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 – December 31, 2017 | ||
Item 1: Reports to Shareholders |
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx1x1.jpg)
Annual Report | December 31, 2017
Vanguard Tax-Managed Funds® |
Vanguard Tax-Managed Balanced Fund |
Vanguard Tax-Managed Capital Appreciation Fund |
Vanguard Tax-Managed Small-Cap Fund |
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 3 |
Results of Proxy Voting. | 7 |
Tax-Managed Balanced Fund. | 9 |
Tax-Managed Capital Appreciation Fund. | 94 |
Tax-Managed Small-Cap Fund. | 117 |
Your Fund’s After-Tax Returns. | 140 |
About Your Fund’s Expenses. | 141 |
Glossary. | 143 |
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: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an
incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put
you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,
stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• U.S. stocks hit record highs in 2017 as investors welcomed tax legislation, strong corporate profits, low unemployment, and solid economic growth. The overall U.S. bond market, meanwhile, recorded a modest advance.
• Returns for the Vanguard Tax-Managed Funds ranged from 12.64% for the Balanced Fund to 22.40% for the Capital Appreciation Fund. The Small-Cap Fund’s 13.05% return fell in between. (Returns cited are for Admiral Shares.)
• Results for all three funds were in line with their benchmark indexes. Returns for both the Capital Appreciation Fund and the Small-Cap Fund exceeded the average returns of respective peer funds. The Balanced Fund was a step behind the average return of peers.
• The municipal bond market, as measured by the Bloomberg Barclays 1–15 Year Municipal Bond Index, returned 4.33% for 2017. Municipal bonds make up about half the Balanced Fund’s assets.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Tax-Managed Balanced Fund | 12.64% |
Tax-Managed Balanced Composite Index | 12.75 |
Mixed-Asset Target Allocation Moderate Funds Average | 12.80 |
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 | 22.40% |
Institutional Shares | 22.43 |
Russell 1000 Index | 21.69 |
Multi-Cap Core Funds Average | 19.15 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Small-Cap Fund | |
Admiral Shares | 13.05% |
Institutional Shares | 13.08 |
S&P SmallCap 600 Index | 13.23 |
Small-Cap Core Funds Average | 12.52 |
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
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Tax-Managed Balanced Fund | 6.67% |
Tax-Managed Balanced Composite Index | 6.86 |
Mixed-Asset Target Allocation Moderate Funds Average | 4.87 |
For a benchmark description, see the Glossary. |
Mixed-Asset Target Allocation Moderate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Tax-Managed Capital Appreciation Fund Admiral Shares | 8.74% |
Russell 1000 Index | 8.59 |
Multi-Cap Core Funds Average | 6.74 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Tax-Managed Small-Cap Fund Admiral Shares | 10.39% |
S&P SmallCap 600 Index | 10.43 |
Small-Cap Core Funds Average | 7.74 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be
lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our
website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely,
so an investor’s shares, when sold, could be worth more or less than their original cost.
Expense Ratios | |||
Your Fund Compared With Its Peer Group | |||
Admiral | Institutional | Peer Group | |
Shares | Shares | Average | |
Tax-Managed Balanced Fund | 0.09% | — | 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 fiscal year ended December 31, 2017, the funds’ expense ratios were: for the Tax-Managed Balanced Fund, 0.09%; for the
Tax-Managed Capital Appreciation Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares; and for the Tax-Managed
Small-Cap Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares. Peer-group expense ratios are derived from data provided
by Lipper, a Thomson Reuters Company, and capture information through year-end 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
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx5x1.jpg)
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
3
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
4
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
5
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx8x1.jpg)
F. William McNabb III
Chairman
January 1, 2018
6
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 2,630,454,415 | 36,508,105 | 98.6% |
Emerson U. Fullwood | 2,629,154,564 | 37,807,957 | 98.6% |
Amy Gutmann | 2,628,957,153 | 38,005,368 | 98.6% |
JoAnn Heffernan Heisen | 2,629,956,611 | 37,005,910 | 98.6% |
F. Joseph Loughrey | 2,630,059,207 | 36,903,313 | 98.6% |
Mark Loughridge | 2,630,084,949 | 36,877,571 | 98.6% |
Scott C. Malpass | 2,629,501,177 | 37,461,343 | 98.6% |
F. William McNabb III | 2,628,454,104 | 38,508,417 | 98.6% |
Deanna Mulligan | 2,631,115,438 | 35,847,082 | 98.7% |
André F. Perold | 2,626,332,823 | 40,629,698 | 98.5% |
Sarah Bloom Raskin | 2,630,118,120 | 36,844,401 | 98.6% |
Peter F. Volanakis | 2,629,934,484 | 37,028,036 | 98.6% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Tax-Managed Balanced Fund | 64,232,022 | 3,544,934 | 2,815,788 | 10,411,378 | 79.3% |
Tax-Managed Capital | |||||
Appreciation Fund | 41,593,903 | 1,921,042 | 1,413,995 | 6,771,902 | 80.5% |
Tax-Managed Small-Cap Fund | 55,430,034 | 2,708,645 | 2,045,729 | 12,889,680 | 75.9% |
7
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Tax-Managed Balanced Fund | 64,920,403 | 3,339,211 | 2,333,130 | 10,411,378 | 80.1% |
Tax-Managed Capital | |||||
Appreciation Fund | 42,007,267 | 1,858,280 | 1,063,393 | 6,771,902 | 81.3% |
Tax-Managed Small-Cap Fund | 56,071,529 | 2,488,018 | 1,624,860 | 12,889,680 | 76.7% |
Shareholders of Vanguard Tax-Managed Small-Cap Fund did not approve the following proposal:
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change, as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Tax-Managed Small-Cap Fund | 12,111,344 | 3,284,024 | 44,789,039 | 12,889,680 | 16.6% |
8
Tax-Managed Balanced Fund
Fund Profile
As of December 31, 2017
Equity and Portfolio Characteristics | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 880 | 978 | 3,775 |
Median Market Cap | $77.2B | $83.1B | $66.8B |
Price/Earnings Ratio | 22.0x | 22.9x | 22.8x |
Price/Book Ratio | 3.1x | 3.1x | 3.0x |
Return on Equity | 15.7% | 15.9% | 15.1% |
Earnings Growth Rate | 10.4% | 9.8% | 9.9% |
Dividend Yield | 1.6% | 1.8% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 9% | — | — |
Ticker Symbol | VTMFX | — | — |
Expense Ratio1 | 0.09% | — | — |
30-Day SEC Yield | 1.81% | — | — |
Short-Term Reserves | -0.1% | — | — |
Fixed Income Characteristics | |||
Bloomberg Bloomberg | |||
Barclays | Barclays | ||
1-15 Year | Municipal | ||
Municipal | Bond | ||
Fund | Index | Index | |
Number of Bonds | 1,807 | 40,822 | 50,820 |
Yield to Maturity | |||
(before expenses) | 2.2% | 2.1% | 2.4% |
Average Coupon | 4.7% | 4.8% | 4.7% |
Average Duration | 5.4 years | 4.7 years | 5.8 years |
Average Stated | |||
Maturity | 9.0 years | 8.0 years | 13.0 years |
Total Fund Volatility Measures | ||
DJ | ||
Tax-Managed | U.S. Total | |
Balanced | Market | |
Comp Index | FA Index | |
R-Squared | 1.00 | 0.87 |
Beta | 0.96 | 0.42 |
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 | 3.4% | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.5 | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.4 | |
Amazon.com Inc. | Diversified Retail | 1.8 |
Berkshire Hathaway Inc. | Insurance: Multi-Line | 1.7 |
Facebook Inc. | Computer Services | |
Software & Systems | 1.7 | |
Johnson & Johnson | Pharmaceuticals | 1.4 |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.4 | |
Exxon Mobil Corp. | Oil: Integrated | 1.3 |
Bank of America Corp. | Banks: Diversified | 1.1 |
Top Ten | 18.7% | |
Top Ten as % of Total Net Assets | 9.0% |
The holdings listed exclude any temporary cash investments and
equity index products.
Fund Asset Allocation
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx11x1.jpg)
1 The expense ratio shown is from the prospectus dated April 26, 2017, and represents estimated costs for the current fiscal year. For the
fiscal year ended December 31, 2017, the expense ratio was 0.09%.
9
Tax-Managed Balanced Fund
Sector Diversification (% of equity exposure)
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer Discretionary | 14.2% | 13.8% | 13.9% |
Consumer Staples | 6.8 | 6.7 | 6.3 |
Energy | 5.8 | 6.0 | 5.8 |
Financial Services | 21.0 | 21.1 | 21.4 |
Health Care | 12.7 | 13.0 | 13.1 |
Materials & Processing | 3.7 | 3.7 | 4.0 |
Other | 0.0 | 0.0 | 0.3 |
Producer Durables | 11.1 | 10.9 | 11.0 |
Technology | 19.8 | 19.9 | 19.4 |
Utilities | 4.9 | 4.9 | 4.8 |
Sector categories are based on the Russell Global Sectors (“RGS”),
except for the “Other” category (if applicable), which includes
securities that have not been provided a RGS classification as of
the effective reporting period.
Distribution by Credit Quality (% of fixed | |
income portfolio) | |
AAA | 22.3% |
AA | 48.9 |
A | 19.4 |
BBB | 7.7 |
BB | 0.4 |
B | 0.4 |
Not Rated | 0.9 |
Credit-quality ratings are obtained from Moody's and S&P, and the
higher rating for each issue is shown. "Not Rated" is used to
classify securities for which a rating is not available. For more
information about these ratings, see the Glossary entry for Credit
Quality.
Equity Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx12x1.jpg)
Fixed Income Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx12x2.jpg)
Distribution by Stated Maturity | |
(% of fixed income portfolio) | |
Under 1 Year | 6.6% |
1 - 3 Years | 11.9 |
3 - 5 Years | 13.3 |
5 - 10 Years | 26.0 |
10 - 20 Years | 41.5 |
20 - 30 Years | 0.6 |
Over 30 Years | 0.1 |
Largest Area Concentrations (% of fixed | |
income portfolio) | |
New York | 14.7% |
California | 12.3 |
Texas | 9.7 |
Illinois | 5.8 |
Florida | 4.8 |
Pennsylvania | 4.8 |
Maryland | 4.1 |
Ohio | 3.1 |
Virginia | 3.0 |
Michigan | 2.9 |
Top Ten | 65.2% |
"Largest Area Concentration" figures exclude any fixed income futures contracts.
10
Tax-Managed Balanced Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx13x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Tax-Managed Balanced Fund | 12.64% | 8.93% | 6.67% | $19,079 | |
![]() | Tax-Managed Balanced Composite | ||||
Index | 12.75 | 9.09 | 6.86 | 19,422 | |
![]() | Mixed-Asset Target Allocation | ||||
Moderate Funds Average | 12.80 | 7.17 | 4.87 | 16,083 | |
![]() | Bloomberg Barclays Municipal Bond | ||||
Index | 5.45 | 3.02 | 4.46 | 15,464 | |
![]() | Dow Jones U.S. Total Stock Market | ||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
For a benchmark description, see the Glossary.
Mixed-Asset Target Allocation Moderate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
See Financial Highlights for dividend and capital gains information.
11
Tax-Managed Balanced Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx14x1.jpg)
Tax-Managed Balanced Fund | |
Tax-Managed Balanced Composite Index | |
For a benchmark description, see the Glossary. |
12
Tax-Managed Balanced Fund
Financial Statements
Statement of Net Assets
As of December 31, 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%)1 | |||
Consumer Discretionary (6.8%) | |||
* | Amazon.com Inc. | 29,837 | 34,893 |
Home Depot Inc. | 87,299 | 16,546 | |
Comcast Corp. Class A | 334,889 | 13,412 | |
Walt Disney Co. | 112,666 | 12,113 | |
Wal-Mart Stores Inc. | 105,249 | 10,393 | |
McDonald’s Corp. | 59,574 | 10,254 | |
* | Priceline Group Inc. | 3,715 | 6,456 |
NIKE Inc. Class B | 93,628 | 5,856 | |
* | Netflix Inc. | 30,024 | 5,763 |
Costco Wholesale Corp. | 30,493 | 5,675 | |
Starbucks Corp. | 95,723 | 5,497 | |
Lowe’s Cos. Inc. | 58,497 | 5,437 | |
Time Warner Inc. | 52,661 | 4,817 | |
* | Charter Communications | ||
Inc. Class A | 13,941 | 4,684 | |
Marriott International Inc. | |||
Class A | 28,686 | 3,894 | |
General Motors Co. | 91,500 | 3,751 | |
* | eBay Inc. | 96,347 | 3,636 |
* | Dollar Tree Inc. | 33,373 | 3,581 |
* | Tesla Inc. | 11,422 | 3,556 |
TJX Cos. Inc. | 42,486 | 3,248 | |
Ford Motor Co. | 252,000 | 3,147 | |
Twenty-First Century Fox | |||
Inc. Class A | 76,951 | 2,657 | |
Ross Stores Inc. | 33,108 | 2,657 | |
* | Mohawk Industries Inc. | 9,075 | 2,504 |
CBS Corp. Class B | 41,216 | 2,432 | |
* | LKQ Corp. | 57,630 | 2,344 |
Estee Lauder Cos. Inc. | |||
Class A | 17,818 | 2,267 | |
* | NVR Inc. | 645 | 2,263 |
* | AutoZone Inc. | 2,916 | 2,074 |
* | O’Reilly Automotive Inc. | 8,549 | 2,056 |
Dollar General Corp. | 22,000 | 2,046 | |
VF Corp. | 26,400 | 1,954 |
Market | |||
Value• | |||
Shares | ($000) | ||
Yum! Brands Inc. | 23,005 | 1,877 | |
Royal Caribbean Cruises | |||
Ltd. | 15,347 | 1,831 | |
* | Visteon Corp. | 14,540 | 1,820 |
DR Horton Inc. | 34,933 | 1,784 | |
Thor Industries Inc. | 11,733 | 1,768 | |
MGM Resorts International | 52,646 | 1,758 | |
Lear Corp. | 9,633 | 1,702 | |
Carnival Corp. | 24,050 | 1,596 | |
Domino’s Pizza Inc. | 8,345 | 1,577 | |
Target Corp. | 24,067 | 1,570 | |
Sirius XM Holdings Inc. | 285,925 | 1,533 | |
* | Live Nation Entertainment | ||
Inc. | 34,190 | 1,455 | |
Newell Brands Inc. | 46,696 | 1,443 | |
Lennar Corp. Class A | 22,169 | 1,402 | |
Las Vegas Sands Corp. | 20,000 | 1,390 | |
Yum China Holdings Inc. | 34,065 | 1,363 | |
* | WABCO Holdings Inc. | 9,495 | 1,363 |
Expedia Inc. | 11,176 | 1,339 | |
Hilton Worldwide Holdings | |||
Inc. | 16,450 | 1,314 | |
Wyndham Worldwide | |||
Corp. | 11,225 | 1,301 | |
Fortune Brands Home | |||
& Security Inc. | 18,483 | 1,265 | |
* | Ulta Beauty Inc. | 5,266 | 1,178 |
* | ServiceMaster Global | ||
Holdings Inc. | 22,730 | 1,165 | |
News Corp. Class A | 71,840 | 1,165 | |
* | DISH Network Corp. | ||
Class A | 24,276 | 1,159 | |
PVH Corp. | 8,403 | 1,153 | |
Tapestry Inc. | 24,420 | 1,080 | |
Best Buy Co. Inc. | 15,300 | 1,048 | |
* | Madison Square Garden | ||
Co. Class A | 4,889 | 1,031 | |
Service Corp. International | 26,808 | 1,000 | |
Gentex Corp. | 46,360 | 971 |
13
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Aptiv plc | 11,093 | 941 |
Twenty-First Century Fox | |||
Inc. | 27,500 | 938 | |
Tractor Supply Co. | 12,514 | 935 | |
* | Lululemon Athletica Inc. | 11,665 | 917 |
Dunkin’ Brands Group Inc. | 13,942 | 899 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class C | 21,758 | 863 | |
Wendy’s Co. | 51,618 | 848 | |
Wynn Resorts Ltd. | 4,991 | 841 | |
Scripps Networks | |||
Interactive Inc. Class A | 9,268 | 791 | |
* | Lions Gate Entertainment | ||
Corp. Class B | 24,614 | 781 | |
* | CarMax Inc. | 12,071 | 774 |
Hanesbrands Inc. | 36,400 | 761 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class A | 18,974 | 753 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 13,853 | 738 | |
Omnicom Group Inc. | 9,279 | 676 | |
Polaris Industries Inc. | 5,200 | 645 | |
* | Hilton Grand Vacations Inc. | 15,055 | 632 |
Advance Auto Parts Inc. | 6,304 | 628 | |
Harley-Davidson Inc. | 12,290 | 625 | |
Kohl’s Corp. | 11,385 | 617 | |
* | Liberty Broadband Corp. | 7,096 | 604 |
Gap Inc. | 17,685 | 602 | |
John Wiley & Sons Inc. | |||
Class A | 9,018 | 593 | |
Vail Resorts Inc. | 2,700 | 574 | |
* | Liberty Expedia Holdings | ||
Inc. Class A | 12,550 | 556 | |
Coty Inc. Class A | 25,652 | 510 | |
* | Liberty Broadband Corp. | ||
Class A | 5,386 | 458 | |
BorgWarner Inc. | 8,952 | 457 | |
Adient plc | 5,647 | 444 | |
* | AutoNation Inc. | 8,427 | 433 |
* | Liberty Ventures Class A | 7,906 | 429 |
* | Liberty Media Corp-Liberty | ||
Formula One | 12,300 | 420 | |
AMERCO | 1,097 | 415 | |
Hasbro Inc. | 4,500 | 409 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 16,077 | 393 | |
Darden Restaurants Inc. | 3,980 | 382 | |
* | Bright Horizons Family | ||
Solutions Inc. | 3,993 | 375 | |
Genuine Parts Co. | 3,903 | 371 | |
Tiffany & Co. | 3,500 | 364 | |
* | Skechers U. S. A. Inc. | ||
Class A | 9,179 | 347 | |
Whirlpool Corp. | 2,008 | 339 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Under Armour Inc. Class A | 23,425 | 338 |
Nielsen Holdings plc | 9,228 | 336 | |
* | Lions Gate Entertainment | ||
Corp. Class A | 9,427 | 319 | |
Ralph Lauren Corp. Class A | 3,073 | 319 | |
* | Michael Kors Holdings Ltd. | 4,972 | 313 |
* | Murphy USA Inc. | 3,858 | 310 |
Aramark | 7,098 | 303 | |
* | TripAdvisor Inc. | 8,516 | 293 |
* | Burlington Stores Inc. | 2,300 | 283 |
Nordstrom Inc. | 5,400 | 256 | |
Signet Jewelers Ltd. | 4,400 | 249 | |
* | Hyatt Hotels Corp. Class A | 3,344 | 246 |
Dillard’s Inc. Class A | 3,953 | 237 | |
* | Urban Outfitters Inc. | 6,511 | 228 |
Bed Bath & Beyond Inc. | 10,100 | 222 | |
* | Floor & Decor Holdings Inc. | ||
Class A | 4,511 | 220 | |
* | Fitbit Inc. Class A | 37,908 | 216 |
Interpublic Group of Cos. | |||
Inc. | 10,283 | 207 | |
Williams-Sonoma Inc. | 4,000 | 207 | |
Brinker International Inc. | 5,137 | 200 | |
PulteGroup Inc. | 6,000 | 200 | |
* | Delphi Technologies plc | 3,697 | 194 |
Goodyear Tire & Rubber Co. | 5,972 | 193 | |
* | Under Armour Inc. | 13,969 | 186 |
* | Chipotle Mexican Grill Inc. | ||
Class A | 587 | 170 | |
* | Avis Budget Group Inc. | 3,466 | 152 |
* | Michaels Cos. Inc. | 5,723 | 138 |
Viacom Inc. Class B | 4,424 | 136 | |
* | Sally Beauty Holdings Inc. | 6,500 | 122 |
* | AMC Networks Inc. Class A | 2,253 | 122 |
* | Liberty Media Corp-Liberty | ||
Formula One Class A | 3,564 | 117 | |
Toll Brothers Inc. | 2,401 | 115 | |
KAR Auction Services Inc. | 2,200 | 111 | |
* | Vista Outdoor Inc. | 7,611 | 111 |
Leggett & Platt Inc. | 2,300 | 110 | |
Penske Automotive Group | |||
Inc. | 2,200 | 105 | |
Garmin Ltd. | 1,500 | 89 | |
* | Discovery Communications | ||
Inc. Class A | 3,841 | 86 | |
* | Wayfair Inc. | 1,068 | 86 |
* | Discovery Communications | ||
Inc. | 3,907 | 83 | |
* | Tempur Sealy International | ||
Inc. | 1,303 | 82 | |
* | Hertz Global Holdings Inc. | 3,462 | 77 |
Lennar Corp. Class B | 1,151 | 59 | |
Carter’s Inc. | 400 | 47 | |
H&R Block Inc. | 1,700 | 45 |
14
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Entercom | |||
Communications Corp. | |||
Class A | 171 | 2 | |
268,582 | |||
Consumer Staples (3.3%) | |||
Procter & Gamble Co. | 195,427 | 17,956 | |
Coca-Cola Co. | 280,264 | 12,858 | |
Philip Morris International | |||
Inc. | 116,249 | 12,282 | |
PepsiCo Inc. | 93,764 | 11,244 | |
Altria Group Inc. | 141,180 | 10,082 | |
CVS Health Corp. | 75,992 | 5,509 | |
Colgate-Palmolive Co. | 64,670 | 4,879 | |
Mondelez International | |||
Inc. Class A | 109,437 | 4,684 | |
* | Monster Beverage Corp. | 68,195 | 4,316 |
Walgreens Boots Alliance | |||
Inc. | 58,778 | 4,268 | |
Kraft Heinz Co. | 39,559 | 3,076 | |
Constellation Brands Inc. | |||
Class A | 12,887 | 2,946 | |
Kimberly-Clark Corp. | 22,621 | 2,729 | |
Tyson Foods Inc. Class A | 27,013 | 2,190 | |
General Mills Inc. | 32,466 | 1,925 | |
Sysco Corp. | 28,697 | 1,743 | |
Dr Pepper Snapple Group | |||
Inc. | 16,632 | 1,614 | |
Kroger Co. | 58,600 | 1,609 | |
Brown-Forman Corp. | |||
Class B | 22,451 | 1,542 | |
Hershey Co. | 13,200 | 1,498 | |
Clorox Co. | 10,000 | 1,487 | |
Archer-Daniels-Midland | |||
Co. | 35,973 | 1,442 | |
* | US Foods Holding Corp. | 42,844 | 1,368 |
Ingredion Inc. | 9,319 | 1,303 | |
McCormick & Co. Inc. | 12,780 | 1,302 | |
Church & Dwight Co. Inc. | 25,710 | 1,290 | |
* | Herbalife Ltd. | 17,937 | 1,215 |
* | Blue Buffalo Pet Products | ||
Inc. | 37,022 | 1,214 | |
JM Smucker Co. | 9,651 | 1,199 | |
Molson Coors Brewing | |||
Co. Class B | 14,200 | 1,165 | |
Hormel Foods Corp. | 30,684 | 1,117 | |
Kellogg Co. | 11,475 | 780 | |
* | Post Holdings Inc. | 9,694 | 768 |
Conagra Brands Inc. | 18,122 | 683 | |
Bunge Ltd. | 7,914 | 531 | |
* | Edgewell Personal Care | ||
Co. | 8,773 | 521 | |
* | Hain Celestial Group Inc. | 12,125 | 514 |
* | Pilgrim’s Pride Corp. | 13,362 | 415 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Sprouts Farmers Market | ||
Inc. | 14,002 | 341 | |
Energizer Holdings Inc. | 6,965 | 334 | |
Lamb Weston Holdings | |||
Inc. | 5,600 | 316 | |
Campbell Soup Co. | 5,817 | 280 | |
Pinnacle Foods Inc. | 2,000 | 119 | |
Flowers Foods Inc. | 4,800 | 93 | |
Casey’s General Stores | |||
Inc. | 200 | 22 | |
128,769 | |||
Energy (2.8%) | |||
Exxon Mobil Corp. | 303,615 | 25,394 | |
Chevron Corp. | 135,332 | 16,942 | |
Schlumberger Ltd. | 100,467 | 6,770 | |
EOG Resources Inc. | 44,956 | 4,851 | |
ConocoPhillips | 84,912 | 4,661 | |
Phillips 66 | 33,106 | 3,349 | |
Pioneer Natural Resources | |||
Co. | 17,381 | 3,004 | |
Halliburton Co. | 59,825 | 2,924 | |
Valero Energy Corp. | 31,400 | 2,886 | |
* | Concho Resources Inc. | 18,921 | 2,842 |
Kinder Morgan Inc. | 126,000 | 2,277 | |
Marathon Petroleum Corp. | 34,482 | 2,275 | |
Occidental Petroleum Corp. | 26,766 | 1,972 | |
Anadarko Petroleum Corp. | 32,492 | 1,743 | |
* | Continental Resources Inc. | 28,933 | 1,533 |
Williams Cos. Inc. | 48,200 | 1,470 | |
Andeavor | 11,100 | 1,269 | |
* | Transocean Ltd. | 117,426 | 1,254 |
Cimarex Energy Co. | 9,876 | 1,205 | |
* | Diamondback Energy Inc. | 9,353 | 1,181 |
* | Cheniere Energy Inc. | 21,179 | 1,140 |
Devon Energy Corp. | 26,954 | 1,116 | |
EQT Corp. | 17,576 | 1,000 | |
Marathon Oil Corp. | 57,682 | 977 | |
* | Newfield Exploration Co. | 29,806 | 940 |
Cabot Oil & Gas Corp. | 31,004 | 887 | |
Noble Energy Inc. | 28,498 | 830 | |
* | Energen Corp. | 13,916 | 801 |
Hess Corp. | 16,730 | 794 | |
National Oilwell Varco Inc. | 21,529 | 775 | |
ONEOK Inc. | 13,584 | 726 | |
RPC Inc. | 26,456 | 675 | |
Patterson-UTI Energy Inc. | 28,702 | 660 | |
Apache Corp. | 15,638 | 660 | |
HollyFrontier Corp. | 12,392 | 635 | |
Helmerich & Payne Inc. | 7,915 | 512 | |
* | Parsley Energy Inc. | ||
Class A | 16,086 | 474 | |
* | Antero Resources Corp. | 23,610 | 449 |
Valvoline Inc. | 17,015 | 426 | |
* | Southwestern Energy Co. | 71,098 | 397 |
15
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Baker Hughes a GE Co. | 11,650 | 369 | |
* | Chesapeake Energy Corp. | 78,915 | 313 |
* | Extraction Oil & Gas Inc. | 20,697 | 296 |
* | WPX Energy Inc. | 20,642 | 290 |
* | Centennial Resource | ||
Development Inc. Class A | 13,586 | 269 | |
CNX Resources Corp. | 17,885 | 262 | |
* | RSP Permian Inc. | 6,308 | 257 |
PBF Energy Inc. Class A | 7,200 | 255 | |
* | Gulfport Energy Corp. | 18,898 | 241 |
Murphy Oil Corp. | 7,300 | 227 | |
* | QEP Resources Inc. | 15,100 | 145 |
* | First Solar Inc. | 2,122 | 143 |
* | Laredo Petroleum Inc. | 12,991 | 138 |
* | Weatherford International | ||
plc | 27,477 | 115 | |
Nabors Industries Ltd. | 16,420 | 112 | |
Range Resources Corp. | 6,046 | 103 | |
* | Diamond Offshore Drilling | ||
Inc. | 5,249 | 98 | |
* | CONSOL Energy Inc. | 2,235 | 88 |
* | Rowan Cos. plc Class A | 4,859 | 76 |
* | Kosmos Energy Ltd. | 9,946 | 68 |
SM Energy Co. | 2,600 | 57 | |
World Fuel Services Corp. | 1,756 | 49 | |
108,647 | |||
Financial Services (10.1%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 162,294 | 32,170 | |
JPMorgan Chase & Co. | 251,316 | 26,876 | |
Bank of America Corp. | 706,036 | 20,842 | |
Wells Fargo & Co. | 316,091 | 19,177 | |
Visa Inc. Class A | 133,119 | 15,178 | |
Citigroup Inc. | 194,398 | 14,465 | |
Mastercard Inc. Class A | 67,200 | 10,171 | |
Goldman Sachs Group Inc. | 30,493 | 7,768 | |
* | PayPal Holdings Inc. | 95,967 | 7,065 |
American Express Co. | 59,334 | 5,892 | |
US Bancorp | 95,072 | 5,094 | |
American International | |||
Group Inc. | 80,341 | 4,787 | |
American Tower Corp. | 33,519 | 4,782 | |
Morgan Stanley | 89,319 | 4,687 | |
Charles Schwab Corp. | 89,405 | 4,593 | |
Chubb Ltd. | 28,302 | 4,136 | |
BlackRock Inc. | 8,031 | 4,126 | |
Simon Property Group Inc. | 23,328 | 4,006 | |
Bank of New York Mellon | |||
Corp. | 73,032 | 3,933 | |
PNC Financial Services | |||
Group Inc. | 27,240 | 3,930 | |
CME Group Inc. | 22,295 | 3,256 | |
Crown Castle International | |||
Corp. | 29,283 | 3,251 |
Market | |||
Value• | |||
Shares | ($000) | ||
Capital One Financial Corp. | 31,892 | 3,176 | |
Aon plc | 22,882 | 3,066 | |
MetLife Inc. | 59,540 | 3,010 | |
Prudential Financial Inc. | 26,132 | 3,005 | |
Allstate Corp. | 28,400 | 2,974 | |
* | Fiserv Inc. | 22,246 | 2,917 |
* | SBA Communications | ||
Corp. Class A | 17,545 | 2,866 | |
* | E*TRADE Financial Corp. | 55,392 | 2,746 |
Synchrony Financial | 70,362 | 2,717 | |
Progressive Corp. | 44,997 | 2,534 | |
SunTrust Banks Inc. | 38,929 | 2,514 | |
* | Equity Commonwealth | 82,214 | 2,508 |
Intercontinental Exchange | |||
Inc. | 35,187 | 2,483 | |
Equinix Inc. | 5,196 | 2,355 | |
S&P Global Inc. | 13,731 | 2,326 | |
State Street Corp. | 23,798 | 2,323 | |
BB&T Corp. | 46,119 | 2,293 | |
* | SVB Financial Group | 9,795 | 2,290 |
Marsh & McLennan Cos. | |||
Inc. | 27,497 | 2,238 | |
Public Storage | 10,472 | 2,189 | |
Travelers Cos. Inc. | 15,946 | 2,163 | |
Equity Residential | 33,625 | 2,144 | |
Prologis Inc. | 32,800 | 2,116 | |
Moody’s Corp. | 14,200 | 2,096 | |
* | Markel Corp. | 1,816 | 2,069 |
Fidelity National Information | |||
Services Inc. | 21,481 | 2,021 | |
Hartford Financial Services | |||
Group Inc. | 33,742 | 1,899 | |
Discover Financial Services | 24,229 | 1,864 | |
AvalonBay Communities | |||
Inc. | 10,200 | 1,820 | |
Comerica Inc. | 20,958 | 1,819 | |
* | CBRE Group Inc. Class A | 40,975 | 1,775 |
Zions Bancorporation | 34,541 | 1,756 | |
Digital Realty Trust Inc. | 15,110 | 1,721 | |
* | Arch Capital Group Ltd. | 18,944 | 1,720 |
Aflac Inc. | 19,587 | 1,719 | |
Weyerhaeuser Co. | 48,386 | 1,706 | |
KeyCorp | 84,218 | 1,699 | |
Global Payments Inc. | 16,878 | 1,692 | |
* | Howard Hughes Corp. | 12,834 | 1,685 |
MSCI Inc. Class A | 13,176 | 1,667 | |
Boston Properties Inc. | 12,781 | 1,662 | |
Loews Corp. | 32,874 | 1,645 | |
Torchmark Corp. | 17,380 | 1,576 | |
* | Alleghany Corp. | 2,625 | 1,565 |
Regions Financial Corp. | 90,215 | 1,559 | |
Total System Services Inc. | 19,350 | 1,530 | |
Welltower Inc. | 23,800 | 1,518 | |
First Republic Bank | 17,226 | 1,492 |
16
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Essex Property Trust Inc. | 5,973 | 1,442 | |
Equifax Inc. | 12,213 | 1,440 | |
Cboe Global Markets Inc. | 11,525 | 1,436 | |
SEI Investments Co. | 18,913 | 1,359 | |
* | Square Inc. | 38,728 | 1,343 |
Unum Group | 24,293 | 1,333 | |
* | Credit Acceptance Corp. | 4,061 | 1,314 |
Reinsurance Group of | |||
America Inc. Class A | 8,395 | 1,309 | |
Huntington Bancshares Inc. | 89,700 | 1,306 | |
Lincoln National Corp. | 16,530 | 1,271 | |
* | Signature Bank | 9,063 | 1,244 |
East West Bancorp Inc. | 20,444 | 1,244 | |
* | Western Alliance Bancorp | 21,808 | 1,235 |
Fifth Third Bancorp | 40,475 | 1,228 | |
Realty Income Corp. | 21,500 | 1,226 | |
Vornado Realty Trust | 15,600 | 1,220 | |
GGP Inc. | 51,800 | 1,212 | |
TD Ameritrade Holding | |||
Corp. | 23,647 | 1,209 | |
Ventas Inc. | 19,800 | 1,188 | |
Equity LifeStyle Properties | |||
Inc. | 13,123 | 1,168 | |
Extra Space Storage Inc. | 13,300 | 1,163 | |
WR Berkley Corp. | 15,951 | 1,143 | |
Nasdaq Inc. | 14,723 | 1,131 | |
* | First Data Corp. Class A | 65,872 | 1,101 |
FactSet Research Systems | |||
Inc. | 5,644 | 1,088 | |
Synovus Financial Corp. | 22,625 | 1,085 | |
Brown & Brown Inc. | 20,544 | 1,057 | |
American Homes 4 Rent | |||
Class A | 47,925 | 1,047 | |
Raymond James Financial | |||
Inc. | 11,434 | 1,021 | |
SL Green Realty Corp. | 10,059 | 1,015 | |
Assurant Inc. | 10,042 | 1,013 | |
Lamar Advertising Co. | |||
Class A | 13,558 | 1,007 | |
Douglas Emmett Inc. | 24,033 | 987 | |
Camden Property Trust | 10,700 | 985 | |
Everest Re Group Ltd. | 4,400 | 974 | |
Federal Realty Investment | |||
Trust | 7,319 | 972 | |
Commerce Bancshares Inc. | 17,378 | 970 | |
Alliance Data Systems Corp. | 3,804 | 964 | |
JBG SMITH Properties | 27,687 | 962 | |
RenaissanceRe Holdings | |||
Ltd. | 7,551 | 948 | |
* | Zillow Group Inc. | 23,114 | 946 |
Forest City Realty Trust Inc. | |||
Class A | 38,889 | 937 | |
Mid-America Apartment | |||
Communities Inc. | 9,294 | 935 |
Market | |||
Value• | |||
Shares | ($000) | ||
Host Hotels & Resorts Inc. | 46,699 | 927 | |
* | TransUnion | 16,844 | 926 |
HCP Inc. | 35,100 | 915 | |
Kilroy Realty Corp. | 12,189 | 910 | |
Assured Guaranty Ltd. | 26,202 | 887 | |
Associated Banc-Corp | 34,176 | 868 | |
M&T Bank Corp. | 4,999 | 855 | |
Franklin Resources Inc. | 19,575 | 848 | |
* | FleetCor Technologies Inc. | 4,347 | 836 |
Apartment Investment & | |||
Management Co. | 18,776 | 821 | |
Regency Centers Corp. | 11,800 | 816 | |
White Mountains Insurance | |||
Group Ltd. | 922 | 785 | |
TCF Financial Corp. | 37,574 | 770 | |
Empire State Realty Trust | |||
Inc. | 37,439 | 769 | |
Affiliated Managers Group | |||
Inc. | 3,684 | 756 | |
Hanover Insurance Group | |||
Inc. | 6,939 | 750 | |
Jones Lang LaSalle Inc. | 5,012 | 746 | |
Morningstar Inc. | 7,630 | 740 | |
Ally Financial Inc. | 24,954 | 728 | |
* | Brighthouse Financial Inc. | 12,112 | 710 |
Popular Inc. | 19,791 | 702 | |
Northern Trust Corp. | 6,972 | 696 | |
Principal Financial Group | |||
Inc. | 9,590 | 677 | |
Citizens Financial Group | |||
Inc. | 15,943 | 669 | |
Invesco Ltd. | 17,511 | 640 | |
Dun & Bradstreet Corp. | 5,400 | 639 | |
Legg Mason Inc. | 14,354 | 603 | |
Bank of the Ozarks | 12,100 | 586 | |
* | Vantiv Inc. Class A | 7,879 | 579 |
T. Rowe Price Group Inc. | 5,174 | 543 | |
Invitation Homes Inc. | 21,896 | 516 | |
PacWest Bancorp | 9,700 | 489 | |
Santander Consumer | |||
USA Holdings Inc. | 26,145 | 487 | |
First Hawaiian Inc. | 16,576 | 484 | |
TFS Financial Corp. | 32,290 | 482 | |
CNA Financial Corp. | 8,693 | 461 | |
People’s United Financial | |||
Inc. | 23,399 | 438 | |
First Horizon National | |||
Corp. | 21,630 | 432 | |
* | Athene Holding Ltd. | ||
Class A | 8,055 | 416 | |
Iron Mountain Inc. | 10,300 | 389 | |
Ameriprise Financial Inc. | 2,293 | 389 | |
FNF Group | 9,532 | 374 | |
BOK Financial Corp. | 4,040 | 373 |
17
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Brixmor Property Group Inc. | 19,000 | 354 | |
UDR Inc. | 8,895 | 343 | |
Cincinnati Financial Corp. | 4,401 | 330 | |
Broadridge Financial | |||
Solutions Inc. | 3,431 | 311 | |
* | WEX Inc. | 2,187 | 309 |
Park Hotels & Resorts Inc. | 10,700 | 308 | |
Arthur J Gallagher & Co. | 4,770 | 302 | |
* | CoreLogic Inc. | 6,349 | 293 |
Alexandria Real Estate | |||
Equities Inc. | 2,230 | 291 | |
ProAssurance Corp. | 5,000 | 286 | |
XL Group Ltd. | 7,793 | 274 | |
Retail Properties of | |||
America Inc. | 19,700 | 265 | |
Lazard Ltd. Class A | 5,025 | 264 | |
Western Union Co. | 13,776 | 262 | |
Duke Realty Corp. | 9,613 | 262 | |
CIT Group Inc. | 5,244 | 258 | |
New York Community | |||
Bancorp Inc. | 19,700 | 256 | |
Leucadia National Corp. | 8,733 | 231 | |
Jack Henry & Associates | |||
Inc. | 1,832 | 214 | |
Voya Financial Inc. | 4,100 | 203 | |
Thomson Reuters Corp. | 4,562 | 199 | |
* | Donnelley Financial | ||
Solutions Inc. | 9,058 | 177 | |
* | Euronet Worldwide Inc. | 1,811 | 153 |
MarketAxess Holdings Inc. | 700 | 141 | |
* | OneMain Holdings Inc. | 4,768 | 124 |
American Financial Group | |||
Inc. | 1,120 | 122 | |
Macerich Co. | 1,727 | 113 | |
Interactive Brokers Group | |||
Inc. | 1,820 | 108 | |
Liberty Property Trust | 2,100 | 90 | |
* | SLM Corp. | 6,800 | 77 |
Paramount Group Inc. | 4,666 | 74 | |
Willis Towers Watson plc | 400 | 60 | |
CyrusOne Inc. | 1,000 | 59 | |
Sun Communities Inc. | 600 | 56 | |
Axis Capital Holdings Ltd. | 1,000 | 50 | |
National Retail Properties | |||
Inc. | 800 | 34 | |
Healthcare Trust of America | |||
Inc. Class A | 1,000 | 30 | |
CubeSmart | 900 | 26 | |
Highwoods Properties Inc. | 500 | 25 | |
Navient Corp. | 1,600 | 21 | |
Cullen/Frost Bankers Inc. | 200 | 19 | |
* | Zillow Group Inc. Class A | 385 | 16 |
397,408 |
Market | |||
Value• | |||
Shares | ($000) | ||
Health Care (6.1%) | |||
Johnson & Johnson | 194,144 | 27,126 | |
Pfizer Inc. | 429,087 | 15,542 | |
UnitedHealth Group Inc. | 63,162 | 13,925 | |
Merck & Co. Inc. | 193,821 | 10,906 | |
AbbVie Inc. | 112,354 | 10,866 | |
Amgen Inc. | 54,555 | 9,487 | |
Medtronic plc | 102,810 | 8,302 | |
Bristol-Myers Squibb Co. | 119,260 | 7,308 | |
Gilead Sciences Inc. | 93,774 | 6,718 | |
Abbott Laboratories | 117,288 | 6,694 | |
* | Celgene Corp. | 58,792 | 6,136 |
Eli Lilly & Co. | 65,500 | 5,532 | |
* | Biogen Inc. | 16,819 | 5,358 |
Thermo Fisher Scientific | |||
Inc. | 27,667 | 5,253 | |
Aetna Inc. | 22,455 | 4,051 | |
Cigna Corp. | 19,741 | 4,009 | |
Anthem Inc. | 16,696 | 3,757 | |
Becton Dickinson and Co. | 17,469 | 3,739 | |
Danaher Corp. | 39,451 | 3,662 | |
Allergan plc | 22,373 | 3,660 | |
Stryker Corp. | 22,549 | 3,491 | |
* | Intuitive Surgical Inc. | 8,637 | 3,152 |
* | Boston Scientific Corp. | 125,016 | 3,099 |
Zoetis Inc. | 39,180 | 2,823 | |
* | Express Scripts Holding | ||
Co. | 36,431 | 2,719 | |
* | Vertex Pharmaceuticals Inc. | 17,896 | 2,682 |
Humana Inc. | 10,600 | 2,630 | |
* | HCA Healthcare Inc. | 28,725 | 2,523 |
* | Cerner Corp. | 35,541 | 2,395 |
Baxter International Inc. | 35,100 | 2,269 | |
* | Illumina Inc. | 10,070 | 2,200 |
* | Regeneron | ||
Pharmaceuticals Inc. | 5,706 | 2,145 | |
McKesson Corp. | 13,136 | 2,049 | |
Agilent Technologies Inc. | 29,707 | 1,989 | |
* | Alexion Pharmaceuticals | ||
Inc. | 16,238 | 1,942 | |
* | Laboratory Corp. of | ||
America Holdings | 11,632 | 1,855 | |
* | Mylan NV | 43,759 | 1,851 |
Zimmer Biomet Holdings | |||
Inc. | 13,970 | 1,686 | |
* | Edwards Lifesciences | ||
Corp. | 14,531 | 1,638 | |
Cooper Cos. Inc. | 6,988 | 1,523 | |
* | DaVita Inc. | 19,737 | 1,426 |
AmerisourceBergen Corp. | |||
Class A | 14,706 | 1,350 | |
Dentsply Sirona Inc. | 19,508 | 1,284 | |
* | QIAGEN NV | 40,188 | 1,243 |
PerkinElmer Inc. | 16,358 | 1,196 |
18
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Varian Medical Systems Inc. | 10,730 | 1,193 |
Universal Health Services | |||
Inc. Class B | 10,172 | 1,153 | |
* | BioMarin Pharmaceutical | ||
Inc. | 12,713 | 1,134 | |
* | Incyte Corp. | 11,641 | 1,103 |
Hill-Rom Holdings Inc. | 11,772 | 992 | |
* | IQVIA Holdings Inc. | 10,035 | 982 |
Cardinal Health Inc. | 15,684 | 961 | |
* | IDEXX Laboratories Inc. | 5,997 | 938 |
* | Centene Corp. | 9,187 | 927 |
* | Hologic Inc. | 19,575 | 837 |
Perrigo Co. plc | 9,600 | 837 | |
Bio-Techne Corp. | 6,325 | 819 | |
* | Alnylam Pharmaceuticals | ||
Inc. | 6,267 | 796 | |
* | Align Technology Inc. | 3,575 | 794 |
Quest Diagnostics Inc. | 8,019 | 790 | |
* | Alkermes plc | 13,745 | 752 |
* | Charles River Laboratories | ||
International Inc. | 6,613 | 724 | |
* | Bioverativ Inc. | 12,594 | 679 |
* | Henry Schein Inc. | 9,050 | 632 |
* | Premier Inc. Class A | 20,959 | 612 |
* | Ionis Pharmaceuticals Inc. | 11,135 | 560 |
* | United Therapeutics Corp. | 3,662 | 542 |
* | ABIOMED Inc. | 2,883 | 540 |
* | athenahealth Inc. | 4,001 | 532 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 2,080 | 496 | |
Patterson Cos. Inc. | 12,600 | 455 | |
ResMed Inc. | 4,700 | 398 | |
* | Akorn Inc. | 11,481 | 370 |
* | Neurocrine Biosciences Inc. | 4,603 | 357 |
* | Veeva Systems Inc. Class A | 6,429 | 355 |
* | Seattle Genetics Inc. | 6,253 | 335 |
* | WellCare Health Plans Inc. | 1,575 | 317 |
Teleflex Inc. | 1,238 | 308 | |
* | Allscripts Healthcare | ||
Solutions Inc. | 14,086 | 205 | |
* | Juno Therapeutics Inc. | 3,714 | 170 |
* | Agios Pharmaceuticals Inc. | 2,966 | 170 |
* | Varex Imaging Corp. | 4,097 | 165 |
* | Exelixis Inc. | 5,320 | 162 |
* | ACADIA Pharmaceuticals | ||
Inc. | 4,858 | 146 | |
West Pharmaceutical | |||
Services Inc. | 1,241 | 122 | |
* | LifePoint Health Inc. | 1,850 | 92 |
* | Acadia Healthcare Co. Inc. | 2,383 | 78 |
STERIS plc | 700 | 61 | |
* | Tenet Healthcare Corp. | 3,620 | 55 |
Bruker Corp. | 1,500 | 51 | |
* | Brookdale Senior Living Inc. | 5,053 | 49 |
239,937 |
Market | |||
Value• | |||
Shares | ($000) | ||
Materials & Processing (1.8%) | |||
DowDuPont Inc. | 149,073 | 10,617 | |
* | Freeport-McMoRan Inc. | 178,526 | 3,385 |
Monsanto Co. | 28,406 | 3,317 | |
Sherwin-Williams Co. | 6,460 | 2,649 | |
Praxair Inc. | 15,587 | 2,411 | |
Ecolab Inc. | 17,900 | 2,402 | |
LyondellBasell Industries | |||
NV Class A | 20,738 | 2,288 | |
Air Products & Chemicals | |||
Inc. | 12,000 | 1,969 | |
Newmont Mining Corp. | 50,141 | 1,881 | |
Ingersoll-Rand plc | 20,400 | 1,820 | |
PPG Industries Inc. | 15,400 | 1,799 | |
Vulcan Materials Co. | 13,986 | 1,795 | |
Celanese Corp. Class A | 15,082 | 1,615 | |
* | Crown Holdings Inc. | 26,667 | 1,500 |
Martin Marietta Materials | |||
Inc. | 6,586 | 1,456 | |
Southern Copper Corp. | 28,916 | 1,372 | |
International Paper Co. | 23,043 | 1,335 | |
Albemarle Corp. | 10,400 | 1,330 | |
Lennox International Inc. | 6,325 | 1,317 | |
Eagle Materials Inc. | 11,442 | 1,296 | |
Owens Corning | 13,342 | 1,227 | |
Ball Corp. | 30,836 | 1,167 | |
* | Owens-Illinois Inc. | 49,698 | 1,102 |
Sealed Air Corp. | 20,800 | 1,025 | |
* | Berry Global Group Inc. | 16,537 | 970 |
Hexcel Corp. | 15,266 | 944 | |
FMC Corp. | 8,798 | 833 | |
Nucor Corp. | 13,043 | 829 | |
Valmont Industries Inc. | 4,936 | 819 | |
WestRock Co. | 12,660 | 800 | |
Westlake Chemical Corp. | 7,433 | 792 | |
* | Armstrong World | ||
Industries Inc. | 11,495 | 696 | |
WR Grace & Co. | 9,792 | 687 | |
CF Industries Holdings Inc. | 16,059 | 683 | |
* | Axalta Coating Systems | ||
Ltd. | 20,158 | 652 | |
Reliance Steel & Aluminum | |||
Co. | 7,600 | 652 | |
NewMarket Corp. | 1,629 | 647 | |
* | USG Corp. | 16,106 | 621 |
Fastenal Co. | 11,023 | 603 | |
* | Alcoa Corp. | 10,865 | 585 |
Silgan Holdings Inc. | 18,967 | 557 | |
Eastman Chemical Co. | 5,919 | 548 | |
Scotts Miracle-Gro Co. | 5,042 | 540 | |
Mosaic Co. | 19,630 | 504 | |
Ashland Global Holdings | |||
Inc. | 6,198 | 441 | |
* | AdvanSix Inc. | 9,636 | 405 |
Masco Corp. | 8,889 | 391 |
19
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Packaging Corp. of | |||
America | 3,052 | 368 | |
International Flavors & | |||
Fragrances Inc. | 2,182 | 333 | |
United States Steel Corp. | 8,000 | 282 | |
Versum Materials Inc. | 6,923 | 262 | |
* | Univar Inc. | 8,150 | 252 |
Steel Dynamics Inc. | 5,473 | 236 | |
Royal Gold Inc. | 2,800 | 230 | |
RPM International Inc. | 2,300 | 121 | |
Acuity Brands Inc. | 600 | 106 | |
Chemours Co. | 1,100 | 55 | |
Sonoco Products Co. | 900 | 48 | |
AptarGroup Inc. | 300 | 26 | |
Bemis Co. Inc. | 500 | 24 | |
69,617 | |||
Other (0.0%) | |||
*,2 | Herbalife Ltd. CVR | 3,294 | 32 |
Producer Durables (5.3%) | |||
Boeing Co. | 41,320 | 12,186 | |
General Electric Co. | 595,800 | 10,397 | |
3M Co. | 38,887 | 9,153 | |
Union Pacific Corp. | 56,950 | 7,637 | |
Honeywell International | |||
Inc. | 49,634 | 7,612 | |
United Technologies Corp. | 57,076 | 7,281 | |
Accenture plc Class A | 40,531 | 6,205 | |
Caterpillar Inc. | 35,456 | 5,587 | |
Lockheed Martin Corp. | 17,192 | 5,520 | |
FedEx Corp. | 20,969 | 5,233 | |
United Parcel Service Inc. | |||
Class B | 41,881 | 4,990 | |
Southwest Airlines Co. | 52,425 | 3,431 | |
Automatic Data | |||
Processing Inc. | 28,934 | 3,391 | |
Delta Air Lines Inc. | 58,199 | 3,259 | |
CSX Corp. | 58,118 | 3,197 | |
Deere & Co. | 19,480 | 3,049 | |
Raytheon Co. | 15,935 | 2,993 | |
Emerson Electric Co. | 38,990 | 2,717 | |
Northrop Grumman Corp. | 8,646 | 2,654 | |
Norfolk Southern Corp. | 18,300 | 2,652 | |
General Dynamics Corp. | 12,614 | 2,566 | |
* | United Continental | ||
Holdings Inc. | 35,884 | 2,419 | |
* | Verisk Analytics Inc. | ||
Class A | 23,819 | 2,287 | |
Roper Technologies Inc. | 8,710 | 2,256 | |
Eaton Corp. plc | 28,045 | 2,216 | |
Illinois Tool Works Inc. | 13,175 | 2,198 | |
Rockwell Collins Inc. | 16,018 | 2,172 | |
Johnson Controls | |||
International plc | 55,892 | 2,130 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Mettler-Toledo | ||
International Inc. | 3,129 | 1,938 | |
TransDigm Group Inc. | 6,680 | 1,834 | |
Waste Management Inc. | 20,851 | 1,799 | |
Cintas Corp. | 11,403 | 1,777 | |
Cummins Inc. | 9,721 | 1,717 | |
Textron Inc. | 30,202 | 1,709 | |
Xylem Inc. | 24,814 | 1,692 | |
* | United Rentals Inc. | 9,732 | 1,673 |
* | Waters Corp. | 8,652 | 1,671 |
Spirit AeroSystems | |||
Holdings Inc. Class A | 19,094 | 1,666 | |
Huntington Ingalls | |||
Industries Inc. | 6,994 | 1,649 | |
AMETEK Inc. | 22,442 | 1,626 | |
Nordson Corp. | 10,592 | 1,551 | |
* | Quanta Services Inc. | 38,751 | 1,516 |
Oshkosh Corp. | 16,505 | 1,500 | |
Fortive Corp. | 20,625 | 1,492 | |
* | Copart Inc. | 34,158 | 1,475 |
BWX Technologies Inc. | 24,302 | 1,470 | |
IDEX Corp. | 10,862 | 1,433 | |
AO Smith Corp. | 22,475 | 1,377 | |
American Airlines Group | |||
Inc. | 26,130 | 1,360 | |
CH Robinson Worldwide | |||
Inc. | 15,011 | 1,337 | |
* | Welbilt Inc. | 56,144 | 1,320 |
Expeditors International | |||
of Washington Inc. | 20,024 | 1,295 | |
Orbital ATK Inc. | 9,719 | 1,278 | |
JB Hunt Transport | |||
Services Inc. | 11,052 | 1,271 | |
Toro Co. | 19,411 | 1,266 | |
Landstar System Inc. | 11,985 | 1,248 | |
Jacobs Engineering Group | |||
Inc. | 18,761 | 1,237 | |
Stanley Black & Decker Inc. | 7,110 | 1,207 | |
PACCAR Inc. | 16,828 | 1,196 | |
* | AECOM | 30,067 | 1,117 |
Republic Services Inc. | |||
Class A | 16,510 | 1,116 | |
Wabtec Corp. | 13,415 | 1,092 | |
FLIR Systems Inc. | 23,291 | 1,086 | |
Allegion plc | 13,283 | 1,057 | |
AGCO Corp. | 14,395 | 1,028 | |
* | HD Supply Holdings Inc. | 25,652 | 1,027 |
* | XPO Logistics Inc. | 11,125 | 1,019 |
ITT Inc. | 18,544 | 990 | |
Carlisle Cos. Inc. | 8,633 | 981 | |
Paychex Inc. | 14,384 | 979 | |
Air Lease Corp. Class A | 20,291 | 976 | |
Lincoln Electric Holdings | |||
Inc. | 9,765 | 894 | |
* | Sensata Technologies | ||
Holding NV | 15,977 | 817 |
20
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Robert Half International | |||
Inc. | 14,500 | 805 | |
* | CoStar Group Inc. | 2,703 | 803 |
* | Kirby Corp. | 11,770 | 786 |
Arconic Inc. | 28,166 | 768 | |
* | Trimble Inc. | 18,004 | 732 |
Parker-Hannifin Corp. | 3,602 | 719 | |
Trinity Industries Inc. | 19,100 | 716 | |
ManpowerGroup Inc. | 5,650 | 713 | |
Pentair plc | 10,087 | 712 | |
* | Stericycle Inc. | 9,901 | 673 |
L3 Technologies Inc. | 3,389 | 671 | |
Donaldson Co. Inc. | 13,286 | 650 | |
WW Grainger Inc. | 2,682 | 634 | |
Rockwell Automation Inc. | 3,203 | 629 | |
* | Middleby Corp. | 4,606 | 622 |
National Instruments Corp. | 14,511 | 604 | |
Flowserve Corp. | 14,313 | 603 | |
* | Clean Harbors Inc. | 10,820 | 586 |
* | WESCO International Inc. | 8,150 | 555 |
Copa Holdings SA Class A | 4,039 | 541 | |
* | Keysight Technologies Inc. | 12,935 | 538 |
* | Zebra Technologies Corp. | 4,942 | 513 |
MSC Industrial Direct Co. | |||
Inc. Class A | 5,300 | 512 | |
* | Conduent Inc. | 30,433 | 492 |
* | Colfax Corp. | 10,507 | 416 |
Fluor Corp. | 7,858 | 406 | |
Dover Corp. | 3,963 | 400 | |
Kansas City Southern | 3,700 | 389 | |
* | JetBlue Airways Corp. | 16,274 | 364 |
Genpact Ltd. | 11,065 | 351 | |
Old Dominion Freight Line | |||
Inc. | 2,437 | 321 | |
Alaska Air Group Inc. | 4,200 | 309 | |
Xerox Corp. | 9,663 | 282 | |
Snap-on Inc. | 1,497 | 261 | |
* | Gardner Denver Holdings | ||
Inc. | 7,540 | 256 | |
Avery Dennison Corp. | 2,100 | 241 | |
Regal Beloit Corp. | 2,800 | 214 | |
* | Genesee & Wyoming Inc. | ||
Class A | 2,048 | 161 | |
* | Herc Holdings Inc. | 2,550 | 160 |
Hubbell Inc. Class B | 1,000 | 135 | |
Terex Corp. | 2,800 | 135 | |
Ryder System Inc. | 1,400 | 118 | |
* | Teledyne Technologies Inc. | 601 | 109 |
Graco Inc. | 1,812 | 82 | |
208,834 | |||
Technology (9.5%) | |||
Apple Inc. | 382,896 | 64,798 | |
Microsoft Corp. | 529,275 | 45,274 | |
* | Facebook Inc. Class A | 177,557 | 31,332 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Alphabet Inc. Class A | 23,172 | 24,409 |
* | Alphabet Inc. Class C | 21,952 | 22,971 |
Intel Corp. | 334,900 | 15,459 | |
Cisco Systems Inc. | 349,381 | 13,381 | |
Oracle Corp. | 215,590 | 10,193 | |
International Business | |||
Machines Corp. | 61,603 | 9,451 | |
NVIDIA Corp. | 44,958 | 8,699 | |
Texas Instruments Inc. | 66,940 | 6,991 | |
* | Adobe Systems Inc. | 39,317 | 6,890 |
Broadcom Ltd. | 24,999 | 6,422 | |
QUALCOMM Inc. | 99,575 | 6,375 | |
* | salesforce.com Inc. | 54,127 | 5,533 |
* | NXP Semiconductors NV | 40,982 | 4,799 |
Applied Materials Inc. | 89,204 | 4,560 | |
* | Micron Technology Inc. | 80,797 | 3,322 |
Activision Blizzard Inc. | 48,460 | 3,068 | |
Intuit Inc. | 19,124 | 3,017 | |
Cognizant Technology | |||
Solutions Corp. Class A | 39,715 | 2,821 | |
Lam Research Corp. | 14,225 | 2,618 | |
DXC Technology Co. | 25,725 | 2,441 | |
* | Electronic Arts Inc. | 23,016 | 2,418 |
HP Inc. | 113,473 | 2,384 | |
Amphenol Corp. Class A | 26,575 | 2,333 | |
* | Autodesk Inc. | 21,898 | 2,296 |
Corning Inc. | 71,577 | 2,290 | |
Analog Devices Inc. | 25,108 | 2,235 | |
* | Cadence Design Systems | ||
Inc. | 49,612 | 2,075 | |
* | Synopsys Inc. | 22,641 | 1,930 |
Hewlett Packard | |||
Enterprise Co. | 124,273 | 1,785 | |
* | NCR Corp. | 49,915 | 1,697 |
Motorola Solutions Inc. | 17,978 | 1,624 | |
* | IAC/InterActiveCorp | 13,096 | 1,601 |
Teradyne Inc. | 37,832 | 1,584 | |
Western Digital Corp. | 19,616 | 1,560 | |
* | VeriSign Inc. | 13,479 | 1,543 |
Xilinx Inc. | 21,429 | 1,445 | |
Skyworks Solutions Inc. | 15,100 | 1,434 | |
* | Citrix Systems Inc. | 16,006 | 1,409 |
Symantec Corp. | 46,939 | 1,317 | |
CDK Global Inc. | 18,024 | 1,285 | |
* | ServiceNow Inc. | 9,312 | 1,214 |
* | Dell Technologies Inc. | ||
Class V | 14,578 | 1,185 | |
* | Twitter Inc. | 49,347 | 1,185 |
Juniper Networks Inc. | 40,200 | 1,146 | |
* | Red Hat Inc. | 9,345 | 1,122 |
Dolby Laboratories Inc. | |||
Class A | 17,775 | 1,102 | |
* | GoDaddy Inc. Class A | 21,558 | 1,084 |
* | Match Group Inc. | 34,062 | 1,066 |
21
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | CommScope Holding | ||
Co. Inc. | 26,290 | 995 | |
Amdocs Ltd. | 14,500 | 949 | |
Harris Corp. | 5,681 | 805 | |
* | VMware Inc. Class A | 6,316 | 792 |
* | Akamai Technologies Inc. | 12,167 | 791 |
DST Systems Inc. | 12,618 | 783 | |
KLA-Tencor Corp. | 7,417 | 779 | |
* | ON Semiconductor Corp. | 36,222 | 759 |
Avnet Inc. | 19,000 | 753 | |
* | IHS Markit Ltd. | 16,138 | 729 |
NetApp Inc. | 13,071 | 723 | |
* | Teradata Corp. | 18,620 | 716 |
* | Qorvo Inc. | 10,409 | 693 |
Leidos Holdings Inc. | 10,350 | 668 | |
* | Workday Inc. Class A | 5,963 | 607 |
* | ARRIS International plc | 23,318 | 599 |
Microchip Technology Inc. | 6,770 | 595 | |
Maxim Integrated Products | |||
Inc. | 11,229 | 587 | |
* | EchoStar Corp. Class A | 9,513 | 570 |
* | Gartner Inc. | 4,604 | 567 |
Sabre Corp. | 27,200 | 558 | |
* | F5 Networks Inc. | 4,097 | 538 |
* | ANSYS Inc. | 3,624 | 535 |
* | Arista Networks Inc. | 2,059 | 485 |
CSRA Inc. | 15,000 | 449 | |
* | Tyler Technologies Inc. | 2,469 | 437 |
* | Atlassian Corp. plc Class A | 9,368 | 426 |
* | Splunk Inc. | 5,058 | 419 |
* | Arrow Electronics Inc. | 4,677 | 376 |
* | Black Knight Inc. | 8,100 | 358 |
* | IPG Photonics Corp. | 1,666 | 357 |
CA Inc. | 10,607 | 353 | |
* | PTC Inc. | 5,724 | 348 |
CDW Corp. | 4,657 | 324 | |
* | Palo Alto Networks Inc. | 1,987 | 288 |
* | Fortinet Inc. | 6,022 | 263 |
Marvell Technology Group | |||
Ltd. | 11,400 | 245 | |
* | Take-Two Interactive | ||
Software Inc. | 2,079 | 228 | |
* | Microsemi Corp. | 4,404 | 227 |
* | Ultimate Software Group | ||
Inc. | 1,031 | 225 | |
* | Tableau Software Inc. | ||
Class A | 2,895 | 200 | |
* | CommerceHub Inc. | 9,264 | 191 |
* | Zynga Inc. Class A | 45,628 | 183 |
* | Nutanix Inc. | 5,012 | 177 |
Cognex Corp. | 2,880 | 176 | |
* | CommerceHub Inc. Class A | 7,340 | 161 |
* | Cree Inc. | 3,803 | 141 |
* | Guidewire Software Inc. | 1,609 | 119 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Coherent Inc. | 423 | 119 |
* | Cavium Inc. | 1,329 | 111 |
* | Manhattan Associates Inc. | 2,209 | 109 |
SS&C Technologies | |||
Holdings Inc. | 2,400 | 97 | |
* | Groupon Inc. Class A | 18,670 | 95 |
* | Twilio Inc. Class A | 3,885 | 92 |
* | FireEye Inc. | 5,605 | 80 |
* | Nuance Communications | ||
Inc. | 4,853 | 79 | |
* | Yelp Inc. Class A | 1,467 | 62 |
* | Inovalon Holdings Inc. | ||
Class A | 4,102 | 62 | |
LogMeIn Inc. | 300 | 34 | |
374,360 | |||
Utilities (2.3%) | |||
AT&T Inc. | 417,777 | 16,243 | |
Verizon Communications | |||
Inc. | 279,274 | 14,782 | |
NextEra Energy Inc. | 35,342 | 5,520 | |
Duke Energy Corp. | 56,472 | 4,750 | |
Dominion Energy Inc. | 52,774 | 4,278 | |
Southern Co. | 77,548 | 3,729 | |
American Electric Power | |||
Co. Inc. | 39,900 | 2,935 | |
Exelon Corp. | 65,800 | 2,593 | |
* | T-Mobile US Inc. | 36,928 | 2,345 |
Consolidated Edison Inc. | 26,300 | 2,234 | |
Sempra Energy | 19,829 | 2,120 | |
Public Service Enterprise | |||
Group Inc. | 37,900 | 1,952 | |
WEC Energy Group Inc. | 27,832 | 1,849 | |
* | Vistra Energy Corp. | 96,174 | 1,762 |
American Water Works | |||
Co. Inc. | 18,678 | 1,709 | |
Xcel Energy Inc. | 27,404 | 1,318 | |
PG&E Corp. | 29,099 | 1,305 | |
PPL Corp. | 40,300 | 1,247 | |
FirstEnergy Corp. | 38,600 | 1,182 | |
Edison International | 18,117 | 1,146 | |
NRG Energy Inc. | 39,365 | 1,121 | |
Aqua America Inc. | 28,286 | 1,110 | |
NiSource Inc. | 42,649 | 1,095 | |
UGI Corp. | 23,161 | 1,087 | |
Alliant Energy Corp. | 24,226 | 1,032 | |
CMS Energy Corp. | 20,227 | 957 | |
* | United States Cellular | ||
Corp. | 24,396 | 918 | |
OGE Energy Corp. | 25,486 | 839 | |
* | Zayo Group Holdings Inc. | 22,277 | 820 |
* | Sprint Corp. | 130,480 | 769 |
CenturyLink Inc. | 45,495 | 759 | |
Eversource Energy | 10,287 | 650 |
22
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Telephone & Data Systems | |||
Inc. | 23,346 | 649 | |
Entergy Corp. | 7,583 | 617 | |
DTE Energy Co. | 5,467 | 598 | |
Ameren Corp. | 10,137 | 598 | |
Westar Energy Inc. Class A | 11,300 | 597 | |
AES Corp. | 53,469 | 579 | |
* | Calpine Corp. | 34,845 | 527 |
CenterPoint Energy Inc. | 17,200 | 488 | |
National Fuel Gas Co. | 5,771 | 317 |
Market | ||
Value• | ||
Shares | ($000) | |
MDU Resources Group Inc. | 9,950 | 267 |
Pinnacle West Capital Corp. | 3,058 | 261 |
Atmos Energy Corp. | 2,745 | 236 |
Avangrid Inc. | 4,545 | 230 |
Great Plains Energy Inc. | 2,400 | 77 |
92,197 | ||
Total Common Stocks | ||
(Cost $1,019,526) | 1,888,383 |
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tax-Exempt Municipal Bonds (51.4%) | ||||
Alabama (0.3%) | ||||
Alabama 21st Century Authority Tobacco | ||||
Settlement Revenue | 5.000% | 6/1/20 | 500 | 539 |
Alabama Incentives Financing Authority | ||||
Special Obligation Revenue | 5.000% | 9/1/32 | 380 | 419 |
Birmingham AL Water Works Board Water | ||||
Revenue | 5.000% | 1/1/24 | 1,175 | 1,378 |
Black Belt Energy Gas District Alabama Gas | ||||
Supply Revenue PUT | 4.000% | 6/1/21 | 1,465 | 1,552 |
Black Belt Energy Gas District Alabama Gas | ||||
Supply Revenue PUT | 4.000% | 7/1/22 | 2,500 | 2,690 |
Huntsville AL Electric System Revenue | 5.000% | 12/1/30 | 510 | 622 |
Jefferson County AL Revenue | 5.000% | 9/15/29 | 1,020 | 1,218 |
Jefferson County AL Revenue | 5.000% | 9/15/33 | 1,000 | 1,167 |
Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 553 |
Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 (4) | 500 | 388 |
Tuscaloosa AL City Board of Education | ||||
School Tax Warrants Revenue | 5.000% | 8/1/27 | 500 | 604 |
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 | 657 |
12,810 | ||||
Alaska (0.1%) | ||||
Alaska Housing Finance Corp. General | ||||
Housing Revenue | 5.000% | 12/1/29 | 500 | 556 |
Alaska Municipal Bond Bank Authority | ||||
Revenue | 5.000% | 9/1/21 | 1,650 | 1,824 |
Matanuska-Susitna Borough AK Lease | ||||
Revenue (Goose Creek Correctional Center) | ||||
GO | 5.000% | 9/1/31 | 1,345 | 1,585 |
3,965 | ||||
Arizona (1.5%) | ||||
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.875% | 7/1/18 (Prere.) | 100 | 102 |
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.000% | 7/1/30 | 675 | 802 |
23
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.000% | 7/1/31 | 545 | 638 |
Arizona COP | 5.000% | 10/1/18 (4) | 500 | 512 |
Arizona Health Facilities Authority Revenue | ||||
(Banner Health) | 5.000% | 1/1/18 (Prere.) | 500 | 500 |
Arizona School Facilities Board COP | 5.500% | 9/1/18 (Prere.) | 500 | 513 |
Arizona School Facilities Board COP | 5.000% | 9/1/19 | 1,000 | 1,054 |
Arizona School Facilities Board COP | 5.000% | 9/1/21 | 1,355 | 1,508 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/21 | 2,240 | 2,491 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/23 | 1,955 | 2,284 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/24 | 2,000 | 2,380 |
Arizona Transportation Board Excise Tax | ||||
Revenue (Maricopa County Regional Area) | 5.000% | 7/1/20 (Prere.) | 500 | 541 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/22 (Prere.) | 500 | 568 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/22 | 2,005 | 2,283 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/32 | 1,000 | 1,205 |
Chandler AZ GO | 5.000% | 7/1/23 | 1,000 | 1,168 |
Gilbert AZ GO | 5.000% | 7/1/20 | 2,480 | 2,685 |
Glendale AZ Industrial Development Authority | ||||
Revenue (Midwestern University) | 5.000% | 5/15/30 | 335 | 359 |
Glendale AZ Senior Excise Tax Revenue | 5.000% | 7/1/18 | 1,100 | 1,119 |
Maricopa County AZ Industrial Development | ||||
Authority Health Facilities Revenue | ||||
(Banner Health Obligated Group) | 5.000% | 1/1/28 | 1,000 | 1,237 |
Maricopa County AZ School District No. 28 | ||||
(Kyrene Elementary) GO | 4.000% | 7/1/19 | 900 | 932 |
Phoenix AZ Civic Improvement Corp. Airport | ||||
Revenue | 5.000% | 7/1/20 (Prere.) | 365 | 394 |
Phoenix AZ Civic Improvement Corp. Airport | ||||
Revenue | 5.000% | 7/1/35 | 1,615 | 1,907 |
Phoenix AZ Civic Improvement Corp. Airport | ||||
Revenue | 5.000% | 7/1/36 | 1,405 | 1,656 |
Phoenix AZ Civic Improvement Corp. Airport | ||||
Revenue | 5.000% | 7/1/37 | 1,000 | 1,196 |
Phoenix AZ Civic Improvement Corp. Excise | ||||
Tax Revenue | 5.000% | 7/1/22 | 1,145 | 1,304 |
Phoenix AZ Civic Improvement Corp. Excise | ||||
Tax Revenue | 4.000% | 7/1/28 | 1,000 | 1,152 |
Phoenix AZ Civic Improvement Corp. | ||||
Wastewater System Revenue | 5.000% | 7/1/22 | 2,190 | 2,493 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/21 | 525 | 584 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/22 | 1,200 | 1,368 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/23 | 2,000 | 2,331 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/26 | 2,500 | 2,961 |
24
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Phoenix AZ Civic Improvement Corp. Water | ||||
System Revenue | 5.000% | 7/1/35 | 1,900 | 2,263 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 500 | 540 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 1,000 | 1,080 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/24 | 1,000 | 1,183 |
Regional Public Transportation Authority | ||||
Arizona Excise Tax Revenue (Maricopa | ||||
County Public Transportation) | 5.250% | 7/1/24 | 1,000 | 1,205 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/19 (Prere.) | 750 | 777 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/28 | 500 | 558 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,261 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,075 | 1,313 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,540 | 1,854 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 910 | 1,074 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 560 | 684 |
University Medical Center Corp. Arizona | ||||
Hospital Revenue | 5.000% | 7/1/19 (ETM) | 500 | 524 |
Yavapai County AZ Industrial Development | ||||
Authority Hospital Facility Revenue | ||||
(Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 561 |
58,104 | ||||
Arkansas (0.2%) | ||||
Arkansas Development Finance Authority | ||||
Healthcare Revenue (Baptist Health) PUT | 3.750% | 9/1/25 | 2,000 | 2,058 |
Pulaski County AR Hospital Revenue | ||||
(Arkansas Children’s Hospital) | 5.000% | 3/1/29 | 1,010 | 1,207 |
Rogers AR Sales & Use Tax Revenue | 2.125% | 11/1/29 | 245 | 248 |
Springdale AR School District No. 50 GO | 4.000% | 6/1/27 | 1,190 | 1,292 |
Springdale AR School District No. 50 GO | 4.000% | 6/1/32 | 1,155 | 1,243 |
University of Arkansas Revenue | 5.000% | 11/1/21 | 750 | 841 |
University of Arkansas Revenue | 5.000% | 11/1/24 | 750 | 900 |
University of Arkansas Revenue | 5.000% | 11/1/30 | 725 | 872 |
8,661 | ||||
California (6.3%) | ||||
ABAG Finance Authority for Nonprofit | ||||
Corps. California Revenue (Episcopal | ||||
Senior Communities) | 5.000% | 7/1/22 | 500 | 573 |
ABAG Finance Authority for Nonprofit | ||||
Corps. California Revenue (Jackson | ||||
Laboratory) | 5.000% | 7/1/21 | 760 | 844 |
ABAG Finance Authority for Nonprofit | ||||
Corps. California Revenue (Windemere | ||||
Ranch Infrastructure Financing Program) | 5.000% | 9/2/30 (4) | 1,000 | 1,212 |
Alameda CA Corridor Transportation | ||||
Authority Revenue | 0.000% | 10/1/30 (2) | 740 | 464 |
Alameda CA Corridor Transportation | ||||
Authority Revenue | 0.000% | 10/1/32 (14) | 1,650 | 1,001 |
25
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Anaheim CA Housing & Public Improvements | ||||
Authority Revenue (Electric Utility | ||||
Distribution System) | 5.000% | 10/1/30 | 1,000 | 1,136 |
Anaheim CA Housing & Public Improvements | ||||
Authority Revenue (Electric Utility | ||||
Distribution System) | 5.000% | 10/1/33 | 1,000 | 1,130 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 10/1/20 (Prere.) | 500 | 546 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/23 (Prere.) | 1,000 | 1,163 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 500 | 565 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 4.000% | 4/1/33 | 1,000 | 1,104 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 4.000% | 4/1/37 | 795 | 868 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.375% | 4/1/20 | 1,000 | 990 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/20 | 1,500 | 1,502 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.310% | 4/1/20 | 1,000 | 1,004 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.410% | 4/1/21 | 1,000 | 1,009 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.100% | 4/1/22 | 1,000 | 1,006 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.610% | 5/1/23 | 1,000 | 1,017 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.125% | 4/1/25 | 2,950 | 2,955 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.950% | 4/1/26 | 1,000 | 1,048 |
Brea CA Redevelopment Agency Successor | ||||
Agency Tax Allocation Revenue | ||||
(Redevelopment Project AB) | 0.000% | 8/1/29 (2) | 1,000 | 681 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 165 | 167 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 500 | 506 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 2,500 | 2,698 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 575 | 620 |
California Department of Water Resources | ||||
Water System Revenue (Central Valley | ||||
Project) | 5.000% | 6/1/18 (Prere.) | 20 | 20 |
California Department of Water Resources | ||||
Water System Revenue (Central Valley | ||||
Project) | 5.000% | 6/1/18 (Prere.) | 480 | 487 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 390 | 397 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 110 | 112 |
California Economic Recovery GO | 5.000% | 7/1/19 (Prere.) | 500 | 526 |
California Economic Recovery GO | 5.000% | 7/1/19 (ETM) | 500 | 526 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 315 | 332 |
26
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 185 | 195 |
California Educational Facilities Authority | ||||
Revenue (University of San Francisco) | 6.125% | 10/1/30 | 500 | 582 |
California GO | 5.500% | 3/1/18 (Prere.) | 500 | 503 |
California GO | 6.000% | 4/1/18 | 500 | 506 |
California GO | 5.000% | 2/1/20 | 500 | 535 |
California GO | 5.000% | 10/1/20 | 2,000 | 2,181 |
California GO | 5.000% | 11/1/20 | 4,000 | 4,371 |
California GO | 5.000% | 8/1/22 | 1,000 | 1,141 |
California GO | 5.000% | 9/1/22 | 1,805 | 2,064 |
California GO | 5.000% | 11/1/23 | 1,155 | 1,356 |
California GO | 5.000% | 9/1/25 | 1,560 | 1,900 |
California GO | 5.000% | 3/1/26 | 630 | 761 |
California GO | 3.500% | 8/1/27 | 1,515 | 1,701 |
California GO | 5.000% | 2/1/28 | 690 | 793 |
California GO | 4.500% | 8/1/28 (2) | 15 | 15 |
California GO | 5.750% | 4/1/29 | 500 | 526 |
California GO | 5.000% | 9/1/29 | 495 | 506 |
California GO | 5.000% | 9/1/29 | 455 | 556 |
California GO | 5.000% | 10/1/29 | 3,500 | 3,530 |
California GO | 5.000% | 11/1/29 | 1,700 | 1,978 |
California GO | 5.250% | 3/1/30 | 500 | 538 |
California GO | 5.000% | 8/1/30 | 1,000 | 1,234 |
California GO | 5.000% | 9/1/30 | 1,000 | 1,113 |
California GO | 5.250% | 9/1/30 | 500 | 563 |
California GO | 4.000% | 8/1/31 | 1,675 | 1,860 |
California GO | 5.000% | 2/1/32 | 500 | 561 |
California GO | 5.000% | 10/1/32 | 1,875 | 2,211 |
California GO | 4.000% | 8/1/33 | 1,520 | 1,668 |
California GO | 5.000% | 8/1/33 | 2,865 | 3,439 |
California GO | 4.000% | 9/1/33 | 2,000 | 2,196 |
California GO | 4.000% | 9/1/35 | 1,000 | 1,089 |
California GO | 4.000% | 9/1/35 | 1,815 | 1,977 |
California Health Facilities Financing Authority | ||||
Revenue (Adventist Health System/West) | 5.000% | 3/1/23 | 1,060 | 1,219 |
California Health Facilities Financing Authority | ||||
Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,138 |
California Health Facilities Financing Authority | ||||
Revenue (Kaiser Permanente) | 5.000% | 11/1/27 | 2,255 | 2,842 |
California Health Facilities Financing Authority | ||||
Revenue (Kaiser Permanente) | 4.000% | 11/1/38 | 2,000 | 2,169 |
California Health Facilities Financing Authority | ||||
Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/22 | 745 | 857 |
California Health Facilities Financing Authority | ||||
Revenue (Lucile Salter Packard Children’s | ||||
Hospital at Stanford) | 5.000% | 8/15/20 | 370 | 403 |
California Health Facilities Financing Authority | ||||
Revenue (Providence St. Joseph Health | ||||
Obligated Group) PUT | 4.000% | 10/1/24 | 1,090 | 1,222 |
California Health Facilities Financing Authority | ||||
Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 965 | 1,069 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.000% | 8/15/18 (Prere.) | 110 | 112 |
27
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.500% | 8/15/26 | 500 | 550 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.000% | 11/15/33 | 1,000 | 1,218 |
California Infrastructure & Economic | ||||
Development Bank Revenue (Bay Area Toll | ||||
Bridges Seismic Retrofit) | 5.000% | 1/1/28 (Prere.) | 500 | 626 |
California Municipal Finance Authority | ||||
Revenue (Anaheim Electric Utility | ||||
Distribution System) | 5.000% | 10/1/30 | 965 | 1,148 |
California Municipal Finance Authority | ||||
Revenue (University of La Verne) | 6.125% | 6/1/20 (Prere.) | 500 | 554 |
California Pollution Control Financing Authority | ||||
Water Furnishing Revenue (San Diego County | ||||
Water Authority Desalination Project Pipeline) | 5.000% | 7/1/37 | 1,000 | 1,006 |
California Public Works Board Lease Revenue | ||||
(Davidson Library) | 5.000% | 3/1/23 (Prere.) | 20 | 23 |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/22 | 1,000 | 1,134 |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/27 | 1,050 | 1,187 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.000% | 10/1/26 | 1,200 | 1,424 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 343 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.125% | 12/1/29 | 250 | 279 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 3/1/18 (Prere.) | 200 | 201 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 70 | 73 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 120 | 125 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 12/1/21 (Prere.) | 35 | 39 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.375% | 3/1/20 (Prere.) | 1,000 | 1,081 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 25 | 28 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 4.000% | 11/1/31 | 1,840 | 2,033 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,130 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 4/1/32 | 350 | 390 |
California State University Systemwide | ||||
Revenue | 5.250% | 5/1/19 (Prere.) | 300 | 315 |
California State University Systemwide | ||||
Revenue | 5.750% | 5/1/19 (Prere.) | 500 | 528 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/30 | 1,000 | 1,143 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/32 | 1,000 | 1,211 |
28
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/32 | 2,815 | 3,444 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/34 | 2,000 | 2,339 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/35 | 2,000 | 2,425 |
California State University Systemwide | ||||
Revenue PUT | 3.000% | 11/1/19 | 1,000 | 1,018 |
California Statewide Communities | ||||
Development Authority Revenue | ||||
(Citrus Valley Health Partners) | 3.723% | 4/1/28 (14) | 1,700 | 1,697 |
California Statewide Communities | ||||
Development Authority Revenue | ||||
(Loma Linda University Medical Center) | 5.000% | 12/1/28 | 400 | 454 |
Chabot-Las Positas CA Community College | ||||
District GO | 5.000% | 8/1/31 | 1,000 | 1,157 |
Chaffey CA Community College District GO | 5.000% | 6/1/23 | 840 | 983 |
Chino CA Public Financing Authority Special | ||||
Tax Revenue | 5.000% | 9/1/30 (4) | 800 | 938 |
Chula Vista CA Municipal Financing Authority | ||||
Special Tax Revenue | 5.500% | 9/1/27 | 970 | 1,128 |
Citrus CA Community College District GO | 0.000% | 8/1/34 | 1,000 | 866 |
Contra Costa CA Community College District | ||||
GO | 5.000% | 8/1/31 | 1,000 | 1,164 |
Contra Costa CA Municipal Water District | ||||
Revenue | 5.000% | 10/1/33 | 1,000 | 1,159 |
Contra Costa CA Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 3/1/26 | 485 | 601 |
Contra Costa CA Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 3/1/27 | 600 | 755 |
Corona-Norco CA Unified School District | ||||
Special Tax Revenue (Community Facilities | ||||
District No. 98-1) | 5.000% | 9/1/22 | 970 | 1,106 |
East Bay CA Municipal Utility District Water | ||||
System Revenue | 5.000% | 6/1/29 | 1,000 | 1,253 |
Foothill/Eastern Transportation Corridor | ||||
Agency California Toll Road Revenue | 0.000% | 1/15/29 | 1,390 | 1,230 |
Fresno CA Joint Powers Financing Authority | ||||
Lease Revenue | 5.000% | 4/1/19 | 2,250 | 2,342 |
Gavilan CA Joint Community College District | ||||
GO | 5.000% | 8/1/28 | 1,000 | 1,198 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 5.000% | 6/1/25 | 500 | 580 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 0.000% | 6/1/27 (2) | 2,060 | 1,614 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 5.000% | 6/1/33 | 1,565 | 1,834 |
La Quinta CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 9/1/26 | 1,500 | 1,727 |
La Quinta CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 9/1/30 | 1,000 | 1,169 |
La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/26 | 350 | 381 |
Long Beach CA Finance Authority Natural | ||||
Gas Purchase Revenue | 5.250% | 11/15/19 | 90 | 96 |
29
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Long Beach CA Finance Authority Natural Gas | ||||
Purchase Revenue | 5.250% | 11/15/23 | 330 | 382 |
Long Beach CA Unified School District GO | 0.000% | 8/1/24 (12) | 1,290 | 1,120 |
Los Angeles CA Community College District | ||||
GO | 5.000% | 8/1/18 (Prere.) | 500 | 510 |
Los Angeles CA Community College District | ||||
GO | 5.000% | 8/1/22 | 1,000 | 1,149 |
Los Angeles CA Community College District | ||||
GO | 4.000% | 8/1/32 | 1,000 | 1,092 |
Los Angeles CA Department of Airports | ||||
International Airport Revenue | 5.000% | 5/15/27 | 500 | 538 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/24 | 500 | 526 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/33 | 1,375 | 1,673 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,190 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/37 | 1,000 | 1,204 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/38 | 500 | 601 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 1,700 | 1,845 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/22 | 1,000 | 1,146 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/23 | 2,000 | 2,351 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 1,000 | 1,247 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 500 | 526 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 525 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 525 |
Los Angeles CA Wastewater System | ||||
Revenue | 5.000% | 6/1/19 (Prere.) | 500 | 524 |
Los Angeles CA Wastewater System | ||||
Revenue | 5.000% | 6/1/36 | 1,755 | 2,126 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/19 | 560 | 589 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/31 | 1,970 | 2,435 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/36 | 1,935 | 2,358 |
Los Angeles County CA Public Works | ||||
Financing Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 569 |
Los Angeles County CA Redevelopment | ||||
Authority Tax Allocation Revenue | ||||
(Hollywood/North Hollywood | ||||
Redevelopment Project) | 5.000% | 7/1/20 | 1,500 | 1,622 |
Marysville CA Revenue (Fremont-Rideout | ||||
Health Group) | 5.250% | 1/1/24 | 600 | 622 |
Milpitas CA Redevelopment Agency | ||||
Successor Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 1,130 | 1,347 |
Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 439 |
Oakland CA Redevelopment Agency Tax | ||||
Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 570 |
Oakland CA Unified School District GO | 5.000% | 8/1/25 (4) | 1,500 | 1,830 |
30
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Orange County CA Development Agency Tax | ||||
Allocation Revenue (Santa Ana Heights | ||||
Project) | 5.000% | 3/1/21 | 1,170 | 1,270 |
Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 1,000 | 895 |
Palomar Pomerado Health California GO | 0.000% | 8/1/26 (12) | 1,040 | 827 |
Palomar Pomerado Health California GO | 0.000% | 8/1/32 (12) | 700 | 441 |
Perris CA Public Financing Authority Tax | ||||
Allocation Revenue | 5.000% | 10/1/21 | 1,085 | 1,218 |
Poway CA Unified School District GO | 5.000% | 8/1/24 | 1,750 | 2,099 |
Poway CA Unified School District Public | ||||
Financing Authority Special Tax Revenue | 5.000% | 9/1/31 (4) | 1,410 | 1,665 |
Riverside County CA Transportation | ||||
Commission Sales Tax Revenue | 5.250% | 6/1/29 | 1,000 | 1,182 |
Riverside County CA Transportation | ||||
Commission Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,479 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/23 | 185 | 209 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/25 | 245 | 286 |
Sacramento CA City Financing Authority | ||||
Revenue | 5.000% | 12/1/22 (15) | 750 | 861 |
Sacramento CA City Financing Authority Tax | ||||
Allocation Revenue | 0.000% | 12/1/30 (14) | 1,815 | 1,191 |
Sacramento CA Municipal Utility District | ||||
Revenue | 5.000% | 8/15/18 (Prere.) | 195 | 199 |
Sacramento CA Municipal Utility District | ||||
Revenue | 5.000% | 8/15/27 (4) | 305 | 312 |
Sacramento CA Regional Transportation | ||||
District Farebox Revenue | 5.000% | 9/1/20 (Prere.) | 185 | 201 |
Sacramento CA Regional Transportation | ||||
District Farebox Revenue | 5.000% | 3/1/23 | 315 | 341 |
Sacramento County CA Airport Revenue | 5.625% | 7/1/29 | 500 | 510 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/25 | 435 | 533 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 697 |
San Bernardino CA Community College | ||||
District GO | 0.000% | 8/1/22 (4) | 1,000 | 912 |
San Bernardino County CA Transportation | ||||
Authority Revenue | 5.000% | 3/1/31 | 500 | 562 |
San Diego CA Community College District GO | 5.000% | 8/1/21 (Prere.) | 500 | 558 |
San Diego CA Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,174 |
San Diego CA Public Facilities Financing | ||||
Authority Sewer Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 524 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.250% | 8/1/20 (Prere.) | 500 | 546 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.000% | 8/1/28 | 1,095 | 1,347 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.000% | 8/1/29 | 1,500 | 1,837 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.000% | 8/1/31 | 1,000 | 1,213 |
San Diego CA Unified School District GO | 0.000% | 7/1/27 | 500 | 387 |
San Diego CA Unified School District GO | 5.000% | 7/1/27 | 1,130 | 1,374 |
31
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
San Diego CA Unified School District GO | 5.500% | 7/1/27 (4) | 500 | 651 |
San Diego CA Unified School District GO | 0.000% | 7/1/28 | 500 | 375 |
San Diego CA Unified School District GO | 0.000% | 7/1/29 | 500 | 359 |
San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 70 |
San Diego County CA Regional Airport | ||||
Authority Revenue | 5.000% | 7/1/30 (4) | 500 | 539 |
San Diego County CA Regional Transportation | ||||
Commission Sales Tax Revenue | 5.000% | 4/1/31 | 560 | 636 |
San Diego County CA Water Authority | ||||
Revenue | 5.000% | 5/1/28 | 1,000 | 1,214 |
San Francisco CA Bay Area Rapid Transit | ||||
District GO | 5.000% | 8/1/30 | 1,520 | 1,840 |
San Francisco CA Bay Area Rapid Transit | ||||
District Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 379 |
San Francisco CA City & County (Earthquake | ||||
Safety & Emergency Response) GO | 5.000% | 6/15/20 (Prere.) | 500 | 540 |
San Francisco CA City & County COP | 5.000% | 4/1/28 | 1,635 | 1,968 |
San Francisco CA City & County COP | 4.000% | 4/1/33 | 1,000 | 1,088 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/3/21 (Prere.) | 95 | 105 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.250% | 5/1/22 | 500 | 524 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/27 | 390 | 446 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/30 | 405 | 445 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.500% | 11/1/20 (Prere.) | 500 | 554 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 4.000% | 11/1/30 | 1,280 | 1,434 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.000% | 11/1/31 | 1,690 | 2,066 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.000% | 11/1/32 | 1,000 | 1,188 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.000% | 11/1/34 | 1,245 | 1,415 |
San Francisco CA City & County Unified | ||||
School District GO | 4.000% | 6/15/32 | 965 | 1,019 |
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) | 1,025 | 1,026 |
San Jose CA Redevelopment Agency Tax | ||||
Allocation Revenue | 6.500% | 8/1/28 | 700 | 721 |
San Ramon CA Public Financing Authority Tax | ||||
Allocation Revenue | 0.000% | 2/1/33 (2) | 1,475 | 857 |
Santa Monica CA Community College District | ||||
GO | 4.000% | 8/1/21 | 1,500 | 1,625 |
Southern California Public Power Authority | ||||
Revenue (Canyon Power Project) | 5.000% | 7/1/22 | 1,105 | 1,232 |
Southern California Public Power Authority | ||||
Revenue (Milford Wind Corridor Phase I | ||||
Project) | 5.000% | 7/1/26 | 1,000 | 1,065 |
32
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
State Center California Community College | ||||
District GO | 5.000% | 8/1/29 | 1,000 | 1,195 |
Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 | 1,030 | 1,236 |
Turlock CA Public Financing Authority Water | ||||
Revenue | 4.750% | 5/1/18 (Prere.) | 2,000 | 2,022 |
Union CA Elementary School District GO | 0.000% | 9/1/28 (14) | 1,080 | 806 |
Union City CA Community Redevelopment | ||||
Agency Successor Agency Tax Allocation | ||||
Revenue | 5.000% | 10/1/30 | 1,590 | 1,879 |
University of California Revenue | 5.250% | 5/15/19 (Prere.) | 1,985 | 2,086 |
University of California Revenue | 5.000% | 5/15/21 (Prere.) | 160 | 177 |
University of California Revenue | 5.000% | 5/15/23 | 840 | 932 |
University of California Revenue | 5.000% | 5/15/23 (Prere.) | 310 | 360 |
University of California Revenue | 5.000% | 5/15/28 | 690 | 803 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,212 |
University of California Revenue | 4.000% | 5/15/33 | 2,500 | 2,737 |
University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,086 |
University of California Revenue | 4.000% | 5/15/34 | 1,000 | 1,091 |
University of California Revenue | 4.000% | 5/15/35 | 2,000 | 2,178 |
University of California Revenue PUT | 5.000% | 5/15/23 | 3,625 | 4,242 |
West Contra Costa CA Unified School District | ||||
GO | 0.000% | 8/1/32 (4) | 1,155 | 760 |
247,308 | ||||
Colorado (0.8%) | ||||
Adams & Weld County CO School District | ||||
No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,696 |
Adams County CO COP | 5.000% | 12/1/31 | 650 | 772 |
Board of Governors of the Colorado State | ||||
University System Enterprise Revenue | 5.000% | 3/1/23 | 300 | 346 |
Colorado (UCDHSC Fitzsimons Academic | ||||
Projects) COP | 5.000% | 11/1/21 | 500 | 558 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (Regis University) | 5.000% | 10/1/25 | 1,000 | 1,157 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (University of Denver) | 4.000% | 3/1/30 | 500 | 555 |
Colorado Health Facilities Authority | ||||
Retirement Facilities Revenue (Liberty | ||||
Heights Project) | 0.000% | 7/15/24 (ETM) | 1,430 | 1,244 |
Colorado Health Facilities Authority Revenue | ||||
(Adventist Health System/Sunbelt Obligated | ||||
Group) PUT | 5.000% | 11/15/23 | 2,500 | 2,898 |
Colorado Health Facilities Authority Revenue | ||||
(Catholic Health Initiatives) | 5.250% | 2/1/31 | 2,500 | 2,680 |
Colorado Health Facilities Authority Revenue | ||||
(Covenant Retirement Community Inc.) | 5.000% | 12/1/27 | 500 | 548 |
Colorado Health Facilities Authority Revenue | ||||
(NCMC Inc.) | 4.000% | 5/15/30 | 1,500 | 1,640 |
Colorado Springs CO Utility System Revenue | 5.000% | 11/15/22 (Prere.) | 500 | 573 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/20 | 515 | 561 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/22 | 1,320 | 1,436 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/24 | 1,040 | 1,235 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/26 | 430 | 467 |
Denver CO City & County School District GO | 5.000% | 12/1/36 | 2,000 | 2,395 |
33
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
E-470 Public Highway Authority Colorado | ||||
Revenue | 5.250% | 9/1/18 (14) | 585 | 599 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 0.000% | 9/1/23 (14) | 1,000 | 872 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 5.375% | 9/1/26 | 1,000 | 1,086 |
Garfield, Pitkin, & Eagle County CO School | ||||
District GO | 4.000% | 12/15/34 | 1,000 | 1,094 |
Regional Transportation District of Colorado | ||||
COP | 5.000% | 6/1/20 (Prere.) | 1,010 | 1,086 |
Regional Transportation District of Colorado | ||||
COP | 5.000% | 6/1/20 (Prere.) | 1,000 | 1,075 |
University of Colorado Enterprise System | ||||
Revenue | 5.000% | 6/1/29 | 1,000 | 1,252 |
University of Colorado Enterprise System | ||||
Revenue | 5.000% | 6/1/29 | 500 | 565 |
University of Colorado Enterprise System | ||||
Revenue | 4.000% | 6/1/32 | 1,590 | 1,771 |
30,161 | ||||
Connecticut (0.4%) | ||||
Connecticut GO | 5.000% | 4/15/21 | 500 | 544 |
Connecticut GO | 5.000% | 11/15/22 | 1,935 | 2,175 |
Connecticut GO | 5.000% | 4/15/24 | 500 | 551 |
Connecticut GO | 5.000% | 9/1/26 | 1,000 | 1,144 |
Connecticut GO | 5.000% | 4/15/28 | 500 | 544 |
Connecticut GO | 5.000% | 3/1/32 | 2,950 | 3,266 |
Connecticut GO | 5.000% | 10/15/32 | 705 | 766 |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Hartford Healthcare) | 5.000% | 7/1/26 | 550 | 604 |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Yale University) PUT | 5.000% | 2/1/23 | 2,500 | 2,901 |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Yale University) PUT | 5.000% | 2/1/28 | 1,000 | 1,257 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 9/1/23 | 1,000 | 1,144 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 11/1/25 | 500 | 513 |
University of Connecticut GO | 5.000% | 2/15/27 | 635 | 740 |
16,149 | ||||
Delaware (0.1%) | ||||
Delaware GO | 5.000% | 2/1/19 | 600 | 623 |
Delaware GO | 5.000% | 7/1/20 | 600 | 650 |
Delaware GO | 5.000% | 10/1/20 | 700 | 763 |
Delaware GO | 5.000% | 7/1/22 | 1,250 | 1,428 |
3,464 | ||||
District of Columbia (0.2%) | ||||
District of Columbia GO | 5.000% | 6/1/35 | 1,290 | 1,553 |
District of Columbia Hospital Revenue | ||||
(Children’s Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,156 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 733 |
District of Columbia Income Tax Revenue | 5.250% | 12/1/27 | 500 | 534 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/30 | 500 | 536 |
34
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
District of Columbia Revenue (National Public | ||||
Radio, Inc.) | 5.000% | 4/1/27 | 1,185 | 1,415 |
Metropolitan Washington DC/VA Airports | ||||
Authority Airport System Revenue | 5.000% | 10/1/24 | 500 | 543 |
Metropolitan Washington DC/VA Airports | ||||
Authority Dulles Toll Road Revenue | ||||
(Dulles Metrorail & Capital Improvement | ||||
Projects) | 0.000% | 10/1/37 | 1,300 | 580 |
7,050 | ||||
Florida (2.5%) | ||||
Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,145 |
Broward County FL Airport System Revenue | 5.000% | 10/1/28 | 400 | 451 |
Broward County FL Airport System Revenue | 5.375% | 10/1/29 | 500 | 531 |
Broward County FL Airport System Revenue | 5.500% | 10/1/31 | 1,000 | 1,184 |
Central Florida Expressway Authority Revenue | 4.000% | 7/1/32 | 1,000 | 1,092 |
Citizens Property Insurance Corp. Florida | ||||
Revenue (Coastal Account) | 5.000% | 6/1/20 | 1,110 | 1,176 |
Citizens Property Insurance Corp. Florida | ||||
Revenue (Personal Lines Account/ | ||||
Commercial Lines Account) | 5.000% | 6/1/20 | 650 | 698 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/18 | 1,585 | 1,613 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 1,585 | 1,660 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 3,000 | 3,142 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 220 | 230 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,270 | 1,412 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,000 | 1,112 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 750 | 834 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 1,245 | 1,420 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 500 | 528 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/24 | 600 | 700 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 4.000% | 6/1/32 | 1,675 | 1,860 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 4.000% | 6/1/37 | 1,425 | 1,558 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 545 | 573 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/18 | 1,400 | 1,424 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/19 | 500 | 525 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/25 | 1,500 | 1,814 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,081 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,385 | 1,499 |
Gainesville FL Utilities System Revenue | 5.000% | 10/1/32 | 1,000 | 1,215 |
Hillsborough County FL Industrial | ||||
Development Authority Hospital Revenue | ||||
(Tampa General Hospital Project) | 5.000% | 10/1/28 | 500 | 570 |
35
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Jacksonville FL Electric Authority Electric | ||||
System Revenue | 5.000% | 10/1/26 | 1,005 | 1,214 |
Jacksonville FL Electric Authority Electric | ||||
System Revenue | 4.000% | 10/1/37 | 1,560 | 1,687 |
Jacksonville FL Electric Authority Water & | ||||
Sewer Revenue | 5.000% | 10/1/19 | 565 | 598 |
Jacksonville FL Electric Authority Water & | ||||
Sewer Revenue | 5.000% | 4/1/21(Prere.) | 500 | 548 |
Jacksonville FL Electric Authority Water & | ||||
Sewer Revenue | 5.000% | 10/1/27 | 830 | 1,027 |
Jacksonville FL Health Care Facilities Revenue | ||||
(Baptist Health System Obligated Group) | 4.000% | 8/15/37 | 1,250 | 1,340 |
Jacksonville FL Health Care Facilities Revenue | ||||
(Brooks Rehabilitation) | 5.000% | 11/1/30 | 1,085 | 1,266 |
Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 564 |
Lakeland FL Educational Facilities Revenue | ||||
(Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 960 |
Lakeland FL Hospital Revenue (Lakeland | ||||
Regional Health Systems) | 5.000% | 11/15/26 | 1,450 | 1,749 |
Miami Beach FL Health Facilities Authority | ||||
Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,131 |
Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,000 | 1,166 |
Miami Beach FL Stormwater Revenue | 5.000% | 9/1/27 | 1,000 | 1,230 |
Miami Beach FL Water & Sewer Revenue | 5.000% | 9/1/27 | 575 | 707 |
Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/30 | 1,500 | 1,775 |
Miami Beach FL Water & Sewer Revenue | 4.000% | 10/1/34 | 1,895 | 2,059 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 4.875% | 10/1/24 | 500 | 538 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/30 | 585 | 632 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/33 | 1,415 | 1,678 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/34 | 1,000 | 1,182 |
Miami-Dade County FL Building Better | ||||
Communities GO | 5.000% | 7/1/36 | 1,160 | 1,358 |
Miami-Dade County FL Health Facilities | ||||
Authority Hospital Revenue (Miami | ||||
Children’s Hospital) | 5.000% | 8/1/25 | 1,000 | 1,145 |
Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,500 | 1,746 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/22 | 1,440 | 1,635 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/24 | 1,000 | 1,140 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/30 | 500 | 563 |
Miami-Dade County FL Transit Sales Surtax | ||||
Revenue | 4.000% | 7/1/31 | 1,400 | 1,537 |
Miami-Dade County FL Water & Sewer | ||||
Revenue | 5.000% | 10/1/22 | 1,705 | 1,944 |
North Brevard County FL Hospital District | ||||
Revenue | 5.000% | 1/1/34 | 1,000 | 1,114 |
Orange County FL Health Facilities Authority | ||||
Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,510 | 1,772 |
36
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Orange County FL Health Facilities Authority | ||||
Revenue (Nemours Foundation Project) | 5.000% | 1/1/19 | 500 | 517 |
Orlando & Orange County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/20 (Prere.) | 500 | 540 |
Orlando FL Tourist Development Tax Revenue | 5.000% | 11/1/28 (4) | 1,510 | 1,837 |
Osceola County FL Expressway System | ||||
Revenue (Poinciana Parkway Project) | 0.000% | 10/1/19 | 815 | 778 |
Osceola County FL Expressway System | ||||
Revenue (Poinciana Parkway Project) | 0.000% | 10/1/20 | 1,270 | 1,177 |
Palm Beach County FL Health Facilities | ||||
Authority Hospital Revenue (BRRH Corp. | ||||
Obligated Group) | 5.000% | 12/1/25 | 560 | 641 |
Palm Beach County FL Public Improvement | ||||
Revenue | 5.000% | 5/1/33 | 1,245 | 1,479 |
Palm Beach County FL School Board COP | 5.000% | 8/1/25 | 1,740 | 2,096 |
Palm Beach County FL School Board COP | 5.000% | 8/1/29 | 1,520 | 1,805 |
Palm Beach County FL School Board COP | 5.000% | 8/1/32 | 1,500 | 1,763 |
Seacoast FL Utility Authority Water & Sewer | ||||
Revenue | 5.000% | 3/1/21 | 1,230 | 1,355 |
South Miami FL Health Facilities Authority | ||||
Revenue (Baptist Health South Florida | ||||
Obligated Group) | 4.000% | 8/15/33 | 1,170 | 1,234 |
St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 954 |
Sunshine State Governmental Financing | ||||
Commission Florida Revenue (Miami Dade | ||||
County Program) | 5.000% | 9/1/26 | 1,000 | 1,149 |
Tallahassee FL Utility System Revenue | 5.000% | 10/1/29 | 1,000 | 1,187 |
Tallahassee FL Utility System Revenue | 5.000% | 10/1/30 | 750 | 887 |
Tallahassee FL Utility System Revenue | 5.000% | 10/1/34 | 1,265 | 1,482 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/18 | 370 | 378 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/19 | 425 | 448 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/20 | 535 | 577 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 226 |
Tampa FL Health System Revenue (BayCare | ||||
Health System) | 5.000% | 11/15/33 | 1,535 | 1,710 |
Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 840 |
Tampa-Hillsborough County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/30 | 200 | 244 |
Tampa-Hillsborough County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/31 | 250 | 303 |
Tohopekaliga FL Water Authority Utility | ||||
System Revenue | 4.000% | 10/1/21 | 1,245 | 1,346 |
Tohopekaliga FL Water Authority Utility | ||||
System Revenue | 5.750% | 10/1/21 (Prere.) | 500 | 573 |
Tohopekaliga FL Water Authority Utility | ||||
System Revenue | 4.000% | 10/1/32 | 1,000 | 1,101 |
Volusia County FL Educational Facilities | ||||
Authority Revenue (Embry-Riddle | ||||
Aeronautical University Inc.) | 5.000% | 10/15/29 | 860 | 1,039 |
97,718 |
37
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Georgia (1.2%) | ||||
Athens-Clarke County GA Unified Government | ||||
Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,086 |
Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,334 |
Atlanta GA Development Authority Revenue | 5.000% | 7/1/29 | 1,000 | 1,189 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/21 | 1,500 | 1,680 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,290 | 1,557 |
Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 (4) | 500 | 658 |
Bulloch County GA Development Authority | ||||
Revenue (Georgia Southern University | ||||
Housing Foundation) | 5.000% | 7/1/27 | 475 | 579 |
Cobb County GA Kennestone Hospital | ||||
Authority Revenue | 5.000% | 4/1/24 | 400 | 459 |
Dahlonega GA Downtown Development | ||||
Authority Revenue (North Georgia MAC LLC | ||||
Project) | 5.000% | 7/1/27 | 600 | 731 |
Dahlonega GA Downtown Development | ||||
Authority Revenue (North Georgia MAC LLC | ||||
Project) | 5.000% | 7/1/31 | 725 | 865 |
DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 561 |
Georgia GO | 5.000% | 5/1/19 (Prere.) | 500 | 523 |
Georgia GO | 5.000% | 7/1/19 | 2,065 | 2,170 |
Georgia GO | 5.000% | 1/1/20 | 1,685 | 1,798 |
Georgia GO | 5.000% | 2/1/20 | 1,375 | 1,471 |
Georgia GO | 5.000% | 1/1/22 | 2,110 | 2,382 |
Georgia GO | 5.000% | 7/1/22 | 1,220 | 1,395 |
Georgia GO | 5.000% | 7/1/22 | 500 | 525 |
Georgia GO | 5.000% | 12/1/22 | 1,235 | 1,427 |
Georgia GO | 5.000% | 1/1/23 | 2,450 | 2,835 |
Georgia GO | 5.000% | 2/1/24 | 2,430 | 2,883 |
Georgia GO | 5.000% | 7/1/24 | 1,500 | 1,795 |
Georgia Road & Tollway Authority Revenue | 5.000% | 6/1/18 | 475 | 482 |
Griffin-Spalding County GA Hospital Authority | ||||
Revenue (WellStar Health System Obligated | ||||
Group) | 5.000% | 4/1/25 | 600 | 710 |
Griffin-Spalding County GA Hospital Authority | ||||
Revenue (WellStar Health System Obligated | ||||
Group) | 5.000% | 4/1/31 | 350 | 411 |
Griffin-Spalding County GA Hospital Authority | ||||
Revenue (WellStar Health System Obligated | ||||
Group) | 5.000% | 4/1/33 | 1,575 | 1,838 |
Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 601 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.250% | 9/15/18 | 100 | 102 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/19 | 425 | 441 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/21 | 600 | 654 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/22 | 500 | 555 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 | 1,335 | 1,614 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 4.000% | 7/1/33 | 1,835 | 2,017 |
38
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/35 | 1,095 | 1,309 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/19 | 1,015 | 1,047 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/26 | 1,000 | 1,191 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 (15) | 1,495 | 1,786 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,510 | 1,718 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 10/1/22 | 630 | 721 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 9/1/28 | 500 | 528 |
48,628 | ||||
Guam (0.1%) | ||||
Guam Government Business Privilege Tax | ||||
Revenue | 5.000% | 11/15/26 | 735 | 840 |
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/23 | 1,000 | 1,138 |
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/33 | 1,305 | 1,433 |
Guam International Airport Authority | ||||
Revenue | 5.000% | 10/1/21 | 350 | 381 |
3,792 | ||||
Hawaii (0.6%) | ||||
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/19 | 250 | 262 |
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/20 | 320 | 345 |
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/21 | 400 | 443 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 285 | 298 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 215 | 225 |
Hawaii GO | 5.000% | 10/1/21 | 2,500 | 2,794 |
Hawaii GO | 5.000% | 12/1/21 (Prere.) | 310 | 346 |
Hawaii GO | 5.000% | 12/1/21 (Prere.) | 190 | 212 |
Hawaii GO | 5.000% | 12/1/21 | 375 | 421 |
Hawaii GO | 5.000% | 8/1/24 | 1,765 | 2,103 |
Hawaii GO | 5.000% | 8/1/25 | 1,500 | 1,786 |
Hawaii GO | 5.000% | 10/1/25 | 1,445 | 1,759 |
Hawaii GO | 5.000% | 10/1/28 | 1,210 | 1,481 |
Hawaii GO | 4.000% | 4/1/30 | 1,500 | 1,670 |
Hawaii GO | 4.000% | 4/1/31 | 1,000 | 1,107 |
Hawaii Pacific Health Revenue | 5.000% | 7/1/19 | 575 | 602 |
Honolulu HI City & County GO | 5.000% | 10/1/20 | 2,050 | 2,233 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 1,245 | 1,396 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 500 | 561 |
Honolulu HI City & County GO | 5.000% | 10/1/28 | 1,000 | 1,206 |
Honolulu HI City & County GO | 5.000% | 12/1/30 | 310 | 337 |
Honolulu HI City & County Wastewater | ||||
System Revenue | 5.000% | 7/1/30 | 2,000 | 2,376 |
University of Hawaii Revenue | 5.000% | 10/1/27 | 500 | 529 |
24,492 |
39
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Idaho (0.0%) | ||||
Idaho Health Facilities Authority Revenue | ||||
(Trinity Health Group) | 6.125% | 12/1/18 (Prere.) | 105 | 109 |
Illinois (3.0%) | ||||
Chicago IL Board of Education GO | 5.000% | 12/1/18 (2) | 295 | 300 |
Chicago IL Board of Education GO | 5.000% | 12/1/19 (14) | 590 | 616 |
Chicago IL Board of Education GO | 5.000% | 12/1/21 | 1,000 | 1,052 |
Chicago IL Board of Education GO | 5.250% | 12/1/21 (14) | 540 | 587 |
Chicago IL Board of Education GO | 5.000% | 12/1/22 | 1,500 | 1,517 |
Chicago IL Board of Education GO | 5.000% | 12/1/23 | 1,000 | 1,066 |
Chicago IL Board of Education GO | 5.000% | 12/1/24 | 700 | 748 |
Chicago IL Board of Education GO | 5.250% | 12/1/24 (4) | 500 | 517 |
Chicago IL Board of Education GO | 5.250% | 12/1/26 (12) | 500 | 517 |
Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 594 |
Chicago IL Board of Education GO | 0.000% | 12/1/28 (14) | 1,000 | 636 |
Chicago IL Board of Education GO | 4.750% | 12/1/29 (4) | 105 | 107 |
Chicago IL Board of Education GO | 4.750% | 12/1/31 (4) | 75 | 76 |
Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,000 | 1,041 |
Chicago IL GO | 5.000% | 1/1/26 | 335 | 368 |
Chicago IL GO | 5.000% | 1/1/27 (4) | 1,945 | 2,050 |
Chicago IL GO | 5.000% | 1/1/29 | 505 | 514 |
Chicago IL Metropolitan Water Reclamation | ||||
District GO | 5.000% | 12/1/31 | 500 | 556 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/18 | 200 | 200 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/19 | 250 | 255 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/20 | 300 | 312 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 | 300 | 321 |
Chicago IL O’Hare International Airport | ||||
Revenue | 4.750% | 1/1/18 (Prere.) | 50 | 50 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/18 (Prere.) | 500 | 500 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/18 (Prere.) | 2,525 | 2,525 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.250% | 1/1/24 | 200 | 228 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/25 | 1,010 | 1,203 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.500% | 1/1/26 | 1,000 | 1,158 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/27 | 500 | 611 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/29 | 1,000 | 1,168 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.250% | 1/1/29 | 1,500 | 1,845 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/30 | 700 | 837 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/31 | 1,030 | 1,189 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/32 | 785 | 930 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/32 | 500 | 557 |
40
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/32 | 1,045 | 1,219 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/33 | 1,000 | 1,148 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/35 | 1,855 | 2,148 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 1,115 | 1,146 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 750 | 771 |
Chicago IL Park District GO | 5.000% | 1/1/32 | 1,225 | 1,371 |
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/28 | 1,000 | 1,164 |
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 | 1,375 | 1,548 |
Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,137 |
Cook County IL GO | 5.000% | 11/15/21 | 500 | 527 |
Cook County IL GO | 5.000% | 11/15/28 | 525 | 563 |
Cook County IL GO | 5.250% | 11/15/28 | 550 | 600 |
Illinois Finance Authority Revenue (Advocate | ||||
Health Care Network) | 5.000% | 8/1/26 | 1,500 | 1,762 |
Illinois Finance Authority Revenue (Advocate | ||||
Health Care Network) | 5.000% | 8/1/33 | 2,550 | 2,927 |
Illinois Finance Authority Revenue (Ascension | ||||
Health Credit Group) | 5.000% | 11/15/32 | 500 | 558 |
Illinois Finance Authority Revenue (Centegra | ||||
Health System) | 5.000% | 9/1/29 | 1,300 | 1,432 |
Illinois Finance Authority Revenue (Clean | ||||
Water Initiative) | 5.000% | 7/1/31 | 1,000 | 1,203 |
Illinois Finance Authority Revenue (DePaul | ||||
University) | 5.000% | 10/1/33 | 1,000 | 1,170 |
Illinois Finance Authority Revenue (DePaul | ||||
University) | 5.000% | 10/1/34 | 1,000 | 1,167 |
Illinois Finance Authority Revenue (Edward | ||||
Elmhurst Obligated Group) | 5.000% | 1/1/36 | 1,000 | 1,116 |
Illinois Finance Authority Revenue (Franciscan | ||||
Communities Inc.) | 5.000% | 5/15/37 | 1,000 | 1,089 |
Illinois Finance Authority Revenue (Mercy | ||||
Health System) | 4.000% | 12/1/28 | 1,000 | 1,065 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.750% | 8/15/19 (Prere.) | 95 | 101 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.000% | 7/1/35 | 1,000 | 1,131 |
Illinois Finance Authority Revenue | ||||
(Northwestern Memorial Healthcare) | 5.000% | 7/15/31 | 1,100 | 1,332 |
Illinois Finance Authority Revenue (Presence | ||||
Health Network Obligated Group) | 5.000% | 2/15/28 | 1,250 | 1,451 |
Illinois Finance Authority Revenue | ||||
(Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 | 2,000 | 2,292 |
Illinois Finance Authority Revenue (Rush | ||||
University Medical Center) | 5.000% | 11/15/33 | 1,050 | 1,188 |
Illinois Finance Authority Revenue (Trinity | ||||
Health Corp.) | 5.000% | 12/1/30 | 500 | 561 |
Illinois Finance Authority Revenue (University | ||||
of Chicago) | 5.000% | 10/1/29 | 500 | 561 |
Illinois Finance Authority Revenue (University | ||||
of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,171 |
Illinois GO | 5.000% | 1/1/18 | 500 | 500 |
41
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Illinois GO | 5.000% | 11/1/19 | 1,000 | 1,039 |
Illinois GO | 5.000% | 1/1/20 (4) | 200 | 211 |
Illinois GO | 5.000% | 8/1/20 | 305 | 320 |
Illinois GO | 5.000% | 11/1/20 | 2,500 | 2,632 |
Illinois GO | 5.000% | 1/1/21 (4) | 710 | 750 |
Illinois GO | 5.000% | 5/1/21 | 425 | 448 |
Illinois GO | 5.000% | 8/1/21 | 605 | 640 |
Illinois GO | 5.000% | 11/1/21 | 4,000 | 4,247 |
Illinois GO | 5.000% | 8/1/22 | 500 | 534 |
Illinois GO | 5.000% | 11/1/22 | 1,000 | 1,070 |
Illinois GO | 5.000% | 11/1/22 | 2,300 | 2,461 |
Illinois GO | 5.000% | 2/1/23 | 540 | 578 |
Illinois GO | 5.000% | 11/1/23 | 1,000 | 1,077 |
Illinois GO | 5.500% | 7/1/24 | 1,100 | 1,217 |
Illinois GO | 5.000% | 8/1/24 | 1,500 | 1,590 |
Illinois GO | 5.000% | 1/1/25 | 1,570 | 1,704 |
Illinois GO | 5.000% | 11/1/25 | 2,000 | 2,181 |
Illinois GO | 5.000% | 3/1/26 (4) | 1,125 | 1,230 |
Illinois GO | 5.250% | 2/1/30 | 1,900 | 2,046 |
Illinois GO | 5.000% | 11/1/30 | 1,000 | 1,075 |
Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,073 |
Illinois GO | 5.000% | 9/1/31 | 3,000 | 3,023 |
Illinois Regional Transportation Authority | ||||
Revenue | 6.250% | 7/1/23 (4) | 500 | 607 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 | 500 | 533 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,133 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 564 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/37 | 1,200 | 1,416 |
Kane McHenry Cook & DeKalb County IL | ||||
Unit School District GO | 5.000% | 1/1/18 | 1,000 | 1,000 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/19 (ETM) | 185 | 180 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/19 | 935 | 896 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/21 (14) | 1,100 | 988 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 (4) | 555 | 420 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 (4) | 790 | 574 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 (14) | 2,050 | 1,270 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/31 (14) | 290 | 162 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/33 (14) | 1,100 | 568 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 5.000% | 12/15/27 | 710 | 814 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 5.000% | 12/15/28 | 1,500 | 1,616 |
42
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% | 6/15/31 (14) | 1,515 | 865 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/32 (14) | 1,100 | 597 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.250% | 6/1/20 | 1,215 | 1,313 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.500% | 6/1/21 (Prere.) | 1,060 | 1,191 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 6.000% | 6/1/21 (Prere.) | 400 | 456 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.000% | 6/1/26 | 1,500 | 1,741 |
Romeoville IL Revenue (Lewis University | ||||
Project) | 5.000% | 10/1/28 | 1,000 | 1,132 |
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 | 575 |
Will County IL Community High School | ||||
District No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 1,000 | 993 |
117,816 | ||||
Indiana (0.8%) | ||||
Ball State University Student Fee Indiana | ||||
Revenue | 5.000% | 7/1/32 | 350 | 418 |
Ball State University Student Fee Indiana | ||||
Revenue | 5.000% | 7/1/34 | 1,050 | 1,244 |
Ball State University Student Fee Indiana | ||||
Revenue | 5.000% | 7/1/35 | 1,450 | 1,712 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/19 | 1,275 | 1,354 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/22 | 1,100 | 1,256 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,613 |
Indiana Finance Authority Hospital Revenue | ||||
(Parkview Health System) | 5.000% | 11/1/28 | 500 | 615 |
Indiana Finance Authority Revenue | 5.000% | 2/1/21 | 2,000 | 2,201 |
Indiana Finance Authority Revenue | ||||
(Community Foundation of Northwest | ||||
Indiana Obligated Group) | 5.000% | 3/1/25 | 690 | 768 |
Indiana Finance Authority Revenue | ||||
(Franciscan Alliance Inc.) | 5.000% | 11/1/29 | 1,090 | 1,310 |
Indiana Finance Authority Revenue | ||||
(Franciscan Alliance Inc.) | 5.000% | 11/1/30 | 1,460 | 1,745 |
Indiana Finance Authority Revenue | ||||
(Franciscan Alliance Inc.) | 4.000% | 11/1/35 | 1,685 | 1,786 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,826 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/25 | 650 | 726 |
43
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Indiana Finance Authority Revenue | ||||
(Stadium Project) | 5.250% | 2/1/30 | 1,000 | 1,203 |
Indiana Finance Authority Revenue (State | ||||
Revolving Fund) | 5.000% | 2/1/18 | 500 | 501 |
Indiana Finance Authority Revenue (State | ||||
Revolving Fund) | 5.000% | 2/1/32 | 500 | 571 |
Indiana Finance Authority Wastewater Utility | ||||
Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 559 |
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,668 |
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/36 | 1,000 | 1,186 |
Indiana Office Building Commission Facilities | ||||
Revenue (New Castle Correctional Facility) | 5.250% | 7/1/19 (14) | 500 | 527 |
Indiana University Student Fee Revenue | 5.000% | 8/1/18 (Prere.) | 100 | 102 |
Indiana University Student Fee Revenue | 5.000% | 6/1/19 | 445 | 466 |
Indianapolis IN Local Public Improvement | ||||
Bond Bank Revenue (PILOT Infrastructure | ||||
Project) | 5.000% | 1/1/20 (Prere.) | 1,500 | 1,598 |
Indianapolis IN Local Public Improvement | ||||
Bond Bank Revenue (Waterworks Project) | 5.500% | 1/1/38 (12) | 1,900 | 1,971 |
Purdue University Indiana University Student | ||||
Facilities System Revenue | 5.000% | 7/1/21 | 845 | 941 |
Richmond IN Hospital Authority Revenue | ||||
(Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 700 | 800 |
30,667 | ||||
Iowa (0.2%) | ||||
Iowa Finance Authority Health Facilities | ||||
Revenue (Mercy Medical Center Project) | 5.000% | 8/15/27 | 1,435 | 1,625 |
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.000% | 12/1/19 | 375 | 388 |
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.500% | 12/1/22 | 1,750 | 1,785 |
4 Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.875% | 12/1/27 | 320 | 343 |
Iowa Special Obligation Revenue | ||||
(Ijobs Program) | 5.000% | 6/1/19 (Prere.) | 220 | 230 |
Polk County IA GO | 4.000% | 6/1/25 | 2,115 | 2,313 |
6,684 | ||||
Kansas (0.4%) | ||||
Butler County KS Unified School District | ||||
No. 385 Andover GO | 4.000% | 9/1/29 | 1,000 | 1,128 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/18 (Prere.) | 500 | 511 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/20 | 1,000 | 1,086 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/25 | 500 | 599 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/26 | 700 | 836 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/20 | 1,520 | 1,632 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/25 | 1,335 | 1,533 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/27 | 1,585 | 1,817 |
44
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 4/1/32 | 1,325 | 1,499 |
Leavenworth County KS Unified School | ||||
District GO | 4.500% | 9/1/19 (12) | 500 | 523 |
Sedgwick County KS Unified School District | ||||
No. 266 (Maize) GO | 5.000% | 9/1/23 | 1,350 | 1,573 |
Wichita KS Hospital Facilities Revenue | ||||
(Via Christi Health System Inc.) | 5.000% | 11/15/21 (Prere.) | 500 | 559 |
Wyandotte County/Kansas City KS Unified | ||||
Government Utility System Revenue | 5.000% | 9/1/23 | 500 | 568 |
13,864 | ||||
Kentucky (0.3%) | ||||
Kentucky Economic Development Finance | ||||
Authority Health System Revenue (Norton | ||||
Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 (14) | 1,140 | 906 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue (Baptist | ||||
Healthcare System Obligated Group) | 5.625% | 8/15/27 | 1,220 | 1,251 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue (Baptist | ||||
Healthcare System Obligated Group) | 5.000% | 8/15/31 | 1,430 | 1,643 |
Kentucky Economic Development Finance | ||||
Authority Medical Center Revenue (King’s | ||||
Daughters Medical Center Project) | 5.000% | 2/1/30 | 630 | 658 |
Kentucky Municipal Power Agency Power | ||||
System Revenue | 5.000% | 9/1/29 (14) | 1,000 | 1,152 |
Kentucky Property & Building Commission | ||||
Revenue | 5.000% | 11/1/18 (Prere.) | 500 | 514 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/18 (Prere.) | 440 | 454 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/18 (Prere.) | 60 | 62 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown Crossing | ||||
Project) BAN | 0.000% | 7/1/21 | 1,325 | 1,203 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown Crossing | ||||
Project) BAN | 0.000% | 7/1/22 | 810 | 711 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 5.000% | 7/1/18 | 2,255 | 2,293 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 5.000% | 7/1/19 (Prere.) | 305 | 320 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 5.000% | 7/1/28 | 1,000 | 1,138 |
Louisville & Jefferson County KY Metropolitan | ||||
Government Revenue (Catholic Health | ||||
Initiatives) | 5.000% | 12/1/30 | 1,000 | 1,090 |
13,395 | ||||
Louisiana (0.2%) | ||||
Bossier City LA Utilities Revenue | 5.000% | 10/1/22 | 500 | 570 |
Bossier City LA Utilities Revenue | 5.000% | 10/1/23 | 585 | 682 |
45
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Jefferson Parish LA Environmental Facilities | ||||
& Community Development Authority | ||||
Revenue | 5.000% | 4/1/18 | 405 | 409 |
Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/26 | 2,000 | 2,443 |
Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/35 | 1,045 | 1,253 |
Louisiana State University Revenue | 5.000% | 7/1/23 | 430 | 490 |
New Orleans LA GO | 5.000% | 12/1/31 | 500 | 554 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/24 | 950 | 1,108 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/27 | 500 | 590 |
St. Charles Parish LA Gulf Opportunity Zone | ||||
Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 1,320 | 1,411 |
9,510 | ||||
Maine (0.0%) | ||||
Portland ME Airport Revenue | 5.000% | 1/1/20 (4) | 500 | 528 |
Maryland (2.1%) | ||||
Anne Arundel County MD GO | 5.000% | 10/1/19 | 1,455 | 1,540 |
Anne Arundel County MD GO | 5.000% | 10/1/20 | 1,455 | 1,586 |
Anne Arundel County MD GO | 5.000% | 4/1/23 | 1,190 | 1,382 |
Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,774 |
Baltimore County MD GO | 5.000% | 2/1/21 | 1,500 | 1,652 |
Baltimore County MD GO | 5.000% | 8/1/21 | 1,435 | 1,601 |
Baltimore County MD GO | 4.000% | 3/1/30 | 1,200 | 1,348 |
Baltimore MD Consolidated Public | ||||
Improvement GO | 5.000% | 10/15/22 (Prere.) | 650 | 744 |
Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,000 | 2,374 |
Howard County MD GO | 5.000% | 2/15/21 (Prere.) | 750 | 826 |
Howard County MD GO | 5.000% | 8/15/21 (Prere.) | 80 | 89 |
Howard County MD GO | 5.000% | 8/15/24 | 120 | 134 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/18 | 500 | 502 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/19 | 1,955 | 2,032 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/19 | 3,055 | 3,244 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/20 | 1,090 | 1,167 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 5/1/20 | 2,240 | 2,413 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/22 | 2,515 | 2,898 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/23 | 1,900 | 2,242 |
Maryland Department of Transportation | ||||
Revenue | 4.000% | 12/15/29 | 1,365 | 1,516 |
Maryland GO | 5.250% | 3/1/18 | 200 | 201 |
Maryland GO | 5.000% | 3/1/19 | 1,200 | 1,249 |
Maryland GO | 5.000% | 3/15/19 (Prere.) | 500 | 521 |
Maryland GO | 5.000% | 8/1/20 (Prere.) | 870 | 942 |
Maryland GO | 5.250% | 8/1/20 | 1,000 | 1,092 |
Maryland GO | 5.000% | 6/1/21 | 2,415 | 2,682 |
Maryland GO | 4.000% | 8/1/21 | 1,000 | 1,081 |
Maryland GO | 5.000% | 8/1/21 | 1,000 | 1,115 |
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,716 |
46
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Maryland GO | 5.000% | 8/1/22 | 4,000 | 4,577 |
Maryland GO | 5.000% | 8/1/22 | 1,510 | 1,728 |
Maryland GO | 5.000% | 3/15/23 | 3,500 | 4,067 |
Maryland GO | 4.000% | 8/1/23 | 2,390 | 2,675 |
Maryland GO | 5.000% | 8/1/23 | 1,500 | 1,758 |
Maryland GO | 4.000% | 8/1/26 | 1,970 | 2,185 |
Maryland GO | 4.000% | 6/1/29 | 2,000 | 2,229 |
Maryland GO | 4.000% | 6/1/30 | 2,000 | 2,220 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Adventist | ||||
Healthcare Obligated Group) | 5.500% | 1/1/31 | 1,950 | 2,335 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Anne Arundel | ||||
Health System) | 5.000% | 7/1/27 | 500 | 565 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Anne Arundel | ||||
Health System) | 5.000% | 7/1/31 | 750 | 886 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Johns Hopkins | ||||
Health System Obligated Group) | 5.000% | 7/1/24 | 500 | 571 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Maryland | ||||
Institute College of Art) | 5.000% | 6/1/20 | 500 | 535 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue (Meritus | ||||
Medical Center, Inc.) | 5.000% | 7/1/33 | 1,215 | 1,357 |
Maryland Transportation Authority Facilities | ||||
Projects Revenue | 5.000% | 7/1/22 | 500 | 525 |
Maryland Transportation Authority GAN | 5.250% | 3/1/18 | 700 | 704 |
Maryland Transportation Authority GAN | 5.250% | 3/1/20 | 500 | 521 |
Montgomery County MD GO | 5.000% | 11/1/22 | 1,500 | 1,728 |
Montgomery County MD GO | 5.000% | 11/1/22 | 1,000 | 1,152 |
Montgomery County MD GO | 5.000% | 11/1/23 | 2,800 | 3,304 |
Montgomery County MD GO | 4.000% | 12/1/30 | 1,555 | 1,736 |
Prince Georges County MD GO | 5.000% | 7/15/22 | 1,615 | 1,848 |
Prince Georges County MD GO | 5.000% | 9/15/23 | 580 | 649 |
Washington MD Suburban Sanitary | ||||
Commission GO | 4.000% | 6/15/33 | 1,000 | 1,106 |
82,624 | ||||
Massachusetts (1.3%) | ||||
Boston MA GO | 5.000% | 4/1/20 | 780 | 838 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 500 | 509 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 2,500 | 2,544 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/22 | 480 | 552 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.500% | 7/1/26 (14) | 400 | 507 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/28 | 500 | 640 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/31 | 915 | 1,174 |
47
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts College Building Authority | ||||
Revenue | 5.250% | 5/1/19 (Prere.) | 445 | 467 |
Massachusetts Department of Transportation | ||||
Metropolitan Highway System Revenue | 5.000% | 1/1/23 | 500 | 533 |
Massachusetts Development Finance Agency | ||||
Revenue (Boston College) | 5.000% | 7/1/37 | 1,750 | 2,098 |
Massachusetts Development Finance Agency | ||||
Revenue (Emerson College) | 5.500% | 1/1/20 (Prere.) | 410 | 441 |
Massachusetts Development Finance Agency | ||||
Revenue (Emerson College) | 5.500% | 1/1/30 | 40 | 42 |
Massachusetts Development Finance Agency | ||||
Revenue (Harvard University) | 5.000% | 1/1/20 | 355 | 379 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/25 | 750 | 821 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/26 | 500 | 548 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/27 | 600 | 659 |
Massachusetts Development Finance Agency | ||||
Revenue (Milford Regional Medical Center) | 5.000% | 7/15/18 | 200 | 203 |
Massachusetts Development Finance Agency | ||||
Revenue (Partners Healthcare) | 5.000% | 7/1/28 | 470 | 573 |
Massachusetts Development Finance Agency | ||||
Revenue (Partners Healthcare) | 5.000% | 7/1/29 | 500 | 607 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.000% | 7/1/25 | 1,275 | 1,500 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.125% | 7/1/26 | 720 | 787 |
Massachusetts Educational Financing | ||||
Authority Education Loan Revenue | 5.500% | 1/1/22 | 300 | 319 |
Massachusetts GO | 5.000% | 3/1/19 (Prere.) | 500 | 520 |
Massachusetts GO | 5.000% | 7/1/19 (Prere.) | 500 | 525 |
Massachusetts GO | 5.000% | 8/1/20 | 500 | 542 |
Massachusetts GO | 5.250% | 8/1/20 | 300 | 327 |
Massachusetts GO | 5.500% | 10/1/20 (14) | 500 | 551 |
Massachusetts GO | 5.500% | 10/1/20 | 500 | 551 |
Massachusetts GO | 5.000% | 4/1/21 (Prere.) | 500 | 552 |
Massachusetts GO | 5.000% | 8/1/22 | 1,000 | 1,142 |
Massachusetts GO | 5.250% | 8/1/23 | 500 | 591 |
Massachusetts GO | 5.000% | 12/1/23 | 1,520 | 1,792 |
Massachusetts GO | 5.000% | 12/1/24 | 2,000 | 2,401 |
Massachusetts GO | 1.472% | 11/1/25 | 1,380 | 1,376 |
Massachusetts GO | 5.000% | 7/1/28 | 1,000 | 1,265 |
Massachusetts GO | 4.000% | 11/1/30 | 1,980 | 2,131 |
Massachusetts GO | 5.000% | 11/1/31 | 2,000 | 2,463 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Harvard University) | 5.000% | 12/15/19 (Prere.) | 500 | 533 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Museum of Fine Arts) | ||||
VRDO | 1.800% | 1/2/18 | 500 | 500 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 (ETM) | 390 | 408 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 | 110 | 115 |
48
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 10/15/20 | 225 | 245 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/21 | 900 | 996 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/23 | 495 | 565 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/31 | 1,500 | 1,797 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 4.000% | 8/15/32 | 600 | 653 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/34 | 1,000 | 1,187 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/35 | 2,000 | 2,371 |
Massachusetts Special Obligation Dedicated | ||||
Tax Revenue | 5.500% | 1/1/26 (14) | 500 | 623 |
Massachusetts Transportation Fund Revenue | 4.000% | 6/1/35 | 1,000 | 1,104 |
Massachusetts Transportation Fund Revenue | ||||
(Accelerated Bridge Program) | 5.000% | 6/1/18 | 1,400 | 1,421 |
Massachusetts Turnpike Authority Revenue | ||||
(Metropolitan Highway System) | 0.000% | 1/1/29 (14) | 300 | 220 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.000% | 8/1/19 | 240 | 253 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/20 | 200 | 218 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/21 | 500 | 562 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/30 | 625 | 820 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/25 | 895 | 969 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/35 | 1,000 | 1,196 |
50,226 | ||||
Michigan (1.5%) | ||||
Battle Creek MI School District GO | 5.000% | 5/1/25 | 500 | 596 |
Birmingham MI City School District GO | 5.000% | 5/1/22 | 740 | 841 |
Chippewa Valley MI Schools GO | 5.000% | 5/1/33 | 1,000 | 1,164 |
Dearborn MI School District GO | 5.000% | 5/1/34 | 1,200 | 1,371 |
Detroit MI City School District GO | 5.250% | 5/1/28 (4) | 500 | 608 |
Detroit MI Sewage Disposal System Revenue | 7.000% | 7/1/27 (4) | 1,000 | 1,077 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/22 | 370 | 413 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/23 | 1,025 | 1,137 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/32 | 1,000 | 1,090 |
Eastern Michigan University Revenue | 5.000% | 3/1/27 (15) | 500 | 604 |
Great Lakes MI Water Authority Sewer | ||||
Disposal System Revenue | 5.000% | 7/1/31 | 1,645 | 1,890 |
Great Lakes MI Water Authority Sewer | ||||
Disposal System Revenue | 5.000% | 7/1/36 | 1,000 | 1,133 |
Great Lakes MI Water Authority Water Supply | ||||
System Revenue | 5.000% | 7/1/28 | 1,000 | 1,186 |
49
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Great Lakes MI Water Authority Water Supply | ||||
System Revenue | 4.000% | 7/1/33 (4) | 1,000 | 1,064 |
Hudsonville MI Public Schools GO | 5.000% | 5/1/31 | 400 | 479 |
Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 (4) | 1,000 | 1,174 |
Marysville MI Public Schools District GO | 5.000% | 5/1/28 | 1,605 | 1,932 |
Michigan Building Authority Revenue | 5.000% | 10/15/20 (4) | 500 | 529 |
Michigan Building Authority Revenue | 5.000% | 4/15/24 | 1,515 | 1,785 |
Michigan Building Authority Revenue | 5.000% | 10/15/32 | 1,000 | 1,192 |
Michigan Building Authority Revenue | 5.000% | 4/15/33 | 1,000 | 1,174 |
Michigan Finance Authority Hospital Revenue | ||||
Bonds (Trinity Health Credit Group) | 5.000% | 12/1/35 | 920 | 1,021 |
Michigan Finance Authority Revenue | 5.000% | 4/1/18 | 1,000 | 1,008 |
Michigan Finance Authority Revenue | 5.000% | 10/1/22 | 500 | 550 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/22 (4) | 1,000 | 1,124 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/23 (4) | 1,000 | 1,144 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/28 | 750 | 861 |
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 | 1,122 |
Michigan Finance Authority Revenue | ||||
(Henry Ford Health System Obligated Group) | 5.000% | 11/15/26 | 1,010 | 1,214 |
Michigan Finance Authority Revenue | ||||
(Sparrow Obligated Group) | 5.000% | 11/15/27 | 500 | 564 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/22 | 2,100 | 2,416 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/27 | 1,000 | 1,145 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/31 | 500 | 573 |
Michigan Finance Authority Revenue | ||||
(Trinity Health Credit Group) | 5.000% | 12/1/28 | 2,000 | 2,422 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/18 | 500 | 500 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 7/1/19 | 1,145 | 1,203 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/22 | 2,000 | 2,000 |
Michigan GAN | 5.000% | 3/15/27 | 1,095 | 1,341 |
Michigan GO | 5.000% | 5/1/18 | 500 | 506 |
Michigan GO | 5.500% | 5/1/19 (Prere.) | 595 | 626 |
Michigan State University Revenue | 5.000% | 8/15/20 | 1,040 | 1,130 |
Michigan Trunk Line Revenue | 5.000% | 11/1/21 | 500 | 530 |
Oakland University MI Revenue | 5.000% | 3/1/30 | 1,155 | 1,360 |
Portage MI Public Schools GO | 5.000% | 11/1/34 | 1,250 | 1,459 |
Rochester MI Community School District GO | 5.000% | 5/1/18 | 1,800 | 1,821 |
Royal Oak MI Hospital Finance Authority | ||||
Hospital Revenue (William Beaumont | ||||
Hospital) | 5.000% | 9/1/25 | 1,435 | 1,659 |
University of Michigan Revenue | 5.000% | 4/1/32 | 2,000 | 2,445 |
3 University of Michigan Revenue PUT | 2.140% | 4/2/18 | 1,000 | 1,000 |
50
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/25 | 700 | 834 |
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 | 1,300 | 1,538 |
59,256 | ||||
Minnesota (0.7%) | ||||
Bloomington MN Independent School District | ||||
No. 271 GO | 5.000% | 2/1/22 | 2,000 | 2,259 |
Farmington MN Independent School District | ||||
No. 192 GO | 5.000% | 2/1/21 | 1,800 | 1,979 |
Minneapolis & St. Paul MN Metropolitan | ||||
Airports Commission Revenue | 5.000% | 1/1/25 | 250 | 300 |
Minneapolis & St. Paul MN Metropolitan | ||||
Airports Commission Revenue | 5.000% | 1/1/26 | 200 | 244 |
Minneapolis & St. Paul MN Metropolitan | ||||
Council Wastewater GO | 5.000% | 3/1/21 | 1,435 | 1,583 |
Minneapolis MN Special School District | ||||
No. 1 COP | 5.000% | 2/1/26 | 1,855 | 2,124 |
Minnesota GO | 5.000% | 8/1/19 | 500 | 526 |
Minnesota GO | 5.000% | 8/1/19 (Prere.) | 500 | 526 |
Minnesota GO | 5.000% | 11/1/19 (Prere.) | 270 | 286 |
Minnesota GO | 5.000% | 11/1/20 | 65 | 69 |
Minnesota GO | 5.000% | 8/1/21 | 1,295 | 1,444 |
Minnesota GO | 5.000% | 10/1/21 | 1,925 | 2,156 |
Minnesota GO | 5.000% | 8/1/22 | 1,305 | 1,493 |
Minnesota GO | 5.000% | 10/1/22 | 1,325 | 1,522 |
Minnesota GO | 5.000% | 10/1/24 | 2,425 | 2,912 |
Minnesota GO | 5.000% | 8/1/25 | 1,500 | 1,830 |
Minnesota GO | 5.000% | 8/1/27 | 1,005 | 1,221 |
Minnesota Higher Education Facilities | ||||
Authority Revenue (Hamline University) | 5.000% | 10/1/35 | 595 | 661 |
Rochester MN Health Care Facilities Revenue | ||||
(Mayo Clinic) | 5.000% | 11/15/31 | 1,000 | 1,278 |
Southern Minnesota Municipal Power Agency | ||||
Power Supply System Revenue | 5.250% | 1/1/19 (Prere.) | 500 | 519 |
St. Paul MN Housing & Redevelopment | ||||
Authority Health Care Revenue (Fairview | ||||
Health Services Obligated Group) | 5.000% | 11/15/33 | 1,010 | 1,204 |
University of Minnesota Revenue | 5.000% | 8/1/19 | 500 | 527 |
University of Minnesota Revenue | 5.250% | 12/1/20 (Prere.) | 500 | 550 |
27,213 | ||||
Mississippi (0.3%) | ||||
DeSoto County MS School District GO | 5.000% | 5/1/19 | 370 | 386 |
Mississippi Development Bank Special | ||||
Obligation Revenue (Marshall County | ||||
Industrial Development Highway Refunding | ||||
Project) | 5.000% | 1/1/26 | 1,300 | 1,557 |
Mississippi Development Bank Special | ||||
Obligation Revenue (Rankin County School | ||||
District) | 5.000% | 6/1/30 | 1,500 | 1,820 |
Mississippi GO | 5.500% | 12/1/18 | 750 | 778 |
Mississippi GO | 5.000% | 10/1/19 | 2,000 | 2,119 |
Mississippi GO | 5.000% | 11/1/29 | 1,000 | 1,200 |
Mississippi GO | 5.000% | 10/1/33 | 1,305 | 1,586 |
51
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Mississippi Institutions of Higher Learning | ||||
Revenue (University of Mississippi Medical | ||||
Center) | 4.000% | 6/1/34 | 1,000 | 1,058 |
Mississippi State University Educational | ||||
Building Corp. Revenue | 5.000% | 8/1/23 (Prere.) | 1,000 | 1,163 |
Mississippi State University Educational | ||||
Building Corp. Revenue | 5.000% | 8/1/30 | 505 | 613 |
Mississippi State University Educational | ||||
Building Corp. Revenue | 5.000% | 8/1/31 | 445 | 538 |
12,818 | ||||
Missouri (0.4%) | ||||
Jackson County MO Special Obligation | ||||
Revenue (Truman Sports Complex Project) | 5.000% | 12/1/26 | 1,120 | 1,328 |
Metropolitan St. Louis MO Sewer District | ||||
Wastewater System Revenue | 5.000% | 5/1/27 | 615 | 769 |
Metropolitan St. Louis MO Sewer District | ||||
Wastewater System Revenue | 5.000% | 5/1/34 | 500 | 607 |
Missouri Health & Educational Facilities | ||||
Authority Educational Facilities Revenue | ||||
(St. Louis College of Pharmacy Project) | 5.000% | 5/1/30 | 500 | 565 |
Missouri Health & Educational Facilities | ||||
Authority Educational Facilities Revenue | ||||
(St. Louis College of Pharmacy Project) | 5.000% | 5/1/34 | 880 | 978 |
Missouri Health & Educational Facilities | ||||
Authority Health Facilities Revenue | ||||
(SSM Health System) | 5.000% | 6/1/25 | 1,050 | 1,229 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Children’s Mercy | ||||
Hospital) | 5.000% | 5/15/36 | 1,100 | 1,261 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,721 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Mercy Health) VRDO | 1.989% | 6/1/31 (2) | 500 | 468 |
Missouri Highways & Transportation | ||||
Commission Road Revenue | 5.000% | 2/1/23 | 600 | 695 |
Missouri Highways & Transportation | ||||
Commission Road Revenue | 5.000% | 5/1/23 | 500 | 523 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Iatan 2 Project) | 5.000% | 12/1/34 | 1,400 | 1,614 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Prairie Project) | 5.000% | 12/1/34 | 1,000 | 1,158 |
St. Louis MO Parking Revenue | 5.000% | 12/15/23 (4) | 690 | 799 |
St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,180 |
14,895 | ||||
Montana (0.0%) | ||||
Montana Facility Finance Authority Hospital | ||||
Revenue (Benefis Health System) | 5.000% | 2/15/32 | 825 | 960 |
Nebraska (0.3%) | ||||
Central Plains Energy Project Nebraska Gas | ||||
Project Revenue (Project No. 1) | 5.250% | 12/1/18 | 170 | 175 |
52
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Central Plains Energy Project Nebraska Gas | ||||
Project Revenue (Project No. 3) | 5.000% | 9/1/27 | 1,000 | 1,189 |
Central Plains Energy Project Nebraska Gas | ||||
Supply Revenue PUT | 5.000% | 12/1/19 | 2,395 | 2,533 |
Lincoln County NE Hospital Authority No. 1 | ||||
Hospital Revenue (Great Plains Regional | ||||
Medical Center Project) | 5.000% | 11/1/23 | 750 | 827 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/22 (Prere.) | 135 | 153 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/25 | 265 | 302 |
Municipal Energy Agency of Nebraska Power | ||||
Supply System Revenue | 5.000% | 4/1/31 | 345 | 383 |
Nebraska Public Power District Revenue | 5.000% | 1/1/30 | 1,000 | 1,111 |
Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,660 |
Scotts Bluff County NE Hospital Authority | ||||
Revenue (Regional West Medical Center) | 5.000% | 2/1/24 | 1,685 | 1,839 |
10,172 | ||||
Nevada (0.6%) | ||||
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/26 | 560 | 663 |
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/28 | 550 | 650 |
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/33 | 1,520 | 1,660 |
Clark County NV GO | 5.000% | 12/1/29 | 500 | 530 |
Clark County NV GO | 4.000% | 6/1/32 | 1,505 | 1,682 |
Clark County NV GO | 5.000% | 7/1/33 | 1,000 | 1,129 |
Clark County NV Highway Improvement Motor | ||||
Vehicle Fuel Tax Revenue | 5.000% | 7/1/19 (Prere.) | 500 | 525 |
Clark County NV Highway Improvement Motor | ||||
Vehicle Fuel Tax Revenue | 5.000% | 7/1/36 | 1,000 | 1,195 |
Clark County NV Passenger Facility Charge | ||||
Revenue (Las Vegas McCarran International | ||||
Airport) | 4.500% | 7/1/20 | 455 | 480 |
Las Vegas NV GO | 5.000% | 6/1/18 | 1,225 | 1,243 |
Las Vegas Valley Water District Nevada GO | 5.000% | 2/1/18 (Prere.) | 1,000 | 1,003 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/21 | 2,000 | 2,218 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,000 | 1,187 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 2,229 |
Nevada GO | 5.000% | 4/1/22 | 1,710 | 1,935 |
Nevada GO | 5.000% | 11/1/23 | 1,465 | 1,720 |
Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,225 |
Nevada Highway Improvement Revenue | ||||
(Motor Vehicle Fuel Tax) | 4.000% | 12/1/32 | 1,660 | 1,827 |
Truckee Meadows NV Water Authority Water | ||||
Revenue | 5.000% | 7/1/34 | 1,500 | 1,790 |
24,891 | ||||
New Jersey (1.5%) | ||||
Bergen County NJ GO | 5.000% | 10/15/21 | 1,470 | 1,646 |
Camden County NJ Improvement Authority | ||||
Health Care Redevelopment Project Revenue | ||||
(Cooper Health System Obligated Group) | 5.000% | 2/15/27 | 1,400 | 1,580 |
Garden State Preservation Trust New Jersey | ||||
Revenue (Open Space & Farmland | ||||
Preservation) | 0.000% | 11/1/21 (4) | 500 | 456 |
53
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 525 |
Morris County NJ Improvement Authority | ||||
School District Revenue (Morris Hills | ||||
Regional District Project) | 5.000% | 10/1/23 | 495 | 568 |
New Jersey COP | 5.250% | 6/15/19 (Prere.) | 465 | 489 |
New Jersey Economic Development | ||||
Authority Revenue | 5.000% | 6/15/21 | 1,000 | 1,075 |
New Jersey Economic Development | ||||
Authority Revenue | 5.000% | 6/15/23 | 1,000 | 1,109 |
New Jersey Economic Development | ||||
Authority Revenue | 5.500% | 6/15/29 | 2,000 | 2,362 |
New Jersey Economic Development | ||||
Authority Revenue (Cigarette Tax) | 5.000% | 6/15/19 | 700 | 730 |
New Jersey Economic Development | ||||
Authority Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,600 | 1,745 |
New Jersey Economic Development | ||||
Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 (14) | 405 | 476 |
New Jersey Economic Development | ||||
Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 (14)(ETM) | 95 | 119 |
New Jersey Economic Development | ||||
Authority Revenue (Motor Vehicle Surcharge) | 3.125% | 7/1/29 | 1,000 | 988 |
New Jersey Economic Development | ||||
Authority Revenue (School Facilities | ||||
Construction) | 5.000% | 12/15/18 | 360 | 370 |
New Jersey Economic Development | ||||
Authority Revenue (School Facilities | ||||
Construction) | 5.250% | 9/1/24 | 300 | 324 |
New Jersey Economic Development | ||||
Authority Revenue (School Facilities | ||||
Construction) | 5.000% | 3/1/28 | 2,095 | 2,275 |
New Jersey Economic Development | ||||
Authority Sublease Revenue (New Jersey | ||||
Transit Corp. Light Rail Transit System | ||||
Project) | 5.000% | 5/1/18 | 750 | 757 |
New Jersey Economic Development | ||||
Authority Sublease Revenue (New Jersey | ||||
Transit Corp. Light Rail Transit System | ||||
Project) | 5.000% | 5/1/19 | 500 | 517 |
New Jersey Educational Facilities Authority | ||||
Revenue (University Medical & Dentistry) | 6.500% | 6/1/19 (Prere.) | 195 | 208 |
New Jersey GO | 5.250% | 7/15/18 (2) | 500 | 510 |
New Jersey GO | 5.000% | 8/15/19 | 750 | 788 |
New Jersey Health Care Facilities Financing | ||||
Authority Lease Revenue (Greystone Park | ||||
Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 551 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/18 (ETM) | 250 | 254 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,135 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 | 900 | 1,015 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/18 (ETM) | 385 | 385 |
54
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/19 (ETM) | 315 | 326 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/19 (ETM) | 185 | 191 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 7/1/21 | 640 | 708 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (St. Joseph’s Healthcare | ||||
System) | 5.000% | 7/1/27 | 1,000 | 1,151 |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.250% | 12/1/28 | 220 | 233 |
New Jersey Transportation Trust Fund | ||||
Authority Federal Highway Reimbursement | ||||
Revenue | 5.000% | 6/15/24 | 1,750 | 1,777 |
New Jersey Transportation Trust Fund | ||||
Authority Federal Highway Reimbursement | ||||
Revenue | 5.000% | 6/15/25 | 1,300 | 1,477 |
New Jersey Transportation Trust Fund | ||||
Authority Federal Highway Reimbursement | ||||
Revenue | 5.000% | 6/15/29 | 1,500 | 1,522 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,677 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/18 (4) | 1,135 | 1,175 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.000% | 12/15/19 | 650 | 681 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.250% | 12/15/19 | 500 | 527 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/20 (14) | 2,500 | 2,718 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.250% | 12/15/21 (14) | 245 | 271 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/21 (12) | 150 | 167 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/22 | 1,315 | 1,483 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/23 | 605 | 695 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,129 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,439 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 6/15/31 | 500 | 544 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.000% | 6/15/32 | 700 | 763 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/19 (Prere.) | 175 | 181 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/19 (Prere.) | 325 | 336 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 (Prere.) | 1,000 | 1,124 |
New Jersey Turnpike Authority Revenue | 5.000% | 7/1/22 (Prere.) | 1,040 | 1,182 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/29 | 1,000 | 1,229 |
55
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,207 |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/33 | 1,000 | 1,089 |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/34 | 2,500 | 2,712 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,182 |
South Jersey Transportation Authority New | ||||
Jersey Transportation System Revenue | 5.000% | 11/1/25 | 500 | 559 |
Tobacco Settlement Financing Corp. New | ||||
Jersey Revenue | 5.000% | 6/1/18 | 1,500 | 1,525 |
Tobacco Settlement Financing Corp. New | ||||
Jersey Revenue | 5.000% | 6/1/19 | 850 | 851 |
Tobacco Settlement Financing Corp. New | ||||
Jersey Revenue | 0.000% | 6/1/41 | 4,805 | 1,339 |
Tobacco Settlement Financing Corp. New | ||||
Jersey Revenue | 0.000% | 6/1/41 | 835 | 227 |
58,354 | ||||
New Mexico (0.2%) | ||||
Albuquerque NM GO | 5.000% | 7/1/20 | 2,000 | 2,165 |
Albuquerque NM Municipal School District | ||||
No. 12 GO | 5.000% | 8/1/22 | 250 | 285 |
Albuquerque NM Municipal School District | ||||
No. 12 GO | 5.000% | 8/1/23 | 250 | 291 |
Farmington NM Pollution Control Revenue | ||||
(Arizona Public Service Co. Four Corners | ||||
Project) | 4.700% | 9/1/24 | 1,750 | 1,863 |
New Mexico Educational Assistance | ||||
Foundation Revenue | 5.000% | 12/1/19 | 500 | 531 |
New Mexico Finance Authority Transportation | ||||
Revenue | 5.000% | 6/15/23 | 500 | 539 |
New Mexico Hospital Equipment Loan | ||||
Council Hospital System Revenue | ||||
(Presbyterian Healthcare Services) | 5.000% | 8/1/28 | 1,350 | 1,596 |
7,270 | ||||
New York (7.5%) | ||||
4 Battery Park City Authority New York | ||||
Revenue TOB VRDO | 1.840% | 1/2/18 LOC | 995 | 995 |
Erie County NY Fiscal Stability Authority | ||||
Revenue | 5.000% | 9/1/30 | 500 | 620 |
Erie County NY Fiscal Stability Authority | ||||
Revenue | 5.000% | 9/1/31 | 530 | 652 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/18 | 500 | 506 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/19 | 300 | 314 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/19 (ETM) | 200 | 209 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.250% | 5/1/31 | 500 | 554 |
Hempstead NY GO | 4.000% | 4/1/29 (4) | 1,420 | 1,564 |
Hudson Yards Infrastructure Corp. New York | ||||
Revenue | 5.000% | 2/15/35 | 1,000 | 1,191 |
56
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Hudson Yards Infrastructure Corp. New York | ||||
Revenue | 5.000% | 2/15/36 | 1,000 | 1,191 |
Long Island NY Power Authority Electric | ||||
System Revenue | 4.000% | 9/1/18 | 835 | 849 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 4/1/19 (Prere.) | 575 | 600 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.250% | 4/1/19 (ETM) | 75 | 78 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.250% | 4/1/19 (ETM) | 125 | 131 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/24 | 65 | 74 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/25 | 500 | 599 |
3 Long Island NY Power Authority Electric | ||||
System Revenue PUT | 1.603% | 11/1/18 | 1,000 | 1,001 |
Monroe County NY Industrial Development | ||||
Agency School Facility Revenue (Rochester | ||||
Schools Modernization Project) | 5.000% | 5/1/31 | 1,850 | 2,248 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.500% | 8/15/23 | 730 | 732 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (University of Rochester | ||||
Project) | 5.000% | 7/1/26 | 1,000 | 1,230 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (University of Rochester | ||||
Project) | 5.000% | 7/1/37 | 1,000 | 1,196 |
Nassau County NY GO | 5.000% | 4/1/23 | 1,000 | 1,141 |
New York City NY GO | 5.250% | 8/15/18 (Prere.) | 40 | 41 |
New York City NY GO | 5.500% | 11/15/18 (Prere.) | 300 | 310 |
New York City NY GO | 5.625% | 4/1/19 (Prere.) | 815 | 856 |
New York City NY GO | 5.000% | 5/15/19 (Prere.) | 480 | 503 |
New York City NY GO | 5.000% | 8/1/19 | 1,065 | 1,121 |
New York City NY GO | 5.000% | 8/1/19 | 1,500 | 1,578 |
New York City NY GO | 5.000% | 8/1/20 | 2,100 | 2,275 |
New York City NY GO | 5.000% | 8/1/20 | 2,935 | 3,180 |
New York City NY GO | 5.250% | 9/1/20 | 1,000 | 1,025 |
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,225 |
New York City NY GO | 5.000% | 8/1/21 | 1,535 | 1,708 |
New York City NY GO | 5.000% | 8/1/21 | 515 | 573 |
New York City NY GO | 5.000% | 8/1/22 | 1,290 | 1,470 |
New York City NY GO | 5.000% | 8/1/22 | 500 | 570 |
New York City NY GO | 5.000% | 10/1/22 | 500 | 559 |
New York City NY GO | 5.000% | 8/1/23 | 380 | 433 |
New York City NY GO | 5.000% | 8/1/23 | 1,505 | 1,753 |
New York City NY GO | 5.250% | 8/15/24 | 460 | 471 |
New York City NY GO | 5.000% | 8/1/25 | 750 | 840 |
New York City NY GO | 5.000% | 8/1/25 | 1,010 | 1,220 |
New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,148 |
New York City NY GO | 5.000% | 8/1/26 | 500 | 567 |
New York City NY GO | 5.000% | 8/15/26 | 475 | 485 |
New York City NY GO | 5.000% | 8/1/28 | 400 | 432 |
New York City NY GO | 5.625% | 4/1/29 | 25 | 26 |
57
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York City NY GO | 5.000% | 5/15/29 | 500 | 522 |
New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,155 |
New York City NY GO | 5.000% | 3/1/31 | 1,340 | 1,531 |
New York City NY GO | 5.000% | 8/1/31 | 365 | 403 |
New York City NY GO | 5.000% | 12/1/32 | 1,755 | 2,107 |
New York City NY GO | 5.000% | 12/1/33 | 1,500 | 1,795 |
New York City NY GO | 5.000% | 12/1/35 | 1,000 | 1,191 |
New York City NY GO VRDO | 1.750% | 1/2/18 | 400 | 400 |
New York City NY GO VRDO | 1.770% | 1/2/18 | 2,500 | 2,500 |
New York City NY GO VRDO | 1.770% | 1/2/18 | 50 | 50 |
New York City NY GO VRDO | 1.770% | 1/2/18 | 2,400 | 2,400 |
New York City NY GO VRDO | 1.780% | 1/2/18 | 13,800 | 13,800 |
New York City NY GO VRDO | 1.820% | 1/2/18 LOC | 900 | 900 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/24 | 1,500 | 1,613 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/30 | 575 | 616 |
New York City NY Housing Development | ||||
Corp. Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,136 |
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 Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 750 | 745 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 500 | 524 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 1,200 | 1,455 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 4.750% | 6/15/30 | 255 | 259 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 500 | 539 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 500 | 551 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/33 | 1,000 | 1,240 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.750% | 1/2/18 | 1,100 | 1,100 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.850% | 1/2/18 | 2,600 | 2,600 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.900% | 1/2/18 | 16,590 | 16,590 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.900% | 1/2/18 | 900 | 900 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.730% | 1/2/18 | 1,100 | 1,100 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/24 | 500 | 570 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.250% | 1/15/25 | 500 | 519 |
58
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.250% | 1/15/26 | 500 | 519 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/28 | 1,730 | 2,070 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.125% | 1/15/29 | 1,070 | 1,110 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/29 | 2,000 | 2,385 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/30 | 1,000 | 1,191 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/32 | 250 | 282 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/18 (ETM) | 200 | 201 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/19 | 1,100 | 1,141 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.250% | 2/1/21 (Prere.) | 60 | 66 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/22 | 1,000 | 1,149 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/25 | 400 | 447 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/28 | 1,325 | 1,595 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/29 | 850 | 974 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/30 | 500 | 568 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.250% | 2/1/30 | 440 | 486 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/31 | 500 | 545 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/31 | 300 | 338 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/31 | 500 | 571 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/32 | 1,250 | 1,464 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/32 | 500 | 570 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,795 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/33 | 1,800 | 2,167 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/33 | 1,530 | 1,850 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,665 | 1,990 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,692 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/34 | 1,500 | 1,791 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/35 | 1,500 | 1,803 |
59
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/35 | 1,725 | 2,058 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 4.000% | 8/1/36 | 1,235 | 1,355 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/37 | 1,665 | 1,997 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue VRDO | 1.900% | 1/2/18 | 3,120 | 3,120 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Lincoln Center for the Performing | ||||
Arts Inc.) | 5.000% | 12/1/26 | 1,090 | 1,345 |
New York Liberty Development Corp. | ||||
Revenue | 5.000% | 11/15/31 | 1,090 | 1,209 |
New York Liberty Development Corp. | ||||
Revenue (7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,120 |
New York Liberty Development Corp. | ||||
Revenue (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 750 | 983 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 5/15/18 (Prere.) | 500 | 507 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/20 | 1,530 | 1,668 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.250% | 11/15/20 (Prere.) | 500 | 550 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/21 (Prere.) | 500 | 559 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/21 | 220 | 246 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/21 | 1,000 | 1,119 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.250% | 11/15/21 (14) | 315 | 355 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/22 (Prere.) | 820 | 943 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 5/15/23 (Prere.) | 570 | 661 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/23 | 1,000 | 1,169 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/24 | 2,120 | 2,522 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/25 | 1,000 | 1,208 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/26 | 1,645 | 2,014 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/28 | 1,675 | 2,031 |
New York Metropolitan Transportation | ||||
Authority Revenue | 4.000% | 11/15/31 | 1,445 | 1,603 |
New York Metropolitan Transportation | ||||
Authority Revenue | 4.000% | 11/15/32 | 1,500 | 1,654 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/33 | 680 | 768 |
New York Metropolitan Transportation | ||||
Authority Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 600 | 640 |
60
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation | ||||
Authority Revenue (Dedicated Tax Fund) | 4.000% | 11/15/33 | 1,500 | 1,652 |
New York Metropolitan Transportation | ||||
Authority Revenue (Dedicated Tax Fund) | 5.000% | 11/15/35 | 2,000 | 2,395 |
New York Metropolitan Transportation | ||||
Authority Revenue (Hudson Yards | ||||
Development) | 5.000% | 11/15/46 | 2,000 | 2,106 |
New York Metropolitan Transportation | ||||
Authority Revenue (Hudson Yards | ||||
Development) | 5.000% | 11/15/51 | 3,250 | 3,536 |
New York Metropolitan Transportation | ||||
Authority Revenue (Transit Revenue) | 5.500% | 11/15/18 | 130 | 134 |
New York Metropolitan Transportation | ||||
Authority Revenue (Transit Revenue) | 5.000% | 11/15/21 (Prere.) | 1,215 | 1,365 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 (2) | 500 | 605 |
New York State Dormitory Authority Lease R | ||||
evenue (City of New York Court Facilities) | 5.500% | 5/15/27 (2) | 500 | 636 |
New York State Dormitory Authority Lease | ||||
Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 | 500 | 543 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/20 | 75 | 79 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) | ||||
VRDO | 1.750% | 1/8/18 LOC | 3,100 | 3,100 |
New York State Dormitory Authority Revenue | ||||
(City University System) | 5.000% | 7/1/24 | 400 | 432 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/18 (Prere.) | 250 | 254 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,163 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,138 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 500 | 543 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 6.000% | 7/1/19 (14) | 500 | 533 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/21 (Prere.) | 500 | 551 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/18 (Prere.) | 500 | 504 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/19 (Prere.) | 200 | 208 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 170 | 191 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 160 | 179 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/23 | 830 | 937 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/24 | 840 | 948 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/25 | 1,500 | 1,803 |
61
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/26 | 500 | 577 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/27 | 1,945 | 2,407 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/29 | 1,000 | 1,226 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,344 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/32 | 500 | 561 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 4.000% | 2/15/33 | 1,975 | 2,168 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/33 | 300 | 336 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 4.000% | 2/15/34 | 1,905 | 2,085 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,304 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 4.000% | 2/15/35 | 1,000 | 1,092 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/20 | 575 | 626 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/21 (4) | 390 | 436 |
New York State Dormitory Authority Revenue | ||||
(Service Contract) | 5.000% | 7/1/22 | 500 | 525 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.250% | 7/1/20 (Prere.) | 500 | 543 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/21 | 1,135 | 1,253 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/24 | 965 | 1,144 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/25 | 1,270 | 1,534 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/32 | 1,480 | 1,788 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/33 | 1,720 | 2,077 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/35 | 1,420 | 1,685 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/36 | 1,170 | 1,399 |
New York State Energy Research & | ||||
Development Authority Pollution Control | ||||
Revenue (Niagara Mohawk Corp.) | 3.909% | 12/1/25 (2) | 1,095 | 1,095 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking | ||||
Water Revolving Funds) | 5.000% | 6/15/22 | 2,000 | 2,287 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking | ||||
Water Revolving Funds) | 5.000% | 6/15/24 | 365 | 394 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking | ||||
Water Revolving Funds) | 5.000% | 6/15/25 | 500 | 569 |
62
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking | ||||
Water Revolving Funds) | 5.000% | 6/15/34 | 1,500 | 1,832 |
New York State GO | 4.500% | 2/1/19 | 500 | 517 |
New York State GO | 5.000% | 2/15/30 | 315 | 345 |
New York State Local Government Assistance | ||||
Corp. Revenue | 5.000% | 4/1/21 | 495 | 530 |
New York State Thruway Authority Revenue | 5.000% | 5/1/19 | 1,230 | 1,283 |
New York State Thruway Authority Revenue | 5.000% | 1/1/20 (14) | 500 | 501 |
New York State Thruway Authority Revenue | 5.000% | 1/1/21 (14) | 490 | 491 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 500 | 559 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 (14) | 600 | 601 |
New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,169 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 10/1/18 (Prere.) | 500 | 513 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/19 | 500 | 521 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 500 | 536 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 500 | 559 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 3/15/36 | 2,000 | 2,390 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 3/15/37 | 2,000 | 2,385 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/18 | 1,000 | 1,007 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 (ETM) | 145 | 150 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 355 | 367 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.500% | 3/15/22 (14) | 530 | 610 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 1,325 | 1,566 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 2,000 | 2,406 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 2,000 | 2,364 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 1,500 | 1,814 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,286 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,706 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,000 | 2,377 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,693 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/18 | 540 | 540 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/26 | 500 | 509 |
63
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/26 | 1,750 | 2,100 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/28 | 1,250 | 1,346 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/29 | 1,000 | 1,204 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/35 | 1,000 | 1,187 |
Suffolk County NY Economic Development | ||||
Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,694 |
Suffolk County NY Economic Development | ||||
Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,575 |
Tobacco Settlement Financing Corp. New | ||||
York Revenue | 5.000% | 6/1/29 | 1,000 | 1,175 |
Tobacco Settlement Financing Corp. New | ||||
York Revenue | 5.000% | 6/1/34 | 1,760 | 2,016 |
Triborough Bridge & Tunnel Authority New | ||||
York Revenue | 5.000% | 11/15/18 (Prere.) | 305 | 314 |
Triborough Bridge & Tunnel Authority New | ||||
York Revenue | 5.000% | 11/15/23 | 1,500 | 1,765 |
Triborough Bridge & Tunnel Authority New | ||||
York Revenue | 5.000% | 11/15/25 | 195 | 201 |
Triborough Bridge & Tunnel Authority New | ||||
York Revenue | 5.000% | 11/15/34 | 2,000 | 2,385 |
Triborough Bridge & Tunnel Authority New | ||||
York Revenue | 5.000% | 11/15/34 | 1,900 | 2,294 |
Triborough Bridge & Tunnel Authority New | ||||
York Revenue | 5.000% | 11/15/36 | 1,000 | 1,203 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/33 | 1,600 | 1,869 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/34 | 1,000 | 1,206 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/35 | 1,945 | 2,345 |
5 Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/36 | 2,450 | 2,952 |
Westchester County NY GO | 5.000% | 7/1/20 | 435 | 472 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 10 | 11 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 55 | 59 |
Westchester County NY Health Care Corp. | ||||
Revenue | 5.000% | 11/1/30 | 870 | 947 |
Westchester County NY Local Development | ||||
Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/31 | 1,085 | 1,232 |
Westchester NY Tobacco Asset Securitization | ||||
Revenue | 5.000% | 6/1/28 | 1,400 | 1,613 |
Westchester NY Tobacco Asset Securitization | ||||
Revenue | 5.000% | 6/1/33 | 1,500 | 1,668 |
295,994 | ||||
North Carolina (0.7%) | ||||
Cary NC Combined Utility Systems Revenue | 5.000% | 12/1/22 (Prere.) | 330 | 378 |
Cary NC Combined Utility Systems Revenue | 5.000% | 12/1/27 | 170 | 195 |
Cary NC Combined Utility Systems Revenue | 5.000% | 12/1/29 | 400 | 499 |
Charlotte NC Airport Revenue | 5.000% | 7/1/25 | 2,050 | 2,471 |
Charlotte NC Water & Sewer System Revenue | 5.000% | 12/1/20 | 235 | 257 |
64
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Durham County NC GO | 5.000% | 4/1/20 | 685 | 736 |
Durham County NC GO | 5.000% | 10/1/22 | 500 | 575 |
Mecklenburg County NC Public Facilities | ||||
Corp. Revenue (Annual Appropriation) | 5.000% | 3/1/19 (Prere.) | 500 | 520 |
New Hanover County NC Hospital Revenue | ||||
(New Hanover Regional Medical Center | ||||
Project) | 5.000% | 10/1/34 | 1,000 | 1,181 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/19 | 555 | 580 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/20 (Prere.) | 500 | 537 |
North Carolina Eastern Municipal Power | ||||
Agency Power Systems Revenue | 6.000% | 1/1/18 (ETM) | 510 | 510 |
North Carolina GAN | 5.000% | 3/1/25 | 1,000 | 1,196 |
North Carolina GAN | 5.000% | 3/1/27 | 1,000 | 1,193 |
North Carolina GO | 5.000% | 3/1/18 | 500 | 503 |
North Carolina GO | 5.000% | 6/1/19 | 2,000 | 2,097 |
North Carolina GO | 5.000% | 3/1/20 | 275 | 295 |
North Carolina GO | 4.000% | 6/1/20 | 500 | 529 |
North Carolina GO | 5.000% | 5/1/22 | 250 | 285 |
North Carolina Medical Care Commission | ||||
Health Care Facilities Revenue (Vidant | ||||
Health) | 5.000% | 6/1/21 | 1,000 | 1,105 |
North Carolina Medical Care Commission | ||||
Health Care Facilities Revenue (WakeMed) | 5.000% | 10/1/27 | 1,000 | 1,128 |
North Carolina Medical Care Commission | ||||
Hospital Revenue (Southeastern Regional | ||||
Medical Center) | 5.000% | 6/1/24 | 600 | 679 |
North Carolina Municipal Power Agency No. 1 | ||||
Revenue (Catawba Electric) | 5.000% | 1/1/19 (Prere.) | 355 | 367 |
North Carolina Municipal Power Agency No. 1 | ||||
Revenue (Catawba Electric) | 5.000% | 1/1/30 | 145 | 150 |
North Carolina Revenue | 5.000% | 5/1/29 | 2,395 | 2,946 |
Orange County NC Public Facilities Co. | ||||
Revenue | 5.000% | 10/1/22 (Prere.) | 180 | 205 |
Orange County NC Public Facilities Co. | ||||
Revenue | 5.000% | 10/1/24 | 320 | 367 |
Raleigh NC GO | 5.000% | 9/1/27 | 2,000 | 2,529 |
Wake County NC GO | 4.000% | 2/1/18 | 695 | 696 |
Wake County NC GO | 5.000% | 3/1/18 | 500 | 503 |
Wake County NC Limited Obligation Revenue | 4.000% | 12/1/19 | 680 | 711 |
25,923 | ||||
North Dakota (0.0%) | ||||
Grand Forks ND Health Care System Revenue | ||||
(Altru Health System Obligated Group) | 5.000% | 12/1/25 | 1,210 | 1,422 |
Ohio (1.6%) | ||||
Allen County OH Hospital Facilities Revenue | ||||
(Mercy Health) | 5.000% | 8/1/29 | 1,180 | 1,418 |
Allen County OH Hospital Facilities Revenue | ||||
(Mercy Health) | 4.000% | 8/1/37 | 1,900 | 1,987 |
American Municipal Power Ohio Inc. Revenue | ||||
(Fremont Energy Center Project) | 5.250% | 2/15/22 (Prere.) | 570 | 646 |
American Municipal Power Ohio Inc. Revenue | ||||
(Hydroelectric Projects) | 5.250% | 2/15/18 | 500 | 502 |
65
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
American Municipal Power Ohio Inc. Revenue | ||||
(Hydroelectric Projects) | 5.000% | 2/15/26 | 1,000 | 1,198 |
Bowling Green State University Ohio Revenue | 5.000% | 6/1/26 | 250 | 302 |
Bowling Green State University Ohio Revenue | 5.000% | 6/1/27 | 250 | 304 |
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 | 476 |
Centerville OH Health Care Revenue | ||||
(Graceworks Lutheran Services) | 5.000% | 11/1/26 | 725 | 799 |
Centerville OH Health Care Revenue | ||||
(Graceworks Lutheran Services) | 5.000% | 11/1/27 | 380 | 418 |
Cincinnati OH GO | 4.000% | 12/1/34 | 250 | 272 |
Cleveland OH Airport System Revenue | 5.250% | 1/1/18 (2) | 260 | 260 |
Columbus OH City School District GO | 0.000% | 12/1/29 (4) | 1,000 | 713 |
Columbus OH GO | 5.000% | 7/1/25 | 535 | 608 |
Columbus OH Sewer Revenue | 5.000% | 6/1/30 | 1,500 | 1,803 |
Cuyahoga County OH Excise Tax Revenue | ||||
(Sports Facilities Improvement Project) | 5.000% | 12/1/25 | 510 | 588 |
Cuyahoga County OH Hospital Revenue | ||||
(MetroHealth System) | 5.000% | 2/15/32 | 1,000 | 1,117 |
Fairfield County OH Hospital Facilities | ||||
Revenue (Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 662 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/20 | 1,000 | 1,089 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/28 | 1,680 | 1,988 |
Franklin County OH Hospital Improvement | ||||
Revenue (Nationwide Children’s Hospital | ||||
Project) | 5.000% | 11/1/28 | 450 | 555 |
Greater Cleveland OH Regional Transit | ||||
Authority Sales Tax Revenue | 5.000% | 12/1/18 | 350 | 361 |
Hamilton County OH Hospital Facilities | ||||
Revenue (TriHealth Obligated Group) | 5.000% | 8/15/36 | 1,000 | 1,157 |
Hamilton County OH Hospital Facilities | ||||
Revenue (UC Health) | 5.000% | 2/1/21 | 200 | 217 |
Hamilton County OH Sales Tax Revenue | 5.000% | 12/1/27 | 1,915 | 2,382 |
Kent State University Ohio Revenue | 5.000% | 5/1/19 (Prere.) | 460 | 481 |
Kent State University Ohio Revenue | 5.000% | 5/1/23 (12) | 40 | 42 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 | 500 | 558 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.250% | 11/15/27 | 1,500 | 1,688 |
Montgomery County OH Revenue | ||||
(Miami Valley Hospital) VRDO | 1.750% | 1/2/18 LOC | 400 | 400 |
North Royalton OH City School District GO | 5.000% | 12/1/26 | 300 | 362 |
North Royalton OH City School District GO | 5.000% | 12/1/28 | 1,400 | 1,673 |
Ohio Building Authority Revenue | ||||
(Administration Building Fund) | 5.000% | 10/1/20 | 100 | 109 |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Adult Correctional Building Fund | ||||
Projects) | 5.000% | 10/1/33 | 1,525 | 1,834 |
66
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Adult Correctional Building Fund | ||||
Projects) | 5.000% | 10/1/36 | 1,250 | 1,492 |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Mental Health Facilities | ||||
Improvement Fund Projects) | 5.000% | 2/1/22 | 750 | 842 |
Ohio GO | 5.000% | 2/1/18 | 3,895 | 3,906 |
Ohio GO | 5.000% | 5/1/23 | 1,270 | 1,477 |
Ohio GO | 5.000% | 8/1/23 | 500 | 570 |
Ohio GO | 5.000% | 8/1/24 | 500 | 597 |
Ohio GO | 5.000% | 11/1/24 | 1,675 | 2,011 |
Ohio GO | 5.000% | 3/15/36 | 1,005 | 1,158 |
Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 557 |
Ohio Higher Education GO | 5.000% | 8/1/22 | 2,680 | 3,062 |
Ohio Higher Education GO | 5.000% | 8/1/28 | 1,280 | 1,623 |
Ohio Higher Educational Facility Commission | ||||
Revenue (Case Western Reserve University | ||||
Project) | 5.000% | 12/1/22 | 560 | 640 |
Ohio Hospital Revenue (Cleveland Clinic | ||||
Health System Obligated Group) | 5.000% | 1/1/28 | 500 | 622 |
Ohio Hospital Revenue (Cleveland Clinic | ||||
Health System Obligated Group) | 5.000% | 1/1/32 | 1,000 | 1,212 |
Ohio Infrastructure Improvement GO | 5.000% | 9/1/30 | 1,915 | 2,237 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/20 (Prere.) | 500 | 535 |
Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/20 (14) | 1,000 | 1,078 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,015 | 1,158 |
Ohio Water Development Authority Pollution | ||||
Control Revenue (Water Quality) | 5.250% | 6/1/19 | 435 | 458 |
Ohio Water Development Authority Water | ||||
Pollution Control Loan Fund Revenue | 5.000% | 12/1/26 | 1,500 | 1,859 |
Ohio Water Development Authority Water | ||||
Pollution Control Loan Fund Revenue | 5.000% | 6/1/28 | 2,000 | 2,483 |
Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 140 |
Revere OH Local School District GO | 5.000% | 12/1/33 | 1,000 | 1,135 |
Revere OH Local School District GO | 5.000% | 12/1/35 | 665 | 755 |
Winton Woods City OH School District GO | 5.000% | 11/1/32 | 550 | 619 |
Winton Woods City OH School District GO | 5.000% | 11/1/33 | 255 | 287 |
Winton Woods City OH School District GO | 5.000% | 11/1/34 | 250 | 281 |
Winton Woods City OH School District GO | 5.000% | 11/1/35 | 260 | 292 |
Winton Woods City OH School District GO | 5.000% | 11/1/36 | 250 | 280 |
62,880 | ||||
Oklahoma (0.2%) | ||||
Edmond OK Public Works Authority Sales Tax | ||||
& Utility System Revenue | 4.000% | 7/1/25 | 1,000 | 1,130 |
Norman OK Regional Hospital Authority | ||||
Revenue | 5.000% | 9/1/28 | 1,245 | 1,471 |
Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 578 |
Oklahoma City OK Water Utilities Trust Water | ||||
& Sewer Revenue | 5.000% | 7/1/28 | 1,140 | 1,385 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/21 (Prere.) | 300 | 329 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/37 | 2,000 | 2,347 |
Tulsa County OK Industrial Authority Senior | ||||
Living Community Revenue (Montereau Inc.) | 5.000% | 11/15/23 | 230 | 260 |
University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 523 |
8,023 |
67
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Oregon (0.4%) | ||||
Clackamas County OR School District No. 12 | ||||
Sandy GO | 5.000% | 6/15/28 | 1,000 | 1,240 |
Clatsop County OR School District No. 10 | ||||
Seaside GO | 5.000% | 6/15/33 | 1,125 | 1,367 |
Deschutes & Jefferson Counties OR School | ||||
District No. 2J GO | 0.000% | 6/15/31 | 750 | 513 |
Multnomah County OR School District GO | 5.000% | 6/15/19 | 1,680 | 1,762 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.250% | 4/1/21 (Prere.) | 430 | 477 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.000% | 4/1/25 | 1,370 | 1,622 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.250% | 4/1/31 | 70 | 77 |
Oregon Department of Transportation | ||||
Highway User Tax Revenue | 5.000% | 11/15/19 | 4,000 | 4,245 |
Oregon Facilities Authority Revenue (Legacy | ||||
Health Project) | 5.000% | 6/1/33 | 1,000 | 1,162 |
Oregon Facilities Authority Revenue (Reed | ||||
College Projects) | 4.000% | 7/1/31 | 450 | 501 |
Oregon Facilities Authority Revenue (Reed | ||||
College Projects) | 4.000% | 7/1/32 | 450 | 499 |
Oregon GO | 5.000% | 5/1/23 | 500 | 567 |
Portland OR Sewer System Revenue | 5.000% | 6/15/18 (Prere.) | 500 | 508 |
14,540 | ||||
Pennsylvania (2.5%) | ||||
Allegheny County PA GO | 4.000% | 11/1/30 | 1,000 | 1,088 |
Allegheny County PA Higher Education | ||||
Building Authority University Revenue | ||||
(Duquesne University) | 5.500% | 3/1/21 (Prere.) | 325 | 363 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.000% | 5/15/18 | 500 | 506 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 1.642% | 2/1/21 | 605 | 605 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.375% | 8/15/29 | 335 | 355 |
Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 560 |
Allentown PA Neighborhood Improvement | ||||
Zone Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,092 |
Allentown PA Neighborhood Improvement | ||||
Zone Development Authority Tax Revenue | 5.000% | 5/1/27 | 250 | 286 |
Berks County PA Industrial Development | ||||
Authority Health System Revenue (Tower | ||||
Health Project) | 5.000% | 11/1/25 | 1,835 | 2,169 |
Central Bradford PA Progress Authority | ||||
Revenue (Guthrie Healthcare System) | 5.500% | 12/1/31 | 500 | 568 |
Chester County PA GO | 5.000% | 11/15/31 | 750 | 862 |
East Hempfield Township PA Industrial | ||||
Development Authority Revenue (Millersville | ||||
University Student Housing Project) | 5.000% | 7/1/29 | 1,000 | 1,105 |
68
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Geisinger Authority Health System | ||||
Pennsylvania Revenue (Geisinger Health | ||||
System) | 5.000% | 6/1/20 | 650 | 700 |
Lehigh County PA General Purpose Hospital | ||||
Authority Revenue (Lehigh Valley Health | ||||
Network) | 5.000% | 7/1/29 | 1,185 | 1,394 |
Luzerne County PA Industrial Development | ||||
Authority Lease Revenue | 5.000% | 12/15/25 (4) | 1,000 | 1,148 |
Monroeville PA Finance Authority Revenue | ||||
(UPMC Health System) | 5.000% | 2/15/19 | 500 | 518 |
Montgomery County PA Higher Education | ||||
& Health Authority Hospital Revenue | ||||
(Abington Memorial Hospital) | 5.000% | 6/1/22 (Prere.) | 500 | 564 |
Montgomery County PA Industrial | ||||
Development Authority Health Services | ||||
Revenue (Albert Einstein Healthcare | ||||
Network) | 5.000% | 1/15/23 | 1,015 | 1,122 |
Montgomery County PA Industrial | ||||
Development Authority Health Services | ||||
Revenue (Albert Einstein Healthcare | ||||
Network) | 5.000% | 1/15/25 | 1,000 | 1,135 |
Montgomery County PA Industrial | ||||
Development Authority Pollution Control | ||||
Revenue (Exelon Generation Co., LLC) PUT | 2.550% | 6/1/20 | 1,000 | 1,004 |
Montgomery County PA Industrial | ||||
Development Authority Retirement | ||||
Community Revenue (ACTS Retirement- Life | ||||
Communities Obligated Group) | 5.000% | 11/15/25 | 1,250 | 1,386 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue (St. Luke’s | ||||
Hospital Project) | 5.250% | 8/15/18 (Prere.) | 2,000 | 2,046 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue (St. Luke’s | ||||
Hospital Project) | 5.000% | 8/15/25 | 1,215 | 1,439 |
Pennsylvania Economic Development | ||||
Financing Authority Health System Revenue | ||||
(Albert Einstein Healthcare Network) | 6.250% | 10/15/19 (Prere.) | 785 | 840 |
Pennsylvania Economic Development | ||||
Financing Authority Revenue (UPMC | ||||
Obligated Group) | 5.000% | 11/15/25 | 1,000 | 1,200 |
Pennsylvania Economic Development | ||||
Financing Authority Revenue (UPMC | ||||
Obligated Group) | 5.000% | 11/15/30 | 1,500 | 1,795 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 4.000% | 1/1/18 | 750 | 750 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 7/1/20 | 700 | 735 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 1/1/21 | 1,330 | 1,375 |
Pennsylvania GO | 5.000% | 4/15/19 (Prere.) | 500 | 522 |
Pennsylvania GO | 5.000% | 7/1/20 | 500 | 538 |
69
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania GO | 5.375% | 7/1/21 | 500 | 557 |
Pennsylvania GO | 5.000% | 11/15/21 (Prere.) | 500 | 561 |
Pennsylvania GO | 5.000% | 1/1/24 | 1,500 | 1,735 |
Pennsylvania GO | 5.000% | 8/15/24 | 500 | 584 |
Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,807 |
Pennsylvania GO | 4.000% | 8/15/30 (4) | 1,000 | 1,095 |
Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,134 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Philadelphia University) | 5.000% | 6/1/19 | 740 | 775 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 | 200 | 217 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Temple University) | 5.000% | 4/1/32 | 500 | 550 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Trustees of the | ||||
University of Pennsylvania) | 5.000% | 9/1/19 (Prere.) | 500 | 528 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (University of | ||||
Pennsylvania Health System) | 4.000% | 8/15/36 | 1,295 | 1,382 |
Pennsylvania State University Revenue | 5.000% | 2/15/18 (Prere.) | 1,000 | 1,004 |
Pennsylvania State University Revenue | 5.000% | 3/1/25 | 500 | 535 |
Pennsylvania Turnpike Commission Motor | ||||
License Fund Revenue | 5.000% | 12/1/32 | 1,000 | 1,182 |
Pennsylvania Turnpike Commission Oil | ||||
Franchise Tax Revenue | 5.000% | 12/1/24 | 1,000 | 1,160 |
Pennsylvania Turnpike Commission Oil | ||||
Franchise Tax Revenue | 5.000% | 12/1/28 | 500 | 592 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 190 | 199 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 860 | 901 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 (Prere.) | 175 | 186 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 1,750 | 1,909 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 495 | 540 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 265 | 289 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 695 | 758 |
3 Pennsylvania Turnpike Commission Revenue | 2.690% | 12/1/21 | 1,315 | 1,338 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | 170 | 180 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 2,301 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 | 1,000 | 1,199 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,035 | 1,216 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 (4) | 1,635 | 1,961 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/26 | 750 | 895 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,658 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 1,500 | 1,738 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,327 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,719 |
Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 1,120 | 1,205 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,015 | 1,184 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/27 | 1,000 | 1,186 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (The Children’s | ||||
Hospital of Philadelphia Project) | 5.000% | 7/1/32 | 750 | 903 |
70
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Thomas Jefferson | ||||
University) | 5.000% | 9/1/37 | 345 | 397 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/25 | 1,500 | 1,785 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 | 1,000 | 1,204 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/29 | 1,010 | 1,198 |
Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | 1,300 | 1,527 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue | ||||
(Temple University Health System Obligated | ||||
Group) | 5.000% | 7/1/25 | 1,000 | 1,137 |
Philadelphia PA Municipal Authority Revenue | 6.375% | 4/1/19 (Prere.) | 500 | 530 |
Philadelphia PA School District GO | 5.000% | 9/1/21 | 1,035 | 1,101 |
Philadelphia PA School District GO | 5.250% | 9/1/22 | 525 | 561 |
Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 1,053 |
Philadelphia PA Water & Wastewater Revenue | 5.000% | 8/1/20 (Prere.) | 560 | 607 |
Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/26 | 1,000 | 1,171 |
Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/32 | 1,000 | 1,197 |
Philadelphia PA Water & Wastewater Revenue | 4.000% | 7/1/35 | 1,110 | 1,182 |
Reading PA School District GO | 5.000% | 3/1/25 (4) | 805 | 946 |
6 Saint Mary PA Hospital Authority Health | ||||
System Revenue (Trinity Health Corp | ||||
Obligated Group) | 5.000% | 11/15/25 | 815 | 973 |
6 Saint Mary PA Hospital Authority Health | ||||
System Revenue (Trinity Health Corp | ||||
Obligated Group) | 5.000% | 11/15/26 | 750 | 906 |
Snyder County PA Higher Education Authority | ||||
University Revenue (Susquehanna University | ||||
Project) | 5.000% | 1/1/27 | 1,135 | 1,339 |
St. Mary Hospital Authority Pennsylvania | ||||
Health System Revenue (Catholic Health | ||||
Initiatives) | 5.000% | 11/15/26 | 1,000 | 1,076 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School District | ||||
of Philadelphia) | 5.000% | 6/1/24 (15) | 1,535 | 1,759 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School District | ||||
of Philadelphia) | 5.000% | 6/1/26 (4) | 1,650 | 1,932 |
University of Pittsburgh of the Commonwealth | ||||
System of Higher Education Pennsylvania | ||||
Revenue (University Capital Project) | 5.250% | 9/15/19 (Prere.) | 500 | 531 |
West Shore PA Area Authority Hospital | ||||
Revenue (Holy Spirit Hospital of the Sisters | ||||
of Christian Charity Project) | 6.250% | 1/1/21 (Prere.) | 80 | 91 |
96,163 | ||||
Puerto Rico (0.1%) | ||||
Puerto Rico Electric Power Authority Revenue | 5.000% | 7/1/21 (14) | 500 | 500 |
Puerto Rico Highway & Transportation | ||||
Authority Revenue | 5.250% | 7/1/21 (13)(3) | 500 | 549 |
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 1,000 | 1,261 |
2,310 | ||||
Rhode Island (0.1%) | ||||
Rhode Island Commerce Corp. Airport | ||||
Revenue | 5.000% | 7/1/30 | 500 | 579 |
71
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Rhode Island Health & Educational Building | ||||
Corp. Higher Education Facilities Revenue | ||||
(University of Rhode Island) | 5.000% | 9/15/25 | 500 | 600 |
Tobacco Settlement Financing Corp. Rhode | ||||
Island Revenue | 2.250% | 6/1/41 | 1,995 | 1,994 |
3,173 | ||||
South Carolina (0.5%) | ||||
Charleston SC Educational Excellence | ||||
Financing Corp. Revenue (Charleston County | ||||
School District, South Carolina Project) | 5.000% | 12/1/23 | 590 | 691 |
Columbia SC Waterworks & Sewer System | ||||
Revenue | 5.000% | 2/1/27 | 250 | 281 |
Florence County SC School District GO | 5.000% | 3/1/18 | 1,000 | 1,006 |
Lexington County SC Health Services District | ||||
Inc. Hospital Revenue | 5.000% | 11/1/25 | 1,000 | 1,181 |
Lexington County SC Health Services District | ||||
Inc. Hospital Revenue | 5.000% | 11/1/34 | 1,500 | 1,720 |
Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,000 | 1,159 |
Piedmont SC Municipal Power Agency | ||||
Revenue | 0.000% | 1/1/24 (14) | 1,600 | 1,380 |
South Carolina Association of Governmental | ||||
Organizations Educational Facilities Corp. | ||||
Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,677 |
South Carolina GO | 5.000% | 4/1/20 | 450 | 484 |
South Carolina Higher Education Revenue | ||||
(Clemson University) | 5.000% | 5/1/21 | 1,000 | 1,106 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/24 (4) | 500 | 508 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/26 | 1,000 | 1,114 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 517 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/37 | 1,770 | 2,022 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/37 | 1,000 | 1,149 |
Sumter Two School Facilities Inc. South | ||||
Carolina Installment Purchase Revenue | 5.000% | 12/1/26 (15) | 1,000 | 1,170 |
York County SC School District GO (Fort Mill | ||||
School District No. 4) | 5.000% | 3/1/18 | 1,365 | 1,373 |
18,538 | ||||
South Dakota (0.1%) | ||||
Educational Enhancement Funding Corp. | ||||
South Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 | 2,000 | 2,228 |
South Dakota Health & Educational Facilities | ||||
Authority Revenue (Regional Health System | ||||
Obligated Group) | 5.000% | 9/1/32 | 1,000 | 1,181 |
South Dakota Health & Educational Facilities | ||||
Authority Revenue (Regional Health System | ||||
Obligated Group) | 4.000% | 9/1/34 | 1,975 | 2,097 |
5,506 |
72
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tennessee (0.7%) | ||||
Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,190 |
Chattanooga TN Health Educational & Housing | ||||
Facility Board Revenue (Catholic Health | ||||
Initiatives) | 5.000% | 1/1/33 | 1,500 | 1,623 |
Chattanooga-Hamilton County TN Hospital | ||||
Authority Hospital Revenue | 5.000% | 10/1/27 | 1,035 | 1,176 |
Clarksville TN Public Building Authority | ||||
Revenue (Morristown) VRDO | 2.000% | 1/2/18 LOC | 380 | 380 |
Knox County TN GO | 5.000% | 4/1/18 | 1,000 | 1,009 |
Knox County TN Health Educational & | ||||
Housing Facilities Board Hospital Facilities | ||||
Revenue (Covenant Healthcare) | 5.000% | 1/1/36 | 1,000 | 1,151 |
Memphis TN GO | 5.000% | 5/1/30 | 500 | 549 |
Memphis TN Water System Revenue | 4.000% | 12/1/34 | 575 | 638 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Electric Revenue | 5.000% | 5/15/35 | 865 | 1,049 |
Metropolitan Government of Nashville & | ||||
Davidson County TN GO | 5.000% | 7/1/21 | 625 | 676 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Health & Educational | ||||
Facilities Board Revenue (Blakeford at Green | ||||
Hills) | 5.000% | 7/1/27 | 500 | 540 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Water & Sewer | ||||
Revenue | 5.000% | 7/1/20 | 500 | 540 |
Shelby County TN GO | 5.000% | 3/1/19 | 500 | 520 |
Shelby County TN GO | 5.000% | 4/1/19 (ETM) | 100 | 104 |
Shelby County TN GO | 5.000% | 4/1/19 | 400 | 417 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue | 5.250% | 9/1/18 | 725 | 742 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue | 5.250% | 9/1/22 | 1,500 | 1,699 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue | 5.000% | 2/1/24 | 1,675 | 1,925 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue | 5.250% | 9/1/24 | 515 | 605 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue | 5.000% | 2/1/25 | 780 | 906 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue | 5.250% | 9/1/26 | 585 | 704 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue | 5.000% | 2/1/27 | 1,000 | 1,182 |
Tennessee Energy Acquisition Corp. Gas | ||||
Revenue PUT | 4.000% | 5/1/23 | 2,500 | 2,738 |
Tennessee GO | 5.000% | 8/1/20 | 625 | 678 |
Tennessee GO | 5.000% | 8/1/21 | 1,490 | 1,662 |
Tennessee GO | 5.000% | 8/1/22 | 1,475 | 1,689 |
Tennessee GO | 5.000% | 8/1/22 | 1,385 | 1,586 |
27,678 | ||||
Texas (5.0%) | ||||
Alamo TX Regional Mobility Authority | ||||
Revenue | 5.000% | 6/15/27 | 1,280 | 1,524 |
Arlington TX GO | 5.000% | 8/15/19 | 1,920 | 2,024 |
73
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Austin Convention Enterprises Inc. Texas | ||||
Convention Center Revenue | 5.000% | 1/1/25 | 500 | 580 |
Austin TX Airport System Revenue | 5.000% | 11/15/26 | 1,010 | 1,232 |
Austin TX Airport System Revenue | 5.000% | 11/15/32 | 1,150 | 1,362 |
Austin TX Community College District Public | ||||
Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,193 |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/19 (Prere.) | 210 | 223 |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/19 (Prere.) | 65 | 69 |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/21 | 500 | 559 |
Beaumont TX Independent School District GO | 5.000% | 2/15/20 | 3,345 | 3,574 |
Beaumont TX Independent School District GO | 5.000% | 2/15/21 | 3,570 | 3,922 |
Brownsville TX Utility System Revenue | 4.000% | 9/1/30 | 1,000 | 1,082 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.750% | 1/1/20 (Prere.) | 500 | 539 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/24 | 1,015 | 1,173 |
Central Texas Regional Mobility Authority | ||||
Revenue | 0.000% | 1/1/25 | 100 | 81 |
Central Texas Regional Mobility Authority | ||||
Revenue | 0.000% | 1/1/26 | 180 | 139 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/26 | 1,000 | 1,184 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/30 | 840 | 971 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/33 | 540 | 599 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/34 | 1,400 | 1,602 |
Clifton TX Higher Education Finance Corp. | ||||
Revenue (Baylor University) | 5.250% | 3/1/29 | 200 | 220 |
Cypress-Fairbanks TX Independent School | ||||
District GO | 5.000% | 2/15/25 | 500 | 548 |
Dallas County TX Utility & Reclamation | ||||
District GO | 5.000% | 2/15/28 | 2,000 | 2,442 |
Dallas TX Area Rapid Transit Sales Tax | ||||
Revenue | 4.500% | 12/1/18 (Prere.) | 500 | 513 |
Dallas TX Area Rapid Transit Sales Tax | ||||
Revenue | 5.000% | 12/1/27 | 500 | 572 |
Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 533 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/21 | 1,090 | 1,218 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/21 (Prere.) | 195 | 217 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/22 | 140 | 156 |
Dallas-Fort Worth TX International Airport | ||||
Revenue | 5.250% | 11/1/29 | 1,000 | 1,185 |
Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 493 |
Galveston County TX GO | 4.000% | 2/1/34 | 750 | 821 |
Garland TX Independent School District GO | 5.000% | 2/15/22 | 1,025 | 1,156 |
74
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Grand Parkway Transportation Corp. Texas | ||||
System Toll Revenue | 0.000% | 10/1/30 | 1,550 | 1,486 |
Harris County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (Methodist Hospital | ||||
System) VRDO | 1.800% | 1/2/18 | 1,140 | 1,140 |
Harris County TX Cultural Education Facilities | ||||
Finance Corp. Thermal Utility Revenue | ||||
(TECO Project) | 5.000% | 11/15/30 | 1,000 | 1,207 |
Harris County TX Flood Control District GO | 5.250% | 10/1/18 | 435 | 447 |
Harris County TX GO | 5.000% | 10/1/23 | 500 | 528 |
Harris County TX GO | 5.000% | 10/1/23 | 300 | 336 |
Harris County TX GO | 5.000% | 8/15/32 | 1,000 | 1,123 |
Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,428 |
Harris County TX Sports Authority Revenue | 5.000% | 11/15/22 | 945 | 1,061 |
3 Harris County TX Toll Road Revenue | 2.490% | 8/15/18 | 1,000 | 1,004 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/19 (Prere.) | 500 | 527 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 500 | 564 |
Hays County TX GO | 5.000% | 2/15/35 | 1,090 | 1,297 |
Highland Park TX Independent School District | ||||
GO | 5.000% | 2/15/19 | 1,000 | 1,039 |
Houston TX Airport System Revenue | 5.000% | 7/1/19 (14) | 1,000 | 1,003 |
Houston TX Airport System Revenue | 5.000% | 7/1/26 (14) | 3,000 | 3,007 |
Houston TX GO | 5.000% | 3/1/18 | 1,650 | 1,660 |
Houston TX GO | 5.000% | 3/1/20 | 500 | 519 |
Houston TX GO | 5.000% | 3/1/27 | 1,000 | 1,221 |
Houston TX GO | 4.000% | 3/1/35 | 1,500 | 1,627 |
Houston TX Hotel Occupancy Tax & Special | ||||
Revenue (Convention & Entertainment | ||||
Facilities) | 5.000% | 9/1/24 | 1,015 | 1,178 |
Houston TX Independent School District GO | 5.000% | 2/15/19 | 1,200 | 1,246 |
Houston TX Independent School District GO | 5.000% | 2/15/20 | 1,105 | 1,180 |
Houston TX Utility System Revenue | 5.000% | 5/15/21 | 1,000 | 1,102 |
Houston TX Utility System Revenue | 5.000% | 5/15/25 | 1,000 | 1,180 |
Houston TX Utility System Revenue | 5.000% | 11/15/28 (4) | 120 | 120 |
Houston TX Utility System Revenue | 4.000% | 11/15/31 | 1,000 | 1,096 |
Houston TX Utility System Revenue | 5.000% | 11/15/33 | 1,000 | 1,089 |
Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,166 |
3 Houston TX Utility System Revenue PUT | 2.610% | 5/1/20 | 1,000 | 1,006 |
Irving TX Independent School District GO | 5.000% | 2/15/21 | 1,500 | 1,647 |
Judson TX Independent School District GO | 5.000% | 2/1/22 | 600 | 675 |
Klein TX Independent School District GO | 5.000% | 8/1/34 | 1,200 | 1,430 |
Lake Travis TX Independent School District GO | 5.000% | 2/15/21 (Prere.) | 500 | 551 |
Lamar TX Consolidated Independent School | ||||
District GO | 5.000% | 2/15/25 | 1,245 | 1,501 |
Laredo TX Community College District GO | 5.000% | 8/1/25 | 1,000 | 1,175 |
Lone Star College System Texas GO | 5.000% | 8/15/19 (Prere.) | 250 | 264 |
Lower Colorado River Authority Texas | ||||
Revenue | 5.000% | 5/15/19 | 1,525 | 1,592 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue (LCRA | ||||
Transmission Services Corp.) | 5.000% | 5/15/28 | 1,175 | 1,377 |
Lubbock TX GO | 5.000% | 2/15/23 | 500 | 563 |
75
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Mesquite TX Health Facilities Development | ||||
Corp. Retirement Facility Revenue (Christian | ||||
Care Centers Inc. Project) | 5.000% | 2/15/24 | 350 | 386 |
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 | 1,846 |
New Hope TX Cultural Education Facilities. | ||||
Retirement Facilities Revenue (Westminster | ||||
Manor Project) | 5.000% | 11/1/26 | 1,060 | 1,204 |
New Hope TX Cultural Education Facilities. | ||||
Retirement Facilities Revenue (Westminster | ||||
Manor Project) | 5.000% | 11/1/27 | 1,000 | 1,126 |
New Hope TX Cultural Education Facilities. | ||||
Retirement Facilities Revenue (Westminster | ||||
Manor Project) | 5.000% | 11/1/28 | 870 | 971 |
New Hope TX Cultural Education Facilities. | ||||
Student Housing Revenue (Tarleton State | ||||
University Project) | 5.000% | 4/1/23 | 200 | 224 |
New Hope TX Cultural Education Facilities. | ||||
Student Housing Revenue (Tarleton State | ||||
University Project) | 5.000% | 4/1/24 | 210 | 238 |
New Hope TX Cultural Education Facilities. | ||||
Student Housing Revenue (Tarleton State | ||||
University Project) | 5.000% | 4/1/25 | 240 | 273 |
North East TX Independent School District | ||||
GO | 5.250% | 2/1/22 | 500 | 568 |
North Texas Municipal Water District Regional | ||||
Wastewater System Revenue | 5.000% | 6/1/22 | 1,495 | 1,697 |
North Texas Municipal Water District Regional | ||||
Wastewater System Revenue | 5.000% | 6/1/23 | 1,555 | 1,803 |
North Texas Municipal Water District Regional | ||||
Wastewater System Revenue | 4.000% | 6/1/31 | 1,500 | 1,661 |
North Texas Municipal Water District Water | ||||
System Revenue | 5.000% | 9/1/22 | 1,645 | 1,879 |
North Texas Municipal Water District Water | ||||
System Revenue | 5.000% | 9/1/23 | 1,025 | 1,199 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 440 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 440 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/19 (Prere.) | 205 | 214 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/20 | 60 | 60 |
North Texas Tollway Authority System | ||||
Revenue | 5.500% | 9/1/21 (Prere.) | 500 | 565 |
North Texas Tollway Authority System | ||||
Revenue | 6.250% | 2/1/23 | 1,650 | 1,786 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/25 | 60 | 60 |
76
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/26 | 1,000 | 1,148 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/27 | 1,350 | 1,571 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/28 | 45 | 47 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/29 | 1,105 | 1,301 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/30 | 500 | 575 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/32 | 1,750 | 2,027 |
North Texas Tollway Authority System | ||||
Revenue | 4.000% | 1/1/33 | 1,550 | 1,679 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/33 | 1,500 | 1,732 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/34 | 1,575 | 1,813 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/35 | 1,000 | 1,148 |
North Texas Tollway Authority System | ||||
Revenue | 4.000% | 1/1/36 | 1,015 | 1,092 |
North Texas Tollway Authority System | ||||
Revenue | 4.000% | 1/1/37 (4) | 1,500 | 1,614 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/38 | 1,000 | 1,185 |
Northwest Independent School District Texas | ||||
GO | 5.000% | 2/15/26 | 1,000 | 1,202 |
Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,110 |
Pearland TX GO | 4.000% | 3/1/32 | 1,000 | 1,106 |
Pearland TX GO | 4.000% | 3/1/33 | 360 | 392 |
Pearland TX Waterworks & Sewer System | ||||
Revenue | 4.000% | 9/1/32 | 240 | 264 |
Pearland TX Waterworks & Sewer System | ||||
Revenue | 4.000% | 9/1/33 | 340 | 372 |
Plano TX Independent School District GO | 5.000% | 2/15/18 | 2,605 | 2,616 |
Rockwall County TX GO | 5.000% | 2/1/18 | 1,080 | 1,083 |
SA Energy Acquisition Public Facility Corp. | ||||
Texas Gas Supply Revenue | 5.500% | 8/1/19 | 500 | 528 |
Sam Rayburn TX Municipal Power Agency | ||||
Revenue | 5.000% | 10/1/19 | 210 | 222 |
San Antonio TX Electric & Gas Systems | ||||
Revenue | 5.000% | 2/1/19 | 500 | 518 |
San Antonio TX Electric & Gas Systems | ||||
Revenue | 5.000% | 2/1/21 | 500 | 550 |
San Antonio TX Electric & Gas Systems | ||||
Revenue | 5.000% | 2/1/36 | 1,000 | 1,196 |
San Antonio TX GO | 5.000% | 8/1/20 | 125 | 136 |
San Antonio TX GO | 5.000% | 2/1/22 | 1,000 | 1,100 |
San Antonio TX GO | 5.000% | 2/1/24 | 500 | 548 |
San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,205 |
San Antonio TX Water Revenue | 5.000% | 5/15/34 | 1,000 | 1,192 |
77
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Southwest Texas Higher Education Authority | ||||
Inc. Revenue (Southern Methodist University | ||||
Project) | 4.000% | 10/1/34 | 1,350 | 1,461 |
Spring Branch TX Independent School District | ||||
GO | 5.000% | 2/1/20 | 1,000 | 1,068 |
Spring TX Independent School District GO | 5.000% | 8/15/32 | 1,000 | 1,190 |
Spring TX Independent School District GO | 5.000% | 8/15/35 | 1,370 | 1,634 |
Sugar Land TX GO | 5.000% | 2/15/26 | 500 | 609 |
Sugar Land TX GO | 5.000% | 2/15/27 | 500 | 611 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Hospital Revenue (Methodist | ||||
Hospitals of Dallas) | 5.250% | 10/1/31 | 1,000 | 1,154 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (CHRISTUS Health) | 6.250% | 7/1/28 (12) | 325 | 340 |
Texas A&M University System Revenue Board | ||||
of Regents Revenue | 5.000% | 5/15/21 | 1,000 | 1,108 |
Texas A&M University System Revenue | ||||
Financing System Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 523 |
Texas GO | 4.000% | 4/1/18 | 400 | 403 |
Texas GO | 5.000% | 10/1/22 | 1,000 | 1,147 |
Texas GO | 5.000% | 10/1/24 | 1,000 | 1,198 |
Texas GO | 5.000% | 10/1/27 | 1,400 | 1,652 |
Texas GO | 5.000% | 10/1/28 | 1,330 | 1,561 |
Texas GO | 5.000% | 8/1/31 | 500 | 552 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/21 | 265 | 296 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/22 | 1,005 | 1,134 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/23 | 380 | 427 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/23 | 210 | 244 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/24 | 570 | 669 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/25 | 2,185 | 2,478 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/28 | 1,335 | 1,501 |
Texas Municipal Power Agency Revenue | 5.000% | 9/1/27 | 520 | 563 |
Texas Public Finance Authority Revenue | ||||
(Texas Southern University) | 5.000% | 11/1/21 (15) | 1,000 | 1,113 |
Texas State University System Financing | ||||
System Revenue | 5.000% | 3/15/32 | 1,580 | 1,897 |
Texas Tech University System Financing | ||||
System Revenue | 5.000% | 2/15/19 (Prere.) | 500 | 519 |
Texas TRAN | 4.000% | 8/30/18 | 10,000 | 10,165 |
Texas Transportation Commission GO | 5.000% | 10/1/21 | 1,500 | 1,679 |
Texas Transportation Commission GO | 5.000% | 10/1/22 | 1,175 | 1,348 |
Texas Transportation Commission GO | 5.000% | 10/1/29 | 1,500 | 1,813 |
3 Texas Transportation Commission GO PUT | 2.090% | 10/1/18 | 1,500 | 1,501 |
Texas Transportation Commission Revenue | 5.000% | 4/1/21 | 1,500 | 1,658 |
Texas Transportation Commission Revenue | 5.000% | 4/1/23 | 1,800 | 2,088 |
Texas Transportation Commission Turnpike | ||||
System Revenue | 5.000% | 8/15/33 | 525 | 596 |
78
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Texas Transportation Commission Turnpike | ||||
System Revenue | 5.000% | 8/15/34 | 665 | 753 |
Texas Transportation Commission Turnpike | ||||
System Revenue | 5.000% | 8/15/37 | 2,330 | 2,683 |
Texas Turnpike Authority Central Texas | ||||
Turnpike System Revenue | 0.000% | 8/15/20 (ETM) | 285 | 271 |
Texas Turnpike Authority Central Texas | ||||
Turnpike System Revenue | 0.000% | 8/15/20 (2) | 525 | 499 |
Texas Water Development Board Revenue | 5.000% | 4/15/21 | 1,000 | 1,104 |
Texas Water Financial Assistance GO | 5.000% | 8/1/18 (Prere.) | 55 | 56 |
Texas Water Financial Assistance GO | 5.000% | 8/1/18 | 445 | 454 |
Texas Water Financial Assistance GO | 5.000% | 8/1/24 | 500 | 510 |
Texas Water Financial Assistance GO | 5.000% | 8/1/25 | 500 | 510 |
University of Houston Texas Revenue | 4.000% | 2/15/33 | 1,840 | 1,981 |
University of North Texas Revenue | 5.000% | 4/15/36 | 1,225 | 1,455 |
University of Texas Permanent University | ||||
Fund Revenue | 5.000% | 7/1/21 | 1,300 | 1,446 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/19 | 325 | 342 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/20 | 1,000 | 1,085 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/21 | 500 | 557 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/23 | 1,000 | 1,170 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/28 | 1,750 | 2,174 |
West Travis County TX Public Utility Agency | ||||
Revenue | 5.000% | 8/15/27 | 755 | 923 |
West Travis County TX Public Utility Agency | ||||
Revenue | 4.000% | 8/15/32 | 250 | 274 |
Williamson County TX GO | 5.000% | 2/15/23 | 230 | 260 |
194,896 | ||||
Utah (0.2%) | ||||
Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 548 |
Central Utah Water Conservancy District | ||||
Revenue | 4.000% | 10/1/32 | 1,000 | 1,117 |
Jordan Valley UT Water Conservancy District | ||||
Revenue | 4.000% | 10/1/32 | 750 | 830 |
Salt Lake City UT Sales Tax Revenue | 5.000% | 2/1/30 | 1,355 | 1,659 |
Utah Associated Municipal Power Systems | ||||
Revenue (Horse Butte Wind Project) | 5.000% | 9/1/22 (Prere.) | 350 | 399 |
Utah GO | 4.500% | 7/1/19 | 2,000 | 2,088 |
Utah GO | 5.000% | 7/1/19 | 615 | 647 |
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 | 1,000 | 1,214 |
8,502 | ||||
Virginia (1.5%) | ||||
Arlington County VA GO | 5.000% | 8/15/19 | 1,535 | 1,619 |
Arlington County VA GO | 5.000% | 8/1/23 | 600 | 686 |
Arlington County VA GO | 5.000% | 8/15/26 | 2,000 | 2,482 |
Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 556 |
Chesterfield County VA GO | 5.000% | 1/1/22 | 900 | 1,016 |
Fairfax County VA GO | 4.000% | 10/1/19 | 2,000 | 2,084 |
Fairfax County VA GO | 5.000% | 10/1/20 | 1,710 | 1,865 |
79
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Fairfax County VA GO | 5.000% | 10/1/23 | 1,255 | 1,475 |
Fairfax County VA GO | 4.000% | 10/1/32 | 1,415 | 1,593 |
Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 300 | 332 |
Fairfax County VA Sewer Revenue | 4.000% | 7/15/21 | 1,790 | 1,934 |
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/25 | 500 | 568 |
Norfolk VA GO | 5.000% | 10/1/20 | 775 | 844 |
Norfolk VA GO | 5.000% | 9/1/29 | 1,395 | 1,662 |
Norfolk VA GO | 5.000% | 9/1/30 | 1,065 | 1,267 |
Norfolk VA GO | 5.000% | 9/1/32 | 1,345 | 1,590 |
Norfolk VA Water Revenue | 5.000% | 11/1/31 | 500 | 558 |
Richmond VA GO | 5.000% | 3/1/25 | 1,625 | 1,960 |
Richmond VA Public Utility Revenue | 5.000% | 1/15/28 | 1,000 | 1,217 |
Roanoke VA Economic Development Authority | ||||
Hospital Revenue (Carilion Clinic Obligated | ||||
Group) | 5.000% | 7/1/30 | 500 | 554 |
Stafford County VA Economic Development | ||||
Authority Hospital Facilities Revenue | ||||
(Mary Washington Healthcare Obligated | ||||
Group) | 5.000% | 6/15/24 | 750 | 862 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College | ||||
& Equipment Programs) | 5.000% | 2/1/21 | 1,000 | 1,098 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College | ||||
& Equipment Programs) | 4.000% | 2/1/31 | 1,445 | 1,594 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College | ||||
& Equipment Programs) | 4.000% | 2/1/34 | 1,900 | 2,091 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/19 | 1,570 | 1,657 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/22 | 355 | 405 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 4.000% | 9/1/31 | 1,000 | 1,111 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 5.000% | 9/15/21 | 2,410 | 2,688 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 5.000% | 5/15/26 | 1,200 | 1,472 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 5.000% | 3/15/27 | 2,000 | 2,479 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 4.000% | 5/15/35 | 1,280 | 1,398 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 4.000% | 5/15/35 | 1,750 | 1,919 |
Virginia Commonwealth Transportation Board | ||||
Revenue | 4.000% | 5/15/36 | 1,695 | 1,855 |
Virginia Public Building Authority Public | ||||
Facilities Revenue | 5.000% | 8/1/19 | 1,495 | 1,575 |
Virginia Public Building Authority Public | ||||
Facilities Revenue | 5.000% | 8/1/24 | 1,250 | 1,488 |
Virginia Public School Authority Revenue | 5.000% | 8/1/19 | 500 | 526 |
80
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Virginia Public School Authority Revenue | 5.000% | 3/1/20 | 3,700 | 3,964 |
Virginia Public School Authority Revenue | 4.000% | 8/1/20 | 1,700 | 1,797 |
Virginia Public School Authority Revenue | 5.000% | 8/1/26 | 1,500 | 1,858 |
Virginia Public School Authority Revenue | 5.000% | 8/1/29 | 1,500 | 1,842 |
Virginia Public School Authority School | ||||
Technology & Security Notes Revenue | 5.000% | 4/15/21 | 1,055 | 1,164 |
60,705 | ||||
Washington (1.2%) | ||||
Central Puget Sound WA Regional Transit | ||||
Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 | 750 | 933 |
Energy Northwest Washington Electric | ||||
Revenue (Columbia Generating Station) | 5.000% | 7/1/20 | 500 | 541 |
Energy Northwest Washington Electric | ||||
Revenue (Columbia Generating Station) | 5.000% | 7/1/31 | 1,200 | 1,424 |
Energy Northwest Washington Electric | ||||
Revenue (Project No. 1) | 5.000% | 7/1/21 | 1,355 | 1,507 |
King County WA GO | 5.000% | 1/1/19 | 150 | 155 |
King County WA GO | 5.000% | 7/1/20 | 1,250 | 1,352 |
King County WA GO | 5.000% | 1/1/24 | 500 | 562 |
King County WA Sewer Revenue | 5.000% | 1/1/20 | 1,000 | 1,066 |
Kitsap County WA School District No. 401 GO | 4.000% | 12/1/33 | 755 | 832 |
Lewis County WA Public Utility District No. 1 | ||||
Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 | 1,000 | 1,117 |
Northwest Energy Washington Electric | ||||
Revenue (Bonneville Power Administration) | 5.000% | 7/1/28 | 2,500 | 2,825 |
Pierce County WA School District No. 402 GO | 4.000% | 12/1/33 | 1,840 | 2,043 |
Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 280 |
Seattle WA GO | 5.000% | 6/1/21 | 1,000 | 1,110 |
Spokane County WA School District No. 81 | ||||
GO | 4.000% | 12/1/30 | 1,800 | 2,031 |
University of Washington Revenue | 5.000% | 4/1/31 | 335 | 368 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/18 (Prere.) | 425 | 432 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 416 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,196 |
Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,641 |
Washington Economic Development Finance | ||||
Authority Lease Revenue (Washington | ||||
Biomedical Research Properties 2) | 5.000% | 6/1/25 | 1,080 | 1,290 |
Washington GO | 5.000% | 7/1/18 (Prere.) | 500 | 509 |
Washington GO | 5.000% | 7/1/18 | 675 | 687 |
Washington GO | 5.000% | 8/1/19 (Prere.) | 500 | 525 |
Washington GO | 0.000% | 6/1/20 (14) | 500 | 479 |
Washington GO | 5.000% | 7/1/20 | 1,000 | 1,083 |
Washington GO | 5.000% | 2/1/22 (Prere.) | 500 | 563 |
Washington GO | 5.000% | 7/1/22 | 1,350 | 1,540 |
Washington GO | 5.000% | 8/1/22 | 540 | 617 |
Washington GO | 5.000% | 8/1/22 | 540 | 617 |
Washington GO | 5.000% | 7/1/23 | 1,000 | 1,167 |
Washington GO | 5.000% | 7/1/25 | 1,500 | 1,789 |
Washington GO | 5.000% | 7/1/25 | 500 | 567 |
Washington GO | 5.000% | 8/1/27 | 1,000 | 1,211 |
Washington GO | 5.000% | 8/1/27 | 1,160 | 1,452 |
Washington GO | 5.000% | 8/1/30 | 1,585 | 1,942 |
Washington GO | 5.000% | 8/1/31 | 1,970 | 2,402 |
81
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Washington GO | 5.000% | 8/1/32 | 1,470 | 1,783 |
Washington Health Care Facilities Authority | ||||
Revenue (Central Washington Health | ||||
Services Association) | 5.000% | 7/1/30 | 1,760 | 2,011 |
Washington Health Care Facilities Authority | ||||
Revenue (MultiCare Health System) | 5.000% | 8/15/32 | 1,000 | 1,196 |
Washington Health Care Facilities Authority | ||||
Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 990 |
Washington State University General | ||||
Revenue | 5.000% | 10/1/31 | 500 | 555 |
46,806 | ||||
West Virginia (0.1%) | ||||
West Virginia Economic Development | ||||
Authority Lottery Revenue | 5.000% | 6/15/29 | 1,180 | 1,423 |
West Virginia Economic Development | ||||
Authority Lottery Revenue | 4.000% | 6/15/37 | 1,545 | 1,640 |
West Virginia Higher Education Policy | ||||
Commission Revenue | 5.000% | 7/1/37 | 1,315 | 1,546 |
West Virginia Hospital Finance Authority | ||||
Hospital Revenue (Charleston Area Medical | ||||
Center Inc.) | 5.125% | 9/1/23 | 1,055 | 1,104 |
5,713 | ||||
Wisconsin (0.9%) | ||||
Madison WI Area Technical College GO | 4.000% | 3/1/25 | 1,835 | 2,079 |
Milwaukee WI GO | 4.000% | 3/15/19 | 1,000 | 1,030 |
Milwaukee WI GO | 4.000% | 3/15/20 | 1,000 | 1,048 |
Wisconsin General Fund Annual Appropriation | ||||
Revenue | 5.625% | 5/1/19 (Prere.) | 45 | 47 |
Wisconsin General Fund Annual Appropriation | ||||
Revenue | 5.625% | 5/1/28 | 415 | 437 |
Wisconsin GO | 5.000% | 5/1/18 (Prere.) | 500 | 506 |
Wisconsin GO | 5.000% | 5/1/19 | 1,335 | 1,395 |
Wisconsin GO | 5.000% | 11/1/19 | 1,250 | 1,326 |
Wisconsin GO | 5.000% | 5/1/20 | 1,000 | 1,077 |
Wisconsin GO | 5.000% | 5/1/21 (ETM) | 15 | 17 |
Wisconsin GO | 5.000% | 5/1/21 | 735 | 814 |
Wisconsin GO | 5.000% | 5/1/22 (Prere.) | 35 | 40 |
Wisconsin GO | 5.000% | 11/1/23 | 2,370 | 2,785 |
Wisconsin GO | 5.000% | 5/1/24 | 500 | 565 |
Wisconsin GO | 5.000% | 5/1/26 | 2,175 | 2,454 |
Wisconsin GO | 5.000% | 5/1/36 | 2,000 | 2,350 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Agnesian HealthCare | ||||
Inc.) | 5.000% | 7/1/31 | 1,030 | 1,209 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 4.000% | 11/15/33 | 2,000 | 2,130 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 4.000% | 11/15/34 | 1,500 | 1,593 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 5.000% | 11/15/36 | 1,800 | 2,102 |
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Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Aspirus, Inc. Obligated | ||||
Group) | 5.000% | 8/15/25 | 1,570 | 1,813 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Aurora Health Care Inc.) | 5.000% | 7/15/23 | 1,150 | 1,264 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Children’s Hospital of | ||||
Wisconsin Inc.) | 4.000% | 8/15/31 | 1,010 | 1,101 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 556 |
Wisconsin Public Finance Authority Hospital | ||||
Revenue (Renown Regional Medical Center) | 5.000% | 6/1/30 | 1,030 | 1,200 |
Wisconsin Public Power System Power | ||||
Supply System Revenue | 5.000% | 7/1/32 | 500 | 567 |
Wisconsin Transportation Revenue | 5.000% | 7/1/22 (Prere.) | 115 | 131 |
Wisconsin Transportation Revenue | 5.000% | 7/1/23 | 385 | 439 |
Wisconsin Transportation Revenue | 5.000% | 7/1/33 | 2,755 | 3,198 |
35,273 | ||||
Wyoming (0.0%) | ||||
Wyoming Municipal Power Agency Power | ||||
Supply Revenue | 5.000% | 1/1/34 (15) | 1,000 | 1,158 |
Total Tax-Exempt Municipal Bonds (Cost $1,968,703) | 2,018,757 | |||
Temporary Cash Investment (0.0%)1 | ||||
U. S. Government and Agency Obligations (0.0%) | ||||
5 United States Treasury Bill (Cost $200) | 1.108% | 2/1/18 | 200 | 200 |
Total Investments (99.4%) (Cost $2,988,429) | 3,907,340 |
Amount | |
($000) | |
Other Assets and Liabilities (0.6%) | |
Other Assets | |
Investment in Vanguard | 214 |
Receivables for Investment Securities Sold | 2,310 |
Receivables for Accrued Income | 24,783 |
Receivables for Capital Shares Issued | 4,265 |
Variation Margin Receivable—Futures Contracts | 93 |
Other Assets | 236 |
Total Other Assets | 31,901 |
Liabilities | |
Payables for Investment Securities Purchased | (7,374) |
Payables for Capital Shares Redeemed | (2) |
Payables to Vanguard | (1,485) |
Variation Margin Payable—Futures Contracts | (55) |
Other Liabilities | (5) |
Total Liabilities | (8,921) |
Net Assets (100%) | |
Applicable to 127,913,724 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,930,320 |
Net Asset Value Per Share | $30.73 |
83
Tax-Managed Balanced Fund | |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,037,276 |
Overdistributed Net Investment Income | (1,087) |
Accumulated Net Realized Losses | (24,530) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 918,911 |
Futures Contracts | (250) |
Net Assets | 3,930,320 |
• 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 48.1% and -0.1%,
respectively, of net assets.
2 Security value determined using significant unobservable inputs.
3 Adjustable-rate security based upon SIFMA Municipal Swap Index Yield plus spread.
4 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions
exempt from registration, normally to qualified institutional buyers. At December 31, 2017, the aggregate value of these securities
was $1,338,000, representing 0.0% of net assets.
5 Securities with a value of $561,000 have been segregated as initial margin for open futures contracts.
6 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2017.
CVR—Contingent Value Rights.
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.
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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).
(19) TPSF (Texas Permanent School 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.
85
Tax-Managed Balanced Fund | ||||
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
2-Year U.S. Treasury Note | March 2018 | 385 | 82,432 | (88) |
10-Year U.S. Treasury Note | March 2018 | 308 | 38,206 | (136) |
5-Year U.S. Treasury Note | March 2018 | 112 | 13,010 | (12) |
E-mini S&P 500 Index | March 2018 | 36 | 4,817 | 24 |
(212) | ||||
Short Futures Contracts | ||||
30-Year U. S. Treasury Bond | March 2018 | (79) | (12,087) | (13) |
Ultra 10-Year U.S. Treasury Note | March 2018 | (35) | (4,675) | (25) |
(38) | ||||
(250) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
86
Tax-Managed Balanced Fund | |
Statement of Operations | |
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 30,500 |
Interest | 47,054 |
Total Income | 77,554 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 402 |
Management and Administrative | 2,320 |
Marketing and Distribution | 296 |
Custodian Fees | 30 |
Auditing Fees | 34 |
Shareholders’ Reports and Proxy | 110 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 3,195 |
Net Investment Income | 74,359 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 7,963 |
Futures Contracts | (866) |
Realized Net Gain (Loss) | 7,097 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 334,153 |
Futures Contracts | (218) |
Change in Unrealized Appreciation (Depreciation) | 333,935 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 415,391 |
See accompanying Notes, which are an integral part of the Financial Statements.
87
Tax-Managed Balanced Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 74,359 | 61,947 |
Realized Net Gain (Loss) | 7,097 | (16,216) |
Change in Unrealized Appreciation (Depreciation) | 333,935 | 118,827 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 415,391 | 164,558 |
Distributions | ||
Net Investment Income | (74,412) | (62,031) |
Realized Capital Gain | — | — |
Total Distributions | (74,412) | (62,031) |
Capital Share Transactions | ||
Issued | 831,144 | 824,319 |
Issued in Lieu of Cash Distributions | 62,220 | 52,893 |
Redeemed | (399,561) | (362,291) |
Net Increase (Decrease) from Capital Share Transactions | 493,803 | 514,921 |
Total Increase (Decrease) | 834,782 | 617,448 |
Net Assets | ||
Beginning of Period | 3,095,538 | 2,478,090 |
End of Period1 | 3,930,320 | 3,095,538 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,087,000) and ($1,034,000).
See accompanying Notes, which are an integral part of the Financial Statements.
88
Tax-Managed Balanced Fund | |||||
Financial Highlights | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $27.85 | $26.86 | $26.79 | $24.90 | $22.25 |
Investment Operations | |||||
Net Investment Income | . 6221 | .595 | .557 | .547 | .517 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.871 | .989 | .067 | 1.879 | 2.647 |
Total from Investment Operations | 3.493 | 1.584 | .624 | 2.426 | 3.164 |
Distributions | |||||
Dividends from Net Investment Income2 | (. 613) | (. 594) | (. 554) | (. 536) | (. 514) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 613) | (. 594) | (. 554) | (. 536) | (. 514) |
Net Asset Value, End of Period | $30.73 | $27.85 | $26.86 | $26.79 | $24.90 |
Total Return3 | 12.64% | 5.94% | 2.35% | 9.81% | 14.34% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,930 | $3,096 | $2,478 | $1,911 | $1,401 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.11% | 2.20% | 2.11% | 2.15% | 2.21% |
Portfolio Turnover Rate | 9% 4 | 11%4 | 9% | 8% | 9% |
1 Calculated based on average shares outstanding.
2 For tax purposes, nontaxable dividends represent 61%, 57%, 62%, 64%, and 63% of dividends from net investment income.
3 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.
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.
See accompanying Notes, which are an integral part of the Financial Statements.
89
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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented 3% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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Tax-Managed Balanced Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 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 December 31, 2017, the fund had contributed to Vanguard capital in the amount of $214,000, representing 0.01% of the fund’s net assets and 0.09% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine
the fair value of investments). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
91
Tax-Managed Balanced Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 1,888,351 | — | 32 |
Tax-Exempt Municipal Bonds | — | 2,018,757 | — |
Temporary Cash Investments | — | 200 | — |
Futures Contracts—Assets1 | 93 | — | — |
Futures Contracts—Liabilities1 | (55) | — | — |
Total | 1,888,389 | 2,018,957 | 32 |
1 Represents variation margin on the last day of the reporting period. |
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $7,181,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2017, the fund had $77,000 of ordinary income and $163,000 of tax-exempt income available for distribution. The fund had available capital losses totaling $24,797,000 that may be carried forward indefinitely to offset future net capital gains. Capital loss carryforwards of $1,449,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2017, the cost of investment securities for tax purposes was $2,988,429,000. Net unrealized appreciation of investment securities for tax purposes was $918,911,000, consisting of unrealized gains of $930,752,000 on securities that had risen in value since their purchase and $11,841,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $817,570,000 of investment securities and sold $328,879,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales include $0 and $13,663,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $153,925,000 and $192,830,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
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Tax-Managed Balanced Fund
F. Capital shares issued and redeemed were: | ||
Year Ended December 31, | ||
2017 | 2016 | |
Shares | Shares | |
(000) | (000) | |
Issued | 28,279 | 30,189 |
Issued in Lieu of Cash Distributions | 2,096 | 1,921 |
Redeemed | (13,595) | (13,249) |
Net Increase (Decrease) in Shares Outstanding | 16,780 | 18,861 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
93
Tax-Managed Capital Appreciation Fund
Fund Profile | ||
As of December 31, 2017 | ||
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTCLX | VTCIX |
Expense Ratio1 | 0.09% | 0.06% |
30-Day SEC Yield | 1.62% | 1.65% |
Portfolio Characteristics | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 782 | 978 | 3,775 |
Median Market Cap | $76.1B | $83.1B | $66.9B |
Price/Earnings Ratio | 22.9x | 22.9x | 22.8x |
Price/Book Ratio | 3.2x | 3.1x | 3.0x |
Return on Equity | 16.0% | 15.9% | 15.1% |
Earnings Growth Rate | 10.2% | 9.8% | 9.9% |
Dividend Yield | 1.7% | 1.8% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 7% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
Russell | U.S. Total | |
1000 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 1.00 |
Beta | 1.01 | 1.00 |
These measures show the degree and timing of the fund’s
fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Computer | |
Technology | 3.5% | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.5 | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.4 | |
Amazon.com Inc. | Diversified Retail | 1.8 |
Facebook Inc. | Computer Services | |
Software & Systems | 1.6 | |
Johnson & Johnson | Pharmaceuticals | 1.5 |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.5 | |
Berkshire Hathaway Inc. | Insurance: Multi-Line | 1.5 |
Exxon Mobil Corp. | Oil: Integrated | 1.4 |
Bank of America Corp. | Banks: Diversified | 1.1 |
Top Ten | 18.8% |
The holdings listed exclude any temporary cash investments and
equity index products.
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 14.2% | 13.8% | 13.9% |
Consumer Staples | 6.7 | 6.7 | 6.3 |
Energy | 5.8 | 6.0 | 5.8 |
Financial Services | 21.4 | 21.1 | 21.4 |
Health Care | 12.8 | 13.0 | 13.1 |
Materials & | |||
Processing | 3.6 | 3.7 | 4.0 |
Other | 0.0 | 0.0 | 0.3 |
Producer Durables | 10.9 | 10.9 | 11.0 |
Technology | 19.8 | 19.9 | 19.4 |
Utilities | 4.8 | 4.9 | 4.8 |
Sector categories are based on the Russell Global Sectors (“RGS”),
except for the “Other” category (if applicable), which includes
securities that have not been provided a RGS classification as of
the effective reporting period.
1 The expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
94
Tax-Managed Capital Appreciation Fund
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx97x1.jpg)
95
Tax-Managed Capital Appreciation Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx98x1.jpg)
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Tax-Managed Capital Appreciation | |||||
Fund Admiral Shares | 22.40% | 15.96% | 8.74% | $23,123 | |
![]() | Russell 1000 Index | 21.69 | 15.71 | 8.59 | 22,806 |
![]() | Multi-Cap Core Funds Average | 19.15 | 13.18 | 6.74 | 19,192 |
![]() | Dow Jones U.S. Total Stock Market | ||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Capital Appreciation Fund | ||||
Institutional Shares | 22.43% | 16.00% | 8.79% | $11,606,589 |
Russell 1000 Index | 21.69 | 15.71 | 8.59 | 11,403,196 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
See Financial Highlights for dividend and capital gains information.
96
Tax-Managed Capital Appreciation Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx99x1.jpg)
Tax-Managed Capital Appreciation Fund Admiral Shares | |
Russell 1000 Index |
97
Tax-Managed Capital Appreciation Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (100.1%) | |||
Consumer Discretionary (14.3%) | |||
* | Amazon.com Inc. | 142,281 | 166,393 |
Home Depot Inc. | 437,741 | 82,965 | |
Comcast Corp. Class A | 1,671,446 | 66,941 | |
Walt Disney Co. | 561,579 | 60,375 | |
McDonald’s Corp. | 299,604 | 51,568 | |
Wal-Mart Stores Inc. | 503,796 | 49,750 | |
Lowe’s Cos. Inc. | 353,515 | 32,856 | |
Costco Wholesale Corp. | 167,474 | 31,170 | |
Starbucks Corp. | 534,294 | 30,685 | |
* | Priceline Group Inc. | 17,378 | 30,198 |
NIKE Inc. Class B | 479,326 | 29,982 | |
Time Warner Inc. | 304,872 | 27,887 | |
* | Netflix Inc. | 139,472 | 26,773 |
Marriott International Inc. | |||
Class A | 195,277 | 26,505 | |
* | Charter Communications | ||
Inc. Class A | 58,989 | 19,818 | |
Twenty-First Century | |||
Fox Inc. Class A | 503,599 | 17,389 | |
* | eBay Inc. | 453,475 | 17,114 |
Ross Stores Inc. | 204,205 | 16,387 | |
TJX Cos. Inc. | 204,469 | 15,634 | |
General Motors Co. | 353,823 | 14,503 | |
Estee Lauder Cos. Inc. | |||
Class A | 112,088 | 14,262 | |
* | NVR Inc. | 4,041 | 14,177 |
* | Dollar Tree Inc. | 127,501 | 13,682 |
* | Tesla Inc. | 43,254 | 13,467 |
Yum! Brands Inc. | 154,753 | 12,629 | |
Ford Motor Co. | 1,003,784 | 12,537 | |
Royal Caribbean Cruises | |||
Ltd. | 104,593 | 12,476 | |
* | Mohawk Industries Inc. | 43,895 | 12,111 |
* | AutoZone Inc. | 16,519 | 11,751 |
* | O’Reilly Automotive Inc. | 48,750 | 11,726 |
DR Horton Inc. | 218,026 | 11,135 |
Market | |||
Value• | |||
Shares | ($000) | ||
Target Corp. | 167,425 | 10,924 | |
MGM Resorts | |||
International | 321,921 | 10,749 | |
* | CarMax Inc. | 147,985 | 9,490 |
Sirius XM Holdings Inc. | 1,742,688 | 9,341 | |
PVH Corp. | 66,936 | 9,184 | |
CBS Corp. Class B | 154,952 | 9,142 | |
* | WABCO Holdings Inc. | 61,510 | 8,827 |
* | Visteon Corp. | 66,473 | 8,318 |
Lennar Corp. Class A | 126,336 | 7,990 | |
Expedia Inc. | 65,271 | 7,818 | |
Fortune Brands Home | |||
& Security Inc. | 114,201 | 7,816 | |
PulteGroup Inc. | 230,354 | 7,659 | |
Darden Restaurants Inc. | 76,927 | 7,387 | |
BorgWarner Inc. | 142,961 | 7,304 | |
Yum China Holdings Inc. | 175,156 | 7,010 | |
Hasbro Inc. | 76,942 | 6,993 | |
Dollar General Corp. | 73,707 | 6,855 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 280,006 | 6,838 | |
Goodyear Tire & Rubber | |||
Co. | 206,726 | 6,679 | |
Gentex Corp. | 316,457 | 6,630 | |
Las Vegas Sands Corp. | 93,794 | 6,518 | |
* | Hyatt Hotels Corp. | ||
Class A | 83,712 | 6,156 | |
Scripps Networks | |||
Interactive Inc. Class A | 69,558 | 5,939 | |
Interpublic Group of | |||
Cos. Inc. | 291,791 | 5,883 | |
VF Corp. | 76,758 | 5,680 | |
Lear Corp. | 30,629 | 5,411 | |
Carnival Corp. | 77,458 | 5,141 | |
Gap Inc. | 148,246 | 5,049 | |
Advance Auto Parts Inc. | 50,598 | 5,044 | |
Toll Brothers Inc. | 104,747 | 5,030 | |
L Brands Inc. | 81,600 | 4,914 | |
Hanesbrands Inc. | 231,493 | 4,841 |
98
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Harley-Davidson Inc. | 93,966 | 4,781 | |
Kohl’s Corp. | 78,594 | 4,262 | |
* | AutoNation Inc. | 76,079 | 3,905 |
Hilton Worldwide | |||
Holdings Inc. | 48,300 | 3,857 | |
* | Discovery | ||
Communications Inc. | 180,032 | 3,811 | |
* | Tempur Sealy International | ||
Inc. | 60,667 | 3,803 | |
Omnicom Group Inc. | 50,564 | 3,683 | |
KAR Auction Services Inc. | 71,220 | 3,597 | |
Wynn Resorts Ltd. | 21,318 | 3,594 | |
Viacom Inc. Class B | 114,882 | 3,540 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 66,214 | 3,526 | |
John Wiley & Sons Inc. | |||
Class A | 53,577 | 3,523 | |
Brinker International Inc. | 88,041 | 3,420 | |
* | Liberty Media Corp-Liberty | ||
SiriusXMClass C | 85,986 | 3,410 | |
Macy’s Inc. | 127,309 | 3,207 | |
Foot Locker Inc. | 67,670 | 3,172 | |
* | Aptiv plc | 34,717 | 2,945 |
Vail Resorts Inc. | 13,100 | 2,783 | |
Ralph Lauren Corp. Class A | 26,519 | 2,750 | |
* | LKQ Corp. | 65,922 | 2,681 |
Mattel Inc. | 171,400 | 2,636 | |
* | Liberty Ventures Class A | 46,959 | 2,547 |
* | TripAdvisor Inc. | 66,380 | 2,287 |
News Corp. Class A | 134,764 | 2,185 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class A | 53,860 | 2,136 | |
Coty Inc. Class A | 104,540 | 2,079 | |
Best Buy Co. Inc. | 29,136 | 1,995 | |
* | Bright Horizons Family | ||
Solutions Inc. | 19,101 | 1,796 | |
* | Liberty Broadband Corp. | 20,819 | 1,773 |
Polaris Industries Inc. | 12,226 | 1,516 | |
Nordstrom Inc. | 31,966 | 1,515 | |
* | DISH Network Corp. | ||
Class A | 30,800 | 1,471 | |
* | ServiceMaster Global | ||
Holdings Inc. | 28,469 | 1,460 | |
Adient plc | 18,417 | 1,449 | |
* | Liberty Media Corp-Liberty | ||
Formula One | 41,700 | 1,424 | |
* | Hilton Grand Vacations Inc. | 33,161 | 1,391 |
* | Liberty Expedia Holdings | ||
Inc. Class A | 31,306 | 1,388 | |
* | Madison Square Garden | ||
Co. Class A | 6,489 | 1,368 | |
* | AMC Networks Inc. | ||
Class A | 24,719 | 1,337 | |
Tapestry Inc. | 28,940 | 1,280 |
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Liberty Broadband Corp. | |||
Class A | 14,584 | 1,240 | ||
* | Lululemon Athletica Inc. | 13,048 | 1,025 | |
H&R Block Inc. | 35,900 | 941 | ||
* | Murphy USA Inc. | 10,664 | 857 | |
* | Michaels Cos. Inc. | 35,297 | 854 | |
* | Live Nation | |||
Entertainment Inc. | 19,625 | 835 | ||
Nielsen Holdings plc | 22,859 | 832 | ||
* | Vista Outdoor Inc. | 56,939 | 830 | |
* | Urban Outfitters Inc. | 23,386 | 820 | |
Tractor Supply Co. | 10,800 | 807 | ||
* | Ulta Beauty Inc. | 3,421 | 765 | |
AMERCO | 1,628 | 615 | ||
* | Burlington Stores Inc. | 4,997 | 615 | |
* | Delphi Technologies plc | 11,572 | 607 | |
Lennar Corp. Class B | 10,973 | 567 | ||
Genuine Parts Co. | 5,633 | 535 | ||
Tribune Media Co. Class A | 12,100 | 514 | ||
Signet Jewelers Ltd. | 8,400 | 475 | ||
Graham Holdings Co. | ||||
Class B | 821 | 458 | ||
Domino’s Pizza Inc. | 2,400 | 454 | ||
Regal Entertainment Group | ||||
Class A | 13,200 | 304 | ||
* | Michael Kors Holdings Ltd. | 3,000 | 189 | |
* | Chipotle Mexican Grill Inc. | |||
Class A | 500 | 145 | ||
* | Floor & Decor Holdings Inc. | |||
Class A | 2,305 | 112 | ||
* | Lions Gate Entertainment | |||
Corp. Class A | 2,918 | 99 | ||
* | Liberty Media Corp-Liberty | |||
Formula One Class A | 2,900 | 95 | ||
* | Pandora Media Inc. | 17,400 | 84 | |
Dick’s Sporting Goods Inc. | 2,600 | 75 | ||
* | Lions Gate Entertainment | |||
Corp. Class B | 1,798 | 57 | ||
Entercom Communications | ||||
Corp. Class A | 656 | 7 | ||
1,304,502 | ||||
Consumer Staples (6.7%) | ||||
Procter & Gamble Co. | 946,792 | 86,991 | ||
Philip Morris | ||||
International Inc. | 560,202 | 59,185 | ||
Coca-Cola Co. | 1,226,086 | 56,253 | ||
PepsiCo Inc. | 468,488 | 56,181 | ||
Altria Group Inc. | 605,049 | 43,206 | ||
CVS Health Corp. | 388,354 | 28,156 | ||
Colgate-Palmolive Co. | 347,747 | 26,237 | ||
Mondelez International | ||||
Inc. Class A | 606,907 | 25,976 | ||
Walgreens Boots Alliance | ||||
Inc. | 301,845 | 21,920 |
99
Tax-Managed Capital Appreciation Fund | ||||
Market | ||||
Value• | ||||
Shares | ($000) | |||
Constellation Brands Inc. | ||||
Class A | 85,361 | 19,511 | ||
* | Monster Beverage Corp. | 269,660 | 17,067 | |
Tyson Foods Inc. Class A | 164,014 | 13,297 | ||
Kroger Co. | 442,623 | 12,150 | ||
Kraft Heinz Co. | 155,016 | 12,054 | ||
Brown-Forman Corp. | ||||
Class B | 166,260 | 11,417 | ||
Clorox Co. | 71,982 | 10,707 | ||
Dr Pepper Snapple Group | ||||
Inc. | 109,488 | 10,627 | ||
Archer-Daniels-Midland | ||||
Co. | 242,866 | 9,734 | ||
Church & Dwight Co. Inc. | 168,036 | 8,430 | ||
Ingredion Inc. | 59,184 | 8,274 | ||
McCormick & Co. Inc. | 80,966 | 8,251 | ||
Hershey Co. | 71,867 | 8,158 | ||
Kimberly-Clark Corp. | 63,621 | 7,676 | ||
Hormel Foods Corp. | 209,953 | 7,640 | ||
General Mills Inc. | 121,800 | 7,221 | ||
JM Smucker Co. | 48,896 | 6,075 | ||
Molson Coors Brewing | ||||
Co. Class B | 71,712 | 5,885 | ||
Campbell Soup Co. | 96,545 | 4,645 | ||
Energizer Holdings Inc. | 62,210 | 2,985 | ||
* | Edgewell Personal Care Co. | 45,051 | 2,676 | |
Kellogg Co. | 37,138 | 2,525 | ||
Sysco Corp. | 32,798 | 1,992 | ||
* | Blue Buffalo Pet Products | |||
Inc. | 53,392 | 1,751 | ||
Bunge Ltd. | 20,961 | 1,406 | ||
* | Pilgrim’s Pride Corp. | 23,442 | 728 | |
Conagra Brands Inc. | 18,538 | 698 | ||
* | Herbalife Ltd. | 10,254 | 694 | |
Lamb Weston Holdings Inc. | 6,179 | 349 | ||
* | US Foods Holding Corp. | 10,700 | 342 | |
* | Rite Aid Corp. | 53,100 | 105 | |
Nu Skin Enterprises Inc. | ||||
Class A | 1,013 | 69 | ||
609,244 | ||||
Energy (5.8%) | ||||
Exxon Mobil Corp. | 1,540,428 | 128,841 | ||
Chevron Corp. | 677,190 | 84,777 | ||
ConocoPhillips | 484,968 | 26,620 | ||
EOG Resources Inc. | 227,247 | 24,522 | ||
Phillips 66 | 214,201 | 21,666 | ||
Halliburton Co. | 420,274 | 20,539 | ||
Schlumberger Ltd. | 285,306 | 19,227 | ||
Occidental Petroleum | ||||
Corp. | 257,219 | 18,947 | ||
Valero Energy Corp. | 178,702 | 16,425 | ||
Pioneer Natural | ||||
Resources Co. | 77,710 | 13,432 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Concho Resources Inc. | 80,519 | 12,096 |
Anadarko Petroleum Corp. | 222,991 | 11,961 | |
Marathon Petroleum Corp. | 159,433 | 10,519 | |
Kinder Morgan Inc. | 513,996 | 9,288 | |
Cabot Oil & Gas Corp. | 290,464 | 8,307 | |
Cimarex Energy Co. | 61,235 | 7,471 | |
Williams Cos. Inc. | 239,189 | 7,293 | |
* | Energen Corp. | 119,978 | 6,907 |
Patterson-UTI Energy Inc. | 286,601 | 6,595 | |
* | Continental Resources | ||
Inc. | 120,205 | 6,367 | |
Andeavor | 54,126 | 6,189 | |
* | WPX Energy Inc. | 384,186 | 5,406 |
Hess Corp. | 95,976 | 4,556 | |
Devon Energy Corp. | 109,695 | 4,541 | |
* | Newfield Exploration Co. | 130,585 | 4,117 |
EQT Corp. | 70,631 | 4,020 | |
Apache Corp. | 90,668 | 3,828 | |
National Oilwell Varco Inc. | 101,166 | 3,644 | |
* | Diamondback Energy Inc. | 26,087 | 3,294 |
ONEOK Inc. | 56,282 | 3,008 | |
Helmerich & Payne Inc. | 38,700 | 2,502 | |
Marathon Oil Corp. | 135,568 | 2,295 | |
Noble Energy Inc. | 78,600 | 2,290 | |
Targa Resources Corp. | 46,963 | 2,274 | |
* | Cheniere Energy Inc. | 42,030 | 2,263 |
* | First Solar Inc. | 31,518 | 2,128 |
* | RSP Permian Inc. | 40,410 | 1,644 |
HollyFrontier Corp. | 30,826 | 1,579 | |
* | QEP Resources Inc. | 151,038 | 1,445 |
Nabors Industries Ltd. | 177,300 | 1,211 | |
* | Centennial Resource | ||
Development Inc. | |||
Class A | 48,444 | 959 | |
CNX Resources Corp. | 57,410 | 840 | |
Murphy Oil Corp. | 22,380 | 695 | |
* | Parsley Energy Inc. | ||
Class A | 22,905 | 674 | |
* | Transocean Ltd. | 57,562 | 615 |
Baker Hughes a GE Co. | 19,397 | 614 | |
* | Whiting Petroleum Corp. | 21,525 | 570 |
PBF Energy Inc. Class A | 15,600 | 553 | |
SM Energy Co. | 20,121 | 444 | |
* | Kosmos Energy Ltd. | 57,294 | 393 |
* | CONSOL Energy Inc. | 7,176 | 284 |
* | Weatherford International | ||
plc | 52,200 | 218 | |
RPC Inc. | 4,200 | 107 | |
* | Rowan Cos. plc Class A | 5,681 | 89 |
* | Chesapeake Energy Corp. | 21,300 | 84 |
Oceaneering International | |||
Inc. | 600 | 13 | |
531,186 |
100
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Financial Services (21.4%) | |||
JPMorgan Chase & Co. | 1,256,464 | 134,366 | |
* | Berkshire Hathaway Inc. | ||
Class B | 670,183 | 132,844 | |
Bank of America Corp. | 3,539,090 | 104,474 | |
Wells Fargo & Co. | 1,608,525 | 97,589 | |
Visa Inc. Class A | 686,529 | 78,278 | |
Citigroup Inc. | 1,049,554 | 78,097 | |
Mastercard Inc. Class A | 363,828 | 55,069 | |
* | PayPal Holdings Inc. | 512,813 | 37,753 |
Goldman Sachs Group | |||
Inc. | 147,579 | 37,597 | |
American Express Co. | 295,734 | 29,369 | |
Morgan Stanley | 525,105 | 27,552 | |
American International | |||
Group Inc. | 457,032 | 27,230 | |
Charles Schwab Corp. | 496,358 | 25,498 | |
American Tower Corp. | 173,628 | 24,771 | |
US Bancorp | 400,905 | 21,480 | |
S&P Global Inc. | 124,501 | 21,090 | |
Simon Property Group | |||
Inc. | 119,752 | 20,566 | |
* | Fiserv Inc. | 134,407 | 17,625 |
Intercontinental | |||
Exchange Inc. | 248,935 | 17,565 | |
Prudential Financial Inc. | 148,953 | 17,127 | |
Aon plc | 124,454 | 16,677 | |
Crown Castle | |||
International Corp. | 145,657 | 16,169 | |
State Street Corp. | 164,707 | 16,077 | |
* | E*TRADE Financial Corp. | 318,016 | 15,764 |
Discover Financial | |||
Services | 198,733 | 15,287 | |
Aflac Inc. | 172,218 | 15,117 | |
Progressive Corp. | 267,429 | 15,062 | |
SunTrust Banks Inc. | 232,576 | 15,022 | |
Equinix Inc. | 33,081 | 14,993 | |
Ameriprise Financial Inc. | 87,196 | 14,777 | |
* | SBA Communications | ||
Corp. Class A | 87,295 | 14,260 | |
Travelers Cos. Inc. | 101,725 | 13,798 | |
MetLife Inc. | 270,612 | 13,682 | |
Fidelity National | |||
Information Services | |||
Inc. | 130,247 | 12,255 | |
Public Storage | 57,988 | 12,119 | |
PNC Financial Services | |||
Group Inc. | 82,183 | 11,858 | |
Global Payments Inc. | 117,263 | 11,754 | |
Capital One Financial | |||
Corp. | 117,695 | 11,720 | |
Chubb Ltd. | 79,977 | 11,687 | |
CME Group Inc. | 76,029 | 11,104 | |
Lincoln National Corp. | 143,002 | 10,993 |
Market | |||
Value• | |||
Shares | ($000) | ||
MSCI Inc. Class A | 86,829 | 10,987 | |
* | CBRE Group Inc. Class A | 253,325 | 10,971 |
* | Markel Corp. | 9,615 | 10,953 |
Allstate Corp. | 102,184 | 10,700 | |
Fifth Third Bancorp | 350,471 | 10,633 | |
AvalonBay Communities | |||
Inc. | 58,706 | 10,474 | |
Total System Services Inc. | 130,880 | 10,351 | |
Moody’s Corp. | 69,986 | 10,331 | |
BlackRock Inc. | 19,961 | 10,254 | |
Boston Properties Inc. | 77,995 | 10,142 | |
Zions Bancorporation | 193,574 | 9,839 | |
T. Rowe Price Group Inc. | 92,836 | 9,741 | |
KeyCorp | 478,522 | 9,652 | |
Equity Residential | 151,097 | 9,635 | |
TD Ameritrade Holding | |||
Corp. | 187,273 | 9,575 | |
Bank of New York Mellon | |||
Corp. | 173,425 | 9,341 | |
Reinsurance Group of | |||
America Inc. Class A | 59,891 | 9,339 | |
Torchmark Corp. | 102,754 | 9,321 | |
Synchrony Financial | 241,273 | 9,316 | |
Unum Group | 166,461 | 9,137 | |
SEI Investments Co. | 123,501 | 8,875 | |
Essex Property Trust Inc. | 36,270 | 8,754 | |
First Republic Bank | 100,649 | 8,720 | |
Equifax Inc. | 73,853 | 8,709 | |
* | Arch Capital Group Ltd. | 93,099 | 8,451 |
Nasdaq Inc. | 108,085 | 8,304 | |
East West Bancorp Inc. | 134,403 | 8,176 | |
BB&T Corp. | 162,877 | 8,098 | |
Principal Financial Group | |||
Inc. | 113,318 | 7,996 | |
Raymond James | |||
Financial Inc. | 89,465 | 7,989 | |
M&T Bank Corp. | 46,002 | 7,866 | |
Equity LifeStyle | |||
Properties Inc. | 87,665 | 7,804 | |
* | Alleghany Corp. | 12,959 | 7,725 |
* | SLM Corp. | 676,250 | 7,642 |
Assurant Inc. | 74,828 | 7,546 | |
American Financial Group | |||
Inc. | 69,403 | 7,533 | |
Brown & Brown Inc. | 143,235 | 7,371 | |
Franklin Resources Inc. | 165,917 | 7,189 | |
Annaly Capital | |||
Management Inc. | 603,946 | 7,181 | |
Prologis Inc. | 109,443 | 7,060 | |
Weyerhaeuser Co. | 198,402 | 6,996 | |
WR Berkley Corp. | 97,378 | 6,977 | |
Extra Space Storage Inc. | 79,539 | 6,956 | |
Loews Corp. | 138,528 | 6,931 | |
Jones Lang LaSalle Inc. | 45,890 | 6,834 |
101
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Commerce Bancshares | |||
Inc. | 120,211 | 6,713 | |
Welltower Inc. | 103,869 | 6,624 | |
Douglas Emmett Inc. | 159,344 | 6,543 | |
First Horizon National | |||
Corp. | 319,147 | 6,380 | |
Lamar Advertising Co. | |||
Class A | 85,598 | 6,355 | |
* | Howard Hughes Corp. | 47,113 | 6,185 |
GGP Inc. | 262,575 | 6,142 | |
American Homes 4 Rent | |||
Class A | 280,681 | 6,130 | |
Affiliated Managers | |||
Group Inc. | 29,391 | 6,032 | |
Apartment Investment | |||
& Management Co. | 137,720 | 6,020 | |
Federal Realty Investment | |||
Trust | 44,803 | 5,950 | |
* | Signature Bank | 43,311 | 5,945 |
Forest City Realty Trust | |||
Inc. Class A | 241,109 | 5,811 | |
* | CoreLogic Inc. | 123,771 | 5,719 |
Host Hotels & Resorts Inc. | 279,419 | 5,546 | |
White Mountains | |||
Insurance Group Ltd. | 6,415 | 5,461 | |
Popular Inc. | 153,360 | 5,443 | |
Mid-America Apartment | |||
Communities Inc. | 53,974 | 5,428 | |
Ventas Inc. | 90,400 | 5,425 | |
Hanover Insurance Group | |||
Inc. | 49,487 | 5,349 | |
Broadridge Financial | |||
Solutions Inc. | 58,618 | 5,310 | |
Jack Henry & Associates | |||
Inc. | 44,906 | 5,252 | |
Dun & Bradstreet Corp. | 43,819 | 5,189 | |
Alexandria Real Estate | |||
Equities Inc. | 38,539 | 5,033 | |
Eaton Vance Corp. | 86,022 | 4,851 | |
Cullen/Frost Bankers Inc. | 47,296 | 4,477 | |
HCP Inc. | 167,600 | 4,371 | |
Associated Banc-Corp | 170,283 | 4,325 | |
TFS Financial Corp. | 271,733 | 4,060 | |
Camden Property Trust | 42,323 | 3,896 | |
Macerich Co. | 55,400 | 3,639 | |
Hartford Financial | |||
Services Group Inc. | 64,171 | 3,612 | |
Hospitality Properties | |||
Trust | 119,017 | 3,553 | |
BOK Financial Corp. | 38,481 | 3,553 | |
Kimco Realty Corp. | 193,305 | 3,508 | |
CNA Financial Corp. | 61,718 | 3,274 | |
Digital Realty Trust Inc. | 28,423 | 3,237 | |
AGNC Investment Corp. | 160,019 | 3,231 |
Market | |||
Value• | |||
Shares | ($000) | ||
Leucadia National Corp. | 120,270 | 3,186 | |
SL Green Realty Corp. | 30,058 | 3,034 | |
Interactive Brokers Group | |||
Inc. | 51,120 | 3,027 | |
Alliance Data Systems | |||
Corp. | 11,592 | 2,938 | |
Spirit Realty Capital Inc. | 326,107 | 2,798 | |
Retail Properties of | |||
America Inc. | 207,702 | 2,792 | |
* | FleetCor Technologies Inc. | 13,787 | 2,653 |
VEREIT Inc. | 331,500 | 2,582 | |
* | Equity Commonwealth | 81,210 | 2,478 |
Invitation Homes Inc. | 104,734 | 2,469 | |
Brixmor Property Group | |||
Inc. | 129,600 | 2,418 | |
People’s United Financial | |||
Inc. | 116,625 | 2,181 | |
Marsh & McLennan Cos. | |||
Inc. | 25,632 | 2,086 | |
Legg Mason Inc. | 46,914 | 1,969 | |
Northern Trust Corp. | 19,091 | 1,907 | |
Paramount Group Inc. | 114,342 | 1,812 | |
Bank of Hawaii Corp. | 20,064 | 1,719 | |
Navient Corp. | 123,033 | 1,639 | |
* | Vantiv Inc. Class A | 21,974 | 1,616 |
CoreCivic Inc. | 66,446 | 1,495 | |
Park Hotels & Resorts Inc. | 51,700 | 1,486 | |
* | Brighthouse Financial Inc. | 23,837 | 1,398 |
Ally Financial Inc. | 46,442 | 1,354 | |
Invesco Ltd. | 36,848 | 1,346 | |
Iron Mountain Inc. | 34,523 | 1,303 | |
PacWest Bancorp | 23,001 | 1,159 | |
* | Western Alliance Bancorp | 20,209 | 1,144 |
Santander Consumer USA | |||
Holdings Inc. | 61,229 | 1,140 | |
FNF Group | 25,471 | 999 | |
New York Community | |||
Bancorp Inc. | 76,200 | 992 | |
Lazard Ltd. Class A | 18,503 | 971 | |
New Residential | |||
Investment Corp. | 52,774 | 944 | |
Colony NorthStar Inc. | |||
Class A | 75,743 | 864 | |
Chimera Investment Corp. | 46,700 | 863 | |
Apple Hospitality REIT Inc. | 39,944 | 783 | |
* | Athene Holding Ltd. | ||
Class A | 14,511 | 750 | |
* | Zillow Group Inc. | 18,178 | 744 |
Taubman Centers Inc. | 11,122 | 728 | |
Uniti Group Inc. | 39,500 | 703 | |
Senior Housing Properties | |||
Trust | 31,316 | 600 | |
Two Harbors Investment | |||
Corp. | 27,700 | 450 |
102
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Square Inc. | 12,700 | 440 |
Starwood Property Trust | |||
Inc. | 19,300 | 412 | |
* | OneMain Holdings Inc. | 15,516 | 403 |
Tanger Factory Outlet | |||
Centers Inc. | 14,600 | 387 | |
* | WEX Inc. | 2,592 | 366 |
* | SVB Financial Group | 1,456 | 340 |
* | Quality Care Properties | ||
Inc. | 24,236 | 335 | |
Western Union Co. | 15,396 | 293 | |
* | Euronet Worldwide Inc. | 3,450 | 291 |
DDR Corp. | 29,100 | 261 | |
Vornado Realty Trust | 2,900 | 227 | |
Realty Income Corp. | 3,800 | 217 | |
* | TransUnion | 3,800 | 209 |
* | Zillow Group Inc. Class A | 5,000 | 204 |
* | Credit Acceptance Corp. | 400 | 129 |
Citizens Financial Group Inc. | 714 | 30 | |
1,956,126 | |||
Health Care (12.8%) | |||
Johnson & Johnson | 964,030 | 134,694 | |
Pfizer Inc. | 2,038,841 | 73,847 | |
UnitedHealth Group Inc. | 328,174 | 72,349 | |
AbbVie Inc. | 547,331 | 52,932 | |
Amgen Inc. | 269,967 | 46,947 | |
Merck & Co. Inc. | 789,505 | 44,425 | |
Medtronic plc | 458,248 | 37,004 | |
Gilead Sciences Inc. | 484,401 | 34,703 | |
Bristol-Myers Squibb Co. | 551,378 | 33,788 | |
Abbott Laboratories | 529,605 | 30,225 | |
Thermo Fisher Scientific | |||
Inc. | 153,934 | 29,229 | |
* | Celgene Corp. | 278,307 | 29,044 |
* | Biogen Inc. | 89,106 | 28,387 |
Eli Lilly & Co. | 322,971 | 27,278 | |
Becton Dickinson and Co. | 122,901 | 26,308 | |
Aetna Inc. | 143,481 | 25,883 | |
Anthem Inc. | 108,626 | 24,442 | |
Cigna Corp. | 108,607 | 22,057 | |
Danaher Corp. | 231,447 | 21,483 | |
* | Express Scripts Holding | ||
Co. | 279,362 | 20,852 | |
Zoetis Inc. | 240,279 | 17,310 | |
Humana Inc. | 69,276 | 17,185 | |
* | Boston Scientific Corp. | 692,789 | 17,174 |
* | Vertex Pharmaceuticals | ||
Inc. | 113,366 | 16,989 | |
Stryker Corp. | 109,046 | 16,885 | |
Allergan plc | 98,879 | 16,175 | |
Agilent Technologies Inc. | 192,643 | 12,901 | |
McKesson Corp. | 73,199 | 11,415 | |
Zimmer Biomet Holdings | |||
Inc. | 88,957 | 10,734 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Laboratory Corp. of | ||
America Holdings | 65,711 | 10,482 | |
Baxter International Inc. | 153,258 | 9,907 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 26,123 | 9,821 | |
Teleflex Inc. | 39,319 | 9,783 | |
AmerisourceBergen Corp. | |||
Class A | 106,401 | 9,770 | |
* | Illumina Inc. | 42,210 | 9,222 |
* | Incyte Corp. | 95,944 | 9,087 |
Cardinal Health Inc. | 145,261 | 8,900 | |
Cooper Cos. Inc. | 40,631 | 8,853 | |
PerkinElmer Inc. | 109,261 | 7,989 | |
* | Henry Schein Inc. | 107,118 | 7,485 |
Quest Diagnostics Inc. | 72,665 | 7,157 | |
* | QIAGEN NV | 226,580 | 7,008 |
Universal Health Services | |||
Inc. Class B | 59,978 | 6,799 | |
* | Intuitive Surgical Inc. | 18,582 | 6,781 |
* | Cerner Corp. | 100,155 | 6,749 |
* | Centene Corp. | 66,211 | 6,679 |
Dentsply Sirona Inc. | 98,986 | 6,516 | |
* | Charles River Laboratories | ||
International Inc. | 56,217 | 6,153 | |
* | Mylan NV | 125,752 | 5,321 |
Bio-Techne Corp. | 38,893 | 5,039 | |
* | Ionis Pharmaceuticals Inc. | 99,475 | 5,004 |
Bruker Corp. | 137,767 | 4,728 | |
* | IQVIA Holdings Inc. | 48,007 | 4,700 |
* | Varian Medical Systems | ||
Inc. | 39,954 | 4,441 | |
* | Alnylam Pharmaceuticals | ||
Inc. | 32,564 | 4,137 | |
* | Edwards Lifesciences | ||
Corp. | 33,690 | 3,797 | |
Patterson Cos. Inc. | 72,971 | 2,636 | |
Perrigo Co. plc | 29,800 | 2,597 | |
* | Bioverativ Inc. | 42,806 | 2,308 |
* | Align Technology Inc. | 8,939 | 1,986 |
* | Juno Therapeutics Inc. | 40,150 | 1,835 |
* | IDEXX Laboratories Inc. | 8,522 | 1,333 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 5,171 | 1,234 | |
* | BioMarin Pharmaceutical | ||
Inc. | 13,393 | 1,194 | |
* | HCA Healthcare Inc. | 13,426 | 1,179 |
* | DexCom Inc. | 20,500 | 1,177 |
* | ABIOMED Inc. | 5,623 | 1,054 |
* | Alkermes plc | 16,958 | 928 |
* | Neurocrine Biosciences | ||
Inc. | 10,401 | 807 | |
* | Seattle Genetics Inc. | 14,703 | 787 |
* | WellCare Health Plans Inc. | 3,569 | 718 |
* | DaVita Inc. | 9,661 | 698 |
103
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | ACADIA Pharmaceuticals | ||
Inc. | 22,979 | 692 | |
* | Hologic Inc. | 15,581 | 666 |
* | United Therapeutics Corp. | 3,617 | 535 |
* | Varex Imaging Corp. | 11,984 | 481 |
* | athenahealth Inc. | 2,959 | 394 |
* | Veeva Systems Inc. | ||
Class A | 6,212 | 343 | |
* | Agios Pharmaceuticals Inc. | 6,000 | 343 |
* | Intercept Pharmaceuticals | ||
Inc. | 5,400 | 316 | |
* | MEDNAX Inc. | 4,121 | 220 |
* | Akorn Inc. | 5,600 | 181 |
* | Premier Inc. Class A | 5,600 | 163 |
* | Exelixis Inc. | 4,400 | 134 |
* | Mallinckrodt plc | 3,578 | 81 |
* | Intrexon Corp. | 3,373 | 39 |
* | TESARO Inc. | 106 | 9 |
Shire plc ADR | 1 | — | |
1,172,021 | |||
Materials & Processing (3.6%) | |||
DowDuPont Inc. | 755,615 | 53,815 | |
Monsanto Co. | 178,022 | 20,789 | |
Sherwin-Williams Co. | 40,058 | 16,425 | |
Praxair Inc. | 103,342 | 15,985 | |
Ecolab Inc. | 115,934 | 15,556 | |
LyondellBasell Industries | |||
NV Class A | 132,695 | 14,639 | |
FMC Corp. | 132,448 | 12,538 | |
Albemarle Corp. | 90,452 | 11,568 | |
Newmont Mining Corp. | 297,030 | 11,145 | |
Vulcan Materials Co. | 85,590 | 10,987 | |
Celanese Corp. Class A | 99,812 | 10,688 | |
Martin Marietta Materials | |||
Inc. | 46,652 | 10,312 | |
Owens Corning | 104,758 | 9,631 | |
Lennox International Inc. | 40,714 | 8,479 | |
Southern Copper Corp. | 165,670 | 7,861 | |
Ball Corp. | 200,108 | 7,574 | |
* | Crown Holdings Inc. | 123,516 | 6,948 |
Fastenal Co. | 125,785 | 6,879 | |
Sealed Air Corp. | 136,985 | 6,753 | |
* | Freeport-McMoRan Inc. | 328,590 | 6,230 |
Westlake Chemical Corp. | 54,946 | 5,853 | |
Scotts Miracle-Gro Co. | 50,683 | 5,423 | |
Air Products & Chemicals | |||
Inc. | 32,969 | 5,410 | |
* | Armstrong World | ||
Industries Inc. | 85,415 | 5,172 | |
Valmont Industries Inc. | 27,984 | 4,641 | |
Nucor Corp. | 66,785 | 4,246 | |
Reliance Steel & | |||
Aluminum Co. | 46,208 | 3,964 | |
WR Grace & Co. | 55,735 | 3,909 |
Market | |||
Value• | |||
Shares | ($000) | ||
Packaging Corp. of | |||
America | 26,568 | 3,203 | |
PPG Industries Inc. | 23,100 | 2,699 | |
Eagle Materials Inc. | 21,140 | 2,395 | |
* | Owens-Illinois Inc. | 101,689 | 2,254 |
* | AdvanSix Inc. | 50,136 | 2,109 |
International Paper Co. | 35,971 | 2,084 | |
Mosaic Co. | 78,922 | 2,025 | |
CF Industries Holdings | |||
Inc. | 41,725 | 1,775 | |
WestRock Co. | 22,602 | 1,429 | |
* | Alcoa Corp. | 26,090 | 1,405 |
Eastman Chemical Co. | 14,072 | 1,304 | |
* | Berry Global Group Inc. | 18,524 | 1,087 |
United States Steel Corp. | 30,735 | 1,082 | |
* | Axalta Coating Systems | ||
Ltd. | 26,294 | 851 | |
Versum Materials Inc. | 16,484 | 624 | |
Royal Gold Inc. | 5,985 | 491 | |
* | Univar Inc. | 13,283 | 411 |
Acuity Brands Inc. | 2,300 | 405 | |
Hexcel Corp. | 3,533 | 219 | |
Tahoe Resources Inc. | 9,200 | 44 | |
331,316 | |||
Other (0.0%) | |||
*,1 | Herbalife Ltd. CVR | 1,809 | 17 |
Producer Durables (10.9%) | |||
Boeing Co. | 225,405 | 66,474 | |
General Electric Co. | 2,455,918 | 42,856 | |
Union Pacific Corp. | 296,484 | 39,758 | |
3M Co. | 154,044 | 36,257 | |
United Technologies | |||
Corp. | 279,693 | 35,680 | |
FedEx Corp. | 113,273 | 28,266 | |
Honeywell International | |||
Inc. | 168,320 | 25,814 | |
Accenture plc Class A | 164,778 | 25,226 | |
Illinois Tool Works Inc. | 140,947 | 23,517 | |
General Dynamics Corp. | 114,543 | 23,304 | |
Northrop Grumman | |||
Corp. | 72,150 | 22,144 | |
Caterpillar Inc. | 134,690 | 21,224 | |
CSX Corp. | 382,766 | 21,056 | |
Southwest Airlines Co. | 310,576 | 20,327 | |
Delta Air Lines Inc. | 347,682 | 19,470 | |
Norfolk Southern Corp. | 127,762 | 18,513 | |
United Parcel Service | |||
Inc. Class B | 148,626 | 17,709 | |
Raytheon Co. | 80,822 | 15,182 | |
Lockheed Martin Corp. | 47,222 | 15,161 | |
* | Mettler-Toledo | ||
International Inc. | 23,676 | 14,668 | |
Parker-Hannifin Corp. | 67,377 | 13,447 |
104
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Roper Technologies Inc. | 51,607 | 13,366 | |
Deere & Co. | 82,823 | 12,963 | |
* | United Continental | ||
Holdings Inc. | 184,161 | 12,412 | |
* | Copart Inc. | 285,502 | 12,331 |
Waste Management Inc. | 140,109 | 12,091 | |
* | Waters Corp. | 62,274 | 12,031 |
* | Verisk Analytics Inc. | ||
Class A | 120,575 | 11,575 | |
Emerson Electric Co. | 164,064 | 11,434 | |
Cintas Corp. | 70,616 | 11,004 | |
L3 Technologies Inc. | 53,889 | 10,662 | |
TransDigm Group Inc. | 38,542 | 10,584 | |
Huntington Ingalls | |||
Industries Inc. | 44,901 | 10,583 | |
Old Dominion Freight | |||
Line Inc. | 78,902 | 10,380 | |
AMETEK Inc. | 143,005 | 10,364 | |
PACCAR Inc. | 142,675 | 10,141 | |
Rockwell Collins Inc. | 73,559 | 9,976 | |
Textron Inc. | 170,296 | 9,637 | |
Automatic Data | |||
Processing Inc. | 81,561 | 9,558 | |
Eaton Corp. plc | 120,083 | 9,488 | |
IDEX Corp. | 71,688 | 9,461 | |
Expeditors International | |||
of Washington Inc. | 138,133 | 8,936 | |
JB Hunt Transport | |||
Services Inc. | 76,689 | 8,818 | |
BWX Technologies Inc. | 143,634 | 8,688 | |
Toro Co. | 131,898 | 8,604 | |
Cummins Inc. | 47,769 | 8,438 | |
Fortive Corp. | 115,723 | 8,373 | |
Jacobs Engineering | |||
Group Inc. | 121,987 | 8,046 | |
Landstar System Inc. | 73,936 | 7,697 | |
FLIR Systems Inc. | 164,529 | 7,670 | |
Oshkosh Corp. | 80,575 | 7,323 | |
AGCO Corp. | 98,700 | 7,050 | |
* | Welbilt Inc. | 299,477 | 7,041 |
ManpowerGroup Inc. | 54,486 | 6,871 | |
* | HD Supply Holdings Inc. | 170,737 | 6,835 |
Carlisle Cos. Inc. | 59,577 | 6,771 | |
* | Middleby Corp. | 49,547 | 6,686 |
Wabtec Corp. | 80,447 | 6,551 | |
WW Grainger Inc. | 26,754 | 6,321 | |
Xylem Inc. | 86,943 | 5,929 | |
Terex Corp. | 111,835 | 5,393 | |
Robert Half International | |||
Inc. | 96,924 | 5,383 | |
Genpact Ltd. | 165,541 | 5,254 | |
Donaldson Co. Inc. | 102,283 | 5,007 | |
Stanley Black & Decker | |||
Inc. | 26,735 | 4,537 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Keysight Technologies Inc. | 107,279 | 4,463 |
Orbital ATK Inc. | 33,013 | 4,341 | |
Xerox Corp. | 144,122 | 4,201 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 41,610 | 4,022 | |
Graco Inc. | 82,821 | 3,745 | |
* | CoStar Group Inc. | 12,419 | 3,688 |
Flowserve Corp. | 87,374 | 3,681 | |
CH Robinson Worldwide | |||
Inc. | 39,317 | 3,503 | |
ITT Inc. | 64,187 | 3,426 | |
* | Stericycle Inc. | 48,278 | 3,282 |
* | Zebra Technologies Corp. | 30,202 | 3,135 |
Allison Transmission | |||
Holdings Inc. | 64,572 | 2,781 | |
Arconic Inc. | 78,271 | 2,133 | |
* | Conduent Inc. | 115,297 | 1,863 |
Republic Services Inc. | |||
Class A | 19,556 | 1,322 | |
* | Spirit Airlines Inc. | 28,300 | 1,269 |
Johnson Controls | |||
International plc | 33,000 | 1,258 | |
* | Sensata Technologies | ||
Holding NV | 23,261 | 1,189 | |
* | Quanta Services Inc. | 29,783 | 1,165 |
* | AECOM | 29,468 | 1,095 |
* | Trimble Inc. | 21,700 | 882 |
* | Gardner Denver Holdings | ||
Inc. | 23,200 | 787 | |
* | United Rentals Inc. | 4,128 | 710 |
* | WESCO International Inc. | 8,654 | 590 |
* | Kirby Corp. | 7,939 | 530 |
Ryder System Inc. | 5,166 | 435 | |
Pentair plc | 6,124 | 432 | |
Spirit AeroSystems | |||
Holdings Inc. Class A | 4,357 | 380 | |
* | XPO Logistics Inc. | 2,900 | 266 |
* | JetBlue Airways Corp. | 11,831 | 264 |
American Airlines Group | |||
Inc. | 4,847 | 252 | |
* | Teledyne Technologies Inc. | 1,350 | 244 |
Fluor Corp. | 3,441 | 178 | |
* | Genesee & Wyoming Inc. | ||
Class A | 1,600 | 126 | |
995,954 | |||
Technology (19.8%) | |||
Apple Inc. | 1,917,930 | 324,571 | |
Microsoft Corp. | 2,696,788 | 230,683 | |
* | Facebook Inc. Class A | 811,566 | 143,209 |
* | Alphabet Inc. Class C | 107,299 | 112,278 |
* | Alphabet Inc. Class A | 105,704 | 111,349 |
Intel Corp. | 1,706,584 | 78,776 | |
Cisco Systems Inc. | 1,617,702 | 61,958 | |
Oracle Corp. | 1,072,296 | 50,698 |
105
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
International Business | |||
Machines Corp. | 300,425 | 46,091 | |
NVIDIA Corp. | 235,253 | 45,521 | |
Texas Instruments Inc. | 389,186 | 40,647 | |
Broadcom Ltd. | 145,562 | 37,395 | |
* | Adobe Systems Inc. | 203,973 | 35,744 |
QUALCOMM Inc. | 491,374 | 31,458 | |
* | salesforce.com Inc. | 275,923 | 28,208 |
Applied Materials Inc. | 529,275 | 27,057 | |
Intuit Inc. | 126,429 | 19,948 | |
Activision Blizzard Inc. | 292,430 | 18,517 | |
Lam Research Corp. | 96,753 | 17,809 | |
Cognizant Technology | |||
Solutions Corp. Class A | 249,738 | 17,736 | |
* | Micron Technology Inc. | 383,112 | 15,754 |
Corning Inc. | 464,584 | 14,862 | |
Amphenol Corp. Class A | 165,003 | 14,487 | |
DXC Technology Co. | 148,213 | 14,065 | |
* | Autodesk Inc. | 129,138 | 13,538 |
* | Cadence Design Systems | ||
Inc. | 293,674 | 12,281 | |
Hewlett Packard | |||
Enterprise Co. | 795,355 | 11,421 | |
* | Synopsys Inc. | 132,555 | 11,299 |
Analog Devices Inc. | 125,312 | 11,156 | |
Teradyne Inc. | 235,865 | 9,876 | |
KLA-Tencor Corp. | 90,426 | 9,501 | |
HP Inc. | 434,070 | 9,120 | |
* | Citrix Systems Inc. | 103,448 | 9,103 |
Symantec Corp. | 315,666 | 8,858 | |
CDK Global Inc. | 120,248 | 8,571 | |
* | NXP Semiconductors NV | 71,493 | 8,371 |
Juniper Networks Inc. | 288,825 | 8,231 | |
* | Arrow Electronics Inc. | 101,793 | 8,185 |
* | Teradata Corp. | 207,261 | 7,971 |
Western Digital Corp. | 98,249 | 7,814 | |
NetApp Inc. | 137,603 | 7,612 | |
Dolby Laboratories Inc. | |||
Class A | 115,638 | 7,170 | |
* | ServiceNow Inc. | 42,424 | 5,532 |
Xilinx Inc. | 81,750 | 5,512 | |
* | Electronic Arts Inc. | 51,001 | 5,358 |
DST Systems Inc. | 84,904 | 5,270 | |
CSRA Inc. | 171,247 | 5,124 | |
* | Gartner Inc. | 40,526 | 4,991 |
* | Twitter Inc. | 204,495 | 4,910 |
Avnet Inc. | 106,816 | 4,232 | |
Microchip Technology Inc. | 43,580 | 3,830 | |
CA Inc. | 109,686 | 3,650 | |
Skyworks Solutions Inc. | 38,209 | 3,628 | |
SS&C Technologies | |||
Holdings Inc. | 85,064 | 3,443 | |
* | NCR Corp. | 99,365 | 3,377 |
* | IAC/InterActiveCorp | 27,461 | 3,358 |
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | VeriSign Inc. | 29,331 | 3,357 | |
Motorola Solutions Inc. | 36,182 | 3,269 | ||
* | Workday Inc. Class A | 30,250 | 3,078 | |
* | Dell Technologies Inc. | |||
Class V | 34,603 | 2,812 | ||
* | CommScope Holding Co. | |||
Inc. | 72,492 | 2,742 | ||
* | Palo Alto Networks Inc. | 15,049 | 2,181 | |
Harris Corp. | 13,240 | 1,875 | ||
* | Black Knight Inc. | 38,683 | 1,708 | |
* | Splunk Inc. | 15,859 | 1,314 | |
* | ANSYS Inc. | 8,778 | 1,296 | |
* | Nutanix Inc. | 36,620 | 1,292 | |
* | Qorvo Inc. | 18,200 | 1,212 | |
* | Red Hat Inc. | 10,084 | 1,211 | |
* | Fortinet Inc. | 27,357 | 1,195 | |
* | PTC Inc. | 18,751 | 1,139 | |
* | ON Semiconductor Corp. | 54,009 | 1,131 | |
* | GoDaddy Inc. Class A | 22,094 | 1,111 | |
* | VMware Inc. Class A | 8,611 | 1,079 | |
* | Match Group Inc. | 33,870 | 1,060 | |
* | Arista Networks Inc. | 4,490 | 1,058 | |
Leidos Holdings Inc. | 15,371 | 992 | ||
* | IPG Photonics Corp. | 4,591 | 983 | |
* | Zynga Inc. Class A | 215,224 | 861 | |
* | Akamai Technologies Inc. | 12,110 | 788 | |
Amdocs Ltd. | 11,987 | 785 | ||
* | Groupon Inc. Class A | 151,535 | 773 | |
* | Tableau Software Inc. | |||
Class A | 10,322 | 714 | ||
* | Guidewire Software Inc. | 9,348 | 694 | |
* | CommerceHub Inc. | 23,928 | 493 | |
* | Atlassian Corp. plc Class A | 10,270 | 467 | |
* | ARRIS International plc | 15,933 | 409 | |
* | Cavium Inc. | 4,123 | 346 | |
* | IHS Markit Ltd. | 7,056 | 319 | |
* | CommerceHub Inc. | |||
Class A | 14,126 | 311 | ||
* | Nuance Communications | |||
Inc. | 13,063 | 214 | ||
* | Tyler Technologies Inc. | 1,100 | 195 | |
* | F5 Networks Inc. | 1,424 | 187 | |
* | Microsemi Corp. | 3,557 | 184 | |
* | Inovalon Holdings Inc. | |||
Class A | 11,500 | 172 | ||
* | Manhattan Associates Inc. | 3,000 | 149 | |
1,816,270 | ||||
Utilities (4.8%) | ||||
Verizon Communications | ||||
Inc. | 1,435,908 | 76,003 | ||
AT&T Inc. | 1,946,060 | 75,663 | ||
NextEra Energy Inc. | 177,540 | 27,730 | ||
Duke Energy Corp. | 298,044 | 25,069 | ||
Exelon Corp. | 351,421 | 13,850 |
106
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Dominion Energy Inc. | 168,778 | 13,681 | |
Southern Co. | 268,056 | 12,891 | |
Sempra Energy | 116,390 | 12,444 | |
WEC Energy Group Inc. | 187,296 | 12,442 | |
Consolidated Edison Inc. | 141,599 | 12,029 | |
* | T-Mobile US Inc. | 189,191 | 12,016 |
Eversource Energy | 172,448 | 10,895 | |
American Water Works | |||
Co. Inc. | 117,032 | 10,707 | |
Edison International | 162,181 | 10,256 | |
PG&E Corp. | 203,072 | 9,104 | |
CMS Energy Corp. | 190,417 | 9,007 | |
UGI Corp. | 154,238 | 7,241 | |
Aqua America Inc. | 183,416 | 7,195 | |
Atmos Energy Corp. | 83,514 | 7,173 | |
NiSource Inc. | 276,272 | 7,092 | |
DTE Energy Co. | 56,142 | 6,145 | |
CenterPoint Energy Inc. | 213,368 | 6,051 | |
Public Service Enterprise | |||
Group Inc. | 112,498 | 5,794 | |
PPL Corp. | 154,847 | 4,793 | |
Telephone & Data | |||
Systems Inc. | 167,926 | 4,668 | |
American Electric Power | |||
Co. Inc. | 60,633 | 4,461 | |
FirstEnergy Corp. | 132,692 | 4,063 | |
* | Sprint Corp. | 652,251 | 3,842 |
AES Corp. | 342,688 | 3,711 | |
* | Calpine Corp. | 231,244 | 3,499 |
SCANA Corp. | 80,345 | 3,196 | |
* | Zayo Group Holdings Inc. | 83,622 | 3,077 |
Alliant Energy Corp. | 66,238 | 2,822 | |
* | United States Cellular | ||
Corp. | 66,355 | 2,497 | |
NRG Energy Inc. | 81,065 | 2,309 | |
* | Vistra Energy Corp. | 79,000 | 1,447 |
Entergy Corp. | 15,547 | 1,265 | |
CenturyLink Inc. | 46,051 | 768 | |
Fortis Inc. | 1 | — | |
436,896 | |||
Total Common Stocks | |||
(Cost $3,802,103) | 9,153,532 |
Market | ||
Value• | ||
Shares | ($000) | |
Temporary Cash Investments (0.0%) | ||
Money Market Fund (0.0%) | ||
2 Vanguard Market Liquidity | ||
Fund, 1.458% | 128 | 13 |
Face | ||
Amount | ||
($000) | ||
U. S. Government and Agency Obligations (0.0%) | ||
United States Cash | ||
Management Bill, | ||
1.028%–1.048%, 1/2/18 | 3,000 | 3,000 |
Total Temporary Cash Investments | ||
(Cost $3,012) | 3,013 | |
Total Investments (100.1%) | ||
(Cost $3,805,115) | 9,156,545 |
Amount | |
($000) | |
Other Assets and Liabilities (-0.1%) | |
Other Assets | |
Investment in Vanguard | 502 |
Receivables for Investment Securities Sold 13,949 | |
Receivables for Accrued Income | 8,232 |
Receivables for Capital Shares Issued | 8,032 |
Total Other Assets | 30,715 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (7,934) |
Payables for Capital Shares Redeemed | (3,523) |
Payables to Vanguard | (4,513) |
Other Liabilities | (21,746) |
Total Liabilities | (37,716) |
Net Assets (100%) | 9,149,544 |
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Tax-Managed Capital Appreciation Fund
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,890,876 |
Overdistributed Net Investment Income | (3,050) |
Accumulated Net Realized Losses | (89,712) |
Unrealized Appreciation (Depreciation) | 5,351,430 |
Net Assets | 9,149,544 |
Admiral Shares—Net Assets | |
Applicable to 59,310,303 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 8,143,345 |
Net Asset Value Per Share— | |
Admiral Shares | $137.30 |
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 14,747,798 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,006,199 |
Net Asset Value Per Share— | |
Institutional Shares | $68.23 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Security value determined using significant unobservable inputs.
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.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund | |
Statement of Operations | |
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 149,895 |
Interest1 | 178 |
Total Income | 150,073 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,011 |
Management and Administrative—Admiral Shares | 4,374 |
Management and Administrative—Institutional Shares | 255 |
Marketing and Distribution—Admiral Shares | 356 |
Marketing and Distribution—Institutional Shares | 11 |
Custodian Fees | 57 |
Auditing Fees | 36 |
Shareholders’ Reports and Proxy—Admiral Shares | 107 |
Shareholders’ Reports and Proxy—Institutional Shares | — |
Trustees’ Fees and Expenses | 6 |
Total Expenses | 7,213 |
Net Investment Income | 142,860 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 37,318 |
Futures Contracts | 2,439 |
Realized Net Gain (Loss) | 39,757 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,488,997 |
Futures Contracts | 117 |
Change in Unrealized Appreciation (Depreciation) | 1,489,114 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,671,731 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $155,000, ($3,000), and $0, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 142,860 | 128,460 |
Realized Net Gain (Loss) | 39,757 | 26,182 |
Change in Unrealized Appreciation (Depreciation) | 1,489,114 | 641,610 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,671,731 | 796,252 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (128,969) | (117,677) |
Institutional Shares | (13,538) | (10,981) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (142,507) | (128,658) |
Capital Share Transactions | ||
Admiral Shares | (40,076) | 199,321 |
Institutional Shares | 254,498 | (7,556) |
Net Increase (Decrease) from Capital Share Transactions | 214,422 | 191,765 |
Total Increase (Decrease) | 1,743,646 | 859,359 |
Net Assets | ||
Beginning of Period | 7,405,898 | 6,546,539 |
End of Period1 | 9,149,544 | 7,405,898 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($3,050,000) and ($3,403,000).
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $114.08 | $103.75 | $103.82 | $93.70 | $71.17 |
Investment Operations | |||||
Net Investment Income | 2.1661 | 2.004 | 1.764 | 1.633 | 1.414 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 23.211 | 10.332 | (.082) | 10.103 | 22.537 |
Total from Investment Operations | 25.377 | 12.336 | 1.682 | 11.736 | 23.951 |
Distributions | |||||
Dividends from Net Investment Income | (2.157) | (2.006) | (1.752) | (1.616) | (1.421) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.157) | (2.006) | (1.752) | (1.616) | (1.421) |
Net Asset Value, End of Period | $137.30 | $114.08 | $103.75 | $103.82 | $93.70 |
Total Return2 | 22.40% | 12.01% | 1.68% | 12.52% | 33.67% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $8,143 | $6,793 | $5,982 | $5,760 | $5,040 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.73% | 1.89% | 1.69% | 1.66% | 1.71% |
Portfolio Turnover Rate | 7% 3 | 8% 3 | 10%3 | 6% | 4% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s
capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $56.69 | $51.55 | $51.59 | $46.56 | $35.36 |
Investment Operations | |||||
Net Investment Income | 1.0991 | 1.011 | .897 | .830 | .719 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 11.531 | 5.141 | (.046) | 5.022 | 11.203 |
Total from Investment Operations | 12.630 | 6.152 | .851 | 5.852 | 11.922 |
Distributions | |||||
Dividends from Net Investment Income | (1.090) | (1.012) | (.891) | (.822) | (.722) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.090) | (1.012) | (.891) | (.822) | (.722) |
Net Asset Value, End of Period | $68.23 | $56.69 | $51.55 | $51.59 | $46.56 |
Total Return | 22.43% | 12.06% | 1.71% | 12.56% | 33.73% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,006 | $613 | $564 | $530 | $468 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.76% | 1.92% | 1.73% | 1.70% | 1.75% |
Portfolio Turnover Rate | 7%2 | 8%2 | 10%2 | 6% | 4% |
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s
capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
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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, maintaining liquidity, and minimizing transaction costs. 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended December 31, 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 the notional amounts at each quarter-end during the period. The fund had no open futures contracts at December 31, 2017.
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, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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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 December 31, 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), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $502,000, representing 0.01% of the fund’s net assets and 0.20% 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.
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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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 9,153,515 | — | 17 |
Temporary Cash Investments | 13 | 3,000 | — |
Total | 9,153,528 | 3,000 | 17 |
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $60,716,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2017, the fund had $1,071,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $89,711,000 to offset future net capital gains. Of this amount, $8,140,000 is subject to expiration on December 31, 2018. Capital losses of $81,571,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2017, the cost of investment securities for tax purposes was $3,805,115,000. Net unrealized appreciation of investment securities for tax purposes was $5,351,430,000, consisting of unrealized gains of $5,363,053,000 on securities that had risen in value since their purchase and $11,623,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $922,060,000 of investment securities and sold $671,309,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $105,652,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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Tax-Managed Capital Appreciation Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 591,576 | 4,716 | 503,273 | 4,783 |
Issued in Lieu of Cash Distributions | 94,674 | 741 | 88,011 | 814 |
Redeemed | (726,326) | (5,697) | (391,963) | (3,706) |
Net Increase (Decrease)—Admiral Shares | (40,076) | (240) | 199,321 | 1,891 |
Institutional Shares | ||||
Issued | 264,146 | 4,093 | 7,423 | 137 |
Issued in Lieu of Cash Distributions | 8,488 | 133 | 6,211 | 116 |
Redeemed | (18,136) | (286) | (21,190) | (391) |
Net Increase (Decrease)—Institutional Shares | 254,498 | 3,940 | (7,556) | (138) |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
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Tax-Managed Small-Cap Fund
Fund Profile | ||
As of December 31, 2017 | ||
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTMSX | VTSIX |
Expense Ratio1 | 0.09% | 0.06% |
30-Day SEC Yield | 1.22% | 1.24% |
Portfolio Characteristics | |||
DJ | |||
S&P | U.S. Total | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Number of Stocks | 600 | 601 | 3,775 |
Median Market Cap | $1.8B | $1.8B | $66.8B |
Price/Earnings Ratio | 24.2x | 24.1x | 22.8x |
Price/Book Ratio | 2.3x | 2.2x | 3.0x |
Return on Equity | 9.0% | 8.9% | 15.1% |
Earnings Growth Rate | 6.9% | 7.4% | 9.9% |
Dividend Yield | 1.1% | 1.3% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 37% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P SmallCap | Market | |
600 Index | FA Index | |
R-Squared | 1.00 | 0.67 |
Beta | 0.99 | 1.09 |
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) | ||
Nektar Therapeutics | Pharmaceuticals | 1.2% |
Interactive Brokers | Investment Banking | |
Group Inc. | & Brokerage | 0.5 |
Healthcare Services | Diversified Support | |
Group Inc. | Services | 0.5 |
Chemed Corp. | Health Care Services | 0.5 |
Spire Inc. | Gas Utilities | 0.5 |
Five Below Inc. | Specialty Stores | 0.5 |
Cantel Medical Corp. | Health Care | |
Equipment | 0.5 | |
Evercore Inc. | Investment Banking | |
& Brokerage | 0.4 | |
ALLETE Inc. | Electric Utilities | 0.4 |
John Bean Technologies | ||
Corp. | Industrial Machinery | 0.4 |
Top Ten | 5.4% |
The holdings listed exclude any temporary cash investments and
equity index products.
Sector Diversification (% of equity exposure) | |||
DJ | |||
S&P | U.S. Total | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Consumer | |||
Discretionary | 15.8% | 15.7% | 12.6% |
Consumer Staples | 2.7 | 2.9 | 7.3 |
Energy | 3.4 | 3.4 | 5.8 |
Financials | 16.6 | 16.8 | 15.1 |
Health Care | 13.2 | 13.3 | 13.3 |
Industrials | 19.3 | 19.1 | 10.9 |
Information | |||
Technology | 13.7 | 13.7 | 22.8 |
Materials | 5.4 | 5.4 | 3.4 |
Real Estate | 6.1 | 5.8 | 3.9 |
Telecommunication | |||
Services | 1.1 | 1.2 | 1.9 |
Utilities | 2.7 | 2.7 | 3.0 |
Sector categories are based on the Global Industry Classification
Standard (“GICS”), except for the “Other” category (if applicable),
which includes securities that have not been provided a GICS
classification as of the effective reporting period.
1 The expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
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Tax-Managed Small-Cap Fund
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx120x1.jpg)
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Tax-Managed Small-Cap Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx121x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Tax-Managed Small-Cap Fund Admiral | |||||
Shares | 13.05% | 15.88% | 10.39% | $26,863 | |
![]() | S&P SmallCap 600 Index | 13.23 | 15.99 | 10.43 | 26,969 |
![]() | Small-Cap Core Funds Average | 12.52 | 12.79 | 7.74 | 21,082 |
![]() | Dow Jones U.S. Total Stock Market | ||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Small-Cap Fund Institutional | ||||
Shares | 13.08% | 15.93% | 10.44% | $13,502,317 |
S&P SmallCap 600 Index | 13.23 | 15.99 | 10.43 | 13,484,257 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
See Financial Highlights for dividend and capital gains information.
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Tax-Managed Small-Cap Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/taxmanagedx122x1.jpg)
Tax-Managed Small-Cap Fund Admiral Shares | |
S&P SmallCap 600 Index |
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Tax-Managed Small-Cap Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (99.6%)1 | |||
Consumer Discretionary (15.8%) | |||
* | Five Below Inc. | 404,870 | 26,851 |
LCI Industries | 185,963 | 24,175 | |
Marriott Vacations | |||
Worldwide Corp. | 174,974 | 23,658 | |
Wolverine World Wide | |||
Inc. | 728,871 | 23,236 | |
* | Scientific Games Corp. | ||
Class A | 411,593 | 21,115 | |
Boyd Gaming Corp. | 593,831 | 20,814 | |
Lithia Motors Inc. Class A | 180,003 | 20,447 | |
* | TopBuild Corp. | 264,240 | 20,014 |
* | Ollie’s Bargain Outlet | ||
Holdings Inc. | 370,545 | 19,731 | |
Children’s Place Inc. | 134,968 | 19,618 | |
* | Penn National Gaming Inc. | 617,228 | 19,338 |
* | Steven Madden Ltd. | 395,565 | 18,473 |
* | RH | 210,190 | 18,120 |
* | Dave & Buster’s | ||
Entertainment Inc. | 306,389 | 16,903 | |
* | Cooper-Standard | ||
Holdings Inc. | 129,841 | 15,905 | |
* | iRobot Corp. | 205,095 | 15,731 |
Monro Inc. | 254,034 | 14,467 | |
* | Meritage Homes Corp. | 276,018 | 14,132 |
Time Inc. | 763,674 | 14,090 | |
* | Dorman Products Inc. | 218,972 | 13,388 |
* | Sleep Number Corp. | 350,382 | 13,171 |
* | American Axle & | ||
Manufacturing Holdings | |||
Inc. | 768,886 | 13,094 | |
* | G-III Apparel Group Ltd. | 333,945 | 12,319 |
* | Shutterfly Inc. | 244,502 | 12,164 |
Winnebago Industries Inc. | 213,034 | 11,845 | |
DSW Inc. Class A | 547,361 | 11,719 | |
Nutrisystem Inc. | 220,968 | 11,623 | |
Group 1 Automotive Inc. | 161,842 | 11,486 |
Market | ||||
Value• | ||||
Shares | ($000) | |||
La-Z-Boy Inc. | 363,959 | 11,355 | ||
* | Installed Building | |||
Products Inc. | 149,227 | 11,334 | ||
Core-Mark Holding Co. | ||||
Inc. | 352,863 | 11,143 | ||
Caleres Inc. | 322,782 | 10,807 | ||
Gannett Co. Inc. | 892,195 | 10,341 | ||
MDC Holdings Inc. | 316,234 | 10,082 | ||
* | Fox Factory Holding Corp. | 258,683 | 10,050 | |
Abercrombie & Fitch Co. | 572,010 | 9,970 | ||
* | Asbury Automotive | |||
Group Inc. | 153,953 | 9,853 | ||
* | LGI Homes Inc. | 127,819 | 9,590 | |
* | Cavco Industries Inc. | 61,653 | 9,408 | |
Oxford Industries Inc. | 125,043 | 9,402 | ||
Callaway Golf Co. | 663,947 | 9,249 | ||
Sonic Corp. | 328,201 | 9,019 | ||
Chico’s FAS Inc. | 993,991 | 8,767 | ||
World Wrestling | ||||
Entertainment Inc. | ||||
Class A | 283,932 | 8,683 | ||
* | Gentherm Inc. | 269,098 | 8,544 | |
Tailored Brands Inc. | 381,774 | 8,334 | ||
Guess? Inc. | 489,841 | 8,268 | ||
PetMed Express Inc. | 181,348 | 8,251 | ||
Wingstop Inc. | 210,487 | 8,205 | ||
Scholastic Corp. | 198,657 | 7,968 | ||
DineEquity Inc. | 152,158 | 7,719 | ||
* | JC Penney Co. Inc. | 2,434,462 | 7,693 | |
Sturm Ruger & Co. Inc. | 133,065 | 7,432 | ||
* | Belmond Ltd. Class A | 602,066 | 7,375 | |
New Media Investment | ||||
Group Inc. | 438,741 | 7,362 | ||
Strayer Education Inc. | 79,462 | 7,118 | ||
* | M/I Homes Inc. | 206,433 | 7,101 | |
* | Crocs Inc. | 556,605 | 7,035 | |
Capella Education Co. | 90,797 | 7,028 | ||
Standard Motor Products | ||||
Inc. | 156,460 | 7,027 |
121
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Lumber Liquidators | ||
Holdings Inc. | 215,501 | 6,765 | |
* | EW Scripps Co. Class A | 411,786 | 6,436 |
* | Express Inc. | 609,288 | 6,184 |
* | Career Education Corp. | 490,568 | 5,926 |
* | William Lyon Homes | ||
Class A | 203,249 | 5,910 | |
* | Red Robin Gourmet | ||
Burgers Inc. | 98,740 | 5,569 | |
Ethan Allen Interiors Inc. | 192,537 | 5,507 | |
* | Shake Shack Inc. Class A | 127,352 | 5,502 |
Ruth’s Hospitality Group | |||
Inc. | 245,939 | 5,325 | |
* | Universal Electronics Inc. | 109,241 | 5,162 |
BJ’s Restaurants Inc. | 138,589 | 5,045 | |
* | Unifi Inc. | 139,465 | 5,003 |
* | Genesco Inc. | 153,584 | 4,991 |
Sonic Automotive Inc. | |||
Class A | 267,328 | 4,932 | |
Finish Line Inc. Class A | 335,357 | 4,873 | |
Marcus Corp. | 177,651 | 4,859 | |
Movado Group Inc. | 146,908 | 4,730 | |
Rent-A-Center Inc. | 402,203 | 4,464 | |
* | Zumiez Inc. | 211,817 | 4,411 |
* | Monarch Casino & | ||
Resort Inc. | 96,303 | 4,316 | |
* | Regis Corp. | 259,615 | 3,988 |
* | Fiesta Restaurant Group | ||
Inc. | 206,362 | 3,921 | |
* | Motorcar Parts of | ||
America Inc. | 144,445 | 3,610 | |
* | Biglari Holdings Inc. | 8,583 | 3,557 |
Haverty Furniture Cos. | |||
Inc. | 156,276 | 3,540 | |
* | Vista Outdoor Inc. | 240,642 | 3,506 |
* | Hibbett Sports Inc. | 167,843 | 3,424 |
* | American Public | ||
Education Inc. | 136,132 | 3,410 | |
* | MarineMax Inc. | 178,070 | 3,366 |
Barnes & Noble Inc. | 492,469 | 3,300 | |
* | Ascena Retail Group Inc. | 1,402,080 | 3,295 |
* | Nautilus Inc. | 229,408 | 3,063 |
* | Perry Ellis International | ||
Inc. | 121,093 | 3,032 | |
Superior Industries | |||
International Inc. | 193,188 | 2,869 | |
* | Fossil Group Inc. | 347,562 | 2,701 |
Shoe Carnival Inc. | 90,341 | 2,417 | |
* | Barnes & Noble | ||
Education Inc. | 281,601 | 2,320 | |
* | Vera Bradley Inc. | 178,182 | 2,170 |
Big 5 Sporting Goods | |||
Corp. | 229,913 | 1,747 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | El Pollo Loco Holdings | ||
Inc. | 175,275 | 1,735 | |
* | Francesca’s Holdings | ||
Corp. | 186,299 | 1,362 | |
Cato Corp. Class A | 79,015 | 1,258 | |
* | Kirkland’s Inc. | 92,145 | 1,102 |
* | Chuy’s Holdings Inc. | 38,947 | 1,092 |
Fred’s Inc. Class A | 242,696 | 983 | |
Buckle Inc. | 35,292 | 838 | |
* | Vitamin Shoppe Inc. | 184,208 | 810 |
933,466 | |||
Consumer Staples (2.7%) | |||
* | Darling Ingredients Inc. | 1,212,616 | 21,985 |
B&G Foods Inc. | 511,296 | 17,972 | |
J&J Snack Foods Corp. | 105,569 | 16,029 | |
WD-40 Co. | 97,804 | 11,541 | |
Bob Evans Farms Inc. | 145,078 | 11,435 | |
Universal Corp. | 186,365 | 9,784 | |
Calavo Growers Inc. | 115,815 | 9,775 | |
* | Cal-Maine Foods Inc. | 213,834 | 9,505 |
* | Central Garden & Pet Co. | ||
Class A | 248,678 | 9,378 | |
SpartanNash Co. | 303,379 | 8,094 | |
Coca-Cola Bottling Co. | |||
Consolidated | 34,536 | 7,434 | |
Andersons Inc. | 202,920 | 6,321 | |
Medifast Inc. | 78,063 | 5,450 | |
Inter Parfums Inc. | 114,488 | 4,974 | |
John B Sanfilippo & Son | |||
Inc. | 74,356 | 4,703 | |
* | Central Garden & Pet Co. | 77,959 | 3,034 |
* | Seneca Foods Corp. | ||
Class A | 58,353 | 1,794 | |
159,208 | |||
Energy (3.4%) | |||
* | PDC Energy Inc. | 493,301 | 25,425 |
US Silica Holdings Inc. | 608,643 | 19,817 | |
* | SRC Energy Inc. | 1,820,175 | 15,526 |
* | McDermott International | ||
Inc. | 2,143,048 | 14,101 | |
* | Carrizo Oil & Gas Inc. | 599,144 | 12,750 |
* | Noble Corp. plc | 2,098,926 | 9,487 |
* | Oil States International | ||
Inc. | 312,238 | 8,836 | |
* | Unit Corp. | 388,221 | 8,541 |
* | Helix Energy Solutions | ||
Group Inc. | 1,067,093 | 8,046 | |
* | CONSOL Energy Inc. | 200,743 | 7,931 |
* | Exterran Corp. | 230,199 | 7,238 |
* | Bill Barrett Corp. | 1,199,692 | 6,154 |
* | Newpark Resources Inc. | 688,745 | 5,923 |
Archrock Inc. | 559,317 | 5,873 | |
Green Plains Inc. | 308,267 | 5,194 | |
* | Denbury Resources Inc. | 2,315,044 | 5,116 |
122
Tax-Managed Small-Cap Fund | ||||
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | SEACOR Holdings Inc. | 97,067 | 4,487 | |
* | REX American Resources | |||
Corp. | 50,561 | 4,186 | ||
Bristow Group Inc. | 259,856 | 3,500 | ||
* | Matrix Service Co. | 192,635 | 3,429 | |
* | TETRA Technologies Inc. | 688,941 | 2,942 | |
* | Cloud Peak Energy Inc. | 622,218 | 2,769 | |
* | Pioneer Energy Services | |||
Corp. | 728,478 | 2,222 | ||
* | CARBO Ceramics Inc. | 202,563 | 2,062 | |
* | Par Pacific Holdings Inc. | 100,000 | 1,928 | |
* | Era Group Inc. | 173,878 | 1,869 | |
Gulf Island Fabrication Inc. | 135,341 | 1,817 | ||
* | Geospace Technologies | |||
Corp. | 133,375 | 1,730 | ||
198,899 | ||||
Financials (16.5%) | ||||
Interactive Brokers Group | ||||
Inc. | 511,514 | 30,287 | ||
Evercore Inc. Class A | 294,004 | 26,460 | ||
Selective Insurance Group | ||||
Inc. | 430,399 | 25,264 | ||
FirstCash Inc. | 363,219 | 24,499 | ||
ProAssurance Corp. | 387,434 | 22,142 | ||
First Financial Bankshares | ||||
Inc. | 484,517 | 21,828 | ||
Glacier Bancorp Inc. | 550,123 | 21,669 | ||
Columbia Banking System | ||||
Inc. | 492,017 | 21,373 | ||
* | Green Dot Corp. Class A | 341,632 | 20,587 | |
American Equity | ||||
Investment Life Holding | ||||
Co. | 656,598 | 20,177 | ||
Community Bank System | ||||
Inc. | 357,087 | 19,193 | ||
* | LendingTree Inc. | 55,505 | 18,897 | |
Hope Bancorp Inc. | 1,016,192 | 18,546 | ||
CVB Financial Corp. | 746,056 | 17,577 | ||
RLI Corp. | 287,102 | 17,416 | ||
Great Western Bancorp | ||||
Inc. | 437,081 | 17,396 | ||
Old National Bancorp | 949,652 | 16,571 | ||
First Midwest Bancorp | ||||
Inc. | 673,347 | 16,167 | ||
Simmons First National | ||||
Corp. Class A | 276,255 | 15,774 | ||
United Community Banks | ||||
Inc. | 527,395 | 14,841 | ||
Financial Engines Inc. | 480,728 | 14,566 | ||
Independent Bank Corp. | 201,581 | 14,080 | ||
Waddell & Reed Financial | ||||
Inc. Class A | 624,245 | 13,946 | ||
ServisFirst Bancshares | ||||
Inc. | 330,069 | 13,698 |
Market | |||
Value• | |||
Shares | ($000) | ||
LegacyTexas Financial | |||
Group Inc. | 316,120 | 13,343 | |
Horace Mann Educators | |||
Corp. | 302,175 | 13,326 | |
Ameris Bancorp | 273,018 | 13,159 | |
NBT Bancorp Inc. | 350,907 | 12,913 | |
First Financial Bancorp | 473,055 | 12,465 | |
Banner Corp. | 222,597 | 12,270 | |
Apollo Commercial Real | |||
Estate Finance Inc. | 663,690 | 12,245 | |
Westamerica | |||
Bancorporation | 204,528 | 12,180 | |
* | Pacific Premier Bancorp | ||
Inc. | 299,826 | 11,993 | |
* | BofI Holding Inc. | 400,428 | 11,973 |
Northwest Bancshares | |||
Inc. | 705,526 | 11,803 | |
* | PRA Group Inc. | 354,954 | 11,784 |
Provident Financial | |||
Services Inc. | 430,716 | 11,616 | |
Employers Holdings Inc. | 258,342 | 11,470 | |
WisdomTree Investments | |||
Inc. | 877,545 | 11,013 | |
S&T Bancorp Inc. | 265,355 | 10,564 | |
Boston Private Financial | |||
Holdings Inc. | 675,192 | 10,432 | |
* | Walker & Dunlop Inc. | 213,829 | 10,157 |
City Holding Co. | 150,182 | 10,133 | |
First Commonwealth | |||
Financial Corp. | 701,467 | 10,045 | |
Piper Jaffray Cos. | 110,908 | 9,566 | |
* | Third Point Reinsurance | ||
Ltd. | 641,960 | 9,405 | |
AMERISAFE Inc. | 151,093 | 9,307 | |
Brookline Bancorp Inc. | 583,851 | 9,166 | |
Infinity Property & | |||
Casualty Corp. | 86,139 | 9,131 | |
Navigators Group Inc. | 187,187 | 9,116 | |
Safety Insurance Group | |||
Inc. | 111,098 | 8,932 | |
Hanmi Financial Corp. | 292,658 | 8,882 | |
Tompkins Financial Corp. | 103,816 | 8,445 | |
* | Encore Capital Group Inc. | 190,270 | 8,010 |
Central Pacific Financial | |||
Corp. | 264,524 | 7,891 | |
United Fire Group Inc. | 171,693 | 7,826 | |
Stewart Information | |||
Services Corp. | 181,741 | 7,688 | |
Banc of California Inc. | 372,231 | 7,687 | |
* | First BanCorp | 1,502,333 | 7,662 |
Southside Bancshares | |||
Inc. | 224,825 | 7,572 | |
Invesco Mortgage Capital | |||
Inc. | 422,000 | 7,524 |
123
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
TrustCo Bank Corp. NY | 804,862 | 7,405 | |
Universal Insurance | |||
Holdings Inc. | 259,572 | 7,099 | |
Northfield Bancorp Inc. | 405,226 | 6,921 | |
National Bank Holdings | |||
Corp. Class A | 210,175 | 6,816 | |
* | NMI Holdings Inc. Class A | 376,378 | 6,398 |
Virtus Investment Partners | |||
Inc. | 52,290 | 6,016 | |
* | Customers Bancorp Inc. | 227,790 | 5,920 |
Meta Financial Group Inc. | 63,729 | 5,905 | |
* | HomeStreet Inc. | 202,996 | 5,877 |
Dime Community | |||
Bancshares Inc. | 269,474 | 5,646 | |
Bank Mutual Corp. | 529,181 | 5,636 | |
Oritani Financial Corp. | 334,233 | 5,481 | |
ARMOUR Residential | |||
REIT Inc. | 211,367 | 5,436 | |
* | INTL. FCStone Inc. | 125,603 | 5,342 |
Investment Technology | |||
Group Inc. | 257,745 | 4,962 | |
* | EZCORP Inc. Class A | 390,065 | 4,759 |
* | Donnelley Financial | ||
Solutions Inc. | 243,919 | 4,754 | |
* | World Acceptance Corp. | 57,958 | 4,678 |
OFG Bancorp | 489,877 | 4,605 | |
Capstead Mortgage Corp. | 525,376 | 4,545 | |
Fidelity Southern Corp. | 200,971 | 4,381 | |
* | Opus Bank | 154,258 | 4,211 |
* | Enova International Inc. | 252,072 | 3,832 |
Greenhill & Co. Inc. | 190,031 | 3,706 | |
* | eHealth Inc. | 165,560 | 2,876 |
HCI Group Inc. | 82,042 | 2,453 | |
United Insurance Holdings | |||
Corp. | 136,798 | 2,360 | |
United Bankshares Inc. | 1 | — | |
979,668 | |||
Health Care (13.1%) | |||
* | Nektar Therapeutics | ||
Class A | 1,173,366 | 70,073 | |
Chemed Corp. | 116,751 | 28,373 | |
Cantel Medical Corp. | 260,184 | 26,765 | |
* | ICU Medical Inc. | 108,343 | 23,402 |
* | Neogen Corp. | 279,728 | 22,996 |
* | Integra LifeSciences | ||
Holdings Corp. | 474,870 | 22,727 | |
* | Haemonetics Corp. | 389,624 | 22,629 |
* | Ligand Pharmaceuticals | ||
Inc. | 154,737 | 21,188 | |
* | AMN Healthcare Services | ||
Inc. | 368,170 | 18,132 | |
* | HealthEquity Inc. | 379,376 | 17,702 |
* | Myriad Genetics Inc. | 512,303 | 17,595 |
* | Magellan Health Inc. | 179,402 | 17,321 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Merit Medical Systems | ||
Inc. | 363,309 | 15,695 | |
* | Supernus Pharmaceuticals | ||
Inc. | 380,401 | 15,159 | |
* | Medicines Co. | 535,650 | 14,645 |
* | Select Medical Holdings | ||
Corp. | 816,532 | 14,412 | |
* | Inogen Inc. | 120,538 | 14,354 |
* | Omnicell Inc. | 274,354 | 13,306 |
* | Emergent BioSolutions | ||
Inc. | 277,718 | 12,906 | |
* | Corcept Therapeutics Inc. | 709,900 | 12,821 |
* | Spectrum Pharmaceuticals | ||
Inc. | 637,213 | 12,075 | |
* | Amedisys Inc. | 218,989 | 11,543 |
* | Cambrex Corp. | 238,151 | 11,431 |
* | Varex Imaging Corp. | 278,254 | 11,177 |
* | HMS Holdings Corp. | 622,428 | 10,550 |
* | Repligen Corp. | 283,243 | 10,276 |
* | MiMedx Group Inc. | 793,906 | 10,011 |
* | Integer Holdings Corp. | 207,899 | 9,418 |
CONMED Corp. | 184,241 | 9,391 | |
* | Impax Laboratories Inc. | 562,106 | 9,359 |
* | Natus Medical Inc. | 244,368 | 9,335 |
* | Tivity Health Inc. | 252,513 | 9,229 |
* | Innoviva Inc. | 612,293 | 8,688 |
Abaxis Inc. | 172,509 | 8,543 | |
Ensign Group Inc. | 383,524 | 8,514 | |
Analogic Corp. | 94,721 | 7,933 | |
* | OraSure Technologies Inc. | 417,918 | 7,882 |
* | Acorda Therapeutics Inc. | 359,854 | 7,719 |
* | Momenta Pharmaceuticals | ||
Inc. | 550,973 | 7,686 | |
* | Orthofix International NV | 139,902 | 7,653 |
* | Enanta Pharmaceuticals | ||
Inc. | 128,706 | 7,552 | |
US Physical Therapy Inc. | 100,500 | 7,256 | |
* | Diplomat Pharmacy Inc. | 354,749 | 7,120 |
* | LHC Group Inc. | 112,370 | 6,883 |
* | BioTelemetry Inc. | 227,494 | 6,802 |
Kindred Healthcare Inc. | 685,964 | 6,654 | |
* | Providence Service Corp. | 109,851 | 6,519 |
* | Anika Therapeutics Inc. | 112,515 | 6,066 |
Luminex Corp. | 292,710 | 5,766 | |
* | Almost Family Inc. | 103,762 | 5,743 |
Phibro Animal Health Corp. | |||
Class A | 171,017 | 5,729 | |
* | Lannett Co. Inc. | 229,133 | 5,316 |
* | Amphastar | ||
Pharmaceuticals Inc. | 273,323 | 5,259 | |
* | Quality Systems Inc. | 362,839 | 4,927 |
* | CorVel Corp. | 90,653 | 4,796 |
Meridian Bioscience Inc. | 341,789 | 4,785 | |
* | Lantheus Holdings Inc. | 225,663 | 4,615 |
124
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | CryoLife Inc. | 239,582 | 4,588 |
* | HealthStream Inc. | 195,990 | 4,539 |
Invacare Corp. | 268,883 | 4,531 | |
* | AngioDynamics Inc. | 271,624 | 4,517 |
* | ANI Pharmaceuticals Inc. | 67,852 | 4,373 |
* | Sucampo | ||
Pharmaceuticals Inc. | |||
Class A | 221,637 | 3,978 | |
* | Heska Corp. | 48,678 | 3,904 |
* | Cross Country Healthcare | ||
Inc. | 292,645 | 3,734 | |
* | AMAG Pharmaceuticals | ||
Inc. | 280,505 | 3,717 | |
LeMaitre Vascular Inc. | 115,555 | 3,679 | |
* | Eagle Pharmaceuticals Inc. | 63,988 | 3,418 |
* | Surmodics Inc. | 119,784 | 3,354 |
* | Progenics | ||
Pharmaceuticals Inc. | 551,039 | 3,279 | |
* | Cytokinetics Inc. | 395,954 | 3,227 |
Computer Programs & | |||
Systems Inc. | 103,512 | 3,111 | |
* | Cutera Inc. | 55,300 | 2,508 |
* | Quorum Health Corp. | 326,270 | 2,036 |
* | Community Health | ||
Systems Inc. | 370,065 | 1,577 | |
* | Tactile Systems | ||
Technology Inc. | 50,000 | 1,449 | |
Aceto Corp. | 27,971 | 289 | |
778,210 | |||
Industrials (19.2%) | |||
Healthcare Services | |||
Group Inc. | 543,191 | 28,637 | |
John Bean Technologies | |||
Corp. | 231,858 | 25,690 | |
* | Trex Co. Inc. | 216,476 | 23,464 |
* | On Assignment Inc. | 360,622 | 23,177 |
Barnes Group Inc. | 353,484 | 22,365 | |
Hillenbrand Inc. | 471,230 | 21,064 | |
Tetra Tech Inc. | 434,582 | 20,925 | |
SkyWest Inc. | 388,700 | 20,640 | |
* | Moog Inc. Class A | 231,958 | 20,146 |
Applied Industrial | |||
Technologies Inc. | 277,932 | 18,927 | |
UniFirst Corp. | 114,680 | 18,911 | |
* | WageWorks Inc. | 301,573 | 18,698 |
* | Proto Labs Inc. | 181,435 | 18,688 |
* | Mercury Systems Inc. | 351,371 | 18,043 |
Simpson Manufacturing | |||
Co. Inc. | 309,005 | 17,740 | |
Universal Forest Products | |||
Inc. | 466,866 | 17,563 | |
Korn/Ferry International | 419,311 | 17,351 | |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 553,294 | 17,263 |
Market | |||
Value• | |||
Shares | ($000) | ||
Insperity Inc. | 280,292 | 16,075 | |
Mueller Industries Inc. | 449,457 | 15,924 | |
Hawaiian Holdings Inc. | 398,127 | 15,865 | |
ABM Industries Inc. | 419,145 | 15,810 | |
* | SPX FLOW Inc. | 329,848 | 15,684 |
Watts Water Technologies | |||
Inc. Class A | 203,578 | 15,462 | |
EnPro Industries Inc. | 160,166 | 14,977 | |
Allegiant Travel Co. | |||
Class A | 96,370 | 14,913 | |
Brady Corp. Class A | 378,642 | 14,351 | |
* | American Woodmark | ||
Corp. | 106,099 | 13,819 | |
Exponent Inc. | 192,689 | 13,700 | |
Franklin Electric Co. Inc. | 296,117 | 13,592 | |
Matthews International | |||
Corp. Class A | 255,621 | 13,497 | |
* | Saia Inc. | 186,892 | 13,223 |
Forward Air Corp. | 229,798 | 13,200 | |
* | Patrick Industries Inc. | 189,423 | 13,155 |
Albany International Corp. | 210,346 | 12,926 | |
* | FTI Consulting Inc. | 296,566 | 12,740 |
Interface Inc. Class A | 494,191 | 12,429 | |
Mobile Mini Inc. | 358,523 | 12,369 | |
Greenbrier Cos. Inc. | 229,631 | 12,239 | |
* | Hub Group Inc. Class A | 253,617 | 12,148 |
Comfort Systems USA Inc. | 277,647 | 12,119 | |
General Cable Corp. | 400,159 | 11,845 | |
Kaman Corp. | 199,893 | 11,762 | |
AAON Inc. | 317,058 | 11,636 | |
* | Chart Industries Inc. | 246,320 | 11,543 |
* | Harsco Corp. | 617,321 | 11,513 |
ESCO Technologies Inc. | 189,162 | 11,397 | |
Actuant Corp. Class A | 449,983 | 11,385 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 192,761 | 11,305 | |
Cubic Corp. | 185,088 | 10,911 | |
* | SPX Corp. | 338,351 | 10,621 |
Triumph Group Inc. | 377,030 | 10,255 | |
* | Axon Enterprise Inc. | 386,249 | 10,236 |
Viad Corp. | 183,879 | 10,187 | |
AZZ Inc. | 193,029 | 9,864 | |
Standex International Corp. | 96,737 | 9,853 | |
Apogee Enterprises Inc. | 214,422 | 9,805 | |
Wabash National Corp. | 451,137 | 9,790 | |
Tennant Co. | 130,503 | 9,481 | |
AAR Corp. | 240,185 | 9,437 | |
Raven Industries Inc. | 272,677 | 9,366 | |
* | Aerovironment Inc. | 164,284 | 9,226 |
US Ecology Inc. | 178,088 | 9,082 | |
Federal Signal Corp. | 447,682 | 8,994 | |
* | TrueBlue Inc. | 323,417 | 8,894 |
Heartland Express Inc. | 365,231 | 8,524 | |
* | Gibraltar Industries Inc. | 257,579 | 8,500 |
125
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Briggs & Stratton Corp. | 334,221 | 8,479 | |
Astec Industries Inc. | 142,765 | 8,352 | |
Alamo Group Inc. | 70,510 | 7,958 | |
Multi-Color Corp. | 105,093 | 7,866 | |
Matson Inc. | 258,340 | 7,709 | |
Encore Wire Corp. | 152,388 | 7,414 | |
* | Aegion Corp. Class A | 283,628 | 7,213 |
* | Navigant Consulting Inc. | 361,926 | 7,025 |
Lindsay Corp. | 77,165 | 6,806 | |
ArcBest Corp. | 189,982 | 6,792 | |
* | PGT Innovations Inc. | 394,769 | 6,652 |
Kelly Services Inc. | |||
Class A | 243,735 | 6,647 | |
Quanex Building Products | |||
Corp. | 282,511 | 6,611 | |
* | Lydall Inc. | 129,757 | 6,585 |
CIRCOR International Inc. | 126,949 | 6,180 | |
* | Echo Global Logistics Inc. | 218,025 | 6,105 |
Marten Transport Ltd. | 296,095 | 6,011 | |
RR Donnelley & Sons Co. | 611,017 | 5,682 | |
Griffon Corp. | 268,030 | 5,454 | |
Titan International Inc. | 383,391 | 4,938 | |
* | MYR Group Inc. | 134,502 | 4,806 |
Insteel Industries Inc. | 149,993 | 4,248 | |
Resources Connection Inc. | 272,348 | 4,208 | |
Heidrick & Struggles | |||
International Inc. | 170,475 | 4,185 | |
* | Engility Holdings Inc. | 145,983 | 4,142 |
National Presto Industries | |||
Inc. | 41,621 | 4,139 | |
Forrester Research Inc. | 84,761 | 3,746 | |
* | DXP Enterprises Inc. | 122,917 | 3,635 |
* | Vicor Corp. | 130,632 | 2,730 |
* | Roadrunner Transportation | ||
Systems Inc. | 349,472 | 2,694 | |
* | Veritiv Corp. | 85,895 | 2,482 |
* | Orion Group Holdings Inc. | 306,958 | 2,403 |
Powell Industries Inc. | 79,267 | 2,271 | |
LSC Communications Inc. | 10,027 | 152 | |
* | Team Inc. | 4,248 | 63 |
1,137,304 | |||
Information Technology (13.7%) | |||
* | CACI International Inc. | ||
Class A | 177,168 | 23,448 | |
* | Lumentum Holdings Inc. | 465,387 | 22,757 |
* | Stamps.com Inc. | 119,964 | 22,553 |
* | Rogers Corp. | 133,524 | 21,620 |
* | Advanced Energy | ||
Industries Inc. | 299,353 | 20,200 | |
* | II-VI Inc. | 418,442 | 19,646 |
* | Sanmina Corp. | 540,536 | 17,838 |
Cabot Microelectronics | |||
Corp. | 185,481 | 17,450 | |
* | Itron Inc. | 247,174 | 16,857 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Semtech Corp. | 491,210 | 16,799 |
* | Anixter International Inc. | 215,405 | 16,371 |
Power Integrations Inc. | 219,743 | 16,162 | |
Progress Software Corp. | 350,985 | 14,941 | |
* | Viavi Solutions Inc. | 1,686,997 | 14,744 |
* | Plexus Corp. | 241,226 | 14,647 |
* | ExlService Holdings Inc. | 242,119 | 14,612 |
TiVo Corp. | 924,632 | 14,424 | |
* | NETGEAR Inc. | 240,219 | 14,113 |
Ebix Inc. | 177,487 | 14,066 | |
* | Qualys Inc. | 228,575 | 13,566 |
* | Kulicke & Soffa | ||
Industries Inc. | 530,851 | 12,918 | |
Brooks Automation Inc. | 529,573 | 12,630 | |
* | MaxLinear Inc. | 444,292 | 11,738 |
* | Rambus Inc. | 824,559 | 11,725 |
Methode Electronics Inc. | 284,296 | 11,400 | |
CSG Systems | |||
International Inc. | 243,828 | 10,685 | |
* | TTM Technologies Inc. | 674,781 | 10,574 |
Badger Meter Inc. | 220,946 | 10,561 | |
* | Benchmark Electronics | ||
Inc. | 358,623 | 10,436 | |
* | Electronics For Imaging | ||
Inc. | 352,924 | 10,422 | |
* | Insight Enterprises Inc. | 271,506 | 10,396 |
* | 8x8 Inc. | 705,945 | 9,954 |
* | Bottomline Technologies | ||
de Inc. | 284,580 | 9,869 | |
* | SolarEdge Technologies | ||
Inc. | 258,733 | 9,715 | |
* | MicroStrategy Inc. | ||
Class A | 71,515 | 9,390 | |
ManTech International | |||
Corp. Class A | 185,717 | 9,321 | |
Xperi Corp. | 376,158 | 9,178 | |
* | Sykes Enterprises Inc. | 290,466 | 9,135 |
* | Virtusa Corp. | 207,144 | 9,131 |
* | Oclaro Inc. | 1,311,300 | 8,838 |
* | OSI Systems Inc. | 131,802 | 8,485 |
NIC Inc. | 509,028 | 8,450 | |
* | Diodes Inc. | 286,802 | 8,223 |
* | Fabrinet | 284,747 | 8,172 |
* | ePlus Inc. | 106,924 | 8,041 |
Monotype Imaging | |||
Holdings Inc. | 328,891 | 7,926 | |
* | Barracuda Networks Inc. | 281,721 | 7,747 |
* | CEVA Inc. | 166,282 | 7,674 |
* | Cray Inc. | 312,820 | 7,570 |
MTS Systems Corp. | 137,557 | 7,387 | |
* | Alarm.com Holdings Inc. | 188,600 | 7,120 |
* | FARO Technologies Inc. | 148,615 | 6,985 |
ADTRAN Inc. | 360,772 | 6,981 | |
* | ScanSource Inc. | 194,121 | 6,950 |
126
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Blucora Inc. | 311,383 | 6,882 |
CTS Corp. | 264,429 | 6,809 | |
* | Axcelis Technologies Inc. | 232,547 | 6,674 |
* | SPS Commerce Inc. | 129,672 | 6,301 |
* | Electro Scientific | ||
Industries Inc. | 291,090 | 6,238 | |
* | CalAmp Corp. | 286,244 | 6,134 |
Cohu Inc. | 265,323 | 5,824 | |
* | Rudolph Technologies Inc. | 242,626 | 5,799 |
* | Super Micro Computer Inc. | 274,163 | 5,737 |
* | Applied Optoelectronics | ||
Inc. | 149,752 | 5,664 | |
* | KEMET Corp. | 372,752 | 5,614 |
* | Veeco Instruments Inc. | 377,264 | 5,602 |
* | Perficient Inc. | 285,723 | 5,449 |
* | LivePerson Inc. | 435,531 | 5,009 |
* | Nanometrics Inc. | 200,568 | 4,998 |
* | Photronics Inc. | 582,400 | 4,965 |
Comtech | |||
Telecommunications | |||
Corp. | 223,230 | 4,938 | |
TeleTech Holdings Inc. | 110,849 | 4,462 | |
Park Electrochemical | |||
Corp. | 201,012 | 3,950 | |
* | XO Group Inc. | 208,247 | 3,844 |
* | Control4 Corp. | 125,553 | 3,737 |
* | VASCO Data Security | ||
International Inc. | 260,086 | 3,615 | |
Daktronics Inc. | 348,517 | 3,182 | |
* | Harmonic Inc. | 756,168 | 3,176 |
* | Synchronoss | ||
Technologies Inc. | 314,291 | 2,810 | |
* | DSP Group Inc. | 222,772 | 2,785 |
* | Agilysys Inc. | 199,650 | 2,452 |
* | QuinStreet Inc. | 266,379 | 2,232 |
* | Digi International Inc. | 229,071 | 2,188 |
Bel Fuse Inc. Class B | 84,727 | 2,133 | |
* | Kopin Corp. | 531,825 | 1,702 |
* | Shutterstock Inc. | 36,584 | 1,574 |
* | PDF Solutions Inc. | 100,000 | 1,570 |
* | Liquidity Services Inc. | 239,096 | 1,160 |
* | DHI Group Inc. | 516,003 | 980 |
* | Cardtronics plc Class A | 47,108 | 872 |
809,602 | |||
Materials (5.4%) | |||
* | Ingevity Corp. | 307,293 | 21,655 |
HB Fuller Co. | 360,608 | 19,426 | |
Balchem Corp. | 229,827 | 18,524 | |
KapStone Paper and | |||
Packaging Corp. | 668,026 | 15,157 | |
Quaker Chemical Corp. | 96,988 | 14,625 | |
Kaiser Aluminum Corp. | 126,150 | 13,479 | |
* | AK Steel Holding Corp. | 2,351,687 | 13,311 |
Innospec Inc. | 180,785 | 12,763 |
Market | |||
Value• | |||
Shares | ($000) | ||
Boise Cascade Co. | 296,719 | 11,839 | |
Stepan Co. | 145,708 | 11,507 | |
Neenah Paper Inc. | 126,232 | 11,443 | |
* | Kraton Corp. | 235,638 | 11,351 |
Schweitzer-Mauduit | |||
International Inc. | 233,917 | 10,610 | |
* | AdvanSix Inc. | 226,694 | 9,537 |
* | Century Aluminum Co. | 470,516 | 9,241 |
* | US Concrete Inc. | 106,963 | 8,947 |
* | Koppers Holdings Inc. | 173,036 | 8,807 |
Calgon Carbon Corp. | 399,702 | 8,514 | |
A Schulman Inc. | 223,231 | 8,315 | |
Rayonier Advanced | |||
Materials Inc. | 402,841 | 8,238 | |
Deltic Timber Corp. | 83,267 | 7,623 | |
PH Glatfelter Co. | 340,144 | 7,293 | |
Materion Corp. | 146,664 | 7,128 | |
Innophos Holdings Inc. | 143,811 | 6,720 | |
* | Clearwater Paper Corp. | 129,622 | 5,885 |
* | SunCoke Energy Inc. | 485,339 | 5,819 |
* | TimkenSteel Corp. | 301,251 | 4,576 |
Tredegar Corp. | 215,848 | 4,144 | |
American Vanguard Corp. | 207,460 | 4,077 | |
Myers Industries Inc. | 184,405 | 3,596 | |
Haynes International Inc. | 106,414 | 3,411 | |
Hawkins Inc. | 86,976 | 3,062 | |
FutureFuel Corp. | 201,042 | 2,833 | |
Olympic Steel Inc. | 103,354 | 2,221 | |
* | LSB Industries Inc. | 211,089 | 1,849 |
* | Flotek Industries Inc. | 41 | — |
317,526 | |||
Other (2.9%) | |||
2 | Vanguard REIT ETF | 2,100,000 | 174,258 |
*,3 | Gerber Scientific Inc. | ||
CVR | 110,699 | 13 | |
174,271 | |||
Real Estate (3.1%) | |||
HFF Inc. Class A | 254,117 | 12,360 | |
DiamondRock | |||
Hospitality Co. | 1,052,993 | 11,888 | |
EastGroup Properties | |||
Inc. | 133,506 | 11,799 | |
Acadia Realty Trust | 343,640 | 9,402 | |
Kite Realty Group Trust | 478,165 | 9,372 | |
Government Properties | |||
Income Trust | 495,334 | 9,184 | |
PS Business Parks Inc. | 70,631 | 8,835 | |
Retail Opportunity | |||
Investments Corp. | 413,601 | 8,251 | |
Lexington Realty Trust | 779,396 | 7,521 | |
Summit Hotel Properties | |||
Inc. | 478,668 | 7,290 | |
CBL & Associates | |||
Properties Inc. | 1,185,136 | 6,708 |
127
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
National Storage Affiliates | |||
Trust | 226,353 | 6,171 | |
RE/MAX Holdings Inc. | |||
Class A | 125,449 | 6,084 | |
Chesapeake Lodging Trust | 213,563 | 5,786 | |
Four Corners Property | |||
Trust Inc. | 224,248 | 5,763 | |
Ramco-Gershenson | |||
Properties Trust | 349,235 | 5,144 | |
LTC Properties Inc. | 115,203 | 5,017 | |
Agree Realty Corp. | 94,290 | 4,850 | |
Pennsylvania REIT | 392,010 | 4,661 | |
American Assets Trust Inc. | 111,463 | 4,262 | |
CareTrust REIT Inc. | 249,600 | 4,183 | |
Easterly Government | |||
Properties Inc. | 165,000 | 3,521 | |
Getty Realty Corp. | 123,157 | 3,345 | |
Universal Health Realty | |||
Income Trust | 44,447 | 3,339 | |
Franklin Street Properties | |||
Corp. | 309,866 | 3,328 | |
Chatham Lodging Trust | 145,791 | 3,318 | |
Independence Realty | |||
Trust Inc. | 273,852 | 2,763 | |
Saul Centers Inc. | 42,134 | 2,602 | |
Cedar Realty Trust Inc. | 328,825 | 1,999 | |
Hersha Hospitality Trust | |||
Class A | 102,999 | 1,792 | |
Urstadt Biddle Properties | |||
Inc. Class A | 73,615 | 1,601 | |
Community Healthcare | |||
Trust Inc. | 27,495 | 773 | |
Armada Hoffler Properties | |||
Inc. | 20,416 | 317 | |
Whitestone REIT | 21,889 | 316 | |
Cousins Properties Inc. | 1 | — | |
183,545 | |||
Telecommunication Services (1.1%) | |||
* | Vonage Holdings Corp. | 1,500,415 | 15,259 |
Cogent Communications | |||
Holdings Inc. | 309,526 | 14,022 | |
* | General Communication | ||
Inc. Class A | 214,331 | 8,363 | |
* | Iridium Communications | ||
Inc. | 644,677 | 7,607 |
Market | ||
Value• | ||
Shares | ($000) | |
* Cincinnati Bell Inc. | 339,898 | 7,087 |
ATN International Inc. | 88,584 | 4,895 |
Frontier Communications | ||
Corp. | 475,000 | 3,211 |
Spok Holdings Inc. | 180,798 | 2,830 |
Consolidated | ||
Communications | ||
Holdings Inc. | 216,913 | 2,644 |
65,918 | ||
Utilities (2.7%) | ||
Spire Inc. | 367,964 | 27,652 |
ALLETE Inc. | 349,333 | 25,976 |
Avista Corp. | 461,513 | 23,763 |
South Jersey Industries | ||
Inc. | 571,750 | 17,856 |
El Paso Electric Co. | 307,167 | 17,002 |
California Water Service | ||
Group | 367,075 | 16,647 |
American States Water | ||
Co. | 286,212 | 16,575 |
Northwest Natural Gas | ||
Co. | 208,896 | 12,461 |
157,932 | ||
Total Common Stocks | ||
(Cost $3,709,321) | 5,895,549 | |
Temporary Cash Investments (0.4%)1 | ||
Money Market Fund (0.4%) | ||
4 Vanguard Market | ||
Liquidity Fund, | ||
1.458% | 222,732 | 22,275 |
Face | ||
Amount | ||
($000) | ||
U. S. Government and Agency Obligations (0.0%) | ||
5 United States Treasury | ||
Bill, 1.169%, 3/22/18 | 1,400 | 1,396 |
Total Temporary Cash Investments | ||
(Cost $23,671) | 23,671 | |
Total Investments (100.0%) | ||
(Cost $3,732,992) | 5,919,220 |
128
Tax-Managed Small-Cap Fund | ||
Amount | ||
($000) | ||
Other Assets and Liabilities (0.0%) | ||
Other Assets | ||
Investment in Vanguard | 329 | |
Receivables for Investment Securities Sold | 2,104 | |
Receivables for Accrued Income | 6,413 | |
Receivables for Capital Shares Issued | 3,863 | |
Other Assets | 22 | |
Total Other Assets | 12,731 | |
Liabilities | ||
Payables for Investment Securities | ||
Purchased | (7,290) | |
Payables for Capital Shares Redeemed | (2,576) | |
Payables to Vanguard | (2,499) | |
Variation Margin Payable—Futures Contracts | (213) | |
Total Liabilities | (12,578) | |
Net Assets (100%) | 5,919,373 |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,865,611 |
Overdistributed Net Investment Income | (2,271) |
Accumulated Net Realized Losses | (130,324) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 2,186,228 |
Futures Contracts | 129 |
Net Assets | 5,919,373 |
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 88,064,203 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,427,657 |
Net Asset Value Per Share— | |
Admiral Shares | $61.63 |
Institutional Shares—Net Assets | |
Applicable to 7,960,008 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 491,716 |
Net Asset Value Per Share— | |
Institutional Shares | $61.77 |
• 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 Considered an affiliated company of the fund as the issuer is
another member of The Vanguard Group.
3 Security value determined using significant unobservable
inputs.
4 Affiliated money market fund available only to Vanguard funds
and certain trusts and accounts managed by Vanguard. Rate
shown is the 7-day yield.
5 Securities with a value of $972,000 have been segregated as
initial margin for open futures contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2018 | 325 | 24,968 | 129 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
129
Tax-Managed Small-Cap Fund | |
Statement of Operations | |
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 67,571 |
Interest1 | 243 |
Total Income | 67,814 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,324 |
Management and Administrative—Admiral Shares | 2,683 |
Management and Administrative—Institutional Shares | 121 |
Marketing and Distribution—Admiral Shares | 317 |
Marketing and Distribution—Institutional Shares | 7 |
Custodian Fees | 54 |
Auditing Fees | 36 |
Shareholders’ Reports and Proxy—Admiral Shares | 155 |
Shareholders’ Reports and Proxy—Institutional Shares | 8 |
Trustees’ Fees and Expenses | 4 |
Total Expenses | 4,709 |
Net Investment Income | 63,105 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 222,075 |
Futures Contracts | 1,190 |
Realized Net Gain (Loss) | 223,265 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 393,101 |
Futures Contracts | 338 |
Change in Unrealized Appreciation (Depreciation) | 393,439 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 679,809 |
1 Dividend income, interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated
companies of the fund were $0, $212,000, $547,000, and ($401,000), respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
130
Tax-Managed Small-Cap Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 63,105 | 48,816 |
Realized Net Gain (Loss) | 223,265 | 179,211 |
Change in Unrealized Appreciation (Depreciation) | 393,439 | 768,581 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 679,809 | 996,608 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (58,195) | (45,029) |
Institutional Shares | (4,878) | (3,852) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Return of Capital | ||
Admiral Shares | (1,553) | — |
Institutional Shares | (130) | — |
Total Distributions | (64,756) | (48,881) |
Capital Share Transactions | ||
Admiral Shares | 186,606 | 379,355 |
Institutional Shares | 66,991 | 28,870 |
Net Increase (Decrease) from Capital Share Transactions | 253,597 | 408,225 |
Total Increase (Decrease) | 868,650 | 1,355,952 |
Net Assets | ||
Beginning of Period | 5,050,723 | 3,694,771 |
End of Period1 | 5,919,373 | 5,050,723 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,271,000) and ($2,303,000).
See accompanying Notes, which are an integral part of the Financial Statements.
131
Tax-Managed Small-Cap Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $55.16 | $44.37 | $45.78 | $43.53 | $31.16 |
Investment Operations | |||||
Net Investment Income | . 6661 | .558 | .556 | .463 | . 383 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 6.486 | 10.788 | (1.406) | 2.242 | 12.389 |
Total from Investment Operations | 7.152 | 11.346 | (.850) | 2.705 | 12.772 |
Distributions | |||||
Dividends from Net Investment Income | (. 664) | (. 556) | (. 560) | (. 455) | (. 402) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Return of Capital | (.018) | — | — | — | — |
Total Distributions | (. 682) | (. 556) | (. 560) | (. 455) | (. 402) |
Net Asset Value, End of Period | $61.63 | $55.16 | $44.37 | $45.78 | $43.53 |
Total Return2 | 13.05% | 25.73% | -1.85% | 6.23% | 41.00% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,428 | $4,671 | $3,419 | $3,382 | $3,143 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.17% | 1.19% | 1.21% | 1.06% | 1.05% |
Portfolio Turnover Rate 3 | 37% | 45% | 33% | 40% | 31% |
1 Calculated based on average shares outstanding.
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.
132
Tax-Managed Small-Cap Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $55.29 | $44.47 | $45.88 | $43.63 | $31.22 |
Investment Operations | |||||
Net Investment Income | . 6931 | .572 | .576 | .481 | . 398 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 6.488 | 10.818 | (1.406) | 2.242 | 12.428 |
Total from Investment Operations | 7.181 | 11.390 | (.830) | 2.723 | 12.826 |
Distributions | |||||
Dividends from Net Investment Income | (. 683) | (. 570) | (. 580) | (. 473) | (. 416) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Return of Capital | (.018) | — | — | — | — |
Total Distributions | (.701) | (. 570) | (. 580) | (. 473) | (. 416) |
Net Asset Value, End of Period | $61.77 | $55.29 | $44.47 | $45.88 | $43.63 |
Total Return | 13.08% | 25.78% | -1.80% | 6.26% | 41.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $492 | $379 | $276 | $236 | $237 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.20% | 1.22% | 1.25% | 1.10% | 1.09% |
Portfolio Turnover Rate2 | 37% | 45% | 33% | 40% | 31% |
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s
capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
133
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, maintaining liquidity, and minimizing transaction costs. 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended December 31, 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 the notional amounts 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, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
134
Tax-Managed Small-Cap Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. The portion of distributions that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 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), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $329,000, representing 0.01% of the fund’s net assets and 0.13% 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.
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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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 5,895,536 | — | 13 |
Temporary Cash Investments | 22,275 | 1,396 | — |
Futures Contracts—Liabilities1 | (213) | — | — |
Total | 5,917,598 | 1,396 | 13 |
1 Represents variation margin on the last day of the reporting period. |
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $213,639,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2017, the fund used capital loss carryforwards of $9,964,000 to offset taxable capital gains realized during the year ended December 31, 2017. At December 31, 2017, the fund had available capital losses totaling $130,195,000 that may be carried forward indefinitely to offset future net capital gains. Capital loss carryforwards of $6,546,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2017, the cost of investment securities for tax purposes was $3,732,992,000. Net unrealized appreciation of investment securities for tax purposes was $2,186,228,000, consisting of unrealized gains of $2,242,942,000 on securities that had risen in value since their purchase and $56,714,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $2,626,207,000 of investment securities and sold $2,374,435,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $366,646,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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Tax-Managed Small-Cap Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 1,074,323 | 18,944 | 1,064,794 | 22,229 |
Issued in Lieu of Cash Distributions | 45,494 | 786 | 34,478 | 699 |
Redeemed | (933,211) | (16,353) | (719,917) | (15,289) |
Net Increase (Decrease)—Admiral Shares | 186,606 | 3,377 | 379,355 | 7,639 |
Institutional Shares | ||||
Issued | 109,542 | 1,862 | 42,859 | 950 |
Issued in Lieu of Cash Distributions | 3,241 | 56 | 2,469 | 50 |
Redeemed | (45,792) | (818) | (16,458) | (345) |
Net Increase (Decrease)—Institutional Shares | 66,991 | 1,100 | 28,870 | 655 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund (three of the funds constituting Vanguard Tax-Managed Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Special 2017 tax information (unaudited) for Vanguard Tax-Managed Funds
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions
of the Internal Revenue Code.
The Tax-Managed Balanced Fund designates 61% of its income dividends as exempt-interest
dividends.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Fund | ($000) |
Tax-Managed Balanced Fund | 29,370 |
Tax-Managed Capital Appreciation Fund | 142,507 |
Tax-Managed Small-Cap Fund | 60,929 |
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows:
Fund | Percentage |
Tax-Managed Balanced Fund | 95.3%1 |
Tax-Managed Capital Appreciation Fund | 97.4 |
Tax-Managed Small-Cap Fund | 93.4 |
1 The percentage applies only to the taxable ordinary income that has been reported on Form 1099-DIV.
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Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for one share class only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns: Tax-Managed Funds | |||
Periods Ended December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Balanced Fund | |||
Returns Before Taxes | 12.64% | 8.93% | 6.67% |
Returns After Taxes on Distributions | 12.42 | 8.72 | 6.50 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 7.90 | 7.32 | 5.66 |
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Capital Appreciation Fund Admiral Shares | |||
Returns Before Taxes | 22.40% | 15.96% | 8.74% |
Returns After Taxes on Distributions | 21.91 | 15.50 | 8.38 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 13.03 | 12.82 | 7.09 |
One | Five | Ten | |
Year | Years | Years | |
Tax-Managed Small-Cap Fund Admiral Shares | |||
Returns Before Taxes | 13.05% | 15.88% | 10.39% |
Returns After Taxes on Distributions | 12.73 | 15.56 | 10.14 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 7.60 | 12.77 | 8.54 |
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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.
141
Six Months Ended December 31, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2017 | 12/31/2017 | Period | |
Based on Actual Fund Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,061.60 | $0.47 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,116.87 | $0.48 |
Institutional Shares | 1,000.00 | 1,117.12 | 0.32 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,101.36 | $0.48 |
Institutional Shares | 1,000.00 | 1,101.48 | 0.32 |
Based on Hypothetical 5% Yearly Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,024.75 | $0.46 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,024.75 | $0.46 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,024.75 | $0.46 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
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 (184/365).
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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.
143
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.
144
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.
145
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.
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of
Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited
(BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays 1–15 Year
Municipal Bond Index (the Index or Bloomberg Barclays Index).
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or
producer of the Tax-Managed Balanced Fund and neither Bloomberg nor Barclays has any responsibilities, obligations
or duties to investors in the Tax-Managed Balanced Fund. The Index is licensed for use by The Vanguard Group, Inc.
(Vanguard) as the sponsor of the Tax-Managed Balanced Fund. Bloomberg and Barclays’ only relationship with Vanguard in
respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor
thereto, without regard to the Issuer or the Tax-Managed Balanced Fund or the owners of the Tax-Managed Balanced Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with
the Tax-Managed Balanced Fund. Investors acquire the Tax-Managed Balanced Fund from Vanguard and investors neither
acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon
making an investment in the Tax-Managed Balanced Fund. The Tax-Managed Balanced Fund is not sponsored, endorsed,
sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty,
express or implied regarding the advisability of investing in the Tax-Managed Balanced Fund or the advisability of investing
in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg
nor Barclays has passed on the legality or suitability of the Tax-Managed Balanced Fund with respect to any person or
entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of,
prices at, or quantities of the Tax-Managed Balanced Fund to be issued. Neither Bloomberg nor Barclays has any obligation
to take the needs of the Issuer or the owners of the Tax-Managed Balanced Fund or any other third party into consideration
in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in
connection with administration, marketing or trading of the Tax-Managed Balanced Fund.
146
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for
the benefit of the owners of the Tax-Managed Balanced Fund, investors or other third parties. In addition, the licensing
agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit
of the owners of the Tax-Managed Balanced Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD
PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY
DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER
BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY
THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS
INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED
WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED
THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR
TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG
NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED
PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL
BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL
DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE
OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE TAX-MANAGED
BALANCED FUND.
None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner
without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays
Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.
© 2017 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2017, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 201 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; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); 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
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.
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); 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.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
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. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante |
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
![]() | |
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
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This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, sec.gov. In | |
addition, you may obtain a free report on how your fund | |
voted the proxies for securities it owned during the 12 | |
months ended June 30. To get the report, visit either | |
vanguard.com/proxyreporting or sec.gov. | |
You can review and copy information about your fund at | |
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find out more about this public service, call the SEC at | |
202-551-8090. Information about your fund is also | |
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© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1030 022018 |
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/developedmarketsindexx1x1.jpg)
Annual Report | December 31, 2017
Vanguard Developed Markets Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 3 |
Results of Proxy Voting. | 7 |
Fund Profile. | 9 |
Performance Summary. | 11 |
Financial Statements. | 14 |
Your Fund’s After-Tax Returns. | 36 |
About Your Fund’s Expenses. | 37 |
Glossary. | 39 |
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: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an
incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put
you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,
stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• Vanguard Developed Markets Index Fund returned more than 26% for the twelve months ended December 31, 2017. It tracked its benchmark index but lagged the average return of its peer group.
• Prospects for the global economy and accommodative monetary policies outside the United States boosted stocks. Among the largest constituents in Europe, Switzerland, France, Germany, and the United Kingdom all returned more than 23%. Japan, the biggest component of the Pacific region, returned about 26%.
• All ten market sectors produced double-digit returns. Technology finished in the lead, gaining nearly 40%. Other top performers included basic materials, industrials, and consumer goods. Oil and gas and telecommunications had the weakest results.
• For the ten years ended December 31, 2017, Vanguard Developed Markets Index Fund outpaced both its benchmark and the average return of its peer group.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Developed Markets Index Fund | |
Investor Shares | 26.31% |
FTSE Developed Markets ETF Shares | |
Market Price | 26.50 |
Net Asset Value | 26.44 |
Admiral™ Shares | 26.40 |
Institutional Shares | 26.46 |
Institutional Plus Shares | 26.49 |
FTSE Developed All Cap ex US Index | 26.31 |
International Funds Average | 26.69 |
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
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Developed Markets Index Fund Admiral Shares | 2.34% |
Spliced Developed ex US Index | 2.23 |
International Funds Average | 1.74 |
For a benchmark description, see the Glossary.
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be
lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our
website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely,
so an investor’s shares, when sold, could be worth more or less than their original cost.
Expense Ratios
Your Fund Compared With Its Peer Group
FTSE | ||||||
Developed | ||||||
Markets | ||||||
Investor | ETF | Admiral | Institutional | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Plus Shares | Average | |
Developed Markets Index Fund | 0.17% | 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 fiscal year ended December 31, 2017, the fund’s expense ratios were 0.17% for Investor Shares, 0.07% for FTSE Developed Markets
ETF Shares, 0.07% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares. The peer-group expense
ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2016.
Peer group: International Funds.
2
Chairman’s Perspective
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/gevelopedmarketsindexx5x1.jpg)
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
3
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
4
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
5
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/developedmarketsindexx8x1.jpg)
F. William McNabb III
Chairman
January 1, 2018
6
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 2,630,454,415 | 36,508,105 | 98.6% |
Emerson U. Fullwood | 2,629,154,564 | 37,807,957 | 98.6% |
Amy Gutmann | 2,628,957,153 | 38,005,368 | 98.6% |
JoAnn Heffernan Heisen | 2,629,956,611 | 37,005,910 | 98.6% |
F. Joseph Loughrey | 2,630,059,207 | 36,903,313 | 98.6% |
Mark Loughridge | 2,630,084,949 | 36,877,571 | 98.6% |
Scott C. Malpass | 2,629,501,177 | 37,461,343 | 98.6% |
F. William McNabb III | 2,628,454,104 | 38,508,417 | 98.6% |
Deanna Mulligan | 2,631,115,438 | 35,847,082 | 98.7% |
André F. Perold | 2,626,332,823 | 40,629,698 | 98.5% |
Sarah Bloom Raskin | 2,630,118,120 | 36,844,401 | 98.6% |
Peter F. Volanakis | 2,629,934,484 | 37,028,036 | 98.6% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Developed Markets | |||||
Index Fund | 1,982,906,719 | 39,157,379 | 26,754,565 | 412,364,807 | 80.6% |
7
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Developed Markets | |||||
Index Fund | 1,988,140,607 | 37,800,517 | 22,877,538 | 412,364,807 | 80.8% |
Fund shareholders did not approve the following proposal:
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change, as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Developed Markets | |||||
Index Fund | 155,989,870 | 172,080,569 | 1,720,748,224 | 412,364,806 | 6.3% |
8
Developed Markets Index Fund | |||||
Fund Profile | |||||
As of December 31, 2017 | |||||
Share-Class Characteristics | |||||
Investor | Admiral | Institutional | Institutional | ||
Shares | ETF 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 | ||
Developed | Global | ||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Number of Stocks | 3,844 | 3,790 | 5,912 |
Median Market Cap | $29.5B | $29.5B | $26.6B |
Price/Earnings Ratio | 16.1x | 16.1x | 15.9x |
Price/Book Ratio | 1.7x | 1.7x | 1.7x |
Return on Equity | 11.1% | 11.1% | 12.0% |
Earnings Growth | |||
Rate | 6.2% | 6.2% | 7.4% |
Dividend Yield | 2.7% | 2.7% | 2.6% |
Turnover Rate | 3% | — | — |
Short-Term Reserves | -0.2% | — | — |
Sector Diversification (% of equity exposure) | |||
FTSE | FTSE | ||
Developed | Global | ||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Basic Materials | 7.6% | 7.5% | 7.5% |
Consumer Goods | 17.8 | 17.8 | 16.0 |
Consumer Services | 8.0 | 8.0 | 8.6 |
Financials | 24.8 | 24.9 | 25.7 |
Health Care | 8.8 | 8.8 | 7.5 |
Industrials | 16.2 | 16.2 | 15.1 |
Oil & Gas | 6.0 | 6.0 | 6.3 |
Technology | 4.4 | 4.4 | 6.6 |
Telecommunications | 3.3 | 3.3 | 3.6 |
Utilities | 3.1 | 3.1 | 3.1 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Volatility Measures | ||
Spliced | FTSE Global | |
Developed | All Cap ex US | |
ex US Index | Index | |
R-Squared | 0.98 | 0.95 |
Beta | 0.93 | 0.92 |
These measures show the degree and timing of the fund’s
fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Royal Dutch Shell plc | Integrated Oil & Gas | 1.4% |
Nestle SA | Food Products | 1.3 |
Samsung Electronics Co. | Consumer | |
Ltd. | Electronics | 1.3 |
HSBC Holdings plc | Banks | 1.0 |
Novartis AG | Pharmaceuticals | 0.9 |
Roche Holding AG | Pharmaceuticals | 0.9 |
Toyota Motor Corp. | Automobiles | 0.8 |
British American | ||
Tobacco plc | Tobacco | 0.8 |
Unilever | Personal Products | 0.8 |
BP plc | Integrated Oil & Gas | 0.7 |
Top Ten | 9.9% |
The holdings listed exclude any temporary cash investments and
equity index products.
Allocation by Region (% of portfolio)
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/gevelopedmarketsindexx11x1.jpg)
1 The expense ratios shown are from the prospectus dated April 26, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.17% for Investor Shares, 0.07% for FTSE Developed Markets ETF
Shares, 0.07% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares.
9
Developed Markets Index Fund
Market Diversification (% of equity exposure)
FTSE | FTSE | ||
Developed | Global | ||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Europe | |||
United Kingdom | 15.8% | 15.8% | 12.5% |
France | 8.0 | 8.0 | 6.4 |
Germany | 8.0 | 8.0 | 6.4 |
Switzerland | 6.6 | 6.7 | 5.3 |
Netherlands | 2.8 | 2.9 | 2.3 |
Spain | 2.7 | 2.7 | 2.2 |
Sweden | 2.6 | 2.6 | 2.1 |
Italy | 2.3 | 2.3 | 1.8 |
Denmark | 1.5 | 1.5 | 1.2 |
Belgium | 1.0 | 1.0 | 0.8 |
Other | 2.3 | 2.3 | 1.9 |
Subtotal | 53.6% | 53.8% | 42.9% |
Pacific | |||
Japan | 22.0% | 22.0% | 17.4% |
Australia | 6.1 | 6.2 | 4.9 |
South Korea | 4.7 | 4.7 | 3.8 |
Hong Kong | 3.2 | 3.2 | 2.6 |
Singapore | 1.2 | 1.2 | 0.9 |
Other | 0.3 | 0.3 | 0.2 |
Subtotal | 37.5% | 37.6% | 29.8% |
Emerging Markets | 0.0% | 0.0% | 20.3% |
North America | |||
Canada | 8.4% | 8.2% | 6.6% |
Middle East | 0.5% | 0.4% | 0.4% |
10
Developed Markets Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: July 20, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/developedmarketsindexx13x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Since | Final Value | ||||
One | Five | Inception | of a $10,000 | ||
Year | Years | (7/20/2007) | Investment | ||
FTSE Developed Markets ETF Shares | |||||
Net Asset Value | 26.44% | 8.29% | 2.06% | $12,631 | |
FTSE Developed Markets ETF Shares | |||||
Market Price | 26.50 | 8.19 | 2.05 | 12,638 | |
![]() | Spliced Developed ex US Index | 26.31 | 8.51 | 1.92 | 12,200 |
![]() | International Funds Average | 26.69 | 7.35 | 1.53 | 11,718 |
![]() | FTSE Global All Cap ex US Index | 27.41 | 7.36 | 2.25 | 12,614 |
For a benchmark description, see the Glossary.
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.
Since | Final Value | ||
One | Inception | of a $10,000 | |
Year | (12/19/2013) | Investment | |
Developed Markets Index Fund Investor | |||
Shares | 26.31% | 5.80% | $12,554 |
Spliced Developed ex US Index | 26.31 | 6.00 | 12,649 |
FTSE Global All Cap ex US Index | 27.41 | 6.08 | 12,687 |
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.
See Financial Highlights for dividend and capital gains information.
11
Developed Markets Index Fund | ||||
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Developed Markets Index Fund Admiral | ||||
Shares | 26.40% | 8.28% | 2.34% | $12,602 |
Spliced Developed ex US Index | 26.31 | 8.51 | 2.23 | 12,465 |
FTSE Global All Cap ex US Index | 27.41 | 7.36 | 2.38 | 12,654 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Developed Markets Index Fund Institutional | ||||
Shares | 26.46% | 8.30% | 2.38% | $6,327,718 |
Spliced Developed ex US Index | 26.31 | 8.51 | 2.23 | 6,232,561 |
FTSE Global All Cap ex US Index | 27.41 | 7.36 | 2.38 | 6,326,895 |
Since | Final Value | |||
One | Inception | of a $100,000,000 | ||
Year | (4/1/2014) | Investment | ||
Developed Markets Index Fund Institutional | ||||
Plus Shares | 26.49% | 5.16% | $120,748,600 | |
Spliced Developed ex US Index | 26.31 | 5.31 | 121,403,210 | |
FTSE Global All Cap ex US Index | 27.41 | 5.37 | 121,683,510 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative
standards.
Cumulative Returns of ETF Shares: July 20, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
FTSE Developed Markets ETF Shares Market Price | 26.50% | 48.22% | 26.38% |
FTSE Developed Markets ETF Shares Net Asset | |||
Value | 26.44 | 48.92 | 26.31 |
Spliced Developed ex US Index | 26.31 | 50.42 | 24.65 |
12
Developed Markets Index Fund
Fiscal-Year Total Returns (%): July 20, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/gevelopedmarketsindexx15x1.jpg)
FTSE Developed Markets ETF Shares | |
Spliced Developed ex US Index | |
For a benchmark description, see the Glossary. | |
13
Developed Markets Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 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 | 9,315,682 | 581,378 | 0.5% | |
Westpac Banking Corp. | 18,079,191 | 439,750 | 0.4% | |
BHP Billiton Ltd. | 17,105,568 | 392,931 | 0.4% | |
Australia & New Zealand Banking Group Ltd. | 15,636,920 | 348,845 | 0.3% | |
National Australia Bank Ltd. | 14,241,270 | 327,053 | 0.3% | |
1,2 | Australia—Other † | 4,365,989 | 4.1% | |
6,455,946 | 6.0% | |||
Austria † | 339,657 | 0.3% | ||
Belgium | ||||
Anheuser-Busch InBev SA/NV | 4,041,305 | 451,181 | 0.4% | |
Belgium—Other † | 633,501 | 0.6% | ||
1,084,682 | 1.0% | |||
Canada | ||||
Royal Bank of Canada | 7,758,247 | 633,559 | 0.6% | |
Toronto-Dominion Bank | 9,886,966 | 579,296 | 0.5% | |
Bank of Nova Scotia | 6,431,876 | 415,079 | 0.4% | |
Enbridge Inc. | 8,787,505 | 343,670 | 0.3% | |
Canadian National Railway Co. | 3,992,675 | 329,229 | 0.3% | |
Suncor Energy Inc. | 8,889,044 | 326,356 | 0.3% | |
1 | Canada—Other † | 6,187,306 | 5.9% | |
8,814,495 | 8.3% | |||
Denmark | ||||
Novo Nordisk A/S Class B | 9,361,756 | 503,059 | 0.5% | |
1 | Denmark—Other † | 1,119,989 | 1.0% | |
1,623,048 | 1.5% |
14
Developed Markets Index Fund | |||
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Finland † | 954,821 | 0.9% | |
France | |||
TOTAL SA | 11,751,190 | 648,671 | 0.6% |
Sanofi | 5,812,336 | 500,400 | 0.5% |
BNP Paribas SA | 5,747,028 | 427,517 | 0.4% |
LVMH Moet Hennessy Louis Vuitton SE | 1,323,830 | 388,555 | 0.3% |
1 France—Other † | 6,490,092 | 6.1% | |
8,455,235 | 7.9% | ||
Germany | |||
Siemens AG | 4,046,931 | 560,334 | 0.5% |
Bayer AG | 4,405,873 | 547,493 | 0.5% |
Allianz SE | 2,375,444 | 543,620 | 0.5% |
SAP SE | 4,836,615 | 541,103 | 0.5% |
BASF SE | 4,872,032 | 534,133 | 0.5% |
Daimler AG | 5,129,482 | 433,755 | 0.4% |
1 Germany—Other † | 5,283,169 | 5.0% | |
8,443,607 | 7.9% | ||
Hong Kong | |||
AIA Group Ltd. | 64,332,518 | 547,190 | 0.5% |
Hang Seng Bank Ltd. | 3,849,441 | 95,501 | 0.1% |
Canvest Environmental Protection Group Co. Ltd. | 3,865,000 | 2,279 | 0.0% |
1,2 Hong Kong—Other † | 2,765,943 | 2.6% | |
3,410,913 | 3.2% | ||
2Ireland † | 237,505 | 0.2% | |
Israel † | 452,490 | 0.4% | |
1Italy † | 2,433,164 | 2.3% | |
Japan | |||
Toyota Motor Corp. | 13,775,570 | 877,917 | 0.8% |
Mitsubishi UFJ Financial Group Inc. | 68,429,317 | 498,026 | 0.5% |
SoftBank Group Corp. | 4,534,352 | 358,987 | 0.3% |
Honda Motor Co. Ltd. | 9,490,193 | 323,877 | 0.3% |
Japan—Other † | 21,087,654 | 19.8% | |
23,146,461 | 21.7% | ||
Mexico † | 9,544 | 0.0% | |
Netherlands | |||
Unilever NV | 8,145,315 | 458,610 | 0.4% |
ING Groep NV | 20,680,156 | 379,624 | 0.4% |
1 Netherlands—Other † | 2,167,107 | 2.0% | |
3,005,341 | 2.8% | ||
New Zealand † | 296,267 | 0.3% | |
1Norway † | 720,411 | 0.7% | |
Portugal † | 181,063 | 0.2% |
15
Developed Markets Index Fund | |||||
Market | Percentage | ||||
Value• | of Net | ||||
Shares | ($000) | Assets | |||
2Singapore † | 1,256,032 | 1.2% | |||
South Korea | |||||
Samsung Electronics Co. Ltd. | 457,263 | 1,086,416 | 1.0% | ||
Samsung Electronics Co. Ltd. Preference Shares | 83,308 | 162,235 | 0.2% | ||
Samsung Electronics Co. Ltd. GDR | 101,178 | 119,815 | 0.1% | ||
Hankook Shell Oil Co. Ltd. | 3,209 | 1,152 | 0.0% | ||
1,2 | South Korea—Other † | 3,626,127 | 3.4% | ||
4,995,745 | 4.7% | ||||
Spain | |||||
Banco Santander SA | 84,647,206 | 554,972 | 0.5% | ||
1 | Spain—Other † | 2,303,142 | 2.2% | ||
2,858,114 | 2.7% | ||||
1Sweden † | 2,745,829 | 2.6% | |||
Switzerland | |||||
Nestle SA | 16,503,031 | 1,418,869 | 1.3% | ||
Novartis AG | 11,817,377 | 994,462 | 0.9% | ||
Roche Holding AG | 3,673,055 | 928,752 | 0.9% | ||
UBS Group AG | 18,495,203 | 339,808 | 0.3% | ||
1 | Switzerland—Other † | 3,375,590 | 3.2% | ||
7,057,481 | 6.6% | ||||
United Kingdom | |||||
HSBC Holdings plc | 106,796,451 | 1,103,014 | 1.0% | ||
Royal Dutch Shell plc Class A | 24,118,399 | 805,158 | 0.8% | ||
British American Tobacco plc | 11,814,289 | 798,641 | 0.8% | ||
BP plc | 102,582,052 | 719,651 | 0.7% | ||
Royal Dutch Shell plc Class B | 19,947,729 | 671,728 | 0.6% | ||
Diageo plc | 13,152,446 | 482,100 | 0.5% | ||
AstraZeneca plc | 6,742,476 | 465,274 | 0.5% | ||
GlaxoSmithKline plc | 25,729,382 | 455,652 | 0.4% | ||
Vodafone Group plc | 141,846,777 | 448,382 | 0.4% | ||
Prudential plc | 13,763,300 | 352,486 | 0.3% | ||
Lloyds Banking Group plc | 379,845,093 | 348,315 | 0.3% | ||
Unilever plc | 6,152,921 | 341,283 | 0.3% | ||
Rio Tinto plc | 6,326,955 | 331,901 | 0.3% | ||
Glencore plc | 62,015,382 | 324,590 | 0.3% | ||
Royal Dutch Shell plc Class A | 100,638 | 3,354 | 0.0% | ||
1,2 | United Kingdom—Other † | 8,949,679 | 8.4% | ||
16,601,208 | 15.6% | ||||
Total Common Stocks (Cost $86,162,439) | 105,579,059 | 99.0%3 | |||
Coupon | |||||
Temporary Cash Investments | |||||
Money Market Fund | |||||
4,5 | Vanguard Market Liquidity Fund | 1.458% | 17,998,094 | 1,799,989 | 1.7% |
6U.S. Government and Agency Obligations † | 85,905 | 0.1% | |||
Total Temporary Cash Investments (Cost $1,885,768) | 1,885,894 | 1.8%3 | |||
7Total Investments (Cost $88,048,207) | 107,464,953 | 100.8% |
16
Developed Markets Index Fund | ||
Percentage | ||
Amount | of Net | |
($000) | Assets | |
Other Assets and Liabilities | ||
Other Assets | ||
Investment in Vanguard | 5,765 | |
Receivables for Investment Securities Sold | 738 | |
Receivables for Accrued Income | 271,107 | |
Receivables for Capital Shares Issued | 69,505 | |
Variation Margin Receivable—Futures Contracts | 1,650 | |
Unrealized Appreciation—Forward Currency Contracts | 12,238 | |
Other Assets 8 | 59,817 | |
Total Other Assets | 420,820 | 0.4% |
Liabilities | ||
Payables for Investment Securities Purchased | (55,706) | |
Collateral for Securities on Loan | (1,097,579) | |
Payables for Capital Shares Redeemed | (64,648) | |
Payables to Vanguard | (25,328) | |
Variation Margin Payable—Futures Contracts | (2,501) | |
Unrealized Depreciation—Forward Currency Contracts | (3,482) | |
Total Liabilities | (1,249,244) | (1.2%) |
Net Assets | 106,636,529 | 100.0% |
At December 31, 2017, net assets consisted of: | ||
Amount | ||
($000) | ||
Paid-in Capital | 89,747,571 | |
Overdistributed Net Investment Income | (326,354) | |
Accumulated Net Realized Losses | (2,213,005) | |
Unrealized Appreciation (Depreciation) | ||
Investment Securities | 19,416,746 | |
Futures Contracts | 2,432 | |
Forward Currency Contracts | 8,756 | |
Foreign Currencies | 383 | |
Net Assets | 106,636,529 | |
Investor Shares—Net Assets | ||
Applicable to 85,160,735 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 950,195 | |
Net Asset Value Per Share—Investor Shares | $11.16 | |
ETF Shares—Net Assets | ||
Applicable to 1,526,002,397 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 68,406,376 | |
Net Asset Value Per Share—ETF Shares | $44.83 |
17
Developed Markets Index Fund | |
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 1,053,329,623 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 15,180,485 |
Net Asset Value Per Share—Admiral Shares | $14.41 |
Institutional Shares—Net Assets | |
Applicable to 831,370,685 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 11,997,880 |
Net Asset Value Per Share—Institutional Shares | $14.43 |
Institutional Plus Shares—Net Assets | |
Applicable to 447,836,685 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 10,101,593 |
Net Asset Value Per Share—Institutional Plus Shares | $22.56 |
• 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 December 31, 2017, the aggregate value
of these securities was $1,154,971,000 representing 1.1% of net assets.
2 Security value determined using significant unobservable inputs.
3 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 0.8%,
respectively, of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Includes $1,097,579,000 of collateral received for securities on loan.
6 Securities with a value of $48,294,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $1,033,917,000.
8 Cash of $840,000 has been segregated as collateral for open forward currency contracts.
18
Developed Markets Index Fund | ||||
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
Dow Jones EURO STOXX 50 Index | March 2018 | 7,853 | 329,389 | (8,145) |
Topix Index | March 2018 | 1,618 | 260,977 | 4,915 |
FTSE 100 Index | March 2018 | 1,644 | 169,864 | 5,726 |
S&P/TSX 60 Index | March 2018 | 625 | 119,675 | 337 |
S&P ASX 200 Index | March 2018 | 699 | 82,282 | (107) |
E-mini S&P 500 Index | March 2018 | 560 | 74,928 | (294) |
2,432 |
Unrealized appreciation (depreciation) on open Dow Jones EURO STOXX 50 Index, FTSE 100 Index, and E-mini S&P 500 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
Forward Currency Contracts | ||||||
Unrealized | ||||||
Contract | Appreciation | |||||
Settlement | Contract Amount (000) | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ||
BNP Paribas | 3/21/18 | EUR | 312,323 | USD | 370,843 | 5,725 |
Goldman Sachs International | 3/13/18 | JPY | 35,026,424 | USD | 313,624 | (1,630) |
Bank of America, N.A. | 3/21/18 | GBP | 145,980 | USD | 195,747 | 1,879 |
Goldman Sachs International | 3/20/18 | AUD | 121,435 | USD | 93,118 | 1,617 |
BNP Paribas | 3/20/18 | CAD | 113,679 | USD | 88,590 | 1,941 |
Deutsche Bank AG | 3/21/18 | EUR | 25,508 | USD | 30,291 | 464 |
Citibank, N.A. | 3/20/18 | CAD | 29,218 | USD | 22,766 | 503 |
BNP Paribas | 3/20/18 | AUD | 7,262 | USD | 5,569 | 97 |
JPMorgan Chase Bank, N.A. | 3/21/18 | GBP | 959 | USD | 1,286 | 12 |
Deutsche Bank AG | 3/21/18 | USD | 67,900 | EUR | 56,831 | (620) |
JPMorgan Chase Bank, N.A. | 3/13/18 | USD | 55,807 | JPY | 6,292,010 | (238) |
19
Developed Markets Index Fund | ||||||
Forward Currency Contracts (continued) | ||||||
Unrealized | ||||||
Contract | Appreciation | |||||
Settlement | Contract Amount (000) | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ||
BNP Paribas | 3/21/18 | USD | 34,735 | GBP | 25,891 | (317) |
Credit Suisse International | 3/20/18 | USD | 18,497 | CAD | 23,691 | (370) |
Citibank, N.A. | 3/20/18 | USD | 8,972 | AUD | 11,697 | (153) |
Goldman Sachs International | 3/20/18 | USD | 8,970 | AUD | 11,697 | (154) |
8,756 | ||||||
AUD—Australian dollar. | ||||||
CAD—Canadian Dollar. | ||||||
EUR—Euro. | ||||||
GBP—British pound. | ||||||
JPY—Japanese yen. | ||||||
USD—U.S. dollar. |
Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
At December 31, 2017, the counterparties had deposited in segregated accounts securities with a value of $6,031,000 and cash of $1,310,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Developed Markets Index Fund | |
Statement of Operations | |
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 2,476,909 |
Interest 2 | 6,013 |
Securities Lending—Net | 66,434 |
Total Income | 2,549,356 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 4,765 |
Management and Administrative—Investor Shares | 1,231 |
Management and Administrative—ETF Shares | 20,963 |
Management and Administrative—Admiral Shares | 5,184 |
Management and Administrative—Institutional Shares | 4,182 |
Management and Administrative—Institutional Plus Shares | 2,838 |
Marketing and Distribution—Investor Shares | 165 |
Marketing and Distribution—ETF Shares | 3,001 |
Marketing and Distribution—Admiral Shares | 1,082 |
Marketing and Distribution—Institutional Shares | 282 |
Marketing and Distribution—Institutional Plus Shares | 97 |
Custodian Fees | 9,958 |
Auditing Fees | 62 |
Shareholders’ Reports and Proxy—Investor Shares | 66 |
Shareholders’ Reports and Proxy—ETF Shares | 5,616 |
Shareholders’ Reports and Proxy—Admiral Shares | 380 |
Shareholders’ Reports and Proxy—Institutional Shares | 138 |
Shareholders’ Reports and Proxy—Institutional Plus Shares | 28 |
Trustees’ Fees and Expenses | 59 |
Total Expenses | 60,097 |
Net Investment Income | 2,489,259 |
Realized Net Gain (Loss) | |
Investment Securities Sold 2 | (170,235) |
Futures Contracts | 109,707 |
Foreign Currencies and Forward Currency Contracts | 32,738 |
Realized Net Gain (Loss) | (27,790) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities 2 | 17,584,188 |
Futures Contracts | (5,219) |
Foreign Currencies and Forward Currency Contracts | 31,968 |
Change in Unrealized Appreciation (Depreciation) | 17,610,937 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,072,406 |
1 Dividends are net of foreign withholding taxes of $166,614,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $5,517,000, ($232,000), and $53,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Developed Markets Index Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 2,489,259 | 1,831,404 |
Realized Net Gain (Loss) | (27,790) | (1,712,993) |
Change in Unrealized Appreciation (Depreciation) | 17,610,937 | 1,611,578 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,072,406 | 1,729,989 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (27,199) | (27,425) |
ETF Shares | (1,731,736) | (1,078,670) |
Admiral Shares | (386,199) | (278,418) |
Institutional Shares | (320,992) | (269,559) |
Institutional Plus Shares | (273,211) | (230,942) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (2,739,337) | (1,885,014) |
Capital Share Transactions | ||
Investor Shares | (117,734) | (155,754) |
ETF Shares | 17,393,805 | 11,051,278 |
Admiral Shares | 3,023,723 | 1,786,338 |
Institutional Shares | 773,354 | 1,016,504 |
Institutional Plus Shares | 874,549 | 217,224 |
Net Increase (Decrease) from Capital Share Transactions | 21,947,697 | 13,915,590 |
Total Increase (Decrease) | 39,280,766 | 13,760,565 |
Net Assets | ||
Beginning of Period | 67,355,763 | 53,595,198 |
End of Period1 | 106,636,529 | 67,355,763 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($326,354,000) and ($98,236,000).
See accompanying Notes, which are an integral part of the Financial Statements.
22
Developed Markets Index Fund | |||||
Financial Highlights | |||||
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | Dec. 19, 20131 to | |||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | Dec. 31, 2013 |
Net Asset Value, Beginning of Period | $9.09 | $9.15 | $9.42 | $10.34 | $10.00 |
Investment Operations | |||||
Net Investment Income | . 284 2 | .262 | .261 | .337 | .008 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.086 | (. 054) | (. 276) | (. 919) | . 332 |
Total from Investment Operations | 2.370 | .208 | (.015) | (.582) | .340 |
Distributions | |||||
Dividends from Net Investment Income | (. 300) | (. 268) | (. 255) | (. 338) | — |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 300) | (. 268) | (. 255) | (. 338) | — |
Net Asset Value, End of Period | $11.16 | $9.09 | $9.15 | $9.42 | $10.34 |
Total Return3 | 26.31% | 2.36% | -0.29% | -5.82% | 3.40% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $950 | $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%4 |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.71% | 3.00% | 2.73% | 3.22% | 2.80%4 |
Portfolio Turnover Rate 5 | 3% | 11% | 3% | 4% | 13% |
1 Inception.
2 Calculated based on average shares outstanding.
3 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.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
23
Developed Markets Index Fund | |||||
Financial Highlights | |||||
FTSE Developed Markets ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $36.51 | $36.75 | $37.85 | $41.53 | $35.02 |
Investment Operations | |||||
Net Investment Income | 1.1661 | 1.090 | 1.096 | 1.395 | 1.099 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.397 | (.216) | (1.125) | (3.681) | 6.494 |
Total from Investment Operations | 9.563 | .874 | (.029) | (2.286) | 7.593 |
Distributions | |||||
Dividends from Net Investment Income | (1.243) | (1.114) | (1.071) | (1.394) | (1.083) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.243) | (1.114) | (1.071) | (1.394) | (1.083) |
Net Asset Value, End of Period | $44.83 | $36.51 | $36.75 | $37.85 | $41.53 |
Total Return | 26.44% | 2.51% | -0.21% | -5.71% | 22.12% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $68,406 | $40,243 | $29,288 | $24,155 | $19,021 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.09% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.81% | 3.10% | 2.84% | 3.33% | 2.91% |
Portfolio Turnover Rate2 | 3% | 11% | 3% | 4% | 13% |
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Developed Markets Index Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $11.74 | $11.82 | $12.17 | $13.35 | $11.26 |
Investment Operations | |||||
Net Investment Income | . 3751 | .350 | .352 | .450 | .353 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.695 | (.071) | (.358) | (1.180) | 2.085 |
Total from Investment Operations | 3.070 | .279 | (.006) | (.730) | 2.438 |
Distributions | |||||
Dividends from Net Investment Income | (. 400) | (. 359) | (. 344) | (. 450) | (. 348) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 400) | (. 359) | (. 344) | (. 450) | (. 348) |
Net Asset Value, End of Period | $14.41 | $11.74 | $11.82 | $12.17 | $13.35 |
Total Return2 | 26.40% | 2.45% | -0.18% | -5.66% | 22.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $15,180 | $9,702 | $7,921 | $6,068 | $2,060 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.09% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.81% | 3.10% | 2.84% | 3.33% | 2.91% |
Portfolio Turnover Rate 3 | 3% | 11% | 3% | 4% | 13% |
The fund’s original Investor Shares were renamed Admiral Shares as of the close of business of May 13, 2011. The Investor Shares
recommenced on December 19, 2013, and are presented separately.
1 Calculated based on average shares outstanding.
2 Total returns do not include 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, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
25
Developed Markets Index Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $11.75 | $11.83 | $12.18 | $13.37 | $11.27 |
Investment Operations | |||||
Net Investment Income | . 3791 | .352 | .354 | .452 | .356 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.701 | (.072) | (.358) | (1.190) | 2.094 |
Total from Investment Operations | 3.080 | .280 | (.004) | (.738) | 2.450 |
Distributions | |||||
Dividends from Net Investment Income | (. 400) | (. 360) | (. 346) | (. 452) | (. 350) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 400) | (. 360) | (. 346) | (. 452) | (. 350) |
Net Asset Value, End of Period | $14.43 | $11.75 | $11.83 | $12.18 | $13.37 |
Total Return | 26.46% | 2.46% | -0.17% | -5.72% | 22.15% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,998 | $9,092 | $8,093 | $7,743 | $482 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.82% | 3.11% | 2.86% | 3.35% | 2.93% |
Portfolio Turnover Rate2 | 3% | 11% | 3% | 4% | 13% |
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Developed Markets Index Fund | ||||
Financial Highlights | ||||
Institutional Plus Shares | ||||
Year Ended December 31, | April 1, 20141 to | |||
For a Share Outstanding Throughout Each Period | 2017 | 2016 | 2015 | Dec. 31, 2014 |
Net Asset Value, Beginning of Period | $18.37 | $18.49 | $19.05 | $20.90 |
Investment Operations | ||||
Net Investment Income | . 597 2 | .552 | .558 | .438 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.223 | (.107) | (.573) | (1.798) |
Total from Investment Operations | 4.820 | .445 | (.015) | (1.360) |
Distributions | ||||
Dividends from Net Investment Income | (. 630) | (. 565) | (. 545) | (. 490) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (. 630) | (. 565) | (. 545) | (. 490) |
Net Asset Value, End of Period | $22.56 | $18.37 | $18.49 | $19.05 |
Total Return | 26.49% | 2.50% | -0.21% | -6.67% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $10,102 | $7,444 | $7,253 | $5,918 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.06% | 0.06%3 |
Ratio of Net Investment Income to Average Net Assets | 2.83% | 3.12% | 2.87% | 2.92%3 |
Portfolio Turnover Rate 4 | 3% | 11% | 3% | 4% |
1 Inception.
2 Calculated based on average shares outstanding.
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.
27
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, known as Vanguard FTSE Developed Markets 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, 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 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
28
Developed Markets Index Fund
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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended December 31, 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 the notional amounts at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
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, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
29
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 December 31, 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
30
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), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $5,765,000, representing 0.01% of the fund’s net assets and 2.31% 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 8,955,137 | 96,607,409 | 16,513 |
Temporary Cash Investments | 1,799,989 | 85,905 | — |
Futures Contracts—Assets1 | 1,650 | — | — |
Futures Contracts—Liabilities1 | (2,501) | — | — |
Forward Currency Contracts—Assets | — | 12,238 | — |
Forward Currency Contracts—Liabilities | — | (3,482) | — |
Total | 10,754,275 | 96,702,070 | 16,513 |
1 Represents variation margin on the last day of the reporting period. |
31
Developed Markets Index Fund
D. At December 31, 2017, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Statement of Net Assets Caption | ($000) | ($000) | ($000) |
Variation Margin Receivable—Futures Contracts | 1,650 | — | 1,650 |
Unrealized Appreciation—Forward Currency Contracts | — | 12,238 | 12,238 |
Variation Margin Payable—Futures Contracts | (2,501) | — | (2,501) |
Unrealized Depreciation—Forward Currency Contracts | — | (3,482) | (3,482) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended December 31, 2017, were:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | 109,707 | — | 109,707 |
Forward Currency Contracts | — | 20,497 | 20,497 |
Realized Net Gain (Loss) on Derivatives | 109,707 | 20,497 | 130,204 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (5,219) | — | (5,219) |
Forward Currency Contracts | — | 23,474 | 23,474 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (5,219) | 23,474 | 18,255 |
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.
For tax purposes, at December 31, 2017, the fund had $79,144,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $2,206,962,000 that may be carried forward indefinitely to offset future net capital gains. Capital loss carryforwards of $373,255,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2017, the cost of investment securities for tax purposes was $88,472,185,000. Net unrealized appreciation of investment securities for tax purposes was $18,992,768,000, consisting of unrealized gains of $22,440,693,000 on securities that had risen in value since their purchase and $3,447,925,000 in unrealized losses on securities that had fallen in value since their purchase.
32
Developed Markets Index Fund
F. During the year ended December 31, 2017, the fund purchased $24,340,114,000 of investment securities and sold $3,057,963,000 of investment securities, other than temporary cash investments. Purchases include $16,107,561,000 in connection with in-kind purchases of the fund’s capital shares.
G. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 213,031 | 20,697 | 158,767 | 17,838 |
Issued in Lieu of Cash Distributions | 24,009 | 2,289 | 23,467 | 2,631 |
Redeemed | (354,774) | (34,097) | (337,988) | (37,890) |
Net Increase (Decrease)—Investor Shares | (117,734) | (11,111) | (155,754) | (17,421) |
ETF Shares | ||||
Issued | 17,393,805 | 423,773 | 11,470,709 | 316,767 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | — | — | (419,431) | (11,500) |
Net Increase (Decrease)—ETF Shares | 17,393,805 | 423,773 | 11,051,278 | 305,267 |
Admiral Shares | ||||
Issued | 5,080,944 | 381,223 | 4,241,004 | 369,711 |
Issued in Lieu of Cash Distributions | 320,784 | 23,586 | 228,037 | 19,782 |
Redeemed | (2,378,005) | (178,061) | (2,682,703) | (233,330) |
Net Increase (Decrease)—Admiral Shares | 3,023,723 | 226,748 | 1,786,338 | 156,163 |
Institutional Shares | ||||
Issued | 2,934,344 | 220,092 | 2,852,708 | 247,221 |
Issued in Lieu of Cash Distributions | 297,372 | 21,881 | 246,010 | 21,316 |
Redeemed | (2,458,362) | (184,172) | (2,082,214) | (179,096) |
Net Increase (Decrease)—Institutional Shares | 773,354 | 57,801 | 1,016,504 | 89,441 |
Institutional Plus Shares | ||||
Issued | 2,342,576 | 113,072 | 1,237,604 | 68,566 |
Issued in Lieu of Cash Distributions | 259,331 | 12,217 | 223,230 | 12,377 |
Redeemed | (1,727,358) | (82,623) | (1,243,610) | (67,980) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | 874,549 | 42,666 | 217,224 | 12,963 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
33
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Developed Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Developed Markets Index Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
34
Special 2017 tax information (unaudited) for Vanguard Developed Markets Index Fund
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions
of the Internal Revenue Code.
The fund distributed $1,952,600,000 of qualified dividend income to shareholders during the
fiscal year.
The fund designates to shareholders foreign source income of $2,278,387,000 and foreign
taxes paid of $160,540,000. Shareholders will receive more detailed information with their
Form 1099-DIV in January 2018 to determine the calendar-year amounts to be included on
their 2017 tax returns.
35
Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for one share class only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns: FTSE Developed Markets ETF Shares | |||
Periods Ended December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Returns Before Taxes | 26.44% | 8.29% | 2.36% |
Returns After Taxes on Distributions | 25.48 | 7.50 | 1.85 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 15.52 | 6.40 | 1.86 |
36
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.
37
Six Months Ended December 31, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Developed Markets Index Fund | 6/30/2017 | 12/31/2017 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,102.31 | $0.90 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,102.41 | 0.37 |
Admiral Shares | 1,000.00 | 1,101.87 | 0.37 |
Institutional Shares | 1,000.00 | 1,102.60 | 0.32 |
Institutional Plus Shares | 1,000.00 | 1,102.45 | 0.26 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Institutional Plus Shares | 1,000.00 | 1,024.95 | 0.26 |
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 (184/365).
38
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.
39
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.
40
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 201 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; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); 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
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.
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); 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.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
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. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante |
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
![]() | |
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
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calling Vanguard at 800-662-2739. The guidelines are | loss from use of this publication. Neither the London |
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addition, you may obtain a free report on how your fund | licensors make any claim, prediction, warranty or |
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months ended June 30. To get the report, visit either | either as to the results to be obtained from the use of |
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find out more about this public service, call the SEC at | The Industry Classification Benchmark (”ICB”) is owned |
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copies of this information, for a fee, by sending a | or omission in the ICB. |
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Q1270 022018 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: Rajiv L. Gupta, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2017: $168,000 Fiscal Year Ended December 31, 2016: $159,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2017: $8,424,459 Fiscal Year Ended December 31, 2016: $9,629,849
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2017: $3,194,093 Fiscal Year Ended December 31, 2016: $2,717,627
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2017: $274,313 Fiscal Year Ended December 31, 2016: $254,050
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2017: $0 Fiscal Year Ended December 31, 2016: $214,225
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2017: $274,313 Fiscal Year Ended December 31, 2016: $468,275
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Rajiv L. Gupta, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 6: Investments.
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Common Stocks (99.0%)1 | ||
Australia (6.0%) | ||
Commonwealth Bank of Australia | 9,315,682 | 581,378 |
Westpac Banking Corp. | 18,079,191 | 439,750 |
BHP Billiton Ltd. | 17,105,568 | 392,931 |
Australia & New Zealand Banking Group Ltd. | 15,636,920 | 348,845 |
National Australia Bank Ltd. | 14,241,270 | 327,053 |
CSL Ltd. | 2,415,512 | 265,450 |
Wesfarmers Ltd. | 6,025,574 | 208,352 |
^ Woolworths Group Ltd. | 6,894,141 | 146,475 |
Rio Tinto Ltd. | 2,195,657 | 129,094 |
Macquarie Group Ltd. | 1,637,883 | 126,682 |
Woodside Petroleum Ltd. | 4,477,496 | 115,197 |
Transurban Group | 10,925,198 | 105,735 |
Scentre Group | 27,209,621 | 88,757 |
Westfield Corp. | 10,197,674 | 75,342 |
South32 Ltd. | 27,752,972 | 75,226 |
Suncorp Group Ltd. | 6,876,597 | 74,118 |
Amcor Ltd. | 6,156,194 | 73,765 |
Newcrest Mining Ltd. | 4,083,330 | 72,691 |
Insurance Australia Group Ltd. | 12,602,929 | 70,983 |
* Origin Energy Ltd. | 9,329,312 | 68,339 |
Brambles Ltd. | 8,461,843 | 66,316 |
AGL Energy Ltd. | 3,487,503 | 66,088 |
AMP Ltd. | 15,576,444 | 62,874 |
Telstra Corp. Ltd. | 22,179,468 | 62,698 |
Aristocrat Leisure Ltd. | 3,400,796 | 62,623 |
Goodman Group | 9,349,210 | 61,261 |
QBE Insurance Group Ltd. | 7,304,521 | 60,631 |
Treasury Wine Estates Ltd. | 3,867,821 | 47,996 |
Stockland | 12,887,162 | 44,955 |
ASX Ltd. | 1,032,306 | 44,066 |
Tabcorp Holdings Ltd. | 10,052,716 | 43,615 |
James Hardie Industries plc | 2,347,120 | 41,222 |
Dexus | 5,426,789 | 41,182 |
* Santos Ltd. | 9,421,792 | 39,880 |
Cochlear Ltd. | 298,495 | 39,790 |
Sonic Healthcare Ltd. | 2,226,328 | 39,592 |
Aurizon Holdings Ltd. | 10,261,512 | 39,540 |
LendLease Group | 3,083,564 | 39,202 |
APA Group | 5,945,109 | 38,551 |
GPT Group | 9,579,083 | 38,104 |
Oil Search Ltd. | 6,227,838 | 37,707 |
Medibank Pvt Ltd. | 14,635,483 | 37,479 |
Boral Ltd. | 6,184,630 | 37,441 |
Ramsay Health Care Ltd. | 683,571 | 37,327 |
Caltex Australia Ltd. | 1,391,462 | 36,862 |
Vicinity Centres | 17,134,973 | 36,293 |
Mirvac Group | 19,711,151 | 36,048 |
BlueScope Steel Ltd. | 2,984,358 | 35,545 |
Challenger Ltd. | 3,038,986 | 33,142 |
Computershare Ltd. | 2,586,947 | 32,776 |
Fortescue Metals Group Ltd. | 8,547,483 | 32,347 |
Sydney Airport | 5,876,526 | 32,245 |
Orica Ltd. | 2,003,031 | 28,161 |
Incitec Pivot Ltd. | 8,990,712 | 27,242 |
SEEK Ltd. | 1,829,055 | 27,048 |
Alumina Ltd. | 13,395,401 | 25,245 |
Bendigo & Adelaide Bank Ltd. | 2,530,836 | 22,966 |
Star Entertainment Grp Ltd. | 4,399,536 | 20,787 |
CIMIC Group Ltd. | 519,647 | 20,784 |
Bank of Queensland Ltd. | 2,091,232 | 20,685 |
Crown Resorts Ltd. | 1,905,848 | 19,318 |
1
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Coca-Cola Amatil Ltd. | 2,780,044 | 18,417 | |
Macquarie Atlas Roads Group | 3,563,013 | 17,422 | |
Iluka Resources Ltd. | 2,197,332 | 17,337 | |
Downer EDI Ltd. | 3,163,944 | 17,021 | |
Link Administration Holdings Ltd. | 2,588,502 | 16,971 | |
Orora Ltd. | 6,415,195 | 16,899 | |
Qantas Airways Ltd. | 4,140,052 | 16,233 | |
REA Group Ltd. | 266,675 | 15,901 | |
Healthscope Ltd. | 9,288,769 | 15,184 | |
IOOF Holdings Ltd. | 1,788,176 | 14,903 | |
Northern Star Resources Ltd. | 3,106,956 | 14,792 | |
ALS Ltd. | 2,677,377 | 14,546 | |
Magellan Financial Group Ltd. | 690,100 | 14,472 | |
Ansell Ltd. | 762,287 | 14,395 | |
AusNet Services | 9,470,163 | 13,308 | |
Qube Holdings Ltd. | 6,566,386 | 13,233 | |
nib holdings Ltd. | 2,443,265 | 12,874 | |
carsales.com Ltd. | 1,138,172 | 12,826 | |
Metcash Ltd. | 5,252,504 | 12,735 | |
Whitehaven Coal Ltd. | 3,669,587 | 12,725 | |
DuluxGroup Ltd. | 2,098,447 | 12,505 | |
Adelaide Brighton Ltd. | 2,460,279 | 12,469 | |
Mineral Resources Ltd. | 742,052 | 12,177 | |
* | WorleyParsons Ltd. | 1,078,675 | 12,022 |
^ | Domino's Pizza Enterprises Ltd. | 327,436 | 11,901 |
^ | JB Hi-Fi Ltd. | 605,651 | 11,743 |
Charter Hall Group | 2,460,286 | 11,527 | |
Evolution Mining Ltd. | 5,500,178 | 11,390 | |
OZ Minerals Ltd. | 1,597,950 | 11,349 | |
BT Investment Management Ltd. | 1,251,800 | 10,987 | |
Sims Metal Management Ltd. | 876,664 | 10,722 | |
Flight Centre Travel Group Ltd. | 303,285 | 10,454 | |
Investa Office Fund | 2,905,558 | 10,281 | |
CSR Ltd. | 2,699,373 | 9,980 | |
^ | TPG Telecom Ltd. | 1,924,072 | 9,846 |
Independence Group NL | 2,547,587 | 9,400 | |
^ | Harvey Norman Holdings Ltd. | 2,835,866 | 9,196 |
Beach Energy Ltd. | 9,482,078 | 9,158 | |
^ | Blackmores Ltd. | 69,347 | 9,134 |
Perpetual Ltd. | 234,018 | 8,797 | |
* | Transurban Group | 878,147 | 8,578 |
Cleanaway Waste Management Ltd. | 7,063,075 | 8,229 | |
Regis Resources Ltd. | 2,434,959 | 8,167 | |
St. Barbara Ltd. | 2,742,152 | 8,166 | |
GrainCorp Ltd. Class A | 1,247,873 | 7,949 | |
Nufarm Ltd. | 1,164,994 | 7,917 | |
Reliance Worldwide Corp. Ltd. | 2,512,653 | 7,608 | |
Vocus Group Ltd. | 3,215,668 | 7,582 | |
Fairfax Media Ltd. | 12,217,088 | 7,415 | |
Platinum Asset Management Ltd. | 1,230,512 | 7,385 | |
InvoCare Ltd. | 588,362 | 7,364 | |
Primary Health Care Ltd. | 2,586,604 | 7,279 | |
Shopping Centres Australasia Property Group | 3,897,515 | 7,067 | |
Costa Group Holdings Ltd. | 1,373,016 | 7,049 | |
Corporate Travel Management Ltd. | 428,610 | 6,960 | |
Washington H Soul Pattinson & Co. Ltd. | 484,886 | 6,725 | |
Breville Group Ltd. | 685,046 | 6,713 | |
IRESS Ltd. | 738,122 | 6,638 | |
3 | MYOB Group Ltd. | 2,338,589 | 6,573 |
Bapcor Ltd. | 1,493,676 | 6,572 | |
^ | Navitas Ltd. | 1,545,969 | 6,545 |
^,* | Pilbara Minerals Ltd. | 7,364,595 | 6,380 |
Monadelphous Group Ltd. | 470,783 | 6,354 | |
Seven Group Holdings Ltd. | 529,197 | 6,275 |
2
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
BWP Trust | 2,584,283 | 6,217 | |
Cromwell Property Group | 7,874,395 | 6,198 | |
G8 Education Ltd. | 2,334,259 | 6,167 | |
^,* | Galaxy Resources Ltd. | 2,071,118 | 6,163 |
* | NEXTDC Ltd. | 1,279,544 | 5,977 |
Altium Ltd. | 568,703 | 5,878 | |
Charter Hall Retail REIT | 1,785,618 | 5,787 | |
* | Orocobre Ltd. | 1,062,274 | 5,737 |
Abacus Property Group | 1,742,029 | 5,586 | |
Steadfast Group Ltd. | 2,526,392 | 5,542 | |
* | Aconex Ltd. | 924,121 | 5,514 |
^,* | Saracen Mineral Holdings Ltd. | 3,972,953 | 5,241 |
Bega Cheese Ltd. | 927,181 | 5,212 | |
ARB Corp. Ltd. | 352,266 | 5,133 | |
^,* | Syrah Resources Ltd. | 1,439,933 | 5,039 |
Premier Investments Ltd. | 433,275 | 5,006 | |
Super Retail Group Ltd. | 779,044 | 5,004 | |
Eclipx Group Ltd. | 1,580,809 | 4,970 | |
SpeedCast International Ltd. | 1,181,427 | 4,924 | |
Mantra Group Ltd. | 1,581,880 | 4,807 | |
Webjet Ltd. | 581,372 | 4,716 | |
Aveo Group | 2,236,283 | 4,665 | |
* | Lynas Corp. Ltd. | 2,691,569 | 4,562 |
Pact Group Holdings Ltd. | 1,004,613 | 4,448 | |
WiseTech Global Ltd. | 401,259 | 4,425 | |
GUD Holdings Ltd. | 464,478 | 4,406 | |
Sandfire Resources NL | 821,677 | 4,405 | |
Sigma Healthcare Ltd. | 5,661,754 | 4,362 | |
Viva Energy REIT | 2,378,650 | 4,190 | |
^,* | Mayne Pharma Group Ltd. | 7,702,869 | 4,161 |
Nine Entertainment Co. Holdings Ltd. | 3,324,588 | 3,968 | |
McMillan Shakespeare Ltd. | 292,053 | 3,938 | |
Charter Hall Long Wale REIT | 1,208,220 | 3,920 | |
^ | Ardent Leisure Group | 2,469,152 | 3,846 |
^ | Automotive Holdings Group Ltd. | 1,345,101 | 3,810 |
Elders Ltd. | 593,124 | 3,778 | |
Southern Cross Media Group Ltd. | 4,023,944 | 3,707 | |
Brickworks Ltd. | 311,163 | 3,599 | |
Credit Corp. Group Ltd. | 205,843 | 3,573 | |
SmartGroup Corp. Ltd. | 421,046 | 3,561 | |
Estia Health Ltd. | 1,283,074 | 3,491 | |
Ausdrill Ltd. | 1,694,339 | 3,473 | |
* | Domain Holdings Australia Ltd. | 1,257,587 | 3,366 |
Aventus Retail Property Fund Ltd. | 1,923,621 | 3,359 | |
Western Areas Ltd. | 1,322,812 | 3,324 | |
^ | BWX Ltd. | 562,916 | 3,319 |
IDP Education Ltd. | 691,619 | 3,313 | |
IPH Ltd. | 772,596 | 3,309 | |
Sirtex Medical Ltd. | 253,862 | 3,260 | |
APN Outdoor Group Ltd. | 849,365 | 3,253 | |
^ | Growthpoint Properties Australia Ltd. | 1,213,737 | 3,224 |
Blue Sky Alternative Investments Ltd. | 282,238 | 3,200 | |
Technology One Ltd. | 810,377 | 3,125 | |
* | Bellamy's Australia Ltd. | 380,352 | 3,098 |
* | Bingo Industries Ltd. | 1,533,013 | 3,050 |
GWA Group Ltd. | 1,377,622 | 3,046 | |
National Storage REIT | 2,533,362 | 3,028 | |
Genworth Mortgage Insurance Australia Ltd. | 1,276,907 | 2,982 | |
Tassal Group Ltd. | 958,409 | 2,805 | |
Australian Pharmaceutical Industries Ltd. | 2,066,730 | 2,708 | |
oOh!media Ltd. | 763,336 | 2,673 | |
Folkestone Education Trust | 1,187,769 | 2,671 | |
RCR Tomlinson Ltd. | 849,662 | 2,649 | |
Resolute Mining Ltd. | 2,957,570 | 2,631 |
3
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Arena REIT | 1,486,746 | 2,620 | |
Tox Free Solutions Ltd. | 965,187 | 2,602 | |
* | Nanosonics Ltd. | 1,189,337 | 2,564 |
Inghams Group Ltd. | 960,547 | 2,559 | |
Gateway Lifestyle | 1,498,291 | 2,545 | |
Ingenia Communities Group | 1,171,646 | 2,521 | |
Collins Foods Ltd. | 568,304 | 2,408 | |
GDI Property Group | 2,407,256 | 2,348 | |
Asaleo Care Ltd. | 2,011,672 | 2,346 | |
* | Gold Road Resources Ltd. | 4,290,594 | 2,341 |
* | Australian Agricultural Co. Ltd. | 2,264,309 | 2,298 |
^ | Greencross Ltd. | 467,459 | 2,291 |
Myer Holdings Ltd. | 4,449,059 | 2,287 | |
Rural Funds Group | 1,253,056 | 2,257 | |
Seven West Media Ltd. | 4,684,275 | 2,240 | |
* | AWE Ltd. | 3,218,299 | 2,190 |
Centuria Industrial REIT | 1,063,303 | 2,107 | |
FlexiGroup Ltd. | 1,549,993 | 2,077 | |
Regis Healthcare Ltd. | 743,389 | 2,036 | |
HT&E Ltd. | 1,356,966 | 1,981 | |
SG Fleet Group Ltd. | 613,336 | 1,939 | |
* | Starpharma Holdings Ltd. | 1,831,408 | 1,938 |
Hotel Property Investments | 742,161 | 1,927 | |
^ | Japara Healthcare Ltd. | 1,246,498 | 1,899 |
^ | Select Harvests Ltd. | 508,008 | 1,867 |
^,* | Mesoblast Ltd. | 1,615,278 | 1,838 |
MACA Ltd. | 1,396,387 | 1,831 | |
* | Westgold Resources Ltd. | 1,321,872 | 1,824 |
^,* | Infigen Energy | 3,242,506 | 1,741 |
^ | Superloop Ltd. | 900,230 | 1,699 |
^ | Retail Food Group Ltd. | 875,385 | 1,685 |
* | Senex Energy Ltd. | 5,608,613 | 1,680 |
^,* | Perseus Mining Ltd. | 5,642,069 | 1,652 |
^,* | Cardno Ltd. | 1,419,488 | 1,640 |
SeaLink Travel Group Ltd. | 445,503 | 1,424 | |
Cedar Woods Properties Ltd. | 292,689 | 1,395 | |
Virtus Health Ltd. | 336,475 | 1,376 | |
^,* | Ainsworth Game Technology Ltd. | 809,272 | 1,364 |
^,* | Village Roadshow Ltd. | 440,566 | 1,336 |
OFX Group Ltd. | 1,098,306 | 1,215 | |
^,* | Highfield Resources Ltd. | 1,506,420 | 1,202 |
^ | Mount Gibson Iron Ltd. | 3,399,551 | 1,193 |
WPP AUNZ Ltd. | 1,655,934 | 1,188 | |
^,* | Accent Group Ltd. | 1,752,667 | 1,118 |
Cabcharge Australia Ltd. | 713,755 | 1,085 | |
^,* | Karoon Gas Australia Ltd. | 1,043,199 | 1,063 |
^,* | Beadell Resources Ltd. | 6,758,803 | 951 |
^ | iSentia Group Ltd. | 805,041 | 864 |
^ | Vita Group Ltd. | 723,916 | 806 |
ERM Power Ltd. | 693,064 | 764 | |
^,* | Liquefied Natural Gas Ltd. | 2,276,091 | 752 |
Decmil Group Ltd. | 683,601 | 693 | |
^ | Reject Shop Ltd. | 155,852 | 682 |
NZME Ltd. | 1,085,763 | 670 | |
* | Cash Converters International Ltd. | 2,154,899 | 598 |
Thorn Group Ltd. | 817,872 | 501 | |
* | CSG Ltd. | 986,910 | 349 |
*,2 | Quintis Ltd. | 1,474,169 | 339 |
^,*,2 | Paladin Energy Ltd. | 6,058,533 | 222 |
^,*,2 | ACN 004 410 833 Ltd. | 8,838,238 | — |
2 | BGP Holdings PLC | 7,179,555 | — |
6,455,946 | |||
Austria (0.3%) | |||
Erste Group Bank AG | 1,528,115 | 66,222 |
4
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
OMV AG | 752,281 | 47,600 | |
voestalpine AG | 602,466 | 35,969 | |
* | Raiffeisen Bank International AG | 685,862 | 24,819 |
ANDRITZ AG | 379,209 | 21,398 | |
BUWOG AG | 572,155 | 19,718 | |
Wienerberger AG | 627,826 | 15,195 | |
IMMOFINANZ AG | 5,217,696 | 13,401 | |
CA Immobilien Anlagen AG | 374,273 | 11,574 | |
Lenzing AG | 70,900 | 8,997 | |
Oesterreichische Post AG | 173,448 | 7,791 | |
Telekom Austria AG Class A | 737,573 | 6,823 | |
* | Rhi Magnesita NV | 127,757 | 6,682 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 202,655 | 6,252 | |
Mayr Melnhof Karton AG | 41,966 | 6,171 | |
UNIQA Insurance Group AG | 580,408 | 6,136 | |
* | Schoeller-Bleckmann Oilfield Equipment AG | 58,570 | 5,970 |
S IMMO AG | 287,262 | 5,571 | |
Verbund AG | 173,716 | 4,186 | |
Strabag SE | 84,799 | 3,459 | |
EVN AG | 155,175 | 3,105 | |
Palfinger AG | 53,525 | 2,187 | |
Flughafen Wien AG | 50,349 | 2,028 | |
^ | DO & CO AG | 35,493 | 2,004 |
^ | Porr AG | 52,891 | 1,764 |
Zumtobel Group AG | 140,678 | 1,688 | |
Kapsch TrafficCom AG | 25,919 | 1,550 | |
^ | Semperit AG Holding | 52,695 | 1,397 |
339,657 | |||
Belgium (1.0%) | |||
Anheuser-Busch InBev SA/NV | 4,041,305 | 451,181 | |
KBC Group NV | 1,467,450 | 125,048 | |
Solvay SA Class A | 368,876 | 51,288 | |
UCB SA | 642,228 | 50,925 | |
Ageas | 1,023,385 | 49,992 | |
* | Umicore SA | 990,982 | 46,922 |
Groupe Bruxelles Lambert SA | 380,287 | 41,026 | |
Proximus SADP | 741,787 | 24,339 | |
Ackermans & van Haaren NV | 118,270 | 20,585 | |
Colruyt SA | 346,945 | 18,049 | |
* | Telenet Group Holding NV | 255,320 | 17,787 |
bpost SA | 535,872 | 16,309 | |
Cofinimmo SA | 109,707 | 14,447 | |
Ontex Group NV | 429,142 | 14,198 | |
Sofina SA | 80,256 | 12,638 | |
KBC Ancora | 188,945 | 11,891 | |
Melexis NV | 98,811 | 9,991 | |
Warehouses De Pauw CVA | 87,945 | 9,852 | |
Elia System Operator SA/NV | 164,975 | 9,481 | |
Aedifica SA | 95,307 | 9,000 | |
Bekaert SA | 183,913 | 8,020 | |
Befimmo SA | 102,259 | 6,570 | |
* | Tessenderlo Chemie NV (Voting Shares) | 137,891 | 6,431 |
Euronav NV | 687,996 | 6,340 | |
Gimv NV | 101,610 | 6,158 | |
D'ieteren SA/NV | 123,103 | 5,540 | |
Cie d'Entreprises CFE | 37,599 | 5,486 | |
Barco NV | 50,936 | 5,439 | |
Econocom Group SA/NV | 694,789 | 4,964 | |
Kinepolis Group NV | 68,305 | 4,553 | |
* | AGFA-Gevaert NV | 898,681 | 4,187 |
^,* | Nyrstar (Voting Shares) | 388,891 | 3,128 |
Orange Belgium SA | 143,062 | 3,002 | |
^ | Ion Beam Applications | 102,306 | 2,924 |
EVS Broadcast Equipment SA | 70,714 | 2,481 |
5
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
^ Greenyard NV | 72,238 | 1,742 |
Van de Velde NV | 28,460 | 1,519 |
Wereldhave Belgium NV | 10,936 | 1,249 |
1,084,682 | ||
Canada (8.3%) | ||
Royal Bank of Canada | 7,758,247 | 633,559 |
Toronto-Dominion Bank | 9,886,966 | 579,296 |
Bank of Nova Scotia | 6,431,876 | 415,079 |
Enbridge Inc. | 8,787,505 | 343,670 |
Canadian National Railway Co. | 3,992,675 | 329,229 |
Suncor Energy Inc. | 8,889,044 | 326,356 |
Bank of Montreal | 3,466,738 | 277,422 |
Canadian Imperial Bank of Commerce | 2,339,100 | 228,030 |
Canadian Natural Resources Ltd. | 6,308,365 | 225,435 |
TransCanada Corp. | 4,612,333 | 224,489 |
Manulife Financial Corp. | 10,507,722 | 219,183 |
Brookfield Asset Management Inc. Class A | 4,487,891 | 195,368 |
Canadian Pacific Railway Ltd. | 771,620 | 140,979 |
Sun Life Financial Inc. | 3,258,542 | 134,489 |
Alimentation Couche-Tard Inc. Class B | 2,238,909 | 116,826 |
Magna International Inc. | 1,806,566 | 102,386 |
Rogers Communications Inc. Class B | 1,904,331 | 97,035 |
Pembina Pipeline Corp. | 2,651,168 | 95,986 |
Potash Corp. of Saskatchewan Inc. | 4,459,491 | 91,460 |
National Bank of Canada | 1,823,556 | 90,989 |
Barrick Gold Corp. | 6,197,133 | 89,629 |
Agrium Inc. | 734,945 | 84,533 |
Franco-Nevada Corp. | 971,842 | 77,670 |
Fortis Inc. | 2,106,453 | 77,270 |
Fairfax Financial Holdings Ltd. | 144,594 | 76,995 |
BCE Inc. | 1,592,740 | 76,507 |
Restaurant Brands International Inc. | 1,216,912 | 74,806 |
* CGI Group Inc. Class A | 1,331,107 | 72,327 |
Encana Corp. | 5,181,621 | 69,129 |
Dollarama Inc. | 551,343 | 68,885 |
Teck Resources Ltd. Class B | 2,488,427 | 65,071 |
Thomson Reuters Corp. | 1,483,860 | 64,678 |
Constellation Software Inc. | 105,954 | 64,232 |
Intact Financial Corp. | 738,164 | 61,655 |
Cenovus Energy Inc. | 6,536,562 | 59,697 |
Goldcorp Inc. | 4,593,767 | 58,582 |
Loblaw Cos. Ltd. | 1,075,215 | 58,354 |
Agnico Eagle Mines Ltd. | 1,228,389 | 56,719 |
Waste Connections Inc. | 757,209 | 53,709 |
Shaw Communications Inc. Class B | 2,314,853 | 52,835 |
Power Corp. of Canada | 2,048,965 | 52,765 |
Wheaton Precious Metals Corp. | 2,338,553 | 51,701 |
First Quantum Minerals Ltd. | 3,630,285 | 50,859 |
Open Text Corp. | 1,353,571 | 48,145 |
Waste Connections Inc. | 644,139 | 45,695 |
Canadian Tire Corp. Ltd. Class A | 336,911 | 43,930 |
SNC-Lavalin Group Inc. | 929,998 | 42,209 |
^ Imperial Oil Ltd. | 1,351,788 | 42,188 |
Saputo Inc. | 1,160,279 | 41,704 |
Inter Pipeline Ltd. | 1,992,699 | 41,265 |
Great-West Lifeco Inc. | 1,466,819 | 40,959 |
TELUS Corp. | 1,046,315 | 39,638 |
Onex Corp. | 536,315 | 39,334 |
Metro Inc. | 1,208,730 | 38,704 |
* Valeant Pharmaceuticals International Inc. | 1,824,108 | 38,020 |
Gildan Activewear Inc. | 1,148,458 | 37,103 |
Power Financial Corp. | 1,303,021 | 35,805 |
CCL Industries Inc. Class B | 736,453 | 34,028 |
RioCan REIT | 1,733,601 | 33,596 |
6
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
CI Financial Corp. | 1,384,351 | 32,786 |
* BlackBerry Ltd. | 2,815,077 | 31,443 |
Keyera Corp. | 1,054,780 | 29,722 |
PrairieSky Royalty Ltd. | 1,126,668 | 28,736 |
3 Hydro One Ltd. | 1,587,709 | 28,293 |
* Kinross Gold Corp. | 6,555,760 | 28,267 |
Methanex Corp. | 446,395 | 27,046 |
Industrial Alliance Insurance & Financial Services Inc. | 566,863 | 26,977 |
CAE Inc. | 1,431,240 | 26,587 |
H&R REIT | 1,542,047 | 26,204 |
WSP Global Inc. | 539,227 | 25,700 |
* Bombardier Inc. Class B | 10,231,517 | 24,663 |
Algonquin Power & Utilities Corp. | 2,194,392 | 24,545 |
West Fraser Timber Co. Ltd. | 394,131 | 24,322 |
* Tourmaline Oil Corp. | 1,333,542 | 24,167 |
* Husky Energy Inc. | 1,631,194 | 23,034 |
* Seven Generations Energy Ltd. Class A | 1,613,182 | 22,818 |
Finning International Inc. | 889,903 | 22,456 |
Lundin Mining Corp. | 3,352,261 | 22,295 |
ARC Resources Ltd. | 1,871,072 | 21,956 |
Crescent Point Energy Corp. | 2,867,208 | 21,852 |
George Weston Ltd. | 245,054 | 21,281 |
^ Canadian Apartment Properties REIT | 715,809 | 21,252 |
^ Vermilion Energy Inc. | 573,010 | 20,823 |
^ AltaGas Ltd. | 908,316 | 20,681 |
^ Cameco Corp. | 2,097,796 | 19,376 |
Maxar Technologies Ltd. | 294,264 | 18,943 |
Canadian Utilities Ltd. Class A | 626,955 | 18,659 |
Toromont Industries Ltd. | 415,726 | 18,223 |
* Turquoise Hill Resources Ltd. | 5,279,205 | 18,017 |
Empire Co. Ltd. | 902,115 | 17,576 |
Ritchie Bros Auctioneers Inc. | 568,479 | 17,023 |
Stantec Inc. | 602,087 | 16,841 |
Allied Properties REIT | 493,234 | 16,512 |
TMX Group Ltd. | 291,662 | 16,344 |
Quebecor Inc. Class B | 864,505 | 16,300 |
^ Enbridge Income Fund Holdings Inc. | 666,050 | 15,795 |
IGM Financial Inc. | 445,068 | 15,632 |
Yamana Gold Inc. | 5,002,849 | 15,602 |
* B2Gold Corp. | 5,042,631 | 15,565 |
^ SmartCentres REIT | 628,225 | 15,448 |
* Stars Group Inc. | 660,419 | 15,368 |
Element Fleet Management Corp. | 2,001,880 | 15,130 |
Kirkland Lake Gold Ltd. | 967,847 | 14,837 |
^ Canadian Western Bank | 468,454 | 14,628 |
^ Parkland Fuel Corp. | 682,476 | 14,578 |
* IAMGOLD Corp. | 2,456,608 | 14,325 |
Canadian REIT | 387,494 | 14,273 |
Linamar Corp. | 244,255 | 14,226 |
Atco Ltd. | 394,745 | 14,132 |
Whitecap Resources Inc. | 1,944,414 | 13,844 |
Chartwell Retirement Residences | 1,028,910 | 13,310 |
First Capital Realty Inc. | 796,150 | 13,123 |
Alamos Gold Inc. Class A | 2,003,750 | 13,055 |
Enerplus Corp. | 1,291,051 | 12,643 |
Maple Leaf Foods Inc. | 437,363 | 12,463 |
Pan American Silver Corp. | 790,833 | 12,319 |
New Flyer Industries Inc. | 285,476 | 12,264 |
Premium Brands Holdings Corp. | 147,916 | 12,139 |
Cott Corp. | 725,371 | 12,107 |
TFI International Inc. | 461,370 | 12,061 |
Emera Inc. | 316,258 | 11,820 |
* Descartes Systems Group Inc. | 408,484 | 11,614 |
^ Cominar REIT | 997,319 | 11,425 |
7
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Parex Resources Inc. | 788,659 | 11,394 |
FirstService Corp. | 162,336 | 11,356 | |
^ | Northland Power Inc. | 599,459 | 11,136 |
Hudbay Minerals Inc. | 1,243,761 | 11,013 | |
Capital Power Corp. | 563,561 | 10,980 | |
Colliers International Group Inc. | 181,634 | 10,963 | |
* | Ivanhoe Mines Ltd. | 3,240,179 | 10,929 |
Gibson Energy Inc. | 754,059 | 10,906 | |
* | Detour Gold Corp. | 926,145 | 10,890 |
^ | Peyto Exploration & Development Corp. | 857,617 | 10,255 |
^ | Cineplex Inc. | 339,924 | 10,095 |
* | New Gold Inc. | 3,051,078 | 10,025 |
Granite REIT | 250,165 | 9,802 | |
^ | Osisko Gold Royalties Ltd. | 822,233 | 9,498 |
^ | Laurentian Bank of Canada | 209,523 | 9,423 |
* | Pretium Resources Inc. | 814,240 | 9,289 |
^ | Enercare Inc. | 565,788 | 9,232 |
TransAlta Corp. | 1,544,255 | 9,152 | |
Stella-Jones Inc. | 224,296 | 9,011 | |
Artis REIT | 796,358 | 8,933 | |
* | Great Canadian Gaming Corp. | 316,005 | 8,495 |
OceanaGold Corp. | 3,256,938 | 8,369 | |
Jean Coutu Group PJC Inc. Class A | 424,937 | 8,255 | |
ShawCor Ltd. | 373,194 | 8,141 | |
Norbord Inc. | 234,370 | 7,934 | |
* | Kinaxis Inc. | 129,206 | 7,893 |
* | Endeavour Mining Corp. | 382,250 | 7,794 |
Tahoe Resources Inc. | 1,611,591 | 7,731 | |
Russel Metals Inc. | 328,216 | 7,617 | |
* | Air Canada Class B | 369,060 | 7,598 |
* | Raging River Exploration Inc. | 1,160,943 | 7,389 |
Superior Plus Corp. | 762,063 | 7,196 | |
^ | Genworth MI Canada Inc. | 205,900 | 7,125 |
Dream Office REIT | 403,902 | 7,120 | |
* | Canfor Corp. | 359,800 | 7,093 |
^ | Boardwalk REIT | 201,767 | 6,917 |
* | Celestica Inc. | 643,987 | 6,752 |
^ | CES Energy Solutions Corp. | 1,284,264 | 6,672 |
Mullen Group Ltd. | 529,522 | 6,631 | |
Transcontinental Inc. Class A | 332,916 | 6,579 | |
North West Co. Inc. | 256,295 | 6,131 | |
Winpak Ltd. | 163,647 | 6,093 | |
Eldorado Gold Corp. | 4,142,095 | 5,997 | |
ECN Capital Corp. | 1,899,900 | 5,940 | |
Martinrea International Inc. | 462,980 | 5,908 | |
Secure Energy Services Inc. | 838,633 | 5,844 | |
* | Centerra Gold Inc. | 1,136,984 | 5,825 |
^ | Innergex Renewable Energy Inc. | 508,467 | 5,825 |
* | Paramount Resources Ltd. Class A | 376,672 | 5,819 |
^,* | First Majestic Silver Corp. | 858,571 | 5,792 |
Westshore Terminals Investment Corp. | 276,248 | 5,778 | |
Enerflex Ltd. | 465,301 | 5,678 | |
* | NuVista Energy Ltd. | 884,100 | 5,641 |
* | SSR Mining Inc. | 637,839 | 5,617 |
Corus Entertainment Inc. Class B | 598,521 | 5,571 | |
^ | Pason Systems Inc. | 384,700 | 5,567 |
* | Gran Tierra Energy Inc. | 1,990,614 | 5,400 |
* | MEG Energy Corp. | 1,319,362 | 5,395 |
^ | Home Capital Group Inc. Class B | 391,515 | 5,392 |
Northview Apartment REIT | 269,100 | 5,350 | |
TransAlta Renewables Inc. | 470,709 | 5,014 | |
* | SEMAFO Inc. | 1,736,567 | 4,932 |
* | ATS Automation Tooling Systems Inc. | 398,500 | 4,930 |
Enghouse Systems Ltd. | 99,700 | 4,877 |
8
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Hudson's Bay Co. | 536,250 | 4,812 |
Aecon Group Inc. | 301,600 | 4,784 | |
^,* | NovaGold Resources Inc. | 1,204,596 | 4,734 |
* | Precision Drilling Corp. | 1,554,026 | 4,710 |
* | Kelt Exploration Ltd. | 756,600 | 4,328 |
TORC Oil & Gas Ltd. | 720,782 | 4,324 | |
* | Advantage Oil & Gas Ltd. | 977,545 | 4,199 |
Cogeco Communications Inc. | 60,800 | 4,183 | |
^,* | ProMetic Life Sciences Inc. | 3,948,746 | 4,084 |
Birchcliff Energy Ltd. | 1,132,914 | 3,966 | |
* | Torex Gold Resources Inc. | 411,536 | 3,906 |
^ | Nevsun Resources Ltd. | 1,553,595 | 3,782 |
^,* | Baytex Energy Corp. | 1,248,518 | 3,745 |
Cascades Inc. | 344,300 | 3,731 | |
* | Sierra Wireless Inc. | 179,077 | 3,661 |
Dorel Industries Inc. Class B | 143,229 | 3,544 | |
Ensign Energy Services Inc. | 679,500 | 3,497 | |
^ | Extendicare Inc. | 472,000 | 3,436 |
^,* | Obsidian Energy Ltd. | 2,646,789 | 3,285 |
Fortis Inc. | 87,692 | 3,216 | |
* | Alacer Gold Corp. | 1,531,100 | 2,716 |
* | China Gold International Resources Corp. Ltd. | 1,336,200 | 2,498 |
Just Energy Group Inc. | 502,300 | 2,158 | |
^ | First National Financial Corp. | 88,792 | 2,034 |
* | Crew Energy Inc. | 792,900 | 1,987 |
Morguard REIT | 146,700 | 1,611 | |
Canadian Pacific Railway Ltd. | 100 | 18 | |
* | Osisko Gold Royalties Warrants Exp. 02/26/2019 | 3,963 | 4 |
8,814,495 | |||
Denmark (1.5%) | |||
Novo Nordisk A/S Class B | 9,361,756 | 503,059 | |
Danske Bank A/S | 3,718,271 | 144,723 | |
Vestas Wind Systems A/S | 1,137,289 | 78,587 | |
DSV A/S | 987,381 | 77,693 | |
Carlsberg A/S Class B | 559,904 | 67,154 | |
Novozymes A/S | 1,141,258 | 65,151 | |
Pandora A/S | 573,743 | 62,365 | |
Coloplast A/S Class B | 706,466 | 56,164 | |
AP Moller - Maersk A/S Class B | 30,850 | 53,771 | |
* | Genmab A/S | 293,551 | 48,615 |
3 | Orsted A/S | 861,377 | 46,953 |
AP Moller - Maersk A/S Class A | 27,014 | 45,006 | |
Chr Hansen Holding A/S | 468,959 | 43,966 | |
ISS A/S | 981,211 | 37,988 | |
TDC A/S | 4,267,081 | 26,211 | |
GN Store Nord A/S | 743,292 | 24,006 | |
Jyske Bank A/S | 369,867 | 21,030 | |
*,3 | Nets A/S | 644,779 | 16,949 |
* | William Demant Holding A/S | 599,869 | 16,756 |
Royal Unibrew A/S | 277,416 | 16,616 | |
H Lundbeck A/S | 313,062 | 15,876 | |
FLSmidth & Co. A/S | 262,212 | 15,251 | |
Sydbank A/S | 354,830 | 14,282 | |
Tryg A/S | 566,235 | 14,164 | |
Ambu A/S Class B | 140,722 | 12,582 | |
SimCorp A/S | 213,607 | 12,158 | |
* | Topdanmark A/S | 243,137 | 10,501 |
Rockwool International A/S Class B | 33,507 | 9,492 | |
* | Nilfisk Holding A/S | 146,387 | 8,564 |
Dfds A/S | 148,603 | 7,937 | |
* | NKT A/S | 142,043 | 6,483 |
3 | Scandinavian Tobacco Group A/S | 330,052 | 6,389 |
Schouw & Co. AB | 66,274 | 6,209 | |
* | Bavarian Nordic A/S | 167,032 | 6,025 |
9
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Spar Nord Bank A/S | 432,279 | 5,019 | |
Alm Brand A/S | 368,294 | 4,807 | |
* | Bang & Olufsen A/S | 187,386 | 4,512 |
ALK-Abello A/S | 32,015 | 3,816 | |
^,* | D/S Norden A/S | 131,494 | 2,465 |
Matas A/S | 180,328 | 2,282 | |
Solar A/S Class B | 22,355 | 1,471 | |
1,623,048 | |||
Finland (0.9%) | |||
Nokia Oyj | 30,110,802 | 140,689 | |
Sampo Oyj Class A | 2,489,502 | 136,630 | |
Kone Oyj Class B | 2,025,497 | 108,776 | |
UPM-Kymmene Oyj | 2,838,214 | 88,113 | |
Wartsila OYJ Abp | 821,018 | 51,804 | |
Fortum Oyj | 2,294,771 | 45,417 | |
Neste Oyj | 670,794 | 42,939 | |
Stora Enso Oyj | 2,523,006 | 39,972 | |
Nokian Renkaat Oyj | 711,095 | 32,263 | |
Elisa Oyj | 765,094 | 30,010 | |
Huhtamaki Oyj | 492,783 | 20,685 | |
Orion Oyj Class B | 535,353 | 19,961 | |
Kesko Oyj Class B | 362,936 | 19,703 | |
Metso Oyj | 559,702 | 19,095 | |
Amer Sports Oyj | 628,436 | 17,394 | |
Konecranes Oyj Class A | 355,881 | 16,288 | |
Outokumpu Oyj | 1,612,664 | 14,966 | |
Valmet Oyj | 712,871 | 14,067 | |
Cargotec Oyj Class B | 222,056 | 12,573 | |
Tieto Oyj | 397,005 | 12,375 | |
Metsa Board Oyj | 923,716 | 7,911 | |
^,* | Outotec Oyj | 747,602 | 6,365 |
Uponor Oyj | 289,134 | 5,822 | |
Sanoma Oyj | 441,090 | 5,747 | |
Kemira Oyj | 400,592 | 5,526 | |
* | DNA Oyj | 286,726 | 5,382 |
Cramo Oyj | 221,660 | 5,255 | |
Citycon Oyj | 1,984,988 | 5,135 | |
^ | YIT Oyj | 615,584 | 4,702 |
Finnair Oyj | 286,696 | 4,409 | |
^,* | Caverion Oyj | 469,863 | 3,320 |
Ramirent Oyj | 333,620 | 3,126 | |
Raisio Oyj | 629,951 | 2,901 | |
F-Secure Oyj | 522,243 | 2,439 | |
Oriola Oyj | 645,996 | 2,171 | |
^,* | Stockmann OYJ Abp Class B | 170,236 | 890 |
954,821 | |||
France (7.9%) | |||
TOTAL SA | 11,751,190 | 648,671 | |
Sanofi | 5,812,336 | 500,400 | |
BNP Paribas SA | 5,747,028 | 427,517 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,323,830 | 388,555 | |
AXA SA | 10,066,055 | 298,293 | |
Airbus SE | 2,908,393 | 289,059 | |
Danone SA | 3,112,261 | 260,782 | |
Vinci SA | 2,472,615 | 252,436 | |
Schneider Electric SE | 2,815,393 | 238,693 | |
Air Liquide SA | 1,633,826 | 205,397 | |
L'Oreal SA | 910,438 | 201,737 | |
Societe Generale SA | 3,901,701 | 201,156 | |
Kering | 394,716 | 185,805 | |
Pernod Ricard SA | 1,125,928 | 178,073 | |
Orange SA | 10,177,615 | 176,388 | |
Safran SA | 1,548,427 | 159,715 | |
Vivendi SA | 5,682,426 | 152,515 |
10
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Engie SA | 8,765,191 | 150,688 |
Essilor International Cie Generale d'Optique SA | 1,081,963 | 149,033 |
Cie de Saint-Gobain | 2,633,132 | 144,919 |
Cie Generale des Etablissements Michelin | 940,005 | 134,474 |
Legrand SA | 1,416,789 | 108,922 |
Renault SA | 979,509 | 98,322 |
Capgemini SE | 822,114 | 97,374 |
Valeo SA | 1,264,044 | 94,161 |
Hermes International | 164,759 | 88,142 |
Credit Agricole SA | 5,108,323 | 84,350 |
L'Oreal SA Loyalty Line | 368,925 | 81,747 |
Air Liquide SA | 605,762 | 76,154 |
TechnipFMC plc | 2,439,643 | 75,681 |
Publicis Groupe SA | 1,090,935 | 73,952 |
Dassault Systemes SE | 686,553 | 72,898 |
STMicroelectronics NV | 3,322,654 | 72,481 |
Atos SE | 483,390 | 70,281 |
Veolia Environnement SA | 2,600,918 | 66,322 |
Carrefour SA | 2,924,147 | 63,046 |
Sodexo SA | 459,619 | 61,616 |
Thales SA | 529,934 | 57,032 |
Bouygues SA | 1,069,000 | 55,468 |
Peugeot SA | 2,347,789 | 47,687 |
Accor SA | 925,661 | 47,653 |
Klepierre SA | 1,067,794 | 46,935 |
Arkema SA | 377,704 | 45,988 |
Gecina SA | 246,239 | 45,468 |
Teleperformance | 305,193 | 43,689 |
Eiffage SA | 394,362 | 43,160 |
Bureau Veritas SA | 1,352,767 | 36,948 |
Edenred | 1,231,744 | 35,659 |
Natixis SA | 4,444,199 | 35,103 |
Suez | 1,930,649 | 33,917 |
Alstom SA | 811,625 | 33,643 |
SCOR SE | 831,004 | 33,401 |
Eurofins Scientific SE | 52,254 | 31,761 |
Ingenico Group SA | 297,161 | 31,724 |
Zodiac Aerospace | 1,037,270 | 31,005 |
* Ubisoft Entertainment SA | 403,448 | 30,998 |
Getlink SE | 2,404,596 | 30,927 |
Iliad SA | 127,674 | 30,593 |
Faurecia | 390,545 | 30,437 |
Rexel SA | 1,608,622 | 29,127 |
SES SA Class A | 1,865,606 | 29,088 |
* Rubis SCA | 408,528 | 28,874 |
Electricite de France SA | 2,309,772 | 28,853 |
Aeroports de Paris | 151,473 | 28,803 |
Bollore SA | 5,213,391 | 28,282 |
Orpea | 239,428 | 28,190 |
SEB SA | 144,278 | 26,708 |
Wendel SA | 150,642 | 26,103 |
Fonciere Des Regions | 209,300 | 23,695 |
3 Euronext NV | 372,518 | 23,107 |
3 Amundi SA | 258,567 | 21,899 |
Ipsen SA | 181,216 | 21,569 |
Eurazeo SA | 230,570 | 21,301 |
Eutelsat Communications SA | 911,748 | 21,109 |
* BioMerieux | 220,418 | 19,735 |
Lagardere SCA | 613,113 | 19,635 |
CNP Assurances | 844,723 | 19,486 |
Dassault Aviation SA | 12,271 | 19,080 |
* Air France-KLM | 1,138,493 | 18,494 |
ICADE | 187,972 | 18,471 |
Imerys SA | 194,252 | 18,293 |
11
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Casino Guichard Perrachon SA | 301,572 | 18,285 | |
Elis SA | 659,598 | 18,212 | |
Remy Cointreau SA | 129,680 | 17,968 | |
Credit Agricole SA Loyalty Line | 951,298 | 15,708 | |
JCDecaux SA | 387,050 | 15,567 | |
Societe BIC SA | 139,201 | 15,298 | |
SPIE SA | 574,484 | 14,936 | |
3 | Elior Group SA | 699,992 | 14,436 |
Altran Technologies SA | 842,153 | 14,013 | |
Cie Plastic Omnium SA | 301,617 | 13,689 | |
Nexity SA | 228,528 | 13,594 | |
Alten SA | 150,466 | 12,551 | |
Sopra Steria Group | 66,820 | 12,487 | |
Euler Hermes Group | 82,135 | 11,988 | |
* | Fnac Darty SA | 90,416 | 10,909 |
3 | Maisons du Monde SA | 235,790 | 10,664 |
*,3 | Worldline SA | 213,953 | 10,414 |
^,* | Vallourec SA | 1,572,996 | 9,480 |
Sartorius Stedim Biotech | 128,116 | 9,257 | |
Metropole Television SA | 344,084 | 8,882 | |
Korian SA | 239,522 | 8,459 | |
Nexans SA | 136,218 | 8,328 | |
Television Francaise 1 | 557,860 | 8,221 | |
Trigano SA | 42,194 | 7,453 | |
Tarkett SA | 167,608 | 7,030 | |
* | SOITEC | 93,695 | 6,682 |
3 | Europcar Groupe SA | 543,465 | 6,671 |
*,3 | ALD SA | 427,401 | 6,623 |
Technicolor SA | 1,914,545 | 6,594 | |
Vicat SA | 80,431 | 6,341 | |
IPSOS | 168,156 | 6,194 | |
^ | Gaztransport Et Technigaz SA | 97,524 | 5,853 |
* | DBV Technologies SA | 110,543 | 5,546 |
* | Eramet | 46,096 | 5,465 |
Neopost SA | 183,566 | 5,278 | |
Coface SA | 481,078 | 5,153 | |
Mercialys SA | 220,910 | 4,885 | |
Beneteau SA | 193,988 | 4,646 | |
^,* | Genfit | 152,958 | 4,389 |
Derichebourg SA | 396,645 | 4,330 | |
Bonduelle SCA | 73,304 | 3,882 | |
* | Virbac SA | 23,123 | 3,429 |
Albioma SA | 132,668 | 3,348 | |
*,3 | X-Fab Silicon Foundries SE | 284,904 | 3,280 |
FFP | 27,256 | 3,276 | |
Vilmorin & Cie SA | 29,459 | 3,118 | |
Electricite de France SA Loyalty Line | 229,038 | 2,861 | |
Mersen SA | 62,323 | 2,789 | |
Boiron SA | 28,308 | 2,541 | |
Manitou BF SA | 61,546 | 2,252 | |
Interparfums SA | 53,792 | 2,232 | |
Guerbet | 23,081 | 2,198 | |
Jacquet Metal Service | 64,101 | 2,113 | |
Rallye SA | 114,552 | 2,036 | |
Direct Energie | 40,264 | 1,909 | |
MGI Coutier | 45,225 | 1,827 | |
* | Stallergenes Greer plc | 36,968 | 1,708 |
^ | Bourbon Corp. | 177,926 | 1,493 |
GL Events | 47,367 | 1,393 | |
Groupe Crit | 14,643 | 1,278 | |
* | Etablissements Maurel et Prom | 274,681 | 1,188 |
Haulotte Group SA | 59,167 | 1,144 | |
^,* | Parrot SA | 107,843 | 1,141 |
* | Esso SA Francaise | 12,795 | 879 |
12
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Union Financiere de France BQE SA | 16,273 | 588 | |
8,455,235 | |||
Germany (7.9%) | |||
Siemens AG | 4,046,931 | 560,334 | |
Bayer AG | 4,405,873 | 547,493 | |
Allianz SE | 2,375,444 | 543,620 | |
SAP SE | 4,836,615 | 541,103 | |
BASF SE | 4,872,032 | 534,133 | |
Daimler AG | 5,129,482 | 433,755 | |
Deutsche Telekom AG | 17,180,465 | 303,692 | |
Deutsche Post AG | 5,081,782 | 241,557 | |
* | Linde AG- Tender Line | 988,804 | 231,841 |
adidas AG | 1,053,338 | 210,659 | |
Volkswagen AG Preference Shares | 986,905 | 196,034 | |
Deutsche Bank AG | 9,886,991 | 187,004 | |
Bayerische Motoren Werke AG | 1,713,445 | 177,655 | |
Fresenius SE & Co. KGaA | 2,153,860 | 167,511 | |
Infineon Technologies AG | 6,014,701 | 163,807 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 729,344 | 157,503 | |
Continental AG | 575,081 | 154,629 | |
Vonovia SE | 2,584,216 | 128,042 | |
E.ON SE | 10,964,194 | 118,811 | |
Fresenius Medical Care AG & Co. KGaA | 1,130,477 | 118,712 | |
Henkel AG & Co. KGaA Preference Shares | 895,612 | 118,272 | |
Deutsche Boerse AG | 995,267 | 115,199 | |
HeidelbergCement AG | 791,853 | 85,383 | |
* | Commerzbank AG | 5,537,339 | 82,603 |
Deutsche Wohnen SE | 1,893,558 | 82,592 | |
Henkel AG & Co. KGaA | 659,089 | 78,925 | |
Merck KGaA | 687,681 | 73,814 | |
3 | Covestro AG | 697,409 | 71,810 |
thyssenkrupp AG | 2,477,660 | 71,446 | |
Porsche Automobil Holding SE Preference Shares | 815,996 | 68,194 | |
Wirecard AG | 607,112 | 67,477 | |
Beiersdorf AG | 530,984 | 62,249 | |
Symrise AG | 644,146 | 55,229 | |
* | RWE AG | 2,555,850 | 52,013 |
Brenntag AG | 822,489 | 51,853 | |
MTU Aero Engines AG | 273,026 | 48,789 | |
Deutsche Lufthansa AG | 1,245,600 | 45,743 | |
OSRAM Licht AG | 509,428 | 45,616 | |
GEA Group AG | 888,375 | 42,504 | |
United Internet AG | 619,705 | 42,463 | |
ProSiebenSat.1 Media SE | 1,220,696 | 41,902 | |
Hannover Rueck SE | 320,271 | 40,183 | |
LANXESS AG | 488,659 | 38,736 | |
LEG Immobilien AG | 337,238 | 38,496 | |
* | QIAGEN NV | 1,170,209 | 36,500 |
Uniper SE | 1,044,396 | 32,538 | |
KION Group AG | 374,740 | 32,258 | |
Evonik Industries AG | 797,807 | 29,965 | |
*,3 | Zalando SE | 557,213 | 29,381 |
Volkswagen AG | 144,060 | 29,073 | |
HUGO BOSS AG | 342,271 | 29,045 | |
Rheinmetall AG | 227,585 | 28,781 | |
3 | Innogy SE | 681,766 | 26,682 |
Bayerische Motoren Werke AG Preference Shares | 288,501 | 25,744 | |
^ | K&S AG | 1,017,856 | 25,271 |
Freenet AG | 681,625 | 25,150 | |
MAN SE | 188,292 | 21,547 | |
Fuchs Petrolub SE Preference Shares | 399,160 | 21,136 | |
Fraport AG Frankfurt Airport Services Worldwide | 188,405 | 20,694 | |
Drillisch AG | 246,262 | 20,311 | |
Axel Springer SE | 235,860 | 18,393 |
13
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | HOCHTIEF AG | 103,673 | 18,310 |
Telefonica Deutschland Holding AG | 3,563,360 | 17,834 | |
* | METRO AG | 893,983 | 17,807 |
Sartorius AG Preference Shares | 181,810 | 17,271 | |
Aurubis AG | 181,483 | 16,846 | |
Duerr AG | 129,808 | 16,510 | |
RTL Group SA | 203,261 | 16,317 | |
Wacker Chemie AG | 80,160 | 15,532 | |
TAG Immobilien AG | 785,702 | 14,915 | |
Hella GmbH & Co. KGaA | 238,380 | 14,714 | |
Aareal Bank AG | 320,205 | 14,458 | |
* | Siltronic AG | 99,579 | 14,396 |
* | Software AG | 255,667 | 14,341 |
* | MorphoSys AG | 154,792 | 14,148 |
Gerresheimer AG | 168,375 | 13,926 | |
CTS Eventim AG & Co. KGaA | 293,098 | 13,627 | |
Leoni AG | 175,476 | 13,075 | |
CECONOMY AG | 862,131 | 13,012 | |
STADA Arzneimittel AG | 121,180 | 12,838 | |
TUI AG | 619,859 | 12,724 | |
* | Dialog Semiconductor plc | 407,314 | 12,614 |
GRENKE AG | 132,894 | 12,597 | |
Jungheinrich AG Preference Shares | 259,641 | 12,207 | |
Bechtle AG | 146,201 | 12,157 | |
TLG Immobilien AG | 452,809 | 12,009 | |
Stabilus SA | 130,423 | 11,722 | |
Salzgitter AG | 204,336 | 11,608 | |
Norma Group SE | 171,876 | 11,508 | |
Fielmann AG | 130,509 | 11,496 | |
Rational AG | 17,810 | 11,458 | |
Deutsche EuroShop AG | 275,108 | 11,180 | |
^,* | Evotec AG | 690,299 | 11,104 |
alstria office REIT-AG | 703,796 | 10,877 | |
Krones AG | 76,129 | 10,420 | |
Stroeer SE & Co. KGaA | 130,133 | 9,589 | |
*,3 | Rocket Internet SE | 370,231 | 9,334 |
Jenoptik AG | 272,872 | 8,988 | |
Suedzucker AG | 410,805 | 8,893 | |
3 | Deutsche Pfandbriefbank AG | 536,224 | 8,566 |
Nemetschek SE | 95,288 | 8,525 | |
Bilfinger SE | 175,268 | 8,302 | |
Talanx AG | 200,466 | 8,169 | |
CompuGroup Medical SE | 121,399 | 7,948 | |
3 | ADO Properties SA | 155,619 | 7,877 |
*,3 | Hapag-Lloyd AG | 195,604 | 7,849 |
* | AIXTRON SE | 557,593 | 7,707 |
Carl Zeiss Meditec AG | 124,217 | 7,687 | |
*,3 | Delivery Hero AG | 193,469 | 7,642 |
FUCHS PETROLUB SE | 150,444 | 7,273 | |
Indus Holding AG | 97,461 | 6,935 | |
Schaeffler AG Preference Shares | 382,170 | 6,743 | |
Sixt SE Preference Shares | 104,280 | 6,609 | |
Pfeiffer Vacuum Technology AG | 34,781 | 6,511 | |
Deutz AG | 651,494 | 5,890 | |
Puma SE | 13,531 | 5,884 | |
^,* | zooplus AG | 32,661 | 5,880 |
*,3 | Tele Columbus AG | 497,490 | 5,502 |
DMG Mori AG | 99,794 | 5,495 | |
* | PATRIZIA Immobilien AG | 233,125 | 5,394 |
Koenig & Bauer AG | 70,391 | 5,288 | |
Sixt SE | 58,059 | 5,183 | |
Wacker Neuson SE | 135,231 | 4,865 | |
XING SE | 15,077 | 4,846 | |
Kloeckner & Co. SE | 393,407 | 4,834 |
14
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
RHOEN-KLINIKUM AG | 131,429 | 4,707 | |
* | Heidelberger Druckmaschinen AG | 1,329,671 | 4,565 |
KWS Saat SE | 11,001 | 4,401 | |
Takkt AG | 172,630 | 3,905 | |
RWE AG Preference Shares | 207,460 | 3,567 | |
VTG AG | 61,907 | 3,536 | |
^,* | Nordex SE | 328,296 | 3,486 |
* | SGL Carbon SE | 253,823 | 3,456 |
Draegerwerk AG & Co. KGaA Preference Shares | 39,598 | 3,426 | |
^ | ElringKlinger AG | 144,844 | 3,234 |
Deutsche Beteiligungs AG | 57,242 | 3,224 | |
Diebold Nixdorf AG | 34,495 | 3,015 | |
^ | Bertrandt AG | 23,739 | 2,884 |
Hamburger Hafen und Logistik AG | 101,682 | 2,882 | |
Wuestenrot & Wuerttembergische AG | 103,026 | 2,878 | |
DIC Asset AG | 218,697 | 2,760 | |
BayWa AG | 68,939 | 2,649 | |
* | Vossloh AG | 46,481 | 2,606 |
Biotest AG Preference Shares | 98,856 | 2,396 | |
SMA Solar Technology AG | 52,743 | 2,267 | |
comdirect bank AG | 156,932 | 2,156 | |
Hornbach Baumarkt AG | 41,612 | 1,548 | |
^ | Gerry Weber International AG | 130,112 | 1,487 |
Draegerwerk AG & Co. KGaA | 17,751 | 1,298 | |
CropEnergies AG | 134,487 | 1,256 | |
* | H&R GmbH & Co. KGaA | 66,289 | 1,160 |
Biotest AG | 32,141 | 842 | |
Biotest AG | 14,578 | 395 | |
8,443,607 | |||
Hong Kong (3.2%) | |||
AIA Group Ltd. | 64,332,518 | 547,190 | |
Hong Kong Exchanges & Clearing Ltd. | 6,607,750 | 202,120 | |
CK Hutchison Holdings Ltd. | 14,303,212 | 179,224 | |
Sun Hung Kai Properties Ltd. | 7,554,559 | 125,776 | |
* | CK Asset Holdings Ltd. | 14,329,946 | 124,917 |
Link REIT | 11,763,771 | 108,836 | |
BOC Hong Kong Holdings Ltd. | 19,066,849 | 96,360 | |
Hang Seng Bank Ltd. | 3,849,441 | 95,501 | |
Galaxy Entertainment Group Ltd. | 11,257,248 | 89,876 | |
CLP Holdings Ltd. | 8,739,059 | 89,404 | |
Hong Kong & China Gas Co. Ltd. | 43,381,911 | 84,954 | |
Jardine Matheson Holdings Ltd. | 1,099,739 | 66,724 | |
Sands China Ltd. | 12,760,689 | 65,682 | |
AAC Technologies Holdings Inc. | 3,700,648 | 65,496 | |
Power Assets Holdings Ltd. | 6,945,156 | 58,540 | |
3 | WH Group Ltd. | 44,574,661 | 50,237 |
New World Development Co. Ltd. | 29,218,740 | 43,792 | |
Hongkong Land Holdings Ltd. | 6,208,353 | 43,668 | |
MTR Corp. Ltd. | 7,442,443 | 43,562 | |
Techtronic Industries Co. Ltd. | 6,657,449 | 43,310 | |
* | Wharf Real Estate Investment Co. Ltd. | 6,466,552 | 43,039 |
China Mengniu Dairy Co. Ltd. | 14,195,589 | 42,168 | |
Jardine Strategic Holdings Ltd. | 966,177 | 38,213 | |
Henderson Land Development Co. Ltd. | 5,703,403 | 37,500 | |
Samsonite International SA | 6,788,189 | 31,138 | |
Wheelock & Co. Ltd. | 4,327,540 | 30,848 | |
CK Infrastructure Holdings Ltd. | 3,294,071 | 28,267 | |
Sino Land Co. Ltd. | 15,760,051 | 27,881 | |
Bank of East Asia Ltd. | 6,416,043 | 27,748 | |
Hang Lung Properties Ltd. | 10,738,484 | 26,159 | |
^,* | Semiconductor Manufacturing International Corp. | 14,974,908 | 25,807 |
Swire Pacific Ltd. Class A | 2,750,165 | 25,445 | |
Want Want China Holdings Ltd. | 29,721,090 | 24,881 | |
Wynn Macau Ltd. | 7,741,641 | 24,475 |
15
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
ASM Pacific Technology Ltd. | 1,619,161 | 22,463 | |
^ | Minth Group Ltd. | 3,695,333 | 22,222 |
Wharf Holdings Ltd. | 6,429,552 | 22,172 | |
Tingyi Cayman Islands Holding Corp. | 9,991,761 | 19,427 | |
Swire Properties Ltd. | 5,642,797 | 18,181 | |
^ | Kingston Financial Group Ltd. | 18,886,000 | 18,095 |
Hysan Development Co. Ltd. | 3,287,694 | 17,424 | |
Hang Lung Group Ltd. | 4,651,848 | 17,104 | |
Li & Fung Ltd. | 30,934,826 | 16,951 | |
Yue Yuen Industrial Holdings Ltd. | 3,854,094 | 15,133 | |
Kerry Properties Ltd. | 3,157,924 | 14,186 | |
Xinyi Glass Holdings Ltd. | 10,691,077 | 13,897 | |
NWS Holdings Ltd. | 7,457,324 | 13,430 | |
Shangri-La Asia Ltd. | 5,913,753 | 13,392 | |
PCCW Ltd. | 22,048,278 | 12,796 | |
Melco International Development Ltd. | 4,262,460 | 12,500 | |
Dairy Farm International Holdings Ltd. | 1,592,200 | 12,493 | |
Sun Art Retail Group Ltd. | 11,695,883 | 12,337 | |
MGM China Holdings Ltd. | 3,959,871 | 11,950 | |
Hopewell Holdings Ltd. | 3,052,687 | 11,265 | |
VTech Holdings Ltd. | 856,115 | 11,197 | |
Vitasoy International Holdings Ltd. | 4,218,000 | 10,785 | |
Nexteer Automotive Group Ltd. | 4,369,000 | 10,383 | |
Orient Overseas International Ltd. | 1,040,805 | 10,035 | |
PRADA SPA | 2,744,024 | 9,909 | |
SJM Holdings Ltd. | 10,082,211 | 9,009 | |
Fortune REIT | 7,163,000 | 8,854 | |
First Pacific Co. Ltd. | 12,243,738 | 8,323 | |
United Co. RUSAL plc | 11,171,435 | 7,817 | |
Luk Fook Holdings International Ltd. | 1,806,000 | 7,748 | |
Johnson Electric Holdings Ltd. | 1,838,364 | 7,687 | |
Great Eagle Holdings Ltd. | 1,459,688 | 7,659 | |
Champion REIT | 10,258,556 | 7,522 | |
Man Wah Holdings Ltd. | 7,888,000 | 7,479 | |
Swire Pacific Ltd. Class B | 4,697,500 | 7,301 | |
Haitong International Securities Group Ltd. | 12,019,745 | 6,837 | |
Xinyi Solar Holdings Ltd. | 16,914,675 | 6,525 | |
^,* | MMG Ltd. | 12,367,576 | 6,119 |
NagaCorp Ltd. | 7,916,000 | 6,114 | |
SITC International Holdings Co. Ltd. | 6,118,000 | 6,040 | |
Chow Tai Fook Jewellery Group Ltd. | 5,676,817 | 5,953 | |
3 | BOC Aviation Ltd. | 1,112,400 | 5,923 |
Television Broadcasts Ltd. | 1,559,249 | 5,610 | |
IGG Inc. | 4,929,000 | 5,296 | |
^ | Value Partners Group Ltd. | 4,959,000 | 5,256 |
Dah Sing Financial Holdings Ltd. | 805,420 | 5,157 | |
* | Esprit Holdings Ltd. | 9,651,703 | 5,156 |
Uni-President China Holdings Ltd. | 6,096,722 | 5,093 | |
Shui On Land Ltd. | 18,360,520 | 5,072 | |
^,* | Cathay Pacific Airways Ltd. | 3,270,101 | 5,069 |
Cafe de Coral Holdings Ltd. | 1,796,690 | 4,932 | |
China Travel International Investment Hong Kong Ltd. | 12,811,704 | 4,761 | |
HKBN Ltd. | 3,736,000 | 4,723 | |
FIH Mobile Ltd. | 15,451,964 | 4,707 | |
* | Pacific Basin Shipping Ltd. | 21,017,000 | 4,532 |
L'Occitane International SA | 2,430,211 | 4,446 | |
^ | China Goldjoy Group Ltd. | 53,200,000 | 4,419 |
Towngas China Co. Ltd. | 5,237,066 | 4,203 | |
Kerry Logistics Network Ltd. | 2,936,362 | 4,160 | |
Dah Sing Banking Group Ltd. | 1,854,984 | 4,022 | |
Shougang Fushan Resources Group Ltd. | 18,537,711 | 3,971 | |
^ | Guotai Junan International Holdings Ltd. | 12,642,844 | 3,954 |
Yuexiu REIT | 5,942,958 | 3,892 | |
* | Freeman FinTech Corp. Ltd. | 56,915,077 | 3,788 |
16
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Shun Tak Holdings Ltd. | 9,487,228 | 3,696 | |
Sunlight REIT | 5,328,000 | 3,655 | |
^ | Truly International Holdings Ltd. | 7,834,000 | 3,382 |
K Wah International Holdings Ltd. | 6,176,000 | 3,368 | |
Lifestyle International Holdings Ltd. | 2,473,030 | 3,281 | |
Far East Consortium International Ltd. | 5,354,000 | 3,219 | |
Giordano International Ltd. | 5,862,000 | 3,116 | |
Stella International Holdings Ltd. | 2,053,000 | 3,095 | |
Chow Sang Sang Holdings International Ltd. | 1,257,000 | 3,032 | |
Hopewell Highway Infrastructure Ltd. | 4,694,660 | 2,988 | |
^,* | KuangChi Science Ltd. | 9,322,000 | 2,958 |
Gemdale Properties & Investment Corp. Ltd. | 27,872,000 | 2,887 | |
^,* | China Harmony New Energy Auto Holding Ltd. | 3,865,000 | 2,808 |
Huabao International Holdings Ltd. | 4,260,000 | 2,798 | |
Lai Sun Development Co. Ltd. | 1,598,850 | 2,718 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 6,700,435 | 2,690 | |
^,*,2 | Brightoil Petroleum Holdings Ltd. | 13,955,536 | 2,679 |
Pacific Textiles Holdings Ltd. | 2,494,000 | 2,631 | |
* | Global Brands Group Holding Ltd. | 31,016,428 | 2,537 |
Prosperity REIT | 5,850,000 | 2,501 | |
Goodbaby International Holdings Ltd. | 4,496,000 | 2,467 | |
Road King Infrastructure Ltd. | 1,351,000 | 2,328 | |
CP Pokphand Co. Ltd. | 29,184,000 | 2,315 | |
^,* | Panda Green Energy Group Ltd. | 18,436,396 | 2,310 |
SmarTone Telecommunications Holdings Ltd. | 1,910,000 | 2,302 | |
^,* | GCL New Energy Holdings Ltd. | 32,588,000 | 2,286 |
Canvest Environmental Protection Group Co. Ltd. | 3,865,000 | 2,279 | |
^ | HC International Inc. | 3,112,000 | 2,278 |
^ | Nan Hai Corp. Ltd. | 63,900,000 | 2,203 |
HKR International Ltd. | 3,433,600 | 2,147 | |
Microport Scientific Corp. | 2,134,148 | 2,061 | |
Dynam Japan Holdings Co. Ltd. | 1,398,800 | 2,047 | |
* | China Baoli Technologies Holdings Ltd. | 134,256,784 | 2,041 |
SA Sa International Holdings Ltd. | 5,190,227 | 1,997 | |
Chong Hing Bank Ltd. | 916,000 | 1,967 | |
Sun Hung Kai & Co. Ltd. | 3,060,000 | 1,951 | |
* | United Laboratories International Holdings Ltd. | 2,364,000 | 1,918 |
* | COFCO Meat Holdings Ltd. | 9,440,000 | 1,906 |
^ | Spring REIT | 4,355,908 | 1,894 |
CITIC Telecom International Holdings Ltd. | 6,859,000 | 1,815 | |
^,2 | Town Health International Medical Group Ltd. | 20,414,000 | 1,803 |
* | China Oceanwide Holdings Ltd. | 24,345,156 | 1,772 |
Texwinca Holdings Ltd. | 3,179,930 | 1,748 | |
^ | China Silver Group Ltd. | 5,652,000 | 1,730 |
3 | Regina Miracle International Holdings Ltd. | 1,700,000 | 1,673 |
^,*,3 | IMAX China Holding Inc. | 558,496 | 1,667 |
* | Future World Financial Holdings Ltd. | 36,196,000 | 1,664 |
Liu Chong Hing Investment Ltd. | 928,000 | 1,602 | |
^ | Pou Sheng International Holdings Ltd. | 10,978,000 | 1,583 |
* | G-Resources Group Ltd. | 126,330,000 | 1,569 |
Singamas Container Holdings Ltd. | 7,354,000 | 1,502 | |
^,* | Digital Domain Holdings Ltd. | 66,470,000 | 1,476 |
Emperor Capital Group Ltd. | 20,034,000 | 1,456 | |
*,2 | Convoy Global Holdings Ltd. | 61,962,000 | 1,324 |
^ | China LNG Group Ltd. | 7,982,001 | 1,308 |
Lee's Pharmaceutical Holdings Ltd. | 1,493,500 | 1,308 | |
China Aerospace International Holdings Ltd. | 10,778,000 | 1,295 | |
^,* | New Provenance Everlasting Holdings Ltd. | 65,000,000 | 1,293 |
Ju Teng International Holdings Ltd. | 3,802,000 | 1,239 | |
^,* | Macau Legend Development Ltd. | 7,927,505 | 1,185 |
* | Beijing Enterprises Medical & Health Group Ltd. | 23,910,000 | 1,178 |
^,* | NewOcean Energy Holdings Ltd. | 4,302,000 | 1,129 |
^,* | Sino Oil And Gas Holdings Ltd. | 61,950,000 | 1,111 |
^,* | China Financial International Investments Ltd. | 34,730,000 | 1,031 |
17
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | China Strategic Holdings Ltd. | 85,045,000 | 902 |
^,* | Honghua Group Ltd. | 10,350,000 | 885 |
* | BOE Varitronix Ltd. | 1,338,000 | 882 |
Henderson Investment Ltd. | 10,292,033 | 868 | |
* | Hong Kong Television Network Ltd. | 2,018,000 | 860 |
*,2 | CST Group Ltd. | 156,056,000 | 825 |
Emperor Watch & Jewellery Ltd. | 17,280,000 | 786 | |
^,* | China LotSynergy Holdings Ltd. | 40,040,000 | 781 |
^ | EVA Precision Industrial Holdings Ltd. | 4,854,000 | 763 |
* | Sunshine Oilsands Ltd. | 18,748,500 | 731 |
* | Mei Ah Entertainment Group Ltd. | 18,600,000 | 725 |
3 | CGN New Energy Holdings Co. Ltd. | 5,162,000 | 725 |
^ | Shenwan Hongyuan HK Ltd. | 2,205,000 | 692 |
* | Lifestyle China Group Ltd. | 2,164,030 | 665 |
^,* | New Sports Group Ltd. | 6,142,500 | 637 |
^,* | Technovator International Ltd. | 1,980,000 | 612 |
^,* | China Ocean Industry Group Ltd. | 78,260,000 | 611 |
^,* | Anton Oilfield Services Group | 5,468,000 | 600 |
* | Silver Base Group Holdings Ltd. | 5,365,500 | 562 |
Inspur International Ltd. | 1,906,000 | 522 | |
TPV Technology Ltd. | 3,842,000 | 521 | |
Parkson Retail Group Ltd. | 4,455,494 | 512 | |
^,* | Good Resources Holdings Ltd. | 10,919,595 | 509 |
* | Xinchen China Power Holdings Ltd. | 3,538,000 | 497 |
^,* | Summit Ascent Holdings Ltd. | 3,914,000 | 445 |
* | Tou Rong Chang Fu Group Ltd. | 27,460,000 | 425 |
* | New World Department Store China Ltd. | 1,887,000 | 400 |
^,* | Qianhai Health Holdings Ltd. | 34,447,500 | 383 |
* | China Medical & HealthCare Group Ltd. | 12,970,000 | 349 |
^ | Yip's Chemical Holdings Ltd. | 958,000 | 339 |
^,* | Vision Fame International Holding Ltd. | 8,122,000 | 317 |
* | SOCAM Development Ltd. | 948,000 | 228 |
^,* | 13 Holdings Ltd. | 3,679,500 | 148 |
* | Yanchang Petroleum International Ltd. | 9,820,000 | 139 |
* | Sincere Watch Hong Kong Ltd. | 8,780,000 | 133 |
* | China Huarong Energy Co. Ltd. | 2,111,817 | 80 |
* | China Healthwise Holdings Ltd. | 6,876,000 | 63 |
3,410,913 | |||
Ireland (0.2%) | |||
Kerry Group plc Class A | 774,581 | 86,751 | |
* | Bank of Ireland Group plc | 4,897,179 | 41,728 |
Kingspan Group plc | 792,360 | 34,720 | |
* | AIB Group plc | 3,610,325 | 23,779 |
Glanbia plc | 1,044,307 | 18,669 | |
Green REIT plc | 3,645,153 | 6,810 | |
Hibernia REIT plc | 3,605,311 | 6,573 | |
Irish Continental Group plc | 853,713 | 5,935 | |
C&C Group plc | 1,689,587 | 5,831 | |
Origin Enterprises plc | 667,749 | 5,111 | |
* | Permanent TSB Group Holdings plc | 566,382 | 1,522 |
* | Ryanair Holdings plc ADR | 735 | 76 |
*,2 | Irish Bank Resolution Corp. Ltd. | 257,065 | — |
237,505 | |||
Israel (0.4%) | |||
Teva Pharmaceutical Industries Ltd. | 4,770,138 | 90,215 | |
Bank Leumi Le-Israel BM | 7,628,856 | 45,920 | |
Bank Hapoalim BM | 5,472,148 | 40,186 | |
Nice Ltd. | 324,792 | 29,678 | |
Frutarom Industries Ltd. | 195,460 | 18,316 | |
* | Israel Discount Bank Ltd. Class A | 6,268,228 | 18,195 |
* | Tower Semiconductor Ltd. | 501,221 | 17,034 |
Elbit Systems Ltd. | 125,493 | 16,764 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 10,923,363 | 16,507 | |
Mizrahi Tefahot Bank Ltd. | 694,555 | 12,794 |
18
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Israel Chemicals Ltd. | 2,693,935 | 10,908 | |
Azrieli Group Ltd. | 159,452 | 8,911 | |
* | Paz Oil Co. Ltd. | 41,822 | 7,225 |
* | Mazor Robotics Ltd. | 238,862 | 6,243 |
First International Bank Of Israel Ltd. | 277,178 | 5,746 | |
Alony Hetz Properties & Investments Ltd. | 533,707 | 5,720 | |
Gazit-Globe Ltd. | 511,027 | 5,428 | |
* | Airport City Ltd. | 385,335 | 4,823 |
Strauss Group Ltd. | 214,540 | 4,596 | |
Harel Insurance Investments & Financial Services Ltd. | 580,275 | 4,245 | |
Delek Group Ltd. | 25,828 | 4,172 | |
Reit 1 Ltd. | 921,357 | 4,002 | |
* | Nova Measuring Instruments Ltd. | 145,664 | 3,769 |
Oil Refineries Ltd. | 7,749,866 | 3,703 | |
Amot Investments Ltd. | 608,178 | 3,642 | |
* | Israel Corp. Ltd. | 19,918 | 3,369 |
Melisron Ltd. | 69,856 | 3,301 | |
* | Partner Communications Co. Ltd. | 506,775 | 3,159 |
* | Cellcom Israel Ltd. (Registered) | 301,015 | 3,101 |
IDI Insurance Co. Ltd. | 40,547 | 2,711 | |
* | Brack Capital Properties NV | 23,219 | 2,676 |
* | Jerusalem Oil Exploration | 42,733 | 2,604 |
Shufersal Ltd. | 379,013 | 2,516 | |
* | Clal Insurance Enterprises Holdings Ltd. | 133,807 | 2,406 |
* | Jerusalem Economy Ltd. | 827,129 | 2,285 |
Shikun & Binui Ltd. | 1,009,587 | 2,248 | |
Electra Ltd. | 8,572 | 2,067 | |
* | Kenon Holdings Ltd. | 92,707 | 1,977 |
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 36,948 | 1,959 | |
Matrix IT Ltd. | 155,431 | 1,953 | |
Migdal Insurance & Financial Holding Ltd. | 1,660,921 | 1,859 | |
Teva Pharmaceutical Industries Ltd. ADR | 95,178 | 1,804 | |
Sella Capital Real Estate Ltd. | 844,195 | 1,755 | |
Bayside Land Corp. | 3,482 | 1,737 | |
* | Phoenix Holdings Ltd. | 300,340 | 1,643 |
* | Africa Israel Properties Ltd. | 64,309 | 1,588 |
Delta-Galil Industries Ltd. | 44,715 | 1,545 | |
Menora Mivtachim Holdings Ltd. | 121,623 | 1,538 | |
Formula Systems 1985 Ltd. | 35,202 | 1,453 | |
Big Shopping Centers Ltd. | 20,132 | 1,399 | |
Delek Automotive Systems Ltd. | 183,098 | 1,366 | |
Naphtha Israel Petroleum Corp. Ltd. | 166,795 | 1,185 | |
* | Gilat Satellite Networks Ltd. | 142,835 | 1,112 |
* | B Communications Ltd. | 58,115 | 1,063 |
Norstar Holdings Inc. | 48,081 | 983 | |
* | Allot Communications Ltd. | 165,076 | 873 |
* | AudioCodes Ltd. | 106,784 | 766 |
* | Kamada Ltd. | 125,763 | 589 |
Property & Building Corp. Ltd. | 5,861 | 587 | |
* | Evogene Ltd. | 114,578 | 381 |
* | Ceragon Networks Ltd. | 96,016 | 190 |
452,490 | |||
Italy (2.3%) | |||
Enel SPA | 41,344,017 | 254,238 | |
Intesa Sanpaolo SPA (Registered) | 69,935,071 | 232,037 | |
* | UniCredit SPA | 11,859,857 | 221,239 |
Eni SPA | 13,314,526 | 220,330 | |
Assicurazioni Generali SPA | 6,966,007 | 126,793 | |
* | Fiat Chrysler Automobiles NV | 5,795,716 | 103,474 |
Atlantia SPA | 2,829,301 | 89,198 | |
Ferrari NV | 668,823 | 70,080 | |
CNH Industrial NV | 5,112,968 | 68,405 | |
Snam SPA | 12,558,848 | 61,507 | |
* | Telecom Italia SPA (Registered) | 60,110,413 | 51,912 |
19
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Luxottica Group SPA | 827,014 | 50,752 | |
Terna Rete Elettrica Nazionale SPA | 7,494,895 | 43,569 | |
Tenaris SA | 2,488,543 | 39,498 | |
Prysmian SPA | 1,127,798 | 36,750 | |
Mediobanca SPA | 3,080,248 | 34,902 | |
EXOR NV | 567,881 | 34,813 | |
Moncler SPA | 902,062 | 28,196 | |
^,* | Banco BPM SPA | 7,862,041 | 24,624 |
Leonardo SPA | 2,054,693 | 24,417 | |
Recordati SPA | 528,324 | 23,479 | |
Davide Campari-Milano SPA | 3,018,325 | 23,322 | |
Telecom Italia SPA (Bearer) | 32,768,345 | 23,244 | |
Intesa Sanpaolo SPA | 7,236,964 | 23,072 | |
Unione di Banche Italiane SPA | 5,242,981 | 22,857 | |
FinecoBank Banca Fineco SPA | 2,088,335 | 21,332 | |
3 | Poste Italiane SPA | 2,458,229 | 18,508 |
*,3 | Pirelli & C SPA | 2,112,038 | 18,373 |
Italgas SPA | 2,612,746 | 15,943 | |
A2A SPA | 8,163,548 | 15,105 | |
Hera SPA | 4,242,090 | 14,805 | |
^,* | Saipem SPA | 3,060,885 | 13,966 |
Interpump Group SPA | 443,085 | 13,906 | |
Cerved Information Solutions SPA | 1,051,927 | 13,371 | |
BPER Banca | 2,488,023 | 12,534 | |
* | Brembo SPA | 813,097 | 12,353 |
Unipol Gruppo SPA | 2,574,459 | 12,058 | |
^,* | Yoox Net-A-Porter Group SPA | 337,845 | 11,785 |
UnipolSai Assicurazioni SPA | 5,027,535 | 11,727 | |
Azimut Holding SPA | 604,765 | 11,570 | |
Banca Mediolanum SPA | 1,328,783 | 11,490 | |
DiaSorin SPA | 122,212 | 10,837 | |
De' Longhi SPA | 344,019 | 10,418 | |
Buzzi Unicem SPA | 377,817 | 10,192 | |
Banca Generali SPA | 304,017 | 10,102 | |
Amplifon SPA | 629,088 | 9,691 | |
3 | Infrastrutture Wireless Italiane SPA | 1,286,326 | 9,551 |
Autogrill SPA | 674,505 | 9,310 | |
Societa Cattolica di Assicurazioni SC | 842,240 | 9,139 | |
3 | Anima Holding SPA | 1,268,967 | 9,058 |
Banca Popolare di Sondrio SCPA | 2,428,419 | 8,868 | |
Iren SPA | 2,670,259 | 8,009 | |
3 | Enav SPA | 1,333,514 | 7,216 |
^,* | Mediaset SPA | 1,817,945 | 7,043 |
Industria Macchine Automatiche SPA | 85,996 | 6,990 | |
Societa Iniziative Autostradali e Servizi SPA | 367,503 | 6,839 | |
3 | OVS SPA | 936,080 | 6,233 |
^ | Salvatore Ferragamo SPA | 231,395 | 6,146 |
* | Reply SPA | 108,937 | 6,032 |
Saras SPA | 2,445,677 | 5,873 | |
Ei Towers SPA | 84,993 | 5,458 | |
ASTM SPA | 181,406 | 5,267 | |
Beni Stabili SpA SIIQ | 5,516,293 | 5,101 | |
^ | Tod's SPA | 69,650 | 5,084 |
Brunello Cucinelli SPA | 156,936 | 5,078 | |
3 | Technogym SPA | 516,652 | 4,994 |
Banca IFIS SPA | 100,399 | 4,908 | |
ERG SPA | 256,622 | 4,746 | |
MARR SPA | 177,515 | 4,582 | |
ACEA SPA | 232,759 | 4,300 | |
Datalogic SPA | 112,189 | 4,142 | |
^ | Maire Tecnimont SPA | 708,155 | 3,660 |
^,* | Fincantieri SPA | 2,409,931 | 3,615 |
Parmalat SPA | 968,476 | 3,602 | |
*,3 | doBank SPA | 215,175 | 3,488 |
20
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Danieli & C Officine Meccaniche SPA RSP | 207,054 | 3,446 | |
Credito Emiliano SPA | 398,651 | 3,385 | |
Buzzi Unicem SPA RSP | 218,734 | 3,341 | |
Salini Impregilo SPA | 838,083 | 3,235 | |
3 | RAI Way SPA | 509,636 | 3,108 |
*,3 | Banca Farmafactoring SPA | 401,672 | 3,082 |
Piaggio & C SPA | 842,185 | 2,324 | |
Cementir Holding SPA | 252,322 | 2,284 | |
Immobiliare Grande Distribuzione SIIQ SPA | 1,921,377 | 2,220 | |
CIR-Compagnie Industriali Riunite SPA | 1,477,406 | 2,065 | |
* | Arnoldo Mondadori Editore SPA | 677,153 | 1,691 |
^ | Cairo Communication SPA | 377,580 | 1,682 |
* | Italmobiliare SPA | 58,475 | 1,673 |
^,* | Juventus Football Club SPA | 1,812,255 | 1,662 |
Danieli & C Officine Meccaniche SPA | 68,708 | 1,630 | |
Zignago Vetro SPA | 163,761 | 1,601 | |
^ | Geox SPA | 389,125 | 1,351 |
* | Rizzoli Corriere Della Sera Mediagroup SPA | 750,382 | 1,098 |
^,* | GEDI Gruppo Editoriale SPA | 1,214,432 | 1,022 |
^,* | Safilo Group SPA | 152,795 | 873 |
^,* | Credito Valtellinese SPA | 558,252 | 811 |
^ | Esprinet SPA | 136,426 | 674 |
Cofide SPA | 899,867 | 626 | |
DeA Capital SPA | 378,098 | 612 | |
^ | Astaldi SPA | 220,604 | 562 |
2,433,164 | |||
Japan (21.7%) | |||
Toyota Motor Corp. | 13,775,570 | 877,917 | |
Mitsubishi UFJ Financial Group Inc. | 68,429,317 | 498,026 | |
SoftBank Group Corp. | 4,534,352 | 358,987 | |
Honda Motor Co. Ltd. | 9,490,193 | 323,877 | |
Sumitomo Mitsui Financial Group Inc. | 7,108,294 | 306,400 | |
Sony Corp. | 6,719,548 | 301,593 | |
Keyence Corp. | 479,366 | 267,789 | |
FANUC Corp. | 1,033,043 | 247,823 | |
Mizuho Financial Group Inc. | 135,214,457 | 244,480 | |
KDDI Corp. | 9,578,622 | 237,928 | |
Takeda Pharmaceutical Co. Ltd. | 4,057,254 | 229,712 | |
Shin-Etsu Chemical Co. Ltd. | 2,168,470 | 219,716 | |
Nintendo Co. Ltd. | 571,907 | 205,942 | |
Japan Tobacco Inc. | 6,361,070 | 204,846 | |
Canon Inc. | 5,456,053 | 203,282 | |
East Japan Railway Co. | 1,980,455 | 193,130 | |
Hitachi Ltd. | 24,587,638 | 190,756 | |
Mitsubishi Corp. | 6,853,412 | 188,974 | |
Komatsu Ltd. | 4,860,995 | 175,675 | |
Nidec Corp. | 1,246,188 | 174,488 | |
Mitsubishi Electric Corp. | 10,515,722 | 174,273 | |
Kao Corp. | 2,560,063 | 172,982 | |
Central Japan Railway Co. | 964,617 | 172,628 | |
Seven & i Holdings Co. Ltd. | 4,108,488 | 170,200 | |
Tokio Marine Holdings Inc. | 3,717,543 | 169,085 | |
Nippon Telegraph & Telephone Corp. | 3,564,301 | 167,572 | |
Daikin Industries Ltd. | 1,409,794 | 166,585 | |
Panasonic Corp. | 11,344,516 | 165,561 | |
NTT DOCOMO Inc. | 6,912,953 | 163,450 | |
Recruit Holdings Co. Ltd. | 6,364,362 | 158,027 | |
Denso Corp. | 2,596,784 | 155,570 | |
Bridgestone Corp. | 3,325,093 | 153,893 | |
Tokyo Electron Ltd. | 828,808 | 149,508 | |
Mitsui & Co. Ltd. | 8,917,362 | 144,670 | |
ITOCHU Corp. | 7,509,473 | 139,988 | |
Astellas Pharma Inc. | 10,730,956 | 136,318 | |
Murata Manufacturing Co. Ltd. | 1,009,195 | 135,119 |
21
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Daiwa House Industry Co. Ltd. | 3,449,379 | 132,275 |
SMC Corp. | 309,442 | 126,990 |
Suzuki Motor Corp. | 2,186,019 | 126,535 |
Dai-ichi Life Holdings Inc. | 6,043,830 | 124,214 |
Kubota Corp. | 5,935,801 | 116,101 |
ORIX Corp. | 6,821,871 | 115,023 |
Kirin Holdings Co. Ltd. | 4,461,233 | 112,429 |
Mitsui Fudosan Co. Ltd. | 5,025,610 | 112,400 |
Mitsubishi Estate Co. Ltd. | 6,276,850 | 108,985 |
Fast Retailing Co. Ltd. | 274,092 | 108,983 |
JXTG Holdings Inc. | 16,914,534 | 108,698 |
Kyocera Corp. | 1,658,013 | 108,247 |
Nippon Steel & Sumitomo Metal Corp. | 4,150,707 | 106,048 |
Subaru Corp. | 3,257,236 | 103,280 |
Nissan Motor Co. Ltd. | 10,299,589 | 102,544 |
Nomura Holdings Inc. | 17,418,110 | 102,101 |
Sumitomo Corp. | 5,956,962 | 101,041 |
Asahi Group Holdings Ltd. | 2,024,941 | 100,477 |
Hoya Corp. | 1,999,164 | 99,565 |
Shiseido Co. Ltd. | 2,062,926 | 99,402 |
Otsuka Holdings Co. Ltd. | 2,226,810 | 97,662 |
Oriental Land Co. Ltd. | 1,007,761 | 91,686 |
Daiichi Sankyo Co. Ltd. | 3,461,352 | 90,002 |
MS&AD Insurance Group Holdings Inc. | 2,656,190 | 89,594 |
Asahi Kasei Corp. | 6,624,369 | 85,252 |
FUJIFILM Holdings Corp. | 2,054,731 | 83,843 |
Shionogi & Co. Ltd. | 1,528,692 | 82,603 |
Japan Post Holdings Co. Ltd. | 7,052,661 | 80,781 |
Eisai Co. Ltd. | 1,402,741 | 79,689 |
Sumitomo Mitsui Trust Holdings Inc. | 1,983,919 | 78,496 |
Daito Trust Construction Co. Ltd. | 383,101 | 78,050 |
Secom Co. Ltd. | 1,028,852 | 77,620 |
Terumo Corp. | 1,629,320 | 77,083 |
Toray Industries Inc. | 8,062,837 | 75,890 |
Sumitomo Realty & Development Co. Ltd. | 2,290,759 | 75,180 |
Mitsubishi Chemical Holdings Corp. | 6,867,401 | 75,143 |
Fujitsu Ltd. | 10,282,158 | 72,896 |
Nitto Denko Corp. | 819,451 | 72,479 |
Sompo Holdings Inc. | 1,875,488 | 72,395 |
West Japan Railway Co. | 980,260 | 71,514 |
Resona Holdings Inc. | 11,607,699 | 69,168 |
Sumitomo Electric Industries Ltd. | 4,005,449 | 67,521 |
JFE Holdings Inc. | 2,730,850 | 65,260 |
Aeon Co. Ltd. | 3,701,204 | 62,431 |
Omron Corp. | 1,046,241 | 62,229 |
MEIJI Holdings Co. Ltd. | 718,506 | 61,151 |
Inpex Corp. | 4,859,096 | 60,476 |
Marubeni Corp. | 8,318,922 | 60,143 |
Sysmex Corp. | 765,151 | 60,080 |
Chugai Pharmaceutical Co. Ltd. | 1,150,527 | 58,802 |
Shimano Inc. | 417,270 | 58,651 |
Sumitomo Metal Mining Co. Ltd. | 1,270,001 | 58,103 |
Sumitomo Chemical Co. Ltd. | 8,034,055 | 57,489 |
Olympus Corp. | 1,497,123 | 57,272 |
* Toshiba Corp. | 20,293,646 | 56,849 |
Mitsubishi Heavy Industries Ltd. | 1,516,021 | 56,523 |
Nitori Holdings Co. Ltd. | 392,537 | 55,868 |
Taisei Corp. | 1,118,511 | 55,625 |
Sekisui House Ltd. | 3,078,596 | 55,534 |
Ono Pharmaceutical Co. Ltd. | 2,351,515 | 54,700 |
Toyota Industries Corp. | 851,476 | 54,579 |
Makita Corp. | 1,296,382 | 54,367 |
Daiwa Securities Group Inc. | 8,525,634 | 53,341 |
Unicharm Corp. | 2,036,221 | 52,875 |
22
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Aisin Seiki Co. Ltd. | 931,405 | 52,180 |
Rohm Co. Ltd. | 472,350 | 52,035 |
Yaskawa Electric Corp. | 1,180,141 | 51,708 |
T&D Holdings Inc. | 3,008,067 | 51,319 |
Tokyo Gas Co. Ltd. | 2,236,598 | 51,103 |
Ajinomoto Co. Inc. | 2,699,493 | 50,789 |
TDK Corp. | 634,205 | 50,401 |
Japan Exchange Group Inc. | 2,858,280 | 49,592 |
Dentsu Inc. | 1,168,849 | 49,425 |
Yamaha Motor Co. Ltd. | 1,484,170 | 48,619 |
Isuzu Motors Ltd. | 2,895,639 | 48,349 |
Toyota Tsusho Corp. | 1,185,097 | 47,609 |
Hankyu Hanshin Holdings Inc. | 1,183,209 | 47,527 |
Kansai Electric Power Co. Inc. | 3,870,867 | 47,341 |
Kajima Corp. | 4,872,117 | 46,811 |
MINEBEA MITSUMI Inc. | 2,231,903 | 46,551 |
Chubu Electric Power Co. Inc. | 3,722,084 | 46,168 |
TOTO Ltd. | 767,925 | 45,219 |
Asahi Glass Co. Ltd. | 1,019,608 | 44,072 |
Obayashi Corp. | 3,571,791 | 43,148 |
MISUMI Group Inc. | 1,469,843 | 42,673 |
Koito Manufacturing Co. Ltd. | 607,705 | 42,547 |
Tokyu Corp. | 2,624,304 | 41,832 |
Yakult Honsha Co. Ltd. | 542,933 | 40,967 |
Mazda Motor Corp. | 3,040,718 | 40,634 |
Osaka Gas Co. Ltd. | 2,099,071 | 40,364 |
NTT Data Corp. | 3,341,250 | 39,640 |
Ryohin Keikaku Co. Ltd. | 124,777 | 38,842 |
Sekisui Chemical Co. Ltd. | 1,917,647 | 38,392 |
Rakuten Inc. | 4,191,825 | 38,316 |
Kikkoman Corp. | 940,440 | 38,031 |
NSK Ltd. | 2,422,859 | 37,959 |
Yamato Holdings Co. Ltd. | 1,887,303 | 37,888 |
Concordia Financial Group Ltd. | 6,236,720 | 37,511 |
M3 Inc. | 1,069,732 | 37,499 |
LIXIL Group Corp. | 1,383,720 | 37,384 |
Nikon Corp. | 1,853,115 | 37,291 |
Kintetsu Group Holdings Co. Ltd. | 953,955 | 36,508 |
NEC Corp. | 1,320,362 | 35,567 |
Kuraray Co. Ltd. | 1,878,229 | 35,363 |
Dai Nippon Printing Co. Ltd. | 1,569,215 | 34,936 |
Odakyu Electric Railway Co. Ltd. | 1,619,538 | 34,604 |
Tobu Railway Co. Ltd. | 1,071,197 | 34,571 |
Seiko Epson Corp. | 1,465,356 | 34,497 |
Trend Micro Inc. | 607,464 | 34,384 |
Tosoh Corp. | 1,513,597 | 34,147 |
Bandai Namco Holdings Inc. | 1,034,010 | 33,750 |
Ricoh Co. Ltd. | 3,609,460 | 33,448 |
Disco Corp. | 147,343 | 32,657 |
Don Quijote Holdings Co. Ltd. | 625,518 | 32,608 |
* Tokyo Electric Power Co. Holdings Inc. | 8,253,543 | 32,574 |
Yamaha Corp. | 881,336 | 32,510 |
Shimadzu Corp. | 1,428,094 | 32,398 |
Tohoku Electric Power Co. Inc. | 2,497,784 | 31,889 |
Stanley Electric Co. Ltd. | 786,252 | 31,814 |
Yahoo Japan Corp. | 6,924,454 | 31,724 |
SUMCO Corp. | 1,245,466 | 31,618 |
* Nexon Co. Ltd. | 1,081,737 | 31,371 |
Idemitsu Kosan Co. Ltd. | 779,477 | 31,223 |
Shimizu Corp. | 3,018,999 | 31,138 |
Oji Holdings Corp. | 4,674,002 | 31,039 |
Mitsui Chemicals Inc. | 964,463 | 30,928 |
Brother Industries Ltd. | 1,250,635 | 30,740 |
FamilyMart UNY Holdings Co. Ltd. | 431,653 | 30,232 |
23
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Santen Pharmaceutical Co. Ltd. | 1,929,520 | 30,217 | |
Nissan Chemical Industries Ltd. | 750,073 | 29,879 | |
Suntory Beverage & Food Ltd. | 665,044 | 29,574 | |
* | Renesas Electronics Corp. | 2,541,500 | 29,475 |
Shizuoka Bank Ltd. | 2,824,363 | 29,074 | |
Showa Denko KK | 673,908 | 28,681 | |
Start Today Co. Ltd. | 944,457 | 28,667 | |
Mitsubishi Gas Chemical Co. Inc. | 997,142 | 28,553 | |
Chiba Bank Ltd. | 3,433,134 | 28,470 | |
Alps Electric Co. Ltd. | 995,598 | 28,320 | |
Japan Post Bank Co. Ltd. | 2,170,074 | 28,184 | |
Taiheiyo Cement Corp. | 641,221 | 27,607 | |
Konami Holdings Corp. | 501,728 | 27,591 | |
Nisshin Seifun Group Inc. | 1,360,263 | 27,455 | |
Kawasaki Heavy Industries Ltd. | 778,962 | 27,252 | |
Keio Corp. | 611,051 | 26,840 | |
Daifuku Co. Ltd. | 493,900 | 26,834 | |
Nissin Foods Holdings Co. Ltd. | 366,038 | 26,687 | |
NH Foods Ltd. | 1,092,245 | 26,606 | |
NGK Insulators Ltd. | 1,410,498 | 26,570 | |
Kansai Paint Co. Ltd. | 1,023,201 | 26,551 | |
Kyushu Railway Co. | 849,659 | 26,299 | |
^,* | Sharp Corp. | 765,817 | 26,213 |
Tsuruha Holdings Inc. | 191,925 | 26,069 | |
Obic Co. Ltd. | 354,313 | 26,023 | |
Kyowa Hakko Kirin Co. Ltd. | 1,346,955 | 25,931 | |
Nippon Paint Holdings Co. Ltd. | 819,301 | 25,887 | |
Nippon Express Co. Ltd. | 388,462 | 25,797 | |
Kyushu Electric Power Co. Inc. | 2,454,917 | 25,714 | |
Nomura Research Institute Ltd. | 549,932 | 25,526 | |
ANA Holdings Inc. | 610,738 | 25,478 | |
Sumitomo Heavy Industries Ltd. | 602,471 | 25,385 | |
Lion Corp. | 1,341,770 | 25,362 | |
Keikyu Corp. | 1,318,834 | 25,306 | |
Hirose Electric Co. Ltd. | 172,460 | 25,180 | |
Toppan Printing Co. Ltd. | 2,769,569 | 25,018 | |
Fuji Electric Co. Ltd. | 3,324,048 | 24,971 | |
Hoshizaki Corp. | 280,427 | 24,844 | |
NGK Spark Plug Co. Ltd. | 1,021,737 | 24,764 | |
Yokogawa Electric Corp. | 1,293,506 | 24,696 | |
J Front Retailing Co. Ltd. | 1,308,438 | 24,588 | |
Japan Airlines Co. Ltd. | 628,317 | 24,548 | |
USS Co. Ltd. | 1,148,990 | 24,297 | |
Mitsubishi Tanabe Pharma Corp. | 1,176,991 | 24,258 | |
Nagoya Railroad Co. Ltd. | 962,266 | 24,233 | |
Aozora Bank Ltd. | 622,540 | 24,156 | |
Mitsubishi Motors Corp. | 3,345,857 | 24,070 | |
Kose Corp. | 152,622 | 23,783 | |
Keisei Electric Railway Co. Ltd. | 739,696 | 23,749 | |
Nabtesco Corp. | 620,828 | 23,723 | |
Electric Power Development Co. Ltd. | 881,066 | 23,700 | |
SBI Holdings Inc. | 1,136,389 | 23,677 | |
Amada Holdings Co. Ltd. | 1,738,841 | 23,608 | |
Mitsubishi Materials Corp. | 658,323 | 23,361 | |
Isetan Mitsukoshi Holdings Ltd. | 1,882,612 | 23,297 | |
Hisamitsu Pharmaceutical Co. Inc. | 384,688 | 23,241 | |
Hamamatsu Photonics KK | 687,815 | 23,070 | |
IHI Corp. | 693,453 | 22,999 | |
Mebuki Financial Group Inc. | 5,428,427 | 22,933 | |
Konica Minolta Inc. | 2,389,340 | 22,926 | |
Haseko Corp. | 1,476,386 | 22,881 | |
Coca-Cola Bottlers Japan Inc. | 625,716 | 22,832 | |
THK Co. Ltd. | 608,884 | 22,760 | |
Persol Holdings Co. Ltd. | 896,769 | 22,452 |
24
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Alfresa Holdings Corp. | 950,375 | 22,260 | |
JGC Corp. | 1,141,396 | 22,051 | |
Pigeon Corp. | 578,603 | 21,984 | |
Fukuoka Financial Group Inc. | 3,914,538 | 21,905 | |
Seibu Holdings Inc. | 1,150,972 | 21,745 | |
^ | Yamada Denki Co. Ltd. | 3,866,846 | 21,296 |
Hulic Co. Ltd. | 1,895,037 | 21,250 | |
Toho Co. Ltd. | 610,985 | 21,149 | |
Kobayashi Pharmaceutical Co. Ltd. | 326,342 | 21,148 | |
Otsuka Corp. | 275,056 | 21,065 | |
Teijin Ltd. | 943,775 | 20,971 | |
* | Nippon Yusen KK | 857,901 | 20,874 |
Hitachi Construction Machinery Co. Ltd. | 566,748 | 20,540 | |
Nippon Shinyaku Co. Ltd. | 275,634 | 20,503 | |
JTEKT Corp. | 1,196,029 | 20,493 | |
Toyo Suisan Kaisha Ltd. | 479,902 | 20,487 | |
Ebara Corp. | 536,127 | 20,368 | |
Marui Group Co. Ltd. | 1,111,639 | 20,321 | |
Sojitz Corp. | 6,614,629 | 20,265 | |
CyberAgent Inc. | 509,898 | 19,872 | |
Suruga Bank Ltd. | 922,598 | 19,727 | |
Tokyu Fudosan Holdings Corp. | 2,732,977 | 19,723 | |
Bank of Kyoto Ltd. | 379,451 | 19,706 | |
Mitsui OSK Lines Ltd. | 590,691 | 19,631 | |
JSR Corp. | 994,939 | 19,545 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 243,752 | 19,415 | |
Square Enix Holdings Co. Ltd. | 408,966 | 19,405 | |
Sohgo Security Services Co. Ltd. | 354,713 | 19,279 | |
Kurita Water Industries Ltd. | 588,302 | 19,074 | |
Denka Co. Ltd. | 472,730 | 18,864 | |
Advantest Corp. | 1,006,523 | 18,570 | |
Hino Motors Ltd. | 1,436,883 | 18,559 | |
Asahi Intecc Co. Ltd. | 531,782 | 18,226 | |
Daicel Corp. | 1,589,745 | 18,041 | |
Rinnai Corp. | 197,044 | 17,828 | |
Matsumotokiyoshi Holdings Co. Ltd. | 421,666 | 17,322 | |
Air Water Inc. | 819,549 | 17,252 | |
SCREEN Holdings Co. Ltd. | 211,367 | 17,191 | |
Suzuken Co. Ltd. | 417,706 | 17,149 | |
Sumitomo Rubber Industries Ltd. | 920,579 | 17,061 | |
Mitsui Mining & Smelting Co. Ltd. | 292,797 | 17,039 | |
Hikari Tsushin Inc. | 118,603 | 17,028 | |
Lawson Inc. | 255,193 | 16,958 | |
Nippon Electric Glass Co. Ltd. | 440,780 | 16,777 | |
Casio Computer Co. Ltd. | 1,159,346 | 16,636 | |
Chugoku Electric Power Co. Inc. | 1,546,034 | 16,597 | |
Ube Industries Ltd. | 566,306 | 16,589 | |
Takashimaya Co. Ltd. | 1,570,349 | 16,506 | |
Sony Financial Holdings Inc. | 927,527 | 16,393 | |
Hakuhodo DY Holdings Inc. | 1,262,904 | 16,371 | |
Ulvac Inc. | 259,400 | 16,269 | |
MediPal Holdings Corp. | 832,212 | 16,248 | |
DIC Corp. | 430,587 | 16,199 | |
COMSYS Holdings Corp. | 557,960 | 16,177 | |
Nihon M&A Center Inc. | 339,300 | 16,154 | |
Furukawa Electric Co. Ltd. | 328,050 | 16,129 | |
Sundrug Co. Ltd. | 345,290 | 16,017 | |
Nichirei Corp. | 571,061 | 15,785 | |
Kewpie Corp. | 589,113 | 15,696 | |
Credit Saison Co. Ltd. | 859,973 | 15,617 | |
Kagome Co. Ltd. | 419,533 | 15,567 | |
Keihan Holdings Co. Ltd. | 526,946 | 15,503 | |
Nifco Inc. | 223,330 | 15,203 | |
^,* | PeptiDream Inc. | 445,100 | 15,183 |
25
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Asics Corp. | 947,396 | 15,059 |
Relo Group Inc. | 551,400 | 14,996 |
Mabuchi Motor Co. Ltd. | 276,541 | 14,948 |
TIS Inc. | 429,200 | 14,947 |
Hitachi Metals Ltd. | 1,043,941 | 14,931 |
Azbil Corp. | 344,701 | 14,929 |
Shinsei Bank Ltd. | 865,829 | 14,921 |
Sanwa Holdings Corp. | 1,066,733 | 14,660 |
Tokyo Tatemono Co. Ltd. | 1,087,596 | 14,659 |
* Kobe Steel Ltd. | 1,577,457 | 14,558 |
Nankai Electric Railway Co. Ltd. | 584,215 | 14,457 |
Hitachi High-Technologies Corp. | 341,985 | 14,373 |
AEON Financial Service Co. Ltd. | 615,497 | 14,305 |
Nomura Real Estate Holdings Inc. | 637,448 | 14,242 |
Oracle Corp. Japan | 171,895 | 14,226 |
Yamaguchi Financial Group Inc. | 1,197,252 | 14,189 |
Iida Group Holdings Co. Ltd. | 752,350 | 14,161 |
Miura Co. Ltd. | 527,400 | 14,159 |
Kaneka Corp. | 1,544,336 | 14,076 |
NOK Corp. | 602,603 | 14,023 |
Rohto Pharmaceutical Co. Ltd. | 522,191 | 13,888 |
Ezaki Glico Co. Ltd. | 277,969 | 13,865 |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,335,619 | 13,863 |
Showa Shell Sekiyu KK | 1,022,386 | 13,835 |
Pola Orbis Holdings Inc. | 393,480 | 13,788 |
Hiroshima Bank Ltd. | 1,585,025 | 13,752 |
Yokohama Rubber Co. Ltd. | 560,466 | 13,690 |
Gunma Bank Ltd. | 2,270,593 | 13,681 |
Toyo Seikan Group Holdings Ltd. | 851,835 | 13,674 |
Hitachi Chemical Co. Ltd. | 528,024 | 13,521 |
Park24 Co. Ltd. | 558,245 | 13,364 |
Nippon Kayaku Co. Ltd. | 895,239 | 13,275 |
Sumitomo Dainippon Pharma Co. Ltd. | 890,688 | 13,185 |
Yamazaki Baking Co. Ltd. | 676,121 | 13,165 |
House Foods Group Inc. | 396,177 | 13,131 |
Izumi Co. Ltd. | 211,093 | 13,102 |
Cosmo Energy Holdings Co. Ltd. | 347,594 | 13,088 |
Toho Gas Co. Ltd. | 477,975 | 13,086 |
Benesse Holdings Inc. | 371,716 | 13,078 |
Sega Sammy Holdings Inc. | 1,053,265 | 13,072 |
Tokai Carbon Co. Ltd. | 1,046,400 | 12,912 |
Calbee Inc. | 396,046 | 12,871 |
Fujikura Ltd. | 1,455,559 | 12,803 |
Seino Holdings Co. Ltd. | 795,596 | 12,622 |
Shimamura Co. Ltd. | 114,565 | 12,586 |
Sumitomo Forestry Co. Ltd. | 704,791 | 12,570 |
Kyushu Financial Group Inc. | 2,082,920 | 12,554 |
Hachijuni Bank Ltd. | 2,193,634 | 12,535 |
Horiba Ltd. | 205,800 | 12,390 |
Chugoku Bank Ltd. | 928,422 | 12,373 |
Aeon Mall Co. Ltd. | 632,594 | 12,355 |
Kamigumi Co. Ltd. | 552,942 | 12,220 |
Tokyo Century Corp. | 251,474 | 12,172 |
Kyowa Exeo Corp. | 470,600 | 12,166 |
Daido Steel Co. Ltd. | 197,580 | 12,111 |
DeNA Co. Ltd. | 586,565 | 12,076 |
Topcon Corp. | 559,942 | 12,070 |
Seven Bank Ltd. | 3,525,102 | 12,039 |
Kakaku.com Inc. | 710,062 | 11,986 |
Ito En Ltd. | 303,860 | 11,957 |
Miraca Holdings Inc. | 279,190 | 11,909 |
Tokuyama Corp. | 366,500 | 11,890 |
^ Iyo Bank Ltd. | 1,461,041 | 11,675 |
Bic Camera Inc. | 806,243 | 11,613 |
26
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tsumura & Co. | 350,175 | 11,601 | |
Nippon Shokubai Co. Ltd. | 171,991 | 11,594 | |
Zenkoku Hosho Co. Ltd. | 269,529 | 11,578 | |
Skylark Co. Ltd. | 811,466 | 11,531 | |
Welcia Holdings Co. Ltd. | 266,940 | 11,522 | |
Kinden Corp. | 698,704 | 11,376 | |
Sankyu Inc. | 264,000 | 11,364 | |
Penta-Ocean Construction Co. Ltd. | 1,522,500 | 11,343 | |
Zeon Corp. | 779,101 | 11,244 | |
TS Tech Co. Ltd. | 272,978 | 11,201 | |
Itochu Techno-Solutions Corp. | 258,109 | 11,195 | |
^,* | Kawasaki Kisen Kaisha Ltd. | 439,396 | 11,166 |
NTN Corp. | 2,247,757 | 11,096 | |
Glory Ltd. | 294,012 | 11,083 | |
Takara Holdings Inc. | 940,013 | 10,965 | |
Morinaga & Co. Ltd. | 216,500 | 10,959 | |
DMG Mori Co. Ltd. | 530,288 | 10,917 | |
Daiichikosho Co. Ltd. | 218,900 | 10,907 | |
Nishi-Nippon Railroad Co. Ltd. | 404,132 | 10,893 | |
Sotetsu Holdings Inc. | 414,472 | 10,884 | |
Toyo Tire & Rubber Co. Ltd. | 528,300 | 10,857 | |
K's Holdings Corp. | 421,790 | 10,794 | |
Japan Steel Works Ltd. | 335,527 | 10,779 | |
Taiyo Nippon Sanso Corp. | 771,007 | 10,759 | |
Nagase & Co. Ltd. | 594,731 | 10,691 | |
OKUMA Corp. | 161,505 | 10,682 | |
Citizen Watch Co. Ltd. | 1,454,325 | 10,652 | |
Hokuhoku Financial Group Inc. | 678,703 | 10,575 | |
Aica Kogyo Co. Ltd. | 280,800 | 10,410 | |
Nisshinbo Holdings Inc. | 764,291 | 10,350 | |
Sapporo Holdings Ltd. | 334,699 | 10,241 | |
Wacoal Holdings Corp. | 323,917 | 10,217 | |
GS Yuasa Corp. | 2,057,873 | 10,215 | |
SCSK Corp. | 220,628 | 10,155 | |
Tadano Ltd. | 613,428 | 10,140 | |
Kyudenko Corp. | 209,300 | 10,107 | |
NOF Corp. | 375,500 | 10,057 | |
Nishi-Nippon Financial Holdings Inc. | 837,268 | 9,991 | |
Shima Seiki Manufacturing Ltd. | 158,600 | 9,988 | |
^ | MonotaRO Co. Ltd. | 313,017 | 9,976 |
Toyoda Gosei Co. Ltd. | 392,897 | 9,968 | |
Toda Corp. | 1,243,647 | 9,954 | |
TechnoPro Holdings Inc. | 183,000 | 9,921 | |
Dowa Holdings Co. Ltd. | 244,150 | 9,916 | |
Sugi Holdings Co. Ltd. | 193,711 | 9,868 | |
Leopalace21 Corp. | 1,267,200 | 9,841 | |
H2O Retailing Corp. | 464,787 | 9,716 | |
Maeda Corp. | 705,300 | 9,708 | |
Cosmos Pharmaceutical Corp. | 46,507 | 9,704 | |
Maruichi Steel Tube Ltd. | 331,491 | 9,686 | |
Nippon Paper Industries Co. Ltd. | 507,493 | 9,633 | |
Amano Corp. | 368,300 | 9,604 | |
Morinaga Milk Industry Co. Ltd. | 212,100 | 9,596 | |
Sumitomo Osaka Cement Co. Ltd. | 1,984,344 | 9,557 | |
Jafco Co. Ltd. | 165,370 | 9,540 | |
Kaken Pharmaceutical Co. Ltd. | 185,011 | 9,533 | |
77 Bank Ltd. | 378,193 | 9,518 | |
NHK Spring Co. Ltd. | 866,079 | 9,505 | |
ADEKA Corp. | 532,900 | 9,373 | |
Sawai Pharmaceutical Co. Ltd. | 210,007 | 9,372 | |
Nipro Corp. | 633,809 | 9,367 | |
Japan Airport Terminal Co. Ltd. | 250,820 | 9,286 | |
Taiyo Yuden Co. Ltd. | 598,921 | 9,273 | |
Mitsubishi Logistics Corp. | 355,765 | 9,223 |
27
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Nippon Light Metal Holdings Co. Ltd. | 3,236,700 | 9,194 |
Nihon Kohden Corp. | 395,861 | 9,153 |
Aoyama Trading Co. Ltd. | 244,909 | 9,152 |
Shikoku Electric Power Co. Inc. | 826,347 | 8,995 |
Hanwa Co. Ltd. | 194,900 | 8,995 |
Shochiku Co. Ltd. | 52,652 | 8,973 |
Tokyo Ohka Kogyo Co. Ltd. | 208,200 | 8,962 |
Ain Holdings Inc. | 148,200 | 8,853 |
Ushio Inc. | 620,533 | 8,851 |
SHO-BOND Holdings Co. Ltd. | 123,600 | 8,797 |
Nihon Parkerizing Co. Ltd. | 518,200 | 8,717 |
Toagosei Co. Ltd. | 682,400 | 8,662 |
Ibiden Co. Ltd. | 578,457 | 8,634 |
* Acom Co. Ltd. | 2,051,848 | 8,621 |
Toyobo Co. Ltd. | 473,738 | 8,598 |
Sankyo Co. Ltd. | 271,308 | 8,532 |
* SG Holdings Co. Ltd. | 419,500 | 8,526 |
OSG Corp. | 392,778 | 8,485 |
Zensho Holdings Co. Ltd. | 491,900 | 8,448 |
Okumura Corp. | 205,400 | 8,439 |
Open House Co. Ltd. | 155,500 | 8,365 |
Anritsu Corp. | 741,270 | 8,345 |
Kokuyo Co. Ltd. | 450,000 | 8,342 |
Rengo Co. Ltd. | 1,136,714 | 8,289 |
San-In Godo Bank Ltd. | 846,086 | 8,146 |
* LINE Corp. | 198,058 | 8,088 |
Fuji Machine Manufacturing Co. Ltd. | 420,000 | 8,054 |
Nikkon Holdings Co. Ltd. | 284,900 | 8,008 |
Japan Post Insurance Co. Ltd. | 340,294 | 8,000 |
Tokyo Seimitsu Co. Ltd. | 202,500 | 7,969 |
Ariake Japan Co. Ltd. | 93,000 | 7,932 |
Resorttrust Inc. | 348,988 | 7,931 |
Nichias Corp. | 595,000 | 7,907 |
ABC-Mart Inc. | 137,772 | 7,897 |
Daishi Bank Ltd. | 172,844 | 7,845 |
Nishimatsu Construction Co. Ltd. | 278,900 | 7,803 |
Capcom Co. Ltd. | 244,184 | 7,722 |
Tokai Tokyo Financial Holdings Inc. | 1,194,335 | 7,678 |
Outsourcing Inc. | 420,300 | 7,641 |
Hazama Ando Corp. | 969,000 | 7,573 |
PALTAC Corp. | 165,400 | 7,538 |
Ship Healthcare Holdings Inc. | 227,600 | 7,523 |
Lintec Corp. | 269,747 | 7,512 |
Nippon Gas Co. Ltd. | 205,800 | 7,463 |
Kenedix Inc. | 1,220,900 | 7,449 |
Nippon Suisan Kaisha Ltd. | 1,406,700 | 7,355 |
^ Hokuriku Electric Power Co. | 906,033 | 7,289 |
GMO Payment Gateway Inc. | 88,000 | 7,266 |
Fuji Seal International Inc. | 222,400 | 7,261 |
Tsubakimoto Chain Co. | 883,000 | 7,124 |
Nihon Unisys Ltd. | 342,300 | 7,107 |
Maeda Road Construction Co. Ltd. | 309,614 | 7,094 |
Iwatani Corp. | 220,200 | 7,080 |
Shiga Bank Ltd. | 1,382,393 | 7,061 |
Sumitomo Bakelite Co. Ltd. | 841,000 | 7,057 |
Meitec Corp. | 134,500 | 7,057 |
Kureha Corp. | 97,300 | 7,055 |
Shimachu Co. Ltd. | 245,778 | 7,055 |
Fuji Oil Holdings Inc. | 234,600 | 6,849 |
Japan Lifeline Co. Ltd. | 329,200 | 6,831 |
Toyota Boshoku Corp. | 321,788 | 6,717 |
NET One Systems Co. Ltd. | 434,400 | 6,661 |
Fuyo General Lease Co. Ltd. | 99,600 | 6,592 |
Itoham Yonekyu Holdings Inc. | 720,705 | 6,588 |
28
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Tomy Co. Ltd. | 484,500 | 6,582 |
Nachi-Fujikoshi Corp. | 982,000 | 6,569 |
Fukuyama Transporting Co. Ltd. | 174,085 | 6,569 |
Megmilk Snow Brand Co. Ltd. | 221,600 | 6,554 |
FP Corp. | 122,162 | 6,554 |
NTT Urban Development Corp. | 564,731 | 6,523 |
Mandom Corp. | 197,800 | 6,473 |
Oki Electric Industry Co. Ltd. | 462,100 | 6,468 |
Pilot Corp. | 133,800 | 6,444 |
CKD Corp. | 287,200 | 6,437 |
Canon Marketing Japan Inc. | 237,942 | 6,423 |
Fujitsu General Ltd. | 292,200 | 6,406 |
Awa Bank Ltd. | 1,001,045 | 6,375 |
Nippo Corp. | 271,884 | 6,352 |
Autobacs Seven Co. Ltd. | 329,454 | 6,317 |
Topre Corp. | 222,500 | 6,279 |
Nichiha Corp. | 150,000 | 6,270 |
cocokara fine Inc. | 97,100 | 6,255 |
^ Iriso Electronics Co. Ltd. | 104,600 | 6,245 |
Takasago Thermal Engineering Co. Ltd. | 341,200 | 6,239 |
Inaba Denki Sangyo Co. Ltd. | 133,600 | 6,230 |
Okamura Corp. | 423,600 | 6,188 |
Hokkaido Electric Power Co. Inc. | 939,692 | 6,178 |
Toho Holdings Co. Ltd. | 273,000 | 6,154 |
Duskin Co. Ltd. | 233,000 | 6,142 |
KYB Corp. | 104,321 | 6,072 |
Colowide Co. Ltd. | 299,900 | 6,061 |
Kanematsu Corp. | 436,900 | 6,029 |
HIS Co. Ltd. | 165,971 | 6,009 |
Mitsui Engineering & Shipbuilding Co. Ltd. | 399,246 | 5,969 |
Trusco Nakayama Corp. | 204,800 | 5,965 |
^ Nissha Co. Ltd. | 204,700 | 5,936 |
Ci:z Holdings Co. Ltd. | 116,100 | 5,920 |
^ Chiyoda Corp. | 805,139 | 5,918 |
Fujitec Co. Ltd. | 409,000 | 5,899 |
Sangetsu Corp. | 319,800 | 5,886 |
Sakata Seed Corp. | 169,500 | 5,876 |
Hitachi Transport System Ltd. | 225,636 | 5,871 |
Keiyo Bank Ltd. | 1,284,367 | 5,868 |
Toyo Ink SC Holdings Co. Ltd. | 993,000 | 5,866 |
Noevir Holdings Co. Ltd. | 78,900 | 5,851 |
Kiyo Bank Ltd. | 350,900 | 5,821 |
Round One Corp. | 344,700 | 5,786 |
Kandenko Co. Ltd. | 550,811 | 5,785 |
Musashino Bank Ltd. | 173,180 | 5,771 |
Yoshinoya Holdings Co. Ltd. | 339,300 | 5,756 |
Maruha Nichiro Corp. | 190,700 | 5,751 |
Daiseki Co. Ltd. | 205,500 | 5,714 |
Hitachi Capital Corp. | 226,296 | 5,675 |
United Arrows Ltd. | 139,500 | 5,657 |
Prima Meat Packers Ltd. | 762,000 | 5,588 |
Fancl Corp. | 188,800 | 5,576 |
Kotobuki Spirits Co. Ltd. | 100,100 | 5,569 |
Juroku Bank Ltd. | 189,415 | 5,565 |
Yaoko Co. Ltd. | 114,100 | 5,562 |
Tokai Rika Co. Ltd. | 263,592 | 5,531 |
Unipres Corp. | 205,600 | 5,515 |
^ GungHo Online Entertainment Inc. | 1,999,900 | 5,488 |
Yamato Kogyo Co. Ltd. | 189,331 | 5,484 |
^ GMO Internet Inc. | 323,000 | 5,481 |
Onward Holdings Co. Ltd. | 623,149 | 5,386 |
Takuma Co. Ltd. | 385,200 | 5,383 |
Mochida Pharmaceutical Co. Ltd. | 69,008 | 5,273 |
Ogaki Kyoritsu Bank Ltd. | 208,900 | 5,273 |
29
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hyakugo Bank Ltd. | 1,107,585 | 5,270 | |
TOKAI Holdings Corp. | 619,200 | 5,258 | |
Okasan Securities Group Inc. | 851,284 | 5,252 | |
Mitsubishi Pencil Co. Ltd. | 240,400 | 5,249 | |
Koei Tecmo Holdings Co. Ltd. | 259,400 | 5,228 | |
Senshu Ikeda Holdings Inc. | 1,417,990 | 5,218 | |
Heiwa Corp. | 275,936 | 5,177 | |
Nippon Seiki Co. Ltd. | 240,900 | 5,168 | |
Kyoritsu Maintenance Co. Ltd. | 128,100 | 5,167 | |
Lasertec Corp. | 205,400 | 5,158 | |
^ | Sanrio Co. Ltd. | 308,566 | 5,155 |
Kumagai Gumi Co. Ltd. | 184,400 | 5,144 | |
^,* | Aiful Corp. | 1,500,461 | 5,139 |
Taikisha Ltd. | 151,900 | 5,127 | |
Joyful Honda Co. Ltd. | 164,000 | 5,095 | |
Ryosan Co. Ltd. | 132,400 | 5,080 | |
Daihen Corp. | 537,000 | 5,072 | |
Tokyo Dome Corp. | 497,700 | 5,031 | |
^ | Tsubaki Nakashima Co. Ltd. | 210,985 | 5,015 |
^ | Daio Paper Corp. | 375,000 | 4,954 |
Hokkoku Bank Ltd. | 124,539 | 4,946 | |
Totetsu Kogyo Co. Ltd. | 149,100 | 4,943 | |
Gunze Ltd. | 86,400 | 4,935 | |
Okinawa Electric Power Co. Inc. | 189,475 | 4,927 | |
FCC Co. Ltd. | 186,700 | 4,890 | |
Eizo Corp. | 103,800 | 4,877 | |
^ | Orient Corp. | 3,060,930 | 4,876 |
Kissei Pharmaceutical Co. Ltd. | 172,089 | 4,865 | |
North Pacific Bank Ltd. | 1,454,317 | 4,861 | |
Paramount Bed Holdings Co. Ltd. | 98,300 | 4,858 | |
Maxell Holdings Ltd. | 228,000 | 4,854 | |
Exedy Corp. | 157,343 | 4,848 | |
Makino Milling Machine Co. Ltd. | 478,000 | 4,817 | |
TPR Co. Ltd. | 145,300 | 4,799 | |
Nippon Soda Co. Ltd. | 720,000 | 4,787 | |
KH Neochem Co. Ltd. | 186,700 | 4,776 | |
Seiren Co. Ltd. | 241,900 | 4,728 | |
Nomura Co. Ltd. | 207,100 | 4,718 | |
Keihin Corp. | 232,000 | 4,712 | |
Daikyonishikawa Corp. | 291,400 | 4,712 | |
NS Solutions Corp. | 172,304 | 4,710 | |
Bank of Okinawa Ltd. | 115,720 | 4,703 | |
Tokyo Broadcasting System Holdings Inc. | 188,482 | 4,698 | |
Nippon Television Holdings Inc. | 272,800 | 4,667 | |
San-A Co. Ltd. | 96,100 | 4,643 | |
Valor Holdings Co. Ltd. | 198,900 | 4,640 | |
Matsui Securities Co. Ltd. | 549,752 | 4,631 | |
Hyakujushi Bank Ltd. | 1,398,958 | 4,630 | |
Token Corp. | 39,200 | 4,627 | |
KYORIN Holdings Inc. | 247,189 | 4,613 | |
Arcs Co. Ltd. | 198,263 | 4,612 | |
Saizeriya Co. Ltd. | 137,500 | 4,601 | |
Digital Garage Inc. | 174,100 | 4,589 | |
Toshiba Machine Co. Ltd. | 615,000 | 4,573 | |
Ai Holdings Corp. | 189,500 | 4,564 | |
Hogy Medical Co. Ltd. | 60,200 | 4,555 | |
Tokyo Steel Manufacturing Co. Ltd. | 507,000 | 4,543 | |
Daiwabo Holdings Co. Ltd. | 110,564 | 4,537 | |
Shibuya Corp. | 109,600 | 4,527 | |
^ | EDION Corp. | 387,800 | 4,509 |
Nippon Steel & Sumikin Bussan Corp. | 74,300 | 4,500 | |
Kusuri no Aoki Holdings Co. Ltd. | 85,000 | 4,497 | |
Hitachi Zosen Corp. | 854,500 | 4,488 | |
Mirait Holdings Corp. | 299,900 | 4,459 |
30
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nanto Bank Ltd. | 166,135 | 4,458 | |
Kanamoto Co. Ltd. | 143,700 | 4,446 | |
Yodogawa Steel Works Ltd. | 143,700 | 4,441 | |
DCM Holdings Co. Ltd. | 475,000 | 4,422 | |
Hosiden Corp. | 299,800 | 4,411 | |
Sumitomo Mitsui Construction Co. Ltd. | 790,920 | 4,408 | |
Japan Petroleum Exploration Co. Ltd. | 165,781 | 4,382 | |
* | Nippon Sheet Glass Co. Ltd. | 483,200 | 4,376 |
Hokuetsu Kishu Paper Co. Ltd. | 731,800 | 4,367 | |
Central Glass Co. Ltd. | 204,600 | 4,335 | |
Nichicon Corp. | 332,100 | 4,332 | |
S Foods Inc. | 95,400 | 4,329 | |
Komeri Co. Ltd. | 149,848 | 4,327 | |
Nitto Boseki Co. Ltd. | 150,300 | 4,324 | |
Takeuchi Manufacturing Co. Ltd. | 182,600 | 4,315 | |
Alpine Electronics Inc. | 208,500 | 4,306 | |
Meidensha Corp. | 1,043,000 | 4,302 | |
Kato Sangyo Co. Ltd. | 117,300 | 4,293 | |
NSD Co. Ltd. | 201,000 | 4,279 | |
Starts Corp. Inc. | 163,700 | 4,276 | |
Toridoll Holdings Corp. | 114,800 | 4,271 | |
^ | JINS Inc. | 80,900 | 4,247 |
Obara Group Inc. | 62,000 | 4,243 | |
SMS Co. Ltd. | 134,800 | 4,237 | |
Yamazen Corp. | 358,700 | 4,219 | |
Nippon Flour Mills Co. Ltd. | 275,500 | 4,219 | |
Zenrin Co. Ltd. | 124,893 | 4,197 | |
^ | Ichigo Inc. | 1,104,800 | 4,174 |
San-Ai Oil Co. Ltd. | 287,100 | 4,174 | |
Sumitomo Warehouse Co. Ltd. | 574,000 | 4,142 | |
Descente Ltd. | 240,100 | 4,135 | |
Senko Group Holdings Co. Ltd. | 569,700 | 4,115 | |
Toshiba TEC Corp. | 652,252 | 4,103 | |
TOMONY Holdings Inc. | 798,600 | 4,099 | |
Wacom Co. Ltd. | 758,500 | 4,096 | |
ZERIA Pharmaceutical Co. Ltd. | 214,700 | 4,095 | |
Taiyo Holdings Co. Ltd. | 92,200 | 4,095 | |
Nissin Kogyo Co. Ltd. | 205,900 | 4,075 | |
Nippon Densetsu Kogyo Co. Ltd. | 188,100 | 4,068 | |
Sanken Electric Co. Ltd. | 567,000 | 4,068 | |
As One Corp. | 65,000 | 4,064 | |
MOS Food Services Inc. | 132,800 | 4,053 | |
Seiko Holdings Corp. | 139,400 | 4,047 | |
Morita Holdings Corp. | 214,900 | 4,039 | |
Okamoto Industries Inc. | 397,000 | 4,022 | |
Futaba Corp. | 192,300 | 4,014 | |
IBJ Leasing Co. Ltd. | 156,100 | 3,983 | |
Nojima Corp. | 166,600 | 3,978 | |
EPS Holdings Inc. | 175,200 | 3,957 | |
Kintetsu World Express Inc. | 190,800 | 3,944 | |
Nisshin Steel Co. Ltd. | 240,491 | 3,938 | |
Chudenko Corp. | 135,200 | 3,931 | |
Takara Standard Co. Ltd. | 242,800 | 3,915 | |
Piolax Inc. | 130,400 | 3,864 | |
^,* | Japan Display Inc. | 1,911,597 | 3,856 |
Shinmaywa Industries Ltd. | 405,000 | 3,851 | |
Optex Group Co. Ltd. | 73,200 | 3,851 | |
Eiken Chemical Co. Ltd. | 80,500 | 3,844 | |
Japan Aviation Electronics Industry Ltd. | 227,508 | 3,836 | |
Tokyo TY Financial Group Inc. | 132,700 | 3,833 | |
^ | Siix Corp. | 89,300 | 3,826 |
Ryobi Ltd. | 134,800 | 3,822 | |
Nisshin Oillio Group Ltd. | 126,200 | 3,819 | |
V Technology Co. Ltd. | 23,700 | 3,817 |
31
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Sushiro Global Holdings Ltd. | 95,000 | 3,804 |
^ UACJ Corp. | 144,700 | 3,773 |
Aeon Delight Co. Ltd. | 100,800 | 3,770 |
Financial Products Group Co. Ltd. | 310,400 | 3,761 |
Aida Engineering Ltd. | 308,100 | 3,760 |
Sato Holdings Corp. | 122,300 | 3,710 |
Pacific Industrial Co. Ltd. | 238,300 | 3,697 |
Nitta Corp. | 96,100 | 3,696 |
Toei Co. Ltd. | 36,600 | 3,689 |
Fuji Media Holdings Inc. | 234,700 | 3,684 |
Yokogawa Bridge Holdings Corp. | 157,100 | 3,669 |
Japan Material Co. Ltd. | 101,400 | 3,666 |
Funai Soken Holdings Inc. | 163,900 | 3,664 |
Toho Zinc Co. Ltd. | 67,600 | 3,656 |
Yamanashi Chuo Bank Ltd. | 836,000 | 3,637 |
Kitz Corp. | 468,100 | 3,620 |
Musashi Seimitsu Industry Co. Ltd. | 113,600 | 3,614 |
Fuji Soft Inc. | 112,700 | 3,612 |
^ Royal Holdings Co. Ltd. | 131,200 | 3,609 |
Transcosmos Inc. | 141,400 | 3,607 |
Noritz Corp. | 184,200 | 3,607 |
Goldwin Inc. | 45,500 | 3,601 |
^ Atom Corp. | 432,300 | 3,591 |
Macnica Fuji Electronics Holdings Inc. | 163,700 | 3,564 |
^ Fuji Kyuko Co. Ltd. | 122,700 | 3,529 |
DTS Corp. | 107,700 | 3,503 |
* Ishihara Sangyo Kaisha Ltd. | 185,400 | 3,498 |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 70,100 | 3,497 |
Inabata & Co. Ltd. | 229,800 | 3,476 |
Arata Corp. | 63,800 | 3,472 |
Nippon Signal Company Ltd. | 326,600 | 3,471 |
Kumiai Chemical Industry Co. Ltd. | 515,904 | 3,459 |
Doutor Nichires Holdings Co. Ltd. | 140,100 | 3,455 |
Kurabo Industries Ltd. | 1,064,000 | 3,450 |
Mitsui Sugar Co. Ltd. | 81,600 | 3,441 |
Komori Corp. | 245,100 | 3,439 |
Toshiba Plant Systems & Services Corp. | 183,600 | 3,420 |
Tokyu Construction Co. Ltd. | 350,400 | 3,409 |
Bank of Nagoya Ltd. | 87,500 | 3,405 |
Sakata INX Corp. | 213,500 | 3,401 |
Furukawa Co. Ltd. | 166,400 | 3,400 |
TSI Holdings Co. Ltd. | 462,500 | 3,400 |
Earth Chemical Co. Ltd. | 67,500 | 3,397 |
JCR Pharmaceuticals Co. Ltd. | 72,300 | 3,395 |
Hitachi Kokusai Electric Inc. | 123,000 | 3,388 |
Menicon Co. Ltd. | 121,500 | 3,381 |
Joshin Denki Co. Ltd. | 95,000 | 3,374 |
Unizo Holdings Co. Ltd. | 124,500 | 3,374 |
Mani Inc. | 110,600 | 3,365 |
Yamagata Bank Ltd. | 154,200 | 3,361 |
Nikkiso Co. Ltd. | 308,300 | 3,359 |
Noritake Co. Ltd. | 66,400 | 3,356 |
Hiday Hidaka Corp. | 109,328 | 3,346 |
^ Ichibanya Co. Ltd. | 82,700 | 3,333 |
Sanyo Denki Co. Ltd. | 46,600 | 3,333 |
Infomart Corp. | 558,000 | 3,321 |
Heiwa Real Estate Co. Ltd. | 184,500 | 3,319 |
Tsugami Corp. | 259,000 | 3,317 |
Justsystems Corp. | 174,100 | 3,307 |
^ Aomori Bank Ltd. | 103,900 | 3,295 |
Nichi-iko Pharmaceutical Co. Ltd. | 214,000 | 3,294 |
Benefit One Inc. | 157,500 | 3,293 |
Bank of Iwate Ltd. | 82,600 | 3,285 |
Chiyoda Co. Ltd. | 122,300 | 3,284 |
32
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Toho Bank Ltd. | 936,900 | 3,283 | |
Heiwado Co. Ltd. | 157,500 | 3,268 | |
Nissan Shatai Co. Ltd. | 318,865 | 3,255 | |
Kameda Seika Co. Ltd. | 70,800 | 3,245 | |
Takara Bio Inc. | 232,800 | 3,242 | |
Nagaileben Co. Ltd. | 128,900 | 3,230 | |
Showa Sangyo Co. Ltd. | 123,600 | 3,216 | |
Idec Corp. | 134,600 | 3,201 | |
Star Micronics Co. Ltd. | 185,600 | 3,200 | |
Dexerials Corp. | 247,200 | 3,189 | |
NEC Networks & System Integration Corp. | 121,100 | 3,180 | |
Milbon Co. Ltd. | 94,600 | 3,175 | |
Asahi Diamond Industrial Co. Ltd. | 277,200 | 3,159 | |
Shindengen Electric Manufacturing Co. Ltd. | 40,000 | 3,153 | |
Create SD Holdings Co. Ltd. | 117,300 | 3,147 | |
Yuasa Trading Co. Ltd. | 86,500 | 3,139 | |
Sanyo Special Steel Co. Ltd. | 122,300 | 3,127 | |
Sintokogio Ltd. | 245,200 | 3,125 | |
Japan Wool Textile Co. Ltd. | 324,100 | 3,124 | |
Chubu Shiryo Co. Ltd. | 139,900 | 3,104 | |
* | Pioneer Corp. | 1,523,900 | 3,079 |
Kura Corp. | 52,600 | 3,077 | |
^,* | Macromill Inc. | 129,100 | 3,074 |
Gree Inc. | 490,153 | 3,072 | |
Showa Corp. | 247,500 | 3,066 | |
Koa Corp. | 148,500 | 3,059 | |
Oita Bank Ltd. | 78,000 | 3,030 | |
Belluna Co. Ltd. | 246,100 | 3,024 | |
Max Co. Ltd. | 211,000 | 3,018 | |
^ | ASKUL Corp. | 106,000 | 3,000 |
Oiles Corp. | 150,100 | 3,000 | |
Daikyo Inc. | 154,357 | 2,989 | |
United Super Markets Holdings Inc. | 294,000 | 2,983 | |
^,* | euglena Co. Ltd. | 316,800 | 2,960 |
Tocalo Co. Ltd. | 66,300 | 2,947 | |
Jaccs Co. Ltd. | 126,000 | 2,939 | |
Mitsuboshi Belting Ltd. | 214,000 | 2,934 | |
Tamura Corp. | 390,000 | 2,933 | |
Tokyotokeiba Co. Ltd. | 77,300 | 2,921 | |
TKC Corp. | 79,900 | 2,918 | |
Saibu Gas Co. Ltd. | 116,900 | 2,917 | |
^ | Shoei Foods Corp. | 68,700 | 2,913 |
Sanyo Chemical Industries Ltd. | 55,700 | 2,911 | |
Adastria Co. Ltd. | 143,900 | 2,907 | |
^ | Daibiru Corp. | 230,800 | 2,900 |
Systena Corp. | 90,800 | 2,897 | |
SKY Perfect JSAT Holdings Inc. | 632,567 | 2,895 | |
Asahi Holdings Inc. | 154,300 | 2,893 | |
Geo Holdings Corp. | 149,400 | 2,889 | |
Belc Co. Ltd. | 47,800 | 2,877 | |
Kohnan Shoji Co. Ltd. | 133,000 | 2,867 | |
Sekisui Jushi Corp. | 140,800 | 2,867 | |
Fukui Bank Ltd. | 119,400 | 2,863 | |
Seikagaku Corp. | 192,500 | 2,856 | |
TOC Co. Ltd. | 335,000 | 2,856 | |
Kadokawa Dwango Corp. | 230,300 | 2,840 | |
Topy Industries Ltd. | 92,300 | 2,839 | |
Maruwa Co. Ltd. | 42,500 | 2,835 | |
KOMEDA Holdings Co. Ltd. | 153,900 | 2,833 | |
^ | Kanto Denka Kogyo Co. Ltd. | 233,800 | 2,829 |
AOKI Holdings Inc. | 192,100 | 2,818 | |
Mitsuba Corp. | 187,600 | 2,814 | |
Konoike Transport Co. Ltd. | 159,000 | 2,812 | |
Futaba Industrial Co. Ltd. | 301,800 | 2,801 |
33
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
J Trust Co. Ltd. | 429,886 | 2,796 |
Shinko Electric Industries Co. Ltd. | 345,869 | 2,795 |
Koshidaka Holdings Co. Ltd. | 59,639 | 2,789 |
^ Megachips Corp. | 93,400 | 2,788 |
Prestige International Inc. | 218,200 | 2,779 |
Bunka Shutter Co. Ltd. | 289,300 | 2,779 |
Wakita & Co. Ltd. | 226,500 | 2,771 |
^ Sodick Co. Ltd. | 213,600 | 2,767 |
Ringer Hut Co. Ltd. | 121,200 | 2,752 |
Tachi-S Co. Ltd. | 150,800 | 2,751 |
Foster Electric Co. Ltd. | 110,800 | 2,742 |
Mizuno Corp. | 93,300 | 2,741 |
Matsuya Co. Ltd. | 198,700 | 2,735 |
Monex Group Inc. | 964,000 | 2,724 |
Nippon Thompson Co. Ltd. | 342,000 | 2,724 |
^ W-Scope Corp. | 131,700 | 2,721 |
Modec Inc. | 105,400 | 2,716 |
YAMABIKO Corp. | 171,900 | 2,714 |
JCU Corp. | 55,800 | 2,711 |
Fujimori Kogyo Co. Ltd. | 76,400 | 2,710 |
Create Restaurants Holdings Inc. | 229,600 | 2,706 |
Shikoku Chemicals Corp. | 167,000 | 2,705 |
Nissin Electric Co. Ltd. | 231,900 | 2,692 |
Plenus Co. Ltd. | 123,500 | 2,690 |
Kisoji Co. Ltd. | 108,600 | 2,677 |
Miyazaki Bank Ltd. | 78,600 | 2,675 |
Eagle Industry Co. Ltd. | 143,000 | 2,667 |
Sanki Engineering Co. Ltd. | 219,400 | 2,667 |
Iino Kaiun Kaisha Ltd. | 473,900 | 2,662 |
NichiiGakkan Co. Ltd. | 208,500 | 2,660 |
Press Kogyo Co. Ltd. | 440,800 | 2,660 |
Miroku Jyoho Service Co. Ltd. | 98,900 | 2,659 |
Kyokuto Kaihatsu Kogyo Co. Ltd. | 151,000 | 2,655 |
Axial Retailing Inc. | 70,700 | 2,655 |
Fuso Chemical Co. Ltd. | 97,500 | 2,643 |
Nishimatsuya Chain Co. Ltd. | 237,700 | 2,640 |
Dip Corp. | 102,200 | 2,634 |
* Toa Corp. | 97,700 | 2,633 |
Marusan Securities Co. Ltd. | 294,100 | 2,631 |
Life Corp. | 97,500 | 2,626 |
BML Inc. | 105,600 | 2,625 |
Raito Kogyo Co. Ltd. | 229,600 | 2,622 |
LIFULL Co. Ltd. | 293,600 | 2,618 |
Tosho Co. Ltd. | 81,000 | 2,615 |
Internet Initiative Japan Inc. | 142,900 | 2,606 |
Ohsho Food Service Corp. | 54,500 | 2,606 |
Doshisha Co. Ltd. | 121,900 | 2,592 |
Shikoku Bank Ltd. | 183,200 | 2,580 |
Sinfonia Technology Co. Ltd. | 669,000 | 2,579 |
Kaga Electronics Co. Ltd. | 94,300 | 2,577 |
Bank of the Ryukyus Ltd. | 171,600 | 2,570 |
* Sanden Holdings Corp. | 128,300 | 2,569 |
Japan Securities Finance Co. Ltd. | 454,200 | 2,568 |
Ichikoh Industries Ltd. | 289,400 | 2,565 |
Chugoku Marine Paints Ltd. | 307,000 | 2,563 |
^ COLOPL Inc. | 236,285 | 2,561 |
Juki Corp. | 155,600 | 2,560 |
Fukushima Industries Corp. | 57,500 | 2,534 |
Anicom Holdings Inc. | 78,400 | 2,525 |
Nissei ASB Machine Co. Ltd. | 41,400 | 2,523 |
Marudai Food Co. Ltd. | 561,000 | 2,517 |
Hokuetsu Bank Ltd. | 109,400 | 2,514 |
^ Nippon Chemi-Con Corp. | 81,200 | 2,511 |
Fujicco Co. Ltd. | 112,700 | 2,510 |
34
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Bando Chemical Industries Ltd. | 214,200 | 2,510 |
JVC Kenwood Corp. | 732,000 | 2,510 |
^ Investors Cloud Co. Ltd. | 169,500 | 2,505 |
Nippon Ceramic Co. Ltd. | 97,400 | 2,496 |
YA-MAN Ltd. | 148,000 | 2,485 |
Towa Bank Ltd. | 181,200 | 2,454 |
Sogo Medical Co. Ltd. | 46,600 | 2,452 |
Relia Inc. | 209,900 | 2,449 |
Konishi Co. Ltd. | 130,800 | 2,445 |
^ KLab Inc. | 154,300 | 2,445 |
Sumitomo Seika Chemicals Co. Ltd. | 44,000 | 2,440 |
T-Gaia Corp. | 104,700 | 2,430 |
^ Nippon Denko Co. Ltd. | 583,800 | 2,429 |
Hibiya Engineering Ltd. | 114,000 | 2,427 |
Nippon Carbon Co. Ltd. | 54,099 | 2,423 |
Riken Corp. | 43,000 | 2,422 |
Elecom Co. Ltd. | 105,100 | 2,420 |
Shizuoka Gas Co. Ltd. | 284,200 | 2,409 |
Takasago International Corp. | 74,200 | 2,402 |
Yondoshi Holdings Inc. | 90,500 | 2,398 |
Hosokawa Micron Corp. | 33,500 | 2,396 |
ESPEC Corp. | 95,000 | 2,396 |
Kenko Mayonnaise Co. Ltd. | 66,100 | 2,390 |
T Hasegawa Co. Ltd. | 113,700 | 2,368 |
Riso Kagaku Corp. | 124,500 | 2,364 |
Tsukishima Kikai Co. Ltd. | 177,100 | 2,363 |
Trancom Co. Ltd. | 33,600 | 2,359 |
DyDo Group Holdings Inc. | 44,700 | 2,359 |
Towa Pharmaceutical Co. Ltd. | 43,200 | 2,353 |
OBIC Business Consultants Co. Ltd. | 40,400 | 2,351 |
Ricoh Leasing Co. Ltd. | 68,000 | 2,348 |
TV Asahi Holdings Corp. | 115,930 | 2,325 |
G-Tekt Corp. | 113,200 | 2,321 |
^ Mitsui High-Tec Inc. | 128,000 | 2,314 |
Nishio Rent All Co. Ltd. | 71,400 | 2,314 |
Nittetsu Mining Co. Ltd. | 31,600 | 2,312 |
Nippon Koei Co. Ltd. | 74,500 | 2,309 |
* DA Consortium Holdings Inc. | 116,700 | 2,305 |
^ Fuji Co. Ltd. | 106,900 | 2,301 |
Tsukui Corp. | 255,300 | 2,291 |
kabu.com Securities Co. Ltd. | 735,100 | 2,289 |
Akita Bank Ltd. | 83,000 | 2,284 |
Sakai Moving Service Co. Ltd. | 46,400 | 2,282 |
Aichi Steel Corp. | 57,100 | 2,281 |
^ Zojirushi Corp. | 223,300 | 2,273 |
Bell System24 Holdings Inc. | 179,700 | 2,259 |
Enplas Corp. | 54,500 | 2,257 |
^ Noritsu Koki Co. Ltd. | 102,500 | 2,247 |
Chofu Seisakusho Co. Ltd. | 97,400 | 2,246 |
^ Osaka Soda Co. Ltd. | 87,800 | 2,243 |
Qol Co. Ltd. | 119,500 | 2,240 |
Avex Inc. | 157,500 | 2,238 |
Shinko Plantech Co. Ltd. | 210,300 | 2,224 |
Toppan Forms Co. Ltd. | 196,291 | 2,218 |
Itochu Enex Co. Ltd. | 229,900 | 2,211 |
Toyo Tanso Co. Ltd. | 70,500 | 2,210 |
Jeol Ltd. | 390,000 | 2,203 |
Yellow Hat Ltd. | 73,000 | 2,202 |
Hamakyorex Co. Ltd. | 77,000 | 2,202 |
Takamatsu Construction Group Co. Ltd. | 78,100 | 2,199 |
VT Holdings Co. Ltd. | 440,000 | 2,188 |
^ CMK Corp. | 241,600 | 2,182 |
Sanshin Electronics Co. Ltd. | 127,400 | 2,170 |
Nitto Kogyo Corp. | 133,600 | 2,141 |
35
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Japan Pulp & Paper Co. Ltd. | 55,300 | 2,120 | |
Clarion Co. Ltd. | 571,000 | 2,120 | |
Sanyo Electric Railway Co. Ltd. | 83,800 | 2,119 | |
Aichi Bank Ltd. | 44,700 | 2,118 | |
* | Intage Holdings Inc. | 162,800 | 2,113 |
Sakai Chemical Industry Co. Ltd. | 79,000 | 2,111 | |
Teikoku Sen-I Co. Ltd. | 105,000 | 2,105 | |
St. Marc Holdings Co. Ltd. | 76,200 | 2,098 | |
Kasai Kogyo Co. Ltd. | 127,400 | 2,095 | |
Pressance Corp. | 157,100 | 2,095 | |
Arcland Sakamoto Co. Ltd. | 128,700 | 2,083 | |
Eighteenth Bank Ltd. | 811,000 | 2,083 | |
Toyo Construction Co. Ltd. | 356,800 | 2,080 | |
^ | Xebio Holdings Co. Ltd. | 109,200 | 2,075 |
FULLCAST Holdings Co. Ltd. | 101,298 | 2,069 | |
^ | Kyoei Steel Ltd. | 108,100 | 2,058 |
Tokai Corp. | 90,200 | 2,057 | |
Shin-Etsu Polymer Co. Ltd. | 182,100 | 2,056 | |
Ehime Bank Ltd. | 171,700 | 2,050 | |
Fujimi Inc. | 97,300 | 2,043 | |
Hokuto Corp. | 112,300 | 2,043 | |
* | Unitika Ltd. | 278,400 | 2,042 |
Tekken Corp. | 67,400 | 2,042 | |
* | Mitsui-Soko Holdings Co. Ltd. | 599,000 | 2,042 |
Mitsubishi Shokuhin Co. Ltd. | 69,400 | 2,033 | |
Nippon Valqua Industries Ltd. | 74,400 | 2,031 | |
Tsurumi Manufacturing Co. Ltd. | 110,000 | 2,026 | |
* | LIXIL VIVA Corp. | 117,700 | 2,025 |
Yokohama Reito Co. Ltd. | 194,700 | 2,017 | |
Yorozu Corp. | 94,100 | 2,016 | |
Canon Electronics Inc. | 92,400 | 2,016 | |
Aisan Industry Co. Ltd. | 172,200 | 2,016 | |
Taihei Dengyo Kaisha Ltd. | 78,100 | 2,014 | |
Inageya Co. Ltd. | 120,300 | 2,011 | |
Pack Corp. | 62,300 | 2,007 | |
^ | PIA Corp. | 31,300 | 2,002 |
IDOM Inc. | 282,200 | 1,998 | |
Ichiyoshi Securities Co. Ltd. | 175,300 | 1,995 | |
JSP Corp. | 58,300 | 1,994 | |
^,* | Pacific Metals Co. Ltd. | 71,999 | 1,994 |
Maeda Kosen Co. Ltd. | 108,000 | 1,992 | |
^,* | M&A Capital Partners Co. Ltd. | 30,500 | 1,989 |
Riken Keiki Co. Ltd. | 86,400 | 1,987 | |
Dai Nippon Toryo Co. Ltd. | 124,200 | 1,982 | |
Daiho Corp. | 398,000 | 1,977 | |
Sankyo Tateyama Inc. | 130,800 | 1,976 | |
Okabe Co. Ltd. | 207,200 | 1,974 | |
Kamei Corp. | 114,100 | 1,972 | |
Nohmi Bosai Ltd. | 108,200 | 1,970 | |
^ | Minato Bank Ltd. | 104,000 | 1,950 |
Tochigi Bank Ltd. | 484,200 | 1,946 | |
Tanseisha Co. Ltd. | 172,900 | 1,945 | |
^ | Pasona Group Inc. | 96,000 | 1,943 |
Broadleaf Co. Ltd. | 208,900 | 1,942 | |
Digital Arts Inc. | 48,600 | 1,937 | |
Warabeya Nichiyo Holdings Co. Ltd. | 68,400 | 1,937 | |
ASKA Pharmaceutical Co. Ltd. | 109,500 | 1,930 | |
Cosel Co. Ltd. | 116,400 | 1,910 | |
Sinko Industries Ltd. | 98,700 | 1,904 | |
Sumitomo Riko Co. Ltd. | 176,900 | 1,888 | |
^ | Istyle Inc. | 242,300 | 1,887 |
Iseki & Co. Ltd. | 74,600 | 1,880 | |
Dai-Dan Co. Ltd. | 70,000 | 1,871 | |
Nissei Build Kogyo Co. Ltd. | 143,000 | 1,869 |
36
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Takara Leben Co. Ltd. | 423,300 | 1,868 |
Giken Ltd. | 71,300 | 1,864 |
Rock Field Co. Ltd. | 102,400 | 1,855 |
Kato Works Co. Ltd. | 61,200 | 1,854 |
Daiken Corp. | 71,200 | 1,851 |
Fujibo Holdings Inc. | 56,100 | 1,851 |
Alpen Co. Ltd. | 85,900 | 1,848 |
Ryoyo Electro Corp. | 100,900 | 1,846 |
^ Starzen Co. Ltd. | 38,000 | 1,840 |
Arcland Service Holdings Co. Ltd. | 77,400 | 1,828 |
Vector Inc. | 124,400 | 1,825 |
PAL GROUP Holdings Co. Ltd. | 58,100 | 1,822 |
Sekisui Plastics Co. Ltd. | 137,600 | 1,811 |
Neturen Co. Ltd. | 164,400 | 1,798 |
Toyo Kanetsu KK | 44,000 | 1,785 |
Kanematsu Electronics Ltd. | 59,500 | 1,784 |
Mitsuuroko Group Holdings Co. Ltd. | 226,900 | 1,780 |
Shinko Shoji Co. Ltd. | 94,600 | 1,779 |
Anest Iwata Corp. | 158,600 | 1,772 |
Kyokuyo Co. Ltd. | 46,500 | 1,771 |
Union Tool Co. | 48,200 | 1,765 |
^ Sumida Corp. | 103,067 | 1,763 |
^ Link And Motivation Inc. | 216,200 | 1,763 |
Torii Pharmaceutical Co. Ltd. | 65,200 | 1,748 |
Arakawa Chemical Industries Ltd. | 84,900 | 1,747 |
J-Oil Mills Inc. | 50,000 | 1,745 |
Meisei Industrial Co. Ltd. | 237,100 | 1,741 |
SMK Corp. | 309,000 | 1,740 |
CONEXIO Corp. | 83,500 | 1,734 |
Key Coffee Inc. | 89,600 | 1,729 |
^ OSAKA Titanium Technologies Co. Ltd. | 94,000 | 1,724 |
* Kintetsu Department Store Co. Ltd. | 47,100 | 1,722 |
Tokushu Tokai Paper Co. Ltd. | 45,500 | 1,717 |
Daito Pharmaceutical Co. Ltd. | 60,600 | 1,709 |
Denki Kogyo Co. Ltd. | 60,400 | 1,708 |
Nippon Road Co. Ltd. | 29,200 | 1,704 |
Achilles Corp. | 80,500 | 1,702 |
Daido Metal Co. Ltd. | 172,300 | 1,701 |
Tonami Holdings Co. Ltd. | 33,600 | 1,699 |
^ Yushin Precision Equipment Co. Ltd. | 59,100 | 1,684 |
F@N Communications Inc. | 211,900 | 1,683 |
Matsuya Foods Co. Ltd. | 45,500 | 1,681 |
^ Kansai Urban Banking Corp. | 129,100 | 1,680 |
Feed One Co. Ltd. | 713,800 | 1,675 |
MCJ Co. Ltd. | 159,800 | 1,672 |
^ Toho Titanium Co. Ltd. | 157,800 | 1,672 |
UKC Holdings Corp. | 75,800 | 1,668 |
^ Goldcrest Co. Ltd. | 82,600 | 1,666 |
^ Micronics Japan Co. Ltd. | 161,700 | 1,664 |
LEC Inc. | 62,500 | 1,658 |
Nissin Corp. | 58,800 | 1,651 |
FIDEA Holdings Co. Ltd. | 905,100 | 1,645 |
Tamron Co. Ltd. | 76,200 | 1,634 |
Sumitomo Densetsu Co. Ltd. | 76,800 | 1,633 |
Jimoto Holdings Inc. | 954,300 | 1,631 |
^ Katakura Industries Co. Ltd. | 119,600 | 1,629 |
Vital KSK Holdings Inc. | 178,100 | 1,628 |
^ Gurunavi Inc. | 137,300 | 1,627 |
Kyokuto Securities Co. Ltd. | 110,600 | 1,627 |
Fukuda Corp. | 27,000 | 1,624 |
Roland DG Corp. | 59,800 | 1,602 |
Wowow Inc. | 54,400 | 1,599 |
Daiwa Industries Ltd. | 138,900 | 1,590 |
Keihanshin Building Co. Ltd. | 201,900 | 1,588 |
37
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Namura Shipbuilding Co. Ltd. | 256,800 | 1,580 |
* Hochiki Corp. | 73,300 | 1,577 |
Aeon Fantasy Co. Ltd. | 35,400 | 1,566 |
Itochu-Shokuhin Co. Ltd. | 28,500 | 1,565 |
Riken Vitamin Co. Ltd. | 39,300 | 1,564 |
Bank of Saga Ltd. | 68,500 | 1,561 |
Okuwa Co. Ltd. | 151,000 | 1,561 |
Mimasu Semiconductor Industry Co. Ltd. | 81,700 | 1,561 |
Chiyoda Integre Co. Ltd. | 64,200 | 1,560 |
Fuji Pharma Co. Ltd. | 40,200 | 1,549 |
Daisan Bank Ltd. | 96,500 | 1,545 |
Rokko Butter Co. Ltd. | 63,600 | 1,537 |
Amuse Inc. | 54,200 | 1,535 |
Osaki Electric Co. Ltd. | 212,700 | 1,534 |
Yakuodo Co. Ltd. | 55,100 | 1,533 |
OSJB Holdings Corp. | 510,700 | 1,520 |
Nagatanien Holdings Co. Ltd. | 120,000 | 1,516 |
Maruzen Showa Unyu Co. Ltd. | 336,000 | 1,508 |
Cawachi Ltd. | 61,000 | 1,505 |
^ Stella Chemifa Corp. | 45,400 | 1,492 |
Tsukuba Bank Ltd. | 435,900 | 1,490 |
Mitsubishi Logisnext Co. Ltd. | 168,300 | 1,488 |
^ Hodogaya Chemical Co. Ltd. | 28,200 | 1,488 |
Nitto Kohki Co. Ltd. | 58,400 | 1,477 |
^ Nippon Yakin Kogyo Co. Ltd. | 687,100 | 1,476 |
Onoken Co. Ltd. | 81,600 | 1,470 |
METAWATER Co. Ltd. | 56,700 | 1,467 |
Nippon Kanzai Co. Ltd. | 80,300 | 1,462 |
Tosei Corp. | 148,600 | 1,446 |
^ BRONCO BILLY Co. Ltd. | 48,600 | 1,444 |
Denyo Co. Ltd. | 80,800 | 1,441 |
Happinet Corp. | 74,100 | 1,438 |
Itoki Corp. | 194,500 | 1,437 |
Komatsu Seiren Co. Ltd. | 174,200 | 1,436 |
Daiichi Jitsugyo Co. Ltd. | 47,400 | 1,430 |
^ Marvelous Inc. | 155,300 | 1,430 |
Kyosan Electric Manufacturing Co. Ltd. | 220,000 | 1,425 |
Tenma Corp. | 72,300 | 1,418 |
* Kappa Create Co. Ltd. | 124,700 | 1,415 |
Kurimoto Ltd. | 69,900 | 1,410 |
Toa Corp. | 112,100 | 1,409 |
^ eRex Co. Ltd. | 149,500 | 1,405 |
Seika Corp. | 52,000 | 1,400 |
CI Takiron Corp. | 195,000 | 1,388 |
Nippon Beet Sugar Manufacturing Co. Ltd. | 57,000 | 1,379 |
Nihon Nohyaku Co. Ltd. | 233,200 | 1,377 |
Mitsubishi Steel Manufacturing Co. Ltd. | 55,500 | 1,376 |
Chukyo Bank Ltd. | 66,500 | 1,375 |
Nippon Parking Development Co. Ltd. | 801,200 | 1,362 |
Nichiden Corp. | 66,300 | 1,361 |
KFC Holdings Japan Ltd. | 76,320 | 1,360 |
Yurtec Corp. | 159,000 | 1,357 |
WATAMI Co. Ltd. | 92,700 | 1,353 |
Chiba Kogyo Bank Ltd. | 271,400 | 1,348 |
SRA Holdings | 37,600 | 1,345 |
JAC Recruitment Co. Ltd. | 69,200 | 1,341 |
^ Toyo Engineering Corp. | 116,300 | 1,340 |
Michinoku Bank Ltd. | 84,100 | 1,338 |
Teikoku Electric Manufacturing Co. Ltd. | 95,800 | 1,332 |
Shinwa Co. Ltd. | 55,300 | 1,331 |
Kanaden Corp. | 105,800 | 1,331 |
Ministop Co. Ltd. | 61,600 | 1,330 |
* Studio Alice Co. Ltd. | 52,600 | 1,330 |
NS United Kaiun Kaisha Ltd. | 54,200 | 1,315 |
38
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Fuji Oil Co. Ltd. | 236,800 | 1,311 | |
Riken Technos Corp. | 236,600 | 1,308 | |
Information Services International-Dentsu Ltd. | 57,600 | 1,301 | |
^ | Fujiya Co. Ltd. | 56,000 | 1,300 |
Ines Corp. | 125,500 | 1,300 | |
Oyo Corp. | 101,600 | 1,299 | |
Mie Bank Ltd. | 57,700 | 1,295 | |
ST Corp. | 53,900 | 1,291 | |
Tatsuta Electric Wire and Cable Co. Ltd. | 161,600 | 1,285 | |
^ | Hito Communications Inc. | 49,900 | 1,281 |
Icom Inc. | 54,600 | 1,277 | |
Tokyo Energy & Systems Inc. | 109,600 | 1,273 | |
^ | Keiyo Co. Ltd. | 209,900 | 1,270 |
Uchida Yoko Co. Ltd. | 45,100 | 1,263 | |
Hioki EE Corp. | 49,600 | 1,261 | |
Toho Co. Ltd. | 49,000 | 1,252 | |
Mie Kotsu Group Holdings Inc. | 290,500 | 1,244 | |
Okura Industrial Co. Ltd. | 202,000 | 1,237 | |
Mitani Sekisan Co. Ltd. | 51,100 | 1,236 | |
Melco Holdings Inc. | 35,900 | 1,232 | |
Jamco Corp. | 51,900 | 1,221 | |
^ | PC Depot Corp. | 159,300 | 1,218 |
^ | COOKPAD Inc. | 226,400 | 1,217 |
^ | GCA Corp. | 121,500 | 1,216 |
Tokyo Rope Manufacturing Co. Ltd. | 73,600 | 1,213 | |
Ateam Inc. | 50,600 | 1,213 | |
ASAHI YUKIZAI Corp. | 65,200 | 1,213 | |
Sanyo Shokai Ltd. | 61,400 | 1,212 | |
Mitsubishi Research Institute Inc. | 34,600 | 1,211 | |
Kita-Nippon Bank Ltd. | 44,300 | 1,209 | |
Aiphone Co. Ltd. | 69,600 | 1,209 | |
T RAD Co. Ltd. | 34,000 | 1,206 | |
Parco Co. Ltd. | 87,400 | 1,204 | |
Zuken Inc. | 71,200 | 1,200 | |
^ | Torishima Pump Manufacturing Co. Ltd. | 113,800 | 1,199 |
^ | Fujita Kanko Inc. | 38,300 | 1,199 |
Ryoden Corp. | 74,000 | 1,197 | |
^ | KAWADA TECHNOLOGIES Inc. | 21,000 | 1,186 |
Kyodo Printing Co. Ltd. | 36,700 | 1,180 | |
Advan Co. Ltd. | 121,600 | 1,175 | |
K&O Energy Group Inc. | 69,600 | 1,168 | |
Sun Frontier Fudousan Co. Ltd. | 102,600 | 1,165 | |
Hisaka Works Ltd. | 109,800 | 1,165 | |
Sac's Bar Holdings Inc. | 94,200 | 1,163 | |
Gakken Holdings Co. Ltd. | 26,700 | 1,162 | |
AOI Electronics Co. Ltd. | 22,600 | 1,161 | |
^,* | Rorze Corp. | 47,800 | 1,160 |
^ | Yonex Co. Ltd. | 179,100 | 1,149 |
Toyo Corp. | 130,800 | 1,147 | |
Mars Engineering Corp. | 51,500 | 1,146 | |
* | Nippon Sharyo Ltd. | 381,000 | 1,145 |
Chori Co. Ltd. | 61,700 | 1,144 | |
Toyo Securities Co. Ltd. | 407,000 | 1,144 | |
Taiho Kogyo Co. Ltd. | 77,000 | 1,143 | |
Daikokutenbussan Co. Ltd. | 25,700 | 1,140 | |
Fudo Tetra Corp. | 700,700 | 1,136 | |
Kitagawa Iron Works Co. Ltd. | 41,600 | 1,134 | |
Meiko Network Japan Co. Ltd. | 95,800 | 1,133 | |
^ | Sagami Chain Co. Ltd. | 90,300 | 1,130 |
Toyo Kohan Co. Ltd. | 260,700 | 1,126 | |
Central Sports Co. Ltd. | 28,930 | 1,124 | |
Shimizu Bank Ltd. | 39,200 | 1,124 | |
Matsuda Sangyo Co. Ltd. | 68,300 | 1,122 | |
Aichi Corp. | 151,900 | 1,121 |
39
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Kobe Bussan Co. Ltd. | 29,000 | 1,110 |
Toenec Corp. | 36,600 | 1,110 | |
Organo Corp. | 38,000 | 1,110 | |
Koatsu Gas Kogyo Co. Ltd. | 131,000 | 1,107 | |
Osaka Steel Co. Ltd. | 52,400 | 1,095 | |
^,* | Senshukai Co. Ltd. | 188,800 | 1,087 |
* | SWCC Showa Holdings Co. Ltd. | 126,200 | 1,077 |
Mito Securities Co. Ltd. | 293,700 | 1,069 | |
Shinnihon Corp. | 122,100 | 1,069 | |
Nihon Chouzai Co. Ltd. | 35,000 | 1,066 | |
Halows Co. Ltd. | 46,000 | 1,062 | |
^ | Nihon Trim Co. Ltd. | 23,400 | 1,062 |
Hakuto Co. Ltd. | 61,700 | 1,061 | |
Kansai Super Market Ltd. | 96,700 | 1,056 | |
Sanoh Industrial Co. Ltd. | 131,300 | 1,052 | |
Fukui Computer Holdings Inc. | 36,700 | 1,050 | |
Fuso Pharmaceutical Industries Ltd. | 40,700 | 1,042 | |
Sinanen Holdings Co. Ltd. | 43,600 | 1,041 | |
* | Mitsubishi Paper Mills Ltd. | 159,800 | 1,032 |
Pronexus Inc. | 73,600 | 1,031 | |
Toli Corp. | 263,100 | 1,030 | |
Kanagawa Chuo Kotsu Co. Ltd. | 31,700 | 1,027 | |
Tomoku Co. Ltd. | 50,600 | 1,025 | |
Asunaro Aoki Construction Co. Ltd. | 112,700 | 1,013 | |
Takaoka Toko Co. Ltd. | 61,800 | 1,008 | |
* | Akebono Brake Industry Co. Ltd. | 369,700 | 1,007 |
Fujitsu Frontech Ltd. | 56,700 | 1,002 | |
Furuno Electric Co. Ltd. | 134,500 | 998 | |
Yahagi Construction Co. Ltd. | 114,700 | 998 | |
Future Corp. | 91,800 | 992 | |
^,* | U-Shin Ltd. | 145,500 | 985 |
Atsugi Co. Ltd. | 85,600 | 984 | |
Dai-ichi Seiko Co. Ltd. | 36,600 | 975 | |
Japan Cash Machine Co. Ltd. | 96,800 | 975 | |
France Bed Holdings Co. Ltd. | 102,700 | 969 | |
Japan Transcity Corp. | 225,000 | 968 | |
Elematec Corp. | 41,700 | 958 | |
Shibusawa Warehouse Co. Ltd. | 53,200 | 955 | |
Tokyo Tekko Co. Ltd. | 52,600 | 949 | |
Godo Steel Ltd. | 45,000 | 943 | |
CMIC Holdings Co. Ltd. | 52,600 | 940 | |
Hokkan Holdings Ltd. | 232,000 | 937 | |
Gun-Ei Chemical Industry Co. Ltd. | 27,100 | 936 | |
Mitsui Matsushima Co. Ltd. | 64,100 | 927 | |
Yushiro Chemical Industry Co. Ltd. | 61,600 | 921 | |
Maezawa Kyuso Industries Co. Ltd. | 51,200 | 914 | |
^ | Chuetsu Pulp & Paper Co. Ltd. | 50,500 | 912 |
Taisei Lamick Co. Ltd. | 32,500 | 911 | |
Nippon Coke & Engineering Co. Ltd. | 784,500 | 896 | |
^ | Tokyo Individualized Educational Institute Inc. | 104,100 | 896 |
Sankyo Seiko Co. Ltd. | 207,600 | 895 | |
Wellnet Corp. | 85,300 | 893 | |
* | KNT-CT Holdings Co. Ltd. | 55,500 | 893 |
NDS Co. Ltd. | 23,200 | 883 | |
Asatsu-DK Inc. | 27,240 | 878 | |
Honeys Holdings Co. Ltd. | 83,700 | 876 | |
Artnature Inc. | 125,800 | 874 | |
Alpha Systems Inc. | 39,300 | 856 | |
^ | Toda Kogyo Corp. | 21,000 | 852 |
^ | Zuiko Corp. | 24,400 | 836 |
Chugai Ro Co. Ltd. | 38,000 | 834 | |
Rhythm Watch Co. Ltd. | 41,100 | 829 | |
Kitano Construction Corp. | 230,000 | 828 | |
Maezawa Kasei Industries Co. Ltd. | 75,000 | 827 |
40
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Corona Corp. Class A | 65,400 | 826 | |
Mitsui Home Co. Ltd. | 119,000 | 823 | |
Dunlop Sports Co. Ltd. | 56,500 | 821 | |
Misawa Homes Co. Ltd. | 92,700 | 814 | |
Krosaki Harima Corp. | 19,400 | 813 | |
Fujikura Kasei Co. Ltd. | 122,900 | 810 | |
Linical Co. Ltd. | 56,600 | 805 | |
^,* | Medical Data Vision Co. Ltd. | 39,500 | 801 |
CHIMNEY Co. Ltd. | 31,300 | 793 | |
^,* | FDK Corp. | 410,000 | 776 |
Tsutsumi Jewelry Co. Ltd. | 39,700 | 774 | |
^ | JP-Holdings Inc. | 275,400 | 773 |
Yomiuri Land Co. Ltd. | 17,600 | 773 | |
NEC Capital Solutions Ltd. | 37,300 | 766 | |
Weathernews Inc. | 25,700 | 758 | |
Gecoss Corp. | 61,000 | 753 | |
^,* | Japan Drilling Co. Ltd. | 35,300 | 747 |
MTI Ltd. | 130,000 | 742 | |
Cybozu Inc. | 151,300 | 742 | |
Hokkaido Gas Co. Ltd. | 278,000 | 740 | |
Showa Aircraft Industry Co. Ltd. | 56,400 | 724 | |
Kourakuen Holdings Corp. | 44,300 | 722 | |
^,* | Laox Co. Ltd. | 137,100 | 709 |
^ | Nihon Dempa Kogyo Co. Ltd. | 100,400 | 700 |
Nakayama Steel Works Ltd. | 107,300 | 690 | |
Airport Facilities Co. Ltd. | 117,200 | 685 | |
Daikoku Denki Co. Ltd. | 43,700 | 683 | |
Takihyo Co. Ltd. | 32,300 | 680 | |
^ | Toyo Denki Seizo KK | 40,000 | 678 |
Asahi Co. Ltd. | 57,900 | 674 | |
Tosho Printing Co. Ltd. | 73,500 | 665 | |
Inaba Seisakusho Co. Ltd. | 51,300 | 662 | |
Chuo Spring Co. Ltd. | 19,700 | 650 | |
Mitsubishi Kakoki Kaisha Ltd. | 30,100 | 649 | |
Srg Takamiya Co. Ltd. | 109,500 | 644 | |
^ | Funai Electric Co. Ltd. | 82,300 | 635 |
^,* | Shin Nippon Biomedical Laboratories Ltd. | 123,900 | 635 |
Nihon Yamamura Glass Co. Ltd. | 374,000 | 634 | |
Daisyo Corp. | 39,700 | 620 | |
Tokyo Rakutenchi Co. Ltd. | 11,300 | 612 | |
Cleanup Corp. | 77,600 | 611 | |
^ | Fields Corp. | 55,400 | 593 |
Nippon Chemiphar Co. Ltd. | 12,800 | 538 | |
Tv Tokyo Holdings Corp. | 24,800 | 537 | |
^ | Right On Co. Ltd. | 63,700 | 534 |
Shimojima Co. Ltd. | 46,500 | 519 | |
Tokyo Electron Device Ltd. | 28,100 | 508 | |
Paris Miki Holdings Inc. | 120,400 | 508 | |
CAC Holdings Corp. | 53,700 | 505 | |
Sumitomo Precision Products Co. Ltd. | 151,000 | 498 | |
^ | Kojima Co. Ltd. | 150,700 | 495 |
^,* | Aplus Financial Co. Ltd. | 370,100 | 361 |
Kinki Sharyo Co. Ltd. | 12,600 | 355 | |
Toa Oil Co. Ltd. | 237,000 | 349 | |
* | Yamada SxL Home Co. Ltd. | 371,000 | 270 |
Kobelco Eco-Solutions Co. Ltd. | 3,000 | 53 | |
23,146,461 | |||
Mexico (0.0%) | |||
* | Elis SA | 348,827 | 9,544 |
Netherlands (2.8%) | |||
Unilever NV | 8,145,315 | 458,610 | |
ING Groep NV | 20,680,156 | 379,624 | |
ASML Holding NV | 1,671,470 | 290,602 |
41
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Koninklijke Philips NV | 4,992,651 | 188,518 | |
Koninklijke Ahold Delhaize NV | 6,774,372 | 148,922 | |
Unibail-Rodamco SE | 527,935 | 132,857 | |
Heineken NV | 1,252,997 | 130,623 | |
Akzo Nobel NV | 1,341,627 | 117,722 | |
RELX NV | 4,707,472 | 108,199 | |
* | ArcelorMittal | 3,197,050 | 103,724 |
Koninklijke DSM NV | 930,344 | 88,871 | |
NN Group NV | 1,795,783 | 77,675 | |
Wolters Kluwer NV | 1,453,917 | 75,793 | |
3 | ABN AMRO Group NV | 2,201,657 | 70,984 |
Aegon NV | 9,030,585 | 57,381 | |
Koninklijke KPN NV | 16,104,829 | 56,227 | |
Heineken Holding NV | 560,741 | 55,441 | |
Randstad Holding NV | 585,576 | 35,931 | |
^,* | Altice NV Class A | 2,984,762 | 31,300 |
ASR Nederland NV | 751,971 | 30,957 | |
Aalberts Industries NV | 511,108 | 25,967 | |
Gemalto NV | 438,344 | 25,959 | |
* | Galapagos NV | 216,626 | 20,412 |
3 | Philips Lighting NV | 510,238 | 18,714 |
IMCD Group NV | 280,842 | 17,660 | |
^ | ASM International NV | 244,852 | 16,536 |
SBM Offshore NV | 932,990 | 16,432 | |
Boskalis Westminster | 427,850 | 16,123 | |
Koninklijke Vopak NV | 350,310 | 15,345 | |
BE Semiconductor Industries NV | 174,916 | 14,612 | |
TKH Group NV | 225,801 | 14,342 | |
APERAM SA | 273,475 | 14,049 | |
^,* | OCI NV | 507,260 | 12,793 |
PostNL NV | 2,270,865 | 11,085 | |
Eurocommercial Properties NV | 249,744 | 10,891 | |
Wereldhave NV | 216,090 | 10,360 | |
Corbion NV | 319,621 | 10,353 | |
3 | Refresco Group NV | 379,680 | 9,020 |
Arcadis NV | 367,182 | 8,388 | |
3 | GrandVision NV | 258,488 | 6,603 |
* | TomTom NV | 634,474 | 6,274 |
^ | Koninklijke BAM Groep NV | 1,319,533 | 6,056 |
Wessanen | 282,859 | 5,833 | |
3 | Intertrust NV | 300,855 | 5,643 |
* | Fugro NV | 354,094 | 5,512 |
* | Altice NV Class B | 471,973 | 5,005 |
Vastned Retail NV | 97,229 | 4,818 | |
*,3 | Takeaway.com NV | 67,894 | 4,145 |
NSI NV | 94,668 | 3,947 | |
Accell Group | 137,101 | 3,855 | |
Koninklijke Volkerwessels NV | 130,723 | 3,723 | |
3 | Flow Traders | 153,892 | 3,688 |
*,3 | Basic-Fit NV | 125,927 | 3,036 |
* | ForFarmers NV | 192,281 | 2,410 |
Aegon NV | 333,536 | 2,101 | |
Brunel International NV | 103,877 | 1,891 | |
BinckBank NV | 338,458 | 1,799 | |
3,005,341 | |||
New Zealand (0.3%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 2,975,413 | 30,187 | |
Spark New Zealand Ltd. | 9,769,779 | 25,128 | |
Auckland International Airport Ltd. | 4,920,233 | 22,585 | |
* | a2 Milk Co. Ltd. | 3,854,332 | 22,045 |
Fletcher Building Ltd. | 3,701,794 | 19,939 | |
Ryman Healthcare Ltd. | 2,177,877 | 16,325 | |
Contact Energy Ltd. | 3,834,682 | 15,105 | |
Meridian Energy Ltd. | 6,468,134 | 13,416 |
42
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Xero Ltd. | 490,826 | 10,933 |
Z Energy Ltd. | 1,923,897 | 10,441 | |
SKYCITY Entertainment Group Ltd. | 3,545,604 | 10,420 | |
Mercury NZ Ltd. | 3,587,208 | 8,559 | |
Mainfreight Ltd. | 425,273 | 7,650 | |
Kiwi Property Group Ltd. | 7,382,256 | 7,350 | |
Trade Me Group Ltd. | 2,130,786 | 7,308 | |
Chorus Ltd. | 2,280,530 | 6,778 | |
EBOS Group Ltd. | 463,278 | 6,085 | |
Air New Zealand Ltd. | 2,658,685 | 6,003 | |
^ | Goodman Property Trust | 5,689,257 | 5,563 |
Infratil Ltd. | 2,125,623 | 4,996 | |
Genesis Energy Ltd. | 2,620,701 | 4,677 | |
Summerset Group Holdings Ltd. | 1,191,220 | 4,643 | |
Precinct Properties New Zealand Ltd. | 4,671,428 | 4,502 | |
^ | Freightways Ltd. | 805,376 | 4,376 |
SKY Network Television Ltd. | 2,026,732 | 4,036 | |
Metlifecare Ltd. | 919,627 | 3,974 | |
Heartland Bank Ltd. | 2,196,206 | 3,236 | |
Argosy Property Ltd. | 4,125,389 | 3,172 | |
^ | Vital Healthcare Property Trust | 1,967,043 | 3,079 |
^ | New Zealand Refining Co. Ltd. | 974,011 | 1,829 |
^ | Kathmandu Holdings Ltd. | 794,454 | 1,368 |
^,* | TOWER Ltd. | 1,169,562 | 559 |
296,267 | |||
Norway (0.7%) | |||
Statoil ASA | 5,178,632 | 110,866 | |
DNB ASA | 5,724,081 | 105,961 | |
Telenor ASA | 3,619,484 | 77,482 | |
Norsk Hydro ASA | 7,102,134 | 53,840 | |
Orkla ASA | 4,114,455 | 43,601 | |
Yara International ASA | 927,323 | 42,577 | |
Marine Harvest ASA | 2,146,024 | 36,291 | |
Subsea 7 SA | 1,373,055 | 20,571 | |
Storebrand ASA | 2,376,546 | 19,334 | |
Gjensidige Forsikring ASA | 880,957 | 16,617 | |
Aker BP ASA | 536,251 | 13,210 | |
TGS NOPEC Geophysical Co. ASA | 546,489 | 12,939 | |
Schibsted ASA Class A | 451,943 | 12,935 | |
^ | Schibsted ASA Class B | 474,265 | 12,607 |
Tomra Systems ASA | 579,598 | 9,284 | |
Bakkafrost P/F | 213,694 | 9,055 | |
3 | Entra ASA | 579,994 | 8,606 |
* | Norwegian Finans Holding ASA | 765,703 | 8,565 |
SpareBank 1 SR-Bank ASA | 800,266 | 8,475 | |
Salmar ASA | 278,711 | 8,373 | |
Leroy Seafood Group ASA | 1,381,833 | 7,391 | |
SpareBank 1 SMN | 686,091 | 6,888 | |
Veidekke ASA | 568,165 | 6,423 | |
Aker ASA | 126,639 | 6,221 | |
Atea ASA | 416,881 | 5,860 | |
3 | XXL ASA | 514,353 | 5,327 |
Borregaard ASA | 515,416 | 5,113 | |
*,3 | Aker Solutions ASA | 785,911 | 4,428 |
Austevoll Seafood ASA | 472,026 | 3,920 | |
^,* | Wallenius Wilhelmsen Logistics | 531,677 | 3,832 |
* | DNO ASA | 3,279,717 | 3,792 |
*,3 | Evry AS | 925,789 | 3,660 |
* | Nordic Semiconductor ASA | 680,880 | 3,494 |
^,* | Petroleum Geo-Services ASA | 1,542,153 | 3,141 |
Grieg Seafood ASA | 280,089 | 2,460 | |
^,* | Opera Software ASA | 651,108 | 2,081 |
^ | Ocean Yield ASA | 233,188 | 1,972 |
^,* | REC Silicon ASA | 11,646,038 | 1,958 |
43
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,*,3 | BW LPG Ltd. | 410,244 | 1,927 |
Stolt-Nielsen Ltd. | 144,415 | 1,918 | |
* | Sparebank 1 Oestlandet | 154,250 | 1,701 |
Hoegh LNG Holdings Ltd. | 206,155 | 1,628 | |
^,* | Akastor ASA | 813,798 | 1,625 |
Norway Royal Salmon ASA | 82,710 | 1,353 | |
^,* | Norwegian Air Shuttle ASA | 51,792 | 1,109 |
720,411 | |||
Portugal (0.2%) | |||
Galp Energia SGPS SA | 2,743,871 | 50,413 | |
EDP - Energias de Portugal SA | 12,072,761 | 41,762 | |
Jeronimo Martins SGPS SA | 1,292,554 | 25,102 | |
* | Banco Comercial Portugues SA | 47,562,313 | 15,481 |
NOS SGPS SA | 1,189,604 | 7,818 | |
Sonae SGPS SA | 5,083,222 | 6,866 | |
Navigator Co. SA | 1,347,782 | 6,862 | |
EDP Renovaveis SA | 806,127 | 6,745 | |
^ | REN - Redes Energeticas Nacionais SGPS SA | 1,790,784 | 5,320 |
CTT-Correios de Portugal SA | 805,453 | 3,382 | |
Semapa-Sociedade de Investimento e Gestao | 120,479 | 2,576 | |
Altri SGPS SA | 387,090 | 2,401 | |
Corticeira Amorim SGPS SA | 185,723 | 2,294 | |
Mota-Engil SGPS SA | 467,294 | 2,053 | |
* | Banco BPI SA | 1,122,777 | 1,583 |
Sonaecom SGPS SA | 131,059 | 393 | |
* | Banco Espirito Santo SA | 10,412,510 | 12 |
181,063 | |||
Singapore (1.2%) | |||
DBS Group Holdings Ltd. | 9,519,218 | 176,070 | |
Oversea-Chinese Banking Corp. Ltd. | 17,399,553 | 160,741 | |
United Overseas Bank Ltd. | 6,801,245 | 134,073 | |
Singapore Telecommunications Ltd. | 39,598,777 | 105,575 | |
Keppel Corp. Ltd. | 7,615,519 | 41,674 | |
Global Logistic Properties Ltd. | 15,597,231 | 39,276 | |
CapitaLand Ltd. | 13,378,730 | 35,195 | |
Genting Singapore plc | 30,745,994 | 30,028 | |
Ascendas REIT | 12,705,467 | 25,786 | |
Singapore Exchange Ltd. | 4,353,665 | 24,175 | |
Wilmar International Ltd. | 10,372,668 | 23,904 | |
City Developments Ltd. | 2,502,038 | 23,269 | |
Singapore Airlines Ltd. | 2,710,126 | 21,586 | |
Suntec REIT | 13,410,378 | 21,506 | |
Venture Corp. Ltd. | 1,358,758 | 20,744 | |
Singapore Technologies Engineering Ltd. | 8,092,289 | 19,688 | |
CapitaLand Mall Trust | 12,247,153 | 19,484 | |
CapitaLand Commercial Trust | 12,510,018 | 18,020 | |
UOL Group Ltd. | 2,610,055 | 17,264 | |
Singapore Press Holdings Ltd. | 8,468,086 | 16,753 | |
Jardine Cycle & Carriage Ltd. | 529,873 | 16,084 | |
ComfortDelGro Corp. Ltd. | 10,868,850 | 16,059 | |
SATS Ltd. | 3,394,400 | 13,179 | |
Mapletree Commercial Trust | 10,107,092 | 12,245 | |
Hutchison Port Holdings Trust | 26,766,889 | 11,081 | |
Sembcorp Industries Ltd. | 4,833,788 | 10,919 | |
Mapletree Logistics Trust | 10,861,880 | 10,712 | |
Mapletree Industrial Trust | 7,028,000 | 10,670 | |
Keppel REIT | 10,438,300 | 9,834 | |
* | NetLink NBN Trust | 15,384,300 | 9,600 |
Golden Agri-Resources Ltd. | 33,914,956 | 9,363 | |
Mapletree Greater China Commercial Trust | 10,066,600 | 9,250 | |
^ | Singapore Post Ltd. | 8,058,512 | 7,471 |
StarHub Ltd. | 3,068,269 | 6,529 | |
^ | Sembcorp Marine Ltd. | 4,322,084 | 5,923 |
Ascott Residence Trust | 5,842,925 | 5,329 |
44
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
CDL Hospitality Trusts | 4,112,286 | 5,194 | |
Frasers Logistics & Industrial Trust | 5,647,600 | 4,899 | |
Frasers Centrepoint Trust | 2,913,800 | 4,881 | |
United Engineers Ltd. | 2,389,100 | 4,714 | |
Parkway Life REIT | 2,091,200 | 4,672 | |
Manulife US REIT | 4,911,200 | 4,443 | |
Keppel Infrastructure Trust | 10,316,500 | 4,430 | |
Starhill Global REIT | 7,482,600 | 4,336 | |
Raffles Medical Group Ltd. | 4,857,000 | 4,066 | |
First Resources Ltd. | 2,813,900 | 3,926 | |
Keppel DC REIT | 3,635,087 | 3,886 | |
^ | CapitaLand Retail China Trust | 2,898,500 | 3,511 |
Frasers Commercial Trust | 3,127,000 | 3,482 | |
Cache Logistics Trust | 5,411,376 | 3,459 | |
Wing Tai Holdings Ltd. | 2,003,175 | 3,413 | |
Asian Pay Television Trust | 7,638,000 | 3,366 | |
OUE Hospitality Trust | 5,282,800 | 3,361 | |
Lippo Malls Indonesia Retail Trust | 10,747,000 | 3,214 | |
ESR-REIT | 7,164,400 | 3,025 | |
First REIT | 2,663,000 | 2,768 | |
Frasers Centrepoint Ltd. | 1,779,900 | 2,768 | |
SIA Engineering Co. Ltd. | 1,181,977 | 2,765 | |
Ascendas Hospitality Trust | 4,217,000 | 2,708 | |
Far East Hospitality Trust | 4,875,600 | 2,625 | |
SPH REIT | 3,189,900 | 2,507 | |
Yoma Strategic Holdings Ltd. | 6,034,900 | 2,430 | |
^ | M1 Ltd. | 1,768,540 | 2,352 |
Frasers Hospitality Trust | 3,849,500 | 2,260 | |
Accordia Golf Trust | 3,947,500 | 2,020 | |
Soilbuild Business Space REIT | 4,013,220 | 2,009 | |
OUE Ltd. | 1,366,100 | 1,909 | |
RHT Health Trust | 2,852,700 | 1,792 | |
Silverlake Axis Ltd. | 3,904,900 | 1,693 | |
^ | Sheng Siong Group Ltd. | 2,211,900 | 1,529 |
Sabana Shari'ah Compliant Industrial REIT | 4,890,700 | 1,444 | |
^,*,2 | Ezion Holdings Ltd. | 8,589,353 | 1,265 |
Bumitama Agri Ltd. | 1,814,600 | 1,012 | |
^ | Hyflux Ltd. | 2,806,700 | 786 |
^ | Noble Group Ltd. | 4,867,386 | 724 |
Boustead Singapore Ltd. | 1,126,000 | 723 | |
Indofood Agri Resources Ltd. | 1,755,400 | 510 | |
^,*,2 | Ezra Holdings Ltd. | 10,329,900 | 85 |
*,2 | Ezion Holdings Ltd. Warrants Exp. 04/15/2020 | 720,757 | 11 |
1,256,032 | |||
South Korea (4.7%) | |||
Samsung Electronics Co. Ltd. | 457,263 | 1,086,416 | |
SK Hynix Inc. | 2,835,796 | 201,416 | |
Samsung Electronics Co. Ltd. Preference Shares | 83,308 | 162,235 | |
Samsung Electronics Co. Ltd. GDR | 101,178 | 119,815 | |
KB Financial Group Inc. | 1,997,604 | 118,224 | |
NAVER Corp. | 142,411 | 115,692 | |
POSCO | 361,540 | 112,457 | |
Hyundai Motor Co. | 742,856 | 108,113 | |
Shinhan Financial Group Co. Ltd. | 2,271,173 | 104,831 | |
LG Chem Ltd. | 238,967 | 90,362 | |
^,* | Celltrion Inc. | 413,435 | 85,281 |
Hyundai Mobis Co. Ltd. | 346,422 | 85,120 | |
Hana Financial Group Inc. | 1,550,424 | 72,066 | |
KT&G Corp. | 586,856 | 63,232 | |
SK Innovation Co. Ltd. | 321,674 | 61,366 | |
Samsung SDI Co. Ltd. | 279,017 | 53,193 | |
LG Electronics Inc. | 520,020 | 51,417 | |
LG Household & Health Care Ltd. | 45,665 | 50,690 | |
Amorepacific Corp. | 167,243 | 47,538 |
45
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
SK Holdings Co. Ltd. | 176,189 | 46,559 | |
Samsung C&T Corp. | 383,328 | 45,058 | |
Kia Motors Corp. | 1,367,864 | 42,760 | |
Korea Electric Power Corp. | 1,185,478 | 42,139 | |
Samsung Fire & Marine Insurance Co. Ltd. | 165,394 | 41,240 | |
LG Corp. | 477,737 | 40,599 | |
Woori Bank | 2,696,366 | 39,638 | |
Samsung Life Insurance Co. Ltd. | 337,301 | 39,131 | |
NCSoft Corp. | 91,737 | 38,282 | |
LG Display Co. Ltd. | 1,185,133 | 32,987 | |
Samsung SDS Co. Ltd. | 169,178 | 31,545 | |
Samsung Electro-Mechanics Co. Ltd. | 294,477 | 27,451 | |
E-MART Inc. | 106,557 | 26,948 | |
Lotte Chemical Corp. | 77,881 | 26,742 | |
Coway Co. Ltd. | 275,772 | 25,131 | |
^,*,3 | Samsung Biologics Co. Ltd. | 70,574 | 24,411 |
Korea Zinc Co. Ltd. | 52,404 | 24,109 | |
S-Oil Corp. | 215,431 | 23,530 | |
Hyundai Motor Co. 2nd Preference Shares | 243,626 | 23,187 | |
^,* | SillaJen Inc. | 263,932 | 23,020 |
^,* | Celltrion Healthcare Co. Ltd. | 227,540 | 23,008 |
Hyundai Steel Co. | 402,125 | 22,017 | |
^ | Kakao Corp. | 170,802 | 21,791 |
Industrial Bank of Korea | 1,399,596 | 21,469 | |
Hankook Tire Co. Ltd. | 395,792 | 20,165 | |
AMOREPACIFIC Group | 152,058 | 20,019 | |
^,* | Hanmi Pharm Co. Ltd. | 36,559 | 19,904 |
* | Hyundai Robotics Co. Ltd. | 55,248 | 19,686 |
Mirae Asset Daewoo Co. Ltd. | 2,222,446 | 19,017 | |
Kangwon Land Inc. | 574,169 | 18,663 | |
^,* | Hyundai Heavy Industries Co. Ltd. | 182,709 | 17,138 |
DB Insurance Co. Ltd. | 248,781 | 16,536 | |
^,*,3 | Netmarble Games Corp. | 93,414 | 16,410 |
SK Telecom Co. Ltd. ADR | 582,763 | 16,265 | |
Hyosung Corp. | 122,532 | 15,949 | |
GS Holdings Corp. | 270,498 | 15,707 | |
Korea Aerospace Industries Ltd. | 340,884 | 15,107 | |
SK Telecom Co. Ltd. | 57,174 | 14,255 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 320,220 | 14,044 | |
BNK Financial Group Inc. | 1,547,948 | 13,605 | |
CJ CheilJedang Corp. | 39,162 | 13,391 | |
LG Uplus Corp. | 1,015,427 | 13,279 | |
Hyundai Engineering & Construction Co. Ltd. | 384,137 | 13,024 | |
Korea Investment Holdings Co. Ltd. | 202,147 | 13,016 | |
Hotel Shilla Co. Ltd. | 162,599 | 12,880 | |
Hanwha Chemical Corp. | 432,756 | 12,767 | |
Hyundai Glovis Co. Ltd. | 97,916 | 12,447 | |
^ | OCI Co. Ltd. | 95,497 | 12,134 |
Samsung Securities Co. Ltd. | 332,379 | 11,345 | |
Daelim Industrial Co. Ltd. | 145,919 | 11,232 | |
* | Orion Corp. | 113,242 | 11,035 |
CJ Corp. | 64,872 | 10,984 | |
Hanon Systems | 843,783 | 10,959 | |
Hyundai Development Co-Engineering & Construction | 304,255 | 10,947 | |
^,* | ViroMed Co. Ltd. | 71,470 | 10,870 |
LG Chem Ltd. Preference Shares | 46,060 | 10,699 | |
KCC Corp. | 29,324 | 10,417 | |
Shinsegae Inc. | 36,564 | 10,245 | |
S-1 Corp. | 102,197 | 10,219 | |
Mando Corp. | 34,605 | 9,976 | |
LG Innotek Co. Ltd. | 73,730 | 9,888 | |
Hanwha Corp. | 254,520 | 9,842 | |
^,* | Samsung Engineering Co. Ltd. | 837,629 | 9,693 |
LG Electronics Inc. Preference Shares | 220,407 | 9,659 |
46
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Samsung Heavy Industries Co. Ltd. | 1,395,223 | 9,539 |
Medy-Tox Inc. | 20,908 | 9,464 | |
Hanwha Life Insurance Co. Ltd. | 1,462,516 | 9,427 | |
Lotte Corp. | 154,127 | 9,399 | |
Lotte Shopping Co. Ltd. | 50,098 | 9,305 | |
CJ E&M Corp. | 98,933 | 9,028 | |
Hyundai Motor Co. Preference Shares | 102,568 | 8,960 | |
Amorepacific Corp. Preference Shares | 57,637 | 8,935 | |
NH Investment & Securities Co. Ltd. | 686,884 | 8,891 | |
Yuhan Corp. | 43,035 | 8,796 | |
Hanssem Co. Ltd. | 51,984 | 8,730 | |
3 | ING Life Insurance Korea Ltd. | 175,136 | 8,726 |
Kumho Petrochemical Co. Ltd. | 91,618 | 8,506 | |
LG Household & Health Care Ltd. Preference Shares | 12,953 | 8,436 | |
DGB Financial Group Inc. | 803,474 | 7,906 | |
* | Korean Air Lines Co. Ltd. | 246,872 | 7,792 |
Hyundai Department Store Co. Ltd. | 79,672 | 7,766 | |
* | BGF retail Co. Ltd. | 37,652 | 7,386 |
Kolon Industries Inc. | 88,557 | 7,354 | |
^,* | Hanmi Science Co. ltd | 69,203 | 7,164 |
^,* | Hyundai Merchant Marine Co. Ltd. | 1,526,142 | 7,157 |
Cheil Worldwide Inc. | 360,458 | 7,137 | |
Shinhan Financial Group Co. Ltd. ADR | 152,230 | 7,063 | |
^ | Com2uSCorp | 53,370 | 6,779 |
2 | SK Chemicals Co. Ltd. | 40,878 | 6,654 |
Meritz Securities Co. Ltd. | 1,508,814 | 6,431 | |
* | Hanwha Techwin Co. Ltd. | 190,074 | 6,310 |
Meritz Fire & Marine Insurance Co. Ltd. | 286,776 | 6,285 | |
^,* | GS Engineering & Construction Corp. | 236,776 | 6,256 |
LS Corp. | 92,232 | 6,241 | |
^,* | HLB Inc. | 172,023 | 6,195 |
Green Cross Corp. | 29,319 | 6,184 | |
^ | Korea Electric Power Corp. ADR | 344,217 | 6,096 |
Samsung Card Co. Ltd. | 161,006 | 5,956 | |
^,* | Hugel Inc. | 11,369 | 5,921 |
KB Financial Group Inc. ADR | 100,179 | 5,861 | |
^,* | Komipharm International Co. Ltd. | 162,257 | 5,792 |
* | Korea Gas Corp. | 140,222 | 5,579 |
LOTTE Fine Chemical Co. Ltd. | 91,969 | 5,576 | |
^,* | Doosan Infracore Co. Ltd. | 686,633 | 5,564 |
^ | Korea Kolmar Co. Ltd. | 71,583 | 5,474 |
NongShim Co. Ltd. | 16,530 | 5,467 | |
Doosan Corp. | 51,604 | 5,441 | |
Green Cross Holdings Corp. | 144,197 | 5,280 | |
^,* | Celltrion Pharm Inc. | 91,738 | 5,243 |
GS Retail Co. Ltd. | 137,589 | 5,176 | |
LS Industrial Systems Co. Ltd. | 85,111 | 5,175 | |
^ | Hyundai Wia Corp. | 84,448 | 5,132 |
KIWOOM Securities Co. Ltd. | 62,364 | 5,098 | |
* | Daewoo Engineering & Construction Co. Ltd. | 919,382 | 5,084 |
Ottogi Corp. | 6,613 | 4,984 | |
Seoul Semiconductor Co. Ltd. | 191,458 | 4,972 | |
* | Hyundai Construction Equipment Co. Ltd. | 31,482 | 4,962 |
^ | Paradise Co. Ltd. | 234,888 | 4,890 |
* | CJ Logistics Corp. | 37,286 | 4,876 |
Korean Reinsurance Co. | 471,597 | 4,845 | |
SK Networks Co. Ltd. | 777,600 | 4,828 | |
^,* | Pan Ocean Co. Ltd. | 973,092 | 4,781 |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 28,685 | 4,738 | |
* | WONIK IPS Co. Ltd. | 152,398 | 4,733 |
^ | CJ CGV Co. Ltd. | 68,139 | 4,720 |
Koh Young Technology Inc. | 61,339 | 4,717 | |
Youngone Corp. | 159,992 | 4,708 | |
^ | Doosan Heavy Industries & Construction Co. Ltd. | 325,097 | 4,660 |
47
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Hanall Biopharma Co. Ltd. | 195,994 | 4,466 |
SKC Co. Ltd. | 101,460 | 4,451 | |
Poongsan Corp. | 99,134 | 4,396 | |
KEPCO Plant Service & Engineering Co. Ltd. | 115,086 | 4,360 | |
Eo Technics Co. Ltd. | 42,796 | 4,341 | |
* | Hyundai Rotem Co. Ltd. | 247,511 | 4,333 |
Dongsuh Cos. Inc. | 159,252 | 4,324 | |
Chong Kun Dang Pharmaceutical Corp. | 33,296 | 4,301 | |
Posco Daewoo Corp. | 252,152 | 4,269 | |
^ | SK Materials Co. Ltd. | 25,409 | 4,268 |
Hana Tour Service Inc. | 44,421 | 4,266 | |
^,* | Genexine Co. Ltd. | 61,822 | 4,210 |
Doosan Bobcat Inc. | 124,418 | 4,154 | |
^,* | Medipost Co. Ltd. | 37,765 | 4,126 |
Fila Korea Ltd. | 53,472 | 4,073 | |
^ | POSCO Chemtech Co. Ltd. | 107,729 | 4,010 |
LOTTE Himart Co. Ltd. | 61,791 | 3,978 | |
Innocean Worldwide Inc. | 57,759 | 3,951 | |
* | Hyundai Mipo Dockyard Co. Ltd. | 53,230 | 3,911 |
^ | Cosmax Inc. | 34,343 | 3,748 |
^,* | Chabiotech Co. Ltd. | 177,983 | 3,739 |
Korea Petrochemical Ind Co. Ltd. | 15,093 | 3,715 | |
Hyundai Greenfood Co. Ltd. | 265,447 | 3,704 | |
^ | Kolon Life Science Inc. | 37,572 | 3,693 |
^,* | Yungjin Pharmaceutical Co. Ltd. | 444,980 | 3,648 |
Hite Jinro Co. Ltd. | 161,300 | 3,631 | |
*,3 | FIT Hon Teng Ltd. | 5,359,000 | 3,610 |
Daewoong Pharmaceutical Co. Ltd. | 23,339 | 3,586 | |
* | Hyundai Electric & Energy System Co. Ltd. | 33,440 | 3,563 |
SFA Engineering Corp. | 98,471 | 3,559 | |
Taekwang Industrial Co. Ltd. | 2,890 | 3,558 | |
Hyundai Home Shopping Network Corp. | 31,454 | 3,541 | |
LG International Corp. | 138,531 | 3,510 | |
GS Home Shopping Inc. | 17,232 | 3,495 | |
Samyang Holdings Corp. | 30,376 | 3,457 | |
^,* | Kumho Tire Co. Inc. | 836,932 | 3,455 |
* | NHN Entertainment Corp. | 53,288 | 3,403 |
Loen Entertainment Inc. | 32,069 | 3,366 | |
CJ O Shopping Co. Ltd. | 15,581 | 3,360 | |
Bukwang Pharmaceutical Co. Ltd. | 151,886 | 3,347 | |
Dongjin Semichem Co. Ltd. | 159,159 | 3,279 | |
^ | Iljin Materials Co. Ltd. | 91,411 | 3,268 |
Dongkuk Steel Mill Co. Ltd. | 307,550 | 3,161 | |
* | Webzen Inc. | 85,805 | 3,125 |
^ | LIG Nex1 Co. Ltd. | 55,680 | 3,108 |
LG Hausys Ltd. | 33,969 | 3,078 | |
^ | Hansol Chemical Co. Ltd. | 44,932 | 3,042 |
Hanwha General Insurance Co. Ltd. | 398,710 | 3,031 | |
JB Financial Group Co. Ltd. | 517,829 | 2,934 | |
Douzone Bizon Co. Ltd. | 93,497 | 2,902 | |
^,* | Osstem Implant Co. Ltd. | 52,464 | 2,895 |
Soulbrain Co. Ltd. | 45,066 | 2,837 | |
Grand Korea Leisure Co. Ltd. | 103,007 | 2,814 | |
Daesang Corp. | 108,849 | 2,801 | |
Orion Holdings Corp. | 109,505 | 2,724 | |
^,* | iNtRON Biotechnology Inc. | 65,002 | 2,710 |
TES Co. Ltd. | 76,230 | 2,707 | |
Toptec Co. Ltd. | 100,980 | 2,689 | |
LF Corp. | 91,526 | 2,678 | |
Hanil Cement Co. Ltd. | 19,979 | 2,670 | |
^,* | SM Entertainment Co. | 80,566 | 2,610 |
^,* | CrystalGenomics Inc. | 117,305 | 2,602 |
^,* | Hanjin Kal Corp. | 152,157 | 2,601 |
Hyundai Elevator Co. Ltd. | 50,543 | 2,568 |
48
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | JW Pharmaceutical Corp. | 60,696 | 2,566 |
^,* | Foosung Co. Ltd. | 267,420 | 2,531 |
LEENO Industrial Inc. | 47,149 | 2,529 | |
Young Poong Corp. | 2,505 | 2,517 | |
Halla Holdings Corp. | 42,686 | 2,500 | |
Korea Real Estate Investment & Trust Co. Ltd. | 851,307 | 2,489 | |
Huchems Fine Chemical Corp. | 108,604 | 2,488 | |
^,* | Jenax Inc. | 79,746 | 2,476 |
Korea Electric Terminal Co. Ltd. | 39,395 | 2,468 | |
^,* | CMG Pharmaceutical Co. Ltd. | 423,455 | 2,467 |
Lotte Chilsung Beverage Co. Ltd. | 1,970 | 2,445 | |
^,* | Interflex Co. Ltd. | 57,472 | 2,404 |
^ | Ilyang Pharmaceutical Co. Ltd. | 66,410 | 2,388 |
Dong-A ST Co. Ltd. | 25,538 | 2,378 | |
Dongwon Industries Co. Ltd. | 7,548 | 2,370 | |
^,* | Jusung Engineering Co. Ltd. | 183,291 | 2,317 |
^ | Hansae Co. Ltd. | 92,161 | 2,315 |
Nexen Tire Corp. | 209,393 | 2,310 | |
IS Dongseo Co. Ltd. | 70,935 | 2,304 | |
* | Seegene Inc. | 72,712 | 2,272 |
Daou Technology Inc. | 124,127 | 2,231 | |
^ | DoubleUGames Co. Ltd. | 45,694 | 2,206 |
Silicon Works Co. Ltd. | 44,619 | 2,196 | |
^ | Lock&Lock Co. Ltd. | 85,900 | 2,187 |
^,* | Peptron Inc. | 35,474 | 2,186 |
* | Asiana Airlines Inc. | 516,283 | 2,182 |
Modetour Network Inc. | 75,832 | 2,161 | |
Meritz Financial Group Inc. | 153,691 | 2,160 | |
Hanwha Corp. Preference Shares | 127,233 | 2,156 | |
Hankook Tire Worldwide Co. Ltd. | 122,132 | 2,155 | |
^,* | Gamevil Inc. | 24,787 | 2,137 |
^ | Daewoong Co. Ltd. | 117,513 | 2,120 |
^ | Posco ICT Co. Ltd. | 271,781 | 2,117 |
Handsome Co. Ltd. | 71,720 | 2,105 | |
^,* | Homecast Co. Ltd. | 154,109 | 2,092 |
^,* | DB HiTek Co. Ltd. | 185,747 | 2,074 |
^,* | DIO Corp. | 62,563 | 2,069 |
InBody Co. Ltd. | 54,778 | 2,051 | |
WeMade Entertainment Co. Ltd. | 43,112 | 2,029 | |
Songwon Industrial Co. Ltd. | 79,755 | 2,006 | |
Daeduck GDS Co. Ltd. | 78,242 | 2,002 | |
^ | Partron Co. Ltd. | 226,435 | 1,993 |
Ssangyong Cement Industrial Co. Ltd. | 113,037 | 1,973 | |
* | Advanced Process Systems Corp. | 60,370 | 1,968 |
* | Amicogen Inc. | 43,245 | 1,927 |
* | Taeyoung Engineering & Construction Co. Ltd. | 195,178 | 1,875 |
^ | Tongyang Inc. | 1,009,997 | 1,871 |
Dong-A Socio Holdings Co. Ltd. | 15,406 | 1,841 | |
^ | Kolon Corp. | 32,091 | 1,838 |
^,* | GemVax & Kael Co. Ltd. | 135,914 | 1,811 |
Lotte Food Co. Ltd. | 3,423 | 1,770 | |
Daishin Securities Co. Ltd. | 129,895 | 1,745 | |
^,* | Jeil Pharmaceutical Co. Ltd. | 30,064 | 1,742 |
Mirae Asset Life Insurance Co. Ltd. | 354,181 | 1,736 | |
^ | SPC Samlip Co. Ltd. | 11,804 | 1,727 |
Huons Co. Ltd. | 20,672 | 1,726 | |
S&T Motiv Co. Ltd. | 39,264 | 1,717 | |
Korea Asset In Trust Co. Ltd. | 244,090 | 1,685 | |
^,* | ATGen Co. Ltd. | 90,070 | 1,675 |
SL Corp. | 72,356 | 1,652 | |
AK Holdings Inc. | 25,810 | 1,651 | |
^,* | Aprogen pharmaceuticals Inc. | 430,068 | 1,647 |
^ | YG Entertainment Inc. | 60,018 | 1,617 |
Hyundai Livart Furniture Co. Ltd. | 53,890 | 1,608 |
49
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Seah Besteel Corp. | 59,092 | 1,603 | |
^ | Samyang Corp. | 18,502 | 1,603 |
^,* | Naturalendo Tech Co. Ltd. | 73,316 | 1,595 |
Caregen Co. Ltd. | 19,871 | 1,591 | |
^ | Vieworks Co. Ltd. | 41,511 | 1,585 |
SK Gas Ltd. | 17,531 | 1,539 | |
^,* | Pharmicell Co. Ltd. | 285,810 | 1,518 |
^ | Binggrae Co. Ltd. | 25,584 | 1,509 |
^ | Dawonsys Co. Ltd. | 97,270 | 1,504 |
^ | Seobu T&D | 120,543 | 1,474 |
^ | KEPCO Engineering & Construction Co. Inc. | 65,601 | 1,458 |
Daishin Securities Co. Ltd. Preference Shares | 163,906 | 1,453 | |
* | Yuanta Securities Korea Co. Ltd. | 403,271 | 1,452 |
Youngone Holdings Co. Ltd. | 27,927 | 1,448 | |
Daeduck Electronics Co. | 155,203 | 1,428 | |
* | Duk San Neolux Co. Ltd. | 62,066 | 1,423 |
Shinyoung Securities Co. Ltd. | 26,792 | 1,418 | |
Hancom Inc. | 84,391 | 1,415 | |
Ahnlab Inc. | 28,232 | 1,415 | |
Namyang Dairy Products Co. Ltd. | 2,157 | 1,404 | |
^ | Hanjin Transportation Co. Ltd. | 57,517 | 1,396 |
NS Shopping Co. Ltd. | 91,209 | 1,390 | |
^,* | SK Securities Co. Ltd. | 1,291,918 | 1,385 |
DongKook Pharmaceutical Co. Ltd. | 23,346 | 1,380 | |
Green Cross Cell Corp. | 30,014 | 1,366 | |
NICE Information Service Co. Ltd. | 168,244 | 1,363 | |
KISWIRE Ltd. | 44,257 | 1,356 | |
Samchully Co. Ltd. | 12,589 | 1,330 | |
Tongyang Life Insurance Co. Ltd. | 186,940 | 1,327 | |
Sebang Global Battery Co. Ltd. | 39,657 | 1,325 | |
^ | JW Holdings Corp. | 169,382 | 1,323 |
Kwangju Bank Co. Ltd. | 117,255 | 1,314 | |
^ | ST Pharm Co. Ltd. | 42,426 | 1,308 |
^,2 | Cuckoo Electronics Co. Ltd. | 4,643 | 1,306 |
^ | Dae Hwa Pharmaceutical Co. Ltd. | 56,000 | 1,295 |
Muhak Co. Ltd. | 70,361 | 1,293 | |
* | Hansol Technics Co. Ltd. | 82,677 | 1,288 |
* | Wonik Holdings Co. Ltd. | 174,797 | 1,285 |
Huons Global Co. Ltd. | 24,696 | 1,279 | |
NICE Holdings Co. Ltd. | 93,228 | 1,276 | |
Able C&C Co. Ltd. | 82,174 | 1,273 | |
^ | Dongwon F&B Co. Ltd. | 5,740 | 1,254 |
* | Hanwha Investment & Securities Co. Ltd. | 498,370 | 1,252 |
Daekyo Co. Ltd. | 161,636 | 1,238 | |
^,* | CUROCOM Co. Ltd. | 479,509 | 1,237 |
Kwang Dong Pharmaceutical Co. Ltd. | 151,567 | 1,237 | |
^,* | Emerson Pacific Inc. | 46,141 | 1,235 |
E1 Corp. | 23,091 | 1,228 | |
^,* | Taihan Electric Wire Co. Ltd. | 1,167,343 | 1,227 |
Korea Kolmar Holdings Co. Ltd. | 31,853 | 1,211 | |
SeAH Steel Corp. | 13,474 | 1,210 | |
^,* | Korea Line Corp. | 56,643 | 1,208 |
^ | Kumho Industrial Co. Ltd. | 135,822 | 1,207 |
Youlchon Chemical Co. Ltd. | 60,564 | 1,200 | |
Sindoh Co. Ltd. | 20,162 | 1,196 | |
^,* | Binex Co. Ltd. | 118,223 | 1,191 |
CJ CheilJedang Corp. Preference Shares | 8,297 | 1,165 | |
Hankook Shell Oil Co. Ltd. | 3,209 | 1,152 | |
* | KC Tech Co. Ltd. | 56,458 | 1,123 |
^,* | NUTRIBIOTECH Co. Ltd. | 54,959 | 1,123 |
^,* | Leaders Cosmetics Co. Ltd. | 66,350 | 1,115 |
* | Eugene Investment & Securities Co. Ltd. | 337,863 | 1,100 |
^,* | Insun ENT Co. Ltd. | 161,857 | 1,082 |
* | Lotte Confectionery Co. Ltd. | 7,926 | 1,081 |
50
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Chongkundang Holdings Corp. | 15,596 | 1,055 | |
^ | CJ Freshway Corp. | 28,241 | 1,048 |
^ | Lutronic Corp. | 95,114 | 1,031 |
BGF Co. Ltd. | 72,081 | 1,027 | |
Hansol Paper Co. Ltd. | 78,408 | 1,026 | |
Namhae Chemical Corp. | 101,634 | 1,017 | |
Sung Kwang Bend Co. Ltd. | 107,988 | 1,006 | |
Humedix Co. Ltd. | 25,012 | 1,006 | |
^ | KH Vatec Co. Ltd. | 76,572 | 1,003 |
^ | Byucksan Corp. | 263,447 | 983 |
KT Skylife Co. Ltd. | 77,678 | 976 | |
Cell Biotech Co. Ltd. | 26,136 | 976 | |
^ | i-SENS Inc. | 41,267 | 975 |
^,* | Hanjin Heavy Industries & Construction Co. Ltd. | 308,670 | 956 |
iMarketKorea Inc. | 112,171 | 942 | |
* | Maeil Dairies Co. Ltd. | 15,115 | 938 |
* | Ssangyong Motor Co. | 195,087 | 932 |
Sungwoo Hitech Co. Ltd. | 153,076 | 931 | |
^ | TK Corp. | 82,760 | 930 |
KISCO Corp. | 25,384 | 896 | |
KC Co. Ltd. | 38,571 | 888 | |
^ | It's Hanbul Co. Ltd. | 20,953 | 887 |
* | Hansol Holdings Co. Ltd. | 205,414 | 875 |
^,* | Cellumed Co. Ltd. | 95,256 | 871 |
Dae Han Flour Mills Co. Ltd. | 5,395 | 839 | |
^,* | G-SMATT GLOBAL Co. Ltd. | 66,586 | 836 |
* | S&T Dynamics Co. Ltd. | 119,008 | 833 |
Interpark Holdings Corp. | 226,106 | 831 | |
CJ Hello Co. Ltd. | 125,068 | 829 | |
* | NEPES Corp. | 93,434 | 824 |
* | GNCO Co. Ltd. | 366,174 | 808 |
Maeil Holdings Co. Ltd. | 55,754 | 807 | |
^,* | KONA I Co. Ltd. | 69,825 | 805 |
* | Neowiz | 69,435 | 793 |
* | KTB Investment & Securities Co. Ltd. | 217,006 | 788 |
^,* | SFA Semicon Co. Ltd. | 356,349 | 780 |
SBS Media Holdings Co. Ltd. | 270,712 | 772 | |
Hyundai Corp. | 42,262 | 769 | |
^,* | Taewoong Co. Ltd. | 42,562 | 768 |
^ | ICD Co. Ltd. | 59,955 | 768 |
* | Lumens Co. Ltd. | 193,646 | 762 |
* | Woongjin Thinkbig Co. Ltd. | 111,751 | 740 |
^,* | COSON Co. Ltd. | 70,847 | 729 |
^ | Coreana Cosmetics Co. Ltd. | 115,233 | 723 |
^,* | Samsung Pharmaceutical Co. Ltd. | 186,591 | 700 |
GOLFZON Co. Ltd. | 16,463 | 689 | |
Seoyon E-Hwa Co. Ltd. | 73,305 | 687 | |
Kyobo Securities Co. Ltd. | 79,565 | 673 | |
INTOPS Co. Ltd. | 64,055 | 639 | |
Sam Young Electronics Co. Ltd. | 51,402 | 626 | |
Humax Co. Ltd. | 74,623 | 622 | |
Kolao Holdings | 139,617 | 617 | |
* | DB Financial Investment Co. Ltd. | 158,760 | 593 |
Cosmax BTI Inc | 19,085 | 587 | |
^,* | Agabang&Company | 102,616 | 550 |
* | Doosan Engine Co. Ltd. | 155,924 | 536 |
Eusu Holdings Co. Ltd. | 83,934 | 497 | |
^,* | CrucialTec Co. Ltd. | 319,010 | 482 |
^ | Hyundai Corp. Holdings Inc. | 35,159 | 479 |
DY Corp. | 78,889 | 474 | |
* | Duksan Hi-Metal Co. Ltd. | 60,711 | 453 |
MegaStudy Co. Ltd. | 15,058 | 445 | |
^,* | 3S Korea Co. Ltd. | 239,550 | 413 |
CROWNHAITAI Holdings Co. Ltd. | 25,169 | 355 |
51
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | APS Holdings Corp. | 45,107 | 316 |
Seoyon Co. Ltd. | 40,923 | 281 | |
^ | Jeil Pharma Holdings Inc. | 7,819 | 261 |
*,2 | Cuckoo Homesys Co. Ltd. | 3,919 | — |
*,2 | SK Chemicals Co. Ltd. | 43,893 | — |
4,995,745 | |||
Spain (2.7%) | |||
Banco Santander SA | 84,647,206 | 554,972 | |
Banco Bilbao Vizcaya Argentaria SA | 35,449,806 | 301,263 | |
Telefonica SA | 24,135,126 | 235,024 | |
Iberdrola SA | 29,695,649 | 229,885 | |
Industria de Diseno Textil SA | 5,589,405 | 194,355 | |
Amadeus IT Group SA | 2,200,928 | 158,386 | |
* | Repsol SA | 6,162,825 | 108,815 |
CaixaBank SA | 19,093,755 | 88,764 | |
Abertis Infraestructuras SA | 3,305,251 | 73,541 | |
3 | Aena SME SA | 339,454 | 68,699 |
* | Ferrovial SA | 2,623,435 | 59,535 |
Banco de Sabadell SA | 29,864,404 | 59,205 | |
^ | Grifols SA | 1,929,983 | 56,431 |
Red Electrica Corp. SA | 2,294,975 | 51,516 | |
* | ACS Actividades de Construccion y Servicios SA | 1,307,435 | 51,074 |
Gas Natural SDG SA | 1,642,233 | 37,901 | |
Endesa SA | 1,686,912 | 36,080 | |
Enagas SA | 1,210,877 | 34,631 | |
Bankinter SA | 3,644,484 | 34,476 | |
* | Bankia SA | 7,072,629 | 33,758 |
Grifols SA Preference Shares | 1,152,744 | 26,541 | |
Merlin Properties Socimi SA | 1,790,156 | 24,246 | |
3 | Cellnex Telecom SA | 819,990 | 20,980 |
Distribuidora Internacional de Alimentacion SA | 3,274,308 | 16,888 | |
Mapfre SA | 5,259,213 | 16,870 | |
Siemens Gamesa Renewable Energy SA | 1,195,796 | 16,375 | |
Viscofan SA | 206,813 | 13,637 | |
Inmobiliaria Colonial Socimi SA | 1,370,126 | 13,601 | |
Bolsas y Mercados Espanoles SHMSF SA | 407,463 | 12,967 | |
Prosegur Cia de Seguridad SA | 1,409,273 | 11,056 | |
Acciona SA | 135,289 | 11,028 | |
Acerinox SA | 765,374 | 10,923 | |
Mediaset Espana Comunicacion SA | 965,293 | 10,826 | |
Grupo Catalana Occidente SA | 238,270 | 10,556 | |
Applus Services SA | 773,895 | 10,458 | |
Zardoya Otis SA | 929,735 | 10,168 | |
* | Indra Sistemas SA | 648,138 | 8,862 |
Hispania Activos Inmobiliarios SOCIMI SA | 467,542 | 8,800 | |
Melia Hotels International SA | 588,936 | 8,104 | |
NH Hotel Group SA | 1,111,743 | 7,994 | |
Ebro Foods SA | 336,511 | 7,876 | |
CIE Automotive SA | 260,321 | 7,545 | |
*,3 | Neinor Homes SA | 342,891 | 7,521 |
*,3 | Unicaja Banco SA | 4,123,675 | 6,492 |
Axiare Patrimonio SOCIMI SA | 290,977 | 6,432 | |
3 | Prosegur Cash SA | 1,967,429 | 6,320 |
Corp. Financiera Alba SA | 109,115 | 6,244 | |
Cia de Distribucion Integral Logista Holdings SA | 258,606 | 5,950 | |
*,3 | Gestamp Automocion SA | 816,508 | 5,827 |
^ | Tecnicas Reunidas SA | 160,992 | 5,105 |
Faes Farma SA | 1,433,992 | 5,054 | |
^,* | Sacyr SA | 1,695,208 | 4,788 |
^,* | Obrascon Huarte Lain SA | 753,190 | 4,495 |
Ence Energia y Celulosa SA | 656,696 | 4,329 | |
^ | Atresmedia Corp. de Medios de Comunicacion SA | 413,871 | 4,319 |
Construcciones y Auxiliar de Ferrocarriles SA | 99,966 | 4,096 | |
3 | Euskaltel SA | 501,798 | 4,089 |
52
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Fomento de Construcciones y Contratas SA | 384,448 | 3,971 |
Papeles y Cartones de Europa SA | 269,795 | 3,664 | |
^,* | Liberbank SA | 6,787,169 | 3,587 |
^ | Almirall SA | 307,133 | 3,076 |
* | Repsol SA Rights Exp. 01/05/18 | 6,138,239 | 2,791 |
* | Codere SA | 285,184 | 2,732 |
* | Pharma Mar SA | 828,258 | 2,458 |
* | Faes Farma SA Rights Exp. 01/24/2018 | 1,309,596 | 162 |
2,858,114 | |||
Sweden (2.6%) | |||
Nordea Bank AB | 16,910,871 | 204,756 | |
Volvo AB Class B | 8,308,116 | 154,713 | |
Atlas Copco AB Class A | 3,302,560 | 142,526 | |
Swedbank AB Class A | 5,581,088 | 134,643 | |
Investor AB Class B | 2,412,545 | 110,031 | |
Svenska Handelsbanken AB Class A | 7,698,376 | 105,206 | |
Hennes & Mauritz AB Class B | 5,026,080 | 103,959 | |
Telefonaktiebolaget LM Ericsson Class B | 15,669,448 | 103,414 | |
Assa Abloy AB Class B | 4,974,967 | 103,138 | |
Sandvik AB | 5,702,211 | 99,815 | |
* | Essity AB Class B | 3,149,008 | 89,488 |
Skandinaviska Enskilda Banken AB Class A | 7,529,168 | 88,410 | |
Atlas Copco AB Class B | 2,057,250 | 78,848 | |
Hexagon AB Class B | 1,329,788 | 66,708 | |
Telia Co. AB | 13,704,447 | 61,086 | |
Boliden AB | 1,458,479 | 49,877 | |
SKF AB | 1,966,539 | 43,688 | |
Kinnevik AB | 1,233,226 | 41,672 | |
Alfa Laval AB | 1,668,033 | 39,454 | |
Skanska AB Class B | 1,896,179 | 39,290 | |
Electrolux AB Class B | 1,176,482 | 37,877 | |
Swedish Match AB | 948,999 | 37,383 | |
Svenska Cellulosa AB SCA Class B | 3,128,466 | 32,224 | |
Trelleborg AB Class B | 1,293,950 | 29,945 | |
Securitas AB Class B | 1,707,468 | 29,782 | |
Industrivarden AB Class A | 982,373 | 25,333 | |
Industrivarden AB | 1,022,317 | 25,218 | |
Castellum AB | 1,428,602 | 24,094 | |
Tele2 AB | 1,840,294 | 22,617 | |
* | Lundin Petroleum AB | 922,847 | 21,125 |
^ | Nibe Industrier AB Class B | 1,991,836 | 19,083 |
Husqvarna AB | 1,964,114 | 18,688 | |
Getinge AB | 1,183,499 | 17,162 | |
BillerudKorsnas AB | 941,080 | 16,115 | |
Loomis AB Class B | 383,711 | 16,110 | |
3 | Dometic Group AB | 1,565,415 | 15,944 |
Elekta AB Class B | 1,896,445 | 15,660 | |
^ | ICA Gruppen AB | 413,884 | 15,036 |
Fabege AB | 700,116 | 14,919 | |
Com Hem Holding AB | 957,353 | 14,637 | |
L E Lundbergforetagen AB Class B | 195,886 | 14,633 | |
Holmen AB | 271,803 | 14,446 | |
^ | Intrum Justitia AB | 390,060 | 14,399 |
* | Fastighets AB Balder Class B | 514,727 | 13,764 |
* | SSAB AB Class B | 3,044,570 | 13,568 |
Indutrade AB | 497,343 | 13,553 | |
Hexpol AB | 1,322,353 | 13,407 | |
AAK AB | 151,482 | 12,973 | |
3 | Thule Group AB | 548,807 | 12,363 |
Modern Times Group MTG AB Class B | 281,398 | 11,825 | |
* | Swedish Orphan Biovitrum AB | 854,217 | 11,675 |
*,3 | Ahlsell AB | 1,758,514 | 11,321 |
Saab AB Class B | 221,020 | 10,749 | |
Axfood AB | 556,680 | 10,724 |
53
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Wallenstam AB | 1,020,669 | 9,822 | |
Hemfosa Fastigheter AB | 727,093 | 9,743 | |
NCC AB Class B | 494,759 | 9,489 | |
Peab AB | 1,069,463 | 9,201 | |
Hufvudstaden AB Class A | 572,417 | 9,167 | |
JM AB | 369,829 | 8,425 | |
Lifco AB Class B | 242,995 | 8,413 | |
Wihlborgs Fastigheter AB | 350,336 | 8,374 | |
Sweco AB Class B | 357,884 | 7,933 | |
* | Investment AB Latour Class B | 635,116 | 7,808 |
AF AB | 351,822 | 7,759 | |
Kungsleden AB | 995,738 | 7,221 | |
3 | Bravida Holding AB | 1,066,497 | 7,124 |
* | NetEnt AB | 993,283 | 6,840 |
Pandox AB Class B | 354,414 | 6,836 | |
* | SSAB AB Class A | 1,165,413 | 6,369 |
Bonava AB Class B | 448,225 | 6,263 | |
3 | Attendo AB | 563,477 | 6,050 |
3 | Scandic Hotels Group AB | 377,345 | 5,412 |
Avanza Bank Holding AB | 127,590 | 5,350 | |
Oriflame Holding AG | 125,548 | 5,174 | |
Nobia AB | 608,866 | 5,152 | |
Vitrolife AB | 67,232 | 5,111 | |
* | Betsson AB | 654,333 | 4,820 |
Ratos AB | 1,047,907 | 4,576 | |
* | Bilia AB | 464,490 | 4,525 |
Atrium Ljungberg AB | 257,005 | 4,074 | |
Cloetta AB Class B | 1,117,730 | 4,040 | |
Concentric AB | 219,533 | 4,033 | |
^ | Klovern AB | 2,979,613 | 3,895 |
^ | Mycronic AB | 352,992 | 3,658 |
Svenska Handelsbanken AB Class B | 260,248 | 3,583 | |
3 | Resurs Holding AB | 488,814 | 3,470 |
Investment AB Oresund | 215,618 | 3,464 | |
* | Arjo AB | 1,172,824 | 3,347 |
Bure Equity AB | 268,621 | 3,214 | |
Klovern AB Preference Shares | 82,259 | 3,107 | |
Clas Ohlson AB | 213,507 | 2,929 | |
Lindab International AB | 346,393 | 2,881 | |
^,* | SAS AB | 1,010,937 | 2,623 |
^,* | Fingerprint Cards AB Class B | 1,356,279 | 2,604 |
Mekonomen AB | 140,452 | 2,552 | |
Hemfosa Fastigheter AB Preference Shares | 111,469 | 2,448 | |
SAS AB Preference Shares | 37,511 | 2,437 | |
*,3 | Munters Group AB | 355,804 | 2,399 |
^,* | Collector AB | 212,238 | 2,102 |
Skandinaviska Enskilda Banken AB | 174,434 | 2,043 | |
SkiStar AB | 104,009 | 1,999 | |
* | Haldex AB | 156,539 | 1,666 |
* | Telefonaktiebolaget LM Ericsson Class A | 237,282 | 1,542 |
SKF AB Class A | 60,231 | 1,335 | |
Rezidor Hotel Group AB | 308,696 | 965 | |
NCC AB Class A | 40,748 | 780 | |
Sagax AB Preference Shares | 92,553 | 377 | |
Bonava AB Class A | 16,650 | 231 | |
2,745,829 | |||
Switzerland (6.6%) | |||
Nestle SA | 16,503,031 | 1,418,869 | |
Novartis AG | 11,817,377 | 994,462 | |
Roche Holding AG | 3,673,055 | 928,752 | |
UBS Group AG | 18,495,203 | 339,808 | |
ABB Ltd. | 10,268,207 | 275,027 | |
Cie Financiere Richemont SA | 2,710,218 | 245,459 | |
Zurich Insurance Group AG | 799,662 | 243,132 |
54
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Credit Suisse Group AG | 13,594,612 | 242,470 | |
Swiss Re AG | 1,650,792 | 154,383 | |
Givaudan SA | 49,032 | 113,260 | |
LafargeHolcim Ltd. | 1,921,721 | 108,235 | |
Lonza Group AG | 394,105 | 106,293 | |
Sika AG | 11,182 | 88,718 | |
Geberit AG | 193,529 | 85,185 | |
Julius Baer Group Ltd. | 1,150,558 | 70,359 | |
SGS SA | 26,107 | 68,062 | |
Swatch Group AG (Bearer) | 166,050 | 67,612 | |
Adecco Group AG | 882,416 | 67,434 | |
Swisscom AG | 118,759 | 63,151 | |
Swiss Life Holding AG | 171,660 | 60,677 | |
Partners Group Holding AG | 87,835 | 60,184 | |
Kuehne & Nagel International AG | 266,777 | 47,198 | |
Schindler Holding AG | 204,392 | 47,008 | |
Sonova Holding AG | 270,478 | 42,220 | |
Roche Holding AG (Bearer) | 162,215 | 40,942 | |
Temenos Group AG | 312,787 | 40,028 | |
Baloise Holding AG | 244,517 | 38,009 | |
Straumann Holding AG | 53,048 | 37,423 | |
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 5,970 | 36,443 | |
Chocoladefabriken Lindt & Spruengli AG Registered Shares | 499 | 36,111 | |
LafargeHolcim Ltd. | 635,227 | 35,764 | |
* | Vifor Pharma AG | 276,505 | 35,398 |
Swiss Prime Site AG | 376,988 | 34,824 | |
Clariant AG | 1,128,474 | 31,532 | |
Georg Fischer AG | 21,792 | 28,769 | |
ams AG | 287,585 | 26,053 | |
Logitech International SA | 765,831 | 25,799 | |
Schindler Holding AG (Registered) | 111,930 | 25,311 | |
* | Dufry AG | 170,399 | 25,294 |
EMS-Chemie Holding AG | 37,776 | 25,203 | |
Flughafen Zurich AG | 100,260 | 22,916 | |
Barry Callebaut AG | 10,056 | 20,961 | |
3 | VAT Group AG | 136,337 | 20,162 |
PSP Swiss Property AG | 207,672 | 19,687 | |
^ | BB Biotech AG | 297,152 | 19,623 |
Helvetia Holding AG | 34,536 | 19,425 | |
Aryzta AG | 447,134 | 17,743 | |
OC Oerlikon Corp. AG | 1,030,440 | 17,393 | |
Swatch Group AG (Registered) | 215,921 | 16,469 | |
3 | Sunrise Communications Group AG | 179,772 | 16,406 |
dormakaba Holding AG | 16,326 | 15,202 | |
Cembra Money Bank AG | 150,187 | 13,992 | |
Bucher Industries AG | 33,936 | 13,776 | |
GAM Holding AG | 843,133 | 13,604 | |
*,3 | Galenica AG | 260,409 | 13,367 |
Pargesa Holding SA | 150,315 | 13,020 | |
Tecan Group AG | 61,319 | 12,735 | |
Allreal Holding AG | 74,933 | 12,670 | |
* | Landis&Gyr Group AG | 156,454 | 12,440 |
DKSH Holding AG | 139,894 | 12,238 | |
Belimo Holding AG | 2,662 | 11,637 | |
Banque Cantonale Vaudoise | 15,224 | 11,482 | |
* | Idorsia Ltd. | 415,560 | 10,884 |
Panalpina Welttransport Holding AG | 67,887 | 10,515 | |
SFS Group AG | 89,930 | 10,436 | |
Forbo Holding AG | 5,976 | 9,224 | |
Valiant Holding AG | 84,374 | 9,125 | |
Mobimo Holding AG | 32,063 | 8,602 | |
Sulzer AG | 67,713 | 8,207 | |
Emmi AG | 10,478 | 7,537 | |
Daetwyler Holding AG | 38,854 | 7,510 |
55
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Vontobel Holding AG | 118,892 | 7,495 | |
^ | u-blox Holding AG | 34,443 | 6,770 |
Siegfried Holding AG | 19,974 | 6,641 | |
Schweiter Technologies AG | 4,952 | 6,420 | |
Inficon Holding AG | 9,981 | 6,219 | |
Conzzeta AG | 5,934 | 6,184 | |
Komax Holding AG | 18,566 | 6,077 | |
St. Galler Kantonalbank AG | 11,942 | 5,932 | |
Valora Holding AG | 17,559 | 5,851 | |
COSMO Pharmaceuticals NV | 38,477 | 5,776 | |
Bobst Group SA | 41,276 | 5,483 | |
^ | Burckhardt Compression Holding AG | 16,849 | 5,460 |
Implenia AG | 77,235 | 5,215 | |
^,* | Meyer Burger Technology AG | 2,965,627 | 5,076 |
Ascom Holding AG | 193,484 | 4,995 | |
VZ Holding AG | 14,583 | 4,940 | |
Bachem Holding AG | 29,404 | 4,646 | |
Autoneum Holding AG | 15,447 | 4,447 | |
Interroll Holding AG | 2,994 | 4,434 | |
^,* | Basilea Pharmaceutica AG | 56,618 | 4,404 |
EFG International AG | 400,805 | 4,232 | |
LEM Holding SA | 2,493 | 4,222 | |
Huber & Suhner AG | 78,338 | 4,084 | |
Rieter Holding AG | 16,544 | 4,034 | |
* | Arbonia AG | 228,890 | 3,814 |
Intershop Holding AG | 6,412 | 3,205 | |
* | Leonteq AG | 48,104 | 3,104 |
BKW AG | 51,003 | 3,028 | |
Bossard Holding AG | 12,845 | 3,027 | |
Bell Food Group AG | 6,694 | 2,951 | |
Ypsomed Holding AG | 16,152 | 2,660 | |
APG SGA SA | 5,231 | 2,442 | |
^ | Kudelski SA | 181,025 | 2,234 |
Zehnder Group AG | 51,472 | 2,111 | |
Vetropack Holding AG | 1,098 | 2,111 | |
ALSO Holding AG | 14,814 | 2,037 | |
* | Schmolz & Bickenbach AG | 2,126,087 | 1,832 |
Swissquote Group Holding SA | 44,459 | 1,740 | |
Plazza AG | 4,621 | 1,081 | |
^,* | Alpiq Holding AG | 16,614 | 1,075 |
Aryzta AG (Dublin Shares) | 3,587 | 143 | |
7,057,481 | |||
United Kingdom (15.6%) | |||
HSBC Holdings plc | 106,796,451 | 1,103,014 | |
Royal Dutch Shell plc Class A | 24,118,399 | 805,158 | |
British American Tobacco plc | 11,814,289 | 798,641 | |
BP plc | 102,582,052 | 719,651 | |
Royal Dutch Shell plc Class B | 19,947,729 | 671,728 | |
Diageo plc | 13,152,446 | 482,100 | |
AstraZeneca plc | 6,742,476 | 465,274 | |
GlaxoSmithKline plc | 25,729,382 | 455,652 | |
Vodafone Group plc | 141,846,777 | 448,382 | |
Prudential plc | 13,763,300 | 352,486 | |
Lloyds Banking Group plc | 379,845,093 | 348,315 | |
Unilever plc | 6,152,921 | 341,283 | |
Rio Tinto plc | 6,326,955 | 331,901 | |
Glencore plc | 62,015,382 | 324,590 | |
Reckitt Benckiser Group plc | 3,313,217 | 309,105 | |
Barclays plc | 90,401,306 | 247,465 | |
BHP Billiton plc | 11,066,805 | 223,777 | |
Imperial Brands plc | 5,081,698 | 216,760 | |
National Grid plc | 18,027,955 | 212,525 | |
Shire plc | 3,512,903 | 182,045 | |
* | Compass Group plc | 8,410,605 | 181,353 |
56
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
BT Group plc | 44,575,469 | 163,384 |
* Standard Chartered plc | 14,344,969 | 150,647 |
Aviva plc | 21,292,264 | 145,222 |
RELX NV | 5,676,809 | 133,112 |
BAE Systems plc | 16,946,232 | 130,934 |
Tesco plc | 43,447,628 | 122,920 |
WPP plc | 6,513,470 | 117,672 |
Legal & General Group plc | 31,520,797 | 116,048 |
CRH plc | 3,214,268 | 115,361 |
Anglo American plc | 5,257,680 | 109,356 |
Experian plc | 4,945,893 | 109,022 |
Rolls-Royce Holdings plc | 8,747,687 | 99,837 |
Ferguson plc | 1,350,896 | 96,947 |
SSE plc | 5,434,538 | 96,615 |
London Stock Exchange Group plc | 1,663,266 | 85,072 |
Standard Life Aberdeen plc | 14,436,412 | 84,916 |
Smith & Nephew plc | 4,652,847 | 80,510 |
Old Mutual plc | 25,354,772 | 79,194 |
* Sky plc | 5,499,331 | 75,052 |
Ashtead Group plc | 2,640,989 | 70,836 |
Associated British Foods plc | 1,848,471 | 70,307 |
* Royal Bank of Scotland Group plc | 17,142,899 | 64,283 |
InterContinental Hotels Group plc | 1,010,175 | 64,253 |
Shire plc ADR | 409,640 | 63,543 |
Micro Focus International plc | 1,869,393 | 63,535 |
Carnival plc | 954,361 | 62,793 |
3i Group plc | 5,062,439 | 62,325 |
Sage Group plc | 5,742,529 | 61,736 |
Persimmon plc | 1,635,989 | 60,441 |
Intertek Group plc | 857,414 | 59,963 |
3 Worldpay Group plc | 9,994,731 | 57,356 |
Centrica plc | 29,723,898 | 55,140 |
Burberry Group plc | 2,256,084 | 54,394 |
Kingfisher plc | 11,546,945 | 52,724 |
Whitbread plc | 976,149 | 52,658 |
Paddy Power Betfair plc | 438,743 | 52,194 |
Land Securities Group plc | 3,779,269 | 51,348 |
Mondi plc | 1,948,152 | 50,630 |
British Land Co. plc | 5,349,471 | 49,822 |
Bunzl plc | 1,780,512 | 49,748 |
Randgold Resources Ltd. | 495,203 | 49,172 |
Taylor Wimpey plc | 17,242,480 | 47,973 |
International Consolidated Airlines Group SA (London Shares) | 5,466,338 | 47,872 |
DCC plc | 471,366 | 47,437 |
Barratt Developments plc | 5,335,224 | 46,542 |
RSA Insurance Group plc | 5,408,704 | 46,104 |
St. James's Place plc | 2,780,165 | 45,929 |
Next plc | 745,234 | 45,422 |
CRH plc | 1,238,162 | 44,563 |
ITV plc | 19,842,669 | 44,282 |
Pearson plc | 4,314,062 | 42,736 |
Informa plc | 4,381,243 | 42,628 |
Smiths Group plc | 2,104,896 | 42,245 |
Johnson Matthey plc | 1,013,838 | 42,012 |
Segro plc | 5,295,079 | 41,914 |
Rentokil Initial plc | 9,761,142 | 41,819 |
Smurfit Kappa Group plc | 1,235,485 | 41,741 |
United Utilities Group plc | 3,624,541 | 40,553 |
Croda International plc | 675,640 | 40,277 |
GKN plc | 9,146,197 | 39,332 |
Berkeley Group Holdings plc | 671,323 | 37,974 |
Direct Line Insurance Group plc | 7,341,674 | 37,779 |
DS Smith plc | 5,285,843 | 36,845 |
Severn Trent plc | 1,255,243 | 36,576 |
57
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Marks & Spencer Group plc | 8,620,373 | 36,573 | |
TUI AG | 1,696,313 | 35,143 | |
Hargreaves Lansdown plc | 1,403,758 | 34,092 | |
Halma plc | 2,005,546 | 34,077 | |
Coca-Cola HBC AG | 1,042,659 | 34,052 | |
Wm Morrison Supermarkets plc | 11,437,722 | 33,976 | |
Weir Group plc | 1,183,915 | 33,868 | |
* | Just Eat plc | 3,060,731 | 32,194 |
Bellway plc | 654,220 | 31,363 | |
Hammerson plc | 4,245,133 | 31,321 | |
John Wood Group plc | 3,498,979 | 30,615 | |
Royal Mail plc | 4,865,975 | 29,729 | |
Rightmove plc | 489,524 | 29,707 | |
G4S plc | 8,231,014 | 29,624 | |
Spirax-Sarco Engineering plc | 390,625 | 29,533 | |
Admiral Group plc | 1,074,852 | 28,992 | |
Hiscox Ltd. | 1,467,263 | 28,974 | |
Melrose Industries plc | 10,058,620 | 28,777 | |
Schroders plc | 600,264 | 28,415 | |
Travis Perkins plc | 1,334,810 | 28,223 | |
J Sainsbury plc | 8,541,399 | 27,814 | |
Booker Group plc | 8,779,008 | 27,126 | |
Meggitt plc | 4,107,504 | 26,672 | |
RPC Group plc | 2,167,506 | 25,746 | |
BBA Aviation plc | 5,447,705 | 25,672 | |
IMI plc | 1,424,961 | 25,601 | |
Antofagasta plc | 1,833,377 | 24,744 | |
B&M European Value Retail SA | 4,275,539 | 24,399 | |
Investec plc | 3,373,979 | 24,294 | |
Man Group plc | 8,653,557 | 24,080 | |
British American Tobacco plc ADR | 358,284 | 24,001 | |
3 | Auto Trader Group plc | 4,948,594 | 23,522 |
Pennon Group plc | 2,216,359 | 23,399 | |
Ladbrokes Coral Group plc | 9,542,617 | 23,380 | |
Tate & Lyle plc | 2,451,300 | 23,235 | |
Inchcape plc | 2,201,664 | 23,194 | |
SSP Group plc | 2,505,839 | 23,016 | |
easyJet plc | 1,166,540 | 23,002 | |
Intermediate Capital Group plc | 1,482,552 | 22,892 | |
Derwent London plc | 532,332 | 22,397 | |
Phoenix Group Holdings | 2,087,809 | 22,010 | |
* | Cobham plc | 12,786,057 | 21,755 |
^,* | CYBG plc | 4,717,986 | 21,593 |
Spectris plc | 634,683 | 21,247 | |
UBM plc | 2,106,106 | 21,204 | |
TP ICAP plc | 2,944,848 | 21,111 | |
* | Indivior plc | 3,829,254 | 21,029 |
* | BTG plc | 2,039,518 | 20,967 |
^,* | Metro Bank plc | 433,578 | 20,931 |
* | Tullow Oil plc | 7,266,352 | 20,232 |
Howden Joinery Group plc | 3,164,038 | 19,917 | |
Beazley plc | 2,754,176 | 19,864 | |
Electrocomponents plc | 2,349,918 | 19,837 | |
William Hill plc | 4,543,440 | 19,708 | |
^ | GVC Holdings plc | 1,557,778 | 19,446 |
3 | ConvaTec Group plc | 6,967,896 | 19,213 |
Capita plc | 3,524,752 | 19,045 | |
Fresnillo plc | 985,419 | 18,934 | |
IG Group Holdings plc | 1,929,758 | 18,684 | |
Jupiter Fund Management plc | 2,203,443 | 18,645 | |
3 | Merlin Entertainments plc | 3,750,136 | 18,372 |
^ | Mediclinic International plc | 2,075,090 | 18,161 |
Playtech plc | 1,555,412 | 18,052 | |
WH Smith plc | 564,562 | 17,882 |
58
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hays plc | 7,110,451 | 17,513 | |
Shaftesbury plc | 1,227,287 | 17,302 | |
Polymetal International plc | 1,364,373 | 16,916 | |
Capital & Counties Properties plc | 3,876,145 | 16,712 | |
NMC Health plc | 426,593 | 16,569 | |
Rotork plc | 4,572,857 | 16,416 | |
Great Portland Estates plc | 1,751,018 | 16,251 | |
Inmarsat plc | 2,453,491 | 16,230 | |
Intu Properties plc | 4,725,239 | 16,103 | |
Close Brothers Group plc | 809,979 | 15,826 | |
HomeServe plc | 1,446,555 | 15,800 | |
Britvic plc | 1,398,411 | 15,347 | |
Victrex plc | 428,933 | 15,273 | |
UDG Healthcare plc | 1,327,695 | 15,116 | |
* | KAZ Minerals plc | 1,240,173 | 14,908 |
*,3 | Wizz Air Holdings plc | 294,978 | 14,606 |
Tritax Big Box REIT plc | 7,239,585 | 14,558 | |
Balfour Beatty plc | 3,632,258 | 14,529 | |
Dixons Carphone plc | 5,265,709 | 14,126 | |
Dechra Pharmaceuticals plc | 485,481 | 13,698 | |
NEX Group plc | 1,674,682 | 13,692 | |
Aggreko plc | 1,269,970 | 13,667 | |
UNITE Group plc | 1,256,489 | 13,660 | |
Micro Focus International plc ADR | 406,093 | 13,641 | |
Moneysupermarket.com Group plc | 2,767,345 | 13,298 | |
3 | Sophos Group plc | 1,723,884 | 13,274 |
Babcock International Group plc | 1,356,812 | 12,911 | |
Renishaw plc | 183,221 | 12,856 | |
AVEVA Group plc | 341,227 | 12,725 | |
Grafton Group plc | 1,138,664 | 12,306 | |
IWG plc | 3,541,242 | 12,298 | |
Bodycote plc | 998,757 | 12,285 | |
^,* | Ocado Group plc | 2,296,974 | 12,265 |
Jardine Lloyd Thompson Group plc | 652,517 | 12,237 | |
Domino's Pizza Group plc | 2,612,733 | 12,169 | |
^ | Greene King plc | 1,628,197 | 12,167 |
Centamin plc | 5,696,833 | 12,134 | |
Cranswick plc | 265,685 | 11,945 | |
Thomas Cook Group plc | 7,206,070 | 11,926 | |
Evraz plc | 2,588,503 | 11,831 | |
Greencore Group plc | 3,777,726 | 11,707 | |
National Express Group plc | 2,245,375 | 11,563 | |
Daily Mail & General Trust plc | 1,420,488 | 11,406 | |
Hikma Pharmaceuticals plc | 744,869 | 11,380 | |
Redrow plc | 1,283,101 | 11,338 | |
Bovis Homes Group plc | 713,927 | 11,272 | |
Ashmore Group plc | 2,052,677 | 11,186 | |
BCA Marketplace plc | 3,995,074 | 11,017 | |
Genus plc | 321,155 | 10,981 | |
Pagegroup plc | 1,642,248 | 10,348 | |
Essentra plc | 1,410,744 | 10,086 | |
Saga plc | 5,869,446 | 9,979 | |
Diploma plc | 592,150 | 9,974 | |
Greggs plc | 522,106 | 9,848 | |
Lancashire Holdings Ltd. | 1,051,637 | 9,674 | |
Crest Nicholson Holdings plc | 1,312,945 | 9,660 | |
3 | Countryside Properties plc | 2,033,661 | 9,658 |
Assura plc | 11,116,195 | 9,579 | |
* | Firstgroup plc | 6,379,333 | 9,489 |
Elementis plc | 2,439,269 | 9,467 | |
^ | Provident Financial plc | 781,839 | 9,458 |
Synthomer plc | 1,428,055 | 9,439 | |
Savills plc | 702,276 | 9,398 | |
Paragon Banking Group plc | 1,412,313 | 9,343 |
59
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
QinetiQ Group plc | 2,991,051 | 9,314 |
Petrofac Ltd. | 1,355,174 | 9,304 |
Rathbone Brothers plc | 268,614 | 9,248 |
BGEO Group plc | 193,034 | 9,240 |
* Cairn Homes plc | 3,844,051 | 9,025 |
Big Yellow Group plc | 765,163 | 8,984 |
Vesuvius plc | 1,137,269 | 8,929 |
JD Sports Fashion plc | 1,948,690 | 8,829 |
* Cairn Energy plc | 3,056,115 | 8,807 |
Cineworld Group plc | 1,079,471 | 8,735 |
Workspace Group plc | 638,316 | 8,635 |
Grainger plc | 2,176,625 | 8,514 |
LondonMetric Property plc | 3,380,783 | 8,491 |
Just Group plc | 3,546,964 | 8,104 |
Drax Group plc | 2,165,692 | 7,894 |
Senior plc | 2,223,688 | 7,821 |
* Serco Group plc | 5,818,861 | 7,746 |
3 John Laing Group plc | 1,934,402 | 7,690 |
Entertainment One Ltd. | 1,747,566 | 7,680 |
3 Ibstock plc | 2,097,658 | 7,532 |
Galliford Try plc | 432,865 | 7,497 |
Hill & Smith Holdings plc | 413,774 | 7,486 |
Brewin Dolphin Holdings plc | 1,424,505 | 7,472 |
AA plc | 3,231,180 | 7,402 |
SIG plc | 3,110,328 | 7,401 |
SuperGroup plc | 272,572 | 7,270 |
Ultra Electronics Holdings plc | 399,564 | 7,256 |
Kier Group plc | 493,191 | 7,224 |
3 Hastings Group Holdings plc | 1,653,475 | 7,149 |
Safestore Holdings plc | 1,062,859 | 7,135 |
NewRiver REIT plc | 1,565,765 | 7,057 |
3 ZPG plc | 1,563,180 | 6,989 |
Morgan Advanced Materials plc | 1,516,078 | 6,917 |
Fidessa Group plc | 201,532 | 6,873 |
Card Factory plc | 1,712,071 | 6,811 |
Dignity plc | 267,556 | 6,551 |
Computacenter plc | 411,865 | 6,420 |
J D Wetherspoon plc | 374,079 | 6,358 |
* Sports Direct International plc | 1,236,336 | 6,281 |
* Hunting plc | 757,622 | 6,187 |
Ferrexpo plc | 1,560,758 | 6,163 |
Stobart Group Ltd. | 1,594,732 | 6,068 |
3 McCarthy & Stone plc | 2,792,012 | 5,953 |
Dairy Crest Group plc | 736,570 | 5,739 |
Virgin Money Holdings UK plc | 1,489,890 | 5,707 |
^ TalkTalk Telecom Group plc | 2,760,272 | 5,661 |
Fenner plc | 1,045,041 | 5,640 |
OneSavings Bank plc | 1,014,709 | 5,636 |
* Vectura Group plc | 3,529,382 | 5,602 |
Pets at Home Group plc | 2,344,178 | 5,576 |
F&C Commercial Property Trust Ltd. | 2,951,847 | 5,422 |
Ted Baker plc | 148,320 | 5,414 |
888 Holdings plc | 1,408,741 | 5,363 |
* Aldermore Group plc | 1,258,265 | 5,263 |
St. Modwen Properties plc | 953,022 | 5,230 |
Polypipe Group plc | 981,581 | 5,212 |
Mitie Group plc | 1,990,919 | 5,186 |
Marston's plc | 3,382,964 | 5,136 |
3 Spire Healthcare Group plc | 1,489,768 | 5,095 |
esure Group plc | 1,502,680 | 5,040 |
Halfords Group plc | 1,061,368 | 5,016 |
Keller Group plc | 382,960 | 5,014 |
Stagecoach Group plc | 2,252,759 | 4,999 |
Telecom Plus plc | 306,860 | 4,969 |
60
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Dunelm Group plc | 521,088 | 4,857 | |
Hochschild Mining plc | 1,339,619 | 4,761 | |
Laird plc | 2,539,345 | 4,716 | |
Go-Ahead Group plc | 232,788 | 4,684 | |
* | EI Group plc | 2,459,521 | 4,678 |
De La Rue plc | 537,287 | 4,654 | |
Vedanta Resources plc | 429,172 | 4,643 | |
Renewi plc | 3,301,217 | 4,604 | |
NCC Group plc | 1,436,815 | 4,561 | |
PZ Cussons plc | 998,724 | 4,374 | |
Mitchells & Butlers plc | 1,132,323 | 4,322 | |
RPS Group plc | 1,159,524 | 4,261 | |
Restaurant Group plc | 1,049,677 | 4,259 | |
Chesnara plc | 795,443 | 4,173 | |
^ | Hansteen Holdings plc | 2,127,557 | 4,108 |
UK Commercial Property Trust Ltd. | 3,426,568 | 4,094 | |
Chemring Group plc | 1,510,203 | 3,746 | |
*,3 | Alfa Financial Software Holdings plc | 504,608 | 3,654 |
Northgate plc | 694,101 | 3,569 | |
Redefine International plc | 7,151,573 | 3,535 | |
KCOM Group plc | 2,822,600 | 3,468 | |
ITE Group plc | 1,371,950 | 3,364 | |
Royal Dutch Shell plc Class A | 100,638 | 3,354 | |
* | Ophir Energy plc | 3,543,607 | 3,250 |
Picton Property Income Ltd. | 2,872,662 | 3,239 | |
Oxford Instruments plc | 275,580 | 3,161 | |
International Personal Finance plc | 1,137,170 | 3,031 | |
N Brown Group plc | 823,953 | 3,015 | |
Rank Group plc | 898,123 | 2,943 | |
Devro plc | 902,623 | 2,797 | |
* | Petra Diamonds Ltd. | 2,643,762 | 2,788 |
* | Allied Minds plc | 1,218,380 | 2,709 |
^,* | Premier Oil plc | 2,625,218 | 2,692 |
^ | Debenhams plc | 5,479,851 | 2,574 |
Gocompare.Com Group plc | 1,724,689 | 2,486 | |
Helical plc | 534,953 | 2,455 | |
Lookers plc | 1,744,963 | 2,432 | |
Schroder REIT Ltd. | 2,778,618 | 2,268 | |
^,* | AO World plc | 1,514,985 | 2,233 |
Acacia Mining plc | 796,322 | 2,116 | |
* | Premier Foods plc | 3,546,507 | 2,059 |
Daejan Holdings plc | 24,911 | 2,045 | |
* | Nostrum Oil & Gas plc | 435,266 | 1,923 |
Soco International plc | 1,135,682 | 1,715 | |
^,* | Countrywide plc | 905,635 | 1,472 |
Foxtons Group plc | 1,268,680 | 1,400 | |
* | Lamprell plc | 1,284,816 | 1,355 |
3 | CMC Markets plc | 636,778 | 1,294 |
* | Interserve plc | 747,203 | 959 |
Smurfit Kappa Group plc (Dublin Shares) | 27,640 | 937 | |
Carillion plc | 2,486,319 | 579 | |
* | Rhi Magnesita NV | 1,692 | 89 |
*,2 | Sole Realisation Co. plc | 239 | — |
16,601,208 | |||
Total Common Stocks (Cost $86,162,439) | 105,579,059 |
61
Vanguard® Developed Markets Index Fund | |||||
Schedule of Investments | |||||
December 31, 2017 | |||||
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Temporary Cash Investments (1.8%)1 | |||||
Money Market Fund (1.7%) | |||||
4,5 | Vanguard Market Liquidity Fund | 1.458% | 17,998,094 | 1,799,989 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
6 | United States Cash Management Bill | 1.048% | 1/2/18 | 33,000 | 32,999 |
6 | United States Treasury Bill | 1.054% | 2/1/18 | 11,000 | 10,989 |
6 | United States Treasury Bill | 1.105% | 2/15/18 | 8,000 | 7,988 |
6 | United States Treasury Bill | 1.169%-1.182% | 3/22/18 | 8,000 | 7,976 |
United States Treasury Bill | 1.398% | 5/3/18 | 6,000 | 5,972 | |
6 | United States Treasury Bill | 1.410% | 5/24/18 | 1,000 | 994 |
6 | United States Treasury Bill | 1.446% | 5/31/18 | 19,100 | 18,987 |
85,905 | |||||
Total Temporary Cash Investments (Cost $1,885,768) | 1,885,894 | ||||
Total Investments (100.8%) (Cost $88,048,207) | 107,464,953 | ||||
Other Assets and Liabilities—Net (-0.8%)5,7 | (828,424) | ||||
Net Assets (100%) | 106,636,529 |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,033,917,000.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 0.8%, respectively, of net
assets.
2 Security value determined using significant unobservable inputs.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At December 31, 2017, the aggregate value of these securities was $1,154,971,000,
representing 1.1% of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Includes $1,097,579,000 of collateral received for securities on loan.
6 Securities with a value of $48,294,000 have been segregated as initial margin for open futures contracts.
7 Cash of $840,000 has been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
62
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© 2018 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA1270 022018
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/developedmarkets_pwcltrx1x1.jpg)
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Developed Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Developed Markets Index Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the "Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
![](https://capedge.com/proxy/N-CSR/0000932471-18-005293/gevelopedmarkets_pwcltrx1x2.jpg)
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13: Exhibits.
(a) Code of Ethics. (b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD TAX-MANAGED FUNDS |
BY: | /s/ MORTIMER J. BUCKLEY* |
MORTIMER J. BUCKLEY | |
CHIEF EXECUTIVE OFFICER | |
Date: February 20, 2018 |
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/ MORTIMER J. BUCKLEY * |
MORTIMER J. BUCKLEY | |
CHIEF EXECUTIVE OFFICER | |
Date: February 20, 2018 | |
VANGUARD TAX-MANAGED FUNDS | |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: February 20, 2018 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file Number 33-32216, Incorporated by Reference.