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, 2017 – June 30, 2017 | ||
Item 1: Reports to Shareholders |
Semiannual Report | June 30, 2017
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. | 85 |
Tax-Managed Small-Cap Fund. | 105 |
About Your Fund’s Expenses. | 124 |
Trustees Approve Advisory Arrangements. | 126 |
Glossary. | 128 |
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
• For the six months ended June 30, 2017, returns for Vanguard Tax-Managed Funds ranged from less than 3% for the Small-Cap Fund to more than 9% for the Capital Appreciation Fund. The return for the Balanced Fund, which includes both stocks and municipal bonds, fell in between at about 6%.
• Returns for all three funds were generally in line with those of their benchmark indexes.
The Capital Appreciation Fund’s result exceeded the average return of its peers. Both the Small-Cap and Balanced Funds lagged the average returns of their peers.
• The broad U.S. stock and bond markets advanced amid investors’ optimism about the prospects for global economic growth. Municipal bonds also notched a healthy advance. Among the industry sectors that make up the stock market, health care and technology shares surged, while energy stocks tumbled.
Total Returns: Six Months Ended June 30, 2017 | |
Total | |
Returns | |
Vanguard Tax-Managed Balanced Fund | 6.11% |
Tax-Managed Balanced Composite Index | 6.24 |
Mixed-Asset Target Allocation Moderate Funds Average | 6.32 |
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 | 9.59% |
Institutional Shares | 9.60 |
Russell 1000 Index | 9.27 |
Multi-Cap Core Funds Average | 8.35 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Small-Cap Fund | |
Admiral Shares | 2.65% |
Institutional Shares | 2.66 |
S&P SmallCap 600 Index | 2.79 |
Small-Cap Core Funds Average | 3.44 |
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.
1
Expense Ratios | |||
Your Fund Compared With Its Peer Group | |||
Admiral | Institutional | Peer Group | |
Shares | Shares | Average | |
Tax-Managed Balanced Fund | 0.09% | — | 0.86% |
Tax-Managed Capital Appreciation Fund | 0.09 | 0.06% | 1.12 |
Tax-Managed Small-Cap Fund | 0.09 | 0.06 | 1.24 |
The fund expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2017, the funds’ annualized 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 2016.
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.
2
Chairman’s Perspective
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
More than a decade ago, the eminent investor and commentator Howard Marks published a memo to his clients titled simply “Risk.” In it, Howard distilled the relationship between investors and risk. “When you boil it all down, it’s the investor’s job to intelligently bear risk for profit,” he wrote.
It’s not surprising, then, that everyone from portfolio managers to behavioral economists avidly studies how investors’ reactions to risk influence not only individual investment decisions but also the broader financial markets. I’m a big fan of some of the behavioral finance work being done, which includes studies by our own investment strategists and analysts.
A lens on investor behavior
For example, Vanguard’s Investment Strategy Group introduced a “risk speedometers” report in January to look at how investors are reacting to market developments. This lens on real-world behavior measures the risk investors are taking in a given period by calculating the difference between net cash flows into higher-risk assets, such as stocks, and net cash flows into lower-risk assets, such as Treasuries. The measures are then compared with long-term averages.
In the spring, the risk speedometer spiked. The spike was fueled by investors’ decisions to direct more of their equity
3
dollars to international investments in developed and emerging markets, and their bond dollars to riskier credit categories.
A spiking speedometer seems a fitting analogy for what can happen. I consider myself a responsible driver. Still, when the highway is clear and the weather is nice, I might glance down at the speedometer and find that my right foot has gotten a little heavy.
The same phenomenon is possible with our investment portfolios. Just as our attention can drift from our speed—and the risk level on the road—we can neglect the risk level of our portfolio’s asset allocation. Experience teaches that investors are especially prone to lose sight of risk when markets have been buoyant.
How I manage risk in my own portfolio
Rebalancing—periodically adjusting your asset allocation so it stays in line with your goals and risk tolerance—is one of the best ways I know of to help manage risk. Without rebalancing, your portfolio may end up potentially riskier than you intended and no longer aligned with your goals.
I have a ritual I perform every June and again each December, between Christmas and New Year’s, as I prepare for a series of annual meetings with the Vanguard crew. I’ll set aside some time, review my
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2017 | |||
Five Years | |||
Six Months | One Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 9.27% | 18.03% | 14.67% |
Russell 2000 Index (Small-caps) | 4.99 | 24.60 | 13.70 |
Russell 3000 Index (Broad U.S. market) | 8.93 | 18.51 | 14.58 |
FTSE All-World ex US Index (International) | 13.95 | 20.53 | 7.68 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 2.27% | -0.31% | 2.21% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 3.57 | -0.49 | 3.26 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.30 | 0.46 | 0.13 |
CPI | |||
Consumer Price Index | 1.46% | 1.63% | 1.31% |
4
investment portfolio, and, if necessary, rebalance back to my target asset allocation.
My own portfolio is a mix of equity and fixed income funds, and I invest in both actively managed funds and index funds. Most years, I’ll make a minor adjustment to get back to the appropriate asset allocation for my own longer-term goals and risk tolerance. It’s not all that complicated, although my portfolio is a little more complex than some because I own more funds than we’d typically suggest. As chairman of Vanguard’s funds, I feel I should own a significant number of them.
Consider your options
You should consider rebalancing if your target allocation is off by 5 percentage points or more. Admittedly, this is often easier said than done. When an investment has performed exceptionally well, people have a hard time trimming it. They can be led astray by that old (and none-too-helpful) investing saw: Let your winners run.
Fortunately, in recent years we’ve seen all sorts of investors take steps to rebalance. Many of the endowments, foundations, and traditional pension plans that Vanguard serves have good processes built into their investment guidelines to make sure rebalancing takes place on a regular basis. And among investors in defined contribution retirement plans, more and more are using target-date funds, where rebalancing happens automatically.
If you choose to rebalance on your own, use your target asset allocation as your guidepost. Don’t be afraid to buy into bad news. In a sense, don’t worry about the noise of the marketplace. If you work with an advisor, make sure he or she understands the importance you place on your rebalancing ritual.
And remember, the goal of rebalancing is to manage risk, not to avoid it altogether. Risk is inherent in investing—we just want to bear that risk intelligently.
In that insightful memo on risk, Howard Marks included a saying often attributed to Will Rogers: “You’ve got to go out on a limb sometimes because that’s where the fruit is.”
Tim Buckley chosen as Vanguard’s next CEO
In closing, I’ll note senior leadership changes that we announced in July. Our board of directors has elected Vanguard Chief Investment Officer Tim Buckley as president and director of Vanguard. Under the planned transition, Tim will succeed me as Vanguard’s chief executive officer on January 1, 2018.
I’m delighted with our board’s selection of Tim. We first met in 1991 when Tim was interviewing for a job at Vanguard. In the decades since, we’ve worked closely together, and he’s always impressed me as a man of tremendous character and an outstanding leader with a passion for serving our clients. During the transition
5
period, I will work closely with Tim in managing the firm and overseeing its operations.
Replacing Tim as chief investment officer is Greg Davis, who had been global head of Vanguard Fixed Income Group. And succeeding Greg as our fixed income leader is John Hollyer, who most recently served as our global head of investment risk management. I know Greg and John will both do a superb job in their new roles.
As with past successions, I will remain as chairman for a period of time determined by the board. On a personal note, it has been an honor and a privilege to lead Vanguard. Having spent more than half
my life at Vanguard, I have come to know many fabulous crew members who are incredibly dedicated to Vanguard’s mission. Please be assured that Tim and the rest of the team will serve you and our other clients extremely well as Vanguard prepares for its next chapter.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 14, 2017
Vanguard fund shareholders encouraged to vote in proxy campaign |
This summer you will be asked to vote on the election of trustees for all U.S.-domiciled |
Vanguard funds. Shareholders will also be asked to vote on several fund policy proposals |
that we believe are in the best interests of all shareholders. |
Vanguard filed a preliminary proxy statement on July 13, 2017, with the U.S. Securities and |
Exchange Commission (SEC). Following the SEC’s review, we expect to provide the proxy |
materials to Vanguard fund shareholders beginning in late August 2017. That’s when you |
can begin to vote online, by phone, or by mail. |
A shareholder meeting is scheduled to be held in Scottsdale, Arizona, on November 15, |
2017, when voting will conclude. We encourage you to vote promptly. Please visit |
vanguard.com for updates. |
6
Tax-Managed Balanced Fund
Fund Profile
As of June 30, 2017
Equity and Portfolio Characteristics | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 941 | 990 | 3,800 |
Median Market Cap $68.3B | $70.2B | $59.8B | |
Price/Earnings Ratio | 21.5x | 21.3x | 21.2x |
Price/Book Ratio | 2.9x | 3.0x | 2.9x |
Return on Equity | 22.9% | 22.5% | 16.3% |
Earnings Growth Rate | 8.7% | 8.3% | 10.0% |
Dividend Yield | 1.7% | 1.9% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 8% | — | — |
Ticker Symbol | VTMFX | — | — |
Expense Ratio1 | 0.09% | — | — |
30-Day SEC Yield | 1.76% | — | — |
Short-Term Reserves | 0.0% | — | — |
Fixed Income Characteristics | |||
Bloomberg | Bloomberg | ||
Barclays | Barclays | ||
1-15 Year | Municipal | ||
Municipal | Bond | ||
Fund | Index | Index | |
Number of Bonds | 1,681 | 40,686 | 50,607 |
Yield to Maturity | |||
(before expenses) | 2.0% | 1.9% | 2.3% |
Average Coupon | 4.5% | 4.8% | 4.7% |
Average Duration | 5.1 years | 4.8 years | 6.3 years |
Average Stated | |||
Maturity | 8.0 years | 7.9 years | 12.9 years |
Total Fund Volatility Measures | ||
DJ | ||
Tax-Managed | U.S. Total | |
Balanced | Market | |
Comp Index | FA Index | |
R-Squared | 1.00 | 0.89 |
Beta | 0.96 | 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 | 3.3% | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.3 | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.2 | |
Amazon.com Inc. | Diversified Retail | 1.6 |
Johnson & Johnson | Pharmaceuticals | 1.5 |
Exxon Mobil Corp. | Oil: Integrated | 1.4 |
Facebook Inc. | Computer Services | |
Software & Systems | 1.4 | |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.4 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.4 | |
Wells Fargo & Co. | Banks: Diversified | 1.0 |
Top Ten | 17.5% | |
Top Ten as % of Total Net Assets | 8.5% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Fund Asset Allocation
1 The expense ratio shown is from the prospectus dated April 26, 2017, and represents estimated costs for the current fiscal year. For the
six months ended June 30, 2017, the annualized expense ratio was 0.09%.
7
Tax-Managed Balanced Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 14.1% | 13.9% | 13.9% |
Consumer Staples | 7.6 | 7.5 | 7.1 |
Energy | 5.6 | 5.8 | 5.6 |
Financial Services | 20.8 | 20.8 | 21.2 |
Health Care | 13.8 | 13.8 | 13.8 |
Materials & | |||
Processing | 3.6 | 3.7 | 3.9 |
Other | 0.0 | 0.0 | 0.2 |
Producer Durables | 11.1 | 10.7 | 11.0 |
Technology | 18.2 | 18.6 | 18.2 |
Utilities | 5.2 | 5.2 | 5.1 |
Distribution by Credit Quality (% of fixed | |
income portfolio) | |
AAA | 24.7% |
AA | 49.3 |
A | 17.2 |
BBB | 7.5 |
BB | 0.2 |
B | 0.3 |
Not Rated | 0.8 |
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
Fixed Income Investment Focus
Distribution by Stated Maturity | |
(% of fixed income portfolio) | |
Under 1 Year | 9.4% |
1 - 3 Years | 12.1 |
3 - 5 Years | 11.6 |
5 - 10 Years | 27.4 |
10 - 20 Years | 38.5 |
20 - 30 Years | 0.8 |
Over 30 Years | 0.2 |
Largest Area Concentrations (% of fixed | |
income portfolio) | |
New York | 16.2% |
California | 13.6 |
Texas | 9.0 |
Illinois | 4.9 |
Maryland | 4.4 |
Pennsylvania | 4.2 |
Florida | 3.8 |
Massachusetts | 3.7 |
Michigan | 3.1 |
Arizona | 3.1 |
Top Ten | 66.0% |
"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.
Fiscal-Year Total Returns (%): December 31, 2006, Through June 30, 2017
For a benchmark description, see the Glossary.
Note: For 2017, performance data reflect the six months ended June 30, 2017.
Average Annual Total Returns: Periods Ended June 30, 2017 | ||||||
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
Admiral Shares | 9/6/1994 | 8.24% | 8.58% | 2.56% | 3.62% | 6.18% |
See Financial Highlights for dividend and capital gains information.
9
Tax-Managed Balanced Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2017
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 (48.0%) | |||
Consumer Discretionary (6.8%) | |||
* | Amazon.com Inc. | 27,772 | 26,883 |
Home Depot Inc. | 87,099 | 13,361 | |
Comcast Corp. Class A | 333,489 | 12,979 | |
Walt Disney Co. | 112,466 | 11,950 | |
McDonald’s Corp. | 59,574 | 9,124 | |
Wal-Mart Stores Inc. | 105,249 | 7,965 | |
* | Priceline Group Inc. | 3,715 | 6,949 |
NIKE Inc. Class B | 93,628 | 5,524 | |
Starbucks Corp. | 94,623 | 5,517 | |
Time Warner Inc. | 52,161 | 5,237 | |
Costco Wholesale Corp. | 30,493 | 4,877 | |
* | Charter Communications | ||
Inc. Class A | 13,541 | 4,561 | |
Lowe’s Cos. Inc. | 58,497 | 4,535 | |
* | Netflix Inc. | 28,924 | 4,322 |
* | Tesla Inc. | 9,678 | 3,500 |
* | eBay Inc. | 97,549 | 3,406 |
General Motors Co. | 91,500 | 3,196 | |
TJX Cos. Inc. | 42,186 | 3,045 | |
Marriott International Inc. | |||
Class A | 29,328 | 2,942 | |
Ford Motor Co. | 247,200 | 2,766 | |
CBS Corp. Class B | 42,313 | 2,699 | |
Newell Brands Inc. | 46,696 | 2,504 | |
Twenty-First Century Fox | |||
Inc. Class A | 76,951 | 2,181 | |
* | Mohawk Industries Inc. | 8,456 | 2,044 |
Ross Stores Inc. | 33,108 | 1,911 | |
* | O’Reilly Automotive Inc. | 8,532 | 1,866 |
Domino’s Pizza Inc. | 8,620 | 1,823 | |
* | Dollar Tree Inc. | 25,853 | 1,808 |
Estee Lauder Cos. Inc. | |||
Class A | 17,818 | 1,710 | |
Yum! Brands Inc. | 23,005 | 1,697 | |
MGM Resorts | |||
International | 54,205 | 1,696 |
Royal Caribbean Cruises | |||
Ltd. | 15,347 | 1,676 | |
Expedia Inc. | 11,176 | 1,665 | |
* | AutoZone Inc. | 2,860 | 1,632 |
Sirius XM Holdings Inc. | 296,568 | 1,622 | |
Dollar General Corp. | 22,000 | 1,586 | |
* | NVR Inc. | 643 | 1,550 |
VF Corp. | 26,400 | 1,521 | |
* | DISH Network Corp. | ||
Class A | 24,218 | 1,520 | |
Carnival Corp. | 23,150 | 1,518 | |
Lear Corp. | 10,000 | 1,421 | |
* | Ulta Beauty Inc. | 4,451 | 1,279 |
Thor Industries Inc. | 12,100 | 1,265 | |
Fortune Brands Home | |||
& Security Inc. | 19,125 | 1,248 | |
* | Visteon Corp. | 12,191 | 1,244 |
DR Horton Inc. | 35,942 | 1,243 | |
* | Yum China Holdings Inc. | 31,485 | 1,241 |
Lennar Corp. Class A | 22,903 | 1,221 | |
Las Vegas Sands Corp. | 19,100 | 1,220 | |
Target Corp. | 23,167 | 1,211 | |
* | Live Nation Entertainment | ||
Inc. | 34,474 | 1,201 | |
Coach Inc. | 24,420 | 1,156 | |
Wyndham Worldwide Corp. 11,500 | 1,155 | ||
* | WABCO Holdings Inc. | 8,944 | 1,140 |
* | LKQ Corp. | 31,412 | 1,035 |
News Corp. Class A | 74,867 | 1,026 | |
PVH Corp. | 8,403 | 962 | |
Advance Auto Parts Inc. | 8,204 | 957 | |
Hilton Worldwide Holdings | |||
Inc. | 15,350 | 949 | |
Service Corp. International | 28,000 | 937 | |
Delphi Automotive plc | 10,593 | 928 | |
Gentex Corp. | 48,470 | 919 | |
* | Panera Bread Co. Class A | 2,868 | 902 |
* | Madison Square Garden | ||
Co. Class A | 4,462 | 879 |
10
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Best Buy Co. Inc. | 15,300 | 877 | |
* | Discovery | ||
Communications Inc. | 33,536 | 845 | |
* | ServiceMaster Global | ||
Holdings Inc. | 21,547 | 844 | |
Wendy’s Co. | 54,370 | 843 | |
Hanesbrands Inc. | 36,400 | 843 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class C | 19,834 | 827 | |
Dunkin’ Brands Group Inc. | 14,492 | 799 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 1,897 | 789 | |
Twenty-First Century Fox | |||
Inc. | 27,500 | 766 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class A | 18,067 | 758 | |
* | CarMax Inc. | 11,471 | 723 |
Omnicom Group Inc. | 8,579 | 711 | |
Tractor Supply Co. | 12,514 | 678 | |
Wynn Resorts Ltd. | 4,991 | 669 | |
Harley-Davidson Inc. | 12,290 | 664 | |
Scripps Networks | |||
Interactive Inc. Class A | 9,268 | 633 | |
* | Lions Gate Entertainment | ||
Corp. Class B | 22,981 | 604 | |
* | Lululemon Athletica Inc. | 9,897 | 591 |
* | Liberty Broadband Corp. | 6,696 | 581 |
Vail Resorts Inc. | 2,700 | 548 | |
* | Liberty Expedia Holdings | ||
Inc. Class A | 9,385 | 507 | |
* | Under Armour Inc. Class A | 22,325 | 486 |
Coty Inc. Class A | 25,652 | 481 | |
Polaris Industries Inc. | 5,200 | 480 | |
John Wiley & Sons Inc. | |||
Class A | 9,018 | 476 | |
Viacom Inc. Class A | 12,501 | 476 | |
Hasbro Inc. | 4,200 | 468 | |
Macy’s Inc. | 19,394 | 451 | |
Kohl’s Corp. | 11,385 | 440 | |
* | Hilton Grand Vacations Inc. | 12,150 | 438 |
Dillard’s Inc. Class A | 7,453 | 430 | |
* | Liberty Broadband Corp. | ||
Class A | 4,986 | 428 | |
Gap Inc. | 17,685 | 389 | |
* | Liberty Ventures Class A | 7,306 | 382 |
BorgWarner Inc. | 8,952 | 379 | |
Adient plc | 5,647 | 369 | |
Brinker International Inc. | 9,637 | 367 | |
Viacom Inc. Class B | 10,924 | 367 | |
Darden Restaurants Inc. | 3,980 | 360 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 14,477 | 355 | |
Tiffany & Co. | 3,500 | 329 | |
Whirlpool Corp. | 1,708 | 327 |
Bed Bath & Beyond Inc. | 10,100 | 307 | |
Nielsen Holdings plc | 7,928 | 306 | |
Genuine Parts Co. | 3,203 | 297 | |
* | TripAdvisor Inc. | 7,716 | 295 |
Foot Locker Inc. | 5,700 | 281 | |
Signet Jewelers Ltd. | 4,400 | 278 | |
* | Hertz Global Holdings Inc. | 23,464 | 270 |
* | Murphy USA Inc. | 3,558 | 264 |
* | AutoNation Inc. | 6,246 | 263 |
Nordstrom Inc. | 5,400 | 258 | |
AMERCO | 697 | 255 | |
* | Skechers U. S. A. Inc. | ||
Class A | 8,479 | 250 | |
* | Kate Spade & Co. | 13,427 | 248 |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 4,453 | 242 | |
Aramark | 5,698 | 234 | |
Ralph Lauren Corp. | |||
Class A | 3,073 | 227 | |
Interpublic Group of | |||
Cos. Inc. | 8,883 | 219 | |
Goodyear Tire & Rubber | |||
Co. | 5,972 | 209 | |
* | Fitbit Inc. Class A | 37,908 | 201 |
Williams-Sonoma Inc. | 4,000 | 194 | |
* | Burlington Stores Inc. | 2,100 | 193 |
Lions Gate Entertainment | |||
Corp. Class A | 6,652 | 188 | |
* | JC Penney Co. Inc. | 39,791 | 185 |
* | Discovery Communications | ||
Inc. Class A | 6,841 | 177 | |
* | Vista Outdoor Inc. | 7,611 | 171 |
* | Under Armour Inc. | 7,869 | 159 |
PulteGroup Inc. | 6,000 | 147 | |
* | Cabela’s Inc. | 2,238 | 133 |
Leggett & Platt Inc. | 2,300 | 121 | |
* | Pandora Media Inc. | 12,646 | 113 |
* | Sally Beauty Holdings Inc. | 5,500 | 111 |
* | Urban Outfitters Inc. | 5,711 | 106 |
Penske Automotive | |||
Group Inc. | 2,200 | 97 | |
Toll Brothers Inc. | 2,401 | 95 | |
* | Avis Budget Group Inc. | 3,466 | 95 |
* | Hyatt Hotels Corp. | ||
Class A | 1,644 | 92 | |
KAR Auction Services Inc. | 2,200 | 92 | |
* | Michaels Cos. Inc. | 4,823 | 89 |
* | AMC Networks Inc. | ||
Class A | 1,653 | 88 | |
* | Michael Kors Holdings Ltd. | 2,372 | 86 |
* | Bright Horizons Family | ||
Solutions Inc. | 993 | 77 | |
Garmin Ltd. | 1,500 | 77 | |
Dick’s Sporting Goods Inc. | 1,800 | 72 |
11
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Wayfair Inc. | 868 | 67 |
L Brands Inc. | 1,217 | 66 | |
* | Tempur Sealy | ||
International Inc. | 1,003 | 54 | |
H&R Block Inc. | 1,700 | 53 | |
* | Cars.com Inc. | 1,570 | 42 |
* | Liberty Media Corp-Liberty | ||
Formula One Class A | 1,168 | 41 | |
* | Liberty Media Corp-Liberty | ||
Formula One | 1,114 | 41 | |
* | Floor & Decor Holdings | ||
Inc. Class A | 1,039 | 41 | |
Clear Channel Outdoor | |||
Holdings Inc. Class A | 7,857 | 38 | |
Mattel Inc. | 1,682 | 36 | |
Carter’s Inc. | 400 | 36 | |
Lennar Corp. Class B | 680 | 31 | |
* | Altice USA Inc. Class A | 789 | 25 |
237,818 | |||
Consumer Staples (3.7%) | |||
Procter & Gamble Co. | 183,419 | 15,985 | |
Philip Morris | |||
International Inc. | 116,249 | 13,653 | |
Coca-Cola Co. | 280,264 | 12,570 | |
PepsiCo Inc. | 93,364 | 10,783 | |
Altria Group Inc. | 141,180 | 10,514 | |
CVS Health Corp. | 75,992 | 6,114 | |
Colgate-Palmolive Co. | 64,670 | 4,794 | |
Mondelez | |||
International Inc. | |||
Class A | 109,437 | 4,727 | |
Walgreens Boots | |||
Alliance Inc. | 58,078 | 4,548 | |
Reynolds American Inc. | 59,091 | 3,843 | |
Kraft Heinz Co. | 39,259 | 3,362 | |
Kimberly-Clark Corp. | 22,121 | 2,856 | |
Constellation Brands Inc. | |||
Class A | 12,887 | 2,497 | |
* | Monster Beverage Corp. | 49,597 | 2,464 |
General Mills Inc. | 31,466 | 1,743 | |
Tyson Foods Inc. Class A | 27,747 | 1,738 | |
Dr Pepper Snapple | |||
Group Inc. | 16,632 | 1,515 | |
* | Herbalife Ltd. | 20,965 | 1,495 |
Archer-Daniels-Midland Co. | 35,973 | 1,489 | |
Sysco Corp. | 28,697 | 1,444 | |
Hershey Co. | 13,200 | 1,417 | |
Kroger Co. | 58,600 | 1,367 | |
Church & Dwight Co. Inc. | 25,710 | 1,334 | |
Clorox Co. | 10,000 | 1,332 | |
McCormick & Co. Inc. | 13,147 | 1,282 | |
Molson Coors Brewing Co. | |||
Class B | 14,200 | 1,226 | |
Ingredion Inc. | 9,686 | 1,155 |
JM Smucker Co. | 9,651 | 1,142 | |
Brown-Forman Corp. | |||
Class B | 23,276 | 1,131 | |
Hormel Foods Corp. | 30,684 | 1,047 | |
* | Edgewell Personal Care Co. | 11,563 | 879 |
* | US Foods Holding Corp. | 31,177 | 849 |
Kellogg Co. | 11,075 | 769 | |
* | Blue Buffalo Pet | ||
Products Inc. | 32,717 | 746 | |
Whole Foods Market Inc. | 16,000 | 674 | |
Conagra Brands Inc. | 18,122 | 648 | |
Bunge Ltd. | 7,914 | 590 | |
* | Hain Celestial Group Inc. | 9,125 | 354 |
Energizer Holdings Inc. | 6,965 | 334 | |
Campbell Soup Co. | 5,817 | 303 | |
* | Post Holdings Inc. | 3,715 | 289 |
* | Sprouts Farmers | ||
Market Inc. | 12,202 | 277 | |
Lamb Weston | |||
Holdings Inc. | 5,600 | 247 | |
* | Pilgrim’s Pride Corp. | 8,962 | 196 |
* | TreeHouse Foods Inc. | 2,274 | 186 |
Pinnacle Foods Inc. | 2,000 | 119 | |
* | Rite Aid Corp. | 35,470 | 105 |
Flowers Foods Inc. | 4,800 | 83 | |
Casey’s General | |||
Stores Inc. | 200 | 21 | |
* | AquaBounty | ||
Technologies Inc. | 69 | 1 | |
128,237 | |||
Energy (2.7%) | |||
Exxon Mobil Corp. | 301,915 | 24,374 | |
Chevron Corp. | 135,132 | 14,098 | |
Schlumberger Ltd. | 100,467 | 6,615 | |
ConocoPhillips | 84,912 | 3,733 | |
EOG Resources Inc. | 36,156 | 3,273 | |
Phillips 66 | 33,106 | 2,738 | |
Halliburton Co. | 59,825 | 2,555 | |
Kinder Morgan Inc. | 126,000 | 2,414 | |
Valero Energy Corp. | 31,400 | 2,118 | |
* | Concho Resources Inc. | 16,722 | 2,032 |
Pioneer Natural | |||
Resources Co. | 11,839 | 1,889 | |
Marathon Petroleum Corp. | 34,482 | 1,804 | |
Occidental Petroleum Corp. | 25,966 | 1,555 | |
Anadarko Petroleum Corp. | 33,792 | 1,532 | |
Baker Hughes Inc. | 26,850 | 1,464 | |
Williams Cos. Inc. | 48,200 | 1,460 | |
Apache Corp. | 25,638 | 1,229 | |
Tesoro Corp. | 11,100 | 1,039 | |
Devon Energy Corp. | 31,554 | 1,009 | |
Cimarex Energy Co. | 9,876 | 928 | |
* | Cheniere Energy Inc. | 17,788 | 866 |
* | Continental Resources Inc. | 26,733 | 864 |
12
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Newfield Exploration Co. | 29,590 | 842 |
EQT Corp. | 13,897 | 814 | |
Noble Energy Inc. | 28,498 | 806 | |
Cabot Oil & Gas Corp. | 31,004 | 778 | |
Hess Corp. | 16,730 | 734 | |
National Oilwell Varco Inc. | 21,529 | 709 | |
ONEOK Inc. | 13,184 | 688 | |
Marathon Oil Corp. | 57,682 | 684 | |
World Fuel Services Corp. | 17,200 | 661 | |
* | Energen Corp. | 12,516 | 618 |
Patterson-UTI Energy Inc. | 28,702 | 579 | |
RPC Inc. | 28,107 | 568 | |
Targa Resources Corp. | 9,700 | 438 | |
Helmerich & Payne Inc. | 7,915 | 430 | |
Valvoline Inc. | 17,015 | 404 | |
* | Southwestern Energy Co. | 64,577 | 393 |
* | Diamondback Energy Inc. | 4,123 | 366 |
* | Weatherford International | ||
plc | 89,777 | 347 | |
HollyFrontier Corp. | 12,392 | 340 | |
Range Resources Corp. | 14,446 | 335 | |
* | Antero Resources Corp. | 13,800 | 298 |
* | Chesapeake Energy Corp. | 55,315 | 275 |
* | Transocean Ltd. | 29,464 | 242 |
* | Parsley Energy Inc. Class A | 8,686 | 241 |
* | Gulfport Energy Corp. | 15,798 | 233 |
* | Rice Energy Inc. | 8,571 | 228 |
* | CONSOL Energy Inc. | 15,185 | 227 |
Murphy Oil Corp. | 7,300 | 187 | |
* | Extraction Oil & Gas Inc. | 13,723 | 185 |
PBF Energy Inc. Class A | 7,200 | 160 | |
* | WPX Energy Inc. | 16,442 | 159 |
Nabors Industries Ltd. | 16,420 | 134 | |
* | QEP Resources Inc. | 12,500 | 126 |
* | Dril-Quip Inc. | 2,336 | 114 |
* | Whiting Petroleum Corp. | 20,297 | 112 |
* | Laredo Petroleum Inc. | 9,691 | 102 |
Noble Corp. plc | 26,958 | 98 | |
* | Rowan Cos. plc Class A | 9,359 | 96 |
* | Diamond Offshore | ||
Drilling Inc. | 8,749 | 95 | |
* | Superior Energy | ||
Services Inc. | 8,816 | 92 | |
* | SunPower Corp. Class A | 7,421 | 69 |
* | First Solar Inc. | 1,722 | 69 |
Ensco plc Class A | 9,500 | 49 | |
* | Centennial Resource | ||
Development Inc. Class A | 2,936 | 46 | |
* | Kosmos Energy Ltd. | 7,046 | 45 |
SM Energy Co. | 2,600 | 43 | |
* | RSP Permian Inc. | 575 | 19 |
94,867 |
Financial Services (10.0%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 137,635 | 23,311 | |
JPMorgan Chase & Co. | 250,716 | 22,915 | |
Wells Fargo & Co. | 315,091 | 17,459 | |
Bank of America Corp. | 703,836 | 17,075 | |
Citigroup Inc. | 200,498 | 13,409 | |
�� | Visa Inc. Class A | 132,019 | 12,381 |
Mastercard Inc. Class A | 67,000 | 8,137 | |
Goldman Sachs Group Inc. | 32,335 | 7,175 | |
American International | |||
Group Inc. | 81,900 | 5,120 | |
* | PayPal Holdings Inc. | 95,137 | 5,106 |
American Express Co. | 60,159 | 5,068 | |
US Bancorp | 94,072 | 4,884 | |
American Tower Corp. | 33,519 | 4,435 | |
Chubb Ltd. | 27,902 | 4,056 | |
Morgan Stanley | 88,819 | 3,958 | |
Charles Schwab Corp. | 89,405 | 3,841 | |
Simon Property Group Inc. | 23,328 | 3,774 | |
Bank of New York Mellon | |||
Corp. | 73,032 | 3,726 | |
PNC Financial Services | |||
Group Inc. | 26,840 | 3,352 | |
BlackRock Inc. | 7,831 | 3,308 | |
MetLife Inc. | 58,940 | 3,238 | |
Aon plc | 23,340 | 3,103 | |
Prudential Financial Inc. | 25,632 | 2,772 | |
CME Group Inc. | 22,095 | 2,767 | |
Capital One Financial | |||
Corp. | 31,892 | 2,635 | |
* | Fiserv Inc. | 21,045 | 2,575 |
Allstate Corp. | 28,400 | 2,512 | |
Crown Castle | |||
International Corp. | 24,967 | 2,501 | |
Equity Residential | 34,450 | 2,268 | |
Intercontinental | |||
Exchange Inc. | 34,287 | 2,260 | |
Equinix Inc. | 5,196 | 2,230 | |
SunTrust Banks Inc. | 38,929 | 2,208 | |
Public Storage | 10,472 | 2,184 | |
Synchrony Financial | 71,463 | 2,131 | |
State Street Corp. | 23,498 | 2,108 | |
Marsh & McLennan | |||
Cos. Inc. | 26,797 | 2,089 | |
BB&T Corp. | 45,019 | 2,044 | |
Progressive Corp. | 44,997 | 1,984 | |
Travelers Cos. Inc. | 15,546 | 1,967 | |
AvalonBay | |||
Communities Inc. | 10,200 | 1,960 | |
S&P Global Inc. | 13,331 | 1,946 | |
Prologis Inc. | 32,400 | 1,900 | |
Fidelity National | |||
Information Services Inc. | 21,481 | 1,834 |
13
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Hartford Financial | |||
Services Group Inc. | 34,200 | 1,798 | |
Welltower Inc. | 23,800 | 1,781 | |
First Republic Bank | 17,776 | 1,779 | |
* | SVB Financial Group | 9,970 | 1,753 |
Moody’s Corp. | 14,200 | 1,728 | |
Equifax Inc. | 12,488 | 1,716 | |
* | Markel Corp. | 1,747 | 1,705 |
* | E*TRADE Financial Corp. | 44,329 | 1,686 |
* | Arch Capital Group Ltd. | 17,986 | 1,678 |
Weyerhaeuser Co. | 48,386 | 1,621 | |
Loews Corp. | 33,975 | 1,590 | |
Comerica Inc. | 21,600 | 1,582 | |
KeyCorp | 84,218 | 1,578 | |
Global Payments Inc. | 17,428 | 1,574 | |
Boston Properties Inc. | 12,781 | 1,572 | |
Zions Bancorporation | 35,733 | 1,569 | |
Essex Property Trust Inc. | 5,973 | 1,537 | |
* | Alleghany Corp. | 2,559 | 1,522 |
* | SBA Communications | ||
Corp. Class A | 11,261 | 1,519 | |
Discover Financial Services | 24,229 | 1,507 | |
Aflac Inc. | 18,887 | 1,467 | |
Vornado Realty Trust | 15,600 | 1,465 | |
MSCI Inc. Class A | 13,634 | 1,404 | |
* | Howard Hughes Corp. | 11,265 | 1,384 |
Torchmark Corp. | 18,022 | 1,379 | |
* | Equity Commonwealth | 42,296 | 1,337 |
Digital Realty Trust Inc. | 11,800 | 1,333 | |
Regions Financial Corp. | 90,215 | 1,321 | |
Ventas Inc. | 18,900 | 1,313 | |
* | Signature Bank | 9,130 | 1,310 |
* | CBRE Group Inc. Class A | 35,127 | 1,279 |
East West Bancorp Inc. | 21,269 | 1,246 | |
GGP Inc. | 51,800 | 1,220 | |
Huntington Bancshares Inc. | 89,700 | 1,213 | |
Realty Income Corp. | 21,500 | 1,186 | |
Equity LifeStyle | |||
Properties Inc. | 13,673 | 1,181 | |
Unum Group | 25,027 | 1,167 | |
Total System Services Inc. | 19,900 | 1,159 | |
WR Berkley Corp. | 16,593 | 1,148 | |
Annaly Capital | |||
Management Inc. | 95,200 | 1,147 | |
* | First Data Corp. Class A | 62,985 | 1,146 |
Assured Guaranty Ltd. | 27,394 | 1,143 | |
American Homes 4 Rent | |||
Class A | 50,035 | 1,129 | |
Everest Re Group Ltd. | 4,400 | 1,120 | |
Lincoln National Corp. | 16,530 | 1,117 | |
Reinsurance Group of | |||
America Inc. Class A | 8,670 | 1,113 | |
* | Zillow Group Inc. | 22,654 | 1,110 |
RenaissanceRe | |||
Holdings Ltd. | 7,918 | 1,101 | |
Nasdaq Inc. | 15,273 | 1,092 | |
Assurant Inc. | 10,500 | 1,089 | |
* | Square Inc. | 46,176 | 1,083 |
* | Western Alliance Bancorp | 21,925 | 1,079 |
CBOE Holdings Inc. | 11,800 | 1,079 | |
SL Green Realty Corp. | 10,059 | 1,064 | |
SEI Investments Co. | 19,647 | 1,057 | |
Lamar Advertising Co. | |||
Class A | 14,200 | 1,045 | |
Synovus Financial Corp. | 23,542 | 1,042 | |
Extra Space Storage Inc. | 13,300 | 1,037 | |
Fifth Third Bancorp | 39,575 | 1,027 | |
Commerce Bancshares Inc. | 17,337 | 985 | |
FactSet Research | |||
Systems Inc. | 5,919 | 984 | |
Forest City Realty | |||
Trust Inc. Class A | 40,632 | 982 | |
Mid-America Apartment | |||
Communities Inc. | 9,294 | 979 | |
Alliance Data Systems Corp. | 3,804 | 976 | |
Douglas Emmett Inc. | 25,134 | 960 | |
TD Ameritrade | |||
Holding Corp. | 21,961 | 944 | |
* | Credit Acceptance Corp. | 3,650 | 939 |
White Mountains | |||
Insurance Group Ltd. | 1,066 | 926 | |
Federal Realty Investment | |||
Trust | 7,319 | 925 | |
Brown & Brown Inc. | 21,461 | 924 | |
Raymond James | |||
Financial Inc. | 11,434 | 917 | |
Kilroy Realty Corp. | 12,189 | 916 | |
Camden Property Trust | 10,700 | 915 | |
Associated Banc-Corp | 35,827 | 903 | |
Franklin Resources Inc. | 19,575 | 877 | |
Popular Inc. | 20,800 | 868 | |
Host Hotels & Resorts Inc. | 46,699 | 853 | |
First Horizon National Corp. | 47,340 | 825 | |
Empire State Realty | |||
Trust Inc. | 39,457 | 820 | |
Apartment Investment | |||
& Management Co. | 18,776 | 807 | |
M&T Bank Corp. | 4,599 | 745 | |
Regency Centers Corp. | 11,800 | 739 | |
Allied World Assurance | |||
Co. Holdings AG | 13,344 | 706 | |
Hanover Insurance | |||
Group Inc. | 7,214 | 639 | |
AGNC Investment Corp. | 29,900 | 637 | |
Morningstar Inc. | 8,088 | 634 | |
TCF Financial Corp. | 39,500 | 630 | |
Jones Lang LaSalle Inc. | 5,012 | 627 |
14
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | TransUnion | 14,335 | 621 |
Northern Trust Corp. | 6,372 | 619 | |
Affiliated Managers | |||
Group Inc. | 3,684 | 611 | |
Dun & Bradstreet Corp. | 5,400 | 584 | |
Taubman Centers Inc. | 9,800 | 584 | |
* | FleetCor Technologies Inc. | 3,947 | 569 |
Principal Financial Group Inc. | 8,790 | 563 | |
Invesco Ltd. | 15,911 | 560 | |
Legg Mason Inc. | 14,354 | 548 | |
Colony NorthStar Inc. | |||
Class A | 37,784 | 532 | |
TFS Financial Corp. | 34,400 | 532 | |
Ally Financial Inc. | 24,954 | 522 | |
Citizens Financial | |||
Group Inc. | 14,443 | 515 | |
First Hawaiian Inc. | 16,576 | 508 | |
CNA Financial Corp. | 8,693 | 424 | |
Tanger Factory Outlet | |||
Centers Inc. | 16,300 | 423 | |
Thomson Reuters Corp. | 9,062 | 419 | |
People’s United | |||
Financial Inc. | 23,399 | 413 | |
* | Vantiv Inc. Class A | 6,479 | 410 |
FNF Group | 8,932 | 400 | |
* | Quality Care | ||
Properties Inc. | 19,693 | 361 | |
UDR Inc. | 8,895 | 347 | |
BOK Financial Corp. | 4,040 | 340 | |
Brixmor Property | |||
Group Inc. | 19,000 | 340 | |
T. Rowe Price Group Inc. | 4,574 | 339 | |
* | Santander Consumer | ||
USA Holdings Inc. | 24,845 | 317 | |
Iron Mountain Inc. | 9,100 | 313 | |
XL Group Ltd. | 7,093 | 311 | |
ProAssurance Corp. | 5,000 | 304 | |
* | Donnelley Financial | ||
Solutions Inc. | 12,058 | 277 | |
* | Athene Holding Ltd. | ||
Class A | 5,571 | 276 | |
Cincinnati Financial Corp. | 3,701 | 268 | |
* | OneMain Holdings Inc. | ||
Class A | 10,868 | 267 | |
New York Community | |||
Bancorp Inc. | 19,700 | 259 | |
Ameriprise Financial Inc. | 1,893 | 241 | |
Retail Properties of | |||
America Inc. | 19,700 | 241 | |
CoreCivic Inc. | 8,500 | 234 | |
Lazard Ltd. Class A | 5,025 | 233 | |
Western Union Co. | 12,176 | 232 | |
Leucadia National Corp. | 8,733 | 228 | |
Arthur J Gallagher & Co. | 3,870 | 222 |
CIT Group Inc. | 4,544 | 221 | |
Duke Realty Corp. | 7,613 | 213 | |
Park Hotels & Resorts Inc. | 7,865 | 212 | |
* | CoreLogic Inc. | 4,849 | 210 |
Alexandria Real Estate | |||
Equities Inc. | 1,730 | 208 | |
Broadridge Financial | |||
Solutions Inc. | 2,731 | 206 | |
DDR Corp. | 21,407 | 194 | |
Jack Henry & Associates Inc. | 1,832 | 190 | |
* | WEX Inc. | 1,787 | 186 |
Uniti Group Inc. | 7,000 | 176 | |
VEREIT Inc. | 20,300 | 165 | |
Voya Financial Inc. | 4,100 | 151 | |
Two Harbors Investment | |||
Corp. | 14,000 | 139 | |
American Campus | |||
Communities Inc. | 2,900 | 137 | |
WP Carey Inc. | 1,800 | 119 | |
American Financial | |||
Group Inc. | 1,120 | 111 | |
Outfront Media Inc. | 4,615 | 107 | |
MarketAxess Holdings Inc. | 500 | 101 | |
* | Euronet Worldwide Inc. | 1,111 | 97 |
Invitation Homes Inc. | 4,396 | 95 | |
Hospitality Properties Trust | 3,122 | 91 | |
Liberty Property Trust | 2,100 | 86 | |
Starwood Property Trust Inc. 3,500 | 78 | ||
* | SLM Corp. | 6,800 | 78 |
Paramount Group Inc. | 4,666 | 75 | |
Interactive Brokers | |||
Group Inc. | 1,820 | 68 | |
HCP Inc. | 2,062 | 66 | |
Axis Capital Holdings Ltd. | 1,000 | 65 | |
PacWest Bancorp | 1,200 | 56 | |
CyrusOne Inc. | 1,000 | 56 | |
Macerich Co. | 827 | 48 | |
Omega Healthcare | |||
Investors Inc. | 840 | 28 | |
Navient Corp. | 1,600 | 27 | |
Sun Communities Inc. | 300 | 26 | |
Highwoods Properties Inc. | 500 | 25 | |
Senior Housing | |||
Properties Trust | 1,100 | 23 | |
CubeSmart | 900 | 22 | |
EPR Properties | 300 | 22 | |
* | Zillow Group Inc. Class A | 385 | 19 |
Cullen/Frost Bankers Inc. | 200 | 19 | |
349,938 | |||
Health Care (6.6%) | |||
Johnson & Johnson | 193,744 | 25,630 | |
Pfizer Inc. | 428,387 | 14,390 | |
Merck & Co. Inc. | 192,921 | 12,364 | |
UnitedHealth Group Inc. | 62,962 | 11,674 |
15
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Amgen Inc. | 54,555 | 9,396 | |
Medtronic plc | 102,810 | 9,124 | |
AbbVie Inc. | 112,054 | 8,125 | |
* | Celgene Corp. | 56,347 | 7,318 |
Bristol-Myers Squibb Co. | 119,260 | 6,645 | |
Gilead Sciences Inc. | 93,774 | 6,637 | |
Allergan plc | 23,590 | 5,735 | |
Abbott Laboratories | 116,788 | 5,677 | |
Eli Lilly & Co. | 64,800 | 5,333 | |
Thermo Fisher | |||
Scientific Inc. | 27,567 | 4,810 | |
* | Biogen Inc. | 16,160 | 4,385 |
Aetna Inc. | 22,455 | 3,409 | |
* | Boston Scientific Corp. | 120,686 | 3,345 |
Cigna Corp. | 19,741 | 3,304 | |
Danaher Corp. | 38,551 | 3,253 | |
* | Express Scripts | ||
Holding Co. | 49,511 | 3,161 | |
Stryker Corp. | 22,549 | 3,129 | |
Anthem Inc. | 16,396 | 3,085 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 5,475 | 2,689 | |
Humana Inc. | 10,600 | 2,551 | |
* | HCA Healthcare Inc. | 28,559 | 2,490 |
Zoetis Inc. | 39,180 | 2,444 | |
* | Intuitive Surgical Inc. | 2,430 | 2,273 |
CR Bard Inc. | 6,965 | 2,202 | |
* | Vertex | ||
Pharmaceuticals Inc. | 17,067 | 2,199 | |
* | Cerner Corp. | 32,837 | 2,183 |
Becton Dickinson and Co. | 10,976 | 2,142 | |
Baxter International Inc. | 35,100 | 2,125 | |
McKesson Corp. | 12,736 | 2,096 | |
* | Alexion | ||
Pharmaceuticals Inc. | 15,738 | 1,915 | |
* | Quintiles IMS | ||
Holdings Inc. | 20,635 | 1,847 | |
Zimmer Biomet | |||
Holdings Inc. | 13,970 | 1,794 | |
* | Laboratory Corp. | ||
of America Holdings | 11,599 | 1,788 | |
Agilent Technologies Inc. | 29,707 | 1,762 | |
Cooper Cos. Inc. | 7,263 | 1,739 | |
* | Edwards Lifesciences Corp. | 13,931 | 1,647 |
* | Illumina Inc. | 9,370 | 1,626 |
* | Mylan NV | 38,876 | 1,509 |
* | Incyte Corp. | 11,341 | 1,428 |
AmerisourceBergen | |||
Corp. Class A | 14,706 | 1,390 | |
* | DaVita Inc. | 19,871 | 1,287 |
Universal Health | |||
Services Inc. Class B | 10,447 | 1,275 | |
Dentsply Sirona Inc. | 19,508 | 1,265 | |
* | QIAGEN NV | 37,111 | 1,244 |
Cardinal Health Inc. | 14,884 | 1,160 | |
PerkinElmer Inc. | 17,000 | 1,158 | |
* | BioMarin | ||
Pharmaceutical Inc. | 12,313 | 1,118 | |
* | Varian Medical Systems Inc. | 10,197 | 1,052 |
Hill-Rom Holdings Inc. | 12,322 | 981 | |
Quest Diagnostics Inc. | 8,019 | 891 | |
* | IDEXX Laboratories Inc. | 4,933 | 796 |
Bio-Techne Corp. | 6,600 | 776 | |
* | Premier Inc. Class A | 21,043 | 758 |
Perrigo Co. plc | 9,600 | 725 | |
* | Alkermes plc | 11,823 | 685 |
* | Hologic Inc. | 14,947 | 678 |
* | Centene Corp. | 8,487 | 678 |
* | Bioverativ Inc. | 11,244 | 677 |
* | Henry Schein Inc. | 3,512 | 643 |
* | Charles River Laboratories | ||
International Inc. | 6,213 | 628 | |
Patterson Cos. Inc. | 12,600 | 592 | |
* | Envision Healthcare Corp. | 8,997 | 564 |
* | Ionis Pharmaceuticals Inc. | 10,335 | 526 |
* | athenahealth Inc. | 3,325 | 467 |
* | United Therapeutics Corp. | 3,362 | 436 |
* | Align Technology Inc. | 2,875 | 432 |
* | Tenet Healthcare Corp. | 21,120 | 409 |
* | DexCom Inc. | 5,371 | 393 |
* | Patheon NV | 10,982 | 383 |
* | Akorn Inc. | 10,281 | 345 |
ResMed Inc. | 4,300 | 335 | |
* | Varex Imaging Corp. | 9,097 | 308 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 1,301 | 294 | |
* | Alnylam | ||
Pharmaceuticals Inc. | 3,684 | 294 | |
* | Seattle Genetics Inc. | 5,453 | 282 |
* | ABIOMED Inc. | 1,942 | 278 |
* | Veeva Systems Inc. | ||
Class A | 4,529 | 278 | |
* | VCA Inc. | 2,829 | 261 |
* | Endo International plc | 21,726 | 243 |
* | Alere Inc. | 4,507 | 226 |
Teleflex Inc. | 1,038 | 216 | |
* | WellCare Health Plans Inc. | 1,175 | 211 |
* | Allscripts Healthcare | ||
Solutions Inc. | 16,086 | 205 | |
* | Neurocrine Biosciences Inc. | 4,303 | 198 |
* | Agios Pharmaceuticals Inc. | 2,666 | 137 |
* | Intrexon Corp. | 5,623 | 135 |
* | Mallinckrodt plc | 2,945 | 132 |
* | MEDNAX Inc. | 2,099 | 127 |
* | ACADIA | ||
Pharmaceuticals Inc. | 4,358 | 122 | |
* | VWR Corp. | 3,624 | 120 |
16
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
West Pharmaceutical | |||
Services Inc. | 1,241 | 117 | |
* | Juno Therapeutics Inc. | 3,714 | 111 |
* | LifePoint Health Inc. | 1,250 | 84 |
* | Acadia Healthcare Co. Inc. | 1,583 | 78 |
* | Exelixis Inc. | 2,720 | 67 |
* | TESARO Inc. | 460 | 64 |
* | OPKO Health Inc. | 8,813 | 58 |
* | Intercept | ||
Pharmaceuticals Inc. | 448 | 54 | |
* | Brookdale Senior Living Inc. | 3,453 | 51 |
Bruker Corp. | 1,500 | 43 | |
231,919 | |||
Materials & Processing (1.7%) | |||
EI du Pont de Nemours | |||
& Co. | 57,765 | 4,662 | |
Dow Chemical Co. | 73,706 | 4,649 | |
Monsanto Co. | 27,906 | 3,303 | |
Ecolab Inc. | 17,900 | 2,376 | |
Sherwin-Williams Co. | 6,460 | 2,267 | |
Praxair Inc. | 15,187 | 2,013 | |
* | Freeport-McMoRan Inc. | 160,424 | 1,927 |
Ingersoll-Rand plc | 20,400 | 1,864 | |
Vulcan Materials Co. | 14,444 | 1,830 | |
LyondellBasell Industries | |||
NV Class A | 20,738 | 1,750 | |
PPG Industries Inc. | 15,400 | 1,693 | |
Air Products & | |||
Chemicals Inc. | 11,600 | 1,659 | |
Newmont Mining Corp. | 50,966 | 1,651 | |
Celanese Corp. Class A | 15,540 | 1,475 | |
Martin Marietta | |||
Materials Inc. | 6,586 | 1,466 | |
* | Crown Holdings Inc. | 24,366 | 1,454 |
Ball Corp. | 30,836 | 1,302 | |
International Paper Co. | 22,043 | 1,248 | |
Lennox International Inc. | 6,600 | 1,212 | |
Eagle Materials Inc. | 11,900 | 1,100 | |
Albemarle Corp. | 10,400 | 1,098 | |
* | Owens-Illinois Inc. | 44,213 | 1,058 |
Southern Copper Corp. | 30,200 | 1,046 | |
Sealed Air Corp. | 20,800 | 931 | |
Owens Corning | 13,800 | 923 | |
Hexcel Corp. | 16,000 | 845 | |
NewMarket Corp. | 1,720 | 792 | |
Valmont Industries Inc. | 5,211 | 780 | |
* | Berry Global Group Inc. | 13,643 | 778 |
WestRock Co. | 12,660 | 717 | |
WR Grace & Co. | 9,792 | 705 | |
Nucor Corp. | 12,143 | 703 | |
FMC Corp. | 8,798 | 643 | |
Silgan Holdings Inc. | 19,884 | 632 | |
Reliance Steel & | |||
Aluminum Co. | 7,600 | 553 |
* | Armstrong World | ||
Industries Inc. | 11,337 | 522 | |
Westlake Chemical Corp. | 7,800 | 516 | |
Scotts Miracle-Gro Co. | 5,042 | 451 | |
* | USG Corp. | 15,506 | 450 |
CF Industries Holdings Inc. | 16,059 | 449 | |
Mosaic Co. | 19,630 | 448 | |
Eastman Chemical Co. | 5,219 | 438 | |
Fastenal Co. | 9,723 | 423 | |
* | Axalta Coating | ||
Systems Ltd. | 12,836 | 411 | |
Ashland Global | |||
Holdings Inc. | 6,198 | 409 | |
* | Alcoa Corp. | 10,465 | 342 |
* | AdvanSix Inc. | 9,636 | 301 |
Masco Corp. | 7,489 | 286 | |
Packaging Corp. | |||
of America | 2,552 | 284 | |
International Flavors | |||
& Fragrances Inc. | 1,782 | 241 | |
Versum Materials Inc. | 6,923 | 225 | |
Royal Gold Inc. | 2,800 | 219 | |
Steel Dynamics Inc. | 5,473 | 196 | |
United States Steel Corp. | 8,000 | 177 | |
RPM International Inc. | 2,300 | 125 | |
* | Platform Specialty | ||
Products Corp. | 8,092 | 103 | |
Acuity Brands Inc. | 300 | 61 | |
* | Univar Inc. | 1,729 | 50 |
Sonoco Products Co. | 900 | 46 | |
AptarGroup Inc. | 300 | 26 | |
Bemis Co. Inc. | 500 | 23 | |
60,327 | |||
Producer Durables (5.3%) | |||
General Electric Co. | 623,421 | 16,839 | |
Boeing Co. | 41,320 | 8,171 | |
3M Co. | 38,687 | 8,054 | |
United Technologies Corp. | 57,076 | 6,970 | |
Honeywell International Inc. | 49,234 | 6,562 | |
Union Pacific Corp. | 56,950 | 6,202 | |
Accenture plc Class A | 40,131 | 4,963 | |
Lockheed Martin Corp. | 17,092 | 4,745 | |
FedEx Corp. | 21,336 | 4,637 | |
United Parcel Service Inc. | |||
Class B | 41,481 | 4,587 | |
Caterpillar Inc. | 34,956 | 3,756 | |
Southwest Airlines Co. | 53,617 | 3,332 | |
Delta Air Lines Inc. | 59,300 | 3,187 | |
CSX Corp. | 58,118 | 3,171 | |
Automatic Data | |||
Processing Inc. | 28,434 | 2,913 | |
* | United Continental | ||
Holdings Inc. | 36,685 | 2,761 | |
Raytheon Co. | 15,635 | 2,525 |
17
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
General Dynamics Corp. | 12,414 | 2,459 | |
Johnson Controls | |||
International plc | 54,492 | 2,363 | |
Deere & Co. | 19,080 | 2,358 | |
Emerson Electric Co. | 38,090 | 2,271 | |
Norfolk Southern Corp. | 18,100 | 2,203 | |
Northrop Grumman Corp. | 8,446 | 2,168 | |
Eaton Corp. plc | 27,745 | 2,159 | |
Roper Technologies Inc. | 8,710 | 2,017 | |
* | Verisk Analytics Inc. | ||
Class A | 22,953 | 1,937 | |
* | Mettler-Toledo | ||
International Inc. | 3,120 | 1,836 | |
Illinois Tool Works Inc. | 12,775 | 1,830 | |
Rockwell Collins Inc. | 16,476 | 1,731 | |
TransDigm Group Inc. | 6,263 | 1,684 | |
Cummins Inc. | 9,721 | 1,577 | |
* | Waters Corp. | 8,527 | 1,568 |
Cintas Corp. | 11,770 | 1,483 | |
Waste Management Inc. | 20,151 | 1,478 | |
Textron Inc. | 31,211 | 1,470 | |
Xylem Inc. | 25,639 | 1,421 | |
Toro Co. | 20,236 | 1,402 | |
AMETEK Inc. | 22,900 | 1,387 | |
Huntington Ingalls | |||
Industries Inc. | 7,269 | 1,353 | |
Nordson Corp. | 11,050 | 1,341 | |
American Airlines | |||
Group Inc. | 26,130 | 1,315 | |
AO Smith Corp. | 23,300 | 1,312 | |
* | Quanta Services Inc. | 39,719 | 1,308 |
Fortive Corp. | 20,625 | 1,307 | |
Wabtec Corp. | 13,965 | 1,278 | |
IDEX Corp. | 11,229 | 1,269 | |
BWX Technologies Inc. | 25,219 | 1,229 | |
Oshkosh Corp. | 17,147 | 1,181 | |
Expeditors International | |||
of Washington Inc. | 20,666 | 1,167 | |
Spirit AeroSystems | |||
Holdings Inc. Class A | 19,828 | 1,149 | |
Allegion plc | 13,833 | 1,122 | |
* | United Rentals Inc. | 9,907 | 1,117 |
Landstar System Inc. | 12,535 | 1,073 | |
* | Copart Inc. | 33,442 | 1,063 |
Jacobs Engineering | |||
Group Inc. | 19,495 | 1,060 | |
PACCAR Inc. | 16,028 | 1,058 | |
Republic Services Inc. | |||
Class A | 16,510 | 1,052 | |
JB Hunt Transport | |||
Services Inc. | 11,510 | 1,052 | |
CH Robinson | |||
Worldwide Inc. | 15,011 | 1,031 | |
* | Welbilt Inc. | 54,212 | 1,022 |
AGCO Corp. | 15,037 | 1,013 | |
* | AECOM | 30,751 | 994 |
Orbital ATK Inc. | 10,086 | 992 | |
Stanley Black & Decker Inc. | 6,710 | 944 | |
Lincoln Electric | |||
Holdings Inc. | 10,223 | 941 | |
Carlisle Cos. Inc. | 9,000 | 859 | |
FLIR Systems Inc. | 24,300 | 842 | |
Air Lease Corp. Class A | 21,300 | 796 | |
* | HD Supply Holdings Inc. | 25,877 | 793 |
ITT Inc. | 19,369 | 778 | |
Paychex Inc. | 13,484 | 768 | |
Fluor Corp. | 16,458 | 753 | |
WW Grainger Inc. | 3,982 | 719 | |
Robert Half | |||
International Inc. | 14,500 | 695 | |
* | Stericycle Inc. | 8,901 | 679 |
Pentair plc | 10,087 | 671 | |
Flowserve Corp. | 14,313 | 665 | |
Arconic Inc. | 28,166 | 638 | |
ManpowerGroup Inc. | 5,650 | 631 | |
Donaldson Co. Inc. | 13,286 | 605 | |
National Instruments Corp. | 14,511 | 584 | |
* | Clean Harbors Inc. | 10,420 | 582 |
L3 Technologies Inc. | 3,289 | 549 | |
KBR Inc. | 35,982 | 548 | |
Trinity Industries Inc. | 19,100 | 535 | |
Parker-Hannifin Corp. | 3,302 | 528 | |
* | Kirby Corp. | 7,383 | 494 |
* | Trimble Inc. | 13,591 | 485 |
Copa Holdings SA Class A | 4,039 | 473 | |
Rockwell Automation Inc. | 2,903 | 470 | |
* | Keysight Technologies Inc. | 11,935 | 465 |
MSC Industrial Direct | |||
Co. Inc. Class A | 5,300 | 456 | |
* | WESCO International Inc. | 7,750 | 444 |
* | Middleby Corp. | 3,433 | 417 |
* | Zebra Technologies Corp. | 3,779 | 380 |
Alaska Air Group Inc. | 4,200 | 377 | |
* | Conduent Inc. | 22,971 | 366 |
* | Spirit Airlines Inc. | 6,950 | 359 |
* | JetBlue Airways Corp. | 15,274 | 349 |
Kansas City Southern | 3,200 | 335 | |
* | Colfax Corp. | 8,390 | 330 |
Xerox Corp. | 9,664 | 278 | |
* | CoStar Group Inc. | 1,051 | 277 |
Dover Corp. | 3,363 | 270 | |
Old Dominion Freight | |||
Line Inc. | 2,437 | 232 | |
Regal Beloit Corp. | 2,800 | 228 | |
Snap-on Inc. | 1,297 | 205 | |
Covanta Holding Corp. | 14,400 | 190 | |
Macquarie Infrastructure | |||
Corp. | 2,200 | 172 |
18
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Chicago Bridge & Iron | |||
Co. NV | 8,058 | 159 | |
Avery Dennison Corp. | 1,500 | 133 | |
* | Herc Holdings Inc. | 3,050 | 120 |
Hubbell Inc. Class B | 1,000 | 113 | |
Terex Corp. | 2,800 | 105 | |
Ryder System Inc. | 1,400 | 101 | |
Genpact Ltd. | 3,249 | 90 | |
* | XPO Logistics Inc. | 1,349 | 87 |
* | Sensata Technologies | ||
Holding NV | 1,982 | 85 | |
* | Genesee & Wyoming | ||
Inc. Class A | 1,048 | 72 | |
Graco Inc. | 404 | 44 | |
* | Teledyne Technologies Inc. | 201 | 26 |
* | Gardner Denver | ||
Holdings Inc. | 1,029 | 22 | |
186,347 | |||
Technology (8.7%) | |||
Apple Inc. | 387,696 | 55,836 | |
Microsoft Corp. | 528,675 | 36,442 | |
* | Facebook Inc. Class A | 157,431 | 23,769 |
* | Alphabet Inc. Class A | 21,812 | 20,278 |
* | Alphabet Inc. Class C | 20,408 | 18,545 |
Intel Corp. | 333,500 | 11,252 | |
Cisco Systems Inc. | 347,681 | 10,882 | |
Oracle Corp. | 215,590 | 10,810 | |
International Business | |||
Machines Corp. | 61,403 | 9,446 | |
NVIDIA Corp. | 45,600 | 6,592 | |
Broadcom Ltd. | 24,799 | 5,779 | |
* | Adobe Systems Inc. | 38,710 | 5,475 |
QUALCOMM Inc. | 98,475 | 5,438 | |
Texas Instruments Inc. | 66,240 | 5,096 | |
* | salesforce.com Inc. | 49,978 | 4,328 |
Applied Materials Inc. | 90,580 | 3,742 | |
Activision Blizzard Inc. | 47,560 | 2,738 | |
Cognizant Technology | |||
Solutions Corp. Class A | 39,715 | 2,637 | |
Intuit Inc. | 19,124 | 2,540 | |
* | Electronic Arts Inc. | 21,448 | 2,267 |
* | Autodesk Inc. | 22,448 | 2,263 |
Corning Inc. | 71,577 | 2,151 | |
* | Micron Technology Inc. | 71,670 | 2,140 |
Hewlett Packard | |||
Enterprise Co. | 124,273 | 2,062 | |
Lam Research Corp. | 14,500 | 2,051 | |
DXC Technology Co. | 26,275 | 2,016 | |
Amphenol Corp. Class A | 26,942 | 1,989 | |
HP Inc. | 113,473 | 1,983 | |
Analog Devices Inc. | 25,108 | 1,953 | |
Western Digital Corp. | 19,616 | 1,738 | |
Motorola Solutions Inc. | 18,528 | 1,607 |
* | Cadence Design | ||
Systems Inc. | 47,833 | 1,602 | |
* | NCR Corp. | 38,878 | 1,588 |
* | Synopsys Inc. | 21,428 | 1,563 |
Skyworks Solutions Inc. | 15,100 | 1,449 | |
Xilinx Inc. | 21,429 | 1,378 | |
Symantec Corp. | 46,939 | 1,326 | |
* | IAC/InterActiveCorp | 12,491 | 1,290 |
* | Citrix Systems Inc. | 16,064 | 1,278 |
* | VeriSign Inc. | 12,937 | 1,203 |
Teradyne Inc. | 39,300 | 1,180 | |
CDK Global Inc. | 18,758 | 1,164 | |
Juniper Networks Inc. | 40,200 | 1,121 | |
* | CommScope Holding | ||
Co. Inc. | 26,191 | 996 | |
* | ServiceNow Inc. | 8,912 | 945 |
Amdocs Ltd. | 14,500 | 935 | |
Dolby Laboratories | |||
Inc. Class A | 18,600 | 911 | |
* | Twitter Inc. | 47,147 | 843 |
* | GoDaddy Inc. Class A | 19,478 | 826 |
DST Systems Inc. | 13,260 | 818 | |
* | Red Hat Inc. | 8,345 | 799 |
Avnet Inc. | 19,000 | 739 | |
* | Dell Technologies Inc. | ||
Class V | 12,080 | 738 | |
Brocade Communications | |||
Systems Inc. | 55,900 | 705 | |
KLA-Tencor Corp. | 7,417 | 679 | |
* | Black Knight Financial | ||
Services Inc. Class A | 16,093 | 659 | |
* | Qorvo Inc. | 9,809 | 621 |
Harris Corp. | 5,481 | 598 | |
Sabre Corp. | 27,200 | 592 | |
* | Akamai Technologies Inc. | 11,367 | 566 |
* | Match Group Inc. | 31,902 | 554 |
* | Workday Inc. Class A | 5,563 | 540 |
Leidos Holdings Inc. | 10,350 | 535 | |
* | ARRIS International plc | 19,050 | 534 |
NetApp Inc. | 13,071 | 523 | |
* | ON Semiconductor Corp. | 35,122 | 493 |
CSRA Inc. | 15,000 | 476 | |
Microchip Technology Inc. | 6,070 | 468 | |
* | Teradata Corp. | 15,662 | 462 |
Maxim Integrated | |||
Products Inc. | 10,029 | 450 | |
* | Gartner Inc. | 3,604 | 445 |
* | EchoStar Corp. Class A | 6,859 | 416 |
* | F5 Networks Inc. | 3,097 | 393 |
* | VMware Inc. Class A | 4,475 | 391 |
* | ANSYS Inc. | 3,124 | 380 |
* | Arrow Electronics Inc. | 4,277 | 335 |
* | Tyler Technologies Inc. | 1,801 | 316 |
CA Inc. | 8,807 | 304 |
19
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Arista Networks Inc. | 1,759 | 263 |
* | Splunk Inc. | 4,458 | 254 |
* | Atlassian Corp. plc Class A | 6,712 | 236 |
* | PTC Inc. | 4,275 | 236 |
CDW Corp. | 3,757 | 235 | |
Marvell Technology | |||
Group Ltd. | 11,400 | 188 | |
* | Fortinet Inc. | 5,022 | 188 |
* | IPG Photonics Corp. | 1,266 | 184 |
* | Nutanix Inc. | 9,012 | 182 |
* | Ultimate Software | ||
Group Inc. | 831 | 175 | |
* | CommerceHub Inc. | 9,264 | 162 |
* | Palo Alto Networks Inc. | 1,187 | 159 |
* | Cree Inc. | 5,803 | 143 |
* | Twilio Inc. Class A | 4,885 | 142 |
* | Tableau Software Inc. | ||
Class A | 2,295 | 141 | |
* | Zynga Inc. Class A | 35,728 | 130 |
* | Groupon Inc. Class A | 33,670 | 129 |
* | CommerceHub Inc. | ||
Class A | 7,340 | 128 | |
SS&C Technologies | |||
Holdings Inc. | 2,400 | 92 | |
Cognex Corp. | 940 | 80 | |
* | Guidewire Software Inc. | 1,109 | 76 |
* | Coherent Inc. | 323 | 73 |
* | IHS Markit Ltd. | 1,616 | 71 |
* | FireEye Inc. | 4,505 | 69 |
* | Microsemi Corp. | 1,462 | 68 |
* | Manhattan Associates Inc. | 1,409 | 68 |
* | NXP Semiconductors NV | 603 | 66 |
* | Cavium Inc. | 1,029 | 64 |
* | Advanced Micro | ||
Devices Inc. | 5,105 | 64 | |
* | Yelp Inc. Class A | 1,967 | 59 |
* | Take-Two Interactive | ||
Software Inc. | 779 | 57 | |
* | Inovalon Holdings Inc. | ||
Class A | 4,102 | 54 | |
* | VeriFone Systems Inc. | 2,530 | 46 |
* | Nuance | ||
Communications Inc. | 2,553 | 44 | |
307,298 | |||
Utilities (2.5%) | |||
AT&T Inc. | 427,977 | 16,148 | |
Verizon | |||
Communications Inc. | 278,174 | 12,423 | |
NextEra Energy Inc. | 35,342 | 4,952 | |
Duke Energy Corp. | 56,930 | 4,759 | |
Dominion Energy Inc. | 53,508 | 4,100 | |
Southern Co. | 77,548 | 3,713 | |
American Electric | |||
Power Co. Inc. | 39,900 | 2,772 |
PG&E Corp. | 40,335 | 2,677 | |
Exelon Corp. | 65,800 | 2,373 | |
Sempra Energy | 19,829 | 2,236 | |
Consolidated Edison Inc. | 26,300 | 2,126 | |
* | Level 3 Communications | ||
Inc. | 35,243 | 2,090 | |
* | T-Mobile US Inc. | 33,727 | 2,045 |
WEC Energy Group Inc. | 27,832 | 1,708 | |
Public Service Enterprise | |||
Group Inc. | 37,900 | 1,630 | |
PPL Corp. | 40,300 | 1,558 | |
American Water | |||
Works Co. Inc. | 19,228 | 1,499 | |
Edison International | 18,117 | 1,417 | |
Xcel Energy Inc. | 26,304 | 1,207 | |
UGI Corp. | 24,078 | 1,166 | |
FirstEnergy Corp. | 38,600 | 1,126 | |
NiSource Inc. | 44,300 | 1,123 | |
* | Sprint Corp. | 129,186 | 1,061 |
Aqua America Inc. | 29,478 | 982 | |
Alliant Energy Corp. | 24,226 | 973 | |
CMS Energy Corp. | 20,227 | 935 | |
* | United States | ||
Cellular Corp. | 24,041 | 921 | |
OGE Energy Corp. | 25,486 | 887 | |
NRG Energy Inc. | 40,924 | 705 | |
Telephone & Data | |||
Systems Inc. | 24,630 | 683 | |
Westar Energy Inc. | |||
Class A | 11,300 | 599 | |
AES Corp. | 53,469 | 594 | |
Eversource Energy | 9,387 | 570 | |
Entergy Corp. | 6,883 | 528 | |
DTE Energy Co. | 4,967 | 525 | |
Ameren Corp. | 9,237 | 505 | |
CenterPoint Energy Inc. | 17,200 | 471 | |
* | Zayo Group Holdings Inc. | 14,230 | 440 |
National Fuel Gas Co. | 5,771 | 322 | |
MDU Resources | |||
Group Inc. | 9,950 | 261 | |
* | Calpine Corp. | 17,546 | 237 |
SCANA Corp. | 3,300 | 221 | |
CenturyLink Inc. | 8,778 | 210 | |
Pinnacle West | |||
Capital Corp. | 2,458 | 209 | |
Avangrid Inc. | 4,545 | 201 | |
Atmos Energy Corp. | 2,345 | 194 | |
* | Vistra Energy Corp. | 4,674 | 78 |
Great Plains Energy Inc. | 2,400 | 70 | |
Fortis Inc. | 1 | — | |
88,230 | |||
Total Common Stocks | |||
(Cost $991,960) | 1,684,981 |
20
Tax-Managed Balanced Fund
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tax-Exempt Municipal Bonds (52.1%) | ||||
Alabama (0.3%) | ||||
Alabama 21st Century Authority Tobacco | ||||
Settlement Revenue | 5.000% | 6/1/20 | 500 | 549 |
Alabama Incentives Financing Authority | ||||
Special Obligation Revenue | 5.000% | 9/1/32 | 380 | 425 |
1 Alabama Public School & College Authority | ||||
Capital Improvement Revenue | 5.000% | 12/1/17 (Prere.) | 500 | 509 |
Birmingham AL Water Works Board Water | ||||
Revenue | 5.000% | 1/1/24 | 1,175 | 1,401 |
Black Belt Energy Gas District Alabama Gas | ||||
Supply Revenue PUT | 4.000% | 6/1/21 | 1,000 | 1,079 |
Black Belt Energy Gas District Alabama Gas | ||||
Supply Revenue PUT | 4.000% | 7/1/22 | 2,500 | 2,743 |
Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 540 |
Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 (4) | 500 | 382 |
Tuscaloosa AL City Board of Education | ||||
School Tax Warrants Revenue | 5.000% | 8/1/27 | 500 | 607 |
Tuscaloosa AL City Board of Education | ||||
School Tax Warrants Revenue | 5.000% | 8/1/28 | 850 | 1,023 |
University of South Alabama University | ||||
Facilities Revenue | 5.000% | 11/1/23 (4) | 565 | 671 |
9,929 | ||||
Alaska (0.1%) | ||||
Alaska Housing Finance Corp. General | ||||
Housing Revenue | 5.000% | 12/1/29 | 500 | 564 |
Alaska Municipal Bond Bank Authority | ||||
Revenue | 5.000% | 9/1/21 | 1,650 | 1,879 |
Matanuska-Susitna Borough AK Lease Revenue | ||||
(Goose Creek Correctional Center) GO | 5.000% | 9/1/31 | 1,345 | 1,527 |
3,970 | ||||
Arizona (1.6%) | ||||
Arizona Board of Regents Arizona State | ||||
University System COP | 5.000% | 7/1/22 (14) | 1,500 | 1,503 |
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.875% | 7/1/18 (Prere.) | 100 | 105 |
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.000% | 7/1/30 | 675 | 794 |
Arizona COP | 5.000% | 10/1/18 (4) | 500 | 525 |
Arizona Health Facilities Authority | ||||
Revenue (Banner Health) | 5.000% | 1/1/18 (Prere.) | 500 | 510 |
1 Arizona School Facilities Board COP | 5.500% | 9/1/18 (Prere.) | 500 | 526 |
Arizona School Facilities Board COP | 5.000% | 9/1/19 | 1,000 | 1,079 |
Arizona School Facilities Board COP | 5.000% | 9/1/21 | 1,355 | 1,546 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/21 | 2,240 | 2,564 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/23 | 1,955 | 2,337 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/24 | 2,000 | 2,433 |
Arizona Transportation Board Excise Tax | ||||
Revenue (Maricopa County Regional Area) | 5.000% | 7/1/17 (Prere.) | 500 | 500 |
21
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Arizona Transportation Board Excise Tax | ||||
Revenue (Maricopa County Regional Area) | 5.000% | 7/1/20 (Prere.) | 500 | 556 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/22 | 2,005 | 2,346 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/22 (Prere.) | 500 | 588 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/32 | 1,000 | 1,198 |
Chandler AZ GO | 5.000% | 7/1/23 | 1,000 | 1,197 |
Gilbert AZ GO | 5.000% | 7/1/20 | 2,480 | 2,759 |
Glendale AZ Industrial Development | ||||
Authority Revenue (Midwestern University) | 5.000% | 5/15/30 | 335 | 363 |
Glendale AZ Senior Excise Tax Revenue | 5.000% | 7/1/18 | 1,100 | 1,143 |
Maricopa County AZ Industrial Development | ||||
Authority Health Facilities Revenue | ||||
(Banner Health Obligated Group) | 5.000% | 1/1/28 | 1,000 | 1,235 |
Maricopa County AZ School District No. 28 | ||||
(Kyrene Elementary) GO | 4.000% | 7/1/19 | 900 | 952 |
Mesa AZ Excise Tax Revenue | 5.000% | 7/1/27 | 2,500 | 2,508 |
Phoenix AZ Civic Improvement Corp. Airport | ||||
Revenue | 5.000% | 7/1/24 | 300 | 333 |
Phoenix AZ Civic Improvement Corp. Excise | ||||
Tax Revenue | 5.000% | 7/1/22 | 1,145 | 1,340 |
Phoenix AZ Civic Improvement Corp. Excise | ||||
Tax Revenue | 4.000% | 7/1/28 | 1,000 | 1,148 |
Phoenix AZ Civic Improvement Corp. | ||||
Wastewater System Revenue | 5.000% | 7/1/22 | 2,190 | 2,560 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/21 | 525 | 601 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/22 | 1,200 | 1,407 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/23 | 2,000 | 2,391 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/26 | 2,500 | 2,993 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/35 | 1,900 | 2,237 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 500 | 556 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 1,000 | 1,112 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/24 | 1,000 | 1,211 |
Regional Public Transportation Authority | ||||
Arizona Excise Tax Revenue (Maricopa | ||||
County Public Transportation) | 5.250% | 7/1/24 | 1,000 | 1,227 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/28 | 750 | 793 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/28 | 500 | 574 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,324 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,540 | 1,822 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 870 | 1,011 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 510 | 608 |
22
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
University Medical Center Corp. Arizona | ||||
Hospital Revenue | 5.000% | 7/1/19 (ETM) | 500 | 538 |
Yavapai County AZ Industrial Development | ||||
Authority Hospital Facility Revenue | ||||
(Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 574 |
56,627 | ||||
Arkansas (0.2%) | ||||
Pulaski County AR Hospital Revenue | ||||
(Arkansas Children’s Hospital) | 5.000% | 3/1/29 | 1,000 | 1,191 |
Rogers AR Sales & Use Tax Revenue | 2.125% | 11/1/29 | 295 | 297 |
Springdale AR School District No. 50 GO | 4.000% | 6/1/27 | 1,190 | 1,293 |
Springdale AR School District No. 50 GO | 4.000% | 6/1/32 | 1,155 | 1,219 |
University of Arkansas Revenue | 5.000% | 11/1/21 | 750 | 865 |
University of Arkansas Revenue | 5.000% | 11/1/24 | 750 | 911 |
University of Arkansas Revenue | 5.000% | 11/1/30 | 725 | 861 |
6,637 | ||||
California (7.1%) | ||||
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Episcopal Senior | ||||
Communities) | 5.000% | 7/1/22 | 500 | 567 |
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Jackson Laboratory) | 5.000% | 7/1/21 | 760 | 864 |
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Windemere Ranch | ||||
Infrastructure Financing Program) | 5.000% | 9/2/30 (4) | 1,000 | 1,197 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 5.300% | 10/1/17 (Prere.) | 200 | 202 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 0.000% | 10/1/30 (2) | 740 | 435 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 0.000% | 10/1/32 (14) | 1,650 | 940 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 10/1/30 | 500 | 554 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 500 | 575 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 1,000 | 1,155 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.500% | 4/2/18 | 750 | 751 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/19 | 650 | 656 |
2 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.510% | 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 | 1,514 |
2 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.610% | 4/1/21 | 1,000 | 1,000 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.100% | 4/1/22 | 1,000 | 1,017 |
2 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.810% | 5/1/23 | 1,000 | 1,006 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.950% | 4/1/26 | 1,000 | 1,052 |
23
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Brea CA Redevelopment Agency Successor | ||||
Agency Tax Allocation Revenue | ||||
(Redevelopment Project AB) | 0.000% | 8/1/29 (2) | 1,000 | 643 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 165 | 171 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 500 | 517 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 575 | 637 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 4,500 | 4,989 |
California Department of Water Resources | ||||
Water System Revenue (Central Valley | ||||
Project) | 5.000% | 6/1/18 (Prere.) | 480 | 498 |
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 | 406 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 110 | 114 |
California Economic Recovery GO | 5.000% | 7/1/19 (Prere.) | 500 | 540 |
California Economic Recovery GO | 5.000% | 7/1/19 (ETM) | 500 | 540 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 315 | 341 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 185 | 201 |
California Educational Facilities Authority | ||||
Revenue (University of San Francisco) | 6.125% | 10/1/30 | 500 | 593 |
California GO | 6.000% | 4/1/18 | 500 | 519 |
California GO | 5.000% | 9/1/18 | 1,905 | 1,995 |
California GO | 5.000% | 11/1/18 (14) | 500 | 507 |
California GO | 5.000% | 8/1/19 | 1,500 | 1,621 |
California GO | 5.000% | 2/1/20 | 500 | 549 |
California GO | 5.000% | 10/1/20 | 2,000 | 2,241 |
California GO | 5.000% | 9/1/21 | 500 | 575 |
California GO | 5.000% | 8/1/22 | 1,000 | 1,174 |
California GO | 5.000% | 9/1/22 | 1,805 | 2,124 |
California GO | 5.000% | 12/1/22 | 1,635 | 1,934 |
California GO | 5.000% | 11/1/23 | 1,155 | 1,389 |
California GO | 5.000% | 9/1/25 | 1,560 | 1,924 |
California GO | 5.000% | 3/1/26 | 630 | 767 |
California GO | 5.500% | 3/1/26 | 500 | 515 |
California GO | 3.500% | 8/1/27 | 1,515 | 1,665 |
California GO | 5.000% | 2/1/28 | 690 | 805 |
California GO | 4.500% | 8/1/28 (2) | 15 | 15 |
California GO | 5.750% | 4/1/29 | 500 | 541 |
California GO | 5.000% | 9/1/29 | 495 | 518 |
California GO | 5.000% | 9/1/29 | 455 | 550 |
California GO | 5.000% | 10/1/29 | 3,500 | 3,605 |
California GO | 5.000% | 11/1/29 | 1,700 | 2,003 |
California GO | 5.250% | 3/1/30 | 500 | 552 |
California GO | 5.000% | 9/1/30 | 1,000 | 1,139 |
California GO | 5.250% | 9/1/30 | 500 | 574 |
California GO | 4.000% | 8/1/31 | 1,675 | 1,816 |
California GO | 5.000% | 2/1/32 | 500 | 566 |
California GO | 5.000% | 10/1/32 | 1,875 | 2,207 |
California GO | 4.000% | 8/1/33 | 1,520 | 1,628 |
24
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California GO | 5.000% | 8/1/33 | 2,865 | 3,388 |
California GO | 4.000% | 9/1/33 | 2,000 | 2,143 |
California GO | 4.000% | 9/1/35 | 1,000 | 1,064 |
California GO | 4.000% | 9/1/35 | 1,815 | 1,931 |
California GO PUT | 4.000% | 12/1/17 | 2,400 | 2,406 |
California Health Facilities Financing Authority | ||||
Revenue (Adventist Health System/West) | 5.000% | 3/1/23 | 1,050 | 1,232 |
California Health Facilities Financing Authority | ||||
Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/17 | 500 | 503 |
California Health Facilities Financing Authority | ||||
Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,153 |
California Health Facilities Financing Authority | ||||
Revenue (Kaiser Permanente) | 5.000% | 11/1/27 | 1,500 | 1,877 |
California Health Facilities Financing Authority | ||||
Revenue (Kaiser Permanente) | 4.000% | 11/1/38 | 1,000 | 1,048 |
California Health Facilities Financing Authority | ||||
Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/22 | 500 | 587 |
California Health Facilities Financing Authority | ||||
Revenue (Lucile Salter Packard Children’s | ||||
Hospital at 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 | 1,233 |
California Health Facilities Financing Authority | ||||
Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 965 | 1,074 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.500% | 8/15/26 | 500 | 565 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.000% | 8/15/30 | 110 | 114 |
3 California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.000% | 11/15/33 | 1,000 | 1,181 |
California Infrastructure & Economic | ||||
Development Bank Revenue (Bay Area Toll | ||||
Bridges Seismic Retrofit) | 5.000% | 1/1/28 (Prere.) | 500 | 647 |
California Municipal Finance Authority Revenue | ||||
(Anaheim Electric Utility Distribution System) | 5.000% | 10/1/30 | 965 | 1,150 |
California Municipal Finance Authority | ||||
Revenue (University of La Verne) | 6.125% | 6/1/20 (Prere.) | 500 | 572 |
California Pollution Control Financing | ||||
Authority Water Furnishing Revenue | ||||
(San Diego County Water Authority | ||||
Desalination Project Pipeline) | 5.000% | 7/1/37 | 1,000 | 1,002 |
California Public Works Board Lease | ||||
Revenue (Davidson Library) | 5.000% | 3/1/23 (Prere.) | 20 | 24 |
California Public Works Board Lease | ||||
Revenue (Department of Corrections) | 5.000% | 6/1/22 | 1,000 | 1,169 |
California Public Works Board Lease | ||||
Revenue (Department of Corrections) | 5.000% | 6/1/27 | 1,000 | 1,153 |
California Public Works Board Lease | ||||
Revenue (Judicial Council Projects) | 5.000% | 10/1/26 | 1,000 | 1,193 |
California Public Works Board Lease | ||||
Revenue (Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 346 |
California Public Works Board Lease | ||||
Revenue (Judicial Council Projects) | 5.125% | 12/1/29 | 250 | 286 |
25
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 3/1/18 (Prere.) | 200 | 205 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 70 | 75 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 120 | 128 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 12/1/21 (Prere.) | 35 | 41 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 5/1/19 | 1,000 | 1,072 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.375% | 3/1/20 (Prere.) | 1,000 | 1,113 |
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) | 4.000% | 11/1/31 | 1,840 | 1,986 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,152 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 4/1/32 | 350 | 396 |
California State University Systemwide | ||||
Revenue | 5.250% | 5/1/19 (Prere.) | 300 | 323 |
California State University Systemwide | ||||
Revenue | 5.750% | 5/1/19 (Prere.) | 500 | 543 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/19 | 1,000 | 1,091 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/30 | 1,000 | 1,151 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/32 | 1,000 | 1,189 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/32 | 2,815 | 3,401 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/34 | 2,000 | 2,317 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/35 | 2,000 | 2,382 |
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 | 278 |
California Statewide Communities | ||||
Development Authority Revenue | ||||
(Loma Linda University Medical Center) | 5.000% | 12/1/28 | 400 | 452 |
Chabot-Las Positas CA Community | ||||
College District GO | 5.000% | 8/1/31 | 1,000 | 1,163 |
Chaffey CA Community College District GO | 5.000% | 6/1/23 | 840 | 1,006 |
Chino CA Public Financing Authority Special | ||||
Tax Revenue | 5.000% | 9/1/30 (4) | 800 | 923 |
Chula Vista CA Municipal Financing Authority | ||||
Special Tax Revenue | 5.500% | 9/1/27 | 970 | 1,132 |
Citrus CA Community College District GO | 0.000% | 8/1/34 | 1,000 | 840 |
Contra Costa CA Community College | ||||
District GO | 5.000% | 8/1/31 | 1,000 | 1,163 |
26
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Contra Costa CA Municipal Water | ||||
District Revenue | 5.000% | 10/1/33 | 1,000 | 1,173 |
Contra Costa CA Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 3/1/26 | 485 | 606 |
Contra Costa CA Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 3/1/27 | 600 | 757 |
Corona-Norco CA Unified School District | ||||
Special Tax Revenue (Community Facilities | ||||
District No. 98-1) | 5.000% | 9/1/22 | 970 | 1,121 |
East Bay CA Municipal Utility District Water | ||||
System Revenue | 5.000% | 6/1/29 | 1,000 | 1,246 |
Foothill/Eastern Transportation Corridor | ||||
Agency California Toll Road Revenue | 0.000% | 1/15/29 | 1,390 | 1,191 |
Gavilan CA Joint Community College | ||||
District GO | 5.000% | 8/1/28 | 1,000 | 1,204 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 5.000% | 6/1/25 | 500 | 592 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 0.000% | 6/1/27 (2) | 2,060 | 1,547 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 5.000% | 6/1/33 | 1,500 | 1,728 |
La Quinta CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 9/1/26 | 1,500 | 1,725 |
La Quinta CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 9/1/30 | 1,000 | 1,150 |
La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/26 | 350 | 387 |
Long Beach CA Finance Authority Natural | ||||
Gas Purchase Revenue | 5.250% | 11/15/19 | 75 | 81 |
Long Beach CA Finance Authority Natural | ||||
Gas Purchase Revenue | 5.250% | 11/15/23 | 330 | 379 |
Long Beach CA Unified School District GO | 0.000% | 8/1/24 (12) | 1,290 | 1,109 |
Los Angeles CA Community College | ||||
District GO | 5.000% | 8/1/18 (Prere.) | 500 | 522 |
Los Angeles CA Community College | ||||
District GO | 5.000% | 8/1/22 | 1,000 | 1,181 |
Los Angeles CA Community College | ||||
District GO | 4.000% | 8/1/32 | 1,000 | 1,077 |
Los Angeles CA Department of Airports | ||||
International Airport Revenue | 5.000% | 5/15/27 | 500 | 554 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/24 | 500 | 539 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/33 | 1,375 | 1,649 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,170 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/37 | 1,000 | 1,180 |
Los Angeles CA Unified School District GO | 4.750% | 7/1/17 (Prere.) | 1,475 | 1,475 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 1,825 | 1,825 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 650 | 650 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/19 | 1,000 | 1,079 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 1,700 | 1,894 |
Los Angeles CA Unified School District GO | 4.500% | 7/1/22 (4) | 1,535 | 1,535 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/22 | 1,000 | 1,177 |
27
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Los Angeles CA Unified School District GO | 5.000% | 7/1/23 | 2,000 | 2,404 |
Los Angeles CA Unified School District GO | 4.500% | 7/1/24 (4) | 1,500 | 1,500 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 500 | 538 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 1,000 | 1,253 |
Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 745 | 745 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 538 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 538 |
Los Angeles CA Unified School District GO | 3.000% | 7/1/31 | 1,500 | 1,508 |
Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/19 (Prere.) | 500 | 537 |
Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/36 | 1,755 | 2,096 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/19 | 560 | 604 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/31 | 1,970 | 2,405 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/36 | 1,935 | 2,313 |
Los Angeles County CA Public Works | ||||
Financing Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 575 |
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 | 605 |
2 Metropolitan Water District of Southern | ||||
California Revenue PUT | 1.290% | 3/27/18 | 1,585 | 1,585 |
Milpitas CA Redevelopment Agency | ||||
Successor Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 1,130 | 1,305 |
Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 421 |
Oakland CA Redevelopment Agency Tax | ||||
Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 578 |
Oakland CA Unified School District GO | 5.000% | 8/1/25 (4) | 1,500 | 1,856 |
Orange County CA Development Agency | ||||
Tax Allocation Revenue (Santa Ana | ||||
Heights Project) | 5.000% | 3/1/21 | 1,170 | 1,313 |
Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 1,000 | 900 |
Palomar Pomerado Health California GO | 0.000% | 8/1/26 (12) | 1,040 | 796 |
Palomar Pomerado Health California GO | 0.000% | 8/1/32 (12) | 700 | 401 |
Perris CA Public Financing Authority Tax | ||||
Allocation Revenue | 5.000% | 10/1/21 | 1,085 | 1,235 |
Poway CA Unified School District GO | 5.000% | 8/1/24 | 1,750 | 2,141 |
Poway CA Unified School District Public | ||||
Financing Authority Special Tax Revenue | 5.000% | 9/1/31 (4) | 1,415 | 1,658 |
Riverside County CA Transportation | ||||
Commission Sales Tax Revenue | 5.250% | 6/1/29 | 1,000 | 1,194 |
Riverside County CA Transportation | ||||
Commission Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,385 |
Roseville CA Natural Gas Financing | ||||
Authority Gas Revenue | 5.000% | 2/15/23 | 140 | 156 |
Roseville CA Natural Gas Financing | ||||
Authority Gas Revenue | 5.000% | 2/15/25 | 245 | 280 |
Sacramento CA City Financing Authority | ||||
Revenue | 5.000% | 12/1/22 (15) | 750 | 881 |
28
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Sacramento CA City Financing Authority Tax | ||||
Allocation Revenue | 0.000% | 12/1/30 (14) | 1,815 | 1,125 |
Sacramento CA Municipal Utility District | ||||
Revenue | 5.000% | 8/15/18 (Prere.) | 195 | 204 |
Sacramento CA Municipal Utility District | ||||
Revenue | 5.000% | 8/15/19 | 1,605 | 1,739 |
Sacramento CA Municipal Utility District | ||||
Revenue | 5.000% | 8/15/27 (4) | 305 | 319 |
Sacramento CA Regional Transportation | ||||
District Farebox Revenue | 5.000% | 9/1/20 (Prere.) | 185 | 207 |
Sacramento CA Regional Transportation | ||||
District Farebox Revenue | 5.000% | 3/1/23 | 315 | 349 |
Sacramento County CA Airport Revenue | 5.625% | 7/1/29 | 500 | 521 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/25 | 435 | 536 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 696 |
San Bernardino CA Community College | ||||
District GO | 0.000% | 8/1/22 (4) | 1,000 | 910 |
San Bernardino County CA Transportation | ||||
Authority Revenue | 5.000% | 3/1/31 | 500 | 570 |
San Diego CA Community College District GO | 5.000% | 8/1/21 (Prere.) | 500 | 575 |
San Diego CA Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,189 |
San Diego CA Public Facilities Financing | ||||
Authority Sewer Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 537 |
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 | 1,338 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.000% | 8/1/29 | 1,500 | 1,817 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.000% | 8/1/31 | 1,000 | 1,198 |
San Diego CA Unified School District GO | 0.000% | 7/1/27 | 500 | 380 |
San Diego CA Unified School District GO | 5.000% | 7/1/27 | 1,130 | 1,376 |
San Diego CA Unified School District GO | 5.500% | 7/1/27 (4) | 500 | 648 |
San Diego CA Unified School District GO | 0.000% | 7/1/28 | 500 | 362 |
San Diego CA Unified School District GO | 0.000% | 7/1/29 | 500 | 345 |
San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 66 |
San Diego County CA Regional Airport | ||||
Authority Revenue | 5.000% | 7/1/30 (4) | 500 | 548 |
San Diego County CA Regional Transportation | ||||
Commission Sales Tax Revenue | 5.000% | 4/1/31 | 560 | 637 |
San Diego County CA Water Authority | ||||
Revenue | 5.000% | 5/1/28 | 1,000 | 1,205 |
San Francisco CA Bay Area Rapid Transit | ||||
District GO | 5.000% | 8/1/30 | 1,520 | 1,828 |
San Francisco CA Bay Area Rapid Transit | ||||
District Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 388 |
San Francisco CA City & County (Earthquake | ||||
Safety & Emergency Response) GO | 5.000% | 6/15/20 (Prere.) | 500 | 557 |
3 San Francisco CA City & County COP | 5.000% | 4/1/28 | 1,635 | 1,959 |
3 San Francisco CA City & County COP | 4.000% | 4/1/33 | 1,000 | 1,057 |
29
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/3/21 (Prere.) | 95 | 109 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.250% | 5/1/22 | 500 | 538 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/27 | 225 | 261 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/30 | 405 | 452 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.500% | 11/1/20 (Prere.) | 500 | 572 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 4.000% | 11/1/30 | 1,280 | 1,413 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.000% | 11/1/31 | 1,690 | 2,035 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.000% | 11/1/32 | 1,000 | 1,178 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.000% | 11/1/34 | 1,245 | 1,422 |
San Francisco CA City & County Unified | ||||
School District GO | 4.000% | 6/15/32 | 965 | 1,024 |
San Joaquin County CA Transportation | ||||
Authority Revenue | 5.000% | 3/1/27 | 1,000 | 1,258 |
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 | 739 |
San Ramon CA Public Financing Authority | ||||
Tax Allocation Revenue | 0.000% | 2/1/33 (2) | 1,475 | 800 |
Santa Monica CA Community College | ||||
District GO | 4.000% | 8/1/21 | 1,500 | 1,667 |
Southern California Public Power Authority | ||||
Revenue (Canyon Power Project) | 5.000% | 7/1/22 | 1,105 | 1,266 |
Southern California Public Power Authority | ||||
Revenue (Milford Wind Corridor | ||||
Phase I Project) | 5.000% | 7/1/26 | 1,000 | 1,094 |
State Center California Community College | ||||
District GO | 5.000% | 8/1/29 | 1,000 | 1,194 |
Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 | 1,030 | 1,211 |
Turlock CA Public Financing Authority | ||||
Water Revenue | 4.750% | 5/1/18 (Prere.) | 2,000 | 2,065 |
Union CA Elementary School District GO | 0.000% | 9/1/28 (14) | 1,080 | 782 |
Union City CA Community Redevelopment | ||||
Agency Successor Agency Tax Allocation | ||||
Revenue | 5.000% | 10/1/30 | 1,590 | 1,862 |
University of California Revenue | 5.250% | 5/15/19 (Prere.) | 1,985 | 2,141 |
University of California Revenue | 5.000% | 5/15/23 | 1,000 | 1,139 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,209 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,187 |
University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,074 |
University of California Revenue PUT | 5.000% | 5/15/23 | 3,625 | 4,331 |
West Contra Costa CA Unified School | ||||
District GO | 0.000% | 8/1/32 (4) | 1,155 | 679 |
249,575 |
30
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Colorado (0.8%) | ||||
Adams & Weld County CO School District | ||||
No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,669 |
Adams County CO COP | 5.000% | 12/1/31 | 650 | 757 |
Board of Governors of the Colorado State | ||||
University System Enterprise Revenue | 5.000% | 3/1/23 | 300 | 355 |
Colorado (UCDHSC Fitzsimons Academic | ||||
Projects) COP | 5.000% | 11/1/21 | 500 | 574 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (Regis University) | 5.000% | 10/1/25 | 1,000 | 1,164 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (University of Denver) | 4.000% | 3/1/30 | 500 | 547 |
Colorado Health Facilities Authority Retirement | ||||
Facilities Revenue (Liberty Heights Project) | 0.000% | 7/15/24 (ETM) | 1,430 | 1,231 |
Colorado Health Facilities Authority Revenue | ||||
(Adventist Health System/Sunbelt | ||||
Obligated Group) PUT | 5.000% | 11/15/23 | 2,500 | 2,944 |
Colorado Health Facilities Authority | ||||
Revenue (Catholic Health Initiatives) | 5.250% | 2/1/31 | 2,500 | 2,639 |
Colorado Health Facilities Authority Revenue | ||||
(Covenant Retirement Community Inc.) | 5.000% | 12/1/27 | 500 | 547 |
Colorado Health Facilities Authority Revenue | ||||
(NCMC Inc.) | 4.000% | 5/15/30 | 1,500 | 1,627 |
Colorado Springs CO Utility System Revenue | 5.000% | 11/15/28 | 500 | 589 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/20 | 500 | 559 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/24 | 1,000 | 1,199 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/26 | 430 | 480 |
Denver CO City & County School District GO | 5.000% | 12/1/36 | 2,000 | 2,349 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 5.250% | 9/1/18 (14) | 1,500 | 1,563 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 0.000% | 9/1/23 (14) | 1,000 | 861 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 5.375% | 9/1/26 | 1,000 | 1,089 |
Garfield, Pitkin, & Eagle County CO School | ||||
District GO | 4.000% | 12/15/34 | 1,000 | 1,077 |
Regional Transportation District of | ||||
Colorado COP | 5.000% | 6/1/24 | 1,010 | 1,112 |
Regional Transportation District of | ||||
Colorado COP | 5.000% | 6/1/25 | 1,000 | 1,097 |
University of Colorado Enterprise | ||||
System Revenue | 5.000% | 6/1/29 | 500 | 577 |
University of Colorado Enterprise | ||||
System Revenue | 4.000% | 6/1/32 | 1,590 | 1,746 |
28,352 | ||||
Connecticut (0.3%) | ||||
Connecticut GO | 5.000% | 4/15/21 | 500 | 557 |
Connecticut GO | 5.000% | 11/15/22 | 1,935 | 2,218 |
Connecticut GO | 5.000% | 4/15/24 | 500 | 567 |
Connecticut GO | 5.000% | 9/1/26 | 1,000 | 1,144 |
Connecticut GO | 5.000% | 4/15/28 | 500 | 564 |
Connecticut GO | 5.000% | 3/1/32 | 2,950 | 3,242 |
Connecticut GO | 5.000% | 10/15/32 | 705 | 791 |
31
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Hartford Healthcare) | 5.000% | 7/1/26 | 500 | 556 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 9/1/23 | 1,000 | 1,169 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 11/1/25 | 500 | 525 |
University of Connecticut GO | 5.000% | 2/15/27 | 635 | 742 |
12,075 | ||||
Delaware (0.1%) | ||||
Delaware GO | 5.000% | 2/1/19 | 600 | 638 |
Delaware GO | 5.000% | 7/1/20 | 600 | 668 |
Delaware GO | 5.000% | 10/1/20 | 700 | 785 |
Delaware GO | 5.000% | 7/1/22 | 1,250 | 1,469 |
3,560 | ||||
District of Columbia (0.2%) | ||||
District of Columbia GO | 5.000% | 12/1/17 (Prere.) | 500 | 509 |
District of Columbia GO | 5.000% | 6/1/35 | 1,290 | 1,533 |
District of Columbia Hospital Revenue | ||||
(Children’s Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,145 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 755 |
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 | 551 |
District of Columbia Revenue (National | ||||
Public Radio, Inc.) | 5.000% | 4/1/27 | 1,000 | 1,190 |
Metropolitan Washington DC/VA Airports | ||||
Authority Airport System Revenue | 5.000% | 10/1/24 | 500 | 558 |
Metropolitan Washington DC/VA Airports | ||||
Authority Dulles Toll Road Revenue (Dulles | ||||
Metrorail & Capital Improvement Projects) | 0.000% | 10/1/37 | 1,300 | 508 |
7,297 | ||||
Florida (2.0%) | ||||
Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,164 |
Broward County FL Airport System Revenue | 5.000% | 10/1/28 | 400 | 455 |
Broward County FL Airport System Revenue | 5.375% | 10/1/29 | 500 | 544 |
Broward County FL Airport System Revenue | 5.500% | 10/1/31 | 1,000 | 1,175 |
Central Florida Expressway Authority Revenue | 4.000% | 7/1/32 | 1,000 | 1,064 |
Citizens Property Insurance Corp. Florida | ||||
Revenue (Coastal Account) | 5.000% | 6/1/20 | 1,000 | 1,091 |
Citizens Property Insurance Corp. Florida | ||||
Revenue (Personal Lines Account/ | �� | |||
Commercial Lines Account) | 5.000% | 6/1/20 | 450 | 496 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/18 | 1,540 | 1,602 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 1,585 | 1,703 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 220 | 237 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/20 | 1,110 | 1,232 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,270 | 1,450 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 750 | 857 |
32
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,000 | 1,142 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 500 | 542 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 1,245 | 1,459 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/24 | 600 | 716 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 4.000% | 6/1/32 | 1,675 | 1,819 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 545 | 588 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 1,790 | 1,929 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/18 | 1,400 | 1,457 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/19 | 500 | 539 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/25 | 1,500 | 1,841 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,050 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,385 | 1,472 |
Hillsborough County FL Industrial | ||||
Development Authority Hospital Revenue | ||||
(Tampa General Hospital Project) | 5.000% | 10/1/28 | 500 | 572 |
Jacksonville FL Electric Authority Water | ||||
& Sewer Revenue | 5.000% | 10/1/31 | 500 | 563 |
Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 574 |
Lakeland FL Educational Facilities Revenue | ||||
(Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 970 |
Lakeland FL Hospital Revenue (Lakeland | ||||
Regional Health Systems) | 5.000% | 11/15/26 | 1,260 | 1,521 |
Miami Beach FL Health Facilities Authority | ||||
Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,143 |
Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,000 | 1,153 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 4.875% | 10/1/24 | 500 | 548 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/30 | 585 | 644 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/33 | 1,415 | 1,635 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/34 | 1,000 | 1,150 |
Miami-Dade County FL Building Better | ||||
Communities GO | 5.000% | 7/1/36 | 1,160 | 1,353 |
Miami-Dade County FL Health Facilities | ||||
Authority Hospital Revenue (Miami | ||||
Children’s Hospital) | 5.000% | 8/1/25 | 1,000 | 1,156 |
Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,500 | 1,783 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/22 | 1,440 | 1,669 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/24 | 1,000 | 1,161 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/30 | 500 | 565 |
Miami-Dade County FL Transit Sales Surtax | ||||
Revenue | 4.000% | 7/1/31 | 1,400 | 1,498 |
Miami-Dade County FL Water & Sewer | ||||
Revenue | 5.000% | 10/1/17 (Prere.) | 500 | 505 |
33
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Orange County FL Health Facilities Authority | ||||
Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,500 | 1,751 |
Orange County FL Health Facilities Authority | ||||
Revenue (Nemours Foundation Project) | 5.000% | 1/1/19 | 500 | 528 |
Orlando & Orange County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/20 (Prere.) | 500 | 556 |
Osceola County FL Expressway System | ||||
Revenue (Poinciana Parkway Project) | 0.000% | 10/1/19 | 815 | 768 |
Osceola County FL Expressway System | ||||
Revenue (Poinciana Parkway Project) | 0.000% | 10/1/20 | 1,270 | 1,152 |
Palm Beach County FL Health Facilities | ||||
Authority Hospital Revenue (BRRH Corp. | ||||
Obligated Group) | 5.000% | 12/1/25 | 540 | 624 |
Palm Beach County FL Public Improvement | ||||
Revenue | 5.000% | 5/1/33 | 1,245 | 1,468 |
Palm Beach County FL School Board COP | 5.000% | 8/1/29 | 1,520 | 1,784 |
Palm Beach County FL School Board COP | 5.000% | 8/1/32 | 1,500 | 1,735 |
Seacoast FL Utility Authority Water & Sewer | ||||
Revenue | 5.000% | 3/1/21 | 1,230 | 1,394 |
St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 952 |
Sunshine State Governmental Financing | ||||
Commission Florida Revenue (Miami Dade | ||||
County Program) | 5.000% | 9/1/26 | 1,000 | 1,172 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/18 | 350 | 365 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/19 | 425 | 457 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/20 | 535 | 591 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 229 |
Tampa FL Health System Revenue (BayCare | ||||
Health System) | 5.000% | 11/15/33 | 1,535 | 1,713 |
Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 854 |
Tohopekaliga FL Water Authority Utility | ||||
System Revenue | 4.000% | 10/1/21 | 1,245 | 1,379 |
Tohopekaliga FL Water Authority Utility | ||||
System Revenue | 5.750% | 10/1/21 (Prere.) | 500 | 591 |
Tohopekaliga FL Water Authority Utility | ||||
System Revenue | 4.000% | 10/1/32 | 1,000 | 1,087 |
68,937 | ||||
Georgia (1.1%) | ||||
Athens-Clarke County GA Unified | ||||
Government Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,076 |
Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,295 |
Atlanta GA Development Authority Revenue | 5.000% | 7/1/29 | 1,000 | 1,168 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/21 | 1,500 | 1,728 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,250 | 1,535 |
Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 (4) | 500 | 660 |
Cobb County GA Kennestone Hospital | ||||
Authority Revenue | 5.000% | 4/1/24 | 400 | 468 |
DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 574 |
Georgia GO | 5.750% | 8/1/17 | 500 | 502 |
Georgia GO | 5.000% | 5/1/19 (Prere.) | 500 | 536 |
34
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Georgia GO | 5.000% | 7/1/19 | 2,065 | 2,225 |
Georgia GO | 5.000% | 1/1/20 | 1,685 | 1,846 |
Georgia GO | 5.000% | 2/1/20 | 1,375 | 1,510 |
Georgia GO | 5.000% | 2/1/21 | 1,155 | 1,308 |
Georgia GO | 5.000% | 1/1/22 | 2,110 | 2,449 |
Georgia GO | 5.000% | 7/1/22 | 500 | 539 |
Georgia GO | 5.000% | 7/1/22 | 1,220 | 1,433 |
Georgia GO | 5.000% | 12/1/22 | 1,235 | 1,465 |
Georgia GO | 5.000% | 1/1/23 | 2,450 | 2,908 |
Georgia GO | 5.000% | 7/1/24 | 1,500 | 1,836 |
Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 604 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.250% | 9/15/18 | 100 | 104 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/19 | 395 | 415 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/21 | 500 | 544 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/22 | 400 | 442 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 | 1,335 | 1,598 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/35 | 1,095 | 1,287 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/19 | 1,000 | 1,052 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/26 | 1,000 | 1,175 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,500 | 1,674 |
Municipal Electric Authority Georgia Revenue | ||||
(Combined Cycle Project) | 5.000% | 11/1/17 | 365 | 370 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 10/1/22 | 630 | 745 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 9/1/28 | 500 | 541 |
38,612 | ||||
Guam (0.1%) | ||||
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/23 | 1,000 | 1,148 |
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/33 | 1,305 | 1,443 |
Guam International Airport Authority Revenue | 5.000% | 10/1/21 | 350 | 385 |
2,976 | ||||
Hawaii (0.8%) | ||||
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/19 | 250 | 268 |
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 | 454 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 285 | 306 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 215 | 231 |
Hawaii GO | 5.000% | 10/1/21 | 2,500 | 2,878 |
Hawaii GO | 5.000% | 12/1/21 | 375 | 433 |
35
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Hawaii GO | 5.000% | 12/1/21 (Prere.) | 310 | 359 |
Hawaii GO | 5.000% | 12/1/21 (Prere.) | 190 | 220 |
Hawaii GO | 5.000% | 8/1/24 | 1,765 | 2,142 |
Hawaii GO | 5.000% | 8/1/25 | 1,500 | 1,815 |
Hawaii GO | 5.000% | 10/1/25 | 1,445 | 1,783 |
Hawaii GO | 5.000% | 10/1/28 | 1,210 | 1,482 |
Hawaii GO | 4.000% | 4/1/30 | 1,500 | 1,648 |
Hawaii GO | 4.000% | 10/1/30 | 1,250 | 1,378 |
Hawaii GO | 4.000% | 4/1/31 | 1,000 | 1,090 |
Hawaii Pacific Health Revenue | 5.000% | 7/1/19 | 575 | 615 |
Honolulu HI City & County GO | 5.000% | 7/1/17 (Prere.) | 500 | 500 |
Honolulu HI City & County GO | 5.000% | 10/1/20 | 2,050 | 2,297 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 1,245 | 1,443 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 500 | 580 |
Honolulu HI City & County GO | 5.000% | 10/1/28 | 1,000 | 1,211 |
Honolulu HI City & County GO | 5.000% | 12/1/30 | 310 | 346 |
Honolulu HI City & County Wastewater | ||||
System Revenue | 5.000% | 7/1/30 | 2,000 | 2,373 |
University of Hawaii Revenue | 5.000% | 10/1/27 | 500 | 540 |
26,724 | ||||
Idaho (0.0%) | ||||
Idaho Health Facilities Authority Revenue | ||||
(Trinity Health Group) | 6.125% | 12/1/18 (Prere.) | 105 | 112 |
Illinois (2.5%) | ||||
Chicago IL Board of Education GO | 5.250% | 12/1/17 (14) | 775 | 782 |
Chicago IL Board of Education GO | 5.000% | 12/1/18 (2) | 295 | 301 |
Chicago IL Board of Education GO | 5.000% | 12/1/19 (14) | 560 | 583 |
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 | 1,329 |
Chicago IL Board of Education GO | 5.000% | 12/1/24 (4) | 100 | 101 |
Chicago IL Board of Education GO | 5.250% | 12/1/24 (4) | 500 | 523 |
Chicago IL Board of Education GO | 5.250% | 12/1/26 (12) | 500 | 522 |
Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 492 |
Chicago IL Board of Education GO | 4.750% | 12/1/29 (4) | 105 | 105 |
Chicago IL Board of Education GO | 4.750% | 12/1/31 (4) | 50 | 50 |
Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,000 | 810 |
Chicago IL Metropolitan Water Reclamation | ||||
District GO | 5.000% | 12/1/31 | 500 | 557 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/18 | 200 | 201 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/19 | 250 | 254 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/20 | 300 | 306 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 | 300 | 307 |
Chicago IL O’Hare International Airport | ||||
Revenue | 4.750% | 1/1/18 (Prere.) | 50 | 51 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/18 (Prere.) | 500 | 510 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/18 (Prere.) | 2,525 | 2,577 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.250% | 1/1/24 | 200 | 232 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/25 | 1,000 | 1,205 |
36
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.500% | 1/1/26 | 1,000 | 1,166 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/27 | 500 | 609 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/29 | 1,000 | 1,164 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.250% | 1/1/29 | 1,500 | 1,816 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/30 | 700 | 825 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/31 | 1,000 | 1,152 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/32 | 500 | 547 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/32 | 750 | 873 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/32 | 1,000 | 1,152 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/33 | 1,000 | 1,144 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/35 | 1,855 | 2,123 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 1,115 | 1,168 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 750 | 786 |
Chicago IL Park District GO | 5.000% | 1/1/32 | 1,225 | 1,364 |
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/28 | 1,000 | 1,156 |
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 | 1,350 | 1,475 |
Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,107 |
Cook County IL GO | 5.000% | 11/15/21 | 500 | 533 |
Cook County IL GO | 5.000% | 11/15/28 | 500 | 525 |
Cook County IL GO | 5.250% | 11/15/28 | 500 | 537 |
Illinois Finance Authority Revenue (Advocate | ||||
Health Care Network) | 5.000% | 8/1/26 | 1,500 | 1,768 |
Illinois Finance Authority Revenue (Advocate | ||||
Health Care Network) | 5.000% | 8/1/33 | 2,550 | 2,882 |
Illinois Finance Authority Revenue (Ascension | ||||
Health Credit Group) | 5.000% | 11/15/32 | 500 | 553 |
Illinois Finance Authority Revenue (Centegra | ||||
Health System) | 5.000% | 9/1/29 | 1,300 | 1,426 |
Illinois Finance Authority Revenue (DePaul | ||||
University) | 5.000% | 10/1/33 | 1,000 | 1,152 |
Illinois Finance Authority Revenue (DePaul | ||||
University) | 5.000% | 10/1/34 | 1,000 | 1,147 |
Illinois Finance Authority Revenue (Edward | ||||
Elmhurst Obligated Group) | 5.000% | 1/1/36 | 1,000 | 1,102 |
Illinois Finance Authority Revenue (Franciscan | ||||
Communities Inc.) | 5.000% | 5/15/37 | 1,000 | 1,062 |
Illinois Finance Authority Revenue (Mercy | ||||
Health System) | 4.000% | 12/1/28 | 1,000 | 1,057 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.750% | 8/15/30 | 95 | 104 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.000% | 7/1/35 | 1,000 | 1,120 |
37
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Illinois Finance Authority Revenue (Presence | ||||
Health Network Obligated Group) | 5.000% | 2/15/28 | 1,250 | 1,409 |
Illinois Finance Authority Revenue | ||||
(Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 | 2,000 | 2,295 |
Illinois Finance Authority Revenue | ||||
(Rush University Medical Center) | 5.000% | 11/15/33 | 1,000 | 1,112 |
Illinois Finance Authority Revenue | ||||
(Trinity Health Corp.) | 5.000% | 12/1/30 | 500 | 555 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/29 | 500 | 564 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,135 |
Illinois GO | 5.000% | 1/1/18 | 500 | 507 |
Illinois GO | 5.000% | 11/1/19 | 1,000 | 1,038 |
Illinois GO | 5.000% | 1/1/20 (4) | 200 | 212 |
Illinois GO | 5.000% | 8/1/20 | 305 | 316 |
Illinois GO | 5.000% | 1/1/21 (4) | 710 | 749 |
Illinois GO | 5.000% | 5/1/21 | 250 | 260 |
Illinois GO | 5.000% | 8/1/21 | 500 | 521 |
Illinois GO | 5.000% | 11/1/22 | 1,000 | 1,044 |
Illinois GO | 5.000% | 11/1/23 | 1,000 | 1,043 |
Illinois GO | 5.500% | 7/1/24 | 1,000 | 1,069 |
Illinois GO | 5.000% | 8/1/24 | 1,500 | 1,550 |
Illinois GO | 5.000% | 1/1/25 | 1,570 | 1,639 |
Illinois GO | 5.000% | 3/1/26 (4) | 1,125 | 1,198 |
Illinois GO | 5.250% | 2/1/30 | 1,900 | 1,964 |
Illinois GO | 5.000% | 11/1/30 | 1,000 | 1,023 |
Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,028 |
Illinois GO | 5.000% | 9/1/31 | 3,000 | 3,009 |
Illinois Regional Transportation Authority | ||||
Revenue | 6.250% | 7/1/23 (4) | 500 | 617 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 | 500 | 544 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,134 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 563 |
Kane McHenry Cook & DeKalb County IL | ||||
Unit School District GO | 5.000% | 1/1/18 | 1,000 | 1,020 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/19 (14) | 1,120 | 1,061 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/21 (14) | 1,100 | 970 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 (4) | 500 | 353 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 (4) | 780 | 521 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 (14) | 2,000 | 1,155 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/31 (14) | 290 | 150 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/33 (14) | 1,100 | 523 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/31 (14) | 1,500 | 796 |
38
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/32 (14) | 1,100 | 553 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.250% | 6/1/20 | 1,215 | 1,345 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.500% | 6/1/23 | 1,060 | 1,205 |
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 | 1,135 |
Southwestern Illinois Development Authority | ||||
Health Facilities Revenue (Hospital Sisters | ||||
Services Inc.) | 5.000% | 2/15/28 | 1,000 | 1,196 |
Will County IL Community High School | ||||
District No. 210 (Lincoln-Way) GO | 0.000% | 1/1/29 | 1,000 | 532 |
Will County IL Community High School | ||||
District No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 1,000 | 928 |
88,926 | ||||
Indiana (0.7%) | ||||
Ball State University Student Fee Indiana | ||||
Revenue | 5.000% | 7/1/32 | 350 | 414 |
Ball State University Student Fee Indiana | ||||
Revenue | 5.000% | 7/1/34 | 1,050 | 1,230 |
Ball State University Student Fee Indiana | ||||
Revenue | 5.000% | 7/1/35 | 1,450 | 1,691 |
Carmel IN Local Public Improvement Bond | ||||
Bank Revenue | 5.000% | 7/15/31 | 1,000 | 1,187 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/19 | 1,275 | 1,390 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/22 | 1,100 | 1,294 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,595 |
Indiana Finance Authority Revenue | 5.000% | 2/1/21 | 2,000 | 2,265 |
Indiana Finance Authority Revenue | ||||
(Community Foundation of Northwest | ||||
Indiana Obligated Group) | 5.000% | 3/1/25 | 690 | 776 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,867 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/25 | 650 | 744 |
Indiana Finance Authority Revenue | ||||
(Stadium Project) | 5.250% | 2/1/30 | 1,000 | 1,194 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/18 | 500 | 512 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/32 | 500 | 577 |
Indiana Finance Authority Wastewater | ||||
Utility Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 565 |
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,639 |
Indiana Office Building Commission Facilities | ||||
Revenue (New Castle Correctional Facility) | 5.250% | 7/1/19 (14) | 500 | 539 |
Indiana University Student Fee Revenue | 5.000% | 8/1/18 (Prere.) | 100 | 104 |
39
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Indiana University Student Fee Revenue | 5.000% | 6/1/19 | 445 | 478 |
Indianapolis IN Local Public Improvement Bond | ||||
Bank Revenue (PILOT Infrastructure Project) | 5.000% | 1/1/35 (4) | 1,500 | 1,619 |
Indianapolis IN Local Public Improvement Bond | ||||
Bank Revenue (Waterworks Project) | 5.500% | 1/1/38 (12) | 1,900 | 2,011 |
Purdue University Indiana University Student | ||||
Facilities System Revenue | 5.000% | 7/1/21 | 845 | 968 |
Richmond IN Hospital Authority Revenue | ||||
(Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 700 | 812 |
25,471 | ||||
Iowa (0.2%) | ||||
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.000% | 12/1/19 | 375 | 385 |
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.500% | 12/1/22 | 1,750 | 1,786 |
4 Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.875% | 12/1/27 | 320 | 331 |
Iowa Special Obligation Revenue | ||||
(Ijobs Program) | 5.000% | 6/1/19 (Prere.) | 220 | 236 |
Polk County IA GO | 4.000% | 6/1/25 | 2,115 | 2,343 |
5,081 | ||||
Kansas (0.4%) | ||||
Butler County KS Unified School District | ||||
No. 385 Andover GO | 4.000% | 9/1/29 | 1,000 | 1,112 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/18 (Prere.) | 500 | 523 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/20 | 1,000 | 1,119 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/25 | 500 | 607 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/26 | 700 | 845 |
Kansas Development Finance Authority | ||||
Hospital Revenue (Adventist Health System/ | ||||
Sunbelt Obligated Group) | 5.000% | 11/15/17 (Prere.) | 100 | 102 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/20 | 1,395 | 1,537 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/25 | 1,335 | 1,587 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/27 | 1,585 | 1,876 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 4/1/32 | 1,325 | 1,486 |
Leavenworth County KS Unified School | ||||
District GO | 4.500% | 9/1/19 (12) | 500 | 536 |
Wichita KS Hospital Facilities Revenue | ||||
(Via Christi Health System Inc.) | 5.000% | 11/15/21 (Prere.) | 500 | 578 |
Wyandotte County/Kansas City KS Unified | ||||
Government Utility System Revenue | 5.000% | 9/1/23 | 500 | 579 |
12,487 |
40
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Kentucky (0.4%) | ||||
Kentucky Economic Development Finance | ||||
Authority Health System Revenue (Norton | ||||
Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 (14) | 1,140 | 892 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue (Baptist | ||||
Healthcare System Obligated Group) | 5.625% | 8/15/27 | 1,200 | 1,251 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue (Baptist | ||||
Healthcare System Obligated Group) | 5.000% | 8/15/31 | 1,430 | 1,597 |
Kentucky Economic Development Finance | ||||
Authority Medical Center Revenue | ||||
(King’s Daughters Medical Center Project) | 5.000% | 2/1/30 | 605 | 631 |
Kentucky Municipal Power Agency Power | ||||
System Revenue | 5.000% | 9/1/29 (14) | 1,000 | 1,143 |
Kentucky Property & Building Commission | ||||
Revenue | 5.000% | 11/1/18 (Prere.) | 500 | 527 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/18 (Prere.) | 440 | 466 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/23 | 60 | 63 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown Crossing | ||||
Project) BAN | 0.000% | 7/1/21 | 1,325 | 1,188 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown Crossing | ||||
Project) BAN | 0.000% | 7/1/22 | 810 | 698 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 4.000% | 7/1/17 | 500 | 500 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 5.000% | 7/1/18 | 2,255 | 2,344 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 5.000% | 7/1/19 (Prere.) | 305 | 329 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 5.000% | 7/1/28 | 1,000 | 1,158 |
12,787 | ||||
Louisiana (0.2%) | ||||
Bossier City LA Utilities Revenue | 5.000% | 10/1/22 | 500 | 585 |
Bossier City LA Utilities Revenue | 5.000% | 10/1/23 | 500 | 596 |
Jefferson Parish LA Environmental Facilities & | ||||
Community Development Authority Revenue | 5.000% | 4/1/18 | 405 | 417 |
2 Louisiana Gasoline & Fuel Tax Revenue PUT | 1.285% | 5/1/18 | 1,000 | 998 |
Louisiana State University Revenue | 5.000% | 7/1/23 | 400 | 465 |
New Orleans LA GO | 5.125% | 12/1/17 (Prere.) | 1,645 | 1,675 |
New Orleans LA GO | 5.000% | 12/1/31 | 500 | 562 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/24 | 900 | 1,059 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/27 | 500 | 589 |
St. Charles Parish LA Gulf Opportunity Zone | ||||
Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 1,300 | 1,373 |
8,319 |
41
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Maine (0.0%) | ||||
Portland ME Airport Revenue | 5.000% | 1/1/20 (4) | 500 | 540 |
Maryland (2.3%) | ||||
Anne Arundel County MD GO | 5.000% | 10/1/19 | 1,455 | 1,581 |
Anne Arundel County MD GO | 5.000% | 10/1/20 | 1,455 | 1,631 |
Anne Arundel County MD GO | 5.000% | 4/1/23 | 1,190 | 1,419 |
Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,786 |
Baltimore County MD GO | 5.000% | 2/1/21 | 1,500 | 1,699 |
Baltimore County MD GO | 5.000% | 8/1/21 | 1,435 | 1,648 |
Baltimore County MD GO | 4.000% | 3/1/30 | 1,200 | 1,355 |
Baltimore MD Consolidated Public | ||||
Improvement GO | 5.000% | 10/15/28 | 650 | 764 |
Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,000 | 2,411 |
Howard County MD GO | 5.000% | 8/15/21 (Prere.) | 80 | 92 |
Howard County MD GO | 5.000% | 2/15/22 | 750 | 849 |
Howard County MD GO | 5.000% | 8/15/24 | 120 | 137 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/18 | 500 | 513 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/19 | 1,955 | 2,079 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/19 | 3,055 | 3,328 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/20 | 1,090 | 1,198 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 5/1/20 | 2,240 | 2,479 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/22 | 2,515 | 2,975 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/23 | 1,900 | 2,294 |
Maryland Department of Transportation | ||||
Revenue | 4.000% | 12/15/29 | 1,365 | 1,507 |
Maryland GO | 5.000% | 7/15/17 | 610 | 611 |
Maryland GO | 5.000% | 8/1/17 | 500 | 502 |
Maryland GO | 5.250% | 8/15/17 | 500 | 503 |
Maryland GO | 5.250% | 3/1/18 | 200 | 206 |
Maryland GO | 5.000% | 3/1/19 | 1,200 | 1,278 |
Maryland GO | 5.000% | 3/15/19 (Prere.) | 500 | 534 |
Maryland GO | 5.000% | 8/1/20 (Prere.) | 870 | 971 |
Maryland GO | 5.250% | 8/1/20 | 1,000 | 1,123 |
Maryland GO | 5.000% | 6/1/21 | 2,415 | 2,761 |
Maryland GO | 4.000% | 8/1/21 | 1,000 | 1,108 |
Maryland GO | 5.000% | 8/1/21 | 1,000 | 1,149 |
Maryland GO | 5.000% | 8/1/22 | 1,510 | 1,778 |
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,766 |
Maryland GO | 5.000% | 8/1/22 | 4,000 | 4,709 |
Maryland GO | 4.000% | 8/1/23 | 2,390 | 2,731 |
Maryland GO | 5.000% | 8/1/23 | 1,500 | 1,803 |
Maryland GO | 4.000% | 8/1/26 | 1,970 | 2,223 |
Maryland GO | 4.000% | 6/1/29 | 2,000 | 2,228 |
Maryland GO | 4.000% | 6/1/30 | 2,000 | 2,213 |
42
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Adventist | ||||
Healthcare Obligated Group) | 5.500% | 1/1/31 | 1,850 | 2,157 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Anne | ||||
Arundel Health System) | 5.000% | 7/1/27 | 500 | 570 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Johns Hopkins | ||||
Health System Obligated Group) | 5.000% | 7/1/24 | 500 | 580 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Maryland | ||||
Institute College of Art) | 5.000% | 6/1/20 | 500 | 540 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Meritus | ||||
Medical Center, Inc.) | 5.000% | 7/1/33 | 1,215 | 1,353 |
Maryland Transportation Authority Facilities | ||||
Projects Revenue | 5.000% | 7/1/22 | 500 | 538 |
Maryland Transportation Authority GAN | 5.250% | 3/1/18 | 700 | 720 |
Maryland Transportation Authority GAN | 5.250% | 3/1/20 | 500 | 534 |
Maryland Water Quality Financing | ||||
Administration Bay Restoration Revolving | ||||
Loan Fund Revenue | 5.000% | 3/1/24 | 1,620 | 1,963 |
Montgomery County MD GO | 5.000% | 7/1/17 | 500 | 500 |
Montgomery County MD GO | 5.000% | 11/1/17 | 500 | 507 |
Montgomery County MD GO | 5.000% | 11/1/22 | 1,500 | 1,774 |
Montgomery County MD GO | 5.000% | 11/1/22 | 1,000 | 1,183 |
Montgomery County MD GO | 5.000% | 11/1/23 | 2,800 | 3,378 |
Montgomery County MD GO | 4.000% | 12/1/30 | 1,555 | 1,721 |
Prince Georges County MD GO | 5.000% | 9/15/23 | 580 | 666 |
80,626 | ||||
Massachusetts (1.9%) | ||||
Boston MA GO | 5.000% | 4/1/20 | 780 | 861 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 500 | 520 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 2,500 | 2,601 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/22 | 480 | 568 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.500% | 7/1/26 (14) | 400 | 513 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/28 | 500 | 636 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/31 | 915 | 1,141 |
Massachusetts College Building Authority | ||||
Revenue | 5.250% | 5/1/19 (Prere.) | 445 | 479 |
Massachusetts Department of Transportation | ||||
Metropolitan Highway System Revenue | 5.000% | 1/1/23 | 500 | 545 |
Massachusetts Development Finance Agency | ||||
Revenue (Boston College) | 5.000% | 7/1/37 | 1,750 | 2,067 |
4 Massachusetts Development Finance Agency | ||||
Revenue (Boston University) TOB VRDO | 1.020% | 7/7/17 LOC | 5,200 | 5,200 |
Massachusetts Development Finance Agency | ||||
Revenue (Emerson College) | 5.500% | 1/1/30 | 450 | 481 |
43
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts Development Finance Agency | ||||
Revenue (Harvard University) | 5.000% | 1/1/20 | 355 | 389 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/25 | 750 | 836 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/26 | 500 | 556 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/27 | 600 | 669 |
Massachusetts Development Finance Agency | ||||
Revenue (Milford Regional Medical Center) | 5.000% | 7/15/17 | 300 | 300 |
Massachusetts Development Finance Agency | ||||
Revenue (Milford Regional Medical Center) | 5.000% | 7/15/18 | 200 | 208 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.000% | 7/1/25 | 1,275 | 1,499 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.125% | 7/1/26 | 720 | 800 |
Massachusetts Educational Financing Authority | ||||
Education Loan Revenue | 5.500% | 1/1/22 | 300 | 325 |
Massachusetts GO | 5.250% | 8/1/17 (Prere.) | 800 | 803 |
Massachusetts GO | 5.500% | 10/1/18 | 500 | 528 |
Massachusetts GO | 5.000% | 3/1/19 (Prere.) | 500 | 533 |
Massachusetts GO | 5.000% | 7/1/19 (Prere.) | 500 | 539 |
Massachusetts GO | 5.000% | 8/1/20 | 500 | 557 |
Massachusetts GO | 5.250% | 8/1/20 | 300 | 336 |
Massachusetts GO | 5.500% | 10/1/20 | 500 | 568 |
Massachusetts GO | 5.500% | 10/1/20 (14) | 500 | 568 |
Massachusetts GO | 5.000% | 4/1/21 (Prere.) | 500 | 569 |
Massachusetts GO | 5.000% | 8/1/22 | 1,000 | 1,172 |
Massachusetts GO | 5.250% | 8/1/23 | 500 | 605 |
Massachusetts GO | 5.000% | 12/1/23 | 1,520 | 1,828 |
Massachusetts GO | 5.000% | 12/1/24 | 2,000 | 2,440 |
Massachusetts GO | 1.334% | 11/1/25 | 1,380 | 1,369 |
Massachusetts GO | 5.000% | 7/1/26 | 1,375 | 1,706 |
Massachusetts GO | 5.000% | 7/1/28 | 1,000 | 1,263 |
Massachusetts GO | 4.000% | 11/1/30 | 1,980 | 2,121 |
2 Massachusetts GO PUT | 1.210% | 8/1/17 | 1,000 | 1,000 |
4 Massachusetts GO TOB VRDO | 1.000% | 7/5/17 LOC | 2,600 | 2,600 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Harvard University) | 5.000% | 12/15/19 (Prere.) | 500 | 548 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Museum of Fine Arts) | ||||
VRDO | 0.970% | 7/5/17 | 10,200 | 10,200 |
Massachusetts Port Authority Revenue | 5.000% | 7/1/17 | 415 | 415 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 (ETM) | 390 | 418 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 | 110 | 118 |
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 | 1,027 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/23 | 495 | 580 |
44
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/31 | 1,500 | 1,768 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 4.000% | 8/15/32 | 600 | 644 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/34 | 1,000 | 1,164 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/35 | 2,000 | 2,316 |
Massachusetts Special Obligation Dedicated | ||||
Tax Revenue | 5.500% | 1/1/26 (14) | 500 | 628 |
Massachusetts Transportation Fund Revenue | ||||
(Accelerated Bridge Program) | 5.000% | 6/1/18 | 1,400 | 1,452 |
Massachusetts Turnpike Authority Revenue | ||||
(Metropolitan Highway System) | 0.000% | 1/1/29 (14) | 300 | 222 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.000% | 8/1/19 | 240 | 259 |
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 | 579 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/30 | 625 | 798 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/25 | 895 | 994 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/35 | 1,000 | 1,181 |
68,087 | ||||
Michigan (1.6%) | ||||
Battle Creek MI School District GO | 5.000% | 5/1/25 | 500 | 605 |
Birmingham MI City School District GO | 5.000% | 5/1/22 | 740 | 862 |
Chippewa Valley MI Schools GO | 5.000% | 5/1/33 | 1,000 | 1,147 |
Dearborn MI School District GO | 5.000% | 5/1/34 | 1,200 | 1,357 |
Detroit MI City School District GO | 5.250% | 5/1/28 (4) | 500 | 605 |
Detroit MI Sewage Disposal System Revenue | 7.000% | 7/1/27 (4) | 1,000 | 1,107 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/22 | 370 | 422 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/23 | 1,025 | 1,162 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/32 | 1,000 | 1,101 |
Great Lakes MI Water Authority Sewer | ||||
Disposal System Revenue | 5.000% | 7/1/31 | 1,645 | 1,867 |
Great Lakes MI Water Authority Sewer | ||||
Disposal System Revenue | 5.000% | 7/1/36 | 1,000 | 1,114 |
Great Lakes MI Water Authority Water Supply | ||||
System Revenue | 5.000% | 7/1/28 | 1,000 | 1,180 |
Great Lakes MI Water Authority Water Supply | ||||
System Revenue | 4.000% | 7/1/33 (4) | 1,000 | 1,035 |
Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 (4) | 1,000 | 1,201 |
Marysville MI Public Schools District GO | 5.000% | 5/1/28 | 1,605 | 1,912 |
Michigan Building Authority Revenue | 5.000% | 10/15/20 (4) | 500 | 542 |
Michigan Building Authority Revenue | 5.000% | 4/15/24 | 1,500 | 1,793 |
Michigan Building Authority Revenue | 5.000% | 4/15/33 | 1,000 | 1,146 |
45
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Michigan Finance Authority Hospital Revenue | ||||
Bonds (Trinity Health Credit Group) | 5.000% | 12/1/35 | 920 | 1,040 |
Michigan Finance Authority Revenue | 5.000% | 4/1/18 | 1,000 | 1,026 |
Michigan Finance Authority Revenue | 5.000% | 10/1/22 | 500 | 563 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/22 (4) | 1,000 | 1,146 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/23 (4) | 1,000 | 1,165 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/28 | 750 | 851 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/29 | 1,500 | 1,701 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/33 | 1,000 | 1,117 |
Michigan Finance Authority Revenue | ||||
(Henry Ford Health System Obligated Group) | 5.000% | 11/15/26 | 1,000 | 1,212 |
Michigan Finance Authority Revenue | ||||
(Sparrow Obligated Group) | 5.000% | 11/15/27 | 500 | 568 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/22 | 2,100 | 2,476 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/27 | 1,000 | 1,174 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/31 | 500 | 579 |
Michigan Finance Authority Revenue | ||||
(Trinity Health Credit Group) | 5.000% | 12/1/28 | 2,000 | 2,386 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/18 | 500 | 510 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 7/1/19 | 1,145 | 1,234 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/22 | 2,000 | 2,042 |
Michigan GAN | 5.000% | 3/15/27 | 1,000 | 1,238 |
Michigan GO | 5.000% | 5/1/18 | 500 | 517 |
Michigan GO | 5.500% | 5/1/19 (Prere.) | 595 | 643 |
Michigan State University Revenue | 5.000% | 8/15/20 | 1,040 | 1,160 |
Michigan Trunk Line Revenue | 5.000% | 11/1/21 | 500 | 543 |
Oakland University MI Revenue | 5.000% | 3/1/30 | 1,155 | 1,343 |
Portage MI Public Schools GO | 5.000% | 11/1/34 | 1,250 | 1,430 |
Rochester MI Community School District GO | 5.000% | 5/1/18 | 1,800 | 1,860 |
Royal Oak MI Hospital Finance Authority | ||||
Hospital Revenue (William Beaumont | ||||
Hospital) | 5.000% | 9/1/25 | 1,400 | 1,642 |
University of Michigan Revenue | 5.000% | 4/1/32 | 2,000 | 2,415 |
2 University of Michigan Revenue PUT | 1.340% | 4/2/18 | 1,000 | 1,002 |
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 | 1,300 | 1,488 |
Wayne County MI Airport Authority Revenue | ||||
(Detroit Metropolitan Wayne County Airport) | 4.500% | 12/1/25 (14) | 1,000 | 1,014 |
57,243 | ||||
Minnesota (0.7%) | ||||
Bloomington MN Independent School | ||||
District No. 271 GO | 5.000% | 2/1/22 | 2,000 | 2,323 |
Farmington MN Independent School | ||||
District No. 192 GO | 5.000% | 2/1/21 | 1,800 | 2,034 |
46
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Minneapolis & St. Paul MN Metropolitan | ||||
Airports Commission Revenue | 5.000% | 1/1/25 | 250 | 305 |
Minneapolis & St. Paul MN Metropolitan | ||||
Airports Commission Revenue | 5.000% | 1/1/26 | 200 | 247 |
Minneapolis & St. Paul MN Metropolitan | ||||
Council Wastewater GO | 5.000% | 3/1/21 | 1,435 | 1,629 |
Minneapolis MN Special School | ||||
District No. 1 COP | 5.000% | 2/1/26 | 1,855 | 2,168 |
Minnesota 911 Revenue | 5.000% | 6/1/18 | 1,430 | 1,483 |
Minnesota GO | 5.000% | 10/1/17 (ETM) | 10 | 10 |
Minnesota GO | 5.000% | 10/1/17 | 490 | 495 |
Minnesota GO | 5.000% | 8/1/19 | 500 | 540 |
Minnesota GO | 5.000% | 8/1/19 (Prere.) | 500 | 540 |
Minnesota GO | 5.000% | 11/1/20 | 335 | 364 |
Minnesota GO | 5.000% | 8/1/21 | 1,295 | 1,486 |
Minnesota GO | 5.000% | 8/1/22 | 1,305 | 1,534 |
Minnesota GO | 5.000% | 8/1/25 | 1,500 | 1,862 |
Minnesota GO | 5.000% | 8/1/27 | 1,005 | 1,229 |
Rochester MN Health Care Facilities | ||||
Revenue (Mayo Clinic) | 5.000% | 11/15/31 | 1,000 | 1,258 |
Southern Minnesota Municipal Power | ||||
Agency Power Supply System Revenue | 5.250% | 1/1/19 (Prere.) | 500 | 531 |
University of Minnesota Revenue | 5.000% | 12/1/18 | 1,000 | 1,056 |
University of Minnesota Revenue | 5.000% | 4/1/19 | 2,775 | 2,964 |
University of Minnesota Revenue | 5.000% | 8/1/19 | 500 | 540 |
University of Minnesota Revenue | 5.250% | 12/1/29 | 500 | 565 |
25,163 | ||||
Mississippi (0.9%) | ||||
DeSoto County MS School District GO | 5.000% | 5/1/19 | 370 | 396 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 0.970% | 7/5/17 | 4,950 | 4,950 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 0.970% | 7/5/17 | 1,100 | 1,100 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 0.970% | 7/5/17 | 100 | 100 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 0.970% | 7/5/17 | 11,700 | 11,700 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 1.000% | 7/5/17 | 2,600 | 2,600 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 1.000% | 7/5/17 | 800 | 800 |
3 Mississippi Development Bank Special | ||||
Obligation Revenue (Marshall County | ||||
Industrial Development Highway | ||||
Refunding Project) | 5.000% | 1/1/26 | 1,300 | 1,573 |
Mississippi Development Bank Special | ||||
Obligation Revenue (Rankin County School | ||||
District) | 5.000% | 6/1/30 | 1,500 | 1,808 |
47
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Mississippi GO | 5.500% | 12/1/18 | 750 | 797 |
Mississippi GO | 5.000% | 10/1/19 | 2,000 | 2,174 |
Mississippi GO | 5.000% | 11/1/29 | 1,000 | 1,195 |
Mississippi State University Educational | ||||
Building Corp. Revenue | 5.000% | 8/1/32 | 1,000 | 1,155 |
30,348 | ||||
Missouri (0.4%) | ||||
Jackson County MO Special Obligation | ||||
Revenue (Truman Sports Complex Project) | 5.000% | 12/1/26 | 1,000 | 1,180 |
Missouri Board of Public Buildings Special | ||||
Obligation Revenue | 4.000% | 4/1/20 | 1,000 | 1,076 |
Missouri Health & Educational Facilities | ||||
Authority Educational Facilities Revenue | ||||
(St. Louis College of Pharmacy Project) | 5.000% | 5/1/30 | 500 | 544 |
Missouri Health & Educational Facilities | ||||
Authority Educational Facilities Revenue | ||||
(St. Louis College of Pharmacy Project) | 5.000% | 5/1/34 | 880 | 941 |
Missouri Health & Educational Facilities | ||||
Authority Health Facilities Revenue (SSM | ||||
Health System) | 5.000% | 6/1/25 | 1,000 | 1,180 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Children’s Mercy | ||||
Hospital) | 5.000% | 5/15/36 | 1,000 | 1,135 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,699 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Mercy Health) VRDO | 1.644% | 6/1/31 (2) | 500 | 454 |
Missouri Highways & Transportation | ||||
Commission Road Revenue | 5.000% | 2/1/23 | 600 | 714 |
Missouri Highways & Transportation | ||||
Commission Road Revenue | 5.000% | 5/1/23 | 500 | 535 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue (Iatan | ||||
2 Project) | 5.000% | 12/1/34 | 1,400 | 1,598 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Prairie Project) | 5.000% | 12/1/34 | 1,000 | 1,147 |
St. Louis MO Parking Revenue | 5.000% | 12/15/23 (4) | 690 | 810 |
St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,162 |
14,175 | ||||
Montana (0.0%) | ||||
Montana Facility Finance Authority Hospital | ||||
Revenue (Benefis Health System) | 5.000% | 2/15/32 | 825 | 952 |
Nebraska (0.3%) | ||||
Central Plains Energy Project Nebraska Gas | ||||
Project Revenue (Project No. 1) | 5.250% | 12/1/18 | 160 | 168 |
Central Plains Energy Project Nebraska Gas | ||||
Supply Revenue PUT | 5.000% | 12/1/19 | 2,000 | 2,160 |
Lincoln County NE Hospital Authority No. 1 | ||||
Hospital Revenue (Great Plains Regional | ||||
Medical Center Project) | 5.000% | 11/1/23 | 750 | 842 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/22 (Prere.) | 135 | 159 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/25 | 265 | 308 |
48
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Municipal Energy Agency of Nebraska Power | ||||
Supply System Revenue | 5.000% | 4/1/31 | 345 | 384 |
Nebraska Public Power District Revenue | 5.000% | 1/1/30 | 1,000 | 1,134 |
Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,694 |
Scotts Bluff County NE Hospital Authority | ||||
Revenue (Regional West Medical Center) | 5.000% | 2/1/24 | 1,685 | 1,883 |
8,732 | ||||
Nevada (0.8%) | ||||
Carson City NV Hospital Revenue (Carson | ||||
Tahoe Regional Medical Center) | 5.000% | 9/1/33 | 1,500 | 1,614 |
Clark County NV GO | 5.000% | 12/1/29 | 500 | 543 |
Clark County NV GO | 4.000% | 6/1/32 | 1,505 | 1,637 |
Clark County NV GO | 5.000% | 7/1/33 | 1,000 | 1,138 |
Clark County NV Highway Improvement | ||||
Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/19 (Prere.) | 500 | 539 |
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 | 1,197 |
Clark County NV School District GO | 5.000% | 12/15/17 (Prere.) | 1,690 | 1,722 |
Las Vegas NV GO | 5.000% | 6/1/18 | 1,225 | 1,275 |
Las Vegas Valley Water District Nevada GO | 5.000% | 2/1/18 (Prere.) | 1,000 | 1,024 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/21 | 2,000 | 2,278 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,000 | 1,213 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 2,186 |
Nevada Capital Improvement & Cultural | ||||
Affairs GO | 5.000% | 12/1/17 (Prere.) | 500 | 509 |
Nevada GO | 5.000% | 4/1/22 | 1,710 | 1,989 |
Nevada GO | 5.000% | 11/1/23 | 1,465 | 1,758 |
Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,238 |
Nevada Highway Improvement Revenue | ||||
(Motor Vehicle Fuel Tax) | 4.000% | 12/1/32 | 1,660 | 1,801 |
Reno NV Health Facility Revenue | ||||
(Dignity Health Obligated Group) | 5.250% | 7/1/17 (Prere.) | 1,100 | 1,100 |
Truckee Meadows NV Water Authority | ||||
Water Revenue | 5.000% | 7/1/34 | 1,500 | 1,769 |
27,020 | ||||
New Hampshire (0.1%) | ||||
New Hampshire Health & Education Facilities | ||||
Authority Revenue (Southern New | ||||
Hampshire Medical Center) | 5.000% | 10/1/17 (Prere.) | 1,435 | 1,450 |
New Hampshire Health & Education Facilities | ||||
Authority Revenue (Southern New | ||||
Hampshire Medical Center) | 5.000% | 10/1/32 | 430 | 434 |
New Hampshire Municipal Bond Bank | ||||
Revenue | 4.000% | 8/15/33 | 1,000 | 1,075 |
2,959 | ||||
New Jersey (1.4%) | ||||
Bergen County NJ GO | 5.000% | 10/15/21 | 1,470 | 1,698 |
Garden State Preservation Trust New Jersey | ||||
Revenue (Open Space & Farmland | ||||
Preservation) | 0.000% | 11/1/21 (4) | 500 | 453 |
Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 541 |
49
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Morris County NJ Improvement Authority | ||||
School District Revenue (Morris Hills Regional | ||||
District Project) | 5.000% | 10/1/23 | 495 | 579 |
New Jersey COP | 5.250% | 6/15/19 (Prere.) | 465 | 502 |
New Jersey Economic Development | ||||
Authority Revenue | 5.000% | 6/15/21 | 1,000 | 1,063 |
New Jersey Economic Development | ||||
Authority Revenue | 5.000% | 6/15/23 | 1,000 | 1,071 |
New Jersey Economic Development | ||||
Authority Revenue | 5.500% | 6/15/29 | 2,000 | 2,186 |
New Jersey Economic Development | ||||
Authority Revenue (Cigarette Tax) | 5.000% | 6/15/19 | 700 | 735 |
New Jersey Economic Development | ||||
Authority Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,500 | 1,615 |
New Jersey Economic Development Authority | ||||
Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/26 (14) | 500 | 580 |
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 | 2,180 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/18 | 500 | 512 |
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 | 215 |
New Jersey GO | 5.250% | 7/15/18 (2) | 500 | 521 |
New Jersey GO | 5.000% | 8/15/19 | 750 | 803 |
New Jersey Health Care Facilities Financing | ||||
Authority Lease Revenue (Greystone Park | ||||
Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 533 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/18 (ETM) | 250 | 260 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,154 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 | 900 | 1,019 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/18 (ETM) | 385 | 393 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/19 (ETM) | 315 | 334 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/19 (ETM) | 185 | 196 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 7/1/21 | 640 | 724 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (St. Joseph’s Healthcare | ||||
System) | 5.000% | 7/1/27 | 1,000 | 1,143 |
50
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.250% | 12/1/28 | 240 | 256 |
New Jersey Transportation Trust Fund Authority | ||||
Federal Highway Reimbursement Revenue | 5.000% | 6/15/24 | 1,750 | 1,802 |
New Jersey Transportation Trust Fund Authority | ||||
Federal Highway Reimbursement Revenue | 5.000% | 6/15/25 | 1,300 | 1,433 |
New Jersey Transportation Trust Fund Authority | ||||
Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 1,500 | 1,531 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,577 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/17 (4) | 150 | 153 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/18 (4) | 1,135 | 1,197 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/19 | 650 | 686 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/19 | 500 | 531 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/20 (14) | 2,500 | 2,753 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/21 (14) | 245 | 273 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/21 (12) | 150 | 171 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/22 | 1,315 | 1,450 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/23 | 605 | 671 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,079 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,381 |
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 | 723 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 | 500 | 528 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 1,000 | 1,127 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,136 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,161 |
South Jersey Transportation Authority | ||||
New Jersey Transportation System Revenue | 5.000% | 11/1/25 | 500 | 556 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/18 | 1,500 | 1,519 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/19 | 850 | 853 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 0.000% | 6/1/41 | 5,105 | 1,397 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 0.000% | 6/1/41 | 835 | 224 |
West Deptford Township NJ GO | 5.000% | 7/1/27 (4) | 635 | 635 |
49,178 |
51
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New Mexico (0.2%) | ||||
Albuquerque NM GO | 5.000% | 7/1/20 | 2,000 | 2,224 |
Albuquerque NM Municipal School | ||||
District No. 12 GO | 5.000% | 8/1/22 | 250 | 292 |
Albuquerque NM Municipal School | ||||
District No. 12 GO | 5.000% | 8/1/23 | 250 | 298 |
Farmington NM Pollution Control Revenue | ||||
(Arizona Public Service Co. Four Corners | ||||
Project) | 4.700% | 9/1/24 | 1,750 | 1,889 |
New Mexico Educational Assistance | ||||
Foundation Revenue | 5.000% | 12/1/19 | 500 | 545 |
New Mexico Finance Authority Transportation | ||||
Revenue | 5.000% | 6/15/23 | 500 | 553 |
New Mexico Hospital Equipment Loan Council | ||||
Hospital System Revenue (Presbyterian | ||||
Healthcare Services) | 5.000% | 8/1/28 | 1,350 | 1,579 |
7,380 | ||||
New York (8.4%) | ||||
4 Battery Park City Authority New York | ||||
Revenue TOB VRDO | 1.000% | 7/5/17 LOC | 1,000 | 1,000 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/18 | 500 | 517 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/19 | 300 | 321 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/19 (ETM) | 200 | 215 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.250% | 5/1/31 | 500 | 568 |
Hempstead NY GO | 4.000% | 4/1/29 (4) | 1,420 | 1,560 |
Hudson Yards Infrastructure Corp. New York | ||||
Revenue | 5.000% | 2/15/35 | 1,000 | 1,172 |
Hudson Yards Infrastructure Corp. New York | ||||
Revenue | 5.000% | 2/15/36 | 1,000 | 1,170 |
Long Island NY Power Authority Electric | ||||
System Revenue | 4.000% | 9/1/18 | 835 | 863 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.250% | 4/1/19 (ETM) | 75 | 81 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.250% | 4/1/19 (ETM) | 125 | 134 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 4/1/23 | 575 | 606 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/24 | 45 | 52 |
2 Long Island NY Power Authority Electric | ||||
System Revenue PUT | 1.385% | 11/1/18 | 1,000 | 1,001 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.500% | 8/15/23 | 755 | 758 |
52
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Monroe County NY Industrial Development | ||||
Corp. Revenue (University of Rochester | ||||
Project) | 5.000% | 7/1/26 | 1,000 | 1,245 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (University of Rochester | ||||
Project) | 5.000% | 7/1/37 | 1,000 | 1,175 |
Nassau County NY GO | 5.000% | 4/1/23 | 1,000 | 1,179 |
New York City NY GO | 5.000% | 8/1/17 (Prere.) | 75 | 75 |
New York City NY GO | 5.250% | 8/1/17 | 700 | 703 |
New York City NY GO | 5.250% | 8/15/18 (Prere.) | 40 | 42 |
New York City NY GO | 5.500% | 11/15/18 (Prere.) | 300 | 319 |
New York City NY GO | 5.625% | 4/1/19 (Prere.) | 815 | 880 |
New York City NY GO | 5.000% | 8/1/19 | 1,500 | 1,618 |
New York City NY GO | 5.000% | 8/1/19 | 1,065 | 1,149 |
New York City NY GO | 5.000% | 8/1/19 | 425 | 427 |
New York City NY GO | 5.000% | 8/1/20 | 2,935 | 3,267 |
New York City NY GO | 5.000% | 8/1/20 | 2,100 | 2,337 |
New York City NY GO | 5.250% | 9/1/20 | 1,000 | 1,051 |
New York City NY GO | 5.000% | 8/1/21 | 1,535 | 1,757 |
New York City NY GO | 5.000% | 8/1/21 | 515 | 590 |
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,289 |
New York City NY GO | 5.000% | 8/1/22 | 500 | 586 |
New York City NY GO | 5.000% | 8/1/22 | 1,290 | 1,512 |
New York City NY GO | 5.000% | 10/1/22 | 500 | 574 |
New York City NY GO | 5.000% | 8/1/23 | 1,505 | 1,798 |
New York City NY GO | 5.000% | 8/1/23 | 380 | 444 |
New York City NY GO | 5.250% | 8/15/24 | 460 | 482 |
New York City NY GO | 5.000% | 8/1/25 | 750 | 863 |
New York City NY GO | 5.000% | 8/1/25 | 1,010 | 1,242 |
New York City NY GO | 5.000% | 8/1/26 | 500 | 581 |
New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,164 |
New York City NY GO | 5.000% | 8/15/26 | 475 | 496 |
New York City NY GO | 5.000% | 5/15/28 | 480 | 514 |
New York City NY GO | 5.000% | 8/1/28 | 400 | 444 |
New York City NY GO | 5.625% | 4/1/29 | 25 | 27 |
New York City NY GO | 5.000% | 5/15/29 | 500 | 536 |
New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,159 |
New York City NY GO | 5.000% | 3/1/31 | 1,340 | 1,540 |
New York City NY GO | 5.000% | 8/1/31 | 365 | 413 |
New York City NY GO | 5.000% | 12/1/32 | 1,755 | 2,094 |
New York City NY GO | 5.000% | 12/1/33 | 1,500 | 1,784 |
New York City NY GO | 5.000% | 12/1/35 | 1,000 | 1,182 |
New York City NY GO VRDO | 0.940% | 7/5/17 | 400 | 400 |
New York City NY GO VRDO | 0.940% | 7/5/17 | 1,600 | 1,600 |
New York City NY GO VRDO | 0.950% | 7/5/17 LOC | 400 | 400 |
New York City NY GO VRDO | 0.950% | 7/5/17 | 800 | 800 |
New York City NY GO VRDO | 0.970% | 7/5/17 | 3,000 | 3,000 |
New York City NY GO VRDO | 0.970% | 7/5/17 | 3,800 | 3,800 |
New York City NY GO VRDO | 0.970% | 7/5/17 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 | 537 |
53
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Housing Development | ||||
Corp. Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,159 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 1,000 | 1,025 |
New York City NY Industrial Development | ||||
Agency Special Facility Revenue (New York | ||||
Stock Exchange Project) VRDO | 0.910% | 7/7/17 LOC | 3,700 | 3,700 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 750 | 743 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 500 | 539 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 1,200 | 1,472 |
New York City NY Municipal Water Finance | �� | |||
Authority Water & Sewer System Revenue | 4.750% | 6/15/30 | 255 | 263 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 500 | 554 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 500 | 565 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/33 | 1,000 | 1,226 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.950% | 7/5/17 | 1,200 | 1,200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.950% | 7/5/17 | 1,500 | 1,500 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.950% | 7/5/17 | 3,000 | 3,000 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.970% | 7/5/17 | 2,800 | 2,800 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.970% | 7/5/17 | 7,800 | 7,800 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.970% | 7/5/17 | 1,500 | 1,500 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/24 | 500 | 591 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.250% | 1/15/25 | 500 | 531 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.250% | 1/15/26 | 500 | 531 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/28 | 1,730 | 2,086 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.125% | 1/15/29 | 1,070 | 1,134 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/29 | 2,000 | 2,390 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/30 | 1,000 | 1,184 |
54
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% | 7/15/32 | 250 | 286 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/18 (ETM) | 200 | 205 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/19 | 1,100 | 1,168 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.250% | 2/1/21 (Prere.) | 60 | 69 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/22 | 1,000 | 1,182 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/25 | 400 | 460 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/28 | 1,325 | 1,607 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/29 | 850 | 993 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/30 | 500 | 579 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.250% | 2/1/30 | 440 | 498 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 4.000% | 5/1/30 | 1,500 | 1,685 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/31 | 500 | 561 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/31 | 300 | 344 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/31 | 500 | 580 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/32 | 1,250 | 1,458 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,774 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/32 | 500 | 578 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/33 | 1,800 | 2,142 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,677 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,665 | 1,961 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/34 | 1,500 | 1,769 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/35 | 1,725 | 2,015 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue VRDO | 0.970% | 7/5/17 | 6,000 | 6,000 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue VRDO | 0.970% | 7/5/17 | 11,050 | 11,050 |
New York City NY Transitional Finance | ||||
Authority Recovery Revenue VRDO | 0.950% | 7/5/17 | 1,600 | 1,600 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Lincoln Center for the Performing | ||||
Arts Inc.) | 5.000% | 12/1/26 | 1,000 | 1,220 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 1,000 | 1,126 |
55
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,145 |
New York Liberty Development Corp. Revenue | ||||
(Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 500 | 623 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/17 (Prere.) | 500 | 508 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/17 (Prere.) | 110 | 112 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 5/15/18 (Prere.) | 500 | 518 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/19 | 1,500 | 1,635 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/20 | 1,500 | 1,685 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/21 | 210 | 242 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/21 | 1,000 | 1,153 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/21 (14) | 300 | 349 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 1,675 | 2,034 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/30 | 500 | 571 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/30 | 500 | 561 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 500 | 565 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/33 | 1,500 | 1,696 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 600 | 659 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.250% | 11/15/29 | 1,665 | 2,059 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/32 | 1,455 | 1,732 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 4.000% | 11/15/33 | 1,500 | 1,627 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/35 | 2,000 | 2,361 |
New York Metropolitan Transportation Authority | ||||
Revenue (Hudson Yards Development) | 5.000% | 11/15/46 | 2,000 | 2,153 |
New York Metropolitan Transportation Authority | ||||
Revenue (Hudson Yards Development) | 5.000% | 11/15/51 | 2,750 | 2,988 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.500% | 11/15/18 | 255 | 265 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.000% | 11/15/31 | 1,165 | 1,324 |
2 New York Metropolitan Transportation Authority | ||||
Revenue PUT | 1.270% | 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 | 616 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 (2) | 500 | 636 |
56
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Lease | ||||
Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 | 500 | 557 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/20 | 75 | 81 |
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 | 260 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,175 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,140 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 500 | 553 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of | ||||
New York University) | 5.000% | 7/1/17 (Prere.) | 500 | 500 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 6.000% | 7/1/19 (14) | 500 | 549 |
New York State Dormitory Authority Revenue | ||||
(North Shore—Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/26 | 500 | 560 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/18 (Prere.) | 500 | 515 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 200 | 213 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/20 | 1,815 | 2,045 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 170 | 198 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 160 | 186 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/23 | 830 | 961 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/24 | 840 | 972 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/26 | 500 | 587 |
3 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/27 | 1,945 | 2,421 |
3 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/29 | 1,000 | 1,217 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,345 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/32 | 500 | 572 |
3 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 4.000% | 2/15/33 | 1,975 | 2,127 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/33 | 300 | 341 |
3 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 4.000% | 2/15/34 | 1,905 | 2,040 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,312 |
57
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
3 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 4.000% | 2/15/35 | 1,000 | 1,067 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/20 | 500 | 559 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/21 (4) | 390 | 448 |
New York State Dormitory Authority Revenue | ||||
(Service Contract) | 5.000% | 7/1/22 | 500 | 539 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.250% | 7/1/20 (Prere.) | 500 | 559 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/21 | 1,135 | 1,292 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/24 | 1,320 | 1,604 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/25 | 1,270 | 1,565 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/33 | 1,720 | 2,048 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/35 | 1,420 | 1,669 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/22 | 2,000 | 2,352 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/24 | 365 | 405 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 500 | 581 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/34 | 1,500 | 1,804 |
New York State GO | 4.500% | 2/1/18 | 500 | 511 |
New York State GO | 4.500% | 2/1/19 | 500 | 528 |
New York State GO | 5.000% | 2/15/30 | 315 | 356 |
New York State Housing Finance Agency | ||||
Housing Revenue (Avalon Bowery Place I) | ||||
VRDO | 0.880% | 7/7/17 LOC | 4,300 | 4,300 |
New York State Local Government Assistance | ||||
Corp. Revenue | 5.000% | 4/1/21 | 495 | 542 |
New York State Thruway Authority Revenue | 5.000% | 5/1/19 | 1,135 | 1,213 |
New York State Thruway Authority Revenue | 5.000% | 1/1/20 (14) | 500 | 510 |
New York State Thruway Authority Revenue | 5.000% | 1/1/21 (14) | 490 | 500 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 500 | 564 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 (14) | 600 | 611 |
New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,148 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 10/1/18 (Prere.) | 500 | 525 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/19 | 500 | 534 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 500 | 551 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 500 | 573 |
58
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 3/15/36 | 2,000 | 2,351 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 3/15/37 | 2,000 | 2,348 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/17 (Prere.) | 1,035 | 1,055 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/17 (Prere.) | 465 | 474 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/18 | 1,000 | 1,029 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 600 | 635 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 (ETM) | 145 | 153 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 355 | 376 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.500% | 3/15/22 (14) | 530 | 629 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 1,325 | 1,600 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 2,000 | 2,446 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 2,000 | 2,411 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 1,500 | 1,810 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,687 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,339 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,724 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,000 | 2,351 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/18 | 540 | 551 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.900% | 7/7/17 | 2,600 | 2,600 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/26 | 500 | 521 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/26 | 1,750 | 2,119 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/28 | 1,250 | 1,379 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/29 | 1,000 | 1,196 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/35 | 1,000 | 1,163 |
Suffolk County NY Economic Development | ||||
Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,745 |
Suffolk County NY Economic Development | ||||
Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,557 |
Tobacco Settlement Financing Corp. | ||||
New York Revenue | 5.000% | 6/1/29 | 1,000 | 1,160 |
59
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tobacco Settlement Financing Corp. | ||||
New York Revenue | 5.000% | 6/1/34 | 1,760 | 1,991 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/18 (Prere.) | 305 | 322 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/23 | 1,500 | 1,809 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/25 | 195 | 205 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/34 | 2,000 | 2,339 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/34 | 1,900 | 2,257 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/36 | 1,000 | 1,179 |
Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/33 | 1,600 | 1,865 |
Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/34 | 1,000 | 1,185 |
Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/35 | 1,945 | 2,301 |
Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/36 | 2,450 | 2,892 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 55 | 61 |
Westchester County NY GO | 5.000% | 7/1/20 | 435 | 484 |
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 | 1,219 |
Westchester NY Tobacco Asset | ||||
Securitization Revenue | 5.000% | 6/1/28 | 1,400 | 1,603 |
Westchester NY Tobacco Asset | ||||
Securitization Revenue | 5.000% | 6/1/33 | 1,500 | 1,655 |
295,882 | ||||
North Carolina (0.7%) | ||||
Cary NC Combined Enterprise System | ||||
Revenue | 5.000% | 12/1/27 | 500 | 590 |
Charlotte NC Airport Revenue | 5.000% | 7/1/25 | 2,050 | 2,510 |
Charlotte NC Water & Sewer System | ||||
Revenue | 5.000% | 12/1/20 | 235 | 265 |
Durham County NC GO | 5.000% | 4/1/20 | 685 | 756 |
Durham County NC GO | 5.000% | 10/1/22 | 500 | 590 |
Guilford County NC GO | 5.000% | 3/1/19 | 1,230 | 1,310 |
Mecklenburg County NC Public Facilities | ||||
Corp. Revenue (Annual Appropriation) | 5.000% | 3/1/19 (Prere.) | 500 | 533 |
New Hanover County NC Hospital Revenue | ||||
(New Hanover Regional Medical Center | ||||
Project) | 5.000% | 10/1/34 | 1,000 | 1,162 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/19 | 555 | 594 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/29 | 500 | 549 |
North Carolina Eastern Municipal Power | ||||
Agency Power Systems Revenue | 6.000% | 1/1/18 (ETM) | 510 | 523 |
North Carolina Eastern Municipal Power | ||||
Agency Power Systems Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 530 |
60
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
North Carolina GAN | 5.000% | 3/1/25 | 1,000 | 1,210 |
North Carolina GAN | 5.000% | 3/1/27 | 1,000 | 1,192 |
North Carolina GO | 5.000% | 3/1/18 | 500 | 513 |
North Carolina GO | 5.000% | 6/1/19 | 2,000 | 2,149 |
North Carolina GO | 5.000% | 3/1/20 | 275 | 303 |
North Carolina GO | 4.000% | 6/1/20 | 500 | 541 |
North Carolina GO | 5.000% | 5/1/22 | 250 | 293 |
North Carolina Medical Care Commission | ||||
Health Care Facilities Revenue (Vidant | ||||
Health) | 5.000% | 6/1/21 | 1,000 | 1,133 |
North Carolina Medical Care Commission | ||||
Health Care Facilities Revenue (WakeMed) | 5.000% | 10/1/27 | 1,000 | 1,140 |
North Carolina Medical Care Commission | ||||
Hospital Revenue (Southeastern Regional | ||||
Medical Center) | 5.000% | 6/1/24 | 600 | 687 |
North Carolina Municipal Power Agency | ||||
No. 1 Revenue (Catawba Electric) | 5.000% | 1/1/19 (Prere.) | 355 | 376 |
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 | 581 |
Raleigh NC GO | 5.000% | 9/1/27 | 2,000 | 2,543 |
2 University of North Carolina University | ||||
System Revenue PUT | 1.454% | 12/1/17 | 1,200 | 1,200 |
Wake County NC GO | 4.000% | 2/1/18 | 695 | 708 |
Wake County NC GO | 5.000% | 3/1/18 | 500 | 514 |
Wake County NC Limited Obligation Revenue | 4.000% | 12/1/19 | 680 | 726 |
25,874 | ||||
North Dakota (0.0%) | ||||
3 Grand Forks ND Health Care System Revenue | ||||
(Altru Health System Obligated Group) | 5.000% | 12/1/25 | 1,210 | 1,438 |
Ohio (1.1%) | ||||
American Municipal Power Ohio Inc. Revenue | ||||
(Fremont Energy Center Project) | 5.250% | 2/15/27 | 570 | 654 |
American Municipal Power Ohio Inc. Revenue | ||||
(Hydroelectric Projects) | 5.250% | 2/15/18 | 500 | 513 |
Butler County OH Hospital Facilities Revenue | ||||
(Kettering Health Network) | 5.250% | 4/1/31 | 500 | 545 |
Butler County OH Hospital Facilities Revenue | ||||
(UC Health) | 5.250% | 11/1/29 | 435 | 480 |
Centerville OH Health Care Revenue | ||||
(Graceworks Lutheran Services) | 5.000% | 11/1/26 | 725 | 795 |
Centerville OH Health Care Revenue | ||||
(Graceworks Lutheran Services) | 5.000% | 11/1/27 | 380 | 415 |
Cleveland OH Airport System Revenue | 5.250% | 1/1/18 (2) | 260 | 265 |
Columbus OH City School District GO | 0.000% | 12/1/29 (4) | 1,000 | 690 |
Columbus OH GO | 5.000% | 7/1/25 | 535 | 623 |
Columbus OH Sewer Revenue | 5.000% | 6/1/30 | 1,500 | 1,799 |
Cuyahoga County OH Excise Tax Revenue | ||||
(Sports Facilities Improvement Project) | 5.000% | 12/1/25 | 500 | 586 |
Cuyahoga County OH Hospital Revenue | ||||
(MetroHealth System) | 5.000% | 2/15/32 | 1,000 | 1,090 |
61
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Fairfield County OH Hospital Facilities | ||||
Revenue (Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 664 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/20 | 1,000 | 1,119 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/28 | 1,680 | 1,997 |
Greater Cleveland OH Regional Transit | ||||
Authority Sales Tax Revenue | 5.000% | 12/1/18 | 350 | 370 |
Hamilton County OH Hospital Facilities | ||||
Revenue (TriHealth Obligated Group) | 5.000% | 8/15/36 | 1,000 | 1,142 |
Hamilton County OH Hospital Facilities | ||||
Revenue (UC Health) | 5.000% | 2/1/21 | 200 | 223 |
Hamilton County OH Sales Tax Revenue | 5.000% | 12/1/27 | 1,700 | 2,106 |
Kent State University Ohio Revenue | 5.000% | 5/1/19 (Prere.) | 460 | 494 |
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 | 564 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.250% | 11/15/27 | 1,500 | 1,707 |
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 | 867 |
Ohio GO | 5.000% | 2/1/18 | 3,895 | 3,988 |
Ohio GO | 5.000% | 8/1/23 | 500 | 588 |
Ohio GO | 5.000% | 8/1/24 | 500 | 609 |
Ohio GO | 5.000% | 3/15/36 | 1,005 | 1,164 |
Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 574 |
Ohio Higher Educational Facility Commission | ||||
Revenue (Case Western Reserve University | ||||
Project) | 5.000% | 12/1/22 | 550 | 646 |
Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/20 (14) | 1,000 | 1,109 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,000 | 1,170 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/31 | 500 | 542 |
Ohio Water Development Authority Pollution | ||||
Control Revenue (Water Quality) | 5.250% | 6/1/19 | 435 | 470 |
Ohio Water Development Authority Water | ||||
Pollution Control Loan Fund Revenue | 5.000% | 12/1/26 | 1,500 | 1,884 |
Ohio Water Development Authority Water | ||||
Pollution Control Loan Fund Revenue | 5.000% | 6/1/28 | 2,000 | 2,499 |
Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 142 |
Revere OH Local School District GO | 5.000% | 12/1/33 | 1,000 | 1,130 |
Revere OH Local School District GO | 5.000% | 12/1/35 | 665 | 749 |
Winton Woods City OH School District GO | 5.000% | 11/1/32 | 550 | 616 |
Winton Woods City OH School District GO | 5.000% | 11/1/33 | 255 | 285 |
Winton Woods City OH School District GO | 5.000% | 11/1/34 | 250 | 278 |
Winton Woods City OH School District GO | 5.000% | 11/1/35 | 260 | 289 |
Winton Woods City OH School District GO | 5.000% | 11/1/36 | 250 | 278 |
38,873 | ||||
Oklahoma (0.2%) | ||||
Norman OK Regional Hospital Authority | ||||
Revenue | 5.000% | 9/1/28 | 1,245 | 1,456 |
Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 594 |
62
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Oklahoma City OK Water Utilities Trust | ||||
Water & Sewer Revenue | 5.000% | 7/1/28 | 1,140 | 1,397 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/31 | 300 | 335 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/37 | 2,000 | 2,318 |
Tulsa County OK Industrial Authority Senior | ||||
Living Community Revenue (Montereau Inc.) | 5.000% | 11/15/23 | 230 | 258 |
University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 535 |
6,893 | ||||
Oregon (0.3%) | ||||
Clackamas County OR School District | ||||
No. 12 Sandy GO | 5.000% | 6/15/28 | 1,000 | 1,241 |
Clatsop County OR School District | ||||
No. 10 Seaside GO | 5.000% | 6/15/33 | 1,125 | 1,353 |
Deschutes & Jefferson Counties OR School | ||||
District No. 2J GO | 0.000% | 6/15/31 | 750 | 490 |
Multnomah County OR School District GO | 5.000% | 6/15/19 | 1,680 | 1,808 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.250% | 4/1/21 (Prere.) | 430 | 494 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.000% | 4/1/25 | 1,370 | 1,653 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.250% | 4/1/31 | 70 | 79 |
Oregon Facilities Authority Revenue | ||||
(Legacy Health Project) | 5.000% | 6/1/33 | 1,000 | 1,150 |
Oregon Facilities Authority Revenue | ||||
(PeaceHealth) | 5.000% | 11/15/17 | 250 | 254 |
Oregon GO | 5.000% | 5/1/23 | 500 | 584 |
Portland OR GO | 5.000% | 6/15/20 | 1,725 | 1,917 |
Portland OR Sewer System Revenue | 5.000% | 6/15/18 (Prere.) | 500 | 519 |
11,542 | ||||
Pennsylvania (2.2%) | ||||
Allegheny County PA GO | 4.000% | 11/1/30 | 1,000 | 1,075 |
Allegheny County PA Higher Education | ||||
Building Authority University Revenue | ||||
(Duquesne University) | 5.500% | 3/1/21 (Prere.) | 325 | 375 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.000% | 5/15/18 | 500 | 517 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 1.504% | 2/1/21 | 605 | 605 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.375% | 8/15/29 | 210 | 226 |
Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 574 |
Allentown PA Neighborhood Improvement | ||||
Zone Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,110 |
3 Allentown PA Neighborhood Improvement | ||||
Zone Development Authority Tax Revenue | 5.000% | 5/1/27 | 250 | 274 |
Central Bradford PA Progress Authority | ||||
Revenue (Guthrie Healthcare System) | 5.500% | 12/1/31 | 500 | 572 |
Chester County PA GO | 5.000% | 11/15/31 | 750 | 871 |
63
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
East Hempfield Township PA Industrial | ||||
Development Authority Revenue (Millersville | ||||
University Student Housing Project) | 5.000% | 7/1/29 | 1,000 | 1,083 |
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 | 1,380 |
Lower Merion PA School District GO | 5.000% | 9/1/18 | 1,500 | 1,570 |
Monroeville PA Finance Authority Revenue | ||||
(UPMC Health System) | 5.000% | 2/15/19 | 500 | 531 |
Montgomery County PA Higher Education | ||||
& Health Authority Hospital Revenue | ||||
(Abington Memorial Hospital) | 5.000% | 6/1/31 | 500 | 551 |
Montgomery County PA Industrial | ||||
Development Authority Health Services | ||||
Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/23 | 1,015 | 1,137 |
Montgomery County PA Industrial | ||||
Development Authority Health Services | ||||
Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/25 | 1,000 | 1,137 |
Montgomery County PA Industrial | ||||
Development Authority Pollution Control | ||||
Revenue (Exelon Generation Co., LLC) PUT | 2.550% | 6/1/20 | 1,000 | 995 |
Montgomery County PA Industrial | ||||
Development Authority Retirement | ||||
Community Revenue (ACTS Retirement- Life | ||||
Communities Obligated Group) | 5.000% | 11/15/25 | 1,250 | 1,392 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue (St. Luke’s | ||||
Hospital Project) | 5.250% | 8/15/18 (Prere.) | 2,000 | 2,095 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue (St. Luke’s | ||||
Hospital Project) | 5.000% | 8/15/25 | 1,000 | 1,185 |
Pennsylvania Economic Development | ||||
Financing Authority Health System | ||||
Revenue (Albert | ||||
Einstein Healthcare Network) | 6.250% | 10/15/19 (Prere.) | 895 | 979 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 4.000% | 1/1/18 | 750 | 762 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 7/1/20 | 700 | 754 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 1/1/21 | 1,330 | 1,408 |
Pennsylvania GO | 5.000% | 8/1/17 (Prere.) | 500 | 502 |
Pennsylvania GO | 5.000% | 4/15/19 (Prere.) | 500 | 535 |
Pennsylvania GO | 5.000% | 7/1/20 | 500 | 553 |
Pennsylvania GO | 5.375% | 7/1/21 | 500 | 575 |
Pennsylvania GO | 5.000% | 11/15/22 | 500 | 572 |
Pennsylvania GO | 5.000% | 8/15/24 | 500 | 596 |
Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,818 |
Pennsylvania GO | 4.000% | 8/15/30 (4) | 1,000 | 1,074 |
64
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,129 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Philadelphia University) | 5.000% | 6/1/19 | 740 | 781 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 | 200 | 222 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Temple University) | 5.000% | 4/1/32 | 500 | 559 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Trustees of the | ||||
University of Pennsylvania) | 5.000% | 9/1/19 (Prere.) | 500 | 542 |
Pennsylvania State University Revenue | 5.000% | 2/15/18 (Prere.) | 1,000 | 1,026 |
Pennsylvania State University Revenue | 5.000% | 3/1/25 | 500 | 549 |
Pennsylvania Turnpike Commission Oil | ||||
Franchise Tax Revenue | 5.000% | 12/1/24 | 1,000 | 1,184 |
Pennsylvania Turnpike Commission Oil | ||||
Franchise Tax Revenue | 5.000% | 12/1/28 | 500 | 586 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 860 | 925 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 190 | 204 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 (Prere.) | 175 | 191 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 495 | 558 |
2 Pennsylvania Turnpike Commission Revenue | 1.890% | 12/1/21 | 1,215 | 1,222 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | 170 | 185 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 2,330 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 (4) | 1,635 | 1,964 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,000 | 1,181 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,670 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/29 | 1,250 | 1,377 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | 835 | 909 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,279 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,676 |
Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 1,120 | 1,232 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,000 | 1,191 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/27 | 1,000 | 1,184 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (The Children’s | ||||
Hospital of Philadelphia Project) | 5.000% | 7/1/32 | 750 | 891 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/17 (Prere.) | 1,000 | 1,011 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/25 | 1,500 | 1,775 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 | 1,000 | 1,191 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/29 | 1,000 | 1,159 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue | ||||
(Temple University Health System | ||||
Obligated Group) | 6.250% | 7/1/23 | 500 | 501 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue | ||||
(Temple University Health System | ||||
Obligated Group) | 5.500% | 7/1/30 | 245 | 245 |
Philadelphia PA Municipal Authority Revenue | 6.375% | 4/1/19 (Prere.) | 500 | 546 |
Philadelphia PA School District GO | 5.000% | 9/1/21 | 1,035 | 1,120 |
Philadelphia PA School District GO | 5.250% | 9/1/22 | 500 | 546 |
Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 1,023 |
65
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
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 | 1,178 |
Philadelphia PA Water & Waste Water Revenue | 4.000% | 7/1/35 | 1,110 | 1,159 |
Snyder County PA Higher Education Authority | ||||
University Revenue (Susquehanna University | ||||
Project) | 5.000% | 1/1/27 | 1,135 | 1,341 |
St. Mary Hospital Authority Pennsylvania Health | ||||
System Revenue (Catholic Health Initiatives) | 5.000% | 11/15/26 | 1,000 | 1,093 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School | ||||
District of Philadelphia) | 5.000% | 6/1/24 (15) | 1,535 | 1,767 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School | ||||
District of Philadelphia) | 5.000% | 6/1/26 (4) | 1,650 | 1,925 |
University of Pittsburgh of the Commonwealth | ||||
System of Higher Education Pennsylvania | ||||
Revenue (University Capital Project) | 5.250% | 9/15/19 (Prere.) | 500 | 545 |
West Shore PA Area Authority Hospital Revenue | ||||
(Holy Spirit Hospital of the Sisters of Christian | ||||
Charity Project) | 6.250% | 1/1/21 (Prere.) | 80 | 94 |
77,691 | ||||
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 | 565 |
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 1,000 | 1,282 |
2,353 | ||||
Rhode Island (0.0%) | ||||
Rhode Island Commerce Corp. Airport | ||||
Revenue | 5.000% | 7/1/30 | 500 | 577 |
Rhode Island Health & Educational Building | ||||
Corp. Higher Education Facilities Revenue | ||||
(University of Rhode Island) | 5.000% | 9/15/25 | 500 | 603 |
1,180 | ||||
South Carolina (0.5%) | ||||
Charleston SC Educational Excellence | ||||
Financing Corp. Revenue (Charleston County | ||||
School District, South Carolina Project) | 5.000% | 12/1/23 | 500 | 599 |
Columbia SC Waterworks & Sewer System | ||||
Revenue | 5.000% | 2/1/27 | 250 | 289 |
Florence County SC School District GO | 5.000% | 3/1/18 | 1,000 | 1,027 |
Lexington County SC Health Services | ||||
District Inc. Hospital Revenue | 5.000% | 11/1/34 | 1,500 | 1,703 |
Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,000 | 1,172 |
Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 (14) | 1,600 | 1,378 |
South Carolina Association of Governmental | ||||
Organizations Educational Facilities Corp. | ||||
Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,674 |
South Carolina GO | 5.000% | 4/1/20 | 450 | 497 |
South Carolina Higher Education Revenue | ||||
(Clemson University) | 5.000% | 5/1/21 | 1,000 | 1,138 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/24 (4) | 500 | 517 |
66
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% | 8/1/26 | 1,000 | 1,130 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 530 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/37 | 1,770 | 1,966 |
Sumter Two School Facilities Inc. | ||||
South Carolina Installment Purchase Revenue | 5.000% | 12/1/26 (15) | 1,000 | 1,176 |
York County SC School District GO | ||||
(Fort Mill School District No. 4) | 5.000% | 3/1/18 | 1,365 | 1,402 |
16,198 | ||||
South Dakota (0.1%) | ||||
Educational Enhancement Funding Corp. | ||||
South Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 | 2,000 | 2,261 |
Tennessee (0.6%) | ||||
Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,184 |
Chattanooga TN Health Educational | ||||
& Housing Facility Board Revenue | ||||
(Catholic Health Initiatives) | 5.000% | 1/1/33 | 1,500 | 1,580 |
Chattanooga-Hamilton County TN Hospital | ||||
Authority Hospital Revenue | 5.000% | 10/1/27 | 1,000 | 1,127 |
Knox County TN GO | 5.000% | 4/1/18 | 1,000 | 1,030 |
Knox County TN Health Educational & | ||||
Housing Facilities Board Hospital Facilities | ||||
Revenue (Covenant Healthcare) | 5.000% | 1/1/36 | 1,000 | 1,128 |
Memphis TN Electric System Revenue | 5.000% | 12/1/17 | 500 | 509 |
Memphis TN GO | 5.000% | 5/1/30 | 500 | 561 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Electric Revenue | 5.000% | 5/15/35 | 865 | 1,035 |
Metropolitan Government of Nashville & | ||||
Davidson County TN GO | 5.000% | 7/1/21 | 625 | 694 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Health & Educational | ||||
Facilities Board Revenue (Blakeford at | ||||
Green Hills) | 5.000% | 7/1/27 | 500 | 544 |
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 | 533 |
Shelby County TN GO | 5.000% | 4/1/19 (ETM) | 100 | 107 |
Shelby County TN GO | 5.000% | 4/1/19 | 400 | 427 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/17 | 500 | 503 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/18 | 725 | 756 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/22 | 1,115 | 1,281 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.000% | 2/1/24 | 1,500 | 1,704 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/24 | 375 | 440 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.000% | 2/1/25 | 715 | 824 |
67
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/26 | 585 | 699 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.000% | 2/1/27 | 1,000 | 1,166 |
Tennessee GO | 5.000% | 8/1/20 | 625 | 697 |
Tennessee GO | 5.000% | 8/1/21 | 1,490 | 1,711 |
Tennessee GO | 5.000% | 8/1/22 | 1,475 | 1,736 |
22,529 | ||||
Texas (4.7%) | ||||
Alamo TX Regional Mobility Authority Revenue | 5.000% | 6/15/27 | 1,280 | 1,530 |
Aldine TX Independent School District GO | 5.000% | 2/15/21 | 1,865 | 2,104 |
Arlington TX GO | 5.000% | 8/15/19 | 1,920 | 2,076 |
Arlington TX Independent School District GO | 5.000% | 2/15/24 | 1,355 | 1,638 |
Austin Convention Enterprises Inc. Texas | ||||
Convention Center Revenue | 5.000% | 1/1/25 | 500 | 575 |
Austin TX Airport System Revenue | 5.000% | 11/15/26 | 885 | 1,083 |
Austin TX Airport System Revenue | 5.000% | 11/15/32 | 1,150 | 1,352 |
Austin TX Combined Utility System Revenue | 0.000% | 5/15/18 (14) | 1,000 | 991 |
Austin TX Community College District Public | ||||
Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,184 |
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 | 577 |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/24 | 210 | 229 |
Brownsville TX Utility System Revenue | 4.000% | 9/1/30 | 1,000 | 1,051 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.750% | 1/1/20 (Prere.) | 500 | 555 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/24 | 1,000 | 1,178 |
Central Texas Regional Mobility Authority | ||||
Revenue | 0.000% | 1/1/25 | 100 | 80 |
Central Texas Regional Mobility Authority | ||||
Revenue | 0.000% | 1/1/26 | 180 | 137 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/26 | 1,000 | 1,186 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/30 | 800 | 927 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/33 | 500 | 552 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/34 | 1,400 | 1,595 |
Clifton TX Higher Education Finance Corp. | ||||
Revenue (Baylor University) | 5.250% | 3/1/29 | 200 | 225 |
Cypress-Fairbanks TX Independent School | ||||
District GO | 5.000% | 2/15/25 | 500 | 563 |
Dallas County TX GO | 5.000% | 8/15/25 | 1,000 | 1,223 |
Dallas TX Area Rapid Transit Sales Tax | ||||
Revenue | 4.500% | 12/1/18 (Prere.) | 500 | 525 |
Dallas TX Area Rapid Transit Sales Tax | ||||
Revenue | 5.000% | 12/1/27 | 500 | 585 |
Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 547 |
68
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/17 | 200 | 202 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/21 | 1,090 | 1,252 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/21 (Prere.) | 195 | 225 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/22 | 140 | 160 |
Dallas-Fort Worth TX International Airport | ||||
Revenue | 5.250% | 11/1/29 | 1,000 | 1,174 |
Denton County TX GO | 4.000% | 7/15/18 | 1,500 | 1,547 |
El Paso TX Water & Sewer Revenue | 5.000% | 3/1/26 | 850 | 1,040 |
Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 506 |
Garland TX Independent School District GO | 5.000% | 2/15/22 | 1,025 | 1,186 |
Grand Parkway Transportation Corp. Texas | ||||
System Toll Revenue | 0.000% | 10/1/30 | 1,550 | 1,416 |
Harris County TX Flood Control District GO | 5.250% | 10/1/18 | 435 | 458 |
Harris County TX GO | 5.000% | 10/1/23 | 500 | 543 |
Harris County TX GO | 5.000% | 10/1/23 | 300 | 344 |
Harris County TX GO | 5.000% | 8/15/32 | 1,000 | 1,151 |
Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,392 |
Harris County TX Sports Authority Revenue | 5.000% | 11/15/22 | 945 | 1,079 |
2 Harris County TX Toll Road Revenue | 1.690% | 8/15/18 | 1,000 | 1,001 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/19 (Prere.) | 500 | 540 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 500 | 572 |
Highland Park TX Independent School | ||||
District GO | 5.000% | 2/15/19 | 1,000 | 1,063 |
Houston TX Airport System Revenue | 5.000% | 7/1/19 (14) | 1,000 | 1,004 |
Houston TX Airport System Revenue | 5.000% | 7/1/26 (14) | 3,000 | 3,010 |
Houston TX GO | 5.000% | 3/1/18 | 1,650 | 1,695 |
Houston TX GO | 5.000% | 3/1/20 | 500 | 532 |
Houston TX GO | 5.000% | 3/1/26 | 1,500 | 1,830 |
Houston TX Hotel Occupancy Tax & Special | ||||
Revenue (Convention & Entertainment | ||||
Facilities) | 5.000% | 9/1/24 | 1,000 | 1,180 |
Houston TX Independent School District GO | 5.000% | 2/15/19 | 1,200 | 1,277 |
Houston TX Independent School District GO | 5.000% | 2/15/20 | 1,105 | 1,215 |
Houston TX Independent School District GO | ||||
PUT | 3.000% | 6/1/18 | 1,200 | 1,222 |
Houston TX Utility System Revenue | 5.000% | 11/15/17 (Prere.) | 380 | 386 |
Houston TX Utility System Revenue | 5.000% | 5/15/21 | 1,000 | 1,136 |
Houston TX Utility System Revenue | 5.000% | 5/15/25 | 1,000 | 1,193 |
Houston TX Utility System Revenue | 5.000% | 11/15/28 (4) | 120 | 122 |
Houston TX Utility System Revenue | 4.000% | 11/15/31 | 1,000 | 1,084 |
Houston TX Utility System Revenue | 5.000% | 11/15/33 | 1,000 | 1,114 |
Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,150 |
2 Houston TX Utility System Revenue PUT | 1.810% | 5/1/20 | 1,000 | 1,000 |
Irving TX Independent School District GO | 5.000% | 2/15/21 | 1,500 | 1,696 |
Judson TX Independent School District | 5.000% | 2/1/22 | 600 | 694 |
Klein TX Independent School District GO | 5.000% | 8/1/34 | 1,200 | 1,413 |
Lake Travis TX Independent School | ||||
District GO | 5.000% | 2/15/32 | 500 | 558 |
Lamar TX Consolidated Independent | ||||
School District GO | 5.000% | 2/15/25 | 1,245 | 1,522 |
69
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Laredo TX Community College District GO | 5.000% | 8/1/25 | 1,000 | 1,191 |
Lone Star College System Texas GO | 5.000% | 8/15/19 (Prere.) | 250 | 271 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue (LCRA | ||||
Transmission Services Corp.) | 5.000% | 5/15/28 | 1,150 | 1,347 |
Lubbock TX GO | 5.000% | 2/15/23 | 500 | 579 |
Mesquite TX Health Facilities Development | ||||
Corp. Retirement Facility Revenue | ||||
(Christian Care Centers Inc. Project) | 5.000% | 2/15/24 | 350 | 389 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Student Housing Revenue | ||||
(Tarleton State University Project) | 4.000% | 4/1/19 | 495 | 509 |
New Hope TX Cultural Education Facilities. | ||||
First Mortgage Revenue | ||||
(Morningside Ministries Project) | 6.250% | 1/1/33 | 1,640 | 1,837 |
New Hope TX Cultural Education Facilities. | ||||
Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/26 | 1,060 | 1,195 |
New Hope TX Cultural Education Facilities. | ||||
Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/27 | 1,000 | 1,115 |
New Hope TX Cultural Education Facilities. | ||||
Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/28 | 870 | 960 |
New Hope TX Cultural Education Facilities. | ||||
Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/23 | 200 | 222 |
New Hope TX Cultural Education Facilities. | ||||
Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/24 | 210 | 235 |
New Hope TX Cultural Education Facilities. | ||||
Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/25 | 240 | 270 |
North East TX Independent School District GO | 5.250% | 2/1/22 | 500 | 585 |
North Texas Municipal Water District Regional | ||||
Wastewater System Revenue | 5.000% | 6/1/22 | 1,495 | 1,740 |
North Texas Municipal Water District Regional | ||||
Wastewater System Revenue | 5.000% | 6/1/23 | 1,555 | 1,843 |
North Texas Municipal Water District Regional | ||||
Wastewater System Revenue | 4.000% | 6/1/31 | 1,500 | 1,641 |
North Texas Municipal Water District Water | ||||
System Revenue | 5.000% | 9/1/22 | 1,645 | 1,932 |
North Texas Municipal Water District Water | ||||
System Revenue | 5.000% | 9/1/23 | 1,025 | 1,226 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 451 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 451 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/19 (Prere.) | 205 | 220 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/20 | 60 | 61 |
North Texas Tollway Authority System Revenue | 6.250% | 2/1/23 | 1,650 | 1,829 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/25 | 60 | 61 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 | 1,010 | 1,184 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/28 | 45 | 48 |
North Texas Tollway Authority System Revenue | 5.500% | 9/1/28 | 500 | 579 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/29 | 1,000 | 1,172 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 | 500 | 576 |
70
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 | 1,740 | 1,987 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/33 | 1,500 | 1,707 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/34 | 1,575 | 1,785 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/35 | 1,000 | 1,131 |
Northwest Independent School District | ||||
Texas GO | 5.000% | 2/15/26 | 1,000 | 1,211 |
Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,109 |
Plano TX Independent School District GO | 5.000% | 2/15/18 | 2,605 | 2,672 |
Plano TX Independent School District GO | 5.000% | 2/15/20 | 1,400 | 1,539 |
Rockwall County TX GO | 5.000% | 2/1/18 | 1,080 | 1,105 |
Rockwall TX GO | 3.000% | 8/1/17 | 600 | 601 |
SA Energy Acquisition Public Facility Corp. | ||||
Texas Gas Supply Revenue | 5.250% | 8/1/17 | 500 | 502 |
SA Energy Acquisition Public Facility Corp. | ||||
Texas Gas Supply Revenue | 5.500% | 8/1/19 | 500 | 540 |
Sam Rayburn TX Municipal Power | ||||
Agency Revenue | 5.000% | 10/1/19 | 210 | 226 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/19 | 500 | 531 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/21 | 500 | 565 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/36 | 1,000 | 1,177 |
San Antonio TX GO | 5.000% | 8/1/20 | 125 | 139 |
San Antonio TX GO | 5.000% | 2/1/22 | 1,000 | 1,128 |
San Antonio TX GO | 5.000% | 2/1/24 | 500 | 563 |
San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,216 |
San Antonio TX Water Revenue | 5.000% | 5/15/34 | 1,000 | 1,176 |
2 San Antonio TX Water Revenue PUT | 1.310% | 11/1/17 | 1,500 | 1,500 |
Spring Branch TX Independent School | ||||
District GO | 5.000% | 2/1/20 | 1,000 | 1,097 |
Spring TX Independent School District GO | 5.000% | 8/15/32 | 1,000 | 1,180 |
Spring TX Independent School District GO | 5.000% | 8/15/35 | 1,370 | 1,609 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Hospital Revenue (Methodist | ||||
Hospitals of Dallas) | 5.250% | 10/1/31 | 1,000 | 1,153 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (CHRISTUS Health) | 6.250% | 7/1/28 (12) | 325 | 347 |
Texas A&M University System Revenue Board | ||||
of Regents Revenue | 5.000% | 5/15/21 | 1,000 | 1,140 |
Texas A&M University System Revenue | ||||
Financing System Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 536 |
Texas GO | 4.000% | 4/1/18 | 400 | 409 |
Texas GO | 5.000% | 10/1/22 | 1,000 | 1,179 |
Texas GO | 5.000% | 10/1/24 | 1,000 | 1,221 |
Texas GO | 5.000% | 10/1/27 | 1,400 | 1,670 |
Texas GO | 5.000% | 10/1/28 | 1,330 | 1,579 |
Texas GO | 5.000% | 8/1/31 | 500 | 571 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/17 | 550 | 560 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/21 | 240 | 268 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/22 | 1,005 | 1,157 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/23 | 380 | 436 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/23 | 190 | 219 |
71
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/24 | 495 | 579 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/25 | 2,185 | 2,480 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/28 | 1,000 | 1,112 |
Texas Public Finance Authority Revenue | ||||
(Texas Southern University) | 5.000% | 11/1/21 (15) | 1,000 | 1,125 |
Texas Public Finance Authority Revenue | ||||
(Unemployment Compensation) | 4.000% | 1/1/18 | 235 | 235 |
Texas State University System Financing | ||||
System Revenue | 5.000% | 3/15/32 | 1,580 | 1,883 |
Texas Tech University System Financing | ||||
System Revenue | 5.000% | 2/15/19 (Prere.) | 500 | 532 |
Texas Transportation Commission GO | 5.000% | 10/1/21 | 1,500 | 1,729 |
Texas Transportation Commission GO | 5.000% | 10/1/22 | 1,175 | 1,385 |
Texas Transportation Commission GO | 5.000% | 10/1/29 | 1,500 | 1,801 |
2 Texas Transportation Commission GO PUT | 1.290% | 10/1/18 | 1,500 | 1,500 |
Texas Transportation Commission Revenue | 5.000% | 4/1/21 | 1,500 | 1,705 |
Texas Transportation Commission Revenue | 5.000% | 4/1/23 | 1,800 | 2,141 |
Texas Transportation Commission Revenue | 5.000% | 10/1/26 | 1,000 | 1,249 |
Texas Transportation Commission Turnpike | ||||
System Revenue | 5.000% | 8/15/34 | 665 | 739 |
Texas Turnpike Authority Central Texas | ||||
Turnpike System Revenue | 0.000% | 8/15/20 (ETM) | 285 | 273 |
Texas Turnpike Authority Central Texas | ||||
Turnpike System Revenue | 0.000% | 8/15/20 (2) | 525 | 499 |
Texas Water Development Board Revenue | 5.000% | 4/15/20 | 1,000 | 1,104 |
Texas Water Development Board Revenue | 5.000% | 4/15/21 | 1,000 | 1,136 |
Texas Water Financial Assistance GO | 5.000% | 8/1/24 | 500 | 522 |
Texas Water Financial Assistance GO | 5.000% | 8/1/25 | 500 | 521 |
Texas Water Financial Assistance GO | 5.000% | 8/1/27 | 500 | 521 |
University of North Texas Revenue | 5.000% | 4/15/36 | 1,225 | 1,434 |
University of Texas Permanent University | ||||
Fund Revenue | 5.000% | 7/1/19 | 1,225 | 1,319 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/19 | 325 | 351 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/20 | 1,000 | 1,115 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/21 | 500 | 573 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/23 | 1,000 | 1,198 |
Williamson County TX GO | 5.000% | 2/15/23 | 230 | 266 |
164,410 | ||||
Utah (0.2%) | ||||
Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 561 |
3 Salt Lake City UT Sales Tax Revenue | 5.000% | 2/1/30 | 955 | 1,161 |
Utah Associated Municipal Power Systems | ||||
Revenue (Horse Butte Wind Project) | 5.000% | 9/1/32 | 350 | 391 |
Utah GO | 4.500% | 7/1/19 | 2,000 | 2,136 |
Utah GO | 5.000% | 7/1/19 | 615 | 663 |
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 | 1,000 | 1,222 |
6,134 |
72
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Virginia (1.4%) | ||||
Arlington County VA GO | 5.000% | 8/15/19 | 1,535 | 1,661 |
Arlington County VA GO | 5.000% | 8/1/23 | 600 | 702 |
Arlington County VA GO | 5.000% | 8/15/26 | 2,000 | 2,518 |
Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 555 |
Chesterfield County VA GO | 5.000% | 1/1/22 | 900 | 1,045 |
Fairfax County VA GO | 4.000% | 10/1/19 | 2,000 | 2,129 |
Fairfax County VA GO | 5.000% | 10/1/20 | 1,710 | 1,918 |
Fairfax County VA GO | 5.000% | 10/1/23 | 1,255 | 1,514 |
Fairfax County VA GO | 5.000% | 10/1/24 | 1,365 | 1,677 |
Fairfax County VA GO | 4.000% | 10/1/32 | 1,415 | 1,574 |
Fairfax County VA Public Improvement GO | 5.000% | 10/1/17 | 500 | 505 |
Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 300 | 342 |
Fairfax County VA Sewer Revenue | 4.000% | 7/15/21 | 1,790 | 1,983 |
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/25 | 500 | 577 |
Norfolk VA GO | 5.000% | 10/1/20 | 775 | 868 |
Norfolk VA Water Revenue | 5.000% | 11/1/31 | 500 | 564 |
Richmond VA Public Utility Revenue | 5.000% | 1/15/28 | 1,000 | 1,219 |
Roanoke VA Economic Development | ||||
Authority Hospital Revenue (Carilion | ||||
Clinic Obligated Group) | 5.000% | 7/1/30 | 500 | 555 |
Stafford County VA Economic Development | ||||
Authority Hospital Facilities Revenue | ||||
(Mary Washington Healthcare Obligated | ||||
Group) | 5.000% | 6/15/24 | 750 | 881 |
Virginia College Building Authority | ||||
Educational Facilities Revenue (21st Century | ||||
College & Equipment Programs) | 5.000% | 2/1/21 | 1,000 | 1,131 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College | ||||
& Equipment Programs) | 4.000% | 2/1/31 | 1,445 | 1,565 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/19 | 1,570 | 1,701 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/22 | 355 | 417 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 4.000% | 9/1/31 | 1,000 | 1,088 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 5.000% | 9/15/18 | 2,000 | 2,096 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 5.000% | 9/15/21 | 2,410 | 2,769 |
3 Virginia Commonwealth Transportation Board | ||||
Revenue | 4.000% | 5/15/35 | 1,280 | 1,369 |
Virginia Public Building Authority Public | ||||
Facilities Revenue | 5.000% | 8/1/19 | 1,495 | 1,615 |
Virginia Public Building Authority Public | ||||
Facilities Revenue | 5.000% | 8/1/24 | 1,250 | 1,520 |
Virginia Public School Authority Revenue | 5.000% | 8/1/19 | 500 | 540 |
Virginia Public School Authority Revenue | 5.000% | 3/1/20 | 3,700 | 4,072 |
Virginia Public School Authority Revenue | 4.000% | 8/1/20 | 1,700 | 1,842 |
Virginia Public School Authority Revenue | 5.000% | 8/1/26 | 1,500 | 1,877 |
73
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Virginia Public School Authority Revenue | 5.000% | 8/1/29 | 1,500 | 1,832 |
Virginia Public School Authority School | ||||
Technology & Security Notes Revenue | 5.000% | 4/15/21 | 1,055 | 1,201 |
49,422 | ||||
Washington (1.0%) | ||||
Central Puget Sound WA Regional Transit | ||||
Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 | 750 | 940 |
Energy Northwest Washington Electric | ||||
Revenue (Columbia Generating Station) | 5.000% | 7/1/20 | 500 | 556 |
Energy Northwest Washington Electric | ||||
Revenue (Columbia Generating Station) | 5.000% | 7/1/31 | 1,200 | 1,412 |
Energy Northwest Washington Electric | ||||
Revenue (Project No. 1) | 5.000% | 7/1/17 (ETM) | 500 | 500 |
Energy Northwest Washington Electric | ||||
Revenue (Project No. 1) | 5.000% | 7/1/21 | 1,355 | 1,550 |
King County WA GO | 5.000% | 1/1/19 | 150 | 159 |
King County WA GO | 5.000% | 7/1/20 | 1,250 | 1,389 |
King County WA GO | 5.000% | 1/1/24 | 500 | 578 |
King County WA Sewer Revenue | 5.000% | 1/1/20 | 1,000 | 1,096 |
Lewis County WA Public Utility District No. 1 | ||||
Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 | 1,000 | 1,146 |
Northwest Energy Washington Electric | ||||
Revenue (Bonneville Power Administration) | 5.000% | 7/1/28 | 2,500 | 2,901 |
Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 285 |
Seattle WA GO | 5.000% | 6/1/21 | 1,000 | 1,144 |
Seattle WA Water System Revenue | 5.000% | 5/1/19 | 1,460 | 1,564 |
University of Washington Revenue | 5.000% | 4/1/31 | 335 | 376 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/17 (Prere.) | 500 | 500 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/18 (Prere.) | 425 | 442 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 428 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,207 |
Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,625 |
Washington Economic Development Finance | ||||
Authority Lease Revenue (Washington | ||||
Biomedical Research Properties 2) | 5.000% | 6/1/25 | 1,080 | 1,308 |
Washington GO | 5.000% | 7/1/17 | 200 | 200 |
Washington GO | 5.000% | 7/1/18 (Prere.) | 500 | 520 |
Washington GO | 5.000% | 7/1/18 | 675 | 702 |
Washington GO | 5.000% | 8/1/19 (Prere.) | 500 | 541 |
Washington GO | 0.000% | 6/1/20 (14) | 500 | 481 |
Washington GO | 5.000% | 7/1/20 | 1,000 | 1,112 |
Washington GO | 5.000% | 7/1/22 | 1,350 | 1,581 |
Washington GO | 5.000% | 7/1/23 | 1,000 | 1,194 |
Washington GO | 5.000% | 7/1/25 | 500 | 585 |
Washington GO | 5.000% | 7/1/25 | 1,500 | 1,826 |
Washington GO | 5.000% | 8/1/27 | 1,000 | 1,222 |
Washington GO | 5.000% | 2/1/32 | 500 | 568 |
Washington Health Care Facilities Authority | ||||
Revenue (Central Washington Health | ||||
Services Association) | 5.000% | 7/1/30 | 1,760 | 1,942 |
Washington Health Care Facilities Authority | ||||
Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 980 |
Washington State University General Revenue | 5.000% | 10/1/31 | 500 | 567 |
35,127 |
74
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
West Virginia (0.0%) | ||||
West Virginia Hospital Finance Authority | ||||
Hospital Revenue (Charleston Area Medical | ||||
Center Inc.) | 5.125% | 9/1/23 | 1,000 | 1,064 |
Wisconsin (0.9%) | ||||
Milwaukee WI GO | 4.000% | 3/15/19 | 1,000 | 1,048 |
Milwaukee WI GO | 4.000% | 3/15/20 | 1,000 | 1,074 |
Wisconsin General Fund Annual | ||||
Appropriation Revenue | 5.625% | 5/1/19 (Prere.) | 45 | 49 |
Wisconsin General Fund Annual | ||||
Appropriation Revenue | 5.625% | 5/1/28 | 415 | 448 |
Wisconsin GO | 5.000% | 5/1/18 (Prere.) | 500 | 517 |
Wisconsin GO | 5.000% | 5/1/19 | 1,335 | 1,431 |
Wisconsin GO | 5.000% | 11/1/19 | 1,250 | 1,362 |
Wisconsin GO | 5.000% | 5/1/20 | 1,000 | 1,107 |
Wisconsin GO | 5.000% | 5/1/21 | 750 | 855 |
Wisconsin GO | 5.000% | 11/1/23 | 2,370 | 2,852 |
Wisconsin GO | 5.000% | 5/1/24 | 500 | 580 |
Wisconsin GO | 5.000% | 5/1/26 | 2,210 | 2,562 |
Wisconsin GO | 5.000% | 5/1/36 | 2,000 | 2,318 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 4.000% | 11/15/33 | 2,000 | 2,066 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 4.000% | 11/15/34 | 1,500 | 1,544 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 5.000% | 11/15/36 | 1,800 | 2,059 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Aspirus, Inc. Obligated | ||||
Group) | 5.000% | 8/15/25 | 1,570 | 1,841 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Aurora Health Care Inc.) | 5.000% | 7/15/23 | 1,140 | 1,277 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 563 |
Wisconsin Public Finance Authority Hospital | ||||
Revenue (Renown Regional Medical Center) | 5.000% | 6/1/30 | 1,000 | 1,152 |
Wisconsin Public Power System Power | ||||
Supply System Revenue | 5.000% | 7/1/32 | 500 | 567 |
Wisconsin Transportation Revenue | 5.000% | 7/1/33 | 2,755 | 3,210 |
Wisconsin Transportation Revenue | 5.000% | 7/1/22 (Prere.) | 115 | 135 |
Wisconsin Transportation Revenue | 5.000% | 7/1/23 | 385 | 451 |
31,068 | ||||
Wyoming (0.0%) | ||||
Wyoming Municipal Power Agency Power | ||||
Supply Revenue | 5.000% | 1/1/34 (15) | 1,000 | 1,146 |
Total Tax-Exempt Municipal Bonds (Cost $1,785,238) | 1,831,942 | |||
Total Investments (100.1%) (Cost $2,777,198) | 3,516,923 |
75
Tax-Managed Balanced Fund | |
Amount | |
($000) | |
Other Assets and Liabilities (-0.1%) | |
Other Assets | |
Investment in Vanguard | 228 |
Receivables for Investment Securities Sold | 15 |
Receivables for Accrued Income | 22,504 |
Receivables for Capital Shares Issued | 4,987 |
Other Assets | 146 |
Total Other Assets | 27,880 |
Liabilities | |
Payables for Investment Securities Purchased | (26,754) |
Payables for Capital Shares Redeemed | (829) |
Payables to Vanguard | (1,414) |
Other Liabilities | (1,165) |
Total Liabilities | (30,162) |
Net Assets (100%) | |
Applicable to 120,128,173 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,514,641 |
Net Asset Value Per Share | $29.26 |
At June 30, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 2,801,987 |
Undistributed Net Investment Income | 524 |
Accumulated Net Realized Losses | (27,555) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 739,725 |
Futures Contracts | (40) |
Net Assets | 3,514,641 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Securities with a value of $407,000 have been segregated as initial margin for open futures contracts.
2 Adjustable-rate security.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2017.
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 June 30, 2017, the aggregate value of these securities was $9,131,000,
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.
76
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.
77
Tax-Managed Balanced Fund
Statement of Operations
Six Months Ended | |
June30,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 14,222 |
Interest | 22,393 |
Total Income | 36,615 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 186 |
Management and Administrative | 1,118 |
Marketing and Distribution | 147 |
Custodian Fees | 5 |
Shareholders’ Reports | 50 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,507 |
Net Investment Income | 35,108 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 2,901 |
Futures Contracts | 8 |
Realized Net Gain (Loss) | 2,909 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 154,967 |
Futures Contracts | (8) |
Change in Unrealized Appreciation (Depreciation) | 154,959 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 192,976 |
See accompanying Notes, which are an integral part of the Financial Statements.
78
Tax-Managed Balanced Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 35,108 | 61,947 |
Realized Net Gain (Loss) | 2,909 | (16,216) |
Change in Unrealized Appreciation (Depreciation) | 154,959 | 118,827 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 192,976 | 164,558 |
Distributions | ||
Net Investment Income | (33,550) | (62,031) |
Realized Capital Gain | — | — |
Total Distributions | (33,550) | (62,031) |
Capital Share Transactions | ||
Issued | 434,582 | 824,319 |
Issued in Lieu of Cash Distributions | 28,220 | 52,893 |
Redeemed | (203,125) | (362,291) |
Net Increase (Decrease) from Capital Share Transactions | 259,677 | 514,921 |
Total Increase (Decrease) | 419,103 | 617,448 |
Net Assets | ||
Beginning of Period | 3,095,538 | 2,478,090 |
End of Period1 | 3,514,641 | 3,095,538 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $524,000 and ($1,034,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
79
Tax-Managed Balanced Fund
Financial Highlights
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $27.85 | $26.86 | $26.79 | $24.90 | $22.25 | $20.55 |
Investment Operations | ||||||
Net Investment Income | . 300 | .595 | .557 | .547 | .517 | .525 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.397 | .989 | .067 | 1.879 | 2.647 | 1.696 |
Total from Investment Operations | 1.697 | 1.584 | .624 | 2.426 | 3.164 | 2.221 |
Distributions | ||||||
Dividends from Net Investment Income1 | (. 287) | (. 594) | (. 554) | (. 536) | (. 514) | (. 521) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 287) | (. 594) | (. 554) | (. 536) | (. 514) | (. 521) |
Net Asset Value, End of Period | $29.26 | $27.85 | $26.86 | $26.79 | $24.90 | $22.25 |
Total Return2 | 6.11% | 5.94% | 2.35% | 9.81% | 14.34% | 10.87% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,515 | $3,096 | $2,478 | $1,911 | $1,401 | $1,015 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.16% | 2.20% | 2.11% | 2.15% | 2.21% | 2.43% |
Portfolio Turnover Rate | 8% 3 | 11%3 | 9% | 8% | 9% | 7% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 For tax purposes, nontaxable dividends represent 61%, 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.
80
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 six months ended June 30, 2017, the fund’s average investments in long and short futures contracts represented 2% and less than 1% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
81
Tax-Managed Balanced Fund
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 for the period ended June 30, 2017, 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.
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 June 30, 2017, 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 June 30, 2017, the fund had contributed to Vanguard capital in the amount of $228,000, 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.
82
Tax-Managed Balanced Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of June 30, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 1,684,981 | — | — |
Tax-Exempt Municipal Bonds | — | 1,831,942 | — |
Futures Contracts—Assets1 | 146 | — | — |
Futures Contracts—Liabilities1 | (167) | — | — |
Total | 1,684,960 | 1,831,942 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2017, 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) |
5-Year U.S. Treasury Note | September 2017 | 574 | 67,638 | (247) |
2-Year U.S. Treasury Note | September 2017 | 282 | 60,943 | (52) |
Ultra 10-Year U.S. Treasury Note | September 2017 | (248) | (33,434) | 274 |
10-Year U.S. Treasury Note | September 2017 | 55 | 6,904 | (20) |
Ultra Long U.S. Treasury Bond | September 2017 | (26) | (4,313) | 6 |
30-Year U.S. Treasury Bond | September 2017 | 2 | 307 | (1) |
(40) |
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.
83
Tax-Managed Balanced Fund
During the six months ended June 30, 2017, the fund realized $4,569,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable gains, if any, realized during the year ending December 31, 2017; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2017, the cost of investment securities for tax purposes was $2,777,198,000. Net unrealized appreciation of investment securities for tax purposes was $739,725,000, consisting of unrealized gains of $747,712,000 on securities that had risen in value since their purchase and $7,987,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2017, the fund purchased $366,559,000 of investment securities and sold $132,425,000 of investment securities, other than U.S. government securities and temporary cash investments. Sales include $8,164,000 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 six months ended June 30, 2017, such purchases and sales were $84,067,000 and $70,790,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
G. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | |
June 30, 2017 | December 31, 2016 | |
Shares | Shares | |
(000) | (000) | |
Issued | 15,090 | 30,189 |
Issued in Lieu of Cash Distributions | 973 | 1,921 |
Redeemed | (7,069) | (13,249) |
Net Increase (Decrease) in Shares Outstanding | 8,994 | 18,861 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2017, that would require recognition or disclosure in these financial statements.
84
Tax-Managed Capital Appreciation Fund
Fund Profile
As of June 30, 2017
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTCLX | VTCIX |
Expense Ratio1 | 0.09% | 0.06% |
30-Day SEC Yield | 1.70% | 1.73% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Russell | Market | ||
1000 | FA | ||
Fund | Index | Index | |
Number of Stocks | 737 | 990 | 3,800 |
Median Market Cap | $66.1B | $70.2B | $59.8B |
Price/Earnings Ratio | 21.6x | 21.3x | 21.2x |
Price/Book Ratio | 3.0x | 3.0x | 2.9x |
Return on Equity | 22.2% | 22.5% | 16.3% |
Earnings Growth Rate | 8.7% | 8.3% | 10.0% |
Dividend Yield | 1.7% | 1.9% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 7% | — | — |
Short-Term Reserves | 0.0% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer Discretionary | 14.3% | 13.9% | 13.9% |
Consumer Staples | 7.5 | 7.5 | 7.1 |
Energy | 5.4 | 5.8 | 5.6 |
Financial Services | 20.9 | 20.8 | 21.2 |
Health Care | 14.0 | 13.8 | 13.8 |
Materials & Processing | 3.5 | 3.7 | 3.9 |
Other | 0.0 | 0.0 | 0.2 |
Producer Durables | 10.7 | 10.7 | 11.0 |
Technology | 18.7 | 18.6 | 18.2 |
Utilities | 5.0 | 5.2 | 5.1 |
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 | 3.4% | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.4 | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.2 | |
Amazon.com Inc. | Diversified Retail | 1.6 |
Johnson & Johnson | Pharmaceuticals | 1.5 |
Facebook Inc. | Computer Services | |
Software & Systems | 1.5 | |
Exxon Mobil Corp. | Oil: Integrated | 1.4 |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.3 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.3 | |
Wells Fargo & Co. | Banks: Diversified | 1.1 |
Top Ten | 17.7% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2017, the annualized expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
85
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.
Fiscal-Year Total Returns (%): December 31, 2006, Through June 30, 2017
Note: For 2017, performance data reflect the six months ended June 30, 2017.
Average Annual Total Returns: Periods Ended June 30, 2017 | ||||
Inception Date | One Year | Five Years | Ten Years | |
Admiral Shares | 9/6/1994 | 18.76% | 14.86% | 7.38% |
Institutional Shares | 2/24/1999 | 18.80 | 14.90 | 7.42 |
See Financial Highlights for dividend and capital gains information.
86
Tax-Managed Capital Appreciation Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2017
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 (99.8%)1 | |||
Consumer Discretionary (14.2%) | |||
* | Amazon.com Inc. | 133,851 | 129,568 |
Home Depot Inc. | 445,141 | 68,285 | |
Comcast Corp. Class A | 1,561,046 | 60,756 | |
Walt Disney Co. | 567,879 | 60,337 | |
McDonald’s Corp. | 305,804 | 46,837 | |
Wal-Mart Stores Inc. | 503,796 | 38,127 | |
* | Priceline Group Inc. | 18,319 | 34,266 |
Starbucks Corp. | 534,294 | 31,155 | |
Time Warner Inc. | 304,872 | 30,612 | |
NIKE Inc. Class B | 485,126 | 28,622 | |
Lowe’s Cos. Inc. | 356,815 | 27,664 | |
Costco Wholesale Corp. | 167,474 | 26,784 | |
* | Netflix Inc. | 139,472 | 20,839 |
* | Charter Communications | ||
Inc. Class A | 59,589 | 20,073 | |
Marriott International Inc. | |||
Class A | 199,777 | 20,040 | |
* | eBay Inc. | 457,275 | 15,968 |
TJX Cos. Inc. | 204,469 | 14,757 | |
Twenty-First Century Fox | |||
Inc. Class A | 503,599 | 14,272 | |
* | Tesla Inc. | 38,954 | 14,086 |
Ross Stores Inc. | 206,205 | 11,904 | |
Yum! Brands Inc. | 158,953 | 11,724 | |
Royal Caribbean Cruises | |||
Ltd. | 104,593 | 11,425 | |
General Motors Co. | 315,423 | 11,018 | |
Estee Lauder Cos. Inc. | |||
Class A | 112,088 | 10,758 | |
* | O’Reilly Automotive Inc. | 49,150 | 10,751 |
* | Mohawk Industries Inc. | 43,095 | 10,416 |
CBS Corp. Class B | 160,925 | 10,264 | |
MGM Resorts International | 324,221 | 10,145 | |
Ford Motor Co. | 905,184 | 10,129 | |
Expedia Inc. | 66,607 | 9,921 | |
* | NVR Inc. | 4,041 | 9,741 |
Sirius XM Holdings Inc. | 1,742,688 | 9,533 | |
* | CarMax Inc. | 147,985 | 9,332 |
* | AutoZone Inc. | 16,255 | 9,273 |
* | Dollar Tree Inc. | 123,414 | 8,629 |
Hasbro Inc. | 76,942 | 8,580 | |
* | Panera Bread Co. Class A | 27,106 | 8,529 |
Target Corp. | 155,625 | 8,138 | |
* | WABCO Holdings Inc. | 61,510 | 7,843 |
PVH Corp. | 66,936 | 7,664 | |
DR Horton Inc. | 218,026 | 7,537 | |
Fortune Brands Home | |||
& Security Inc. | 114,801 | 7,490 | |
Goodyear Tire & Rubber Co. 208,626 | 7,294 | ||
* | Yum China Holdings Inc. | 183,673 | 7,242 |
Interpublic Group of Cos. | |||
Inc. | 293,791 | 7,227 | |
Darden Restaurants Inc. | 76,927 | 6,957 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 279,306 | 6,854 | |
* | Visteon Corp. | 66,473 | 6,784 |
Lennar Corp. Class A | 126,336 | 6,736 | |
BorgWarner Inc. | 142,961 | 6,056 | |
Gentex Corp. | 316,457 | 6,003 | |
Las Vegas Sands Corp. | 93,794 | 5,992 | |
Advance Auto Parts Inc. | 50,598 | 5,899 | |
PulteGroup Inc. | 232,854 | 5,712 | |
Hanesbrands Inc. | 231,493 | 5,361 | |
Dollar General Corp. | 73,707 | 5,314 | |
Harley-Davidson Inc. | 96,566 | 5,216 | |
Carnival Corp. | 77,458 | 5,079 | |
* | Discovery | ||
Communications Inc. | 199,931 | 5,040 | |
Viacom Inc. Class B | 149,833 | 5,030 | |
Scripps Networks | |||
Interactive Inc. Class A | 69,558 | 4,752 | |
* | Hyatt Hotels Corp. Class A | 83,712 | 4,705 |
Newell Brands Inc. | 83,463 | 4,475 | |
VF Corp. | 76,758 | 4,421 | |
Lear Corp. | 30,629 | 4,352 |
87
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Toll Brothers Inc. | 106,247 | 4,198 | |
Omnicom Group Inc. | 50,564 | 4,192 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class C | 85,986 | 3,586 | |
Foot Locker Inc. | 70,470 | 3,473 | |
Brinker International Inc. | 88,041 | 3,354 | |
* | AutoNation Inc. | 78,679 | 3,317 |
Gap Inc. | 148,246 | 3,260 | |
* | Tempur Sealy International | ||
Inc. | 60,667 | 3,239 | |
Kohl’s Corp. | 79,094 | 3,059 | |
Delphi Automotive plc | 34,717 | 3,043 | |
KAR Auction Services Inc. | 71,820 | 3,014 | |
Wynn Resorts Ltd. | 21,318 | 2,859 | |
John Wiley & Sons Inc. | |||
Class A | 53,577 | 2,826 | |
Coty Inc. Class A | 145,686 | 2,733 | |
Bed Bath & Beyond Inc. | 88,823 | 2,700 | |
* | Under Armour Inc. Class A | 122,247 | 2,660 |
Vail Resorts Inc. | 13,100 | 2,657 | |
* | TripAdvisor Inc. | 67,080 | 2,562 |
* | Liberty Expedia Holdings | ||
Inc. Class A | 46,077 | 2,489 | |
* | Liberty Ventures Class A | 46,959 | 2,455 |
News Corp. Class A | 177,364 | 2,430 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 5,766 | 2,399 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 44,014 | 2,390 | |
* | DISH Network Corp. | ||
Class A | 37,954 | 2,382 | |
* | Liberty Broadband Corp. | 26,990 | 2,341 |
* | Vista Outdoor Inc. | 102,839 | 2,315 |
* | Liberty Media Corp- | ||
Liberty SiriusXM Class A | 53,860 | 2,261 | |
* | Michael Kors Holdings Ltd. | 61,467 | 2,228 |
* | Ulta Beauty Inc. | 7,478 | 2,149 |
Ralph Lauren Corp. Class A | 26,519 | 1,957 | |
Nordstrom Inc. | 31,966 | 1,529 | |
Best Buy Co. Inc. | 24,536 | 1,407 | |
Coach Inc. | 28,940 | 1,370 | |
Macy’s Inc. | 56,651 | 1,317 | |
* | AMC Networks Inc. Class A | 22,919 | 1,224 |
* | LKQ Corp. | 37,002 | 1,219 |
Adient plc | 18,417 | 1,204 | |
* | Under Armour Inc. | 59,497 | 1,199 |
* | Hilton Grand Vacations Inc. | 33,161 | 1,196 |
* | Madison Square Garden | ||
Co. Class A | 5,889 | 1,160 | |
* | Liberty Broadband Corp. | ||
Class A | 13,284 | 1,140 | |
Polaris Industries Inc. | 12,226 | 1,128 | |
* | ServiceMaster Global | ||
Holdings Inc. | 28,469 | 1,116 |
H&R Block Inc. | 35,900 | 1,110 | |
* | Lululemon Athletica Inc. | 13,048 | 779 |
* | Skechers U.S.A. Inc. | ||
Class A | 24,314 | 717 | |
* | Sally Beauty Holdings Inc. | 33,345 | 675 |
* | Pandora Media Inc. | 75,390 | 672 |
* | Michaels Cos. Inc. | 35,297 | 654 |
* | Burlington Stores Inc. | 6,574 | 605 |
* | Live Nation Entertainment | ||
Inc. | 15,425 | 538 | |
Graham Holdings Co. | |||
Class B | 821 | 492 | |
AMERCO | 1,200 | 439 | |
Lennar Corp. Class B | 8,282 | 372 | |
Tribune Media Co. Class A | 7,900 | 322 | |
Staples Inc. | 31,122 | 313 | |
* | Murphy USA Inc. | 4,037 | 299 |
GameStop Corp. Class A | 11,776 | 254 | |
* | Kate Spade & Co. | 10,900 | 202 |
* | Cabela’s Inc. | 2,112 | 125 |
* | Altice USA Inc. Class A | 3,877 | 125 |
Nielsen Holdings plc | 3,136 | 121 | |
1,165,844 | |||
Consumer Staples (7.5%) | |||
Procter & Gamble Co. | 893,492 | 77,868 | |
Philip Morris | |||
International Inc. | 561,782 | 65,981 | |
Coca-Cola Co. | 1,226,086 | 54,990 | |
PepsiCo Inc. | 468,488 | 54,106 | |
Altria Group Inc. | 552,280 | 41,128 | |
CVS Health Corp. | 388,354 | 31,247 | |
Mondelez International | |||
Inc. Class A | 617,689 | 26,678 | |
Colgate-Palmolive Co. | 347,747 | 25,778 | |
Walgreens Boots Alliance | |||
Inc. | 301,845 | 23,637 | |
Constellation Brands Inc. | |||
Class A | 85,361 | 16,537 | |
Reynolds American Inc. | 231,531 | 15,059 | |
* | Monster Beverage Corp. | 262,651 | 13,048 |
Kraft Heinz Co. | 143,961 | 12,329 | |
Kimberly-Clark Corp. | 89,751 | 11,588 | |
Kroger Co. | 442,623 | 10,322 | |
Tyson Foods Inc. Class A | 164,014 | 10,272 | |
Archer-Daniels-Midland Co. 242,866 | 10,050 | ||
Dr Pepper Snapple Group | |||
Inc. | 109,488 | 9,975 | |
Clorox Co. | 71,982 | 9,591 | |
Church & Dwight Co. Inc. | 168,036 | 8,718 | |
Brown-Forman Corp. | |||
Class B | 166,260 | 8,080 | |
McCormick & Co. Inc. | 80,966 | 7,895 | |
JM Smucker Co. | 66,043 | 7,815 | |
Hershey Co. | 72,467 | 7,781 |
88
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Molson Coors Brewing | ||||
Co. Class B | 88,874 | 7,673 | ||
Hormel Foods Corp. | 209,953 | 7,161 | ||
Ingredion Inc. | 59,184 | 7,055 | ||
Campbell Soup Co. | 97,145 | 5,066 | ||
General Mills Inc. | 88,800 | 4,920 | ||
* | Edgewell Personal Care Co. | 59,490 | 4,522 | |
Energizer Holdings Inc. | 62,510 | 3,002 | ||
Whole Foods Market Inc. | 65,508 | 2,759 | ||
Kellogg Co. | 22,838 | 1,586 | ||
Bunge Ltd. | 20,961 | 1,564 | ||
Sysco Corp. | 30,598 | 1,540 | ||
Conagra Brands Inc. | 18,538 | 663 | ||
* | Blue Buffalo Pet | |||
Products Inc. | 28,628 | 653 | ||
* | US Foods Holding Corp. | 23,654 | 644 | |
Lamb Weston Holdings Inc. | 6,179 | 272 | ||
* | Post Holdings Inc. | 1,900 | 148 | |
* | Pilgrim’s Pride Corp. | 6,600 | 145 | |
Nu Skin Enterprises Inc. | ||||
Class A | 1,013 | 64 | ||
* | AquaBounty | |||
Technologies Inc. | 1,826 | 15 | ||
609,925 | ||||
Energy (5.4%) | ||||
Exxon Mobil Corp. | 1,453,428 | 117,335 | ||
Chevron Corp. | 657,090 | 68,554 | ||
ConocoPhillips | 491,868 | 21,623 | ||
Schlumberger Ltd. | 313,414 | 20,635 | ||
EOG Resources Inc. | 227,247 | 20,570 | ||
Phillips 66 | 214,201 | 17,712 | ||
Halliburton Co. | 381,607 | 16,298 | ||
Pioneer Natural | ||||
Resources Co. | 77,710 | 12,401 | ||
Valero Energy Corp. | 182,002 | 12,278 | ||
Baker Hughes Inc. | 218,632 | 11,918 | ||
* | Concho Resources Inc. | 88,765 | 10,788 | |
Anadarko Petroleum Corp. | 227,591 | 10,319 | ||
Marathon Petroleum Corp. | 159,433 | 8,343 | ||
Cabot Oil & Gas Corp. | 290,464 | 7,285 | ||
Williams Cos. Inc. | 239,189 | 7,243 | ||
Cimarex Energy Co. | 68,836 | 6,471 | ||
Occidental Petroleum Corp. | 105,502 | 6,316 | ||
* | Energen Corp. | 125,495 | 6,196 | |
Patterson-UTI Energy Inc. | 286,601 | 5,787 | ||
Apache Corp. | 119,853 | 5,745 | ||
* | Newfield Exploration Co. | 187,579 | 5,339 | |
Noble Energy Inc. | 185,706 | 5,256 | ||
Tesoro Corp. | 54,126 | 5,066 | ||
Kinder Morgan Inc. | 236,063 | 4,523 | ||
EQT Corp. | 74,804 | 4,383 | ||
* | Continental Resources Inc. | 115,665 | 3,739 | |
* | WPX Energy Inc. | 384,186 | 3,711 | |
Helmerich & Payne Inc. | 57,866 | 3,144 |
Hess Corp. | 61,374 | 2,693 | |
Targa Resources Corp. | 36,063 | 1,630 | |
National Oilwell Varco Inc. | 48,309 | 1,591 | |
* | First Solar Inc. | 28,018 | 1,117 |
* | Rowan Cos. plc Class A | 106,870 | 1,094 |
ONEOK Inc. | 19,882 | 1,037 | |
* | Cheniere Energy Inc. | 17,497 | 852 |
* | Antero Resources Corp. | 30,231 | 653 |
* | Southwestern Energy Co. | 106,257 | 646 |
* | Weatherford | ||
International plc | 151,733 | 587 | |
* | Laredo Petroleum Inc. | 54,141 | 570 |
* | SunPower Corp. Class A | 57,456 | 537 |
HollyFrontier Corp. | 17,272 | 474 | |
* | Rice Energy Inc. | 7,100 | 189 |
Devon Energy Corp. | 5,058 | 162 | |
* | CONSOL Energy Inc. | 10,690 | 160 |
* | Extraction Oil & Gas Inc. | 11,202 | 151 |
SM Energy Co. | 2,226 | 37 | |
Marathon Oil Corp. | 331 | 4 | |
* | Chesapeake Energy Corp. | 229 | 1 |
443,163 | |||
Financial Services (20.8%) | |||
* | Berkshire Hathaway | ||
Inc. Class B | 650,445 | 110,166 | |
JPMorgan Chase & Co. | 1,202,664 | 109,923 | |
Wells Fargo & Co. | 1,594,225 | 88,336 | |
Bank of America Corp. | 3,455,790 | 83,837 | |
Citigroup Inc. | 1,079,154 | 72,174 | |
Visa Inc. Class A | 686,529 | 64,383 | |
Mastercard Inc. Class A | 363,828 | 44,187 | |
Goldman Sachs Group Inc. | 153,479 | 34,057 | |
American International | |||
Group Inc. | 457,032 | 28,574 | |
* | PayPal Holdings Inc. | 512,813 | 27,523 |
American Express Co. | 300,034 | 25,275 | |
Morgan Stanley | 535,505 | 23,862 | |
American Tower Corp. | 173,628 | 22,974 | |
Charles Schwab Corp. | 496,358 | 21,324 | |
US Bancorp | 400,905 | 20,815 | |
S&P Global Inc. | 124,501 | 18,176 | |
Aon plc | 129,154 | 17,171 | |
Intercontinental | |||
Exchange Inc. | 248,935 | 16,410 | |
* | Fiserv Inc. | 133,007 | 16,272 |
Prudential Financial Inc. | 148,953 | 16,108 | |
Simon Property Group Inc. | 98,152 | 15,877 | |
State Street Corp. | 164,707 | 14,779 | |
MetLife Inc. | 262,212 | 14,406 | |
Equinix Inc. | 33,081 | 14,197 | |
Crown Castle International | |||
Corp. | 138,391 | 13,864 | |
Aflac Inc. | 172,218 | 13,378 | |
SunTrust Banks Inc. | 234,876 | 13,322 |
89
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Travelers Cos. Inc. | 101,725 | 12,871 | |
Discover Financial Services | 201,833 | 12,552 | |
Public Storage | 57,988 | 12,092 | |
* | E*TRADE Financial Corp. | 315,716 | 12,007 |
Progressive Corp. | 267,429 | 11,791 | |
* | SBA Communications | ||
Corp. Class A | 85,995 | 11,601 | |
AvalonBay Communities Inc. | 58,706 | 11,281 | |
Ameriprise Financial Inc. | 87,796 | 11,176 | |
Fidelity National Information | |||
Services Inc. | 130,247 | 11,123 | |
Chubb Ltd. | 74,677 | 10,857 | |
Global Payments Inc. | 117,263 | 10,591 | |
PNC Financial Services | |||
Group Inc. | 82,183 | 10,262 | |
Equifax Inc. | 73,853 | 10,149 | |
First Republic Bank | 100,649 | 10,075 | |
Equity Residential | 151,097 | 9,947 | |
Capital One Financial Corp. | 117,695 | 9,724 | |
Lincoln National Corp. | 143,702 | 9,711 | |
Boston Properties Inc. | 77,995 | 9,595 | |
Fifth Third Bancorp | 368,271 | 9,560 | |
CME Group Inc. | 76,029 | 9,522 | |
Essex Property Trust Inc. | 36,270 | 9,331 | |
* | Markel Corp. | 9,515 | 9,285 |
KeyCorp | 485,322 | 9,095 | |
Allstate Corp. | 102,184 | 9,037 | |
* | CBRE Group Inc. Class A | 246,639 | 8,978 |
MSCI Inc. Class A | 86,829 | 8,942 | |
* | Arch Capital Group Ltd. | 95,099 | 8,872 |
Bank of New York Mellon | |||
Corp. | 173,425 | 8,848 | |
Zions Bancorporation | 194,374 | 8,535 | |
Moody’s Corp. | 69,986 | 8,516 | |
BlackRock Inc. | 19,961 | 8,432 | |
East West Bancorp Inc. | 134,403 | 7,873 | |
Torchmark Corp. | 102,754 | 7,861 | |
Assurant Inc. | 75,128 | 7,790 | |
* | SLM Corp. | 676,250 | 7,777 |
Welltower Inc. | 103,869 | 7,775 | |
Unum Group | 166,461 | 7,762 | |
Nasdaq Inc. | 108,085 | 7,727 | |
Reinsurance Group of | |||
America Inc. Class A | 59,891 | 7,689 | |
Total System Services Inc. | 130,880 | 7,624 | |
Equity LifeStyle | |||
Properties Inc. | 87,665 | 7,569 | |
TD Ameritrade Holding | |||
Corp. | 174,048 | 7,482 | |
M&T Bank Corp. | 46,002 | 7,450 | |
Franklin Resources Inc. | 165,917 | 7,431 | |
* | Alleghany Corp. | 12,354 | 7,348 |
Principal Financial Group | |||
Inc. | 113,318 | 7,260 |
Synchrony Financial | 241,273 | 7,195 | |
Raymond James Financial | |||
Inc. | 89,465 | 7,177 | |
American Financial Group | |||
Inc. | 69,403 | 6,897 | |
T. Rowe Price Group Inc. | 92,836 | 6,889 | |
Annaly Capital | |||
Management Inc. | 562,392 | 6,777 | |
WR Berkley Corp. | 97,378 | 6,736 | |
Weyerhaeuser Co. | 198,402 | 6,646 | |
SEI Investments Co. | 123,501 | 6,642 | |
Commerce Bancshares Inc. | 114,487 | 6,506 | |
* | Howard Hughes Corp. | 52,872 | 6,495 |
Loews Corp. | 138,528 | 6,484 | |
Prologis Inc. | 109,443 | 6,418 | |
Popular Inc. | 153,360 | 6,397 | |
American Homes 4 Rent | |||
Class A | 280,681 | 6,335 | |
GGP Inc. | 267,975 | 6,313 | |
Lamar Advertising Co. | |||
Class A | 85,598 | 6,297 | |
Extra Space Storage Inc. | 79,539 | 6,204 | |
Brown & Brown Inc. | 143,235 | 6,169 | |
* | Signature Bank | 42,511 | 6,102 |
Douglas Emmett Inc. | 159,344 | 6,089 | |
White Mountains | |||
Insurance Group Ltd. | 6,999 | 6,080 | |
Apartment Investment | |||
& Management Co. | 137,720 | 5,918 | |
Forest City Realty Trust | |||
Inc. Class A | 241,109 | 5,828 | |
SL Green Realty Corp. | 54,797 | 5,797 | |
Jones Lang LaSalle Inc. | 45,890 | 5,736 | |
Mid-America Apartment | |||
Communities Inc. | 53,974 | 5,688 | |
Federal Realty Investment | |||
Trust | 44,803 | 5,663 | |
First Horizon National Corp. | 319,147 | 5,560 | |
Ventas Inc. | 79,000 | 5,489 | |
* | CoreLogic Inc. | 124,571 | 5,404 |
HCP Inc. | 165,100 | 5,277 | |
Host Hotels & Resorts Inc. | 279,419 | 5,105 | |
Affiliated Managers | |||
Group Inc. | 29,691 | 4,925 | |
Dun & Bradstreet Corp. | 43,819 | 4,739 | |
Jack Henry & Associates | |||
Inc. | 44,906 | 4,664 | |
Alexandria Real Estate | |||
Equities Inc. | 38,539 | 4,643 | |
Cullen/Frost Bankers Inc. | 47,496 | 4,460 | |
Broadridge Financial | |||
Solutions Inc. | 58,618 | 4,429 | |
Hanover Insurance | |||
Group Inc. | 49,487 | 4,386 |
90
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Associated Banc-Corp | 170,283 | 4,291 | |
TFS Financial Corp. | 271,733 | 4,204 | |
Eaton Vance Corp. | 86,022 | 4,071 | |
Camden Property Trust | 42,323 | 3,619 | |
Hospitality Properties Trust | 119,017 | 3,469 | |
Hartford Financial Services | |||
Group Inc. | 64,171 | 3,373 | |
BOK Financial Corp. | 38,481 | 3,237 | |
Digital Realty Trust Inc. | 28,422 | 3,210 | |
Leucadia National Corp. | 120,270 | 3,146 | |
AGNC Investment Corp. | 141,619 | 3,015 | |
CNA Financial Corp. | 61,718 | 3,009 | |
Alliance Data Systems Corp. | 11,592 | 2,976 | |
Retail Properties of | |||
America Inc. | 208,902 | 2,551 | |
BB&T Corp. | 53,177 | 2,415 | |
People’s United | |||
Financial Inc. | 116,625 | 2,060 | |
Navient Corp. | 123,033 | 2,048 | |
DDR Corp. | 215,917 | 1,958 | |
Interactive Brokers | |||
Group Inc. | 51,120 | 1,913 | |
Northern Trust Corp. | 19,091 | 1,856 | |
CoreCivic Inc. | 66,446 | 1,833 | |
Paramount Group Inc. | 114,342 | 1,829 | |
Legg Mason Inc. | 47,414 | 1,809 | |
Marsh & McLennan | |||
Cos. Inc. | 21,585 | 1,683 | |
Bank of Hawaii Corp. | 20,064 | 1,665 | |
Invesco Ltd. | 36,848 | 1,297 | |
* | Quality Care Properties Inc. | 66,749 | 1,222 |
FNF Group | 25,471 | 1,142 | |
* | Vantiv Inc. Class A | 17,872 | 1,132 |
Omega Healthcare | |||
Investors Inc. | 30,324 | 1,001 | |
Iron Mountain Inc. | 28,923 | 994 | |
* | Zillow Group Inc. | 20,136 | 987 |
Ally Financial Inc. | 46,442 | 971 | |
Lazard Ltd. Class A | 18,503 | 857 | |
* | Santander Consumer | ||
USA Holdings Inc. | 61,229 | 781 | |
Apple Hospitality REIT Inc. | 39,944 | 747 | |
* | Athene Holding Ltd. Class A | 14,511 | 720 |
* | Western Alliance Bancorp | 14,589 | 718 |
Taubman Centers Inc. | 11,122 | 662 | |
* | First Data Corp. Class A | 34,601 | 630 |
* | FleetCor Technologies Inc. | 4,278 | 617 |
Colony NorthStar Inc. | |||
Class A | 40,743 | 574 | |
Uniti Group Inc. | 14,957 | 376 | |
* | Donnelley Financial | ||
Solutions Inc. | 14,000 | 321 | |
* | Zillow Group Inc. Class A | 6,500 | 317 |
Western Union Co. | 15,396 | 293 |
* | Euronet Worldwide Inc. | 2,150 | 188 |
Invitation Homes Inc. | 2,934 | 63 | |
* | OneMain Holdings Inc. | ||
Class A | 1,616 | 40 | |
1,702,595 | |||
Health Care (14.0%) | |||
Johnson & Johnson | 950,330 | 125,719 | |
Pfizer Inc. | 1,865,441 | 62,660 | |
Merck & Co. Inc. | 956,507 | 61,303 | |
UnitedHealth Group Inc. | 328,174 | 60,850 | |
Amgen Inc. | 269,967 | 46,496 | |
AbbVie Inc. | 547,331 | 39,687 | |
* | Celgene Corp. | 301,161 | 39,112 |
Medtronic plc | 436,939 | 38,778 | |
Gilead Sciences Inc. | 484,401 | 34,286 | |
Allergan plc | 113,879 | 27,683 | |
Thermo Fisher Scientific Inc. | 153,934 | 26,857 | |
Bristol-Myers Squibb Co. | 474,778 | 26,455 | |
Abbott Laboratories | 529,605 | 25,744 | |
Eli Lilly & Co. | 296,671 | 24,416 | |
* | Biogen Inc. | 89,106 | 24,180 |
Aetna Inc. | 145,181 | 22,043 | |
Anthem Inc. | 111,626 | 21,000 | |
Danaher Corp. | 231,447 | 19,532 | |
* | Boston Scientific Corp. | 686,689 | 19,035 |
Cigna Corp. | 112,107 | 18,766 | |
* | Express Scripts Holding Co. | 283,062 | 18,071 |
Becton Dickinson and Co. | 88,320 | 17,232 | |
Humana Inc. | 69,676 | 16,765 | |
Stryker Corp. | 109,046 | 15,133 | |
Zoetis Inc. | 240,279 | 14,989 | |
* | Vertex Pharmaceuticals Inc. | 113,366 | 14,609 |
* | Incyte Corp. | 108,037 | 13,603 |
* | Regeneron | ||
Pharmaceuticals Inc. | 27,413 | 13,464 | |
CR Bard Inc. | 41,918 | 13,251 | |
McKesson Corp. | 73,199 | 12,044 | |
* | Henry Schein Inc. | 63,041 | 11,538 |
Agilent Technologies Inc. | 192,643 | 11,426 | |
Zimmer Biomet Holdings | |||
Inc. | 88,957 | 11,422 | |
Cardinal Health Inc. | 145,261 | 11,319 | |
* | Laboratory Corp. of | ||
America Holdings | 65,711 | 10,129 | |
AmerisourceBergen Corp. | |||
Class A | 106,401 | 10,058 | |
Cooper Cos. Inc. | 40,631 | 9,728 | |
Baxter International Inc. | 153,258 | 9,278 | |
Dentsply Sirona Inc. | 130,580 | 8,467 | |
Teleflex Inc. | 39,319 | 8,169 | |
Quest Diagnostics Inc. | 72,665 | 8,077 | |
* | Quintiles IMS Holdings Inc. | 89,107 | 7,975 |
* | QIAGEN NV | 226,580 | 7,597 |
PerkinElmer Inc. | 109,261 | 7,445 |
91
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Universal Health Services | |||
Inc. Class B | 60,278 | 7,359 | |
* | Illumina Inc. | 40,925 | 7,101 |
* | Cerner Corp. | 95,628 | 6,356 |
* | Charles River Laboratories | ||
International Inc. | 56,217 | 5,686 | |
* | Intuitive Surgical Inc. | 5,822 | 5,446 |
* | Mylan NV | 138,811 | 5,389 |
* | Centene Corp. | 66,211 | 5,289 |
* | BioMarin Pharmaceutical | ||
Inc. | 56,479 | 5,129 | |
* | Ionis Pharmaceuticals Inc. | 99,475 | 5,060 |
Bio-Techne Corp. | 38,893 | 4,570 | |
Bruker Corp. | 138,767 | 4,002 | |
* | Varian Medical Systems Inc. | 38,754 | 3,999 |
Patterson Cos. Inc. | 73,371 | 3,445 | |
* | Bioverativ Inc. | 55,895 | 3,363 |
* | Alkermes plc | 44,124 | 2,558 |
* | Alnylam Pharmaceuticals | ||
Inc. | 31,902 | 2,545 | |
* | Hologic Inc. | 43,486 | 1,973 |
* | Edwards Lifesciences Corp. | 15,053 | 1,780 |
* | Endo International plc | 121,044 | 1,352 |
* | Align Technology Inc. | 8,939 | 1,342 |
* | Juno Therapeutics Inc. | 40,150 | 1,200 |
* | IDEXX Laboratories Inc. | 7,422 | 1,198 |
* | HCA Healthcare Inc. | 13,426 | 1,171 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 5,171 | 1,170 | |
* | Intercept Pharmaceuticals | ||
Inc. | 8,668 | 1,049 | |
* | Varex Imaging Corp. | 26,745 | 904 |
* | VCA Inc. | 7,844 | 724 |
* | Veeva Systems Inc. Class A | 11,543 | 708 |
* | VWR Corp. | 19,819 | 654 |
* | ABIOMED Inc. | 4,523 | 648 |
* | ACADIA Pharmaceuticals | ||
Inc. | 22,979 | 641 | |
* | WellCare Health Plans Inc. | 3,569 | 641 |
* | Seattle Genetics Inc. | 10,126 | 524 |
* | Alere Inc. | 10,265 | 515 |
* | Premier Inc. Class A | 14,219 | 512 |
* | Neurocrine Biosciences Inc. | 10,401 | 478 |
* | Agios Pharmaceuticals Inc. | 6,000 | 309 |
* | DaVita Inc. | 4,382 | 284 |
* | United Therapeutics Corp. | 1,913 | 248 |
* | Acadia Healthcare Co. Inc. | 4,200 | 207 |
* | Mallinckrodt plc | 4,103 | 184 |
* | Intrexon Corp. | 3,373 | 81 |
1,144,185 | |||
Materials & Processing (3.5%) | |||
EI du Pont de Nemours | |||
& Co. | 349,034 | 28,171 | |
Monsanto Co. | 178,022 | 21,071 |
Dow Chemical Co. | 244,754 | 15,437 | |
Ecolab Inc. | 115,934 | 15,390 | |
Sherwin-Williams Co. | 40,058 | 14,059 | |
Praxair Inc. | 103,342 | 13,698 | |
LyondellBasell Industries | |||
NV Class A | 132,695 | 11,198 | |
Vulcan Materials Co. | 85,590 | 10,843 | |
Martin Marietta | |||
Materials Inc. | 46,652 | 10,384 | |
FMC Corp. | 132,448 | 9,675 | |
Newmont Mining Corp. | 297,030 | 9,621 | |
Albemarle Corp. | 90,452 | 9,546 | |
Celanese Corp. Class A | 100,412 | 9,533 | |
Ball Corp. | 200,108 | 8,447 | |
Lennox International Inc. | 40,714 | 7,477 | |
* | Crown Holdings Inc. | 119,304 | 7,118 |
Owens Corning | 104,758 | 7,010 | |
Sealed Air Corp. | 143,185 | 6,409 | |
Southern Copper Corp. | 165,670 | 5,737 | |
Fastenal Co. | 125,785 | 5,475 | |
Air Products & | |||
Chemicals Inc. | 32,969 | 4,717 | |
Scotts Miracle-Gro Co. | 50,983 | 4,561 | |
Valmont Industries Inc. | 27,984 | 4,186 | |
WR Grace & Co. | 55,735 | 4,013 | |
* | Freeport-McMoRan Inc. | 328,590 | 3,946 |
* | Armstrong World | ||
Industries Inc. | 85,415 | 3,929 | |
Nucor Corp. | 66,785 | 3,865 | |
Westlake Chemical Corp. | 54,946 | 3,638 | |
Reliance Steel & | |||
Aluminum Co. | 46,208 | 3,364 | |
Packaging Corp. of America | 26,568 | 2,959 | |
PPG Industries Inc. | 23,100 | 2,540 | |
* | Owens-Illinois Inc. | 94,689 | 2,265 |
International Paper Co. | 35,971 | 2,036 | |
Eagle Materials Inc. | 21,140 | 1,954 | |
* | AdvanSix Inc. | 50,136 | 1,566 |
WestRock Co. | 22,602 | 1,281 | |
Eastman Chemical Co. | 14,072 | 1,182 | |
Mosaic Co. | 45,122 | 1,030 | |
* | Alcoa Corp. | 26,090 | 852 |
CF Industries Holdings Inc. | 26,925 | 753 | |
Tahoe Resources Inc. | 86,000 | 741 | |
* | Berry Global Group Inc. | 12,992 | 741 |
* | Platform Specialty | ||
Products Corp. | 56,052 | 711 | |
* | Axalta Coating Systems Ltd. | 21,484 | 688 |
United States Steel Corp. | 30,735 | 680 | |
Versum Materials Inc. | 16,484 | 536 | |
Royal Gold Inc. | 5,985 | 468 | |
Hexcel Corp. | 3,533 | 187 | |
285,688 |
92
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Producer Durables (10.7%) | |||
General Electric Co. | 2,587,155 | 69,879 | |
Boeing Co. | 225,405 | 44,574 | |
United Technologies Corp. | 279,693 | 34,153 | |
Union Pacific Corp. | 303,684 | 33,074 | |
3M Co. | 154,044 | 32,070 | |
FedEx Corp. | 113,273 | 24,618 | |
General Dynamics Corp. | 114,543 | 22,691 | |
Honeywell International Inc. | 168,320 | 22,435 | |
CSX Corp. | 389,166 | 21,233 | |
Accenture plc Class A | 164,778 | 20,380 | |
Illinois Tool Works Inc. | 140,947 | 20,191 | |
Southwest Airlines Co. | 313,976 | 19,510 | |
Delta Air Lines Inc. | 350,782 | 18,851 | |
Northrop Grumman Corp. | 72,150 | 18,522 | |
United Parcel Service Inc. | |||
Class B | 148,626 | 16,437 | |
* | United Continental | ||
Holdings Inc. | 211,747 | 15,934 | |
Norfolk Southern Corp. | 127,762 | 15,549 | |
* | Mettler-Toledo | ||
International Inc. | 23,676 | 13,934 | |
Lockheed Martin Corp. | 47,222 | 13,109 | |
Raytheon Co. | 80,822 | 13,051 | |
Roper Technologies Inc. | 51,607 | 11,949 | |
* | Waters Corp. | 62,274 | 11,448 |
Parker-Hannifin Corp. | 67,377 | 10,768 | |
Waste Management Inc. | 140,109 | 10,277 | |
Deere & Co. | 82,823 | 10,236 | |
TransDigm Group Inc. | 37,171 | 9,994 | |
* | Verisk Analytics Inc. | ||
Class A | 117,411 | 9,906 | |
Emerson Electric Co. | 159,064 | 9,483 | |
PACCAR Inc. | 142,675 | 9,422 | |
Toro Co. | 131,898 | 9,139 | |
* | Copart Inc. | 285,502 | 9,076 |
L3 Technologies Inc. | 53,889 | 9,004 | |
Cintas Corp. | 70,616 | 8,900 | |
AMETEK Inc. | 143,005 | 8,662 | |
Huntington Ingalls | |||
Industries Inc. | 44,901 | 8,359 | |
IDEX Corp. | 71,688 | 8,101 | |
Textron Inc. | 170,296 | 8,021 | |
Expeditors International | |||
of Washington Inc. | 138,833 | 7,841 | |
Cummins Inc. | 47,769 | 7,749 | |
Rockwell Collins Inc. | 73,559 | 7,730 | |
Old Dominion Freight | |||
Line Inc. | 78,902 | 7,515 | |
Wabtec Corp. | 80,447 | 7,361 | |
Fortive Corp. | 115,723 | 7,331 | |
Caterpillar Inc. | 65,805 | 7,071 | |
JB Hunt Transport | |||
Services Inc. | 76,689 | 7,008 |
BWX Technologies Inc. | 143,634 | 7,002 | |
* | Middleby Corp. | 57,579 | 6,996 |
AGCO Corp. | 98,700 | 6,651 | |
Jacobs Engineering | |||
Group Inc. | 121,987 | 6,635 | |
Landstar System Inc. | 73,936 | 6,329 | |
ManpowerGroup Inc. | 54,486 | 6,083 | |
Carlisle Cos. Inc. | 59,977 | 5,722 | |
FLIR Systems Inc. | 164,529 | 5,703 | |
* | Welbilt Inc. | 299,477 | 5,645 |
Oshkosh Corp. | 80,575 | 5,550 | |
* | HD Supply Holdings Inc. | 171,190 | 5,244 |
WW Grainger Inc. | 26,954 | 4,866 | |
Automatic Data | |||
Processing Inc. | 47,161 | 4,832 | |
Xylem Inc. | 86,943 | 4,819 | |
Donaldson Co. Inc. | 102,983 | 4,690 | |
Robert Half | |||
International Inc. | 96,924 | 4,646 | |
Terex Corp. | 113,735 | 4,265 | |
Genpact Ltd. | 151,475 | 4,216 | |
Xerox Corp. | 144,122 | 4,141 | |
Flowserve Corp. | 87,374 | 4,057 | |
Eaton Corp. plc | 51,783 | 4,030 | |
* | Keysight Technologies Inc. | 102,679 | 3,997 |
Stanley Black & Decker Inc. | 26,735 | 3,762 | |
* | Stericycle Inc. | 48,278 | 3,685 |
MSC Industrial Direct | |||
Co. Inc. Class A | 41,610 | 3,577 | |
Orbital ATK Inc. | 33,013 | 3,247 | |
* | Zebra Technologies Corp. | 30,202 | 3,036 |
Graco Inc. | 27,607 | 3,017 | |
CH Robinson Worldwide Inc. | 39,317 | 2,700 | |
ITT Inc. | 64,187 | 2,579 | |
Allison Transmission | |||
Holdings Inc. | 68,172 | 2,557 | |
* | Conduent Inc. | 159,197 | 2,538 |
* | Spirit Airlines Inc. | 41,357 | 2,136 |
Arconic Inc. | 78,271 | 1,773 | |
Republic Services Inc. | |||
Class A | 19,556 | 1,246 | |
* | Clean Harbors Inc. | 13,300 | 743 |
* | Quanta Services Inc. | 22,471 | 740 |
* | JetBlue Airways Corp. | 32,396 | 740 |
* | AECOM | 22,185 | 717 |
* | Colfax Corp. | 17,954 | 707 |
* | WESCO International Inc. | 11,627 | 666 |
* | Trimble Inc. | 16,800 | 599 |
* | CoStar Group Inc. | 2,219 | 585 |
Pentair plc | 6,124 | 407 | |
Ryder System Inc. | 5,166 | 372 | |
Spirit AeroSystems | |||
Holdings Inc. Class A | 4,357 | 252 | |
American Airlines Group Inc. | 4,847 | 244 |
93
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Fluor Corp. | 3,441 | 158 | |
RR Donnelley & Sons Co. | 1,398 | 18 | |
871,466 | |||
Technology (18.7%) | |||
Apple Inc. | 1,942,330 | 279,734 | |
Microsoft Corp. | 2,636,088 | 181,706 | |
* | Facebook Inc. Class A | 792,315 | 119,624 |
* | Alphabet Inc. Class A | 105,243 | 97,842 |
* | Alphabet Inc. Class C | 105,630 | 95,989 |
Oracle Corp. | 1,072,296 | 53,765 | |
Cisco Systems Inc. | 1,517,157 | 47,487 | |
International Business | |||
Machines Corp. | 300,425 | 46,214 | |
Intel Corp. | 1,357,284 | 45,795 | |
NVIDIA Corp. | 235,253 | 34,008 | |
Broadcom Ltd. | 145,562 | 33,923 | |
Texas Instruments Inc. | 389,186 | 29,940 | |
* | Adobe Systems Inc. | 203,973 | 28,850 |
QUALCOMM Inc. | 473,432 | 26,143 | |
* | salesforce.com Inc. | 275,923 | 23,895 |
Applied Materials Inc. | 532,975 | 22,017 | |
Activision Blizzard Inc. | 292,430 | 16,835 | |
Intuit Inc. | 126,429 | 16,791 | |
Cognizant Technology | |||
Solutions Corp. Class A | 249,738 | 16,583 | |
Corning Inc. | 477,384 | 14,345 | |
Lam Research Corp. | 96,753 | 13,684 | |
Hewlett Packard | |||
Enterprise Co. | 808,655 | 13,416 | |
* | Autodesk Inc. | 129,138 | 13,020 |
Amphenol Corp. Class A | 165,003 | 12,181 | |
DXC Technology Co. | 148,213 | 11,371 | |
* | Micron Technology Inc. | 329,512 | 9,839 |
* | Cadence Design | ||
Systems Inc. | 293,674 | 9,835 | |
Analog Devices Inc. | 125,312 | 9,749 | |
* | Synopsys Inc. | 132,555 | 9,667 |
Symantec Corp. | 315,666 | 8,918 | |
Western Digital Corp. | 98,249 | 8,705 | |
KLA-Tencor Corp. | 90,426 | 8,275 | |
* | Citrix Systems Inc. | 103,448 | 8,232 |
Juniper Networks Inc. | 288,825 | 8,052 | |
* | Arrow Electronics Inc. | 101,793 | 7,983 |
CDK Global Inc. | 123,048 | 7,636 | |
HP Inc. | 434,070 | 7,588 | |
Teradyne Inc. | 235,865 | 7,083 | |
Brocade Communications | |||
Systems Inc. | 531,669 | 6,704 | |
* | Teradata Corp. | 209,161 | 6,168 |
* | Electronic Arts Inc. | 56,496 | 5,973 |
Dolby Laboratories Inc. | |||
Class A | 115,638 | 5,662 | |
NetApp Inc. | 137,603 | 5,511 | |
CSRA Inc. | 171,247 | 5,437 |
DST Systems Inc. | 85,404 | 5,269 | |
Xilinx Inc. | 81,750 | 5,258 | |
* | NCR Corp. | 121,998 | 4,982 |
* | Gartner Inc. | 39,226 | 4,845 |
* | ServiceNow Inc. | 42,424 | 4,497 |
Avnet Inc. | 108,316 | 4,211 | |
CA Inc. | 109,686 | 3,781 | |
Skyworks Solutions Inc. | 38,209 | 3,666 | |
Microchip Technology Inc. | 43,580 | 3,364 | |
SS&C Technologies | |||
Holdings Inc. | 85,064 | 3,267 | |
Motorola Solutions Inc. | 36,182 | 3,138 | |
* | Twitter Inc. | 174,221 | 3,113 |
* | CommScope Holding | ||
Co. Inc. | 77,820 | 2,959 | |
* | IAC/InterActiveCorp | 27,461 | 2,835 |
* | Workday Inc. Class A | 28,150 | 2,731 |
* | VeriSign Inc. | 27,631 | 2,569 |
* | F5 Networks Inc. | 16,476 | 2,093 |
* | Dell Technologies Inc. | ||
Class V | 31,964 | 1,953 | |
* | Qorvo Inc. | 24,546 | 1,554 |
Harris Corp. | 13,240 | 1,444 | |
* | Palo Alto Networks Inc. | 10,267 | 1,374 |
* | ANSYS Inc. | 8,778 | 1,068 |
* | PTC Inc. | 18,751 | 1,034 |
* | Fortinet Inc. | 27,357 | 1,024 |
* | Red Hat Inc. | 10,084 | 966 |
Leidos Holdings Inc. | 15,371 | 795 | |
Amdocs Ltd. | 11,987 | 773 | |
* | Nutanix Inc. | 36,620 | 738 |
* | Black Knight Financial | ||
Services Inc. Class A | 16,522 | 677 | |
* | Arista Networks Inc. | 4,490 | 673 |
* | IPG Photonics Corp. | 4,591 | 666 |
* | Guidewire Software Inc. | 9,348 | 642 |
* | FireEye Inc. | 42,020 | 639 |
* | Tableau Software Inc. | ||
Class A | 10,322 | 632 | |
* | Ultimate Software Group Inc. | 2,983 | 627 |
* | GoDaddy Inc. Class A | 14,746 | 626 |
* | VMware Inc. Class A | 7,111 | 622 |
* | Zynga Inc. Class A | 168,731 | 614 |
* | Match Group Inc. | 33,870 | 589 |
* | Nuance | ||
Communications Inc. | 33,487 | 583 | |
* | Groupon Inc. Class A | 151,535 | 582 |
* | ON Semiconductor Corp. | 41,216 | 579 |
* | Splunk Inc. | 8,603 | 489 |
* | CommerceHub Inc. | 23,928 | 417 |
* | Atlassian Corp. plc Class A | 10,270 | 361 |
* | EchoStar Corp. Class A | 4,300 | 261 |
* | CommerceHub Inc. Class A | 14,126 | 246 |
Sabre Corp. | 8,123 | 177 |
94
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Inovalon Holdings Inc. | ||
Class A | 11,500 | 151 | |
* | ARRIS International plc | 5,100 | 143 |
1,528,472 | |||
Utilities (5.0%) | |||
AT&T Inc. | 1,872,980 | 70,668 | |
Verizon Communications | |||
Inc. | 1,170,595 | 52,279 | |
Duke Energy Corp. | 298,044 | 24,913 | |
NextEra Energy Inc. | 177,540 | 24,879 | |
Southern Co. | 356,794 | 17,083 | |
PG&E Corp. | 215,510 | 14,303 | |
Sempra Energy | 116,390 | 13,123 | |
Edison International | 162,181 | 12,681 | |
Exelon Corp. | 351,421 | 12,676 | |
* | T-Mobile US Inc. | 195,494 | 11,851 |
WEC Energy Group Inc. | 187,296 | 11,496 | |
Consolidated Edison Inc. | 141,599 | 11,444 | |
Dominion Energy Inc. | 142,027 | 10,884 | |
Eversource Energy | 172,448 | 10,469 | |
* | Level 3 Communications | ||
Inc. | 170,555 | 10,114 | |
American Water Works | |||
Co. Inc. | 117,032 | 9,123 | |
CMS Energy Corp. | 190,417 | 8,807 | |
UGI Corp. | 154,238 | 7,467 | |
NiSource Inc. | 276,272 | 7,006 | |
Atmos Energy Corp. | 83,514 | 6,927 | |
Aqua America Inc. | 183,416 | 6,108 | |
PPL Corp. | 154,847 | 5,986 | |
* | Sprint Corp. | 728,131 | 5,978 |
DTE Energy Co. | 56,142 | 5,939 | |
CenterPoint Energy Inc. | 213,368 | 5,842 | |
SCANA Corp. | 80,345 | 5,384 | |
Telephone & Data | |||
Systems Inc. | 167,926 | 4,660 | |
American Electric | |||
Power Co. Inc. | 60,633 | 4,212 | |
* | United States Cellular | ||
Corp. | 105,484 | 4,042 | |
AES Corp. | 342,688 | 3,807 | |
* | Calpine Corp. | 201,394 | 2,725 |
Alliant Energy Corp. | 66,238 | 2,661 | |
* | Zayo Group Holdings Inc. | 69,558 | 2,149 |
NRG Energy Inc. | 81,065 | 1,396 | |
Entergy Corp. | 15,547 | 1,194 | |
Public Service Enterprise | |||
Group Inc. | 10,098 | 434 | |
FirstEnergy Corp. | 1,092 | 32 | |
410,742 | |||
Total Common Stocks | |||
(Cost $3,672,448) | 8,162,080 |
Market | |||
Value• | |||
Shares | ($000) | ||
Temporary Cash Investments (0.2%)1 | |||
Money Market Fund (0.2%) | |||
2 | Vanguard Market | ||
Liquidity Fund, | |||
1.181% | 118,348 | 11,837 | |
Face | |||
Amount | |||
($000) | |||
U. S. Government and Agency Obligations (0.0%) | |||
3 | United States Treasury Bill, | ||
0.982%–0.987%, | |||
9/7/17 | 500 | 499 | |
3 | United States Treasury Bill, | ||
0.923%, 9/21/17 | 300 | 299 | |
3 | United States Treasury Bill, | ||
0.978%, 10/5/17 | 200 | 200 | |
998 | |||
Total Temporary Cash Investments | |||
(Cost $12,834) | 12,835 | ||
Total Investments (100.0%) | |||
(Cost $3,685,282) | 8,174,915 |
Amount | |
($000) | |
Other Assets and Liabilities (0.0%) | |
Other Assets | |
Investment in Vanguard | 536 |
Receivables for Accrued Income | 7,195 |
Receivables for Capital Shares Issued | 1,621 |
Other Assets | 23 |
Total Other Assets | 9,375 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (18) |
Payables for Capital Shares Redeemed | (1,548) |
Payables to Vanguard | (4,370) |
Total Liabilities | (5,936) |
Net Assets (100%) | 8,178,354 |
95
Tax-Managed Capital Appreciation Fund
At June 30, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,769,861 |
Overdistributed Net Investment Income | (1,462) |
Accumulated Net Realized Losses | (79,593) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 4,489,633 |
Futures Contracts | (85) |
Net Assets | 8,178,354 |
Admiral Shares—Net Assets | |
Applicable to 60,304,906 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 7,479,518 |
Net Asset Value Per Share— | |
Admiral Shares | $124.03 |
Institutional Shares—Net Assets | |
Applicable to 11,339,045 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 698,836 |
Net Asset Value Per Share— | |
Institutional Shares | $61.63 |
• 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 0.0%, 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 $599,000 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.
96
Tax-Managed Capital Appreciation Fund
Statement of Operations
Six Months Ended | |
June30,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 69,342 |
Interest1 | 81 |
Total Income | 69,423 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 953 |
Management and Administrative—Admiral Shares | 2,092 |
Management and Administrative—Institutional Shares | 110 |
Marketing and Distribution—Admiral Shares | 179 |
Marketing and Distribution—Institutional Shares | 5 |
Custodian Fees | 33 |
Shareholders’ Reports—Admiral Shares | 53 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 3,427 |
Net Investment Income | 65,996 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 19,672 |
Futures Contracts | 1,054 |
Realized Net Gain (Loss) | 20,726 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 627,200 |
Futures Contracts | 32 |
Change in Unrealized Appreciation (Depreciation) | 627,232 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 713,954 |
1 Interest income and realized net gain (loss) from an affiliated company of the fund were $76,000 and ($5,000), respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
97
Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 65,996 | 128,460 |
Realized Net Gain (Loss) | 20,726 | 26,182 |
Change in Unrealized Appreciation (Depreciation) | 627,232 | 641,610 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 713,954 | 796,252 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (58,512) | (117,677) |
Institutional Shares | (5,543) | (10,981) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (64,055) | (128,658) |
Capital Share Transactions | ||
Admiral Shares | 90,598 | 199,321 |
Institutional Shares | 31,959 | (7,556) |
Net Increase (Decrease) from Capital Share Transactions | 122,557 | 191,765 |
Total Increase (Decrease) | 772,456 | 859,359 |
Net Assets | ||
Beginning of Period | 7,405,898 | 6,546,539 |
End of Period1 | 8,178,354 | 7,405,898 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,462,000) and ($3,403,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
98
Tax-Managed Capital Appreciation Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $114.08 | $103.75 | $103.82 | $93.70 | $71.17 | $62.36 |
Investment Operations | ||||||
Net Investment Income | 1.004 | 2.004 | 1.764 | 1.633 | 1.414 | 1.384 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 9.921 | 10.332 | (.082) | 10.103 | 22.537 | 8.806 |
Total from Investment Operations | 10.925 | 12.336 | 1.682 | 11.736 | 23.951 | 10.190 |
Distributions | ||||||
Dividends from Net Investment Income | (.975) | (2.006) | (1.752) | (1.616) | (1.421) | (1.380) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.975) | (2.006) | (1.752) | (1.616) | (1.421) | (1.380) |
Net Asset Value, End of Period | $124.03 | $114.08 | $103.75 | $103.82 | $93.70 | $71.17 |
Total Return1 | 9.59% | 12.01% | 1.68% | 12.52% | 33.67% | 16.35% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $7,480 | $6,793 | $5,982 | $5,760 | $5,040 | $3,702 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.72% | 1.89% | 1.69% | 1.66% | 1.71% | 1.96% |
Portfolio Turnover Rate | 7%2 | 8%2 | 10%2 | 6% | 4% | 3% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
99
Tax-Managed Capital Appreciation Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $56.69 | $51.55 | $51.59 | $46.56 | $35.36 | $30.98 |
Investment Operations | ||||||
Net Investment Income | .517 | 1.011 | .897 | .830 | .719 | .702 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.916 | 5.141 | (.046) | 5.022 | 11.203 | 4.379 |
Total from Investment Operations | 5.433 | 6.152 | .851 | 5.852 | 11.922 | 5.081 |
Distributions | ||||||
Dividends from Net Investment Income | (. 493) | (1.012) | (. 891) | (. 822) | (.722) | (.701) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 493) | (1.012) | (. 891) | (. 822) | (.722) | (.701) |
Net Asset Value, End of Period | $61.63 | $56.69 | $51.55 | $51.59 | $46.56 | $35.36 |
Total Return | 9.60% | 12.06% | 1.71% | 12.56% | 33.73% | 16.41% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $699 | $613 | $564 | $530 | $468 | $317 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.75% | 1.92% | 1.73% | 1.70% | 1.75% | 2.00% |
Portfolio Turnover Rate | 7%1 | 8%1 | 10%1 | 6% | 4% | 3% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
100
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 clearing-house 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 six months ended June 30, 2017, 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 for the period ended June 30, 2017, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
101
Tax-Managed Capital Appreciation 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 June 30, 2017, 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 June 30, 2017, the fund had contributed to Vanguard capital in the amount of $536,000, representing 0.01% of the fund’s net assets and 0.21% 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.
102
Tax-Managed Capital Appreciation Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of June 30, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 8,162,080 | — | — |
Temporary Cash Investments | 11,837 | 998 | — |
Futures Contracts—Assets1 | 5 | — | — |
Total | 8,173,922 | 998 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2017, 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 | September 2017 | 120 | 14,525 | (85) |
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 six months ended June 30, 2017, the fund realized $31,566,000 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.
103
Tax-Managed Capital Appreciation Fund
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2017; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2017, the cost of investment securities for tax purposes was $3,685,282,000. Net unrealized appreciation of investment securities for tax purposes was $4,489,633,000, consisting of unrealized gains of $4,492,165,000 on securities that had risen in value since their purchase and $2,532,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2017, the fund purchased $464,006,000 of investment securities and sold $326,186,000 of investment securities, other than temporary cash investments. Sales include $55,619,000 in connection with in-kind redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2017 | December 31, 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 311,817 | 2,581 | 503,273 | 4,783 |
Issued in Lieu of Cash Distributions | 43,354 | 355 | 88,011 | 814 |
Redeemed | (264,573) | (2,181) | (391,963) | (3,706) |
Net Increase (Decrease)—Admiral Shares | 90,598 | 755 | 199,321 | 1,891 |
Institutional Shares | ||||
Issued | 34,655 | 577 | 7,423 | 137 |
Issued in Lieu of Cash Distributions | 3,332 | 55 | 6,211 | 116 |
Redeemed | (6,028) | (100) | (21,190) | (391) |
Net Increase (Decrease)—Institutional Shares | 31,959 | 532 | (7,556) | (138) |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2017, that would require recognition or disclosure in these financial statements.
104
Tax-Managed Small-Cap Fund
Fund Profile
As of June 30, 2017
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTMSX | VTSIX |
Expense Ratio1 | 0.09% | 0.06% |
30-Day SEC Yield | 1.28% | 1.31% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
S&P | Market | ||
SmallCap | FA | ||
Fund | 600 Index | Index | |
Number of Stocks | 594 | 601 | 3,800 |
Median Market Cap | $1.7B | $1.6B | $59.8B |
Price/Earnings Ratio | 23.4x | 23.5x | 21.2x |
Price/Book Ratio | 2.2x | 2.1x | 2.9x |
Return on Equity | 9.5% | 9.4% | 16.3% |
Earnings Growth Rate | 7.8% | 8.2% | 10.0% |
Dividend Yield | 1.2% | 1.3% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | �� | ||
(Annualized) | 42% | — | — |
Short-Term Reserves | 0.2% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
S&P | U.S. Total | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Consumer Discretionary | 15.9% | 15.8% | 12.7% |
Consumer Staples | 3.0 | 3.0 | 8.0 |
Energy | 2.7 | 2.8 | 5.6 |
Financials | 16.4 | 16.4 | 15.0 |
Health Care | 12.6 | 12.7 | 14.0 |
Industrials | 19.0 | 19.0 | 10.8 |
Information Technology | 14.5 | 14.5 | 21.4 |
Materials | 5.3 | 5.2 | 3.3 |
Real Estate | 6.8 | 6.8 | 4.1 |
Telecommunication | |||
Services | 1.0 | 1.0 | 1.9 |
Utilities | 2.8 | 2.8 | 3.2 |
Volatility Measures | ||
DJ | ||
S&P | U.S. Total | |
SmallCap | Market | |
600 Index | FA Index | |
R-Squared | 1.00 | 0.68 |
Beta | 0.99 | 1.12 |
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) | ||
MKS Instruments Inc. | Semiconductor | |
Equipment | 0.5% | |
Spire Inc. | Gas Utilities | 0.5 |
ALLETE Inc. | Electric Utilities | 0.5 |
Healthcare Services | Diversified Support | |
Group Inc. | Services | 0.5 |
Chemed Corp. | Health Care Services | 0.4 |
Lumentum Holdings Inc. Communications | ||
Equipment | 0.4 | |
ProAssurance Corp. | Property & Casualty | |
Insurance | 0.4 | |
Integra LifeSciences | Health Care | |
Holdings Corp. | Equipment | 0.4 |
Sterling Bancorp | Regional Banks | 0.4 |
Nektar Therapeutics | Pharmaceuticals | 0.4 |
Top Ten | 4.4% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2017, the annualized expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
105
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.
Fiscal-Year Total Returns (%): December 31, 2006, Through June 30, 2017
Note: For 2017, performance data reflect the six months ended June 30, 2017.
Average Annual Total Returns: Periods Ended June 30, 2017 | ||||
Inception Date | One Year | Five Years | Ten Years | |
Admiral Shares | 3/25/1999 | 21.97% | 15.33% | 8.48% |
Institutional Shares | 4/21/1999 | 21.99 | 15.37 | 8.53 |
See Financial Highlights for dividend and capital gains information.
106
Tax-Managed Small-Cap Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2017
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 (99.5%)1 | ||||
Consumer Discretionary (15.8%) | ||||
Marriott Vacations | ||||
Worldwide Corp. | 174,974 | 20,603 | ||
Wolverine World Wide Inc. | 728,871 | 20,416 | ||
ILG Inc. | 729,222 | 20,046 | ||
* | Five Below Inc. | 404,870 | 19,988 | |
* | RH | 290,190 | 18,723 | |
LCI Industries | 176,652 | 18,089 | ||
* | Dorman Products Inc. | 217,572 | 18,008 | |
* | Dave & Buster’s | |||
Entertainment Inc. | 269,089 | 17,897 | ||
Lithia Motors Inc. Class A | 180,003 | 16,962 | ||
* | iRobot Corp. | 196,575 | 16,540 | |
* | Steven Madden Ltd. | 395,565 | 15,803 | |
* | Ollie’s Bargain Outlet | |||
Holdings Inc. | 370,545 | 15,785 | ||
Boyd Gaming Corp. | 593,831 | 14,733 | ||
* | TopBuild Corp. | 264,240 | 14,023 | |
Children’s Place Inc. | 134,968 | 13,780 | ||
* | Penn National Gaming Inc. | 617,228 | 13,209 | |
* | Cooper-Standard | |||
Holdings Inc. | 126,681 | 12,778 | ||
* | Select Comfort Corp. | 350,382 | 12,435 | |
La-Z-Boy Inc. | 361,759 | 11,757 | ||
* | Meritage Homes Corp. | 275,718 | 11,635 | |
* | Shutterfly Inc. | 241,862 | 11,488 | |
Nutrisystem Inc. | 218,768 | 11,387 | ||
* | JC Penney Co. Inc. | 2,434,462 | 11,320 | |
Core-Mark Holding | ||||
Co. Inc. | 333,793 | 11,035 | ||
* | Scientific Games Corp. | |||
Class A | 411,593 | 10,743 | ||
Time Inc. | 734,334 | 10,538 | ||
Bob Evans Farms Inc. | 143,978 | 10,342 | ||
MDC Holdings Inc. | 292,210 | 10,324 | ||
Group 1 Automotive Inc. | 161,842 | 10,248 | ||
* | Gentherm Inc. | 261,385 | 10,142 |
Monro Muffler Brake Inc. | 234,934 | 9,809 | |
* | American Axle & | ||
Manufacturing | |||
Holdings Inc. | 626,450 | 9,773 | |
* | Vista Outdoor Inc. | 409,568 | 9,219 |
Caleres Inc. | 322,782 | 8,967 | |
DSW Inc. Class A | 503,081 | 8,905 | |
* | Fox Factory Holding Corp. | 245,133 | 8,727 |
* | Asbury Automotive | ||
Group Inc. | 153,953 | 8,706 | |
Sonic Corp. | 328,201 | 8,694 | |
Callaway Golf Co. | 661,147 | 8,449 | |
Scholastic Corp. | 190,593 | 8,308 | |
* | G-III Apparel Group Ltd. | 331,275 | 8,265 |
Standard Motor | |||
Products Inc. | 156,350 | 8,165 | |
Sturm Ruger & Co. Inc. | 130,655 | 8,120 | |
* | Cavco Industries Inc. | 60,823 | 7,886 |
* | Belmond Ltd. Class A | 581,786 | 7,738 |
* | Installed Building | ||
Products Inc. | 141,717 | 7,504 | |
Gannett Co. Inc. | 854,742 | 7,453 | |
PetMed Express Inc. | 181,348 | 7,363 | |
Oxford Industries Inc. | 117,603 | 7,349 | |
Capella Education Co. | 84,671 | 7,248 | |
* | EW Scripps Co. Class A | 406,736 | 7,244 |
Strayer Education Inc. | 77,662 | 7,240 | |
Winnebago Industries Inc. | 206,834 | 7,239 | |
* | Universal Electronics Inc. | 107,098 | 7,160 |
Abercrombie & Fitch Co. | 572,010 | 7,116 | |
Wingstop Inc. | 209,425 | 6,471 | |
* | Red Robin Gourmet | ||
Burgers Inc. | 98,740 | 6,443 | |
Guess? Inc. | 489,841 | 6,260 | |
Ethan Allen Interiors Inc. | 191,137 | 6,174 | |
* | M/I Homes Inc. | 205,053 | 5,854 |
World Wrestling | |||
Entertainment Inc. | |||
Class A | 281,632 | 5,737 |
107
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Lumber Liquidators | ||
Holdings Inc. | 215,501 | 5,400 | |
New Media Investment | |||
Group Inc. | 398,127 | 5,367 | |
Marcus Corp. | 177,651 | 5,365 | |
Ruth’s Hospitality | |||
Group Inc. | 245,939 | 5,349 | |
Sonic Automotive Inc. | |||
Class A | 267,328 | 5,200 | |
* | BJ’s Restaurants Inc. | 138,159 | 5,146 |
* | LGI Homes Inc. | 127,819 | 5,136 |
Tile Shop Holdings Inc. | 245,385 | 5,067 | |
* | William Lyon Homes | ||
Class A | 203,249 | 4,906 | |
Finish Line Inc. Class A | 335,357 | 4,752 | |
Rent-A-Center Inc. | 402,203 | 4,714 | |
* | Career Education Corp. | 488,368 | 4,688 |
Buckle Inc. | 261,328 | 4,652 | |
* | Shake Shack Inc. Class A | 126,272 | 4,404 |
* | Unifi Inc. | 139,465 | 4,296 |
* | Crocs Inc. | 556,605 | 4,291 |
DineEquity Inc. | 97,203 | 4,282 | |
Tailored Brands Inc. | 381,374 | 4,256 | |
* | Nautilus Inc. | 220,971 | 4,232 |
* | Fiesta Restaurant | ||
Group Inc. | 198,911 | 4,108 | |
* | Motorcar Parts of | ||
America Inc. | 142,405 | 4,022 | |
Haverty Furniture | |||
Cos. Inc. | 154,586 | 3,880 | |
Cato Corp. Class A | 211,618 | 3,722 | |
* | MarineMax Inc. | 190,387 | 3,722 |
Superior Industries | |||
International Inc. | 180,756 | 3,715 | |
Movado Group Inc. | 146,908 | 3,709 | |
* | Hibbett Sports Inc. | 175,343 | 3,638 |
* | Barnes & Noble | ||
Education Inc. | 340,096 | 3,615 | |
Barnes & Noble Inc. | 471,927 | 3,587 | |
* | Iconix Brand Group Inc. | 496,908 | 3,434 |
* | Francesca’s Holdings Corp. | 312,626 | 3,420 |
* | Biglari Holdings Inc. | 8,553 | 3,419 |
* | Genesco Inc. | 97,474 | 3,304 |
* | Chuy’s Holdings Inc. | 134,505 | 3,147 |
* | American Public | ||
Education Inc. | 124,435 | 2,943 | |
* | Monarch Casino & | ||
Resort Inc. | 96,303 | 2,913 | |
* | FTD Cos. Inc. | 131,507 | 2,630 |
* | Zumiez Inc. | 211,817 | 2,616 |
* | Ascena Retail Group Inc. | 1,182,607 | 2,543 |
* | El Pollo Loco Holdings Inc. | 171,895 | 2,381 |
* | Perry Ellis International Inc. | 121,093 | 2,357 |
Big 5 Sporting Goods Corp. | 155,557 | 2,030 |
Fred’s Inc. Class A | 189,290 | 1,747 | |
* | Vera Bradley Inc. | 175,282 | 1,714 |
Shoe Carnival Inc. | 61,647 | 1,287 | |
* | Ruby Tuesday Inc. | 481,161 | 967 |
* | Regis Corp. | 75,926 | 780 |
* | Kirkland’s Inc. | 47,397 | 487 |
Stein Mart Inc. | 39,890 | 67 | |
843,770 | |||
Consumer Staples (3.0%) | |||
* | Darling Ingredients Inc. | 1,206,816 | 18,995 |
B&G Foods Inc. | 485,796 | 17,294 | |
Sanderson Farms Inc. | 144,198 | 16,677 | |
J&J Snack Foods Corp. | 105,169 | 13,890 | |
Universal Corp. | 186,365 | 12,058 | |
WD-40 Co. | 96,174 | 10,613 | |
* | Cal-Maine Foods Inc. | 213,454 | 8,453 |
Coca-Cola Bottling Co. | |||
Consolidated | 34,536 | 7,904 | |
Calavo Growers Inc. | 114,313 | 7,893 | |
* | Central Garden & Pet | ||
Co. Class A | 248,378 | 7,456 | |
SpartanNash Co. | 282,814 | 7,342 | |
* | SUPERVALU Inc. | 2,058,779 | 6,773 |
Andersons Inc. | 195,611 | 6,680 | |
Inter Parfums Inc. | 113,588 | 4,163 | |
John B Sanfilippo & | |||
Son Inc. | 60,553 | 3,822 | |
Medifast Inc. | 78,063 | 3,237 | |
* | Central Garden & Pet Co. | 77,409 | 2,461 |
* | Seneca Foods Corp. | ||
Class A | 56,271 | 1,747 | |
157,458 | |||
Energy (2.7%) | |||
US Silica Holdings Inc. | 548,173 | 19,455 | |
* | PDC Energy Inc. | 422,901 | 18,231 |
* | McDermott | ||
International Inc. | 2,143,048 | 15,366 | |
* | SRC Energy Inc. | 1,567,275 | 10,548 |
Noble Corp. plc | 2,071,426 | 7,499 | |
* | Unit Corp. | 329,810 | 6,177 |
* | Exterran Corp. | 228,069 | 6,089 |
Archrock Inc. | 533,677 | 6,084 | |
* | Helix Energy Solutions | ||
Group Inc. | 1,036,903 | 5,848 | |
* | Denbury Resources Inc. | 3,633,270 | 5,559 |
Green Plains Inc. | 266,267 | 5,472 | |
* | Atwood Oceanics Inc. | 634,600 | 5,172 |
* | Newpark Resources Inc. | 664,966 | 4,887 |
* | REX American | ||
Resources Corp. | 50,561 | 4,882 | |
* | SEACOR Holdings Inc. | 130,506 | 4,476 |
* | TETRA Technologies Inc. | 1,198,418 | 3,344 |
* | Bill Barrett Corp. | 648,357 | 1,990 |
* | Cloud Peak Energy Inc. | 525,564 | 1,855 |
108
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Geospace Technologies | ||
Corp. | 133,375 | 1,845 | |
* | Matrix Service Co. | 192,439 | 1,799 |
* | Contango Oil & Gas Co. | 238,794 | 1,586 |
Gulf Island Fabrication Inc. | 135,341 | 1,570 | |
* | Era Group Inc. | 165,285 | 1,564 |
* | CARBO Ceramics Inc. | 187,863 | 1,287 |
* | Pioneer Energy Services | ||
Corp. | 535,616 | 1,098 | |
* | Carrizo Oil & Gas Inc. | 45,251 | 788 |
* | Northern Oil and Gas Inc. | 362,657 | 508 |
144,979 | |||
Financials (16.3%) | |||
ProAssurance Corp. | 385,834 | 23,459 | |
Sterling Bancorp | 966,391 | 22,469 | |
Selective Insurance | |||
Group Inc. | 430,399 | 21,541 | |
First Financial | |||
Bankshares Inc. | 481,277 | 21,272 | |
FirstCash Inc. | 363,219 | 21,176 | |
Evercore Partners Inc. | |||
Class A | 294,004 | 20,727 | |
Glacier Bancorp Inc. | 547,823 | 20,056 | |
Community Bank | |||
System Inc. | 351,287 | 19,591 | |
Interactive Brokers | |||
Group Inc. | 498,851 | 18,667 | |
Great Western | |||
Bancorp Inc. | 427,853 | 17,461 | |
American Equity | |||
Investment Life | |||
Holding Co. | 656,598 | 17,255 | |
Hope Bancorp Inc. | 916,057 | 17,084 | |
Columbia Banking | |||
System Inc. | 420,096 | 16,741 | |
CVB Financial Corp. | 737,256 | 16,537 | |
Old National Bancorp | 945,452 | 16,309 | |
RLI Corp. | 287,102 | 15,681 | |
Financial Engines Inc. | 427,128 | 15,633 | |
United Community | |||
Banks Inc. | 515,809 | 14,339 | |
Astoria Financial Corp. | 683,984 | 13,782 | |
* | PRA Group Inc. | 354,954 | 13,453 |
Independent Bank Corp. | 199,956 | 13,327 | |
* | Green Dot Corp. Class A | 341,632 | 13,163 |
First Midwest Bancorp Inc. | 560,583 | 13,067 | |
Ameris Bancorp | 267,608 | 12,899 | |
First Financial Bancorp | 453,355 | 12,558 | |
NBT Bancorp Inc. | 334,657 | 12,366 | |
Apollo Commercial Real | |||
Estate Finance Inc. | 663,690 | 12,311 | |
ServisFirst Bancshares Inc. | 329,769 | 12,165 | |
LegacyTexas Financial | |||
Group Inc. | 316,120 | 12,054 |
Horace Mann Educators | ||||
Corp. | 302,175 | 11,422 | ||
Simmons First National | ||||
Corp. Class A | 215,817 | 11,417 | ||
Northwest Bancshares Inc. | 703,926 | 10,988 | ||
Employers Holdings Inc. | 258,342 | 10,928 | ||
Provident Financial | ||||
Services Inc. | 429,816 | 10,909 | ||
Waddell & Reed | ||||
Financial Inc. Class A | 576,569 | 10,886 | ||
Westamerica | ||||
Bancorporation | 193,993 | 10,871 | ||
Banner Corp. | 190,572 | 10,769 | ||
* | Walker & Dunlop Inc. | 213,829 | 10,441 | |
Navigators Group Inc. | 187,187 | 10,277 | ||
City Holding Co. | 150,182 | 9,892 | ||
Boston Private Financial | ||||
Holdings Inc. | 622,079 | 9,549 | ||
* | LendingTree Inc. | 54,405 | 9,369 | |
S&T Bancorp Inc. | 259,656 | 9,311 | ||
* | BofI Holding Inc. | 377,728 | 8,960 | |
WisdomTree | ||||
Investments Inc. | 877,545 | 8,925 | ||
AMERISAFE Inc. | 151,093 | 8,605 | ||
Brookline Bancorp Inc. | 581,551 | 8,491 | ||
First Commonwealth | ||||
Financial Corp. | 664,302 | 8,423 | ||
Stewart Information | ||||
Services Corp. | 181,341 | 8,229 | ||
Infinity Property & | ||||
Casualty Corp. | 86,139 | 8,097 | ||
Banc of California Inc. | 372,231 | 8,003 | ||
Central Pacific Financial | ||||
Corp. | 253,792 | 7,987 | ||
* | Encore Capital Group Inc. | 190,270 | 7,639 | |
Southside Bancshares Inc. | 217,506 | 7,600 | ||
Safety Insurance Group Inc. | 110,998 | 7,581 | ||
United Fire Group Inc. | 171,693 | 7,565 | ||
Tompkins Financial Corp. | 93,856 | 7,388 | ||
* | First BanCorp | 1,196,523 | 6,928 | |
Hanmi Financial Corp. | 243,503 | 6,928 | ||
National Bank Holdings | ||||
Corp. Class A | 203,896 | 6,751 | ||
Piper Jaffray Cos. | 110,908 | 6,649 | ||
Universal Insurance | ||||
Holdings Inc. | 259,572 | 6,541 | ||
TrustCo Bank Corp. NY | 804,862 | 6,238 | ||
Northfield Bancorp Inc. | 340,280 | 5,836 | ||
Virtus Investment | ||||
Partners Inc. | 51,890 | 5,757 | ||
* | Customers Bancorp Inc. | 201,961 | 5,711 | |
* | HomeStreet Inc. | 201,896 | 5,587 | |
Investment Technology | ||||
Group Inc. | 257,745 | 5,474 |
109
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Oritani Financial Corp. | 314,113 | 5,356 | |
Dime Community | |||
Bancshares Inc. | 269,474 | 5,282 | |
* | Donnelley Financial | ||
Solutions Inc. | 214,019 | 4,914 | |
Bank Mutual Corp. | 529,181 | 4,842 | |
OFG Bancorp | 479,271 | 4,793 | |
* | INTL. FCStone Inc. | 125,603 | 4,743 |
* | World Acceptance Corp. | 57,958 | 4,342 |
Fidelity Southern Corp. | 189,698 | 4,336 | |
HCI Group Inc. | 82,042 | 3,854 | |
Maiden Holdings Ltd. | 328,398 | 3,645 | |
* | Enova International Inc. | 237,000 | 3,519 |
Opus Bank | 135,800 | 3,286 | |
* | eHealth Inc. | 165,560 | 3,113 |
* | EZCORP Inc. Class A | 368,411 | 2,837 |
Capstead Mortgage Corp. | 244,634 | 2,552 | |
Greenhill & Co. Inc. | 102,160 | 2,053 | |
United Insurance | |||
Holdings Corp. | 123,375 | 1,941 | |
871,473 | |||
Health Care (12.5%) | |||
Chemed Corp. | 116,451 | 23,818 | |
* | Integra LifeSciences | ||
Holdings Corp. | 420,770 | 22,936 | |
* | Nektar Therapeutics | ||
Class A | 1,137,949 | 22,247 | |
Cantel Medical Corp. | 259,184 | 20,193 | |
* | Medicines Co. | 527,950 | 20,067 |
* | Neogen Corp. | 270,054 | 18,663 |
* | ICU Medical Inc. | 107,540 | 18,551 |
* | Ligand Pharmaceuticals Inc. | 141,062 | 17,125 |
* | HealthEquity Inc. | 325,975 | 16,243 |
* | Supernus | ||
Pharmaceuticals Inc. | 372,481 | 16,054 | |
* | Haemonetics Corp. | 373,060 | 14,732 |
* | Cambrex Corp. | 233,101 | 13,928 |
* | Merit Medical Systems Inc. | 363,209 | 13,856 |
* | AMN Healthcare | ||
Services Inc. | 351,410 | 13,723 | |
* | Myriad Genetics Inc. | 510,723 | 13,197 |
* | Magellan Health Inc. | 175,102 | 12,765 |
* | Amedisys Inc. | 202,479 | 12,718 |
* | Select Medical | ||
Holdings Corp. | 813,232 | 12,483 | |
* | Omnicell Inc. | 271,954 | 11,721 |
* | Repligen Corp. | 281,543 | 11,667 |
* | HMS Holdings Corp. | 615,948 | 11,395 |
* | MiMedx Group Inc. | 760,243 | 11,381 |
* | Inogen Inc. | 116,738 | 11,139 |
* | Tivity Health Inc. | 251,613 | 10,027 |
CONMED Corp. | 184,141 | 9,380 | |
* | Varex Imaging Corp. | 275,254 | 9,304 |
* | Emergent BioSolutions Inc. | 268,369 | 9,100 |
* | Natus Medical Inc. | 241,228 | 8,998 |
* | Integer Holdings Corp. | 207,675 | 8,982 |
* | Impax Laboratories Inc. | 553,056 | 8,904 |
* | Community Health | ||
Systems Inc. | 871,500 | 8,680 | |
Abaxis Inc. | 162,970 | 8,641 | |
Ensign Group Inc. | 383,524 | 8,349 | |
* | Momenta | ||
Pharmaceuticals Inc. | 482,637 | 8,157 | |
* | Innoviva Inc. | 612,293 | 7,837 |
Kindred Healthcare Inc. | 667,444 | 7,776 | |
* | LHC Group Inc. | 110,670 | 7,513 |
* | OraSure Technologies Inc. | 417,918 | 7,213 |
* | BioTelemetry Inc. | 210,254 | 7,033 |
Analogic Corp. | 93,991 | 6,828 | |
* | Almost Family Inc. | 103,762 | 6,397 |
Phibro Animal Health | |||
Corp. Class A | 171,017 | 6,336 | |
* | Orthofix International NV | 132,382 | 6,153 |
* | PharMerica Corp. | 233,759 | 6,136 |
US Physical Therapy Inc. | 99,950 | 6,037 | |
Luminex Corp. | 283,713 | 5,992 | |
* | Quality Systems Inc. | 347,039 | 5,973 |
* | Providence Service Corp. | 109,851 | 5,560 |
* | Acorda Therapeutics Inc. | 279,474 | 5,506 |
* | Anika Therapeutics Inc. | 111,315 | 5,492 |
* | HealthStream Inc. | 192,580 | 5,069 |
* | Diplomat Pharmacy Inc. | 335,059 | 4,959 |
* | Amphastar | ||
Pharmaceuticals Inc. | 269,893 | 4,820 | |
* | Heska Corp. | 46,578 | 4,754 |
* | SciClone | ||
Pharmaceuticals Inc. | 425,091 | 4,676 | |
* | Spectrum | ||
Pharmaceuticals Inc. | 624,093 | 4,650 | |
* | Eagle Pharmaceuticals Inc. | 58,808 | 4,639 |
* | Enanta Pharmaceuticals Inc. | 128,706 | 4,631 |
* | Lannett Co. Inc. | 224,373 | 4,577 |
Meridian Bioscience Inc. | 289,879 | 4,566 | |
* | Cytokinetics Inc. | 377,274 | 4,565 |
* | CorVel Corp. | 90,653 | 4,301 |
* | CryoLife Inc. | 215,427 | 4,298 |
* | AngioDynamics Inc. | 260,451 | 4,222 |
Landauer Inc. | 74,796 | 3,912 | |
* | Lantheus Holdings Inc. | 221,023 | 3,901 |
* | Albany Molecular | ||
Research Inc. | 178,668 | 3,877 | |
Invacare Corp. | 268,883 | 3,549 | |
* | Surmodics Inc. | 119,784 | 3,372 |
* | Cross Country | ||
Healthcare Inc. | 242,785 | 3,134 | |
Computer Programs | |||
& Systems Inc. | 94,712 | 3,107 | |
* | Depomed Inc. | 276,495 | 2,970 |
110
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | ANI Pharmaceuticals Inc. | 61,863 | 2,895 |
Aceto Corp. | 168,135 | 2,598 | |
LeMaitre Vascular Inc. | 81,133 | 2,533 | |
* | Sucampo Pharmaceuticals | ||
Inc. Class A | 221,637 | 2,327 | |
* | Quorum Health Corp. | 319,990 | 1,328 |
667,136 | |||
Industrials (19.0%) | |||
Healthcare Services | |||
Group Inc. | 523,591 | 24,520 | |
John Bean Technologies | |||
Corp. | 226,155 | 22,163 | |
Brink’s Co. | 328,386 | 22,002 | |
Barnes Group Inc. | 349,484 | 20,455 | |
* | WageWorks Inc. | 287,573 | 19,325 |
* | On Assignment Inc. | 353,022 | 19,116 |
Tetra Tech Inc. | 415,762 | 19,021 | |
* | Hawaiian Holdings Inc. | 387,367 | 18,187 |
Knight Transportation Inc. | 477,757 | 17,701 | |
ABM Industries Inc. | 404,236 | 16,784 | |
* | Moog Inc. Class A | 231,558 | 16,607 |
Hillenbrand Inc. | 454,930 | 16,423 | |
Applied Industrial | |||
Technologies Inc. | 277,532 | 16,388 | |
UniFirst Corp. | 111,980 | 15,756 | |
* | Mercury Systems Inc. | 350,071 | 14,734 |
Matthews International | |||
Corp. Class A | 235,918 | 14,450 | |
* | Trex Co. Inc. | 213,296 | 14,432 |
Korn/Ferry International | 417,711 | 14,424 | |
SkyWest Inc. | 386,320 | 13,560 | |
Allegiant Travel Co. | |||
Class A | 95,860 | 12,999 | |
Universal Forest | |||
Products Inc. | 148,502 | 12,966 | |
Simpson Manufacturing | |||
Co. Inc. | 288,372 | 12,605 | |
Mueller Industries Inc. | 411,399 | 12,527 | |
Watts Water Technologies | |||
Inc. Class A | 195,478 | 12,354 | |
* | Proto Labs Inc. | 181,063 | 12,176 |
* | SPX FLOW Inc. | 329,848 | 12,165 |
Apogee Enterprises Inc. | 213,942 | 12,160 | |
Triumph Group Inc. | 373,830 | 11,813 | |
Forward Air Corp. | 221,626 | 11,808 | |
Brady Corp. Class A | 347,986 | 11,797 | |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 553,294 | 11,508 | |
Franklin Electric Co. Inc. | 276,256 | 11,437 | |
ESCO Technologies Inc. | 188,962 | 11,272 | |
EnPro Industries Inc. | 157,206 | 11,220 | |
Actuant Corp. Class A | 444,653 | 10,938 | |
Albany International Corp. | 201,429 | 10,756 | |
Mobile Mini Inc. | 357,723 | 10,678 |
Exponent Inc. | 182,909 | 10,664 | |
Greenbrier Cos. Inc. | 229,631 | 10,620 | |
AAON Inc. | 287,762 | 10,604 | |
AZZ Inc. | 185,513 | 10,352 | |
Kaman Corp. | 199,893 | 9,969 | |
Comfort Systems USA Inc. | 267,531 | 9,925 | |
* | American Woodmark Corp. | 103,869 | 9,925 |
Wabash National Corp. | 451,137 | 9,916 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 189,161 | 9,865 | |
Matson Inc. | 325,221 | 9,770 | |
* | Harsco Corp. | 602,170 | 9,695 |
Interface Inc. Class A | 491,991 | 9,668 | |
* | Axon Enterprise Inc. | 382,459 | 9,615 |
Insperity Inc. | 134,722 | 9,565 | |
* | Saia Inc. | 182,012 | 9,337 |
* | Hub Group Inc. Class A | 241,165 | 9,249 |
Tennant Co. | 124,983 | 9,224 | |
Raven Industries Inc. | 271,237 | 9,032 | |
Viad Corp. | 183,879 | 8,688 | |
* | Patrick Industries Inc. | 118,951 | 8,666 |
Cubic Corp. | 184,288 | 8,532 | |
* | SPX Corp. | 338,351 | 8,513 |
* | Chart Industries Inc. | 244,760 | 8,500 |
Standex International Corp. | 92,437 | 8,384 | |
* | Gibraltar Industries Inc. | 233,177 | 8,313 |
US Ecology Inc. | 164,454 | 8,305 | |
* | TrueBlue Inc. | 310,517 | 8,229 |
AAR Corp. | 234,265 | 8,143 | |
Multi-Color Corp. | 98,963 | 8,075 | |
Briggs & Stratton Corp. | 321,221 | 7,741 | |
Federal Signal Corp. | 445,882 | 7,740 | |
Astec Industries Inc. | 137,755 | 7,647 | |
Heartland Express Inc. | 365,231 | 7,604 | |
CIRCOR International Inc. | 122,897 | 7,298 | |
* | Navigant Consulting Inc. | 352,899 | 6,973 |
Lindsay Corp. | 76,805 | 6,855 | |
RR Donnelley & Sons Co. | 541,439 | 6,790 | |
* | Lydall Inc. | 125,917 | 6,510 |
General Cable Corp. | 396,999 | 6,491 | |
Encore Wire Corp. | 151,048 | 6,450 | |
Alamo Group Inc. | 70,110 | 6,367 | |
* | Aerovironment Inc. | 164,284 | 6,276 |
* | Aegion Corp. Class A | 283,628 | 6,206 |
* | Team Inc. | 246,845 | 5,788 |
Quanex Building Products | |||
Corp. | 271,749 | 5,747 | |
Griffon Corp. | 258,965 | 5,684 | |
Kelly Services Inc. Class A | 236,727 | 5,314 | |
LSC Communications Inc. | 245,445 | 5,252 | |
* | PGT Innovations Inc. | 394,769 | 5,053 |
Marten Transport Ltd. | 172,383 | 4,723 | |
Essendant Inc. | 313,456 | 4,649 | |
Insteel Industries Inc. | 133,203 | 4,392 |
111
Tax-Managed Small-Cap Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Titan International Inc. | 362,758 | 4,357 | ||
* | Echo Global Logistics Inc. | 217,669 | 4,332 | |
National Presto Industries | ||||
Inc. | 38,946 | 4,303 | ||
* | Engility Holdings Inc. | 145,143 | 4,122 | |
* | DXP Enterprises Inc. | 114,187 | 3,939 | |
* | Veritiv Corp. | 87,294 | 3,928 | |
* | MYR Group Inc. | 124,362 | 3,858 | |
Heidrick & Struggles | ||||
International Inc. | 170,475 | 3,708 | ||
ArcBest Corp. | 173,982 | 3,584 | ||
Resources Connection Inc. | 234,374 | 3,211 | ||
Powell Industries Inc. | 72,449 | 2,318 | ||
* | Vicor Corp. | 129,282 | 2,314 | |
* | Orion Group Holdings Inc. | 276,385 | 2,065 | |
* | Roadrunner Transportation | |||
Systems Inc. | 274,978 | 1,999 | ||
* | CDI Corp. | 145,288 | 850 | |
1,011,008 | ||||
Information Technology (14.4%) | ||||
MKS Instruments Inc. | 387,786 | 26,098 | ||
* | Lumentum Holdings Inc. | 413,077 | 23,566 | |
* | CACI International Inc. | |||
Class A | 174,448 | 21,815 | ||
* | Sanmina Corp. | 537,226 | 20,468 | |
* | Stamps.com Inc. | 119,964 | 18,579 | |
* | Advanced Energy | |||
Industries Inc. | 278,122 | 17,992 | ||
* | Viavi Solutions Inc. | 1,673,397 | 17,621 | |
* | Semtech Corp. | 472,520 | 16,893 | |
TiVo Corp. | 884,492 | 16,496 | ||
* | Electronics For | |||
Imaging Inc. | 345,454 | 16,368 | ||
* | Itron Inc. | 239,174 | 16,204 | |
* | Anixter International Inc. | 206,744 | 16,167 | |
Power Integrations Inc. | 211,143 | 15,392 | ||
* | Rogers Corp. | 132,524 | 14,395 | |
* | II-VI Inc. | 401,212 | 13,762 | |
* | MicroStrategy Inc. Class A | 71,515 | 13,707 | |
Cabot Microelectronics | ||||
Corp. | 183,581 | 13,554 | ||
* | ExlService Holdings Inc. | 233,080 | 12,955 | |
* | Plexus Corp. | 232,551 | 12,225 | |
* | Fabrinet | 281,137 | 11,993 | |
* | Benchmark Electronics Inc. | 352,354 | 11,381 | |
Brooks Automation Inc. | 514,581 | 11,161 | ||
Methode Electronics Inc. | 270,755 | 11,155 | ||
* | Cardtronics plc Class A | 331,491 | 10,893 | |
* | TTM Technologies Inc. | 625,881 | 10,865 | |
Progress Software Corp. | 350,985 | 10,842 | ||
Xperi Corp. | 356,088 | 10,611 | ||
* | Insight Enterprises Inc. | 260,792 | 10,429 | |
* | Veeco Instruments Inc. | 368,550 | 10,264 | |
* | NETGEAR Inc. | 237,219 | 10,224 |
* | 8x8 Inc. | 702,045 | 10,215 |
* | OSI Systems Inc. | 131,802 | 9,905 |
* | Kulicke & Soffa Industries | ||
Inc. | 515,873 | 9,812 | |
CSG Systems | |||
International Inc. | 237,837 | 9,651 | |
Ebix Inc. | 177,487 | 9,567 | |
* | MaxLinear Inc. | 340,776 | 9,504 |
* | Sykes Enterprises Inc. | 280,025 | 9,389 |
* | Rambus Inc. | 806,159 | 9,214 |
* | Gigamon Inc. | 226,909 | 8,929 |
* | Oclaro Inc. | 947,700 | 8,852 |
Badger Meter Inc. | 220,246 | 8,777 | |
* | Qualys Inc. | 212,638 | 8,676 |
NIC Inc. | 448,588 | 8,501 | |
* | Applied Optoelectronics | ||
Inc. | 129,222 | 7,985 | |
* | SPS Commerce Inc. | 124,824 | 7,959 |
* | ePlus Inc. | 102,772 | 7,615 |
ManTech International | |||
Corp. Class A | 183,277 | 7,584 | |
* | ScanSource Inc. | 185,726 | 7,485 |
* | Bottomline Technologies | ||
de Inc. | 284,580 | 7,311 | |
ADTRAN Inc. | 347,872 | 7,184 | |
* | CEVA Inc. | 156,954 | 7,134 |
* | Diodes Inc. | 286,802 | 6,892 |
* | Super Micro Computer Inc. | 274,063 | 6,756 |
MTS Systems Corp. | 122,978 | 6,370 | |
* | Blucora Inc. | 286,319 | 6,070 |
* | Virtusa Corp. | 205,633 | 6,046 |
* | Shutterstock Inc. | 136,967 | 6,037 |
Monotype Imaging | |||
Holdings Inc. | 328,891 | 6,019 | |
* | CalAmp Corp. | 286,244 | 5,819 |
* | FARO Technologies Inc. | 145,315 | 5,493 |
CTS Corp. | 251,453 | 5,431 | |
* | Rudolph Technologies Inc. 234,237 | 5,352 | |
* | Cray Inc. | 290,425 | 5,344 |
* | Perficient Inc. | 277,863 | 5,179 |
* | Nanometrics Inc. | 200,568 | 5,072 |
* | LivePerson Inc. | 435,531 | 4,791 |
TeleTech Holdings Inc. | 110,849 | 4,523 | |
Blackbaud Inc. | 51,702 | 4,433 | |
Comtech | |||
Telecommunications | |||
Corp. | 223,230 | 4,235 | |
Cohu Inc. | 265,323 | 4,176 | |
* | XO Group Inc. | 208,247 | 3,669 |
* | VASCO Data Security | ||
International Inc. | 252,646 | 3,625 | |
Park Electrochemical Corp. | 181,506 | 3,343 | |
* | Harmonic Inc. | 625,242 | 3,283 |
Forrester Research Inc. | 80,637 | 3,157 |
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Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Daktronics Inc. | 315,020 | 3,034 | |
* | DSP Group Inc. | 222,772 | 2,584 |
* | Electro Scientific | ||
Industries Inc. | 291,090 | 2,399 | |
* | Digi International Inc. | 216,417 | 2,197 |
* | Agilysys Inc. | 199,650 | 2,020 |
* | Kopin Corp. | 531,825 | 1,973 |
Bel Fuse Inc. Class B | 77,055 | 1,903 | |
* | Liquidity Services Inc. | 230,737 | 1,465 |
* | DHI Group Inc. | 363,499 | 1,036 |
* | QuinStreet Inc. | 230,197 | 960 |
Black Box Corp. | 59,919 | 512 | |
766,522 | |||
Materials (5.3%) | |||
HB Fuller Co. | 359,618 | 18,380 | |
Balchem Corp. | 229,727 | 17,852 | |
* | Ingevity Corp. | 305,744 | 17,550 |
* | AK Steel Holding Corp. | 2,330,456 | 15,311 |
Quaker Chemical Corp. | 96,888 | 14,071 | |
KapStone Paper and | |||
Packaging Corp. | 651,326 | 13,437 | |
Stepan Co. | 141,908 | 12,366 | |
Innospec Inc. | 171,114 | 11,217 | |
Kaiser Aluminum Corp. | 126,150 | 11,167 | |
Neenah Paper Inc. | 125,600 | 10,079 | |
* | Boise Cascade Co. | 296,719 | 9,020 |
Schweitzer-Mauduit | |||
International Inc. | 233,517 | 8,694 | |
* | US Concrete Inc. | 104,543 | 8,212 |
* | Kraton Corp. | 234,038 | 8,060 |
* | Century Aluminum Co. | 470,516 | 7,331 |
* | AdvanSix Inc. | 226,694 | 7,082 |
A Schulman Inc. | 217,891 | 6,973 | |
PH Glatfelter Co. | 335,240 | 6,551 | |
* | Koppers Holdings Inc. | 173,036 | 6,255 |
Deltic Timber Corp. | 82,157 | 6,134 | |
Innophos Holdings Inc. | 139,461 | 6,114 | |
* | Clearwater Paper Corp. | 129,222 | 6,041 |
Calgon Carbon Corp. | 399,702 | 6,035 | |
* | SunCoke Energy Inc. | 484,588 | 5,282 |
Rayonier Advanced | |||
Materials Inc. | 333,551 | 5,243 | |
Materion Corp. | 137,064 | 5,126 | |
* | TimkenSteel Corp. | 301,051 | 4,627 |
* | Flotek Industries Inc. | 439,270 | 3,927 |
Hawkins Inc. | 81,446 | 3,775 | |
American Vanguard Corp. | 206,860 | 3,568 | |
Haynes International Inc. | 95,911 | 3,483 | |
Myers Industries Inc. | 184,405 | 3,310 | |
Tredegar Corp. | 203,090 | 3,097 | |
FutureFuel Corp. | 190,326 | 2,872 | |
Olympic Steel Inc. | 103,354 | 2,013 | |
* | LSB Industries Inc. | 185,444 | 1,916 |
282,171 |
Other (3.3%) | |||
2 | Vanguard REIT ETF | 2,100,000 | 174,783 |
* | Gerber Scientific Inc. CVR | 110,699 | — |
174,783 | |||
Real Estate (3.5%) | |||
CoreSite Realty Corp. | 199,783 | 20,683 | |
DiamondRock Hospitality | |||
Co. | 1,025,682 | 11,231 | |
EastGroup Properties Inc. | 133,506 | 11,188 | |
PS Business Parks Inc. | 70,631 | 9,351 | |
HFF Inc. Class A | 254,117 | 8,836 | |
Summit Hotel Properties | |||
Inc. | 461,273 | 8,603 | |
Sabra Health Care REIT | |||
Inc. | 345,300 | 8,322 | |
Lexington Realty Trust | 779,396 | 7,724 | |
CBL & Associates | |||
Properties Inc. | 876,636 | 7,390 | |
RE/MAX Holdings | |||
Inc. Class A | 125,449 | 7,031 | |
Government Properties | |||
Income Trust | 367,671 | 6,732 | |
Retail Opportunity | |||
Investments Corp. | 339,336 | 6,512 | |
LTC Properties Inc. | 112,403 | 5,776 | |
Four Corners Property | |||
Trust Inc. | 224,248 | 5,631 | |
Acadia Realty Trust | 199,397 | 5,543 | |
Parkway Inc. | 225,117 | 5,153 | |
CareTrust REIT Inc. | 237,800 | 4,409 | |
American Assets Trust Inc. | 111,463 | 4,390 | |
Agree Realty Corp. | 94,290 | 4,325 | |
* | Forestar Group Inc. | 234,190 | 4,016 |
National Storage | |||
Affiliates Trust | 168,740 | 3,900 | |
Universal Health Realty | |||
Income Trust | 44,447 | 3,535 | |
Ramco-Gershenson | |||
Properties Trust | 274,046 | 3,535 | |
Pennsylvania REIT | 281,298 | 3,184 | |
Chesapeake Lodging Trust | 123,320 | 3,018 | |
Chatham Lodging Trust | 145,791 | 2,929 | |
Franklin Street | |||
Properties Corp. | 233,366 | 2,586 | |
Saul Centers Inc. | 42,134 | 2,443 | |
Getty Realty Corp. | 83,857 | 2,105 | |
Kite Realty Group Trust | 106,712 | 2,020 | |
Urstadt Biddle Properties | |||
Inc. Class A | 73,615 | 1,458 | |
Hersha Hospitality Trust | |||
Class A | 75,899 | 1,405 | |
Cedar Realty Trust Inc. | 160,116 | 776 | |
Independence Realty | |||
Trust Inc. | 21,252 | 210 | |
185,950 |
113
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Telecommunication Services (1.0%) | |||
Cogent Communications | |||
Holdings Inc. | 297,662 | 11,936 | |
Consolidated | |||
Communications | |||
Holdings Inc. | 382,988 | 8,223 | |
* | General Communication | ||
Inc. Class A | 214,331 | 7,853 | |
* | Iridium Communications | ||
Inc. | 635,477 | 7,022 | |
Cincinnati Bell Inc. | 339,898 | 6,645 | |
ATN International Inc. | 79,628 | 5,450 | |
* | Lumos Networks Corp. | 194,752 | 3,480 |
Spok Holdings Inc. | 177,933 | 3,149 | |
53,758 | |||
Utilities (2.7%) | |||
Spire Inc. | 367,964 | 25,666 | |
ALLETE Inc. | 349,333 | 25,040 | |
Avista Corp. | 461,513 | 19,596 | |
South Jersey Industries Inc. | 571,550 | 19,530 | |
El Paso Electric Co. | 307,167 | 15,881 | |
American States Water Co. | 286,212 | 13,569 | |
California Water Service | |||
Group | 367,075 | 13,508 | |
Northwest Natural Gas Co. | 208,896 | 12,502 | |
145,292 | |||
Total Common Stocks | |||
(Cost $3,574,230) | 5,304,300 | ||
Temporary Cash Investments (0.6%)1 | |||
Money Market Fund (0.6%) | |||
3 | Vanguard Market Liquidity | ||
Fund, 1.181% | 295,878 | 29,594 |
Face | |||
Amount | |||
($000) | |||
U. S. Government and Agency Obligations (0.0%) | |||
United States Treasury Bill, | |||
0.982%, 9/7/17 | 500 | 499 | |
4 | United States Treasury Bill, | ||
0.990%, 9/21/17 | 400 | 399 | |
4 | United States Treasury Bill, | ||
1.003%, 10/5/17 | 1,400 | 1,397 | |
2,295 | |||
Total Temporary Cash Investments | |||
(Cost $31,887) | 31,889 | ||
Total Investments (100.1%) | |||
(Cost $3,606,117) | 5,336,189 |
Amount | |
($000) | |
Other Assets and Liabilities (-0.1%) | |
Other Assets | |
Investment in Vanguard | 342 |
Receivables for Investment Securities Sold 11,469 | |
Receivables for Accrued Income | 4,128 |
Receivables for Capital Shares Issued | 1,410 |
Other Assets | 19 |
Total Other Assets | 17,368 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (21,287) |
Payables for Capital Shares Redeemed | (824) |
Payables to Vanguard | (2,427) |
Other Liabilities | (59) |
Total Liabilities | (24,597) |
Net Assets (100%) | 5,328,960 |
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Tax-Managed Small-Cap Fund
At June 30, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,699,411 |
Undistributed Net Investment Income | 39 |
Accumulated Net Realized Losses | (100,694) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,730,072 |
Futures Contracts | 132 |
Net Assets | 5,328,960 |
Admiral Shares—Net Assets | |
Applicable to 87,926,999 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 4,953,211 |
Net Asset Value Per Share— | |
Admiral Shares | $56.33 |
Institutional Shares—Net Assets | |
Applicable to 6,654,895 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 375,749 |
Net Asset Value Per Share— | |
Institutional Shares | $56.46 |
• 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 0.2%, 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 Securities with a value of $1,197,000 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.
115
Tax-Managed Small-Cap Fund
Statement of Operations
Six Months Ended | |
June30,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 31,357 |
Interest1 | 131 |
Total Income | 31,488 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 634 |
Management and Administrative—Admiral Shares | 1,392 |
Management and Administrative—Institutional Shares | 59 |
Marketing and Distribution—Admiral Shares | 161 |
Marketing and Distribution—Institutional Shares | 3 |
Custodian Fees | 25 |
Shareholders’ Reports—Admiral Shares | 66 |
Shareholders’ Reports—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 2,344 |
Net Investment Income | 29,144 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 171,437 |
Futures Contracts | 599 |
Realized Net Gain (Loss) | 172,036 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (63,055) |
Futures Contracts | 341 |
Change in Unrealized Appreciation (Depreciation) | (62,714) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 138,466 |
1 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $0, $110,000, | |
and $4,575,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 29,144 | 48,816 |
Realized Net Gain (Loss) | 172,036 | 179,211 |
Change in Unrealized Appreciation (Depreciation) | (62,714) | 768,581 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 138,466 | 996,608 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (24,824) | (45,029) |
Institutional Shares | (1,978) | (3,852) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (26,802) | (48,881) |
Capital Share Transactions | ||
Admiral Shares | 177,761 | 379,355 |
Institutional Shares | (11,188) | 28,870 |
Net Increase (Decrease) from Capital Share Transactions | 166,573 | 408,225 |
Total Increase (Decrease) | 278,237 | 1,355,952 |
Net Assets | ||
Beginning of Period | 5,050,723 | 3,694,771 |
End of Period1 | 5,328,960 | 5,050,723 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $39,000 and ($2,303,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
117
Tax-Managed Small-Cap Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $55.16 | $44.37 | $45.78 | $43.53 | $31.16 | $27.26 |
Investment Operations | ||||||
Net Investment Income | . 309 | . 558 | . 556 | . 463 | . 383 | . 479 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.145 | 10.788 | (1.406) | 2.242 | 12.389 | 3.885 |
Total from Investment Operations | 1.454 | 11.346 | (.850) | 2.705 | 12.772 | 4.364 |
Distributions | ||||||
Dividends from Net Investment Income | (. 284) | (. 556) | (. 560) | (. 455) | (. 402) | (. 464) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 284) | (. 556) | (. 560) | (. 455) | (. 402) | (. 464) |
Net Asset Value, End of Period | $56.33 | $55.16 | $44.37 | $45.78 | $43.53 | $31.16 |
Total Return1 | 2.65% | 25.73% | -1.85% | 6.23% | 41.00% | 16.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,953 | $4,671 | $3,419 | $3,382 | $3,143 | $2,132 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.12% | 1.19% | 1.21% | 1.06% | 1.05% | 1.59% |
Portfolio Turnover Rate2 | 42% | 45% | 33% | 40% | 31% | 42% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
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Tax-Managed Small-Cap Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $55.29 | $44.47 | $45.88 | $43.63 | $31.22 | $27.33 |
Investment Operations | ||||||
Net Investment Income | . 327 | . 572 | . 576 | . 481 | . 398 | . 492 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.136 | 10.818 | (1.406) | 2.242 | 12.428 | 3.888 |
Total from Investment Operations | 1.463 | 11.390 | (.830) | 2.723 | 12.826 | 4.380 |
Distributions | ||||||
Dividends from Net Investment Income | (. 293) | (. 570) | (. 580) | (. 473) | (. 416) | (. 490) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 293) | (. 570) | (. 580) | (. 473) | (. 416) | (. 490) |
Net Asset Value, End of Period | $56.46 | $55.29 | $44.47 | $45.88 | $43.63 | $31.22 |
Total Return | 2.66% | 25.78% | -1.80% | 6.26% | 41.09% | 16.05% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $376 | $379 | $276 | $236 | $237 | $175 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.15% | 1.22% | 1.25% | 1.10% | 1.09% | 1.63% |
Portfolio Turnover Rate1 | 42% | 45% | 33% | 40% | 31% | 42% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
119
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 six months ended June 30, 2017, 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 for the period ended June 30, 2017, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
120
Tax-Managed Small-Cap 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 June 30, 2017, 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 June 30, 2017, the fund had contributed to Vanguard capital in the amount of $342,000, 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.
121
Tax-Managed Small-Cap Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of June 30, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 5,304,300 | — | — |
Temporary Cash Investments | 29,594 | 2,295 | — |
Futures Contracts—Liabilities1 | (59) | — | — |
Total | 5,333,835 | 2,295 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2017, 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 | September 2017 | 318 | 22,487 | 132 |
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 six months ended June 30, 2017, the fund realized $126,234,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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
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Tax-Managed Small-Cap Fund
before any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2017; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2017, the cost of investment securities for tax purposes was $3,606,117,000. Net unrealized appreciation of investment securities for tax purposes was $1,730,072,000, consisting of unrealized gains of $1,786,675,000 on securities that had risen in value since their purchase and $56,603,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2017, the fund purchased $1,467,784,000 of investment securities and sold $1,300,921,000 of investment securities, other than temporary cash investments. Sales include $209,676,000 in connection with in-kind redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2017 | December 31, 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 633,528 | 11,430 | 1,064,794 | 22,229 |
Issued in Lieu of Cash Distributions | 19,028 | 345 | 34,478 | 699 |
Redeemed | (474,795) | (8,536) | (719,917) | (15,289) |
Net Increase (Decrease)—Admiral Shares | 177,761 | 3,239 | 379,355 | 7,639 |
Institutional Shares | ||||
Issued | 16,819 | 304 | 42,859 | 950 |
Issued in Lieu of Cash Distributions | 1,275 | 23 | 2,469 | 50 |
Redeemed | (29,282) | (532) | (16,458) | (345) |
Net Increase (Decrease)—Institutional Shares | (11,188) | (205) | 28,870 | 655 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2017, that would require recognition or disclosure in these financial statements.
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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 June 30, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2016 | 6/30/2017 | Period | |
Based on Actual Fund Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,061.05 | $0.46 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,095.91 | $0.47 |
Institutional Shares | 1,000.00 | 1,095.98 | 0.31 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,026.48 | $0.45 |
Institutional Shares | 1,000.00 | 1,026.58 | 0.30 |
Based on Hypothetical 5% Yearly Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,024.35 | $0.45 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,024.35 | $0.45 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,024.35 | $0.45 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
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, 0.09%; 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. 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 (181/365).
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund, and Vanguard Tax-Managed Small-Cap Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index and Fixed Income Groups. The board determined that continuing each fund’s internalized management structure was in the best interests of each fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. Both the Equity Index Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each group’s management team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about each fund’s most recent performance can be found in the Performance Summary pages of this report.
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Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average 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.
128
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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The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark
of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use
by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification
makes any express or implied warranties or representations with respect to such standard or classification (or the results
to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy,
completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification.
Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in
making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive,
consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
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.
131
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 197 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. 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).
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; Trustee of the University of Rochester.
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 Arconic Inc. (diversified manufacturer), 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.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) 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), Oxfam America, and the Lumina
Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair 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, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
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 Co-Managing Partner of HighVista Strategies LLC (private investment firm); 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 Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
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: Principal of 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).
Michael Rollings
Born 1963. Treasurer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Director of Vanguard Marketing Corporation; Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior ManagementTeam | |
Mortimer J. Buckley | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi |
Chris D. McIsaac | |
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. | |
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Q1032 082017 |
Semiannual Report | June 30, 2017
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. | 10 |
About Your Fund’s Expenses. | 30 |
Trustees Approve Advisory Arrangement. | 32 |
Glossary. | 34 |
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 close to 15% for the six months ended June 30, 2017. The return diverged from that of the benchmark index because of temporary price differences arising from fair-value pricing policies (see the Glossary). The fund returned less than its peer group.
• Prospects for the global economy brightened over the period as growth in Europe and Japan was stronger than the markets had expected. Among the largest European markets, Switzerland, France, and Germany returned upward of 16%; the United Kingdom didn’t perform quite as well. Japan, the biggest component of the Pacific region, returned about 11%.
• Nine of the ten market sectors produced double-digit returns. Even with some turbulence, technology finished in the lead, gaining well over 20%. Despite efforts by many oil producers to curb production, supply concerns weighed on prices, contributing to a return of around –4% for the sector.
Total Returns: Six Months Ended June 30, 2017 | |
Total | |
Returns | |
Vanguard Developed Markets Index Fund | |
Investor Shares | 14.59% |
FTSE Developed Markets ETF Shares | |
Market Price | 14.85 |
Net Asset Value | 14.69 |
Admiral™ Shares | 14.71 |
Institutional Shares | 14.70 |
Institutional Plus Shares | 14.74 |
FTSE Developed All Cap ex US Index | 13.90 |
International Funds Average | 15.00 |
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.
1
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 | 0.17% | 0.07% | 0.07% | 0.06% | 0.05% | 1.34% |
The fund expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2017, the fund’s annualized 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 2016.
Peer group: International Funds.
2
Chairman’s Perspective
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
More than a decade ago, the eminent investor and commentator Howard Marks published a memo to his clients titled simply “Risk.” In it, Howard distilled the relationship between investors and risk. “When you boil it all down, it’s the investor’s job to intelligently bear risk for profit,” he wrote.
It’s not surprising, then, that everyone from portfolio managers to behavioral economists avidly studies how investors’ reactions to risk influence not only individual investment decisions but also the broader financial markets. I’m a big fan of some of the behavioral finance work being done, which includes studies by our own investment strategists and analysts.
A lens on investor behavior
For example, Vanguard’s Investment Strategy Group introduced a “risk speedometers” report in January to look at how investors are reacting to market developments. This lens on real-world behavior measures the risk investors are taking in a given period by calculating the difference between net cash flows into higher-risk assets, such as stocks, and net cash flows into lower-risk assets, such as Treasuries. The measures are then compared with long-term averages.
In the spring, the risk speedometer spiked. The spike was fueled by investors’ decisions to direct more of their equity
3
dollars to international investments in developed and emerging markets, and their bond dollars to riskier credit categories.
A spiking speedometer seems a fitting analogy for what can happen. I consider myself a responsible driver. Still, when the highway is clear and the weather is nice, I might glance down at the speedometer and find that my right foot has gotten a little heavy.
The same phenomenon is possible with our investment portfolios. Just as our attention can drift from our speed—and the risk level on the road—we can neglect the risk level of our portfolio’s asset allocation. Experience teaches that investors are especially prone to lose sight of risk when markets have been buoyant.
How I manage risk in my own portfolio
Rebalancing—periodically adjusting your asset allocation so it stays in line with your goals and risk tolerance—is one of the best ways I know of to help manage risk. Without rebalancing, your portfolio may end up potentially riskier than you intended and no longer aligned with your goals.
I have a ritual I perform every June and again each December, between Christmas and New Year’s, as I prepare for a series of annual meetings with the Vanguard crew. I’ll set aside some time, review my
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2017 | |||
Five Years | |||
Six Months | One Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 9.27% | 18.03% | 14.67% |
Russell 2000 Index (Small-caps) | 4.99 | 24.60 | 13.70 |
Russell 3000 Index (Broad U.S. market) | 8.93 | 18.51 | 14.58 |
FTSE All-World ex US Index (International) | 13.95 | 20.53 | 7.68 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 2.27% | -0.31% | 2.21% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 3.57 | -0.49 | 3.26 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.30 | 0.46 | 0.13 |
CPI | |||
Consumer Price Index | 1.46% | 1.63% | 1.31% |
4
investment portfolio, and, if necessary, rebalance back to my target asset allocation.
My own portfolio is a mix of equity and fixed income funds, and I invest in both actively managed funds and index funds. Most years, I’ll make a minor adjustment to get back to the appropriate asset allocation for my own longer-term goals and risk tolerance. It’s not all that complicated, although my portfolio is a little more complex than some because I own more funds than we’d typically suggest. As chairman of Vanguard’s funds, I feel I should own a significant number of them.
Consider your options
You should consider rebalancing if your target allocation is off by 5 percentage points or more. Admittedly, this is often easier said than done. When an investment has performed exceptionally well, people have a hard time trimming it. They can be led astray by that old (and none-too-helpful) investing saw: Let your winners run.
Fortunately, in recent years we’ve seen all sorts of investors take steps to rebalance. Many of the endowments, foundations, and traditional pension plans that Vanguard serves have good processes built into their investment guidelines to make sure rebalancing takes place on a regular basis. And among investors in defined contribution retirement plans, more and more are using target-date funds, where rebalancing happens automatically.
If you choose to rebalance on your own, use your target asset allocation as your guidepost. Don’t be afraid to buy into bad news. In a sense, don’t worry about the noise of the marketplace. If you work with an advisor, make sure he or she understands the importance you place on your rebalancing ritual.
And remember, the goal of rebalancing is to manage risk, not to avoid it altogether. Risk is inherent in investing—we just want to bear that risk intelligently.
In that insightful memo on risk, Howard Marks included a saying often attributed to Will Rogers: “You’ve got to go out on a limb sometimes because that’s where the fruit is.”
Tim Buckley chosen as Vanguard’s next CEO
In closing, I’ll note senior leadership changes that we announced in July. Our board of directors has elected Vanguard Chief Investment Officer Tim Buckley as president and director of Vanguard. Under the planned transition, Tim will succeed me as Vanguard’s chief executive officer on January 1, 2018.
I’m delighted with our board’s selection of Tim. We first met in 1991 when Tim was interviewing for a job at Vanguard. In the decades since, we’ve worked closely together, and he’s always impressed me as a man of tremendous character and an outstanding leader with a passion for serving our clients. During the transition
5
period, I will work closely with Tim in managing the firm and overseeing its operations.
Replacing Tim as chief investment officer is Greg Davis, who had been global head of Vanguard Fixed Income Group. And succeeding Greg as our fixed income leader is John Hollyer, who most recently served as our global head of investment risk management. I know Greg and John will both do a superb job in their new roles.
As with past successions, I will remain as chairman for a period of time determined by the board. On a personal note, it has been an honor and a privilege to lead Vanguard. Having spent more than half my life at Vanguard, I have come to know many fabulous crew members who are incredibly dedicated to Vanguard’s mission. Please be assured that Tim and the rest of the team will serve you and our other clients extremely well as Vanguard prepares for its next chapter.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 14, 2017
Vanguard fund shareholders encouraged to vote in proxy campaign |
This summer you will be asked to vote on the election of trustees for all U.S.-domiciled |
Vanguard funds. Shareholders will also be asked to vote on several fund policy proposals |
that we believe are in the best interests of all shareholders. |
Vanguard filed a preliminary proxy statement on July 13, 2017, with the U.S. Securities and |
Exchange Commission (SEC). Following the SEC’s review, we expect to provide the proxy |
materials to Vanguard fund shareholders beginning in late August 2017. That’s when you |
can begin to vote online, by phone, or by mail. |
A shareholder meeting is scheduled to be held in Scottsdale, Arizona, on November 15, |
2017, when voting will conclude. We encourage you to vote promptly. Please visit |
vanguard.com for updates. |
6
Developed Markets Index Fund
Fund Profile
As of June 30, 2017
Share-Class Characteristics | |||||
FTSE | |||||
Developed | |||||
Investor | Markets ETF | Admiral | Institutional | Institutional | |
Shares | Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | VDVIX | VEA | VTMGX | VTMNX | VDIPX |
Expense Ratio1 | 0.17% | 0.07% | 0.07% | 0.06% | 0.05% |
Portfolio Characteristics | |||
FTSE | |||
FTSE | Global | ||
Developed | All Cap ex | ||
All Cap ex | US | ||
Fund | US Index | Index | |
Number of Stocks | 3,821 | 3,775 | 5,839 |
Median Market Cap | $27.1B | $27.2B | $24.0B |
Price/Earnings Ratio | 17.2x | 17.2x | 16.4x |
Price/Book Ratio | 1.6x | 1.6x | 1.6x |
Return on Equity | 13.2% | 13.2% | 14.0% |
Earnings Growth | |||
Rate | 5.9% | 5.9% | 6.7% |
Dividend Yield | 2.9% | 2.9% | 2.9% |
Turnover Rate | |||
(Annualized) | 4% | — | — |
Short-Term | |||
Reserves | 0.3% | — | — |
Sector Diversification (% of equity exposure) | |||
FTSE | |||
FTSE | Global | ||
Developed | All Cap ex | ||
All Cap ex | US | ||
Fund | US Index | Index | |
Basic Materials | 7.6% | 7.6% | 7.5% |
Consumer Goods | 17.6 | 17.7 | 16.3 |
Consumer Services | 8.2 | 8.2 | 8.1 |
Financials | 25.1 | 25.1 | 26.0 |
Health Care | 8.9 | 8.9 | 7.7 |
Industrials | 16.0 | 16.0 | 15.2 |
Oil & Gas | 5.6 | 5.6 | 5.9 |
Technology | 4.2 | 4.1 | 6.0 |
Telecommunications | 3.6 | 3.6 | 4.0 |
Utilities | 3.2 | 3.2 | 3.3 |
Volatility Measures | ||
Spliced | ||
Developed | FTSE Global | |
ex US | All Cap 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) | ||
Nestle SA | Food Products | 1.5% |
Samsung Electronics | Consumer | |
Co. Ltd. | Electronics | 1.3 |
Royal Dutch Shell plc | Integrated Oil & Gas | 1.2 |
Novartis AG | Pharmaceuticals | 1.1 |
Roche Holding AG | Pharmaceuticals | 1.0 |
HSBC Holdings plc | Banks | 1.0 |
Unilever | Personal Products | 0.8 |
Toyota Motor Corp. | Automobiles | 0.8 |
British American | ||
Tobacco plc | Tobacco | 0.7 |
BP plc | Integrated Oil & Gas | 0.6 |
Top Ten | 10.0% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Allocation by Region (% of portfolio)
1 The expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2017, the annualized 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 | Global | ||
Developed | All Cap ex | ||
All Cap ex | US | ||
Fund | US Index | Index | |
Europe | |||
United | |||
Kingdom | 15.7% | 15.7% | 12.7% |
France | 8.1 | 8.1 | 6.5 |
Germany | 7.9 | 7.9 | 6.4 |
Switzerland | 7.1 | 7.1 | 5.7 |
Spain | 2.9 | 2.8 | 2.3 |
Sweden | 2.8 | 2.8 | 2.3 |
Netherlands | 2.8 | 2.8 | 2.3 |
Italy | 2.3 | 2.2 | 1.8 |
Denmark | 1.5 | 1.5 | 1.3 |
Belgium | 1.1 | 1.1 | 0.9 |
Finland | 1.0 | 1.0 | 0.8 |
Other | 1.3 | 1.3 | 1.1 |
Subtotal | 54.5% | 54.3% | 44.1% |
Pacific | |||
Japan | 21.4% | 21.4% | 17.2% |
Australia | 6.2 | 6.2 | 5.0 |
South Korea | 4.5 | 4.6 | 3.7 |
Hong Kong | 3.2 | 3.2 | 2.6 |
Singapore | 1.2 | 1.2 | 1.0 |
Other | 0.3 | 0.3 | 0.2 |
Subtotal | 36.8% | 36.9% | 29.7% |
Emerging | |||
Markets | 0.0% | 0.0% | 19.1% |
North America | |||
Canada | 8.2% | 8.3% | 6.7% |
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.
Fiscal-Year Total Returns (%): July 20, 2007, Through June 30, 2017
For a benchmark description, see the Glossary.
Note: For 2017, performance data reflect the six months ended June 30, 2017.
Average Annual Total Returns: Periods Ended June 30, 2017 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 12/19/2013 | 20.10% | — | 3.75%1 |
FTSE Developed Markets ETF | ||||
Shares | 7/20/2007 | |||
Market Price | 20.23 | 9.12% | 1.17 1 | |
Net Asset Value | 20.25 | 9.09 | 1.17 1 | |
Admiral Shares | 8/17/1999 | 20.30 | 9.10 | 1.37 |
Institutional Shares | 1/4/2001 | 20.17 | 9.11 | 1.41 |
Institutional Plus Shares | 4/1/2014 | 20.30 | — | 2.84 1 |
1 Return since inception. |
9
Developed Markets Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2017
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 | 8,427,073 | 536,102 | 0.6% |
Westpac Banking Corp. | 16,351,356 | 382,852 | 0.4% |
Australia & New Zealand Banking Group Ltd. | 14,302,485 | 315,682 | 0.4% |
National Australia Bank Ltd. | 13,021,921 | 296,230 | 0.3% |
BHP Billiton Ltd. | 15,657,226 | 279,075 | 0.3% |
1 Australia—Other † | 3,626,320 | 4.1% | |
5,436,261 | 6.1% | ||
Austria † | 272,127 | 0.3% | |
Belgium | |||
Anheuser-Busch InBev SA/NV | 3,702,853 | 408,976 | 0.5% |
Belgium—Other † | 529,778 | 0.6% | |
938,754 | 1.1% | ||
Canada | |||
Royal Bank of Canada | 7,189,431 | 522,021 | 0.6% |
Toronto-Dominion Bank | 9,034,454 | 455,276 | 0.5% |
Bank of Nova Scotia | 5,875,699 | 353,457 | 0.4% |
Enbridge Inc. | 7,947,013 | 316,581 | 0.4% |
Canadian National Railway Co. | 3,677,163 | 298,358 | 0.3% |
1 Canada—Other † | 5,329,292 | 6.0% | |
7,274,985 | 8.2% | ||
Denmark | |||
Novo Nordisk A/S Class B | 8,710,042 | 374,247 | 0.4% |
1 Denmark—Other † | 988,182 | 1.1% | |
1,362,429 | 1.5% | ||
Finland † | 878,267 | 1.0% |
10
Developed Markets Index Fund | |||
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
France | |||
TOTAL SA | 10,726,901 | 532,560 | 0.6% |
Sanofi | 5,253,771 | 503,417 | 0.6% |
BNP Paribas SA | 5,254,634 | 378,296 | 0.4% |
LVMH Moet Hennessy Louis Vuitton SE | 1,211,653 | 302,981 | 0.3% |
1 France—Other † | 5,382,230 | 6.1% | |
7,099,484 | 8.0% | ||
Germany | |||
Bayer AG | 4,027,357 | 521,988 | 0.6% |
Siemens AG | 3,698,615 | 508,760 | 0.6% |
SAP SE | 4,410,720 | 461,677 | 0.5% |
Allianz SE | 2,212,242 | 436,569 | 0.5% |
BASF SE | 4,461,689 | 414,086 | 0.4% |
Daimler AG | 4,705,290 | 341,269 | 0.4% |
Deutsche Telekom AG | 15,483,446 | 279,089 | 0.3% |
1 Germany—Other † | 3,980,767 | 4.5% | |
6,944,205 | 7.8% | ||
Hong Kong | |||
AIA Group Ltd. | 58,801,118 | 430,210 | 0.5% |
Hang Seng Bank Ltd. | 3,594,112 | 75,190 | 0.1% |
1 Hong Kong—Other † | 2,288,583 | 2.6% | |
2,793,983 | 3.2% | ||
Ireland † | 180,325 | 0.2% | |
Israel † | 438,631 | 0.5% | |
1Italy † | 1,981,928 | 2.2% | |
Japan | |||
Toyota Motor Corp. | 12,755,470 | 670,472 | 0.8% |
Mitsubishi UFJ Financial Group Inc. | 63,434,717 | 427,870 | 0.5% |
SoftBank Group Corp. | 4,156,952 | 337,919 | 0.4% |
Sumitomo Mitsui Financial Group Inc. | 6,477,594 | 252,914 | 0.3% |
Chugai Pharmaceutical Co. Ltd. | 1,064,527 | 39,883 | 0.0% |
Japan—Other † | 17,104,569 | 19.3% | |
18,833,627 | 21.3% | ||
Malta † | — | 0.0% | |
Netherlands | |||
Unilever NV | 7,605,272 | 419,825 | 0.5% |
ING Groep NV | 18,884,413 | 325,998 | 0.4% |
1 Netherlands—Other † | 1,734,349 | 1.9% | |
2,480,172 | 2.8% | ||
New Zealand † | 262,789 | 0.3% | |
1Norway † | 549,282 | 0.6% | |
Portugal † | 148,820 | 0.2% |
11
Developed Markets Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Singapore † | 1,047,906 | 1.2% | ||
South Korea | ||||
Samsung Electronics Co. Ltd. | 430,364 | 896,372 | 1.0% | |
Samsung Electronics Co. Ltd. Preference Shares | 80,828 | 131,790 | 0.1% | |
Samsung Electronics Co. Ltd. GDR | 80,099 | 83,044 | 0.1% | |
Hankook Shell Oil Co. Ltd. | 3,209 | 1,127 | 0.0% | |
1 | South Korea—Other † | 2,900,210 | 3.3% | |
4,012,543 | 4.5% | |||
Spain | ||||
Banco Santander SA | 70,008,737 | 464,851 | 0.5% | |
Banco Bilbao Vizcaya Argentaria SA | 32,418,637 | 270,046 | 0.3% | |
1 | Spain—Other † | 1,771,413 | 2.0% | |
2,506,310 | 2.8% | |||
1Sweden † | 2,482,780 | 2.8% | ||
Switzerland | ||||
Nestle SA | 15,102,307 | 1,317,188 | 1.5% | |
Novartis AG | 11,464,944 | 957,628 | 1.1% | |
Roche Holding AG | 3,381,188 | 863,944 | 1.0% | |
UBS Group AG | 16,943,712 | 288,143 | 0.3% | |
Roche Holding AG (Bearer) | 170,363 | 44,015 | 0.0% | |
1 | Switzerland—Other † | 2,795,995 | 3.2% | |
6,266,913 | 7.1% | |||
United Kingdom | ||||
HSBC Holdings plc | 97,704,915 | 906,898 | 1.0% | |
British American Tobacco plc | 9,030,565 | 615,372 | 0.7% | |
Royal Dutch Shell plc Class A (London Shares) | 21,654,208 | 575,327 | 0.6% | |
BP plc | 93,822,336 | 541,562 | 0.6% | |
GlaxoSmithKline plc | 23,570,242 | 501,748 | 0.6% | |
Royal Dutch Shell plc Class B | 18,316,010 | 491,722 | 0.6% | |
AstraZeneca plc | 6,167,447 | 413,120 | 0.5% | |
Vodafone Group plc | 129,694,904 | 368,329 | 0.4% | |
Diageo plc | 12,052,286 | 356,168 | 0.4% | |
Unilever plc | 5,833,447 | 315,695 | 0.4% | |
Reckitt Benckiser Group plc | 3,037,962 | 307,969 | 0.3% | |
Lloyds Banking Group plc | 347,295,262 | 299,292 | 0.3% | |
Prudential plc | 12,563,330 | 288,377 | 0.3% | |
Royal Dutch Shell plc Class A | 107,983 | 2,871 | 0.0% | |
1 | United Kingdom—Other † | 7,850,282 | 8.9% | |
13,834,732 | 15.6% | |||
Total Common Stocks (Cost $77,175,233) | 88,027,253 | 99.3%2 |
12
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 | 1.181% | 19,621,110 | 1,962,503 | 2.2% |
5U.S. Government and Agency Obligations † | 65,054 | 0.1% | ||
Total Temporary Cash Investments (Cost $2,027,312) | 2,027,557 | 2.3%2 | ||
6Total Investments (Cost $79,202,545) | 90,054,810 | 101.6% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 5,693 | |||
Receivables for Investment Securities Sold | 104 | |||
Receivables for Accrued Income | 293,624 | |||
Receivables for Capital Shares Issued | 51,435 | |||
Other Assets7 | 144,910 | |||
Total Other Assets | 495,766 | 0.6% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (58,505) | |||
Collateral for Securities on Loan | (1,729,223) | |||
Payables for Capital Shares Redeemed | (61,750) | |||
Payables to Vanguard | (23,920) | |||
Other Liabilities | (67,624) | |||
Total Liabilities | (1,941,022) | (2.2%) | ||
Net Assets | 88,609,554 | 100.0% | ||
At June 30, 2017, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 80,210,925 | |||
Undistributed Net Investment Income | 61,467 | |||
Accumulated Net Realized Losses | (2,508,651) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 10,852,265 | |||
Futures Contracts | (10,568) | |||
Forward Currency Contracts | 1,283 | |||
Foreign Currencies | 2,833 | |||
Net Assets | 88,609,554 | |||
Investor Shares—Net Assets | ||||
Applicable to 93,422,313 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 958,753 | |||
Net Asset Value Per Share—Investor Shares | $10.26 |
13
Developed Markets Index Fund | |
Amount | |
($000) | |
ETF Shares—Net Assets | |
Applicable to 1,348,893,839 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 55,615,335 |
Net Asset Value Per Share—ETF Shares | $41.23 |
Admiral Shares—Net Assets | |
Applicable to 943,044,478 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 12,500,941 |
Net Asset Value Per Share—Admiral Shares | $13.26 |
Institutional Shares—Net Assets | |
Applicable to 793,870,321 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 10,537,478 |
Net Asset Value Per Share—Institutional Shares | $13.27 |
Institutional Plus Shares—Net Assets | |
Applicable to 433,667,806 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 8,997,047 |
Net Asset Value Per Share—Institutional Plus Shares | $20.75 |
• See Note A in Notes to Financial Statements.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer,
represent 1% or less of net assets.
1 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 June 30, 2017, the aggregate value of these
securities was $807,934,000, representing 0.9% 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 100.0% and 1.6%, 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 $1,729,223,000 of collateral received for securities on loan.
5 Securities with a value of $32,041,000 have been segregated as initial margin for open futures contracts.
6 The total value of securities on loan is $1,606,623,000.
7 Cash of $11,630,000 has been segregated as collateral for open forward currency contracts.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.
14
Developed Markets Index Fund
Statement of Operations
Six Months Ended | |
June30,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,462,644 |
Interest 2 | 1,701 |
Securities Lending—Net | 32,827 |
Total Income | 1,497,172 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,286 |
Management and Administrative—Investor Shares | 599 |
Management and Administrative—ETF Shares | 10,816 |
Management and Administrative—Admiral Shares | 2,270 |
Management and Administrative—Institutional Shares | 1,945 |
Management and Administrative—Institutional Plus Shares | 1,304 |
Marketing and Distribution—Investor Shares | 83 |
Marketing and Distribution—ETF Shares | 1,421 |
Marketing and Distribution—Admiral Shares | 509 |
Marketing and Distribution—Institutional Shares | 131 |
Marketing and Distribution—Institutional Plus Shares | 46 |
Custodian Fees | 4,518 |
Shareholders’ Reports—Investor Shares | 28 |
Shareholders’ Reports—ETF Shares | 929 |
Shareholders’ Reports—Admiral Shares | 120 |
Shareholders’ Reports—Institutional Shares | 16 |
Shareholders’ Reports—Institutional Plus Shares | 5 |
Trustees’ Fees and Expenses | 22 |
Total Expenses | 27,048 |
Net Investment Income | 1,470,124 |
Realized Net Gain (Loss) | |
Investment Securities Sold 2 | (39,626) |
Futures Contracts | 53,335 |
Foreign Currencies and Forward Currency Contracts | 20,960 |
Realized Net Gain (Loss) | 34,669 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 9,019,707 |
Futures Contracts | (18,219) |
Foreign Currencies and Forward Currency Contracts | 26,945 |
Change in Unrealized Appreciation (Depreciation) | 9,028,433 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,533,226 |
1 Dividends are net of foreign withholding taxes of $148,855,000.
2 Interest income and realized net gain (loss) from an affiliated company of the fund were $1,531,000 and ($45,000), respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Developed Markets Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,470,124 | 1,831,404 |
Realized Net Gain (Loss) | 34,669 | (1,712,993) |
Change in Unrealized Appreciation (Depreciation) | 9,028,433 | 1,611,578 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,533,226 | 1,729,989 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (14,263) | (27,425) |
ETF Shares | (819,792) | (1,078,670) |
Admiral Shares | (185,381) | (278,418) |
Institutional Shares | (160,111) | (269,559) |
Institutional Plus Shares | (137,718) | (230,942) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (1,317,265) | (1,885,014) |
Capital Share Transactions | ||
Investor Shares | (28,617) | (155,754) |
ETF Shares | 9,772,165 | 11,051,278 |
Admiral Shares | 1,485,591 | 1,786,338 |
Institutional Shares | 252,758 | 1,016,504 |
Institutional Plus Shares | 555,933 | 217,224 |
Net Increase (Decrease) from Capital Share Transactions | 12,037,830 | 13,915,590 |
Total Increase (Decrease) | 21,253,791 | 13,760,565 |
Net Assets | ||
Beginning of Period | 67,355,763 | 53,595,198 |
End of Period1 | 88,609,554 | 67,355,763 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $61,467,000 and ($98,236,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
16
Developed Markets Index Fund
Financial Highlights
Investor Shares | |||||
Six Months | Dec. 19, | ||||
Ended | 20131 to | ||||
For a Share Outstanding | June 30, | Year Ended December 31, | Dec. 31, | ||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $9.09 | $9.15 | $9.42 | $10.34 | $10.00 |
Investment Operations | |||||
Net Investment Income | .171 | .262 | .261 | .337 | .008 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 1.152 | (. 054) | (. 276) | (. 919) | . 332 |
Total from Investment Operations | 1.323 | .208 | (.015) | (.582) | .340 |
Distributions | |||||
Dividends from Net Investment Income | (.153) | (. 268) | (. 255) | (. 338) | — |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.153) | (. 268) | (. 255) | (. 338) | — |
Net Asset Value, End of Period | $10.26 | $9.09 | $9.15 | $9.42 | $10.34 |
Total Return2 | 14.59% | 2.36% | -0.29% | -5.82% | 3.40% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $959 | $875 | $1,040 | $1,331 | $0.1 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17% | 0.20% | 0.20% | 0.20%3 |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.50% | 3.00% | 2.73% | 3.22% | 2.80%3 |
Portfolio Turnover Rate 4 | 4% | 11% | 3% | 4% | 13% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
17
Developed Markets Index Fund
Financial Highlights
FTSE Developed Markets ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $36.51 | $36.75 | $37.85 | $41.53 | $35.02 | $30.44 |
Investment Operations | ||||||
Net Investment Income | .710 | 1.090 | 1.096 | 1.395 | 1.099 | 1.035 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.642 | (.216) | (1.125) | (3.681) | 6.494 | 4.591 |
Total from Investment Operations | 5.352 | .874 | (.029) | (2.286) | 7.593 | 5.626 |
Distributions | ||||||
Dividends from Net Investment Income | (.632) | (1.114) | (1.071) | (1.394) | (1.083) | (1.046) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.632) | (1.114) | (1.071) | (1.394) | (1.083) | (1.046) |
Net Asset Value, End of Period | $41.23 | $36.51 | $36.75 | $37.85 | $41.53 | $35.02 |
Total Return | 14.69% | 2.51% | -0.21% | -5.71% | 22.12% | 18.60% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $55,615 | $40,243 | $29,288 | $24,155 | $19,021 | $10,979 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.09% | 0.09% | 0.09% | 0.10% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.60% | 3.10% | 2.84% | 3.33% | 2.91% | 3.40% |
Portfolio Turnover Rate1 | 4% | 11% | 3% | 4% | 13% | 7% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
18
Developed Markets Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $11.74 | $11.82 | $12.17 | $13.35 | $11.26 | $9.79 |
Investment Operations | ||||||
Net Investment Income | .228 | .350 | .352 | .450 | .353 | .332 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.495 | (.071) | (.358) | (1.180) | 2.085 | 1.474 |
Total from Investment Operations | 1.723 | .279 | (.006) | (.730) | 2.438 | 1.806 |
Distributions | ||||||
Dividends from Net Investment Income | (. 203) | (. 359) | (. 344) | (. 450) | (. 348) | (. 336) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 203) | (. 359) | (. 344) | (. 450) | (. 348) | (. 336) |
Net Asset Value, End of Period | $13.26 | $11.74 | $11.82 | $12.17 | $13.35 | $11.26 |
Total Return1 | 14.71% | 2.45% | -0.18% | -5.66% | 22.06% | 18.56% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $12,501 | $9,702 | $7,921 | $6,068 | $2,060 | $1,425 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.09% | 0.09% | 0.09% | 0.10% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.60% | 3.10% | 2.84% | 3.33% | 2.91% | 3.40% |
Portfolio Turnover Rate 2 | 4% | 11% | 3% | 4% | 13% | 7% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Developed Markets Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $11.75 | $11.83 | $12.18 | $13.37 | $11.27 | $9.79 |
Investment Operations | ||||||
Net Investment Income | .229 | .352 | .354 | .452 | .356 | .336 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.494 | (.072) | (.358) | (1.190) | 2.094 | 1.483 |
Total from Investment Operations | 1.723 | .280 | (.004) | (.738) | 2.450 | 1.819 |
Distributions | ||||||
Dividends from Net Investment Income | (. 203) | (. 360) | (. 346) | (. 452) | (. 350) | (. 339) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 203) | (. 360) | (. 346) | (. 452) | (. 350) | (. 339) |
Net Asset Value, End of Period | $13.27 | $11.75 | $11.83 | $12.18 | $13.37 | $11.27 |
Total Return | 14.70% | 2.46% | -0.17% | -5.72% | 22.15% | 18.70% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,537 | $9,092 | $8,093 | $7,743 | $482 | $332 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.61% | 3.11% | 2.86% | 3.35% | 2.93% | 3.43% |
Portfolio Turnover Rate1 | 4% | 11% | 3% | 4% | 13% | 7% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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
Institutional Plus Shares | ||||
Six Months | April 1, | |||
Ended | Year Ended | 20141 to | ||
For a Share Outstanding | June 30, | December 31, | Dec. 31, | |
Throughout Each Period | 2017 | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $18.37 | $18.49 | $19.05 | $20.90 |
Investment Operations | ||||
Net Investment Income | . 360 | . 552 | . 558 | . 438 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.341 | (.107) | (.573) | (1.798) |
Total from Investment Operations | 2.701 | .445 | (.015) | (1.360) |
Distributions | ||||
Dividends from Net Investment Income | (. 321) | (. 565) | (. 545) | (. 490) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (. 321) | (. 565) | (. 545) | (. 490) |
Net Asset Value, End of Period | $20.75 | $18.37 | $18.49 | $19.05 |
Total Return | 14.74% | 2.50% | -0.21% | -6.67% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $8,997 | $7,444 | $7,253 | $5,918 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.06% | 0.06%2 |
Ratio of Net Investment Income to Average Net Assets | 3.62% | 3.12% | 2.87% | 2.92%2 |
Portfolio Turnover Rate 3 | 4% | 11% | 3% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
21
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 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
22
Developed Markets Index Fund
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 six months ended June 30, 2017, 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 2% of net assets, based on the average of notional amounts at each quarter-end during the period.
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 for the period ended June 30, 2017, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
23
Developed Markets Index Fund
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 event 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 June 30, 2017, 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.
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
24
Developed Markets Index Fund
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 June 30, 2017, the fund had contributed to Vanguard capital in the amount of $5,693,000, representing 0.01% of the fund’s net assets and 2.28% 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).
The following table summarizes the market value of the fund’s investments as of June 30, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 7,381,064 | 80,627,122 | 19,067 |
Temporary Cash Investments | 1,962,503 | 65,054 | — |
Futures Contracts—Liabilities1 | (5,451) | — | — |
Forward Currency Contracts—Assets | — | 16,360 | — |
Forward Currency Contracts—Liabilities | — | (15,077) | — |
Total | 9,338,116 | 80,693,459 | 19,067 |
1 Represents variation margin on the last day of the reporting period. |
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Developed Markets Index Fund
D. At June 30, 2017, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Other Assets | — | 16,360 | 16,360 |
Other Liabilities | (5,451) | (15,077) | (20,528) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended June 30, 2017, were:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | 53,335 | — | 53,335 |
Forward Currency Contracts | — | 14,116 | 14,116 |
Realized Net Gain (Loss) on Derivatives | 53,335 | 14,116 | 67,451 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (18,219) | — | (18,219) |
Forward Currency Contracts | — | 16,001 | 16,001 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (18,219) | 16,001 | (2,218) |
At June 30, 2017, 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 | September 2017 | 5,877 | 229,983 | (7,815) |
Topix Index | September 2017 | 1,159 | 166,227 | 2,148 |
FTSE 100 Index | September 2017 | 1,126 | 105,930 | (2,955) |
S&P ASX 200 Index | September 2017 | 590 | 63,913 | (1,830) |
S&P/TSX 60 Index | September 2017 | 59 | 8,079 | (116) |
(10,568) |
Unrealized appreciation (depreciation) on open Dow Jones EURO STOXX 50 Index and FTSE 100 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
26
Developed Markets Index Fund
At June 30, 2017, 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) | ||
Goldman Sachs International | 9/20/17 | EUR | 347,471 | USD | 390,982 | 7,636 |
Morgan Stanley Capital Services LLC | 9/20/17 | GBP | 143,173 | USD | 183,023 | 3,934 |
The Toronto-Dominion Bank | 9/12/17 | JPY | 13,629,874 | USD | 124,956 | (3,377) |
BNP Paribas | 9/12/17 | JPY | 11,622,015 | USD | 103,588 | 80 |
The Toronto-Dominion Bank | 9/26/17 | AUD | 135,065 | USD | 102,776 | 918 |
BNP Paribas | 9/12/17 | JPY | 11,092,681 | USD | 100,989 | (2,042) |
Credit Suisse International | 9/20/17 | EUR | 46,781 | USD | 52,613 | 1,054 |
Credit Suisse International | 9/20/17 | GBP | 18,424 | USD | 23,615 | 443 |
Barclays Bank plc | 9/20/17 | EUR | 14,670 | USD | 16,516 | 314 |
BNP Paribas | 9/26/17 | AUD | 18,538 | USD | 14,111 | 121 |
Citibank, N.A. | 9/19/17 | CAD | 17,224 | USD | 13,026 | 273 |
JPMorgan Chase Bank, N.A. | 9/19/17 | CAD | 2,309 | USD | 1,747 | 36 |
BNP Paribas | 9/20/17 | USD | 225,516 | EUR | 201,686 | (5,859) |
BNP Paribas | 9/12/17 | USD | 163,761 | JPY | 18,184,900 | 1,551 |
BNP Paribas | 9/20/17 | USD | 98,046 | GBP | 77,422 | (3,054) |
BNP Paribas | 9/26/17 | USD | 51,403 | AUD | 67,925 | (745) |
Bank of America, N.A. | 10/18/17 | USD | 1 | EUR | 1 | — |
1,283 | ||||||
AUD—Australian dollar. | ||||||
CAD—Canadian dollar. | ||||||
EUR—Euro. | ||||||
GBP—British pound. | ||||||
JPY—Japanese yen. | ||||||
USD—U.S. dollar. |
At June 30, 2017, the counterparties had deposited in segregated accounts securities and cash with a value of $13,095,000 in connection with open forward currency contracts.
27
Developed Markets Index Fund
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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2017; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2017, the cost of investment securities for tax purposes was $79,320,186,000. Net unrealized appreciation of investment securities for tax purposes was $10,734,624,000, consisting of unrealized gains of $14,997,468,000 on securities that had risen in value since their purchase and $4,262,844,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2017, the fund purchased $13,825,061,000 of investment securities and sold $1,663,375,000 of investment securities, other than temporary cash investments. Purchases and sales include $9,320,852,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
28
Developed Markets Index Fund
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2017 | December 31, 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 105,643 | 10,763 | 158,767 | 17,838 |
Issued in Lieu of Cash Distributions | 12,547 | 1,243 | 23,467 | 2,631 |
Redeemed | (146,807) | (14,856) | (337,988) | (37,890) |
Net Increase (Decrease)—Investor Shares | (28,617) | (2,850) | (155,754) | (17,421) |
ETF Shares | ||||
Issued | 9,772,165 | 246,665 | 11,470,709 | 316,767 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | — | — | (419,431) | (11,500) |
Net Increase (Decrease)—ETF Shares | 9,772,165 | 246,665 | 11,051,278 | 305,267 |
Admiral Shares | ||||
Issued | 2,346,245 | 184,843 | 4,241,004 | 369,711 |
Issued in Lieu of Cash Distributions | 153,418 | 11,760 | 228,037 | 19,782 |
Redeemed | (1,014,072) | (80,140) | (2,682,703) | (233,330) |
Net Increase (Decrease)—Admiral Shares | 1,485,591 | 116,463 | 1,786,338 | 156,163 |
Institutional Shares | ||||
Issued | 1,325,532 | 104,619 | 2,852,708 | 247,221 |
Issued in Lieu of Cash Distributions | 148,813 | 11,395 | 246,010 | 21,316 |
Redeemed | (1,221,587) | (95,713) | (2,082,214) | (179,096) |
Net Increase (Decrease)—Institutional Shares | 252,758 | 20,301 | 1,016,504 | 89,441 |
Institutional Plus Shares | ||||
Issued | 943,921 | 47,964 | 1,237,604 | 68,566 |
Issued in Lieu of Cash Distributions | 130,907 | 6,417 | 223,230 | 12,377 |
Redeemed | (518,895) | (25,884) | (1,243,610) | (67,980) |
Net Increase (Decrease) —Institutional Plus Shares | 555,933 | 28,497 | 217,224 | 12,963 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2017, that would require recognition or disclosure in these financial statements.
29
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 June 30, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Developed Markets Index Fund | 12/31/2016 | 6/30/2017 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,145.86 | $0.90 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,146.93 | 0.37 |
Admiral Shares | 1,000.00 | 1,147.11 | 0.37 |
Institutional Shares | 1,000.00 | 1,146.97 | 0.32 |
Institutional Plus Shares | 1,000.00 | 1,147.38 | 0.27 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Institutional Plus Shares | 1,000.00 | 1,024.55 | 0.25 |
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 0.17% 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 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 (181/365).
31
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Developed Markets Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
32
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund
will realize economies of scale as it grows, with the cost to shareholders declining as fund
assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
33
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.
Fair-Value Pricing. Fair-value adjustments, which are required by the Securities and Exchange Commission, address pricing discrepancies that may arise because of time-zone differences among global stock markets. Foreign stocks may trade on exchanges that close many hours before a fund’s closing share price is calculated in the United States, generally at 4 p.m., Eastern time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change—because of company-specific announcements or market-wide developments, for example. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the fund’s daily net asset value, thus ensuring that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the fund and that of its benchmark index—a difference that usually corrects itself when the foreign markets reopen.
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.
34
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.
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.
35
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 197 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. 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).
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; Trustee of the University of Rochester.
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 Arconic Inc. (diversified manufacturer), 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.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) 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), Oxfam America, and the Lumina
Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair 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, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
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 Co-Managing Partner of HighVista Strategies LLC (private investment firm); 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 Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
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: Principal of 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).
Michael Rollings
Born 1963. Treasurer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Director of Vanguard Marketing Corporation; Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi |
Chris D. McIsaac | |
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 | |
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information is provided for information purposes only. | |
All comparative mutual fund data are from Lipper, a | No responsibility or liability can be accepted by the |
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otherwise noted. | licensors for any errors or for any loss from use of this |
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guidelines by visiting vanguard.com/proxyreporting or by | Group companies nor any of its licensors make any |
calling Vanguard at 800-662-2739. The guidelines are | claim, prediction, warranty or representation |
also available from the SEC’s website, sec.gov. In | whatsoever, expressly or impliedly, either as to the |
addition, you may obtain a free report on how your fund | results to be obtained from the use of the FTSE |
voted the proxies for securities it owned during the 12 | Indexes or the fitness or suitability of the Indexes for |
months ended June 30. To get the report, visit either | any particular purpose to which they might be put. |
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owned by FTSE. FTSE does not accept any liability to | |
You can review and copy information about your fund at | any person for any loss or damage arising out of any |
the SEC’s Public Reference Room in Washington, D.C. To | error or omission in the ICB. |
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. | |
Q1272 082017 |
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.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.3%)1 | |||
Australia (6.1%) | |||
Commonwealth Bank of Australia | 8,427,073 | 536,102 | |
Westpac Banking Corp. | 16,351,356 | 382,852 | |
Australia & New Zealand Banking Group Ltd. | 14,302,485 | 315,682 | |
National Australia Bank Ltd. | 13,021,921 | 296,230 | |
BHP Billiton Ltd. | 15,657,226 | 279,075 | |
CSL Ltd. | 2,213,261 | 234,894 | |
Wesfarmers Ltd. | 5,499,710 | 169,584 | |
Woolworths Ltd. | 6,277,041 | 123,213 | |
Macquarie Group Ltd. | 1,498,004 | 101,871 | |
Rio Tinto Ltd. | 2,066,060 | 100,408 | |
Transurban Group | 9,937,493 | 90,505 | |
Woodside Petroleum Ltd. | 3,569,562 | 81,883 | |
Scentre Group | 24,894,811 | 77,401 | |
Suncorp Group Ltd. | 6,237,540 | 71,046 | |
Amcor Ltd. | 5,620,823 | 70,023 | |
Telstra Corp. Ltd. | 20,278,341 | 67,003 | |
AGL Energy Ltd. | 3,286,374 | 64,402 | |
QBE Insurance Group Ltd. | 6,671,113 | 60,551 | |
Insurance Australia Group Ltd. | 11,526,350 | 60,072 | |
Newcrest Mining Ltd. | 3,733,967 | 57,951 | |
Brambles Ltd. | 7,733,422 | 57,828 | |
Westfield Corp. | 9,368,971 | 57,785 | |
AMP Ltd. | 14,242,841 | 56,833 | |
Aristocrat Leisure Ltd. | 3,089,873 | 53,569 | |
South32 Ltd. | 25,971,782 | 53,489 | |
Goodman Group | 8,607,241 | 52,021 | |
* | Origin Energy Ltd. | 8,528,851 | 44,970 |
Aurizon Holdings Ltd. | 9,588,853 | 39,496 | |
Stockland | 11,656,730 | 39,201 | |
ASX Ltd. | 940,580 | 38,753 | |
APA Group | 5,405,744 | 38,090 | |
Sonic Healthcare Ltd. | 2,013,806 | 37,495 | |
Treasury Wine Estates Ltd. | 3,594,793 | 36,351 | |
Dexus | 4,931,430 | 35,904 | |
Ramsay Health Care Ltd. | 630,583 | 35,680 | |
LendLease Group | 2,730,723 | 34,950 | |
James Hardie Industries plc | 2,143,938 | 33,788 | |
Cochlear Ltd. | 274,923 | 32,836 | |
GPT Group | 8,721,331 | 32,077 | |
Vicinity Centres | 15,920,630 | 31,415 | |
Fortescue Metals Group Ltd. | 7,814,042 | 31,280 | |
Caltex Australia Ltd. | 1,267,620 | 30,782 | |
Boral Ltd. | 5,699,863 | 30,433 | |
Oil Search Ltd. | 5,710,557 | 29,904 | |
Mirvac Group | 17,921,094 | 29,305 | |
Sydney Airport | 5,355,680 | 29,174 | |
Medibank Pvt Ltd. | 13,480,776 | 29,026 | |
Orica Ltd. | 1,819,977 | 28,921 | |
Challenger Ltd. | 2,766,895 | 28,376 | |
BlueScope Steel Ltd. | 2,783,746 | 28,183 | |
Computershare Ltd. | 2,358,100 | 25,627 | |
SEEK Ltd. | 1,722,063 | 22,379 | |
Incitec Pivot Ltd. | 8,110,700 | 21,274 | |
* | Santos Ltd. | 8,822,486 | 20,520 |
Tatts Group Ltd. | 6,294,997 | 20,222 | |
Bendigo & Adelaide Bank Ltd. | 2,291,976 | 19,511 | |
Qantas Airways Ltd. | 4,403,004 | 19,354 | |
Coca-Cola Amatil Ltd. | 2,660,529 | 18,880 | |
Alumina Ltd. | 12,164,616 | 17,917 | |
Crown Resorts Ltd. | 1,837,490 | 17,342 | |
Bank of Queensland Ltd. | 1,924,024 | 16,928 |
1
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Star Entertainment Grp Ltd. | 4,097,748 | 15,905 | |
ALS Ltd. | 2,532,914 | 14,499 | |
Healthscope Ltd. | 8,474,673 | 14,403 | |
Downer EDI Ltd. | 2,892,598 | 14,249 | |
Link Administration Holdings Ltd. | 2,346,045 | 14,245 | |
Magellan Financial Group Ltd. | 641,105 | 14,212 | |
CIMIC Group Ltd. | 470,633 | 14,043 | |
Tabcorp Holdings Ltd. | 4,104,129 | 13,784 | |
Iluka Resources Ltd. | 2,057,539 | 13,723 | |
Ansell Ltd. | 729,894 | 13,311 | |
REA Group Ltd. | 260,139 | 13,272 | |
Orora Ltd. | 5,864,986 | 12,889 | |
Domino's Pizza Enterprises Ltd. | 306,424 | 12,262 | |
AusNet Services | 8,967,752 | 11,957 | |
Qube Holdings Ltd. | 5,819,280 | 11,765 | |
IOOF Holdings Ltd. | 1,501,625 | 11,313 | |
Macquarie Atlas Roads Group | 2,507,062 | 10,812 | |
DuluxGroup Ltd. | 2,021,301 | 10,781 | |
Northern Star Resources Ltd. | 2,843,426 | 10,403 | |
JB Hi-Fi Ltd. | 571,233 | 10,260 | |
Adelaide Brighton Ltd. | 2,324,483 | 10,055 | |
Perpetual Ltd. | 228,619 | 9,813 | |
nib holdings Ltd. | 2,202,186 | 9,731 | |
Fairfax Media Ltd. | 11,489,525 | 9,717 | |
Charter Hall Group | 2,295,646 | 9,698 | |
carsales.com Ltd. | 1,086,026 | 9,620 | |
Investa Office Fund | 2,816,743 | 9,497 | |
Sims Metal Management Ltd. | 813,988 | 9,477 | |
Evolution Mining Ltd. | 5,042,718 | 9,360 | |
* | Metcash Ltd. | 4,966,575 | 9,162 |
BT Investment Management Ltd. | 1,040,842 | 9,109 | |
GrainCorp Ltd. Class A | 1,192,493 | 8,681 | |
Flight Centre Travel Group Ltd. | 290,929 | 8,564 | |
OZ Minerals Ltd. | 1,484,090 | 8,448 | |
CSR Ltd. | 2,500,165 | 8,126 | |
*,^ | WorleyParsons Ltd. | 916,047 | 7,893 |
Vocus Group Ltd. | 3,044,338 | 7,883 | |
Harvey Norman Holdings Ltd. | 2,643,235 | 7,762 | |
TPG Telecom Ltd. | 1,751,755 | 7,674 | |
* | Whitehaven Coal Ltd. | 3,348,824 | 7,386 |
InvoCare Ltd. | 635,099 | 7,175 | |
IRESS Ltd. | 720,022 | 7,022 | |
Primary Health Care Ltd. | 2,487,078 | 6,956 | |
Nufarm Ltd. | 925,719 | 6,850 | |
Corporate Travel Management Ltd. | 382,246 | 6,740 | |
Regis Resources Ltd. | 2,294,198 | 6,677 | |
Shopping Centres Australasia Property Group | 3,967,011 | 6,673 | |
*,^ | Mayne Pharma Group Ltd. | 7,242,430 | 6,040 |
Bapcor Ltd. | 1,425,400 | 6,015 | |
Mineral Resources Ltd. | 711,595 | 5,930 | |
Washington H Soul Pattinson & Co. Ltd. | 457,105 | 5,857 | |
Charter Hall Retail REIT | 1,865,128 | 5,831 | |
^ | Independence Group NL | 2,385,737 | 5,771 |
G8 Education Ltd. | 1,950,374 | 5,412 | |
* | St. Barbara Ltd. | 2,353,445 | 5,273 |
Navitas Ltd. | 1,394,746 | 5,198 | |
BWP Trust | 2,261,020 | 5,177 | |
Cleanaway Waste Management Ltd. | 4,886,951 | 5,164 | |
Breville Group Ltd. | 622,797 | 5,002 | |
Cromwell Property Group | 6,815,722 | 4,976 | |
Super Retail Group Ltd. | 752,892 | 4,745 | |
^ | Blackmores Ltd. | 61,920 | 4,562 |
Spotless Group Holdings Ltd. | 5,150,523 | 4,549 | |
Monadelphous Group Ltd. | 417,405 | 4,486 |
2
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Costa Group Holdings Ltd. | 1,193,352 | 4,452 | |
Steadfast Group Ltd. | 2,174,794 | 4,444 | |
^ | Reliance Worldwide Corp. Ltd. | 1,728,984 | 4,440 |
2 | MYOB Group Ltd. | 1,649,359 | 4,333 |
Aveo Group | 1,984,187 | 4,243 | |
* | NEXTDC Ltd. | 1,158,990 | 4,016 |
Webjet Ltd. | 419,396 | 3,981 | |
GUD Holdings Ltd. | 398,164 | 3,950 | |
^ | Platinum Asset Management Ltd. | 1,084,717 | 3,859 |
Abacus Property Group | 1,509,163 | 3,758 | |
Pact Group Holdings Ltd. | 814,896 | 3,751 | |
^ | ARB Corp. Ltd. | 308,006 | 3,719 |
Premier Investments Ltd. | 371,960 | 3,623 | |
Seven Group Holdings Ltd. | 422,422 | 3,554 | |
Eclipx Group Ltd. | 1,264,678 | 3,471 | |
* | Sigma Healthcare Ltd. | 5,040,589 | 3,467 |
Southern Cross Media Group Ltd. | 3,590,776 | 3,435 | |
Viva Energy REIT | 1,932,982 | 3,371 | |
* | Saracen Mineral Holdings Ltd. | 3,714,501 | 3,345 |
Altium Ltd. | 502,430 | 3,309 | |
Mantra Group Ltd. | 1,369,540 | 3,210 | |
Sandfire Resources NL | 733,812 | 3,185 | |
Nine Entertainment Co. Holdings Ltd. | 2,977,268 | 3,156 | |
^ | Ardent Leisure Group | 2,173,689 | 3,141 |
Automotive Holdings Group Ltd. | 1,193,387 | 3,073 | |
Charter Hall Long Wale REIT | 964,023 | 3,061 | |
* | SpeedCast International Ltd. | 1,035,628 | 3,042 |
Brickworks Ltd. | 285,897 | 3,030 | |
Technology One Ltd. | 680,181 | 3,010 | |
Bega Cheese Ltd. | 600,892 | 3,007 | |
Beach Energy Ltd. | 6,808,721 | 3,005 | |
*,^ | Australian Agricultural Co. Ltd. | 2,100,453 | 2,995 |
GWA Group Ltd. | 1,233,793 | 2,986 | |
Sirtex Medical Ltd. | 230,559 | 2,880 | |
McMillan Shakespeare Ltd. | 270,097 | 2,782 | |
APN Outdoor Group Ltd. | 751,346 | 2,777 | |
Australian Pharmaceutical Industries Ltd. | 1,895,553 | 2,774 | |
* | HT&E Ltd. | 1,356,966 | 2,753 |
Genworth Mortgage Insurance Australia Ltd. | 1,181,514 | 2,659 | |
^ | Retail Food Group Ltd. | 735,061 | 2,655 |
^ | National Storage REIT | 2,284,194 | 2,651 |
Growthpoint Properties Australia Ltd. | 1,085,199 | 2,620 | |
Credit Corp. Group Ltd. | 189,956 | 2,589 | |
Estia Health Ltd. | 1,101,605 | 2,582 | |
Resolute Mining Ltd. | 2,704,582 | 2,481 | |
*,^ | Syrah Resources Ltd. | 1,157,116 | 2,464 |
*,^ | Orocobre Ltd. | 920,609 | 2,457 |
^ | IPH Ltd. | 661,464 | 2,439 |
^ | Myer Holdings Ltd. | 3,722,191 | 2,389 |
Seven West Media Ltd. | 4,280,764 | 2,352 | |
Tassal Group Ltd. | 798,465 | 2,338 | |
*,^ | Aconex Ltd. | 803,991 | 2,305 |
*,^ | Galaxy Resources Ltd. | 1,797,854 | 2,286 |
IDP Education Ltd. | 584,219 | 2,285 | |
oOh!media Ltd. | 705,946 | 2,235 | |
* | Inghams Group Ltd. | 859,992 | 2,227 |
Folkestone Education Trust | 1,026,789 | 2,203 | |
SmartGroup Corp. Ltd. | 394,885 | 2,176 | |
* | Nanosonics Ltd. | 1,096,498 | 2,141 |
*,^ | Mesoblast Ltd. | 1,334,540 | 2,133 |
Collins Foods Ltd. | 467,417 | 2,120 | |
*,^ | Gold Road Resources Ltd. | 3,935,170 | 2,030 |
* | Elders Ltd. | 489,195 | 2,012 |
*,^ | Western Areas Ltd. | 1,237,402 | 2,007 |
3
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Asaleo Care Ltd. | 1,776,570 | 2,006 | |
Gateway Lifestyle | 1,317,459 | 1,973 | |
Arena REIT | 1,137,252 | 1,966 | |
Regis Healthcare Ltd. | 648,609 | 1,960 | |
WiseTech Global Ltd. | 355,307 | 1,889 | |
FlexiGroup Ltd. | 1,331,227 | 1,866 | |
Centuria Industrial REIT | 957,544 | 1,817 | |
Ingenia Communities Group | 909,802 | 1,817 | |
Programmed Maintenance Services Ltd. | 1,263,462 | 1,811 | |
* | Blue Sky Alternative Investments Ltd. | 245,315 | 1,790 |
Japara Healthcare Ltd. | 1,100,088 | 1,776 | |
*,^ | Pilbara Minerals Ltd. | 6,069,105 | 1,772 |
BWX Ltd. | 391,830 | 1,772 | |
Bellamy's Australia Ltd. | 331,515 | 1,761 | |
^ | Greencross Ltd. | 362,801 | 1,687 |
^ | Tox Free Solutions Ltd. | 889,414 | 1,640 |
* | Infigen Energy | 2,898,929 | 1,626 |
WPP AUNZ Ltd. | 1,655,934 | 1,590 | |
SG Fleet Group Ltd. | 523,272 | 1,529 | |
GDI Property Group | 1,928,027 | 1,519 | |
* | Superloop Ltd. | 745,504 | 1,467 |
*,^ | Lynas Corp. Ltd. | 17,970,559 | 1,450 |
* | RCR Tomlinson Ltd. | 547,945 | 1,438 |
Hotel Property Investments | 616,999 | 1,423 | |
SeaLink Travel Group Ltd. | 445,503 | 1,394 | |
^ | Village Roadshow Ltd. | 440,566 | 1,371 |
OFX Group Ltd. | 1,098,306 | 1,358 | |
^ | Select Harvests Ltd. | 358,036 | 1,348 |
^ | iSentia Group Ltd. | 805,041 | 1,330 |
*,^ | Cardno Ltd. | 1,419,488 | 1,330 |
^ | Ainsworth Game Technology Ltd. | 780,061 | 1,295 |
Astro Japan Property Group | 255,550 | 1,247 | |
*,^ | Senex Energy Ltd. | 5,608,613 | 1,185 |
MACA Ltd. | 928,878 | 1,178 | |
Cedar Woods Properties Ltd. | 292,689 | 1,172 | |
^ | RCG Corp. Ltd. | 1,714,536 | 1,133 |
*,^ | Highfield Resources Ltd. | 1,506,420 | 1,113 |
*,^ | Perseus Mining Ltd. | 4,879,902 | 1,089 |
Virtus Health Ltd. | 260,295 | 1,075 | |
*,^ | Starpharma Holdings Ltd. | 1,831,408 | 1,028 |
*,^ | Karoon Gas Australia Ltd. | 1,043,199 | 1,025 |
Cabcharge Australia Ltd. | 514,822 | 1,001 | |
*,^ | Liquefied Natural Gas Ltd. | 2,276,091 | 970 |
* | AWE Ltd. | 2,639,325 | 902 |
Thorn Group Ltd. | 817,872 | 893 | |
*,^ | Beadell Resources Ltd. | 5,335,180 | 884 |
* | Mount Gibson Iron Ltd. | 2,792,778 | 707 |
CSG Ltd. | 986,910 | 565 | |
ERM Power Ltd. | 590,198 | 542 | |
Cash Converters International Ltd. | 2,154,899 | 522 | |
*,^ | Vita Group Ltd. | 555,897 | 474 |
NZME Ltd. | 638,779 | 437 | |
^ | Reject Shop Ltd. | 122,616 | 392 |
SMS Management & Technology Ltd. | 249,012 | 344 | |
Decmil Group Ltd. | 477,455 | 341 | |
* | Quintis Ltd. | 1,474,169 | 334 |
*,^ | Billabong International Ltd. | 513,757 | 292 |
* | Watpac Ltd. | 571,456 | 248 |
* | MMA Offshore Ltd. | 1,869,821 | 223 |
*,^ | Paladin Energy Ltd. | 6,058,533 | 219 |
*,^ | Arrium Ltd. | 8,838,238 | 149 |
*,^ | Ten Network Holdings Ltd. | 1,142,310 | 140 |
5,436,261 |
4
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Austria (0.3%) | |||
Erste Group Bank AG | 1,395,940 | 53,471 | |
OMV AG | 696,728 | 36,190 | |
voestalpine AG | 552,085 | 25,733 | |
ANDRITZ AG | 351,043 | 21,179 | |
* | Raiffeisen Bank International AG | 640,875 | 16,177 |
BUWOG AG | 520,020 | 14,931 | |
Wienerberger AG | 584,221 | 13,291 | |
Lenzing AG | 64,673 | 11,583 | |
^ | IMMOFINANZ AG | 4,566,574 | 10,447 |
CA Immobilien Anlagen AG | 357,469 | 8,726 | |
Oesterreichische Post AG | 174,356 | 7,576 | |
Telekom Austria AG Class A | 658,232 | 5,183 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 179,918 | 5,078 | |
Mayr Melnhof Karton AG | 37,890 | 4,956 | |
UNIQA Insurance Group AG | 515,373 | 4,807 | |
RHI AG | 118,209 | 4,384 | |
S IMMO AG | 250,961 | 3,643 | |
Verbund AG | 181,198 | 3,456 | |
* | Schoeller-Bleckmann Oilfield Equipment AG | 52,397 | 3,433 |
Strabag SE | 75,776 | 3,283 | |
Zumtobel Group AG | 128,490 | 2,389 | |
Palfinger AG | 49,109 | 2,291 | |
DO & CO AG | 31,877 | 2,249 | |
EVN AG | 138,901 | 2,076 | |
Flughafen Wien AG | 46,139 | 1,751 | |
Porr AG | 41,705 | 1,318 | |
^ | Semperit AG Holding | 44,830 | 1,308 |
Kapsch TrafficCom AG | 22,770 | 1,218 | |
272,127 | |||
Belgium (1.1%) | |||
Anheuser-Busch InBev SA/NV | 3,702,853 | 408,976 | |
KBC Group NV | 1,337,288 | 101,392 | |
Solvay SA Class A | 341,173 | 45,789 | |
UCB SA | 587,942 | 40,437 | |
Ageas | 957,358 | 38,554 | |
Groupe Bruxelles Lambert SA | 365,913 | 35,220 | |
Umicore SA | 451,411 | 31,401 | |
Proximus SADP | 691,435 | 24,200 | |
Ackermans & van Haaren NV | 115,645 | 19,308 | |
Colruyt SA | 319,404 | 16,823 | |
* | Telenet Group Holding NV | 241,750 | 15,229 |
Ontex Group NV | 393,546 | 13,981 | |
Cofinimmo SA | 104,103 | 12,800 | |
bpost SA | 490,450 | 11,846 | |
Sofina SA | 71,545 | 10,276 | |
Warehouses De Pauw CVA | 88,571 | 9,308 | |
KBC Ancora | 180,232 | 8,816 | |
Bekaert SA | 165,032 | 8,396 | |
Elia System Operator SA/NV | 146,725 | 8,304 | |
Melexis NV | 94,516 | 7,761 | |
Aedifica SA | 78,576 | 6,853 | |
Gimv NV | 109,351 | 6,623 | |
Befimmo SA | 90,162 | 5,360 | |
D'ieteren SA/NV | 114,476 | 5,349 | |
Ion Beam Applications | 92,690 | 5,109 | |
* | Econocom Group SA/NV | 592,140 | 4,950 |
Euronav NV | 615,968 | 4,870 | |
Cie d'Entreprises CFE | 33,867 | 4,799 | |
* | Tessenderlo Chemie NV (Voting Shares) | 111,016 | 4,774 |
Barco NV | 40,088 | 4,115 | |
* | AGFA-Gevaert NV | 803,244 | 3,908 |
Kinepolis Group NV | 60,003 | 3,331 | |
Orange Belgium SA | 125,672 | 2,941 |
5
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
EVS Broadcast Equipment SA | 56,986 | 2,291 | |
*,^ | Nyrstar (Voting Shares) | 349,571 | 2,132 |
Van de Velde NV | 28,460 | 1,523 | |
Wereldhave Belgium NV | 8,838 | 1,009 | |
938,754 | |||
Canada (8.2%) | |||
Royal Bank of Canada | 7,189,431 | 522,021 | |
Toronto-Dominion Bank | 9,034,454 | 455,276 | |
Bank of Nova Scotia | 5,875,699 | 353,457 | |
Enbridge Inc. | 7,947,013 | 316,581 | |
Canadian National Railway Co. | 3,677,163 | 298,358 | |
Suncor Energy Inc. | 8,111,232 | 236,995 | |
Bank of Montreal | 3,157,602 | 231,853 | |
TransCanada Corp. | 4,201,736 | 200,302 | |
Manulife Financial Corp. | 9,586,555 | 179,711 | |
Canadian Imperial Bank of Commerce | 2,111,697 | 171,616 | |
Brookfield Asset Management Inc. Class A | 4,134,762 | 162,259 | |
Canadian Natural Resources Ltd. | 5,304,172 | 153,055 | |
Canadian Pacific Railway Ltd. | 702,065 | 112,960 | |
Sun Life Financial Inc. | 2,969,766 | 106,168 | |
Alimentation Couche-Tard Inc. Class B | 1,985,244 | 95,159 | |
Barrick Gold Corp. | 5,673,908 | 90,263 | |
Rogers Communications Inc. Class B | 1,760,550 | 83,154 | |
Magna International Inc. | 1,762,157 | 81,626 | |
Restaurant Brands International Inc. | 1,107,401 | 69,289 | |
National Bank of Canada | 1,644,281 | 69,141 | |
Potash Corp. of Saskatchewan Inc. | 4,073,792 | 66,441 | |
Fortis Inc. | 1,880,839 | 66,108 | |
Thomson Reuters Corp. | 1,398,359 | 64,742 | |
^ | BCE Inc. | 1,431,136 | 64,450 |
* | CGI Group Inc. Class A | 1,250,294 | 63,884 |
^ | Pembina Pipeline Corp. | 1,925,340 | 63,767 |
Franco-Nevada Corp. | 855,557 | 61,732 | |
Agrium Inc. | 674,931 | 61,170 | |
Loblaw Cos. Ltd. | 1,033,052 | 57,468 | |
Goldcorp Inc. | 4,161,569 | 53,656 | |
Agnico Eagle Mines Ltd. | 1,120,687 | 50,538 | |
Constellation Software Inc. | 96,596 | 50,533 | |
Dollarama Inc. | 510,642 | 48,792 | |
Intact Financial Corp. | 638,158 | 48,206 | |
Fairfax Financial Holdings Ltd. | 109,817 | 47,593 | |
Shaw Communications Inc. Class B | 2,049,691 | 44,715 | |
Waste Connections Inc. (New York Shares) | 663,400 | 42,736 | |
Wheaton Precious Metals Corp. | 2,138,616 | 42,482 | |
Power Corp. of Canada | 1,831,468 | 41,776 | |
Encana Corp. | 4,741,802 | 41,721 | |
Teck Resources Ltd. Class B | 2,288,369 | 39,669 | |
Open Text Corp. | 1,255,178 | 39,616 | |
Waste Connections Inc. | 613,749 | 39,533 | |
Imperial Oil Ltd. | 1,276,567 | 37,210 | |
Great-West Lifeco Inc. | 1,369,303 | 37,115 | |
Metro Inc. | 1,125,362 | 37,038 | |
Canadian Tire Corp. Ltd. Class A | 323,381 | 36,797 | |
Cenovus Energy Inc. | 4,955,917 | 36,535 | |
Inter Pipeline Ltd. | 1,793,492 | 35,129 | |
CCL Industries Inc. Class B | 683,480 | 34,580 | |
Saputo Inc. | 1,083,212 | 34,456 | |
Gildan Activewear Inc. | 1,119,394 | 34,398 | |
TELUS Corp. | 950,729 | 32,822 | |
SNC-Lavalin Group Inc. | 734,193 | 31,744 | |
Onex Corp. | 396,227 | 31,718 | |
^ | Power Financial Corp. | 1,154,690 | 29,624 |
RioCan REIT | 1,563,055 | 29,012 | |
Keyera Corp. | 901,326 | 28,371 |
6
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Valeant Pharmaceuticals International Inc. | 1,629,657 | 28,325 |
First Quantum Minerals Ltd. | 3,339,640 | 28,251 | |
* | Tourmaline Oil Corp. | 1,212,974 | 26,078 |
*,^ | BlackBerry Ltd. | 2,574,776 | 25,732 |
* | Seven Generations Energy Ltd. Class A | 1,454,474 | 24,910 |
CI Financial Corp. | 1,162,452 | 24,777 | |
* | Kinross Gold Corp. | 6,056,496 | 24,613 |
2 | Hydro One Ltd. | 1,372,162 | 24,580 |
^ | PrairieSky Royalty Ltd. | 1,035,674 | 23,584 |
H&R REIT | 1,369,863 | 23,261 | |
Industrial Alliance Insurance & Financial Services Inc. | 521,182 | 22,611 | |
ARC Resources Ltd. | 1,725,881 | 22,572 | |
CAE Inc. | 1,303,136 | 22,469 | |
George Weston Ltd. | 245,132 | 22,190 | |
^ | Veresen Inc. | 1,527,670 | 21,605 |
^ | WSP Global Inc. | 489,462 | 20,310 |
Crescent Point Energy Corp. | 2,636,249 | 20,166 | |
Canadian Utilities Ltd. Class A | 606,611 | 19,492 | |
Methanex Corp. | 439,025 | 19,382 | |
^ | Algonquin Power & Utilities Corp. | 1,806,726 | 19,017 |
^ | AltaGas Ltd. | 817,317 | 18,706 |
Lundin Mining Corp. | 3,088,473 | 17,552 | |
^ | Cameco Corp. | 1,916,443 | 17,453 |
* | Bombardier Inc. Class B | 9,352,958 | 17,021 |
^ | West Fraser Timber Co. Ltd. | 359,394 | 17,011 |
^ | Canadian Apartment Properties REIT | 656,807 | 17,003 |
* | Husky Energy Inc. | 1,468,496 | 16,669 |
^ | Vermilion Energy Inc. | 506,990 | 16,084 |
Finning International Inc. | 816,657 | 16,008 | |
Ritchie Bros Auctioneers Inc. | 513,693 | 14,760 | |
Atco Ltd. | 373,606 | 14,609 | |
TMX Group Ltd. | 260,811 | 14,191 | |
^ | Peyto Exploration & Development Corp. | 776,056 | 14,075 |
Empire Co. Ltd. | 819,492 | 13,978 | |
IGM Financial Inc. | 444,969 | 13,801 | |
Smart REIT | 550,050 | 13,624 | |
^ | Stantec Inc. | 539,436 | 13,582 |
Cineplex Inc. | 330,533 | 13,473 | |
Quebecor Inc. Class B | 404,040 | 13,372 | |
Toromont Industries Ltd. | 362,847 | 13,358 | |
^ | Enbridge Income Fund Holdings Inc. | 530,926 | 13,179 |
* | B2Gold Corp. | 4,636,321 | 13,050 |
Allied Properties REIT | 432,927 | 12,993 | |
Canadian REIT | 366,878 | 12,977 | |
^ | Element Fleet Management Corp. | 1,878,779 | 12,894 |
Tahoe Resources Inc. | 1,479,250 | 12,753 | |
^ | Whitecap Resources Inc. | 1,758,443 | 12,556 |
* | Turquoise Hill Resources Ltd. | 4,716,840 | 12,549 |
Pan American Silver Corp. | 722,913 | 12,158 | |
* | IAMGOLD Corp. | 2,252,450 | 11,620 |
^ | Chartwell Retirement Residences | 970,137 | 11,588 |
Linamar Corp. | 232,304 | 11,450 | |
Yamana Gold Inc. | 4,588,213 | 11,074 | |
^ | Parkland Fuel Corp. | 477,756 | 10,946 |
*,^ | Amaya Inc. | 592,519 | 10,591 |
^ | First Capital Realty Inc. | 686,692 | 10,463 |
^ | New Flyer Industries Inc. | 250,148 | 10,463 |
Alamos Gold Inc. Class A | 1,447,118 | 10,266 | |
FirstService Corp. | 159,144 | 10,212 | |
* | Detour Gold Corp. | 850,531 | 9,956 |
Maple Leaf Foods Inc. | 388,974 | 9,820 | |
^ | Cott Corp. | 675,822 | 9,761 |
Colliers International Group Inc. | 170,547 | 9,640 | |
Premium Brands Holdings Corp. | 134,022 | 9,616 |
7
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Northland Power Inc. | 539,548 | 9,611 |
TFI International Inc. | 444,753 | 9,593 | |
*,^ | Ivanhoe Mines Ltd. | 2,983,007 | 9,592 |
Enerplus Corp. | 1,175,918 | 9,539 | |
* | Descartes Systems Group Inc. | 390,929 | 9,511 |
MacDonald Dettwiler & Associates Ltd. | 181,801 | 9,460 | |
Emera Inc. | 253,098 | 9,409 | |
^ | Canadian Western Bank | 445,410 | 9,404 |
Granite REIT | 235,105 | 9,299 | |
^ | Gibson Energy Inc. | 717,424 | 9,272 |
Eldorado Gold Corp. | 3,469,165 | 9,203 | |
Cominar REIT | 927,490 | 9,090 | |
TransAlta Corp. | 1,404,724 | 8,980 | |
^ | Capital Power Corp. | 477,836 | 8,961 |
OceanaGold Corp. | 2,972,042 | 8,961 | |
* | New Gold Inc. | 2,785,357 | 8,849 |
* | Celestica Inc. | 612,417 | 8,321 |
* | Parex Resources Inc. | 729,305 | 8,295 |
^ | Artis REIT | 810,698 | 8,190 |
^ | Dream Office REIT | 537,316 | 8,100 |
Enercare Inc. | 509,426 | 7,747 | |
^ | Laurentian Bank of Canada | 183,877 | 7,681 |
* | Torex Gold Resources Inc. | 390,246 | 7,442 |
^ | Stella-Jones Inc. | 213,726 | 7,295 |
* | Pretium Resources Inc. | 739,981 | 7,110 |
^ | Boardwalk REIT | 191,697 | 7,029 |
ShawCor Ltd. | 337,446 | 6,891 | |
* | Raging River Exploration Inc. | 1,095,473 | 6,834 |
Corus Entertainment Inc. Class B | 643,861 | 6,767 | |
*,^ | First Majestic Silver Corp. | 807,801 | 6,703 |
Winpak Ltd. | 149,077 | 6,693 | |
Hudbay Minerals Inc. | 1,148,416 | 6,642 | |
Norbord Inc. | 212,670 | 6,621 | |
^ | Osisko Gold Royalties Ltd. | 530,201 | 6,480 |
Enerflex Ltd. | 445,621 | 6,467 | |
* | Advantage Oil & Gas Ltd. | 954,815 | 6,457 |
^ | Superior Plus Corp. | 722,493 | 6,363 |
^ | Innergex Renewable Energy Inc. | 576,557 | 6,340 |
^ | Mullen Group Ltd. | 504,752 | 6,228 |
Russel Metals Inc. | 310,936 | 6,224 | |
^ | North West Co. Inc. | 255,145 | 6,150 |
^ | Transcontinental Inc. Class A | 309,856 | 6,141 |
Jean Coutu Group PJC Inc. Class A | 390,167 | 5,987 | |
Centerra Gold Inc. | 1,075,714 | 5,873 | |
* | Endeavour Mining Corp. | 330,063 | 5,696 |
ECN Capital Corp. | 1,814,800 | 5,598 | |
* | Silver Standard Resources Inc. | 571,499 | 5,548 |
CES Energy Solutions Corp. | 1,199,864 | 5,348 | |
* | Canfor Corp. | 349,900 | 5,286 |
^ | TransAlta Renewables Inc. | 434,909 | 5,252 |
^ | Secure Energy Services Inc. | 768,466 | 5,244 |
^ | Genworth MI Canada Inc. | 190,500 | 5,241 |
*,^ | NovaGold Resources Inc. | 1,155,796 | 5,241 |
* | Precision Drilling Corp. | 1,455,066 | 4,971 |
Dominion Diamond Corp. | 388,792 | 4,893 | |
^ | Pason Systems Inc. | 328,000 | 4,892 |
* | Great Canadian Gaming Corp. | 263,800 | 4,858 |
Birchcliff Energy Ltd. | 1,018,114 | 4,797 | |
*,^ | ProMetic Life Sciences Inc. | 3,557,694 | 4,609 |
* | Gran Tierra Energy Inc. | 1,990,614 | 4,421 |
^ | Hudson's Bay Co. | 486,250 | 4,338 |
Westshore Terminals Investment Corp. | 265,948 | 4,309 | |
Cascades Inc. | 315,600 | 4,305 | |
* | Air Canada Class B | 318,900 | 4,274 |
8
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Sierra Wireless Inc. | 147,700 | 4,148 |
^ | Home Capital Group Inc. Class B | 308,679 | 4,044 |
* | NuVista Energy Ltd. | 799,800 | 4,040 |
^ | Northview Apartment REIT | 244,700 | 3,970 |
* | ATS Automation Tooling Systems Inc. | 373,600 | 3,829 |
* | Paramount Resources Ltd. Class A | 255,600 | 3,763 |
* | SEMAFO Inc. | 1,573,767 | 3,629 |
Enghouse Systems Ltd. | 88,300 | 3,578 | |
*,^ | MEG Energy Corp. | 1,212,962 | 3,564 |
^ | Extendicare Inc. | 426,800 | 3,406 |
Nevsun Resources Ltd. | 1,406,595 | 3,395 | |
* | Kelt Exploration Ltd. | 700,800 | 3,394 |
Aecon Group Inc. | 263,300 | 3,277 | |
Martinrea International Inc. | 391,500 | 3,197 | |
Dorel Industries Inc. Class B | 119,900 | 3,187 | |
* | Obsidian Energy Ltd. | 2,465,689 | 3,099 |
Ensign Energy Services Inc. | 578,400 | 3,091 | |
Cogeco Communications Inc. | 49,100 | 2,999 | |
^ | TORC Oil & Gas Ltd. | 720,782 | 2,818 |
Fortis Inc. (New York Shares) | 76,492 | 2,689 | |
Just Energy Group Inc. | 502,300 | 2,634 | |
*,^ | Baytex Energy Corp. | 1,083,218 | 2,631 |
* | Alacer Gold Corp. | 1,359,400 | 2,180 |
* | Crew Energy Inc. | 701,200 | 2,168 |
^ | Bonterra Energy Corp. | 146,175 | 1,887 |
^ | AutoCanada Inc. | 118,925 | 1,750 |
*,^ | Pengrowth Energy Corp. | 2,197,200 | 1,728 |
*,^ | China Gold International Resources Corp. Ltd. | 1,098,700 | 1,678 |
Morguard REIT | 146,700 | 1,641 | |
*,^ | Athabasca Oil Corp. | 1,872,686 | 1,459 |
^ | First National Financial Corp. | 68,192 | 1,428 |
Canadian Pacific Railway Ltd. | 8,100 | 1,303 | |
^ | Sprott Inc. | 652,601 | 1,147 |
Aimia Inc. | 698,450 | 932 | |
* | Trisura Group Ltd. | 24,889 | 417 |
* | Osisko Gold Royalties Warrants Exp. 02/26/2019 | 3,963 | 8 |
7,274,985 | |||
Denmark (1.5%) | |||
Novo Nordisk A/S Class B | 8,710,042 | 374,247 | |
Danske Bank A/S | 3,329,527 | 128,097 | |
Vestas Wind Systems A/S | 1,017,267 | 93,962 | |
AP Moller - Maersk A/S Class B | 29,927 | 60,258 | |
* | Genmab A/S | 267,736 | 57,087 |
DSV A/S | 896,555 | 55,070 | |
Carlsberg A/S Class B | 512,353 | 54,753 | |
Coloplast A/S Class B | 634,573 | 53,041 | |
Pandora A/S | 509,141 | 47,515 | |
Novozymes A/S | 1,065,634 | 46,621 | |
AP Moller - Maersk A/S Class A | 22,781 | 43,468 | |
ISS A/S | 899,487 | 35,333 | |
2 | DONG Energy A/S | 719,196 | 32,462 |
Chr Hansen Holding A/S | 429,261 | 31,219 | |
TDC A/S | 3,877,445 | 22,549 | |
GN Store Nord A/S | 706,934 | 20,642 | |
Jyske Bank A/S | 334,841 | 19,395 | |
H Lundbeck A/S | 287,691 | 16,150 | |
FLSmidth & Co. A/S | 238,039 | 15,042 | |
* | William Demant Holding A/S | 558,581 | 14,453 |
Sydbank A/S | 346,679 | 13,067 | |
Tryg A/S | 545,525 | 11,930 | |
*,2 | Nets A/S | 589,419 | 11,721 |
Royal Unibrew A/S | 244,064 | 11,706 | |
SimCorp A/S | 191,874 | 11,620 | |
* | NKT A/S | 129,023 | 10,347 |
9
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Bavarian Nordic A/S | 156,780 | 9,236 |
* | Topdanmark A/S | 258,216 | 8,246 |
Ambu A/S Class B | 124,668 | 8,037 | |
Dfds A/S | 144,713 | 7,715 | |
Rockwool International A/S Class B | 29,834 | 6,564 | |
Schouw & Co. AB | 56,135 | 6,024 | |
Spar Nord Bank A/S | 368,921 | 4,838 | |
2 | Scandinavian Tobacco Group A/S | 278,432 | 4,533 |
ALK-Abello A/S | 27,500 | 4,104 | |
* | Bang & Olufsen A/S | 165,645 | 2,773 |
Alm Brand A/S | 300,784 | 2,680 | |
Matas A/S | 157,900 | 2,499 | |
* | D/S Norden A/S | 116,970 | 2,129 |
Solar A/S Class B | 22,355 | 1,296 | |
1,362,429 | |||
Finland (1.0%) | |||
Nokia Oyj | 27,887,517 | 170,999 | |
Sampo Oyj Class A | 2,285,625 | 117,266 | |
Kone Oyj Class B | 1,847,063 | 93,970 | |
UPM-Kymmene Oyj | 2,590,387 | 73,864 | |
Wartsila OYJ Abp | 758,708 | 44,868 | |
Stora Enso Oyj | 2,786,967 | 36,013 | |
Fortum Oyj | 2,119,867 | 33,268 | |
Orion Oyj Class B | 493,595 | 31,531 | |
Elisa Oyj | 726,096 | 28,167 | |
Nokian Renkaat Oyj | 654,721 | 27,101 | |
Neste Oyj | 619,717 | 24,455 | |
Huhtamaki Oyj | 505,451 | 19,905 | |
Metso Oyj | 524,809 | 18,210 | |
Kesko Oyj Class B | 328,205 | 16,695 | |
Amer Sports Oyj | 573,961 | 14,356 | |
Valmet Oyj | 663,540 | 12,893 | |
Cargotec Oyj Class B | 202,398 | 12,839 | |
Konecranes Oyj Class B | 295,948 | 12,530 | |
Outokumpu Oyj | 1,471,334 | 11,741 | |
Tieto Oyj | 366,276 | 11,331 | |
Metsa Board Oyj | 895,740 | 6,502 | |
Sponda Oyj | 1,030,641 | 5,966 | |
Cramo Oyj | 189,014 | 5,658 | |
Citycon Oyj | 1,908,204 | 5,007 | |
*,^ | Outotec Oyj | 699,124 | 4,814 |
Uponor Oyj | 259,246 | 4,712 | |
YIT Oyj | 560,090 | 4,685 | |
Kemira Oyj | 360,452 | 4,556 | |
* | DNA Oyj | 243,624 | 3,869 |
Sanoma Oyj | 392,480 | 3,667 | |
*,^ | Caverion Corp. | 457,923 | 3,666 |
Ramirent Oyj | 305,474 | 3,082 | |
Oriola Oyj | 588,285 | 2,462 | |
Raisio Oyj | 567,230 | 2,358 | |
F-Secure Oyj | 438,137 | 2,088 | |
Finnair Oyj | 259,707 | 1,901 | |
*,^ | Stockmann OYJ Abp Class B | 146,053 | 1,272 |
878,267 | |||
France (8.0%) | |||
TOTAL SA | 10,726,901 | 532,560 | |
Sanofi | 5,253,771 | 503,417 | |
BNP Paribas SA | 5,254,634 | 378,296 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,211,653 | 302,981 | |
AXA SA | 9,233,860 | 252,855 | |
Airbus SE | 2,661,532 | 219,645 | |
Danone SA | 2,765,799 | 207,595 | |
Schneider Electric SE | 2,587,333 | 198,836 | |
Vinci SA | 2,269,282 | 193,574 |
10
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Societe Generale SA | 3,566,218 | 192,311 | |
L'Oreal SA | 798,199 | 166,436 | |
Air Liquide SA | 1,315,973 | 162,649 | |
Orange SA | 9,264,231 | 147,440 | |
^ | Pernod Ricard SA | 1,031,362 | 138,107 |
Safran SA | 1,439,221 | 131,986 | |
Cie de Saint-Gobain | 2,408,975 | 128,652 | |
Essilor International SA | 987,457 | 125,617 | |
Kering | 361,582 | 123,123 | |
Vivendi SA | 5,217,633 | 116,184 | |
Cie Generale des Etablissements Michelin | 863,314 | 114,902 | |
Engie SA | 7,543,573 | 113,861 | |
Legrand SA | 1,288,915 | 90,071 | |
Capgemini SE | 758,920 | 78,399 | |
Valeo SA | 1,148,416 | 77,264 | |
L'Oreal SA Loyalty Line | 368,925 | 76,926 | |
^ | Renault SA | 837,189 | 75,745 |
Publicis Groupe SA | 999,322 | 74,483 | |
Credit Agricole SA | 4,576,487 | 73,720 | |
*,^ | Christian Dior SE | 248,917 | 71,175 |
Air Liquide SA (Prime de fidelite) | 545,732 | 67,450 | |
^ | Carrefour SA | 2,606,586 | 65,900 |
Atos SE | 442,578 | 62,099 | |
* | TechnipFMC plc | 2,253,510 | 60,949 |
Sodexo SA | 435,236 | 56,251 | |
Dassault Systemes SE | 624,352 | 55,999 | |
^ | Hermes International | 112,556 | 55,600 |
Thales SA | 491,708 | 52,920 | |
Veolia Environnement SA | 2,377,346 | 50,297 | |
STMicroelectronics NV | 3,044,724 | 43,782 | |
Klepierre | 994,604 | 40,765 | |
Bouygues SA | 966,625 | 40,724 | |
SES SA Class A | 1,721,346 | 40,326 | |
Peugeot SA | 2,013,562 | 40,130 | |
^ | Accor SA | 845,173 | 39,646 |
Arkema SA | 345,457 | 36,892 | |
* | Teleperformance | 278,411 | 35,698 |
Eiffage SA | 348,688 | 31,675 | |
SCOR SE | 767,245 | 30,481 | |
Gecina SA | 193,908 | 30,436 | |
Suez | 1,640,533 | 30,377 | |
Edenred | 1,121,825 | 29,263 | |
Bureau Veritas SA | 1,258,033 | 27,847 | |
Natixis SA | 4,143,667 | 27,815 | |
Iliad SA | 115,440 | 27,282 | |
* | Alstom SA | 750,979 | 26,228 |
Eurofins Scientific SE | 45,991 | 25,948 | |
Zodiac Aerospace | 951,097 | 25,840 | |
Ingenico Group SA | 266,287 | 24,149 | |
Groupe Eurotunnel SE | 2,248,925 | 23,995 | |
Rexel SA | 1,460,696 | 23,871 | |
SEB SA | 131,026 | 23,518 | |
Ipsen SA | 169,504 | 23,195 | |
Orpea | 205,773 | 22,941 | |
Aeroports de Paris | 140,234 | 22,605 | |
Bollore SA | 4,797,555 | 21,814 | |
Eutelsat Communications SA | 848,092 | 21,639 | |
* | Ubisoft Entertainment SA | 373,548 | 21,207 |
Wendel SA | 142,353 | 21,055 | |
Rubis SCA | 180,412 | 20,463 | |
Fonciere Des Regions | 204,390 | 18,959 | |
2 | Elior Group | 648,574 | 18,851 |
Faurecia | 361,852 | 18,350 | |
2 | Euronext NV | 352,390 | 18,301 |
11
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
CNP Assurances | 807,519 | 18,126 | |
Electricite de France SA | 1,638,381 | 17,752 | |
Lagardere SCA | 557,939 | 17,605 | |
2 | Amundi SA | 240,937 | 17,457 |
Eurazeo SA | 217,046 | 16,288 | |
Casino Guichard Perrachon SA | 266,892 | 15,807 | |
Imerys SA | 178,310 | 15,521 | |
* | Credit Agricole SA Loyalty Line | 951,298 | 15,324 |
BioMerieux | 69,302 | 15,007 | |
Societe BIC SA | 125,809 | 14,939 | |
ICADE | 176,618 | 14,817 | |
Dassault Aviation SA | 10,529 | 14,714 | |
Remy Cointreau SA | 119,310 | 13,907 | |
Altran Technologies SA | 768,462 | 12,519 | |
Nexity SA | 213,190 | 12,373 | |
SPIE SA | 399,301 | 11,994 | |
JCDecaux SA | 360,470 | 11,819 | |
^ | Elis SA | 512,077 | 11,733 |
* | SFR Group SA | 342,411 | 11,573 |
Alten SA | 134,482 | 11,092 | |
* | Air France-KLM | 727,697 | 10,388 |
Cie Plastic Omnium SA | 284,290 | 10,372 | |
Sopra Steria Group | 63,612 | 10,152 | |
Sartorius Stedim Biotech | 119,929 | 9,297 | |
*,^ | Vallourec SA | 1,438,445 | 8,755 |
Havas SA | 825,752 | 8,696 | |
Euler Hermes Group | 73,060 | 8,684 | |
Neopost SA | 174,217 | 8,090 | |
Metropole Television SA | 341,788 | 7,947 | |
*,2 | Maisons du Monde SA | 202,793 | 7,882 |
Technicolor SA | 1,794,165 | 7,816 | |
SOITEC | 123,169 | 7,526 | |
* | DBV Technologies SA | 104,236 | 7,357 |
Nexans SA | 132,727 | 7,268 | |
^ | Korian SA | 202,752 | 6,918 |
Television Francaise 1 | 485,934 | 6,793 | |
*,2 | Worldline SA | 197,055 | 6,758 |
Tarkett SA | 143,930 | 6,690 | |
^ | IPSOS | 151,449 | 5,684 |
* | Fnac Darty SA | 65,978 | 5,348 |
Vicat SA | 73,887 | 5,206 | |
2 | Europcar Groupe SA | 344,003 | 5,038 |
Trigano SA | 40,316 | 4,801 | |
* | Genfit | 137,694 | 4,689 |
Coface SA | 431,756 | 4,320 | |
Mercialys SA | 192,850 | 3,773 | |
Gaztransport Et Technigaz SA | 87,955 | 3,515 | |
* | Virbac SA | 20,731 | 3,328 |
Derichebourg SA | 375,925 | 3,176 | |
Beneteau SA | 167,679 | 2,895 | |
Albioma SA | 115,785 | 2,664 | |
FFP | 26,018 | 2,648 | |
Electricite de France SA Loyalty Line | 229,038 | 2,482 | |
Vilmorin & Cie SA | 29,459 | 2,399 | |
Boiron SA | 24,320 | 2,398 | |
Bonduelle SCA | 62,306 | 2,337 | |
Rallye SA | 105,259 | 2,168 | |
Guerbet | 23,081 | 2,070 | |
* | Eramet | 42,029 | 2,062 |
Mersen SA | 57,370 | 1,884 | |
Interparfums SA | 48,836 | 1,850 | |
Direct Energie | 28,973 | 1,756 | |
Manitou BF SA | 54,089 | 1,684 | |
Jacquet Metal Service | 59,909 | 1,587 |
12
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
GL Events | 45,879 | 1,293 | |
^ | Bourbon Corp. | 124,871 | 1,213 |
*,^ | Parrot SA | 88,746 | 954 |
* | Etablissements Maurel et Prom | 231,764 | 906 |
* | Esso SA Francaise | 12,795 | 846 |
* | Haulotte Group SA | 49,018 | 837 |
* | Stallergenes Greer plc | 13,945 | 601 |
Union Financiere de France BQE SA | 16,273 | 556 | |
^ | CGG SA | 90,262 | 417 |
7,099,484 | |||
Germany (7.8%) | |||
Bayer AG | 4,027,357 | 521,988 | |
Siemens AG | 3,698,615 | 508,760 | |
SAP SE | 4,410,720 | 461,677 | |
Allianz SE | 2,212,242 | 436,569 | |
BASF SE | 4,461,689 | 414,086 | |
Daimler AG | 4,705,290 | 341,269 | |
Deutsche Telekom AG | 15,483,446 | 279,089 | |
adidas AG | 964,604 | 184,962 | |
Deutsche Bank AG | 10,064,497 | 178,945 | |
Deutsche Post AG | 4,653,066 | 174,668 | |
Linde AG | 899,966 | 171,312 | |
Fresenius SE & Co. KGaA | 1,965,246 | 168,723 | |
Bayerische Motoren Werke AG | 1,578,473 | 146,810 | |
Volkswagen AG Preference Shares | 896,710 | 136,978 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 676,153 | 136,822 | |
Infineon Technologies AG | 5,506,640 | 116,964 | |
Continental AG | 525,560 | 113,695 | |
Henkel AG & Co. KGaA Preference Shares | 817,536 | 112,733 | |
Fresenius Medical Care AG & Co. KGaA | 1,038,969 | 100,257 | |
Deutsche Boerse AG | 908,108 | 95,924 | |
E.ON SE | 10,038,061 | 94,759 | |
Vonovia SE | 2,271,361 | 90,369 | |
Merck KGaA | 628,034 | 75,991 | |
Henkel AG & Co. KGaA | 595,737 | 72,164 | |
HeidelbergCement AG | 720,637 | 69,858 | |
Deutsche Wohnen AG | 1,718,454 | 65,847 | |
* | Commerzbank AG | 5,051,854 | 60,324 |
thyssenkrupp AG | 2,064,215 | 58,830 | |
Beiersdorf AG | 488,015 | 51,330 | |
* | RWE AG | 2,340,624 | 46,756 |
ProSiebenSat.1 Media SE | 1,107,227 | 46,448 | |
Brenntag AG | 751,531 | 43,584 | |
Porsche Automobil Holding SE Preference Shares | 748,583 | 42,124 | |
Symrise AG | 589,889 | 41,853 | |
2 | Covestro AG | 542,011 | 39,293 |
* | QIAGEN NV | 1,086,504 | 36,152 |
^ | Wirecard AG | 557,171 | 35,539 |
GEA Group AG | 861,631 | 35,380 | |
Hannover Rueck SE | 292,006 | 35,074 | |
MTU Aero Engines AG | 247,273 | 34,936 | |
LANXESS AG | 443,853 | 33,662 | |
United Internet AG | 570,902 | 31,419 | |
OSRAM Licht AG | 389,841 | 31,118 | |
LEG Immobilien AG | 305,277 | 28,735 | |
METRO AG | 803,579 | 27,147 | |
Deutsche Lufthansa AG | 1,134,618 | 25,857 | |
2 | Innogy SE | 631,203 | 24,842 |
KION Group AG | 317,888 | 24,316 | |
^ | K&S AG | 927,009 | 23,810 |
*,2 | Zalando SE | 518,691 | 23,718 |
Evonik Industries AG | 739,941 | 23,682 | |
HUGO BOSS AG | 313,469 | 21,975 | |
Volkswagen AG | 138,508 | 21,513 |
13
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | STADA Arzneimittel AG | 302,170 | 21,463 |
Bayerische Motoren Werke AG Preference Shares | 255,971 | 21,124 | |
Rheinmetall AG | 207,690 | 19,769 | |
Fuchs Petrolub SE Preference Shares | 357,486 | 19,484 | |
Freenet AG | 605,644 | 19,322 | |
Uniper SE | 962,877 | 18,093 | |
MAN SE | 167,015 | 17,911 | |
HOCHTIEF AG | 95,560 | 17,543 | |
Telefonica Deutschland Holding AG | 3,328,816 | 16,647 | |
Sartorius AG Preference Shares | 166,657 | 16,115 | |
Fraport AG Frankfurt Airport Services Worldwide | 180,046 | 15,933 | |
* | Dialog Semiconductor plc | 359,150 | 15,345 |
RTL Group SA | 188,697 | 14,256 | |
Duerr AG | 117,872 | 14,028 | |
Axel Springer SE | 225,508 | 13,565 | |
Aurubis AG | 170,759 | 13,433 | |
Gerresheimer AG | 158,506 | 12,757 | |
^ | Drillisch AG | 208,481 | 12,576 |
Aareal Bank AG | 302,957 | 12,029 | |
TAG Immobilien AG | 717,850 | 11,307 | |
CTS Eventim AG & Co. KGaA | 253,557 | 11,227 | |
Hella KGaA Hueck & Co. | 223,471 | 11,021 | |
Software AG | 242,441 | 10,634 | |
* | MorphoSys AG | 141,227 | 10,024 |
* | Evotec AG | 617,449 | 9,870 |
Rational AG | 17,877 | 9,533 | |
alstria office REIT-AG | 702,810 | 9,505 | |
Fielmann AG | 121,942 | 9,412 | |
Stabilus SA | 120,842 | 9,392 | |
Deutsche EuroShop AG | 236,166 | 9,318 | |
Jungheinrich AG Preference Shares | 246,349 | 9,027 | |
TUI AG | 619,859 | 9,007 | |
GRENKE AG | 39,485 | 8,790 | |
Leoni AG | 165,619 | 8,538 | |
Norma Group SE | 163,116 | 8,486 | |
^ | Krones AG | 71,458 | 8,284 |
Bechtle AG | 63,636 | 8,182 | |
Suedzucker AG | 388,378 | 8,108 | |
Salzgitter AG | 196,393 | 8,015 | |
Wacker Chemie AG | 73,359 | 7,984 | |
* | Siltronic AG | 89,466 | 7,601 |
^ | Stroeer SE & Co. KGaA | 125,614 | 7,543 |
*,2 | Rocket Internet SE | 335,744 | 7,234 |
Indus Holding AG | 101,626 | 7,209 | |
Talanx AG | 188,253 | 7,042 | |
FUCHS PETROLUB SE | 140,127 | 6,612 | |
TLG Immobilien AG | 320,110 | 6,552 | |
Nemetschek SE | 84,975 | 6,339 | |
^ | Bilfinger SE | 161,209 | 6,328 |
2 | Deutsche Pfandbriefbank AG | 505,723 | 6,255 |
Jenoptik AG | 234,234 | 6,158 | |
CompuGroup Medical SE | 105,193 | 5,901 | |
Carl Zeiss Meditec AG | 112,573 | 5,855 | |
2 | ADO Properties SA | 137,960 | 5,837 |
* | zooplus AG | 29,173 | 5,803 |
Pfeiffer Vacuum Technology AG | 36,309 | 5,321 | |
Schaeffler AG Preference Shares | 361,259 | 5,183 | |
* | Sixt SE Preference Shares | 102,614 | 5,092 |
*,2 | Tele Columbus AG | 449,597 | 4,973 |
Puma SE | 12,314 | 4,740 | |
DMG Mori AG | 83,326 | 4,688 | |
RHOEN-KLINIKUM AG | 139,249 | 4,068 | |
KWS Saat SE | 10,333 | 4,063 | |
Kloeckner & Co. SE | 369,375 | 3,896 |
14
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Takkt AG | 150,815 | 3,767 | |
* | PATRIZIA Immobilien AG | 193,479 | 3,659 |
*,^ | Nordex SE | 294,344 | 3,621 |
Deutz AG | 417,409 | 3,526 | |
Draegerwerk AG & Co. KGaA Preference Shares | 33,454 | 3,525 | |
* | AIXTRON SE | 499,018 | 3,511 |
* | Sixt SE | 57,299 | 3,467 |
XING AG | 12,853 | 3,430 | |
*,^ | Heidelberger Druckmaschinen AG | 1,103,685 | 3,361 |
* | Vossloh AG | 50,663 | 3,261 |
*,^ | SGL Carbon SE | 253,823 | 3,160 |
Wacker Neuson SE | 116,840 | 2,839 | |
^ | ElringKlinger AG | 133,571 | 2,561 |
Diebold Nixdorf AG | 30,363 | 2,500 | |
RWE AG Preference Shares | 168,303 | 2,487 | |
^ | Bertrandt AG | 23,739 | 2,380 |
* | Biotest AG Preference Shares | 93,860 | 2,361 |
Deutsche Beteiligungs AG | 50,587 | 2,256 | |
*,2 | Hapag-Lloyd AG | 77,124 | 2,243 |
BayWa AG | 60,362 | 2,145 | |
Wuestenrot & Wuerttembergische AG | 95,738 | 2,098 | |
Hamburger Hafen und Logistik AG | 95,343 | 2,087 | |
DIC Asset AG | 189,727 | 2,082 | |
comdirect bank AG | 136,265 | 1,513 | |
^ | Gerry Weber International AG | 130,112 | 1,502 |
Draegerwerk AG & Co. KGaA | 17,751 | 1,430 | |
^ | SMA Solar Technology AG | 45,650 | 1,372 |
Hornbach Baumarkt AG | 32,566 | 1,176 | |
*,^ | Biotest AG | 32,141 | 1,034 |
CropEnergies AG | 86,437 | 958 | |
* | H&R GmbH & Co. KGaA | 64,990 | 907 |
6,944,205 | |||
Hong Kong (3.2%) | |||
AIA Group Ltd. | 58,801,118 | 430,210 | |
CK Hutchison Holdings Ltd. | 13,695,812 | 171,876 | |
Hong Kong Exchanges & Clearing Ltd. | 5,918,050 | 152,889 | |
Cheung Kong Property Holdings Ltd. | 13,346,446 | 104,440 | |
Sun Hung Kai Properties Ltd. | 6,842,919 | 100,524 | |
CLP Holdings Ltd. | 7,887,559 | 83,406 | |
BOC Hong Kong Holdings Ltd. | 17,359,849 | 83,079 | |
Link REIT | 10,764,753 | 81,888 | |
Hong Kong & China Gas Co. Ltd. | 40,041,911 | 75,306 | |
Hang Seng Bank Ltd. | 3,594,112 | 75,190 | |
Jardine Matheson Holdings Ltd. | 993,078 | 63,752 | |
Galaxy Entertainment Group Ltd. | 10,377,248 | 62,983 | |
Power Assets Holdings Ltd. | 6,433,376 | 56,787 | |
Sands China Ltd. | 11,730,289 | 53,696 | |
Wharf Holdings Ltd. | 5,876,752 | 48,628 | |
AAC Technologies Holdings Inc. | 3,382,148 | 42,247 | |
Hongkong Land Holdings Ltd. | 5,705,953 | 41,991 | |
2 | WH Group Ltd. | 40,402,661 | 40,797 |
MTR Corp. Ltd. | 6,758,739 | 38,034 | |
Jardine Strategic Holdings Ltd. | 890,836 | 37,137 | |
New World Development Co. Ltd. | 26,292,740 | 33,329 | |
Wheelock & Co. Ltd. | 3,959,305 | 29,863 | |
Henderson Land Development Co. Ltd. | 5,199,403 | 28,991 | |
Techtronic Industries Co. Ltd. | 6,115,949 | 28,103 | |
China Mengniu Dairy Co. Ltd. | 13,379,464 | 26,234 | |
Samsonite International SA | 6,259,589 | 26,151 | |
* | CK Infrastructure Holdings Ltd. | 3,059,071 | 25,697 |
Hang Lung Properties Ltd. | 9,868,484 | 24,663 | |
Bank of East Asia Ltd. | 5,727,443 | 24,616 | |
Sino Land Co. Ltd. | 14,889,751 | 24,395 | |
Swire Pacific Ltd. Class A | 2,498,809 | 24,393 |
15
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Want Want China Holdings Ltd. | 28,368,090 | 19,142 | |
Swire Properties Ltd. | 5,392,590 | 17,776 | |
ASM Pacific Technology Ltd. | 1,299,861 | 17,539 | |
Hang Lung Group Ltd. | 4,195,000 | 17,357 | |
Wynn Macau Ltd. | 7,091,241 | 16,559 | |
* | Semiconductor Manufacturing International Corp. | 13,608,508 | 15,763 |
Yue Yuen Industrial Holdings Ltd. | 3,561,545 | 14,771 | |
Hysan Development Co. Ltd. | 3,073,584 | 14,668 | |
Minth Group Ltd. | 3,306,000 | 14,005 | |
NWS Holdings Ltd. | 6,961,324 | 13,691 | |
VTech Holdings Ltd. | 820,115 | 12,991 | |
PCCW Ltd. | 20,509,278 | 11,656 | |
Hopewell Holdings Ltd. | 3,010,687 | 11,467 | |
* | Tingyi Cayman Islands Holding Corp. | 9,530,978 | 11,305 |
Melco International Development Ltd. | 3,865,460 | 10,342 | |
Li & Fung Ltd. | 28,302,826 | 10,294 | |
Kerry Properties Ltd. | 2,985,924 | 10,138 | |
SJM Holdings Ltd. | 9,560,211 | 10,073 | |
Xinyi Glass Holdings Ltd. | 9,917,077 | 9,816 | |
Shangri-La Asia Ltd. | 5,591,753 | 9,484 | |
PRADA SPA | 2,467,824 | 9,176 | |
Sun Art Retail Group Ltd. | 11,510,383 | 9,162 | |
First Pacific Co. Ltd. | 11,905,738 | 8,780 | |
Vitasoy International Holdings Ltd. | 4,236,000 | 8,719 | |
Fortune REIT | 6,943,000 | 8,618 | |
MGM China Holdings Ltd. | 3,708,671 | 8,247 | |
Great Eagle Holdings Ltd. | 1,482,688 | 7,538 | |
* | Orient Overseas International Ltd. | 994,805 | 7,131 |
^ | IGG Inc. | 4,486,000 | 6,914 |
^ | Haitong International Securities Group Ltd. | 11,574,745 | 6,836 |
Dah Sing Financial Holdings Ltd. | 807,020 | 6,774 | |
Champion REIT | 10,393,556 | 6,616 | |
^ | Kingston Financial Group Ltd. | 17,576,000 | 6,347 |
Man Wah Holdings Ltd. | 7,057,200 | 6,335 | |
Cathay Pacific Airways Ltd. | 4,064,101 | 6,308 | |
Johnson Electric Holdings Ltd. | 1,633,364 | 5,677 | |
2 | BOC Aviation Ltd. | 1,056,700 | 5,587 |
Luk Fook Holdings International Ltd. | 1,610,000 | 5,505 | |
Chow Tai Fook Jewellery Group Ltd. | 4,998,417 | 5,296 | |
Nexteer Automotive Group Ltd. | 3,342,000 | 5,235 | |
Television Broadcasts Ltd. | 1,356,649 | 5,110 | |
Cafe de Coral Holdings Ltd. | 1,536,690 | 4,978 | |
L'Occitane International SA | 2,130,711 | 4,887 | |
* | Esprit Holdings Ltd. | 8,758,803 | 4,665 |
Uni-President China Holdings Ltd. | 5,636,722 | 4,552 | |
SITC International Holdings Co. Ltd. | 5,547,000 | 4,360 | |
FIH Mobile Ltd. | 13,599,964 | 4,198 | |
* | Freeman FinTech Corp. Ltd. | 62,655,077 | 4,173 |
* | Shun Tak Holdings Ltd. | 9,031,228 | 4,153 |
^ | Xinyi Solar Holdings Ltd. | 14,472,675 | 4,132 |
^ | Value Partners Group Ltd. | 4,409,000 | 4,013 |
Shui On Land Ltd. | 16,456,520 | 3,984 | |
^ | United Co. RUSAL plc | 8,085,435 | 3,968 |
Kerry Logistics Network Ltd. | 2,664,362 | 3,937 | |
Dah Sing Banking Group Ltd. | 1,827,784 | 3,891 | |
* | MMG Ltd. | 10,535,576 | 3,886 |
* | Pacific Basin Shipping Ltd. | 17,475,000 | 3,851 |
*,^ | Brightoil Petroleum Holdings Ltd. | 13,955,536 | 3,771 |
NagaCorp Ltd. | 6,704,000 | 3,521 | |
China Travel International Investment Hong Kong Ltd. | 12,181,704 | 3,510 | |
Guotai Junan International Holdings Ltd. | 11,082,844 | 3,436 | |
Yuexiu REIT | 5,453,958 | 3,387 | |
HKBN Ltd. | 3,363,000 | 3,365 | |
*,^ | China Baoli Technologies Holdings Ltd. | 140,125,000 | 3,365 |
16
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
K Wah International Holdings Ltd. | 5,445,000 | 3,305 | |
Stella International Holdings Ltd. | 1,801,000 | 3,232 | |
Towngas China Co. Ltd. | 4,829,066 | 3,154 | |
Shougang Fushan Resources Group Ltd. | 16,567,711 | 3,076 | |
*,^ | KuangChi Science Ltd. | 8,494,000 | 3,013 |
Sunlight REIT | 4,588,000 | 3,008 | |
^ | China Goldjoy Group Ltd. | 45,968,000 | 3,003 |
Lifestyle International Holdings Ltd. | 2,178,030 | 2,990 | |
Giordano International Ltd. | 5,086,000 | 2,898 | |
* | Global Brands Group Holding Ltd. | 27,368,428 | 2,871 |
*,^ | United Photovoltaics Group Ltd. | 21,222,000 | 2,827 |
Lai Sun Development Co. Ltd. | 74,557,500 | 2,722 | |
TCC International Holdings Ltd. | 5,954,000 | 2,683 | |
Chow Sang Sang Holdings International Ltd. | 1,122,000 | 2,619 | |
Pacific Textiles Holdings Ltd. | 2,153,000 | 2,484 | |
* | Huabao International Holdings Ltd. | 3,926,000 | 2,341 |
Hopewell Highway Infrastructure Ltd. | 4,051,160 | 2,330 | |
Far East Consortium International Ltd. | 4,075,000 | 2,275 | |
^ | Truly International Holdings Ltd. | 6,562,000 | 2,268 |
Dynam Japan Holdings Co. Ltd. | 1,268,200 | 2,235 | |
* | China Oceanwide Holdings Ltd. | 21,943,156 | 2,137 |
SmarTone Telecommunications Holdings Ltd. | 1,614,000 | 2,113 | |
Prosperity REIT | 4,937,000 | 2,098 | |
*,^ | Digital Domain Holdings Ltd. | 51,280,000 | 2,072 |
CP Pokphand Co. Ltd. | 25,716,000 | 1,977 | |
CITIC Telecom International Holdings Ltd. | 6,168,000 | 1,974 | |
Texwinca Holdings Ltd. | 3,179,930 | 1,935 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 5,374,435 | 1,892 | |
BEP International Holdings Ltd. | 58,400,000 | 1,870 | |
SA Sa International Holdings Ltd. | 4,590,227 | 1,810 | |
Pou Sheng International Holdings Ltd. | 9,871,000 | 1,770 | |
^ | HC International Inc. | 2,406,000 | 1,735 |
*,^ | China Harmony New Energy Auto Holding Ltd. | 3,591,000 | 1,715 |
Nan Hai Corp. Ltd. | 53,500,000 | 1,707 | |
Gemdale Properties & Investment Corp. Ltd. | 23,524,000 | 1,656 | |
Canvest Environmental Protection Group Co. Ltd. | 3,118,000 | 1,633 | |
^ | Town Health International Medical Group Ltd. | 18,734,000 | 1,632 |
^ | Goodbaby International Holdings Ltd. | 3,924,000 | 1,627 |
Sun Hung Kai & Co. Ltd. | 2,520,000 | 1,623 | |
Emperor Capital Group Ltd. | 17,736,000 | 1,590 | |
* | G-Resources Group Ltd. | 107,400,000 | 1,568 |
Ju Teng International Holdings Ltd. | 3,802,000 | 1,559 | |
Spring REIT | 3,529,000 | 1,537 | |
*,^,2 | IMAX China Holding Inc. | 493,296 | 1,513 |
* | COFCO Meat Holdings Ltd. | 7,543,000 | 1,507 |
*,^ | GCL New Energy Holdings Ltd. | 30,356,000 | 1,498 |
* | Beijing Enterprises Medical & Health Group Ltd. | 23,910,000 | 1,484 |
* | Sino Oil And Gas Holdings Ltd. | 61,950,000 | 1,483 |
*,^ | China LNG Group Ltd. | 79,820,000 | 1,482 |
Microport Scientific Corp. | 1,851,148 | 1,458 | |
^ | Chong Hing Bank Ltd. | 689,000 | 1,454 |
Road King Infrastructure Ltd. | 1,144,000 | 1,412 | |
* | United Laboratories International Holdings Ltd. | 2,138,000 | 1,410 |
* | NewOcean Energy Holdings Ltd. | 4,302,000 | 1,317 |
^,2 | Regina Miracle International Holdings Ltd. | 1,488,000 | 1,286 |
*,^ | Macau Legend Development Ltd. | 6,678,505 | 1,215 |
*,^ | China Financial International Investments Ltd. | 28,340,000 | 1,089 |
China Aerospace International Holdings Ltd. | 8,226,000 | 1,043 | |
China Silver Group Ltd. | 5,652,000 | 1,035 | |
Liu Chong Hing Investment Ltd. | 662,000 | 1,019 | |
*,^ | China Strategic Holdings Ltd. | 61,425,000 | 951 |
*,^ | China Ocean Industry Group Ltd. | 40,610,000 | 937 |
*,^ | Honghua Group Ltd. | 10,350,000 | 928 |
* | Singamas Container Holdings Ltd. | 5,948,000 | 922 |
17
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Summit Ascent Holdings Ltd. | 3,914,000 | 862 |
* | China Medical & HealthCare Group Ltd. | 21,040,000 | 849 |
TPV Technology Ltd. | 3,842,000 | 846 | |
Lee's Pharmaceutical Holdings Ltd. | 1,004,000 | 838 | |
* | Convoy Global Holdings Ltd. | 55,842,000 | 823 |
* | Hong Kong Television Network Ltd. | 2,018,000 | 770 |
*,^ | 13 Holdings Ltd. | 3,679,500 | 758 |
EVA Precision Industrial Holdings Ltd. | 4,854,000 | 746 | |
* | Emperor Watch & Jewellery Ltd. | 17,280,000 | 741 |
Varitronix International Ltd. | 1,338,000 | 735 | |
* | Lifestyle China Group Ltd. | 2,164,030 | 726 |
^ | Parkson Retail Group Ltd. | 4,455,494 | 713 |
^,2 | CGN New Energy Holdings Co. Ltd. | 5,162,000 | 707 |
*,^ | Vision Fame International Holding Ltd. | 6,194,000 | 666 |
*,^ | Technovator International Ltd. | 1,980,000 | 651 |
^ | Shenwan Hongyuan HK Ltd. | 1,625,000 | 627 |
* | Xinchen China Power Holdings Ltd. | 3,538,000 | 625 |
* | Mei Ah Entertainment Group Ltd. | 12,840,000 | 618 |
* | Sunshine Oilsands Ltd. | 18,748,500 | 600 |
Henderson Investment Ltd. | 6,722,000 | 577 | |
* | NetMind Financial Holdings Ltd. | 125,440,000 | 530 |
* | Tou Rong Chang Fu Group Ltd. | 27,460,000 | 528 |
*,^ | Anton Oilfield Services Group | 5,468,000 | 511 |
*,^ | China LotSynergy Holdings Ltd. | 28,660,000 | 503 |
*,^ | New Sports Group Ltd. | 92,250,000 | 485 |
*,^ | Good Resources Holdings Ltd. | 10,919,595 | 483 |
*,^ | SOCAM Development Ltd. | 1,818,000 | 477 |
* | New World Department Store China Ltd. | 1,887,000 | 466 |
*,^ | China Huarong Energy Co. Ltd. | 10,725,792 | 460 |
* | Future World Financial Holdings Ltd. | 25,544,000 | 425 |
AMVIG Holdings Ltd. | 1,380,000 | 425 | |
Inspur International Ltd. | 1,950,000 | 412 | |
* | Yanchang Petroleum International Ltd. | 17,790,000 | 394 |
Yip's Chemical Holdings Ltd. | 958,000 | 390 | |
*,^ | Qianhai Health Holdings Ltd. | 34,447,500 | 331 |
* | Peace Map Holding Ltd. | 26,420,000 | 274 |
* | Sincere Watch Hong Kong Ltd. | 12,270,000 | 271 |
* | Silver Base Group Holdings Ltd. | 3,820,500 | 255 |
* | Trinity Ltd. | 4,062,000 | 252 |
* | New Focus Auto Tech Holdings Ltd. | 6,176,000 | 218 |
*,^ | China Healthwise Holdings Ltd. | 11,514,000 | 199 |
*,^ | Suncorp Technologies Ltd. | 51,860,000 | 166 |
* | Auto Italia Holdings | 1,425,000 | 17 |
2,793,983 | |||
Ireland (0.2%) | |||
Kerry Group plc Class A | 707,316 | 60,936 | |
* | Bank of Ireland | 133,952,057 | 35,189 |
Kingspan Group plc | 745,340 | 25,596 | |
Glanbia plc | 946,960 | 18,501 | |
* | Ryanair Holdings plc | 409,688 | 8,379 |
C&C Group plc | 1,647,642 | 6,058 | |
Green REIT plc | 3,177,975 | 5,165 | |
Hibernia REIT plc | 3,249,572 | 5,099 | |
Irish Continental Group plc | 758,983 | 4,393 | |
Origin Enterprises plc | 594,545 | 4,333 | |
* | Allied Irish Banks plc | 537,127 | 3,030 |
* | Ryanair Holdings plc ADR | 19,413 | 2,089 |
* | Permanent TSB Group Holdings plc | 497,776 | 1,557 |
* | Irish Bank Resolution Corp. Ltd. | 257,065 | — |
180,325 | |||
Israel (0.5%) | |||
Teva Pharmaceutical Industries Ltd. | 4,359,123 | 143,724 | |
Bank Leumi Le-Israel BM | 6,968,940 | 33,859 | |
Bank Hapoalim BM | 4,995,048 | 33,682 |
18
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nice Ltd. | 294,467 | 23,200 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 10,127,891 | 16,800 | |
* | Israel Discount Bank Ltd. Class A | 5,760,710 | 15,174 |
Elbit Systems Ltd. | 117,876 | 14,541 | |
Frutarom Industries Ltd. | 185,590 | 12,957 | |
Israel Chemicals Ltd. | 2,443,761 | 11,528 | |
Mizrahi Tefahot Bank Ltd. | 626,495 | 11,391 | |
* | Tower Semiconductor Ltd. | 463,915 | 11,103 |
Azrieli Group Ltd. | 156,635 | 8,701 | |
Paz Oil Co. Ltd. | 37,307 | 6,368 | |
Delek Group Ltd. | 25,831 | 5,645 | |
Alony Hetz Properties & Investments Ltd. | 469,643 | 4,742 | |
First International Bank Of Israel Ltd. | 242,406 | 4,392 | |
Gazit-Globe Ltd. | 449,278 | 4,335 | |
* | Airport City Ltd. | 306,616 | 4,242 |
* | Israel Corp. Ltd. | 17,462 | 3,709 |
Strauss Group Ltd. | 177,388 | 3,472 | |
* | Mazor Robotics Ltd. | 199,627 | 3,439 |
Melisron Ltd. | 64,213 | 3,374 | |
Teva Pharmaceutical Industries Ltd. ADR | 95,178 | 3,162 | |
Oil Refineries Ltd. | 7,118,599 | 3,132 | |
Harel Insurance Investments & Financial Services Ltd. | 526,954 | 3,117 | |
* | Nova Measuring Instruments Ltd. | 135,175 | 3,088 |
Reit 1 Ltd. | 797,334 | 2,981 | |
Amot Investments Ltd. | 529,937 | 2,775 | |
* | Cellcom Israel Ltd. (Registered) | 259,604 | 2,496 |
* | Jerusalem Oil Exploration | 41,158 | 2,470 |
Shikun & Binui Ltd. | 933,535 | 2,424 | |
* | Partner Communications Co. Ltd. | 416,482 | 2,209 |
IDI Insurance Co. Ltd. | 36,025 | 2,099 | |
* | Jerusalem Economy Ltd. | 719,345 | 1,828 |
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 33,352 | 1,638 | |
Shufersal Ltd. | 307,381 | 1,611 | |
* | Clal Insurance Enterprises Holdings Ltd. | 94,439 | 1,597 |
Electra Ltd. | 7,908 | 1,584 | |
* | Phoenix Holdings Ltd. | 351,580 | 1,494 |
Migdal Insurance & Financial Holding Ltd. | 1,354,023 | 1,448 | |
Delek Automotive Systems Ltd. | 165,207 | 1,343 | |
* | Naphtha Israel Petroleum Corp. Ltd. | 166,795 | 1,325 |
Menora Mivtachim Holdings Ltd. | 100,617 | 1,266 | |
Bayside Land Corp. | 2,773 | 1,235 | |
Big Shopping Centers Ltd. | 17,251 | 1,226 | |
Delta-Galil Industries Ltd. | 40,983 | 1,212 | |
* | Africa Israel Properties Ltd. | 54,715 | 1,159 |
Formula Systems 1985 Ltd. | 30,605 | 1,146 | |
* | Kenon Holdings Ltd. | 70,463 | 950 |
* | B Communications Ltd. | 47,022 | 815 |
* | Ceragon Networks Ltd. | 295,149 | 768 |
Norstar Holdings Inc. | 40,188 | 750 | |
* | Kamada Ltd. | 125,763 | 748 |
* | Gilat Satellite Networks Ltd. | 142,835 | 701 |
* | Allot Communications Ltd. | 134,631 | 687 |
* | AudioCodes Ltd. | 106,784 | 653 |
* | Evogene Ltd. | 114,578 | 575 |
Property & Building Corp. Ltd. | 4,482 | 447 | |
Delek Energy Systems Ltd. | 169 | 94 | |
438,631 | |||
Italy (2.2%) | |||
* | UniCredit SPA | 10,856,700 | 203,360 |
Enel SPA | 37,697,780 | 202,192 | |
Intesa Sanpaolo SPA (Registered) | 57,803,356 | 183,862 | |
Eni SPA | 12,138,527 | 182,417 | |
Assicurazioni Generali SPA | 6,360,368 | 104,986 | |
Atlantia SPA | 2,600,498 | 73,151 |
19
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Fiat Chrysler Automobiles NV | 5,287,707 | 55,863 |
Ferrari NV | 615,985 | 53,006 | |
CNH Industrial NV | 4,654,828 | 52,789 | |
* | Telecom Italia SPA (Registered) | 55,359,839 | 51,218 |
Snam SPA | 11,676,156 | 50,957 | |
Luxottica Group SPA | 759,211 | 44,192 | |
^ | Terna Rete Elettrica Nazionale SPA | 6,925,213 | 37,404 |
Tenaris SA | 2,309,620 | 36,062 | |
Leonardo SPA | 1,876,042 | 31,236 | |
Prysmian SPA | 1,044,440 | 30,804 | |
EXOR NV | 528,407 | 28,673 | |
Mediobanca SPA | 2,795,530 | 27,656 | |
*,^ | Banco BPM SPA | 7,406,007 | 24,873 |
Telecom Italia SPA (Bearer) | 29,162,708 | 21,581 | |
^ | Unione di Banche Italiane SPA | 4,824,201 | 20,785 |
Intesa Sanpaolo SPA | 6,873,549 | 20,449 | |
Recordati SPA | 496,113 | 20,118 | |
Davide Campari-Milano SPA | 2,785,844 | 19,695 | |
Moncler SPA | 778,170 | 18,255 | |
FinecoBank Banca Fineco SPA | 1,952,602 | 15,391 | |
2 | Poste Italiane SPA | 2,218,886 | 15,215 |
A2A SPA | 7,699,986 | 12,803 | |
Italgas SPA | 2,397,370 | 12,090 | |
BPER Banca | 2,339,656 | 11,719 | |
Interpump Group SPA | 421,934 | 11,545 | |
Azimut Holding SPA | 562,071 | 11,308 | |
Hera SPA | 3,664,035 | 11,202 | |
Banca Mediolanum SPA | 1,260,855 | 10,471 | |
Unipol Gruppo Finanziario SPA | 2,385,319 | 10,466 | |
^ | UnipolSai Assicurazioni SPA | 4,764,553 | 10,453 |
Saipem SPA | 2,800,254 | 10,370 | |
Cerved Information Solutions SPA | 948,170 | 10,173 | |
* | Brembo SPA | 671,600 | 9,841 |
Banca Popolare di Sondrio SCPA | 2,284,397 | 9,038 | |
DiaSorin SPA | 116,058 | 8,922 | |
De' Longhi SPA | 280,666 | 8,805 | |
Buzzi Unicem SPA | 346,779 | 8,647 | |
Banca Generali SPA | 277,357 | 8,276 | |
*,^ | Yoox Net-A-Porter Group SPA | 295,562 | 8,190 |
2 | Anima Holding SPA | 1,111,782 | 7,970 |
Autogrill SPA | 654,126 | 7,929 | |
Industria Macchine Automatiche SPA | 73,750 | 6,785 | |
2 | Infrastrutture Wireless Italiane SPA | 1,193,689 | 6,779 |
*,^ | Mediaset SPA | 1,680,305 | 6,620 |
Societa Cattolica di Assicurazioni SCRL | 818,179 | 6,365 | |
^ | Salvatore Ferragamo SPA | 219,328 | 5,856 |
Amplifon SPA | 433,798 | 5,725 | |
* | Ansaldo STS SPA | 445,415 | 5,682 |
Iren SPA | 2,318,145 | 5,369 | |
2 | Enav SPA | 1,186,972 | 5,119 |
Saras SPA | 2,139,967 | 4,988 | |
Ei Towers SPA | 77,393 | 4,481 | |
2 | OVS SPA | 606,900 | 4,321 |
Tod's SPA | 63,068 | 3,935 | |
Banca IFIS SPA | 96,033 | 3,904 | |
Societa Iniziative Autostradali e Servizi SPA | 338,417 | 3,730 | |
ACEA SPA | 237,083 | 3,600 | |
Reply SPA | 19,412 | 3,596 | |
Beni Stabili SpA SIIQ | 4,975,122 | 3,596 | |
MARR SPA | 147,708 | 3,514 | |
Brunello Cucinelli SPA | 130,432 | 3,427 | |
ERG SPA | 241,934 | 3,405 | |
2 | Technogym SPA | 437,454 | 3,368 |
Buzzi Unicem SPA Savings Shares | 230,229 | 3,278 |
20
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Danieli & C Officine Meccaniche SPA RSP | 170,284 | 3,057 | |
Credito Emiliano SPA | 361,054 | 2,924 | |
ASTM SPA | 155,528 | 2,690 | |
^ | Salini Impregilo SPA | 748,659 | 2,591 |
Parmalat SPA | 746,459 | 2,584 | |
Datalogic SPA | 94,957 | 2,558 | |
* | Fincantieri SPA | 2,198,365 | 2,466 |
2 | RAI Way SPA | 454,001 | 2,268 |
^ | Credito Valtellinese SPA | 517,705 | 2,211 |
CIR-Compagnie Industriali Riunite SPA | 1,477,406 | 2,072 | |
Banca Monte dei Paschi di Siena SPA | 113,708 | 1,959 | |
* | Italmobiliare SPA | 71,460 | 1,953 |
Piaggio & C SPA | 776,469 | 1,917 | |
Danieli & C Officine Meccaniche SPA | 68,708 | 1,675 | |
Immobiliare Grande Distribuzione SIIQ SPA | 1,698,456 | 1,498 | |
^ | Geox SPA | 389,125 | 1,284 |
^ | Cairo Communication SPA | 285,256 | 1,251 |
Cementir Holding SPA | 207,332 | 1,237 | |
Astaldi SPA | 187,849 | 1,169 | |
*,^ | Safilo Group SPA | 152,795 | 1,131 |
Zignago Vetro SPA | 134,752 | 1,131 | |
*,^ | Juventus Football Club SPA | 1,812,255 | 1,092 |
Esprinet SPA | 136,426 | 984 | |
* | Arnoldo Mondadori Editore SPA | 536,425 | 980 |
Cofide SPA | 1,305,580 | 861 | |
*,^ | Banca Carige SPA | 3,495,357 | 752 |
* | Rizzoli Corriere Della Sera Mediagroup SPA | 488,250 | 683 |
* | GEDI Gruppo Editoriale SPA | 636,218 | 574 |
DeA Capital SPA | 378,098 | 525 | |
1,981,928 | |||
Japan (21.3%) | |||
Toyota Motor Corp. | 12,755,470 | 670,472 | |
Mitsubishi UFJ Financial Group Inc. | 63,434,717 | 427,870 | |
SoftBank Group Corp. | 4,156,952 | 337,919 | |
Sumitomo Mitsui Financial Group Inc. | 6,477,594 | 252,914 | |
Honda Motor Co. Ltd. | 8,695,193 | 238,232 | |
KDDI Corp. | 8,909,922 | 235,646 | |
Sony Corp. | 6,135,948 | 234,048 | |
Mizuho Financial Group Inc. | 123,330,857 | 226,124 | |
Japan Tobacco Inc. | 5,822,670 | 204,656 | |
Keyence Corp. | 439,466 | 193,465 | |
Takeda Pharmaceutical Co. Ltd. | 3,723,454 | 189,036 | |
FANUC Corp. | 945,743 | 183,045 | |
Shin-Etsu Chemical Co. Ltd. | 1,991,298 | 181,234 | |
Nintendo Co. Ltd. | 522,807 | 175,031 | |
East Japan Railway Co. | 1,812,455 | 173,626 | |
Canon Inc. | 5,084,953 | 172,966 | |
Nippon Telegraph & Telephone Corp. | 3,288,101 | 155,212 | |
Seven & i Holdings Co. Ltd. | 3,760,888 | 155,191 | |
NTT DOCOMO Inc. | 6,295,653 | 148,897 | |
Central Japan Railway Co. | 880,117 | 143,738 | |
Tokio Marine Holdings Inc. | 3,411,443 | 141,961 | |
Murata Manufacturing Co. Ltd. | 924,455 | 141,133 | |
Panasonic Corp. | 10,334,316 | 140,808 | |
Kao Corp. | 2,349,563 | 139,701 | |
Mitsubishi Electric Corp. | 9,611,722 | 139,011 | |
Hitachi Ltd. | 22,541,638 | 138,985 | |
Bridgestone Corp. | 3,084,593 | 133,352 | |
Daikin Industries Ltd. | 1,296,694 | 133,031 | |
Mitsubishi Corp. | 6,231,512 | 130,993 | |
Astellas Pharma Inc. | 10,106,048 | 123,867 | |
Nidec Corp. | 1,147,588 | 117,903 | |
Mitsui & Co. Ltd. | 8,137,089 | 116,489 | |
Komatsu Ltd. | 4,467,695 | 114,674 |
21
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
June 30, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Mitsui Fudosan Co. Ltd. | 4,618,710 | 110,657 |
Daiwa House Industry Co. Ltd. | 3,135,879 | 107,327 |
Mitsubishi Estate Co. Ltd. | 5,728,050 | 107,073 |
ITOCHU Corp. | 6,949,373 | 103,469 |
Tokyo Electron Ltd. | 763,408 | 103,207 |
Denso Corp. | 2,388,954 | 101,383 |
Subaru Corp. | 2,980,636 | 101,068 |
Dai-ichi Life Holdings Inc. | 5,540,630 | 100,570 |
Recruit Holdings Co. Ltd. | 5,794,362 | 99,720 |
Nomura Holdings Inc. | 16,256,110 | 98,032 |
ORIX Corp. | 6,291,471 | 97,894 |
Hoya Corp. | 1,835,264 | 95,546 |
Suzuki Motor Corp. | 1,995,519 | 95,062 |
Nissan Motor Co. Ltd. | 9,423,889 | 94,097 |
Kubota Corp. | 5,464,001 | 92,357 |
Kyocera Corp. | 1,516,213 | 88,123 |
SMC Corp. | 285,842 | 87,380 |
Otsuka Holdings Co. Ltd. | 2,045,910 | 87,351 |
Nippon Steel & Sumitomo Metal Corp. | 3,803,307 | 86,186 |
Fast Retailing Co. Ltd. | 254,192 | 85,008 |
Kirin Holdings Co. Ltd. | 4,078,633 | 83,198 |
MS&AD Insurance Group Holdings Inc. | 2,444,890 | 82,463 |
Shionogi & Co. Ltd. | 1,402,992 | 78,228 |
Daiichi Sankyo Co. Ltd. | 3,163,552 | 74,669 |
Secom Co. Ltd. | 947,225 | 72,070 |
Eisai Co. Ltd. | 1,289,041 | 71,320 |
Sumitomo Corp. | 5,468,068 | 71,305 |
Fujitsu Ltd. | 9,454,958 | 69,931 |
Asahi Group Holdings Ltd. | 1,845,641 | 69,507 |
Sompo Holdings Inc. | 1,779,088 | 69,055 |
FUJIFILM Holdings Corp. | 1,904,131 | 68,658 |
JXTG Holdings Inc. | 15,560,734 | 68,086 |
Shiseido Co. Ltd. | 1,896,326 | 67,600 |
Asahi Kasei Corp. | 6,158,627 | 66,441 |
Sumitomo Mitsui Trust Holdings Inc. | 1,830,219 | 65,740 |
Sumitomo Realty & Development Co. Ltd. | 2,061,759 | 63,849 |
Oriental Land Co. Ltd. | 930,461 | 63,062 |
West Japan Railway Co. | 890,460 | 63,005 |
Toray Industries Inc. | 7,412,737 | 62,190 |
Nitto Denko Corp. | 750,551 | 61,982 |
Shimano Inc. | 386,203 | 61,321 |
Terumo Corp. | 1,492,820 | 58,905 |
Resona Holdings Inc. | 10,595,199 | 58,526 |
Mitsubishi Heavy Industries Ltd. | 13,907,184 | 57,258 |
Sumitomo Electric Industries Ltd. | 3,661,284 | 56,642 |
Daito Trust Construction Co. Ltd. | 354,701 | 55,261 |
MEIJI Holdings Co. Ltd. | 666,506 | 54,046 |
Ajinomoto Co. Inc. | 2,460,693 | 53,210 |
Tokyo Gas Co. Ltd. | 10,126,805 | 52,747 |
Mitsubishi Chemical Holdings Corp. | 6,312,101 | 52,591 |
Dentsu Inc. | 1,080,549 | 51,837 |
Aeon Co. Ltd. | 3,358,104 | 51,075 |
Olympus Corp. | 1,365,623 | 50,034 |
Marubeni Corp. | 7,705,022 | 49,918 |
Sekisui House Ltd. | 2,802,596 | 49,532 |
Kansai Electric Power Co. Inc. | 3,567,367 | 49,192 |
Nitori Holdings Co. Ltd. | 360,937 | 48,316 |
Ono Pharmaceutical Co. Ltd. | 2,212,315 | 48,254 |
Japan Exchange Group Inc. | 2,648,280 | 48,153 |
Daiwa Securities Group Inc. | 7,960,055 | 47,400 |
Taisei Corp. | 5,163,057 | 47,224 |
Unicharm Corp. | 1,871,721 | 47,122 |
Rakuten Inc. | 3,989,625 | 47,081 |
T&D Holdings Inc. | 2,992,567 | 45,763 |
22
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Chubu Electric Power Co. Inc. | 3,436,184 | 45,697 | |
Aisin Seiki Co. Ltd. | 877,376 | 45,103 | |
*,^ | Toshiba Corp. | 18,590,646 | 45,034 |
Makita Corp. | 1,196,982 | 44,329 | |
JFE Holdings Inc. | 2,498,350 | 43,500 | |
Inpex Corp. | 4,486,996 | 43,324 | |
Sumitomo Chemical Co. Ltd. | 7,418,055 | 42,875 | |
Sysmex Corp. | 703,790 | 42,124 | |
Toyota Industries Corp. | 785,676 | 41,555 | |
Omron Corp. | 949,612 | 41,336 | |
Asahi Glass Co. Ltd. | 951,906 | 40,202 | |
Chugai Pharmaceutical Co. Ltd. | 1,064,527 | 39,883 | |
Hankyu Hanshin Holdings Inc. | 1,105,409 | 39,823 | |
Osaka Gas Co. Ltd. | 9,572,358 | 39,197 | |
Obayashi Corp. | 3,299,191 | 38,871 | |
Mazda Motor Corp. | 2,764,218 | 38,834 | |
TDK Corp. | 577,305 | 38,161 | |
Kajima Corp. | 4,411,117 | 37,281 | |
Tokyu Corp. | 4,763,809 | 36,403 | |
Yamato Holdings Co. Ltd. | 1,732,003 | 35,187 | |
Yamaha Motor Co. Ltd. | 1,354,954 | 35,160 | |
NTT Data Corp. | 3,133,650 | 34,961 | |
Yakult Honsha Co. Ltd. | 495,233 | 33,757 | |
Kintetsu Group Holdings Co. Ltd. | 8,716,553 | 33,629 | |
Dai Nippon Printing Co. Ltd. | 3,008,230 | 33,512 | |
MINEBEA MITSUMI Inc. | 2,060,703 | 33,326 | |
Rohm Co. Ltd. | 429,250 | 33,096 | |
Toyota Tsusho Corp. | 1,095,597 | 32,940 | |
Isuzu Motors Ltd. | 2,647,339 | 32,873 | |
Bandai Namco Holdings Inc. | 943,310 | 32,230 | |
Tohoku Electric Power Co. Inc. | 2,319,284 | 32,143 | |
NEC Corp. | 12,041,604 | 32,011 | |
Sumitomo Metal Mining Co. Ltd. | 2,378,199 | 31,787 | |
LIXIL Group Corp. | 1,261,075 | 31,609 | |
Sekisui Chemical Co. Ltd. | 1,755,568 | 31,501 | |
* | Tokyo Electric Power Co. Holdings Inc. | 7,612,443 | 31,427 |
Kuraray Co. Ltd. | 1,699,729 | 30,950 | |
Shimizu Corp. | 2,850,999 | 30,294 | |
Seiko Epson Corp. | 1,355,856 | 30,252 | |
MISUMI Group Inc. | 1,314,943 | 30,138 | |
Keikyu Corp. | 2,495,268 | 30,094 | |
Odakyu Electric Railway Co. Ltd. | 1,487,938 | 30,072 | |
Ricoh Co. Ltd. | 3,315,260 | 29,369 | |
Concordia Financial Group Ltd. | 5,782,820 | 29,310 | |
Suntory Beverage & Food Ltd. | 627,844 | 29,183 | |
Tosoh Corp. | 2,829,791 | 29,164 | |
Toppan Printing Co. Ltd. | 2,635,927 | 28,985 | |
NH Foods Ltd. | 949,245 | 28,876 | |
Koito Manufacturing Co. Ltd. | 552,305 | 28,560 | |
Trend Micro Inc. | 550,464 | 28,450 | |
Nippon Paint Holdings Co. Ltd. | 747,001 | 28,419 | |
Ryohin Keikaku Co. Ltd. | 112,877 | 28,251 | |
Yamaha Corp. | 808,736 | 27,998 | |
Yahoo Japan Corp. | 6,339,254 | 27,558 | |
NSK Ltd. | 2,188,159 | 27,535 | |
Kyushu Electric Power Co. Inc. | 2,255,617 | 27,414 | |
Nikon Corp. | 1,705,615 | 27,340 | |
Kikkoman Corp. | 843,640 | 26,987 | |
TOTO Ltd. | 702,125 | 26,902 | |
M3 Inc. | 968,032 | 26,704 | |
Brother Industries Ltd. | 1,151,935 | 26,682 | |
Tobu Railway Co. Ltd. | 4,860,988 | 26,558 | |
Alps Electric Co. Ltd. | 913,098 | 26,524 | |
*,^ | Sharp Corp. | 7,080,168 | 26,244 |
23
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
NGK Insulators Ltd. | 1,295,598 | 25,974 | |
Japan Post Holdings Co. Ltd. | 2,081,543 | 25,893 | |
Konami Holdings Corp. | 459,628 | 25,586 | |
Japan Post Bank Co. Ltd. | 1,983,474 | 25,462 | |
Mitsubishi Tanabe Pharma Corp. | 1,091,591 | 25,251 | |
Lion Corp. | 1,216,970 | 25,242 | |
Kyushu Railway Co. | 777,059 | 25,203 | |
Shimadzu Corp. | 1,311,239 | 24,986 | |
Keio Corp. | 2,878,677 | 24,130 | |
Santen Pharmaceutical Co. Ltd. | 1,765,020 | 23,974 | |
Shizuoka Bank Ltd. | 2,627,363 | 23,828 | |
Hoshizaki Corp. | 262,227 | 23,792 | |
Chiba Bank Ltd. | 3,252,418 | 23,669 | |
Kyowa Hakko Kirin Co. Ltd. | 1,265,055 | 23,529 | |
Mitsui Chemicals Inc. | 4,390,760 | 23,382 | |
Yaskawa Electric Corp. | 1,081,441 | 23,026 | |
Nissan Chemical Industries Ltd. | 693,773 | 22,989 | |
FamilyMart UNY Holdings Co. Ltd. | 394,353 | 22,583 | |
Hirose Electric Co. Ltd. | 155,600 | 22,267 | |
Don Quijote Holdings Co. Ltd. | 584,818 | 22,220 | |
Nippon Express Co. Ltd. | 3,534,521 | 22,180 | |
Stanley Electric Co. Ltd. | 730,452 | 22,136 | |
Oji Holdings Corp. | 4,259,002 | 22,051 | |
Aozora Bank Ltd. | 5,752,328 | 21,962 | |
* | IHI Corp. | 6,408,533 | 21,900 |
Kansai Paint Co. Ltd. | 932,791 | 21,535 | |
Nisshin Seifun Group Inc. | 1,308,363 | 21,509 | |
USS Co. Ltd. | 1,076,590 | 21,458 | |
Nissin Foods Holdings Co. Ltd. | 341,838 | 21,375 | |
Taiheiyo Cement Corp. | 5,804,210 | 21,226 | |
Start Today Co. Ltd. | 857,157 | 21,124 | |
Disco Corp. | 131,443 | 21,082 | |
Kawasaki Heavy Industries Ltd. | 7,081,877 | 21,080 | |
Nomura Research Institute Ltd. | 525,732 | 20,770 | |
Nagoya Railroad Co. Ltd. | 4,398,821 | 20,525 | |
Obic Co. Ltd. | 332,013 | 20,444 | |
Suruga Bank Ltd. | 833,098 | 20,261 | |
Mitsubishi Motors Corp. | 3,034,757 | 20,069 | |
Seibu Holdings Inc. | 1,076,372 | 19,944 | |
Electric Power Development Co. Ltd. | 805,166 | 19,943 | |
Hamamatsu Photonics KK | 644,515 | 19,862 | |
NGK Spark Plug Co. Ltd. | 920,437 | 19,716 | |
ANA Holdings Inc. | 5,648,353 | 19,667 | |
Pigeon Corp. | 539,803 | 19,625 | |
Mitsubishi Gas Chemical Co. Inc. | 908,742 | 19,301 | |
* | Nexon Co. Ltd. | 970,637 | 19,253 |
Yokogawa Electric Corp. | 1,179,606 | 18,984 | |
Sumitomo Heavy Industries Ltd. | 2,840,358 | 18,848 | |
Mitsubishi Materials Corp. | 620,123 | 18,819 | |
Mebuki Financial Group Inc. | 4,995,027 | 18,650 | |
Amada Holdings Co. Ltd. | 1,605,341 | 18,621 | |
J Front Retailing Co. Ltd. | 1,207,838 | 18,613 | |
Tsuruha Holdings Inc. | 173,625 | 18,450 | |
Keisei Electric Railway Co. Ltd. | 688,311 | 18,422 | |
Konica Minolta Inc. | 2,191,940 | 18,287 | |
Daicel Corp. | 1,456,245 | 18,201 | |
Kobayashi Pharmaceutical Co. Ltd. | 303,742 | 18,053 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 235,992 | 17,981 | |
Rinnai Corp. | 192,144 | 17,951 | |
^ | Yamada Denki Co. Ltd. | 3,562,454 | 17,713 |
Hulic Co. Ltd. | 1,725,637 | 17,672 | |
Isetan Mitsukoshi Holdings Ltd. | 1,751,712 | 17,623 | |
Fukuoka Financial Group Inc. | 3,676,368 | 17,541 | |
Toho Co. Ltd. | 565,685 | 17,446 |
24
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
JGC Corp. | 1,063,796 | 17,329 | |
Bank of Kyoto Ltd. | 1,813,740 | 17,187 | |
Nabtesco Corp. | 584,128 | 17,036 | |
Hisamitsu Pharmaceutical Co. Inc. | 354,641 | 17,003 | |
Lawson Inc. | 242,493 | 16,970 | |
Japan Airlines Co. Ltd. | 543,617 | 16,839 | |
Alfresa Holdings Corp. | 869,675 | 16,814 | |
Haseko Corp. | 1,369,772 | 16,680 | |
Toho Gas Co. Ltd. | 2,289,875 | 16,680 | |
Toyo Suisan Kaisha Ltd. | 434,502 | 16,670 | |
Coca-Cola Bottlers Japan Inc. | 570,716 | 16,525 | |
Nippon Shinyaku Co. Ltd. | 257,534 | 16,486 | |
Mitsui OSK Lines Ltd. | 5,570,892 | 16,450 | |
Teijin Ltd. | 849,375 | 16,390 | |
THK Co. Ltd. | 573,484 | 16,344 | |
Casio Computer Co. Ltd. | 1,058,746 | 16,318 | |
Otsuka Corp. | 261,156 | 16,245 | |
Asics Corp. | 871,596 | 16,198 | |
JTEKT Corp. | 1,097,329 | 16,148 | |
Keihan Holdings Co. Ltd. | 2,516,734 | 16,016 | |
JSR Corp. | 920,309 | 15,932 | |
Credit Saison Co. Ltd. | 811,073 | 15,882 | |
Hakuhodo DY Holdings Inc. | 1,180,304 | 15,719 | |
Temp Holdings Co. Ltd. | 830,969 | 15,612 | |
Chugoku Electric Power Co. Inc. | 1,412,534 | 15,596 | |
Nippon Electric Glass Co. Ltd. | 423,680 | 15,455 | |
Kurita Water Industries Ltd. | 564,602 | 15,444 | |
Sumco Corp. | 1,060,070 | 15,408 | |
Marui Group Co. Ltd. | 1,042,039 | 15,397 | |
Fuji Electric Co. Ltd. | 2,867,435 | 15,167 | |
Sumitomo Rubber Industries Ltd. | 885,479 | 14,996 | |
Kose Corp. | 136,022 | 14,918 | |
* | Kobe Steel Ltd. | 1,445,857 | 14,909 |
Kewpie Corp. | 567,313 | 14,897 | |
Sohgo Security Services Co. Ltd. | 329,513 | 14,874 | |
Hitachi Chemical Co. Ltd. | 493,224 | 14,787 | |
Nichirei Corp. | 526,461 | 14,763 | |
Tokyu Fudosan Holdings Corp. | 2,488,977 | 14,761 | |
Advantest Corp. | 857,983 | 14,708 | |
Showa Denko KK | 626,208 | 14,602 | |
* | Nippon Yusen KK | 7,804,997 | 14,591 |
Hino Motors Ltd. | 1,301,581 | 14,533 | |
CyberAgent Inc. | 465,098 | 14,444 | |
Sojitz Corp. | 5,852,529 | 14,407 | |
Calbee Inc. | 363,146 | 14,284 | |
Sony Financial Holdings Inc. | 834,927 | 14,279 | |
Air Water Inc. | 772,149 | 14,251 | |
Nankai Electric Railway Co. Ltd. | 2,749,069 | 14,236 | |
Ezaki Glico Co. Ltd. | 263,369 | 14,181 | |
MediPal Holdings Corp. | 764,512 | 14,176 | |
DIC Corp. | 392,187 | 14,170 | |
Shinsei Bank Ltd. | 8,012,114 | 14,035 | |
Idemitsu Kosan Co. Ltd. | 487,777 | 13,877 | |
Ube Industries Ltd. | 5,283,060 | 13,637 | |
Furukawa Electric Co. Ltd. | 305,350 | 13,614 | |
Daifuku Co. Ltd. | 452,600 | 13,576 | |
Hitachi Metals Ltd. | 971,841 | 13,559 | |
Toyo Seikan Group Holdings Ltd. | 800,935 | 13,559 | |
SCREEN Holdings Co. Ltd. | 200,267 | 13,396 | |
Takashimaya Co. Ltd. | 1,400,349 | 13,359 | |
Ebara Corp. | 476,727 | 13,282 | |
Tokyo Tatemono Co. Ltd. | 1,010,276 | 13,280 | |
Tsumura & Co. | 325,775 | 13,232 | |
Sega Sammy Holdings Inc. | 976,965 | 13,172 |
25
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hitachi Construction Machinery Co. Ltd. | 521,748 | 13,125 | |
Benesse Holdings Inc. | 346,816 | 13,111 | |
Mabuchi Motor Co. Ltd. | 261,641 | 13,078 | |
Suzuken Co. Ltd. | 391,906 | 13,046 | |
Hiroshima Bank Ltd. | 2,927,451 | 13,031 | |
Chugoku Bank Ltd. | 866,922 | 13,015 | |
Hachijuni Bank Ltd. | 2,039,834 | 12,997 | |
SBI Holdings Inc. | 943,789 | 12,834 | |
Yamaguchi Financial Group Inc. | 1,054,252 | 12,769 | |
Gunma Bank Ltd. | 2,116,593 | 12,746 | |
*,^ | PeptiDream Inc. | 399,400 | 12,644 |
Shimamura Co. Ltd. | 102,965 | 12,623 | |
Park24 Co. Ltd. | 495,745 | 12,615 | |
Yamazaki Baking Co. Ltd. | 632,121 | 12,603 | |
Square Enix Holdings Co. Ltd. | 382,266 | 12,528 | |
Hitachi High-Technologies Corp. | 319,785 | 12,453 | |
AEON Financial Service Co. Ltd. | 579,497 | 12,298 | |
Horiba Ltd. | 200,300 | 12,218 | |
Kyushu Financial Group Inc. | 1,926,420 | 12,207 | |
Azbil Corp. | 318,601 | 12,129 | |
NOK Corp. | 564,103 | 11,976 | |
DeNA Co. Ltd. | 530,965 | 11,934 | |
Denka Co. Ltd. | 2,302,641 | 11,916 | |
Miraca Holdings Inc. | 263,490 | 11,867 | |
Nomura Real Estate Holdings Inc. | 598,048 | 11,769 | |
Seven Bank Ltd. | 3,278,502 | 11,755 | |
Morinaga & Co. Ltd. | 207,000 | 11,737 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,134,419 | 11,711 | |
Iida Group Holdings Co. Ltd. | 701,550 | 11,710 | |
Ulvac Inc. | 242,000 | 11,677 | |
Aeon Mall Co. Ltd. | 590,894 | 11,674 | |
Nifco Inc. | 216,330 | 11,635 | |
Sundrug Co. Ltd. | 310,490 | 11,582 | |
Kagome Co. Ltd. | 379,133 | 11,545 | |
Matsumotokiyoshi Holdings Co. Ltd. | 201,933 | 11,503 | |
COMSYS Holdings Corp. | 554,660 | 11,452 | |
^ | Iyo Bank Ltd. | 1,376,941 | 11,438 |
Nihon M&A Center Inc. | 312,200 | 11,428 | |
Izumi Co. Ltd. | 200,293 | 11,389 | |
Fujikura Ltd. | 1,353,259 | 11,384 | |
Hikari Tsushin Inc. | 107,203 | 11,294 | |
Oracle Corp. Japan | 173,595 | 11,292 | |
Nippon Kayaku Co. Ltd. | 792,139 | 11,233 | |
Asahi Intecc Co. Ltd. | 246,191 | 11,203 | |
Sanwa Holdings Corp. | 1,034,933 | 10,930 | |
TIS Inc. | 388,100 | 10,807 | |
Yokohama Rubber Co. Ltd. | 535,766 | 10,801 | |
Nippon Shokubai Co. Ltd. | 165,691 | 10,703 | |
Sumitomo Dainippon Pharma Co. Ltd. | 780,588 | 10,655 | |
Mitsui Mining & Smelting Co. Ltd. | 2,700,975 | 10,585 | |
Kinden Corp. | 653,404 | 10,549 | |
Kaneka Corp. | 1,377,336 | 10,541 | |
Kamigumi Co. Ltd. | 1,000,285 | 10,515 | |
*,^ | Kawasaki Kisen Kaisha Ltd. | 4,350,981 | 10,482 |
Ito En Ltd. | 284,860 | 10,400 | |
Sumitomo Forestry Co. Ltd. | 659,491 | 10,389 | |
Rohto Pharmaceutical Co. Ltd. | 500,191 | 10,354 | |
Zenkoku Hosho Co. Ltd. | 251,929 | 10,315 | |
Daido Steel Co. Ltd. | 1,783,801 | 10,286 | |
Sotetsu Holdings Inc. | 2,063,352 | 10,242 | |
Sugi Holdings Co. Ltd. | 191,011 | 10,235 | |
Seino Holdings Co. Ltd. | 762,396 | 10,164 | |
Nippon Paper Industries Co. Ltd. | 494,493 | 10,137 | |
NTN Corp. | 2,169,557 | 10,096 |
26
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Daiichikosho Co. Ltd. | 214,500 | 10,075 | |
Hokuhoku Financial Group Inc. | 629,503 | 10,069 | |
Kaken Pharmaceutical Co. Ltd. | 183,411 | 10,015 | |
Toyo Tire & Rubber Co. Ltd. | 484,900 | 9,934 | |
House Foods Group Inc. | 392,077 | 9,836 | |
SCSK Corp. | 218,428 | 9,814 | |
Sawai Pharmaceutical Co. Ltd. | 173,307 | 9,733 | |
Miura Co. Ltd. | 496,000 | 9,706 | |
Citizen Watch Co. Ltd. | 1,367,125 | 9,620 | |
Tokyo Century Corp. | 239,874 | 9,614 | |
77 Bank Ltd. | 1,938,965 | 9,571 | |
Kakaku.com Inc. | 665,462 | 9,566 | |
Relo Group Inc. | 487,900 | 9,499 | |
Toyoda Gosei Co. Ltd. | 392,597 | 9,407 | |
^ | MonotaRO Co. Ltd. | 290,117 | 9,376 |
Pola Orbis Holdings Inc. | 354,280 | 9,373 | |
Nagase & Co. Ltd. | 613,531 | 9,360 | |
Sumitomo Osaka Cement Co. Ltd. | 1,952,344 | 9,285 | |
Takara Holdings Inc. | 886,213 | 9,247 | |
Welcia Holdings Co. Ltd. | 249,540 | 9,238 | |
Shikoku Electric Power Co. Inc. | 779,747 | 9,204 | |
Glory Ltd. | 279,812 | 9,190 | |
^ | Japan Airport Terminal Co. Ltd. | 239,320 | 9,187 |
Nishi-Nippon Railroad Co. Ltd. | 2,034,654 | 9,164 | |
Ibiden Co. Ltd. | 528,957 | 9,148 | |
^ | Skylark Co. Ltd. | 630,113 | 9,053 |
GS Yuasa Corp. | 2,068,873 | 9,030 | |
Maruichi Steel Tube Ltd. | 308,391 | 8,972 | |
Sankyo Co. Ltd. | 260,408 | 8,846 | |
Taiyo Yuden Co. Ltd. | 557,921 | 8,815 | |
Showa Shell Sekiyu KK | 946,986 | 8,796 | |
Toagosei Co. Ltd. | 673,100 | 8,780 | |
*,^ | Acom Co. Ltd. | 1,915,248 | 8,767 |
Topcon Corp. | 502,242 | 8,678 | |
Aoyama Trading Co. Ltd. | 242,709 | 8,664 | |
Sapporo Holdings Ltd. | 313,099 | 8,633 | |
NHK Spring Co. Ltd. | 815,679 | 8,612 | |
Zensho Holdings Co. Ltd. | 464,300 | 8,429 | |
NOF Corp. | 659,000 | 8,411 | |
Itochu Techno-Solutions Corp. | 239,009 | 8,381 | |
Toyobo Co. Ltd. | 4,556,368 | 8,364 | |
Nihon Kohden Corp. | 361,061 | 8,358 | |
Mitsubishi Logistics Corp. | 626,330 | 8,357 | |
Bic Camera Inc. | 781,443 | 8,302 | |
K's Holdings Corp. | 419,090 | 8,194 | |
Penta-Ocean Construction Co. Ltd. | 1,436,700 | 8,188 | |
Aica Kogyo Co. Ltd. | 265,100 | 8,095 | |
Dowa Holdings Co. Ltd. | 1,065,751 | 8,084 | |
Nishi-Nippon Financial Holdings Inc. | 773,468 | 8,064 | |
H2O Retailing Corp. | 441,487 | 8,055 | |
Daishi Bank Ltd. | 1,738,447 | 8,028 | |
Cosmos Pharmaceutical Corp. | 41,107 | 8,009 | |
Taiyo Nippon Sanso Corp. | 703,307 | 7,933 | |
San-In Godo Bank Ltd. | 936,986 | 7,915 | |
^ | OSG Corp. | 387,478 | 7,911 |
DMG Mori Co. Ltd. | 474,588 | 7,856 | |
* | Tokuyama Corp. | 1,617,000 | 7,814 |
Kyowa Exeo Corp. | 463,000 | 7,807 | |
ADEKA Corp. | 510,200 | 7,795 | |
Ushio Inc. | 613,933 | 7,749 | |
Hokuriku Electric Power Co. | 855,933 | 7,727 | |
Nishimatsu Construction Co. Ltd. | 1,445,000 | 7,674 | |
Wacoal Holdings Corp. | 566,229 | 7,668 | |
Nippon Suisan Kaisha Ltd. | 1,307,900 | 7,665 |
27
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Amano Corp. | 367,200 | 7,664 | |
Nipro Corp. | 586,409 | 7,654 | |
Shiga Bank Ltd. | 1,471,393 | 7,607 | |
TS Tech Co. Ltd. | 259,878 | 7,595 | |
Sankyu Inc. | 1,155,000 | 7,556 | |
Leopalace21 Corp. | 1,207,100 | 7,509 | |
Zeon Corp. | 698,501 | 7,476 | |
Okumura Corp. | 1,106,000 | 7,454 | |
Juroku Bank Ltd. | 2,352,158 | 7,433 | |
Nihon Parkerizing Co. Ltd. | 492,700 | 7,368 | |
Japan Post Insurance Co. Ltd. | 331,094 | 7,323 | |
Iwatani Corp. | 1,167,000 | 7,250 | |
TechnoPro Holdings Inc. | 180,000 | 7,245 | |
Morinaga Milk Industry Co. Ltd. | 940,000 | 7,147 | |
Awa Bank Ltd. | 1,027,045 | 7,000 | |
Tadano Ltd. | 572,228 | 6,933 | |
Nikkon Holdings Co. Ltd. | 296,500 | 6,876 | |
Ship Healthcare Holdings Inc. | 220,500 | 6,869 | |
Pilot Corp. | 160,800 | 6,848 | |
Nippon Light Metal Holdings Co. Ltd. | 2,876,200 | 6,846 | |
ABC-Mart Inc. | 115,872 | 6,829 | |
Kiyo Bank Ltd. | 393,400 | 6,827 | |
Tokai Tokyo Financial Holdings Inc. | 1,223,935 | 6,815 | |
Toda Corp. | 1,086,647 | 6,787 | |
Maeda Corp. | 613,000 | 6,765 | |
Hokkaido Electric Power Co. Inc. | 885,992 | 6,760 | |
Mitsubishi Pencil Co. Ltd. | 239,000 | 6,745 | |
Ain Holdings Inc. | 93,200 | 6,745 | |
Lintec Corp. | 280,847 | 6,730 | |
Tokyo Ohka Kogyo Co. Ltd. | 201,100 | 6,720 | |
Jafco Co. Ltd. | 165,670 | 6,699 | |
Nisshinbo Holdings Inc. | 658,071 | 6,696 | |
Nippon Gas Co. Ltd. | 205,500 | 6,668 | |
Tokyo Seimitsu Co. Ltd. | 205,500 | 6,629 | |
OKUMA Corp. | 686,525 | 6,569 | |
Tsubakimoto Chain Co. | 758,000 | 6,564 | |
*,^ | LINE Corp. | 188,058 | 6,529 |
Kyudenko Corp. | 181,800 | 6,517 | |
Sangetsu Corp. | 372,900 | 6,483 | |
^ | Sanrio Co. Ltd. | 325,766 | 6,399 |
^ | Japan Lifeline Co. Ltd. | 150,400 | 6,362 |
Oki Electric Industry Co. Ltd. | 445,200 | 6,324 | |
Rengo Co. Ltd. | 1,085,214 | 6,300 | |
Shima Seiki Manufacturing Ltd. | 134,600 | 6,283 | |
Senshu Ikeda Holdings Inc. | 1,482,090 | 6,270 | |
Anritsu Corp. | 689,170 | 6,227 | |
Hanwa Co. Ltd. | 851,000 | 6,102 | |
Resorttrust Inc. | 328,988 | 6,070 | |
Keiyo Bank Ltd. | 1,392,367 | 6,046 | |
Itoham Yonekyu Holdings Inc. | 658,705 | 5,978 | |
Nichias Corp. | 516,000 | 5,969 | |
Fujitsu General Ltd. | 257,100 | 5,962 | |
Ryosan Co. Ltd. | 161,300 | 5,899 | |
Toyota Boshoku Corp. | 311,688 | 5,871 | |
FP Corp. | 107,962 | 5,846 | |
Heiwa Corp. | 260,936 | 5,825 | |
Megmilk Snow Brand Co. Ltd. | 209,000 | 5,823 | |
Shimachu Co. Ltd. | 242,578 | 5,788 | |
Musashino Bank Ltd. | 187,780 | 5,782 | |
Ariake Japan Co. Ltd. | 82,800 | 5,770 | |
Hazama Ando Corp. | 906,200 | 5,719 | |
Hitachi Kokusai Electric Inc. | 244,800 | 5,717 | |
Mitsui Engineering & Shipbuilding Co. Ltd. | 3,954,451 | 5,666 | |
Shochiku Co. Ltd. | 443,502 | 5,659 |
28
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Fuji Seal International Inc. | 199,100 | 5,504 | |
SHO-BOND Holdings Co. Ltd. | 107,700 | 5,443 | |
Kokuyo Co. Ltd. | 397,400 | 5,429 | |
Kumagai Gumi Co. Ltd. | 1,684,000 | 5,423 | |
North Pacific Bank Ltd. | 1,530,417 | 5,375 | |
Fuji Machine Manufacturing Co. Ltd. | 370,300 | 5,356 | |
^ | Kenedix Inc. | 1,130,000 | 5,345 |
Maeda Road Construction Co. Ltd. | 267,614 | 5,343 | |
Mochida Pharmaceutical Co. Ltd. | 73,708 | 5,320 | |
Sumitomo Bakelite Co. Ltd. | 748,000 | 5,290 | |
Duskin Co. Ltd. | 203,600 | 5,242 | |
Capcom Co. Ltd. | 220,184 | 5,226 | |
Fuyo General Lease Co. Ltd. | 91,000 | 5,207 | |
Tokai Carbon Co. Ltd. | 935,500 | 5,198 | |
Ogaki Kyoritsu Bank Ltd. | 1,792,000 | 5,187 | |
Toho Holdings Co. Ltd. | 261,900 | 5,166 | |
Hokuetsu Kishu Paper Co. Ltd. | 656,700 | 5,158 | |
Topre Corp. | 189,100 | 5,131 | |
Kandenko Co. Ltd. | 483,711 | 5,091 | |
*,^ | Aiful Corp. | 1,388,661 | 5,079 |
Nihon Unisys Ltd. | 320,000 | 5,068 | |
Meitec Corp. | 118,800 | 5,067 | |
PALTAC Corp. | 150,100 | 5,058 | |
Fuji Oil Holdings Inc. | 214,100 | 4,953 | |
NTT Urban Development Corp. | 510,631 | 4,936 | |
Yoshinoya Holdings Co. Ltd. | 294,100 | 4,903 | |
Tomy Co. Ltd. | 410,500 | 4,897 | |
Hitachi Capital Corp. | 202,896 | 4,892 | |
Toyo Ink SC Holdings Co. Ltd. | 924,000 | 4,867 | |
Takasago Thermal Engineering Co. Ltd. | 298,600 | 4,865 | |
Cosmo Energy Holdings Co. Ltd. | 306,194 | 4,832 | |
Nippo Corp. | 239,884 | 4,828 | |
^ | Nissha Printing Co. Ltd. | 172,900 | 4,808 |
Okasan Securities Group Inc. | 745,284 | 4,806 | |
HIS Co. Ltd. | 159,171 | 4,797 | |
Nachi-Fujikoshi Corp. | 839,000 | 4,785 | |
KYORIN Holdings Inc. | 214,489 | 4,765 | |
Mandom Corp. | 87,400 | 4,742 | |
Fujitec Co. Ltd. | 361,400 | 4,740 | |
Canon Marketing Japan Inc. | 207,242 | 4,724 | |
Nichiha Corp. | 133,500 | 4,711 | |
^ | Orient Corp. | 2,676,330 | 4,675 |
Hitachi Transport System Ltd. | 198,236 | 4,675 | |
Fukuyama Transporting Co. Ltd. | 722,928 | 4,593 | |
Autobacs Seven Co. Ltd. | 282,454 | 4,591 | |
KYB Corp. | 888,218 | 4,562 | |
Inaba Denki Sangyo Co. Ltd. | 119,500 | 4,545 | |
Sakata Seed Corp. | 146,100 | 4,544 | |
Maruha Nichiro Corp. | 171,300 | 4,528 | |
Hyakugo Bank Ltd. | 1,107,585 | 4,518 | |
Koei Tecmo Holdings Co. Ltd. | 226,400 | 4,500 | |
^ | Colowide Co. Ltd. | 262,500 | 4,475 |
GungHo Online Entertainment Inc. | 1,737,100 | 4,473 | |
Hokkoku Bank Ltd. | 1,162,399 | 4,471 | |
^ | Daio Paper Corp. | 328,400 | 4,434 |
Ai Holdings Corp. | 163,900 | 4,414 | |
^ | GMO Payment Gateway Inc. | 79,600 | 4,412 |
Japan Steel Works Ltd. | 279,327 | 4,390 | |
Trusco Nakayama Corp. | 182,800 | 4,369 | |
Open House Co. Ltd. | 141,100 | 4,354 | |
Yaoko Co. Ltd. | 101,200 | 4,336 | |
cocokara fine Inc. | 86,200 | 4,264 | |
Token Corp. | 34,300 | 4,223 | |
Nippon Seiki Co. Ltd. | 208,000 | 4,193 |
29
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Kanamoto Co. Ltd. | 125,300 | 4,174 | |
Nomura Co. Ltd. | 182,200 | 4,161 | |
Chiyoda Corp. | 703,539 | 4,156 | |
Yamato Kogyo Co. Ltd. | 159,731 | 4,103 | |
TPR Co. Ltd. | 126,500 | 4,098 | |
Daiseki Co. Ltd. | 183,400 | 4,081 | |
Hyakujushi Bank Ltd. | 1,229,958 | 4,073 | |
Bank of Okinawa Ltd. | 100,120 | 4,070 | |
Tokai Rika Co. Ltd. | 218,992 | 4,051 | |
Central Glass Co. Ltd. | 935,000 | 4,034 | |
Paramount Bed Holdings Co. Ltd. | 92,100 | 4,028 | |
Kissei Pharmaceutical Co. Ltd. | 147,489 | 4,006 | |
Exedy Corp. | 141,443 | 3,999 | |
TOKAI Holdings Corp. | 534,300 | 3,993 | |
Valor Holdings Co. Ltd. | 175,400 | 3,987 | |
NSD Co. Ltd. | 221,000 | 3,985 | |
Totetsu Kogyo Co. Ltd. | 130,100 | 3,984 | |
Okamoto Industries Inc. | 340,000 | 3,957 | |
Prima Meat Packers Ltd. | 671,000 | 3,942 | |
Onward Holdings Co. Ltd. | 532,049 | 3,935 | |
United Arrows Ltd. | 120,800 | 3,924 | |
Kitz Corp. | 419,600 | 3,922 | |
Tokyo Dome Corp. | 430,000 | 3,896 | |
Okinawa Electric Power Co. Inc. | 169,675 | 3,881 | |
Ci:z Holdings Co. Ltd. | 102,600 | 3,878 | |
Hitachi Zosen Corp. | 782,000 | 3,861 | |
Tokyo Steel Manufacturing Co. Ltd. | 453,100 | 3,840 | |
JINS Inc. | 68,800 | 3,833 | |
CKD Corp. | 249,900 | 3,826 | |
Hitachi Maxell Ltd. | 186,200 | 3,818 | |
Gree Inc. | 436,753 | 3,817 | |
Kuroda Electric Co. Ltd. | 193,800 | 3,805 | |
Daihen Corp. | 482,000 | 3,799 | |
Kureha Corp. | 76,500 | 3,792 | |
San-A Co. Ltd. | 85,700 | 3,791 | |
Unipres Corp. | 169,100 | 3,776 | |
^ | Iriso Electronics Co. Ltd. | 46,800 | 3,774 |
Kusuri no Aoki Holdings Co. Ltd. | 72,000 | 3,772 | |
Takara Standard Co. Ltd. | 227,900 | 3,730 | |
GMO Internet Inc. | 285,800 | 3,721 | |
Hitachi Koki Co. Ltd. | 482,600 | 3,719 | |
Asatsu-DK Inc. | 148,240 | 3,717 | |
NET One Systems Co. Ltd. | 390,300 | 3,705 | |
Sumitomo Mitsui Construction Co. Ltd. | 3,459,100 | 3,700 | |
Kanematsu Corp. | 1,800,000 | 3,694 | |
Matsui Securities Co. Ltd. | 450,052 | 3,680 | |
DCM Holdings Co. Ltd. | 418,700 | 3,674 | |
^ | V Technology Co. Ltd. | 21,200 | 3,660 |
Nanto Bank Ltd. | 127,735 | 3,646 | |
Taiyo Holdings Co. Ltd. | 80,600 | 3,632 | |
NS Solutions Corp. | 151,304 | 3,606 | |
Noevir Holdings Co. Ltd. | 70,700 | 3,604 | |
^ | Taikisha Ltd. | 136,100 | 3,597 |
Yodogawa Steel Works Ltd. | 135,700 | 3,593 | |
Makino Milling Machine Co. Ltd. | 432,000 | 3,589 | |
UACJ Corp. | 1,301,000 | 3,573 | |
Okamura Corp. | 375,500 | 3,571 | |
Nippon Flour Mills Co. Ltd. | 222,400 | 3,569 | |
^ | Outsourcing Inc. | 73,000 | 3,563 |
Saizeriya Co. Ltd. | 121,500 | 3,537 | |
^ | SMS Co. Ltd. | 116,300 | 3,535 |
^ | Joyful Honda Co. Ltd. | 115,400 | 3,528 |
Nippon Soda Co. Ltd. | 636,000 | 3,526 | |
Takuma Co. Ltd. | 349,300 | 3,516 |
30
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Eizo Corp. | 89,200 | 3,514 | |
Adastria Co. Ltd. | 125,900 | 3,509 | |
ZERIA Pharmaceutical Co. Ltd. | 188,600 | 3,496 | |
Tokyo TY Financial Group Inc. | 125,200 | 3,466 | |
Nissan Shatai Co. Ltd. | 345,865 | 3,454 | |
MOS Food Services Inc. | 112,300 | 3,453 | |
Nitto Boseki Co. Ltd. | 716,000 | 3,448 | |
Daikyonishikawa Corp. | 256,600 | 3,436 | |
Seiren Co. Ltd. | 217,500 | 3,431 | |
* | Nippon Sheet Glass Co. Ltd. | 413,900 | 3,431 |
Hogy Medical Co. Ltd. | 51,300 | 3,420 | |
PanaHome Corp. | 320,000 | 3,412 | |
Sumitomo Warehouse Co. Ltd. | 536,000 | 3,406 | |
TOMONY Holdings Inc. | 697,100 | 3,405 | |
Arcs Co. Ltd. | 156,100 | 3,380 | |
Nippon Steel & Sumikin Bussan Corp. | 70,300 | 3,377 | |
* | Renesas Electronics Corp. | 385,000 | 3,366 |
Nippon Densetsu Kogyo Co. Ltd. | 163,300 | 3,364 | |
TSI Holdings Co. Ltd. | 462,500 | 3,335 | |
^ | Infomart Corp. | 435,100 | 3,311 |
Siix Corp. | 83,300 | 3,308 | |
Starts Corp. Inc. | 138,600 | 3,302 | |
^ | EDION Corp. | 361,600 | 3,285 |
Kyoritsu Maintenance Co. Ltd. | 112,500 | 3,277 | |
*,^ | Japan Display Inc. | 1,719,597 | 3,261 |
Sakata INX Corp. | 202,700 | 3,240 | |
Meidensha Corp. | 938,000 | 3,226 | |
FCC Co. Ltd. | 158,200 | 3,198 | |
Piolax Inc. | 114,100 | 3,186 | |
Nisshin Oillio Group Ltd. | 543,000 | 3,185 | |
^ | Earth Chemical Co. Ltd. | 61,700 | 3,179 |
Noritz Corp. | 159,500 | 3,171 | |
Nichicon Corp. | 293,600 | 3,162 | |
Shinmaywa Industries Ltd. | 374,000 | 3,162 | |
Komeri Co. Ltd. | 121,948 | 3,107 | |
Hosiden Corp. | 269,900 | 3,102 | |
Heiwado Co. Ltd. | 144,700 | 3,100 | |
Fancl Corp. | 168,000 | 3,088 | |
Toei Co. Ltd. | 325,000 | 3,087 | |
KH Neochem Co. Ltd. | 160,800 | 3,080 | |
Yamanashi Chuo Bank Ltd. | 723,000 | 3,059 | |
Inabata & Co. Ltd. | 229,800 | 3,057 | |
Toho Bank Ltd. | 866,000 | 3,052 | |
Zenrin Co. Ltd. | 104,500 | 3,031 | |
Kameda Seika Co. Ltd. | 61,900 | 3,024 | |
^ | Obara Group Inc. | 55,200 | 3,014 |
IBJ Leasing Co. Ltd. | 125,100 | 3,011 | |
Sanyo Special Steel Co. Ltd. | 530,000 | 3,008 | |
Takeuchi Manufacturing Co. Ltd. | 162,100 | 2,995 | |
^ | Yamagata Bank Ltd. | 666,000 | 2,987 |
Mitsuba Corp. | 161,200 | 2,984 | |
Aomori Bank Ltd. | 838,000 | 2,975 | |
^ | Bank of Nagoya Ltd. | 78,600 | 2,974 |
TOC Co. Ltd. | 312,500 | 2,965 | |
^ | Mirait Holdings Corp. | 263,300 | 2,962 |
*,^ | euglena Co. Ltd. | 279,500 | 2,937 |
Japan Aviation Electronics Industry Ltd. | 210,508 | 2,921 | |
Toshiba TEC Corp. | 563,252 | 2,917 | |
Showa Sangyo Co. Ltd. | 530,000 | 2,916 | |
Daiwabo Holdings Co. Ltd. | 836,000 | 2,913 | |
^ | Ichigo Inc. | 972,700 | 2,908 |
^ | ASKUL Corp. | 94,400 | 2,906 |
Shibuya Corp. | 95,900 | 2,893 | |
^ | Fuso Chemical Co. Ltd. | 88,900 | 2,893 |
31
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Digital Garage Inc. | 153,900 | 2,889 | |
Japan Petroleum Exploration Co. Ltd. | 138,181 | 2,887 | |
United Super Markets Holdings Inc. | 272,600 | 2,883 | |
Yamazen Corp. | 282,300 | 2,871 | |
Senko Group Holdings Co. Ltd. | 440,000 | 2,865 | |
^ | Round One Corp. | 302,500 | 2,864 |
Kintetsu World Express Inc. | 161,600 | 2,861 | |
Chudenko Corp. | 110,000 | 2,857 | |
^ | Nichi-iko Pharmaceutical Co. Ltd. | 182,500 | 2,850 |
Alpine Electronics Inc. | 189,900 | 2,849 | |
^ | Descente Ltd. | 210,100 | 2,845 |
^ | Musashi Seimitsu Industry Co. Ltd. | 98,000 | 2,844 |
Komori Corp. | 220,000 | 2,836 | |
Keihin Corp. | 206,000 | 2,822 | |
^ | J Trust Co. Ltd. | 355,800 | 2,810 |
Nagaileben Co. Ltd. | 120,600 | 2,806 | |
Kotobuki Spirits Co. Ltd. | 85,700 | 2,803 | |
Bank of Iwate Ltd. | 70,200 | 2,803 | |
Takara Bio Inc. | 200,600 | 2,800 | |
As One Corp. | 59,600 | 2,789 | |
Seikagaku Corp. | 166,800 | 2,783 | |
Transcosmos Inc. | 115,400 | 2,768 | |
Chiyoda Co. Ltd. | 105,600 | 2,768 | |
Heiwa Real Estate Co. Ltd. | 171,300 | 2,767 | |
Kadokawa Dwango Corp. | 213,500 | 2,762 | |
Gunze Ltd. | 769,000 | 2,761 | |
Daikyo Inc. | 1,348,579 | 2,752 | |
Benefit One Inc. | 68,800 | 2,752 | |
San-Ai Oil Co. Ltd. | 268,400 | 2,749 | |
Oita Bank Ltd. | 710,000 | 2,739 | |
Shinko Electric Industries Co. Ltd. | 320,269 | 2,722 | |
^ | Futaba Corp. | 154,700 | 2,719 |
Belluna Co. Ltd. | 227,200 | 2,717 | |
^ | Toshiba Plant Systems & Services Corp. | 171,600 | 2,711 |
Morita Holdings Corp. | 172,400 | 2,708 | |
Japan Wool Textile Co. Ltd. | 324,100 | 2,707 | |
Tokyo Broadcasting System Holdings Inc. | 152,582 | 2,706 | |
^ | Furukawa Co. Ltd. | 1,549,000 | 2,702 |
Nippon Signal Company Ltd. | 291,800 | 2,692 | |
^ | Atom Corp. | 391,800 | 2,683 |
Nikkiso Co. Ltd. | 277,100 | 2,669 | |
Nippon Chemi-Con Corp. | 732,000 | 2,657 | |
Jaccs Co. Ltd. | 542,000 | 2,647 | |
Nissin Kogyo Co. Ltd. | 166,000 | 2,645 | |
Goldwin Inc. | 42,900 | 2,633 | |
DTS Corp. | 85,600 | 2,630 | |
Max Co. Ltd. | 182,000 | 2,629 | |
Seiko Holdings Corp. | 638,000 | 2,616 | |
Aeon Delight Co. Ltd. | 80,700 | 2,615 | |
Toho Zinc Co. Ltd. | 618,000 | 2,604 | |
Ryobi Ltd. | 637,000 | 2,599 | |
Life Corp. | 91,800 | 2,582 | |
Topy Industries Ltd. | 86,300 | 2,578 | |
Takasago International Corp. | 68,300 | 2,577 | |
Fuji Soft Inc. | 90,800 | 2,571 | |
Doutor Nichires Holdings Co. Ltd. | 120,700 | 2,563 | |
Nitta Corp. | 81,700 | 2,549 | |
Kato Sangyo Co. Ltd. | 94,700 | 2,547 | |
Star Micronics Co. Ltd. | 156,700 | 2,546 | |
Mani Inc. | 97,000 | 2,540 | |
SKY Perfect JSAT Holdings Inc. | 589,067 | 2,537 | |
Toridoll Holdings Corp. | 98,500 | 2,536 | |
^ | Financial Products Group Co. Ltd. | 263,800 | 2,520 |
Pacific Industrial Co. Ltd. | 193,000 | 2,514 |
32
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Royal Holdings Co. Ltd. | 109,500 | 2,507 |
^ | Sato Holdings Corp. | 99,800 | 2,505 |
Hiday Hidaka Corp. | 100,528 | 2,504 | |
Axial Retailing Inc. | 65,400 | 2,500 | |
Futaba Industrial Co. Ltd. | 274,700 | 2,492 | |
Lasertec Corp. | 178,500 | 2,486 | |
^ | Kumiai Chemical Industry Co. Ltd. | 429,504 | 2,486 |
Joshin Denki Co. Ltd. | 172,000 | 2,484 | |
Funai Soken Holdings Inc. | 96,800 | 2,468 | |
Koa Corp. | 132,700 | 2,464 | |
Mizuno Corp. | 431,000 | 2,459 | |
Tokyu Construction Co. Ltd. | 299,300 | 2,453 | |
Ichibanya Co. Ltd. | 71,300 | 2,441 | |
Riso Kagaku Corp. | 124,500 | 2,435 | |
Yuasa Trading Co. Ltd. | 79,900 | 2,430 | |
Nisshin Steel Co. Ltd. | 220,691 | 2,425 | |
Fukui Bank Ltd. | 963,000 | 2,415 | |
Aida Engineering Ltd. | 251,400 | 2,413 | |
Oiles Corp. | 136,100 | 2,411 | |
Justsystems Corp. | 161,700 | 2,405 | |
Milbon Co. Ltd. | 42,700 | 2,401 | |
Plenus Co. Ltd. | 113,600 | 2,399 | |
*,^ | Pioneer Corp. | 1,190,600 | 2,391 |
Asahi Holdings Inc. | 145,000 | 2,387 | |
Saibu Gas Co. Ltd. | 1,011,000 | 2,386 | |
Nojima Corp. | 152,300 | 2,370 | |
Tachi-S Co. Ltd. | 128,900 | 2,361 | |
^ | LIFULL Co. Ltd. | 268,600 | 2,360 |
Sintokogio Ltd. | 225,400 | 2,346 | |
Sinfonia Technology Co. Ltd. | 567,000 | 2,344 | |
Monex Group Inc. | 881,600 | 2,338 | |
Internet Initiative Japan Inc. | 128,100 | 2,329 | |
Kisoji Co. Ltd. | 94,500 | 2,303 | |
Kurabo Industries Ltd. | 994,000 | 2,293 | |
Toshiba Machine Co. Ltd. | 509,000 | 2,290 | |
^ | Zojirushi Corp. | 200,600 | 2,290 |
Shikoku Bank Ltd. | 817,000 | 2,280 | |
Sanyo Chemical Industries Ltd. | 48,300 | 2,274 | |
KOMEDA Holdings Co. Ltd. | 141,800 | 2,263 | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 285,000 | 2,262 | |
Unizo Holdings Co. Ltd. | 81,300 | 2,259 | |
Fujicco Co. Ltd. | 98,200 | 2,247 | |
Aichi Bank Ltd. | 39,800 | 2,247 | |
* | Showa Corp. | 231,300 | 2,245 |
Create SD Holdings Co. Ltd. | 96,900 | 2,244 | |
Kyokuto Kaihatsu Kogyo Co. Ltd. | 139,000 | 2,240 | |
Sanken Electric Co. Ltd. | 530,000 | 2,236 | |
^ | Sodick Co. Ltd. | 191,700 | 2,235 |
Hokuetsu Bank Ltd. | 93,700 | 2,231 | |
*,^ | KLab Inc. | 140,700 | 2,225 |
Marudai Food Co. Ltd. | 473,000 | 2,213 | |
S Foods Inc. | 60,100 | 2,212 | |
Optex Group Co. Ltd. | 68,100 | 2,207 | |
^ | COLOPL Inc. | 217,285 | 2,204 |
^ | T Hasegawa Co. Ltd. | 103,900 | 2,200 |
Wakita & Co. Ltd. | 189,300 | 2,200 | |
Eiken Chemical Co. Ltd. | 72,700 | 2,198 | |
Bank of the Ryukyus Ltd. | 149,100 | 2,190 | |
EPS Holdings Inc. | 139,400 | 2,186 | |
Sekisui Jushi Corp. | 118,600 | 2,180 | |
^ | Chugoku Marine Paints Ltd. | 281,700 | 2,174 |
^ | Fuji Kyuko Co. Ltd. | 200,000 | 2,166 |
^ | Ringer Hut Co. Ltd. | 100,000 | 2,165 |
Ichikoh Industries Ltd. | 267,000 | 2,155 |
33
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
kabu.com Securities Co. Ltd. | 637,900 | 2,151 | |
Kohnan Shoji Co. Ltd. | 115,200 | 2,148 | |
AOKI Holdings Inc. | 168,500 | 2,141 | |
Sanyo Denki Co. Ltd. | 208,000 | 2,137 | |
Prestige International Inc. | 197,600 | 2,135 | |
NEC Networks & System Integration Corp. | 98,100 | 2,135 | |
Sanki Engineering Co. Ltd. | 189,300 | 2,129 | |
Miyazaki Bank Ltd. | 644,000 | 2,122 | |
Nishimatsuya Chain Co. Ltd. | 206,500 | 2,116 | |
^ | Marusan Securities Co. Ltd. | 252,600 | 2,112 |
Nissin Electric Co. Ltd. | 198,400 | 2,108 | |
^ | Megachips Corp. | 85,200 | 2,106 |
Belc Co. Ltd. | 42,200 | 2,104 | |
Raito Kogyo Co. Ltd. | 198,300 | 2,100 | |
^ | Wacom Co. Ltd. | 653,100 | 2,095 |
Nishio Rent All Co. Ltd. | 65,500 | 2,094 | |
^ | Fujimori Kogyo Co. Ltd. | 66,400 | 2,088 |
Akita Bank Ltd. | 702,000 | 2,079 | |
Daibiru Corp. | 199,400 | 2,078 | |
^ | W-Scope Corp. | 118,100 | 2,075 |
Yondoshi Holdings Inc. | 83,100 | 2,073 | |
Modec Inc. | 92,700 | 2,066 | |
^ | Ricoh Leasing Co. Ltd. | 58,900 | 2,063 |
Macnica Fuji Electronics Holdings Inc. | 139,900 | 2,050 | |
Japan Securities Finance Co. Ltd. | 394,100 | 2,045 | |
Dexerials Corp. | 207,200 | 2,030 | |
Fuji Co. Ltd. | 79,000 | 2,024 | |
Bunka Shutter Co. Ltd. | 262,000 | 2,013 | |
Mitsuboshi Belting Ltd. | 181,000 | 2,010 | |
Shindengen Electric Manufacturing Co. Ltd. | 369,000 | 2,009 | |
Konoike Transport Co. Ltd. | 146,600 | 2,003 | |
Fukushima Industries Corp. | 52,000 | 2,002 | |
Relia Inc. | 182,700 | 1,990 | |
^ | Yokogawa Bridge Holdings Corp. | 141,700 | 1,965 |
Eagle Industry Co. Ltd. | 115,700 | 1,964 | |
Chofu Seisakusho Co. Ltd. | 82,100 | 1,960 | |
Kura Corp. | 42,500 | 1,955 | |
Gurunavi Inc. | 119,800 | 1,948 | |
Aichi Steel Corp. | 49,300 | 1,948 | |
DyDo Group Holdings Inc. | 38,500 | 1,939 | |
Mitsui Sugar Co. Ltd. | 66,800 | 1,935 | |
Miroku Jyoho Service Co. Ltd. | 91,000 | 1,931 | |
Nippon Koei Co. Ltd. | 67,800 | 1,927 | |
Dip Corp. | 93,900 | 1,910 | |
^ | Tsubaki Nakashima Co. Ltd. | 98,400 | 1,909 |
Canon Electronics Inc. | 92,400 | 1,893 | |
Tocalo Co. Ltd. | 57,400 | 1,893 | |
Nippon Denko Co. Ltd. | 535,500 | 1,891 | |
* | Unitika Ltd. | 2,553,000 | 1,885 |
VT Holdings Co. Ltd. | 380,000 | 1,878 | |
St. Marc Holdings Co. Ltd. | 61,300 | 1,877 | |
Juki Corp. | 129,000 | 1,877 | |
Sumitomo Seika Chemicals Co. Ltd. | 38,100 | 1,874 | |
TKC Corp. | 63,300 | 1,868 | |
Noritake Co. Ltd. | 54,400 | 1,863 | |
G-Tekt Corp. | 99,600 | 1,860 | |
CMK Corp. | 221,500 | 1,841 | |
^ | Doshisha Co. Ltd. | 96,500 | 1,838 |
Nippon Ceramic Co. Ltd. | 78,600 | 1,836 | |
Eighteenth Bank Ltd. | 637,000 | 1,827 | |
^ | Sumitomo Riko Co. Ltd. | 176,900 | 1,826 |
^ | Osaka Soda Co. Ltd. | 376,000 | 1,824 |
Vector Inc. | 107,200 | 1,822 | |
Nitto Kogyo Corp. | 114,700 | 1,815 |
34
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Bando Chemical Industries Ltd. | 182,800 | 1,814 | |
Toppan Forms Co. Ltd. | 175,191 | 1,813 | |
NichiiGakkan Co. Ltd. | 182,200 | 1,810 | |
Sanyo Electric Railway Co. Ltd. | 351,000 | 1,808 | |
Shikoku Chemicals Corp. | 147,000 | 1,807 | |
Create Restaurants Holdings Inc. | 199,800 | 1,805 | |
Avex Group Holdings Inc. | 134,400 | 1,804 | |
Mitsubishi Shokuhin Co. Ltd. | 62,500 | 1,797 | |
Pack Corp. | 56,400 | 1,790 | |
Tochigi Bank Ltd. | 420,800 | 1,789 | |
Ohsho Food Service Corp. | 46,900 | 1,788 | |
^ | Sankyo Tateyama Inc. | 116,200 | 1,776 |
BML Inc. | 91,100 | 1,773 | |
Tekken Corp. | 595,000 | 1,772 | |
Press Kogyo Co. Ltd. | 379,600 | 1,768 | |
Itochu Enex Co. Ltd. | 198,200 | 1,757 | |
^ | IDOM Inc. | 254,200 | 1,756 |
Kanto Denka Kogyo Co. Ltd. | 199,000 | 1,756 | |
Xebio Holdings Co. Ltd. | 98,900 | 1,749 | |
Towa Pharmaceutical Co. Ltd. | 37,400 | 1,748 | |
* | Ishihara Sangyo Kaisha Ltd. | 170,200 | 1,748 |
^ | Fujimi Inc. | 84,100 | 1,742 |
^ | Ehime Bank Ltd. | 137,300 | 1,731 |
Jeol Ltd. | 330,000 | 1,730 | |
Tsugami Corp. | 239,000 | 1,720 | |
Kaga Electronics Co. Ltd. | 83,700 | 1,718 | |
T-Gaia Corp. | 90,200 | 1,714 | |
Tosho Co. Ltd. | 36,000 | 1,711 | |
^ | Hokuto Corp. | 97,000 | 1,707 |
Inageya Co. Ltd. | 101,500 | 1,706 | |
Nittetsu Mining Co. Ltd. | 31,600 | 1,704 | |
Clarion Co. Ltd. | 446,000 | 1,702 | |
Pressance Corp. | 128,500 | 1,699 | |
TV Asahi Holdings Corp. | 93,930 | 1,697 | |
Daiho Corp. | 356,000 | 1,695 | |
* | Pacific Metals Co. Ltd. | 644,000 | 1,694 |
Mitsui High-Tec Inc. | 105,700 | 1,693 | |
JVC Kenwood Corp. | 565,800 | 1,690 | |
Elecom Co. Ltd. | 83,200 | 1,687 | |
OBIC Business Consultants Co. Ltd. | 32,200 | 1,685 | |
Tsukishima Kikai Co. Ltd. | 147,100 | 1,683 | |
Riken Corp. | 37,100 | 1,677 | |
Minato Bank Ltd. | 88,300 | 1,674 | |
Menicon Co. Ltd. | 50,600 | 1,662 | |
Tanseisha Co. Ltd. | 155,600 | 1,659 | |
Asahi Diamond Industrial Co. Ltd. | 224,900 | 1,657 | |
Foster Electric Co. Ltd. | 95,800 | 1,656 | |
Hamakyorex Co. Ltd. | 66,200 | 1,656 | |
Hibiya Engineering Ltd. | 96,600 | 1,653 | |
Sakai Moving Service Co. Ltd. | 42,600 | 1,648 | |
^ | F@N Communications Inc. | 185,900 | 1,645 |
Takara Leben Co. Ltd. | 366,200 | 1,645 | |
Okabe Co. Ltd. | 178,300 | 1,645 | |
Goldcrest Co. Ltd. | 74,200 | 1,644 | |
*,^ | Sanden Holdings Corp. | 566,000 | 1,641 |
Tokyotokeiba Co. Ltd. | 64,300 | 1,639 | |
Sogo Medical Co. Ltd. | 37,900 | 1,635 | |
Iino Kaiun Kaisha Ltd. | 379,700 | 1,633 | |
Nippon Thompson Co. Ltd. | 307,200 | 1,630 | |
Giken Ltd. | 60,900 | 1,630 | |
Bell System24 Holdings Inc. | 158,500 | 1,628 | |
Idec Corp. | 124,700 | 1,624 | |
^ | Yonex Co. Ltd. | 179,100 | 1,620 |
Taihei Dengyo Kaisha Ltd. | 140,000 | 1,618 |
35
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Takamatsu Construction Group Co. Ltd. | 66,200 | 1,613 | |
Matsuya Co. Ltd. | 167,400 | 1,604 | |
Japan Pulp & Paper Co. Ltd. | 424,000 | 1,603 | |
^ | Micronics Japan Co. Ltd. | 161,700 | 1,600 |
^ | Kenko Mayonnaise Co. Ltd. | 55,400 | 1,598 |
Shizuoka Gas Co. Ltd. | 239,300 | 1,596 | |
^ | COOKPAD Inc. | 196,600 | 1,596 |
Konishi Co. Ltd. | 110,400 | 1,583 | |
Warabeya Nichiyo Holdings Co. Ltd. | 57,300 | 1,582 | |
JSP Corp. | 52,300 | 1,581 | |
Kyoei Steel Ltd. | 95,200 | 1,580 | |
^ | JCR Pharmaceuticals Co. Ltd. | 62,300 | 1,578 |
^ | Yokohama Reito Co. Ltd. | 166,300 | 1,570 |
Towa Bank Ltd. | 1,393,000 | 1,566 | |
Tamura Corp. | 333,000 | 1,556 | |
YAMABIKO Corp. | 142,900 | 1,547 | |
^ | Japan Material Co. Ltd. | 82,400 | 1,541 |
Tokai Corp. | 38,700 | 1,534 | |
^ | Arata Corp. | 45,000 | 1,532 |
Daiken Corp. | 71,200 | 1,531 | |
^ | Nippon Carbon Co. Ltd. | 49,200 | 1,530 |
Namura Shipbuilding Co. Ltd. | 256,800 | 1,518 | |
Systena Corp. | 75,200 | 1,515 | |
Teikoku Sen-I Co. Ltd. | 90,900 | 1,514 | |
Yellow Hat Ltd. | 62,800 | 1,499 | |
Kanematsu Electronics Ltd. | 48,100 | 1,480 | |
Cawachi Ltd. | 61,000 | 1,477 | |
Arcland Sakamoto Co. Ltd. | 109,400 | 1,473 | |
^ | Digital Arts Inc. | 41,500 | 1,451 |
Tsurumi Manufacturing Co. Ltd. | 87,100 | 1,448 | |
Itoki Corp. | 168,700 | 1,447 | |
Trancom Co. Ltd. | 29,600 | 1,447 | |
Rock Field Co. Ltd. | 83,600 | 1,437 | |
Kato Works Co. Ltd. | 50,900 | 1,433 | |
Key Coffee Inc. | 73,200 | 1,432 | |
Oyo Corp. | 101,600 | 1,430 | |
Okuwa Co. Ltd. | 124,000 | 1,429 | |
^ | Nippon Yakin Kogyo Co. Ltd. | 687,100 | 1,428 |
Shinko Plantech Co. Ltd. | 184,300 | 1,427 | |
MCJ Co. Ltd. | 135,100 | 1,426 | |
^ | Dai-Dan Co. Ltd. | 121,000 | 1,422 |
Matsuya Foods Co. Ltd. | 38,000 | 1,422 | |
J-Oil Mills Inc. | 39,700 | 1,412 | |
Kasai Kogyo Co. Ltd. | 108,400 | 1,403 | |
Starzen Co. Ltd. | 32,000 | 1,400 | |
Tokushu Tokai Paper Co. Ltd. | 38,400 | 1,391 | |
Dai Nippon Toryo Co. Ltd. | 507,000 | 1,385 | |
Nissei Build Kogyo Co. Ltd. | 249,000 | 1,384 | |
Jimoto Holdings Inc. | 760,400 | 1,383 | |
Enplas Corp. | 44,800 | 1,382 | |
Nohmi Bosai Ltd. | 95,700 | 1,380 | |
Nihon Nohyaku Co. Ltd. | 233,200 | 1,377 | |
ASKA Pharmaceutical Co. Ltd. | 91,600 | 1,376 | |
Sanshin Electronics Co. Ltd. | 106,000 | 1,366 | |
Daido Metal Co. Ltd. | 150,100 | 1,364 | |
Ryoyo Electro Corp. | 85,100 | 1,360 | |
Kansai Urban Banking Corp. | 113,100 | 1,355 | |
Information Services International-Dentsu Ltd. | 57,600 | 1,351 | |
^ | Kyokuto Securities Co. Ltd. | 93,900 | 1,348 |
PAL GROUP Holdings Co. Ltd. | 51,700 | 1,346 | |
^ | Anicom Holdings Inc. | 61,300 | 1,345 |
Fujibo Holdings Inc. | 47,600 | 1,337 | |
Maruwa Co. Ltd. | 32,300 | 1,337 | |
^ | OSAKA Titanium Technologies Co. Ltd. | 80,700 | 1,336 |
36
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Neturen Co. Ltd. | 140,500 | 1,334 | |
Torii Pharmaceutical Co. Ltd. | 54,600 | 1,332 | |
Osaki Electric Co. Ltd. | 177,000 | 1,325 | |
^ | Yakuodo Co. Ltd. | 45,000 | 1,320 |
Geo Holdings Corp. | 126,900 | 1,317 | |
^ | Marvelous Inc. | 133,100 | 1,314 |
METAWATER Co. Ltd. | 47,900 | 1,314 | |
Tsukui Corp. | 223,200 | 1,310 | |
Bank of Saga Ltd. | 563,000 | 1,306 | |
Maeda Kosen Co. Ltd. | 86,100 | 1,303 | |
Anest Iwata Corp. | 141,000 | 1,294 | |
Mitani Sekisan Co. Ltd. | 51,100 | 1,293 | |
Broadleaf Co. Ltd. | 208,900 | 1,289 | |
Sakai Chemical Industry Co. Ltd. | 334,000 | 1,284 | |
Mitsui-Soko Holdings Co. Ltd. | 469,000 | 1,283 | |
Nippon Road Co. Ltd. | 243,000 | 1,281 | |
Kamei Corp. | 94,000 | 1,281 | |
UKC Holdings Corp. | 75,800 | 1,277 | |
Denki Kogyo Co. Ltd. | 248,000 | 1,277 | |
Iseki & Co. Ltd. | 64,500 | 1,266 | |
^ | Alpen Co. Ltd. | 70,900 | 1,265 |
Riken Vitamin Co. Ltd. | 32,200 | 1,261 | |
Wowow Inc. | 46,200 | 1,253 | |
CONEXIO Corp. | 72,300 | 1,245 | |
Daiwa Industries Ltd. | 113,700 | 1,243 | |
FIDEA Holdings Co. Ltd. | 741,500 | 1,237 | |
^ | Toyo Engineering Corp. | 499,000 | 1,232 |
Rokko Butter Co. Ltd. | 52,100 | 1,232 | |
Toyo Construction Co. Ltd. | 310,900 | 1,227 | |
^ | ST Corp. | 52,200 | 1,225 |
Hosokawa Micron Corp. | 28,000 | 1,224 | |
^ | KAWADA TECHNOLOGIES Inc. | 18,300 | 1,222 |
^ | Yushin Precision Equipment Co. Ltd. | 49,300 | 1,217 |
Yorozu Corp. | 78,200 | 1,217 | |
Nagatanien Holdings Co. Ltd. | 96,000 | 1,213 | |
Nippon Valqua Industries Ltd. | 60,800 | 1,205 | |
Nissei ASB Machine Co. Ltd. | 34,300 | 1,195 | |
*,^ | Toa Corp. | 75,100 | 1,187 |
* | Kintetsu Department Store Co. Ltd. | 379,000 | 1,185 |
Arakawa Chemical Industries Ltd. | 69,000 | 1,184 | |
Meisei Industrial Co. Ltd. | 194,800 | 1,183 | |
Ichiyoshi Securities Co. Ltd. | 140,100 | 1,181 | |
Amuse Inc. | 43,200 | 1,178 | |
France Bed Holdings Co. Ltd. | 132,400 | 1,177 | |
Vital KSK Holdings Inc. | 144,200 | 1,176 | |
^ | Keiyo Co. Ltd. | 169,000 | 1,174 |
^ | Arcland Service Holdings Co. Ltd. | 65,600 | 1,170 |
Union Tool Co. | 41,700 | 1,169 | |
Nissin Corp. | 240,000 | 1,164 | |
ESPEC Corp. | 75,900 | 1,162 | |
Maruzen Showa Unyu Co. Ltd. | 275,000 | 1,155 | |
^ | OSJB Holdings Corp. | 441,100 | 1,152 |
Nippon Kanzai Co. Ltd. | 65,000 | 1,152 | |
Shin-Etsu Polymer Co. Ltd. | 146,400 | 1,145 | |
* | Kappa Create Co. Ltd. | 100,200 | 1,138 |
Denyo Co. Ltd. | 65,000 | 1,131 | |
Katakura Industries Co. Ltd. | 95,400 | 1,131 | |
Mitsubishi Steel Manufacturing Co. Ltd. | 478,000 | 1,126 | |
Sagami Chain Co. Ltd. | 90,300 | 1,125 | |
^ | eRex Co. Ltd. | 129,400 | 1,125 |
^ | Michinoku Bank Ltd. | 682,000 | 1,124 |
Kobe Bussan Co. Ltd. | 23,700 | 1,124 | |
Daisan Bank Ltd. | 73,300 | 1,120 | |
Achilles Corp. | 66,600 | 1,120 |
37
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Cosel Co. Ltd. | 90,800 | 1,119 | |
Roland DG Corp. | 48,600 | 1,110 | |
Daiichi Jitsugyo Co. Ltd. | 202,000 | 1,104 | |
Happinet Corp. | 62,800 | 1,102 | |
Shimizu Bank Ltd. | 33,700 | 1,095 | |
Tamron Co. Ltd. | 63,000 | 1,092 | |
Kyodo Printing Co. Ltd. | 320,000 | 1,089 | |
Fuji Pharma Co. Ltd. | 31,900 | 1,085 | |
Ministop Co. Ltd. | 51,500 | 1,079 | |
Tenma Corp. | 58,100 | 1,072 | |
Melco Holdings Inc. | 37,600 | 1,072 | |
Aisan Industry Co. Ltd. | 134,800 | 1,069 | |
Chiba Kogyo Bank Ltd. | 202,500 | 1,067 | |
KFC Holdings Japan Ltd. | 60,020 | 1,064 | |
^ | Istyle Inc. | 133,700 | 1,059 |
Sac's Bar Holdings Inc. | 94,200 | 1,059 | |
Toyo Kanetsu KK | 384,000 | 1,057 | |
Meiko Network Japan Co. Ltd. | 78,800 | 1,051 | |
Fukuda Corp. | 22,000 | 1,047 | |
JAC Recruitment Co. Ltd. | 69,200 | 1,046 | |
Tonami Holdings Co. Ltd. | 278,000 | 1,041 | |
^ | Kansai Super Market Ltd. | 75,100 | 1,038 |
Toho Co. Ltd. | 38,100 | 1,036 | |
Mie Bank Ltd. | 45,600 | 1,035 | |
Ateam Inc. | 39,000 | 1,035 | |
^ | Senshukai Co. Ltd. | 142,700 | 1,029 |
Keihanshin Building Co. Ltd. | 165,200 | 1,029 | |
^ | Kyokuyo Co. Ltd. | 37,300 | 1,026 |
^ | Toho Titanium Co. Ltd. | 131,100 | 1,016 |
Chukyo Bank Ltd. | 49,500 | 1,010 | |
Qol Co. Ltd. | 67,100 | 1,007 | |
Fuso Pharmaceutical Industries Ltd. | 40,700 | 1,006 | |
Daikokutenbussan Co. Ltd. | 19,900 | 1,006 | |
Nitto Kohki Co. Ltd. | 43,800 | 1,006 | |
^ | Riken Technos Corp. | 187,900 | 999 |
^ | Hodogaya Chemical Co. Ltd. | 24,900 | 999 |
Shinko Shoji Co. Ltd. | 78,300 | 997 | |
Shinnihon Corp. | 122,100 | 994 | |
Nichiden Corp. | 28,300 | 986 | |
Ines Corp. | 98,200 | 984 | |
Onoken Co. Ltd. | 63,200 | 980 | |
Toyo Tanso Co. Ltd. | 56,500 | 979 | |
Fukui Computer Holdings Inc. | 29,100 | 977 | |
^ | Fujita Kanko Inc. | 29,700 | 976 |
*,^ | Akebono Brake Industry Co. Ltd. | 310,200 | 976 |
Kyosan Electric Manufacturing Co. Ltd. | 185,000 | 971 | |
^ | Fujiya Co. Ltd. | 43,400 | 968 |
Chiyoda Integre Co. Ltd. | 48,700 | 967 | |
^ | Stella Chemifa Corp. | 37,200 | 963 |
Kita-Nippon Bank Ltd. | 33,000 | 956 | |
Icom Inc. | 42,400 | 951 | |
Tsukuba Bank Ltd. | 313,800 | 947 | |
Koatsu Gas Kogyo Co. Ltd. | 131,000 | 947 | |
Itochu-Shokuhin Co. Ltd. | 22,300 | 939 | |
Yahagi Construction Co. Ltd. | 114,700 | 937 | |
Osaka Steel Co. Ltd. | 48,300 | 936 | |
Mimasu Semiconductor Industry Co. Ltd. | 61,800 | 932 | |
Toyo Corp. | 96,000 | 926 | |
Daito Pharmaceutical Co. Ltd. | 42,000 | 926 | |
WATAMI Co. Ltd. | 77,000 | 920 | |
SMK Corp. | 239,000 | 917 | |
^ | Nihon Chouzai Co. Ltd. | 28,700 | 911 |
K&O Energy Group Inc. | 57,600 | 910 | |
Sekisui Plastics Co. Ltd. | 111,300 | 908 |
38
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Uchida Yoko Co. Ltd. | 36,200 | 906 | |
Honeys Holdings Co. Ltd. | 83,700 | 905 | |
Toenec Corp. | 145,000 | 901 | |
^ | BRONCO BILLY Co. Ltd. | 38,500 | 901 |
Nippon Parking Development Co. Ltd. | 619,800 | 900 | |
Linical Co. Ltd. | 56,600 | 900 | |
^ | Hito Communications Inc. | 49,900 | 899 |
Kurimoto Ltd. | 49,400 | 897 | |
Toa Corp. | 92,800 | 895 | |
Noritsu Koki Co. Ltd. | 102,500 | 893 | |
^ | Torishima Pump Manufacturing Co. Ltd. | 88,100 | 892 |
Komatsu Seiren Co. Ltd. | 138,700 | 891 | |
Yurtec Corp. | 130,000 | 889 | |
Sumitomo Densetsu Co. Ltd. | 61,100 | 885 | |
Mitsubishi Nichiyu Forklift Co. Ltd. | 127,100 | 884 | |
Hokkan Holdings Ltd. | 232,000 | 881 | |
Shinwa Co. Ltd. | 46,000 | 880 | |
^ | Jamco Corp. | 39,500 | 871 |
Aiphone Co. Ltd. | 49,200 | 864 | |
Kanagawa Chuo Kotsu Co. Ltd. | 132,000 | 862 | |
Tosei Corp. | 121,000 | 861 | |
Tomoku Co. Ltd. | 253,000 | 859 | |
^ | Sun Frontier Fudousan Co. Ltd. | 85,100 | 856 |
* | KNT-CT Holdings Co. Ltd. | 555,000 | 856 |
Okura Industrial Co. Ltd. | 160,000 | 853 | |
* | Mitsubishi Paper Mills Ltd. | 117,800 | 848 |
T RAD Co. Ltd. | 267,000 | 846 | |
AOI Electronics Co. Ltd. | 22,600 | 846 | |
Mars Engineering Corp. | 38,400 | 845 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | 44,000 | 844 | |
Rhythm Watch Co. Ltd. | 411,000 | 841 | |
^ | MTI Ltd. | 130,000 | 840 |
^ | Studio Alice Co. Ltd. | 41,100 | 838 |
NDS Co. Ltd. | 30,500 | 838 | |
Misawa Homes Co. Ltd. | 92,700 | 834 | |
Chori Co. Ltd. | 44,300 | 827 | |
Japan Transcity Corp. | 204,000 | 827 | |
Fudo Tetra Corp. | 514,200 | 824 | |
NS United Kaiun Kaisha Ltd. | 408,000 | 824 | |
^ | PC Depot Corp. | 159,300 | 823 |
Zuken Inc. | 58,500 | 821 | |
^ | Wellnet Corp. | 66,300 | 819 |
Parco Co. Ltd. | 66,800 | 805 | |
SRA Holdings | 29,800 | 802 | |
GCA Corp. | 89,600 | 801 | |
Yomiuri Land Co. Ltd. | 168,000 | 797 | |
Mitsui Matsushima Co. Ltd. | 64,100 | 796 | |
Kanaden Corp. | 76,600 | 792 | |
CI Takiron Corp. | 148,000 | 787 | |
Aichi Corp. | 112,400 | 783 | |
Weathernews Inc. | 23,400 | 783 | |
Hakuto Co. Ltd. | 61,700 | 781 | |
^ | Aeon Fantasy Co. Ltd. | 27,100 | 780 |
Tatsuta Electric Wire and Cable Co. Ltd. | 127,700 | 777 | |
Toyo Kohan Co. Ltd. | 207,900 | 775 | |
Mie Kotsu Group Holdings Inc. | 221,700 | 774 | |
^ | CHIMNEY Co. Ltd. | 31,300 | 774 |
Chuetsu Pulp & Paper Co. Ltd. | 368,000 | 773 | |
^ | Tokyo Rope Manufacturing Co. Ltd. | 50,400 | 769 |
Hisaka Works Ltd. | 87,800 | 764 | |
^ | Teikoku Electric Manufacturing Co. Ltd. | 74,400 | 764 |
^ | Nihon Trim Co. Ltd. | 18,700 | 763 |
^ | Pronexus Inc. | 65,200 | 762 |
Sanyo Shokai Ltd. | 47,400 | 755 |
39
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Mito Securities Co. Ltd. | 267,000 | 754 | |
Tokyo Energy & Systems Inc. | 83,000 | 747 | |
*,^ | Nippon Sharyo Ltd. | 292,000 | 747 |
Ryoden Corp. | 107,000 | 743 | |
Sinanen Holdings Co. Ltd. | 36,400 | 742 | |
^ | JP-Holdings Inc. | 275,400 | 739 |
Advan Co. Ltd. | 71,700 | 730 | |
Taiho Kogyo Co. Ltd. | 57,500 | 728 | |
Kourakuen Holdings Corp. | 44,300 | 721 | |
Hioki EE Corp. | 36,500 | 720 | |
*,^ | Japan Drilling Co. Ltd. | 35,300 | 707 |
Halows Co. Ltd. | 33,300 | 699 | |
Shibusawa Warehouse Co. Ltd. | 216,000 | 698 | |
* | SWCC Showa Holdings Co. Ltd. | 940,000 | 695 |
Mitsubishi Research Institute Inc. | 23,800 | 691 | |
^ | Japan Cash Machine Co. Ltd. | 66,100 | 689 |
Organo Corp. | 140,000 | 688 | |
Seika Corp. | 193,000 | 685 | |
Nippon Coke & Engineering Co. Ltd. | 784,500 | 685 | |
Tokyo Tekko Co. Ltd. | 184,000 | 682 | |
Matsuda Sangyo Co. Ltd. | 51,500 | 680 | |
Hokkaido Gas Co. Ltd. | 278,000 | 680 | |
Toyo Securities Co. Ltd. | 298,000 | 680 | |
Asunaro Aoki Construction Co. Ltd. | 89,900 | 679 | |
Asahi Co. Ltd. | 57,900 | 676 | |
Fujitsu Frontech Ltd. | 42,400 | 676 | |
Mitsubishi Kakoki Kaisha Ltd. | 301,000 | 673 | |
Sanoh Industrial Co. Ltd. | 94,700 | 671 | |
Yusen Logistics Co. Ltd. | 72,100 | 667 | |
Tosho Printing Co. Ltd. | 147,000 | 666 | |
Tokyo Electron Device Ltd. | 43,700 | 655 | |
*,^ | U-Shin Ltd. | 96,700 | 652 |
Takaoka Toko Co. Ltd. | 44,900 | 652 | |
Atsugi Co. Ltd. | 600,000 | 645 | |
^ | Daisyo Corp. | 39,700 | 635 |
^ | Godo Steel Ltd. | 35,300 | 629 |
Kitagawa Iron Works Co. Ltd. | 29,600 | 622 | |
Toli Corp. | 185,400 | 617 | |
Gun-Ei Chemical Industry Co. Ltd. | 18,700 | 607 | |
Nihon Yamamura Glass Co. Ltd. | 374,000 | 606 | |
Chuo Spring Co. Ltd. | 197,000 | 604 | |
^ | Pasona Group Inc. | 64,800 | 599 |
Cleanup Corp. | 77,600 | 598 | |
^ | Fields Corp. | 55,400 | 596 |
^ | Tokyo Rakutenchi Co. Ltd. | 113,000 | 580 |
^ | Fuji Oil Co. Ltd. | 190,800 | 577 |
Krosaki Harima Corp. | 149,000 | 575 | |
Taisei Lamick Co. Ltd. | 22,000 | 573 | |
^ | Zuiko Corp. | 16,100 | 564 |
^ | Right On Co. Ltd. | 63,700 | 557 |
Mitsui Home Co. Ltd. | 84,000 | 554 | |
Artnature Inc. | 85,400 | 551 | |
Tsutsumi Jewelry Co. Ltd. | 28,300 | 540 | |
Dai-ichi Seiko Co. Ltd. | 27,700 | 537 | |
*,^ | Laox Co. Ltd. | 101,800 | 535 |
Furuno Electric Co. Ltd. | 89,000 | 529 | |
Alpha Systems Inc. | 25,900 | 529 | |
Yushiro Chemical Industry Co. Ltd. | 39,200 | 528 | |
Japan Radio Co. Ltd. | 41,000 | 527 | |
Future Corp. | 66,900 | 524 | |
Gakken Holdings Co. Ltd. | 17,800 | 521 | |
Tv Tokyo Holdings Corp. | 24,800 | 507 | |
Fujikura Kasei Co. Ltd. | 90,600 | 507 | |
Maezawa Kasei Industries Co. Ltd. | 45,100 | 505 |
40
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Paris Miki Holdings Inc. | 120,400 | 504 | |
CAC Holdings Corp. | 53,700 | 503 | |
Nihon Dempa Kogyo Co. Ltd. | 62,800 | 490 | |
Gecoss Corp. | 40,800 | 488 | |
ASAHI YUKIZAI Corp. | 220,000 | 486 | |
Corona Corp. Class A | 47,800 | 484 | |
Elematec Corp. | 29,400 | 479 | |
Best Denki Co. Ltd. | 341,400 | 473 | |
Kitano Construction Corp. | 162,000 | 472 | |
Chugai Ro Co. Ltd. | 236,000 | 469 | |
CMIC Holdings Co. Ltd. | 33,800 | 465 | |
^ | Kobelco Eco-Solutions Co. Ltd. | 117,000 | 458 |
Maezawa Kyuso Industries Co. Ltd. | 33,400 | 456 | |
Sankyo Seiko Co. Ltd. | 131,200 | 456 | |
NEC Capital Solutions Ltd. | 27,000 | 445 | |
^ | Funai Electric Co. Ltd. | 55,100 | 442 |
*,^ | Shin Nippon Biomedical Laboratories Ltd. | 68,900 | 435 |
Dunlop Sports Co. Ltd. | 42,600 | 428 | |
Showa Aircraft Industry Co. Ltd. | 40,000 | 420 | |
Nippon Chemiphar Co. Ltd. | 9,000 | 413 | |
^ | Kojima Co. Ltd. | 150,700 | 413 |
Pocket Card Co. Ltd. | 60,500 | 403 | |
Cybozu Inc. | 88,700 | 400 | |
Shimojima Co. Ltd. | 39,400 | 399 | |
Takihyo Co. Ltd. | 95,000 | 397 | |
*,^ | FDK Corp. | 332,000 | 397 |
^ | Daikoku Denki Co. Ltd. | 25,600 | 393 |
Inaba Seisakusho Co. Ltd. | 29,300 | 378 | |
Airport Facilities Co. Ltd. | 69,400 | 377 | |
^ | Toyo Denki Seizo KK | 25,200 | 374 |
*,^ | Aplus Financial Co. Ltd. | 370,100 | 366 |
Toda Kogyo Corp. | 140,000 | 344 | |
^ | Srg Takamiya Co. Ltd. | 68,200 | 344 |
Sumitomo Precision Products Co. Ltd. | 109,000 | 341 | |
Nakayama Steel Works Ltd. | 57,500 | 333 | |
^ | Tabuchi Electric Co. Ltd. | 96,000 | 303 |
Kinki Sharyo Co. Ltd. | 12,600 | 289 | |
Toa Oil Co. Ltd. | 237,000 | 281 | |
* | Yamada SxL Home Co. Ltd. | 371,000 | 278 |
*,^ | Takata Corp. | 141,938 | 44 |
18,833,627 | |||
Malta (0.0%) | |||
BGP Holdings PLC | 7,179,555 | — | |
Netherlands (2.8%) | |||
Unilever NV | 7,605,272 | 419,825 | |
ING Groep NV | 18,884,413 | 325,998 | |
ASML Holding NV | 1,560,799 | 203,455 | |
Koninklijke Philips NV | 4,475,140 | 159,309 | |
Unibail-Rodamco SE | 479,601 | 120,849 | |
Koninklijke Ahold Delhaize NV | 6,205,978 | 118,455 | |
Akzo Nobel NV | 1,226,557 | 106,672 | |
Heineken NV | 1,044,592 | 101,571 | |
RELX NV | 4,262,232 | 87,874 | |
ArcelorMittal | 2,934,989 | 66,575 | |
* | Altice NV Class A | 2,779,385 | 64,035 |
Koninklijke DSM NV | 855,988 | 62,258 | |
Wolters Kluwer NV | 1,414,177 | 59,810 | |
NN Group NV | 1,626,747 | 57,722 | |
Koninklijke KPN NV | 15,043,885 | 48,149 | |
Heineken Holding NV | 472,961 | 43,352 | |
Aegon NV | 8,298,517 | 42,471 | |
2 | ABN AMRO Group NV | 1,581,083 | 41,886 |
Randstad Holding NV | 530,663 | 30,938 |
41
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Gemalto NV | 401,417 | 24,076 | |
Aalberts Industries NV | 476,413 | 18,958 | |
* | Altice NV Class B | 744,341 | 17,169 |
ASR Nederland NV | 480,202 | 16,199 | |
2 | Philips Lighting NV | 427,805 | 15,802 |
* | Galapagos NV | 195,615 | 14,954 |
Koninklijke Vopak NV | 320,807 | 14,866 | |
IMCD Group NV | 261,216 | 14,152 | |
ASM International NV | 240,383 | 13,979 | |
SBM Offshore NV | 860,704 | 13,787 | |
Boskalis Westminster | 383,014 | 12,439 | |
^ | TKH Group NV | 220,083 | 12,217 |
APERAM SA | 234,588 | 10,893 | |
*,^ | OCI NV | 461,143 | 10,154 |
Wereldhave NV | 207,068 | 10,144 | |
PostNL NV | 2,138,992 | 9,982 | |
Eurocommercial Properties NV | 247,380 | 9,881 | |
Corbion NV | 280,292 | 8,964 | |
BE Semiconductor Industries NV | 166,192 | 8,887 | |
2 | Refresco Group NV | 333,533 | 6,804 |
2 | GrandVision NV | 246,289 | 6,592 |
Koninklijke BAM Groep NV | 1,178,486 | 6,412 | |
Arcadis NV | 328,361 | 5,931 | |
*,^ | TomTom NV | 592,656 | 5,672 |
* | Fugro NV | 343,490 | 5,099 |
2 | Flow Traders | 151,755 | 4,188 |
Wessanen | 243,773 | 4,127 | |
Vastned Retail NV | 97,229 | 4,067 | |
Accell Group | 124,020 | 4,059 | |
* | NSI NV | 75,307 | 2,720 |
*,2 | Basic-Fit NV | 117,124 | 2,096 |
BinckBank NV | 277,820 | 1,404 | |
Brunel International NV | 88,395 | 1,235 | |
Aegon NV (New York Shares) | 207,234 | 1,059 | |
2,480,172 | |||
New Zealand (0.3%) | |||
Spark New Zealand Ltd. | 8,844,822 | 24,508 | |
Auckland International Airport Ltd. | 4,432,407 | 23,160 | |
Fisher & Paykel Healthcare Corp. Ltd. | 2,757,233 | 23,141 | |
Fletcher Building Ltd. | 3,351,043 | 19,624 | |
Contact Energy Ltd. | 3,534,936 | 13,496 | |
Meridian Energy Ltd. | 6,050,136 | 12,901 | |
Ryman Healthcare Ltd. | 2,031,737 | 12,344 | |
^ | Z Energy Ltd. | 1,814,885 | 10,506 |
*,^ | a2 Milk Co. Ltd. | 3,527,283 | 10,343 |
SKYCITY Entertainment Group Ltd. | 3,216,966 | 9,622 | |
* | Xero Ltd. | 478,592 | 8,839 |
Mercury NZ Ltd. | 3,392,489 | 8,252 | |
Trade Me Group Ltd. | 1,998,762 | 7,807 | |
Kiwi Property Group Ltd. | 7,382,256 | 7,624 | |
Mainfreight Ltd. | 426,135 | 7,338 | |
Chorus Ltd. | 2,122,596 | 7,203 | |
Air New Zealand Ltd. | 2,439,930 | 5,830 | |
^ | EBOS Group Ltd. | 411,183 | 5,276 |
SKY Network Television Ltd. | 1,835,948 | 4,642 | |
Goodman Property Trust | 4,699,057 | 4,303 | |
Genesis Energy Ltd. | 2,339,552 | 4,166 | |
Infratil Ltd. | 1,856,567 | 4,047 | |
^ | Freightways Ltd. | 692,213 | 3,887 |
Summerset Group Holdings Ltd. | 1,000,624 | 3,482 | |
Precinct Properties New Zealand Ltd. | 3,755,219 | 3,384 | |
Metlifecare Ltd. | 754,190 | 2,968 | |
Argosy Property Ltd. | 3,855,411 | 2,937 | |
Vital Healthcare Property Trust | 1,654,499 | 2,739 |
42
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Vector Ltd. | 1,114,484 | 2,719 | |
Heartland Bank Ltd. | 1,714,982 | 2,236 | |
^ | New Zealand Refining Co. Ltd. | 820,231 | 1,467 |
Kathmandu Holdings Ltd. | 675,413 | 1,010 | |
* | TOWER Ltd. | 718,809 | 685 |
* | New Zealand Oil & Gas Ltd. | 661,128 | 303 |
262,789 | |||
Norway (0.6%) | |||
DNB ASA | 5,234,622 | 89,118 | |
Statoil ASA | 4,724,625 | 78,344 | |
Telenor ASA | 3,346,563 | 55,520 | |
Orkla ASA | 3,800,470 | 38,628 | |
Norsk Hydro ASA | 6,509,328 | 36,023 | |
Yara International ASA | 853,997 | 32,112 | |
Marine Harvest ASA | 1,820,788 | 31,152 | |
Subsea 7 SA | 1,264,350 | 17,048 | |
Storebrand ASA | 2,202,894 | 15,201 | |
Gjensidige Forsikring ASA | 837,184 | 14,291 | |
TGS NOPEC Geophysical Co. ASA | 507,959 | 10,422 | |
^ | Schibsted ASA Class B | 432,255 | 9,561 |
Schibsted ASA Class A | 394,201 | 9,521 | |
Aker BP ASA | 498,560 | 7,383 | |
Leroy Seafood Group ASA | 1,329,375 | 7,220 | |
Bakkafrost P/F | 189,702 | 7,143 | |
Tomra Systems ASA | 572,145 | 6,992 | |
SpareBank 1 SR-Bank ASA | 782,238 | 6,700 | |
Salmar ASA | 265,094 | 6,571 | |
Veidekke ASA | 474,436 | 6,201 | |
2 | Entra ASA | 463,888 | 5,776 |
Borregaard ASA | 440,931 | 5,442 | |
Atea ASA | 401,497 | 5,388 | |
SpareBank 1 SMN | 580,403 | 4,992 | |
^,2 | XXL ASA | 472,512 | 4,545 |
Aker ASA | 116,398 | 3,822 | |
Austevoll Seafood ASA | 417,248 | 3,546 | |
*,2 | Aker Solutions ASA | 686,424 | 3,106 |
*,^ | DNO ASA | 3,083,493 | 2,828 |
*,^ | Nordic Semiconductor ASA | 680,880 | 2,711 |
*,^ | Wallenius Wilhelmsen Logistics | 459,018 | 2,704 |
*,^ | Petroleum Geo-Services ASA | 1,399,851 | 2,439 |
^ | Opera Software ASA | 602,647 | 2,360 |
Hoegh LNG Holdings Ltd. | 206,155 | 2,055 | |
Grieg Seafood ASA | 250,014 | 1,741 | |
Stolt-Nielsen Ltd. | 108,532 | 1,524 | |
^ | Ocean Yield ASA | 193,404 | 1,512 |
*,^ | Norwegian Air Shuttle ASA | 51,792 | 1,508 |
Norway Royal Salmon ASA | 82,710 | 1,262 | |
^,2 | BW LPG Ltd. | 347,389 | 1,209 |
*,^ | REC Silicon ASA | 8,699,495 | 1,130 |
*,^ | Akastor ASA | 613,671 | 1,014 |
Norwegian Property ASA | 733,857 | 905 | |
*,^ | Seadrill Ltd. | 1,661,830 | 612 |
549,282 | |||
Portugal (0.2%) | |||
Galp Energia SGPS SA | 2,524,379 | 38,254 | |
EDP - Energias de Portugal SA | 11,171,793 | 36,546 | |
Jeronimo Martins SGPS SA | 1,190,652 | 23,246 | |
Banco Comercial Portugues SA | 43,534,772 | 11,715 | |
EDP Renovaveis SA | 998,536 | 7,937 | |
NOS SGPS SA | 1,139,493 | 6,916 | |
Navigator Co. SA | 1,217,279 | 5,253 | |
Sonae SGPS SA | 4,573,006 | 5,081 | |
CTT-Correios de Portugal SA | 692,506 | 4,382 | |
^ | REN - Redes Energeticas Nacionais SGPS SA | 1,293,499 | 4,052 |
43
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Semapa-Sociedade de Investimento e Gestao | 102,808 | 1,994 | |
Altri SGPS SA | 314,820 | 1,450 | |
^ | Mota-Engil SGPS SA | 415,402 | 1,152 |
* | Banco BPI SA | 369,386 | 444 |
Sonaecom SGPS SA | 131,059 | 382 | |
* | Banco Espirito Santo SA | 10,412,510 | 16 |
148,820 | |||
Singapore (1.2%) | |||
DBS Group Holdings Ltd. | 8,727,118 | 131,350 | |
Oversea-Chinese Banking Corp. Ltd. | 15,982,553 | 125,197 | |
Singapore Telecommunications Ltd. | 36,447,977 | 102,932 | |
United Overseas Bank Ltd. | 6,071,145 | 101,926 | |
Keppel Corp. Ltd. | 6,962,619 | 31,796 | |
CapitaLand Ltd. | 12,338,089 | 31,351 | |
Global Logistic Properties Ltd. | 14,322,431 | 29,754 | |
Wilmar International Ltd. | 9,528,953 | 23,178 | |
Genting Singapore plc | 28,311,394 | 22,306 | |
Ascendas REIT | 11,501,267 | 21,792 | |
Singapore Exchange Ltd. | 4,025,455 | 21,454 | |
Singapore Technologies Engineering Ltd. | 7,537,689 | 20,137 | |
Singapore Press Holdings Ltd. | 7,905,286 | 18,548 | |
City Developments Ltd. | 2,346,338 | 18,277 | |
Singapore Airlines Ltd. | 2,477,126 | 18,205 | |
ComfortDelGro Corp. Ltd. | 9,920,417 | 16,570 | |
Suntec REIT | 12,119,678 | 16,448 | |
CapitaLand Mall Trust | 11,325,053 | 16,242 | |
Jardine Cycle & Carriage Ltd. | 485,873 | 15,643 | |
UOL Group Ltd. | 2,374,395 | 13,174 | |
CapitaLand Commercial Trust | 9,969,934 | 12,016 | |
SATS Ltd. | 3,092,600 | 11,473 | |
Venture Corp. Ltd. | 1,273,458 | 11,147 | |
Mapletree Commercial Trust | 9,498,092 | 11,007 | |
Hutchison Port Holdings Trust | 24,893,589 | 10,695 | |
Sembcorp Industries Ltd. | 4,523,728 | 10,113 | |
Mapletree Industrial Trust | 6,648,600 | 8,982 | |
Yangzijiang Shipbuilding Holdings Ltd. | 10,246,028 | 8,854 | |
Golden Agri-Resources Ltd. | 31,541,456 | 8,591 | |
Keppel REIT | 9,816,800 | 8,164 | |
Mapletree Greater China Commercial Trust | 9,711,300 | 7,616 | |
^ | Singapore Post Ltd. | 7,652,612 | 7,392 |
Mapletree Logistics Trust | 6,815,300 | 5,915 | |
StarHub Ltd. | 2,916,669 | 5,762 | |
^ | Sembcorp Marine Ltd. | 3,974,284 | 4,744 |
United Engineers Ltd. | 2,146,200 | 4,271 | |
Ascott Residence Trust | 5,075,425 | 4,257 | |
Yanlord Land Group Ltd. | 3,192,736 | 4,069 | |
Frasers Centrepoint Trust | 2,580,300 | 4,010 | |
Raffles Medical Group Ltd. | 4,047,300 | 3,940 | |
Keppel Infrastructure Trust | 9,283,200 | 3,811 | |
Starhill Global REIT | 6,570,300 | 3,721 | |
CDL Hospitality Trusts | 3,069,000 | 3,689 | |
Frasers Logistics & Industrial Trust | 4,372,500 | 3,430 | |
Parkway Life REIT | 1,702,900 | 3,315 | |
First Resources Ltd. | 2,282,500 | 3,142 | |
SIA Engineering Co. Ltd. | 1,057,077 | 3,132 | |
Croesus Retail Trust | 3,590,700 | 3,077 | |
Genting Hong Kong Ltd. | 9,993,600 | 2,996 | |
Keppel DC REIT | 3,177,087 | 2,977 | |
Lippo Malls Indonesia Retail Trust | 9,087,200 | 2,936 | |
CapitaLand Retail China Trust | 2,459,800 | 2,930 | |
Frasers Commercial Trust | 2,691,500 | 2,784 | |
Cache Logistics Trust | 4,126,500 | 2,742 | |
Asian Pay Television Trust | 6,502,600 | 2,692 | |
Ascendas India Trust | 3,256,000 | 2,685 |
44
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
OUE Hospitality Trust | 4,946,300 | 2,676 | |
Wing Tai Holdings Ltd. | 1,822,975 | 2,636 | |
ESR REIT | 5,994,900 | 2,569 | |
Manulife US REIT | 2,707,300 | 2,437 | |
First REIT | 2,469,000 | 2,403 | |
Ascendas Hospitality Trust | 3,901,900 | 2,338 | |
M1 Ltd. | 1,429,740 | 2,263 | |
Yoma Strategic Holdings Ltd. | 5,300,300 | 2,252 | |
OUE Ltd. | 1,366,100 | 1,945 | |
Far East Hospitality Trust | 3,967,700 | 1,931 | |
Soilbuild Business Space REIT | 3,589,120 | 1,876 | |
Accordia Golf Trust | 3,583,400 | 1,861 | |
SPH REIT | 2,558,100 | 1,858 | |
RHT Health Trust | 2,852,700 | 1,853 | |
^ | Noble Group Ltd. | 4,867,386 | 1,643 |
^ | SIIC Environment Holdings Ltd. | 4,289,900 | 1,620 |
Sheng Siong Group Ltd. | 2,211,900 | 1,591 | |
*,^ | Ezion Holdings Ltd. | 8,589,353 | 1,464 |
Silverlake Axis Ltd. | 3,443,000 | 1,462 | |
Sabana Shari'ah Compliant Industrial REIT | 4,309,700 | 1,456 | |
Sarine Technologies Ltd. | 1,073,700 | 1,199 | |
GL Ltd. | 1,992,500 | 1,034 | |
^ | Hyflux Ltd. | 2,261,000 | 904 |
*,^ | Midas Holdings Ltd. | 5,447,000 | 890 |
*,^ | COSCO Shipping International Singapore Co. Ltd. | 4,458,069 | 889 |
Bumitama Agri Ltd. | 1,326,500 | 723 | |
Boustead Singapore Ltd. | 1,126,000 | 720 | |
^ | China Everbright Water Ltd. | 2,042,400 | 712 |
Indofood Agri Resources Ltd. | 1,734,900 | 605 | |
* | Ying Li International Real Estate Ltd. | 3,447,000 | 331 |
* | Vard Holdings Ltd. | 1,767,500 | 308 |
*,^ | Ezra Holdings Ltd. | 10,329,900 | 83 |
* | Ezion Holdings Ltd Warrants Exp. 04/15/2020 | 720,757 | 17 |
1,047,906 | |||
South Korea (4.5%) | |||
Samsung Electronics Co. Ltd. | 430,364 | 896,372 | |
SK Hynix Inc. | 2,594,109 | 152,740 | |
Samsung Electronics Co. Ltd. Preference Shares | 80,828 | 131,790 | |
Hyundai Motor Co. | 676,720 | 94,352 | |
NAVER Corp. | 127,810 | 93,689 | |
KB Financial Group Inc. | 1,813,356 | 91,557 | |
Shinhan Financial Group Co. Ltd. | 2,064,644 | 89,079 | |
Samsung Electronics Co. Ltd. GDR | 80,099 | 83,044 | |
POSCO | 330,609 | 82,815 | |
Hyundai Mobis Co. Ltd. | 316,793 | 69,255 | |
Hana Financial Group Inc. | 1,418,021 | 56,001 | |
LG Chem Ltd. | 217,694 | 55,397 | |
KT&G Corp. | 537,009 | 54,932 | |
Samsung C&T Corp. | 350,714 | 45,378 | |
Kia Motors Corp. | 1,250,565 | 41,763 | |
SK Innovation Co. Ltd. | 294,270 | 40,755 | |
Amorepacific Corp. | 152,670 | 40,547 | |
Korea Electric Power Corp. | 1,127,334 | 40,200 | |
Woori Bank | 2,460,779 | 39,640 | |
SK Holdings Co. Ltd. | 161,320 | 39,212 | |
Samsung SDI Co. Ltd. | 255,501 | 38,357 | |
Samsung Fire & Marine Insurance Co. Ltd. | 151,476 | 37,286 | |
*,^ | Celltrion Inc. | 368,149 | 37,024 |
LG Household & Health Care Ltd. | 41,338 | 35,919 | |
LG Display Co. Ltd. | 1,084,644 | 35,080 | |
LG Electronics Inc. | 492,763 | 34,570 | |
Samsung Life Insurance Co. Ltd. | 309,606 | 31,652 | |
LG Corp. | 435,522 | 29,445 | |
^ | NCSoft Corp. | 84,029 | 27,872 |
45
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Samsung SDS Co. Ltd. | 155,355 | 25,058 | |
Coway Co. Ltd. | 271,017 | 24,631 | |
Samsung Electro-Mechanics Co. Ltd. | 270,690 | 24,164 | |
Hyundai Motor Co. 2nd Preference Shares | 222,503 | 22,656 | |
Lotte Chemical Corp. | 71,355 | 21,476 | |
E-MART Inc. | 101,420 | 20,779 | |
* | Hyundai Heavy Industries Co. Ltd. | 131,237 | 20,291 |
Hankook Tire Co. Ltd. | 363,401 | 20,200 | |
Hyundai Steel Co. | 360,849 | 19,600 | |
Korea Zinc Co. Ltd. | 47,749 | 19,027 | |
Mirae Asset Daewoo Co. Ltd. | 1,872,358 | 18,065 | |
*,^,2 | Samsung Biologics Co. Ltd. | 65,167 | 16,623 |
S-Oil Corp. | 200,366 | 16,601 | |
Hyosung Corp. | 113,300 | 16,592 | |
Industrial Bank of Korea | 1,280,004 | 15,930 | |
Kangwon Land Inc. | 522,280 | 15,915 | |
AMOREPACIFIC Group | 139,917 | 15,900 | |
Korea Aerospace Industries Ltd. | 311,182 | 15,495 | |
SK Telecom Co. Ltd. ADR | 580,382 | 14,898 | |
GS Holdings Corp. | 248,724 | 14,825 | |
LG Uplus Corp. | 1,045,452 | 14,258 | |
* | Samsung Heavy Industries Co. Ltd. | 1,294,829 | 14,105 |
Hyundai Engineering & Construction Co. Ltd. | 348,521 | 14,041 | |
^ | Kakao Corp. | 157,112 | 13,939 |
Lotte Shopping Co. Ltd. | 51,953 | 13,787 | |
Dongbu Insurance Co. Ltd. | 226,550 | 13,463 | |
BNK Financial Group Inc. | 1,405,125 | 13,436 | |
Orion Corp. | 63,600 | 12,969 | |
Hyundai Glovis Co. Ltd. | 89,203 | 12,241 | |
* | Hyundai Robotics Co. Ltd. | 35,314 | 11,929 |
Hyundai Development Co-Engineering & Construction | 289,819 | 11,903 | |
*,^,2 | Netmarble Games Corp. | 86,279 | 11,688 |
SK Telecom Co. Ltd. | 49,978 | 11,621 | |
Korea Investment Holdings Co. Ltd. | 185,131 | 11,344 | |
Samsung Securities Co. Ltd. | 307,580 | 11,097 | |
CJ CheilJedang Corp. | 34,475 | 10,888 | |
*,^ | Hanmi Pharm Co. Ltd. | 33,248 | 10,836 |
Daelim Industrial Co. Ltd. | 133,298 | 10,373 | |
KCC Corp. | 27,009 | 10,311 | |
Hanwha Chemical Corp. | 388,422 | 10,250 | |
CJ Corp. | 61,812 | 10,237 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 292,402 | 10,057 | |
LG Innotek Co. Ltd. | 68,802 | 9,926 | |
Hanwha Corp. | 237,165 | 9,828 | |
Hyundai Motor Co. Preference Shares | 96,757 | 9,557 | |
Medy-Tox Inc. | 19,017 | 9,313 | |
BGF retail Co. Ltd. | 99,385 | 8,780 | |
Amorepacific Corp. Preference Shares | 53,114 | 8,636 | |
NH Investment & Securities Co. Ltd. | 638,382 | 8,283 | |
Yuhan Corp. | 38,434 | 8,263 | |
Hanssem Co. Ltd. | 49,395 | 7,944 | |
*,^ | Samsung Engineering Co. Ltd. | 757,624 | 7,882 |
S-1 Corp. | 92,822 | 7,870 | |
* | Korean Air Lines Co. Ltd. | 232,025 | 7,847 |
DGB Financial Group Inc. | 752,307 | 7,756 | |
LG Chem Ltd. Preference Shares | 42,551 | 7,513 | |
^ | Hotel Shilla Co. Ltd. | 149,834 | 7,474 |
Hyundai Department Store Co. Ltd. | 76,084 | 7,349 | |
Mando Corp. | 31,984 | 7,203 | |
Hanwha Life Insurance Co. Ltd. | 1,177,422 | 7,160 | |
Hanon Systems | 787,271 | 7,090 | |
^ | OCI Co. Ltd. | 87,103 | 6,826 |
Shinsegae Inc. | 34,022 | 6,824 | |
* | Hanwha Techwin Co. Ltd. | 174,702 | 6,793 |
46
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
LG Household & Health Care Ltd. Preference Shares | 12,269 | 6,669 | |
Shinhan Financial Group Co. Ltd. ADR | 148,968 | 6,479 | |
Meritz Securities Co. Ltd. | 1,431,126 | 6,335 | |
CJ E&M Corp. | 90,625 | 6,007 | |
* | Korea Gas Corp. | 128,782 | 5,990 |
* | Daewoo Engineering & Construction Co. Ltd. | 898,154 | 5,949 |
*,^ | GS Engineering & Construction Corp. | 219,574 | 5,847 |
KB Financial Group Inc. ADR | 114,834 | 5,798 | |
*,^ | ViroMed Co. Ltd. | 64,162 | 5,765 |
^ | SK Chemicals Co. Ltd. | 88,881 | 5,719 |
GS Retail Co. Ltd. | 125,622 | 5,664 | |
^ | Doosan Heavy Industries & Construction Co. Ltd. | 304,799 | 5,584 |
*,^ | Kumho Tire Co. Inc. | 836,932 | 5,494 |
Cheil Worldwide Inc. | 340,541 | 5,477 | |
* | NHN Entertainment Corp. | 77,554 | 5,444 |
*,^ | CJ Korea Express Corp. | 34,174 | 5,393 |
^ | Kumho Petrochemical Co. Ltd. | 83,368 | 5,364 |
LS Corp. | 83,019 | 5,292 | |
Samsung Card Co. Ltd. | 153,908 | 5,259 | |
Doosan Corp. | 50,333 | 5,237 | |
LG Electronics Inc. Preference Shares | 148,717 | 5,209 | |
^ | Kolon Industries Inc. | 84,388 | 5,083 |
Com2uSCorp | 47,789 | 4,922 | |
* | Doosan Infracore Co. Ltd. | 648,959 | 4,803 |
* | Hugel Inc. | 9,799 | 4,791 |
* | Hyundai Mipo Dockyard Co. Ltd. | 48,854 | 4,664 |
^ | Hyundai Wia Corp. | 76,118 | 4,643 |
Posco Daewoo Corp. | 236,810 | 4,617 | |
*,^ | Komipharm International Co. Ltd. | 146,056 | 4,609 |
*,^ | Hanmi Science Co. ltd | 62,113 | 4,577 |
KIWOOM Securities Co. Ltd. | 55,368 | 4,516 | |
Meritz Fire & Marine Insurance Co. Ltd. | 255,018 | 4,472 | |
NongShim Co. Ltd. | 15,136 | 4,466 | |
Korean Reinsurance Co. | 421,404 | 4,456 | |
Lotte Confectionery Co. Ltd. | 25,595 | 4,437 | |
Lotte Chilsung Beverage Co. Ltd. | 2,901 | 4,348 | |
^ | Youngone Corp. | 145,546 | 4,339 |
Korea Electric Power Corp. ADR | 240,049 | 4,314 | |
KT Corp. ADR | 252,052 | 4,194 | |
*,^ | Hyundai Rotem Co. Ltd. | 231,754 | 4,186 |
*,^ | Yungjin Pharmaceutical Co. Ltd. | 421,340 | 4,178 |
^ | SK Materials Co. Ltd. | 24,055 | 4,166 |
*,^ | SillaJen Inc. | 236,497 | 4,148 |
^ | Korea Kolmar Co. Ltd. | 65,577 | 4,137 |
Ottogi Corp. | 5,980 | 4,131 | |
*,^ | Pan Ocean Co. Ltd. | 874,176 | 4,035 |
KEPCO Plant Service & Engineering Co. Ltd. | 104,475 | 4,033 | |
^ | Dongsuh Cos. Inc. | 148,410 | 3,970 |
^ | CJ CGV Co. Ltd. | 61,138 | 3,935 |
Green Cross Corp. | 25,278 | 3,856 | |
SK Networks Co. Ltd. | 694,002 | 3,792 | |
^ | Fila Korea Ltd. | 50,306 | 3,760 |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 21,675 | 3,692 | |
Hyundai Greenfood Co. Ltd. | 238,342 | 3,687 | |
Doosan Bobcat Inc. | 116,109 | 3,617 | |
* | WONIK IPS Co. Ltd. | 136,795 | 3,544 |
Green Cross Holdings Corp. | 125,792 | 3,495 | |
LS Industrial Systems Co. Ltd. | 70,934 | 3,462 | |
Dongkuk Steel Mill Co. Ltd. | 270,441 | 3,457 | |
^ | SFA Engineering Corp. | 87,090 | 3,426 |
^ | LIG Nex1 Co. Ltd. | 52,504 | 3,397 |
^ | Kolon Life Science Inc. | 23,548 | 3,380 |
LOTTE Himart Co. Ltd. | 54,885 | 3,348 | |
* | Dongbu HiTek Co. Ltd. | 169,761 | 3,336 |
47
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Seoul Semiconductor Co. Ltd. | 174,557 | 3,303 | |
Poongsan Corp. | 87,193 | 3,277 | |
^ | Cosmax Inc. | 32,539 | 3,273 |
Hana Tour Service Inc. | 40,597 | 3,247 | |
*,^ | Hanjin Kal Corp. | 139,867 | 3,240 |
* | Hyundai Construction Equipment Co. Ltd. | 10,604 | 3,188 |
Eo Technics Co. Ltd. | 40,330 | 3,179 | |
Hyundai Home Shopping Network Corp. | 27,358 | 3,133 | |
LG International Corp. | 112,423 | 3,052 | |
Samyang Holdings Corp. | 27,788 | 2,976 | |
* | Hyundai Electric & Energy System Co. Ltd. | 10,922 | 2,974 |
Chong Kun Dang Pharmaceutical Corp. | 27,821 | 2,966 | |
Koh Young Technology Inc. | 56,055 | 2,940 | |
Innocean Worldwide Inc. | 52,506 | 2,931 | |
Korea Petrochemical Ind Co. Ltd. | 13,240 | 2,930 | |
GS Home Shopping Inc. | 14,310 | 2,894 | |
LOTTE Fine Chemical Co. Ltd. | 83,147 | 2,861 | |
SKC Co. Ltd. | 96,424 | 2,830 | |
LG Hausys Ltd. | 29,384 | 2,813 | |
Hite Jinro Co. Ltd. | 137,350 | 2,797 | |
^ | Paradise Co. Ltd. | 222,570 | 2,791 |
JB Financial Group Co. Ltd. | 464,802 | 2,583 | |
^ | Toptec Co. Ltd. | 90,834 | 2,583 |
^ | Young Poong Corp. | 2,505 | 2,559 |
Taekwang Industrial Co. Ltd. | 2,686 | 2,529 | |
Soulbrain Co. Ltd. | 38,540 | 2,507 | |
^ | Able C&C Co. Ltd. | 111,170 | 2,506 |
DoubleUGames Co. Ltd. | 45,694 | 2,466 | |
IS Dongseo Co. Ltd. | 63,962 | 2,460 | |
Hyundai Elevator Co. Ltd. | 45,360 | 2,431 | |
Huchems Fine Chemical Corp. | 103,784 | 2,428 | |
* | Asiana Airlines Inc. | 452,299 | 2,423 |
* | Seegene Inc. | 72,712 | 2,398 |
CJ O Shopping Co. Ltd. | 14,310 | 2,395 | |
Hansol Chemical Co. Ltd. | 38,427 | 2,383 | |
^ | JW Pharmaceutical Corp. | 56,729 | 2,334 |
^ | Hankook Tire Worldwide Co. Ltd. | 120,771 | 2,301 |
^ | Kolon Corp. | 32,091 | 2,301 |
^ | Douzone Bizon Co. Ltd. | 84,291 | 2,269 |
*,^ | Osstem Implant Co. Ltd. | 49,182 | 2,253 |
*,^ | Foosung Co. Ltd. | 243,400 | 2,244 |
^ | Korea Real Estate Investment & Trust Co. Ltd. | 781,177 | 2,239 |
*,^ | Genexine Co. Ltd. | 53,048 | 2,233 |
* | Advanced Process Systems Corp. | 51,715 | 2,228 |
LF Corp. | 84,421 | 2,213 | |
^ | Ilyang Pharmaceutical Co. Ltd. | 61,623 | 2,194 |
^ | Bukwang Pharmaceutical Co. Ltd. | 117,600 | 2,193 |
^ | Daou Technology Inc. | 113,232 | 2,172 |
Daesang Corp. | 93,106 | 2,153 | |
Korea Electric Terminal Co. Ltd. | 33,862 | 2,111 | |
Halla Holdings Corp. | 36,690 | 2,059 | |
Loen Entertainment Inc. | 26,854 | 2,051 | |
Lotte Food Co. Ltd. | 3,677 | 2,047 | |
Tongyang Inc. | 1,009,997 | 2,009 | |
Hanwha General Insurance Co. Ltd. | 269,894 | 1,998 | |
Nexen Tire Corp. | 169,579 | 1,979 | |
* | Jusung Engineering Co. Ltd. | 166,523 | 1,979 |
*,^ | HLB Inc. | 149,688 | 1,962 |
SK Gas Ltd. | 17,358 | 1,958 | |
*,^ | Hanall Biopharma Co. Ltd. | 170,881 | 1,949 |
^ | Hansae Co. Ltd. | 81,765 | 1,918 |
Meritz Financial Group Inc. | 153,691 | 1,914 | |
*,^ | iNtRON Biotechnology Inc. | 57,225 | 1,913 |
^ | Handsome Co. Ltd. | 66,788 | 1,909 |
48
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Modetour Network Inc. | 67,142 | 1,858 |
Hanjin Transportation Co. Ltd. | 57,517 | 1,850 | |
*,^ | Medipost Co. Ltd. | 34,231 | 1,849 |
*,^ | SK Securities Co. Ltd. | 1,291,918 | 1,829 |
Dong-A Socio Holdings Co. Ltd. | 15,406 | 1,825 | |
*,^ | Korea Line Corp. | 56,643 | 1,819 |
Hanil Cement Co. Ltd. | 18,029 | 1,813 | |
^ | Dong-A ST Co. Ltd. | 21,923 | 1,766 |
Daishin Securities Co. Ltd. | 129,895 | 1,753 | |
^ | Partron Co. Ltd. | 185,467 | 1,687 |
Vieworks Co. Ltd. | 33,527 | 1,685 | |
*,^ | Interflex Co. Ltd. | 48,633 | 1,676 |
^ | TES Co. Ltd. | 67,869 | 1,675 |
SPC Samlip Co. Ltd. | 10,497 | 1,664 | |
LEENO Industrial Inc. | 39,686 | 1,664 | |
*,^ | Chabiotech Co. Ltd. | 152,684 | 1,661 |
Dongwon Industries Co. Ltd. | 5,877 | 1,658 | |
*,^ | Webzen Inc. | 85,805 | 1,647 |
*,^ | Hanwha Investment & Securities Co. Ltd. | 498,370 | 1,632 |
^ | Grand Korea Leisure Co. Ltd. | 83,027 | 1,625 |
*,^ | SM Entertainment Co. | 70,410 | 1,620 |
^ | Jeil Pharmaceutical Co. | 7,819 | 1,602 |
*,^ | Duk San Neolux Co. Ltd. | 62,066 | 1,578 |
^ | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 40,899 | 1,566 |
*,^ | Celltrion Pharm Inc. | 80,396 | 1,556 |
* | DIO Corp. | 53,472 | 1,543 |
^ | ST Pharm Co. Ltd. | 42,426 | 1,540 |
^ | Posco ICT Co. Ltd. | 237,489 | 1,540 |
CJ CheilJedang Corp. Preference Shares | 10,101 | 1,531 | |
Songwon Industrial Co. Ltd. | 79,755 | 1,527 | |
S&T Motiv Co. Ltd. | 34,552 | 1,526 | |
Daeduck Electronics Co. | 155,203 | 1,499 | |
^ | Ssangyong Cement Industrial Co. Ltd. | 116,787 | 1,496 |
* | Taeyoung Engineering & Construction Co. Ltd. | 195,178 | 1,495 |
^ | Dawonsys Co. Ltd. | 97,270 | 1,483 |
AK Holdings Inc. | 22,330 | 1,448 | |
Samyang Corp. | 16,062 | 1,447 | |
* | Yuanta Securities Korea Co. Ltd. | 403,271 | 1,445 |
Namyang Dairy Products Co. Ltd. | 2,157 | 1,442 | |
Daishin Securities Co. Ltd. Preference Shares | 169,999 | 1,435 | |
^ | Daewoong Pharmaceutical Co. Ltd. | 19,098 | 1,433 |
Kumho Industrial Co. Ltd. | 135,822 | 1,425 | |
*,^ | Taihan Electric Wire Co. Ltd. | 1,167,343 | 1,422 |
Mirae Asset Life Insurance Co. Ltd. | 309,540 | 1,420 | |
^ | JW Holdings Corp. | 166,061 | 1,402 |
*,^ | CrystalGenomics Inc. | 105,638 | 1,398 |
Seah Besteel Corp. | 51,808 | 1,384 | |
Sebang Global Battery Co. Ltd. | 39,657 | 1,378 | |
*,^ | Jenax Inc. | 63,320 | 1,376 |
Tongyang Life Insurance Co. Ltd. | 156,996 | 1,370 | |
Silicon Works Co. Ltd. | 44,619 | 1,368 | |
SL Corp. | 72,356 | 1,367 | |
*,^ | Gamevil Inc. | 24,787 | 1,351 |
POSCO Chemtech Co. Ltd. | 100,003 | 1,342 | |
^ | iMarketKorea Inc. | 112,171 | 1,334 |
Hansol Paper Co. Ltd. | 78,408 | 1,319 | |
Binggrae Co. Ltd. | 22,121 | 1,319 | |
WeMade Entertainment Co. Ltd. | 43,112 | 1,301 | |
*,^ | GemVax & Kael Co. Ltd. | 118,196 | 1,292 |
^ | YG Entertainment Inc. | 46,825 | 1,291 |
Daeduck GDS Co. Ltd. | 78,242 | 1,290 | |
*,^ | Aprogen pharmaceuticals Inc. | 362,481 | 1,275 |
* | Wonik Holdings Co. Ltd. | 174,797 | 1,275 |
DongKook Pharmaceutical Co. Ltd. | 22,776 | 1,257 |
49
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Muhak Co. Ltd. | 60,148 | 1,249 | |
*,^ | Homecast Co. Ltd. | 154,109 | 1,248 |
*,^ | Peptron Inc. | 27,408 | 1,244 |
*,^ | Amicogen Inc. | 35,102 | 1,239 |
Youngone Holdings Co. Ltd. | 23,622 | 1,238 | |
^ | Ahnlab Inc. | 28,232 | 1,238 |
* | Hansol Technics Co. Ltd. | 82,677 | 1,229 |
Dongwon F&B Co. Ltd. | 5,740 | 1,221 | |
NICE Holdings Co. Ltd. | 79,767 | 1,219 | |
*,^ | Hanjin Heavy Industries & Construction Co. Ltd. | 308,670 | 1,214 |
^ | Daewoong Co. Ltd. | 105,314 | 1,206 |
Interpark Holdings Corp. | 226,106 | 1,196 | |
* | Eugene Investment & Securities Co. Ltd. | 337,863 | 1,193 |
NICE Information Service Co. Ltd. | 168,244 | 1,192 | |
*,^ | Maeil Dairies Co. Ltd. | 18,014 | 1,176 |
* | Ssangyong Motor Co. | 195,087 | 1,166 |
Samchully Co. Ltd. | 10,736 | 1,159 | |
^ | SeAH Steel Corp. | 13,474 | 1,145 |
*,^ | ATGen Co. Ltd. | 38,870 | 1,138 |
Hankook Shell Oil Co. Ltd. | 3,209 | 1,127 | |
^ | InBody Co. Ltd. | 47,178 | 1,123 |
KISWIRE Ltd. | 33,267 | 1,121 | |
Kwangju Bank Co. Ltd. | 97,481 | 1,116 | |
^ | Seobu T&D | 67,307 | 1,100 |
^ | NS Shopping Co. Ltd. | 72,450 | 1,089 |
Kwang Dong Pharmaceutical Co. Ltd. | 137,082 | 1,048 | |
^ | It's Hanbul Co. Ltd. | 26,917 | 1,045 |
*,^ | Emerson Pacific Inc. | 37,199 | 1,039 |
Sungwoo Hitech Co. Ltd. | 152,509 | 1,028 | |
^ | Caregen Co. Ltd. | 18,346 | 1,025 |
Shinyoung Securities Co. Ltd. | 21,218 | 1,020 | |
*,^ | Binex Co. Ltd. | 98,290 | 1,005 |
Hancom Inc. | 67,427 | 1,005 | |
Hyundai Corp. | 56,796 | 1,003 | |
*,^ | Taewoong Co. Ltd. | 42,562 | 1,003 |
*,^ | CMG Pharmaceutical Co. Ltd. | 347,647 | 1,002 |
CJ Hellovision Co. Ltd. | 125,068 | 997 | |
Lock&Lock Co. Ltd. | 75,263 | 973 | |
*,^ | Huons Co. Ltd. | 18,793 | 973 |
Namhae Chemical Corp. | 101,634 | 959 | |
Daekyo Co. Ltd. | 134,037 | 956 | |
^ | Dae Hwa Pharmaceutical Co. Ltd. | 48,014 | 952 |
i-SENS Inc. | 39,399 | 947 | |
^ | KEPCO Engineering & Construction Co. Inc. | 53,860 | 925 |
Hansol Holdings Co. Ltd. | 158,847 | 915 | |
^ | Hyundai Livart Furniture Co. Ltd. | 43,777 | 911 |
^ | Korea Kolmar Holdings Co. Ltd. | 31,853 | 893 |
Dae Han Flour Mills Co. Ltd. | 5,395 | 891 | |
Green Cross Cell Corp. | 30,014 | 885 | |
E1 Corp. | 15,584 | 882 | |
KT Skylife Co. Ltd. | 61,639 | 881 | |
*,^ | CUROCOM Co. Ltd. | 387,242 | 868 |
Cell Biotech Co. Ltd. | 25,445 | 864 | |
Cuckoo Electronics Co. Ltd. | 6,774 | 858 | |
* | Dongbu Securities Co. Ltd. | 227,274 | 856 |
* | Neowiz | 69,435 | 850 |
*,^ | Pharmicell Co. Ltd. | 227,554 | 840 |
*,^ | NUTRIBIOTECH Co. Ltd. | 45,060 | 824 |
* | Woongjin Thinkbig Co. Ltd. | 111,751 | 811 |
GOLFZON Co. Ltd. | 15,663 | 811 | |
Kyobo Securities Co. Ltd. | 79,565 | 803 | |
Huons Global Co. Ltd. | 23,520 | 801 | |
*,^ | G-SMATT GLOBAL Co. Ltd. | 66,586 | 801 |
Chongkundang Holdings Corp. | 11,965 | 800 |
50
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
KISCO Corp. | 19,512 | 783 | |
^ | Kolao Holdings | 139,617 | 776 |
Sindoh Co. Ltd. | 15,193 | 749 | |
^ | ICD Co. Ltd. | 59,955 | 739 |
^ | TK Corp. | 82,760 | 735 |
Seoyon E-Hwa Co. Ltd. | 55,918 | 733 | |
CJ Freshway Corp. | 20,077 | 729 | |
*,^ | COSON Co. Ltd. | 70,847 | 725 |
* | S&T Dynamics Co. Ltd. | 83,976 | 722 |
*,^ | Leaders Cosmetics Co. Ltd. | 49,872 | 722 |
* | KTB Investment & Securities Co. Ltd. | 217,006 | 718 |
*,^ | Insun ENT Co. Ltd. | 116,903 | 713 |
Youlchon Chemical Co. Ltd. | 58,292 | 711 | |
SBS Media Holdings Co. Ltd. | 270,712 | 707 | |
Humax Co. Ltd. | 68,550 | 695 | |
Sung Kwang Bend Co. Ltd. | 73,204 | 686 | |
^ | Lutronic Corp. | 67,722 | 684 |
INTOPS Co. Ltd. | 64,055 | 669 | |
*,^ | CrucialTec Co. Ltd. | 203,787 | 666 |
*,^ | SFA Semicon Co. Ltd. | 300,917 | 654 |
Eusu Holdings Co. Ltd. | 85,485 | 651 | |
^ | Humedix Co. Ltd. | 23,333 | 643 |
^ | Byucksan Corp. | 183,918 | 635 |
^ | Coreana Cosmetics Co. Ltd. | 115,233 | 621 |
^ | KH Vatec Co. Ltd. | 58,503 | 596 |
* | NEPES Corp. | 60,998 | 594 |
*,^ | Naturalendo Tech Co. Ltd. | 55,863 | 591 |
*,^ | Agabang&Company | 102,616 | 575 |
* | GNCO Co. Ltd. | 295,077 | 563 |
*,^ | Cellumed Co. Ltd. | 71,328 | 519 |
*,^ | Samsung Pharmaceutical Co. Ltd. | 150,885 | 509 |
* | Lumens Co. Ltd. | 148,721 | 500 |
Cosmax BTI Inc | 19,085 | 491 | |
Sam Young Electronics Co. Ltd. | 40,228 | 487 | |
*,^ | 3S Korea Co. Ltd. | 239,550 | 485 |
^ | Hyundai Corp. Holdings Inc. | 35,159 | 470 |
*,^ | APS Holdings Corp. | 45,107 | 465 |
^ | GOLFZONNEWDIN Co. Ltd. | 96,764 | 463 |
Seoyon Co. Ltd. | 49,070 | 463 | |
KB Insurance Co. Ltd. | 15,654 | 450 | |
DY Corp. | 62,546 | 424 | |
MegaStudy Co. Ltd. | 15,058 | 407 | |
*,^ | Duksan Hi-Metal Co. Ltd. | 50,261 | 403 |
^ | CROWNHAITAI Holdings Co. Ltd. | 18,715 | 397 |
* | Crown Confectionery Co. Ltd. | 24,101 | 387 |
^ | Maeil Holdings Co. Ltd. | 16,179 | 387 |
*,^ | KONA I Co. Ltd. | 44,874 | 369 |
* | Doosan Engine Co. Ltd. | 95,069 | 352 |
^ | Hitejinro Holdings Co. Ltd. | 33,510 | 338 |
*,^ | Ssangyong Information & Communication | 21,273 | 37 |
* | Amicogen Inc. Rights Exp. 07/26/2017 | 1,847 | 13 |
* | Jeil Pharmaceutical Co. | 18,902 | — |
* | Orion Corp. | 121,954 | — |
4,012,543 | |||
Spain (2.8%) | |||
Banco Santander SA | 70,008,737 | 464,851 | |
Banco Bilbao Vizcaya Argentaria SA | 32,418,637 | 270,046 | |
Telefonica SA | 21,009,734 | 217,485 | |
Iberdrola SA | 27,087,016 | 214,649 | |
Industria de Diseno Textil SA | 5,120,319 | 196,646 | |
^ | Amadeus IT Group SA | 2,040,807 | 121,991 |
* | Repsol SA | 5,649,536 | 86,614 |
CaixaBank SA | 17,439,070 | 83,365 | |
2 | Aena SA | 312,765 | 61,075 |
51
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Abertis Infraestructuras SA | 3,043,136 | 56,409 |
Banco de Sabadell SA | 27,159,224 | 55,257 | |
* | Ferrovial SA | 2,337,748 | 51,929 |
Grifols SA | 1,732,831 | 48,313 | |
* | ACS Actividades de Construccion y Servicios SA | 1,173,360 | 45,367 |
Red Electrica Corp. SA | 2,105,960 | 44,058 | |
^ | Endesa SA | 1,535,577 | 35,424 |
^ | Gas Natural SDG SA | 1,488,627 | 34,847 |
Bankinter SA | 3,356,563 | 30,964 | |
^ | Enagas SA | 1,102,249 | 30,934 |
* | Bankia SA | 5,571,762 | 26,949 |
Gamesa Corp. Technologica SA | 1,090,961 | 23,342 | |
Grifols SA Preference Shares | 1,094,218 | 23,130 | |
Merlin Properties Socimi SA | 1,579,719 | 19,985 | |
Distribuidora Internacional de Alimentacion SA | 2,999,155 | 18,716 | |
Mapfre SA | 4,935,834 | 17,277 | |
2 | Cellnex Telecom SA | 730,203 | 15,091 |
Bolsas y Mercados Espanoles SHMSF SA | 383,853 | 13,874 | |
Viscofan SA | 199,520 | 11,823 | |
Acciona SA | 130,373 | 11,478 | |
Mediaset Espana Comunicacion SA | 901,695 | 11,229 | |
Inmobiliaria Colonial SA | 1,211,290 | 10,568 | |
* | Acerinox SA | 711,364 | 9,755 |
Grupo Catalana Occidente SA | 228,055 | 9,614 | |
Zardoya Otis SA | 884,469 | 9,161 | |
Melia Hotels International SA | 580,747 | 8,698 | |
Applus Services SA | 676,007 | 8,529 | |
* | Indra Sistemas SA | 587,285 | 8,476 |
Prosegur Cia de Seguridad SA | 1,237,779 | 8,050 | |
Ebro Foods SA | 327,965 | 7,500 | |
Hispania Activos Inmobiliarios SOCIMI SA | 446,741 | 7,390 | |
* | NH Hotel Group SA | 1,000,012 | 6,030 |
Tecnicas Reunidas SA | 153,921 | 5,964 | |
Corp Financiera Alba SA | 88,361 | 5,345 | |
CIE Automotive SA | 227,935 | 5,240 | |
Axiare Patrimonio SOCIMI SA | 286,819 | 4,908 | |
2 | Euskaltel SA | 447,951 | 4,778 |
Cia de Distribucion Integral Logista Holdings SA | 177,638 | 4,675 | |
Almirall SA | 286,839 | 4,672 | |
^ | Atresmedia Corp. de Medios de Comunicacion SA | 350,305 | 4,102 |
Faes Farma SA | 1,192,304 | 3,962 | |
*,^ | Sacyr SA | 1,415,033 | 3,759 |
* | Fomento de Construcciones y Contratas SA | 335,094 | 3,621 |
* | Construcciones y Auxiliar de Ferrocarriles SA | 88,162 | 3,619 |
*,^ | Pharma Mar SA | 774,652 | 3,489 |
Ence Energia y Celulosa SA | 623,108 | 2,556 | |
*,^ | Codere SA | 4,904,043 | 2,473 |
^ | Obrascon Huarte Lain SA | 664,201 | 2,393 |
Papeles y Cartones de Europa SA | 234,390 | 2,007 | |
*,^ | Liberbank SA | 1,304,419 | 1,344 |
*,^ | Promotora de Informaciones SA | 149,285 | 401 |
* | Sacyr SA Rights Exp. 07/16/2017 | 1,415,033 | 113 |
2,506,310 | |||
Sweden (2.8%) | |||
Nordea Bank AB | 15,432,632 | 196,557 | |
Volvo AB Class B | 7,583,061 | 129,319 | |
Swedbank AB Class A | 5,121,784 | 125,001 | |
^ | Hennes & Mauritz AB Class B | 4,608,767 | 114,906 |
Atlas Copco AB Class A | 2,973,145 | 114,323 | |
Investor AB Class B | 2,184,504 | 105,395 | |
Telefonaktiebolaget LM Ericsson Class B | 14,452,168 | 103,913 | |
Svenska Handelsbanken AB Class A | 7,123,508 | 102,024 | |
Assa Abloy AB Class B | 4,597,690 | 101,340 | |
Skandinaviska Enskilda Banken AB Class A | 6,886,873 | 83,377 |
52
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sandvik AB | 5,224,676 | 82,259 | |
* | Essity AB Class B | 2,902,232 | 79,405 |
Atlas Copco AB Class B | 1,936,098 | 66,921 | |
Hexagon AB Class B | 1,234,164 | 58,635 | |
Telia Co. AB | 12,567,767 | 57,920 | |
Skanska AB Class B | 1,749,196 | 41,536 | |
Boliden AB | 1,324,857 | 36,215 | |
SKF AB | 1,775,648 | 36,057 | |
Electrolux AB Class B | 1,075,212 | 35,258 | |
Kinnevik AB | 1,112,757 | 34,114 | |
Swedish Match AB | 910,047 | 32,062 | |
Alfa Laval AB | 1,516,367 | 31,036 | |
Trelleborg AB Class B | 1,177,846 | 26,894 | |
Securitas AB Class B | 1,545,199 | 26,062 | |
Industrivarden AB Class A | 929,356 | 23,664 | |
Svenska Cellulosa AB SCA Class B | 2,895,133 | 21,902 | |
Industrivarden AB | 886,046 | 21,256 | |
Castellum AB | 1,332,379 | 19,575 | |
Getinge AB | 939,106 | 18,394 | |
Tele2 AB | 1,733,778 | 18,169 | |
Husqvarna AB | 1,819,666 | 18,088 | |
^ | Nibe Industrier AB Class B | 1,778,438 | 16,799 |
* | Lundin Petroleum AB | 868,211 | 16,734 |
Elekta AB Class B | 1,738,811 | 16,456 | |
^ | ICA Gruppen AB | 422,284 | 15,731 |
BillerudKorsnas AB | 847,094 | 13,388 | |
Hexpol AB | 1,210,269 | 13,214 | |
Loomis AB Class B | 356,290 | 12,771 | |
L E Lundbergforetagen AB Class B | 160,346 | 12,666 | |
2 | Dometic Group AB | 1,449,483 | 12,592 |
Fabege AB | 645,908 | 12,434 | |
* | Fastighets AB Balder Class B | 506,806 | 12,281 |
*,^ | Swedish Orphan Biovitrum AB | 793,969 | 12,264 |
Com Hem Holding AB | 881,209 | 12,247 | |
JM AB | 338,731 | 12,001 | |
^ | Intrum Justitia AB | 352,323 | 11,965 |
NCC AB Class B | 418,894 | 11,799 | |
Peab AB | 947,003 | 11,490 | |
Indutrade AB | 468,173 | 10,731 | |
Holmen AB | 244,994 | 10,633 | |
Saab AB Class B | 205,310 | 10,147 | |
* | SSAB AB Class B | 2,701,270 | 10,020 |
2 | Thule Group AB | 520,448 | 9,776 |
^ | AAK AB | 132,108 | 9,651 |
Wallenstam AB | 975,541 | 9,407 | |
Modern Times Group MTG AB Class B | 265,104 | 9,125 | |
Hufvudstaden AB Class A | 545,494 | 9,051 | |
Axfood AB | 531,441 | 8,874 | |
Sweco AB Class B | 346,587 | 8,575 | |
*,2 | Ahlsell AB | 1,247,705 | 8,559 |
* | NetEnt AB | 967,096 | 8,450 |
^ | Lifco AB Class B | 234,425 | 7,526 |
* | Investment AB Latour Class B | 597,504 | 7,488 |
Wihlborgs Fastigheter AB | 349,155 | 7,382 | |
2 | Bravida Holding AB | 998,885 | 7,295 |
Bonava AB Class B | 419,775 | 7,177 | |
2 | Attendo AB | 548,036 | 6,691 |
AF AB | 311,832 | 6,453 | |
Hemfosa Fastigheter AB | 538,139 | 5,813 | |
Kungsleden AB | 882,553 | 5,411 | |
Avanza Bank Holding AB | 122,689 | 5,358 | |
Nobia AB | 524,693 | 5,300 | |
Pandox AB | 294,697 | 5,257 | |
* | SSAB AB Class A | 1,073,636 | 4,900 |
53
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Betsson AB | 564,984 | 4,899 |
*,^ | Fingerprint Cards AB Class B | 1,259,481 | 4,591 |
Ratos AB | 905,288 | 4,318 | |
Cloetta AB Class B | 1,009,844 | 4,160 | |
Oriflame Holding AG | 110,370 | 4,146 | |
* | Bilia AB | 406,482 | 4,018 |
Atrium Ljungberg AB | 224,314 | 3,738 | |
Vitrolife AB | 59,164 | 3,718 | |
Clas Ohlson AB | 177,527 | 3,416 | |
Lindab International AB | 311,194 | 3,393 | |
Investment AB Oresund | 183,169 | 3,359 | |
Melker Schorling AB | 49,963 | 3,210 | |
Concentric AB | 189,106 | 3,090 | |
^ | Mycronic AB | 338,827 | 3,088 |
Klovern AB | 2,631,372 | 2,880 | |
Bure Equity AB | 242,069 | 2,816 | |
2 | Resurs Holding AB | 436,308 | 2,713 |
Klovern AB Preference Shares | 74,833 | 2,606 | |
* | Haldex AB | 181,648 | 2,287 |
Svenska Handelsbanken AB Class B | 160,717 | 2,275 | |
Mekonomen AB | 112,065 | 2,222 | |
SkiStar AB | 93,951 | 2,180 | |
* | SAS AB | 937,813 | 2,045 |
* | Collector AB | 180,163 | 2,038 |
SAS AB Preference Shares | 30,825 | 1,990 | |
Skandinaviska Enskilda Banken AB | 165,290 | 1,975 | |
Hemfosa Fastigheter AB Preference Shares | 85,099 | 1,737 | |
Rezidor Hotel Group AB | 435,200 | 1,608 | |
SKF AB Class A | 60,231 | 1,225 | |
NCC AB Class A | 40,748 | 1,149 | |
Fastighets AB Balder Preference Shares | 26,928 | 1,115 | |
Sagax AB | 295,624 | 1,032 | |
Bonava AB | 16,650 | 284 | |
2,482,780 | |||
Switzerland (7.1%) | |||
Nestle SA | 15,102,307 | 1,317,188 | |
Novartis AG | 11,464,944 | 957,628 | |
Roche Holding AG | 3,381,188 | 863,944 | |
UBS Group AG | 16,943,712 | 288,143 | |
ABB Ltd. | 9,318,187 | 231,288 | |
Zurich Insurance Group AG | 724,066 | 211,318 | |
Cie Financiere Richemont SA | 2,483,205 | 205,482 | |
Credit Suisse Group AG | 11,962,894 | 174,072 | |
Swiss Re AG | 1,551,079 | 142,145 | |
LafargeHolcim Ltd. | 1,711,348 | 98,356 | |
Givaudan SA | 44,871 | 89,913 | |
Geberit AG | 181,115 | 84,574 | |
Lonza Group AG | 359,410 | 77,854 | |
Sika AG | 10,190 | 65,421 | |
SGS SA | 24,964 | 60,530 | |
Adecco Group AG | 769,781 | 58,644 | |
^ | Swatch Group AG (Bearer) | 150,935 | 55,825 |
Julius Baer Group Ltd. | 1,052,463 | 55,608 | |
Swisscom AG | 109,252 | 52,801 | |
Swiss Life Holding AG | 155,088 | 52,462 | |
Partners Group Holding AG | 82,136 | 50,999 | |
Roche Holding AG (Bearer) | 170,363 | 44,015 | |
Kuehne & Nagel International AG | 243,221 | 40,663 | |
Sonova Holding AG | 247,974 | 40,339 | |
Schindler Holding AG | 178,280 | 37,798 | |
LafargeHolcim Ltd. (Paris Shares) | 635,227 | 36,427 | |
Baloise Holding AG | 225,652 | 34,953 | |
Chocoladefabriken Lindt & Spruengli AG Registered Shares | 458 | 31,936 | |
Chocoladefabriken Lindt & Spruengli AG | 5,331 | 30,906 |
54
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Swiss Prime Site AG | 328,774 | 29,892 | |
Clariant AG | 1,327,021 | 29,292 | |
*,^ | Vifor Pharma AG | 250,758 | 27,698 |
Straumann Holding AG | 48,504 | 27,622 | |
* | Dufry AG | 160,490 | 26,338 |
EMS-Chemie Holding AG | 35,144 | 25,951 | |
Logitech International SA | 691,735 | 25,454 | |
Temenos Group AG | 283,176 | 25,334 | |
* | Actelion Ltd. | 88,230 | 24,688 |
Schindler Holding AG (Registered) | 116,225 | 24,158 | |
Flughafen Zurich AG | 86,274 | 21,189 | |
Georg Fischer AG | 20,155 | 19,550 | |
PSP Swiss Property AG | 194,386 | 18,187 | |
Helvetia Holding AG | 30,473 | 17,476 | |
ams AG | 266,056 | 17,265 | |
^ | BB Biotech AG | 277,190 | 17,015 |
Swatch Group AG (Registered) | 192,148 | 14,037 | |
Cembra Money Bank AG | 147,550 | 13,984 | |
2 | Sunrise Communications Group AG | 169,278 | 13,347 |
Aryzta AG | 403,799 | 13,317 | |
dormakaba Holding AG | 15,139 | 13,176 | |
Barry Callebaut AG | 9,547 | 13,142 | |
2 | VAT Group AG | 101,968 | 12,685 |
OC Oerlikon Corp. AG | 909,002 | 11,963 | |
Allreal Holding AG | 65,450 | 11,843 | |
Tecan Group AG | 59,692 | 11,240 | |
Pargesa Holding SA | 145,785 | 11,108 | |
DKSH Holding AG | 133,075 | 10,819 | |
Banque Cantonale Vaudoise | 14,536 | 10,781 | |
Bucher Industries AG | 32,851 | 10,335 | |
Belimo Holding AG | 2,397 | 10,326 | |
GAM Holding AG | 763,305 | 10,263 | |
Valiant Holding AG | 85,537 | 9,869 | |
SFS Group AG | 84,591 | 9,601 | |
Forbo Holding AG | 5,698 | 9,371 | |
Mobimo Holding AG | 32,733 | 9,189 | |
^ | Panalpina Welttransport Holding AG | 63,314 | 8,935 |
* | Idorsia Ltd. | 456,302 | 8,613 |
Emmi AG | 10,754 | 8,100 | |
Sulzer AG | 63,245 | 7,173 | |
Implenia AG | 80,580 | 6,044 | |
u-blox Holding AG | 32,150 | 6,035 | |
Vontobel Holding AG | 91,860 | 5,985 | |
^ | COSMO Pharmaceuticals NV | 33,176 | 5,833 |
Schweiter Technologies AG | 4,280 | 5,548 | |
^ | Daetwyler Holding AG | 31,983 | 5,447 |
Huber & Suhner AG | 67,345 | 5,036 | |
Conzzeta AG | 4,830 | 4,784 | |
*,^ | Basilea Pharmaceutica AG | 56,618 | 4,780 |
St. Galler Kantonalbank AG | 10,597 | 4,683 | |
Siegfried Holding AG | 16,210 | 4,581 | |
Autoneum Holding AG | 16,663 | 4,571 | |
^ | Burckhardt Compression Holding AG | 14,583 | 4,186 |
Valora Holding AG | 12,892 | 4,121 | |
VZ Holding AG | 12,380 | 3,976 | |
Rieter Holding AG | 16,544 | 3,768 | |
* | Arbonia AG | 205,919 | 3,767 |
Interroll Holding AG | 2,615 | 3,492 | |
Bobst Group SA | 35,913 | 3,453 | |
Ascom Holding AG | 165,304 | 3,385 | |
*,^ | Meyer Burger Technology AG | 2,584,175 | 3,230 |
Ypsomed Holding AG | 14,923 | 3,026 | |
LEM Holding SA | 2,335 | 3,021 | |
Kudelski SA | 165,562 | 2,826 |
55
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
BKW AG | 47,817 | 2,811 | |
Bell Food Group AG | 5,884 | 2,809 | |
Bachem Holding AG | 24,274 | 2,769 | |
Intershop Holding AG | 5,297 | 2,657 | |
EFG International AG | 369,199 | 2,396 | |
Vetropack Holding AG | 1,098 | 2,374 | |
APG SGA SA | 4,603 | 2,233 | |
*,^ | Leonteq AG | 39,905 | 2,219 |
* | Schmolz & Bickenbach AG | 2,126,087 | 1,981 |
Zehnder Group AG | 44,516 | 1,621 | |
ALSO Holding AG | 11,723 | 1,506 | |
Syngenta AG | 2,525 | 1,171 | |
Swissquote Group Holding SA | 40,265 | 1,113 | |
* | Alpiq Holding AG | 12,360 | 1,056 |
Plazza AG | 3,907 | 942 | |
Aryzta AG (Dublin Shares) | 3,587 | 119 | |
6,266,913 | |||
United Kingdom (15.6%) | |||
HSBC Holdings plc | 97,704,915 | 906,898 | |
British American Tobacco plc | 9,030,565 | 615,372 | |
Royal Dutch Shell plc Class A (London Shares) | 21,654,208 | 575,327 | |
BP plc | 93,822,336 | 541,562 | |
GlaxoSmithKline plc | 23,570,242 | 501,748 | |
Royal Dutch Shell plc Class B | 18,316,010 | 491,722 | |
AstraZeneca plc | 6,167,447 | 413,120 | |
Vodafone Group plc | 129,694,904 | 368,329 | |
Diageo plc | 12,052,286 | 356,168 | |
Unilever plc | 5,833,447 | 315,695 | |
Reckitt Benckiser Group plc | 3,037,962 | 307,969 | |
Lloyds Banking Group plc | 347,295,262 | 299,292 | |
Prudential plc | 12,563,330 | 288,377 | |
Rio Tinto plc | 5,869,807 | 248,598 | |
Barclays plc | 82,671,385 | 218,648 | |
Glencore plc | 56,717,924 | 212,536 | |
Imperial Brands plc | 4,656,769 | 209,263 | |
National Grid plc | 16,764,033 | 207,716 | |
Shire plc | 3,167,272 | 174,641 | |
* | Compass Group plc | 7,707,600 | 162,689 |
BT Group plc | 40,742,215 | 156,665 | |
BHP Billiton plc | 10,143,940 | 155,413 | |
Aviva plc | 19,694,799 | 135,095 | |
* | Standard Chartered plc | 13,122,385 | 132,907 |
WPP plc | 6,042,487 | 127,235 | |
BAE Systems plc | 15,391,162 | 127,059 | |
RELX NV (London Shares) | 5,229,884 | 113,055 | |
CRH plc (London Shares) | 2,807,455 | 99,942 | |
Legal & General Group plc | 28,867,047 | 97,138 | |
Experian plc | 4,591,772 | 94,237 | |
SSE plc | 4,944,189 | 93,551 | |
Rolls-Royce Holdings plc | 8,016,128 | 92,977 | |
* | Tesco plc | 39,733,619 | 87,479 |
Wolseley plc | 1,228,994 | 75,433 | |
Smith & Nephew plc | 4,305,069 | 74,342 | |
* | Anglo American plc | 5,480,199 | 73,214 |
London Stock Exchange Group plc | 1,532,150 | 72,881 | |
Centrica plc | 26,671,230 | 69,539 | |
Sky plc | 5,045,291 | 65,343 | |
Associated British Foods plc | 1,693,164 | 64,793 | |
Shire plc ADR | 387,767 | 64,086 | |
Old Mutual plc | 23,242,589 | 58,639 | |
Carnival plc | 883,269 | 58,405 | |
3i Group plc | 4,672,462 | 54,937 | |
InterContinental Hotels Group plc | 916,748 | 50,911 | |
* | Royal Bank of Scotland Group plc | 15,766,872 | 50,875 |
56
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ashtead Group plc | 2,445,393 | 50,602 | |
Standard Life plc | 9,598,584 | 49,913 | |
Land Securities Group plc | 3,746,092 | 49,459 | |
Bunzl plc | 1,627,930 | 48,533 | |
Sage Group plc | 5,236,790 | 46,927 | |
Mondi plc | 1,784,047 | 46,781 | |
Burberry Group plc | 2,158,763 | 46,713 | |
Whitbread plc | 889,292 | 45,958 | |
CRH plc (Dublin Shares) | 1,246,457 | 44,179 | |
Persimmon plc | 1,488,739 | 43,481 | |
ITV plc | 18,210,973 | 43,107 | |
Intertek Group plc | 781,831 | 42,950 | |
Paddy Power Betfair plc | 401,593 | 42,817 | |
Kingfisher plc | 10,885,960 | 42,640 | |
International Consolidated Airlines Group SA (London Shares) | 5,175,084 | 41,141 | |
Randgold Resources Ltd. | 454,291 | 40,312 | |
RSA Insurance Group plc | 4,930,664 | 39,553 | |
Smiths Group plc | 1,901,591 | 39,538 | |
British Land Co. plc | 4,958,200 | 39,143 | |
DCC plc | 428,086 | 38,986 | |
St. James's Place plc | 2,517,736 | 38,807 | |
United Utilities Group plc | 3,322,120 | 37,553 | |
2 | Worldpay Group plc | 9,128,534 | 37,431 |
Taylor Wimpey plc | 15,841,625 | 36,380 | |
Pearson plc | 4,000,026 | 36,016 | |
Barratt Developments plc | 4,893,030 | 35,936 | |
GKN plc | 8,331,334 | 35,388 | |
Smurfit Kappa Group plc | 1,131,052 | 35,292 | |
Johnson Matthey plc | 935,030 | 34,995 | |
Informa plc | 4,011,679 | 34,992 | |
Next plc | 685,966 | 34,452 | |
Marks & Spencer Group plc | 7,893,914 | 34,261 | |
Wm Morrison Supermarkets plc | 10,524,546 | 33,056 | |
Severn Trent plc | 1,138,102 | 32,355 | |
G4S plc | 7,555,919 | 32,135 | |
Micro Focus International plc | 1,078,513 | 31,891 | |
Croda International plc | 627,935 | 31,800 | |
Rentokil Initial plc | 8,897,325 | 31,662 | |
Direct Line Insurance Group plc | 6,685,990 | 30,960 | |
Segro plc | 4,819,916 | 30,721 | |
DS Smith plc | 4,843,845 | 29,896 | |
Capita plc | 3,217,322 | 28,993 | |
Melrose Industries plc | 9,067,489 | 28,646 | |
Hammerson plc | 3,827,396 | 28,636 | |
Coca-Cola HBC AG | 947,632 | 27,869 | |
*,2 | ConvaTec Group plc | 6,392,215 | 26,560 |
Berkeley Group Holdings plc | 624,893 | 26,277 | |
Halma plc | 1,833,383 | 26,273 | |
J Sainsbury plc | 7,952,227 | 26,084 | |
Admiral Group plc | 972,844 | 25,386 | |
Spirax-Sarco Engineering plc | 353,816 | 24,676 | |
Royal Mail plc | 4,423,432 | 24,266 | |
Rightmove plc | 437,739 | 24,222 | |
* | Just Eat plc | 2,779,330 | 23,724 |
Weir Group plc | 1,046,418 | 23,618 | |
Meggitt plc | 3,781,148 | 23,495 | |
Bellway plc | 594,525 | 23,071 | |
2 | Auto Trader Group plc | 4,655,426 | 23,051 |
Travis Perkins plc | 1,210,644 | 22,950 | |
Investec plc | 3,063,913 | 22,894 | |
Provident Financial plc | 718,259 | 22,781 | |
Hiscox Ltd. | 1,378,103 | 22,755 | |
TUI AG | 1,518,058 | 22,130 | |
Inmarsat plc | 2,202,062 | 22,085 |
57
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Schroders plc | 545,977 | 22,077 | |
2 | Merlin Entertainments plc | 3,445,151 | 21,566 |
Pennon Group plc | 2,001,223 | 21,507 | |
IMI plc | 1,325,901 | 20,651 | |
BBA Aviation plc | 5,028,577 | 20,131 | |
Inchcape plc | 2,045,079 | 20,103 | |
Hargreaves Lansdown plc | 1,175,111 | 19,927 | |
Cobham plc | 11,644,168 | 19,664 | |
RPC Group plc | 1,997,943 | 19,581 | |
Tate & Lyle plc | 2,267,537 | 19,543 | |
Phoenix Group Holdings | 1,914,107 | 19,329 | |
Booker Group plc | 7,964,146 | 19,314 | |
Aberdeen Asset Management plc | 4,823,884 | 18,992 | |
Spectris plc | 572,966 | 18,837 | |
easyJet plc | 1,062,195 | 18,817 | |
^ | Mediclinic International plc | 1,898,675 | 18,366 |
Dixons Carphone plc | 4,832,498 | 17,864 | |
Antofagasta plc | 1,703,441 | 17,772 | |
Playtech plc | 1,430,732 | 17,723 | |
Fresnillo plc | 891,453 | 17,281 | |
* | BTG plc | 1,895,435 | 17,226 |
B&M European Value Retail SA | 3,901,037 | 17,223 | |
UBM plc | 1,892,764 | 17,010 | |
*,^ | Metro Bank plc | 361,349 | 16,890 |
Derwent London plc | 481,704 | 16,650 | |
TP ICAP plc | 2,702,389 | 16,445 | |
Beazley plc | 2,559,756 | 16,281 | |
Electrocomponents plc | 2,113,733 | 15,899 | |
* | Paysafe Group plc | 2,370,122 | 15,774 |
Howden Joinery Group plc | 2,965,531 | 15,732 | |
Man Group plc | 7,770,826 | 15,681 | |
*,^ | CYBG plc | 4,251,784 | 15,294 |
Intermediate Capital Group plc | 1,378,259 | 14,946 | |
John Wood Group plc | 1,788,266 | 14,941 | |
Intu Properties plc | 4,258,071 | 14,933 | |
Saga plc | 5,453,110 | 14,876 | |
Hays plc | 6,721,614 | 14,533 | |
Close Brothers Group plc | 734,665 | 14,451 | |
SSP Group plc | 2,307,963 | 14,300 | |
* | Indivior plc | 3,510,683 | 14,295 |
Polymetal International plc | 1,256,075 | 14,086 | |
William Hill plc | 4,222,185 | 13,993 | |
Shaftesbury plc | 1,102,576 | 13,973 | |
Babcock International Group plc | 1,214,422 | 13,926 | |
Aggreko plc | 1,161,505 | 13,914 | |
IWG plc | 3,292,866 | 13,882 | |
Capital & Counties Properties plc | 3,601,778 | 13,747 | |
GVC Holdings plc | 1,390,125 | 13,700 | |
UDG Healthcare plc | 1,206,655 | 13,610 | |
Jupiter Fund Management plc | 2,047,845 | 13,469 | |
Berendsen plc | 832,591 | 13,348 | |
IG Group Holdings plc | 1,794,229 | 13,282 | |
Greene King plc | 1,513,066 | 13,279 | |
* | Tullow Oil plc | 6,751,505 | 13,272 |
WS Atkins plc | 483,862 | 13,122 | |
^ | Hikma Pharmaceuticals plc | 678,940 | 13,003 |
Tritax Big Box REIT plc | 6,728,028 | 12,809 | |
Rotork plc | 4,176,059 | 12,803 | |
Ladbrokes Coral Group plc | 8,403,571 | 12,532 | |
NEX Group plc | 1,526,270 | 12,420 | |
Great Portland Estates plc | 1,591,983 | 12,393 | |
Moneysupermarket.com Group plc | 2,631,135 | 12,119 | |
HomeServe plc | 1,262,587 | 12,084 | |
WH Smith plc | 534,104 | 11,922 |
58
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Balfour Beatty plc | 3,374,999 | 11,906 | |
Britvic plc | 1,299,711 | 11,715 | |
Amec Foster Wheeler plc | 1,885,175 | 11,484 | |
Daily Mail & General Trust plc | 1,301,610 | 11,311 | |
NMC Health plc | 396,514 | 11,299 | |
Greencore Group plc | 3,420,390 | 10,963 | |
Centamin plc | 5,292,201 | 10,690 | |
Dechra Pharmaceuticals plc | 461,404 | 10,225 | |
QinetiQ Group plc | 2,884,480 | 10,161 | |
National Express Group plc | 2,086,797 | 9,966 | |
Victrex plc | 398,336 | 9,732 | |
* | Firstgroup plc | 5,926,667 | 9,716 |
Grafton Group plc | 1,055,861 | 9,692 | |
UNITE Group plc | 1,143,397 | 9,665 | |
Jardine Lloyd Thompson Group plc | 606,786 | 9,482 | |
Pagegroup plc | 1,525,801 | 9,470 | |
Ultra Electronics Holdings plc | 353,800 | 9,453 | |
Bodycote plc | 951,994 | 9,345 | |
Essentra plc | 1,268,048 | 9,324 | |
Domino's Pizza Group plc | 2,427,854 | 9,292 | |
Cineworld Group plc | 1,004,659 | 9,182 | |
Cranswick plc | 246,932 | 9,024 | |
AA plc | 3,003,202 | 8,924 | |
Lancashire Holdings Ltd. | 976,954 | 8,872 | |
Ashmore Group plc | 1,908,904 | 8,786 | |
Elementis plc | 2,267,221 | 8,694 | |
Drax Group plc | 2,012,726 | 8,548 | |
AVEVA Group plc | 335,149 | 8,473 | |
Diploma plc | 587,661 | 8,443 | |
Synthomer plc | 1,328,058 | 8,436 | |
*,2 | Wizz Air Holdings plc | 265,034 | 8,358 |
Crest Nicholson Holdings plc | 1,220,515 | 8,330 | |
Bovis Homes Group plc | 663,590 | 8,262 | |
JD Sports Fashion plc | 1,813,143 | 8,259 | |
Rathbone Brothers plc | 249,721 | 8,243 | |
Renishaw plc | 174,411 | 8,224 | |
BGEO Group plc | 179,545 | 8,168 | |
* | Serco Group plc | 5,410,939 | 8,097 |
Dignity plc | 249,132 | 8,081 | |
Thomas Cook Group plc | 6,865,186 | 8,043 | |
*,^ | Ocado Group plc | 2,135,435 | 8,037 |
Paragon Group of Cos. plc | 1,401,749 | 7,797 | |
* | KAZ Minerals plc | 1,152,678 | 7,775 |
Kier Group plc | 477,476 | 7,630 | |
Genus plc | 324,882 | 7,520 | |
Greggs plc | 532,291 | 7,481 | |
Redrow plc | 1,044,965 | 7,448 | |
2 | Sophos Group plc | 1,284,882 | 7,423 |
Savills plc | 638,161 | 7,315 | |
Vesuvius plc | 1,057,341 | 7,307 | |
Petrofac Ltd. | 1,258,119 | 7,234 | |
Grainger plc | 2,095,516 | 7,178 | |
Big Yellow Group plc | 690,513 | 7,119 | |
2 | John Laing Group plc | 1,796,551 | 7,091 |
Hill & Smith Holdings plc | 384,353 | 6,913 | |
Kennedy Wilson Europe Real Estate plc | 474,378 | 6,852 | |
Assura plc | 8,083,377 | 6,717 | |
2 | ZPG plc | 1,417,164 | 6,699 |
LondonMetric Property plc | 3,053,039 | 6,656 | |
2 | Countryside Properties plc | 1,485,760 | 6,600 |
Workspace Group plc | 566,277 | 6,561 | |
Card Factory plc | 1,676,236 | 6,497 | |
* | Cairn Energy plc | 2,840,639 | 6,378 |
Galliford Try plc | 419,502 | 6,350 |
59
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Evraz plc | 2,352,213 | 6,336 |
2 | Hastings Group Holdings plc | 1,538,344 | 6,288 |
^ | Mitie Group plc | 1,724,757 | 6,217 |
Senior plc | 2,012,371 | 6,151 | |
2 | Ibstock plc | 1,856,300 | 5,943 |
Fidessa Group plc | 195,616 | 5,904 | |
^ | TalkTalk Telecom Group plc | 2,507,121 | 5,893 |
2 | Spire Healthcare Group plc | 1,384,507 | 5,852 |
Brewin Dolphin Holdings plc | 1,269,037 | 5,663 | |
^ | Carillion plc | 2,324,799 | 5,654 |
Hansteen Holdings plc | 3,469,260 | 5,627 | |
2 | McCarthy & Stone plc | 2,592,328 | 5,558 |
SIG plc | 2,826,899 | 5,470 | |
Safestore Holdings plc | 986,531 | 5,403 | |
Dairy Crest Group plc | 685,265 | 5,339 | |
esure Group plc | 1,341,967 | 5,261 | |
NewRiver REIT plc | 1,120,147 | 5,106 | |
* | Vectura Group plc | 3,482,481 | 5,079 |
Marston's plc | 3,147,419 | 5,004 | |
Morgan Advanced Materials plc | 1,333,828 | 4,930 | |
Stagecoach Group plc | 1,994,557 | 4,841 | |
Virgin Money Holdings UK plc | 1,383,952 | 4,805 | |
Go-Ahead Group plc | 206,677 | 4,737 | |
Entertainment One Ltd. | 1,623,533 | 4,662 | |
F&C Commercial Property Trust Ltd. | 2,454,713 | 4,647 | |
SuperGroup plc | 233,741 | 4,551 | |
Polypipe Group plc | 911,504 | 4,543 | |
J D Wetherspoon plc | 347,249 | 4,413 | |
*,^ | Sports Direct International plc | 1,150,106 | 4,363 |
De La Rue plc | 499,123 | 4,343 | |
Telecom Plus plc | 285,135 | 4,290 | |
Ted Baker plc | 137,652 | 4,282 | |
Laird plc | 2,357,427 | 4,258 | |
^ | Hochschild Mining plc | 1,187,438 | 4,245 |
Restaurant Group plc | 976,968 | 4,168 | |
* | Hunting plc | 652,711 | 4,151 |
PZ Cussons plc | 927,989 | 4,143 | |
Halfords Group plc | 928,794 | 4,137 | |
Keller Group plc | 348,211 | 3,991 | |
St. Modwen Properties plc | 836,229 | 3,907 | |
* | EI Group plc | 2,282,538 | 3,819 |
UK Commercial Property Trust Ltd. | 3,181,482 | 3,817 | |
Dunelm Group plc | 484,429 | 3,802 | |
Ferrexpo plc | 1,399,081 | 3,768 | |
Chesnara plc | 739,203 | 3,721 | |
Northgate plc | 644,422 | 3,720 | |
OneSavings Bank plc | 760,343 | 3,710 | |
Computacenter plc | 345,609 | 3,649 | |
* | Ophir Energy plc | 3,239,259 | 3,588 |
^ | Pets at Home Group plc | 1,702,820 | 3,585 |
RPS Group plc | 1,050,305 | 3,579 | |
Fenner plc | 948,700 | 3,538 | |
* | Petra Diamonds Ltd. | 2,449,671 | 3,485 |
Oxford Instruments plc | 248,714 | 3,395 | |
Mitchells & Butlers plc | 1,130,674 | 3,394 | |
Vedanta Resources plc | 398,575 | 3,332 | |
Debenhams plc | 5,751,886 | 3,246 | |
Chemring Group plc | 1,322,441 | 3,182 | |
* | Aldermore Group plc | 1,122,888 | 3,179 |
Renewi plc | 2,905,608 | 3,133 | |
888 Holdings plc | 892,628 | 2,964 | |
Acacia Mining plc | 740,721 | 2,879 | |
Redefine International PLC | 5,545,537 | 2,872 | |
Royal Dutch Shell plc Class A | 107,983 | 2,871 |
60
Vanguard® Developed Markets Index Fund | |||||
Schedule of Investments | |||||
June 30, 2017 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
N Brown Group plc | 706,966 | 2,859 | |||
Picton Property Income Ltd. | 2,584,508 | 2,800 | |||
KCOM Group plc | 2,401,646 | 2,785 | |||
^ | NCC Group plc | 1,236,496 | 2,636 | ||
Rank Group plc | 833,968 | 2,582 | |||
* | Nostrum Oil & Gas plc | 402,220 | 2,534 | ||
* | Imagination Technologies Group plc | 1,241,943 | 2,474 | ||
*,^ | Allied Minds plc | 1,131,546 | 2,464 | ||
2 | Shawbrook Group plc | 552,302 | 2,439 | ||
ITE Group plc | 1,209,026 | 2,427 | |||
International Personal Finance plc | 1,054,920 | 2,318 | |||
Lookers plc | 1,485,552 | 2,210 | |||
Interserve plc | 692,589 | 2,085 | |||
Devro plc | 772,675 | 2,081 | |||
Helical plc | 498,105 | 1,954 | |||
Schroder REIT Ltd. | 2,313,643 | 1,927 | |||
* | Gocompare.Com Group plc | 1,363,667 | 1,886 | ||
*,^ | AO World plc | 1,239,358 | 1,873 | ||
Daejan Holdings plc | 23,266 | 1,870 | |||
Countrywide plc | 821,265 | 1,788 | |||
* | Premier Foods plc | 3,286,287 | 1,735 | ||
Soco International plc | 1,053,780 | 1,600 | |||
* | Lamprell plc | 1,199,605 | 1,597 | ||
*,^ | Premier Oil plc | 2,436,821 | 1,591 | ||
^ | Foxtons Group plc | 1,173,928 | 1,448 | ||
*,^ | Lonmin plc | 1,362,828 | 1,168 | ||
2 | CMC Markets plc | 492,675 | 917 | ||
*,^ | Genel Energy plc | 749,894 | 808 | ||
Smurfit Kappa Group plc | 14,247 | 443 | |||
* | Janus Henderson Group plc | 1,325 | 44 | ||
* | Sole Realisation Co. plc | 239 | 2 | ||
13,834,732 | |||||
Total Common Stocks (Cost $77,175,233) | 88,027,253 | ||||
Coupon | |||||
Temporary Cash Investments (2.3%)1 | |||||
Money Market Fund (2.2%) | |||||
3,4 | Vanguard Market Liquidity Fund | 1.181% | 19,621,110 | 1,962,503 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
United States Treasury Bill | 0.647% | 8/10/17 | 1,200 | 1,199 | |
United States Treasury Bill | 0.638% | 8/24/17 | 6,000 | 5,992 | |
United States Treasury Bill | 0.963%–0.987% | 9/7/17 | 10,500 | 10,482 | |
5 | United States Treasury Bill | 0.923%–0.993% | 9/21/17 | 33,000 | 32,929 |
5 | United States Treasury Bill | 0.976% | 10/5/17 | 3,500 | 3,491 |
5 | United States Treasury Bill | 0.954% | 10/26/17 | 8,000 | 7,974 |
5 | United States Treasury Bill | 1.056% | 11/24/17 | 3,000 | 2,987 |
65,054 | |||||
Total Temporary Cash Investments (Cost $2,027,312) | 2,027,557 | ||||
Total Investments (101.6%) (Cost $79,202,545) | 90,054,810 | ||||
Other Assets and Liabilities—Net (-1.6%)4,6 | (1,445,256) | ||||
Net Assets (100%) | 88,609,554 |
* Non-income-producing security.
61
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2017
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,606,623,000.
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 1.6%, 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 June 30, 2017, the aggregate value of these securities was $807,934,000, representing
0.9% 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 $1,729,223,000 of collateral received for securities on loan.
5 Securities with a value of $32,041,000 have been segregated as initial margin for open futures contracts.
6 Cash of $11,630,000 has been segregated as initial margin 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.
SNA1272 082017
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) 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: August 17, 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: August 17, 2017 | |
| VANGUARD TAX-MANAGED FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: August 17, 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.