersal Ltd. | 271,770 | 1,014 |
* Compugen Ltd. | 196,401 | 1,000 |
* Phoenix Holdings Ltd. | 287,863 | 997 |
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 24,228 | 977 |
* Migdal Insurance & Financial Holding Ltd. | 1,138,935 | 930 |
Big Shopping Centers Ltd. | 13,984 | 918 |
B Communications Ltd. | 41,775 | 913 |
Electra Ltd. | 5,446 | 873 |
* Africa Israel Properties Ltd. | 49,714 | 853 |
* Menora Mivtachim Holdings Ltd. | 91,631 | 830 |
* Kenon Holdings Ltd. | 66,237 | 775 |
Bayside Land Corp. | 2,115 | 767 |
* Naphtha Israel Petroleum Corp. Ltd. | 116,941 | 753 |
* Gilat Satellite Networks Ltd. | 137,862 | 694 |
* AudioCodes Ltd. | 106,784 | 665 |
* Allot Communications Ltd. | 134,631 | 648 |
* Norstar Holdings Inc. | 40,188 | 611 |
19
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Ceragon Networks Ltd. | 232,496 | 589 |
* | Kamada Ltd. | 101,369 | 554 |
* | Evogene Ltd. | 97,330 | 495 |
Property & Building Corp. Ltd. | 4,482 | 346 | |
* | Silicom Ltd. | 1,546 | 64 |
340,175 | |||
Italy (2.0%) | |||
Eni SPA | 10,326,422 | 167,403 | |
Enel SPA | 31,850,408 | 140,005 | |
Intesa Sanpaolo SPA (Registered) | 50,312,545 | 127,449 | |
Assicurazioni Generali SPA | 5,282,627 | 78,301 | |
^ | UniCredit SPA | 24,243,568 | 69,621 |
Atlantia SPA | 2,215,210 | 51,828 | |
Snam SPA | 10,256,068 | 42,182 | |
* | Telecom Italia SPA (Registered) | 47,228,861 | 41,700 |
Fiat Chrysler Automobiles NV | 4,464,680 | 40,615 | |
Luxottica Group SPA | 669,728 | 35,996 | |
Tenaris SA | 1,970,138 | 35,168 | |
CNH Industrial NV | 3,839,367 | 33,314 | |
Ferrari NV | 550,644 | 32,059 | |
Terna Rete Elettrica Nazionale SPA | 5,963,913 | 27,275 | |
Prysmian SPA | 882,561 | 22,620 | |
* | Leonardo SPA | 1,597,734 | 22,377 |
EXOR NV | 470,815 | 20,248 | |
Mediobanca SPA | 2,320,332 | 18,897 | |
Telecom Italia SPA (Bearer) | 25,194,304 | 18,286 | |
* | Saipem SPA | 24,149,875 | 13,507 |
^ | Mediaset SPA | 2,878,501 | 12,398 |
2 | Poste Italiane SPA | 1,860,584 | 12,338 |
Recordati SPA | 427,198 | 12,104 | |
Davide Campari-Milano SPA | 1,201,639 | 11,737 | |
Moncler SPA | 657,434 | 11,424 | |
BPER Banca | 2,024,818 | 10,747 | |
^ | Unione di Banche Italiane SPA | 3,642,380 | 9,973 |
UnipolSai SPA | 4,521,978 | 9,645 | |
FinecoBank Banca Fineco SPA | 1,669,252 | 9,333 | |
Intesa Sanpaolo SPA | 3,963,297 | 9,283 | |
A2A SPA | 6,492,306 | 8,385 | |
Banco Popolare SC | 3,474,284 | 8,361 | |
* | Italgas SPA | 2,028,258 | 7,981 |
Azimut Holding SPA | 472,439 | 7,858 | |
Banca Mediolanum SPA | 1,048,037 | 7,518 | |
Brembo SPA | 124,226 | 7,515 | |
* | Yoox Net-A-Porter Group SPA | 259,779 | 7,346 |
Buzzi Unicem SPA | 308,076 | 7,290 | |
Unipol Gruppo Finanziario SPA | 1,996,578 | 7,179 | |
Cerved Information Solutions SPA | 844,387 | 6,999 | |
Hera SPA | 3,027,938 | 6,969 | |
^ | Banca Popolare di Milano Scarl | 17,977,241 | 6,761 |
Banca Popolare di Sondrio SCPA | 1,981,940 | 6,503 | |
Salvatore Ferragamo SPA | 261,469 | 6,167 | |
Interpump Group SPA | 357,289 | 5,846 | |
DiaSorin SPA | 97,560 | 5,770 | |
De' Longhi SPA | 237,418 | 5,636 | |
Banca Generali SPA | 231,395 | 5,504 | |
Ansaldo STS SPA | 407,177 | 5,075 | |
2 | Anima Holding SPA | 922,252 | 4,999 |
Autogrill SPA | 534,965 | 4,827 | |
2 | Infrastrutture Wireless Italiane SPA | 981,368 | 4,554 |
Parmalat SPA | 1,356,862 | 4,230 | |
* | Ei Towers SPA | 76,318 | 4,109 |
Societa Cattolica di Assicurazioni SCRL | 698,563 | 4,090 | |
Industria Macchine Automatiche SPA | 63,195 | 3,827 | |
2 | Enav SPA | 1,032,202 | 3,562 |
20
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Tod's SPA | 54,735 | 3,555 |
Iren SPA | 1,997,506 | 3,268 | |
Credito Valtellinese SC | 8,005,467 | 3,126 | |
Amplifon SPA | 315,096 | 3,001 | |
^ | Saras SPA | 1,400,092 | 2,527 |
Brunello Cucinelli SPA | 117,350 | 2,512 | |
Beni Stabili SpA SIIQ | 4,326,630 | 2,470 | |
2 | OVS SPA | 490,254 | 2,463 |
Danieli & C Officine Meccaniche SPA RSP | 154,015 | 2,451 | |
MARR SPA | 133,261 | 2,429 | |
Societa Iniziative Autostradali e Servizi SPA | 282,972 | 2,412 | |
ACEA SPA | 193,966 | 2,354 | |
Banca IFIS SPA | 81,831 | 2,236 | |
Reply SPA | 17,533 | 2,177 | |
ERG SPA | 199,884 | 2,144 | |
Salini Impregilo SPA | 653,803 | 2,061 | |
Buzzi Unicem SPA RSP | 156,045 | 1,899 | |
Credito Emiliano SPA | 302,124 | 1,809 | |
^ | Banca Monte dei Paschi di Siena SPA | 113,709 | 1,759 |
Datalogic SPA | 78,345 | 1,541 | |
Italmobiliare SPA | 31,030 | 1,460 | |
2 | RAI Way SPA | 378,889 | 1,428 |
ASTM SPA | 130,748 | 1,426 | |
CIR-Compagnie Industriali Riunite SPA | 1,203,287 | 1,308 | |
^ | Piaggio & C SPA | 693,880 | 1,157 |
Cairo Communication SPA | 285,256 | 1,141 | |
Immobiliare Grande Distribuzione SIIQ SPA | 1,495,640 | 1,137 | |
Danieli & C Officine Meccaniche SPA | 55,776 | 1,133 | |
* | Safilo Group SPA | 124,994 | 1,048 |
Astaldi SPA | 172,529 | 980 | |
^,* | Banca Carige SPA | 2,804,245 | 938 |
^,* | Fincantieri SPA | 1,781,437 | 885 |
Cementir Holding SPA | 189,507 | 837 | |
Zignago Vetro SPA | 134,752 | 783 | |
Esprinet SPA | 104,837 | 781 | |
^ | Geox SPA | 323,779 | 752 |
* | Arnoldo Mondadori Editore SPA | 471,841 | 581 |
* | Juventus Football Club SPA | 1,812,255 | 574 |
Cofide SPA | 1,305,580 | 524 | |
* | Gruppo Editoriale L'Espresso SPA | 636,218 | 494 |
DeA Capital SPA | 378,098 | 477 | |
^,* | Rizzoli Corriere Della Sera Mediagroup SPA | 488,250 | 429 |
Falck Renewables SPA | 15,703 | 15 | |
Credito Valtellinese SC Rights Exp. 01/04/2017 | 7,978,707 | — | |
1,381,176 | |||
Japan (21.8%) | |||
Toyota Motor Corp. | 11,423,270 | 669,728 | |
Mitsubishi UFJ Financial Group Inc. | 56,912,717 | 350,999 | |
SoftBank Group Corp. | 3,588,052 | 237,436 | |
Honda Motor Co. Ltd. | 7,457,293 | 217,718 | |
Sumitomo Mitsui Financial Group Inc. | 5,424,694 | 206,588 | |
KDDI Corp. | 7,751,622 | 195,752 | |
Mizuho Financial Group Inc. | 104,356,957 | 187,272 | |
Japan Tobacco Inc. | 4,991,070 | 163,825 | |
Sony Corp. | 5,260,948 | 147,001 | |
FANUC Corp. | 814,443 | 136,252 | |
Takeda Pharmaceutical Co. Ltd. | 3,235,254 | 134,218 | |
Keyence Corp. | 195,983 | 134,101 | |
East Japan Railway Co. | 1,555,255 | 134,092 | |
Shin-Etsu Chemical Co. Ltd. | 1,721,442 | 133,221 | |
NTT DOCOMO Inc. | 5,466,953 | 124,347 | |
Central Japan Railway Co. | 754,817 | 123,933 | |
Seven & i Holdings Co. Ltd. | 3,231,288 | 122,883 | |
Mitsubishi Corp. | 5,747,012 | 122,059 |
21
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Canon Inc. | 4,333,853 | 122,051 |
Astellas Pharma Inc. | 8,797,364 | 122,049 |
Tokio Marine Holdings Inc. | 2,919,343 | 119,527 |
Mitsubishi Electric Corp. | 8,283,622 | 115,218 |
Murata Manufacturing Co. Ltd. | 796,535 | 106,367 |
Hitachi Ltd. | 19,427,638 | 104,757 |
Fuji Heavy Industries Ltd. | 2,570,536 | 104,735 |
Daikin Industries Ltd. | 1,115,294 | 102,171 |
Mitsubishi Estate Co. Ltd. | 4,969,850 | 98,724 |
Kao Corp. | 2,063,763 | 97,688 |
Mitsui & Co. Ltd. | 7,090,885 | 97,162 |
Bridgestone Corp. | 2,674,193 | 96,220 |
Nintendo Co. Ltd. | 451,107 | 93,774 |
Mitsui Fudosan Co. Ltd. | 3,979,710 | 92,132 |
Panasonic Corp. | 8,967,716 | 90,952 |
Denso Corp. | 2,075,214 | 89,766 |
Komatsu Ltd. | 3,930,895 | 89,035 |
Nidec Corp. | 1,016,588 | 87,519 |
ORIX Corp. | 5,490,571 | 85,457 |
Nissan Motor Co. Ltd. | 8,316,989 | 83,429 |
Nomura Holdings Inc. | 13,971,510 | 82,602 |
Dai-ichi Life Holdings Inc. | 4,733,830 | 78,707 |
ITOCHU Corp. | 5,941,373 | 78,668 |
Fast Retailing Co. Ltd. | 217,992 | 77,829 |
Otsuka Holdings Co. Ltd. | 1,768,510 | 77,037 |
Daiwa House Industry Co. Ltd. | 2,684,679 | 73,212 |
Nippon Steel & Sumitomo Metal Corp. | 3,257,407 | 72,148 |
Hoya Corp. | 1,623,864 | 68,088 |
Kubota Corp. | 4,701,601 | 67,002 |
MS&AD Insurance Group Holdings Inc. | 2,135,190 | 66,122 |
Kyocera Corp. | 1,309,613 | 64,931 |
Eisai Co. Ltd. | 1,109,441 | 63,579 |
Tokyo Electron Ltd. | 670,008 | 63,014 |
FUJIFILM Holdings Corp. | 1,638,731 | 62,052 |
Mitsubishi Heavy Industries Ltd. | 13,446,184 | 61,127 |
Suzuki Motor Corp. | 1,719,819 | 60,381 |
Shionogi & Co. Ltd. | 1,241,292 | 59,325 |
SMC Corp. | 248,442 | 59,110 |
Secom Co. Ltd. | 803,429 | 58,702 |
Sumitomo Mitsui Trust Holdings Inc. | 1,587,519 | 56,799 |
Kirin Holdings Co. Ltd. | 3,471,033 | 56,339 |
Daiichi Sankyo Co. Ltd. | 2,713,252 | 55,403 |
Sumitomo Corp. | 4,669,256 | 54,814 |
Recruit Holdings Co. Ltd. | 1,350,454 | 54,121 |
Sompo Holdings Inc. | 1,549,888 | 52,342 |
Shimano Inc. | 333,687 | 52,266 |
Toray Industries Inc. | 6,390,937 | 51,610 |
Asahi Group Holdings Ltd. | 1,593,541 | 50,173 |
Nitto Denko Corp. | 648,251 | 49,631 |
Terumo Corp. | 1,326,720 | 48,910 |
Sumitomo Realty & Development Co. Ltd. | 1,823,759 | 48,416 |
West Japan Railway Co. | 766,260 | 46,938 |
Resona Holdings Inc. | 9,099,399 | 46,635 |
Olympus Corp. | 1,349,523 | 46,497 |
Daito Trust Construction Co. Ltd. | 306,701 | 46,109 |
Asahi Kasei Corp. | 5,281,811 | 45,958 |
Oriental Land Co. Ltd. | 807,561 | 45,580 |
MEIJI Holdings Co. Ltd. | 578,106 | 45,224 |
Sumitomo Electric Industries Ltd. | 3,130,064 | 45,071 |
Dentsu Inc. | 937,749 | 44,096 |
Daiwa Securities Group Inc. | 7,116,563 | 43,822 |
Nippon Telegraph & Telephone Corp. | 1,016,101 | 42,773 |
Ajinomoto Co. Inc. | 2,119,393 | 42,648 |
JX Holdings Inc. | 10,025,061 | 42,360 |
22
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Ono Pharmaceutical Co. Ltd. | 1,913,415 | 41,702 |
Shiseido Co. Ltd. | 1,643,326 | 41,533 |
Fujitsu Ltd. | 7,488,758 | 41,469 |
Chubu Electric Power Co. Inc. | 2,969,984 | 41,328 |
Aeon Co. Ltd. | 2,876,604 | 40,657 |
Sekisui House Ltd. | 2,427,996 | 40,339 |
Tokyo Gas Co. Ltd. | 8,784,601 | 39,655 |
* Toshiba Corp. | 15,972,646 | 38,583 |
Mazda Motor Corp. | 2,366,018 | 38,528 |
Inpex Corp. | 3,840,096 | 38,385 |
Marubeni Corp. | 6,393,422 | 36,162 |
Unicharm Corp. | 1,628,521 | 35,567 |
Nitori Holdings Co. Ltd. | 311,737 | 35,543 |
Sysmex Corp. | 606,262 | 35,029 |
Mitsubishi Chemical Holdings Corp. | 5,411,801 | 34,991 |
TDK Corp. | 505,305 | 34,648 |
Aisin Seiki Co. Ltd. | 796,984 | 34,485 |
* Rakuten Inc. | 3,504,425 | 34,336 |
Hankyu Hanshin Holdings Inc. | 1,069,909 | 34,259 |
T&D Holdings Inc. | 2,562,467 | 33,818 |
Makita Corp. | 504,991 | 33,743 |
* Kansai Electric Power Co. Inc. | 3,036,667 | 33,105 |
Japan Exchange Group Inc. | 2,289,080 | 32,648 |
Toyota Industries Corp. | 684,676 | 32,553 |
JFE Holdings Inc. | 2,149,950 | 32,512 |
Osaka Gas Co. Ltd. | 8,352,358 | 32,049 |
Omron Corp. | 829,920 | 31,715 |
Taisei Corp. | 4,439,057 | 30,998 |
Tokyu Corp. | 4,156,809 | 30,503 |
Yamato Holdings Co. Ltd. | 1,498,503 | 30,376 |
Sumitomo Chemical Co. Ltd. | 6,397,055 | 30,324 |
Isuzu Motors Ltd. | 2,270,939 | 28,715 |
Kintetsu Group Holdings Co. Ltd. | 7,527,553 | 28,685 |
NEC Corp. | 10,522,604 | 27,831 |
Asahi Glass Co. Ltd. | 4,060,027 | 27,546 |
Obayashi Corp. | 2,807,491 | 26,804 |
Chugai Pharmaceutical Co. Ltd. | 922,427 | 26,459 |
Kajima Corp. | 3,808,117 | 26,303 |
* Tokyo Electric Power Co. Holdings Inc. | 6,495,243 | 26,141 |
Sumitomo Metal Mining Co. Ltd. | 2,047,199 | 26,118 |
NTT Data Corp. | 534,230 | 25,810 |
Odakyu Electric Railway Co. Ltd. | 1,300,938 | 25,706 |
Yamaha Motor Co. Ltd. | 1,166,486 | 25,580 |
Dai Nippon Printing Co. Ltd. | 2,583,230 | 25,488 |
Tohoku Electric Power Co. Inc. | 2,001,484 | 25,231 |
Koito Manufacturing Co. Ltd. | 471,205 | 24,884 |
Sekisui Chemical Co. Ltd. | 1,554,576 | 24,747 |
LIXIL Group Corp. | 1,089,815 | 24,701 |
Toyota Tsusho Corp. | 947,997 | 24,641 |
Seiko Epson Corp. | 1,155,456 | 24,395 |
Japan Post Holdings Co. Ltd. | 1,946,043 | 24,231 |
Concordia Financial Group Ltd. | 5,022,820 | 24,170 |
TOTO Ltd. | 603,725 | 23,846 |
Ricoh Co. Ltd. | 2,817,560 | 23,802 |
Keikyu Corp. | 2,053,268 | 23,783 |
Suntory Beverage & Food Ltd. | 571,244 | 23,662 |
Nikon Corp. | 1,469,215 | 22,818 |
Kikkoman Corp. | 710,340 | 22,664 |
FamilyMart UNY Holdings Co. Ltd. | 339,254 | 22,574 |
Bandai Namco Holdings Inc. | 812,910 | 22,375 |
Shimizu Corp. | 2,439,999 | 22,272 |
NSK Ltd. | 1,906,359 | 22,017 |
Kuraray Co. Ltd. | 1,464,529 | 21,961 |
NGK Insulators Ltd. | 1,127,598 | 21,827 |
23
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Toppan Printing Co. Ltd. | 2,254,927 | 21,501 |
Yamaha Corp. | 700,236 | 21,352 |
NH Foods Ltd. | 791,245 | 21,345 |
Rohm Co. Ltd. | 370,750 | 21,271 |
Kyushu Electric Power Co. Inc. | 1,960,417 | 21,238 |
Tobu Railway Co. Ltd. | 4,197,988 | 20,811 |
Japan Post Bank Co. Ltd. | 1,720,774 | 20,621 |
Yahoo Japan Corp. | 5,363,154 | 20,541 |
Santen Pharmaceutical Co. Ltd. | 1,673,920 | 20,424 |
Nippon Paint Holdings Co. Ltd. | 749,801 | 20,353 |
Keio Corp. | 2,463,677 | 20,237 |
Nissan Chemical Industries Ltd. | 595,373 | 19,846 |
Yakult Honsha Co. Ltd. | 425,433 | 19,683 |
Lawson Inc. | 278,793 | 19,569 |
Tosoh Corp. | 2,754,791 | 19,432 |
Kawasaki Heavy Industries Ltd. | 6,097,877 | 19,087 |
Shizuoka Bank Ltd. | 2,272,363 | 19,071 |
M3 Inc. | 756,509 | 19,019 |
Alps Electric Co. Ltd. | 783,298 | 18,821 |
Konica Minolta Inc. | 1,896,740 | 18,798 |
Ryohin Keikaku Co. Ltd. | 95,977 | 18,786 |
Mitsubishi Tanabe Pharma Corp. | 943,991 | 18,483 |
Don Quijote Holdings Co. Ltd. | 499,818 | 18,446 |
MISUMI Group Inc. | 1,118,643 | 18,376 |
Nagoya Railroad Co. Ltd. | 3,804,821 | 18,370 |
Seibu Holdings Inc. | 995,985 | 17,832 |
Brother Industries Ltd. | 989,535 | 17,789 |
NGK Spark Plug Co. Ltd. | 801,937 | 17,775 |
Aozora Bank Ltd. | 4,969,328 | 17,558 |
Electric Power Development Co. Ltd. | 764,366 | 17,543 |
Chiba Bank Ltd. | 2,821,418 | 17,296 |
Stanley Electric Co. Ltd. | 632,052 | 17,219 |
* Kyushu Railway Co. | 656,959 | 17,200 |
Yaskawa Electric Corp. | 1,109,341 | 17,200 |
* Hoshizaki Corp. | 217,127 | 17,190 |
Shimadzu Corp. | 1,080,139 | 17,160 |
Mitsui Chemicals Inc. | 3,801,760 | 17,034 |
* Trend Micro Inc. | 473,364 | 16,801 |
Amada Holdings Co. Ltd. | 1,499,241 | 16,702 |
Lion Corp. | 1,018,270 | 16,691 |
Nippon Express Co. Ltd. | 3,107,109 | 16,683 |
Nisshin Seifun Group Inc. | 1,111,563 | 16,656 |
JGC Corp. | 916,196 | 16,598 |
Taiheiyo Cement Corp. | 5,253,210 | 16,562 |
Taisho Pharmaceutical Holdings Co. Ltd. | 197,992 | 16,413 |
Isetan Mitsukoshi Holdings Ltd. | 1,520,812 | 16,376 |
* IHI Corp. | 6,294,533 | 16,302 |
Mitsubishi Materials Corp. | 531,423 | 16,255 |
Suruga Bank Ltd. | 724,898 | 16,185 |
Nissin Foods Holdings Co. Ltd. | 305,438 | 16,021 |
Toho Gas Co. Ltd. | 1,971,875 | 16,015 |
Konami Holdings Corp. | 395,728 | 15,971 |
Yamada Denki Co. Ltd. | 2,934,254 | 15,799 |
Hirose Electric Co. Ltd. | 127,700 | 15,792 |
Sumitomo Heavy Industries Ltd. | 2,425,358 | 15,574 |
Teijin Ltd. | 770,575 | 15,570 |
Mebuki Financial Group Inc. | 4,132,527 | 15,274 |
Hisamitsu Pharmaceutical Co. Inc. | 305,441 | 15,256 |
JTEKT Corp. | 949,729 | 15,144 |
Hamamatsu Photonics KK | 575,815 | 15,124 |
Kansai Paint Co. Ltd. | 819,319 | 15,070 |
Chugoku Electric Power Co. Inc. | 1,282,134 | 15,007 |
Oji Holdings Corp. | 3,677,002 | 14,953 |
Mitsubishi Motors Corp. | 2,613,657 | 14,858 |
24
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Kyowa Hakko Kirin Co. Ltd. | 1,074,855 | 14,826 | |
Yokogawa Electric Corp. | 1,024,606 | 14,793 | |
* | Asics Corp. | 737,496 | 14,697 |
USS Co. Ltd. | 913,490 | 14,511 | |
^,* | Sharp Corp. | 6,089,168 | 14,089 |
Keihan Holdings Co. Ltd. | 2,146,734 | 14,081 | |
J Front Retailing Co. Ltd. | 1,038,738 | 13,985 | |
Fukuoka Financial Group Inc. | 3,138,876 | 13,921 | |
Keisei Electric Railway Co. Ltd. | 573,211 | 13,880 | |
Daicel Corp. | 1,259,445 | 13,846 | |
Nomura Research Institute Ltd. | 452,732 | 13,759 | |
Toho Co. Ltd. | 487,385 | 13,749 | |
Toyo Suisan Kaisha Ltd. | 377,602 | 13,661 | |
Tsuruha Holdings Inc. | 144,325 | 13,659 | |
Mitsubishi Gas Chemical Co. Inc. | 798,742 | 13,610 | |
Marui Group Co. Ltd. | 923,939 | 13,461 | |
Rinnai Corp. | 167,044 | 13,441 | |
^ | Casio Computer Co. Ltd. | 950,046 | 13,389 |
ANA Holdings Inc. | 4,959,353 | 13,341 | |
Mitsui OSK Lines Ltd. | 4,806,892 | 13,267 | |
Disco Corp. | 109,243 | 13,208 | |
Hulic Co. Ltd. | 1,481,037 | 13,140 | |
Minebea Co. Ltd. | 1,398,718 | 13,052 | |
Start Today Co. Ltd. | 750,257 | 12,924 | |
Fuji Electric Co. Ltd. | 2,464,435 | 12,726 | |
Tokyu Fudosan Holdings Corp. | 2,157,277 | 12,705 | |
TonenGeneral Sekiyu KK | 1,202,362 | 12,661 | |
Sega Sammy Holdings Inc. | 849,465 | 12,623 | |
Shinsei Bank Ltd. | 7,536,114 | 12,610 | |
Nippon Yusen KK | 6,773,997 | 12,545 | |
Toyo Seikan Group Holdings Ltd. | 673,435 | 12,523 | |
JSR Corp. | 787,469 | 12,395 | |
Alfresa Holdings Corp. | 749,175 | 12,374 | |
Hakuhodo DY Holdings Inc. | 1,003,604 | 12,358 | |
Obic Co. Ltd. | 282,813 | 12,335 | |
Advantest Corp. | 729,683 | 12,245 | |
Sojitz Corp. | 5,017,429 | 12,148 | |
Credit Saison Co. Ltd. | 676,173 | 12,033 | |
Nankai Electric Railway Co. Ltd. | 2,362,069 | 11,968 | |
Haseko Corp. | 1,172,972 | 11,893 | |
* | Kobe Steel Ltd. | 1,249,057 | 11,876 |
Pigeon Corp. | 464,903 | 11,854 | |
Mabuchi Motor Co. Ltd. | 227,541 | 11,824 | |
Tokyo Tatemono Co. Ltd. | 879,976 | 11,748 | |
Sumitomo Rubber Industries Ltd. | 741,679 | 11,735 | |
Hiroshima Bank Ltd. | 2,514,451 | 11,717 | |
Nabtesco Corp. | 502,028 | 11,637 | |
Kobayashi Pharmaceutical Co. Ltd. | 272,342 | 11,632 | |
Bank of Kyoto Ltd. | 1,558,540 | 11,553 | |
Park24 Co. Ltd. | 426,345 | 11,545 | |
Hino Motors Ltd. | 1,135,285 | 11,535 | |
Sumitomo Dainippon Pharma Co. Ltd. | 669,388 | 11,490 | |
Idemitsu Kosan Co. Ltd. | 432,077 | 11,461 | |
Iida Group Holdings Co. Ltd. | 603,150 | 11,434 | |
Suzuken Co. Ltd. | 348,406 | 11,380 | |
Kewpie Corp. | 468,913 | 11,373 | |
Sony Financial Holdings Inc. | 723,827 | 11,283 | |
Yamaguchi Financial Group Inc. | 1,025,252 | 11,162 | |
Ebara Corp. | 391,827 | 11,138 | |
Air Water Inc. | 617,749 | 11,128 | |
Hitachi Metals Ltd. | 824,241 | 11,097 | |
Hitachi High-Technologies Corp. | 275,585 | 11,084 | |
Sohgo Security Services Co. Ltd. | 287,613 | 11,040 | |
Shimamura Co. Ltd. | 88,165 | 10,993 |
25
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Kyushu Financial Group Inc. | 1,622,220 | 10,991 | |
Miraca Holdings Inc. | 245,690 | 10,989 | |
Nippon Shinyaku Co. Ltd. | 219,934 | 10,825 | |
Kurita Water Industries Ltd. | 491,402 | 10,811 | |
Takashimaya Co. Ltd. | 1,300,349 | 10,704 | |
Hitachi Chemical Co. Ltd. | 427,024 | 10,653 | |
Chugoku Bank Ltd. | 739,722 | 10,609 | |
THK Co. Ltd. | 475,084 | 10,492 | |
SBI Holdings Inc. | 820,589 | 10,426 | |
Ezaki Glico Co. Ltd. | 222,269 | 10,403 | |
DIC Corp. | 342,987 | 10,394 | |
* | Otsuka Corp. | 222,356 | 10,372 |
Kaneka Corp. | 1,269,336 | 10,325 | |
MediPal Holdings Corp. | 653,612 | 10,296 | |
CyberAgent Inc. | 414,598 | 10,208 | |
SCREEN Holdings Co. Ltd. | 164,967 | 10,196 | |
Gunma Bank Ltd. | 1,864,093 | 10,187 | |
* | Yamazaki Baking Co. Ltd. | 523,721 | 10,097 |
Hachijuni Bank Ltd. | 1,738,634 | 10,060 | |
Nippon Electric Glass Co. Ltd. | 1,835,400 | 9,903 | |
DeNA Co. Ltd. | 451,665 | 9,871 | |
Calbee Inc. | 313,946 | 9,821 | |
Sumco Corp. | 762,770 | 9,806 | |
Nifco Inc. | 185,030 | 9,749 | |
Kose Corp. | 116,522 | 9,661 | |
NOK Corp. | 474,803 | 9,603 | |
Kakaku.com Inc. | 580,962 | 9,599 | |
Calsonic Kansei Corp. | 624,586 | 9,573 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,839,219 | 9,486 | |
Hokuhoku Financial Group Inc. | 549,403 | 9,465 | |
Temp Holdings Co. Ltd. | 609,969 | 9,433 | |
Nichirei Corp. | 455,561 | 9,419 | |
Ube Industries Ltd. | 4,447,060 | 9,293 | |
Sundrug Co. Ltd. | 133,945 | 9,261 | |
Hitachi Construction Machinery Co. Ltd. | 428,348 | 9,260 | |
Kamigumi Co. Ltd. | 963,285 | 9,175 | |
Nippon Shokubai Co. Ltd. | 147,091 | 9,160 | |
Nomura Real Estate Holdings Inc. | 533,148 | 9,047 | |
COMSYS Holdings Corp. | 493,560 | 9,024 | |
Hokuriku Electric Power Co. | 780,733 | 8,733 | |
^ | Japan Airport Terminal Co. Ltd. | 241,620 | 8,731 |
Maruichi Steel Tube Ltd. | 265,691 | 8,634 | |
Denka Co. Ltd. | 1,956,641 | 8,614 | |
Asahi Intecc Co. Ltd. | 212,891 | 8,605 | |
Hikari Tsushin Inc. | 92,103 | 8,574 | |
Matsumotokiyoshi Holdings Co. Ltd. | 174,033 | 8,562 | |
Square Enix Holdings Co. Ltd. | 333,066 | 8,539 | |
AEON Financial Service Co. Ltd. | 481,097 | 8,521 | |
Sotetsu Holdings Inc. | 1,718,352 | 8,469 | |
Azbil Corp. | 300,201 | 8,435 | |
Daifuku Co. Ltd. | 396,600 | 8,426 | |
^,* | PeptiDream Inc. | 161,300 | 8,358 |
Kaken Pharmaceutical Co. Ltd. | 157,711 | 8,352 | |
Nippon Kayaku Co. Ltd. | 670,139 | 8,263 | |
Nexon Co. Ltd. | 569,237 | 8,226 | |
Benesse Holdings Inc. | 297,616 | 8,177 | |
Sanwa Holdings Corp. | 858,233 | 8,163 | |
Ito En Ltd. | 244,560 | 8,107 | |
Seven Bank Ltd. | 2,786,502 | 7,968 | |
Horiba Ltd. | 172,300 | 7,957 | |
^ | Kawasaki Kisen Kaisha Ltd. | 3,513,981 | 7,940 |
Coca-Cola West Co. Ltd. | 269,383 | 7,930 | |
Iyo Bank Ltd. | 1,151,041 | 7,922 | |
* | Kagome Co. Ltd. | 316,233 | 7,898 |
26
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
77 Bank Ltd. | 1,633,965 | 7,870 |
Topcon Corp. | 523,142 | 7,848 |
Sawai Pharmaceutical Co. Ltd. | 146,207 | 7,837 |
Tsumura & Co. | 284,075 | 7,819 |
Yokohama Rubber Co. Ltd. | 437,366 | 7,818 |
Nishi-Nippon Railroad Co. Ltd. | 1,711,654 | 7,817 |
Sugi Holdings Co. Ltd. | 163,911 | 7,776 |
* Showa Denko KK | 541,108 | 7,729 |
Furukawa Electric Co. Ltd. | 262,450 | 7,659 |
Izumi Co. Ltd. | 176,493 | 7,589 |
Glory Ltd. | 240,712 | 7,585 |
Mitsubishi Logistics Corp. | 536,330 | 7,561 |
NTN Corp. | 1,864,557 | 7,522 |
Citizen Watch Co. Ltd. | 1,259,625 | 7,510 |
Sumitomo Forestry Co. Ltd. | 567,791 | 7,499 |
Showa Shell Sekiyu KK | 799,386 | 7,427 |
Juroku Bank Ltd. | 2,115,158 | 7,401 |
Toyoda Gosei Co. Ltd. | 314,297 | 7,335 |
Aoyama Trading Co. Ltd. | 209,809 | 7,291 |
Oracle Corp. Japan | 144,495 | 7,269 |
* Sapporo Holdings Ltd. | 282,499 | 7,258 |
GS Yuasa Corp. | 1,749,873 | 7,255 |
TIS Inc. | 338,900 | 7,243 |
Sankyo Co. Ltd. | 224,308 | 7,232 |
* Acom Co. Ltd. | 1,644,648 | 7,182 |
Nihon M&A Center Inc. | 255,700 | 7,082 |
Seino Holdings Co. Ltd. | 636,496 | 7,053 |
Tokyo Century Corp. | 205,974 | 7,028 |
Morinaga & Co. Ltd. | 168,100 | 6,993 |
Zenkoku Hosho Co. Ltd. | 218,129 | 6,992 |
Taiyo Nippon Sanso Corp. | 604,907 | 6,988 |
Coca-Cola East Japan Co. Ltd. | 314,078 | 6,914 |
Kinden Corp. | 555,004 | 6,909 |
Nihon Kohden Corp. | 311,861 | 6,888 |
Dowa Holdings Co. Ltd. | 905,751 | 6,888 |
Fujikura Ltd. | 1,254,559 | 6,794 |
Aeon Mall Co. Ltd. | 483,294 | 6,792 |
Daishi Bank Ltd. | 1,515,447 | 6,786 |
Takara Holdings Inc. | 738,613 | 6,783 |
Daiichikosho Co. Ltd. | 170,300 | 6,722 |
Welcia Holdings Co. Ltd. | 110,220 | 6,709 |
Nippon Paper Industries Co. Ltd. | 396,093 | 6,692 |
Shiga Bank Ltd. | 1,228,393 | 6,676 |
* Nishi-Nippon Financial Holdings Inc. | 637,068 | 6,666 |
Zeon Corp. | 674,501 | 6,643 |
Aica Kogyo Co. Ltd. | 251,500 | 6,621 |
* Itoham Yonekyu Holdings Inc. | 713,705 | 6,602 |
^ Shikoku Electric Power Co. Inc. | 652,247 | 6,591 |
SCSK Corp. | 188,828 | 6,589 |
NHK Spring Co. Ltd. | 691,879 | 6,580 |
Hyakugo Bank Ltd. | 1,620,585 | 6,577 |
Ogaki Kyoritsu Bank Ltd. | 1,677,000 | 6,519 |
House Foods Group Inc. | 313,777 | 6,492 |
Daido Steel Co. Ltd. | 1,569,801 | 6,476 |
Cosmos Pharmaceutical Corp. | 34,907 | 6,426 |
Ulvac Inc. | 210,200 | 6,417 |
Sumitomo Osaka Cement Co. Ltd. | 1,695,344 | 6,388 |
Tadano Ltd. | 507,628 | 6,381 |
Zensho Holdings Co. Ltd. | 386,000 | 6,349 |
Rohto Pharmaceutical Co. Ltd. | 401,791 | 6,302 |
Miura Co. Ltd. | 411,200 | 6,238 |
^ Pola Orbis Holdings Inc. | 75,570 | 6,230 |
K's Holdings Corp. | 355,790 | 6,220 |
Ushio Inc. | 486,433 | 6,187 |
27
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nagase & Co. Ltd. | 473,631 | 6,176 | |
Japan Post Insurance Co. Ltd. | 281,894 | 6,029 | |
Toyota Boshoku Corp. | 262,488 | 6,017 | |
^ | OSG Corp. | 306,278 | 6,014 |
Sankyu Inc. | 984,000 | 5,938 | |
Nishimatsu Construction Co. Ltd. | 1,222,000 | 5,906 | |
Bic Camera Inc. | 642,243 | 5,871 | |
Tokyo Ohka Kogyo Co. Ltd. | 174,300 | 5,862 | |
San-In Godo Bank Ltd. | 702,986 | 5,857 | |
Ibiden Co. Ltd. | 430,557 | 5,774 | |
Hokkaido Electric Power Co. Inc. | 738,392 | 5,755 | |
TS Tech Co. Ltd. | 223,478 | 5,745 | |
Penta-Ocean Construction Co. Ltd. | 1,190,700 | 5,744 | |
Relo Group Inc. | 40,200 | 5,722 | |
Morinaga Milk Industry Co. Ltd. | 795,000 | 5,715 | |
OKUMA Corp. | 598,525 | 5,695 | |
Shimachu Co. Ltd. | 213,978 | 5,694 | |
Pilot Corp. | 137,900 | 5,685 | |
Wacoal Holdings Corp. | 483,229 | 5,626 | |
ABC-Mart Inc. | 99,372 | 5,622 | |
ADEKA Corp. | 411,800 | 5,587 | |
Senshu Ikeda Holdings Inc. | 1,212,690 | 5,585 | |
Leopalace21 Corp. | 1,010,300 | 5,580 | |
H2O Retailing Corp. | 365,487 | 5,567 | |
Mitsui Mining & Smelting Co. Ltd. | 2,212,975 | 5,563 | |
Awa Bank Ltd. | 912,045 | 5,558 | |
^ | Iwatani Corp. | 1,037,000 | 5,504 |
Taiyo Yuden Co. Ltd. | 459,521 | 5,497 | |
Toyobo Co. Ltd. | 3,692,368 | 5,488 | |
Skylark Co. Ltd. | 416,100 | 5,487 | |
Nipro Corp. | 502,609 | 5,484 | |
Musashino Bank Ltd. | 189,980 | 5,465 | |
Toda Corp. | 1,036,647 | 5,448 | |
Kyowa Exeo Corp. | 379,100 | 5,446 | |
Ain Holdings Inc. | 82,300 | 5,440 | |
Okumura Corp. | 949,000 | 5,329 | |
NOF Corp. | 555,000 | 5,324 | |
Japan Airlines Co. Ltd. | 181,817 | 5,306 | |
Nisshinbo Holdings Inc. | 549,971 | 5,296 | |
Tsubakimoto Chain Co. | 653,000 | 5,295 | |
Itochu Techno-Solutions Corp. | 203,409 | 5,279 | |
* | Tokuyama Corp. | 1,383,000 | 5,235 |
Nippon Suisan Kaisha Ltd. | 1,082,000 | 5,195 | |
Keiyo Bank Ltd. | 1,146,367 | 5,187 | |
Toyo Tire & Rubber Co. Ltd. | 417,400 | 5,184 | |
Toagosei Co. Ltd. | 525,500 | 5,158 | |
Resorttrust Inc. | 279,788 | 5,153 | |
Yamato Kogyo Co. Ltd. | 184,231 | 5,138 | |
^,* | LINE Corp. | 149,958 | 5,119 |
Nikkon Holdings Co. Ltd. | 245,300 | 5,108 | |
^ | MonotaRO Co. Ltd. | 249,417 | 5,086 |
North Pacific Bank Ltd. | 1,228,617 | 5,060 | |
Tokai Tokyo Financial Holdings Inc. | 948,835 | 5,035 | |
DMG Mori Co. Ltd. | 412,688 | 4,998 | |
TechnoPro Holdings Inc. | 156,200 | 4,993 | |
Hazama Ando Corp. | 758,600 | 4,992 | |
Japan Steel Works Ltd. | 281,427 | 4,979 | |
Shochiku Co. Ltd. | 447,502 | 4,963 | |
Meitec Corp. | 129,500 | 4,947 | |
Megmilk Snow Brand Co. Ltd. | 179,900 | 4,945 | |
Hokkoku Bank Ltd. | 1,376,399 | 4,886 | |
Mitsui Engineering & Shipbuilding Co. Ltd. | 3,151,451 | 4,873 | |
Oki Electric Industry Co. Ltd. | 346,800 | 4,858 | |
Heiwa Corp. | 211,736 | 4,837 |
28
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Nisshin Steel Co. Ltd. | 393,091 | 4,828 |
Nippon Gas Co. Ltd. | 168,200 | 4,818 |
KYORIN Holdings Inc. | 224,689 | 4,808 |
Amano Corp. | 274,100 | 4,804 |
Nihon Parkerizing Co. Ltd. | 409,400 | 4,787 |
Ship Healthcare Holdings Inc. | 186,700 | 4,786 |
Autobacs Seven Co. Ltd. | 317,654 | 4,766 |
Fujitsu General Ltd. | 224,000 | 4,731 |
Capcom Co. Ltd. | 200,284 | 4,701 |
Hanwa Co. Ltd. | 719,000 | 4,691 |
Jafco Co. Ltd. | 143,070 | 4,684 |
Fuji Machine Manufacturing Co. Ltd. | 410,200 | 4,683 |
Okasan Securities Group Inc. | 759,284 | 4,676 |
Rengo Co. Ltd. | 859,314 | 4,666 |
Tokyo Seimitsu Co. Ltd. | 156,300 | 4,621 |
Mitsubishi Pencil Co. Ltd. | 87,900 | 4,615 |
Nippon Light Metal Holdings Co. Ltd. | 2,179,600 | 4,589 |
SHO-BOND Holdings Co. Ltd. | 109,600 | 4,550 |
Hitachi Capital Corp. | 184,596 | 4,533 |
Mochida Pharmaceutical Co. Ltd. | 65,308 | 4,526 |
Sanrio Co. Ltd. | 239,866 | 4,516 |
Sangetsu Corp. | 260,300 | 4,505 |
Colowide Co. Ltd. | 270,500 | 4,489 |
Toho Holdings Co. Ltd. | 225,200 | 4,488 |
Nanto Bank Ltd. | 118,135 | 4,484 |
Arcs Co. Ltd. | 199,300 | 4,475 |
Valor Holdings Co. Ltd. | 171,000 | 4,450 |
Lintec Corp. | 202,547 | 4,407 |
Tokai Rika Co. Ltd. | 218,992 | 4,384 |
Kuroda Electric Co. Ltd. | 220,700 | 4,353 |
^ Fukuyama Transporting Co. Ltd. | 758,928 | 4,300 |
Maeda Corp. | 493,000 | 4,288 |
Kumagai Gumi Co. Ltd. | 1,663,000 | 4,259 |
FP Corp. | 92,862 | 4,251 |
Kiyo Bank Ltd. | 265,900 | 4,241 |
Nichias Corp. | 438,000 | 4,213 |
Chiyoda Corp. | 609,539 | 4,207 |
* Orient Corp. | 2,283,030 | 4,140 |
Hitachi Kokusai Electric Inc. | 197,500 | 4,114 |
Hyakujushi Bank Ltd. | 1,209,958 | 4,102 |
Kokuyo Co. Ltd. | 355,800 | 4,087 |
Yaoko Co. Ltd. | 101,900 | 4,054 |
Topre Corp. | 161,500 | 4,033 |
Japan Display Inc. | 1,417,197 | 4,025 |
* Kenedix Inc. | 1,126,900 | 4,004 |
HIS Co. Ltd. | 150,771 | 3,953 |
Tokyo Dome Corp. | 397,900 | 3,915 |
Kyudenko Corp. | 145,500 | 3,899 |
Fuyo General Lease Co. Ltd. | 81,200 | 3,872 |
Maruha Nichiro Corp. | 143,600 | 3,869 |
NTT Urban Development Corp. | 438,731 | 3,868 |
Cosmo Energy Holdings Co. Ltd. | 274,994 | 3,856 |
Nippon Seiki Co. Ltd. | 180,000 | 3,829 |
Hitachi Transport System Ltd. | 188,636 | 3,822 |
Maeda Road Construction Co. Ltd. | 228,614 | 3,813 |
Nippo Corp. | 203,884 | 3,798 |
Ariake Japan Co. Ltd. | 70,900 | 3,788 |
Duskin Co. Ltd. | 183,500 | 3,768 |
Shima Seiki Manufacturing Ltd. | 111,500 | 3,765 |
Kissei Pharmaceutical Co. Ltd. | 151,089 | 3,757 |
Central Glass Co. Ltd. | 803,000 | 3,736 |
Kandenko Co. Ltd. | 414,711 | 3,736 |
Toyo Ink SC Holdings Co. Ltd. | 815,000 | 3,719 |
KYB Corp. | 758,218 | 3,668 |
29
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Inabata & Co. Ltd. | 332,000 | 3,652 | |
Inaba Denki Sangyo Co. Ltd. | 105,800 | 3,637 | |
Tokyo TY Financial Group Inc. | 104,300 | 3,630 | |
Matsui Securities Co. Ltd. | 421,152 | 3,622 | |
Fuji Oil Holdings Inc. | 182,000 | 3,570 | |
Sakata Seed Corp. | 125,200 | 3,531 | |
Fujitec Co. Ltd. | 301,800 | 3,530 | |
Ryosan Co. Ltd. | 116,900 | 3,524 | |
Sumitomo Bakelite Co. Ltd. | 630,000 | 3,523 | |
Fuji Seal International Inc. | 164,400 | 3,505 | |
Yoshinoya Holdings Co. Ltd. | 255,600 | 3,504 | |
^,* | Aiful Corp. | 1,180,161 | 3,480 |
Tomy Co. Ltd. | 327,300 | 3,468 | |
Hitachi Zosen Corp. | 661,400 | 3,451 | |
Toho Bank Ltd. | 919,000 | 3,430 | |
United Arrows Ltd. | 124,000 | 3,420 | |
San-A Co. Ltd. | 70,700 | 3,415 | |
Exedy Corp. | 121,343 | 3,408 | |
Koei Tecmo Holdings Co. Ltd. | 192,800 | 3,385 | |
Onward Holdings Co. Ltd. | 480,049 | 3,359 | |
Nihon Unisys Ltd. | 266,400 | 3,344 | |
Takasago Thermal Engineering Co. Ltd. | 259,400 | 3,332 | |
J Trust Co. Ltd. | 329,700 | 3,329 | |
Canon Marketing Japan Inc. | 197,342 | 3,314 | |
Trusco Nakayama Corp. | 154,400 | 3,229 | |
^,* | GungHo Online Entertainment Inc. | 1,514,800 | 3,219 |
Paramount Bed Holdings Co. Ltd. | 80,400 | 3,212 | |
^ | Nissha Printing Co. Ltd. | 133,300 | 3,207 |
DCM Holdings Co. Ltd. | 357,500 | 3,173 | |
Nichi-iko Pharmaceutical Co. Ltd. | 221,200 | 3,156 | |
Daiseki Co. Ltd. | 153,100 | 3,133 | |
GMO Internet Inc. | 244,600 | 3,112 | |
Hokuetsu Kishu Paper Co. Ltd. | 549,000 | 3,112 | |
Mandom Corp. | 72,200 | 3,108 | |
Sumitomo Mitsui Construction Co. Ltd. | 2,964,300 | 3,108 | |
Bank of Okinawa Ltd. | 85,220 | 3,100 | |
^ | Japan Aviation Electronics Industry Ltd. | 219,508 | 3,082 |
Nachi-Fujikoshi Corp. | 713,000 | 3,081 | |
Japan Petroleum Exploration Co. Ltd. | 138,181 | 3,063 | |
Ai Holdings Corp. | 154,500 | 3,062 | |
TPR Co. Ltd. | 108,800 | 3,053 | |
Ichigo Inc. | 825,200 | 3,048 | |
Takara Standard Co. Ltd. | 184,500 | 3,016 | |
Asatsu-DK Inc. | 123,640 | 2,990 | |
Keihin Corp. | 171,000 | 2,989 | |
Takeuchi Manufacturing Co. Ltd. | 133,900 | 2,968 | |
Nissan Shatai Co. Ltd. | 305,465 | 2,965 | |
TOMONY Holdings Inc. | 573,800 | 2,965 | |
^ | Daio Paper Corp. | 280,500 | 2,962 |
PALTAC Corp. | 125,200 | 2,953 | |
Accordia Golf Co. Ltd. | 286,000 | 2,936 | |
Yamanashi Chuo Bank Ltd. | 611,000 | 2,904 | |
^ | GMO Payment Gateway Inc. | 65,500 | 2,904 |
Anritsu Corp. | 538,570 | 2,897 | |
Tokyo Steel Manufacturing Co. Ltd. | 377,800 | 2,883 | |
Yodogawa Steel Works Ltd. | 110,500 | 2,880 | |
Unipres Corp. | 145,000 | 2,879 | |
Daikyonishikawa Corp. | 224,000 | 2,872 | |
MOS Food Services Inc. | 95,800 | 2,872 | |
Adastria Co. Ltd. | 110,700 | 2,864 | |
Shinmaywa Industries Ltd. | 318,000 | 2,853 | |
Kanamoto Co. Ltd. | 107,500 | 2,839 | |
Okinawa Electric Power Co. Inc. | 126,350 | 2,838 | |
Totetsu Kogyo Co. Ltd. | 109,600 | 2,836 |
30
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Okamura Corp. | 316,000 | 2,834 | |
Makino Milling Machine Co. Ltd. | 361,000 | 2,817 | |
Nichiha Corp. | 113,100 | 2,788 | |
Taikisha Ltd. | 114,500 | 2,788 | |
* | Kusuri no Aoki Holdings Co. Ltd. | 62,600 | 2,785 |
Nippon Flour Mills Co. Ltd. | 200,500 | 2,783 | |
Heiwado Co. Ltd. | 117,500 | 2,770 | |
ASKUL Corp. | 81,100 | 2,768 | |
Okamoto Industries Inc. | 299,000 | 2,751 | |
Joyful Honda Co. Ltd. | 102,300 | 2,747 | |
^ | EDION Corp. | 293,100 | 2,745 |
Kanematsu Corp. | 1,630,000 | 2,739 | |
Hogy Medical Co. Ltd. | 44,000 | 2,710 | |
^ | Jin Co. Ltd. | 58,900 | 2,707 |
^ | Kyoritsu Maintenance Co. Ltd. | 46,400 | 2,701 |
Saibu Gas Co. Ltd. | 1,254,000 | 2,700 | |
Meidensha Corp. | 784,000 | 2,691 | |
^ | TOKAI Holdings Corp. | 385,500 | 2,690 |
cocokara fine Inc. | 72,800 | 2,670 | |
^,* | euglena Co. Ltd. | 239,100 | 2,631 |
Senko Co. Ltd. | 389,400 | 2,624 | |
ZERIA Pharmaceutical Co. Ltd. | 169,900 | 2,617 | |
Nippon Soda Co. Ltd. | 556,000 | 2,608 | |
Kadokawa Dwango Corp. | 180,600 | 2,605 | |
Bank of Iwate Ltd. | 64,500 | 2,596 | |
* | Nippon Sheet Glass Co. Ltd. | 357,400 | 2,593 |
Nitto Boseki Co. Ltd. | 660,000 | 2,575 | |
Taiyo Holdings Co. Ltd. | 65,800 | 2,551 | |
Tokai Carbon Co. Ltd. | 790,000 | 2,546 | |
Tokyu Construction Co. Ltd. | 314,300 | 2,524 | |
Komori Corp. | 192,800 | 2,519 | |
Takuma Co. Ltd. | 295,000 | 2,517 | |
Showa Sangyo Co. Ltd. | 489,000 | 2,509 | |
Yamagata Bank Ltd. | 594,000 | 2,502 | |
Komeri Co. Ltd. | 110,748 | 2,497 | |
^ | Fuji Kyuko Co. Ltd. | 270,000 | 2,495 |
Daihen Corp. | 404,000 | 2,490 | |
UACJ Corp. | 907,000 | 2,478 | |
Aomori Bank Ltd. | 739,000 | 2,476 | |
FCC Co. Ltd. | 137,500 | 2,467 | |
NSD Co. Ltd. | 156,500 | 2,455 | |
Transcosmos Inc. | 105,200 | 2,453 | |
Hitachi Koki Co. Ltd. | 194,700 | 2,447 | |
IBJ Leasing Co. Ltd. | 109,400 | 2,442 | |
^ | Bank of Nagoya Ltd. | 68,800 | 2,439 |
CKD Corp. | 214,000 | 2,421 | |
Siix Corp. | 71,800 | 2,419 | |
Ci:z Holdings Co. Ltd. | 85,200 | 2,394 | |
Takara Bio Inc. | 178,300 | 2,388 | |
Kameda Seika Co. Ltd. | 52,300 | 2,385 | |
Kureha Corp. | 63,300 | 2,376 | |
Toei Co. Ltd. | 273,000 | 2,362 | |
PanaHome Corp. | 291,368 | 2,355 | |
Nikkiso Co. Ltd. | 248,100 | 2,352 | |
Chiyoda Co. Ltd. | 99,000 | 2,348 | |
Saizeriya Co. Ltd. | 103,800 | 2,331 | |
* | Toshiba TEC Corp. | 484,252 | 2,315 |
Seiren Co. Ltd. | 188,700 | 2,312 | |
Futaba Corp. | 137,800 | 2,311 | |
Sumitomo Warehouse Co. Ltd. | 438,000 | 2,310 | |
Daikyo Inc. | 1,149,579 | 2,301 | |
Nissin Kogyo Co. Ltd. | 145,600 | 2,298 | |
Furukawa Co. Ltd. | 1,261,000 | 2,289 | |
NS Solutions Corp. | 127,504 | 2,289 |
31
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Zojirushi Corp. | 170,500 | 2,284 |
Noritz Corp. | 134,600 | 2,268 | |
Aichi Bank Ltd. | 39,800 | 2,245 | |
Nishimatsuya Chain Co. Ltd. | 187,200 | 2,238 | |
Hitachi Maxell Ltd. | 131,200 | 2,236 | |
Seikagaku Corp. | 151,000 | 2,232 | |
TSI Holdings Co. Ltd. | 372,600 | 2,230 | |
Nippon Densetsu Kogyo Co. Ltd. | 139,500 | 2,225 | |
Fukui Bank Ltd. | 884,000 | 2,224 | |
Chudenko Corp. | 100,600 | 2,217 | |
Nomura Co. Ltd. | 153,100 | 2,210 | |
Nagaileben Co. Ltd. | 101,200 | 2,204 | |
Jaccs Co. Ltd. | 497,000 | 2,196 | |
Eizo Corp. | 73,800 | 2,191 | |
Gunze Ltd. | 659,000 | 2,187 | |
SKY Perfect JSAT Holdings Inc. | 473,167 | 2,174 | |
* | Pioneer Corp. | 1,080,700 | 2,174 |
Life Corp. | 77,200 | 2,172 | |
Tokyo Broadcasting System Holdings Inc. | 136,182 | 2,172 | |
Oita Bank Ltd. | 580,000 | 2,163 | |
Mitsuba Corp. | 133,200 | 2,156 | |
Morita Holdings Corp. | 151,300 | 2,143 | |
Akita Bank Ltd. | 663,000 | 2,142 | |
^ | Atom Corp. | 347,100 | 2,136 |
^,* | Infomart Corp. | 365,800 | 2,135 |
Nisshin Oillio Group Ltd. | 463,000 | 2,127 | |
Descente Ltd. | 184,600 | 2,120 | |
Aida Engineering Ltd. | 224,200 | 2,120 | |
Nippon Steel & Sumikin Bussan Corp. | 55,000 | 2,120 | |
* | Earth Chemical Co. Ltd. | 52,100 | 2,117 |
As One Corp. | 50,900 | 2,115 | |
Musashi Seimitsu Industry Co. Ltd. | 81,400 | 2,111 | |
Sakata INX Corp. | 170,400 | 2,100 | |
^ | Mirait Holdings Corp. | 232,500 | 2,095 |
TOC Co. Ltd. | 262,400 | 2,089 | |
Monex Group Inc. | 750,600 | 2,084 | |
Obara Group Inc. | 46,800 | 2,083 | |
Token Corp. | 29,200 | 2,071 | |
Yamazen Corp. | 247,900 | 2,068 | |
Nichicon Corp. | 236,900 | 2,063 | |
^ | Financial Products Group Co. Ltd. | 239,400 | 2,062 |
^ | Ichibanya Co. Ltd. | 64,500 | 2,056 |
Piolax Inc. | 31,000 | 2,055 | |
Nippon Signal Company Ltd. | 242,600 | 2,050 | |
Fuso Chemical Co. Ltd. | 95,600 | 2,049 | |
SMS Co. Ltd. | 92,600 | 2,048 | |
Asahi Holdings Inc. | 118,100 | 2,047 | |
NET One Systems Co. Ltd. | 318,800 | 2,037 | |
Starts Corp. Inc. | 120,000 | 2,025 | |
Prima Meat Packers Ltd. | 569,000 | 2,022 | |
Sanyo Special Steel Co. Ltd. | 427,000 | 2,014 | |
Alpine Electronics Inc. | 154,400 | 2,003 | |
Fancl Corp. | 143,200 | 2,001 | |
Toho Zinc Co. Ltd. | 517,000 | 1,991 | |
Noevir Holdings Co. Ltd. | 63,600 | 1,988 | |
Kato Sangyo Co. Ltd. | 84,900 | 1,985 | |
Pacific Industrial Co. Ltd. | 156,300 | 1,984 | |
Nitta Corp. | 72,900 | 1,981 | |
Doutor Nichires Holdings Co. Ltd. | 107,500 | 1,974 | |
Ryobi Ltd. | 503,000 | 1,969 | |
Aeon Delight Co. Ltd. | 70,500 | 1,967 | |
Nissin Electric Co. Ltd. | 178,500 | 1,965 | |
Kitz Corp. | 358,400 | 1,957 | |
Takara Leben Co. Ltd. | 335,800 | 1,951 |
32
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | V Technology Co. Ltd. | 17,500 | 1,950 |
Oiles Corp. | 108,600 | 1,949 | |
kabu.com Securities Co. Ltd. | 565,300 | 1,942 | |
Tochigi Bank Ltd. | 394,000 | 1,933 | |
Gurunavi Inc. | 97,400 | 1,930 | |
Unizo Holdings Co. Ltd. | 72,800 | 1,925 | |
Takasago International Corp. | 72,900 | 1,925 | |
Daibiru Corp. | 224,900 | 1,925 | |
Kohnan Shoji Co. Ltd. | 102,400 | 1,924 | |
Japan Securities Finance Co. Ltd. | 353,100 | 1,920 | |
Shikoku Bank Ltd. | 785,000 | 1,917 | |
AOKI Holdings Inc. | 155,600 | 1,910 | |
BML Inc. | 80,200 | 1,909 | |
Foster Electric Co. Ltd. | 101,300 | 1,908 | |
Star Micronics Co. Ltd. | 140,400 | 1,908 | |
Mani Inc. | 80,000 | 1,902 | |
Sanken Electric Co. Ltd. | 436,000 | 1,902 | |
Toshiba Plant Systems & Services Corp. | 144,400 | 1,900 | |
Gree Inc. | 361,053 | 1,897 | |
Hokuetsu Bank Ltd. | 83,800 | 1,896 | |
Fuji Soft Inc. | 79,900 | 1,893 | |
United Super Markets Holdings Inc. | 224,700 | 1,893 | |
Kintetsu World Express Inc. | 136,500 | 1,889 | |
Seiko Holdings Corp. | 532,000 | 1,883 | |
Japan Wool Textile Co. Ltd. | 253,200 | 1,882 | |
Heiwa Real Estate Co. Ltd. | 137,700 | 1,874 | |
Sanki Engineering Co. Ltd. | 225,300 | 1,873 | |
Marusan Securities Co. Ltd. | 221,000 | 1,860 | |
Aichi Steel Corp. | 44,400 | 1,858 | |
Axial Retailing Inc. | 54,000 | 1,852 | |
Hosiden Corp. | 229,200 | 1,851 | |
Max Co. Ltd. | 150,000 | 1,830 | |
Sanyo Electric Railway Co. Ltd. | 351,000 | 1,826 | |
Toridoll Holdings Corp. | 84,600 | 1,821 | |
YAMABIKO Corp. | 130,900 | 1,818 | |
Sanyo Chemical Industries Ltd. | 42,600 | 1,816 | |
* | Pacific Metals Co. Ltd. | 571,000 | 1,811 |
Create SD Holdings Co. Ltd. | 84,400 | 1,805 | |
Kotobuki Spirits Co. Ltd. | 75,400 | 1,797 | |
Nishio Rent All Co. Ltd. | 58,700 | 1,797 | |
Plenus Co. Ltd. | 92,100 | 1,796 | |
Marudai Food Co. Ltd. | 426,000 | 1,795 | |
Tachi-S Co. Ltd. | 107,100 | 1,794 | |
Raito Kogyo Co. Ltd. | 174,900 | 1,792 | |
Topy Industries Ltd. | 69,500 | 1,786 | |
Shinko Electric Industries Co. Ltd. | 264,869 | 1,784 | |
Miyazaki Bank Ltd. | 578,000 | 1,779 | |
Sato Holdings Corp. | 88,500 | 1,769 | |
Bank of the Ryukyus Ltd. | 134,900 | 1,768 | |
Dydo Drinco Inc. | 33,800 | 1,757 | |
Fujicco Co. Ltd. | 84,900 | 1,751 | |
Dexerials Corp. | 181,900 | 1,725 | |
^ | Yonex Co. Ltd. | 37,100 | 1,723 |
Eighteenth Bank Ltd. | 578,000 | 1,721 | |
Mizuno Corp. | 354,000 | 1,720 | |
Avex Group Holdings Inc. | 119,800 | 1,720 | |
Round One Corp. | 247,500 | 1,713 | |
Daiwabo Holdings Co. Ltd. | 699,000 | 1,707 | |
Internet Initiative Japan Inc. | 112,700 | 1,698 | |
Sekisui Jushi Corp. | 107,200 | 1,690 | |
Riso Kagaku Corp. | 100,200 | 1,689 | |
Shibuya Corp. | 80,400 | 1,680 | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 311,000 | 1,672 | |
^,* | Mitsumi Electric Co. Ltd. | 305,400 | 1,672 |
33
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Kisoji Co. Ltd. | 82,900 | 1,671 | |
^,* | COOKPAD Inc. | 181,400 | 1,662 |
Macnica Fuji Electronics Holdings Inc. | 126,200 | 1,658 | |
VT Holdings Co. Ltd. | 336,100 | 1,655 | |
Chofu Seisakusho Co. Ltd. | 73,800 | 1,654 | |
Kyoei Steel Ltd. | 86,800 | 1,650 | |
TV Asahi Holdings Corp. | 83,630 | 1,648 | |
^ | Kanto Denka Kogyo Co. Ltd. | 183,000 | 1,645 |
Dip Corp. | 79,700 | 1,642 | |
Mitsubishi Shokuhin Co. Ltd. | 55,200 | 1,638 | |
St. Marc Holdings Co. Ltd. | 53,900 | 1,637 | |
Kura Corp. | 38,900 | 1,633 | |
Chugoku Marine Paints Ltd. | 222,000 | 1,632 | |
DTS Corp. | 76,600 | 1,629 | |
Ricoh Leasing Co. Ltd. | 52,800 | 1,625 | |
Yuasa Trading Co. Ltd. | 65,100 | 1,622 | |
Milbon Co. Ltd. | 42,700 | 1,614 | |
Eiken Chemical Co. Ltd. | 61,300 | 1,612 | |
^,* | Royal Holdings Co. Ltd. | 100,900 | 1,611 |
Sintokogio Ltd. | 185,200 | 1,610 | |
Bunka Shutter Co. Ltd. | 209,200 | 1,608 | |
NEC Networks & System Integration Corp. | 89,200 | 1,608 | |
Open House Co. Ltd. | 67,700 | 1,606 | |
Ohsho Food Service Corp. | 42,500 | 1,600 | |
Relia Inc. | 161,600 | 1,593 | |
Kurabo Industries Ltd. | 813,000 | 1,589 | |
G-Tekt Corp. | 81,800 | 1,584 | |
Doshisha Co. Ltd. | 88,200 | 1,582 | |
Iino Kaiun Kaisha Ltd. | 399,700 | 1,573 | |
Toppan Forms Co. Ltd. | 150,491 | 1,567 | |
* | Unitika Ltd. | 2,184,000 | 1,565 |
Toshiba Machine Co. Ltd. | 391,000 | 1,563 | |
TKC Corp. | 57,400 | 1,561 | |
^ | COLOPL Inc. | 184,085 | 1,555 |
Kyokuto Kaihatsu Kogyo Co. Ltd. | 115,900 | 1,554 | |
Hiday Hidaka Corp. | 65,240 | 1,554 | |
Zenrin Co. Ltd. | 85,600 | 1,552 | |
Konoike Transport Co. Ltd. | 117,900 | 1,547 | |
San-Ai Oil Co. Ltd. | 216,000 | 1,543 | |
Press Kogyo Co. Ltd. | 348,500 | 1,536 | |
Goldwin Inc. | 34,400 | 1,532 | |
Shizuoka Gas Co. Ltd. | 217,400 | 1,532 | |
Create Restaurants Holdings Inc. | 175,700 | 1,531 | |
Next Co. Ltd. | 226,400 | 1,529 | |
Osaki Electric Co. Ltd. | 147,000 | 1,528 | |
Shikoku Chemicals Corp. | 168,000 | 1,524 | |
Tokai Corp. | 44,400 | 1,510 | |
Daiho Corp. | 319,000 | 1,504 | |
Fujimori Kogyo Co. Ltd. | 59,700 | 1,486 | |
Bando Chemical Industries Ltd. | 168,000 | 1,486 | |
Clarion Co. Ltd. | 415,000 | 1,485 | |
^ | Wacom Co. Ltd. | 568,100 | 1,484 |
Megachips Corp. | 67,100 | 1,483 | |
Asahi Diamond Industrial Co. Ltd. | 202,500 | 1,475 | |
Fujimi Inc. | 79,000 | 1,475 | |
Toyo Engineering Corp. | 551,000 | 1,467 | |
Yondoshi Holdings Inc. | 69,400 | 1,464 | |
Fuji Co. Ltd. | 70,200 | 1,463 | |
KOMEDA Holdings Co. Ltd. | 93,700 | 1,462 | |
^,* | W-Scope Corp. | 97,300 | 1,458 |
Yokohama Reito Co. Ltd. | 166,300 | 1,457 | |
^ | Ehime Bank Ltd. | 123,500 | 1,455 |
Sanden Holdings Corp. | 458,000 | 1,454 | |
^,* | Outsourcing Inc. | 46,700 | 1,453 |
34
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Yokogawa Bridge Holdings Corp. | 124,600 | 1,448 |
Pressance Corp. | 116,800 | 1,446 |
Nitto Kogyo Corp. | 106,100 | 1,445 |
Benefit One Inc. | 58,300 | 1,441 |
JVC Kenwood Corp. | 528,900 | 1,441 |
Bank of Saga Ltd. | 563,000 | 1,435 |
Sumitomo Riko Co. Ltd. | 146,400 | 1,434 |
Sankyo Tateyama Inc. | 105,400 | 1,432 |
^ Tekken Corp. | 489,000 | 1,430 |
EPS Holdings Inc. | 122,400 | 1,425 |
Hokuto Corp. | 78,800 | 1,421 |
Tsukishima Kikai Co. Ltd. | 135,300 | 1,416 |
Mitsuboshi Belting Ltd. | 166,000 | 1,412 |
Namura Shipbuilding Co. Ltd. | 206,500 | 1,408 |
T Hasegawa Co. Ltd. | 84,500 | 1,404 |
^ S Foods Inc. | 54,000 | 1,399 |
* Iseki & Co. Ltd. | 727,000 | 1,396 |
Nippon Chemi-Con Corp. | 642,000 | 1,395 |
Itochu Enex Co. Ltd. | 177,500 | 1,391 |
Minato Bank Ltd. | 77,100 | 1,378 |
Daido Metal Co. Ltd. | 138,000 | 1,375 |
Sumitomo Real Estate Sales Co. Ltd. | 58,932 | 1,371 |
Eagle Industry Co. Ltd. | 103,000 | 1,369 |
Xebio Holdings Co. Ltd. | 88,600 | 1,366 |
Tokyotokeiba Co. Ltd. | 594,000 | 1,361 |
Showa Corp. | 195,900 | 1,360 |
Tosho Co. Ltd. | 29,600 | 1,360 |
* Katakura Industries Co. Ltd. | 116,200 | 1,358 |
Belc Co. Ltd. | 35,200 | 1,356 |
Sumitomo Seika Chemicals Co. Ltd. | 34,600 | 1,355 |
Osaka Soda Co. Ltd. | 340,000 | 1,354 |
Okabe Co. Ltd. | 164,900 | 1,352 |
JCR Pharmaceuticals Co. Ltd. | 55,500 | 1,351 |
Wakita & Co. Ltd. | 162,000 | 1,347 |
Jeol Ltd. | 309,000 | 1,346 |
Japan Pulp & Paper Co. Ltd. | 424,000 | 1,335 |
Menicon Co. Ltd. | 47,200 | 1,328 |
Geo Holdings Corp. | 114,100 | 1,326 |
Noritake Co. Ltd. | 54,400 | 1,323 |
Justsystems Corp. | 135,700 | 1,309 |
OBIC Business Consultants Co. Ltd. | 30,400 | 1,307 |
Sogo Medical Co. Ltd. | 35,500 | 1,301 |
Ringer Hut Co. Ltd. | 66,900 | 1,297 |
Futaba Industrial Co. Ltd. | 222,300 | 1,295 |
Tv Tokyo Holdings Corp. | 65,300 | 1,292 |
^ Towa Pharmaceutical Co. Ltd. | 33,000 | 1,292 |
Hibiya Engineering Ltd. | 90,800 | 1,288 |
Funai Soken Holdings Inc. | 82,100 | 1,288 |
Sodick Co. Ltd. | 156,000 | 1,287 |
Riken Corp. | 34,000 | 1,286 |
Wowow Inc. | 42,900 | 1,285 |
^ Micronics Japan Co. Ltd. | 130,200 | 1,285 |
Nohmi Bosai Ltd. | 87,000 | 1,281 |
Mitsui Sugar Co. Ltd. | 59,800 | 1,281 |
Elecom Co. Ltd. | 76,100 | 1,274 |
Matsuya Co. Ltd. | 145,800 | 1,273 |
Tsukui Corp. | 188,200 | 1,272 |
Modec Inc. | 79,300 | 1,264 |
Nippon Koei Co. Ltd. | 57,200 | 1,263 |
T-Gaia Corp. | 77,600 | 1,261 |
Takamatsu Construction Group Co. Ltd. | 59,300 | 1,259 |
Towa Bank Ltd. | 1,328,000 | 1,258 |
Kenko Mayonnaise Co. Ltd. | 44,600 | 1,257 |
Fukushima Industries Corp. | 43,500 | 1,252 |
35
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tsubaki Nakashima Co. Ltd. | 85,900 | 1,247 | |
Tsugami Corp. | 217,000 | 1,243 | |
Mitsui-Soko Holdings Co. Ltd. | 423,000 | 1,242 | |
Yellow Hat Ltd. | 57,400 | 1,239 | |
J-Oil Mills Inc. | 36,300 | 1,237 | |
Anest Iwata Corp. | 125,800 | 1,230 | |
Joshin Denki Co. Ltd. | 145,000 | 1,225 | |
Ihara Chemical Industry Co. Ltd. | 126,500 | 1,219 | |
Fujibo Holdings Inc. | 43,000 | 1,219 | |
Key Coffee Inc. | 65,300 | 1,216 | |
Starzen Co. Ltd. | 29,400 | 1,213 | |
Tokushu Tokai Paper Co. Ltd. | 35,700 | 1,206 | |
Riken Vitamin Co. Ltd. | 29,800 | 1,204 | |
Kansai Urban Banking Corp. | 95,800 | 1,194 | |
^ | Roland DG Corp. | 45,700 | 1,191 |
Kasai Kogyo Co. Ltd. | 100,500 | 1,189 | |
ASKA Pharmaceutical Co. Ltd. | 81,500 | 1,186 | |
Sinfonia Technology Co. Ltd. | 528,000 | 1,185 | |
FIDEA Holdings Co. Ltd. | 664,900 | 1,185 | |
Toa Corp. | 69,400 | 1,182 | |
Inageya Co. Ltd. | 93,400 | 1,181 | |
Jimoto Holdings Inc. | 696,300 | 1,179 | |
Optex Group Co. Ltd. | 53,900 | 1,177 | |
Cawachi Ltd. | 47,200 | 1,176 | |
Taihei Dengyo Kaisha Ltd. | 121,000 | 1,173 | |
Canon Electronics Inc. | 77,800 | 1,171 | |
Trancom Co. Ltd. | 23,900 | 1,169 | |
Belluna Co. Ltd. | 189,700 | 1,167 | |
Prestige International Inc. | 165,100 | 1,165 | |
Goldcrest Co. Ltd. | 64,500 | 1,158 | |
^ | Alpen Co. Ltd. | 64,500 | 1,156 |
Nittetsu Mining Co. Ltd. | 24,500 | 1,155 | |
Shinko Plantech Co. Ltd. | 158,700 | 1,152 | |
^ | IDOM Inc. | 209,100 | 1,151 |
Tamura Corp. | 305,000 | 1,150 | |
Kyokuto Securities Co. Ltd. | 77,500 | 1,143 | |
Hamakyorex Co. Ltd. | 61,600 | 1,142 | |
Shin-Etsu Polymer Co. Ltd. | 146,400 | 1,142 | |
Kato Works Co. Ltd. | 44,000 | 1,139 | |
UKC Holdings Corp. | 63,600 | 1,138 | |
* | Miroku Jyoho Service Co. Ltd. | 73,900 | 1,135 |
Enplas Corp. | 38,500 | 1,133 | |
2 | Nippon Thompson Co. Ltd. | 268,600 | 1,132 |
^,* | Japan Material Co. Ltd. | 73,400 | 1,131 |
^ | Anicom Holdings Inc. | 54,700 | 1,131 |
Shindengen Electric Manufacturing Co. Ltd. | 305,000 | 1,131 | |
* | CMK Corp. | 191,400 | 1,126 |
Tocalo Co. Ltd. | 51,900 | 1,125 | |
Yorozu Corp. | 78,200 | 1,122 | |
^ | Vital KSK Holdings Inc. | 132,300 | 1,119 |
Mitani Sekisan Co. Ltd. | 43,500 | 1,116 | |
JSP Corp. | 48,000 | 1,115 | |
Sanyo Denki Co. Ltd. | 160,000 | 1,114 | |
Warabeya Nichiyo Holdings Co. Ltd. | 52,700 | 1,111 | |
Tsurumi Manufacturing Co. Ltd. | 76,900 | 1,111 | |
* | Ishihara Sangyo Kaisha Ltd. | 141,700 | 1,109 |
* | Teikoku Sen-I Co. Ltd. | 84,700 | 1,106 |
Torii Pharmaceutical Co. Ltd. | 50,000 | 1,104 | |
^,* | Nippon Ceramic Co. Ltd. | 64,500 | 1,102 |
Konishi Co. Ltd. | 102,500 | 1,102 | |
Neturen Co. Ltd. | 140,500 | 1,079 | |
Nissin Corp. | 349,000 | 1,079 | |
Arcland Sakamoto Co. Ltd. | 93,000 | 1,077 | |
Kaga Electronics Co. Ltd. | 66,400 | 1,076 |
36
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ichiyoshi Securities Co. Ltd. | 140,100 | 1,072 | |
Maruwa Co. Ltd. | 32,300 | 1,068 | |
* | Itoki Corp. | 168,700 | 1,064 |
Okuwa Co. Ltd. | 106,000 | 1,064 | |
^ | NichiiGakkan Co. Ltd. | 147,600 | 1,062 |
Daiichi Jitsugyo Co. Ltd. | 186,000 | 1,061 | |
Yahagi Construction Co. Ltd. | 114,700 | 1,059 | |
Matsuya Foods Co. Ltd. | 32,700 | 1,055 | |
Koa Corp. | 110,900 | 1,054 | |
* | Fukuda Corp. | 110,000 | 1,053 |
Denki Kogyo Co. Ltd. | 215,000 | 1,052 | |
Nihon Nohyaku Co. Ltd. | 190,600 | 1,049 | |
Daisan Bank Ltd. | 67,300 | 1,046 | |
Tamron Co. Ltd. | 63,000 | 1,044 | |
^ | METAWATER Co. Ltd. | 44,100 | 1,043 |
^ | Bell System24 Holdings Inc. | 123,500 | 1,040 |
* | Kintetsu Department Store Co. Ltd. | 350,000 | 1,040 |
Nagatanien Holdings Co. Ltd. | 87,000 | 1,039 | |
Toyo Kanetsu KK | 384,000 | 1,032 | |
Kanematsu Electronics Ltd. | 48,100 | 1,031 | |
Rock Field Co. Ltd. | 76,100 | 1,029 | |
Yushin Precision Equipment Co. Ltd. | 41,600 | 1,029 | |
^,* | OSAKA Titanium Technologies Co. Ltd. | 74,100 | 1,026 |
Dai Nippon Toryo Co. Ltd. | 507,000 | 1,025 | |
Pack Corp. | 45,800 | 1,022 | |
Systena Corp. | 67,000 | 1,021 | |
Ines Corp. | 98,200 | 1,021 | |
^ | Melco Holdings Inc. | 37,600 | 1,021 |
^ | Kumiai Chemical Industry Co. Ltd. | 167,600 | 1,019 |
^ | Kappa Create Co. Ltd. | 91,200 | 1,019 |
PAL GROUP Holdings Co. Ltd. | 42,900 | 1,018 | |
* | Nissei Build Kogyo Co. Ltd. | 224,000 | 1,015 |
^,* | F@N Communications Inc. | 159,400 | 1,009 |
Nippon Kanzai Co. Ltd. | 65,000 | 1,007 | |
Daiken Corp. | 56,800 | 1,000 | |
Aisan Industry Co. Ltd. | 116,800 | 998 | |
* | Rokko Butter Co. Ltd. | 46,200 | 997 |
Sagami Chain Co. Ltd. | 90,300 | 997 | |
Tenma Corp. | 58,100 | 997 | |
Sakai Chemical Industry Co. Ltd. | 297,000 | 991 | |
Toyo Construction Co. Ltd. | 281,300 | 984 | |
Idec Corp. | 105,400 | 982 | |
Arakawa Chemical Industries Ltd. | 61,500 | 981 | |
* | Juki Corp. | 108,700 | 980 |
* | Chiyoda Integre Co. Ltd. | 48,700 | 980 |
Nihon Chouzai Co. Ltd. | 26,100 | 971 | |
^ | Cosel Co. Ltd. | 90,800 | 971 |
Nitto Kohki Co. Ltd. | 43,800 | 970 | |
Kyodo Printing Co. Ltd. | 283,000 | 967 | |
* | Nippon Denko Co. Ltd. | 471,200 | 966 |
Kurimoto Ltd. | 49,400 | 955 | |
Nippon Yakin Kogyo Co. Ltd. | 586,000 | 954 | |
Maruzen Showa Unyu Co. Ltd. | 244,000 | 951 | |
Nichiden Corp. | 35,300 | 949 | |
Maeda Kosen Co. Ltd. | 86,100 | 942 | |
^,* | Takata Corp. | 128,338 | 941 |
Shimizu Bank Ltd. | 29,800 | 933 | |
Tsukuba Bank Ltd. | 313,800 | 930 | |
Ryoyo Electro Corp. | 74,000 | 930 | |
Mitsubishi Steel Manufacturing Co. Ltd. | 478,000 | 929 | |
Oyo Corp. | 77,000 | 922 | |
Arata Corp. | 40,600 | 918 | |
Michinoku Bank Ltd. | 480,000 | 914 | |
Union Tool Co. | 35,200 | 914 |
37
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Fudo Tetra Corp. | 514,200 | 900 | |
Tanseisha Co. Ltd. | 131,500 | 900 | |
Ministop Co. Ltd. | 51,500 | 899 | |
Chiba Kogyo Bank Ltd. | 177,700 | 898 | |
Osaka Steel Co. Ltd. | 48,300 | 893 | |
^,* | Fujita Kanko Inc. | 297,000 | 893 |
Sanshin Electronics Co. Ltd. | 91,900 | 884 | |
Stella Chemifa Corp. | 33,200 | 884 | |
Nippon Parking Development Co. Ltd. | 619,800 | 878 | |
^ | Toho Titanium Co. Ltd. | 131,100 | 877 |
* | Vector Inc. | 87,200 | 875 |
Kyokuyo Co. Ltd. | 37,300 | 870 | |
Chukyo Bank Ltd. | 43,400 | 870 | |
ESPEC Corp. | 75,900 | 867 | |
Broadleaf Co. Ltd. | 160,200 | 865 | |
Keihanshin Building Co. Ltd. | 165,200 | 863 | |
^ | Torishima Pump Manufacturing Co. Ltd. | 88,100 | 855 |
Kamei Corp. | 83,600 | 852 | |
^ | Giken Ltd. | 52,100 | 845 |
Tokyo Rope Manufacturing Co. Ltd. | 50,400 | 845 | |
^ | BRONCO BILLY Co. Ltd. | 33,700 | 844 |
Koatsu Gas Kogyo Co. Ltd. | 131,000 | 843 | |
Sakai Moving Service Co. Ltd. | 36,600 | 843 | |
Meisei Industrial Co. Ltd. | 172,500 | 839 | |
Digital Arts Inc. | 37,200 | 838 | |
^ | Daikokutenbussan Co. Ltd. | 19,900 | 834 |
Itochu-Shokuhin Co. Ltd. | 22,300 | 833 | |
^ | Misawa Homes Co. Ltd. | 92,700 | 826 |
Kanagawa Chuo Kotsu Co. Ltd. | 132,000 | 822 | |
* | Toyo Tanso Co. Ltd. | 50,500 | 810 |
Komatsu Seiren Co. Ltd. | 125,400 | 810 | |
^ | K&O Energy Group Inc. | 51,300 | 808 |
Daito Pharmaceutical Co. Ltd. | 42,000 | 808 | |
Mitsubishi Nichiyu Forklift Co. Ltd. | 111,100 | 805 | |
Qol Co. Ltd. | 67,100 | 801 | |
Nippon Valqua Industries Ltd. | 60,800 | 799 | |
^,* | Fujiya Co. Ltd. | 434,000 | 794 |
^ | Istyle Inc. | 111,900 | 792 |
Shinnihon Corp. | 98,600 | 792 | |
Kita-Nippon Bank Ltd. | 29,700 | 792 | |
Mie Bank Ltd. | 39,700 | 791 | |
Nippon Road Co. Ltd. | 202,000 | 787 | |
Yurtec Corp. | 116,000 | 786 | |
^ | Riken Technos Corp. | 170,100 | 778 |
Hokkan Holdings Ltd. | 193,000 | 776 | |
CONEXIO Corp. | 60,700 | 773 | |
SMK Corp. | 217,000 | 771 | |
Sac's Bar Holdings Inc. | 75,700 | 767 | |
^ | Ateam Inc. | 39,000 | 766 |
Denyo Co. Ltd. | 56,600 | 766 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | 38,400 | 761 | |
OSJB Holdings Corp. | 374,100 | 760 | |
^ | Marvelous Inc. | 114,400 | 756 |
Achilles Corp. | 56,400 | 755 | |
Uchida Yoko Co. Ltd. | 181,000 | 752 | |
Toyo Corp. | 84,800 | 751 | |
Sun Frontier Fudousan Co. Ltd. | 85,100 | 750 | |
^ | Chuetsu Pulp & Paper Co. Ltd. | 368,000 | 748 |
Hosokawa Micron Corp. | 116,000 | 748 | |
Tosei Corp. | 99,600 | 745 | |
Aiphone Co. Ltd. | 44,300 | 744 | |
Daiwa Industries Ltd. | 98,000 | 743 | |
Mito Securities Co. Ltd. | 267,000 | 743 | |
Aeon Fantasy Co. Ltd. | 27,100 | 740 |
38
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tokyo Tekko Co. Ltd. | 184,000 | 740 | |
Information Services International-Dentsu Ltd. | 48,300 | 739 | |
Mimasu Semiconductor Industry Co. Ltd. | 52,200 | 738 | |
Mie Kotsu Group Holdings Inc. | 221,700 | 734 | |
* | Wellnet Corp. | 66,300 | 733 |
France Bed Holdings Co. Ltd. | 92,300 | 733 | |
^ | WATAMI Co. Ltd. | 77,000 | 727 |
^ | Japan Cash Machine Co. Ltd. | 56,800 | 726 |
^ | Jamco Corp. | 35,200 | 724 |
^ | Kobe Bussan Co. Ltd. | 20,600 | 721 |
^ | Nihon Trim Co. Ltd. | 18,700 | 721 |
^ | Senshukai Co. Ltd. | 118,900 | 720 |
Toa Corp. | 80,200 | 719 | |
^,* | Nippon Carbon Co. Ltd. | 371,000 | 718 |
^ | Keiyo Co. Ltd. | 149,600 | 716 |
Tonami Holdings Co. Ltd. | 234,000 | 714 | |
Takaoka Toko Co. Ltd. | 38,300 | 709 | |
Shinko Shoji Co. Ltd. | 66,700 | 708 | |
* | Akebono Brake Industry Co. Ltd. | 273,400 | 707 |
Taiho Kogyo Co. Ltd. | 50,600 | 707 | |
Toho Co. Ltd. | 32,700 | 707 | |
Yomiuri Land Co. Ltd. | 168,000 | 694 | |
Icom Inc. | 35,600 | 688 | |
Halows Co. Ltd. | 33,300 | 683 | |
^ | PC Depot Corp. | 126,600 | 670 |
Mitsubishi Research Institute Inc. | 23,800 | 669 | |
* | Mitsubishi Paper Mills Ltd. | 103,400 | 664 |
^ | Ichikoh Industries Ltd. | 206,000 | 663 |
Honeys Co. Ltd. | 63,200 | 658 | |
Fuji Pharma Co. Ltd. | 28,500 | 657 | |
Mars Engineering Corp. | 34,200 | 657 | |
Hokkaido Gas Co. Ltd. | 278,000 | 656 | |
Sekisui Plastics Co. Ltd. | 94,000 | 655 | |
Aichi Corp. | 93,400 | 654 | |
Nihon Yamamura Glass Co. Ltd. | 374,000 | 652 | |
Onoken Co. Ltd. | 56,000 | 650 | |
Arcland Service Holdings Co. Ltd. | 26,500 | 650 | |
Mitsui High-Tec Inc. | 91,100 | 649 | |
Japan Transcity Corp. | 177,000 | 646 | |
Furuno Electric Co. Ltd. | 89,000 | 643 | |
Shibusawa Warehouse Co. Ltd. | 216,000 | 643 | |
Advan Co. Ltd. | 62,000 | 638 | |
Godo Steel Ltd. | 35,300 | 636 | |
Cleanup Corp. | 77,600 | 631 | |
* | Studio Alice Co. Ltd. | 34,000 | 629 |
^ | GCA Corp. | 89,600 | 629 |
^ | CHIMNEY Co. Ltd. | 25,500 | 626 |
Fuso Pharmaceutical Industries Ltd. | 26,200 | 624 | |
Yusen Logistics Co. Ltd. | 60,000 | 624 | |
Kyosan Electric Manufacturing Co. Ltd. | 185,000 | 622 | |
* | JAC Recruitment Co. Ltd. | 55,500 | 622 |
^,* | Laox Co. Ltd. | 101,800 | 622 |
* | Fuji Oil Co. Ltd. | 190,800 | 621 |
Kourakuen Holdings Corp. | 44,300 | 620 | |
Toenec Corp. | 126,000 | 618 | |
MTI Ltd. | 99,600 | 618 | |
^ | Weathernews Inc. | 20,100 | 618 |
^,* | Sanyo Shokai Ltd. | 410,000 | 617 |
NS United Kaiun Kaisha Ltd. | 361,000 | 616 | |
^,* | KLab Inc. | 108,800 | 615 |
^ | Happinet Corp. | 55,900 | 610 |
Kanaden Corp. | 67,100 | 610 | |
Toyo Securities Co. Ltd. | 252,000 | 608 | |
Meiko Network Japan Co. Ltd. | 65,500 | 607 |
39
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | SWCC Showa Holdings Co. Ltd. | 827,000 | 606 |
Ryoden Corp. | 96,000 | 605 | |
T RAD Co. Ltd. | 242,000 | 602 | |
* | Okura Industrial Co. Ltd. | 142,000 | 601 |
Shinwa Co. Ltd. | 40,300 | 601 | |
Taisei Lamick Co. Ltd. | 22,000 | 598 | |
Tokyo Energy & Systems Inc. | 70,000 | 598 | |
^,* | Nippon Sharyo Ltd. | 249,000 | 593 |
Chori Co. Ltd. | 39,300 | 590 | |
Hisaka Works Ltd. | 78,200 | 589 | |
Matsuda Sangyo Co. Ltd. | 45,600 | 585 | |
Kitagawa Iron Works Co. Ltd. | 29,600 | 576 | |
Hioki EE Corp. | 31,900 | 574 | |
Sinanen Holdings Co. Ltd. | 31,400 | 573 | |
Takiron Co. Ltd. | 129,000 | 571 | |
Nissei ASB Machine Co. Ltd. | 28,300 | 571 | |
Sanoh Industrial Co. Ltd. | 80,600 | 570 | |
Teikoku Electric Manufacturing Co. Ltd. | 65,600 | 570 | |
Atsugi Co. Ltd. | 533,000 | 569 | |
Amuse Inc. | 36,800 | 566 | |
Seika Corp. | 193,000 | 562 | |
Toyo Kohan Co. Ltd. | 177,000 | 559 | |
Noritsu Koki Co. Ltd. | 77,000 | 554 | |
Sumitomo Densetsu Co. Ltd. | 50,400 | 552 | |
^ | U-Shin Ltd. | 83,900 | 549 |
Hakuto Co. Ltd. | 61,700 | 548 | |
Mitsui Matsushima Co. Ltd. | 49,600 | 547 | |
Tomoku Co. Ltd. | 195,000 | 545 | |
Pronexus Inc. | 57,700 | 543 | |
Daisyo Corp. | 39,700 | 540 | |
ST Corp. | 41,500 | 538 | |
Fields Corp. | 46,000 | 533 | |
Asunaro Aoki Construction Co. Ltd. | 79,700 | 532 | |
Fujitsu Frontech Ltd. | 42,400 | 532 | |
Gun-Ei Chemical Industry Co. Ltd. | 18,700 | 532 | |
SRA Holdings | 24,200 | 531 | |
Asahi Co. Ltd. | 47,900 | 526 | |
^ | Tokyo Rakutenchi Co. Ltd. | 113,000 | 519 |
Zuken Inc. | 50,800 | 519 | |
* | Hito Communications Inc. | 39,400 | 516 |
Toli Corp. | 162,000 | 515 | |
Tosho Printing Co. Ltd. | 123,000 | 514 | |
Fujikura Kasei Co. Ltd. | 90,600 | 508 | |
Rhythm Watch Co. Ltd. | 322,000 | 503 | |
^ | Zuiko Corp. | 14,200 | 502 |
Tatsuta Electric Wire and Cable Co. Ltd. | 127,700 | 496 | |
Parco Co. Ltd. | 56,200 | 496 | |
Organo Corp. | 123,000 | 495 | |
Hodogaya Chemical Co. Ltd. | 21,400 | 493 | |
Nippon Coke & Engineering Co. Ltd. | 538,100 | 492 | |
Japan Radio Co. Ltd. | 41,000 | 490 | |
Gakken Holdings Co. Ltd. | 178,000 | 485 | |
* | KNT-CT Holdings Co. Ltd. | 390,000 | 483 |
Yushiro Chemical Industry Co. Ltd. | 39,200 | 481 | |
Nihon Dempa Kogyo Co. Ltd. | 62,800 | 477 | |
Tsutsumi Jewelry Co. Ltd. | 28,300 | 473 | |
Corona Corp. Class A | 47,800 | 469 | |
NDS Co. Ltd. | 18,700 | 465 | |
^ | Japan Drilling Co. Ltd. | 22,200 | 463 |
Maezawa Kasei Industries Co. Ltd. | 45,100 | 461 | |
Elematec Corp. | 29,400 | 459 | |
Chugai Ro Co. Ltd. | 236,000 | 453 | |
Sankyo Seiko Co. Ltd. | 131,200 | 447 | |
AOI Electronics Co. Ltd. | 17,200 | 447 |
40
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Kobelco Eco-Solutions Co. Ltd. | 117,000 | 445 | |
Kitano Construction Corp. | 162,000 | 445 | |
^ | Pasona Group Inc. | 64,800 | 444 |
^,* | Linical Co. Ltd. | 41,300 | 443 |
^ | JP-Holdings Inc. | 203,500 | 443 |
Artnature Inc. | 73,000 | 441 | |
CMIC Holdings Co. Ltd. | 33,800 | 437 | |
Maezawa Kyuso Industries Co. Ltd. | 33,400 | 434 | |
Funai Electric Co. Ltd. | 55,100 | 433 | |
Nippon Chemiphar Co. Ltd. | 9,000 | 419 | |
NEC Capital Solutions Ltd. | 27,000 | 418 | |
Future Corp. | 66,900 | 414 | |
Alpha Systems Inc. | 25,900 | 412 | |
ASAHI YUKIZAI Corp. | 220,000 | 410 | |
CAC Holdings Corp. | 53,700 | 406 | |
Chuo Spring Co. Ltd. | 147,000 | 398 | |
Panasonic Industrial Devices SUNX Co. Ltd. | 57,500 | 392 | |
Daikoku Denki Co. Ltd. | 25,600 | 392 | |
Krosaki Harima Corp. | 149,000 | 390 | |
Gecoss Corp. | 40,800 | 387 | |
Showa Aircraft Industry Co. Ltd. | 40,000 | 383 | |
Mitsubishi Kakoki Kaisha Ltd. | 206,000 | 378 | |
Dunlop Sports Co. Ltd. | 42,600 | 377 | |
Shimojima Co. Ltd. | 39,400 | 377 | |
^,* | Aplus Financial Co. Ltd. | 370,100 | 373 |
Takihyo Co. Ltd. | 95,000 | 369 | |
Mitsui Home Co. Ltd. | 84,000 | 366 | |
Nice Holdings Inc. | 281,000 | 363 | |
Tokyo Electron Device Ltd. | 26,900 | 362 | |
Srg Takamiya Co. Ltd. | 68,200 | 361 | |
* | Nakayama Steel Works Ltd. | 57,500 | 355 |
^ | Right On Co. Ltd. | 40,800 | 351 |
^,* | Shin Nippon Biomedical Laboratories Ltd. | 68,900 | 344 |
Toyo Denki Seizo KK | 25,200 | 341 | |
Airport Facilities Co. Ltd. | 69,400 | 341 | |
* | Cybozu Inc. | 88,700 | 338 |
Inaba Seisakusho Co. Ltd. | 29,300 | 337 | |
Toda Kogyo Corp. | 140,000 | 336 | |
Paris Miki Holdings Inc. | 84,100 | 335 | |
Sumitomo Precision Products Co. Ltd. | 109,000 | 330 | |
^ | Tabuchi Electric Co. Ltd. | 96,000 | 326 |
Dai-ichi Seiko Co. Ltd. | 27,700 | 310 | |
Daidoh Ltd. | 87,500 | 305 | |
Pocket Card Co. Ltd. | 60,500 | 290 | |
* | Toa Oil Co. Ltd. | 237,000 | 290 |
Kinki Sharyo Co. Ltd. | 12,600 | 282 | |
Best Denki Co. Ltd. | 215,400 | 281 | |
^,* | FDK Corp. | 332,000 | 275 |
Endo Lighting Corp. | 33,800 | 252 | |
* | Yamada SxL Home Co. Ltd. | 371,000 | 250 |
^ | Kojima Co. Ltd. | 86,500 | 214 |
HI-LEX Corp. | 3,900 | 98 | |
14,658,492 | |||
Malta (0.0%) | |||
* | BGP Holdings PLC | 7,179,555 | — |
Netherlands (2.5%) | |||
Unilever NV | 6,505,721 | 267,248 | |
ING Groep NV | 16,182,812 | 227,835 | |
ASML Holding NV | 1,346,262 | 150,877 | |
Koninklijke Philips NV | 3,854,677 | 117,845 | |
* | Koninklijke Ahold Delhaize NV | 5,314,321 | 111,936 |
Heineken NV | 898,915 | 67,363 | |
Akzo Nobel NV | 1,042,315 | 65,131 |
41
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
RELX NV | 3,802,974 | 63,966 | |
* | ArcelorMittal | 7,648,137 | 56,195 |
NN Group NV | 1,361,512 | 46,091 | |
Wolters Kluwer NV | 1,215,512 | 43,964 | |
Koninklijke DSM NV | 733,423 | 43,952 | |
Aegon NV | 7,287,800 | 40,037 | |
Koninklijke KPN NV | 13,189,687 | 39,004 | |
* | Altice NV Class A | 1,451,851 | 28,732 |
Heineken Holding NV | 409,850 | 28,501 | |
2 | ABN AMRO Group NV | 1,165,321 | 25,802 |
Randstad Holding NV | 452,990 | 24,538 | |
Gemalto NV | 342,167 | 19,761 | |
Aalberts Industries NV | 420,695 | 13,630 | |
Koninklijke Vopak NV | 274,826 | 12,966 | |
* | Altice NV Class B | 624,625 | 12,429 |
SBM Offshore NV | 763,665 | 11,956 | |
Boskalis Westminster | 335,262 | 11,631 | |
Delta Lloyd NV | 1,921,852 | 10,742 | |
* | Galapagos NV | 154,655 | 9,905 |
IMCD Group NV | 230,307 | 9,813 | |
APERAM SA | 206,424 | 9,420 | |
ASM International NV | 199,518 | 8,945 | |
* | PostNL NV | 1,858,960 | 7,986 |
Eurocommercial Properties NV | 192,450 | 7,403 | |
Wereldhave NV | 163,063 | 7,335 | |
TKH Group NV | 177,160 | 7,006 | |
Corbion NV | 243,658 | 6,516 | |
^,* | OCI NV | 344,221 | 6,004 |
ASR Nederland NV | 209,433 | 4,978 | |
2 | GrandVision NV | 213,126 | 4,686 |
^,* | Fugro NV | 301,790 | 4,608 |
Arcadis NV | 327,414 | 4,589 | |
BE Semiconductor Industries NV | 133,699 | 4,447 | |
^,* | TomTom NV | 491,784 | 4,418 |
Koninklijke BAM Groep NV | 929,972 | 4,299 | |
2 | Flow Traders | 120,765 | 4,157 |
2 | Philips Lighting NV | 158,238 | 3,895 |
2 | Refresco Group NV | 213,119 | 3,235 |
Vastned Retail NV | 82,460 | 3,200 | |
Wessanen | 216,055 | 3,025 | |
Accell Group | 105,371 | 2,429 | |
NSI NV | 570,071 | 2,152 | |
BinckBank NV | 244,421 | 1,413 | |
Brunel International NV | 81,604 | 1,320 | |
2 | Basic-Fit NV | 25,986 | 438 |
Aegon NV (New York Shares) | 13,328 | 74 | |
1,679,828 | |||
New Zealand (0.3%) | |||
Fletcher Building Ltd. | 2,967,223 | 21,802 | |
Spark New Zealand Ltd. | 7,510,323 | 17,771 | |
Auckland International Airport Ltd. | 3,728,401 | 16,172 | |
Fisher & Paykel Healthcare Corp. Ltd. | 2,347,672 | 13,886 | |
Ryman Healthcare Ltd. | 1,750,675 | 9,857 | |
Contact Energy Ltd. | 2,966,937 | 9,594 | |
Meridian Energy Ltd. | 5,163,963 | 9,316 | |
Z Energy Ltd. | 1,592,040 | 8,026 | |
SKYCITY Entertainment Group Ltd. | 2,729,724 | 7,448 | |
Trade Me Group Ltd. | 1,817,277 | 6,319 | |
Mercury NZ Ltd. | 2,895,130 | 5,948 | |
Kiwi Property Group Ltd. | 5,473,617 | 5,267 | |
SKY Network Television Ltd. | 1,599,337 | 5,048 | |
Mainfreight Ltd. | 330,672 | 4,756 | |
^,* | Xero Ltd. | 386,774 | 4,696 |
^,* | a2 Milk Co. Ltd. | 3,154,471 | 4,654 |
42
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Chorus Ltd. | 1,661,283 | 4,579 | |
EBOS Group Ltd. | 363,250 | 4,212 | |
Goodman Property Trust | 4,699,057 | 3,982 | |
Air New Zealand Ltd. | 2,167,826 | 3,301 | |
Infratil Ltd. | 1,691,808 | 3,232 | |
Genesis Energy Ltd. | 1,983,393 | 2,892 | |
Summerset Group Holdings Ltd. | 861,255 | 2,798 | |
Precinct Properties New Zealand Ltd. | 3,357,691 | 2,798 | |
Freightways Ltd. | 580,601 | 2,720 | |
Argosy Property Ltd. | 3,203,581 | 2,247 | |
Vector Ltd. | 966,060 | 2,172 | |
Vital Healthcare Property Trust | 1,456,706 | 2,044 | |
Metlifecare Ltd. | 477,812 | 1,842 | |
^ | Heartland Bank Ltd. | 1,399,147 | 1,458 |
Warehouse Group Ltd. | 556,183 | 1,101 | |
Kathmandu Holdings Ltd. | 675,413 | 915 | |
New Zealand Refining Co. Ltd. | 456,597 | 824 | |
New Zealand Oil & Gas Ltd. | 1,322,257 | 579 | |
TOWER Ltd. | 718,809 | 417 | |
194,673 | |||
Norway (0.7%) | |||
Statoil ASA | 4,008,741 | 73,166 | |
DNB ASA | 4,455,816 | 66,148 | |
Telenor ASA | 2,911,520 | 43,459 | |
Orkla ASA | 3,256,924 | 29,471 | |
Yara International ASA | 737,862 | 29,027 | |
Marine Harvest ASA | 1,563,427 | 28,268 | |
Norsk Hydro ASA | 5,621,497 | 26,830 | |
* | Subsea 7 SA | 1,128,152 | 14,248 |
Gjensidige Forsikring ASA | 714,296 | 11,324 | |
TGS Nopec Geophysical Co. ASA | 462,055 | 10,243 | |
* | Storebrand ASA | 1,917,717 | 10,187 |
Schibsted ASA Class B | 391,311 | 8,282 | |
Aker BP ASA | 435,618 | 7,784 | |
Schibsted ASA Class A | 331,636 | 7,590 | |
Tomra Systems ASA | 623,909 | 6,536 | |
Salmar ASA | 218,279 | 6,518 | |
Leroy Seafood Group ASA | 108,465 | 6,039 | |
Bakkafrost P/F | 132,560 | 5,258 | |
^,* | Seadrill Ltd. | 1,513,786 | 5,201 |
Veidekke ASA | 318,351 | 4,549 | |
2 | XXL ASA | 400,087 | 4,539 |
SpareBank 1 SR-Bank ASA | 575,490 | 4,048 | |
SpareBank 1 SMN | 500,480 | 3,750 | |
Aker ASA | 100,172 | 3,742 | |
2 | Entra ASA | 376,129 | 3,739 |
Atea ASA | 386,270 | 3,554 | |
^,* | Petroleum Geo-Services ASA | 981,797 | 3,308 |
^,* | Nordic Semiconductor ASA | 777,724 | 3,155 |
Kongsberg Gruppen ASA | 208,411 | 3,006 | |
Austevoll Seafood ASA | 301,239 | 2,919 | |
*,2 | Aker Solutions ASA | 570,058 | 2,725 |
^,* | DNO ASA | 2,645,664 | 2,590 |
Hoegh LNG Holdings Ltd. | 169,261 | 1,885 | |
^,* | Opera Software ASA | 414,571 | 1,791 |
^,* | Norwegian Air Shuttle ASA | 41,755 | 1,387 |
^ | Ocean Yield ASA | 180,176 | 1,354 |
2 | BW LPG Ltd. | 309,577 | 1,301 |
^,* | Akastor ASA | 613,671 | 1,149 |
^,* | REC Silicon ASA | 8,699,495 | 1,146 |
* | Wilh Wilhelmsen ASA | 275,304 | 1,077 |
Stolt-Nielsen Ltd. | 72,869 | 895 | |
Norwegian Property ASA | 686,183 | 794 |
43
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
* Prosafe SE Class A | 1 | — |
453,982 | ||
Other (0.0%)3 | ||
Diebold Nixdorf Inc. | 28,930 | 728 |
Portugal (0.2%) | ||
Galp Energia SGPS SA | 2,166,518 | 32,299 |
EDP - Energias de Portugal SA | 8,071,331 | 24,566 |
Jeronimo Martins SGPS SA | 1,029,032 | 15,960 |
NOS SGPS SA | 926,116 | 5,496 |
EDP Renovaveis SA | 838,782 | 5,327 |
CTT-Correios de Portugal SA | 667,016 | 4,521 |
* Sonae SGPS SA | 4,038,260 | 3,711 |
Navigator Co. SA | 1,006,293 | 3,458 |
REN - Redes Energeticas Nacionais SGPS SA | 1,101,290 | 3,125 |
^ Banco Comercial Portugues SA | 2,706,803 | 3,047 |
* Banco BPI SA | 1,394,285 | 1,658 |
Semapa-Sociedade de Investimento e Gestao | 95,083 | 1,342 |
Altri SGPS SA | 269,742 | 1,097 |
^ Mota-Engil SGPS SA | 343,635 | 582 |
Sonaecom SGPS SA | 128,885 | 345 |
* Banco Espirito Santo SA | 10,412,510 | 34 |
106,568 | ||
Singapore (1.1%) | ||
DBS Group Holdings Ltd. | 7,501,118 | 89,495 |
Oversea-Chinese Banking Corp. Ltd. | 13,831,058 | 84,945 |
Singapore Telecommunications Ltd. | 30,828,677 | 77,332 |
United Overseas Bank Ltd. | 5,044,245 | 70,866 |
Keppel Corp. Ltd. | 5,972,919 | 23,772 |
CapitaLand Ltd. | 10,595,021 | 22,018 |
Wilmar International Ltd. | 8,773,753 | 21,675 |
Global Logistic Properties Ltd. | 12,415,031 | 18,799 |
Singapore Exchange Ltd. | 3,403,975 | 16,786 |
Singapore Press Holdings Ltd. | 6,689,586 | 16,268 |
Genting Singapore plc | 25,100,194 | 15,622 |
Ascendas REIT | 9,636,967 | 15,067 |
ComfortDelGro Corp. Ltd. | 8,525,033 | 14,486 |
CapitaLand Mall Trust | 11,165,153 | 14,482 |
Singapore Technologies Engineering Ltd. | 6,495,889 | 14,428 |
Singapore Airlines Ltd. | 2,138,126 | 14,244 |
City Developments Ltd. | 2,480,438 | 14,155 |
Jardine Cycle & Carriage Ltd. | 471,273 | 13,384 |
Suntec REIT | 10,220,978 | 11,631 |
SATS Ltd. | 2,823,800 | 9,448 |
Hutchison Port Holdings Trust | 21,085,089 | 9,149 |
CapitaLand Commercial Trust | 8,611,634 | 8,773 |
UOL Group Ltd. | 1,996,895 | 8,232 |
Venture Corp. Ltd. | 1,204,858 | 8,206 |
Golden Agri-Resources Ltd. | 26,765,056 | 7,925 |
Mapletree Commercial Trust | 7,865,492 | 7,572 |
Sembcorp Industries Ltd. | 3,733,156 | 7,321 |
Singapore Post Ltd. | 6,078,112 | 6,139 |
Mapletree Industrial Trust | 5,282,500 | 5,997 |
Keppel REIT | 7,850,900 | 5,524 |
Mapletree Greater China Commercial Trust | 7,832,700 | 5,123 |
Yangzijiang Shipbuilding Holdings Ltd. | 8,968,228 | 5,029 |
StarHub Ltd. | 2,553,469 | 4,943 |
Mapletree Logistics Trust | 6,131,900 | 4,313 |
* Noble Group Ltd. | 36,718,763 | 4,282 |
Raffles Medical Group Ltd. | 3,612,200 | 3,564 |
Sembcorp Marine Ltd. | 3,551,684 | 3,368 |
United Engineers Ltd. | 1,874,700 | 3,309 |
Olam International Ltd. | 2,243,827 | 3,051 |
Starhill Global REIT | 5,732,100 | 2,922 |
44
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Frasers Centrepoint Trust | 2,201,400 | 2,887 | |
Keppel Infrastructure Trust | 8,372,500 | 2,745 | |
Ascott Residence Trust | 3,402,600 | 2,653 | |
Parkway Life REIT | 1,597,800 | 2,601 | |
First Resources Ltd. | 1,972,000 | 2,583 | |
Frasers Logistics & Industrial Trust | 4,031,300 | 2,573 | |
* | Genting Hong Kong Ltd. | 8,457,800 | 2,529 |
CDL Hospitality Trusts | 2,650,500 | 2,452 | |
2 | ARA Asset Management Ltd. | 2,024,100 | 2,383 |
Yanlord Land Group Ltd. | 2,572,036 | 2,342 | |
Keppel DC REIT | 2,742,287 | 2,240 | |
Lippo Malls Indonesia Retail Trust | 8,340,700 | 2,130 | |
Frasers Commercial Trust | 2,387,800 | 2,077 | |
SIA Engineering Co. Ltd. | 891,977 | 2,073 | |
Cambridge Industrial Trust | 5,427,600 | 2,021 | |
^ | Cache Logistics Trust | 3,618,700 | 2,020 |
CapitaLand Retail China Trust | 2,119,400 | 2,004 | |
Ascendas India Trust | 2,784,600 | 1,947 | |
^,* | Ezion Holdings Ltd. | 7,332,553 | 1,933 |
OUE Hospitality Trust | 4,082,600 | 1,858 | |
First REIT | 2,071,600 | 1,810 | |
Yoma Strategic Holdings Ltd. | 4,436,800 | 1,787 | |
Manulife US REIT | 2,109,217 | 1,737 | |
Croesus Retail Trust | 2,962,300 | 1,708 | |
^ | M1 Ltd. | 1,230,940 | 1,663 |
Ascendas Hospitality Trust | 3,377,200 | 1,649 | |
Wing Tai Holdings Ltd. | 1,484,975 | 1,626 | |
SPH REIT | 2,412,400 | 1,581 | |
^ | Far East Hospitality Trust | 3,731,100 | 1,546 |
^ | Soilbuild Business Space REIT | 3,354,020 | 1,483 |
^ | Super Group Ltd. | 1,670,300 | 1,475 |
Asian Pay Television Trust | 5,609,000 | 1,452 | |
* | SIIC Environment Holdings Ltd. | 3,521,800 | 1,422 |
RHT Health Trust | 2,186,800 | 1,382 | |
Accordia Golf Trust | 3,157,600 | 1,373 | |
OUE Ltd. | 1,130,100 | 1,369 | |
Sheng Siong Group Ltd. | 1,905,800 | 1,242 | |
Sarine Technologies Ltd. | 994,000 | 1,234 | |
Silverlake Axis Ltd. | 3,197,000 | 1,167 | |
GL Ltd. | 1,809,300 | 950 | |
Bumitama Agri Ltd. | 1,326,500 | 763 | |
^ | Sabana Shari'ah Compliant Industrial REIT | 2,819,600 | 739 |
Midas Holdings Ltd. | 4,953,100 | 736 | |
^,* | COSCO Corp. Singapore Ltd. | 3,804,469 | 724 |
^ | Hyflux Ltd. | 1,997,200 | 710 |
China Everbright Water Ltd. | 2,042,400 | 703 | |
Indofood Agri Resources Ltd. | 1,734,900 | 628 | |
Boustead Singapore Ltd. | 777,000 | 430 | |
* | Ying Li International Real Estate Ltd. | 3,447,000 | 354 |
^,* | Ezra Holdings Ltd. | 10,329,900 | 347 |
* | Vard Holdings Ltd. | 1,997,500 | 343 |
* | Gallant Venture Ltd. | 2,530,300 | 207 |
Sabana Shari'ah Compliant Rights Exp. 01/18/2017 | 1,184,232 | 100 | |
* | Ezion Holdings Ltd Warrants Exp. 04/15/2020 | 720,757 | 41 |
776,177 | |||
South Korea (4.1%) | |||
Samsung Electronics Co. Ltd. | 383,841 | 571,276 | |
Samsung Electronics Co. Ltd. Preference Shares | 77,753 | 92,062 | |
SK Hynix Inc. | 2,203,391 | 81,076 | |
Hyundai Motor Co. | 590,437 | 71,229 | |
NAVER Corp. | 110,485 | 70,752 | |
Shinhan Financial Group Co. Ltd. | 1,739,019 | 65,215 | |
POSCO | 283,072 | 60,100 | |
Hyundai Mobis Co. Ltd. | 271,995 | 59,383 |
45
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
KB Financial Group Inc. | 1,566,436 | 55,357 | |
* | Samsung Electronics Co. Ltd. GDR | 73,872 | 54,924 |
LG Chem Ltd. | 193,635 | 41,757 | |
Samsung C&T Corp. | 373,767 | 38,702 | |
KT&G Corp. | 462,650 | 38,701 | |
Korea Electric Power Corp. | 1,033,121 | 37,686 | |
Kia Motors Corp. | 1,076,825 | 34,950 | |
Amorepacific Corp. | 131,212 | 34,874 | |
Hana Financial Group Inc. | 1,228,867 | 31,717 | |
SK Innovation Co. Ltd. | 254,378 | 30,784 | |
Samsung Fire & Marine Insurance Co. Ltd. | 134,370 | 29,857 | |
Samsung Life Insurance Co. Ltd. | 306,269 | 28,506 | |
^,* | Celltrion Inc. | 316,206 | 28,045 |
SK Holdings Co. Ltd. | 138,919 | 26,371 | |
LG Household & Health Care Ltd. | 36,585 | 25,957 | |
LG Display Co. Ltd. | 934,318 | 24,242 | |
* | Hyundai Heavy Industries Co. Ltd. | 194,415 | 23,352 |
Samsung SDI Co. Ltd. | 227,782 | 20,506 | |
Woori Bank | 1,845,512 | 19,449 | |
LG Electronics Inc. | 451,285 | 19,266 | |
LG Corp. | 371,100 | 18,424 | |
Lotte Chemical Corp. | 60,093 | 18,313 | |
Coway Co. Ltd. | 222,865 | 16,290 | |
Korea Zinc Co. Ltd. | 41,066 | 16,153 | |
Samsung SDS Co. Ltd. | 134,850 | 15,546 | |
Hankook Tire Co. Ltd. | 309,446 | 14,877 | |
Korea Aerospace Industries Ltd. | 267,422 | 14,795 | |
NCSoft Corp. | 71,507 | 14,627 | |
Hyundai Steel Co. | 307,443 | 14,471 | |
Hyundai Motor Co. 2nd Preference Shares | 171,358 | 14,072 | |
Kangwon Land Inc. | 448,873 | 13,282 | |
E-MART Inc. | 87,111 | 13,191 | |
AMOREPACIFIC Group | 117,847 | 12,952 | |
S-Oil Corp. | 173,648 | 12,154 | |
SK Telecom Co. Ltd. ADR | 557,432 | 11,650 | |
Hyosung Corp. | 96,675 | 11,621 | |
Industrial Bank of Korea | 1,066,782 | 11,196 | |
Hyundai Engineering & Construction Co. Ltd. | 297,964 | 10,541 | |
Dongbu Insurance Co. Ltd. | 195,041 | 10,098 | |
Hyundai Glovis Co. Ltd. | 76,362 | 9,756 | |
GS Holdings Corp. | 214,063 | 9,575 | |
Samsung Electro-Mechanics Co. Ltd. | 224,961 | 9,444 | |
Hyundai Development Co-Engineering & Construction | 252,917 | 9,396 | |
Mirae Asset Daewoo Co. Ltd. | 1,542,796 | 9,230 | |
Orion Corp. | 16,521 | 8,955 | |
CJ CheilJedang Corp. | 29,239 | 8,651 | |
BNK Financial Group Inc. | 1,181,488 | 8,475 | |
LG Uplus Corp. | 882,938 | 8,368 | |
CJ Corp. | 54,023 | 8,354 | |
^ | Kakao Corp. | 128,760 | 8,192 |
Daelim Industrial Co. Ltd. | 112,224 | 8,078 | |
Lotte Shopping Co. Ltd. | 43,877 | 8,048 | |
^,* | Samsung Heavy Industries Co. Ltd. | 1,034,679 | 7,901 |
Amorepacific Corp. Preference Shares | 44,919 | 7,635 | |
^,* | Samsung Biologics Co. Ltd. | 57,517 | 7,191 |
Hanssem Co. Ltd. | 42,116 | 6,924 | |
Hanwha Chemical Corp. | 336,272 | 6,855 | |
KCC Corp. | 22,679 | 6,740 | |
Hyundai Motor Co. Preference Shares | 84,415 | 6,680 | |
^ | Hanmi Pharm Co. Ltd. | 26,351 | 6,645 |
Hyundai Marine & Fire Insurance Co. Ltd. | 251,603 | 6,549 | |
SK Telecom Co. Ltd. | 32,239 | 5,975 | |
Doosan Heavy Industries & Construction Co. Ltd. | 261,120 | 5,866 | |
Hanon Systems | 688,494 | 5,863 |
46
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hanwha Corp. | 199,810 | 5,789 | |
S-1 Corp. | 79,063 | 5,741 | |
Hyundai Department Store Co. Ltd. | 63,592 | 5,741 | |
Samsung Securities Co. Ltd. | 218,699 | 5,729 | |
^ | BGF retail Co. Ltd. | 84,127 | 5,696 |
* | Shinhan Financial Group Co. Ltd. ADR | 146,931 | 5,530 |
^,* | Samsung Engineering Co. Ltd. | 648,619 | 5,511 |
Hanwha Techwin Co. Ltd. | 150,191 | 5,398 | |
Yuhan Corp. | 32,626 | 5,384 | |
Korea Investment Holdings Co. Ltd. | 154,820 | 5,365 | |
Hanwha Life Insurance Co. Ltd. | 988,979 | 5,343 | |
^ | Mando Corp. | 27,396 | 5,321 |
* | KB Financial Group Inc. ADR | 146,503 | 5,170 |
^ | Hotel Shilla Co. Ltd. | 129,287 | 5,139 |
DGB Financial Group Inc. | 623,994 | 5,042 | |
^,* | OCI Co. Ltd. | 75,068 | 4,881 |
^ | Medy-Tox Inc. | 16,563 | 4,874 |
^ | Kumho Petrochemical Co. Ltd. | 71,567 | 4,852 |
^,* | ViroMed Co. Ltd. | 54,797 | 4,677 |
LG Chem Ltd. Preference Shares | 31,517 | 4,674 | |
^,* | Kumho Tire Co. Inc. | 660,090 | 4,623 |
CJ E&M Corp. | 78,343 | 4,596 | |
^,* | CJ Korea Express Corp. | 29,811 | 4,415 |
LG Innotek Co. Ltd. | 60,385 | 4,412 | |
Samsung Card Co. Ltd. | 134,124 | 4,410 | |
Kolon Industries Inc. | 71,564 | 4,377 | |
Korea Gas Corp. | 108,730 | 4,364 | |
NH Investment & Securities Co. Ltd. | 527,969 | 4,207 | |
Posco Daewoo Corp. | 187,738 | 4,191 | |
^ | SK Chemicals Co. Ltd. | 74,984 | 4,155 |
LG Household & Health Care Ltd. Preference Shares | 8,916 | 4,152 | |
Shinsegae Inc. | 28,144 | 4,098 | |
^,* | GS Engineering & Construction Corp. | 184,212 | 4,028 |
Hyundai Wia Corp. | 66,299 | 4,002 | |
^,* | Doosan Infracore Co. Ltd. | 549,170 | 3,991 |
KEPCO Plant Service & Engineering Co. Ltd. | 86,574 | 3,879 | |
^,* | Komipharm International Co. Ltd. | 129,942 | 3,758 |
Doosan Corp. | 42,942 | 3,724 | |
NongShim Co. Ltd. | 13,358 | 3,677 | |
Korean Reinsurance Co. | 389,394 | 3,673 | |
Cheil Worldwide Inc. | 282,125 | 3,669 | |
SK Networks Co. Ltd. | 639,802 | 3,661 | |
LS Corp. | 71,373 | 3,501 | |
Meritz Securities Co. Ltd. | 1,222,637 | 3,494 | |
^,* | Daewoo Engineering & Construction Co. Ltd. | 808,342 | 3,396 |
* | Korean Air Lines Co. Ltd. | 150,403 | 3,394 |
Lotte Confectionery Co. Ltd. | 22,854 | 3,376 | |
KT Corp. | 131,742 | 3,205 | |
^ | Youngone Corp. | 124,933 | 3,166 |
^ | Korea Kolmar Co. Ltd. | 58,032 | 3,158 |
Lotte Chilsung Beverage Co. Ltd. | 2,609 | 3,156 | |
^ | SK Materials Co. Ltd. | 21,285 | 3,153 |
KB Insurance Co. Ltd. | 144,727 | 3,131 | |
* | KT Corp. ADR | 219,014 | 3,086 |
^ | CJ CGV Co. Ltd. | 52,419 | 3,048 |
^ | LIG Nex1 Co. Ltd. | 44,768 | 2,981 |
^ | Ottogi Corp. | 5,371 | 2,945 |
Dongsuh Cos. Inc. | 129,071 | 2,942 | |
Meritz Fire & Marine Insurance Co. Ltd. | 232,450 | 2,942 | |
^,* | Com2uSCorp | 40,722 | 2,934 |
^ | Green Cross Corp. | 22,092 | 2,869 |
^ | KIWOOM Securities Co. Ltd. | 46,933 | 2,792 |
^,* | NHN Entertainment Corp. | 66,895 | 2,783 |
^ | Hyundai Greenfood Co. Ltd. | 214,496 | 2,731 |
47
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Cosmax Inc. | 26,980 | 2,664 |
Poongsan Corp. | 77,848 | 2,605 | |
Korea Petrochemical Ind Co. Ltd. | 11,372 | 2,588 | |
GS Retail Co. Ltd. | 64,460 | 2,539 | |
^,* | Pan Ocean Co. Ltd. | 771,088 | 2,535 |
^ | Fila Korea Ltd. | 42,792 | 2,496 |
^,* | Yungjin Pharmaceutical Co. Ltd. | 339,686 | 2,469 |
^ | Hanmi Science Co. ltd | 48,503 | 2,446 |
Samyang Holdings Corp. | 24,581 | 2,429 | |
LG International Corp. | 100,013 | 2,420 | |
Eo Technics Co. Ltd. | 32,579 | 2,417 | |
* | WONIK IPS Co. Ltd. | 111,349 | 2,408 |
^,* | Advanced Process Systems Corp. | 96,824 | 2,384 |
Hansol Chemical Co. Ltd. | 34,117 | 2,352 | |
^,* | Hyundai Mipo Dockyard Co. Ltd. | 41,934 | 2,331 |
^ | Hite Jinro Co. Ltd. | 131,650 | 2,299 |
Innocean Worldwide Inc. | 48,580 | 2,290 | |
LG Hausys Ltd. | 28,644 | 2,267 | |
^,* | Osstem Implant Co. Ltd. | 45,013 | 2,257 |
SKC Co. Ltd. | 82,226 | 2,243 | |
Hyundai Home Shopping Network Corp. | 24,293 | 2,243 | |
* | Hugel Inc. | 8,405 | 2,229 |
* | Dongkuk Steel Mill Co. Ltd. | 243,815 | 2,224 |
^ | Tongyang Inc. | 880,088 | 2,170 |
^ | JW Pharmaceutical Corp. | 49,255 | 2,143 |
^ | Green Cross Holdings Corp. | 107,422 | 2,114 |
LS Industrial Systems Co. Ltd. | 64,289 | 2,113 | |
^ | Bukwang Pharmaceutical Co. Ltd. | 96,366 | 2,099 |
Chong Kun Dang Pharmaceutical Corp. | 24,227 | 2,090 | |
SFA Engineering Corp. | 38,701 | 2,065 | |
IS Dongseo Co. Ltd. | 55,884 | 2,056 | |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 13,460 | 2,027 | |
^ | Hana Tour Service Inc. | 36,265 | 1,981 |
^ | Kolon Life Science Inc. | 20,060 | 1,946 |
JB Financial Group Co. Ltd. | 403,090 | 1,926 | |
^ | Paradise Co. Ltd. | 190,111 | 1,907 |
GS Home Shopping Inc. | 13,271 | 1,886 | |
Korea Electric Terminal Co. Ltd. | 28,912 | 1,885 | |
^,* | Hyundai Elevator Co. Ltd. | 39,577 | 1,879 |
^ | Seoul Semiconductor Co. Ltd. | 144,791 | 1,861 |
^ | LOTTE Fine Chemical Co. Ltd. | 72,333 | 1,836 |
Daesang Corp. | 83,282 | 1,819 | |
Taekwang Industrial Co. Ltd. | 2,319 | 1,818 | |
Young Poong Corp. | 2,053 | 1,812 | |
^ | Koh Young Technology Inc. | 48,468 | 1,812 |
^ | LOTTE Himart Co. Ltd. | 51,363 | 1,794 |
^,* | Ilyang Pharmaceutical Co. Ltd. | 51,882 | 1,784 |
Dongwon Industries Co. Ltd. | 5,877 | 1,768 | |
^ | Lotte Food Co. Ltd. | 3,286 | 1,765 |
Hankook Tire Worldwide Co. Ltd. | 102,474 | 1,761 | |
CJ O Shopping Co. Ltd. | 12,931 | 1,739 | |
^ | Handsome Co. Ltd. | 59,969 | 1,731 |
SK Gas Ltd. | 15,506 | 1,661 | |
^,* | Seegene Inc. | 56,960 | 1,644 |
^,* | Hanall Biopharma Co. Ltd. | 151,556 | 1,644 |
Soulbrain Co. Ltd. | 32,391 | 1,617 | |
^,* | Loen Entertainment Inc. | 25,368 | 1,593 |
^ | Dong-A ST Co. Ltd. | 18,227 | 1,589 |
^,* | Taihan Electric Wire Co. Ltd. | 1,035,273 | 1,587 |
^ | Jeil Pharmaceutical Co. | 23,417 | 1,561 |
^,* | Genexine Co. Ltd. | 43,739 | 1,560 |
Huchems Fine Chemical Corp. | 86,673 | 1,555 | |
^ | Korea Real Estate Investment & Trust Co. Ltd. | 656,041 | 1,551 |
^ | Hanjin Kal Corp. | 122,468 | 1,550 |
48
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nexen Tire Corp. | 143,568 | 1,545 | |
^,* | DIO Corp. | 47,212 | 1,542 |
Halla Holdings Corp. | 30,675 | 1,539 | |
* | Dongbu HiTek Co. Ltd. | 117,033 | 1,537 |
^,* | Chabiotech Co. Ltd. | 144,175 | 1,510 |
Dong-A Socio Holdings Co. Ltd. | 11,575 | 1,497 | |
Hanwha General Insurance Co. Ltd. | 250,223 | 1,497 | |
Daou Technology Inc. | 100,712 | 1,496 | |
^ | DuzonBizon Co. Ltd. | 84,291 | 1,495 |
Vieworks Co. Ltd. | 30,147 | 1,491 | |
^,* | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 40,900 | 1,483 |
^ | Hansae Co. Ltd. | 69,398 | 1,472 |
Tongyang Life Insurance Co. Ltd. | 135,793 | 1,425 | |
LF Corp. | 78,808 | 1,405 | |
LG Electronics Inc. Preference Shares | 66,234 | 1,405 | |
^ | Grand Korea Leisure Co. Ltd. | 83,027 | 1,404 |
^,* | SM Entertainment Co. | 65,448 | 1,401 |
Samyang Corp. | 16,062 | 1,395 | |
^ | SPC Samlip Co. Ltd. | 9,945 | 1,394 |
Toptec Co. Ltd. | 72,919 | 1,392 | |
* | Hyundai Rotem Co. Ltd. | 92,552 | 1,388 |
^,* | HLB Inc. | 127,259 | 1,381 |
^,* | Binex Co. Ltd. | 98,290 | 1,376 |
* | Asiana Airlines Inc. | 389,161 | 1,356 |
Partron Co. Ltd. | 154,757 | 1,323 | |
LEENO Industrial Inc. | 36,487 | 1,309 | |
^,* | CrystalGenomics Inc. | 93,037 | 1,305 |
S&T Motiv Co. Ltd. | 32,085 | 1,298 | |
ST Pharm Co. Ltd. | 34,881 | 1,293 | |
Namyang Dairy Products Co. Ltd. | 2,114 | 1,285 | |
^,* | GemVax & Kael Co. Ltd. | 105,819 | 1,272 |
* | Ssangyong Motor Co. | 192,857 | 1,259 |
Hankook Shell Oil Co. Ltd. | 3,414 | 1,252 | |
^,* | Medipost Co. Ltd. | 27,655 | 1,240 |
^,* | Foosung Co. Ltd. | 203,622 | 1,234 |
* | Korea Electric Power Corp. ADR | 66,423 | 1,227 |
^ | Mirae Asset Life Insurance Co. Ltd. | 286,143 | 1,219 |
^ | Amicogen Inc. | 32,293 | 1,188 |
Sebang Global Battery Co. Ltd. | 38,373 | 1,188 | |
* | Jusung Engineering Co. Ltd. | 137,752 | 1,177 |
CJ CheilJedang Corp. Preference Shares | 8,180 | 1,172 | |
Binggrae Co. Ltd. | 22,121 | 1,168 | |
DoubleUGames Co. Ltd. | 34,793 | 1,146 | |
Meritz Financial Group Inc. | 124,309 | 1,142 | |
^,* | iNtRON Biotechnology Inc. | 45,181 | 1,140 |
^ | Maeil Dairy Industry Co. Ltd. | 34,194 | 1,136 |
^,* | Posco ICT Co. Ltd. | 237,489 | 1,134 |
^ | Caregen Co. Ltd. | 16,721 | 1,133 |
^ | Ahnlab Inc. | 23,706 | 1,132 |
Muhak Co. Ltd. | 58,880 | 1,114 | |
^ | Hanjin Transportation Co. Ltd. | 46,487 | 1,107 |
Hansol Paper Co. Ltd. | 66,552 | 1,085 | |
SL Corp. | 60,790 | 1,083 | |
^,* | Jenax Inc. | 57,776 | 1,075 |
^ | YG Entertainment Inc. | 45,815 | 1,073 |
Youngone Holdings Co. Ltd. | 21,677 | 1,068 | |
NICE Holdings Co. Ltd. | 73,143 | 1,065 | |
^ | KEPCO Engineering & Construction Co. Inc. | 53,860 | 1,053 |
Modetour Network Inc. | 43,899 | 1,050 | |
^,* | NUTRIBIOTECH Co. Ltd. | 20,544 | 1,044 |
^,* | ATGen Co. Ltd. | 35,220 | 1,036 |
^,* | Emerson Pacific Inc. | 36,800 | 1,029 |
^,* | Seobu T&D | 67,307 | 1,024 |
^ | Cell Biotech Co. Ltd. | 25,445 | 1,023 |
49
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
KISWIRE Ltd. | 30,462 | 1,011 | |
^ | Daewoong Pharmaceutical Co. Ltd. | 17,576 | 999 |
^,* | Wonik Holdings Co. Ltd. | 174,798 | 973 |
Sungwoo Hitech Co. Ltd. | 152,509 | 971 | |
Daishin Securities Co. Ltd. | 111,957 | 962 | |
^,* | SK Securities Co. Ltd. | 1,142,088 | 962 |
^,* | i-SENS Inc. | 39,399 | 957 |
^,* | Schnell Biopharmaceuticals Inc. | 296,110 | 957 |
Hanil Cement Co. Ltd. | 15,035 | 947 | |
^ | JW Holdings Corp. | 128,834 | 943 |
^ | InBody Co. Ltd. | 42,158 | 940 |
Shinyoung Securities Co. Ltd. | 22,696 | 939 | |
AK Holdings Inc. | 20,265 | 939 | |
* | Ssangyong Cement Industrial Co. Ltd. | 76,068 | 931 |
* | Kumho Industrial Co. Ltd. | 115,852 | 927 |
^ | Hancom Inc. | 67,427 | 922 |
AtlasBX Co. Ltd. | 20,985 | 915 | |
^,* | NS Shopping Co. Ltd. | 7,177 | 912 |
Kwang Dong Pharmaceutical Co. Ltd. | 128,921 | 908 | |
^,* | Leaders Cosmetics Co. Ltd. | 49,872 | 906 |
^ | Able C&C Co. Ltd. | 52,858 | 904 |
Daekyo Co. Ltd. | 134,037 | 902 | |
^ | Lutronic Corp. | 30,906 | 892 |
DongKook Pharmaceutical Co. Ltd. | 18,782 | 891 | |
^ | Seah Besteel Corp. | 42,123 | 890 |
^,* | Cellumed Co. Ltd. | 713,287 | 887 |
KT Skylife Co. Ltd. | 61,639 | 881 | |
^,* | Yuanta Securities Korea Co. Ltd. | 340,363 | 881 |
* | Hansol Holdings Co. Ltd. | 158,847 | 881 |
Songwon Industrial Co. Ltd. | 61,782 | 873 | |
^,* | Hansol Technics Co. Ltd. | 68,378 | 872 |
^,* | Pharmicell Co. Ltd. | 202,653 | 869 |
^ | It's Skin Co. Ltd. | 24,451 | 868 |
CJ Hellovision Co. Ltd. | 111,713 | 866 | |
Daeduck Electronics Co. | 127,916 | 864 | |
^,* | Webzen Inc. | 69,884 | 863 |
POSCO Chemtech Co. Ltd. | 85,547 | 849 | |
Samchully Co. Ltd. | 9,897 | 831 | |
^ | Hyundai Livart Furniture Co. Ltd. | 42,261 | 828 |
^,* | CMG Pharmaceutical Co. Ltd. | 314,750 | 826 |
GOLFZON Co. Ltd. | 15,204 | 821 | |
^ | Dae Hwa Pharmaceutical Co. Ltd. | 42,575 | 820 |
^ | Lock&Lock Co. Ltd. | 67,822 | 814 |
^,* | Naturalendo Tech Co. Ltd. | 55,863 | 811 |
E1 Corp. | 15,584 | 808 | |
^,* | CUROCOM Co. Ltd. | 309,179 | 804 |
NICE Information Service Co. Ltd. | 139,114 | 797 | |
* | Interflex Co. Ltd. | 37,434 | 796 |
^,* | Huons Co. Ltd. | 15,054 | 793 |
^ | iMarketKorea Inc. | 91,385 | 786 |
^ | Dongwon F&B Co. Ltd. | 4,772 | 782 |
^ | Dawonsys Co. Ltd. | 72,850 | 779 |
SeAH Steel Corp. | 10,081 | 773 | |
^,* | Gamevil Inc. | 19,074 | 768 |
^ | Kwangju Bank | 85,920 | 767 |
Youlchon Chemical Co. Ltd. | 65,345 | 760 | |
^ | Kolon Corp. | 15,445 | 748 |
Silicon Works Co. Ltd. | 32,361 | 743 | |
Dae Han Flour Mills Co. Ltd. | 4,950 | 737 | |
^ | Cuckoo Electronics Co. Ltd. | 6,774 | 722 |
^ | Korea Kolmar Holdings Co. Ltd. | 25,894 | 721 |
^,* | Kolao Holdings | 108,807 | 720 |
* | Korea Line Corp. | 50,042 | 712 |
^ | Byucksan Corp. | 183,918 | 708 |
50
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Humax Co. Ltd. | 61,750 | 703 | |
^,* | COSON Co. Ltd. | 70,847 | 702 |
* | Taewoong Co. Ltd. | 37,645 | 698 |
* | Hanjin Heavy Industries & Construction Co. Ltd. | 248,536 | 690 |
Sindoh Co. Ltd. | 15,193 | 690 | |
* | Taeyoung Engineering & Construction Co. Ltd. | 151,989 | 682 |
Chongkundang Holdings Corp. | 11,965 | 681 | |
Daishin Securities Co. Ltd. Preference Shares | 112,308 | 678 | |
^,* | ICD Co. Ltd. | 45,526 | 675 |
^,* | Peptron Inc. | 20,670 | 668 |
^ | Crown Confectionery Co. Ltd. | 28,358 | 659 |
* | Woongjin Thinkbig Co. Ltd. | 85,305 | 655 |
^ | Namhae Chemical Corp. | 94,005 | 653 |
^,* | Agabang&Company | 102,616 | 653 |
Daeduck GDS Co. Ltd. | 60,820 | 648 | |
^ | Daewoong Co. Ltd. | 17,711 | 645 |
^,* | Insun ENT Co. Ltd. | 116,903 | 629 |
^ | Seoyon E-Hwa Co. Ltd. | 54,015 | 625 |
^,* | G-SMATT GLOBAL Co. Ltd. | 51,626 | 623 |
^ | Humedix Co. Ltd. | 22,296 | 618 |
^ | CJ Freshway Corp. | 18,890 | 608 |
^ | Coreana Cosmetics Co. Ltd. | 114,265 | 603 |
^ | Interpark Holdings Corp. | 143,836 | 598 |
S&T Dynamics Co. Ltd. | 76,950 | 592 | |
^,* | Duk San Neolux Co. Ltd. | 22,109 | 580 |
^,* | WeMade Entertainment Co. Ltd. | 31,305 | 577 |
^ | KH Vatec Co. Ltd. | 50,218 | 563 |
^,* | CrucialTec Co. Ltd. | 83,051 | 553 |
Hyundai Corp. | 30,448 | 551 | |
^ | Cosmax BTI Inc | 17,623 | 545 |
* | SFA Semicon Co. Ltd. | 257,398 | 538 |
^,* | Hanwha Investment & Securities Co. Ltd. | 310,717 | 535 |
Kyobo Securities Co. Ltd. | 71,692 | 522 | |
KISCO Corp. | 16,899 | 518 | |
Huons Global Co. Ltd. | 17,905 | 507 | |
* | Lumens Co. Ltd. | 148,721 | 471 |
* | Green Cross Cell Corp. | 20,927 | 471 |
^,* | Samsung Pharmaceutical Co. Ltd. | 135,881 | 469 |
* | KTB Investment & Securities Co. Ltd. | 193,617 | 468 |
^ | SBS Media Holdings Co. Ltd. | 210,559 | 466 |
* | Eugene Investment & Securities Co. Ltd. | 228,384 | 460 |
^ | Sung Kwang Bend Co. Ltd. | 61,595 | 451 |
^ | KONA I Co. Ltd. | 44,874 | 448 |
NEPES Corp. | 60,998 | 417 | |
^,* | Neowiz Games Corp. | 44,012 | 413 |
Sam Young Electronics Co. Ltd. | 40,228 | 404 | |
INTOPS Co. Ltd. | 45,492 | 382 | |
Seoyon Co. Ltd. | 42,676 | 378 | |
DY Corp. | 62,546 | 367 | |
TK Corp. | 52,740 | 362 | |
^,* | Duksan Hi-Metal Co. Ltd. | 50,261 | 358 |
^,* | 3S Korea Co. Ltd. | 149,771 | 345 |
^ | GOLFZONYUWONHOLDINGS Co. Ltd. | 53,538 | 343 |
MegaStudy Co. Ltd. | 11,905 | 331 | |
^ | Eusu Holdings Co. Ltd. | 68,612 | 324 |
^ | Hyundai C&F Inc. | 19,904 | 271 |
* | Doosan Engine Co. Ltd. | 95,069 | 257 |
* | Dongbu Securities Co. Ltd. | 95,609 | 256 |
Hitejinro Holdings Co. Ltd. | 24,200 | 249 | |
MegaStudyEdu Co. Ltd. | 5,408 | 202 | |
Mirae Asset Securities Co. Ltd. | — | ||
2,736,615 | |||
Spain (2.6%) | |||
Banco Santander SA | 60,127,348 | 312,800 |
51
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Banco Bilbao Vizcaya Argentaria SA | 27,206,745 | 183,345 | |
Telefonica SA | 17,791,118 | 164,255 | |
Iberdrola SA | 23,573,054 | 154,354 | |
Industria de Diseno Textil SA | 4,436,839 | 151,146 | |
Amadeus IT Group SA | 1,749,669 | 79,355 | |
* | Repsol SA | 4,594,192 | 64,563 |
CaixaBank SA | 13,383,839 | 44,110 | |
^ | Abertis Infraestructuras SA | 2,796,501 | 39,074 |
* | Ferrovial SA | 2,073,690 | 36,983 |
2 | Aena SA | 270,195 | 36,812 |
* | Red Electrica Corp. SA | 1,803,552 | 33,979 |
* | Banco de Sabadell SA | 21,723,974 | 30,187 |
Endesa SA | 1,329,149 | 28,109 | |
Grifols SA | 1,411,084 | 28,012 | |
Gas Natural SDG SA | 1,285,826 | 24,191 | |
Enagas SA | 950,811 | 24,097 | |
* | ACS Actividades de Construccion y Servicios SA | 707,504 | 22,327 |
Bankinter SA | 2,872,848 | 22,217 | |
Bankia SA | 19,564,591 | 19,937 | |
Gamesa Corp. Tecnologica SA | 929,598 | 18,794 | |
Grifols SA Preference Shares | 1,058,478 | 16,991 | |
Merlin Properties Socimi SA | 1,388,479 | 15,065 | |
Mapfre SA | 4,200,277 | 12,794 | |
Distribuidora Internacional de Alimentacion SA | 2,573,979 | 12,624 | |
^,* | Banco Popular Espanol SA | 12,960,330 | 12,487 |
Viscofan SA | 195,368 | 9,620 | |
^ | Bolsas y Mercados Espanoles SHMSF SA | 321,750 | 9,460 |
Mediaset Espana Comunicacion SA | 767,136 | 8,986 | |
2 | Cellnex Telecom SA | 576,597 | 8,277 |
Acciona SA | 108,704 | 7,985 | |
* | Acerinox SA | 580,766 | 7,674 |
Ebro Foods SA | 364,655 | 7,632 | |
* | Inmobiliaria Colonial SA | 976,899 | 6,761 |
Zardoya Otis SA | 800,374 | 6,754 | |
Grupo Catalana Occidente SA | 185,452 | 6,062 | |
Applus Services SA | 595,423 | 6,034 | |
Tecnicas Reunidas SA | 134,656 | 5,507 | |
Melia Hotels International SA | 467,196 | 5,439 | |
Prosegur Cia de Seguridad SA | 862,570 | 5,383 | |
* | Indra Sistemas SA | 480,747 | 5,258 |
Hispania Activos Inmobiliarios SOCIMI SA | 415,634 | 4,882 | |
Almirall SA | 244,737 | 3,797 | |
Faes Farma SA | 1,052,461 | 3,716 | |
CIE Automotive SA | 189,428 | 3,686 | |
*,2 | Euskaltel SA | 396,675 | 3,511 |
* | NH Hotel Group SA | 862,689 | 3,482 |
Cia de Distribucion Integral Logista Holdings SA | 148,921 | 3,446 | |
Axiare Patrimonio SOCIMI SA | 235,704 | 3,428 | |
Vidrala SA | 65,478 | 3,374 | |
Corp Financiera Alba SA | 68,565 | 3,089 | |
* | Construcciones y Auxiliar de Ferrocarriles SA | 76,414 | 3,078 |
* | Sacyr SA | 1,175,929 | 2,735 |
^,* | Fomento de Construcciones y Contratas SA | 321,879 | 2,555 |
Atresmedia Corp. de Medios de Comunicacion SA | 217,798 | 2,378 | |
^,* | Codere SA | 2,903,857 | 2,321 |
^ | Obrascon Huarte Lain SA | 595,419 | 2,059 |
* | Pharma Mar SA | 621,303 | 1,768 |
Repsol SA Rights | 4,532,305 | 1,679 | |
Ence Energia y Celulosa SA | 530,858 | 1,399 | |
* | Liberbank SA | 1,150,976 | 1,189 |
* | Promotora de Informaciones SA | 209,647 | 1,156 |
Papeles y Cartones de Europa SA | 195,011 | 1,075 | |
1,755,243 |
52
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sweden (2.7%) | |||
Nordea Bank AB | 13,309,441 | 147,477 | |
Hennes & Mauritz AB Class B | 3,975,498 | 110,205 | |
Swedbank AB Class A | 4,399,849 | 106,012 | |
Svenska Handelsbanken AB Class A | 6,130,063 | 84,904 | |
Volvo AB Class B | 6,461,794 | 75,228 | |
Telefonaktiebolaget LM Ericsson Class B | 12,447,395 | 72,954 | |
Assa Abloy AB Class B | 3,936,439 | 72,838 | |
Atlas Copco AB Class A | 2,396,677 | 72,707 | |
Svenska Cellulosa AB SCA Class B | 2,498,612 | 70,327 | |
Investor AB Class B | 1,884,545 | 70,218 | |
Skandinaviska Enskilda Banken AB Class A | 6,005,814 | 62,762 | |
Sandvik AB | 4,517,246 | 55,725 | |
Atlas Copco AB Class B | 1,841,519 | 50,066 | |
Telia Co. AB | 10,972,741 | 44,080 | |
Hexagon AB Class B | 1,074,974 | 38,286 | |
Skanska AB Class B | 1,510,331 | 35,560 | |
Boliden AB | 1,143,701 | 29,708 | |
SKF AB | 1,610,885 | 29,537 | |
Swedish Match AB | 791,788 | 25,122 | |
Electrolux AB Class B | 929,250 | 23,009 | |
Alfa Laval AB | 1,306,198 | 21,546 | |
* | Kinnevik AB | 845,148 | 20,187 |
Securitas AB Class B | 1,270,989 | 19,937 | |
Trelleborg AB Class B | 1,009,651 | 19,827 | |
Industrivarden AB Class A | 870,329 | 17,183 | |
* | Lundin Petroleum AB | 740,484 | 16,048 |
Castellum AB | 1,100,283 | 15,074 | |
^ | Elekta AB Class B | 1,472,686 | 13,002 |
Industrivarden AB | 685,865 | 12,756 | |
^ | ICA Gruppen AB | 412,223 | 12,547 |
Getinge AB | 769,593 | 12,331 | |
Husqvarna AB | 1,552,785 | 12,048 | |
Tele2 AB | 1,453,644 | 11,623 | |
BillerudKorsnas AB | 640,280 | 10,724 | |
^,* | Nibe Industrier AB Class B | 1,294,589 | 10,180 |
Intrum Justitia AB | 300,616 | 10,135 | |
Hexpol AB | 1,048,242 | 9,691 | |
*,2 | Dometic Group AB | 1,228,881 | 9,022 |
Loomis AB Class B | 301,948 | 8,966 | |
Fabege AB | 545,940 | 8,901 | |
NCC AB Class B | 345,871 | 8,543 | |
Indutrade AB | 413,242 | 8,282 | |
^,* | Swedish Orphan Biovitrum AB | 690,895 | 8,067 |
* | Fastighets AB Balder Class B | 384,283 | 7,753 |
Hufvudstaden AB Class A | 475,249 | 7,499 | |
Holmen AB | 207,374 | 7,423 | |
^ | Fingerprint Cards AB Class B | 1,076,857 | 7,390 |
AAK AB | 108,894 | 7,161 | |
Axfood AB | 437,961 | 6,877 | |
* | SSAB AB Class B | 2,168,170 | 6,825 |
2 | Thule Group AB | 425,582 | 6,644 |
Modern Times Group MTG AB Class B | 222,189 | 6,567 | |
L E Lundbergforetagen AB Class B | 106,196 | 6,502 | |
Saab AB Class B | 172,243 | 6,424 | |
Wallenstam AB | 788,507 | 6,125 | |
* | NetEnt AB | 783,814 | 6,032 |
JM AB | 197,299 | 5,688 | |
Sweco AB Class B | 286,653 | 5,658 | |
* | Bonava AB B ORD | 345,435 | 5,351 |
Peab AB | 665,861 | 5,270 | |
Com Hem Holding AB | 552,522 | 5,264 | |
Wihlborgs Fastigheter AB | 273,200 | 5,071 | |
Lifco AB Class B | 197,998 | 5,056 |
53
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Betsson AB | 510,233 | 4,911 |
^,* | SSAB AB Class A | 1,266,252 | 4,782 |
Investment AB Latour Class B | 126,351 | 4,735 | |
Avanza Bank Holding AB | 113,422 | 4,586 | |
*,2 | Attendo AB | 521,401 | 4,499 |
AF AB | 226,127 | 4,138 | |
Bilia AB | 180,126 | 4,133 | |
Kungsleden AB | 635,013 | 4,016 | |
Ratos AB | 766,020 | 3,622 | |
Pandox AB | 229,005 | 3,551 | |
Hemfosa Fastigheter AB | 378,063 | 3,516 | |
2 | Bravida Holding AB | 568,064 | 3,436 |
Oriflame Holding AG | 99,644 | 3,005 | |
Atrium Ljungberg AB | 187,990 | 2,931 | |
* | Cloetta AB Class B | 878,893 | 2,768 |
Nobia AB | 279,103 | 2,595 | |
Melker Schorling AB | 42,642 | 2,515 | |
Klovern AB | 2,352,108 | 2,462 | |
Bure Equity AB | 206,962 | 2,346 | |
Haldex AB | 181,895 | 2,318 | |
* | Vitrolife AB | 52,578 | 2,232 |
Concentric AB | 165,051 | 2,059 | |
Lindab International AB | 242,818 | 1,941 | |
* | Investment AB Oresund | 111,661 | 1,867 |
Svenska Handelsbanken AB Class B | 136,714 | 1,848 | |
Klovern AB Preference Shares | 53,512 | 1,695 | |
SAS AB Preference Shares | 28,560 | 1,629 | |
2 | Resurs Holding AB | 235,224 | 1,517 |
Rezidor Hotel Group AB | 380,070 | 1,478 | |
* | SkiStar AB | 84,511 | 1,413 |
Clas Ohlson AB | 88,483 | 1,300 | |
* | Collector AB | 107,965 | 1,216 |
Nordnet AB | 290,080 | 1,187 | |
Mekonomen AB | 59,237 | 1,114 | |
^,* | SAS AB | 634,118 | 969 |
Fastighets AB Balder Preference Shares | 25,543 | 905 | |
Sagax AB Preference Shares | 239,635 | 800 | |
Hemfosa Fastigheter AB Preference Shares | 39,363 | 672 | |
SKF AB Class A | 34,013 | 626 | |
Ratos AB Preference Shares | 2,891 | 587 | |
NCC AB Class A | 21,716 | 531 | |
* | Bonava AB A ORD | 16,650 | 255 |
1,798,631 | |||
Switzerland (7.1%) | |||
Nestle SA | 12,895,686 | 923,816 | |
Novartis AG | 9,872,861 | 717,989 | |
Roche Holding AG | 2,938,332 | 669,800 | |
UBS Group AG | 14,592,570 | 228,162 | |
Zurich Insurance Group AG | 620,570 | 170,545 | |
ABB Ltd. | 7,987,288 | 168,066 | |
Syngenta AG | 384,097 | 151,758 | |
Cie Financiere Richemont SA | 2,139,457 | 141,398 | |
Swiss Re AG | 1,374,825 | 130,076 | |
Credit Suisse Group AG | 8,718,967 | 124,603 | |
Actelion Ltd. | 398,800 | 86,184 | |
LafargeHolcim Ltd. | 1,393,419 | 73,143 | |
Givaudan SA | 38,483 | 70,431 | |
Geberit AG | 154,660 | 61,919 | |
SGS SA | 21,372 | 43,423 | |
Adecco Group AG | 663,572 | 43,316 | |
Partners Group Holding AG | 91,409 | 42,792 | |
Sika AG | 8,758 | 42,020 | |
Swisscom AG | 92,729 | 41,449 | |
Julius Baer Group Ltd. | 900,722 | 39,904 |
54
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Swatch Group AG (Bearer) | 126,169 | 39,158 |
Swiss Life Holding AG | 134,149 | 37,894 | |
Lonza Group AG | 217,661 | 37,618 | |
LafargeHolcim Ltd. (Paris Shares) | 635,227 | 33,320 | |
Kuehne & Nagel International AG | 210,130 | 27,737 | |
Schindler Holding AG | 153,967 | 27,116 | |
Roche Holding AG (Bearer) | 111,852 | 26,105 | |
Sonova Holding AG | 213,067 | 25,779 | |
* | Dufry AG | 200,158 | 24,914 |
Baloise Holding AG | 195,484 | 24,599 | |
Chocoladefabriken Lindt & Sprungli AG Registered Shares | 402 | 24,424 | |
Chocoladefabriken Lindt & Sprungli AG Participation Certificates | 4,423 | 22,887 | |
Swiss Prime Site AG | 271,054 | 22,179 | |
Clariant AG | 1,154,932 | 19,906 | |
Galenica AG | 17,608 | 19,842 | |
Schindler Holding AG (Registered) | 99,676 | 17,398 | |
Straumann Holding AG | 44,565 | 17,365 | |
Temenos Group AG | 244,302 | 16,982 | |
Aryzta AG (Switzerland Shares) | 349,748 | 15,381 | |
EMS-Chemie Holding AG | 30,180 | 15,326 | |
Georg Fischer AG | 18,155 | 14,848 | |
Logitech International SA | 595,617 | 14,824 | |
PSP Swiss Property AG | 165,316 | 14,278 | |
Helvetia Holding AG | 25,262 | 13,592 | |
^ | BB Biotech AG | 242,988 | 13,115 |
Swatch Group AG (Registered) | 201,265 | 12,283 | |
* | Flughafen Zuerich AG | 63,652 | 11,795 |
Barry Callebaut AG | 8,071 | 9,860 | |
* | CS Real Estate Fund LivingPlus | 70,387 | 9,573 |
dormakaba Holding AG | 12,679 | 9,413 | |
Cembra Money Bank AG | 128,929 | 9,379 | |
2 | Sunrise Communications Group AG | 141,636 | 9,308 |
Pargesa Holding SA | 142,162 | 9,240 | |
DKSH Holding AG | 113,900 | 7,818 | |
OC Oerlikon Corp. AG | 789,079 | 7,741 | |
Banque Cantonale Vaudoise | 11,785 | 7,461 | |
Tecan Group AG | 47,815 | 7,457 | |
GAM Holding AG | 637,624 | 7,379 | |
Panalpina Welttransport Holding AG | 58,292 | 7,269 | |
ams AG | 247,615 | 7,017 | |
Bucher Industries AG | 26,943 | 6,628 | |
Valiant Holding AG | 66,208 | 6,588 | |
Mobimo Holding AG | 25,263 | 6,315 | |
Forbo Holding AG | 4,893 | 6,303 | |
Belimo Holding AG | 2,048 | 6,193 | |
Allreal Holding AG | 40,515 | 6,017 | |
SFS Group AG | 67,662 | 5,520 | |
Emmi AG | 9,087 | 5,494 | |
Autoneum Holding AG | 20,928 | 5,486 | |
2 | VAT Group AG | 65,332 | 5,443 |
Sulzer AG | 52,693 | 5,424 | |
Implenia AG | 62,663 | 4,626 | |
u-blox Holding AG | 24,110 | 4,522 | |
Schweiter Technologies AG | 3,780 | 4,266 | |
^ | Burckhardt Compression Holding AG | 14,634 | 3,845 |
St. Galler Kantonalbank AG | 9,624 | 3,741 | |
Valora Holding AG | 11,871 | 3,370 | |
VZ Holding AG | 10,955 | 3,281 | |
COSMO Pharmaceuticals NV | 19,726 | 3,277 | |
Huber & Suhner AG | 58,209 | 3,229 | |
Rieter Holding AG | 18,147 | 3,152 | |
* | Arbonia AG | 194,902 | 3,136 |
Vontobel Holding AG | 58,626 | 3,075 | |
^,* | Basilea Pharmaceutica AG | 42,507 | 3,047 |
55
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Daetwyler Holding AG | 20,035 | 2,722 | |
Conzzeta AG | 3,650 | 2,580 | |
Intershop Holding AG | 4,891 | 2,406 | |
Kudelski SA | 136,483 | 2,362 | |
Ypsomed Holding AG | 12,855 | 2,332 | |
Ascom Holding AG | 148,220 | 2,326 | |
* | Bell AG | 5,273 | 2,271 |
BKW AG | 42,494 | 2,053 | |
Siegfried Holding AG | 9,516 | 1,989 | |
APG SGA SA | 4,344 | 1,906 | |
LEM Holding SA | 1,977 | 1,847 | |
EFG International AG | 301,440 | 1,819 | |
Vetropack Holding AG | 901 | 1,569 | |
* | Schmolz & Bickenbach AG | 2,019,258 | 1,348 |
^ | Leonteq AG | 36,916 | 1,229 |
* | Zehnder Group AG | 37,201 | 1,174 |
* | Meyer Burger Technology AG | 1,442,736 | 944 |
* | Alpiq Holding AG | 11,154 | 924 |
Bachem Holding AG | 10,286 | 912 | |
Swissquote Group Holding SA | 36,137 | 846 | |
Plazza AG | 3,391 | 747 | |
^,* | Orascom Development Holding AG | 41,727 | 209 |
Aryzta AG (Ireland Shares) | 3,587 | 156 | |
4,819,023 | |||
United Kingdom (16.0%) | |||
HSBC Holdings plc | 83,832,013 | 676,412 | |
BP plc | 78,530,951 | 491,876 | |
Royal Dutch Shell plc Class A (London Shares) | 17,780,765 | 490,815 | |
Royal Dutch Shell plc Class B | 16,123,262 | 463,255 | |
British American Tobacco plc | 7,796,735 | 441,886 | |
GlaxoSmithKline plc | 20,298,237 | 389,901 | |
AstraZeneca plc | 5,275,961 | 288,110 | |
Vodafone Group plc | 110,952,285 | 273,042 | |
Diageo plc | 10,520,668 | 273,011 | |
Reckitt Benckiser Group plc | 2,627,459 | 222,568 | |
Prudential plc | 10,778,057 | 215,104 | |
Lloyds Banking Group plc | 267,537,294 | 205,437 | |
Unilever plc | 5,045,530 | 204,042 | |
Barclays plc | 70,707,470 | 194,047 | |
Rio Tinto plc | 5,055,137 | 192,996 | |
National Grid plc | 15,756,668 | 184,098 | |
Imperial Brands plc | 4,029,278 | 175,599 | |
* | Glencore plc | 49,188,173 | 166,202 |
BT Group plc | 34,940,572 | 157,733 | |
Shire plc | 2,671,403 | 152,536 | |
BHP Billiton plc | 8,830,062 | 140,602 | |
Compass Group plc | 6,882,321 | 127,197 | |
WPP plc | 5,347,024 | 118,990 | |
Aviva plc | 16,892,261 | 100,622 | |
BAE Systems plc | 13,238,016 | 96,288 | |
* | Standard Chartered plc | 11,218,506 | 91,487 |
* | Tesco plc | 33,985,349 | 86,656 |
RELX NV (London Shares) | 4,581,291 | 81,641 | |
SSE plc | 4,251,464 | 81,178 | |
Experian plc | 4,008,631 | 77,614 | |
* | Anglo American plc | 5,467,812 | 77,254 |
CRH plc (London Shares) | 2,200,612 | 76,316 | |
Legal & General Group plc | 24,836,825 | 75,663 | |
Centrica plc | 22,710,088 | 65,406 | |
Wolseley plc | 1,055,370 | 64,427 | |
Shire plc ADR | 368,875 | 62,849 | |
Rolls-Royce Holdings plc | 6,926,537 | 56,891 | |
Smith & Nephew plc | 3,703,280 | 55,584 | |
Sky plc | 4,395,225 | 53,582 |
56
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Old Mutual plc | 20,427,735 | 52,090 |
Associated British Foods plc | 1,456,547 | 49,147 |
London Stock Exchange Group plc | 1,317,299 | 47,082 |
CRH plc (Dublin Shares) | 1,261,349 | 43,507 |
Land Securities Group plc | 3,296,447 | 43,306 |
Ashtead Group plc | 2,108,374 | 40,988 |
Kingfisher plc | 9,464,116 | 40,775 |
ITV plc | 15,703,661 | 39,872 |
Carnival plc | 763,476 | 38,685 |
* Royal Bank of Scotland Group plc | 13,721,830 | 37,916 |
Standard Life plc | 8,258,044 | 37,815 |
Paddy Power Betfair plc | 342,543 | 37,067 |
InterContinental Hotels Group plc | 826,103 | 36,939 |
Sage Group plc | 4,531,361 | 36,528 |
Bunzl plc | 1,405,477 | 36,488 |
Next plc | 593,593 | 36,415 |
Whitbread plc | 765,897 | 35,628 |
3i Group plc | 4,030,761 | 34,868 |
Pearson plc | 3,438,468 | 34,501 |
Burberry Group plc | 1,855,134 | 34,188 |
British Land Co. plc | 4,279,947 | 33,215 |
Johnson Matthey plc | 812,247 | 31,781 |
United Utilities Group plc | 2,862,577 | 31,730 |
Mondi plc | 1,541,515 | 31,481 |
RSA Insurance Group plc | 4,254,997 | 30,684 |
Randgold Resources Ltd. | 389,603 | 29,932 |
Marks & Spencer Group plc | 6,805,427 | 29,316 |
GKN plc | 7,189,120 | 29,302 |
Intertek Group plc | 676,567 | 28,997 |
Informa plc | 3,432,878 | 28,755 |
Smiths Group plc | 1,641,099 | 28,567 |
Persimmon plc | 1,283,334 | 27,999 |
DCC plc | 368,725 | 27,408 |
St. James's Place plc | 2,169,140 | 27,058 |
Severn Trent plc | 983,738 | 26,885 |
Direct Line Insurance Group plc | 5,751,233 | 26,175 |
Taylor Wimpey plc | 13,671,714 | 25,786 |
Wm Morrison Supermarkets plc | 9,055,632 | 25,721 |
Micro Focus International plc | 925,715 | 24,861 |
International Consolidated Airlines Group SA (London Shares) | 4,437,062 | 24,042 |
Barratt Developments plc | 4,197,982 | 23,866 |
2 Worldpay Group plc | 7,031,966 | 23,347 |
Hammerson plc | 3,263,673 | 23,001 |
Smurfit Kappa Group plc | 983,827 | 22,815 |
Royal Mail plc | 3,833,844 | 21,793 |
Provident Financial plc | 619,986 | 21,683 |
J Sainsbury plc | 6,981,448 | 21,457 |
Croda International plc | 544,623 | 21,420 |
Weir Group plc | 907,317 | 21,085 |
Rentokil Initial plc | 7,690,188 | 21,039 |
2 Auto Trader Group plc | 4,033,980 | 20,281 |
DS Smith plc | 3,935,783 | 19,764 |
Segro plc | 3,464,864 | 19,597 |
TUI AG | 1,351,667 | 19,352 |
Melrose Industries plc | 7,898,946 | 19,200 |
Admiral Group plc | 837,632 | 18,838 |
G4S plc | 6,498,401 | 18,783 |
Travis Perkins plc | 1,046,238 | 18,703 |
Berkeley Group Holdings plc | 540,294 | 18,677 |
Meggitt plc | 3,260,380 | 18,412 |
RPC Group plc | 1,391,097 | 18,235 |
Capita plc | 2,783,403 | 18,200 |
Dixons Carphone plc | 4,142,599 | 18,093 |
Rightmove plc | 375,389 | 18,032 |
57
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Coca-Cola HBC AG | 818,793 | 17,830 | |
Pennon Group plc | 1,723,025 | 17,537 | |
Inmarsat plc | 1,877,770 | 17,374 | |
Schroders plc | 472,999 | 17,372 | |
Halma plc | 1,567,660 | 17,344 | |
Investec plc | 2,618,398 | 17,173 | |
Tate & Lyle plc | 1,958,226 | 17,042 | |
John Wood Group plc | 1,567,087 | 16,922 | |
* | Just Eat plc | 2,321,205 | 16,679 |
2 | Merlin Entertainments plc | 2,977,847 | 16,439 |
Spirax-Sarco Engineering plc | 305,076 | 15,701 | |
Bellway plc | 514,518 | 15,684 | |
Inchcape plc | 1,804,897 | 15,598 | |
^ | Mediclinic International plc | 1,630,674 | 15,490 |
BBA Aviation plc | 4,357,249 | 15,191 | |
Hargreaves Lansdown plc | 1,017,072 | 15,135 | |
Hiscox Ltd. | 1,197,663 | 15,008 | |
Booker Group plc | 6,878,737 | 14,869 | |
Phoenix Group Holdings | 1,641,982 | 14,864 | |
UBM plc | 1,641,285 | 14,774 | |
IMI plc | 1,154,524 | 14,765 | |
*,2 | Tullow Oil plc | 3,763,862 | 14,508 |
Cobham plc | 7,163,247 | 14,423 | |
Derwent London plc | 416,534 | 14,199 | |
Spectris plc | 492,137 | 14,023 | |
Hikma Pharmaceuticals plc | 582,337 | 13,573 | |
Aberdeen Asset Management plc | 4,153,385 | 13,132 | |
Intu Properties plc | 3,786,681 | 13,116 | |
William Hill plc | 3,625,529 | 12,950 | |
Henderson Group plc | 4,382,941 | 12,650 | |
* | CYBG plc | 3,678,013 | 12,623 |
Babcock International Group plc | 1,054,920 | 12,374 | |
Antofagasta plc | 1,485,490 | 12,299 | |
Howden Joinery Group plc | 2,560,937 | 12,085 | |
Shaftesbury plc | 1,056,871 | 11,832 | |
Great Portland Estates plc | 1,438,864 | 11,820 | |
* | BTG plc | 1,617,831 | 11,749 |
^ | Polymetal International plc | 1,103,660 | 11,564 |
Petrofac Ltd. | 1,079,352 | 11,551 | |
Aggreko plc | 1,004,136 | 11,335 | |
Capital & Counties Properties plc | 3,085,843 | 11,299 | |
* | Metro Bank plc | 311,981 | 11,216 |
easyJet plc | 905,130 | 11,196 | |
Greene King plc | 1,290,203 | 11,087 | |
TP ICAP plc | 2,073,757 | 11,029 | |
Indivior plc | 3,026,039 | 11,026 | |
Close Brothers Group plc | 616,249 | 10,945 | |
Hays plc | 5,956,417 | 10,930 | |
Daily Mail & General Trust plc | 1,123,474 | 10,759 | |
Electrocomponents plc | 1,827,474 | 10,725 | |
Rotork plc | 3,612,053 | 10,719 | |
Beazley plc | 2,235,910 | 10,687 | |
Playtech plc | 1,042,674 | 10,608 | |
Fresnillo plc | 713,509 | 10,599 | |
Intermediate Capital Group plc | 1,208,281 | 10,403 | |
B&M European Value Retail SA | 2,834,908 | 9,713 | |
Jupiter Fund Management plc | 1,751,246 | 9,537 | |
Balfour Beatty plc | 2,874,858 | 9,494 | |
SSP Group plc | 1,984,502 | 9,481 | |
* | GVC Holdings plc | 1,194,311 | 9,447 |
Amec Foster Wheeler plc | 1,634,181 | 9,437 | |
* | Paysafe Group plc | 2,029,171 | 9,271 |
Man Group plc | 6,353,129 | 9,244 | |
IG Group Holdings plc | 1,519,208 | 9,233 |
58
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Domino's Pizza Group plc | 2,079,277 | 9,227 | |
Greencore Group plc | 2,947,449 | 8,939 | |
WH Smith plc | 463,406 | 8,879 | |
AA plc | 2,581,070 | 8,817 | |
IWG plc | 2,810,497 | 8,501 | |
UDG Healthcare plc | 1,024,193 | 8,434 | |
HomeServe plc | 1,075,737 | 8,217 | |
* | Serco Group plc | 4,620,304 | 8,151 |
Victrex plc | 341,007 | 8,109 | |
Drax Group plc | 1,734,139 | 8,066 | |
QinetiQ Group plc | 2,477,780 | 8,021 | |
Tritax Big Box REIT plc | 4,642,126 | 7,983 | |
Moneysupermarket.com Group plc | 2,196,583 | 7,956 | |
Centamin plc | 4,587,710 | 7,766 | |
National Express Group plc | 1,776,164 | 7,740 | |
Berendsen plc | 719,478 | 7,714 | |
WS Atkins plc | 427,602 | 7,673 | |
Britvic plc | 1,075,778 | 7,512 | |
Lancashire Holdings Ltd. | 870,069 | 7,448 | |
NEX Group plc | 1,290,459 | 7,387 | |
UNITE Group plc | 947,384 | 7,079 | |
Ultra Electronics Holdings plc | 296,149 | 7,079 | |
* | Cairn Energy plc | 2,400,961 | 6,976 |
Kier Group plc | 405,869 | 6,874 | |
Elementis plc | 1,931,195 | 6,597 | |
* | Firstgroup plc | 5,130,851 | 6,540 |
* | Thomas Cook Group plc | 6,001,878 | 6,447 |
Dechra Pharmaceuticals plc | 389,005 | 6,446 | |
Dignity plc | 210,835 | 6,423 | |
Bodycote plc | 806,180 | 6,392 | |
Essentra plc | 1,098,924 | 6,240 | |
AVEVA Group plc | 268,713 | 6,230 | |
Pagegroup plc | 1,288,139 | 6,187 | |
Diploma plc | 480,322 | 6,162 | |
Grafton Group plc | 900,122 | 6,088 | |
JD Sports Fashion plc | 1,546,323 | 6,062 | |
Paragon Group of Cos. plc | 1,171,311 | 5,969 | |
^,* | Ocado Group plc | 1,806,372 | 5,876 |
Ladbrokes Coral Group plc | 4,106,887 | 5,868 | |
Cineworld Group plc | 825,016 | 5,735 | |
Bovis Homes Group plc | 565,745 | 5,710 | |
Ashmore Group plc | 1,642,342 | 5,708 | |
Galliford Try plc | 358,361 | 5,700 | |
Crest Nicholson Holdings plc | 1,022,884 | 5,695 | |
Genus plc | 252,191 | 5,584 | |
Synthomer plc | 1,183,073 | 5,580 | |
* | Evraz plc | 2,043,809 | 5,569 |
NMC Health plc | 290,036 | 5,518 | |
2 | Carillion plc | 1,819,415 | 5,279 |
Kennedy Wilson Europe Real Estate plc | 441,822 | 5,217 | |
Greggs plc | 436,869 | 5,209 | |
BGEO Group plc | 138,763 | 5,109 | |
2 | John Laing Group plc | 1,526,159 | 5,099 |
Grainger plc | 1,714,588 | 5,032 | |
Big Yellow Group plc | 593,025 | 5,026 | |
* | Vectura Group plc | 2,897,073 | 4,894 |
Assura plc | 6,908,732 | 4,878 | |
Go-Ahead Group plc | 174,796 | 4,813 | |
Redrow plc | 902,526 | 4,775 | |
2 | Spire Healthcare Group plc | 1,147,277 | 4,768 |
* | KAZ Minerals plc | 1,075,414 | 4,742 |
Stagecoach Group plc | 1,777,033 | 4,730 | |
Renishaw plc | 149,066 | 4,634 | |
Workspace Group plc | 475,312 | 4,618 |
59
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Savills plc | 533,136 | 4,611 | |
^ | TalkTalk Telecom Group plc | 2,198,390 | 4,580 |
Fidessa Group plc | 162,028 | 4,564 | |
LondonMetric Property plc | 2,374,053 | 4,553 | |
Dairy Crest Group plc | 586,923 | 4,478 | |
Vesuvius plc | 916,874 | 4,458 | |
Hunting plc | 574,555 | 4,436 | |
Pets at Home Group plc | 1,498,968 | 4,421 | |
Hansteen Holdings plc | 3,048,987 | 4,273 | |
Virgin Money Holdings UK plc | 1,139,730 | 4,253 | |
Brewin Dolphin Holdings plc | 1,108,926 | 4,182 | |
SuperGroup plc | 206,312 | 4,182 | |
Morgan Advanced Materials plc | 1,189,964 | 4,176 | |
* | Petra Diamonds Ltd. | 2,162,645 | 4,152 |
* | Ophir Energy plc | 3,497,286 | 4,139 |
2 | Mitie Group plc | 1,471,227 | 4,062 |
Senior plc | 1,698,021 | 4,061 | |
Ted Baker plc | 116,890 | 4,051 | |
*,2 | Wizz Air Holdings plc | 181,334 | 4,001 |
Marston's plc | 2,382,521 | 4,000 | |
Dunelm Group plc | 403,411 | 3,999 | |
* | SVG Capital plc | 448,467 | 3,913 |
^ | Entertainment One Ltd. | 1,374,817 | 3,901 |
2 | Zoopla Property Group plc | 980,453 | 3,856 |
Vedanta Resources plc | 356,992 | 3,831 | |
2 | Hastings Group Holdings plc | 1,243,717 | 3,788 |
PZ Cussons plc | 903,119 | 3,720 | |
F&C Commercial Property Trust Ltd. | 2,196,993 | 3,697 | |
Halfords Group plc | 810,575 | 3,661 | |
Safestore Holdings plc | 849,098 | 3,655 | |
J D Wetherspoon plc | 333,259 | 3,646 | |
Telecom Plus plc | 246,232 | 3,571 | |
^,* | Sports Direct International plc | 1,025,342 | 3,515 |
Debenhams plc | 4,910,543 | 3,466 | |
Keller Group plc | 319,577 | 3,337 | |
Restaurant Group plc | 820,377 | 3,279 | |
Northgate plc | 535,422 | 3,254 | |
* | Imagination Technologies Group plc | 1,033,885 | 3,205 |
De La Rue plc | 421,233 | 3,192 | |
2 | Sophos Group plc | 968,267 | 3,128 |
SIG plc | 2,429,130 | 3,092 | |
Polypipe Group plc | 771,382 | 3,074 | |
* | Enterprise Inns plc | 2,041,597 | 3,065 |
^,* | Allied Minds plc | 529,964 | 3,061 |
Mitchells & Butlers plc | 965,158 | 2,990 | |
Card Factory plc | 950,303 | 2,976 | |
Interserve plc | 696,810 | 2,934 | |
esure Group plc | 1,181,764 | 2,924 | |
Shanks Group plc | 2,547,906 | 2,894 | |
Acacia Mining plc | 624,347 | 2,861 | |
UK Commercial Property Trust Ltd. | 2,673,552 | 2,784 | |
Computacenter plc | 278,333 | 2,739 | |
St. Modwen Properties plc | 702,214 | 2,642 | |
Chesnara plc | 565,046 | 2,548 | |
Hochschild Mining plc | 959,961 | 2,474 | |
RPS Group plc | 901,647 | 2,469 | |
NCC Group plc | 1,091,827 | 2,443 | |
* | Chemring Group plc | 1,160,689 | 2,432 |
KCOM Group plc | 2,051,484 | 2,396 | |
Redefine International PLC | 4,880,350 | 2,361 | |
International Personal Finance plc | 1,104,127 | 2,342 | |
2 | McCarthy & Stone plc | 1,163,762 | 2,306 |
Fenner plc | 794,551 | 2,304 | |
* | Aldermore Group plc | 740,374 | 2,167 |
60
Vanguard® Developed Markets Index Fund | |||||
Schedule of Investments | |||||
December 31, 2016 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
2 | Ibstock plc | 933,786 | 2,148 | ||
Picton Property Income Ltd. | 2,247,470 | 2,102 | |||
Laird plc | 1,112,254 | 2,102 | |||
888 Holdings plc | 752,058 | 2,013 | |||
ITE Group plc | 1,045,627 | 1,986 | |||
* | Premier Oil plc | 2,152,919 | 1,961 | ||
* | Lonmin plc | 1,131,637 | 1,960 | ||
*,2 | Countryside Properties plc | 631,901 | 1,935 | ||
Oxford Instruments plc | 206,502 | 1,857 | |||
Lookers plc | 1,289,244 | 1,853 | |||
Soco International plc | 878,687 | 1,724 | |||
N Brown Group plc | 623,245 | 1,708 | |||
Rank Group plc | 698,518 | 1,682 | |||
* | Premier Foods plc | 2,867,112 | 1,655 | ||
* | Nostrum Oil & Gas plc | 337,864 | 1,607 | ||
* | AO World plc | 717,145 | 1,604 | ||
OneSavings Bank plc | 384,425 | 1,597 | |||
Devro plc | 670,905 | 1,570 | |||
*,2 | Shawbrook Group plc | 463,756 | 1,555 | ||
Xaar plc | 310,834 | 1,531 | |||
Helical plc | 405,647 | 1,473 | |||
Schroder REIT Ltd. | 2,047,461 | 1,436 | |||
Daejan Holdings plc | 18,743 | 1,429 | |||
Countrywide plc | 588,279 | 1,268 | |||
^ | Foxtons Group plc | 998,475 | 1,253 | ||
* | Lamprell plc | 1,044,804 | 1,184 | ||
* | Gocompare.Com Group plc | 1,140,164 | 998 | ||
Cape plc | 464,527 | 838 | |||
*,2 | Mothercare plc | 596,056 | 832 | ||
^,* | Genel Energy plc | 638,698 | 645 | ||
2 | CMC Markets plc | 415,149 | 559 | ||
Royal Dutch Shell plc Class A | 2,790 | 76 | |||
10,810,135 | |||||
Total Common Stocks (Cost $65,053,865) | 66,886,344 | ||||
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Temporary Cash Investments (1.6%)1 | |||||
Money Market Fund (1.5%) | |||||
4,5 | Vanguard Market Liquidity Fund | 0.823% | 9,805,921 | 980,690 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
6,7 | Federal Home Loan Bank Discount Notes | 0.481% | 2/17/17 | 4,000 | 3,998 |
8 | United States Treasury Bill | 0.287% | 1/5/17 | 10,000 | 10,000 |
7,8 | United States Treasury Bill | 0.337%-0.360% | 1/12/17 | 8,000 | 7,999 |
7,8 | United States Treasury Bill | 0.406%-0.478% | 2/9/17 | 11,200 | 11,195 |
7,8 | United States Treasury Bill | 0.505% | 2/16/17 | 7,300 | 7,296 |
7,8 | United States Treasury Bill | 0.487% | 3/16/17 | 16,200 | 16,184 |
7 | United States Treasury Bill | 0.601% | 4/27/17 | 2,400 | 2,396 |
7,8 | United States Treasury Bill | 0.591%-0.602% | 5/18/17 | 10,000 | 9,977 |
7,8 | United States Treasury Bill | 0.607%-0.618% | 5/25/17 | 3,290 | 3,282 |
72,327 | |||||
Total Temporary Cash Investments (Cost $1,052,938) | 1,053,017 |
61
Vanguard® Developed Markets Index Fund | |
Schedule of Investments | |
December 31, 2016 | |
Total Investments (100.9%) (Cost $66,106,803) | 67,939,361 |
Other Assets and Liabilities—Net (-0.9%)5 | (583,598) |
Net Assets (100%) | 67,355,763 |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $742,106,000.
* 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 99.9% and 1.0%, respectively, of net
assets.
2 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, 2016, the aggregate value of these securities was $439,071,000,
representing 0.7% of net assets.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Includes collateral received for securities on loan, which consists of $774,060,000 in securities and $1,357,000 in cash.
6 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.
7 Securities with a value of $21,481,000 have been segregated as initial margin for open futures contracts.
8 Securities with a value of $19,464,000 and cash of $1,582,000 have been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
62
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© 2017 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA1270 022017
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/developedmarkets_opionltx1x1.jpg)
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and the Shareholders of Vanguard Developed
Markets Index 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 (included in Item 1 of
this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly,
in all material respects, the financial position of Vanguard Developed Markets Index Fund (constituting a
separate portfolio of Vanguard Tax-Managed Funds, hereafter referred to as the “Fund”) at December 31,
2016, 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,
financial highlights, and schedule of investments (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, 2016
by correspondence with the custodian and brokers and by agreement to the underlying ownership records
of the transfer agent, provide a reasonable basis for our opinion.
![](https://capedge.com/proxy/N-CSR/0000932471-17-003362/gevelopedmarkets_opionltx1x2.jpg)
February 17, 2017
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
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 16, 2017 |
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 16, 2017 |
VANGUARD TAX-MANAGED FUNDS | |
By: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: February 16, 2017 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on October 4, 2016 see file Number 33-32548,
Incorporated by Reference.